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$88	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 Advanced Micro Devices, Inc. ( Semiconductors ) 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 Advanced Micro Devices, Inc. ( Semiconductors ) 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 Aeropostale, Inc. ( Apparel ) 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 Aeropostale, Inc. ( Apparel ) 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 AFLAC Inc. ( Accident & Health Insurance ) 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 ; More...
$80	Preview 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 Adaptec Inc. ( Semiconductors ) 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 Adaptec Inc. ( Semiconductors ) 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 Adaptec Inc. ( Semiconductors ) 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 Aeroflex Inc. ( Semiconductors ) 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 Aeroflex Inc. ( Semiconductors ) 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 ; More...
$99	Preview 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 Advanced Micro Devices, Inc. ( Semiconductors ) 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 Advanced Micro Devices, Inc. ( Semiconductors ) 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 Aeropostale, Inc. ( Apparel ) 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 Aeropostale, Inc. ( Apparel ) 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 AFLAC Inc. ( Accident & Health Insurance ) 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 1439500 ; More...
$99	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	Adaptec Adaptec Inc. ( Semiconductors ) 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 Adaptec Inc. ( Semiconductors ) 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 Adaptec Inc. ( Semiconductors ) 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 Aeroflex Inc. ( Semiconductors ) 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 Aeroflex Inc. ( Semiconductors ) 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 1457312 ; More...