The Dealer Marketing Report for the month ended: 04/30/2005

Transcription

1 International Premier Growth As of: 04/30/2005 Country 1. Tesco PLC % United Kingdom 2. Total Fina Sa % France 3. Royal Bk Of Scotland Ord 25p % United Kingdom 4. Reckitt Benckiser Plc % United Kingdom 5. Hoya Corporation % Japan 6. Esprit Holdings Ltd % Hong Kong 7. Wpp Group % United Kingdom 8. Ubs Ag-Reg % Switzerland 9. Denso Corp % Japan 10. Canon Inc % Japan Sector Breakdown Consumer Services % Finance % Technology % Healthcare % Consumer Manufacturing % Consumer Staples % Energy % Multi Industry Companies % Capital Goods % Basic Industry % TOTAL % United Kingdom % Japan % Switzerland % France % Ireland % Spain % Australia % Hong Kong % Germany % Italy % Mexico % Netherlands % Taiwan % Luxembourg % South Korea % India % Greece % Number of Holdings: 65 Substantially all of the Fund s assets will be invested in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. In addition, because the Fund will invest in foreign currency denominated securities, fluctuations in the value of the Fund s investments may be magnified by changes in foreign exchange rates. The Fund concentrates its investments in a limited number of issues and an investment in the Fund is therefore subject to greater risk and volatility than investments in a more diversified portfolio. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 1 of 18

2 Global Health Care Fund As of: 04/30/ Wellpoint Inc % 2. Zimmer Holdings Inc % 3. Unitedhealth Group Inc % 4. Roche Holding Ag-genusss % 5. Genentech Inc % 6. Alcon Inc % 7. Stryker Corp % 8. Amgen Inc % 9. Sanofi-synthelabo Sa Eur % 10. St Jude Med Inc % Drugs % Medical Products % Medical Services % Biotechnology % Short-term % United States % Switzerland % France % Germany % Israel % India % Japan % Short-term % Number of Holdings: 28 The Fund can invest in foreign securities, which may magnify these fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. The Fund concentrates its investments in the health care and health sciences industries and may therefore be subject to greater risks and volatility than a fund with a more diversified portfolio. The Fund s investments in small- to mid-capitalization companies have capitalization risk and may be more volatile than investments in larger companies. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 2 of 18

3 All-Asia Investment Fund As of: 04/30/2005 Country 1. Denso Corp % Japan 2. Mitsubishi Tokyo Financial % Japan 3. Mitsubishi Corporation % Japan 4. Jfe Holdings Inc % Japan 5. Nippon Mining Holdings Inc % Japan 6. Honda Motor CO Ltd % Japan 7. Hoya Corporation % Japan 8. Sumitomo Mitsui Financial Gr % Japan 9. Canon Inc % Japan 10. Bharti Televenture % India Banking - Money Center % Miscellaneous % Real Estate - Other % Banking - Regional % Insurance % Brokerage & Money Management % Consumer Manufacturing: Auto & Related % Building & Related % Miscellaneous % Semiconductor Components % Contract Manufacturing % Software % Cellular Communications % Retail - General Merchandise % Miscellaneous % Airlines % Entertainment & Leisure % Basic Industry: Mining & Metals % Chemicals % Oil Service % International % Miscellaneous % Multi Industry Companies % Electrical Equipment % Miscellaneous % Drugs % Transportation: Railroad % Utilities: Telephone Utility % Japan % Australia % Hong Kong % South Korea % India % Taiwan % Singapore % Malaysia % Thailand % People s Republic of China 0.58% Number of Holdings: 63 Substantially all of the Fund s assets will be invested in foreign securities, which may magnify fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. The Fund may invest all of its assets within a single region, which may present greater risk than investment in a more diversified fund. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 3 of 18

4 Global Technology Fund As of: 04/30/ Microsoft Corp % 2. Qualcomm Incorporated % 3. Juniper Networks Inc % 4. Hoya Corporation % 5. Intel Corp % 6. Emc Corp Mass % 7. Dell Inc % 8. Marvell Technology Group Ltd % 9. SAP AG % 10. Yahoo Inc % Software % Communication Equipment % Semiconductor Components % Computer Hardware/Storage % Miscellaneous % Computer Services % Internet Media % Computer Peripherals % Electronic Components % Contract Manufacturing % Internet Infrastructure % Semiconductor Capital Equip % Communication Services % Networking Software % Cellular Communications % Broadcasting & Cable % Miscellaneous % Electrical Equipment % Miscellaneous % Utilities: Telephone Utility % Short-term % United States % Japan % South Korea % Germany % Taiwan % Finland % Mexico % United Kingdom % India % Guernsey Ci % People s Republic of China 1.16% Italy % Short-term % Number of Holdings: 57 The Fund concentrates its investments in technology-related stocks and may therefore be subject to greater risks and volatility than a fund with a more diversified portfolio. Technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall stock market. The Fund can invest in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. In addition, because the Fund will invest in foreign currency denominated securities, fluctuations in the value of the Fund s investments may be magnified by changes in foreign exchange rates. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 4 of 18

5 Small Cap Growth As of: 04/30/ Macromedia Inc % 2. Euronet Worldwide Inc % 3. Anteon International Corp % 4. Resources Connection Inc % 5. Laureate Education Inc % 6. Digitas Inc % 7. Insight Enterprises Inc % 8. Uti Worldwide Inc % 9. Dycom Industries % 10. Strayer Education Inc % Miscellaneous % Retail - General Merchandise % Advertising % Broadcasting & Cable % Entertainment & Leisure % Apparel % Computer Services % Miscellaneous % Software % Semiconductor Components % Semiconductor Capital Equip % Communication Services % Contract Manufacturing % Internet Infrastructure % Medical Services % Medical Products % Biotechnology % Oil Service % Pipelines % Machinery % Electrical Equipment % Miscellaneous % Brokerage & Money Management % Insurance % Miscellaneous % Banking - Money Center % Banking - Regional % Transportation: Air Freight % Trucking % Shipping % Basic Industry: Chemicals % Mining & Metals % Short-term % United States % British Virgin Islands % Netherlands % Bermuda % Canada % Short-term % Number of Holdings: 104 The Portfolio concentrates its investments in the stocks of small-capitalization companies, which tend to be more volatile than large-cap companies. Small-cap stocks may have additional risks because these companies tend to have limited product lines, markets, financial resources or less liquidity (i.e., more difficulty when buying and selling more than the average daily trading volume of certain investment shares). The Portfolio can invest in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. In addition, because the Portfolio will invest in foreign currency denominated securities, fluctuations in the value of the Portfolio s investments may be magnified by changes in foreign exchange rates. The Portfolio pursues an aggressive investment strategy and an investment in the Portfolio is subject to higher risk. While the Portfolio invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Portfolio may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Portfolio s prospectus. [PP 3A] 5 of 18

6 Mid-Cap Growth As of: 04/30/ Juniper Networks Inc % 2. Amazon.com, Inc % 3. Broadcom Corporation % 4. Cnet Networks Inc % 5. Apollo Group Inc % 6. KLA-Tencor Corp % 7. Network Appliance Inc % 8. Affymetrix Inc % 9. Realnetworks Inc % 10. Silicon Laboratories % Semiconductor Components % Communication Equipment % Semiconductor Capital Equip % Computer Peripherals % Software % Internet Media % Internet Infrastructure % Communication Services % Miscellaneous % Miscellaneous % Retail - General Merchandise % Entertainment & Leisure % Broadcasting & Cable % Advertising % Biotechnology % Medical Products % Medical Services % Brokerage & Money Management % Consumer Manufacturing: Building & Related % Consumer Staples: Retail - Food & Drug % Oil Service % Short-term % United States % Cayman Islands % Israel % Short-term % Number of Holdings: 41 The Fund can invest in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. In addition, fluctuations in the value of investments in foreign currency denominated securities may be magnified by changes in foreign exchange rates. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 6 of 18

7 Growth and Income Fund As of: 04/30/ Microsoft Corp % 2. General Electric Co % 3. Citigroup Inc % 4. American Intl Group % 5. Altria Group Inc % 6. Viacom Inc Non Voting % 7. Jpmorgan Chase & Co % 8. Fannie Mae % 9. Home Depot Inc % 10. Conocophillips % Insurance % Miscellaneous % Banking - Money Center % Banking - Regional % Mortgage Banking % Brokerage & Money Management % Broadcasting & Cable % Retail - General Merchandise % Entertainment & Leisure % Restaurants & Lodging % Oil Service % International % Miscellaneous % Domestic Producers % Domestic Integrated % Software % Computer Services % Communication Equipment % Semiconductor Components % Consumer Staples: Tobacco % Cosmetics % Household Products % Miscellaneous % Food % Medical Services % Medical Products % Drugs % Biotechnology % Miscellaneous % Electrical Equipment % Machinery % Utilities: Telephone Utility % Electric & Gas Utility % Basic Industry: Chemicals % Transportation: Railroad % Multi Industry Companies % Consumer Manufacturing: Building & Related % Aerospace & Defense: Aerospace % Short-term % Number of Holdings: 83 Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that rise as initially expected. Because the Fund can invest in foreign securities, it includes risks not associated with funds that invest primarily in U.S. issues, including magnified fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. Because the Fund will invest in foreign currency denominated securities, fluctuations may be magnified by changes in foreign exchange rates. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 7 of 18

8 Balanced Shares As of: 04/30/ Microsoft Corp % 2. General Electric Co % 3. Citigroup Inc % 4. Conocophillips % 5. Jpmorgan Chase & Co % 6. Wellpoint Inc % 7. American Intl Group % 8. Bank Of America % 9. Altria Group Inc % 10. Home Depot Inc % Security Type Equities: Common Stock % Preferred Stock % Fixed Income: Treasury % Corporate Bonds % CMO/ABS % FNMA % Sovereign % Municipals % Yankee Bonds % Short-term % TOTAL % Equity % of Sleeve Insurance % Banking - Money Center % Miscellaneous % Banking - Regional % Brokerage & Money Management % Mortgage Banking % Broadcasting & Cable % Retail - General Merchandise % Entertainment & Leisure % Restaurants & Lodging % International % Miscellaneous % Oil Service % Domestic Integrated % Domestic Producers % Medical Services % Medical Products % Drugs % Biotechnology % Consumer Staples: Tobacco % Cosmetics % Household Products % Miscellaneous % Food % Beverages % Software % Communication Equipment % Computer Services % Computer Hardware/Storage % Semiconductor Components % Miscellaneous % Electrical Equipment % Machinery % Utilities: Telephone Utility % Electric & Gas Utility % Transportation: Railroad % Basic Industry: Chemicals % Mining & Metals % Consumer Manufacturing: Building & Related % Multi Industry Companies % Bonds & Notes: Automotive % Communications % Public Utilities - Elec & Gas % Banking % Fixed Income %: 26.41% Equity Holdings: 80 Fixed Income Holdings: 138 Total Number of Holdings: 218 The Fund is a "balanced" fund and must invest at least 25% of its total assets in fixed-income securities. The value of fixed-income securities will change as the general level of interest rates fluctuates. The Fund can invest in foreign securities, which may magnify these fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. In order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 8 of 18

9 Large Cap Growth Fund As of: 04/30/ Yahoo Inc % 2. Unitedhealth Group Inc % 3. ebay Inc % 4. Dell Inc % 5. Google Inc Class A % 6. General Electric Co % 7. Qualcomm Incorporated % 8. Target Corp % 9. Corning Inc % 10. St Jude Med Inc % Communication Equipment % Computer Hardware/Storage % Semiconductor Components % Internet Media % Software % Computer Peripherals % Retail - General Merchandise % Miscellaneous % Restaurants & Lodging % Broadcasting & Cable % Entertainment & Leisure % Medical Products % Medical Services % Biotechnology % Drugs % Insurance % Miscellaneous % Brokerage & Money Management % Oil Service % Consumer Staples: Cosmetics % Household Products % Retail - Food & Drug % Miscellaneous % Consumer Manufacturing: Building & Related % Short-term % United States % Bermuda % Israel % Switzerland % Panama % Short-term % Number of Holdings: 49 The Fund concentrates its investments in a limited number of issues and an investment in the Fund is therefore subject to greater risk and volatility than investments in a more diversified portfolio. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 9 of 18

10 Utility Income Fund As of: 04/30/ Txu Corp Equity Uts 8.75% Cnp % 2. FPL Group Inc % 3. Exelon Corporation % 4. Pnm Resources Inc Equity Unit % 5. Sempra Energy % 6. Duke Energy Corp % 7. Dte Energy CO 8.75% Cnp % 8. America Movil-series L Adr % 9. Pseg 10.25% Cnp 11/16/05 Ser % 10. HK & China Gas Co % Utilities: Electric & Gas Utility % Telephone Utility % Miscellaneous % Pipelines % Miscellaneous % Oil Service % Cellular Communications % Broadcasting & Cable % Communication Equipment % Bonds & Notes: Public Utilities - Elec & Gas % Basic Industry: Mining & Metals % Short-term % Security Type Domestic Equity % Foreign Equity % Short-term % TOTAL Number of Holdings: 65 The Fund can invest in foreign securities which may magnify fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 10 of 18

11 Focused Growth & Income Fund As of: 04/30/ Microsoft Corp % 2. Boston Scientific Corp % 3. American Intl Group % 4. General Electric Co % 5. Citigroup Inc % 6. News Corp Inc-cl B When Issue % 7. Westwood One Inc % 8. Time Warner Inc % 9. Altria Group Inc % 10. Fannie Mae % Insurance % Miscellaneous % Mortgage Banking % Banking - Money Center % Brokerage & Money Management % Banking - Regional % Broadcasting & Cable % Retail - General Merchandise % Medical Products % Medical Services % Drugs % Biotechnology % Consumer Staples: Tobacco % Cosmetics % Household Products % Food % Miscellaneous % Software % Computer Services % Miscellaneous % Electrical Equipment % Machinery % Oil Service % International % Basic Industry: Chemicals % Transportation: Railroad % Utilities: Telephone Utility % Consumer Manufacturing: Building & Related % Short-term % Number of Holdings: 53 The Fund can invest in foreign securities which may magnify these fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. The Fund can invest in small- to mid-capitalization companies. These investments may be more volatile than investments in large-capitalization companies. The Fund may at times be concentrated in a particular sector or industry group and, therefore, may be subject to greater risk. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 11 of 18

12 Worldwide Privatization Fund As of: 04/30/2005 Country 1. Kookmin Bank % South Korea 2. Mitsubishi Tokyo Financial % Japan 3. Bae Systems Plc % United Kingdom 4. Veolia Enviroment % France 5. National Grid Transco Plc % United Kingdom 6. Ing Groep N.V % Netherlands 7. Total Fina Sa % France 8. America Movil-series L Adr % Mexico 9. France Telecom % France 10. Renault Ord Ff % France Sector Breakdown Finance % Utilities % Energy % Consumer Services % Technology % Basic Industry % Transportation % Healthcare % Consumer Staples % Aerospace & Defense % Multi Industry Companies % Consumer Manufacturing % Capital Goods % Short-term % TOTAL % United Kingdom % France % Japan % Brazil % Spain % South Korea % Germany % Russia % Taiwan % Mexico % Finland % Italy % Hong Kong % South Africa % India % Netherlands % Australia % Norway % Greece % Israel % Hungary % Austria % People s Republic of China 0.97% Singapore % Turkey % Luxembourg % Thailand % Egypt % Indonesia % Peru % Sweden % Poland % Czech Republic % Macau % Chile % Trinidad & Tobago % Short-term % Number of Holdings: 118 Substantially all of the Fund s assets will be invested in foreign securities which may magnify fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 12 of 18

13 New Europe Fund As of: 04/30/2005 Country 1. Tesco PLC % United Kingdom 2. Total Fina Sa % France 3. SAP AG % Germany 4. Royal Bk Of Scotland Ord 25p % United Kingdom 5. Roche Holding Ag-genusss % Switzerland 6. Ubs Ag-Reg % Switzerland 7. Reckitt Benckiser Plc % United Kingdom 8. Credit Suisse Group % Switzerland 9. Novartis Ag-Reg Shs % Switzerland 10. Eni SpA % Italy Banking - Money Center % Banking - Regional % Insurance % Retail - Food & Drug % Retail - General Merchandise % Advertising % Apparel % Miscellaneous % Entertainment & Leisure % Broadcasting & Cable % Restaurants & Lodging % Drugs % Medical Products % Consumer Staples: Household Products % Food % Alcohol % Beverages % Software % Communication Equipment % Internet Infrastructure % Computer Services % Consumer Manufacturing: Building & Related % Auto & Related % International % Oil Service % Multi Industry Companies % Basic Industry: Chemicals % Utilities: Telephone Utility % Electrical Equipment % Aerospace & Defense: Aerospace % Short-term % United Kingdom % Switzerland % France % Germany % Ireland % Spain % Italy % Netherlands % Finland % Sweden % Norway % Short-term % Number of Holdings: 59 Substantially all of the Fund s assets will be invested in European securities and is subject to greater risk than would a fund with a more diversified portfolio. Since the Fund invests in foreign currency denominated securities, fluctuations may be magnified by changes in foreign exchange rates. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 13 of 18

14 Real Estate Investment As of: 04/30/ Simon Property Group Inc % 2. Prologis % 3. Developers Diversified Realty % 4. Host Marriott Corp % 5. Alexandria Real Est Equities % 6. Equity Residential % 7. General Growth Properties Inc % 8. Duke Realty Corp % 9. Archstone-Smith Trust % 10. Vornado Realty Trust % Office % Apartments % Regional Malls % Diversified % Hotels & Restaurants % Shopping Centers % Warehouse & Industrial % Office-Industrial Mix % Industrial % Lodging % Storage % Health Care % Self Storage % Restaurants & Lodging % Short-term % Number of Holdings: 43 While the Fund invests principally in the equity securities of real estate investment trusts, in order to achieve its investment objectives, the Fund may invest up to 20% of its total assets in mortgage-backed securities which involve risks described in the prospectus. An investment in the Fund is subject to certain risks associated with the direct ownership of real estate and with the real estate industry in general, including declines in the value of real estate, general and local economic conditions and interest rates. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 14 of 18

15 Global Research Growth As of: 04/30/2005 Country 1. Citigroup Inc % United States 2. Halliburton Co % United States 3. General Electric Co % United States 4. Schlumberger Ltd % Netherlands 5. American Intl Group % United States 6. Petroleo Brasileiro S.a.-adr % Brazil 7. Schwab Charles Corp % United States 8. Wellpoint Inc % United States 9. Nabors Industries Ltd % Bermuda 10. Procter & Gamble Co % United States Sector Breakdown Finance % Healthcare % Energy % Technology % Consumer Services % Consumer Staples % Capital Goods % Consumer Manufacturing % Basic Industry % Multi Industry Companies % Aerospace & Defense % Utilities % Transportation % TOTAL % United States % United Kingdom % Japan % Switzerland % France % Germany % Netherlands % Brazil % Bermuda % South Korea % Russia % Hong Kong % India % Taiwan % Spain % Cayman % Norway % Israel % Finland % Australia % Mexico % People s Republic of China 0.23% Egypt % Italy % Number of Holdings: 151 The Fund concentrates its investments in a limited number of industry sectors and issues, and an investment in the Fund is therefore subject to greater risk and volatility than investments in a more diversified portfolio. The Fund may invest a significant portion of its assets in foreign securities, which can be more volatile than U.S. securities due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, it may at times use certain types of investment derivatives such as options, futures, forwards and swaps. These instruments involve risks different from, and in some cases greater than, the risks presented by more traditional investments. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. If a growth stock company should fail to meet these high earnings expectations, the price of these stocks can be severely negatively affected. These risks are fully discussed in the Fund s prospectus. [PP 3A] 15 of 18

16 ABBSS - U.S. Large Cap Portfolio As of: 04/30/ General Electric Co % 2. Citigroup Inc % 3. Yahoo Inc % 4. Unitedhealth Group Inc % 5. Chevrontexaco Corp % 6. ebay Inc % 7. Qualcomm Incorporated % 8. Dell Inc % 9. Electronic Arts Inc % 10. Juniper Networks Inc % Communication Equipment % Computer Hardware/Storage % Semiconductor Components % Software % Internet Media % Contract Manufacturing % Insurance % Miscellaneous % Banking - Regional % Mortgage Banking % Banking - Money Center % Retail - General Merchandise % Miscellaneous % Broadcasting & Cable % Apparel % Medical Products % Medical Services % Biotechnology % International % Oil Service % Miscellaneous % Domestic Integrated % Miscellaneous % Consumer Staples: Retail - Food & Drug % Tobacco % Cosmetics % Aerospace & Defense: Aerospace % Multi Industry Companies % Consumer Manufacturing: Auto & Related % Transportation: Railroad % Utilities: Telephone Utility % Short-term % Number of Holdings: 59 Neither growth investing nor value investing guarantees a profit or eliminates risk. Growth stocks can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. If a growth stock company should fail to meet these high earnings expectations, the price of these stocks can be severely negatively affected. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies, which would result in stock prices that rise as initially expected. The Fund concentrates its investments in a limited number of issues and an investment in the Fund is therefore subject to greater risk and volatility than investments in a more diversified portfolio. Because the Fund allocates its investments between "growth" and "value" stocks, an investment in the Fund is subject to the risk that this allocation will result in lower returns during periods when one style is outperforming another than if the Fund had invested entirely in the outperforming style. The costs associated with systematic rebalancing may be significant over time.the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 16 of 18

17 Greater China 97 Fund As of: 04/30/2005 Country 1. Petrochina CO Ltd % Hong Kong 2. CNOOC Ltd % Hong Kong 3. Cheung Kong Holdings Ltd % Hong Kong 4. Lifestyle Intl Hldgs Ltd % Hong Kong 5. Huaneng Power Intl Inc-h % Hong Kong 6. Hon Hai Precision Industry % Taiwan 7. Cathay Financial % Taiwan 8. Au Optronics Corp % Taiwan 9. Lianhua Supermarket Hldgs Co % Hong Kong 10. China Shipping Development-h % Hong Kong Sector Breakdown Finance % Technology % Multi Industry Companies % Basic Industry % Transportation % Energy % Consumer Staples % Capital Goods % Consumer Services % Healthcare % Consumer Manufacturing % Utilities % Short-term % TOTAL % Hong Kong % Taiwan % People s Republic of China 8.80% Bermuda % Cayman Islands % Belgium % Canada % Singapore % Short-term % Number of Holdings: 75 Substantially all of the Fund s assets will be invested in Greater China (People s Republic of China (Mainland), Republic of China (Taiwan) and Hong Kong Special Administrative Region) company securities, therefore the Fund is subject to greater risk than a fund with a more diversified portfolio. Since the Fund invests in foreign currency denominated securities, fluctuations may be magnified by changes in foreign exchange rates. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 17 of 18

18 Growth Fund As of: 04/30/ Legg Mason Inc % 2. Wellpoint Inc % 3. Zimmer Holdings Inc % 4. Juniper Networks Inc % 5. Citigroup Inc % 6. Marvell Technology Group Ltd % 7. Yahoo Inc % 8. Dell Inc % 9. ebay Inc % 10. Symantec Corp % Communication Equipment % Semiconductor Components % Computer Hardware/Storage % Software % Miscellaneous % Internet Media % Computer Peripherals % Computer Services % Medical Products % Medical Services % Drugs % Biotechnology % Brokerage & Money Management % Miscellaneous % Insurance % Banking - Money Center % Miscellaneous % Retail - General Merchandise % Broadcasting & Cable % Entertainment & Leisure % Apparel % Restaurants & Lodging % Consumer Manufacturing: Building & Related % Oil Service % Multi Industry Companies % Aerospace & Defense: Defense Electronics % Machinery % Short-term % United States % Switzerland % Israel % Netherlands % Germany % Bermuda % Canada % Short-term % Number of Holdings: 57 The Fund can invest in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. In addition, fluctuations in the value of investments in foreign currency denominated securities may be magnified by changes in foreign exchange rates. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund s prospectus. [PP 3A] 18 of 18