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$30	Full Doc	2002	Independent Auditors' Report Independent Auditors' Report (1K) Doc #266539: This document is immediately available for purchase, but does not have a preview available for viewing. 266539	ProLogis ProLogis ( Real Estate )
$37	Preview Full Doc	2001	Portfolio Appraisal Report Portfolio Appraisal Report (54K) Doc #333789: Click preview link for longer preview. PORTFOLIO APPRAISAL REPORT SIERRA PACIFIC DEVELOPMENT FUND SIERRA PACIFIC DEVELOPMENT FUND II SIERRA PACIFIC DEVELOPMENT FUND III SIERRA PACIFIC INSTITUTIONAL PROPERTIES V SIERRA PACIFIC PENSION INVESTORS '84 NOONEY INCOME FUND LTD., L.P. NOONEY INCOME FUND LTD. II, L.P. NOONEY REAL PROPERTY INVESTORS - TWO, L.P. AFFILIATES' PROPERTIES {PAGE} 2 TABLE OF CONTENTS Page ---- Letter of Transmittal ............................... 1 Identification of Subject Portfolios ................ 3 Property Ownership and History ...................... 3 Purpose of Appraisal ................................ 3 Function of Appraisal ............................... 3 Scope of Appraisal .................................. 3 Date of Valuation ................................... 4 Value Definition .................................... 4 Highest & Best Use .................................. 5 Valuation Methodology ............................... 5 Site Inspections and Data Gathering ............ 6 Lease & Rent Roll Review ....................... 7 Market Rental Rates ............................ 7 Operational Projections ........................ 7 Reversion ...................................... 7 Selection of Discount Rates .................... 8 Land Valuation ................................. 8 Direct Capitalization .......................... 8 Portfolio Valuation ............................ 8 Portfolio Value Conclusions ......................... 9 Portfolio Summaries ................................. 10 Assumptions and Limiting Conditions ................. 13 {PAGE} 3 August 7, 2001 Sierra Pacific Development Fund Sierra Pacific Development Fund II Sierra Pacific Development Fund III Sierra Pacific Institutional Properties V Sierra Pacific Pension Investors '84 Nooney Income Fund Ltd., L.P. Nooney Income Fund Ltd. II, L.P. Nooney Real Property Investors - Two, L.P. CGS Real Estate Company, Inc. 1800 East Deere Avenue Santa Ana, CA 92705 Gentlemen: You have engaged Robert A. Stanger & Co., Inc. ("Stanger") to estimate the value of the real property portfolios (the "Portfolios") owned by Sierra Pacific Development Fund, Sierra Pacific Development Fund II, Sierra Pacific Development Fund III, Sierra Pacific Institutional Properties V, Sierra Pacific Pension Investors '84, Nooney Income Fund Ltd., L.P., Nooney Income Fund Ltd. II, L.P., Nooney Real Property Investors - Two, L.P. (hereinafter the "Funds"), and a portfolio of sixteen properties (the "Affiliates' Properties") owned by CGS Real Estate Company, Inc. ("CGS") and entities affiliated with CGS (collectively, the "Affiliated Entities"). Such appraisal reflects the estimated market value of the leased fee interests or, where appropriate, fee simple interests in each of the portfolios of real property owned by the Funds and the Affiliated Entities as of December 31, 2000 (the "Portfolio Valuations"). This report is prepared in accordance with an agreement between Robert A. Stanger & Co., Inc. and the Funds and CGS dated March 5, 2001. Pursuant to the agreement, Stanger has been engaged to perform the appraisal on a limited scope basis using a summary report format in conformity with the departure provisions of the Uniform Standards of Professional Appraisal Practice of the Appraisal Institute, relying solely upon the Income Approach to value (with the exception of one land parcel which was valued utilizing the sales comparison approach as described herein). As such, the report differs from a self-contained appraisal report in that (i) the data is limited to the summary data and conclusions presented, and (ii) the cost and market approaches were excluded and the conclusions were based upon the income approach. This summary appraisal report is not designed to meet the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA"). Our valuation has been based in part upon information supplied to us by CGS, the Funds and the Affiliated Entities including but not limited to: rent rolls; lease abstracts; schedules of current lease rates, income, expenses, capital expenditures, cash flow and related financial information; property descriptive information; physical condition of improvements, including any deferred maintenance, status of ongoing or newly planned property additions, reconfigurations, improvements and other factors affecting the condition of the property improvements; recent prior appraisals; information relating to mortgage encumbrances; and, where appropriate, property bids or proposed sales terms, sales agreements and supporting documentation. We have also visited the offices of CGS and the Funds in New York, N.Y. and have interviewed relevant management personnel. We have relied upon such information and have assumed that the information provided by CGS, the Funds and the Affiliated Entities is accurate and complete. We have not attempted to independently verify such information. -1- {PAGE} 4 We are advised by CGS, the Funds and the Affiliated Entities that the purpose of the appraisal is to estimate the value of the leased fee interests or, where appropriate, the fee simple interests in the Portfolios under market conditions as of the appraisal date and that the Portfolio Valuations will be used in connection with a proposed consolidation of CGS, the Funds and the Affiliated Entities in exchange for shares of American Spectrum Realty, Inc., a newly organized Maryland corporation (the "Company") and assumption of existing indebtedness (the "Consolidation"). Stanger understands that the Portfolio Valuations may be reviewed and utilized in connection with the Consolidation, and Stanger agrees to the use of the Portfolio Valuations for this purpose subject to the terms and conditions of the agreements related thereto. For these purposes, this summary appraisal report was prepared stating our opinion as to the market value of the Portfolios as of December 31, 2000. This report may be summarized and referenced in the consent solicitation/proxy statement for the Funds relating to the Consolidation, subject to prior review by Stanger. However, the attached summary appraisal report should be reviewed in its entirety and is subject to the assumptions and limiting conditions contained herein. Background information and analysis upon which value conclusions are based has been retained in our files. Our review was undertaken solely for the purpose of providing an opinion of value, and we make no representation as to the adequacy of such review for any other purpose. Our opinion is expressed with respect to the total value of each of the real estate portfolios in which the Funds and the Affiliated Entities have an interest and not with respect to joint venture participations or limited partners' allocations. Stanger has no present or contemplated future interest in the properties, the Funds, the Affiliated Entities, CGS or the proposed Company. The appraisal is only an estimate of the aggregate market value of the leased fee interests or, where appropriate, fee simple interests in each of the Portfolios as of the date of valuation and should not be relied upon as being the equivalent of the price that would necessarily be received in the event of a sale or other disposition of the properties in the Portfolios. Changes in corporate financing rates generally, changes in individual tenant creditworthiness, changes in tenant motivation with respect to the exercise of renewal or purchase options, or changes in real estate property markets may result in higher or lower values of real property. The use of other valuation methodologies might produce a higher or lower value. Our opinion is subject to the assumptions and limiting conditions set forth herein. We have used methods and assumptions deemed appropriate in our professional judgment; however, future events may demonstrate that the assumptions were incorrect or that other, different methods or assumptions may 333789	ASR American Spectrum Realty, Inc. ( Real Estate ) As referenced in this Portfolio Appraisal Report: American Spectrum Realty, – Valuations will be used in connection with a proposed consolidation of CGS, the Funds and the Affiliated Entities in exchange for shares of American Spectrum Realty, Inc., a newly organized Maryland corporation (the "Company") and assumption of existing indebtedness (the "Consolidation"). Stanger understands that the Portfolio Valuations may _____________ American Spectrum Realty, – Funds in connection with the proposed consolidation of certain businesses of CGS, the Funds and the Affiliated Entities in exchange for shares of American Spectrum Realty, Inc., a newly formed Maryland Corporation, and the assumption of existing indebtedness. No representation is made as to the adequacy of this _____________ dt 692559
$42	Preview Full Doc	2001	Draft Portfolio Appraisal Report Draft Portfolio Appraisal Report (54K) Doc #333822: Click preview link for longer preview. DRAFT PORTFOLIO APPRAISAL REPORT SIERRA PACIFIC DEVELOPMENT FUND SIERRA PACIFIC DEVELOPMENT FUND II SIERRA PACIFIC DEVELOPMENT FUND III SIERRA PACIFIC INSTITUTIONAL PROPERTIES V SIERRA PACIFIC PENSION INVESTORS '84 NOONEY INCOME FUND LTD., L.P. NOONEY INCOME FUND LTD. II, L.P. NOONEY REAL PROPERTY INVESTORS - TWO, L.P. AFFILIATES' PROPERTIES {PAGE} 2 TABLE OF CONTENTS Page ---- Letter of Transmittal ............................... 1 Identification of Subject Portfolios ................ 3 Property Ownership and History ...................... 3 Purpose of Appraisal ................................ 3 Function of Appraisal ............................... 3 Scope of Appraisal .................................. 3 Date of Valuation ................................... 4 Value Definition .................................... 4 Highest & Best Use .................................. 5 Valuation Methodology ............................... 5 Site Inspections and Data Gathering ............ 6 Lease & Rent Roll Review ....................... 7 Market Rental Rates ............................ 7 Operational Projections ........................ 7 Reversion ...................................... 7 Selection of Discount Rates .................... 8 Land Valuation ................................. 8 Direct Capitalization .......................... 8 Portfolio Valuation ............................ 8 Portfolio Value Conclusions ......................... 9 Portfolio Summaries ................................. 10 Assumptions and Limiting Conditions ................. 13 {PAGE} 3 June __, 2001 Sierra Pacific Development Fund Sierra Pacific Development Fund II Sierra Pacific Development Fund III Sierra Pacific Institutional Properties V Sierra Pacific Pension Investors '84 Nooney Income Fund Ltd., L.P. Nooney Income Fund Ltd. II, L.P. Nooney Real Property Investors - Two, L.P. CGS Real Estate Company, Inc. 1800 East Deere Avenue Santa Ana, CA 92705 Gentlemen: You have engaged Robert A. Stanger & Co., Inc. ("Stanger") to estimate the value of the real property portfolios (the "Portfolios") owned by Sierra Pacific Development Fund, Sierra Pacific Development Fund II, Sierra Pacific Development Fund III, Sierra Pacific Institutional Properties V, Sierra Pacific Pension Investors '84, Nooney Income Fund Ltd., L.P., Nooney Income Fund Ltd. II, L.P., Nooney Real Property Investors - Two, L.P. (hereinafter the "Funds"), and a portfolio of sixteen properties (the "Affiliates' Properties") owned by CGS Real Estate Company, Inc. ("CGS") and entities affiliated with CGS (collectively, the "Affiliated Entities"). Such appraisal reflects the estimated market value of the leased fee interests or, where appropriate, fee simple interests in each of the portfolios of real property owned by the Funds and the Affiliated Entities as of December 31, 2000 (the "Portfolio Valuations"). This report is prepared in accordance with an agreement between Robert A. Stanger & Co., Inc. and the Funds and CGS dated March 5, 2001. Pursuant to the agreement, Stanger has been engaged to perform the appraisal on a limited scope basis using a summary report format in conformity with the departure provisions of the Uniform Standards of Professional Appraisal Practice of the Appraisal Institute, relying solely upon the Income Approach to value (with the exception of one land parcel which was valued utilizing the sales comparison approach as described herein). As such, the report differs from a self-contained appraisal report in that (i) the data is limited to the summary data and conclusions presented, and (ii) the cost and market approaches were excluded and the conclusions were based upon the income approach. This summary appraisal report is not designed to meet the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA"). Our valuation has been based in part upon information supplied to us by CGS, the Funds and the Affiliated Entities including but not limited to: rent rolls; lease abstracts; schedules of current lease rates, income, expenses, capital expenditures, cash flow and related financial information; property descriptive information; physical condition of improvements, including any deferred maintenance, status of ongoing or newly planned property additions, reconfigurations, improvements and other factors affecting the condition of the property improvements; recent prior appraisals; information relating to mortgage encumbrances; and, where appropriate, property bids or proposed sales terms, sales agreements and supporting documentation. We have also visited the offices of CGS and the Funds in New York, N.Y. and have interviewed relevant management personnel. We have relied upon such information and have assumed that the information provided by CGS, the Funds and the Affiliated Entities is accurate and complete. We have not attempted to independently verify such information. -1- {PAGE} 4 We are advised by CGS, the Funds and the Affiliated Entities that the purpose of the appraisal is to estimate the value of the leased fee interests or, where appropriate, the fee simple interests in the Portfolios under market conditions as of the appraisal date and that the Portfolio Valuations will be used in connection with a proposed consolidation of CGS, the Funds and the Affiliated Entities in exchange for shares of American Spectrum Realty, Inc., a newly organized Maryland corporation (the "Company") and assumption of existing indebtedness (the "Consolidation"). Stanger understands that the Portfolio Valuations may be reviewed and utilized in connection with the Consolidation, and Stanger agrees to the use of the Portfolio Valuations for this purpose subject to the terms and conditions of the agreements related thereto. For these purposes, this summary appraisal report was prepared stating our opinion as to the market value of the Portfolios as of December 31, 2000. This report may be summarized and referenced in the consent solicitation/proxy statement for the Funds relating to the Consolidation, subject to prior review by Stanger. However, the attached summary appraisal report should be reviewed in its entirety and is subject to the assumptions and limiting conditions contained herein. Background information and analysis upon which value conclusions are based has been retained in our files. Our review was undertaken solely for the purpose of providing an opinion of value, and we make no representation as to the adequacy of such review for any other purpose. Our opinion is expressed with respect to the total value of each of the real estate portfolios in which the Funds and the Affiliated Entities have an interest and not with respect to joint venture participations or limited partners' allocations. Stanger has no present or contemplated future interest in the properties, the Funds, the Affiliated Entities, CGS or the proposed Company. The appraisal is only an estimate of the aggregate market value of the leased fee interests or, where appropriate, fee simple interests in each of the Portfolios as of the date of valuation and should not be relied upon as being the equivalent of the price that would necessarily be received in the event of a sale or other disposition of the properties in the Portfolios. Changes in corporate financing rates generally, changes in individual tenant creditworthiness, changes in tenant motivation with respect to the exercise of renewal or purchase options, or changes in real estate property markets may result in higher or lower values of real property. The use of other valuation methodologies might produce a higher or lower value. Our opinion is subject to the assumptions and limiting conditions set forth herein. We have used methods and assumptions deemed appropriate in our professional judgment; however, future events may demonstrate that the assumptions were incorrect or that other, different methods or assumptions may 333822	ASR American Spectrum Realty, Inc. ( Real Estate ) As referenced in this Draft Portfolio Appraisal Report: American Spectrum Realty, – Valuations will be used in connection with a proposed consolidation of CGS, the Funds and the Affiliated Entities in exchange for shares of American Spectrum Realty, Inc., a newly organized Maryland corporation (the "Company") and assumption of existing indebtedness (the "Consolidation"). Stanger understands that the Portfolio Valuations may _____________ American Spectrum Realty, – Funds in connection with the proposed consolidation of certain businesses of CGS, the Funds and the Affiliated Entities in exchange for shares of American Spectrum Realty, Inc., a newly formed Maryland Corporation, and the assumption of existing indebtedness. No representation is made as to the adequacy of this _____________ dt 692572
$43	Full Doc	2004	First Quarter 2004 Supplemental Financial Report First Quarter 2004 Supplemental Financial Report (24K) Doc #336576: This document is immediately available for purchase, but does not have a preview available for viewing. First Potomac Realty Trust exv99w1 Exhibit 99.1 First Quarter 2004 Supplemental Financial Report Matters other than historical facts set forth within this Supplemental Financial Report are forward-looking statements within the meaning of the federal securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which could materially affect actual results, performance or achievements. These . . . 336576	First Potomac First Potomac Realty Trust ( Real Estate ) As referenced in this First Quarter 2004 Supplemental Financial Report: First Potomac Realty Trust – Tenants 12 Lease Expirations 13 Leasing Analysis 14 Debt Analysis 15 Management Statements 16 -1- Quarterly Supplemental Disclosure March 31, 2004 Company Information First Potomac Realty Trust is a self-managed, self-administered real estate investment trust formed to acquire, operate and develop industrial and flex properties in the Washington, _____________ First Potomac Realty Trust – Officer (301) 986-9200 bbass@first-potomac.com Web Site www.first-potomac.com -2- Quarterly Supplemental Disclosure March 31, 2004 Company Background First Potomac Realty Trust (the Company) closed on its initial public offering on October 28, 2003. The Company sold 8,625,000 common shares of beneficial _____________ FIRST POTOMAC REALTY TRUST – management company that managed all of its assets. -3- Quarterly Supplemental Disclosure March 31, 2004 STATEMENTS OF OPERATIONS (unaudited, in thousands) FIRST POTOMAC FIRST POTOMAC REALTY TRUST PREDECESSOR 3 months ended 3 months ended March 31, 2004 March 31, 2003 OPERATING REVENUES Rental revenues $ 6,652 $ 3,688 Tenant _____________ FIRST POTOMAC REALTY TRUST – share Diluted $ 0.20 -5- Quarterly Supplemental Disclosure March 31, 2004 NET OPERATING INCOME (NOI) SAME-PROPERTY ANALYSIS (unaudited, in thousands) FIRST POTOMAC FIRST POTOMAC REALTY TRUST PREDECESSOR 3 months ended 3 months ended March 31, 2004 March 31, 2003 NOI $ 5,372 $ 3,266 Less: Non-same property _____________ dt 654871
$35	Full Doc	2004	Fourth Quarter 2003 Supplemental Financial Report Fourth Quarter 2003 Supplemental Financial Report (28K) Doc #336591: This document is immediately available for purchase, but does not have a preview available for viewing. First Potomac Realty Trust exv99w1 Exhibit 99.1 Fourth Quarter 2003 Supplemental Financial Report Matters other than historical facts set forth within this Supplemental Financial Report are forward-looking statements within the meaning of the federal securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which could materially affect actual results, performance or achievements. These . . . 336591	First Potomac First Potomac Realty Trust ( Real Estate ) As referenced in this Fourth Quarter 2003 Supplemental Financial Report: First Potomac Realty Trust – Tenants 11 Lease Expirations 12 Leasing Analysis 13 Debt Analysis 14 Management Statements 15 -1- Quarterly Supplemental Disclosure December 31, 2003 Company Information First Potomac Realty Trust is a self-managed, self-administered real estate investment trust formed to acquire, operate and develop industrial and flex properties in the Washington, _____________ First Potomac Realty Trust – Officer (301) 986-9200 Web Site www.first-potomac.com bbass@first-potomac.com -2- Quarterly Supplemental Disclosure December 31, 2003 Company Background First Potomac Realty Trust (the Company) closed on its initial public offering on October 28, 2003. The Company sold 8,625,000 common shares of beneficial _____________ FIRST POTOMAC REALTY TRUST – that would be allocated across four quarters. -3- Quarterly Supplemental Disclosure December 31, 2003 STATEMENTS OF OPERATION (in thousands) FIRST POTOMAC FIRST POTOMAC FIRST POTOMAC REALTY TRUST and REALTY TRUST and REALTY TRUST FIRST POTOMAC FIRST POTOMAC PRO FORMA PREDECESSOR PREDECESSOR CONSOLIDATED 12 months ended 3 months ended 3 months _____________ dt 654884
$35	Full Doc	2006	First Quarter 2006 Supplemental Financial Report First Quarter 2006 Supplemental Financial Report (72K) Doc #1299897: This document is immediately available for purchase, but does not have a preview available for viewing. Kilroy Realty Corp First Quarter 2006 Supplemental Financial Report Exhibit 99.1 First Quarter 2006 Supplemental Financial Report Some of the enclosed information presented in this supplemental and on the Company?s April 25, 2006 conference call is forward-looking in nature, including information concerning project development timing and investment amounts. Although the information is based on Kilroy Realty Corporation?s current expectations, actual results could vary . . . 1299897	Kilroy Realty Kilroy Realty Corp. ( Real Estate )
$88	Preview Full Doc	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...
$76	Preview Full Doc	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 Accenture Ltd. ( Business Services ) 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 Air Products & Chemicals, Inc. ( Chemical Manufacturing ) 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 Alcatel ( Communications Equipment ) 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 ALCOA Inc. ( Metal Mining ) 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 Amgen, Inc. 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 ; More...
$80	Preview Full Doc	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 Full Doc	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...
$80	Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (384K) Doc #1922266: Click preview link for longer preview. [GRAPHIC] ADVANTUS FIXED INCOME AND BLENDED FUNDS [ADVANTUS(TM) CAPITAL MANAGEMENT LOGO] ANNUAL REPORT TO SHAREHOLDERS DATED SEPTEMBER 30, 2002 ADVANTUS BOND FUND, INC. AN AGGREGATE BOND FUND ADVANTUS INTERNATIONAL BALANCED FUND, INC. AN INTERNATIONAL STOCK AND BOND FUND ADVANTUS MONEY MARKET FUND, INC. A MONEY MARKET SECURITIES FUND ADVANTUS MORTGAGE SECURITIES FUND, INC. A MORTGAGE - RELATED SECURITIES FUND ADVANTUS SPECTRUM FUND, INC. AN ASSET ALLOCATION FUND CUT DOWN PAPERWORK, NOT TREES ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, ANNUAL AND . . . 1922266	Accenture Accenture Ltd. ( Business Services ) 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 Air Products & Chemicals, Inc. ( Chemical Manufacturing ) 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 Alcatel ( Communications Equipment ) 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 ALCOA Inc. ( Metal Mining ) 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 Amgen, Inc. 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 1491920 ; More...