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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
|
General Mills
As referenced in this Annual Report to Shareholders:
General Mills, Inc – 405
------------
518,556
------------
Food (1.4%)
2,302 Archer-Daniels-Midland Company 30,248
1,444 Campbell Soup Company 34,873
1,918 ConAgra Foods, Inc. 43,213
1,338 General Mills, Inc . 61,374
515 Hershey Foods Corporation 37,497
1,328 HJ Heinz Company 45,232
1,444 Kellogg Company 49,573
450 McCormick &Company, Inc. 11,502
2,778
_____________
dt 1521865
;
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
;
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 1440253
;
More... |
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Subscribers | 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
|
General Mills
As referenced in this Annual Report to Shareholders:
General Mills, Inc – 000 Anheuser-Busch
Companies, Inc. 7.100% 06/15/07 $ 540,760
-----------
Broadcasting (.8%)
200,000 TCI Communications Inc 6.375% 05/01/03 197,241
-----------
Food (.9%)
200,000 General Mills, Inc . 6.000% 02/15/12 215,419
-----------
Retail (.6%)
150,000 Safeway, Inc. 4.800% 07/16/07 155,875
-----------
ENERGY (2.5%)
Oil (1.7%)
250,000 Chevron
_____________
General Mills, Inc – Inc. 5.500% 04/01/07 381,919
------------
CONSUMER STAPLES (1.2%)
Broadcasting (.4%)
212,000 TCI Communications Inc 6.375% 05/01/03 209,076
------------
Food (.4%)
200,000 General Mills, Inc . 6.000% 02/15/12 215,419
------------
Retail (.4%)
200,000 American Stores Company 7.200% 06/09/03 206,266
------------
FINANCIAL (14.7%)
Asset-Backed Securities (1.4%)
_____________
dt 1521866
;
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
;
ALCOA
As referenced in this Annual Report to Shareholders:
Alcoa, Inc – Daniels-Midland
Company 7.000% 02/01/31 289,136
200,000 Cargill, Inc. -- 144A
Issue(d) 6.375% 06/01/12 225,587
-----------
514,723
-----------
Aluminum (.6%)
150,000 Alcoa, Inc . 4.250% 08/15/07 155,805
-----------
Construction (1.3%)
300,000 Vulcan Materials, Inc. 6.400% 02/01/06 330,904
-----------
Paper and Forest (2.2%)
300,000
_____________
Alcoa, Inc – Percentages of each investment category relate to total net 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,
_____________
dt 1508667
;
More... |
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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
|
General Mills
As referenced in this Annual Report to Shareholders:
General Mills, Inc – Company 143,773
7,025 Viacom, Inc. (b) 273,413
----------
478,136
----------
Food (1.2%)
1,654 Campbell Soup Company 38,538
2,093 Conagra, Inc. 52,555
1,438 General Mills, Inc . 59,605
1,378 H.J. Heinz Company 52,984
595 Hershey Foods Corporation 46,684
1,641 Kellogg Company 56,516
3,117 Sara Lee Corporation 58,413
_____________
dt 1521867
;
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
;
Aeroflex
As referenced in this Annual Report to Shareholders:
Aeroflex, Inc. – 12,500 Precise Software Solutions, Ltd. (b)(c) 157,000
-------------
2,170,305
-------------
Data Processing (1.6%)
30,304 Documentum, Inc. (b) 490,828
-------------
Electrical Defense (1.0%)
40,300 Aeroflex, Inc. (b) 306,280
-------------
{/TABLE}
See accompanying notes to investments in securities.
40
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ---------
{S} {C}
TECHNOLOGY--CONTINUED
Electrical Instruments (--)
51,700 APW, Ltd. (
_____________
dt 1459645
;
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Subscribers | 2003 |
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
|
General Mills
As referenced in this Annual Report to Shareholders:
General Mills, Inc – 405
------------
518,556
------------
Food (1.4%)
2,302 Archer-Daniels-Midland Company 30,248
1,444 Campbell Soup Company 34,873
1,918 ConAgra Foods, Inc. 43,213
1,338 General Mills, Inc . 61,374
515 Hershey Foods Corporation 37,497
1,328 HJ Heinz Company 45,232
1,444 Kellogg Company 49,573
450 McCormick &Company, Inc. 11,502
2,778
_____________
dt 1521868
;
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
;
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 1440254
;
More... |
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Subscribers | 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
|
General Mills
As referenced in this Annual Report to Shareholders:
General Mills, Inc – 000 Anheuser-Busch
Companies, Inc. 7.100% 06/15/07 $ 540,760
-----------
Broadcasting (.8%)
200,000 TCI Communications Inc 6.375% 05/01/03 197,241
-----------
Food (.9%)
200,000 General Mills, Inc . 6.000% 02/15/12 215,419
-----------
Retail (.6%)
150,000 Safeway, Inc. 4.800% 07/16/07 155,875
-----------
ENERGY (2.5%)
Oil (1.7%)
250,000 Chevron
_____________
General Mills, Inc – Inc. 5.500% 04/01/07 381,919
------------
CONSUMER STAPLES (1.2%)
Broadcasting (.4%)
212,000 TCI Communications Inc 6.375% 05/01/03 209,076
------------
Food (.4%)
200,000 General Mills, Inc . 6.000% 02/15/12 215,419
------------
Retail (.4%)
200,000 American Stores Company 7.200% 06/09/03 206,266
------------
FINANCIAL (14.7%)
Asset-Backed Securities (1.4%)
_____________
dt 1521869
;
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
;
ALCOA
As referenced in this Annual Report to Shareholders:
Alcoa, Inc – Daniels-Midland
Company 7.000% 02/01/31 289,136
200,000 Cargill, Inc. -- 144A
Issue(d) 6.375% 06/01/12 225,587
-----------
514,723
-----------
Aluminum (.6%)
150,000 Alcoa, Inc . 4.250% 08/15/07 155,805
-----------
Construction (1.3%)
300,000 Vulcan Materials, Inc. 6.400% 02/01/06 330,904
-----------
Paper and Forest (2.2%)
300,000
_____________
Alcoa, Inc – Percentages of each investment category relate to total net 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,
_____________
dt 1508670
;
More... |
| Preview
Subscribers | 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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General Mills
As referenced in this Annual Report to Shareholders:
General Mills, Inc – Company 143,773
7,025 Viacom, Inc. (b) 273,413
----------
478,136
----------
Food (1.2%)
1,654 Campbell Soup Company 38,538
2,093 Conagra, Inc. 52,555
1,438 General Mills, Inc . 59,605
1,378 H.J. Heinz Company 52,984
595 Hershey Foods Corporation 46,684
1,641 Kellogg Company 56,516
3,117 Sara Lee Corporation 58,413
_____________
dt 1521870
;
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
;
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
;
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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 1469270
;
Aeroflex
As referenced in this Annual Report to Shareholders:
Aeroflex, Inc. – 12,500 Precise Software Solutions, Ltd. (b)(c) 157,000
-------------
2,170,305
-------------
Data Processing (1.6%)
30,304 Documentum, Inc. (b) 490,828
-------------
Electrical Defense (1.0%)
40,300 Aeroflex, Inc. (b) 306,280
-------------
{/TABLE}
See accompanying notes to investments in securities.
40
{PAGE}
{TABLE}
{CAPTION}
MARKET
SHARES VALUE(a)
------ ---------
{S} {C}
TECHNOLOGY--CONTINUED
Electrical Instruments (--)
51,700 APW, Ltd. (
_____________
dt 1459646
;
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Subscribers | 2005 |
Dividend Restriction Agreement
Dividend Restriction Agreement (8K)
Doc #450004: Click preview link for longer preview.
DIVIDEND RESTRICTION AGREEMENT
THIS DIVIDEND RESTRICTION AGREEMENT (this ?Agreement?), dated as of October 8, 2004, is executed and delivered by General Mills, Inc., a Delaware corporation (?General Mills?), to Wells Fargo Bank, National Association, not in its individual capacity but solely as paying agent for the common stock of General Mills (the ?Paying Agent?). Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Third Amended and Restated Limited Liability Company Agreement of General Mills Cereals, LLC, effective as of October 8, 2004 (the ?LLC Agreement?).
WHEREAS, GM Class B, Inc., a Delaware corporation (?GM Class B?), is the holder of 100% of the Series B-1 Limited Membership Interests (the ?Series B-1 Interests?) of General Mills Cereals, LLC, a Delaware limited liability company (the ?Company?).
WHEREAS, GM Class B desires to sell to Lehman Brothers Special Financing Inc. (the ?Purchaser?) preferred securities designated as Series B-1 Preferred Securities (the ?Series B-1 Preferred Securities?), representing Series B-1 Interests each having an initial Capital Account balance of $1,000.
WHEREAS, GM Class B is a wholly owned subsidiary of General Mills and General Mills will receive a substantial benefit from the sale of the Series B-1 Preferred Securities.
WHEREAS, as an inducement for the Purchaser to purchase the Series B-1 Preferred Securities, General Mills will irrevocably and unconditionally agree, to the extent set forth herein, to refrain from paying any dividends on its common stock to the extent described herein in the event that the Company fails to make preferred cash distribution payments to the Holders of the Series B-1 Preferred Securities.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally and validly bound, hereby execute and deliver this Agreement and agrees for the benefit of the Purchaser and any subsequent holders of the Series B-1 Preferred Securities (the ?Holders?) as follows:
Section 1. Restriction on Dividend Payments. If the Company fails to distribute on any Distribution Date to the Holders of the Series B-1 Preferred Securities, the entire amount of accrued and undistributed Series B-1 Limited Member Preferred Return due to such Holders on such Distribution Date, then General Mills shall not declare, pay or set aside for payment any dividend (other than dividends in the form of shares of common stock) or other distributions on or in respect of, or repurchase or redeem its own shares of common or preferred stock, if any, until all such accrued and undistributed Series B-1 Limited Member Preferred Return is subsequently distributed by the Company. The Company shall provide notice to the Paying Agent, as provided in Section 5 below, immediately upon its failure to distribute on any Distribution Date to the Holders of the Series B-1 Preferred Securities, the entire amount of accrued and undistributed Series B-1 Preferred Return due to such Holders on such Distribution Date. General Mills shall give the Paying Agent prompt written notice as provided in Section 5 below stating, as applicable, that the entire amount of 450004
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General Mills
As referenced in this Dividend Restriction Agreement:
General Mills, Inc –
Exhibit 99.1 to General Mills, Inc . Form 10-Q dated November 28, 2004
EX-4.2 4 genmills050011_ex4-2.htm
Exhibit 4.2
EXECUTION COPY
DIVIDEND RESTRICTION AGREEMENT
THIS DIVIDEND RESTRICTION AGREEMENT (this Agreement), dated
_____________
General Mills, Inc – 2 4 genmills050011_ex4-2.htm
Exhibit 4.2
EXECUTION COPY
DIVIDEND RESTRICTION AGREEMENT
THIS DIVIDEND RESTRICTION AGREEMENT (this Agreement), dated as of October 8, 2004, is executed and delivered by General Mills, Inc ., a Delaware corporation (General Mills), to Wells Fargo Bank, National Association, not in its individual capacity but solely as paying agent for the common stock of General Mills (the
_____________
General Mills, Inc – Agreement shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class mail, as follows:
If to General Mills:
General Mills, Inc .
One General Mills Boulevard
Minneapolis, Minnesota 55440
Attention: Elizabeth L. Wittenberg
Telecopy: (763) 764-5011
Telephone: (763) 764-7600
If to Paying Agent:
Wells Fargo Bank, N.A.
161
_____________
GENERAL MILLS, INC – lose the material benefit of its economic bargain.
[this space intentionally left blank]
3
IN WITNESS WHEREOF, this Agreement is executed as of the day and year first above written.
GENERAL MILLS, INC .
By:
/s/David B. VanBenschoten
David B. VanBenschoten
Vice President, Treasurer
WELLS FARGO BANK, N.A., AS PAYING AGENT
By:
/s/Barbara M. Novak
Barbara M. Novak
Vice President
_____________
dt 1521823
;
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 Wells Fargo Bank
As referenced in this Dividend Restriction Agreement:
Wells Fargo Bank, N – COPY
DIVIDEND RESTRICTION AGREEMENT
THIS DIVIDEND RESTRICTION AGREEMENT (this Agreement), dated as of October 8, 2004, is executed and delivered by General Mills, Inc., a Delaware corporation (General Mills), to Wells Fargo Bank, N ational Association, not in its individual capacity but solely as paying agent for the common stock of General Mills (the Paying Agent). Capitalized terms used herein but not defined shall
_____________
Wells Fargo Bank, N – If to General Mills:
General Mills, Inc.
One General Mills Boulevard
Minneapolis, Minnesota 55440
Attention: Elizabeth L. Wittenberg
Telecopy: (763) 764-5011
Telephone: (763) 764-7600
If to Paying Agent:
Wells Fargo Bank, N .A.
161 North Concord Exchange
South St. Paul, Minnesota 55075
Attention: Barbara M. Novak
Telecopy: (651) 450-4078
2
All such notices shall be deemed to have been given
_____________
WELLS FARGO BANK, N – IN WITNESS WHEREOF, this Agreement is executed as of the day and year first above written.
GENERAL MILLS, INC.
By:
/s/David B. VanBenschoten
David B. VanBenschoten
Vice President, Treasurer
WELLS FARGO BANK, N .A., AS PAYING AGENT
By:
/s/Barbara M. Novak
Barbara M. Novak
Vice President
4
_____________
dt 1433014
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| Preview
Subscribers | 2005 |
Forward Purchase Contract
Forward Purchase Contract (72K)
Doc #450006: Click preview link for longer preview.
FORWARD PURCHASE CONTRACT
between
GENERAL MILLS, INC.,
as the Seller,
and
LEHMAN BROTHERS OTC DERIVATIVES INC.,
as the Purchaser,
dated as of
October 8, 2004
FORWARD PURCHASE CONTRACT
THIS AGREEMENT is made as of this October 8, 2004 between GENERAL MILLS, INC., a Delaware corporation (the �Seller�), and LEHMAN BROTHERS OTC DERIVATIVES INC., a Delaware corporation (the �Purchaser�). Lehman Brothers OTC Derivatives Inc. is not a member of the Securities Investor Protection Corporation
. . .
450006
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General Mills
As referenced in this Forward Purchase Contract:
General Mills, Inc –
Exhibit 99.3 to General Mills, Inc . Form 10-Q dated November 28, 2004
EX-10.1 6 genmills050011_ex10-1.htm
Exhibit 10.1
Execution Copy
FORWARD PURCHASE CONTRACT
between
GENERAL MILLS, INC.,
as the Seller,
_____________
GENERAL MILLS, INC – Exhibit 99.3 to General Mills, Inc. Form 10-Q dated November 28, 2004
EX-10.1 6 genmills050011_ex10-1.htm
Exhibit 10.1
Execution Copy
FORWARD PURCHASE CONTRACT
between
GENERAL MILLS, INC .,
as the Seller,
and
LEHMAN BROTHERS OTC DERIVATIVES INC.,
as the Purchaser,
dated as of
October 8, 2004
FORWARD PURCHASE CONTRACT
THIS AGREEMENT is made as of this October
_____________
GENERAL MILLS, INC – Seller,
and
LEHMAN BROTHERS OTC DERIVATIVES INC.,
as the Purchaser,
dated as of
October 8, 2004
FORWARD PURCHASE CONTRACT
THIS AGREEMENT is made as of this October 8, 2004 between GENERAL MILLS, INC ., a Delaware corporation (the Seller), and LEHMAN BROTHERS OTC DERIVATIVES INC., a Delaware corporation (the Purchaser). Lehman Brothers OTC Derivatives Inc. is not a member of the Securities Investor
_____________
General Mills, Inc – to Lehman Brothers Holdings Inc., 399 Park Avenue, 11th Floor, New York, New York 10022, Telecopy: (212) 520-0176, Attn: Corporate Counsel; notices to the Seller shall be directed to General Mills, Inc ., Number One General Mills Boulevard, Minneapolis, Minnesota 55440, Telecopy: (763) 764-3302, Attn: General Counsel; copy to General Mills, Inc., Treasury Department, Number One General Mills Boulevard, Minneapolis, Minnesota
_____________
General Mills, Inc – Corporate Counsel; notices to the Seller shall be directed to General Mills, Inc., Number One General Mills Boulevard, Minneapolis, Minnesota 55440, Telecopy: (763) 764-3302, Attn: General Counsel; copy to General Mills, Inc ., Treasury Department, Number One General Mills Boulevard, Minneapolis, Minnesota 55440, Telecopy (763) 764-7384, Attn: Treasurer. Notwithstanding the foregoing, notices to a party shall be directed to such other
_____________
dt 1521824
;
Diageo
As referenced in this Forward Purchase Contract:
Diageo plc, – Commission.
Common Stock means the common stock, $.10 par value, of the Seller.
Common Stock Underwriting Agreement means the underwriting agreement, dated as of October 4, 2004, by and among Diageo plc, the Seller and the underwriters names herein.
Constituent Person has the meaning provided in Section 6.2.
Contract Amount means 30,000,000 (which is the total number of
_____________
dt 1324566
;
Lehman Brothers
As referenced in this Forward Purchase Contract:
Lehman Brothers Holdings Inc – references to Seller in this definition shall mean such Issuing Person.
Issue Date means October 8, 2004.
Issuing Person has the meaning provided in Section 6.2.
4
LBHI means Lehman Brothers Holdings Inc ., and its successors and assigns.
Market Disruption Event means any of the following events that the Purchaser in its reasonable discretion determines has a material effect on the trading
_____________
Lehman Brothers Holdings Inc – Brothers OTC Derivatives Inc., c/o/ Lehman Brothers Inc., Transaction Management Group, 745 Seventh Avenue, 28th Floor, New York, NY 10019, Telecopy: (212) 526-7672, Attn: Documentation Manager, copy to Lehman Brothers Holdings Inc ., 399 Park Avenue, 11th Floor, New York, New York 10022, Telecopy: (212) 520-0176, Attn: Corporate Counsel; notices to the Seller shall be directed to General Mills, Inc., Number
_____________
dt 1400044
;
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