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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 811-4418
California Investment Trust II
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
44 Montgomery Street, Suite 2100, San Francisco, CA 94104
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (415) 398-2727
Date of fiscal year end: August 31, 2005
Date of reporting period: February 28, 2005
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. REPORT TO SHAREHOLDERS
The Report to Shareholders is attached herewith.
- ------------------------------------- CALIFORNIA
INVESTMENT TRUST
California Tax-Free Income Fund ----------------
FUND GROUP
California Insured Intermediate Fund
SEMI-ANNUAL REPORT
California Tax-Free Money Market Fund
February 28, 2005
U.S. Government Securities Fund (800) 225-8778
www.citfunds.com
Short-Term U.S. Government Bond Fund
NO-LOAD FUNDS
The United States Treasury Trust
This report is intended only for the
information of shareholders or those who
S&P 500 Index Fund have received the offering prospectus
covering shares of beneficial interest
S&P MidCap Index Fund of California Investment Trust Fund
Group which contains information about
S&P SmallCap Index Fund the management fee and other costs.
Investments in shares of the funds of
Equity Income Fund California Investment Trust Fund Group
are neither insured nor guaranteed by
European Growth & Income Fund the U.S. Government, and there is no
assurance that any Fund which is a Money
Nasdaq-100 Index Fund Market Fund will be able to maintain a
stable net asset value of $1.00 per
- ------------------------------------- share.
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE PORTFOLIO OF INVESTMENTS 2/28/2005
MONEY MARKET FUND (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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VARIABLE RATE DEMAND NOTES* (76.19%)
ABAG FINANCE AUTHORITY FOR NONPROFIT CORPS
Revenue Bonds $ 1,500,000 1.850% 3/3/2005 $ 1,500,000
CALIFORNIA DEPARTMENT OF WATER RESOURCES
Power Supply Revenue Bonds; Series 2002B6 1,700,000 1.770% 3/1/2005 1,700,000
Power Supply Revenue Bonds; Series B5 300,000 1.800% 3/1/2005 300,000
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
Sutter Hospital; Series B 1,400,000 1.800% 3/1/2005 1,400,000
Scripps Hospital; Series B 2,000,000 1.770% 3/2/2005 2,000,000
CALIFORNIA STATE ECONOMIC RECOVERY
Revenue Bonds; Series 2004C 2,200,000 1.800% 3/1/2005 2,200,000
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
Gemological Institute of America; Special Tax; Series 2001 1,800,000 1.830% 3/3/2005 1,800,000
CALIFORNIA, STATE OF
General Obligation Bonds; Series 2003C-1 2,000,000 1.860% 3/3/2005 2,000,000
General Obligation; Series A 1,600,000 1.800% 3/1/2005 1,600,000
CHINO BASIN REGIONAL FINANCING AUTHORITY
Inland Empire Utilities Agency; Series 2002A 2,000,000 1.810% 3/2/2005 2,000,000
EASTERN MUNICIPAL WATER DISTRICT
Certificates of Participation; Series B 1,500,000 1.830% 3/3/2005 1,500,000
IRVINE RANCH WATER DISTRICT
Certificates of Participation, 1986 Capital Improvement Projects 200,000 1.800% 3/1/2005 200,000
General Obligation; Consolidated Series 1993 700,000 1.770% 3/1/2005 700,000
Sewer Bonds; 1988 Series A; District 282 250,000 1.800% 3/1/2005 250,000
Waterworks Bonds; 1988 Series A, District 182 500,000 1.800% 3/1/2005 500,000
IRVINE UNIFIED SCHOOL DISTRICT
Community Facilities District No. 01-01; Series 2003 600,000 1.770% 3/1/2005 600,000
IRVINE, CITY OF
Assessment District 89-10 1,205,000 1.810% 3/1/2005 1,205,000
Assessment District 94-13 700,000 1.770% 3/1/2005 700,000
Assessment District 94-15 200,000 1.770% 3/1/2005 200,000
KERN, COUNTY OF
Certificates of Participation; 1986 Series C 1,000,000 1.830% 3/2/2005 1,000,000
Tax revenue Refunding Bonds; 1993 Series A 2,000,000 1.830% 3/3/2005 2,000,000
LOS ANGELES COUNTY TRANSPORTATION COMMISSION
Sales Tax Revenue Refunding Bonds, 1992; Series A 2,000,000 1.810% 3/2/2005 2,000,000
LOS ANGELES DEPARTMENT OF WATER AND POWER
Water System Revenue Bonds; 2001 Series B-2 1,200,000 1.770% 3/1/2005 1,200,000
Power System Revenue Bonds; Series A-3 2,000,000 1.830% 3/3/2005 2,000,000
LOS ANGELES, COUNTY OF
Pension Obligation Refunding Bonds 2,000,000 1.810% 3/2/2005 2,000,000
Pension Obligation Refunding Bonds 2,000,000 1.850% 3/3/2005 2,000,000
Rowland Heights Preservation 1,400,000 1.920% 3/2/2005 1,400,000
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA
Water Revenue Bonds; Series 2000 B-3 600,000 1.800% 3/1/2005 600,000
Water Revenue Refunding Bonds; 1996 Series A 1,885,000 1.830% 3/3/2005 1,885,000
NEWPORT BEACH
Hoag Memorial Hospital Presbyterian, Series 1996 Series B 500,000 1.760% 3/1/2005 500,000
Hoag Memorial Hospital Presbyterian; Series 1996 Series A 700,000 1.760% 3/1/2005 700,000
Hoag Memorial Hospital Presbyterian; Series C 500,000 1.760% 3/1/2005 500,000
ORANGE COUNTY HOUSING AUTHORITY
Revenue Bonds, Village Niguel, Issue AA of 1985 1,900,000 1.870% 3/2/2005 1,900,000
ORANGE COUNTY SANITATION DISTRICT
Certificates of Participation; Series 2000 545,000 1.770% 3/1/2005 545,000
Certificates of Participation; Series 2000-A 800,000 1.770% 3/1/2005 800,000
Refunding Certificates of Participation; Series 1993 750,000 1.770% 3/1/2005 750,000
ORANGE COUNTY WATER DISTRICT
Certificates of Participation; Series A 2,000,000 1.810% 3/2/2005 2,000,000
ORANGE, COUNTY OF
Revenue Bonds, Niguel Summit II, Issue U of 1985 1,900,000 1.870% 3/1/2005 1,900,000
1
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CALIFORNIA TAX-FREE PORTFOLIO OF INVESTMENTS 2/28/2005
MONEY MARKET FUND CONTINUED (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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RIVERSIDE, CITY OF
First Nationwide Savings Program, 1985 Issue G $ 1,500,000 1.830% 3/2/2005 $ 1,500,000
RIVERSIDE, COUNTY OF
Community Facilities District 89-5, Special Tax 2,000,000 1.830% 3/2/2005 2,000,000
SAN BERNARDINO, COUNTY OF
Medical Center Financing Project; Series 1998 1,000,000 1.810% 3/2/2005 1,000,000
SAN FRANCISCO CITY & COUNTY FINANCE CORP
Moscone Center Expansion Project; Series 2000-3 1,900,000 1.800% 3/3/2005 1,900,000
SANTA ANA HOUSING AUTHORITY
Harbor Pointe Apartments; 1995 Series A 1,720,000 1.850% 3/3/2005 1,720,000
SANTA CLARA COUNTY FINANCING AUTHORITY
Lease Revenue 2,000,000 1.840% 3/2/2005 2,000,000
TUSTIN, CITY OF
Reassessment District No. 95-2; Series A 800,000 1.770% 3/1/2005 800,000
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT
School Facility Bridge Funding Program 2,000,000 1.830% 3/3/2005 2,000,000
------------
Total Variable Rate Demand Notes (Cost $60,955,000) 60,955,000
------------
TAX AND REVENUE ANTICIPATION NOTES (17.37%)
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 2,000,000 1.010% 3/18/2005 2,000,000
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK 850,000 1.800% 3/1/2005 850,000
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK 1,500,000 2.250% 3/1/2005 1,500,000
LOS ANGELES, COUNTY OF 2,000,000 3.000% 6/30/2005 2,009,135
SAN DIEGO COUNTY SCHOOL DISTRICT 2,000,000 3.250% 7/25/2005 2,013,069
SANTA BARBARA COUNTY SCHOOL FINANCING AUTHORITY 1,500,000 3.000% 6/30/2005 1,506,751
SANTA BARBARA, COUNTY OF 1,000,000 3.000% 7/26/2005 1,005,707
General Obligation; Series A 3,000,000 3.000% 6/30/2005 3,010,527
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Total Tax and Revenue Anticipation Notes (Cost $13,895,189) 13,895,189
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COMMERCIAL PAPER (5.00%)
EAST BAY MUNICIPAL DISTRICT
Certificates of Participation 2,000,000 1.870% 3/14/2005 2,000,000
UNIVERSITY OF CALIFORNIA BOARD OF REGENTS
Commercial Paper Notes; Series A 2,000,000 1.970% 3/16/2005 2,000,000
------------
Total Commercial Paper (Cost $4,000,000) 4,000,000
------------
Total Investments (Cost $78,850,189)(a) (98.56%) 78,850,189
Other Net Assets (1.44%) 1,151,427
------------
Net Assets (100%) $ 80,001,616
============
(a) Aggregate cost for federal income tax purposes is $78,850,189.
* Stated maturity reflects next reset date.
See accompanying notes to financial statements
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CALIFORNIA INSURED PORTFOLIO OF INVESTMENTS 2/28/2005
INTERMEDIATE FUND (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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LONG TERM SECURITIES (92.31%)
ANAHEIM PUBLIC FINANCING AUTHORITY
Convention Center Project; Series A $ 500,000 5.250% 8/1/2013 $ 555,680
BEVERLY HILL PUBLIC FINANCING AUTHORITY
Lease Revenue Refunding; Series A 500,000 5.250% 6/1/2013 558,645
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
University of San Francisco Revenue Bonds; Series 1996 500,000 5.600% 10/1/2010 563,435
CALIFORNIA STATE ECONOMIC RECOVERY
General Obligation; Series A 600,000 5.000% 7/1/2011 660,072
CALIFORNIA STATE PUBLIC WORKS BOARD
CA State Prison--Lassen County; 2001 Series A 400,000 5.250% 6/1/2011 444,116
Lease Revenue Refunding Bonds; 2001 Series A 500,000 5.250% 6/1/2012 556,240
2
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CALIFORNIA INSURED PORTFOLIO OF INVESTMENTS 2/28/2005
INTERMEDIATE FUND CONTINUED (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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CAMPBELL UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Series 2000 $ 425,000 5.250% 8/1/2009 $ 467,543
CASTAIC LAKE WATER AGENCY
Water System Improvement Projects; Series 1994A 300,000 7.250% 8/1/2009 352,566
Water System Improvement Projects; Series 2001A 500,000 6.000% 8/1/2012 576,890
CENTRAL VALLEY SCHOOL DISTRICTS FINANCING AUTHORITY
General Obligation Refi. Bonds; Series A 400,000 6.150% 2/1/2009 448,868
CHAFFEY UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Series C 500,000 5.000% 5/1/2012 550,765
CHICO UNIFIED SCHOOL DISTRICT
General Obligation Refunding Bonds 400,000 8.500% 8/1/2007 455,132
CONTRA COSTA WATER DISTRICT
Water Revenue Refunding Bonds; Series K 400,000 5.000% 10/1/2009 436,940
DESERT SANDS UNIFIED SCHOOL DISTRICT
Certificates of Participation; Series 1995 500,000 5.300% 3/1/2007 510,140
EASTERN MUNICIPAL WATER DISTRICT
Certificates of Participation; Series A 550,000 5.250% 7/1/2012 608,905
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds 2002 500,000 5.500% 8/1/2012 567,850
FRESNO, CITY OF
Water System Revenue Refunding; Series A 500,000 6.000% 6/1/2011 578,035
IMPERIAL IRRIGATION DISTRICT
Certificates of Participation; 1997 Capital Projects 600,000 5.200% 11/1/2009 659,160
INDUSTRY CITY URBAN DEVELOPMENT AGENCY
2002 Tax Allocation; Refunding, Project 1 300,000 5.375% 5/1/2012 317,748
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Sales Tax Revenue Bonds; Series A 500,000 5.500% 7/1/2008 545,435
LOS ANGELES DEPARTMENT OF WATER AND POWER
Power Project Revenue Bond; 2001 Series A 500,000 5.250% 7/1/2014 552,345
LOS ANGELES UNIFIED SCHOOL DISTRICT
General Obligation Bonds; 1997 Series A 400,000 6.000% 7/1/2007 431,728
LOS ANGELES, CITY OF
Sanitation Equipment Charge Revenue Bonds; Series 2001-A 500,000 5.000% 2/1/2008 533,810
LOS ANGELES, COUNTY OF
Pension Obligation Certificates; Series A 400,000 6.900% 6/30/2008 452,184
MONTEREY, COUNTY OF
Certificates of Participation 600,000 5.250% 8/1/2014 663,312
NORTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2002 Series A 500,000 5.000% 8/1/2012 551,575
NORWALK COMMUNITY FACILITIES FINANCING AUTHORITY
City Hall Lease Revenue Refunding Bonds; 1999 200,000 5.000% 2/1/2009 216,058
OAK PARK UNIFIED SCHOOL DISTRICT
General Obligation, Refunding Bonds 600,000 5.150% 5/1/2007 633,084
OAKLAND JOINT POWERS FINANCING AUTHORITY
Convention Centers; Series 2001 500,000 5.500% 10/1/2012 566,680
ORANGE COUNTY LOCAL TRANSPORTATION AUTHORITY
Measure M Sales Tax Revenue 2nd Series, Series A 325,000 5.000% 2/15/2009 352,027
Measure M Sales Tax Revenue Bonds; Series 1998 A 500,000 5.500% 2/15/2007 529,310
PASADENA UNIFIED SCHOOL DISTRICT
General Obligation Bonds; Series B 400,000 5.000% 7/1/2007 422,032
RANCHO MIRAGE JOINT POWERS FINANCING AUTHORITY
Eisenhower Medical Center; Series 1997A 385,000 5.250% 7/1/2012 412,069
SACRAMENTO REDEVELOPMENT AGENCY
Downtown Sacramento Project; Series 1998C 500,000 4.750% 11/1/2008 534,635
SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY
Sewer Revenue Refunding Bonds; Series A 500,000 5.100% 5/15/2010 529,735
SAN FRANCISCO AIRPORT COMMISSION
San Francisco International Airport Revenue Second; Series B 450,000 5.500% 5/1/2009 486,720
3
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CALIFORNIA INSURED PORTFOLIO OF INVESTMENTS 2/28/2005
INTERMEDIATE FUND CONTINUED (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION
Water Revenue Refunding Bonds; Series B $ 500,000 5.000% 11/1/2013 $ 547,500
SAN FRANCISCO STATE BUILDING AUTHORITY
Civic Center Complex; 1996 Series A 400,000 6.000% 12/1/2009 454,096
SAN JOSE FINANCING AUTHORITY
Lease Revenue Bonds; Series 2001F 480,000 4.500% 9/1/2009 511,963
SAN MATEO COUNTY TRANSIT DISTRICT
Limited Tax Bonds; 1993 Series A 300,000 5.000% 6/1/2011 330,303
SANTA CLARA COUNTY FINANCING AUTHORITY
Lease Revenue Bonds; 2000 Series A 400,000 5.500% 5/15/2010 446,136
SANTA ROSA HIGH SCHOOL DISTRICT
General Obligation Bonds; Series 2001 390,000 4.625% 5/1/2008 413,661
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
San Juan Power Project 2002 Refunding; Series A 500,000 5.500% 1/1/2013 566,935
THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
Hospital Revenue Bonds; Series 2000 500,000 4.375% 12/1/2009 531,100
Multiple Purpose Projects; Series O 500,000 5.750% 9/1/2010 567,160
WALNUT, CITY OF
Public Financing Authority Tax Allocation 500,000 5.375% 9/1/2013 558,990
------------
Total Long Term Securities (Cost $22,492,298) 23,209,313
------------
VARIABLE RATE DEMAND NOTES (6.36%)
IRVINE RANCH WATER DISTRICT
General Obligation; Consolidated Series 1991 100,000 1.770% 3/1/2005 100,000
IRVINE, CITY OF
Assessment District 00-18; Series A 1,100,000 1.770% 3/1/2005 1,100,000
NEWPORT BEACH
Hoag Memorial Hospital Presbyterian; Series 1996 Series A 400,000 1.760% 3/1/2005 400,000
------------
Total Variable Rate Demand Notes (Cost $1,600,000) 1,600,000
------------
Total Investments (Cost $24,092,298) (a) (98.67%) 24,809,313
Other Net Assets (1.33%) 333,025
------------
Net Assets (100%) $ 25,142,338
============
(a) Aggregate cost for federal income tax purposes is $24,092,298. At February
28, 2005, unrealized appreciation (depreciation) of securities for federal
income tax purposes is as follows:
Unrealized appreciation $ 753,865
Unrealized depreciation (36,850)
------------
Net unrealized appreciation $ 717,015
============
* Stated maturity reflects next reset date.
See accompanying notes to financial statements
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CALIFORNIA TAX-FREE PORTFOLIO OF INVESTMENTS 2/28/2005
INCOME FUND (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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LONG TERM SECURITIES (96.86%)
ANAHEIM PUBLIC FINANCING AUTHORITY
Public Improvement Project; Series C $ 2,250,000 6.000% 9/1/2012 $ 2,615,355
CALIFORNIA DEPARTMENT OF WATER RESOURCES
Water System Revenue Bonds, Central Valley J-1; Unrefunded 1,695,000 7.000% 12/1/2011 2,066,052
Water System Revenue Bonds, Central Valley J-3; Unrefunded 2,070,000 7.000% 12/1/2011 2,523,144
Water System Revenue Bonds, Central Valley; Series AC 2,500,000 5.000% 12/1/2016 2,734,025
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
Pomona College Refunding Revenue Bonds; Series 1999 2,500,000 5.250% 1/1/2017 2,712,525
Stanford University Revenue Bonds; Series P 3,000,000 5.250% 12/1/2013 3,405,750
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
Asian Art Museum of San Francisco; Series 2000 2,565,000 5.500% 6/1/2013 2,895,654
4
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CALIFORNIA TAX-FREE PORTFOLIO OF INVESTMENTS 2/28/2005
INCOME FUND CONTINUED (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY
San Diego Gas & Electric; 1996 Series A $ 3,000,000 5.900% 6/1/2014 $ 3,350,310
CALIFORNIA POLYTECHNIC STATE UNIVERSITY
Student Union Revenue Bonds; Series C 2,390,000 5.625% 7/1/2026 2,614,373
CALIFORNIA STATE DEPARTMENT TRANSPORTATION
Federal Highway Grant Anticipation Bonds; Series A 2,000,000 5.000% 2/1/2015 2,203,440
CALIFORNIA STATE ECONOMIC RECOVERY
General Obligation; Series A 2,000,000 5.000% 7/1/2016 2,153,880
CALIFORNIA STATE PUBLIC WORKS BOARD
CA State Prison--Imperial County; 1991 Series A 2,500,000 6.500% 9/1/2017 2,952,625
University of California Projects; 1993 Series A 5,000,000 5.500% 6/1/2014 5,577,950
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
UniHealth America; Certificates of Participation; 1993 Series A 1,005,000 5.500% 10/1/2014 1,139,117
CALIFORNIA, STATE OF
General Obligation Bonds 3,000,000 6.250% 9/1/2012 3,433,320
General Obligation Bonds 1,500,000 5.000% 11/1/2013 1,616,715
CASTAIC LAKE WATER AGENCY
Water System Improvement Projects; Series 1994A 2,090,000 7.250% 8/1/2009 2,456,210
CONTRA COSTA WATER DISTRICT
Water Revenue Bonds; Series E 2,000,000 6.250% 10/1/2012 2,290,560
CUCAMONGA COUNTY WATER DISTRICT
Water Facilities and Refinancing, 2001 1,080,000 5.000% 9/1/2016 1,154,174
EAST BAY MUNICIPAL UTILITY DISTRICT
Water Revenue Refunding Bonds; Series 2001 2,000,000 5.250% 6/1/2013 2,212,480
Water Revenue Refunding Bonds; Series 2001 2,000,000 5.250% 6/1/2014 2,207,720
ELSINORE VALLEY MUNICIPAL WATER DISTRICT
Certificates of Participation 1,000,000 6.000% 7/1/2012 1,159,870
GOLDEN WEST SCHOOLS FINANCING AUTHORITY
Refunding Revenue Bonds; 1998 Series A 1,090,000 6.600% 8/1/2016 1,314,911
KERN HIGH SCHOOL DISTRICT
General Obligation Refunding Bonds; 1996 Series A 2,555,000 6.600% 8/1/2016 3,010,812
LA QUINTA REDEVELOPMENT AGENCY
Redevelopment Project Area No.2; Series 1994 1,015,000 7.300% 9/1/2009 1,198,745
LOS ANGELES COMMUNITY REDEVELOPMENT AGENCY
Bunker Hill Project; Series A 4,000,000 5.000% 12/1/2027 4,178,800
LOS ANGELES CONVENTION & EXHIBIT CENTER AUTHORITY
Lease Revenue Bonds; 1993 Series A 2,500,000 6.000% 8/15/2010 2,857,075
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Sales Tax Revenue Refunding Bonds; Series 2001-B 3,000,000 5.250% 7/1/2013 3,332,100
LOS ANGELES COUNTY TRANSPORTATION COMMISSION
Sales Tax Revenue Refunding Bonds, 1991; Series B 3,540,000 6.500% 7/1/2010 4,001,935
LOS ANGELES DEPARTMENT OF WATER AND POWER
Power System Revenue Bonds; Series A-A-1 2,000,000 5.250% 7/7/2015 2,196,220
LOS ANGELES UNIFIED SCHOOL DISTRICT
General Obligation Bonds; 1997 Series A 2,450,000 6.000% 7/1/2014 2,900,016
General Obligation Bonds; Series A-1 500,000 5.000% 7/1/2018 539,440
M-S-R PUBLIC POWER AGENCY SAN JUAN PROJECT REVENUE
San Juan Project Refunding Revenue Bonds; Series F 1,500,000 6.125% 7/1/2013 1,734,720
NORTHERN CALIFORNIA TRANSMISSION REVENUE
CA-Oregon Transmission Project; 1990 Series A 1,000,000 7.000% 5/1/2013 1,211,490
OAKLAND REDEVELOPMENT AGENCY
Central District Redevelopment Project; Series 1992 2,000,000 5.500% 2/1/2014 2,242,040
Sub Tax Allocation Bonds 1,000,000 5.000% 9/1/2022 1,063,900
ORANGE COUNTY LOCAL TRANSPORTATION AUTHORITY
General Obligation Bonds; 1998 Series A 1,050,000 5.500% 2/15/2011 1,180,946
OXNARD SCHOOL DISTRICT
General Obligation Refunding Bonds; 1997 1,485,000 5.625% 8/1/2014 1,715,531
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Refunding Revenue Bonds; Series A 4,000,000 6.250% 8/15/2010 4,520,400
SADDLEBACK VALLEY UNIFIED SCHOOL DISTRICT PUBLIC FIN AUTH
Special Tax Revenue Bonds; 1996 Series A 1,575,000 6.000% 9/1/2016 1,871,273
5
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CALIFORNIA TAX-FREE PORTFOLIO OF INVESTMENTS 2/28/2005
INCOME FUND CONTINUED (UNAUDITED)
Security Description Par Value Rate Maturity Value (Note 1)
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SAN BERNARDINO, COUNTY OF
Justice Center / Airport Improvements; Series 2002A $ 2,890,000 5.000% 7/1/2016 $ 3,170,648
SAN DIEGO, COUNTY OF
2001 MTS Tower Refunding Bonds 1,000,000 5.250% 11/1/2014 1,107,900
SAN FRANCISCO BAY AREA TRANSIT FINANCING AUTHORITY
Sales Tax Revenue Refunding Bonds; Series 1990 2,950,000 6.750% 7/1/2011 3,535,369
SAN JOSE REDEVELOPMENT AGENCY TAX ALLOCATION
Unrefunded Balanced Merged Area 2,685,000 6.000% 8/1/2010 3,066,673
SAN MARINO UNIFIED SCHOOL DISTRICT
General Obligation Bonds; 1998 Series B 1,440,000 5.250% 7/1/2016 1,628,021
SAN MATEO COUNTY TRANSPORTATION DISTRICT
Sales Tax Revenue Bonds; Series A 4,000,000 5.250% 6/1/2015 4,363,760
SANTA ANA UNIFIED SCHOOL DISTRICT
General Obligation Bonds; Series 2000 2,500,000 5.700% 8/1/2022 2,797,150
SANTA CLARA COUNTY FINANCING AUTHORITY
Lease Revenue Refunding Bonds; 1997 Series A 2,000,000 6.000% 11/15/2012 2,333,580
Lease Revenue Refunding Bonds; 1997 Series A 1,750,000 5.750% 11/15/2013 2,024,208
SANTA CLARA REDEVELOPMENT AGENCY
Bayshore North Project, 1992 Tax Allocation Refunding Bonds 4,000,000 7.000% 7/1/2010 4,526,600
SANTA MARGARITA-DANA POINT AUTHORITY
Improvement District; 1994 Series A 1,045,000 7.250% 8/1/2010 1,256,059
SONOMA, COUNTY OF
Certificates of Participation; 2002 Series A 1,815,000 5.000% 11/15/2012 1,996,010
SOUTH COAST AIR QUALITY MANAGEMENT DISTRICT
Installment Sale Revenue Bonds; Series 1992 2,400,000 6.000% 8/1/2011 2,772,648
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
Multiple Project Revenue Bonds; Series 1989 3,585,000 6.750% 7/1/2013 4,286,585
THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
Commercial Paper Notes; Series A 1,000,000 5.000% 5/15/2008 1,072,700
UC San Diego Medical Center; Series 2000 2,500,000 5.125% 12/1/2016 2,719,973
TURLOCK IRRIGATION DISTRICT
Revenue Refunding Bonds; Series A 2,000,000 6.250% 1/1/2012 2,276,420
------------
Total Long Term Securities (Cost$128,676,245) 141,479,907
------------
VARIABLE RATE DEMAND NOTES (2.23%)
IRVINE RANCH WATER DISTRICT
General Obligation; Consolidated Series 1993 200,000 1.770% 3/1/2005 200,000
IRVINE, CITY OF
Assessment District 97-17 600,000 1.770% 3/1/2005 600,000
LOS ANGELES DEPARTMENT OF WATER AND POWER
Water System Revenue Bonds; 2001 Series B-2 500,000 1.770% 3/1/2005 500,000
NEWPORT BEACH
Hoag Memorial Hospital Presbyterian, Series 1996 Series B 700,000 1.760% 3/1/2005 700,000
Hoag Memorial Hospital Presbyterian; Series C 950,000 1.760% 3/1/2005 950,000
ORANGE COUNTY SANITATION DISTRICT
Refunding Certificates of Participation; Series 1993 300,000 1.770% 3/1/2005 300,000
------------
Total Variable Rate Demand Notes (Cost $3,250,000) 3,250,000
------------
Total Investments (Cost $131,926,245) (a) (99.09%) 144,729,907
Other Net Assets (0.91%) 1,330,911
------------
Net Assets (100%) $146,060,818
============
(a) Aggregate cost for federal income tax purposes is $131,926,245. At
February 28, 2005, unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
Unrealized appreciation $ 13,046,814
Unrealized depreciation (243,152)
------------
Net unrealized appreciation $ 12,803,662
============
*Stated maturity reflects next reset date.
See accompanying notes to financial statements
6
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT PORTFOLIO OF INVESTMENTS 2/28/2005
SECURITIES FUND (UNAUDITED)
Par Value Rate Maturity Value (Note 1)
- ------------------------------------------------------------------------------------------------------------------------------------
Government National Mortgage Association (56.87%)
$ 184,385 6.000% 4/15/2014 $ 193,389
291,100 6.000% 4/15/2014 305,315
238,252 6.000% 4/15/2016 249,550
369,058 6.500% 4/15/2016 390,608
281,419 6.000% 5/15/2016 294,763
1,544,021 5.000% 2/15/2018 1,572,213
829,790 5.000% 4/15/2018 844,941
823,921 5.000% 4/15/2018 838,965
1,353,821 5.500% 8/15/2018 1,400,800
1,794,033 5.000% 9/15/2018 1,826,790
10,526 10.000% 9/15/2018 11,936
32,142 9.000% 10/15/2018 35,701
1,717,251 5.000% 1/15/2019 1,748,177
1,705,284 5.000% 1/15/2019 1,735,995
1,720,168 5.000% 2/15/2019 1,751,147
1,726,012 5.500% 2/15/2019 1,786,404
1,850,119 5.000% 2/15/2019 1,883,437
------------
Total Government National Mortgage Association (Cost $17,037,800) 16,870,131
------------
United States Treasury Bills (15.47%)
2,600,000 1.980% - 2.375% 3/3/2005 2,599,699
400,000 2.178% - 2.273% 4/7/2005 399,069
1,100,000 2.345% - 2.460% 5/5/2005 1,094,840
500,000 2.535% 6/9/2005 496,479
------------
Total United States Treasury Bills (Cost $4,590,573) 4,590,087
------------
United States Treasury Notes (12.36%)
2,000,000 6.500% 5/15/2005 2,016,252
600,000 6.500% 8/15/2005 610,031
1,000,000 6.875% 5/15/2006 1,041,524
------------
Total United States Treasury Notes (Cost $3,692,312) 3,667,807
------------
United States Treasury Bonds (14.48%)
1,300,000 7.250% 5/15/2016 1,613,981
2,000,000 7.625% 11/15/2022 2,682,110
------------
Total United States Treasury Bonds (Cost $4,146,136) 4,296,091
Total Investments (Cost $29,466,821) (a) (99.18%) 29,424,116
Other Net Assets (0.82%) 242,669
------------
Net Assets (100%) $ 29,666,785
============
(a) Aggregate cost for federal income tax purposes is $29,466,821. At February
28, 2005, unrealized appreciation (depreciation) of securities for federal
income tax purposes is as follows:
Unrealized appreciation $ 218,333
Unrealized depreciation (261,038)
------------
Net unrealized depreciation $ (42,705)
============
See accompanying notes to financial statements
7
- ------------------------------------------------------------------------------------------------------------------------------------
THE UNITED STATES PORTFOLIO OF INVESTMENTS 2/28/2005
TREASURY TRUST (UNAUDITED)
Par Value Rate Maturity Value (Note 1)
- ------------------------------------------------------------------------------------------------------------------------------------
United States Treasury Bills (99.83%)
$14,300,000 1.980% - 2.375% 3/3/2005 $ 14,298,395
11,000,000 2.178% - 2.273% 4/7/2005 10,974,864
8,500,000 2.345% - 2.460% 5/5/2005 8,463,861
9,000,000 2.535% 6/9/2005 8,936,625
------------
Total Investments (Cost $42,673,745)(a) (99.83%) 42,673,745
Other Net Assets (0.17%) 72,598
------------
Net Assets (100%) $ 42,746,343
============
(a) Aggregate cost for federal income tax purposes is $42,673,745.
See accompanying notes to financial statements
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. PORTFOLIO OF INVESTMENTS 2/28/2005
GOVERNMENT BOND FUND (UNAUDITED)
Par Value Rate Maturity Value (Note 1)
- ------------------------------------------------------------------------------------------------------------------------------------
Government National Mortgage Association (11.01%)
$ 914,955 4.000% 6/20/2034 $ 923,526
975,174 4.500% 11/20/2034 975,659
------------
Total Government National Mortgage Association (Cost $1,902,634) 1,899,185
------------
United States Treasury Bills (6.94%)
700,000 1.980% - 2.375% 3/3/2005 699,915
200,000 2.178% - 2.273% 4/7/2005 199,543
300,000 2.535% 6/9/2005 297,887
------------
Total United States Treasury Bills (Cost $1,197,345) 1,197,345
------------
United States Treasury Notes (80.92%)
4,000,000 5.750% 11/15/2005 4,074,064
2,000,000 5.625% 2/15/2006 2,046,172
2,000,000 6.500% 10/15/2006 2,094,376
2,000,000 6.625% 5/15/2007 2,126,876
3,700,000 2.750% 8/15/2007 3,621,812
------------
Total United States Treasury Notes (Cost $14,164,414) $ 13,963,300
------------
Total Investments (Cost $17,264,393)(a) (98.87%) 17,059,830
Other Net Assets (1.13%) 195,878
------------
Net Assets (100%) $ 17,255,708
============
(a) Aggregate cost for federal income tax purposes is $17,264,393. At February
28, 2005, unrealized appreciation (depreciation) of securities for federal
income tax purposes is as follows:
Unrealized appreciation $ 7,044
Unrealized depreciation (211,607)
------------
Net unrealized depreciation $ (204,563)
============
See accompanying notes to financial statements
8
- --------------------------------------------------------------------------------
S&P 500 INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
(UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Common Stock (99.53%)
Basic Materials (3.11%)
Air Products & Chemicals Inc. 2,398 $ 150,163
Alcoa Inc. 8,738 280,665
Allegheny Technologies Inc. 854 21,017
Ashland Inc. 731 47,727
Dow Chemical Co./The 9,438 520,506
Eastman Chemical Co. 810 46,769
Ecolab Inc. 2,721 86,283
EI Du Pont de Nemours & Co. 10,025 534,333
Engelhard Corp. 1,318 39,870
Freeport-McMoRan Copper & Gold Inc. 1,812 75,778
Georgia-Pacific Corp. 2,672 95,684
Great Lakes Chemical Corp. 530 14,151
Hercules Inc.* 1,129 16,190
International Flavors & Fragrances Inc. 983 40,588
International Paper Co. 5,088 190,037
Louisiana-Pacific Corp. 1,130 29,685
MeadWestvaco Corp. 2,112 66,232
Neenah Paper Inc. 1 35
Newmont Mining Corp. 4,574 205,921
Nucor Corp. 1,652 102,986
Phelps Dodge Corp. 942 100,276
Plum Creek Timber Co. Inc. (REIT) 1,937 72,734
PPG Industries Inc. 1,787 128,575
Praxair Inc. 3,420 153,319
Rohm & Haas Co. 2,354 113,392
Sherwin-Williams Co./The 1,544 68,399
Sigma-Aldrich Corp. 727 44,790
Temple-Inland Inc. 576 46,195
United States Steel Corp. 1,191 74,271
Weyerhaeuser Co. 2,467 165,116
------------
Total Basic Materials 3,531,687
------------
Communications (9.94%)
ADC Telecommunications Inc.* 8,684 19,973
Alltel Corp. 3,096 177,091
Andrew Corp.* 1,650 19,965
AT&T Corp. 8,362 162,474
Avaya Inc.* 4,387 61,418
BellSouth Corp. 18,392 474,514
CenturyTel Inc. 1,518 51,066
Ciena Corp.* 6,054 11,987
Cisco Systems Inc.* 67,930 1,183,341
Citizens Communications Co. 3,037 40,514
Clear Channel Communications Inc. 6,106 203,208
Comcast Corp.* 22,452 730,813
Comverse Technology Inc.* 2,034 47,209
Corning Inc.* 14,053 161,188
Dow Jones & Co. Inc. 853 31,646
eBay Inc.* 13,282 569,001
Gannett Co. Inc. 2,673 210,499
Interpublic Group of Cos Inc.* 4,384 57,606
JDS Uniphase Corp.* 15,107 28,703
Knight-Ridder Inc. 842 55,151
Lucent Technologies Inc.* 44,252 135,854
McGraw-Hill Cos Inc./The 1,908 175,250
Meredith Corp. 527 24,184
Monster Worldwide Inc.* 1,196 34,505
Motorola Inc. 23,735 371,690
New York Times Co. 1,562 57,263
Nextel Communications Inc.* 11,187 329,233
Omnicom Group 1,881 171,303
Qualcomm Inc. 16,353 590,507
Qwest Communications International* 18,680 72,852
SBC Communications Inc. 33,290 800,625
Scientific-Atlanta Inc. 1,620 50,058
Sprint Corp. 14,984 354,821
Symantec Corp.* 6,494 142,933
Tellabs Inc.* 4,380 31,054
Time Warner Inc.* 45,937 791,495
Tribune Co. 3,197 130,214
Univision Communications Inc.* 3,400 89,726
Verizon Communications Inc. 27,813 1,000,434
Viacom Inc. 17,429 608,272
Walt Disney Co. 20,641 576,710
Yahoo! Inc.* 13,890 448,230
------------
Total Communications 11,284,580
------------
Consumer, Cyclical (9.89%)
Autonation Inc.* 2,900 56,637
Autozone Inc.* 810 78,489
Bed Bath & Beyond Inc.* 3,135 117,625
Best Buy Co. Inc. 3,427 185,127
Big Lots Inc.* 1,254 14,634
Brunswick Corp. 956 44,588
Carnival Corp. 6,360 345,857
Centex Corp. 1,320 83,939
Cintas Corp. 1,809 79,198
Circuit City Stores Inc. 2,205 34,464
Coach Inc.* 1,890 104,952
Cooper Tire & Rubber Co. 779 15,074
Costco Wholesale Corp. 4,633 215,851
CVS Corp. 4,183 208,439
Dana Corp. 1,595 23,000
Darden Restaurants Inc. 1,782 47,758
Delphi Corp. 5,987 41,131
Delta Air Lines Inc.* 1,352 6,273
Dillard's Inc./AR 852 19,852
Dollar General Corp. 3,556 75,494
Family Dollar Stores Inc. 1,806 59,454
Federated Department Stores 1,718 96,981
Ford Motor Co. 18,383 232,545
Gap Inc./The 8,902 189,880
General Motors Corp. 5,914 210,952
Genuine Parts Co. 1,839 79,592
Goodyear Tire & Rubber Co./The* 1,878 27,156
Harley-Davidson Inc. 2,964 183,412
Harrah's Entertainment Inc. 1,176 77,134
Hasbro Inc. 1,849 39,051
Hilton Hotels Corp. 4,016 84,577
Home Depot Inc. 22,056 882,681
International Game Technology 3,660 111,484
JC Penney Co. Inc. Holding Co. 2,882 128,220
Johnson Controls Inc. 1,912 112,999
Jones Apparel Group Inc. 1,320 41,936
KB Home 488 60,902
Kohl's Corp.* 3,601 172,380
Liz Claiborne Inc. 1,176 49,745
Lowe's Cos Inc. 7,832 460,365
Ltd. Brands 4,108 97,688
Marriott International Inc. 2,270 145,507
Mattel Inc. 4,213 88,136
May Department Stores Co./The 3,039 104,876
Maytag Corp.* 844 12,863
McDonald's Corp. 12,621 417,503
Navistar International Corp.* 734 28,964
Newell Rubbermaid Inc. 2,876 64,106
Nike Inc. 2,645 229,983
Nordstrom Inc. 1,443 77,576
Office Depot Inc.* 3,281 63,159
OfficeMax Inc. 900 28,413
Paccar Inc. 1,764 132,759
Pulte Homes Inc. 1,305 101,816
RadioShack Corp. 1,717 50,755
Reebok International Ltd. 619 27,335
Sabre Holdings Corp. 1,503 31,683
Sears Roebuck and Co. 2,194 109,546
Southwest Airlines Co. 8,241 114,138
Staples Inc. 5,217 164,440
Starbucks Corp.* 4,139 214,442
Starwood Hotels & Resorts Worldwide Inc. 2,146 122,837
Target Corp. 9,075 461,192
Tiffany & Co. 1,541 46,461
TJX Cos Inc. 4,910 119,902
Toys R US Inc.* 2,252 51,503
VF Corp. 1,136 67,887
Visteon Corp. 1,369 9,186
9
- --------------------------------------------------------------------------------
S&P 500 INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Walgreen Co. 10,293 $ 440,849
Wal-Mart Stores Inc. 42,622 2,199,721
Wendy's International Inc. 1,196 45,269
Whirlpool Corp. 742 47,303
WW Grainger Inc. 962 60,394
Yum! Brands Inc. 3,119 152,145
------------
Total Consumer, Cyclical 11,230,165
------------
Consumer, Non-cyclical (21.47%)
Abbott Laboratories 15,684 721,307
Aetna Inc. 1,499 218,884
Alberto-Culver Co. 954 49,866
Albertson's Inc. 3,898 87,276
Allergan Inc. 1,379 103,673
Altria Group Inc. 20,613 1,353,243
AmerisourceBergen Corp. 1,178 70,562
Amgen Inc.* 12,719 783,618
Anheuser-Busch Cos Inc. 8,047 381,830
Apollo Group Inc.* 1,865 137,339
Archer-Daniels-Midland Co. 6,810 164,121
Avery Dennison Corp. 1,191 72,294
Avon Products Inc. 4,996 213,679
Bausch & Lomb Inc. 546 38,651
Baxter International Inc. 6,453 230,114
Becton Dickinson & Co. 2,675 160,152
Biogen Idec Inc.* 3,460 133,729
Biomet Inc. 2,701 114,036
Boston Scientific Corp.* 8,642 282,248
Bristol-Myers Squibb Co. 19,542 489,136
Brown-Forman Corp. 1,281 65,203
Campbell Soup Co. 4,320 119,664
Cardinal Health Inc. 4,324 253,170
Caremark Rx Inc.* 4,502 172,337
Cendant Corp. 10,725 237,237
Chiron Corp.* 1,978 70,377
Clorox Co. 1,528 91,741
Coca-Cola Co./The 24,376 1,043,293
Coca-Cola Enterprises Inc. 4,851 103,569
Colgate-Palmolive Co. 5,335 282,328
ConAgra Foods Inc. 5,222 142,665
Convergys Corp.* 1,500 22,485
CR Bard Inc. 1,084 72,086
Eli Lilly & Co. 11,358 636,048
Equifax Inc. 1,482 45,038
Express Scripts Inc.* 797 60,006
Forest Laboratories Inc.* 3,869 165,206
Fortune Brands Inc. 1,541 124,821
General Mills Inc. 3,699 193,717
Genzyme Corp.* 2,372 133,045
Gilead Sciences Inc.* 4,325 149,429
Gillette Co./The 10,065 505,766
Guidant Corp. 3,286 241,160
H&R Block Inc. 1,656 88,265
HCA Inc. 4,249 200,595
Health Management Associates Inc. 2,507 57,586
Hershey Foods Corp. 2,474 155,862
HJ Heinz Co. 3,547 133,509
Hospira Inc.* 1,650 48,840
Humana Inc.* 1,688 56,160
Johnson & Johnson 29,819 1,956,126
Kellogg Co. 4,297 189,068
Kimberly-Clark Corp. 5,117 337,620
King Pharmaceuticals Inc.* 2,568 24,524
Kroger Co./The* 7,874 141,653
Laboratory Corp. Of America Holdings* 1,402 67,142
Manor Care Inc. 938 31,958
McCormick & Co. Inc. 1,477 56,111
McKesson Corp. 3,071 114,671
Medco Health Solutions Inc.* 2,847 126,464
Medimmune Inc.* 2,595 62,488
Medtronic Inc. 12,150 633,258
Merck & Co. Inc. 22,290 706,593
Millipore Corp.* 523 23,671
Molson Coors Brewing Co. 388 26,978
Monsanto Co. 2,778 163,291
Moody's Corp. 1,576 132,242
Mylan Laboratories 2,824 49,702
Paychex Inc. 3,957 126,347
Pepsi Bottling Group Inc. 2,758 75,073
PepsiCo Inc. 17,019 916,643
Pfizer Inc. 75,859 1,994,333
Procter & Gamble Co. 25,540 1,355,919
Quest Diagnostics 1,092 108,545
Reynolds American Inc. 1,486 121,778
Robert Half International Inc. 1,810 52,798
RR Donnelley & Sons Co. 2,258 74,988
Safeway Inc.* 4,733 87,087
Sara Lee Corp. 8,346 186,950
Schering-Plough Corp. 14,792 280,308
St Jude Medical Inc.* 3,642 142,402
Stryker Corp. 4,214 209,267
Supervalu Inc. 1,421 45,145
Sysco Corp. 6,424 221,114
Tenet Healthcare Corp.* 4,884 53,284
UnitedHealth Group Inc. 6,597 601,383
UST Inc. 1,750 95,638
Watson Pharmaceuticals Inc.* 1,136 36,057
WellPoint Inc.* 2,861 349,214
WM Wrigley Jr Co. 2,382 158,546
Wyeth 13,400 546,988
Zimmer Holdings Inc.* 2,550 219,045
------------
Total Consumer, Non-cyclical 24,379,378
------------
Energy (8.63%)
Amerada Hess Corp. 943 94,677
Anadarko Petroleum Corp. 2,511 192,995
Apache Corp. 3,422 215,175
Baker Hughes Inc. 3,533 167,040
BJ Services Co 1,674 83,633
Burlington Resources Inc. 3,965 196,783
ChevronTexaco Corp. 21,400 1,328,512
ConocoPhillips 6,919 767,248
Devon Energy Corp. 4,928 230,581
Dynegy Inc.* 3,790 15,766
El Paso Corp. 6,750 83,228
EOG Resources Inc.* 1,225 111,622
Exxon Mobil Corp. 65,358 4,137,815
Halliburton Co. 4,631 203,625
Kerr-McGee Corp. 1,069 83,019
Kinder Morgan Inc. 1,319 105,744
Marathon Oil Corp. 3,583 169,619
Nabors Industries Ltd.* 1,552 89,085
Noble Corp.* 1,408 80,355
Occidental Petroleum Corp. 4,070 285,999
Rowan Cos Inc.* 1,121 35,513
Schlumberger Ltd. 5,932 447,569
Sunoco Inc. 703 69,667
Transocean Inc.* 3,367 163,232
Unocal Corp. 2,758 149,208
Valero Energy Corp. 2,676 190,638
Williams Cos Inc. 5,523 103,998
------------
Total Energy 9,802,346
------------
Financial (19.90%)
ACE Ltd. 2,936 130,535
Aflac Inc. 5,095 195,291
Allstate Corp./The 6,962 373,720
AMBAC Financial Group Inc. 1,127 87,658
American Express Co. 12,737 689,709
American International Group Inc. 26,175 1,748,490
AmSouth Bancorp 3,692 92,226
AON Corp. 3,324 81,471
Apartment Investment & Management Co. 995 38,069
Bank of America Corp. 40,865 1,906,352
Bank of New York Co. Inc./The 7,816 236,434
BB&T Corp. 5,786 226,522
Bear Stearns Cos Inc./The 1,041 103,580
Capital One Financial Corp. 2,444 187,406
Charles Schwab Corp./The 14,328 150,444
Chubb Corp. 1,978 156,480
10
- --------------------------------------------------------------------------------
S&P 500 INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Cigna Corp. 1,363 $ 123,760
Cincinnati Financial Corp. 1,768 79,083
CIT Group Inc. 2,117 85,421
Citigroup Inc. 52,044 2,483,540
Comerica Inc. 1,731 98,805
Countrywide Financial Corp. 5,826 202,454
E*Trade Financial Corp.* 3,854 51,143
Equity Office Properties Trust 4,235 127,770
Equity Residential 2,884 94,624
Fannie Mae 9,724 568,465
Federated Investors Inc. 1,148 33,912
Fifth Third Bancorp 5,725 256,308
First Horizon National Corp. 1,338 56,932
Franklin Resources Inc. 2,642 185,442
Freddie Mac 6,902 427,924
Golden West Financial Corp. 3,212 198,791
Goldman Sachs Group Inc. 4,882 531,162
Hartford Financial Services Group Inc. 2,990 215,131
Huntington Bancshares Inc./OH 2,430 54,724
Janus Capital Group Inc. 2,551 35,791
Jefferson-Pilot Corp. 1,496 73,244
JPMorgan Chase & Co. 35,786 1,307,978
KeyCorp 4,087 134,871
Lehman Brothers Holdings Inc. 2,726 248,557
Lincoln National Corp. 1,880 88,078
Loews Corp. 1,956 139,424
M&T Bank Corp. 1,179 116,733
Marsh & McLennan Cos Inc. 5,230 170,760
Marshall & Ilsley Corp. 2,399 97,136
MBIA Inc. 1,523 89,248
MBNA Corp. 12,836 325,649
Mellon Financial Corp. 4,300 123,324
Merrill Lynch & Co. Inc. 9,438 552,878
Metlife Inc. 7,536 309,277
MGIC Investment Corp. 1,044 65,501
Morgan Stanley 11,035 623,146
National City Corp. 6,426 229,858
North Fork Bancorporation Inc. 2,686 77,384
Northern Trust Corp. 2,322 98,105
PNC Financial Services Group Inc. 2,926 154,025
Principal Financial Group 3,148 122,835
Progressive Corp./The 2,010 175,071
Prologis 1,848 73,476
Providian Financial Corp.* 3,062 52,513
Prudential Financial Inc. 5,371 306,147
Regions Financial Corp. 4,908 158,332
Safeco Corp. 1,287 61,377
Simon Property Group Inc. 2,150 133,214
SLM Corp. 4,511 220,137
Sovereign Bancorp. Inc. 3,448 79,097
St Paul Travelers Cos Inc./The 6,718 257,434
State Street Corp. 3,527 154,659
SunTrust Banks Inc. 2,974 215,437
Synovus Financial Corp. 3,206 87,075
T Rowe Price Group Inc. 1,313 80,605
Torchmark Corp. 1,198 62,428
UnumProvident Corp. 3,140 53,129
US Bancorp 18,880 561,680
Wachovia Corp. 16,131 855,104
Washington Mutual Inc. 8,766 367,821
Wells Fargo & Co. 16,965 1,007,382
XL Capital Ltd. 1,449 108,675
Zions Bancorporation 953 62,993
------------
Total Financial 22,597,366
------------
Industrial (11.43%)
3M Co. 7,863 660,020
Agilent Technologies Inc.* 5,021 120,504
Allied Waste Industries Inc.* 3,371 27,710
American Power Conversion Corp. 2,118 46,638
American Standard Cos Inc.* 2,178 99,752
Applera Corp. - Applied Biosystems Group 2,220 45,599
Ball Corp. 1,190 52,836
Bemis Co. 1,106 33,003
Black & Decker Corp. 825 68,409
Boeing Co. 8,433 463,562
Burlington Northern Santa Fe Corp. 3,908 196,455
Caterpillar Inc. 3,546 337,047
Cooper Industries Ltd. 1,003 69,578
CSX Corp. 2,259 93,319
Cummins Inc. 447 32,814
Danaher Corp. 3,260 176,594
Deere & Co. 2,526 179,624
Dover Corp. 2,142 82,831
Eastman Kodak Co. 3,033 103,092
Eaton Corp. 1,600 111,600
Emerson Electric Co. 4,221 279,937
FedEx Corp. 3,018 295,100
Fisher Scientific International* 1,154 69,990
Fluor Corp. 874 54,844
General Dynamics Corp. 2,089 220,076
General Electric Co. 105,053 3,697,866
Goodrich Corp. 1,231 45,584
Honeywell International Inc. 8,635 327,871
Illinois Tool Works Inc. 3,128 280,738
Ingersoll-Rand Co. 1,826 153,841
ITT Industries Inc. 974 85,663
Jabil Circuit Inc.* 2,099 53,965
Leggett & Platt Inc. 2,023 55,976
Lockheed Martin Corp. 4,469 264,654
Masco Corp. 4,484 151,200
Molex Inc. 2,016 50,662
Norfolk Southern Corp. 4,107 147,400
Northrop Grumman Corp. 3,601 190,493
Pactiv Corp.* 1,663 37,600
Pall Corp. 1,325 35,868
Parker Hannifin Corp. 1,273 83,763
PerkinElmer Inc. 1,321 29,300
Power-One Inc.* 892 5,191
Raytheon Co. 4,667 178,466
Rockwell Automation Inc. 1,951 121,255
Rockwell Collins Inc. 1,857 85,515
Ryder System Inc. 677 28,745
Sanmina-SCI Corp.* 5,438 30,181
Sealed Air Corp.* 891 46,573
Snap-On Inc. 609 20,158
Solectron Corp.* 10,099 49,990
Stanley Works/The 870 40,238
Symbol Technologies Inc. 2,467 43,740
Tektronix Inc. 880 25,450
Textron Inc. 1,433 110,843
Thermo Electron Corp.* 1,702 46,737
Tyco International Ltd. 20,181 675,660
Union Pacific Corp. 2,702 171,442
United Parcel Service Inc./Georgia 11,296 875,327
United Technologies Corp. 5,140 513,383
Vulcan Materials Co. 1,068 61,794
Waste Management Inc. 5,809 169,855
Waters Corp.* 1,283 62,675
------------
Total Industrial 12,976,596
------------
Technology (12.08%)
Adobe Systems Inc. 2,467 152,337
Advanced Micro Devices Inc.* 3,687 64,338
Affiliated Computer Services Inc.* 1,305 67,469
Altera Corp.* 4,041 83,810
Analog Devices Inc. 3,880 142,474
Apple Computer Inc.* 7,668 343,986
Applied Materials Inc.* 17,553 307,178
Applied Micro Circuits Corp.* 3,283 11,326
Autodesk Inc. 2,388 70,971
Automatic Data Processing Inc. 6,045 259,693
BMC Software Inc.* 2,379 35,566
Broadcom Corp.* 3,204 103,329
Citrix Systems Inc.* 1,744 39,240
Computer Associates International Inc. 6,140 166,333
Computer Sciences Corp.* 1,990 91,998
11
- --------------------------------------------------------------------------------
S&P 500 INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Compuware Corp.* 4,039 $ 27,304
Dell Inc.* 25,082 1,005,537
Electronic Arts Inc.* 3,140 202,499
Electronic Data Systems Corp. 5,089 108,396
EMC Corp./Massachusetts* 24,158 305,840
First Data Corp. 8,614 353,346
Fiserv Inc.* 2,071 78,574
Freescale Semiconductor Inc. 2,620 50,252
Gateway Inc.* 3,943 18,532
Hewlett-Packard Co. 30,339 631,051
IMS Health Inc. 2,525 61,484
Intel Corp. 64,449 1,545,487
International Business Machines Corp. 16,830 1,558,121
Intuit Inc.* 1,903 81,448
Kla-Tencor Corp.* 2,059 101,735
Lexmark International Inc.* 1,356 108,656
Linear Technology Corp. 3,117 121,750
LSI Logic Corp.* 3,960 25,265
Maxim Integrated Products Inc. 3,302 142,052
Mercury Interactive Corp.* 950 43,586
Micron Technology Inc.* 6,477 74,486
Microsoft Corp. 109,233 2,750,487
National Semiconductor Corp.* 3,932 78,443
NCR Corp.* 2,012 78,448
Network Appliance Inc.* 3,659 109,807
Novell Inc.* 3,947 20,682
Novellus Systems Inc.* 1,616 47,729
Nvidia Corp.* 1,724 49,979
Oracle Corp.* 51,948 670,649
Parametric Technology Corp.* 2,859 16,439
Pitney Bowes Inc. 2,468 113,182
PMC - Sierra Inc.* 1,841 18,318
QLogic Corp.* 993 40,008
Siebel Systems Inc.* 5,212 44,458
Sun Microsystems Inc.* 34,434 145,311
Sungard Data Systems Inc.* 3,077 80,340
Teradyne Inc.* 2,030 31,303
Texas Instruments Inc. 17,391 460,340
Unisys Corp.* 3,471 26,657
Veritas Software Corp.* 4,533 109,789
Xerox Corp.* 8,360 130,416
Xilinx Inc. 3,627 109,535
------------
Total Technology 13,717,769
------------
Utilities (3.08%)
AES Corp./The* 6,611 110,668
Allegheny Energy Inc.* 1,381 26,142
Ameren Corp. 1,912 98,411
American Electric Power Co. Inc. 4,178 139,545
Calpine Corp.* 4,357 14,422
Centerpoint Energy Inc. 3,217 38,540
Cinergy Corp. 1,882 76,127
CMS Energy Corp.* 1,662 20,177
Consolidated Edison Inc. 2,527 108,029
Constellation Energy Group Inc. 1,772 91,205
Dominion Resources Inc./VA 3,430 247,063
DTE Energy Co. 1,768 78,181
Duke Energy Corp. 9,602 259,158
Edison International 3,462 112,446
Entergy Corp. 2,269 156,833
Exelon Corp. 6,632 300,828
FirstEnergy Corp. 3,496 144,175
FPL Group Inc. 1,939 153,860
KeySpan Corp. 1,700 67,235
Nicor Inc. 460 17,153
NiSource Inc. 2,793 63,234
Peoples Energy Corp. 383 16,385
PG&E Corp.* 4,027 141,670
Pinnacle West Capital Corp. 969 40,456
PPL Corp. 1,866 101,772
Progress Energy Inc. 2,597 112,554
Public Service Enterprise Group Inc. 2,495 136,102
Sempra Energy 2,396 95,840
Southern Co./The 7,416 238,202
TECO Energy Inc. 1,982 31,494
TXU Corp. 2,471 188,414
Xcel Energy Inc. 4,198 74,389
------------
Total Utilities 3,500,710
------------
Total Common Stock (Cost $92,421,977) $113,020,597
------------
Par Value
---------
Short-Term Investments (0.27%)
$ 300,000 United States Treasury Bills 04/14/05
(Cost $299,098)(b) 299,098
------------
Total Short-Term Investments (Cost $298,995) 299,098
------------
Total Investments (Cost $92,721,075)(a)(99.80%) 113,319,695
Net Other Assets (0.20%) 230,879
------------
Net Assets (100.00%) $113,550,574
============
- ----------
* Non-Income Producing Security
(a) Aggregate cost for federal income tax purposes is
$92,721,075. At February 28, 2005, unrealized appreciation
(depreciation) of securities for federal income tax purpose
is as follows:
Unrealized appreciation $ 30,706,677
Unrealized depreciation (10,108,057)
------------
Net unrealized appreciation $ 20,598,620
============
(b) At February 28, 2005, certain United States Treasury Bills
with a market value of $99,699 were pledged to cover margin
requirements for futures contracts.
(c) Futures contracts at February 28, 2005:
(Contracts-$250 times premium/delivery month/commitment)
Unrealized
Appreciation
------------
S&P 500 Index:
2/ Mar 05/Long $ 4,816
============
See accompanying notes to financial statements
12
- --------------------------------------------------------------------------------
S&P MIDCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
(UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Common Stock (94.15%)
Basic Materials (3.58%)
Airgas Inc. 10,129 $ 254,238
Albemarle Corp. 5,645 214,510
Bowater Inc. 7,557 293,438
Cabot Corp. 8,380 291,624
Cabot Microelectronics Corp.* 3,366 109,361
Crompton Corp. 15,563 213,213
Cytec Industries Inc. 5,315 268,567
Ferro Corp. 5,690 111,353
FMC Corp.* 4,951 244,381
Glatfelter 5,951 88,194
Longview Fibre Co. 6,936 116,525
Lubrizol Corp. 8,845 377,062
Lyondell Chemical Co. 32,786 1,109,806
Minerals Technologies Inc. 2,794 175,044
Olin Corp. 9,481 236,551
Potlatch Corp. 4,008 184,969
Rayonier Inc. 6,741 323,568
RPM International Inc. 15,785 295,653
Sensient Technologies Corp. 6,366 139,033
Steel Dynamics Inc. 6,100 271,694
Valspar Corp. 6,968 321,573
------------
Total Basic Materials 5,640,357
------------
Communications (5.21%)
3Com Corp.* 53,448 191,344
Adtran Inc. 10,817 202,386
Avocent Corp.* 6,688 229,131
Belo Corp. 15,611 368,420
Catalina Marketing Corp. 7,080 190,806
Checkfree Corp.* 11,777 453,886
Cincinnati Bell Inc.* 33,305 146,542
CommScope Inc.* 7,342 111,158
Emmis Communications Corp.* 7,610 142,307
Entercom Communications Corp.* 6,769 232,989
Harris Corp. 9,006 600,700
Harte-Hanks Inc. 11,669 312,729
Lee Enterprises Inc. 6,133 279,665
Macromedia Inc.* 9,424 319,379
McAfee Inc.* 21,215 490,703
Media General Inc. 3,222 206,176
Newport Corp.* 5,794 81,637
Plantronics Inc. 6,509 237,188
Polycom Inc.* 13,501 218,581
Powerwave Technologies Inc.* 14,173 97,085
Reader's Digest Association Inc./The 13,520 233,896
RF Micro Devices Inc.* 25,344 139,392
RSA Security Inc.* 8,644 141,243
Scholastic Corp.* 5,378 190,811
Telephone & Data Systems Inc. 7,770 679,875
Tellabs Inc.* 6,054 42,923
Utstarcom Inc.* 15,469 198,777
Washington Post Co./The 1,299 1,166,502
Westwood One Inc.* 13,205 288,397
------------
Total Communications 8,194,628
------------
Consumer, Cyclical (17 37%)
99 Cents Only Stores* 9,439 147,154
Abercrombie & Fitch Co. 12,841 689,562
Advance Auto Parts* 10,000 503,800
Aeropostale Inc.* 7,623 243,174
Airtran Holdings Inc.* 11,619 92,720
Alaska Air Group Inc.* 3,645 103,372
American Eagle Outfitters 9,739 527,172
AnnTaylor Stores Corp.* 9,692 214,775
Applebees International Inc. 11,147 317,801
ArvinMeritor Inc. 9,422 158,855
Bandag Inc. 2,631 116,317
Barnes & Noble Inc.* 9,518 325,135
BJ's Wholesale Club Inc.* 9,457 289,100
Bob Evans Farms Inc. 4,791 108,516
Borders Group Inc. 10,367 266,743
BorgWarner Inc. 7,579 399,792
Boyd Gaming Corp. 11,772 576,946
Brinker International Inc.* 12,199 461,854
Caesars Entertainment Inc.* 42,065 843,824
Callaway Golf Co. 10,215 137,085
Carmax Inc.* 14,125 466,125
CBRL Group Inc. 6,616 283,231
CDW Corp. 11,290 648,836
Cheesecake Factory/The* 10,557 359,255
Chico's FAS Inc.* 24,282 715,105
Claire's Stores Inc. 13,433 309,093
Copart Inc.* 12,220 284,726
Dollar Tree Stores Inc.* 15,419 415,542
DR Horton Inc. 31,671 1,385,923
Fastenal Co. 10,304 602,372
Foot Locker Inc. 21,139 577,095
Furniture Brands International Inc. 7,431 172,622
GameStop Corp.* 3,738 73,115
GTECH Holdings Corp. 16,027 374,230
Harman International Industries Inc. 8,968 1,005,941
Herman Miller Inc. 9,676 280,410
HNI Corp. 7,807 340,541
Hovnanian Enterprises Inc.* 8,301 456,555
International Speedway Corp. 7,232 385,466
JetBlue Airways Corp.* 14,036 252,929
Krispy Kreme Doughnuts Inc.* 8,385 45,950
Lear Corp. 9,318 485,934
Lennar Corp. 21,192 1,288,897
Macrovision Corp.* 6,711 162,742
Mandalay Resort Group 9,167 649,665
Michaels Stores Inc. 18,538 591,177
Modine Manufacturing Co. 4,685 152,497
Mohawk Industries Inc.* 9,060 813,044
Neiman-Marcus Group Inc. 6,692 483,162
O'Reilly Automotive Inc.* 7,483 380,885
Outback Steakhouse Inc. 10,006 449,369
Pacific Sunwear Of California 10,110 260,434
Payless Shoesource Inc.* 9,250 108,410
Petsmart Inc. 19,718 601,399
Pier 1 Imports Inc. 11,871 216,646
Regis Corp. 6,011 236,833
Ross Stores Inc. 20,030 560,840
Ruby Tuesday Inc. 8,913 215,516
Ryland Group Inc. 6,440 447,902
Saks Inc. 19,265 292,635
Six Flags Inc.* 12,635 56,352
Superior Industries International 3,616 95,752
Tech Data Corp.* 7,878 322,919
Thor Industries Inc. 7,753 276,007
Timberland Co.* 4,791 333,645
Toll Brothers Inc.* 10,147 893,443
Urban Outfitters Inc.* 10,928 454,496
Williams-Sonoma Inc.* 15,787 547,651
------------
Total Consumer, Cyclical 27,337,011
------------
Consumer, Non-cyclical (18.09%)
Adesa Inc.* 12,882 290,747
Alliance Data Systems Corp.* 10,980 433,161
American Greetings 9,263 228,148
Apria Healthcare Group Inc.* 6,786 220,274
Banta Corp. 3,383 148,717
Barr Pharmaceuticals Inc.* 14,190 677,431
Beckman Coulter Inc. 8,324 586,426
Blyth Inc. 5,545 176,276
Career Education Corp.* 13,902 474,753
Cephalon Inc.* 7,696 377,643
Charles River Laboratories International Inc.* 8,763 403,974
ChoicePoint Inc.* 12,037 485,091
Church & Dwight Co. Inc. 8,393 296,860
Community Health Systems Inc.* 11,832 383,002
13
- --------------------------------------------------------------------------------
S&P MIDCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Constellation Brands Inc.* 14,567 $ 779,772
Corinthian Colleges Inc.* 12,248 211,768
Covance Inc.* 8,505 371,754
Coventry Health Care Inc.* 14,390 908,009
Cytyc Corp.* 15,083 343,892
Dean Foods Co.* 20,258 699,914
Deluxe Corp. 6,800 265,472
Dentsply International Inc. 10,933 600,987
DeVry Inc.* 9,544 165,875
Education Management Corp.* 9,934 291,265
Edwards Lifesciences Corp.* 8,107 348,682
Gartner Inc.* 14,676 141,330
Gen-Probe Inc.* 6,800 346,188
Health Net Inc.* 15,205 454,630
Henry Schein Inc.* 5,918 428,108
Hillenbrand Industries Inc. 8,403 474,013
Hormel Foods Corp. 18,847 587,084
Inamed Corp.* 4,832 329,446
Invitrogen Corp.* 7,153 500,424
ITT Educational Services Inc.* 6,211 302,414
IVAX Corp.* 33,970 543,180
JM Smucker Co./The 7,925 389,593
Kelly Services Inc. 4,779 141,219
Korn/Ferry International* 5,258 100,848
Laureate Education Inc.* 6,201 269,061
LifePoint Hospitals Inc.* 5,256 210,503
Lincare Holdings Inc.* 13,572 550,752
Manpower Inc. 12,237 534,757
Millennium Pharmaceuticals Inc.* 41,433 356,324
MPS Group Inc.* 14,297 153,550
Omnicare Inc. 14,138 487,620
Pacificare Health Systems* 11,682 741,573
Par Pharmaceutical Cos Inc.* 4,609 170,487
Patterson Cos Inc.* 18,575 921,692
PepsiAmericas Inc. 18,773 427,086
Perrigo Co. 9,596 168,602
Protein Design Labs Inc.* 12,917 193,497
Quanta Services Inc.* 15,931 125,058
Renal Care Group Inc.* 9,108 358,855
Rent-A-Center Inc.* 10,743 278,781
Rollins Inc. 6,199 158,198
Ruddick Corp. 6,345 149,742
Scotts Co./The* 4,446 311,531
Sepracor Inc.* 14,285 920,954
Smithfield Foods Inc.* 15,011 511,125
Sotheby's Holdings* 8,582 152,931
Steris Corp.* 9,376 232,056
Techne Corp.* 5,587 190,461
Tootsie Roll Industries Inc. 7,099 212,970
Triad Hospitals Inc.* 10,429 455,434
Tupperware Corp. 7,951 162,916
Tyson Foods Inc. 47,936 815,871
United Rentals Inc.* 10,558 199,757
Universal Corp./Richmond VA 3,467 174,043
Universal Health Services Inc. 7,901 372,927
Valassis Communications Inc.* 7,032 263,067
Valeant Pharmaceuticals International 11,407 276,620
Varian Medical Systems Inc.* 18,447 662,801
VCA Antech Inc.* 11,124 223,370
Vertex Pharmaceuticals Inc.* 10,862 125,347
Visx Inc.* 6,720 162,355
Whole Foods Market Inc. 8,455 869,343
------------
Total Consumer, Non-cyclical 28,460,387
------------
Diversified (0.31%)
Leucadia National Corp. 14,442 483,951
------------
Energy (8.98%)
Arch Coal Inc. 8,297 369,963
Cooper Cameron Corp.* 7,460 430,367
ENSCO International Inc. 20,509 826,103
Equitable Resources Inc. 8,399 498,481
FMC Technologies Inc.* 9,164 316,525
Forest Oil Corp.* 8,003 320,120
Grant Prideco Inc.* 16,666 402,651
Hanover Compressor Co.* 10,589 140,198
Helmerich & Payne Inc. 6,846 274,114
Murphy Oil Corp. 12,494 1,249,900
National Fuel Gas Co. 11,213 317,552
National-Oilwell Inc.* 11,663 528,800
Newfield Exploration Co.* 8,460 628,155
Noble Energy Inc. 7,934 536,656
Patterson-UTI Energy Inc. 22,664 566,600
Peabody Energy Corp. 8,720 846,712
Pioneer Natural Resources Co. 19,758 833,195
Plains Exploration & Production Co.* 10,470 356,085
Pogo Producing Co. 8,678 421,838
Pride International Inc.* 18,466 454,633
Questar Corp. 11,406 604,746
Smith International Inc.* 14,231 914,484
Tidewater Inc. 8,234 339,817
Varco International Inc.* 13,251 499,695
Weatherford International Ltd.* 18,128 1,080,610
Western Gas Resources Inc. 10,016 370,592
------------
Total Energy 14,128,592
------------
Financial (15.82%)
AG Edwards Inc. 10,759 463,820
Allmerica Financial Corp.* 7,227 258,727
AMB Property Corp. 11,226 435,793
American Financial Group Inc./OH 9,999 304,870
AmeriCredit Corp.* 21,398 504,137
AmerUs Group Co. 5,311 255,618
Arthur J Gallagher & Co. 12,477 372,563
Associated Banc-Corp. 17,575 563,455
Astoria Financial Corp. 10,388 390,381
Bank of Hawaii Corp. 7,141 325,058
Brown & Brown Inc. 9,357 434,165
City National Corp./Beverly Hills CA 6,661 455,945
Colonial BancGroup Inc./The 18,138 369,471
Commerce Bancorp. Inc./NJ 10,672 653,980
Compass Bancshares Inc. 16,656 756,349
Cullen/Frost Bankers Inc. 6,998 325,267
Developers Diversified Realty Corp. 13,889 580,977
Eaton Vance Corp. 18,374 495,363
Everest Re Group Ltd. 7,593 659,604
Fidelity National Financial Inc. 23,584 1,043,356
First American Corp. 12,030 439,697
FirstMerit Corp. 11,518 299,814
Greater Bay Bancorp. 6,956 176,195
HCC Insurance Holdings Inc. 8,786 329,475
Hibernia Corp. 21,098 541,586
Highwoods Properties Inc. 7,283 187,829
Horace Mann Educators Corp. 5,807 108,939
Hospitality Properties Trust 9,124 378,372
Independence Community Bank Corp. 11,403 453,953
IndyMac Bancorp. Inc. 8,317 299,329
Investors Financial Services Corp. 9,001 451,130
Jefferies Group Inc. 7,690 293,450
LaBranche & Co. Inc.* 8,124 75,147
Legg Mason Inc. 13,680 1,103,155
Liberty Property Trust 11,563 479,402
Mack-Cali Realty Corp. 8,233 363,899
Mercantile Bankshares Corp. 10,741 522,120
New Plan Excel Realty Trust 13,886 363,258
New York Community Bancorp. Inc. 35,951 660,060
Ohio Casualty Corp.* 8,345 201,365
Old Republic International Corp. 24,734 593,369
PMI Group Inc./The 13,045 525,061
Protective Life Corp. 9,425 376,623
Radian Group Inc. 12,596 608,765
Raymond James Financial Inc. 10,017 305,118
14
- --------------------------------------------------------------------------------
S&P MIDCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Silicon Valley Bancshares* 4,840 $ 212,089
StanCorp. Financial Group Inc. 3,856 335,819
TCF Financial Corp. 18,952 524,023
TD Banknorth Inc. 23,480 847,393
United Dominion Realty Trust Inc. 17,369 383,855
Unitrin Inc. 9,293 435,656
Waddell & Reed Financial Inc. 11,204 233,043
Washington Federal Inc. 11,719 278,326
Webster Financial Corp. 7,203 315,491
Weingarten Realty Investors 11,637 428,591
Westamerica Bancorporation 4,307 224,352
Wilmington Trust Corp. 9,013 305,451
WR Berkley Corp. 11,417 586,377
------------
Total Financial 24,896,476
------------
Industrial (10.73%)
AGCO Corp.* 12,256 238,624
Alexander & Baldwin Inc. 5,785 262,639
Alliant Techsystems Inc.* 5,103 353,281
Ametek Inc. 9,262 355,105
Amphenol Corp.* 11,939 476,366
Arrow Electronics Inc.* 15,693 422,142
Avnet Inc.* 16,361 317,403
Brink's Co./The 7,706 267,090
Carlisle Cos Inc. 4,233 294,363
CH Robinson Worldwide Inc. 11,597 635,516
CNF Inc. 6,917 317,283
Donaldson Co. Inc. 11,728 374,006
Dycom Industries Inc.* 6,591 177,627
Energizer Holdings Inc. 10,589 627,186
Expeditors International Washington Inc. 14,386 798,567
Federal Signal Corp. 6,536 102,877
Flowserve Corp.* 7,506 187,575
GATX Corp. 6,698 200,806
Gentex Corp. 10,518 356,665
Graco Inc. 9,408 363,713
Granite Construction Inc. 5,650 150,347
Harsco Corp. 5,587 326,337
Hubbell Inc. 8,265 444,657
Jacobs Engineering Group Inc.* 7,650 428,247
JB Hunt Transport Services Inc. 10,967 517,533
Kemet Corp.* 11,747 95,973
Kennametal Inc. 4,952 243,044
Lancaster Colony Corp. 4,842 206,318
Martin Marietta Materials Inc. 6,549 377,746
Nordson Corp. 4,842 193,632
Overseas Shipholding Group 5,346 348,132
Packaging Corp. of America 14,502 355,589
Pentair Inc. 13,629 564,786
Plexus Corp.* 5,861 62,127
Precision Castparts Corp. 8,817 663,567
Republic Services Inc. 20,618 653,797
Sequa Corp.* 1,418 82,187
Sonoco Products Co. 13,307 386,968
SPX Corp. 10,336 460,159
Stericycle Inc.* 6,135 282,087
Swift Transportation Co. Inc.* 10,857 257,528
Tecumseh Products Co. 2,509 102,994
Teleflex Inc. 5,463 275,117
Thomas & Betts Corp.* 8,008 248,889
Titan Corp.* 11,456 190,170
Trinity Industries Inc. 6,401 184,349
Varian Inc.* 4,712 200,967
Vishay Intertechnology Inc.* 22,555 294,343
Werner Enterprises Inc. 10,762 230,307
Worthington Industries 10,800 226,260
York International Corp. 5,625 217,519
Zebra Technologies Corp.* 9,733 485,385
------------
Total Industrial 16,885,895
------------
Technology (8.67%)
Activision Inc.* 18,794 410,837
Acxiom Corp. 11,681 262,823
Advent Software Inc.* 4,509 79,629
Ascential Software Corp.* 7,969 123,599
Atmel Corp.* 64,590 203,459
BISYS Group Inc./The* 16,388 242,870
Cadence Design Systems Inc.* 36,567 503,893
Ceridian Corp.* 20,179 368,267
Certegy Inc. 8,608 306,703
Cognizant Technology Solutions Corp.* 17,842 842,678
Credence Systems Corp.* 12,946 113,536
Cree Inc.* 9,953 234,095
CSG Systems International* 7,066 120,829
Cypress Semiconductor Corp.* 17,016 239,585
Diebold Inc. 9,736 519,610
DST Systems Inc.* 11,411 541,908
Dun & Bradstreet Corp.* 9,552 587,066
Fair Isaac Corp. 9,549 322,756
Fairchild Semiconductor International Inc.* 16,211 267,806
Imation Corp. 4,829 166,069
Integrated Circuit Systems Inc.* 9,856 198,894
Integrated Device Technology Inc.* 14,411 180,282
International Rectifier Corp.* 8,975 394,900
Intersil Corp. 20,441 344,635
Jack Henry & Associates Inc. 12,258 243,321
Keane Inc.* 8,390 111,084
Lam Research Corp.* 18,199 572,177
Lattice Semiconductor Corp.* 15,402 81,323
LTX Corp.* 8,284 44,734
McData Corp.* 16,125 63,371
Mentor Graphics Corp.* 9,740 134,217
Micrel Inc.* 12,429 117,205
Microchip Technology Inc. 27,957 767,699
MoneyGram International Inc. 12,026 247,495
National Instruments Corp. 10,702 305,649
Quantum Corp.* 24,702 71,389
Retek Inc.* 7,597 63,891
Reynolds & Reynolds Co./The 8,774 242,777
SanDisk Corp.* 21,992 591,145
SEI Investments Co. 13,999 517,403
Semtech Corp.* 10,095 197,458
Silicon Laboratories Inc.* 7,035 246,929
Storage Technology Corp.* 15,092 479,926
Sybase Inc.* 12,906 243,149
Synopsys Inc.* 21,183 383,412
Transaction Systems Architects Inc.* 5,088 118,957
Triquint Semiconductor Inc.* 18,646 64,329
Wind River Systems Inc.* 11,120 149,675
------------
Total Technology 13,635,444
------------
Utilities (5.39%)
AGL Resources Inc. 10,133 350,804
Alliant Energy Corp. 15,375 411,281
Aqua America Inc. 12,631 310,470
Aquila Inc.* 32,008 114,269
Black Hills Corp. 4,408 139,734
DPL Inc. 17,179 437,721
Duquesne Light Holdings Inc. 10,400 194,792
Energy East Corp. 19,923 512,420
Great Plains Energy Inc. 10,085 312,534
Hawaiian Electric Industries 10,934 291,063
IdaCorp. Inc. 5,186 149,927
MDU Resources Group Inc. 15,955 430,306
Northeast Utilities 17,414 325,119
NSTAR 7,213 400,322
OGE Energy Corp. 11,900 308,805
Oneok Inc. 13,994 410,024
Pepco Holdings Inc. 25,206 555,540
PNM Resources Inc. 8,205 215,299
Puget Energy Inc. 13,510 309,649
SCANA Corp. 15,156 576,534
Sierra Pacific Resources* 15,933 159,011
15
- --------------------------------------------------------------------------------
S&P MIDCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Vectren Corp. 10,317 $ 279,178
Westar Energy Inc. 11,650 267,717
WGL Holdings Inc. 6,606 202,804
Wisconsin Energy Corp. 15,971 $ 554,513
WPS Resources Corp. 5,059 263,675
------------
Total Utilities 8,483,511
------------
Total Common Stock (Cost $110,064,421) 148,146,252
------------
Par Value
---------
Short-Term Investment (5.58%)
$ 4,700,000 United States Treasury Bills 03/03/05 (b) 4,699,480
3,900,000 United States Treasury Bills 03/24/05 (b) 3,894,470
200,000 United States Treasury Bills 04/15/05 (b) 199,398
------------
Total Short-Term Investment (Cost $8,793,348) 8,793,348
------------
Total Investments (Cost $118,857,769)(a)(99.73%) 156,939,600
Other Net Assets (0.27%) 420,048
------------
Total Net Assets: (100.00%) $157,359,648
============
- ----------
* Non-Income Producing Security
(a) Aggregate cost for federal income tax purposes is
$118,857,769. At February 28, 2005, unrealized appreciation
(depreciation) of securities for federal income tax purpose
is as follows:
Unrealized appreciation $ 43,487,896
Unrealized depreciation (5,406,065)
------------
Net unrealized appreciation $ 38,081,831
============
(b) At February 28, 2005, certain United States Treasury Bills
with a market value of $799,911 were pledged to cover margin
requirements for futures contracts.
(c) Futures contracts at February 28, 2005:
(Contracts-$500 times premium/delivery month/commitment)
Unrealized
Appreciation
------------
S&P MidCap 400 Index:
27/ Mar 05/Long $ 318,748
============
See accompanying notes to financial statements
- --------------------------------------------------------------------------------
S&P SMALLCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
(UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Common Stock (92.35%)
Basic Materials (3.78%)
AMCOL International Corp. 1,466 $ 32,472
Arch Chemicals Inc. 1,194 34,125
Brush Engineered Materials Inc.* 769 15,665
Buckeye Technologies Inc.* 1,716 20,541
Caraustar Industries Inc.* 1,296 18,520
Carpenter Technology 1,124 76,005
Century Aluminum Co.* 1,551 50,423
Cleveland-Cliffs Inc. 1,096 88,064
Deltic Timber Corp. 590 27,081
Georgia Gulf Corp. 1,693 89,407
HB Fuller Co. 1,462 38,948
MacDermid Inc. 1,555 52,248
Material Sciences Corp.* 683 10,552
Neenah Paper Inc. 750 26,370
OM Group Inc.* 1,455 46,385
Omnova Solutions Inc.* 1,854 8,732
Penford Corp. 400 5,776
PolyOne Corp.* 4,408 40,113
Pope & Talbot Inc. 726 11,761
Quaker Chemical Corp. 439 9,785
Reliance Steel & Aluminum Co. 1,663 75,999
Rock-Tenn Co. 1,817 25,929
RTI International Metals Inc.* 966 26,179
Ryerson Tull Inc. 1,152 16,531
Schulman A Inc. 1,547 27,939
Schweitzer-Mauduit International Inc. 770 26,219
Steel Dynamics Inc. 2,530 112,686
Steel Technologies Inc. 654 20,163
Wausau-Mosinee Paper Corp. 2,594 39,118
Wellman Inc. 1,480 20,276
------------
Total Basic Materials 1,094,012
------------
Communications (2.79%)
4Kids Entertainment Inc.* 613 11,978
Adaptec Inc.* 5,637 30,665
Advo Inc. 1,557 57,095
Aeroflex Inc.* 3,808 38,689
Anixter International Inc. 1,885 70,763
Applied Signal Technology Inc. 560 13,065
Audiovox Corp.* 1,050 15,656
Black Box Corp. 903 35,172
Boston Communications Group* 889 6,703
C-COR Inc.* 2,207 16,729
Commonwealth Telephone Enterprises Inc.* 1,151 54,788
Digital Insight Corp.* 1,774 28,473
FindWhat.com* 1,508 16,588
General Communication* 2,942 27,449
Harmonic Inc.* 3,354 36,726
Internet Security Systems* 2,484 49,879
Intrado Inc.* 772 9,665
j2 Global Communications Inc.* 1,188 45,512
Napster Inc.* 1,603 11,670
Network Equipment Technologies Inc.* 1,066 7,633
PC-Tel Inc.* 942 7,112
Symmetricom Inc.* 2,100 22,260
Thomas Nelson Inc. 657 14,388
Tollgrade Communications Inc.* 630 5,645
Verity Inc.* 1,734 20,548
Viasat Inc.* 1,352 26,878
WebEx Communications Inc.* 2,260 52,816
Websense Inc.* 1,177 70,443
Zix Corp.* 1,342 3,986
------------
Total Communications 808,974
------------
Consumer, Cyclical (18.45%)
Action Performance Cos Inc. 824 11,964
Advanced Marketing Services 884 6,559
16
- --------------------------------------------------------------------------------
S&P SMALLCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Angelica Corp. 425 $ 12,567
Applica Inc.* 1,097 5,671
Arctic Cat Inc. 1,013 27,452
Argosy Gaming Co.* 1,511 69,763
Ashworth Inc.* 600 6,618
Aztar Corp.* 1,772 52,646
Bally Total Fitness Holding Corp.* 1,577 5,141
Bassett Furniture Industries Inc. 556 10,592
Bell Microproducts Inc.* 1,276 11,395
Brown Shoe Co. Inc. 932 31,129
Building Material Holding Corp. 640 29,530
Burlington Coat Factory Warehouse Corp. 2,290 64,212
Casey's General Stores Inc. 2,565 46,273
Cash America International Inc. 1,344 38,989
Cato Corp./The 975 28,997
CEC Entertainment Inc.* 1,917 74,188
Champion Enterprises Inc.* 3,614 37,405
Childrens Place* 1,378 55,106
Christopher & Banks Corp. 1,875 30,881
Coachmen Industries Inc. 746 11,183
Cost Plus Inc.* 1,125 31,646
Department 56* 632 10,441
Dress Barn Inc.* 1,408 26,569
Electronics Boutique Holdings Corp.* 1,154 43,656
Enesco Group Inc.* 652 5,333
Ethan Allen Interiors Inc. 1,913 67,223
Fedders Corp. 1,460 4,497
Fleetwood Enterprises Inc.* 2,730 26,399
Fred's Inc. 2,010 33,869
Frontier Airlines Inc.* 1,612 13,621
G&K Services Inc. 1,071 45,957
GameStop Corp.* 2,600 50,856
Genesco Inc.* 1,118 32,947
Goody's Family Clothing Inc. 1,499 14,076
Group 1 Automotive Inc.* 1,153 31,880
Guitar Center Inc.* 1,249 75,664
Gymboree Corp.* 1,569 18,812
Haggar Corp. 300 6,153
Hancock Fabrics Inc. /DE 863 7,422
Haverty Furniture Cos Inc. 1,157 18,743
Hibbett Sporting Goods Inc.* 1,203 33,516
HOT Topic Inc.* 2,397 51,200
Hughes Supply Inc. 3,142 96,302
IHOP Corp. 1,098 51,694
Insight Enterprises Inc.* 2,482 44,180
Interface Inc.* 2,381 19,834
J Jill Group Inc./The* 1,026 14,826
Jack in the Box Inc.* 1,872 67,205
Jakks Pacific Inc.* 1,204 23,803
Jo-Ann Stores Inc.* 1,070 32,164
K2 Inc.* 1,826 26,167
Kellwood Co. 1,393 39,937
K-Swiss Inc. 1,813 56,203
Landry's Restaurants Inc. 1,426 41,283
La-Z-Boy Inc. 2,673 39,961
Libbey Inc. 640 15,309
Linens 'N Things Inc.* 2,240 60,234
Lone Star Steakhouse & Saloon 1,092 29,047
Longs Drug Stores Corp. 1,914 52,118
Marcus Corp. 1,435 33,464
MDC Holdings Inc. 2,174 173,094
Men's Wearhouse Inc.* 1,829 64,326
Meritage Homes Corp.* 1,350 98,861
Mesa Air Group Inc.* 1,462 10,907
Mobile Mini Inc.* 664 24,727
Monaco Coach Corp. 1,505 26,955
Movie Gallery Inc. 1,719 39,262
Multimedia Games Inc.* 1,431 14,296
National Presto Industries Inc. 327 13,688
Nautilus Group Inc. 1,674 37,096
NVR Inc.* 340 269,365
O'Charleys Inc.* 966 20,402
Oshkosh B'Gosh Inc. 590 18,550
Oshkosh Truck Corp. 1,809 135,042
Owens & Minor Inc. 2,015 56,239
Oxford Industries Inc. 832 29,420
Panera Bread Co.* 1,547 82,703
Papa John's International Inc.* 832 28,612
Pegasus Solutions Inc.* 1,159 13,815
PEP Boys-Manny Moe & Jack 3,075 55,596
PF Chang's China Bistro Inc.* 1,312 71,911
Phillips-Van Heusen 1,578 43,758
Pinnacle Entertainment Inc.* 1,726 26,753
Polaris Industries Inc. 2,204 153,817
Quiksilver Inc.* 2,912 91,990
Rare Hospitality International Inc.* 1,744 51,029
Russell Corp. 1,674 30,283
Ryan's Restaurant Group Inc.* 2,086 28,036
Scansource Inc.* 643 40,348
School Specialty Inc.* 975 36,758
SCP Pool Corp. 2,736 93,133
Select Comfort Corp.* 1,867 38,460
ShopKo Stores Inc.* 1,351 23,656
Shuffle Master Inc.* 1,755 57,494
Skyline Corp. 400 15,340
Skywest Inc. 2,979 50,852
Sonic Automotive Inc. 2,073 46,000
Sonic Corp.* 3,046 102,620
Stage Stores Inc.* 892 34,396
Standard Motor Products Inc. 916 10,589
Standard-Pacific Corp. 1,745 139,600
Steak N Shake Co./The* 1,277 24,429
Stein Mart Inc.* 2,160 44,950
Stride Rite Corp. 1,831 23,803
Superior Industries International 1,200 31,776
TBC Corp.* 1,135 33,971
Too Inc.* 1,767 46,932
Toro Co. 1,247 108,127
Tractor Supply Co.* 1,961 83,519
Triarc Cos 3,265 48,975
Ultimate Electronics Inc.* 680 748
United Stationers Inc.* 1,737 76,393
Wabash National Corp.* 1,723 46,469
Watsco Inc. 1,366 52,127
Winnebago Industries 1,700 60,095
WMS Industries Inc.* 1,545 46,335
Wolverine World Wide Inc. 3,060 68,085
Zale Corp.* 2,667 79,343
------------
Total Consumer, Cyclical 5,338,328
------------
Consumer, Non-cyclical (16.63%)
Aaron Rents Inc. 2,547 52,112
ABM Industries Inc. 2,508 46,473
Accredo Health Inc.* 2,488 106,039
Administaff Inc.* 1,236 16,562
Advanced Medical Optics Inc.* 1,513 57,418
Alpharma Inc. 2,687 35,253
Amedisys Inc.* 743 23,731
American Healthways Inc.* 1,671 56,781
American Italian Pasta Co. 860 23,220
American Medical Systems Holdings Inc.* 1,710 67,716
AMERIGROUP Corp.* 2,538 101,165
Amsurg Corp.* 1,551 37,472
Arbitron Inc.* 1,587 64,353
Arqule Inc.* 1,302 6,510
Arthrocare Corp. 1,179 33,979
Biolase Technology Inc. 1,245 12,525
Biosite Inc.* 803 46,526
Bowne & Co. Inc. 1,795 28,361
Bradley Pharmaceuticals Inc.* 786 7,664
Cambrex Corp. 1,239 28,113
CDI Corp. 1,007 20,956
17
- --------------------------------------------------------------------------------
S&P SMALLCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Centene Corp.* 2,078 $ 69,322
Central Parking Corp. 1,868 25,890
Chemed Corp. 622 44,411
Coinstar Inc.* 1,000 23,410
Conmed Corp.* 1,525 45,155
Connetics Corp.* 1,800 44,550
Consolidated Graphics Inc.* 696 36,227
Cooper Cos Inc./The 2,176 179,194
Corn Products International Inc. 3,742 104,664
CPI Corp. 380 5,692
Cross Country Healthcare Inc.* 1,640 25,076
CryoLife Inc.* 1,113 8,681
Curative Health Services Inc.* 589 2,568
Cyberonics Inc.* 1,199 44,951
Datascope Corp. 759 26,702
Delta & Pine Land Co. 1,965 56,965
Diagnostic Products Corp. 1,491 68,034
DIMON Inc. 2,076 13,452
DJ Orthopedics Inc.* 1,097 26,449
Enzo Biochem Inc.* 1,519 24,714
Flowers Foods Inc. 2,261 67,830
Fossil Inc.* 3,620 93,396
Gentiva Health Services Inc.* 1,227 20,663
Great Atlantic & Pacific Tea Co.* 1,919 21,339
Haemonetics Corp./Mass* 1,291 53,551
Hain Celestial Group Inc.* 1,870 34,913
Heidrick & Struggles International Inc.* 972 33,184
Hologic Inc.* 1,046 38,650
Hooper Holmes Inc. 3,007 13,321
ICU Medical Inc.* 655 20,056
Idexx Laboratories Inc.* 1,782 98,812
Immucor Inc.* 2,227 66,153
Insurance Auto Auctions Inc.* 580 16,130
Integra LifeSciences Holdings Corp.* 1,465 54,337
Invacare Corp. 1,604 75,580
J&J Snack Foods Corp. 417 19,687
John H Harland Co. 1,445 53,032
Kensey Nash Corp.* 574 18,592
LabOne Inc.* 856 30,816
Labor Ready Inc.* 2,123 39,870
Lance Inc. 1,352 21,537
LCA-Vision Inc. 673 19,463
MAXIMUS Inc.* 1,113 37,686
Medicis Pharmaceutical Corp. 2,912 100,580
Mentor Corp. 2,155 74,606
Merit Medical Systems Inc.* 1,295 17,055
MGI Pharma Inc.* 3,614 82,761
Midas Inc.* 700 14,973
Nash FInch Co. 581 23,013
Natures Sunshine Prods Inc. 669 12,892
NBTY Inc.* 3,425 86,618
NCO Group Inc.* 1,615 32,478
Noven Pharmaceuticals Inc.* 1,200 19,824
OCA Inc.* 2,332 11,567
Odyssey HealthCare Inc.* 1,878 21,128
On Assignment Inc.* 1,167 6,932
Osteotech Inc.* 821 3,407
Parexel International Corp.* 1,339 30,020
Pediatrix Medical Group Inc.* 1,257 86,142
Performance Food Group Co.* 2,378 64,539
Pharmaceutical Product Development Inc.* 2,885 123,045
PolyMedica Corp. 1,391 47,892
Possis Medical Inc.* 932 8,779
Pre-Paid Legal Services Inc.* 840 29,400
PRG-Schultz International Inc.* 2,943 13,626
Priority Healthcare Corp.* 2,227 50,954
Province Healthcare Co.* 2,532 58,439
RalCorp. Holdings Inc. 1,500 69,825
Regeneron Pharmaceuticals Inc.* 2,656 16,228
RehabCare Group Inc.* 746 21,410
Resmed Inc.* 1,735 102,278
Respironics Inc.* 1,787 103,199
Rewards Network Inc.* 1,161 6,200
Russ Berrie & Co.Inc 958 21,804
Sanderson Farms Inc. 1,018 45,678
Savient Pharmaceuticals Inc.* 2,760 7,921
SFBC International Inc.* 739 32,110
Sierra Health Services* 1,332 81,998
Sola International Inc.* 1,640 45,625
SourceCorp.* 750 15,660
Spherion Corp.* 3,098 24,164
Standard Register Co./The 1,313 17,844
Startek Inc. 740 13,357
Sunrise Senior Living Inc.* 1,050 49,770
SurModics Inc.* 809 26,009
Sybron Dental Specialties Inc.* 1,978 70,654
Theragenics Corp.* 1,389 4,639
United Natural Foods Inc.* 2,000 62,340
United Surgical Partners International Inc.* 1,442 59,209
Vertrue Inc.* 521 20,262
Viad Corp. 1,109 29,943
Viasys Healthcare Inc.* 1,579 32,670
Vital Signs Inc. 595 24,443
Volt Information Sciences Inc. 731 21,287
Watson Wyatt & Co. Holdings 1,652 45,199
WD-40 Co 826 27,060
------------
Total Consumer, Non-cyclical 4,817,090
------------
Energy (6.72%)
Atwood Oceanics Inc.* 711 48,881
Cabot Oil & Gas Corp. 1,688 94,511
Cal Dive International Inc.* 1,961 99,580
CARBO Ceramics Inc. 816 60,368
Cimarex Energy Co.* 2,123 86,342
Dril-Quip Inc.* 800 24,800
Frontier Oil Corp. 1,361 43,634
Headwaters Inc.* 1,723 55,412
Hydril* 1,174 70,522
Input/Output Inc.* 3,753 27,697
Lone Star Technologies* 1,476 66,878
Massey Energy Co. 3,894 169,701
Maverick Tube Corp.* 2,172 77,236
Oceaneering International Inc.* 1,280 51,072
Patina Oil & Gas Corp. 3,620 145,741
Petroleum Development Corp.* 815 35,730
Remington Oil & Gas Corp.* 1,386 46,182
SEACOR Holdings Inc.* 951 59,865
Southwestern Energy Co.* 1,851 112,911
Spinnaker Exploration Co.* 1,730 62,038
St Mary Land & Exploration Co. 1,464 74,488
Stone Energy Corp.* 1,367 68,664
Swift Energy Co.* 1,422 38,664
Tetra Technologies Inc.* 1,145 35,850
Unit Corp.* 2,346 107,400
Veritas DGC Inc.* 1,715 46,511
Vintage Petroleum Inc. 3,319 98,541
W-H Energy Services Inc.* 1,408 37,171
------------
Total Energy 1,946,390
------------
Financial (12.90%)
Anchor BanCorp. Wisconsin Inc. 1,149 31,586
BankAtlantic Bancorp. Inc. 3,100 55,831
Bankunited Financial Corp.* 1,538 43,525
Boston Private Financial Holdings Inc. 1,401 37,827
Brookline Bancorp. Inc. 3,028 45,965
Capital Automotive REIT 1,857 61,838
Chittenden Corp. 2,361 62,755
Colonial Properties Trust 1,386 50,437
Commercial Federal Corp. 2,035 55,617
Commercial Net Lease Realty 2,652 50,043
Community Bank System Inc. 1,600 37,536
CRT Properties Inc. 1,345 30,424
18
- --------------------------------------------------------------------------------
S&P SMALLCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Delphi Financial Group 1,614 $ 71,952
Dime Community Bancshares 1,914 29,878
Downey Financial Corp. 1,434 89,840
East-West Bancorp. Inc. 2,406 86,520
Entertainment Properties Trust 1,184 48,544
Essex Property Trust Inc. 1,174 84,622
Financial Federal Corp.* 859 29,275
First BanCorp./Puerto Rico 2,064 97,132
First Midwest Bancorp. Inc./IL 2,389 81,537
First Republic Bank/San Francisco CA 813 43,170
FirstFed Financial Corp.* 870 44,457
Flagstar Bancorp. Inc. 3,122 64,157
Fremont General Corp. 3,956 99,454
Gables Residential Trust 1,501 52,805
Glenborough Realty Trust Inc. 1,638 32,318
Gold Banc Corp. Inc. 2,056 29,216
Hilb Rogal & Hobbs Co. 1,850 63,474
Hudson United BanCorp 2,303 81,618
Investment Technology Group Inc.* 2,351 44,316
Irwin Financial Corp. 1,450 32,944
Kilroy Realty Corp. 1,457 61,500
LandAmerica Financial Group Inc. 971 53,153
Lexington Corporate Properties Trust 2,470 54,389
MAF Bancorp. Inc. 1,677 73,100
Nara Bancorp. Inc. 1,163 22,702
New Century Financial Corp. 2,382 120,815
Parkway Properties Inc./Md 565 26,572
Philadelphia Consolidated Holding Co.* 1,130 85,857
Piper Jaffray Cos.* 1,018 40,262
Presidential Life Corp. 1,505 23,343
PrivateBancorp. Inc. 1,017 33,053
ProAssurance Corp.* 1,496 60,588
Provident Bankshares Corp. 1,686 56,329
Republic Bancorp. Inc./MI 3,613 52,569
Riggs National Corp. 1,486 28,754
RLI Corp. 1,292 55,944
SCPIE Holdings Inc. 473 5,189
Selective Insurance Group 1,422 65,426
Shurgard Storage Centers Inc. 2,359 93,747
South Financial Group Inc./The 3,540 108,678
Southwest Bancorp. of Texas Inc. 3,522 67,094
Sovran Self Storage Inc. 759 31,066
Sterling Bancshares Inc. 2,297 33,513
Sterling Financial Corp./WA* 1,159 44,181
Stewart Information Services Corp. 928 37,111
Susquehanna Bancshares Inc. 2,363 58,224
SWS Group Inc. 787 14,213
Trustco Bank Corp. NY 3,818 45,854
UCBH Holdings Inc. 2,317 95,901
UICI 2,373 65,068
Umpqua Holdings Corp. 2,193 52,435
United Bankshares Inc. 2,234 76,135
Whitney Holding Corp. 2,084 92,321
Wintrust Financial Corp. 1,038 55,699
World Acceptance Corp.* 952 25,990
Zenith National Insurance Corp. 982 49,719
------------
Total Financial 3,737,107
------------
Industrial (18.73%)
AAR Corp.* 1,478 16,480
Acuity Brands Inc. 2,185 60,415
Advanced Energy Industries Inc.* 1,553 14,458
Albany International Corp. 1,699 54,793
Aleris International Inc.* 1,365 27,396
AM Castle & Co.* 759 11,871
Analogic Corp. 700 30,058
AO Smith Corp. 1,508 39,630
Apogee Enterprises Inc. 1,275 17,837
Applied Industrial Technologies Inc. 1,491 42,225
Aptargroup Inc. 1,875 96,788
Arkansas Best Corp. 1,281 55,365
Armor Holdings Inc.* 1,673 66,786
Artesyn Technologies Inc.* 1,796 18,607
Astec Industries Inc.* 914 16,955
Baldor Electric Co. 1,689 43,914
Barnes Group Inc. 1,185 31,616
BEI Technologies Inc. 675 18,515
Bel Fuse Inc. 579 17,937
Belden CDT Inc. 2,364 56,783
Benchmark Electronics Inc.* 2,106 68,487
Brady Corp. 2,444 84,611
Briggs & Stratton Corp. 2,304 90,824
C&D Technologies Inc. 1,187 16,357
Ceradyne Inc.* 1,221 36,752
Checkpoint Systems Inc.* 1,928 32,178
Chesapeake Corp. 1,001 21,471
Clarcor Inc. 1,302 71,962
Cognex Corp. 2,320 64,264
Coherent Inc.* 1,549 47,012
Commercial Metals Co. 2,978 103,634
CTS Corp. 1,721 22,631
Cubic Corp. 1,371 25,693
CUNO Inc.* 869 48,838
Curtiss-Wright Corp. 1,077 59,827
Cymer Inc.* 1,886 54,515
Daktronics Inc.* 943 20,605
Dionex Corp.* 1,077 61,992
DRS Technologies Inc.* 1,287 53,166
EDO Corp. 1,023 32,531
EGL Inc.* 2,382 75,629
Electro Scientific Industries Inc.* 1,341 30,307
ElkCorp 1,011 38,802
EMCOR Group Inc.* 776 37,426
Engineered Support Systems Inc. 1,336 73,854
Esterline Technologies Corp.* 1,086 35,708
FEI Co.* 1,705 42,199
Flir Systems Inc.* 3,450 107,813
Florida Rock Industries Inc. 2,219 142,393
Forward Air Corp.* 1,104 48,885
Gardner Denver Inc.* 1,013 41,644
GenCorp. Inc. 2,284 42,642
Gerber Scientific Inc.* 1,029 6,596
Griffon Corp.* 1,420 32,660
Heartland Express Inc. 3,849 79,328
IDEX Corp. 2,573 101,634
Insituform Technologies Inc.* 1,227 19,460
Intermagnetics General Corp.* 1,294 34,123
Intermet Corp. 1,230 387
Itron Inc.* 1,070 28,516
JLG Industries Inc. 2,241 47,957
Kaman Corp. 1,048 12,503
Kansas City Southern* 3,215 63,078
Kaydon Corp. 1,447 45,436
Keithley Instruments Inc. 720 11,923
Kirby Corp.* 1,258 55,667
Knight Transportation Inc.* 2,890 76,325
Landstar System Inc.* 3,058 107,275
Lawson Products 456 21,222
Lennox International Inc. 3,019 65,271
Lindsay Manufacturing Co. 549 12,759
Littelfuse Inc.* 1,132 36,813
Lydall Inc.* 745 8,456
Magnetek Inc.* 1,366 6,857
Manitowoc Co. 1,371 56,485
Meade Instruments Corp.* 955 2,961
Methode Electronics Inc. 1,654 18,508
Milacron Inc.* 3,713 10,545
Moog Inc.* 1,335 59,541
Mueller Industries Inc. 1,795 56,507
Myers Industries Inc. 1,536 20,045
Offshore Logistics Inc.* 1,161 38,209
Park Electrochemical Corp. 1,018 20,258
19
- --------------------------------------------------------------------------------
S&P SMALLCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Paxar Corp.* 2,034 $ 47,657
Photon Dynamics Inc.* 781 18,158
Planar Systems Inc.* 664 5,352
Quanex Corp. 1,264 74,386
Rayovac Corp.* 1,767 75,981
Regal-Beloit Corp. 1,174 36,206
Robbins & Myers Inc. 666 15,984
Rogers Corp.* 850 38,811
Roper Industries Inc. 2,104 135,918
SBS Technologies Inc.* 723 8,763
Shaw Group Inc./The* 3,244 67,475
Simpson Manufacturing Co.Inc 2,490 85,980
Sonic Solutions Inc.* 1,173 18,346
Standex International Corp. 564 16,305
Stewart & Stevenson Services 1,474 31,573
Sturm Ruger & Co. Inc. 1,292 10,220
Technitrol Inc.* 2,070 36,743
Teledyne Technologies Inc.* 1,666 50,946
Tetra Tech Inc.* 2,868 47,551
Texas Industries Inc. 1,086 72,436
Thomas Industries Inc. 891 35,711
Timken Co. 4,588 129,840
Tredegar Corp. 1,971 34,098
Trimble Navigation Ltd.* 2,600 93,652
Triumph Group Inc.* 814 30,256
Universal Forest Products Inc. 881 34,491
URS Corp.* 2,204 63,563
USF Corp. 1,422 67,972
Valmont Industries Inc. 1,224 30,845
Vicor Corp.* 2,151 24,414
Waste Connections Inc.* 2,239 76,305
Watts Water Technologies Inc. 1,655 55,029
Wilson Greatbatch Technologies Inc.* 1,017 17,828
Wolverine Tube Inc.* 570 5,672
Woodward Governor Co. 579 42,377
X-Rite Inc. 987 15,960
Yellow Roadway Corp.* 2,464 142,296
------------
Total Industrial 5,425,486
------------
Technology (8.42%)
Actel Corp.* 1,218 20,779
Agilysys Inc. 1,491 28,120
Alliance Semiconductor Corp.* 1,688 4,541
Altiris Inc.* 1,400 40,922
Ansys Inc.* 1,576 56,673
ATMI Inc.* 1,601 43,579
Avid Technology Inc.* 1,622 108,512
Axcelis Technologies Inc.* 5,102 43,877
Brooks Automation Inc.* 2,287 41,418
Brooktrout Inc.* 598 7,720
CACI International Inc.* 1,495 80,670
Captaris Inc.* 1,544 7,504
Carreker Corp.* 1,093 7,695
Catapult Communications Corp.* 597 14,328
Cerner Corp.* 1,835 95,604
Ciber Inc.* 2,938 22,006
Cohu Inc. 984 17,938
Concord Communications Inc.* 863 8,898
Dendrite International Inc.* 2,129 32,701
Digi International Inc.* 989 14,934
DSP Group Inc.* 1,496 37,662
Dupont Photomasks Inc.* 838 22,073
eFunds Corp.* 2,455 54,599
EPIQ Systems Inc.* 854 10,846
ESS Technology* 1,795 10,124
Exar Corp.* 1,952 27,582
Factset Research Systems Inc. 2,334 76,999
Filenet Corp.* 1,998 46,793
Global Imaging Systems Inc.* 1,177 41,831
Global Payments Inc. 1,943 107,875
Helix Technology Corp. 1,211 20,853
Hutchinson Technology Inc.* 1,338 43,699
Hyperion Solutions Corp.* 2,001 101,010
Imagistics International Inc.* 812 27,486
Inter-Tel Inc. 1,318 36,232
JDA Software Group Inc.* 1,393 18,708
Kopin Corp.* 3,225 11,707
Kronos Inc./MA* 1,593 88,953
Kulicke & Soffa Industries Inc.* 2,607 16,893
Manhattan Associates Inc.* 1,548 30,759
Mantech International Corp.* 1,539 37,983
Mapinfo Corp.* 1,036 13,603
Mercury Computer Systems Inc.* 1,010 29,724
MICROS Systems Inc.* 1,900 61,617
Microsemi Corp.* 3,051 49,609
MRO Software Inc.* 1,139 15,388
MTS Systems Corp. 1,024 30,925
NDCHealth Corp. 1,848 28,662
NYFIX Inc.* 1,527 6,948
Pericom Semiconductor Corp.* 1,192 10,573
Phoenix Technologies Ltd.* 1,166 11,613
Photronics Inc.* 1,589 29,524
Pinnacle Systems Inc.* 3,188 13,645
Power Integrations Inc.* 1,578 33,517
Progress Software Corp.* 1,849 42,804
Radiant Systems Inc.* 1,286 10,134
Radisys Corp.* 829 12,626
Rudolph Technologies Inc.* 760 13,938
Serena Software Inc.* 2,279 52,645
Skyworks Solutions Inc.* 7,682 55,771
SPSS Inc.* 804 15,598
Standard Microsystems Corp.* 864 15,146
Supertex Inc.* 590 11,428
Synaptics Inc.* 1,300 31,057
Take-Two Interactive Software Inc.* 2,303 84,451
Talx Corp. 940 19,317
THQ Inc.* 1,990 54,407
Ultratech Inc.* 1,126 17,870
Varian Semiconductor Equipment Associates Inc.* 1,863 74,222
Veeco Instruments Inc.* 1,520 22,739
------------
Total Technology 2,438,587
------------
Utilities (3.93%)
Allete Inc. 1,480 58,726
American States Water Co. 745 20,264
Atmos Energy Corp. 3,838 105,814
Avista Corp. 2,483 45,290
Cascade Natural Gas Corp. 520 10,686
Central Vermont Public Service Corp. 573 12,887
CH Energy Group Inc. 808 37,289
Cleco Corp. 2,440 49,508
El Paso Electric Co.* 2,442 48,767
Energen Corp. 1,865 120,293
Green Mountain Power Corp. 231 6,699
Laclede Group Inc./The 1,063 33,357
New Jersey Resources Corp. 1,414 62,782
Northwest Natural Gas Co. 1,401 51,038
Piedmont Natural Gas Co. 3,920 91,571
Southern Union Co.* 5,245 133,013
Southwest Gas Corp. 1,779 44,617
UGI Corp. 2,605 116,574
UIL Holdings Corp. 744 37,274
Unisource Energy Corp. 1,752 52,941
------------
Total Utilities 1,139,390
------------
Total Common Stock (Cost $18,809,794) 26,745,364
------------
20
- --------------------------------------------------------------------------------
S&P SMALLCAP INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
- --------------------------------------------------------------------------------
Corporate Debt (0.05%)
$ 15,000 Mueller Industry (11/01/2014) $ 15,038
------------
Total Corporate Debt (Cost $15,000) 15,038
------------
Short-Term Investment (7.59%)
$ 1,000,000 United States Treasury Bills 03/03/05 (b) 999,892
1,200,000 United States Treasury Bills 03/24/05 (b) 1,198,304
------------
Total Short-Term Investment (Cost $2,198,196) 2,198,196
------------
Total Investments (Cost $21,022,990)(a)(99.99%) 28,958,598
Other Net Assets (0.01%) 2,767
------------
Total Net Assets: (100.00%) $ 28,961,365
============
- ----------
* Non-Income Producing Security
(a) Aggregate cost for federal income tax purposes is $21,022,990. At February
28, 2005, unrealized appreciation (depreciation) of securities for federal
income tax purpose is as follows:
Unrealized appreciation $ 9,205,687
Unrealized depreciation (1,270,079)
------------
Net unrealized appreciation $ 7,935,608
============
(b) At February 28, 2005, certain United States Treasury Bills with a market
value of $199,978 were pledged to cover margin requirements for futures
contracts.
(c) Futures contracts at February 28, 2005: (Contracts-$500 times
premium/delivery month/commitment)
Unrealized
Appreciation
------------
Russell 2000 Stock Index:
7/ Mar 05/Long $ 23,891
============
See accompanying notes to financial statements
- --------------------------------------------------------------------------------
EQUITY INCOME FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Common Stock (93.71%)
Basic Materials (3.46%)
Chemicals (1.37%)
Praxair Inc. 3,692 $ 165,512
Sherwin-Williams Co./The 1,746 77,348
------------
242,860
------------
Forest Products & Paper (1.05%)
Plum Creek Timber Co. Inc. 4,950 185,873
------------
Mining (1.04%)
Alcoa Inc. 5,750 184,690
------------
Total Basic Materials 613,423
------------
Communications (4.22%)
Media (2.76%)
McGraw-Hill Cos Inc./The 5,339 490,387
------------
Telecommunications (1.46%)
SBC Communications Inc. 10,744 258,393
------------
Total Communications 748,780
------------
Consumer, Cyclical (12.36%)
Apparel (2.09%)
Coach Inc.* 4,360 242,111
Liz Claiborne Inc. 3,036 128,423
------------
370,534
------------
Home Builders (0.74%)
Pulte Homes Inc. 1,692 132,010
------------
Retail (9.53%)
Gap Inc./The 4,450 94,919
Longs Drug Stores Corp. 1,100 29,953
Lowe's Cos Inc. 5,750 337,985
McDonald's Corp. 12,368 409,133
Ross Stores Inc. 3,692 103,376
Sears Roebuck and Co. 2,280 113,840
Target Corp. 5,639 286,574
TJX Cos Inc. 5,750 140,415
Wal-Mart Stores Inc. 3,381 174,493
------------
1,690,688
------------
Total Consumer, Cyclical 2,193,232
------------
Consumer, Non-cyclical (16.66%)
Agriculture (1.13%)
Reynolds American Inc. 2,446 200,450
------------
Beverages (2.74%)
Anheuser-Busch Cos Inc. 3,036 144,058
Coca-Cola Co./The 8,000 342,400
------------
486,458
------------
Commercial Services (1.44%)
Moody's Corp. 3,046 255,590
------------
Cosmetics/Personal Care (0.95%)
Procter & Gamble Co. 3,180 168,826
------------
Food (3.04%)
Sara Lee Corp. 12,300 275,520
Tyson Foods Inc. 15,472 263,333
------------
538,853
------------
Healthcare-Products (3.53%)
Baxter International Inc. 10,411 371,256
Aetna Inc. 1,746 254,951
------------
626,207
------------
Household Products/Wares (1.21%)
Clorox Co. 1,201 72,108
Fortune Brands Inc. 1,746 141,426
------------
213,534
------------
Pharmaceuticals (2.62%)
AmerisourceBergen Corp. 2,803 167,900
Pfizer Inc. 11,300 297,077
------------
464,977
------------
Total Consumer, Non-cyclical 2,954,895
------------
Energy (12.15%)
Oil&Gas (11.04%)
Apache Corp. 4,126 259,443
ChevronTexaco Corp. 3,140 194,931
ConocoPhillips 3,674 407,410
Devon Energy Corp. 4,752 222,346
ENSCO International Inc. 3,370 135,744
Exxon Mobil Corp. 6,236 394,801
21
- --------------------------------------------------------------------------------
EQUITY INCOME FUND PORTFOLIO OF INVESTMENTS 2/28/2005
(UNAUDITED)
Company (CONTINUED) Shares Value (Note 1)
- --------------------------------------------------------------------------------
GlobalSantaFe Corp. 2,725 $ 102,188
Valero Energy Corp. 3,386 241,219
------------
1,958,082
------------
Oil&Gas Services (1.11%)
Baker Hughes Inc. 2,280 107,798
Tidewater Inc. 2,180 89,969
------------
197,767
------------
Total Energy 2,155,849
------------
Financial (27.29%)
Banks (8.18%)
Bank of America Corp. 9,864 460,156
Fifth Third Bancorp 7,723 345,759
SunTrust Banks Inc. 2,102 152,269
Wells Fargo & Co. 8,297 492,676
------------
1,450,860
------------
Diversified Financial (3.70%)
Citigroup Inc. 10,411 496,813
MBNA Corp. 6,295 159,704
------------
656,517
------------
Insurance (8.23%)
American International Group Inc. 4,225 282,230
Arthur J Gallagher & Co. 6,200 185,132
Fidelity National Financial Inc. 2,994 132,455
Marsh & McLennan Cos Inc. 8,600 280,790
Metlife Inc. 5,928 243,285
StanCorp. Financial Group Inc.* 2,825 246,029
XL Capital Ltd. 1,201 90,075
------------
1,459,996
------------
Real Estate (7.18%)
Annaly Mortgage Management Inc. 7,408 141,863
Boston Properties Inc. 1,746 104,411
iStar Financial Inc. 3,704 157,383
Kimco Realty Corp. 2,013 106,910
Mills Corp./The 3,804 205,416
Realty Income Corp. 7,408 174,236
Simon Property Group Inc. 2,180 135,073
SL Green Realty Corp. 2,280 128,546
Vornado Realty Trust 1,746 119,950
------------
1,273,788
------------
Total Financial 4,841,161
------------
Industrial (5.65%)
Building Materials (0.72%)
Masco Corp. 3,804 128,271
------------
Hand/Machine Tools (0.59%)
Stanley Works/The 2,280 105,450
------------
Machinery (1.15%)
Caterpillar Inc. 2,146 203,977
------------
Metal Fabricate/Hardware (0.99%)
Worthington Industries 8,400 175,980
------------
Miscellaneous Manufacturing (2.20%)
3M Co. 2,612 219,251
ITT Industries Inc. 1,067 93,843
Leggett & Platt Inc. 2,725 75,401
------------
388,495
------------
Total Industrial 1,002,173
------------
Technology (6.20%)
Computers (1.79%)
Diebold Inc. 1,746 93,184
Hewlett-Packard Co. 5,750 119,600
Reynolds & Reynolds Co./The 3,804 105,257
------------
318,041
------------
Office/Business Equip (0.59%)
Pitney Bowes Inc. 2,280 104,561
------------
Semiconductors (0.98%)
Intel Corp. 7,263 174,167
------------
Software (2.84%)
First Data Corp. 8,609 353,141
Microsoft Corp. 5,973 150,400
------------
503,541
------------
Total Technology 1,100,310
------------
Utilities (5.72%)
Electric (5.72%)
Calpine Corp.* 43,241 143,128
Cinergy Corp. 2,180 88,181
Consolidated Edison Inc. 6,200 265,050
Entergy Corp. 1,746 120,684
Exelon Corp. 3,146 142,703
Progress Energy Inc. 1,579 68,434
SCANA Corp. 4,900 186,396
1,014,576
------------
Total Utilities 1,014,576
------------
Total Common Stock (Cost $12,999,010) 16,624,399
------------
Par Value
---------
Short-Term Investments (5.62%)
$ 500,000 United States Treasury Bills 03/24/05 (b) 499,298
500,000 United States Treasury Bills 04/21/05 (b) 498,369
------------
Total Short-Term Investments (Cost $997,667) 997,667
------------
Total Investments (Cost $13,996,677)(a)(99.33%) 17,622,066
Net Liabilities (0.67%) 119,413
------------
Net Assets (100.00%) $ 17,741,479
------------
- ----------
* Non-Income Producing Security
(a) Aggregate cost for federal income tax purposes is
$13,996,677. At February 28, 2005, unrealized appreciation
(depreciation) of securities for federal income tax purpose
is as follows:
Unrealized appreciation $ 3,951,415
Unrealized depreciation (326,026)
------------
Net unrealized appreciation $ 3,625,389
============
(b) At February 28, 2005, certain United States Treasury Bills
with a market value of $199,348 were pledged to cover margin
requirements for futures contracts.
(c) Futures contracts at February 28, 2005:
(Contracts-$250 times premium/delivery month/commitment)
Unrealized
Appreciation
------------
S&P 500 Index:
3/ Mar 05/Long $ 17,589
============
See accompanying notes to financial statements
22
- --------------------------------------------------------------------------------
EUROPEAN GROWTH & PORTFOLIO OF INVESTMENTS 2/28/2005
INCOME FUND (UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Common Stock (96.99%)
Basic Materials (2.03%)
Chemicals (2.03%)
BASF AG ADR 1,144 $ 85,686
Bayer AG ADR 1,515 53,343
------------
139,029
------------
Total Basic Materials 139,029
------------
Communications (16.45%)
Media (0.94%)
Vivendi Universal SA ADR* 2,033 64,365
------------
Telecommunications (15.51%)
Alcatel SA ADR* 1,772 23,018
BT Group PLC ADR 1,760 70,875
Deutsche Telekom AG ADR* 4,925 102,785
Nokia OYJ ADR 12,628 203,816
Telecom Italia SpA ADR 2,447 94,870
Telefonaktiebolaget LM Ericsson ADR* 1,194 34,996
Telefonica SA ADR 3,317 182,933
Vodafone Group PLC ADR 13,210 347,291
------------
1,060,584
------------
Total Communications 1,124,949
------------
Consumer, Cyclical (1.17%)
Auto Manufacturers (1.17%)
DaimlerChrysler AG ADR 1,735 79,984
------------
Total Consumer, Cyclical 79,984
------------
Consumer, Non-cyclical (20.22%)
Beverages (1.45%)
Diageo PLC ADR 1,735 99,363
------------
Cosmetics/Personal Care (0.69%)
L'Oreal SA ADR 3,005 46,878
------------
Food (5.71%)
Koninklijke Ahold NV ADR 9,773 88,446
Nestle SA ADR 3,165 219,651
Unilever NV ADR 1,236 82,676
------------
390,773
------------
Pharmaceuticals (12.37%)
AstraZeneca Plc ADR 3,298 131,063
GlaxoSmithKline PLC ADR 6,088 293,563
Novartis AG ADR 5,057 252,698
Roche Holding AG ADR 3,216 168,518
------------
845,842
------------
Total Consumer, Non-cyclical 1,382,856
------------
Energy (20.39%)
Oil & Gas (20.39%)
BP PLC ADR 6,876 446,390
ENI SpA ADR 1,313 172,003
Royal Dutch Petroleum Co. ADR 4,420 278,858
Shell Transport & Trading Co. PLC ADR 3,354 190,205
Total SA ADR 2,579 307,417
------------
1,394,873
------------
Total Energy 1,394,873
------------
Financial (30.11%)
Banks (23.79%)
ABN AMRO Holding NV ADR 3,412 94,103
Banco Bilbao Vizcaya Argentaria SA ADR 6,579 113,751
Banco Santander Central Hispano SA ADR 9,958 122,483
Barclays PLC ADR 6,351 279,126
BNP Paribas ADR 3,552 129,115
Credit Suisse Group ADR 2,453 106,706
Deutsche Bank AG ADR 1,196 105,128
HSBC Holdings PLC ADR 4,332 361,679
Lloyds TSB Group PLC ADR 2,855 108,776
UBS AG ADR 2,375 206,031
------------
1,626,898
------------
Insurance (6.32%)
Aegon NV ADR 2,824 40,609
Allianz AG ADR 7,257 91,438
AXA SA ADR 1,384 37,119
ING Groep NV ADR 3,832 117,566
Prudential PLC ADR 2,045 37,485
Royal & Sun Alliance Insurance Group ADR 1,727 14,179
Swiss Reinsurance ADR 960 70,656
Zurich Financial Services AG ADR 1,265 23,403
------------
432,455
------------
Total Financial 2,059,353
------------
Industrial (3.13%)
Electronics (0.92%)
Koninklijke Philips Electronics NV ADR 2,284 63,312
------------
Miscellaneous Manufacturer (2.21%)
Siemens AG ADR 1,935 151,007
------------
Total Industrial 214,319
------------
Technology (0.99%)
Software (0.99%)
SAP AG ADR 1,667 67,597
------------
Total Technology 67,597
------------
Utilities (2.50%)
Electric (1.77%)
E.ON AG ADR 1,345 121,050
------------
Water (0.73%)
Suez SA ADR 1,837 49,948
------------
Total Utilities 170,998
------------
Total Common Stock (Cost $5,766,034) 6,633,958
------------
Par Value
---------
Short-Term Investments (1.46%)
$ 100,000 United States Treasury Bills 04/14/05 99,705
------------
Total Short-Term Investments (Cost $99,705) 99,705
------------
Total Investments (Cost $5,865,739)(a)(98.45%) 6,733,663
Other Net Assets (1.55%) 106,216
------------
Net Assets (100.00%) $ 6,839,879
============
- ----------
* Non-Income Producing Security
ADR - American Depositary Receipts
(a) Aggregate cost for federal income tax purposes is $5,865,739.
At February 28, 2005, unrealized appreciation (depreciation)
of securities for federal income tax purpose is as follows:
Unrealized appreciation $ 1,113,356
Unrealized depreciation (245,432)
------------
Net unrealized appreciation $ 867,924
============
See accompanying notes to financial statements
23
- --------------------------------------------------------------------------------
NASDAQ-100 INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
(UNAUDITED)
Company Shares Value (Note 1)
- --------------------------------------------------------------------------------
Common Stock (95.93%)
Basic Materials (0.65%)
Sigma-Aldrich Corp. 968 $ 59,638
Smurfit-Stone Container Corp.* 3,522 58,571
------------
Total Basic Materials 118,209
------------
Communications (28.11%)
Amazon.Com Inc.* 3,825 134,564
Check Point Software Technologies* 3,587 79,380
Cisco Systems Inc.* 31,721 552,580
Comcast Corp.* 13,117 426,958
Comverse Technology Inc.* 2,942 68,284
eBay Inc.* 13,332 571,143
EchoStar Communications Corp.* 3,155 93,861
IAC/InterActiveCorp.* 9,939 223,628
JDS Uniphase Corp.* 22,545 42,836
Juniper Networks Inc.* 4,839 104,232
Lamar Advertising Co.* 1,224 48,091
Level 3 Communications Inc.* 9,285 21,634
Liberty Media International Inc. 2,400 103,752
MCI Inc. 4,700 106,925
Nextel Communications Inc.* 19,140 563,290
NTL Inc.* 1,300 84,357
Qualcomm Inc. 27,068 977,425
Sirius Satellite Radio Inc.* 18,400 102,488
Symantec Corp.* 9,332 205,397
Telefonaktiebolaget LM Ericsson 2,400 70,344
Tellabs Inc.* 3,436 24,361
VeriSign Inc.* 3,318 90,980
XM Satellite Radio Holdings Inc.* 2,800 92,288
Yahoo! Inc.* 9,017 290,979
------------
Total Communications 5,079,777
------------
Consumer, Cyclical (9.82%)
Bed Bath & Beyond Inc.* 5,723 214,727
CDW Corp. 1,224 70,343
Cintas Corp. 2,913 127,531
Costco Wholesale Corp. 3,439 160,223
Dollar Tree Stores Inc.* 1,584 42,689
Fastenal Co. 1,054 61,617
Kmart Holding Corp.* 1,300 126,711
Paccar Inc. 2,754 207,266
Petsmart Inc. 2,060 62,830
Ross Stores Inc. 2,056 57,568
Staples Inc. 4,732 149,153
Starbucks Corp.* 7,619 394,740
Wynn Resorts Ltd.* 1,400 100,198
------------
Total Consumer, Cyclical 1,775,596
------------
Consumer, Non-cyclical (14.44%)
Amgen Inc.* 8,101 499,103
Apollo Group Inc.* 2,622 193,084
Biogen Idec Inc.* 4,889 188,960
Biomet Inc. 4,843 204,471
Career Education Corp.* 1,414 48,288
Chiron Corp.* 3,717 132,251
Dentsply International Inc. 1,094 60,137
Express Scripts Inc.* 1,022 76,946
Genzyme Corp.* 4,086 229,184
Gilead Sciences Inc.* 5,948 205,503
Invitrogen Corp.* 742 51,910
Lincare Holdings Inc.* 1,389 56,366
Medimmune Inc.* 3,776 90,926
Millennium Pharmaceuticals Inc.* 4,612 39,663
Patterson Cos Inc.* 1,906 94,576
Paychex Inc. 5,080 162,204
Teva Pharmaceutical Industries Ltd. 6,184 186,200
Whole Foods Market Inc. 869 89,351
------------
Total Consumer, Non-cyclical 2,609,123
------------
Industrial (2.63%)
American Power Conversion Corp. 2,777 61,150
CH Robinson Worldwide Inc. 1,223 67,020
Expeditors International Washington Inc. 1,500 83,265
Flextronics International Ltd.* 8,478 113,181
Garmin Ltd. 1,391 71,289
Molex Inc. 1,429 35,911
Sanmina-SCI Corp.* 7,670 42,569
------------
Total Industrial 474,385
------------
Technology (40.28%)
Adobe Systems Inc. 3,327 205,442
Altera Corp.* 7,208 149,494
Apple Computer Inc.* 15,000 672,900
Applied Materials Inc.* 12,109 211,908
ATI Technologies Inc. 3,325 58,321
Autodesk Inc. 3,200 95,104
BEA Systems Inc.* 5,204 43,193
Broadcom Corp.* 3,324 107,199
Citrix Systems Inc.* 2,835 63,788
Cognizant Technology Solutions Corp.* 1,800 85,014
Dell Inc.* 12,759 511,508
Electronic Arts Inc.* 4,382 282,595
Fiserv Inc.* 3,459 131,234
Intel Corp. 30,972 742,709
Intersil Corp. 1,947 32,826
Intuit Inc.* 3,416 146,205
Kla-Tencor Corp.* 3,369 166,462
Lam Research Corp.* 1,871 58,824
Linear Technology Corp. 5,819 227,290
Marvell Technology Group Ltd.* 3,356 122,796
Maxim Integrated Products Inc. 6,384 274,640
Mercury Interactive Corp.* 1,482 67,994
Microchip Technology Inc. 2,516 69,089
Microsoft Corp. 50,422 1,269,626
Network Appliance Inc.* 5,156 154,732
Novellus Systems Inc.* 2,060 60,842
Oracle Corp.* 29,726 383,763
Pixar* 808 72,259
QLogic Corp.* 1,377 55,479
Research In Motion Ltd. 2,578 170,432
SanDisk Corp.* 2,024 54,405
Siebel Systems Inc.* 8,163 69,630
Sun Microsystems Inc.* 20,014 84,459
Synopsys Inc.* 2,087 37,775
Veritas Software Corp.* 6,099 147,718
Xilinx Inc. 6,348 191,710
------------
Total Technology 7,279,365
------------
Total Common Stock (Cost $19,991,874) 17,336,455
------------
24
- --------------------------------------------------------------------------------
NASDAQ-100 INDEX FUND PORTFOLIO OF INVESTMENTS 2/28/2005
CONTINUED (UNAUDITED)
- --------------------------------------------------------------------------------
Par Value
---------
Short-Term Investment (3.87%)
$ 300,000 United States Treasury Bills 03/03/05 (b) $ 299,968
300,000 United States Treasury Bills 03/24/05 (b) 299,578
100,000 United States Treasury Bills 05/05/05 (b) 99,531
------------
Total Short-Term Investment (Cost $699,077) 699,077
------------
Total Investments (Cost $20,690,951)(a)(99.80%) 18,035,532
Other Net Assets (0.20%) 37,050
------------
Total Net Assets: (100.00%) $ 18,072,582
============
- ----------
* Non-Income Producing Security
ADR - American Depositary Receipts.
(a) Aggregate cost for federal income tax purposes is
$20,690,951. At February 28, 2005, unrealized appreciation
(depreciation) of securities for federal income tax purpose
is as follows:
Unrealized appreciation $ 2,798,622
Unrealized depreciation (5,454,041)
------------
Net unrealized depreciation $ (2,655,419)
============
(b) At February 28, 2005, certain United States Treasury Bills
with a market value of $299,844 were pledged to cover margin
requirements for futures contracts.
(c) Futures contracts at February 28, 2005:
(Contracts-$100 times premium/delivery month/commitment)
Unrealized
Depreciation
------------
Nasdaq 100 Futures:
5/ Mar 05/Long $ (33,709)
============
See accompanying notes to financial statements
25
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS & LIABILITIES
FEBRUARY 28, 2005
(UNAUDITED)
- --------------------------------------------------------------------------------
California
California Tax- Insured California Tax- U.S.
Free Money Intermediate Free Income Government
Market Fund Fund Fund Securities Fund
-------------------------------------------------------------
ASSETS
Investments at market value (identified cost
$78,850,189, $24,092,298, $131,926,245, $29,466,821,
$42,673,745 and $17,264,393, respectively)(Note 1) $ 78,850,189 $ 24,809,313 $144,729,907 $ 29,424,116
Cash 876,366 96,377 1,452 28,977
Interest receivable 306,839 269,151 1,566,685 203,315
Receivable for fund shares sold -- -- 3,458 52,691
-------------------------------------------------------------
Total Assets 80,033,394 25,174,841 146,301,502 29,709,099
-------------------------------------------------------------
LIABILITIES
Payable for fund shares repurchased -- 1,165 18,772 6,358
Payable to Investment Advisor 17,038 7,205 54,909 9,334
Miscellaneous Payable -- 16,778 136,842 11,143
Accrued 12b-1 fee - K Shares -- -- -- 1,251
Accrued shareholder service fee - K Shares -- -- -- 2,906
Accrued expenses 14,740 7,355 30,161 11,322
-------------------------------------------------------------
Total Liabilities 31,778 32,503 240,684 42,314
-------------------------------------------------------------
NET ASSETS: $ 80,001,616 $ 25,142,338 $146,060,818 $ 29,666,785
=============================================================
Net Assets at February 28, 2005 consist of:
Paid-in capital $ 80,005,107 $ 24,273,089 $131,937,737 $ 29,768,572
Undistributed net investment income (233) 8,175 367,349 8,792
Accumulated net realized gains (losses) (3,258) 144,059 952,070 (67,874)
Unrealized appreciation (depreciation) of investments -- 717,015 12,803,662 (42,705)
-------------------------------------------------------------
$ 80,001,616 $ 25,142,338 $146,060,818 $ 29,666,785
=============================================================
NET ASSETS
Direct Shares $ 80,001,616 $ 25,142,338 $146,060,818 $ 26,358,778
=============================================================
K Shares $ -- $ -- $ -- $ 3,308,007
=============================================================
SHARES OUTSTANDING
Direct Shares (no par value, unlimited shares authorized) 80,068,478 2,320,363 11,759,195 2,525,893
=============================================================
K Shares (no par value, unlimited shares authorized) -- -- -- 315,285
=============================================================
NET ASSET VALUE PER SHARE
Direct Shares $ 1.00 $ 10.84 $ 12.42 $ 10.44
=============================================================
K Shares $ -- $ -- $ -- $ 10.49
=============================================================
The United Short-Term U.S
States Treasury Government
Trust Bond Fund
------------------------------
ASSETS
Investments at market value (identified cost
$78,850,189, $24,092,298, $131,926,245, $29,466,821,
$42,673,745 and $17,264,393, respectively)(Note 1) $ 42,673,745 $ 17,059,830
Cash 94,988 38,456
Interest receivable -- 170,067
Receivable for fund shares sold -- 627
------------------------------
Total Assets 42,768,733 17,268,980
------------------------------
LIABILITIES
Payable for fund shares repurchased -- 62
Payable to Investment Advisor 7,508 2,493
Miscellaneous Payable -- 1,278
Accrued 12b-1 fee - K Shares 651 559
Accrued shareholder service fee - K Shares 1,399 1,377
Accrued expenses 12,832 7,503
------------------------------
Total Liabilities 22,390 13,272
------------------------------
NET ASSETS: $ 42,746,343 $ 17,255,708
==============================
Net Assets at February 28, 2005 consist of:
Paid-in capital $ 42,746,895 $ 17,486,047
Undistributed net investment income (260) 3,752
Accumulated net realized gains (losses) (292) (29,528)
Unrealized appreciation (depreciation) of investments -- (204,563)
------------------------------
$ 42,746,343 $ 17,255,708
==============================
NET ASSETS
Direct Shares $ 40,986,838 $ 15,812,772
==============================
K Shares $ 1,759,505 $ 1,442,936
==============================
SHARES OUTSTANDING
Direct Shares (no par value, unlimited shares authorized) 40,987,148 1,587,463
==============================
K Shares (no par value, unlimited shares authorized) 1,759,563 144,740
==============================
NET ASSET VALUE PER SHARE
Direct Shares $ 1.00 $ 9.96
==============================
K Shares $ 1.00 $ 9.97
==============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
26
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS & LIABILITIES
FEBRUARY 28, 2005
(UNAUDITED)
- --------------------------------------------------------------------------------
S&P 500 Index S&P MidCap S&P SmallCap Equity Income
Fund Index Fund Index Fund Fund
---------------------------------------------------------------
ASSETS
Investments at market value (identified cost
$92,721,075, $118,857,769, $21,022,990, $13,996,677,
$5,865,739 and $20,690,951 respectively)(Note 1) $ 113,319,695 $ 156,939,600 $ 28,958,598 $ 17,622,066
Cash 132,717 432,193 201,800 72,506
Interest receivable -- -- 312 --
Dividend receivable 205,936 120,429 14,197 35,483
Receivable for securities sold -- 1,552,937 -- --
Receivable for fund shares sold 50,371 43,444 3,765 32,084
Variation margin receivable 237 -- -- --
Miscellaneous receivable 42,764 34,844 6,943 4,507
---------------------------------------------------------------
Total Assets 113,751,720 159,123,447 29,185,615 17,766,646
---------------------------------------------------------------
LIABILITIES
Payable for securities purchased -- 1,603,841 149,413 --
Payable for fund shares repurchased 150,456 26,294 36,313 176
Payable to Investment Advisor 6,941 38,137 7,988 6,058
Variation Margin Payable -- 41,060 9,918 5,925
Accrued 12b-1 fee - K Shares 1,428 1,492 1,814 884
Accrued shareholder service fee - K Shares 3,313 3,493 4,029 2,002
Accrued expenses 39,008 49,482 14,775 10,122
---------------------------------------------------------------
Total Liabilities 201,146 1,763,799 224,250 25,167
---------------------------------------------------------------
NET ASSETS: $ 113,550,574 $ 157,359,648 $ 28,961,365 $ 17,741,479
===============================================================
Net Assets at February 28, 2005 consist of
Paid-in capital $ 101,271,725 $ 117,398,051 $ 20,458,984 $ 13,991,075
Undistributed net investment income 330,041 194,577 21,031 38,525
Accumulated net realized gains (losses) (8,654,628) 1,366,441 521,851 68,901
Unrealized appreciation (depreciation) of investments 20,598,620 38,081,831 7,935,608 3,625,389
Unrealized appreciation (depreciation) of futures contract 4,816 318,748 23,891 17,589
---------------------------------------------------------------
$ 113,550,574 $ 157,359,648 $ 28,961,365 $ 17,741,479
===============================================================
NET ASSETS
Direct Shares $ 109,766,731 $ 153,384,789 $ 24,071,903 $ 15,327,406
===============================================================
K Shares $ 3,783,843 $ 3,974,859 $ 4,889,462 $ 2,414,073
===============================================================
SHARES OUTSTANDING
Direct Shares (no par value, unlimited shares authorized) 4,520,615 7,002,140 1,329,661 976,383
===============================================================
K Shares (no par value, unlimited shares authorized) 155,316 181,453 269,349 153,294
===============================================================
NET ASSET VALUE PER SHARE
Direct Shares $ 24.28 $ 21.91 $ 18.10 $ 15.70
===============================================================
K Shares $ 24.36 $ 21.91 $ 18.15 $ 15.75
===============================================================
European
Growth & Nasdaq-100
Income Fund Index Fund
-------------------------------
ASSETS
Investments at market value (identified cost
$92,721,075, $118,857,769, $21,022,990, $13,996,677,
$5,865,739 and $20,690,951 respectively)(Note 1) $ 6,733,663 $ 18,035,532
Cash 66,093 41,826
Interest receivable -- --
Dividend receivable 26,539 14,111
Receivable for securities sold 2,988 --
Receivable for fund shares sold 20,468 14,833
Variation margin receivable -- --
Miscellaneous receivable 1,331 6,240
-------------------------------
Total Assets 6,851,082 18,112,542
-------------------------------
LIABILITIES
Payable for securities purchased -- --
Payable for fund shares repurchased 909 10,993
Payable to Investment Advisor 1,595 3,660
Variation Margin Payable -- 9,000
Accrued 12b-1 fee - K Shares 858 1,027
Accrued shareholder service fee - K Shares 1,903 2,384
Accrued expenses 5,938 12,896
-------------------------------
Total Liabilities 11,203 39,960
-------------------------------
NET ASSETS: $ 6,839,879 $ 18,072,582
===============================
Net Assets at February 28, 2005 consist of
Paid-in capital $ 6,216,467 $ 30,910,360
Undistributed net investment income 23,478 71,312
Accumulated net realized gains (losses) (267,990) (10,219,962)
Unrealized appreciation (depreciation) of investments 867,924 (2,655,419)
Unrealized appreciation (depreciation) of futures contract -- (33,709)
-------------------------------
$ 6,839,879 $ 18,072,582
===============================
NET ASSETS
Direct Shares $ 4,507,635 $ 15,397,341
===============================
K Shares $ 2,332,244 $ 2,675,241
===============================
SHARES OUTSTANDING
Direct Shares (no par value, unlimited shares authorized) 530,983 4,039,285
===============================
K Shares (no par value, unlimited shares authorized) 273,596 703,799
===============================
NET ASSET VALUE PER SHARE
Direct Shares $ 8.49 $ 3.81
===============================
K Shares $ 8.52 $ 3.80
===============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
27
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2005
(UNAUDITED)
- --------------------------------------------------------------------------------
California
California Tax- Insured California Tax-
Free Money Intermediate Free Income
Market Fund Fund Fund
----------------------------------------------------
INVESTMENT INCOME
Interest income $ 666,007 $ 479,714 $ 3,407,367
----------------------------------------------------
Total 666,007 479,714 3,407,367
EXPENSES
Management fees (Note 2) 204,219 64,062 360,596
Transfer agent fees 14,562 8,201 27,769
Accounting services 22,710 9,036 33,157
Custodian fees 4,382 1,420 6,336
Legal and audit fees 13,441 4,439 22,745
Trustees fees 2,909 2,958 2,921
Insurance 1,562 506 3,082
Printing 1,115 421 2,629
Registration and dues 940 429 1,309
12b-1 Fees K-Shares -- -- --
Shareholder Service Fee - K Shares -- -- --
----------------------------------------------------
Total Expenses 265,840 91,472 460,544
Less reimbursement from manager (Note 2) (86,124) (15,878) --
----------------------------------------------------
Net Expenses 179,716 75,594 460,544
----------------------------------------------------
Net Investment Income (loss) 486,291 404,120 2,946,823
----------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) from security transactions -- 144,059 952,367
Change in unrealized appreciation (depreciation) of
investments -- (367,056) (2,177,931)
----------------------------------------------------
Net realized and unrealized gain (loss) on investments -- (222,997) (1,225,564)
----------------------------------------------------
Net increase (decrease) in net assets resulting from operations $ 486,291 $ 181,123 $ 1,721,259
====================================================
Short-Term
U.S. The United U.S.
Government States Treasury Government
Securities Fund Trust Bond Fund
--------------------------------------------------
INVESTMENT INCOME
Interest income $ 607,025 $ 374,116 $ 184,082
--------------------------------------------------
Total 607,025 374,116 184,082
EXPENSES
Management fees (Note 2) 73,555 102,443 40,774
Transfer agent fees 12,517 12,893 8,617
Accounting services 11,002 14,055 7,854
Custodian fees 2,008 2,483 991
Legal and audit fees 5,128 7,072 2,985
Trustees fees 995 1,012 1,019
Insurance 562 783 317
Printing 1,202 1,091 493
Registration and dues 2,548 2,815 2,260
12b-1 Fees K-Shares 3,357 1,593 1,640
Shareholder Service Fee - K Shares 3,357 1,593 1,640
--------------------------------------------------
Total Expenses 116,231 147,833 68,590
Less reimbursement from manager (Note 2) (13,895) (64,717) (24,535)
--------------------------------------------------
Net Expenses 102,336 83,116 44,055
--------------------------------------------------
Net Investment Income (loss) 504,689 291,000 140,027
--------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) from security transactions (67,881) (292) (28,221)
Change in unrealized appreciation (depreciation) of
investments (153,291) -- (176,000)
--------------------------------------------------
Net realized and unrealized gain (loss) on investments (221,172) (292) (204,221)
--------------------------------------------------
Net increase (decrease) in net assets resulting from operations $ 283,517 $ 290,708 $ (64,194)
==================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
28
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2005
(UNAUDITED)
- --------------------------------------------------------------------------------
S&P 500 S&P MidCap S&P SmallCap
Index Fund Index Fund Index Fund
---------------------------------------------
Investment Income
Interest income $ 48,003 $ 125,246 $ 22,964
Dividend income 1,336,910 782,892 146,098
---------------------------------------------
Total 1,384,913 908,138 169,062
---------------------------------------------
Expenses
Management fees (Note 2) 138,240 285,970 66,290
Transfer agent fees 37,030 37,666 14,872
Accounting services 31,132 37,948 10,091
Custodian fees 6,116 8,315 4,356
Legal and audit fees 18,358 23,444 4,649
Trustees fees 995 1,055 1,034
Insurance 2,000 2,419 448
Printing 4,972 4,699 1,665
Registration & dues 4,444 4,888 2,330
12b-1 Fees - K Shares 3,922 4,153 4,667
Shareholder Service Fee - K Shares 3,922 4,153 4,667
Licensing fee 5,651 6,384 1,141
---------------------------------------------
Total Expenses 256,782 421,094 116,210
Less reimbursement from manager (Note 2) (99,662) (62,473) (20,700)
---------------------------------------------
Net Expenses 157,120 358,621 95,510
---------------------------------------------
Net Investment Income (loss) 1,227,793 549,517 73,552
---------------------------------------------
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from security transactions 1,318,663 2,536,279 375,876
Net realized gain from futures contracts 91,481 1,014,046 215,054
Change in unrealized appreciation (depreciation) of
investments 7,880,370 13,708,431 3,944,651
Change in unrealized appreciation (depreciation) of futures contracts (829) 375,691 15,710
---------------------------------------------
Net realized and unrealized gain (loss) on investments 9,289,685 17,634,447 4,551,291
---------------------------------------------
Net increase (decrease) in net assets resulting from operations $ 10,517,478 $ 18,183,964 $ 4,624,843
=============================================
European
Equity Income Growth & Nasdaq-100
Fund Income Fund Index Fund
---------------------------------------------
Investment Income
Interest income $ 26,679 $ 2,363 $ 10,269
Dividend income 179,271 55,490 192,808
---------------------------------------------
Total 205,950 57,853 203,077
---------------------------------------------
Expenses
Management fees (Note 2) 40,304 24,960 43,746
Transfer agent fees 11,888 8,793 14,923
Accounting services 8,809 5,224 7,923
Custodian fees 1,042 856 2,189
Legal and audit fees 2,938 1,327 3,188
Trustees fees 585 1,059 1,014
Insurance 199 97 308
Printing 975 631 1,804
Registration & dues 1,375 1,165 3,233
12b-1 Fees - K Shares 2,323 2,185 2,762
Shareholder Service Fee - K Shares 2,323 2,185 2,762
Licensing fee -- -- 2,604
---------------------------------------------
Total Expenses 72,761 48,482 86,456
Less reimbursement from manager (Note 2) (3,628) (16,216) (24,063)
---------------------------------------------
Net Expenses 69,133 32,266 62,393
---------------------------------------------
Net Investment Income (loss) 136,817 25,587 140,684
---------------------------------------------
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from security transactions 21 (7,260) (735,600)
Net realized gain from futures contracts 523,250 -- 41,470
Change in unrealized appreciation (depreciation) of
investments 1,273,366 1,044,380 2,260,528
Change in unrealized appreciation (depreciation) of futures contracts (29,071) -- (33,709)
---------------------------------------------
Net realized and unrealized gain (loss) on investments 1,767,566 1,037,120 1,532,689
---------------------------------------------
Net increase (decrease) in net assets resulting from operations $ 1,904,383 $ 1,062,707 $ 1,673,373
=============================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
29
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
California Tax-Free Money California Insured
Market Fund Intermediate Fund
------------------------------ ------------------------------
Six Months Six Months
Ended February Year Ended Ended February Year Ended
28, 2005 August 31, 28, 2005 August 31,
(Unaudited) 2004 (Unaudited) 2004
-----------------------------------------------------------------
Operations
Net investment income $ 486,291 $ 461,912 $ 404,120 $ 831,112
Net realized gain (loss) on investments -- -- 144,059 54,419
Change in unrealized
appreciation of investments -- -- (367,056) 388,836
-----------------------------------------------------------------
Net increase in net assets resulting
from operations 486,291 461,912 181,123 1,274,367
Distributions to Shareholders
Distributions from net investment income (486,524) (461,912) (399,340) (835,074)
Distributions from realized capital
gains on investments -- -- (54,421) (78,682)
Capital Share Transactions
Increase (decrease) in net assets resulting
from capital share transactions (13,177,981) 4,376,024 (938,032) (1,913,347)
-----------------------------------------------------------------
Total increase (decrease) (13,178,214) 4,376,024 (1,210,670) (1,552,736)
Net Assets
Beginning of period 93,179,830 88,803,806 26,353,008 27,905,744
-----------------------------------------------------------------
End of period * $ 80,001,616 $ 93,179,830 $ 25,142,338 $ 26,353,008
=================================================================
*Including undistributed net
investment income of: $ (233) $ -- $ 8,175 $ 3,395
=================================================================
California Tax-Free
Income Fund
-------------------------------
Six Months
Ended February Year Ended
28, 2005 August 31,
(Unaudited) 2004
-------------------------------
Operations
Net investment income $ 2,946,823 $ 6,558,702
Net realized gain (loss) on investments 952,367 2,804,832
Change in unrealized
appreciation of investments (2,177,931) 184,057
-------------------------------
Net increase in net assets resulting
from operations 1,721,259 9,547,591
Distributions to Shareholders
Distributions from net investment income (2,908,509) (6,615,271)
Distributions from realized capital
gains on investments (2,641,617) (1,385,238)
Capital Share Transactions
Increase (decrease) in net assetsresulting
from capital share transactions (8,437,626) (15,708,184)
-------------------------------
Total increase (decrease) (12,266,493) (14,161,102)
Net Assets
Beginning of period 158,327,311 172,488,413
-------------------------------
End of period * $ 146,060,818 $ 158,327,311
===============================
*Including undistributed net
investment income of: $ 367,349 $ 329,035
===============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
30
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
U.S. Government The United States
Securities Fund Treasury Trust
---------------------------- ---------------------------
Six Months Six Months
Ended February Year Ended Ended February Year Ended
28, 2005 August 31, 28, 2005 August 31,
(Unaudited) 2004 (Unaudited) 2004
-------------------------------------------------------------
Operations
Net investment income $ 504,689 $ 921,273 $ 291,000 $ 255,414
Net realized gain (loss) on investments (67,881) 263,551 (292) 2,510
Change in unrealized
appreciation (depreciation) of investments (153,291) 10,691 -- --
-------------------------------------------------------------
Net increase in net assets resulting
from operations 283,517 1,195,515 290,708 257,924
Distributions to Shareholders
Distributions from net investment income
Direct Shares (459,453) (898,759) (284,897) (254,691)
K Shares (39,462) (19,496) (6,363) (723)
Distributions from realized capital
gains on investments
Direct Shares (223,713) (224,970) (2,308) (5,459)
K Shares (22,198) (190) (96) (28)
Capital Share Transactions
Increase (decrease) in net assets
resulting from capital share transactions 985,125 (2,494,552) 2,662,666 (544,900)
-------------------------------------------------------------
Total increase (decrease) 523,816 (2,442,452) 2,659,710 (547,877)
Net Assets
Beginning of period 29,142,969 31,585,421 40,086,633 40,634,510
-------------------------------------------------------------
End of period * $ 29,666,785 $ 29,142,969 $ 42,746,343 $ 40,086,633
=============================================================
*Including undistributed net
investment income (loss) of: $ 8,792 $ 3,018 $ (260) $ --
=============================================================
Short-Term U.S.
Government Bond Fund
----------------------------
Six Months
Ended February Year Ended
28, 2005 August 31,
(Unaudited) 2004
----------------------------
Operations
Net investment income $ 140,027 $ 206,621
Net realized gain (loss) on investments (28,221) 8,934
Change in unrealized
appreciation (depreciation) of investments (176,000) (19,364)
----------------------------
Net increase in net assets resulting
from operations (64,194) 196,191
Distributions to Shareholders
Distributions from net investment income
Direct Shares (129,438) (203,269)
K Shares (8,131) (4,384)
Distributions from realized capital
gains on investments
Direct Shares (7,254) (14,053)
K Shares (669) (4)
Capital Share Transactions
Increase (decrease) in net assets
resulting from capital share transactions 1,131,965 (5,141,433)
----------------------------
Total increase (decrease) 922,279 (5,166,952)
Net Assets
Beginning of period 16,333,429 21,500,381
----------------------------
End of period * $ 17,255,708 $ 16,333,429
============================
*Including undistributed net
investment income (loss) of: $ 3,752 $ 1,294
============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
31
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
S&P 500 S&P MidCap
Index Fund Index Fund
------------------------------- ------------------------------
Six Months Six Months
Ended February Year Ended Ended February Year Ended
28, 2005 August 31, 28, 2005 August 31,
(Unaudited) 2004 (Unaudited) 2004
-----------------------------------------------------------------
Operations
Net investment income $ 1,227,793 $ 1,550,898 $ 549,517 $ 829,851
Net realized gain (loss) on investments 1,318,663 (187,936) 2,536,279 759,259
Net realized gain (loss) on futures contracts 91,481 454,361 1,014,046 903,501
Change in unrealized
appreciation (depreciation) of investments 7,880,370 9,198,454 13,708,431 10,585,959
Change in unrealized appreciation
(depreciation) of futures contracts (829) (60,572) 375,691 (206,760)
-----------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations 10,517,478 10,955,205 18,183,964 12,871,810
Distributions to Shareholders
Distributions from net investment income
Direct Shares (1,162,790) (1,490,099) (511,309) (786,784)
K Class (23,252) (4,752) (3,896) (1,247)
Distributions from realized capital
gains on investments
Direct Shares -- -- -- --
K Class -- -- -- --
Capital Share Transactions
Increase (decrease) in net assets
resulting from capital share transactions (4,347,302) 842,061 10,554,202 13,281,899
-----------------------------------------------------------------
Total increase (decrease) 4,984,134 10,302,415 28,222,961 25,365,678
Net Assets
Beginning of year 108,566,440 98,264,025 129,136,687 103,771,009
-----------------------------------------------------------------
End of year* $ 113,550,574 $ 108,566,440 $ 157,359,648 $ 129,136,687
=================================================================
*Including undistributed net
investment income of: $ 330,041 $ 288,290 $ 194,577 $ 160,265
=================================================================
S&P SmallCap
Index Fund
------------------------------
Six Months
Ended February Year Ended
28, 2005 August 31,
(Unaudited) 2004
------------------------------
Operations
Net investment income $ 73,552 $ 53,380
Net realized gain (loss) on investments 375,876 1,262,635
Net realized gain (loss) on futures contracts 215,054 44,823
Change in unrealized
appreciation (depreciation) of investments 3,944,651 1,277,943
Change in unrealized appreciation
(depreciation) of futures contracts 15,710 (20,844)
------------------------------
Net increase (decrease) in net
assets resulting from operations 4,624,843 2,617,937
Distributions to Shareholders
Distributions from net investment income
Direct Shares (60,222) (52,258)
K Class -- --
Distributions from realized capital
gains on investments
Direct Shares (986,194) (182,877)
K Class (155,275) (312)
Capital Share Transactions
Increase (decrease) in net assets
resulting from capital share transactions 2,095,526 2,534,475
------------------------------
Total increase (decrease) 5,518,678 4,916,965
Net Assets
Beginning of year 23,442,687 18,525,722
------------------------------
End of year* $ 28,961,365 $ 23,442,687
==============================
*Including undistributed net
investment income of: $ 21,031 $ 7,701
==============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
32
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
European Growth &
Equity Income Fund Income Fund
--------------------------- ----------------------------
Six Months Six Months
Ended February Year Ended Ended February Year Ended
28, 2005 August 31, 28, 2005 August 31,
(Unaudited) 2004 (Unaudited) 2004
--------------------------------------------------------------
Operations
Net investment income (loss) $ 136,817 $ 144,827 $ 25,587 $ 84,165
Net realized gain (loss) on investments 21 371,115 (7,260) (32,592)
Net realized gain on futures contracts 523,250 194,491 -- (28,906)
Change in unrealized appreciation
(depreciation) of investments 1,273,366 914,863 1,044,380 540,073
Change in unrealized appreciation
(depreciation) of future contracts (29,071) 3,000 -- --
--------------------------------------------------------------
Net increase in net assets resulting
from operations 1,904,383 1,628,296 1,062,707 562,740
Distributions to Shareholders
Distributions from net investment income
Direct Shares (124,490) (133,721) (17,947) (72,550)
K Shares (10,540) (956) (2,653) (6,306)
Capital Share Transactions
Increase in net assets
resulting from capital share transactions 1,365,357 3,295,317 698,318 1,251,172
--------------------------------------------------------------
Total increase 3,134,710 4,788,936 1,740,425 1,735,056
Net Assets
Beginning of period 14,606,769 9,817,833 5,099,454 3,364,398
--------------------------------------------------------------
End of period * $ 17,741,479 $ 14,606,769 $ 6,839,879 $ 5,099,454
==============================================================
*Including undistributed net
investment income of: $ 38,525 $ 36,738 $ 23,478 $ 18,491
==============================================================
Nasdaq-100 Index Fund
-----------------------------
Six Months
Ended February Year Ended
28, 2005 August 31,
(Unaudited) 2004
-----------------------------
Operations
Net investment income (loss) $ 140,684 $ (68,157)
Net realized gain (loss) on investments (735,600) (1,764,906)
Net realized gain on futures contracts 41,470 230,041
Change in unrealized appreciation
(depreciation) of investments 2,260,528 1,764,736
Change in unrealized appreciation
(depreciation) of future contracts (33,709) --
-----------------------------
Net increase in net assets resulting
from operations 1,673,373 161,714
Distributions to Shareholders
Distributions from net investment income
Direct Shares (61,994) --
K Shares (7,378) --
Capital Share Transactions
Increase in net assets
resulting from capital share transactions 469,349 909,458
-----------------------------
Total increase 2,073,350 1,071,172
Net Assets
Beginning of period 15,999,232 14,928,060
-----------------------------
End of period * $ 18,072,582 $ 15,999,232
=============================
*Including undistributed net
investment income of: $ 71,312 $ --
=============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
33
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
California Tax-Free Income Fund
--------------------------------------------------------------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
------------------------------ ------------------------------
Shares Value Shares Value
------------------------------ ------------------------------
Shares sold .......................... 500,209 $ 4,121,718 2,319,440 $ 29,827,911
Shares issued in reinvestment of
distributions ..................... 308,689 2,947,016 476,675 6,120,489
------------------------------ ------------------------------
808,898 7,068,734 2,796,115 35,948,400
Shares repurchased ................... (1,441,994) (15,506,360) (4,027,520) (51,656,584)
------------------------------ ------------------------------
Net increase (decrease) ........... (633,096) $ (8,437,626) (1,231,405) $(15,708,184)
============================== ==============================
California Insured Intermediate Fund
-------------------------------------------------------------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- ----------------------------
Shares Value Shares Value
----------------------------- ----------------------------
Shares sold .......................... 96,408 $ 548,922 257,322 $ 2,849,192
Shares issued in reinvestment of
distributions ..................... 26,436 205,417 61,776 678,067
----------------------------- ----------------------------
122,844 754,339 319,098 3,527,259
Shares repurchased ................... (203,099) (1,692,371) (502,444) (5,440,606)
----------------------------- ----------------------------
Net increase (decrease) ........... (80,255) $ (938,032) (183,346) $ (1,913,347)
============================= ============================
California Tax-Free
Money Market
-------------------
Six Months Ended
February 28, 2005 Year Ended
(Unaudited) August 31, 2004
------------ -------------
Shares/Value Shares/Value
------------ -------------
Shares sold ......................... 30,600,806 76,522,931
Shares issued in reinvestment of
distributions .................... 382,297 396,128
------------ -------------
30,983,103 76,919,059
Shares repurchased .................. (44,161,084) (72,543,035)
------------ -------------
Net increase (decrease) .......... (13,177,981) 4,376,024
============ =============
The United States Treasury Trust
Direct Shares K Shares
------------- --------
Six Months Ended Six Months Ended
February 28, 2005 Year Ended February 28, 2005 October 16, 2003*
(Unaudited) August 31, 2004 (Unaudited) to August 31, 2004
------------ ------------- -------------- ------------------
Shares/Value Shares/Value Shares/Value Shares/Value
------------ ------------- -------------- -------------
Shares sold .......................... 26,640,577 61,066,006 1,483,992 1,547,451
Shares issued in reinvestment of
distributions ..................... 222,394 249,705 4,624 740
------------ ------------- -------------- -------------
26,862,971 61,315,711 1,488,616 1,548,191
Shares repurchased ................... (25,016,301) (62,804,178) (672,620) (604,624)
------------ ------------- -------------- -------------
Net increase (decrease) ........... 1,846,670 (1,488,467) 815,996 943,567
============ ============= ============== =============
Short-Term U.S. Government Bond Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .......................... 432,016 $ 4,342,345 481,018 $ 4,867,152
---------------------------- -----------------------------
Shares issued in reinvestment of
distributions ...................... 10,442 104,527 20,567 207,999
---------------------------- -----------------------------
442,458 4,446,872 501,585 5,075,151
Shares repurchased ................... (351,556) (3,535,743) (1,131,001) (11,455,015)
---------------------------- -----------------------------
Net increase (decrease) ........... 90,902 $ 911,129 (629,416) $ (6,379,864)
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- --------------------------
Shares Value Shares Value
-------------------------- --------------------------
Shares sold .......................... 30,793 $ 303,175 134,312 $ 1,359,505
-------------------------- --------------------------
Shares issued in reinvestment of
distributions ...................... 698 6,993 434 4,388
-------------------------- --------------------------
31,491 310,168 134,746 1,363,893
Shares repurchased ................... (9,123) (89,332) (12,374) (125,462)
-------------------------- --------------------------
Net increase (decrease) ........... 22,368 $ 220,836 122,372 $ 1,238,431
========================== ==========================
* Commencement of operations
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
34
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
U.S. Government Securities Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .................... 250,592 $ 2,382,232 519,310 $ 5,527,064
Shares issued in reinvestment of
distributions ............... 30,258 461,409 92,069 971,074
---------------------------- -----------------------------
280,850 2,843,641 611,379 6,498,138
Shares repurchased ............. (345,059) (3,627,489) (1,012,163) (10,666,564)
---------------------------- -----------------------------
Net increase (decrease) ..... (64,209) $ (783,848) (400,784) $ (4,168,426)
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- ---------------------------
Shares Value Shares Value
--------------------------- ---------------------------
Shares sold .................... 178,738 $ 1,988,699 168,080 $ 1,774,698
Shares issued in reinvestment of
distributions ............... 5,109 53,899 1,864 19,687
--------------------------- ---------------------------
183,847 2,042,598 169,944 1,794,385
Shares repurchased ............. (27,153) (273,625) (11,353) (120,511)
--------------------------- ---------------------------
Net increase (decrease) ..... 156,694 $ 1,768,973 158,591 $ 1,673,874
=========================== ===========================
S&P 500 Index Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .................... 152,720 $ 2,389,204 605,048 $ 13,414,804
Shares issued in reinvestment of
distributions ............... 39,098 836,509 53,064 1,168,686
---------------------------- -----------------------------
191,818 3,225,713 658,112 14,583,490
Shares repurchased ............. (434,723) (8,778,178) (721,895) (16,024,303)
---------------------------- -----------------------------
Net increase (decrease) ..... (242,905) $ (5,552,465) (63,783) $ (1,440,813)
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- ---------------------------
Shares Value Shares Value
--------------------------- ---------------------------
Shares sold .................... 65,446 $ 1,464,099 111,723 $ 2,520,819
Shares issued in reinvestment of
distributions ............... 961 22,956 203 4,657
--------------------------- ---------------------------
66,407 1,487,055 111,926 2,525,476
Shares repurchased ............. (12,169) (281,892) (10,848) (242,602)
--------------------------- ---------------------------
Net increase (decrease) ..... 54,238 $ 1,205,163 101,078 $ 2,282,874
=========================== ===========================
S&P MidCap Index Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .................... 811,195 $ 15,486,397 1,579,147 $ 29,686,218
Shares issued in reinvestment of
distributions ............... 20,927 401,892 35,605 672,431
---------------------------- -----------------------------
832,122 15,888,289 1,614,752 30,358,649
Shares repurchased ............. (496,674) (6,372,235) (1,048,847) (19,578,331)
---------------------------- -----------------------------
Net increase (decrease) ..... 335,448 $ 9,516,054 565,905 $ 10,780,318
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- ---------------------------
Shares Value Shares Value
--------------------------- ---------------------------
Shares sold .................... 68,409 $ 1,369,173 136,362 $ 2,636,585
Shares issued in reinvestment of
distributions ............... 177 3,663 59 1,172
--------------------------- ---------------------------
68,586 1,372,836 136,421 2,637,757
Shares repurchased ............. (16,537) (328,854) (7,017) (136,176)
--------------------------- ---------------------------
Net increase (decrease) ..... 52,049 $ 1,043,982 129,404 $ 2,501,581
=========================== ===========================
* Commencement of operations
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
35
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
S&P SmallCap Index Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .................... 132,903 $ 1,811,865 355,453 $ 5,543,894
Shares issued in reinvestment of
distributions ............... 58,120 1,010,109 15,052 231,361
---------------------------- -----------------------------
191,023 2,821,974 370,505 5,775,255
Shares repurchased ............. (169,740) (2,379,674) (379,065) (5,979,330)
---------------------------- -----------------------------
Net increase (decrease) .. 21,283 $ 442,300 (8,560) $ (204,075)
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- ---------------------------
Shares Value Shares Value
--------------------------- ---------------------------
Shares sold .................... 111,378 $ 1,870,067 176,552 $ 2,833,369
Shares issued in reinvestment of
distributions ............... 8,807 155,275 20 312
--------------------------- ---------------------------
120,185 2,025,342 176,572 2,833,681
Shares repurchased ............. (21,520) (372,116) (5,888) (95,131)
--------------------------- ---------------------------
Net increase (decrease) .. 98,665 $ 1,653,226 170,684 $ 2,738,550
=========================== ===========================
Equity Income Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .................... 120,385 $ 1,772,907 285,655 $ 3,895,111
Shares issued in reinvestment of
distributions ............... 7,699 112,868 9,514 128,543
---------------------------- -----------------------------
128,084 1,885,775 295,169 4,023,654
Shares repurchased ............. (85,388) (1,234,307) (158,103) (2,170,526)
---------------------------- -----------------------------
Net increase (decrease) ..... 42,696 $ 651,468 137,066 $ 1,853,128
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- ---------------------------
Shares Value Shares Value
--------------------------- ---------------------------
Shares sold .................... 60,723 $ 878,384 110,644 $ 1,531,478
Shares issued in reinvestment of
distributions ............... 693 10,540 67 956
--------------------------- ---------------------------
61,416 888,924 110,711 1,532,434
Shares repurchased ............. (12,346) (175,035) (6,487) (90,245)
--------------------------- ---------------------------
Net increase (decrease) ..... 49,070 $ 713,889 104,224 $ 1,442,189
=========================== ===========================
European Growth & Income Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .................... 87,590 $ 608,420 468,370 $ 3,190,388
Shares issued in reinvestment of
distributions ............... 2,360 17,527 10,048 71,466
---------------------------- -----------------------------
89,950 625,947 478,418 3,261,854
Shares repurchased ............. (111,701) (747,723) (470,211) (3,215,473)
---------------------------- -----------------------------
Net increase (decrease) ..... (21,751) $ (121,776) 8,207 $ 46,381
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- ---------------------------
Shares Value Shares Value
--------------------------- ---------------------------
Shares sold .................... 141,683 $ 1,037,072 175,871 $ 1,282,465
Shares issued in reinvestment of
distributions ............... 365 2,681 860 6,308
--------------------------- ---------------------------
142,048 1,039,753 176,731 1,288,773
Shares repurchased ............. (33,910) (219,659) (11,271) (83,982)
--------------------------- ---------------------------
Net increase (decrease) ..... 108,138 $ 820,094 165,460 $ 1,204,791
=========================== ===========================
* Commencement of operations
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
36
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
Nasdaq-100 Index Fund
Direct Shares
-------------
Six Months Ended Year Ended
February 28, 2005 (Unaudited) August 31, 2004
----------------------------- -----------------------------
Shares Value Shares Value
---------------------------- -----------------------------
Shares sold .................... 364,420 $ 925,831 1,956,544 $ 7,041,214
Shares issued in reinvestment of
distributions ............... 15,068 68,857 -- --
---------------------------- -----------------------------
379,488 994,688 1,956,544 7,041,214
Shares repurchased ............. (490,369) (1,353,477) (2,189,504) (7,878,485)
---------------------------- -----------------------------
Net increase (decrease) ..... (110,881) $ (358,789) (232,960) $ (837,271)
============================ =============================
K Shares
--------
Six Months Ended October 16, 2003*
February 28, 2005 (Unaudited) to August 31, 2004
----------------------------- ---------------------------
Shares Value Shares Value
--------------------------- ---------------------------
Shares sold .................... 307,216 $ 1,133,884 514,305 $ 1,877,933
Shares issued in reinvestment of
distributions ............... 1,817 7,378 -- --
--------------------------- ---------------------------
309,033 1,141,262 514,305 1,877,933
Shares repurchased ............. (84,060) (313,124) (35,479) (131,204)
--------------------------- ---------------------------
Net increase (decrease) ..... 224,973 $ 828,138 478,826 $ 1,746,729
=========================== ===========================
* Commencement of operations
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
37
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
California Tax-Free Money Market Fund
Six Months
Ended
February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.006 0.005 0.007 0.011 0.026 0.029
LESS DISTRIBUTIONS
Dividends from net investment income (0.006) (0.005) (0.007) (0.011) (0.026) (0.029)
---------------------------------------------------------------------------------
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
=================================================================================
Total Return 0.59% 0.54% 0.70% 1.15% 2.66% 2.92%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 80,002 $ 93,180 $ 88,804 $ 93,371 $ 99,520 $ 102,848
Ratio of expenses to average net assets:
Before expense reimbursements 0.65%* 0.65% 0.65% 0.65% 0.63% 0.66%
After expense reimbursements 0.44%* 0.44% 0.43% 0.40% 0.40% 0.40%
Ratio of net investment income to
average net assets
Before expense reimbursements 0.98%* 0.33% 0.48% 0.90% 2.36% 2.63%
After expense reimbursements 1.19%* 0.54% 0.70% 1.15% 2.59% 2.89%
California Insured Intermediate Fund
Six Months
Ended
February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.98 $ 10.80 $ 11.22 $ 11.09 $ 10.72 $ 10.54
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.17 0.33 0.33 0.39 0.43 0.44
Net gain (loss) on securities (both
realized and unrealized) (0.12) 0.21 (0.21) 0.27 0.37 0.20
---------------------------------------------------------------------------------
Total from Investment Operations 0.05 0.54 0.12 0.66 0.80 0.64
---------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.17) (0.33) (0.33) (0.39) (0.43) (0.44)
Distributions from capital gains (0.02) (0.03) (0.21) (0.14) -- (0.02)
---------------------------------------------------------------------------------
Total distributions (0.19) (0.36) (0.54) (0.53) (0.43) (0.46)
---------------------------------------------------------------------------------
Net asset value, end of period $ 10.84 $ 10.98 $ 10.80 $ 11.22 $ 11.09 $ 10.72
=================================================================================
Total Return 0.48% 5.06% 1.03% 6.17% 7.66% 6.25%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 25,142 $ 26,353 $ 27,906 $ 27,105 $ 22,949 $ 22,878
Ratio of expenses to average net assets:
Before expense reimbursements 0.71%* 0.71% 0.71% 0.72% 0.71% 0.72%
After expense reimbursements 0.59%* 0.59% 0.58% 0.55% 0.55% 0.55%
Ratio of net investment income to
average net assets
Before expense reimbursements 3.03%* 2.85% 2.83% 3.43% 3.82% 3.93%
After expense reimbursements 3.16%* 2.97% 2.96% 3.60% 3.98% 4.10%
Portfolio Turnover -- 21.62% 22.45% 29.28% 24.35% 24.24%
* Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
38
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
California Tax-Free Income Fund
Six Months
Ended
February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.78 $ 12.66 $ 13.24 $ 13.17 $ 12.75 $ 12.40
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.25 0.50 0.50 0.52 0.55 0.55
Net gain (loss) on securities (both
realized and unrealized) (0.13) 0.22 (0.42) 0.18 0.44 0.41
---------------------------------------------------------------------------------
Total from Investment Operations 0.12 0.72 0.08 0.70 0.99 0.96
---------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.25) (0.50) (0.50) (0.52) (0.56) (0.55)
Distributions from capital gains (0.23) (0.10) (0.16) (0.11) (0.01) (0.06)
---------------------------------------------------------------------------------
Total distributions (0.48) (0.60) (0.66) (0.63) (0.57) (0.61)
---------------------------------------------------------------------------------
Net asset value, end of period $ 12.42 $ 12.78 $ 12.66 $ 13.24 $ 13.17 $ 12.75
=================================================================================
Total Return 0.90% 5.82% 0.61% 5.55% 7.98% 8.07%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 146,061 $ 158,327 $ 172,488 $ 206,909 $ 201,286 $ 196,786
Ratio of expenses to average net assets: 0.62%* 0.62% 0.61% 0.61% 0.63% 0.64%
Ratio of net investment income to
average net assets 3.95%* 3.86% 3.82% 4.11% 4.30% 4.54%
Portfolio Turnover 5.17% 11.64% 1.44% 22.94% 28.96% 18.05%
* Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
39
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
U.S. Government Securities Fund
Six Months
Ended
February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
Direct Shares 2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.60 $ 10.56 $ 10.73 $ 10.77 $ 10.33 $ 10.24
--------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.18 0.35 0.35 0.50 0.58 0.58
Net gain (loss) on securities (both
realized and unrealized) (0.07) 0.09 (0.08) 0.19 0.42 0.14
--------------------------------------------------------------------------------
Total from Investment Operations 0.11 0.44 0.27 0.69 1.00 0.72
--------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.18) (0.32) (0.44) (0.59) (0.56) (0.58)
Distributions from capital gains (0.09) (0.08) -- (0.14) -- (0.05)
--------------------------------------------------------------------------------
Total distributions (0.27) (0.40) (0.44) (0.73) (0.56) (0.63)
--------------------------------------------------------------------------------
Net asset value, end of period $ 10.44 $ 10.60 $ 10.56 $ 10.73 $ 10.77 $ 10.33
================================================================================
Total Return 1.03% 4.23% 2.52% 6.65% 9.94% 7.35%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period (in 000's) $ 26,359 $ 27,454 $ 31,585 $ 33,275 $ 27,265 $ 24,476
Ratio of expenses to average net assets:
Before expense reimbursements 0.74%* 0.75% 0.71% 0.71% 0.71% 0.72%
After expense reimbursements 0.65%* 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of net investment income to
average net assets
Before expense reimbursements 3.38%* 2.92% 3.22% 4.59% 5.32% 5.82%
After expense reimbursements 3.48%* 3.02% 3.28% 4.65% 5.38% 5.89%
Portfolio Turnover 6.83% 103.98% 39.29% 150.35% 209.58% 184.60%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 10.65 $ 10.55
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.13 0.23
Net gain (loss) on securities (both
realized and unrealized) (0.05) 0.15
----------------------------
Total from Investment Operations 0.08 0.38
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.15) (0.20)
Distributions from capital gains (0.09) (0.08)
----------------------------
Total distributions (0.24) (0.28)
----------------------------
Net asset value, end of period $ 10.49 $ 10.65
============================
Total Return 0.72% 3.66%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 3,308 $ 1,689
Ratio of expenses to average net assets:
Before expense reimbursements 1.24%* 1.25%*
After expense reimbursements 1.15%* 1.15%*
Ratio of net investment income to
average net assets
Before expense reimbursements 2.88%* 2.42%*
After expense reimbursements 2.98%* 2.52%*
Portfolio Turnover 6.83% 103.98%
* Annualized.
** Commencement of operations.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
40
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
The United States Treasury Trust
Six Months
Ended
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.007 0.006 0.008 0.017 0.047 0.050
LESS DISTRIBUTIONS
Dividends from net investment income (0.007) (0.006) (0.008) (0.017) (0.047) (0.050)
Distributions from capital gains 0.000(a) 0.000(a) 0.000(a) 0.000(a) -- --
Net asset value, end of period
---------------------------------------------------------------------------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
=================================================================================
Total Return 0.71% 0.63% 0.86% 1.70% 4.87% 5.12%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 40,987 $ 39,143 $ 40,635 $ 51,013 $ 59,760 $ 56,464
Ratio of expenses to average net assets:
Before expense reimbursements 0.70%* 0.71% 0.70% 0.67% 0.65% 0.66%
After expense reimbursements 0.39%* 0.36% 0.42% 0.42% 0.40% 0.40%
Ratio of net investment income to
average net assets
Before expense reimbursements 1.12%* 0.28% 0.56% 1.45% 4.48% 4.76%
After expense reimbursements 1.43%* 0.63% 0.84% 1.70% 4.73% 5.02%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 1.000 $ 1.000
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.004 0.001
LESS DISTRIBUTIONS
Dividends from net investment income (0.004) (0.001)
Distributions from capital gains 0.000(a) 0.000(a)
----------------------------
Net asset value, end of period $ 1.000 $ 1.000
============================
Total Return 0.46% 0.12%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 1,760 $ 944
Ratio of expenses to average net assets:
Before expense reimbursements 1.20%* 1.21%*
After expense reimbursements 0.89%* 0.86%*
Ratio of net investment income to
average net assets
Before expense reimbursements 0.62%* (0.22)%*
After expense reimbursements 0.93%* 0.13%*
* Annualized.
** Commencement of operations.
(a) Represents less than $0.001 per share
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
41
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
Short-Term U.S. Government Bond Fund
Six Months
Ended January 18,
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended 2000** to
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.09 $ 10.11 $ 10.17 $ 10.24 $ 10.05 $ 10.00
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.08 0.11 0.18 0.30 0.53 0.36
Net gain on securities (both
realized and unrealized) (0.12) -- (0.06) 0.09 0.21 0.05
---------------------------------------------------------------------------------
Total from Investment Operations (0.04) 0.11 0.12 0.39 0.74 0.41
---------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.09) (0.12) (0.18) (0.30) (0.55) (0.36)
Distributions from capital gains (0.00)(a) (0.01) -- (0.16) (0.00) --
---------------------------------------------------------------------------------
Total distributions (0.09) (0.13) (0.18) (0.46) (0.55) (0.36)
---------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 10.09 $ 10.11 $ 10.17 $ 10.24 $ 10.05
=================================================================================
Total Return -0.39% 1.06% 1.17% 3.90% 7.58% 4.15%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 15,813 $ 15,098 $ 21,500 $ 10,942 $ 11,623 $ 5,432
Ratio of expenses to average net assets:
Before expense reimbursements 0.80%* 0.80% 0.80% 0.82% 0.86% 1.26%*
After expense reimbursements 0.50%* 0.50% 0.49% 0.43% 0.30% 0.09%*
Ratio of net investment income to
average net assets
Before expense reimbursements 1.45%* 0.85% 1.35% 2.57% 4.63% 5.02%*
After expense reimbursements 1.76%* 1.15% 1.66% 2.96% 5.19% 6.19%*
Portfolio Turnover 59.19% 62.58% 74.45% 119.61% 64.56% --
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 10.10 $ 10.12
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.06 0.05
Net gain on securities (both
realized and unrealized) (0.13) (0.01)
----------------------------
Total from Investment Operations (0.07) 0.04
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.06) (0.05)
Distributions from capital gains (0.00)(a) (0.01)
----------------------------
Total distributions (0.06) (0.06)
----------------------------
Net asset value, end of period $ 9.97 $ 10.10
============================
Total Return -0.65% 0.41%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 1,443 $ 1,235
Ratio of expenses to average net assets:
Before expense reimbursements 1.30%* 1.30%*
After expense reimbursements 1.00%* 1.00%*
Ratio of net investment income to
average net assets
Before expense reimbursements 0.95%* 0.35%*
After expense reimbursements 1.26%* 0.65%*
Portfolio Turnover 59.19% 62.58%
* Annualized.
** Commencement of operations.
(a) Represents less than $0.01 per share
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
42
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
S&P 500 Index Fund
Six Months
Ended
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 22.32 $ 20.36 $ 18.48 $ 22.79 $ 30.84 $ 28.12
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.27 0.32 0.29 0.29 0.34 0.38
Net gain (loss) on securities (both
realized and unrealized) 1.94 1.95 1.89 (4.31) (7.64) 4.06
---------------------------------------------------------------------------------
Total from Investment Operations 2.21 2.27 2.18 (4.02) (7.30) 4.44
---------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.25) (0.31) (0.30) (0.29) (0.34) (0.40)
Distributions from capital gains -- -- -- -- (0.41) (1.32)
---------------------------------------------------------------------------------
Total distributions (0.25) (0.31) (0.30) (0.29) (0.75) (1.72)
---------------------------------------------------------------------------------
Net asset value, end of period $ 24.28 $ 22.32 $ 20.36 $ 18.48 $ 22.79 $ 30.84
=================================================================================
Total Return 9.94% 11.16% 12.03% (17.83)% (23.93)% 16.38%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 109,767 $ 106,305 $ 98,264 $ 93,961 $ 141,390 $ 165,891
Ratio of expenses to average net assets:
Before expense reimbursements 0.45%* 0.43% 0.45% 0.41% 0.39% 0.40%
After expense reimbursements 0.27%* 0.27% 0.25% 0.20% 0.20% 0.20%
Ratio of net investment income to
average net assets
Before expense reimbursements 2.05%* 1.27% 1.35% 1.30% 1.16% 1.11%
After expense reimbursements 2.23%* 1.43% 1.55% 1.51% 1.35% 1.31%
Portfolio Turnover 1.18% 2.00% 3.63% 31.12% 6.26% 9.00%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 22.37 $ 21.17
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.18 0.12
Net gain on securities (both
realized and unrealized) 1.98 1.16
----------------------------
Total from Investment Operations 2.16 1.28
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.17) (0.08)
Distributions from capital gains -- --
----------------------------
Total distributions (0.17) (0.08)
----------------------------
Net asset value, end of period $ 24.36 $ 22.37
============================
Total Return 9.68% 6.05%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 3,784 $ 2,261
Ratio of expenses to average net assets:
Before expense reimbursements 0.95%* 0.93%*
After expense reimbursements 0.77%* 0.77%*
Ratio of net investment income to
average net assets
Before expense reimbursements 1.55%* 0.77%*
After expense reimbursements 1.73%* 0.93%*
Portfolio Turnover 1.18% 2.00%
* Annualized.
** Commencement of operations.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
43
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
S&P MidCap Index Fund
Six Months
Ended
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.00 $ 17.01 $ 14.60 $ 16.18 $ 20.75 $ 18.70
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.08 0.13 0.12 0.05 0.17 0.22
Net gain on securities (both
realized and unrealized) 2.91 1.98 2.41 (1.54) (1.66) 6.05
---------------------------------------------------------------------------------
Total from Investment Operations 2.99 2.11 2.53 (1.49) (1.49) 6.27
---------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.08) (0.12) (0.12) (0.03) (0.18) (0.21)
Distributions from capital gains -- -- -- (0.06) (2.90) (4.01)
---------------------------------------------------------------------------------
Total distributions (0.08) (0.12) (0.12) (0.09) (3.08) (4.22)
---------------------------------------------------------------------------------
Net asset value, end of period $ 21.91 $ 19.00 $ 17.01 $ 14.60 $ 16.18 $ 20.75
=================================================================================
Total Return 15.73% 12.44% 17.46% (8.77)% (6.56)% 40.44%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 153,385 $ 126,678 $ 103,771 $ 96,590 $ 83,293 $ 74,749
Ratio of expenses to average net assets:
Before expense reimbursements 0.58%* 0.58% 0.58% 0.58% 0.56% 0.57%
After expense reimbursements 0.49%* 0.49% 0.46% 0.40% 0.40% 0.40%
Ratio of net investment income to
average net assets
Before expense reimbursements 0.69%* 0.60% 0.66% 0.78% 0.84% 1.03%
After expense reimbursements 0.78%* 0.69% 0.78% 0.96% 1.00% 1.20%
Portfolio Turnover 8.75% 12.75% 8.33% 21.73% 39.41% 46.23%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 19.00 $ 17.78
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05
Net gain (loss) on securities (both
realized and unrealized) 2.90 1.19
----------------------------
Total from Investment Operations 2.93 1.24
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.02) (0.02)
Distributions from capital gains -- --
----------------------------
Total distributions (0.02) (0.02)
----------------------------
Net asset value, end of period $ 21.91 $ 19.00
============================
Total Return 15.45% 6.96%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 3,975 $ 2,459
Ratio of expenses to average net assets:
Before expense reimbursements 1.08%* 1.08%*
After expense reimbursements 0.99%* 0.99%*
Ratio of net investment income to
average net assets
Before expense reimbursements 0.19%* 0.10%*
After expense reimbursements 0.28%* 0.19%*
Portfolio Turnover 8.75% 12.75%
* Annualized.
** Commencement of operations.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
44
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
S&P SmallCap Index Fund
Six Months
Ended
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 15.85 $ 14.07 $ 11.60 $ 12.89 $ 14.09 $ 11.46
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.05 0.04 0.03 0.03 0.11 0.12
Net gain (loss) on securities (both
realized and unrealized) 3.00 1.92 2.51 (1.28) (0.55) 3.14
---------------------------------------------------------------------------------
Total from Investment Operations 3.05 1.96 2.54 (1.25) (0.44) 3.26
---------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.04) (0.04) (0.03) (0.04) (0.12) (0.10)
Distributions from capital gains (0.76) (0.14) (0.04) -- (0.64) (0.53)
---------------------------------------------------------------------------------
Total distributions (0.80) (0.18) (0.07) (0.04) (0.76) (0.63)
---------------------------------------------------------------------------------
Net asset value, end of period $ 18.10 $ 15.85 $ 14.07 $ 11.60 $ 12.89 $ 14.09
=================================================================================
Total Return 19.39% 13.93% 22.04% (9.69)% (2.59)% 29.63%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 24,072 $ 20,742 $ 18,526 $ 15,813 $ 14,226 $ 12,863
Ratio of expenses to average net assets:
Before expense reimbursements 0.80%* 0.82% 0.88% 0.88% 0.92% 1.00%*
After expense reimbursements 0.65%* 0.65% 0.65% 0.65% 0.65% 0.65%*
Ratio of net investment income (loss)
to average net assets
Before expense reimbursements 0.47%* 0.09% 0.08% 0.00% 0.54% 0.58%*
After expense reimbursements 0.63%* 0.26% 0.31% 0.23% 0.81% 0.93%*
Portfolio Turnover 2.94% 14.60% 16.51% 17.64% 41.91% 37.21%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 15.82 $ 14.78
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 (0.01)
Net gain on securities (both
realized and unrealized) 3.08 1.19
----------------------------
Total from Investment Operations 3.09 1.18
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income -- --
Distributions from capital gains (0.76) (0.14)
----------------------------
Total distributions (0.76) (0.14)
----------------------------
Net asset value, end of period $ 18.15 $ 15.82
============================
Total Return 19.65% 7.99%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 4,890 $ 2,700
Ratio of expenses to average net assets:
Before expense reimbursements 1.30%* 1.32%*
After expense reimbursements 1.15%* 1.15%*
Ratio of net investment income to
average net assets
Before expense reimbursements (0.03)%* (0.41)%*
After expense reimbursements 0.13%* (0.24)%*
Portfolio Turnover 2.94% 14.60%
* Annualized.
** Commencement of operations.
(a) Represents less than $0.01 per share
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
45
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
Equity Income Fund
Six Months
Ended
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended Year Ended
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
----------------------------------------------------------------------------------
Net asset value, beginning of period $ 14.07 $ 12.32 $ 11.38 $ 12.21 $ 14.81 $ 14.38
----------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.13 0.20 0.15 0.17 0.28 0.36
Net gain (loss) on securities (both
realized and unrealized) 1.63 1.70 0.94 (0.83) (2.46) 0.76
----------------------------------------------------------------------------------
Total from Investment Operations 1.76 1.90 1.09 (0.66) (2.18) 1.12
----------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.13) (0.15) (0.15) (0.17) (0.39) (0.27)
Distributions from capital gains -- -- -- -- (0.03) (0.42)
----------------------------------------------------------------------------------
Total distributions (0.13) (0.15) (0.15) (0.17) (0.42) (0.69)
----------------------------------------------------------------------------------
Net asset value, end of period $ 15.70 $ 14.07 $ 12.32 $ 11.38 $ 12.21 $ 14.81
==================================================================================
Total Return 12.55% 15.51% 9.77% (5.46)% (14.94)% 8.23%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 15,327 $ 13,137 $ 9,818 $ 8,261 $ 8,794 $ 11,813
Ratio of expenses to average net assets:
Before expense reimbursements 0.84%* 0.90% 0.95% 0.91% 0.94% 0.98%
After expense reimbursements 0.80%* 0.80% 0.80% 0.80% 0.80% 0.80%
Ratio of net investment income to
average net assets
Before expense reimbursements 1.71%* 1.04% 1.24% 1.33% 1.96% 2.49%
After expense reimbursements 1.75%* 1.14% 1.39% 1.44% 2.10% 2.67%
Portfolio Turnover -- 14.43% 30.01% 69.43% 73.50% 38.34%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 14.10 $ 12.90
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.08 0.01
Net gain on securities (both
realized and unrealized) 1.66 1.21
----------------------------
Total from Investment Operations 1.74 1.22
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.09) (0.02)
Distributions from capital gains -- --
----------------------------
Total distributions (0.09) (0.02)
----------------------------
Net asset value, end of period $ 15.75 $ 14.10
============================
Total Return 12.34% 9.47%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 2,414 $ 1,470
Ratio of expenses to average net assets:
Before expense reimbursements 1.34%* 1.40%*
After expense reimbursements 1.30%* 1.30%*
Ratio of net investment income to
average net assets
Before expense reimbursements 1.21%* 0.54%*
After expense reimbursements 1.25%* 0.64%*
Portfolio Turnover -- 14.43%
* Annualized.
** Commencement of operations.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
46
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
European Growth & Income Fund
Six Months
Ended January 18,
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended 2000** to
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 7.10 $ 6.18 $ 5.80 $ 7.13 $ 9.59 $ 10.00
--------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.04 0.16 0.11 0.10 0.08 0.09
Net gain (loss) on securities (both
realized and unrealized) 1.38 0.89 0.35 (1.34) (2.46) (0.45)
--------------------------------------------------------------------------------
Total from Investment Operations 1.42 1.05 0.46 (1.24) (2.38) (0.36)
--------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.03) (0.13) (0.08) (0.09) (0.08) (0.05)
Distributions from capital gains -- -- -- -- -- --
--------------------------------------------------------------------------------
Total distributions (0.03) (0.13) (0.08) (0.09) (0.08) (0.05)
--------------------------------------------------------------------------------
Net asset value, end of period $ 8.49 $ 7.10 $ 6.18 $ 5.80 $ 7.13 $ 9.59
================================================================================
Total Return 20.13% 17.04% 8.17% (17.50)% (24.87)% (3.59)%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 4,508 $ 3,923 $ 3,364 $ 2,357 $ 2,106 $ 1,505
Ratio of expenses to average net assets:
Before expense reimbursements 1.47%* 1.72% 1.99% 1.99% 2.17% 3.99%*
After expense reimbursements 0.95%* 0.95% 0.95% 0.95% 0.95% 0.95%*
Ratio of net investment income (loss) to
average net assets
Before expense reimbursements 0.45%* 1.17% 0.83% 0.30% (0.18)% (1.53)%*
After expense reimbursements 0.96%* 1.94% 1.87% 1.34% 1.04% 1.51%*
Portfolio Turnover 1.78% 2.01% 0.00% 9.70% 19.75% 114.30%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 7.11 $ 6.61
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.08
Net gain on securities (both
realized and unrealized) 1.40 0.48
----------------------------
Total from Investment Operations 1.42 0.56
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.01) (0.06)
Distributions from capital gains -- --
----------------------------
Total distributions (0.01) (0.06)
----------------------------
Net asset value, end of period $ 8.52 $ 7.11
============================
Total Return 20.06% 8.43%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 2,332 $ 1,177
Ratio of expenses to average net assets:
Before expense reimbursements 1.97%* 2.22%*
After expense reimbursements 1.45%* 1.45%*
Ratio of net investment income (loss) to
average net assets
Before expense reimbursements (0.05)%* 0.67%*
After expense reimbursements 0.46%* 1.44%*
Portfolio Turnover 1.78% 2.01%
* Annualized.
** Commencement of operations.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
47
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(CONTINUED)
- --------------------------------------------------------------------------------
Nasdaq-100 Index Fund
Six Months
Ended January 18,
Direct Shares February 28, Year Ended Year Ended Year Ended Year Ended 2000** to
2005 August 31, August 31, August 31, August 31, August 31,
(Unaudited) 2004 2003 2002 2001 2000
---------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.46 $ 3.41 $ 2.41 $ 3.75 $ 10.67 $ 10.00
---------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 (0.01) (0.01) - (a) 0.05 0.03
Net gain (loss) on securities (both
realized and unrealized) 0.34 0.06 1.01 (1.33) (6.84) 0.67
---------------------------------------------------------------------------------
Total from Investment Operations 0.37 0.05 1.00 (1.33) (6.79) 0.70
---------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.02) -- -- (0.01) (0.08) (0.03)
Distributions from capital gains -- -- -- -- (0.05) --
---------------------------------------------------------------------------------
Total distributions (0.02) -- -- (0.01) (0.13) (0.03)
---------------------------------------------------------------------------------
Net asset value, end of period $ 3.81 $ 3.46 $ 3.41 $ 2.41 $ 3.75 $ 10.67
=================================================================================
Total Return 10.53% 1.47% 41.49% (35.61)% (64.26)% 7.02%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 15,397 $ 14,349 $ 14,928 $ 9,191 $ 11,390 $ 14,498
Ratio of expenses to average net assets:
Before expense reimbursements 0.92%* 0.91% 1.05% 0.99% 0.90% 0.99%*
After expense reimbursements 0.65%* 0.65% 0.65% 0.64% 0.65% 0.65%*
Ratio of net investment income (loss) to
average net assets
Before expense reimbursements 1.40%* (0.62)% (0.80)% (0.45)% 0.14% 0.54%*
After expense reimbursements 1.67%* (0.36)% (0.40)% (0.10)% 0.39% 0.88%*
Portfolio Turnover 5.87% 8.82% 8.64% 4.18% 13.82% 0.62%
Six Months
Ended
K Shares February 28, October 16,
2005 2003** to
(Unaudited) August 31, 2004
----------------------------
Net asset value, beginning of period $ 3.45 $ 3.62
----------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 (0.01)
Net gain on securities (both
realized and unrealized) 0.34 (0.16)
----------------------------
Total from Investment Operations 0.36 (0.17)
----------------------------
LESS DISTRIBUTIONS
Dividends from net investment income (0.01) --
Distributions from capital gains -- --
----------------------------
Total distributions (0.01) --
----------------------------
Net asset value, end of period $ 3.80 $ 3.45
============================
Total Return 10.48% (4.70)%
RATIOS/SUPPLEMENTAL DATA
Net Assets, end of period ( in 000's) $ 2,675 $ 1,651
Ratio of expenses to average net assets:
Before expense reimbursements 1.42%* 1.41%*
After expense reimbursements 1.15%* 1.15%*
Ratio of net investment income (loss) to
average net assets
Before expense reimbursements 0.90%* (1.12)%*
After expense reimbursements 1.17%* (0.86)%*
Portfolio Turnover 5.87% 8.82%
* Annualized.
** Commencement of operations.
(a) Represents less than $0.01 per share
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
48
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE MONEY MARKET FUND 2/28/2005
Percentage
of Total
Security Description Value Investment
- ------------------------------------------------------------------------------------------------------------------------------------
1 CALIFORNIA, STATE OF Revenue Anticipation Notes; Series A $3,010,527 3.8%
2 CALIFORNIA STATE ECONOMIC RECOVERY Revenue Bonds; Series C-6 2,200,000 2.8%
3 SAN DIEGO COUNTY SCHOOL DISTRICT Tax and Revenue Anticipation Notes 2,013,069 2.6%
4 LOS ANGELES, COUNTY OF Tax and Revenue Anticipation Notes 2,009,135 2.5%
5 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY University of Southern California; Series C 2,000,000 2.5%
6 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY Scripps Hospital; Series B 2,000,000 2.5%
7 CALIFORNIA, STATE OF General Obligation Bonds; Series 2003C-1 2,000,000 2.5%
8 CHINO BASIN REGIONAL FINANCING AUTHORITY Revenue Bonds; Series A 2,000,000 2.5%
9 EAST BAY MUNICIPAL UTILITY DISTRICT Water Series Revenue Bonds 2,000,000 2.5%
10 KERN, COUNTY OF Tax revenue Refunding Bonds; 1993 Series A 2,000,000 2.5%
11 LOS ANGELES, COUNTY OF Pension Obligation Refunding Bonds 2,000,000 2.5%
12 LOS ANGELES, COUNTY OF Pension Obligation Refunding Bonds 2,000,000 2.5%
13 LOS ANGELES COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Refunding Bonds, 1992; Series A 2,000,000 2.5%
14 LOS ANGELES DEPARTMENT OF WATER & POWER Power Systems; Subseries A-3 2,000,000 2.5%
15 ORANGE COUNTY WATER DISTRICT Certificates of Participation; Series A 2,000,000 2.5%
16 RIVERSIDE, COUNTY OF Community Facilities District 89-5, Special Tax 2,000,000 2.5%
17 SANTA CLARA COUNTY FINANCING AUTHORITY Lease Revenue 2,000,000 2.5%
18 UNIVERSITY OF CALIFORNIA BOARD OF REGENTS Commercial Paper Notes; Series A 2,000,000 2.5%
19 WILLIAM S. HART UNION HIGH SCHOOL DISTRICT School Facility Bridge Funding Program 2,000,000 2.5%
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
[BAR CHART OMITTED]
-----------------------------------------------------
Variable Rate Demand Notes 76.2%
-----------------------------------------------------
Tax and Revenue Anticipation Notes 17.4%
-----------------------------------------------------
Commercial Paper 5.0%
-----------------------------------------------------
Other Net Assets 1.4%
-----------------------------------------------------
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
------------------------------------------------------------------------------------------------------
Beginning Expenses
DIRECT SHARES Account Value Ending Account Value Paid During
September 1, 2004 February 28, 2005 Period*
------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,006 $2.64
------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,047 $2.69
------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (0.53%) for the
fiscal year, multiplied by the average account value over the
period, multiplied by the number of days in the most recent fiscal
half-year, then divided by 365.
49
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA INSURED INTERMEDIATE FUND 2/28/2005
Percentage
of Total
Security Description Value Investment
- ------------------------------------------------------------------------------------------------------------------------------------
1 IRVINE, CITY OF Special Assessment; Series A $1,100,000 4.4%
2 MONTEREY, COUNTY OF Certificates of Participation 663,312 2.7%
3 CALIFORNIA STATE ECONOMIC RECOVERY General Obligation; Series A 660,072 2.7%
4 IMPERIAL IRRIGATION DISTRICT Certificates of Participation; 1997 Capital Projects 659,160 2.7%
5 OAK PARK UNIFIED SCHOOL DISTRICT General Obligation; Refunding Bonds 633,084 2.6%
6 EASTERN MUNICIPAL WATER DISTRICT Certificates of Participation; Series A 608,905 2.5%
7 FRESNO, CITY OF Water System Revenue Refunding; Series A 578,035 2.3%
8 CASTAIC LAKE WATER AGENCY Certificates of Participation; Series A 576,890 2.3%
9 FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT General Obligation 567,850 2.3%
10 THE REGENTS OF THE UNIVERSITY OF CALIFORNIA Multiple Purpose Projects; Series O 567,160 2.3%
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
[BAR CHART OMITTED]
-----------------------------------------------------
Long Term Securities 92.3%
-----------------------------------------------------
Variable Rate Demand Notes 6.4%
-----------------------------------------------------
Other Net Assets 1.3%
-----------------------------------------------------
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
------------------------------------------------------------------------------------------------------
Beginning Expenses
DIRECT SHARES Account Value Ending Account Value Paid During
September 1, 2004 February 28, 2005 Period*
------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,005 $3.38
------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,047 $3.45
------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (0.68%) for the
fiscal year, multiplied by the average account value over the
period, multiplied by the number of days in the most recent fiscal
half-year, then divided by 365.
50
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA TAX-FREE INCOME FUND 2/28/2005
Percentage
of Total
Security Description Value Investment
- ------------------------------------------------------------------------------------------------------------------------------------
1 CALIFORNIA STATE PUBLIC WORKS BOARD University of California Projects; 1993 Series A $5,577,950 3.9%
2 SANTA CLARA REDEVELOPMENT AGENCY Bayshore North Project, 1992 Tax Allocation
Refunding Bonds 4,526,600 3.1%
3 SACRAMENTO MUNICIPAL UTILITY DISTRICT Refunding Revenue Bonds; Series A 4,520,400 3.1%
4 SAN MATEO COUNTY TRANSPORTATION DISTRICT Sales Tax Revenue Bonds; Series A 4,363,760 3.0%
5 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY Power Project Revenue Bonds 4,286,585 3.0%
6 LOS ANGELES COMMUNITY REDEVELOPMENT
FINANCING AUTHORITY Bunker Hill Project; Series A 4,178,800 2.9%
7 LOS ANGELES COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Refunding Bonds, 1991; Series B 4,001,935 2.8%
8 SAN FRANCISCO BAY AREA TRANSIT FINANCING
AUTHORITY Sales Tax Revenue Refunding Bonds; Series 1990 3,535,369 2.4%
9 CALIFORNIA, STATE OF General Obligation 3,433,320 2.4%
10 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY Stanford University; Series P 3,405,750 2.4%
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
[BAR CHART OMITTED]
-----------------------------------------------------
Long Term Securities 96.9%
-----------------------------------------------------
Variable Rate Demand Notes 2.2%
-----------------------------------------------------
Other Net Assets 0.9%
-----------------------------------------------------
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
------------------------------------------------------------------------------------------------------
Beginning Expenses
DIRECT SHARES Account Value Ending Account Value Paid During
September 1, 2004 February 28, 2005 Period*
------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,009 $3.54
------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,046 $3.60
------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (0.71%) for the fiscal
year, multiplied by the average account value over the period, multiplied
by the number of days in the most recent fiscal half-year, then divided by
365.
51
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES FUND 2/28/2005
Percentage
of Total
Security Description Maturity Value Investment
- ------------------------------------------------------------------------------------------------------------------------------------
1 United States Treasury Bonds 11/15/2022 $2,682,110 9.1%
2 United States Treasury Bills 3/3/2005 2,599,699 8.8%
3 United States Treasury Notes 5/15/2005 2,016,252 6.9%
4 Government National Mortgage Association 2/15/2019 1,883,437 6.4%
5 Government National Mortgage Association 9/15/2018 1,826,790 6.2%
6 Government National Mortgage Association 2/15/2019 1,786,404 6.1%
7 Government National Mortgage Association 2/15/2019 1,751,147 6.0%
8 Government National Mortgage Association 1/15/2019 1,748,177 5.9%
9 Government National Mortgage Association 1/15/2019 1,735,995 5.9%
10 United States Treasury Bond 5/15/2016 1,613,981 5.5%
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the invest- ment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and
to compare these costs with the ongoing costs of investing in other mutual
funds. The examples below are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
[BAR CHART OMITTED]
-----------------------------------------------------
Government National Mortgage Association 56.9%
-----------------------------------------------------
United States Treasury Bills 15.5%
-----------------------------------------------------
United States Treasury Notes 12.4%
-----------------------------------------------------
United States Treasury Bonds 14.5%
-----------------------------------------------------
Other Net Assets 0.7%
-----------------------------------------------------
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
---------------------------------------- ----------------------------------------
DIRECT SHARES K SHARES
---------------------------------------- ----------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,010 $3.69 $1,000 $1,007 $6.17
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,046 $3.75 $1,000 $1,044 $6.28
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.74%; K
Shares 1.24%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
52
- ------------------------------------------------------------------------------------------------------------------------------------
THE UNITED STATES TREASURY TRUST 2/28/2005
Percentage
of Total
Security Description Maturity Value Investment
- ------------------------------------------------------------------------------------------------------------------------------------
1 United States Treasury Bills 3/3/2005 $14,298,395 33.5%
2 United States Treasury Bills 4/7/2005 10,974,864 25.7%
3 United States Treasury Bills 6/9/2005 8,936,625 20.9%
4 United States Treasury Bills 5/5/2005 8,463,861 19.8%
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
[BAR CHART OMITTED]
-----------------------------------------------------
United States Treasury Bills 99.8%
-----------------------------------------------------
Other Net Assets 0.2%
-----------------------------------------------------
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
---------------------------------------- ----------------------------------------
DIRECT SHARES K SHARES
---------------------------------------- ----------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,007 $2.64 $1,000 $1,005 $5.12
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,047 $2.69 $1,000 $1,045 $5.22
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.53%; K
Shares 1.03%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
53
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT BOND FUND 2/28/2005
Percentage
of Total
Security Description Maturity Value Investment
- ------------------------------------------------------------------------------------------------------------------------------------
1 United States Treasury Notes 11/15/2005 $4,074,064 23.9%
2 United States Treasury Notes 8/15/2007 3,621,812 21.2%
3 United States Treasury Notes 5/15/2007 2,126,876 12.5%
4 United States Treasury Notes 10/15/2006 2,094,376 12.3%
5 United States Treasury Notes 2/15/2006 2,046,172 12.0%
6 Government National Mortgage Association 11/20/2034 975,659 5.7%
7 Government National Mortgage Association 6/20/2034 923,526 5.4%
8 United States Treasury Bills 3/3/2005 699,915 4.1%
9 United States Treasury Bills 6/9/2005 297,888 1.7%
10 United States Treasury Bills 4/7/2005 199,543 1.2%
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
[BAR CHART OMITTED]
-----------------------------------------------------
Government National Mortgage Association 11.0%
-----------------------------------------------------
United States Treasury Bills 6.9%
-----------------------------------------------------
United States Treasury Notes 80.9%
-----------------------------------------------------
Other Net Assets 1.2%
-----------------------------------------------------
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
---------------------------------------- ----------------------------------------
DIRECT SHARES K SHARES
---------------------------------------- ----------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $996 $2.92 $1,000 $994 $5.39
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,047 $2.99 $1,000 $1,045 $5.53
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.59%; K
Shares 1.09%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
54
- --------------------------------------------------------------------------------
S&P 500 INDEX FUND 2/28/2005
Percentage
of Total
Security Value Investment
- --------------------------------------------------------------------------------
1 Exxon Mobil Corp. $4,137,815 3.7%
2 General Electric Co. 3,697,866 3.3%
3 Microsoft Corp. 2,750,487 2.4%
4 Citigroup Inc. 2,483,540 2.2%
5 Wal-Mart Stores Inc. 2,199,721 1.9%
6 Pfizer Inc. 1,994,333 1.8%
7 Johnson & Johnson. 1,956,126 1.7%
8 Bank of America Corp. 1,906,352 1.7%
9 American International Group Inc. 1,748,490 1.5%
10 International Business Machines Corp. 1,558,121 1.4%
[BAR CHART OMITTED]
-----------------------------------------------------
S&P 500 CIT
-----------------------------------------------------
Basic Materials 3.1% 3.1%
-----------------------------------------------------
Communications 10.3% 10.0%
-----------------------------------------------------
Consumer Cyclical 9.8% 9.9%
-----------------------------------------------------
Consumer Non-Cyclical 21.4% 21.6%
-----------------------------------------------------
Energy 8.7% 8.7%
-----------------------------------------------------
Financial 20.1% 20.0%
-----------------------------------------------------
Industrial 11.5% 11.5%
-----------------------------------------------------
Technology 12.1% 12.1%
-----------------------------------------------------
Utility 3.1% 3.1%
-----------------------------------------------------
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
----------------------------------------- ----------------------------------------
DIRECT SHARES K SHARES
----------------------------------------- ----------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,099 $1.87 $1,000 $1,097 $4.47
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,048 $1.83 $1,000 $1,046 $4.36
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.36%; K
Shares 0.86%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
55
- --------------------------------------------------------------------------------
S&P MIDCAP INDEX FUND 2/28/2005
Percentage
of Total
Security Value Investment
- --------------------------------------------------------------------------------
1 DR Horton Inc. $1,385,923 0.9%
2 Lennar Corp. 1,288,897 0.9%
3 Murphy Oil Corp. 1,249,900 0.8%
4 Washington Post Co./The 1,166,502 0.8%
5 Lyondell Chemical Co. 1,109,806 0.7%
6 Legg Mason Inc. 1,103,155 0.7%
7 Weatherford International Ltd. 1,080,610 0.7%
8 Fidelity National Financial, Inc. 1,043,356 0.7%
9 Harman International Industries, Inc. 1,005,941 0.7%
10 Patterson Cos Inc. 921,692 0.6%
[BAR CHART OMITTED]
-----------------------------------------------------
S&P 400 CIT
-----------------------------------------------------
Basic Materials 3.9% 3.8%
-----------------------------------------------------
Communications 5.5% 5.5%
-----------------------------------------------------
Consumer Cyclical 18.3% 18.5%
-----------------------------------------------------
Consumer Non-Cyclical 19.3% 19.2%
-----------------------------------------------------
Diversified 0.3% 0.3%
-----------------------------------------------------
Energy 9.6% 9.5%
-----------------------------------------------------
Financial 16.5% 16.8%
-----------------------------------------------------
Industrial 11.6% 11.4%
-----------------------------------------------------
Technology 9.2% 9.2%
-----------------------------------------------------
Utility 5.8% 5.7%
-----------------------------------------------------
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
-------------------------------------- ------------------------------------------
DIRECT SHARES K SHARES
-------------------------------------- ------------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,157 $3.10 $1,000 $1,155 $5.77
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,047 $2.94 $1,000 $1,045 $5.48
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.58%; K
Shares 1.08%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
56
- --------------------------------------------------------------------------------
S&P SMALLCAP INDEX FUND 2/28/2005
Percentage
of Total
Security Value Investment
- --------------------------------------------------------------------------------
1 NVR Inc. $ 269,365 1.0%
2 Cooper Cos Inc./The 179,194 0.7%
3 MDC Holdings Inc. 173,094 0.6%
4 Massey Energy Co. 169,701 0.6%
5 Polaris Industries Inc. 153,817 0.6%
6 Patina Oil & Gas Corp. 145,741 0.5%
7 Florida Rock Industries, Inc 142,393 0.5%
8 Yellow Roadway Corp. 142,296 0.5%
9 Standard-Pacific Corp. 139,600 0.5%
10 Roper Industries Inc. 135,918 0.5%
[BAR CHART OMITTED]
-----------------------------------------------------
S&P 600 CIT
-----------------------------------------------------
Basic Materials 4.8% 4.1%
-----------------------------------------------------
Communications 2.4% 3.0%
-----------------------------------------------------
Consumer Cyclical 18.9% 20.0%
-----------------------------------------------------
Consumer Non-Cyclical 18.6% 18.0%
-----------------------------------------------------
Energy 6.5% 7.3%
-----------------------------------------------------
Financial 13.8% 14.0%
-----------------------------------------------------
Industrial 19.9% 20.3%
-----------------------------------------------------
Technology 10.2% 9.1%
-----------------------------------------------------
Utility 5.0% 4.3%
-----------------------------------------------------
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month.
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
-------------------------------------- ------------------------------------------
DIRECT SHARES K SHARES
-------------------------------------- ------------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,194 $4.03 $1,000 $1,197 $6.75
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,046 $3.75 $1,000 $1,044 $6.28
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.74%; K
Shares 1.24%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
57
- --------------------------------------------------------------------------------
EQUITY INCOME FUND 2/28/2005
Percentage
of Total
Security Value Investment
- --------------------------------------------------------------------------------
1 Citigroup Inc. $ 496,813 3.0%
2 Wells Fargo & Co. 492,676 3.0%
3 McGraw-Hill Cos Inc./The 490,387 2.9%
4 Bank of America Corp. 460,156 2.8%
5 McDonald's Corp. 409,133 2.5%
6 ConocoPhillips 407,410 2.5%
7 Exxon Mobil Corp. 394,801 2.4%
8 Baxter International, Inc. 371,256 2.2%
9 First Data Corp. 353,141 2.1%
10 Fifth Third Bancorp 345,759 2.1%
[BAR CHART OMITTED]
-----------------------------------------------------
S&P BARRA/Value CIT
-----------------------------------------------------
Basic Materials 3.4% 3.7%
-----------------------------------------------------
Communications 13.2% 4.5%
-----------------------------------------------------
Consumer Cyclical 7.1% 13.2%
-----------------------------------------------------
Consumer Non-Cyclical 10.2% 17.8%
-----------------------------------------------------
Energy 8.4% 13.0%
-----------------------------------------------------
Financial 38.2% 29.1%
-----------------------------------------------------
Industrial 8.3% 6.0%
-----------------------------------------------------
Technology 5.8% 6.6%
-----------------------------------------------------
Utility 5.5% 6.1%
-----------------------------------------------------
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month. charge transaction fees,
such as purchase or redemption fees, nor does it carry a "sales load."
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
-------------------------------------- ------------------------------------------
DIRECT SHARES K SHARES
-------------------------------------- ------------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,126 $4.69 $1,000 $1,123 $7.32
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,046 $4.51 $1,000 $1,043 $7.04
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.89%; K
Shares 1.39%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
58
- --------------------------------------------------------------------------------
EUROPEAN GROWTH & INCOME FUND 2/28/2005
Percentage
of Total
Security Value Investment
- --------------------------------------------------------------------------------
1 BP PLC ADR $ 446,390 6.7%
2 HSBC Holdings PLC ADR 361,679 5.5%
3 Vodafone Group PLC ADR 347,291 5.2%
4 Total SA ADR 307,417 4.6%
5 GlaxoSmithKline PLC ADR 293,563 4.4%
6 Barclays PLC ADR 279,126 4.2%
7 Royal Dutch Petroleum Co. ADR 278,858 4.2%
8 Novartis AG ADR 252,698 3.8%
9 Nestle SA ADR 219,651 3.3%
10 UBS AG ADR 206,031 3.1%
[BAR CHART OMITTED]
-----------------------------------------------------
DJ STOXX 50 CIT
-----------------------------------------------------
Basic Materials 2.3% 2.1%
-----------------------------------------------------
Communications 16.7% 17.0%
-----------------------------------------------------
Consumer Cyclical 1.1% 1.2%
-----------------------------------------------------
Consumer Non-Cyclical 20.5% 20.8%
-----------------------------------------------------
Energy 15.5% 21.0%
-----------------------------------------------------
Financial 34.8% 31.0%
-----------------------------------------------------
Industrial 3.0% 3.2%
-----------------------------------------------------
Technology 1.9% 1.0%
-----------------------------------------------------
Utility 4.1% 2.6%
-----------------------------------------------------
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month. charge transaction fees,
such as purchase or redemption fees, nor does it carry a "sales load."
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
-------------------------------------- ------------------------------------------
DIRECT SHARES K SHARES
-------------------------------------- ------------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,201 $5.46 $1,000 $1,201 $8.19
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,045 $5.07 $1,000 $1,043 $7.60
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 1.00%; K
Shares 1.50%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
59
- --------------------------------------------------------------------------------
NASDAQ-100 INDEX FUND 2/28/2005
Percentage
of Total
Security Value Investment
- --------------------------------------------------------------------------------
1 Microsoft Corp. $1,269,626 7.3%
2 Qualcomm Inc. 977,425 5.6%
3 Intel Corp. 742,709 4.3%
4 Apple Computer Inc. 672,900 3.9%
5 eBay Inc. 571,143 3.3%
6 Nextel Communication Inc. 563,290 3.2%
7 Cisco Systems Inc. 552,580 3.2%
8 Dell Inc. 511,508 3.0%
9 Amgen Inc. 499,103 2.9%
10 Comcast Corp. 426,958 2.5%
[BAR CHART OMITTED]
-----------------------------------------------------
Nasdaq 100 CIT
-----------------------------------------------------
Basic Materials 0.7% 0.7%
-----------------------------------------------------
Communications 29.6% 29.3%
-----------------------------------------------------
Consumer Cyclical 10.2% 10.2%
-----------------------------------------------------
Consumer Non-Cyclical 15.0% 15.0%
-----------------------------------------------------
Industrial 2.7% 2.7%
-----------------------------------------------------
Technology 41.9% 42.0%
-----------------------------------------------------
About Your Fund's Expenses (Unaudited)
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
Fund you incur ongoing costs, including management fees, distribution fees and
other Fund expenses. Operating expenses, which are deducted from the Fund's
gross income, directly reduce the investment return of the Fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 made at the beginning of
the period shown and held for the entire period.
The table below illustrates the Fund's costs in two ways:
Actual fund return- This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
Fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the Fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
given for the Fund under the heading "Expenses Paid During Period."
Hypothetical 5% return- This section is intended to help you compare the Fund's
costs with those of other mutual funds. It assumes that the Fund had a return of
5% before expenses during the period shown, but that the expense ratio is
unchanged. In this case, because the return used is not the Fund's actual
return, the results do not apply to your investment. The example is useful in
making comparisons because the Securities and exchange Commission requires all
mutual funds to calculate expenses based on a 5% return. You can assess the
Fund's costs by comparing this hypothetical example with the hypothetical
examples that appear in shareholder reports of other funds.
Note that expenses shown in the table are meant to highlight and help you
compare ongoing costs only. The Fund does not carry a "sales load", nor does it
charge redemption fees on shares held over one month. charge transaction fees,
such as purchase or redemption fees, nor does it carry a "sales load."
The calculations assume no shares were bought or sold during the period. Your
actual costs may have been higher or lower, depending on the amount of your
investment and the timing of any purchases or redemptions.
More information about the Fund's expenses, including annual expense ratios
since inception, can be found in this report. For additional information on
operating expenses and other shareholder costs, please refer to the Fund's
prospectus.
-------------------------------------- ------------------------------------------
DIRECT SHARES K SHARES
-------------------------------------- ------------------------------------------
Beginning Ending Account Expenses Beginning Ending Account Expenses
Account Value Value Paid Account Value Value Paid
September 1, February 28, During September 1, February 28, During
2004 2005 Period* 2004 2005 Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Actual Fund Return $1,000 $1,105 $3.86 $1,000 $1,105 $6.47
- ------------------------------------------------------------------------------------------------------------------------------------
Based on Hypothetical 5% Return before expenses $1,000 $1,046 $3.75 $1,000 $1,044 $6.28
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's expense ratio (Direct Shares 0.74%; K
Shares 1.24%) for the fiscal year, multiplied by the average account value
over the period, multiplied by the number of days in the most recent
fiscal half-year, then divided by 365.
60
- --------------------------------------------------------------------------------
CALIFORNIA INVESTMENT NOTES TO FINANCIAL 2/28/2005
TRUST STATEMENTS
(UNAUDITED)
- --------------------------------------------------------------------------------
Note 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
California Tax-Free Money Market Fund, California Tax-Free Income Fund and
California Insured Intermediate Fund are separate series of shares of beneficial
interest of California Investment Trust. U.S. Government Securities Fund, The
United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P
SmallCap Index Fund, Equity Income Fund, European Growth & Income Fund,
Nasdaq-100 Index Fund and Short-Term U.S. Government Bond Fund are separate
series of shares of beneficial interest of California Investment Trust II. Both
Trusts are registered under the Investment Company Act of 1940, as amended, as
diversified open-end management investment companies. Both Trusts were organized
as Massachusetts business trusts on September 11, 1985 and are authorized to
issue an unlimited number of no par value shares in one or more series. The
investment objectives of the Funds are as follows: California Tax-Free Income
Fund and California Insured Intermediate Fund seek as high a level of income
exempt from federal and California personal income taxes as is consistent with
prudent investment management and safety of capital. California Tax-Free Money
Market Fund seeks capital preservation, liquidity and the highest achievable
current income exempt from both federal and California personal income taxes
consistent with safety. U.S. Government Securities Fund seeks safety from credit
risk, liquidity, and as high a level of income as is consistent with these
objectives by investment in full faith and credit obligations of the U.S.
Government and its agencies or instrumentalities. The United States Treasury
Trust seeks preservation of capital, safety, liquidity and consistent with these
objectives, the highest attainable current income exempt from state income
taxes. S&P 500 Index Fund, S&P MidCap Index Fund and S&P SmallCap Index Fund are
diversified mutual funds that seek to provide investment results that correspond
to the total return of publicly traded common stocks represented in the Standard
& Poor's 500 Composite Stock Price Index, the Standard & Poor's MidCap 400 Index
and the Standard & Poor's SmallCap 600 Index, respectively. The Equity Income
Fund seeks a high level of current income by investing primarily in income
producing equity securities. European Growth & Income Fund seeks to provide
long-term capital appreciation and income. Nasdaq-100 Index Fund attempts to
replicate the performance of the largest non-financial companies as measured by
the Nasdaq-100 Index. Short-Term U.S. Government Bond Fund seeks liquidity,
safety from credit risk, preservation of investors principal and has a high
level of income as is consistent with these objectives by investing in mainly
U.S. Government Securities. The following is a summary of significant accounting
policies followed by the Funds.
California Investment Trust II began offering an additional class of
shares, Class K, on October 16, 2003. Income and expenses of the Funds are
allocated proportionately to the two classes of shares offered based on the
daily net assets, except for Rule 12b-1 distribution fees and shareholder
service fees, which are charged only to Class K.
(a) Security Valuation --- Portfolio securities of the S&P 500, S&P MidCap
and S&P SmallCap Index Funds, Equity Income Fund, European Growth & Income Fund,
and Nasdaq-100 Index Fund listed on a national exchange are valued at the last
reported sales price. U.S. Treasury Bills are valued at amortized cost which
approximates market value. Portfolio securities of the California Tax-Free
Income Fund and the California Insured Intermediate Fund are valued by an
independent pricing service that uses market quotations, representing the latest
available bid price, prices provided by market makers, or estimates of market
values obtained from yield data relating to instruments or securities with
similar characteristics, in accordance with procedures established by the Board
of Trustees. The U.S. Government Securities Fund and the Short-Term U.S.
Government Bond Fund are valued by an independent pricing service that uses
market quotations representing the latest available mean between the bid and ask
price, prices provided by market makers or estimates of market value obtained
from yield data relating to instruments or securities with similar
characteristics. Securities with remaining maturities of 60 days or less are
valued on the amortized cost basis as reflecting fair value. All other
securities are valued at their fair value as determined in good faith by the
Board of Trustees. California Tax-Free Money Market Fund and The United States
Treasury Trust securities are valued at amortized cost which the Board of
Trustees has determined in good faith to constitute fair value.
(b) Futures Contracts --- Initial margin deposits required upon entering
into futures contracts are satisfied by the segregation of specific securities
or cash, as collateral, for the account of the broker (the Fund's agent in
acquiring the futures position). During the period the futures contract is open,
changes in the value of the contract are recognized as unrealized gains or
losses by "marking to market" on a daily basis to reflect the market value of
the contract at the end of each day's trading. Variation margin payments are
made or received depending upon whether unrealized gains or losses are incurred.
When the contract is closed, the Fund records a realized gain or loss equal to
the difference between the proceeds from (or cost of) the closing transaction
and the Fund's basis in the contract. The S&P 500 Index Fund, S&P MidCap Index
Fund, S&P SmallCap Index Fund, Equity Income, European Growth & Income Fund and
Nasdaq-100 Index Fund may purchase or sell stock index futures to maintain cash
reserves while remaining fully invested, to facilitate trading, to reduce
transaction costs, or to seek higher investment returns when a futures contract
is priced more attractively than the underlying equity security or index. Risks
include the possibility of an illiquid market and an imperfect correlation
between the change in market value of the stocks held by a Fund and the prices
of futures contracts.
(c) Federal Income Taxes --- No provision is considered necessary for
federal income taxes. The Funds intend to qualify for and elect the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code and to distribute all of their taxable income to shareholders.
Capital loss carry forwards, as of August 31, 2004, available to offset future
capital gains, if any, are as follows:
Expiring Tax Free MM S&P 500 Midcap Equity Income European G & I Nasdaq 100
- ------------------------------------------------------------------------------------------------------------
2007 -- -- -- -- 806 --
2008 -- -- -- -- 53,456 537,333
2009 -- 7,228,230 1,419,345 296,376 40,585 2,356,290
2010 -- -- -- -- -- --
2011 -- 2,790,405 821,486 111,334 104,291 3,015,438
2012 3,258 -- -- -- 2,426 1,986,011
- ------------------------------------------------------------------------------------------------------------
Total 3,258 10,018,635 2,240,831 407,710 201,564 7,895,072
============================================================================================================
Accounting principles generally accepted in the United States of America require
certain components of net assets be reclassified between financial and tax
reporting. These reclassifications have no effect on net assets or net asset
value per share. For the year ended August 31, 2004, permanent differences
between book and tax accounting have been reclassified to paid-in capital,
undistributed net investment income/loss and accumulated realized gain/loss as
follows:
Increase (Decrease) Increase (Decrease) Increase (Decrease)
Paid-in capital Undistributed Net Accumulated
Investment Income (Loss) Gain/(Loss)
California Tax-Free Money Market Fund (14,841) -- 14,841
California Insured Intermediate Fund 2,417 (13,968) 11,551
California Tax-Free Income Fund 23,280 (120,778) 97,498
Short-Term U.S. Government Bond Fund (7,437) 637 6,800
S&P SmallCap Index Fund 10,840 -- (10,840)
European Growth & Income Fund -- 92 (92)
Nasdaq-100 Index Fund (68,157) 68,157 --
61
- --------------------------------------------------------------------------------
CALIFORNIA INVESTMENT NOTES TO FINANCIAL 2/28/2005
TRUST STATEMENTS
CONTINUED (UNAUDITED)
- --------------------------------------------------------------------------------
(d) Security Transactions, Investment Income and Distributions to
Shareholders --- Security transactions are recorded on the trade date. Interest
income is recorded on the accrual basis. Dividend income is recorded on the
ex-dividend date. Distributions to shareholders are recorded on the ex-dividend
date for the California Tax-Free Income Fund, the California Insured
Intermediate Fund, the U.S. Government Securities Fund, S&P 500 Index Fund, S&P
MidCap Index Fund, S&P SmallCap Index Fund, Equity Income Fund, European Growth
& Income Fund, Nasdaq-100 Index Fund and Short-Term U.S. Government Bond Fund.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from accounting principles
generally accepted in the United States of America. These differences are
primarily due to differing treatments for futures contracts, redemptions-in-kind
and post-October capital losses. For the California Tax-Free Money Market Fund
and The United States Treasury Trust, dividends from net investment income are
declared daily and reinvested or paid in cash monthly. The two Funds intend to
maintain a continuous net asset value per share of $1.00. If net asset value per
share using available market information deviates from $1.00 by $.005 or more,
the Board of Trustees would consider what steps, if any, should be taken to
restore net asset value per share to $1.00.
(e) Concentration --- The California Tax-Free Income Fund, the California
Insured Intermediate Fund and the California Tax-Free Money Market Fund invest
in debt instruments of municipal issuers. The issuer's abilities to meet their
obligations may be affected by economic developments in the state of California.
(f) Use of Estimates in Financial Statements --- In preparing financial
statements in conformity with accounting principles generally accepted in the
United States of America, management makes estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements, as well as the reported amounts of income and expense during the
year. Actual results may differ from these estimates.
Note 2 --- INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS
CCM Partners ("CCM"), a California limited partnership, provides each Fund
with management and administrative services pursuant to a Management Agreement.
In accordance with the terms of the management agreements with California
Tax-Free Money Market Fund, California Tax-Free Income Fund, California Insured
Intermediate Fund, U.S. Government Securities Fund, and The U.S. Treasury Trust,
CCM receives compensation at the annual rate of 0.50% of the Funds' average
daily net assets not exceeding $100 million, 0.45% on net assets from $100
million to $500 million, and 0.40% on net assets above $500 million. In
accordance with the terms of the management agreements with the S&P 500 Index
Fund and S&P MidCap Index Fund, CCM receives compensation at the annual rate of
0.25% and 0.40%, respectively, of the Funds' average daily net assets. In
accordance with the terms of the management agreements with the S&P SmallCap
Index Fund, Equity Income Fund, Nasdaq-100 Index Fund and Short-Term U.S.
Government Bond Fund, CCM receives compensation at the annual rate of 0.50% of
the first $500 million of net assets, plus 0.45% on net assets from $500 million
to $1 billion, and 0.40% of net assets above $1 billion. In accordance with the
terms of the management agreement with the European Growth & Income Fund, CCM
receives compensation at the annual rate of 0.85% of the Fund's average daily
net assets. CCM has agreed to reduce its fee by, or reimburse the Funds for, any
amount necessary to prevent the Funds' total expenses, excluding extraordinary
items, from exceeding 1.00% of the Funds' average daily net assets. CCM has
voluntarily reimbursed more expenses than contractually obligated. This
voluntary reimbursement is effective for a calendar year, renewal at the end of
each calendar year. Reimbursement from the manager for the six months ended
February 28, 2005, is as follows:
Voluntary Expense Limitation
Fund Reimburse Direct Shares K Shares Expiration
- -----------------------------------------------------------------------------------------------
California Tax-Free Money Market Fund $86,124 0.53% N/A 12/31/05
California Insured Intermediate Fund $15,878 0.68% N/A 12/31/05
U.S. Government Securities Fund $13,895 0.74% 1.24% 12/31/05
The United States Treasury Trust $64,717 0.53% 1.03% 12/31/05
Short-Term U.S. Government Bond Fund $24,535 0.59% 1.09% 12/31/05
S&P 500 Index Fund $99,662 0.36% 0.86% 12/31/05
S&P MidCap Index Fund $62,473 0.58% 1.08% 12/31/05
S&P SmallCap Index Fund $20,700 0.74% 1.24% 12/31/05
Equity Income Fund $ 3,628 0.89% 1.39% 12/31/05
European Growth & Income Fund $16,216 1.00% 1.50% 12/31/05
Nasdaq-100 Index Fund $24,063 0.74% 1.24% 12/31/05
Certain officers and trustees of the Trusts are also partners of CCM.
As compensation for administrative duties, CCM receives an administration
fee, which became effective February 28, 2005. The administration fee is based
on assets held, in aggregate, by the Funds comprising California Investment
Trust and California Investment Trust II. The fee rates are 0.10% on the first
$100 million, 0.08% on the next $400 million, and 0.06% on combined assets over
$500 million.
62
California Investment Trust II has adopted a Distribution Plan (the
"Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby
each Fund of California Investment Trust II pays the Distributor for expenses
that relate to the promotion and distribution of shares. Under the Plan, the
Funds will pay the Distributor a fee at an annual rate of 0.25%, payable
monthly, of each Fund's daily net assets attributable to such Fund's Class K
Shares.
California Investment Trust II has adopted a Shareholder Services Plan
(the "Services Plan"), whereby each Fund of California Investment Trust II pays
CCM Partners, LP, the Funds' Distributor or other service providers, an annual
rate of 0.25% of the average daily net assets of Class K Shares. Such amounts
are compensation for providing certain services to clients owning Class K
shares, including processing purchase and redemption transactions, assisting in
other administrative details and providing other information with respect to
each Fund.
For the six months ended February 28, 2005, the following were paid by
each Fund of California Investment Trust II:
Fund 12b-1 Fees Shareholder Service Fee
- ---- ---------- -----------------------
U.S. Government Securities Fund $3,357 $3,357
The United States Treasury Trust $1,593 $1,593
Short-Term U.S. Government Bond Fund $1,640 $1,640
S&P 500 Index Fund $3,922 $3,922
S&P MidCap Index Fund $4,153 $4,153
S&P SmallCap Index Fund $4,667 $4,667
Equity Income Fund $2,323 $2,323
European Growth & Income Fund $2,185 $2,185
Nasdaq-100 Index Fund $2,762 $2,762
Note 3 --- PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments during the
six months ended February 28, 2005 were as follows:
Purchases Sales
----------- ------------
California Tax-Free Income Fund $16,354,847 $ 7,770,653
California Insured Intermediate Fund $ -- $ 1,360,422
Short-Term U.S. Government Bond Fund $11,999,140 $ 9,736,355
U.S. Government Securities Fund $ 2,025,125 $ 2,027,938
S&P 500 Index Fund $ 1,311,958 $ 5,444,825
S&P Midcap Index Fund $18,445,178 $ 12,633,567
Equity Income Fund $ 3,709,651 $ --
S&P SmallCap Index Fund $ 1,392,697 $ 786,831
European Growth & Income Fund $ 654,614 $ 105,295
Nasdaq-100 Index Fund $ 1,036,512 $ 1,189,498
Fund Holdings: The Fund holdings shown in this report are as of February 28,
2005. Holdings are subject to change at any time, so holdings shown in this
report may not reflect current fund holdings. The Funds file complete schedules
of portfolio holdings with the SEC for the first and third quarters of each
fiscal year on Form N-Q, the first of which was filed for the quarter ending
November 30, 2004. The Funds' Form N-Q is available on the SEC's website at
www.sec.gov and may be reviewed and copied at the Commission's Public Reference
Room to Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330. Copies of Form N-Q may be
requested by visiting the Funds' website at www.citfunds.com or by calling
1-800-225-8778.
Proxy Voting Record: The Funds' Statement of Additional Information ("SAI")
contains a description of the policies and procedures that the California
Investment Trust Fund Group uses to determine how to vote proxies relating to
portfolio securities. Each Fund's proxy voting record relating to portfolio
securities held during the 12-month period ended June 30, is filed with the SEC
no later than August 31st of each year. The description of the proxy voting
policies and procedures and each Fund's proxy voting record are available upon
request, at no charge, at the phone number and website below or on the SEC's
website at www.sec.gov.
This report is submitted for the general information of the shareholders of the
California Investment Trust Fund Group. It is authorized for distribution only
if preceded or accompanied by a current California Investment Trust Fund Group
prospectus. Additional copies of the prospectus may be obtained by calling
800-225-8778 or can be downloaded from the Funds' website at www.citfunds.com.
Please read the prospectus carefully before you invest or send money, as it
explains the risks, fees and expenses of investing in the Funds.
63
- --------------------------------------------------------------------------------
BOARD OF TRUSTEES AND EXECUTIVE OFFICERS (Unaudited)
- --------------------------------------------------------------------------------
Overall responsibility for management of the Funds rests with the Board of
Trustees of each trust. Each Trustee serves until his death, resignation,
retirement or removal. The Trustees, in turn, elect the officers of the Funds to
actively supervise their day-to-day operations. The officers have been elected
for an annual term. The following are the Trustees and Executive Officers of the
Funds:
Length of Time
Trustee Address Date of Birth Position Held with the Trust Served
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen C. Rogers 44 Montgomery St. #2100 06/27/66 Chairman, Secretary & Trustee Since August 1998
San Francisco, CA 94104
- ------------------------------------------------------------------------------------------------------------------------------------
Harry Holmes P.O. Box 714 12/05/25 Trustee Since September 1985
Pebble Beach, CA 93953
- ------------------------------------------------------------------------------------------------------------------------------------
John B. Sias 580 California Street 01/22/27 Trustee Since March 1991
San Francisco, CA 94103
- ------------------------------------------------------------------------------------------------------------------------------------
James Miller One Front Street, Suite 300 05/28/66 Trustee Since August 2001
San Francisco, CA 94111
- ------------------------------------------------------------------------------------------------------------------------------------
Each Trustee oversees twelve portfolios of the Trusts. The principal occupations
of the Trustees and Executive Officers of the Funds during the past five years
and public directorships held by the Trustees are set forth below:
*Stephen C. Rogers Chief Executive Officer, CCM Partners, 1999-present;
Chief Operating Officer, CCM Partners, 1997-1999;
Administrative Officer, CCM Partners, 1993-1997;
Marketing Representative, CCM Partners, 1992-1993.
Harry Holmes Principal, Harry Holmes & Associates (consulting);
President and Chief Executive Officer, Aspen Skiing
Company, 1982- 1984; President and Chief Executive
Officer, Pebble Beach Company (property management),
1973-1984.
John B. Sias President and CEO, Chronicle Publishing Company,
1993-2001; Executive Vice President, Capital Cities/ABC
Inc. and President, ABC Network T.V. Group.
James Miller Vice President, Jones Lange LaSalle Americas, Inc. 1999
- present; Associate, Orrick Herrington & Sutcliffe LLP,
1996- 1999; Associate, Gordon & Rees LLP, 1992-1993
* Trustees deemed to be an "interested person" of the Trusts, as defined in
the Investment Company Act of 1940.
64
44 Montgomery Street #2100 BULK RATE
San Francisco, CA 94104 U.S. Postage
P A I D
Permit #688
Redwood City,
CA
CALIFORNIA INVESTMENT TRUST
SUPPLEMENTAL INFORMATION TO SEMI ANNUAL REPORT
DATED FEBRUARY 28, 2005 (UNAUDITED)
Please replace the information in the Statement of Operations on pages 28 and
29, and in the Statement of Changes in Net Assets on pages 30, 32, 34, 35, 36,
and 37 of the Semi-Annual Report to Shareholders dated February 28, 2005
(Unaudited) with the information in the tables below. These financial statements
were revised to reflect the correct realized and unrealized gains (loss) on
investments, the increase (decrease) in net assets resulting from operations,
the increase (decrease) in net assets resulting from capital share transactions.
These changes have no effect on total net assets, net asset value per share, and
per share information included in the financial highlights. Please retain the
revised informatiom for future reference.
STATEMENT OF OPERATIONS
California Insured Intermediate Fund California Tax-Free Income Fund
------------------------------------ -----------------------------------------
from to change from to change
------------------------------------ -----------------------------------------
Net realized gain (loss) from
security transactions $ 144,059 $ 86,254 $(57,805) $ N/C $ N/C $ N/C
Change in unrealized appreciation
(depreciation) of investments N/C N/C N/C (2,177,931) (2,506,966) (329,035)
Net realized and unrealized
gain (loss) on investments (222,997) (280,802) (57,805) (1,225,564) (1,554,599) (329,035)
Net increase (decrease) in net
assets resulting from operations 181,123 123,318 (57,805) 1,721,259 1,392,224 (329,035)
S&P MidCap Index Fund
---------------------------------------
from to change
---------------------------------------
Net realized gain (loss) from
security transactions $ 3,550,325 $ 6,208,335 $ 2,658,010
Change in unrealized appreciation
(depreciation) of investments N/C N/C N/C
Net realized and unrealized
gain (loss) on investments 17,634,447 20,292,457 2,658,010
Net increase (decrease) in net
assets resulting from operations 18,183,964 20,841,974 2,658,010
STATEMENT OF CHANGES IN NET ASSETS
California Insured Intermediate Fund California Tax-Free Income Fund
------------------------------------ -----------------------------------------
from to change from to change
------------------------------------ -----------------------------------------
Net realized gain (loss) on investments $ 144,059 $ 86,254 $(57,805) $ N/C $ N/C $ N/C
Change in unrealized appreciation
(depreciation) of investments N/C N/C N/C (2,177,931) (2,506,966) (329,035)
Net increase (decrease) in net
assets resulting from operations 181,123 123,318 (57,805) 1,721,259 1,392,224 (329,035)
Increase (decrease) in net assets
resulting from capital share transactions (938,032) (880,227) 57,805 (8,437,626) (8,108,591) 329,035
S&P MidCap Index Fund
----------------------------------------
from to change
----------------------------------------
Net realized gain (loss) on investments $ 3,550,325 $ 6,208,335 $ 2,658,010
Change in unrealized appreciation
(depreciation) of investments N/C N/C N/C
Net increase (decrease) in net
assets resulting from operations 18,183,964 20,841,974 2,658,010
Increase (decrease) in net assets
resulting from capital share transactions 10,554,202 7,896,192 (2,658,010)
N/C - No change
STATEMENT OF CHANGES IN NET ASSETS
The United States
California Tax-Free California Insured California Tax-Free Treasury Trust
Money Market Fund Intermediate Fund Income Fund Direct Shares K Shares
------------------------------------------------------------------------------------------------------
Shares/Value Shares Value Shares Value Shares/Value Shares/Value
------------------------------------------------------------------------------------------------------
Shares sold 28,956,251 54,275 $ 594,296 342,374 $ 4,328,514 25,980,626 1,479,283
Shares issued in reinvestment
of distributions 473,840 31,063 338,948 338,317 4,233,361 278,146 6,399
------------------------------------------------------------------------------------------------------
29,430,091 85,338 933,244 680,691 8,561,875 26,258,772 1,485,682
Shares repurchased (42,608,072) (165,593) (1,813,471) (1,313,787) (16,670,466) (24,412,103) (669,685)
------------------------------------------------------------------------------------------------------
Net increase (decrease) (13,177,981) (80,255) $ (880,227) (633,096) $ (8,108,591) 1,846,669 815,997
======================================================================================================
Short-Term U.S. Government Bond Fund U.S. Government Securities Fund
Direct Shares K Shares Direct Shares K Shares
------------------------------------------------------------------------------------------------------
Shares Value Shares Value Shares Value Shares Value
------------------------------------------------------------------------------------------------------
Shares sold 432,585 $ 4,337,112 30,613 $ 307,225 226,376 $ 2,389,800 177,959 $1,887,780
Shares issued in reinvestment
of distributions 12,986 130,008 878 8,800 55,735 582,220 5,888 62,076
------------------------------------------------------------------------------------------------------
445,571 4,467,120 31,491 316,025 282,111 2,972,020 183,847 1,949,856
Shares repurchased (354,669) (3,559,353) (9,123) (91,827) (346,320) (3,648,749) (27,153) (288,002)
------------------------------------------------------------------------------------------------------
Net increase (decrease) 90,902 $ 907,767 22,368 $ 224,198 (64,209) $ (676,729) 156,694 $1,661,854
======================================================================================================
S&P 500 Index Fund S&P MidCap Index Fund
Direct Shares K Shares Direct Shares K Shares
------------------------------------------------------------------------------------------------------
Shares Value Shares Value Shares Value Shares Value
------------------------------------------------------------------------------------------------------
Shares sold 112,264 $ 2,638,011 65,556 $1,524,891 757,694 $15,561,802 68,594 $1,384,013
Shares issued in reinvestment
of distributions 39,105 925,596 961 23,033 20,928 434,383 177 3,736
------------------------------------------------------------------------------------------------------
151,369 3,563,607 66,517 1,547,924 778,622 15,996,185 68,771 1,387,749
Shares repurchased (394,274) (9,173,251) (12,279) (285,582) (443,174) (9,149,532) (16,722) (338,210)
------------------------------------------------------------------------------------------------------
Net increase (decrease) (242,905) $(5,609,644) 54,238 $1,262,342 335,448 $ 6,846,653 52,049 $1,049,539
======================================================================================================
S&P SmallCap Index Fund Equity Income Fund
Direct Shares K Shares Direct Shares K Shares
------------------------------------------------------------------------------------------------------
Shares Value Shares Value Shares Value Shares Value
------------------------------------------------------------------------------------------------------
Shares sold 104,532 $ 1,822,833 111,378 $1,935,411 112,089 $ 1,663,770 60,230 $ 902,883
Shares issued in reinvestment
of distributions 58,115 1,027,193 8,807 155,275 7,688 115,834 701 10,659
------------------------------------------------------------------------------------------------------
162,647 2,850,026 120,185 2,090,686 119,777 1,779,604 60,931 913,542
Shares repurchased (141,364) (2,472,442) (21,520) (372,744) (77,081) (1,152,950) (11,861) (174,839)
------------------------------------------------------------------------------------------------------
Net increase (decrease) 21,283 $ 377,584 98,665 $1,717,942 42,696 $ 626,654 49,070 $ 738,703
======================================================================================================
European Growth & Income Fund Nasdaq-100 Index Fund
Direct Shares K Shares Direct Shares K Shares
------------------------------------------------------------------------------------------------------
Shares Value Shares Value Shares Value Shares Value
------------------------------------------------------------------------------------------------------
Shares sold 71,858 $ 567,707 135,682 $1,068,770 342,546 $ 1,314,793 307,116 $1,170,912
Shares issued in reinvestment
of distributions 2,350 17,648 365 2,681 14,944 60,976 1,917 7,785
------------------------------------------------------------------------------------------------------
74,208 585,355 136,047 1,071,451 357,490 1,375,769 309,033 1,178,697
Shares repurchased (95,959) (740,379) (27,909) (218,109) (468,371) (1,768,922) (84,060) (316,195)
------------------------------------------------------------------------------------------------------
Net increase (decrease) (21,751) $ (155,024) 108,138 $ 853,342 (110,881) $ (393,153) 224,973 $ 862,502
======================================================================================================
ITEM 2. CODE OF ETHICS.
Not applicable for semi-annual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not Applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Included under Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVEESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not Applicable.
ITEM 9. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the Registrant's board of trustees since the
Registrant last provided disclosure in response to the requirements of Item
7(d)(2)(ii)(G) of Schedule 14A or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The Registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the Registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c))) are effective as of a date within 90 days of the filing date of
the report that includes the disclosure required by this paragraph, based on
their evaluation of these controls and procedures required by Rule 30a-3(b)
under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the Registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act 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.
ITEM 12. EXHIBITS
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section
302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and 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.
California Investment Trust II
By (Signature and Title)* /s/ Stephen C. Rogers
-----------------------------------------------------
Stephen C. Rogers, President Date: May 23, 2005
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/ Stephen C. Rogers
-----------------------------------------------------
Stephen C. Rogers, President Date: May 23, 2005
By (Signature and Title)* /s/ Christopher P. Browne
-----------------------------------------------------
Christopher P. Browne, Treasurer Date: May 23, 2005
* Print the name and title of each signing officer under his or her signature.