As filed with the SEC on November 29, 2004.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04419

AEGON/TRANSAMERICA SERIES FUND, INC.

(Exact Name of Registrant as Specified in Charter)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (727) 299-1800

John K. Carter, Esq. P.O. Box 5068, Clearwater, Florida 33758-5068

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: July 1, 2004 – September 30, 2004

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The unaudited Schedules of Investments of registrant as of September 30, 2004 are attached.

AEGON Bond

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS ( 14.8% )
U.S. Government Strips
Zero coupon, due 05/15/2008	$	1,000	$	894
Zero coupon, due 02/15/2009		200		173
Zero coupon, due 02/15/2010		1,800		1,484
Zero coupon, due 02/15/2011		700		549
Zero coupon, due 05/15/2012		1,200		882
Zero coupon, due 08/15/2012		250		181
Zero coupon, due 11/15/2012		1,200		858
Zero coupon, due 02/15/2013		200		141
Zero coupon, due 05/15/2013		200		139
Zero coupon, due 11/15/2013 (a)		3,000		2,031
Zero coupon, due 02/15/2014		750		501
Zero coupon, due 02/15/2016		1,650		980
Zero coupon, due 05/15/2016		2,200		1,287
Zero coupon, due 02/15/2017		8,400		4,688
Zero coupon, due 02/15/2019		300		148
Zero coupon, due 02/15/2022		150		62
Zero coupon, due 02/15/2023		750		290
U.S. Treasury Bond
11.75%, due 11/15/2014 (a)		2,500		3,462
7.25%, due 05/15/2016		2,000		2,517
7.50%, due 11/15/2016 (a)		2,750		3,534
7.25%, due 08/15/2022		300		386
6.25%, due 08/15/2023 (a)		5,000		5,839
7.63%, due 02/15/2025		1,125		1,520
6.50%, due 11/15/2026		1,500		1,814
Total U.S. Government Obligations (cost: $31,498 )				34,360
U.S. GOVERNMENT AGENCY OBLIGATIONS ( 50.3% )
Banc of America Funding Corporation Series 2004-1
Zero coupon, due 03/25/2034		233		180
Countrywide Alternative Loan Trust - Series 2003-J1
Zero coupon, due 10/25/2033		266		221
Fannie Mae
7.00%, due 01/25/2008		902		936
8.00%, due 07/01/2009		442		472
6.50%, due 12/25/2012		819		851
5.00%, due 11/25/2015		1,500		1,531
7.00%, due 12/25/2016		1,220		1,299
9.50%, due 06/25/2018		509		556
5.00%, due 05/15/2023		636		646
5.50%, due 05/25/2023		500		511
8.00%, due 01/15/2030		1,824		1,938
7.25%, due 09/15/2030		2,000		2,107
7.25%, due 12/15/2030		850		888
7.00%, due 03/25/2031		509		534
6.50%, due 04/15/2031		1,094		1,118
7.00%, due 09/25/2031		761		796
7.00%, due 11/25/2031		613		650
6.50%, due 04/25/2032		2,139		2,184
4.00%, due 04/25/2033		500		416
5.75%, due 06/25/2033		750		749

5.50%, due 02/25/2034	600	623
6.50%, due 10/25/2042	319	330
7.50%, due 12/25/2042	534	577
6.50%, due 12/25/2042	1,144	1,209
Fannie Mae - Conventional Pool
7.50%, due 01/01/2008	356	370
6.50%, due 04/01/2008	368	383
6.50%, due 04/01/2009	305	323
5.50%, due 06/01/2012	368	382
5.00%, due 12/01/2016	364	371
6.50%, due 03/01/2017	326	345
5.50%, due 03/01/2017	964	996
5.50%, due 09/01/2017	704	727
4.00%, due 07/01/2018	262	256
4.50%, due 03/01/2019	962	960
9.00%, due 10/01/2019	578	646
9.00%, due 06/01/2025	287	323
6.00%, due 12/01/2032	728	755
6.00%, due 03/01/2033	254	263
6.00%, due 03/01/2033	311	323
6.00%, due 03/01/2033	380	393
Fannie Mae - Series 2001-44
7.00%, due 09/25/2031	1,000	1,050
Fannie Mae - Series 2001-5
6.00%, due 03/25/2016	1,000	1,051
Fannie Mae - Series 2002-1
6.50%, due 02/25/2022	1,000	1,051
Fannie Mae - Series 2002-18 PC
5.50%, due 04/25/2017	1,000	1,047
Fannie Mae - Series 2002-48
6.50%, due 11/25/2032	1,000	1,059
Fannie Mae - Series 2002-59
6.50%, due 04/25/2032	1,500	1,557
Fannie Mae - Series 2002-W5
6.00%, due 07/25/2029	1,000	1,006
Fannie Mae - Series 2503
5.50%, due 11/15/2015	600	619
Fannie Mae - Series G94-13
7.00%, due 06/17/2022	708	730
Fannie Mae - Series 2004-21
Zero coupon, due 04/25/2034	137	85
Fannie Mae ( c )
13.14%, due 10/25/2008	278	301
19.21%, due 02/25/2032	190	223
11.11%, due 12/25/2032	267	274
9.63%, due 07/25/2033	291	238
5.27%, due 08/25/2033	313	246
9.43%, due 09/25/2033	202	203
6.32%, due 03/25/2034	222	173
7.06%, due 04/25/2034	250	246
14.47%, due 04/25/2034	490	547
14.47%, due 05/25/2034	733	815
Fannie Mae Strip
Zero coupon, due 01/01/2033	295	236
Zero coupon, due 08/01/2033	181	134
Freddie Mac
6.50%, due 02/15/2008	197	199
6.88%, due 09/15/2010 (a)	500	575
6.00%, due 12/15/2013	1,500	1,579
6.50%, due 02/15/2013	934	938
6.00%, due 02/15/2013	1,244	1,311
5.50%, due 09/15/2013	864	902
6.50%, due 10/15/2013	129	131
6.00%, due 12/15/2013	3,280	3,432
5.00%, due 07/15/2014	1,000	1,025
6.00%, due 08/15/2015	2,000	2,076
8.50%, due 11/15/2015	79	81
5.50%, due 02/15/2017	1,000	1,039
6.00%, due 01/15/2019	646	654
8.50%, due 09/15/2020	465	468
5.50%, due 12/15/2022	1,000	1,032
7.50%, due 02/15/2023	1,341	1,435
7.00%, due 03/15/2024	1,000	1,075
7.50%, due 09/15/2028	54	54
7.00%, due 06/15/2029	1,000	1,091
6.00%, due 11/15/2029	572	594
6.00%, due 05/15/2030	500	512

7.50%, due 08/15/2030	609	626
6.50%, due 08/15/2031	550	574
6.38%, due 03/15/2032	1,000	1,051
6.50%, due 03/15/2032	729	768
7.00%, due 03/15/2032	5,000	5,242
7.00%, due 04/15/2032	1,000	1,062
7.00%, due 05/15/2032	1,545	1,608
6.50%, due 06/15/2032	600	632
6.50%, due 07/15/2032	863	906
6.00%, due 11/15/2032	500	526
Zero coupon, due 10/15/2033	250	138
6.00%, due 02/15/2033	500	516
Zero coupon, due 08/15/2034	250	182
Zero coupon, due 03/15/2034	150	105
7.00%, due 02/25/2043	391	420
6.50%, due 02/25/2043	1,222	1,292
5.75%, due 01/15/2012	200	218
7.00%, due 10/15/2030	1,314	1,379
Freddie Mac - Gold Pool
6.50%, due 05/01/2009	376	398
6.50%, due 04/01/2016	240	254
6.50%, due 12/01/2017	676	715
4.00%, due 05/01/2019	1,175	1,148
Freddie Mac - Series 2357 VX
6.50%, due 12/15/2017	1,000	1,025
Freddie Mac - Series 2392
6.00%, due 12/15/2020	1,000	1,040
Freddie Mac - Series 2410
5.50%, due 02/15/2009	1,083	1,112
Freddie Mac - Series 2527
5.50%, due 10/15/2013	871	906
Freddie Mac - Series T-41
7.50%, due 07/25/2032	1,318	1,431
Freddie Mac - Series T-51
7.50%, due 08/25/2042	553	593
Freddie Mac ( c )
5.64%, due 10/15/2015	899	814
5.94%, due 07/15/2017	2,612	211
5.50%, due 01/20/2032	992	152
6.24%, due 03/15/2032	785	76
10.00%, due 03/25/2032	120	130
5.24%, due 02/15/2033	2,927	285
5.34%, due 03/15/2033	2,987	301
5.79%, due 02/15/2033	1,875	165
6.36%, due 10/15/2033	232	171
6.36%, due 11/15/2033	135	99
6.44%, due 01/15/2034	700	461
8.48%, due 02/15/2034	150	123
Ginnie Mae
5.50%, due 12/20/2013	883	919
6.50%, due 10/16/2024	1,200	1,286
9.00%, due 05/16/2027	135	147
6.50%, due 04/20/2029	710	743
7.50%, due 11/20/2029	932	1,006
8.50%, due 02/16/2030	737	845
8.00%, due 06/20/2030	241	258
7.50%, due 09/20/2030	648	676
6.50%, due 03/20/2031	1,000	1,043
7.00%, due 10/20/2031	472	509
6.50%, due 12/20/2031	773	810
6.50%, due 06/20/2032	1,400	1,470
6.50%, due 06/20/2032	500	523
6.50%, due 07/16/2032	1,000	1,082
6.50%, due 07/20/2032	863	913
6.50%, due 08/20/2032	500	521
Zero coupon, due 06/16/2033	337	260
Zero coupon, due 03/16/2033	158	138
Zero coupon, due 08/20/2033	61	40
6.50%, due 06/20/2033	850	923
Ginnie Mae - FHA/VA Pool
7.50%, due 09/15/2009	589	625
8.00%, due 01/15/2016	351	377
7.00%, due 07/15/2017	468	499
6.50%, due 03/15/2023	483	513
Ginnie Mae - Series 1999-44
8.00%, due 12/20/2029	548	584
Ginnie Mae - Series 2000-36

7.33%, due 11/20/2030	248	262
Ginnie Mae - Series 2002-2
6.50%, due 01/20/2019	456	465
Ginnie Mae - Series 2002-7
6.50%, due 01/20/2032	1,000	1,040
Ginnie Mae - Series 2002-29
6.50%, due 02/16/2013	233	234
Ginnie Mae - Series 2002-40
6.50%, due 07/20/2022	770	772
Ginnie Mae - Series 2002-67
6.00%, due 03/20/2013	4,273	4,423
Ginnie Mae - Series 2002-71
6.00%, due 12/20/2014	886	933
Ginnie Mae ( c )
24.65%, due 04/20/2031	188	230
6.17%, due 04/16/2032	1,238	124
14.77%, due 04/16/2034	148	170
Illinois State, Pension Funding, General Obligation Bonds
5.10%, due 06/01/2033	600	572
Total U.S. Government Agency Obligations (cost: $ 118,547 )		117,022
FOREIGN GOVERNMENT OBLIGATIONS ( 0.4% )
United Mexican States
4.63%, due 10/08/2008	330	333
6.38%, due 01/16/2013	75	79
7.50%, due 04/08/2033	600	631
Total Foreign Government Obligations (cost: $ 994 )		1,043
MORTGAGE-BACKED SECURITIES ( 10.9% )
Aetna Commercial Mortgage Trust 1997-ALIC
6.71%, due 01/15/2006	1,270	1,280
American Housing Trust
9.13%, due 04/25/2021	254	254
CBM Funding Corporation
7.08%, due 11/01/2007	1,346	1,426
Citicorp Mortgage Securities, Inc.
7.50%, due 04/25/2025	136	136
Commercial Mortgage Asset Trust 1999-C1
6.59%, due 07/17/2008	2,000	2,151
Commercial Mortgage Pass-Through Certificate
6.30%, due 07/16/2034	4,000	4,352
Countrywide Alternative Loan Trust - Series 2002-26
6.75%, due 04/25/2032	703	702
GE Capital Commercial Mortgage Corporation
6.44%, due 08/11/2033	3,000	3,347
LB Commercial Conduit Mortgage Trust 1999-C1
6.41%, due 06/15/2031	1,083	1,133
Prudential Securities Secured Financing Corporation
6.51%, due 07/15/2008	3,000	3,268
Mastr Alternative Loans Trust
4.50%, due 09/25/2019	575	570
Morgan Stanley Capital I Inc. ( c )
6.88%, due 11/15/2030	2,000	2,209
Residential Accredit Loans, Inc. - Series 2002-QS6
6.50%, due 05/25/2032	57	57
Residential Accredit Loans, Inc. - Series 2003-QS3 (c)
12.45%, due 02/25/2018	176	183
Residential Accredit Loans, Inc. (c)
12.78%, due 10/25/2017	223	236
Residential Asset Mortgage Products, Inc.
6.29%, due 10/25/2031	195	198
Structured Asset Securities Corporation
6.85%, due 02/25/2031	31	31
Vendee Mortgage Trust - Series 2003-1
5.75%, due 12/15/2020	470	480
Vendee Mortgage Trust
7.50%, due 02/15/2027	1,763	1,971

Washington Mutual MSC Mortgage Pass-Through Certificate
Zero coupon, due 03/25/2033	287	235
Washington Mutual, Inc.
Zero coupon, due 11/25/2017	362	334
Wells Fargo Mortgage Backed Securities Trust
5.00%, due 07/25/2019	490	495
3.54%, due 09/25/2034	500	488
Total Mortgage-Backed Securities (cost: $ 24,222 )		25,536
ASSET-BACKED SECURITIES ( 2.5% )
AmeriCredit Automobile Receivables Trust 2002-A
4.61%, due 01/12/2009	200	203
CIT RV Trust 1998-A
6.09%, due 02/15/2012	306	309
MBNA Credit Card Master Note Trust - Series 2003-C1 ( c )
3.46%, due 06/15/2012	150	159
MBNA Master Credit Card Trust 1999-J
7.85%, due 02/15/2012	300	347
Nomura Asset Acceptance Corporation
7.00%, due 04/25/2033	89	89
6.00%, due 05/25/2033	256	262
Onyx Acceptance Auto Trust 2002-C
4.07%, due 04/15/2009	1,000	1,014
SYSTEMS 2001 Asset Trust Pass-Through Certificate, Class G - 144A
6.66%, due 09/15/2013	1,395	1,550
WFS Financial Owner Trust 2002-2
4.50%, due 02/20/2010	1,750	1,782
Total Asset-Backed Securities (cost: $ 5,495 )		5,715
CORPORATE DEBT SECURITIES ( 16.4% )
Air Transportation ( 0.1% )
Delta Air Lines, Inc.
6.42%, due 07/02/2012	250	254
Auto Repair, Services & Parking ( 0.0% )
PHH Corporation
7.13%, due 03/01/2013	100	114
Automotive ( 1.5% )
DaimlerChrysler North America Holding Corporation
7.38%, due 09/15/2006	1,000	1,073
Ford Motor Company
6.63%, due 02/15/2028	300	272
General Motors Corporation
6.85%, due 10/15/2008	2,000	2,121
Business Credit Institutions ( 0.7% )
Ford Motor Credit Company
7.38%, due 10/28/2009	1,000	1,095
MassMutual Global Funding II - 144A
3.50%, due 03/15/2010	150	146
Principal Life Global Funding - 144A
2.80%, due 06/26/2008	140	137
6.25%, due 02/15/2012	250	276
Business Services ( 0.1% )
International Lease Finance Corporation
4.50%, due 05/01/2008	75	77
5.88%, due 05/01/2013	75	80

Chemicals & Allied Products ( 1.1% )
Dow Chemical Company (The)
6.13%, due 02/01/2011	260	284
DSM NV - 144A
6.75%, due 05/15/2009	2,000	2,197
Commercial Banks ( 1.8% )
Bank of America Corporation
7.40%, due 01/15/2011	2,000	2,331
Citigroup Inc.
4.25%, due 07/29/2009	200	203
Corporacion Andina de Fomento
5.20%, due 05/21/2013	100	102
First Union National Bank
7.80%, due 08/18/2010	250	294
KeyCorp
4.70%, due 05/21/2009	100	103
Popular North America, Inc.
4.25%, due 04/01/2008	150	153
State Street Corporation
7.65%, due 06/15/2010	300	356
SunTrust Banks, Inc.
6.38%, due 04/01/2011	250	279
Wachovia Corporation
3.50%, due 08/15/2008	150	150
Wells Fargo & Company
3.13%, due 04/01/2009	260	253
Communication ( 1.1% )
Comcast Corporation
5.50%, due 03/15/2011	350	365
Cox Communications, Inc.
6.75%, due 03/15/2011	1,500	1,605
Liberty Media Corporation
5.70%, due 05/15/2013	25	25
Tele-Communications, Inc.
9.80%, due 02/01/2012	500	638
Computer & Office Equipment ( 0.1% )
International Business Machines Corporation
6.22%, due 08/01/2027	250	268
Electric Services ( 0.8% )
Appalachian Power Company
4.80%, due 06/15/2005	200	203
Constellation Energy Group, Inc.
7.00%, due 04/01/2012	250	283
Dominion Resources, Inc.
6.25%, due 06/30/2012	240	261
DTE Energy Company
6.65%, due 04/15/2009	200	218
Duke Energy Corporation
4.20%, due 10/01/2008	50	51
5.63%, due 11/30/2012	200	210
Exelon Generation Company, LLC
6.95%, due 06/15/2011	250	282
Ohio Valley Electric Corporation - 144A
5.94%, due 02/12/2006	125	130
PSEG Power LLC
7.75%, due 04/15/2011	115	134
Food Stores ( 0.1% )
Kroger Co. (The)
8.05%, due 02/01/2010	200	235
Gas Production & Distribution ( 0.1% )
KeySpan Gas East Corporation
7.88%, due 02/01/2010	100	118
Southern California Gas Company
4.80%, due 10/01/2012	100	102

Holding & Other Investment Offices ( 0.1% )
EOP Operating Limited Partnership
6.75%, due 02/15/2012	300	332
Insurance ( 0.1% )
MGIC Investment Corporation
6.00%, due 03/15/2007	150	159
XL Capital Ltd. - Class A
5.25%, due 09/15/2014	50	50
Life Insurance ( 0.6% )
ASIF Global Financing XIX - 144A
4.90%, due 01/17/2013	500	508
ASIF Global Financing XX - 144A
2.65%, due 01/17/2006	200	200
John Hancock Global Funding, Ltd. - 144A
7.90%, due 07/02/2010	300	354
New York Life Global Funding - 144A
3.88%, due 01/15/2009	200	201
Protective Life Secured Trusts (Protective Life Insurance Company)
4.00%, due 04/01/2011	250	244
Mortgage Bankers & Brokers ( 0.3% )
Captiva Finance Ltd. - 144A (d)
6.86%, due 11/30/2009	777	777
Mortgage-Backed ( 0.2% )
Countrywide Home Loans, Inc.
3.25%, due 05/21/2008	250	246
Countrywide Home Loans, Inc. - Series L
4.00%, due 03/22/2011	225	219
Motion Pictures ( 0.5% )
Time Warner Inc.
8.18%, due 08/15/2007	400	448
9.15%, due 02/01/2023	500	644
Paper & Allied Products ( 0.1% )
International Paper Company
6.50%, due 11/15/2007	50	54
4.25%, due 01/15/2009	65	65
4.00%, due 04/01/2010	165	161
Personal Credit Institutions ( 2.5% )
American General Finance Corporation
4.50%, due 11/15/2007	170	175
5.38%, due 10/01/2012	100	104
General Electric Capital Corporation
4.25%, due 01/15/2008	700	718
4.63%, due 09/15/2009	500	517
6.13%, due 02/22/2011	500	551
5.88%, due 02/15/2012	200	217
6.00%, due 06/15/2012 (a)	750	824
General Motors Acceptance Corporation
7.25%, due 03/02/2011	1,500	1,602
Household Finance Corporation
6.40%, due 06/17/2008	100	109
6.75%, due 05/15/2011	760	855
Toyota Motor Credit Corporation
2.88%, due 08/01/2008	100	98
Railroads ( 0.1% )
Burlington Northern Santa Fe Corporation
7.13%, due 12/15/2010	200	228
Savings Institutions ( 0.1% )
Washington Mutual Bank, FA
6.88%, due 06/15/2011	250	283

Security & Commodity Brokers ( 2.0% )
Bear Stearns Companies Inc. (The)
3.25%, due 03/25/2009	500	486
Credit Suisse First Boston (USA), Inc.
4.70%, due 06/01/2009	125	129
Goldman Sachs Group, Inc. (The)
6.88%, due 01/15/2011	1,400	1,580
Lehman Brothers Holdings Inc.
7.88%, due 08/15/2010	1,000	1,184
Morgan Stanley
4.25%, due 05/15/2010	500	503
6.75%, due 04/15/2011	400	448
6.60%, due 04/01/2012	250	279
4.75%, due 04/01/2014	145	140
Telecommunications ( 2.2% )
AT&T Wireless Services, Inc.
7.50%, due 05/01/2007	225	248
7.88%, due 03/01/2011	100	118
BellSouth Corporation
6.00%, due 10/15/2011	250	272
BT Group PLC
8.88%, due 12/15/2030	1,000	1,313
France Telecom
8.50%, due 03/01/2011	200	239
NYNEX Capital Funding Company (d)
8.23%, due 10/15/2009	400	467
NYNEX Corporation
9.55%, due 05/01/2010	217	248
Sprint Capital Corporation
6.88%, due 11/15/2028	800	839
Verizon Communications Inc.
7.51%, due 04/01/2009	475	539
8.35%, due 12/15/2030	500	633
Total Corporate Debt Securities (cost: $ 35,571 )		38,086
	Principal	Value
SECURITY LENDING COLLATERAL ( 6.5% )
Debt ( 5.9% )
Bank Notes ( 0.2% )
Bank of America Corporation
1.88%, due 10/19/2004	47	47
1.88%, due 12/23/2004	85	85
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005	95	95
Deutsche Bank AG
1.70%, due 10/12/2004	285	285
Commercial Paper ( 1.7% )
Clipper Receivables Corp.
1.79%, due 11/12/2004	142	142
Compass Securitization LLC - 144A
1.75%, due 10/19/2004	190	190
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004	474	474
1.75%, due 10/18/2004	94	94
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004	473	473
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004	142	142
General Electric Capital Corporation
1.76%, due 10/21/2004	332	332
Grampian Funding LLC - 144A
1.78%, due 10/19/2004	237	237
Greyhawk Funding LLC - 144A

1.75%, due 10/18/2004	98	98
Morgan Stanley
1.96%, due 12/10/2004	617	617
1.96%, due 03/16/2005	598	598
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004	237	237
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004	142	142
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004	142	142
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004	126	126
Euro Dollar Overnight ( 0.4% )
Dexia Bank SA
1.51%, due 10/01/2004	95	95
Fortis Bank
1.52%, due 10/01/2004	237	237
1.62%, due 10/05/2004	95	95
Wells Fargo & Company
1.60%, due 10/04/2004	425	425
Euro Dollar Terms ( 1.2% )
Bank of Montreal
1.76%, due 10/25/2004	49	49
Bank of Nova Scotia (The)
1.75%, due 10/21/2004	193	193
1.77%, due 10/25/2004	475	475
1.76%, due 11/12/2004	237	237
1.80%, due 11/23/2004	472	472
Bank of the West Inc.
1.79%, due 11/10/2004	95	95
Den Danske Bank
1.64%, due 10/08/2004	95	95
Fortis Bank
1.69%, due 10/14/2004	47	47
1.73%, due 10/15/2004	95	95
Harris Trust & Savings Bank
1.76%, due 10/29/2004	95	95
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004	332	332
1.60%, due 10/15/2004	142	142
1.65%, due 10/29/2004	71	71
1.67%, due 11/02/2004	9	9
1.88%, due 12/23/2004	250	250
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004	237	237
Master Notes ( 0.2% )
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004	190	190
2.01%, due 06/05/2005	285	285
Repurchase Agreements ( 2.2% ) (b)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,112 on 10/01/2004	1,112	1,112
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $484 on 10/01/2004	484	484
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $506 on 10/01/2004	506	506
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $1,788 on 10/01/2004	1,788	1,788
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $950 on 10/01/2004	950	950

	Shares		Value
Investment Companies ( 0.6% )
Money Market Funds ( 0.6% )
Barclays Institutional Money Market Fund
1 day yield of 1.73%	364,035		$	364
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%	280,627			281
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%	750,840			751
Total Security Lending Collateral (cost: $ 15,013 )				15,013
Total Investment Securities (cost: $ 231,340 )			$	236,775
SUMMARY:
Investments, at value	101.8	%	$	236,775
Liabilities in excess of other assets	(1.8	)%		(4,261	)
Net assets	100.0	%	$	232,514

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At September 30, 2004, all or a portion of this security is on loan (see Note 1). The value at September 30, 2004, of all securities on loan is $ 14,650.

(b) Cash collateral for the Repurchase Agreements, valued at $ 4,933, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

(c) Floating or variable rate note. Rate is listed as of September 30, 2004.

(d) Securities valued as determined in good faith in accordance with procedure established by the Fund’s Board of Directors.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $6,634 or 2.85% of the net assets of the Fund.

American Century International

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
CONVERTIBLE PREFERRED STOCKS	(0.7%)
Switzerland	(0.7%)
Compagnie Financiere Richemont AG - Units		63,610	$	1,761
Total Convertible Preferred Stocks (cost: $1,576)				1,761
COMMON STOCKS	(98.2%)
Australia	(4.0%)
BHP Billiton Limited		605,280		6,297
Commonwealth Bank of Australia		95,060		2,079
QBE Insurance Group Limited		231,970		2,202
Austria	(1.7%)
Erste Bank der oesterreichischen Sparkassen AG		111,256		4,631
Bermuda	(3.1%)
Accenture Ltd - Class A (a)		65,760		1,779
Esprit Holdings Limited		422,000		2,143
Li & Fung Limited		588,000		845
Tyco International Ltd. (b)		112,640		3,454
Canada	(2.2%)
EnCana Corporation		77,150		3,562
Shoppers Drug Mart Corporation (a)		81,862		2,215
China	(0.6%)
Huaneng Power International, Inc.		1,858,000		1,501
Denmark	(0.6%)
A. P. Moller - Maersk A/S		200		1,533
France	(13.7%)
AXA		186,342		3,771
Credit Agricole SA		145,546		3,971
Essilor International SA		26,380		1,696
Lafarge SA		36,790		3,220
Pernod Ricard		19,760		2,624
Schneider Electric SA		41,450		2,680
Societe Generale - Class A		37,414		3,312
Total Fina Elf SA (b)		38,910		7,929
Vinci SA		29,041		3,343
Vivendi Universal SA (a)		166,570		4,269
Germany	(7.4%)
adidas-Salomon AG		10,860		1,516
BASF AG		23,090		1,357

Continental AG		51,170	2,783
Deutsche Telekom AG (a)(b)		80,630	1,497
E.ON AG		27,540	2,027
Fresenius Medical Care AG		22,150	1,698
METRO AG		42,320	1,882
PUMA AG Rudolf Dassler Sport		11,475	3,075
SAP AG		24,778	3,863
Greece	(1.3%)
Alpha Bank SA		79,666	2,029
Greek Organization of Football Prognostics		69,730	1,339
Guernsey	(0.5%)
Amdocs Limited (a)		61,350	1,339
Ireland	(1.1%)
Anglo Irish Bank Corporation PLC		157,793	2,892
Israel	(0.7%)
Teva Pharmaceutical Industries Ltd. - ADR (b)		75,764	1,966
Italy	(2.4%)
ENI - Ente Nazionale Idrocarburi		154,120	3,455
Terna SpA (b)		1,196,262	2,840
Japan	(16.2%)
AIFUL Corporation		20,400	2,002
Bank of Yokohama, Ltd. (The) (a)		304,000	1,634
Canon Inc.		22,050	1,037
Chugai Pharmaceutical Co., Ltd.		133,396	1,924
Daikin Industries, Ltd.		51,000	1,234
Fast Retailing Co., Ltd.		26,400	1,795
Hoya Corporation		43,603	4,572
Komatsu Ltd.		216,000	1,388
Matsushita Electric Industrial Co., Ltd.		114,000	1,522
Mitsubishi Tokyo Financial Group, Inc.		200	1,668
Mitsui & Co., Ltd.		459,000	3,846
Nippon Broadcasting System, Incorporated		27,000	1,250
Omron Corporation		64,000	1,415
ORIX Corporation		31,900	3,272
Sharp Corporation		177,000	2,436
Sumitomo Mitsui Financial Group, Inc. (b)		420	2,402
Toray Industries, Inc.		553,000	2,560
TOTO LTD.		135,000	1,173
Toyota Motor Corporation		103,800	3,976
Yamaha Motor Co., Ltd.		73,800	1,119
Yamato Transport Co., Ltd.		108,000	1,487
Mexico	(1.1%)
America Movil, SA de CV - Series L - ADR		75,435	2,944
Netherland Antilles	(0.5%)
Schlumberger Limited		19,490	1,312
Netherlands	(2.7%)
ING Groep NV		178,496	4,506
Royal Numico NV - CVA (a)		84,420	2,689
Norway	(3.1%)
Dnb Holding ASA		170,630	1,350
Norsk Hydro ASA		42,550	3,099
Statoil ASA		156,590	2,246
Telenor ASA		222,750	1,697
Russia	(0.7%)
Mobile TeleSystems OJSC - ADR (b)		12,685	1,839

South Korea	(1.3%)
Hyundai Motor Company Limited			39,940		1,843
Samsung Electronics Co., Ltd.			4,343		1,728
Spain	(4.6%)
Acesa Infraestructuras, SA (b)			108,528		2,027
ACS, Actividades de Construccion y Servicios SA			106,549		1,942
Gamesa Corporacion Tecnologica, SA			109,220		1,603
Grupo Ferrovial, SA (b)			54,750		2,445
Telefonica SA			292,100		4,373
Sweden	(2.4%)
Autoliv, Inc. - SDR			36,689		1,468
Telefonaktiebolaget LM Ericsson - Class B (a)			763,960		2,373
Volvo AB - B Shares			71,800		2,537
Switzerland	(7.6%)
ABB Ltd. (a)			280,601		1,713
Alcon, Inc. (b)			16,490		1,322
Novartis AG			139,080		6,484
Roche Holding AG- Genusschein			65,994		6,820
UBS AG - Registered Shares			56,454		3,975
United Kingdom	(17.9%)
AstraZeneca PLC			43,666		1,790
BP PLC			811,652		7,750
BT Group PLC			128,331		417
Enterprise Inns PLC			113,135		1,167
HSBC Holdings PLC			133,790		2,124
Legal & General Group PLC			1,752,080		3,147
Man Group PLC			61,071		1,314
mmO2 PLC (a)			795,338		1,414
Next PLC			116,400		3,440
Pearson PLC			271,130		2,900
Rank Group PLC (The)			34,289		173
Reckitt Benckiser PLC			163,126		3,998
Royal Bank of Scotland Group PLC (The)			136,508		3,943
Smith & Nephew PLC			588,795		5,414
Tesco PLC			948,870		4,899
Vodafone Group PLC			1,005,910		2,408
Wolseley PLC			101,040		1,725
United States	(0.8%)
Synthes, Inc. (a)			19,190		2,091
Total Common Stocks (cost: $243,485)					262,775
		Principal		Value
SECURITY LENDING COLLATERAL	(8.0%)
Debt	(7.3%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	68	$	68
1.88%, due 12/23/2004			122		122
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			136		136
Deutsche Bank AG
1.70%, due 10/12/2004			407		407
Commercial Paper	(2.2%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			204		204
Compass Securitization LLC - 144A

1.75%, due 10/19/2004			271	271
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			678	678
1.75%, due 10/18/2004			135	135
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			677	677
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			203	203
General Electric Capital Corporation
1.76%, due 10/21/2004			475	475
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			339	339
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			140	140
Morgan Stanley
1.96%, due 12/10/2004			882	882
1.96%, due 03/16/2005			855	855
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			339	339
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			204	204
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			204	204
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			181	181
Euro Dollar Overnight	(0.5%)
Dexia Bank SA
1.51%, due 10/01/2004			136	136
Fortis Bank
1.52%, due 10/01/2004			339	339
1.62%, due 10/05/2004			136	136
Wells Fargo & Company
1.60%, due 10/04/2004			608	608
Euro Dollar Terms	(1.5%)
Bank of Montreal
1.76%, due 10/25/2004			71	71
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			276	276
1.77%, due 10/25/2004			679	679
1.76%, due 11/12/2004			339	339
1.80%, due 11/23/2004			675	675
Bank of the West Inc.
1.79%, due 11/10/2004			136	136
Den Danske Bank
1.64%, due 10/08/2004			136	136
Fortis Bank
1.69%, due 10/14/2004			68	68
1.73%, due 10/15/2004			136	136
Harris Trust & Savings Bank
1.76%, due 10/29/2004			136	136
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			475	475
1.60%, due 10/15/2004			204	204
1.65%, due 10/29/2004			102	102
1.67%, due 11/02/2004			14	14
1.88%, due 12/23/2004			357	357
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			339	339
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			272	272
2.01%, due 06/05/2005			407	407
Repurchase Agreements	(2.6%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,588 on 10/01/2004			1,588	1,588
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $692 on 10/01/2004			692	692

1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $722 on 10/01/2004		722			722
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $2,556 on 10/01/2004		2,556			2,556
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,358 on 10/01/2004		1,358			1,358
		Shares		Value
Investment Companies	(0.7%)
Money Market Funds	(0.7%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%		520,660		$	521
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%		401,366			401
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%		1,073,887			1,074
Total Security Lending Collateral (cost: $21,473 )					21,473
Total Investment Securities (cost: $266,534 )				$	286,009
SUMMARY:
Investments, at value		106.9	%	$	286,009
Liabilities in excess of other assets		(6.9	)%		(18,375	)
Net assets		100.0	%	$	267,634

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 20,213.

(c) Cash collateral for the Repurchase Agreements, valued at $ 7,056, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR American Depositary Receipt

CVA Certificaaten van aandelen (share certificates)

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2004, these securities aggregated $3,371 or 1.26% of the net assets of the Fund.

American Century Large Company Value

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(97.3%)
Aerospace	(0.7%)
Boeing Company (The)		9,400	$	485
Amusement & Recreation Services	(0.6%)
Harrah’s Entertainment, Inc. (b)		7,600		403
Apparel & Accessory Stores	(0.6%)
Limited, Inc. (The)		18,800		419
Apparel Products	(1.3%)
Liz Claiborne, Inc.		11,800		445
V.F. Corporation		8,500		420
Automotive	(1.1%)
General Motors Corporation (b)		8,700		370
Toyota Motor Corporation - ADR		4,900		374
Beverages	(1.7%)
Coca-Cola Company (The)		9,100		364
Coors (Adolph) Company (b)		5,100		346
Pepsi Bottling Group, Inc. (The)		15,900		432
Chemicals & Allied Products	(1.2%)
PPG Industries, Inc.		13,000		797
Commercial Banks	(17.1%)
Bank of America Corporation		50,400		2,184
Citigroup Inc.		69,800		3,080
KeyCorp (b)		16,600		525
Morgan Chase & Co. (J.P.)		27,312		1,085
National City Corporation		19,900		769
PNC Financial Services Group, Inc. (The)		14,400		779
U.S. Bancorp		32,300		933
Wachovia Corporation		19,800		930
Wells Fargo & Company		24,700		1,473
Communication	(0.2%)
Viacom, Inc. - Class B		5,000		168
Computer & Data Processing Services	(3.9%)
Computer Associates International, Inc.		13,900		366

Computer Sciences Corporation (a)		13,000	612
Electronic Data Systems Corporation		20,500	397
Fiserv, Inc. (a)		12,300	429
Microsoft Corporation		32,200	890
Computer & Office Equipment	(2.8%)
Hewlett-Packard Company		69,600	1,305
International Business Machines Corporation		6,800	583
Department Stores	(1.7%)
May Department Stores Company (The) (b)		29,800	764
Sears, Roebuck and Co. (b)		10,000	399
Drug Stores & Proprietary Stores	(0.7%)
CVS Corporation		10,900	459
Electric Services	(1.1%)
PPL Corporation		15,700	741
Electric, Gas & Sanitary Services	(2.0%)
Exelon Corporation (b)		26,700	980
NiSource Inc.		19,200	403
Electronic & Other Electric Equipment	(1.6%)
General Electric Company		23,300	782
Whirlpool Corp. (b)		5,500	330
Electronic Components & Accessories	(1.5%)
Intel Corporation		18,200	365
Tyco International Ltd. (b)		20,700	635
Environmental Services	(0.7%)
Waste Management, Inc.		17,100	468
Fabricated Metal Products	(0.7%)
Parker-Hannifin Corporation		7,900	465
Finance	(2.7%)
Standard & Poor’s 500 Depositary Receipt (b)		16,600	1,856
Food & Kindred Products	(3.6%)
Altria Group, Inc.		19,400	913
Heinz (H.J.) Company		15,200	548
Sara Lee Corporation		19,600	448
Unilever NV - NY Shares		9,500	549
Food Stores	(0.7%)
Kroger Co. (The) (a)		31,000	481

Furniture & Fixtures	(0.6%)
Lear Corporation		7,400	403
Health Services	(0.7%)
HCA Inc.		11,800	450
Industrial Machinery & Equipment	(2.1%)
Black & Decker Corporation (The) (b)		4,700	364
Dover Corporation		11,200	435
Ingersoll-Rand Company - Class A		9,400	639
Instruments & Related Products	(0.3%)
Snap-on Incorporated		6,500	179
Insurance	(4.8%)
Allstate Corporation (The)		19,800	950
American International Group, Inc.		11,100	755
CIGNA Corporation		6,500	453
Loews Corporation		12,500	731
MGIC Investment Corporation		6,400	426
Insurance Agents, Brokers & Service	(2.0%)
Hartford Financial Services Group, Inc. (The) (b)		12,400	768
Marsh & McLennan Companies, Inc.		13,100	599
Life Insurance	(0.8%)
Torchmark Corporation		10,300	548
Lumber & Wood Products	(1.2%)
Weyerhaeuser Company		12,400	824
Medical Instruments & Supplies	(1.3%)
Baxter International Inc.		18,900	608
Becton, Dickinson and Company		5,300	274
Motion Pictures	(1.5%)
Blockbuster Inc. - Class A (b)		17,800	135
Time Warner Inc. (a)		55,600	897
Oil & Gas Extraction	(1.4%)
ConocoPhillips		12,000	993
Petroleum Refining	(8.5%)
ChevronTexaco Corporation		22,400	1,202
Exxon Mobil Corporation		59,000	2,851
Royal Dutch Petroleum Company - NY Registered Shares		35,500	1,832

Pharmaceuticals	(4.4%)
Abbott Laboratories		19,100	809
AmerisourceBergen Corporation (b)		8,400	451
Bristol-Myers Squibb Co.		24,400	578
Johnson & Johnson		13,000	732
Merck & Co., Inc.		14,300	472
Primary Metal Industries	(1.7%)
Alcoa Inc.		18,800	631
Nucor Corporation (b)		5,700	521
Printing & Publishing	(1.7%)
Donnelley (R.R.) & Sons Company		14,300	448
Gannett Co., Inc.		8,400	704
Restaurants	(1.4%)
McDonald’s Corporation		34,900	978
Rubber & Misc. Plastic Products	(1.1%)
Newell Financial Trust I (b)		24,000	481
Reebok International Ltd.		7,700	283
Savings Institutions	(1.3%)
Washington Mutual, Inc.		23,000	899
Security & Commodity Brokers	(2.6%)
Merrill Lynch & Co., Inc.		17,600	875
Morgan Stanley		18,200	897
Telecommunications	(6.0%)
ALLTEL Corporation		10,400	571
AT&T Corp.		21,200	304
BellSouth Corporation		27,200	738
SBC Communications Inc.		35,500	921
Sprint Corporation (FON Group)		31,800	640
Verizon Communications, Inc.		12,100	476
Vodafone Group PLC - ADR		18,800	453
U.S. Government Agencies	(3.7%)
Freddie Mac		39,200	2,557
Total Common Stocks (cost: $64,057 )			66,684
		Principal	Value
SECURITY LENDING COLLATERAL	(12.9%)
Debt	(11.7%)
Bank Notes	(0.4%)

Bank of America Corporation
1.88%, due 10/19/2004			$	28	$	28
1.88%, due 12/23/2004				51		51
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005				57		57
Deutsche Bank AG
1.70%, due 10/12/2004				170		170
Commercial Paper	(3.5	%)
Clipper Receivables Corp.
1.79%, due 11/12/2004				85		85
Compass Securitization LLC - 144A
1.75%, due 10/19/2004				113		113
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004				284		284
1.75%, due 10/18/2004				56		56
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004				283		283
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004				85		85
General Electric Capital Corporation
1.76%, due 10/21/2004				199		199
Grampian Funding LLC - 144A
1.78%, due 10/19/2004				142		142
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004				59		59
Morgan Stanley
1.96%, due 12/10/2004				369		369
1.96%, due 03/16/2005				358		358
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004				142		142
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004				85		85
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004				85		85
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004				76		76
Euro Dollar Overnight	(0.7	%)
Dexia Bank SA
1.51%, due 10/01/2004				57		57
Fortis Bank
1.52%, due 10/01/2004				142		142
1.62%, due 10/05/2004				57		57
Wells Fargo & Company
1.60%, due 10/04/2004				255		255
Euro Dollar Terms	(2.5	%)
Bank Of Montreal
1.76%, due 10/25/2004				30		30
Bank Of Nova Scotia (The)
1.75%, due 10/21/2004				115		115
1.77%, due 10/25/2004				284		284
1.76%, due 11/12/2004				142		142
1.80%, due 11/23/2004				283		283
Bank of the West Inc.

1.79%, due 11/10/2004			57		57
Den Danske Bank
1.64%, due 10/08/2004			57		57
Fortis Bank
1.69%, due 10/14/2004			28		28
1.73%, due 10/15/2004			57		57
Harris Trust & Savings Bank
1.76%, due 10/29/2004			57		57
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			199		199
1.60%, due 10/15/2004			85		85
1.65%, due 10/29/2004			43		43
1.67%, due 11/02/2004			6		6
1.88%, due 12/23/2004			149		149
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			142		142
Master Notes	(0.4	%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			114		114
2.01%, due 06/05/2005			170		170
Repurchase Agreements	(4.2	%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $665 on 10/01/2004			665		665
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $290 on 10/01/2004			290		290
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $302 on 10/18/2004			302		302
Merrill Lynch & Co., Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,070 on 10/01/2004			1,070		1,070
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $568 on 10/01/2004			568		568
			Shares	Value
Investment Companies	(1.2	%)
Money Market Funds	(1.2	%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%			217,877	$	218
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%			167,957		168
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%			449,383		449
Total Security Lending Collateral (cost: $8,986)					8,986
Total Investment Securities (cost: $73,043)				$	75,670

SUMMARY:
Investments, at value	110.4	%	$	75,670
Liabilities in excess of other assets	(10.4	%)		(7,154	)
Net assets	100.0	%	$	68,516

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 8,717.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 2,953, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $1,410 or 2.06% of the net assets of the Fund.

Asset Allocation - Conservative Portfolio

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares	Value
INVESTMENT COMPANIES	(100.0%)	(b)
Aggressive Equity	(9.7%)
Munder Net50 (a)			208,226	$	1,666
T. Rowe Price Small Cap (a)			1,504,633		16,491
Third Avenue Value			1,133,806		20,975
Transamerica Growth Opportunities (a)			1,063,181		14,544
Transamerica Small/Mid Cap Value (a)			101,038		1,553
Balanced	(1.3%)
American Century Large Company Value			708,505		7,142
Capital Preservation	(12.0%)
Transamerica Money Market			68,191,601		68,192
Fixed-Income	(52.0%)
MFS High Yield			11,734,881		118,522
PIMCO Total Return			7,435,112		81,712
Transamerica Convertible Securities			8,764,567		96,848
Growth Equity	(20.2%)
Great Companies - TechnologySM(a)			2,476,299		9,682
J.P. Morgan Mid Cap Value			114,639		1,546
Janus Growth (a)			312,766		9,721
Marsico Growth (a)			892,418		7,657
Mercury Large Cap Value			933,311		14,373
Salomon All Cap			1,070,358		14,011
T. Rowe Price Equity Income			2,277,596		44,504
Transamerica Equity (a)			744,118		14,056
Specialty - Real Estate	(1.4%)
Clarion Real Estate Securities			486,282		7,902
World Equity	(3.4%)
Capital Guardian Global			1,570,139		18,151
Van Kampen Active International Allocation			108,132		1,073
Total Investment Companies (cost: $507,480)					570,321
Total Investment Securities (cost: $507,480)				$	570,321

SUMMARY:
Investments, at value	100.0	%	$	570,321
Liabilities in excess of other assets	0.0	%		(17	)
Net assets	100.0	%	$	570,304

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

Asset Allocation - Growth Portfolio

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares		Value
INVESTMENT COMPANIES	(100.0%)	(b)
Aggressive Equity	(23.6%)
Munder Net50 (a)			1,760,324		$	14,083
T. Rowe Price Small Cap (a)			5,249,630			57,536
Third Avenue Value			2,442,151			45,180
Transamerica Growth Opportunities (a)			2,260,834			30,928
Transamerica Small/Mid Cap Value (a)			1,542,737			23,712
Growth Equity	(58.4%)
Capital Guardian Value			2,249,604			41,213
Great Companies - TechnologySM(a)			5,752,631			22,493
J.P. Morgan Mid Cap Value			2,917,767			39,331
Janus Growth (a)			961,248			29,876
Jennison Growth (a)			4,270,442			30,918
Mercury Large Cap Value			4,041,029			62,232
Salomon All Cap			4,625,785			60,552
T. Rowe Price Equity Income			4,985,570			97,418
Transamerica Equity (a)			2,132,685			40,286
Specialty - Real Estate	(2.9%)
Clarion Real Estate Securities			1,287,028			20,914
World Equity	(15.1%)
American Century International (a)			1,354,625			10,267
Capital Guardian Global			5,689,083			65,766
Van Kampen Active International Allocation			3,352,590			33,258
Total Investment Companies (cost: $628,606)						725,963
Total Investment Securities (cost: $628,606)					$	725,963
SUMMARY:
Investments, at value			100.0	%	$	725,963
Liabilities in excess of other assets			0.0	%		(105	)
Net assets			100.0	%	$	725,858

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

Asset Allocation - Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares	Value
INVESTMENT COMPANIES	(100.0%)	(b)
Aggressive Equity	(18.2%)
Munder Net50 (a)			2,670,492	$	21,364
T. Rowe Price Small Cap (a)			9,167,576		100,477
Third Avenue Value			5,095,443		94,266
Transamerica Growth Opportunities (a)			4,585,972		62,736
Capital Preservation	(0.7%)
Transamerica Money Market			11,252,253		11,252
Fixed-Income	(20.9%)
MFS High Yield			13,703,212		138,402
PIMCO Total Return			9,431,664		103,654
Transamerica Convertible Securities			7,109,733		78,563
Growth Equity	(48.3%)
Capital Guardian Value			3,594,691		65,855
Great Companies - TechnologySM(a)			10,439,987		40,820
J.P. Morgan Mid Cap Value			2,925,344		39,434
Janus Growth (a)			1,818,448		56,517
Jennison Growth (a)			10,438,015		75,571
Mercury Large Cap Value			6,277,876		96,679
Salomon All Cap			5,381,214		70,440
T. Rowe Price Equity Income			10,571,959		206,576
Transamerica Equity (a)			4,774,278		90,186
Specialty - Real Estate	(3.3%)
Clarion Real Estate Securities			3,070,756		49,900
World Equity	(8.6%)
American Century International (a)			3,787,647		28,710
Capital Guardian Global			5,617,408		64,937
Van Kampen Active International Allocation			3,785,742		37,555
Total Investment Companies (cost: $1,317,564)					1,533,894
Total Investment Securities (cost: $1,317,564)				$	1,533,894

SUMMARY:
Investments, at value	100.0	%	$	1,533,894
Liabilities in excess of other assets	0.0	%		(214	)
Net assets	100.0	%	$	1,533,680

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/ Transamerica Series Fund, Inc., which are affiliates of the Fund.

Asset Allocation - Moderate Portfolio

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares	Value
INVESTMENT COMPANIES	(100.0%)	(b)
Aggressive Equity	(16.1%)
Munder Net50 (a)			817,909	$	6,543
T. Rowe Price Small Cap (a)			7,346,653		80,519
Third Avenue Value			4,341,966		80,326
Transamerica Growth Opportunities (a)			4,276,701		58,505
Transamerica Small/Mid Cap Value (a)			371,620		5,712
Capital Preservation	(8.8%)
Transamerica Money Market			126,159,911		126,160
Fixed - Income	(37.8%)
MFS High Yield			23,016,198		232,464
PIMCO Total Return			13,750,490		151,118
Transamerica Convertible Securities			14,573,648		161,039
Growth Equity	(31.5%)
Great Companies - TechnologySM (a)			10,637,211		41,591
J.P. Morgan Mid Cap Value			417,654		5,631
Janus Growth (a)			1,271,080		39,505
Marsico Growth (a)			4,696,363		40,295
Mercury Large Cap Value			3,461,853		53,313
Salomon All Cap			3,064,095		40,109
T. Rowe Price Equity Income			8,024,562		156,800
Transamerica Equity (a)			4,090,276		77,265
Specialty - Real Estate	(1.0%)
Clarion Real Estate Securities			924,886		15,029
World Equity	(4.8%)
American Century International (a)			2,584,059		19,587
Capital Guardian Global			3,337,527		38,582
Van Kampen Active International Allocation			1,181,135		11,717
Total Investment Companies (cost: $1,238,978 )					1,441,810
Total Investment Securities (cost: $1,238,978 )				$	1,441,810

SUMMARY:
Investments, at value	100.0	%	$	1,441,810
Liabilities in excess of other assets	0.0	%		(86	)
Net assets	100.0	%	$	1,441,724

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

Capital Guardian Global

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Principal		Value
CONVERTIBLE BONDS	(0.4%)
Cayman Islands	(0.4%)
SMFG Finance (Cayman) Ltd.
2.25%, due 07/11/2005		$	18,000	$	329
SMFG Finance Ltd. - 144A
2.25%, due 07/11/2005			51,000		942
Total Convertible Bonds (cost: $791)					1,271
		Shares		Value
CONVERTIBLE PREFERRED STOCKS	(0.5%)
Switzerland	(0.3%)
Compagnie Financiere Richemont AG - Units			50,793	$	1,406
United States	(0.2%)
Chubb Corporation			20,200		572
Total Convertible Preferred Stocks (cost: $1,631)					1,978
PREFERRED STOCKS	(0.4%)
Australia	(0.2%)
News Corporation Limited (The)			80,527		635
Brazil	(0.0%)
Telesp Celular SA			80,000		(d)
Germany	(0.2%)
Fresenius Medical Care AG			13,400		730
Total Preferred Stocks (cost: $1,214)					1,365
COMMON STOCKS	(96.5%)
Australia	(2.0%)
Amcor Limited			123,300		641

Australia and New Zealand Banking Group Limited		47,554	655
Coca-Cola Amatil Limited		121,500	618
Foster’s Group Limited		137,700	472
News Corporation Limited (The) - ADR		5,625	176
Promina Group Limited		131,900	433
Publishing & Broadcasting Limited		96,100	954
Qantas Airways Limited		241,936	605
Rinker Group Limited		103,699	648
Wesfarmers Ltd.		29,300	679
Westpac Banking Corporation		49,100	631
Woolworths Limited		58,100	573
Austria	(0.2%)
Erste Bank der oesterreichischen Sparkassen AG		400	17
Telekom Austria AG		46,893	657
Bermuda	(1.3%)
Esprit Holdings Limited		179,000	909
Ingersoll-Rand Company - Class A		15,300	1,040
Li & Fung Limited		453,000	651
PartnerRe Ltd.		16,800	919
Weatherford International Ltd. (a)		19,700	1,005
Brazil	(0.1%)
Companhia Vale do Rio Doce - ADR		21,300	440
Canada	(3.2%)
Alcan Inc.		52,500	2,492
Bombardier Inc. - Class B (b)		403,900	938
Cameco Corporation		13,500	1,065
Four Seasons Hotels Inc. (b)		8,600	551
Great-West Lifeco Inc. (b)		14,500	584
IGM Financial, Inc. (b)		44,300	1,183
Inco Limited (a)(b)		42,300	1,652
Manulife Financial Corporation		23,700	1,032
Thomson Corporation (The) (b)		56,800	1,962
Cayman Islands	(0.7%)
Seagate Technology, Inc. (a)(b)		66,000	892
Transocean Inc. (a)		22,000	787
XL Capital Ltd. - Class A		11,400	843
Denmark	(0.3%)
Novo Nordisk A/S - Class B		16,700	915
Finland	(0.1%)
Nokia Corporation		26,020	358
France	(5.5%)
Air Liquide		9,670	1,517

BNP Paribas SA		48,300	3,120
Bouygues SA (b)		39,700	1,490
Carrefour SA		7,520	354
Essilor International SA		14,500	932
France Telecom		30,900	770
Groupe Danone		7,400	582
L’Oreal SA		6,700	439
Renault SA		13,300	1,088
Sanofi-Synthelabo (b)		100,900	7,321
Schneider Electric SA		13,500	873
Vivendi Universal SA (a)		58,600	1,502
Germany	(2.8%)
Allianz AG - Registered Shares		8,500	854
Bayerische Hypo - und Vereinsbank AG (a)		38,300	732
Bayerische Motoren Werke AG (BMW)		15,200	626
DaimlerChrysler AG - Registered Shares		69,000	2,842
Deutsche Bank AG		6,200	445
Deutsche Borse AG (b)		10,000	506
E.ON AG		14,600	1,075
Infineon Technologies AG (a)		59,900	612
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) - Registered Shares		8,228	790
SAP AG - ADR		19,600	763
Siemens AG - Registered Shares		11,900	872
Hong Kong	(0.9%)
Hang Lung Properties Limited		506,000	746
Hang Seng Bank Limited		37,000	493
Hutchison Whampoa Limited		48,000	376
Hutchison Whampoa Limited - warrants		1	(d)
Johnson Electric Holdings Limited		8,000	8
Sun Hung Kai Properties Limited		186,000	1,753
Ireland	(0.5%)
CRH PLC		29,500	706
Elan Corporation PLC - ADR (a)		17,400	407
IAWS Group PLC		33,300	414
RyanAir Holdings PLC - ADR (a)(b)		13,800	403
Israel	(0.3%)
Teva Pharmaceutical Industries Ltd. - ADR		41,200	1,069
Japan	(10.6%)
AEON Co., Ltd.		45,000	725
AEON Co., Ltd. (a)		45,000	717
Bank of Yokohama, Ltd. (The) (a)		177,000	951
Canon Inc.		14,000	658
Daimaru, Inc. (The)		89,000	685
Enplas Corporation		13,000	348
FANUC LTD		15,100	795
Hirose Electric Co., Ltd.		6,900	629
Honda Motor Co., Ltd.		15,700	761
Hoya Corporation		9,700	1,017
Kansai Electric Power Company, Incorporated (The)		32,500	573
Konica Corporation		44,000	602

Kyocera Corporation		9,700	682
Millea Holdings, Inc.		84	1,083
Mitsubishi Corporation		62,000	670
Mitsubishi Estate Company, Limited		117,000	1,221
Mitsubishi Heavy Industries, Ltd.		177,000	500
Mitsubishi Motors Corporation (a)(b)		104,000	109
Mitsubishi Tokyo Financial Group, Inc.		81	676
Mitsui Sumitomo Insurance Co., Ltd.		140,000	1,155
NEC Corporation		225,000	1,346
Nidec Corporation		5,400	528
Nikko Cordial Corporation		125,000	507
Nikon Corporation (b)		59,000	556
Nintendo Co., Ltd.		12,500	1,530
Nissan Motor Co., Ltd.		164,000	1,787
Nissin Food Products Co., Ltd.		33,500	823
Nitto Denko Corporation		11,500	529
OBIC Co., Ltd.		3,400	638
Omron Corporation		29,000	641
ORIX Corporation		6,400	656
Ricoh Company, Ltd.		39,000	735
Rohm Company, Ltd.		5,500	553
Sankyo Company, Ltd.		34,000	719
Sekisui House, Ltd.		60,000	573
Shimamura Co., Ltd.		7,600	506
Shionogi & Co., Ltd.		28,000	401
SMC Corporation		5,700	546
Sony Corporation		5,700	195
Sumitomo Chemical Company, Limited		437,000	2,071
Sumitomo Mitsui Financial Group, Inc. (b)		255	1,458
Suzuki Motor Corporation		68,000	1,113
Takeda Pharmaceutical Company Limited		17,700	803
Tokyo Electron Limited		16,100	785
Tokyo Gas Co., Ltd.		155,000	550
UFJ Holdings, Inc. (a)		241	1,057
Uni-Charm Corporation		10,700	530
Yahoo Japan Corporation (a)		98	434
Yamato Transport Co., Ltd.		52,000	716
Yokogawa Electric Corporation		40,000	460
Mexico	(0.3%)
America Movil, SA de CV - Series L - ADR		8,400	328
America Telecom, SA de CV - ADR (a)		193,800	836
Netherland Antilles	(0.9%)
Schlumberger Limited		48,700	3,278
Netherlands	(5.3%)
ABN AMRO Holding NV		47,933	1,089
ASM Lithography Holding NV (a)(b)		80,900	1,041
Elsevier NV		40,500	522
Heineken Holding NV (b)		25,875	696
Heineken NV		50,187	1,511
ING Groep NV		16,610	419
James Hardie Industries NV		145,400	607
Koninklijke KPN NV		85,500	641
Koninklijke Philips Electronics NV		11,800	270

Koninklijke Philips Electronics NV - NY Registered Shares			2,100	48
Royal Dutch Petroleum Company			142,600	7,347
Royal Dutch Petroleum Company - NY Registered Shares			41,700	2,152
Royal Numico NV (a)			23,400	745
STMicroelectronics NV (a)			30,100	519
Unilever NV - CVA			14,500	834
Vedior NV - CVA			42,000	650
Norway	(0.8	%)
Norsk Hydro ASA			18,600	1,354
Norske Skogindustrier ASA			34,300	616
Statoil ASA			52,700	756
Panama	(0.2	%)
Carnival Corporation			16,300	771
Russia	(0.1	%)
YUKOS Oil Company - ADR (b)			21,100	338
Singapore	(0.5	%)
Singapore Telecommunications Limited			618,990	861
United Overseas Bank Limited			66,000	537
Venture Manufacturing (Singapore) Ltd.			46,000	451
South Africa	(0.6	%)
Sasol Limited			108,000	2,018
South Korea	(0.6	%)
Samsung Electronics Co., Ltd.			3,700	1,472
Samsung Electronics Co., Ltd. - GDR - 144A (LUX)			2,250	446
Samsung Electronics Co., Ltd. - GDR - 144A (USD)			580	115
Spain	(1.4	%)
Banco Bilbao Vizcaya Argentaria, SA (b)			191,400	2,635
Inditex, SA			46,100	1,140
Telefonica SA			85,888	1,286
Sweden	(0.6	%)
ForeningsSparbanken AB			45,600	950
Telefonaktiebolaget LM Ericsson - ADR (a)(b)			22,300	697
Telefonaktiebolaget LM Ericsson - Class B (a)			208,000	646
Switzerland	(5.0	%)
Chocoladefabriken Lindt & Sprungli AG			620	713
Credit Suisse Group (a)			21,646	691
Holcim Ltd.			51,826	2,734
Nestle SA - Registered Shares			10,464	2,397
Nobel Biocare Holding AG			5,911	917
Novartis AG			97,111	4,528
Straumann Holding Ag			4,142	879

Swiss Reinsurance Company - Registered Shares		34,913	2,010
Swisscom AG - Registered Shares		6,773	2,349
UBS AG - Registered Shares		13,900	979
Taiwan	(0.2%)
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		92,991	664
United Kingdom	(12.1%)
ARM Holdings PLC		33,000	50
AstraZeneca PLC		208,700	8,635
AstraZeneca PLC - ADR		82,500	3,393
Barclays PLC		72,800	698
BG Group PLC		248,700	1,670
BHP Billiton PLC		314,147	3,306
British Sky Broadcasting Group PLC		58,400	507
Corus Group PLC - deferred shares (a)		413,600	(d)
Diageo PLC		180,300	2,252
HBOS PLC		156,300	2,110
HSBC Holdings PLC		151,174	2,400
Lloyds TSB Group PLC		92,000	718
National Grid Group PLC (The)		164,700	1,390
Pearson PLC		124,500	1,332
Reckitt Benckiser PLC		22,100	542
Reed Elsevier PLC		81,200	713
Royal Bank of Scotland Group PLC (The)		106,300	3,071
Smiths Group PLC		55,100	740
Unilever PLC		95,100	774
Vodafone Group PLC		3,729,866	8,928
Wolseley PLC		40,500	692
United States	(39.4%)
Affiliated Computer Services, Inc. - Class A (a)(b)		13,600	757
Agilent Technologies, Inc. (a)		39,600	854
Allergan, Inc.		38,000	2,757
Altera Corporation (a)(b)		31,100	609
Altria Group, Inc.		30,600	1,439
Amazon.com, Inc. (a)		10,700	437
American International Group, Inc.		16,650	1,132
American Standard Companies Inc. (a)		58,200	2,265
AmeriCredit Corp. (a)		10,600	221
Amgen Inc. (a)		75,500	4,279
Anheuser-Busch Companies, Inc.		48,900	2,443
Applera Corporation - Applied Biosystems Group		37,100	700
Applied Materials, Inc. (a)		258,959	4,270
Applied Micro Circuits Corporation (a)		71,900	225
AT&T Corp.		113,500	1,625
Automatic Data Processing, Inc.		46,700	1,931
Avon Products, Inc.		11,000	480
Baker Hughes Incorporated		27,200	1,189
Bank of America Corporation		12,056	522
Beazer Homes USA, Inc. (b)		4,600	492
Berkshire Hathaway Inc. - Class A (a)		34	2,946
Biogen, Inc. (a)		11,900	728
Boise Cascade Corporation		19,600	652
Boston Scientific Corporation (a)		18,200	723
Brocade Communications Systems, Inc. (a)		158,200	894
Cablevision Systems Corporation - Class A (a)(b)		120,752	2,449

CheckFree Holdings Corporation (a)(b)	17,400	481
Chubb Corporation	9,500	668
Cisco Systems, Inc. (a)	172,600	3,124
Citigroup Inc.	15,500	684
Comcast Corporation - Class A (a)	25,500	720
Costco Wholesale Corporation	18,700	777
Cox Communications, Inc. - Class A (a)	21,300	706
Delphi Corporation	123,800	1,150
Delta Air Lines, Inc. (a)(b)	73,000	240
DIRECTV Group, Inc. (The) (a)	64,098	1,127
du Pont (E.I.) de Nemours and Company	16,500	706
Duke Energy Corporation	52,400	1,199
eBay Inc. (a)	17,700	1,627
Emerson Electric Co.	9,400	582
Exxon Mobil Corporation	83,700	4,045
Fannie Mae	74,100	4,698
Fluor Corporation (b)	30,200	1,345
Forest Laboratories, Inc. (a)	92,200	4,147
Freddie Mac	47,300	3,086
General Electric Company	53,800	1,808
General Motors Corporation (b)	15,500	658
Golden West Financial Corporation	21,800	2,419
Goldman Sachs Group, Inc. (The)	6,300	587
IAC/InterActive Corp (a)(b)	77,200	1,700
IKON Office Solutions, Inc.	74,700	898
Illinois Tool Works Inc.	4,400	410
Intel Corporation	44,400	891
International Business Machines Corporation	7,200	617
International Paper Company	14,500	586
Jabil Circuit, Inc. (a)	26,100	600
Kinder Morgan, Inc.	12,200	766
KLA - Tencor Corporation (a)	94,500	3,920
Kohl’s Corporation (a)	14,800	713
Kraft Foods, Inc. - Class A	15,000	476
Lauder (Estee) Companies Inc. (The) - Class A	7,900	330
Lilly (Eli) and Company	48,100	2,888
Lincare Holdings Inc. (a)	20,900	621
Linear Technology Corporation	18,300	663
Lockheed Martin Corporation	1,400	78
Lowe’s Companies, Inc.	32,700	1,777
Medtronic, Inc.	25,800	1,339
Microsoft Corporation	98,600	2,726
Monster Worldwide, Inc. (a)	15,800	389
Morgan Chase & Co. (J.P.)	62,988	2,503
Navistar International Corporation (a)	32,000	1,190
Northrop Grumman Corporation	12,400	661
Novellus Systems, Inc. (a)(b)	16,400	436
PacifiCare Health Systems, Inc. (a)	16,000	587
PeopleSoft, Inc. (a)	95,200	1,891
Pepsi Bottling Group, Inc. (The) (b)	25,600	695
PepsiCo, Inc.	32,400	1,576
Pfizer Inc.	40,800	1,248
PMC-Sierra, Inc. (a)(b)	28,100	248
QUALCOMM Incorporated	99,000	3,865
Raytheon Company	8,600	327
SLM Corporation	67,100	2,993
Sprint Corporation (FON Group)	344,850	6,942
Starwood Hotels & Resorts Worldwide, Inc.	20,400	947
State Street Corporation	22,000	940
Sun Microsystems, Inc. (a)	122,700	496

SYSCO Corporation			26,800		802
Tenet Healthcare Corporation (a)(b)			97,700		1,054
Teradyne, Inc. (a)			55,700		746
Time Warner Inc. (a)			251,150		4,054
United Technologies Corporation			22,500		2,101
Unocal Corporation			44,500		1,915
Verizon Communications, Inc.			26,900		1,059
Washington Mutual, Inc.			48,400		1,892
WellPoint Health Networks Inc. (a)			10,300		1,082
Wells Fargo & Company			66,100		3,942
Xilinx, Inc.			33,000		891
Total Common Stocks (cost: $312,851)					349,238
SECURITY LENDING COLLATERAL	(8.6%)
Debt	(7.8%)
Bank Notes	(0.9%)
Bank of America Corporation
1.88%, due 10/19/2004		$	98	$	98
1.88%, due 12/23/2004			177		177
Credit Suisse First Boston (USA), Inc.
1.92%, due 10/01/2004			2,295		2,295
1.71%, due 09/09/2005			197		197
Deutsche Bank AG
1.70%, due 10/12/2004			588		588
Commercial Paper	(2.3%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			294		294
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			392		392
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			979		979
1.75%, due 10/18/2004			195		195
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			978		978
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			293		293
General Electric Capital Corporation
1.76%, due 10/21/2004			686		686
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			490		490
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			202		202
Morgan Stanley
1.96%, due 12/10/2004			1,275		1,275
1.96%, due 03/16/2005			1,236		1,236
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			490		490
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			294		294
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			294		294
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			261		261
Euro Dollar Overnight	(0.5%)

Dexia Bank SA
1.51%, due 10/01/2004		197	197
Fortis Bank
1.52%, due 10/01/2004		490	490
1.62%, due 10/05/2004		197	197
Wells Fargo & Company
1.60%, due 10/04/2004		879	879
Euro Dollar Terms	(1.7%)
Bank of Montreal
1.76%, due 10/25/2004		102	102
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		398	398
1.77%, due 10/25/2004		981	981
1.76%, due 11/12/2004		490	490
1.80%, due 11/23/2004		976	976
Bank of the West Inc.
1.79%, due 11/10/2004		196	196
Den Danske Bank
1.64%, due 10/08/2004		197	197
Fortis Bank
1.69%, due 10/14/2004		98	98
1.73%, due 10/15/2004		197	197
Harris Trust & Savings Bank
1.76%, due 10/29/2004		196	196
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		687	687
1.60%, due 10/15/2004		294	294
1.65%, due 10/29/2004		147	147
1.67%, due 11/02/2004		20	20
1.88%, due 12/23/2004		516	516
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		490	490
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		392	392
2.01%, due 06/05/2005		588	588
Repurchase Agreements	(2.1%) (c)
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,000 on 10/01/2004		1,000	1,000
1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,043 on 10/01/2004		1,043	1,043
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,693 on 10/01/2004		3,693	3,693
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,961 on 10/01/2004		1,961	1,961

		Shares	Value
Investment Companies	(0.8%)
Money Market Funds	(0.8%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%		752,217	$	752
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%		579,869		580
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%		1,551,485		1,551
Total Security Lending Collateral (cost: $ 31,022)				31,022
Total Investment Securities (cost: $ 347,509)			$	384,874
SUMMARY:
Investments, at value		106.4%	$	384,874
Liabilities in excess of other assets		(6.4)%		(23,064)
Net assets		100.0%	$	361,810

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Canadian Dollar	57		10/01/2004	$	45		$	—
Canadian Dollar	10		10/04/2004		8			—
Euro Dollar	—		10/01/2004		—			—
British Pound	(18	)	10/01/2004		(33	)		—
British Pound	(11	)	10/04/2004		(20	)		—
Japanese Yen	(9,026	)	10/01/2004		(81	)		(1	)
Japanese Yen	(1,621	)	10/04/2004		(15	)		—
Japanese Yen	(178,215	)	12/07/2004		(1,635	)		12
Sngapore Dollar	(112	)	10/01/2004		(66	)		(1	)
Swedish Krone	551		10/01/2004		75			1
Swiss Franc	(3,982	)	11/17/2004		(3,168	)		(27	)
Total Forward Foreign Currency Contracts				$	(4,890	)	$	(16	)

	Percentage of Net Assets		Value
INVESTMENTS BY INDUSTRY:
Pharmaceuticals	12.4	%	44,983
Commercial Banks	9.6	%	34,704
Telecommunications	7.4	%	26,928
Insurance	4.2	%	15,074
Petroleum Refining	3.7	%	13,544
Industrial Machinery & Equipment	3.5	%	12,630
Oil & Gas Extraction	3.2	%	11,451
Automotive	3.1	%	11,324
Electronic & Other Electric Equipment	2.8	%	10,006
Beverages	2.7	%	9,791
Computer & Office Equipment	2.6	%	9,290
Instruments & Related Products	2.5	%	9,182
Computer & Data Processing Services	2.5	%	9,140

Electronic Components & Accessories	2.2	%	8,064
Food & Kindred Products	2.2	%	8,038
U.S. Government Agencies	2.2	%	7,784
Chemicals & Allied Products	2.0	%	7,144
Motion Pictures	1.8	%	6,367
Business Services	1.6	%	5,765
Communication	1.4	%	5,002
Communications Equipment	1.4	%	4,920
Metal Mining	1.3	%	4,811
Medical Instruments & Supplies	1.3	%	4,790
Electric Services	1.3	%	4,787
Construction	1.3	%	4,548
Savings Institutions	1.2	%	4,311
Primary Metal Industries	1.1	%	4,144
Aerospace	1.0	%	3,778
Real Estate	1.0	%	3,720
Printing & Publishing	1.0	%	3,521
Security & Commodity Brokers	0.8	%	3,004
Personal Credit Institutions	0.8	%	2,993
Wholesale Trade Durable Goods	0.8	%	2,974
Stone, Clay & Glass Products	0.8	%	2,734
Gas Production & Distribution	0.7	%	2,436
Health Services	0.7	%	2,405
Radio & Television Broadcasting	0.6	%	2,207
Life Insurance	0.6	%	2,035
Retail Trade	0.5	%	1,879
Paper & Allied Products	0.5	%	1,843
Lumber & Other Building Materials	0.5	%	1,777
Apparel & Accessory Stores	0.5	%	1,646
Hotels & Other Lodging Places	0.4	%	1,498
Machinery, Equipment & Supplies	0.4	%	1,419
Department Stores	0.4	%	1,398
Lumber & Constuction Materials	0.4	%	1,398
Air Transportation	0.3	%	1,248
Wholesale Trade Nondurable Goods	0.3	%	1,216
Food Stores	0.3	%	927
Apparel Products	0.3	%	909
Variety Stores	0.2	%	777
Water Transportation	0.2	%	771
Transportation & Public Utilities	0.2	%	716
Manufacturing Industries	0.2	%	679
Paper & Paper Products	0.2	%	652
Transportation Equipment	0.2	%	651
Beer, Wine & Distilled Beverages	0.1	%	472
Holding & Other Investment Offices	0.1	%	376
Investments, at market value	97.4	%	352,581
Short-term investments	8.9	%	32,293
Other liabilities in excess of assets	(6.4	)%	(23,064	)
Net assets	100.0	%	361,810

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $29,501.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 10,193, that serve as collateral for securities are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) Value is less than $ 1.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
CVA	Certificaaten van aandelen (share certificates)
144A	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $6,371 or 1.76% of the net assets of the Fund.

Capital Guardian U.S. Equity

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
CONVERTIBLE PREFERRED STOCKS	(0.2%)
Primary Metal Industries	(0.2%)
Phelps Dodge Corporation		3,100	$	601
Total Convertible Preferred Stocks (cost: $277)				601
COMMON STOCKS	(99.0%)
Aerospace	(1.7%)
Lockheed Martin Corporation		11,000		614
Northrop Grumman Corporation		18,000		960
United Technologies Corporation		28,900		2,699
Amusement & Recreation Services	(0.1%)
Disney (Walt) Company (The)		6,500		147
Automotive	(0.3%)
Navistar International Corporation (a)		18,400		684
Automotive Dealers & Service Stations	(0.3%)
AutoNation, Inc. (a)		47,800		815
Beverages	(2.0%)
Anheuser-Busch Companies, Inc.		53,800		2,687
Pepsi Bottling Group, Inc. (The) (b)		21,100		573
PepsiCo, Inc.		37,500		1,824
Business Services	(2.6%)
CheckFree Holdings Corporation (a)(b)		43,700		1,209
eBay Inc. (a)		30,800		2,832
Monster Worldwide, Inc. (a)		38,700		954
Omnicom Group, Inc.		6,800		497
Robert Half International Inc.		18,900		487
Thomson Corporation (The) (b)		14,900		517
Chemicals & Allied Products	(2.4%)
Air Products and Chemicals, Inc.		26,600		1,447
Avon Products, Inc.		13,400		585
Dow Chemical Company (The)		11,000		497
du Pont (E.I.) de Nemours and Company		47,400		2,029
Lauder (Estee) Companies Inc. (The) - Class A		12,900		539
Procter & Gamble Company (The)		18,400		996

Commercial Banks	(4.9%)
Morgan Chase & Co. (J.P.)		142,604	5,666
State Street Corporation		25,700	1,098
Wells Fargo & Company		98,600	5,880
Communication	(1.9%)
Cablevision Systems Corporation - Class A (a) (b)		76,073	1,543
Comcast Corporation - Class A (a)		19,700	556
Cox Communications, Inc. - Class A (a)		27,700	918
DIRECTV Group, Inc. (The) (a)		60,637	1,067
Viacom, Inc. - Class B		17,900	601
Communications Equipment	(2.1%)
Corning Incorporated (a)		22,600	250
QUALCOMM Incorporated		109,900	4,290
Siemens AG - ADR (b)		10,000	737
Computer & Data Processing Services	(6.0%)
Affiliated Computer Services, Inc. - Class A (a) (b)		55,000	3,062
Automatic Data Processing, Inc.		42,800	1,768
Cadence Design Systems, Inc. (a) (b)		47,500	619
Google, Inc. Class A (a) (b)		4,500	583
Microsoft Corporation		147,000	4,065
PeopleSoft, Inc. (a)		126,000	2,501
Sabre Holdings Corporation		32,900	806
SAP AG - ADR		32,600	1,270
VeriSign, Inc. (a)		39,200	778
Computer & Office Equipment	(2.9%)
Apple Computer, Inc. (a)		16,700	647
Cisco Systems, Inc. (a)		152,700	2,764
Hewlett-Packard Company		16,057	301
International Business Machines Corporation		12,100	1,037
Lexmark International, Inc. (a)		8,700	731
Seagate Technology, Inc. (a) (b)		40,100	542
Sun Microsystems, Inc. (a)		292,200	1,180
Construction	(1.0%)
Fluor Corporation (b)		55,700	2,480
Department Stores	(0.2%)
Kohl’s Corporation (a)		11,600	559
Electric Services	(1.5%)
AES Corporation (The) (a)		128,600	1,285
American Electric Power Company, Inc.		17,700	566
Duke Energy Corporation		87,400	2,001
Electric, Gas & Sanitary Services	(0.2%)
NiSource Inc.		21,300	448

Electrical Goods	(0.3%)
Avnet, Inc. (a)		39,000	668
Electronic & Other Electric Equipment	(2.5%)
Emerson Electric Co.		15,600	965
General Electric Company		158,100	5,309
Electronic Components & Accessories	(2.7%)
Altera Corporation (a) (b)		46,900	918
Applied Micro Circuits Corporation (a)		47,000	147
Intel Corporation		62,700	1,258
Jabil Circuit, Inc. (a)		51,500	1,185
JDS Uniphase Corporation (a) (b)		135,400	456
Linear Technology Corporation		17,100	620
Micron Technology, Inc. (a) (b)		35,000	421
PMC-Sierra, Inc. (a) (b)		57,400	506
Tyco International Ltd.		16,600	509
Xilinx, Inc.		32,400	875
Food & Kindred Products	(2.8%)
Altria Group, Inc.		49,400	2,324
Campbell Soup Company		60,000	1,577
Kraft Foods, Inc. - Class A (b)		52,000	1,649
Unilever NV - NY Shares		27,100	1,566
Furniture & Home Furnishings Stores	(0.5%)
Williams-Sonoma, Inc. (a) (b)		34,800	1,307
Gas Production & Distribution	(0.7%)
Equitable Resources, Inc.		13,700	744
Kinder Morgan, Inc.		5,114	321
Williams Companies, Inc. (The)		47,700	577
Health Services	(1.8%)
DaVita Inc. (a)		17,400	542
Lincare Holdings Inc. (a)		80,500	2,392
Tenet Healthcare Corporation (a) (b)		79,400	857
Triad Hospitals, Inc. (a)		22,000	757
Holding & Other Investment Offices	(0.2%)
General Growth Properties, Inc.		16,000	496
Hotels & Other Lodging Places	(0.3%)
Starwood Hotels & Resorts Worldwide, Inc.		14,300	664
Industrial Machinery & Equipment	(5.2%)
American Standard Companies Inc. (a)		79,600	3,097
Applied Materials, Inc. (a)		287,400	4,739
ASM Lithography Holding NV - NY Registered Shares (a)		40,300	519
Baker Hughes Incorporated		34,900	1,526

Illinois Tool Works Inc.		13,300	1,239
Ingersoll-Rand Company - Class A		23,400	1,590
Novellus Systems, Inc. (a)		13,600	362
Instruments & Related Products	(3.2%)
Agilent Technologies, Inc. (a)		80,900	1,745
Applera Corporation - Applied Biosystems Group		92,300	1,742
Credence Systems Corporation (a)		9,700	70
KLA - Tencor Corporation (a)		83,000	3,443
Raytheon Company		3,100	118
Teradyne, Inc. (a)		69,400	930
Insurance	(4.0%)
American International Group, Inc.		26,500	1,802
Anthem, Inc. (a) (b)		6,000	524
Assurant, Inc.		3,400	88
Berkshire Hathaway Inc. - Class A (a)		36	3,119
Chubb Corporation		13,800	970
Everest Re Group, Ltd.		3,400	253
PMI Group, Inc. (The)		33,500	1,359
WellPoint Health Networks Inc. (a)		4,700	494
XL Capital Ltd. - Class A		20,700	1,532
Insurance Agents, Brokers & Service	(0.4%)
Hartford Financial Services Group, Inc. (The)		14,399	892
Lumber & Other Building Materials	(1.6%)
Lowe’s Companies, Inc.		72,100	3,919
Manufacturing Industries	(0.2%)
Mattel, Inc.		27,000	490
Medical Instruments & Supplies	(2.2%)
Becton, Dickinson and Company		21,300	1,101
Boston Scientific Corporation (a)		47,800	1,899
Guidant Corporation		29,975	1,980
Medtronic, Inc.		9,400	488
Motion Pictures	(1.1%)
Time Warner Inc. (a)		168,750	2,724
Oil & Gas Extraction	(4.7%)
BJ Services Company		20,900	1,095
Schlumberger Limited		63,500	4,274
Transocean Inc. (a)		31,700	1,134
Unocal Corporation		77,600	3,337
Weatherford International Ltd. (a)		41,600	2,122

Paper & Allied Products	(0.7%)
International Paper Company		20,500	828
Kimberly-Clark Corporation		12,900	833
Paper & Paper Products	(0.4%)
Boise Cascade Corporation (b)		28,600	952
Personal Credit Institutions	(2.6%)
SLM Corporation		145,600	6,494
Petroleum Refining	(4.0%)
ChevronTexaco Corporation		11,800	633
Exxon Mobil Corporation		95,400	4,611
Royal Dutch Petroleum Company - NY Registered Shares		73,000	3,767
Shell Transport & Trading Company PLC - ADR (b)		28,400	1,264
Pharmaceuticals	(12.7%)
Allergan, Inc.		73,300	5,318
Amgen Inc. (a)		62,000	3,514
AstraZeneca PLC - ADR		228,300	9,390
Elan Corporation PLC - ADR (a) (b)		18,700	438
Forest Laboratories, Inc. (a)		152,700	6,868
ImClone Systems Incorporated (a) (b)		10,800	571
Lilly (Eli) and Company		66,500	3,993
Pfizer Inc.		45,000	1,377
Teva Pharmaceutical Industries Ltd. - ADR (b)		36,400	945
Primary Metal Industries	(0.5%)
Alcoa Inc.		38,700	1,300
Printing & Publishing	(0.2%)
Knight-Ridder, Inc.		7,000	458
Radio & Television Broadcasting	(0.5%)
Entercom Communications Corp. (a)		2,100	69
IAC/InterActive Corp (a) (b)		59,000	1,299
Radio, Television & Computer Stores	(0.3%)
RadioShack Corporation (b)		24,800	710
Railroads	(0.4%)
Canadian Pacific Railway Limited (b)		19,200	495
Union Pacific Corporation		7,800	457
Retail Trade	(0.2%)
Amazon.com, Inc. (a) (b)		15,000	613
Savings Institutions	(2.3%)

Golden West Financial Corporation			22,900		2,541
Washington Mutual, Inc.			83,300		3,255
Security & Commodity Brokers	(0.4%)
AmeriCredit Corp. (a)			23,900		499
Goldman Sachs Group, Inc. (The)			4,900		457
Telecommunications	(4.0%)
AT&T Corp.			42,900		614
SBC Communications Inc.			19,900		516
Sprint Corporation (FON Group)			385,950		7,769
Verizon Communications, Inc.			30,800		1,213
Transportation & Public Utilities	(0.7%)
Kinder Morgan Management, LLC (a)			43,092		1,789
U.S. Government Agencies	(2.2%)
Fannie Mae			44,700		2,834
Freddie Mac			41,200		2,688
Variety Stores	(1.5%)
Costco Wholesale Corporation			74,000		3,075
Dollar Tree Stores, Inc. (a)			23,500		633
Water Transportation	(0.6%)
Carnival Corporation			33,100		1,565
Wholesale Trade Nondurable Goods	(0.3%)
SYSCO Corporation			27,300		817
Total Common Stocks (cost: $212,070)					249,979
		Principal		Value
SECURITY LENDING COLLATERAL	(8.3%)
Debt	(7.5%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	66	$	66
1.88%, due 12/23/2004			118		118
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			131		131
Deutsche Bank AG
1.70%, due 10/12/2004			393		393
Commercial Paper	(2.2%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			197		197

Compass Securitization LLC - 144A
1.75%, due 10/19/2004		262	262
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004		655	655
1.75%, due 10/18/2004		130	130
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004		654	654
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004		196	196
General Electric Capital Corporation
1.76%, due 10/21/2004		459	459
Grampian Funding LLC - 144A
1.78%, due 10/19/2004		328	328
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004		135	135
Morgan Stanley
1.96%, due 12/10/2004		852	852
1.96%, due 03/16/2005		826	826
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004		328	328
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004		197	197
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004		197	197
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004		175	175
Euro Dollar Overnight	(0.5%)
Dexia Bank SA
1.51%, due 10/01/2004		131	131
Fortis Bank
1.52%, due 10/01/2004		328	328
1.62%, due 10/05/2004		131	131
Wells Fargo & Company
1.60%, due 10/04/2004		587	587
Euro Dollar Terms	(1.6%)
Bank Of Montreal
1.76%, due 10/25/2004		68	68
Bank Of Nova Scotia (The)
1.75%, due 10/21/2004		266	266
1.77%, due 10/25/2004		656	656
1.76%, due 11/12/2004		328	328
1.80%, due 11/23/2004		652	652
Bank of the West Inc.
1.79%, due 11/10/2004		131	131
Den Danske Bank
1.64%, due 10/08/2004		131	131
Fortis Bank
1.69%, due 10/14/2004		66	66
1.73%, due 10/15/2004		131	131
Harris Trust & Savings Bank
1.76%, due 10/29/2004		131	131
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		459	459
1.60%, due 10/15/2004		197	197
1.65%, due 10/29/2004		98	98
1.67%, due 11/02/2004		13	13

1.88%, due 12/23/2004			345			345
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			328			328
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			262			262
2.01%, due 06/05/2005			393			393
Repurchase Agreements	(2.6%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,534 on 10/01/2004			1,534			1,534
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $669 on 10/01/2004			669			669
1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $698 on 10/01/2004			698			698
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $2,469 on 10/01/2004			2,469			2,469
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,311 on 10/01/2004			1,311			1,311
			Shares		Value
Investment Companies	(0.8%)
Money Market Funds	(0.8%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			502,907		$	503
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			387,681			388
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			1,037,272			1,037
Total Security Lending Collateral (cost: $20,740)						20,740
Total Investment Securities (cost: $233,087)					$	271,320
SUMMARY:
Investments, at value			107.5	%	$	271,320
Liabilities in excess of other assets			(7.5	)%		(18,830	)
Net assets			100.0	%	$	252,490

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 19,857.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 6,815, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $3,257 or 1.29% of the net assets of the Fund.

Capital Guardian Value

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
CONVERTIBLE PREFERRED STOCKS	(1.0%)
Automotive	(0.6%)
Ford Motor Company Capital Trust II		68,800	$	3,597
Primary Metal Industries	(0.4%)
Phelps Dodge Corporation		11,500		2,228
Total Convertible Preferred Stocks (cost: $4,437)				5,825
COMMON STOCKS	(95.2%)
Aerospace	(3.6%)
Northrop Grumman Corporation		147,000		7,840
United Technologies Corporation		149,000		13,914
Automotive	(0.7%)
Ford Motor Company (b)		68,500		962
Navistar International Corporation (a)(b)		80,400		2,990
Automotive Dealers & Service Stations	(0.7%)
AutoNation, Inc. (a)		239,700		4,094
Beverages	(0.9%)
Anheuser-Busch Companies, Inc.		107,000		5,345
Business Services	(0.6%)
Thomson Corporation (The) (b)		109,100		3,785
Chemicals & Allied Products	(5.9%)
Air Products and Chemicals, Inc.		277,200		15,074
Colgate-Palmolive Company		64,000		2,892
Dow Chemical Company (The)		56,200		2,539
du Pont (E.I.) de Nemours and Company		339,000		14,509
Commercial Banks	(6.8%)
Morgan Chase & Co. (J.P.)		588,840		23,395
Wells Fargo & Company		290,600		17,328
Communications Equipment	(0.8%)
Siemens AG - ADR (b)		65,100		4,798

Computer & Data Processing Services	(2.1%)
Affiliated Computer Services, Inc. - Class A (a)(b)		63,100	3,513
Cadence Design Systems, Inc. (a)(b)		377,000	4,916
Sabre Holdings Corporation		170,300	4,177
Computer & Office Equipment	(0.6%)
Hewlett-Packard Company		136,492	2,559
Polycom, Inc. (a)		43,400	860
Electric Services	(3.6%)
American Electric Power Company, Inc. (b)		139,600	4,462
Duke Energy Corporation		424,800	9,724
FirstEnergy Corp.		20,300	834
Pinnacle West Capital Corporation		156,100	6,478
Electric, Gas & Sanitary Services	(0.2%)
NiSource Inc.		62,400	1,311
Electrical Goods	(0.7%)
Avnet, Inc. (a)(b)		247,100	4,230
Electronic & Other Electric Equipment	(3.8%)
Emerson Electric Co.		55,300	3,423
General Electric Company		494,800	16,615
Hubbell Incorporated - Class B		52,800	2,367
Electronic Components & Accessories	(2.0%)
Fairchild Semiconductor International, Inc. - Class A (a)		203,400	2,882
Micron Technology, Inc. (a)(b)		237,500	2,857
Tyco International Ltd.		198,500	6,086
Food & Kindred Products	(7.9%)
Altria Group, Inc.		323,800	15,232
Campbell Soup Company		347,200	9,128
General Mills, Inc. (b)		74,400	3,341
Kraft Foods, Inc. - Class A (b)		452,700	14,360
Unilever NV - NY Shares		88,100	5,092
Gas Production & Distribution	(2.8%)
Equitable Resources, Inc.		190,300	10,335
Kinder Morgan, Inc.		99,000	6,219
Health Services	(1.4%)
Lincare Holdings Inc. (a)		105,400	3,131
Triad Hospitals, Inc. (a)		146,000	5,028
Holding & Other Investment Offices	(2.1%)
General Growth Properties, Inc.		398,900	12,366

Hotels & Other Lodging Places	(0.8%)
Starwood Hotels & Resorts Worldwide, Inc.		103,500	4,804
Industrial Machinery & Equipment	(1.6%)
Ingersoll-Rand Company - Class A		137,300	9,332
Instruments & Related Products	(0.3%)
Raytheon Company		48,100	1,827
Insurance	(6.3%)
American International Group, Inc.		58,000	3,943
Anthem, Inc. (a)(b)		114,200	9,964
Assurant, Inc.		66,000	1,716
Chubb Corporation		19,300	1,356
CIGNA Corporation		36,800	2,562
Everest Re Group, Ltd.		56,600	4,207
PacifiCare Health Systems, Inc. (a)		48,000	1,762
PMI Group, Inc. (The)		149,800	6,079
St. Paul Companies, Inc. (The)		50,107	1,657
XL Capital Ltd. - Class A (b)		64,600	4,780
Insurance Agents, Brokers & Service	(2.7%)
Hartford Financial Services Group, Inc. (The)		263,000	16,288
Manufacturing Industries	(0.6%)
Mattel, Inc.		198,200	3,593
Motion Pictures	(0.5%)
Time Warner Inc. (a)		187,600	3,028
Oil & Gas Extraction	(4.5%)
Transocean Inc. (a)		236,600	8,466
Unocal Corporation		289,200	12,436
Weatherford International Ltd. (a)		122,800	6,265
Paper & Allied Products	(2.4%)
International Paper Company		194,900	7,876
Kimberly-Clark Corporation		99,200	6,407
Paper & Paper Products	(0.4%)
Boise Cascade Corporation		79,700	2,652
Personal Credit Institutions	(2.8%)
SLM Corporation		375,800	16,761
Petroleum Refining	(4.8%)
ChevronTexaco Corporation		41,000	2,199

Exxon Mobil Corporation			107,066		5,174
Royal Dutch Petroleum Company - NY Registered Shares			241,000		12,436
Shell Transport & Trading Company PLC - ADR (b)			207,500		9,236
Pharmaceuticals	(3.8%)
AstraZeneca PLC - ADR (b)			157,600		6,482
Lilly (Eli) and Company			91,000		5,465
Merck & Co., Inc.			217,800		7,187
Pfizer Inc.			109,300		3,345
Primary Metal Industries	(0.7%)
Alcoa Inc.			82,000		2,754
Nucor Corporation			17,000		1,553
Railroads	(2.3%)
Canadian National Railway Company			55,050		2,686
Canadian Pacific Railway Limited (b)			177,600		4,579
Union Pacific Corporation			110,100		6,452
Savings Institutions	(1.5%)
Golden West Financial Corporation			10,800		1,198
Washington Mutual, Inc.			198,900		7,773
Security & Commodity Brokers	(1.6%)
AmeriCredit Corp. (a)			320,500		6,692
Goldman Sachs Group, Inc. (The)			31,700		2,956
Telecommunications	(9.2%)
CenturyTel, Inc.			65,200		2,232
SBC Communications Inc.			359,400		9,326
Sprint Corporation (FON Group)			1,358,700		27,351
Verizon Communications, Inc.			404,300		15,921
Transportation & Public Utilities	(0.6%)
Kinder Morgan Management, LLC (a)			79,135		3,286
U.S. Government Agencies	(0.6%)
Fannie Mae			58,800		3,728
Total Common Stocks (cost: $493,557)					568,763
		Principal		Value
SECURITY LENDING COLLATERAL	(8.8%)
Debt	(8.0%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	167	$	167

1.88%, due 12/23/2004		301	301
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005		334	334
Deutsche Bank AG
1.70%, due 10/12/2004		1,002	1,002
Commercial Paper	(2.4%)
Clipper Receivables Corp.
1.79%, due 11/12/2004		501	501
Compass Securitization LLC - 144A
1.75%, due 10/19/2004		667	667
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004		1,667	1,667
1.75%, due 10/18/2004		331	331
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004		1,665	1,665
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004		499	499
General Electric Capital Corporation
1.76%, due 10/21/2004		1,168	1,168
Grampian Funding LLC - 144A
1.78%, due 10/19/2004		835	835
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004		344	344
Morgan Stanley
1.96%, due 12/10/2004		2,171	2,171
1.96%, due 03/16/2005		2,104	2,104
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004		834	834
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004		501	501
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004		501	501
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004		445	445
Euro Dollar Overnight	(0.5%)
Dexia Bank SA
1.51%, due 10/01/2004		334	334
Fortis Bank
1.52%, due 10/01/2004		835	835
1.62%, due 10/05/2004		334	334
Wells Fargo & Company
1.60%, due 10/04/2004		1,496	1,496
Euro Dollar Terms	(1.7%)
Bank of Montreal
1.76%, due 10/25/2004		173	173
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		678	678
1.77%, due 10/25/2004		1,670	1,670
1.76%, due 11/12/2004		835	835
1.80%, due 11/23/2004		1,661	1,661
Bank of the West Inc.
1.79%, due 11/10/2004		334	334
Den Danske Bank
1.64%, due 10/08/2004		334	334

Fortis Bank
1.69%, due 10/14/2004			167		167
1.73%, due 10/15/2004			334		334
Harris Trust & Savings Bank
1.76%, due 10/29/2004			334		334
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			1,169		1,169
1.60%, due 10/15/2004			501		501
1.65%, due 10/29/2004			250		250
1.67%, due 11/02/2004			33		33
1.88%, due 12/23/2004			878		878
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			835		835
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			668		668
2.01%, due 06/05/2005			1,002		1,002
Repurchase Agreements	(2.8%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,907 on 10/01/2004			3,907		3,907
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,703 on 10/01/2004			1,703		1,703
1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,777 on 10/01/2004			1,777		1,777
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $6,287 on 10/01/2004			6,287		6,287
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,339 on 10/01/2004			3,339		3,339
			Shares	Value
Investment Companies	(0.8%)
Money Market Funds	(0.8%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			1,280,619	$	1,281
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			987,203		987
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			2,641,342		2,641
Total Security Lending Collateral (cost: $ 52,814 )					52,814
Total Investment Securities (cost: $ 550,808 )				$	627,402

SUMMARY:
Investments, at value	105.0	%	$	627,402

Liabilities in excess of other assets	(5.0	)%		(29,982	)
Net assets	100.0	%	$	597,420

NOTES TO SCHEDULE OF INVESTMENTS:

(a) No dividends were paid during the preceding twelve months.

(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 50,610.

(c) Cash collateral for the Repurchase Agreements, valued at $ 17,354, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR	American Depositary Receipt
144A	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $ 8,289 or 1.39% of the net assets of the Fund.

Clarion Real Estate Securities

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(98.2%)
Holding & Other Investment Offices	(93.0%)
Apartments	(18.2%)
Apartment Investment & Management Co. - Class A		284,300	$	9,888
Archstone-Smith Trust		529,700		16,760
Avalonbay Communities, Inc. (a)		108,300		6,522
Camden Property Trust		250,200		11,559
Essex Property Trust, Inc.		86,200		6,193
United Dominion Realty Trust, Inc.		496,600		9,848
Diversified	( 5.9%)
Liberty Property Trust		333,500		13,287
Vornado Realty Trust		100,200		6,281
Health Care	( 2.5%)
Health Care REIT, Inc.		237,451		8,358
Hotels	(10.5%)
Host Marriott Corporation		720,100		10,103
LaSalle Hotel Properties		125,000		3,450
Strategic Hotel Capital, Inc.		311,250		4,208
Starwood Hotels & Resorts Worldwide, Inc.		370,800		17,213
Office Property	(26.4%)
Arden Realty, Inc.		303,600		9,891
BioMed Realty Trust Inc.		202,200		3,557
Boston Properties, Inc.		300,100		16,623
Corporate Office Properties Trust		235,550		6,035
Mack-Cali Realty Corporation		273,200		12,103
Maguire Properties, Inc.		410,600		9,982
Prentiss Properties Trust		233,400		8,402
SL Green Realty Corp.		235,300		12,191
Trizec Properties, Inc. (a)		616,900		9,852
Regional Malls	(15.0%)
CBL & Associates Properties, Inc.		108,000		6,583
Macerich Company (The)		218,100		11,623
Mills Corporation (The) (a)		300,700		15,597
Simon Property Group, Inc.		301,800		16,186
Shopping Centers	(11.8%)
Acadia Realty Trust		229,300		3,382
Cedar Shopping Centers, Inc.		184,300		2,571
Developers Diversified Realty Corporation		255,700		10,011
Inland Real Estate Corporation		128,400		1,881
Pan Pacific Retail Properties, Inc.		183,400		9,922
Regency Centers Corporation		250,800		11,660

Storage	(1.0%)
Extra Space Storage Inc. (a)			263,900		3,365
Warehouse	(6.9%)
Catellus Development Corporation			249,398		6,612
ProLogis			464,400		16,365
Total Common Stocks (cost: $286,898 )					328,060
		Principal		Value
SECURITY LENDING COLLATERAL	(0.9%)
Debt	(0.8%)
Bank Notes	(0.0%)
Bank of America Corporation
1.88%, due 10/19/2004		$	10	$	10
1.88%, due 12/23/2004			18		18
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			20		20
Deutsche Bank AG
1.70%, due 10/12/2004			59		59
Commercial Paper	(0.2%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			29		29
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			39		39
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			98		98
1.75%, due 10/18/2004			19		19
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			97		97
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			29		29
General Electric Capital Corporation
1.76%, due 10/21/2004			68		68
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			49		49
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			20		20
Morgan Stanley
1.96%, due 12/10/2004			126		126
1.96%, due 03/16/2005			123		123
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			49		49
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			29		29
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			29		29
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			26		26
Euro Dollar Overnight	(0.1%)
Dexia Bank SA
1.51%, due 10/01/2004			20		20
Fortis Bank
1.52%, due 10/01/2004			49		49
1.62%, due 10/05/2004			20		20
Wells Fargo & Company
1.60%, due 10/04/2004			88		88
Euro Dollar Terms	(0.2%)
Bank of Montreal
1.76%, due 10/25/2004			10		10
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			40		40
1.77%, due 10/25/2004			98		98

1.76%, due 11/12/2004			49			49
1.80%, due 11/23/2004			97			97
Bank of the West Inc.
1.79%, due 11/10/2004			20			20
Den Danske Bank
1.64%, due 10/08/2004			20			20
Fortis Bank
1.69%, due 10/14/2004			10			10
Fortis Bank
1.73%, due 10/15/2004			20			20
Harris Trust & Savings Bank
1.76%, due 10/29/2004			20			20
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			68			68
1.60%, due 10/15/2004			29			29
1.65%, due 10/29/2004			15			15
1.67%, due 11/02/2004			2			2
1.88%, due 12/23/2004			51			51
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			49			49
Master Notes	(0.0%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			39			39
Bear Stearns Companies Inc. (The)
2.01%, due 06/05/2005			59			59
Repurchase Agreements	(0.3%)	(b)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $228 on 10/01/2004			228			228
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $100 on 10/01/2004			100			100
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $104 on 10/01/2004			104			104
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $367 on 10/01/2004			367			367
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $194 on 10/01/2004			194			194
			Shares		Value
Investment Companies	(0.1%)
Money Market Funds	(0.1%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			74,915		$	75
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			57,751			58
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			154,156			154
Total Security Lending Collateral (cost: $3,090 )						3,090
Total Investment Securities (cost: $289,988 )					$	331,150
SUMMARY:
Investments, at value			99.2	%	$	331,150
Other assets in excess of liabilities			0.8	%		2,760
Net assets			100.0	%	$	333,910

NOTES TO SCHEDULE OF INVESTMENTS:

(a) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 2,960.

(b) Cash collateral for the Repurchase Agreements, valued at $ 1,015, that serve as collateral for securities lending are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

REIT Real Estate Investment Trust

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $484 or 0.15% of the net assets of the Fund.

Federated Growth & Income

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Principal		Value
U.S. GOVERNMENT OBLIGATIONS	(16.1%)
U.S. Treasury Note
1.63%, due 10/31/2005 (b)		$	20,000	$	19,875
1.88%, due 11/30/2005			15,000		14,934
1.88%, due 12/31/2005 (b)			20,000		19,898
2.50%, due 05/31/2006			12,000		12,005
2.38%, due 08/15/2006			9,000		8,971
Total U.S. Government Obligations (cost: $75,649)					75,683
FOREIGN GOVERNMENT OBLIGATIONS	(12.4%)
European Investment Bank
2.13%, due 09/20/2007			320,000		3,050
Canadian Government	(0.6%)
0.70%, due 03/20/2006			320,000		2,927
Kingdom of Spain
3.10%, due 09/20/2006			430,000		4,118
Kingdom of Sweden
8.00%, due 08/15/2007			35,000		5,423
Zero Coupon, due 12/15/2004			41,000		5,614
Zero Coupon, due 03/16/2005			33,000		4,493
New Zealand
6.50%, due 02/15/2005			21,000		14,202
6.50%, due 02/15/2006			6,600		4,474
New Zealand Treasury Bill
Zero Coupon, due 12/22/2004			4,600		3,066
Zero Coupon, due 03/23/2005			11,900		7,810
Republic of Austria
4.50%, due 09/28/2005			320,000		3,031
Total Foreign Government Obligations (cost: $56,793)					58,208
CORPORATE DEBT SECURITIES	(4.1%)
Electric Services	(0.6%)
PSEG Energy Holdings Inc.
10.00%, due 10/01/2009			2,500		2,956
Gas Production & Distribution	(1.8%)
El Paso Corporation (b)
6.95%, due 12/15/2007			2,300		2,312
6.75%, due 05/15/2009			3,300		3,284
Williams Companies, Inc. (The)
7.88%, due 09/01/2021			2,575		2,858
Health Services	(1.0%)
Tenet Healthcare Corporation
6.50%, due 06/01/2012			5,000		4,475

Telecommunications	(0.7%)
AT&T Corp. (b)
6.00%, due 03/15/2009		3,150		3,205
Total Corporate Debt Securities (cost: $16,856)				19,090
		Shares	Value
COMMON STOCKS	(32.1%)
Beer, Wine & Distilled Beverages	(1.2%)
Kirin Brewery Company, Limited		634,000	$	5,479
Drug Stores & Proprietary Stores	(1.0%)
Boots Group PLC (The) - ADR B (b)		207,000		4,810
Electric Services	(1.5%)
EnCana Corporation		88,700		4,107
Scottish Power PLC		368,500		2,818
Electric, Gas & Sanitary Services	(1.4%)
United Utilities PLC		747,689		6,690
Gas Production & Distribution	(0.8%)
Snam Rete Gas SpA		802,800		3,884
Holding & Other Investment Offices	(3.0%)
Health Care Property Investors, Inc.		190,800		4,961
Investa Property Group		1,837,600		2,663
Pan Pacific Retail Properties, Inc.		38,300		2,072
Regency Centers Corporation		38,900		1,808
Ronin Property Group		2,621,000		2,526
Instruments & Related Products	(1.1%)
Fuji Photo Film Co., Ltd. – ADR (b)		157,100		5,162
Metal Mining	(4.0%)
Anglogold Ltd. - ADR (b)		64,300		2,501
Barrick Gold Corporation		104,300		2,194
Gold Fields Limited - ADR (b)		143,500		1,959
Goldcorp Incorporated (b)		193,500		2,682
Harmony Gold Mining Company Limited - ADR (b)		239,100		3,257
Kinross Gold Corporation (a)(b)		435,200		2,951
Lihir Gold Limited - ADR (a)		212,500		3,385
Oil & Gas Extraction	(5.4%)
Husky Energy Inc. (b)		250,000		6,083
Nexen Inc.		61,100		2,535
Petro-Canada		125,600		6,500
Santos Limited		398,500		2,122
Santos Limited - ADR		141,100		2,957
Statoil ASA		403,200		5,783
Paper & Allied Products	(0.8%)
Carter Holt Harvey Limited		2,495,700		3,797

Paperboard Containers & Boxes	(0.9%)
Mayr-Melnhof Karton AG - ADR (b)			114,398		4,014
Petroleum Refining	(1.0%)
Imperial Oil Limited			49,500		2,531
OMV AG - ADR			42,100		1,940
Pharmaceuticals	(6.4%)
Daiichi Pharmaceutical Co., Ltd.			265,200		4,567
Sankyo Company, Ltd.			111,500		2,358
Santen Pharmaceutical Co., Ltd.			70,200		1,259
Taisho Pharmaceutical Co., Ltd.			131,000		2,426
Takeda Pharmaceutical Company Limited			149,800		6,799
Tanabe Seiyaku Co., Ltd.			257,000		2,289
Watson Pharmaceuticals, Inc. (a)			131,600		3,877
Yamanouchi Pharmaceutical Co., Ltd.			199,000		6,430
Real Estate	(1.0%)
Rodamco Europe NV (b)			71,650		4,696
Telecommunications	(2.6%)
BCE Inc. (b)			212,300		4,578
Tele Danmark A/S			58,900		2,085
Telestra Corporation Limited - ADR			319,300		5,406
Total Common Stocks (cost: $121,860 )					150,941
		Principal		Value
SHORT-TERM OBLIGATIONS	(34.2%)
Investors Bank & Trust Repurchase Agreement (d)
1.27%, Repurchase Agreement dated 09/30/2004 to be repurchased at $160 on 10/01/2004		$	160,525	$	160,525
Total Short-Term Obligations (cost: $160,525 )					160,525
SECURITY LENDING COLLATERAL	(12.3%)
Debt	(11.2%)
Bank Notes	(0.4%)
Bank of America Corporation
1.88%, due 10/19/2004			182		182
1.88%, due 12/23/2004			328		328
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			364		364
Deutsche Bank AG
1.70%, due 10/12/2004			1,092		1,092
Commercial Paper	(3.3%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			546		546
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			727		727
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			1,818		1,818
1.75%, due 10/18/2004			361		361
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			1,816		1,816
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			544		544
General Electric Capital Corporation
1.76%, due 10/21/2004			1,274		1,274
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			910		910
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			376		376

Morgan Stanley
1.96%, due 12/10/2004			2,366	2,366
1.96%, due 03/16/2005			2,293	2,293
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			909	909
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			546	546
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			546	546
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			485	485
Euro Dollar Overnight	(0.8%)
Den Danske Bank
1.64%, due 10/08/2004			364	364
Dexia Bank SA
1.51%, due 10/01/2004			364	364
Fortis Bank
1.52%, due 10/01/2004			910	910
1.62%, due 10/05/2004			364	364
Wells Fargo & Company
1.60%, due 10/04/2004			1,631	1,631
Euro Dollar Terms	(2.3%)
Bank Of Montreal
1.76%, due 10/25/2004			189	189
Bank Of Nova Scotia (The)
1.75%, due 10/21/2004			739	739
1.77%, due 10/25/2004			1,820	1,820
1.76%, due 11/12/2004			910	910
1.80%, due 11/23/2004			1,811	1,811
Bank of the West Inc.
1.79%, due 11/10/2004			364	364
Fortis Bank
1.69%, due 10/14/2004			182	182
1.73%, due 10/15/2004			364	364
Harris Trust & Savings Bank
1.76%, due 10/29/2004			364	364
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			1,274	1,274
1.60%, due 10/15/2004			546	546
1.65%, due 10/29/2004			273	273
1.67%, due 11/02/2004			36	36
1.88%, due 12/23/2004			957	957
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			910	910
Master Notes	(0.4%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			728	728
2.01%, due 06/05/2005			1,092	1,092
Repurchase Agreements	(4.0%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $4,259 on 10/01/2004			4,259	4,259
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,857 on 10/01/2004			1,857	1,857
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,937 on 10/01/2004			1,937	1,937
Merrill Lynch & Co., Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $6,856 on 10/01/2004			6,856	6,856
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $3,640 on 10/01/2004			3,640	3,640

		Shares		Value
Investment Companies	(1.1%)
Money Market Funds	(1.1%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%		1,396,067		$	1,396
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%		1,076,199			1,076
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%		2,879,458			2,879
Total Security Lending Collateral (cost: $57,575 )					57,575
Total Investment Securities (cost: $489,258 )				$	522,022
SUMMARY:
Investments, at value		111.2	%	$	522,022
Liabilities in excess of other assets		(11.2	%)		(52,433	)
Net assets		100.0	%	$	469,589

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Australian Dollar	(22	)	10/01/2004	$	(16	)	$	—
Japanese Yen	224,075		10/01/2004		2,020			8
Japanese Yen	5,717		10/05/2004		52			6
Total Forward Foreign Currency Contracts				$	2,056		$	14

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan (see Note 1). The value at September 30, 2004, of all securities on loan is $ 55,757.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 18,918, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) At September 30, 2004, the collateral for repurchase agreements (excluding collateral for securities on loan) is as follows:

Collateral	Market Value and Accrued Interest
$19,862 Fannie Mae ARM - Pool #677478
4.11% due on 01/01/2033	$	9,196
$50,000 Freddie Mac - #2819 F
2.16% due on 06/15/2034		43,304
$10,337 SBA Pool #506767
4.25% due on 02/25/2029		11,052
$31,520 Fannie Mae #2002-78 F
2.34% due on 09/25/2032		9,387
$45,090 Fannie Mae #2004-47 AB
5.5% due on 06/25/2033		43,114
$8,388 SBA Pool #506444
4.38% due on 06/25/2028		8,829
$50,000 SASC #2003-35 3A1
2.34% due on 12/25/2033		43,671
	$	168,553

DEFINITIONS:

ADR American Depositary Receipt

ARM Adjustable Rate Mortgage

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $9,038 or 1.92% of the net assets of the Fund.

Great Companies - America^SM

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(97.9%)
Aerospace	(7.1%)
United Technologies Corporation		230,437	$	21,518
Beverages	(4.8%)
Anheuser-Busch Companies, Inc.		14,094		704
PepsiCo, Inc.		282,032		13,721
Business Services	(12.9%)
First Data Corporation		446,223		19,411
Omnicom Group, Inc.		271,808		19,858
Chemicals & Allied Products	(9.2%)
Colgate-Palmolive Company		308,994		13,960
Procter & Gamble Company (The)		258,736		14,003
Commercial Banks	(4.5%)
Citigroup Inc.		310,111		13,682
Computer & Data Processing Services	(1.3%)
Microsoft Corporation		143,580		3,970
Computer & Office Equipment	(4.8%)
Cisco Systems, Inc. (a)		83,172		1,506
International Business Machines Corporation		153,838		13,190
Electronic & Other Electric Equipment	(7.5%)
General Electric Company		664,130		22,301
Electronic Components & Accessories	(4.8%)
Intel Corporation		69,770		1,401
Texas Instruments Incorporated		624,300		13,285
Insurance	(4.5%)
American International Group, Inc.		194,765		13,242
Berkshire Hathaway Inc. - Class B (a)		191		548
Insurance Agents, Brokers & Service	(2.1%)
Marsh & McLennan Companies, Inc.		138,554		6,340
Medical Instruments & Supplies	(9.5%)
Medtronic, Inc.		431,667		22,404
Zimmer Holdings, Inc. (a)		82,400		6,513
Paper & Allied Products	(4.4%)
3M Company		166,602		13,323

Pharmaceuticals	(13.4%)
Abbott Laboratories			357,503		15,144
Johnson & Johnson			117,101		6,596
Pfizer Inc.			439,606		13,452
Wyeth			138,584		5,183
Security & Commodity Brokers	(7.1%)
Goldman Sachs Group, Inc. (The)			69,696		6,498
Lehman Brothers Holdings Inc.			84,300		6,720
Merrill Lynch & Co., Inc.			169,000		8,403
Total Common Stocks (cost: $282,517)					296,876
		Principal		Value
SECURITY LENDING COLLATERAL	(0.8%)
Debt	(0.7%)
Bank Notes	(0.0%)
Bank of America Corporation
1.88%, due 10/19/2004		$	8	$	8
1.88%, due 12/23/2004			14		14
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			16		16
Deutsche Bank AG
1.70%, due 10/12/2004			47		47
Commercial Paper	(0.2%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			23		23
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			31		31
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			78		78
1.75%, due 10/18/2004			15		15
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			77		77
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			23		23
General Electric Capital Corporation
1.76%, due 10/21/2004			55		55
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			39		39
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			16		16
Morgan Stanley
1.96%, due 12/10/2004			100		100
1.96%, due 03/16/2005			97		97
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			39		39
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			23		23
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			23		23
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			21		21
Euro Dollar Overnight	(0.0%)
Dexia Bank SA
1.51%, due 10/01/2004			16		16
Fortis Bank
1.52%, due 10/01/2004			39		39
1.62%, due 10/05/2004			16		16
Wells Fargo & Company
1.60%, due 10/04/2004			69		69

Euro Dollar Terms	(0.2%)
Bank of Montreal
1.76%, due 10/25/2004		8			8
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		32			32
1.77%, due 10/25/2004		78			78
1.76%, due 11/12/2004		39			39
1.80%, due 11/23/2004		78			78
Bank of the West Inc.
1.79%, due 11/10/2004		16			16
Den Danske Bank
1.64%, due 10/08/2004		16			16
Fortis Bank
1.69%, due 10/14/2004		8			8
1.73%, due 10/15/2004		16			16
Harris Trust & Savings Bank
1.76%, due 10/29/2004		16			16
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		55			55
1.60%, due 10/15/2004		23			23
1.65%, due 10/29/2004		12			12
1.67%, due 11/02/2004		2			2
1.88%, due 12/23/2004		41			41
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		39			39
Master Notes	(0.0%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		31			31
2.01%, due 06/05/2005		47			47
Repurchase Agreements	(0.3%)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $182 on 10/01/2004		182			182
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $79 on 10/01/2004		79			79
1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $83 on 10/01/2004		83			83
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $294 on 10/01/2004		294			294
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $156 on 10/01/2004		156			156
		Shares		Value
Investment Companies	(0.1%)
Money Market Funds	(0.1%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%		59,776		$	60
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%		46,080			46
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%		123,292			123
Total Security Lending Collateral (cost: $2,465 )					2,465
Total Investment Securities (cost: $284,982 )				$	299,341
SUMMARY:
Investments, at value		98.7	%	$	299,341
Other assets in excess of liabilities		1.3	%		3,929
Net assets		100.0	%	$	303,270

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at at September 30, 2004, of all securities on loan is $ 2,401.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 810, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $385 or 0.13% of the net assets of the Fund.

Great Companies - Technology^SM

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares	Value
COMMON STOCKS	(90.6	%)
Business Services	(10.8	%)
Accenture Ltd - Class A (a)			13,300	$	360
eBay Inc. (a)			77,500		7,125
First Data Corporation			347,717		15,126
Communications Equipment	(4.9	%)
Motorola, Inc.			11,800		213
QUALCOMM Incorporated			258,600		10,096
Computer & Data Processing Services	(21.0	%)
Electronic Arts Inc. (a)			162,100		7,455
Microsoft Corporation			676,600		18,708
Oracle Corporation (a)			29,100		328
PeopleSoft, Inc. (a)			8,100		161
SAP AG - ADR			8,300		323
Symantec Corporation (a)			219,100		12,024
VeriSign, Inc. (a)			13,600		270
Yahoo! Inc. (a)			143,740		4,875
Computer & Office Equipment	(22.8	%)
Cisco Systems, Inc. (a)			479,100		8,672
Dell Inc. (a)			392,800		13,984
EMC Corporation (a)			1,320,000		15,233
International Business Machines Corporation			117,900		10,109
Electronic & Other Electric Equipment	(0.2	%)
Samsung Electronics Co., Ltd. - GDR - 144A (USD) (b)			2,400		475
Electronic Components & Accessories	(20.2	%)
Agere Systems Inc. - Class A (a)			74,700		78
Altera Corporation (a) (b)			10,700		209
Analog Devices, Inc.			251,800		9,765
Intel Corporation			307,076		6,160
Linear Technology Corporation			6,000		217
Maxim Integrated Products (b)			213,100		9,012
PMC-Sierra, Inc. (a) (b)			10,900		96
Texas Instruments Incorporated			399,500		8,501
Xilinx, Inc.			310,600		8,386
Industrial Machinery & Equipment	(3.0	%)
Applied Materials, Inc. (a)			371,500		6,126
Lam Research Corporation (a) (b)			9,800		214
Instruments & Related Products	(2.9	%)

KLA - Tencor Corporation (a) (b)				4,500		187
Waters Corporation (a)				131,800		5,813
Pharmaceuticals	(4.8	%)
Amgen Inc. (a)				158,600		8,989
Amylin Pharmaceuticals, Inc. (a)				7,700		158
Dendreon Corporation (a) (b)				4,700		40
Gilead Sciences, Inc. (a)				5,000		187
Guilford Pharmaceuticals Inc. (a)(b)				20,000		100
Ilex Oncology, Inc. (a)				7,000		176
Invitrogen Corporation (a)				3,300		181
Medimmune, Inc. (a)				10,200		242
Radio & Television Broadcasting	(0.0	%)
Sirius Satellite Radio Inc. (a)(b)				20,900		67
Total Common Stocks (cost: $170,871)						190,441
			Principal		Value
SECURITY LENDING COLLATERAL	(5.1	%)
Debt	(4.6	%)
Bank Notes	(0.2	%)
Bank of America Corporation
1.88%, due 10/19/2004			$	34	$	34
1.88%, due 12/23/2004				60		60
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005				67		67
Deutsche Bank AG
1.70%, due 10/12/2004				202		202
Commercial Paper	(1.3	%)
Clipper Receivables Corp.
1.79%, due 11/12/2004				101		101
Compass Securitization LLC - 144A
1.75%, due 10/19/2004				134		134
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004				336		336
1.75%, due 10/18/2004				67		67
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004				335		335
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004				100		100
General Electric Capital Corporation
1.76%, due 10/21/2004				235		235
Grampian Funding LLC - 144A
1.78%, due 10/19/2004				168		168
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004				69		69
Morgan Stanley
1.96%, due 12/10/2004				437		437

1.96%, due 03/16/2005			423	423
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			168	168
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			101	101
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			101	101
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			89	89
Euro Dollar Overnight	(0.3	%)
Dexia Bank SA
1.51%, due 10/01/2004			67	67
Fortis Bank
1.52%, due 10/01/2004			168	168
1.62%, due 10/05/2004			67	67
Wells Fargo & Company
1.60%, due 10/04/2004			301	301
Euro Dollar Terms	(1.0	%)
Bank of Montreal
1.76%, due 10/25/2004			35	35
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			136	136
1.77%, due 10/25/2004			336	336
1.76%, due 11/12/2004			168	168
1.80%, due 11/23/2004			334	334
Bank of the West Inc.
1.79%, due 11/10/2004			67	67
Den Danske Bank
1.64%, due 10/08/2004			67	67
Fortis Bank
1.69%, due 10/14/2004			34	34
1.73%, due 10/15/2004			67	67
Harris Trust & Savings Bank
1.76%, due 10/29/2004			67	67
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			235	235
1.60%, due 10/15/2004			101	101
1.65%, due 10/29/2004			50	50
1.67%, due 11/02/2004			7	7
1.88%, due 12/23/2004			177	177
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			168	168
Master Notes	(0.2	%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			134	134
2.01%, due 06/05/2005			202	202
Repurchase Agreements	(1.6	%) (c)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $786 on 10/01/2004			786	786
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $343 on 10/01/2004			343	343

1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $357 on 10/01/2004			357			357
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,265 on 10/01/2004			1,265			1,265
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $672 on 10/01/2004			672			672
			Shares		Value
Investment Companies	(0.5	%)
Money Market Funds	(0.5	%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%			257,665		$	258
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%			198,629			199
Merrimac Cash Fund - Premium Class
1 day yield of 1.47%			531,447			531
Total Security Lending Collateral (cost: $10,626)						10,626
Total Investment Securities (cost: $181,497 )					$	201,067
SUMMARY:
Investments, at value			95.7	%	$	201,067
Other assets in excess of liabilities			4.3	%		9,109
Net assets			100.0	%	$	210,176

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 10,314.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 3,492, that serve as collateral for securities are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR American Depositary Receipt

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $1,668 or 0.79% of the net assets of the Fund.

Janus Growth

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(88.2%)
Air Transportation	(2.3%)
FedEx Corporation		424,175	$	36,348
Automotive Dealers & Service Stations	(0.5%)
Advance Auto Parts, Inc. (a)		223,025		7,672
Beer, Wine & Distilled Beverages	(1.1%)
LVMH Moet Hennessy Louis Vuitton SA (b)		268,043		17,900
Business Services	(6.7%)
CheckFree Holdings Corporation (a) (b)		595,940		16,490
Clear Channel Communications, Inc.		1,965,535		61,266
eBay Inc. (a)		309,330		28,440
Chemicals & Allied Products	(1.7%)
Procter & Gamble Company (The)		494,505		26,763
Commercial Banks	(6.5%)
Citigroup Inc.		551,220		24,320
MBNA Corporation		1,673,560		42,174
Northern Trust Corporation (b)		375,975		15,340
Providian Financial Corporation (a) (b)		1,285,890		19,983
Communication	(5.7%)
Liberty Media Corporation - Class A (a)		6,690,937		58,345
Liberty Media International, Inc. - Class A (a)		401,456		13,393
XM Satellite Radio Holdings Inc. - Class A (a)(b)		598,230		18,557
Communications Equipment	(2.7%)
Motorola, Inc.		1,368,680		24,691
Research In Motion Limited (a) (b)		238,685		18,221
Computer & Data Processing Services	(9.3%)
Check Point Software Technologies, Ltd. (a) (b)		614,680		10,431
Electronic Arts Inc. (a)		677,782		31,171
Yahoo! Inc. (a)		3,084,030		104,579
Computer & Office Equipment	(3.9%)
Cisco Systems, Inc. (a)		1,668,595		30,202
Lexmark International, Inc. (a)		367,560		30,879

Electronic Components & Accessories	(3.2%)
Advanced Micro Devices, Inc. (a)(b)		2,826,425	36,744
Maxim Integrated Products		334,226	14,134
Furniture & Fixtures	(2.3%)
Kinetic Concepts, Inc. (a) (b)		691,140	36,319
Hotels & Other Lodging Places	(4.5%)
Four Seasons Hotels Inc.		43,025	2,758
Marriott International, Inc. - Class A		555,420	28,860
Starwood Hotels & Resorts Worldwide, Inc.		830,775	38,564
Instruments & Related Products	(1.4%)
Alcon, Inc.		273,925	21,969
Insurance	(4.7%)
UnitedHealth Group Incorporated		994,215	73,313
Medical Instruments & Supplies	(10.0%)
Biomet, Incorporated (b)		535,310	25,095
Boston Scientific Corporation (a)		999,455	39,708
Medtronic, Inc.		1,790,760	92,940
Paper & Allied Products	(1.3%)
3M Company		252,650	20,204
Personal Credit Institutions	(1.1%)
SLM Corporation		385,195	17,180
Pharmaceuticals	(11.0%)
Amgen Inc. (a)		208,965	11,844
Celgene Corporation (a) (b)		444,230	25,868
Elan Corporation PLC - ADR (a) (b)		594,995	13,923
Genentech, Inc. (a) (b)		1,433,365	75,137
Roche Holding AG - Genusschein		469,082	48,475
Restaurants	(1.7%)
McDonald’s Corporation		965,300	27,057
Retail Trade	(3.8%)
Amazon.com, Inc. (a) (b)		379,405	15,502
Staples, Inc. (b)		1,487,835	44,367
Water Transportation	(2.8%)
Carnival Corporation (b)		509,430	24,091
Royal Caribbean Cruises Ltd. (b)		450,835	19,656
Total Common Stocks (cost: $ 1,152,787 )			1,390,873

		Principal		Value
SECURITY LENDING COLLATERAL	(10.2%)
Debt	(9.3%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	507	$	507
1.88%, due 12/23/2004			913		913
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			1,014		1,014
Deutsche Bank AG
1.70%, due 10/12/2004			3,042		3,042
Commercial Paper	(2.7%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			1,521		1,521
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			2,025		2,025
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			5,063		5,063
1.75%, due 10/18/2004			1,006		1,006
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			5,057		5,057
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			1,516		1,516
General Electric Capital Corporation
1.76%, due 10/21/2004			3,547		3,547
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			2,535		2,535
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			1,046		1,046
Morgan Stanley
1.96%, due 12/10/2004			6,591		6,591
1.96%, due 03/16/2005			6,388		6,388
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			2,533		2,533
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			1,521		1,521
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			1,521		1,521
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			1,350		1,350
Euro Dollar Overnight	(0.6%)
Dexia Bank SA
1.51%, due 10/01/2004			1,014		1,014
Fortis Bank
1.52%, due 10/01/2004			2,535		2,535
1.62%, due 10/05/2004			1,014		1,014
Wells Fargo & Company
1.60%, due 10/04/2004			4,543		4,543
Euro Dollar Terms	(2.0%)

Bank of Montreal
1.76%, due 10/25/2004		527		527
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		2,058		2,058
1.77%, due 10/25/2004		5,070		5,070
1.76%, due 11/12/2004		2,535		2,535
1.80%, due 11/23/2004		5,045		5,045
Bank of the West Inc.
1.79%, due 11/10/2004		1,014		1,014
Den Danske Bank
1.64%, due 10/08/2004		1,014		1,014
Fortis Bank
1.69%, due 10/14/2004		507		507
1.73%, due 10/15/2004		1,014		1,014
Harris Trust & Savings Bank
1.76%, due 10/29/2004		1,014		1,014
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		3,549		3,549
1.60%, due 10/15/2004		1,521		1,521
1.65%, due 10/29/2004		761		761
1.67%, due 11/02/2004		101		101
1.88%, due 12/23/2004		2,667		2,667
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		2,535		2,535
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		2,028		2,028
2.01%, due 06/05/2005		3,042		3,042
Repurchase Agreements	(3.4%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $11,864 on 10/01/2004		11,864		11,864
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $5,171 on 10/01/2004		5,171		5,171
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $5,395 on 10/18/2004		5,395		5,395
Merrill Lynch & Co., Inc.
1.92%, Repurchased Agreement dated 09/30/2004 to be repurchased at $19,093 on 10/01/2004		19,093		19,093
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $10,140 on 10/01/2004		10,140		10,140
Investment Companies	(0.9%)
Money Market Funds	(0.9%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%		3,888,712	$	3,889
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%		2,997,729		2,998
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%		8,020,666		8,021

Total Security Lending Collateral (cost: $ 160,375)			160,375
Total Investment Securities (cost: $ 1,313,162)		$	1,551,248
SUMMARY:
Investments, at value	98.4%	$	1,551,248
Other assets in excess of liabilities	1.6%		24,923
Net assets	100.0%	$	1,576,171

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Bought (Sold)	Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Euro Dollar	2,042	10/04/2004	$	2,515	$	23

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 153,252.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 52,697, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR	American Depositary Receipt
144A	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $25,173 or 1.60% of the net assets of the Fund.

Jennison Growth

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(99.0%)
Apparel & Accessory Stores	(1.3%)
Chico’s FAS, Inc. (a) (b)		55,800	$	1,908
Business Services	(3.3%)
eBay Inc. (a) (b)		53,200		4,891
Chemicals & Allied Products	(4.9%)
Avon Products, Inc.		50,300		2,197
Lauder (Estee) Companies Inc. (The) - Class A		40,300		1,685
Procter & Gamble Company (The)		38,200		2,067
Smith International, Inc. (a) (b)		21,400		1,300
Commercial Banks	(5.5%)
Bank of America Corporation		51,800		2,244
Citigroup Inc.		5,800		256
Morgan Chase & Co. (J.P.)		101,400		4,029
State Street Corporation		37,500		1,602
Communication	(0.6%)
DIRECTV Group, Inc. (The) (a)		50,600		890
Communications Equipment	(2.1%)
QUALCOMM Incorporated		54,400		2,124
Research In Motion Limited (a)		12,000		916
Computer & Data Processing Services	(13.1%)
Electronic Arts Inc. (a)		66,400		3,054
Mercury Interactive Corporation (a) (b)		39,400		1,374
Microsoft Corporation		190,300		5,262
NAVTEQ Corporation (a)		19,600		699
SAP AG - ADR		64,000		2,493
Symantec Corporation (a)		23,800		1,306
Yahoo! Inc. (a)		148,000		5,019
Computer & Office Equipment	(9.6%)
Apple Computer, Inc. (a)		73,600		2,852
Cisco Systems, Inc. (a)		167,400		3,030
Dell Inc. (a)		114,100		4,062
Google Inc. - Class A (a) (b)		9,900		1,283
International Business Machines Corporation		21,000		1,801
Lexmark International, Inc. (a)		12,200		1,025
Educational Services	(1.0%)
Apollo Group, Inc. - Class A (a)		20,100		1,475

Electronic & Other Electric Equipment	(4.6%)
General Electric Company		156,200	5,245
Harman International Industries, Incorporated		14,100	1,519
Electronic Components & Accessories	(4.6%)
Intel Corporation		72,800	1,460
Marvell Technology Group Ltd. (a) (b)		81,700	2,135
Maxim Integrated Products		40,800	1,725
Texas Instruments Incorporated		68,600	1,460
Food Stores	(1.8%)
Whole Foods Market, Inc. (b)		31,000	2,659
Furniture & Home Furnishings Stores	(1.9%)
Bed Bath & Beyond Inc. (a) (b)		51,900	1,926
Williams-Sonoma, Inc. (a)		21,200	795
Health Services	(1.7%)
Caremark Rx, Inc. (a)		79,700	2,556
Instruments & Related Products	(2.5%)
Agilent Technologies, Inc. (a)		105,400	2,273
Alcon, Inc.		18,200	1,460
Insurance	(2.2%)
American International Group, Inc.		48,600	3,304
Lumber & Other Building Materials	(1.5%)
Lowe’s Companies, Inc.		39,500	2,147
Medical Instruments & Supplies	(1.4%)
Guidant Corporation		32,200	2,126
Oil & Gas Extraction	(6.0%)
BJ Services Company (b)		47,100	2,469
Schlumberger Limited		62,400	4,200
Total Fina Elf SA - ADR		21,400	2,186
Petroleum Refining	(0.9%)
Suncor Energy Inc.		42,600	1,364
Pharmaceuticals	(14.4%)
Allergan, Inc.		27,100	1,966
Amgen Inc. (a)		43,300	2,454
AstraZeneca PLC - ADR (b)		35,000	1,440

Genentech, Inc. (a)			49,700		2,605
Gilead Sciences, Inc. (a)			70,200		2,624
IVAX Corporation (a)			26,250		503
Lilly (Eli) and Company			33,300		2,000
Medimmune, Inc. (a)			35,000		830
Novartis AG - ADR			45,900		2,142
Pfizer Inc.			61,640		1,886
Roche Holding AG - ADR			25,800		2,665
Radio & Television Broadcasting	(1.6%)
Univision Communications Inc.—Class A (a)			74,500		2,355
Restaurants	(2.3%)
Starbucks Corporation (a)			73,300		3,332
Retail Trade	(0.9%)
Tiffany & Co. (b)			44,600		1,371
Security & Commodity Brokers	(6.5%)
American Express Company			69,800		3,592
Goldman Sachs Group, Inc. (The)			24,200		2,256
Lehman Brothers Holdings Inc.			19,200		1,531
Merrill Lynch & Co., Inc.			42,900		2,133
Variety Stores	(2.8%)
Costco Wholesale Corporation			26,800		1,114
Target Corporation (b)			64,800		2,932
Total Common Stocks (cost: $129,661 )					145,584
		Principal		Value
SECURITY LENDING COLLATERAL	(9.9%)
Debt	(9.0%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	46	$	46
1.88%, due 12/23/2004			83		83
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			92		92
Deutsche Bank AG
1.70%, due 10/12/2004			275		275
Commercial Paper	(2.7%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			137		137
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			183		183
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			458		458
1.75%, due 10/18/2004			91		91

Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			457	457
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			137	137
General Electric Capital Corporation
1.76%, due 10/21/2004			321	321
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			229	229
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			95	95
Morgan Stanley
1.96%, due 12/10/2004			596	596
1.96%, due 03/16/2005			578	578
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			229	229
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			137	137
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			138	138
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			122	122
Euro Dollar Overnight	(0.6%	)
Dexia Bank SA
1.51%, due 10/01/2004			92	92
Fortis Bank
1.52%, due 10/01/2004			229	229
1.62%, due 10/05/2004			92	92
Wells Fargo & Company
1.60%, due 10/04/2004			411	411
Euro Dollar Terms	(1.9%	)
Bank of Montreal
1.76%, due 10/25/2004			48	48
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			186	186
1.77%, due 10/25/2004			459	459
1.76%, due 11/12/2004			229	229
1.80%, due 11/23/2004			456	456
Bank of the West Inc.
1.79%, due 11/10/2004			92	92
Den Danske Bank
1.64%, due 10/08/2004			92	92
Fortis Bank
1.69%, due 10/14/2004			46	46
1.73%, due 10/15/2004			92	92
Harris Trust & Savings Bank
1.76%, due 10/29/2004			92	92
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			321	321
1.60%, due 10/15/2004			138	138
1.65%, due 10/29/2004			69	69
1.67%, due 11/02/2004			9	9
1.88%, due 12/23/2004			241	241
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			229	229

Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		183		183
2.01%, due 06/05/2005		275		275
Repurchase Agreements	(3.2%) (c)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004
to be repurchased at $1,073 on 10/01/2004		1,073		1,073
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004
to be repurchased at $468 on 10/01/2004		468		468
1.94% Repurchase Agreement dated 09/30/2004
to be repurchased at $488 on 10/01/2004		488		488
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004
to be repurchased at $1,727 on 10/01/2004		1,727		1,727
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004
to be repurchased at $917 on 10/01/2004		917		917
		Shares	Value
Investment Companies	(0.9%)
Money Market Funds	(0.9%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%		351,725	$	352
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%		271,138		271
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%		725,451		725
Total Security Lending Collateral (cost: $14,506 )				14,506
Total Investment Securities (cost: $144,167 )			$	160,090
SUMMARY:
Investments, at value		108.9%	$	160,090
Liabilities in excess of other assets		(8.9)%		(13,137)
Net assets		100.0%	$	146,953

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $14,144.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 4,766, that serve as collateral for securities lending are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $2,276 or 1.55% of the net assets of the Fund.

J.P. Morgan Enhanced Index

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS	(0.1%)
U.S. Treasury Note (d)
1.63%, due 01/31/2005		$	200	$	200
Total U.S. Government Obligations (cost: $ 201)					200
		Shares		Value
COMMON STOCKS	(99.7%)
Aerospace	(2.2%)
Lockheed Martin Corporation			20,600	$	1,149
Northrop Grumman Corporation			21,100		1,125
United Technologies Corporation			28,200		2,633
Air Transportation	(0.0%)
FedEx Corporation			700		60
Amusement & Recreation Services	(0.4%)
Disney (Walt) Company (The)			38,500		868
Apparel & Accessory Stores	(0.4%)
Abercrombie & Fitch Co. - Class A			17,000		536
Gap, Inc. (The) (b)			14,200		266
Ross Stores, Inc. (b)			1,400		33
TJX Companies, Inc. (The)			1,500		33
Apparel Products	(0.4%)
Jones Apparel Group, Inc.			26,400		945
Automotive	(0.9%)
Ford Motor Company (b)			57,500		808
General Motors Corporation (b)			15,200		646
PACCAR Inc.			6,800		470
Beverages	(2.9%)
Anheuser-Busch Companies, Inc.			34,200		1,708
Coca-Cola Company (The)			81,300		3,256
PepsiCo, Inc.			28,000		1,362
Business Credit Institutions	(0.5%)
CIT Group, Inc.			28,500		1,066
Business Services	(1.0%)
eBay Inc. (a)			12,500		1,149
First Data Corporation			24,100		1,048

Chemicals & Allied Products	(4.1	%)
Air Products and Chemicals, Inc.			14,600	794
Dow Chemical Company (The)			29,200	1,319
Praxair, Inc.			37,100	1,586
Procter & Gamble Company (The)			87,900	4,757
Rohm and Haas Company			15,700	675
Commercial Banks	(9.3	%)
AmSouth Bancorporation			1,200	29
Bank of America Corporation			51,000	2,210
Bank of New York Company, Inc. (The)			70,500	2,056
Citigroup Inc.			158,100	6,975
Comerica Incorporated			2,100	125
Compass Bancshares, Inc.			3,800	167
First Horizon National Corporation			2,100	91
FirstMerit Corporation			1,700	45
KeyCorp (b)			13,000	411
Marshall & Ilsley Corporation (b)			2,800	113
MBNA Corporation			49,100	1,237
Mellon Financial Corporation			2,400	66
North Fork Bancorporation, Inc. (b)			26,600	1,205
U.S. Bancorp			3,900	113
Wachovia Corporation			55,300	2,596
Wells Fargo & Company			56,600	3,375
Zions Bancorporation			5,900	360
Communication	(1.6	%)
Echostar Communications Corporation - Class A (a)			4,400	137
Viacom, Inc. - Class B			102,300	3,433
Communications Equipment	(1.4	%)
Corning Incorporated (a)			71,200	789
Motorola, Inc.			66,000	1,191
QUALCOMM Incorporated			23,300	910
Tellabs, Inc. (a)			13,900	128
Computer & Data Processing Services	(5.3	%)
Computer Sciences Corporation (a)			23,400	1,102
Mercury Interactive Corporation (a)(b)			3,000	105
Microsoft Corporation			247,700	6,849
Oracle Corporation (a)			244,700	2,760
SunGard Data Systems Inc. (a)			7,700	183
Take-Two Interactive Software, Inc. (a)(b)			18,400	604
VERITAS Software Corporation (a)			15,100	269
Computer & Office Equipment	(4.9	%)
Cisco Systems, Inc. (a)			161,700	2,927
Dell Inc. (a)			90,700	3,229
Hewlett-Packard Company			36,900	692
International Business Machines Corporation			29,800	2,555
Juniper Networks, Inc. (a)			11,200	264
Lexmark International, Inc. (a)			9,700	815
NCR Corporation (a)(b)			7,200	357
Seagate Technology, Inc. (a)(e)(f)			8,700	—
Construction	(0.3	%)
Centex Corporation (b)			5,000	252
D.R. Horton, Inc.			900	30
KB Home (b)			4,300	363
Pulte Homes, Inc.			400	25
Department Stores	(0.8	%)
Federated Department Stores, Inc.			14,700	668
Kohl’s Corporation (a)			23,600	1,137
May Department Stores Company (The)			2,500	64
Drug Stores & Proprietary Stores	(0.2	%)
CVS Corporation			8,700	367

Electric Services	(1.9	%)
Dominion Resources, Inc.			12,600	822
Edison International			400	11
Entergy Corporation			13,900	842
FPL Group, Inc. (b)			12,600	861
Pinnacle West Capital Corporation			18,500	768
PPL Corporation			18,400	868
Electric, Gas & Sanitary Services	(0.9	%)
Consolidated Edison, Inc. (b)			7,100	298
PG&E Corporation (a)			17,100	520
SCANA Corporation			3,800	142
Wisconsin Energy Corporation			3,200	102
Xcel Energy Inc. (b)			55,400	960
Electronic & Other Electric Equipment	(4.5	%)
Cooper Industries, Inc. - Class A			11,100	655
Eaton Corporation			14,500	919
General Electric Company			248,500	8,345
Electronic Components & Accessories	(4.0	%)
Altera Corporation (a)(b)			43,100	843
Analog Devices, Inc.			32,700	1,268
Broadcom Corporation - Class A (a)			4,100	112
Intel Corporation			128,300	2,574
Intersil Corporation - Class A (b)			27,600	440
Linear Technology Corporation			3,700	134
Tyco International Ltd. (b)			88,700	2,720
Xilinx, Inc.			25,300	683
Fabricated Metal Products	(0.7	%)
Gillette Company (The)			34,400	1,436
Food & Kindred Products	(1.5	%)
Altria Group, Inc.			67,400	3,170
Kellogg Company			1,800	77
Furniture & Fixtures	(0.6	%)
Johnson Controls, Inc.			15,200	864
Lear Corporation			7,700	419
Furniture & Home Furnishings Stores	(0.2	%)
Bed Bath & Beyond Inc. (a)			9,200	341
Health Services	(0.6	%)
HCA Inc.			32,500	1,240
Holding & Other Investment Offices	(0.4	%)
CarrAmerica Realty Corporation			6,800	222
Equity Office Properties Trust			7,600	207
Kimco Realty Corporation			3,400	174
Mack-Cali Realty Corporation			300	13
ProLogis			10,000	352
Hotels & Other Lodging Places	(0.7	%)
Hilton Hotels Corporation			27,200	512
Marriott International, Inc. - Class A			7,100	369
Starwood Hotels & Resorts Worldwide, Inc.			12,100	562
Industrial Machinery & Equipment	(2.2	%)
Baker Hughes Incorporated			21,800	953
Caterpillar, Inc.			16,100	1,295
Cooper Cameron Corporation (a)			14,900	817

Deere & Company		15,800	1,020
Novellus Systems, Inc. (a)(b)		20,700	550
SPX Corporation		8,700	308
Insurance	(4.8%)
Aetna Inc.		13,700	1,369
Allstate Corporation (The)		39,100	1,876
Ambac Financial Group, Inc.		21,300	1,703
American International Group, Inc.		23,800	1,618
Anthem, Inc. (a)(b)		12,900	1,126
Assurant, Inc.		7,000	182
CIGNA Corporation		1,700	118
MBIA, Inc.		10,400	605
Progressive Corporation (The)		1,600	136
St. Paul Companies, Inc. (The)		25,800	853
UnitedHealth Group Incorporated		1,000	74
W.R. Berkley Corporation		13,200	557
WellPoint Health Networks Inc. (a)		3,700	389
Insurance Agents, Brokers & Service	(0.7%)
Hartford Financial Services Group, Inc. (The)		25,200	1,561
Life Insurance	(0.5%)
Genworth Financial, Inc. - Class A		28,100	655
Protective Life Corporation		1,300	51
Torchmark Corporation		8,500	452
Lumber & Other Building Materials	(2.0%)
Home Depot, Inc. (The)		63,700	2,497
Lowe’s Companies, Inc.		34,900	1,897
Lumber & Wood Products	(0.3%)
Masco Corporation		18,200	628
Manufacturing Industries	(0.4%)
Hasbro Inc.		30,900	581
International Game Technology		5,100	183
Mattel, Inc.		3,500	63
Medical Instruments & Supplies	(1.8%)
Boston Scientific Corporation (a)		47,700	1,895
Guidant Corporation		31,800	2,100
Mortgage Bankers & Brokers	(1.1%)
Countrywide Financial Corporation		42,800	1,686
Doral Financial Corporation (b)		7,000	290
Motion Pictures	(0.7%)
Fox Entertainment Group, Inc. - Class A (a)		48,600	1,348
Time Warner Inc. (a)		12,100	195
Oil & Gas Extraction	(3.1%)
Anadarko Petroleum Corporation		11,600	770
ConocoPhillips		34,200	2,833
Devon Energy Corporation		8,500	604
Dynegy Inc. (a)(b)		8,800	44
Pride International, Inc. (a)		33,000	653
Rowan Companies, Inc. (a)(b)		18,000	475
Unocal Corporation		34,200	1,471
Paper & Allied Products	(0.2%)
Smurfit-Stone Container Corporation (a)(b)		18,200	353
Petroleum Refining	(3.6%)
ChevronTexaco Corporation		33,400	1,792

Exxon Mobil Corporation		113,900	5,505
Valero Energy Corporation		6,800	545
Pharmaceuticals	(9.3%)
Amgen Inc. (a)		36,500	2,069
Biogen, Inc. (a)		800	49
Forest Laboratories, Inc. (a)		38,800	1,745
Gilead Sciences, Inc. (a)		18,200	680
Hospira, Inc. (a)		300	9
Johnson & Johnson		82,900	4,670
Lilly (Eli) and Company		29,900	1,795
Medicis Pharmaceutical Corporation - Class A		21,000	820
Medimmune, Inc. (a)		5,000	119
Merck & Co., Inc.		18,100	597
OSI Pharmaceuticals, Inc. (a)		5,600	344
Pfizer Inc.		149,200	4,566
Schering-Plough Corporation		37,800	720
Sepracor Inc. (a)(b)		12,400	605
Watson Pharmaceuticals, Inc. (a)		11,900	351
Wyeth		43,500	1,627
Primary Metal Industries	(1.0%)
Alcoa Inc.		34,200	1,149
United States Steel Corporation (b)		26,500	997
Printing & Publishing	(1.2%)
Gannett Co., Inc.		20,400	1,709
Scripps (E.W.) Company (The) (b)		15,800	755
Tribune Company		3,500	144
Railroads	(0.6%)
CSX Corporation		26,300	873
Norfolk Southern Corporation		17,500	520
Residential Building Construction	(0.1%)
Lennar Corporation (b)		5,300	252
Restaurants	(1.3%)
McDonald’s Corporation		70,200	1,968
Wendy’s International, Inc.		4,100	138
YUM! Brands, Inc.		16,400	667
Retail Trade	(0.1%)
Staples, Inc.		8,400	250
Rubber & Misc. Plastic Products	(0.6%)
NIKE, Inc. - Class B		15,700	1,237
Savings Institutions	(0.5%)
Washington Mutual, Inc.		30,400	1,188
Security & Commodity Brokers	(2.8%)
Goldman Sachs Group, Inc. (The)		16,600	1,548
Legg Mason, Inc.		1,800	96
Morgan Stanley		67,600	3,333
Schwab (Charles) Corporation (The) (b)		137,900	1,267
Shoe Stores	(0.1%)
Foot Locker, Inc.		4,900	116
Telecommunications	(3.7%)
BellSouth Corporation		5,700	155
Nextel Communications, Inc. - Class A (a)		49,500	1,180
SBC Communications Inc.		66,000	1,713
Sprint Corporation (FON Group)		56,900	1,145

Verizon Communications, Inc.			100,500		3,958
Trucking & Warehousing	(0.5%)
United Parcel Service, Inc. - Class B			14,000		1,063
U.S. Government Agencies	(0.9%)
Fannie Mae			6,400		406
Freddie Mac			24,800		1,618
Variety Stores	(2.4%)
Family Dollar Stores, Inc.			3,400		92
Target Corporation			32,200		1,457
Wal-Mart Stores, Inc.			70,100		3,729
Water Transportation	(0.5%)
Carnival Corporation			21,900		1,036
Wholesale Trade Nondurable Goods	(0.1%)
SYSCO Corporation			8,600		257
Total Common Stocks (cost: $ 201,804)					219,974
		Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS	(0.1%)
U. S. Treasury Bill
1.66%, due 12/16/2004		$	200	$	199
1.55%, due 12/16/2004			44		44
Total Short-Term U.S. Government Obligations (cost: $ 243)					243
SECURITY LENDING COLLATERAL	(6.1%)
Debt	(5.5%)
Bank Notes	(0.2%)
Bank of America Corporation
1.88%, due 10/19/2004			43		43
1.88%, due 12/23/2004			77		77
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			85		85
Deutsche Bank AG
1.70%, due 10/12/2004			256		256
Commercial Paper	(1.6%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			128		128
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			170		170
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			426		426
1.75%, due 10/18/2004			85		85
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			425		425
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			127		127
General Electric Capital Corporation
1.76%, due 10/21/2004			298		298
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			213		213
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			88		88
Morgan Stanley

1.96%, due 12/10/2004			554	554
1.96%, due 03/16/2005			537	537
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			213	213
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			128	128
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			128	128
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			114	114
Euro Dollar Overnight	(0.3%)
Dexia Bank SA
1.51%, due 10/01/2004			85	85
Fortis Bank
1.52%, due 10/01/2004			213	213
1.62%, due 10/05/2004			85	85
Wells Fargo & Company
1.60%, due 10/04/2004			382	382
Euro Dollar Terms	(1.2%)
Bank of Montreal
1.76%, due 10/25/2004			44	44
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			173	173
1.77%, due 10/25/2004			426	426
1.76%, due 11/12/2004			213	213
1.80%, due 11/23/2004			424	424
Bank of the West Inc.
1.79%, due 11/10/2004			85	85
Den Danske Bank
1.64%, due 10/08/2004			85	85
Fortis Bank
1.69%, due 10/14/2004			43	43
1.73%, due 10/15/2004			85	85
Harris Trust & Savings Bank
1.76%, due 10/29/2004			85	85
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			298	298
1.60%, due 10/15/2004			128	128
1.65%, due 10/29/2004			64	64
1.67%, due 11/02/2004			9	9
1.88%, due 12/23/2004			224	224
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			213	213
Master Notes	(0.2%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			170	170
2.01%, due 06/05/2005			256	256
Repurchase Agreements	(2.0%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $998 on 10/01/2004			998	998
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $435 on 10/01/2004			435	435
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $453 on 10/01/2004			453	453
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $1,606 on 10/01/2004			1,606	1,606
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $852 on 10/01/2004			852	852

		Shares	Value
Investment Companies	(0.6%)
Money Market Funds	(0.6%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%		326,895	$	327
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%		251,997		252
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%		674,238		674
Total Security Lending Collateral (cost: $ 13,482)				13,482
Total Investment Securities (cost: $ 215,729)			$	233,899
SUMMARY:
Investments, at value		106.0%	$	233,899
Liabilities in excess of other assets		(6.0)%		(13,280)
Net assets		100.0%	$	220,619

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $12,992.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 4,430, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) At September 30, 2004, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at September 30, 2004, is $ 200.

^(e) Value is less than $ 1.

^(f) Securities valued as determined in good faith in accordance with procedures established by the Fund’s Board of Directors.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $2,117 or 1.0% of the net assets of the Fund.

J.P. Morgan Mid Cap Value

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(95.9%)
Apparel & Accessory Stores	(1.4%)
TJX Companies, Inc. (The)		103,400	$	2,279
Apparel Products	(3.9%)
Columbia Sportswear Company (a)(b)		54,300		2,959
V.F. Corporation (b)		68,600		3,392
Automotive	(0.7%)
BorgWarner, Inc.		27,900		1,208
Automotive Dealers & Service Stations	(3.4%)
AutoNation, Inc. (a)		92,600		1,582
AutoZone, Inc. (a)(b)		51,200		3,955
Beverages	(1.2%)
Brown-Forman Corporation - Class B		18,800		861
Constellation Brands, Inc. (a)		28,300		1,077
Chemicals & Allied Products	(2.8%)
Albemarle Corporation		24,000		842
Sherwin-Williams Company (The)		29,500		1,297
Sigma-Aldrich Corporation (b)		40,000		2,320
Commercial Banks	(8.6%)
Cullen/Frost Bankers, Inc.		21,700		1,008
M&T Bank Corporation		41,400		3,962
North Fork Bancorporation, Inc. (b)		73,700		3,276
Northern Trust Corporation		24,300		991
TCF Financial Corporation (b)		24,200		733
Wilmington Trust Corporation (b)		105,500		3,820
Computer & Data Processing Services	(2.2%)
Affiliated Computer Services, Inc. - Class A (a)(b)		22,100		1,230
Computer Associates International, Inc.		41,800		1,099
IMS Health Incorporated		47,700		1,140
Computer & Office Equipment	(1.0%)
Lexmark International, Inc. (a)		15,800		1,327
NCR Corporation (a)		6,700		332
Construction	(0.6%)
Ashland Inc.		17,000		953
Department Stores	(0.4%)
May Department Stores Company (The) (b)		26,600		682

Electric Services	(2.2%)
Dominion Resources, Inc.		28,300	1,847
Energy East Corporation		40,400	1,017
Westar Energy		30,200	610
Electric, Gas & Sanitary Services	(2.0%)
SCANA Corporation		42,800	1,598
Sempra Energy		45,200	1,636
Electronic & Other Electric Equipment	(1.0%)
Cooper Industries, Inc. - Class A		27,100	1,599
Environmental Services	(1.4%)
Republic Services, Inc.		77,700	2,312
Fabricated Metal Products	(2.8%)
Crane Co.		60,900	1,761
Fortune Brands, Inc.		26,100	1,934
Harsco Corporation		18,100	813
Food & Kindred Products	(3.2%)
Bunge Limited (b)		21,100	844
Dean Foods Company (a)		41,000	1,231
Hormel Foods Corporation		60,700	1,626
Smucker (J.M.) Company (The)		32,500	1,443
Gas Production & Distribution	(2.9%)
Energen Corporation		11,700	603
Equitable Resources, Inc.		13,700	744
Kinder Morgan, Inc.		53,200	3,342
Health Services	(2.0%)
Lincare Holdings Inc. (a)		49,700	1,477
Quest Diagnostics Incorporated (b)		11,900	1,050
Renal Care Group, Inc. (a)		14,600	471
Holding & Other Investment Offices	(2.9%)
Kimco Realty Corporation		24,700	1,267
Plum Creek Timber Company, Inc.		36,800	1,289
PS Business Parks, Inc.		30,100	1,199
Public Storage, Inc.		17,800	882
Industrial Machinery & Equipment	(0.0%)
IDEX Corporation		1,552	53
Insurance	(9.9%)
Assurant, Inc.		150,100	3,903
Cincinnati Financial Corporation		45,600	1,880
Coventry Health Care, Inc. (a)(b)		24,500	1,308
MGIC Investment Corporation		34,800	2,316
Old Republic International Corp.		116,900	2,926
PartnerRe Ltd.		19,200	1,050
Principal Financial Group, Inc.		45,500	1,637
SAFECO Corporation (b)		20,300	927
Insurance Agents, Brokers & Service	(1.1%)
Willis Group Holdings Limited		47,400	1,773
Life Insurance	(1.9%)
IPC Holdings, Ltd.		79,800	3,033
Lumber & Wood Products	(0.7%)
Rayonier, Inc.		26,000	1,176

Metal Cans & Shipping Containers	(0.1%)
Ball Corporation		6,400	240
Mining	(1.0%)
Vulcan Materials Company		31,600	1,610
Motor Vehicles, Parts & Supplies	(0.7%)
Genuine Parts Company		28,000	1,075
Oil & Gas Extraction	(3.5%)
Burlington Resources Inc.		57,700	2,354
Devon Energy Corporation		46,600	3,309
Paper & Allied Products	(0.9%)
Pactiv Corporation (a)		63,100	1,467
Petroleum Refining	(1.3%)
Premcor Inc. (a)		54,500	2,098
Pharmaceuticals	(0.7%)
NBTY, Inc. (a)		53,300	1,149
Printing & Publishing	(4.8%)
Deluxe Corporation (b)		43,500	1,784
Dex Media Inc. (a)(b)		27,800	589
Gannett Co., Inc.		31,400	2,630
Knight-Ridder, Inc.		13,000	851
Scripps (E.W.) Company (The) (b)		39,000	1,863
Real Estate	(2.3%)
Brookfield Properties Corporation		57,100	1,842
LNR Property Corporation (b)		30,700	1,901
Restaurants	(2.3%)
Applebee’s International, Inc.		50,100	1,267
Outback Steakhouse, Inc. (b)		59,400	2,467
Retail Trade	(0.4%)
Tiffany & Co. (b)		18,600	572
Rubber & Misc. Plastic Products	(1.1%)
Carlisle Companies Incorporated		28,500	1,822
Savings Institutions	(3.2%)
Golden West Financial Corporation		36,600	4,061
Webster Financial Corporation		22,200	1,096
Security & Commodity Brokers	(2.6%)
Interactive Data Corporation (a)		78,600	1,479
Legg Mason, Inc.		29,400	1,566
T. Rowe Price Group, Inc.		22,300	1,135
Stone, Clay & Glass Products	(1.5%)
Florida Rock Industries, Inc. (b)		49,000	2,401
Telecommunications	(4.6%)
ALLTEL Corporation		48,800	2,680
CenturyTel, Inc. (b)		93,500	3,201
Telephone and Data Systems, Inc. (b)		18,500	1,557

Textile Mill Products	(1.4%)
Mohawk Industries, Inc. (a)(b)			29,000		2,302
Transportation Equipment	(1.0%)
United Defense Industries, Inc. (a)			40,400		1,616
Variety Stores	(2.3%)
Family Dollar Stores, Inc.			91,300		2,474
Tuesday Morning Corporation (a)			41,100		1,271
Total Common Stocks (cost: $148,385)					154,631
		Principal		Value
SECURITY LENDING COLLATERAL	(18.0%)
Debt	(16.3%)
Bank Notes	(0.6%)
Bank of America Corporation
1.88%, due 10/19/2004		$	92	$	92
1.88%, due 12/23/2004			166		166
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			183		183
Deutsche Bank AG
1.70%, due 10/12/2004			550		550
Commercial Paper	(4.8%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			275		275
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			366		366
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			915		915
1.75%, due 10/18/2004			183		183
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			914		914
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			274		274
General Electric Capital Corporation
1.76%, due 10/21/2004			641		641
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			458		458
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			189		189
Morgan Stanley
1.96%, due 12/10/2004			1,191		1,191
1.96%, due 03/16/2005			1,155		1,155
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			458		458
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			275		275
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			275		275
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			244		244
Euro Dollar Overnight	(1.0%)
Dexia Bank SA
1.51%, due 10/01/2004			183		183
Fortis Bank
1.52%, due 10/01/2004			458		458
1.62%, due 10/05/2004			183		183
Wells Fargo & Company
1.60%, due 10/04/2004			821		821
Euro Dollar Terms	(3.5%)
Bank of Montreal

1.76%, due 10/25/2004		95			95
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		372			372
1.77%, due 10/25/2004		917			917
1.76%, due 11/12/2004		458			458
1.80%, due 11/23/2004		912			912
Bank of the West Inc.
1.79%, due 11/10/2004		183			183
Den Danske Bank
1.64%, due 10/08/2004		183			183
Fortis Bank
1.69%, due 10/14/2004		92			92
1.73%, due 10/15/2004		183			183
Harris Trust & Savings Bank
1.76%, due 10/29/2004		183			183
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		642			642
1.60%, due 10/15/2004		275			275
1.65%, due 10/29/2004		138			138
1.67%, due 11/02/2004		18			18
1.88%, due 12/23/2004		482			482
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		458			458
Master Notes	(0.6%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		367			367
2.01%, due 06/05/2005		550			550
Repurchase Agreements	(5.8%) (c)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $2,145 on 10/01/2004		2,145			2,145
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $935 on 10/01/2004		935			935
1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $975 on 10/01/2004		975			975
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,452 on 10/01/2004		3,452			3,452
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,833 on 10/01/2004		1,833			1,833
		Shares		Value
Investment Companies	(1.7%)
Money Market Funds	(1.7%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%		702,975		$	703
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%		541,909			542
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%		1,449,921			1,450
Total Security Lending Collateral (cost: $28,992)					28,992
Total Investment Securities (cost: $177,377)				$	183,623
SUMMARY:
Investments, at value		113.9	%	$	183,623
Liabilities in excess of other assets		(13.9	)%		(22,461	)
Net assets		100.0	%	$	161,162

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan (see Note 1). The value at September 30, 2004, of all securities on loan is $ 28,082.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 9,526, that serve as collateral for securities are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $4,551 or 2.82% of the net assets of the Fund.

Marsico Growth

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(96.9%)
Air Transportation	(3.3%)
FedEx Corporation		51,598	$	4,421
Amusement & Recreation Services	(0.6%)
MGM MIRAGE (a)(b)		3,314		165
Wynn Resorts, Limited (a)		13,491		697
Automotive	(1.4%)
Honeywell International Inc.		53,450		1,917
Beverages	(0.8%)
PepsiCo, Inc.		22,609		1,100
Business Services	(3.1%)
eBay Inc. (a)		44,059		4,052
Chemicals & Allied Products	(3.6%)
Monsanto Company		16,814		612
Procter & Gamble Company (The)		77,608		4,201
Commercial Banks	(5.1%)
Citigroup Inc.		146,377		6,458
UCBH Holdings, Inc.		6,195		242
Communications Equipment	(5.7%)
QUALCOMM Incorporated		192,358		7,510
Computer & Data Processing Services	(5.5%)
Electronic Arts Inc. (a)		71,972		3,310
Microsoft Corporation		143,964		3,981
Computer & Office Equipment	(3.0%)
Dell Inc. (a)		113,560		4,043
Drug Stores & Proprietary Stores	(1.0%)
CVS Corporation		31,787		1,339
Electronic & Other Electric Equipment	(4.8%)
General Electric Company		189,843		6,375
Electronic Components & Accessories	(2.3%)
Tyco International Ltd. (b)		99,017		3,036
Furniture & Home Furnishings Stores	(1.0%)
Bed Bath & Beyond Inc. (a)		35,550		1,319

Health Services	(1.6%)
Quest Diagnostics Incorporated (b)		24,123	2,128
Industrial Machinery & Equipment	(3.3%)
Caterpillar, Inc.		54,459	4,381
Insurance	(6.7%)
UnitedHealth Group Incorporated		119,998	8,849
Lumber & Other Building Materials	(3.4%)
Lowe’s Companies, Inc.		82,697	4,495
Medical Instruments & Supplies	(9.1%)
Boston Scientific Corporation (a)		94,027	3,736
Medtronic, Inc.		55,412	2,876
St. Jude Medical, Inc. (a)		13,138	989
Wright Medical Group, Inc. (a)		6,925	174
Zimmer Holdings, Inc. (a)		53,091	4,197
Mortgage Bankers & Brokers	(4.0%)
Countrywide Financial Corporation (b)		135,440	5,335
Personal Credit Institutions	(5.5%)
SLM Corporation		162,608	7,252
Pharmaceuticals	(5.5%)
Genentech, Inc. (a)		139,075	7,290
Residential Building Construction	(1.7%)
Lennar Corporation (b)		48,697	2,318
Restaurants	(0.4%)
Starbucks Corporation (a)		10,330	470
Retail Trade	(1.9%)
Tiffany & Co.		82,815	2,546
Rubber & Misc. Plastic Products	(2.3%)
NIKE, Inc. - Class B		39,528	3,115
Security & Commodity Brokers	(4.0%)
Goldman Sachs Group, Inc. (The)		24,483	2,283
Merrill Lynch & Co., Inc.		59,532	2,960
Telecommunications	(1.2%)
Verizon Communications, Inc.		40,906	1,611
Transportation Equipment	(1.6%)
General Dynamics Corporation		20,704	2,114
Variety Stores	(1.7%)
Wal-Mart Stores, Inc.		42,546	2,263
Water Transportation	(1.8%)
Royal Caribbean Cruises Ltd. (b)		55,290	2,411
Total Common Stocks (cost: $ 104,543)			128,571

		Principal		Value
SHORT-TERM OBLIGATIONS	(1.7%)
Investors Bank & Trust Company (d)
1.27%, Repurchase Agreement dated 09/30/2004 to be repurchased at $2,190 on 10/01/2004		$	2,190	$	2,190
Total Short-Term Obligations (cost: $ 2,190)					2,190
SECURITY LENDING COLLATERAL	(7.4%)
Debt	(6.7%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	31	$	31
1.88%, due 12/23/2004			56		56
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			62		62
Deutsche Bank AG
1.70%, due 10/12/2004			187		187
Commercial Paper	(2.0%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			94		94
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			125		125
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			312		312
1.75%, due 10/18/2004			62		62
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			311		311
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			93		93
General Electric Capital Corporation
1.76%, due 10/21/2004			218		218
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			156		156
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			64		64
Morgan Stanley
1.96%, due 12/10/2004			406		406
1.96%, due 03/16/2005			393		393
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			156		156
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			94		94
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			94		94
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			83		83
Euro Dollar Overnight	(0.4%)
Dexia Bank SA
1.51%, due 10/01/2004			62		62
Fortis Bank
1.52%, due 10/01/2004			156		156
1.62%, due 10/05/2004			62		62
Wells Fargo & Company
1.60%, due 10/04/2004			280		280
Euro Dollar Terms	(1.4%)
Bank of Montreal
1.76%, due 10/25/2004			32		32
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			127		127
1.77%, due 10/25/2004			312		312

1.76%, due 11/12/2004		156		156
1.80%, due 11/23/2004		311		311
Bank of the West Inc.
1.79%, due 11/10/2004		62		62
Den Danske Bank
1.64%, due 10/08/2004		62		62
Fortis Bank
1.69%, due 10/14/2004		31		31
1.73%, due 10/15/2004		62		62
Harris Trust & Savings Bank
1.76%, due 10/29/2004		62		62
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		218		218
1.60%, due 10/15/2004		94		94
1.65%, due 10/29/2004		47		47
1.67%, due 11/02/2004		6		6
1.88%, due 12/23/2004		164		164
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		156		156
Master Notes	(0.2%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		125		125
2.01%, due 06/05/2005		187		187
Repurchase Agreements	(2.4%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $730 on 10/01/2004		730		730
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $318 on 10/01/2004		318		318
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $332 on 10/01/2004		332		332
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $1,175 on 10/01/2004		1,175		1,175
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $624 on 10/01/2004		624		624
		Shares	Value
Investment Companies	(0.7%)
Money Market Funds	(0.7%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%		239,392	$	239
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%		184,542		185
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%		493,757		494
Total Security Lending Collateral (cost: $ 9,868)				9,868
Total Investment Securities (cost: $ 116,601)			$	140,629
SUMMARY:
Investments, at value		106.0%	$	140,629
Liabilities in excess of other assets		(6.0)%		(7,994	)
Net assets		100.0%	$	132,635

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 9,605.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 3,244, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) At September 30, 2004, repurchase agreements are collateralized by $ 9,744 Fannie Mae #FNR 1994-15 FC (3.55 %, due 06/25/2023) with a market value and accrued interest of $ 2,299.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $1,550 or 1.20% of the net assets of the Fund.

Mercury Large Cap Value

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(99.0%)
Aerospace	(2.3%)
Boeing Company (The)		89,000	$	4,594
Northrop Grumman Corporation		107,000		5,706
Apparel & Accessory Stores	(3.1%)
American Eagle Outfitters, Inc.		122,000		4,496
Limited, Inc. (The)		226,000		5,038
Nordstrom, Inc.		107,000		4,092
Auto Repair, Services & Parking	(0.5%)
Ryder System, Inc.		47,000		2,211
Automotive	(1.7%)
Autoliv, Inc.		41,000		1,656
Ford Motor Company		403,000		5,662
Chemicals & Allied Products	(1.1%)
Lyondell Chemical Company		215,000		4,829
Commercial Banks	(7.5%)
Bank of America Corporation		110,000		4,766
Citigroup Inc.		486,000		21,442
KeyCorp		152,000		4,803
Morgan Chase & Co. (J.P.)		51,000		2,026
Communications Equipment	(3.9%)
Avaya Inc. (a)		245,000		3,415
Lucent Technologies Inc. (a)		1,668,000		5,288
Motorola, Inc.		214,000		3,861
Tellabs, Inc. (a)		486,000		4,466
Computer & Data Processing Services	(2.1%)
Autodesk, Inc.		88,000		4,279
Computer Sciences Corporation (a)		105,000		4,946
Tech Data Corporation (a)		65,000		2,506
Computer & Office Equipment	(3.7%)
Hewlett-Packard Company		432,000		8,100
Storage Technology Corporation (a)		132,000		3,334
Xerox Corporation (a)		347,000		4,886
Construction	(0.4%)
Ashland Inc.		30,000		1,682

Department Stores	(1.1%)
J.C. Penney Company, Inc.		135,000	4,763
Electric Services	(3.7%)
Duke Energy Corporation		251,000	5,745
Edison International		185,000	4,904
TXU Corp.		114,000	5,463
Electrical Goods	(0.5%)
Arrow Electronics, Inc. (a)		90,000	2,032
Electronic & Other Electric Equipment	(4.3%)
General Electric Company		443,000	14,876
Whirlpool Corp.		68,000	4,086
Electronic Components & Accessories	(0.6%)
Atmel Corporation (a)		672,000	2,433
Fabricated Metal Products	(1.9%)
Gillette Company (The)		96,000	4,007
Stanley Works (The)		107,000	4,551
Food & Kindred Products	(1.8%)
Archer Daniels Midland Co.		275,000	4,670
Tyson Foods, Inc. - Class A		210,000	3,364
Gas Production & Distribution	(0.9%)
Williams Companies, Inc. (The)		342,000	4,138
Hotels & Other Lodging Places	(1.1%)
Starwood Hotels & Resorts Worldwide, Inc.		100,000	4,642
Industrial Machinery & Equipment	(2.1%)
Black & Decker Corporation (The)		57,000	4,414
Cummins Inc.		63,000	4,655
Instruments & Related Products	(2.1%)
Eastman Kodak Company		160,000	5,155
Rockwell International Corporation		111,000	4,296
Insurance	(13.9%)
Allstate Corporation (The)		137,000	6,575
Anthem, Inc. (a)		56,000	4,886
Aon Corporation		178,000	5,116
Chubb Corporation		72,000	5,060
CIGNA Corporation		75,000	5,222
Cincinnati Financial Corporation		17,000	701
Fidelity National Financial, Inc.		114,000	4,343
Humana Inc. (a)		211,000	4,216

Loews Corporation		83,000	4,856
MGIC Investment Corporation		52,000	3,461
PacifiCare Health Systems, Inc. (a)		109,000	4,000
PMI Group, Inc. (The)		62,000	2,516
SAFECO Corporation		95,000	4,337
UnumProvident Corporation		289,000	4,534
W.R. Berkley Corporation		40,000	1,686
Insurance Agents, Brokers & Service	(1.2%)
Hartford Financial Services Group, Inc. (The)		2,000	124
MetLife, Inc.		138,000	5,334
Life Insurance	(2.4%)
Lincoln National Corporation		105,000	4,935
Prudential Financial, Inc.		124,000	5,833
Lumber & Other Building Materials	(1.1%)
Home Depot, Inc. (The)		125,000	4,900
Lumber & Wood Products	(1.1%)
Georgia-Pacific Corporation		135,000	4,853
Medical Instruments & Supplies	(1.3%)
Bard, (C.R.) Inc.		27,000	1,529
Becton, Dickinson and Company		77,000	3,981
Mortgage Bankers & Brokers	(1.4%)
Countrywide Financial Corporation		156,000	6,145
Oil & Gas Extraction	(7.6%)
Anadarko Petroleum Corporation		87,000	5,773
Burlington Resources Inc.		137,000	5,590
ConocoPhillips		105,000	8,699
Devon Energy Corporation		79,000	5,610
Dynegy Inc. (a)		349,000	1,742
Occidental Petroleum Corporation		108,000	6,041
Paper & Allied Products	(0.9%)
Temple-Inland Inc.		62,000	4,163
Petroleum Refining	(10.1%)
Amerada Hess Corporation		57,000	5,073
ChevronTexaco Corporation		242,000	12,981
Exxon Mobil Corporation		336,000	16,239
Sunoco, Inc.		65,000	4,809
Valero Energy Corporation		65,000	5,214
Pharmaceuticals	(0.7%)
Pfizer Inc.		106,000	3,244
Primary Metal Industries	(3.4%)
Nucor Corporation		53,000	4,843
Phelps Dodge Corporation		58,000	5,338

United States Steel Corporation				130,000		4,891
Railroads	(1.2%)
Norfolk Southern Corporation				171,000		5,086
Restaurants	(1.6%)
McDonald’s Corporation				251,000		7,036
Retail Trade	(1.1%)
Toys “R” Us, Inc. (a)				265,000		4,701
Security & Commodity Brokers	(1.1%)
Bear Stearns Companies Inc. (The)				52,000		5,001
Tobacco Products	(0.1%)
UST Inc.				16,000		644
Trucking & Warehousing	(0.5%)
CNF Transportation Inc.				49,000		2,009
Variety Stores	(1.3%)
Costco Wholesale Corporation				136,000		5,652
Total Common Stocks (cost: $398,846)						435,800
			Principal		Value
SECURITY LENDING COLLATERAL	(15.4	%)
Debt	(14.0	%)
Bank Notes	(0.5	%)
Bank of America Corporation
1.88%, due 10/19/2004			$	214	$	214
1.88%, due 12/23/2004				385		385
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005				428		428
Deutsche Bank AG
1.70%, due 10/12/2004				1,285		1,285
Commercial Paper	(4.1	%)
Clipper Receivables Corp.
1.79%, due 11/12/2004				642		642
Compass Securitization LLC - 144A
1.75%, due 10/19/2004				855		855
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004				2,138		2,138
1.75%, due 10/18/2004				425		425

Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004		2,136	2,136
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004		640	640
General Electric Capital Corporation
1.76%, due 10/21/2004		1,498	1,498
Grampian Funding LLC - 144A
1.78%, due 10/19/2004		1,071	1,071
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004		442	442
Morgan Stanley
1.96%, due 12/10/2004		2,784	2,784
1.96%, due 03/16/2005		2,698	2,698
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004		1,070	1,070
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004		642	642
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004		642	642
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004		570	570
Euro Dollar Overnight	(0.9%)
Dexia Bank SA
1.51%, due 10/01/2004		428	428
Fortis Bank
1.52%, due 10/01/2004		1,071	1,071
1.62%, due 10/05/2004		428	428
Wells Fargo & Company
1.60%, due 10/04/2004		1,919	1,919
Euro Dollar Terms	(3.0%)
Bank of Montreal
1.76%, due 10/25/2004		223	223
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		869	869
1.77%, due 10/25/2004		2,141	2,141
1.76%, due 11/12/2004		1,071	1,071
1.80%, due 11/23/2004		2,131	2,131
Bank of the West Inc.
1.79%, due 11/10/2004		428	428
Den Danske Bank
1.64%, due 10/08/2004		428	428
Fortis Bank
1.69%, due 10/14/2004		214	214
1.73%, due 10/15/2004		428	428
Harris Trust & Savings Bank
1.76%, due 10/29/2004		428	428
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		1,499	1,499
1.60%, due 10/15/2004		642	642
1.65%, due 10/29/2004		321	321
1.67%, due 11/02/2004		43	43
1.88%, due 12/23/2004		1,126	1,126
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		1,071	1,071
Master Notes	(0.5%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		857	857
2.01%, due 06/05/2005		1,285	1,285

Repurchase Agreements	(5.0%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $5,012 on 10/01/2004		5,012		5,012
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $2,184 on 10/01/2004		2,184		2,184
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $2,278 on 10/01/2004		2,278		2,278
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $8,065 on 10/01/2004		8,065		8,065
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $4,284 on 10/01/2004		4,284		4,284
		Shares	Value
Investment Companies	(1.4%)
Money Market Funds	(1.4%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%		1,642,446	$	1,642
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%		1,266,128		1,266
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%		3,387,629		3,389
Total Security Lending Collateral (cost: $67,736)				67,736
Total Investment Securities (cost: $466,582)			$	503,536
SUMMARY:
Investments, at value		114.4%	$	503,536
Liabilities in excess of other assets		(14.4%)		(63,334)
Net assets		100.0%	$	440,202

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $64,606.

^(c) Cash collateral for the Repurchase Agreements, valued at $22,257, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $10,631 or 2.42% of the net assets of the Fund.

AEGON/Transamerica Series Fund, Inc.

MFS High Yield

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS	(0.7	%)
Federative Republic of Brazil
8.00%, due 04/15/2014			$	1,443	$	1,426
11.00%, due 08/17/2040				650		729
Republic of Panama
9.38%, due 01/16/2023				1,226		1,336
Russian Federation
12.75%, due 06/24/2028				726		1,104
Total Foreign Government Obligations (cost: $4,570)						4,595
MORTGAGE-BACKED SECURITIES	(1.7	%)
Asset Securitization Corporation (g)
8.29%, due 11/13/2029				3,570		3,785
Morgan Stanley Capital I (g)
1.58%, due 04/28/2039				10,481		807
Commercial Mortgage Acceptance Corporation
5.44%, due 09/15/2030				230		235
CS First Boston Mortgage Securities Corp.
6.75%, due 11/11/2030				1,115		1,052
First Union National Bank
6.75%, due 10/15/2032				1,305		1,287
First Union - Lehman Brothers Commercial Mortgage Trust
7.50%, due 11/18/2029				1,940		1,866
GE Capital Commercial Mortgage Corporation, Series 2000-1 (g)
7.78%, due 01/15/2033				965		1,082
GMAC Commercial Mortgage Securities, Inc. (g)
7.90%, due 04/15/2034				1,278		1,445
Total Mortgage-Backed Securities (cost: $10,901)						11,559
ASSET-BACKED SECURITIES	(0.3	%)
ARCap Reit, Inc.
6.10%, due 09/21/2045				1,515		1,263
Falcon Franchise Loan LLC (g)
4.16%, due 01/05/2025				4,269		783
Total Asset-Backed Securities (cost: $2,098)						2,046
CORPORATE DEBT SECURITIES	(91.3	%)
Aerospace	(0.7	%)
Argo-Tech Corporation - 144A
9.25%, due 06/01/2011				1,915		2,054
K & F Industries, Inc.
9.25%, due 10/15/2007				149		152
9.63%, due 12/15/2010				1,340		1,491
Standard Aero Holdings Inc. - 144A
8.25%, due 09/01/2014				960		994

Agriculture	(0.3	%)
Seminis Vegatable Seeds - 144A
10.25%, due 10/01/2013			1,660	1,851
Air Transportation	(0.7	%)
CHC Helicopter Corporation
7.38%, due 05/01/2014			1,235	1,287
Continental Airlines, Inc.
6.90%, due 01/02/2017			674	537
6.75%, due 03/15/2017			527	405
6.80%, due 08/02/2018			1,392	1,115
7.57%, due 03/15/2020			1,681	1,300
Amusement & Recreation Services	(3.6	%)
AMF Bowling Worldwide, Inc. - 144A (b)
10.00%, due 03/01/2010			1,105	1,171
Aztar Corporation - 144A
7.88%, due 06/15/2014			1,920	2,035
Boyd Gaming Corporation
6.75%, due 04/15/2014			3,350	3,409
Intrawest Corporation
7.50%, due 10/15/2013			580	601
Isle of Capri Casinos, Inc.
7.00%, due 03/01/2014			2,020	2,030
Mandalay Resort Group (b)
9.38%, due 02/15/2010			1,700	1,955
MGM MIRAGE
8.50%, due 09/15/2010			765	869
8.38%, due 02/01/2011 (b)			3,630	4,007
Pinnacle Entertainment, Inc.
8.25%, due 03/15/2012			250	251
8.75%, due 10/01/2013			2,860	2,932
Six Flags, Inc. (b)
9.75%, due 04/15/2013			2,665	2,518
Station Casinos, Inc.
6.50%, due 02/01/2014			2,120	2,157
Apparel & Accessory Stores	(0.2	%)
J. Crew Operating Corp. (b)
10.38%, due 10/15/2007			1,540	1,579
Apparel Products	(0.3	%)
Levi Strauss & Co (b)
7.00%, due 11/01/2006			2,110	2,110
WestPoint Stevens Inc. (b) (e)
7.88%, due 06/15/2005			1,895	2
7.88%, due 06/15/2008			1,000	1
Automotive	(2.4	%)
Advanced Accessory Systems, LLC - 144A
10.75%, due 06/15/2011			1,320	1,241
Dana Corporation
6.50%, due 03/01/2009			500	529
10.13%, due 03/15/2010			1,045	1,186
9.00%, due 08/15/2011			720	869
7.00%, due 03/01/2029			2,575	2,588
Dura Operating Corporation (b)
8.63%, due 04/15/2012			1,535	1,520
Metaldyne Corporation
11.00%, due 06/15/2012 (b)			695	553
10.00%, due 11/01/2013 - 144A			1,025	953
Navistar International Corporation (b)
7.50%, due 06/15/2011			3,255	3,475
Tenneco Automotive Inc.
10.25%, due 07/15/2013			2,815	3,209
Beverages	(0.2	%)
Merisant Company - 144A
9.75%, due 07/15/2013			1,270	1,207

Business Credit Institutions	(1.5	%)
BCP Caylux Holdings Luxembourg SCA - 144A
9.63%, due 06/15/2014			1,210	1,307
eircom Funding
8.25%, due 08/15/2013			2,225	2,436
PCA LLC (PCA Finance Corporation)
11.88%, due 08/01/2009			1,910	2,044
REFCO Finance Holdings (b)
9.00%, due 08/01/2012			1,345	1,436
Safilo Capital International SA - 144A
9.63%, due 05/15/2013			2,670	3,160
Business Services	(2.2	%)
Hanover Compressor Company
9.00%, due 06/01/2014			495	543
Hanover Equipment Trust 2001B
8.75%, due 09/01/2011			2,305	2,518
Lamar Media Corp.
7.25%, due 01/01/2013			2,345	2,521
Muzak LLC (Muzak Finance Corporation) - 144A
10.00%, due 02/15/2009			2,045	1,810
United Rentals (North America), Inc.
6.50%, due 02/15/2012			1,330	1,280
7.75%, due 11/15/2013 (b)			2,145	2,011
7.00%, due 02/15/2014 (b)			1,510	1,340
Williams Scotsman, Inc.
9.88%, due 06/01/2007			2,625	2,513
10.00%, due 08/15/2008			560	601
Chemicals & Allied Products	(5.7	%)
Acetex Corporation
10.88%, due 08/01/2009			1,695	1,865
Century Aluminum Company
7.50%, due 08/15/2014			1,555	1,637
Equistar Chemicals, LP
10.63%, due 05/01/2011			4,245	4,838
Hercules Incorporated- 144A
6.75%, due 10/15/2029			2,030	2,071
Huntsman ICI Chemicals LLC (b)
10.13%, due 07/01/2009			3,315	3,481
Huntsman International LLC
9.88%, due 03/01/2009			2,040	2,249
IMC Global Inc.
10.88%, due 08/01/2013			2,200	2,778
JohnsonDiversey Holdings, Inc. (j)
Zero Coupon, due 05/15/2013			2,560	2,112
JohnsonDiversey, Inc.
9.63%, due 05/15/2012			4,010	4,490
Lyondell Chemical Company
9.50%, due 12/15/2008			1,200	1,310
11.13%, due 07/15/2012 (b)			2,065	2,395
Nalco Company
7.75%, due 11/15/2011			675	716
8.88%, due 11/15/2013 (b)			460	495
NOVA Chemicals Corporation
6.50%, due 01/15/2012			2,030	2,096
Resolution Performance Products LLC (b)
13.50%, due 11/15/2010			1,340	1,300
Revlon Consumer Products Corporation (b)
8.63%, due 02/01/2008			2,110	1,794
Rockwood Specialties Group, Inc.
10.63%, due 05/15/2011			1,400	1,540
SGL Carbon Luxembourg SA - 144A
8.50%, due 02/01/2012			700	904
Sovereign Specialty Chemicals, Inc.
11.88%, due 03/15/2010			80	84
Sterling Chemicals, Inc. (d) (e) (f)
Zero Coupon, due 08/15/2006			40	—
Zero Coupon, due 04/01/2007			50	—

Commercial Banks	(0.0	%)
ASPropulsion Capital BV - 144A
9.63%, due 10/01/2013			150	198
Communication	(6.3	%)
American Tower Corporation
9.38%, due 02/01/2009			491	520
Cablevision Systems Corporation - 144A (b)
8.00%, due 04/15/2012			2,750	2,874
Charter Communications Holdings LLC
8.63%, due 04/01/2009 (b)			8,935	6,947
8.75%, due 11/15/2013			950	932
9.92%, due 04/01/2011 (b) (j)			5,420	4,172
Charter Communications Operating LLC
(Charter Communications Operating Capital Corp.) - 144A
8.38%, due 04/30/2014			930	924
Crown Castle International Corp.
7.50%, due 12/01/2013			1,985	2,079
CSC Holdings, Inc.
8.13%, due 07/15/2009			1,000	1,063
8.13%, due 08/15/2009			4,390	4,663
6.75%, due 04/15/2012 - 144A			1,650	1,654
DIRECTTV Holdings Finance
8.38%, due 03/15/2013			1,265	1,439
Echostar DBS Corporation
6.38%, due 10/01/2011			3,180	3,220
FrontierVision Operating Partners, L.P. (e)
11.00%, due 10/15/2006			1,730	2,154
GCI, Inc.
7.25%, due 02/15/2014			2,015	1,975
Innova S. de R.L.
9.38%, due 09/19/2013			1,650	1,794
Insight Midwest LP (b)
9.75%, due 10/01/2009			1,270	1,327
Mediacom Broadband LLC (Mediacom Communications Corporation)
11.00%, due 07/15/2013			1,570	1,672
Mediacom LLC (Mediacom Capital Corporation)
9.50%, due 01/15/2013			305	294
Renaissance Media Group LLC (h)
10.00%, due 04/15/2008			945	973
XM Satellite Radio Inc. (b)
12.00%, due 06/15/2010			1,765	2,065
Communications Equipment	(2.0	%)
Alamosa (Delaware), Inc.
11.00%, due 07/31/2010			1,657	1,877
Zero Coupon, due 07/31/2009 (h)			1,432	1,475
American Tower Corporation
7.13%, due 10/15/2012			1,320	1,307
American Towers, Inc.
7.25%, due 12/01/2011			525	546
L-3 Communications Corporation
7.63%, due 06/15/2012			2,600	2,860
Lucent Technologies Inc. (b)
5.50%, due 11/15/2008			2,140	2,140
Nortel Networks Corporation
6.13%, due 02/15/2006			3,390	3,458
Computer & Data Processing Services	(0.0	%)
Kronos Incorporated
8.88%, due 06/30/2009			100	134
Computer & Office Equipment	(0.7	%)
General Binding Corporation
9.38%, due 06/01/2008			1,305	1,328
Xerox Corporation
7.63%, due 06/15/2013			3,180	3,434
Construction	(1.0	%)
D.R. Horton, Inc.
8.00%, due 02/01/2009			2,550	2,894

Technical Olympic USA, Inc.
9.00%, due 07/01/2010		670	734
WCI Communities, Inc. (b)
7.88%, due 10/01/2013		3,000	3,180
Department Stores	(0.3%)
Saks Incorporated
7.00%, due 12/01/2013		1,899	1,937
Drug Stores & Proprietary Stores	(0.9%)
Duane Reade Inc (b)
9.75%, due 08/01/2011		1,305	1,233
Rite Aid Corporation
9.50%, due 02/15/2011		1,585	1,744
9.25%, due 06/01/2013 (b)		2,715	2,783
Electric Services	(5.6%)
AES Corporation (The) - 144A
8.75%, due 05/15/2013		4,190	4,723
9.00%, due 05/15/2015 (b)		1,600	1,804
Allegheny Energy Supply Company, LLC - 144A (b)
8.25%, due 04/15/2012		2,645	2,923
Calpine Canada Energy Finance ULC (b)
8.50%, due 05/01/2008		1,330	918
Calpine Corporation - 144A (b)
8.75%, due 07/15/2013		5,055	3,817
Dynegy Holdings Inc. - 144A
9.88%, due 07/15/2010		2,475	2,797
Edison Mission Energy
7.73%, due 06/15/2009		1,400	1,470
Empresa Nacional de Electricidad SA
8.35%, due 08/01/2013		1,700	1,898
FirstEnergy Corp.
6.45%, due 11/15/2011		3,000	3,273
Mirant Corporation (e)
0.00%, due 05/01/2011		1,300	1,144
Mission Energy Holding Company
13.50%, due 07/15/2008		1,340	1,695
MSW Energy Holdings LLC
7.38%, due 09/01/2010		1,200	1,260
NRG Energy, Inc. - 144A
8.00%, due 12/15/2013		3,720	3,985
PSEG Energy Holdings Inc.
8.63%, due 02/15/2008		800	882
PSEG Energy Holdings LLC
7.75%, due 04/16/2007		2,035	2,172
Reliant Resources, Inc.
9.25%, due 07/15/2010		1,870	2,008
9.50%, due 07/15/2013		1,270	1,380
Electric, Gas & Sanitary Services	(1.3%)
CMS Energy Corporation (b)
8.50%, due 04/15/2011		2,395	2,611
Midwest Generation, LLC
8.75%, due 05/01/2034		2,570	2,801
Nevada Power Company - 144A
6.50%, due 04/15/2012		415	428
PG&E Corporation
6.88%, due 07/15/2008		410	444
Sierra Pacific Power Company - 144A
6.25%, due 04/15/2012		980	1,000
Sierra Pacific Resources - 144A
8.63%, due 03/15/2014		1,280	1,389
Electronic Components & Accessories	(0.6%)
Flextronics International Ltd.
6.50%, due 05/15/2013		3,245	3,318
ON Semiconductor Corporation
13.00%, due 05/15/2008		490	549

Environmental Services	(1.4%)
Allied Waste North America, Inc.
8.88%, due 04/01/2008		1,875	2,034
6.50%, due 11/15/2010 (b)		5,750	5,692
7.88%, due 04/15/2013		1,935	2,041
Fabricated Metal Products	(0.9%)
Atrium Companies, Inc.
10.50%, due 05/01/2009		900	945
Jacuzzi Brands, Inc.
9.63%, due 07/01/2010		680	751
Oxford Automotive, Inc. - 144A (b)
12.00%, due 10/15/2010		390	160
Remington Arms Company, Inc.
10.50%, due 02/01/2011		2,765	2,627
Werner Holdings Co., Inc. (b)
10.00%, due 11/15/2007		1,435	1,277
Food & Kindred Products	(1.0%)
Burns, Philp & Company Limited
9.75%, due 07/15/2012		3,100	3,317
Fisher Communications, Inc. - 144A
8.63%, due 09/15/2014		510	530
Michael Foods, Inc.
8.00%, due 11/15/2013		1,405	1,472
United Biscuits Finance PLC
10.63%, due 04/15/2011		900	1,202
Food Stores	(0.6%)
Couche-Tard U.S. L.P. (Couche-Tard Financing Corp.)
7.50%, due 12/15/2013		3,875	4,126
Furniture & Fixtures	(0.6%)
BE Aerospace, Inc. (b)
9.50%, due 11/01/2008		1,000	1,035
8.88%, due 05/01/2011		2,650	2,683
Gas Production & Distribution	(2.5%)
ANR Pipeline Company
9.63%, due 11/01/2021		900	1,071
El Paso Corporation (b)
7.00%, due 05/15/2011		4,780	4,612
El Paso Natural Gas Company
7.63%, due 08/01/2010		2,760	2,953
GulfTerra Energy Partners, L.P.
8.50%, due 06/01/2010		1,534	1,785
Williams Companies, Inc. (The)
7.13%, due 09/01/2011		5,610	6,157
Health Services	(3.2%)
Alliance Imaging, Inc. (b)
10.38%, due 04/15/2011		2,020	2,194
Beverly Enterprises, Inc. - 144A
7.88%, due 06/15/2014		1,440	1,541
Extendicare Health Services, Inc.
6.88%, due 05/01/2014		1,130	1,153
HCA Inc.
7.88%, due 02/01/2011		5,755	6,508
Insight Health Services Corp. (b)
9.88%, due 11/01/2011		1,675	1,675
Mariner Health Care, Inc. - 144A
8.25%, due 12/15/2013		2,030	2,182
MedCath Holdings Corp.
9.88%, due 07/15/2012		575	601
Tenet Healthcare Corporation
6.50%, due 06/01/2012		2,210	1,978
9.88%, due 07/01/2014 - 144A		1,925	2,012
US Oncology, Inc. - 144A
10.75%, due 08/15/2014		1,630	1,675

Holding & Other Investment Offices	(0.5%)
Lighthouse International Co SA - 144A
8.00%, due 04/30/2014		2,750	3,335
Hotels & Other Lodging Places	(1.8%)
Hilton Hotels Corporation
7.63%, due 12/01/2012		1,840	2,139
Host Marriott, L.P.
7.13%, due 11/01/2013		1,050	1,103
MeriStar Hospitality Corporation (b)
10.50%, due 06/15/2009		465	509
Park Place Entertainment Corporation
8.88%, due 09/15/2008		745	849
8.13%, due 05/15/2011		3,360	3,881
Starwood Hotels & Resorts Worldwide, Inc.
7.88%, due 05/01/2012		2,955	3,343
Industrial Machinery & Equipment	(4.2%)
American Standard Companies Inc.
7.38%, due 02/01/2008		1,260	1,377
AMSTED Industries Incorporated - 144A
10.25%, due 10/15/2011		2,915	3,207
CNH New Holland, Inc. - 144A
9.25%, due 08/01/2011		1,755	1,966
Gulfmark Offshore, Inc. - 144A
7.75%, due 07/15/2014		1,630	1,650
Invensys PLC - 144A (b)
9.88%, due 03/15/2011		985	1,010
JLG Industries, Inc.
8.25%, due 05/01/2008		2,630	2,801
Joy Global Inc.
8.75%, due 03/15/2012		1,835	2,074
Manitowoc Company, Inc. (The)
10.38%, due 05/15/2011		1,475	2,052
10.50%, due 08/01/2012		1,880	2,167
Milacron Escrow Corporation - 144A (b)
11.50%, due 05/15/2011		2,125	2,253
Rexnord Corporation
10.13%, due 12/15/2012		1,715	1,938
SPX Corporation
7.50%, due 01/01/2013		1,810	1,839
Terex Corporation (b)
10.38%, due 04/01/2011		2,865	3,237
Thermadyne Holdings Corporation
9.25%, due 02/01/2014		1,100	1,070
Instruments & Related Products	(0.6%)
Da-Lite Screen Company, Inc. - 144A
9.50%, due 05/15/2011		1,915	2,020
Dresser, Inc.
9.38%, due 04/15/2011		1,755	1,931
Leather & Leather Products	(0.3%)
Samsonite Corporation - 144A
8.88%, due 06/01/2011		1,905	1,991
Lumber & Wood Products	(1.5%)
Georgia-Pacific Corporation
9.38%, due 02/01/2013		5,705	6,718
Nortek, Inc. - 144A (b)
8.50%, due 09/01/2014		1,405	1,472
Ply Gem Industries, Inc. - 144A
9.00%, due 02/15/2012		1,970	1,965
Management Services	(0.3%)
Corrections Corporation of America
9.88%, due 05/01/2009		315	352
7.50%, due 05/01/2011		1,050	1,109
GEO Group, Inc. (The)
8.25%, due 07/15/2013		760	784

Manufacturing Industries	(0.6%)
K2 Corporation - 144A
7.38%, due 07/01/2014		1,880	1,993
TD Funding Corporation
8.38%, due 07/15/2011		1,910	2,044
Metal Cans & Shipping Containers	(0.9%)
Crown European Holdings SA
9.50%, due 03/01/2011		2,120	2,364
10.88%, due 03/01/2013		2,935	3,412
Mining	(0.8%)
Foundation Pa Coal Co.
7.25%, due 08/01/2014		1,820	1,934
Peabody Energy Corporation
6.88%, due 03/15/2013		1,850	1,998
5.88%, due 04/15/2016		1,415	1,397
Motion Pictures	(0.9%)
AMC Entertainment Inc. (b)
9.50%, due 02/01/2011		1,261	1,296
LCE Acquisition Corp.
9.00%, due 08/01/2014		1,950	2,013
Marquee Entertainment Inc. (b)
8.63%, due 08/15/2012		2,505	2,655
Motor Vehicles, Parts & Supplies	(0.4%)
TRW Automotive Inc.
9.38%, due 02/15/2013		1,821	2,080
11.00%, due 02/15/2013		725	863
Oil & Gas Extraction	(4.1%)
Belden & Blake Corporation - 144A
8.75%, due 07/15/2012		1,315	1,400
Chesapeake Energy Corporation.
8.13%, due 04/01/2011		1,230	1,347
7.00%, due 08/15/2014		867	917
6.88%, due 01/15/2016		2,930	3,062
Crystal Holding, L.L.C. (b) (h)
Zero Coupon, due 10/01/2014		3,150	1,882
Dynegy Inc. (b)
6.88%, due 04/01/2011		1,610	1,534
El Paso Production Holding Company
7.75%, due 06/01/2013		3,455	3,464
Encore Acquisition Company
8.38%, due 06/15/2012		1,085	1,210
6.25%, due 04/15/2014		370	370
Enterprise Products Operating L.P.
6.38%, due 02/01/2013		956	1,026
5.60%, due 10/15/2014		1,167	1,176
Gaz Capital SA (Gazprom) - 144A
8.63%, due 04/28/2034		1,700	1,806
Magnum Hunter Resources, Inc.
9.60%, due 03/15/2012		516	583
Newfield Exploration Company - 144A
6.63%, due 09/01/2014		670	698
OAO Gazprom - 144A
9.63%, due 03/01/2013		920	1,021
Ocean Rig ASA
10.25%, due 06/01/2008		1,515	1,545
Parker Drilling Company
9.63%, due 10/01/2013		480	535
Petroleum Geo-Services ASA
10.00%, due 11/05/2010		1,900	2,152
Plains Exploration & Production Company - 144A
7.13%, due 06/15/2014		955	1,024
Pride International, Inc. - 144A
7.38%, due 07/15/2014		1,245	1,382
SESI, LLC
8.88%, due 05/15/2011		95	104

Paper & Allied Products	(3.6	%)
Abitibi-Consolidated Inc.
8.55%, due 08/01/2010			4,115	4,412
Buckeye Technologies, Inc.
8.00%, due 10/15/2010 (b)			365	358
8.50%, due 10/01/2013			1,745	1,876
Corporacion Durango, SA de CV (e)
13.13%, due 08/01/2006			188	118
13.50%, due 08/01/2008			73	46
13.75%, due 07/15/2009 - 144A			2,435	1,534
Graphic Packaging Corporation
8.50%, due 08/15/2011			570	637
9.50%, due 08/15/2013			2,880	3,290
Mail-Well I Corporation
9.63%, due 03/15/2012			2,190	2,409
Norske Skog Canada Limited
8.63%, due 06/15/2011			1,740	1,888
7.38%, due 03/01/2014			1,110	1,160
Pliant Corporation
13.00%, due 06/01/2010			1,595	1,372
Zero Coupon, due 06/15/2009 (l)			240	205
Smurfit-Stone Container Corporation
8.25%, due 10/01/2012			1,790	1,973
Stone Container Finance Company of Canada II - 144A (b)
7.38%, due 07/15/2014			765	801
The Newark Group, Inc. - 144A
9.75%, due 03/15/2014			2,375	2,446
Paper & Paper Products	(0.4	%)
MDP Acquisitions PLC
9.63%, due 10/01/2012			2,335	2,639
Paperboard Containers & Boxes	(0.7	%)
Greif Bros. Corporation
8.88%, due 08/01/2012			2,390	2,665
Kappa Beheer BV
10.63%, due 07/15/2009			1,650	1,741
Petroleum & Coal Products	(0.4	%)
Building Materials Corporation of America
7.75%, due 08/01/2014			2,655	2,628
Petroleum Refining	(0.6	%)
CITGO Petroleum Corporation
11.38%, due 02/01/2011			1,445	1,701
Giant Industries, Inc.
8.00%, due 05/15/2014			755	770
Premcor Refining Group, Inc. (b)
7.75%, due 02/01/2012			1,540	1,679
Primary Metal Industries	(2.5	%)
Commonwealth Industries, Inc.
10.75%, due 10/01/2006			735	737
Ispat Inland ULC - 144A
9.75%, due 04/01/2014			2,495	2,751
Kaiser Aluminum & Chemical Corporation (e)
9.88%, due 02/15/2049			925	893
Oregon Steel Mills, Inc. (b)
10.00%, due 07/15/2009			1,560	1,704
Rhodia (b)
8.88%, due 06/01/2011			4,740	4,123
Russell Metals, Inc.
6.38%, due 03/01/2014			2,300	2,300
Steel Dynamics, Inc.
9.50%, due 03/15/2009			1,600	1,776
United States Steel Corporation
9.75%, due 05/15/2010			656	751
Valmont Industries Inc. - 144A
6.88%, due 05/01/2014			1,920	1,978

Printing & Publishing	(2.1	%)
Dex Media East LLC (Dex Media Finance Co.)
12.13%, due 11/15/2012			1,463	1,821
9.88%, due 08/15/2013			1,338	1,572
Dex Media, Inc.
Zero Coupon, due 11/15/2013			4,960	3,633
Hollinger Inc. - 144A
12.88%, due 03/01/2011			426	486
Houghton Mifflin Company (b)
9.88%, due 02/01/2013			1,210	1,271
MediaNews Group, Inc.
6.88%, due 10/01/2013			2,045	2,111
Primedia Inc.
8.88%, due 05/15/2011			1,280	1,280
8.00%, due 05/15/2013 - 144A			2,000	1,903
Radio & Television Broadcasting	(2.6	%)
Allbritton Communications Company
7.75%, due 12/15/2012			3,343	3,460
Emmis Operating Company, Inc. (b)
6.88%, due 05/15/2012			1,510	1,567
Granite Broadcasting Corporation (b)
9.75%, due 12/01/2010			3,595	3,325
Paxson Communications Corporation
10.75%, due 07/15/2008 (b)			850	854
Zero Coupon, due 01/15/2009 (k)			4,745	4,068
Spanish Broadcasting System, Inc.
9.63%, due 11/01/2009			1,840	1,932
Young Broadcasting Inc.
8.50%, due 12/15/2008			1,870	1,987
Railroads	(0.6	%)
Kansas City Southern
7.50%, due 06/15/2009			2,595	2,653
TFM, S.A. de C.V.
12.50%, due 06/15/2012			1,440	1,598
Residential Building Construction	(0.1	%)
Tech Olympic USA, Inc.
7.50%, due 03/15/2011			445	453
Retail Trade	(1.1	%)
AmeriGas Partners, L.P.
8.88%, due 05/20/2011			1,810	1,996
Cole National Group, Inc.
8.63%, due 08/15/2007			1,485	1,511
8.88%, due 05/15/2012			1,885	2,135
Finlay Fine Jewelry Corporation
8.38%, due 06/01/2012			1,840	1,978
Rubber & Misc. Plastic Products	(0.6	%)
Graham Packaging Company, L.P. (GPC Capital Corp. I) (b)
8.75%, due 01/15/2008			2,090	2,155
8.50%, due 10/15/2012 - 144A			520	530
Plastipak Holdings, Inc.
10.75%, due 09/01/2011			980	1,093
Portola Packaging, Inc.
8.25%, due 02/01/2012			295	232
Social Services	(0.3	%)
Kindercare Learning Centers, Inc.
9.50%, due 02/15/2009			2,177	2,207
Stone, Clay & Glass Products	(1.4	%)
Hexcel Corporation
9.88%, due 10/01/2008			470	526
9.75%, due 01/15/2009			2,820	2,961

Owens-Brockway Glass Container Inc.
8.88%, due 02/15/2009			1,930	2,099
8.75%, due 11/15/2012			2,300	2,553
8.25%, due 05/15/2013			1,085	1,156
Telecommunications	(8.2	%)
AT&T Corp.
8.05%, due 11/15/2011			2,871	3,212
Centennial Communications Corp.
10.13%, due 06/15/2013			2,445	2,573
Cincinnati Bell Inc. (b)
8.38%, due 01/15/2014			2,295	2,094
Citizens Communications Company
9.25%, due 05/15/2011			1,779	1,957
9.00%, due 08/15/2031			1,972	2,014
Dobson Communications Corporation (b)
8.88%, due 10/01/2013			920	593
Esprit Telecom Group PLC (d) (e)
10.88%, due 06/15/2008			15	—
MCI, Inc.
5.91%, due 05/01/2007			1,520	1,507
6.69%, due 05/01/2009			2,190	2,111
7.74%, due 05/01/2014			249	236
Nextel Communications, Inc. (b)
7.38%, due 08/01/2015			10,710	11,513
Qwest Capital Funding, Inc. (b)
7.25%, due 02/15/2011			2,860	2,553
Qwest Corporation - 144A
13.50%, due 12/15/2010			8,250	9,632
7.88%, due 09/01/2011			1,925	1,997
9.13%, due 03/15/2012			2,700	2,970
Rogers Wireless Inc.
6.38%, due 03/01/2014			1,115	1,026
Rural Cellular Corporation (b)
9.88%, due 02/01/2010			1,840	1,822
8.25%, due 03/15/2012 - 144A			485	493
Time Warner Telecom Inc.
10.13%, due 02/01/2011 (b)			1,540	1,478
9.25%, due 02/15/2014 (b)			2,205	2,194
UbiquiTel Inc.
9.88%, due 03/01/2011			1,900	1,978
US Unwired, Inc.
10.00%, due 06/15/2012			1,940	2,013
Textile Mill Products	(0.3	%)
Interface, Inc.
10.38%, due 02/01/2010			1,618	1,836
Transportation Equipment	(0.3	%)
Bombardier Recreational Products - 144A (b)
8.38%, due 12/15/2013			1,900	2,000
Trucking & Warehousing	(0.5	%)
Iron Mountain Incorporated
8.63%, due 04/01/2013			1,585	1,720
7.75%, due 01/15/2015			1,770	1,876
Variety Stores	(0.1	%)
Dollar General Corporation
8.63%, due 06/15/2010			390	449
Water Transportation	(0.4	%)
Royal Caribbean Cruises Ltd.
6.88%, due 12/01/2013			1,820	1,938
Stena AB
9.63%, due 12/01/2012			645	720
Wholesale Trade Durable Goods	(0.4	%)
Fisher Scientific International Inc.
8.13%, due 05/01/2012			2,265	2,525

Wholesale Trade Nondurable Goods	(0.5	%)
Roundy’s, Inc.
8.88%, due 06/15/2012			2,915		3,141
Total Corporate Debt Securities (cost: $592,662)					615,566
CONVERTIBLE BONDS	(0.2	%)
Industrial Machinery & Equipment	(0.2	%)
AGCO Corporation
6.88%, due 04/15/2014			1,230		1,513
(cost: $1,468)					1,513
			Shares	Value
CONVERTIBLE PREFERRED STOCKS	(0.2	%)
Automotive	(0.2	%)
Ford Motor Company Capital Trust II			26,180	$	1,369
Total Convertible Preferred Stocks (cost: $1,399)					1,369
PREFERRED STOCKS	(0.0	%)
Automotive	(0.0	%)
Hayes Lemmerz International, Inc.			12		1
Communication	(0.0	%)
PTV, Inc. (d)			2		—
Printing & Publishing	(0.0	%)
Primedia Inc. - Series H			1,400		116
Total Preferred Stocks (cost: $127)					117
COMMON STOCKS	(0.7	%)
Automotive	(0.0	%)
Hayes Lemmerz International, Inc. (a)			3,536		36
Hayes Lemmerz International, Inc. (a) (d)			80,000		—
Chemicals & Allied Products	(0.0	%)
Sterling Chemicals, Inc. - warrants, Expires 12/31/2008 (d) (f)			8		—
Sterling Chemicals, Inc. (a) (d)			7		—
Communication	(0.0	%)
XM Satellite Radio Inc. - warrants, Expires 03/15/2010			65		4
Electric, Gas & Sanitary Services	(0.2	%)
DPL Inc.			78,322		1,612
Fabricated Metal Products	(0.0	%)
Oxford Automotive, Inc. (a)			21		5

Industrial Machinery & Equipment	(0.0	%)
Thermadyne Holdings Corporation - Series B - warrants, Expires 05/23/2006 (d)				169		—
Thermadyne Holdings Corporation (a)				15,178		167
Paper & Allied Products	(0.0	%)
Pliant Corporation - warrants, Expires 06/01/2010 (d)				40		—
Telecommunications	(0.5	%)
CompleTel Europe NV (a)				21		1
GT Group Telecom Inc. - warrants, Expires 02/01/2010 (d)				200		—
Manitoba Telecom Services Inc - Class B (b)				238		8
MCI, Inc.				45,861		768
NTL Incorporated (a)				4,267		265
Telewest Global, Inc. (a) (b)				134,184		1,559
VersaTel Telecom International NV (a)				972		2
Total Common Stocks (cost: $5,138)						4,427
			Principal		Value
SECURITY LENDING COLLATERAL	(17.5	%)
Debt	(15.9	%)
Bank Notes	(0.6	%)
Bank of America Corporation
1.88%, due 10/19/2004			$	373	$	373
1.88%, due 12/23/2004				671		671
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005				745		745
Deutsche Bank AG
1.70%, due 10/12/2004				2,236		2,236
Commercial Paper	(4.7	%)
Clipper Receivables Corp.
1.79%, due 11/12/2004				1,118		1,118
Compass Securitization LLC - 144A
1.75%, due 10/19/2004				1,488		1,488
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004				3,721		3,721
1.75%, due 10/18/2004				740		740
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004				3,717		3,717
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004				1,114		1,114
General Electric Capital Corporation
1.76%, due 10/21/2004				2,607		2,607
Grampian Funding LLC - 144A
1.78%, due 10/19/2004				1,863		1,863
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004				769		769
Morgan Stanley
1.96%, due 12/10/2004				4,844		4,844
1.96%, due 03/16/2005				4,695		4,695
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004				1,861		1,861
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004				1,118		1,118
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004				1,118		1,118
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004				992		992
Euro Dollar Overnight	(1.0	%)
Dexia Bank SA
1.51%, due 10/01/2004				745		745
Fortis Bank
1.52%, due 10/01/2004				1,863		1,863
1.62%, due 10/05/2004				745		745

Wells Fargo & Company
1.60%, due 10/04/2004			3,339		3,339
Euro Dollar Terms	(3.4	%)
Bank Of Montreal
1.76%, due 10/25/2004			387		387
Bank Of Nova Scotia (The)
1.75%, due 10/21/2004			1,513		1,513
1.77%, due 10/25/2004			3,726		3,726
1.76%, due 11/12/2004			1,863		1,863
1.80%, due 11/23/2004			3,707		3,707
Bank of the West Inc.
1.79%, due 11/10/2004			745		745
Den Danske Bank
1.64%, due 10/08/2004			745		745
Fortis Bank
1.69%, due 10/14/2004			373		373
1.73%, due 10/15/2004			745		745
Harris Trust & Savings Bank
1.76%, due 10/29/2004			745		745
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			2,608		2,608
1.60%, due 10/15/2004			1,118		1,118
1.65%, due 10/29/2004			559		559
1.67%, due 11/02/2004			75		75
1.88%, due 12/23/2004			1,960		1,960
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			1,863		1,863
Master Notes	(0.6	%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			1,490		1,490
2.01%, due 06/05/2005			2,236		2,236
Repurchase Agreements	(5.6	%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004
to be repurchased at $8,719 on 10/01/2004			8,719		8,719
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004
to be repurchased at $3,800 on 10/01/2004			3,800		3,800
1.94%, Repurchase Agreement dated 09/30/2004
to be repurchased at $3,964 on 10/01/2004			3,964		3,964
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004
to be repurchased at $14,032 on 10/01/2004			14,032		14,032
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004
to be repurchased at $7,452 on 10/01/2004			7,452		7,452
			Shares	Value
Investment Companies	(1.6	%)
Money Market Funds	(1.6	%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			2,857,904	$	2,858
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			2,203,100		2,203
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			5,894,571		5,895
Total Security Lending Collateral (cost: $117,863)					117,863
Total Investment Securities (cost: $736,226)				$	759,055

SUMMARY:
Investments, at value	112.6	%	$	759,055
Liabilities in excess of other assets	-12.6	%		(85,151	)
Net assets	100.0	%	$	673,904

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar	(195	)	11/15/2004	$	(238	)	$	(4	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $115,039.

^(c) Cash collateral for the Repurchase Agreements, valued at $38,728, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) Value is less than $1.

^(e) Securities are currently in default on interest payments.

^(f) Securities valued as determined in good faith in accordance with procedures established by the Fund’s Board of Directors.

^(g) Floating or variable rate note. Rate is listed as of September 30, 2004.

^(h) Securities are stepbonds. Alomosa Delaware, Inc. has a coupon rate 0.00% until 07/31/2005, thereafter the coupon rate will be 12.00%.

⁽ⁱ⁾ Securities are stepbonds. Crystal US Holdings/US has a coupon rate 0.00% until 10/01/2009, thereafter the coupon rate will be 10.50%.

^(j) Securities are stepbonds. Johnson Diversey Hold, Inc. has a coupon rate 0.00% until 05/15/2007, thereafter the coupon rate will be 10.67%.

^(k) Securities are stepbonds. Paxson Comm has a coupon rate 0.00% until 01/15/2006, thereafter the coupon rate will be 12.25%.

^(l) Securities are stepbonds. Pliant Corp has a coupon rate 0.00% until 12/15/2006, thereafter the coupon rate will be 11.125%.

^(m) Securities are stepbonds. Dex Media, Inc. has a coupon rate 0.00% until 11/15/08, thereafter the coupon rate will be 9.00%.

DEFINITIONS:

144A  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $110,547 or 16.4% of the net assets of the Fund.

Munder Net50

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(93.9%)
Business Services	(28.8%)
Akamai Technologies, Inc. (a)(b)		194,200	$	2,729
aQuantive, Inc. (a)		52,200		504
Ask Jeeves, Inc. (a)(b)		99,300		3,248
Bankrate, Inc. (a)		9,000		101
Ctrip.com International, Ltd. - ADR (a)(b)		18,800		652
Digital Insight Corporation (a)		145,400		1,982
eBay Inc. (a)(b)		51,100		4,698
FindWhat.com (a)(b)		30,800		577
Getty Images, Inc. (a)(b)		43,000		2,378
KongZhong Corporation - ADR (a)		65,000		437
Monster Worldwide, Inc. (a)		189,900		4,679
NetEase.com, Inc. - ADR (a)(b)		28,800		1,092
Shanda Interactive Entertainment Limited - ADR (a)(b)		16,000		384
Websense, Inc. (a)		32,100		1,338
Communications Equipment	(1.9%)
QUALCOMM Incorporated		42,200		1,647
Computer & Data Processing Services	(25.7%)
Blackboard Inc. (a)		5,100		88
Check Point Software Technologies, Ltd. (a)		8,800		149
lastminute.com plc (a)		149,600		379
Linktone Ltd - ADR (a)(b)		44,600		368
Macromedia, Inc. (a)		20,700		416
Microsoft Corporation		103,100		2,851
MicroStrategy Incorporated - warrants, Expires 06/24/2007 (e)		35		—
Oracle Corporation (a)		158,700		1,790
Red Hat, Inc. (a)(b)		57,700		706
salesforce.com, inc. (a)(b)		15,800		247
SINA Corporation (a)(b)		60,700		1,547
Sohu.com Inc. (a)(b)		38,700		644
Symantec Corporation (a)		10,800		593
TIBCO Software Inc. (a)		116,700		993
TOM Online Inc. - ADR (a)(b)		36,100		408
T-Online International AG (a)		21,600		235
VeriSign, Inc. (a)		202,000		4,016
VERITAS Software Corporation (a)		36,919		657
Yahoo! Inc. (a)		179,500		6,087
Computer & Office Equipment	(10.5%)
Apple Computer, Inc. (a)		7,200		279
Cisco Systems, Inc. (a)		134,600		2,436
Dell Inc. (a)		44,900		1,598
EMC Corporation (a)		127,700		1,474
Juniper Networks, Inc. (a)(b)		56,757		1,339
Lexmark International, Inc. (a)		9,200		773
Network Appliance, Inc. (a)(b)		41,900		964
SurfControl PLC (a)		16,400		169
Educational Services	(1.1%)
Apollo Group, Inc. - Class A (a)		12,937		949

Management Services	(0.5%)
Harris Interactive Inc. (a)			61,000		402
Motion Pictures	(3.7%)
CNET Networks, Inc. (a)(b)			170,400		1,559
Macrovision Corporation (a)			26,400		636
Netflix, Inc. (a)(b)			43,100		665
Time Warner Inc. (a)(b)			23,500		379
Personal Services	(0.1%)
eDiets.com, Inc. (a)(b)			35,500		124
Public Administration	(0.0%)
51job, Inc. - ADR			450		9
Radio & Television Broadcasting	(3.8%)
IAC/InterActive Corp (a)(b)			149,527		3,293
Real Estate	(0.4%)
Homestore, Inc. (a)			137,700		318
Retail Trade	(9.2%)
1-800-FLOWERS.COM, Inc. - Class A (a)			125,400		1,041
Amazon.com, Inc. (a)			64,800		2,648
Autobytel, Inc. (a)(b)			149,200		1,338
Blue Nile, Inc. (a)(b)			7,900		266
priceline.com Incorporated (a)(b)			91,600		2,031
Provide Commerce, Inc. (a)			30,900		646
Savings Institutions	(0.3%)
Bank United Corp. - Litigation Contingent Payment Rights Trust (a)(e)			600		—
NetBank, Inc.			27,900		279
Security & Commodity Brokers	(4.9%)
Ameritrade Holding Corporation (a)			233,100		2,800
E*TRADE Financial Corporation (a)			129,000		1,473
Telecommunications	(0.0%)
Tencent Holdings Limited (a)			34,000		17
Transportation & Public Utilities	(0.2%)
ebookers PLC (a)			42,200		170
Wholesale Trade Durable Goods	(2.8%)
Digital River, Inc. (a)			81,500		2,427
Total Common Stocks (cost: $ 76,084)					81,122
		Principal		Value
SHORT-TERM OBLIGATIONS	(4.9%)
Investors Bank & Trust Company (d)
1.27%, Repurchase Agreement dated 09/30/2004 to be repurchased at $4,234 on 10/01/2004		$	4,234	$	4,234
Total Short-Term Obligations (cost: $ 4,234)					4,234

SECURITY LENDING COLLATERAL	(24.5%)
Debt	(22.2%)
Bank Notes	(0.8%)
Bank of America Corporation
1.88%, due 10/19/2004		$	67	$	67
1.88%, due 12/23/2004			121		121
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			134		134
Deutsche Bank AG
1.70%, due 10/12/2004			402		402
Commercial Paper	(6.6%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			201		201
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			268		268
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			669		669
1.75%, due 10/18/2004			133		133
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			668		668
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			200		200
General Electric Capital Corporation
1.76%, due 10/21/2004			469		469
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			335		335
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			138		138
Morgan Stanley
1.96%, due 12/10/2004			871		871
1.96%, due 03/16/2005			844		844
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			335		335
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			201		201
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			201		201
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			178		178
Euro Dollar Overnight	(1.4%)
Dexia Bank SA
1.51%, due 10/01/2004			134		134
Fortis Bank
1.52%, due 10/01/2004			335		335
1.62%, due 10/05/2004			134		134
Wells Fargo & Company
1.60%, due 10/04/2004			600		600
Euro Dollar Terms	(4.7%)
Bank Of Montreal
1.76%, due 10/25/2004			70		70
Bank Of Nova Scotia (The)
1.75%, due 10/21/2004			272		272
1.77%, due 10/25/2004			670		670
1.76%, due 11/12/2004			335		335
1.80%, due 11/23/2004			667		667
Bank of the West Inc.
1.79%, due 11/10/2004			134		134
Den Danske Bank
1.64%, due 10/08/2004			134		134
Fortis Bank
1.69%, due 10/14/2004			67		67
1.73%, due 10/15/2004			134		134
Harris Trust & Savings Bank
1.76%, due 10/29/2004			134		134
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			469		469
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/15/2004			201		201
1.65%, due 10/29/2004			101		101
1.67%, due 11/02/2004			13		13
1.88%, due 12/23/2004			352		352

Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			335		335
Master Notes	(0.8%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			268		268
2.01%, due 06/05/2005			402		402
Repurchase Agreements	(7.9%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,568 on 10/01/2004			1,568		1,568
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $684 on 10/01/2004			684		684
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $713 on 10/01/2004			713		713
Merrill Lynch & Co., Inc.
1.92%, Repurchased Agreement dated 09/30/2004 to be repurchased at $2,524 on 10/01/2004			2,524		2,524
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,340 on 10/01/2004			1,340		1,340
			Shares	Value
Investment Companies	(2.3%)
Money Market Funds	(2.3%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			514,006	$	514
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			396,237		396
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			1,060,164		1,060
Total Security Lending Collateral (cost: $21,195)					21,195
Total Investment Securities (cost: $101,513)				$	106,551
SUMMARY:
Investments, at value			123.3%	$	106,551
Liabilities in excess of other assets			(23.3)%		(20,148	)
Net assets			100.0%	$	86,403

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 19,622.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 6,965, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) At September 30, 2004, repurchase agreements are collateralized by $ 5,348 SBA Pool #505564 (4.625 %, due 08/25/2026) with a market value and accrued interest of $ 4,446.

^(e) Value is less than $ 1.

DEFINITIONS:

ADR  American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $3,326 or 3.80% of the net assets of the Fund.

AEGON/Transamerica Series Fund, Inc.

PIMCO Total Return

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS	(6.1%)
U.S. Treasury Note
1.88%, due 01/31/2006			16,800		16,700
U.S. Treasury Bond
4.88%, due 02/15/2012 (a)		$	7,560	$	8,057
2.38%, due 01/15/2025			4,361		4,544
U.S. Treasury Inflation Index
3.38%, due 01/15/2007			5,846		6,246
3.50%, due 01/15/2011			1,143		1,293
3.38%, due 01/15/2012			3,840		4,352
3.88%, due 04/15/2029			3,238		4,295
Total U.S. Government Obligations (cost: $45,008 )					45,487
U.S. GOVERNMENT AGENCY OBLIGATIONS	(26.3%)
Fannie Mae
3.00%, due 08/25/2009			700		699
3.59%, due 01/01/2028 (g)			258		265
Fannie Mae - October TBA
5.00%, due 10/01/2019			29,700		30,164
5.00%, due 10/01/2034			10,700		10,586
5.50%, due 10/01/2034			82,300		83,380
Fannie Mae - Conventional Pool
5.50%, due 03/01/2016			480		498
5.50%, due 07/01/2016			527		546
5.50%, due 11/01/2016			156		162
5.50%, due 11/01/2016			396		410
5.50%, due 12/01/2016			16		17
5.50%, due 12/01/2016			355		368
6.00%, due 01/01/2017			11		11
5.50%, due 02/01/2017			207		214
5.50%, due 02/01/2017			1,982		2,053
5.50%, due 03/01/2017			433		448
5.50%, due 04/01/2017			77		79
5.50%, due 04/01/2017			105		109
5.50%, due 04/01/2017			256		265
5.50%, due 04/01/2017			270		280
6.00%, due 05/01/2017			8		9
5.50%, due 05/01/2017			127		131
5.50%, due 06/01/2017			103		106
6.00%, due 06/01/2017			345		362
5.50%, due 08/01/2017			224		232
5.50%, due 09/01/2017			298		308
5.50%, due 09/01/2017			326		337
5.50%, due 09/01/2017			1,748		1,811
5.50%, due 11/01/2017			43		44
5.50%, due 11/01/2017			47		48
5.50%, due 11/01/2017			55		57
5.50%, due 11/01/2017			293		304
5.50%, due 11/01/2017			1,834		1,899
5.50%, due 01/01/2018			429		445
5.50%, due 02/01/2018			20		21
5.00%, due 02/01/2018			33		33
5.50%, due 02/01/2018			537		556
5.00%, due 05/01/2018			789		803
5.50%, due 06/01/2018			732		758
5.00%, due 08/01/2018			360		366
6.50%, due 07/01/2032			786		825
5.50%, due 11/01/2033			266		270
5.50%, due 11/01/2033			888		902
5.50%, due 11/01/2033			5,831		5,920
5.50%, due 12/01/2033			453		460
5.50%, due 12/01/2033			970		985
5.50%, due 01/01/2034			1,259		1,277

5.50%, due 02/01/2034	1,474	1,495
5.50%, due 04/01/2034	3,782	3,837
5.50%, due 05/01/2034	2,953	2,997
5.17%, due 04/01/2033 (g)	360	369
Freddie Mac
5.00%, due 09/15/2016	825	844
6.00%, due 12/15/2007	144	146
6.00%, due 08/15/2027	16	16
6.50%, due 12/15/2028	226	226
2.11%, due 12/15/2029 (g)	397	397
6.50%, due 02/15/2030	205	209
6.50%, due 07/25/2043	454	479
Freddie Mac - Conventional Pool (g)
3.61%, due 08/01/2023	318	329
Ginnie Mae - FHA/VA Pool
6.50%, due 02/15/2029	35	37
6.50%, due 02/15/2029	170	179
6.50%, due 03/15/2029	70	74
6.50%, due 03/15/2029	263	278
6.50%, due 04/15/2029	13	14
6.50%, due 05/15/2029	26	28
6.50%, due 07/15/2029	12	13
6.50%, due 09/15/2029	185	196
5.50%, due 11/15/2032	14	14
5.50%, due 11/15/2032	510	520
5.50%, due 11/15/2032	805	821
5.50%, due 12/15/2032	497	507
5.50%, due 12/15/2032	1,441	1,470
5.00%, due 03/15/2033	198	198
5.50%, due 03/15/2033	398	406
5.50%, due 04/15/2033	434	443
5.50%, due 05/15/2033	307	313
5.50%, due 05/15/2033	384	391
5.00%, due 05/15/2033	629	628
5.50%, due 05/15/2033	653	666
5.00%, due 06/15/2033	198	197
5.50%, due 06/15/2033	67	68
5.50%, due 06/15/2033	447	456
5.50%, due 06/15/2033	451	460
5.50%, due 06/15/2033	646	659
5.00%, due 07/15/2033	21	21
5.00%, due 07/15/2033	259	258
5.00%, due 07/15/2033	489	487
5.00%, due 07/15/2033	658	656
5.00%, due 07/15/2033	708	707
5.50%, due 07/15/2033	1,073	1,094
5.50%, due 07/15/2033	4,897	4,993
5.00%, due 08/15/2033	196	195
5.00%, due 08/15/2033	225	225
5.00%, due 08/15/2033	225	224
5.00%, due 08/15/2033	226	226
5.00%, due 08/15/2033	232	231
5.00%, due 08/15/2033	233	232
5.00%, due 08/15/2033	235	235
5.00%, due 08/15/2033	250	249
5.00%, due 08/15/2033	613	611
5.00%, due 08/15/2033	616	615
5.00%, due 08/15/2033	635	633
5.00%, due 08/15/2033	666	664
5.00%, due 08/15/2033	671	669
5.00%, due 08/15/2033	705	703
5.00%, due 08/15/2033	735	734
5.50%, due 08/15/2033	656	669
5.00%, due 09/15/2033	232	232
5.00%, due 09/15/2033	233	232
5.00%, due 09/15/2033	272	272
5.00%, due 09/15/2033	567	565
5.00%, due 09/15/2033	595	594
5.00%, due 09/15/2033	690	688
5.50%, due 09/15/2033	625	637
5.50%, due 10/15/2033	375	382
5.50%, due 11/15/2033	335	341
5.50%, due 11/15/2033	369	376
5.50%, due 11/15/2033	438	446
5.50%, due 11/15/2033	450	459
5.50%, due 11/15/2033	454	463
5.50%, due 12/15/2033	334	341
5.50%, due 12/15/2033	473	482
5.50%, due 12/15/2033	601	612
5.50%, due 12/15/2033	918	936
5.50%, due 01/15/2034	794	809
5.50%, due 02/15/2034	234	238
5.50%, due 02/15/2034	335	341
5.50%, due 02/15/2034	496	505
5.50%, due 02/15/2034	803	818
Ginnie Mae - October TBA
5.50%, due 10/01/2034	600	610

Ginnie Mae - Series 2002-40
6.50%, due 06/20/2032			12	12
Total U.S. Government Agency Obligations (cost: $197,109)				196,925
FOREIGN GOVERNMENT OBLIGATIONS	(5.1	%)
European Investment Bank
0.88%, due 11/08/2004			144,000	1,308
Federal Republic of Germany
4.50%, due 07/04/2009			6,000	7,848
Federative Republic of Brazil
2.06%, due 04/15/2006 (g)			1,248	1,245
11.50%, due 03/12/2008			84	97
2.13%, due 04/15/2009 (g)			2,417	2,362
11.00%, due 01/11/2012			350	402
2.13%, due 04/15/2012 (g)			471	436
8.00%, due 04/15/2014			1,349	1,334
8.88%, due 04/15/2024			350	332
12.25%, due 03/06/2030			350	432
Hong Kong Special Admistrative Region - 144A
5.13%, due 08/01/2014			2,700	2,780
Republic of Italy
5.00%, due 12/15/2004			520,000	4,766
Republic of Panama
8.25%, due 04/22/2008			10	11
Republic of Peru
9.13%, due 02/21/2012			120	134
9.88%, due 02/06/2015			2,000	2,300
4.50%, due 03/07/2017 (g)			750	666
Republic of South Africa
5.25%, due 05/16/2013			565	708
6.50%, due 06/02/2014			1,200	1,281
Russian Federation
8.75%, due 07/24/2005			2,759	2,880
5.00%, due 03/31/2030 (h)			4,629	4,454
United Mexican States
2.29%, due 01/13/2009 (g)			930	939
8.38%, due 01/14/2011			20	23
8.38%, due 01/14/2011			1,250	1,466
Total Foreign Government Obligations (cost: $36,263)				38,204
LONG-TERM MUNICIPAL BONDS (2.4%)
General Obligation-County	(.4%)
Baltimore County, General Obligation Bonds
5.00%, due 08/01/2012			1,000	1,119
Montgomery County Construction Public Improvement, General Obligation Bonds, Series A 5.00%, due 04/01/2011			1,900	2,118
Holding & Other Investment Offices	(0.1%)
Rabobank Nederland - 144A (g)
5.26%, due 12/31/2049			1,000	1,009
Revenue-Building Authority	(0.1%)
Michigan State Building Authority, Revenue Bonds, Series I
5.25%, due 10/15/2013			950	1,083
Revenue-Pollution Control	(0.1%)
New York State Environmental Facilities, Revenue Bonds
5.00%, due 06/15/2032			240	246
5.00%, due 07/15/2033			70	72
Rhode Island Clean Water Financing Agency, Revenue Bonds, Series A
5.00%, due 10/01/2028			610	624
Revenue-Special	(0.5%)
California State Economic Recovery, Revenue Bonds
5.25%, due 01/01/2010			130	144
5.25%, due 01/01/2011			130	145
5.00%, due 07/01/2011			130	144
5.00%, due 07/01/2012			270	301
5.25%, due 07/01/2012			260	292
5.25%, due 07/01/2013			800	900
5.25%, due 07/01/2013			130	147
New York City Transitional Finance Authority, Revenue Bonds, Series C
5.00%, due 02/01/2033			1,900	1,930
Revenue-Tobacco	(0.4%)
Golden State Tobacco Securitization Corporation, California, Revenue Bonds, Series 2003-A-1
6.75%, due 06/01/2039			460	444
Iowa Tobacco Settlement Authority, Revenue Bonds, Series B
5.60%, due 06/01/2035			705	572
Tobacco Settlement Financing Corporation
5.88%, due 05/15/2039			100	85
6.75%, due 06/01/2039			260	249
Tobacco Settlement Financing Corporation, New Jersey, Revenue Bonds
6.38%, due 06/01/2032			2,175	2,019
Revenue-Transportation	(0.3%)
New Jersey State Transit Authority, Revenue Bonds, Series C
5.00%, due 06/15/2011			690	758
Phoenix, Arizona, Street & Highway User, Revenue Bonds
5.00%, due 07/01/2009			1,300	1,431
Revenue-Utilities	(0.5%)
JEA Florida Water & Sewer System, Revenue Bonds
5.00%, due 10/01/2011			700	776
New York City Municipal Water Finance Authority, Revenue Bonds, Series A
5.00%, due 06/15/2035			340	345
New York City Municipal Water Finance Authority, Revenue Bonds, Series C
5.00%, due 06/15/2035			1,000	1,016
San Antonio, Texas Water Utility Improvements, Revenue Bonds, Series A
5.00%, due 05/15/2032			1,400	1,419
Total Long-Term Municipal Bonds (Cost: 18,230)				19,388
MORTGAGE-BACKED SECURITIES	(2.7	%)
Amortizing Residential Collateral Trust (g)
2.13%, due 07/25/2032			83	83
Bank of America Mortgage Securities, Inc. (g)
5.61%, due 10/20/2032			238	241
Bear Stearns Adjustable Rate Mortgage Trust (g)
5.94%, due 06/25/2032			83	83
4.92%, due 01/25/2034			833	838
4.78%, due 01/25/2034			1,121	1,122
4.33%, due 01/25/2034			2,039	2,050
CDC Mortgage Capital Trust (g)
2.13%, due 01/25/2033			64	64
Citicorp Mortgage Securities, Inc.
6.50%, due 04/25/2029			312	311
Countrywide Alternative Loan Trust - Series 2003-J1
6.00%, due 10/25/2032			237	239
Countrywide Home Loan Trust - Series 2002-1 (g)
5.70%, due 03/19/2032			109	111
Countrywide Home Loan Trust - Series 2004-7 (g)
2.11%, due 05/25/2034			302	301
Countrywide Home Loans, Inc. (g)
4.95%, due 09/19/2032			199	200
Credit-Based Asset Servicing and Securities, Series 2002-CB6 (g)
2.34%, due 01/25/2033			105	105
Credit-Based Asset Servicing and Securities, Series 2004-CB5 (g)
1.97%, due 08/25/2034			2,668	2,667
CS First Boston Mortgage Securities Corp.
2.14%, due 03/25/2032			236	233
1.85%, due 08/25/2033			956	952
GSMPS Mortage Loan Trust
7.00%, due 06/25/2043			506	530
Home Equity Asset Trust - Variable Rate (g)
2.14%, due 11/25/2032			87	87
MASTR Asset Securitization Trust (g)
1.94%, due 02/25/2034			579	579
Residential Funding Mortgage Securities I, Inc.
6.50%, due 03/25/2032			212	216
Sequoia Mortgage Funding Corporation - Series 10 (g)
2.19%, due 10/20/2027			1,141	1,144
SLM Corporation (g)
1.90%, due 03/15/2011			395	395

Small Business Administration Participation Certificates
4.34%, due 03/01/2024			3,398	3,322
4.50%, due 02/10/2014			1,764	1,754
5.13%, due 09/01/2023			620	636
Washington Mutual (g)
4.82%, due 10/25/2032			240	241
3.07%, due 02/27/2034			415	416
Washington Mutual Mortgage Securities Corporation (g)
2.88%, due 12/25/2040			522	522
Structured Asset Mortgage Investments Inc. (g)
2.14%, due 09/19/2032			454	455
Structured Asset Securities Corporation (g)
2.13%, due 01/25/2033			10	10
2.00%, due 08/25/2033			55	55
Vanderbilt Acquistion Loan Trust
3.28%, due 01/07/2013			12	12
Total Mortgage-Backed Securities (cost: $20,114 )				19,974
ASSET-BACKED SECURITIES	(0.7	%)
Bear Stearns Asset Backed Securities, Inc. (g)
2.17%, due 10/25/2032			147	147
Centex Home Equity, Series 2004-A (g)
2.12%, due 01/25/2034			1,198	1,199
Morgan Stanley Capital I Inc. Series 2003-HE2 (g)
2.18%, due 08/25/2033			1,042	1,043
Park Place Securities, Inc. (g)
1.96%, due 08/25/2034			816	816
Quest Trust - 144A - floating rate bond (g)
2.40%, due 06/25/2034			1,353	1,353
RACERS SER 1997-R-8-3 - 144A (g)
2.01%, due 08/15/2007			1,100	1,065
Total Asset-Backed Securities (cost: $5,642)				5,623
CORPORATE DEBT SECURITIES	(6.1	%)
Air Transportation	(0.3	%)
Continental Airlines, Inc.
7.06%, due 09/15/2009 (a)			1,000	990
Delta Air Lines, Inc.
7.57%, due 11/18/2010			300	269
UAL Corporation
6.20%, due 09/01/2008			699	581
6.60%, due 09/01/2013			200	169
United Air Lines, Inc. (e)
7.73%, due 07/01/2010			150	122
Automotive	(0.2	%)
DaimlerChrysler North America Holding Corporation
6.50%, due 11/15/2013			940	1,020
Ford Motor Company
7.45%, due 07/16/2031			700	686
Business Credit Institutions	(0.3	%)
Federal Republic of Germany
5.25%, due 07/04/2010			300	407
Ford Motor Credit Company
7.38%, due 10/28/2009			1,030	1,128
2.06%, due 07/18/2005 (g)			400	400
Business Services	(0.0	%)
Clear Channel Communications, Inc.
7.25%, due 10/15/2027			300	328
Commercial Banks	(0.6	%)
Export Import Bank China
5.25%, due 07/29/2014			1,600	1,615
HSBC Capital Funding LP - 144A (g)
10.18%, due 12/31/2049			100	153
KfW International Finance Inc.
1.00%, due 12/20/2004			100,000	909
Korea Development Bank (The)
4.75%, due 07/20/2009			1,630	1,668

Communication	(0.1%)
Comcast Cable Communications, Inc.
6.75%, due 01/30/2011		210	233
Comcast Corporation
6.50%, due 01/15/2015		200	216
CSC Holdings, Inc.
7.63%, due 04/01/2011		220	232
Electric Services	(0.8%)
Columbus Southern Power Company
5.50%, due 03/01/2013		100	105
Florida Power Corporation
4.80%, due 03/01/2013		1,960	1,971
Ohio Power Company
5.50%, due 02/15/2013		100	105
Oncor Electric Delivery Company
6.38%, due 01/15/2015		600	662
Progress Energy, Inc.
6.85%, due 04/15/2012		1,600	1,787
PSEG Power LLC
6.95%, due 06/01/2012		921	1,032
Southern California Edison Company (g)
1.89%, due 01/13/2006		350	351
Electric, Gas & Sanitary Services	(0.3%)
Niagara Mohawk Power Corporation
7.75%, due 10/01/2008		825	939
PG&E Corporation (g)
2.30%, due 04/03/2006		1,465	1,466
Electronic Components & Accessories	(0.2%)
Tyco International Group SA
6.38%, due 10/15/2011		1,510	1,670
Environmental Services	(0.2%)
Waste Management, Inc.
7.38%, due 08/01/2010		700	808
6.38%, due 11/15/2012		375	415
Gas Production & Distribution	(0.3%)
El Paso Corporation
7.80%, due 08/01/2031		450	395
7.75%, due 01/15/2032 (a)		425	371
Sonat Inc.
7.63%, due 07/15/2011		1,000	985
Southern Natural Gas Company
8.00%, due 03/01/2032		820	847
Hotels & Other Lodging Places	(0.2%)
Harrah’s Operating Company, Inc.
8.00%, due 02/01/2011		50	58
Park Place Entertainment Corporation
7.50%, due 09/01/2009		800	902
Starwood Hotels & Resorts Worldwide, Inc.
7.88%, due 05/01/2012		350	396
Life Insurance	(0.2%)
ASIF II
1.20%, due 01/26/2005		170,000	1,548
Protective Life Corporation - 144A (g)
2.05%, due 09/26/2005		260	260
Motion Pictures	(0.1%)

Time Warner Inc.
8.11%, due 08/15/2006		150	163
6.88%, due 05/01/2012		410	457
Oil & Gas Extraction	(0.7%)
Gaz Capital SA (Gazprom)
8.63%, due 04/28/2034		3,000	3,189
Pemex Project Funding Master Trust
7.38%, due 12/15/2014		1,300	1,417
RasLaffan Liquefied Natural Gas Company Limited - 144A
3.44%, due 09/15/2009		504	499
Personal Credit Institutions	(0.8%)
General Motors Acceptance Corporation
6.88%, due 08/28/2012		150	156
General Motors Acceptance Corporation (g)
2.88%, due 10/20/2005		4,410	4,446
Household Finance Corporation
6.38%, due 11/27/2012		800	886
Household Finance Corporation - Variable Rate (g)
2.19%, due 06/17/2005		1,000	1,002
SLM Corporation (g)
2.08%, due 09/15/2006		230	231
Primary Metal Industries	(0.1%)
Alcan Inc. - 144A - Floating Rate (g)
2.10%, due 12/08/2004		800	800
Railroads	(0.1%)
Norfolk Southern Corporation
6.75%, due 02/15/2011		550	618

Security & Commodity Brokers	(0.1	%)
Bear Stearns Companies Inc. (The)
7.63%, due 12/07/2009			560	649
Telecommunications	(0.5	%)
Cingular Wireless
6.50%, due 12/15/2011			560	624
Deutsche Telekom AG
8.25%, due 06/15/2005			325	338
Deutsche Telekom International Finance B.V.
8.13%, due 05/29/2012			484	750
France Telecom
7.50%, due 03/14/2008			1,569	2,177
Verizon Global Funding Corp.
7.60%, due 03/15/2007			25	27
Total Corporate Debt Securities (cost: $45,017 )				46,628
			Principal	Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS	(29.9	%)
Fannie Mae
1.45%, due 10/06/2004			3,100	3,099
1.54%, due 10/20/2004			6,900	6,894
1.54%, due 10/20/2004			6,900	6,894
1.54%, due 10/20/2004			5,200	5,196
1.58%, due 11/01/2004			11,100	11,085
1.60%, due 11/03/2004			7,100	7,090
1.60%, due 11/03/2004			7,100	7,090
1.69%, due 11/08/2004			4,400	4,392
1.58%, due 11/17/2004			7,200	7,185
1.66%, due 11/24/2004			7,300	7,281
1.66%, due 11/24/2004			7,300	7,281
1.66%, due 11/24/2004			5,800	5,786
1.66%, due 11/24/2004			2,500	2,494
1.70%, due 12/01/2004			7,300	7,279
1.73%, due 12/08/2004			20,200	20,133
1.76%, due 12/08/2004			7,400	7,376
1.78%, due 12/15/2004			14,800	14,744
Federal Home Loan Bank
1.51%, due 10/06/2004			7,000	6,999
1.65%, due 10/06/2004			5,000	4,999
1.74%, due 10/20/2004			13,400	13,388
1.60%, due 11/12/2004			1,000	998
Freddie Mac
1.47%, due 10/12/2004			6,900	6,897
1.47%, due 10/12/2004			500	500
1.50%, due 10/19/2004			1,300	1,299
1.50%, due 10/19/2004			1,000	999
1.56%, due 10/20/2004			6,800	6,794
1.54%, due 11/12/2004			3,100	3,094
1.58%, due 11/22/2004			1,200	1,197
1.45%, due 10/05/2004			6,900	6,899
1.54%, due 11/08/2004			6,900	6,889
1.57%, due 11/15/2004			6,900	6,886
1.79%, due 12/14/2004			10,500	10,461
U. S. Treasury Bill
1.63%, due 12/16/2004			820	817
1.66%, due 12/16/2004			510	508
1.67%, due 12/16/2004			50	50
1.64%, due 12/16/2004			50	50
1.64%, due 12/16/2004			30	30
U. S. Treasury Bill (c)
1.58%, due 12/02/2004			1,570	1,566
1.61%, due 12/02/2004			50	50
1.60%, due 12/02/2004			40	40
United States Treasury Bill Discount Note
1.52%, due 12/09/2004			11,900	11,865
Total Short-Term U.S. Government Obligations (cost: $224,574)				224,574
COMMERCIAL PAPER	(28.9	%)
ASB Bank Limited - 144A
1.85%, due 12/15/2004			800	797

1.90%, due 12/29/2004			7,800	7,763
Barclays U.S. Funding LLC
1.85%, due 12/16/2004			1,300	1,295
1.86%, due 12/21/2004			20,500	20,414
CDC Commercial Paper Inc - 144A
1.48%, due 10/05/2004			400	400
1.67%, due 11/23/2004			10,500	10,474
Danske Corporation
1.51%, due 10/12/2004			17,100	17,092
1.57%, due 10/25/2004			1,000	999
1.65%, due 11/19/2004			600	599
1.65%, due 11/22/2004			200	200
1.85%, due 12/20/2004			3,100	3,087
1.79%, due 12/20/2004			500	498
Ford Motor Company
2.52%, due 04/07/2005			1,800	1,776
ForeningsSparbanken AB
1.80%, due 12/20/2004			1,200	1,195
Fortis Funding LLC - 144A
1.93%, due 01/25/2005			800	795
General Electric Capital Corporation
1.58%, due 11/01/2004			100	100
1.59%, due 11/10/2004			2,000	1,996
1.80%, due 12/15/2004			700	697
General Motors Acceptance Corporation
2.40%, due 03/22/2005			1,750	1,730
2.50%, due 04/05/2005			600	592
Governor & Company of the Bank of Ireland (The) - 144A
1.59%, due 10/18/2004			7,400	7,394
1.79%, due 12/08/2004			9,100	9,069
1.79%, due 12/09/2004			4,000	3,986
1.84%, due 12/17/2004			1,600	1,594
HBOS Treasury Services PLC
1.64%, due 10/26/2004			700	699
1.63%, due 11/02/2004			8,500	8,488
1.63%, due 11/09/2004			11,600	11,579
1.58%, due 11/09/2004			400	399
1.65%, due 11/19/2004			400	399
1.72%, due 11/30/2004			100	100
1.73%, due 12/01/2004			200	199
1.85%, due 12/20/2004			600	598
Rabobank USA Finance Corp
1.86%, due 10/01/2004			700	700
1.96%, due 01/28/2005			5,900	5,862
Royal Bank of Scotland Group PLC (The)
1.63%, due 10/25/2004			18,900	18,879
1.55%, due 10/25/2004			2,200	2,198
1.63%, due 11/03/2004			200	200
Shell Finance (UK) PLC
1.69%, due 11/24/2004			9,700	9,675
Stadshypotek Delaware - 144A
1.51%, due 10/07/2004			500	500
1.59%, due 11/08/2004			8,300	8,286
1.82%, due 12/14/2004			2,900	2,889
1.85%, due 12/20/2004			1,100	1,095
Svenska Handelsbanken AB
1.65%, due 11/22/2004			19,800	19,753
1.65%, due 11/22/2004			1,200	1,197
UBS Finance (Delaware) LLC
1.63%, due 11/16/2004			1,000	998
1.67%, due 11/23/2004			8,400	8,379
1.69%, due 11/29/2004			12,200	12,166
1.69%, due 11/29/2004			100	100
1.70%, due 11/30/2004			100	100
1.79%, due 12/14/2004			400	399
1.85%, due 12/21/2004			300	299
1.94%, due 01/25/2005			100	99
Westpac Trust Securities NZ Ltd.
1.65%, due 11/19/2004			6,200	6,186
Total Commercial Paper (cost: $216,963 )				216,963
CERTIFICATES OF DEPOSITS	(6.8	%)
Bank of America Corporation
1.64%, due 11/10/2004			14,000	14,000
Citibank New York N.A.
1.60%, due 11/12/2004			14,100	14,100
1.65%, due 11/15/2004			100	100
1.65%, due 11/19/2004			100	100
1.66%, due 11/23/2004			100	100
1.75%, due 12/07/2004			200	200
1.88%, due 12/22/2004			300	300
Wells Fargo & Company
1.60%, due 10/04/2004			200	200

1.61%, due 10/05/2004		13,900	13,900
1.62%, due 10/06/2004		100	100
1.78%, due 11/12/2004		7,700	7,700
Total Certificates of Deposits (cost: $50,800 )			50,800
SECURITY LENDING COLLATERAL	(0.9%)
Debt	(0.8%)
Bank Notes	(0.0%)
Bank of America Corporation
1.88%, due 10/19/2004		22	22
1.88%, due 12/23/2004		39	39
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005		43	43
Deutsche Bank AG
1.70%, due 10/12/2004		130	130
Commercial Paper	(0.2%)
Clipper Receivables Corp.
1.79%, due 11/12/2004		65	65
Compass Securitization LLC-144A
1.75%, due 10/19/2004		87	87
Delaware Funding Company, LLC-144A
1.66%, due 10/07/2004		216	216
1.75%, due 10/18/2004		43	43
Edison Asset Securitization LLC-144A
1.52%, due 10/01/2004		216	216
Galaxy Funding, Inc.-144A
1.63%, due 10/22/2004		65	65
General Electric Capital Corporation
1.76%, due 10/21/2004		152	152
Grampian Funding LLC-144A
1.78%, due 10/19/2004		108	108
Greyhawk Funding LLC-144A
1.75%, due 10/18/2004		45	45
Morgan Stanley
1.96%, due 12/10/2004		282	282
1.96%, due 03/16/2005		273	273
Paradigm Funding LLC-144A
1.79%, due 10/15/2004		108	108
Park Avenue Receivables Corporation-144A
1.78%, due 11/01/2004		65	65
Preferred Receivables Funding Corporation-144A
1.77%, due 10/08/2004		65	65
Sheffield Receivables Corp.-144A
1.77%, due 10/20/2004		58	58
Euro Dollar Overnight	(0.1%)
Dexia Bank SA
1.51%, due 10/01/2004		43	43
Fortis Bank
1.52%, due 10/01/2004		108	108
1.62%, due 10/05/2004		43	43
Wells Fargo & Company
1.60%, due 10/04/2004		194	194
Euro Dollar Terms	(0.2%)
Bank of Montreal
1.76%, due 10/25/2004		23	23
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		88	88
1.77%, due 10/25/2004		217	217
1.76%, due 11/12/2004		108	108
1.80%, due 11/23/2004		216	216
Bank of the West Inc.
1.79%, due 11/10/2004		43	43
Den Danske Bank
1.64%, due 10/08/2004		43	43
Fortis Bank
1.69%, due 10/14/2004		22	22
1.73%, due 10/15/2004		43	43
Harris Trust & Savings Bank
1.76%, due 10/29/2004		43	43
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		152	152
1.60%, due 10/15/2004		65	65
1.65%, due 10/29/2004		33	33
1.67%, due 11/02/2004		4	4
1.88%, due 12/23/2004		114	114
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		108	108

Master Notes	(0.0%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		87		87
2.01%, due 06/05/2005		130		130
Repurchase Agreements	(0.3%)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $507 on 10/01/2004		507		507
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $221 on 10/01/2004		221		221
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $231 on 10/01/2004		231		231
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $816 on 10/01/2004		816		816
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $433 on 10/01/2004		433		433
		Shares	Value
Investment Companies	(0.1%)
Money Market Funds	(0.1%)
Barclays Institutional Money Market Fund 1-day yield of 1.73%		166,199		166
Merrill Lynch Premier Institutional Fund 1-day yield of 1.64%		128,120		128
Merrimac Cash Fund-Premium Class 1-day yield of 1.47%		342,795		343
Total Security Lending Collateral (cost: $6,854)				6,854
Total Investment Securities (cost: $642,000)			$	871,420
		Contracts (f)	Value
WRITTEN SWAPTIONS	(-0.1%)
Covered Call Swaptions (i)	(-0.1%)
LIBOR Rate Swaption
Call Strike 3.80%
Expires 10/07/2004		37,600	$	(d	)
LIBOR Rate Swaption
Call Strike 4.00%
Expires 01/07/2005		3,500		(22	)
LIBOR Rate Swaption
Call Strike 4.00%
Expires 01/07/2005		3,500		(22	)
LIBOR Rate Swaption
Call Strike 6.00%
Expires 10/07/2004		37,600		(d	)
LIBOR Rate Swaption
Call Strike 7.00%
Expires 01/07/2005		7,000		(d	)
Total Written Swaptions (premium: $921)				(44	)
WRITTEN OPTIONS	(-0.1%)
Put Options	(-0.1%)
5-Year U.S. Treasury Note
Put Strike $115.00,
Expires 01/07/2005		1		(51	)
5-Year U.S. Treasury Note
Put Strike $115.00,
Expires 01/07/2005		1		(40	)
5-Year U.S. Treasury Note
Put Strike $114.00,
Expires 01/07/2005		1		(11	)
Total Written Options (premium: $141)			$	(102	)

SUMMARY:
Investments, at value	116.2	%	$	871,420
Written options	(0.10	%)		(102	)
Written swaptions	(0.10	%)		(44	)
Liabilities in excess of other assets	(16.00	%)		(121,394	)
Net assets	100.0	%	$	749,880

SWAP AGREEMENTS:

	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Receive a fixed rate equal to 0.63% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 11.50%, due 05/15/2026. Counterparty: Morgan Stanley Capital Services Inc.	05/20/2005	$	1,195	$	4
Receive a fixed rate equal to 0.65% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 7.50%, due 04/08/2033. Counterparty: Barclays Bank PLC	05/20/2005		395		1
Receive a floating rate based on the monthly performance of the Lehman Brothers ERISA Eligible CMBS Index and pay floating rate based on 1-month United States Dollar - LIBOR (London Interbank Offer Rate) less 0.65%. (j) Counterparty: Morgan Stanley Capital Services Inc.	09/30/2004		4,280		11
Receive a fixed rate equal to 1.31% and the Fund will pay to the counterparty at par in the event of default of United Mexican States, 11.50%, due 05/15/2026. Counterparty: Goldman Sachs Capital Markets, L.P.	01/29/2005		800		3
Receive a fixed rate equal to 5.00% and pay floating rate based on 3-month United States Dollar - LIBOR (London Interbank Offer Rate). Counterparty: Lehman Brothers Special Financing Inc.	12/15/2014		5,700		379
Receive a fixed rate equal to 4.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offer Rate). Counterparty: JP Morgan Chase Bank	06/17/2010		11,200		70
Receive a fixed rate equal to 6.00% and pay floating rate based on 6-month EURIBOR (Euro Interbank Offer Rate). Counterparty: JP Morgan Chase Bank	06/18/2034		7,400		182
Receive floating rate based on 6-month Great Britian Pound LIBOR (London Interbank Offer Rate) and pay fixed rate equal to 5.00%. Counterparty: JP Morgan Chase Bank	06/18/2034		500		(6	)
Receive floating rate based on 6-month Great Britian Pound LIBOR (London Interbank Offer Rate) and pay fixed rate equal to 5.00%. Counterparty: Barclays Bank PLC	06/18/2034		3,200		(83	)
Receive floating rate based on 6-month Great Britian Pound LIBOR (London Interbank Offer Rate) and pay fixed rate equal to 5.00%. Counterparty: UBS AG	06/18/2034		1,500		(28	)
Receive floating rate based on 6-month Japanese Yen LIBOR (London Interbank Offer Rate) and pay fixed rate equal to 2.00%. Counterparty: UBS AG	06/15/2012		250,000		(79	)

Receive floating rate based on 6-month Japanese Yen LIBOR (London Interbank Offer Rate) and pay fixed rate equal to 2.00%. Counterparty: Goldman Sachs Capital Markets, L.P.	06/15/2012		130,000		(41	)
Receive floating rate based on 6-month Japanese Yen LIBOR (London Interbank Offer Rate) and pay fixed rate equal to 2.00%. Counterparty: Morgan Stanley Capital Services Inc.	06/15/2012		390,000		(93	)
Total Swap Agreements (premium: -$59)		$	806,170	$	320

FUTURES CONTRACTS:

	Contracts (f)		Settlement Date	Amount			Net Unrealized Appreciation (Depreciation)
Euro BOBL	281		12/31/2004	$	37,886		$	168
Euro BUND	86		12/10/2004		12,009			62
Euro Dollar	131		06/13/2005		31,886			(16	)
10-Year Japanese Bond	8		12/09/2004		9,968			87
10-Year U.S. Treasury Note	906		12/31/2004		101,265			774
2-Year U.S. Treasury Note	713		12/29/2004		150,643			(33	)
3 Month Euro Euribor	90		12/19/2005		1			(1	)
90-Day Euro	771		09/15/2005		187,024			(76	)
Total Future Contracts				$	530,682		$	965
FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Euro Dollar	(68	)	10/01/2004	$	(84	)	$	(1	)
Euro Dollar	1,553		10/25/2004		1,895			34
Euro Dollar	(13,277	)	10/25/2004		(16,118	)		(375	)
Japanese Yen	(960	)	10/01/2004		(9	)		—
Japanese Yen	(212,323	)	10/27/2004		(1,924	)		(6	)
Total Forward Foreign Currency Contracts				$	(16,240	)	$	(348	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 6,705.

^(b) Cash collateral for the Repurchase Agreements, valued at $ 2,252 that serve as collateral for securities are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(c) At September 30, 2004, all or a portion of this security is segregated with the custodian to cover margin requirements for open option contracts. The value of all securities segregated at September 30, 2004, is $ 3,110.

^(d) Value is less than $ 1.

^(e) Securities are currently in default on interest payments.

^(f) Contract Amounts are not in thousands.

^(g) Floating or variable rate note. Rate is listed as of September 30, 2004.

^(h) Securities are stepbonds. Russia Federation has a coupon rate 5.00 % until 03/31/2007, thereafter the coupon rate will be 7.50 %.

⁽ⁱ⁾ An option on an interest rate swap. If exercised, the fund will pay the strike rate in order to receive the 3 Month LIBOR (London Interbank Offer Rate).

^(j) If the monthly performance of the CMBS Index is negative, the fund pays a floating rate in addition to the one month US dollar LIBOR.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $ or % of the net assets of the Fund.

TBA Mortgage-backed securities traded under delayed delivery commitments. Income on TBA's are not earned until settlement date.

BOBL National medium-term debt instrument issued by the German Federal Government.

BUND National long-term debt instrument issued by the German Federal Government.

EURIBOR Euro Inter bank Offered Rate.

Salomon All Cap

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(99.0%)
Aerospace	(0.8%)
Boeing Company (The)		98,100	$	5,064
Air Transportation	(1.1%)
AMR Corporation (a)(b)		113,000		828
Continental Airlines, Inc. (a)(b)		126,300		1,076
Frontier Airlines, Inc. (a)		109,400		840
Northwest Airlines Corporation (a)(b)		123,800		1,016
Southwest Airlines Co.		236,700		3,224
Amusement & Recreation Services	(1.1%)
Disney (Walt) Company (The)		303,600		6,846
Apparel Products	(0.2%)
Tommy Hilfiger Corporation (a)		152,700		1,507
Automotive	(1.3%)
BorgWarner, Inc.		57,500		2,489
Honeywell International Inc.		150,000		5,379
Business Services	(0.0%)
Hutchison Whampoa Limited (e)		1,228			(e)
Chemicals & Allied Products	(2.8%)
Cabot Corporation		111,200		4,289
Crompton Corporation		456,700		4,334
Dow Chemical Company (The)		192,000		8,675
Commercial Banks	(5.4%)
Bank of New York Company, Inc. (The)		148,000		4,317
MBNA Corporation		123,600		3,115
Mitsubishi Tokyo Financial Group, Inc. - ADR		914,000		7,623
Morgan Chase & Co. (J.P.)		317,000		12,594
State Street Corporation		120,700		5,155
Communication	(3.9%)
Comcast Corporation - Special Class A (a)		322,500		9,004
Liberty Media Corporation - Class A (a)		1,055,200		9,201
Viacom, Inc. - Class B (b)		175,100		5,876
Communications Equipment	(4.6%)
Lucent Technologies Inc. (a)(b)		2,500,000		7,925
Motorola, Inc.		673,200		12,145
Nokia Corporation - ADR (b)		579,000		7,944

Computer & Data Processing Services	(5.1%)
Actuate Corporation (a)		45,000	159
Micromuse Inc. (a)		634,800	2,336
Microsoft Corporation		346,100	9,570
RealNetworks, Inc. (a)		631,900	2,945
Sabre Holdings Corporation		193,700	4,751
SunGard Data Systems Inc. (a)		259,900	6,178
Unisys Corporation (a)		533,100	5,502
Computer & Office Equipment	(1.1%)
3Com Corporation (a)		796,500	3,361
Electronics for Imaging, Inc. (a)		190,600	3,095
Socket Communications, Inc. (a)		72,300	172
Construction	(0.3%)
Chicago Bridge & Iron Company NV - NY Registered Shares		65,000	1,949
Electric Services	(0.1%)
Calpine Corporation (a)(b)		284,100	824
Electronic & Other Electric Equipment	(0.8%)
Sony Corporation - ADR		150,000	5,159
Electronic Components & Accessories	(4.8%)
Intel Corporation		318,700	6,393
Solectron Corporation (a)		1,977,400	9,788
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		970,991	6,933
Texas Instruments Incorporated		290,700	6,186
Environmental Services	(1.1%)
Waste Management, Inc.		256,700	7,018
Food Stores	(1.1%)
Safeway Inc. (a)		350,000	6,758
Gas Production & Distribution	(1.1%)
Williams Companies, Inc. (The)		531,900	6,436
Health Services	(0.6%)
Enzo Biochemical, Inc. (a)(b)		258,300	3,875
Holding & Other Investment Offices	(0.1%)
Hutchison Whampoa Limited		92,100	721
Industrial Machinery & Equipment	(1.5%)
Caterpillar, Inc.		83,400	6,709
Deere & Company		36,100	2,330
Instruments & Related Products	(3.1%)
Agilent Technologies, Inc. (a)		350,900	7,569
Raytheon Company		298,900	11,352
Insurance	(7.8%)
Ambac Financial Group, Inc.		108,300	8,659
American International Group, Inc.		135,900	9,240
Chubb Corporation		111,100	7,808
CNA Surety Corporation (a)		303,300	3,215
MGIC Investment Corporation		117,000	7,786
PMI Group, Inc. (The)		37,100	1,506
Radian Group, Inc.		192,300	8,890
Insurance Agents, Brokers & Service	(1.2%)
Hartford Financial Services Group, Inc. (The)		42,500	2,632
Marsh & McLennan Companies, Inc.		109,500	5,011

Life Insurance	(0.3%)
Scottish Annuity & Life Holdings, Ltd. (b)		98,400	2,083
Lumber & Other Building Materials	(1.3%)
Home Depot, Inc. (The)		203,100	7,962
Lumber & Wood Products	(2.9%)
Georgia-Pacific Corporation		249,300	8,962
Weyerhaeuser Company		132,100	8,782
Manufacturing Industries	(2.0%)
Hasbro Inc.		371,500	6,984
Mattel, Inc.		303,200	5,497
Metal Mining	(1.7%)
Newmont Mining Corporation (b)		228,300	10,394
Mining	(0.1%)
Wgi Heavy Minerals, Incorporated (a)		72,300	369
Motion Pictures	(3.4%)
News Corporation Limited (The) - ADR		223,400	6,999
News Corporation Limited (The) - ADR (b)		128,200	4,214
Time Warner Inc. (a)		583,000	9,410
Oil & Gas Extraction	(4.3%)
Anadarko Petroleum Corporation		122,500	8,129
GlobalSantaFe Corporation (b)		200,000	6,130
Halliburton Company		228,600	7,702
Schlumberger Limited		65,000	4,375
Paper & Allied Products	(1.2%)
Smurfit-Stone Container Corporation (a)(b)		371,500	7,196
Petroleum Refining	(3.4%)
ChevronTexaco Corporation		200,000	10,728
Murphy Oil Corporation		115,500	10,022
Pharmaceuticals	(12.8%)
Abbott Laboratories		244,400	10,353
Amgen Inc. (a)		56,700	3,214
Aphton Corporation (a)		510,600	1,838
Genelabs Technologies, Inc. (a)		300,600	785
Glaxo Wellcome PLC - ADR		188,800	8,256
Johnson & Johnson		199,500	11,238
McKesson HBOC, Inc.		234,700	6,020
Merck & Co., Inc.		233,100	7,692
Novartis AG - ADR		182,800	8,531
Pfizer Inc.		360,600	11,034
Wyeth		202,800	7,585
XOMA Ltd. (a)		508,900	1,181
Primary Metal Industries	(5.1%)
Alcoa Inc.		293,300	9,852
Allegheny Technologies Incorporated		310,300	5,663
Brush Engineered Materials Inc. (a)		54,400	1,127
Engelhard Corporation		165,900	4,703
RTI International Metals, Inc. (a)		173,300	3,357
United States Steel Corporation (b)		154,100	5,797
Radio & Television Broadcasting	(0.2%)
IAC/InterActive Corp (a)(b)		41,700	918

Security & Commodity Brokers	(3.1%)
American Express Company			163,100		8,393
Merrill Lynch & Co., Inc.			138,100		6,866
Morgan Stanley			72,000		3,550
Telecommunications	(3.5%)
Nippon Telegraph and Telephone Corporation - ADR			253,200		5,059
SBC Communications Inc.			325,000		8,434
Vodafone Group PLC - ADR (b)			337,600		8,140
Transportation Equipment	(0.2%)
Fleetwood Enterprises, Inc. (a)(b)			99,000		1,503
Variety Stores	(1.5%)
Costco Wholesale Corporation			223,800		9,301
Wholesale Trade Durable Goods	(1.0%)
IKON Office Solutions, Inc.			498,800		5,996
Total Common Stocks (cost: $558,175)					605,606
		Principal		Value
SHORT-TERM OBLIGATIONS	(1.0%)
Investors Bank & Trust Company (d)
1.27%, Repurchase Agreement dated 09/30/2004 to be repurchased at $6,406 on 10/01/2004		$	6,406	$	6,406
Total Short-Term Obligations (cost: $6,406)					6,406
SECURITY LENDING COLLATERAL	(7.9%)
Debt	(7.2%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	153	$	153
1.88%, due 12/23/2004			275		275
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			306		306
Deutsche Bank AG
1.70%, due 10/12/2004			917		917
Commercial Paper	(2.1%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			458		458
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			610		610
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			1,526		1,526
1.75%, due 10/18/2004			303		303
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			1,524		1,524
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			457		457
General Electric Capital Corporation
1.76%, due 10/21/2004			1,069		1,069
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			764		764
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			315		315
Morgan Stanley
1.96%, due 12/10/2004			1,987		1,987
1.96%, due 03/16/2005			1,925		1,925
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			763		763

Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			458		458
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			458		458
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			407		407
Euro Dollar Overnight	(0.4%)
Dexia Bank SA
1.51%, due 10/01/2004			306		306
Fortis Bank
1.52%, due 10/01/2004			764		764
1.62%, due 10/05/2004			306		306
Wells Fargo & Company
1.60%, due 10/04/2004			1,369		1,369
Euro Dollar Terms	(1.5%)
Bank of Montreal
1.76%, due 10/25/2004			159		159
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			620		620
1.77%, due 10/25/2004			1,528		1,528
1.76%, due 11/12/2004			764		764
1.80%, due 11/23/2004			1,520		1,520
Bank of the West Inc.
1.79%, due 11/10/2004			306		306
Den Danske Bank
1.64%, due 10/08/2004			306		306
Fortis Bank
1.69%, due 10/14/2004			153		153
1.73%, due 10/15/2004			306		306
Harris Trust & Savings Bank
1.76%, due 10/29/2004			306		306
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			1,070		1,070
1.60%, due 10/15/2004			458		458
1.65%, due 10/29/2004			229		229
1.67%, due 11/02/2004			31		31
1.88%, due 12/23/2004			804		804
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			764		764
Master Notes	(0.2%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			611		611
2.01%, due 06/05/2005			917		917
Repurchase Agreements	(2.5%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,576 on 10/01/2004			3,576		3,576
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,559 on 10/01/2004			1,559		1,559
1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $1,626 on 10/01/2004			1,626		1,626
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $5,756 on 10/01/2004			5,756		5,756
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,056 on 10/01/2004			3,056		3,056
			Shares	Value
Investment Companies	(0.7%)
Money Market Funds	(0.7%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%			1,172,082	$	1,172
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%			903,534		904

Merrimac Cash Fund-Premium Class
1 day yield of 1.47%	2,417,479			2,417
Total Security Lending Collateral (cost: $ 48,338)				48,338
Total Investment Securities (cost: $612,919)			$	660,350
SUMMARY:
Investments, at value	108.0	%	$	660,350
Liabilities in excess of other assets	(8.0	)%		(48,695	)
Net assets	100.0	%	$	611,655

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 45,780.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 15,883, that serve as collateral for securities are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) At September 30, 2004, repurchase agreements are collateralized by $24,738 Countrywide Home Loans, Inc. ARM—651600 (4.97 %, due 07/01/2032) with a market value and accrued interest of $6,727.

^(e) Value is less than $ 1.

DEFINITIONS:

ADR American Depositary Receipt

ARM Adjustable Rate Mortgage

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $7,585 or 1.24% of the net assets of the Fund.

Select+ Aggressive

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares		Value
INVESTMENT COMPANIES	(100.0%)	(b)
Aggressive Equity	(11.3%)
Third Avenue Value			2,531		$	47
Capital Preservation	(4.1%)
Transamerica Money Market			17,266			17
Growth Equity	(64.8%)
T. Rowe Price Equity Income			5,418			106
T. Rowe Price Growth Stock			6,137			120
Transamerica Equity (a)			2,295			43
World Equity	(19.8%)
American Century International (a)			10,816			82
Total Investment Companies (cost: $369)						415
Total Investment Securities (cost: $369)					$	415
SUMMARY:
Investments, at value			100.0	%	$	415
Liabilities in excess of other assets			0.0	%		—
Net assets			100.0	%	$	415

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

Select+ Conservative

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares		Value
INVESTMENT COMPANIES	(100.0%)	(a)(b)
Aggressive Equity	(6.2%)
Third Avenue Value			14,791		$	274
Capital Preservation	(4.5%)
Transamerica Money Market			198,503			198
Fixed-Income	(67.4%)
MFS High Yield			67,752			684
PIMCO Total Return			151,422			1,664
Transamerica U.S. Government Securities			50,145			614
Growth Equity	(21.9%)
T. Rowe Price Equity Income			25,230			493
T. Rowe Price Growth Stock			24,155			471
Total Investment Companies (cost: $4,116 )						4,398
Total Investment Securities (cost: $4,116 )					$	4,398
SUMMARY:
Investments, at value			100.0	%	$	4,398
Liabilities in excess of other assets			0.0	%		(1	)
Net assets			100.0	%	$	4,397

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

^(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

Select+ Growth & Income

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares		Value
INVESTMENT COMPANIES	(100.0%)	(b)
Aggressive Equity	(11.7%)
Third Avenue Value			42,297		$	782
Capital Preservation	(4.3%)
Transamerica Money Market			284,651			286
Fixed-Income	(32.4%)
MFS High Yield			65,251			659
PIMCO Total Return			136,303			1,498
Growth Equity	(41.3%)
T. Rowe Price Equity Income			36,085			705
T. Rowe Price Growth Stock			86,429			1,685
Transamerica Equity (a)			19,127			361
World Equity	(10.3%)
American Century International (a)			90,338			685
Total Investment Companies (cost: $5,915)						6,661
Total Investment Securities (cost: $5,915)					$	6,661
SUMMARY:
Investments, at value			100.0	%	$	6,661
Liabilities in excess of other assets			0.0	%		(3	)
Net assets			100.0	%	$	6,658

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) The Fund invests its assets in the Initial Class shares of underlying portfolios of AEGON/Transamerica Series Fund, Inc., which are affiliates of the Fund.

T. Rowe Price Equity Income

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Principal		Value
CONVERTIBLE BONDS	(0.2%)
Communications Equipment	(0.2%)
Lucent Technologies Inc. (b)
8.00%, due 08/01/2031		$	1,965	$	2,127
Total Convertible Bonds (cost: $ 1,492)					2,127
		Shares		Value
CONVERTIBLE PREFERRED STOCKS	(0.1%)
Automotive	(0.1%)
Ford Motor Company Capital Trust II			16,000	$	836
Total Convertible Preferred Stocks
(cost: $ 800 )					836
PREFERRED STOCKS	(0.3%)
Holding & Other Investment Offices	(0.3%)
Uniprovident Corporation (b)			106,400		2,929
Total Preferred Stocks (cost: $ 2,660)					2,929
COMMON STOCKS	(95.5%)
Aerospace	(1.0%)
Lockheed Martin Corporation			203,100		11,329
Amusement & Recreation Services	(1.0%)
Disney (Walt) Company (The) (b)			493,200		11,122
Automotive	(2.0%)
Ford Motor Company (b)			265,700		3,733
Honeywell International Inc.			516,300		18,515
Beverages	(1.1%)
Coca-Cola Company (The)			297,400		11,911

Business Services	(0.4%)
Dun & Bradstreet Corporation (The) (a)		70,650	4,147
Chemicals & Allied Products	(4.3%)
Clorox Company (The)		98,600	5,255
Colgate-Palmolive Company		158,200	7,147
Dow Chemical Company (The)		249,200	11,259
du Pont (E.I.) de Nemours and Company		213,600	9,142
Great Lakes Chemical Corporation (b)		207,900	5,322
Hercules Incorporated (a)		320,100	4,561
International Flavors & Fragrances Inc.		141,500	5,405
Commercial Banks	(8.7%)
Bank of America Corporation		430,038	18,634
Bank of Ireland		252,100	3,398
Citigroup Inc.		170,059	7,503
Mellon Financial Corporation		289,480	8,016
Mercantile Bankshares Corporation		107,800	5,170
Morgan Chase & Co. (J.P.)		639,422	25,404
National City Corporation		159,900	6,175
Northern Trust Corporation		105,900	4,321
SunTrust Banks, Inc.		160,000	11,266
Wells Fargo & Company		99,120	5,911
Wilmington Trust Corporation		72,100	2,611
Communication	(2.7%)
Comcast Corporation - Class A (a)		515,538	14,560
Viacom, Inc. - Class B		473,700	15,898
Communications Equipment	(2.8%)
Lucent Technologies Inc. (a)		695,700	2,205
Motorola, Inc.		598,000	10,788
Nokia Corporation - ADR		524,300	7,193
Rockwell Collins, Inc.		288,300	10,707
Computer & Data Processing Services	(1.0%)
Microsoft Corporation		414,900	11,472
Computer & Office Equipment	(0.8%)
Hewlett-Packard Company		492,785	9,240
Department Stores	(0.5%)
May Department Stores Company (The) (b)		208,550	5,345
Electric Services	(3.3%)
Constellation Energy Group, Inc.		212,700	8,474
Duke Energy Corporation (b)		531,300	12,161
FirstEnergy Corp.		168,850	6,936
TECO Energy, Inc. (b)		142,200	1,924
TXU Corp.		149,200	7,150

Electric, Gas & Sanitary Services	(1.0%)
NiSource Inc.		456,300	9,587
Xcel Energy Inc. (b)		124,500	2,156
Electronic & Other Electric Equipment	(3.5%)
Cooper Industries, Inc. - Class A		198,107	11,688
Emerson Electric Co.		77,600	4,803
General Electric Company		690,850	23,199
Electronic Components & Accessories	(0.9%)
Intel Corporation		105,700	2,120
Texas Instruments Incorporated		393,400	8,372
Environmental Services	(0.8%)
Waste Management, Inc.		323,162	8,835
Fabricated Metal Products	(0.8%)
Fortune Brands, Inc.		128,000	9,484
Food & Kindred Products	(2.9%)
Altria Group, Inc.		131,000	6,162
Campbell Soup Company (b)		342,800	9,012
ConAgra Foods, Inc.		152,800	3,928
General Mills, Inc. (b)		170,900	7,673
Unilever NV - CVA (b)		104,800	6,031
Gas Production & Distribution	(0.1%)
El Paso Corporation		65,400	601
Holding & Other Investment Offices	(0.7%)
Janus Capital Group, Inc. (b)		103,300	1,406
Simon Property Group, Inc. (b)		111,532	5,981
Hotels & Other Lodging Places	(1.3%)
Hilton Hotels Corporation		378,500	7,131
Starwood Hotels & Resorts Worldwide, Inc.		153,826	7,141
Industrial Machinery & Equipment	(1.0%)
Baker Hughes Incorporated		70,200	3,069
Pall Corporation		347,700	8,512
Instruments & Related Products	(2.7%)
Eastman Kodak Company (b)		381,100	12,279
Raytheon Company		302,200	11,478
Rockwell International Corporation		183,000	7,082
Insurance	(4.4%)
Chubb Corporation		113,800	7,998

CIGNA Corporation (b)		121,900	8,488
SAFECO Corporation (b)		245,300	11,198
St. Paul Companies, Inc. (The)		288,710	9,545
UnumProvident Corporation		493,900	7,749
XL Capital Ltd. - Class A		60,100	4,447
Insurance Agents, Brokers & Service	(1.4%)
Marsh & McLennan Companies, Inc.		355,100	16,249
Life Insurance	(0.8%)
Lincoln National Corporation		202,666	9,525
Lumber & Other Building Materials	(1.0%)
Home Depot, Inc. (The)		283,600	11,117
Manufacturing Industries	(1.1%)
Hasbro Inc.		41,450	779
Mattel, Inc. (b)		627,600	11,378
Medical Instruments & Supplies	(0.9%)
Baxter International Inc.		319,000	10,259
Mining	(0.3%)
Vulcan Materials Company		65,700	3,347
Motion Pictures	(1.1%)
Time Warner Inc. (a)		796,200	12,851
Motor Vehicles, Parts & Supplies	(0.8%)
Genuine Parts Company		230,750	8,856
Oil & Gas Extraction	(2.0%)
Anadarko Petroleum Corporation		141,200	9,370
Schlumberger Limited		99,600	6,704
Unocal Corporation		136,200	5,857
Paper & Allied Products	(2.7%)
International Paper Company		314,593	12,713
Kimberly-Clark Corporation		156,000	10,076
MeadWestvaco Corporation		231,400	7,382
Petroleum Refining	(8.0%)
Amerada Hess Corporation		193,230	17,197
BP PLC - ADR		213,574	12,287
ChevronTexaco Corporation		427,150	22,912
Exxon Mobil Corporation		453,938	21,939
Royal Dutch Petroleum Company - NY Registered Shares		309,900	15,991
Pharmaceuticals	(7.2%)

Abbott Laboratories		170,300	7,214
Bristol-Myers Squibb Co.		614,500	14,546
Johnson & Johnson		257,400	14,500
Medimmune, Inc. (a)		315,300	7,473
Merck & Co., Inc.		493,700	16,292
Schering-Plough Corporation		456,600	8,703
Wyeth		350,500	13,109
Primary Metal Industries	(0.9%)
Alcoa Inc.		149,800	5,032
Nucor Corporation		56,300	5,144
Printing & Publishing	(3.1%)
Dow Jones & Company, Inc. (b)		315,900	12,829
Knight-Ridder, Inc.		107,700	7,049
New York Times Company (The) - Class A (b)		367,400	14,365
Railroads	(2.1%)
Norfolk Southern Corporation (b)		299,100	8,895
Union Pacific Corporation		241,900	14,175
Restaurants	(0.9%)
McDonald’s Corporation		356,300	9,987
Retail Trade	(0.2%)
Toys “R” Us, Inc. (a)		132,200	2,345
Rubber & Misc. Plastic Products	(0.9%)
Newell Financial Trust I (b)		494,800	9,916
Security & Commodity Brokers	(3.0%)
American Express Company		221,500	11,398
Federated Investors, Inc. - Class B		76,000	2,161
Morgan Stanley		213,800	10,540
Schwab (Charles) Corporation (The)		977,800	8,986
Telecommunications	(5.8%)
ALLTEL Corporation		197,800	10,861
AT&T Corp.		379,010	5,427
Qwest Communications International Inc. (a)(b)		2,277,800	7,585
SBC Communications Inc.		436,474	11,327
Sprint Corporation (FON Group)		586,000	11,796
Verizon Communications, Inc.		402,142	15,837
Vodafone Group PLC - ADR		71,100	1,714
Tobacco Products	(0.7%)
UST Inc.		185,100	7,452
U.S. Government Agencies	(0.6%)

Fannie Mae			108,700		6,892
Wholesale Trade Durable Goods	(0.3%)
Grainger (W.W.), Inc.			57,200		3,298
Total Common Stocks (cost: $ 926,473 )					1,072,102
		Principal		Value
SECURITY LENDING COLLATERAL	(10.7%)
Debt	(9.7%)
Bank Notes	(0.4%)
Bank of America Corporation
1.88%, due 10/19/2004		$	379	$	379
1.88%, due 12/23/2004			682		682
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			758		758
Deutsche Bank AG
1.70%, due 10/12/2004			2,273		2,273
Commercial Paper	(2.9%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			1,136		1,136
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			1,513		1,513
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			3,783		3,783
1.75%, due 10/18/2004			752		752
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			3,779		3,779
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			1,132		1,132
General Electric Capital Corporation
1.76%, due 10/21/2004			2,650		2,650
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			1,894		1,894
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			782		782
Morgan Stanley
1.96%, due 12/10/2004			4,925		4,925
1.96%, due 03/16/2005			4,773		4,773
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			1,892		1,892
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			1,136		1,136
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			1,136		1,136
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			1,009		1,009
Euro Dollar Overnight	(0.6%)
Dexia Bank SA
1.51%, due 10/01/2004			758		758

Fortis Bank
1.52%, due 10/01/2004		1,894	1,894
1.62%, due 10/05/2004		758	758
Wells Fargo & Company
1.60%, due 10/04/2004		3,394	3,394
Euro Dollar Terms	(2.1%)
Bank of Montreal
1.76%, due 10/25/2004		394	394
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		1,538	1,538
1.77%, due 10/25/2004		3,788	3,788
1.76%, due 11/12/2004		1,894	1,894
1.80%, due 11/23/2004		3,769	3,769
Bank of the West Inc.
1.79%, due 11/10/2004		758	758
Den Danske Bank
1.64%, due 10/08/2004		758	758
Fortis Bank
1.69%, due 10/14/2004		379	379
1.73%, due 10/15/2004		758	758
Harris Trust & Savings Bank
1.76%, due 10/29/2004		758	758
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		2,652	2,652
1.60%, due 10/15/2004		1,136	1,136
1.65%, due 10/29/2004		568	568
1.67%, due 11/02/2004		76	76
1.88%, due 12/23/2004		1,993	1,993
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		1,894	1,894
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		1,515	1,515
2.01%, due 06/05/2005		2,273	2,273
Repurchase Agreements	(3.4%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $8,863 on 10/01/2004		8,863	8,863
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $3,864 on 10/01/2004		3,864	3,864
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $4,031 on 10/01/2004		4,031	4,031
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $14,265 on 10/01/2004		14,265	14,265
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $7,575 on 10/01/2004		7,575	7,575
		Shares	Value
Investment Companies	(1.0%)

Money Market Funds	(1.0%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%		2,905,484	$	2,905
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%		2,239,779		2,240
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%		5,992,708		5,993
Total Security Lending Collateral (cost: $ 119,825 )				119,825
Total Investment Securities (cost: $ 1,051,252 )			$	1,197,819
SUMMARY:
Investments, at value		106.8%	$	1,197,819
Liabilities in excess of other assets		(6.8)%		(76,297	)
Net assets		100.0%	$	1,121,522

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 108,970.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 39,373, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR	American Depositary Receipt
CVA	Certificaaten van aandelen (share certificates)
144A	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $18,808 or 1.70% of the net assets of the Fund.

T. Rowe Price Growth Stock

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(97.8%)
Amusement & Recreation Services	(0.3%)
MGM MIRAGE (a)(b)		17,600	$	874
Apparel & Accessory Stores	(0.2%)
Inditex, SA		27,800		687
Automotive	(0.7%)
Harley-Davidson, Inc. (b)		37,900		2,253
Beverages	(1.2%)
Coca-Cola Company (The)		64,600		2,587
PepsiCo, Inc.		20,400		992
Business Services	(3.7%)
Accenture Ltd - Class A (a)		152,200		4,117
Clear Channel Communications, Inc.		56,600		1,764
eBay Inc. (a)		35,900		3,301
First Data Corporation		49,300		2,145
Chemicals & Allied Products	(0.4%)
Hermes International		6,800		1,290
Commercial Banks	(9.2%)
Citigroup Inc.		238,908		10,541
Credit Suisse Group (a)		69,200		2,209
MBNA Corporation		37,900		955
Mellon Financial Corporation		82,800		2,293
Northern Trust Corporation		48,600		1,983
State Street Corporation		109,500		4,677
U.S. Bancorp		97,400		2,815
UBS AG - Registered Shares (CHF)		44,100		3,105
Communication	(4.8%)
Comcast Corporation - Special Class A (a)		84,800		2,368
Crown Castle International Corp. (a)		103,000		1,533
Echostar Communications Corporation - Class A (a)(b)		114,500		3,563
Liberty Media Corporation - Class A (a)		452,556		3,946
Liberty Media International, Inc. - Class A (a)		17,715		591
Viacom, Inc. - Class B		83,670		2,808
Communications Equipment	(1.0%)
Corning Incorporated (a)		178,000		1,972
QUALCOMM Incorporated		25,400		992

Computer & Data Processing Services	(10.1%)
Adobe Systems Incorporated		41,000	2,028
Affiliated Computer Services, Inc. - Class A (a)(b)		68,500	3,813
Fiserv, Inc. (a)		80,600	2,810
Google Inc. - Class A (a)(b)		3,325	431
Intuit Inc. (a)		49,600	2,252
Mercury Interactive Corporation (a)(b)		37,800	1,318
Microsoft Corporation		380,800	10,529
Oracle Corporation (a)		120,900	1,364
Red Hat, Inc. (a)(b)		74,300	909
SAP AG		13,600	2,121
SunGard Data Systems Inc. (a)		19,200	456
VERITAS Software Corporation (a)		73,500	1,308
Yahoo! Inc. (a)		75,200	2,550
Computer & Office Equipment	(3.4%)
Cisco Systems, Inc. (a)		195,400	3,537
Dell Inc. (a)		144,800	5,155
Juniper Networks, Inc. (a)		77,700	1,834
Department Stores	(0.5%)
Kohl’s Corporation (a)		30,200	1,455
Drug Stores & Proprietary Stores	(0.8%)
Walgreen Co.		72,100	2,583
Educational Services	(0.9%)
Apollo Group, Inc. - Class A (a)		37,600	2,759
Electronic & Other Electric Equipment	(3.3%)
General Electric Company		244,900	8,224
Samsung Electronics Co., Ltd.		4,830	1,922
Electronic Components & Accessories	(4.5%)
Analog Devices, Inc.		41,300	1,602
Intel Corporation		137,100	2,750
Maxim Integrated Products		36,400	1,539
QLogic Corporation (a)		30,400	900
Texas Instruments Incorporated		49,800	1,060
Tyco International Ltd.		144,044	4,416
Xilinx, Inc.		56,100	1,515
Fabricated Metal Products	(0.2%)
Gillette Company (The)		14,800	618
Food & Kindred Products	(0.5%)
Altria Group, Inc.		31,100	1,463

Industrial Machinery & Equipment	(1.9%)
Applied Materials, Inc. (a)		72,900	1,202
Baker Hughes Incorporated		104,300	4,560
Instruments & Related Products	(1.5%)
Danaher Corporation		89,100	4,569
Insurance	(7.2%)
ACE Limited		40,500	1,622
American International Group, Inc.		99,100	6,738
St. Paul Companies, Inc. (The)		30,340	1,003
UnitedHealth Group Incorporated		108,800	8,023
WellPoint Health Networks Inc. (a)		48,100	5,055
Insurance Agents, Brokers & Service	(0.8%)
Hartford Financial Services Group, Inc. (The)		40,800	2,527
Lumber & Other Building Materials	(1.8%)
Home Depot, Inc. (The)		116,600	4,571
Kingfisher PLC		184,200	1,028
Manufacturing Industries	(1.5%)
International Game Technology		127,500	4,584
Medical Instruments & Supplies	(2.4%)
Biomet, Incorporated		32,100	1,505
Boston Scientific Corporation (a)		51,800	2,058
Guidant Corporation		18,300	1,209
Medtronic, Inc.		52,500	2,725
Metal Mining	(1.2%)
BHP Billiton Limited		144,400	1,502
Rio Tinto PLC - Registered Shares		87,600	2,356
Motion Pictures	(1.6%)
News Corporation Limited (The) - ADR		91,400	2,864
Time Warner Inc. (a)		134,600	2,172
Oil & Gas Extraction	(1.2%)
Schlumberger Limited		55,300	3,722
Personal Credit Institutions	(1.2%)
SLM Corporation		82,700	3,688
Personal Services	(1.0%)
Cendant Corporation		137,300	2,966

Petroleum Refining	(2.2%)
ChevronTexaco Corporation		62,200	3,336
Exxon Mobil Corporation		74,590	3,605
Pharmaceuticals	(7.0%)
Amgen Inc. (a)		64,500	3,656
Cardinal Health, Inc.		15,700	687
Forest Laboratories, Inc. (a)		51,000	2,294
Genentech, Inc. (a)		17,800	933
Gilead Sciences, Inc. (a)		61,400	2,295
Johnson & Johnson		58,200	3,278
Pfizer Inc.		186,395	5,704
Teva Pharmaceutical Industries Ltd. - ADR (b)		53,300	1,383
Wyeth		42,500	1,590
Primary Metal Industries	(0.6%)
Nucor Corporation (b)		21,900	2,001
Printing & Publishing	(0.7%)
Scripps (E.W.) Company (The) (b)		42,200	2,016
Radio & Television Broadcasting	(1.7%)
British Sky Broadcasting Group PLC		146,300	1,269
IAC/InterActive Corp (a)		89,600	1,973
Sogecable, SA (a)		9,600	386
Univision Communications Inc. - Class A (a)		53,500	1,691
Radio, Television & Computer Stores	(1.2%)
Best Buy Co., Inc. (b)		67,700	3,672
Restaurants	(0.9%)
Compass Group PLC		365,400	1,458
Starbucks Corporation (a)		29,300	1,332
Security & Commodity Brokers	(3.9%)
American Express Company		91,800	4,723
Ameritrade Holding Corporation (a)		109,800	1,319
Goldman Sachs Group, Inc. (The)		18,800	1,753
Merrill Lynch & Co., Inc.		65,200	3,242
Schwab (Charles) Corporation (The)		112,600	1,035
Telecommunications	(2.3%)
Nextel Communications, Inc. - Class A (a)		161,200	3,843
Vodafone Group PLC		785,304	1,880
Vodafone Group PLC - ADR		60,800	1,466
Trucking & Warehousing	(1.1%)
United Parcel Service, Inc. - Class B		44,800	3,401

U.S. Government Agencies	(1.1%)
Fannie Mae			35,700		2,263
Freddie Mac			15,900		1,037
Variety Stores	(4.3%)
Family Dollar Stores, Inc.			55,500		1,504
Target Corporation			114,500		5,181
Wal-Mart de Mexico SA de CV - ADR			21,800		739
Wal-Mart de Mexico SA de CV - Series V			223,800		760
Wal-Mart Stores, Inc.			96,700		5,144
Water Transportation	(1.1%)
Carnival Corporation			74,600		3,528
Wholesale Trade Nondurable Goods	(0.6%)
SYSCO Corporation (b)			60,100		1,798
Total Common Stocks (cost: $ 264,858 )					303,006
		Principal		Value
SECURITY LENDING COLLATERAL	(5.8%)
Debt	(5.3%)
Bank Notes	(0.2%)
Bank of America Corporation
1.88%, due 10/19/2004		$	57	$	57
1.88%, due 12/23/2004			102		102
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			113		113
Deutsche Bank AG
1.70%, due 10/12/2004			339		339
Commercial Paper	(1.6%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			170		170
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			226		226
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			564		564
1.75%, due 10/18/2004			112		112
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			564		564
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			169		169
General Electric Capital Corporation
1.76%, due 10/21/2004			396		396
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			283		283
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			117		117

Morgan Stanley
1.96%, due 12/10/2004		735	735
1.96%, due 03/16/2005		712	712
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004		282	282
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004		170	170
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004		170	170
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004		151	151
Euro Dollar Overnight	(0.3%)
Dexia Bank SA
1.51%, due 10/01/2004		113	113
Fortis Bank
1.52%, due 10/01/2004		283	283
1.62%, due 10/05/2004		113	113
Wells Fargo & Company
1.60%, due 10/04/2004		506	506
Euro Dollar Terms	(1.1%)
Bank of Montreal
1.76%, due 10/25/2004		59	59
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		229	229
1.77%, due 10/25/2004		565	565
1.76%, due 11/12/2004		283	283
1.80%, due 11/23/2004		562	562
Bank of the West Inc.
1.79%, due 11/10/2004		113	113
Den Danske Bank
1.64%, due 10/08/2004		113	113
Fortis Bank
1.69%, due 10/14/2004		57	57
1.73%, due 10/15/2004		113	113
Harris Trust & Savings Bank
1.76%, due 10/29/2004		113	113
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004		396	396
1.60%, due 10/15/2004		170	170
1.65%, due 10/29/2004		85	85
1.67%, due 11/02/2004		11	11
1.88%, due 12/23/2004		297	297
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004		283	283
Master Notes	(0.2%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004		226	226
2.01%, due 06/05/2005		339	339
Repurchase Agreements	(1.9%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,322 on 10/01/2004		1,322	1,322

Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $577 on 10/01/2004		577		577
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $601 on 10/01/2004		601		601
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $2,128 on 10/01/2004		2,128		2,128
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,130 on 10/01/2004		1,130		1,130
		Shares	Value
Investment Companies	(0.5%)
Money Market Funds	(0.5%)
Barclays Institutional Money Market Fund
1 day yield of 1.73%		433,561	$	434
Merrill Lynch Premier Institutional Fund
1 day yield of 1.64%		334,223		334
Merrimac Cash Fund-Premium Class
1 day yield of 1.47%		894,241		894
Total Security Lending Collateral (cost: $ 17,881 )				17,881
Total Investment Securities (cost: $ 282,739 )			$	320,887
SUMMARY:
Investments, at value		103.6%	$	320,887
Liabilities in excess of other assets		(3.6%)		(11,293)
Net assets		100.0%	$	309,594

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 17,337.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 5,875, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $2,808 or .91% of the net assets of the Fund.

T. Rowe Price Small Cap

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares	Value
COMMON STOCKS	(98.8	%)
Air Transportation	(1.4	%)
AirTran Holdings, Inc. (a)			53,700	$	535
ExpressJet Holdings, Inc. (a)			62,800		629
Frontier Airlines, Inc. (a)			223,300		1,715
JetBlue Airways Corporation (a) (b)			22,400		469
SkyWest, Inc.			241,400		3,633
Amusement & Recreation Services	(1.2	%)
Alliance Gaming Corporation (a)			89,800		1,352
International Speedway Corporation - Class A			10,900		544
Station Casinos, Inc.			73,200		3,590
Westwood One, Inc. (a)			24,700		488
Apparel & Accessory Stores	(2.1	%)
AnnTaylor, Inc. (a)			30,875		722
Christopher & Banks Corporation			126,400		2,024
Hot Topic, Inc. (a) (b)			138,800		2,365
Pacific Sunwear of California, Inc. (a) (b)			118,093		2,486
Ross Stores, Inc.			68,300		1,601
Talbots, Inc. (The)			45,400		1,125
Apparel Products	(0.2	%)
Gymboree Corporation (The) (a)			68,200		982
Auto Repair, Services & Parking	(0.3	%)
Dollar Thrifty Automotive Group, Inc. (a)			56,900		1,384
Automotive	(1.3	%)
Gentex Corporation (b)			76,000		2,670
Oshkosh Truck Corporation			51,600		2,944
Thor Industries, Inc.			34,700		919
Automotive Dealers & Service Stations	(1.0	%)
Group 1 Automotive, Inc. (a)			48,700		1,329
O’Reilly Automotive, Inc. (a)			72,400		2,772
Sonic Automotive, Inc.			11,700		235
West Marine, Inc. (a) (b)			34,500		738
Beverages	(0.1	%)
Boston Beer Company, Inc. (The) - Class A (a)			26,100		658
Business Services	(3.1	%)

Catalina Marketing Corporation (b)			20,200	466
ChoicePoint Inc. (a)			77,600	3,310
Digital Insight Corporation (a)			151,600	2,066
Fair Issac Corporation (b)			99,734	2,912
Getty Images, Inc. (a) (b)			38,200	2,112
Rent-A-Center, Inc. (a)			75,950	1,964
Valassis Communications, Inc. (a)			22,900	677
Websense, Inc. (a)			32,900	1,371
Wireless Facilities, Inc. (a)			63,400	442
Chemicals & Allied Products	(0.2	%)
ATMI, Inc. (a)			52,100	1,067
Commercial Banks	(1.8	%)
Boston Private Financial Holdings, Inc.			84,200	2,102
East West Bancorp, Inc.			47,100	1,582
Silicon Valley Bancshares (a)			35,900	1,334
Southwest Bancorporation of Texas, Inc.			56,000	1,128
UCBH Holdings, Inc. (b)			75,300	2,942
Communication	(0.5	%)
Global Payments Inc. (b)			40,360	2,161
Insight Communications Company, Inc. (a) (b)			43,800	385
Communications Equipment	(2.2	%)
ADTRAN, Inc.			97,100	2,202
Anaren Microwave, Inc. (a)			63,200	851
Centillium Communications, Inc. (a)			151,300	360
Inter-Tel, Incorporated			123,300	2,666
Plantronics, Inc.			99,300	4,293
Powerwave Technologies, Inc. (a) (b)			63,900	394
Computer & Data Processing Services	(9.3	%)
Activision, Inc. (a)			141,000	1,956
Actuate Corporation (a)			178,200	629
Agile Software Corporation (a)			242,900	1,926
Borland Software Corporation (a)			135,100	1,128
CACI International Inc. - Class A (a) (b)			47,800	2,523
Cognizant Technology Solutions Corporation (a)			69,200	2,111
Computer Programs and Systems, Inc.			208,700	4,187
Concord Communications, Inc. (a)			55,500	495
EarthLink, Inc. (a)			98,700	1,017
EPIQ Systems, Inc. (a) (b)			31,300	488
F5 Networks, Inc. (a)			107,600	3,277
FactSet Research Systems Inc. (b)			27,900	1,345
Henry (Jack) & Associates, Inc.			58,500	1,098
Hyperion Solutions Corporation (a)			82,300	2,797
Informatica Corporation (a)			201,400	1,178
Inforte Corp. (a)			341,300	2,355
Macromedia, Inc. (a)			52,400	1,052
MatrixOne, Inc. (a)			208,200	1,053
Mercury Interactive Corporation (a) (b)			6,500	227
MTC Technologies, Inc. (a)			107,800	2,979
National Instruments Corporation			10,800	327
Netegrity, Inc. (a)			86,700	651

Open Text Corporation (a) (b)			91,000	1,571
Packeteer, Inc. (a)			116,700	1,262
Radiant Systems, Inc. (a)			68,650	276
Red Hat, Inc. (a) (b)			65,900	807
SERENA Software, Inc. (a) (b)			124,300	2,080
SkillSoft PLC - ADR (a)			65,400	438
SRA International, Inc. - Class A (a)			66,600	3,434
SupportSoft, Inc. (a)			136,800	1,332
Computer & Office Equipment	(1.7	%)
Avocent Corporation (a)			14,050	366
Black Box Corporation			21,000	776
Maxtor Corporation (a)			325,500	1,693
Polycom, Inc. (a)			98,812	1,958
RSA Security, Inc. (a)			46,700	901
SanDisk Corporation (a)			97,400	2,836
Construction	(1.1	%)
Insituform Technologies, Inc. - Class A (a) (b)			48,600	907
M.D.C. Holdings, Inc. (b)			32,989	2,411
Toll Brothers, Inc. (a) (b)			48,600	2,252
Drug Stores & Proprietary Stores	(0.6	%)
drugstore.com, inc. (a)			199,600	683
Omnicare, Inc.			86,600	2,456
Educational Services	(2.2	%)
Apollo Group, Inc. - Class A (a) (b)			19,888	1,459
Career Education Corporation (a) (b)			35,800	1,018
Corinthian Colleges, Inc. (a) (b)			61,900	834
DeVRY Inc. (a)			91,500	1,895
Education Management Corporation (a)			117,600	3,133
ITT Educational Services, Inc. (a) (b)			69,400	2,502
Electrical Goods	(0.5	%)
Hughes Supply, Inc.			75,800	2,279
Electronic & Other Electric Equipment	(0.6	%)
Digital Theater Systems, Inc. (a)			94,900	1,732
Harman International Industries, Incorporated			10,700	1,153
Electronic Components & Accessories	(6.6	%)
Advanced Energy Industries, Inc. (a)			233,700	2,171
Aeroflex Incorporated (a)			287,700	3,041
AMIS Holdings, Inc. (a)			72,000	973
Exar Corporation (a)			62,100	879
Integrated Circuit Systems, Inc. (a) (b)			64,200	1,380
Integrated Silicon Solution, Inc. (a)			160,600	1,168
Intersil Corporation - Class A			108,060	1,721
KEMET Corporation (a)			65,600	531
Lattice Semiconductor Corporation (a) (b)			102,800	505
Mercury Computer Systems, Inc. (a) (b)			105,900	2,851
Micrel, Incorporated (a)			13,200	137

Microchip Technology Incorporated			9,637	259
OmniVision Technologies, Inc. (a) (b)			186,800	2,643
Pericom Semiconductor Corporation (a)			93,400	902
Plexus Corp. (a)			124,200	1,371
REMEC, Inc. (a)			63,700	300
Semtech Corporation (a)			90,400	1,733
Sigmatel Incorporated (a) (b)			48,200	1,022
Silicon Storage Technology, Inc. (a)			136,200	868
Skyworks Solutions, Inc. (a) (b)			75,000	713
Tessera Technologies, Inc. (a)			72,000	1,591
TriQuint Semiconductor, Inc. (a) (b)			99,161	387
TTM Technologies, Inc. (a)			307,200	2,731
Zoran Corporation (a) (b)			156,182	2,455
Environmental Services	(0.8	%)
Stericycle, Inc. (a) (b)			40,700	1,868
Waste Connections, Inc. (a)			73,050	2,314
Fabricated Metal Products	(0.3	%)
Simpson Manufacturing Co., Inc.			22,000	1,390
Food & Kindred Products	(0.1	%)
Peet’s Coffee & Tea, Inc. (a) (b)			29,700	695
Food Stores	(0.3	%)
Whole Foods Market, Inc. (b)			17,500	1,501
Furniture & Fixtures	(0.1	%)
La-Z-Boy Incorporated (b)			39,700	603
Furniture & Home Furnishings Stores	(1.2	%)
Cost Plus, Inc. (a) (b)			98,550	3,487
Pier 1 Imports, Inc.			45,800	828
Williams-Sonoma, Inc. (a) (b)			48,700	1,829
Health Services	(3.9	%)
Accredo Health, Incorporated (a)			102,750	2,422
AmSurg Corp. (a)			65,500	1,387
Community Health Systems, Inc. (a)			40,500	1,081
DaVita Inc. (a)			84,400	2,629
Gentiva Health Services, Inc. (a)			104,100	1,704
LifePoint Hospitals, Inc. (a) (b)			90,800	2,725
Manor Care, Inc.			44,300	1,327
Matria Healthcare, Inc. (a) (b)			18,700	529
Renal Care Group, Inc. (a)			41,400	1,334
Symbion, Inc. (a) (b)			63,600	1,024
Triad Hospitals, Inc. (a)			27,900	961
United Surgical Partners International, Inc. (a)			68,100	2,339
Holding & Other Investment Offices	(0.2	%)
Redwood Trust, Inc. (b)			19,800	1,236

Industrial Machinery & Equipment	(3.9	%)
Axcelis Technologies, Inc. (a)			170,800	1,414
Cymer, Inc. (a) (b)			65,600	1,880
Engineered Support Systems, Inc.			76,900	3,510
FMC Technologies, Inc. (a)			29,900	999
National-Oilwell, Inc. (a) (b)			45,400	1,492
Oil States International, Inc. (a)			79,500	1,487
Varco International Inc. (a)			62,800	1,684
Varian Semiconductor Equipment Associates, Inc. (a) (b)			65,900	2,036
Zebra Technologies Corporation - Class A (a)			78,525	4,791
Instruments & Related Products	(4.9	%)
August Technology Corporation (a)			51,800	356
Avid Technology, Inc. (a)			97,900	4,589
Cognex Corporation			57,200	1,499
Coherent, Inc. (a)			32,600	846
Cohu, Inc.			54,200	801
CyberOptics Corporation (a)			168,300	2,599
Cytyc Corporation (a) (b)			76,300	1,843
Dionex Corporation (a)			16,850	922
FLIR Systems, Inc. (a)			54,600	3,194
Fossil, Inc. (a)			91,912	2,844
Herley Industries, Inc. (a)			47,500	888
Lexar Media, Inc. (a) (b)			139,600	1,171
Newport Corporation (a)			17,200	197
Pinnacle Systems, Inc. (a)			68,000	284
Rudolph Technologies, Inc. (a) (b)			24,700	413
SBS Technologies, Inc. (a)			56,800	693
STAAR Surgical Company (a) (b)			61,300	202
Varian, Inc. (a)			27,900	1,057
Insurance	(3.4	%)
Coventry Health Care, Inc. (a)			77,400	4,131
First Health Group Corp. (a) (b)			92,100	1,482
Max Re Capital Ltd.			72,800	1,456
PMI Group, Inc. (The)			13,200	536
RenaissanceRe Holdings Ltd.			44,700	2,306
StanCorp Financial Group, Inc.			27,600	1,965
Triad Guaranty Inc. (a)			58,700	3,257
WellChoice, Inc. (a)			46,600	1,740
Insurance Agents, Brokers & Service	(0.3	%)
Brown & Brown, Inc. (b)			31,100	1,421
Leather & Leather Products	(0.2	%)
Timberland Company (The) -   Class A (a) (b)			17,000	966
Management Services	(2.8	%)
Advisory Board Company (The) (a)			140,000	4,704
Corporate Executive Board Company (The) (b)			92,000	5,634
Exult, Inc. (a)			97,800	514
Resources Connection, Inc. (a)			77,500	2,928
Manufacturing Industries	(0.4	%)

Marvel Enterprises, Inc. (a) (b)			136,400	1,986
Medical Instruments & Supplies	(4.0	%)
Advanced Neuromodulation Systems, Inc. (a)			48,600	1,475
Conceptus, Inc. (a) (b)			41,000	380
Cyberonics, Inc. (a) (b)			11,800	241
DENTSPLY International Inc.			48,400	2,514
ICU Medical, Inc. (a) (b)			70,400	1,833
INAMED Corporation (a)			66,750	3,182
Mentor Corporation			21,800	734
Merit Medical Systems, Inc. (a)			51,500	778
Respironics, Inc. (a)			58,800	3,142
STERIS Corporation (a)			147,900	3,245
Thoratec Corporation (a) (b)			178,800	1,720
Wright Medical Group, Inc. (a)			31,500	791
Mortgage Bankers & Brokers	(0.3	%)
Doral Financial Corporation			31,225	1,295
Motion Pictures	(0.6	%)
CNET Networks, Inc. (a) (b)			82,100	751
Macrovision Corporation (a)			95,900	2,309
Oil & Gas Extraction	(4.1	%)
Atwood Oceanics, Inc. (a)			15,100	718
Cabot Oil & Gas Corporation - Class A			43,200	1,940
Cal Dive International, Inc. (a) (b)			85,900	3,060
Comstock Resources Inc. (a)			91,300	1,910
Global Industries, Ltd. (a)			76,800	475
Grey Wolf, Inc. (a) (b)			433,500	2,120
Helmerich & Payne, Inc.			19,800	568
Patterson-UTI Energy, Inc. (b)			165,700	3,160
Spinnaker Exploration Company (a)			56,700	1,987
Stone Energy Corporation (a)			37,600	1,645
Unit Corporation (a)			81,400	2,856
Personal Credit Institutions	(0.2	%)
First Marblehead Corporation (a) (b)			26,700	1,239
Pharmaceuticals	(8.2	%)
Abgenix, Inc. (a)			78,900	778
Alkermes, Inc. (a) (b)			38,100	440
Andrx Corporation - Andrx Group (a)			80,800	1,807
Bradley Pharmaceuticals, Inc. (a) (b)			113,400	2,308
Celgene Corporation (a)			19,500	1,135
Cephalon, Inc. (a) (b)			27,914	1,337
Charles River Laboratories, Inc. (a) (b)			55,700	2,551
D & K Health Resources, Inc.			68,700	677
Digene Corporation (a) (b)			117,900	3,061
Eon Labs, Inc. (a) (b)			82,600	1,792
Human Genome Sciences, Inc. (a)			68,700	750
ICOS Corporation (a) (b)			33,400	806
IDEXX Laboratories, Inc. (a)			16,500	837

Integra LifeSciences Holdings Corporation (a)			10,700	344
Invitrogen Corporation (a) (b)			36,500	2,007
K-V Pharmaceutical Company - Class A (a) (b)			101,300	1,813
Martek Biosciences Corp. (a) (b)			61,900	3,011
Medicis Pharmaceutical Corporation - Class A (b)			92,200	3,599
Neurocrine Biosciences, Inc. (a)			47,300	2,231
Noven Pharmaceuticals, Inc. (a)			100,600	2,097
Par Pharmaceutical Companies, Inc. (a)			16,700	600
Priority Healthcare Corporation - Class B (a) (b)			29,700	598
Protein Design Labs, Inc. (a) (b)			123,100	2,410
Taro Pharmaceutical Industries Ltd. (a)			44,200	1,033
Techne Corporation (a)			48,100	1,836
Vertex Pharmaceuticals Incorporated (a) (b)			33,650	353
Primary Metal Industries	(1.0	%)
Lone Star Technologies, Inc. (a)			30,000	1,134
Maverick Tube Corporation (a)			79,600	2,452
Steel Dynamics, Inc. (b)			41,400	1,599
Printing & Publishing	(0.5	%)
Scholastic Corporation (a) (b)			81,700	2,524
Radio & Television Broadcasting	(1.9	%)
Cox Radio, Inc. - Class A (a)			69,500	1,037
Emmis Communications Corporation - Class A (a)			158,100	2,855
Entercom Communications Corp. (a)			36,900	1,205
Radio One, Inc. - Class D (a) (b)			204,800	2,914
Regent Communications, Inc. (a)			116,700	661
Spanish Broadcasting System, Inc. (a)			103,600	1,019
Radio, Television & Computer Stores	(0.3	%)
GameStop Corp. (a)			74,100	1,372
Research & Testing Services	(1.2	%)
Forrester Research, Inc. (a)			124,800	1,902
Pharmaceutical Product Development, Inc. (a)			63,400	2,282
Symyx Technologies, Inc. (a)			83,400	1,964
Restaurants	(2.6	%)
CEC Entertainment Inc. (a)			77,300	2,841
Cheesecake Factory Incorporated (The) (a) (b)			34,900	1,515
P.F. Chang’s China Bistro, Inc. (a) (b)			60,600	2,938
RARE Hospitality International, Inc. (a)			89,575	2,387
Ruby Tuesday, Inc.			59,100	1,647
Sonic Corp. (a)			67,362	1,726
Retail Trade	(2.2	%)
A.C. Moore Arts & Crafts, Inc. (a)			125,800	3,111
Hibbet Sporting Goods, Inc. (a)			21,500	441
Insight Enterprises, Inc. (a)			124,400	2,095
Michaels Stores, Inc.			39,400	2,333
PETsMART, Inc. (b)			83,000	2,356
Schein (Henry), Inc. (a)			10,200	636

Rubber & Misc. Plastic Products	(0.2	%)
Entegris, Inc. (a)			128,700	1,073
Savings Institutions	(0.5	%)
IndyMac Bancorp, Inc.			74,400	2,693
Security & Commodity Brokers	(2.5	%)
Affiliated Managers Group, Inc. (a) (b)			56,300	3,014
Eaton Vance Corp.			35,500	1,434
Greenhill & Co., Inc.			9,000	212
Investors Financial Services Corp.			77,100	3,480
Legg Mason, Inc.			18,600	991
Raymond James Financial, Inc.			67,400	1,626
Waddell & Reed Financial, Inc. - Class A			70,450	1,550
Social Services	(0.7	%)
Bright Horizons Family Solutions, Inc. (a)			61,800	3,355
Telecommunications	(1.0	%)
Nextel Partners, Inc. - Class A (a) (b)			251,500	4,170
NII Holdings, Inc. (a) (b)			19,500	804
Transportation & Public Utilities	(1.1	%)
Forward Air Corporation (a)			34,500	1,381
UTI Worldwide, Inc.			72,700	4,274
Trucking & Warehousing	(0.9	%)
Iron Mountain Incorporated (a) (b)			85,850	2,906
Old Dominion Freight Line, Inc. (a)			62,150	1,791
Variety Stores	(0.8	%)
Dollar Tree Stores, Inc. (a)			29,650	799
Family Dollar Stores, Inc.			13,900	377
Fred’s, Inc. (b)			152,250	2,734
Wholesale Trade Durable Goods	(1.4	%)
Patterson Companies, Inc. (a) (b)			33,500	2,565
Reliance Steel & Aluminum Co. Common Stock			21,000	834
ScanSource, Inc. (a)			10,000	638
SCP Pool Corporation (b)			102,187	2,732
Wholesale Trade Nondurable Goods	(1.8	%)
Performance Food Group Company (a)			34,900	827
SunOpta Inc. (a) (b)			516,100	4,015
Tractor Supply Company (a)			41,200	1,295
United Natural Foods, Inc.(a)			98,200	2,612
Total Common Stocks (cost: $448,754)				491,608

			Principal		Value
SECURITY LENDING COLLATERAL	(24.8	%)
Debt	(22.5	%)
Bank Notes	(0.8	%)
Bank of America Corporation
1.88%, due 10/19/2004			$	389	$	389
1.88%, due 12/23/2004				701		701
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005				779		779
Deutsche Bank AG
1.70%, due 10/12/2004				2,336		2,336
Commercial Paper	(6.7	%)
Clipper Receivables Corp.
1.79%, due 11/12/2004				1,168		1,168
Compass Securitization LLC - 144A
1.75%, due 10/19/2004				1,555		1,555
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004				3,888		3,888
1.75%, due 10/18/2004				773		773
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004				3,884		3,884
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004				1,164		1,164
General Electric Capital Corporation
1.76%, due 10/21/2004				2,724		2,724
Grampian Funding LLC - 144A
1.78%, due 10/19/2004				1,947		1,947
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004				803		803
Morgan Stanley
1.96%, due 12/10/2004				5,062		5,062
1.96%, due 03/16/2005				4,906		4,906
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004				1,945		1,945
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004				1,168		1,168
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004				1,168		1,168
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004				1,037		1,037
Euro Dollar Overnight	(1.4	%)
Dexia Bank SA
1.51%, due 10/01/2004				779		779
Fortis Bank
1.52%, due 10/01/2004				1,947		1,947
1.62%, due 10/05/2004				779		779
Wells Fargo & Company
1.60%, due 10/04/2004				3,489		3,489
Euro Dollar Terms	(4.8	%)

Bank of Montreal
1.76%, due 10/25/2004			405		405
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			1,581		1,581
1.77%, due 10/25/2004			3,894		3,894
1.76%, due 11/12/2004			1,947		1,947
1.80%, due 11/23/2004			3,874		3,874
Bank of the West Inc.
1.79%, due 11/10/2004			779		779
Den Danske Bank
1.64%, due 10/08/2004			779		779
Fortis Bank
1.69%, due 10/14/2004			389		389
1.73%, due 10/15/2004			779		779
Harris Trust & Savings Bank
1.76%, due 10/29/2004			779		779
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			2,726		2,726
1.60%, due 10/15/2004			1,168		1,168
1.65%, due 10/29/2004			584		584
1.67%, due 11/02/2004			78		78
1.88%, due 12/23/2004			2,048		2,048
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			1,947		1,947
Master Notes	(0.8	%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			1,557		1,557
2.01%, due 06/05/2005			2,336		2,336
Repurchase Agreements	(8.0	%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $9,110 on 10/01/2004			9,110		9,110
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $3,972 on 10/01/2004			3,972		3,972
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $4,143 on 10/01/2004			4,143		4,143
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $14,663 on 10/01/2004			14,663		14,663
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $7,787 on 10/01/2004			7,787		7,787
			Shares	Value
Investment Companies	(2.3	%)
Money Market Funds	(2.3	%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			2,986,444	$	2,986
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			2,302,189		2,302
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			6,159,693		6,160

Total Security Lending Collateral (cost: $123,164 )				123,164
Total Investment Securities (cost: $571,918 )			$	614,772
SUMMARY:
Investments, at value	123.6	%	$	614,772
Liabilities in excess of other assets	(23.6	)%		(117,342	)
Net assets	100.0	%	$	497,430

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 118,309.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 40,470, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $19,332 or 3.89% of the net assets of the Fund.

Templeton Great Companies Global

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(94.4%)
Australia	(2.0%)
Alumina Limited		476,540	$	1,940
AMP Limited		659,180		2,975
BHP Billiton Limited		317,560		3,304
BHP Billiton Limited - ADR		7,140		148
Mayne Group Limited		323,770		927
National Australia Bank Limited (b)		156,020		3,050
Brazil	(0.7%)
Companhia Vale do Rio Doce - ADR (b)		130,890		2,941
Companhia Vale do Rio Doce - ADR		7,800		150
Embraer-Empresa Brasileira de Aeronautica SA - ADR		49,920		1,318
Canada	(1.2%)
Alcan Inc.		82,330		3,907
BCE Inc.		143,820		3,114
Cayman Islands	(0.9%)
ACE Limited		66,570		2,667
XL Capital Ltd. - Class A (b)		38,980		2,884
Denmark	(1.3%)
ISS A/S		62,540		3,316
Vestas Wind Systems A/S (a) (b)		300,793		4,357
Finland	(1.0%)
Stora Enso Oyj - R Shares		170,410		2,303
UPM-Kymmene Oyj		188,010		3,581
France	(3.0%)
Accor SA		58,640		2,286
AXA		143,550		2,905
Compagnie Generale des Etablissements Michelin - Class B		60,930		3,098
Sanofi-Synthelabo (b)		30,025		2,178
Suez SA - ADR		138,490		2,991
Total Fina Elf SA (b)		14,840		3,024
Valeo SA		47,140		1,727
Germany	(3.0%)
BASF AG - ADR		58,640		3,457
Bayer AG - ADR		107,380		2,945
Deutsche Post AG - Registered Shares		195,740		3,801

E.ON AG - ADR		66,570	4,906
SAP AG - ADR		41,060	1,599
Volkswagen AG - ADR (b)		223,190	1,715
Hong Kong	(0.7%)
Cheung Kong (Holdings) Limited		315,000	2,697
Hutchison Whampoa Limited		228,000	1,784
Hutchison Whampoa Limited (d)		3	(d	)
Israel	(0.3%)
Check Point Software Technologies, Ltd. (a)		125,025	2,122
Italy	(1.1%)
Eni SpA. - ADR		39,540	4,440
Riunione Adriatica di Sicurta SpA		112,170	2,151
Japan	(4.4%)
Canon Inc.		33,500	1,575
Canon Inc. - ADR		2,410	114
Denso Corporation		103,200	2,440
East Japan Railway Company		485	2,510
Hitachi, Ltd.		433,000	2,618
Nintendo Co., Ltd.		34,900	4,271
Nippon Telegraph and Telephone Corporation		727	2,897
Nomura Securities Co., Ltd. (The)		124,000	1,593
Sompo Japan Insurance, Inc.		305,000	2,586
Sony Corporation - ADR		88,770	3,053
Takeda Pharmaceutical Company Limited		63,300	2,873
Mexico	(0.5%)
Telefonos de Mexico SA de CV - ADR		91,340	2,948
Netherlands	(2.2%)
Akzo Nobel NV - ADR		82,330	2,923
Elsevier NV (b)		297,710	3,836
IHC Caland N.V.		4,460	231
ING Groep NV		115,110	2,906
ING Groep NV - ADR (b)		13,180	333
Koninklijke Philips Electronics NV		130,560	2,991
Norway	(0.5%)
Telenor ASA		418,250	3,186
Portugal	(0.6%)
Portugal Telecom, SGPS, SA - Registered Shares		343,390	3,784
Singapore	(0.6%)
DBS Group Holdings Ltd - ADR		6,320	240
DBS Group Holdings Ltd.		368,000	3,499
South Korea	(2.2%)
Kookmin Bank - ADR (a) (b)		6,290	200
Korea Electric Power Corporation - ADR (b)		167,790	1,770
KT Corp. - ADR (b)		148,795	2,689

Samsung Electronics Co., Ltd. - GDR - 144A (LUX)		20,680	4,095
Samsung Electronics Co., Ltd. - GDR - 144A (USD)		10,150	2,010
SK Telecom Co., Ltd. - ADR (b)		136,485	2,655
Spain	(1.7%)
Iberdrola SA		164,420	3,411
Repsol-YPF, SA		183,790	4,037
Telefonica SA		187,130	2,802
Sweden	(2.9%)
Atlas Copco AB - A Shares		93,360	3,593
Electrolux AB - Series B		104,000	1,901
Nordea AB - FDR		498,700	4,071
Securitas AB - Class B		232,330	3,098
Svenska Cellulosa AB - B Shares		73,640	2,865
Volvo AB - B Shares		65,380	2,310
Switzerland	(2.6%)
Lonza Group Ltd. - Registered Shares		56,400	2,550
Nestle SA - ADR		57,440	3,289
Novartis AG - ADR		85,470	3,989
Swiss Reinsurance Company - Registered Shares		50,820	2,925
UBS AG - Registered Shares (CHF)		35,420	2,494
UBS AG - Registered Shares (USD)		3,820	269
Taiwan	(0.5%)
Chughwa Telecom Co., Ltd. - ADR (b)		160,170	2,821
United Kingdom	(9.8%)
Abbey National PLC		310,340	3,145
Alliance UniChem PLC		297,150	3,585
BAE Systems PLC		751,140	3,055
BP PLC - ADR		79,160	4,554
Brambles Industries PLC		490,540	2,279
British Airways PLC (a)		359,840	1,351
British Sky Broadcasting Group PLC		291,940	2,532
Cadbury Schweppes PLC		397,100	3,055
Compass Group PLC		470,000	1,876
GlaxoSmithKline PLC		160,320	3,456
HSBC Holdings PLC		176,742	2,805
HSBC Holdings PLC - ADR		2,950	235
National Grid Group PLC (The)		379,650	3,204
Pearson PLC		238,900	2,555
Rentokil Initial PLC		816,180	2,223
Rolls-Royce Group PLC		583,790	2,676
Shell Transport & Trading Company PLC		615,970	4,521
Smiths Group PLC		268,400	3,604
Standard Chartered PLC		178,430	3,063
Unilever PLC		345,920	2,816
Vodafone Group PLC		1,277,250	3,057
United States	(50.7%)
3M Company		150,100	12,003
Advanced Neuromodulation Systems, Inc. (a) (b)		15,600	473
American Express Company (b)		203,700	10,482
American International Group, Inc. (b)		212,900	14,475
Amgen Inc. (a) (b)		129,750	7,354
Anheuser-Busch Companies, Inc.		162,900	8,137

Avon Products, Inc.			190,000		8,299
Berkshire Hathaway Inc. - Class B (a)			2,300		6,603
Cephalon, Inc. (a) (b)			60,000		2,874
Cintas Corporation			96,500		4,057
Citigroup Inc.			275,000		12,133
Dell Inc. (a)			202,000		7,191
eBay Inc. (a)			70,000		6,436
EMC Corporation (a)			640,000		7,386
First Data Corporation			156,800		6,821
General Electric Company			543,500		18,251
Genzyme Corporation - General Division (b)			93,200		5,071
Goldman Sachs Group, Inc. (The)			65,300		6,089
IMS Health Incorporated			382,300		9,145
International Game Technology			340,000		12,223
Maxim Integrated Products			155,000		6,555
Medtronic, Inc.			264,070		13,705
Merrill Lynch & Co., Inc.			185,200		9,208
Microsoft Corporation			431,410		11,928
Moody’s Corporation			101,800		7,457
Omnicom Group, Inc. (b)			160,500		11,726
PepsiCo, Inc.			210,000		10,217
Pfizer Inc.			269,800		8,256
Procter & Gamble Company (The)			211,200		11,430
QUALCOMM Incorporated			230,000		8,979
Symantec Corporation (a)			150,000		8,232
United Technologies Corporation			144,000		13,446
Wrigley (Wm.) Jr. Company (b)			70,000		4,432
Xilinx, Inc. (b)			210,000		5,670
Yahoo! Inc. (a)			150,680		5,110
Zimmer Holdings, Inc. (a)			75,000		5,928
Total Common Stocks (cost: $567,957)					573,388
		Principal		Value
SECURITY LENDING COLLATERAL	(8.6%)
Debt	(7.8%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	165	$	165
1.88%, due 12/23/2004			297		297
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			330		330
Deutsche Bank AG
1.70%, due 10/12/2004			990		990
Commercial Paper	(2.3%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			495		495
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			659		659
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			1,648		1,648
1.75%, due 10/18/2004			328		328
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			1,646		1,646
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			493		493

General Electric Capital Corporation
1.76%, due 10/21/2004			1,155	1,155
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			825	825
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			340	340
Morgan Stanley
1.96%, due 12/10/2004			2,145	2,145
1.96%, due 03/16/2005			2,080	2,080
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			824	824
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			495	495
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			495	495
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			439	439
Euro Dollar Overnight	(0.5%)
Dexia Bank SA
1.51%, due 10/01/2004			330	330
Fortis Bank
1.52%, due 10/01/2004			825	825
1.62%, due 10/05/2004			330	330
Wells Fargo & Company
1.60%, due 10/04/2004			1,478	1,478
Euro Dollar Terms	(1.7%)
Bank of Montreal
1.76%, due 10/25/2004			171	171
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			670	670
1.77%, due 10/25/2004			1,650	1,650
1.76%, due 11/12/2004			825	825
1.80%, due 11/23/2004			1,642	1,642
Bank of the West Inc.
1.79%, due 11/10/2004			330	330
Den Danske Bank
1.64%, due 10/08/2004			330	330
Fortis Bank
1.69%, due 10/14/2004			165	165
1.73%, due 10/15/2004			330	330
Harris Trust & Savings Bank
1.76%, due 10/29/2004			330	330
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			1,155	1,155
1.60%, due 10/15/2004			495	495
1.65%, due 10/29/2004			248	248
1.67%, due 11/02/2004			33	33
1.88%, due 12/23/2004			868	868
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			825	825
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			660	660
2.01%, due 06/05/2005			990	990
Repurchase Agreements	(2.7%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $3,861 on 10/01/2004			3,861	3,861

Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,683 on 10/01/2004		1,683			1,683
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $1,756 on 10/01/2004		1,756			1,756
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $6,214 on 10/01/2004		6,214			6,214
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $3,300 on 10/01/2004		3,300			3,300
		Shares		Value
Investment Companies	(0.8%)
Money Market Funds	(0.8%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%		1,265,605		$	1,266
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%		975,629			976
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%		2,610,374			2,610
Total Security Lending Collateral (cost: $52,195)					52,195
Total Investment Securities (cost: $620,152)				$	625,583
SUMMARY:
Investments, at value		103.0	%	$	625,583
Liabilities in excess of other assets		(3.0	)%		(18,359	)
Net assets		100.0	%	$	607,224

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
Australian Dollar	(107	)	10/01/2004		(76	)		(1	)
Australian Dollar	(55	)	10/05/2004		(39	)		(1	)
Euro Dollar	(1	)	10/01/2004		(1	)		—
British Pound	196		10/01/2004		355			—
British Pound	(16	)	10/01/2004		(29	)		—
British Pound	69		10/04/2004		124			—
British Pound	2,800		10/15/2004		4,900			164
British Pound	(2,800	)	10/15/2004		(4,931	)		(132	)
British Pound	3,800		11/19/2004		6,632			220
British Pound	(3,800	)	11/19/2004		(6,808	)		(44	)
Swiss Franc	2,775		10/15/2004		2,127			97
Swiss Franc	(2,775	)	10/15/2004		(2,138	)		(86	)
Total Forward Foreign Currency Contracts				$	116		$	217

	Percentage of Net Assets		Value
INVESTMENTS BY INDUSTRY:
Pharmaceuticals	6.5	%	39,636
Business Services	6.4	%	38,854
Computer & Data Processing Services	6.3	%	38,136
Insurance	6.2	%	37,497
Electronic & Other Electric Equipment	6.0	%	36,572
Commercial Banks	5.8	%	35,204
Chemicals & Allied Products	5.2	%	31,604
Telecommunications	4.9	%	29,953
Security & Commodity Brokers	4.5	%	27,372
Beverages	3.5	%	21,409
Paper & Allied Products	3.4	%	20,752
Aerospace	3.4	%	20,496
Medical Instruments & Supplies	3.3	%	20,106
Computer & Office Equipment	3.1	%	18,884
Electronic Components & Accessories	2.6	%	15,829
Electric Services	2.2	%	13,291
Manufacturing Industries	2.0	%	12,223
Oil & Gas Extraction	1.9	%	11,501
Food & Kindred Products	1.7	%	10,537
Petroleum Refining	1.5	%	9,075
Communications Equipment	1.5	%	8,979
Automotive	1.3	%	8,192
Industrial Machinery & Equipment	1.3	%	7,950
Metal Mining	1.1	%	6,543
Printing & Publishing	1.1	%	6,391
Life Insurance	1.0	%	6,144
Primary Metal Industries	1.0	%	5,847
Transportation & Public Utilities	0.8	%	4,789
Trucking & Warehousing	0.8	%	4,728
Apparel Products	0.7	%	4,057
Rubber & Misc. Plastic Products	0.5	%	3,098
Electric, Gas & Sanitary Services	0.5	%	2,991
Real Estate	0.4	%	2,697
Radio & Television Broadcasting	0.4	%	2,532
Hotels & Other Lodging Places	0.4	%	2,286
Personal Services	0.4	%	2,223
Restaurants	0.3	%	1,876
Holding & Other Investment Offices	0.3	%	1,784
Air Transportation	0.2	%	1,351
Investments, at market value	94.4	%	573,389
Short-term investments	8.6	%	52,195
Other liabilities in excess of assets	(3.0	)%	(18,360	)
Net assets	100.0	%	607,224

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $50,373.

^(c) Cash collateral for the Repurchase Agreements, valued at $17,151, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) Value is less than $1.

DEFINITIONS:

ADR	American Depositary Receipt
FDR	Finnnish Depositary Receipt
GDR	Global Depositary Receipt
144A	Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $14,297 or 2.35% of the net assets of the Fund.

Third Avenue Value

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Principal		Value
U.S. GOVERNMENT OBLIGATIONS	(4.7	%)
U.S. Treasury Note
2.13%, due 10/31/2004			$	25,000	$	25,010
Total U.S. Government Obligations (cost: $ 25,005)						25,010
			Shares		Value
CONVERTIBLE PREFERRED STOCKS	(3.8	%)
Forestry	(1.4	%)
TimberWest Forest Corp. - units				650,000	$	7,189
Mining	(2.4	%)
Fording Canadian Coal Trust - Units				235,000		13,153
Total Convertible Preferred Stocks (cost: $ 10,195)						20,342
PREFERRED STOCKS	(0.5	%)
Holding & Other Investment Offices	(0.5	%)
CRT Properties, Inc				92,300		2,432
Total Preferred Stocks (cost: $ 2,308)						2,432
COMMON STOCKS	(85.9	%)
Automotive	(4.2	%)
Superior Industries International, Inc.				216,912		6,497
Toyota Industries Corporation				690,000		15,690
Business Credit Institutions	(1.0	%)
CIT Group, Inc.				138,100		5,164
Business Services	(1.2	%)
Cross Country Healthcare, Inc. (a)				397,900		6,167
Chemicals & Allied Products	(2.0	%)

Agrium, Inc.			600,000	10,656
Communications Equipment	(4.2	%)
Comverse Technology, Inc. (a)			463,200	8,722
Sycamore Networks, Inc. (a)			1,109,987	4,196
Tellabs, Inc. (a)			918,300	8,439
Ulticom, Inc. (a)			70,841	1,046
Computer & Data Processing Services	(1.6	%)
Ascential Software Corporation (a)			239,617	3,228
Geac Computer Corporation Limited (a)			814,300	5,326
Construction	(0.9	%)
Quanta Services, Inc. (a)			793,000	4,798
Electric Services	(2.8	%)
EnCana Corporation			323,000	14,955
Electronic & Other Electric Equipment	(2.7	%)
American Power Conversion Corporation			454,300	7,900
Electro Scientific Industries, Inc. (a)			370,600	6,430
Electronic Components & Accessories	(3.9	%)
AVX Corporation			793,800	9,407
Bel Fuse Inc. - Class A			121,800	3,416
Bel Fuse Inc. - Class B			69,300	2,292
Hutchinson Technology Incorporated (a)			115,564	3,089
TriQuint Semiconductor, Inc. (a)			673,500	2,627
Finance	(0.3	%)
JZ Equity Partners PLC			612,100	1,605
Health Services	(0.4	%)
AMN Healthcare Services, Inc. (a)			178,675	2,135
Holding & Other Investment Offices	(5.4	%)
Capital Southwest Corporation			30,941	2,352
CRT Properties, Inc			199,000	4,269
Hutchison Whampoa Limited			1,945,826	15,222
Investor AB - Class A			640,400	6,779
Industrial Machinery & Equipment	(2.9	%)
Alamo Group Inc.			386,900	7,239
Applied Materials, Inc. (a)			294,000	4,848
Lindsay Manufacturing Co.			113,900	3,056
Instruments & Related Products	(1.0	%)
Coherent, Inc. (a)			100,000	2,594
Credence Systems Corporation (a)			369,400	2,660
Insurance	(11.2	%)
Aioi Insurance Company, Limited			761,400	3,041

Arch Capital Group Inc. (a)			285,900	11,133
BRiT Insurance Holdings PLC			2,000,000	2,624
First American Corporation (The)			48,800	1,505
Leucadia National Corporation			59,400	3,365
MBIA, Inc.			109,400	6,368
Millea Holdings, Inc. - ADR			251,092	16,138
Mitsui Sumitomo Insurance Co., Ltd.			757,000	6,246
Phoenix Companies, Inc. (The)			342,500	3,569
Radian Group, Inc.			103,464	4,783
Insurance Agents, Brokers & Service	(0.5	%)
E-L Financial Corporation Limited			8,582	2,441
Manufacturing Industries	(2.7	%)
JAKKS Pacific, Inc. (a)			494,253	11,368
Russ Berrie and Company, Inc.			133,100	2,682
Metal Mining	(3.4	%)
Brascan Corporation - Class A			598,050	18,061
Oil & Gas Extraction	(9.9	%)
Canadian Natural Resources Limited			354,800	14,132
Nabors Industries Ltd. (a)			126,500	5,990
Pogo Producing Company			97,400	4,622
Smedvig ASA - A Shares			977,700	12,787
St. Mary Land & Exploration Company			93,600	3,726
Whiting Petroleum Corporation (a)			164,900	5,013
Willbros Group, Inc. (a)			385,700	5,751
Paper & Allied Products	(3.4	%)
St. Joe Company (The)			377,000	18,009
Pharmaceuticals	(1.4	%)
Sankyo Company, Ltd.			360,000	7,614
Real Estate	(9.1	%)
Catellus Development Corporation			372,507	9,875
Forest City Enterprises, Inc. - Class A			233,350	12,857
LNR Property Corporation			207,200	12,828
Tejon Ranch Co. (a)			137,305	5,170
Trammell Crow Company (a)			465,300	7,315
Research & Testing Services	(1.5	%)
PAREXEL International Corporation (a)			368,800	7,228
Pharmaceutical Product Development, Inc. (a)			12,400	446
Savings Institutions	(1.3	%)
Brookline Bancorp, Inc.			439,443	6,886
Security & Commodity Brokers	(3.5	%)
Instinet Group Incorporated (a)			1,161,300	5,841
Legg Mason, Inc.			152,400	8,118
SWS Group, Inc.			169,100	2,719
Westwood Holdings Group, Inc.			112,475	2,067

Transportation Equipment	(1.3	%)
Trinity Industries, Inc.				221,600		6,907
Variety Stores	(1.8	%)
Kmart Holding Corporation (a)				109,600		9,587
Water Transportation	(0.4	%)
Alexander & Baldwin, Inc.				63,300		2,148
Total Common Stocks (cost: $ 324,908)						453,764
			Principal		Value
SHORT-TERM OBLIGATIONS	(4.9	%)
Investor’s Bank & Trust Company(d)
1.27% Repurchase Agreement dated 09/30/2004 to be repurchased at $26,161 on 10/01/2004			$	26,161	$	26,161
Total Short-Term Obligations (cost: $ 26,161)						26,161
SECURITY LENDING COLLATERAL	(20.8	%)
Debt	(18.9	%)
Bank Notes	(0.7	%)
Bank of America Corporation
1.88%, due 10/19/2004				347		347
1.88%, due 12/23/2004				624		624
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005				694		694
Deutsche Bank AG
1.70%, due 10/12/2004				2,081		2,081
Commercial Paper	(5.6	%)
Clipper Receivables Corp.
1.79%, due 11/12/2004				1,041		1,041
Compass Securitization LLC - 144A
1.75%, due 10/19/2004				1,385		1,385
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004				3,464		3,464
1.75%, due 10/18/2004				688		688
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004				3,460		3,460
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004				1,037		1,037
General Electric Capital Corporation
1.76%, due 10/21/2004				2,427		2,427
Grampian Funding LLC - 144A
1.78%, due 10/19/2004				1,734		1,734
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004				716		716
Morgan Stanley
1.96%, due 12/10/2004				4,509		4,509
1.96%, due 03/16/2005				4,370		4,370
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004				1,733		1,733
Park Avenue Receivables Corporation - 144A

1.78%, due 11/01/2004			1,041	1,041
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			1,041	1,041
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			924	924
Euro Dollar Overnight	(1.2	%)
Dexia Bank SA
1.51%, due 10/01/2004			694	694
Fortis Bank
1.52%, due 10/01/2004			1,734	1,734
1.62%, due 10/05/2004			694	694
Wells Fargo & Company
1.60%, due 10/04/2004			3,108	3,108
Euro Dollar Terms	(4.0	%)
Bank of Montreal
1.76%, due 10/25/2004			360	360
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			1,408	1,408
1.77%, due 10/25/2004			3,469	3,469
1.76%, due 11/12/2004			1,734	1,734
1.80%, due 11/23/2004			3,451	3,451
Bank of the West Inc.
1.79%, due 11/10/2004			694	694
Den Danske Bank
1.64%, due 10/08/2004			694	694
Fortis Bank
1.69%, due 10/14/2004			347	347
1.73%, due 10/15/2004			694	694
Harris Trust & Savings Bank
1.76%, due 10/29/2004			694	694
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			2,428	2,428
1.60%, due 10/15/2004			1,041	1,041
1.65%, due 10/29/2004			520	520
1.67%, due 11/02/2004			69	69
1.88%, due 12/23/2004			1,824	1,824
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			1,734	1,734
Master Notes	(0.7	%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			1,387	1,387
2.01%, due 06/05/2005			2,081	2,081
Repurchase Agreements	(6.7	%) (c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $8,116 on 10/01/2004			8,116	8,116
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $3,538 on 10/01/2004			3,538	3,538
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $3,691 on 10/01/2004			3,691	3,691
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $13,062 on 10/01/2004			13,062	13,062
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $6,937 on 10/01/2004			6,937	6,937

			Shares	Value
Investment Companies	(1.9	%)
Money Market Funds	(1.9	%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			2,660,386	$	2,660
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			2,050,837		2,051
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			5,487,180		5,487
Total Security Lending Collateral (cost: $ 109,717)					109,717
Total Investment Securities (cost: $ 498,294)				$	637,426
SUMMARY:
Investments, at value			120.6%	$	637,426
Liabilities in excess of other assets			(20.6%)		(108,860)
Net assets			100.0%	$	528,566

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 105,320.

^(c) Cash collateral for the Repurchase Agreements, valued at $36,052, that serve as collateral for securities lendings are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) At September 30, 2004, repurchase agreements are collateralized by $ 35,052 Residential Accredit Loans, Inc. ARM - 2033-QS22 (2.44 %, due 12/26/2033) with a market value and accrued interest of $27,469.

DEFINITIONS:

ADR American Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified buyers. At September 30, 2004, these securities aggregate $1,965 or 0.4% of the net assets of the fund.

ARM Adjustable Rate Mortgage

Transamerica Balanced

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Principal		Value
U.S. GOVERNMENT OBLIGATIONS	(5.2	%)
U.S. Treasury Bond
4.00%, due 02/15/2014			$	1,460	$	1,449
4.25%, due 08/15/2014				400		404
5.38%, due 02/15/2031				1,246		1,334
Total U.S. Government Obligations (cost: $3,036)						3,187
U.S. GOVERNMENT AGENCY OBLIGATIONS	(1.8	%)
Fannie Mae - Conventional Pool
6.00%, due 08/01/2034				576		596
6.00%, due 09/01/2034				480		497
Total U.S. Government Agency Obligations (cost: $1,093)						1,093
MORTGAGE-BACKED SECURITIES	(0.3	%)
Countrywide Home Loans, Inc.
2.88%, due 02/15/2007				185		183
Total Mortgage-Backed Securities (cost: $185)						183
CORPORATE DEBT SECURITIES	(22.2	%)
Amusement & Recreation Services	(0.7	%)
Harrah’s Operating Company, Inc. - 144A
5.50%, due 07/01/2010				400		413
Automotive	(0.3	%)
Honeywell International Inc.
5.13%, due 11/01/2006				187		195
Beverages	(1.0	%)
Coca-Cola Enterprises Inc.
5.38%, due 08/15/2006				199		208
Diageo Capital PLC
3.38%, due 03/20/2008				400		399
Business Credit Institutions	(0.6	%)
Textron Financial Corporation
2.69%, due 10/03/2006				400		397
Business Services	(1.1	%)
Clear Channel Communications, Inc.
6.00%, due 11/01/2006				156		164
8.00%, due 11/01/2008				450		510
Commercial Banks	(0.6	%)

US Bank NA
3.75%, due 02/06/2009			400	399
Communication	(1.6	%)
Echostar DBS Corporation
5.75%, due 10/01/2008			78	78
Liberty Media Corporation
5.70%, due 05/15/2013			400	395
Viacom Inc.
7.75%, due 06/01/2005			500	518
Communications Equipment	(0.7	%)
Motorola, Inc.
4.61%, due 11/16/2007			400	411
Computer & Office Equipment	(0.2	%)
Hewlett-Packard Company
3.63%, due 03/15/2008			133	133
Department Stores	(0.1	%)
Meyer (Fred) Stores, Inc.
7.45%, due 03/01/2008			40	45
Food & Kindred Products	(0.6	%)
Smithfield Foods Inc.
7.00%, due 08/01/2011			100	105
Tyson Foods, Inc.
8.25%, due 10/01/2011			200	237
Food Stores	(0.2	%)
Stater Bros. Holdings Inc. - 144A
8.13%, due 06/15/2012			100	105
Furniture & Fixtures	(0.8	%)
Lear Corporation
7.96%, due 05/15/2005			500	516
Gas Production & Distribution	(0.7	%)
Duke Capital LLC
5.67%, due 08/15/2014			400	408
Holding & Other Investment Offices	(0.8	%)
EOP Operating Limited Partnership
8.38%, due 03/15/2006			450	483
Hotels & Other Lodging Places	(0.1	%)
John Q. Hammons Hotels, Inc. - Series B
8.88%, due 05/15/2012			51	57

Insurance	(0.9	%)
Berkshire Hathaway Finance Corporation - 144A
3.40%, due 07/02/2007			400	401
UnitedHealth Group Incorporated
5.20%, due 01/17/2007			162	169
Insurance Agents, Brokers & Service	(0.7	%)
MetLife, Inc.
3.91%, due 05/15/2005			400	404
Life Insurance	(0.1	%)
AIG SunAmer Global Financing IX - 144A
5.10%, due 01/17/2007			50	52
Lumber & Wood Products	(0.7	%)
Weyerhaeuser Company
7.38%, due 03/15/2032			400	459
Motion Pictures	(1.1	%)
Time Warner Inc.
5.63%, due 05/01/2005			262	267
9.13%, due 01/15/2013			310	388
Oil & Gas Extraction	(1.4	%)
Chesapeake Energy Corp.
7.00%, due 08/15/2014			100	106
Enterprise Products Operating L.P.
5.60%, due 10/15/2014			100	101
Husky Oil Ltd. (d)
8.90%, due 08/15/2028			205	237
Kerr-McGee Corporation
6.95%, due 07/01/2024			400	426
Personal Credit Institutions	(1.3	%)
Capital One Bank
5.00%, due 06/15/2009			400	414
General Electric Capital Corporation
4.25%, due 01/28/2005			59	59
2.85%, due 01/30/2006			110	110
5.35%, due 03/30/2006			151	157
General Motors Acceptance Corporation
4.38%, due 12/10/2007			90	91
Petroleum Refining	(0.9	%)
Amerada Hess Corporation
7.13%, due 03/15/2033			500	537

Primary Metal Industries	(1.0	%)
Alcoa Inc.
4.25%, due 08/15/2007			500		514
Noranda Inc. (b)
6.00%, due 10/15/2015			100		107
Printing & Publishing	(0.5	%)
News America Holdings Incorporated
7.75%, due 12/01/2045			275		326
Security & Commodity Brokers	(0.2	%)
E*TRADE Financial Corporation - 144A
8.00%, due 06/15/2011			100		104
Telecommunications	(2.6	%)
AT&T Wireless Services, Inc.
7.35%, due 03/01/2006			60		64
SBC Communications Inc.
5.75%, due 05/02/2006			400		418
Sprint Capital Corporation
4.78%, due 08/17/2006			500		514
Telefonica SA
7.35%, due 09/15/2005			400		418
Verizon Global Funding Corp.
4.00%, due 01/15/2008			165		168
Transportation & Public Utilities	(0.3	%)
Magellan Midstream Partners, L.P.
6.45%, due 06/01/2014			200		210
Variety Stores	(0.4	%)
Target Corporation
5.50%, due 04/01/2007			91		96
Wal-Mart Stores, Inc.
5.45%, due 08/01/2006			158		165
Total Corporate Debt Securities (cost: $13,620)					13,841
			Shares	Value
COMMON STOCKS	(68.7	%)
Automotive	(4.9	%)
BorgWarner, Inc. (b)			13,000	$	563
Delphi Corporation			24,000		223
Harley-Davidson, Inc. (b)			20,000		1,188
PACCAR Inc.			15,000		1,037
Chemicals & Allied Products	(2.3	%)

Ecolab Inc. (b)			15,000	472
Procter & Gamble Company (The)			16,910	915
Commercial Banks	(2.3	%)
Morgan Chase & Co. (J.P.)			34,940	1,387
Communication	(1.5	%)
XM Satellite Radio Holdings Inc. - Class A (a) (b)			30,000	931
Communications Equipment	(3.2	%)
QUALCOMM Incorporated			50,000	1,952
Computer & Data Processing Services	(3.1	%)
Microsoft Corporation			39,105	1,081
Yahoo! Inc. (a)			23,490	797
Computer & Office Equipment	(3.1	%)
Diebold, Incorporated			10,000	467
SanDisk Corporation (a)			50,000	1,456
Construction	(3.1	%)
Jacobs Engineering Group Inc. (a)			50,000	1,915
Electronic & Other Electric Equipment	(4.5	%)
General Electric Company			43,880	1,473
Hubbell Incorporated - Class B			20,000	897
Samsung Electronics Co., Ltd. - GDR - 144A (USD) (b)			1,895	375
Electronic Components & Accessories	(0.8	%)
Intel Corporation			24,000	481
Fabricated Metal Products	(1.4	%)
Gillette Company (The)			20,000	835
Hotels & Other Lodging Places	(3.5	%)
Marriott International, Inc. - Class A			41,555	2,159
Industrial Machinery & Equipment	(9.9	%)
American Standard Companies Inc. (a)			12,000	467
Caterpillar, Inc.			30,000	2,414
Donaldson Company, Inc.			25,000	710
Graco Inc.			22,200	744
Illinois Tool Works Inc.			10,000	932
Kennametal Inc.			20,000	903
Insurance	(3.7	%)
Berkshire Hathaway Inc. - Class B (a)			417	1,197

WellPoint Health Networks Inc. (a)				10,000		1,051
Lumber & Other Building Materials	(0.5	%)
Lowe’s Companies, Inc. (b)				6,000		326
Medical Instruments & Supplies	(2.6	%)
Zimmer Holdings, Inc. (a)				20,000		1,581
Oil & Gas Extraction	(2.7	%)
Anadarko Petroleum Corporation				14,000		929
Apache Corporation				15,000		752
Paper & Allied Products	(1.9	%)
3M Company				14,540		1,163
Pharmaceuticals	(5.2	%)
Allergan, Inc.				11,000		798
Amgen Inc. (a)				13,885		787
Genentech, Inc. (a)				8,400		440
Roche Holding AG - Genusschein				12,241		1,264
Printing & Publishing	(3.2	%)
McGraw-Hill Companies, Inc. (The)				25,000		1,992
Trucking & Warehousing	(2.5	%)
United Parcel Service, Inc. - Class B				20,000		1,518
Wholesale Trade Durable Goods	(2.8	%)
Grainger (W.W.), Inc.				30,000		1,730
Total Common Stocks (cost: $39,294)						42,302
			Principal		Value
SECURITY LENDING COLLATERAL	(7.6	%)
Debt	(6.9	%)
Bank Notes	(0.3	%)
Bank of America Corporation
1.88%, due 10/19/2004			$	15	$	15
1.88%, due 12/23/2004				27		27
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005				30		30
Deutsche Bank AG
1.70%, due 10/12/2004				89		89
Commercial Paper	(2.0	%)
Clipper Receivables Corp.

1.79%, due 11/12/2004			44	44
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			59	59
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			147	147
1.75%, due 10/18/2004			29	29
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			147	147
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			44	44
General Electric Capital Corporation
1.76%, due 10/21/2004			103	103
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			74	74
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			30	30
Morgan Stanley
1.96%, due 12/10/2004			192	192
1.96%, due 03/16/2005			186	186
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			74	74
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			44	44
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			44	44
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			39	39
Euro Dollar Overnight	(0.4	%)
Dexia Bank SA
1.51%, due 10/01/2004			30	30
Fortis Bank
1.52%, due 10/01/2004			74	74
1.62%, due 10/05/2004			30	30
Wells Fargo & Company
1.60%, due 10/04/2004			132	132
Euro Dollar Terms	(1.5	%)
Bank of Montreal
1.76%, due 10/25/2004			15	15
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			60	60
1.77%, due 10/25/2004			148	148
1.76%, due 11/12/2004			74	74
1.80%, due 11/23/2004			147	147
Bank of the West Inc.
1.79%, due 11/10/2004			30	30
Den Danske Bank
1.64%, due 10/08/2004			30	30
Fortis Bank
1.69%, due 10/14/2004			15	15
1.73%, due 10/15/2004			30	30
Harris Trust & Savings Bank
1.76%, due 10/29/2004			30	30
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			103	103
1.60%, due 10/15/2004			44	44
1.65%, due 10/29/2004			22	22

1.67%, due 11/02/2004			3		3
1.88%, due 12/23/2004			78		78
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			74		74
Master Notes	(0.2%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			59		59
2.01%, due 06/05/2005			89		89
Repurchase Agreements	(2.5%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase Agreement dated 09/30/2004 to be repurchased at $344 on 10/01/2004			344		344
Goldman Sachs Group Inc. (The)
1.91%, Repurchase Agreement dated 09/30/2004 to be repurchased at $151 on 10/01/2004			151		151
1.94%, Repurchase Agreement dated 09/30/2004 to be repurchased at $157 on 10/01/2004			157		157
Merrill Lynch & Co., Inc.
1.92%, Repurchsed Agreement dated 09/30/2004 to be repurchased at $555 on 10/01/2004			555		555
Morgan Stanley
1.98%, Repurchase Agreement dated 09/30/2004 to be repurchased at $295 on 10/01/2004			295		295
			Shares	Value
Investment Companies	(0.7%)
Money Market Funds	(0.7%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			113,227	$	113
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			87,284		87
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			233,536		234
Total Security Lending Collateral (cost: $4,670)					4,670
Total Investment Securities (cost: $61,713)				$	65,093
SUMMARY:
Investments, at value			105.7%	$	65,093
Liabilities in excess of other assets			(5.7)%		(3,523)
Net assets			100.0%	$	61,570

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 4,555.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 1,534, that serve as collateral for securities lending are invested in corporate bonds with interest rates and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(d) Floating or variable rate note. Rate is listed as of September 30, 2004.

DEFINITIONS:

GDR Global Depositary Receipt

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $2,181 or 3.54% of the net assets of the Fund.

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Principal		Value
CORPORATE DEBT SECURITIES	(3.1%)
Holding & Other Investment Offices	(3.1%)
Msft Exchangeable Trust - 144A
Zero Coupon, due 02/25/2031		$	11,500	$	12,334
Total Corporate Debt Securities (cost: $12,650)					12,334
CONVERTIBLE BONDS	(82.5%)
Air Transportation	(0.9%)
JetBlue Airways Corporation - 144A
3.50%, due 07/15/2033			4,050		3,772
Automotive	(1.2%)
American Axle & Manufacturing Holdings, Inc (a) (c)
2.00%, due 02/15/2024			5,225		4,689
Business Credit Institutions	(1.1%)
Financial Federal Corporation - 144A
2.00%, due 04/15/2034			4,050		4,253
Commercial Banks	(7.1%)
Bank of America Corporation
0.25%, due 04/30/2014			8,000		8,320
SG Structured Products Inc
1.33%, due 10/04/2005			10,000		9,999
Wells Fargo & Company
0.25%, due 04/29/2014			10,000		9,999
Communication	(6.3%)
American Tower Corporation - 144A (a)
3.00%, due 08/15/2012			10,000		10,274
Crown Castle International Corp.
4.00%, due 07/15/2010			4,900		7,901
Liberty Media Corporation
3.25%, due 03/15/2031			7,950		7,205
Communications Equipment	(1.5%)
Comtech Telecommunications Corp. - 144A (d)
2.00%, due 02/01/2024			6,500		5,923
Computer & Data Processing Services	(6.6%)
GTECH Holdings Corporation (a)
1.75%, due 12/15/2021			3,950		7,337
Openwave Systems, Inc. - 144A
2.75%, due 09/09/2008			11,900		10,665
RealNetworks, Inc. (a)
Zero Coupon, due 07/01/2010			9,900		8,353
Electrical Goods	(1.5%)
Avnet, Inc
2.00%, due 03/15/2034			6,250		5,867
Electronic Components & Accessories	(4.6%)
Cypress Semiconductor Corporation
1.25%, due 06/15/2008			5,350		5,143
Micron Technology, Inc. - 144A (a)
2.50%, due 02/01/2010			5,500		6,628
Pixelworks, Inc. - 144A
1.75%, due 05/15/2024			8,000		6,660
Health Services	(1.1%)
Matria Healthcare, Inc. - 144A
4.88%, due 05/01/2024			3,520		4,356
Hotels & Other Lodging Places	(2.1%)
Host Marriott, L.P. - 144A
3.25%, due 04/15/2024			8,000		8,270
Instruments & Related Products	(1.0%)
Roper Industries, Inc. (a) (f)
1.48%, due 01/15/2034			8,500		3,910

Manufacturing Industries	(7.3%)
International Game Technology
Zero Coupon, due 01/29/2033		10,000		7,900
K2 Corporation
5.00%, due 06/15/2010		8,000		10,810
Shuffle Master, Inc. - 144A
1.25%, due 04/15/2024		9,650		10,519
Medical Instruments & Supplies	(0.6%)
Thoratec Corporation - 144A (g)
1.38%, due 05/16/2034		4,750		2,369
Motion Pictures	(2.8%)
Lions Gate Entertainment Corp.
2.94%, due 10/15/2024		11,000		11,413
Oil & Gas Extraction	(0.5%)
McMoran Exploration Co.
5.25%, due 10/06/2011		2,000		2,000
Paper & Allied Products	(1.1%)
3M Company
Zero Coupon, due 11/21/2032		5,000		4,465
Pharmaceuticals	(7.5%)
Allergan, Inc.
Zero Coupon, due 11/06/2022		6,500		5,939
Medarex, Inc. - 144A (a)
2.25%, due 05/15/2011		11,250		9,801
Oscient Pharmaceuticals Corporation - 144A
3.50%, due 04/15/2011		8,000		7,100
Teva Pharmaceutical Finance BV (a)
0.38%, due 11/15/2022 - 144A		2,750		3,544
0.25%, due 02/01/2024		4,000		3,805
Primary Metal Industries	(1.7%)
Inco Limited
Zero Coupon, due 03/29/2021		6,500		6,890
Printing & Publishing	(1.5%)
Bowne & Co. Inc
5.00%, due 10/01/2033		5,775		5,927
Radio, Television & Computer Stores	(2.6%)
Guitar Center, Inc.
4.00%, due 07/15/2013		7,350		10,336
Research & Testing Services	(1.5%)
deCODE genetics, Inc. - 144A
3.50%, due 04/15/2011		6,750		6,050
Retail Trade	(1.7%)
Dick’s Sporting Goods, Inc. - 144A (e)
1.61%, due 02/18/2024		8,600		6,740
Security & Commodity Brokers	(4.3%)
Lehman Brothers Holdings Inc.
0.25%, due 10/06/2011		4,000		4,000
Morgan Stanley - 144A
0.25%, due 07/30/2014		12,500		13,368
Telecommunications	(9.8%)
Millicom International Cellular - 144A
10.00%, due 11/20/2008		7,750		11,136
Nextel Partners, Inc. (a)
1.50%, due 11/15/2008		8,100		11,705
NII Holdings, Inc. - 144A
2.88%, due 02/01/2034		7,000		7,656
Terremark Worldwide, Inc. - 144A
9.00%, due 06/15/2009		10,000		9,274
Water Transportation	(4.6%)
Carnival Corporation (h)
1.13%, due 04/29/2033		11,000		8,594
Royal Caribbean Cruises Ltd.
Zero Coupon, due 02/02/2021		8,000		4,220
Zero Coupon, due 05/18/2021		8,000		5,600
Total Convertible Bonds (cost: $319,010)				330,685
		Shares	Value
CONVERTIBLE PREFERRED STOCKS	(10.8%)
Automotive	(2.6%)
Ford Motor Company Capital Trust II		200,000	$	10,456

Commercial Banks	(1.7%)
Marshall & Ilsley Corporation			100,000		2,695
State Street Corporation			20,000		3,986
Communications Equipment	(1.0%)
Nortel Networks Corporation			67		4,102
Electric Services	(2.0%)
Aquila, Inc.			267,000		8,170
Life Insurance	(1.7%)
Prudential Financial, Inc. - Units			99,800		6,968
Metal Mining	(1.8%)
Freeport-McMoRan Cooper & Gold Inc. - 144A			7,000		7,123
Total Convertible Preferred Stocks (cost: $46,623)					43,500
		Principal		Value
SECURITY LENDING COLLATERAL	(7.6%)
Debt	(6.9%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	97	$	97
1.88%, due 12/23/2004			174		174
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			194		194
Deutsche Bank AG
1.70%, due 10/12/2004			581		581
Commercial Paper	(2.1%)
Clipper Receivables Corp.
1.79%, due 11/12/2004			290		290
Compass Securitization LLC - 144A
1.75%, due 10/19/2004			386		386
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004			966		966
1.75%, due 10/18/2004			192		192
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004			965		965
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004			289		289
General Electric Capital Corporation
1.76%, due 10/21/2004			677		677
Grampian Funding LLC - 144A
1.78%, due 10/19/2004			484		484
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004			200		200
Morgan Stanley
1.96%, due 12/10/2004			1,258		1,258
1.96%, due 03/16/2005			1,219		1,219
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004			483		483
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004			290		290
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004			290		290
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004			258		258
Euro Dollar Overnight	(0.4%)
Dexia Bank SA
1.51%, due 10/01/2004			194		194
Fortis Bank
1.52%, due 10/01/2004			484		484
1.62%, due 10/05/2004			194		194
Wells Fargo & Company
1.60%, due 10/04/2004			867		867
Euro Dollar Terms	(1.5%)
Bank of Montreal
1.76%, due 10/25/2004			101		101
Bank of Nova Scotia (The)
1.75%, due 10/21/2004			393		393
1.77%, due 10/25/2004			968		968
1.76%, due 11/12/2004			484		484
1.80%, due 11/23/2004			963		963
Bank of the West Inc.
1.79%, due 11/10/2004			194		194
Den Danske Bank
1.64%, due 10/08/2004			194		194
Fortis Bank
1.69%, due 10/14/2004			97		97
1.73%, due 10/15/2004			194		194
Harris Trust & Savings Bank
1.76%, due 10/29/2004			194		194
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			677		677
1.60%, due 10/15/2004			290		290
1.65%, due 10/29/2004			145		145
1.67%, due 11/02/2004			19		19

1.88%, due 12/23/2004			509			509
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			484			484
Master Notes	(0.2%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			387			387
2.01%, due 06/05/2005			581			581
Repurchase Agreements	(2.4%)	(b)
Credit Suisse First Boston (USA), Inc.
1.92%, Repurchase agreements dated 09/30/2004 to be repurchased at $2,264 on 10/01/2004			2,264			2,264
Goldman Sachs Group Inc. (The)
1.91%, Repurchase agreements dated 09/30/2004 to be repurchased at $987 on 10/01/2004			987			987
1.94%, Repurchase agreements dated 09/30/2004 to be repurchased at $1030 on 10/01/2004			1,030			1,030
Merrill Lynch & Co., Inc.
1.92%, Repurchase agreements dated 09/30/2004 to be repurchased at $3,644 on 10/01/2004			3,644			3,644
Morgan Stanley
1.98%, Repurchase agreements dated 09/30/2004 to be repurchased at $1,934 on 10/01/2004			1,934			1,934
			Shares		Value
Investment Companies	(0.7%)
Money Market Funds	(0.7%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			742,211			742
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			572,155			572
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			1,530,847			1,531
Total Security Lending Collateral (cost: $30,610 )						30,610
Total Investment Securities (cost: $408,893 )					$	417,129
SUMMARY:
Investments, at value			104.0	%	$	417,129
Liabilities in excess of other assets			(4.0	)%		(15,986	)
Net assets			100.0	%	$	401,143

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 29,916.

^(b) Cash collateral for the Repurchase Agreements, valued at $ 10,058, that serve as collateral for securities are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

^(c) Securities are stepbonds. American Axle & Manufacturing has a coupon rate 2.00% until 02/15/2011, thereafter the coupon rate will be 0.00%.

^(d) Securities are stepbonds. Comtech Telecommunications Corp. has a coupon rate 2.00% until 02/01/2011, thereafter the coupon rate will be 0.00%.

^(e) Securities are stepbonds. Dick’s Sporting Goods, Inc. has a coupon rate 1.61% until 02/18/2009, thereafter the coupon rate will be 0.00%.

^(f) Securities are stepbonds. Roper Industries, Inc. has a coupon rate 1.48% until 01/15/2009, thereafter the coupon rate will be 0.00%.

^(g) Securities are stepbonds. Thoratec Corporation has a coupon rate 1.38% until 05/16/2011, thereafter the coupon rate will be 0.00%.

^(h) Securities are stepbonds. Carnival Corporation has a coupon rate 1.13% until 04/29/2008, thereafter the coupon rate will be 0.00%.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004, these securities aggregated $172,618 or 43.03% of the net assets of the Fund.

Transamerica Equity

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

		Shares	Value
COMMON STOCKS	(98.0%)
Business Services	(8.8%)
First Data Corporation		1,350,000	$	58,725
Moody’s Corporation		600,000		43,950
Chemicals & Allied Products	(4.0%)
Praxair, Inc.		1,100,000		47,014
Commercial Banks	(2.8%)
Northern Trust Corporation		800,000		32,640
Communication	(10.0%)
Echostar Communications Corporation - Class A (a)		1,125,000		35,010
Liberty Media International, Inc. - Class A (a)		1,023,965		34,162
XM Satellite Radio Holdings Inc. - Class A (a) (b)		1,550,000		48,081
Communications Equipment	(6.4%)
QUALCOMM Incorporated (b)		1,900,000		74,176
Computer & Data Processing Services	(7.2%)
Intuit Inc. (a)		750,000		34,050
Microsoft Corporation		1,800,000		49,770
Computer & Office Equipment	(5.4%)
Lexmark International, Inc. (a)		345,000		28,983
SanDisk Corporation (a) (b)		1,150,000		33,488
Drug Stores & Proprietary Stores	(3.1%)
Walgreen Co. (b)		1,000,000		35,830
Electronic Components & Accessories	(0.8%)
Intel Corporation		450,000		9,027
Fabricated Metal Products	(3.8%)
Gillette Company (The)		1,050,000		43,827
Hotels & Other Lodging Places	(2.7%)
Marriott International, Inc. - Class A		600,000		31,176
Insurance	(4.7%)

WellPoint Health Networks Inc. (a)			525,000		55,172
Insurance Agents, Brokers & Service	(0.0%)
Willis Group Holdings Limited			12,500		468
Management Services	(3.5%)
Paychex, Inc.			1,370,000		41,306
Manufacturing Industries	(2.8%)
International Game Technology			895,000		32,175
Medical Instruments & Supplies	(3.9%)
Zimmer Holdings, Inc. (a)			575,000		45,448
Personal Services	(2.5%)
Weight Watchers International, Inc. (a) (b)			750,000		29,114
Pharmaceuticals	(9.7%)
Allergan, Inc.			600,000		43,530
Genentech, Inc. (a)			850,000		44,557
Pfizer Inc.			800,000		24,480
Retail Trade	(4.3%)
Staples, Inc.			1,691,000		50,426
Transportation & Public Utilities	(3.8%)
Expeditors International of Washington, Inc.			850,000		43,945
Trucking & Warehousing	(4.6%)
United Parcel Service, Inc. - Class B			700,000		53,144
Variety Stores	(3.2%)
Wal-Mart Stores, Inc.			700,000		37,240
Total Common Stocks (cost: $968,940)					1,140,914
		Principal		Value
SECURITY LENDING COLLATERAL	(9.7%)
Debt	(8.8%)
Bank Notes	(0.3%)
Bank of America Corporation
1.88%, due 10/19/2004		$	359	$	359
1.88%, due 12/23/2004			646		646
Credit Suisse First Boston (USA), Inc.
1.71%, due 09/09/2005			718		718

Deutsche Bank AG
1.70%, due 10/12/2004		2,153	2,153
Commercial Paper	(2.6%)
Clipper Receivables Corp.
1.79%, due 11/12/2004		1,077	1,077
Compass Securitization LLC - 144A
1.75%, due 10/19/2004		1,433	1,433
Delaware Funding Company, LLC - 144A
1.66%, due 10/07/2004		3,584	3,584
1.75%, due 10/18/2004		712	712
Edison Asset Securitization LLC - 144A
1.52%, due 10/01/2004		3,580	3,580
Galaxy Funding, Inc. - 144A
1.63%, due 10/22/2004		1,073	1,073
General Electric Capital Corporation
1.76%, due 10/21/2004		2,511	2,511
Grampian Funding LLC - 144A
1.78%, due 10/19/2004		1,795	1,795
Greyhawk Funding LLC - 144A
1.75%, due 10/18/2004		740	740
Morgan Stanley
1.96%, due 12/10/2004		4,665	4,665
1.96%, due 03/16/2005		4,521	4,521
Paradigm Funding LLC - 144A
1.79%, due 10/15/2004		1,793	1,793
Park Avenue Receivables Corporation - 144A
1.78%, due 11/01/2004		1,077	1,077
Preferred Receivables Funding Corporation - 144A
1.77%, due 10/08/2004		1,077	1,077
Sheffield Receivables Corp. - 144A
1.77%, due 10/20/2004		956	956
Euro Dollar Overnight	(0.6%)
Dexia Bank SA
1.51%, due 10/01/2004		718	718
Fortis Bank
1.52%, due 10/01/2004		1,795	1,795
1.62%, due 10/05/2004		718	718
Wells Fargo & Company
1.60%, due 10/04/2004		3,216	3,216
Euro Dollar Terms	(1.9%)
Bank of Montreal
1.76%, due 10/25/2004		373	373
Bank of Nova Scotia (The)
1.75%, due 10/21/2004		1,457	1,457
1.77%, due 10/25/2004		3,589	3,589
1.76%, due 11/12/2004		1,795	1,795
1.80%, due 11/23/2004		3,571	3,571
Bank of the West Inc.
1.79%, due 11/10/2004		718	718
Den Danske Bank
1.64%, due 10/08/2004		718	718
Fortis Bank
1.69%, due 10/14/2004		359	359
1.73%, due 10/15/2004		718	718

Harris Trust & Savings Bank
1.76%, due 10/29/2004			718		718
Royal Bank of Scotland Group PLC (The)
1.60%, due 10/13/2004			2,512		2,512
1.60%, due 10/15/2004			1,077		1,077
1.65%, due 10/29/2004			538		538
1.67%, due 11/02/2004			72		72
1.88%, due 12/23/2004			1,888		1,888
Toronto-Dominion Bank (The)
1.70%, due 11/08/2004			1,795		1,795
Master Notes	(0.3%)
Bear Stearns Companies Inc. (The)
2.01%, due 12/15/2004			1,436		1,436
2.01%, due 06/05/2005			2,153		2,153
Repurchase Agreements	(3.1%)	(c)
Credit Suisse First Boston (USA), Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $8,398 on 10/01/2004			8,398		8,398
Goldman Sachs Group Inc. (The)
1.91% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,661 on 10/01/2004			3,661		3,661
1.94% Repurchase Agreement dated 09/30/2004 to be repurchased at $3,819 on 10/01/2004			3,819		3,819
Merrill Lynch & Co., Inc.
1.92% Repurchase Agreement dated 09/30/2004 to be repurchased at $13,516 on 10/01/2004			13,516		13,516
Morgan Stanley
1.98% Repurchase Agreement dated 09/30/2004 to be repurchased at $7,178 on 10/01/2004			7,178		7,178
			Shares	Value
Investment Companies	(0.9%)
Money Market Funds	(0.9%)
Barclays Institutional Money Market Fund
1-day yield of 1.73%			2,752,799	$	2,753
Merrill Lynch Premier Institutional Fund
1-day yield of 1.64%			2,122,076		2,122
Merrimac Cash Fund-Premium Class
1-day yield of 1.47%			5,677,787		5,678
Total Security Lending Collateral (cost: $113,529)					113,529
Total Investment Securities (cost: $1,082,469)				$	1,254,443
SUMMARY:
Investments, at value			107.7%	$	1,254,443
Liabilities in excess of other assets			(7.7)%		(89,381	)
Net assets			100.0%	$	1,165,062

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

^(b) At September 30, 2004, all or a portion of this security is on loan. The value at September 30, 2004, of all securities on loan is $ 110,111.

^(c) Cash collateral for the Repurchase Agreements, valued at $ 37,304, that serve as collateral for securities are invested in corporate bonds with interest rate and maturity dates ranging from 0.00%-8.75% and 02/15/2005-03/01/2043, respectively.

DEFINITIONS:

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2004 these securities aggregated $17,820 or 1.53% of the net assets of the Fund.

Transamerica Equity II

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares	Value
COMMON STOCKS	(97.4	%)
Business Services	(8.7	%)
First Data Corporation			100,000	$	4,350
Moody’s Corporation			45,000		3,296
Chemicals & Allied Products	(3.9	%)
Praxair, Inc.			80,000		3,419
Commercial Banks	(2.8	%)
Northern Trust Corporation			60,000		2,448
Communication	(9.8	%)
Echostar Communications Corporation - Class A (a)			95,000		2,956
Liberty Media International, Inc. - Class A (a)			60,232		2,009
XM Satellite Radio Holdings Inc. - Class A (a)			115,000		3,567
Communications Equipment	(6.7	%)
QUALCOMM Incorporated			150,000		5,856
Computer & Data Processing Services	(6.8	%)
Intuit Inc. (a)			55,000		2,497
Microsoft Corporation			125,000		3,456
Computer & Office Equipment	(5.3	%)
Lexmark International, Inc. (a)			26,000		2,184
SanDisk Corporation (a)			85,000		2,475
Drug Stores & Proprietary Stores	(2.9	%)
Walgreen Co.			70,000		2,508
Electronic Components & Accessories	(1.3	%)
Intel Corporation			55,000		1,103
Fabricated Metal Products	(3.7	%)
Gillette Company (The)			78,000		3,256
Hotels & Other Lodging Places	(3.0	%)
Marriott International, Inc. - Class A			50,000		2,598
Insurance	(4.8	%)

WellPoint Health Networks Inc. (a)			40,000			4,204
Management Services	(3.4	%)
Paychex, Inc.			100,000			3,015
Manufacturing Industries	(2.8	%)
International Game Technology			68,000			2,445
Medical Instruments & Supplies	(4.1	%)
Zimmer Holdings, Inc. (a)			45,000			3,557
Personal Services	(3.1	%)
Weight Watchers International, Inc. (a)			70,000			2,717
Pharmaceuticals	(10.4	%)
Allergan, Inc.			50,000			3,628
Genentech, Inc. (a)			68,000			3,565
Pfizer Inc.			60,000			1,836
Retail Trade	(4.6	%)
Staples, Inc.			135,000			4,026
Transportation & Public Utilities	(2.0	%)
Expeditors International of Washington, Inc.			34,000			1,758
Trucking & Warehousing	(4.3	%)
United Parcel Service, Inc. - Class B			50,000			3,796
Variety Stores	(3.0	%)
Wal-Mart Stores, Inc.			50,000			2,660
Total Common Stocks (cost: $ 66,360)						85,185
Total Investment Securities (cost: $ 66,360)					$	85,185
SUMMARY:
Investments, at value			97.4	%	$	85,185
Other assets in excess of liabilities			2.6	%		2,312
Net assets			100.0	%	$	87,497

NOTES TO SCHEDULE OF INVESTMENTS:

^(a) No dividends were paid during the preceding twelve months.

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS

At September 30, 2004

(all amounts except share amounts in thousands)

(unaudited)

			Shares	Value
COMMON STOCKS	(99.8	%)
Apparel & Accessory Stores	(0.1	%)
Ross Stores, Inc.			25,000	$	586
Automotive	(4.8	%)
Gentex Corporation (b)			540,000		18,970
Business Credit Institutions	(3.8	%)
Financial Federal Corporation (a)			405,100		15,183
Communication	(3.0	%)
Global Payments Inc. (b)			225,000		12,049
Computer & Data Processing Services	(18.0	%)
GTECH Holdings Corporation			890,000		22,535
McAfee, Inc. (a)			580,000		11,658
RealNetworks, Inc. (a)			3,784,000		17,633
SkillSoft PLC - ADR (a)			2,928,500		19,592
Computer & Office Equipment	(3.6	%)
SanDisk Corporation (a) (b)			485,000		14,123
Educational Services	(4.6	%)
DeVRY Inc. (a) (b)			880,000		18,224
Electronic & Other Electric Equipment	(6.2	%)
Gemstar-TV Guide International, Inc. (a)			4,000,000		22,600
Harman International Industries, Incorporated			18,200		1,961
Environmental Services	(0.4	%)
Stericycle, Inc. (a)			33,400		1,533
Health Services	(0.2	%)
Lincare Holdings Inc. (a)			25,100		746
Industrial Machinery & Equipment	(2.7	%)
Graco Inc.			315,000		10,553
Leather & Leather Products	(0.7	%)
Coach, Inc. (a)			66,700		2,829

Management Services (4.8%)