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Annual Report to Shareholders
Annual Report to Shareholders (440K)
Doc #1919732: Click preview link for longer preview.
ADVANTUS EQUITY FUNDS
[ADVANTUS(TM) CAPITAL MANAGEMENT LOGO]
ANNUAL REPORT TO SHAREHOLDERS
DATED JULY 31, 2003
ADVANTUS CORNERSTONE FUND, INC.
A LARGE COMPANY VALUE FUND
ADVANTUS ENTERPRISE FUND, INC.
A SMALL COMPANY GROWTH FUND
ADVANTUS HORIZON FUND, INC.
A LARGE COMPANY GROWTH FUND
ADVANTUS INDEX 500 FUND, INC.
A LARGE COMPANY INDEX FUND
ADVANTUS REAL ESTATE SECURITIES FUND, INC.
A REAL ESTATE - RELATED SECURITIES FUND
ADVANTUS VENTURE FUND, INC.
A SMALL COMPANY VALUE FUND
CUT DOWN PAPERWORK, NOT TREES
ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, . . .
1919732
|
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 300 Applied Materials, Inc. (b) 356,850
14,988 Linear Technology Corporation 552,757
11,822 Maxim Integrated Products 462,004
28,900 Microchip Technology, Inc. 761,804
15,500 Xilinx, Inc. (b) 407,340
------------
3,514,780
------------
Service - Data Processing (2.4%)
22,200 Veritas Software Corporation (b) 683,760
------------
Total common stock (cost: $24,226,012) 28,736,636
------------
_____________
Xilinx, Inc. – 11,032
612 PMC -- Sierra, Inc. (b) 7,503
377 QLogic Corporation (b) 15,891
663 Teradyne, Inc. (b) 10,906
6,271 Texas Instruments, Inc. 118,334
1,235 Xilinx, Inc. (b) 32,456
---------------
1,221,322
---------------
Service - Data Processing (1.0%)
2,160 Automatic Data Processing 80,093
1,734 Electronic Data Systems Corporation 38,616
511 Equifax, Inc. _____________
dt 1466201
;
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 300 Applied Materials, Inc. (b) 356,850
14,988 Linear Technology Corporation 552,757
11,822 Maxim Integrated Products 462,004
28,900 Microchip Technology, Inc. 761,804
15,500 Xilinx, Inc. (b) 407,340
------------
3,514,780
------------
Service - Data Processing (2.4%)
22,200 Veritas Software Corporation (b) 683,760
------------
Total common stock (cost: $24,226,012) 28,736,636
------------
_____________
Xilinx, Inc. – 11,032
612 PMC -- Sierra, Inc. (b) 7,503
377 QLogic Corporation (b) 15,891
663 Teradyne, Inc. (b) 10,906
6,271 Texas Instruments, Inc. 118,334
1,235 Xilinx, Inc. (b) 32,456
---------------
1,221,322
---------------
Service - Data Processing (1.0%)
2,160 Automatic Data Processing 80,093
1,734 Electronic Data Systems Corporation 38,616
511 Equifax, Inc. _____________
dt 1466210
;
AMD
As referenced in this Annual Report to Shareholders:
Advanced Micro Devices, Inc. – 925
---------------
34,841
---------------
{/TABLE}
See accompanying notes to investments in securities.
60
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ---------------
{S} {C}
TECHNOLOGY--CONTINUED
Electronic Components-Semiconductor (3.5%)
1,184 Advanced Micro Devices, Inc. (b) $ 8,643
1,343 Altera Corporation (b) 25,839
1,352 Analog Devices, Inc. (b) 51,308
6,009 Applied Materials, Inc. (b) 117,176
1,034 Applied _____________
dt 1469448
;
|
AMD
As referenced in this Annual Report to Shareholders:
Advanced Micro Devices, Inc. – 925
---------------
34,841
---------------
{/TABLE}
See accompanying notes to investments in securities.
60
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ---------------
{S} {C}
TECHNOLOGY--CONTINUED
Electronic Components-Semiconductor (3.5%)
1,184 Advanced Micro Devices, Inc. (b) $ 8,643
1,343 Altera Corporation (b) 25,839
1,352 Analog Devices, Inc. (b) 51,308
6,009 Applied Materials, Inc. (b) 117,176
1,034 Applied _____________
dt 1465702
;
Aeropostale
As referenced in this Annual Report to Shareholders:
Aeropostale, Inc. – 400 BorgWarner, Inc. 494,098
------------
Distribution Durables (.9%)
17,100 MSC Industrial Direct Company 344,565
------------
Publishing (.8%)
10,100 Scholastic Corporation (b) 294,617
------------
Retail (9.9%)
15,000 Aeropostale, Inc. (b) 392,250
21,700 American Eagle Outfitters (b) 480,872
15,700 AnnTaylor Stores Corporation (b) 443,525
{/TABLE}
See accompanying notes to investments in securities.
39
{PAGE}
{ _____________
dt 1440248
;
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 | 2003 |
Annual Report to Shareholders
Annual Report to Shareholders (384K)
Doc #1919809: Click preview link for longer preview.
[GRAPHIC]
ADVANTUS FIXED INCOME
AND BLENDED FUNDS
[ADVANTUS(TM) CAPITAL MANAGEMENT LOGO]
ANNUAL REPORT TO SHAREHOLDERS
DATED SEPTEMBER 30, 2002
ADVANTUS BOND FUND, INC.
AN AGGREGATE BOND FUND
ADVANTUS INTERNATIONAL BALANCED FUND, INC.
AN INTERNATIONAL STOCK AND BOND FUND
ADVANTUS MONEY MARKET FUND, INC.
A MONEY MARKET SECURITIES FUND
ADVANTUS MORTGAGE SECURITIES FUND, INC.
A MORTGAGE - RELATED SECURITIES FUND
ADVANTUS SPECTRUM FUND, INC.
AN ASSET ALLOCATION FUND
CUT DOWN PAPERWORK, NOT TREES
ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, ANNUAL AND . . .
1919809
|
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 904 Applied Materials, Inc.(b) 79,741
4,100 Intersil Corporation 53,136
34,827 LSI Logic Corporation(b) 221,151
12,686 Texas Instruments, Inc. 187,372
4,300 Xilinx, Inc. (b) 68,103
------------
609,503
------------
{/TABLE}
See accompanying notes to investments in securities.
62
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ------------
{S} {C}
Electronics -- Computer Distribution (1.0%)
9, _____________
dt 1466202
;
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 904 Applied Materials, Inc.(b) 79,741
4,100 Intersil Corporation 53,136
34,827 LSI Logic Corporation(b) 221,151
12,686 Texas Instruments, Inc. 187,372
4,300 Xilinx, Inc. (b) 68,103
------------
609,503
------------
{/TABLE}
See accompanying notes to investments in securities.
62
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ------------
{S} {C}
Electronics -- Computer Distribution (1.0%)
9, _____________
dt 1466211
;
Accenture
As referenced in this Annual Report to Shareholders:
Accenture Limited – 51.7%)
AUSTRALIA (.6%)
Mining (.6%)
91,000 Iluka Resources, Ltd. $ 229,940
-------------
BERMUDA (.8%)
Insurance (.6%)
3,500 XL Capital, Ltd. Class A 257,250
Service (.2%)
6,000 Accenture Limited (b) 85,680
-------------
342,930
-------------
BRAZIL (.7%)
Mining (.7%)
12,360 Vale Rio Doce ADR 267,594
-------------
CANADA (2.7%)
Electrical Equipment (1.2%)
223,000 Nortel Networks Corporation _____________
dt 1559843
;
|
Air Products
As referenced in this Annual Report to Shareholders:
Air Products and Chemicals – assets.)
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ------------
{S} {C}
COMMON STOCK (60.6%)
BASIC MATERIALS (1.9%)
Aluminum (.1%)
3,500 Alcoa, Inc. $ 67,550
------------
Chemicals (1.8%)
7,200 Air Products and Chemicals , Inc. 302,472
3,700 Dow Chemical Company 101,047
9,600 EI Dupont De Nemours & Company 346,272
15,400 Lyondell Petrochemical Company 183,876
------------
933,667
------------
CAPITAL _____________
dt 1528386
;
Alcatel
As referenced in this Annual Report to Shareholders:
Alcatel – Stora Enso 125,909
Telecommunication (.5%)
21,000 Metso Corporation 182,638
-------------
574,885
-------------
FRANCE (4.5%)
Chemicals (1.0%)
7,498 Aventis 392,745
Electrical Equipment (.3%)
44,000 Alcatel A 102,190
{/TABLE}
See accompanying notes to investments in securities.
39
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ -------------
{S} {C}
Houseware (.8%)
9,570 BIC $ 316,844
Investment Bankers/ _____________
dt 1537854
;
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Annual Report to Shareholders
Annual Report to Shareholders (449K)
Doc #1919815: Click preview link for longer preview.
ADVANTUS EQUITY FUNDS [LOGO]
ANNUAL REPORT TO SHAREHOLDERS
DATED JULY 31, 2002
ADVANTUS CORNERSTONE FUND, INC.
A LARGE COMPANY VALUE FUND
ADVANTUS ENTERPRISE FUND, INC.
A SMALL COMPANY GROWTH FUND
ADVANTUS HORIZON FUND, INC.
A LARGE COMPANY GROWTH FUND
ADVANTUS INDEX 500 FUND, INC.
A LARGE COMPANY INDEX FUND
ADVANTUS REAL ESTATE SECURITIES FUND, INC.
A REAL ESTATE - RELATED SECURITIES FUND
ADVANTUS VENTURE FUND, INC.
A SMALL COMPANY VALUE FUND
CUT DOWN PAPERWORK, NOT TREES
Advantus now offers e-delivery of prospectuses, annual and semi-annual reports.
To find out more, call Advantus Shareholder Services at (800) 665-6005.
ADVANTUS EQUITY FUNDS
TABLE OF CONTENTS
PERFORMANCE UPDATES
Cornerstone Fund 3
Enterprise Fund 7
Horizon Fund 12
Index 500 Fund 18
Real Estate Securities Fund 22
Venture Fund 27
INVESTMENTS IN SECURITIES
Cornerstone Fund 31
Enterprise Fund 37
Horizon Fund 42
Index 500 Fund 48
Real Estate Securities Fund 65
Venture Fund 68
FINANCIAL STATEMENTS
Statements of Assets and Liabilities 76
Statements of Operations 80
Statements of Changes in Net Assets 84
Notes to Financial Statements 90
INDEPENDENT AUDITORS' REPORT 117
FEDERAL INCOME TAX INFORMATION 118
DIRECTORS AND EXECUTIVE OFFICERS 120
SHAREHOLDER SERVICES 122
LETTER FROM THE PRESIDENT
[PHOTO OF DIANNE ORBISON]
Dear Shareholders:
It's been a very eventful year in the economy and the markets. We've seen a
major rally in the bond market, and a major sell off in stocks. Negative events,
questionable earnings reports, and unscrupulous corporate leadership is a lot of
weight for the stock market to carry. Investors are still not confident that the
market can bear the load, which contributed to the stock sell off during the
first half of the year.
A flight to quality is still underway, and this is not unusual when political,
social, and economic events hold uncertainty. In the period ended July 31, 2002,
strong fixed income performance (Lehman Aggregate Bond Index* at 7.84%) and very
weak equity performance (S&P 500 Index** at -23.63) was recorded. The difference
in returns between stocks and bonds, as measured by these two benchmark indices,
was near record levels.
We believe the capital markets will continue to be volatile and suggest that
investors adjust their expectations for a time-specific market recovery. Current
market conditions didn't happen overnight, and it has taken longer than expected
for a sustainable recovery to surface. Although most segments of the stock
market were down at the end of our reporting period, we believe valuations are
fair and better than they have been in six months.
The economy is growing, albeit slowly. We expect that U.S. growth, as measured
by GDP, will be a respectable 2.5 percent in 2002. Monetary policy is still
easy, and we expect no changes from the Federal Reserve in the near term.
Inflation is running less than two percent annually with little, if any,
increase expected.
Also, the underlying strength of the U.S. economy remains solid. The weakness of
the dollar, however, may benefit investors considering a greater allocation to
international investments. Consider having a periodic conversation with your
financial advisor about your goals, risk tolerance, and allocation strategy.
You will notice that all Advantus equity funds are included in this report. The
remaining Advantus Funds (fixed income and balanced) will be published in an
annual report to be dated September 30, 2002. We have combined the reports for
the funds into two mailings to achieve economies of scale in report preparation
and mailing. We are also moving forward with plans to combine Advantus Funds
prospectuses in the same way and for the same reasons.
This is my first letter to you as President of the Advantus Funds. Bill
Westhoff, former President and investment management veteran, retired in late
July, 2002 after 31 years of service to shareholders. I look forward to
communicating with
1
you on a regular basis and bringing you news of the economy, markets,
and Advantus.
Sincerely,
/s/ Dianne Orbison
Dianne Orbison
President, Advantus Funds
*The LEHMAN BROTHERS AGGREGATE BOND INDEX is a market-weighted index that covers
the U.S. investment grade fixed rate bond market. The index includes government
and corporate securities, agency mortgage pass-through securities and asset
backed securities.
1919815
|
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – Inc. (b) 50,602
1,381 Novellus Systems, Inc. (b) 37,273
2,018 RF Micro Devices, Inc. (b) 13,440
12,087 Texas Instruments, Inc. 279,814
2,279 Xilinx, Inc. (b) 43,734
----------
1,359,731
----------
Electronics-- Computer Distribution (1.0%)
2,222 Maxim Integrated Products (b) 78,170
4,800 WW Grainger, Inc. 235,392
----------
313,562
----------
Equipment _____________
Xilinx, Inc. – 622 PMC-Sierra, Inc. (b) 5,940
295 Power-One, Inc. (b) 1,345
6,892 Texas Instruments, Inc. 159,550
704 Vitesse Semiconductor Corporation (b) 1,704
1,310 Xilinx, Inc. (b) 25,139
----------
995,720
----------
Electronics-- Computer Distribution (.2%)
1,272 Maxim Integrated Products (b) 44,749
2,024 Sanmina Corporation (b) 8,238
170 Thomas and Betts Corporation _____________
dt 1466203
;
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – Inc. (b) 50,602
1,381 Novellus Systems, Inc. (b) 37,273
2,018 RF Micro Devices, Inc. (b) 13,440
12,087 Texas Instruments, Inc. 279,814
2,279 Xilinx, Inc. (b) 43,734
----------
1,359,731
----------
Electronics-- Computer Distribution (1.0%)
2,222 Maxim Integrated Products (b) 78,170
4,800 WW Grainger, Inc. 235,392
----------
313,562
----------
Equipment _____________
Xilinx, Inc. – 622 PMC-Sierra, Inc. (b) 5,940
295 Power-One, Inc. (b) 1,345
6,892 Texas Instruments, Inc. 159,550
704 Vitesse Semiconductor Corporation (b) 1,704
1,310 Xilinx, Inc. (b) 25,139
----------
995,720
----------
Electronics-- Computer Distribution (.2%)
1,272 Maxim Integrated Products (b) 44,749
2,024 Sanmina Corporation (b) 8,238
170 Thomas and Betts Corporation _____________
dt 1466212
;
Adaptec
As referenced in this Annual Report to Shareholders:
Adaptec, Inc – Renal Care Group, Inc. (b) 405,000
-------------
1,877,626
-------------
TECHNOLOGY (14.7%)
Communications Equipment (.3%)
89,100 Openwave Systems, Inc. (b) 89,100
-------------
Computer Networking (2.1%)
39,100 Adaptec, Inc . (b) 230,690
42,500 Legato Systems, Inc. (b) 114,750
40,250 Radiant Systems, Inc. (b) 313,950
-------------
659,390
-------------
Computer Services & Software (7.0%)
30,600 Agile _____________
dt 1515926
;
|
Adaptec
As referenced in this Annual Report to Shareholders:
Adaptec, Inc. – Renal Care Group, Inc. (b) 405,000
-------------
1,877,626
-------------
TECHNOLOGY (14.7%)
Communications Equipment (.3%)
89,100 Openwave Systems, Inc. (b) 89,100
-------------
Computer Networking (2.1%)
39,100 Adaptec, Inc. (b) 230,690
42,500 Legato Systems, Inc. (b) 114,750
40,250 Radiant Systems, Inc. (b) 313,950
-------------
659,390
-------------
Computer Services & Software (7.0%)
30,600 Agile _____________
dt 1457199
;
Adaptec
As referenced in this Annual Report to Shareholders:
Adaptec, Inc. – Renal Care Group, Inc. (b) 405,000
-------------
1,877,626
-------------
TECHNOLOGY (14.7%)
Communications Equipment (.3%)
89,100 Openwave Systems, Inc. (b) 89,100
-------------
Computer Networking (2.1%)
39,100 Adaptec, Inc. (b) 230,690
42,500 Legato Systems, Inc. (b) 114,750
40,250 Radiant Systems, Inc. (b) 313,950
-------------
659,390
-------------
Computer Services & Software (7.0%)
30,600 Agile _____________
dt 1469268
;
More... |
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Annual Report to Shareholders
Annual Report to Shareholders (440K)
Doc #1922157: Click preview link for longer preview.
ADVANTUS EQUITY FUNDS
[ADVANTUS(TM) CAPITAL MANAGEMENT LOGO]
ANNUAL REPORT TO SHAREHOLDERS
DATED JULY 31, 2003
ADVANTUS CORNERSTONE FUND, INC.
A LARGE COMPANY VALUE FUND
ADVANTUS ENTERPRISE FUND, INC.
A SMALL COMPANY GROWTH FUND
ADVANTUS HORIZON FUND, INC.
A LARGE COMPANY GROWTH FUND
ADVANTUS INDEX 500 FUND, INC.
A LARGE COMPANY INDEX FUND
ADVANTUS REAL ESTATE SECURITIES FUND, INC.
A REAL ESTATE - RELATED SECURITIES FUND
ADVANTUS VENTURE FUND, INC.
A SMALL COMPANY VALUE FUND
CUT DOWN PAPERWORK, NOT TREES
ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, . . .
1922157
|
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 300 Applied Materials, Inc. (b) 356,850
14,988 Linear Technology Corporation 552,757
11,822 Maxim Integrated Products 462,004
28,900 Microchip Technology, Inc. 761,804
15,500 Xilinx, Inc. (b) 407,340
------------
3,514,780
------------
Service - Data Processing (2.4%)
22,200 Veritas Software Corporation (b) 683,760
------------
Total common stock (cost: $24,226,012) 28,736,636
------------
_____________
Xilinx, Inc. – 11,032
612 PMC -- Sierra, Inc. (b) 7,503
377 QLogic Corporation (b) 15,891
663 Teradyne, Inc. (b) 10,906
6,271 Texas Instruments, Inc. 118,334
1,235 Xilinx, Inc. (b) 32,456
---------------
1,221,322
---------------
Service - Data Processing (1.0%)
2,160 Automatic Data Processing 80,093
1,734 Electronic Data Systems Corporation 38,616
511 Equifax, Inc. _____________
dt 1466204
;
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 300 Applied Materials, Inc. (b) 356,850
14,988 Linear Technology Corporation 552,757
11,822 Maxim Integrated Products 462,004
28,900 Microchip Technology, Inc. 761,804
15,500 Xilinx, Inc. (b) 407,340
------------
3,514,780
------------
Service - Data Processing (2.4%)
22,200 Veritas Software Corporation (b) 683,760
------------
Total common stock (cost: $24,226,012) 28,736,636
------------
_____________
Xilinx, Inc. – 11,032
612 PMC -- Sierra, Inc. (b) 7,503
377 QLogic Corporation (b) 15,891
663 Teradyne, Inc. (b) 10,906
6,271 Texas Instruments, Inc. 118,334
1,235 Xilinx, Inc. (b) 32,456
---------------
1,221,322
---------------
Service - Data Processing (1.0%)
2,160 Automatic Data Processing 80,093
1,734 Electronic Data Systems Corporation 38,616
511 Equifax, Inc. _____________
dt 1466213
;
AMD
As referenced in this Annual Report to Shareholders:
Advanced Micro Devices, Inc. – 925
---------------
34,841
---------------
{/TABLE}
See accompanying notes to investments in securities.
60
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ---------------
{S} {C}
TECHNOLOGY--CONTINUED
Electronic Components-Semiconductor (3.5%)
1,184 Advanced Micro Devices, Inc. (b) $ 8,643
1,343 Altera Corporation (b) 25,839
1,352 Analog Devices, Inc. (b) 51,308
6,009 Applied Materials, Inc. (b) 117,176
1,034 Applied _____________
dt 1469449
;
|
AMD
As referenced in this Annual Report to Shareholders:
Advanced Micro Devices, Inc. – 925
---------------
34,841
---------------
{/TABLE}
See accompanying notes to investments in securities.
60
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ---------------
{S} {C}
TECHNOLOGY--CONTINUED
Electronic Components-Semiconductor (3.5%)
1,184 Advanced Micro Devices, Inc. (b) $ 8,643
1,343 Altera Corporation (b) 25,839
1,352 Analog Devices, Inc. (b) 51,308
6,009 Applied Materials, Inc. (b) 117,176
1,034 Applied _____________
dt 1465703
;
Aeropostale
As referenced in this Annual Report to Shareholders:
Aeropostale, Inc. – 400 BorgWarner, Inc. 494,098
------------
Distribution Durables (.9%)
17,100 MSC Industrial Direct Company 344,565
------------
Publishing (.8%)
10,100 Scholastic Corporation (b) 294,617
------------
Retail (9.9%)
15,000 Aeropostale, Inc. (b) 392,250
21,700 American Eagle Outfitters (b) 480,872
15,700 AnnTaylor Stores Corporation (b) 443,525
{/TABLE}
See accompanying notes to investments in securities.
39
{PAGE}
{ _____________
dt 1440249
;
More... |
| Preview
Full Doc
 | 2003 |
Annual Report to Shareholders
Annual Report to Shareholders (384K)
Doc #1922266: Click preview link for longer preview.
[GRAPHIC]
ADVANTUS FIXED INCOME
AND BLENDED FUNDS
[ADVANTUS(TM) CAPITAL MANAGEMENT LOGO]
ANNUAL REPORT TO SHAREHOLDERS
DATED SEPTEMBER 30, 2002
ADVANTUS BOND FUND, INC.
AN AGGREGATE BOND FUND
ADVANTUS INTERNATIONAL BALANCED FUND, INC.
AN INTERNATIONAL STOCK AND BOND FUND
ADVANTUS MONEY MARKET FUND, INC.
A MONEY MARKET SECURITIES FUND
ADVANTUS MORTGAGE SECURITIES FUND, INC.
A MORTGAGE - RELATED SECURITIES FUND
ADVANTUS SPECTRUM FUND, INC.
AN ASSET ALLOCATION FUND
CUT DOWN PAPERWORK, NOT TREES
ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, ANNUAL AND . . .
1922266
|
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 904 Applied Materials, Inc.(b) 79,741
4,100 Intersil Corporation 53,136
34,827 LSI Logic Corporation(b) 221,151
12,686 Texas Instruments, Inc. 187,372
4,300 Xilinx, Inc. (b) 68,103
------------
609,503
------------
{/TABLE}
See accompanying notes to investments in securities.
62
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ------------
{S} {C}
Electronics -- Computer Distribution (1.0%)
9, _____________
dt 1466205
;
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – 904 Applied Materials, Inc.(b) 79,741
4,100 Intersil Corporation 53,136
34,827 LSI Logic Corporation(b) 221,151
12,686 Texas Instruments, Inc. 187,372
4,300 Xilinx, Inc. (b) 68,103
------------
609,503
------------
{/TABLE}
See accompanying notes to investments in securities.
62
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ------------
{S} {C}
Electronics -- Computer Distribution (1.0%)
9, _____________
dt 1466214
;
Accenture
As referenced in this Annual Report to Shareholders:
Accenture Limited – 51.7%)
AUSTRALIA (.6%)
Mining (.6%)
91,000 Iluka Resources, Ltd. $ 229,940
-------------
BERMUDA (.8%)
Insurance (.6%)
3,500 XL Capital, Ltd. Class A 257,250
Service (.2%)
6,000 Accenture Limited (b) 85,680
-------------
342,930
-------------
BRAZIL (.7%)
Mining (.7%)
12,360 Vale Rio Doce ADR 267,594
-------------
CANADA (2.7%)
Electrical Equipment (1.2%)
223,000 Nortel Networks Corporation _____________
dt 1559844
;
|
Air Products
As referenced in this Annual Report to Shareholders:
Air Products and Chemicals – assets.)
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ------------
{S} {C}
COMMON STOCK (60.6%)
BASIC MATERIALS (1.9%)
Aluminum (.1%)
3,500 Alcoa, Inc. $ 67,550
------------
Chemicals (1.8%)
7,200 Air Products and Chemicals , Inc. 302,472
3,700 Dow Chemical Company 101,047
9,600 EI Dupont De Nemours & Company 346,272
15,400 Lyondell Petrochemical Company 183,876
------------
933,667
------------
CAPITAL _____________
dt 1528389
;
Alcatel
As referenced in this Annual Report to Shareholders:
Alcatel – Stora Enso 125,909
Telecommunication (.5%)
21,000 Metso Corporation 182,638
-------------
574,885
-------------
FRANCE (4.5%)
Chemicals (1.0%)
7,498 Aventis 392,745
Electrical Equipment (.3%)
44,000 Alcatel A 102,190
{/TABLE}
See accompanying notes to investments in securities.
39
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ -------------
{S} {C}
Houseware (.8%)
9,570 BIC $ 316,844
Investment Bankers/ _____________
dt 1537855
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 | 2003 |
Annual Report to Shareholders
Annual Report to Shareholders (449K)
Doc #1922269: Click preview link for longer preview.
ADVANTUS EQUITY FUNDS [LOGO]
ANNUAL REPORT TO SHAREHOLDERS
DATED JULY 31, 2002
ADVANTUS CORNERSTONE FUND, INC.
A LARGE COMPANY VALUE FUND
ADVANTUS ENTERPRISE FUND, INC.
A SMALL COMPANY GROWTH FUND
ADVANTUS HORIZON FUND, INC.
A LARGE COMPANY GROWTH FUND
ADVANTUS INDEX 500 FUND, INC.
A LARGE COMPANY INDEX FUND
ADVANTUS REAL ESTATE SECURITIES FUND, INC.
A REAL ESTATE - RELATED SECURITIES FUND
ADVANTUS VENTURE FUND, INC.
A SMALL COMPANY VALUE FUND
CUT DOWN PAPERWORK, NOT TREES
Advantus now offers e-delivery of prospectuses, annual and semi-annual reports.
To find out more, call Advantus Shareholder Services at (800) 665-6005.
ADVANTUS EQUITY FUNDS
TABLE OF CONTENTS
PERFORMANCE UPDATES
Cornerstone Fund 3
Enterprise Fund 7
Horizon Fund 12
Index 500 Fund 18
Real Estate Securities Fund 22
Venture Fund 27
INVESTMENTS IN SECURITIES
Cornerstone Fund 31
Enterprise Fund 37
Horizon Fund 42
Index 500 Fund 48
Real Estate Securities Fund 65
Venture Fund 68
FINANCIAL STATEMENTS
Statements of Assets and Liabilities 76
Statements of Operations 80
Statements of Changes in Net Assets 84
Notes to Financial Statements 90
INDEPENDENT AUDITORS' REPORT 117
FEDERAL INCOME TAX INFORMATION 118
DIRECTORS AND EXECUTIVE OFFICERS 120
SHAREHOLDER SERVICES 122
LETTER FROM THE PRESIDENT
[PHOTO OF DIANNE ORBISON]
Dear Shareholders:
It's been a very eventful year in the economy and the markets. We've seen a
major rally in the bond market, and a major sell off in stocks. Negative events,
questionable earnings reports, and unscrupulous corporate leadership is a lot of
weight for the stock market to carry. Investors are still not confident that the
market can bear the load, which contributed to the stock sell off during the
first half of the year.
A flight to quality is still underway, and this is not unusual when political,
social, and economic events hold uncertainty. In the period ended July 31, 2002,
strong fixed income performance (Lehman Aggregate Bond Index* at 7.84%) and very
weak equity performance (S&P 500 Index** at -23.63) was recorded. The difference
in returns between stocks and bonds, as measured by these two benchmark indices,
was near record levels.
We believe the capital markets will continue to be volatile and suggest that
investors adjust their expectations for a time-specific market recovery. Current
market conditions didn't happen overnight, and it has taken longer than expected
for a sustainable recovery to surface. Although most segments of the stock
market were down at the end of our reporting period, we believe valuations are
fair and better than they have been in six months.
The economy is growing, albeit slowly. We expect that U.S. growth, as measured
by GDP, will be a respectable 2.5 percent in 2002. Monetary policy is still
easy, and we expect no changes from the Federal Reserve in the near term.
Inflation is running less than two percent annually with little, if any,
increase expected.
Also, the underlying strength of the U.S. economy remains solid. The weakness of
the dollar, however, may benefit investors considering a greater allocation to
international investments. Consider having a periodic conversation with your
financial advisor about your goals, risk tolerance, and allocation strategy.
You will notice that all Advantus equity funds are included in this report. The
remaining Advantus Funds (fixed income and balanced) will be published in an
annual report to be dated September 30, 2002. We have combined the reports for
the funds into two mailings to achieve economies of scale in report preparation
and mailing. We are also moving forward with plans to combine Advantus Funds
prospectuses in the same way and for the same reasons.
This is my first letter to you as President of the Advantus Funds. Bill
Westhoff, former President and investment management veteran, retired in late
July, 2002 after 31 years of service to shareholders. I look forward to
communicating with
1
you on a regular basis and bringing you news of the economy, markets,
and Advantus.
Sincerely,
/s/ Dianne Orbison
Dianne Orbison
President, Advantus Funds
*The LEHMAN BROTHERS AGGREGATE BOND INDEX is a market-weighted index that covers
the U.S. investment grade fixed rate bond market. The index includes government
and corporate securities, agency mortgage pass-through securities and asset
backed securities.
1922269
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Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – Inc. (b) 50,602
1,381 Novellus Systems, Inc. (b) 37,273
2,018 RF Micro Devices, Inc. (b) 13,440
12,087 Texas Instruments, Inc. 279,814
2,279 Xilinx, Inc. (b) 43,734
----------
1,359,731
----------
Electronics-- Computer Distribution (1.0%)
2,222 Maxim Integrated Products (b) 78,170
4,800 WW Grainger, Inc. 235,392
----------
313,562
----------
Equipment _____________
Xilinx, Inc. – 622 PMC-Sierra, Inc. (b) 5,940
295 Power-One, Inc. (b) 1,345
6,892 Texas Instruments, Inc. 159,550
704 Vitesse Semiconductor Corporation (b) 1,704
1,310 Xilinx, Inc. (b) 25,139
----------
995,720
----------
Electronics-- Computer Distribution (.2%)
1,272 Maxim Integrated Products (b) 44,749
2,024 Sanmina Corporation (b) 8,238
170 Thomas and Betts Corporation _____________
dt 1466206
;
Xilinx
As referenced in this Annual Report to Shareholders:
Xilinx, Inc. – Inc. (b) 50,602
1,381 Novellus Systems, Inc. (b) 37,273
2,018 RF Micro Devices, Inc. (b) 13,440
12,087 Texas Instruments, Inc. 279,814
2,279 Xilinx, Inc. (b) 43,734
----------
1,359,731
----------
Electronics-- Computer Distribution (1.0%)
2,222 Maxim Integrated Products (b) 78,170
4,800 WW Grainger, Inc. 235,392
----------
313,562
----------
Equipment _____________
Xilinx, Inc. – 622 PMC-Sierra, Inc. (b) 5,940
295 Power-One, Inc. (b) 1,345
6,892 Texas Instruments, Inc. 159,550
704 Vitesse Semiconductor Corporation (b) 1,704
1,310 Xilinx, Inc. (b) 25,139
----------
995,720
----------
Electronics-- Computer Distribution (.2%)
1,272 Maxim Integrated Products (b) 44,749
2,024 Sanmina Corporation (b) 8,238
170 Thomas and Betts Corporation _____________
dt 1466215
;
Adaptec
As referenced in this Annual Report to Shareholders:
Adaptec, Inc – Renal Care Group, Inc. (b) 405,000
-------------
1,877,626
-------------
TECHNOLOGY (14.7%)
Communications Equipment (.3%)
89,100 Openwave Systems, Inc. (b) 89,100
-------------
Computer Networking (2.1%)
39,100 Adaptec, Inc . (b) 230,690
42,500 Legato Systems, Inc. (b) 114,750
40,250 Radiant Systems, Inc. (b) 313,950
-------------
659,390
-------------
Computer Services & Software (7.0%)
30,600 Agile _____________
dt 1515928
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Adaptec
As referenced in this Annual Report to Shareholders:
Adaptec, Inc. – Renal Care Group, Inc. (b) 405,000
-------------
1,877,626
-------------
TECHNOLOGY (14.7%)
Communications Equipment (.3%)
89,100 Openwave Systems, Inc. (b) 89,100
-------------
Computer Networking (2.1%)
39,100 Adaptec, Inc. (b) 230,690
42,500 Legato Systems, Inc. (b) 114,750
40,250 Radiant Systems, Inc. (b) 313,950
-------------
659,390
-------------
Computer Services & Software (7.0%)
30,600 Agile _____________
dt 1457201
;
Adaptec
As referenced in this Annual Report to Shareholders:
Adaptec, Inc. – Renal Care Group, Inc. (b) 405,000
-------------
1,877,626
-------------
TECHNOLOGY (14.7%)
Communications Equipment (.3%)
89,100 Openwave Systems, Inc. (b) 89,100
-------------
Computer Networking (2.1%)
39,100 Adaptec, Inc. (b) 230,690
42,500 Legato Systems, Inc. (b) 114,750
40,250 Radiant Systems, Inc. (b) 313,950
-------------
659,390
-------------
Computer Services & Software (7.0%)
30,600 Agile _____________
dt 1469270
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| Full Doc
 | 2006 |
Bylaws
Bylaws (69K)
Doc #1739912: This document is immediately available for purchase, but does not have a preview available for viewing.
1739912
| | |
| Full Doc
 | 2007 |
Indemnification Agreement
Indemnification Agreement (31K)
Doc #2832338: This document is immediately available for purchase, but does not have a preview available for viewing.
2832338
| | |
| Preview
Full Doc
 | 2002 | |
Xilinx
As referenced in this Intellectual Property Agreement:
Xilinx, Inc. – of Seller, nor any of their respective successors shall directly or indirectly license any Licensed Software constituting an IP Core listed in Appendix C or K to (A) Actel Corporation, Xilinx, Inc. , Altera Corporation or any of their respective
3
Affiliates or successors, or (B) any third party which combines an IP Core (hard core and/or soft core based upon _____________
Xilinx, Inc. – combines an IP Core (hard core and/or soft core based upon or consisting of Licensed Software) listed in Appendix C or K with a Semiconductive Device of Actel Corporation, Xilinx, Inc. , Altera Corporation or any of their respective Affiliates or successors for resale as either (i) a stand-alone Semiconductive Device that is provided with such IP Core consisting of _____________
Xilinx, Inc. – license any Licensed Technical Information, Information, or Intellectual Property Rights constituting, or used in the creation of, an IP Core listed in Appendix C or K to (A) Actel Corporation, Xilinx, Inc. , Altera Corporation or any of their respective Affiliates or successors, or (B) any third party which combines an IP Core (hard core and/or soft core based upon or _____________
Xilinx, Inc. – core and/or soft core based upon or consisting of Licensed Software and/or Licensed Technical Information) listed in Appendix C or K with a Semiconductive Device of Actel Corporation, Xilinx, Inc. , Altera Corporation or any of their respective Affiliates or successors for resale as either (i) a stand-alone Semiconductive Device that is provided with such IP Core consisting of _____________
dt 1466200
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Xilinx
As referenced in this Intellectual Property Agreement:
Xilinx, Inc. – of Seller, nor a |