| Subscribers | 2003 |
Independent Auditors' Report
Independent Auditors' Report (2K)
Doc #222852: This document is immediately available for purchase, but does not have a preview available for viewing.
222852
|
Monsanto
As referenced in this Independent Auditors' Report:
Monsanto – EXHIBIT 99.1
{TEXT}
{Page}
EXHIBIT 99.1
------------
INDEPENDENT AUDITORS' REPORT
To the Shareowners of Monsanto Company:
We have audited the accompanying statement of consolidated financial position of
Monsanto Company and
Monsanto – Shareowners of Monsanto Company:
We have audited the accompanying statement of consolidated financial position of
Monsanto Company and subsidiaries as of December 31, 2001 and 2000, and the
related statements of
Monsanto – opinion, such consolidated financial statements present fairly, in all
material respects, the financial position of Monsanto Company and subsidiaries
as of December 31, 2001 and 2000, and the results of their
Monsanto – States of
America.
As discussed in Note 2 to the consolidated financial statements, in 2000
Monsanto Company changed its method of recognizing revenue to conform to the
Securities and Exchange Commission'
dt 21854
| |
| Subscribers | 2002 |
Independent Auditors' Report
Independent Auditors' Report (2K)
Doc #223276: This document is immediately available for purchase, but does not have a preview available for viewing.
223276
|
Monsanto
As referenced in this Independent Auditors' Report:
Monsanto – txt
{DESCRIPTION}EXHIBIT 99
{TEXT}
{PAGE}
EXHIBIT 99
INDEPENDENT AUDITORS' REPORT
To the Shareowners of Monsanto Company:
We have audited the accompanying statement of consolidated financial position of
Monsanto Company and
Monsanto – Shareowners of Monsanto Company:
We have audited the accompanying statement of consolidated financial position of
Monsanto Company and subsidiaries as of December 31, 2001 and 2000, and the
related statements of
Monsanto – opinion, such consolidated financial statements present fairly, in all
material respects, the financial position of Monsanto Company and subsidiaries
as of December 31, 2001 and 2000, and the results of their
Monsanto – States of
America.
As discussed in Note 2 to the consolidated financial statements, in 2000
Monsanto Company changed its method of recognizing revenue to conform to the
Securities and Exchange Commission'
dt 21901
| |
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Subscribers | 2005 |
Conversion Valuation Appraisal Report
Conversion Valuation Appraisal Report (564K)
Doc #1418522: Click preview link for longer preview.
CONVERSION VALUATION APPRAISAL REPORT
Prepared for:
GREENVILLE FEDERAL FINANCIAL CORPORATION
GREENVILLE, OHIO
--------------------------------------------------------------------------------
As Of:
September 14, 2005
Prepared By:
KELLER & COMPANY, INC.
555 Metro Place North
. . .
1418522
|
BASF
As referenced in this Conversion Valuation Appraisal Report:
BASF – Facility 400
J-Tec Inc. Telecommunication Systems 250
The Neff Company Recognition Awards/Sportswear 250
Hughes Supply Company Supply Distribution 220
Beauty Systems Group
(Sally Beauty Supply) Beauty Supplies 175
BASF Corporation Container Coatings-Resins 150
Wayne Industries, Inc. Sub-contractor for assembly 135
TXI, Inc. Telecommunications Systems 120
Spartech Plastics Extruded Plastic Sheet 100
</TABLE>
The unemployment rate
_____________
dt 1708190
;
Whirlpool
As referenced in this Conversion Valuation Appraisal Report:
Whirlpool Corp. – of the largest employers in the area are listed below.
<TABLE>
<CAPTION>
Number of
Employer Business Employees
--------------------------------- -------------------------------- ---------
<S> <C> <C>
Whirlpool Corp. /Greenville Div. KitchenAid Small Appliances 1,000
Greenville Technology, Inc. Auto Plastics 600
Honeywell, CPG Fram Gas, Air & Oil filters 480
The Brethren's Home Health/Retirement Facility
_____________
dt 1713945
;
|
 AMB Financial Corp.
As referenced in this Conversion Valuation Appraisal Report:
AMB Financial Corp – 0.00 0.00 NA NA 0.00
WTWN West Town Bancorp Inc. IL Pink Sheet 13.000 15.250 13.000 -13.33 -13.33 NA NA NA
AMFC AMB Financial Corp . IN OTC BB 13.100 15.490 12.980 -1.13 -9.66 1.05 165.94 0.25
ASBI Ameriana Bancorp IN NASDAQ 13.600 16.980 12.
_____________
AMB Financial Corp – 59 NA
UMBR Umbrella Bancorp Inc. NA NA NA NA
WFBS Washington Fed Bank for Svgs NA NA NA NA
WTWN West Town Bancorp Inc. NA NA NA NA
AMFC AMB Financial Corp . 13.23 92.71 7.89 16.80
ASBI Ameriana Bancorp 21.59 110.12 10.01 21.17
BRBI Blue River Bancshares Inc. NM 107.96 8.48
_____________
AMB Financial Corp – 259 5,544 5,544 1.41 1.41 15.81 15.81
WTWN West Town Bancorp Inc. IL 54,451 3,261 3,261 NA NA NA NA
AMFC AMB Financial Corp . IN 161,654 13,766 13,766 0.65 0.51 7.49 5.89
ASBI Ameriana Bancorp IN 428,705 38,969 38,405 0.47 0.48
_____________
AMB Financial Corp – 1.58
WFBS Washington Fed Bank for
Svgs 03/01/95 Pink Sheet NA 2.61
WTWN West Town Bancorp Inc. 03/01/95 Pink Sheet NA 2.67
AMFC AMB Financial Corp . 04/01/96 OTC BB 974,143 12.76
ASBI Ameriana Bancorp 03/02/87 NASDAQ 3,156,155 43.00
BRBI Blue River Bancshares Inc. 06/24/98
_____________
AMB Financial Corp – 05
LOGN Logansport Financial Corp. IN 06/14/95 156,896 17.43 6.00
CSFC City Savings Financial Corp. IN 12/28/01 158,526 NA 0.41
AMFC AMB Financial Corp . IN 04/01/96 161,654 8.21 1.33
HLFN Home Loan Financial Corp. OH 03/26/98 162,053 9.21 5.63
GCFC Central Federal Corp.
_____________
dt 1724128
;
BNY
As referenced in this Conversion Valuation Appraisal Report:
Bank of New York – as a lending officer for a
large real estate investment trust, specializing in construction and development
loans. Having gained experience in loan underwriting, management and workout, he
later joined Chemical Bank of New York and was appointed Vice President for Loan
Administration of Chemical Mortgage Company in Columbus, Ohio. At Chemical, he
managed all commercial and residential loan servicing, administering a portfolio
in excess
_____________
dt 1726422
;
More... |
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Subscribers | 2003 |
Valuation Report
Valuation Report (289K)
Doc #1725889: Click preview link for longer preview.
VALUATION REPORT
FAFCO, INC.
JUNE 30, 2003
PREPARED BY:
MEL H. ABRAHAM, CPA, CVA, ABV, ASA
JULY 22, 2003
MEL H. ABRAHAM, CPA, CVA, ABV, ASA
VALUATION, LITIGATION & CONSULTING SERVICES
543 COUNTRY CLUB DRIVE, SUITE B-543
WOOD RANCH, CALIFORNIA 93065
805.578.1515
805.578.0090 FAX
Special Committee of the Board of Directors
FAFCO, Inc.
435 Otterson Drive
Chico, CA 95928
Dear Committee Members:
We have prepared and enclosed, herewith, our valuation report of FAFCO, Inc. The purpose of the valuation is to render an opinion of the fair market value of a one-share . . .
1725889
|
H.B. Fuller
As referenced in this Valuation Report:
H.B. Fuller – served as Chairman of the Board since 1972, as Chief Executive Officer of FAFCO since May 1979, and as President since September 1984. Mr. Ford is also a Director of H.B. Fuller Company.
Alex N. Watt - age 61, Executive Vice President and Secretary. Mr. Watt joined FAFCO as its Vice President-Finance and Chief Financial Officer in July 1984, and has
_____________
dt 1633335
;
|
Home Depot
As referenced in this Valuation Report:
Home Depot, Inc – that total consumer spending on remodeling materials has been brisk. October retail sales at home and garden stores rose by 11.3% from last year, according to the Commerce Department. Home Depot, Inc ., reported 9% sales growth and higher profits in the third quarter 2002, and earnings rose to $940 million, or 40 cents a share, from $778 million, or 33 cents
_____________
dt 1597804
|
| Preview
Subscribers | 2003 |
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
|
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
;
AFLAC
As referenced in this Annual Report to Shareholders:
Aflac, Inc – Financial Corporation (b) 10,113
1,740 SLM Corporation 72,140
------------
1,096,736
------------
Insurance (5.0%)
920 ACE, Ltd. (c) 30,351
590 Aetna, Inc. 36,356
1,847 Aflac, Inc . 59,252
396 AMBAC Financial Group, Inc. 26,085
9,559 American International Group 613,687
1,132 AON Corporation 27,225
712 Chubb Corporation 46,138
543 Cigna
_____________
dt 1439498
;
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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
|
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
;
Amgen
As referenced in this Annual Report to Shareholders:
Amgen, Inc – 519
6,003 Winston Hotels, Inc. 43,462
------------
497,664
------------
Savings and Loans (.5%)
8,400 Charter One Financial, Inc. 249,648
------------
HEALTH CARE (9.5%)
Biotechnology (.8%)
2,200 Amgen, Inc .(b) 91,740
6,500 Genentech, Inc.(b) 212,095
2,300 Idec Pharmaceuticals Corporation(b) 95,496
------------
399,331
------------
Drugs (4.9%)
4,900 Eli Lilly & Company 271,
_____________
dt 1491917
;
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Subscribers | 2003 |
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
|
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
;
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 1457311
;
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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
|
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}
{
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dt 1440249
;
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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
;
AFLAC
As referenced in this Annual Report to Shareholders:
Aflac, Inc – Financial Corporation (b) 10,113
1,740 SLM Corporation 72,140
------------
1,096,736
------------
Insurance (5.0%)
920 ACE, Ltd. (c) 30,351
590 Aetna, Inc. 36,356
1,847 Aflac, Inc . 59,252
396 AMBAC Financial Group, Inc. 26,085
9,559 American International Group 613,687
1,132 AON Corporation 27,225
712 Chubb Corporation 46,138
543 Cigna
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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
|
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/
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dt 1537855
;
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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
;
Amgen
As referenced in this Annual Report to Shareholders:
Amgen, Inc – 519
6,003 Winston Hotels, Inc. 43,462
------------
497,664
------------
Savings and Loans (.5%)
8,400 Charter One Financial, Inc. 249,648
------------
HEALTH CARE (9.5%)
Biotechnology (.8%)
2,200 Amgen, Inc .(b) 91,740
6,500 Genentech, Inc.(b) 212,095
2,300 Idec Pharmaceuticals Corporation(b) 95,496
------------
399,331
------------
Drugs (4.9%)
4,900 Eli Lilly & Company 271,
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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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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
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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
;
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
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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
;
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
|