-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QkkOnQBEujFQ3Bwfc7ULdmlrlgTjDaUNM2JcL1hNQhfumj7HOlohNy2g7VTUmbib z767kFpa6WQ7qSRtTYHl4A== 0001047469-04-005967.txt : 20040227 0001047469-04-005967.hdr.sgml : 20040227 20040227170928 ACCESSION NUMBER: 0001047469-04-005967 CONFORMED SUBMISSION TYPE: N-CSRS/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040227 EFFECTIVENESS DATE: 20040227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SA FUNDS INVESTMENT TRUST CENTRAL INDEX KEY: 0001075065 IRS NUMBER: 770216379 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-09195 FILM NUMBER: 04636338 BUSINESS ADDRESS: STREET 1: 1190 SARATOGA AVENUE SUITE 200 CITY: SAN JOSE STATE: CA ZIP: 95129 MAIL ADDRESS: STREET 1: 1190 SARATOGA AVENUE SUITE 200 CITY: SAN JOSE STATE: CA ZIP: 95129 FORMER COMPANY: FORMER CONFORMED NAME: RWB FUNDS INVESTMENT TRUST DATE OF NAME CHANGE: 19981211 N-CSRS/A 1 a2129769zn-csrsa.txt N-CSRS/A 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: 811-09195 --------------------------------------------- SA FUNDS - INVESTMENT TRUST - ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 1190 Saratoga Avenue, Suite 200, San Jose, California 95129 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Jennifer S. Fromm, Esq. Senior Legal Counsel Loring Ward Group Inc. 10100 Santa Monica Boulevard, Suite 1050 Los Angeles, California 90067 - ------------------------------------------------------------------------------- (Name and address of agent for service) Copy to: R. Darrell Mounts, Esq. Kirkpatrick & Lockhart LLP 1800 Massachusetts Avenue, NW, 2nd Floor Washington, D.C. 20036 Karen Jacoppo-Wood, Esq. State Street Bank and Trust Company One Federal Street, 9th Floor Boston, Massachusetts 02110 Registrant's telephone number, including area code: 310-229-4464 Date of fiscal year end: June 30 --------------------------- Date of reporting period: December 31, 2003 ------------------------- ITEM 1. REPORTS TO SHAREHOLDERS. [SA FUNDS LOGO] SEMI-ANNUAL REPORT DECEMBER 31, 2003 (UNAUDITED) - -------------------------------------------------------------------------------- TABLE OF CONTENTS - --------------------------------------------------------------------------------
PAGE PORTFOLIOS OF INVESTMENTS SA Fixed Income Fund...................................... 1 SA U.S. Market Fund....................................... 3 SA U.S. HBtM Fund......................................... 18 SA U.S. Small Company Fund................................ 22 SA International HBtM Fund................................ 41 SA International Small Company Fund....................... 49 STATEMENTS OF ASSETS AND LIABILITIES........................ 50 STATEMENTS OF OPERATIONS.................................... 52 STATEMENTS OF CHANGES IN NET ASSETS......................... 54 FINANCIAL HIGHLIGHTS........................................ 58 NOTES TO FINANCIAL STATEMENTS............................... 64 FINANCIAL STATEMENTS OF DFA INVESTMENT DIMENSIONS GROUP INC. & DFA INVESTMENT TRUST COMPANY......................... 70
- -------------------------------------------------------------------------------- SA Fixed Income Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited)
FACE AMOUNT VALUE+ BONDS AND NOTES -- 97.5% AUSTRIA -- 3.6% Oesterreichische Postsparkasse AG, 6.000%, 4/16/08..................... USD 4,000,000 $ 4,392,000 Republic of Austria, 6.250%, 5/19/08............................. USD 3,300,000 3,692,446 ------------ 8,084,446 ------------ CANADA -- 7.6% Government of Canada, 5.250%, 11/05/08............................ USD 5,500,000 5,968,627 Ontario Electricity Finance, 6.100%, 1/30/08............................. USD 3,000,000 3,323,769 Province of British Columbia, 5.375%, 10/29/08............................ USD 1,300,000 1,407,357 Province of Ontario, 5.500%, 10/01/08............................ USD 5,550,000 6,036,580 ------------ 16,736,333 ------------ GERMANY -- 4.5% Landeskreditbank Baden Wuerttemberg -- Foerderbank, 3.000%, 9/30/08............................. USD 5,000,000 4,859,895 Landwirtschaftliche Rentenbank, 3.250%, 6/16/08..................... USD 2,000,000 1,975,908 Landwirtschaftliche Rentenbank, 3.875%, 9/04/08..................... USD 3,000,000 3,035,640 ------------ 9,871,443 ------------ JAPAN -- 2.0% Nippon Telegraph & Telephone Corp., 6.000%, 3/25/08..................... USD 4,000,000 4,399,572 ------------ NETHERLANDS -- 6.8% Landesbank Baden Wuerttemberg, 5.750%, 2/25/08............................. USD 4,200,000 4,544,778 Nederlandse Waterschapsbank, 2.750%, 12/30/08............................ USD 5,000,000 4,803,690 Rabobank Nederland -- Cooperatieve Centrale Raiffeisen -- Boerenleenbank BA, 5.500%, 9/17/08............................. USD 5,200,000 5,605,600 ------------ 14,954,068 ------------ UNITED STATES -- 73.0% African Development Bank, 3.250%, 8/01/08............................. USD 4,800,000 4,760,659 Bayerische Landesbank Girozentrale, 2.875%, 10/15/08.................... USD 1,700,000 1,642,637 Bayerische Landesbank Girozentrale, 5.875%, 12/01/08.................... USD 2,100,000 2,301,522 ChevronTexaco Capital Co., 3.375%, 2/15/08............................. USD 4,300,000 4,324,523 Citigroup, Inc., 3.500%, 2/01/08...... USD 5,700,000 5,726,750 FACE AMOUNT VALUE+ European Coal & Steel, 6.375%, 3/26/08............................. USD 1,355,000 $ 1,509,470 European Investment Bank, 5.375%, 9/16/08............................. USD 5,000,000 5,433,040 Federal Farm Credit Bank, 3.000%, 4/15/08............................. USD 2,600,000 2,565,241 Federal Farm Credit Bank, 3.625%, 10/24/08............................ USD 13,000,000 13,070,577 Federal Home Loan Bank, 2.625%, 7/15/08............................. USD 10,400,000 10,076,872 Federal Home Loan Bank, 5.500%, 8/15/08............................. USD 4,000,000 4,345,492 Federal Home Loan Mortgage Corp., 3.625%, 9/15/08..................... USD 4,000,000 4,030,792 Federal Home Loan Mortgage Corp., 5.125%, 10/15/08.................... USD 7,200,000 7,729,222 Federal Home Loan Mortgage Corp., 5.750%, 4/15/08..................... USD 3,500,000 3,846,629 Federal National Mortgage Association, 3.250%, 8/15/08..................... USD 8,500,000 8,441,342 Federal National Mortgage Association, 6.000%, 5/15/08..................... USD 7,500,000 8,321,790 Fifth Third Bank, 3.375%, 8/15/08..... USD 4,000,000 3,989,776 General Electric Capital Corp., 4.250%, 1/15/08..................... USD 4,000,000 4,140,544 Interamerican Development Bank, 5.375%, 11/18/08.................... USD 1,400,000 1,525,010 Interamerican Development Bank, 3.375%, 3/17/08..................... USD 4,300,000 4,344,337 International Bank of Reconstruction & Development, 5.000%, 10/29/08.................... USD 6,000,000 6,408,186 International Finance Corp., 3.000%, 4/15/08............................. USD 4,450,000 4,389,177 Kreditanstalt Fuer Wiederaufbau, 3.375%, 1/23/08..................... USD 4,000,000 4,032,764 Procter & Gamble Co., 6.125%, 5/08/08............................. USD 4,000,000 4,407,196 Siemens Capital Corp., 6.000%, 2/11/08............................. USD 5,000,000 5,462,415 Tennessee Valley Authority, 5.375%, 11/13/08 Series G................... USD 9,140,000 9,870,807 The Gillette Co., 2.875%, 3/15/08..... USD 4,550,000 4,449,445 Toyota Motor Credit Corp., 2.875%, 8/01/08............................. USD 4,850,000 4,764,398 Wal-Mart Stores, Inc., 3.375%, 10/01/08............................ USD 5,200,000 5,157,786 Warner Lambert Co., 6.000%, 1/15/08... USD 4,700,000 5,182,981 Wells Fargo & Co., 3.500%, 4/04/08.... USD 5,300,000 5,322,129 ------------ 161,573,509 ------------ TOTAL BONDS AND NOTES (Identified Cost $215,970,145)...... 215,619,371 ------------
1 - -------------------------------------------------------------------------------- SA Fixed Income Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ SHORT-TERM INVESTMENTS -- 0.8% UNITED STATES -- 0.8% SSgA Government Money Market Fund..... 1,238,001 $ 1,238,001 SSgA Money Market Fund................ 607,657 607,657 ------------ 1,845,658 ------------ TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,845,658)........ 1,845,658 ------------
TOTAL INVESTMENTS -- 98.3% (IDENTIFIED COST $217,815,803)#................. 217,465,029 Cash and Other Assets, Less Liabilities -- 1.7%.......................................... 3,730,772 ----------- NET ASSETS -- 100%................................ $221,195,801 ===========
+ See Note 1. # At December 31, 2003, the aggregate cost of investment securities for income tax purposes was $217,815,803. Net unrealized depreciation aggregated $350,774 of which $842,278 related to appreciated investment securities and $1,193,052 related to depreciated investment securities. Key to abbreviations: USD -- U.S. Dollar Ten Largest Sector Holdings at December 31, 2003 (As a percentage of Net Assets):
Industry Percentage - -------- ----------- Government Agency 32.7% Banks 23.2% Supranational Organizations 10.7% Foreign Government/Agency 7.7% Diversified Operations 6.3% Financial Services 6.3% Health Care -- Drugs 2.3% Retail -- General 2.3% Cosmetics & Toiletries 2.0% Telephone 2.0%
SEE NOTES TO FINANCIAL STATEMENTS. 2 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited)
SHARES VALUE+ COMMON STOCKS -- 98.9% ADVERTISING -- 0.2% Getty Images, Inc.*................... 900 $ 45,117 Interpublic Group of Cos., Inc........ 7,070 110,292 Lamar Advertising Co. Class A*........ 1,700 63,444 Omnicom Group, Inc.................... 3,800 331,854 ------------ 550,707 ------------ AEROSPACE/DEFENSE -- 1.4% Alliant Techsystems, Inc.*............ 675 38,988 Armor Holdings, Inc.*................. 400 10,524 Boeing Co............................. 16,000 674,240 Engineered Support Systems, Inc....... 300 16,518 General Dynamics Corp................. 4,000 361,560 Goodrich Corp......................... 2,100 62,349 Honeywell International, Inc.......... 15,500 518,165 Northrop Grumman Corp................. 3,622 346,263 Raytheon Co........................... 7,400 222,296 Rockwell Collins...................... 3,200 96,096 The Titan Corp........................ 1,000 21,810 United Defense Industries, Inc.*...... 800 25,504 United Technologies Corp.............. 9,400 890,838 ------------ 3,285,151 ------------ AGRICULTURAL OPERATIONS -- 0.1% AGCO Corp.*........................... 1,200 24,168 Monsanto Co........................... 5,317 153,023 ------------ 177,191 ------------ AIRLINES -- 0.2% AirTran Holdings, Inc.*............... 800 9,520 Alaska Air Group, Inc.*............... 700 19,103 AMR Corp.*............................ 2,800 36,260 Continental Airlines, Inc. Class B*............................ 700 11,389 Delta Air Lines, Inc.................. 1,500 17,715 Northwest Airlines Corp. Class A*..... 1,200 15,144 SkyWest, Inc.......................... 600 10,872 Southwest Airlines Co................. 14,200 229,188 ------------ 349,191 ------------ APPLIANCES -- 0.1% Maytag Corp........................... 1,100 30,635 Whirlpool Corp........................ 1,400 101,710 ------------ 132,345 ------------ AUTO & RELATED -- 1.2% Advance Auto Parts, Inc.*............. 700 56,980 American Axle & Manufacturing Holdings, Inc.*..................... 1,100 44,462 Asbury Automotive Group, Inc.*........ 900 16,119 AutoZone, Inc.*....................... 1,800 153,378 BorgWarner, Inc....................... 500 42,535 CarMax, Inc.*......................... 1,873 57,932 Cummins Engine Co., Inc............... 800 39,152 Dana Corp............................. 1,500 27,525 Delphi Automotive Systems Corp........ 11,200 114,352 SHARES VALUE+ Dollar Thrifty Automotive Group, Inc.*........................ 500 $ 12,970 Ford Motor Co......................... 31,400 502,400 General Motors Corp................... 10,100 539,340 Harley-Davidson, Inc.................. 6,100 289,933 Johnson Controls, Inc................. 1,800 209,016 Lear Corp............................. 1,200 73,596 Navistar International Corp.*......... 1,200 57,468 O'Reilly Automotive, Inc.*............ 1,000 38,360 Oshkosh Truck Corp.................... 600 30,618 PACCAR, Inc........................... 2,350 200,032 Rent-A-Center, Inc.*.................. 1,650 49,302 Superior Industries International, Inc.................. 300 13,056 Thor Industries, Inc.................. 800 44,976 United Auto Group, Inc................ 600 18,780 United Rentals, Inc.*................. 1,200 23,112 Visteon Corp.......................... 1,800 18,738 ------------ 2,674,132 ------------ BANKS/SAVINGS & LOANS -- 5.9% Associated Banc-Corp.................. 1,313 55,999 Astoria Financial Corp................ 1,600 59,520 BancorpSouth, Inc..................... 1,400 33,208 Bank of America Corp.................. 29,700 2,388,771 Bank of New York Co., Inc............. 13,900 460,368 Bank One Corp......................... 20,300 925,477 Banknorth Group, Inc.................. 2,900 94,337 BankUnited Financial Corp. Class A*............................ 500 12,895 BB&T Corp............................. 9,879 381,725 BOK Financial Corp.................... 1,055 40,850 Brookline Bancorp, Inc................ 800 12,272 Capitol Federal Financial............. 1,500 54,090 Cathay Bancorp, Inc................... 300 16,704 Charter One Financial, Inc............ 4,462 154,162 Chemical Financial Corp............... 100 3,639 Chittenden Corp....................... 500 16,820 City National Corp.................... 800 49,696 Comerica, Inc......................... 3,500 196,210 Commerce Bancshares, Inc.............. 1,213 59,449 Commercial Federal Corp............... 600 16,026 Community First Bankshares, Inc....... 500 14,470 Compass Bancshares, Inc............... 2,400 94,344 Corus Bankshares, Inc................. 800 25,248 CVB Financial Corp.................... 688 13,262 Dime Community Bancshares............. 400 12,304 Downey Financial Corp................. 300 14,790 East West Bancorp, Inc................ 300 16,104 FNB Corp.............................. 551 19,533 Fifth Third Bancorp................... 11,250 664,875 First Charter Corp.................... 600 11,730 First Financial Bancorp............... 630 10,048 First Niagara Financial Group, Inc.......................... 1,000 14,910 First Tennessee National Corp......... 2,800 123,480 FirstFed Financial Corp.*............. 300 13,050 Flagstar Bancorp, Inc................. 600 12,852 FleetBoston Financial Corp............ 16,808 733,669 Fulton Financial Corp................. 1,482 32,471
3 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) BANKS/SAVINGS & LOANS (CONTINUED) Golden West Financial Corp............ 3,000 $ 309,570 Greater Bay Bancorp................... 900 25,632 GreenPoint Financial Corp............. 2,750 97,130 Harleysville National Corp............ 400 12,040 Hibernia Corp. Class A................ 2,800 65,828 Hudson City Bancorp, Inc.............. 3,800 145,084 Hudson United Bancorp................. 500 18,475 Huntington Bancshares, Inc............ 4,600 103,500 Independence Community Bank Corp...... 700 25,179 M&T Bank Corp......................... 2,200 216,260 MAF Bancorp, Inc...................... 400 16,760 Marshall & Ilsley Corp................ 4,500 172,125 MB Financial, Inc..................... 450 16,380 Mercantile Bankshares Corp............ 1,400 63,812 National Commerce Financial Corp...... 4,100 111,848 National Penn Bancshares, Inc......... 400 12,848 New York Community Bancorp, Inc....... 4,099 155,967 North Fork Bancorp., Inc.............. 2,800 113,316 Northern Trust Corp................... 4,400 204,248 Northwest Bancorp, Inc................ 900 19,224 Old National Bancorp.................. 1,186 27,100 Pacific Capital Bancorp............... 500 18,410 People's Bank......................... 1,000 32,600 PFF Bancorp, Inc...................... 300 10,884 PNC Bank Corp......................... 5,000 273,650 Provident Financial Group, Inc........ 800 25,560 Republic Bancorp, Inc................. 1,331 17,955 Riggs National Corp................... 500 8,265 Silicon Valley Bancshares*............ 500 18,035 SouthTrust Corp....................... 6,600 216,018 Sovereign Bancorp, Inc................ 5,300 125,875 Staten Island Bancorp, Inc............ 800 18,000 Sun Trust Banks, Inc.................. 5,600 400,400 TCF Financial Corp.................... 1,600 82,160 Texas Regional Bancshares, Inc. Class A............................. 550 20,350 The Colonial BancGroup, Inc........... 2,200 38,104 TrustCo Bank Corp. NY................. 1,380 18,147 Trustmark Corp........................ 1,100 32,197 U.S. Bancorp.......................... 36,015 1,072,527 UCBH Holdings, Inc.................... 700 27,279 UMB Financial Corp.................... 300 14,262 UnionBanCal Corp...................... 2,700 155,358 United Bankshares, Inc................ 500 15,600 United Community Banks, Inc........... 100 3,290 Valley National Bancorp............... 1,706 49,815 Wachovia Corp......................... 26,600 1,239,294 Washington Federal, Inc............... 1,155 32,802 Washington Mutual, Inc................ 16,650 667,998 Waypoint Financial Corp............... 600 13,014 Webster Financial Corp................ 800 36,688 Westamerica Bancorp................... 500 24,850 Westcorp.............................. 900 32,895 SHARES VALUE+ Wintrust Financial Corp............... 300 $ 13,530 Zions Bancorp......................... 2,700 165,591 ------------ 13,713,087 ------------ BROADCASTING -- 0.9% Charter Communications, Inc. Class A*............................ 2,900 11,658 Clear Channel Communications, Inc..... 11,200 524,496 Comcast Corp. Class A*................ 24,425 802,850 Comcast Corp. Class A Special*........ 10,000 312,800 Cumulus Media, Inc. Class A*.......... 800 17,600 Fox Entertainment Group, Inc. Class A*............................ 7,000 204,050 Hearst-Argyle Television, Inc......... 1,000 27,560 Mediacom Communications Corp.*........ 1,500 13,005 Sinclair Broadcast Group, Inc. Class A*............................ 2,200 32,824 UnitedGlobalCom, Inc. Class A*........ 2,000 16,960 Univision Communications, Inc. Class A*............................ 4,950 196,465 ------------ 2,160,268 ------------ BUILDING & CONSTRUCTION -- 0.6% Beazer Homes USA, Inc................. 200 19,532 Cavco Industries, Inc.*............... 50 1,200 Centex Construction Products, Inc..... 100 6,027 Centex Corp........................... 1,200 129,180 D.R. Horton, Inc...................... 3,150 136,269 Dycom Industries, Inc.*............... 700 18,774 Florida Rock Industries, Inc.......... 500 27,425 Granite Construction, Inc............. 500 11,745 Hovnanian Enterprises, Inc. Class A*............................ 400 34,824 Jacobs Engineering Group, Inc.*....... 900 43,209 KB HOME............................... 900 65,268 Lafarge Corp.......................... 1,400 56,728 Lennar Corp........................... 1,000 96,000 Lennar Corp. Class B.................. 50 4,570 M.D.C. Holdings, Inc.................. 530 34,185 Martin Marietta Materials, Inc........ 900 42,273 Masco Corp............................ 9,300 254,913 Meritage Corp.*....................... 200 13,262 Modine Manufacturing Co............... 400 10,792 NVR, Inc.*............................ 100 46,600 Pulte Corp............................ 1,200 112,344 Ryland Group, Inc..................... 500 44,320 Simpson Manufacturing Co., Inc.*...... 400 20,344 Standard Pacific Corp................. 500 24,275 Texas Industries, Inc................. 300 11,100 The Shaw Group, Inc.*................. 1,000 13,620 Toll Brothers, Inc.*.................. 1,300 51,688 URS Corp.*............................ 100 2,501 Vulcan Materials Co................... 2,000 95,140 WCI Communities, Inc.*................ 600 12,366 William Lyon Homes, Inc.*............. 200 12,554 York International Corp............... 500 18,400 ------------ 1,471,428 ------------ BUSINESS SERVICES -- 1.4% Acxiom Corp.*......................... 900 16,713 ADVO, Inc............................. 400 12,704 American Management Systems, Inc.*.... 700 10,549
4 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) BUSINESS SERVICES (CONTINUED) Ariba, Inc.*.......................... 3,200 $ 9,600 Aspect Communications Corp.*.......... 800 12,608 Automatic Data Processing, Inc........ 11,400 451,554 Banta Corp............................ 500 20,250 BEA Systems, Inc.*.................... 8,100 99,630 BearingPoint, Inc.*................... 3,100 31,279 Catalina Marketing Corp.*............. 800 16,128 Ceridian Corp.*....................... 3,000 62,820 Certegy, Inc.......................... 300 9,840 ChoicePoint, Inc.*.................... 1,566 59,649 Cintas Corp........................... 3,400 170,442 Ecolab, Inc........................... 5,500 150,535 Electronic Data Systems Corp.......... 9,400 230,676 Expeditors International of Washington, Inc..................... 2,100 79,086 Exult, Inc.*.......................... 1,900 13,528 Fair, Issac & Co., Inc................ 800 39,328 First Data Corp....................... 14,600 599,914 Fiserv, Inc.*......................... 3,850 152,113 Foundry Networks, Inc.*............... 2,300 62,928 FTI Consulting, Inc.*................. 1,100 25,707 Global Payments, Inc.................. 240 11,309 Harte-Hanks, Inc...................... 2,550 55,462 Hudson Highland Group, Inc.*.......... 135 3,220 Iron Mountain, Inc.*.................. 1,700 67,218 John H. Harland Co.................... 500 13,650 Keane, Inc.*.......................... 1,100 16,104 Kelly Services, Inc. Class A.......... 500 14,270 Manpower, Inc......................... 1,600 75,328 MPS Group, Inc.*...................... 1,400 13,090 NCO Group, Inc.*...................... 500 11,385 Paychex, Inc.......................... 7,550 280,860 Robert Half International, Inc.*...... 3,400 79,356 SEI Investments Co.................... 1,800 54,846 TeleTech Holdings, Inc.*.............. 500 5,650 Tetra Tech, Inc.*..................... 1,000 24,860 The Corporate Executive Board Co.*.... 500 23,335 The Reynolds & Reynolds Co. Class A............................. 1,000 29,050 Westwood One, Inc.*................... 1,800 61,578 ------------ 3,178,152 ------------ CHEMICALS -- 1.3% Air Products & Chemicals, Inc......... 4,500 237,735 Airgas, Inc........................... 800 17,184 Albemarle Corp........................ 500 14,985 Ashland, Inc.......................... 1,200 52,872 Cabot Corp............................ 900 28,656 Cabot Microelectronics Corp.*......... 300 14,700 Cytec Industries, Inc.*............... 500 19,195 Dionex Corp.*......................... 300 13,806 Dow Chemical Co....................... 18,400 764,888 E.I. du Pont de Nemours & Co.......... 17,900 821,431 Eastman Chemical Co................... 1,400 55,342 Engelhard Corp........................ 2,300 68,885 SHARES VALUE+ Ferro Corp............................ 500 $ 13,605 FMC Corp.*............................ 500 17,065 Georgia Gulf Corp..................... 600 17,328 Great Lakes Chemical Corp............. 800 21,752 H.B. Fuller Co........................ 500 14,870 Hercules, Inc.*....................... 1,300 15,860 IMC Global, Inc....................... 1,800 17,874 Kronos Worldwide Inc*................. 400 8,880 Lubrizol Corp......................... 900 29,268 Lyondell Chemical Co.................. 3,900 66,105 MacDermid, Inc........................ 600 20,544 Minerals Technologies, Inc............ 300 17,775 NL Industries, Inc.................... 800 9,360 Olin Corp............................. 700 14,042 OM Group, Inc......................... 400 10,476 Praxair, Inc.......................... 7,800 297,960 Rohm & Haas Co........................ 4,400 187,924 RPM, Inc.............................. 2,100 34,566 Sigma-Aldrich Corp.................... 1,300 74,334 The Valspar Corp...................... 800 39,536 Valhi, Inc............................ 1,960 29,322 ------------ 3,068,125 ------------ COMMERCIAL SERVICES -- 0.1% Alliance Data Systems Corp.*.......... 1,200 33,216 Aramark Corp. Class B*................ 1,700 46,614 Arbitron, Inc.*....................... 300 12,516 Convergys Corp.*...................... 2,900 50,634 Deluxe Corp........................... 900 37,197 Plexus Corp.*......................... 800 13,736 Polycom, Inc.*........................ 1,800 35,136 Quanta Services, Inc.*................ 500 3,650 R.H. Donnelley Corp.*................. 500 19,920 Weight Watchers International, Inc.*................ 2,400 92,088 ------------ 344,707 ------------ COMMUNICATION SERVICES -- 0.0% West Corp.*........................... 1,100 25,553 ------------ COMMUNICATIONS EQUIPMENT -- 0.1% Andrew Corp.*......................... 2,400 27,624 Finisar Corp.*........................ 900 2,817 L-3 Communications Holdings, Inc.*.... 1,900 97,584 Sonus Networks, Inc.*................. 3,600 27,216 Tekelec*.............................. 900 13,995 UTStarcom, Inc.*...................... 2,100 77,847 ------------ 247,083 ------------ COMPUTER EQUIPMENT -- 2.3% Adaptec, Inc.*........................ 500 4,415 Advanced Digital Information Corp.*... 800 11,200 Brocade Communications Systems, Inc.*...................... 3,300 19,074 Electronics for Imaging, Inc.*........ 600 15,612 EMC Corp.*............................ 45,833 592,156 Emulex Corp.*......................... 1,500 40,020 Hutchinson Technology, Inc.*.......... 400 12,296 Imation Corp.......................... 500 17,575
5 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) COMPUTER EQUIPMENT (CONTINUED) Ingram Micro, Inc. Class A*........... 2,800 $ 44,520 Insight Enterprises, Inc.*............ 800 15,040 Intel Corp............................ 117,600 3,786,720 Kronos, Inc.*......................... 100 3,961 Maxtor Corp.*......................... 4,400 48,840 McDATA Corp. Class A*................. 1,500 14,295 MEMC Electronic Materials, Inc.*...... 3,700 35,594 Mentor Graphics Corp.*................ 800 11,632 PalmOne, Inc.*........................ 500 5,875 SanDisk Corp.*........................ 1,600 97,824 Semtech Corp.*........................ 1,200 27,276 Silicon Storage Technology, Inc.*..... 1,300 14,300 Storage Technology Corp.*............. 2,000 51,500 Varian Semiconductor Equipment Associates, Inc.*................... 500 21,845 VERITAS Software Corp.*............... 8,500 315,860 Western Digital Corp.*................ 3,700 43,623 Whitney Holding Corp.................. 450 18,445 ------------ 5,269,498 ------------ COMPUTER SERVICES -- 2.1% Affiliated Computer Services, Inc. Class A*............................ 2,300 125,258 Anteon International Corp.*........... 400 14,420 Avocent Corp.*........................ 500 18,260 Black Box Corp........................ 300 13,821 Cadence Design Systems, Inc.*......... 5,800 104,284 Cisco Systems, Inc.*.................. 128,500 3,121,265 Cognizant Technology Solutions Corp.*.............................. 1,100 50,204 Computer Sciences Corp.*.............. 3,400 150,382 Compuware Corp.*...................... 7,700 46,508 Diebold, Inc.......................... 1,400 75,418 DST Systems, Inc.*.................... 2,500 104,400 Extreme Networks, Inc.*............... 1,400 10,094 FactSet Research Systems, Inc......... 500 19,105 GTECH Holdings Corp................... 1,200 59,388 Intergraph Corp.*..................... 700 16,744 Jack Henry & Associates, Inc.......... 1,800 37,044 MICROS Systems, Inc.*................. 300 13,008 NCR Corp.*............................ 1,600 62,080 Network Appliance, Inc.*.............. 6,800 139,604 Perot Systems Corp. Class A*.......... 1,700 22,916 Sun Microsystems, Inc.*............... 63,400 284,666 SunGard Data Systems, Inc.*........... 5,700 157,947 Sybase, Inc.*......................... 1,700 34,986 Syntel, Inc........................... 600 14,826 The BISYS Group, Inc.*................ 1,700 25,296 Unisys Corp.*......................... 5,900 87,615 ------------ 4,809,539 ------------ COMPUTER SOFTWARE -- 3.9% 3Com Corp.*........................... 6,500 53,105 Activision, Inc.*..................... 1,550 28,210 Adobe Systems, Inc.................... 4,700 184,710 SHARES VALUE+ Ascential Software Corp.*............. 471 $ 12,213 Autodesk, Inc......................... 2,000 49,160 BMC Software, Inc.*................... 4,500 83,925 Borland Software Corp.*............... 800 7,784 CheckFree Corp.*...................... 1,400 38,710 Citrix Systems, Inc.*................. 3,000 63,630 Computer Associates International, Inc.................. 11,600 317,144 Electronic Arts, Inc.*................ 5,800 277,124 Enterasys Networks, Inc.*............. 1,700 6,375 FileNET Corp.*........................ 500 13,540 Hyperion Solutions Corp.*............. 500 15,070 Informatica Corp.*.................... 1,300 13,390 Internet Security Systems, Inc.*...... 600 11,298 Intuit, Inc.*......................... 4,000 211,640 Lawson Software, Inc.*................ 900 7,407 Macromedia, Inc.*..................... 1,000 17,840 Mercury Interactive Corp.*............ 1,800 87,552 Microsoft Corp........................ 192,300 5,295,942 National Instruments Corp............. 900 40,923 NetIQ Corp.*.......................... 500 6,625 NetScreen Technologies, Inc.*......... 1,500 37,125 Network Associates, Inc.*............. 2,600 39,104 Novell, Inc.*......................... 6,700 70,484 NVIDIA Corp.*......................... 2,800 65,100 Oracle Corp.*......................... 99,100 1,308,120 PalmSource, Inc.*..................... 154 3,356 Parametric Technology Corp.*.......... 4,200 16,548 PeopleSoft, Inc.*..................... 4,664 106,339 Quest Software, Inc.*................. 1,100 15,620 Red Hat, Inc.*........................ 3,100 58,187 SERENA Software, Inc.*................ 1,000 18,350 Siebel Systems, Inc.*................. 9,900 137,313 Symantec Corp.*....................... 6,000 207,900 Take-Two Interactive Software, Inc.*..................... 500 14,405 THQ, Inc.*............................ 500 8,455 TIBCO Software, Inc.*................. 2,900 19,633 WebMD Corp.*.......................... 4,900 44,051 ------------ 9,013,407 ------------ COMPUTERS -- 2.7% Apple Computer, Inc.*................. 6,500 138,905 Dell, Inc.*........................... 46,100 1,565,556 Gateway, Inc.*........................ 4,900 22,540 Hewlett-Packard Co.................... 61,001 1,401,193 International Business Machines Corp................................ 34,400 3,188,192 ------------ 6,316,386 ------------ CONSUMER PRODUCTS -- 2.3% Avon Products, Inc.................... 4,700 317,203 Blyth, Inc............................ 500 16,110 Clorox Co............................. 4,200 203,952 Colgate-Palmolive Co.................. 9,700 485,485 Energizer Holdings, Inc.*............. 800 30,048 Estee Lauder Companies, Inc. Class A............................. 2,400 94,224 Fortune Brands, Inc................... 2,600 185,874 Fossil, Inc.*......................... 600 16,806
6 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) CONSUMER PRODUCTS (CONTINUED) Gillette Co........................... 18,400 $ 675,832 Hasbro, Inc........................... 3,500 74,480 IDEXX Laboratories, Inc.*............. 500 23,140 International Flavors & Fragrances, Inc..................... 2,000 69,840 Mattel, Inc........................... 8,600 165,722 Newell Rubbermaid, Inc................ 5,500 125,235 Playtex Products, Inc.*............... 1,000 7,730 Procter & Gamble Co................... 25,900 2,586,892 The Dial Corp......................... 1,700 48,399 The Scotts Co. Class A*............... 600 35,496 The Yankee Candle Co., Inc.*.......... 1,100 30,063 Tupperware Corp....................... 600 10,404 ------------ 5,202,935 ------------ CONTAINERS & GLASS -- 0.0% Crown Holdings, Inc.*................. 1,500 13,590 Owens-Illinois, Inc.*................. 1,700 20,213 ------------ 33,803 ------------ CONTAINERS-PAPER/PLASTIC -- 0.1% Bemis Co., Inc........................ 900 45,000 Longview Fibre Co..................... 900 11,115 Sealed Air Corp.*..................... 1,500 81,210 Sonoco Products Co.................... 1,700 41,854 ------------ 179,179 ------------ DISTRIBUTION/WHOLESALE -- 0.2% CDW Corp.............................. 1,500 86,640 Fastenal Co........................... 1,400 69,916 Genuine Parts Co...................... 3,500 116,200 Grainger, Inc......................... 1,600 75,824 Hughes Supply, Inc.................... 300 14,886 International Multifoods Corp.*....... 900 16,200 Owens & Minor, Inc.................... 500 10,955 SCP Pool Corp.*....................... 400 13,072 United Stationers, Inc.*.............. 500 20,460 ------------ 424,153 ------------ DIVERSIFIED OPERATIONS -- 2.0% 3M Co................................. 15,700 1,334,971 Barnes Group, Inc..................... 400 12,924 Carlisle Cos., Inc.................... 600 36,516 Cendant Corp.*........................ 20,248 450,923 Cooper Industries Ltd. Class A........ 1,100 63,723 Corning, Inc.*........................ 26,600 277,438 Crane Co.............................. 1,100 33,814 Danaher Corp.......................... 3,100 284,425 Federal Signal Corp................... 600 10,512 Fidelity National Financial, Inc...... 3,741 145,076 Harsco Corp........................... 500 21,910 Hawaiian Electric Industries, Inc..... 600 28,422 Hillenbrand Industries, Inc........... 1,300 80,678 Illinois Tool Works, Inc.............. 5,500 461,505 ITT Industries, Inc................... 1,700 126,157 Kroll, Inc.*.......................... 700 18,200 SHARES VALUE+ Lancaster Colony Corp................. 500 $ 22,580 Lockheed Martin Corp.................. 9,000 462,600 Mathews International Corp. Class A............................. 500 14,795 Pentair, Inc.......................... 800 36,560 PerkinElmer, Inc...................... 4,500 76,815 PPG Industries, Inc................... 3,400 217,668 Roper Industries, Inc................. 500 24,630 Sensient Technologies Corp............ 600 11,862 Teleflex, Inc......................... 700 33,831 Textron, Inc.......................... 2,700 154,062 Trinity Industries, Inc............... 600 18,504 Tyco International Ltd................ 259 6,863 Universal Corp........................ 500 22,085 UNOVA, Inc.*.......................... 800 18,360 Viad Corp............................. 1,600 40,000 ------------ 4,548,409 ------------ EDUCATION -- 0.2% Apollo Group, Inc. Class A*........... 3,450 234,600 Career Education Corp.*............... 2,200 88,154 Corinthian Colleges, Inc.*............ 900 50,004 DeVry, Inc.*.......................... 1,100 27,643 Education Management Corp.*........... 1,400 43,456 ITT Educational Services, Inc.*....... 900 42,273 Renaissance Learning, Inc.*........... 500 12,040 Sylvan Learning Systems, Inc.*........ 600 17,274 ------------ 515,444 ------------ ELECTRIC UTILITIES -- 0.1% Duquesne Light Holdings, Inc.......... 1,000 18,340 Great Plains Energy, Inc.............. 1,200 38,184 NSTAR Com............................. 800 38,800 Texas Genco Holdings, Inc............. 155 5,038 Weststar Energy, Inc.................. 1,100 22,275 ------------ 122,637 ------------ ELECTRICAL EQUIPMENT -- 2.7% Avid Technology, Inc.*................ 300 14,400 Axcelis Technologies, Inc.*........... 1,400 14,308 Belden, Inc........................... 500 10,545 Credence Systems Corp.*............... 900 11,844 Fairchild Semiconductor Corp. Class A*............................ 1,900 47,443 FLIR Systems, Inc.*................... 400 14,600 General Electric Co................... 180,700 5,598,086 GrafTech International Ltd.*.......... 1,100 14,850 Lincoln Electric Holdings, Inc........ 900 22,266 Microchip Technology, Inc............. 4,150 138,444 Molex, Inc............................ 1,800 62,802 Power Integrations, Inc.*............. 400 13,384 Power-One, Inc.*...................... 1,200 12,996 Rogers Corp.*......................... 300 13,236 Veeco Instruments, Inc.*.............. 400 11,280 Xilinx, Inc.*......................... 6,800 263,432 ------------ 6,263,916 ------------ ELECTRONICS -- 3.0% Advanced Micro Devices, Inc.*......... 7,000 104,300
7 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) ELECTRONICS (CONTINUED) Aeroflex, Inc.*....................... 1,100 $ 12,859 Agere Systems, Inc. Class A*.......... 368 1,123 Agere Systems, Inc. Class B*.......... 9,048 26,239 Agilent Technologies, Inc.*........... 9,500 277,780 Altera Corp.*......................... 7,600 172,520 AMETEK, Inc........................... 500 24,130 Amkor Technology, Inc.*............... 3,000 54,630 Amphenol Corp. Class A*............... 800 51,144 Analog Devices, Inc................... 7,300 333,245 Anixter International, Inc.*.......... 600 15,528 Applied Materials, Inc.*.............. 33,300 747,585 Applied Micro Circuits Corp.*......... 5,500 32,890 Arrow Electronics, Inc.*.............. 1,800 41,652 Atmel Corp.*.......................... 8,400 50,484 Avnet, Inc.*.......................... 2,122 45,962 AVX Corp.............................. 3,500 58,170 Benchmark Electronics, Inc.*.......... 300 10,443 Broadcom Corp. Class A*............... 4,500 153,405 Conexant Systems, Inc................. 3,800 18,886 Cree, Inc.*........................... 1,300 22,997 Curtiss-Wright Corp. Class B.......... 38 1,706 Cymer, Inc.*.......................... 500 23,095 Cypress Semiconductor Corp.*.......... 2,100 44,856 Emerson Electric Co................... 7,500 485,625 Entegris, Inc.*....................... 1,000 12,850 Exar Corp.*........................... 600 10,248 Gentex Corp........................... 1,500 66,240 GlobespanVirata, Inc.*................ 1,100 6,468 Harman International Industries, Inc..................... 1,400 103,572 Hubbell, Inc. Class B................. 900 39,690 Integrated Circuit Systems, Inc.*..... 1,300 37,037 Integrated Device Technology, Inc.*................... 1,300 22,321 International Rectifier Corp.*........ 1,200 59,292 Intersil Corp. Class A................ 2,500 62,125 Jabil Circuit, Inc.*.................. 3,600 101,880 KEMET Corp.*.......................... 1,500 20,535 KLA-Tencor Corp.*..................... 3,900 228,813 Lam Research Corp.*................... 2,700 87,210 Lattice Semiconductor Corp.*.......... 1,600 15,488 Linear Technology Corp................ 6,300 265,041 LSI Logic Corp.*...................... 6,400 56,768 Maxim Integrated Products, Inc........ 7,136 355,373 Micrel, Inc.*......................... 1,100 17,138 Micron Technology, Inc.*.............. 11,000 148,170 MKS Instruments, Inc.*................ 800 23,200 National Semiconductor Corp.*......... 3,700 145,817 Novellus Systems, Inc.*............... 3,056 128,505 OmniVision Technologies, Inc.*........ 500 27,625 ON Semiconductor Corp.*............... 2,600 16,770 PMC-Sierra, Inc.*..................... 3,400 68,510 QLogic Corp.*......................... 1,900 98,040 Rambus, Inc.*......................... 4,400 135,080 Rockwell International Corp........... 3,700 131,720 Sanmina Corp.*........................ 9,220 116,264 SHARES VALUE+ Silicon Laboratories, Inc.*........... 800 $ 34,576 Siliconix, Inc.*...................... 400 18,280 Skyworks Solutions, Inc.*............. 1,900 16,530 Solectron Corp.*...................... 17,300 102,243 Synopsys, Inc.*....................... 3,100 104,656 Tech Data Corp.*...................... 800 31,752 Technitrol, Inc.*..................... 500 10,370 Tektronix, Inc........................ 2,000 63,200 Teradyne, Inc.*....................... 3,300 83,985 Texas Instruments, Inc................ 31,200 916,656 Thermo Electron Corp.*................ 3,295 83,034 Thomas & Betts Corp.*................. 500 11,445 Trimble Navigation Ltd.*.............. 500 18,620 TriQuint Semiconductor, Inc.*......... 1,900 13,433 Vishay Intertechnology, Inc.*......... 2,600 59,540 Vitesse Semiconductor Corp.*.......... 2,500 14,675 Wilson Greatbatch Technologies, Inc.*................. 300 12,681 ------------ 7,014,720 ------------ ENERGY -- 1.2% Centerpoint Energy, Inc............... 4,900 47,481 ChevronTexaco Corp.................... 19,256 1,663,526 CONSOL Energy, Inc.................... 1,300 33,670 DTE Energy Co......................... 3,400 133,960 Energy East Corp...................... 2,600 58,240 Entergy Corp.......................... 4,100 234,233 Kinder Morgan, Inc.................... 2,300 135,930 Peabody Energy Corp................... 1,000 41,710 Progress Energy, Inc.................. 4,900 221,774 Sempra Energy......................... 4,100 123,246 ------------ 2,693,770 ------------ ENVIROMENTAL SERVICES -- 0.0% Rollins, Inc.......................... 900 20,295 ------------ FACILITY SERVICES -- 0.0% ABM Industries, Inc................... 800 13,928 ------------ FINANCIAL SERVICES -- 8.6% A.G. Edwards, Inc..................... 1,700 61,591 Affiliated Managers Group, Inc.*...... 200 13,918 Ambac Financial Group, Inc............ 2,150 149,188 American Capital Strategies Ltd....... 1,200 35,676 American Express Co................... 25,700 1,239,511 AmeriCredit Corp.*.................... 2,800 44,604 Ameritrade Holding Corp.*............. 7,700 108,339 AmSouth Bancorporation................ 7,000 171,500 Bank of Hawaii Corp................... 2,500 105,500 BlackRock, Inc.*...................... 300 15,933 Capital One Financial Corp............ 4,600 281,934 Charles Schwab Corp................... 29,400 348,096 Citigroup, Inc........................ 98,365 4,774,637 Citizens Banking Corp................. 500 16,360 Commerce Bancorp, Inc................. 1,400 73,752 CompuCredit Corp.*.................... 700 14,896 Concord EFS, Inc.*.................... 7,100 105,364 Countrywide Credit Industries, Inc..................... 4,000 303,400
8 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) FINANCIAL SERVICES (CONTINUED) Cullen/Frost Bankers, Inc............. 900 $ 36,513 Dun & Bradstreet Corp.*............... 1,300 65,923 E*Trade Group, Inc.*.................. 7,200 91,080 Eaton Vance Corp...................... 1,100 40,304 eFunds Corp.*......................... 800 13,880 Equifax, Inc.......................... 2,800 68,600 First Commonwealth Financial Corp..... 1,200 17,112 First Midwest Bancorp, Inc............ 500 16,205 FirstMerit Corp....................... 1,500 40,455 Franklin Resources, Inc............... 5,000 260,300 Fremont General Corp.................. 900 15,219 Friedman, Billings, Ramsey Group, Inc. Class A................. 2,800 64,624 H&R Block, Inc........................ 3,600 199,332 IndyMac Bancorp, Inc.................. 1,100 32,769 Instinet Group, Inc................... 5,000 25,750 Interactive Data Corp.*............... 1,400 23,184 Investment Technology Group, Inc.*.... 500 8,075 Investors Financial Services Corp..... 1,000 38,410 Irwin Financial Corp.................. 400 12,560 J.P. Morgan Chase & Co................ 40,840 1,500,053 Janus Capital Group, Inc.............. 4,300 70,563 Jefferies Group, Inc.................. 1,000 33,020 John Hancock Financial Services, Inc....................... 5,200 195,000 KeyCorp............................... 8,400 246,288 Knight Trading Group, Inc.*........... 1,800 26,352 LaBranche & Co., Inc.................. 500 5,835 Legg Mason, Inc....................... 1,200 92,616 Lehman Brothers Holdings, Inc......... 5,300 409,266 MBIA, Inc............................. 2,800 165,844 MBNA Corp............................. 22,950 570,307 Mellon Financial Corp................. 8,600 276,146 Merrill Lynch & Co., Inc.............. 16,800 985,320 Morgan Stanley Dean Witter & Co....... 21,700 1,255,779 National City Corp.................... 11,100 376,734 National Processing, Inc.*............ 600 14,130 New Century Financial Corp............ 450 17,852 PRG-Schultz International, Inc.*...... 1,000 4,900 Protective Life Corp.................. 1,000 33,840 Providian Financial Corp.*............ 5,800 67,512 Raymond James Financial, Inc.......... 1,000 37,700 Regions Financial Corp................ 4,400 163,680 Sky Financial Group, Inc.............. 1,400 36,316 SLM Corp.............................. 12,200 459,696 South Financial Group, Inc............ 600 16,716 Southwest Bancorporation of Texas, Inc.......................... 500 19,425 State Street Corp..................... 6,700 348,936 Susquehanna Bancshares, Inc........... 800 20,008 Synovus Financial Corp................ 6,000 173,520 T. Rowe Price Group, Inc.............. 2,400 113,784 The Bear Stearns Cos., Inc............ 1,800 143,910 The Goldman Sachs Group, Inc.......... 8,400 829,332 The Student Loan Corp................. 400 58,400 UICI*................................. 700 9,296 SHARES VALUE+ Union Planters Corp................... 4,050 $ 127,535 Waddell & Reed Financial, Inc. Class A............................. 1,000 23,460 Wells Fargo & Co...................... 31,100 1,831,479 WFS Financial, Inc.*.................. 500 21,230 Wilmington Trust Corp................. 1,100 39,600 ------------ 19,755,874 ------------ FOOD & BEVERAGES -- 3.6% Adolph Coors Co. Class B.............. 600 33,660 American Italian Pasta Co. Class A*............................ 300 12,570 Anheuser-Busch Cos., Inc.............. 14,700 774,396 Archer-Daniels-Midland Co............. 12,977 197,510 Brown Forman Corp. Class B............ 500 46,725 Campbell Soup Co...................... 8,000 214,400 Chiquita Brands International, Inc.*................ 300 6,759 Coca-Cola Co.......................... 45,800 2,324,350 Coca-Cola Enterprises, Inc............ 8,900 194,643 ConAgra, Inc.......................... 10,700 282,373 Constellation Brands, Inc. Class A*............................ 1,800 59,274 Corn Products International, Inc...... 400 13,780 Dean Foods Co.*....................... 3,084 101,371 Del Monte Foods Co.*.................. 3,788 39,395 Dreyer's Grand Ice Cream Holdings, Inc.*..................... 500 38,875 Flowers Foods, Inc.................... 750 19,350 General Mills, Inc.................... 6,700 303,510 H.J. Heinz Co......................... 7,000 255,010 Hershey Foods Corp.................... 2,200 169,378 Hormel Foods Corp..................... 2,800 72,268 Interstate Bakeries Corp.............. 1,300 18,499 Kellogg Co............................ 8,200 312,256 Kraft Foods, Inc. Class A............. 11,100 357,642 McCormick & Co., Inc.................. 2,200 66,220 Panera Bread Co. Class A*............. 300 11,859 PepsiAmericas, Inc.................... 3,400 58,208 PepsiCo, Inc.......................... 34,290 1,598,600 Performance Food Group Co.*........... 800 28,936 Pilgrim's Pride Corp.................. 900 14,697 Ralcorp Holdings, Inc.*............... 500 15,680 Smithfield Foods, Inc.*............... 2,200 45,540 SYSCO Corp............................ 11,700 435,591 Tootsie Roll Industries, Inc.......... 515 18,540 Tyson Foods, Inc. Class A............. 4,502 59,607 Wm. Wrigley Jr. Co.................... 3,700 207,977 ------------ 8,409,449 ------------ FOREST & PAPER PRODUCTS -- 0.7% Georgia-Pacific Group................. 5,105 156,570 International Paper Co................ 9,024 389,025 Kimberly-Clark Corp................... 10,100 596,809 P.H. Glatfelter Co.................... 700 8,715 Smurfit-Stone Container Corp.......... 4,900 90,993 Wausau-Mosinee Paper Corp............. 800 10,816 Weyerhaeuser Co....................... 4,300 275,200 ------------ 1,528,128 ------------ FUNERAL SERVICES -- 0.0%
9 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) FUNERAL SERVICES (CONTINUED) Service Corp. International*.......... 5,200 $ 28,028 ------------ HEALTH CARE -- BIOTECHNOLOGY -- 2.1% Affymetrix, Inc.*..................... 1,100 27,071 Amgen, Inc.*.......................... 25,752 1,591,474 Biogen Idec, Inc...................... 6,205 228,220 Charles River Laboratories International, Inc.*................ 500 17,165 Chiron Corp.*......................... 3,700 210,863 Enzon, Inc.*.......................... 500 6,000 Genencor International, Inc.*......... 900 14,175 Genentech, Inc.*...................... 9,300 870,201 Genta, Inc.*.......................... 800 8,328 Genzyme Corp.*........................ 4,400 217,096 Gilead Sciences, Inc.*................ 4,000 232,560 ICOS Corp.*........................... 1,300 53,664 ImClone Systems, Inc.*................ 900 35,694 Martek Biosciences Corp.*............. 600 38,982 Medtronic, Inc........................ 24,300 1,181,223 Pharmaceutical Product Development, Inc.*.................. 1,000 26,970 Protein Design Labs, Inc.*............ 1,200 21,480 Techne Corp.*......................... 800 30,224 The Medicines Co.*.................... 200 5,892 Trimeris, Inc.*....................... 300 6,294 VISX, Inc.*........................... 700 16,205 ------------ 4,839,781 ------------ HEALTH CARE -- DRUGS -- 5.0% Abbott Laboratories................... 29,100 1,356,060 Accredo Health, Inc.*................. 700 22,127 Alkermes, Inc.*....................... 900 12,150 Alpharma, Inc. Class A................ 700 14,070 American Pharmaceutical Partners, Inc.*..................... 1,050 35,280 AmerisourceBergen Corp................ 2,059 115,613 Amylin Pharmaceuticals, Inc.*......... 1,700 37,774 Andrx Group*.......................... 800 19,232 Barr Laboratories, Inc.*.............. 1,350 103,882 Bristol-Myers Squibb Co............... 34,900 998,140 Celgene Corp.*........................ 1,500 67,530 Cephalon, Inc.*....................... 1,000 48,410 Eli Lilly & Co........................ 20,200 1,420,666 Eon Labs, Inc.*....................... 700 35,665 Forest Laboratories, Inc.*............ 7,300 451,140 IVAX Corp.*........................... 3,550 84,774 King Pharmaceuticals, Inc.*........... 4,349 66,366 Kos Pharmaceuticals, Inc.*............ 300 12,912 Ligand Pharmaceuticals, Inc. Class B*............................ 900 13,221 Medicis Pharmaceutical Corp. Class A............................. 500 35,650 MedImmune, Inc.*...................... 4,530 115,062 Millennium Pharmaceuticals, Inc.*..... 5,400 100,818 Mylan Laboratories, Inc............... 5,625 142,087 Neurocrine Biosciences, Inc.*......... 500 27,270 NPS Pharmaceuticals, Inc.*............ 500 15,370 SHARES VALUE+ OSI Pharmaceuticals, Inc.*............ 500 $ 16,105 Pfizer, Inc........................... 137,375 4,853,459 Pharmaceutical Resources, Inc.*....... 700 45,605 Priority Healthcare Corp. Class B*.... 500 12,055 Sepracor, Inc.*....................... 1,400 33,502 SICOR, Inc.*.......................... 2,400 65,280 Tularik, Inc.*........................ 600 9,690 Valeant Pharmaceuticals International....................... 1,000 25,150 Vertex Pharmaceuticals, Inc.*......... 1,500 15,345 Watson Pharmaceuticals, Inc.*......... 2,200 101,200 Wyeth................................. 24,000 1,018,800 ------------ 11,547,460 ------------ HEALTH CARE -- PRODUCTS -- 3.7% Abgenix, Inc.*........................ 1,200 14,952 Advanced Medical Optics, Inc.*........ 288 5,659 ALARIS Medical, Inc.*................. 900 13,689 Align Technology, Inc.*............... 700 11,564 Allergan, Inc......................... 3,000 230,430 Apogent Technologies, Inc.*........... 1,900 43,776 Arrow International, Inc.............. 800 19,984 Bausch & Lomb, Inc.................... 1,100 57,090 Beckman Coulter, Inc.................. 2,500 127,075 Becton, Dickinson & Co................ 5,100 209,814 Biomet, Inc........................... 5,100 185,691 Boston Scientific Corp.*.............. 16,400 602,864 C.R. Bard, Inc........................ 1,000 81,250 Cooper Cos., Inc...................... 600 28,278 Cytyc Corp.*.......................... 1,200 16,512 Datascope Corp........................ 300 10,755 DENTSPLY International, Inc........... 1,500 67,755 Diagnostic Products Corp.............. 500 22,955 Guidant Corp.......................... 6,200 373,240 Henry Schein, Inc.*................... 1,000 67,580 Human Genome Sciences, Inc.*.......... 2,100 27,825 Invacare Corp......................... 500 20,185 Invitrogen Corp.*..................... 900 63,000 Johnson & Johnson..................... 53,412 2,759,264 Mentor Corp........................... 300 7,218 Merck & Co., Inc...................... 40,300 1,861,860 MGI Pharma, Inc.*..................... 400 16,460 NeighborCare, Inc.*................... 300 5,925 Perrigo Co............................ 1,100 17,292 PSS World Medical, Inc.*.............. 1,100 13,277 ResMed, Inc.*......................... 500 20,770 Respironics, Inc.*.................... 500 22,545 Schering-Plough Corp.................. 29,400 511,266 St. Jude Medical, Inc.*............... 3,500 214,725 Stryker Corp.......................... 4,000 340,040 Thoratec Corp.*....................... 800 10,408 Varian Medical Systems, Inc.*......... 1,300 89,830 Zimmer Holdings, Inc.*................ 4,780 336,512 ------------ 8,529,315 ------------ HEALTH CARE -- SERVICES -- 2.1% Amerigroup Corp.*..................... 100 4,265
10 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) HEALTH CARE -- SERVICES (CONTINUED) Anthem, Inc.*......................... 2,718 $ 203,850 Apria Healthcare Group, Inc.*......... 800 22,776 Baxter International, Inc............. 12,200 372,344 Cardinal Health, Inc.................. 7,800 477,048 Caremark Rx, Inc.*.................... 5,300 134,249 Cerner Corp.*......................... 400 15,140 Community Health Care*................ 1,600 42,528 Covance, Inc.*........................ 1,100 29,480 Coventry Health Care, Inc.*........... 1,200 77,388 DaVita, Inc.*......................... 1,100 42,900 Express Scripts, Inc.*................ 1,600 106,288 First Health Group Corp.*............. 6,600 128,436 Genesis HealthCare Corp.*............. 150 3,417 HCA-The Healthcare Corp............... 9,500 408,120 Health Management Associates, Inc. Class A............................. 5,000 120,000 Health Net, Inc.*..................... 2,000 65,400 Humana, Inc.*......................... 2,700 61,695 IMS Health, Inc....................... 4,800 119,328 Kindred Healthcare, Inc.*............. 300 15,594 Laboratory Corporation of America Holdings*........................... 2,900 107,155 Lincare Holdings, Inc.*............... 1,700 51,051 Manor Care, Inc....................... 1,600 55,312 McKesson HBOC, Inc.................... 5,800 186,528 Medco Health Solutions, Inc.*......... 4,329 147,143 MedQuist, Inc.*....................... 500 8,030 Mid Atlantic Medical Services, Inc.*..................... 800 51,840 NDCHealth Corp........................ 600 15,372 Odyssey Healthcare, Inc.*............. 400 11,704 Omnicare, Inc......................... 2,200 88,858 Oxford Health Plans, Inc.............. 1,500 65,250 PacifiCare Health Systems, Inc.*...... 800 54,080 Patterson Dental Co.*................. 1,400 89,824 Pediatrix Medical Group, Inc.*........ 600 33,054 Quest Diagnostics, Inc................ 2,100 153,531 Renal Care Group, Inc.*............... 900 37,080 Select Medical Corp................... 1,200 19,536 STERIS Corp.*......................... 1,100 24,860 Tenet Healthcare Corp.*............... 8,350 134,018 Triad Hospitals, Inc.*................ 1,387 46,145 United Surgical Partners International, Inc.*................ 400 13,392 UnitedHealth Group, Inc............... 11,200 651,616 Universal Health Services, Inc. Class B............................. 1,000 53,720 US Oncology, Inc.*.................... 1,500 16,140 VCA Antech, Inc.*..................... 500 15,490 Wellpoint Health Networks, Inc.*...... 2,300 223,077 ------------ 4,804,052 ------------ HOUSEHOLD PRODUCTS -- 0.1% Alberto-Culver Co. Class B............ 1,200 75,696 Black & Decker Corp................... 1,600 78,912 Church & Dwight Co., Inc.............. 500 19,800 SHARES VALUE+ Ethan Allen Interiors, Inc............ 500 $ 20,940 Furniture Brands International, Inc.*................ 1,000 29,330 ------------ 224,678 ------------ INSTRUMENTS -- SCIENTIFIC -- 0.1% Applera Corp. -- Applied Biosystems Group............................... 2,600 53,846 FEI Co.*.............................. 1,400 31,500 Fisher Scientific International, Inc.*................ 1,000 41,370 Kyphon, Inc.*......................... 500 12,415 Millipore Corp.*...................... 1,000 43,050 Waters Corp.*......................... 2,200 72,952 ------------ 255,133 ------------ INSURANCE -- 4.2% 21st Century Insurance Group.......... 700 9,625 Aetna, Inc............................ 1,400 94,612 AFLAC, Inc............................ 9,200 332,856 Alfa Corp............................. 1,200 15,432 Allmerica Financial Corp.*............ 700 21,539 Allstate Corp......................... 12,700 546,354 American Financial Group, Inc......... 1,000 26,460 American International Group, Inc..... 51,945 3,442,915 American National Insurance Co........ 400 33,748 AmerUs Group Co....................... 400 13,988 Aon Corp.............................. 6,300 150,822 Arthur J. Gallagher & Co.............. 1,600 51,984 Brown & Brown, Inc.................... 1,000 32,610 Chubb Corp............................ 3,800 258,780 CIGNA Corp............................ 2,800 161,000 Cincinnati Financial Corp............. 2,900 121,452 CNA Financial Corp.*.................. 4,000 96,400 CNA Surety Corp....................... 900 8,559 Delphi Financial Group, Inc. Class A............................. 450 16,200 Erie Indemnity Co. Class A............ 1,200 50,856 Harleysville Group, Inc............... 600 11,934 Hartford Financial Services Group, Inc.......................... 5,600 330,568 HCC Insurance Holdings, Inc........... 1,000 31,800 Hilb, Rogal & Hamilton Co............. 300 9,621 Horace Mann Educators Corp............ 700 9,779 LandAmerica Financial Group, Inc...... 300 15,678 Lincoln National Corp................. 3,600 145,332 Loews Corp............................ 3,700 182,965 Markel Corp.*......................... 100 25,351 Marsh & McLennan Cos., Inc............ 9,600 459,744 Mercury General Corp.................. 1,000 46,550 MetLife, Inc.......................... 13,700 461,279 MGIC Investment Corp.................. 2,200 125,268 MONY Group, Inc....................... 400 12,516 Nationwide Financial Services, Inc. Class A............................. 1,100 36,366 Odyssey Re Holdings Corp.............. 1,000 22,550 Ohio Casualty Corp.*.................. 700 12,152 Old Republic International Corp....... 3,300 83,688 Philadelphia Consolidated Holding Corp.*.............................. 300 14,649 Principal Financial Group, Inc........ 6,500 214,955
11 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) INSURANCE (CONTINUED) ProAssurance Corp.*................... 500 $ 16,075 Prudential Financial, Inc............. 10,000 417,700 Radian Group, Inc..................... 1,700 82,875 Reinsurance Group of America, Inc..... 1,200 46,380 RLI Corp.............................. 500 18,730 Safeco Corp........................... 2,800 109,004 Selective Insurance Group, Inc........ 500 16,180 St. Paul Cos., Inc.................... 4,600 182,390 StanCorp Financial Group, Inc......... 500 31,440 State Auto Financial Corp............. 600 14,034 The Commerce Group, Inc............... 500 19,750 The First American Corp............... 1,300 38,701 The Phoenix Companies, Inc............ 1,300 15,652 The PMI Group, Inc.................... 1,600 59,568 The Progressive Corp.................. 4,300 359,437 Torchmark, Inc........................ 2,100 95,634 Transatlantic Holdings, Inc........... 1,000 80,800 Travelers Property Casualty Corp. Class A............................. 2,222 37,285 Travelers Property Casualty Corp. Class B............................. 4,565 77,468 Unitrin, Inc.......................... 1,200 49,692 UnumProvident Corp.................... 5,900 93,043 W.R. Berkley Corp..................... 1,525 53,299 ------------ 9,654,074 ------------ INSURANCE CONTRACTS -- 0.1% Jefferson-Pilot Corp.................. 2,600 131,690 ------------ INTERNET SERVICES -- 0.7% Akamai Technologies, Inc.*............ 2,200 23,650 CACI International, Inc. Class A*..... 300 14,586 CNET Networks, Inc.*.................. 900 6,138 DoubleClick, Inc.*.................... 2,000 20,440 EarthLink, Inc.*...................... 2,300 23,000 InterActiveCorp*...................... 12,896 437,561 Juniper Networks, Inc.*............... 7,800 145,704 Monster Worldwide, Inc.*.............. 1,800 39,528 Netflix, Inc.*........................ 300 16,407 Qwest Communications International, Inc.*................ 35,129 151,757 Real Networks, Inc.*.................. 1,900 10,849 RSA Security, Inc.*................... 900 12,780 Total System Services, Inc............ 3,500 108,955 United Online, Inc.*.................. 1,050 17,630 VeriSign, Inc.*....................... 4,815 78,484 Yahoo!, Inc.*......................... 13,205 596,470 ------------ 1,703,939 ------------ LEISURE -- 0.6% Alliance Gaming Corp.*................ 600 14,790 Argosy Gaming Co.*.................... 500 12,995 Boyd Gaming Corp.*.................... 1,000 16,140 Brunswick Corp........................ 1,600 50,928 Choice Hotels International, Inc.*.... 800 28,200 SHARES VALUE+ Extended Stay America, Inc............ 1,000 $ 14,480 Gaylord Entertainment Co.*............ 700 20,895 Harrah's Entertainment, Inc........... 2,200 109,494 Hilton Hotels Corp.................... 7,600 130,188 International Game Technology......... 6,800 242,760 International Speedway Corp. Class A............................. 500 22,330 Mandalay Resort Group................. 1,300 58,136 Marriott International, Inc. Class A............................. 4,600 212,520 MGM Mirage, Inc.*..................... 3,000 112,830 Park Place Entertainment Corp......... 6,000 64,980 Penn National Gaming, Inc.*........... 600 13,848 Sabre Holdings Corp. Class A.......... 2,316 50,002 Six Flags, Inc.*...................... 1,800 13,536 Speedway Motorsports, Inc............. 500 14,460 Starwood Hotels & Resorts Worldwide, Inc. Class B............. 3,700 133,089 Station Casinos, Inc.................. 1,850 56,666 Topps Co., Inc........................ 900 9,234 ------------ 1,402,501 ------------ MACHINERY -- 0.6% Albany International Corp. Class A.... 400 13,560 Baldor Electric Co.................... 400 9,140 Caterpillar, Inc...................... 6,800 564,536 Deere & Co............................ 5,300 344,765 Dover Corp............................ 4,100 162,975 Flowserve Corp.*...................... 800 16,704 Graco, Inc............................ 900 36,090 IDEX Corp............................. 400 16,636 Ingersoll-Rand Co. Class A............ 800 54,304 Joy Global, Inc....................... 700 18,305 Kennametal, Inc....................... 400 15,900 National-Oilwell, Inc.*............... 1,100 24,596 SPX Corp.*............................ 1,300 76,453 Tecumseh Products Co. Class A......... 700 33,901 Terex Corp.*.......................... 600 17,088 Universal Compression Holdings, Inc.*..................... 300 7,848 ------------ 1,412,801 ------------ MANUFACTURING -- 0.4% American Standard Cos., Inc.*......... 1,400 140,980 AptarGroup, Inc....................... 500 19,500 Ball Corp............................. 900 53,613 Briggs & Stratton Corp................ 300 20,220 CLARCOR, Inc.......................... 400 17,640 Cognex Corp........................... 500 14,120 Donaldson Co., Inc.................... 800 47,328 Eaton Corp............................ 1,400 151,172 Leggett & Platt, Inc.................. 3,800 82,194 Lennox International, Inc............. 1,100 18,370 Nordson Corp.......................... 400 13,812 Packaging Corp. of America............ 2,100 45,906 Pall Corp............................. 2,500 67,075 Polaris Industries, Inc............... 400 35,432 Sybron Dental Specialties, Inc.*...... 500 14,050 The Brink's Co........................ 500 11,305
12 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) MANUFACTURING (CONTINUED) Varco International, Inc.*............ 1,200 $ 24,756 Varian, Inc.*......................... 500 20,865 Zebra Technologies Corp. Class A*..... 1,050 69,689 ------------ 868,027 ------------ METALS & MINING -- 0.6% Alcoa, Inc............................ 15,600 592,800 Arch Coal, Inc........................ 800 24,936 Barrick Gold Corp..................... 1,113 25,276 Coeur d'Alene Mines Corp.*............ 1,100 6,358 Freeport-McMoran Copper & Gold, Inc. Class B............................. 3,400 143,242 Kaiser Aluminum Corp.*,(a)............ 2,200 187 Kaydon Corp........................... 500 12,920 Massey Energy Co...................... 1,400 29,120 MSC Industrial Direct Co., Inc. Class A............................. 500 13,750 Mueller Industries, Inc.*............. 300 10,308 Newmont Mining Corp................... 7,800 379,158 Phelps Dodge Corp.*................... 1,800 136,962 Precision Castparts Corp.............. 1,212 55,044 ------------ 1,430,061 ------------ MULTIMEDIA -- 2.5% A.H. Belo Corp. Series A.............. 1,900 53,846 Cox Radio, Inc. Class A*.............. 500 12,615 Emmis Communications Corp. Class A*.. 500 13,525 Entercom Communications Corp.*........ 700 37,072 Gannett Co., Inc...................... 5,300 472,548 Hughes Electronics Corp.*............. 1,399 23,161 Liberty Media Corp. Class A*.......... 47,800 568,342 Macrovision Corp.*.................... 600 13,554 McGraw-Hill Cos, Inc.................. 3,800 265,696 Media General, Inc. Class A........... 400 26,040 Meredith Corp......................... 700 34,167 Metro-Goldwyn-Mayer, Inc. *........... 4,500 76,905 Pixar, Inc.*.......................... 1,000 69,290 The E.W. Scripps Co. Class A.......... 1,100 103,554 The Liberty Corp...................... 100 4,519 The News Corp Ltd. ADR................ 157 4,735 Time Warner, Inc.*.................... 83,100 1,494,969 Tribune Co............................ 5,600 288,960 Viacom, Inc. Class A.................. 1,400 61,978 Viacom, Inc. Class B.................. 29,215 1,296,562 Walt Disney Co........................ 36,800 858,544 XM Satellite Radio Holdings, Inc. Class A*............................ 3,000 79,080 ------------ 5,859,662 ------------ OFFICE EQUIPMENT -- 0.3% IKON Office Solutions, Inc............ 1,800 21,348 Lexmark International Group, Inc. Class A*............................ 2,600 204,464 Pitney Bowes, Inc..................... 4,700 190,914 Xerox Corp.*.......................... 14,200 195,960 ------------ 612,686 ------------ SHARES VALUE+ OFFICE FURNISHINGS & SUPPLIES -- 0.1% Avery Dennison Corp................... 2,000 $ 112,040 Herman Miller, Inc.................... 1,200 29,124 Hon Industries, Inc................... 500 21,660 ------------ 162,824 ------------ OIL & GAS -- 4.7% AGL Resources, Inc.................... 4,300 125,130 Amerada Hess Corp..................... 1,800 95,706 Anadarko Petroleum Corp............... 4,500 229,545 Apache Corp........................... 3,242 262,926 Atmos Energy Corp..................... 500 12,150 Baker Hughes, Inc..................... 6,700 215,472 BJ Services Co.*...................... 3,200 114,880 Burlington Resources, Inc............. 4,000 221,520 Cabot Oil & Gas Corp. Class A......... 500 14,675 Cal Dive International, Inc.*......... 400 9,644 Chesapeake Energy Corp................ 3,400 46,172 Cimarex Energy Co.*................... 212 5,658 ConocoPhillips........................ 13,600 891,752 Cooper Cameron Corp.*................. 1,000 46,600 Cross Timbers Royalty Trust........... 26 742 Devon Energy Corp..................... 2,870 164,336 Diamond Offshore Drilling, Inc........ 2,100 43,071 El Paso Corp.......................... 10,753 88,067 Energen Corp.......................... 500 20,515 ENSCO International, Inc.............. 2,700 73,359 EOG Resources, Inc.................... 2,100 96,957 Equitable Resources, Inc.............. 1,000 42,920 Evergreen Resources, Inc.*............ 600 19,506 Exxon Mobil Corp...................... 124,464 5,103,024 FMC Technologies, Inc.*............... 800 18,640 Forest Oil Corp.*..................... 500 14,285 GlobalSantaFe Corp.................... 731 18,151 Halliburton Co........................ 8,800 228,800 Hanover Compressor Co.*............... 1,200 13,380 Helmerich & Payne, Inc................ 900 25,137 Houston Exploration Co.*.............. 500 18,260 Kerr-McGee Corp....................... 1,900 88,331 Key Energy Services, Inc.*............ 1,300 13,403 Marathon Oil Corp..................... 6,200 205,158 Murphy Oil Corp....................... 2,000 130,620 Nabors Industries Ltd.*............... 1,400 58,100 National Fuel Gas Co.................. 1,200 29,328 New Jersey Resources Corp............. 500 19,255 Newfield Exploration Co.*............. 900 40,086 Nicor, Inc............................ 500 17,020 Noble Corp.*.......................... 1,300 46,514 Noble Energy, Inc..................... 900 39,987 Occidental Petroleum Corp............. 6,900 291,456 ONEOK, Inc............................ 1,500 33,120 Patina Oil & Gas Corp................. 1,025 50,215 Patterson-UTI Energy, Inc.*........... 1,200 39,504 Piedmont Natural Gas Co., Inc......... 1,600 69,536 Pioneer Natural Resources Co.*........ 2,400 76,632 Pogo Producing Co..................... 1,100 53,130
13 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) OIL & GAS (CONTINUED) Premcor, Inc.*........................ 1,000 $ 26,000 Pride International, Inc.*............ 2,400 44,736 Rowan Cos., Inc.*..................... 1,700 39,389 SEACOR SMIT, Inc.*.................... 300 12,609 Smith International, Inc.*............ 2,000 83,040 Southern Union Co..................... 578 10,635 Spinnaker Exploration Co.*............ 300 9,681 St. Mary Land & Exploration Co........ 3,400 96,900 Stone Energy Corp.*................... 1,400 59,430 Sunoco, Inc........................... 1,400 71,610 Tidewater, Inc........................ 1,100 32,868 Tom Brown, Inc.*...................... 500 16,125 Transocean Sedco Forex, Inc.*......... 1,300 31,213 UGI Corp.............................. 750 25,425 Unit Corp.*........................... 700 16,485 Unocal Corp........................... 5,200 191,516 Valero Energy Corp.................... 2,400 111,216 Vintage Petroleum, Inc................ 600 7,218 Weatherford International Ltd.*....... 1,200 43,200 Western Gas Resources, Inc............ 500 23,625 Westport Resources Corp.*............. 1,200 35,832 Williams Cos., Inc.................... 9,800 96,236 XTO Energy, Inc....................... 3,566 100,918 ------------ 10,768,282 ------------ PAPER & RELATED PRODUCTS -- 0.2% American Greetings Corp. Class A*..... 700 15,309 Boise Cascade Corp.................... 800 26,288 Bowater, Inc.......................... 1,000 46,310 Louisiana-Pacific Corp.*.............. 1,300 23,244 MeadWestvaco Corp..................... 4,440 132,090 Potlatch Corp......................... 400 13,908 Rayonier, Inc......................... 934 38,777 Temple-Inland, Inc.................... 1,100 68,937 ------------ 364,863 ------------ PERSONAL CARE -- 0.0% Nu Skin Enterprises, Inc. Class A..... 1,100 18,799 ------------ PHOTO EQUIPMENT & SUPPLIES -- 0.1% Eastman Kodak Co...................... 5,200 133,484 Lexar Media, Inc.*.................... 700 12,201 ------------ 145,685 ------------ PRINTING -- 0.0% R. R. Donnelley & Sons Co............. 2,500 75,375 Valassis Communications, Inc.*........ 800 23,480 ------------ 98,855 ------------ PUBLISHING -- 0.2% Dow Jones & Co., Inc.................. 1,000 49,850 Hollinger International, Inc. Class A............................. 900 14,058 John Wiley & Sons, Inc. Class A....... 600 15,618 Journal Register Co.*................. 600 12,420 Knight-Ridder, Inc.................... 1,500 116,055 SHARES VALUE+ Lee Enterprises, Inc.................. 500 $ 21,825 Scholastic Corp.*..................... 300 10,212 The McClatchy Co. Class A............. 400 27,520 The New York Times Co. Class A........ 3,000 143,370 The Reader's Digest Association, Inc.................... 1,000 14,660 ------------ 425,588 ------------ REAL ESTATE -- 0.1% Catellus Development Corp............. 1,860 44,852 Corrections Corp. of America*......... 200 5,766 LNR Property Corp..................... 300 14,853 The St. Joe Co........................ 1,400 52,206 ------------ 117,677 ------------ RESTAURANTS -- 0.7% Applebee's International, Inc......... 2,925 114,865 Bob Evans Farms, Inc.................. 700 22,722 Brinker International, Inc.*.......... 1,600 53,056 CBRL Group, Inc....................... 900 34,434 CEC Entertainment, Inc.*.............. 400 18,956 Darden Restaurants, Inc............... 3,100 65,224 Jack in the Box, Inc.*................ 500 10,680 Krispy Kreme Doughnuts, Inc.*......... 1,000 36,600 McDonald's Corp....................... 25,400 630,682 Outback Steakhouse, Inc............... 1,400 61,894 P.F. Chang's China Bistro, Inc.*...... 300 15,264 RARE Hospitality International, Inc.*................ 500 12,220 Ruby Tuesday, Inc..................... 1,200 34,188 Sonic Corp.*.......................... 900 27,558 Starbucks Corp.*...................... 7,900 261,174 The Cheesecake Factory*............... 900 39,627 Wendy's International, Inc............ 2,100 82,404 Yum! Brands, Inc.*.................... 5,900 202,960 ------------ 1,724,508 ------------ RETAIL -- FOOD -- 0.5% Albertson's, Inc...................... 6,600 149,490 Kroger Co.*........................... 14,700 272,097 Ruddick Corp.......................... 900 16,110 Safeway, Inc.*........................ 8,800 192,808 Sara Lee Corp......................... 17,400 377,754 SUPERVALU, Inc........................ 2,700 77,193 The J.M. Smucker Co................... 760 34,420 Weis Markets, Inc..................... 400 14,520 Whole Foods Market, Inc............... 1,100 73,843 Winn-Dixie Stores, Inc................ 2,500 24,875 ------------ 1,233,110 ------------ RETAIL -- GENERAL -- 2.9% 7-Eleven, Inc.*....................... 1,600 25,680 99 Cents Only Stores*................. 1,166 31,750 Big Lots, Inc.*....................... 2,200 31,262 BJ's Wholesale Club, Inc.*............ 1,300 29,848 Casey's General Stores, Inc........... 800 14,128 CVS Corp.............................. 7,100 256,452 Dillards, Inc. Class A................ 900 14,814 Dollar General Corp................... 6,025 126,465
14 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) RETAIL -- GENERAL (CONTINUED) Family Dollar Stores, Inc............. 3,400 $ 121,992 Federated Department Stores, Inc...... 3,700 174,381 Fred's, Inc........................... 500 15,490 J.C. Penney Co., Inc.................. 4,900 128,772 Kmart Holding Corp.*.................. 1,600 38,320 Longs Drug Stores Corp................ 600 14,844 May Department Stores Co.............. 5,800 168,606 Sears, Roebuck & Co................... 5,300 241,097 Target Corp........................... 16,400 629,760 TJX Cos., Inc......................... 10,100 222,705 Wal-Mart Stores, Inc.................. 83,600 4,434,980 ------------ 6,721,346 ------------ RETAIL -- SPECIALTY -- 3.7% Abercrombie & Fitch Co. Class A*...... 1,700 42,007 Aeropostale, Inc.*.................... 400 10,968 Amazon.com, Inc.*..................... 7,200 379,008 American Eagle Outfitters, Inc.*...... 600 9,840 AnnTaylor Stores Corp.*............... 900 35,100 AutoNation, Inc.*..................... 5,500 101,035 Barnes & Noble, Inc.*................. 1,100 36,135 Bed Bath & Beyond, Inc.*.............. 5,900 255,765 Best Buy Co., Inc.*................... 6,450 336,948 Blockbuster, Inc. Class A............. 600 10,770 Borders Group, Inc.................... 1,200 26,304 Burlington Coat Factory Warehouse Corp................................ 600 12,696 Callaway Golf Co...................... 800 13,480 Chico's FAS, Inc.*.................... 1,400 51,730 Children's Place Retail Stores, Inc.*....................... 2,200 58,806 Christopher & Banks Corp.............. 200 3,906 Circuit City Stores-Circuit City Group............................... 4,200 42,546 Claire's Stores, Inc.................. 2,000 37,680 Copart, Inc.*......................... 1,850 30,525 Cost Plus, Inc.*...................... 300 12,300 Costco Wholesale Corp.*............... 9,200 342,056 Dollar Tree Stores, Inc.*............. 2,100 63,126 eBay, Inc.*........................... 12,900 833,211 Foot Locker, Inc...................... 2,300 53,935 Group 1 Automotive, Inc.*............. 400 14,476 Hollywood Entertainment Corp.*........ 700 9,625 Home Depot, Inc....................... 42,650 1,513,649 Hot Topic, Inc.*...................... 600 17,676 Kohl's Corp.*......................... 6,800 305,592 La-Z-Boy, Inc......................... 600 12,588 Linens 'n Things, Inc.*............... 500 15,040 Liz Claiborne, Inc.................... 2,200 78,012 Lowe's Cos., Inc...................... 14,100 780,999 Michaels Stores, Inc.................. 1,100 48,620 NBTY, Inc.*........................... 800 21,488 Nordstrom, Inc........................ 2,600 89,180 Office Depot, Inc.*................... 6,300 105,273 Pacific Sunwear of California, Inc.*................... 2,050 43,296 Payless ShoeSource, Inc.*............. 1,100 14,740 SHARES VALUE+ Pep Boys -- Manny, Moe & Jack......... 700 $ 16,009 PETCO Animal Supplies, Inc.*.......... 1,000 30,450 PETsMART, Inc......................... 2,900 69,020 Pier 1 Imports, Inc................... 1,700 37,162 RadioShack Corp....................... 3,300 101,244 Regis Corp............................ 900 35,568 Rite Aid Corp.*....................... 9,300 56,172 Ross Stores, Inc...................... 2,800 74,004 Saks, Inc.*........................... 5,000 75,200 Sonic Automotive, Inc. Class A........ 200 4,584 Staples, Inc.*........................ 9,700 264,810 Talbots, Inc.......................... 900 27,702 The Gap, Inc.......................... 17,900 415,459 The Limited, Inc...................... 9,880 178,136 The Men's Wearhouse, Inc.*............ 500 12,505 The Nautilus Group, Inc............... 500 7,025 The Neiman Marcus Group, Inc. Class A*............................ 500 26,835 The Sherwin Williams Co............... 2,800 97,272 Tiffany & Co.......................... 2,900 131,080 Too, Inc.*............................ 500 8,440 Toys "R" Us, Inc.*.................... 4,300 54,352 Tractor Supply Co.*................... 400 15,556 Tuesday Morning Corp.*................ 600 18,150 Urban Outfitters, Inc.*............... 400 14,820 V.F. Corp............................. 2,400 103,776 Walgreen Co........................... 18,400 669,392 Williams-Sonoma, Inc.*................ 2,300 79,971 ------------ 8,494,825 ------------ STEEL -- 0.1% Allegheny Technologies, Inc........... 1,300 17,186 Maverick Tube Corp.*.................. 700 13,475 Nucor Corp............................ 1,400 78,400 Reliance Steel & Aluminum Co.......... 2,500 83,025 Steel Dynamics, Inc.*................. 800 18,792 The Timken Co......................... 1,500 30,090 United States Steel Corp.............. 1,900 66,538 Worthington Industries, Inc........... 900 16,227 ------------ 323,733 ------------ TELECOMMUNICATIONS -- 4.4% ADC Telecommunications, Inc.*......... 14,600 43,362 Adtran, Inc.*......................... 3,100 96,100 Advanced Fibre Communications, Inc.*............... 1,500 30,225 ALLTEL Corp........................... 6,200 288,796 American Tower Corp. Class A*......... 3,800 41,116 AT&T Corp............................. 15,820 321,146 AT&T Wireless Services, Inc.*......... 53,813 429,966 BellSouth Corp........................ 36,100 1,021,630 Cablevision Systems Corp. Class A*.... 4,700 109,933 CenturyTel, Inc....................... 700 22,834 CIENA Corp.*.......................... 8,400 55,776 Cincinnati Bell, Inc.*................ 3,000 15,150 Citizens Communications Co.*.......... 5,700 70,794 CommScope, Inc.*...................... 800 13,064
15 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) TELECOMMUNICATIONS (CONTINUED) Comverse Technology, Inc.*............ 4,200 $ 73,878 Cox Communications, Inc. Class A*..... 11,900 409,955 Crown Castle International Corp.*..... 3,917 43,205 EchoStar Communications Corp. Class A*............................ 4,600 156,400 Harris Corp........................... 1,100 41,745 InterDigital Communications Corp.*.... 900 18,576 JDS Uniphase Corp.*................... 24,090 87,928 Level 3 Communications, Inc.*......... 13,100 74,670 Lucent Technologies, Inc.*............ 25,800 73,272 Motorola, Inc......................... 46,600 655,662 Nextel Communications, Inc. Class A*............................ 21,300 597,678 Nextel Partners, Inc. Class A*........ 2,500 33,625 NII Holdings, Inc. Class B*........... 500 37,315 PanAmSat Corp.*....................... 3,000 64,680 Plantronics, Inc.*.................... 500 16,325 Price Communications Corp.*........... 500 6,865 QUALCOMM, Inc......................... 16,000 862,880 RF Micro Devices, Inc.*............... 3,300 33,165 SBC Communications, Inc............... 64,800 1,689,336 Scientific-Atlanta, Inc............... 2,800 76,440 Sprint Corp........................... 16,700 274,214 Sprint Corp. (PCS Group)*............. 16,300 91,606 Sycamore Networks, Inc.*.............. 3,300 17,292 Symbol Technologies, Inc.............. 4,750 80,227 Telephone & Data Systems, Inc......... 1,000 62,550 Tellabs, Inc.*........................ 8,300 69,969 United States Cellular Corp.*......... 800 28,400 Verizon Communications................ 54,200 1,901,336 Western Wireless Corp. Class A*....... 1,400 25,704 ------------ 10,164,790 ------------ TEXTILE & APPAREL -- 0.3% Coach, Inc.*.......................... 3,700 139,675 Columbia Sportswear Co.*.............. 800 43,600 Jones Apparel Group, Inc.............. 2,600 91,598 Kellwood Co........................... 400 16,400 Mohawk Industries, Inc.*.............. 1,343 94,735 NIKE, Inc. Class B.................... 3,300 225,918 Oakley, Inc........................... 1,100 15,224 Polo Ralph Lauren Corp................ 700 20,160 Quiksilver, Inc.*..................... 400 7,092 Reebok International Ltd.............. 1,000 39,320 Timberland Co. Class A*............... 500 26,035 Wolverine World Wide, Inc............. 800 16,304 ------------ 736,061 ------------ TIRES & RUBBER -- 0.0% Cooper Tire & Rubber Co............... 900 19,242 Goodyear Tire & Rubber Co............. 2,300 18,078 ------------ 37,320 ------------ TOBACCO -- 1.0% Altria Group, Inc..................... 40,600 2,209,452 SHARES VALUE+ R.J. Reynolds Tobacco Holdings, Inc....................... 1,600 $ 93,040 UST, Inc.............................. 3,000 107,070 ------------ 2,409,562 ------------ TOOLS -- HAND HELD -- 0.1% Snap-on, Inc.......................... 1,200 38,688 Stanley Works......................... 1,800 68,166 Toro Co............................... 300 13,920 ------------ 120,774 ------------ TOYS & AMUSEMENTS -- 0.0% Marvel Enterprises, Inc.*............. 1,200 34,932 ------------ TRANSPORTATION -- 1.0% ABX Air, Inc.*........................ 600 2,580 Alexander & Baldwin, Inc.............. 500 16,845 Arkansas Best Corp.................... 400 12,556 Burlington Northern Santa Fe Corp..... 4,600 148,810 C.H. Robinson Worldwide, Inc.......... 1,500 56,865 CNF Transportation, Inc............... 1,000 33,900 CSX Corp.............................. 4,300 154,542 EGL, Inc.*............................ 800 14,048 FedEx Corp............................ 5,600 378,000 Forward Air Corp.*.................... 300 8,250 GATX Corp............................. 500 13,990 Heartland Express, Inc................ 600 14,514 J.B. Hunt Transport Services, Inc.*..................... 1,200 32,412 Kansas City Southern Industries, Inc.*................... 1,000 14,320 Kirby Corp.*.......................... 500 17,440 Knight Transportation, Inc.*.......... 500 12,825 Landstar Systems, Inc.*............... 800 30,432 Norfolk Southern Corp................. 7,000 165,550 Overseas Shipholding Group, Inc....... 500 17,025 Ryder System, Inc..................... 1,100 37,565 Swift Transportation Co., Inc.*....... 1,500 31,530 Union Pacific Corp.................... 4,600 319,608 United Parcel Service, Inc. Class B............................. 9,600 715,680 USF Corp.............................. 2,400 82,056 Werner Enterprises, Inc............... 1,000 19,490 Yellow Roadway Corp.*................. 500 18,085 ------------ 2,368,918 ------------ UTILITIES -- 2.5% AES Corp.*............................ 12,400 117,056 Allegheny Energy, Inc................. 1,500 19,140 ALLETE................................ 5,400 165,240 Alliant Energy Corp................... 1,700 42,330 Ameren Corp........................... 2,900 133,400 American Electric Power Co., Inc...... 7,900 241,029 American Power Conversion Corp........ 3,900 95,355 Avista Corp........................... 800 14,496 Black Hills Corp...................... 500 14,915 Calpine Corp.*........................ 8,300 39,923 CH Energy Group, Inc.................. 300 14,070 Cinergy Corp.......................... 3,600 139,716 Cleco Corp............................ 600 10,788 CMS Energy Corp....................... 1,900 16,188
16 - -------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) UTILITIES (CONTINUED) Consolidated Edison, Inc.............. 4,500 $ 193,545 Constellation Energy Group............ 3,600 140,976 Dominion Resources, Inc............... 6,400 408,512 DPL, Inc.............................. 2,000 41,760 Duke Energy Corp...................... 16,300 333,335 Dynegy, Inc. Class A.................. 3,200 13,696 Edison International.................. 6,500 142,545 El Paso Electric Co.*................. 1,200 16,020 Exelon Corp........................... 6,550 434,658 FirstEnergy Corp...................... 6,500 228,800 FPL Group, Inc........................ 3,700 242,054 IDACORP, Inc.......................... 600 17,952 KeySpan Corp.......................... 3,500 128,800 MDU Resources Group, Inc.............. 6,450 153,574 NiSource, Inc......................... 5,737 125,870 Northeast Utilities................... 2,300 46,391 Northwest Natural Gas Co.............. 500 15,375 OGE Energy Corp....................... 1,100 26,609 Parker-Hannifin Corp.................. 2,400 142,800 Peoples Energy Corp................... 700 29,428 Pepco Holdings, Inc................... 2,900 56,666 PG&E Corp.*........................... 8,300 230,491 Philadelphia Suburban Corp............ 1,476 32,625 Pinnacle West Capital Corp............ 1,800 72,036 PNM Resources, Inc.................... 500 14,050 PPL Corp.............................. 3,500 153,125 Public Service Enterprise Group, Inc.......................... 4,700 205,860 Puget Energy, Inc..................... 1,900 45,163 Questar Corp.......................... 1,700 59,755 Reliant Resources, Inc.*.............. 5,944 43,748 SCANA Corp............................ 2,400 82,200 Sierra Pacific Resources.............. 1,900 13,946 Southern Co........................... 13,100 396,275 Southwest Gas Corp.................... 500 11,225 TECO Energy, Inc...................... 3,500 50,435 TXU Corp.............................. 6,400 151,808 UIL Holdings Corp..................... 200 9,020 Unisource Energy Corp................. 600 14,796 Vectren Corp.......................... 1,100 27,115 WGL Holdings, Inc..................... 400 11,116 Wisconsin Energy Corp................. 2,400 80,280 SHARES VALUE+ WPS Resources Corp.................... 500 $ 23,115 Xcel Energy, Inc...................... 7,600 129,048 ------------ 5,860,244 ------------ WASTE MANAGEMENT -- 0.2% Allied Waste Industries, Inc.*........ 3,300 45,804 Republic Services, Inc. Class A....... 3,900 99,957 Stericycle, Inc.*..................... 600 28,020 Waste Connections, Inc.*.............. 500 18,885 Waste Management, Inc................. 10,700 316,720 ------------ 509,386 ------------ OTHER -- 3.8% DFA U.S. MicroCap Portfolio*.......... 652,443 8,690,543 ------------ TOTAL COMMON STOCKS (Identified Cost $208,011,070)...... 228,349,103 ------------ SHORT-TERM INVESTMENTS -- 0.8% OTHER -- 0.8% SSgA Money Market Fund................ 1,885,644 1,885,644 ------------ TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,885,644)........ 1,885,644 ------------
TOTAL INVESTMENTS -- 99.7% (IDENTIFIED COST $209,896,714)#................. 230,234,747 Cash and Other Assets, Less Liabilities -- 0.3%.......................................... 639,288 ------------ NET ASSETS -- 100%................................ $230,874,035 ============
+ See Note 1. * Non-income producing security (a) Bankrupt security/delisted. # At December 31, 2003, the aggregate cost of investment securities for income tax purposes was $209,896,714. Net unrealized appreciation aggregated $20,338,033, of which $30,903,056 related to appreciated investment securities and $10,565,023 related to depreciated investment securities. Key to abbreviations: ADR -- American Depository Receipts SEE NOTES TO FINANCIAL STATEMENTS. 17 - -------------------------------------------------------------------------------- SA U.S. HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited)
SHARES VALUE+ COMMON STOCKS -- 99.1% AEROSPACE/DEFENSE -- 2.8% Northrop Grumman Corp................. 22,200 $ 2,122,320 Raytheon Co........................... 48,700 1,462,948 ------------ 3,585,268 ------------ AGRICULTURAL OPERATIONS -- 0.5% Monsanto Co........................... 22,300 641,794 ------------ AIRLINES -- 0.1% Delta Air Lines, Inc.................. 10,000 118,100 ------------ AUTO & RELATED -- 5.2% Dana Corp............................. 11,300 207,355 Ford Motor Co......................... 174,900 2,798,400 General Motors Corp................... 64,800 3,460,320 Navistar International Corp.*......... 700 33,523 United Rentals, Inc.*................. 6,300 121,338 Visteon Corp.......................... 11,391 118,580 ------------ 6,739,516 ------------ BANKS/SAVINGS & LOANS -- 0.8% Astoria Financial Corp................ 5,800 215,760 Commercial Federal Corp............... 2,000 53,420 FleetBoston Financial Corp............ 13,000 567,450 Sovereign Bancorp, Inc................ 9,800 232,750 ------------ 1,069,380 ------------ BROADCASTING -- 5.0% Clear Channel Communications, Inc..... 33,400 1,564,122 Comcast Corp. Class A*................ 78,962 2,595,481 Comcast Corp. Class A Special*........ 56,300 1,761,064 Fox Entertainment Group, Inc. Class A*............................ 7,700 224,455 Hearst-Argyle Television, Inc......... 7,000 192,920 Radio One, Inc. Class A*.............. 2,800 54,740 Sinclair Broadcast Group, Inc. Class A*............................ 1,600 23,872 ------------ 6,416,654 ------------ BUILDING & CONSTRUCTION -- 0.6% Lafarge Corp.......................... 7,500 303,900 Pulte Corp............................ 5,400 505,548 ------------ 809,448 ------------ BUSINESS SERVICES -- 0.9% Electronic Data Systems Corp.......... 46,800 1,148,472 ------------ CHEMICALS -- 0.8% Ashland, Inc.......................... 8,300 365,698 Eastman Chemical Co................... 8,400 332,052 Lubrizol Corp......................... 1,800 58,536 Lyondell Chemical Co.................. 18,200 308,490 Valhi, Inc............................ 1,800 26,928 ------------ 1,091,704 ------------ COMPUTER EQUIPMENT -- 0.2% Ingram Micro, Inc. Class A*........... 16,700 265,530 ------------ SHARES VALUE+ COMPUTER SERVICES -- 0.6% Compuware Corp.*...................... 24,800 $ 149,792 Sun Microsystems, Inc.*............... 97,600 438,224 Unisys Corp.*......................... 14,000 207,900 ------------ 795,916 ------------ COMPUTER SOFTWARE -- 0.6% 3Com Corp.*........................... 36,100 294,937 CheckFree Corp.*...................... 9,100 251,615 Novell, Inc.*......................... 9,400 98,888 WebMD Corp.*.......................... 8,100 72,819 ------------ 718,259 ------------ CONTAINERS & GLASS -- 0.1% Owens-Illinois, Inc.*................. 15,100 179,539 ------------ DIVERSIFIED OPERATIONS -- 1.6% Cendant Corp.*........................ 57,900 1,289,433 PerkinElmer, Inc...................... 5,800 99,006 Textron, Inc.......................... 12,300 701,838 ------------ 2,090,277 ------------ ELECTRICAL EQUIPMENT -- 0.2% Fairchild Semiconductor Corp. Class A*............................ 10,300 257,191 ------------ ELECTRONICS -- 4.2% Advanced Micro Devices, Inc.*......... 32,500 484,250 Agere Systems, Inc. Class A*.......... 674 2,056 Agere Systems, Inc. Class B*.......... 16,561 48,027 Applied Micro Circuits Corp.*......... 22,500 134,550 Arrow Electronics, Inc.*.............. 8,800 203,632 Avnet, Inc.*.......................... 12,800 277,248 AVX Corp.............................. 12,900 214,398 Curtiss-Wright Corp. Class B.......... 258 11,584 Intersil Corp. Class A................ 9,500 236,075 LSI Logic Corp.*...................... 27,500 243,925 Micron Technology, Inc.*.............. 83,200 1,120,704 Rockwell International Corp........... 3,700 131,720 Sanmina Corp.*........................ 40,200 506,922 Solectron Corp.*...................... 74,900 442,659 Tech Data Corp.*...................... 5,600 222,264 Thermo Electron Corp.*................ 9,000 226,800 Thomas & Betts Corp.*................. 5,000 114,450 Vishay Intertechnology, Inc.*......... 33,900 776,310 ------------ 5,397,574 ------------ ENERGY -- 0.2% Peabody Energy Corp................... 5,000 208,550 ------------ FINANCIAL SERVICES -- 6.3% A.G. Edwards, Inc..................... 2,700 97,821 AmeriCredit Corp.*.................... 19,000 302,670 Instinet Group, Inc................... 3,100 15,965 J.P. Morgan Chase & Co................ 101,200 3,717,076 Janus Capital Group, Inc.............. 15,500 254,355 John Hancock Financial Services, Inc....................... 28,100 1,053,750 KeyCorp............................... 9,700 284,404
18 - -------------------------------------------------------------------------------- SA U.S. HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) FINANCIAL SERVICES (CONTINUED) LaBranche & Co., Inc.................. 3,500 $ 40,845 MBIA, Inc............................. 16,500 977,295 Protective Life Corp.................. 7,100 240,264 Providian Financial Corp.*............ 24,800 288,672 The Bear Stearns Cos., Inc............ 11,060 884,247 ------------ 8,157,364 ------------ FOOD & BEVERAGES -- 3.1% Archer-Daniels-Midland Co............. 74,196 1,129,263 Coca-Cola Enterprises, Inc............ 56,400 1,233,468 Kraft Foods, Inc. Class A............. 23,700 763,614 PepsiAmericas, Inc.................... 15,300 261,936 Smithfield Foods, Inc.*............... 11,100 229,770 Tyson Foods, Inc. Class A............. 27,507 364,193 ------------ 3,982,244 ------------ FOREST & PAPER PRODUCTS -- 3.3% Georgia-Pacific Group................. 28,400 871,028 International Paper Co................ 29,000 1,250,190 Smurfit-Stone Container Corp.......... 28,400 527,388 Weyerhaeuser Co....................... 25,400 1,625,600 ------------ 4,274,206 ------------ FUNERAL SERVICES -- 0.1% Service Corp. International*.......... 19,400 104,566 ------------ HEALTH CARE -- DRUGS -- 0.4% Millennium Pharmaceuticals, Inc.*..... 26,600 496,622 ------------ HEALTH CARE -- PRODUCTS -- 0.3% Bausch & Lomb, Inc.................... 1,500 77,850 Human Genome Sciences, Inc.*.......... 4,900 64,925 Invitrogen Corp.*..................... 4,100 287,000 ------------ 429,775 ------------ HEALTH CARE -- SERVICES -- 1.2% Humana, Inc.*......................... 10,200 233,070 Omnicare, Inc......................... 100 4,039 PacifiCare Health Systems, Inc.*...... 3,700 250,120 Tenet Healthcare Corp.*............... 52,800 847,440 Triad Hospitals, Inc.*................ 7,600 252,852 ------------ 1,587,521 ------------ INSURANCE -- 16.3% Allmerica Financial Corp.*............ 2,200 67,694 Allstate Corp......................... 77,800 3,346,956 American Financial Group, Inc......... 13,400 354,564 American National Insurance Co........ 2,900 244,673 Chubb Corp............................ 19,500 1,327,950 CIGNA Corp............................ 7,300 419,750 Cincinnati Financial Corp............. 18,300 766,404 CNA Financial Corp.*.................. 24,500 590,450 Hartford Financial Services Group, Inc.......................... 31,400 1,853,542 Lincoln National Corp................. 19,900 803,363 Loews Corp............................ 20,900 1,033,505 SHARES VALUE+ MetLife, Inc.......................... 84,900 $ 2,858,583 MGIC Investment Corp.................. 9,400 535,236 MONY Group, Inc....................... 4,200 131,418 Nationwide Financial Services, Inc. Class A............................. 6,200 204,972 Odyssey Re Holdings Corp.............. 2,800 63,140 Old Republic International Corp....... 22,200 562,992 Principal Financial Group, Inc........ 37,900 1,253,353 Radian Group, Inc..................... 10,100 492,375 Reinsurance Group of America, Inc..... 6,800 262,820 Safeco Corp........................... 14,800 576,164 St. Paul Cos., Inc.................... 26,000 1,030,900 StanCorp Financial Group, Inc......... 3,700 232,656 The First American Corp............... 9,500 282,815 The PMI Group, Inc.................... 9,600 357,408 Torchmark, Inc........................ 13,900 633,006 Unitrin, Inc.......................... 7,700 318,857 UnumProvident Corp.................... 36,000 567,720 ------------ 21,173,266 ------------ INTERNET SERVICES -- 2.3% InterActiveCorp*...................... 70,100 2,378,493 Qwest Communications International, Inc.*................ 131,900 569,808 ------------ 2,948,301 ------------ LEISURE -- 1.4% Extended Stay America, Inc............ 3,300 47,784 MGM Mirage, Inc.*..................... 15,100 567,911 Park Place Entertainment Corp......... 35,000 379,050 Starwood Hotels & Resorts Worldwide, Inc. Class B............. 24,200 870,474 ------------ 1,865,219 ------------ MACHINERY -- 0.3% SPX Corp.*............................ 7,600 446,956 ------------ METALS & MINING -- 0.4% Phelps Dodge Corp.*................... 7,200 547,848 ------------ MULTIMEDIA -- 12.0% A.H. Belo Corp. Series A.............. 8,900 252,226 Cox Radio, Inc. Class A*.............. 2,200 55,506 Hughes Electronics Corp.*............. 13,007 215,262 Liberty Media Corp. Class A*.......... 289,000 3,436,210 Metro-Goldwyn-Mayer, Inc.*............ 20,400 348,636 The News Corp Ltd. ADR................ 1,455 44,005 Time Warner, Inc.*.................... 258,900 4,657,611 Viacom, Inc. Class A.................. 17,400 770,298 Viacom, Inc. Class B.................. 92,200 4,091,836 Walt Disney Co........................ 71,300 1,663,429 ------------ 15,535,019 ------------ OFFICE EQUIPMENT -- 0.2% IKON Office Solutions, Inc............ 23,300 276,338 ------------
19 - -------------------------------------------------------------------------------- SA U.S. HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) OFFICE FURNISHINGS & SUPPLIES -- 0.1% Steelcase, Inc. Class A............... 6,100 $ 87,596 ------------ OIL & GAS -- 6.8% Amerada Hess Corp..................... 11,300 600,821 Anadarko Petroleum Corp............... 30,200 1,540,502 Apache Corp........................... 10,741 871,095 ConocoPhillips........................ 18,800 1,232,716 Devon Energy Corp..................... 1,200 68,712 Diamond Offshore Drilling, Inc........ 15,500 317,905 Helmerich & Payne, Inc................ 3,900 108,927 Kerr-McGee Corp....................... 11,000 511,390 Marathon Oil Corp..................... 31,900 1,055,571 Occidental Petroleum Corp............. 16,300 688,512 Pogo Producing Co..................... 4,000 193,200 Pride International, Inc.*............ 16,700 311,288 Rowan Cos., Inc.*..................... 2,500 57,925 Sunoco, Inc........................... 6,500 332,475 Tidewater, Inc........................ 6,200 185,256 Valero Energy Corp.................... 15,300 709,002 Westport Resources Corp.*............. 700 20,902 ------------ 8,806,199 ------------ PAPER & RELATED PRODUCTS -- 1.3% Boise Cascade Corp.................... 7,000 230,020 Bowater, Inc.......................... 6,800 314,908 Louisiana-Pacific Corp.*.............. 10,500 187,740 MeadWestvaco Corp..................... 21,313 634,062 Temple-Inland, Inc.................... 5,400 338,418 ------------ 1,705,148 ------------ PUBLISHING -- 0.0% Hollinger International, Inc. Class A............................. 2,600 40,612 ------------ RETAIL -- FOOD -- 0.9% Albertson's, Inc...................... 36,600 828,990 SUPERVALU, Inc........................ 11,700 334,503 ------------ 1,163,493 ------------ RETAIL -- GENERAL -- 2.8% Dillards, Inc. Class A................ 8,200 134,972 Federated Department Stores, Inc...... 21,900 1,032,147 J.C. Penney Co., Inc.................. 30,500 801,540 May Department Stores Co.............. 22,500 654,075 Sears, Roebuck & Co................... 22,900 1,041,721 ------------ 3,664,455 ------------ RETAIL -- SPECIALTY -- 1.3% AutoNation, Inc.*..................... 31,000 569,470 Barnes & Noble, Inc.*................. 4,300 141,255 Blockbuster, Inc. Class A............. 4,500 80,775 Borders Group, Inc.................... 5,700 124,944 Circuit City Stores-Circuit City Group............................... 23,500 238,055 Rite Aid Corp.*....................... 8,500 51,340 Saks, Inc.*........................... 16,100 242,144 Toys "R" Us, Inc.*.................... 22,800 288,192 ------------ 1,736,175 ------------ SHARES VALUE+ STEEL -- 0.6% AK Steel Holding Corp.*............... 9,800 $ 49,980 Nucor Corp............................ 3,600 201,600 The Timken Co......................... 6,300 126,378 United States Steel Corp.............. 9,300 325,686 Worthington Industries, Inc........... 3,000 54,090 ------------ 757,734 ------------ TELECOMMUNICATIONS -- 8.3% American Tower Corp. Class A*......... 24,000 259,680 AT&T Corp............................. 91,240 1,852,172 AT&T Wireless Services, Inc.*......... 297,909 2,380,293 CIENA Corp.*.......................... 24,700 164,008 Cincinnati Bell, Inc.*................ 13,200 66,660 Comverse Technology, Inc.*............ 14,000 246,260 Cox Communications, Inc. Class A*..... 69,100 2,380,495 Crown Castle International Corp.*..... 24,400 269,132 Harris Corp........................... 2,000 75,900 Level 3 Communications, Inc.*......... 15,000 85,500 Lucent Technologies, Inc.*............ 36,600 103,944 PanAmSat Corp.*....................... 16,600 357,896 Sprint Corp........................... 95,200 1,563,184 Telephone & Data Systems, Inc......... 6,600 412,830 Tellabs, Inc.*........................ 44,400 374,292 United States Cellular Corp.*......... 5,900 209,450 ------------ 10,801,696 ------------ TIRES & RUBBER -- 0.1% Cooper Tire & Rubber Co............... 2,300 49,174 Goodyear Tire & Rubber Co............. 12,400 97,464 ------------ 146,638 ------------ TOBACCO -- 0.5% R.J. Reynolds Tobacco Holdings, Inc....................... 10,400 604,760 ------------ TRANSPORTATION -- 4.1% Alexander & Baldwin, Inc.............. 3,700 124,653 Burlington Northern Santa Fe Corp..... 22,800 737,580 CSX Corp.............................. 26,200 941,628 Norfolk Southern Corp................. 48,200 1,139,930 Ryder System, Inc..................... 7,900 269,785 Union Pacific Corp.................... 29,900 2,077,452 ------------ 5,291,028 ------------ UTILITIES -- 0.1% Alliant Energy Corp................... 4,500 112,050 ------------ WASTE MANAGEMENT -- 0.2% Allied Waste Industries, Inc.*........ 20,400 283,152 ------------ TOTAL COMMON STOCKS (Identified Cost $111,064,134)...... 128,559,153 ------------
20 - -------------------------------------------------------------------------------- SA U.S. HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) SHORT-TERM INVESTMENTS -- 2.8% OTHER -- 2.8% SSgA Government Money Market Fund..... 793,207 $ 793,207 SSgA Money Market Fund................ 2,824,466 2,824,466 ------------ TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,617,673)........ 3,617,673 ------------
TOTAL INVESTMENTS -- 101.9% (IDENTIFIED COST $114,681,807)#................. 132,176,826 Liabilities, Less Cash and Other Assets -- (1.9%).............................. (2,517,054) ----------- NET ASSETS -- 100%................................ $129,659,772 ===========
+ See Note 1. * Non-income producing security # At December 31, 2003, the aggregate cost of investment securities for income tax purposes was $114,681,807. Net unrealized appreciation aggregated $17,495,019, of which $20,658,414 related to appreciated investment securities and $3,163,395 related to depreciated investment securities. Key to abbreviations: ADR -- American Depository Receipts SEE NOTES TO FINANCIAL STATEMENTS. 21 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited)
SHARES VALUE+ COMMON STOCKS -- 98.7% ADVERTISING -- 0.1% Equity Marketing, Inc.*............... 800 $ 11,280 ValueVision International, Inc. Class A*............................ 4,100 68,470 ------------ 79,750 ------------ AEROSPACE/DEFENSE -- 1.0% AAR Corp.............................. 3,800 56,810 Armor Holdings, Inc.*................. 3,700 97,347 BE Aerospace, Inc.*................... 2,500 13,500 DRS Technologies, Inc.*............... 3,500 97,230 Ducommun, Inc......................... 855 19,109 EDO Corp.............................. 2,200 54,230 Engineered Support Systems, Inc....... 2,250 123,885 GenCorp, Inc.......................... 4,100 44,157 HEICO Corp............................ 1,200 21,840 Herley Industries, Inc.*.............. 1,800 37,260 Hexcel Corp.*......................... 3,400 25,194 Innovative Solutions and Support, Inc.*...................... 1,300 21,112 Kaman Corp. Class A................... 3,200 40,736 Ladish Co., Inc.*..................... 1,200 9,733 MTC Technologies, Inc.*............... 1,000 32,220 Orbital Sciences Corp. Class A*....... 5,300 63,706 REMEC, Inc.*.......................... 7,400 62,234 Teledyne Technologies, Inc.*.......... 4,200 79,170 The Allied Defense Group, Inc.*....... 600 14,346 The Fairchild Corp. Class A*.......... 2,900 14,616 The Titan Corp........................ 5,600 122,136 Triumph Group, Inc.*.................. 1,600 58,240 United Industrial Corp................ 900 16,245 ------------ 1,125,056 ------------ AGRICULTURAL OPERATIONS -- 0.2% AGCO Corp.*........................... 3,000 60,420 Delta & Pine Land Co.................. 4,600 116,840 LESCO, Inc.*.......................... 1,300 16,887 ------------ 194,147 ------------ AIRLINES -- 0.6% AirTran Holdings, Inc.*............... 10,800 128,520 Alaska Air Group, Inc.*............... 5,000 136,450 America West Holding Corp. Class B*............................ 3,300 40,920 Atlantic Coast Airlines Holdings, Inc.*..................... 5,400 53,460 Continental Airlines, Inc. Class B*............................ 6,800 110,636 Frontier Airlines, Inc.*.............. 3,450 49,197 MAIR Holdings, Inc.................... 2,000 14,560 Mesa Air Group, Inc.*................. 3,500 43,820 Northwest Airlines Corp. Class A*..... 10,300 129,986 SkyWest, Inc.......................... 1,000 18,120 ------------ 725,669 ------------ AUTO & RELATED -- 1.8% A.S.V., Inc.*......................... 1,100 41,096 Aftermarket Technology Corp.*......... 3,100 42,532 American Axle & Manufacturing Holdings, Inc.*..................... 300 12,126 Arctic Cat, Inc....................... 2,100 51,870 ArvinMeritor, Inc..................... 500 12,060 SHARES VALUE+ Asbury Automotive Group, Inc.*........ 7,100 $ 127,161 Bandag, Inc........................... 900 37,080 Coachmen Industries, Inc.............. 1,600 28,976 Collins & Aikman Corp.*............... 8,940 38,710 CSK Auto Corp.*....................... 5,900 110,743 Dollar Thrifty Automotive Group, Inc.*........................ 2,700 70,038 Dura Automotive Systems, Inc.*........ 1,400 17,878 IMPCO Technologies, Inc............... 2,000 17,440 Insurance Auto Auctions, Inc.*........ 1,200 15,660 Lithia Motors, Inc. Class A........... 1,797 45,303 LoJack Corp.*......................... 1,600 12,896 Midas, Inc.*.......................... 3,000 42,900 Monaco Coach Corp.*................... 3,450 82,110 National R.V. Holdings, Inc.*......... 1,100 10,945 Oshkosh Truck Corp.................... 2,600 132,678 Raytech Corp.......................... 1,400 4,648 Rent-Way, Inc.*....................... 3,200 26,208 Skyline Corp.......................... 500 17,435 Spartan Motors, Inc................... 2,400 24,240 Standard Motor Products, Inc.......... 1,300 15,795 Strattec Security Corp.*.............. 300 18,273 Superior Industries International, Inc.................. 1,900 82,688 Tenneco Automotive, Inc.*............. 3,900 26,091 Thor Industries, Inc.................. 3,400 191,148 Tower Automotive, Inc.*............... 5,900 40,297 United Auto Group, Inc................ 4,300 134,590 United Rentals, Inc.*................. 6,100 117,486 Visteon Corp.......................... 12,900 134,289 Wabash National Corp.*................ 3,000 87,900 Winnebago Industries, Inc............. 1,900 130,625 ------------ 2,001,915 ------------ BANKS/SAVINGS & LOANS -- 7.1% 1st Source Corp....................... 2,261 48,634 Alabama National BanCorp.............. 1,500 78,825 Allegiant Bancorp, Inc................ 1,800 50,490 AMCORE Financial, Inc................. 3,500 94,570 Anchor BanCorp Wisconsin, Inc......... 3,400 84,660 BancorpSouth, Inc..................... 1,600 37,952 BankUnited Financial Corp. Class A*............................ 3,400 87,686 Banner Corp........................... 1,260 31,689 Bay View Capital Corp.*............... 5,600 11,984 Boston Private Financial Holdings, Inc....................... 2,500 62,100 Brookline Bancorp, Inc................ 6,348 97,378 BSB Bancorp, Inc...................... 1,200 47,400 Cathay Bancorp, Inc................... 2,909 161,973 Center Financial Corp................. 600 16,350 Central Pacific Financial Corp........ 1,600 48,064 CFS Bancorp, Inc...................... 1,100 16,324 Charter Financial Corp................ 1,928 71,857 Chemical Financial Corp............... 2,872 104,512 Chittenden Corp....................... 3,850 129,514 Coastal Bancorp, Inc.................. 700 28,777 Columbia Banking System, Inc.......... 1,508 32,663 Commercial Federal Corp............... 3,396 90,707 Community Bank Systems, Inc........... 1,400 68,600 Community First Bankshares, Inc....... 4,400 127,336
22 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) BANKS/SAVINGS & LOANS (CONTINUED) Community Trust Bancorp, Inc.......... 726 $ 21,925 Connecticut Bancshares, Inc........... 1,400 72,156 Corus Bankshares, Inc................. 2,800 88,368 CVB Financial Corp.................... 5,693 109,808 Dime Community Bancshares............. 3,300 101,508 Downey Financial Corp................. 700 34,510 East West Bancorp, Inc................ 2,400 128,832 FNB Corp.............................. 3,081 109,221 Fidelity Bankshares, Inc.............. 1,600 50,240 First Charter Corp.................... 3,900 76,245 First Citizens BancShares, Inc........ 200 24,306 First Community Bancorp............... 1,700 61,438 First Essex Bancorp, Inc.............. 500 29,070 First Federal Capital Corp............ 2,800 63,056 First Financial Bancorp............... 5,465 87,167 First Financial Holdings, Inc......... 1,200 37,512 First Indiana Corp.................... 1,600 30,000 First Merchants Corp.................. 2,577 65,765 First Niagara Financial Group, Inc.......................... 7,049 105,101 First Place Financial Corp............ 1,600 31,248 First Republic Bank................... 1,650 59,070 First Sentinel Bancorp, Inc........... 3,300 69,498 First State Bancorp................... 500 17,375 FirstFed Financial Corp.*............. 2,000 87,000 Flagstar Bancorp, Inc................. 5,250 112,455 Flushing Financial Corp............... 2,100 38,388 Glacier Bancorp, Inc.................. 2,310 74,844 Gold Banc Corp., Inc.................. 5,100 71,706 Greater Bay Bancorp................... 5,700 162,336 Hancock Holding Co.................... 1,800 98,226 Harbor Florida Bancshares, Inc........ 2,900 86,159 Harleysville National Corp............ 2,640 79,464 Hawthorne Financial Corp.*............ 1,200 33,576 Horizon Financial Corp................ 800 14,008 Hudson River Bancorp, Inc............. 1,800 70,254 Hudson United Bancorp................. 500 18,475 Humboldt Bancorp...................... 1,320 23,126 IBERIABANK Corp....................... 800 47,200 Independent Bank Corp.-MA............. 1,400 40,348 Independent Bank Corp.-MI............. 2,096 59,443 Integra Bank Corp..................... 2,200 48,349 Lakeland Bancorp, Inc................. 1,653 26,547 MAF Bancorp, Inc...................... 2,795 117,111 Main Street Banks, Inc................ 2,100 55,650 MB Financial, Inc..................... 3,000 109,200 Mid-State Bancshares.................. 2,800 71,232 Midwest Banc Holdings, Inc............ 1,600 35,600 Nara Bancorp, Inc..................... 1,200 32,760 National Penn Bancshares, Inc......... 2,915 93,630 NBT Bancorp, Inc...................... 3,960 84,902 Northwest Bancorp, Inc................ 5,200 111,072 OceanFirst Financial Corp............. 1,478 40,143 Ocwen Financial Corp.*................ 7,600 67,336 Pacific Capital Bancorp............... 3,700 136,234 People's Bank......................... 1,200 39,120 SHARES VALUE+ PFF Bancorp, Inc...................... 2,480 $ 89,974 Prosperity Bancshares, Inc............ 2,000 45,040 Provident Bankshares Corp............. 2,740 80,666 Provident Financial Group, Inc........ 2,000 63,900 Republic Bancorp, Inc................. 7,629 102,908 Republic Bancshares, Inc.............. 1,500 47,205 Riggs National Corp................... 3,100 51,243 S&T Bancorp, Inc...................... 3,400 101,660 Sandy Spring Bancorp, Inc............. 1,900 71,060 Second Bancorp, Inc................... 600 15,840 Silicon Valley Bancshares*............ 3,900 140,673 Simmons First National Corp. Class A............................. 1,500 41,850 Sound Federal Bancorp, Inc............ 1,100 17,149 Southwest Bancorp, Inc................ 1,200 21,456 State Financial Services Corp. Class A............................. 1,100 29,216 Staten Island Bancorp, Inc............ 4,200 94,500 Sterling Bancorp...................... 1,875 53,438 Sterling Bancshares, Inc.............. 5,300 70,649 Sterling Financial Corp............... 1,786 61,135 Sun Bancorp, Inc...................... 1,200 31,680 Texas Regional Bancshares, Inc. Class A............................. 3,246 120,102 The Banc Corp......................... 2,500 21,250 The Trust Co. of New Jersey........... 1,900 75,392 Troy Financial Corp................... 315 11,025 TrustCo Bank Corp. NY................. 8,934 117,482 UCBH Holdings, Inc.................... 3,000 116,910 UMB Financial Corp.................... 2,500 118,850 Umpqua Holdings Corp.................. 3,112 64,699 United Bankshares, Inc................ 2,200 68,640 United Community Banks, Inc........... 2,600 85,540 United Community Financial Corp....... 3,600 41,076 United National Bancorp............... 2,730 97,543 Washington Trust Bancorp, Inc......... 1,300 34,060 Waypoint Financial Corp............... 4,170 90,447 Webster Financial Corp................ 456 20,912 WesBanco, Inc......................... 2,300 63,687 West Coast Bancorp.................... 1,747 37,281 Westcorp.............................. 5,360 195,908 Willow Grove Bancorp, Inc............. 800 14,208 Wintrust Financial Corp............... 2,350 105,985 ------------ 8,021,597 ------------ BROADCASTING -- 0.9% 4Kids Entertainment, Inc.*............ 1,300 33,826 Acacia Research-Acacia Technologies*.. 2,200 11,880 Acme Communications, Inc.*............ 1,700 14,943 Beasley Broadcast Group, Inc. Class A*............................ 900 14,787 Charter Communications, Inc. Class A*............................ 19,100 76,782 Crown Media Holdings, Inc. Class A*............................ 8,100 66,987 Cumulus Media, Inc. Class A*.......... 2,300 50,600 Digital Generation Systems, Inc.*..... 7,500 16,800 Entravision Communications Corp.*..... 3,700 41,070 Gray Television, Inc.................. 4,800 72,576 Insight Communications Co., Inc.*..... 5,400 55,674 Lin Tv Corp. Class A*................. 1,300 33,553 Mediacom Communications Corp.*........ 10,900 94,503
23 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) BROADCASTING (CONTINUED) NTN Communications, Inc.*............. 3,700 $ 13,690 Paxson Communications Corp.*.......... 5,000 19,250 Regent Communications, Inc.*.......... 5,600 35,560 Saga Communications, Inc. Class A*.... 2,200 40,766 Salem Communications Corp. Class A*.. 2,000 54,240 Sinclair Broadcast Group, Inc. Class A*............................ 4,600 68,632 Spanish Broadcasting System, Inc. Class A*............................ 3,300 34,650 TiVo, Inc.*........................... 6,900 51,060 UnitedGlobalCom, Inc. Class A*........ 4,600 39,008 World Wrestling Federation Entertainment, Inc.................. 1,100 14,410 ------------ 955,247 ------------ BUILDING & CONSTRUCTION -- 2.5% Ampco-Pittsburgh Corp................. 1,000 13,670 Apogee Enterprises, Inc............... 2,800 31,780 Beazer Homes USA, Inc................. 1,825 178,229 Butler Manufacturing Co............... 400 8,800 Centex Construction Products, Inc..... 1,800 108,486 Champion Enterprises, Inc.*........... 4,800 33,600 Comfort Systems USA, Inc.*............ 3,800 20,824 Dycom Industries, Inc.*............... 4,800 128,736 ElkCorp............................... 2,400 64,080 Emcor Group, Inc.*.................... 1,800 79,020 Fleetwood Enterprises, Inc.*.......... 3,900 40,014 Florida Rock Industries, Inc.......... 5,550 304,417 Foster Wheeler Ltd.*.................. 1,200 1,236 Granite Construction, Inc............. 4,550 106,880 Insituform Technologies, Inc. Class A*............................ 2,900 47,850 Integrated Electrical Services, Inc.*..................... 3,700 34,225 M.D.C. Holdings, Inc.................. 1,481 95,525 M/I Schottenstein Homes, Inc.......... 1,700 66,385 Meritage Corp.*....................... 1,800 119,358 Modine Manufacturing Co............... 3,500 94,430 Modtech Holdings, Inc.*............... 1,200 10,092 NCI Building Systems, Inc.*........... 2,000 47,800 Palm Harbor Homes, Inc.*.............. 2,300 41,101 Ryland Group, Inc..................... 2,300 203,872 Simpson Manufacturing Co., Inc.*...... 2,500 127,150 Standard Pacific Corp................. 2,100 101,955 Texas Industries, Inc................. 2,300 85,100 The Shaw Group, Inc.*................. 6,400 87,168 Trex Co., Inc.*....................... 1,500 56,970 URS Corp.*............................ 3,600 90,036 Wackenhut Corrections Corp.*.......... 2,800 63,840 WCI Communities, Inc.*................ 4,400 90,684 William Lyon Homes, Inc.*............. 1,200 75,324 York International Corp............... 3,100 114,080 ------------ 2,772,717 ------------ BUSINESS SERVICES -- 3.3% Acxiom Corp.*......................... 1,700 31,569 Administaff, Inc.*.................... 3,300 57,354 ADVO, Inc............................. 3,600 114,336 Ambassadors International, Inc........ 1,000 12,500 SHARES VALUE+ American Management Systems, Inc.*.... 5,100 $ 76,857 AMN Healthcare Services, Inc.*........ 4,200 72,072 aQuantive, Inc.*...................... 6,600 67,650 Ariba, Inc.*.......................... 21,700 65,100 Aspect Communications Corp.*.......... 7,300 115,048 Banta Corp............................ 2,500 101,250 BARRA, Inc............................ 2,050 72,754 Bowne & Co., Inc...................... 3,700 50,172 Brady Corp. Class A................... 2,500 101,875 Catalina Marketing Corp.*............. 6,400 129,024 CDI Corp.............................. 2,500 81,875 Century Business Services, Inc.*...... 11,000 49,170 Charles River Associates, Inc.*....... 1,000 31,990 CIBER, Inc.*.......................... 7,100 61,486 Clark, Inc.*.......................... 1,600 30,784 Concur Technologies, Inc.*............ 3,700 35,816 Consolidated Graphics, Inc.*.......... 1,600 50,528 CorVel Corp.*......................... 300 11,280 Cross Country Healthcare, Inc.*....... 3,600 53,712 CSG Systems International, Inc.*...... 5,800 72,442 DocuCorp International, Inc.*......... 1,600 16,240 Electro Rent Corp.*................... 2,000 26,680 ePlus, Inc.*.......................... 1,200 14,797 Exult, Inc.*.......................... 12,900 91,848 First Consulting Group, Inc.*......... 1,900 10,697 Forrester Research, Inc.*............. 3,000 53,610 FTI Consulting, Inc.*................. 5,475 127,951 Gartner, Inc. Class A*................ 7,000 79,170 Gevity HR, Inc........................ 2,900 64,496 Heidrick & Struggles International, Inc.*................ 2,200 47,960 infoUSA, Inc.*........................ 5,600 41,552 John H. Harland Co.................... 3,600 98,280 Keane, Inc.*.......................... 7,000 102,480 Kelly Services, Inc. Class A.......... 3,200 91,328 Kforce, Inc.*......................... 2,900 27,086 Korn/Ferry International*............. 3,800 50,692 Labor Ready, Inc.*.................... 4,900 64,190 MAXIMUS, Inc.*........................ 2,500 97,825 Microstrategy, Inc. Class A*.......... 800 41,984 MPS Group, Inc.*...................... 11,500 107,525 Navigant Consulting, Inc.*............ 4,900 92,414 Navigant International, Inc.*......... 2,000 27,700 NCO Group, Inc.*...................... 2,900 66,033 On Assignment, Inc.*.................. 3,200 16,672 PDI, Inc.*............................ 2,100 56,301 QRS Corp.*............................ 1,900 15,428 Resources Connection, Inc.*........... 2,600 71,006 Right Management Consultants, Inc.*.................. 3,400 63,444 RMH Teleservices, Inc.*............... 1,100 5,676 SM&A*................................. 1,500 17,550 Spherion Corp.*....................... 7,100 69,509 TeamStaff, Inc.*...................... 2,100 4,704 TeleTech Holdings, Inc.*.............. 8,200 92,660 Tetra Tech, Inc.*..................... 5,300 131,758 The Corporate Executive Board Co.*.... 1,400 65,338 The Keith Cos., Inc.*................. 800 10,896
24 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) BUSINESS SERVICES (CONTINUED) TRC Cos., Inc.*....................... 1,650 $ 34,749 Watson Wyatt & Co. Holdings*.......... 4,000 96,600 ------------ 3,741,473 ------------ CHEMICALS -- 2.5% A. Schulman, Inc...................... 5,900 125,788 Aceto Corp............................ 700 17,878 Airgas, Inc........................... 2,700 57,996 Albemarle Corp........................ 3,300 98,901 Arch Chemicals, Inc................... 2,700 69,282 Cabot Microelectronics Corp.*......... 3,000 147,000 Crompton Corp......................... 13,400 96,078 Cytec Industries, Inc.*............... 2,000 76,780 Dionex Corp.*......................... 2,300 105,846 Ethyl Corp.*.......................... 5,000 109,350 Ferro Corp............................ 5,000 136,050 FMC Corp.*............................ 3,500 119,455 Georgia Gulf Corp..................... 3,900 112,632 Great Lakes Chemical Corp............. 3,000 81,570 H.B. Fuller Co........................ 2,800 83,272 Hawkins, Inc.......................... 1,200 16,752 Hercules, Inc.*....................... 11,100 135,420 IMC Global, Inc....................... 11,500 114,195 Kronos Worldwide Inc*................. 2,650 58,830 MacDermid, Inc........................ 3,500 119,840 Millennium Chemicals, Inc............. 7,600 96,368 Minerals Technologies, Inc............ 2,000 118,500 NL Industries, Inc.................... 5,300 62,010 Olin Corp............................. 6,400 128,384 OM Group, Inc......................... 3,100 81,189 PolyOne Corp.......................... 2,000 12,780 Quaker Chemical Corp.................. 600 18,450 RPM, Inc.............................. 2,000 32,920 Solutia, Inc.*,(a).................... 5,000 1,825 Spartech Corp......................... 3,200 78,848 Symyx Technologies*................... 4,100 84,255 Terra Industries, Inc.*............... 9,100 30,121 TETRA Technologies, Inc.*............. 2,550 61,812 WD-40 Co.............................. 2,100 74,256 Wellman, Inc.......................... 3,500 35,735 ------------ 2,800,368 ------------ COMMERCIAL SERVICES -- 1.0% Central Parking Corp.................. 4,300 64,199 CoStar Group, Inc.*................... 2,100 87,528 Euronet Worldwide, Inc.*.............. 3,200 57,600 ICT Group, Inc.*...................... 300 3,525 Mail-Well, Inc.*...................... 4,100 18,901 McGrath Rentcorp...................... 1,100 29,975 Medifast, Inc.*....................... 900 12,690 Memberworks, Inc.*.................... 1,500 40,755 Mobile Mini, Inc.*.................... 1,900 37,468 Plexus Corp.*......................... 4,700 80,699 Polycom, Inc.*........................ 7,000 136,640 Pre-Paid Legal Services, Inc.*........ 1,700 44,404 Protection One, Inc.*................. 9,400 3,384 SHARES VALUE+ Quanta Services, Inc.*................ 11,600 $ 84,680 R.H. Donnelley Corp.*................. 3,600 143,424 Rewards Network, Inc.*................ 2,200 23,452 Roto-Rooter, Inc...................... 1,300 59,930 Source Information Management Co.*.... 2,000 21,240 SOURCECORP, Inc.*..................... 1,900 48,697 StarTek, Inc.......................... 1,700 69,343 The Management Network Group, Inc.*.. 3,800 12,540 UniFirst Corp......................... 800 18,968 Veritas DGC, Inc.*.................... 3,300 34,584 Viisage Technology, Inc.*............. 3,800 13,680 ------------ 1,148,306 ------------ COMMUNICATION SERVICES -- 0.1% Concerto Software, Inc.*.............. 1,400 16,772 West Corp.*........................... 3,300 76,659 ------------ 93,431 ------------ COMMUNICATIONS EQUIPMENT -- 1.4% Aether Systems, Inc.*................. 6,200 29,450 ANADIGICS, Inc.*...................... 4,000 23,840 Andrew Corp.*......................... 10,450 120,279 Applied Signal Technology, Inc........ 1,200 27,612 Arris Group, Inc.*.................... 9,000 65,160 Avanex Corp.*......................... 11,400 56,886 Brooktrout, Inc.*..................... 900 11,322 Captaris, Inc.*....................... 3,500 19,670 Centillium Communications, Inc.*...... 4,200 23,646 Ceradyne, Inc.*....................... 1,700 57,902 Digi International, Inc.*............. 2,600 24,960 Ditech Communications Corp.*.......... 4,900 93,590 Finisar Corp.*........................ 18,600 58,218 Inter-Tel, Inc........................ 3,000 74,940 InterVoice-Brite, Inc.*............... 4,800 56,976 Ixia*................................. 7,100 83,070 KVH Industries, Inc.*................. 1,200 32,964 MasTec, Inc.*......................... 5,300 78,493 Network Equipment Technologies, Inc.*................. 3,300 36,300 New Focus, Inc.*...................... 10,700 53,714 North Pittsburgh Systems, Inc......... 1,700 32,147 Optical Communication Products, Inc.*..................... 3,400 12,580 Paradyne Networks, Inc.*.............. 3,900 13,416 Performance Technologies, Inc.*....... 1,600 22,800 Proxim Corp. Class A*................. 2,456 4,102 SBA Communications Corp.*............. 4,500 17,010 SeaChange International, Inc.*........ 3,000 46,200 Sirenza Microdevices, Inc.*........... 2,100 10,080 Sonus Networks, Inc.*................. 14,500 109,620 SpectraLink Corp...................... 1,700 32,589 Tekelec*.............................. 7,800 121,290 Terayon Communication Systems, Inc.*...................... 7,400 33,300 ViaSat, Inc.*......................... 3,100 59,334 Vyyo, Inc.*........................... 1,200 10,236 ------------ 1,553,696 ------------ COMPUTER EQUIPMENT -- 2.6% Adaptec, Inc.*........................ 10,700 94,481 Advanced Digital Information Corp.*... 8,200 114,800
25 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) COMPUTER EQUIPMENT (CONTINUED) Agilysys, Inc......................... 3,500 $ 39,025 Airspan Networks, Inc.*............... 2,700 9,450 California Micro Devices Corp.*....... 2,000 18,260 Computer Network Technology Corp.*.... 3,300 31,482 Concurrent Computer Corp.*............ 4,300 18,791 Cray, Inc.*........................... 9,100 90,363 Dot Hill Systems Corp.*............... 5,200 78,780 Drexler Technology Corp.*............. 1,000 13,670 Electronics for Imaging, Inc.*........ 4,300 111,886 EMC Corp.*............................ 11,528 148,935 Hutchinson Technology, Inc.*.......... 2,800 86,072 Imation Corp.......................... 3,500 123,025 Insight Enterprises, Inc.*............ 6,000 112,800 Iomega Corp........................... 4,600 27,508 Komag, Inc. Com New*.................. 2,100 30,723 Kronos, Inc.*......................... 3,600 142,596 Maxwell Technologies, Inc.*........... 2,100 14,910 McDATA Corp. Class A*................. 9,700 92,441 Mentor Graphics Corp.*................ 8,900 129,406 Mercury Computer Systems, Inc.*....... 3,000 74,700 Mobility Electronics, Inc.*........... 3,000 26,823 MTS Systems Corp...................... 2,100 40,383 NYFIX, Inc.*.......................... 5,600 44,520 PalmOne, Inc.*........................ 3,448 40,514 RadiSys Corp.*........................ 1,600 26,976 Rainbow Technologies, Inc.*........... 2,600 29,276 Rimage Corp.*......................... 1,200 18,997 Riverstone Networks, Inc.*............ 5,000 5,550 SCM Microsystems, Inc.*............... 2,000 15,440 Semtech Corp.*........................ 6,600 150,018 Sigma Designs, Inc.*.................. 1,700 12,801 Silicon Storage Technology, Inc.*..... 11,900 130,900 Standard Microsystems Corp.*.......... 2,200 55,660 Stratasys, Inc.*...................... 1,050 28,623 Stratex Networks, Inc.*............... 10,700 45,475 Synaptics, Inc.*...................... 2,200 32,956 Systems & Computer Technology Corp.*.. 4,100 67,035 TALX Corp............................. 1,089 25,080 Trident Microsystems, Inc.*........... 2,700 47,034 Varian Semiconductor Equipment Associates, Inc.*................... 2,700 117,963 Verity, Inc.*......................... 4,900 81,781 Virage Logic Corp.*................... 2,300 23,391 Western Digital Corp.*................ 17,000 200,430 Whitney Holding Corp.................. 450 18,446 ------------ 2,890,176 ------------ COMPUTER SERVICES -- 1.8% Analysts International Corp.*......... 4,500 15,165 Anteon International Corp.*........... 3,500 126,175 Aspen Technology, Inc.*............... 5,800 59,508 Avocent Corp.*........................ 836 30,531 BindView Development Corp.*........... 2,500 9,425 Black Box Corp........................ 2,300 105,961 Catapult Communications Corp.*........ 1,211 17,559 SHARES VALUE+ CompuCom Systems, Inc.*............... 4,800 $ 25,152 Computer Horizons Corp.*.............. 3,800 14,934 Computer Programs & Systems, Inc...... 900 18,108 Covansys Corp.*....................... 3,300 36,300 CyberGuard Corp.*..................... 1,300 11,336 Dynamics Research Corp.*.............. 1,100 17,743 Extreme Networks, Inc.*............... 15,200 109,592 FactSet Research Systems, Inc......... 2,700 103,167 Inforte Corp.*........................ 1,100 9,119 Intergraph Corp.*..................... 4,200 100,464 Jack Henry & Associates, Inc.......... 9,600 197,568 Manhattan Associates, Inc.*........... 4,100 113,324 MICROS Systems, Inc.*................. 2,200 95,392 NetScout Systems, Inc.*............... 3,600 27,360 NetSolve, Inc.*....................... 1,200 9,720 Overland Storage, Inc.*............... 1,500 28,200 PEC Solutions, Inc.*.................. 3,000 50,850 Pegasus Solutions, Inc.*.............. 3,200 33,504 Perot Systems Corp. Class A*.......... 6,600 88,968 Pomeroy Computer Resources, Inc....... 1,000 14,740 Radiant Systems, Inc.*................ 2,800 23,548 Safeguard Scientifics, Inc.*.......... 15,500 62,620 Sapient Corp.*........................ 13,300 74,480 SimpleTech, Inc.*..................... 4,600 27,646 SRA International, Inc. Class A*...... 1,700 73,270 Sykes Enterprises, Inc.*.............. 3,600 30,816 Syntel, Inc........................... 4,400 108,724 TechTeam Global, Inc.*................ 1,700 11,883 Tier Technologies, Inc. Class B*...... 1,200 9,804 Tyler Technologies, Inc.*............. 6,900 66,447 Wind River Systems, Inc.*............. 9,300 81,468 Zomax, Inc.*.......................... 6,000 29,940 ------------ 2,070,511 ------------ COMPUTER SOFTWARE -- 4.7% @Road, Inc.*.......................... 7,000 93,100 Acclaim Entertainment, Inc.*.......... 300 195 ActivCard Corp.*...................... 5,100 40,188 Activision, Inc.*..................... 7,075 128,765 Actuate Corp.*........................ 5,000 15,550 Advent Software, Inc.*................ 3,600 62,748 Agile Software Corp.*................. 6,200 61,380 American Software, Inc. Class A....... 1,600 11,454 Ansoft Corp.*......................... 1,100 14,113 ANSYS, Inc.*.......................... 2,000 79,400 Ascential Software Corp.*............. 2,325 60,287 Authentidate Holding Corp.*........... 2,400 28,560 Borland Software Corp.*............... 10,500 102,165 Bottomline Technologies, Inc.*........ 2,200 19,800 Chordiant Software, Inc.*............. 7,437 40,532 Clarus Corp.*......................... 1,900 13,701 Concord Communications, Inc.*......... 2,400 47,928 Convera Corp.*........................ 4,100 13,981 Corio, Inc.*.......................... 2,300 6,302 Datastream Systems, Inc.*............. 6,200 48,670 Dendrite International, Inc.*......... 4,800 75,216 Digitas, Inc.*........................ 7,400 68,968
26 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) COMPUTER SOFTWARE (CONTINUED) Echelon Corp.*........................ 5,600 $ 62,384 Embarcadero Technologies, Inc.*....... 2,900 46,255 Enterasys Networks, Inc.*............. 24,600 92,250 Epicor Software Corp.*................ 5,700 72,732 EPIQ Systems, Inc.*................... 1,400 23,982 eResearch Technology, Inc.*........... 4,500 114,390 FalconStor Software, Inc.*............ 5,600 48,944 FileNET Corp.*........................ 5,000 135,400 Hypercom Corp.*....................... 3,900 18,564 Hyperion Solutions Corp.*............. 4,000 120,560 Identix, Inc.*........................ 9,984 44,429 Informatica Corp.*.................... 10,100 104,030 Internet Security Systems, Inc.*...... 5,500 103,565 Interwoven, Inc.*..................... 4,419 55,856 JDA Software Group, Inc.*............. 3,100 51,181 Lawson Software, Inc.*................ 12,800 105,344 Macromedia, Inc.*..................... 6,580 117,387 Magma Design Automation, Inc.*........ 3,900 91,026 Manugistics Group, Inc.*.............. 8,800 55,000 MAPICS, Inc.*......................... 1,800 23,562 MapInfo Corp.*........................ 2,400 24,192 MatrixOne, Inc.*...................... 4,700 28,952 Micromuse, Inc.*...................... 8,200 56,580 Midway Games, Inc.*................... 5,600 21,728 Moldflow Corp.*....................... 900 10,215 MRO Software, Inc.*................... 2,700 36,342 MSC Software Corp.*................... 3,600 34,020 Netegrity, Inc.*...................... 3,800 39,178 NetIQ Corp.*.......................... 6,800 90,100 Netopia, Inc.*........................ 2,600 37,908 Novell, Inc.*......................... 14,600 153,592 Omnicell, Inc.*....................... 3,300 53,460 On Technology Corp.*.................. 3,100 12,276 On2 Technologies, Inc.*............... 3,800 4,978 Openwave Systems, Inc.*............... 8,133 89,463 OPNET Technologies, Inc.*............. 2,900 47,734 Packeteer, Inc.*...................... 3,800 64,524 PalmSource, Inc.*..................... 1,068 23,272 Parametric Technology Corp.*.......... 28,800 113,472 PDF Solutions, Inc.*.................. 3,200 47,680 Pegasystems, Inc.*.................... 4,100 35,342 Per-Se Technologies, Inc.*............ 4,200 64,092 Pervasive Software, Inc.*............. 2,300 16,675 Phoenix Technology Ltd.*.............. 5,700 46,056 Pinnacle Systems, Inc.*............... 8,600 73,358 PLATO Learning, Inc.*................. 1,400 14,770 Portal Software, Inc.*................ 4,540 30,554 Progress Software Corp.*.............. 3,800 77,748 Pumatech, Inc.*....................... 4,200 16,716 QAD, Inc.............................. 3,400 41,684 Quest Software, Inc.*................. 7,300 103,660 Red Hat, Inc.*........................ 13,600 255,272 Sanchez Computer Associates, Inc.*.... 3,600 14,940 ScanSoft, Inc.*....................... 14,952 79,545 Secure Computing Corp.*............... 4,100 73,431 SHARES VALUE+ SERENA Software, Inc.*................ 4,500 $ 82,575 SkillSoft Plc*........................ 1,677 14,506 SPSS, Inc.*........................... 1,832 32,756 SS&C Technologies, Inc................ 2,400 67,080 SupportSoft, Inc.*.................... 4,000 52,600 Synplicity, Inc.*..................... 3,300 25,839 Take-Two Interactive Software, Inc.*..................... 3,300 95,073 The InterCept Group, Inc.*............ 1,800 20,322 THQ, Inc.*............................ 4,900 82,859 TIBCO Software, Inc.*................. 10,500 71,085 Tradestation Group, Inc.*............. 3,600 31,896 Transaction Systems Architects, Inc. Class A*............................ 4,600 104,098 Ulticom, Inc.*........................ 4,440 42,846 Ultimate Software Group, Inc.*........ 2,100 18,417 VA Software Corp.*.................... 3,600 14,076 Vastera, Inc.*........................ 4,800 19,200 Vitria Technology, Inc.*.............. 3,238 22,990 Witness Systems, Inc.*................ 5,000 46,650 ------------ 5,298,221 ------------ COMPUTERS -- 0.0% Gateway, Inc.*........................ 5,000 23,000 Merge Technologies, Inc.*............. 700 12,348 ------------ 35,348 ------------ CONSUMER PRODUCTS -- 0.8% Blyth, Inc............................ 2,800 90,216 Central Garden & Pet Co.*............. 2,200 61,666 CNS, Inc.............................. 1,900 26,030 Department 56, Inc.*.................. 1,500 19,650 Fossil, Inc.*......................... 4,650 130,247 IDEXX Laboratories, Inc.*............. 2,400 111,072 Jarden Corp.*......................... 3,450 94,323 Maxwell Shoe Co., Inc. Class A*....... 1,100 18,667 Playtex Products, Inc.*............... 6,100 47,153 Russ Berrie & Co., Inc................ 2,500 84,750 The Scotts Co. Class A*............... 600 35,496 The Yankee Candle Co., Inc.*.......... 3,300 90,189 Tupperware Corp....................... 7,000 121,380 ------------ 930,839 ------------ CONTAINERS & GLASS -- 0.3% Crown Holdings, Inc.*................. 14,800 134,088 Owens-Illinois, Inc.*................. 7,300 86,797 Silgan Holdings, Inc.*................ 2,600 110,734 ------------ 331,619 ------------ CONTAINERS-PAPER/PLASTIC -- 0.2% Graphic Packaging Corp.*.............. 3,900 15,834 Longview Fibre Co..................... 6,600 81,510 Packaging Dynamics Corp............... 320 3,290 Rock-Tenn Co. Class A................. 3,800 65,588 ------------ 166,222 ------------ CONSTRUCTION MATERIALS -- 0.0% U.S. Concrete, Inc.*.................. 3,800 24,510 ------------
27 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ DISTRIBUTION/WHOLESALE -- 1.0% COMMON STOCKS (CONTINUED) DISTRIBUTION/WHOLESALE (CONTINUED) Advanced Marketing Services, Inc...... 1,700 $ 19,380 Aviall, Inc.*......................... 3,700 57,387 Bell Microproducts, Inc.*............. 3,200 28,992 Brightpoint, Inc.*.................... 3,150 54,337 Building Materials Holding Corp....... 1,800 27,954 Central European Distribution Corp.*.............................. 900 28,440 Handleman Co.......................... 2,700 55,431 Hughes Supply, Inc.................... 2,300 114,126 International Multifoods Corp.*....... 1,900 34,200 Keystone Automotive Industries, Inc.*................... 1,700 43,112 Nash-Finch Co......................... 1,200 26,808 NuCo2, Inc.*.......................... 1,800 22,806 Owens & Minor, Inc.................... 4,700 102,977 ScanSource, Inc.*..................... 1,500 68,430 SCP Pool Corp.*....................... 3,575 116,831 United Natural Foods, Inc.*........... 2,300 82,593 United Stationers, Inc.*.............. 2,400 98,208 Watsco, Inc........................... 2,200 50,006 WESCO International, Inc.*............ 4,800 42,480 ------------ 1,074,498 ------------ DIVERSIFIED OPERATIONS -- 2.0% Actuant Corp. Class A*................ 3,200 115,840 Acuity Brands, Inc.................... 800 20,640 AMERCO*,(a)........................... 2,500 53,750 Barnes Group, Inc..................... 2,700 87,237 Blount International, Inc.*........... 100 787 Carlisle Cos., Inc.................... 1,200 73,032 Cornell Corrections, Inc.*............ 1,700 23,205 Digimarc Corp.*....................... 2,100 27,930 EnPro Industries, Inc.*............... 1,800 25,110 ESCO Technologies, Inc.*.............. 1,400 61,110 Esterline Technologies Corp.*......... 2,700 72,009 Federal Signal Corp................... 5,800 101,616 Florida East Coast Industries, Inc..................... 1,000 33,100 Griffon Corp.*........................ 3,650 73,949 Kroll, Inc.*.......................... 4,132 107,432 Lancaster Colony Corp................. 1,100 49,676 Lydall, Inc.*......................... 1,800 18,342 Mathews International Corp. Class A............................. 3,900 115,401 Myers Industries, Inc................. 2,707 32,809 NACCO Industries, Inc. Class A........ 800 71,584 PerkinElmer, Inc...................... 10,033 171,263 Raven Industries, Inc................. 500 14,750 Roper Industries, Inc................. 2,200 108,372 Sensient Technologies Corp............ 5,200 102,804 Standex International Corp............ 1,700 47,600 Sturm, Ruger & Co., Inc............... 2,700 30,699 Tredegar Corp......................... 4,600 71,438 Trinity Industries, Inc............... 3,700 114,108 Universal Corp........................ 2,800 123,676 UNOVA, Inc.*.......................... 5,900 135,405 Vector Group Ltd...................... 4,504 73,505 Volt Information Sciences, Inc.*...... 2,200 49,720 SHARES VALUE+ Walter Industries, Inc................ 4,400 $ 58,740 World Fuel Services Corp.............. 900 30,555 ------------ 2,297,194 ------------ EDUCATION -- 0.5% Education Management Corp.*........... 1,800 55,872 ITT Educational Services, Inc.*....... 3,200 150,304 Learning Tree International, Inc.*.... 2,400 41,736 Renaissance Learning, Inc.*........... 3,600 86,688 Strayer Education, Inc................ 1,600 174,128 Sylvan Learning Systems, Inc.*........ 3,600 103,644 ------------ 612,372 ------------ ELECTRIC UTILITIES -- 0.1% Duquesne Light Holdings, Inc.......... 4,500 82,530 Weststar Energy, Inc.................. 1,400 28,350 ------------ 110,880 ------------ ELECTRICAL EQUIPMENT -- 2.1% Active Power, Inc.*................... 2,600 7,540 Advanced Energy Industries, Inc.*..... 4,200 109,410 Artesyn Technologies, Inc.*........... 5,000 42,600 August Technology Corp.*.............. 1,700 31,535 Avid Technology, Inc.*................ 2,900 139,200 Axcelis Technologies, Inc.*........... 10,900 111,398 Belden, Inc........................... 2,800 59,052 C&D Technologies, Inc................. 3,500 67,095 Cable Design Technologies Corp.*...... 4,900 44,051 Celeritek, Inc.*...................... 1,200 8,904 Checkpoint Systems, Inc.*............. 3,900 73,749 Cohu, Inc............................. 2,500 47,875 Credence Systems Corp.*............... 7,580 99,753 Distributed Energy Systems Corp.*..... 4,700 13,442 FLIR Systems, Inc.*................... 4,400 160,600 Genlyte Group, Inc.*.................. 1,400 81,732 GrafTech International Ltd.*.......... 9,800 132,300 Helix Technology Corp................. 2,900 59,682 Ibis Technology Corp.*................ 400 4,500 Input/Output, Inc.*................... 4,100 18,491 Intermagnetics General Corp.*......... 2,010 44,542 Invision Technologies, Inc.*.......... 2,000 67,140 Lincoln Electric Holdings, Inc........ 4,400 108,856 Littelfuse, Inc.*..................... 2,600 74,932 LTX Corp.*............................ 6,200 93,186 Meade Instruments Corp.*.............. 3,300 11,385 Measurement Specialties, Inc.*........ 800 16,344 Paxar Corp.*.......................... 4,700 62,980 Photon Dynamics, Inc.*................ 1,900 76,456 Power Integrations, Inc.*............. 3,300 110,418 Power-One, Inc.*...................... 9,862 106,805 Rogers Corp.*......................... 1,800 79,416 SBS Technologies, Inc.*............... 1,700 25,007 SIPEX Corp.*.......................... 3,600 27,756 Veeco Instruments, Inc.*.............. 3,500 98,700 Vicor Corp.*.......................... 3,700 42,217 Woodhead Industries, Inc.............. 800 13,520 ------------ 2,372,569 ------------
28 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ ELECTRONICS -- 6.0% COMMON STOCKS (CONTINUED) ELECTRONICS (CONTINUED) Actel Corp.*.......................... 2,900 $ 69,890 Aeroflex, Inc.*....................... 7,900 92,351 Alliance Semiconductor Corp.*......... 3,300 23,463 American Superconductor Corp.*........ 2,400 33,264 AMETEK, Inc........................... 3,000 144,780 Analogic Corp......................... 1,700 69,700 Anixter International, Inc.*.......... 4,000 103,520 Artisan Components, Inc.*............. 2,400 49,200 Asyst Technologies, Inc.*............. 4,800 83,280 ATMI, Inc.*........................... 3,700 85,618 Audiovox Corp. Class A*............... 2,600 33,384 Avnet, Inc.*.......................... 1,799 38,966 Benchmark Electronics, Inc.*.......... 3,750 130,538 Brillian Corp.*....................... 375 3,169 Brooks Automation, Inc.*.............. 4,424 106,928 California Amplifier, Inc.*........... 825 11,608 Caliper Technologies Corp.*........... 2,200 14,476 CEVA, Inc.*........................... 800 8,320 ChipPAC, Inc.*........................ 11,600 88,044 Cirrus Logic, Inc.*................... 9,300 71,331 Coherent, Inc.*....................... 3,300 78,540 CompuDyne Corp.*...................... 1,100 11,211 Cree, Inc.*........................... 5,100 90,219 CTS Corp.............................. 4,700 54,050 Cubic Corp............................ 3,200 73,600 Cymer, Inc.*.......................... 3,400 157,046 Cypress Semiconductor Corp.*.......... 4,000 85,440 Daktronics, Inc.*..................... 2,000 50,320 DSP Group, Inc........................ 3,300 82,203 DuPont Photomasks, Inc.*.............. 2,000 48,280 Electro Scientific Industries, Inc.*................... 2,800 66,640 EMCORE Corp.*......................... 4,100 19,311 Emerson Radio Corp.*.................. 3,200 12,032 Energy Conversion Devices, Inc.*...... 3,000 27,090 Entegris, Inc.*....................... 9,400 120,790 ESS Technology, Inc.*................. 4,400 74,844 Exar Corp.*........................... 4,300 73,444 Excel Technology, Inc.*............... 1,100 36,146 Fargo Electronics, Inc.*.............. 1,700 21,624 Genesis Microchip, Inc.*.............. 3,100 55,924 Genus, Inc.*.......................... 2,300 13,800 GlobespanVirata, Inc.*................ 13,300 78,204 II-VI, Inc.*.......................... 1,700 43,860 InFocus Corp.*........................ 3,900 37,752 Innovex, Inc.*........................ 1,400 11,802 Integrated Device Technology, Inc.*................... 5,800 99,586 Integrated Silicon Solution, Inc.*.... 3,100 48,577 Itron, Inc.*.......................... 2,700 49,572 IXYS Corp.*........................... 4,400 41,140 Keithley Instruments, Inc............. 800 14,640 KEMET Corp.*.......................... 6,000 82,140 Kopin Corp.*.......................... 8,300 55,693 Lattice Semiconductor Corp.*.......... 12,359 119,635 LeCroy Corp.*......................... 1,300 23,413 Lifeline Systems, Inc.*............... 1,800 34,200 LSI Industries, Inc................... 2,000 27,000 SHARES VALUE+ MagneTek, Inc.*....................... 2,700 $ 17,793 Manufacturers' Services Ltd.*......... 2,400 14,592 Mattson Technology, Inc.*............. 5,400 65,988 Merix Corp.*.......................... 1,300 31,889 Methode Electronics, Inc. Class A..... 3,100 37,913 Micrel, Inc.*......................... 10,100 157,358 Microsemi Corp.*...................... 3,800 93,404 MKS Instruments, Inc.*................ 4,600 133,400 Molecular Devices Corp.*.............. 2,370 45,006 Monolithic System Technology, Inc.*................... 3,700 31,635 Nanometrics, Inc.*.................... 1,100 16,181 Nassda Corp.*......................... 3,600 26,100 Newport Corp.*........................ 5,100 84,303 Nu Horizons Electronics Corp.*........ 2,200 21,560 OmniVision Technologies, Inc.*........ 2,300 127,075 ON Semiconductor Corp.*............... 26,600 171,570 OSI Systems, Inc.*.................... 1,300 24,973 Park Electrochemical Corp............. 2,100 55,629 Parlex Corp.*......................... 800 6,328 Pemstar, Inc.*........................ 5,000 16,450 Pericom Semiconductor Corp.*.......... 2,800 29,848 Photronics, Inc.*..................... 4,100 81,672 Pixelworks, Inc.*..................... 3,400 37,536 Planar Systems, Inc.*................. 1,700 41,344 PLX Technology, Inc.*................. 2,100 18,585 PMC-Sierra, Inc.*..................... 10,000 201,500 QuickLogic Corp.*..................... 2,200 10,934 Rambus, Inc.*......................... 8,900 273,230 Richardson Electronics, Ltd........... 1,100 13,519 Rudolph Technologies, Inc.*........... 1,600 39,264 Silicon Image, Inc.*.................. 10,000 72,300 Siliconix, Inc.*...................... 3,300 150,810 Skyworks Solutions, Inc.*............. 12,400 107,880 Sonic Solutions*...................... 2,600 39,780 Spectrum Control, Inc.*............... 1,200 9,553 Stoneridge, Inc.*..................... 2,200 33,110 Superconductor Technologies, Inc.*.... 5,800 32,364 Supertex, Inc.*....................... 1,400 26,740 Sypris Solutions, Inc................. 1,000 16,810 Technitrol, Inc.*..................... 4,800 99,552 Thomas & Betts Corp.*................. 5,600 128,184 Three-Five Systems, Inc............... 1,500 7,860 Transmeta Corp.*...................... 17,000 57,800 Trimble Navigation Ltd.*.............. 3,800 141,512 TriQuint Semiconductor, Inc.*......... 14,400 101,808 Ultimate Electronics, Inc.*........... 1,600 12,208 Ultratech Stepper, Inc.*.............. 3,200 93,984 Universal Display Corp.*.............. 3,100 42,377 Universal Electronics, Inc.*.......... 2,100 26,754 Vialta, Inc.*......................... 1,952 1,054 Vitesse Semiconductor Corp.*.......... 16,000 93,920 White Electronic Designs Corp.*....... 2,700 23,760 Wilson Greatbatch Technologies, Inc.*................. 2,400 101,448 Xicor, Inc.*.......................... 2,800 31,752 Zoran Corp.*.......................... 4,961 86,272 Zygo Corp.*........................... 1,900 31,331 ------------ 6,779,100 ------------
29 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ ENERGY -- 0.3% COMMON STOCKS (CONTINUED) ENERGY (CONTINUED) BayCorp Holdings Ltd.*................ 68 $ 888 CONSOL Energy, Inc.................... 4,700 121,730 KFx, Inc.*............................ 5,000 37,750 Plug Power, Inc.*..................... 8,000 58,000 Quantum Fuel Systems Technologies Worldwide, Inc.*.................... 700 5,628 South Jersey Industries, Inc.......... 1,500 60,750 Syntroleum Corp.*..................... 1,100 4,752 Watts Industries, Inc. Class A........ 2,500 55,500 ------------ 344,998 ------------ ENVIROMENTAL SERVICES -- 0.2% Calgon Carbon Corp.................... 5,100 31,671 Duratek, Inc.*........................ 1,900 24,776 Flanders Corp.*....................... 3,100 20,398 Headwaters, Inc.*..................... 3,500 68,670 Rollins, Inc.......................... 5,400 121,770 ------------ 267,285 ------------ FACILITY SERVICES -- 0.1% ABM Industries, Inc................... 5,900 102,719 ------------ FINANCIAL SERVICES -- 2.8% Advanta Corp. Class A................. 1,000 12,990 Advanta Corp. Class B................. 1,200 15,264 Affiliated Managers Group, Inc.*...... 700 48,713 American Capital Strategies Ltd....... 3,300 98,109 AmeriServ Financial, Inc.............. 2,700 13,500 Cash America International, Inc....... 3,500 74,130 Citizens Banking Corp................. 2,200 71,984 City Holding Co....................... 2,300 80,500 CoBiz, Inc............................ 1,050 19,341 Coinstar, Inc.*....................... 2,000 36,120 CompuCredit Corp.*.................... 4,700 100,016 Credit Acceptance Corp.*.............. 4,700 71,910 Digital Insight Corp.*................ 4,000 99,600 E-Loan, Inc.*......................... 2,500 7,450 eFunds Corp.*......................... 6,200 107,570 eSPEED, Inc. Class A*................. 3,400 79,594 Financial Federal Corp................ 3,000 91,650 First Albany Cos., Inc................ 1,147 16,104 First Commonwealth Financial Corp..... 6,500 92,690 Fremont General Corp.................. 6,800 114,988 Gabelli Asset Management, Inc. Class A............................. 500 19,900 IndyMac Bancorp, Inc.................. 2,800 83,412 Interactive Data Corp.*............... 5,000 82,800 Investment Technology Group, Inc.*.... 5,200 83,980 Irwin Financial Corp.................. 3,400 106,760 Jefferies Group, Inc.................. 4,800 158,496 Knight Trading Group, Inc.*........... 8,700 127,368 LaBranche & Co., Inc.................. 3,000 35,010 Metris Cos., Inc...................... 6,900 30,636 National Processing, Inc.*............ 7,600 178,980 Netbank, Inc.......................... 1,700 22,695 New Century Financial Corp............ 3,600 142,812 PRG-Schultz International, Inc.*...... 5,500 26,950 SHARES VALUE+ Resource America, Inc................. 1,400 $ 21,000 Sanders Morris Harris Group, Inc...... 1,500 18,600 Sky Financial Group, Inc.............. 601 15,590 Soundview Technology Group, Inc.*..... 2,100 32,529 South Financial Group, Inc............ 4,000 111,440 Southwest Bancorporation of Texas, Inc.......................... 3,000 116,550 Stifel Financial Corp................. 1,100 21,450 Susquehanna Bancshares, Inc........... 4,400 110,044 SWS Group, Inc........................ 1,634 29,085 UICI*................................. 5,600 74,368 Unizan Financial Corp................. 2,600 52,650 Westwood Holdings Group, Inc.......... 258 4,590 WFS Financial, Inc.*.................. 2,400 101,904 World Acceptance Corp.*............... 3,800 75,658 ------------ 3,137,480 ------------ FOOD & BEVERAGES -- 1.3% American Italian Pasta Co. Class A*............................ 2,200 92,180 American States Water Co.............. 1,950 48,750 Chiquita Brands International, Inc.*................ 4,300 96,879 Corn Products International, Inc...... 2,500 86,125 Del Monte Foods Co.*.................. 5,800 60,320 Flowers Foods, Inc.................... 4,550 117,390 Green Mountian Coffee, Inc.*.......... 600 13,812 Hain Celestial Group, Inc.*........... 3,679 85,389 Horizon Organic Holding Corp.*........ 900 21,555 Imperial Sugar Co.*................... 400 5,652 Interstate Bakeries Corp.............. 4,900 69,727 J & J Snack Foods Corp.*.............. 1,000 37,760 John B. Sanfilippo & Son, Inc.*....... 400 20,416 Lance, Inc............................ 4,900 73,647 Panera Bread Co. Class A*............. 2,900 114,637 Peet's Coffee & Tea, Inc.*............ 1,700 29,597 Performance Food Group Co.*........... 2,800 101,276 Pilgrim's Pride Corp.................. 6,700 109,411 Ralcorp Holdings, Inc.*............... 3,200 100,352 Sanderson Farms, Inc.................. 1,600 64,480 Scheid Vineyards, Inc. Class A*....... 100 514 Tasty Baking Co....................... 800 8,088 The Boston Beer Co., Inc. Class A*.... 900 16,326 The Robert Mondavi Corp. Class A*..... 1,000 38,840 Triarc Cos., Inc...................... 2,000 23,640 Triarc Cos., Inc. Class B............. 4,000 43,120 ------------ 1,479,883 ------------ FOREST & PAPER PRODUCTS -- 0.4% Buckeye Technologies, Inc.*........... 3,900 39,195 Caraustar Industries, Inc............. 2,800 38,640 Chesapeake Corp....................... 2,000 52,960 Deltic Timber Corp.................... 1,400 42,560 P.H. Glatfelter Co.................... 4,500 56,025 Pope & Talbot, Inc.................... 2,800 49,308 Schweitzer-Mauduit International, Inc.................. 1,600 47,648 Universal Forest Products, Inc........ 2,000 64,360 Wausau-Mosinee Paper Corp............. 6,700 90,584 ------------ 481,280 ------------
30 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ FUNERAL SERVICES -- 0.1% COMMON STOCKS (CONTINUED) FUNERAL SERVICES (CONTINUED) Service Corp. International*.......... 800 $ 4,312 Stewart Enterprises, Inc. Class A*.... 13,700 77,816 ------------ 82,128 ------------ HEALTH CARE -- 0.1% Inveresk Research Group, Inc.*........ 4,000 98,920 ------------ HEALTH CARE -- BIOTECHNOLOGY -- 3.3% Acacia Research-CombiMatrix*.......... 1,228 4,114 Aclara Biosciences, Inc.*............. 3,600 13,140 Affymetrix, Inc.*..................... 3,500 86,135 Alexion Pharmaceuticals, Inc.*........ 2,200 37,444 Antigenics, Inc.*..................... 4,700 53,204 Applied Molecular Evolution, Inc.*.... 1,200 21,360 Arena Pharmaceuticals, Inc.*.......... 3,600 22,320 ArQule, Inc.*......................... 3,300 16,104 AtheroGenics, Inc.*................... 4,800 71,760 AVANT Immunotherapeutics, Inc.*....... 7,100 19,454 Avigen, Inc.*......................... 1,600 9,408 BioMarin Pharmaceutical, Inc.*........ 6,000 46,614 BioSource International, Inc.*........ 1,500 10,155 BioSphere Medical, Inc.*.............. 2,500 9,975 Cambrex Corp.......................... 3,100 78,306 Cell Genesys, Inc.*................... 4,300 55,642 Ciphergen Biosystems, Inc.*........... 2,400 26,976 Conceptus, Inc.*...................... 2,300 24,426 Cryolife, Inc.*....................... 2,300 13,294 CUNO, Inc.*........................... 2,000 90,060 CuraGen Corp.*........................ 5,900 43,247 Curis, Inc.*.......................... 2,600 11,700 CYTOGEN Corp.*........................ 100 1,088 Digene Corp.*......................... 2,200 88,220 Diversa Corp.*........................ 5,400 49,950 Dyax Corp.*........................... 2,500 20,550 Emisphere Technologies, Inc.*......... 2,500 13,700 Encysive Pharmaceuticals, Inc.*....... 4,400 39,380 EntreMed, Inc.*....................... 3,300 11,022 Enzo Biochem, Inc..................... 4,150 74,326 Enzon, Inc.*.......................... 4,700 56,400 Exact Sciences Corp.*................. 2,100 21,252 Exelixis, Inc.*....................... 8,500 60,180 Gene Logic, Inc.*..................... 4,300 22,317 Genelabs Technologies, Inc.*.......... 5,000 14,000 Genencor International, Inc.*......... 7,000 110,250 Genta, Inc.*.......................... 4,700 48,927 GenVec, Inc.*......................... 4,000 13,200 Geron Corp.*.......................... 4,700 46,859 Guilford Pharmaceuticals, Inc.*....... 3,000 20,340 Harvard Bioscience, Inc.*............. 3,900 34,710 ICOS Corp.*........................... 500 20,640 Immunomedics, Inc.*................... 5,500 25,080 Incyte Genomics, Inc.*................ 8,700 59,508 Integra LifeSciences Holdings*........ 2,900 83,027 InterMune, Inc.*...................... 3,826 88,610 Interpore International, Inc.*........ 1,500 19,500 Introgen Therapeutics, Inc.*.......... 1,400 11,844 SHARES VALUE+ Kosan Biosciences, Inc.*.............. 3,300 $ 32,538 Lexicon Genetics, Inc.*............... 6,300 37,107 LifeCell Corp.*....................... 1,600 9,936 Martek Biosciences Corp.*............. 1,700 110,449 Matritech, Inc.*...................... 3,100 5,859 Maxygen, Inc.*........................ 4,166 44,285 Medarex, Inc.*........................ 9,400 58,562 Myriad Genetics, Inc.*................ 3,500 45,010 Nabi Biopharmaceuticals*.............. 5,100 64,821 Neose Technologies, Inc.*............. 1,800 16,560 Novavax, Inc.*........................ 3,300 19,800 Nuvelo, Inc........................... 6,400 22,208 Pharmaceutical Product Development, Inc.*.................. 4,800 129,456 PRAECIS Pharmaceuticals, Inc.*........ 6,800 43,792 Progenics Pharmaceuticals, Inc.*...... 1,900 35,834 Protein Design Labs, Inc.*............ 9,400 168,260 Regeneration Technologies, Inc.*...... 3,700 40,552 Regeneron Pharmaceuticals, Inc.*...... 6,000 88,260 Repligen Corp.*....................... 2,400 10,488 Savient Pharmaceuticals, Inc.*........ 5,800 26,738 Seattle Genetics, Inc.*............... 3,100 26,598 Sequenom, Inc.*....................... 2,500 7,950 Serologicals Corp.*................... 2,400 44,640 Tanox, Inc.*.......................... 5,300 78,705 Techne Corp.*......................... 1,700 64,226 Telik, Inc.*.......................... 5,100 117,351 The Medicines Co.*.................... 4,800 141,408 Third Wave Technologies, Inc.*........ 4,700 21,385 Transkaryotic Therapies, Inc.*........ 4,500 70,245 Trimeris, Inc.*....................... 2,400 50,352 Vical, Inc.*.......................... 200 984 Vicuron Phamaceuticals, Inc.*......... 5,900 110,035 Virologic, Inc.*...................... 4,000 15,040 VISX, Inc.*........................... 4,800 111,120 ------------ 3,690,272 ------------ HEALTH CARE -- DRUGS -- 3.5% aaiPharma, Inc.*...................... 3,600 90,432 Accredo Health, Inc.*................. 3,150 99,571 Adolor Corp.*......................... 4,800 96,096 Alkermes, Inc.*....................... 9,800 132,300 Alpharma, Inc. Class A................ 4,300 86,430 Alteon, Inc.*......................... 4,500 7,065 American Pharmaceutical Partners, Inc.*..................... 6,150 206,640 Andrx Group*.......................... 2,800 67,312 Aphton Corp.*......................... 1,500 9,000 ARIAD Pharmaceuticals, Inc.*.......... 5,500 40,975 Array BioPharma, Inc.*................ 3,000 17,070 Atrix Laboratories, Inc.*............. 2,900 69,716 Bradley Pharmaceuticals, Inc. Class A*............................ 700 17,801 Cell Therapeutics, Inc.*.............. 3,600 31,320 Cellegy Pharmaceuticals, Inc.*........ 2,200 6,842 CIMA Labs, Inc.*...................... 1,700 55,454 CollaGenex Pharmaceuticals, Inc.*..... 1,500 16,815 Connetics Corp.*...................... 4,400 79,904 Corixa Corp.*......................... 4,901 29,602 Cubist Pharmaceuticals, Inc.*......... 5,000 60,800
31 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) HEALTH CARE -- DRUGS (CONTINUED) CV Therapeutics, Inc.*................ 3,000 $ 43,980 D & K Healthcare Resources, Inc....... 1,200 16,272 Dendreon Corp.*....................... 3,500 28,210 DOV Pharmaceutical, Inc.*............. 600 8,082 Durect Corp.*......................... 3,500 9,030 First Horizon Pharmaceutical Corp.*... 4,600 51,520 Hi-Tech Pharmacal Co., Inc.*.......... 600 14,100 ILEX Oncology, Inc.*.................. 4,200 89,250 ImmunoGen, Inc.*...................... 5,000 25,250 Impax Laboratories, Inc.*............. 6,900 99,291 Indevus Pharmaceuticals, Inc.*........ 4,100 24,149 Isis Pharmaceuticals, Inc.*........... 6,700 43,550 K-V Pharmaceutical Co. Class A*....... 4,200 107,100 Kos Pharmaceuticals, Inc.*............ 3,000 129,120 Lannett Co., Inc.*.................... 2,050 34,461 Ligand Pharmaceuticals, Inc. Class B*............................ 9,700 142,493 Maxim Pharmaceuticals, Inc.*.......... 3,300 29,370 Medicis Pharmaceutical Corp. Class A............................. 800 57,040 NeoPharm, Inc......................... 2,249 41,202 Neurocrine Biosciences, Inc.*......... 1,500 81,810 Neurogen Corp.*....................... 3,000 25,233 NPS Pharmaceuticals, Inc.*............ 4,100 126,034 Omega Protein Corp.................... 900 6,948 Onyx Pharmaceuticals, Inc.*........... 3,500 98,805 OSI Pharmaceuticals, Inc.*............ 4,300 138,503 Pain Therapeutics, Inc.*.............. 2,400 16,680 Penwest Pharmaceuticals Co.*.......... 1,400 24,192 Pharmaceutical Resources, Inc.*....... 1,500 97,725 Pharmacopeia, Inc.*................... 3,600 51,156 Pharmacyclics, Inc.*.................. 1,100 8,140 POZEN, Inc.*.......................... 2,800 28,560 Priority Healthcare Corp. Class B*.... 4,400 106,084 SciClone Pharmaceuticals, Inc.*....... 5,500 37,290 Sepracor, Inc.*....................... 8,400 201,012 Star Scientific, Inc.*................ 1,500 2,760 Super-Gen, Inc.*...................... 4,200 46,200 The Quigley Corp.*.................... 2,100 22,344 Tularik, Inc.*........................ 7,800 125,970 United Therapeutics Corp.*............ 2,800 64,260 Valeant Pharmaceuticals International....................... 7,500 188,625 VaxGen, Inc.*......................... 1,600 12,672 Vertex Pharmaceuticals, Inc.*......... 9,358 95,732 ViroPharma, Inc.*..................... 2,400 6,672 VIVUS, Inc.*.......................... 3,200 12,128 Zymogenetics, Inc.*................... 6,200 96,100 ------------ 3,936,250 ------------ HEALTH CARE -- PRODUCTS -- 4.5% 1-800 CONTACTS, Inc.*................. 1,300 27,300 Abaxis, Inc.*......................... 2,800 50,736 Abgenix, Inc.*........................ 8,800 109,648 ABIOMED, Inc.*........................ 2,700 18,657 Advanced Medical Optics, Inc.*........ 3,500 68,775 Aksys Ltd.*........................... 3,300 29,139 ALARIS Medical, Inc.*................. 7,900 120,159 Align Technology, Inc.*............... 7,000 115,640 SHARES VALUE+ American Medical Systems Holdings, Inc.*..................... 4,400 $ 95,920 Arrow International, Inc.............. 4,800 119,904 ArthroCare Corp.*..................... 2,300 56,350 Aspect Medical Systems, Inc.*......... 3,200 36,512 AVI BioPharma, Inc.*.................. 1,800 7,326 Bentley Pharmaceuticals, Inc.*........ 1,300 17,290 BioLase Technology, Inc.*............. 2,600 43,160 Biosite Diagnostics, Inc.*............ 1,500 43,425 Bone Care International, Inc.*........ 1,700 21,658 Candela Corp.*........................ 700 12,726 Cantel Medical Corp.*................. 900 14,571 Cardiac Science, Inc.*................ 8,900 35,511 CardioDynamics International Corp.*... 3,900 23,283 Cerus Corp.*.......................... 1,700 7,718 Cholestech Corp.*..................... 1,700 12,971 Closure Medical Corp.*................ 1,800 61,074 Columbia Laboratories, Inc.*.......... 4,300 27,090 CONMED, Corp.*........................ 3,350 79,730 Cooper Cos., Inc...................... 5,600 263,928 Cyberonics, Inc.*..................... 3,100 99,231 Cytyc Corp.*.......................... 3,700 50,912 Datascope Corp........................ 1,900 68,115 DepoMed, Inc.*........................ 3,200 22,688 Diagnostic Products Corp.............. 2,900 133,139 DJ Orthopedics, Inc.*................. 3,800 101,840 Encore Medical Corp.*................. 2,200 17,930 Endocare, Inc.*....................... 2,000 8,020 EPIX Medical, Inc.*................... 2,200 35,816 Esperion Therapeutics, Inc.*.......... 4,100 141,901 Haemonetics Corp.*.................... 2,700 64,503 Hanger Orthopedic Group, Inc.*........ 2,100 32,697 Hollis-Eden Pharmaceuticals, Inc.*.... 1,500 16,515 I-STAT Corp.*......................... 2,200 33,660 ICU Medical, Inc.*.................... 1,450 49,706 Illumina, Inc.*....................... 3,300 23,265 Immucor, Inc.*........................ 3,275 66,777 IMPAC Medical Systems, Inc.*.......... 700 17,892 Inspire Pharmaceuticals, Inc.*........ 4,300 60,888 Invacare Corp......................... 2,900 117,073 Kensey Nash Corp.*.................... 1,300 30,225 La Jolla Pharmaceutical Co.*.......... 1,500 6,435 Landauer, Inc......................... 800 32,624 Laserscope*........................... 1,600 24,944 Luminex Corp.*........................ 2,600 24,388 Matrixx Initiatives, Inc.*............ 1,400 24,835 Medical Action Industries, Inc.*...... 900 16,839 MedSource Technologies, Inc.*......... 1,800 8,100 Mentor Corp........................... 5,600 134,736 Meridian Bioscience, Inc.............. 2,000 20,860 Merit Medical Systems, Inc.*.......... 4,444 98,924 MGI Pharma, Inc.*..................... 3,500 144,025 Microtek Medical Holdings, Inc.*...... 4,200 21,000 Nastech Pharmaceutical Co., Inc.*..... 900 8,640 NeighborCare, Inc.*................... 4,300 84,925 Nektar Therapeutics*.................. 6,600 89,826 North American Scientific, Inc.*...... 900 9,450 Noven Pharmaceuticals, Inc.*.......... 2,900 44,109
32 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) HEALTH CARE -- PRODUCTS (CONTINUED) Nutraceutical International Corp.*.... 1,300 $ 14,326 Ocular Sciences, Inc.*................ 2,578 74,014 OraSure Technologies, Inc.*........... 4,500 35,820 OrthoLogic Corp.*..................... 3,000 18,390 Osteotech, Inc.*...................... 1,400 12,320 Perrigo Co............................ 7,700 121,044 PolyMedica Corp....................... 3,000 78,930 Possis Medical, Inc.*................. 2,000 39,500 PSS World Medical, Inc.*.............. 7,800 94,146 Quidel Corp.*......................... 3,900 42,198 ResMed, Inc.*......................... 2,600 108,004 Respironics, Inc.*.................... 3,000 135,270 Sola International, Inc.*............. 3,700 69,560 Sonic Innovations, Inc.*.............. 2,200 14,190 STAAR Surgical Co.*................... 1,900 21,394 Synovis Life Technologies, Inc.*...... 1,300 26,442 Theragenics Corp.*.................... 1,800 9,846 Therasense, Inc.*..................... 4,400 89,320 Thoratec Corp.*....................... 7,302 94,999 TriPath Imaging, Inc.*................ 3,400 26,520 USANA Health Sciences, Inc.*.......... 2,900 88,740 Ventana Medical Systems, Inc.*........ 2,000 78,800 Vital Signs, Inc...................... 1,400 45,780 West Pharmaceutical Services, Inc..... 2,000 67,800 Wright Medical Group, Inc.*........... 4,300 130,892 Zila, Inc.*........................... 2,600 10,634 Zoll Medical Corp.*................... 900 31,932 ------------ 5,088,465 ------------ HEALTH CARE -- SERVICES -- 2.8% Albany Molecular Research, Inc.*...... 3,200 48,064 Alliance Imaging, Inc.*............... 5,000 18,500 Allscripts Heathcare Solutions, Inc.*.................... 2,700 14,364 America Service Group, Inc.*.......... 600 18,545 American Healthways, Inc.*............ 3,800 90,706 American Medical Security Group, Inc.*........................ 1,200 26,904 Amerigroup Corp.*..................... 3,100 132,215 AmSurg Corp.*......................... 2,900 109,881 Angelica Corp......................... 800 17,600 Beverly Enterprises, Inc.*............ 13,400 115,106 Bio-Reference Laboratories, Inc.*..... 800 10,480 BioReliance Corp.*.................... 900 43,038 Celera Genomics Group -- Applera Corp.*.............................. 501 6,969 Centene Corp.*........................ 2,250 63,023 Cerner Corp.*......................... 3,200 121,120 CHRONIMED, Inc.*...................... 1,500 12,720 Covance, Inc.*........................ 3,300 88,440 Curative Health Services, Inc.*....... 1,300 17,940 Discovery Partners International*..... 5,000 30,750 Dynacq Healthcare, Inc.*.............. 1,300 9,984 Genesis HealthCare Corp.*............. 1,200 27,336 Hooper Holmes, Inc.................... 5,900 36,462 IDX Systems Corp.*.................... 3,500 93,870 IGEN International, Inc.*............. 1,800 106,038 IMPATH, Inc.*,(a)..................... 1,700 6,630 SHARES VALUE+ InterDent, Inc.*,(a).................. 50 $ 0 Kendle International, Inc.*........... 2,300 14,582 Kindred Healthcare, Inc.*............. 2,100 109,158 LabOne, Inc.*......................... 1,300 42,211 LCA-Vision, Inc.*..................... 2,000 42,340 Matria Healthcare, Inc.*.............. 1,000 21,130 MedCath Corp.*........................ 1,000 10,460 Medical Staffing Network Holdings, Inc.*..................... 3,300 36,135 MedQuist, Inc.*....................... 4,100 65,846 MIM Corp.*............................ 2,600 18,278 NDCHealth Corp........................ 4,500 115,290 Odyssey Healthcare, Inc.*............. 4,650 136,059 Option Care, Inc.*.................... 2,350 25,098 Orthodontic Centers of America, Inc.*...................... 5,600 45,080 PAREXEL International Corp.*.......... 3,100 50,406 Pediatrix Medical Group, Inc.*........ 2,300 126,707 Prime Medical Services, Inc.*......... 1,600 7,504 Province Healthcare Co.*.............. 5,850 93,600 Psychiatric Solutions, Inc.*.......... 900 18,810 Quality Systems, Inc.*................ 400 17,836 RehabCare Group, Inc.*................ 1,400 29,764 Res-Care, Inc.*....................... 2,400 19,440 Select Medical Corp................... 9,200 149,776 SFBC International, Inc.*............. 800 21,248 Sierra Health Services, Inc.*......... 3,300 90,585 Specialty Laboratories, Inc.*......... 2,600 43,654 STERIS Corp.*......................... 1,300 29,380 Sunrise Assisted Living, Inc.*........ 2,500 96,850 The TriZetto Group, Inc.*............. 5,100 32,895 U.S. Physical Therapy, Inc.*.......... 1,800 28,314 United Surgical Partners International, Inc.*................ 3,300 110,484 US Oncology, Inc.*.................... 9,600 103,296 VCA Antech, Inc.*..................... 3,700 114,626 VitalWorks, Inc.*..................... 4,300 19,006 ------------ 3,152,533 ------------ HOUSEHOLD PRODUCTS -- 0.3% American Woodmark Corp................ 1,000 55,050 Applica, Inc.......................... 2,800 21,280 Bassett Furniture Industries, Inc..... 1,500 24,750 Church & Dwight Co., Inc.............. 1,600 63,360 Craftmade International, Inc.......... 200 5,248 Enesco Group, Inc.*................... 1,500 15,480 Kimball International, Inc. Class B............................. 2,500 38,875 Libbey, Inc........................... 1,600 45,568 Lifetime Hoan Corp.................... 1,000 16,900 Oneida Ltd............................ 1,500 8,835 Quaker Fabric Corp.................... 2,400 22,800 Restoration Hardware, Inc.*........... 3,000 14,250 Salton, Inc.*......................... 1,900 24,795 ------------ 357,191 ------------ INSTRUMENTS -- SCIENTIFIC -- 0.4% Advanced Neuromodulation Systems, Inc.*...................... 2,300 105,754 Bruker BioSciences Corp.*............. 10,300 46,865 Cepheid, Inc.*........................ 5,900 56,522
33 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) INSTRUMENTS -- SCIENTIFIC (CONTINUED) Endocardial Solutions, Inc.*.......... 1,800 $ 12,960 FEI Co.*.............................. 1,400 31,500 Kyphon, Inc.*......................... 4,300 106,769 Microvision, Inc.*.................... 1,800 13,716 SurModics, Inc.*...................... 1,900 45,410 X-Rite, Inc........................... 1,300 14,716 ------------ 434,212 ------------ INSURANCE -- 2.0% Alfa Corp............................. 8,000 102,880 Allmerica Financial Corp.*............ 5,000 153,850 American Physicians Capital, Inc.*.... 700 12,880 AmerUs Group Co....................... 1,600 55,952 Argonaut Group, Inc................... 2,600 40,404 Ceres Group, Inc.*.................... 2,400 14,016 Citizens, Inc. Class A................ 4,248 40,058 CNA Surety Corp....................... 4,400 41,844 Crawford & Co. Class A................ 800 5,672 Crawford & Co. Class B................ 1,300 9,178 Delphi Financial Group, Inc. Class A............................. 2,550 91,800 FBL Financial Group, Inc. Class A..... 1,000 25,800 Financial Industries Corp............. 900 12,690 FPIC Insurance Group, Inc.*........... 1,400 35,126 Harleysville Group, Inc............... 3,600 71,604 HCC Insurance Holdings, Inc........... 1,000 31,800 HealthExtras, Inc.*................... 4,400 58,960 Hilb, Rogal & Hamilton Co............. 4,300 137,901 Horace Mann Educators Corp............ 4,300 60,071 LandAmerica Financial Group, Inc...... 1,900 99,294 Ohio Casualty Corp.*.................. 6,100 105,896 Penn-America Group, Inc............... 1,400 18,578 Philadelphia Consolidated Holding Corp.*.............................. 2,200 107,426 PMA Capital Corp. Class A............. 2,700 13,824 Presidential Life Corp................ 3,200 42,112 ProAssurance Corp.*................... 2,900 93,235 Reinsurance Group of America, Inc..... 500 19,325 RLI Corp.............................. 2,500 93,650 RTW, Inc.*............................ 250 1,610 Selective Insurance Group, Inc........ 3,300 106,788 State Auto Financial Corp............. 4,300 100,577 Stewart Information Services Corp..... 2,000 81,100 The Commerce Group, Inc............... 1,300 51,350 The Phoenix Companies, Inc............ 9,400 113,176 Triad Guaranty, Inc.*................. 1,700 85,595 Universal American Financial Corp.*... 6,400 63,424 Vesta Insurance Group, Inc............ 4,700 18,095 Zenith National Insurance Corp........ 500 16,275 ------------ 2,233,816 ------------ INTERNET SERVICES -- 2.7% 1-800-FLOWERS.COM, Inc. Class A*...... 3,300 36,498 Akamai Technologies, Inc.*............ 8,900 95,675 Alloy Online, Inc.*................... 4,300 22,403 Answerthink, Inc.*.................... 4,100 22,755 Ask Jeeves, Inc.*..................... 6,000 108,720 Autobytel, Inc.*...................... 3,400 30,872 SHARES VALUE+ Blue Coat Systems, Inc.*.............. 700 $ 15,617 BroadVision, Inc.*.................... 1,400 5,964 CACI International, Inc. Class A*..... 2,200 106,964 CNET Networks, Inc.*.................. 16,200 110,484 Corillian Corp.*...................... 2,200 13,882 CyberSource Corp.*.................... 2,600 13,416 Digital River, Inc.*.................. 3,400 75,140 DigitalThink, Inc.*................... 2,200 6,182 DoubleClick, Inc.*.................... 8,200 83,804 Drugstore.com, Inc.*.................. 9,600 52,896 E. piphany, Inc.*..................... 8,100 58,401 Earthlink, Inc.*...................... 9,000 90,000 eCollege.Com*......................... 2,200 40,612 Entrust Technologies, Inc.*........... 6,300 25,704 ePresence, Inc.*...................... 3,500 13,125 F5 Networks, Inc.*.................... 3,900 97,890 FindWhat.com*......................... 2,400 45,000 FreeMarkets, Inc.*.................... 7,200 48,168 FTD, Inc. Class A*.................... 1,400 34,496 GRIC Communications, Inc.*............ 1,800 9,720 GSI Commerce, Inc.*................... 3,500 34,164 Harris Interactive, Inc.*............. 6,700 55,610 iGATE Capital Corp.*.................. 5,100 40,035 Interland, Inc.*...................... 500 3,265 j2 Global Communications, Inc.*....... 2,800 69,356 LookSmart Ltd.*....................... 12,100 18,755 MarketWatch.com, Inc.*................ 1,942 16,719 Neoforma, Inc.*....................... 2,100 22,344 Net2Phone, Inc.*...................... 4,800 32,640 Netflix, Inc.*........................ 2,400 131,256 NetRatings, Inc.*..................... 3,000 34,290 Network Engines, Inc.................. 3,400 14,824 NIC, Inc.*............................ 5,800 46,574 Overstock.com, Inc.*.................. 2,000 39,720 PC-Tel, Inc.*......................... 1,300 13,793 Priceline.com, Inc.*.................. 3,900 69,810 Quovadx, Inc.*........................ 2,000 9,800 Real Networks, Inc.*.................. 16,300 93,073 Register.com, Inc.*................... 4,400 23,100 Retek, Inc.*.......................... 5,400 50,112 RSA Security, Inc.*................... 7,700 109,340 S1 Corp.*............................. 8,400 67,620 SafeNet, Inc.*........................ 1,300 40,001 SeeBeyond Technology Corp.*........... 9,900 42,471 Selectica, Inc.*...................... 3,600 15,408 SonicWALL, Inc.*...................... 8,700 67,860 Stamps.com, Inc.*..................... 7,300 45,260 Stellent, Inc.*....................... 1,600 15,744 TheStreet.com, Inc.*.................. 2,300 9,476 Tumbleweed Communications Corp.*...... 3,800 31,844 United Online, Inc.*.................. 6,750 113,332 ValueClick, Inc.*..................... 10,000 90,800 Vignette Corp.*....................... 9,000 20,430 WatchGuard Technologies, Inc.*........ 3,900 22,698 WebEx Communications, Inc.*........... 5,300 106,530 webMethods, Inc.*..................... 6,200 56,730
34 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) INTERNET SERVICES (CONTINUED) Websense, Inc.*....................... 2,300 $ 67,252 ZixIt Corp.*.......................... 2,200 19,118 ------------ 3,025,542 ------------ LEISURE -- 2.0% Alliance Gaming Corp.*................ 4,900 120,785 Ambassadors Group, Inc................ 1,000 23,490 AMC Entertainment, Inc.*.............. 4,400 66,924 Ameristar Casinos, Inc.*.............. 3,000 73,410 Argosy Gaming Co.*.................... 4,100 106,559 Atari, Inc.*.......................... 15,400 64,680 Aztar Corp.*.......................... 3,500 78,750 Bally Total Fitness Holding Corp.*.... 2,600 18,200 Bluegreen Corp.*...................... 4,100 25,584 Boca Resorts, Inc. Class A*........... 4,300 64,328 Boyd Gaming Corp.*.................... 7,000 112,980 Choice Hotels International, Inc.*.... 4,100 144,525 Churchill Downs, Inc.................. 1,000 36,201 Dover Downs Gaming & Entertainment, Inc.................. 700 6,622 Extended Stay America, Inc............ 2,800 40,544 Gaylord Entertainment Co.*............ 3,622 108,117 Isle of Capri Casinos, Inc.*.......... 3,300 70,851 K2, Inc.*............................. 3,200 48,672 Magna Entertainment Corp. Class A*.... 2,000 10,140 MTR Gaming Group, Inc.*............... 2,500 25,750 Multimedia Games, Inc.*............... 1,450 59,595 Nevada Gold & Casinos, Inc.*.......... 2,000 24,100 Penn National Gaming, Inc.*........... 4,700 108,476 Pinnacle Entertainment, Inc.*......... 3,100 28,892 Prime Hospitality Corp.*.............. 4,700 47,940 Scientific Games Corp. Class A*....... 7,000 119,070 Shuffle Master, Inc.*................. 2,050 70,971 Six Flags, Inc.*...................... 11,100 83,472 Speedway Motorsports, Inc............. 3,400 98,328 Station Casinos, Inc.................. 4,600 140,898 The Marcus Corp....................... 2,200 36,080 Topps Co., Inc........................ 4,500 46,170 Vail Resorts, Inc.*................... 3,100 52,700 WMS Industries, Inc.*................. 3,200 83,840 ------------ 2,247,644 ------------ MACHINERY -- 2.1% A.O. Smith Corp....................... 2,200 77,110 Alamo Group, Inc...................... 1,000 15,260 Albany International Corp. Class A.... 2,500 84,750 Applied Industrial Technologies, Inc................... 1,900 45,334 Astec Industries, Inc.*............... 2,400 29,448 Baldor Electric Co.................... 3,700 84,545 BEI Technologies, Inc................. 1,500 30,000 CARBO Ceramics, Inc................... 1,700 87,125 Cascade Corp.......................... 1,100 24,530 Dril-Quip, Inc.*...................... 1,400 22,820 Flowserve Corp.*...................... 3,900 81,432 FSI International, Inc.*.............. 3,500 25,830 Gardner Denver, Inc.*................. 1,400 33,418 SHARES VALUE+ Gehl Co.*............................. 800 $ 11,360 Gerber Scientific, Inc.*.............. 2,900 23,084 Global Power Equipment Group, Inc.*........................ 4,500 30,060 Graco, Inc............................ 1,850 74,185 Gulf Islands Fabrication, Inc.*....... 700 11,921 IDEX Corp............................. 2,600 108,134 JLG Industries, Inc................... 5,200 79,196 Joy Global, Inc....................... 5,900 154,285 Kadant, Inc.*......................... 1,800 38,970 Kennametal, Inc....................... 1,200 47,700 Kulicke and Soffa Industries, Inc.*................... 6,000 86,280 Lindsay Manufacturing Co.............. 1,200 30,300 Lone Star Technologies, Inc.*......... 3,100 49,538 Lufkin Industries, Inc................ 700 20,153 Milacron, Inc......................... 3,500 14,595 National-Oilwell, Inc.*............... 541 12,097 Powell Industries, Inc.*.............. 1,200 22,980 Presstek, Inc.*....................... 4,000 29,080 Regal-Beloit Corp..................... 3,000 66,000 Robbins & Myers, Inc.................. 1,700 32,283 Sauer, Inc............................ 2,700 43,740 Semitool, Inc.*....................... 2,800 30,019 Stewart & Stevenson Services, Inc..... 3,700 51,985 SureBeam Corp. Class A*............... 5,000 1,200 Tecumseh Products Co. Class A......... 1,700 82,331 Tennant Co............................ 800 34,640 Terex Corp.*.......................... 4,400 125,312 The Manitowoc Co., Inc................ 3,200 99,840 The Middleby Corp..................... 1,000 40,470 Thomas Industries, Inc................ 1,800 62,388 Universal Compression Holdings, Inc.*..................... 3,700 96,792 Woodward Governor Co.................. 1,400 79,562 ------------ 2,332,082 ------------ MANUFACTURING -- 1.7% Applied Films Corp.*.................. 1,500 49,530 AptarGroup, Inc....................... 1,800 70,200 Briggs & Stratton Corp................ 2,600 175,240 CLARCOR, Inc.......................... 3,000 132,300 Cognex Corp........................... 5,300 149,672 Encore Wire Corp.*.................... 1,200 21,252 Fedders Corp.......................... 4,200 30,240 Hologic, Inc.*........................ 1,900 32,927 Huffy Corp.*.......................... 1,700 8,925 Jacuzzi Brands, Inc.*................. 9,000 63,810 JAKKS Pacific, Inc.*.................. 3,000 39,480 Lennox International, Inc............. 5,800 96,860 Mykrolis Corp.*....................... 5,200 83,616 Nordson Corp.......................... 4,000 138,120 Polaris Industries, Inc............... 500 44,290 Quanex Corp........................... 1,800 82,980 Quixote Corp.......................... 900 21,969 Rayovac Corp.*........................ 3,500 73,325 SonoSite, Inc.*....................... 2,000 42,880 Sybron Dental Specialties, Inc.*...... 4,200 118,020 The Brink's Co........................ 6,000 135,660 TTM Technologies, Inc.*............... 4,800 81,024
35 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) MANUFACTURING (CONTINUED) Varco International, Inc.*............ 1,000 $ 20,630 Varian, Inc.*......................... 3,700 154,401 Wabtec Corp........................... 5,200 88,608 ------------ 1,955,959 ------------ METALS & MINING -- 1.1% AMCOL International Corp.............. 2,800 56,840 Arch Coal, Inc........................ 1,900 59,223 Brush Engineered Materials, Inc.*..... 2,200 33,682 Century Aluminum Co................... 2,100 39,921 CIRCOR International, Inc............. 1,300 31,330 Cleveland-Cliffs, Inc.*............... 1,100 56,045 Coeur d'Alene Mines Corp.*............ 24,100 139,298 Commercial Metals Co.................. 3,300 100,320 Commonwealth Industries, Inc.......... 2,100 21,084 Generale Cable Corp................... 3,300 26,895 Hecla Mining Co.*..................... 13,200 109,428 Intermet Corp......................... 2,300 12,489 Kaydon Corp........................... 3,000 77,520 Massey Energy Co...................... 6,400 133,120 MSC Industrial Direct Co., Inc. Class A............................. 2,000 55,000 Mueller Industries, Inc.*............. 2,200 75,592 Precision Castparts Corp.............. 923 41,909 Royal Gold, Inc....................... 2,100 43,953 RTI International Metals, Inc.*....... 2,100 35,427 Stillwater Mining Co.*................ 4,300 41,151 USEC, Inc............................. 9,400 78,960 ------------ 1,269,187 ------------ MULTIMEDIA -- 0.6% Emmis Communications Corp. Class A*.. 3,200 86,560 LodgeNet Entertainment Corp.*......... 1,500 27,420 Macrovision Corp.*.................... 5,400 121,986 Martha Stewart Living Omnimedia, Inc. Class A*............................ 1,900 18,715 Media General, Inc. Class A........... 400 26,040 Pegasus Communications Corp.*......... 500 14,040 The Liberty Corp...................... 1,900 85,861 XM Satellite Radio Holdings, Inc. Class A*............................ 10,900 287,324 Young Broadcasting, Inc. Class A*..... 1,600 32,064 ------------ 700,010 ------------ OFFICE EQUIPMENT -- 0.1% Global Imaging Systems, Inc.*......... 2,500 79,375 IKON Office Solutions, Inc............ 6,800 80,648 ------------ 160,023 ------------ OFFICE FURNISHINGS & SUPPLIES -- 0.1% Ennis Business Forms, Inc............. 1,600 24,480 Interface, Inc........................ 6,000 33,180 New England Business Service, Inc..... 1,600 47,200 Standard Register Co.................. 2,800 47,124 ------------ 151,984 ------------ OIL & GAS -- 4.0% AGL Resources, Inc.................... 1,100 $ 32,010 SHARES VALUE+ Aquila, Inc........................... 20,300 68,817 Atmos Energy Corp..................... 3,300 80,190 ATP Oil & Gas Corp.*.................. 2,800 17,584 Atwood Oceanics, Inc.*................ 1,400 44,716 Berry Petroleum Co. Class A........... 3,000 60,750 Brigham Exploration Co.*.............. 1,100 8,832 Cabot Oil & Gas Corp. Class A......... 3,200 93,920 Cal Dive International, Inc.*......... 4,100 98,851 Callon Petroleum Co.*................. 800 8,296 Carrizo Oil & Gas, Inc.*.............. 2,000 14,402 Chesapeake Energy Corp................ 2,000 27,160 Cimarex Energy Co.*................... 1,200 32,028 Clayton Williams Energy, Inc.*........ 900 26,163 Comstock Resources, Inc.*............. 3,500 67,550 Denbury Resources, Inc.*.............. 5,900 82,069 Encore Aquisition Co.*................ 3,900 96,135 Energen Corp.......................... 2,400 98,472 Energy Partners Ltd.*................. 3,000 41,700 EnergySouth, Inc...................... 400 14,000 Evergreen Resources, Inc.*............ 3,900 126,789 Forest Oil Corp.*..................... 2,450 69,996 Frontier Oil Corp..................... 2,600 44,772 Giant Industries, Inc.*............... 1,100 13,178 Grey Wolf, Inc.*...................... 19,200 71,808 Hanover Compressor Co.*............... 9,900 110,385 Harvest Natural Resources, Inc.*...... 4,600 45,770 Helmerich & Payne, Inc................ 4,000 111,720 Holly Corp............................ 1,600 44,000 Horizon Offshore, Inc.*............... 1,900 8,360 Houston Exploration Co.*.............. 2,200 80,344 Hydril Co.*........................... 2,200 52,646 KCS Energy, Inc.*..................... 5,200 54,860 Key Energy Services, Inc.*............ 7,100 73,201 Magnum Hunter Resources, Inc.*........ 7,500 71,325 Matrix Service Co.*................... 1,400 25,410 McMoRan Exploration Co................ 2,100 39,375 NATCO Group, Inc. Class A*............ 2,200 16,698 New Jersey Resources Corp............. 3,250 125,157 Newpark Resources, Inc.*.............. 6,800 32,572 North Coast Energy, Inc.*............. 200 2,138 Nuevo Energy Co.*..................... 2,500 60,425 Oceaneering International, Inc.*...... 2,800 78,400 Oil States International, Inc.*....... 5,300 73,882 ONEOK, Inc............................ 3,000 66,240 Parallel Petroleum Corp.*............. 2,800 12,180 Parker Drilling Co.*.................. 11,200 28,560 Patina Oil & Gas Corp................. 2,656 130,117 Penn Virginia Corp.................... 1,000 55,650 Petroleum Development Corp.*.......... 1,800 42,660 Piedmont Natural Gas Co., Inc......... 1,300 56,498 Plains Exploration & Production Co.*................................ 3,345 51,480 Plains Resources, Inc................. 3,400 54,570 Prima Energy Corp.*................... 1,450 50,982 Range Resources Corp.*................ 6,700 63,315 Remington Oil & Gas Corp.*............ 3,100 61,039
36 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) OIL & GAS (CONTINUED) SEACOR SMIT, Inc.*.................... 2,300 $ 96,669 SEMCO Energy, Inc..................... 2,800 13,720 Southern Union Co..................... 4,572 84,125 Southwestern Energy Co.*.............. 2,600 62,140 Spinnaker Exploration Co.*............ 3,200 103,264 St. Mary Land & Exploration Co........ 3,200 91,200 Stone Energy Corp.*................... 2,637 111,941 Superior Energy Services, Inc.*....... 8,900 83,660 Swift Energy Co.*..................... 2,700 45,495 Tesoro Petroleum Corp.*............... 7,100 103,447 The Meridian Resource Corp.*.......... 6,000 35,640 Tom Brown, Inc.*...................... 2,800 90,300 TransMontaigne, Inc.*................. 2,500 16,125 Trico Marine Services, Inc............ 3,100 5,549 UGI Corp.............................. 2,400 81,360 Unit Corp.*........................... 4,800 113,040 Vintage Petroleum, Inc................ 7,700 92,631 W-H Energy Services, Inc.*............ 3,000 48,600 Western Gas Resources, Inc............ 1,300 61,425 Westport Resources Corp.*............. 536 16,005 ------------ 4,476,483 ------------ PAPER & RELATED PRODUCTS -- 0.3% American Greetings Corp. Class A*..... 3,600 78,732 Louisiana-Pacific Corp.*.............. 8,400 150,192 Potlatch Corp......................... 3,500 121,695 ------------ 350,619 ------------ PERSONAL CARE -- 0.2% Chattem, Inc.*........................ 2,300 41,170 Elizabeth Arden, Inc.*................ 2,400 47,808 Nature's Sunshine Products, Inc....... 1,700 14,365 Nu Skin Enterprises, Inc. Class A..... 8,400 143,556 ------------ 246,899 ------------ PHOTO EQUIPMENT & SUPPLIES -- 0.1% Concord Camera Corp.*................. 2,700 24,975 Lexar Media, Inc.*.................... 7,800 135,954 ------------ 160,929 ------------ PUBLISHING -- 0.6% Cadmus Communications Corp............ 1,000 13,000 Hollinger International, Inc. Class A............................. 8,700 135,894 Information Holdings, Inc.*........... 2,400 53,040 Journal Register Co.*................. 5,000 103,500 Playboy Enterprises, Inc. Class B*.... 2,500 40,400 PRIMEDIA, Inc.*....................... 31,200 88,296 ProQuest Co.*......................... 3,400 100,130 Pulitzer, Inc......................... 700 37,800 Scholastic Corp.*..................... 2,600 88,504 ------------ 660,564 ------------ REAL ESTATE -- 0.3% Avatar Holdings, Inc.*................ 500 18,470 Corrections Corp. of America*......... 3,900 112,437 Jones Lang LaSalle, Inc.*............. 4,100 84,993 SHARES VALUE+ LNR Property Corp..................... 2,000 $ 99,020 Trammell Crow Co.*.................... 4,300 56,975 ------------ 371,895 ------------ REAL ESTATE INVESTMENT TRUSTS -- 0.0% American Home Mortgage Investment Corp................................ 1,900 42,769 ------------ RESTAURANTS -- 1.4% AFC Enterprises, Inc.*................ 2,800 54,600 Applebee's International, Inc......... 1,650 64,795 Bob Evans Farms, Inc.................. 3,500 113,610 Buca, Inc.*........................... 1,500 10,215 California Pizza Kitchen, Inc.*....... 2,600 52,338 CBRL Group, Inc....................... 1,200 45,912 CEC Entertainment, Inc.*.............. 2,900 137,431 Checkers Drive-In Restaurants, Inc.*.................. 1,000 10,410 Chicago Pizza & Brewery, Inc.*........ 2,300 34,316 CKE Restaurants, Inc.*................ 7,400 47,286 Dave & Buster's, Inc.*................ 1,400 17,752 IHOP Corp............................. 2,700 103,896 Jack in the Box, Inc.*................ 4,200 89,712 Landry's Seafood Restaurants, Inc..... 3,300 84,876 Lone Star Steakhouse & Saloon, Inc......................... 2,200 50,996 O' Charley's, Inc.*................... 1,900 34,105 P.F. Chang's China Bistro, Inc.*...... 2,500 127,200 Papa John's International, Inc.*...... 2,100 70,098 RARE Hospitality International, Inc.*................ 3,709 90,648 Ruby Tuesday, Inc..................... 1,200 34,188 Ryan's Family Steak Houses, Inc.*..... 5,500 83,270 Sonic Corp.*.......................... 3,900 119,418 The Steak n Shake Co.*................ 2,900 51,765 ------------ 1,528,837 ------------ RETAIL -- FOOD -- 0.4% Ingles Markets, Inc................... 1,100 11,297 Pathmark Stores, Inc.*................ 2,400 18,240 Ruddick Corp.......................... 4,500 80,550 The Great Atlantic & Pacific Tea Co., Inc.*.......................... 3,100 26,040 The J.M. Smucker Co................... 1,890 85,598 Weis Markets, Inc..................... 2,400 87,120 Wild Oats Markets, Inc.*.............. 3,900 50,427 Winn-Dixie Stores, Inc................ 4,100 40,795 ------------ 400,067 ------------ RETAIL -- GENERAL -- 0.6% 7-Eleven, Inc.*....................... 8,400 134,820 Bebe stores, Inc.*.................... 2,800 72,772 Casey's General Stores, Inc........... 5,274 93,139 Duane Reade, Inc.*.................... 2,400 40,608 Electronics Boutique Holdings Corp.*.............................. 3,600 82,404 Fred's, Inc........................... 4,687 145,203 Longs Drug Stores Corp................ 4,000 98,960 ShopKo Stores, Inc.*.................. 3,500 53,375 ------------ 721,281 ------------ RETAIL -- SPECIALTY -- 4.6% A.C. Moore Arts & Crafts, Inc.*....... 3,000 57,780
37 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) RETAIL -- SPECIALTY (CONTINUED) Action Performance Cos., Inc.......... 2,000 $ 39,200 Aeropostale, Inc.*.................... 4,900 134,358 America's Car-Mart, Inc.*............. 700 18,844 American Eagle Outfitters, Inc.*...... 2,800 45,920 AnnTaylor Stores Corp.*............... 2,850 111,150 barnesandnoble.com, Inc............... 1,200 3,540 Blair Corp............................ 1,000 24,340 Blue Rhino Corp.*..................... 2,500 34,725 Brookstone, Inc.*..................... 1,200 25,572 Burlington Coat Factory Warehouse Corp................................ 4,100 86,756 Callaway Golf Co...................... 8,300 139,855 Casual Male Retail Group, Inc.*....... 4,100 28,454 Charlotte Russe Holding, Inc.*........ 2,600 36,036 Children's Place Retail Stores, Inc.*....................... 2,900 77,517 Christopher & Banks Corp.............. 5,437 106,185 Claire's Stores, Inc.................. 6,600 124,344 Coldwater Creek, Inc.*................ 2,475 27,225 Copart, Inc.*......................... 8,050 132,825 Cost Plus, Inc.*...................... 2,797 114,677 Deb Shops, Inc........................ 1,900 40,850 First Cash Financial Services, Inc.*..................... 1,300 33,333 Footstar, Inc.*....................... 1,400 5,390 Friedman's, Inc. Class A.............. 1,600 10,736 Galyan's Trading Co.*................. 1,900 22,876 GameStop Corp.*....................... 2,500 38,525 Genesco, Inc.*........................ 3,000 45,390 Goody's Family Clothing, Inc.......... 3,300 30,888 Group 1 Automotive, Inc.*............. 2,500 90,475 GTSI Corp.*........................... 2,500 34,628 Guitar Center, Inc.*.................. 4,400 143,352 Hancock Fabrics, Inc.................. 1,700 24,616 Hibbett Sporting Goods, Inc.*......... 1,800 53,640 Hollywood Entertainment Corp.*........ 7,900 108,625 Hot Topic, Inc.*...................... 5,175 152,455 J. Jill Group, Inc.*.................. 1,950 24,785 Jos. A. Bank Clothiers, Inc.*......... 600 20,814 K-Swiss, Inc. Class A................. 2,800 67,368 Kenneth Cole Productions, Inc. Class A............................. 1,700 49,980 La-Z-Boy, Inc......................... 4,300 90,214 Linens 'n Things, Inc.*............... 3,100 93,248 MarineMax, Inc.*...................... 1,800 34,974 Mothers Work, Inc.*................... 400 9,760 Movado Group, Inc..................... 1,000 28,230 Movie Gallery, Inc.*.................. 3,600 67,248 NBTY, Inc.*........................... 2,100 56,406 Pacific Sunwear of California, Inc.*................... 6,675 140,976 Party City Corp.*..................... 900 11,421 Payless ShoeSource, Inc.*............. 8,200 109,880 PC Connection, Inc.*.................. 2,000 16,740 Pep Boys -- Manny, Moe & Jack......... 5,400 123,498 Pier 1 Imports, Inc................... 1,900 41,534 RC2 Corp.*............................ 2,400 49,800 Regis Corp............................ 3,900 154,128 Retail Ventures, Inc.*................ 2,400 11,400 Rex Stores Corp.*..................... 1,575 22,302 Select Comfort Corp.*................. 4,000 $ 99,040 SHARES VALUE+ Sharper Image Corp.*.................. 2,400 78,360 Shoe Carnival, Inc.*.................. 1,200 21,360 Sonic Automotive, Inc. Class A........ 4,000 91,680 Sotheby's Holdings, Inc. Class A*..... 4,500 61,470 Stein Mart, Inc.*..................... 4,100 33,784 Summit America Television, Inc.*...... 4,200 16,464 Systemax, Inc.*....................... 4,400 29,304 TBC Corp.*............................ 2,800 72,268 The Bombay Co., Inc.*................. 3,600 29,304 The Boyds Collection Ltd.*............ 7,400 31,450 The Buckle, Inc....................... 1,700 37,655 The Cato Corp. Class A................ 2,300 47,150 The Dress Barn, Inc.*................. 3,200 47,968 The Gymboree Corp.*................... 2,900 49,967 The Men's Wearhouse, Inc.*............ 3,700 92,537 The Nautilus Group, Inc............... 4,600 64,630 The Sports Authority, Inc.*........... 2,921 112,166 Too, Inc.*............................ 4,100 69,208 Tractor Supply Co.*................... 3,600 140,004 Transport World Entertainment Corp.*.............................. 4,100 29,192 Tuesday Morning Corp.*................ 4,800 145,200 Tweeter Home Entertainment Group, Inc.*........................ 1,900 17,955 Urban Outfitters, Inc.*............... 4,600 170,430 West Marine, Inc.*.................... 2,400 66,744 Wet Seal, Inc.*....................... 2,475 24,478 Whitehall Jewellers, Inc.*............ 1,700 16,779 Wilsons The Leather Experts, Inc.*.... 1,900 6,631 ------------ 5,132,966 ------------ STEEL -- 0.9% AK Steel Holding Corp.*............... 13,000 66,300 Allegheny Technologies, Inc........... 9,700 128,234 Carpenter Technology Corp............. 2,900 85,753 Material Sciences Corp................ 900 9,099 Maverick Tube Corp.*.................. 5,000 96,250 NS Group, Inc.*....................... 1,300 12,610 Oregon Steel Mills, Inc.*............. 2,400 13,944 Reliance Steel & Aluminum Co.......... 3,500 116,235 Ryerson Tull, Inc..................... 2,200 25,190 Schnitzer Steel Industries, Inc. Class A............................. 1,300 78,650 Steel Dynamics, Inc.*................. 4,800 112,752 Steel Technologies, Inc............... 1,900 33,611 The Timken Co......................... 2,400 48,144 Valmont Industries, Inc............... 2,900 67,135 Worthington Industries, Inc........... 6,000 108,180 ------------ 1,002,087 ------------ TELECOMMUNICATIONS -- 2.5% American Tower Corp. Class A*......... 5,000 54,100 Anaren Microwave, Inc.*............... 2,900 40,948 APAC Telecommunications Corp.*........ 6,900 17,940 Boston Communications Group, Inc.*.... 2,100 19,509 C-Cor.net Corp.*...................... 3,700 41,181 Carrier Access Corp.*................. 2,500 31,300 CellStar Corp.*....................... 2,400 30,312 Centennial Communications Corp. Class A*............................ 9,500 49,970
38 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) TELECOMMUNICATIONS (CONTINUED) Cincinnati Bell, Inc.*................ 24,400 $ 123,220 CommScope, Inc.*...................... 7,100 115,943 Comtech Telecommunications Corp.*..... 1,650 47,635 Crown Castle International Corp.*..... 17,500 193,025 CT Communications, Inc................ 1,900 25,650 EMS Technologies, Inc.*............... 1,300 26,702 General Communication, Inc. Class A*............................ 6,700 58,290 Glenayre Technologies, Inc.*.......... 5,000 13,450 Harmonic, Inc.*....................... 7,300 52,925 Hickory Tech Corp..................... 700 8,015 IDT Corp.*............................ 2,500 55,375 IDT Corp. Class B*.................... 1,600 37,008 Inet Technologies, Inc.*.............. 5,600 67,200 Infonet Services Corp. Class B*....... 5,000 8,500 Infospace, Inc.*...................... 4,100 94,505 InterDigital Communications Corp.*.... 6,800 140,352 Intrado, Inc.*........................ 1,600 35,120 Lightbridge, Inc.*.................... 3,100 28,210 Metro One Telecommunications, Inc.*........... 4,100 10,660 MRV Communications, Inc.*............. 10,900 40,984 Nextel Partners, Inc. Class A*........ 10,000 134,500 NMS Communications Corp.*............. 2,900 18,096 Plantronics, Inc.*.................... 5,000 163,250 Powerwave Technologies, Inc.*......... 7,600 58,140 Price Communications Corp.*........... 6,500 89,245 PTEK Holdings, Inc.*.................. 6,500 57,265 RCN Corp.*............................ 5,000 4,000 RF Micro Devices, Inc.*............... 5,000 50,250 Spherix, Inc.*........................ 1,400 8,750 SR Telecom, Inc.*..................... 255 1,607 SureWest Communications............... 1,808 73,079 Sycamore Networks, Inc.*.............. 24,500 128,380 SymmetriCom, Inc.*.................... 4,184 30,460 Talk America Holdings, Inc.*.......... 3,066 35,320 Time Warner Telecom, Inc. Class A*.... 5,400 54,702 Tollgrade Communications, Inc.*....... 1,200 21,036 Triton PCS Holdings, Inc. Class A*.... 5,000 27,900 Turnstone Systems, Inc................ 8,600 989 US LEC Corp. Class A*................. 1,600 12,608 Westell Technologies, Inc. Class A*............................ 4,600 29,026 Western Wireless Corp. Class A*....... 9,800 179,928 Wireless Facilities, Inc.*............ 8,100 120,366 ------------ 2,766,926 ------------ TEXTILE & APPAREL -- 1.2% Ashworth, Inc.*....................... 2,000 16,140 Brown Shoe Co., Inc................... 2,200 83,446 Charming Shoppes, Inc.*............... 13,600 73,440 Cherokee, Inc......................... 700 15,918 Columbia Sportswear Co.*.............. 750 40,875 Culp, Inc.*........................... 1,500 16,350 DHB Industries, Inc.*................. 4,000 28,000 G & K Services, Inc. Class A.......... 2,100 77,175 Guess?, Inc.*......................... 4,800 57,936 Haggar Corp........................... 800 15,608 Kellwood Co........................... 2,900 $ 118,900 SHARES VALUE+ Oakley, Inc........................... 8,200 113,488 Oshkosh B' Gosh, Inc. Class A......... 1,400 30,044 Perry Ellis International, Inc.*...... 800 20,624 Phillips-Van Heusen Corp.............. 3,600 63,864 Quiksilver, Inc.*..................... 6,700 118,791 Reebok International Ltd.............. 1,100 43,252 Russell Corp.......................... 3,500 61,460 Skechers U.S.A., Inc. Class A*........ 1,900 15,485 Steven Madden Ltd.*................... 1,400 28,560 Stride Rite Corp...................... 5,100 58,038 The Dixie Group, Inc.*................ 100 768 The Finish Line, Inc. Class A*........ 2,300 68,931 Unifi, Inc.*.......................... 4,300 27,735 Vans, Inc.*........................... 1,800 20,538 Wolverine World Wide, Inc............. 4,800 97,824 ------------ 1,313,190 ------------ TIRES & RUBBER -- 0.1% Cooper Tire & Rubber Co............... 1,800 38,484 Goodyear Tire & Rubber Co............. 12,100 95,106 ------------ 133,590 ------------ TOBACCO -- 0.1% DIMON, Inc............................ 4,300 29,025 Standard Commercial Corp.............. 1,500 30,105 ------------ 59,130 ------------ TOOLS -- HAND HELD -- 0.1% Toro Co............................... 2,900 134,560 ------------ TRANSPORTATION -- 1.9% ABX Air, Inc.*........................ 4,300 18,490 Alexander & Baldwin, Inc.............. 2,500 84,225 Arkansas Best Corp.................... 3,100 97,309 Celadon Group, Inc.*.................. 1,200 17,040 Covenant Transport, Inc. Class A*..... 1,300 24,713 EGL, Inc.*............................ 5,700 100,092 Forward Air Corp.*.................... 2,800 77,000 GATX Corp............................. 3,400 95,132 Genesee & Wyoming, Inc. Class A*...... 1,700 53,550 Heartland Express, Inc................ 5,462 132,126 Interpool, Inc........................ 2,700 39,150 J.B. Hunt Transport Services, Inc.*..................... 7,000 189,070 Kansas City Southern Industries, Inc.*................... 6,115 87,567 Kirby Corp.*.......................... 2,900 101,152 Knight Transportation, Inc.*.......... 4,500 115,425 Landstar Systems, Inc.*............... 3,400 129,336 Maritrans, Inc........................ 1,100 18,381 Offshore Logistics, Inc.*............. 2,600 63,752 Old Dominion Freight Line, Inc.*...... 1,790 61,003 Overseas Shipholding Group, Inc....... 3,800 129,390 P.A.M. Transportation Services, Inc.*..................... 1,100 23,463 RailAmerica, Inc.*.................... 3,900 46,020 Ryder System, Inc..................... 600 20,490 SCS Transportation, Inc.*............. 1,200 21,096 Swift Transportation Co., Inc.*....... 680 14,293 USA Truck, Inc.*...................... 1,000 9,889
39 - -------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) TRANSPORTATION (CONTINUED) USF Corp.............................. 2,700 $ 92,313 Werner Enterprises, Inc............... 2,375 46,289 Yellow Roadway Corp.*................. 5,393 195,047 ------------ 2,102,803 ------------ UTILITIES -- 2.0% Allegheny Energy, Inc................. 5,000 63,800 Avista Corp........................... 6,300 114,156 Black Hills Corp...................... 3,900 116,337 California Water Service Group........ 2,000 54,800 Cascade Natural Gas Corp.............. 1,200 25,308 Central Vermont Public Service Corp................................ 1,500 35,250 CH Energy Group, Inc.................. 1,900 89,110 Chesapeake Utilities Corp............. 600 15,630 Cleco Corp............................ 6,200 111,476 CMS Energy Corp....................... 8,600 73,272 Dynegy, Inc. Class A.................. 5,000 21,400 El Paso Electric Co.*................. 7,400 98,790 Empire District Electric Co........... 2,500 54,825 FuelCell Energy, Inc.*................ 5,500 71,500 Green Mountain Power Corp............. 800 18,880 IDACORP, Inc.......................... 3,400 101,728 Ionics, Inc.*......................... 2,100 66,885 MGE Energy, Inc....................... 2,300 72,473 Middlesex Water Co.................... 999 20,280 Northwest Natural Gas Co.............. 3,500 107,625 NUI Corp.............................. 2,900 46,748 Otter Tail Power Co................... 3,114 83,237 Peoples Energy Corp................... 700 29,428 PNM Resources, Inc.................... 4,100 115,210 Reliant Resources, Inc.*.............. 5,000 36,800 Sierra Pacific Resources.............. 14,100 103,494 Southwest Gas Corp.................... 4,700 105,515 Southwest Water Co.................... 1,377 22,101 The Laclede Group, Inc................ 2,300 65,665 UIL Holdings Corp..................... 1,900 85,690 Unisource Energy Corp................. 5,000 123,300 Unitil Corp........................... 500 12,900 WGL Holdings, Inc..................... 1,000 27,790 WPS Resources Corp.................... 1,200 55,476 ------------ 2,246,879 ------------ WASTE MANAGEMENT -- 0.3% Casella Waste Systems, Inc. Class A*............................ 2,000 27,380 Clean Harbors, Inc.*.................. 1,200 10,692 Darling International, Inc.*.......... 6,200 17,112 SHARES VALUE+ IMCO Recycling, Inc.*................. 1,700 $ 16,813 Stericycle, Inc.*..................... 3,200 149,440 Waste Connections, Inc.*.............. 3,100 117,087 ------------ 338,524 ------------ TOTAL COMMON STOCKS (Identified Cost $82,204,293)....... 111,128,292 ------------ RIGHTS -- 0.0% MANUFACTURING -- 0.0% Fedders Corp.*........................ 4,200 252 ------------ TOTAL RIGHTS (Identified Cost $0)................ 252 ------------ WARRANTS -- 0.0% OIL & GAS -- 0.0% Magnum Hunter Resources, Inc. expires 03/21/05*........................... 580 319 ------------ TOTAL WARRANTS (Identified Cost $586).............. 319 ------------ SHORT-TERM INVESTMENTS -- 1.2% OTHER -- 1.2% SSgA Government Money Market Fund..... 752,000 752,000 SSgA Money Market Fund................ 621,000 621,000 ------------ TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,373,000)........ 1,373,000 ------------
TOTAL INVESTMENTS -- 99.9% (IDENTIFIED COST $83,577,879)#.................. 112,501,862 Cash and Other Assets, Less Liabilities -- 0.1%.......................................... 115,203 ------------ NET ASSETS -- 100%................................ $112,617,065 ============
+ See Note 1. * Non-income producing security (a) Bankrupt security/delisted. # At December 31, 2003, the aggregate cost of investment securities for income tax purposes was $83,577,879. Net unrealized appreciation aggregated $28,923,983 of which $33,164,797 related to appreciated investment securities and $4,240,814 related to depreciated investment securities. SEE NOTES TO FINANCIAL STATEMENTS. 40 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited)
SHARES VALUE+ COMMON STOCKS -- 97.5% AUSTRALIA -- 5.0% Amcor Ltd............................. 71,320 $ 443,565 AMP Ltd.*............................. 233,316 880,135 Ansell Ltd............................ 31,286 151,941 APN News & Media Ltd.................. 31,736 95,582 AWB Ltd............................... 45,307 152,488 AXA Asia Pacific Holdings Ltd......... 309,600 666,704 BHP Steel Ltd......................... 134,200 565,857 Boral Ltd............................. 96,400 368,729 Brambles Industries Ltd............... 97,659 388,251 Caltex Australia Ltd.................. 60,104 209,080 Commonwealth Bank of Australia........ 23,494 520,965 CSR Ltd............................... 159,935 222,783 Insurance Australia Group Ltd......... 95,401 305,287 Lend Lease Corp. Ltd.................. 73,629 557,162 Lion Nathan Ltd....................... 90,200 410,213 Mayne Nickless Ltd.................... 121,759 298,872 Mirvac Group.......................... 124,952 406,437 National Australia Bank Ltd........... 10,187 229,733 OneSteel Ltd.......................... 29,200 44,412 Orica Ltd............................. 33,866 355,975 Origin Energy Ltd..................... 75,087 268,550 PaperlinX Ltd......................... 75,203 281,988 Qantas Airways Ltd.................... 331,390 820,921 QBE Insurance Group Ltd............... 13,500 107,747 Rinker Group Ltd...................... 104,850 517,102 Rio Tinto Ltd......................... 6,450 180,663 Santos Ltd............................ 103,982 537,875 Seven Network Ltd..................... 42,091 194,275 Southcorp Ltd......................... 125,821 255,790 St. George Bank Ltd................... 10,859 159,438 Wesfarmers Ltd........................ 2,761 55,070 WMC Resources Ltd.*................... 200,955 851,870 ------------ 11,505,460 ------------ AUSTRIA -- 0.2% Flughafen Wien AG..................... 630 29,528 OMV AG................................ 648 96,406 Telekom Austria AG*................... 9,800 121,006 Voest-Alpine Stahl AG................. 4,712 191,761 ------------ 438,701 ------------ BELGIUM -- 1.0% Algemene Maatschappij voor Nijverheidskredit NV (Almanij)...... 9,700 492,283 Banque Nationale de Belgique (BNB).... 60 227,585 Bekaert NV............................ 3,700 235,422 Delhaize Group........................ 1,500 77,071 Fortis................................ 22,000 441,839 Solvay SA............................. 4,700 407,121 Tessenderlo Chemie NV................. 2,800 98,604 Umicore............................... 210 48 Union Miniere SA...................... 4,410 309,213 ------------ 2,289,186 ------------ SHARES VALUE+ CANADA -- 0.0% Alcan, Inc............................ 1,469 $ 68,853 ------------ DENMARK -- 0.7% Carlsberg A/S......................... 3,680 169,361 Codan A/S*............................ 2,570 91,317 Danisco A/S........................... 3,030 134,577 Danske Bank........................... 30,003 703,092 Jyske Bank A/S*....................... 2,720 143,589 TDC A/S............................... 12,980 467,791 ------------ 1,709,727 ------------ FINLAND -- 1.7% Fortum Corp........................... 114,157 1,176,547 Huhtamaki Van Leer Oyj, Series 1...... 11,200 131,942 Kemira Oyj............................ 24,100 279,356 Kesko Oyj............................. 19,100 334,023 Metra Oyj, Class B.................... 4,200 80,435 Metsa-Serla Oyj, Series B............. 32,800 290,524 Metso Oyj............................. 22,890 279,174 Outokumpu Oyj......................... 29,400 398,948 Rautaruukki Oyj*...................... 8,300 61,072 Stora Enso Oyj........................ 31,500 423,873 UPM-Kymmene Oyj....................... 18,700 356,244 ------------ 3,812,138 ------------ FRANCE -- 9.4% Accor SA.............................. 9,300 420,660 Air France............................ 11,600 177,577 Alstom*............................... 15,400 24,254 Assurances Generales de France........ 10,600 575,087 Axa................................... 104,000 2,223,661 BNP Paribas SA........................ 42,000 2,641,663 Bongrain SA........................... 600 32,635 Cap Gemini SA*........................ 7,100 314,976 Ciments Francais...................... 1,880 131,463 Compagnie de Saint-Gobain............. 20,500 1,002,423 Compagnie Generele des Etablissements Michelin, Class B................... 8,100 371,280 Credit Agricole SA.................... 73,976 1,764,391 Credit Industriel et Commercial....... 500 85,677 Eiffage SA............................ 722 85,601 Euler Hermes SA....................... 1,400 67,206 Faurecia.............................. 1,100 68,701 Financiere Marc de Lacharriere SA..... 1,967 72,070 France Telecom SA*.................... 8,300 236,969 Galeries Lafayette SA................. 700 108,305 Gecina................................ 800 117,528 Havas SA.............................. 15,200 87,521 Imerys................................ 600 126,171 Lafarge SA............................ 10,067 895,485 Lagardere S.C.A....................... 6,500 374,842 Pinault-Printemps-Redoute SA.......... 5,100 492,534 PSA Peugoet Citroen................... 15,200 773,710 Rallye SA............................. 1,100 60,566 Remy Cointreau SA..................... 2,228 72,986 Renault SA............................ 16,800 1,157,844
41 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) FRANCE (CONTINUED) Rexel SA.............................. 2,713 $ 119,297 Rue Imperiale de Lyon................. 390 78,130 Schneider Electric SA................. 11,290 738,269 SCOR*................................. 45,000 74,274 SEB SA................................ 500 62,368 Societe BIC SA........................ 1,000 46,165 Societe Generale...................... 20,200 1,781,570 Suez SA............................... 59,250 1,189,207 Technip-Coflexip SA................... 1,300 140,535 Thomson............................... 16,458 349,821 Valeo SA.............................. 4,800 192,016 Vivendi Environnement................. 17,000 456,228 Vivendi Universal SA*................. 63,200 1,534,448 ------------ 21,326,114 ------------ GERMANY -- 6.8% Aareal Bank AG........................ 1,400 43,745 Allianz AG............................ 3,813 480,803 AMB Generali Holding AG............... 2,200 168,753 BASF AG............................... 15,750 884,655 Bayer AG.............................. 29,900 874,756 Bayerische Hypo-und Vereinsbank AG*... 27,800 642,388 Bilfinger Berger AG................... 1,500 51,028 Celanese AG........................... 2,700 110,561 Commerzbank AG........................ 27,100 530,949 Continental AG........................ 2,000 75,773 DaimlerChrysler AG.................... 53,200 2,480,086 Deutsche Bank AG...................... 26,700 2,210,192 Deutsche Lufthansa AG................. 16,000 267,109 Deutsche Telekom AG*.................. 50,300 919,579 Fraport AG*........................... 3,000 86,181 Hannover Rueckversicherungs-AG........ 2,700 94,300 Heidelberg Zement*.................... 5,177 218,578 Heidelberger Druckmaschinen AG........ 3,600 139,477 Hochtief AG........................... 3,500 101,602 Hypo Real Estate Holding AG*.......... 6,500 162,074 Infineon Technologies AG.............. 11,500 159,674 KarstadtQuelle AG..................... 2,700 66,677 Linde AG.............................. 6,000 322,799 MAN AG................................ 5,050 153,024 Merck KGaA............................ 3,200 133,172 MG Technologies AG.................... 7,300 102,094 Muenchener Rueckversicherungs- Gesellschaft AG..................... 4,700 569,200 Preussag AG........................... 9,250 192,650 T-Online International AG*............ 9,700 125,882 Thyssen Krupp AG...................... 25,700 507,406 Veba AG............................... 24,300 1,584,113 Vereins-und Westbank AG............... 750 22,207 Volkswagen AG......................... 16,650 926,186 ------------ 15,407,673 ------------ GREECE -- 0.4% Agricultural Bank of Greece*.......... 8,900 81,410 SHARES VALUE+ Alpha Bank A.E........................ 5,700 $ 172,074 Bank of Greece........................ 1,300 162,975 Commercial Bank of Greece............. 9,400 235,450 Hellenic Petroleum SA................. 18,800 164,862 Intracom SA........................... 14,200 96,255 ------------ 913,026 ------------ HONG KONG -- 1.6% Cheung Kong (Holdings) Ltd............ 64,000 506,972 Cheung Kong Infrastructure Holdings Ltd................................. 87,000 193,302 China Overseas Land & Investment Ltd................................. 140,000 25,606 China Travel International Investment Hong Kong Ltd....................... 110,000 20,828 Citic Pacific Ltd..................... 32,000 80,992 Great Eagle Holdings Ltd.............. 22,168 26,554 Hang Lung Development Co., Ltd........ 55,000 68,717 Henderson Land Development Co., Ltd................................. 123,000 543,410 Hopewell Holdings Ltd................. 22,000 33,579 Hutchison Whampoa Ltd................. 98,000 719,498 Hysan Development Co., Ltd............ 46,298 71,560 i-CABLE Communications Ltd............ 20,300 5,203 Kerry Properties Ltd.................. 42,609 55,705 New Asia Realty & Trust Co. Ltd....... 50,000 20,126 New World Development Co., Ltd........ 158,470 127,572 Shanghai Industrial Holdings Ltd...... 46,000 104,576 Shangri-La Asia Ltd................... 170,091 157,740 Sino Land Co., Ltd.................... 322,681 183,914 Tsim Sha Tsui Properties Ltd.*........ 58,253 63,777 Wharf (Holdings) Ltd.................. 203,000 562,164 Wheelock and Co., Ltd................. 142,000 171,927 ------------ 3,743,722 ------------ IRELAND -- 0.7% Allied Irish Banks Plc................ 12,102 192,886 Bank of Ireland....................... 9,034 122,930 CRH Plc............................... 31,909 653,311 Elan Corp. Plc*....................... 13,022 88,434 Elan Corp. Plc*....................... 45,553 313,374 Irish Life & Permanent Plc............ 18,301 295,147 ------------ 1,666,082 ------------ ITALY -- 3.6% Alitalia SpA*......................... 720,000 238,131 Banca Antonveneta SpA................. 14,000 260,180 Banca Monte dei Paschi di Siena SpA... 148,375 468,298 Banca Nazionale del Lavoro SpA*....... 211,000 503,785 Banca Popolare di Lodi................ 15,250 171,775 Banca Popolare di Lodi Srcl*.......... 7,500 84,480 Banca Popolare di Milano.............. 71,760 469,249 Buzzi Unicem SpA...................... 13,000 153,147 C.I.R.-Compagnie Industriali Riunite SpA................................. 55,000 102,560 Caltagirone Editore SpA............... 20,702 179,194 Capitalia SpA*........................ 270,000 789,233 Compagnia Assicuratrice Unipol SpA.... 31,000 130,065 e.Biscom SpA*......................... 2,000 122,442 Edison SpA*........................... 73,000 135,205
42 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) ITALY (CONTINUED) ERG SpA............................... 9,000 $ 48,760 Fiat SpA*............................. 92,800 710,894 Ifil (Finanziiaria di partecipazioni) SpA*................................ 173,000 573,265 Italcementi SpA....................... 19,180 239,000 Italmobiliare SpA..................... 4,000 184,709 Milano Assicurazioni.................. 33,000 125,982 Parmalat Finanziaria SpA.............. 66,600 9,230 Pirelli & Co. SpA..................... 106,664 108,454 SAI SpA............................... 23,500 484,104 Societa' Cattolica di Assicurazioni SpA................................. 3,300 121,326 Telecom Italia SpA*................... 496,309 1,469,513 Tiscali SpA*.......................... 35,000 244,304 ------------ 8,127,285 ------------ JAPAN -- 21.6% Aichi Steel Corp...................... 15,000 62,305 Aisin Seiki Co., Ltd.................. 24,200 377,903 Amada Co., Ltd........................ 34,000 177,085 Anritsu Corp.*........................ 10,000 66,738 Aomori Bank Ltd....................... 6,000 24,250 Aoyama Trading Co., Ltd............... 4,500 89,047 Asahi Breweries Ltd................... 45,000 410,370 Asahi Kasei Corp...................... 112,000 608,429 Asahi National Broadcasting Co., Ltd................................. 35 53,251 ASATSU-DK, Inc........................ 2,300 59,252 Ashikaga Financial Group, Inc.*....... 8,000 224 Autobacs Seven Co., Ltd............... 2,400 55,220 Awa Bank Ltd.......................... 20,000 126,756 Bank of Kyoto Ltd..................... 27,000 152,219 Bank of Nagoya Ltd.................... 18,000 97,783 Benesse Corp.......................... 7,100 173,300 Canon Sales Co., Inc.................. 8,000 69,818 Casio Computer Co., Ltd............... 16,000 169,356 Chiba Bank Ltd........................ 71,000 290,932 Chudenko Corp......................... 5,700 79,061 Chugoku Bank Ltd...................... 20,000 194,708 Citizen Watch Co...................... 18,000 165,492 Coca-Cola West Japan Co., Ltd......... 6,700 131,330 COMSYS Holdings Corp.*................ 9,000 57,628 Cosmo Oil Co., Ltd.................... 56,000 112,904 Dai Nippon Printing Co., Ltd.......... 44,000 618,099 Dai-Tokyo Fire and Marine Insurance Co., Ltd............................ 63,000 250,506 Daicel Chemical Industries Ltd........ 30,000 123,769 Daido Steel Co., Ltd.................. 35,000 59,458 Daihatsu Motor Co., Ltd............... 33,000 149,083 Dainippon Ink and Chemicals, Inc...... 64,000 121,865 Dainippon Pharmaceutical Co., Ltd..... 14,000 96,047 Daishi Bank Ltd....................... 29,000 119,914 Daiwa House Industry Co., Ltd......... 46,000 489,476 Denso Corp............................ 30,300 596,752 Dowa Fire & Marine Insurance Co., Ltd................................. 33,000 153,395 Ebara Corp............................ 20,000 86,993 Ezaki Glico Co., Ltd.................. 9,000 59,308 SHARES VALUE+ Fuji Electric Co., Ltd................ 60,000 $ 131,610 Fuji Heavy Industries Ltd............. 65,000 315,490 Fuji Photo Film....................... 41,000 1,324,124 Fujikura Ltd.......................... 37,000 218,267 Fujitsu Ltd.*......................... 156,000 920,260 Fukuyama Transporting Co., Ltd........ 18,000 66,869 Futaba Industrial Co., Ltd............ 4,000 54,436 Futuba Corp........................... 1,000 21,842 General Sekiyu K.K.................... 2,000 16,559 Glory Ltd............................. 3,000 110,608 Gunma Bank Ltd........................ 43,000 192,253 GUNZE Ltd............................. 20,000 90,540 Hachijuni Bank Ltd.................... 45,000 238,998 Hankyu Corp.*......................... 59,000 178,429 Hankyu Department Stores, Inc......... 4,000 26,807 Hanshin Electric Railway Co., Ltd..... 22,000 63,453 Heiwa Corp............................ 9,300 134,984 Higo Bank Ltd......................... 19,000 125,561 Hino Motors Ltd....................... 8,000 57,050 Hiroshima Bank Ltd.................... 40,000 153,078 Hitachi Cable Ltd..................... 31,000 116,321 Hitachi Ltd........................... 205,000 1,236,104 Hitachi Maxell Ltd.................... 8,000 112,606 Hitachi Metals Ltd.................... 28,000 101,666 Hokkoku Bank Ltd...................... 27,000 150,959 Hokuetsu Paper Mills, Ltd............. 13,000 73,655 Hokugin Financial Group, Inc.*........ 79,000 106,921 House Foods Corp...................... 8,000 90,577 Hyakugo Bank Ltd...................... 23,000 108,844 Hyakujushi Bank Ltd................... 21,000 157,400 Ishikawajima-Harima Heavy Industries Co., Ltd............................ 109,000 155,663 Itochu Corp........................... 71,000 234,601 Iyo Bank Ltd.......................... 27,000 199,599 Japan Airport Terminal Co., Ltd....... 2,000 14,710 JFE Holdings, Inc..................... 32,000 873,664 Joyo Bank Ltd......................... 72,000 235,217 Juroku Bank Ltd....................... 28,000 133,028 Kagoshima Bank Co., Ltd............... 17,000 96,318 Kamigumi Co., Ltd..................... 21,000 148,579 Kandenko Co., Ltd..................... 5,000 18,108 Kansai Paint Co., Inc................. 12,000 57,796 Katokichi Co., Ltd.................... 4,500 73,631 Kawasaki Heavy Industries Ltd......... 122,000 150,315 Kikkoman Corp......................... 16,000 113,800 Kinden Corp........................... 23,000 108,415 Kirin Brewery Co., Ltd................ 77,000 656,910 Kissei Pharmaceutical Co., Ltd........ 4,000 73,888 Kobe Steel Ltd.*...................... 249,000 311,439 Koito Manufacturing Co., Ltd.......... 10,000 60,671 Kokusai Securities Co., Ltd........... 22,000 239,642 Kokuyo Co., Ltd....................... 11,000 119,615 Komatsu Ltd........................... 67,000 425,258 Komori Corp........................... 6,000 88,879 Koyo Seiko Co., Ltd................... 10,000 102,768 Kubota Corp........................... 73,000 301,171
43 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) JAPAN (CONTINUED) Kuraray Co., Ltd...................... 32,000 $ 270,014 Kuraya Sanseido, Inc.................. 11,900 116,406 Kyorin Pharmaceutical Co., Ltd........ 7,000 78,732 Kyowa Hakko Kogyo Co., Ltd............ 13,000 82,755 Lion Corp............................. 11,000 58,730 Makita Corp........................... 11,000 110,169 Marubeni Corp......................... 132,000 252,579 Marui Co., Ltd........................ 30,000 378,028 Maruichi Steel Tube Ltd............... 8,000 97,746 Matsushita Electric Industrial Co., Ltd................................. 151,000 2,088,785 Matsushita Electric Works Ltd......... 59,000 530,331 Meiji Seika Kaisha Ltd................ 32,000 129,033 Michinoku Bank Ltd.................... 13,000 79,843 Millea Holdings, Inc.................. 105 1,372,101 Mitsubishi Gas Chemical Co., Inc...... 39,000 132,870 Mitsubishi Heavy Industries Ltd....... 300,000 834,461 Mitsubishi Logistics Corp............. 14,000 116,433 Mitsubishi Material Corp.*............ 89,000 137,070 Mitsubishi Motor Corp.*............... 124,000 253,475 Mitsubishi Rayon Co., Ltd............. 9,000 33,770 Mitsubishi Tokyo Financial Group, Inc.......................... 279 2,177,104 Mitsui Chemicals, Inc................. 46,000 268,353 Mitsui Engineering & Shipbuilding Co., Ltd................................. 73,000 120,605 Mitsui Trust Holdings, Inc.*.......... 50,000 279,554 Mitsumi Electric Co., Ltd............. 5,800 63,882 Mizuho Asset Trust & Banking Co., Ltd.*............................... 192,000 333,336 Mori Seiki Co., Ltd................... 3,000 20,582 Musashino Bank Ltd.................... 600 23,522 Nagase & Co., Ltd..................... 11,000 72,796 National House Industrial Co., Ltd.... 10,000 52,831 NGK Insulators, Ltd................... 28,000 209,082 NGK Spark Plug Co., Ltd............... 19,000 154,114 NHK Spring Co., Ltd................... 5,000 23,288 Nichicon Corp......................... 5,400 54,990 Nichirei Corp......................... 26,000 84,212 Nihon Unisys Ltd...................... 7,100 60,042 Nikko Cordial Corp.................... 86,000 479,227 Nippon Broadcasting System, Inc....... 2,700 125,757 Nippon Electric Glass Co., Ltd........ 9,000 175,153 Nippon Kayaku Co., Ltd................ 14,000 69,389 Nippon Meat Packers, Inc.............. 17,000 166,295 Nippon Mining Holdings, Inc........... 66,500 232,146 Nippon Mitsubishi Oil Corp............ 134,000 682,914 Nippon Paint Co., Ltd................. 22,000 71,872 Nippon Sanso Corp..................... 9,000 38,055 Nippon Sheet Glass Co., Ltd........... 37,000 108,097 Nippon Shokubai Co., Ltd.............. 9,000 68,297 Nippon Steel Corp..................... 274,000 588,230 Nippon Television Network Corp........ 1,140 169,508 Nipponkoa Insurance Co., Ltd.......... 6,000 33,210 Nishi-Nippon Bank Ltd.*............... 38,000 67,392 Nishimatsu Construction Co., Ltd...... 24,000 79,526 Nisshin Flour Milling Co., Ltd........ 19,000 169,188 SHARES VALUE+ Nisshin Steel Co., Ltd................ 98,000 $ 183,861 Nisshinbo Industries, Inc............. 23,000 128,165 Nissho Iwai-Nichimen Holdings Corp.*.............................. 1,300 5,727 NSK Ltd............................... 46,000 167,882 NTN Corp.............................. 15,000 71,545 Obayashi Corp......................... 60,000 268,260 Oki Electric Industry Co., Ltd.*...... 25,000 97,774 Okumura Corp.......................... 18,000 76,614 Onward Kashiyama Co., Ltd............. 15,000 182,013 Pioneer Corp.......................... 6,300 174,061 Q.P. Corp............................. 13,000 107,995 Rengo Co., Ltd........................ 20,000 76,912 Rinnai Corp........................... 1,100 26,131 San-In Godo Bank Ltd.................. 15,000 114,248 Santen Pharmaceutical Co., Ltd........ 2,000 26,639 Sanwa Shutter Corp.................... 17,000 96,159 Sanyo Shinpan Finance Co., Ltd........ 3,300 109,348 Sapporo Breweries Ltd................. 23,000 63,331 Sapporo Hokuyo Holdings, Inc.......... 27 146,675 Seino Transportation Co., Ltd......... 14,000 115,779 Sekisui Chemical Co., Ltd............. 45,000 229,337 Sekisui House Ltd..................... 62,000 640,631 Shiga Bank Ltd........................ 19,000 87,432 Shikoku Bank Ltd...................... 6,000 43,851 Shima Seiki Mfg., Ltd................. 1,000 37,336 Shimachu Co., Ltd..................... 3,400 67,438 Shimadzu Corp......................... 9,000 37,215 Shimizu Corp.......................... 33,000 125,673 Shinko Electric Industries Co., Ltd................................. 2,000 47,230 Shinko Securities Co., Ltd.*.......... 64,000 193,550 Shohkoh Fund & Co., Ltd............... 920 117,989 Showa Shell Sekiyu K.K................ 13,000 105,689 Softbank Corp......................... 20,800 636,804 Sumitomo Bakelite Co. Ltd............. 18,000 117,441 Sumitomo Corp......................... 84,000 626,462 Sumitomo Electric Industries Ltd...... 62,000 554,403 Sumitomo Forestry Co., Ltd............ 15,000 126,989 Sumitomo Metal Industries Ltd......... 239,000 236,468 Sumitomo Metal Mining Co.............. 18,000 133,570 Sumitomo Osaka Cement Co., Ltd........ 21,000 41,163 Sumitomo Realty & Development Co., Ltd................................. 15,000 132,170 Sumitomo Rubber Industries Ltd........ 5,000 27,209 Suzuken Co., Ltd...................... 6,000 194,894 Suzuki Motor Corp..................... 8,000 118,430 Taiheiyo Cement Corp.................. 93,000 263,023 Taisei Corp........................... 63,000 230,513 Taiyo Yuden Co., Ltd.................. 9,000 117,693 Takashimaya Co., Ltd.................. 26,000 185,654 Takefuji Corp......................... 11,300 528,427 Teijin Ltd............................ 77,000 226,397 Teikoku Oil Co., Ltd.................. 27,000 135,838 The 77 Bank Ltd....................... 34,000 191,683 The Bank of Fukuoka Ltd............... 53,000 222,616 The Fuji Fire & Marine Insurance Co.................................. 41,000 112,512 The Fukui Bank Ltd.................... 6,000 28,562
44 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) JAPAN (CONTINUED) The Fukuoka City Bank Ltd.*........... 9,000 $ 9,745 The Furukawa Electric Co., Ltd........ 51,000 169,468 The Nanto Bank Ltd.................... 21,000 98,595 The Shizuoka Bank Ltd................. 63,000 465,730 The Sumitomo Trust and Banking Co., Ltd................................. 81,000 476,315 The Suruga Bank, Ltd.................. 17,000 109,329 The Yamanashi Chuo Bank Ltd........... 12,000 56,004 The Yasuda Fire & Marine Insurance Co., Ltd............................ 69,000 567,406 The Yokohama Rubber Co., Ltd.......... 22,000 62,015 Toda Corp............................. 26,000 73,533 Toho Bank Ltd......................... 18,000 74,934 Tokuyama Corp......................... 22,000 77,622 Tokyo Broadcasting System, Inc........ 16,000 254,931 Tokyo Steel Manufacturing Co., Ltd.... 12,200 104,765 Tokyo Style Co., Ltd.................. 9,000 97,279 Toppan Printing Co., Ltd.............. 57,000 593,224 Toray Industries, Inc................. 110,000 459,980 Toshiba Tec Corp...................... 24,000 97,447 Tostem Corp........................... 26,000 502,357 Toto Ltd.............................. 15,000 127,129 Toyo Ink Manufacturing Co., Ltd....... 23,000 81,794 Toyo Seikan Kaisha Ltd................ 18,000 251,682 Toyo Suisan Kaisha Ltd................ 9,000 100,051 Toyota Auto Body Co., Ltd............. 7,000 103,953 Toyota Industries Corp................ 26,000 552,107 Toyota Tsusho Corp.................... 23,000 217,473 UFJ Tsubasa Securities Co., Ltd....... 40,000 185,187 Uny Co., Ltd.......................... 16,000 164,279 Victor Company of Japan Ltd.*......... 9,000 74,429 Wacoal Corp........................... 12,000 98,903 Yamagata Bank Ltd..................... 3,000 14,141 Yamaguchi Bank Ltd.................... 15,000 136,930 Yamaha Corp........................... 12,000 235,777 Yamatake Corp......................... 2,000 16,129 Yamazaki Baking Co., Ltd.............. 19,000 157,661 Yokogawa Electric Corp................ 8,000 115,592 York-Benimaru Co., Ltd................ 4,200 97,419 ------------ 49,138,588 ------------ LUXEMBOURG -- 0.2% Arcelor............................... 21,800 379,593 Arcelor, New.......................... 6,266 107,922 ------------ 487,515 ------------ NETHERLANDS -- 5.0% ABN AMRO Holding NV................... 42,016 982,001 Aegon NV.............................. 236,661 3,497,665 Buhrmann NV........................... 21,300 185,443 DSM NV................................ 16,240 798,616 Hunter Douglas NV..................... 6,300 294,568 ING Groep NV.......................... 3,524 82,097 Koninklijke (Royal) KPN NV*........... 162,300 1,251,479 SHARES VALUE+ Koninklijke Ahold NV.................. 249,832 $ 1,901,250 Koninklijke Luchtvaart Maatschappij NV (KLM)............................... 3,600 58,421 Koninklijke Vopak NV.................. 4,400 82,602 N.V. Holdingmaatschappij De Telegraaf........................... 800 18,043 New Skies Satellites NV*.............. 20,300 147,068 Nutreco Holding NV.................... 5,300 145,441 Oce NV................................ 13,610 208,347 Royal Vendex KBB NV................... 4,576 63,709 Univar NV............................. 2,200 41,578 Vedior NV............................. 9,041 141,251 Versatel Telecom International*....... 68,700 149,746 VNU NV................................ 40,203 1,268,878 ------------ 11,318,203 ------------ NEW ZEALAND -- 0.2% Auckland International Airport Ltd.... 24,915 114,433 Carter Holt Harvey Ltd................ 292,800 360,664 ------------ 475,097 ------------ NORWAY -- 0.5% Den Norske Bank ASA................... 63,900 425,617 Norsk Hydro ASA....................... 1,800 110,846 Norske Skogindustrier ASA............. 13,300 253,390 Storebrand ASA*....................... 19,700 127,964 Telenor ASA........................... 19,823 129,358 ------------ 1,047,175 ------------ PORTUGAL -- 0.3% Banco BPI SA.......................... 12,900 47,460 Banco Espirito Santo SA............... 19,656 321,953 Cimpor-Cimentos de Portugal SGPS SA... 29,000 149,808 Portucel-Empresa Produtora de Pasta e Papel SA............................ 13,000 22,931 Sonae SGPS SA*........................ 302,000 251,133 ------------ 793,285 ------------ SINGAPORE -- 0.8% DBS Group Holdings Ltd................ 48,000 415,474 Fraser & Neave Ltd.*.................. 24,300 180,286 Haw Par Corp., Ltd.................... 817 2,146 Keppel Corporation Ltd................ 134,000 481,305 Keppel Land Ltd....................... 38,000 35,353 Oversea-Chinese Banking Corp., Ltd.... 20,000 142,495 SembCorp Industries Ltd............... 29,000 21,516 Singapore Airlines Ltd................ 54,000 356,121 Singapore Land Ltd.................... 15,000 35,153 United Overseas Bank Ltd.............. 20,000 155,449 ------------ 1,825,298 ------------ SPAIN -- 3.5% Acerinox SA........................... 7,100 334,388 ACS, Actividades de Construccion y Servicious SA....................... 970 47,297 Antena 3 Television SA*............... 34 1,497 Autopistas, Concesionaria Espanola SA.................................. 38,049 574,799 Azucarera Ebro Agricolas SA........... 16,700 189,160
45 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) SPAIN (CONTINUED) Banco Bilbao Vizcaya Argentaria SA.... 15,900 $ 219,364 Banco de Andalucia.................... 1,700 147,792 Banco De Sabadell SA.................. 22,200 475,785 Banco Santander Central Hispano SA.... 23,974 283,635 Cementos Portland SA.................. 3,000 177,653 Corporacion Mapfre.................... 13,600 192,430 Endesa SA............................. 36,100 693,634 Fomento de Construcciones y Contratas SA.................................. 6,200 228,414 Gas Natural SDG SA.................... 15,200 355,256 Iberia Lineas Aereas de Espana SA..... 99,500 285,832 Inmobiliaria Colonial SA.............. 6,100 146,028 Inmobiliaria Urbis SA................. 13,900 137,479 Metrovacesa SA........................ 2,315 79,191 Red Electrica de Espana............... 2,800 45,862 Repsol-YPF SA......................... 133,000 2,590,685 Sociedad General de Aguas de Barcelona SA, Class A......................... 15,545 231,701 Sociedad General de Aguas de Barcelona SA*, New Shares..................... 155 2,280 Sol Melia SA.......................... 20,100 144,606 Telefonica SA*........................ 10,091 147,993 Vallehermoso SA....................... 14,200 214,696 ------------ 7,947,457 ------------ SWEDEN -- 2.3% Altima AB*............................ 350 3,406 Billerud.............................. 3,781 57,035 Drott AB, Series B.................... 6,700 127,148 Electrolux AB, Series B............... 21,200 465,688 Gambro AB, Series A................... 23,000 190,260 Gambro AB, Series B................... 7,600 62,868 Industriforvaltnings AB Kinnevik, Series B............................ 4,500 147,648 Mo Och Domsjoe AB (MoDo), Series B.... 5,900 209,578 NCC AB................................ 6,900 53,241 Nordea AB............................. 73,200 549,550 Nordic Baltic Holding AB.............. 5,716 42,748 Skandia Forsakrings AB................ 94,100 342,762 Skandinaviska Enskilda Banken AB, Series A............................ 17,500 257,897 SKF AB, Series A...................... 1,600 62,062 SKF AB, Series B...................... 2,900 112,084 SSAB Svenskt Stal AB, Series A........ 6,000 107,190 SSAB Svenskt Stal AB, Series B........ 2,100 36,057 Svenska Cellulosa AB (SCA), Series B................................... 17,600 719,386 Tele2 AB, Series B*................... 2,300 122,789 TeliaSonera AB........................ 42,000 219,553 Trelleborg AB, Series B............... 5,100 82,958 Volvo AB, Series A.................... 11,200 328,551 Volvo AB, Series B.................... 27,800 850,294 ------------ 5,150,753 ------------ SHARES VALUE+ SWITZERLAND -- 7.2% Baloise Holdings Ltd.................. 6,000 $ 250,465 Banque Cantonale Vaudoise*............ 700 79,771 Berner Kantonalbank................... 700 84,296 Ciba Specialty Chemicals AG*.......... 5,300 409,933 Compagnie Financiere Richemont AG..... 101,600 2,438,794 Credit Suisse Group................... 143,360 5,242,900 Ems-Chemie Holding AG................. 1,900 148,953 Georg Fischer AG*..................... 120 23,640 Givaudan SA........................... 1,180 612,269 Helvetia Patria Holding............... 1,240 212,463 Holcim Ltd............................ 28,330 1,318,846 Kuoni Reisen Holding AG, Series B..... 200 66,920 Lonza Group AG........................ 2,100 120,674 Luzerner Kantonalbank................. 700 102,400 PSP Swiss Property AG................. 700 99,006 Rieter Holding AG..................... 430 99,394 SIG Holding AG........................ 3,300 455,407 Sika AG............................... 180 77,685 St. Galler Kantonalbank............... 400 75,406 Swatch Group AG, Series B............. 1,700 204,033 Swiss Life Holding*................... 2,820 517,368 Swiss Re.............................. 7,900 533,137 Syngenta AG........................... 16,200 1,090,649 UBS AG................................ 8,880 607,885 Unaxis Holding AG..................... 1,800 254,950 Valiant Holding....................... 1,400 105,229 Valora Holding AG..................... 350 87,125 Zurich Financial Services*............ 7,200 1,035,804 ------------ 16,355,402 ------------ UNITED KINGDOM -- 24.7% Abbey National Plc.................... 216,468 2,051,818 Aggregate Industries Plc.............. 170,437 260,124 Alliance & Leicester Group Treasury Plc................................. 20,000 317,025 Allied Domecq Plc..................... 12,800 98,478 Amvescap Plc.......................... 104,200 754,704 Antofagasta Holdings Plc.............. 37,000 696,795 Arriva Plc............................ 12,620 85,604 Associated British Foods Plc.......... 88,000 917,374 Associates British Ports Holdings Plc................................. 43,400 347,846 BAA Plc............................... 145,368 1,287,716 BAE Systems Plc....................... 418,395 1,256,585 Barratt Developments Plc.............. 23,000 222,935 BBA Group Plc......................... 53,025 236,158 Bellway Plc........................... 12,000 148,873 Berkeley Group Plc.................... 18,840 295,947 Big Food Group Plc.................... 41,000 115,819 Bodycote International Plc............ 4,380 11,083 Bovis Homes Group Plc................. 13,000 110,691 BPB Plc............................... 14,200 87,957 Brambles Industries Plc............... 81,000 294,239 Britannic Plc......................... 22,000 114,770 British Airways Plc*.................. 158,000 655,739 British Land Company Plc.............. 72,733 758,220 British Vita Plc...................... 24,400 104,533
46 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ COMMON STOCKS (CONTINUED) UNITED KINGDOM (CONTINUED) Brixton Estate Plc.................... 32,600 $ 156,684 BT Group Plc.......................... 511,235 1,717,933 Cable & Wireless Plc.................. 314,973 750,594 Canary Wharf Group Plc................ 85,000 406,255 Caradon Plc........................... 8,651 21,311 Carlton Communications................ 60,418 248,053 Carnival Plc.......................... 7,246 291,145 Celltech Group Plc*................... 23,000 155,192 CGU Plc............................... 302,277 2,645,294 Chelsfield Plc........................ 38,089 208,392 COLT Telecom Group Plc*............... 220,000 372,094 Corus Group Plc*...................... 510,166 273,202 Dixons Group Plc...................... 150,000 372,183 DS Smith Plc.......................... 36,000 104,426 easyJet Plc*.......................... 57,000 298,121 F.I. Group Plc........................ 18,344 27,833 FKI Plc............................... 76,668 146,436 Friends Provident Plc................. 227,000 534,873 Galen Holdings Plc.................... 14,000 178,684 George Wimpey Plc..................... 50,769 338,259 GKN Plc............................... 94,208 449,004 Glynwed International Plc............. 5,000 19,189 Granada Plc........................... 272,438 593,305 Great Portland Estates Plc............ 24,900 104,230 Great Universal Stores Plc............ 30,861 426,109 Greene King Plc....................... 8,000 123,097 Hammerson Plc......................... 37,200 429,965 Hanson Plc*........................... 97,237 712,083 HBOS Plc.............................. 66,613 860,297 HHG Plc*.............................. 194,599 140,662 Hilton Group Plc...................... 234,318 940,059 IMI Plc............................... 10,000 60,201 InterContinental Hotels Group Plc..... 96,966 915,642 International Power Plc*.............. 163,100 359,560 Invensys Plc.......................... 77,364 25,203 J Sainsbury Plc....................... 299,188 1,670,291 Kesa Electricals Plc.................. 25,883 118,856 Kingfisher Plc........................ 296,423 1,473,628 Lex Service Plc....................... 8,500 93,314 Liberty International Plc............. 40,712 495,993 Logica Plc............................ 30,030 137,363 London Merchant Securities Plc........ 29,000 89,168 Luminar Plc........................... 6,000 43,591 Marks & Spencer Group Plc............. 138,535 714,674 Mersey Docks & Harbour Co............. 9,760 115,421 Millennium & Copthorne Hotels Plc..... 41,439 224,131 Mitchells & Butlers Plc............... 69,152 277,740 mm02 Plc*............................. 1,265,000 1,738,729 National Express Group Plc............ 13,000 141,787 National Grid Transco Plc............. 44,292 316,452 Northern Foods Plc.................... 10,000 25,749 Northern Rock Plc..................... 5,000 63,682 SHARES VALUE+ Pearson Plc........................... 104,197 $ 1,156,901 Peninsular and Oriental Steam Navigation Co....................... 103,995 426,964 Persimmon Plc......................... 37,740 361,765 Pilkington Plc........................ 154,477 264,030 Pillar Property Plc................... 12,840 118,611 Rank Group Plc........................ 27,066 134,917 Rexam Plc............................. 21,396 163,370 RMC Group Plc......................... 38,000 473,128 Rolls-Royce Group Plc................. 216,261 684,251 Royal & Sun Alliance Insurance Group Plc................................. 429,888 677,206 Royal Bank of Scotland Group Plc...... 2,784 81,799 Royal Bank of Scotland Group Plc, New................................. 2,600 46 Safeway Plc........................... 115,111 583,560 Schroders Plc......................... 28,000 315,883 Scottish & Newcastle Plc.............. 115,302 778,514 Scottish Power Plc.................... 243,695 1,619,321 Shire Pharmaceuticals Group Plc*...... 63,000 610,086 Signet Group Plc...................... 23,865 43,878 Slough Estates Plc.................... 55,000 431,246 Smith W.H. Plc........................ 33,000 162,288 Somerfield Plc........................ 65,000 160,699 Stagecoach Holdings Plc............... 195,352 273,740 Stanley Leisure Plc................... 15,200 107,581 Tate & Lyle Plc....................... 32,200 179,046 Taylor Woodrow Plc.................... 73,722 351,366 Thus Group Plc*....................... 73,266 39,562 Trinity Mirror Plc.................... 42,590 429,543 Uniq Plc.............................. 2,050 7,557 United Business Media Plc............. 24,000 209,922 Vodafone Group Plc.................... 3,946,590 9,757,139 Westbury Plc.......................... 12,770 88,901 Whitbread Plc......................... 43,751 561,523 Wilson Bowden Plc..................... 11,000 201,265 Wincanton Plc......................... 2,050 7,630 Wolseley Plc.......................... 14,617 206,128 Wolverhampton & Dudley Breweries Plc.. 9,700 133,412 Woolworths Group Plc.................. 186,497 147,311 ------------ 56,327,261 ------------ UNITED STATES -- 0.1% Zimmer Holdings, Inc.*................ 4,232 297,933 ------------ TOTAL COMMON STOCKS (Identified Cost $170,987,018)...... 222,171,934 ------------ PREFERRED STOCK -- 0.0% AUSTRALIA -- 0.0% The News Corp., Ltd................... 6,161 46,389 ------------ TOTAL PREFERRED STOCK (Identified Cost $47,314)........... 46,389 ------------
47 - -------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited) (Continued)
SHARES VALUE+ PREFERRED STOCK (CONTINUED) WARRANTS -- 0.0% FRANCE -- 0.0% Alstom, expires 01/09/04*............. 15,400 $ 582 Rallye SA, expires 11/30/05*.......... 1,100 249 ------------ 831 ------------ ITALY -- 0.0% Fiat SpA, expires 1/31/07*............ 4,800 1,231 ------------ TOTAL WARRANTS (Identified Cost $7,589)............ 2,062 ------------ SHORT-TERM INVESTMENTS -- 2.0% UNITED STATES -- 2.0% SSgA Government Money Market Fund..... 1,160,001 1,160,001 SSgA Money Market Fund................ 3,297,635 3,297,635 ------------ 4,457,636 ------------ TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,457,636)........ 4,457,636 ------------
TOTAL INVESTMENTS -- 99.5% (IDENTIFIED COST $175,499,557)#................. 226,678,021 Cash and Other Assets, Less Liabilities -- 0.5%.......................................... 1,057,722 ------------ NET ASSETS -- 100%................................ $227,735,743 ============
+ See Note 1. * Non-income producing security # At December 31, 2003, the aggregate cost of investment securities for income tax purposes was $175,499,557. Net unrealized appreciation aggregated $51,178,464 of which $54,102,355 related to appreciated investment securities and $2,923,891 related to depreciated investment securities. Ten Largest Sector Holdings at December 31, 2003 (As a percentage of Net Assets):
Industry Percentage - -------- ----------- Banks/Savings & Loans 10.9% Telecommunications 8.9% Insurance 8.3% Financial Services 8.2% Building & Construction 6.0% Diversified Operations 4.0% Chemicals 3.1% Auto & Related 3.0% Oil & Gas 2.9% Retail -- Specialty 2.7%
SEE NOTES TO FINANCIAL STATEMENTS. 48 - -------------------------------------------------------------------------------- SA International Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2003 (Unaudited)
SHARES VALUE+ MUTUAL FUNDS -- 99.9% OTHER -- 99.9% DFA International Small Company Portfolio........................... 6,954,383 $79,558,141 ----------- TOTAL MUTUAL FUNDS (Identified Cost $56,934,631)....... 79,558,141 ----------- SHORT-TERM INVESTMENTS -- 0.0% OTHER -- 0.0% SSgA Government Money Market Fund..... 2 2 SSgA Money Market Fund................ 2 2 ----------- TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4)................ 4 -----------
TOTAL INVESTMENTS -- 99.9% (IDENTIFIED COST $56,934,635)#.................. 79,558,145 Cash and Other Assets, Less Liabilities -- 0.1%.......................................... 104,583 ----------- NET ASSETS -- 100%................................ $79,662,728 ===========
+ See Note 1. # At December 31, 2003, the aggregate cost of investment securities for income tax purposes was $56,934,635. Net unrealized appreciation aggregated $22,623,510, which related solely to appreciated investment securities. SEE NOTES TO FINANCIAL STATEMENTS. 49 - -------------------------------------------------------------------------------- STATEMENTS OF ASSETS & LIABILITIES -- DECEMBER 31, 2003 (Unaudited)
SA SA FIXED INCOME U.S. MARKET FUND FUND - ----------------------------------------------------- ASSETS Investments in securities, at market $215,619,371 $228,349,103 Short-term investments (at amortized cost) 1,845,658 1,885,644 Cash 350 346 Foreign currency 6 -- Receivable for investments sold 4,833,788 -- Dividends and interest receivable 2,973,599 270,579 Receivable for fund shares sold 1,010,492 630,283 Receivable due from the Manager (Note 2) 66,675 35,267 Receivable for tax reclaims -- -- Prepaid expenses 2,171 2,242 ------------ ------------ TOTAL ASSETS 226,352,110 231,173,464 ------------ ------------ LIABILITIES Payable for investments purchased 4,805,260 -- Payable for fund shares redeemed 84,322 40,129 Advisory fees payable (Note 2) 153,598 129,419 Administration fees payable (Note 2) 25,103 22,707 Trustees' fees payable (Note 2) 1,336 1,336 Shareholder servicing fee payable (Note 2) 5,695 7,397 Accrued expenses and other liabilities 80,995 98,441 ------------ ------------ TOTAL LIABILITIES 5,156,309 299,429 ------------ ------------ NET ASSETS $221,195,801 $230,874,035 ============ ============ NET ASSETS CONSIST OF: Capital paid in $221,496,815 $218,583,821 Undistributed/(overdistributed) net investment income (803,422) (94,046) Accumulated net realized gain/(loss) 853,182 (7,953,773) Net unrealized appreciation/(depreciation) on: Investments (350,774) 20,338,033 Foreign currency translations -- -- ------------ ------------ NET ASSETS $221,195,801 $230,874,035 ============ ============ SHARES OF BENEFICIAL INTEREST OUTSTANDING 21,506,980 23,530,978 NET ASSET VALUE PER SHARE $ 10.28 $ 9.81 IDENTIFIED COST OF INVESTMENTS $217,815,803 $209,896,714 COST OF FOREIGN CURRENCY $ 6 --
SEE NOTES TO FINANCIAL STATEMENTS. 50 - --------------------------------------------------------------------------------
SA SA U.S. SA INTERNATIONAL SA INTERNATIONAL U.S. HBTM SMALL COMPANY HBTM SMALL COMPANY FUND FUND FUND FUND - ------------------------------------------------------------------------------------------ ASSETS Investments in securities, at market $128,559,153 $111,128,862 $222,220,385 $79,558,141 Short-term investments (at amortized cost) 3,617,673 1,373,000 4,457,636 4 Cash 656 702 566 117,215 Foreign currency -- -- 475,300 -- Receivable for investments sold -- -- 15,207 -- Dividends and interest receivable 191,806 51,997 292,428 -- Receivable for fund shares sold 299,077 237,863 668,767 224,923 Receivable due from the Manager (Note 2) 44,529 47,401 11,671 7,384 Receivable for tax reclaims -- -- 84,736 -- Prepaid expenses 2,242 2,242 2,242 2,242 ------------ ------------ ------------ ----------- TOTAL ASSETS 132,715,136 112,842,067 228,228,938 79,909,909 ------------ ------------ ------------ ----------- LIABILITIES Payable for investments purchased 2,796,769 -- 67,180 117,215 Payable for fund shares redeemed 78,514 25,110 85,711 20,043 Advisory fees payable (Note 2) 92,616 94,179 187,596 41,490 Administration fees payable (Note 2) 14,469 13,558 22,621 10,659 Trustees' fees payable (Note 2) 1,336 1,336 1,336 1,336 Shareholder servicing fee payable (Note 2) 7,234 6,576 8,104 6,559 Accrued expenses and other liabilities 64,426 84,243 120,647 49,879 ------------ ------------ ------------ ----------- TOTAL LIABILITIES 3,055,364 225,002 493,195 247,181 ------------ ------------ ------------ ----------- NET ASSETS $129,659,772 $112,617,065 $227,735,743 $79,662,728 ============ ============ ============ =========== NET ASSETS CONSIST OF: Capital paid in $113,679,171 $ 88,495,182 $189,359,453 $58,433,131 Undistributed/(overdistributed) net investment income 1,686 (166,267) (220,044) 286,221 Accumulated net realized gain/(loss) (1,516,104) (4,635,833) (12,604,983) (1,680,134) Net unrealized appreciation/(depreciation) on: Investments 17,495,019 28,923,983 51,178,464 22,623,510 Foreign currency translations -- -- 22,853 -- ------------ ------------ ------------ ----------- NET ASSETS $129,659,772 $112,617,065 $227,735,743 $79,662,728 ============ ============ ============ =========== SHARES OF BENEFICIAL INTEREST OUTSTANDING 12,518,002 7,366,163 21,806,615 6,369,262 NET ASSET VALUE PER SHARE $ 10.36 $ 15.29 $ 10.44 $ 12.51 IDENTIFIED COST OF INVESTMENTS $114,681,807 $ 83,577,879 $175,499,557 $56,934,635 COST OF FOREIGN CURRENCY -- -- $ 469,662 --
51 - -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS -- SIX MONTHS ENDED DECEMBER 31, 2003 (Unaudited)
SA SA FIXED INCOME U.S. MARKET FUND FUND - ---------------------------------------------------- INVESTMENT INCOME INCOME: Dividends $ -- $ 1,669,813 Interest 3,160,418 9,622 Less: Taxes witheld -- (18) ----------- ----------- TOTAL INCOME 3,160,418 1,679,417 ----------- ----------- EXPENSES: Advisory fees (Note 2) 824,927 665,005 Shareholder servicing fees (Note 2) 245,514 237,502 Administration fees (Note 2) 98,206 95,001 Sub-Administration fees (Note 2) 27,612 24,157 Trustees' fees and expenses (Note 2) 5,328 5,328 Custody and accounting fees (Note 2) 51,336 94,673 Transfer agent fees 19,930 21,734 Professional fees 25,653 25,506 Registration fees 10,328 14,023 Other expenses 15,738 14,382 ----------- ----------- TOTAL EXPENSES BEFORE WAIVERS AND REIMBURSEMENTS: 1,324,572 1,197,311 Less: Expense waiver by Manager (321,683) (150,470) Expense offsets and other waivers (20,833) (20,833) ----------- ----------- NET EXPENSES 982,056 1,026,008 ----------- ----------- NET INVESTMENT INCOME (LOSS) 2,178,362 653,409 ----------- ----------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS REALIZED GAIN ON: Investments 2,124,841 213,674 Foreign currency transactions 170,497 -- INCREASE (DECREASE) IN UNREALIZED APPRECIATION/DEPRECIATION ON: Investments (6,139,873) 27,126,797 Foreign currency translations (18,753) -- ----------- ----------- Net realized and unrealized gain (loss) on investments and change in unrealized appreciation (depreciation) (3,863,288) 27,340,471 ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(1,684,926) $27,993,880 =========== ===========
SEE NOTES TO FINANCIAL STATEMENTS. 52 - --------------------------------------------------------------------------------
SA SA U.S. SA INTERNATIONAL SA INTERNATIONAL U.S. HBTM SMALL COMPANY HBTM SMALL COMPANY FUND FUND FUND FUND - ----------------------------------------------------------------------------------------- INVESTMENT INCOME INCOME: Dividends $ 825,614 $ 430,903 $ 1,502,747 $ 1,192,925 Interest 7,355 5,026 24,497 -- Less: Taxes witheld -- (12) (135,611) -- ----------- ----------- ----------- ----------- TOTAL INCOME 832,969 435,917 1,391,633 1,192,925 ----------- ----------- ----------- ----------- EXPENSES: Advisory fees (Note 2) 472,249 484,571 966,503 216,332 Shareholder servicing fees (Note 2) 128,329 117,614 234,588 83,204 Administration fees (Note 2) 51,331 47,046 93,835 33,282 Sub-Administration fees (Note 2) 24,095 24,091 24,140 24,138 Trustees' fees and expenses (Note 2) 5,328 5,328 5,328 5,328 Custody and accounting fees (Note 2) 48,280 100,853 94,405 21,398 Transfer agent fees 21,490 20,859 22,376 20,796 Professional fees 25,653 25,653 24,993 25,023 Registration fees 11,474 11,192 12,116 10,465 Other expenses 13,483 12,866 14,268 13,045 ----------- ----------- ----------- ----------- TOTAL EXPENSES BEFORE WAIVERS AND REIMBURSEMENTS: 801,712 850,073 1,492,552 453,011 Less: Expense waiver by Manager (200,834) (227,056) (36,040) (6,171) Expense offsets and other waivers (20,833) (20,833) (20,833) (20,833) ----------- ----------- ----------- ----------- NET EXPENSES 580,045 602,184 1,435,679 426,007 ----------- ----------- ----------- ----------- NET INVESTMENT INCOME (LOSS) 252,924 (166,267) (44,046) 766,918 ----------- ----------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS REALIZED GAIN ON: Investments 1,955,909 2,030,711 3,992,046 866,937 Foreign currency transactions -- -- 29,213 -- INCREASE (DECREASE) IN UNREALIZED APPRECIATION/DEPRECIATION ON: Investments 16,876,519 19,162,270 43,749,469 14,562,207 Foreign currency translations -- -- 21,549 -- ----------- ----------- ----------- ----------- Net realized and unrealized gain (loss) on investments and change in unrealized appreciation (depreciation) 18,832,428 21,192,981 47,792,277 15,429,144 ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $19,085,352 $21,026,714 $47,748,231 $16,196,062 =========== =========== =========== ===========
53 - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS
SA FIXED INCOME FUND -------------------------- PERIOD ENDED 12/31/2003 YEAR ENDED (UNAUDITED) 6/30/2003 - ------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income $ 2,178,362 $ 4,460,597 Net realized gain (loss) on investments and foreign currency transactions 2,295,338 5,751,630 Net increase (decrease) in unrealized appreciation (depreciation) (6,158,626) 3,552,001 ------------ ------------ Net increase (decrease) from operations (1,684,926) 13,764,228 ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (2,981,749) (3,694,430) Net realized gains (7,016,590) (884,410) ------------ ------------ TOTAL DISTRIBUTIONS (9,998,339) (4,578,840) ------------ ------------ SHARE TRANSACTIONS Proceeds from sales of shares 69,631,806 96,600,299 Value of distributions reinvested 6,689,290 3,354,989 Cost of shares redeemed (22,501,415) (46,103,702) ------------ ------------ TOTAL SHARE TRANSACTIONS 53,819,681 53,851,586 ------------ ------------ TOTAL INCREASE IN NET ASSETS 42,136,416 63,036,974 NET ASSETS Beginning of Period 179,059,385 116,022,411 ------------ ------------ End of Period $221,195,801 $179,059,385 ============ ============ UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (803,422) $ (35) CAPITAL SHARE TRANSACTIONS Shares sold by subscription 6,548,691 9,055,986 Issued for distributions reinvested 649,895 313,715 Shares redeemed (2,109,762) (4,311,516) ------------ ------------ Net increase in fund shares 5,088,824 5,058,185 ============ ============
SEE NOTES TO FINANCIAL STATEMENTS. 54 - --------------------------------------------------------------------------------
SA U.S. MARKET FUND SA U.S. HBTM FUND -------------------------- ------------------------- PERIOD ENDED PERIOD ENDED 12/31/2003 YEAR ENDED 12/31/2003 YEAR ENDED (UNAUDITED) 6/30/2003 (UNAUDITED) 6/30/2003 - ---------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income $ 653,409 $ 810,125 $ 252,924 $ 305,142 Net realized gain (loss) on investments and foreign currency transactions 213,674 (2,046,904) 1,955,909 (2,053,293) Net increase (decrease) in unrealized appreciation (depreciation) 27,126,797 6,194,276 16,876,519 5,346,832 ------------ ------------ ------------ ----------- Net increase (decrease) from operations 27,993,880 4,957,497 19,085,352 3,598,681 ------------ ------------ ------------ ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (1,153,538) (590,344) (413,852) (181,441) Net realized gains -- -- -- -- ------------ ------------ ------------ ----------- TOTAL DISTRIBUTIONS (1,153,538) (590,344) (413,852) (181,441) ------------ ------------ ------------ ----------- SHARE TRANSACTIONS Proceeds from sales of shares 55,468,918 78,478,697 31,373,863 46,140,184 Value of distributions reinvested 794,363 445,631 296,345 143,792 Cost of shares redeemed (12,798,901) (30,774,853) (9,233,900) (18,813,453) ------------ ------------ ------------ ----------- TOTAL SHARE TRANSACTIONS 43,464,380 48,149,475 22,436,308 27,470,523 ------------ ------------ ------------ ----------- TOTAL INCREASE IN NET ASSETS 70,304,722 52,516,628 41,107,808 30,887,763 NET ASSETS Beginning of Period 160,569,313 108,052,685 88,551,964 57,664,201 ------------ ------------ ------------ ----------- End of Period $230,874,035 $160,569,313 $129,659,772 $88,551,964 ============ ============ ============ =========== UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (94,046) $ 406,083 $ 1,686 $ 162,614 CAPITAL SHARE TRANSACTIONS Shares sold by subscription 6,040,469 10,148,251 3,301,070 6,031,389 Issued for distributions reinvested 82,062 58,559 29,111 18,870 Shares redeemed (1,401,707) (4,003,582) (987,410) (2,461,777) ------------ ------------ ------------ ----------- Net increase in fund shares 4,720,824 6,203,228 2,342,771 3,588,482 ============ ============ ============ ===========
55 - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (continued)
SA U.S. SMALL COMPANY FUND -------------------------- PERIOD ENDED 12/31/2003 YEAR ENDED (UNAUDITED) 6/30/2003 - ----------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income (loss) $ (166,267) $ (212,839) Net realized gain (loss) on investments and foreign currency transactions 2,030,711 (2,489,047) Net increase in unrealized appreciation (depreciation) 19,162,270 5,288,388 ------------ ------------ Net increase (decrease) from operations 21,026,714 2,586,502 ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- Net realized gains -- -- ------------ ------------ TOTAL DISTRIBUTIONS -- -- ------------ ------------ SHARE TRANSACTIONS Proceeds from sales of shares 23,520,543 32,029,600 Value of distributions reinvested -- -- Cost of shares redeemed (8,080,176) (12,320,336) ------------ ------------ TOTAL SHARE TRANSACTIONS 15,440,367 19,709,264 ------------ ------------ TOTAL INCREASE IN NET ASSETS 36,467,081 22,295,766 NET ASSETS Beginning of Period 76,149,984 53,854,218 ------------ ------------ End of Period $112,617,065 $ 76,149,984 ============ ============ UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (166,267) $ -- CAPITAL SHARE TRANSACTIONS Shares sold by subscription 1,671,393 3,071,518 Issued for distributions reinvested -- -- Shares redeemed (574,264) (1,201,512) ------------ ------------ Net increase in fund shares 1,097,129 1,870,006 ============ ============
SEE NOTES TO FINANCIAL STATEMENTS. 56 - --------------------------------------------------------------------------------
SA INTERNATIONAL HBTM FUND SA INTERNATIONAL SMALL COMPANY FUND -------------------------- ------------------------------------ PERIOD ENDED PERIOD ENDED 12/31/2003 YEAR ENDED 12/31/2003 YEAR ENDED (UNAUDITED) 6/30/2003 (UNAUDITED) 6/30/2003 - ------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income (loss) $ (44,046) $ 1,479,685 $ 766,918 $ 195,122 Net realized gain (loss) on investments and foreign currency transactions 4,021,259 (13,381,688) 866,937 (1,116,898) Net increase in unrealized appreciation (depreciation) 43,771,018 11,565,147 14,562,207 6,414,067 ------------ ------------ ------------ ------------ Net increase (decrease) from operations 47,748,231 (336,856) 16,196,062 5,492,291 ------------ ------------ ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (1,979,905) (718,941) (506,706) (223,401) Net realized gains -- -- -- -- ------------ ------------ ------------ ------------ TOTAL DISTRIBUTIONS (1,979,905) (718,941) (506,706) (223,401) ------------ ------------ ------------ ------------ SHARE TRANSACTIONS Proceeds from sales of shares 49,395,928 94,511,358 19,839,134 42,332,764 Value of distributions reinvested 1,387,602 569,260 367,109 180,162 Cost of shares redeemed (23,707,944) (63,348,445) (10,698,896) (32,609,260) ------------ ------------ ------------ ------------ TOTAL SHARE TRANSACTIONS 27,075,586 31,732,173 9,507,347 9,903,666 ------------ ------------ ------------ ------------ TOTAL INCREASE IN NET ASSETS 72,843,912 30,676,376 25,196,703 15,172,556 NET ASSETS Beginning of Period 154,891,831 124,215,455 54,466,025 39,293,469 ------------ ------------ ------------ ------------ End of Period $227,735,743 $154,891,831 $ 79,662,728 $ 54,466,025 ============ ============ ============ ============ UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (220,044) $ 1,606,295 $ 286,221 $ 26,009 CAPITAL SHARE TRANSACTIONS Shares sold by subscription 5,336,939 12,976,779 1,792,848 5,094,689 Issued for distributions reinvested 136,441 80,746 30,240 23,068 Shares redeemed (2,577,491) (8,697,369) (981,667) (3,880,114) ------------ ------------ ------------ ------------ Net increase in fund shares 2,895,889 4,360,156 841,421 1,237,643 ============ ============ ============ ============
57 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
SA FIXED INCOME FUND - ------------------------------------------------------------------------------------------------------------------------ PERIOD ENDED DECEMBER 31, 2003 YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED (UNAUDITED) JUNE 30, 2003 JUNE 30, 2002 JUNE 30, 2001 JUNE 30, 2000* - ------------------------------------------------------------------------------------------------------------------------ (I CLASS) (I CLASS) Net Asset Value, Beginning of Period $ 10.91 $ 10.21 $ 9.87 $ 10.04 $ 10.00 -------- -------- -------- ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.11 0.31 0.30 0.44 0.35 Net realized and unrealized gain/(loss) on investments (0.25) 0.72 0.34 0.13 0.03 -------- -------- -------- ------- ------- Total from investment operations (0.14) 1.03 0.64 0.57 0.38 -------- -------- -------- ------- ------- LESS DISTRIBUTIONS: Dividends from net investment income (0.15) (0.26) (0.28) (0.74) (0.34) Distributions from capital gains (0.34) (0.07) (0.02) -- -- -------- -------- -------- ------- ------- Total distributions (0.49) (0.33) (0.30) (0.74) (0.34) -------- -------- -------- ------- ------- Net asset value, end of period $ 10.28 $ 10.91 $ 10.21 $ 9.87 $ 10.04 ======== ======== ======== ======= ======= Total return (1) (1.23)% 10.19% 6.59% 5.88% 3.90% Net assets, end of period (000s) $221,196 $179,059 $116,022 $45,455 $15,165 Ratio of net expenses to average net assets (2) 1.00% 0.89% 0.85% 0.87% 1.00% Ratio of gross expenses to average net assets (2)(3) 1.35% 1.40% 1.59% 2.06% 3.08% Ratio of net investment income to average net assets (2) 2.22% 3.00% 3.59% 4.20% 4.35% Portfolio turnover rate (1) 54% 85% 77% 135% 20% Without giving effect to the voluntary expense limitations described in Note 2 to the Financial Statements, net investment income per share would have been (3) $ 0.10 $ 0.27 $ 0.24 $ 0.31 $ 0.18
* From commencement of operations, July 29, 1999. (1) Periods less than one year are not annualized. (2) Annualized for periods less than one year. (3) Gross expenses before waivers and reimbursement of expenses. SEE NOTES TO FINANCIAL STATEMENTS. 58 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued)
SA U.S. MARKET FUND - ------------------------------------------------------------------------------------------------------------------------ PERIOD ENDED DECEMBER 31, 2003 YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED (UNAUDITED) JUNE 30, 2003 JUNE 30, 2002 JUNE 30, 2001 JUNE 30, 2000* - ------------------------------------------------------------------------------------------------------------------------ (I CLASS) (I CLASS) Net Asset Value, Beginning of Period $ 8.54 $ 8.57 $ 10.26 $ 11.59 $ 10.00 -------- -------- -------- ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.02 0.05 0.03 0.04 0.02 Net realized and unrealized gain (loss) on investments 1.30 (0.04) (1.69) (1.30) 1.57 -------- -------- -------- ------- ------- Total from investment operations 1.32 0.01 (1.66) (1.26) 1.59 -------- -------- -------- ------- ------- LESS DISTRIBUTIONS: Dividends from net investment income (0.05) (0.04) (0.03) (0.04) -- Distributions from capital gains -- -- -- (0.03) -- -------- -------- -------- ------- ------- Total distributions (0.05) (0.04) (0.03) (0.07) -- -------- -------- -------- ------- ------- Net asset value, end of period $ 9.81 $ 8.54 $ 8.57 $ 10.26 $ 11.59 ======== ======== ======== ======= ======= Total return (1) 15.47% 0.17% (16.20)% (10.89)% 15.90% Net assets, end of period (000s) $230,874 $160,569 $108,053 $55,605 $16,188 Ratio of net expenses to average net assets (2) 1.08% 0.97% 0.92% 0.95% 1.08% Ratio of gross expenses to average net assets (2)(3) 1.26% 1.38% 1.52% 1.87% 3.33% Ratio of net investment income to average net assets (2) 0.69% 0.67% 0.43% 0.44% 0.43% Portfolio turnover rate (1) 0% 2% 1% 16% 1% Without giving effect to the voluntary expense limitations described in Note 2 to the Financial Statements, net investment income (loss) per share would have been (3) $ 0.02 $ 0.02 $ (0.01) $ (0.04) $ (0.09)
* From commencement of operations, August 5, 1999. (1) Periods less than one year are not annualized. (2) Annualized for periods less than one year. (3) Gross expenses before waivers and reimbursement of expenses. SEE NOTES TO FINANCIAL STATEMENTS. 59 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued)
SA U.S. HBTM FUND - ------------------------------------------------------------------------------------------------------------------------ PERIOD ENDED DECEMBER 31, 2003 YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED (UNAUDITED) JUNE 30, 2003 JUNE 30, 2002 JUNE 30, 2001 JUNE 30, 2000* - ------------------------------------------------------------------------------------------------------------------------ (I CLASS) (I CLASS) Net Asset Value, Beginning of Period $ 8.70 $ 8.75 $ 11.02 $ 8.62 $ 10.00 -------- ------- ------- ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.02 0.03 0.01 0.08 0.06 Net realized and unrealized gain (loss) on investments 1.67 (0.06) (2.24) 2.46 (1.44) -------- ------- ------- ------- ------- Total from investment operations 1.69 (0.03) (2.23) 2.54 (1.38) -------- ------- ------- ------- ------- LESS DISTRIBUTIONS: Dividends from net investment income (0.03) (0.02) (0.04) (0.11) -- Distributions from capital gains -- -- -- (0.03) -- -------- ------- ------- ------- ------- Total distributions (0.03) (0.02) (0.04) (0.14) -- -------- ------- ------- ------- ------- Net asset value, end of period $ 10.36 $ 8.70 $ 8.75 $ 11.02 $ 8.62 ======== ======= ======= ======= ======= Total return (1) 19.49% (0.27)% (20.31)% 29.69% (13.80)% Net assets, end of period (000s) $129,660 $88,552 $57,664 $29,578 $ 6,987 Ratio of net expenses to average net assets (2) 1.13% 1.08% 1.05% 1.07% 1.13% Ratio of gross expenses to average net assets (2)(3) 1.56% 1.75% 1.92% 2.61% 5.67% Ratio of net investment income to average net assets (2) 0.49% 0.47% 0.23% 1.03% 1.57% Portfolio turnover rate (1) 10% 7% 3% 26% 3% Without giving effect to the voluntary expense limitations described in Note 2 to the Financial Statements, net investment income (loss) per share would have been (3) $ 0.00** $ (0.02) $ (0.04) $ (0.04) $ (0.12)
* From commencement of operations, August 5, 1999. ** Amount rounds to less than $0.01 per share (1) Periods less than one year are not annualized. (2) Annualized for periods less than one year. (3) Gross expenses before waivers and reimbursement of expenses. SEE NOTES TO FINANCIAL STATEMENTS. 60 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued)
SA U.S SMALL COMPANY FUND - ------------------------------------------------------------------------------------------------------------------------ PERIOD ENDED DECEMBER 31, 2003 YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED (UNAUDITED) JUNE 30, 2003 JUNE 30, 2002 JUNE 30, 2001 JUNE 30, 2000* - ------------------------------------------------------------------------------------------------------------------------ (I CLASS) (I CLASS) Net Asset Value, Beginning of Period $ 12.15 $ 12.24 $ 13.68 $ 12.58 $10.00 -------- ------- ------- ------- ------ INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.02) (0.03) (0.05) (0.03) (0.01) Net realized and unrealized gain (loss) on investments 3.16 (0.06) (1.39) 1.16 2.59 -------- ------- ------- ------- ------ Total from investment operations 3.14 (0.09) (1.44) 1.13 2.58 -------- ------- ------- ------- ------ LESS DISTRIBUTIONS: Distributions from capital gains -- -- -- (0.03) -- -------- ------- ------- ------- ------ Total distributions -- -- -- (0.03) -- -------- ------- ------- ------- ------ Net asset value, end of period $ 15.29 $ 12.15 $ 12.24 $ 13.68 $12.58 ======== ======= ======= ======= ====== Total return (1) 25.84% (0.74)% (10.52)% 9.02% 25.80% Net assets, end of period (000s) $112,617 $76,150 $53,854 $29,252 $6,836 Ratio of net expenses to average net assets (2) 1.28% 1.26% 1.25% 1.26% 1.28% Ratio of gross expenses to average net assets (2)(3) 1.81% 2.11% 2.38% 3.32% 6.62% Ratio of net investment loss to average net assets (2) (0.35)% (0.38)% (0.51)% (0.28)% (0.18)% Portfolio turnover rate (1) 3% 7% 5% 17% 4% Without giving effect to the voluntary expense limitations described in Note 2 to the Financial Statements, net investment loss per share would have been (3) $ (0.06) $ (0.11) $ (0.15) $ (0.22) $(0.30)
* From commencement of operations, August 5, 1999. (1) Periods less than one year are not annualized. (2) Annualized for periods less than one year. (3) Gross expenses before waivers and reimbursement of expenses. SEE NOTES TO FINANCIAL STATEMENTS. 61 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued)
SA INTERNATIONAL HBTM FUND - ------------------------------------------------------------------------------------------------------------------------ PERIOD ENDED DECEMBER 31, 2003 YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED (UNAUDITED) JUNE 30, 2003 JUNE 30, 2002 JUNE 30, 2001 JUNE 30, 2000* - ------------------------------------------------------------------------------------------------------------------------ (I CLASS) (I CLASS) Net Asset Value, Beginning of Period $ 8.19 $ 8.54 $ 9.41 $ 9.99 $ 10.00 -------- -------- -------- ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) (0.01) 0.07 0.03 0.09 0.11 Net realized and unrealized gain (loss) on investments 2.35 (0.38) (0.79) (0.60) (0.08) -------- -------- -------- ------- ------- Total from investment operations 2.34 (0.31) (0.76) (0.51) 0.03 -------- -------- -------- ------- ------- LESS DISTRIBUTIONS: Dividends from net investment income (0.09) (0.04) (0.07) (0.06) (0.04) Distributions from capital gains -- -- (0.04) (0.01) -- -------- -------- -------- ------- ------- Total distributions (0.09) (0.04) (0.11) (0.07) (0.04) -------- -------- -------- ------- ------- Net asset value, end of period $ 10.44 $ 8.19 $ 8.54 $ 9.41 $ 9.99 ======== ======== ======== ======= ======= Total return (1) 28.64% (3.51)% (8.08)% (5.15)% 0.36% Net assets, end of period (000s) $227,736 $154,892 $124,215 $60,642 $21,192 Ratio of net expenses to average net assets (2) 1.53% 1.47% 1.45% 1.47% 1.53% Ratio of gross expenses to average net assets (2)(3) 1.59% 1.71% 1.80% 2.10% 3.66% Ratio of net investment income (loss) to average net assets (2) (0.05)% 1.18% 0.91% 1.27% 2.22% Portfolio turnover rate (1) 7% 13% 3% 12% 2% Without giving effect to the voluntary expense limitations described in Note 2 to the Financial Statements, net investment income (loss) per share would have been (3) $ (0.01) $ 0.07 $ 0.02 $ 0.05 $ 0.00**
* From commencement of operations, August 5, 1999. ** Amount rounds to less than $0.01. (1) Periods less than one year are not annualized. (2) Annualized for periods less than one year. (3) Gross expenses before waivers and reimbursement of expenses. SEE NOTES TO FINANCIAL STATEMENTS. 62 - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued)
SA INTERNATIONAL SMALL COMPANY FUND - ------------------------------------------------------------------------------------------------------------------------ PERIOD ENDED DECEMBER 31, 2003 YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED (UNAUDITED) JUNE 30, 2003 JUNE 30, 2002 JUNE 30, 2001 JUNE 30, 2000* - ------------------------------------------------------------------------------------------------------------------------ (I CLASS) (I CLASS) Net Asset Value, Beginning of Period $ 9.85 $ 9.16 $ 9.18 $ 10.42 $10.00 ------- ------- ------- ------- ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.12 0.04 0.01 0.05 0.17 Net realized and unrealized gain (loss) on investments 2.62 0.70 0.03 (1.11) 0.47 ------- ------- ------- ------- ------ Total from investment operations 2.74 0.74 0.04 (1.06) 0.64 ------- ------- ------- ------- ------ LESS DISTRIBUTIONS: Dividends from net investment income (0.08) (0.05) (0.06) -- (0.22) Distributions from capital gains -- -- -- (0.18) -- ------- ------- ------- ------- ------ Total distributions (0.08) (0.05) (0.06) (0.18) (0.22) ------- ------- ------- ------- ------ Net asset value, end of period $ 12.51 $ 9.85 $ 9.16 $ 9.18 $10.42 ======= ======= ======= ======= ====== Total return (1) 27.86% 8.16% 0.47% (10.15)% 5.84% Net assets, end of period (000s) $79,663 $54,466 $39,293 $17,850 $5,613 Ratio of net expenses to average net assets (2) 1.28% 1.28% 1.28% 1.29% 1.28% Ratio of gross expenses to average net assets (2)(3) 1.36% 1.62% 1.92% 3.04% 7.08% Ratio of net investment income to average net assets (2) 2.30% 0.47% 0.39% 0.68% 0.95% Portfolio turnover rate (1) N/A N/A N/A N/A 25% Without giving effect to the voluntary expense limitations described in Note 2 to the Financial Statements, net investment income (loss) per share would have been (3) $ 0.12 $ 0.01 $ (0.01) $ (0.08) $(0.86)
* From commencement of operations, August 5, 1999. (1) Periods less than one year are not annualized. (2) Annualized for periods less than one year. (3) Gross expenses before waivers and reimbursement of expenses. N/A Refer to financial statements of respective Master Fund. SEE NOTES TO FINANCIAL STATEMENTS. 63 - -------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2003 - -------------------------------------------------------------------------------- 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES SA Funds -- Investment Trust (the "Trust") was organized as a Delaware business trust on June 16, 1998. The Agreement and Declaration of Trust permits the Trust to offer separate portfolios ("Funds") of shares of beneficial interest and different classes of shares of each Fund. The Trust currently offers six Funds, each of which is registered under the Investment Company Act of 1940 (the "1940 Act"), and is a diversified mutual fund as defined in the 1940 Act. The Trust currently offers the following Funds: SA Fixed Income Fund SA U.S. Market Fund SA U.S. HBtM Fund SA U.S. Small Company Fund SA International HBtM Fund SA International Small Company Fund All of the Funds commenced investment operations on August 5, 1999 with the exception of SA Fixed Income Fund, which commenced operations on July 29, 1999. Prior to October 30, 2000, the Funds offered two classes of shares -- Class I and Class S. Effective after the close of business on August 11, 2000, the Class S shares of all SA Funds were consolidated into Class I shares, such that the Funds no longer had Class S shares outstanding. The Trust's Board of Trustees then eliminated the Trust's multi-class plan, effective October 30, 2000, and all outstanding shares of the Funds are now designated as "shares" (without a class denomination). Effective October 30, 2000, SA International Small Company Fund became a feeder fund in a master/feeder relationship, such that it invests all of its investable assets in the International Small Company Portfolio, a series of DFA Investment Dimensions Group (the "DFA International Small Company Portfolio" or the "Master Fund"). (Prior to the effective date, SA International Small Company Fund was a fund of funds.) The investment objective and fundamental policies of the Master Fund are the same as those of SA International Small Company Fund. As of December 31, 2003, SA International Small Company Fund held approximately 7.62% of the Master Fund. The performance of SA International Small Company Fund is directly affected by the performance of the Master Fund. The financial statements of the Master Fund are included elsewhere in this report and should be read in conjunction with the financial statements of SA International Small Company Fund. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds: SECURITY VALUATION -- Equity securities listed on an exchange for which market quotations are readily available are valued according to the official closing price, if any, or at their last sale price on the exchange where primarily traded, or in the absence of such reported sales, at the mean between the most recent quoted bid and asked prices. Unlisted equity securities for which market quotations are readily available are valued at the mean between the most recent quoted bid and asked prices. Long-term and short-term debt securities are valued 64 - -------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2003 (Continued) - -------------------------------------------------------------------------------- based upon prices provided by pricing services approved by the Board of Trustees of the Trust. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by a committee appointed by the Board of Trustees of the Trust. The shares of SSgA Government Money Market Fund and SSgA Money Market Fund held by the Funds, shares of the DFA U.S. MicroCap Portfolio held by SA U.S. Market Fund, and shares of the Master Fund held by SA International Small Company Fund are valued at the respective daily net asset value of the purchased fund. Valuation of securities by the Master Fund is discussed in the Master Fund's Notes to Financial Statements, which are included elsewhere in this report. REPURCHASE AGREEMENTS -- The Funds may agree to purchase securities from financial institutions such as member banks of the Federal Reserve System or any foreign bank or any domestic broker/dealer that is recognized as a reporting government securities dealer, subject to the seller's agreement to repurchase them at an agreed-upon time and price. Dimensional Fund Advisors, Inc. ("DFA" or the Funds' "Sub-Adviser"), will review and continuously monitor the creditworthiness of the seller under a repurchase agreement, and will require the seller to maintain liquid assets segregated on the books of the Fund or the Fund's custodian in an amount that is greater than the repurchase price. Default by, or bankruptcy of, the seller would, however, expose a Fund to possible loss because of adverse market action or delays in connection with the disposition of underlying obligations except with respect to repurchase agreements secured by U.S. government securities. FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS -- The books and records of the Funds are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars is translated into U.S. dollars based upon foreign currency exchange rates prevailing at the end of the period. Purchases and sales of investment securities are translated at contractual currency exchange rates established at the time of the trade. Income and expenses are translated at prevailing exchange rates on the respective dates of such transactions. The results of operations resulting from changes in foreign exchange rates on investments are not reported separately from fluctuations arising from changes in market prices of securities held. All such fluctuations are included with net realized and unrealized gain or loss on investments. SA Fixed Income Fund, SA International HBtM Fund and SA International Small Company Fund may purchase foreign securities. Investing in foreign securities and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of appropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of securities of comparable U.S. companies and the U.S. government. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- Each Fund that may invest in foreign securities may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract is an agreement between two parties to buy or sell currency at a set price on a future date. By entering into a forward contract for the purchase or sale for a fixed amount of dollars of the amount of foreign currency involved in the underlying security transactions, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the applicable foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received. 65 - -------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2003 (Continued) - -------------------------------------------------------------------------------- The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward currency exchange rate, and the change in market value is recorded as unrealized appreciation (depreciation) on foreign currency translations in the Funds' Statements of Assets and Liabilities. When the contract is closed, realized gain or loss is recognized, which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, and recorded as realized gain (loss) on foreign currency transactions in the Funds' Statements of Operations. Forward foreign currency exchange contracts may involve risks from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. INVESTMENT TRANSACTIONS, INCOME AND EXPENSES -- Investments in securities are accounted for as of trade date (the date the buy or sell is executed). Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes amortization of discounts and premiums based on the effective interest method. Gains and losses are determined on the identified cost basis, which is the same as for federal income tax purposes. Expenses directly attributable to a specific Fund are charged to the respective Fund. Expenses that cannot be attributed to a particular Fund are apportioned among the Funds evenly or based on relative net assets. INDEMNIFICATIONS -- Under the Funds' organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Funds. In addition, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposures under these arrangements are unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote. FEDERAL INCOME TAXES -- The Funds' policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no income tax provision is required. DISTRIBUTIONS TO SHAREHOLDERS -- Each Fund, excluding SA Fixed Income Fund, declares and pays its investment income annually. SA Fixed Income Fund declares and pays its net investment income quarterly. All of the Funds declare and pay distributions from net realized capital gains at least annually. Dividends to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterizations of distributions made by the Funds. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Undistributed net investment income and accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax differences which will reverse in a subsequent period. During any particular year net realized gains from investment transactions, in excess of available capital loss carry forwards, would be taxable to the Funds if not distributed and, therefore, would be distributed to shareholders annually. 66 - -------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2003 (Continued) - -------------------------------------------------------------------------------- 2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES The Trust has an Investment Advisory and Administrative Services Agreement with Assante Asset Management Inc. (the "Manager"), under which the Manager manages the investments of, and provides administrative services to, each Fund. The Manager is an indirect, wholly-owned subsidiary of Loring Ward International Ltd., which is a publicly traded financial services company located in Winnipeg, Canada. For the advisory services provided, the Manager is entitled to fees from each Fund computed daily and payable at an annual rate based on each Fund's average daily net assets, which fee is included in the total advisory fee ratio set forth below. The Trust and the Manager have jointly entered into a Sub-Advisory Agreement with DFA. For the sub-advisory services provided, DFA is entitled to a fee computed daily and payable monthly at an annual rate based on each Fund's average daily net assets, which fee is included in the total advisory fee ratio set forth below. SA International Small Company Fund will not pay a fee to DFA for its sub-advisory services for as long as it remains a feeder fund. However, DFA receives an administration fee from the Master Fund and also receives advisory fees for providing advisory services to the funds in which the Master Fund invests. The total advisory fees accrued to each Fund are as follows:
ADVISORY FUND FEES - ---- -------- SA Fixed Income Fund.............................. 0.84% SA U.S. Market Fund............................... 0.70% SA U.S. HBtM Fund................................. 0.92% SA U.S. Small Company Fund........................ 1.03% SA International HBtM Fund........................ 1.03% SA International Small Company Fund............... 0.65%
The Trust has a Shareholder Servicing Agreement with the Manager. For the shareholder services provided the Manager is paid an annual service fee at the rate of 0.25% of the value of the average daily net assets of each Fund. For the administrative services provided, the Manager is entitled to a fee from each Fund computed daily and payable monthly at a rate of 0.10% of the average daily net assets of each Fund. The Manager has contractually agreed to waive its management fees and/or to reimburse expenses to the extent necessary to limit each Fund's total operating expenses to the amounts shown in the table below. This agreement will remain in effect until July 15, 2009, at which time the agreement may be continued, modified or eliminated and net expenses will be adjusted as necessary.
EXPENSE FUND LIMIT - ---- ------- SA Fixed Income Fund.............................. 1.00% SA U.S. Market Fund............................... 1.08% SA U.S. HBtM Fund................................. 1.13% SA U.S. Small Company Fund........................ 1.28% SA International HBtM Fund........................ 1.53% SA International Small Company Fund............... 1.28%
67 - -------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2003 (Continued) - -------------------------------------------------------------------------------- The Manager may elect to recapture any amounts waived or reimbursed subject to the following conditions: (1) the Manager must request reimbursement within three years from the end of the year in which the waiver/ reimbursement is made, (2) the Board of Trustees must approve the reimbursement, (3) reimbursement will be made if, and to the extent that, the relevant fund does not exceed its operating expense limitation after giving effect to the reimbursement, and (4) the Manager may not request or receive reimbursements for the reductions and waivers before payment of the relevant Fund's operating expenses for the current year. During the period ended December 31, 2003, the Manager recaptured $102,150 from SA International HBtM Fund pursuant to these conditions. As of December 31, 2003, the following amounts are subject to this recapture through June 30, 2004, June 30, 2005, June 30, 2006 and June 30, 2007 respectively.
EXPIRES EXPIRES EXPIRES EXPIRES FUND JUNE 30, 2004 JUNE 30, 2005 JUNE 30, 2006 JUNE 30, 2007 - ---- ---------------- ---------------- ---------------- ---------------- SA Fixed Income Fund.......... $421,171 $535,952 $704,944 $321,683 SA U.S. Market Fund........... 410,994 462,497 444,089 150,470 SA U.S. HBtM Fund............. 344,037 362,632 382,605 200,834 SA U.S. Small Company Fund.... 410,555 439,148 419,760 227,056 SA International HBtM Fund.... 228,379 273,878 241,508 36,040 SA International Small Company Fund........................ 248,665 150,060 90,225 6,171
TRUSTEES' FEES AND EXPENSES -- For their services as trustees, the trustees who are not "interested persons" (as defined in the 1940 Act) receive an annual retainer fee of $20,000 per year, as well as reimbursement for expenses incurred in connection with attendance at such meetings. Interested trustees receive no compensation for their services as trustees. SUB-ADMINISTRATION FEES -- State Street Bank and Trust Company ("State Street") serves as sub-administrator for the Trust, pursuant to a Sub-Administration Agreement with the Trust and the Manager of the Trust. For providing such services, State Street receives a fee that is calculated daily and paid monthly at an annual rate based on the average daily net assets of each Fund as follows: 0.06% of the first $750 million of net assets, plus 0.04% of net assets between $750 million and $1.5 billion, plus 0.02% of net assets over $1.5 billion, subject to a minimum fee of $85,000 annually per Fund. State Street has contractually agreed to waive $250,000 of its fees to the Funds each year for the calendar years 2002 and 2003. Effective January 1, 2004 State Street will receive a fee that is calculated daily and paid monthly at an annual rate based on the average daily net assets of each Fund as follows: 0.04% of the first $750 million of net assets, plus 0.03% of net assets between $750 million and $1.5 billion, plus 0.02% of net assets over $1.5 billion, subject to a minimum fee of $68,700 annually per Fund. 68 - -------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2003 (Continued) - -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES Excluding short-term investments, each Fund's purchases and sales of securities for the year ended December 31, 2003 were as follows:
PURCHASES ----------------------------- U.S. GOVERNMENT OTHER --------------- ------------ SA Fixed Income Fund.................... $57,704,483 $99,628,223 SA U.S. Market Fund..................... -- 45,137,123 SA U.S. HBtM Fund....................... -- 33,800,506 SA U.S. Small Company Fund.............. -- 19,070,386 SA International HBtM Fund.............. -- 41,611,915 SA International Small Company Fund..... N/A N/A
SALES ----------------------------- U.S. GOVERNMENT OTHER --------------- ------------ SA Fixed Income Fund.................... $24,316,558 $76,386,868 SA U.S. Market Fund..................... -- 565,075 SA U.S. HBtM Fund....................... -- 10,543,453 SA U.S. Small Company Fund.............. -- 2,946,151 SA International HBtM Fund.............. -- 12,438,308 SA International Small Company Fund..... N/A N/A
N/A -- Refer to the Master Fund's financial statements. 4. PROXY VOTING POLICIES AND PROCEDURES A description of the policies and procedures that are used by the Funds' investment sub-adviser to vote proxies relating to the Funds' portfolio securities is available without charge, upon request, by calling (800) 366-7266. Information regarding how the investment sub-adviser votes these proxies will become available by calling the same number and on the website of the U.S. Securities and Exchange Commission at http://www.sec.gov when the Funds file their first report on Form N-PX which is due by August 31, 2004 covering the Funds' proxy voting record for the 12-month period ending June 30, 2004. 69 SELECTED FINANCIAL STATEMENTS OF DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO TABLE OF CONTENTS
PAGE -------- Schedule of Investments -- December 31, 2003 (Unaudited).............. 71 Schedule of Investments -- November 30, 2003.......................... 72 Statement of Assets and Liabilities -- December 31, 2003 (Unaudited).......................................................... 73 Statement of Assets and Liabilities -- November 30, 2003.............. 74 Statement of Operations............................................... 75 Statements of Changes in Net Assets................................... 76 Financial Highlights.................................................. 77 Notes to Financial Statements......................................... 78 Report of Independent Certified Public Accountants.................... 82 Fund Management....................................................... 168
70 DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 2003 (UNAUDITED)
VALUE ----- Investment in The Japanese Small Company Series of The DFA Investment Trust Company (26.6%) (Cost $267,582,745)...... $ 278,469,777 Investment in The Pacific Rim Small Company Series of The DFA Investment Trust Company (13.0%) (Cost $115,554,951)............................................. 135,112,093 Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company (20.0%) (Cost $164,445,660)............................................. 207,190,724 Investment in The Continental Small Company Series of The DFA Investment Trust Company (40.3%) (Cost $292,510,532)............................................. 420,342,140 Temporary Cash Investments (0.1%) Repurchase Agreement, PNC Capital Markets Inc. 0.80%, 01/02/04 (Collateralized by $1,544,000 FNMA Discount Notes 1.03%, 02/25/04, valued at $1,541,684) to be repurchased at $1,518,087 (Cost $1,518,000)............................................... 1,518,000 -------------- Total Investments (100%) (Cost $841,611,888)++.......... $1,042,632,734 ==============
- -------------- ++The cost for federal income tax purposes is $843,436,303. 71 DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO SCHEDULE OF INVESTMENTS NOVEMBER 30, 2003
VALUE+ ------ Investment in The Japanese Small Company Series of The DFA Investment Trust Company (26.8%) (Cost $247,518,637)...... $244,017,796 Investment in The Pacific Rim Small Company Series of The DFA Investment Trust Company (14.0%) (Cost $111,457,252)............................................. 127,432,216 Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company (15.3%) (Cost $105,088,482)............................................. 138,605,642 Investment in The Continental Small Company Series of The DFA Investment Trust Company (43.6%) (Cost $292,806,851)............................................. 396,264,638 Temporary Cash Investments (0.3%) Repurchase Agreement, PNC Capital Markets Inc. 0.82%, 12/01/03 (Collateralized by $2,898,000 FHLB Notes 1.875%, 02/15/05, valued at $2,919,735) to be repurchased at $2,876,197 (Cost $2,876,000)............................................... 2,876,000 ------------ Total Investments (100%) (Cost $759,747,222)++.......... $909,196,292 ============
- -------------- +See Note B to Financial Statements ++The cost for federal income tax purposes is $761,571,637 See accompanying Notes to Financial Statements. 72 DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 2003 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) (UNAUDITED) ASSETS: Investments at Value (Cost $841,612).............. $1,042,633 Cash.............................................. 15 Prepaid Expenses and Other Assets................. 27 ---------- Total Assets.................................. 1,042,675 ---------- LIABILITIES: Payable to Advisor................................ 319 Accrued Expenses and Other Liabilities............ 29 ---------- Total Liabilities............................. 348 ---------- NET ASSETS........................................ $1,042,327 ========== SHARES OUTSTANDING $.01 PAR VALUE (Authorized 100,000,000)........................ 91,112,747 ========== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE........................................... $ 11.44 ========== NET ASSETS CONSIST OF: Paid-in Capital................................... $ 843,741 Accumulated Net Investment Income (Loss).......... (2,750) Accumulated Net Realized Gain (Loss).............. 341 Accumulated Net Realized Foreign Exchange Gain (Loss).......................................... (65) Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency...... 201,021 Unrealized Net Foreign Exchange Gain (Loss)....... 39 ---------- Total Net Assets.............................. $1,042,327 ==========
73 DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 2003 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) ASSETS: Investments at Value (Cost $759,747).............. $ 909,196 Cash.............................................. 16 Receivable for Fund Shares Sold................... 1,156 Prepaid Expenses and Other Assets................. 20 ---------- Total Assets.................................. 910,388 ---------- LIABILITIES: Payables: Fund Shares Redeemed.......................... 171 Due to Advisor................................ 298 Accrued Expenses and Other Liabilities............ 32 ---------- Total Liabilities............................. 501 ---------- NET ASSETS........................................ $ 909,887 ========== SHARES OUTSTANDING $.01 PAR VALUE (Authorized 100,000,000)........................ 82,731,629 ========== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE........................................... $ 11.00 ========== NET ASSETS CONSIST OF: Paid-in Capital................................... $ 749,865 Accumulated Net Investment Income (Loss).......... 11,283 Accumulated Net Realized Gain (Loss).............. (1,208) Accumulated Net Realized Foreign Exchange Gain (Loss).......................................... 309 Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency...... 149,449 Unrealized Net Foreign Exchange Gain (Loss)....... 189 ---------- Total Net Assets.............................. $ 909,887 ==========
See accompanying Notes to Financial Statements. 74 DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENT OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2003 (AMOUNTS IN THOUSANDS) INVESTMENT INCOME Dividends (Net of Foreign Taxes Withheld of $1,642)....................................... $15,561 Interest........................................ 299 Income from Securities Lending.................. 1,152 Expenses Allocated From Master Funds............ (1,841) ------- Total Investment Income................... 15,171 ------- EXPENSES Administrative Services......................... 2,535 Accounting & Transfer Agent Fees................ 35 Legal Fees...................................... 15 Audit Fees...................................... 3 Filing Fees..................................... 34 Shareholders' Reports........................... 32 Directors' Fees and Expenses.................... 11 ------- Total Expenses............................ 2,665 ------- NET INVESTMENT INCOME (LOSS).................... 12,506 ------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY Net Realized Gain (Loss) on Investment Securities Sold............................... 10,185 Net Realized Gain (Loss) on Foreign Currency Transactions.................................. 309 Change in Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency...................................... 249,662 Translation of Foreign Currency Denominated Amounts....................................... 102 ------- NET LOSS ON INVESTMENT SECURITIES AND FOREIGN CURRENCY..................................... 260,258 ------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................. $272,764 =======
See accompanying Notes to Financial Statements. 75 DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS)
YEAR YEAR ENDED ENDED NOV. 30, NOV. 30, 2003 2002 ----------- ----------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income (Loss).......... $ 12,506 $ 7,813 Net Realized Gain (Loss) on Investment Securities Sold..................... 10,185 305 Net Realized Gain (Loss) on Foreign Currency Transactions............... 309 222 Change in Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency..... 249,662 (19,049) Translation of Foreign Currency Denominated Amounts................. 102 123 --------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations.................... 272,764 (10,586) --------- -------- Distributions From: Net Investment Income................. (8,564) (6,930) --------- -------- Total Distributions............. (8,564) (6,930) --------- -------- Capital Share Transactions (1): Shares Issued......................... 281,724 218,575 Shares Issued in Lieu of Cash Distributions....................... 8,551 6,917 Shares Redeemed....................... (109,166) (99,598) --------- -------- Net Increase (Decrease) From Capital Shares Transactions... 181,109 125,894 --------- -------- Total Increase (Decrease)....... 445,309 108,378 NET ASSETS Beginning of Period................... 464,578 356,200 --------- -------- End of Period......................... $ 909,887 $464,578 ========= ======== (1) SHARES ISSUED AND REDEEMED: Shares Issued....................... 31,592 28,394 Shares Issued in Lieu of Cash Distributions..................... 1,199 948 Shares Redeemed..................... (12,776) (13,054) --------- -------- 20,015 (16,288) ========= ========
See accompanying Notes to Financial Statements. 76 DFA INVESTMENT DIMENSIONS GROUP INC. INTERNATIONAL SMALL COMPANY PORTFOLIO FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2003 2002 2001 2000 1999 -------- -------- -------- -------- -------- Net Asset Value, Beginning of Period.... $ 7.41 $ 7.67 $ 8.49 $ 9.13 $ 7.82 -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income (Loss)............... 0.16 0.14 0.15 0.17 0.15 Net Gains (Losses) on Securities (Realized and Unrealized)...... 3.57 (0.25) (0.67) (0.62) 1.31 -------- -------- -------- -------- -------- Total From Investment Operations........... 3.73 (0.11) (0.52) (0.45) 1.46 -------- -------- -------- -------- -------- LESS DISTRIBUTIONS Net Investment Income............... (0.14) (0.15) (0.17) (0.19) (0.15) Net Realized Gains..... -- -- (0.13) -- -- -------- -------- -------- -------- -------- Total Distributions.... (0.14) (0.15) (0.30) (0.19) (0.15) -------- -------- -------- -------- -------- Net Asset Value, End of Period................. $ 11.00 $ 7.41 $ 7.67 $ 8.49 $ 9.13 ======== ======== ======== ======== ======== Total Return............. 51.28% (1.39)% (6.36)% (5.01)% 19.07% Net Assets, End of Period (thousands)............ $909,887 $464,578 $356,200 $309,060 $250,442 Ratio of Expenses to Average Net Assets (1).................... 0.71% 0.71% 0.72% 0.71% 0.75% Ratio of Net Investment Income to Average Net Assets................. 1.97% 1.83% 2.02% 2.10% 1.76% Portfolio Turnover Rate................... N/A N/A N/A N/A N/A
- -------------- (1) Represents the combined ratios for the portfolio and its respective pro-rata share of its Master Fund Series. N/A Refer to the respective Master Fund Series. See accompanying Notes to Financial Statements. 77 DFA INVESTMENT DIMENSIONS GROUP INC. NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 2003 A. ORGANIZATION: DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management investment company whose shares are offered, without a sales charge, generally to institutional investors and clients of registered investment advisors. One of the Fund's forty portfolios (the "Portfolio") is included in this report. Of the remaining thirty-nine portfolios, six portfolios are only available through a select group of insurance products and are presented in a separate report, twenty-nine are presented in separate reports, and four have not commenced operations. The Portfolio (the "Feeder Fund") invests in four series of The DFA Investment Trust Company (the "Master Funds"):
PERCENTAGE OWNERSHIP PORTFOLIO (FEEDER FUND) SERIES (MASTER FUNDS) AT 11/30/03 - ---------------------------------------- ---------------------------------------- ----------- International Small Company Portfolio The Japanese Small Company Series 86% The Pacific Rim Small Company Series 81% The United Kingdom Small Company Series 86% The Continental Small Company Series 88%
The Portfolio also invests in short term temporary cash investments from time to time. The financial statements of the Master Funds are included elsewhere in this report and should be read in conjunction with these financial statements. In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnification. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. B. SIGNIFICANT ACCOUNTING POLICIES: The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America for investment companies. Such policies are consistently followed by the Fund in preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. 1. SECURITY VALUATION: Master Fund shares held by the Feeder Fund reflect its proportionate interest in the net assets of the corresponding Master Funds. 2. FOREIGN CURRENCY: Securities and other assets and liabilities of the Portfolio whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recently quoted bid and asked prices for the U.S. dollar. Dividend and interest income and certain expenses are translated to U.S. dollars at the rate of exchange on their respective accrual dates. Receivables and payables denominated in foreign currencies are marked to market daily based on daily exchange rates and exchange gains or losses are realized upon ultimate receipt or disbursement. The Portfolio does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities whether realized or unrealized. Realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between amounts of interest, dividends and foreign withholding taxes recorded on the books of the Portfolio and the U.S. dollar equivalent amounts actually received or paid. 3. DEFERRED COMPENSATION PLAN: Each eligible Director of the Fund may elect participation in the Deferred Compensation Plan (the "Plan"). Under the Plan, effective January 1, 2002, such Directors may defer payment of a percentage of their 78 total fees earned as a Director. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: U.S. Large Cap Value Portfolio, U.S. Micro Cap Portfolio, DFA International Value Portfolio, Emerging Markets Portfolio and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income, are included in Directors' Fees and Expenses. At November 30, 2003, the total liability for deferred compensation to Directors is included in Accrued Expenses and Other Liabilities in the amount of $9,228. 4. OTHER: Security transactions are accounted for on the trade date. Costs used in determining realized gains and losses on the sale of investment securities are on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Expenses directly attributable to the Portfolio are directly charged. Common expenses are allocated using methods approved by the Board of Directors, generally based on average net assets. The Portfolio accrues its respective share of income and expenses daily on its investment in its corresponding Master Funds, which are treated as partnerships for federal income tax purposes. All of the net investment income and realized and unrealized gains and losses from the security transactions and foreign currency of the Master Funds are allocated pro rata among its investors at the time of such determination. The Portfolio may be subject to taxes imposed by countries in which the Master Funds invest, with respect to its investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Portfolio accrues such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is a deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. C. INVESTMENT ADVISOR AND ADMINISTRATOR: Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides administrative services to the Portfolio, including supervision of services provided by others, providing information to shareholders and the Board of Directors, and other administrative services. For the year ended November 30, 2003, the Portfolio's administrative fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.40 of 1% of average daily net assets. The Advisor has agreed to waive its administration fee and to assume the Portfolio's other direct expenses to the extent necessary to limit the direct expenses of the Portfolio to 0.45% of its average net assets on an annualized basis. At any time that the direct and indirect expenses of the Portfolio are less than 0.45% of its assets on an annualized basis, exclusive of the indirect expenses of the Master Funds, the Advisor retains the right to seek reimbursement for any fees previously waived during the prior thirty-six months. At November 30, 2003, there were no waived fees subject to future reimbursement. Certain officers of the Portfolio are also officers, and shareholders of the Advisor. D. FEDERAL INCOME TAX: No provision for federal income taxes is required since it is the Portfolio's intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute substantially all of its taxable income and capital gains to shareholders. Because income tax regulations differ from generally accepted accounting principles, the timing and character of income and capital gain distributions determined in accordance with tax regulations can differ from income and capital gains recognized for financial reporting purposes. Accordingly, the character of distributions and the composition of net assets for tax purposes can differ from those reflected in the financial statements. These book/tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid in capital, accumulated net realized gain (loss) or undistributed net investment income as appropriate, in the period the differences arise. These reclassifications have no effect on net assets or net value per share. Short-term gain distributions to shareholders are treated as ordinary income for tax purposes. The components of distributed earnings on a tax basis do not differ materially from book basis distributable earnings, which are disclosed in the Statement of Assets and Liabilities. 79 At November 30, 2003, gross unrealized appreciation and depreciation for federal income tax purposes of investment securities was as follows (amounts in thousands): Gross Unrealized Appreciation................. $151,739 Gross Unrealized Depreciation................. (4,114) ------- Net......................................... $147,625 =======
At November 30, 2003, the Portfolio had capital loss carryforwards for federal income tax purposes of approximately $2,088,000 of which $1,816,000 and $272,000 will expire on November 30, 2009 and November 30, 2010, respectively. During the year ended November 30, 2003, the Portfolio utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the approximate amount of $10,052,000. During the year ended November 30, 2003, the Portfolio realized net foreign currency gains, which increased distributable net income for tax purposes; accordingly gains in the amount of $309,404 have been reclassified from accumulated net realized gains to accumulated net investment income. Certain of the Portfolios' investments are in securities considered to be "passive foreign investment companies", for which any unrealized appreciation (depreciation) (mark to market) and/or realized gains are required to be included in distributable net investment income for tax purposes. The Portfolio had unrealized appreciation (mark to market) and realized gains on the sale of passive foreign investment companies, which are included in distributable net investment income for tax purposes, accordingly, such gains have been reclassified from accumulated net realized gains to accumulated net investment income.
MARK TO MARKET REALIZED GAINS -------------- -------------- International Small Company Portfolio......................... $1,824,415 $1,016,120
E. FINANCIAL INSTRUMENTS: In accordance with the Portfolio's Investment Objectives and Policies, the Portfolio may invest, either directly or through its investment in a corresponding Master Fund, in certain financial instruments that have off-balance sheet risk and concentrations of credit risk. These instruments and their significant corresponding risks are described below: 1. REPURCHASE AGREEMENTS: The Portfolio may purchase money market instruments subject to the counterparty's agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund's custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements were entered into on November 28, 2003. 2. FOREIGN MARKETS RISKS: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. F. LINE OF CREDIT: The Fund, together with other Dimensional-advised portfolios, has entered into a $50 million unsecured discretionary line of credit with its domestic custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $50 million, as long as total borrowings under the line of credit do not exceed $50 million in the aggregate. Borrowings under the line are charged interest at the current overnight federal funds rate plus a variable rate determined at the date of borrowing. Each portfolio is individually, and not jointly liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit, since this is not a committed facility. The agreement for the discretionary line of credit may be terminated at any time. There were no borrowings under the line of credit during the year ended November 30, 2003. 80 The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $150 million unsecured line of credit with its international custodian bank. Each portfolio is permitted to borrow, subject to investment limitations, up to a maximum of $150 million, as long as total borrowings under the line of credit do not exceed $150 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed to by the parties at the time of borrowing. There is no commitment fee on the unused line of credit. The agreement of the line of credit expires in April 2004. There were no borrowings by the Portfolio under the line of credit during the year ended November 30, 2003. G. REIMBURSEMENT FEES: Until March 30, 2002, shares of the Portfolio were sold at a public offering price equal to the current net asset value of such shares plus a reimbursement fee. Reimbursement fees are recorded as an addition to paid in capital. The reimbursement fee for the Portfolio was 0.675% of the net asset value of its shares and were recorded as an addition to paid-in capital. Effective March 30, 2002, the Portfolio no longer charges reimbursement fees. 81 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS TO THE SHAREHOLDERS OF INTERNATIONAL SMALL COMPANY PORTFOLIO AND BOARD OF DIRECTORS OF DFA INVESTMENT DIMENSIONS GROUP INC. In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of International Small Company Portfolio (constituting a portfolio within DFA Investment Dimensions Group Inc., hereafter referred to as the "Portfolio") at November 30, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolio's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2003 by correspondence with the transfer agent of the investee funds, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Fort Lauderdale, Florida January 15, 2004 82 SELECTED FINANCIAL STATEMENTS OF THE DFA INVESTMENT TRUST COMPANY THE JAPANESE SMALL COMPANY SERIES THE PACIFIC RIM SMALL COMPANY SERIES THE UNITED KINGDOM SMALL COMPANY SERIES THE CONTINENTAL SMALL COMPANY SERIES TABLE OF CONTENTS
PAGE -------- Schedules of Investments -- December 31, 2003 (Unaudited) The Japanese Small Company Series................................... 84 The Pacific Rim Small Company Series................................ 93 The United Kingdom Small Company Series............................. 101 The Continental Small Company Series................................ 107 Schedules of Investments -- November 30, 2003 The Japanese Small Company Series................................... 120 The Pacific Rim Small Company Series................................ 130 The United Kingdom Small Company Series............................. 138 The Continental Small Company Series................................ 143 Statements of Assets and Liabilities -- December 31, 2003 (Unaudited).......................................................... 157 Statements of Assets and Liabilities -- November 30, 2003............. 158 Statements of Operations.............................................. 159 Statements of Changes in Net Assets................................... 160 Financial Highlights.................................................. 161 Notes to Financial Statements......................................... 163 Report of Independent Certified Public Accountants.................... 167 Fund Management....................................................... 168
83 THE JAPANESE SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2003 (UNAUDITED)
SHARES VALUE+ ------ ------ JAPAN -- (75.8%) COMMON STOCKS -- (75.3%) *A&A Material Corp..................... 64,000 $ 41,803 ABILIT Corp............................ 22,000 112,084 ADVANEX, Inc........................... 78,000 363,908 *AOC Holdings, Inc..................... 90,300 414,553 AOI Electronics Co., Ltd............... 11,600 159,220 Achilles Corp.......................... 549,000 696,687 Aderans Co., Ltd....................... 2,850 45,980 Advan Co., Ltd......................... 36,000 313,073 Ahresty Corp........................... 19,000 98,750 Aichi Bank, Ltd........................ 13,200 783,354 #*Aichi Corp........................... 100,100 355,865 *Aichi Machine Industry Co., Ltd....... 112,000 327,106 Aichi Tokei Denki Co., Ltd............. 67,000 168,797 Aida Engineering, Ltd.................. 98,000 344,742 Aigan Co., Ltd......................... 25,500 146,571 Aiphone Co., Ltd....................... 27,400 440,773 Airport Facilities Co., Ltd............ 79,970 305,941 Airtech Japan, Ltd..................... 6,000 37,007 Aisan Industry Co., Ltd................ 64,000 586,433 *Akai Electric Co., Ltd................ 363,000 3,387 #*Akebono Brake Industry Co., Ltd...... 141,000 547,317 Allied Material Corp................... 32,200 402,613 #Allied Telesis KK..................... 8,000 138,098 Aloka Co., Ltd......................... 43,000 342,652 Alpha Systems Inc...................... 16,300 304,950 Alps Logistics Co., Ltd................ 21,000 360,549 Altech Co., Ltd........................ 14,000 56,564 Amano Corp............................. 104,000 754,017 Amatsuji Steel Ball Manufacturing Co., Ltd.................................. 24,000 244,098 Ando Corp.............................. 120,000 182,514 Anest Iwata Corp....................... 74,000 139,479 Anrakutei Co., Ltd..................... 24,000 156,760 Aoi Advertising Promotion, Inc......... 14,000 100,718 Aoki International Co., Ltd............ 61,200 461,984 *Apic Yamada Corp...................... 7,000 22,861 *Arai-Gumi, Ltd........................ 34,450 45,003 Arakawa Chemical Industries, Ltd....... 17,500 191,541 *Araya Industrial Co., Ltd............. 84,000 94,840 Argo 21 Corp........................... 13,200 99,151 Aronkasei Co., Ltd..................... 53,000 160,231 As One Corp............................ 18,700 332,402 #Asahi Denka Kogyo KK.................. 169,000 1,220,547 #Asahi Diamond Industrial Co., Ltd..... 99,000 503,452 Asahi Kogyosha Co., Ltd................ 48,000 135,262 Asahi Organic Chemicals Industry Co., Ltd.................................. 123,000 299,552 Asahi Pretec Corp...................... 26,100 213,096 #*Asahi Soft Drinks Co., Ltd........... 69,000 367,631 *Asahi Tec Corp........................ 86,000 122,777 *Asahi Techno Glass Corp............... 79,000 256,527 Asanuma Corp........................... 96,000 135,262 #Ashimori Industry Co., Ltd............ 84,000 155,193 Asia Air Survey Co., Ltd............... 6,000 12,653 Asia Securities Printing Co., Ltd...... 16,000 89,577 Asics Corp............................. 333,000 658,729 Asunaro Construction., Ltd............. 29,000 106,616 Ataka Constuction & Engineering Co., Ltd.................................. 18,000 65,671 Atom Corp.............................. 12,600 157,427 SHARES VALUE+ ------ ------ Atsugi Co., Ltd........................ 258,000 $ 204,628 #Aucnet, Inc........................... 15,000 180,554 *Azel Corp., Tokyo..................... 89,000 83,876 *BSL Corp.............................. 118,000 68,265 Bando Chemical Industries, Ltd......... 213,000 641,961 Bank of Okinawa, Ltd................... 24,300 454,619 Bank of the Ryukyus, Ltd............... 34,880 460,206 Best Denki Co., Ltd.................... 153,000 598,180 Bull Dog Sauce Co., Ltd................ 15,000 108,612 Bunka Shutter Co., Ltd................. 134,000 576,411 #CAC Corp.............................. 31,100 226,351 CFS Corp............................... 41,000 285,014 CKD Corp............................... 113,000 672,707 #CMK Corp.............................. 62,000 736,456 CTI Engineering Co., Ltd............... 19,000 91,481 Cabin Co., Ltd......................... 67,000 90,650 #Calpis Co., Ltd....................... 115,000 584,819 Canon Electronics, Inc................. 40,000 515,070 Canon Finetech, Inc.................... 56,070 742,403 *Catena Corp........................... 18,000 41,318 #*Cats, Inc............................ 15,400 22,704 #Cecile Co., Ltd....................... 48,800 430,762 Central Finance Co., Ltd............... 180,000 666,791 Central Security Patrols Co., Ltd...... 12,000 79,164 Cesar Co............................... 79,000 737 *Chiba Kogyo Bank, Ltd................. 53,200 298,837 #Chino Corp............................ 70,000 207,054 *Chinon Industries, Inc................ 16,000 35,831 Chiyoda Co., Ltd....................... 58,000 636,988 Chofu Seisakusho Co., Ltd.............. 43,500 680,690 *Chori Co., Ltd........................ 175,000 179,621 Chuetsu Pulp and Paper Co., Ltd........ 145,000 338,248 *Chugai Mining Co., Ltd................ 117,000 76,421 #Chugai Ro Co., Ltd.................... 139,000 291,826 #Chugoku Marine Paints, Ltd............ 111,000 680,480 #Chugokukogyo Co., Ltd................. 45,000 85,658 Chuo Denki Kogyo co., Ltd.............. 19,000 28,366 Chuo Gyorui Co., Ltd................... 35,000 56,172 Chuo Spring Co., Ltd., Nagoya.......... 80,000 309,042 #*Clarion Co., Ltd..................... 587,000 1,040,683 Cleanup Corp........................... 71,000 962,611 *Co-Op Chemical Co., Ltd............... 80,000 59,718 Coca Cola Central Japan Co., Ltd....... 112 657,348 #Colowide Co., Ltd..................... 14,000 118,093 #*Columbia Music Entertainment, Inc.... 134,000 137,538 Commuture Corp......................... 53,202 311,756 Computer Engineering & Consulting, Ltd.................................. 25,000 235,374 Comsys Holdings Corp................... 4,350 27,845 Corona Corp............................ 38,600 570,878 #Cosel Co., Ltd........................ 27,000 633,619 Create Medic Co., Ltd.................. 7,000 42,129 Credia Co., Ltd........................ 14,000 148,922 Cresco, Ltd............................ 7,000 74,265 *D&M Holdings, Inc..................... 114,000 409,536 *D'urban, Inc.......................... 114,000 123,393 DC Co., Ltd............................ 33,000 71,746 DTS Corp............................... 15,800 289,993 #Dai Nippon Toryo, Ltd................. 193,000 255,725 Daibiru Corp........................... 29,000 152,617 Dai-Dan Co., Ltd....................... 57,000 257,955 Daido Kogyo Co., Ltd................... 60,000 97,975
84 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Daidoh, Ltd............................ 54,000 $ 354,222 Daifuku Co., Ltd....................... 141,000 630,204 Daihen Corp............................ 168,000 269,628 #Daiho Corp............................ 96,000 148,698 Dai-Ichi Jitsugyo Co., Ltd............. 80,000 220,957 *Dai-Ichi Katei Denki Co., Ltd......... 91,000 849 Dai-Ichi Kogyo Seiyaku Co., Ltd........ 47,000 122,357 Daiken Corp............................ 195,000 704,162 #Daiki Co., Ltd........................ 31,000 371,699 Daiko Clearing Services Corp........... 6,000 20,603 #*Daikyo, Inc.......................... 444,000 799,589 Daimei Telecom Engineering Corp........ 51,000 215,097 Dainichi Co., Ltd...................... 15,200 69,639 #Dainichiseika Colour & Chemicals Manufacturing Co., Ltd............... 163,000 562,751 Dainippon Shigyo Co., Ltd.............. 16,000 75,245 #Daiseki Co., Ltd...................... 26,400 360,392 #Daiso Co., Ltd........................ 112,000 275,898 #*Daisue Construction Co., Ltd......... 92,500 71,639 Daisyo Corp............................ 24,000 224,391 *Daito Woolen Spinning & Weaving Co., Ltd., Tokyo.......................... 42,000 27,825 Daiwa Industries, Ltd.................. 64,000 182,141 Daiwa Kosho Lease Co., Ltd............. 181,000 670,495 #*Daiwa Seiko, Inc..................... 145,000 150,182 Daiwabo Co., Ltd....................... 162,000 170,813 Daiwabo Information System Co., Ltd.... 22,000 180,648 Danto Corp............................. 42,000 142,260 Denki Kogyo Co., Ltd................... 95,000 359,009 #*Denny's Japan Co., Ltd............... 48,000 812,914 Densei-Lambda KK....................... 26,484 194,732 #Denyo Co., Ltd........................ 38,000 176,934 *Descente, Ltd......................... 95,000 188,812 *Dia Kensetsu Co., Ltd................. 31,000 32,976 Diamond Computer Service Co., Ltd...... 18,000 106,653 *Dijet Industrial Co., Ltd............. 34,000 44,415 Doshisha Co., Ltd...................... 15,000 342,913 #*Doutor Coffee Co., Ltd............... 28,400 442,019 *Dynic Corp............................ 52,000 87,823 Eagle Industry Co., Ltd................ 78,000 374,825 *Econach Co., Ltd...................... 26,000 9,219 *Eco-Tech Construction Co., Ltd........ 138,000 39,918 #Edion Corp............................ 112,316 1,051,161 Ehime Bank, Ltd........................ 133,000 510,059 #Eiken Chemical Co., Ltd............... 54,000 671,662 Eikoh, Inc............................. 8,000 41,056 Elna Co., Ltd.......................... 22,000 46,599 Enplas Corp............................ 18,000 566,017 #*Enshu, Ltd........................... 69,000 108,165 Ensuiko Sugar Refining Co., Ltd........ 51,000 98,031 #Exedy Corp............................ 71,000 889,736 #*FDK Corp............................. 105,000 211,626 FP Corp................................ 38,800 669,415 *Fine Sinter Co., Ltd.................. 18,000 54,418 *First Baking Co., Ltd................. 67,000 80,022 Foster Electric Co., Ltd............... 32,000 117,943 France Bed Co., Ltd.................... 193,000 513,250 #*Fudo Construction Co., Ltd........... 201,000 157,544 Fuji Kiko Co., Ltd..................... 51,000 140,384 #*Fuji Kosan Co., Ltd.................. 130,000 92,190 Fuji Kyuko Co., Ltd.................... 132,000 497,602 #*Fuji Spinning Co., Ltd., Tokyo....... 163,000 147,532 Fujicco Co., Ltd....................... 42,000 406,009 *Fujii & Co., Ltd...................... 44,000 411 *Fujiko Co., Ltd....................... 55,000 1,026 Fujikura Kasei Co., Ltd................ 43,000 308,547 Fujikura Rubber, Ltd................... 34,000 196,697 SHARES VALUE+ ------ ------ #Fujirebio, Inc........................ 75,000 $ 864,281 #Fujita Kanko, Inc..................... 147,000 508,883 #Fujitec Co., Ltd...................... 126,000 543,174 Fujitsu Access, Ltd.................... 36,000 195,167 Fujitsu Business Systems, Ltd.......... 32,500 394,840 Fujitsu Devices, Inc................... 32,000 270,225 Fujitsu Fronttec, Ltd.................. 29,000 292,517 *Fujitsu General, Ltd.................. 129,000 368,331 #*Fujiya Co., Ltd...................... 190,000 235,794 Fukuda Corp............................ 65,000 246,851 Fukushima Bank, Ltd.................... 213,000 294,149 *Fukusuke Corp......................... 95,000 886 *Fumakilla, Ltd........................ 24,000 30,008 *Furukawa Battery Co., Ltd............. 45,000 79,360 #*Furukawa Co., Ltd.................... 405,000 510,171 Fuso Lexel Inc......................... 17,000 129,756 #Fuso Pharmaceutical Industries, Ltd... 114,000 371,242 *GSI Creoss Corp....................... 90,000 167,957 *Ga-jo-en Kanko KK..................... 37,000 0 *Gakken Co., Ltd....................... 126,000 164,598 *Generas Corp.......................... 64,000 27,470 #Genki Sushi Co., Ltd.................. 7,500 103,924 Geostar Corp........................... 10,000 33,591 Global-Dining, Inc..................... 6,200 34,885 #*Godo Steel, Ltd...................... 199,000 371,373 *Goldwin, Inc.......................... 47,000 54,819 #Gourmet Kineya Co., Ltd............... 31,000 247,028 *Graphtec Corp......................... 39,000 41,485 *Gro-BeLS Co., Ltd..................... 40,000 38,444 Gun-Ei Chemical Industry Co., Ltd...... 127,000 269,003 Hagoromo Foods Corp.................... 18,000 165,606 Hakuto Co., Ltd........................ 29,200 353,114 Hakuyosha Co., Ltd..................... 57,000 159,560 Haltec Corp............................ 32,000 50,760 *Hamai Co., Ltd........................ 22,000 21,760 Hanwa Co., Ltd......................... 405,000 974,993 Happinet Corp.......................... 15,000 123,029 Harashin Co., Ltd...................... 14,100 113,147 Harima Chemicals, Inc.................. 37,000 215,433 Haruyama Trading Co., Ltd.............. 16,800 176,982 *Hayashikane Sangyo Co., Ltd........... 128,000 118,242 Hibiya Engineering, Ltd................ 56,000 407,577 *Higashi-Nippon Bank, Ltd.............. 147,000 356,630 Hisaka Works, Ltd...................... 41,000 221,890 Hitachi Business Solution Co., Ltd..... 17,300 123,814 Hitachi Kiden Kogyo, Ltd............... 20,000 66,436 Hitachi Koki Co., Ltd.................. 153,000 785,201 Hitachi Kokusai Electric, Inc.......... 76,000 525,483 Hitachi Medical Corp................... 53,000 672,576 Hitachi Metals Techno, Ltd............. 12,000 31,352 Hitachi Plant Engineering & Construction Co., Ltd................ 146,000 479,537 Hitachi Powdered Metal Co., Ltd........ 46,000 271,270 Hitachi Tool Engineering, Ltd.......... 30,000 142,764 Hochiki Corp........................... 42,000 173,220 #*Hodogaya Chemical Co., Ltd........... 100,000 229,542 *Hohsui Corp........................... 56,000 46,506 Hokkai Can Co., Ltd., Tokyo............ 83,000 190,520 #*Hokkaido Bank, Ltd................... 505,000 518,335 Hokkaido Coca Cola Bottling Co., Ltd... 34,000 194,476 Hokkaido Gas Co., Ltd.................. 87,000 214,314 Hokko Chemical Industry Co., Ltd....... 41,000 135,047 Hokuetsu Bank.......................... 273,000 540,039 *Hokuriku Electric Industry Co., Ltd.................................. 112,000 183,932 Hokuriku Electrical Construction Co., Ltd.................................. 36,000 93,720 Hokuriku Gas Co., Ltd.................. 64,000 188,112
85 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Hokushin Co., Ltd..................... 39,900 $ 42,443 #Hokuto Corp........................... 41,600 535,672 Homac Corp............................. 60,000 445,087 Honshu Chemical Industry Co., Ltd...... 7,000 32,658 #Horiba, Ltd........................... 54,000 604,143 Horipro, Inc........................... 16,000 103,760 *Hosokawa Micron Corp.................. 40,000 153,028 #*Howa Machinery, Ltd.................. 181,000 190,846 I-Net Corp............................. 12,000 40,198 ISE Chemicals Corp..................... 17,000 56,154 *Ichida and Co., Ltd................... 23,400 18,341 Ichikawa Co., Ltd...................... 49,000 134,879 *Ichiken Co., Ltd...................... 48,000 43,445 Ichikoh Industries, Ltd................ 141,000 285,500 Ichiyoshi Securities Co., Ltd.......... 54,000 248,409 Icom, Inc.............................. 19,500 369,366 Idec Izumi Corp........................ 47,000 294,709 Ihara Chemical Industry Co., Ltd....... 80,000 150,042 Iino Kaiun Kaisha, Ltd................. 161,000 533,312 #*Ikegami Tsushinki Co., Ltd........... 102,000 205,580 Impact 21 Co., Ltd..................... 23,900 458,286 #*Impress Corp......................... 178 182,700 Inaba Denki Sangyo Co., Ltd............ 38,000 567,678 #Inaba Seisa Kusho Co., Ltd............ 18,700 273,075 Inabata and Co., Ltd., Osaka........... 70,000 395,167 Inageya Co., Ltd....................... 77,000 717,766 Ines Corp.............................. 64,900 591,046 #Information Services International- Dentsu, Ltd.......................... 42,900 469,150 Intec, Inc............................. 51,000 329,784 *Inui Steamship Co., Ltd............... 31,000 53,513 #*Iseki & Co., Ltd..................... 279,000 752,365 Ishii Hyoki Co., Ltd................... 3,600 32,584 #*Ishii Iron Works Co., Ltd............ 52,000 64,533 #*Ishikawa Seisakusho, Ltd............. 75,000 83,979 Ishikawajima Construction Materials Co., Ltd............................. 18,000 46,020 Ishikawajima Transport Machinery Co., Ltd.................................. 16,000 33,591 *Ishizuka Glass Co., Ltd............... 49,000 83,671 Itochu Enex Co., Ltd................... 119,000 545,199 Itochu Shokuh Co., Ltd................. 17,100 537,716 Itoki Crebio Corp...................... 56,000 121,228 Iwaki & Co., Ltd....................... 19,000 42,549 #Iwasaki Electric Co., Ltd............. 110,000 302,790 *Iwatani International Corp............ 313,000 604,563 #*Iwatsu Electric Co., Ltd............. 145,000 338,248 *Izuhakone Railway Co., Ltd............ 300 36,391 *Izukyu Corp........................... 7,700 102,025 Izumiya Co., Ltd....................... 123,000 612,877 #*Izutsuya Co., Ltd.................... 123,000 215,769 J-Oil Mills, Inc....................... 224,000 399,216 JFE Koken Corp......................... 47,000 219,278 JMS Co., Ltd........................... 49,000 132,593 *Jac Holdings Co., Ltd................. 11,000 28,739 Jaccs Co., Ltd......................... 207,000 762,947 Jamco Corp............................. 18,000 51,227 #*Janome Sewing Machine Co., Ltd....... 224,000 238,276 Japan Business Computer Co., Ltd....... 34,000 223,029 #Japan Carlit Co., Ltd................. 28,000 195,950 Japan Cash Machine Co., Ltd............ 24,000 633,759 Japan Digital Laboratory Co., Ltd...... 41,000 433,452 #Japan Foundation Engineering Co., Ltd.................................. 49,200 105,589 Japan Information Processing Service Co., Ltd............................. 26,000 203,546 Japan Kenzai Co., Ltd.................. 30,400 178,139 SHARES VALUE+ ------ ------ Japan Maintenance Co., Ltd............. 27,000 $ 117,402 Japan Medical Dynamic Marketing Inc.... 18,700 213,749 Japan Oil Transportation Co., Ltd...... 45,000 88,598 #Japan Pulp and Paper Co., Ltd......... 179,000 636,363 *Japan Radio Co., Ltd.................. 24,000 117,122 *Japan Servo Co., Ltd.................. 24,000 43,893 Japan Steel Tower Co., Ltd............. 19,000 28,189 *Japan Steel Works, Ltd................ 461,000 572,110 #*Japan Storage Battery Co., Ltd....... 187,000 355,958 Japan Transcity Corp................... 79,000 180,601 #Japan Vilene Co., Ltd................. 101,000 399,589 Japan Wool Textile Co., Ltd............ 138,000 612,933 Jastec Co., Ltd........................ 8,000 119,436 Jeans Mate Corp........................ 12,740 114,121 #*Jeol, Ltd............................ 97,000 674,303 *Jidosha Denki Kogyo Co., Ltd.......... 34,000 55,202 Joban Kosan Co., Ltd................... 101,000 133,825 Joint Corp............................. 24,900 323,884 #*Joshin Denki Co., Ltd................ 98,000 259,700 #Jsp Corp.............................. 29,000 262,210 #*Jujiya Co., Ltd...................... 202,000 113,091 *Juki Corp............................. 153,000 516,805 *Jyomo Co., Ltd........................ 48,000 46,580 K.R.S. Corp............................ 10,600 120,965 Kabuki-Za Co., Ltd..................... 15,000 565,457 Kadokawa Holdings, Inc................. 27,000 720,537 #Kaga Electronics Co., Ltd............. 33,000 574,275 Kagawa Bank, Ltd....................... 96,350 497,169 Kahma Co., Ltd......................... 46,000 493,608 #Kaken Pharmaceutical Co., Ltd......... 118,000 592,367 *Kakuei (L.) Corp...................... 100,000 933 *Kamagai Gumi Co., Ltd................. 87,800 128,624 Kameda Seika Co., Ltd.................. 27,000 186,433 Kamei Corp............................. 47,000 244,714 Kanaden Corp........................... 43,000 202,622 Kanagawa Chuo Kotsu Co., Ltd........... 90,000 585,332 Kanamoto Co., Ltd...................... 43,000 183,764 *Kanebo, Ltd........................... 620,000 624,802 *Kanematsu Corp........................ 402,500 630,960 Kanematsu Electronics, Ltd............. 38,000 453,504 *Kanematsu-NNK Corp.................... 60,000 124,289 Kanto Auto Works, Ltd., Yokosuka....... 78,000 754,017 #Kanto Denka Kogyo Co., Ltd............ 83,000 357,805 Kanto Natural Gas Development Co., Ltd.................................. 104,000 500,737 #*Kanto Tsukuba Bank, Ltd.............. 19,100 104,794 Kasai Kogyo Co., Ltd................... 28,000 67,407 Kasei (C.I.) Co., Ltd.................. 46,000 157,955 #Kasumi Co., Ltd....................... 132,000 638,014 Katakura Chikkarin Co., Ltd............ 17,000 44,733 #Katakura Industries Co., Ltd.......... 49,000 320,052 Kato Sangyo Co., Ltd................... 51,000 478,259 #Kato Works Co., Ltd................... 82,000 170,626 *Katsumura Construction Co., Ltd....... 48,600 47,616 Kawada Industries, Inc................. 76,000 159,560 #*Kawai Musical Instruments Manufacturing Co., Ltd............... 99,000 130,251 *Kawasaki Kasei Chemicals, Ltd......... 36,000 26,201 Kawashima Textile Manufacturers, Ltd.................................. 126,000 141,084 *Kawasho Corp.......................... 549,000 983,559 Kawasho Gecoss Corp.................... 45,000 169,217 Kawasumi Laboratories, Inc............. 26,000 156,238 *Kawatetsu Systems, Inc................ 112 164,076 #Keihin Co., Ltd....................... 100,000 158,626 Keiiyu Co., Ltd........................ 7,300 54,084
86 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Keiyo Co., Ltd......................... 139,900 $ 570,461 Kentucky Fried Chicken Japan, Ltd...... 36,000 653,019 *Kenwood Corp.......................... 382,000 1,026,556 #Key Coffee, Inc....................... 33,000 454,493 Kibun Food Chemifa Co., Ltd............ 35,000 452,645 *Kimmon Manufacturing Co., Ltd......... 41,000 36,727 *Kimura Chemical Plants Co., Ltd....... 27,000 34,767 Kinki Coca-Cola Bottling Co., Ltd...... 86,000 623,514 *Kinki Nippon Tourist Co., Ltd......... 133,000 309,014 Kinki Sharyo Co., Ltd., Nagaokakyo..... 101,000 274,247 #*Kinsho Corp.......................... 21,000 39,778 #*Kinugawa Rubber Industrial Co., Ltd.................................. 83,000 156,443 Kioritz Corp........................... 96,000 171,988 #Kishu Paper Co., Ltd.................. 125,000 206,448 Kisoji Co., Ltd........................ 27,500 353,340 #*Kitagawa Iron Works Co., Ltd......... 124,000 187,441 Kita-Nippon Bank, Ltd.................. 9,906 447,374 Kitano Construction Corp............... 97,000 156,583 Kitazawa Sangyo Co., Ltd............... 17,500 33,312 Kitz Corp.............................. 234,000 327,517 Koa Corp............................... 58,000 431,333 #Koatsu Gas Kogyo Co., Ltd............. 78,000 250,369 Kobayashi Yoko Co., Ltd................ 11,800 244,985 Kodensha Co., Ltd...................... 14,000 36,577 Koekisha Co., Ltd...................... 7,300 168,587 #Kohnan Shoji Co., Ltd................. 20,500 314,090 Kohsoku Corp........................... 6,700 48,889 Koike Sanso Kogyo Co., Ltd............. 30,000 36,951 Koito Industries, Ltd.................. 50,000 158,626 #Kojima Co., Ltd....................... 40,000 247,831 *Kokune Corp........................... 42,000 392 Kokusai Kogyo Co., Ltd................. 47,000 148,670 Komai Tekko, Inc....................... 53,000 107,810 *Komatsu Electronics Metals Co., Ltd... 39,600 335,142 Komatsu Seiren Co., Ltd................ 53,000 133,526 Komatsu Wall Industry Co., Ltd......... 14,000 190,725 Konaka Co., Ltd........................ 29,700 240,826 Konami Sports Corp..................... 35,300 573,127 Kondotec, Inc.......................... 12,500 61,234 Konishi Co., Ltd....................... 28,000 238,798 Kosaido Co., Ltd....................... 34,000 319,156 #*Kosei Securities Co., Ltd............ 137,000 278,679 Kumiai Chemical Industry Co., Ltd., Tokyo................................ 108,000 167,286 Kurabo Industries, Ltd................. 306,000 459,700 #Kurimoto, Ltd......................... 166,000 320,631 #Kuroda Electric Co., Ltd.............. 25,100 803,331 Kurosaki Harima Corp................... 96,000 130,783 Kyoden Co., Ltd........................ 68,000 342,633 Kyodo Printing Co., Ltd................ 112,000 325,016 #Kyodo Shiryo Co., Ltd................. 145,000 162,359 Kyoei Sangyo Co., Ltd.................. 44,000 107,157 #Kyoei Tanker Co., Ltd................. 53,000 109,294 Kyokuto Boeki Kaisha, Ltd.............. 36,000 84,986 Kyokuto Kaihatsu Kogyo Co., Ltd........ 38,300 321,639 Kyokuyo Co., Ltd....................... 167,000 263,348 #Kyoritsu Maintenance Co., Ltd......... 15,400 246,440 Kyosan Electric Manufacturing Co., Ltd.................................. 78,000 260,558 Kyoto Kimono Yuzen Co., Ltd............ 108 219,688 Kyowa Electronic Instruments Co., Ltd.................................. 30,000 69,422 Kyowa Leather Cloth Co., Ltd........... 32,000 156,163 Kyudenko Corp.......................... 103,000 422,880 Kyushu-Shinwa Holdings, Inc............ 147,000 299,020 #Laox Co., Ltd......................... 21,000 40,170 *Lonseal Corp.......................... 18,000 13,269 SHARES VALUE+ ------ ------ #*Look, Inc............................ 50,000 $ 211,813 #MR Max Corp........................... 56,300 178,613 *Macnica, Inc.......................... 25,700 738,602 Maeda Road Construction Co., Ltd....... 121,000 639,041 Maezawa Industries, Inc................ 27,700 121,221 Maezawa Kaisei Industries Co., Ltd..... 20,600 257,572 Maezawa Kyuso Industries Co., Ltd...... 19,000 141,831 *Magara Construction Co., Ltd.......... 61,000 52,935 #Makino Milling Machine Co., Ltd....... 114,000 578,669 *Mamiya-Op Co., Ltd.................... 58,000 83,344 Marche Corp............................ 6,100 56,293 Mars Engineering Corp.................. 16,600 758,981 Marubeni Construction Material Lease Co., Ltd............................. 28,000 43,893 Marubun Corp........................... 37,800 209,510 Marudai Food Co., Ltd.................. 164,000 276,980 *Maruei Department Store Co., Ltd...... 72,000 94,056 Maruha Corp............................ 434,000 575,049 #*Maruishi Cycle Industries, Ltd....... 33,000 12,009 #Marusan Securities Co., Ltd........... 106,000 554,875 Maruwa Co., Ltd........................ 13,000 146,170 Maruwn Corp............................ 44,000 106,746 Maruya Co., Ltd........................ 14,000 100,588 Maruyama Manufacturing Co., Inc........ 73,000 95,362 #*Maruzen Co., Ltd..................... 179,000 263,898 Maruzen Co., Ltd....................... 13,000 50,947 Maruzen Showa Unyu Co., Ltd............ 122,000 302,809 Maspro Denkoh Corp..................... 27,000 271,839 Matsuda Sangyo Co., Ltd................ 27,000 184,417 Matsui Construction Co., Ltd........... 40,000 119,063 Matsuo Bridge Co., Ltd................. 37,000 95,288 #Matsuya Co., Ltd...................... 74,000 341,103 Matsuya Foods Co., Ltd................. 23,000 451,759 #Matsuzakaya Co., Ltd.................. 189,077 740,994 *Max Co., Ltd.......................... 69,000 589,755 #*Megachips Corp....................... 31,300 311,919 #*Meidensha Corp....................... 378,050 797,231 *Meiji Machine Co., Ltd................ 55,000 41,056 Meiji Shipping Co., Ltd................ 47,000 153,494 *Meisei Industrial Co., Ltd............ 29,000 90,380 #Meito Sangyo Co., Ltd................. 38,000 482,224 Meito Transportation Co., Ltd.......... 9,000 75,833 Meiwa Estate Co., Ltd.................. 34,000 288,700 Meiwa Industry Co., Ltd................ 15,000 34,851 *Meiwa Trading Co., Ltd................ 55,000 86,731 Melco Holdings, Inc.................... 9,000 262,853 Mercian Corp........................... 212,000 451,022 Mikuni Coca-Cola Bottling Co., Ltd..... 60,000 453,485 #Milbon Co., Ltd....................... 13,200 351,647 #Mimasu Semiconductor Industry Co., Ltd.................................. 30,000 383,783 Ministop Co., Ltd...................... 36,700 556,133 Mirai Group Co., Ltd................... 49,000 96,930 Miroku Jyoho Service Co., Ltd.......... 12,000 80,060 *Misawa Homes Holdings, Inc............ 262,900 333,623 #Misawa Resort Co., Ltd................ 68,000 148,474 *Mito Securities Co., Ltd.............. 88,000 220,883 Mitsuba Corp........................... 47,000 191,210 *Mitsubishi Cable Industries, Ltd...... 241,000 249,613 *Mitsubishi Kakoki Kaisha, Ltd......... 117,000 158,300 #*Mitsubishi Paper Mills, Ltd.......... 406,000 613,717 Mitsubishi Pencil Co., Ltd............. 61,000 388,756 #Mitsubishi Plastics, Inc.............. 310,000 795,465 Mitsubishi Shindoh Co., Ltd............ 82,000 141,551 #Mitsubishi Steel Manufacturing Co., Ltd.................................. 253,000 316,339 Mitsuboshi Belting, Ltd................ 153,000 478,259
87 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ #Mitsui High-Tec, Inc.................. 58,000 $ 710,049 Mitsui Home Co., Ltd................... 97,000 393,720 *Mitsui Knowledge Industry Co., Ltd.... 15,300 129,630 #*Mitsui Matsushima Co., Ltd........... 90,000 113,371 *Mitsui Mining Co., Ltd................ 225,000 140,664 #Mitsui Sugar Co., Ltd................. 116,000 224,055 #Mitsui-Soko Co., Ltd.................. 204,000 512,046 Mitsumura Printing Co., Ltd............ 49,000 233,181 Mitsuuroko Co., Ltd.................... 78,000 471,625 Miura Co., Ltd......................... 52,100 718,034 Miura Printing Corp.................... 16,000 50,313 Miyaji Engineering Group............... 90,000 133,526 Miyazaki Bank, Ltd..................... 118,000 467,948 #Miyoshi Oil & Fat Co., Ltd............ 120,000 223,943 #Miyuki Keori Co., Ltd................. 50,000 139,498 Mizuno Corp............................ 165,000 625,082 *Momiji Holdings, Inc.................. 258 498,330 Morinaga & Co., Ltd.................... 340,000 624,988 *Morishita Jinton Co., Ltd............. 19,800 77,596 Morita Corp............................ 59,000 198,190 #Moritex Corp.......................... 15,000 131,567 Morozoff, Ltd., Osaka.................. 50,000 95,176 Mory Industries, Inc................... 66,000 133,638 Mos Food Services, Inc................. 47,000 420,136 Moshi Moshi Hotline, Inc............... 7,250 543,902 *Mutoh Industries, Ltd................. 61,000 170,188 Mutow Co., Ltd......................... 38,000 146,795 Myojo Foods Co., Ltd................... 51,000 171,317 #NAC Co., Ltd.......................... 13,000 100,439 NEC Infrontia Corp..................... 167,000 433,200 #NEC System Integration & Construction, Ltd.................... 53,000 413,437 #*NEC Tokin Corp....................... 137,000 728,655 Nabtesco Corp.......................... 210,000 1,389,288 #Nachi-Fujikoshi Corp.................. 433,000 1,018,158 #Nagano Bank, Ltd...................... 122,000 402,986 *Nagano Japan Radio Co., Ltd........... 27,000 37,035 #Nagatanien Co., Ltd................... 56,000 419,595 *Naigai Co., Ltd....................... 109,000 73,229 Nakabayashi Co., Ltd................... 76,000 117,720 #Nakamuraya Co., Ltd................... 85,000 222,077 #*Nakano Corp.......................... 66,000 86,218 *Nakayama Steel Works, Ltd............. 165,000 397,219 Nakayo Telecommunications, Inc......... 16,000 61,958 Neturen Co., Ltd., Tokyo............... 52,000 234,842 New Japan Radio Co., Ltd............... 48,000 568,816 Nichia Steel Works, Ltd................ 52,900 147,095 Nichias Corp........................... 237,000 687,758 #Nichiban Co., Ltd..................... 58,000 156,406 *Nichiboshin, Ltd...................... 1,190 1,110 Nichiha Corp........................... 64,980 877,961 #Nichimo Co., Ltd...................... 54,000 102,790 #*Nichimo Corp......................... 85,000 83,279 #Nichireki Co., Ltd.................... 44,000 146,981 Nichiro Corp........................... 289,000 361,351 Nidec Tosok Corp....................... 19,000 266,464 Nihon Dempa Kogyo Co., Ltd............. 28,000 473,155 Nihon Eslead Corp...................... 12,900 273,239 Nihon Inter Electronics Corp........... 37,000 246,160 Nihon Kagaku Sangyo Co., Ltd........... 14,000 46,375 *Nihon Kentetsu Co., Ltd............... 27,000 31,240 Nihon Kohden Corp...................... 85,000 654,334 Nihon Matai Co., Ltd................... 50,000 92,843 Nihon Nohyaku Co., Ltd................. 103,000 180,685 Nihon Parkerizing Co., Ltd............. 92,000 456,695 *Nihon Seiko Co., Ltd.................. 11,000 28,431 Nihon Shokuh Kako Co., Ltd............. 26,000 51,190 SHARES VALUE+ ------ ------ Nihon Spindle Manufacturing Co., Ltd... 56,000 $ 78,380 Nihon Tokushu Toryo Co., Ltd........... 35,000 137,818 Nikken Chemicals Co., Ltd.............. 1,000 2,949 Nikkiso Co., Ltd....................... 107,000 394,373 Nikko Co., Ltd., Akashi................ 52,000 153,812 *Nippei Toyama Corp.................... 57,000 107,969 *Nippon Avionics Co., Ltd.............. 19,000 34,571 Nippon Beet Sugar Manufacturing Co., Ltd.................................. 216,000 342,633 #*Nippon Carbide Industries Co., Inc., Tokyo................................ 101,000 104,609 #Nippon Carbon Co., Ltd................ 177,000 227,918 #Nippon Ceramic Co., Ltd............... 32,000 312,923 Nippon Chemical Industrial Co., Ltd.... 131,000 431,492 Nippon Chemi-Con Corp.................. 159,000 624,606 *Nippon Chemiphar Co., Ltd............. 49,000 134,422 Nippon Chutetsukan KK.................. 44,000 71,438 *Nippon Concrete Industries Co., Ltd... 65,000 82,486 *Nippon Conlux Co., Ltd................ 30,000 194,551 *Nippon Conveyor Co., Ltd.............. 43,000 31,296 #Nippon Denko Co., Ltd................. 159,000 271,503 #Nippon Densetsu Kogyo Co., Ltd........ 81,000 324,242 Nippon Denwa Shisetu Co., Ltd.......... 90,000 288,047 Nippon Felt Co., Ltd................... 28,000 89,615 #Nippon Fine Chemical Co., Ltd......... 40,000 147,056 Nippon Flour Mills Co., Ltd............ 186,000 751,498 *Nippon Foil Mfg., Co., Ltd............ 21,000 29,980 *Nippon Formula Feed Manufacturing Co., Ltd.................................. 100,000 153,961 Nippon Gas Co., Ltd.................... 62,000 551,908 Nippon Hume Corp....................... 43,000 91,481 #Nippon Kanzai Co., Ltd................ 27,200 421,058 #*Nippon Kasei Chemical Co., Ltd....... 154,000 183,932 *Nippon Kinzoku Co., Ltd............... 93,000 124,093 Nippon Koei Co., Ltd., Tokyo........... 107,000 227,638 Nippon Konpo Unyu Soko Co., Ltd........ 92,000 661,006 #*Nippon Koshuha Steel Co., Ltd........ 151,000 150,760 #*Nippon Metal Industry Co., Ltd....... 230,000 223,197 *Nippon Pigment Co., Ltd............... 11,000 25,968 Nippon Pillar Packing Co., Ltd......... 25,000 129,934 *Nippon Piston Ring Co., Ltd........... 104,000 161,090 Nippon Road Co., Ltd................... 147,000 241,411 #Nippon Seiki Co., Ltd................. 76,000 567,323 Nippon Seisen Co., Ltd................. 39,000 118,998 #Nippon Sharyo, Ltd.................... 215,000 487,496 Nippon Shinpan Co., Ltd................ 213,000 570,411 Nippon Shinyaku Co., Ltd............... 85,000 490,949 Nippon Signal Co., Ltd................. 109,000 523,794 Nippon Soda Co., Ltd................... 177,000 432,714 Nippon Suisan Kaisha, Ltd.............. 91,000 202,090 #Nippon Synthetic Chemical Industry Co., Ltd............................. 152,000 289,335 Nippon System Development Co., Ltd..... 32,100 575,086 Nippon Systemware Co., Ltd............. 20,000 173,556 Nippon Thompson Co., Ltd............... 89,000 588,794 Nippon Tungsten Co., Ltd............... 24,000 43,669 #Nippon Valqua Industries, Ltd......... 119,000 263,161 *Nippon Yakin Kogyo Co., Ltd........... 117,500 201,736 *Nippon Yusoki Co., Ltd................ 49,000 109,732 Nishimatsuya Chain Co., Ltd............ 30,600 792,339 *Nishishiba Electric Co., Ltd.......... 28,000 42,848 #*Nissan Diesel Motor Co., Ltd......... 284,000 519,399 Nissei Plastic Industrial Co., Ltd..... 26,000 127,125 *Nisseki House Industry Co., Ltd....... 260,000 2,426 #Nissha Printing Co., Ltd.............. 81,000 1,058,132
88 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ #Nisshin Fire & Marine Insurance Co., Ltd.................................. 228,000 $ 606,326 #Nisshin Fudosan Co., Ltd.............. 22,400 192,502 Nissho Electronics Corp................ 34,000 271,251 *Nissho Iwai-Nichmen Holdings Corp..... 68,000 299,487 Nissin Co., Ltd........................ 196,300 892,023 Nissin Corp............................ 150,000 328,917 *Nissin Electric Co., Ltd.............. 134,000 345,097 Nissin Kogyo Co., Ltd.................. 26,300 581,609 Nissin Sugar Manufacturing Co., Ltd.... 74,000 121,527 Nissui Pharmaceutical Co., Ltd......... 20,000 105,627 *Nitchitsu Co., Ltd.................... 14,000 18,681 Nitta Corp............................. 42,000 582,364 Nittan Valve Co., Ltd.................. 18,000 58,113 Nittetsu Mining Co., Ltd............... 118,000 340,226 *Nittetsu Steel Sheet Corp............. 84,000 174,788 Nitto Boseki Co., Ltd.................. 364,000 458,524 Nitto Electric Works, Ltd.............. 59,000 454,735 #Nitto Flour Milling Co., Ltd.......... 54,000 122,441 Nitto Kohki Co., Ltd................... 25,000 371,606 Nitto Seiko Co., Ltd................... 56,000 78,380 #Nitto Seimo Co., Ltd.................. 32,000 92,563 #*Nittoc Construction Co., Ltd......... 61,000 137,175 Noda Corp.............................. 1,300 5,386 Nohmi Bosai, Ltd....................... 59,000 303,891 Nomura Co., Ltd........................ 26,000 98,498 Noritake Co., Ltd...................... 234,000 831,893 #Nosan Corp............................ 201,000 363,852 O-M, Ltd............................... 46,000 63,954 *OKK Corp.............................. 101,000 103,667 OSG Corp............................... 86,000 612,280 *Obayashi Road Corp.................... 65,000 117,057 Odakyu Construction Co., Ltd........... 29,000 74,956 #Odakyu Real Estate Co., Ltd........... 58,000 129,887 #Oenon Holdings, Inc................... 74,000 158,123 *Ohki Corp............................. 73,000 80,377 *Ohmori Co., Ltd....................... 18,400 10,301 *Oie Sangyo Co., Ltd................... 3,600 25,865 Oiles Corp............................. 30,000 579,453 Okabe Co., Ltd......................... 29,000 84,156 #Okamoto Industries, Inc............... 212,000 526,192 *Okamoto Machine Tool Works, Ltd....... 57,000 170,197 *Okaya Electric Industries Co., Ltd.... 16,000 38,070 *Oki Electric Cable Co., Ltd........... 56,000 100,327 Okinawa Electric Power Co., Ltd........ 20,000 559,858 *Okuma and Howa Machinery, Ltd......... 69,000 99,151 #*Okuma Corp........................... 163,000 407,614 #Okura Industrial Co., Ltd............. 96,000 678,100 Okuwa Co., Ltd......................... 59,000 602,277 Olympic Corp........................... 31,000 402,361 *Omikenshi Co., Ltd.................... 53,000 27,200 *Ono Sokki Co., Ltd.................... 43,000 147,653 Organo Corp............................ 101,000 471,214 *Orient Watch Co., Ltd................. 12,000 4,591 #Oriental Construction Co., Ltd........ 39,000 166,670 Oriental Yeast Co., Ltd................ 34,000 262,368 Origin Electric Co., Ltd............... 54,000 226,743 Osaka Securities Finance Co., Ltd...... 54,000 116,395 Osaka Steel Co., Ltd................... 52,000 436,689 Osaki Electric Co., Ltd................ 56,000 290,007 Oyo Corp............................... 40,000 261,640 #P.S. Mitsubishi Construction Co., Ltd.................................. 35,000 146,310 PCA Corp............................... 6,500 57,983 Pacific Industrial Co., Ltd............ 68,000 186,545 #Parco Co., Ltd........................ 94,000 488,551 *Pasco Corp............................ 111,500 345,414 *Patlite Corp.......................... 8,700 153,429 SHARES VALUE+ ------ ------ *Penta-Ocean Construction Co., Ltd..... 437,000 $ 424,074 #Pentax Corp........................... 180,000 1,088,364 Petrolub International Co., Ltd........ 12,900 53,805 Pigeon Corp............................ 37,000 438,462 Pilot Corp............................. 51 155,137 Piolax, Inc............................ 14,800 194,719 Pocket Card Co., Ltd................... 41,000 384,483 #Pokka Corp............................ 48,000 143,772 Poplar Co., Ltd........................ 7,260 77,566 Posful Corp............................ 26,000 177,587 #*Press Kogyo Co., Ltd................. 143,000 321,573 #*Prima Meat Packers, Ltd.............. 230,000 191,005 #*Privee Zurich Turnaround Group Co., Ltd.................................. 21,000 411,496 Pulstec Industrial Co., Ltd............ 21,200 149,945 Q'Sai Co., Ltd......................... 42,000 337,035 Raito Kogyo Co., Ltd................... 84,900 316,880 #Rasa Industries, Ltd.................. 119,000 277,596 *Real Property......................... 43,900 0 #*Renown, Inc.......................... 402,000 367,603 #Resorttrust Inc....................... 28,600 697,854 Rheon Automatic Machinery Co., Ltd..... 40,000 107,866 Rhythm Watch Co., Ltd.................. 344,000 526,416 *Ricoh Elemex Corp..................... 20,000 70,729 Ricoh Leasing Co., Ltd................. 10,000 202,482 Right On Co., Ltd...................... 21,000 681,907 Riken Corp............................. 193,000 594,289 Riken Keiki Co., Ltd................... 33,000 147,495 Riken Technos Corp..................... 93,000 279,425 Riken Vitamin Co., Ltd................. 28,000 391,901 #Ringer Hut Co., Ltd................... 26,000 264,440 #Rock Field Co., Ltd................... 14,000 163,292 Rohto Pharmaceutical Co., Ltd.......... 64,000 533,881 Roland Corp............................ 30,900 425,282 #Royal Co., Ltd........................ 52,000 484,725 *Ryobi, Ltd............................ 238,000 661,790 Ryoden Trading Co., Ltd................ 57,000 263,805 Ryosan Co., Ltd........................ 1,700 29,727 #Ryoyo Electro Corp.................... 40,000 425,865 #S Foods, Inc.......................... 28,000 168,517 #*S Science Co., Ltd................... 139,000 63,553 S.T. Chemical Co., Ltd................. 48,000 367,267 SMK Corp............................... 127,000 434,907 SNT Corp............................... 15,000 50,387 *SPC Electronics Corp.................. 29,000 101,474 SPK Corp............................... 3,100 35,434 SRL, Inc............................... 42,000 438,929 *SXL Corp.............................. 101,000 171,522 Saeki Kensetsu Kogyo Co., Ltd.......... 71,000 66,912 #Sagami Chain Co., Ltd................. 37,000 327,293 Sagami Co., Ltd........................ 51,000 187,972 *Sailor Pen Co., Ltd................... 44,000 168,331 #Saizeriya Co., Ltd.................... 78,100 776,846 Sakai Chemical Industry Co., Ltd....... 141,000 521,004 Sakai Heavy Industries, Ltd............ 60,000 113,091 #*Sakai Ovex Co., Ltd.................. 85,000 154,661 Sakata Inx Corp........................ 92,000 289,297 Sakata Seed............................ 46,900 508,517 *Sakurada Co., Ltd..................... 38,000 30,139 Sala Corp.............................. 41,000 200,084 San-Ai Oil Co., Ltd.................... 98,000 304,507 #*Sanix, Inc........................... 45,400 315,601 Sankei Building Co., Ltd............... 69,000 220,192 Sanki Engineering Co., Ltd............. 105,000 537,884 Sanko Co., Ltd......................... 12,000 61,025 Sanko Metal Industrial Co., Ltd., Tokyo................................ 54,000 78,604
89 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Sankyo Seiko Co., Ltd.................. 86,000 $ 276,047 #Sankyu, Inc., Tokyo................... 415,000 491,789 Sanoh Industrial Co., Ltd.............. 53,000 249,249 *Sanrio Co., Ltd....................... 58,600 446,731 Sanshin Electronics Co., Ltd........... 45,000 256,555 Sanyo Denki Co., Ltd................... 65,000 151,628 #Sanyo Electric Credit Co., Ltd........ 43,100 631,399 Sanyo Engineering & Construction, Inc.................... 21,000 58,001 Sanyo Industries, Ltd., Tokyo.......... 48,000 114,659 #Sanyo Special Steel Co., Ltd.......... 207,000 305,179 #*Sasebo Heavy Industries Co., Ltd., Tokyo................................ 201,000 225,063 *Sata Construction Co., Ltd., Gumma.... 61,000 48,381 Sato Shoji Corp........................ 31,000 126,985 Satori Electric Co., Ltd............... 15,500 189,755 *Sawafugji Electric Co., Ltd........... 31,000 60,745 Secom Techno Service Co., Ltd.......... 15,500 417,981 #Seijo Corp............................ 13,200 144,231 Seika Corp............................. 145,000 231,361 *Seikitokyu Kogyo Co., Ltd............. 86,000 82,654 *Seiko Corp............................ 140,407 737,605 Seiren Co., Ltd........................ 81,000 491,276 #Sekisui Jushi Co., Ltd................ 59,000 254,894 Sekisui Plastics Co., Ltd.............. 126,000 299,804 Sekiwa Real Eastate, Ltd............... 24,000 186,097 Sekiwa Real Estate Chubu, Ltd.......... 7,000 31,940 Senko Co., Ltd......................... 205,000 571,942 #Senshukai Co., Ltd.................... 70,000 780,536 Shaddy Co., Ltd........................ 27,000 268,564 #*Shibaura Mechatronics Corp........... 71,000 518,074 Shibusawa Warehouse Co., Ltd........... 94,000 193,842 #Shibuya Kogyo Co., Ltd................ 54,000 471,625 *Shikibo, Ltd.......................... 155,000 159,093 Shikoku Chemicals Corp................. 89,000 342,148 Shikoku Coca-Cola Bottling Co., Ltd.... 31,000 322,525 Shimizu Bank, Ltd...................... 12,600 603,135 Shin Nippon Air Technologies Co., Ltd.................................. 31,180 121,322 Shinagawa Refractories Co., Ltd........ 82,000 177,512 *Shindengen Electric Manufacturing Co., Ltd.................................. 106,000 289,801 Shin-Etsu Polymer Co., Ltd............. 111,000 677,372 Shinkawa, Ltd.......................... 24,200 509,200 Shin-Keisei Electric Railway Co., Ltd.................................. 66,000 233,405 Shinki Co., Ltd........................ 61,000 220,845 #Shinko Electric Co., Ltd.............. 257,000 695,437 Shinko Plantech Co., Ltd............... 27,000 28,469 Shinko Shoji Co., Ltd.................. 29,000 156,676 Shin-Kobe Electric Machinery Co., Ltd.................................. 71,000 236,512 Shinmaywa Industries, Ltd.............. 148,000 484,725 #*Shinsho Corp......................... 110,000 165,251 #*Shinwa Kaiun Kaisha, Ltd............. 238,000 599,608 Shinyei Kaisha......................... 54,000 86,666 Shiroki Co., Ltd....................... 132,000 289,447 Shizuki Electric Co., Inc.............. 23,000 48,073 #Sho-Bond Corp......................... 39,100 191,541 Shobunsha Publications, Inc............ 25,000 321,685 #*Shochiku Co., Ltd.................... 111,000 624,550 #Shoei Co., Ltd........................ 20,300 238,478 Shoei Foods Corp....................... 14,000 60,091 Shoko Co., Ltd......................... 156,000 197,966 Shokusan Bank, Ltd..................... 76,000 265,933 Showa Aircraft Industry Co., Ltd....... 22,000 72,464 #*Showa Electric Wire & Cable Co., Ltd., Kawasaki....................... 270,000 332,556 SHARES VALUE+ ------ ------ #Showa Highpolymer Co., Ltd............ 67,000 $ 172,548 Showa Mining Co., Ltd.................. 36,000 45,349 #Showa Sangyo Co., Ltd................. 282,000 615,732 Showa Tansan Co., Ltd.................. 21,000 60,745 #Siix Corp............................. 6,000 89,409 Silver Ox Inc.......................... 30,000 68,583 #*Silver Seiko, Ltd.................... 87,000 33,284 Sinanen Co., Ltd....................... 160,000 715,126 Sintokogio, Ltd., Nagoya............... 70,000 210,320 Snow Brand Seed Co., Ltd............... 16,000 52,403 Soda Nikka Co., Ltd.................... 35,000 63,684 #*Sodick Co., Ltd...................... 64,000 487,898 *Software Research Associates, Inc..... 6,200 41,364 #Sogo Medical Co., Ltd................. 8,800 195,428 *Sokkisha Co., Ltd..................... 40,000 63,451 Sonton Food Industry Co., Ltd.......... 15,000 118,270 #Sorun Corp............................ 41,000 229,542 #Sotetsu Rosen Co., Ltd................ 44,000 281,235 #Sotoh Co., Ltd........................ 12,000 126,528 Space Co., Ltd......................... 11,280 65,783 Star Micronics Co., Ltd................ 68,000 428,926 Starzen Corp........................... 126,000 206,924 #Stella Chemifa Corp................... 14,000 188,112 Subaru Enterprise Co., Ltd............. 36,000 109,844 #Sumida Corp........................... 17,600 553,438 *Suminoe Textile Co., Ltd.............. 95,000 143,604 *Sumitomo Coal Mining Co., Ltd......... 90,500 54,889 Sumitomo Densetsu Co., Ltd............. 50,700 144,763 #*Sumitomo Light Metal Industries, Ltd.................................. 493,000 602,622 #*Sumitomo Mitsui Construction Co., Ltd.................................. 413,600 316,462 Sumitomo Pipe & Tube Co., Ltd.......... 35,000 77,727 Sumitomo Precision Products Co., Ltd., Amagasaki City....................... 66,000 178,595 #Sumitomo Seika Chemicals Co., Ltd..... 102,000 256,023 #Sumitomo Special Metals Co., Ltd...... 76,000 1,016,217 Sumitomo Warehouse Co., Ltd............ 172,000 508,762 *Sun Wave Corp......................... 62,000 243,557 *Sundrug Co., Ltd...................... 3,200 114,360 SunTelephone Co., Ltd.................. 44,000 179,416 #Suruga Corp........................... 11,000 121,116 *Suzutan Co., Ltd...................... 62,000 50,331 #Sysmex Corp........................... 27,800 540,851 #T.Hasegawa Co., Ltd................... 49,900 683,989 #*TC Properties Co., Ltd............... 144,650 715,354 #*TC Properties Co., Ltd............... 579,000 0 *TCM Corp.............................. 146,000 284,725 *TDF Corp.............................. 11,000 35,000 TKC Corp............................... 39,500 530,746 TOC Co., Ltd........................... 80,000 446,394 TYK Corp............................... 67,000 140,664 Tabai Espec Corp....................... 34,000 366,744 Tachihi Enterprise Co., Ltd............ 17,000 386,255 Tachikawa Corp......................... 25,100 120,148 Tachi-S Co., Ltd....................... 21,100 186,055 Tadano, Ltd............................ 161,000 539,321 Taihei Dengyo Kaisha, Ltd.............. 55,000 165,765 #*Taihei Kogyo Co., Ltd................ 114,000 117,010 *Taiheiyo Kouhatsu, Inc................ 90,000 68,023 Taiho Kogyo Co., Ltd................... 30,000 263,413 Taikisha, Ltd.......................... 97,000 1,116,898 Taisei Rotec Corp...................... 110,000 166,278 *Taisei U-lec Co., Ltd................. 134,000 218,811 #Taito Co., Ltd........................ 70,000 171,130 Taito Corp............................. 447 617,300 #Taiyo Toyo Sanso Co., Ltd............. 232,000 766,334 Takada Kiko Co., Ltd................... 31,000 133,060
90 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Takagi Securities Co., Ltd............ 94,000 $ 249,100 Takamatsu Corp......................... 23,500 447,327 Takano Co., Ltd........................ 15,000 181,254 *Takaoka Electric Manufacturing Co., Ltd., Tokyo.......................... 156,000 180,498 *Taka-Q Co., Ltd....................... 34,500 37,986 #Takara Co., Ltd....................... 149,000 944,024 Takara Printing Co., Ltd............... 6,000 45,460 *Takarabune Corp....................... 26,000 243 Takasago International Corp............ 136,000 516,488 Takasago Thermal Engineering Co., Ltd.................................. 106,000 621,144 *Takashima & Co., Ltd.................. 60,000 99,095 Takigami Steel Construction Co., Ltd... 32,000 129,887 Takiron Co., Ltd....................... 98,000 323,710 Takuma Co., Ltd........................ 108,000 589,531 Tamura Corp............................ 93,000 406,121 *Tamura Electric Works, Ltd............ 74,000 229,934 Tanseisha Co., Ltd..................... 26,000 85,154 #Tasaki Shinju Co., Ltd................ 53,000 163,199 Tateho Chemical Industries Co., Ltd.... 26,500 72,450 Tatsuta Electric Wire & Cable Co., Ltd.................................. 106,000 155,286 Taya Co., Ltd.......................... 5,000 41,523 Tayca Corp............................. 74,000 209,909 *Teac Corp............................. 88,000 132,201 Techno Ryowa, Ltd...................... 16,400 69,322 Tecmo, Ltd............................. 22,000 214,519 Teikoku Hormone Manufacturing Co., Ltd.................................. 33,000 252,804 #Teikoku Piston Ring Co., Ltd.......... 42,000 170,085 Teikoku Sen-I Co., Ltd................. 39,000 139,741 Teikoku Tsushin Kogyo Co., Ltd......... 73,000 249,305 Tekken Corp............................ 194,000 269,721 Ten Allied Co., Ltd.................... 37,000 137,408 Tenma Corp............................. 41,000 417,766 Teraoka Seisakusho Co., Ltd............ 29,000 297,658 Tetra Co., Ltd., Tokyo................. 41,000 77,662 *The Daito Bank, Ltd................... 114,000 204,236 #The Nisshin Oillio Group, Ltd......... 251,000 665,149 Three F Co., Ltd....................... 5,300 31,008 Tigers Polymer Corp.................... 16,000 60,465 *Titan Kogyo KK........................ 36,000 60,465 #Toa Corp.............................. 247,000 306,532 #Toa Doro Kogyo Co., Ltd............... 65,000 131,613 Toa Oil Co., Ltd....................... 145,000 239,479 *Toabo Corp............................ 73,000 38,826 Toagosei Co., Ltd...................... 424,719 867,906 *Tobu Store Co., Ltd................... 71,000 117,262 Tochigi Fuji Industrial Co., Ltd....... 51,000 134,198 Toda Kogyo Corp........................ 68,000 272,203 #Todentu Corp.......................... 57,000 119,138 Toei Co., Ltd.......................... 185,000 607,633 Toenec Corp............................ 108,000 339,610 Tohcello Co., Ltd...................... 21,000 54,866 Toho Co., Ltd.......................... 35,000 270,411 Toho Real Estate Co., Ltd.............. 98,000 376,747 #Toho Titanium Co., Ltd................ 44,000 358,011 Toho Zinc Co., Ltd..................... 156,000 326,061 Tohoku Bank, Ltd....................... 92,000 180,274 Tohoku Misawa Homes Co., Ltd........... 24,000 98,311 Tohoku Pioneer Corp.................... 24,800 428,105 Tohoku Telecommunications Construction Co., Ltd............................. 17,000 46,953 *Tohpe Corp............................ 36,000 32,920 #Tohto Suisan Co., Ltd................. 54,000 89,689 #Tokai Carbon Co., Ltd................. 253,000 703,499 SHARES VALUE+ ------ ------ #*Tokai Corp........................... 108,000 $ 444,415 #*Tokai Kanko Co., Ltd................. 333,000 93,216 Tokai Konetsu Kogyo Co., Ltd........... 15,000 34,151 #Tokai Pulp & Paper Co., Ltd........... 88,000 329,271 *Tokai Senko KK, Nagoya................ 47,000 42,540 *Tokai Tokyo Securities Co., Ltd....... 366,250 847,532 #Tokico, Ltd........................... 189,000 500,849 *Tokimec, Inc.......................... 119,000 202,090 Toko Electric Corp..................... 39,000 101,894 #Toko, Inc............................. 129,000 353,886 Tokushima Bank, Ltd.................... 87,200 576,885 Tokushu Paper Manufacturing Co., Ltd.................................. 63,000 232,201 Tokyo Biso Kogyo Corp.................. 13,000 70,113 Tokyo Denpa Co., Ltd................... 11,000 201,176 Tokyo Dome Corp........................ 233,000 850,079 Tokyo Energy & Systems, Inc............ 49,000 166,884 Tokyo Kikai Seisakusho, Ltd............ 132,000 336,251 Tokyo Leasing Co., Ltd................. 86,000 548,885 Tokyo Nissan Auto Sales Co., Ltd....... 97,000 260,670 Tokyo Rakutenchi Co., Ltd.............. 92,000 351,964 *Tokyo Rope Manufacturing Co., Ltd..... 202,000 226,183 Tokyo Sangyo Co., Ltd.................. 36,500 97,747 Tokyo Soir Co., Ltd.................... 17,000 39,815 #*Tokyo Tekko Co., Ltd................. 67,000 183,801 Tokyo Theatres Co., Inc., Tokyo........ 116,000 125,558 #Tokyo Tomin Bank, Ltd................. 45,200 775,616 Tokyotokeiba Co., Ltd.................. 422,000 484,333 #Tokyu Community Corp.................. 19,000 248,913 Tokyu Corp............................. 14,720 75,544 #*Tokyu Department Store Co., Ltd...... 406,000 363,684 Tokyu Livable Inc...................... 22,200 278,821 Tokyu Recreation Corp.................. 32,000 160,343 Tokyu Store Chain Corp................. 175,000 676,029 Toli Corp.............................. 83,000 165,737 Tomato Bank, Ltd....................... 128,000 261,566 Tomen Electronics Corp................. 10,000 379,770 Tomoe Corp............................. 56,000 76,813 #*Tomoegawa Paper Co., Ltd............. 55,000 173,976 Tomoku Co., Ltd........................ 136,000 272,838 *Tomy Co., Ltd......................... 27,000 399,067 Tonami Transportation Co., Ltd......... 121,000 356,779 Topcon Corp............................ 57,000 441,448 Topre Corp............................. 67,000 445,750 Topy Industries, Ltd................... 325,000 846,086 #Torigoe Co., Ltd...................... 35,000 128,347 Torii Pharmaceutical Co., Ltd.......... 36,000 576,430 Torishima Pump Manufacturing Co., Ltd., Osaka................................ 37,000 190,576 Tose Co., Ltd.......................... 6,100 54,358 #*Toshiba Ceramics Co., Ltd............ 350,000 947,093 #Toshiba Machine Co., Ltd.............. 294,000 1,012,280 #Toshiba Plant Kensetsu Co., Ltd....... 101,000 341,159 Tosho Printing Co., Ltd................ 81,000 232,033 Totenko Co., Ltd....................... 35,000 68,256 Totetsu Kogyo Co., Ltd................. 53,000 152,319 *Totoku Electric Co., Ltd., Tokyo...... 62,000 78,100 Tottori Bank, Ltd...................... 127,000 485,864 Touei Housing Corp..................... 16,700 498,647 *Towa Bank, Ltd........................ 127,000 284,408 Towa Corp.............................. 28,000 227,302 Towa Meccs Corp........................ 75,000 64,384 #*Towa Real Estate Development Co., Ltd.................................. 80,000 150,788 Toyo Bussan Co., Ltd................... 24,200 191,712 #*Toyo Communication Equipment Co., Ltd.................................. 79,000 328,767
91 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ #*Toyo Construction Co., Ltd........... 290,000 $ 208,361 #Toyo Corp............................. 43,100 476,565 #Toyo Electric Co., Ltd................ 67,000 190,053 #Toyo Engineering Corp................. 473,000 1,015,116 *Toyo Kanetsu KK....................... 172,000 213,455 Toyo Kohan Co., Ltd.................... 125,000 361,575 #Toyo Radiator Co., Ltd................ 104,000 407,577 *Toyo Securities Co., Ltd.............. 113,000 312,102 *Toyo Shutter Co., Ltd................. 77,000 67,538 *Toyo Sugar Refining Co., Ltd.......... 60,000 62,144 Toyo Tire & Rubber Co., Ltd............ 307,000 653,131 Toyo Wharf & Warehouse Co., Ltd........ 118,000 188,280 *Trans Cosmos, Inc..................... 29,500 730,825 Trusco Nakayama Corp................... 47,100 565,182 Tsubaki Nakashima Co., Ltd............. 61,000 813,940 Tsubakimoto Kogyo Co., Ltd............. 44,000 79,649 Tsudakoma Corp......................... 101,000 256,340 *Tsugami Corp.......................... 124,000 225,623 *Tsukamoto Co., Ltd.................... 44,000 48,857 Tsukishima Kikai Co., Ltd.............. 60,000 361,668 Tsurumi Manufacturing Co., Ltd......... 35,000 193,338 #Tsutsumi Jewelry Co., Ltd............. 24,800 641,000 #Tsutsunaka Plastic Industry Co., Ltd.................................. 58,000 191,042 *Tsuzuki Denki Co., Ltd................ 22,000 63,432 U-Shin, Ltd............................ 32,000 120,929 U.Store Co., Ltd....................... 27,100 252,869 Ube Material Industries, Ltd........... 116,000 193,748 Uchida Yoko Co., Ltd................... 72,000 256,639 Ueki Corp.............................. 47,000 82,448 Unicafe, Inc........................... 5,460 75,453 Unimat Offisco Corp.................... 27,700 325,153 #*Unitika, Ltd......................... 699,000 684,847 *Utoc Corp............................. 68,000 81,851 Vital-Net, Inc......................... 56,300 433,400 Wakachiku Construction Co., Ltd........ 161,000 174,265 #Wakamoto Pharmaceutical Co., Ltd...... 48,000 132,127 Wakodo Co., Ltd........................ 2,000 61,771 Warabeya Nichiyo Co., Ltd.............. 13,800 196,370 *Watabe Wedding Corp................... 4,900 54,820 #Watami Food Service Co., Ltd.......... 54,700 342,992 *Wondertable, Ltd...................... 8,000 9,630 Wood One Co., Ltd...................... 86,000 674,872 Xebio Co., Ltd......................... 12,000 268,732 *Yachiyo Musen Denki Co., Ltd.......... 9,000 42,493 Yahagi Construction Co., Ltd........... 59,000 226,267 #Yaizu Suisankagaku Industry Co., Ltd.................................. 14,000 108,948 Yamaichi Electronics Co., Ltd.......... 21,000 228,282 Yamamura Glass Co., Ltd................ 155,000 273,351 *Yamatane Corp......................... 131,000 141,793 Yamato Corp............................ 36,000 131,343 Yamato International, Inc.............. 43,000 180,554 Yamato Kogyo Co., Ltd.................. 96,000 761,407 Yamaura Corp........................... 19,000 58,328 Yamazen Co., Ltd....................... 140,000 276,943 Yaoko Co., Ltd......................... 29,000 428,898 Yasuda Warehouse Co., Ltd.............. 27,000 102,538 Yellow Hat, Ltd., Tokyo................ 32,000 275,898 Yokogawa Bridge Corp................... 55,400 230,553 Yokohama Reito Co., Ltd................ 55,000 287,394 Yokowo Co., Ltd........................ 28,000 408,883 #Yomeishu Seizo Co., Ltd............... 46,000 336,941 Yomiuri Land Co., Ltd.................. 157,000 487,832 Yondenko Corp.......................... 50,800 218,046 #Yonekyu Corp.......................... 41,500 394,205 Yonex Co., Ltd......................... 19,000 120,202 SHARES VALUE+ ------ ------ Yorozu Corp............................ 26,800 $ 177,300 Yoshimoto Kogyo Co., Ltd............... 60,000 454,605 #Yuasa Corp............................ 260,000 487,636 Yuasa Funashoku Co., Ltd............... 33,000 64,048 #*Yuasa Trading Co., Ltd............... 174,000 196,454 #*Yuken Kogyo Co., Ltd................. 60,000 111,412 Yuki Gosei Kogyo Co., Ltd.............. 14,000 34,618 Yukiguni Maitake Co., Ltd.............. 26,000 123,729 Yuraku Real Estate Co., Ltd............ 69,000 158,384 Yurtec Corp............................ 101,000 376,971 #Yushin Precision Equipment Co., Ltd... 17,800 433,498 Yushiro Chemical Industry Co., Ltd..... 10,000 106,280 *Z-Plus Co., Ltd....................... 13,000 16,497 Zenrin Co., Ltd........................ 49,600 383,212 #Zensho Co., Ltd....................... 17,000 342,633 #Zeria Pharmacetical Co., Ltd.......... 60,000 616,964 i-LOGISTICS Corp....................... 35,000 56,826 ------------ TOTAL COMMON STOCKS (Cost $422,961,237)................... 307,379,291 ------------ INVESTMENT IN CURRENCY -- (0.5%) *Japanese Yen (Cost $1,954,874).................... 1,956,017 ------------ RIGHTS/WARRANTS -- (0.0%) *BSL Corp. Rights 01/30/04............. 3,950 0 *Kanematsu Corp. Warrants 03/31/06..... 20,125 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................. 0 ------------ TOTAL -- JAPAN (Cost $424,916,111)................... 309,335,308 ------------
FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (24.2%) Repurchase Agreement in a Pooled Cash Account, Mizuho Securities USA, 0.90%, 01/02/04 (Collateralized by $125,860,000 U.S. Treasury Obligations, rates ranging from 3.00% to 11.25%, maturities ranging from 02/15/04 to 02/15/31, valued at $80,709,457) to be repurchased at $80,713,492{::}...................... $80,709 80,709,457 Repurchase Agreement, PNC Capital Markets, Inc. 0.81%, 01/05/04 (Collateralized by $18,175,000, FNMA Discount Notes 1.03%, 02/25/04, valued at $18,147,738) to be repurchased at $17,908,074........... 17,905 17,905,000 ----------- TOTAL TEMPORARY CASH INVESTMENTS (Cost $98,614,457).................... 98,614,457 ----------- TOTAL INVESTMENTS -- (100.0%) (Cost $523,530,568)++................. $407,949,765 ===========
- -------------------- + See Note B to Financial Statements. * Non-Income Producing Securities. # Total or Partial Securities on Loan. ++ The cost for federal income tax purposes is $526,363,534. {::} Security purchased with cash proceeds from securities on loan. See accompanying Notes to Financial Statements 92 THE PACIFIC RIM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2003 (UNAUDITED)
SHARES VALUE+ ------ ------ AUSTRALIA -- (27.0%) COMMON STOCKS -- (27.0%) *A.I., Ltd............................. 129,195 $ 14,115 A.P. Eagers, Ltd....................... 25,283 137,918 *AAV, Ltd.............................. 50,200 62,786 ABC Learning Centres, Ltd.............. 133,000 355,741 ADCorp Australia, Ltd.................. 116,497 100,063 AJ Lucas Group, Ltd.................... 35,900 58,155 APN News & Media, Ltd.................. 1 3 ARB Corporation, Ltd................... 116,670 318,216 #AV Jennings Homes, Ltd................ 170,028 243,404 Abigroup, Ltd.......................... 73,710 217,149 *Adsteam Marine, Ltd................... 342,628 428,533 Adtrans Group, Ltd..................... 29,000 80,845 *Agenix, Ltd........................... 149,379 79,910 Alesco Corp., Ltd...................... 86,411 384,778 Altium................................. 162,100 62,288 Amalgamated Holdings, Ltd.............. 195,483 539,068 *Amity Oil NL.......................... 222,481 149,189 *Amrad Corp., Ltd...................... 135,523 72,498 *Anateus Energy, Ltd................... 193,687 13,572 *Arc Energy NL......................... 129,400 99,446 Ariadne Australia, Ltd................. 270,353 70,276 Aspen Group, Ltd....................... 15,795 1,666 Atlas Pacific, Ltd..................... 82,585 14,000 *AuIron Energy, Ltd.................... 260,290 11,375 Ausdrill, Ltd.......................... 115,992 68,167 Ausmelt, Ltd........................... 36,118 20,410 Auspine, Ltd........................... 42,618 103,075 *Austal, Ltd........................... 356,800 228,506 *Austar United Communications, Ltd..... 730,792 225,752 *Austral Coal, Ltd..................... 285,300 165,518 Australian Agricultural Co., Ltd....... 155,000 142,477 *#Australian Magnesium Corp., Ltd...... 332,383 18,783 #Australian Pharmaceutical Industries, Ltd.................................. 287,700 611,284 *Australian Worldwide Exploration, Ltd.................................. 308,100 278,565 *Auto Group, Ltd....................... 41,309 18,675 #Autron Corporation, Ltd............... 989,247 216,151 #Beach Petroleum NL.................... 1,868,854 485,790 *Beaconsfield Gold NL.................. 89,078 13,759 *Bendigo Mining NL..................... 1,712,123 257,999 *Beyond International, Ltd............. 61,256 13,615 *Biota Holdings, Ltd................... 97,808 37,584 Blackmores, Ltd........................ 27,894 164,771 Brazin, Ltd............................ 98,875 105,041 Bridgestone Australia, Ltd............. 49,000 98,943 Burswood, Ltd.......................... 784,148 691,254 CMI, Ltd............................... 32,784 50,143 Cabcharge Austalia, Ltd................ 196,800 465,595 Campbell Brothers, Ltd................. 88,210 402,758 *Cape Range Wireless, Ltd.............. 619,912 20,551 Capral Aluminium, Ltd.................. 28,943 58,443 Casinos Austria International, Ltd..... 258,299 130,392 Cedar Woods Properties, Ltd............ 50,913 53,321 *Cellestis, Ltd........................ 37,209 46,258 Cellnet Telecommunications Group, Ltd.................................. 91,100 77,562 *Centamin Egypt, Ltd................... 996,437 225,229 Centennial Coal, Ltd................... 447,647 927,518 Central Equity, Ltd.................... 129,405 188,175 SHARES VALUE+ ------ ------ *Charter Pacific Corp., Ltd............ 72,823 $ 20,576 *Charters Towers Gold Mines, Ltd....... 258,700 39,958 *#Chemeq, Ltd.......................... 120,000 494,564 *Chiquita Brands South Pacific, Ltd.... 113,500 73,544 *Circadian Technologies, Ltd........... 40,370 63,571 Citect Corp., Ltd...................... 109,822 93,502 Clough, Ltd............................ 817,737 462,092 #Coates Hire, Ltd...................... 472,004 1,013,548 #Collection House, Ltd................. 176,200 237,636 Colorado Group, Ltd.................... 135,243 351,550 Commander Communications, Ltd.......... 106,600 91,562 Consolidated Minerals, Ltd............. 251,658 180,131 *Consolidated Paper Industries, Ltd.... 68,585 42,890 *Coplex Resources NL................... 231,400 15,691 Count Financial, Ltd................... 171,200 89,003 Coventry Group, Ltd.................... 58,612 247,302 Crane Group, Ltd....................... 83,106 551,022 #Croesus Mining NL..................... 798,235 372,886 Danks Holdings, Ltd.................... 10,425 90,329 Devine, Ltd............................ 168,183 78,565 *Dominion Mining, Ltd.................. 168,015 87,348 *Emporer Mines, Ltd.................... 120,600 63,606 *Energy Developments, Ltd.............. 164,549 311,188 *Energy World Corp., Ltd............... 325,630 6,256 *Environmental Solutions International, Ltd.................................. 67,364 12,689 Equigold NL............................ 225,700 255,080 Evans & Tate, Ltd...................... 62,500 52,741 FKP, Ltd............................... 142,602 292,246 Fantastic Holdings, Ltd................ 133,100 322,915 Fleetwood Corp., Ltd................... 47,464 221,723 *Forest Place Group, Ltd............... 85,192 31,452 *Funtastic, Ltd........................ 94,900 156,590 #GRD NL................................ 379,594 572,009 GUD Holdings, Ltd...................... 114,428 592,302 *Gale Pacific, Ltd..................... 34,400 73,609 Gazal Corp., Ltd....................... 71,177 139,433 *Geo2, Ltd............................. 2,526 438 *Globe International, Ltd.............. 327,400 119,639 *Gold Aura............................. 2,635 347 *Golden West Refining Corp., Ltd....... 17,330 4,701 *Goldstream Mining NL.................. 90,901 34,930 Gowing Bros., Ltd...................... 58,624 104,242 *Gradipore, Ltd........................ 86,855 49,081 *Graincorp, Ltd. Series A.............. 78,059 793,982 *#Grand Hotel Group.................... 383,087 193,386 #Great Southern Plantations, Ltd....... 366,530 466,713 Green's Foods, Ltd..................... 66,082 51,283 *Gympie Gold, Ltd...................... 302,445 127,611 *HPAL, Ltd............................. 88,900 102,482 Hancock and Gore, Ltd.................. 66,108 81,189 *Hardman Resources NL.................. 717,859 519,235 *Health Communication Network, Ltd..... 106,000 87,852 #Healthscope, Ltd...................... 131,852 293,064 *Henry Walker Eltin Group, Ltd......... 287,948 199,598 *Herald Resources, Ltd................. 69,910 40,032 Hills Industries, Ltd.................. 263,845 731,561 *Horizon Oil NL........................ 752,832 56,722 Housewares International, Ltd.......... 280,209 553,143 *Hutchison Telecommunications (Australia), Ltd..................... 1,065,400 240,817
93 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ IInet, Ltd............................. 65,200 $ 142,462 ION, Ltd............................... 342,085 613,430 Infomedia, Ltd......................... 598,900 415,141 Institute of Drug Technology Australia, Ltd.................................. 44,372 67,867 *Integrated Group, Ltd................. 55,000 69,619 *Intellect Holdings, Ltd............... 403,028 133,611 Investor Group, Ltd.................... 48,637 95,278 *Iress Market Technology, Ltd.......... 81,000 150,743 *Ixla, Ltd............................. 89,921 1,558 *JDV, Ltd.............................. 84,981 31,374 #Jones (David), Ltd.................... 658,594 689,742 Jubilee Mines NL....................... 224,549 771,489 K&S Corp., Ltd......................... 86,000 180,135 *Kagara Zinc, Ltd...................... 120,700 94,579 Kaz Group, Ltd......................... 1,315,977 292,499 *Keycorp, Ltd.......................... 67,609 69,278 *Kimberley Diamond Co. NL.............. 182,966 129,584 Kingsgate Consolidated NL.............. 132,456 383,228 Kresta Holdings, Ltd................... 56,700 25,632 Lemarne Corp., Ltd..................... 20,790 35,401 *LionOre Mining International, Ltd..... 25,842 158,692 MYOB, Ltd.............................. 470,141 389,650 MacArthur Coal, Ltd.................... 101,500 104,006 *MacMahon Holdings, Ltd................ 192,179 49,231 Magellan Petroleum Australia, Ltd...... 32,760 31,347 *Magnesium International, Ltd.......... 656,061 27,681 Maryborough Sugar Factory, Ltd......... 600 2,803 *Matrix Oil NL......................... 557,000 18,466 MaxiTRANS Industries, Ltd.............. 157,528 99,699 #McGuigan Simeon Wines, Ltd............ 253,183 929,003 McPherson's, Ltd....................... 67,828 219,240 *Metabolic Pharmaceuticals, Ltd........ 700,000 574,882 *Metal Storm, Ltd...................... 406,669 134,818 Mia Group, Ltd......................... 237,000 133,926 Miller's Retail, Ltd................... 462,814 603,263 *Mincor Resources NL................... 73,400 49,773 Monadelphous Group, Ltd................ 18,988 65,095 *Mosaic Oil NL......................... 387,324 58,366 Namoi Cotton Cooperative, Ltd.......... 142,585 39,749 National Can Industries, Ltd........... 97,017 105,991 *Norwood Abbey, Ltd.................... 99,000 96,969 *Novus Petroleum, Ltd.................. 288,634 411,020 *Oakton, Ltd........................... 62,800 56,780 #Oamps, Ltd............................ 173,075 431,634 *#Orbital Engine Corp., Ltd............ 537,358 64,779 OrotonGroup, Ltd....................... 76,854 167,926 *PMP, Ltd.............................. 455,871 480,866 Pacific Hydro, Ltd..................... 370,312 831,453 *Pan Pacific Petroleum NL.............. 327,800 25,316 *Pan Pharmaceuticals, Ltd.............. 322,766 291,825 *Payce Consolidated, Ltd............... 18,000 27,124 *#Peptech, Ltd......................... 281,015 368,411 *Perilya Mines NL...................... 263,500 242,211 *Perseverance Corp., Ltd............... 199,493 52,608 *Petsec Energy, Ltd.................... 97,992 80,477 *Plantcorp NL.......................... 4,329 0 Plaspak Group, Ltd..................... 97,158 71,740 *Polartechnics, Ltd.................... 43,405 26,163 *Port Douglas Reef Resorts, Ltd........ 251,655 19,909 Portman, Ltd........................... 343,890 373,109 *PowerTel, Ltd. Series B............... 4,416,871 129,788 *Precious Metals Australia, Ltd........ 10,606 583 *Preston Resources NL.................. 64,000 13,020 Primary Health Care, Ltd............... 190,663 732,640 SHARES VALUE+ ------ ------ Prime Television, Ltd.................. 172,440 $ 337,804 *Primelife Corp., Ltd.................. 85,867 178,562 *Progen Industries, Ltd................ 24,788 31,003 Programmed Maintenance Service, Ltd.... 119,230 243,449 Queensland Cotton Holdings, Ltd........ 39,866 100,023 *Quiktrak Networks P.L.C. Entitlement Shares............................... 23,875 0 *Quiktrak Networks, Ltd................ 740,124 1,673 *RG Capital Radio, Ltd................. 45,370 94,348 Ramsay Health Care, Ltd................ 177,900 639,364 *Raptis Group, Ltd..................... 12,000 3,119 Rebel Sport, Ltd....................... 88,284 194,896 Reece Australia, Ltd................... 159,501 879,687 *Reinsurance Australia Corp., Ltd...... 399,993 128,084 *#Resolute Mining, Ltd................. 287,264 281,370 Ridley Corp., Ltd...................... 582,631 561,898 *Roc Oil Co., Ltd...................... 170,700 196,779 Rock Building Society, Ltd............. 11,373 29,906 *SDI, Ltd.............................. 18,432 166,651 *SP Telecommunications, Ltd............ 136,396 131,542 SPC Ardmona, Ltd....................... 337,984 343,782 STW Communications Group, Ltd.......... 231,843 567,716 Schaffer Corp., Ltd.................... 33,766 356,173 Select Harvests, Ltd................... 44,886 197,843 *Senetas Corp., Ltd.................... 240,406 10,325 Servcorp, Ltd.......................... 156,000 235,076 *Silex System, Ltd..................... 235,100 138,166 Skilled Engineering, Ltd............... 144,962 279,607 *Solution 6 Holdings, Ltd.............. 402,138 196,944 *#Southern Pacific Petroleum NL........ 698,740 121,087 Southern Star Group, Ltd............... 187,907 121,757 *St. Barbara Mines, Ltd................ 375,500 20,370 Star Games, Ltd........................ 132,410 120,715 *Straits Resources, Ltd................ 56,534 47,707 *Strategic Minerals Corp. NL........... 358,100 80,943 *Striker Resources NL.................. 435,484 18,374 Sunland Group, Ltd..................... 75,095 64,501 Sydney Aquarium, Ltd................... 49,135 182,882 *Sydney Gas, Ltd....................... 153,800 96,181 Symex Holdings, Ltd.................... 163,000 151,059 Tandou, Ltd............................ 3,410 3,725 *Tap Oil, Ltd.......................... 193,100 231,331 Technology One, Ltd.................... 587,800 212,581 Tempo Service, Ltd..................... 184,359 206,969 Thakral Holdings Group................. 948,383 443,026 The Gribbles Group, Ltd................ 780,300 291,019 Ticor, Ltd............................. 455,148 442,381 #Timbercorp, Ltd....................... 258,294 251,049 *Titan Resources NL.................... 50,000 18,648 *Tooth & Co., Ltd...................... 153,000 18,444 Transfield Services, Ltd............... 238,000 832,049 Triako Resources, Ltd.................. 5,400 7,364 Troy Resources NL...................... 72,048 94,998 Trust Company of Australia, Ltd........ 23,774 143,658 UXC, Ltd............................... 181,293 112,008 United Group, Ltd...................... 138,399 444,218 *VeCommerce, Ltd....................... 13,680 8,967 *Ventracor, Ltd........................ 256,924 414,259 *Victoria Petroleum NL................. 463,964 5,244 Villa World, Ltd....................... 134,700 121,787 *#Village Roadshow, Ltd................ 436,313 618,030 *Virotec International NL.............. 142,891 45,218 Vision Systems, Ltd.................... 268,273 179,896 Volante Group, Ltd..................... 125,700 118,386
94 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Waterco, Ltd........................... 22,304 $ 42,348 Watpac, Ltd............................ 129,518 56,599 Wattyl, Ltd............................ 131,342 383,963 *Webster, Ltd.......................... 33,551 13,903 *Western Metals, Ltd................... 385,787 6,249 Wide Bay Capricorn Building Society, Ltd.................................. 26,958 135,478 *Yates, Ltd............................ 60,281 2,680 ------------ TOTAL COMMON STOCKS (Cost $39,844,979).................... 49,422,738 ------------ PREFERRED STOCKS -- (0.0%) *Village Roadshow, Ltd. 2% Class A (Cost $59,968)....................... 55,477 47,651 ------------ RIGHTS/WARRANTS -- (0.0%) *Amity Oil, Ltd. Options 09/04/04...... 1 0 *Axon Instruments, Inc. Options Open Pay Date............................. 16,148 0 *Metal Storm, Ltd. Options 09/06/04.... 1 0 *Progen Industries, Ltd. Options....... 3,098 1,039 *Senetas Corp., Ltd. Rights 05/31/05... 240,406 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $98)............................ 1,039 ------------ TOTAL -- AUSTRALIA (Cost $39,905,045).................... 49,471,428 ------------ SINGAPORE -- (26.8%) COMMON STOCKS -- (26.5%) ASA Group Holdings, Ltd................ 586,000 105,241 *Acma, Ltd............................. 3,040,700 179,044 *Airocean Group, Ltd................... 1,017,000 182,644 *Alliance Technology & Development, Ltd.................................. 156,000 9,645 Amtek Engineering, Ltd................. 597,625 534,882 Apollo Enterprises, Ltd................ 193,000 73,868 Armstrong Industrial Corp.............. 1,460,000 124,654 Ascott Group, Ltd...................... 1,807,250 446,944 Aussino Group, Ltd..................... 341,000 101,398 Benjamin (F.J.) Holdings, Ltd.......... 1,095,000 164,414 *Beyonics Technology, Ltd.............. 3,272,600 549,191 Blu Inc. Group, Ltd.................... 729,000 111,606 Bonvests Holdings, Ltd................. 825,000 235,603 Brilliant Manufacturing, Ltd........... 1,422,000 586,116 Bukit Sembawang Estates, Ltd........... 71,334 680,451 *CK Tang, Ltd.......................... 614,000 150,038 #CSE Global, Ltd....................... 984,000 399,788 CWT Distribution, Ltd.................. 461,500 149,458 Central Properties, Ltd................ 66,000 761,703 Ch Offshore, Ltd....................... 823,200 176,923 Chemical Industries (Far East), Ltd.... 105,910 64,233 *China Merchants Holdings Pacific, Ltd.................................. 479,000 143,844 Chip Eng Seng Corp., Ltd............... 1,775,000 151,549 Chosen Holdings, Ltd................... 829,000 146,441 Chuan Hup Holdings, Ltd................ 4,116,000 1,151,210 Chuan Soon Huat Industrial Group, Ltd.................................. 614,000 110,269 Clipsal Industries Holdings, Ltd....... 351,542 494,721 *Compact Metal Industries, Ltd......... 643,000 24,610 Cosco Corp. Singapore, Ltd............. 2,783,000 1,007,799 Courts Singapore, Ltd.................. 495,000 151,563 ECS Holdings, Ltd...................... 1,375,000 311,709 *Eagle Brand Holdings, Ltd............. 3,390,000 179,650 #Eastern Asia Technology, Ltd.......... 1,368,600 386,815 *Eastgate Technology, Ltd.............. 870,000 107,578 SHARES VALUE+ ------ ------ *Econ International, Ltd............... 2,267,000 $ 60,069 Eng Wah Organisation, Ltd.............. 265,000 46,031 *Freight Links Express Holdings, Ltd... 2,582,000 182,441 Frontline Technologies Corp., Ltd...... 1,974,000 185,974 #Fu Yu Manufacturing, Ltd.............. 1,291,000 558,726 Fuji Offset Plates Manufacturing, Ltd.................................. 33,750 6,558 GB Holdings, Ltd....................... 200,000 82,435 GK Goh Holdings, Ltd................... 1,120,000 586,940 GP Industries, Ltd..................... 1,402,000 804,893 #Ges International, Ltd................ 2,230,000 932,285 *Goodpack, Ltd......................... 1,220,000 585,468 Guocoland, Ltd......................... 1,215,000 844,197 HTL International Holdings, Ltd........ 1,177,500 686,407 Ho Bee Investment, Ltd................. 761,000 114,264 Hong Fok Corp., Ltd.................... 1,796,000 293,464 Hong Leong Asia, Ltd................... 1,048,000 1,172,467 *Horizon Education & Technologies, Ltd.................................. 1,575,000 213,302 Hotel Grand Central, Ltd............... 875,280 201,001 Hotel Plaza, Ltd....................... 1,189,000 367,559 #Hotel Properties, Ltd................. 1,393,000 836,637 Hour Glass, Ltd........................ 298,000 94,754 Huan Hsin Holdings, Ltd................ 964,400 641,684 Hup Seng Huat, Ltd..................... 900,200 90,110 Hwa Hong Corp., Ltd.................... 2,488,000 827,722 #IDT Holdings, Ltd..................... 514,000 632,550 *Inno-Pacific Holdings, Ltd............ 680,000 18,018 Innovalues Precision, LTd.............. 223,000 238,980 International Factors (Singapore), Ltd.................................. 290,000 73,426 *Internet Technology Group, Ltd........ 874,408 38,615 *Interra Resources, Ltd................ 185,430 25,659 *Intraco, Ltd.......................... 292,500 86,116 Isetan (Singapore), Ltd................ 122,500 225,049 JK Yaming International, Ltd........... 509,000 118,386 #Jaya Holdings, Ltd.................... 2,733,000 1,295,451 Jurong Cement, Ltd..................... 132,500 71,778 Jurong Engineering, Ltd................ 112,000 175,422 #Jurong Technologies Industrial Corp., Ltd.................................. 1,216,000 852,052 *K1 Ventures, Ltd...................... 4,940,500 625,453 Keppel Telecommunications and Transportation, Ltd.................. 1,686,000 823,989 Khong Guan Flour Milling, Ltd.......... 19,000 17,900 Kian Ann Engineering, Ltd.............. 868,000 111,164 #Kim Eng Holdings, Ltd................. 2,281,200 1,611,871 Koh Brothers, Ltd...................... 1,494,000 118,760 *L & M Group Investments, Ltd.......... 7,107,100 62,772 Labroy Marine, Ltd..................... 2,943,000 927,107 *Lantrovision (S), Ltd................. 1,117,500 108,572 Lee Kim Tah Holdings, Ltd.............. 1,265,000 178,767 *Leong Hin Holdings, Ltd............... 526,000 34,069 *Liang Huat Aluminum, Ltd.............. 1,477,000 69,575 *Lion Asiapac, Ltd..................... 473,000 45,955 Low Keng Huat Singapore, Ltd........... 372,000 97,474 Lum Chang Holdings, Ltd................ 1,134,030 186,968 *MCL Land, Ltd......................... 361,000 284,838 MMI Holdings, Ltd...................... 1,453,000 342,225 *Magnecomp International, Ltd.......... 714,000 365,766 *Manufacturing Integration Technology, Ltd.................................. 588,000 93,482 *Mediaring.Com, Ltd.................... 2,094,000 178,785 Metro Holdings, Ltd.................... 2,256,960 710,990 Multi-Chem, Ltd........................ 957,000 157,781 Nera Telecommunications, Ltd........... 1,159,000 368,521 New Toyo Intenational Holdings, Ltd.... 750,000 291,468
95 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *#Norelco Centreline Holdings, Ltd..... 722,000 $ 514,409 *Orchard Parade Holdings, Ltd.......... 1,084,022 274,468 #Osim International, Ltd............... 1,145,000 795,560 Ossia International, Ltd............... 708,000 89,631 PCI, Ltd............................... 734,000 263,640 #PSC Corp., Ltd........................ 4,088,000 300,889 Pan-United Corp., Ltd.................. 1,624,000 592,875 Pentex-Schweizer Circuits, Ltd......... 916,000 137,538 Pertama Holdings, Ltd.................. 459,750 78,506 Popular Holdings, Ltd.................. 1,129,000 299,152 *Qian Hu Corp., Ltd.................... 266,000 117,470 Robinson & Co., Ltd.................... 284,832 1,249,484 Rotary Engineering, Ltd................ 1,231,000 369,670 SBS Transit, Ltd....................... 857,000 605,547 SMB United, Ltd........................ 1,254,000 166,137 SNP Corp., Ltd......................... 332,995 260,780 *SP Corp., Ltd......................... 454,000 21,386 San Teh, Ltd........................... 838,406 219,685 Sea View Hotel, Ltd.................... 66,000 345,875 *Seatown Corp., Ltd.................... 101,000 1,784 *Sembawang Kimtrans, Ltd............... 1,295,000 141,068 *Sin Soon Huat, Ltd.................... 1,307,000 65,415 Sing Investments & Finance, Ltd........ 94,500 86,248 #Singapore Food Industries, Ltd........ 1,446,000 617,294 Singapore Reinsurance Corp., Ltd....... 1,540,935 231,372 *Singapore Shipping Corp., Ltd......... 1,122,000 178,378 Singapura Finance, Ltd................. 139,250 104,952 *Singatronics, Ltd..................... 748,000 151,952 Ssangyong Cement (Singapore), Ltd...... 236,000 152,859 Stamford Land Corp., Ltd............... 3,229,000 456,315 Straits Trading Co., Ltd............... 1,117,200 1,184,102 *Sunright, Ltd......................... 378,000 137,997 Superbowl Holdings, Ltd................ 490,000 62,033 Superior Metal Printing, Ltd........... 490,500 76,537 *TSM Resources, Ltd.................... 688,000 166,095 *#TT International, Ltd................ 1,094,000 209,356 *Thakral Corp., Ltd.................... 4,622,000 381,016 Tiong Woon Corp. Holding, Ltd.......... 652,000 191,957 *Transmarco, Ltd....................... 106,500 62,710 *Trek 2000 International, Ltd.......... 622,000 199,605 *Tuan Sing Holdings, Ltd............... 3,362,000 217,759 UOB-Kay Hian Holdings, Ltd............. 1,602,000 867,833 *Ultro Technologies, Ltd............... 530,000 62,415 #Unisteel Technology, Ltd.............. 898,000 671,530 United Engineers, Ltd.................. 632,666 596,046 United Overseas Insurance, Ltd......... 125,500 237,950 United Pulp & Paper Co., Ltd........... 354,000 79,209 Vicom, Ltd............................. 120,000 60,060 WBL Corp., Ltd......................... 510,000 873,874 Wing Tai Holdings, Ltd................. 2,332,000 1,139,704 *Xpress Holdings, Ltd.................. 1,392,000 65,571 *Yongnam Holdi......................... 1,004,000 20,691 ------------ TOTAL COMMON STOCKS (Cost $51,125,639).................... 48,691,133 ------------ INVESTMENT IN CURRENCY -- (0.3%) *Singapore Dollars (Cost $504,271)...................... 507,446 ------------ RIGHTS/WARRANTS -- (0.0%) *Acma, Ltd. Warrants 11/16/04 (Cost $0)............................ 236,300 1,044 ------------ TOTAL -- SINGAPORE (Cost $51,629,910).................... 49,199,623 ------------ SHARES VALUE+ ------ ------ HONG KONG -- (26.1%) COMMON STOCKS -- (26.1%) ABC Communications (Holdings), Ltd..... 930,000 $ 45,520 ALCO Holdings, Ltd..................... 740,000 235,909 *APT Satellite Holdings, Ltd........... 599,000 183,243 Aeon Credit Service (Asia) Co., Ltd.... 522,000 349,632 *Allied Group, Ltd..................... 5,592,000 388,954 *Allied Properties, Ltd................ 802,600 299,802 *Anex International Holdings, Ltd...... 152,000 2,624 *Applied China, Ltd.................... 1,036,250 20,155 *Applied International Holdings, Ltd.................................. 1,243,000 17,291 *Artel Solutions Group Holdings, Ltd... 2,315,000 129,711 Arts Optical International Holdings, Ltd.................................. 468,000 150,703 *Asia Commercial Holdings, Ltd......... 72,800 2,719 Asia Financial Holdings, Ltd........... 1,976,908 425,246 *Asia Logistics Technologies, Ltd...... 2,214,000 11,977 *Asia Standard International Group, Ltd.................................. 5,136,000 181,926 *Asia Tele-Net & Technology Corp., Ltd.................................. 10,420,000 20,132 Associated International Hotels, Ltd... 898,000 792,326 Automated Systems Holdings, Ltd........ 234,000 43,101 Baltrans Holdings, Ltd................. 376,000 140,450 *Beijing Development (Hong Kong), Ltd.................................. 166,000 22,665 *Bossini International Holdings, Ltd.................................. 228,750 9,576 Bright International Group, Ltd........ 710,000 96,025 CCT Telecom Holdings, Ltd.............. 472,970 51,783 *CEC International Holdings, Ltd....... 210,000 4,274 *CNT Group, Ltd........................ 3,078,000 86,429 *COSCO International Holdings, Ltd..... 2,573,600 278,456 *Capital Prosper, Ltd.................. 480,000 3,833 *Capital Strategic Investment, Ltd..... 122,000 2,231 *Cash Financial Services Group, Ltd.... 13,509 644 *Casil Telecommunications Holdings, Ltd.................................. 428,000 17,366 *Catic International Holdings, Ltd..... 5,332,000 133,925 *Celestial Asia Securities Holdings, Ltd.................................. 128,036 9,565 *Central China Enterprises, Ltd........ 2,104,000 4,878 #Champion Technology Holdings, Ltd..... 987,386 209,849 Chen Hsong Holdings, Ltd............... 1,515,000 1,190,363 *Cheuk Nang (Holdings), Ltd............ 112,501 19,128 *Cheung Tai Hong Holdings, Ltd......... 100,920 2,691 *Chevalier Construction Holdings, Ltd.................................. 131,203 4,022 Chevalier International Holdings, Ltd.. 431,143 240,184 *Chevalier Itech Holdings, Ltd......... 355,250 105,244 *#China Aerospace International Holdings, Ltd........................ 2,430,000 169,020 *China Bio-Medical Group Limited....... 415,000 5,345 *China City Natural Gas Holdings, Ltd.................................. 5,800,000 28,389 *China Digicontent Co., Ltd............ 2,710,000 3,491 *China Everbright International, Ltd.................................. 3,185,000 133,331 *China Everbright Technology, Ltd...... 3,244,000 137,890 *China Gas Holdings, Ltd............... 1,514,000 144,309 China Hong-Kong Photo Products Holdings, Ltd........................ 1,909,000 118,028 *China Investments Holdings, Ltd....... 210,000 4,544 *China Motion Telecom International, Ltd.................................. 257,000 19,862 China Motor Bus Co., Ltd............... 74,000 463,239 *China Nan Feng Group, Ltd............. 4,800 96 China Online (Bermuda), Ltd............ 423,200 56,691 China Rare Earth Holdings, Ltd......... 1,180,000 171,750
96 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ #China Resources Land, Ltd............. 1,878,000 $ 263,669 China Resources Logic, Ltd............. 3,796,000 396,048 *China Rich Holdings, Ltd.............. 3,380,000 26,557 *China Sci-Tech Holdings, Ltd.......... 2,786,000 6,459 *China Star Entertainment, Ltd......... 440,292 62,384 *China Strategic Holdings, Ltd......... 376,000 8,136 Chinney Investments, Ltd............... 1,144,000 66,309 Chow Sang Sang Holdings International, Ltd.................................. 721,400 239,271 Chuangs China Investments, Ltd......... 1,347,000 56,388 *Chuang's Consortium International, Ltd.................................. 1,858,884 73,028 Chun Wo Holdings, Ltd.................. 1,671,917 105,523 Chung Tai Printing Holdings, Ltd....... 268,000 46,257 City e Solutions, Ltd.................. 186,000 21,323 #City Telecom (H.K.), Ltd.............. 754,000 274,364 *Climax International Co., Ltd......... 296,000 1,029 *Coastal Greenland, Ltd................ 300,000 7,265 *Compass Pacific Holdings, Ltd......... 624,000 12,860 *Computer & Technologies Holdings, Ltd.................................. 220,000 49,307 Continental Holdings, Ltd.............. 98,825 8,910 *Continental Mariner Investment Co., Ltd.................................. 1,328,000 236,055 #Coslight Technology International Group, Ltd........................... 626,000 256,009 *Cosmos Machinery Enterprises, Ltd..... 1,024,000 54,078 *Crocodile Garments, Ltd............... 1,539,000 55,505 Cross Harbour Tunnel Co., Ltd.......... 377,148 199,174 *Culturecom Holdings, Ltd.............. 3,767,000 126,155 *DVN Holdings, Ltd..................... 292,490 42,195 *Dan Form Holdings Co., Ltd............ 2,386,600 70,704 Daqing Petroleum & Chemical Group, Ltd.................................. 735,000 58,697 Dickson Concepts International, Ltd.... 320,000 261,734 Digital China Holdings, Ltd............ 1,245,000 416,946 *Dynamic Global Holdings, Ltd.......... 1,446,000 16,763 Dynamic Holdings, Ltd.................. 244,000 33,629 *Easyknit International Holdings, Ltd.................................. 282,860 4,372 *Eforce Holdings, Ltd.................. 2,620,000 131,614 Egana Jewelry and Pearls............... 331,789 85,473 #Eganagoldfeil Holdings Ltd............ 2,017,235 462,502 Elec & Eltek International Holdings, Ltd.................................. 3,078,790 602,782 *Emperor International Holdings, Ltd... 64,436 36,519 *Extrawell Pharmaceutical Holdings, Ltd.................................. 3,220,000 136,869 *Ezcom Holdings, Ltd................... 72,576 2,945 *Fairwood Holdings, Ltd................ 42,600 6,859 Far East Consortium International, Ltd.................................. 1,672,000 351,043 *Far East Hotels & Entertainment, Ltd.................................. 1,853,000 88,311 Far East Pharmaceutical Technology Co., Ltd.................................. 2,560,000 313,257 First Sign International Holdings, Ltd.................................. 1,050,000 48,013 *Forefront International Holdings, Ltd.................................. 658,000 197,054 *Founder Holdings, Ltd................. 1,374,000 143,354 Four Seas Frozen Food Holdings, Ltd.... 347,184 64,843 Four Seas Mercantile Holdings, Ltd..... 592,000 190,633 *Fujian Group, Ltd..................... 2,378,000 25,117 Fujikon Industrial Holdings, Ltd....... 532,000 91,138 *Fushan Holdings, Ltd.................. 2,566,000 89,240 GZI Transport, Ltd..................... 1,600,000 494,616 *GeoMaxima Energy Holdings, Ltd........ 5,810,000 110,010 SHARES VALUE+ ------ ------ Global China Group Holdings, Ltd....... 2,288,000 $ 156,196 Global Green Tech Group, Ltd........... 1,012,000 173,368 *#Global Tech (Holdings), Ltd.......... 5,612,000 66,503 Glorious Sun Enterprises, Ltd.......... 1,066,000 374,163 Gold Peak Industries (Holdings), Ltd... 1,059,250 293,342 *Goldbond Group Holdings, Ltd. New..... 499,500 15,120 Golden Resources Development International, Ltd................... 1,456,500 64,724 *Gold-Face Holdings, Ltd............... 2,003,600 139,361 Goldlion Holdings, Ltd................. 1,438,000 116,691 Golik Holdings, Ltd.................... 930,500 67,118 Good Fellow Group, Ltd................. 3,488,000 159,493 *Gorient Holdings, Ltd................. 73,700 171 *Great Wall Cybertech, Ltd............. 15,795,170 20,345 Group Sense (International), Ltd....... 2,062,000 268,254 Guangdong Brewery Holdings, Ltd........ 1,742,000 390,422 *Guangnan Holdings, Ltd................ 11,246,000 230,320 *HKR International, Ltd................ 1,884,860 594,815 *Hang Fung Gold Technology, Ltd........ 458,000 97,339 Hang Ten Group Holdings, Ltd........... 585,039 1,055 Hanny Holdings, Ltd.................... 136,658 35,205 *Hansom Eastern Holdings, Ltd.......... 3,473,235 25,500 Harbour Centre Development, Ltd........ 517,000 512,765 *Hen Fung Holdings, Ltd................ 1,050,000 37,193 Henderson China Holdings, Ltd.......... 815,000 406,786 High Fashion International, Ltd........ 268,000 40,043 *Hon Kwok Land Investment Co., Ltd..... 572,535 98,820 Hong Kong Catering Management, Ltd..... 512,000 57,375 *Hong Kong Construction Holdings, Ltd.................................. 970,000 63,720 Hong Kong Ferry (Holdings) Co., Ltd.... 671,300 709,034 *Hong Kong Parkview Group, Ltd......... 1,130,000 72,776 *Hong Kong Pharmaceuticals Holdings, Ltd.................................. 1,834,000 66,145 Hongkong Chinese, Ltd.................. 1,682,000 223,152 *Hop Hing Holdings, Ltd................ 660,265 33,168 Hopson Development Holdings, Ltd....... 936,000 163,965 *Hsin Chong Construction Group, Ltd.... 1,569,658 76,829 *Hualing Holdings, Ltd................. 1,344,000 56,263 *Hudson Holdings, Ltd.................. 256,000 4,188 *Hycomm Wireless, Ltd.................. 1,383,000 16,923 *I-China Holdings, Ltd................. 854,000 3,410 IDT International, Ltd................. 4,028,486 643,429 *IMI Global Holdings, Ltd.............. 91,600 20,058 *ITC Corp., Ltd........................ 466,157 31,223 *Innomaxx Biotechnology Group, Ltd..... 3,050,000 223,930 *Interchina Holdings Co., Ltd.......... 6,660,000 446,082 *Inworld Group, Ltd.................... 2,036 9 K Wah International Holdings, Ltd...... 3,009,831 511,744 K. Wah Construction Materials, Ltd..... 2,404,949 198,254 *KPI Co., Ltd.......................... 264,000 3,741 KTP Holdings, Ltd...................... 180,400 21,610 *Kader Holdings Co., Ltd............... 545,600 10,612 Karrie International Holdings, Ltd..... 488,000 138,286 Keck Seng Investments (Hong Kong), Ltd.................................. 858,600 127,182 Kee-Shing Holdings Co., Ltd............ 886,000 69,615 Kin Yat Hldgs.......................... 586,000 110,201 *King Fook Holdings, Ltd............... 1,000,000 78,572 *King Pacific International Holdings, Ltd.................................. 1,404,200 22,066 *Kingdee International Software Group Co., Ltd............................. 638,000 219,827 Kingmaker Footwear Holdings, Ltd....... 1,058,750 470,489
97 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Kong Sun Holdings, Ltd................ 2,198,000 $ 5,662 Kowloon Development Co., Ltd........... 604,000 474,574 *Kwong Sang Hong International, Ltd.... 1,434,000 73,883 Kwoon Chung Bus Holdings, Ltd.......... 556,000 73,049 *Lai Sun Development Co., Ltd.......... 2,970,000 40,551 *Lai Sun Garment (International), Ltd.................................. 2,325,000 56,002 *Lam Soon (Hong Kong), Ltd............. 302,310 96,375 *Le Saunda Holdings, Ltd............... 236,000 9,119 *Leadership Publishing Group, Ltd...... 250,257 2,772 *Leading Spirit High-Tech Holdings Co., Ltd.................................. 2,310,000 2,975 *Leaptek, Ltd.......................... 193,000 795 Leefung-Asco Printers Holdings, Ltd.... 144,000 23,556 Lerado Group (Holding) Co., Ltd........ 1,048,000 202,483 *LifeTec Group, Ltd.................... 1,383,000 16,745 *Lippo, Ltd............................ 1,074,760 160,585 Liu Chong Hing Investment, Ltd......... 635,200 437,725 Luk Fook Holdings (International), Ltd.................................. 690,000 127,093 Luks Industrial Group, Ltd............. 645,555 97,287 Lung Kee (Bermuda) Holdings, Ltd....... 857,500 472,179 *Mae Holdings, Ltd..................... 2,220,000 4,861 *Magnificent Estates, Ltd.............. 2,368,000 14,641 *Magnum International Holdings, Ltd.... 300,000 3,478 Mainland Headwear Holdings, Ltd........ 410,000 138,628 *Mansion House Group, Ltd.............. 600,000 20,480 *Matrix Holdings, Ltd.................. 402,000 96,829 *Mei Ah Entertainment Group, Ltd....... 1,142,000 33,832 Melbourne Enterprises, Ltd............. 45,500 181,681 *Midas International Holdings, Ltd..... 774,000 71,781 Midland Realty (Holding), Ltd.......... 860,000 235,393 *Millennium Group, Ltd................. 928,000 20,320 *Min Xin Holdings, Ltd................. 753,200 133,883 *Morning Star Resources, Ltd........... 1,845,000 13,546 Moulin International Holdings, Ltd..... 699,274 463,865 Nanyang Holdings, Ltd.................. 137,500 125,747 *National Electronics Holdings, Ltd.... 2,156,000 61,373 *New China Merchants Dichain........... 3,720,000 66,124 New Island Printing Holdings, Ltd...... 176,000 14,962 *New World China Land, Ltd............. 702,800 169,282 *New World Cyberbase, Ltd.............. 25,220 114 *#New World Infrastructure, Ltd........ 1,380,600 225,844 *Newocean Green Energy Holdings, Ltd.................................. 3,931,200 79,499 #Ngai Lik Industrial Holdings, Ltd..... 1,556,000 641,352 *Onfem Holdings, Ltd................... 1,266,000 75,012 Orient Power Holdings, Ltd............. 360,000 51,935 *Oriental Metals Holdings Co., Ltd..... 1,237,800 39,381 *Oriental Union Holdings, Ltd.......... 83,800 2,580 Oriental Watch Holdings, Ltd........... 398,000 89,201 #Pacific Andes International Holdings, Ltd.................................. 888,000 162,419 Pacific Century Insurance Holdings, Ltd.................................. 1,090,000 435,236 *Pacific Plywood Holdings, Ltd......... 4,430,000 11,983 Paul Y. ITC Construction Holdings, Ltd.................................. 1,584,000 144,861 Peace Mark Holdings, Ltd............... 1,105,315 163,727 Pegasus International Holdings, Ltd.... 226,000 33,477 Perfectech International Holdings, Ltd.................................. 571,450 53,733 Pico Far East Holdings, Ltd............ 1,190,000 62,845 Playmates Holdings, Ltd................ 1,895,000 309,991 Pokfulam Development Co., Ltd.......... 234,000 64,802 *Poly Investments Holdings, Ltd........ 2,670,000 54,682 SHARES VALUE+ ------ ------ Prime Success International Group, Ltd.................................. 768,000 $ 30,666 #Proview International Holdings, Ltd... 944,000 229,811 *QPL International Holdings, Ltd....... 1,191,000 441,049 *Quality Healthcare Asia, Ltd.......... 133,800 38,777 *Rainbow International Holdings, Ltd... 2,036 20 Raymond Industrial, Ltd................ 605,400 202,746 *Regal Hotels International Holdings, Ltd.................................. 9,400,000 213,097 *Rexcapital International Holdings, Ltd.................................. 1,272,905 26,561 *Riche Multi-Media Holdings, Ltd....... 706,000 270,538 *Rivera Holdings, Ltd.................. 3,620,000 112,373 *Riverhill Holdings, Ltd............... 2,036 28 Road King Infrastructure, Ltd.......... 449,000 347,004 Roadshow Holdings, Ltd................. 1,456,000 183,791 S.A.S.Dragon Holdings, Ltd............. 1,696,000 161,657 SA SA International Holdings, Ltd...... 1,872,000 524,447 *SEEC Media Group, Ltd................. 1,692,000 77,369 Safety Godown Co., Ltd................. 408,000 152,404 Saint Honore Holdings, Ltd............. 128,000 21,763 San Miguel Brewery Hong Kong, Ltd...... 612,800 145,236 Sea Holdings, Ltd...................... 832,000 178,969 *Seapower Resources International, Ltd.................................. 151,680 606 Shanghai Allied Cement, Ltd............ 356,080 28,436 *Shanghai Century Holdings, Ltd........ 5,242,000 94,528 *Shanghai Land Holdings, Ltd........... 1,464,000 65,057 Shanghai Real Estates, Ltd............. 1,692,000 132,943 Shaw Brothers Hong Kong, Ltd........... 134,000 147,573 Shell Electric Manufacturing (Holdings) Co., Ltd............................. 553,792 132,677 Shenyin Wanguo (Hong Kong), Ltd........ 847,500 102,613 Shougang Concord Century Holdings, Ltd.................................. 1,292,000 189,716 *Shougang Concord Grand (Group), Ltd.................................. 1,701,000 194,998 *Shougang Concord International Enterprises Co., Ltd................. 4,166,000 289,768 *Shougang Concord Technology Holdings, Ltd.................................. 1,647,914 224,997 *Shui On Construction & Materials, Ltd.................................. 282,000 314,197 *Shun Ho Resources Holdings, Ltd....... 483,000 12,443 *Shun Ho Technology Holdings, Ltd...... 1,037,452 26,726 Silver Grant International Industries, Ltd.................................. 2,087,000 381,722 *Sincere Co., Ltd...................... 505,500 20,836 Singamas Container Holdings, Ltd....... 838,000 442,552 *Sino Golf Holdings, Ltd............... 438,000 85,190 *Sinocan Holdings, Ltd................. 350,000 1,758 *Sino-I.com, Ltd....................... 19,383,158 476,864 Sinolink Worldwide Holdings, Ltd....... 2,314,000 271,232 Sinopec Kantons Holdings, Ltd.......... 1,296,000 212,005 *Skynet (International Group) Holdings, Ltd.................................. 244,240 315 *Softbank Investment International (Strategic), Ltd..................... 1,434,000 14,223 *Solartech New Shares.................. 49,600 2,715 *South China Brokerage Co., Ltd........ 4,872,000 30,122 *South China Industries, Ltd........... 1,124,000 28,956 Southeast Asia Properties & Finance, Ltd.................................. 263,538 39,377 Starlight International Holdings, Ltd. (New)................................ 1,311,292 184,104 Starlite Holdings, Ltd................. 336,000 37,653
98 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Stelux Holdings International, Ltd.... 1,307,702 $ 44,637 *Styland Holdings, Ltd................. 101,808 288 Sun Hing Vision Group Holdings, Ltd.... 358,000 146,408 Sun Hung Kai & Co., Ltd................ 2,048,600 459,138 *Sun Innovation Holdings, Ltd.......... 1,420,360 3,110 *Sun Media Group Holdings, Ltd......... 9,814,000 32,867 *#Sunday Communications, Ltd........... 4,441,000 177,329 #Sunway International Holdings, Ltd.... 866,000 41,830 *Suwa International Holdings, Ltd...... 1,062,000 34,882 *TCC International Holdings, Ltd....... 1,124,000 191,107 *Tack Hsin Holdings, Ltd............... 542,000 10,332 Tai Cheung Holdings, Ltd............... 1,013,000 287,058 Tai Fook Securities Group, Ltd......... 590,000 85,115 Tai Sang Land Development, Ltd......... 471,984 116,725 *Tak Shun Technology Group, Ltd........ 2,088,000 77,995 Tak Sing Alliance Holdings, Ltd........ 2,909,865 103,072 #Tan Chong International, Ltd.......... 666,000 125,246 *Termbray Industries International (Holdings), Ltd...................... 2,304,900 118,754 Tern Properties Co., Ltd............... 61,200 12,219 *The Sun's Group, Ltd.................. 17,004,000 21,902 *Tian An China Investments Co., Ltd.... 9,795,750 227,116 Tian Teck Land, Ltd.................... 1,098,000 371,252 #Tianjin Development Holdings, Ltd..... 982,000 461,680 *Titan (Holdings), Ltd................. 4,900,000 460,740 *Tomorrow International Holdings, Ltd. New.................................. 165,000 19,128 Tonic Industries Holdings., Ltd........ 920,000 59,251 Top Form International, Ltd............ 1,586,000 226,758 Tristate Holdings, Ltd................. 138,000 34,306 Truly International Holdings, Ltd...... 1,014,000 1,031,815 Tungtex (Holdings) Co., Ltd............ 788,000 319,723 *Tysan Holdings, Ltd................... 1,040,773 24,801 *U-Cyber Technology Holdings, Ltd...... 432,800 10,592 U-Right International Holdings, Ltd.... 2,040,000 111,675 USI Holdings, Ltd...................... 928,999 99,318 *United Power Investment, Ltd.......... 1,664,000 26,363 *Universal Holdings Ltd................ 2,770,000 14,272 *Universe International Holdings, Ltd.................................. 573,339 12,702 Van Shung Chong Holdings, Ltd.......... 359,335 81,924 *Vanda Systems & Communications Holdings, Ltd........................ 1,920,000 217,631 Varitronix International, Ltd.......... 445,344 441,696 Veeko International Holdings, Ltd...... 1,420,000 32,191 Victory City International Holdings, Ltd.................................. 723,613 316,900 Vitasoy International Holdings, Ltd.... 1,423,000 353,752 *Wah Ha Realty Co., Ltd................ 278,600 35,168 *Wah Nam International................. 38,696 1,296 Wai Kee Holdings, Ltd.................. 1,265,738 171,187 *Wang ON Group Ltd New................. 46,440 6,400 Wellnet Holdings, Ltd.................. 2,059,200 159,143 *Winfoong International, Ltd........... 1,210,000 24,937 Wing On Co. International, Ltd......... 565,000 458,486 Wing Shan International, Ltd........... 896,000 54,820 *Winsan China Investment Group, Ltd.... 1,296,000 60,930 Wong's International (Holdings), Ltd... 400,641 60,378 *Wonson International Holdings, Ltd.... 4,040,000 9,367 World Houseware (Holdings), Ltd........ 605,700 25,356 *Xinao Gas Holdings, Ltd............... 1,094,000 609,453 Y. T. Realty Group, Ltd................ 965,000 62,149 YGM Trading, Ltd....................... 228,000 132,889 Yangtzekiang Garment Manufacturing Co., Ltd.................................. 405,000 83,466 *Yanion International Holdings, Ltd.... 118,000 6,080 SHARES VALUE+ ------ ------ *Yaohan International Holdings, Ltd.... 974,000 $ 0 *Yau Lee Holdings, Ltd................. 534,000 18,571 Yip's Chemical Holdings, Ltd........... 674,000 155,400 *Yugang International, Ltd............. 11,916,000 147,346 *Yunnan Enterprises Holdings, Ltd...... 240,000 14,838 *Zhu Kuan Development Co., Ltd......... 646,000 26,211 *e-New Media Co., Ltd.................. 320,000 9,563 *eSun Holdings, Ltd.................... 653,600 20,205 ------------ TOTAL COMMON STOCKS (Cost $68,102,189).................... 47,790,059 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Hong Kong Dollars (Cost $53,854)....................... 53,852 ------------ RIGHTS/WARRANTS -- (0.0%) *Allied Properties, Ltd. Warrants 12/06/04............................. 80,260 7,443 *Applied China, Ltd. Warrants 04/30/04............................. 207,250 267 *Climax International Co., Ltd. Warrants 02/08/04.................... 11,200 14 *Coastal Greenland, Ltd. Rights Open Pay Date............................. 982,000 0 *Quality Healthcare Asia, Ltd. Warrants 01/12/04............................. 26,760 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................. 7,724 ------------ TOTAL -- HONG KONG (Cost $68,156,043).................... 47,851,635 ------------ NEW ZEALAND -- (8.7%) COMMON STOCKS -- (8.7%) *AFFCO Holdings, Ltd................... 1,640,950 237,021 CDL Hotels NZ, Ltd..................... 1,243,344 367,343 CDL Investments NZ, Ltd................ 286,445 56,420 Cavalier Corp., Ltd.................... 249,212 899,912 Colonial Motor Co., Ltd................ 93,695 169,168 *Cue Energy Resources NL............... 452,354 19,602 DB Breweries, Ltd...................... 312,589 1,652,106 Ebos Group, Ltd........................ 82,808 181,588 *Evergreen Forests, Ltd................ 323,301 97,641 Hallenstein Glassons Holdings, Ltd..... 206,438 372,727 Hellaby Holdings, Ltd.................. 179,079 581,994 Horizon Energy Distribution, Ltd....... 40,420 99,517 *Kingsgate International Corp., Ltd.... 479,679 78,733 *Met Lifecare, Ltd..................... 234,168 345,922 #Michael Hill International, Ltd....... 137,246 432,523 *New Zealand Oil & Gas, Ltd............ 420,122 102,058 New Zealand Refining Co., Ltd.......... 72,719 739,073 Northland Port Corp. (New Zealand), Ltd.................................. 219,997 440,540 Nuplex Industries, Ltd................. 229,674 645,393 *Pacific Retail Group, Ltd............. 194,156 305,936 Port of Tauranga, Ltd.................. 541,952 1,547,813 Powerco, Ltd........................... 728,453 923,054 *Provenco Group, Ltd................... 281,600 77,652 Pyne Gould Guinness, Ltd............... 146,734 120,423 Restaurant Brand New Zealand, Ltd...... 369,175 271,468 *Richina Pacific, Ltd.................. 274,644 68,521 *Rubicon, Ltd.......................... 395,021 204,888 Ryman Healthcare Group, Ltd............ 300,000 435,293 Sanford, Ltd........................... 340,412 1,155,484 Scott Technology, Ltd.................. 60,842 123,834 *Seafresh Fisheries.................... 80,520 1,480 *Sky City Leisure, Ltd................. 15,236 11,404
99 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ South Port New Zealand, Ltd............ 30,744 $ 28,259 Steel & Tube Holdings, Ltd............. 303,825 754,022 *Tasman Farms.......................... 157,056 0 Taylors Group, Ltd..................... 29,646 47,103 Tourism Holdings, Ltd.................. 278,652 279,912 *Trans Tasman Properties, Ltd.......... 1,921,308 428,888 Waste Management NZ, Ltd............... 349,572 963,950 Williams & Kettle, Ltd................. 38,372 120,927 Wrightson, Ltd......................... 478,020 458,213 ------------ TOTAL COMMON STOCKS (Cost $11,294,743).................... 15,847,805 ------------ INVESTMENT IN CURRENCY -- (0.0%) *New Zealand Dollar (Cost $35,201)....................... 35,967 ------------ TOTAL -- NEW ZEALAND (Cost $11,329,944).................... 15,883,772 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) *Exergy, Inc. (Cost $0)............................ 7,260 0 ------------ MALAYSIA -- (0.1%) COMMON STOCKS -- (0.1%) *Autoways Holdings Berhad.............. 10,000 3,395 *Promet Berhad......................... 1,143,000 87,229 *RNC Corp. Berhad...................... 33,000 3,561 *Rekapacific Berhad.................... 473,000 0 *Saship Holdings Berhad................ 223,520 52,351 *Versatile Creative Berhad............. 3,000 6,947 *Wing Tiek Holdings Berhad............. 95,800 22,437 ------------ TOTAL -- MALAYSIA (Cost $1,278,766)..................... 175,920 ------------ JAPAN -- (0.0%) COMMON STOCKS -- (0.0%) *Sansui Electric Co., Ltd. (Cost $25,906)....................... 252,000 49,379 ------------ FACE AMOUNT VALUE+ ------ ------ (000) TEMPORARY CASH INVESTMENTS -- (11.3%) Repurchase Agreement in a Pooled Cash Account, Mizuho Securities USA, 0.90%, 01/02/04 (Collateralized by $20,887,000 U.S. Treasury Obligations, rates ranging from 4.25% to 12.00%, maturities ranging from 05/15/05 to 11/15/24, valued at $15,927,139) to be repurchased at $15,927,935{::}...................... $ 15,927 $ 15,927,139 Repurchase Agreement, PNC Capital Markets, Inc. 0.80%, 01/02/04 (Collateralized by $4,899,000 FMC Discount Notes 1.19%, 09/09/04, valued at $4,856,134) to be repurchased at $4,784,316............ 4,784 4,784,000 ------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $20,711,139).................... 20,711,139 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $193,036,753)++................. $183,342,896 ============
- -------------------- + See Note B to Financial Statements. {::} Security purchased with cash proceeds from securities on loan. * Non-Income Producing Securities. # Total or Partial Securities on Loan. ++ The cost for federal income tax purposes is $194,043,051. See accompanying Notes to Financial Statements. 100 THE UNITED KINGDOM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2003 (UNAUDITED)
SHARES VALUE+ ------ ------ UNITED KINGDOM -- (90.7%) COMMON STOCKS -- (81.8%) 4imprint P.L.C......................... 50,375 $ 90,630 600 Group P.L.C........................ 100,910 110,193 AEA Technology P.L.C................... 71,945 276,905 AGA Food Service Group P.L.C........... 174,500 671,622 AIM Group P.L.C........................ 32,063 53,093 *API Group P.L.C....................... 51,500 72,833 *AWG P.L.C............................. 16,000 153,810 Abacus Group P.L.C..................... 75,000 407,484 Abbeycrest P.L.C....................... 42,590 57,182 Abbot Group P.L.C...................... 239,595 633,718 Aberdeen Asset Management P.L.C........ 225,050 342,444 Acal P.L.C............................. 20,971 187,707 *Acambis P.L.C......................... 137,000 748,017 *Adam & Harvey Group P.L.C............. 10,500 376 *Advanced Medical Solutions P.L.C...... 29,802 5,802 *Advanced Power Components, Ltd........ 47,871 12,426 Aggreko P.L.C.......................... 281,200 777,741 *Airflow Streamlines P.L.C............. 20,500 20,918 Airsprung Furniture Group P.L.C........ 58,000 73,719 Alba P.L.C............................. 105,025 1,193,871 Alexandra P.L.C........................ 86,243 136,634 Alexon Group P.L.C..................... 116,632 611,753 *Alizyme P.L.C......................... 182,900 566,436 Alpha Airports Group P.L.C............. 392,541 576,222 Alphameric P.L.C....................... 172,688 268,951 Alumasc Group P.L.C.................... 100,245 285,332 Alvis P.L.C............................ 191,010 588,133 Amberley Group P.L.C................... 200,000 25,510 Amec P.L.C............................. 33,000 153,595 Amstrad P.L.C.......................... 149,652 340,234 *Anglesey Mining P.L.C................. 55,000 2,585 Anglo Eastern Plantations P.L.C........ 57,166 161,179 Anglo Pacific Group P.L.C.............. 68,200 55,550 *Anite Group P.L.C..................... 375,370 339,345 *Antisoma P.L.C........................ 163,333 114,033 *Applied Optical Technologies P.L.C.... 75,383 56,678 *Arena Leisure P.L.C................... 389,516 282,404 *Argonaut Games, Ltd................... 100,000 11,188 Arla Foods UK P.L.C.................... 742,432 618,017 *Arm Holdings P.L.C.................... 127,000 292,145 Arriva P.L.C........................... 82,720 562,711 *Ashtead Group P.L.C................... 260,500 72,282 Ashtenne Holdings P.L.C................ 56,300 317,475 Atkins Ws P.L.C........................ 108,400 907,198 *Atrium Underwriting P.L.C............. 39,700 142,494 Austin Reed Group P.L.C................ 68,999 166,751 Autologic Holdings P.L.C............... 44,489 243,705 *Autonomy Corp. P.L.C.................. 135,000 578,802 Avesco P.L.C........................... 29,998 78,672 Aveva Group P.L.C...................... 13,700 117,721 Avis Europe P.L.C...................... 709,020 1,205,794 Avon Rubber P.L.C...................... 25,041 101,982 *Axis-Shield P.L.C..................... 58,284 159,115 Axon Group P.L.C....................... 41,556 120,515 *BNB Resources P.L.C................... 49,000 18,421 BPP Holdings P.L.C..................... 106,500 573,862 BSS Group P.L.C........................ 47,905 501,681 *BTG P.L.C............................. 157,300 473,778 BWD Securities P.L.C................... 10,951 91,159 SHARES VALUE+ ------ ------ Babcock International Group P.L.C...... 310,464 $ 666,935 Baggeridge Brick P.L.C................. 98,000 253,504 *Bailey (C.H.) P.L.C................... 109,500 13,231 *Bailey (C.H.) P.L.C. Class B.......... 10,000 5,102 Barr (A.G.) P.L.C...................... 43,000 465,709 Beattie (James) P.L.C.................. 132,247 313,684 Belhaven Brewery Group P.L.C........... 31,500 237,120 *Bell Group P.L.C...................... 42,600 72,066 Bellway P.L.C.......................... 113,000 1,405,900 Ben Bailey P.L.C....................... 26,000 189,202 Benchmark Group P.L.C.................. 138,813 638,637 Bespak P.L.C........................... 55,918 493,002 *Biocompatibles International P.L.C.... 30,530 77,881 Biotrace International P.L.C........... 75,000 154,401 Birse Group P.L.C...................... 421,901 100,073 Black Arrow Group P.L.C................ 56,500 70,801 Blacks Leisure Group P.L.C............. 60,959 377,031 *Blagden Industries P.L.C.............. 131,092 0 Blick P.L.C............................ 68,555 372,468 Bloomsbury Publishing P.L.C............ 74,525 347,537 Body Shop International P.L.C.......... 194,000 460,160 Bodycote International P.L.C........... 323,138 819,978 Boot (Henry) P.L.C..................... 47,000 294,481 Bovis Homes Group P.L.C................ 123,400 1,053,719 *Bradstock Group P.L.C................. 5,200 4,096 Brammer (H.) P.L.C..................... 119,123 300,681 Brewin Dolphin Holdings P.L.C.......... 219,762 326,529 Bristol Water Holdings P.L.C........... 60,000 315,247 *Britannic P.L.C....................... 243,326 1,273,017 British Polythene Industries P.L.C..... 56,740 322,496 British Vita P.L.C..................... 205,900 884,624 Brixton P.L.C.......................... 263,200 1,268,623 *Brown & Jackson P.L.C................. 296,819 454,306 Brown (N) Group P.L.C.................. 308,660 639,576 Burndene Investments P.L.C............. 175,001 253,756 Burtonwood Brewery P.L.C............... 38,000 231,628 Business Post Group P.L.C.............. 56,000 517,284 CD Bramall P.L.C....................... 68,166 536,312 *CLS Holdings P.L.C.................... 122,907 594,062 CML Microsystems P.L.C................. 28,361 138,350 Caffyns P.L.C.......................... 6,000 62,297 *Cairn Energy P.L.C.................... 183,836 1,319,672 *Cambridge Antibody Technology Group P.L.C................................ 32,600 274,871 *Cammell Laird Holdings P.L.C.......... 256,158 27,514 Capital & Regional P.L.C............... 50,432 363,833 Capital Radio P.L.C.................... 105,550 888,070 Carclo P.L.C........................... 100,463 72,837 Care UK P.L.C.......................... 64,835 335,427 Carillion P.L.C........................ 273,617 740,849 *Carlisle Holdings, Ltd................ 8,709 52,618 Carpetright P.L.C...................... 102,500 1,520,224 Carr's Milling Industries P.L.C........ 19,000 100,338 Castings P.L.C......................... 79,000 259,510 *Cenes Pharmaceuticals P.L.C........... 298,612 41,429 Chamberlin & Hill P.L.C................ 18,000 54,779 Chapelthorpe P.L.C..................... 617,618 190,722 *Character Group P.L.C................. 20,000 47,797 Charles Taylor Consulting P.L.C........ 66,743 315,428 *Charter P.L.C......................... 88,743 162,835 *Che Group P.L.C....................... 51,533 37,823
101 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Chelsfield P.L.C....................... 53,402 $ 293,008 Chemring Group P.L.C................... 49,000 313,591 *Chime Communications P.L.C............ 71,838 45,975 Chloride Group P.L.C................... 485,500 443,252 Christie Group P.L.C................... 53,263 65,791 Chrysalis Group P.L.C.................. 286,082 1,130,531 Churchill China P.L.C.................. 30,000 96,400 City Centre Restaurants P.L.C.......... 209,642 258,952 Clarkson (Horace) P.L.C................ 44,733 402,397 *Clinical Computing P.L.C.............. 46,666 32,163 Clinton Cards P.L.C.................... 433,380 640,050 Colefax Group P.L.C.................... 60,000 91,835 Collins Stewart Tullett P.L.C.......... 31,538 249,826 *Colt Telecom Group P.L.C.............. 257,000 435,917 Comino Group P.L.C..................... 11,100 40,040 Communisis P.L.C....................... 237,134 350,218 Compel Group P.L.C..................... 5,000 6,937 Computacenter P.L.C.................... 51,000 429,101 *Cookson Group P.L.C................... 2,289,168 1,639,188 Coral Products P.L.C................... 50,000 51,467 *Corporate Services Group P.L.C........ 657,900 111,886 Cosalt P.L.C........................... 30,700 194,276 *Costain Group P.L.C................... 372,000 249,727 Countryside Property P.L.C............. 94,086 351,174 Countrywide Assured Group P.L.C........ 352,874 895,435 Courts P.L.C........................... 110,722 609,495 *Cox Insurance Holdings P.L.C.......... 336,666 436,947 Cranswick P.L.C........................ 44,032 253,026 Crest Nicholson P.L.C.................. 267,250 1,478,316 Creston P.L.C.......................... 6,250 15,832 Croda International P.L.C.............. 143,035 629,896 Cropper (James) P.L.C.................. 22,000 67,543 *Culver Holdings P.L.C................. 338 97 *DCS Group P.L.C....................... 10,000 2,417 DFS Furniture Co. P.L.C................ 112,600 765,972 DTZ Holdings P.L.C..................... 114,500 277,738 Daejan Holdings P.L.C.................. 25,000 858,156 Dairy Crest Group P.L.C................ 130,200 1,025,545 *Dana Petroleum P.L.C.................. 79,133 348,485 *Danka Business Systems P.L.C.......... 85,000 92,820 Dart Group P.L.C....................... 74,000 188,772 Davis Service Group P.L.C.............. 199,578 1,332,639 *Dawson International P.L.C............ 100,688 28,840 De la Rue P.L.C........................ 223,000 1,106,796 DeVere Group P.L.C..................... 132,501 968,359 Dechra Pharmaceiticals P.L.C........... 50,000 111,437 Delta P.L.C............................ 200,000 290,005 Deltron Electronics P.L.C.............. 8,621 9,800 *Deltron Electronics P.L.C. (Rfd Issue Line)................................ 718 803 *Densitron International P.L.C......... 74,175 17,926 Derwent Valley Holdings P.L.C.......... 90,000 1,200,300 Development Securities P.L.C........... 50,000 316,410 Devro P.L.C............................ 180,143 290,236 Dewhurst P.L.C......................... 9,000 20,945 Dewhurst P.L.C. Class A Non-Voting..... 15,500 31,771 Diagonal P.L.C......................... 71,500 51,838 *Dickinson Legg Group P.L.C............ 11,935 6,463 Dicom Group P.L.C...................... 30,000 369,757 *Dimension Data Holdings P.L.C......... 939,000 630,359 Diploma P.L.C.......................... 22,648 213,056 Domestic & General Group P.L.C......... 38,623 363,337 Domino Printing Sciences P.L.C......... 355,935 1,073,648 Domnick Hunter Group P.L.C............. 38,000 285,709 *Dowding & Mills P.L.C................. 336,440 57,969 SHARES VALUE+ ------ ------ Dyson Group P.L.C...................... 42,750 $ 217,726 East Surrey Holdings P.L.C............. 62,560 346,056 *Easynet Group P.L.C................... 120,200 252,833 *Ebookers P.L.C........................ 89,700 636,688 *Edinburgh Oil & Gas P.L.C............. 33,200 68,645 *Eidos P.L.C........................... 150,900 378,189 Eldridge Pope & Co. P.L.C.............. 25,000 70,935 Eleco P.L.C............................ 104,685 64,654 Electronic Data Processing P.L.C....... 55,200 60,772 *Elementis P.L.C....................... 465,200 270,654 *Emess P.L.C........................... 288,250 49,666 Ennstone P.L.C......................... 295,323 202,218 *Enodis P.L.C.......................... 420,429 613,397 Eurocopy P.L.C......................... 41,051 31,232 *Eurodis Electron P.L.C................ 188,125 32,835 Euromoney Institutional Investors P.L.C................................ 117,550 824,371 European Colour P.L.C.................. 82,090 30,860 European Motor Holdings P.L.C.......... 118,325 356,917 *European Telecom P.L.C................ 7,000 376 *Evans of Leeds Contingent Units P.L.C................................ 80,000 0 Expro International Group P.L.C........ 54,966 265,674 *FII Group P.L.C....................... 41,166 4,974 FKI P.L.C.............................. 702,700 1,345,999 Fenner P.L.C........................... 92,146 141,862 *Ferguson International Holdings P.L.C................................ 89,105 55,829 Ferraris Group P.L.C................... 10,800 30,934 *Fibernet Group P.L.C.................. 45,339 75,482 Filtronic P.L.C........................ 98,438 689,018 Financial Objects P.L.C................ 7,000 3,039 Findel P.L.C........................... 142,288 830,380 First Choice Holidays P.L.C............ 633,195 1,569,923 First Technology P.L.C................. 128,111 764,845 Fisher (James) & Sons P.L.C............ 76,000 358,497 Forminster P.L.C....................... 43,333 17,842 Forth Ports P.L.C...................... 140,161 2,605,702 Fortress Holdings P.L.C................ 120,728 57,813 Freeport Leisure P.L.C................. 40,314 289,034 French Connection Group P.L.C.......... 125,000 740,118 Fuller, Smith & Turner P.L.C. Series A............................. 20,000 225,560 Fulmar P.L.C........................... 107,500 151,067 *Future Network P.L.C.................. 347,000 364,946 GB Group P.L.C......................... 250,000 136,499 GWR Group P.L.C........................ 170,000 742,557 Galliford Try P.L.C.................... 517,870 384,733 Game Group P.L.C....................... 534,000 635,703 Games Workshop Group P.L.C............. 32,319 407,885 Gaming International P.L.C............. 14,000 8,270 *Garton Engineering P.L.C.............. 10,248 0 *Gaskell P.L.C......................... 36,000 12,245 Geest P.L.C............................ 96,278 782,051 *Get Group P.L.C....................... 13,200 46,079 Gibbs & Dandy P.L.C.................... 4,500 58,001 Gleeson (M.J.) Group P.L.C............. 22,471 490,765 *Glotel P.L.C.......................... 30,300 53,699 Go-Ahead Group P.L.C................... 40,000 744,705 Goldshield Group P.L.C................. 29,500 109,580 Gowrings P.L.C......................... 5,000 5,415 Grainger Trust, Ltd.................... 26,000 754,480 Great Portland Estates P.L.C........... 246,700 1,035,626 Greene King P.L.C...................... 75,462 1,164,466 *Greenwich Resources P.L.C............. 438,664 13,742
102 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Greggs P.L.C........................... 26,000 $ 1,451,710 *Gresham Computing P.L.C............... 52,200 311,643 Guiness Peat Group P.L.C............... 547,171 656,280 *Gyrus Group P.L.C..................... 89,572 266,979 Halma P.L.C............................ 436,150 1,161,406 Halstead (James) Group P.L.C........... 52,208 364,496 *Hampson Industries P.L.C.............. 105,886 37,437 *Hampton Trust P.L.C................... 232,050 18,174 *Hardy Underwriting Group P.L.C........ 28,200 116,614 Hardys & Hansons P.L.C................. 48,000 408,156 *Hartstone Group P.L.C................. 240,263 3,978 *Harvey Nash Group P.L.C............... 183,750 248,351 Havelock Europa P.L.C.................. 27,660 41,841 *Hawtin P.L.C.......................... 196,500 29,900 Haynes Publishing Group P.L.C.......... 14,703 84,884 Headlam Group P.L.C.................... 152,974 915,335 Heath (Samuel) & Sons P.L.C............ 7,500 47,327 Helical Bar P.L.C...................... 46,000 627,898 Helphire Group P.L.C................... 159,600 505,705 Henlys Group P.L.C..................... 133,303 232,667 Hercules Property Services P.L.C....... 14,500 56,457 Heywood Williams Group P.L.C........... 140,400 233,744 Highbury House Communications P.L.C.... 439,166 167,062 Highway Insurance Holdings P.L.C....... 204,751 129,204 Hill & Smith Holdings P.L.C............ 86,850 170,245 Hiscox P.L.C........................... 305,300 781,545 Hit Entertainment P.L.C................ 195,791 1,032,213 Hitachi Capital (UK) P.L.C............. 53,912 192,539 Holidaybreak P.L.C..................... 92,974 908,752 Homestyle Group P.L.C.................. 45,692 97,746 *Hornby P.L.C.......................... 10,000 204,973 House of Fraser P.L.C.................. 395,650 655,155 Hunting P.L.C.......................... 223,174 431,478 Huntleigh Technology P.L.C............. 54,225 307,231 *Huntsworth P.L.C...................... 108,000 38,184 *Hyder Consulting P.L.C................ 16,308 36,638 *IAF Group P.L.C....................... 30,000 3,894 IFX Group P.L.C........................ 34,486 73,465 *IMS Group P.L.C....................... 75,000 6,042 *IQE P.L.C............................. 132,400 38,515 ISIS Asset Management P.L.C............ 157,339 704,154 *Imagination Technologies Group P.L.C................................ 189,698 244,504 Incepta Group P.L.C.................... 280,643 540,075 Inchcape P.L.C......................... 20,000 466,157 *Industrial & Commercial Holdings P.L.C................................ 5,000 134 Infast Group P.L.C..................... 301,224 148,290 Informa Group P.L.C.................... 144,829 830,950 *Intec Telecom Systems P.L.C........... 222,600 239,093 Intelek P.L.C.......................... 99,880 21,456 *Intertek Group P.L.C.................. 35,000 288,842 Intserve P.L.C......................... 144,534 620,973 *Invensys P.L.C........................ 3,103,500 1,013,925 *Inveresk P.L.C........................ 150,000 44,978 Isoft Group P.L.C...................... 81,540 541,182 Isotron P.L.C.......................... 50,325 400,899 Ite Group P.L.C........................ 247,186 274,351 Itnet P.L.C............................ 78,578 423,408 JJB Sports P.L.C....................... 278,000 1,170,754 JKX Oil and Gas P.L.C.................. 220,533 214,173 Jarvis Hotels P.L.C.................... 215,318 564,689 Jarvis P.L.C........................... 230,379 854,729 *Jarvis Porter Group P.L.C............. 99,894 33,530 SHARES VALUE+ ------ ------ John David Group P.L.C................. 114,500 $ 346,404 Johnson Service Group P.L.C............ 125,535 811,266 Johnston Group P.L.C................... 26,000 145,450 Joseph (Leopold) Holdings P.L.C........ 14,000 219,294 KBC Advanced Technologies P.L.C........ 25,000 15,664 *Kalamazoo Computer Group P.L.C........ 56,120 2,763 Keller Group P.L.C..................... 123,128 481,614 Kensington Group P.L.C................. 56,000 328,315 *Kewill Systems P.L.C.................. 61,500 64,405 Kidde P.L.C............................ 232,000 442,312 Kier Group P.L.C....................... 51,293 601,438 Kiln P.L.C............................. 220,000 370,204 *Kingston Communications P.L.C......... 453,332 527,498 *Kleeneze P.L.C........................ 84,300 202,220 *Knowledge Support Systems Group P.L.C................................ 25,000 358 Laing (John) P.L.C..................... 301,961 971,652 Laird Group P.L.C...................... 163,100 782,492 Lambert Howarth Group P.L.C............ 25,200 121,802 *Lastminute.com P.L.C.................. 37,000 147,375 *Laura Ashley Holdings P.L.C........... 623,937 120,072 Lavendon Group P.L.C................... 50,092 126,438 *Leeds United P.L.C.................... 66,000 5,612 Lincat Group P.L.C..................... 19,000 128,399 Linton Park P.L.C...................... 39,000 296,719 Linx Printing Technologies P.L.C....... 27,000 169,895 Litho Supplies P.L.C................... 20,000 17,902 London Bridge Software Holdings P.L.C................................ 157,269 149,214 *London Clubs International P.L.C...... 144,646 229,808 London Industrial P.L.C................ 5,000 127,549 London Merchant Securities P.L.C....... 255,800 788,771 London Scottish Bank P.L.C............. 263,000 581,452 Lookers P.L.C.......................... 53,160 251,711 *Lorien P.L.C.......................... 60,000 92,372 Low & Bonar P.L.C...................... 95,000 145,405 Luminar P.L.C.......................... 99,500 724,951 *M.L. Laboratories P.L.C............... 126,442 69,037 MFI Furniture Group P.L.C.............. 60,855 164,499 MS International P.L.C................. 71,500 54,398 MSB International P.L.C................ 16,000 25,635 Macfarlane Group P.L.C................. 228,287 115,449 Macro 4 P.L.C.......................... 42,500 120,589 Maiden Group P.L.C..................... 16,800 83,457 Mallett P.L.C.......................... 24,837 109,599 Management Consulting Group P.L.C...... 310,972 129,430 Manchester United P.L.C................ 316,681 1,459,790 Manganese Bronze Holdings P.L.C........ 32,184 115,517 *Marlborough Stirling P.L.C............ 243,500 191,797 Marshalls P.L.C........................ 225,800 1,014,586 *Martin International Holdings P.L.C... 135,800 45,582 *Marylebone Warwick Balfour Group P.L.C................................ 73,345 67,619 *Matalan P.L.C......................... 52,000 169,420 Mayflower Corp. P.L.C.................. 550,636 231,645 McAlpine (Alfred) P.L.C................ 196,111 1,033,022 McBride P.L.C.......................... 130,000 314,173 McCarthy & Stone P.L.C................. 194,968 1,804,451 McKay Securities P.L.C................. 68,500 235,441 McLeod Russel Holdings P.L.C........... 74,524 38,689 *Medical Solutions P.L.C............... 126,658 118,470 *Medisys P.L.C......................... 312,934 67,224 Meggitt P.L.C.......................... 352,763 1,488,764 Mentmore P.L.C......................... 236,561 417,129
103 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Menzies (John) P.L.C................... 57,314 $ 323,193 *Merant P.L.C.......................... 172,500 404,531 Merchant Retail Group P.L.C............ 185,666 546,751 Merrydown P.L.C........................ 59,927 102,451 Mersey Docks & Harbour Co. P.L.C....... 97,570 1,157,160 Metal Bulletin P.L.C................... 95,500 316,276 Metalrax Group P.L.C................... 358,740 533,027 Mice Group P.L.C....................... 139,909 172,817 Michael Page International P.L.C....... 436,800 1,454,409 *Microgen P.L.C........................ 52,770 51,484 Millennium and Copthorne Hotels P.L.C................................ 80,077 434,352 Minerva P.L.C.......................... 178,200 684,268 Mitie Group P.L.C...................... 500,000 1,076,332 Molins P.L.C........................... 68,000 435,187 Monsoon P.L.C.......................... 71,000 179,848 *Morgan Crucible Company P.L.C......... 243,600 593,072 Morgan Sindall P.L.C................... 66,000 431,249 Morse P.L.C............................ 140,466 358,325 Moss Brothers Group P.L.C.............. 163,400 149,912 Mowlem (John) & Co. P.L.C.............. 342,030 1,239,882 Mtl Instruments Group P.L.C............ 14,748 49,502 Mucklow (A & J) Group P.L.C............ 175,000 762,831 *My Travel Group P.L.C................. 395,900 76,967 NHP P.L.C.............................. 281,875 779,608 *NSB Retail P.L.C...................... 300,000 89,955 *NXT P.L.C............................. 71,235 128,159 National Express Group P.L.C........... 25,000 273,446 Nestor Healthcare Group P.L.C.......... 180,200 664,528 New Look Group P.L.C................... 107,041 594,023 Newcastle United P.L.C................. 148,923 91,975 Nichols P.L.C.......................... 66,550 157,258 Nord Anglia Education P.L.C............ 5,000 23,720 *Nord Anglia Education RFD P.L.C....... 454 2,093 Northamber P.L.C....................... 75,888 95,775 Northern Foods P.L.C................... 443,800 1,146,025 *Northgate Information Solutions P.L.C................................ 342,029 353,595 Northgate P.L.C........................ 118,200 1,100,302 Novar P.L.C............................ 526,365 1,300,341 *OEM P.L.C............................. 12,000 9,667 *OM2000 P.L.C.......................... 41,440 0 Ocean Wilsons Holdings, Ltd............ 84,250 230,002 *Orbis P.L.C........................... 11,428 2,659 Ottakar's P.L.C........................ 30,000 210,254 Owen (H.R.) P.L.C...................... 34,000 108,036 *Oxford Biomedica, Ltd................. 75,000 26,181 *Oxford Biomedica, Ltd. New Shares..... 40,500 14,138 Oxford Instruments P.L.C............... 43,051 152,209 PHS Group P.L.C........................ 542,900 813,946 *PPL Therapeutics P.L.C................ 43,529 3,604 PSD Group P.L.C........................ 43,500 229,722 PZ Cuzzons P.L.C....................... 29,000 572,617 *Pace Micro Technology P.L.C........... 292,500 295,846 Paladin Resources P.L.C................ 342,500 531,889 *Palmaris Capital P.L.C................ 42,500 8,749 Paragon Group of Companies P.L.C....... 153,200 965,367 Parity Group P.L.C..................... 241,406 46,457 Park Group P.L.C....................... 291,600 138,333 *Partridge Fine Arts P.L.C............. 58,000 71,123 Pendragon P.L.C........................ 239,375 809,901 Penna Consulting P.L.C................. 33,000 77,684 Peterhouse Group P.L.C................. 85,427 214,099 *Pharmagene P.L.C...................... 160,000 224,844 *Photo-Me International P.L.C.......... 416,620 865,146 SHARES VALUE+ ------ ------ *Phytopharm P.L.C...................... 32,600 $ 121,095 Pillar Property P.L.C.................. 133,900 1,240,458 Pittards P.L.C......................... 60,985 61,683 Planit Holdings P.L.C.................. 235,000 119,896 *Plantation & General P.L.C............ 70,623 20,860 *Plasmon P.L.C......................... 100,000 451,120 Portmeirion Group P.L.C................ 22,856 73,648 Porvair P.L.C.......................... 62,000 150,946 Premier Farnell P.L.C.................. 18,000 75,482 *Premier Oil P.L.C..................... 84,748 690,291 *Pressac P.L.C......................... 78,129 29,371 Primary Health Properties P.L.C........ 14,500 56,197 *Probus Estates P.L.C.................. 83,333 1,977 *Protherics P.L.C...................... 506,828 483,138 *Provalis P.L.C........................ 375,538 57,983 *Psion P.L.C........................... 548,800 820,336 *QA P.L.C.............................. 79,475 6,047 *Queens Moat Houses P.L.C.............. 159,000 24,194 Quintain Estates & Development P.L.C................................ 158,650 1,004,680 *Qxl Ricardo P.L.C..................... 130 326 RAC P.L.C.............................. 142,900 1,573,253 RM P.L.C............................... 96,690 229,345 *RMS Communications P.L.C.............. 15,000 0 ROK property solutions P.L.C........... 57,501 303,661 RPC Group P.L.C........................ 93,900 292,487 RPS Group P.L.C........................ 207,594 547,219 Radamec Group P.L.C.................... 35,000 25,689 Radstone Technology P.L.C.............. 40,384 284,837 Ransom (William) & Son P.L.C........... 30,000 22,556 *Redbus Imterhouse P.L.C............... 137,500 16,923 Redrow P.L.C........................... 169,437 1,018,393 *Redstone P.L.C........................ 14,870 2,462 Reed Health Group P.L.C................ 155,333 268,338 Reg Vardy P.L.C........................ 103,597 873,029 Regent Inns P.L.C...................... 158,468 209,925 Reliance Security Group P.L.C.......... 24,600 282,943 Renishaw P.L.C......................... 146,806 1,432,292 Renold P.L.C........................... 144,000 203,648 Ricardo P.L.C.......................... 114,409 395,283 *Richmond Foods P.L.C.................. 8,400 65,262 *Richmond Oil & Gas P.L.C.............. 220,000 0 *Robert Wiseman Dairies P.L.C.......... 85,000 397,146 Rotork P.L.C........................... 185,440 1,215,828 Roxboro Group P.L.C.................... 9,304 39,391 *Royal Doulton P.L.C................... 240,000 35,445 Royalblue Group P.L.C.................. 47,200 428,814 Rugby Estates P.L.C.................... 9,100 42,111 Rutland Trust P.L.C.................... 174,255 109,180 S & U P.L.C............................ 21,140 208,142 SCS Upholstery P.L.C................... 29,000 120,442 *SDL P.L.C............................. 43,200 65,348 *SFI Group P.L.C....................... 26,713 14,824 SHL Group P.L.C........................ 41,650 65,240 SIG P.L.C.............................. 157,030 913,602 SMG P.L.C.............................. 391,895 813,802 SSL International P.L.C................ 229,700 1,356,957 *Safeland P.L.C........................ 25,000 26,181 Salvesen (Christian) P.L.C............. 286,957 292,808 Sanctuary Group P.L.C.................. 363,000 315,166 Savills P.L.C.......................... 104,000 619,036 Scapa Group P.L.C...................... 44,337 25,002 *Scipher P.L.C......................... 34,563 2,166 Scottish & Newcastle P.L.C............. 56,639 383,518 Scottish Radio Holdings P.L.C.......... 45,800 681,330
104 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Secure Trust Group P.L.C............... 27,118 $ 214,814 Securicor P.L.C........................ 558,050 951,545 Senior P.L.C........................... 122,900 83,604 Serco Group P.L.C...................... 178,979 551,089 *Servicepower Technologies P.L.C....... 150,000 106,067 Severfield-Rowan P.L.C................. 20,000 126,206 Shaftesbury P.L.C...................... 171,500 755,249 Shanks & McEwan Group P.L.C............ 252,200 514,684 Shiloh P.L.C........................... 14,500 42,829 *ShopRite Group P.L.C.................. 204,780 45,824 Simon Group P.L.C...................... 348,089 277,295 Sinclair (William) Holdings P.L.C...... 53,000 75,903 Singer & Friedlander Group P.L.C....... 202,250 753,988 Sirdar P.L.C........................... 41,600 37,235 *Skyepharma P.L.C...................... 772,700 1,040,899 Smart (J.) & Co. (Contractors) P.L.C... 22,500 195,351 *Smart Approach Group P.L.C............ 251,985 6,202 Smith (David S.) Holdings P.L.C........ 390,700 1,136,548 Smith (James) Estates P.L.C............ 13,000 67,722 Smith (W.H.) P.L.C..................... 30,000 147,956 *Soco International P.L.C.............. 77,000 378,377 Somerfield P.L.C....................... 601,400 1,491,092 South Staff Water Holdings P.L.C....... 108,000 1,059,486 Southampton Leisure Holdings P.L.C..... 19,615 14,221 Spectris P.L.C......................... 152,690 1,163,741 Speedy Hire P.L.C...................... 50,000 326,704 Spirax-Sarco Engineering P.L.C......... 106,811 1,032,526 *Spirent P.L.C......................... 1,153,237 1,202,557 *Sportech P.L.C........................ 435,000 120,701 Spring Group P.L.C..................... 169,495 350,453 *Springwood P.L.C...................... 37,500 4,363 St. Ives P.L.C......................... 129,400 895,892 St. Modwen Properties P.L.C............ 160,800 706,690 Staffware P.L.C........................ 12,000 124,595 *Stanelco P.L.C........................ 561,800 57,828 Stanley (Charles) Group P.L.C.......... 76,800 391,830 Stanley Leisure Organisation P.L.C..... 224,954 1,596,717 *Sterling Publishing Group P.L.C....... 75,298 17,860 Stylo P.L.C............................ 64,096 40,160 *Superscape P.L.C...................... 97,345 48,794 *Surfcontrol P.L.C..................... 42,400 569,649 Swallowfield P.L.C..................... 15,000 21,348 Sygen International P.L.C.............. 492,975 403,745 Syltone P.L.C.......................... 50,400 162,854 *Synstar P.L.C......................... 175,000 205,197 TBI P.L.C.............................. 214,000 258,588 TT Electronics P.L.C................... 123,780 314,652 *Tadpole Technology P.L.C.............. 109,090 24,411 *Tandem Group P.L.C.................... 327,365 0 Tarsus Group P.L.C..................... 34,855 53,972 Taylor & Francis Group P.L.C........... 106,000 965,861 Taylor Nelson AGB P.L.C................ 109,000 405,864 Ted Baker P.L.C........................ 44,800 277,890 *Telecommunications Group P.L.C........ 45,958 5,451 Telemetrix P.L.C....................... 165,708 501,327 *Telspec P.L.C......................... 25,000 8,951 *Terence Chapman Group P.L.C........... 62,500 2,797 Tex Holdings P.L.C..................... 14,000 43,608 The Big Food Group P.L.C............... 435,200 1,232,888 *The Innovation Group P.L.C............ 940,000 462,756 The Malcolm Group P.L.C................ 109,377 174,264 The Television Corp. P.L.C............. 66,330 83,119 *The Wireless Group P.L.C.............. 56,600 103,856 Thorntons P.L.C........................ 158,000 420,025 Thorpe (F.W.) P.L.C.................... 24,000 81,631 SHARES VALUE+ ------ ------ *Thus Group P.L.C...................... 1,416,000 $ 766,796 Tibbett & Britten Group P.L.C.......... 86,123 623,633 Tinsley (Eliza) Group P.L.C............ 19,844 11,190 Topps Tiles P.L.C...................... 69,690 707,991 Tops Estates P.L.C..................... 41,188 190,968 Torex P.L.C............................ 73,041 867,558 *Torotrak P.L.C........................ 99,193 158,038 *Tottenham Hotspur P.L.C............... 150,000 75,187 Town Centre Securities (New) P.L.C..... 142,137 527,979 Trace Computers P.L.C.................. 33,552 38,741 *Trafficmaster P.L.C................... 100,700 123,935 Transport Development Group P.L.C...... 85,982 291,681 Trifast P.L.C.......................... 135,388 201,164 Tullow Oil P.L.C....................... 396,688 608,940 U.K. Coal P.L.C........................ 156,700 353,452 Ulster Television, Ltd................. 115,602 787,428 Ultra Electronics Holdings P.L.C....... 86,645 820,522 Ultraframe P.L.C....................... 104,900 471,347 Umeco P.L.C............................ 18,250 121,207 Uniq P.L.C............................. 70,047 258,941 Unite Group P.L.C...................... 103,051 331,137 Universal Salvage P.L.C................ 14,255 27,050 VP P.L.C............................... 83,100 211,986 VT Group P.L.C......................... 179,775 773,990 *Vanco P.L.C........................... 28,000 153,882 *Vega Group P.L.C...................... 32,300 101,189 *Vernalis P.L.C........................ 145,579 182,426 *Vert (Jacques) P.L.C.................. 45,000 14,500 Victoria P.L.C......................... 12,000 84,209 Victrex P.L.C.......................... 136,254 848,828 Vitec Group P.L.C...................... 32,742 202,802 *Volex Group P.L.C..................... 58,801 198,421 WSP Group P.L.C........................ 90,000 318,200 Wagon P.L.C............................ 65,292 208,052 *Walker Greenbank P.L.C................ 53,105 12,834 Warner Estate Holdings P.L.C........... 70,000 570,792 *Waterdorm P.L.C....................... 105,000 0 Waterman P.L.C......................... 74,473 89,990 Watermark Group P.L.C.................. 50,000 136,499 Weir Group P.L.C....................... 244,736 1,121,577 Wellington Holdings P.L.C.............. 9,000 17,320 Wembley P.L.C.......................... 36,926 398,273 Westbury P.L.C......................... 202,522 1,413,930 *Weston Medical Group P.L.C............ 50,200 2,247 Wetherspoon (J.D.) P.L.C............... 209,758 1,051,399 Whatman P.L.C.......................... 241,935 673,473 White Young Green P.L.C................ 74,667 230,573 Whitehead Mann Group P.L.C............. 95,000 589,275 Whittard of Chelsea P.L.C.............. 30,000 93,178 *Wiggins Group P.L.C................... 1,148,266 97,640 Wilmington Group P.L.C................. 66,592 119,806 Wilshaw P.L.C.......................... 198,409 47,950 Wilson Bowden P.L.C.................... 7,000 128,444 Wincanton P.L.C........................ 147,600 550,914 Wintrust P.L.C......................... 22,500 196,358 Wolverhampton & Dudley Breweries P.L.C................................ 78,873 1,087,908 *Wood Group (John) P.L.C............... 340,600 821,608 Woolworths Group P.L.C................. 1,717,965 1,360,876 *Worthington Group P.L.C............... 102,653 6,891 Wyevale Garden Centres P.L.C........... 59,578 375,955 Wyndeham Press Group P.L.C............. 73,066 134,070 *XAAR P.L.C............................ 18,405 17,792 XANSA P.L.C............................ 454,518 691,610 *Xenova Group P.L.C.................... 436,931 76,262
105 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Yates Group P.L.C...................... 53,065 $ 90,245 *Yorkshire Group P.L.C................. 82,504 9,969 Young & Co's Brewery P.L.C............. 10,000 142,317 Young & Co's Brewery P.L.C. Class A.... 5,234 87,841 Yule Catto & Co. P.L.C................. 151,984 693,792 Zotefoams P.L.C........................ 62,000 91,012 ------------ TOTAL COMMON STOCKS (Cost $177,928,930)................... 228,416,737 ------------ INVESTMENT IN CURRENCY -- (8.9%) *British Pound Sterling (Cost $24,548,964)................... 24,786,478 ------------ RIGHTS/WARRANTS -- (0.0%) *Creston P.L.C. Warrants 03/31/04...... 1,000 0 *Denistron Technologies P.L.C. Rights.. 74,175 4,647 *Letter of Entitlements -- Audemars Piguet............................... 90,242 0 *Xenova Group P.L.C.................... 56,991 3,316 *Xenova Group P.L.C. Rights............ 94,500 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $31,572)........................ 7,963 ------------ TOTAL -- UNITED KINGDOM (Cost $202,509,466)................... 253,211,178 ------------ FACE AMOUNT@ VALUE+ ------- ------ (000) TEMPORARY CASH INVESTMENTS -- (9.3%) Repurchase Agreement, PNC Capital Markets, Inc. 0.80%, 01/02/04 (Collateralized by $26,623,000 FMC Discount Notes 1.19%, 09/09/04, valued at $26,390,049) to be repurchased at $26,001,717 (Cost $26,000,000)................... $ 26,000 $ 26,000,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $228,509,466)++................. $279,211,178 ============
- -------------------- + See Note B to Financial Statements. @ Denominated in local currency or the Euro. * Non-Income Producing Securities. ++ The cost for federal income tax purposes is $228,952,418. See accompanying Notes to Financial Statements. 106 THE CONTINENTAL SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2003 (UNAUDITED)
SHARES VALUE+ ------ ------ FRANCE -- (13.1%) COMMON STOCKS -- (13.1%) Affine................................. 1,100 $ 65,906 *Ales Groupe SA........................ 1,900 74,078 Algeco SA.............................. 2,300 197,711 *#Alstom SA............................ 95,700 150,889 *Altedia SA............................ 2,800 44,854 *Alten SA.............................. 14,900 213,877 *#Altran Technologies SA............... 60,623 782,245 Apem SA................................ 1,000 60,293 April Group SA......................... 19,600 351,060 Arkopharma............................. 4,300 232,139 Assystem SA............................ 2,657 144,111 Aubay SA............................... 5,700 26,099 *Audika SA............................. 1,500 72,465 *Baccarat SA........................... 1,090 114,802 Bacou-Dalloz........................... 3,685 288,181 Bains de Mer et du Cercle des Etrangers a Monaco............................. 4,615 1,047,805 Beneteau SA............................ 9,200 511,756 *Berger Levrault SA.................... 476 114,797 Boiron SA.............................. 15,200 354,692 Bonduelle SA........................... 4,200 383,817 Bongrain SA............................ 7,500 408,394 *Bricorama SA.......................... 2,679 145,811 Buffalo Grill SA....................... 1,028 13,096 *#Bull SA.............................. 68,000 67,760 Burelle SA............................. 4,030 397,002 *Business Objects SA................... 16,500 575,460 CEGID SA............................... 18,000 392,785 CFCAL-Banque........................... 840 264,884 CFF Recycling.......................... 10,576 933,804 *CS Communication et Systemes.......... 4,983 122,564 *Camaieu SA............................ 3,200 248,234 Carbone Lorraine....................... 33,245 1,222,366 Cegedim SA............................. 6,400 380,222 Cie Financiere Pour La Location D'Immeubles Industriels & Commerciaux Sa....................... 6,400 298,688 #Clarins SA............................ 7,332 428,841 *Club Mediterranee SA.................. 10,200 381,728 Consortium International de Diffusion et de Representation Sante........... 600 9,460 *DMC (Dollfus Mieg et Cie)............. 6,230 38,898 *Damartex SA........................... 22,900 519,929 Delachaux SA........................... 1,000 97,124 Deveaux SA............................. 1,040 109,077 Didot-Bottin........................... 1,620 165,515 Dynaction SA........................... 10,660 258,836 Eiffage SA............................. 3,825 454,002 Electricite de Strasbourg.............. 23,784 3,150,000 Elior.................................. 70,128 645,730 Entenial SA............................ 2,800 174,470 Esso SA................................ 3,200 370,535 Etam Developpement SA.................. 5,600 169,173 Euler-Hermes SA........................ 12,291 590,675 *Euro Disney SCA....................... 517,400 274,102 Evialis SA............................. 1,200 46,847 Exel Industries SA..................... 1,800 95,358 Explosifs et de Produits Chimiques..... 524 152,018 Faurecia SA............................ 6,500 406,414 SHARES VALUE+ ------ ------ Fimalac SA............................. 111,143 $ 4,076,739 Fininfo SA............................. 9,760 230,089 Fleury Michon SA....................... 2,500 116,171 Fonciere Lyonnaise SA.................. 9,596 415,770 France-Africaine de Recherches Petrolieres (Francarep).............. 4,250 441,994 Francois Freres (Tonnellerie) SA....... 2,050 48,716 *GCI (Groupe Chatellier Industrie SA).. 7,258 915 GFI Informatique SA.................... 23,400 206,609 *Gantois Series A...................... 647 31,966 Gascogne SA............................ 6,472 603,689 *#Gaumont.............................. 14,607 751,722 *#Generale de Geophysique SA........... 20,770 782,543 Generale de Sante...................... 19,100 252,241 Generale Location SA................... 9,000 204,226 *Geodis SA............................. 3,010 150,348 Gespac System.......................... 1,100 22,339 Gevelot................................ 3,584 180,827 Gifi................................... 3,200 212,513 *Ginger (Groupe Ingenierie Europe)..... 1,400 31,345 Grands Moulins de Strasbourg........... 110 53,973 Grandvision SA......................... 7,000 184,536 Groupe Bourbon SA...................... 3,700 381,761 Groupe Crit............................ 5,500 108,918 Groupe Guillin SA...................... 1,200 102,170 Groupe Open SA......................... 1,000 32,795 Groupe Steria.......................... 8,600 329,768 *Guitel................................ 116 849 Guyenne et Gascogne SA................. 26,000 2,946,645 Havas SA............................... 62,300 359,121 Hoteliere Lutetia Concorde............. 2,505 480,904 Hotels et Casinos de Deauville......... 2,055 777,624 Hyparlo SA............................. 3,836 167,898 IDSUD.................................. 614 16,651 IMS International Metal Service SA..... 12,630 109,923 Industrielle et Financiere d'Entreprise SA................................... 300 34,056 *#Infogrames Entertainment SA.......... 58,300 327,239 Ingenico SA............................ 61,820 899,072 *Ioltech SA............................ 500 42,445 Ipsos SA............................... 3,700 345,358 Kaufman et Broad SA.................... 5,300 178,494 *Lafuma SA............................. 793 63,666 Laurent-Perrier........................ 3,100 109,876 *Lectra Systemes SA.................... 19,192 151,299 Legris Industries SA................... 9,350 308,993 Lisi SA................................ 6,845 265,494 *MGI Coutier SA........................ 1,400 34,400 *MRM................................... 1,424 21,195 Manitou SA............................. 11,092 1,021,337 Manutan International SA............... 1,300 61,819 Marionnaud Parfumeries Retails Perfumes............................. 8,271 304,112 *Matussiere et Forest SA............... 13,600 67,245 *Metaleurop SA......................... 35,449 24,145 Montupet SA............................ 32,450 568,939 *Mr. Bricolage SA...................... 5,200 151,514 Neopost SA............................. 7,200 363,269 *Nexans................................ 12,200 407,949 Norbert Dentressangle.................. 6,320 260,198 Nord Est SA............................ 21,507 1,212,888
107 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Oberthur Card Systems SA.............. 36,000 $ 263,370 *Oeneo................................. 31,265 94,647 PSB Industries SA...................... 1,240 150,933 *Passat SA............................. 1,300 28,696 *Penauille Polyservices SA............. 10,200 145,383 *Petit Forestier SA.................... 2,243 85,923 #Pierre & Vacances..................... 4,500 454,087 Pinguely-Haulotte SA................... 25,000 130,865 Plastic Omnium SA...................... 15,423 715,901 Plastivaloire SA....................... 900 26,961 Prosodie SA............................ 3,600 94,904 *Radiall SA............................ 1,340 94,990 Robertet SA............................ 1,076 115,974 Rodriguez Group SA..................... 6,600 368,794 Rougier SA............................. 2,040 145,769 Rue Imperiale.......................... 14,432 2,894,410 SDR de Bretagne SA..................... 714 22,065 SEB SA Prime Fidelite 2002............. 3,000 374,622 SILIC (Societe Immobiliere de Location pour L'industrie et le Commerce)..... 12,256 817,788 #SR Teleperformance.................... 90,928 1,944,033 Sabeton................................ 13,500 182,202 Samse SA............................... 4,400 496,720 *Sasa Industries SA.................... 1,000 28,128 *Saveurs de France-Brossard............ 900 24,407 *#Scor SA.............................. 433,800 716,799 Sechilienne-Sidec...................... 2,200 261,403 Securidev SA........................... 1,500 16,271 Selectibail............................ 25,421 769,556 Signaux Girod SA....................... 600 26,640 Skis Rossignol SA...................... 41,668 683,254 Smoby SA............................... 500 41,057 Societe du Louvre SA................... 6,305 508,186 *Societe Francais des Papiers Peints... 400 4,995 Societe Industrielle D'Aviations Latecoere SA......................... 2,900 79,560 Societe Pour L'Informatique Industrielle SA...................... 1,000 32,530 *Solving International SA.............. 2,100 23,866 Somfy Interational SA.................. 22,900 3,986,125 Sophia SA.............................. 17,550 905,171 Sopra SA............................... 6,900 293,563 Stallergenes SA........................ 1,249 57,976 Ste Virbac SA.......................... 6,852 253,234 Stef-Tfe SA............................ 332 28,183 Sucriere de Pithiviers-le-Vieil........ 1,825 1,160,192 *Sylis SA.............................. 4,700 41,202 Synergie SA............................ 8,000 176,589 Taittinger SA.......................... 12,700 2,143,365 *Tessi SA.............................. 900 33,285 Touax (Touage Investissement SA)....... 10,378 195,700 *Transiciel SA......................... 9,200 136,004 #Trigano SA............................ 5,500 262,235 *Ubi Soft Entertainment SA............. 8,500 239,733 Unilog SA.............................. 6,320 346,771 #Vallourec (Usines a Tubes de Lorraine Escaut et Vallourec Reunies)......... 31,700 2,639,001 *Valtech, La Defense................... 20,000 21,695 Viel et Compagnie...................... 44,339 200,219 #Vilmorin et Cie SA.................... 2,349 297,180 Vivarte SA............................. 8,299 379,987 SHARES VALUE+ ------ ------ Vranken Monopole....................... 2,200 $ 90,658 Zodiac SA.............................. 14,627 429,142 ------------ TOTAL COMMON STOCKS (Cost $41,062,062).................... 68,463,578 ------------ RIGHTS/WARRANTS -- (0.0%) *Alstom SA Rights 12/10/03............. 95,700 1,207 *Alstom SA Warrants 01/09/04........... 95,700 3,621 *Group Open Warrants................... 1,000 820 *Oeneo Warrants 08/26/06............... 14,365 4,530 *Prosodie SA Warrants 10/28/06......... 900 761 *Ubi Soft Entertainment SA Warrants 05/14/06............................. 4,100 2,120 *Valtech, La Defense Warrants 07/29/05............................. 20,000 1,009 ------------ TOTAL RIGHTS/WARRANTS (Cost $38,786)........................ 14,068 ------------ TOTAL -- FRANCE (Cost $41,100,848).................... 68,477,646 ------------ GERMANY -- (11.5%) COMMON STOCKS -- (11.5%) *AC-Service AG......................... 4,300 31,729 AWD Holding AG......................... 35,600 1,235,762 Aareal Bank AG......................... 33,200 1,021,796 *#Acg AG Fuer Chipkarten und Informationssysteme.................. 15,400 54,584 Ackermann-Goeggingen AG................ 8,100 187,992 *Adva AG Optical Networking............ 32,400 163,471 *Agrob AG.............................. 5,800 70,232 *Aigner (Etienne) AG................... 600 98,385 #Aixtron AG............................ 61,400 367,099 Amadeus Fire AG........................ 4,900 38,011 Andreae-Noris Zahn AG, Anzag........... 27,200 943,491 *Articon Integralis AG................. 7,900 33,880 *Atoss Software AG..................... 3,700 70,938 *Augusta Technologie AG................ 3,200 11,302 #Ava Allgemeine Handelsgesellschaft der Verbraucher AG....................... 30,800 1,060,984 *Baader Wertpapier Handelsbank AG...... 7,900 62,279 #Balda AG.............................. 31,600 243,138 *Basler AG............................. 3,200 42,785 #Beate Uhse AG......................... 44,400 729,173 Bechtle AG............................. 17,100 215,691 *Berliner Elektro Holding AG........... 13,861 119,238 Bertrandt AG........................... 7,650 139,916 #Beru AG............................... 9,400 608,249 *Beta Systems Software AG.............. 2,850 36,847 Bilfinger & Berger Bau AG.............. 34,600 1,195,812 *Biolitec AG........................... 8,000 34,309 *Biotest AG............................ 2,400 22,099 Boewe Systec AG........................ 5,700 291,183 *Borussia Dortmund GMBH & Co. KGAA..... 21,650 93,394 *#Brau und Brunnen AG.................. 4,995 409,530 Bremer Energiekonto AG................. 14,700 43,017 *CBB Holding AG........................ 102,602 4,530 *CTS Eventim AG........................ 14,800 193,214 *Ce Consumer Electrnic AG.............. 21,600 71,382 *Ceag AG............................... 20,670 226,567 Celanese AG............................ 20,650 846,004 *Cenit AG Systemhaus................... 3,500 30,241 *Centrotec Hochleistungskunststoffe AG................................... 4,900 61,806 Cewe Color Holding AG.................. 5,600 132,795
108 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Comdirect Bank AG..................... 73,000 $ 681,382 *Computerlinks AG...................... 4,600 71,367 *Condomi AG............................ 1,800 4,200 *Curanum AG............................ 21,500 52,882 *D. Logistics AG....................... 28,000 72,402 *#DAB Bank AG.......................... 39,800 306,231 *DEAG Deutsche Entertainment AG........ 10,500 32,183 DVB Bank AG............................ 7,124 786,264 *Data Modul AG......................... 2,904 71,062 *Deutsche Euroshop AG.................. 15,550 666,877 *Deutsche Steinzeug Cremer & Breuer AG................................... 87,200 85,792 *Deutz AG.............................. 60,400 246,080 *Deutz AG Issue 03..................... 20,133 78,216 *Dierig Holding AG..................... 10,500 157,606 Dis Deutscher Industrie Service AG..... 11,850 273,531 *Dom-Braugerei AG...................... 1,100 53,141 Douglas Holding AG..................... 36,650 1,026,274 *Dr. Scheller Cosmetics AG............. 4,000 21,746 *Drillisch AG.......................... 22,450 101,376 Duerr Beteiligungs AG.................. 14,750 355,354 *Eckert and Ziegler Strahlen -- und Medizintechnik AG.................... 3,000 26,867 *Elexis AG............................. 8,600 33,628 *Elmos Semiconductor AG................ 16,350 255,727 ElreingKlinger AG...................... 1,500 145,308 *#Em TV & Merchandising AG............. 137,050 148,667 *#Epcos AG............................. 55,500 1,259,391 Erlus Baustoffwerke AG................. 297 127,371 Escada AG.............................. 20,520 372,714 *Eurobike AG........................... 1,700 219 *Evotec Biosystems AG.................. 30,100 193,630 #FJA AG................................ 7,150 173,339 #Feilmann AG........................... 17,800 826,236 Fortec Elektronik AG................... 1,400 44,147 *#Freenet.De AG........................ 16,800 1,180,323 Fuchs Petrolub AG Oel & Chemie......... 6,693 403,539 GFK AG................................. 25,600 726,539 *#GPC Biotech AG....................... 17,600 174,268 *#Gft Technologies AG.................. 22,600 70,981 Grenkeleasing AG....................... 12,650 286,891 Gwag Bayerische Wohnungs- Aktiengesellschaft AG................ 3,383 149,350 Hamborner AG........................... 21,000 595,989 *Hawesko Holdings AG................... 3,300 86,371 *Herlitz AG............................ 6,962 20,637 #Hochtief AG........................... 34,000 986,377 *Hoeft & Wessel AG..................... 6,100 25,083 Holsten-Brauerei AG.................... 38,462 1,294,842 Hucke AG............................... 8,300 35,177 Hugo Boss AG........................... 25,100 516,057 *IFA Hotel & Touristik AG.............. 7,000 66,221 *#IM International Media AG............ 19,800 29,470 IVG Immobilien AG...................... 98,550 1,159,777 *Innovation in Traffic Systems AG...... 12,300 73,695 Interseroh AG.......................... 9,650 136,692 *#Intershop Deutschland AG............. 7,320 24,283 *Intertainment AG...................... 8,500 36,453 *Isra Vision Systems AG................ 2,100 33,375 Iwka AG................................ 26,613 537,094 *#Ixos Software AG..................... 18,600 212,323 Jenoptik AG............................ 40,800 460,595 K & S Aktiengesellschaft AG............ 129,500 3,536,422 KSB AG................................. 2,387 415,497 KWS Kleinwanzlebener Saatzucht AG...... 1,650 1,070,884 SHARES VALUE+ ------ ------ *Kampa-Haus AG......................... 10,375 $ 83,754 Keramag Keramische Werke AG............ 13,000 688,698 Kloeckner-Werke AG..................... 38,900 394,495 *Kontron AG............................ 42,878 329,914 Krones AG.............................. 7,450 592,016 *LPKF Laser & Electronics AG........... 9,000 59,031 Leifheit AG............................ 12,500 386,289 Leoni AG............................... 25,000 1,551,463 Loewe AG............................... 7,100 50,868 #MVV Energie AG........................ 48,000 917,255 *MWG Biotech AG........................ 19,400 22,734 *Maternus-Kliniken AG, Bad Oyenhausen........................... 2,400 1,574 Maxdata AG............................. 24,600 180,280 *Mediclin AG........................... 22,050 49,229 *Medigene AG........................... 8,600 64,001 *Mensch und Maschine Software AG....... 1,400 16,246 *#Morphosys AG......................... 3,100 44,772 Muehlabauer Holdings AG & Co. KGAA..... 5,900 147,723 *Nemetschek AG......................... 7,400 53,671 Norddeutsche Affinerie AG.............. 30,700 364,001 Norddeutsche Steingutfabrik AG......... 5,960 33,829 Novasoft AG............................ 11,800 44,801 *November AG........................... 5,400 42,230 *Ohb Teledata.......................... 12,650 111,693 PC-Ware Information Technologies AG.... 5,100 50,691 *PVATepla AG........................... 15,550 34,325 *Pandatel AG........................... 5,700 33,935 *Parsytec AG........................... 11,900 62,742 *Personal & Informatik AG.............. 5,900 34,382 #Pfeiffer Vacuum Technology AG......... 8,250 292,205 *Pfleiderer AG......................... 36,250 243,709 *Phoenix AG, Hamburg................... 37,500 435,167 *Plambeck Neue Energien AG............. 5,250 14,436 *Plenum AG............................. 9,300 22,288 *Primacom AG........................... 15,200 15,338 *Produkte und Syteme der Informationstechnologie AG........... 10,300 56,515 Progress-Werk Oberkirch AG............. 5,000 210,015 Puma AG................................ 5,700 1,006,559 *#Qs Communications AG................. 98,700 354,812 Rational AG............................ 10,612 602,346 *Realtech AG........................... 3,650 33,839 Renk AG................................ 19,400 599,521 *Repower Systems AG.................... 5,000 119,892 Rheinmetall Berlin AG.................. 45,000 1,305,500 Rhoen Klinikum AG...................... 13,750 768,321 Rinol AG............................... 5,900 20,465 *Rohwedder AG.......................... 610 6,617 *Ruecker AG............................ 7,800 36,403 *#SAP Systems Integrations AG.......... 33,650 640,912 *#SGL Carbon AG........................ 20,800 348,941 Salzgitter AG.......................... 58,650 646,570 Sartorius AG........................... 6,550 73,117 Schlott Sebaldus AG.................... 4,400 96,569 Schwarz Pharma AG...................... 8,900 236,869 Sektkellerei Schloss Wachenheim AG..... 15,120 114,430 *Senator Entertainment AG.............. 9,800 11,620 *#Singulus Technologies AG............. 34,600 720,106 Sinner AG, Karlsruhe................... 4,160 53,784 Sixt AG................................ 15,400 231,155 *Software AG........................... 25,300 524,956 Stada Arzneimittel AG.................. 20,000 1,242,432
109 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Stahl (R.) AG......................... 2,000 $ 15,893 *Steag Hamtech AG...................... 28,200 139,079 *Stoehr & Co. AG....................... 16,000 62,563 *Strabag AG............................ 3,332 256,372 Stuttgarter Hofbraeu AG................ 18,000 568,744 Sued-Chemie AG......................... 29,146 1,187,457 *Suess Microtec AG..................... 14,000 178,355 *Syskoplan AG.......................... 3,300 28,721 *Syzygy AG............................. 18,000 147,578 *TFG Venture Capital AG & Co. KGAA..... 8,800 19,647 Takkt AG............................... 68,450 485,228 *Techem AG............................. 23,150 446,765 Technotrans AG......................... 5,000 71,582 *Telegate AG........................... 10,800 118,380 *Teles AG Informationstechnologien..... 21,200 286,125 Textilgruppe Hof AG.................... 12,170 96,709 *#Tomorrow Focus AG.................... 42,650 131,802 *Umweltkontor Renewable Energy AG...... 14,100 16,007 United Internet AG..................... 43,050 1,034,438 *VBH (Vereinigter Baubeschlag-Handel) AG................................... 9,415 21,970 VK Muehlen AG.......................... 1,312 124,117 #Vossloh AG............................ 15,900 895,478 *#WCM Beteiligungs AG.................. 245,466 325,100 Wanderer-Werke AG...................... 7,903 219,705 *Wedeco AG Water Technology............ 10,550 237,535 *Westag and Getalit AG, Rheda- Wiedenbrueck......................... 7,000 51,211 Wuerttembergische Lebensversicherung AG................................... 11,330 183,641 Wuerttembergische Metallwarenfabrik AG................................... 30,330 596,806 Wuerzburger Hofbraeu AG................ 133 62,071 Zapf Creation AG....................... 7,500 180,216 ------------ TOTAL -- GERMANY (Cost $47,108,098).................... 60,060,616 ------------ SWITZERLAND -- (8.8%) COMMON STOCKS -- (8.8%) *A. Hiestad Holding AG................. 190 66,060 *AFG Arbonia-Forster Holding AG........ 2,610 326,052 *Accumulatoren-Fabrik Oerlikon, Zuerich.............................. 30 15,039 *Actelion, Ltd......................... 4,400 474,955 *Agie Charmilles Holding AG............ 3,000 183,141 *Allreal Holding AG.................... 3,657 275,735 Also Holding AG........................ 268 65,876 *Amazys Holding AG..................... 1,183 37,975 *Ascom Holding AG...................... 12,320 93,240 BHB Beteiligungs und Finanzgesellschaft................... 150 5,326 BVZ (Brig Visp Zermatt) Holding AG..... 370 74,793 Bachem AG.............................. 3,059 156,938 Bank Coop AG........................... 5,881 1,105,585 Bank Sarasin & Cie Series B, Basel..... 274 420,942 *Banque Cantonale de Geneve............ 1,344 186,916 Banque Cantonale du Jura............... 450 77,502 *Banque Cantonale Vaudoise............. 600 68,405 Banque Privee Edmond de Rothschild SA, Geneve............................... 120 1,149,788 Barry Callebaut AG..................... 2,326 460,780 Basellandschaftliche Kantonalbank...... 600 396,361 Basler Kantonalbank.................... 5,250 346,392 *Batigroup Holding AG.................. 2,902 28,627 Belimo Holdings........................ 240 95,670 SHARES VALUE+ ------ ------ *Berna Biotech......................... 13,727 $ 144,290 *Berner Kantonalbank................... 2,315 278,904 Bobst Group SA......................... 18,200 625,430 Bossard Holding AG..................... 6,350 282,393 Bucher Industries AG, Niederweningen... 3,355 450,317 Caisse d'Epargne Cantonale Vaudoise, Lausanne............................. 427 303,483 *Calida Holding AG..................... 396 76,847 *Carlo Gavazzi Holding AG.............. 910 43,339 *Charles Voegele Holding AG............ 3,960 252,633 Cie Financiere Tradition............... 5,202 494,227 Conzzeta Holdings AG................... 1,415 1,121,245 *Crossair AG, Basel.................... 13,517 103,720 Daetwyler Holding AG, Atldorf.......... 348 554,324 EGL (Elektrizitaets-Gesellschaft Laufenberg) AG, Laufenberg........... 8,390 4,579,139 *ESEC Holding AG....................... 921 140,002 Edipresse SA, Lausanne................. 694 336,689 *Eichhof Holding AG.................... 188 119,329 Energie Electrique du Simplon SA....... 350 34,950 Energiedienst Holding AG............... 8,265 2,399,139 Escor Casino & Entertainment AG........ 744 18,228 Feintol International Holding AG....... 110 21,079 *Fischer (Georg) AG, Schaffhausen...... 1,552 305,882 *Flughafen Zuerich AG.................. 1,842 96,810 *Forbo Holding AG, Eglisau............. 1,100 314,413 Fuchs Petrolub AG Oel & Chemie Non-Voting........................... 6,003 359,185 Galenica Holding, Ltd. AG, Bern........ 4,290 624,378 Geberit AG............................. 870 427,702 Generale d'Affichage, Geneve........... 290 148,898 *Generali (Switzerland) Holdings, Adliswil............................. 1,670 218,751 *Golay-Buchel Holding SA, Lausanne..... 40 33,475 Gornergrat Monte Rasa-Bahnen Zermatt... 70 46,695 Gurit-Heberlein AG..................... 1,125 781,383 *HPI Holding SA........................ 6,000 9,509 Helvetia Patria Holding................ 2,831 485,282 *Industrieholding Cham AG, Cham........ 864 157,186 *Interroll-Holding SA.................. 320 33,637 Jelmoli Holding AG..................... 1,521 1,568,041 #Jelmoli Holding AG, Zuerich (Namen)... 2,835 584,536 Kaba Holding AG........................ 1,340 270,871 *Kardex AG, Zuerich.................... 1,039 130,216 *Kardex AG, Zuerich (Participating).... 610 74,477 *Komax Holding AG...................... 1,100 77,425 *Kudelski SA........................... 13,000 429,392 Kuoni Reisen Holding AG................ 1,350 451,910 *Leica Geosystems Holdings AG.......... 1,057 174,351 *Lem Holdings AG, Lyss................. 270 49,776 Luzerner Kantonalbank AG............... 3,200 468,324 *Maag Holding AG, Zuerich.............. 922 128,972 *Micronas Semi......................... 12,202 522,414 *Mikron Holding AG, Biel............... 2,652 37,740 *Mobilezone Holding AG................. 13,349 25,905 *Moevenpick-Holding, Zuerich........... 1,320 704,427 Nobel Biocare Holding AG............... 45,460 4,603,893 Orell Fuessli Graphische Betriebe AG, Zuerich.............................. 240 275,561 Oz Holding AG.......................... 4,400 298,848 PSP Swiss Property AG.................. 3,442 487,043 *Parco Industriale e Immobiliare SA.... 600 1,698 *Phoenix Mecano AG, Stein am Rhein..... 2,749 889,104
110 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Phonak Holding AG...................... 29,137 $ 636,102 *Publicitas Holding SA, Lausanne....... 1,115 324,560 *#Reg Real Estate Group................ 8,010 501,941 Rieters Holdings AG.................... 2,056 475,453 Roche Holding AG Genusschein........... 800 80,695 SAIA-Burgess Electronics AG............ 274 104,571 *SIA Abrasives Holding AG.............. 337 62,672 Sarna Kunststoff Holding AG............ 1,760 162,232 *Saurer AG............................. 6,943 308,204 *Schaffner Holding AG.................. 300 50,212 *Schweiter Technology AG............... 500 83,384 Schweizerhall Holding AG, Basel........ 140 190,176 Schweizerische National Versicherungs Gesellschaft......................... 472 215,630 Siegfried Holding AG................... 8,560 1,079,733 Sig Holding AG......................... 3,000 414,190 *Sihl.................................. 150 412 Sika Finanz AG, Baar................... 925 399,394 Sopracenerina.......................... 2,409 331,134 *St. Galler Kantonalbank............... 1,596 301,004 Sulzer AG, Winterthur.................. 1,637 440,769 *Swiss Prime Site AG................... 1,492 277,469 *Swisslog Holding AG................... 6,810 31,221 Tamedia AG............................. 4,500 400,243 Tecan Group AG......................... 5,859 283,298 *Temenos Group AG...................... 24,359 175,294 *UMS Schweizerische Metallwerke Holding AG, Bern............................. 2,560 72,448 Unaxis Holding AG...................... 1,000 141,702 Unilabs SA............................. 2,700 58,945 Valiant Holding AG..................... 6,278 472,087 Valora Holding AG...................... 1,857 462,467 *Vaudoise Assurances Holding, Lausanne............................. 45 60,000 Villars Holding SA, Fribourg........... 150 33,354 *Von Roll Holding AG................... 23,024 17,500 *#Von Roll Holding AG, Gerlafingen..... 23,024 20,106 Vontobel Holdings AG................... 29,250 668,132 *Walliser Kantonalbank................. 150 34,566 Wmh Walter Meier Holding Ag, Zuerich... 1,000 51,142 Zehnder Holding AG..................... 193 156,054 Zschokke Holding SA, Geneve............ 230 87,406 *Zueblin Holding AG.................... 10,093 74,591 Zuger Kantonalbank..................... 545 1,101,678 *Zuger Kantonalbank New Shares......... 45 90,236 ------------ TOTAL COMMON STOCKS (Cost $26,162,815).................... 45,722,322 ------------ PREFERRED STOCKS -- (0.0%) Fuchs Petrolub AG Oel & Chemie 7.29% Non-Voting (Cost $266,229)...................... 6,003 315,500 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Swiss Francs (Cost $8,018)........................ 8,558 ------------ TOTAL -- SWITZERLAND (Cost $26,437,062).................... 46,046,380 ------------ ITALY -- (8.7%) COMMON STOCKS -- (8.7%) *Acea SpA.............................. 163,000 1,048,562 *#Acegas SpA........................... 27,200 176,347 *Actelios SpA.......................... 25,801 213,164 Aem Torino SpA......................... 355,000 575,397 SHARES VALUE+ ------ ------ *Aeroporto de Firenze SpA.............. 6,000 $ 85,520 *#Alitalia Linee Aeree Italiane SpA Series A............................. 2,712,400 898,089 *Amplifon SpA.......................... 15,200 432,341 *Auschem SpA (In Liquidation).......... 82,000 0 Azienda Mediterranea Gas e Acqua SpA... 267,000 335,097 *#Banca Ifis SpA....................... 16,600 214,619 #Banca Intermobiliare di Investimenti e Gestoni SpA.......................... 81,000 579,301 Banca Monte Dei Paschi di Siena SpA.... 229,515 725,196 Banca Popolare Dell'etruria e Del Lazio Scrl................................. 19,000 426,589 Banca Profilo SpA...................... 88,500 210,980 Banco di Desio e della Brianza SpA..... 90,000 384,839 Banco Piccolo Valellinese Scarl SpA.... 41,600 489,566 *Bastogi SpA........................... 1,183,000 232,780 *Beghelli SpA.......................... 142,000 96,900 Beni Stabili SpA, Roma................. 1,309,500 857,253 Biesse SpA............................. 17,100 48,315 *Binda SpA............................. 1,299,375 0 Bonifica dei Terreni Ferraresi e per Imprese Agricole Roma................ 9,675 158,036 Bremba SpA............................. 53,375 404,621 Brioschi Finanziaria SpA, Milano....... 373,400 119,631 #Buzzi Unicem SpA...................... 94,100 1,109,782 CAMFIN (Cam Finanziaria)............... 36,527 88,231 CIR SpA (Cie Industriale Riunite), Torino............................... 591,100 1,103,466 *#CMI SpA.............................. 64,502 353,101 CSP International Industria Calze SpA.................................. 10,000 16,524 #Caltagirone Editore SpA............... 95,800 830,154 #Caltagirone SpA....................... 178,399 1,165,624 *Carraro SpA........................... 26,200 79,314 Cementir Cementerie del Tirreno SpA.... 249,704 792,136 *Cirio Finanziaria SpA................. 175,000 38,408 Class Editore SpA...................... 70,600 201,256 *Coats Cucirini SpA.................... 30,000 35,986 *Compagnia Immobiliare Azionaria....... 44,000 7,909 Credito Artigiano SpA.................. 93,900 376,642 #Cremonini SpA......................... 102,400 193,098 Danieli & C.Officine Meccaniche SpA.... 66,500 276,804 *Dataconsyst C.G.S. SpA, Monza......... 220 0 *Davide Campari -- Milano SpA.......... 13,400 650,732 *De Longhi SpA......................... 115,000 481,584 *Del Favero SpA........................ 86,000 0 *Ducati Motor Holding SpA.............. 112,500 194,832 Emak SpA............................... 27,000 109,662 Erg SpA................................ 124,000 672,553 Ergo Previdenza SpA.................... 69,200 356,998 Ericsson SpA........................... 19,800 485,260 Esprinet SpA........................... 3,700 104,121 *FMC (Fabbrica Milanese Condutorri SpA)................................. 25,000 0 *Finarte Casa d'Aste SpA (Milano)...... 56,266 121,716 *Finarte Partecipazioni Pro Arte SpA... 242,693 62,755 *#Finmatica SpA........................ 35,900 423,845 *Fochi (Filippo) SpA................... 216,000 0 *Fornara Societa Finanziaria e di Partecipazioni SpA................... 310,000 0 Gabetti Holding SpA.................... 55,000 126,608 Gefran SpA............................. 11,000 53,418 *Gemina SpA............................ 282,400 295,651
111 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Gerolimich SpA (In Liquidation)....... 297,400 $ 0 Gewiss SpA............................. 221,700 1,006,710 Giovanni Crespi SpA.................... 21,000 17,774 Grandi Navi Veloci SpA................. 38,000 83,880 *#Granitifiandre SpA................... 28,500 247,685 *Grassetto SpA......................... 279,125 0 Gruppo Ceramiche Ricchetti SpA......... 164,000 73,229 *I Grandi Viaggi SpA................... 28,100 24,456 ITALJOLLY (Cia Italiana dei Jolly Hotels SpA).......................... 34,500 210,185 *#Immobiliare Lombardia SpA............ 425,000 75,050 Immsi SpA.............................. 287,000 407,621 Impregilo SpA.......................... 532,000 342,230 Industria Macchine Automatique SpA..... 27,000 360,318 Industria Romagnola Conduttori Elettrici SpA........................ 17,500 55,184 #Industrie Zignago S. Margherita SpA... 52,000 815,288 #Interpump Group SpA................... 64,700 289,714 Italmobiliare SpA, Milano.............. 12,750 589,414 *Juventus Footbal Club SpA............. 98,000 209,523 *La Doria SpA.......................... 22,000 60,078 *Lavorwash SpA......................... 10,000 24,344 Linificio and Canapificio Nazionale SpA.................................. 22,000 45,787 Maffei SpA............................. 52,500 100,325 *Mandelli SpA.......................... 41,000 0 Manifattura Lane Gaetano Marzotto & Figli SpA............................ 138,000 1,568,340 *Marcolin SpA.......................... 35,100 49,365 *Mariella Burani Fashion Group SpA..... 20,400 202,508 *Meliorbanca SpA....................... 62,500 316,915 Merloni Elettrodomestici SpA........... 155,000 2,922,868 Milano Assicurazioni SpA............... 266,700 1,019,300 Mirato SpA............................. 12,000 96,872 Monrif SpA............................. 150,000 139,632 *Montefibre SpA........................ 143,130 75,465 *NGP SpA............................... 17,891 9,681 Navigazione Montanari SpA.............. 95,200 188,527 *Necchi SpA............................ 164,250 14,710 *Negri Bossi SpA....................... 13,700 41,992 *Olidata SpA........................... 20,000 33,552 *Opengate Group SpA.................... 4,000 9,637 *Pagnossin SpA......................... 9,000 18,504 *Perlier SpA........................... 100,700 25,975 Permasteelisa SpA...................... 21,300 370,225 Pininfarina SpA........................ 31,285 952,204 *Pirelli & C.Real Estate SpA........... 9,600 305,025 *Poligrafici Editoriale SpA............ 132,000 257,240 *Premafin Finanziaria SpA Holding di Partecipazioni, Roma................. 311,330 353,427 Premuda SpA............................ 38,700 64,972 *Ratti SpA............................. 31,768 22,520 #Recordati Industria Chimica e Farmaceutica SpA..................... 48,000 936,024 *#Reno de Medici SpA, Milano........... 332,210 323,494 *Richard-Ginori 1735 SpA............... 128,000 109,142 Risanamento Napoli SpA................. 212,600 390,178 *Rodriquez SpA......................... 41,250 0 *Roncadin SpA.......................... 81,400 45,587 SAES Getters SpA....................... 14,750 183,259 SAI SpA (Sta Assicuratrice Industriale), Torino................. 32,500 670,251 SISA (Societa Imballaggi Speciali Asti SpA)................................. 65,000 155,777 SMI STA Metallurgica Italiana SpA...... 565,280 222,461 SHARES VALUE+ ------ ------ SNIA SpA............................... 568,977 $ 1,413,830 *SOPAF (Societa Partecipazioni Finanziarie SpA)..................... 85,000 27,393 Sabaf SpA.............................. 8,000 137,437 #Saeco International Group SpA......... 154,000 699,294 *Schiapparelli 1824 SpA, Milano........ 166,200 34,904 *Sirti SpA............................. 29,967 63,313 #Societe Cattolica di Assicurazoni Scarl SpA............................ 27,170 1,000,026 *Societe Sportiva Lazio SpA............ 1,815,000 88,140 Sogefi SpA............................. 182,500 628,437 Sol SpA................................ 70,200 318,769 Stefanel SpA........................... 54,400 120,767 Targetti Sankey SpA.................... 8,000 31,786 *Tecnodiffusione Italia SpA............ 3,332 15,340 Terme Demaniali di Acqui SpA........... 532,000 302,639 #Tod's Group SpA....................... 23,400 1,018,290 *Trevi-Finanziaria Industriale SpA..... 30,000 39,733 *Tripcovich (D.) & Co. SpA Navigazione Rimorchi e Salvataggi Trieste........ 113,898 0 *Unione Manifatture SpA (In Liquidation)......................... 156,000 0 *Unipar (Unione Nazionale di Participazione SpA) (In Liquidation)......................... 539,000 0 *Vemer Siber Group SpA................. 46,000 49,493 *Viaggi del Ventaglio SpA.............. 23,000 55,266 Vianini Industria SpA.................. 52,520 164,622 Vianini Lavori SpA..................... 180,752 1,201,517 Vittoria Assicurazioni SpA............. 51,500 318,952 Zucchi (Vincenzo) SpA.................. 144,350 746,512 ------------ TOTAL COMMON STOCKS (Cost $37,718,211).................... 45,132,197 ------------ RIGHTS/WARRANTS -- (0.0%) *Tecnodiffusione Italia SpA Warrants 11/15/04 (Cost $0)............................ 1,332 280 ------------ TOTAL -- ITALY (Cost $37,718,211).................... 45,132,477 ------------ GREECE -- (6.9%) COMMON STOCKS -- (6.9%) *A. Cambas Holding & Real Estate S.A.................................. 36,750 106,616 *AS Co. S.A............................ 25,370 57,921 Aegek S.A.............................. 99,835 251,854 *Agrotiki Insurance S.A................ 34,455 219,907 Aktor Technical Co. S.A................ 130,640 860,167 Alco Hellas ABEE S.A................... 38,730 80,606 *Alfa Alfa Energy S.A.................. 3,810 32,199 Alfa-Beta Vassilopoulos S.A............ 12,732 223,228 *Alisida S.A........................... 2,160 8,174 *Allatini Industrial & Commercial Co... 15,370 35,284 Alpha Leasing S.A...................... 49,481 340,775 *Alte Technological Co. S.A............ 85,048 114,785 *Altec Information & Communication Systems S.A.......................... 80,278 75,944 Alumil Milonas S.A..................... 27,516 155,489 *Aluminum of Attica S.A................ 104,982 128,447 *Anek Lines S.A........................ 60,821 99,732 Arcadia Metal Industry C. Rokas S.A.... 22,389 143,461 *Aspis Bank............................ 45,604 195,577 *Aspis Pronia General Insurance S.A.... 48,640 81,598 *Astir Palace Vouliagmenis S.A......... 44,370 428,701
112 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Athens Medical Center S.A.............. 104,974 $ 221,123 Athens Water Supply & Sewage Co.S.A.... 53,245 423,112 *Atlantic Super Market S.A............. 13,640 22,710 Attica Enterprises S.A. Holdings....... 130,214 660,268 Attica Publications S.A................ 16,674 94,643 Atti-Kat S.A........................... 88,984 122,342 Autohellas S.A......................... 22,490 201,411 Babis Vovos S.A........................ 42,412 882,692 *Balafas Construction Holdings S.A..... 15,200 25,691 *Bank of Attica S.A.................... 105,221 544,155 *Bank of Greece........................ 2,366 295,302 Bank of Piraeus S.A.................... 163,829 2,000,334 Benrubi S.A............................ 9,221 123,753 *Betanet S.A........................... 11,220 63,403 *Bitros Holdings S.A................... 19,302 65,736 *Byte Computers S.A.................... 17,230 66,938 Chipita S.A............................ 46,325 218,536 Commercial Bank of Greece.............. 1,960 49,247 *Compucon Computer Applications S.A.... 11,260 18,606 *Computer Peripherals International S.A.................................. 9,110 22,177 *Cyclon Hellas S.A..................... 18,131 28,358 *Daios Plastics S.A.................... 16,350 72,181 Delta Holdings S.A..................... 33,747 285,198 Dionic S.A............................. 12,948 17,802 *Domiki Krittis S.A.................... 11,820 80,808 Edrassi C. Psallidas S.A............... 15,554 45,124 Egnatia Bank S.A....................... 106,477 410,973 El. D. Mouzakis S.A.................... 31,653 61,885 Elais Oleaginous Production S.A........ 16,707 334,224 *Elbisco Holding S.A................... 56,000 480,323 Elektrak S.A........................... 14,040 39,846 Elektroniki of Athens S.A.............. 21,560 99,533 *Elgeka S.A............................ 18,590 137,408 Elmec Sport S.A........................ 64,256 220,454 *Elton S.A............................. 18,640 98,278 *Ethniki General Insurance Co. S.A..... 71,719 510,211 *Etma Rayon S.A........................ 11,242 19,285 *Euro Reliance General Insurance....... 14,830 38,347 *Eurodrip S.A.......................... 11,620 71,233 *Euromedica S.A........................ 33,300 91,147 *Europaiki Techniki.................... 32,750 31,395 Everest S.A............................ 30,730 124,812 *Evrofarma S.A......................... 9,500 23,606 *F.G. Europe SA Common Registered Shares............................... 4,536 21,284 *Fanco S.A............................. 10,110 32,391 *Forthnet S.A.......................... 17,510 121,033 Fourlis S.A............................ 56,610 211,359 Frigoglass S.A......................... 49,990 250,959 *G.Polyhronos S.A...................... 10,580 24,822 *Galaxidi Fish S.A..................... 12,940 16,975 General Construction Co. S.A........... 34,649 344,392 General Commercial and Industry........ 24,060 27,920 *General Hellenic Bank................. 31,139 242,733 Germanos S.A........................... 49,650 1,242,503 Gnomon Construction S.A................ 23,297 18,807 Goody's S.A............................ 17,740 279,705 Halkor S.A............................. 121,226 252,299 Hatziioannou S.A....................... 44,200 125,441 Hellas Can Packaging Manufacturers S.A.................................. 27,902 202,015 Hellenic Cables S.A.................... 26,908 43,783 SHARES VALUE+ ------ ------ Hellenic Duty Free Shops S.A........... 65,840 $ 1,292,218 Hellenic Fabrics S.A................... 17,110 60,645 Hellenic Sugar Industry S.A............ 35,750 234,485 Hellenic Technodomiki S.A.............. 124,106 782,707 Heracles General Cement Co............. 71,083 708,319 Hermes Real Estate S.A................. 23,136 130,738 *Hippotour S.A......................... 12,155 26,677 Hyatt Regency S.A...................... 105,000 1,205,222 *Iaso S.A.............................. 49,300 320,873 *Iktinos Hellas S.A.................... 6,500 23,858 Inform P. Lykos S.A.................... 20,610 114,904 *Informatics S.A....................... 18,890 33,358 *Intersat S.A.......................... 19,392 8,316 Intertech S.A.......................... 12,236 49,080 *Intracom Constructions S.A............ 30,520 66,214 Intracom S.A........................... 161,516 1,100,134 *Ionian Hotel Enterprises.............. 16,754 244,294 *J Boutaris & Son Holding S.A.......... 28,150 50,065 J&P-Avax S.A........................... 91,496 597,817 Kalpinis Simos Steel Service Center.... 12,432 50,180 Karelia Tobacco Co., Inc. S.A.......... 2,160 149,140 Kathimerini S.A........................ 21,240 192,896 Katselis Sons S.A...................... 18,000 86,731 *Kego S.A.............................. 21,670 53,574 *Kekrops S.A........................... 2,244 77,272 *Keramia-Allatini S.A. Industrielle Commerciale & Technique.............. 10,368 53,619 *Klonatex Group S.A. Bearer Shares..... 20,351 85,737 *Kordellou Brothers S.A................ 12,300 21,565 *Kotsovolos S.A........................ 2,872 13,766 *Lambrakis Press S.A................... 94,120 531,859 *Lampsa Hotel Co....................... 19,051 164,365 *Lan-Net S.A........................... 19,045 100,414 Lavipharm S.A.......................... 39,294 75,337 *Lazarides Vineyards S.A............... 16,660 56,738 Light Metals Industry.................. 37,502 121,569 *Logic Dis S.A......................... 77,230 70,138 Loulis Mills S.A....................... 15,382 63,639 *MLS Multimedia S.A.................... 8,300 35,595 Mailis (M.J.) S.A...................... 90,804 357,352 *Maritime Company of Lesvos S.A........ 30,753 26,765 *Maxim Knitwear Factory C.M............ 16,360 18,778 *Medicon Hellas S.A.................... 2,600 24,531 Mesochoritis Bros. Construction Co..... 23,700 20,328 Metka S.A.............................. 36,270 204,042 Michaniki S.A.......................... 98,065 376,031 Minerva Knitwear....................... 5,140 20,617 *Minoan Lines S.A...................... 77,309 191,127 Mochlos S.A............................ 46,265 45,519 Motor Oil (Hellas) Corinth Refineries S.A.................................. 138,470 1,198,164 Mytilineos Holdings S.A................ 47,000 320,131 *N. Levederis S.A...................... 8,355 7,482 N.B.G. Real Estate Development Co...... 122,710 687,226 *Naoussa Spinning Mills S.A............ 21,832 92,527 *Naytemporiki S.A...................... 26,080 106,583 *Neorion-Syro's Shipyards S.A.......... 27,210 121,498 *Nexans Hellas S.A..................... 3,003 10,606 Nikas S.A.............................. 25,287 196,478 Notos Com.Holdings S.A................. 85,974 412,085 *O. Daring Sain........................ 7,760 4,111 Pantechniki S.A........................ 50,460 127,932 *Pegasus Publishing & Printing S.A..... 58,590 185,496 *Persefs S.A. Health Care.............. 19,660 87,786
113 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Persefs S.A. Health Care New Shares... 3,932 $ 17,557 Petros Petropoulos S.A................. 7,360 55,144 *Petzetakis S.A........................ 22,560 70,571 *Pilias S.A............................ 103,584 57,489 *Pipeworks L. Girakian Profil S.A...... 11,730 17,755 *Piraeus Leasing....................... 5,765 53,520 *Promota Hellas S.A.................... 26,580 48,278 *Proodeftiki Technical Co.............. 32,257 31,736 Rilken S.A............................. 1,982 19,750 *Sanyo Hellas S.A...................... 59,251 112,105 Sarantis S.A........................... 43,940 184,007 *Sato S.A.............................. 28,850 33,843 Selected Textile Industry Assoc. S.A... 44,649 57,444 Sfakianakis S.A........................ 13,390 47,291 *Sheet Steel S.A....................... 25,850 19,890 *Shelman Hellenic-Swiss Wood S.A....... 38,042 66,698 Silver and Baryte Ores Mining Co. S.A.................................. 34,961 285,756 Singular S.A........................... 54,600 152,891 Spyroy Agricultural House S.A.......... 22,258 35,655 *Stabilton S.A......................... 27,530 2,778 Strintzis Shipping Lines S.A........... 131,240 226,790 Technical Olympic S.A.................. 165,620 889,936 *Technodomi M.Travlos Br. Com. & Constr. Co. S.A...................... 13,910 8,773 Teletypos S.A. Mega Channel............ 36,227 251,323 Terna Tourist Technical & Maritime S.A.................................. 57,450 578,268 *Themeliodomi S.A...................... 37,422 97,709 Thrace Plastics Co. S.A................ 45,500 72,313 Uncle Stathis S.A...................... 10,999 90,178 Unisystems S.A......................... 41,820 100,225 *Vardas S.A............................ 13,780 55,968 *Varvaressos S.A. European Spinning Mills................................ 7,200 17,255 Veterin S.A............................ 18,984 90,993 Viohalco S.A........................... 249,335 1,616,526 Vioter S.A............................. 61,470 113,977 *Vis Container Manufacturing Co........ 4,259 16,654 Zampa S.A.............................. 830 12,333 ------------ TOTAL COMMON STOCKS (Cost $30,722,465).................... 36,050,128 ------------ PREFERRED STOCKS -- (0.0%) Egnatia Bank S.A. (Cost $8,591)........................ 3,196 10,804 ------------ TOTAL -- GREECE (Cost $30,731,056).................... 36,060,932 ------------ SWEDEN -- (6.2%) COMMON STOCKS -- (6.2%) *ADCore AB............................. 50 112 *Active Biotech AB..................... 24,240 205,501 Addtech AB Series B.................... 12,800 69,201 *Alfaskop AB........................... 3,200 356 *Altima Group AB....................... 3,820 37,163 Angpannefoereningen AB Series B........ 10,800 174,114 *Anoto Group AB........................ 83,833 198,068 Axfood AB.............................. 49,500 1,145,435 *#Axis AB.............................. 42,700 100,885 *B & N Bylock & Nordsjoefrakt AB Series B.................................... 41,800 80,750 Beiger Electronics AB.................. 11,700 114,637 Beijer AB Series B..................... 11,700 131,711 SHARES VALUE+ ------ ------ Beijer Alma AB Series B................ 10,400 $ 96,841 Bergman & Beving AB Series B........... 36,200 230,423 #Biacore International AB.............. 7,850 184,923 Bilia AB Series A...................... 116,725 1,492,460 Billerud AB............................ 38,800 585,076 *Boliden AB............................ 53,200 283,919 *Bong Ljungdahl AB..................... 9,000 30,020 *Boras Waefveri AB Series B............ 8,600 41,474 *Boss Media AB......................... 25,500 85,410 *Capio AB.............................. 48,100 387,725 Capona AB.............................. 19,000 178,241 Carbo AB............................... 27,800 770,795 Castellum AB........................... 39,900 942,699 Cloetta AB Series B.................... 15,600 367,490 *Concordia Maritime AB Series B........ 37,300 89,682 *Connecta AB........................... 250 219 D. Carnegie & Co. AB................... 62,000 611,788 *Digital Illusions AB Series A......... 5,000 33,286 *Doro Telefoni AB Series A............. 2,900 3,688 Drott Series AB........................ 85,400 1,620,099 *Duroc AB Series B..................... 2,700 4,428 *Elekta AB............................. 24,800 465,304 *Enea Data AB Series B................. 440,000 140,647 Eniro AB............................... 51,300 491,946 Fagerhult AB........................... 2,900 42,118 *Fagerlid Industrier AB................ 8,600 0 *#Finnveden AB......................... 57,000 342,223 *Frontec AB Series B................... 18,200 11,990 Getinge AB............................. 176,604 1,693,561 Geveko AB Series B..................... 8,300 173,030 *Glocalnet AB.......................... 129,100 80,381 Gorthon Lines AB Series B.............. 41,800 124,320 Gunnebo AB............................. 17,100 426,591 HL Display AB Series B................. 4,200 64,792 Haldex AB.............................. 39,000 552,861 Heba Fastighets AB Series B............ 4,300 56,474 Hexagon AB Series B.................... 3,572 97,301 *Hiq International AB.................. 21,500 37,650 Hoganas AB Series B.................... 31,700 678,471 *IBS AB Series B....................... 65,200 120,518 *Industrial & Financial Systems AB Series B............................. 29,700 35,705 *Industrifoervaltnings AB Skandigen.... 21,400 54,725 *Intentia International AB Series B.... 75,420 75,469 *Intrum Justitia AB.................... 52,600 277,792 Karlshamns AB.......................... 14,900 195,690 Kinnevik Industrifoervaltnings AB Series B............................. 44,400 1,456,284 Klippans Finpappersbruk AB............. 5,800 18,379 *Klovern AB B Shares................... 23,226 51,647 Kungsleden AB.......................... 17,600 472,086 *LGP Allgon Holding AB................. 41,280 349,962 Lagercrantz Group AB Series B.......... 12,800 40,026 Lindex AB.............................. 16,100 492,266 Ljungberg Gruppen AB Series B.......... 3,800 56,509 *Lundin Petroleum AB................... 154,000 734,118 *Mandator AB........................... 6,840 2,006 *Meda AB Series A...................... 6,625 123,840 *#Medivir Series B..................... 4,900 78,996 *#Micronic Laser Systems AB............ 27,200 315,650 *#Modern Times Group AB Series B....... 41,100 865,377 NCC AB Series B........................ 38,200 294,651 *Net Insight AB Series B............... 111,400 23,998 New Wave Group AB Series B............. 9,000 187,622 Nibe Industrier AB..................... 12,200 216,183
114 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Nolato AB Series B..................... 42,840 $ 294,122 OEM International AB Series B.......... 7,100 100,649 #OMHEX AB.............................. 78,100 971,461 Observer AB............................ 137,856 657,160 Orc Software AB........................ 10,500 123,310 *Ortivus AB............................ 5,900 27,305 PEAB AB Series B....................... 62,600 379,325 *Partnertech AB........................ 3,800 18,484 *Pergo AB.............................. 43,300 97,489 Poolia AB Series B..................... 18,150 63,819 *Prevas AB Series B.................... 16,000 18,901 *Pricer AB Series B.................... 91,000 6,071 *Proact It Group AB.................... 15,000 49,824 Proffice AB............................ 72,800 203,366 *Protect Data AB....................... 6,500 25,746 *PyroSequencing AB..................... 21,500 34,960 *Q-Med AB.............................. 20,000 473,920 *Readsoft AB Series B.................. 17,800 29,686 Rottneros Bruk AB...................... 366,600 435,622 #SSAB Swedish Steel Series A........... 60,300 1,076,890 SSAB Swedish Steel Series B............ 17,100 293,504 Sardus AB.............................. 5,700 83,179 *Scribona AB Series A.................. 40,100 82,482 *Scribona AB Series B.................. 31,700 63,001 *Semcon AB............................. 18,300 39,422 *Sigma AB Series B..................... 25,800 14,163 Skistar AB............................. 5,600 134,643 *Song Network Holding.................. 43,845 411,315 Sweco AB Series B...................... 23,450 242,801 *Switchcore AB......................... 72,020 44,441 TV 4 AB Series A....................... 7,000 144,956 #Teleca AB Series B.................... 41,200 194,683 *#Telelogic AB......................... 162,400 259,558 *Ticket Travel Group AB................ 4,500 7,567 Trelleborg AB Series B................. 75,400 1,226,050 *WM-Data AB Series B................... 275,800 594,124 Wallenstam Byggnads AB Series B........ 16,700 392,242 *Wedins Norden AB Series B............. 280,000 69,657 *Westergyllen AB Series B.............. 4,300 30,179 Whilborg Fastigheter AB Class B........ 57,960 745,111 *Wilh. Sonesson AB Series A............ 4,160 9,829 *Wilh. Sonesson AB Series B............ 4,160 8,672 ------------ TOTAL -- SWEDEN (Cost $21,095,278).................... 32,497,467 ------------ NETHERLANDS -- (5.9%) COMMON STOCKS -- (5.9%) *AFC Ajax NV........................... 10,787 72,793 AM NV.................................. 63,300 491,837 *#ASM International NV................. 35,850 734,816 Aalberts Industries NV................. 25,910 670,954 Accell Group NV........................ 5,010 127,967 *Airspray NV........................... 3,800 82,490 Arcadis NV............................. 14,000 164,934 *Atag Group NV......................... 4,630 1,694 Athlon Groep NV........................ 34,250 609,138 Batenburg Beheer NV.................... 3,000 104,062 *Begemann Groep NV..................... 11,909 51,073 *Begemann Groep NV Series B............ 13,451 10,180 *Beter Bed Holding NV.................. 4,900 54,699 Boskalis Westminster NV................ 51,300 1,353,031 *Brunel International NV............... 12,000 74,167 Buhrmann NV............................ 99,080 863,576 *Copaco NV............................. 7,000 28,254 *Crucell NV............................ 26,050 157,719 SHARES VALUE+ ------ ------ Delft Instruments NV................... 13,336 $ 251,984 *#Draka Holding NV..................... 14,287 281,127 *Econosto NV........................... 17,305 25,757 Eriks Group NV......................... 9,032 325,826 *Exact Holding NV...................... 16,800 466,196 #Fornix Biosciences NV................. 2,531 40,225 *Fox Kids Europe NV.................... 56,900 434,214 Gamma Holding NV....................... 15,705 752,762 Gemeenschappeljk Bezit Crown van Gelder NV................................... 12,000 202,069 *#Getronics NV......................... 240,180 502,900 Grolsche NV............................ 32,100 915,465 Grontmij NV............................ 2,053 58,265 #Hagemeyer NV.......................... 75,500 170,465 Heijmans NV............................ 15,477 372,869 ICT Automatisering NV.................. 5,800 82,669 #Imtech NV............................. 28,645 743,585 *Ispat International NV................ 84,322 755,154 KLM (Koninklijke Luchtvaart Mij) NV.... 24,800 402,906 Kas Bank NV............................ 42,888 827,682 *Kendrion NV........................... 21,454 121,775 Koninklijke Bam NV..................... 25,037 678,033 Koninklijke Frans Maas Groep NV........ 12,349 385,517 Koninklijke Nedlloyd NV................ 23,472 902,701 Koninklijke Ten Cate NV................ 11,088 504,750 Koninklijke Vendex KBB NV.............. 68,200 950,568 #Koninklijke Vopak NV.................. 43,400 815,666 *#Laurus NV............................ 416,097 635,062 MacIntosh NV........................... 15,590 291,034 *Maverix Capital NV.................... 1,500 71,897 *NH Hoteles............................ 21,703 224,202 #NV Holdingsmij de Telegraaf........... 38,050 863,420 Nederlandsche Apparatenfabriek......... 14,000 347,881 *New Skies Satellites NV............... 94,650 686,475 Nutreco Holding NV..................... 24,583 675,350 Oce NV................................. 60,200 922,591 Opg Groep NV Series A.................. 10,100 459,265 *#Petroplus International NV........... 22,363 187,581 *Pinkroccade NV........................ 16,700 200,114 Randstad Holdings NV................... 42,700 1,035,723 Reesink NV............................. 2,050 129,159 Roto Smeets de Boer NV................. 2,640 83,482 Rubber Cultuur Maatschappij Amsterdam NV................................... 40,800 116,307 *SNT Groep NV.......................... 9,400 141,095 *Samas-Groep NV, Zaandam............... 24,184 144,897 *Scala Business Solutions NV........... 12,100 48,840 *Semiconductor Industries NV........... 21,900 185,631 Sligro Food Group Beheer............... 14,528 448,044 Smit Internationale NV................. 20,578 661,881 Stern Groep NV......................... 1,236 50,606 Stork NV............................... 22,700 449,533 *Textielgroep Twenthe NV............... 1,000 3,153 *Tulip Computers NV.................... 53,860 16,984 Twentsche Kabel Holding NV............. 18,244 411,917 United Services Group NV............... 15,565 356,338 Univar NV.............................. 7,050 133,388 #Van Der Mollen Holding NV............. 57,660 503,289 Vedior NV.............................. 74,880 1,171,181 *Versatel Telecom International NV..... 336,600 734,508 *Wegener Arcade NV .................... 70,830 616,457 ------------ TOTAL -- NETHERLANDS (Cost $19,651,522).................... 30,631,799 ------------
115 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ SPAIN -- (5.3%) COMMON STOCKS -- (5.3%) #Abengoa SA............................ 56,900 $ 414,118 Adolfo Dominguez SA.................... 3,700 68,792 Aldeasa SA............................. 13,200 332,997 *Amper SA.............................. 56,800 262,220 *Avanzit SA............................ 17,275 51,206 *#Azkoyen SA........................... 52,500 287,399 Banco de Andalucia..................... 9,800 852,926 Banco de Credito Balear SA............. 35,424 822,151 Banco de Valencia SA................... 188,053 3,486,856 Banco Guipuzcoano SA................... 21,194 531,989 #Banco Pastor SA....................... 34,300 1,053,055 *#Baron de Ley SA...................... 4,200 201,312 CAF (Construcciones y Auxiliar de Ferrocarriles SA).................... 7,500 559,094 Campofrio Alimentacion SA.............. 92,800 1,137,760 Cementos Portland SA................... 16,881 1,000,766 Compania de Distribucion Integral Logista SA........................... 29,600 914,359 Cortefiel SA........................... 49,200 453,027 *Dogi International Fabrics SA......... 4,000 18,264 Elecnor SA............................. 18,300 738,648 *Ercros SA............................. 100,518 45,644 *Espanola del Zinc SA.................. 29,250 54,235 *Estacionamientos Urbanos SA........... 4,200 0 #Europistas Concesionaria Espanola SA................................... 174,940 1,061,379 Faes Farma SA.......................... 27,111 438,057 Funespana SA........................... 4,500 29,459 Grupo Empresarial Ence SA.............. 16,040 346,980 *Grupo Picking Pack SA................. 145,775 91,937 Hullas del Coto Cortes................. 8,666 106,685 Iberpapel Gestion SA................... 6,700 126,766 Inbesos SA............................. 8,050 37,062 *Indo Internacional SA................. 33,600 155,540 Indra Sistemas SA...................... 75,200 964,662 Inmobiliaria Colonial SA ICSA.......... 35,200 843,592 Inmobiliaria del Sur SA................ 331 64,296 *Inmobiliaria del Sur SA Issue 2003.... 47 9,130 Inmobiliaria Urbis SA.................. 80,282 794,921 *LSB (La Seda de Barcelona SA) Series B.................................... 25,200 57,533 Lingotes Especiales SA................. 22,080 130,898 *Mecalux SA............................ 9,500 45,655 #Metrovacesa SA........................ 14,187 485,844 *Nicolas Correa SA..................... 15,750 60,195 #Obrascon Huarte Lain SA............... 53,992 403,169 Pescanova SA........................... 26,443 423,595 Prosegur Cia de Seguridad SA........... 38,800 631,332 #Recoletos Grupo de Comunicacion SA.... 82,300 611,437 *#SOS Cuetara SA....................... 10,400 283,350 *Sogecable SA.......................... 34,600 1,207,159 #Sol Melia SA.......................... 112,700 811,701 Tavex Algodonera SA.................... 31,944 127,325 *Tecnocom Telecomunicaciones y Energia SA................................... 6,300 37,428 *#Tele Pizza SA........................ 122,900 190,675 #Transportes Azkar, SA................. 26,700 175,126 Tubacex SA............................. 73,130 130,985 Unipapel SA............................ 41,935 777,554 #Uralita SA............................ 112,831 1,050,319 SHARES VALUE+ ------ ------ Vidrala SA, Alava...................... 47,040 $ 661,574 Viscofan Industria Navarra de Envolturas Celulosicas SA............ 97,492 866,951 ------------ TOTAL -- SPAIN (Cost $14,910,233).................... 27,527,089 ------------ FINLAND -- (4.6%) COMMON STOCKS -- (4.6%) Alandsbanken AB Series B............... 1,700 40,956 *Aldata Solutions Oyj.................. 56,965 139,395 Alma Media Oyj......................... 7,797 285,208 *Amanda Capital Oyj.................... 51,210 11,627 Amer-Yhtymae Oyj Series A.............. 22,120 958,403 *Aspo P.L.C............................ 7,050 115,692 Aspocomp Group P.L.C................... 12,738 186,378 *Basware Oyj........................... 7,050 54,244 *Benefon Oy............................ 1,900 911 *Biotie Therapies Oyj.................. 39,754 40,115 Capman Oyj Series B.................... 12,485 27,559 *#Comptel Oyj.......................... 92,066 234,578 Elcoteq Network Corp................... 16,210 326,735 *Elektrobit Group Oyj.................. 571,957 367,934 *Elisa Communications Corp............. 74,525 996,424 *Eq Online Oyj......................... 7,100 20,150 *Evox Rifa Group Oyj................... 51,210 7,751 *#F-Secure Oyj......................... 124,968 209,646 Finnair Oyj............................ 77,910 520,841 #Finnlines Oyj......................... 30,280 1,098,070 Fiskars Oy AB Series A................. 32,370 383,802 HK Ruokatalo Oy Series A............... 16,370 134,214 #Huhtamaki Van Leer Oyj................ 92,100 1,086,194 Ilkka-Yhtyma Oyj....................... 1,890 70,088 J.W. Suominen Yhtyma Oy................ 11,970 99,045 #Jaakko Poyry Group Oyj................ 12,500 343,718 #KCI Konecranes International Oyj...... 13,800 480,424 Kemira Oyj............................. 118,400 1,373,966 Kesko Oyj.............................. 32,060 561,293 Laennen Tehtaat Oy..................... 3,930 58,246 Lassila & Tikanoja Oyj................. 14,350 497,761 Lemminkainen Oy........................ 14,600 313,068 Martela Oy............................. 530 9,560 Metsaemarkka Oyj Series B.............. 700 5,695 New Kyro Corp. Oyj..................... 36,470 363,412 Nokian Renkaat Oyj..................... 9,700 732,883 Nordic Aluminium Oy.................... 1,900 21,186 *Okmetic Oyj........................... 9,794 40,767 Okobank Class A........................ 33,440 763,451 Olvi Oyj Series A...................... 3,320 55,487 Orion-Yhtyma Oyj Series A.............. 20,590 440,213 #Orion-Yhtyma Oyj Series B............. 30,460 653,922 Outokumpu Oyj Series A................. 21,100 286,638 Oy Stockmann AB Series B............... 24,300 560,911 PK Cables Oyj.......................... 4,760 127,286 #Perlos P.L.C. Warrants 04/04/04....... 47,791 381,580 Pohjola Group P.L.C. Series D.......... 46,185 1,235,018 Ponsse Oyj............................. 6,300 130,720 *Proha Oyj............................. 30,082 29,596 Raisio Group P.L.C. Series V........... 118,423 185,223 Rakentajain Koneuvokrammo Oy........... 10,260 74,413 *Ramirent Oyj.......................... 5,420 95,028 *Rapala VMC Oyj........................ 30,970 212,899 *Rautaruukki Oyj Series K.............. 126,380 930,953 Rocla Oy............................... 1,300 11,150 *#Saunalahti Group Oyj................. 92,364 122,329 *#Scanfil Oyj.......................... 55,249 387,468
116 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Sponda Oyj............................. 71,121 $ 592,974 Stockmann Oyj AB....................... 20,480 464,985 *Stonesoft Corp........................ 49,279 40,403 *Suominen Corp. Issue 2003 Shares...... 5,985 44,238 *Sysopen P.L.C......................... 7,720 39,243 Talentum Oyj........................... 18,300 117,722 *Tecnomen Holding Oyj.................. 36,470 63,022 #Teleste Corp. Oyi..................... 11,499 78,468 Uponor Oyj Series A.................... 34,000 1,072,149 *Vacon Oyj............................. 12,497 154,479 #Vaisala Oy Series A................... 12,650 390,925 Viking Line AB......................... 3,240 95,222 #Wartsila Corp. Oyj Series B........... 40,160 769,970 Yit-Yhtymae Oyj........................ 26,854 911,166 ------------ TOTAL -- FINLAND (Cost $15,116,935).................... 23,737,190 ------------ DENMARK -- (4.2%) COMMON STOCKS -- (4.2%) #AS Dampskibsselsk Torm................ 19,830 608,019 Aarhus Oliefabrik A.S. Aeries A........ 4,350 229,911 *#Alm. Brand A.S....................... 24,360 548,839 #Amagerbanken A.S...................... 2,394 249,816 Ambu International A.S. Series B....... 150 18,422 Amtssparekassen Fyn A.S................ 1,968 237,701 Bang & Olufsen Holding A.S. Series B............................. 13,387 560,140 Brodrene Hartmann A.S. Series B........ 5,865 128,663 Bryggerigruppen A.S.................... 6,015 381,086 #Christian Hansen Holding A.S. Series B............................. 10,030 504,631 *#Codan A.S............................ 43,400 1,543,921 DFDS A.S., Copenhagen.................. 8,710 272,227 DSV, De Sammensluttede Vognmaend A.S.................................. 22,630 1,000,556 Dalhoff, Larsen & Hornemann A.S. Series B.................................... 1,370 60,109 Danware................................ 4,185 70,894 DiskontoBanken A.S..................... 535 102,411 #East Asiatic Co., Ltd................. 22,723 993,120 Edb Gruppen A.S........................ 3,230 68,396 *FLS Industries........................ 54,980 633,330 *Fimiston Resources & Technology Ltd.................................. 400 3,903 Fluegger A.S. Series B................. 2,338 127,531 *Foras Holding A.S. Series A........... 7,082 73,781 Forstaedernes Bank..................... 3,547 182,062 *GN Great Nordic A.S................... 210,980 1,368,851 *Genmab A.S............................ 25,029 216,237 *Glunz & Jensen A.S.................... 1,470 12,451 H&H International A.S. Series B........ 1,000 215,139 *#Harboes Bryggeri A.S................. 260 58,138 Hojgaard Holding A.S. Series B......... 2,500 61,831 *IC Co. A.S............................ 3,510 29,433 *Incentive A.S......................... 3,575 9,871 *Junckers (F.) Industrier A.S.......... 860 8,595 *Jyske Bank A.S........................ 37,760 1,995,734 Kjobenhavns Sommer Tivoli A.S.......... 190 49,535 Koebenhavns Lufthavne.................. 9,910 1,161,705 Kompan A.S............................. 230 29,222 NKT Holding A.S........................ 27,245 494,994 *NTR Holdings A.S...................... 1,130 7,657 *#Neg Micon A.S........................ 29,108 473,369 *#Neurosearch A.S...................... 7,710 220,728 Per Aarsleff A.S. Series B............. 1,545 53,654 SHARES VALUE+ ------ ------ *Pharmexa A.S.......................... 3,235 $ 16,879 *#RTX Telecom A.S...................... 8,400 62,184 #Radiometer A.S. Series B.............. 9,188 712,079 Ringkjobing Bank....................... 1,670 109,199 *Ringkjobing Landbobank................ 1,400 345,070 Rockwool, Ltd.......................... 3,820 129,422 *#SAS Danmark A.S...................... 34,300 325,386 Sanistal A.S. Series B................. 1,786 98,934 Satair A.S............................. 1,350 27,443 Schouw & Co. A.S....................... 13,585 271,555 Simcorp A.S............................ 5,240 168,656 Sjaelso Gruppen A.S.................... 2,388 169,903 *Sondagsavisen A.S..................... 21,165 89,634 Spar Nord Holding...................... 4,973 425,428 Sydbank A.S............................ 8,172 1,107,477 *#TK Development....................... 12,478 36,569 Thrane & Thrane A.S.................... 4,208 130,450 *Topdanmark A.S........................ 28,300 1,514,920 Treka A.S.............................. 8,498 133,160 VT Holdings Shares B................... 3,130 143,161 Vestas Wind Systems A.S................ 27,377 445,219 Vestjysk Bank A.S...................... 1,080 299,128 *Wessel & Vett Magasin du Nord A.S. Series C............................. 2,102 55,193 ------------ TOTAL COMMON STOCKS (Cost $14,772,800).................... 21,883,662 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Danish Krone (Cost $2,410)........................ 2,447 ------------ TOTAL -- DENMARK (Cost $14,775,210).................... 21,886,109 ------------ NORWAY -- (4.2%) COMMON STOCKS -- (4.2%) *Aker Kvaerner ASA..................... 67,930 1,161,472 Aktiv Kapital ASA...................... 48,017 481,772 Arendals Fosse Kompani ASA............. 100 7,816 *#Avantor Financial Corp............... 13,270 125,663 *Blom ASA.............................. 18,367 3,506 #Bonheur ASA........................... 9,800 265,152 *C. Tybring-Gjedde ASA................. 1,451,452 54,543 *Choice Hotel Scandinavia ASA.......... 27,740 81,309 *Corrocean ASA......................... 19,321 8,190 *DOF ASA............................... 97,006 207,054 Den Norske Oljeselkapet................ 85,320 346,266 *#EDB Elektronisk Data Behandling ASA.................................. 137,617 860,520 #Ekornes ASA........................... 52,390 968,610 *#Eltek ASA............................ 40,842 297,745 *Expert ASA............................ 48,758 245,520 Farstad Shipping ASA................... 60,790 584,800 *Fjord Seafood ASA..................... 629,483 319,813 *#Fred Olsen Energy ASA................ 91,600 392,406 Ganger Rolf ASA........................ 6,690 150,839 *Gresvig ASA........................... 4,590 17,179 *Hafslund ASA.......................... 58,700 313,229 *Home Invest ASA....................... 15,077 11,331 *Industrifinans Naeringseiendom ASA.... 7,582 10,257 *Kenor ASA............................. 175,716 131,534 #Kongsberg Gruppen ASA................. 45,600 726,551 #Kverneland ASA........................ 16,160 201,611 *Merkantildata ASA..................... 320,521 270,762 *Natural ASA........................... 10,143 61,137 *Nera ASA.............................. 187,753 389,459
117 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Nordic VLSI ASA....................... 5,000 $ 76,660 *#Ocean Rig ASA........................ 66,031 143,917 #Odfjell ASA Series A.................. 24,910 554,155 Olav Thon Eiendomsselskap ASA.......... 8,320 368,927 *P4 Radio Hele Norge ASA............... 32,200 20,086 *#Photocure ASA........................ 26,690 216,640 Prosafe ASA............................ 51,530 1,037,912 #Rieber and Son ASA Series A........... 63,654 478,400 Schibsted ASA.......................... 96,160 1,654,990 *Sinvest ASA........................... 2,703 3,678 #Smedvig ASA Series A.................. 83,580 634,438 *Software Innovation ASA............... 13,423 50,643 Solstad Offshore ASA................... 54,100 378,134 *Steen and Stroem ASA.................. 19,512 376,878 *#Storebrand ASA....................... 183,330 1,193,210 *Tandberg ASA Series A................. 200,080 1,473,653 *#Tandberg Data ASA.................... 58,950 164,813 *Tandberg Storage ASA.................. 48,450 11,652 *Tandberg Television ASA............... 76,230 334,583 *Telecomputing ASA..................... 44,963 85,833 *#Tgs-Nopec Geophysical Co. ASA........ 34,410 470,676 Tomra Systems ASA...................... 271,280 1,635,150 *Unit 4 Agresso NV..................... 4,620 47,917 Veidekke ASA........................... 21,846 192,098 Visma ASA.............................. 47,393 477,292 Wilhelmshaven (Wilhelm), Ltd. ASA...... 28,000 930,135 ------------ TOTAL -- NORWAY (Cost $17,368,700).................... 21,708,516 ------------ BELGIUM -- (3.6%) COMMON STOCKS -- (3.6%) *Abfin SA.............................. 2,560 0 Ackermans & Van Haaren SA.............. 24,280 531,355 *Arinso International NV............... 10,630 160,228 BMT NV................................. 2,040 208,426 Banque Nationale de Belgique........... 710 2,696,084 Barco (New) NV......................... 8,970 786,346 Bekaert SA............................. 14,610 930,632 Brantano NV............................ 2,060 75,353 *Brederode SA.......................... 12,180 239,667 CFE (Compagnie Francois d'Entreprises)....................... 2,080 523,673 Carrieres Unies Porphyre............... 20 30,272 Cie Martime Belge SA................... 5,320 429,465 Cofinimmo SA........................... 6,423 892,803 Commerciale de Brasserie SA COBRHA..... 115 101,539 #D'Ieteren SA.......................... 3,830 785,517 Deceuninck SA.......................... 63,700 2,079,410 *Docpharma SA NV....................... 2,950 100,095 *Duvel Moorgat NV...................... 3,870 100,606 *EVS Broadcast Equipment SA............ 1,100 44,400 *Exmar NV.............................. 3,080 130,884 Floridienne NV......................... 2,033 128,216 Glaces de Moustier-sur-Sambre SA....... 13,370 425,823 Immobel (Cie Immobiliere de Belgique SA).................................. 4,600 190,313 *Ion Beam Application SA............... 17,780 91,726 *Ipso-Ilg SA........................... 5,990 43,444 *Kinepolis Group NV.................... 5,020 97,829 Melexis NV............................. 33,050 391,864 Metiers Automatiques Picanol........... 16,120 376,160 *Neuhaus NV............................ 670 25,860 Nord-Sumatra Investissements SA........ 650 151,268 SHARES VALUE+ ------ ------ Omega Pharma SA........................ 20,170 $ 641,125 Papeteries de Catala SA................ 315 39,733 *Quick Restaurants SA.................. 14,000 159,813 *#Real Software SA..................... 10,280 7,780 Recticel SA............................ 20,220 183,633 Resilux NV............................. 1,350 117,921 Rosier SA.............................. 655 76,009 Roularta Media Groep................... 7,160 334,157 *SIPEF (Societe Internationale de Plantations & de Finance), Anvers.... 1,545 253,343 *Sait Radioholland..................... 7,313 53,501 Sapec SA............................... 3,635 213,203 *Sapec SA VVPR......................... 75 68 Sioen Industries....................... 15,500 161,100 Societe Belge Des Betons SA............ 8,500 342,552 *Solvus SA............................. 38,344 555,717 *Solvus SA Interim Strip VVPR.......... 18,176 229 Spector Photo Group SA................. 3,688 58,148 *Systemat SA........................... 2,450 12,608 *#Telindus Group SA.................... 28,800 286,983 Ter Beke NV............................ 2,281 146,734 Tessenderlo Chemie..................... 19,550 689,231 UNIBRA................................. 1,600 141,271 *Ubizen................................ 14,300 15,693 *#Umicore-Strip VVPR................... 456 104 #Union Miniere SA...................... 9,586 672,882 VPK Packaging Group SA................. 6,345 204,084 Van de Velde NV........................ 1,960 232,392 Warehouses de Pauw Sicafi.............. 4,998 197,953 ------------ TOTAL -- BELGIUM (Cost $12,207,522).................... 18,567,225 ------------ IRELAND -- (2.7%) COMMON STOCKS -- (2.7%) Abbey P.L.C............................ 25,557 212,760 *Arcon International Resources P.L.C... 143,750 9,066 *Ardagh P.L.C.......................... 14,262 13,492 *Barlo Group P.L.C..................... 182,053 87,260 DCC P.L.C.............................. 91,965 1,255,123 *Dragon Oil P.L.C...................... 104,167 57,812 *Elan Corp. P.L.C...................... 154,046 1,060,912 Fyffes P.L.C........................... 380,502 791,913 Glanbia P.L.C.......................... 321,765 852,304 *Grafton Group P.L.C................... 253,939 1,752,077 Greencore Group P.L.C.................. 213,126 954,336 Heiton Holdings P.L.C.................. 51,677 267,250 IAWS Group P.L.C....................... 105,879 1,295,442 IFG Group P.L.C........................ 37,599 47,426 IWP International P.L.C................ 39,611 11,991 Independent News & Media P.L.C......... 618,550 1,466,794 *Iona Technologies P.L.C............... 21,281 115,424 Irish Intercontental Group P.L.C....... 18,872 252,325 Jurys Hotel Group P.L.C................ 69,061 844,969 Kingspan Group P.L.C................... 183,188 970,471 McInerney Holdings P.L.C............... 33,991 201,511 Paddy Power P.L.C...................... 49,663 447,894 Readymix P.L.C......................... 109,762 276,897 Ryan Hotels P.L.C...................... 68,061 100,443 United Drug P.L.C...................... 188,448 546,708 Waterford Wedgwood P.L.C............... 806,657 223,845 *Waterford Wedgwood P.L.C.............. 219,993 58,273 ------------ TOTAL -- IRELAND (Cost $9,547,244)..................... 14,174,718 ------------
118 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ AUSTRIA -- (2.7%) COMMON STOCKS -- (2.7%) *Austria Email AG...................... 715 $ 2,038 *Austrian Airlines/Oesterreichische Luftverkehrs-Aktiengesellschaft...... 27,880 229,286 BBAG Oesterreichische Brau- Beteiligungs AG...................... 7,984 1,242,414 BWT AG................................. 13,530 252,407 Bank Fuer Kaernten und Steiermark AG... 520 63,334 Bohler Uddeholm AG..................... 9,020 609,146 Brau Union Goess-Reinighaus AG......... 10,720 1,711,847 *Ca Immobilien Invest AG............... 22,003 530,092 Constantia-Iso Holding AG.............. 15,000 158,173 Constantia-Verpackungen AG............. 6,000 102,169 Flughafen Wien AG...................... 14,792 694,075 *Immofinanz Immobilien Anlagen AG...... 165,130 1,312,209 #Lenzing AG............................ 3,424 528,630 Manner (Josef) & Co. AG................ 870 39,231 Mayr-Melnhof Karton AG................. 9,840 1,182,835 Oberbank AG............................ 3,555 327,340 Palfinger AG........................... 7,610 218,183 *RHI AG, Wien.......................... 18,559 353,482 *Readymix Kies-Union AG................ 500 49,193 Rosenbauer International AG............ 850 48,247 *Sparkassen Immobilien................. 24,880 238,506 Ubm Realitaetenentwicklung AG.......... 360 35,646 #Uniqa Versicherungen AG............... 79,223 796,427 *VA Technologie AG..................... 11,400 368,257 Voestalpine AG......................... 30,095 1,226,121 #Wienerberger AG....................... 63,642 1,700,224 *Wolford AG............................ 4,100 94,019 ------------ TOTAL COMMON STOCKS (Cost $8,758,421)..................... 14,113,531 ------------ RIGHTS/WARRANTS -- (0.0%) *Jenbacher AG Rights 03/31/08 (Cost $0)............................ 7,860 0 ------------ TOTAL -- AUSTRIA (Cost $8,758,421)..................... 14,113,531 ------------ PORTUGAL -- (1.7%) COMMON STOCKS -- (1.7%) *Corticeira Amorim Sociedad Gestora Participacoes Sociais SA............. 194,100 281,553 *EFACEC (Empresa Fabril de Maquinas Electricas).......................... 20,200 94,528 *Ibersol SGPS SA....................... 14,462 71,325 *Impresa Sociedade Gestora de Participacoes Socias SA.............. 190,166 839,532 *Investimentos Participacoes e Gestao SA Inapa............................. 43,702 154,897 *Jeronimo Martins (Estabelecimentos Jeronimo Martins & Filho Administracao e Participacoes Financeiros SA)...................... 130,000 1,715,187 *Mota-Engil SGPS SA.................... 250,900 481,039 *Novabase SGPS......................... 56,005 416,788 *Portucel-Empresa Produtora de Pasta de Papel SA............................. 466,977 824,631 *Sag Gest -- Solucoes Automovel Globais SGPS SA.............................. 235,500 424,779 SHARES VALUE+ ------ ------ *Salvador Caetano -- Industrias Metalurgicas e Veiculos de Transporte SA................................... 54,900 $ 234,752 *Sociedad Construcoes Soares da Costa SA................................... 19,200 47,709 *Sociedade de Investimento e Gestao SGPS SA.............................. 160,396 728,337 *Sonae SGPS SA......................... 1,079,900 899,009 *Sonaecom SGPS SA...................... 321,175 960,122 *Teixeira Duarte Engenharia e Construcoes SA....................... 609,000 576,123 ------------ TOTAL -- PORTUGAL (Cost $6,340,397)..................... 8,750,311 ------------ EMU -- (0.1%) INVESTMENT IN CURRENCY -- (0.1%) *Euro Currency (Cost $538,437)...................... 559,741 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) InFocus Corp........................... 10,455 101,204 ------------ UNITED KINGDOM -- (0.0%) INVESTMENT IN CURRENCY -- (0.0%) *British Pound Sterling (Cost $7,634)........................ 8,652 ------------ FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (9.8%) Repurchase Agreement in a Pooled Cash Account, Mizuho Securities USA, 0.90%, 01/02/04 (Collateralized by $79,038,000 U.S. Treasury Obligations, rates ranging from 2.625% to 11.625%, maturities ranging from 02/15/04 to 02/15/29, valued at $47,672,824) to be repurchased at $47,675,208{::}...................... $ 47,673 47,672,824 Repurchase Agreement, PNC Capital Markets, Inc. 0.80%, 01/02/04 (Collateralized by $3,467,000 FMC Discount Notes 1.19%, 09/09/04, valued at $3,436,664) to be repurchased at $3,385,224............ 3,385 3,385,000 ------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $51,057,824).................... 51,057,824 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $374,660,990)++................. $521,099,427 ============
- -------------------- + See Note B to Financial Statements. * Non-Income Producing Securities. # Total or Partial Securities on Loan. ++ The cost for federal income tax purposes is $375,809,033. {::} Security purchased with cash proceeds from securities on loan. See accompanying Notes to Financial Statements. 119 THE JAPANESE SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2003
SHARES VALUE+ ------ ------ JAPAN -- (77.4%) COMMON STOCKS -- (77.1%) *A&A Material Corp..................... 64,000 $ 41,490 ABILIT Corp............................ 22,000 144,430 ADVANEX, Inc........................... 78,000 313,367 *AOC Holdings, Inc..................... 90,300 431,217 AOI Electronics Co., Ltd............... 8,400 110,446 Achilles Corp.......................... 549,000 671,713 Advan Co., Ltd......................... 36,000 308,985 Aichi Bank, Ltd........................ 11,500 579,620 *#Aichi Corp........................... 100,100 350,058 *Aichi Machine Industry Co., Ltd....... 112,000 322,133 Aichi Tokei Denki Co., Ltd............. 67,000 159,058 Aida Engineering, Ltd.................. 98,000 300,657 Aigan Co., Ltd......................... 15,000 82,451 Aiphone Co., Ltd....................... 27,400 421,558 Airport Facilities Co., Ltd............ 79,970 287,693 *Airtech Japan, Ltd.................... 6,000 32,871 Aisan Industry Co., Ltd................ 64,000 533,528 *Akai Electric Co., Ltd................ 363,000 3,314 *#Akebono Brake Industry Co., Ltd...... 141,000 536,861 Allied Material Corp................... 32,200 396,914 #Allied Telesis KK..................... 8,000 146,092 Aloka Co., Ltd......................... 43,000 329,803 Alpha Systems Inc...................... 16,300 342,312 Alps Logistics Co., Ltd................ 21,000 335,555 Altech Co., Ltd........................ 14,000 56,118 Amano Corp............................. 22,000 150,657 Amatsuji Steel Ball Manufacturing Co., Ltd.................................. 24,000 249,817 Ando Corp.............................. 120,000 166,545 Anest Iwata Corp....................... 74,000 124,324 #Anrakutei Co., Ltd.................... 13,000 82,496 Aoi Advertising Promotion, Inc......... 14,000 89,354 Aoki International Co., Ltd............ 61,200 388,926 *Apic Yamada Corp...................... 7,000 22,051 *Arai-Gumi, Ltd........................ 34,450 42,150 Arakawa Chemical Industries, Ltd....... 17,500 177,365 *Araya Industrial Co., Ltd............. 84,000 87,436 Argo 21 Corp........................... 13,200 107,991 Aronkasei Co., Ltd..................... 53,000 153,406 As One Corp............................ 18,700 315,195 #Asahi Denka Kogyo KK.................. 169,000 1,172,754 #Asahi Diamond Industrial Co., Ltd..... 99,000 469,147 Asahi Kogyosha Co., Ltd................ 48,000 131,921 Asahi Organic Chemicals Industry Co., Ltd.................................. 123,000 285,263 Asahi Pretec Corp...................... 19,200 142,001 *#Asahi Soft Drinks Co., Ltd........... 69,000 371,713 *Asahi Tec Corp........................ 86,000 138,988 *Asahi Techno Glass Corp............... 79,000 244,531 Asanuma Corp........................... 96,000 135,866 #Ashimori Industry Co., Ltd............ 84,000 147,261 Asia Air Survey Co., Ltd............... 6,000 12,874 Asia Securities Printing Co., Ltd...... 16,000 74,799 Asics Corp............................. 333,000 617,230 Asunaro Construction., Ltd............. 29,000 90,294 Ataka Constuction & Engineering Co., Ltd.................................. 18,000 60,811 Atom Corp.............................. 8,500 103,301 Atsugi Co., Ltd........................ 258,000 200,237 Aucnet, Inc............................ 15,000 180,652 SHARES VALUE+ ------ ------ *Azel Corp., Tokyo..................... 89,000 $ 84,514 *#BSL Corp............................. 118,000 74,343 Bando Chemical Industries, Ltd......... 213,000 624,297 Bank of Okinawa, Ltd................... 24,300 431,551 Bank of the Ryukyus, Ltd............... 30,280 373,523 Best Denki Co., Ltd.................... 132,000 476,078 Bull Dog Sauce Co., Ltd................ 15,000 104,912 Bunka Shutter Co., Ltd................. 134,000 512,655 #CAC Corp.............................. 31,100 216,098 #CFS Corp.............................. 41,000 269,914 CKD Corp............................... 113,000 572,635 CMK Corp............................... 62,000 625,548 CTI Engineering Co., Ltd............... 19,000 86,742 Cabin Co., Ltd......................... 67,000 86,870 #Calpis Co., Ltd....................... 115,000 547,069 Canon Electronics, Inc................. 40,000 496,713 Canon Finetech, Inc.................... 45,070 530,865 *Catena Corp........................... 18,000 39,938 #Cats, Inc............................. 15,400 38,669 Cecile Co., Ltd........................ 35,900 373,357 Central Finance Co., Ltd............... 180,000 599,891 #Central Security Patrols Co., Ltd..... 12,000 76,041 Cesar Co............................... 79,000 721 *Chiba Kogyo Bank, Ltd................. 53,200 288,053 #Chino Corp............................ 70,000 225,621 *Chinon Industries, Inc................ 16,000 40,906 Chiyoda Co., Ltd....................... 58,000 627,027 Chofu Seisakusho Co., Ltd.............. 39,900 568,335 *Chori Co., Ltd........................ 175,000 185,354 Chuetsu Pulp and Paper Co., Ltd........ 145,000 311,130 *Chugai Mining Co., Ltd................ 117,000 72,644 #Chugai Ro Co., Ltd.................... 139,000 298,256 #Chugoku Marine Paints, Ltd............ 111,000 502,703 #Chugokukogyo Co., Ltd................. 45,000 57,524 Chuo Denki Kogyo co., Ltd.............. 19,000 29,319 Chuo Gyorui Co., Ltd................... 35,000 52,091 Chuo Spring Co., Ltd., Nagoya.......... 80,000 290,723 *#Clarion Co., Ltd..................... 313,000 500,137 Cleanup Corp........................... 71,000 875,183 *Co-Op Chemical Co., Ltd............... 80,000 57,706 Coca Cola Central Japan Co., Ltd....... 112 663,696 #Colowide Co., Ltd..................... 14,000 110,701 *#Columbia Music Entertainment, Inc.... 134,000 138,258 Commuture Corp......................... 45,202 245,573 Computer Engineering & Consulting, Ltd.................................. 25,000 239,911 Comsys Holdings Corp................... 4,350 22,521 Corona Corp............................ 38,600 532,195 #Cosel Co., Ltd........................ 27,000 590,440 *Create Medic Co., Ltd................. 7,000 41,545 Credia Co., Ltd........................ 14,000 153,524 Cresco, Ltd............................ 7,000 74,781 *D&M Holdings, Inc..................... 114,000 482,980 *D'urban, Inc.......................... 114,000 126,991 DC Co., Ltd............................ 33,000 70,809 DTS Corp............................... 15,800 295,024 #Dai Nippon Toryo, Ltd................. 193,000 236,140 Dai-Dan Co., Ltd....................... 57,000 256,063 Daido Kogyo Co., Ltd................... 60,000 98,064 Daidoh, Ltd............................ 54,000 335,774 Daifuku Co., Ltd....................... 141,000 566,472 Daihen Corp............................ 168,000 262,308
120 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ #Daiho Corp............................ 96,000 $ 142,001 Dai-Ichi Jitsugyo Co., Ltd............. 80,000 198,685 *Dai-Ichi Katei Denki Co., Ltd......... 91,000 831 Dai-Ichi Kogyo Seiyaku Co., Ltd........ 47,000 113,294 Daiken Corp............................ 195,000 548,393 #Daiki Co., Ltd........................ 31,000 341,645 Daiko Clearing Services Corp........... 6,000 19,284 *#Daikyo, Inc.......................... 444,000 782,433 Daimei Telecom Engineering Corp........ 51,000 204,894 Dainichi Co., Ltd...................... 15,200 68,006 #Dainichiseika Colour & Chemicals Manufacturing Co., Ltd............... 163,000 501,561 Dainippon Shigyo Co., Ltd.............. 16,000 74,507 #Daiseki Co., Ltd...................... 26,400 365,194 #Daiso Co., Ltd........................ 112,000 282,250 *Daisue Construction Co., Ltd.......... 92,500 76,014 Daisyo Corp............................ 24,000 210,153 *Daito Woolen Spinning & Weaving Co., Ltd., Tokyo.......................... 42,000 28,378 Daiwa Industries, Ltd.................. 64,000 179,401 Daiwa Kosho Lease Co., Ltd............. 157,000 507,469 *#Daiwa Seiko, Inc..................... 145,000 157,551 Daiwabo Co., Ltd....................... 162,000 165,668 Daiwabo Information System Co., Ltd.... 22,000 178,178 Danto Corp............................. 42,000 144,576 Denki Kogyo Co., Ltd................... 95,000 272,370 *Denny's Japan Co., Ltd................ 38,000 621,421 Densei-Lambda KK....................... 26,484 200,951 #Denyo Co., Ltd........................ 38,000 165,851 *#Descente, Ltd........................ 95,000 163,075 *Dia Kensetsu Co., Ltd................. 31,000 27,456 Diamond Computer Service Co., Ltd...... 18,000 99,434 *Dijet Industrial Co., Ltd............. 34,000 42,221 Doshisha Co., Ltd...................... 15,000 335,555 *#Doutor Coffee Co., Ltd............... 28,400 434,091 *Dynic Corp............................ 52,000 68,846 Eagle Industry Co., Ltd................ 78,000 371,768 *Econach Co., Ltd...................... 26,000 10,920 *Eco-Tech Construction Co., Ltd........ 138,000 40,321 #Edion Corp............................ 112,316 777,352 Ehime Bank, Ltd........................ 55,000 204,392 Eiken Chemical Co., Ltd................ 24,000 300,438 Eikoh, Inc............................. 8,000 36,888 Elna Co., Ltd.......................... 22,000 48,210 Enplas Corp............................ 18,000 544,010 *#Enshu, Ltd........................... 69,000 112,144 Ensuiko Sugar Refining Co., Ltd........ 51,000 90,805 #Exedy Corp............................ 71,000 772,754 *#FDK Corp............................. 105,000 232,971 FP Corp................................ 26,800 400,825 *Fine Sinter Co., Ltd.................. 18,000 48,320 *First Baking Co., Ltd................. 67,000 84,423 Fontaine Co., Ltd...................... 5,000 46,978 Foster Electric Co., Ltd............... 32,000 126,516 France Bed Co., Ltd.................... 193,000 463,468 *#Fudo Construction Co., Ltd........... 201,000 154,164 Fuji Kiko Co., Ltd..................... 51,000 147,151 *Fuji Kosan Co., Ltd................... 130,000 94,960 Fuji Kyuko Co., Ltd.................... 107,000 383,957 *#Fuji Spinning Co., Ltd., Tokyo....... 163,000 150,320 Fujicco Co., Ltd....................... 42,000 396,147 *Fujii & Co., Ltd...................... 44,000 402 *Fujiko Co., Ltd....................... 55,000 1,004 Fujikura Kasei Co., Ltd................ 43,000 296,037 Fujikura Rubber, Ltd................... 34,000 200,237 SHARES VALUE+ ------ ------ #Fujirebio, Inc........................ 75,000 $ 732,058 #Fujita Kanko, Inc..................... 132,000 472,462 #Fujitec Co., Ltd...................... 126,000 536,121 Fujitsu Access, Ltd.................... 36,000 213,002 Fujitsu Business Systems, Ltd.......... 32,500 392,303 Fujitsu Devices, Inc................... 32,000 262,966 Fujitsu Fronttec, Ltd.................. 21,000 205,168 *Fujitsu General, Ltd.................. 111,000 309,122 *#Fujiya Co., Ltd...................... 190,000 235,939 Fukuda Corp............................ 65,000 244,522 Fukushima Bank, Ltd.................... 213,000 287,838 *Fukusuke Corp......................... 95,000 867 *Fumakilla, Ltd........................ 24,000 27,392 *Furukawa Battery Co., Ltd............. 45,000 84,642 *Furukawa Co., Ltd..................... 405,000 462,244 Fuso Lexel Inc......................... 8,000 59,898 #Fuso Pharmaceutical Industries, Ltd... 99,000 324,516 *GSI Creoss Corp....................... 90,000 153,671 *Ga-jo-en Kanko KK..................... 37,000 0 *Gakken Co., Ltd....................... 126,000 153,013 *Generas Corp.......................... 64,000 36,231 #Genki Sushi Co., Ltd.................. 7,500 104,844 Geostar Corp........................... 10,000 31,958 *Global-Dining, Inc.................... 6,200 35,382 *#Godo Steel, Ltd...................... 199,000 330,698 *Goldwin, Inc.......................... 47,000 54,072 #Gourmet Kineya Co., Ltd............... 31,000 232,953 *Graphtec Corp......................... 39,000 37,034 *Gro-BeLS Co., Ltd..................... 40,000 34,697 Gun-Ei Chemical Industry Co., Ltd...... 127,000 255,113 Hagoromo Foods Corp.................... 18,000 161,067 Hakuto Co., Ltd........................ 25,000 305,652 Hakuyosha Co., Ltd..................... 57,000 163,943 Haltec Corp............................ 32,000 49,671 *Hamai Co., Ltd........................ 22,000 20,489 Hanwa Co., Ltd......................... 405,000 950,375 Happinet Corp.......................... 15,000 120,663 Harashin Co., Ltd...................... 14,100 105,570 Harima Chemicals, Inc.................. 37,000 214,865 Haruyama Trading Co., Ltd.............. 16,800 151,249 *Hayashikane Sangyo Co., Ltd........... 128,000 118,042 Hibiya Engineering, Ltd................ 56,000 367,129 *Higashi-Nippon Bank, Ltd.............. 40,000 108,108 Hisaka Works, Ltd...................... 41,000 213,386 Hitachi Business Solution Co., Ltd..... 10,000 73,046 Hitachi Kiden Kogyo, Ltd............... 20,000 68,481 Hitachi Koki Co., Ltd.................. 153,000 655,196 #Hitachi Kokusai Electric, Inc......... 76,000 498,941 Hitachi Medical Corp................... 53,000 624,270 Hitachi Metals Techno, Ltd............. 12,000 30,679 Hitachi Plant Engineering & Construction Co., Ltd................ 146,000 435,920 Hitachi Powdered Metal Co., Ltd........ 46,000 274,690 Hitachi Tool Engineering, Ltd.......... 30,000 130,113 Hochiki Corp........................... 42,000 163,751 *#Hodogaya Chemical Co., Ltd........... 100,000 232,834 *Hohsui Corp........................... 56,000 44,996 Hokkai Can Co., Ltd., Tokyo............ 83,000 169,759 *#Hokkaido Bank, Ltd................... 505,000 599,434 Hokkaido Coca Cola Bottling Co., Ltd... 33,000 181,392 Hokkaido Gas Co., Ltd.................. 87,000 206,538 Hokko Chemical Industry Co., Ltd....... 41,000 134,770 Hokuetsu Bank.......................... 263,000 547,517 *Hokuriku Electric Industry Co., Ltd.................................. 112,000 189,189
121 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Hokuriku Electrical Construction Co., Ltd.................................. 36,000 $ 93,024 Hokuriku Gas Co., Ltd.................. 64,000 175,895 *Hokushin Co., Ltd..................... 39,900 45,904 #Hokuto Corp........................... 41,600 576,596 Homac Corp............................. 60,000 417,458 Honshu Chemical Industry Co., Ltd...... 7,000 31,255 #Horiba, Ltd........................... 54,000 562,089 Horipro, Inc........................... 16,000 98,028 *Hosokawa Micron Corp.................. 40,000 176,041 *#Howa Machinery, Ltd.................. 181,000 176,835 I-Net Corp............................. 12,000 44,375 ISE Chemicals Corp..................... 17,000 52,931 *Ichida and Co., Ltd................... 23,400 19,016 Ichikawa Co., Ltd...................... 49,000 121,247 *Ichiken Co., Ltd...................... 48,000 43,389 Ichikoh Industries, Ltd................ 141,000 290,961 Ichiyoshi Securities Co., Ltd.......... 54,000 241,600 Icom, Inc.............................. 19,500 356,099 Idec Izumi Corp........................ 47,000 276,799 Ihara Chemical Industry Co., Ltd....... 80,000 134,405 Iino Kaiun Kaisha, Ltd................. 161,000 421,905 *#Ikegami Tsushinki Co., Ltd........... 102,000 182,542 Impact 21 Co., Ltd..................... 19,000 343,499 *#Impress Corp......................... 178 209,660 Inaba Denki Sangyo Co., Ltd............ 38,000 539,536 #Inaba Seisa Kusho Co., Ltd............ 18,700 259,533 Inabata and Co., Ltd., Osaka........... 70,000 367,513 Inageya Co., Ltd....................... 77,000 667,915 Ines Corp.............................. 64,900 513,772 #Information Services International- Dentsu, Ltd.......................... 42,900 557,011 Intec, Inc............................. 51,000 317,120 *Inui Steamship Co., Ltd............... 31,000 44,439 *#Iseki & Co., Ltd..................... 279,000 647,060 Ishii Hyoki Co., Ltd................... 3,600 29,584 *#Ishii Iron Works Co., Ltd............ 52,000 62,673 *#Ishikawa Seisakusho, Ltd............. 75,000 97,927 Ishikawajima Construction Materials Co., Ltd............................. 18,000 46,841 Ishikawajima Transport Machinery Co., Ltd.................................. 16,000 33,601 *Ishizuka Glass Co., Ltd............... 49,000 77,401 Itochu Enex Co., Ltd................... 119,000 543,280 Itochu Shokuh Co., Ltd................. 14,400 464,134 Itoki Crebio Corp...................... 56,000 110,446 Iwaki & Co., Ltd....................... 19,000 39,034 #Iwasaki Electric Co., Ltd............. 110,000 321,403 *Iwatani International Corp............ 313,000 571,585 *#Iwatsu Electric Co., Ltd............. 145,000 301,863 *Izuhakone Railway Co., Ltd............ 300 35,610 *Izukyu Corp........................... 7,700 81,556 Izumiya Co., Ltd....................... 123,000 537,957 *#Izutsuya Co., Ltd.................... 123,000 229,109 J-Oil Mills, Inc....................... 173,000 289,071 JFE Koken Corp......................... 32,000 127,392 JMS Co., Ltd........................... 49,000 130,195 *Jac Holdings Co., Ltd................. 11,000 26,616 Jaccs Co., Ltd......................... 175,000 591,216 Jamco Corp............................. 18,000 46,183 *#Janome Sewing Machine Co., Ltd....... 224,000 210,665 #Japan Business Computer Co., Ltd...... 34,000 221,969 #Japan Carlit Co., Ltd................. 28,000 179,985 Japan Cash Machine Co., Ltd............ 24,000 522,644 Japan Digital Laboratory Co., Ltd...... 35,600 349,109 SHARES VALUE+ ------ ------ #Japan Foundation Engineering Co., Ltd.................................. 49,200 $ 107,816 Japan Information Processing Service Co., Ltd............................. 26,000 205,588 Japan Kenzai Co., Ltd.................. 17,500 100,826 Japan Maintenance Co., Ltd............. 27,000 115,376 Japan Medical Dynamic Marketing Inc.... 18,700 243,141 Japan Oil Transportation Co., Ltd...... 45,000 85,875 #Japan Pulp and Paper Co., Ltd......... 179,000 612,902 *Japan Servo Co., Ltd.................. 24,000 39,226 Japan Steel Tower Co., Ltd............. 19,000 30,533 *Japan Steel Works, Ltd................ 461,000 488,276 *#Japan Storage Battery Co., Ltd....... 187,000 367,102 Japan Transcity Corp................... 79,000 163,020 Japan Vilene Co., Ltd.................. 101,000 350,438 Japan Wool Textile Co., Ltd............ 138,000 614,902 Jastec Co., Ltd........................ 8,000 124,105 Jeans Mate Corp........................ 12,740 100,273 *#Jeol, Ltd............................ 97,000 706,775 *Jidosha Denki Kogyo Co., Ltd.......... 34,000 58,364 Joban Kosan Co., Ltd................... 101,000 128,187 Joint Corp............................. 24,900 297,836 *#Joshin Denki Co., Ltd................ 98,000 231,757 #Jsp Corp.............................. 29,000 240,961 *#Jujiya Co., Ltd...................... 202,000 119,887 *#Juki Corp............................ 153,000 502,922 *Jyomo Co., Ltd........................ 48,000 45,581 K.R.S. Corp............................ 10,600 109,175 Kabuki-Za Co., Ltd..................... 15,000 542,367 Kadokawa Holdings, Inc................. 27,000 727,265 #Kaga Electronics Co., Ltd............. 33,000 561,952 Kagawa Bank, Ltd....................... 83,350 418,577 Kahma Co., Ltd......................... 46,000 419,595 #Kaken Pharmaceutical Co., Ltd......... 118,000 586,121 *Kakuei (L.) Corp...................... 100,000 913 *Kamagai Gumi Co., Ltd................. 87,800 130,674 Kameda Seika Co., Ltd.................. 19,000 123,174 Kamei Corp............................. 47,000 235,601 Kanaden Corp........................... 43,000 184,533 Kanagawa Chuo Kotsu Co., Ltd........... 90,000 549,763 #Kanamoto Co., Ltd..................... 43,000 194,741 *Kanebo, Ltd........................... 110,000 110,482 *#Kanematsu Corp....................... 402,500 602,721 Kanematsu Electronics, Ltd............. 38,000 409,076 *Kanematsu-NNK Corp.................... 60,000 121,074 Kanto Auto Works, Ltd., Yokosuka....... 78,000 626,735 #Kanto Denka Kogyo Co., Ltd............ 83,000 312,993 Kanto Natural Gas Development Co., Ltd.................................. 104,000 471,001 *#Kanto Tsukuba Bank, Ltd.............. 19,100 118,590 Kasai Kogyo Co., Ltd................... 28,000 67,239 Kasei (C.I.) Co., Ltd.................. 46,000 149,525 #Kasumi Co., Ltd....................... 132,000 614,682 Katakura Chikkarin Co., Ltd............ 17,000 45,480 #Katakura Industries Co., Ltd.......... 49,000 325,712 Kato Sangyo Co., Ltd................... 51,000 454,027 #Kato Works Co., Ltd................... 82,000 163,221 *Katsumura Construction Co., Ltd....... 48,600 44,375 Kawada Industries, Inc................. 76,000 138,787 *#Kawai Musical Instruments Manufacturing Co., Ltd............... 99,000 146,439 *Kawasaki Kasei Chemicals, Ltd......... 36,000 23,996 Kawashima Textile Manufacturers, Ltd.................................. 126,000 141,508
122 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Kawasho Corp.......................... 549,000 $ 977,493 Kawasho Gecoss Corp.................... 45,000 152,849 Kawasumi Laboratories, Inc............. 26,000 159,295 *Kawatetsu Systems, Inc................ 112 153,397 #Keihin Co., Ltd....................... 100,000 146,092 Keiiyu Co., Ltd........................ 7,300 49,791 Keiyo Co., Ltd......................... 139,900 504,570 *Kenwood Corp.......................... 50,000 111,852 #Key Coffee, Inc....................... 33,000 445,946 Kibun Food Chemifa Co., Ltd............ 35,000 374,224 *Kimmon Manufacturing Co., Ltd......... 41,000 34,441 *Kimura Chemical Plants Co., Ltd....... 27,000 33,775 Kinki Coca-Cola Bottling Co., Ltd...... 86,000 568,517 *Kinki Nippon Tourist Co., Ltd......... 133,000 307,241 Kinki Sharyo Co., Ltd., Nagaokakyo..... 101,000 267,440 *#Kinsho Corp.......................... 21,000 39,308 *#Kinugawa Rubber Industrial Co., Ltd.................................. 83,000 157,633 Kioritz Corp........................... 96,000 173,557 #Kishu Paper Co., Ltd.................. 125,000 197,453 Kisoji Co., Ltd........................ 22,000 271,987 *#Kitagawa Iron Works Co., Ltd......... 124,000 183,419 Kita-Nippon Bank, Ltd.................. 8,506 358,041 Kitano Construction Corp............... 97,000 150,566 Kitazawa Sangyo Co., Ltd............... 17,500 28,123 Kitz Corp.............................. 234,000 303,397 Koa Corp............................... 58,000 415,723 #Koatsu Gas Kogyo Co., Ltd............. 78,000 240,011 Kobayashi Yoko Co., Ltd................ 8,000 138,861 Kodensha Co., Ltd...................... 14,000 36,815 Koekisha Co., Ltd...................... 4,900 107,378 #Kohnan Shoji Co., Ltd................. 20,590 303,248 Kohsoku Corp........................... 6,700 45,515 Koike Sanso Kogyo Co., Ltd............. 30,000 36,980 Koito Industries, Ltd.................. 31,000 97,370 #Kojima Co., Ltd....................... 40,000 238,495 *Kokune Corp........................... 42,000 383 Kokusai Kogyo Co., Ltd................. 47,000 144,622 Komai Tekko, Inc....................... 53,000 106,465 *Komatsu Electronics Metals Co., Ltd... 39,600 350,731 Komatsu Seiren Co., Ltd................ 53,000 136,468 Komatsu Wall Industry Co., Ltd......... 14,000 180,625 Konaka Co., Ltd........................ 29,700 200,947 Konami Sports Corp..................... 35,300 551,482 Kondotec, Inc.......................... 12,500 62,774 Konishi Co., Ltd....................... 28,000 220,124 Kosaido Co., Ltd....................... 34,000 305,789 *Kosei Securities Co., Ltd............. 137,000 283,957 Kumiai Chemical Industry Co., Ltd., Tokyo................................ 108,000 165,668 Kurabo Industries, Ltd................. 306,000 455,424 #Kurimoto, Ltd......................... 166,000 307,688 Kuroda Electric Co., Ltd............... 18,000 581,812 Kurosaki Harima Corp................... 96,000 128,853 Kyoden Co., Ltd........................ 68,000 329,693 Kyodo Printing Co., Ltd................ 112,000 329,292 #Kyodo Shiryo Co., Ltd................. 145,000 148,283 Kyoei Sangyo Co., Ltd.................. 44,000 102,447 #Kyoei Tanker Co., Ltd................. 53,000 81,300 Kyokuto Boeki Kaisha, Ltd.............. 36,000 82,177 Kyokuto Kaihatsu Kogyo Co., Ltd........ 38,300 300,749 Kyokuyo Co., Ltd....................... 167,000 230,250 #Kyoritsu Maintenance Co., Ltd......... 15,400 224,701 Kyosan Electric Manufacturing Co., Ltd.................................. 78,000 240,723 Kyoto Kimono Yuzen Co., Ltd............ 79 152,922 SHARES VALUE+ ------ ------ Kyowa Electronic Instruments Co., Ltd.................................. 30,000 $ 67,385 Kyowa Leather Cloth Co., Ltd........... 32,000 146,092 Kyudenko Corp.......................... 103,000 411,925 #Laox Co., Ltd......................... 21,000 40,650 *Lonseal Corp.......................... 18,000 13,148 *#Look, Inc............................ 50,000 279,401 #MR Max Corp........................... 56,300 178,379 *Macnica, Inc.......................... 25,700 667,609 Maeda Road Construction Co., Ltd....... 105,000 525,384 Maezawa Industries, Inc................ 27,700 123,679 Maezawa Kaisei Industries Co., Ltd..... 20,600 239,443 Maezawa Kyuso Industries Co., Ltd...... 10,000 71,950 *Magara Construction Co., Ltd.......... 61,000 52,356 Makino Milling Machine Co., Ltd........ 114,000 538,148 *Mamiya-Op Co., Ltd.................... 58,000 88,970 Marche Corp............................ 6,100 52,968 Mars Engineering Corp.................. 13,000 613,678 Marubeni Construction Material Lease Co., Ltd............................. 28,000 37,071 Marubun Corp........................... 37,800 200,183 Marudai Food Co., Ltd.................. 164,000 268,042 *Maruei Department Store Co., Ltd...... 72,000 95,982 Maruha Corp............................ 434,000 534,971 *Maruishi Cycle Industries, Ltd........ 33,000 13,258 #Marusan Securities Co., Ltd........... 106,000 544,905 Maruwa Co., Ltd........................ 13,000 141,728 Maruwn Corp............................ 44,000 108,072 Maruya Co., Ltd........................ 14,000 93,316 Maruyama Manufacturing Co., Inc........ 73,000 89,317 *#Maruzen Co., Ltd..................... 179,000 258,236 Maruzen Co., Ltd....................... 13,000 53,771 Maruzen Showa Unyu Co., Ltd............ 122,000 272,918 Maspro Denkoh Corp..................... 27,000 263,787 Matsuda Sangyo Co., Ltd................ 27,000 185,637 Matsui Construction Co., Ltd........... 40,000 111,030 Matsuo Bridge Co., Ltd................. 37,000 102,027 #Matsuya Co., Ltd...................... 74,000 310,811 Matsuya Foods Co., Ltd................. 20,000 422,754 Matsuzakaya Co., Ltd................... 189,077 685,387 *#Max Co., Ltd......................... 69,000 590,961 *#Megachips Corp....................... 21,700 202,496 *#Meidensha Corp....................... 378,050 780,125 *Meiji Machine Co., Ltd................ 55,000 32,140 Meiji Shipping Co., Ltd................ 47,000 128,744 *Meisei Industrial Co., Ltd............ 29,000 82,615 #Meito Sangyo Co., Ltd................. 38,000 451,753 Meito Transportation Co., Ltd.......... 9,000 74,123 Meiwa Estate Co., Ltd.................. 34,000 273,192 Meiwa Industry Co., Ltd................ 15,000 33,966 *Meiwa Trading Co., Ltd................ 55,000 76,333 Melco Holdings, Inc.................... 9,000 244,065 Mercian Corp........................... 212,000 425,858 Mikuni Coca-Cola Bottling Co., Ltd..... 60,000 444,302 #Milbon Co., Ltd....................... 13,200 338,075 #Mimasu Semiconductor Industry Co., Ltd.................................. 30,000 369,248 Ministop Co., Ltd...................... 36,700 539,844 Mirai Group Co., Ltd................... 49,000 91,718 Miroku Jyoho Service Co., Ltd.......... 12,000 79,985 *Misawa Homes Holdings, Inc............ 262,900 355,270 #Misawa Resort Co., Ltd................ 40,000 81,081 *Mito Securities Co., Ltd.............. 63,000 151,287 Mitsuba Corp........................... 47,000 191,399 *Mitsubishi Cable Industries, Ltd...... 241,000 235,455
123 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Mitsubishi Kakoki Kaisha, Ltd......... 117,000 $ 152,767 *#Mitsubishi Paper Mills, Ltd.......... 406,000 548,649 Mitsubishi Pencil Co., Ltd............. 61,000 388,212 #Mitsubishi Plastics, Inc.............. 310,000 761,414 Mitsubishi Shindoh Co., Ltd............ 82,000 137,016 #Mitsubishi Steel Manufacturing Co., Ltd.................................. 253,000 288,760 Mitsuboshi Belting, Ltd................ 153,000 444,248 #Mitsui High-Tec, Inc.................. 58,000 690,048 Mitsui Home Co., Ltd................... 97,000 365,787 *Mitsui Knowledge Industry Co., Ltd.... 8,800 70,146 *#Mitsui Matsushima Co., Ltd........... 90,000 107,652 *Mitsui Mining Co., Ltd................ 225,000 149,973 #Mitsui Sugar Co., Ltd................. 116,000 216,070 #Mitsui-Soko Co., Ltd.................. 204,000 454,492 Mitsumura Printing Co., Ltd............ 49,000 236,678 Mitsuuroko Co., Ltd.................... 76,000 417,750 Miura Co., Ltd......................... 52,100 620,805 Miura Printing Corp.................... 16,000 49,671 Miyaji Engineering Group............... 90,000 138,879 Miyazaki Bank, Ltd..................... 83,000 300,110 #Miyoshi Oil & Fat Co., Ltd............ 120,000 225,712 #Miyuki Keori Co., Ltd................. 50,000 137,874 Mizuno Corp............................ 165,000 567,979 *Momiji Holdings, Inc.................. 190 400,749 Morinaga & Co., Ltd.................... 340,000 589,847 *Morishita Jinton Co., Ltd............. 19,800 72,316 Morita Corp............................ 59,000 197,170 #Moritex Corp.......................... 15,000 142,440 Morozoff, Ltd., Osaka.................. 50,000 89,938 Mory Industries, Inc................... 66,000 131,373 Mos Food Services, Inc................. 47,000 392,668 Moshi Moshi Hotline, Inc............... 7,250 509,724 *Mutoh Industries, Ltd................. 61,000 128,104 Mutow Co., Ltd......................... 38,000 126,991 Myojo Foods Co., Ltd................... 25,000 63,002 #NAC Co., Ltd.......................... 13,000 96,859 NEC Infrontia Corp..................... 167,000 419,330 #NEC System Integration & Construction,Ltd..................... 53,000 396,339 *#NEC Tokin Corp....................... 86,000 467,221 Nabtesco Corp.......................... 210,000 1,106,373 #Nachi-Fujikoshi Corp.................. 433,000 933,053 #Nagano Bank, Ltd...................... 122,000 364,262 *Nagano Japan Radio Co., Ltd........... 27,000 35,007 #Nagatanien Co., Ltd................... 56,000 406,501 *Naigai Co., Ltd....................... 109,000 84,596 Nakabayashi Co., Ltd................... 76,000 114,500 #Nakamuraya Co., Ltd................... 85,000 211,103 *#Nakano Corp.......................... 66,000 65,687 *Nakayama Steel Works, Ltd............. 165,000 335,966 Nakayo Telecommunications, Inc......... 16,000 59,021 Neturen Co., Ltd., Tokyo............... 52,000 206,063 New Japan Radio Co., Ltd............... 48,000 538,203 Nichia Steel Works, Ltd................ 52,900 138,143 Nichias Corp........................... 237,000 627,557 #Nichiban Co., Ltd..................... 58,000 156,227 *Nichiboshin, Ltd...................... 1,190 1,087 Nichiha Corp........................... 64,980 741,645 #Nichimo Co., Ltd...................... 54,000 90,230 *#Nichimo Corp......................... 85,000 48,119 #Nichireki Co., Ltd.................... 44,000 146,238 #Nichiro Corp.......................... 289,000 337,765 Nidec Tosok Corp....................... 13,000 182,798 Nihon Dempa Kogyo Co., Ltd............. 28,000 440,248 SHARES VALUE+ ------ ------ Nihon Eslead Corp...................... 9,500 $ 166,545 Nihon Inter Electronics Corp........... 27,000 165,175 Nihon Kagaku Sangyo Co., Ltd........... 14,000 43,718 *Nihon Kentetsu Co., Ltd............... 27,000 32,295 Nihon Kohden Corp...................... 85,000 558,026 Nihon Matai Co., Ltd................... 50,000 90,394 Nihon Nohyaku Co., Ltd................. 103,000 184,332 Nihon Parkerizing Co., Ltd............. 92,000 400,694 *Nihon Seiko Co., Ltd.................. 11,000 27,721 Nihon Shokuh Kako Co., Ltd............. 26,000 48,667 Nihon Spindle Manufacturing Co., Ltd... 56,000 72,096 Nihon Tokushu Toryo Co., Ltd........... 35,000 127,831 #Nikken Chemicals Co., Ltd............. 130,000 377,465 Nikkiso Co., Ltd....................... 107,000 385,911 Nikko Co., Ltd., Akashi................ 52,000 142,440 *Nippei Toyama Corp.................... 34,000 62,400 *Nippon Avionics Co., Ltd.............. 19,000 31,748 Nippon Beet Sugar Manufacturing Co., Ltd.................................. 216,000 327,392 *#Nippon Carbide Industries Co., Inc., Tokyo................................ 101,000 101,443 *#Nippon Carbon Co., Ltd............... 177,000 226,260 #Nippon Ceramic Co., Ltd............... 32,000 281,958 Nippon Chemical Industrial Co., Ltd.... 131,000 424,626 Nippon Chemi-Con Corp.................. 159,000 598,137 *Nippon Chemiphar Co., Ltd............. 49,000 137,801 Nippon Chutetsukan KK.................. 44,000 74,726 *Nippon Concrete Industries Co., Ltd... 65,000 73,594 Nippon Conlux Co., Ltd................. 30,000 190,376 *Nippon Conveyor Co., Ltd.............. 43,000 31,017 #Nippon Denko Co., Ltd................. 159,000 251,160 #Nippon Densetsu Kogyo Co., Ltd........ 81,000 303,232 Nippon Denwa Shisetu Co., Ltd.......... 90,000 262,966 Nippon Felt Co., Ltd................... 28,000 84,368 #Nippon Fine Chemical Co., Ltd......... 40,000 147,188 Nippon Flour Mills Co., Ltd............ 186,000 660,647 *Nippon Foil Mfg., Co., Ltd............ 21,000 26,844 *Nippon Formula Feed Manufacturing Co.,Ltd.............................. 100,000 133,309 Nippon Gas Co., Ltd.................... 62,000 524,781 Nippon Hume Corp....................... 43,000 82,843 #Nippon Kanzai Co., Ltd................ 27,200 396,377 *#Nippon Kasei Chemical Co., Ltd....... 154,000 179,985 *Nippon Kinzoku Co., Ltd............... 93,000 106,145 Nippon Koei Co., Ltd., Tokyo........... 107,000 218,846 Nippon Konpo Unyu Soko Co., Ltd........ 92,000 600,621 *Nippon Koshuha Steel Co., Ltd......... 151,000 147,526 *#Nippon Metal Industry Co., Ltd....... 230,000 201,607 *Nippon Pigment Co., Ltd............... 11,000 25,612 Nippon Pillar Packing Co., Ltd......... 15,000 79,711 *Nippon Piston Ring Co., Ltd........... 104,000 149,087 Nippon Road Co., Ltd................... 147,000 241,600 #Nippon Seiki Co., Ltd................. 76,000 507,962 Nippon Seisen Co., Ltd................. 39,000 85,464 #Nippon Sharyo, Ltd.................... 215,000 437,774 Nippon Shinpan Co., Ltd................ 213,000 472,599 Nippon Shinyaku Co., Ltd............... 73,000 407,259 Nippon Signal Co., Ltd................. 109,000 501,607 Nippon Soda Co., Ltd................... 177,000 399,187 #Nippon Synthetic Chemical Industry Co.,Ltd.............................. 152,000 312,272 Nippon System Development Co., Ltd..... 32,100 556,592 Nippon Systemware Co., Ltd............. 20,000 163,440 Nippon Thompson Co., Ltd............... 77,000 510,427
124 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Nippon Tungsten Co., Ltd............... 24,000 $ 41,636 Nippon Valqua Industries, Ltd.......... 119,000 235,783 *Nippon Yakin Kogyo Co., Ltd........... 117,500 171,658 *Nippon Yusoki Co., Ltd................ 49,000 103,798 Nishimatsuya Chain Co., Ltd............ 30,600 849,379 *Nishishiba Electric Co., Ltd.......... 28,000 35,793 *#Nissan Diesel Motor Co., Ltd......... 284,000 536,779 Nissei Plastic Industrial Co., Ltd..... 14,000 70,307 *Nisseki House Industry Co., Ltd....... 260,000 2,374 #Nissha Printing Co., Ltd.............. 81,000 959,989 #Nisshin Fire & Marine Insurance Co., Ltd.................................. 201,000 477,173 #Nisshin Fudosan Co., Ltd.............. 11,700 96,574 Nissho Electronics Corp................ 23,000 191,107 *Nissho Iwai-Nichmen Holdings Corp..... 68,000 317,275 Nissin Co., Ltd........................ 149,800 600,458 Nissin Corp............................ 150,000 291,728 *Nissin Electric Co., Ltd.............. 134,000 349,927 Nissin Kogyo Co., Ltd.................. 22,500 498,197 Nissin Sugar Manufacturing Co., Ltd.... 74,000 120,270 Nissui Pharmaceutical Co., Ltd......... 20,000 105,004 *Nitchitsu Co., Ltd.................... 14,000 17,513 Nitta Corp............................. 42,000 518,481 Nittan Valve Co., Ltd.................. 18,000 47,663 Nittetsu Mining Co., Ltd............... 118,000 276,899 *Nittetsu Steel Sheet Corp............. 84,000 152,630 Nitto Boseki Co., Ltd.................. 364,000 422,096 Nitto Electric Works, Ltd.............. 59,000 426,662 #Nitto Flour Milling Co., Ltd.......... 54,000 114,883 Nitto Kohki Co., Ltd................... 25,000 380,752 Nitto Seiko Co., Ltd................... 56,000 70,051 Nitto Seimo Co., Ltd................... 32,000 94,668 *#Nittoc Construction Co., Ltd......... 61,000 144,814 Noda Corp.............................. 1,300 5,045 Nohmi Bosai, Ltd....................... 59,000 262,893 Nomura Co., Ltd........................ 26,000 99,945 Noritake Co., Ltd...................... 178,000 576,972 #Nosan Corp............................ 201,000 350,539 O-M, Ltd............................... 46,000 57,542 *OKK Corp.............................. 101,000 94,065 OSG Corp............................... 86,000 627,411 *Obayashi Road Corp.................... 65,000 115,139 Odakyu Construction Co., Ltd........... 29,000 68,846 Odakyu Real Estate Co., Ltd............ 58,000 126,041 Oenon Holdings, Inc.................... 74,000 150,000 *Ohki Corp............................. 73,000 83,318 *Ohmori Co., Ltd....................... 184,000 16,801 *Oie Sangyo Co., Ltd................... 400 2,736 Oiles Corp............................. 30,000 580,716 Okabe Co., Ltd......................... 29,000 80,762 Okamoto Industries, Inc................ 212,000 480,059 *Okamoto Machine Tool Works, Ltd....... 33,000 82,259 *Okaya Electric Industries Co., Ltd.... 16,000 34,332 *Oki Electric Cable Co., Ltd........... 56,000 95,617 Okinawa Electric Power Co., Ltd........ 20,000 547,845 *Okuma and Howa Machinery, Ltd......... 69,000 88,833 *#Okuma Corp........................... 163,000 363,148 #Okura Industrial Co., Ltd............. 96,000 699,489 Okuwa Co., Ltd......................... 59,000 588,276 Olympic Corp........................... 31,000 389,198 *Omikenshi Co., Ltd.................... 53,000 26,132 *Ono Sokki Co., Ltd.................... 43,000 133,492 Organo Corp............................ 101,000 415,915 *Orient Watch Co., Ltd................. 12,000 4,492 #Oriental Construction Co., Ltd........ 39,000 159,533 SHARES VALUE+ ------ ------ Oriental Yeast Co., Ltd................ 34,000 $ 219,485 Origin Electric Co., Ltd............... 54,000 239,628 Osaka Securities Finance Co., Ltd...... 54,000 111,432 Osaka Steel Co., Ltd................... 52,000 412,126 Osaki Electric Co., Ltd................ 56,000 267,422 Oyo Corp............................... 40,000 260,409 #P.S. Mitsubishi Construction Co., Ltd.................................. 35,000 143,809 PCA Corp............................... 6,500 57,569 Pacific Industrial Co., Ltd............ 68,000 197,443 #Parco Co., Ltd........................ 82,000 414,792 *Pasco Corp............................ 111,500 335,966 *Patlite Corp.......................... 5,000 87,655 *Penta-Ocean Construction Co., Ltd..... 379,000 352,977 #Pentax Corp........................... 180,000 747,809 Petrolub International Co., Ltd........ 12,900 53,004 Pigeon Corp............................ 37,000 422,297 Pilot Corp............................. 32 92,038 Piolax, Inc............................ 8,800 112,089 Pocket Card Co., Ltd................... 41,000 378,853 #Pokka Corp............................ 48,000 135,866 Poplar Co., Ltd........................ 7,260 73,382 Posful Corp............................ 26,000 170,928 *#Press Kogyo Co., Ltd................. 143,000 301,616 *#Prima Meat Packers, Ltd.............. 230,000 201,607 *#Privee Zurich Turnaround Group Co., Ltd.................................. 21,000 348,786 Pulstec Industrial Co., Ltd............ 21,200 136,468 Q'Sai Co., Ltd......................... 42,000 299,124 Raito Kogyo Co., Ltd................... 84,900 281,398 #Rasa Industries, Ltd.................. 119,000 228,178 *Real Property......................... 43,900 0 *#Renown, Inc.......................... 402,000 381,739 #Resorttrust Inc....................... 28,600 620,206 Rheon Automatic Machinery Co., Ltd..... 40,000 112,856 Rhythm Watch Co., Ltd.................. 344,000 502,557 *Ricoh Elemex Corp..................... 20,000 67,568 Ricoh Leasing Co., Ltd................. 10,000 185,354 Right On Co., Ltd...................... 21,000 619,339 Riken Corp............................. 193,000 585,062 Riken Keiki Co., Ltd................... 33,000 141,015 Riken Technos Corp..................... 93,000 264,938 Riken Vitamin Co., Ltd................. 24,000 306,793 #Ringer Hut Co., Ltd................... 26,000 250,219 #Rock Field Co., Ltd................... 14,000 155,442 Rohto Pharmaceutical Co., Ltd.......... 56,000 453,031 Roland Corp............................ 26,400 320,599 *Round One Corp........................ 58 104,858 #Royal Co., Ltd........................ 52,000 465,303 *Ryobi, Ltd............................ 238,000 628,032 Ryoden Trading Co., Ltd................ 57,000 244,613 Ryosan Co., Ltd........................ 1,700 26,093 #Ryoyo Electro Corp.................... 40,000 401,753 #S Foods, Inc.......................... 28,000 191,746 *S Science Co., Ltd.................... 139,000 63,459 S.T. Chemical Co., Ltd................. 48,000 361,578 SMK Corp............................... 127,000 424,416 SNT Corp............................... 15,000 49,306 *SPC Electronics Corp.................. 29,000 103,798 SPK Corp............................... 3,100 35,410 SRL, Inc............................... 42,000 321,750 *SXL Corp.............................. 101,000 164,153 Saeki Kensetsu Kogyo Co., Ltd.......... 71,000 64,180 #Sagami Chain Co., Ltd................. 37,000 305,743 Sagami Co., Ltd........................ 51,000 185,802 *Sailor Pen Co., Ltd................... 44,000 161,505
125 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ #Saizeriya Co., Ltd.................... 78,100 $ 738,071 Sakai Chemical Industry Co., Ltd....... 141,000 503,388 Sakai Heavy Industries, Ltd............ 60,000 104,638 *#Sakai Ovex Co., Ltd.................. 85,000 124,954 Sakata Inx Corp........................ 92,000 299,050 Sakata Seed............................ 17,900 186,322 *Sakurada Co., Ltd..................... 38,000 29,839 Sala Corp.............................. 41,000 163,970 San-Ai Oil Co., Ltd.................... 98,000 284,551 *#Sanix, Inc........................... 28,600 228,497 Sankei Building Co., Ltd............... 69,000 207,277 Sanki Engineering Co., Ltd............. 105,000 533,053 Sanko Co., Ltd......................... 2,000 10,409 Sanko Metal Industrial Co., Ltd., Tokyo................................ 54,000 84,806 *#Sankyo Seiki Manufacturing Co., Ltd.................................. 76,000 482,286 Sankyo Seiko Co., Ltd.................. 86,000 261,487 #Sankyu, Inc., Tokyo................... 415,000 439,554 Sanoh Industrial Co., Ltd.............. 53,000 239,545 Sanshin Electronics Co., Ltd........... 45,000 255,159 Sanyo Denki Co., Ltd................... 65,000 148,968 #Sanyo Electric Credit Co., Ltd........ 43,100 639,889 Sanyo Engineering & Construction, Inc.................... 21,000 57,524 Sanyo Industries, Ltd., Tokyo.......... 48,000 115,705 #Sanyo Special Steel Co., Ltd.......... 207,000 291,070 *Sasebo Heavy Industries Co., Ltd., Tokyo................................ 201,000 167,011 *Sata Construction Co., Ltd., Gumma.... 61,000 54,584 Sato Shoji Corp........................ 31,000 117,184 Satori Electric Co., Ltd............... 10,400 125,347 *Sawafugji Electric Co., Ltd........... 31,000 58,026 Secom Techno Service Co., Ltd.......... 10,500 278,031 #Seijo Corp............................ 8,000 89,116 Seika Corp............................. 145,000 197,270 *Seikitokyu Kogyo Co., Ltd............. 86,000 83,236 *Seiko Corp............................ 102,407 532,980 Seiren Co., Ltd........................ 81,000 454,849 #Sekisui Jushi Co., Ltd................ 59,000 251,580 Sekisui Plastics Co., Ltd.............. 126,000 281,866 Sekiwa Real Eastate, Ltd............... 16,000 115,267 Sekiwa Real Estate Chubu, Ltd.......... 7,000 29,081 Senko Co., Ltd......................... 205,000 514,746 Senshukai Co., Ltd..................... 70,000 734,387 Shaddy Co., Ltd........................ 27,000 254,912 *#Shibaura Mechatronics Corp........... 71,000 536,130 Shibusawa Warehouse Co., Ltd........... 94,000 189,682 #Shibuya Kogyo Co., Ltd................ 54,000 461,998 *#Shikibo, Ltd......................... 155,000 178,324 Shikoku Chemicals Corp................. 89,000 316,116 Shikoku Coca-Cola Bottling Co., Ltd.... 31,000 307,679 Shimizu Bank, Ltd...................... 12,600 587,893 Shin Nippon Air Technologies Co., Ltd.................................. 31,180 119,573 Shinagawa Refractories Co., Ltd........ 82,000 163,970 *Shindengen Electric Manufacturing Co., Ltd.................................. 106,000 281,647 Shin-Etsu Polymer Co., Ltd............. 111,000 687,162 Shinkawa, Ltd.......................... 21,000 396,914 Shin-Keisei Electric Railway Co., Ltd.................................. 45,000 145,864 Shinki Co., Ltd........................ 61,000 215,550 #Shinko Electric Co., Ltd.............. 257,000 650,009 Shinko Plantech Co., Ltd............... 27,000 27,365 Shinko Shoji Co., Ltd.................. 29,000 155,962 SHARES VALUE+ ------ ------ Shin-Kobe Electric Machinery Co., Ltd.................................. 71,000 $ 223,658 Shinmaywa Industries, Ltd.............. 148,000 436,487 *#Shinsho Corp......................... 110,000 168,736 *#Shinwa Kaiun Kaisha, Ltd............. 238,000 339,007 Shinyei Kaisha......................... 54,000 78,890 Shiroki Co., Ltd....................... 132,000 272,389 Shizuki Electric Co., Inc.............. 23,000 48,512 #Sho-Bond Corp......................... 39,100 193,501 Shobunsha Publications, Inc............ 25,000 315,011 *#Shochiku Co., Ltd.................... 99,000 629,145 #Shoei Co., Ltd........................ 14,900 166,795 Shoei Foods Corp....................... 14,000 55,606 Shoko Co., Ltd......................... 156,000 199,416 Shokusan Bank, Ltd..................... 52,000 175,676 Showa Aircraft Industry Co., Ltd....... 22,000 72,745 *#Showa Electric Wire & Cable Co., Ltd., Kawasaki....................... 270,000 318,024 #Showa Highpolymer Co., Ltd............ 67,000 167,011 Showa Mining Co., Ltd.................. 36,000 43,718 #Showa Sangyo Co., Ltd................. 282,000 584,496 Showa Tansan Co., Ltd.................. 21,000 58,099 #Siix Corp............................. 6,000 94,777 Silver Ox Inc.......................... 30,000 66,289 *#Silver Seiko, Ltd.................... 87,000 36,541 Sinanen Co., Ltd....................... 160,000 672,023 Sintokogio, Ltd., Nagoya............... 70,000 194,942 Snow Brand Seed Co., Ltd............... 16,000 48,941 Soda Nikka Co., Ltd.................... 35,000 59,441 *#Sodick Co., Ltd...................... 64,000 447,042 *Software Research Associates, Inc..... 6,200 40,646 #Sogo Medical Co., Ltd................. 8,800 239,847 *Sokkisha Co., Ltd..................... 40,000 54,054 Sonton Food Industry Co., Ltd.......... 15,000 114,637 #Sorun Corp............................ 41,000 223,868 Sotetsu Rosen Co., Ltd................. 44,000 273,996 Sotoh Co., Ltd......................... 12,000 98,393 Space Co., Ltd......................... 9,400 60,681 Star Micronics Co., Ltd................ 59,000 338,851 Starzen Corp........................... 126,000 195,581 Stella Chemifa Corp.................... 14,000 178,707 Subaru Enterprise Co., Ltd............. 36,000 104,200 Sumida Corp............................ 17,600 509,423 *Suminoe Textile Co., Ltd.............. 95,000 142,257 *Sumitomo Coal Mining Co., Ltd......... 90,500 49,580 Sumitomo Densetsu Co., Ltd............. 50,700 134,712 *#Sumitomo Light Metal Industries, Ltd.................................. 493,000 567,184 *#Sumitomo Mitsui Construction Co., Ltd.................................. 413,600 302,118 Sumitomo Pipe & Tube Co., Ltd.......... 35,000 71,905 Sumitomo Precision Products Co., Ltd., Amagasaki City....................... 66,000 177,776 #Sumitomo Seika Chemicals Co., Ltd..... 102,000 239,354 #Sumitomo Special Metals Co., Ltd...... 76,000 834,113 Sumitomo Warehouse Co., Ltd............ 172,000 457,013 *Sun Wave Corp......................... 62,000 218,517 SunTelephone Co., Ltd.................. 44,000 167,933 #Suruga Corp........................... 11,000 130,570 *Suzutan Co., Ltd...................... 62,000 72,462 #Sysmex Corp........................... 23,700 516,111 #T.Hasegawa Co., Ltd................... 35,900 409,743 *#TC Properties Co., Ltd............... 144,650 843,968 *#TC Properties Co., Ltd............... 579,000 0 *TCM Corp.............................. 146,000 274,617 *TDF Corp.............................. 11,000 39,271
126 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ TKC Corp............................... 39,500 $ 517,554 TOC Co., Ltd........................... 80,000 431,702 TYK Corp............................... 67,000 122,964 Tabai Espec Corp....................... 34,000 355,460 Tachihi Enterprise Co., Ltd............ 17,000 357,789 Tachikawa Corp......................... 14,000 69,029 Tachi-S Co., Ltd....................... 21,100 146,421 Tadano, Ltd............................ 161,000 495,407 Taihei Dengyo Kaisha, Ltd.............. 55,000 151,662 *#Taihei Kogyo Co., Ltd................ 114,000 118,663 *Taiheiyo Kouhatsu, Inc................ 90,000 69,850 Taiho Kogyo Co., Ltd................... 30,000 245,435 Taikisha, Ltd.......................... 97,000 1,078,762 Taisei Rotec Corp...................... 110,000 163,714 *Taisei U-lec Co., Ltd................. 134,000 196,987 #Taito Co., Ltd........................ 70,000 171,932 Taito Corp............................. 410 535,336 #Taiyo Toyo Sanso Co., Ltd............. 232,000 648,210 Takada Kiko Co., Ltd................... 31,000 125,393 *Takagi Securities Co., Ltd............ 94,000 225,731 Takamatsu Corp......................... 19,500 338,294 Takano Co., Ltd........................ 15,000 186,267 *Takaoka Electric Manufacturing Co., Ltd., Tokyo.......................... 156,000 182,323 *Taka-Q Co., Ltd....................... 34,500 34,336 Takara Printing Co., Ltd............... 6,000 44,047 *Takarabune Corp....................... 26,000 237 Takasago International Corp............ 136,000 490,504 Takasago Thermal Engineering Co., Ltd.................................. 106,000 582,652 *Takashima & Co., Ltd.................. 60,000 97,516 Takigami Steel Construction Co., Ltd... 18,000 72,316 Takiron Co., Ltd....................... 98,000 304,237 Takuma Co., Ltd........................ 108,000 565,048 Tamura Corp............................ 93,000 332,871 *Tamura Electric Works, Ltd............ 74,000 233,784 Tanseisha Co., Ltd..................... 26,000 81,428 #Tasaki Shinju Co., Ltd................ 53,000 157,761 Tateho Chemical Industries Co., Ltd.... 26,500 69,928 Tatsuta Electric Wire & Cable Co., Ltd.................................. 106,000 141,308 Taya Co., Ltd.......................... 5,000 42,458 Tayca Corp............................. 74,000 191,216 *Teac Corp............................. 88,000 123,740 Techno Ryowa, Ltd...................... 16,400 66,636 Tecmo, Ltd............................. 22,000 226,187 Teikoku Hormone Manufacturing Co., Ltd.................................. 33,000 237,135 #Teikoku Piston Ring Co., Ltd.......... 42,000 145,727 Teikoku Sen-I Co., Ltd................. 39,000 123,567 Teikoku Tsushin Kogyo Co., Ltd......... 73,000 249,954 Tekken Corp............................ 194,000 258,619 Ten Allied Co., Ltd.................... 37,000 131,757 Tenma Corp............................. 41,000 390,084 Teraoka Seisakusho Co., Ltd............ 29,000 278,031 Tetra Co., Ltd., Tokyo................. 41,000 75,247 *The Daito Bank, Ltd................... 114,000 236,286 #The Nisshin Oillio Group, Ltd......... 196,000 486,779 Three F Co., Ltd....................... 5,300 30,004 Tigers Polymer Corp.................... 16,000 56,099 *Titan Kogyo KK........................ 36,000 46,019 #Toa Corp.............................. 247,000 279,657 #Toa Doro Kogyo Co., Ltd............... 65,000 118,700 Toa Oil Co., Ltd....................... 145,000 206,538 *Toabo Corp............................ 73,000 34,660 SHARES VALUE+ ------ ------ Toagosei Co., Ltd...................... 292,719 $ 553,258 *Tobu Store Co., Ltd................... 71,000 116,043 Tochigi Fuji Industrial Co., Ltd....... 51,000 128,059 Toda Kogyo Corp........................ 68,000 283,747 #Todentu Corp.......................... 57,000 107,734 Toei Co., Ltd.......................... 185,000 554,054 Toenec Corp............................ 101,000 300,639 Tohcello Co., Ltd...................... 21,000 49,470 Toho Co., Ltd.......................... 35,000 261,733 Toho Real Estate Co., Ltd.............. 98,000 365,979 #Toho Titanium Co., Ltd................ 44,000 335,464 Toho Zinc Co., Ltd..................... 156,000 253,543 Tohoku Bank, Ltd....................... 63,000 120,225 Tohoku Misawa Homes Co., Ltd........... 24,000 98,174 Tohoku Pioneer Corp.................... 24,800 396,501 Tohoku Telecommunications ConstructionCo., Ltd................. 17,000 42,997 *Tohpe Corp............................ 36,000 31,227 Tohto Suisan Co., Ltd.................. 54,000 84,806 #Tokai Carbon Co., Ltd................. 253,000 630,652 *#Tokai Corp........................... 108,000 437,838 *#Tokai Kanko Co., Ltd................. 333,000 91,216 *Tokai Konetsu Kogyo Co., Ltd.......... 15,000 31,090 #Tokai Pulp & Paper Co., Ltd........... 88,000 323,010 *Tokai Senko KK, Nagoya................ 47,000 42,485 *Tokai Tokyo Securities Co., Ltd....... 366,250 792,561 #Tokico, Ltd........................... 189,000 471,120 *Tokimec, Inc.......................... 119,000 208,619 Toko Electric Corp..................... 39,000 101,488 #Toko, Inc............................. 129,000 347,471 Tokushima Bank, Ltd.................... 61,200 390,603 Tokushu Paper Manufacturing Co., Ltd.................................. 63,000 230,670 Tokyo Biso Kogyo Corp.................. 13,000 64,217 #Tokyo Denpa Co., Ltd.................. 11,000 195,855 Tokyo Dome Corp........................ 233,000 699,936 Tokyo Energy & Systems, Inc............ 49,000 156,592 Tokyo Kikai Seisakusho, Ltd............ 132,000 318,189 Tokyo Leasing Co., Ltd................. 86,000 512,765 Tokyo Nissan Auto Sales Co., Ltd....... 97,000 231,163 Tokyo Rakutenchi Co., Ltd.............. 92,000 331,812 *Tokyo Rope Manufacturing Co., Ltd..... 202,000 191,819 Tokyo Sangyo Co., Ltd.................. 36,500 97,316 Tokyo Soir Co., Ltd.................... 17,000 42,997 *Tokyo Tekko Co., Ltd.................. 67,000 150,493 Tokyo Theatres Co., Inc., Tokyo........ 116,000 119,686 Tokyo Tomin Bank, Ltd.................. 45,200 739,989 Tokyotokeiba Co., Ltd.................. 422,000 489,354 #Tokyu Community Corp.................. 19,000 232,469 *#Tokyu Department Store Co., Ltd...... 406,000 344,759 Tokyu Livable Inc...................... 22,200 231,689 Tokyu Recreation Corp.................. 32,000 164,792 Tokyu Store Chain Corp................. 175,000 648,740 *#Tokyu Tourist Corp................... 92,000 71,402 Toli Corp.............................. 83,000 147,781 Tomato Bank, Ltd....................... 128,000 244,266 Tomen Electronics Corp................. 10,000 407,232 Tomoe Corp............................. 56,000 76,698 *#Tomoegawa Paper Co., Ltd............. 55,000 185,811 Tomoku Co., Ltd........................ 136,000 253,324 *Tomy Co., Ltd......................... 27,000 377,685 Tonami Transportation Co., Ltd......... 121,000 329,237 Topcon Corp............................ 57,000 378,369 Topre Corp............................. 67,000 416,609 Topy Industries, Ltd................... 325,000 765,614
127 THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ #Torigoe Co., Ltd...................... 35,000 $ 119,522 Torii Pharmaceutical Co., Ltd.......... 36,000 540,066 Torishima Pump Manufacturing Co., Ltd., Osaka................................ 37,000 173,649 Tose Co., Ltd.......................... 6,100 55,698 *#Toshiba Ceramics Co., Ltd............ 350,000 917,184 #Toshiba Machine Co., Ltd.............. 294,000 883,181 #Toshiba Plant Kensetsu Co., Ltd....... 101,000 272,973 #Toshiba Tungaloy Co., Ltd............. 124,000 545,727 Tosho Printing Co., Ltd................ 81,000 227,054 Totenko Co., Ltd....................... 35,000 67,750 Totetsu Kogyo Co., Ltd................. 53,000 147,599 *Totoku Electric Co., Ltd., Tokyo...... 62,000 75,292 Tottori Bank, Ltd...................... 127,000 463,842 Touei Housing Corp..................... 16,700 427,716 Towa Corp.............................. 28,000 192,513 Towa Meccs Corp........................ 75,000 63,002 *#Towa Real Estate Development Co., Ltd.................................. 80,000 130,752 Toyo Bussan Co., Ltd................... 17,600 133,382 *#Toyo Communication Equipment Co., Ltd.................................. 79,000 331,090 *#Toyo Construction Co., Ltd........... 290,000 193,298 #Toyo Corp............................. 43,100 444,302 #Toyo Electric Co., Ltd................ 67,000 210,446 #Toyo Engineering Corp................. 473,000 859,450 *Toyo Kanetsu KK....................... 172,000 202,593 Toyo Kohan Co., Ltd.................... 125,000 345,827 #Toyo Radiator Co., Ltd................ 104,000 371,293 *Toyo Securities Co., Ltd.............. 113,000 300,247 *Toyo Shutter Co., Ltd................. 77,000 70,307 *Toyo Sugar Refining Co., Ltd.......... 60,000 63,550 Toyo Tire & Rubber Co., Ltd............ 307,000 616,691 Toyo Wharf & Warehouse Co., Ltd........ 118,000 179,931 *Trans Cosmos, Inc..................... 5,000 118,243 #Trusco Nakayama Corp.................. 36,000 426,662 Tsubaki Nakashima Co., Ltd............. 56,000 614,609 Tsubakimoto Kogyo Co., Ltd............. 44,000 72,316 Tsudakoma Corp......................... 101,000 275,740 *Tsugami Corp.......................... 124,000 211,724 *Tsukamoto Co., Ltd.................... 44,000 51,826 Tsukishima Kikai Co., Ltd.............. 60,000 340,760 Tsurumi Manufacturing Co., Ltd......... 35,000 178,643 #Tsutsumi Jewelry Co., Ltd............. 24,800 591,015 #Tsutsunaka Plastic Industry Co., Ltd.................................. 58,000 186,413 *Tsuzuki Denki Co., Ltd................ 22,000 61,468 U-Shin, Ltd............................ 32,000 131,191 U.Store Co., Ltd....................... 27,000 219,412 Ube Material Industries, Ltd........... 116,000 195,946 Uchida Yoko Co., Ltd................... 72,000 266,253 Ueki Corp.............................. 47,000 79,821 Unicafe, Inc........................... 5,460 74,881 Unimat Offisco Corp.................... 27,700 308,059 *#Unitika, Ltd......................... 699,000 644,622 *Utoc Corp............................. 68,000 85,683 Vital-Net, Inc......................... 56,300 381,434 Wakachiku Construction Co., Ltd........ 161,000 170,526 #Wakamoto Pharmaceutical Co., Ltd...... 48,000 127,977 Wakodo Co., Ltd........................ 2,000 58,802 #Warabeya Nichiyo Co., Ltd............. 8,500 116,417 SHARES VALUE+ ------ ------ *Watabe Wedding Corp................... 4,900 $ 49,125 #Watami Food Service Co., Ltd.......... 54,700 341,126 *Wondertable, Ltd...................... 8,000 9,934 Wood One Co., Ltd...................... 86,000 628,981 Xebio Co., Ltd......................... 12,000 239,956 *Yachiyo Musen Denki Co., Ltd.......... 9,000 41,499 Yahagi Construction Co., Ltd........... 59,000 206,328 #Yaizu Suisankagaku Industry Co., Ltd.................................. 14,000 104,821 Yamaichi Electronics Co., Ltd.......... 21,000 222,425 Yamamura Glass Co., Ltd................ 155,000 254,748 *Yamatane Corp......................... 131,000 156,693 Yamato Corp............................ 36,000 127,210 Yamato International, Inc.............. 43,000 164,116 Yamato Kogyo Co., Ltd.................. 96,000 679,328 Yamaura Corp........................... 19,000 57,597 Yamazen Co., Ltd....................... 140,000 250,548 Yaoko Co., Ltd......................... 29,000 410,957 Yasuda Warehouse Co., Ltd.............. 27,000 96,393 Yellow Hat, Ltd., Tokyo................ 32,000 267,641 Yokogawa Bridge Corp................... 55,400 213,972 Yokohama Reito Co., Ltd................ 55,000 274,197 Yokowo Co., Ltd........................ 28,000 351,534 #Yomeishu Seizo Co., Ltd............... 46,000 335,592 Yomiuri Land Co., Ltd.................. 157,000 496,001 Yondenko Corp.......................... 50,800 199,916 #Yonekyu Corp.......................... 41,500 386,884 Yonex Co., Ltd......................... 19,000 93,682 Yorozu Corp............................ 26,800 182,305 Yoshimoto Kogyo Co., Ltd............... 60,000 441,563 #Yuasa Corp............................ 260,000 496,165 Yuasa Funashoku Co., Ltd............... 33,000 60,866 *#Yuasa Trading Co., Ltd............... 174,000 182,706 *#Yuken Kogyo Co., Ltd................. 60,000 95,325 Yuki Gosei Kogyo Co., Ltd.............. 14,000 34,003 Yukiguni Maitake Co., Ltd.............. 26,000 124,635 Yuraku Real Estate Co., Ltd............ 39,000 87,244 Yurtec Corp............................ 101,000 364,271 #Yushin Precision Equipment Co., Ltd... 15,000 365,687 Yushiro Chemical Industry Co., Ltd..... 10,000 77,611 *Z-Plus Co., Ltd....................... 13,000 16,381 Zenrin Co., Ltd........................ 49,600 389,481 Zensho Co., Ltd........................ 17,000 283,126 #Zeria Pharmacetical Co., Ltd.......... 60,000 580,716 i-LOGISTICS Corp....................... 35,000 54,328 ------------ TOTAL COMMON STOCKS (Cost $408,723,841)................... 275,907,310 ------------ INVESTMENT IN CURRENCY -- (0.3%) *Japanese Yen (Cost $1,045,277).................... 1,046,719 RIGHTS/WARRANTS -- (0.0%) *BSL Corp. Rights 01/30/04............. 3,950 0 *Kanematsu Corp. Warrants 03/31/06..... 20,125 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................. 0 ------------ TOTAL -- JAPAN (Cost $409,769,118)................... 276,954,029 ------------
128 THE JAPANESE SMALL COMPANY SERIES CONTINUED
FACE AMOUNT VALUE+ ------ ------ (000) TEMPORARY CASH INVESTMENTS -- (22.6%) Repuchase Agreement, PNC Capital Markets, Inc. 0.82%, 12/01/03 (Collateralized by $7,330,000 FHLB Notes 1.875%, 02/15/05, valued at $7,384,975) to be repurchased at $7,275,497 (Cost $7,275,000).................... $ 7,275 $ 7,275,000 Repurchase agreements in a Pooled Cash Account, Mizuho Securities USA, 1.05%, 12/01/03 (Collateralized by $123,762,000 U.S. Treasury Obligations, rates ranging from 2.711% to 10.375%, maturities rangingfrom 08/15/05 tp 02/15/29, valued at $73,726,806) to be repurchased at $73,733,257 (Cost $73,726,806){::}............... 73,727 73,726,806 ------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $81,001,806).................... 81,001,806 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $490,770,924)++................. $357,955,835 ============
- -------------------- + See Note B to Financial Statements. {::} Security purchased with cash proceeds from securities on loan * Non-Income Producing Securities # Total or Partial Securities on Loan ++ The cost for federal income tax purposes is $493,603,890 See accompanying Notes to Financial Statements. 129 THE PACIFIC RIM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2003
SHARES VALUE+ ------ ------ AUSTRALIA -- (28.0%) COMMON STOCKS -- (28.0%) *A.I., Ltd............................. 129,195 $ 14,023 A.P. Eagers, Ltd....................... 25,283 118,916 *AAV, Ltd.............................. 50,200 57,393 ABC Learning Centres, Ltd.............. 133,000 324,325 ADCorp Australia, Ltd.................. 116,497 85,140 AJ Lucas Group, Ltd.................... 35,900 57,150 APN News & Media, Ltd.................. 1 3 ARB Corporation, Ltd................... 116,670 280,282 *AV Jennings Homes, Ltd................ 170,028 227,610 Abigroup, Ltd.......................... 73,710 211,746 *Adsteam Marine, Ltd................... 342,628 414,035 Adtrans Group, Ltd..................... 29,000 77,642 *Agenix, Ltd........................... 149,379 76,744 Alesco Corp., Ltd...................... 86,411 368,909 Altium................................. 162,100 63,340 Amalgamated Holdings, Ltd.............. 195,483 459,717 *Amity Oil NL.......................... 222,481 157,767 *Amrad Corp., Ltd...................... 135,523 64,722 *Anateus Energy, Ltd................... 193,687 13,034 *Arc Energy NL......................... 129,400 86,143 Ariadne Australia, Ltd................. 270,353 73,360 Aspen Group, Ltd....................... 15,795 1,714 Atlas Pacific, Ltd..................... 82,585 13,147 *AuIron Energy, Ltd.................... 260,290 11,677 Ausdrill, Ltd.......................... 115,992 62,109 Ausmelt, Ltd........................... 36,118 24,306 Auspine, Ltd........................... 42,618 95,599 *Austal, Ltd........................... 356,800 227,199 *Austar United Communications, Ltd..... 730,792 200,944 *Austral Coal, Ltd..................... 285,300 146,574 Australian Agricultural Co., Ltd....... 155,000 128,982 *#Australian Magnesium Corp., Ltd...... 332,383 18,519 #Australian Pharmaceutical Industries, Ltd.................................. 287,700 566,248 *Australian Worldwide Exploration, Ltd.................................. 308,100 254,153 *Auto Group, Ltd....................... 41,309 18,533 *#Autron Corporation, Ltd.............. 989,247 218,325 Bank of Queensland, Ltd................ 506 3,442 Beach Petroleum NL..................... 1,814,501 446,410 *Beaconsfield Gold NL.................. 89,078 13,214 *Bendigo Mining NL..................... 1,712,123 253,973 *Beyond International, Ltd............. 61,256 14,184 *Biota Holdings, Ltd................... 97,808 35,387 Blackmores, Ltd........................ 27,894 160,060 Brazin, Ltd............................ 98,875 100,164 Bridgestone Australia, Ltd............. 49,000 89,350 Burswood, Ltd.......................... 784,148 658,195 CMI, Ltd............................... 32,784 47,919 *CPI Group, Ltd........................ 68,585 46,650 Cabcharge Austalia, Ltd................ 196,800 441,454 Campbell Brothers, Ltd................. 86,099 376,299 *Cape Range Wireless, Ltd.............. 619,912 18,391 Capral Aluminium, Ltd.................. 28,943 50,682 Casinos Austria International, Ltd..... 258,299 130,834 Cedar Woods Properties, Ltd............ 50,913 51,577 *Cellestis, Ltd........................ 37,209 38,502 Cellnet Telecommunications Group, Ltd.................................. 91,100 63,283 *Centamin Egypt, Ltd................... 996,437 230,727 #Centennial Coal, Ltd.................. 447,647 800,075 SHARES VALUE+ ------ ------ Central Equity, Ltd.................... 129,405 $ 180,720 *Charter Pacific Corp., Ltd............ 72,823 24,240 *Charters Towers Gold Mines, Ltd....... 258,700 42,119 *#Chemeq, Ltd.......................... 120,000 465,419 *Chiquita Brands South Pacific, Ltd.... 113,500 72,273 *Circadian Technologies, Ltd........... 40,370 55,502 Citect Corp., Ltd...................... 109,822 103,307 Clough, Ltd............................ 817,737 420,117 #Coates Hire, Ltd...................... 472,004 976,810 #Collection House, Ltd................. 176,200 214,197 Colorado Group, Ltd.................... 135,243 351,324 Commander Communications, Ltd.......... 106,600 84,849 Consolidated Minerals, Ltd............. 251,658 172,995 *Coplex Resources NL................... 231,400 15,070 *Count Financial, Ltd.................. 171,200 91,671 Coventry Group, Ltd.................... 58,612 235,384 Crane Group, Ltd....................... 83,106 541,219 Croesus Mining NL...................... 798,235 392,770 Danks Holdings, Ltd.................... 10,425 86,072 Devine, Ltd............................ 168,183 76,669 *Dominion Mining, Ltd.................. 168,015 80,240 *Emporer Mines, Ltd.................... 120,600 63,704 *Energy Developments, Ltd.............. 164,549 301,241 *Energy World Corp., Ltd............... 325,630 6,598 *Environmental Solutions International, Ltd.................................. 67,364 12,795 Equigold NL............................ 225,700 251,507 Evans & Tate, Ltd...................... 62,500 54,270 FKP, Ltd............................... 142,602 242,489 Fantastic Holdings, Ltd................ 133,100 359,240 Fleetwood Corp., Ltd................... 47,464 191,645 *Forest Place Group, Ltd............... 85,192 29,898 Freedom Group, Ltd..................... 201,879 306,767 *Funtastic, Ltd........................ 94,900 140,773 GRD NL................................. 379,594 521,881 GUD Holdings, Ltd...................... 114,428 509,220 *Gale Pacific, Ltd..................... 34,400 61,483 Gazal Corp., Ltd....................... 71,177 133,909 *Geo2, Ltd............................. 2,526 356 *Globe International, Ltd.............. 327,400 111,346 *Gold Aura............................. 2,635 343 *Golden West Refining Corp., Ltd....... 17,330 4,514 *Goldstream Mining NL.................. 90,901 35,519 Gowing Bros., Ltd...................... 58,624 104,354 *Gradipore, Ltd........................ 86,855 28,910 #Graincorp, Ltd. Series A.............. 78,059 781,166 #Grand Hotel Group..................... 383,087 182,953 #Great Southern Plantations, Ltd....... 366,530 403,136 Green's Foods, Ltd..................... 66,082 45,426 *Gympie Gold, Ltd...................... 302,445 109,425 *HPAL, Ltd............................. 88,900 91,346 *Hamilton Island, Ltd.................. 52,600 126,364 Hancock and Gore, Ltd.................. 66,108 81,321 *#Hardman Resources NL................. 717,859 363,610 *Health Communication Network, Ltd..... 106,000 84,372 Healthscope, Ltd....................... 131,852 287,178 *Henry Walker Eltin Group, Ltd......... 287,948 191,690 *Herald Resources, Ltd................. 69,910 35,411 Hills Industries, Ltd.................. 263,845 714,034 *Horizon Oil NL........................ 752,832 49,027 Housewares International, Ltd.......... 280,209 527,174
130 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Hutchison Telecommunications (Australia), Ltd..................... 1,065,400 $ 215,858 IInet, Ltd............................. 65,200 155,690 ION, Ltd............................... 342,085 566,849 Infomedia, Ltd......................... 598,900 368,359 Institute of Drug Technology Australia, Ltd.................................. 44,372 61,004 *Integrated Group, Ltd................. 55,000 61,687 *Intellect Holdings, Ltd............... 403,028 137,066 Investor Group, Ltd.................... 48,637 95,023 *Iress Market Technology, Ltd.......... 81,000 147,115 *Ixla, Ltd............................. 89,921 1,497 *JDV, Ltd.............................. 84,981 33,821 #Jones (David), Ltd.................... 658,594 657,650 Jubilee Mines NL....................... 224,549 653,184 K&S Corp., Ltd......................... 86,000 151,218 *Kagara Zinc, Ltd...................... 120,700 89,959 Kaz Group, Ltd......................... 1,315,977 233,299 *Keycorp, Ltd.......................... 67,609 60,663 *Kimberley Diamond Co. NL.............. 182,966 129,746 Kingsgate Consolidated NL.............. 132,456 397,757 Kresta Holdings, Ltd................... 56,700 24,617 Lemarne Corp., Ltd..................... 20,790 34,600 *LionOre Mining International, Ltd..... 25,842 140,250 MYOB, Ltd.............................. 470,141 340,194 MacArthur Coal, Ltd.................... 101,500 85,931 *MacMahon Holdings, Ltd................ 192,179 42,413 Magellan Petroleum Australia, Ltd...... 32,760 30,817 *Magnesium International, Ltd.......... 656,061 29,908 Maryborough Sugar Factory, Ltd......... 600 2,605 *Matrix Oil NL......................... 557,000 17,734 MaxiTRANS Industries, Ltd.............. 157,528 90,050 #McGuigan Simeon Wines, Ltd............ 253,183 881,207 McPherson's, Ltd....................... 67,828 200,738 *Metabolic Pharmaceuticals, Ltd........ 700,000 476,128 *Metal Storm, Ltd...................... 406,669 144,190 Mia Group, Ltd......................... 237,000 114,900 Miller's Retail, Ltd................... 462,814 602,806 *Mincor Resources NL................... 73,400 39,834 Monadelphous Group, Ltd................ 18,988 64,577 *Mosaic Oil NL......................... 387,324 60,257 Namoi Cotton Cooperative, Ltd.......... 142,585 38,175 National Can Industries, Ltd........... 97,017 98,984 *Norwood Abbey, Ltd.................... 99,000 95,993 *Novogen, Ltd.......................... 176,419 920,405 *Novus Petroleum, Ltd.................. 288,634 261,069 *Oakton, Ltd........................... 62,800 54,530 #Oamps, Ltd............................ 173,075 403,263 *#Orbital Engine Corp., Ltd............ 537,358 64,157 OrotonGroup, Ltd....................... 38,427 174,342 *PMP, Ltd.............................. 455,871 395,842 Pacific Hydro, Ltd..................... 370,312 798,514 *Pan Pacific Petroleum NL.............. 327,800 22,296 Pan Pharmaceuticals, Ltd............... 322,766 280,264 *Payce Consolidated, Ltd............... 18,000 26,050 *#Peptech, Ltd......................... 281,015 325,348 *Perilya Mines NL...................... 263,500 202,109 *Perseverance Corp., Ltd............... 199,493 48,358 *Petsec Energy, Ltd.................... 97,992 61,689 *Plantcorp NL.......................... 4,329 0 Plaspak Group, Ltd..................... 97,158 64,679 *#Polartechnics, Ltd................... 43,405 25,754 *Port Douglas Reef Resorts, Ltd........ 251,655 19,120 Portman, Ltd........................... 343,890 373,258 *PowerTel, Ltd. Series B............... 4,416,871 118,254 SHARES VALUE+ ------ ------ *Precious Metals Australia, Ltd........ 10,606 $ 560 *Preston Resources NL.................. 64,000 12,504 Primary Health Care, Ltd............... 190,663 689,818 Prime Television, Ltd.................. 172,440 305,705 *Primelife Corp., Ltd.................. 85,867 170,245 *Progen Industries, Ltd................ 24,788 27,622 Programmed Maintenance Service, Ltd.... 119,230 224,314 Queensland Cotton Holdings, Ltd........ 39,866 92,599 *Quiktrak Networks P.L.C. Entitlement Shares............................... 23,875 0 *Quiktrak Networks, Ltd................ 740,124 2,678 *RG Capital Radio, Ltd................. 45,370 91,923 Ramsay Health Care, Ltd................ 177,900 565,117 *Raptis Group, Ltd..................... 12,000 2,996 Rebel Sport, Ltd....................... 88,284 201,229 Reece Australia, Ltd................... 159,501 865,611 *Reinsurance Australia Corp., Ltd...... 399,993 118,668 *#Resolute Mining, Ltd................. 287,264 286,852 Ridley Corp., Ltd...................... 582,631 493,262 *Roc Oil Co., Ltd...................... 170,700 176,631 Rock Building Society, Ltd............. 11,373 27,322 *SDI, Ltd.............................. 18,432 145,378 *SP Telecommunications, Ltd............ 136,396 136,201 SPC Ardmona, Ltd....................... 337,984 349,728 STW Communications Group, Ltd.......... 231,843 536,837 Schaffer Corp., Ltd.................... 33,766 345,728 Select Harvests, Ltd................... 44,886 180,261 *Senetas Corp., Ltd.................... 240,406 11,829 Servcorp, Ltd.......................... 156,000 188,512 *Silex System, Ltd..................... 235,100 151,405 Skilled Engineering, Ltd............... 144,962 251,747 *Solution 6 Holdings, Ltd.............. 402,138 186,232 Southern Cross Broadcasting (Australia), Ltd..................... 149,270 1,177,327 *#Southern Pacific Petroleum NL........ 698,740 118,818 Southern Star Group, Ltd............... 187,907 99,258 *St. Barbara Mines, Ltd................ 375,500 20,107 Star Games, Ltd........................ 132,410 129,346 *Straits Resources, Ltd................ 56,534 40,499 *Strategic Minerals Corp. NL........... 358,100 85,510 *Striker Resources NL.................. 435,484 17,646 Sunland Group, Ltd..................... 75,095 59,773 Sydney Aquarium, Ltd................... 49,135 170,659 *Sydney Gas, Ltd....................... 153,800 91,257 Symex Holdings, Ltd.................... 163,000 141,536 Tandou, Ltd............................ 3,410 3,578 *Tap Oil, Ltd.......................... 193,100 202,604 Technology One, Ltd.................... 587,800 208,413 #Tempo Service, Ltd.................... 184,359 192,099 Thakral Holdings Group................. 948,383 432,337 The Gribbles Group, Ltd................ 780,300 299,251 Ticor, Ltd............................. 455,148 461,083 #Timbercorp, Ltd....................... 250,258 201,006 *Titan Resources NL.................... 50,000 15,196 *Tooth & Co., Ltd...................... 153,000 19,374 Transfield Services, Ltd............... 238,000 766,364 Triako Resources, Ltd.................. 5,400 6,682 Troy Resources NL...................... 72,048 93,841 Trust Company of Australia, Ltd........ 23,774 129,021 UXC, Ltd............................... 181,293 102,323 United Group, Ltd...................... 138,399 395,575 *VeCommerce, Ltd....................... 13,680 9,404 *Ventracor, Ltd........................ 256,924 362,525 *Victoria Petroleum NL................. 463,964 5,036
131 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Villa World, Ltd....................... 134,700 $ 120,861 *#Village Roadshow, Ltd................ 436,313 584,074 *Virotec International NL.............. 142,891 51,698 Vision Systems, Ltd.................... 268,273 190,240 Volante Group, Ltd..................... 125,700 109,148 Waterco, Ltd........................... 22,304 38,250 Watpac, Ltd............................ 129,518 53,420 Wattyl, Ltd............................ 131,342 365,900 *Webster, Ltd.......................... 33,551 16,023 *Western Metals, Ltd................... 385,787 6,002 Wide Bay Capricorn Building Society, Ltd.................................. 26,958 132,646 *Yates, Ltd............................ 60,281 2,574 ------------ TOTAL COMMON STOCKS (Cost $41,066,672).................... 48,601,616 ------------ PREFERRED STOCKS -- (0.0%) *Village Roadshow, Ltd. 2% Class A (Cost $59,969)....................... 55,477 44,559 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Australian Dollar (Cost $30,010)....................... 31,136 ------------ RIGHTS/WARRANTS -- (0.0%) *Amity Oil, Ltd. Options 09/04/04...... 1 0 *Axon Instruments, Inc. Options Open Pay Date............................. 16,148 0 *Geo2, Ltd. Rights..................... 1,684 0 *Metal Storm, Ltd. Options 09/06/04.... 1 0 *Progen Industries, Ltd. Options....... 3,098 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $98)............................ 0 ------------ TOTAL -- AUSTRALIA (Cost $41,156,749).................... 48,677,311 ------------ SINGAPORE -- (26.1%) COMMON STOCKS -- (26.0%) ASA Group Holdings, Ltd................ 586,000 103,676 *Acma, Ltd............................. 3,040,700 167,564 *Airocean Group, Ltd................... 1,017,000 162,232 *Alliance Technology & Development, Ltd.................................. 156,000 9,502 #Amtek Engineering, Ltd................ 597,625 537,333 Apollo Enterprises, Ltd................ 193,000 59,056 Armstrong Industrial Corp.............. 1,460,000 122,801 Ascott Group, Ltd...................... 1,807,250 440,302 *Aussino Group, Ltd.................... 38,000 12,124 Benjamin (F.J.) Holdings, Ltd.......... 1,095,000 161,971 #Beyonics Technology, Ltd.............. 3,272,600 541,029 Blu Inc. Group, Ltd.................... 729,000 109,947 Bonvests Holdings, Ltd................. 825,000 220,138 Brilliant Manufacturing, Ltd........... 829,000 319,786 Bukit Sembawang Estates, Ltd........... 71,334 595,857 *CK Tang, Ltd.......................... 614,000 140,685 #CSE Global, Ltd....................... 984,000 373,869 CWT Distribution, Ltd.................. 461,500 145,899 Central Properties, Ltd................ 66,000 750,383 Ch Offshore, Ltd....................... 823,200 174,293 Chemical Industries (Far East), Ltd.... 105,910 64,507 *China Merchants Holdings Pacific, Ltd.................................. 479,000 144,485 Chip Eng Seng Corp., Ltd............... 1,775,000 169,889 Chosen Holdings, Ltd................... 829,000 137,051 Chuan Hup Holdings, Ltd................ 4,116,000 1,134,101 SHARES VALUE+ ------ ------ Chuan Soon Huat Industrial Group, Ltd.................................. 614,000 $ 108,630 Clipsal Industries Holdings, Ltd....... 351,542 458,820 *Compact Metal Industries, Ltd......... 643,000 24,244 Cosco Corp. Singapore, Ltd............. 2,783,000 960,535 Courts Singapore, Ltd.................. 495,000 157,925 #ECS Holdings, Ltd..................... 1,375,000 315,052 *Eagle Brand Holdings, Ltd............. 3,390,000 226,142 #Eastern Asia Technology, Ltd.......... 1,368,600 389,005 *Eastgate Technology, Ltd.............. 870,000 105,979 *Econ International, Ltd............... 2,267,000 59,176 Eng Wah Organisation, Ltd.............. 265,000 35,355 *Freight Links Express Holdings, Ltd... 1,648,000 95,596 Frontline Technologies Corp., Ltd...... 1,974,000 188,936 #Fu Yu Manufacturing, Ltd.............. 1,291,000 531,701 Fuji Offset Plates Manufacturing, Ltd.................................. 33,750 7,244 GB Holdings, Ltd....................... 200,000 75,990 GK Goh Holdings, Ltd................... 1,120,000 581,465 GP Industries, Ltd..................... 1,132,000 584,412 #Ges International, Ltd................ 2,077,000 765,056 *Goodpack, Ltd......................... 587,000 275,807 #Guocoland, Ltd........................ 1,215,000 789,364 HTL International Holdings, Ltd........ 1,177,500 659,130 Ho Bee Investment, Ltd................. 761,000 110,359 Hong Fok Corp., Ltd.................... 1,796,000 302,125 Hong Leong Asia, Ltd................... 1,048,000 1,124,646 *Horizon Education & Technologies, Ltd.................................. 988,000 134,681 Hotel Grand Central, Ltd............... 875,280 192,936 Hotel Plaza, Ltd....................... 1,189,000 368,993 #Hotel Properties, Ltd................. 1,393,000 832,283 Hour Glass, Ltd........................ 298,000 91,617 Huan Hsin Holdings, Ltd................ 964,400 643,336 Hup Seng Huat, Ltd..................... 900,200 88,771 Hwa Hong Corp., Ltd.................... 2,488,000 837,069 #IDT Holdings, Ltd..................... 514,000 596,315 *Inno-Pacific Holdings, Ltd............ 680,000 17,750 Innovalues Precision, LTd.............. 165,000 172,282 International Factors (Singapore), Ltd.................................. 290,000 73,176 *Internet Technology Group, Ltd........ 874,408 40,578 *Interra Resources, Ltd................ 185,430 26,353 *Intraco, Ltd.......................... 292,500 87,381 Isetan (Singapore), Ltd................ 122,500 225,257 JK Yaming International, Ltd........... 509,000 103,340 #Jaya Holdings, Ltd.................... 2,733,000 1,284,126 Jurong Cement, Ltd..................... 132,500 60,335 Jurong Engineering, Ltd................ 112,000 184,510 #Jurong Technologies Industrial Corp., Ltd.................................. 1,133,000 736,090 *K1 Ventures, Ltd...................... 4,012,500 512,060 Keppel Telecommunications and Transportation, Ltd.................. 1,571,000 770,044 Khong Guan Flour Milling, Ltd.......... 19,000 18,736 Kian Ann Engineering, Ltd.............. 868,000 118,323 Kim Eng Holdings, Ltd.................. 2,281,200 1,376,194 Koh Brothers, Ltd...................... 1,494,000 112,662 *L & M Group Investments, Ltd.......... 7,107,100 61,840 Labroy Marine, Ltd..................... 2,943,000 904,793 *Lantrovision (S), Ltd................. 745,000 159,897 Lee Kim Tah Holdings, Ltd.............. 1,265,000 172,441 *Leong Hin Holdings, Ltd............... 526,000 36,614 *Liang Huat Aluminum, Ltd.............. 1,477,000 68,541 *Lion Asiapac, Ltd..................... 129,000 12,347 Low Keng Huat Singapore, Ltd........... 372,000 85,236 *Lum Chang Holdings, Ltd............... 1,134,030 197,346
132 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *MCL Land, Ltd......................... 99,000 $ 76,953 #MMI Holdings, Ltd..................... 1,453,000 324,496 *Magnecomp International, Ltd.......... 583,000 300,983 *Manufacturing Integration Technology, Ltd.................................. 588,000 95,503 *Mediaring.Com, Ltd.................... 2,094,000 139,687 Metro Holdings, Ltd.................... 2,256,960 929,534 Multi-Chem, Ltd........................ 957,000 149,885 Nera Telecommunications, Ltd........... 1,159,000 366,406 New Toyo Intenational Holdings, Ltd.... 540,000 209,870 *#Norelco Centreline Holdings, Ltd..... 586,000 424,904 *Orchard Parade Holdings, Ltd.......... 1,084,022 257,813 #Osim International, Ltd............... 930,000 582,626 Ossia International, Ltd............... 708,000 82,138 PCI, Ltd............................... 734,000 253,335 #PSC Corp., Ltd........................ 4,088,000 296,417 Pan-United Corp., Ltd.................. 1,624,000 579,354 *Pentex-Schweizer Circuits, Ltd........ 916,000 140,807 Pertama Holdings, Ltd.................. 459,750 78,673 Popular Holdings, Ltd.................. 1,129,000 294,706 *Qian Hu Corp., Ltd.................... 266,000 115,725 Robinson & Co., Ltd.................... 284,832 1,239,176 Rotary Engineering, Ltd................ 1,231,000 385,598 SBS Transit, Ltd....................... 857,000 621,404 SMB United, Ltd........................ 1,254,000 167,305 SNP Corp., Ltd......................... 288,995 219,606 *SP Corp., Ltd......................... 454,000 23,702 San Teh, Ltd........................... 838,406 221,283 Sea View Hotel, Ltd.................... 66,000 344,564 *Seatown Corp., Ltd.................... 101,000 1,758 *Sembawang Kimtrans, Ltd............... 1,295,000 146,483 *Sin Soon Huat, Ltd.................... 1,307,000 68,234 Sing Investments & Finance, Ltd........ 94,500 82,774 #Singapore Food Industries, Ltd........ 1,446,000 620,702 Singapore Reinsurance Corp., Ltd....... 1,540,935 223,464 Singapura Finance, Ltd................. 139,250 107,431 *Singatronics, Ltd..................... 748,000 151,863 Ssangyong Cement (Singapore), Ltd...... 236,000 161,539 Stamford Land Corp., Ltd............... 3,229,000 458,899 Straits Trading Co., Ltd............... 1,117,200 1,172,985 *Sunright, Ltd......................... 378,000 130,464 Superbowl Holdings, Ltd................ 490,000 57,558 Superior Metal Printing, Ltd........... 490,500 73,977 *TSM Resources, Ltd.................... 688,000 153,650 *#TT International, Ltd................ 1,094,000 218,937 *Tiong Woon Corp. Holding, Ltd......... 652,000 198,559 *Transmarco, Ltd....................... 106,500 60,233 *Trek 2000 International, Ltd.......... 622,000 198,443 *Tuan Sing Holdings, Ltd............... 3,362,000 214,523 UOB-Kay Hian Holdings, Ltd............. 1,602,000 873,521 *Ultro Technologies, Ltd............... 530,000 61,488 #Unisteel Technology, Ltd.............. 898,000 656,341 United Engineers, Ltd.................. 632,666 590,858 United Overseas Insurance, Ltd......... 125,500 235,869 United Pulp & Paper Co., Ltd........... 354,000 80,085 Vicom, Ltd............................. 120,000 60,212 WBL Corp., Ltd......................... 510,000 875,679 Wing Tai Holdings, Ltd................. 2,332,000 1,068,657 *Xpress Holdings, Ltd.................. 1,392,000 64,597 *Yongnam Holdi......................... 1,004,000 23,296 ------------ TOTAL COMMON STOCKS (Cost $48,644,710).................... 45,150,959 ------------ SHARES VALUE+ ------ ------ INVESTMENT IN CURRENCY -- (0.1%) *Singapore Dollars (Cost $248,027)...................... $ 247,996 ------------ RIGHTS/WARRANTS -- (0.0%) *Acma, Ltd. Warrants 11/16/04 (Cost $0)............................ 236,300 1,371 ------------ TOTAL -- SINGAPORE (Cost $48,892,737).................... 45,400,326 ------------ HONG KONG -- (25.2%) COMMON STOCKS -- (25.2%) ABC Communications (Holdings), Ltd..... 930,000 35,924 ALCO Holdings, Ltd..................... 602,000 220,916 *APT Satellite Holdings, Ltd........... 354,000 107,116 Aeon Credit Service (Asia) Co., Ltd.... 522,000 312,542 *Allied Group, Ltd..................... 5,592,000 381,618 *Allied Properties, Ltd................ 802,600 284,195 *Anex International Holdings, Ltd...... 152,000 2,114 *Applied China, Ltd.................... 1,036,250 18,547 *Applied International Holdings, Ltd.................................. 1,243,000 19,526 Arts Optical International Holdings, Ltd.................................. 468,000 146,131 Asia Aluminum Holdings, Ltd............ 2,460,000 478,297 *Asia Commercial Holdings, Ltd......... 72,800 1,781 Asia Financial Holdings, Ltd........... 1,976,908 442,916 *Asia Logistics Technologies, Ltd...... 2,214,000 12,828 *Asia Standard International Group, Ltd.................................. 5,136,000 195,089 *Asia Tele-Net & Technology Corp., Ltd.................................. 10,420,000 18,784 Associated International Hotels, Ltd... 898,000 757,361 *Automated Systems Holdings, Ltd....... 234,000 49,112 *Baltrans Holdings, Ltd................ 376,000 145,243 *Beijing Development (Hong Kong), Ltd.................................. 166,000 24,367 *Bossini International Holdings, Ltd.................................. 228,750 9,720 Bright International Group, Ltd........ 302,000 42,774 CCT Telecom Holdings, Ltd.............. 472,970 53,592 *CEC International Holdings, Ltd....... 210,000 4,732 *CNT Group, Ltd........................ 3,078,000 72,528 *COSCO International Holdings, Ltd..... 2,573,600 188,887 *Capital Prosper, Ltd.................. 480,000 4,635 *Capital Strategic Investment, Ltd..... 122,000 2,136 *Cash Financial Services Group, Ltd.... 13,509 774 *Casil Telecommunications Holdings, Ltd.................................. 428,000 21,217 *Catic International Holdings, Ltd..... 3,290,000 96,163 *Celestial Asia Securities Holdings, Ltd.................................. 128,036 8,243 *Central China Enterprises, Ltd........ 2,104,000 5,418 #Champion Technology Holdings, Ltd..... 987,386 212,319 Chen Hsong Holdings, Ltd............... 1,515,000 970,490 *Cheuk Nang (Holdings), Ltd............ 112,501 19,266 *Cheung Tai Hong Holdings, Ltd......... 100,920 3,249 *Chevalier Construction Holdings, Ltd.................................. 131,203 4,055 Chevalier International Holdings, Ltd.. 431,143 219,282 *Chevalier Itech Holdings, Ltd......... 355,250 39,338 *#China Aerospace International Holdings, Ltd........................ 2,430,000 175,218 *China Bio-Medical Group Limited....... 415,000 4,970 *China City Natural Gas Holdings, Ltd.................................. 5,800,000 31,366 *China Digicontent Co., Ltd............ 2,710,000 3,489 *China Everbright International, Ltd.................................. 3,185,000 127,132 *China Everbright Technology, Ltd...... 3,244,000 131,576 *China Gas Holdings, Ltd............... 1,514,000 157,905
133 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ China Hong-Kong Photo Products Holdings, Ltd........................ 1,909,000 $ 125,361 *China Investments Holdings, Ltd....... 210,000 4,543 *China Motion Telecom International, Ltd.................................. 257,000 21,840 China Motor Bus Co., Ltd............... 74,000 466,888 *China Nan Feng Group, Ltd............. 96,000 136 China Online (Bermuda), Ltd............ 423,200 55,037 China Rare Earth Holdings, Ltd......... 700,000 101,850 #China Resources Land, Ltd............. 1,878,000 261,159 China Resources Logic, Ltd............. 3,272,000 341,259 *China Rich Holdings, Ltd.............. 3,380,000 31,335 *China Sci-Tech Holdings, Ltd.......... 2,786,000 5,740 *China Star Entertainment, Ltd......... 50,292 7,317 *China Strategic Holdings, Ltd......... 376,000 8,182 Chinney Investments, Ltd............... 1,144,000 61,867 Chow Sang Sang Holdings International, Ltd.................................. 721,400 218,288 Chuangs China Investments, Ltd......... 1,347,000 57,236 *Chuang's Consortium International, Ltd.................................. 1,858,884 76,593 Chun Wo Holdings, Ltd.................. 1,671,917 92,570 *Chung Tai Printing Holdings, Ltd...... 268,000 48,656 City e Solutions, Ltd.................. 186,000 22,034 *#City Telecom (H.K.), Ltd............. 754,000 308,248 *Climax International Co., Ltd......... 296,000 991 *Coastal Greenland, Ltd................ 300,000 6,335 *Compass Pacific Holdings, Ltd......... 624,000 14,462 *Computer & Technologies Holdings, Ltd.................................. 220,000 51,273 Continental Holdings, Ltd.............. 98,825 8,907 *Continental Mariner Investment Co., Ltd.................................. 1,328,000 196,644 #Coslight Technology International Group, Ltd........................... 466,000 217,510 *Cosmos Machinery Enterprises, Ltd..... 1,024,000 48,785 *Crocodile Garments, Ltd............... 1,539,000 59,449 Cross Harbour Tunnel Co., Ltd.......... 377,148 194,248 *Culturecom Holdings, Ltd.............. 3,767,000 133,387 *DVN Holdings, Ltd..................... 292,490 31,259 *Dan Form Holdings Co., Ltd............ 2,386,600 61,460 Daqing Petroleum & Chemical Group, Ltd.................................. 735,000 59,623 Dickson Concepts International, Ltd.... 320,000 193,657 #Digital China Holdings, Ltd........... 639,000 228,323 *Dynamic Global Holdings, Ltd.......... 1,446,000 17,129 Dynamic Holdings, Ltd.................. 244,000 38,330 *Easyknit International Holdings, Ltd.................................. 282,860 3,861 *Eforce Holdings, Ltd.................. 2,620,000 126,508 Egana Jewelry and Pearls............... 331,789 102,532 #Eganagoldfeil Holdings Ltd............ 2,017,235 410,392 Elec & Eltek International Holdings, Ltd.................................. 3,078,790 606,536 *Emperor International Holdings, Ltd... 64,436 19,912 *Extrawell Pharmaceutical Holdings, Ltd.................................. 3,220,000 102,409 *Ezcom Holdings, Ltd................... 72,576 3,224 *Fairwood Holdings, Ltd................ 42,600 6,802 Far East Consortium International, Ltd.................................. 1,672,000 215,289 *Far East Hotels & Entertainment, Ltd.................................. 1,853,000 81,122 Far East Pharmaceutical Technology Co., Ltd.................................. 2,560,000 303,259 First Sign International Holdings, Ltd.................................. 1,050,000 51,376 *Forefront International Holdings, Ltd.................................. 658,000 201,222 SHARES VALUE+ ------ ------ *Foundation Group, Ltd................. 83,800 $ 2,913 *Founder Holdings, Ltd................. 1,374,000 150,380 Four Seas Frozen Food Holdings, Ltd.... 347,184 40,680 Four Seas Mercantile Holdings, Ltd..... 592,000 207,718 *Fujian Group, Ltd..................... 2,378,000 25,108 *Fushan Holdings, Ltd.................. 2,566,000 89,208 GZI Transport, Ltd..................... 850,000 257,201 *GeoMaxima Energy Holdings, Ltd........ 5,810,000 115,208 Global China Group Holdings, Ltd....... 2,288,000 185,602 Global Green Tech Group, Ltd........... 1,012,000 174,611 *#Global Tech (Holdings), Ltd.......... 5,612,000 67,925 Glorious Sun Enterprises, Ltd.......... 1,066,000 377,464 Gold Peak Industries (Holdings), Ltd... 1,059,250 330,747 *Goldbond Group Holdings, Ltd. New..... 99,900 2,573 Golden Resources Development International, Ltd................... 1,456,500 65,639 *Gold-Face Holdings, Ltd............... 2,003,600 139,312 Goldlion Holdings, Ltd................. 1,438,000 120,353 Golik Holdings, Ltd.................... 930,500 73,086 Good Fellow Group, Ltd................. 3,488,000 190,876 *Gorient Holdings, Ltd................. 73,700 209 *Great Wall Cybertech, Ltd............. 15,795,170 20,338 Group Sense (International), Ltd....... 2,062,000 297,366 Guangdong Brewery Holdings, Ltd........ 1,742,000 430,660 *Guangnan Holdings, Ltd................ 11,246,000 241,824 *HKR International, Ltd................ 1,884,860 600,675 *Hang Fung Gold Technology, Ltd........ 458,000 80,203 Hang Ten Group Holdings, Ltd........... 585,039 1,281 Hanny Holdings, Ltd.................... 136,658 34,313 *Hansom Eastern Holdings, Ltd.......... 3,473,235 36,225 Harbour Centre Development, Ltd........ 517,000 532,557 Henderson China Holdings, Ltd.......... 815,000 396,150 *Heng Fung Holdings, Ltd............... 42,000 34,611 High Fashion International, Ltd........ 268,000 39,684 *Hon Kwok Land Investment Co., Ltd..... 572,535 94,362 Hong Kong Catering Management, Ltd..... 512,000 48,785 *Hong Kong Construction Holdings, Ltd.................................. 970,000 61,200 Hong Kong Ferry (Holdings) Co., Ltd.... 671,300 674,212 *Hong Kong Parkview Group, Ltd......... 1,130,000 72,750 *Hong Kong Pharmaceuticals Holdings, Ltd.................................. 1,834,000 86,194 Hongkong Chinese, Ltd.................. 1,682,000 223,074 *Hop Hing Holdings, Ltd................ 660,265 29,756 Hopson Development Holdings, Ltd....... 936,000 154,266 *Hsin Chong Construction Group, Ltd.... 1,569,658 66,697 *Hualing Holdings, Ltd................. 1,344,000 59,704 *Hudson Holdings, Ltd.................. 256,000 4,615 *Hycomm Wireless, Ltd.................. 1,383,000 15,849 *I-China Holdings, Ltd................. 854,000 3,409 IDT International, Ltd................. 4,028,486 606,894 *IMI Global Holdings, Ltd.............. 91,600 20,758 *ITC Corp., Ltd........................ 466,157 23,409 *Innomaxx Biotechnology Group, Ltd..... 1,794,000 102,794 *Interchina Holdings Co., Ltd.......... 2,640,000 186,961 *Inworld Group, Ltd.................... 2,036 12 K Wah International Holdings, Ltd...... 3,009,831 430,180 K. Wah Construction Materials, Ltd..... 2,404,949 185,799 *KPI Co., Ltd.......................... 264,000 4,453 KTP Holdings, Ltd...................... 180,400 25,551 *Kader Holdings Co., Ltd............... 545,600 11,662 Karrie International Holdings, Ltd..... 488,000 152,376
134 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Keck Seng Investments (Hong Kong), Ltd.................................. 858,600 $ 90,655 Kee-Shing Holdings Co., Ltd............ 886,000 54,189 Kin Yat Hldgs.......................... 304,000 59,889 *King Fook Holdings, Ltd............... 1,000,000 79,832 *King Pacific International Holdings, Ltd.................................. 1,404,200 22,058 #Kingmaker Footwear Holdings, Ltd...... 1,058,750 456,692 *Kong Sun Holdings, Ltd................ 2,198,000 6,792 Kowloon Development Co., Ltd........... 604,000 443,299 *Kwong Sang Hong International, Ltd.... 1,434,000 77,550 Kwoon Chung Bus Holdings, Ltd.......... 556,000 84,478 *Lai Sun Development Co., Ltd.......... 2,970,000 42,449 *Lai Sun Garment (International), Ltd.................................. 2,325,000 58,377 *Lam Soon (Hong Kong), Ltd............. 302,310 104,127 *Le Saunda Holdings, Ltd............... 236,000 7,020 *Leading Spirit High-Tech Holdings Co., Ltd.................................. 2,310,000 2,974 *Leaptek, Ltd.......................... 193,000 994 Lerado Group (Holding) Co., Ltd........ 580,000 113,516 *LifeTec Group, Ltd.................... 1,383,000 16,561 *Lippo, Ltd............................ 1,074,760 164,681 Liu Chong Hing Investment, Ltd......... 635,200 445,751 Luks Industrial Group, Ltd............. 645,555 101,409 Lung Kee (Bermuda) Holdings, Ltd....... 857,500 449,932 *Mae Holdings, Ltd..................... 2,220,000 5,431 *Magnificent Estates, Ltd.............. 2,368,000 13,721 *Magnum International Holdings, Ltd.... 300,000 3,283 Mainland Headwear Holdings, Ltd........ 226,000 75,660 *Mansion House Group, Ltd.............. 600,000 23,177 *Matrix Holdings, Ltd.................. 402,000 96,277 *Mei Ah Entertainment Group, Ltd....... 1,142,000 36,026 Melbourne Enterprises, Ltd............. 45,500 176,931 Midland Realty (Holding), Ltd.......... 860,000 189,356 *Millennium Group, Ltd................. 928,000 21,508 *Min Xin Holdings, Ltd................. 753,200 116,380 *Morning Star Resources, Ltd........... 1,845,000 15,917 Moulin International Holdings, Ltd..... 699,274 549,240 Nanyang Holdings, Ltd.................. 137,500 123,933 *National Electronics Holdings, Ltd.... 2,156,000 69,402 *New China Merchants Dichain........... 3,520,000 63,907 New Island Printing Holdings, Ltd...... 176,000 14,957 *New World China Land, Ltd............. 702,800 157,459 *New World Cyberbase, Ltd.............. 25,220 130 *#New World Infrastructure, Ltd........ 1,065,400 181,081 *Newocean Green Energy Holdings, Ltd.................................. 3,931,200 65,298 #Ngai Lik Industrial Holdings, Ltd..... 1,556,000 651,146 *Onfem Holdings, Ltd................... 1,266,000 81,506 Orient Power Holdings, Ltd............. 360,000 50,989 *Oriental Metals Holdings Co., Ltd..... 1,237,800 47,814 Oriental Watch Holdings, Ltd........... 134,000 28,814 Pacific Andes International Holdings, Ltd.................................. 888,000 160,076 Pacific Century Insurance Holdings, Ltd.................................. 1,026,000 396,327 *Pacific Plywood Holdings, Ltd......... 4,430,000 11,408 Paul Y. ITC Construction Holdings, Ltd.................................. 520,000 48,208 Peace Mark Holdings, Ltd............... 1,105,315 142,322 Pegasus International Holdings, Ltd.... 226,000 31,719 Perfectech International Holdings, Ltd.................................. 571,450 49,299 Pico Far East Holdings, Ltd............ 1,190,000 62,056 Playmates Holdings, Ltd................ 1,585,000 334,702 Pokfulam Development Co., Ltd.......... 234,000 61,767 SHARES VALUE+ ------ ------ *Poly Investments Holdings, Ltd........ 2,670,000 $ 56,726 Prime Success International Group, Ltd.................................. 768,000 30,161 #Proview International Holdings, Ltd... 944,000 249,179 *#QPL International Holdings, Ltd...... 1,191,000 467,732 Quality Healthcare Asia, Ltd........... 1,338,000 38,591 *Rainbow International Holdings, Ltd... 2,036 20 Raymond Industrial, Ltd................ 605,400 189,034 *Regal Hotels International Holdings, Ltd.................................. 9,400,000 160,977 *Rexcapital International Holdings, Ltd.................................. 1,272,905 27,863 *Riche Multi-Media Holdings, Ltd....... 706,000 268,171 *Rivera Holdings, Ltd.................. 3,620,000 107,673 *Riverhill Holdings, Ltd............... 2,036 28 Road King Infrastructure, Ltd.......... 449,000 323,757 Roadshow Holdings, Ltd................. 1,456,000 194,975 S.A.S.Dragon Holdings, Ltd............. 1,696,000 163,784 SA SA International Holdings, Ltd...... 1,614,000 363,686 *SEEC Media Group, Ltd................. 1,692,000 93,682 SNP Leefung Holdings, Ltd.............. 144,000 24,104 Safety Godown Co., Ltd................. 408,000 147,097 Saint Honore Holdings, Ltd............. 128,000 16,811 San Miguel Brewery Hong Kong, Ltd...... 612,800 153,076 Sea Holdings, Ltd...................... 832,000 176,763 *Seapower Resources International, Ltd.................................. 2,528,000 8,789 Shanghai Allied Cement, Ltd............ 356,080 25,217 *Shanghai Century Holdings, Ltd........ 5,242,000 127,569 *Shanghai Land Holdings, Ltd........... 1,464,000 65,035 Shanghai Real Estates, Ltd............. 1,692,000 124,183 Shaw Brothers Hong Kong, Ltd........... 237,000 262,441 Shell Electric Manufacturing (Holdings) Co., Ltd............................. 553,792 136,909 Shenyin Wanguo (Hong Kong), Ltd........ 847,500 102,578 *Shenzhen International Holdings, Ltd.................................. 6,187,500 258,931 Shougang Concord Century Holdings, Ltd.................................. 1,292,000 187,986 *Shougang Concord Grand (Group), Ltd.................................. 1,701,000 135,794 *Shougang Concord International Enterprises Co., Ltd................. 4,166,000 219,932 *Shougang Concord Technology Holdings, Ltd.................................. 1,647,914 227,041 *Shui On Construction & Materials, Ltd.................................. 282,000 397,602 *Shun Ho Resources Holdings, Ltd....... 483,000 14,864 *Shun Ho Technology Holdings, Ltd...... 1,037,452 29,388 Silver Grant International Industries, Ltd.................................. 2,087,000 228,416 *Sincere Co., Ltd...................... 505,500 18,550 Singamas Container Holdings, Ltd....... 838,000 445,096 *Sinocan Holdings, Ltd................. 350,000 1,758 *Sino-i Technology, Ltd................ 19,383,158 509,143 Sinolink Worldwide Holdings, Ltd....... 2,314,000 274,117 Sinopec Kantons Holdings, Ltd.......... 1,296,000 185,231 *Skynet (International Group) Holdings, Ltd.................................. 244,240 314 *Softbank Investment International (Strategic), Ltd..................... 1,434,000 16,618 *Solartech New Shares.................. 49,600 3,640 *South China Brokerage Co., Ltd........ 4,872,000 28,230 *South China Industries, Ltd........... 1,124,000 30,393 Southeast Asia Properties & Finance, Ltd.................................. 263,538 39,363
135 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Starlight International Holdings, Ltd. (New)................................ 1,311,292 $ 209,366 Starlite Holdings, Ltd................. 336,000 35,909 *Stelux Holdings International, Ltd.... 1,307,702 45,463 *Styland Holdings, Ltd................. 101,808 328 Sun Hing Vision Group Holdings, Ltd.... 206,000 78,911 Sun Hung Kai & Co., Ltd................ 2,048,600 458,978 *Sun Innovation Holdings, Ltd.......... 1,420,360 2,926 *Sun Media Group Holdings, Ltd......... 9,814,000 37,910 *Sunday Communications, Ltd............ 4,441,000 174,408 #Sunway International Holdings, Ltd.... 866,000 40,700 *Suwa International Holdings, Ltd...... 1,062,000 42,391 *TCC International Holdings, Ltd....... 678,000 104,760 *Tack Hsin Holdings, Ltd............... 542,000 10,468 Tai Cheung Holdings, Ltd............... 1,013,000 319,566 Tai Fook Securities Group, Ltd......... 590,000 74,450 Tai Sang Land Development, Ltd......... 471,984 120,331 Tak Sing Alliance Holdings, Ltd........ 2,909,865 104,910 #Tan Chong International, Ltd.......... 666,000 124,345 *Termbray Industries International (Holdings), Ltd...................... 2,304,900 118,713 Tern Properties Co., Ltd............... 61,200 12,214 *The Sun's Group, Ltd.................. 17,004,000 21,895 *Tian An China Investments Co., Ltd.... 9,795,750 237,127 Tian Teck Land, Ltd.................... 1,098,000 328,708 #Tianjin Development Holdings, Ltd..... 846,000 400,325 *Titan (Holdings), Ltd................. 4,900,000 201,898 *Tomorrow International Holdings, Ltd. New.................................. 165,000 20,821 #Top Form International, Ltd........... 1,586,000 238,932 Tristate Holdings, Ltd................. 138,000 32,873 Truly International Holdings, Ltd...... 1,014,000 940,060 Tungtex (Holdings) Co., Ltd............ 788,000 306,928 *Tysan Holdings, Ltd................... 1,040,773 23,050 *U-Cyber Technology Holdings, Ltd...... 432,800 10,644 U-Right International Holdings, Ltd.... 896,000 48,455 USI Holdings, Ltd...................... 928,999 101,676 *United Power Investment, Ltd.......... 1,664,000 28,925 *Universal Holdings Ltd................ 2,770,000 11,413 *Universe International Holdings, Ltd.................................. 573,339 13,879 Van Shung Chong Holdings, Ltd.......... 359,335 84,209 *Vanda Systems & Communications Holdings, Ltd........................ 1,920,000 212,611 #Varitronix International, Ltd......... 276,344 291,776 Veeko International Holdings, Ltd...... 1,420,000 32,546 Victory City International Holdings, Ltd.................................. 509,613 231,305 Vitasoy International Holdings, Ltd.... 1,033,000 264,691 *Wah Ha Realty Co., Ltd................ 278,600 47,352 *Wah Nam International................. 38,696 1,246 Wai Kee Holdings, Ltd.................. 1,265,738 161,348 *Wang ON Group Ltd New................. 46,440 5,083 Wellnet Holdings, Ltd.................. 2,059,200 159,087 *Winfoong International, Ltd........... 1,210,000 26,019 Wing On Co. International, Ltd......... 565,000 451,051 Wing Shan International, Ltd........... 896,000 49,032 *Winsan China Investment Group, Ltd.... 1,296,000 10,847 Wong's International (Holdings), Ltd... 400,641 60,357 *Wonson International Holdings, Ltd.... 4,040,000 12,485 World Houseware (Holdings), Ltd........ 605,700 25,737 *Xinao Gas Holdings, Ltd............... 1,094,000 584,589 Y. T. Realty Group, Ltd................ 965,000 55,915 YGM Trading, Ltd....................... 228,000 130,641 Yangtzekiang Garment Manufacturing Co., Ltd.................................. 405,000 85,523 SHARES VALUE+ ------ ------ *Yanion International Holdings, Ltd.... 118,000 $ 6,229 *Yaohan International Holdings, Ltd.... 974,000 0 *Yau Lee Holdings, Ltd................. 534,000 18,565 *Yip's Chemical Holdings, Ltd.......... 372,000 87,177 *Yugang International, Ltd............. 11,916,000 90,525 *Yunnan Enterprises Holdings, Ltd...... 240,000 14,524 *Zhu Kuan Development Co., Ltd......... 646,000 28,281 *e-New Media Co., Ltd.................. 320,000 10,054 *eSun Holdings, Ltd.................... 653,600 19,777 ------------ TOTAL COMMON STOCKS (Cost $65,181,292).................... 43,828,366 ------------ RIGHTS/WARRANTS -- (0.0%) *Allied Properties, Ltd. Warrants 12/06/04............................. 80,260 0 *Applied China, Ltd. Warrants 04/30/04............................. 207,250 267 *Climax International Co., Ltd. Warrants 02/08/04.................... 11,200 14 *Goldbond Group Holdings, Ltd. Rights 12/15/03............................. 399,600 5,145 ------------ TOTAL RIGHTS/WARRANTS (Cost $100,548)....................... 5,426 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Hong Kong Dollars (Cost $2,086)........................ 2,086 ------------ TOTAL -- HONG KONG (Cost $65,283,926).................... 43,835,878 ------------ NEW ZEALAND -- (9.3%) COMMON STOCKS -- (9.3%) *AFFCO Holdings, Ltd................... 1,640,950 241,168 CDL Hotels NZ, Ltd..................... 1,243,344 317,796 CDL Investments NZ, Ltd................ 286,445 53,081 Cavalier Corp., Ltd.................... 249,212 883,810 Colonial Motor Co., Ltd................ 93,695 170,032 *Cue Energy Resources NL............... 452,354 16,476 DB Breweries, Ltd...................... 312,589 1,557,991 Ebos Group, Ltd........................ 82,808 169,324 *Evergreen Forests, Ltd................ 323,301 92,964 *Fletcher Challenge Forests, Ltd....... 475,200 397,781 Hallenstein Glassons Holdings, Ltd..... 206,438 397,057 Hellaby Holdings, Ltd.................. 179,079 550,410 Horizon Energy Distribution, Ltd....... 40,420 92,465 *Kingsgate International Corp., Ltd.... 479,679 73,563 *Met Lifecare, Ltd..................... 234,168 329,190 #Michael Hill International, Ltd....... 137,246 403,417 *New Zealand Oil & Gas, Ltd............ 420,122 96,644 New Zealand Refining Co., Ltd.......... 72,719 760,200 Northland Port Corp. (New Zealand), Ltd.................................. 219,997 411,890 Nuplex Industries, Ltd................. 229,674 610,523 *Pacific Retail Group, Ltd............. 194,156 303,958 Port of Tauranga, Ltd.................. 541,952 1,423,310 Powerco, Ltd........................... 728,453 837,859 *Provenco Group, Ltd................... 281,600 79,174 Pyne Gould Guinness, Ltd............... 146,734 117,203 Restaurant Brand New Zealand, Ltd...... 369,175 261,850 *Richina Pacific, Ltd.................. 274,644 59,669 *Rubicon, Ltd.......................... 395,021 194,360 *Ryman Healthcare Group, Ltd........... 300,000 406,400 Sanford, Ltd........................... 340,412 1,161,563 Scott Technology, Ltd.................. 54,083 115,772 *Seafresh Fisheries.................... 80,520 1,441 *Sky City Leisure, Ltd................. 15,236 10,904
136 THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ South Port New Zealand, Ltd............ 30,744 $ 28,486 Steel & Tube Holdings, Ltd............. 303,825 722,210 *Tasman Farms.......................... 157,056 0 Taylors Group, Ltd..................... 29,646 42,244 Tourism Holdings, Ltd.................. 278,652 254,621 *Trans Tasman Properties, Ltd.......... 1,921,308 441,973 *#Tranz Rail Holdings, Ltd............. 674,271 641,974 Waste Management NZ, Ltd............... 349,572 862,225 Williams & Kettle, Ltd................. 38,372 118,674 Wrightson, Ltd......................... 478,020 415,415 ------------ TOTAL COMMON STOCKS (Cost $12,215,156).................... 16,127,067 ------------ INVESTMENT IN CURRENCY -- (0.0%) *New Zealand Dollar (Cost $17,682)....................... 17,615 ------------ TOTAL -- NEW ZEALAND (Cost $12,232,838).................... 16,144,682 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) *Exergy, Inc. (Cost $0)............................ 7,260 0 ------------ MALAYSIA -- (0.1%) COMMON STOCKS -- (0.1%) *Autoways Holdings Berhad.............. 10,000 3,395 *Promet Berhad......................... 1,143,000 87,229 *RNC Corp. Berhad...................... 33,000 3,561 *Rekapacific Berhad.................... 473,000 0 *Saship Holdings Berhad................ 223,520 52,351 *Versatile Creative Berhad............. 3,000 6,947 *Wing Tiek Holdings Berhad............. 95,800 22,437 ------------ TOTAL COMMON STOCKS (Cost $1,278,766)..................... 175,920 ------------ RIGHTS/WARRANTS -- (0.0%) *Versatile Creative Rights Pay Date Open (Cost $0)............................ 6,000 0 ------------ TOTAL -- MALAYSIA (Cost $1,278,766)..................... 175,920 ------------ SHARES VALUE+ ------ ------ JAPAN -- (0.0%) COMMON STOCKS -- (0.0%) *Sansui Electric Co., Ltd. (Cost $25,906)....................... 252,000 $ 50,621 ------------ FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (11.3%) Repurchase Agreement, PNC Capital Markets, Inc. 0.82%, 12/01/03 (Collateralized by $2,785,000 FHLB Notes 1.875%, 02/15/05, valued at $2,805,888) to be repurchased at $2,764,189 (Cost $2,764,000).................... $ 2,764 2,764,000 Repurchase agreements in a Pooled Cash Account, Mizuho Securities USA, 1.05%, 12/01/03 (Collateralized by $17,176,000 U.S. Treasury Obligations, rates ranging from 2.625% to 4.25%, maturities ranging from 11/15/06 to 11/15/13, valued at $16,983,984) to be repurchased at $16,985,470 (Cost $16,983,984){::}............... 16,984 16,983,984 ------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $19,747,984).................... 19,747,984 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $188,618,906)++................. $174,032,722 ============
- -------------------- + See Note B to Financial Statements. {::} Security purchased with cash proceeds from securities on loan * Non-Income Producing Securities # Total or Partial Securities on Loan ++ The cost for federal income tax purposes is $189,625,204. 137 THE UNITED KINGDOM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2003
SHARES VALUE+ ------ ------ UNITED KINGDOM (98.0%) COMMON STOCKS (96.7%) 4imprint P.L.C......................... 50,375 $ 72,776 600 Group P.L.C........................ 100,910 105,433 AEA Technology P.L.C................... 31,245 137,567 AGA Food Service Group P.L.C........... 76,000 306,515 AIM Group P.L.C........................ 32,063 51,008 *API Group P.L.C....................... 51,500 62,887 Abacus Group P.L.C..................... 75,000 303,127 Abbeycrest P.L.C....................... 42,590 49,443 Abbot Group P.L.C...................... 103,595 302,889 Aberdeen Asset Management P.L.C........ 100,000 141,029 *Aberdeen Asset Management P.L.C....... 125,050 161,302 Acal P.L.C............................. 13,671 112,271 *Acambis P.L.C......................... 61,000 323,653 *Adam & Harvey Group P.L.C............. 10,500 361 *Advanced Medical Solutions P.L.C...... 29,802 4,997 *Advanced Power Components, Ltd........ 47,871 15,026 Aggreko P.L.C.......................... 158,000 379,076 *Airflow Streamlines P.L.C............. 20,500 20,097 Airsprung Furniture Group P.L.C........ 58,000 69,827 Alba P.L.C............................. 105,025 1,106,353 Alexandra P.L.C........................ 86,243 128,303 Alexon Group P.L.C..................... 116,632 586,731 Alpha Airports Group P.L.C............. 392,541 509,715 Alphameric P.L.C....................... 172,688 259,876 Alumasc Group P.L.C.................... 100,245 274,129 Alvis P.L.C............................ 191,010 584,751 Amberley Group P.L.C................... 200,000 26,658 Amstrad P.L.C.......................... 149,652 343,605 *Anglesey Mining P.L.C................. 55,000 2,483 Anglo Eastern Plantations P.L.C........ 57,166 145,019 *Anite Group P.L.C..................... 250,000 211,759 *Antisoma P.L.C........................ 163,333 110,258 *Applied Optical Technologies P.L.C.... 75,383 34,681 *Arena Leisure P.L.C................... 350,516 244,151 *Argonaut Games, Ltd................... 100,000 12,039 Arla Foods UK P.L.C.................... 742,432 549,061 *Arm Holdings P.L.C.................... 127,000 262,108 Arriva P.L.C........................... 37,770 249,769 Ashtenne Holdings P.L.C................ 50,000 261,850 Atkins Ws P.L.C........................ 63,000 475,664 Austin Reed Group P.L.C................ 68,999 166,137 Autologic Holdings P.L.C............... 17,489 96,252 Avesco P.L.C........................... 29,998 72,488 Aveva Group P.L.C...................... 10,000 81,436 Avis Europe P.L.C...................... 362,720 673,737 Avon Rubber P.L.C...................... 25,041 94,963 *Axis-Shield P.L.C..................... 58,284 164,395 Axon Group P.L.C....................... 19,756 45,870 *BNB Resources P.L.C................... 49,000 19,172 BPP Holdings P.L.C..................... 106,500 523,855 BSS Group P.L.C........................ 47,905 463,445 *BTG P.L.C............................. 51,000 171,041 BWD Securities P.L.C................... 10,951 91,346 Babcock International Group P.L.C...... 310,464 688,805 Baggeridge Brick P.L.C................. 98,000 225,853 *Bailey (C.H.) P.L.C................... 109,500 12,712 *Bailey (C.H.) P.L.C. Class B.......... 10,000 4,902 Barr (A.G.) P.L.C...................... 43,000 441,877 Beattie (James) P.L.C.................. 132,247 295,682 Bellway P.L.C.......................... 93,000 1,087,645 Ben Bailey P.L.C....................... 26,000 152,484 SHARES VALUE+ ------ ------ Benchmark Group P.L.C.................. 36,513 $ 152,598 Bespak P.L.C........................... 55,918 420,751 *Biocompatibles International P.L.C.... 12,430 35,915 Biotrace International P.L.C........... 75,000 179,941 Birse Group P.L.C...................... 421,901 110,656 Black Arrow Group P.L.C................ 56,500 60,247 Blacks Leisure Group P.L.C............. 60,959 359,082 *Blagden Industries P.L.C.............. 131,092 0 Blick P.L.C............................ 68,555 275,899 Bloomsbury Publishing P.L.C............ 62,525 281,203 Body Shop International P.L.C.......... 194,000 407,058 Bodycote International P.L.C........... 159,058 456,843 *Boosey & Hawkes P.L.C................. 35,500 131,269 Boot (Henry) P.L.C..................... 47,000 270,793 Bovis Homes Group P.L.C................ 72,000 539,282 *Bradstock Group P.L.C................. 5,200 3,935 Brammer (H.) P.L.C..................... 119,123 323,704 Brewin Dolphin Holdings P.L.C.......... 219,762 326,937 Bristol Water Holdings P.L.C........... 60,000 300,805 *Britannic P.L.C....................... 121,800 557,217 British Polythene Industries P.L.C..... 56,740 291,780 British Vita P.L.C..................... 125,600 561,640 Brixton P.L.C.......................... 151,200 652,711 *Brown & Jackson P.L.C................. 296,819 484,965 Brown (N) Group P.L.C.................. 173,480 325,215 Burndene Investments P.L.C............. 175,001 230,249 Burtonwood Brewery P.L.C............... 38,000 216,325 Business Post Group P.L.C.............. 56,000 482,526 CD Bramall P.L.C....................... 68,166 524,633 *CLS Holdings P.L.C.................... 122,907 573,907 CML Microsystems P.L.C................. 28,361 129,991 Caffyns P.L.C.......................... 6,000 60,883 *Cairn Energy P.L.C.................... 92,636 632,507 *Cammell Laird Holdings P.L.C.......... 256,158 26,434 Capital & Regional P.L.C............... 26,432 176,383 Capital Radio P.L.C.................... 48,810 393,710 Carclo P.L.C........................... 100,463 67,385 Care UK P.L.C.......................... 64,835 292,708 Carillion P.L.C........................ 125,317 302,818 *Carlisle Holdings, Ltd................ 8,709 51,675 Carpetright P.L.C...................... 102,500 1,323,911 Carr's Milling Industries P.L.C........ 19,000 100,973 Castings P.L.C......................... 79,000 244,565 *Cenes Pharmaceuticals P.L.C........... 298,612 44,938 Chamberlin & Hill P.L.C................ 18,000 53,402 Chapelthorpe P.L.C..................... 617,618 172,611 Charles Taylor Consulting P.L.C........ 66,743 324,853 *Charter P.L.C......................... 88,743 158,731 *Che Group P.L.C....................... 51,533 34,566 Chelsfield P.L.C....................... 53,402 290,228 Chemring Group P.L.C................... 49,000 322,346 *Chime Communications P.L.C............ 71,838 40,154 Chloride Group P.L.C................... 485,500 413,323 Christie Group P.L.C................... 53,263 61,834 Chrysalis Group P.L.C.................. 268,082 987,833 Churchill China P.L.C.................. 30,000 93,389 City Centre Restaurants P.L.C.......... 174,871 221,807 Clarkson (Horace) P.L.C................ 44,733 326,204 *Clinical Computing P.L.C.............. 46,666 34,110 Clinton Cards P.L.C.................... 433,380 682,001 Colefax Group P.L.C.................... 60,000 87,713 Collins Stewart Tullett P.L.C.......... 31,538 244,085 *Colt Telecom Group P.L.C.............. 257,000 432,061
138 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Communisis P.L.C....................... 237,134 $ 373,173 Compel Group P.L.C..................... 5,000 6,321 Computacenter P.L.C.................... 51,000 413,568 *Cookson Group P.L.C................... 1,172,068 735,768 Coral Products P.L.C................... 50,000 47,726 *Corporate Services Group P.L.C........ 246,600 45,063 Cosalt P.L.C........................... 30,700 193,512 Countryside Property P.L.C............. 94,086 292,886 Countrywide Assured Group P.L.C........ 202,374 491,630 Courts P.L.C........................... 110,722 521,771 *Cox Insurance Holdings P.L.C.......... 244,666 313,491 Cranswick P.L.C........................ 19,532 104,976 Crest Nicholson P.L.C.................. 267,250 1,374,308 Creston P.L.C.......................... 6,250 12,308 Croda International P.L.C.............. 79,635 362,948 Cropper (James) P.L.C.................. 22,000 62,431 *Culver Holdings P.L.C................. 338 90 *DCS Group P.L.C....................... 10,000 2,365 DFS Furniture Co. P.L.C................ 66,300 431,023 DTZ Holdings P.L.C..................... 114,500 243,202 Daejan Holdings P.L.C.................. 25,000 809,413 Dairy Crest Group P.L.C................ 76,000 612,376 *Dana Petroleum P.L.C.................. 33,333 128,702 *Danka Business Systems P.L.C.......... 15,000 11,609 Dart Group P.L.C....................... 74,000 164,179 Davis Service Group P.L.C.............. 80,878 497,976 *Dawson International P.L.C............ 100,688 22,512 De la Rue P.L.C........................ 112,000 556,687 DeVere Group P.L.C..................... 69,600 466,841 Dechra Pharmaceiticals P.L.C........... 50,000 107,062 Delta P.L.C............................ 200,000 283,778 Deltron Electronics P.L.C.............. 8,621 9,119 *Deltron Electronics P.L.C. (Rfd Issue Line)................................ 718 759 *Densitron International P.L.C......... 74,175 23,282 Derwent Valley Holdings P.L.C.......... 90,000 1,157,815 Development Securities P.L.C........... 50,000 306,137 Devro P.L.C............................ 180,143 281,938 Dewhurst P.L.C......................... 9,000 17,801 Dewhurst P.L.C. Class A Non-Voting..... 15,500 25,458 Diagonal P.L.C......................... 34,200 27,939 *Dickinson Legg Group P.L.C............ 11,935 6,620 Dicom Group P.L.C...................... 30,000 372,781 *Dimension Data Holdings P.L.C......... 832,000 529,444 Diploma P.L.C.......................... 22,648 176,840 Domestic & General Group P.L.C......... 17,223 159,214 Domino Printing Sciences P.L.C......... 355,935 1,049,857 Domnick Hunter Group P.L.C............. 30,000 210,254 *Dowding & Mills P.L.C................. 336,440 56,417 Dyson Group P.L.C...................... 42,750 197,781 East Surrey Holdings P.L.C............. 36,800 192,405 *Easynet Group P.L.C................... 75,000 154,788 *Ebookers P.L.C........................ 37,800 281,823 *Eidos P.L.C........................... 55,300 137,194 Eldridge Pope & Co. P.L.C.............. 25,000 72,449 Eleco P.L.C............................ 104,685 57,614 Electronic Data Processing P.L.C....... 55,200 67,880 *Emess P.L.C........................... 288,250 50,195 Ennstone P.L.C......................... 295,323 198,087 *Enodis P.L.C.......................... 275,329 404,868 Eurocopy P.L.C......................... 41,051 25,770 *Eurodis Electron P.L.C................ 188,125 47,724 Euromoney Institutional Investors P.L.C................................ 65,000 428,161 European Colour P.L.C.................. 82,090 24,707 European Motor Holdings P.L.C.......... 118,325 349,008 *European Telecom P.L.C................ 7,000 361 SHARES VALUE+ ------ ------ *Evans of Leeds Contingent Units P.L.C................................ 80,000 $ 0 Expro International Group P.L.C........ 54,966 224,519 *FII Group P.L.C....................... 41,166 4,779 FKI P.L.C.............................. 360,000 681,068 Fenner P.L.C........................... 92,146 141,046 *Ferguson International Holdings P.L.C................................ 89,105 53,637 Ferraris Group P.L.C................... 10,800 27,119 *Fibernet Group P.L.C.................. 45,339 79,147 Filtronic P.L.C........................ 4,138 31,385 Financial Objects P.L.C................ 7,000 3,251 Findel P.L.C........................... 142,288 714,572 First Choice Holidays P.L.C............ 325,535 750,236 First Technology P.L.C................. 117,111 596,190 Fisher (James) & Sons P.L.C............ 76,000 333,310 Forminster P.L.C....................... 43,333 21,613 Forth Ports P.L.C...................... 140,161 2,386,478 Fortress Holdings P.L.C................ 120,728 54,505 Freeport Leisure P.L.C................. 25,814 166,932 French Connection Group P.L.C.......... 25,000 723,634 Fuller, Smith & Turner P.L.C. Series A............................. 20,000 203,804 Fulmar P.L.C........................... 107,500 146,984 *Future Network P.L.C.................. 315,000 342,662 GB Group P.L.C......................... 250,000 102,117 GWR Group P.L.C........................ 80,700 371,272 Galliford Try P.L.C.................... 517,870 380,761 Game Group P.L.C....................... 275,000 297,967 Games Workshop Group P.L.C............. 13,519 167,406 Gaming International P.L.C............. 14,000 8,789 *Garton Engineering P.L.C.............. 10,248 0 *Gaskell P.L.C......................... 36,000 13,931 Geest P.L.C............................ 75,278 647,341 Gibbs & Dandy P.L.C.................... 4,500 52,628 Gleeson (M.J.) Group P.L.C............. 22,471 482,123 *Glotel P.L.C.......................... 15,300 26,972 Go-Ahead Group P.L.C................... 40,000 692,419 Goldshield Group P.L.C................. 14,400 48,294 Gowrings P.L.C......................... 5,000 5,289 Grainger Trust, Ltd.................... 22,000 565,286 Great Portland Estates P.L.C........... 125,900 524,006 Greene King P.L.C...................... 44,162 635,345 *Greenwich Resources P.L.C............. 438,664 15,089 Greggs P.L.C........................... 26,000 1,436,743 Guiness Peat Group P.L.C............... 176,171 198,459 *Gyrus Group P.L.C..................... 55,072 156,756 Halma P.L.C............................ 227,000 530,958 Halstead (James) Group P.L.C........... 52,208 305,289 *Hampson Industries P.L.C.............. 105,886 25,040 *Hampton Trust P.L.C................... 232,050 14,966 Hardys & Hansons P.L.C................. 48,000 355,806 *Hartstone Group P.L.C................. 240,263 3,926 *Harvey Nash Group P.L.C............... 183,750 252,821 Havelock Europa P.L.C.................. 27,660 38,295 *Hawtin P.L.C.......................... 196,500 28,726 Haynes Publishing Group P.L.C.......... 14,703 82,183 Headlam Group P.L.C.................... 152,974 861,636 Heath (Samuel) & Sons P.L.C............ 7,500 45,792 Helical Bar P.L.C...................... 35,000 452,970 Helphire Group P.L.C................... 149,600 536,454 Henlys Group P.L.C..................... 133,303 206,337 Heywood Williams Group P.L.C........... 140,400 201,627 Highbury House Communications P.L.C.... 439,166 185,050 Highway Insurance Holdings P.L.C....... 204,751 136,456 Hill & Smith Holdings P.L.C............ 86,850 143,396
139 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Hiscox P.L.C........................... 171,500 $ 418,102 Hit Entertainment P.L.C................ 119,691 551,171 Hitachi Capital (UK) P.L.C............. 53,912 192,397 Holidaybreak P.L.C..................... 92,974 879,467 Homestyle Group P.L.C.................. 45,692 100,588 *Hornby P.L.C.......................... 10,000 193,055 House of Fraser P.L.C.................. 371,650 624,807 Hunting P.L.C.......................... 223,174 376,153 Huntleigh Technology P.L.C............. 24,925 110,384 *Huntsworth P.L.C...................... 108,000 39,007 *Hyder Consulting P.L.C................ 16,308 32,675 *IAF Group P.L.C....................... 30,000 3,741 IFX Group P.L.C........................ 34,486 71,767 *IMS Group P.L.C....................... 75,000 5,805 *IQE P.L.C............................. 132,400 40,988 ISIS Asset Management P.L.C............ 88,039 355,826 *Imagination Technologies Group P.L.C................................ 189,698 215,329 Incepta Group P.L.C.................... 85,443 159,442 Inchcape P.L.C......................... 20,000 432,031 *Industrial & Commercial Holdings P.L.C................................ 5,000 129 Infast Group P.L.C..................... 301,224 129,516 Informa Group P.L.C.................... 81,229 394,661 *Intec Telecom Systems P.L.C........... 100,000 118,671 Intelek P.L.C.......................... 99,880 18,896 Intserve P.L.C......................... 144,534 626,420 Invensys P.L.C......................... 489,000 168,203 *Inveresk P.L.C........................ 150,000 47,081 Isoft Group P.L.C...................... 76,540 447,572 Isotron P.L.C.......................... 50,325 380,830 Ite Group P.L.C........................ 247,186 201,935 Itnet P.L.C............................ 36,278 190,612 JJB Sports P.L.C....................... 145,000 666,470 JKX Oil and Gas P.L.C.................. 220,533 162,145 Jarvis Hotels P.L.C.................... 215,318 553,626 Jarvis P.L.C........................... 193,379 718,387 *Jarvis Porter Group P.L.C............. 99,894 33,502 John David Group P.L.C................. 114,500 324,926 Johnson Service Group P.L.C............ 125,535 747,027 Johnston Group P.L.C................... 26,000 143,764 Joseph (Leopold) Holdings P.L.C........ 14,000 207,072 KBC Advanced Technologies P.L.C........ 25,000 15,909 *Kalamazoo Computer Group P.L.C........ 56,120 2,654 Keller Group P.L.C..................... 123,128 489,175 Kensington Group P.L.C................. 45,000 252,305 *Kewill Systems P.L.C.................. 10,000 9,803 Kidde P.L.C............................ 232,000 415,967 Kier Group P.L.C....................... 21,293 223,389 Kiln P.L.C............................. 200,000 316,456 *Kleeneze P.L.C........................ 84,300 213,128 *Knowledge Support Systems Group P.L.C................................ 25,000 344 Laing (John) P.L.C..................... 275,961 835,325 Laird Group P.L.C...................... 84,300 394,359 Lambert Howarth Group P.L.C............ 25,200 113,119 *Laura Ashley Holdings P.L.C........... 623,937 128,771 Lavendon Group P.L.C................... 50,092 114,582 *Leeds United P.L.C.................... 66,000 2,696 Lincat Group P.L.C..................... 19,000 127,442 Linton Park P.L.C...................... 39,000 271,653 Linx Printing Technologies P.L.C....... 27,000 173,440 Litho Supplies P.L.C................... 20,000 15,995 London Bridge Software Holdings P.L.C................................ 157,269 131,184 *London Clubs International P.L.C...... 144,646 187,823 London Merchant Securities P.L.C....... 151,000 423,311 SHARES VALUE+ ------ ------ London Scottish Bank P.L.C............. 263,000 $ 554,098 Lookers P.L.C.......................... 53,160 239,542 *Lorien P.L.C.......................... 60,000 89,261 Low & Bonar P.L.C...................... 95,000 123,358 Luminar P.L.C.......................... 43,000 294,708 *M.L. Laboratories P.L.C............... 51,042 27,433 MFI Furniture Group P.L.C.............. 60,855 147,574 MS International P.L.C................. 71,500 45,499 MSB International P.L.C................ 16,000 22,427 Macfarlane Group P.L.C................. 228,287 90,303 Macro 4 P.L.C.......................... 42,500 89,175 Maiden Group P.L.C..................... 16,800 72,234 Mallett P.L.C.......................... 24,837 115,121 Management Consulting Group P.L.C...... 310,972 136,382 Manchester United P.L.C................ 161,000 728,244 Manganese Bronze Holdings P.L.C........ 32,184 100,464 *Marlborough Stirling P.L.C............ 150,000 124,475 Marshalls P.L.C........................ 225,800 977,662 *Martin International Holdings P.L.C... 135,800 38,537 *Marylebone Warwick Balfour Group P.L.C................................ 73,345 68,433 Mayflower Corp. P.L.C.................. 550,636 298,312 McAlpine (Alfred) P.L.C................ 196,111 951,987 McBride P.L.C.......................... 40,000 89,777 McCarthy & Stone P.L.C................. 194,968 1,679,949 McKay Securities P.L.C................. 68,500 212,060 McLeod Russel Holdings P.L.C........... 74,524 24,673 *Medical Solutions P.L.C............... 126,658 106,195 *Medisys P.L.C......................... 150,134 32,276 Meggitt P.L.C.......................... 160,633 646,466 Mentmore P.L.C......................... 236,561 362,100 Menzies (John) P.L.C................... 57,314 315,432 *Merant P.L.C.......................... 172,500 369,363 Merchant Retail Group P.L.C............ 185,666 542,846 Merrydown P.L.C........................ 59,927 83,999 Mersey Docks & Harbour Co. P.L.C....... 50,170 547,483 Metal Bulletin P.L.C................... 95,500 287,433 Metalrax Group P.L.C................... 358,740 524,438 Mice Group P.L.C....................... 139,909 184,078 Michael Page International P.L.C....... 225,000 726,537 *Microgen P.L.C........................ 52,770 38,572 Millennium and Copthorne Hotels P.L.C................................ 80,077 422,462 Minerva P.L.C.......................... 94,000 342,735 Mitie Group P.L.C...................... 500,000 1,051,269 Molins P.L.C........................... 68,000 398,803 Monsoon P.L.C.......................... 71,000 172,787 *Morgan Crucible Company P.L.C......... 136,000 321,031 Morgan Sindall P.L.C................... 66,000 407,506 Morse P.L.C............................ 36,866 85,279 Moss Brothers Group P.L.C.............. 163,400 158,077 Mowlem (John) & Co. P.L.C.............. 342,030 1,223,553 Mtl Instruments Group P.L.C............ 4,348 12,339 Mucklow (A & J) Group P.L.C............ 175,000 797,589 *My Travel Group P.L.C................. 24,000 4,747 NHP P.L.C.............................. 171,875 419,016 *NSB Retail P.L.C...................... 300,000 79,974 *NXT P.L.C............................. 26,935 45,861 National Express Group P.L.C........... 25,000 262,602 Nestor Healthcare Group P.L.C.......... 180,200 976,249 New Look Group P.L.C................... 107,041 573,000 Newcastle United P.L.C................. 148,923 89,645 Nichols P.L.C.......................... 66,550 156,234 Nord Anglia Education P.L.C............ 5,000 18,704 *Nord Anglia Education RFD............. 454 1,659 Northamber P.L.C....................... 75,888 84,836
140 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Northern Foods P.L.C................... 41,000 $ 97,310 *Northgate Information Solutions P.L.C................................ 342,029 301,475 Northgate P.L.C........................ 118,200 1,135,366 Novar P.L.C............................ 260,465 573,396 *OEM P.L.C............................. 12,000 8,771 *OM2000 P.L.C.......................... 41,440 0 Ocean Wilsons Holdings, Ltd............ 84,250 189,093 *Orbis P.L.C........................... 11,428 2,899 Ottakar's P.L.C........................ 30,000 183,424 Owen (H.R.) P.L.C...................... 34,000 102,332 *Oxford Biomedica, Ltd................. 75,000 24,508 *Oxford Biomedica, Ltd. New Shares..... 40,500 13,234 Oxford Instruments P.L.C............... 43,051 134,386 PHS Group P.L.C........................ 320,000 448,542 *PPL Therapeutics P.L.C................ 43,529 3,369 PSD Group P.L.C........................ 43,500 211,350 PZ Cuzzons P.L.C....................... 22,000 411,668 *Pace Micro Technology P.L.C........... 292,500 286,745 Paladin Resources P.L.C................ 342,500 490,388 *Palmaris Capital P.L.C................ 42,500 9,502 Paragon Group of Companies P.L.C....... 70,000 382,542 Parity Group P.L.C..................... 241,406 50,860 Park Group P.L.C....................... 291,600 144,185 *Partridge Fine Arts P.L.C............. 58,000 74,316 Pendragon P.L.C........................ 239,375 792,510 Penna Consulting P.L.C................. 33,000 64,985 Peterhouse Group P.L.C................. 85,427 192,469 *Pharmagene P.L.C...................... 160,000 187,122 *Photo-Me International P.L.C.......... 235,620 417,392 *Phytopharm P.L.C...................... 32,600 126,152 Pillar Property P.L.C.................. 66,800 585,925 Pittards P.L.C......................... 60,985 63,456 Planit Holdings P.L.C.................. 235,000 97,001 *Plantation & General P.L.C............ 70,623 20,041 *Plasmon P.L.C......................... 100,000 373,211 Portmeirion Group P.L.C................ 22,856 70,757 Porvair P.L.C.......................... 62,000 177,009 Premier Farnell P.L.C.................. 18,000 80,490 *Premier Oil P.L.C..................... 69,648 502,500 *Pressac P.L.C......................... 78,129 29,562 *Probus Estates P.L.C.................. 83,333 2,042 *Protherics P.L.C...................... 506,828 385,717 *Provalis P.L.C........................ 375,538 56,514 *Psion P.L.C........................... 257,200 343,927 *QA P.L.C.............................. 79,475 7,176 *Queens Moat Houses P.L.C.............. 159,000 23,244 Quintain Estates & Development P.L.C................................ 108,350 633,582 *Qxl Ricardo P.L.C..................... 130 364 RAC P.L.C.............................. 69,500 657,420 RM P.L.C............................... 45,490 113,835 *RMS Communications P.L.C.............. 15,000 0 ROK property solutions P.L.C........... 57,501 234,874 RPC Group P.L.C........................ 43,400 139,581 RPS Group P.L.C........................ 192,594 524,181 Radamec Group P.L.C.................... 35,000 23,175 Radstone Technology P.L.C.............. 40,384 261,499 Ransom (William) & Son P.L.C........... 30,000 19,349 *Redbus Imterhouse P.L.C............... 137,500 18,032 Redrow P.L.C........................... 116,437 626,302 *Redstone P.L.C........................ 14,870 2,621 Reed Health Group P.L.C................ 155,333 281,846 Reg Vardy P.L.C........................ 103,597 807,124 Regent Inns P.L.C...................... 158,468 220,761 Reliance Security Group P.L.C.......... 9,000 103,321 Renishaw P.L.C......................... 146,806 1,363,430 SHARES VALUE+ ------ ------ Renold P.L.C........................... 144,000 $ 206,797 Ricardo P.L.C.......................... 114,409 327,619 *Richmond Oil & Gas P.L.C.............. 220,000 0 *Robert Wiseman Dairies P.L.C.......... 40,000 176,458 Rotork P.L.C........................... 185,440 1,117,060 Roxboro Group P.L.C.................... 9,304 36,804 *Royal Doulton P.L.C................... 240,000 19,607 Royalblue Group P.L.C.................. 47,200 385,594 Rutland Trust P.L.C.................... 174,255 104,144 S & U P.L.C............................ 21,140 176,336 SCS Upholstery P.L.C................... 29,000 84,790 *SFI Group P.L.C....................... 26,713 14,242 SHL Group P.L.C........................ 41,650 64,111 SIG P.L.C.............................. 103,200 532,471 SMG P.L.C.............................. 185,295 345,771 SSL International P.L.C................ 117,000 641,403 *Safeland P.L.C........................ 25,000 21,928 Salvesen (Christian) P.L.C............. 183,157 192,154 Sanctuary Group P.L.C.................. 320,000 273,803 Savills P.L.C.......................... 104,000 528,550 Scapa Group P.L.C...................... 44,337 21,351 *Scipher P.L.C......................... 34,563 5,350 Scottish & Newcastle P.L.C............. 56,639 357,501 Scottish Radio Holdings P.L.C.......... 19,200 268,299 Secure Trust Group P.L.C............... 27,118 209,877 Securicor P.L.C........................ 328,750 497,558 Senior P.L.C........................... 122,900 72,395 Serco Group P.L.C...................... 77,859 236,011 *Servicepower Technologies P.L.C....... 150,000 85,133 Severfield-Rowan P.L.C................. 20,000 114,371 Shaftesbury P.L.C...................... 137,500 595,934 Shanks & McEwan Group P.L.C............ 92,900 169,362 Shiloh P.L.C........................... 14,500 36,160 *ShopRite Group P.L.C.................. 204,780 47,546 Simon Group P.L.C...................... 348,089 257,427 Sinclair (William) Holdings P.L.C...... 53,000 68,365 Singer & Friedlander Group P.L.C....... 119,400 428,159 Sirdar P.L.C........................... 41,600 50,083 *Skyepharma P.L.C...................... 382,000 496,027 Smart (J.) & Co. (Contractors) P.L.C... 22,500 191,550 *Smart Approach Group P.L.C............ 251,985 7,476 Smith (David S.) Holdings P.L.C........ 200,000 542,618 *Soco International P.L.C.............. 59,000 270,423 Somerfield P.L.C....................... 307,000 658,679 South Staff Water Holdings P.L.C....... 108,000 1,033,675 Southampton Leisure Holdings P.L.C..... 19,615 12,313 Spectris P.L.C......................... 76,760 561,733 Speedy Hire P.L.C...................... 50,000 316,026 Spirax-Sarco Engineering P.L.C......... 91,811 885,045 *Spirent P.L.C......................... 584,137 663,061 *Sportech P.L.C........................ 435,000 134,666 Spring Group P.L.C..................... 169,495 335,235 *Springwood P.L.C...................... 37,500 5,482 St. Ives P.L.C......................... 63,000 429,073 St. Modwen Properties P.L.C............ 74,800 332,550 Staffware P.L.C........................ 12,000 127,958 Stanley (Charles) Group P.L.C.......... 76,800 307,100 Stanley Leisure Organisation P.L.C..... 224,954 1,528,220 *Sterling Publishing Group P.L.C....... 75,298 17,159 Stylo P.L.C............................ 64,096 40,236 *Superscape P.L.C...................... 15,745 8,395 *Surfcontrol P.L.C..................... 7,000 98,239 Swallowfield P.L.C..................... 15,000 20,509 Sygen International P.L.C.............. 492,975 415,447 Syltone P.L.C.......................... 50,400 157,760 *Synstar P.L.C......................... 143,000 178,307 TT Electronics P.L.C................... 28,080 55,779
141 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Tadpole Technology P.L.C.............. 109,090 $ 22,280 *Tandem Group P.L.C.................... 327,365 0 Tarsus Group P.L.C..................... 34,855 35,368 Taylor & Francis Group P.L.C........... 52,600 492,130 Taylor Nelson AGB P.L.C................ 109,000 389,928 Ted Baker P.L.C........................ 38,800 223,548 *Telecommunications Group P.L.C........ 45,958 5,632 Telemetrix P.L.C....................... 165,708 404,694 *Telspec P.L.C......................... 25,000 7,309 *Terence Chapman Group P.L.C........... 62,500 2,687 Tex Holdings P.L.C..................... 14,000 39,849 The Big Food Group P.L.C............... 212,000 492,226 *The Innovation Group P.L.C............ 940,000 335,460 The Malcolm Group P.L.C................ 109,377 149,551 The Television Corp. P.L.C............. 66,330 68,447 Thorntons P.L.C........................ 158,000 417,120 Thorpe (F.W.) P.L.C.................... 24,000 73,886 *Thus Group P.L.C...................... 836,000 463,694 Tibbett & Britten Group P.L.C.......... 86,123 615,439 Tinsley (Eliza) Group P.L.C............ 19,844 12,628 Topps Tiles P.L.C...................... 69,690 632,249 Tops Estates P.L.C..................... 30,088 126,264 Torex P.L.C............................ 73,041 741,163 *Torotrak P.L.C........................ 99,193 111,742 *Tottenham Hotspur P.L.C............... 150,000 61,915 Town Centre Securities (New) P.L.C..... 142,137 495,025 Trace Computers P.L.C.................. 33,552 42,413 Transport Development Group P.L.C...... 19,782 65,493 Trifast P.L.C.......................... 135,388 142,038 Tullow Oil P.L.C....................... 222,863 314,302 U.K. Coal P.L.C........................ 16,000 33,021 Ulster Television, Ltd................. 115,602 748,558 Ultra Electronics Holdings P.L.C....... 49,745 442,746 Ultraframe P.L.C....................... 60,200 255,216 Umeco P.L.C............................ 18,250 107,816 Uniq P.L.C............................. 20,000 70,171 Unite Group P.L.C...................... 103,051 275,599 Universal Salvage P.L.C................ 14,255 30,278 VP P.L.C............................... 83,100 190,800 VT Group P.L.C......................... 100,375 390,148 *Vega Group P.L.C...................... 32,300 72,495 *Vernalis P.L.C........................ 54,179 73,613 *Vert (Jacques) P.L.C.................. 45,000 14,511 Victoria P.L.C......................... 12,000 75,537 Victrex P.L.C.......................... 116,254 705,294 Vitec Group P.L.C...................... 15,242 89,391 *Volex Group P.L.C..................... 58,801 138,042 WSP Group P.L.C........................ 90,000 274,749 Wagon P.L.C............................ 65,292 192,022 *Walker Greenbank P.L.C................ 53,105 12,558 Warner Estate Holdings P.L.C........... 70,000 532,729 *Waterdorm P.L.C....................... 105,000 0 Waterman P.L.C......................... 74,473 93,501 Watermark Group P.L.C.................. 50,000 129,850 Weir Group P.L.C....................... 126,236 589,452 Wellington Holdings P.L.C.............. 9,000 16,408 Wembley P.L.C.......................... 6,053 58,402 Westbury P.L.C......................... 202,522 1,328,807 *Weston Medical Group P.L.C............ 50,200 2,158 Wetherspoon (J.D.) P.L.C............... 127,358 590,858 Whatman P.L.C.......................... 241,935 638,708 SHARES VALUE+ ------ ------ White Young Green P.L.C................ 64,000 $ 197,578 Whitehead Mann Group P.L.C............. 95,000 517,121 Whittard of Chelsea P.L.C.............. 30,000 78,168 *Wiggins Group P.L.C................... 1,148,266 93,806 Wilmington Group P.L.C................. 28,692 48,113 Wilshaw P.L.C.......................... 198,409 46,067 Wilson Bowden P.L.C.................... 7,000 117,381 Wintrust P.L.C......................... 22,500 192,518 Wolverhampton & Dudley Breweries P.L.C................................ 78,873 1,020,775 Woolworths Group P.L.C................. 872,421 648,944 *Worthington Group P.L.C............... 102,653 7,283 Wyevale Garden Centres P.L.C........... 48,578 277,796 Wyndeham Press Group P.L.C............. 73,066 122,522 *XAAR P.L.C............................ 18,405 15,352 XANSA P.L.C............................ 199,718 313,433 *Xenova Group P.L.C.................... 246,961 47,783 Yates Group P.L.C...................... 24,765 41,102 *Yorkshire Group P.L.C................. 82,504 9,578 Young & Co's Brewery P.L.C............. 10,000 130,280 Young & Co's Brewery P.L.C. Class A.... 5,234 83,267 Yule Catto & Co. P.L.C................. 86,284 375,445 Zotefoams P.L.C........................ 62,000 82,640 ------------ TOTAL COMMON STOCKS (Cost $118,745,192)................... 158,950,507 ------------ INVESTMENT IN CURRENCY -- (1.3%) *British Pound Sterling (Cost $2,095,175).................... 2,079,361 ------------ RIGHTS/WARRANTS -- (0.0%) *Creston P.L.C. Warrants 03/31/04...... 1,000 0 *Letter of Entitlements -- Audemars Piguet............................... 90,242 0 *Xenova Group P.L.C. Rights............ 94,500 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................. 0 ------------ TOTAL -- UNITED KINGDOM (Cost $120,840,367)................... 161,029,868 ------------ FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (2.0%) Repurchase Agreement, PNC Capital Markets, Inc. 0.82%, 12/01/03 (Collateralized by $3,360,000 FHLB Notes 1.875%, 02/15/05, valued at $3,385,200) to be repurchased at $3,336,228 (Cost $3,336,000).................... $ 3,336 3,336,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $124,176,367)++................. $164,365,868 ============
- -------------------- + See Note B to Financial Statements. @ Denominated in local currency or the Euro * Non-Income Producing Securities ++ The cost for federal income tax purposes is $124,619,319 See accompanying Notes to Financial Statements. 142 THE CONTINENTAL SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2003
SHARES VALUE+ ------ ------ FRANCE -- (13.4%) COMMON STOCKS -- (13.4%) Affine................................. 1,100 $ 67,380 *Ales Groupe SA........................ 1,900 67,234 Algeco SA.............................. 2,300 195,614 *#Alstom SA............................ 95,700 197,315 *Altedia SA............................ 2,800 44,775 *Alten SA.............................. 14,900 212,010 *#Altran Technologies SA............... 49,600 612,404 Apem SA................................ 1,000 55,141 April Group SA......................... 19,600 316,243 Arkopharma............................. 4,300 220,356 Assystem SA............................ 2,657 141,733 Aubay SA............................... 5,700 25,759 *Audika SA............................. 1,500 70,845 *Baccarat SA........................... 1,090 104,594 Bacou-Dalloz........................... 3,685 307,002 Bains de Mer et du Cercle des Etrangers a Monaco............................. 4,615 984,716 Beneteau SA............................ 9,200 473,995 *Berger Levrault SA.................... 476 109,554 Boiron SA.............................. 15,200 327,971 Bonduelle SA........................... 4,200 356,956 Bongrain SA............................ 7,500 392,432 *Bricorama SA.......................... 2,679 134,878 Buffalo Grill SA....................... 1,028 13,863 *#Bull SA.............................. 68,000 52,168 Burelle SA............................. 4,030 390,333 *Business Objects SA................... 16,500 559,547 CEGID SA............................... 4,500 360,337 CFCAL-Banque........................... 840 249,215 CFF Recycling.......................... 10,576 830,390 *CS Communication et Systemes.......... 4,983 125,976 *Camaieu SA............................ 3,200 253,938 Carbone Lorraine....................... 33,245 1,354,954 Cegedim SA............................. 6,400 344,235 Cie Financiere Pour La Location D'Immeubles Industriels & Commerciaux SA....................... 6,400 279,178 #Clarins SA............................ 7,339 420,430 *#Club Mediterranee SA................. 10,200 403,980 Consortium International de Diffusion et de Representation Sante........... 600 9,170 *DMC (Dollfus Mieg et Cie)............. 6,230 44,360 *Damartex SA........................... 22,900 477,369 Delachaux SA........................... 1,000 87,387 Deveaux SA............................. 1,040 105,344 Didot-Bottin........................... 1,620 163,122 Dynaction SA........................... 10,660 231,289 Eiffage SA............................. 3,825 413,578 Electricite de Strasbourg.............. 23,784 2,836,791 Elior.................................. 70,128 575,839 Entenial SA............................ 2,800 163,458 Esso SA................................ 3,200 355,014 Etam Developpement SA.................. 5,600 160,437 Euler-Hermes SA........................ 12,291 558,401 *Euro Disney SCA....................... 517,400 310,110 Evialis SA............................. 1,200 43,787 Exel Industries SA..................... 1,800 86,308 Explosifs et de Produits Chimiques..... 524 143,842 *FPEE SA............................... 1,100 63,029 Faurecia SA............................ 6,500 440,232 SHARES VALUE+ ------ ------ Fimalac SA............................. 111,143 $ 3,703,790 Fininfo SA............................. 9,760 213,517 Fleury Michon SA....................... 2,500 104,739 Fonciere Lyonnaise SA.................. 9,596 379,598 France-Africaine de Recherches Petrolieres (Francarep).............. 4,250 405,019 Francois Freres (Tonnellerie) SA....... 2,050 41,653 *GCI (Groupe Chatellier Industrie SA).. 7,258 870 GFI Informatique SA.................... 23,400 210,376 *Gantois Series A...................... 647 38,003 Gascogne SA............................ 6,472 574,103 *#Gaumont.............................. 14,607 719,652 *#Generale de Geophysique SA........... 20,770 771,823 Generale de Sante...................... 19,100 242,007 Generale Location SA................... 9,000 182,002 *Geodis SA............................. 3,010 162,367 Gespac System.......................... 1,100 21,757 Gevelot................................ 3,584 171,849 Gifi................................... 3,200 207,907 *Ginger (Groupe Ingenierie Europe)..... 1,400 27,875 Grands Moulins de Strasbourg........... 110 37,580 Grandvision SA......................... 7,000 183,261 #Groupe Bourbon SA..................... 3,700 337,525 Groupe Crit............................ 5,500 108,389 Groupe Guillin SA...................... 1,200 96,737 Groupe Open SA......................... 1,000 31,347 Groupe Steria.......................... 8,600 306,178 *Guitel................................ 116 1,111 Guyenne et Gascogne SA................. 26,000 2,882,933 Havas SA............................... 62,300 330,088 Hoteliere Lutetia Concorde............. 2,505 420,693 Hotels et Casinos de Deauville......... 2,055 699,600 Hyparlo SA............................. 3,836 160,941 IDSUD.................................. 614 17,267 IMS International Metal Service SA..... 12,630 96,895 Industrielle et Financiere d'Entreprise SA................................... 300 32,006 *#Infogrames Entertainment SA.......... 58,300 368,297 Ingenico SA............................ 61,820 944,841 *Ioltech SA............................ 500 41,296 Ipsos SA............................... 3,700 334,864 Kaufman et Broad SA.................... 5,300 148,348 *Lafuma SA............................. 793 53,993 Laurent-Perrier........................ 3,100 107,394 *Lectra Systemes SA.................... 19,192 157,361 Legris Industries SA................... 9,350 279,081 Lisi SA................................ 6,845 237,543 *MGI Coutier SA........................ 1,400 33,900 *MRM................................... 1,424 18,794 Manitou SA............................. 11,092 997,219 Manutan International SA............... 1,300 54,994 Marionnaud Parfumeries Retails Perfumes............................. 8,271 319,747 *Matussiere et Forest SA............... 13,600 68,960 *Metaleurop SA......................... 35,449 22,947 Montupet SA............................ 32,450 564,030 *Mr. Bricolage SA...................... 5,200 151,970 Neopost SA............................. 7,200 362,494 *Nexans................................ 12,200 377,311 Norbert Dentressangle.................. 6,320 254,552 Nord Est SA............................ 21,507 1,124,050 *Oberthur Card Systems SA.............. 36,000 249,431
143 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Oeneo................................. 31,265 $ 83,201 PSB Industries SA...................... 1,240 144,926 *Passat SA............................. 1,300 26,616 *Penauille Polyservices SA............. 10,200 166,043 *Petit Forestier SA.................... 2,243 83,351 Pierre & Vacances...................... 4,500 372,743 Pinguely-Haulotte SA................... 25,000 139,352 Plastic Omnium SA...................... 15,423 709,936 Plastivaloire SA....................... 900 26,540 Prosodie SA............................ 3,600 82,856 *Radiall SA............................ 1,340 88,989 Robertet SA............................ 1,076 125,049 Rodriguez Group SA..................... 6,600 350,483 Rougier SA............................. 2,040 140,977 Rue Imperiale.......................... 14,432 2,802,599 SDR de Bretagne SA..................... 714 18,410 SEB SA Prime Fidelite 2002............. 3,000 366,090 SILIC (Societe Immobiliere de Location pour L'industrie et le Commerce)..... 12,256 778,653 SR Teleperformance..................... 90,928 1,925,988 Sabeton................................ 13,500 169,110 Samse SA............................... 4,400 490,518 *Sasa Industries SA.................... 1,000 27,511 *Saveurs de France-Brossard............ 900 25,353 *#Scor SA.............................. 72,300 276,470 Sechilienne-Sidec...................... 2,200 249,347 Securidev SA........................... 1,500 15,643 Selectibail............................ 25,421 704,835 Signaux Girod SA....................... 600 25,173 Skis Rossignol SA...................... 41,668 727,749 Smoby SA............................... 500 38,209 Societe du Louvre SA................... 6,305 506,383 *Societe Francais des Papiers Peints... 400 4,416 Societe Industrielle D'Aviations Latecoere SA......................... 2,900 73,871 Societe Pour L'Informatique Industrielle SA...................... 1,000 32,845 *Solving International SA.............. 2,100 25,677 Somfy Interational SA.................. 22,900 3,686,641 Sophia SA.............................. 17,550 871,378 Sopra SA............................... 6,900 313,065 Stallergenes SA........................ 1,249 58,391 Ste Virbac SA.......................... 6,852 215,034 Stef-Tfe SA............................ 332 27,062 Sucriere de Pithiviers-le-Vieil........ 1,825 1,093,836 *Sylis SA.............................. 4,700 29,635 Synergie SA............................ 8,000 146,724 Taittinger SA.......................... 12,700 2,041,512 *Tessi SA.............................. 900 33,865 Touax (Touage Investissement SA)....... 10,378 202,156 *Transiciel SA......................... 9,200 150,536 Trigano SA............................. 5,500 225,282 *Ubi Soft Entertainment SA............. 8,500 263,390 Unilog SA.............................. 6,320 340,463 #Vallourec (Usines a Tubes de Lorraine Escaut et Vallourec Reunies)......... 31,700 2,449,072 *Valtech, La Defense................... 20,000 23,016 Viel et Compagnie...................... 44,339 208,349 Vilmorin et Cie SA..................... 2,349 288,338 Vivarte SA............................. 8,299 375,545 SHARES VALUE+ ------ ------ Vranken Monopole....................... 2,200 $ 87,687 Zodiac SA.............................. 14,627 432,908 ------------ TOTAL COMMON STOCKS (Cost $40,538,164).................... 64,910,990 ------------ RIGHTS/WARRANTS -- (0.0%) *Alstom SA Rights 12/10/03............. 95,700 51,623 *Alstom SA Warrants 01/09/04........... 95,700 34,415 *Altran Technologies SA Rights 12/10/03............................. 49,600 39,241 *Group Open Warrants 10/21/06.......... 1,000 851 *Oeneo Warrants 08/26/06............... 14,365 4,649 *Prosodie SA Warrants 10/28/06......... 900 669 *Ubi Soft Entertainment SA Warrants 05/14/06............................. 4,100 2,654 *Valtech, La Defense Warrants 07/29/05............................. 20,000 1,199 ------------ TOTAL RIGHTS/WARRANTS (Cost $38,786)........................ 135,301 ------------ TOTAL -- FRANCE (Cost $40,576,950).................... 65,046,291 ------------ GERMANY -- (11.8%) COMMON STOCKS -- (11.8%) *AC-Service AG......................... 4,300 29,123 AWD Holding AG......................... 35,600 1,078,814 Aareal Bank AG......................... 33,200 1,003,299 *#Acg AG Fuer Chipkarten und Informationssysteme.................. 15,400 63,688 Ackermann-Goeggingen AG................ 8,100 150,500 *Adva AG Optical Networking............ 32,400 174,774 *Agrob AG.............................. 5,800 59,792 *Aigner (Etienne) AG................... 600 93,500 #Aixtron AG............................ 61,400 376,105 Amadeus Fire AG........................ 4,900 34,714 Andreae-Noris Zahn AG, Anzag........... 27,200 922,078 *Articon Integralis AG................. 7,900 37,406 *Atoss Software AG..................... 3,700 73,049 *Augusta Technologie AG................ 3,200 12,927 #Ava Allgemeine Handelsgesellschaft der Verbraucher AG....................... 30,800 1,007,566 *Baader Wertpapier Handelsbank AG...... 7,900 61,744 #Balda AG.............................. 31,600 251,142 *#Basler AG............................ 3,200 42,387 #Beate Uhse AG......................... 44,400 707,871 Bechtle AG............................. 17,100 197,603 *Berliner Elektro Holding AG........... 13,861 111,324 Bertrandt AG........................... 7,650 135,720 #Beru AG............................... 9,400 569,035 *Beta Systems Software AG.............. 2,850 30,747 Bilfinger & Berger Bau AG.............. 34,600 1,111,553 *Biolitec AG........................... 8,000 38,359 *Biotest AG............................ 2,400 19,995 Boewe Systec AG........................ 5,700 252,811 *Borussia Dortmund GMBH & Co. KGAA..... 21,650 94,986 *Brau und Brunnen AG................... 4,995 481,405 Bremer Energiekonto AG................. 14,700 37,709 *Bremer Woll-Kaemmerei AG.............. 17,128 22,996 *CBB Holding AG........................ 102,602 13,037 *CTS Eventim AG........................ 14,800 145,477 *Ce Consumer Electrnic AG.............. 21,600 69,910 *Ceag AG............................... 20,670 218,043 Celanese AG............................ 20,650 717,856 *Cenit AG Systemhaus................... 3,500 29,369
144 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Centrotec Hochleistungskunststoffe AG................................... 4,900 $ 58,150 Cewe Color Holding AG.................. 5,600 124,859 *Comdirect Bank AG..................... 73,000 653,676 *Computerlinks AG...................... 4,600 73,614 *Condomi AG............................ 1,800 4,164 *Curanum AG............................ 21,500 53,607 *D. Logistics AG....................... 28,000 75,520 *DAB Bank AG........................... 39,800 300,568 *DEAG Deutsche Entertainment AG........ 10,500 29,453 DVB Bank AG............................ 7,124 742,101 *Data Modul AG......................... 2,904 64,748 *Deutsche Euroshop AG.................. 15,550 637,307 *Deutsche Steinzeug Cremer & Breuer AG................................... 87,200 91,985 *#Deutz AG............................. 60,400 241,826 *Deutz AG Issue 03..................... 20,133 77,953 *Dierig Holding AG..................... 10,500 163,500 Dis Deutscher Industrie Service AG..... 11,850 250,006 *Dom-Braugerei AG...................... 1,100 47,865 Douglas Holding AG..................... 36,650 1,001,678 *Dr. Scheller Cosmetics AG............. 4,000 21,817 *Drillisch AG.......................... 22,450 97,957 Duerr Beteiligungs AG.................. 14,750 313,841 *Eckert and Ziegler Strahlen -- und Medizintechnik AG.................... 3,000 26,791 *Elexis AG............................. 8,600 31,649 *Elmos Semiconductor AG................ 16,350 259,885 ElreingKlinger AG...................... 1,500 128,563 *#Em TV & Merchandising AG............. 137,050 162,642 *Epcos AG.............................. 55,500 1,267,381 Erlus Baustoffwerke AG................. 297 118,555 Escada AG.............................. 20,520 270,576 *Eurobike AG........................... 1,700 469 *Evotec Biosystems AG.................. 30,100 212,160 #FJA AG................................ 7,150 175,103 Feilmann AG............................ 17,800 755,340 *Fortec Elektronik AG.................. 1,400 45,647 *#Freenet.De AG........................ 16,800 993,839 Fuchs Petrolub AG Oel & Chemie......... 6,693 415,194 GFK AG................................. 25,600 721,153 *GPC Biotech AG........................ 17,600 164,561 *#Gft Technologies AG.................. 22,600 85,879 Grenkeleasing AG....................... 12,650 286,597 Gwag Bayerische Wohnungs- Aktiengesellschaft AG................ 3,383 150,046 Hamborner AG........................... 21,000 571,432 *Hawesko Holdings AG................... 3,300 79,116 *Herlitz AG............................ 6,962 30,461 #Hochtief AG........................... 34,000 921,100 *Hoeft & Wessel AG..................... 6,100 23,326 Holsten-Brauerei AG.................... 38,462 1,567,582 Hucke AG............................... 8,300 32,833 Hugo Boss AG........................... 25,100 457,337 *IFA Hotel & Touristik AG.............. 7,000 62,933 *#IM International Media AG............ 19,800 30,380 IVG Immobilien AG...................... 98,550 1,106,918 *Innovation in Traffic Systems AG...... 12,300 76,965 Interseroh AG.......................... 9,650 122,618 *#Intershop Deutschland AG............. 7,320 23,604 *Intertainment AG...................... 8,500 20,378 *Isra Vision Systems AG................ 2,100 29,578 Iwka AG................................ 26,613 519,040 *#Ixos Software AG..................... 18,600 206,463 #Jenoptik AG........................... 40,800 440,661 SHARES VALUE+ ------ ------ K & S Aktiengesellschaft AG............ 129,500 $ 3,027,079 KSB AG................................. 2,387 371,976 KWS Kleinwanzlebener Saatzucht AG...... 1,650 991,027 *Kampa-Haus AG......................... 10,375 78,352 Keramag Keramische Werke AG............ 13,000 654,504 Kloeckner-Werke AG..................... 38,900 364,650 *Kontron AG............................ 42,878 321,243 Krones AG.............................. 7,450 520,469 *LPKF Laser & Electronics AG........... 9,000 54,374 Leifheit AG............................ 12,500 353,774 Leoni AG............................... 25,000 1,287,130 Loewe AG............................... 7,100 56,853 #MVV Energie AG........................ 48,000 872,863 *MWG Biotech AG........................ 19,400 23,720 *Maternus-Kliniken AG, Bad Oyenhausen........................... 2,400 1,784 Maxdata AG............................. 24,600 166,021 *Mediclin AG........................... 22,050 51,542 *Medigene AG........................... 8,600 65,772 *Mensch und Maschine Software AG....... 1,400 13,946 *#Morphosys AG......................... 3,100 36,083 Muehlabauer Holdings AG & Co. KGAA..... 5,900 137,984 *Nemetschek AG......................... 7,400 47,901 Norddeutsche Affinerie AG.............. 30,700 328,632 Norddeutsche Steingutfabrik AG......... 5,960 32,150 Novasoft AG............................ 11,800 44,274 *November AG........................... 5,400 35,990 *Ohb Teledata.......................... 12,650 103,569 PC-Ware Information Technologies AG.... 5,100 55,266 *PVATepla AG........................... 15,550 36,535 *Pandatel AG........................... 5,700 40,996 *#Parsytec AG.......................... 11,900 68,186 *Personal & Informatik AG.............. 5,900 32,887 Pfeiffer Vacuum Technology AG.......... 8,250 273,048 *Pfleiderer AG......................... 36,250 181,637 *Phoenix AG, Hamburg................... 37,500 409,065 *Plambeck Neue Energien AG............. 5,250 14,915 *Plenum AG............................. 9,300 22,854 *Primacom AG........................... 15,200 20,929 *Produkte und Syteme der Informationstechnologie AG........... 10,300 53,091 Progress-Werk Oberkirch AG............. 5,000 199,588 Puma AG................................ 5,700 899,871 *#Qs Communications AG................. 98,700 333,646 Rational AG............................ 10,612 582,616 *Realtech AG........................... 3,650 38,722 Renk AG................................ 19,400 616,264 *Repower Systems AG.................... 5,000 103,390 Rheinmetall Berlin AG.................. 45,000 1,478,027 Rhoen Klinikum AG...................... 13,750 725,228 Rinol AG............................... 5,900 21,925 *Rohwedder AG.......................... 610 6,435 *Ruecker AG............................ 7,800 33,660 *#SAP Systems Integrations AG.......... 33,650 653,461 *SGL Carbon AG......................... 20,800 307,928 Salzgitter AG.......................... 58,650 593,376 Sartorius AG........................... 6,550 69,801 Schlott Sebaldus AG.................... 4,400 87,555 Schwarz Pharma AG...................... 8,900 187,021 Sektkellerei Schloss Wachenheim AG..... 15,120 132,310 *Senator Entertainment AG.............. 9,800 14,214 *#Singulus Technologies AG............. 34,600 736,197 Sinner AG, Karlsruhe................... 4,160 50,615
145 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Sixt AG................................ 15,400 $ 212,294 *#Software AG.......................... 25,300 545,899 Stada Arzneimittel AG.................. 20,000 1,174,750 *Stahl (R.) AG......................... 2,000 16,782 *Steag Hamtech AG...................... 28,200 157,189 *Stoehr & Co. AG....................... 16,000 63,293 *Strabag AG............................ 3,332 211,291 Stuttgarter Hofbraeu AG................ 18,000 604,157 Sued-Chemie AG......................... 29,146 1,037,659 *Suess Microtec AG..................... 14,000 177,891 *Syskoplan AG.......................... 3,300 26,702 *Syzygy AG............................. 18,000 126,226 *TFG Venture Capital AG & Co. KGAA..... 8,800 21,098 Takkt AG............................... 68,450 454,572 *Techem AG............................. 23,150 442,620 Technotrans AG......................... 5,000 74,321 *Telegate AG........................... 10,800 117,552 *Teles AG Informationstechnologien..... 21,200 271,919 Textilgruppe Hof AG.................... 12,170 93,366 *#Tomorrow Focus AG.................... 42,650 117,589 *Umweltkontor Renewable Energy AG...... 14,100 21,297 United Internet AG..................... 43,050 1,011,460 *VBH (Vereinigter Baubeschlag-Handel) AG................................... 9,415 19,412 VK Muehlen AG.......................... 1,312 121,886 Vossloh AG............................. 15,900 733,799 *#WCM Beteiligungs AG.................. 245,466 361,923 *Walter Bau AG, Augsburg............... 33,905 67,061 Wanderer-Werke AG...................... 7,903 202,733 *Wedeco AG Water Technology............ 10,550 224,603 *Westag and Getalit AG, Rheda- Wiedenbrueck......................... 7,000 48,500 Wuerttembergische Lebensversicherung AG................................... 11,330 177,918 Wuerttembergische Metallwarenfabrik AG................................... 30,330 548,995 Wuerzburger Hofbraeu AG................ 134 61,381 Zapf Creation AG....................... 7,500 173,066 ------------ TOTAL COMMON STOCKS (Cost $47,674,467).................... 57,045,489 ------------ RIGHTS/WARRANTS -- (0.0%) *DEAG Deutsche Entertainment AG Bond Rights 12/03/03...................... 7,000 0 *Fuchs Petrolub AG Oel & Chemie Rights 12/09/03............................. 6,693 7,221 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................. 7,221 ------------ TOTAL -- GERMANY (Cost $47,674,467).................... 57,052,710 ------------ ITALY -- (8.9%) COMMON STOCKS -- (8.9%) *#Acea SpA............................. 163,000 949,606 *Acegas SpA............................ 27,200 164,005 *Actelios SpA.......................... 25,801 213,405 Aem Torino SpA......................... 355,000 548,956 *Aeroporto de Firenze SpA.............. 6,000 84,510 *#Alitalia Linee Aeree Italiane SpA Series A............................. 2,712,400 871,381 *Amplifon SpA.......................... 15,200 417,252 *Auschem SpA (In Liquidation).......... 82,000 0 Azienda Mediterranea Gas e Acqua SpA... 267,000 327,421 *Banca Ifis SpA........................ 16,600 210,928 SHARES VALUE+ ------ ------ Banca Intermobiliare di Investimenti e Gestoni SpA.......................... 81,000 $ 565,103 Banca Monte Dei Paschi di Siena SpA.... 229,515 753,843 Banca Popolare Dell'etruria e Del Lazio Scrl................................. 19,000 416,797 Banca Profilo SpA...................... 88,500 231,800 Banco di Desio e della Brianza SpA..... 90,000 375,441 Banco Piccolo Valellinese Scarl SpA.... 41,600 460,272 *Bastogi SpA........................... 1,183,000 241,785 *Beghelli SpA.......................... 142,000 109,791 Beni Stabili SpA, Roma................. 1,309,500 784,865 Biesse SpA............................. 17,100 48,478 *Binda SpA............................. 1,299,375 0 Bonifica dei Terreni Ferraresi e per Imprese Agricole Roma................ 9,675 151,349 Bremba SpA............................. 53,375 374,934 Brioschi Finanziaria SpA, Milano....... 373,400 116,825 Buzzi Unicem SpA....................... 94,100 1,139,280 CAMFIN (Cam Finanziaria)............... 36,527 88,009 CIR SpA (Cie Industriale Riunite), Torino............................... 591,100 1,060,723 *#CMI SpA.............................. 64,502 327,837 CSP International Industria Calze SpA.................................. 10,000 17,262 #Caltagirone Editore SpA............... 95,800 783,194 #Caltagirone SpA....................... 178,399 1,109,888 *Carraro SpA........................... 26,200 72,863 Cementir Cementerie del Tirreno SpA.... 249,704 752,806 *Cirio Finanziaria SpA................. 175,000 36,501 Class Editore SpA...................... 70,600 205,228 *Coats Cucirini SpA.................... 30,000 33,085 *Compagnia Immobiliare Azionaria....... 44,000 7,331 Credito Artigiano SpA.................. 93,900 379,328 Cremonini SpA.......................... 102,400 214,811 Danieli & C.Officine Meccaniche SpA.... 66,500 275,017 *Dataconsyst C.G.S. SpA, Monza......... 220 0 *Davide Campari -- Milano SpA.......... 13,400 588,224 *De Longhi SpA......................... 115,000 512,814 *Del Favero SpA........................ 86,000 0 *Ducati Motor Holding SpA.............. 112,500 190,822 Emak................................... 27,000 107,130 Erg SpA................................ 124,000 643,619 Ergo Previdenza SpA.................... 69,200 348,397 Ericsson SpA........................... 19,800 481,341 Esprinet............................... 3,700 94,693 *FMC (Fabbrica Milanese Condutorri SpA)................................. 25,000 0 *Finarte Casa d'Aste SpA (Milano)...... 56,266 117,359 *Finarte Partecipazioni Pro Arte SpA... 242,693 60,948 *#Finmatica SpA........................ 35,900 419,153 *Fochi (Filippo) SpA................... 216,000 0 *Fornara Societa Finanziaria e di Partecipazioni SpA................... 310,000 0 Gabetti Holding SpA.................... 55,000 126,915 Gefran................................. 11,000 53,139 *Gemina SpA............................ 282,400 280,971 *Gerolimich SpA (In Liquidation)....... 297,400 0 Gewiss SpA............................. 221,700 980,644 Giovanni Crespi SpA.................... 21,000 17,797 Grandi Navi Veloci SpA................. 38,000 77,438 *#Granitifiandre SpA................... 28,500 245,978 *Grassetto SpA......................... 279,125 0 Gruppo Ceramiche Ricchetti SpA......... 164,000 70,380 *I Grandi Viaggi SpA................... 28,100 22,366
146 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ ITALJOLLY (Cia Italiana dei Jolly Hotels SpA).......................... 34,500 $ 200,990 *#Immobiliare Lombardia SpA............ 425,000 81,004 Immsi SpA.............................. 287,000 323,392 Impregilo SpA.......................... 532,000 357,124 Industria Macchine Automatique SpA..... 27,000 349,224 Industria Romagnola Conduttori Elettrici SpA........................ 17,500 52,864 #Industrie Zignago S. Margherita SpA... 52,000 771,691 Interpump Group SpA.................... 64,700 271,451 Italmobiliare SpA, Milano.............. 12,750 583,839 *Juventus Footbal Club SpA............. 98,000 223,790 *La Doria SpA.......................... 22,000 60,919 *Lavorwash SpA......................... 10,000 23,495 Linificio and Canapificio Nazionale SpA.................................. 22,000 45,623 Maffei SpA............................. 52,500 95,658 *Mandelli SpA.......................... 41,000 0 Manifattura Lane Gaetano Marzotto & Figli SpA............................ 138,000 1,511,975 *Marcolin SpA.......................... 35,100 50,995 *Mariella Burani Fashion Group SpA..... 20,400 188,540 *Meliorbanca SpA....................... 62,500 319,910 Merloni Elettrodomestici SpA........... 155,000 2,887,368 #Milano Assicurazioni SpA.............. 266,700 890,364 Mirato SpA............................. 12,000 87,747 Monrif SpA............................. 150,000 145,645 *Montefibre SpA........................ 143,130 75,492 *NGP SpA............................... 17,891 12,031 Navigazione Montanari SpA.............. 95,200 176,884 *Necchi SpA............................ 164,250 13,782 *Negri Bossi SpA....................... 13,700 36,130 *Olidata SpA........................... 20,000 32,174 *Opengate Group SpA.................... 4,000 9,158 *Pagnossin SpA......................... 9,000 19,959 *Perlier SpA........................... 100,700 25,820 Permasteelisa SpA...................... 21,300 347,247 Pininfarina SpA........................ 31,285 928,552 *Pirelli & C.Real Estate SpA........... 9,600 276,762 *Poligrafici Editoriale SpA............ 132,000 284,817 *Premafin Finanziaria SpA Holding di Partecipazioni, Roma................. 311,330 312,368 Premuda SpA............................ 38,700 60,911 *Ratti SpA............................. 31,768 25,629 #Recordati Industria Chimica e Farmaceutica SpA..................... 48,000 922,922 *Reno de Medici SpA, Milano............ 332,210 297,477 *Richard-Ginori 1735 SpA............... 128,000 122,749 Risanamento Napoli SpA................. 212,600 365,708 *Rodriquez SpA......................... 41,250 0 *Roncadin SpA.......................... 81,400 47,812 SAES Getters SpA....................... 14,750 170,977 SAI SpA (Sta Assicuratrice Industriale), Torino................. 32,500 568,795 SISA (Societa Imballaggi Speciali Asti SpA)................................. 65,000 155,834 SMI STA Metallurgica Italiana SpA...... 565,280 217,514 SNIA SpA............................... 568,977 1,265,197 *SOPAF (Societa Partecipazioni Finanziarie SpA)..................... 85,000 27,460 Sabaf SpA.............................. 8,000 133,586 Saeco International Group SpA.......... 154,000 629,498 *Schiapparelli 1824 SpA, Milano........ 166,200 26,099 *Sirti SpA............................. 29,967 54,602 SHARES VALUE+ ------ ------ #Societe Cattolica di Assicurazoni Scarl SpA............................ 27,170 $ 925,295 *Societe Sportiva Lazio SpA............ 1,815,000 98,994 Sogefi SpA............................. 182,500 625,674 Sol SpA................................ 70,200 302,100 Stefanel SpA........................... 54,400 118,683 Targetti Sankey SpA.................... 8,000 29,057 *Tecnodiffusione Italia SpA............ 3,332 15,737 Terme Demaniali di Acqui SpA........... 532,000 264,017 #Tod's Group SpA....................... 23,400 971,657 *Trevi-Finanziaria Industriale SpA..... 30,000 41,140 *Tripcovich (D.) & Co. SpA Navigazione Rimorchi e Salvataggi Trieste........ 113,898 0 *Unione Manifatture SpA (In Liquidation)......................... 156,000 0 *Unipar (Unione Nazionale di Participazione SpA) (In Liquidation)......................... 539,000 0 *Vemer Siber Group SpA................. 46,000 50,785 *Viaggi del Ve......................... 23,000 55,968 Vianini Industria SpA.................. 52,520 154,245 Vianini Lavori SpA..................... 180,752 1,115,860 Vittoria Assicurazioni SpA............. 51,500 305,585 Zucchi (Vincenzo) SpA.................. 144,375 756,167 ------------ TOTAL COMMON STOCKS (Cost $37,718,211).................... 43,360,556 ------------ RIGHTS/WARRANTS -- (0.0%) *Tecnodiffusione Italia SpA Warrants 11/15/04 (Cost $0)............................ 1,332 283 ------------ TOTAL -- ITALY (Cost $37,718,211).................... 43,360,839 ------------ SWITZERLAND -- (8.8%) COMMON STOCKS -- (8.8%) *A. Hiestad Holding AG................. 190 66,874 *AFG Arbonia-Forster Holding AG........ 2,610 300,831 *Accumulatoren-Fabrik Oerlikon, Zuerich.............................. 30 13,344 *Actelion, Ltd......................... 4,400 421,205 *Agie Charmilles Holding AG............ 3,000 148,524 *Allreal Holding AG.................... 3,657 254,320 Also Holding AG........................ 268 63,024 *Amazys Holding AG..................... 1,183 36,147 *Ascom Holding AG...................... 7,700 72,073 BHB Beteiligungs und Finanzgesellschaft................... 150 5,095 BVZ (Brig Visp Zermatt) Holding AG..... 370 73,987 Bachem AG.............................. 3,059 143,163 Bank Coop AG........................... 5,881 1,046,344 Bank Sarasin & Cie Series B, Basel..... 274 415,434 *Banque Cantonale de Geneve............ 1,344 165,827 Banque Cantonale du Jura............... 450 73,102 *Banque Cantonale Vaudoise............. 600 63,123 Banque Privee Edmond de Rothschild SA, Geneve............................... 120 1,141,779 Barry Callebaut AG..................... 2,326 420,588 Basellandschaftliche Kantonalbank...... 600 377,808 Basler Kantonalbank.................... 5,250 332,613 *Batigroup Holding AG.................. 2,902 25,704 Belimo Holdings........................ 240 91,714 *Berna Biotech......................... 13,727 138,043 *Berner Kantonalbank................... 2,315 266,381 Bobst Group SA......................... 18,200 612,430
147 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Bossard Holding AG..................... 6,350 $ 265,255 Bucher Industries AG, Niederweningen... 3,355 456,773 Caisse d'Epargne Cantonale Vaudoise, Lausanne............................. 427 278,122 *Calida Holding AG..................... 396 67,699 *Carlo Gavazzi Holding AG.............. 910 38,717 *Charles Voegele Holding AG............ 3,960 240,776 Cie Financiere Tradition............... 5,202 482,889 Conzzeta Holdings AG................... 1,415 1,061,753 *Crossair AG, Basel.................... 13,517 106,654 Daetwyler Holding AG, Atldorf.......... 348 531,400 EGL (Elektrizitaets-Gesellschaft Laufenberg) AG, Laufenberg........... 8,390 3,920,075 *ESEC Holding AG....................... 921 138,572 Edipresse SA, Lausanne................. 694 319,427 *Eichhof Holding AG.................... 188 111,835 Energie Electrique du Simplon SA....... 350 33,437 Energiedienst Holding AG............... 8,265 2,141,821 Escor Casino & Entertainment AG........ 744 16,978 Feintol International Holding AG....... 110 18,975 *Fischer (Georg) AG, Schaffhausen...... 1,552 265,326 *Flughafen Zuerich AG.................. 1,842 93,972 *Forbo Holding AG, Eglisau............. 1,100 306,331 Fuchs Petrolub AG Oel & Chemie Non-Voting........................... 6,003 377,300 Galenica Holding, Ltd. AG, Bern........ 4,290 580,752 Geberit AG............................. 870 379,572 Generale d'Affichage, Geneve........... 290 135,722 *Generali (Switzerland) Holdings, Adliswil............................. 1,670 213,155 *Golay-Buchel Holding SA, Lausanne..... 40 32,490 Gornergrat Monte Rasa-Bahnen Zermatt... 70 47,110 Gurit-Heberlein AG..................... 1,125 730,147 *HPI Holding SA........................ 6,000 10,722 Helvetia Patria Holding................ 2,831 431,421 *Industrieholding Cham AG, Cham........ 864 151,049 *Interroll-Holding SA.................. 320 32,180 Jelmoli Holding AG..................... 1,521 1,423,673 #Jelmoli Holding AG, Zuerich (Namen)... 2,835 521,946 Kaba Holding AG........................ 1,340 253,961 *Kardex AG, Zuerich.................... 1,039 122,167 *Kardex AG, Zuerich (Participating).... 610 72,668 *Komax Holding AG...................... 1,100 75,094 *Kudelski SA........................... 13,000 416,834 Kuoni Reisen Holding AG................ 1,350 438,610 *Leica Geosystems Holdings AG.......... 1,057 165,575 *Lem Holdings AG, Lyss................. 270 49,918 Luzerner Kantonalbank AG............... 3,200 465,375 *Maag Holding AG, Zuerich.............. 922 123,210 *Micronas Semi......................... 12,202 556,902 *Mikron Holding AG, Biel............... 2,652 36,516 *Mobilezone Holding AG................. 13,349 25,403 *Moevenpick-Holding, Zuerich........... 1,320 714,772 Nobel Biocare Holding AG............... 45,460 4,263,897 Orell Fuessli Graphische Betriebe AG, Zuerich.............................. 240 258,803 Oz Holding AG.......................... 4,400 268,890 PSP Swiss Property AG.................. 3,442 477,272 *Parco Industriale e Immobiliare SA.... 600 1,624 *Phoenix Mecano AG, Stein am Rhein..... 2,749 816,585 Phonak Holding AG...................... 29,137 637,862 *Publicitas Holding SA, Lausanne....... 1,115 301,883 *#Reg Real Estate Group................ 8,010 481,448 SHARES VALUE+ ------ ------ Rieters Holdings AG.................... 2,056 $ 439,758 Roche Holding AG Genusschein........... 800 72,096 SAIA-Burgess Electronics AG............ 274 96,440 *SIA Abrasives Holding AG.............. 337 59,698 Sarna Kunststoff Holding AG............ 1,760 159,292 *Saurer AG............................. 6,943 308,824 *Schaffner Holding AG.................. 300 44,789 *Schweiter Technology AG............... 500 67,687 Schweizerhall Holding AG, Basel........ 140 178,693 Schweizerische National Versicherungs Gesellschaft......................... 472 197,166 Siegfried Holding AG................... 8,560 1,021,397 Sig Holding AG......................... 3,000 404,380 *Sihl.................................. 150 451 Sika Finanz AG, Baar................... 925 375,661 Sopracenerina.......................... 2,409 316,797 *St. Galler Kantonalbank............... 1,596 289,515 Sulzer AG, Winterthur.................. 1,637 409,655 *Swiss Prime Site AG................... 1,492 264,302 *Swisslog Holding AG................... 6,810 35,243 Tamedia AG............................. 4,500 310,160 Tecan Group AG......................... 5,859 228,655 *Temenos Group AG...................... 24,359 169,400 *UMS Schweizerische Metallwerke Holding AG, Bern............................. 2,560 71,093 Unaxis Holding AG...................... 1,000 137,694 Unilabs SA............................. 2,700 55,348 Valiant Holding AG..................... 6,278 433,436 Valora Holding AG...................... 1,857 441,007 *Vaudoise Assurances Holding, Lausanne............................. 45 56,741 Villars Holding SA, Fribourg........... 150 30,169 *Von Roll Holding AG................... 23,024 18,167 *#Von Roll Holding AG, Gerlafingen..... 23,024 20,482 Vontobel Holdings AG................... 29,250 643,730 *Walliser Kantonalbank................. 150 32,606 Wmh Walter Meier Holding Ag, Zuerich... 1,000 51,829 Zehnder Holding AG..................... 193 142,430 Zschokke Holding SA, Geneve............ 230 79,886 *Zueblin Holding AG.................... 10,093 71,127 Zuger Kantonalbank..................... 545 1,079,275 *Zuger Kantonalbank New Shares......... 45 87,374 ------------ TOTAL COMMON STOCKS (Cost $26,142,712).................... 42,661,225 ------------ PREFERRED STOCKS -- (0.0%) Fuchs Petrolub AG Oel & Chemie 7.29% Non-Voting (Cost $266,229)...................... 6,003 292,553 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Swiss Francs (Cost $18,285)....................... 18,554 ------------ RIGHTS/WARRANTS -- (0.0%) *Fuchs Petrolub AG Oel & Chemie Preferred Rights 12/11/03............ 6,003 0 *Fuchs Petrolub AG Oel & Chemie Rights 12/15/03............................. 6,003 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................. 0 ------------ TOTAL -- SWITZERLAND (Cost $26,427,226).................... 42,972,332 ------------
148 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ GREECE -- (6.9%) COMMON STOCKS -- (6.9%) *A. Cambas Holding & Real Estate SA.... 36,750 $ 103,084 *AS Co. S.A............................ 25,370 50,179 Aegek.................................. 99,835 238,153 *Agrotiki Insurance S.A................ 34,455 235,422 Aktor Technical Co. S.A................ 130,640 798,667 Alco Hellas ABEE S.A................... 38,730 75,211 *Alfa Alfa Energy S.A.................. 3,810 33,431 Alfa-Beta Vassilopoulos S.A............ 12,732 205,429 Alisida S.A............................ 2,160 8,286 *Allatini Industrial & Commercial Co... 15,370 35,006 Alpha Leasing.......................... 49,481 323,855 *Alte Technological Co. S.A............ 85,048 114,183 *Altec Information & Communication Systems S.A.......................... 80,278 77,947 Alumil Milonas S.A..................... 27,516 136,554 *Aluminum of Attica S.A................ 104,982 128,361 *Anek Lines S.A........................ 60,821 96,967 Arcadia Metal Industry C. Rokas S.A.... 22,389 132,044 *Aspis Bank............................ 45,604 164,000 *Aspis Pronia General Insurance S.A.... 48,640 87,459 *Astir Palace Vouliagmenis S.A......... 44,370 405,288 Athens Medical Center S.A.............. 104,974 212,661 Athens Water Supply & Sewage Co.S.A.... 53,245 404,657 *Atlantic Super Market S.A............. 13,640 22,237 Attica Enterprises S.A. Holdings....... 130,214 540,074 Attica Publications S.A................ 16,674 87,945 Atti-Kat S.A........................... 88,984 123,734 Autohellas S.A......................... 22,490 194,107 Babis Vovos S.A........................ 42,412 859,201 *Balafas Construction Holdings S.A..... 15,200 24,051 *Bank of Attica S.A.................... 105,221 456,594 *Bank of Greece........................ 2,366 281,349 Bank of Piraeus S.A.................... 163,829 1,673,207 Benrubi S.A............................ 9,221 112,966 *Betanet S.A........................... 11,220 57,834 *Bitros Holdings S.A................... 19,302 69,182 *Byte Computers S.A.................... 17,230 69,398 Chipita S.A............................ 46,325 207,686 Commercial Bank of Greece.............. 1,960 41,304 *Compucon Computer Applications S.A.... 11,260 22,001 *Computer Peripherals International S.A.................................. 9,110 22,496 *Cyclon Hellas S.A..................... 18,131 25,212 *Daios Plastics S.A.................... 16,350 64,285 Delta Holdings S.A..................... 33,747 242,720 Dionic SA.............................. 12,948 15,987 *Domiki Krittis S.A.................... 11,820 63,193 Edrassi C. Psallidas S.A............... 15,554 37,849 Egnatia Bank S.A....................... 106,477 351,001 El. D. Mouzakis S.A.................... 31,653 59,191 Elais Oleaginous Production S.A........ 16,707 303,611 *Elbisco Holding S.A................... 56,000 441,706 Elektrak SA............................ 14,040 35,680 *Elektroniki of Athens S.A............. 21,560 82,702 *Elgeka S.A............................ 18,590 128,803 Elmec Sport S.A........................ 64,256 181,009 *Elton S.A............................. 9,320 94,963 *Etba Leasing S.A...................... 17,297 43,127 *Ethniki General Insurance Co. S.A..... 71,719 476,281 *Etma Rayon S.A........................ 11,242 19,540 *Euro Reliance General Insurance....... 14,830 40,887 SHARES VALUE+ ------ ------ *Eurodrip S.A.......................... 11,620 $ 68,810 *Euromedica S.A........................ 33,300 83,028 *Europaiki Techniki.................... 32,750 34,940 Everest S.A............................ 30,730 116,404 *Evrofarma S.A......................... 9,500 26,078 *F.G. Europe SA Common Registered Shares............................... 4,536 20,118 *Fanco S.A............................. 10,110 31,025 *Forthnet S.A.......................... 17,510 107,887 Fourlis S.A............................ 56,610 166,257 Frigoglass S.A......................... 49,990 212,132 *G.Polyhronos S.A...................... 10,580 22,321 *Galaxidi Fish S.A..................... 12,940 18,924 General Construction Co. S.A........... 34,649 297,388 General Commercial and Industry........ 24,060 27,111 *General Hellenic Bank................. 31,139 217,990 Germanos S.A........................... 49,650 1,176,049 *Gianoussis S.A........................ 13,604 96,540 Gnomon Construction S.A................ 23,297 21,504 Goody's S.A............................ 17,740 266,668 Halkor S.A............................. 121,226 273,195 Hatziioannou S.A....................... 44,200 115,504 Hellas Can Packaging Manufacturers S.A.................................. 27,902 189,309 Hellenic Cables S.A.................... 26,908 46,125 Hellenic Duty Free Shops S.A........... 65,840 1,163,340 Hellenic Fabrics S.A................... 17,110 58,659 Hellenic Sugar Industry S.A............ 35,750 228,843 Hellenic Technodomiki S.A.............. 124,106 731,943 Heracles General Cement Co............. 71,083 628,842 Hermes Real Estate S.A................. 23,136 124,247 *Hippotour S.A......................... 12,155 25,936 Hyatt Regency S.A...................... 105,000 964,134 *Iaso S.A.............................. 49,300 301,395 *Iktinos Hellas S.A.................... 6,500 23,375 Inform P. Lykos S.A.................... 20,610 110,188 *Informatics SA........................ 18,890 43,023 *Intersat S.A.......................... 19,392 7,206 Intertech S.A.......................... 12,236 48,990 *Intracom Constructions S.A............ 30,520 73,902 Intracom S.A........................... 161,516 1,041,639 *Ionian Hotel Enterprises.............. 16,754 249,436 *J Boutaris & Son Holding S.A.......... 28,150 46,229 J&P-Avax S.A........................... 91,496 541,812 Kalpinis Simos Steel Service Center.... 12,432 45,602 Karelia Tobacco Co., Inc. S.A.......... 2,160 137,282 Kathimerini S.A........................ 21,240 188,411 Katselis Sons S.A...................... 9,000 80,051 *Kego S.A.............................. 21,670 48,576 *Kekrops S.A........................... 2,244 69,347 *Keramia-Allatini S.A. Industrielle Commerciale & Technique.............. 10,368 38,777 *Klonatex Group S.A. Bearer Shares..... 20,351 86,847 *Kordellou Brothers S.A................ 12,300 24,770 *Kotsovolos SA......................... 2,872 12,256 *Lambrakis Press S.A................... 94,120 595,710 *Lampsa Hotel Co....................... 19,051 157,575 Lavipharm S.A.......................... 39,294 75,364 *Lazarides Vineyards S.A............... 16,660 54,720 Light Metals Industry.................. 37,502 111,937 *Logic Dis S.A......................... 77,230 78,691 Loulis Mills S.A....................... 15,382 58,267 *MLS Multimedia S.A.................... 8,300 37,410 Mailis (M.J.) S.A...................... 90,804 333,078 *Maritime Company of Lesvos S.A........ 30,753 25,436
149 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Maxim Knitwear Factory C.M............ 16,360 $ 20,003 *Medicon Hellas S.A.................... 2,600 23,811 Mesochoritis Bros. Construction Co..... 23,700 22,160 Metka S.A.............................. 36,270 195,650 Michaniki S.A.......................... 98,065 315,042 Minerva Knitwear....................... 5,140 19,717 *Minoan Lines S.A...................... 77,309 164,957 Mochlos S.A............................ 46,265 44,368 *Motor Oil (Hellas) Corinth Refineries S.A.................................. 138,470 1,161,912 Mytilineos Holdings S.A................ 47,000 299,729 *N. Levederis S.A...................... 8,355 7,812 N.B.G. Real Estate Development Co...... 122,710 770,780 *Naoussa Spinning Mills S.A............ 21,832 91,074 *Naytemporiki S.A...................... 26,080 152,562 *Neorion-Syro's Shipyards S.A.......... 27,210 116,770 *Nexans Hellas S.A..................... 3,003 10,475 Nikas S.A.............................. 25,287 203,698 Notos Com.Holdings S.A................. 85,974 358,646 *O. Daring Sain........................ 7,760 4,093 Pantechniki S.A........................ 50,460 123,395 *Pegasus Publishing & Printing S.A..... 58,590 176,988 *Persefs S.A. Health Care.............. 19,660 102,280 *Persefs S.A. Health Care New Shares... 3,932 20,456 Petros Petropoulos SA.................. 7,360 52,936 *Petzetakis S.A........................ 22,560 67,879 *Pilias S.A............................ 103,584 52,151 *Pipeworks L. Girakian Profil S.A...... 11,730 18,279 *Promota Hellas S.A.................... 26,580 53,528 *Proodeftiki Technical Co.............. 32,257 32,867 Rilken S.A............................. 1,982 18,627 *Sanyo Hellas S.A...................... 59,251 128,556 Sarantis S.A........................... 43,940 166,443 *Sato S.A.............................. 28,850 35,275 Selected Textile Industry Assoc. S.A... 44,649 63,691 Sfakianakis S.A........................ 13,390 47,029 *Sheet Steel S.A....................... 25,850 19,832 *Shelman............................... 38,042 68,403 Silver and Baryte Ores Mining Co. S.A.................................. 34,961 260,672 Singular S.A........................... 54,600 149,881 Spyroy Agricultural House S.A.......... 22,258 33,352 *Stabilton S.A......................... 27,530 2,640 Strintzis Shipping Lines S.A........... 131,240 209,236 Technical Olympic S.A.................. 165,620 829,867 *Technodomi M.Travlos Br. Com. & Constr. Co. S.A...................... 13,910 10,505 Teletypos S.A. Mega Channel............ 36,227 226,685 Terna Tourist Technical & Maritime S.A.................................. 57,450 512,368 *Themeliodomi.......................... 37,422 106,315 Thrace Plastics Co. S.A................ 45,500 64,905 Uncle Stathis S.A...................... 10,999 81,482 Unisystems S.A......................... 41,820 97,755 *Vardas S.A............................ 13,780 54,511 *Varvaressos S.A. European Spinning Mills................................ 7,200 15,535 Veterin................................ 18,984 88,296 Viohalco............................... 249,335 1,309,112 Vioter S.A............................. 61,470 103,160 SHARES VALUE+ ------ ------ *Vis Container Manufacturing Co........ 4,259 $ 16,235 Zampa S.A.............................. 830 11,740 ------------ TOTAL COMMON STOCKS (Cost $30,722,465).................... 33,364,636 ------------ PREFERRED STOCKS -- (0.0%) Egnatia Bank S.A. (Cost $8,591)........................ 3,196 9,961 ------------ TOTAL -- GREECE (Cost $30,731,056).................... 33,374,597 ------------ SWEDEN -- (6.3%) COMMON STOCKS -- (6.3%) *ADCore AB............................. 50 107 *Active Biotech AB Series A............ 4,160 27,803 *Active Biotech AB Series B............ 20,080 150,146 Addtech AB Series B.................... 12,800 65,219 *Alfaskop AB........................... 3,200 339 Angpannefoereningen AB Series B........ 10,800 165,800 *#Anoto Group AB....................... 83,833 184,173 Axfood AB.............................. 49,500 1,100,569 *#Axis AB.............................. 42,700 88,722 *B & N Bylock & Nordsjoefrakt AB Series B.................................... 41,800 69,150 Beiger Electronics AB.................. 11,700 109,938 Beijer AB Series B..................... 11,700 120,003 Beijer Alma AB Series B................ 10,400 89,464 Bergman & Beving AB Series B........... 36,200 221,337 #Biacore International AB.............. 7,850 180,249 Bilia AB Series A...................... 116,725 1,421,198 Billerud AB............................ 38,800 575,112 *Boliden AB............................ 53,200 239,383 *Bong Ljungdahl AB..................... 9,000 28,586 *Boras Waefveri AB Series B............ 8,600 40,860 *Boss Media AB......................... 25,500 72,557 *Capio AB.............................. 48,100 350,115 Capona AB.............................. 19,000 143,328 Carbo AB............................... 27,800 702,718 Castellum AB........................... 39,900 844,881 Cloetta AB Series B.................... 15,600 355,104 *Concordia Maritime AB Series B........ 37,300 72,072 *Connecta AB........................... 250 208 D. Carnegie & Co. AB................... 62,000 562,063 *Digital Illusions AB Series A......... 5,000 30,638 *Doro Telefoni AB Series A............. 2,900 3,493 Drott Series AB........................ 85,400 1,497,534 *Duroc AB Series B..................... 2,700 4,645 *Elekta AB............................. 24,800 466,061 *Enea Data AB Series B................. 440,000 142,666 Eniro AB............................... 51,300 458,273 Fagerhult AB........................... 2,900 37,612 *Fagerlid Industrier AB................ 8,600 0 *#Finnveden AB......................... 57,000 338,707 *Frontec AB Series B................... 18,200 13,007 Getinge AB............................. 176,604 1,659,441 Geveko AB Series B..................... 8,300 157,079 *Glocalnet AB.......................... 129,100 80,131 Gorthon Lines AB Series B.............. 41,800 106,767 Gunnebo AB............................. 17,100 423,195 HL Display AB Series B................. 4,200 58,363 Haldex AB.............................. 39,000 505,817 Heba Fastighets AB Series B............ 4,300 51,217 Hexagon AB Series B.................... 3,572 92,183 *Hiq International AB.................. 21,500 36,990 Hoganas AB Series B.................... 31,700 656,563
150 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *IBS AB Series B....................... 65,200 $ 114,763 *Industrial & Financial Systems AB Series B............................. 29,700 30,462 *Industrifoervaltnings AB Skandigen.... 21,400 55,227 *Intentia International AB Series B.... 75,420 69,370 *Intrum Justitia AB.................... 52,600 263,136 Karlshamns AB.......................... 14,900 182,403 Kinnevik Industrifoervaltnings AB Series B............................. 44,400 1,325,050 Klippans Finpappersbruk AB............. 5,800 13,279 *Klovern AB B Shares................... 23,226 50,410 Kungsleden AB.......................... 17,600 449,545 *LGP Allgon Holding AB................. 41,280 244,749 Lagercrantz Group AB Series B.......... 12,800 38,962 Lindex AB.............................. 16,100 485,807 Ljungberg Gruppen AB Series B.......... 3,800 50,291 *Lundin Petroleum AB................... 154,000 468,761 *Mandator AB........................... 6,840 1,530 *Meda AB Series A...................... 6,625 114,858 *#Medivir Series B..................... 4,900 68,739 *#Micronic Laser Systems AB............ 27,200 269,981 *#Modern Times Group AB Series B....... 41,100 824,057 NCC AB Series B........................ 38,200 272,998 *Net Insight AB Series B............... 111,400 19,903 New Wave Group AB Series B............. 9,000 172,113 Nibe Industrier AB..................... 12,200 196,980 Nolato AB Series B..................... 42,840 273,842 OEM International AB Series B.......... 7,100 87,386 #OMHEX AB.............................. 78,100 878,563 Observer AB............................ 137,856 611,186 Orc Software AB........................ 10,500 126,454 *Ortivus AB............................ 5,900 24,596 PEAB AB Series B....................... 62,600 339,673 Pandox Hotelfastigheter AB............. 20,100 289,952 *Partnertech AB........................ 3,800 17,350 *Pergo AB.............................. 43,300 87,103 Poolia AB Series B..................... 18,150 55,727 *Prevas AB Series B.................... 16,000 19,693 *Pricer AB Series B.................... 91,000 6,744 *Proact It Group AB.................... 15,000 48,438 Proffice AB............................ 72,800 202,327 *Protect Data AB....................... 6,500 23,226 *PyroSequencing AB..................... 21,500 33,860 *#Q-Med AB............................. 20,000 423,499 *Readsoft AB Series B.................. 17,800 27,797 Rottneros Bruk AB...................... 366,600 409,970 SSAB Swedish Steel Series A............ 60,300 993,550 SSAB Swedish Steel Series B............ 17,100 270,437 Sardus AB.............................. 5,700 75,813 *Scribona AB Series A.................. 40,100 71,113 *Scribona AB Series B.................. 31,700 57,056 *Semcon AB............................. 18,300 39,235 *Sigma AB Series B..................... 25,800 13,214 *Skistar AB............................ 5,600 138,590 *Song Network Holding.................. 43,845 356,860 Sweco AB Series B...................... 23,450 204,828 *Switchcore AB......................... 72,020 37,363 TV 4 AB Series A....................... 7,000 134,329 #Teleca AB Series B.................... 41,200 212,104 *Telelogic AB.......................... 162,400 270,807 *Ticket Travel Group AB................ 4,500 5,777 Trelleborg AB Series B................. 75,400 1,167,509 *WM-Data AB Series B................... 275,800 558,455 Wallenstam Byggnads AB Series B........ 16,700 363,568 *Wedins Norden AB Series B............. 280,000 72,260 SHARES VALUE+ ------ ------ *Westergyllen AB Series B.............. 4,300 $ 29,877 Whilborg Fastigheter AB Class B........ 57,960 690,357 *Wilh. Sonesson AB Series A............ 4,160 8,809 *Wilh. Sonesson AB Series B............ 4,160 8,919 ------------ TOTAL COMMON STOCKS (Cost $21,256,079).................... 30,353,176 ------------ RIGHTS/WARRANTS -- (0.0%) *Pricer AB Rights 12/09/03 (Cost $0)............................ 91,000 602 ------------ TOTAL -- SWEDEN (Cost $21,256,079).................... 30,353,778 ------------ NETHERLANDS -- (5.8%) COMMON STOCKS -- (5.8%) *AFC Ajax NV........................... 10,787 65,300 AM NV.................................. 63,300 469,693 *#ASM International NV................. 35,850 678,994 Aalberts Industries NV................. 25,910 661,556 Accell Group NV........................ 5,010 135,126 *Airspray NV........................... 3,800 83,815 Arcadis NV............................. 14,000 152,717 *Atag Group NV......................... 4,630 1,609 Athlon Groep NV........................ 34,250 574,788 Batenburg Beheer NV.................... 3,000 100,333 *Begemann Groep NV..................... 11,909 57,102 *Begemann Groep NV Series B............ 13,451 9,352 *Beter Bed Holding NV.................. 4,900 48,165 Boskalis Westminster NV................ 51,300 1,271,708 *Brunel International NV............... 12,000 78,397 Buhrmann NV............................ 99,080 752,999 *Copaco NV............................. 7,000 26,432 *Crucell NV............................ 26,050 129,279 Delft Instruments NV................... 13,336 229,402 *#Draka Holding NV..................... 14,287 257,920 *Econosto NV........................... 17,305 28,004 Eriks Group NV......................... 9,032 303,044 *Exact Holding NV...................... 16,800 427,945 Fornix Biosciences NV.................. 2,531 40,534 *Fox Kids Europe NV.................... 56,900 402,424 Gamma Holding NV....................... 15,705 652,320 Gemeenschappeljk Bezit Crown van Gelder NV................................... 12,000 194,193 *#Getronics NV......................... 240,180 495,205 Grolsche NV............................ 32,100 875,399 Grontmij NV............................ 2,053 51,951 #Hagemeyer NV.......................... 75,500 208,158 Heijmans NV............................ 15,477 320,033 ICT Automatisering NV.................. 5,800 80,094 #Imtech NV............................. 28,645 631,809 *Ispat International NV................ 65,245 453,622 KLM (Koninklijke Luchtvaart Mij) NV.... 24,800 392,117 Kas Bank NV............................ 42,888 797,897 *Kendrion NV........................... 21,454 106,213 Koninklijke Bam NV..................... 25,037 655,472 Koninklijke Frans Maas Groep NV........ 12,349 373,777 Koninklijke Nedlloyd NV................ 23,472 777,973 #Koninklijke Ten Cate NV............... 11,088 470,119 Koninklijke Vendex KBB NV.............. 68,200 884,568 #Koninklijke Vopak NV.................. 43,400 780,370 *#Laurus NV............................ 416,097 673,361 MacIntosh NV........................... 15,590 271,912 *Maverix Capital NV.................... 1,500 68,327 *NH Hoteles............................ 21,703 254,956 #NV Holdingsmij de Telegraaf........... 38,050 812,796
151 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Nederlandsche Apparatenfabriek......... 14,000 $ 322,217 *New Skies Satellites NV............... 94,650 654,660 Nutreco Holding NV..................... 24,583 670,403 Oce NV................................. 60,200 860,186 Opg Groep NV Series A.................. 10,100 385,733 *#Petroplus International NV........... 22,363 173,442 *Pinkroccade NV........................ 16,700 200,587 Randstad Holdings NV................... 42,700 852,239 Reesink NV............................. 2,050 119,183 Roto Smeets de Boer NV................. 2,640 82,597 Rubber Cultuur Maatschappij Amsterdam NV................................... 40,800 110,043 *SNT Groep NV.......................... 9,400 141,977 *Samas-Groep NV, Zaandam............... 24,184 127,846 *Scala Business Solutions NV........... 12,100 44,674 *Semiconductor Industries NV........... 21,900 161,188 Sligro Food Group Beheer............... 14,528 426,669 Smit Internationale NV................. 20,578 604,103 Stern Groep NV......................... 1,236 43,560 Stork NV............................... 22,700 440,003 *Textielgroep Twenthe NV............... 1,000 2,997 *Tulip Computers NV.................... 53,860 17,432 Twentsche Kabel Holding NV............. 18,244 413,334 United Services Group NV............... 15,565 314,390 Univar NV.............................. 7,050 111,976 Van Der Mollen Holding NV.............. 57,660 411,255 Vedior NV.............................. 74,880 1,133,675 *Versatel Telecom International NV..... 336,600 685,934 *Wegener Arcade NV .................... 70,830 596,887 ------------ TOTAL -- NETHERLANDS (Cost $19,502,763).................... 28,378,470 ------------ SPAIN -- (5.4%) COMMON STOCKS -- (5.4%) #Abengoa SA............................ 56,900 402,424 Adolfo Dominguez SA.................... 3,700 64,400 Aldeasa SA............................. 13,200 307,128 *Amper SA.............................. 56,800 260,775 *Avanzit SA............................ 17,275 54,669 *#Azkoyen SA........................... 52,500 257,396 Banco de Andalucia..................... 9,800 822,325 Banco de Credito Balear SA............. 35,424 721,882 Banco de Valencia SA................... 188,053 3,345,288 Banco Guipuzcoano SA................... 21,194 495,412 Banco Pastor SA........................ 34,300 1,008,170 *Baron de Ley SA....................... 4,200 188,195 CAF (Construcciones y Auxiliar de Ferrocarriles SA).................... 7,500 543,921 Campofrio Alimentacion SA.............. 92,800 1,007,849 Cementos Portland SA................... 16,881 910,605 Compania de Distribucion Integral Logista SA........................... 29,600 830,285 Cortefiel SA........................... 49,200 415,790 *Dogi International Fabrics SA......... 4,000 17,981 Elecnor SA............................. 18,300 743,653 *Ercros SA............................. 100,518 44,583 *Espanola del Zinc SA.................. 29,250 52,945 *Estacionamientos Urbanos SA........... 4,200 0 #Europistas Concesionaria Espanola SA................................... 174,940 1,042,233 Faes Farma SA.......................... 27,111 384,784 Funespana SA........................... 4,500 27,511 Grupo Empresarial Ence SA.............. 16,040 324,945 *#Grupo Picking Pack SA................ 145,775 83,877 Hullas del Coto Cortes................. 8,666 105,959 SHARES VALUE+ ------ ------ Iberpapel Gestion SA................... 6,700 $ 122,881 Inbesos SA............................. 8,050 31,941 *Indo Internacional SA................. 33,600 149,025 Indra Sistemas SA...................... 75,200 905,948 Inmobiliaria Colonial SA ICSA.......... 35,200 754,448 Inmobiliaria del Sur SA................ 331 54,755 *Inmobiliaria del Sur SA Issue 2003.... 47 7,775 Inmobiliaria Urbis SA.................. 80,282 731,394 *LSB (La Seda de Barcelona SA) Series B.................................... 25,200 54,676 Lingotes Especiales SA................. 22,080 126,781 *Mecalux SA............................ 9,500 39,288 Metrovacesa SA......................... 14,187 432,144 *Nicolas Correa SA..................... 15,750 53,808 Obrascon Huarte Lain SA................ 53,992 345,613 *Parques Reunidos SA................... 15,300 114,078 Pescanova SA........................... 26,443 405,416 Prosegur Cia de Seguridad SA........... 38,800 637,194 Recoletos Grupo de Comunicacion SA..... 82,300 695,518 *SOS Cuetara SA........................ 10,400 263,671 *Sogecable SA.......................... 34,600 1,032,749 #Sol Melia SA.......................... 112,700 801,121 Tavex Algodonera SA.................... 31,944 125,215 *Tecnocom Telecomunicaciones y Energia SA................................... 6,300 33,757 *#Tele Pizza SA........................ 122,900 206,253 Transportes Azkar, SA.................. 26,700 162,910 Tubacex SA............................. 73,130 125,358 Unipapel SA............................ 34,946 627,103 *Unipapel SA Shares Issue.............. 6,989 125,417 #Uralita SA............................ 112,831 988,702 Vidrala SA, Alava...................... 47,040 670,453 Viscofan Industria Navarra de Envolturas Celulosicas SA............ 97,492 816,894 ------------ TOTAL -- SPAIN (Cost $14,981,913).................... 26,107,271 ------------ FINLAND -- (4.8%) COMMON STOCKS -- (4.8%) Alandsbanken AB Series B............... 1,700 39,534 *Aldata Solutions Oyj.................. 56,965 132,474 Alma Media Oyj......................... 7,797 261,233 *Amanda Capital Oyj.................... 51,210 11,050 Amer-Yhtymae Oyj Series A.............. 22,120 925,401 *Aspo P.L.C............................ 7,050 117,892 Aspocomp Group P.L.C................... 12,738 157,274 *Basware Oyj........................... 7,050 46,481 *Benefon Oy............................ 1,900 934 *Biotie Therapies Oyj.................. 39,754 38,600 Capman Oyj Series B.................... 12,485 27,238 *#Comptel Oyj.......................... 92,066 257,143 Elcoteq Network Corp................... 16,210 322,560 *Elektrobit Group Oyj.................. 571,957 377,090 *Elisa Communications Corp............. 74,525 1,022,885 *Eq Online Oyj......................... 7,100 18,384 *Evox Rifa Group Oyj................... 51,210 8,594 *#F-Secure Oyj......................... 124,968 212,719 Finnair Oyj............................ 77,910 501,518 Finnlines Oyj.......................... 30,280 1,041,372 #Fiskars Oy AB Series A................ 32,370 422,950 HK Ruokatalo Oy Series A............... 16,370 130,494 #Huhtamaki Van Leer Oyj................ 92,100 1,017,911 Ilkka-Yhtyma Oyj....................... 1,890 67,968 #J.W. Suominen Yhtyma Oy............... 11,970 95,419
152 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Jaakko Poyry Group Oyj................. 12,500 $ 329,649 KCI Konecranes International Oyj....... 13,800 443,998 Kemira Oyj............................. 118,400 1,298,650 Kesko Oyj.............................. 32,060 557,251 Laennen Tehtaat Oy..................... 3,930 55,166 Lassila & Tikanoja Oyj................. 14,350 471,671 Lemminkainen Oy........................ 14,600 358,778 Martela Oy............................. 530 8,675 Metsaemarkka Oyj Series B.............. 700 5,454 New Kyro Corp. Oyj..................... 36,470 349,740 Nokian Renkaat Oyj..................... 9,700 759,284 Nordic Aluminium Oy.................... 1,900 18,335 *Okmetic Oyj........................... 9,794 41,091 Okobank Class A........................ 33,440 709,110 Olvi Oyj Series A...................... 3,320 57,269 Orion-Yhtyma Oyj Series A.............. 20,590 459,080 Orion-Yhtyma Oyj Series B.............. 30,460 681,335 Outokumpu Oyj Series A................. 21,100 282,018 Oy Stockmann AB Series B............... 24,300 583,454 PK Cables Oyj.......................... 4,760 128,669 #Perlos P.L.C. Warrants 04/04/04....... 47,791 361,489 Pohjola Group P.L.C. Series D.......... 46,185 1,137,158 *Polar Real Estate Corp. Series K...... 154,810 142,892 Ponsse Oyj............................. 6,300 136,313 *Proha Oyj............................. 30,082 27,406 Raisio Group P.L.C. Series V........... 118,423 191,641 Rakentajain Koneuvokrammo Oy........... 10,260 70,965 *Ramirent Oyj.......................... 5,420 93,883 Rapala VMC Oyj......................... 30,970 197,502 *Rautaruukki Oyj Series K.............. 126,380 931,693 Rocla Oy............................... 1,300 10,753 *Saunalahti Group Oyj.................. 92,364 117,362 *Scanfil Oyj........................... 55,249 390,747 Sponda Oyj............................. 71,121 549,891 Stockmann Oyj AB....................... 20,480 491,489 *Stonesoft Corp........................ 49,279 40,169 *Suominen Corp. Issue 2003 Shares...... 5,985 42,687 *Sysopen P.L.C......................... 7,720 39,330 Talentum Oyj........................... 18,300 103,541 *Tecnomen Holding Oyj.................. 36,470 53,773 Teleste Corp. Oyi...................... 11,499 81,326 Uponor Oyj Series A.................... 34,000 988,348 *Vacon Oyj............................. 12,497 145,310 Vaisala Oy Series A.................... 12,650 356,351 Viking Line AB......................... 3,240 89,756 #Wartsila Corp. Oyj Series B........... 40,160 746,182 Yit-Yhtymae Oyj........................ 26,854 856,269 ------------ TOTAL -- FINLAND (Cost $15,188,165).................... 23,248,021 ------------ NORWAY -- (4.2%) COMMON STOCKS -- (4.2%) *Aker Kvaerner ASA..................... 67,930 1,124,959 Aktiv Kapital ASA...................... 48,017 436,298 Arendals Fosse Kompani ASA............. 100 8,354 *Avantor Financial Corp................ 13,270 115,227 *Blom ASA.............................. 18,367 3,311 #Bonheur ASA........................... 9,800 213,998 *C. Tybring-Gjedde ASA................. 1,451,452 53,179 *Choice Hotel Scandinavia ASA.......... 27,740 74,803 *Corrocean ASA......................... 19,321 8,070 *DOF ASA............................... 97,006 181,972 Den Norske Oljeselkapet................ 85,320 325,103 *#EDB Elektronisk Data Behandling ASA.................................. 137,617 780,512 SHARES VALUE+ ------ ------ Ekornes ASA............................ 52,390 $ 905,998 *#Eltek ASA............................ 40,842 298,080 *Expert ASA............................ 48,758 242,953 Farstad Shipping ASA................... 60,790 512,267 *Fjord Seafood ASA..................... 629,483 302,590 *#Fred Olsen Energy ASA................ 91,600 322,184 Ganger Rolf ASA........................ 6,690 127,458 *Gresvig ASA........................... 4,590 16,884 *Hafslund ASA.......................... 58,700 302,815 *Home Invest ASA....................... 15,077 11,048 *Industrifinans Naeringseiendom ASA.... 7,582 11,112 *Kenor ASA............................. 175,716 157,601 #Kongsberg Gruppen ASA................. 45,600 681,650 #Kverneland ASA........................ 16,160 168,150 *Merkantildata ASA..................... 320,521 230,170 *Natural ASA........................... 10,143 63,622 *#Nera ASA............................. 187,753 398,980 *Nordic VLSI ASA....................... 5,000 52,759 *#Ocean Rig ASA........................ 66,031 109,351 #Odfjell ASA Series A.................. 24,910 489,187 Olav Thon Eiendomsselskap ASA.......... 8,320 347,508 *P4 Radio Hele Norge ASA............... 32,200 17,932 *#Photocure ASA........................ 26,690 176,018 Prosafe ASA............................ 51,530 977,972 #Rieber and Son ASA Series A........... 63,654 471,101 Schibsted ASA.......................... 96,160 1,634,741 *Sinvest ASA........................... 270,349 3,566 #Smedvig ASA Series A.................. 83,580 563,452 *Software Innovation ASA............... 13,423 40,327 Solstad Offshore ASA................... 54,100 329,035 *Steen and Stroem ASA.................. 19,512 353,155 *Storebrand ASA........................ 183,330 1,120,382 *Tandberg ASA Series A................. 200,080 1,451,461 *#Tandberg Data ASA.................... 58,950 161,556 *Tandberg Storage ASA.................. 48,450 10,367 *Tandberg Television ASA............... 76,230 318,396 *Telecomputing ASA..................... 44,963 74,461 *#Tgs-Nopec Geophysical Co. ASA........ 34,410 403,433 Tomra Systems ASA...................... 271,280 1,538,599 *Unit 4 Agresso NV..................... 4,620 46,718 Veidekke ASA........................... 21,846 168,085 Visma ASA.............................. 47,393 475,775 Wilhelmshaven (Wilhelm), Ltd. ASA...... 28,000 718,113 ------------ TOTAL COMMON STOCKS (Cost $17,368,700).................... 20,132,798 ------------ BONDS -- (0.0%) Aker RGI Holding ASA ***4.660%, 12/05/03 (Cost $297,547)...................... 2,010 176,761 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Norwegian Krone (Cost $1,415)........................ 1,423 ------------ TOTAL -- NORWAY (Cost $17,667,662).................... 20,310,982 ------------ DENMARK -- (4.1%) COMMON STOCKS -- (4.1%) #AS Dampskibsselsk Torm................ 19,830 466,467 Aarhus Oliefabrik A.S. Aeries A........ 4,350 220,072 *Alm. Brand A.S........................ 24,360 525,930 #Amagerbanken A.S...................... 2,394 235,288 Ambu International A.S. Series B....... 150 15,709 Amtssparekassen Fyn A.S................ 1,968 221,640
153 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ Bang & Olufsen Holding A.S. Series B............................. 13,387 $ 506,870 Brodrene Hartmann A.S. Series B........ 5,865 123,790 Bryggerigruppen A.S.................... 6,015 334,349 Christian Hansen Holding A.S. Series B............................. 10,030 555,911 *#Codan A.S............................ 43,400 1,363,546 DFDS A.S., Copenhagen.................. 8,710 252,602 DSV, De Sammensluttede Vognmaend A.S.................................. 22,630 886,005 Dalhoff, Larsen & Hornemann A.S. Series B............................. 1,370 54,742 Danware................................ 4,185 65,742 DiskontoBanken A.S..................... 535 94,387 #East Asiatic Co., Ltd................. 22,723 867,680 Edb Gruppen A.S........................ 3,230 62,450 *FLS Industries........................ 54,980 589,077 *Fimiston Resources & Technology Ltd.................................. 400 3,512 Fluegger A.S. Series B................. 2,338 108,865 *Foras Holding A.S. Series A........... 7,082 65,610 Forstaedernes Bank..................... 3,547 169,732 *GN Great Nordic A.S................... 210,980 1,339,316 *Genmab A.S............................ 25,029 217,762 *Glunz & Jensen A.S.................... 1,470 11,369 H&H International A.S. Series B........ 1,000 191,731 *Harboes Bryggeri A.S.................. 260 51,107 Hojgaard Holding A.S. Series B......... 2,500 60,419 *IC Co. A.S............................ 3,510 24,318 *Incentive A.S......................... 3,575 10,656 *Junckers (F.) Industrier A.S.......... 860 8,175 *Jyske Bank A.S........................ 37,760 1,794,732 Kjobenhavns Sommer Tivoli A.S.......... 190 41,633 Koebenhavns Lufthavne.................. 9,910 1,093,729 Kompan A.S............................. 230 25,384 NKT Holding A.S........................ 27,245 502,618 *NTR Holdings A.S...................... 1,130 6,918 *#Neg Micon A.S........................ 29,108 314,219 *Neurosearch A.S....................... 7,710 207,451 Per Aarsleff A.S. Series B............. 1,545 46,301 *Pharmexa A.S.......................... 3,235 16,679 *#RTX Telecom A.S...................... 8,400 78,497 Radiometer A.S. Series B............... 9,188 618,789 Ringkjobing Bank....................... 1,670 100,362 *Ringkjobing Landbobank................ 1,400 322,559 Rockwool, Ltd.......................... 3,820 93,552 *SAS Danmark A.S....................... 34,300 339,872 Sanistal A.S. Series B................. 1,786 86,327 Satair A.S............................. 1,350 23,491 Schouw & Co. A.S....................... 13,585 227,635 Simcorp A.S............................ 5,240 195,869 Sjaelso Gruppen A.S.................... 2,388 159,672 *Sondagsavisen A.S..................... 21,165 85,252 Spar Nord Holding...................... 4,973 394,211 Sydbank A.S............................ 8,172 979,596 *TK Development........................ 12,478 34,177 Thrane & Thrane A.S.................... 4,208 113,902 *Topdanmark A.S........................ 28,300 1,431,732 Treka A.S.............................. 8,498 134,180 VT Holdings Shares B................... 3,130 132,631 Vestas Wind Systems A.S................ 27,377 412,423 SHARES VALUE+ ------ ------ Vestjysk Bank A.S...................... 1,080 $ 288,157 *Wessel & Vett Magasin du Nord A.S. Series C............................. 2,102 46,398 ------------ TOTAL -- DENMARK (Cost $14,772,800).................... 20,053,777 ------------ BELGIUM -- (3.7%) COMMON STOCKS -- (3.7%) *Abfin SA.............................. 2,560 0 Ackermans & Van Haaren SA.............. 24,280 520,980 *Arinso International NV............... 10,630 152,272 BMT NV................................. 2,040 194,409 Banque Nationale de Belgique........... 710 3,045,216 Barco (New) NV......................... 8,970 711,282 Bekaert SA............................. 14,610 817,874 Brantano NV............................ 2,060 66,920 *Brederode SA.......................... 12,180 228,643 CFE (Compagnie Francois d'Entreprises)....................... 2,080 501,163 Carrieres Unies Porphyre............... 20 29,944 Cie Martime Belge SA................... 5,320 315,034 Cofinimmo SA........................... 6,423 829,996 Commerciale de Brasserie SA COBRHA..... 115 96,497 #D'Ieteren SA.......................... 3,830 815,382 Deceuninck SA.......................... 63,700 1,947,148 *Docpharma SA NV....................... 2,950 94,594 *Duvel Moorgat NV...................... 3,870 101,178 *EVS Broadcast Equipment SA............ 1,100 44,832 *Exmar NV.............................. 3,080 123,684 Floridienne NV......................... 2,033 118,195 Glaces de Moustier-sur-Sambre SA....... 13,370 405,642 Immobel (Cie Immobiliere de Belgique SA).................................. 4,600 182,518 *Ion Beam Application SA............... 17,780 86,319 *Ipso-Ilg SA........................... 5,990 43,082 *Kinepolis Group NV.................... 5,020 90,264 Melexis NV............................. 33,050 369,238 Metiers Automatiques Picanol........... 16,120 390,333 *Neuhaus NV............................ 544 20,222 Nord-Sumatra Investissements SA........ 650 153,497 Omega Pharma SA........................ 20,170 567,948 Papeteries de Catala SA................ 315 35,872 *Quick Restaurants SA.................. 14,000 149,361 *#Real Software SA..................... 10,280 8,996 Recticel SA............................ 20,220 185,422 Resilux NV............................. 1,350 102,518 Rosier SA.............................. 655 72,785 Roularta Media Groep................... 7,160 330,355 *SIPEF (Societe Internationale de Plantations & de Finance), Anvers.... 1,545 250,024 *Sait Radioholland..................... 7,313 45,585 Sapec SA............................... 3,635 196,299 *Sapec SA VVPR......................... 75 70 Sioen Industries....................... 15,500 138,423 Societe Belge Des Betons SA............ 8,500 311,788 *Solvus SA............................. 38,344 471,590 *Solvus SA Interim Strip VVPR.......... 18,176 218 Spector Photo Group SA................. 3,688 52,830 *Systemat SA........................... 2,450 11,131 *#Telindus Group SA.................... 28,800 249,258 Ter Beke NV............................ 2,281 139,449 Tessenderlo Chemie..................... 19,550 615,405 UNIBRA................................. 1,600 133,298 *Ubizen................................ 14,300 15,256
154 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE+ ------ ------ *Umicore-Strip VVPR.................... 456 $ 295 #Union Miniere SA...................... 9,586 640,047 VPK Packaging Group SA................. 6,345 197,373 Van de Velde NV........................ 1,960 225,552 Warehouses de Pauw Sicafi.............. 4,998 188,664 ------------ TOTAL -- BELGIUM (Cost $12,202,800).................... 17,832,170 ------------ AUSTRIA -- (2.7%) COMMON STOCKS -- (2.7%) *Austria Email AG...................... 715 2,040 *Austrian Airlines/Oesterreichische Luftverkehrs-Aktiengesellschaft...... 27,880 217,233 BBAG Oesterreichische Brau- Beteiligungs AG...................... 7,984 1,181,876 BWT AG................................. 13,530 213,925 Bank Fuer Kaernten und Steiermark AG... 520 60,059 Bohler Uddeholm AG..................... 9,020 583,118 Brau Union Goess-Reinighaus AG......... 10,720 1,627,879 *Ca Immobilien Invest AG............... 22,003 501,663 Constantia-Iso Holding AG.............. 15,000 152,837 Constantia-Verpackungen AG............. 6,000 100,693 Flughafen Wien AG...................... 14,792 629,469 *Immofinanz Immobilien Anlagen AG...... 165,130 1,243,097 #Lenzing AG............................ 3,424 491,301 Manner (Josef) & Co. AG................ 870 34,415 Mayr-Melnhof Karton AG................. 9,840 1,054,631 Oberbank AG............................ 3,555 303,416 Palfinger AG........................... 7,610 199,869 *RHI AG, Wien.......................... 18,559 292,995 *Readymix Kies-Union AG................ 500 40,157 Rosenbauer International AG............ 850 43,773 *Sparkassen Immobilien................. 24,880 225,770 Ubm Realitaetenentwicklung AG.......... 360 31,718 #Uniqa Versicherungen AG............... 79,223 749,286 *VA Technologie AG..................... 11,400 316,902 Voestalpine AG......................... 30,095 1,188,692 Wienerberger AG........................ 63,642 1,611,991 *Wolford AG............................ 4,100 88,466 ------------ TOTAL COMMON STOCKS (Cost $8,758,421)..................... 13,187,271 ------------ RIGHTS/WARRANTS -- (0.0%) *Jenbacher AG Rights 03/31/08 (Cost $0)............................ 7,860 0 ------------ TOTAL -- AUSTRIA (Cost $8,758,421)..................... 13,187,271 ------------ IRELAND -- (2.7%) COMMON STOCKS -- (2.7%) Abbey P.L.C............................ 25,557 196,069 *Arcon International Resources P.L.C... 143,750 7,237 *Ardagh P.L.C.......................... 14,262 12,019 *Barlo Group P.L.C..................... 182,053 82,928 DCC P.L.C.............................. 91,965 1,207,136 *Dragon Oil P.L.C...................... 104,167 57,439 *Elan Corp. P.L.C...................... 154,046 830,964 Fyffes P.L.C........................... 380,502 702,420 Glanbia P.L.C.......................... 321,765 755,987 *Grafton Group P.L.C................... 253,939 1,628,556 Greencore Group P.L.C.................. 213,126 779,212 Heiton Holdings P.L.C.................. 51,677 229,202 IAWS Group P.L.C....................... 105,879 1,186,700 IFG Group P.L.C........................ 37,599 43,268 IWP International P.L.C................ 39,611 14,245 SHARES VALUE+ ------ ------ Independent News & Media P.L.C......... 618,550 $ 1,497,771 *Iona Technologies P.L.C............... 21,281 98,214 Irish Intercontental Group P.L.C....... 18,872 228,485 Jurys Hotel Group P.L.C................ 69,061 836,130 Kingspan Group P.L.C................... 183,188 878,368 McInerney Holdings P.L.C............... 33,991 165,835 Paddy Power P.L.C...................... 49,663 415,535 Readymix P.L.C......................... 109,762 243,413 Ryan Hotels P.L.C...................... 68,061 85,666 United Drug P.L.C...................... 188,448 535,376 Waterford Wedgwood P.L.C............... 806,657 270,749 ------------ TOTAL -- IRELAND (Cost $9,498,217)..................... 12,988,924 ------------ PORTUGAL -- (1.6%) COMMON STOCKS -- (1.6%) *Corticeira Amorim Sociedad Gestora Participacoes Sociais SA............. 194,100 211,732 *EFACEC (Empresa Fabril de Maquinas Electricas).......................... 20,200 77,485 *Ibersol SGPS SA....................... 14,462 67,263 *Impresa Sociedade Gestora de Participacoes Socias SA.............. 163,000 679,964 *Impresa Sociedade Gestora de Participacoes Socias SA New Shares... 27,166 113,325 *Investimentos Participacoes e Gestao SA Inapa............................. 43,702 137,777 *Jeronimo Martins (Estabelecimentos Jeronimo Martins & Filho Administracao e Participacoes Financeiros SA)...................... 130,000 1,371,341 *Mota-Engil SGPS SA.................... 250,900 448,132 *Novabase SGPS......................... 56,005 399,451 *Portucel-Empresa Produtora de Pasta de Papel SA............................. 466,977 778,090 *Sag Gest -- Solucoes Automovel Globais SGPS SA.............................. 235,500 409,334 *Salvador Caetano -- Industrias Metalurgicas e Veiculos de Transporte SA................................... 54,900 197,430 *Sociedad Construcoes Soares da Costa SA................................... 19,200 44,190 *Sociedade de Investimento e Gestao SGPS SA.............................. 160,396 721,015 *Sonae SGPS SA......................... 1,079,900 906,152 *Sonaecom SGPS SA...................... 321,175 885,501 *Teixeira Duarte Engenharia e Construcoes SA....................... 609,000 562,118 ------------ TOTAL -- PORTUGAL (Cost $6,340,397)..................... 8,010,300 ------------ EMU -- (0.1%) INVESTMENT IN CURRENCY -- (0.1%) *Euro Currency (Cost $463,597)...................... 475,138 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) *InFocus Corp. (Cost $190,357)...................... 10,455 82,804 ------------ UNITED KINGDOM -- (0.0%) INVESTMENT IN CURRENCY -- (0.0%) *British Pound Sterling (Cost $7,627)........................ 8,306 ------------
155 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
FACE AMOUNT VALUE+ ------ ------ (000) TEMPORARY CASH INVESTMENTS -- (8.8%) Repurchase Agreement, PNC Capital Markets, Inc. 0.82%, 12/01/03 (Collateralized by $4,625,000 FHLB Notes 1.875%, 02/15/05, valued at $4,659,688) to be repuchased at $4,590,314 (Cost $4,590,000).................... $ 4,590 $ 4,590,000 Repurchase agreements in a Pooled Cash Account, Mizuho Securities USA, 1.05%, 12/01/03 (Collateralized by $54,183,000 U.S. Treasury Obligations, rates ranging from 2.976% to 5.625%, maturities ranging from 02/15/06 to 11/15/25, valued at $38,000,919) to be repurchased at $38,004,244 (Cost $38,000,919){::}............... 38,001 38,000,919 ------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $42,590,919).................... 42,590,919 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $366,549,627)++................. $485,434,900 ============
- -------------------- + See Note B to Financial Statements. {::} Security purchased with cash proceeds from securities on loan * Non-Income Producing Securities # Total or Partial Securities on Loan *** Rates shown are the rates as of November 30, 2003, and maturities shown are the next interest readjustment date. ++ The cost for federal income tax purposes is $363,107,669 See accompanying Notes to Financial Statements. 156 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2003 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) (UNAUDITED)
THE JAPANESE THE PACIFIC RIM THE UNITED THE CONTINENTAL SMALL SMALL KINGDOM SMALL SMALL COMPANY COMPANY COMPANY COMPANY SERIES SERIES SERIES SERIES ------------ --------------- ------------- --------------- ASSETS: Investments at Value (including $77,128, $12,625, $0 and $44,951 of securities on loan, respectively)...... $407,950 $183,343 $279,211 $521,099 Cash.......................... 16 15 15 16 Receivables: Dividends, Interest and Tax Reclaims.................. 348 239 440 1,323 Investment Securities Sold...................... -- -- -- 626 Prepaid Expenses and Other Assets...................... 61 -- 3 -- -------- -------- -------- -------- Total Assets.............. 408,375 183,597 279,669 523,064 -------- -------- -------- -------- LIABILITIES: Payables: Collateral on Securities Loaned.................... 80,709 15,927 -- 47,673 Due to Advisor.............. 25 13 15 38 Investment Securities Purchased................. 6,884 648 47,127 501 Accrued Expenses and Other Liabilities................. 67 51 51 69 -------- -------- -------- -------- Total Liabilities......... 87,685 16,639 47,193 48,281 -------- -------- -------- -------- NET ASSETS.................... $320,690 $166,958 $232,476 $474,783 ======== ======== ======== ======== Investments at Cost........... $523,531 $193,037 $228,509 $374,661 ======== ======== ======== ========
157 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF ASSETS AND LIABILITIES NOVEMBER 30, 2003 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
THE JAPANESE THE PACIFIC RIM THE UNITED THE CONTINENTAL SMALL SMALL KINGDOM SMALL SMALL COMPANY COMPANY COMPANY COMPANY SERIES SERIES SERIES SERIES ------------ --------------- ------------- --------------- ASSETS: Investments at Value (including $70,102, $14,329, $0 and $35,965 of securities on loan, respectively)...... $357,956 $174,033 $164,366 $485,435 Cash.......................... 16 15 16 16 Receivables: Investment Securities Sold...................... 225 2 -- 66 Dividends, Interest, and Tax Reclaims.................. 1,019 233 338 1,153 Securities Lending Income... -- 19 -- -- Fund Shares Sold............ -- -- 152 -- -------- -------- -------- -------- Total Assets.............. 359,216 174,302 164,872 486,670 -------- -------- -------- -------- LIABILITIES: Payables: Collateral on Securities Loaned.................... 73,727 16,984 -- 38,001 Investment Securities Purchased................. 1,714 490 3,908 153 Due to Advisor.............. 24 13 13 36 Accrued Expenses and Other Liabilities................. 52 50 34 73 -------- -------- -------- -------- Total Liabilities......... 75,517 17,537 3,955 38,263 -------- -------- -------- -------- NET ASSETS.................... $283,699 $156,765 $160,917 $448,407 ======== ======== ======== ======== Investments at Cost........... $490,771 $188,619 $124,176 $366,550 ======== ======== ======== ========
See accompanying Notes to Financial Statements. 158 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2003 (AMOUNTS IN THOUSANDS)
THE THE THE UNITED THE JAPANESE PACIFIC RIM KINGDOM CONTINENTAL SMALL SMALL SMALL SMALL COMPANY COMPANY COMPANY COMPANY SERIES SERIES SERIES SERIES -------- ----------- ---------- ----------- INVESTMENT INCOME Dividends (Net of Foreign Taxes Withheld of $354, $142, $408 and $1,105 respectively)............... $ 3,107 $ 4,363 $ 4,062 $ 7,905 Interest...................... 54 34 28 240 Income from Securities Lending..................... 717 133 -- 555 -------- ------- ------- -------- Total Investment Income... 3,878 4,530 4,090 8,700 -------- ------- ------- -------- EXPENSES Investment Advisory Services.................. 229 124 116 311 Accounting & Transfer Agent Fees...................... 294 159 148 381 Custodian Fees.............. 98 95 30 236 Legal Fees.................. 2 -- 1 4 Audit Fees.................. 2 1 2 5 Shareholders' Reports....... 2 1 2 2 Trustees' Fees and Expenses.................. 3 1 1 4 Other....................... 3 2 1 4 -------- ------- ------- -------- Total Expenses............ 633 383 301 947 -------- ------- ------- -------- NET INVESTMENT INCOME (LOSS).................... 3,245 4,147 3,789 7,753 -------- ------- ------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY Net Realized Gain (Loss) on Investment Securities Sold...................... (18,120) (436) (1,016) 12,045 Net Realized Gain (Loss) on Foreign Currency Transactions.............. 54 18 30 315 Change in Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency.......... 101,101 56,281 42,580 120,867 Translation of Foreign Currency Denominated Amounts................... 16 4 5 69 -------- ------- ------- -------- NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY.......... 83,051 55,867 41,599 133,296 -------- ------- ------- -------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................. $ 86,296 $60,014 $45,388 $141,049 ======== ======= ======= ========
See accompanying Notes to Financial Statements. 159 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) THE JAPANESE THE PACIFIC RIM THE UNITED KINGDOM THE CONTINENTAL SMALL SMALL SMALL COMPANY COMPANY SMALL COMPANY COMPANY SERIES SERIES SERIES SERIES ------------------------ ------------------------ ------------------------ ------------------------ YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2003 2002 2003 2002 2003 2002 2003 2002 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income (Loss)............... $ 3,245 $ 2,638 $ 4,147 $ 5,077 $ 3,789 $ 3,080 $ 7,753 $ 5,452 Net Realized Gain (Loss) on Investment Securities Sold...... (18,120) (5,702) (436) (624) (1,016) (74) 12,045 3,013 Net Realized Gain (Loss) on Foreign Currency Transactions......... 54 140 18 (15) 30 79 315 134 Change in Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency............. 101,101 (14,390) 56,281 5,451 42,580 (7,990) 120,867 (4,955) Translation of Foreign Currency Denominated Amounts.............. 16 39 4 (3) 5 4 69 147 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations........ 86,296 (17,275) 60,014 9,886 45,388 (4,901) 141,049 3,791 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Transactions in Interest: Contributions.......... 53,153 46,066 25,155 12,243 41,630 19,447 97,585 79,614 Withdrawals............ (50,797) (29,931) (50,041) (31,046) (25,000) (12,388) (53,295) (30,674) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net Increase (Decrease) from Transactions in Interest............. 2,356 16,135 (24,886) (18,803) 16,630 7,059 44,290 48,940 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total Increase (Decrease)......... 88,652 (1,140) 35,128 (8,917) 62,018 2,158 185,339 52,731 NET ASSETS Beginning of Period.... 195,047 196,187 121,637 130,554 98,899 96,741 263,068 210,337 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- End of Period.......... $ 283,699 $ 195,047 $ 156,765 $ 121,637 $ 160,917 $ 98,899 $ 448,407 $ 263,068 =========== =========== =========== =========== =========== =========== =========== ===========
See accompanying Notes to Financial Statements. 160 THE DFA INVESTMENT TRUST COMPANY FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
THE JAPANESE SMALL COMPANY SERIES --------------------------------------------------------- YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2003 2002 2001 2000 1999 - ---------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period........................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income (Loss)..... -- -- -- -- -- Net Gains (Losses) on Securities (Realized and Unrealized)...... -- -- -- -- -- -------- -------- -------- -------- -------- Total From Investment Operations................... -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- LESS DISTRIBUTIONS Net Investment Income............ -- -- -- -- -- Net Realized Gains............... -- -- -- -- -- -------- -------- -------- -------- -------- Total Distributions............ -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- Net Asset Value, End of Period..... N/A+ N/A+ N/A+ N/A+ N/A+ =================================== ========================================================= Total Return....................... 47.87% (9.62)% (13.51)% (9.93)% 33.83% - ----------------------------------- --------------------------------------------------------- Net Assets, End of Period (thousands)...................... $283,699 $195,047 $196,187 $196,118 $202,676 Ratio of Expenses to Average Net Assets........................... 0.28% 0.27% 0.28% 0.27% 0.28% Ratio of Net Investment Income to Average Net Assets............... 1.41% 1.26% 1.41% 1.38% 1.10% Portfolio Turnover Rate............ 16% 5% 9% 6% 6% - ----------------------------------- --------------------------------------------------------- THE PACIFIC RIM SMALL COMPANY SERIES --------------------------------------------------------- YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2003 2002 2001 2000 1999 - ----------------------------------- --------------------------------------------------------- Net Asset Value, Beginning of Period........................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income (Loss)..... -- -- -- -- -- Net Gains (Losses) on Securities (Realized and Unrealized)...... -- -- -- -- -- -------- -------- -------- -------- -------- Total From Investment Operations................... -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- LESS DISTRIBUTIONS Net Investment Income............ -- -- -- -- -- Net Realized Gains............... -- -- -- -- -- -------- -------- -------- -------- -------- Total Distributions............ -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- Net Asset Value, End of Period..... N/A+ N/A+ N/A+ N/A+ N/A+ =================================== ========================================================= Total Return....................... 61.47% 7.28% 2.84% (10.99)% 54.81% - ----------------------------------- --------------------------------------------------------- Net Assets, End of Period (thousands)...................... $156,765 $121,637 $130,554 $131,888 $183,759 Ratio of Expenses to Average Net Assets........................... 0.31% 0.32% 0.28% 0.29% 0.48% Ratio of Net Investment Income to Average Net Assets............... 3.35% 3.77% 3.69% 4.10% 2.95% Portfolio Turnover Rate............ 15% 26% 10% 7% 34% - ----------------------------------- ---------------------------------------------------------
N/A+ Not applicable as The Japanese Small Company Series and The Pacific Rim Small Company Series are organized as Partnerships. See accompanying Notes to Financial Statements. 161 THE DFA INVESTMENT TRUST COMPANY FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
THE UNITED KINGDOM SMALL COMPANY SERIES --------------------------------------------------------- YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2003 2002 2001 2000 1999 - ---------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period........................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- ------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income (Loss)..... -- -- -- -- -- Net Gains (Losses) on Securities (Realized and Unrealized)...... -- -- -- -- -- -------- ------- -------- -------- -------- Total From Investment Operations................... -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- LESS DISTRIBUTIONS Net Investment Income............ -- -- -- -- -- Net Realized Gains............... -- -- -- -- -- -------- ------- -------- -------- -------- Total Distributions............ -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- Net Asset Value, End of Period..... N/A+ N/A+ N/A+ N/A+ N/A+ =================================== ========================================================= Total Return....................... 44.65% (4.67)% (4.89)% (6.18)% 36.75% - ----------------------------------- --------------------------------------------------------- Net Assets, End of Period (thousands)...................... $160,917 $98,899 $ 96,741 $109,806 $132,127 Ratio of Expenses to Average Net Assets........................... 0.26% 0.26% 0.27% 0.26% 0.26% Ratio of Net Investment Income to Average Net Assets............... 3.25% 3.03% 2.86% 3.06% 3.55% Portfolio Turnover Rate............ 7% 6% 14% 11% 5% - ----------------------------------- --------------------------------------------------------- THE CONTINENTAL SMALL COMPANY SERIES --------------------------------------------------------- YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2003 2002 2001 2000 1999 - ----------------------------------- --------------------------------------------------------- Net Asset Value, Beginning of Period........................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income (Loss)..... -- -- -- -- -- Net Gains (Losses) on Securities (Realized and Unrealized)...... -- -- -- -- -- -------- -------- -------- -------- -------- Total From Investment Operations................... -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- LESS DISTRIBUTIONS Net Investment Income............ -- -- -- -- -- Net Realized Gains............... -- -- -- -- -- -------- -------- -------- -------- -------- Total Distributions............ -- -- -- -- -- - ----------------------------------- --------------------------------------------------------- Net Asset Value, End of Period..... N/A+ N/A+ N/A+ N/A+ N/A+ =================================== ========================================================= Total Return....................... 52.86% 3.22% (5.43)% 2.67% (5.89)% - ----------------------------------- --------------------------------------------------------- Net Assets, End of Period (thousands)...................... $448,407 $263,068 $210,337 $226,724 $252,368 Ratio of Expenses to Average Net Assets........................... 0.30% 0.31% 0.30% 0.28% 0.27% Ratio of Net Investment Income to Average Net Assets............... 2.49% 2.22% 2.73% 2.36% 1.92% Portfolio Turnover Rate............ 11% 12% 12% 9% 11% - ----------------------------------- ---------------------------------------------------------
N/A+ Not applicable as The United Kingdom Small Company Series and The Continental Small Company Series are organized as Partnerships. See accompanying Notes to Financial Statements. 162 THE DFA INVESTMENT TRUST COMPANY NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 2003 A. ORGANIZATION: The DFA Investment Trust Company (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940. At November 30, 2003, the Trust consisted of twenty-five investment portfolios, of which four are included in this report, (collectively, the "Portfolios") (seventeen are presented in separate reports and four have not commenced operations): The Japanese Small Company Series The Pacific Rim Small Company Series The United Kingdom Small Company Series The Continental Small Company Series In the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties and which provide general indemnification. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust and/or its affiliates that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. B. SIGNIFICANT ACCOUNTING POLICIES: The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America for investment companies. Such policies are consistently followed by the Trust in preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. 1. SECURITY VALUATION: Securities held by the Portfolios which are listed on a securities exchange are valued at the last quoted sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Unlisted securities for which market quotations are available are valued at the mean between the most recent bid and asked prices. Securities for which quotations are not readily available are valued in good faith at fair value using methods approved by the Board of Trustees. The Portfolios value their investment securities at fair value based upon procedures approved by the Board on days when significant events occur after the close of the principal exchange on which the securities are traded, and as a result, are expected to materially affect the value of the investments. 2. FOREIGN CURRENCY TRANSLATION: Securities and other assets and liabilities of the Portfolios whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recently quoted bid and asked prices for the U.S. dollar. Dividend and interest income and certain expenses are translated to U.S. dollars at the rate of exchange on their respective accrual dates. Receivables and payables denominated in foreign currencies are marked to market daily based on daily exchange rates and exchange gains or losses are realized upon ultimate receipt or disbursement. The Portfolios do not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities held whether realized or unrealized. Realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between amounts of interest, dividends and foreign withholding taxes recorded on the books of the Portfolios and the U.S. dollar equivalent amounts actually received or paid. 3. DEFERRED COMPENSATION PLAN: Each eligible Trustee of the Trust may elect participation in the Deferred Compensation Plan (the "Plan"). Under the Plan, effective January 1, 2002, such Trustees may defer payment of a percentage of their total fees earned as a Trustee. These deferred amounts may be treated as though such amounts had been invested in shares 163 of the following funds: U.S. Large Cap Value Portfolio, U.S. Micro Cap Portfolio, DFA International Value Portfolio, Emerging Markets Portfolio and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income, are included in Trustees' Fees and Expenses. 4. OTHER: Security transactions are accounted for on the trade date. Costs used in determining realized gains and losses on the sale of investment securities are on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discount and premium on securities purchased are amortized over the lives of the respective securities. Expenses directly attributable to a Series are directly charged. Common expenses are allocated using methods approved by the Board of Trustees, generally based on average net assets. The Portfolios may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Funds accrue such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is a deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. C. INVESTMENT ADVISOR: Dimensional Fund Advisors Inc. ("Dimensional" or the "Advisor")provides investment advisory services to the Trust. For the year ended November 30, 2003, the Series' advisory fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets: The Japanese Small Company Series................. 0.10 of 1% The Pacific Rim Small Company Series.............. 0.10 of 1% The United Kingdom Small Company Series........... 0.10 of 1% The Continental Small Company Series.............. 0.10 of 1%
Certain officers of the Series are also officers, directors and shareholders of the Advisor. D. DEFERRED COMPENSATION: At November 30, 2003, the total liability for deferred compensation to Trustees is included in Accrued Expenses and Other Liabilities as follows: The Japanese Small Company Series................. $ 3,387 The Pacific Rim Small Company Series.............. 1,828 The United Kingdom Small Company Series........... 1,709 The Continental Small Company Series.............. 4,540
E. PURCHASE AND SALES OF SECURITIES: For the year ended November 30, 2003, the Series made the following purchases and sales of investment securities other than short-term securities (amounts in thousands):
U.S. GOVERNMENT OTHER INVESTMENT SECURITIES SECURITIES ------------------ ------------------ PURCHASES SALES PURCHASES SALES --------- ------- --------- ------- The Japanese Small Company Series...................... -- -- $38,938 $35,111 The Pacific Rim Small Company Series...................... -- -- 18,448 36,918 The United Kingdom Small Company Series.............. -- -- 30,044 8,326 The Continental Small Company Series...................... -- -- 90,324 33,179
F. FEDERAL INCOME TAXES: The Portfolios are treated as partnerships for federal income tax purposes and therefore, no provision for federal income taxes is required. Any interest, dividends, and gains or losses have been deemed to have been "passed down" to their Feeder Funds. 164 At November 30, 2003, gross unrealized appreciation and depreciation for federal income tax purposes of investment securities and foreign currencies was as follows (amounts in thousands):
GROSS UNREALIZED GROSS UNREALIZED APPRECIATION DEPRECIATION NET ---------------- ---------------- ------------ The Japanese Small Company Series........................... $ 27,406 $(163,054) $(135,648) The Pacific Rim Small Company Series........................... 37,402 (52,994) (15,592) The United Kingdom Small Company Series........................... 60,761 (21,014) 39,747 The Continental Small Company Series........................... 152,374 (30,047) 122,327
G. FINANCIAL INSTRUMENTS: In accordance with the Portfolios' Investment Objectives and Policies, the Portfolios may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below: 1. REPURCHASE AGREEMENTS: The Portfolios may purchase money market instruments subject to the counterparty's agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Trust's custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements were entered into on November 28, 2003. 2. FOREIGN MARKET RISKS: Investments in foreign markets may involve certain consideration and risks not typically associated with investments in the United States, including the possibility of future political and economic developments and the level of foreign government supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. H. LINE OF CREDIT: The Trust, together with other Dimensional-advised portfolios, has entered into a $50 million unsecured discretionary line of credit with its domestic custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $50 million, as long as total borrowings under the line of credit do not exceed $50 million in the aggregate. Borrowings under the line of credit are charged interest at the then current federal funds rate plus 1%. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit, since this is not a committed facility. The agreement for the discretionary line of credit may be terminated at any time. There were no borrowings under the line of credit by the Portfolios during the year ended November 30, 2003. The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $150 million unsecured line of credit with its international custodian bank. Each portfolio is permitted to borrow, subject to investment limitations, up to a maximum of $150 million, as long as total borrowings under the line of credit do not exceed $150 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed to by the parties at the time of borrowing. There is no commitment fee on the unused line of credit. The agreement for the line of credit expires in April 2004. There were no borrowings by the Trust under the line of credit during the year ended November 30, 2003. I. SECURITIES LENDING: As of November 30, 2003, some of the Trust's portfolios had securities on loan to brokers/dealers, for which each portfolio held cash collateral. Each portfolio invests the cash collateral, as described below, and records a liability for the return of the collateral, during the period the securities are on loan. Loans of securities are required at all times to be secured by collateral at least equal to 100% of the market value of the securities on loan. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. In the event that the borrower fails to return loaned securities, and cash collateral being maintained by the 165 borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, PNCBank, National Association the lending agent, has agreed to pay the amount of the shortfall to the portfolio or, at the option of the lending agent, to replace the securities. Each portfolio, along with other portfolios of the Series, invests the cash collateral received from securities on loan in a pooled cash account, which invests in repurchase agreements collateralized by U.S. government securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. 166 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS TO THE SHAREHOLDERS OF THE PORTFOLIOS, AS DEFINED, AND BOARD OF TRUSTEES OF THE DFA INVESTMENT TRUST COMPANY In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Japanese Small Company Series, The Pacific Rim Small Company Series, The United Kingdom Small Company Series and The Continental Small Company Series (constituting portfolios within The DFA Investment Trust Company, hereafter referred to as the "Portfolios") at November 30, 2003, the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolios' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Fort Lauderdale, Florida January 15, 2004 167 FUND MANAGEMENT TRUSTEES/DIRECTORS Each Board of Trustees/Directors of The DFA Investment Trust Company Inc. ("DFAITC"), DFA Investment Dimensions Group Inc. ("DFAIDG"), Dimensional Investment Group Inc. ("DIG") and Dimensional Emerging Markets Value Fund Inc. ("DEM") (each, the "Fund" and collectively, the "Funds") is responsible for establishing the Fund's policies and for overseeing the management of the Fund. The Trustees/Directors of the Funds, including all of the disinterested Directors, have adopted written procedures to monitor potential conflicts of interest that might develop between portfolios of the Funds (the "Feeder Portfolios") that invest in certain series of DFAITC or DEM (the "Master Funds"). Each Board has two standing committees, an Audit Committee and a Portfolio Performance and Service Review Committee (the "Performance Committee"). The Audit Committee is comprised of George M. Constantinides, Roger G. Ibbotson and Abbie J. Smith. Each member of the Audit Committee is a disinterested Director. The Audit Committee oversees the Fund's accounting and financial reporting policies and practices, the Fund's internal controls, the Fund's financial statements and the independent audits thereof and performs other oversight functions as requested by the Board of Trustee's/Directors. The Audit Committee recommends the appointment of each Fund's independent certified public accountants and also acts as a liaison between the Fund's independent certified public accountants and the full Board. There were four Audit Committee meetings held during the fiscal year ended November 30, 2003. The Performance Committee is comprised of Messrs. Constantinides and Ibbotson, Ms. Smith, John R. Gould, Myron S. Scholes and Robert C. Merton. Each member of the Fund's Performance Committee is a disinterested Director. The Performance Committee regularly reviews and monitors the investment performance of the Fund's series and reviews the performance of the Fund's service providers. There were two Performance Committee meetings held during the fiscal year ended November 30, 2003. Certain biographical information for each disinterested Trustee/Director and each interested Trustee/Director of the Funds is set forth in the tables below, including a description of each Trustee/Director's experience as a Trustee/Director of the Funds and as a director or trustee of other funds, as well as other recent professional experience. The statements of additional information (together, "SAI") of the Funds include additional information about each Trustee/Director. You may obtain copies of the SAI and prospectus of each Fund advised by Dimensional Fund Advisors Inc. by calling collect (310) 395-8005 or by mailing a request to Dimensional Fund Advisors, Inc. 1299 Ocean Avenue, 11th Floor, Santa Monica, California 90401. Prospectuses are also available at www.dfafunds.com.
NAME, AGE, POSITION PORTFOLIOS WITHIN THE WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD DISINTERESTED TRUSTEES/DIRECTORS George M. Constantinides DFAITC - since 1993 90 portfolios in 4 Leo Melamed Professor of Finance, Graduate Director of DFAIDG, DIG and DFAIDG - since 1983 investment companies School of Business, University of Chicago. DEM. DIG - since 1993 Trustee of DFAITC. DEM - since 1994 1101 E. 58th Street Chicago, IL 60637 Date of Birth: 9/22/47 John P. Gould DFAITC - since 1993 90 portfolios in 4 Steven G. Rothmeier Distinguished Service Director of DFAIDG, DIG and DFAIDG - since 1986 investment companies Professor of Economics, Graduate School of DEM. DIG - since 1993 Business, University of Chicago. Senior Trustee of DFAITC. DEM - since 1994 Vice-President, Lexecon Inc. (economics, law, 1101 E. 58th Street strategy and finance consulting). Formerly, Chicago, IL 60637 President, Cardean University (division of Date of Birth: 1/19/39 UNext.com). Member of the Boards of Milwaukee Mutual Insurance Company and UNext.com. Formerly, Trustee, First Prairie Funds (registered investment company). Trustee, Harbor Fund (registered investment company) (13 Portfolios)
168
NAME, AGE, POSITION PORTFOLIOS WITHIN THE WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD Roger G. Ibbotson DFAITC - since 1993 90 portfolios in 4 Professor in Practice of Finance, Yale School Director of DFAIDG, DIG and DFAIDG - since 1981 investment companies of Management. Director, BIRR Portfolio DEM. DIG - since 1993 Analysis, Inc. (software products). Chairman, Trustee of DFAITC. DEM - since 1994 Ibbotson Associates, Inc., Chicago, IL Yale School of Management (software, data, publishing and consulting). P.O. Box 208200 Partner, Zebra Capital Management, LLC (hedge New Haven, CT fund manager). Formerly, Director, Hospital 06520-8200 Fund, Inc. (investment management services). Date of Birth: 5/27/43 Robert C. Merton DFA ITC - since 2003 90 portfolios in 4 John and Natty McArthur University Professor, Harvard Business School DFA IDG - since 2003 investment companies Graduate School of Business Administration, 397 Morgan Hall DFA DIG - since 2003 Harvard University (since 1998). George Fisher Soldiers Field DEM - since 2003 Baker Professor of Business Administration, Boston, MA 02163 Graduate School of Business Administration, Date of Birth: 7/31/44 Harvard University (1988-1998), Co-founder, Chief Science Officer, Integrated Finance Limited (since 2002). Formerly, Partner, Long-Term Capital Management. Myron S. Scholes DFAITC - since 1993 90 portfolios in 4 Frank E. Buck Professor Emeritus of Finance, Director of DFAIDG, DIG and DFAIDG - since 1981 investment companies Stanford University. Partner, Oak Hill Capital DEM. DIG - since 1993 Management. Chairman, Oak Hill Platinum Trustee of DFAITC. DEM - since 1994 Partners. Director, Chicago Mercantile Oak Hill Capital Exchange. Consultant, Arbor Investors. Management, Inc. Formerly, Director, Smith Breeden Family of 2775 Sand Hill Rd. Funds and Partner, Long-Term Capital Suite 220 Management. Director, American Century Fund Menlo Park, CA 94025 Complex (registered investment companies) (35 Date of Birth: 7/01/41 Portfolios). Abbie J. Smith DFAITC - since 2000 90 portfolios in 4 Boris and Irene Stern Professor of Accounting, Director of DFAIDG, DIG and DFAIDG - since 2000 investment companies Graduate School of Business, University of DEM. DIG - since 2000 Chicago, Formerly, Marvin Bower Fellow, Harvard Trustee of DFAITC. DEM - since 2000 Business School (9/01 to 8/02). Director, HON Graduate School of Business Industries Inc. (office furniture) and University of Chicago Director, Ryder System Inc. (transportation) 1101 East 58th Street, Chicago, IL 60637 Date of Birth: 4/30/53 INTERESTED TRUSTEES/DIRECTORS** David G. Booth DFAITC - since 1993 90 portfolios in 4 Chairman, Director, Chief Executive Officer, Chairman, Director, Chief DFAIDG - since 1981 investment companies Chief Investment Officer and President of Executive Officer, Chief DIG - since 1992 Dimensional Fund Advisors Inc., DFA Securities Investment Officer and DEM - since 1994 Inc., DFAIDG, DIG and DEM. Chairman, Trustee, President of DFAIDG, DIG and Chief Executive Officer, Chief Investment DEM. Chairman, Trustee, Chief Officer and President of DFAITC. Director and Executive Officer, Chief Chief Investment Officer of Dimensional Fund Investment Officer and Advisors Ltd. Director, Chief Executive President of DFAITC. Officer, Chief Investment Officer and President 1299 Ocean Avenue of DFA Australia Ltd. Director of Dimensional Santa Monica, CA 90401 Funds PLC. Chairman, Director, Chief Executive Date of Birth: 12/02/46 Officer and Chief Investment Officer of Dimensional Fund Advisors Canada Inc. (All Chief Investment Officer positions held starting 1/1/2003 except for Dimensional Fund Advisors Canada Inc., which was from 6/17/2003.) Limited Partner, Oak Hill Partners. Director, University of Chicago Business School. Formerly, Director, SA Funds (registered investment company). Formerly Director, Assante Corporation (investment management) (until 2002).
169
NAME, AGE, POSITION PORTFOLIOS WITHIN THE WITH THE FUND TERM OF OFFICE(1) AND DFA FUND COMPLEX(2) PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND AND ADDRESS LENGTH OF SERVICE OVERSEEN OTHER DIRECTORSHIPS OF PUBLIC COMPANIES HELD Rex A. Sinquefield* DFAITC - since 1993 90 portfolios in 4 Chairman, Director and Chief Investment Officer Chairman and Director of DFAIDG - since 1981 investment companies of Dimensional Fund Advisors Inc., DFA DFAIDG, DIG and DEM. Trustee DIG - since 1992 Securities Inc., DFAIDG, DIG and DEM. Chairman, and Chairman of DFAITC. DEM - since 1994 Trustee and Chief Investment Officer of DFAITC. 1299 Ocean Avenue Director and President of Dimensional Fund Santa Monica, CA 90401 Advisors Ltd. Director and Chief Investment Date of Birth: 9/07/44 Officer of DFA Australia Ltd. Director of Dimensional Funds PLC and Dimensional Fund Advisors Canada Inc. (Chief Investment Officer positions held through 1/1/2003) Trustee, St. Louis University. Life Trustee and Member of Investment Committee, DePaul University. Director, The German St. Vincent Orphan Home. Member of Investment Committee, Archdiocese of St. Louis.
(1) Each Trustee/Director holds office for an indefinite term until his or her successor is elected and qualified. (2) Each Trustee/Director is a director or trustee of each of the four registered investment companies within the DFA Fund Complex, which includes the Funds. * Rex A. Sinquefield and Jeanne C. Sinquefield are husband and wife. ** Interested Directors are described as such because they are deemed to be "interested persons," as that term is defined under the Investment Company Act of 1940, as amended, due to their positions with Dimensional Fund Advisors Inc. OFFICERS The name, age, information regarding positions with the Funds and the principal occupation for each officer of the Funds are set forth below. Each officer listed below holds the same office (except as otherwise noted) in the following entities: Dimensional Fund Advisors Inc. ("Dimensional"), DFA Securities Inc., DFA Australia Limited, Dimensional Fund Advisors Ltd., DFAIDG, DIG, DFAITC and DEM (collectively, the "DFA Entities"). The address of each officer is: Dimensional Fund Advisors Inc. 1299 Ocean Avenue, 11th Floor, Santa Monica, California 90401, unless otherwise indicated.
TERM OF OFFICE(1) NAME, AGE, POSITION WITH THE FUND AND LENGTH OF AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS OFFICERS Arthur H. Barlow Since 1993 Vice President of all the DFA Entities. Vice President Date of Birth: 11/07/55 Valerie A. Brown Since 2001 Vice President and Assistant Secretary of Vice President and Assistant all the DFA Entities and Dimensional Fund Secretary Advisors Canada Inc. Prior to April 2001, Date of Birth: 1/24/67 legal counsel for Dimensional (since March 2000). Associate, Jones, Day, Reavis & Pogue from October 1991 to February 2000. Truman A. Clark Since 1996 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Date of Birth: 4/08/41 James L. Davis Since 1999 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Date of Birth: 11/29/56 Formerly at Kansas State University, Arthur Andersen & Co., and Phillips Petroleum Co. Robert T. Deere Since 1994 Vice President of all the DFA Entities. Vice President Date of Birth: 10/08/57 Robert W. Dintzner Since 2001 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Prior Date of Birth: 3/18/70 to April 2001, marketing supervisor and marketing coordinator for Dimensional.
170
TERM OF OFFICE(1) NAME, AGE, POSITION WITH THE FUND AND LENGTH OF AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS Richard A. Eustice Since 1998 Vice President and Assistant Secretary of Vice President and Assistant all the DFA Entities, except Dimensional Secretary Fund Advisors Ltd. Date of Birth: 8/05/65 Eugene F. Fama, Jr. Since 1993 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Date of Birth: 1/21/61 Robert M. Fezekas Since 2001 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. and Date of Birth: 10/28/70 DFA Australia Limited. Prior to December 2001, Portfolio Manager. Glenn S. Freed Since 2001 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. and Date of Birth: 11/24/61 DFA Australia Limited. Formerly, Professor and Associate Dean of the Leventhal School of Accounting (September 1998 to August 2001) and Academic Director Master of Business Taxation Program (June 1996 to August 2001) at the University of Southern California Marshall School of Business. Henry F. Gray Since 2000 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Prior Date of Birth: 9/22/67 to July 2000, Portfolio Manager. Kamyab Hashemi-Nejad Since 1997 Vice President, Controller and Assistant Vice President, Controller and Treasurer of all the DFA Entities. Assistant Treasurer Date of Birth: 1/22/61 Patrick Keating Since 2003 Vice President of all the DFA Entities and Vice President Dimensional Fund Advisors Canada Inc. Date of Birth: 12/21/54 Formerly, Director, President and Chief Executive Officer, Assante Asset Management, Inc. (October 2000 to December 2002); Director, Assante Capital Management (October 2000 to December 2002); President and Chief Executive Officer, Assante Capital Management (October 2000 to April 2001); Executive Vice President, Assante Corporation (May 2001 to December 2002); Director, Assante Asset Management Ltd. (September 1997 to December 2002); President and Chief Executive Officer, Assante Asset Management Ltd. (September 1998 to May 2001); Executive Vice President, Loring Ward (financial services company) (January 1996 to September 1998) Stephen P. Manus Since 1997 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Date of Birth: 12/26/50 David M. New Since 2003 Vice President of all the DFA Entities and Vice President Client Service Manager prior to becoming a Date of Birth: 02/09/60 Vice President; Director of Research, Wurts and Associates (investment consulting firm) from December 2000 to June 2002; and President, Kobe Investment Research from August 1999 to November 2000. Catherine L. Newell Since 2000 Vice President and Secretary of all the DFA Vice President and Secretary Entities and Dimensional Fund Advisors Date of Birth: 5/07/64 Canada Inc., except DFA Australia Limited, for which she is Vice President and Assistant Secretary. Director, Dimensional Funds PLC. Vice President and Assistant Secretary of all DFA Entities (1997-2000). David A. Plecha Since 1993 Vice President of all the DFA Entities. Vice President Date of Birth: 10/26/61 Edwardo A. Repetto Since 2002 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. and Date of Birth: 1/28/67 DFA Australia Limited. Research Associate for Dimensional Fund Advisors Inc. (June 2000 to April 2002). Research scientist (August 1998 to June 2000) and Faculty-Postdoctural Fellow (August 1997 to August 1998), California Institute of Technology.
171
TERM OF OFFICE(1) NAME, AGE, POSITION WITH THE FUND AND LENGTH OF AND ADDRESS SERVICE PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS Michael T. Scardina Since 1993 Vice President, Chief Financial Officer and Vice President, Chief Financial Treasurer of all the DFA Entities and Officer and Treasurer Dimensional Fund Advisors Canada Inc. Date of Birth: 10/12/55 Director, Dimensional Funds, PLC. David E. Schneider Since 2001 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. and Santa Monica, CA DFA Australia Limited. Prior to 2001 and Date of Birth: 1/26/46 currently, Regional Director of Dimensional Fund Advisors Inc. John C. Siciliano Since 2001 Vice President of all the DFA Entities. Vice President Director, Dimensional Funds PLC. Managing Santa Monica, CA Principal, Payden & Rygel Investment Date of Birth: 8/24/54 Counsel from April 1998 through December 2000. Jeanne C. Sinquefield, Ph.D.* Since 1988 Executive Vice President of all the DFA Executive Vice President Entities. Vice President of Dimensional Santa Monica, CA Fund Advisor Canada Inc. Date of Birth: 12/02/46 Carl G. Snyder Since 2000 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Prior Santa Monica, CA to July 2000, Portfolio Manager. Date of Birth: 6/08/63 Karen E. Umland Since 1997 Vice President of all the DFA Entities and Vice President Dimensional Fund Advisors Canada Inc. Santa Monica, CA Date of Birth: 3/10/66 Weston J. Wellington Since 1997 Vice President of all the DFA Entities, Vice President except Dimensional Fund Advisors Ltd. Santa Monica, CA Date of Birth: 3/01/51 Daniel M. Wheeler Since 2001 Vice President of all the DFA Entities, Vice President Santa Monica, CA except Dimensional Fund Advisors Ltd. and Date of Birth: 3/03/45 DFA Australia Limited. President of Dimensional Fund Advisors Canada Inc. Prior to 2001 and currently, Director of Financial Advisors Services of Dimensional Fund Advisors Inc.
(1) Each officer holds office for an indefinite term at the pleasure of the Boards of Trustee/Directors and until his or her successor is elected and qualified. * Rex A. Sinquefield and Jeanne C. Sinquefield are husband and wife. 172 ITEM 2. CODE OF ETHICS. Form N-CSR disclosure requirement not yet effective with respect to the registrant. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Form N-CSR disclosure requirement not yet effective with respect to the registrant. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Form N-CSR disclosure requirement not yet effective with respect to the registrant. ITEM 5. DISCLOSURE OF AUDIT COMMITTEES FOR LISTED COMPANIES. Not applicable to the registrant. ITEM 6. [RESERVED BY SEC FOR FUTURE USE.] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable to the registrant. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Form N-CSR disclosure requirement not yet effective with respect to the registrant. ITEM 10. CONTROLS AND PROCEDURES. (a) Within 90 days of the filing date of this Form N-CSR, Alexander Potts, the registrant's President, Chief Executive Officer and Principal Executive Officer, and Michael Clinton, the registrant's Treasurer, Chief Financial and Accounting Officer and Principal Financial Officer, reviewed the registrant's disclosure controls and procedures and evaluated their effectiveness. Based on their review, Messrs. Potts and Clinton determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission. (b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 11. EXHIBITS. (a) Separate certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are attached. (b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached. 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. SA FUNDS - INVESTMENT TRUST By: /s/ Alexander Potts --------------------------- Alexander Potts President, Chief Executive Officer and Principal Executive Officer Date: February 27, 2004 --------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Alexander Potts --------------------------- Alexander Potts President, Chief Executive Officer and Principal Executive Officer Date: February 27, 2004 --------------------------- By: /s/ Michael Clinton --------------------------- Michael Clinton Treasurer, Chief Financial and Accounting Officer and Principal Financial Officer Date: February 27, 2004 --------------------------- EXHIBIT INDEX (a) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act. (EX-99.CERT) (b) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the 1940 Act. (EX-99.906CERT) EX-99.CERT 3 a2127546zex-99_cert.txt EX-99.CERT EX-99.CERT I, Alexander Potts, President, Chief Executive Officer and Principal Executive Officer of SA Funds - Investment Trust (the "registrant"), certify that: 1. I have reviewed this report on Form N-CSR of the registrant; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. By: /s/ Alexander Potts --------------------------- Alexander Potts President, Chief Executive Officer and Principal Executive Officer Date: February 27, 2004 --------------------------- I, Michael Clinton, Treasurer, Chief Financial and Accounting Officer and Principal Financial Officer of SA Funds - Investment Trust (the "registrant"), certify that: 1. I have reviewed this report on Form N-CSR of the registrant; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. By: /s/ Michael Clinton --------------------------- Michael Clinton Treasurer, Chief Financial and Accounting Officer and Principal Financial Officer Date: February 27, 2004 --------------------------- EX-99.906CERT 4 a2127546zex-99_906cert.txt EX-99.906CERT EX-99.906CERT We, Alexander Potts, President, Chief Executive Officer and Principal Executive Officer, and Michael Clinton, Treasurer, Chief Financial and Accounting Officer and Principal Financial Officer of SA Funds - Investment Trust (the "registrant"), certify that: 1. The report on Form N-CSR of the registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant. By: /s/ Alexander Potts --------------------------- Alexander Potts President, Chief Executive Officer and Principal Executive Officer Date: February 27, 2004 --------------------------- By: /s/ Michael Clinton --------------------------- Michael Clinton Treasurer, Chief Financial and Accounting Officer and Principal Financial Officer Date: February 27, 2004 --------------------------- -----END PRIVACY-ENHANCED MESSAGE-----