Princor Funds Performance
Average Annual Total Returns
As of October 31, 1995
(the latest calendar quarter)
1 Year 5 Years 10 Years
with without with without with without
sales sales sales sales sales sales
A Shares of: charge charge charge charge charge charge
Balanced 8.82% 14.19% 13.08% 14.18% 9.54%a 10.21%a
Blue Chip 16.89 22.65 9.67b 10.81b - -
Bond 14.10 19.73 9.83 10.89 9.55a 10.23a
Capital Accumulation 12.40 17.94 15.76 16.88 11.51 12.05
Emerging Growth 20.47 26.41 23.13 24.32 16.71a 17.42a
Government Securities Income 11.94 17.46 8.25 9.29 9.13 9.65
Growth 17.50 23.29 20.97 22.14 15.03 15.59
High Yield 6.48 11.73 11.62 12.70 7.26a 7.92a
Tax-Exempt Bond 10.57 16.03 7.62 8.66 7.33d 7.87d
Utilities 18.52 24.36 5.46e 7.24e - -
World -3.72 1.03 10.82 11.89 10.97 11.51
1 Year f
with without
B Shares of: CDSC* CDSC*
Balanced 14.72% 18.72%
Blue Chip 22.94 26.94
Bond 13.98 17.98
Capital Accumulation 21.06 25.06
Emerging Growth 31.65 35.65
Government Securities Income 12.07 16.07
Growth 27.48 31.48
High Yield 8.20 12.20
Tax-Exempt Bond 13.97 17.97
Utilities 20.18 24.18
World 5.77 9.77
* Contingent Deferred Sales Charge
a Partial period, from effective date 12/18/87
b Partial period, from effective date 3/1/91
c Partial period, from effective date 5/21/85
d Partial period, from effective date 3/20/86
e Partial period, from effective date 12/16/92
f Partial period, from effective date 12/9/94
Total return represents the overall performance of an investment for a specific
period of time, assuming the reinvestment of dividends and capital gains.
Average annual total returns for A shares are with and without maximum 4.75%
sales charge. Average annual total returns for B shares are with and without
maximum 4.0% contingent deferred sales charge.
Total returns reflect past performance. Past performance does not predict future
performance. The investment return and principal value of an investment will
fluctuate so that shares, when redeemed, may be worth more or less than their
original cost.
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Contents
Page
President's Letter.......................1
Comments from the Funds'
Portfolio Managers....................2
Building Retirement Security --
Charting Your Route to a More
Secure Retirement....................10
The Princor Growth-Oriented Funds
Financial Statements and Financial
Highlights
Statements of Assets and
Liabilities..........................12
Statements of Operations.............14
Statements of Changes in
Net Assets.........................16
Notes to Financial Statements........18
Schedules of Portfolio Investments
Balanced Fund, Inc.................24
Blue Chip Fund, Inc................26
Capital Accumulation
Fund, Inc........................27
Emerging Growth Fund, Inc..........29
Growth Fund, Inc...................32
World Fund, Inc....................34
Financial Highlights.................40
The Princor Income-Oriented Funds
Financial Statements and Financial
Highlights
Statements of Assets and
Liabilities........................44
Statements of Operations.............46
Statements of Changes in
Net Assets.........................48
Notes to Financial Statements........50
Schedules of Portfolio Investments
Bond Fund, Inc.....................56
Cash Management Fund, Inc..........58
Government Securities Income
Fund, Inc........................61
High Yield Fund, Inc...............61
Tax-Exempt Bond Fund, Inc..........63
Tax-Exempt Cash Management
Fund, Inc........................66
Utilities Fund, Inc................68
Financial Highlights.................70
Report of Independent Auditors..........74
Federal Tax Information.................76
The Princor Family of Mutual
Funds..............................80
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A Message From the President
Dear Shareholder:
The U.S. stock and bond markets have maintained the strong momentum with which they began the year. As cited in financial publications, since January 1995, stocks have risen dramatically and many market indices have reached record levels. Bond returns have been more modest but remain good, rewarding fixed income investors. Results in international stock markets were mixed with European issues performing best; Japan and Latin America also performed well.
Shareholders of both Princor growth- and income-oriented funds have benefited from these strong markets. For the one-year period ending September 30, 1995, all Princor funds have posted positive returns at net asset value, most in double digits. [More complete fund performance information is contained in this report.]
Extraordinary performance of this type often leads to unbridled enthusiasm among investors. However, this enthusiasm needs to be tempered with an awareness that returns at this level cannot be expected to continue indefinitely, and this past performance does not guarantee future results. Investors should view these times as confirmation of the three, time-proven tactics of successful investing-focus on the long term, invest regularly and diversify.
Looking to the new year, most market strategists expect to see continued economic growth, moderate inflation and limited movement in interest rates. These factors, combined with continued efforts to reduce the federal deficit, should be favorable for the U.S. stock and bond markets. Though international markets have recently lagged those of the U.S., potential gains from international investing remain good for the long term.
Of additional interest is our upcoming conversion to a new, enhanced shareholder recordkeeping system. This new system will allow Princor to better meet the service needs of our shareholders. The most recent edition of The Princor Shareholder contains an overview of the conversion. Complete details of the Princor shareholder recordkeeping conversion will be sent to you at the beginning of January.
Princor thanks you for helping to make this a very successful year. Buoyed by strong performance, our funds have continued to grow in both assets and the number of shareholders. We look forward to another fine year in 1996.
Sincerely,
Stephan L. Jones
President
MANAGER'S COMMENTS
Princor Management Corporation, the adviser to the Princor funds, is staffed with investment professionals who manage each individual fund. Comments by these individuals in the following paragraphs summarize in capsule form the general strategy and recent results of each fund over the past year. We believe any Princor fund should, under normal circumstances, represent only a portion of an investor's total investments. For most investors a portfolio should be balanced among stocks, bonds, and cash reserves to fit their own needs and risk tolerance. Those who maintain this balanced approach should be aware of the short-term results, but focus on the long term. Past performance is no guarantee of future results. Fund values will fluctuate so that the shares, upon redemption, may be worth more or less than their original cost.
Growth-Oriented Funds
Princor Balanced Fund
Judi Vogel
This balanced portfolio is designed to combine stocks, bonds and cash in a relatively conservative mix which provides both capital appreciation and income to the shareholder without taking on undue risk. Financial markets cooperated in helping us to achieve our objectives over the year. Both stocks and bonds delivered double-digit returns. The economy backed off from strong growth in late 1994 to register modest advances over the succeeding months. Inflation remained benign over the year and still is not a concern today. Apparently the Federal Reserve did a remarkable job of managing interest rates in order to cool the economy without plunging it into recession. Long-term interest rates have fallen about 1.5% over the last 10 months, enabling the bond market to surge. Corporate earnings have continued to be strong four years into an economic expansion thanks to widespread increases in productivity and almost zero growth in labor costs. While higher earnings have boosted common stocks, lower interest rates have enabled prices to soar without the market appearing overvalued. So far 1995 has been a great year in the markets. We have taken a slightly more cautious stance than the average balanced mutual fund with 50% of our holdings in equity-related securities and the balance in fixed income. According to Morningstar's Balanced Fund Overview, the average balanced fund has 53% in equities. Although our asset allocation caused returns to lag relative to the Lipper Balanced Fund Average, the Fund's returns in the absolute were quite attractive. There is no independent market index against which to measure returns of balanced portfolios. However, we show the S&P 500 stock index for your information.
Comparison of Change in Value $10,000 Investment
Princor Balanced Fund, Inc.
Balanced Fund Lipper
Total S&P 500 Balanced
Year Ended October 31, Return Index Average
9,525 10,000 10,000
1988 10,714 11,628 11,233
1989 11,896 14,697 13,152
1990 10,554 13,595 12,465
1991 14,152 18,152 16,015
1992 15,830 19,959 17,413
1993 17,768 22,938 19,994
1994 17,935 23,823 19,852
1995 20,480 30,112 23,300
Princor Blue Chip Fund
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Mark Williams
The economic slowdown experienced during the first half of the year, combined with moderate inflation, laid the groundwork for the past year's excellent returns. Investors, no longer afraid of interest rate increases, purchased equities aggressively. As the year progressed, investors rotated to those companies able to show consistent earnings growth in spite of the slowdown. The weak dollar also contributed to good earnings comparisons for the multi-national firms in the Fund. We ended this fiscal year ahead of Lipper's Growth and Income Fund average return, while trailing the S&P 500 Index return. Two sectors with moderate weightings in the Fund, Financials and Technology, experienced above-average returns. Our moderate weightings penalized relative performance somewhat, but we believed--and continue to believe--this account has the right exposure to these industries. Going forward, we continue to search for those companies with consistent earnings increases, well-capitalized balance sheets, and strong business prospects. The companies in the Fund are positioned to succeed in the increasingly competitive global marketplace.
Comparison of Change in Value $10,000 Investment
Princor Blue Chip Fund, Inc.
Blue Chip Lipper
Fund Growth &
Total S&P 500 Income
Year Ended October 31, Return Index Fund Average
9,525 10,000 10,000
1991 10,137 10,654 10,544
1992 11,142 11,714 11,499
1993 11,771 13,464 13,424
1994 12,546 13,982 13,763
1995 15,388 17,673 16,510
Princor Capital Accumulation Fund
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David White
Our strategy is to hold common stocks that will produce better rates of return if bought and held forever. Our analysis is very similar to the approach which companies take when making acquisitions. Future cash flows are weighed against today's price. This is our "bottoms up" approach. Overlaying this approach is a "top down" strategy. We look at the big picture: the economy, international trade, secular industry trends, earnings and the stock market. Any macro insights help select specific investments for the portfolio. During this past year, we have been reducing the portolio's exposure to the cyclical side of the economy. The economy was nearing capacity at the end of calendar 1994 which limited cyclical companies ability to expand earnings. Proceeds from these sales were invested in companies that should continue to grow even if the economy slows or enters a recession. Growth stocks, healthcare, food, banks and utilities have received the bulk of the funds. Electronic technology stocks were about the only large sector that produced good returns this past year. Unfortunately, we were underweighted in this sector which hurt performance. Late in the year, the electronic technology sector started to underperform and the sectors this Fund is emphasizing started doing much better.
Comparison of Change in Value $10,000 Investment
Princor Capital Accumulation Fund, Inc.
Capital Accum. S&P 500 Lipper
Total Stock Growth & Income
Year Ended October 31, Return Index Fund Average
9,525 10,000 10,000
1986 12,189 13,320 12,818
1987 12,731 14,181 12,953
1988 14,565 16,281 15,069
1989 16,578 20,578 18,154
1990 13,624 19,037 16,371
1991 19,160 25,416 21,855
1992 21,396 27,948 23,835
1993 23,624 32,120 27,825
1994 25,199 33,359 28,527
1995 29,721 42,164 34,221
Princor Emerging Growth Fund
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Mike Hamilton
The financial markets continue their strong advance. Strength has been across all usual indexes with NASDAQ doing the best recently. The Princor Emerging Growth Fund performed better than its comparison indexes.
The Princor Emerging Growth Fund continues to be structured to take advantage of the economic tide toward efficiency, productivity and global competitiveness. This had led us to overweight technology, industrial cyclicals, financial and healthcare sectors. With the exception of the industrial cyclical area, all did better than the S&P 500. The portfolio has little energy and no utility exposure.
We continue to experience a growing balanced economy with little visible imbalances currently. Our outlook is for more of the same and we don't anticipate making any dramatic changes to the portfolio. The focus is on above average growth companies with high returns on capital.
Comparison of Change in Value $10,000 Investment
Princor Emerging Growth Fund, Inc.
Emerging Growth S&P 500 Lipper
Total Stock MID CAP
Year Ended October 31, Return Index Fund Average
9,525 10,000 10,000
1988 11,409 11,628 11,344
1989 13,651 14,697 14,346
1990 11,357 13,595 12,349
1991 18,689 18,152 19,744
1992 20,862 19,959 21,136
1993 24,964 22,938 26,260
1994 26,676 23,823 26,816
1995 33,721 30,112 33,389
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Princor Growth Fund
The financial markets have experienced one of the stronger years for participants so far in 1995. The year has witnessed changed economic expectations from strong growth at the start of the year to slower expectations recently. This has influenced returns as the market has shifted from a preference for cyclical companies to purer growth companies. The Princor Growth Fund is positioned for an elongated economic cycle with little excess or imbalance foreseen. The Fund is balanced between cyclical growth companies and companies with diminished dependence on the economic cycle. The portfolio's main weightings are in technology, financials and healthcare. The Fund has done better than its benchmarks given this balance and continued focus on companies providing products and services which improve productivity and are able to compete globally.
Comparison of Change in Value $10,000 Investment
Princor Growth Fund, Inc.
Growth Fund S&P 500 Lipper
Total Stock Growth
Year Ended October 31, Return Index Fund Average
9,525 10,000 10,000
1986 12,387 13,320 12,759
1987 12,715 14,181 12,704
1988 13,925 16,281 14,719
1989 16,439 20,578 18,297
1990 14,926 19,037 16,166
1991 23,777 25,416 22,847
1992 27,286 27,948 24,643
1993 29,968 32,120 28,849
1994 32,912 33,359 29,293
1995 40,578 42,164 36,318
Princor World Fund
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Scott Opsal
The Fund's fiscal year began with the financial and economic collapse in Mexico following devaluation of the peso. Because the Fund owned stock in Mexican and other emerging market companies, declines in Latin American stock prices caused relative performance to lag. Our overweighting in European cyclicals reversed that trend in mid-year. Europe's cyclical recovery produced strong earnings gains in industrial companies. European markets also benefited from falling interest rates over the course of this year. Europe experienced widespread strength in its currencies relative to the US dollar. Strong foreign currencies and a weak dollar enhance returns for US investors. The Fund experienced significant return advantages from its overweighting in European currencies and European cyclicals, both of which boosted relative returns throughout most of the year. The Japanese market fell dramatically early in the year, but regained its lost ground by year end. The yen has also fluctuated widely during the year. These swings introduced tremendous volatility in International stock index returns, however the Fund's low exposure in Japan allowed some avoidance to this large source of volatility.
Comparison of Change in Value $10,000 Investment
Princor World Fund
World Fund Lipper
Total EAFE International
Year Ended October 31, Return Index Average
9,525 10,000 10,000
1988 9,529 10,594 10,854
1989 10,055 11,457 12,475
1990 10,149 9,995 12,380
1991 11,552 10,689 13,434
1992 11,371 9,276 12,776
1993 16,077 12,751 17,045
1994 17,620 14,036 18,848
1995 17,801 13,896 18,733
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Important Notes of the Growth-Oriented Funds:
Standard & Poor's 500 Stock Index: An unmanaged index of 500 widely held common stocks representing industrial, financial, utility and transportation companies listed on the New York Stock Exchange, American Stock Exchange and the Over-the-Counter market.
Lipper Growth & Income Fund Average: This average consists of funds which combine a growth of earnings orientation and an income requirement for level and/or rising dividends. The one-year average currently contains 397 funds.
Lipper Mid Cap Fund Average: This average consists of funds which by prospectus or portfolio practice, limit their investments to companies with average market capitalizations and/or revenues between $800 million and the average market capitalization of the Wilshire 4500 Index (as captured by the Vanguard Index Extended Market Fund). The one-year average currently contains 93 funds.
Lipper Growth Fund Average: This average consists of funds which normally invest in companies whose long-term earnings are expected to grow significantly faster than the earnings of the stocks represented in the major unmanaged stock indices. The one-year average currently contains 537 funds.
Lipper Balanced Fund Average: This average consists of funds whose primary objective is to conserve principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically, the stock/bond ration ranges around 60%/40%. The one-year average currently contains 194 funds.
Morgan Stanley EAFE (Europe, Australia and Far East) Index: This average reflects an arithmetic, market value weighted average of performance of more than 900 listed securities which are listed on the stock exchanges of the following countries: Australia, Austria, Belgium, Denmark, Netherlands, New Zealand, Norway, Singapore/Malaysia, Spain, Sweden, Switzerland, and the United Kingdom.
Lipper International Fund Average: This average consists of funds which invest in securities primarily traded in markets outside of the United States. The one-year average currently contains 226 funds.
Note: Mutual fund data from Lipper Analytical Services, Inc. Income-Oriented Funds
Princor Bond Fund
Don Brattebo One year ago we were reporting on what had been the worst bond market performance in memory, due primarily to the Federal Reserve raising interest rates frequently. However, with pleasure we report to you that during this past twelve months we have witnessed a dramatic turnaround in the bond market with interest rates falling sharply and bond prices recovering to levels we last saw in early 1994.
Not only has there been a recovery in fixed-income markets generally, but the Bond Fund has outperformed most of the funds in its peer group of Lipper Service BBB-rated funds. The reason for this is two-fold: First, we have remained fully invested and maintained our average portfolio maturity of 10 to 12 years to obtain better yields. Secondly, we are more heavily concentrated in BBB-rated, investment grade bonds than other funds, and this quality sector of the market has outperformed most other sectors in the past twelve months.
We've come through some wild and challenging markets these past two years, but have held firm to our philosophy of managing for total return over a long time horizon. We continue to seek out better values on a day-to-day basis in order to deliver attractive and competitive returns to you. We believe, once again, the forces and volatility of the markets have reinforced our strategy (and we hope the strategy of our shareholders) of investing and managing for the long term and not the short.
Comparison of Change in Value $10,000 Investment
Princor Bond Fund, Inc.
Bond Fund Lehman Lipper
Total Baa BBB Corp.
Year Ended October 31, Return Index Average
9,525 10,000 10,000
1988 10,634 11,207 10,947
1989 11,862 12,598 11,980
1990 12,227 13,135 12,295
1991 14,189 15,451 14,397
1992 15,814 17,167 15,952
1993 18,220 19,771 18,362
1994 17,125 18,892 17,376
1995 20,504 22,156 19,873
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Princor Government Securities Income Fund
Marty Schafer The U.S. Federal Reserve Board's long-term goal of low inflation and steady growth appears closer to reality with each passing year. The dismal performance of 1994 was due to the Fed's actions to slow economic growth and potential inflation. In 1995, dramatic turnaround was the result of the markets recognizing that inflation was well contained at the peak of this economic cycle. In fact, the most powerful ingredient in calculating inflation--labor costs--has been deflating. With wage increases holding steady and benefit packages being trimmed, corporate America has forced workers to work smarter and harder resulting in increased productivity. This provides products with lower unit labor costs. We look for the Fed to continue their vigilant fight against inflation. While ultimately this should be beneficial to all fixed-income investors, the road to solid returns may be rocky from time to time.
Our disciplined approach of running a portfolio priced at or below par has once again provided our shareholders with strong performance. This Fund's success reflects our preference for slightly longer duration assets than our competitors. We try to keep our duration between 5 and 6 years. The duration as of October 31, 1995, at 5.25 years. Duration measures the sensitivity of the value of the mortgage-backed securities to changes in interest rates. In general, if interest rates change one percentage point, the value will change in the opposite direction by a percentage which equals the duration.
Comparison of Change in Value $10,000 Investment
Princor Government Securities Income Fund
Government Lehman Lipper
Total GNMA GNMA
Year Ended October 31, Return Index Average
9,525 10,000 10,000
1986 11,270 11,653 11,343
1987 11,443 12,122 11,537
1988 13,043 13,793 12,917
1989 14,463 15,367 14,177
1990 15,356 16,641 15,212
1991 17,932 19,485 17,484
1992 19,454 21,199 18,937
1993 21,749 22,804 20,474
1994 20,388 22,451 19,844
1995 23,947 25,863 22,550
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Princor High Yield Fund
Ken Hovey The period of the Fund's fiscal year was good for high yield markets and the Fund, but not as good as for some other income-oriented assets and funds. The Treasury bond market saw a flattening of its yield curve with a sizeable decline in yields in all maturities except the shortest bills. The high yield market is often compared to the ten-year Treasury. This Treasury had increased in yield for much of the prior fiscal year and the reverse occurred for the past fiscal year. The yield peaked in early November and fell throughout the year except for a minor reversal in July and August. For the year, the ten year Treasury declined in yield by 1.79% while the high yield market, as measured by the Merrill Lynch High Yield Master Index, declined in yield by 1.09%. In other words, the positive price change for high yield was less as a result of the decline in interest rates other than for Treasury bonds or other assets more closely correlated to Treasuries.
Our Fund performed about as expected during the year except for a sizeable price decline in our holding of Drypers Corp. This company, a manufacturer of baby diapers, has had margin problems due to price competition and raw material prices. Otherwise, the Fund has not experienced credit problems. Our strategy remains to have a balance of "B" and "BB" rated bonds and not to speculate on distressed bonds or trade often for short-term gains. We think, within the context of high yield, that our Fund is relatively well positioned to withstand a weaker or slower growing economy. Additionally, as a consequence of high yield returns lagging behind other fixed-income assets, the going forward return expectations are now more favorable for high yield when compared to other asset types.
Comparison of Change in Value $10,000 Investment
Princor High Yield Fund, Inc.
High Yield Lehman Lipper
Total High Yield High Yield
Year Ended October 31, Return Index Average
9,525 10,000 10,000
1988 10,879 11,403 11,230
1989 11,171 11,625 11,355
1990 9,550 10,131 9,967
1991 11,998 15,050 13,589
1992 13,719 17,345 15,816
1993 15,319 20,450 18,991
1994 15,540 20,702 18,913
1995 17,363 23,958 21,409
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Princor Tax-Exempt Bond Fund
Dan Garrett The bond market was a great place to be during the fiscal year ended October 31, 1995. The long term investor was rewarded for staying the course over the past few years. For most periods the Fund has outperformed the Lipper General Municipal Fund average. We have done so by adding value through superior credit quality analysis and avoiding mistakes such as unfavorable bond structures like certificates of participation and lease revenue bonds. We also focus on companies which have strengths within their industries, such as utility companies with low cost structures. We have also avoided bonds which have no call protection, such as housing bonds.
There are many questions about the impact tax reform may have on investment markets but few answers because several proposals are being discussed. The municipal market would have risen further in the absence of the tax reform issue. Under a balanced federal budget, interest rates should fall, which would benefit all bond investors. We will continue to find value in credit, structure and call protection features. We focus on the long term balance of current income and total return.
Comparison of Change in Value $10,000 Investment
Princor Tax-Exempt Bond Fund, Inc.
Tax Exempt Lehman Lipper
Total Revenue General
Year Ended October 31, Return Bond Index Muni. Debt
9,525 10,000 10,000
1986 10,193 10,634 10,639
1987 9,545 10,552 10,257
1988 11,476 12,391 11,880
1989 12,525 13,510 12,805
1990 13,033 14,515 13,515
1991 14,739 16,410 15,177
1992 15,883 17,837 16,298
1993 18,376 20,557 18,817
1994 17,014 19,466 17,714
1995 19,740 22,566 20,141
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Princor Utilities Fund
Catherine Green Utility stocks have had a very strong year with many stocks rising over 20%. The positive gains were caused by several factors. First, a falling interest rate market had a positive impact on these stocks. Second, there has been much discussion about increasing competition for utilities. As the industry moves forward, many of the companies have developed plans to cope with these changes. This has calmed investors' fears, and the stocks have reacted accordingly. Third, weather changes impact certain regions as companies are able to sell more energy. The last impact has been that of mergers. As companies develop their plans to face the future, more of them are consolidating to become more cost competitive. This has impacted electric utilities positively as they are able to merge and cut costs to stay ahead of the game. Telephones, over 25% of the Fund, have also enjoyed a strong year. Again, aggressive plans to become winners in the fast growing telecommunications area has been a driving factor. As our Fund is a "pure play," we have fared well in this environment. We do not own any non-utility stocks or bonds, so we are focused solely on the common stocks of utility companies. We will continue this focus along with a goal to emphasize low-cost, high quality utility companies.
Comparison of Change in Value $10,000 Investment
Princor Utilities Fund
Utilities Fund S&P 500 Lipper Dow Jones
Total Stock Utilities Utilities
Year Ended October 31 , Return Index Average With Income
9,525 10,000 10,000 10,000
1993 11,047 10,980 11,575 11,658
1994 9,368 11,403 10,475 9,349
1995 11,651 14,413 12,325 11,810
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Princor Cash Management Fund
Princor Tax-Exempt Cash Management Fund
Mike Johnson Steve Schneider Intervention by the Federal Reserve tapered off during 1995 as opposed to the multitude of Fed tightening actions that occurred in the prior year. The Fed raised short-term rates once again this past February. Then the tightening trend in place since the beginning of 1994 was reversed and a rate cut was affected in July. Since then, levels have remained flat. The average maturity of our own portfolio, as well as that of the industry, started slowing in the third quarter as investors were no longer being given any incentive to buy longer paper. We continue to target and actively monitor the industry averages to keep both our yields and average days in line. Both portfolios continue to invest from a list of approved issues of the highest credit quality actively managed by our investment securities analytical staff. Through the third quarter of 1995, assets for both the Princor taxable and tax-exempt portfolios, as well as those industry-wide, all continued to increase to record levels since the beginning of this year. Important Notes of the Income-Oriented Funds:
Lehman Brothers, Baa Index: An unmanaged index of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC-registered corporate debt rated Baa or BBB by Moody's or S&P.
Lipper Corporate Debt BBB Rated Fund Average: This average consists of funds which invest at least 65% of their assets in corporate and government debt issues rated in the top four grades. The one-year average currently contains 78 funds.
Lehman Brothers, GNMA Index: An unmanaged index of 15- and 30-year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA) and Graduated payment mortgages (GPMs) with at least $100 million outstanding and one year or more to maturity.
Lipper GNMA Fund Average: This average consists of funds which invest a least 65% of their assets in Government National Mortgage Association securities. The one-year average currently contains 49 funds.
Lehman Brothers, High Yield Index: An unmanaged index of all publicly issued fixed, dollar-denominated, SEC-registered corporate debt rated Ba1 or lower with at least $100 million outstanding and one year or more to maturity.
Lipper High Current Yield Fund Average: This average consists of funds which aim at high (relative) current yield from fixed income securities. No quality or maturity restrictions. They tend to invest in lower grade debt issues. The one-year average currently contains 112 funds.
Lehman Brothers, Revenue Bond Index: An unmanaged index of investment grade tax-exempt revenue bonds which have been issued within the last five years and at least one-year or more to maturity.
Lipper General Municipal Debt Fund Average: This average consists of funds which invest at least 65% of their assets in municipal debt issues in the top four credit ratings. The one-year average currently contains 216 funds.
Standard & Poor's 500 Stock Index: An unmanaged index of 500 widely held common stocks representing industrial, financial, utility and transportation companies listed on the New York Stock Exchange, American Stock Exchange and the Over-the-Counter market.
Lipper Utilities Fund Average: This average consists of funds which invest 65% of its equity portfolio in utility shares. The one-year average currently contains 79 funds.
Dow Jones Utilities Index with Income: This average is a price-weighted average of 15 utility companies that are listed on the New York Stock Exchange and are involved in the production of electrical energy.
Note: Mutual fund data from Lipper Analytical Services, Inc.
Building Retirement Security-Charting Your Route to a More Secure Retirement
Planning for retirement is more difficult than it was in the past. In previous generations, when a person retired at age 65, they could expect to live only a limited number of years. In recent years, modern medical technology and healthier lifestyles help to lengthen our years in retirement. Today, a man retiring at age 65 has a life expectancy of fifteen more years. A woman who retires at the same age can anticipate living another twenty years. The trend toward longer lives is expected to continue. As a result, retirement planning today is a very important aspect of your financial future.
Successful retirement planning begins with developing a clear picture of your own retirement. What are your retirement goals and dreams? How much will they cost? How will inflation affect your plans for retirement? By charting out your retirement in detail now, you gain a better idea of the path you need to take.
The next step to building retirement security is to look at your sources of retirement income. According to a study done by the Pension and Welfare Benefits Administration, almost 70% of Americans between the ages of 45 and 64, believe that their retirement income needs will be met by their Social Security and employer pension benefits. In other words, from sources other than themselves. In reality, most retirees derive, more than half their retirement income from personal sources. These included: personal savings, investments and additional earnings. These charts show the importance of taking responsibility for a large portion of your own retirement income.
Perception
Americans, Age 45-64 believe their most important retirement income source is:
Pension 43%
Social Security 25%
Savings 18% Other 10% Earnings 4% |
Reality
The actual percentages for heads of household, age 65 + and $20,000 + total annual income:
Savings 32%
Earnings 24%
Social Security 23%
Pension 20%
Other 1%
As you continue down the retirement-planning road, you need to consider its challenges. In addition to the normal, anticipated financial responsibilities, we all face the threat of disability, caring for aging parents or the loss of a spouse. All these challenge our financial well-being and plans for a more secure retirement. The best way to meet these challenges, should they occur, is by planning ahead. By planning ahead we mean beginning a regular, disciplined savings and investment program.
Challenges to Meeting Your Retirement Goals
- - Income interruption from loss of job or disability
- - Death of Spouse
- - Health concerns for you and your family
- - The need to care for aging parents
- - Your need for long-term care
- - Lack of financial planning
To help ensure the success of your investment program you may want to use these three basic investment strategies: investing for the long-term, diversification and dollar-cost averaging. One benefit of long-term investing is compounding. The compounding illustration to the right shows how your investment can grow over time, assuming different rates of return. Diversification is the process of spreading your investments among more than one asset class and thereby reducing your potential investment risk. The example shows how diversification leads to a balanced investment portfolio.
How Money Grows $100,000 invested
Investment earning 10% over 25 years grows to $1,083,471. Investment earning 8% over 25 years grows to $684,848. Investment earning 6% over 25 years grows to $429,187.
For illustrative purposes only. Assumes no taxes are paid on earnings as the investment grows. Interest rates do not reflect actual performance of any specific financial product.
One of the easiest investment strategies available to you is dollar-cost averaging. This strategy is to invest regulary, and continuously, over time. When investing using this strategy, you are purchasing shares whether the market is up or down. Of course, no strategy guarantees success but, the result should be that your average share cost is less than you would have paid trying to predict the market. When using dollar-cost averaging, you need to evaluate your ability to continue investing during periods lower market levels. Here is how a dollar-cost averaging program might look.
Investment Balance
Interest Earning Equity
Investments: Investments:
Money Market Funds Common Stock
Bonds Real Estate
Government Securities
------------------------ ----------------------
^ ^
---------------------------------------
^
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Emergency Money Life/Medical/Disability/LTC
The final step in building retirement security is to develop a plan of action. To accomplish this, you+ll want to take into consideration the types of savings plans available to you. These might include: a 401(k), IRA, qualified or non-qualified annuities or mutual fund investments. Your registered representative can help you design and implement a plan for building retirement security.
Dollar-Cost Averaging
Regular Share Shares
Investment Price Acquired
$300 $25 12
$300 $20 15
$300 $15 20
$300 $20 15
$300 $15 20
$300 $12 25
$1,800 107
|
Average Share Cost $16.82 ($1,800 / 107 Shares) Average Share Price $17.83 *Sum of Share Price / 6)
(Investment programs like dollar-cost averaging do not assure a profit, nor guarantee against a loss in declining markets. The plan involves continuous investment regardless of price fluctuations. So investors should consider their ability to continue purchasing shares during periods of low price levels.)
Here is a quick review of the four steps to building retirement security:
create a picture of your retirement goals, identify your sources of retirement
income, prepare for the challenges you may face along the way and, finally,
develop an action plan. Contact your registered representative to guide you
through the process of building retirement security.
October 31, 1995
STATEMENTS OF ASSETS AND LIABILITIES
Princor Princor Princor Capital
Balanced Blue Chip Accumulation
GROWTH FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
Assets
Investment in securities -- at value (cost -- $52,142,778;
$28,607,185; $289,104,493; $114,702,569; $127,847,324;
and $118,823,668, respectively) (Note 4)............... $58,108,590 $37,378,265 $341,501,900
Cash ............................................................ 1,883 4,446 5,124
Receivables:
Dividends and interest........................................ 326,277 49,320 443,387
Investment securities sold.................................... 234,883 847,845 162,104
Capital Stock sold............................................ 11,831 10,961 10,112
Other assets..................................................... 3,796 545 24,412
Total Assets 58,687,260 38,291,382 342,147,039
Liabilities
Accrued expenses................................................. 75,023 47,894 228,835
Payables:
Investment securities purchased............................... 195,745 1,294,140 --
Capital Stock reacquired...................................... 28,138 5,609 13,737
Total Liabilities 298,906 1,347,643 242,572
Net Assets Applicable to Outstanding Shares....................... $58,388,354 $36,943,739 $341,904,467
Net Assets Consist of:
Capital Stock.................................................... $ 42,490 $ 24,581 $ 144,323
Additional paid-in capital....................................... 49,182,920 27,186,991 266,068,965
Accumulated undistributed net investment income.................. 350,410 105,316 2,279,052
Accumulated undistributed net realized gain from:
Investment transactions ..................................... 2,846,722 855,771 21,014,720
Foreign currency transactions................................. -- -- --
Net unrealized appreciation of investments....................... 5,965,812 8,771,080 52,397,407
Net unrealized appreciation on translation of assets and
liabilities in foreign currencies............................. -- -- --
Total Net Assets $58,388,354 $36,943,739 $341,904,467
Capital Stock (par value: $.01 a share)
Shares authorized................................................ 100,000,000 100,000,000 100,000,000
Net Asset Value Per Share:
Class A: Net Assets.............................................. $57,125,621 $35,211,596 $339,655,973
Shares issued and outstanding........................... 4,156,937 2,342,512 14,337,061
Net asset value per share............................... $13.74 $15.03 $23.69
Maximum offering price per share(1) ................... $14.43 $15.78 $24.87
Class B: Net Assets ............................................. $1,262,733 $1,732,143 $2,248,494
Shares issued and outstanding........................... 92,099 115,546 95,254
Net asset value per share(2)............................ $13.71 $14.99 $23.61
(1) Maximum offering price is equal to net asset value plus a front-end
sales charge of 4.75% of the offering price.
(2) Redemption price per share
is equal to net asset value less any applicable contingent deferred sales
charge.
See accompanying notes.
|
Princor Princor Princor
Emerging Growth Growth World
GROWTH FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
Assets
Investment in securities -- at value (cost -- $52,142,778;
$28,607,185; $289,104,493; $114,702,569; $127,847,324;
and $118,823,668, respectively) (Note 4)...................... $157,431,132 $182,460,635 $133,458,881
Cash ............................................................ 238,607 24,872 17,052
Receivables:
Dividends and interest........................................ 195,210 180,857 172,355
Investment securities sold.................................... 343,742 -- --
Capital Stock sold............................................ 1,755,725 149,920 21,117
Other assets..................................................... 2,129 8,638 1,617
Total Assets 159,966,545 182,824,922 133,671,022
Liabilities
Accrued expenses................................................. 198,701 180,467 214,708
Payables:
Investment securities purchased............................... -- -- 2,968,759
Capital Stock reacquired...................................... 159,230 37,599 25,379
Total Liabilities 357,931 218,066 3,208,846
Net Assets Applicable to Outstanding Shares .................. $159,608,614 $182,606,856 $130,462,176
Net Assets Consist of:
Capital Stock............................................. $ 50,762 $ 49,069 $ 179,192
Additional paid-in capital....................................... 112,613,229 121,497,400 108,856,451
Accumulated undistributed net investment income.................. 324,845 564,227 776,759
Accumulated undistributed net realized gain from:
Investment transactions ..................................... 3,891,215 5,882,849 5,913,237
Foreign currency transactions................................. -- -- 97,847
Net unrealized appreciation of investments....................... 42,728,563 54,613,311 14,635,213
Net unrealized appreciation on translation of assets and
liabilities in foreign currencies............................. -- -- 3,477
Total Net Assets $159,608,614 $182,606,856 $130,462,176
Capital Stock (par value: $.01 a share)
Shares authorized................................................ 100,000,000 100,000,000 100,000,000
Net Asset Value Per Share:
Class A: Net Assets.............................................. $150,611,372 $174,328,071 $126,554,316
Shares issued and outstanding........................... 4,788,877 4,683,768 17,379,043
Net asset value per share............................... $31.45 $37.22 $7.28
Maximum offering price per share(1) ................... $33.02 $39.08 $7.64
Class B: Net Assets ............................................. $8,997,242 $8,278,785 $3,907,860
Shares issued and outstanding........................... 287,338 223,165 540,127
Net asset value per share(2)............................ $31.31 $37.10 $7.24
(1) Maximum offering price is equal to net asset value plus a front-end
sales charge of 4.75% of the offering price.
(2) Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
See accompanying notes.
|
Year Ended October 31, 1995
STATEMENTS OF OPERATIONS
Princor Princor Princor Capital
Balanced Blue Chip Accumulation
GROWTH FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
Net Investment Income
Income:
Dividends..................................................... $ 874,225 $ 841,327 $ 8,308,899
Less: Withholding tax on foreign dividends.................... -- -- --
Interest...................................................... 1,645,802 149,804 473,882
Total Income 2,520,027 991,131 8,782,781
Expenses:
Management and investment advisory fees (Note 3) ........... 330,469 154,603 1,380,466
Distribution and shareholder servicing fees--Class A (Note 3). 136,567 75,787 331,639
Distribution and shareholder servicing fees--Class B (Note 3). 3,997 5,456 7,816
Transfer and administrative services (Note 3)................. 220,147 146,409 510,906
Registration fees--Class A.................................... 28,662 20,003 51,325
Registration fees--Class B.................................... 461 874 439
Custodian fees ............................................... 14,244 7,915 14,294
Auditing and legal fees ...................................... 6,638 5,880 8,733
Directors' fees .............................................. 7,825 7,825 8,125
Other ........................................................ 6,631 4,775 30,355
Total Expenses 755,641 429,527 2,344,098
Net Investment Income 1,764,386 561,604 6,438,683
Net Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency
Net realized gain from:
Investment transactions....................................... 2,846,701 1,227,208 21,096,912
Foreign currency transactions................................. -- -- --
Net increase (decrease) in unrealized appreciation/
depreciation on:
Investments................................................... 2,809,432 4,662,787 24,916,772
Translation of assets and liabilities in foreign currencies... -- -- --
Net Realized and Unrealized Gain
on Investments and Foreign Currency 5,656,133 5,889,995 46,013,684
Net Increase in Net Assets
Resulting from Operations $7,420,519 $6,451,599 $52,452,367
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STATEMENTS OF OPERATIONS
Princor Princor Princor
Emerging Growth Growth World
GROWTH FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
Net Investment Income
Income:
Dividends.....................................................$ 1,319,806 $ 2,383,176 $ 3,306,884
Less: Withholding tax on foreign dividends.................... -- -- (394,379)
Interest...................................................... 1,024,770 916,380 327,064
Total Income 2,344,576 3,299,556 3,239,569
Expenses:
Management and investment advisory fees (Note 3) .......... 772,512 701,276 881,227
Distribution and shareholder servicing fees--Class A (Note 3). 292,867 312,530 291,227
Distribution and shareholder servicing fees--Class B (Note 3). 31,456 26,585 15,058
Transfer and administrative services (Note 3)................. 612,488 584,133 525,897
Registration fees--Class A.................................... 49,607 44,349 49,862
Registration fees--Class B.................................... 1,851 779 481
Custodian fees ............................................... 8,253 8,550 151,534
Auditing and legal fees ...................................... 7,253 6,531 9,248
Directors' fees .............................................. 8,125 8,125 7,975
Other ........................................................ 10,189 12,863 12,116
Total Expenses 1,794,601 1,705,721 1,944,625
Net Investment Income 549,975 1,593,835 1,294,944
Net Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency
Net realized gain from:
Investment transactions....................................... 3,897,774 5,884,252 5,921,120
Foreign currency transactions................................. -- -- 97,847
Net increase (decrease) in unrealized appreciation/
depreciation on:
Investments................................................... 25,019,957 24,040,842 (5,202,468)
Translation of assets and liabilities in foreign currencies... -- -- (5,691)
Net Realized and Unrealized Gain
on Investments and Foreign Currency 28,917,731 29,925,094 810,808
Net Increase in Net Assets
Resulting from Operations $29,467,706 $31,518,929 $ 2,105,752
See accompanying notes.
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Years Ended October 31
STATEMENTS OF CHANGES IN NET ASSETS
Princor Princor
Balanced Blue Chip
GROWTH FUNDS Fund, Inc. Fund, Inc.
1995 1994 1995 1994
Operations
Net investment income............................................ $1,764,386 $1,271,900 $ 561,604 $ 431,588
Net realized gain (loss) from investment transactions............ 2,846,701 234,600 1,227,208 (288,180)
Net realized gain (loss) from foreign currency transactions...... -- -- -- --
Net increase (decrease) in unrealized appreciation/depreciation
on investments and translation of assets and liabilities in
foreign currencies............................................ 2,809,432 (1,115,430) 4,662,787 1,524,678
Net Increase in Net Assets
Resulting from Operations 7,420,519 391,070 6,451,599 1,668,086
Dividends and Distributions to Shareholders
From net investment income:
Class A....................................................... (1,526,106) (1,470,992) (487,675) (541,987)
Class B....................................................... (10,560) -- (6,240) --
(1,536,666) (1,470,992) (493,915) (541,987)
From net realized gain on investments and foreign currency transactions:
Class A....................................................... (234,514) (1,646,619) -- --
Total Distributions (1,771,180) (3,117,611) (493,915) (541,987)
Capital Share Transactions (Note 5)
Shares sold:
Class A....................................................... 7,935,949 24,138,081 6,239,894 5,228,761
Class B....................................................... 1,269,648 -- 1,632,045 --
Shares issued in reinvestment of dividends and distributions:
Class A....................................................... 1,395,703 2,123,538 366,550 535,883
Class B....................................................... 10,489 -- 6,184 --
Shares redeemed:
Class A....................................................... (11,165,026)(10,121,469) (4,463,004) (3,403,936)
Class B....................................................... (73,722) -- (41,750) --
Net Increase (Decrease) in Net Assets from
Capital Share Transactions (626,959) 16,140,150 3,739,919 2,360,708
Total Increase 5,022,380 13,413,609 9,697,603 3,486,807
Net Assets
Beginning of year................................................ 53,365,974 39,952,365 27,246,136 23,759,329
End of year (including undistributed net investment
income as set forth below).................................... $58,388,354 $53,365,974 $36,943,739 $27,246,136
Undistributed Net Investment Income ............................ $ 350,410 $ 131,213 $ 105,316 $ 40,721
See accompanying notes.
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Years Ended October 31
STATEMENTS OF CHANGES IN NET ASSETS
Princor Capital Princor
Accumulation Emerging Growth
GROWTH FUNDS Fund, Inc. Fund, Inc.
1995 1994 1995 1994
Operations
Net investment income............................................ $ 6,438,683 $ 5,353,058 $ 549,975 $ 12,330
Net realized gain (loss) from investment transactions............ 21,096,912 4,676,679 3,897,774 541,397
Net realized gain (loss) from foreign currency transactions...... -- -- -- --
Net increase (decrease) in unrealized appreciation/depreciation
on investments and translation of assets and liabilities in
foreign currencies............................................ 24,916,772 7,375,728 25,019,957 4,047,834
Net Increase in Net Assets
Resulting from Operations 52,452,367 17,405,465 29,467,706 4,601,561
Dividends and Distributions to Shareholders
From net investment income:
Class A....................................................... (5,617,183) (5,289,873) (236,412) --
Class B....................................................... (6,731) -- (992) --
(5,623,914) (5,289,873) (237,404) --
From net realized gain on investments and foreign currency transactions:
Class A....................................................... (4,755,174) (16,954,587) (544,422) (193,029)
Total Distributions (10,379,088) (22,244,460) (781,826) (193,029)
Capital Share Transactions (Note 5)
Shares sold:
Class A....................................................... 28,287,310 52,028,708 46,003,051 51,667,572
Class B....................................................... 2,179,812 -- 8,944,401 --
Shares issued in reinvestment of dividends and distributions:
Class A....................................................... 10,162,185 21,826,872 763,370 188,206
Class B....................................................... 6,731 -- 992 --
Shares redeemed:
Class A....................................................... (26,662,663) (23,067,558) (16,885,879) (11,967,357)
Class B....................................................... (107,211) -- (867,829) --
Net Increase (Decrease) in Net Assets from
Capital Share Transactions 13,866,164 50,788,022 37,958,106 39,888,421
Total Increase 55,939,443 45,949,027 66,643,986 44,296,953
Net Assets
Beginning of year................................................ 285,965,024 240,015,997 92,964,628 48,667,675
End of year (including undistributed net investment
income as set forth below)....................................
$341,904,467 $285,965,024 $159,608,614 $92,964,628
Undistributed Net Investment Income ............................ $ 2,279,052 $ 1,464,283 $ 324,845 $ 12,274
See accompanying notes.
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Years Ended October 31
STATEMENTS OF CHANGES IN NET ASSETS
Princor Princor
Growth World
GROWTH FUNDS Fund, Inc. Fund, Inc.
1995 1994 1995 1994
Operations
Net investment income............................................ $ 1,593,835 $ 922,413 $ 1,294,944 $ 95,445
Net realized gain (loss) from investment transactions............ 5,884,252 2,368,804 5,921,120 2,972,274
Net realized gain (loss) from foreign currency transactions...... -- -- 97,847 (101,324)
Net increase (decrease) in unrealized appreciation/depreciation
on investments and translation of assets and liabilities in
foreign currencies............................................ 24,040,842 5,679,560 (5,208,159) 4,616,059
Net Increase in Net Assets
Resulting from Operations 31,518,929 8,970,777 2,105,752 7,582,454
Dividends and Distributions to Shareholders
From net investment income:
Class A....................................................... (1,314,723) (897,562) (571,155) (212,187)
Class B....................................................... (7,563) -- (1,106) --
(1,322,286) (897,562) (572,261) (212,187)
From net realized gain on investments and foreign currency transactions:
Class A....................................................... (2,370,009) (4,843,338) (2,940,766) (411,302)
Total Distributions (3,692,295) (5,740,900) (3,513,027) (623,489)
Capital Share Transactions (Note 5)
Shares sold:
Class A....................................................... 42,675,725 41,918,761 28,751,013 61,902,666
Class B....................................................... 7,815,161 -- 3,799,760 --
Shares issued in reinvestment of dividends and distributions:
Class A....................................................... 3,557,579 5,507,426 3,389,757 537,492
Class B....................................................... 7,560 -- 1,106 --
Shares redeemed:
Class A....................................................... (15,426,370) (14,344,269) (19,795,122) (17,305,679)
Class B....................................................... (212,100) -- (88,847) --
Net Increase (Decrease) in Net Assets from
Capital Share Transactions 38,417,555 33,081,918 16,057,667 45,134,479
Total Increase 66,244,189 36,311,795 14,650,392 52,093,444
Net Assets
Beginning of year................................................ 116,362,667 80,050,872 115,811,784 63,718,340
End of year (including undistributed net investment
income as set forth below)....................................
$182,606,856 $116,362,667 $130,462,176 $115,811,784
Undistributed Net Investment Income ............................ $ 564,227 $ 292,678 $ 776,759 $ 54,076
See accompanying notes.
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October 31, 1995
NOTES TO FINANCIAL STATEMENTS
Princor Balanced Fund, Inc.
Princor Blue Chip Fund, Inc.
Princor Capital Accumulation Fund, Inc.
Princor Emerging Growth Fund, Inc.
Princor Growth Fund, Inc.
Princor World Fund, Inc.
Note 1 -- Significant Accounting Policies
Princor Balanced Fund, Inc., Princor Blue Chip Fund, Inc., Princor Capital Accumulation Fund, Inc., Princor Emerging Growth Fund, Inc., Princor Growth Fund, Inc. and Princor World Fund, Inc. (the "Growth Funds") are registered under the Investment Company Act of 1940, as amended, as open-end diversified management investment companies and operate in the mutual fund industry.
On December 5, 1994, the name of Princor Managed Fund, Inc. was changed to Princor Balanced Fund, Inc.
On December 5, 1994, the initial purchases of Class B shares of the Growth Funds were made by Princor Management Corporation (See Note 3). All shares outstanding prior to the initial Class B share purchases have been classified as Class A shares. Effective December 9, 1994, the Growth Funds also began offering Class B shares to the public. Class A shares generally are sold with an initial sales charge based on declining rates which begin at 4.75% of the offering price. Class B shares are sold without an initial sales charge, but bear a higher ongoing distribution fee and are subject to a declining contingent deferred sales charge ("CDSC") of up to 4.00% on certain redemptions redeemed within six years of purchase. Class B shares automatically convert into Class A shares, based on relative net asset value (without a sales charge) after seven years. Both classes of shares for each fund represent interests in the same portfolio of investments and will vote together as a single class except where otherwise required by law or as determined by the Funds' respective Boards of Directors. In addition, the Board of Directors of each fund declare separate dividends on each class of shares.
The Growth Funds allocate daily all income, expenses (other than class-specific expenses), and realized and unrealized gains or losses to each class of shares based upon the relative proportion of the value of shares outstanding of each class. Class-specific expenses, which include distribution and shareholder servicing fees and any other items specifically attributable to a particular class, are charged directly to such class.
The Growth Funds value securities for which market quotations are readily available at market value, which is determined using the last reported sale price or, if no sales are reported, as is regularly the case for some securities traded over-the-counter, the last reported bid price. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to certain debt securities, preferred stocks and foreign securities, the investments are valued by using market quotations, prices provided by market makers or estimates of market values obtained from yield data and other factors relating to instruments or securities with similar characteristics in accordance with procedures established in good faith by each fund's Board of Directors. Securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market.
With respect to Princor World Fund, Inc., the value of foreign securities in foreign currency amounts is expressed in U.S. dollars at the closing daily rate of exchange. The identified cost of the portfolio holdings is translated at approximate rates prevailing when acquired. Income and expense amounts are translated at approximate rates prevailing when received or paid, with daily accruals of such amounts reported at approximate rates prevailing at the date of valuation.
Since the carrying amount of the foreign securities of the fund is determined based on the exchange rate and market values at the close of the period, it is not practicable to isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the period.
The Growth Funds record investment transactions generally one day after the trade date, except for short-term investment transactions which are recorded generally on the trade date. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation on investments. Dividends are taken into income on an accrual basis as of the ex-dividend date and interest income is recognized on an accrual basis.
Dividends and distributions to shareholders are recorded on the ex-dividend date.
Dividends and distributions to shareholders from net investment income and net realized gain from investments and foreign currency transactions is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e. that they result from other than timing of recognition - "temporary"), such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. Reclassifications made for the years ended October 31, 1995 and 1994 were not material.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Note 2 -- Federal Income Taxes
No provision for federal income taxes is considered necessary because each fund is qualified as a "regulated investment company" under the Internal Revenue Code and intends to distribute each year substantially all of its net investment income and realized capital gains to shareholders. The cost of investments for federal income tax reporting purposes is approximately the same as that for financial reporting purposes.
Note 3 -- Management Agreement and Transactions With Affiliates
The Growth Funds have agreed to pay investment advisory and management fees to Princor Management Corporation (wholly owned by Princor Financial Services Corporation, a subsidiary of Principal Mutual Life Insurance Company) (the "Manager") computed at an annual percentage rate of each fund's average daily net assets. The annual rate used in this calculation for Princor Blue Chip Fund, Inc., Princor Capital Accumulation Fund, Inc. and Princor Growth Fund, Inc. is .50% of the first $100 million of each fund's average daily net assets, .45% of the next $100 million of the fund's average daily net assets, .40% of the next $100 million of the fund's average daily net assets and .35% of the next $100 million of the fund's average daily net assets. With respect to Princor Balanced Fund, Inc. , the annual rate is .60% of the first $100 million of the fund's average daily net assets. With respect to Princor Emerging Growth Fund, Inc., the annual rate is .65% of the first $100 million of the fund's average daily net assets and .60% of the next $100 million of the fund's average daily net assets.With respect to Princor World Fund, Inc., the annual rate is .75% of the first $100 million of the fund's average daily net assets and .70% of the next $100 million of the fund's average daily net assets. The Growth Funds also reimburse the Manager for transfer and administrative services, including the cost of accounting, data processing, supplies and other services rendered.
The Manager has agreed to reimburse the Growth Funds annually for their total expenses (excluding brokerage commissions, interest and taxes) in excess of limits prescribed by any state in which the Growth Funds' shares are offered for sale (currently 2 1/2% of the first $30 million of each fund's average annual net assets, 2% of the next $70 million of such assets and 1 1/2% of such assets in excess thereof).
Princor Financial Services Corporation, as principal underwriter, receives proceeds of any CDSC on certain Class B share redemptions within six years of purchase. The charge is based on declining rates, which begin at 4.00% of the lesser of the current market value or the cost of shares being redeemed. Princor Financial Services Corporation also retains sales charges on sales of Class A shares of the Growth Funds. The aggregate amount of these charges retained, by fund, for the period ended October 31, 1995 were as follows:
Class A Class B
Princor Balanced Fund, Inc. 265,686 793
Princor Blue Chip Fund, Inc. 168,060 359
Princor Capital Accumulation
Fund, Inc. 610,408 772
Princor Emerging Growth Fund, Inc. 1,286,754 6,843
Princor Growth Fund, Inc. 1,235,555 1,460
Princor World Fund, Inc. 738,243 1,317
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No brokerage commissions were paid by the Growth Funds to Princor Financial Services Corporation during the periods. Brokerage commissions were paid to other affiliates by the following funds:
October 31, October 31,
1995 1994
Princor Balanced Fund, Inc. 1,162 --
Princor Capital Accumulation
Fund, Inc. 17,491 6,922
Princor Emerging Growth Fund, Inc. 1,200 414
Princor Growth Fund, Inc. 5,894 500
Princor World Fund, Inc. 21,577 --
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The Growth Funds bear distribution and shareholder servicing fees with respect to Class A shares computed at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares of each fund. Effective December 1994, each of the Growth Funds adopted a distribution plan with respect to Class B shares that provides for distribution and shareholder servicing fees computed at an annual rate of up to 1.00% of the average daily net assets attributable to Class B shares of each fund. Distribution and shareholder servicing fees are paid to Princor Financial Services Corporation; a portion of the fees are subsequently remitted to retail dealers. Pursuant to the distribution agreements, fees unused by the principal underwriter at the end of the fiscal year are returned to the Growth Funds.
At October 31, 1995, Principal Mutual Life Insurance Company, subsidiaries of Principal Mutual Life Insurance Company and benefit plans sponsored on behalf of Principal Mutual Life Insurance Company owned shares of the Growth Funds as follows:
Class A Class B
Princor Balanced Fund, Inc. 673,345 85
Princor Blue Chip Fund, Inc. 654,597 84
Princor Capital Accumulation
Fund, Inc. 6,477,046 --
Princor Emerging Growth Fund, Inc. 46,736 42
Princor Growth Fund, Inc. 37,575 34
Princor World Fund, Inc. 3,583,118 148
|
Note 4 -- Investment Transactions
For the year ended October 31, 1995, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and U.S. government securities) by the Growth Funds were as follows:
Purchases Sales
Princor Balanced Fund, Inc. $ 13,161,285 $ 17,644,958
Princor Blue Chip Fund, Inc. 10,109,754 7,438,560
Princor Capital Accumulation Fund, Inc. 147,793,861 139,382,154
Princor Emerging Growth Fund, Inc. 39,381,525 14,694,474
Princor Growth Fund, Inc. 46,105,338 16,304,770
Princor World Fund, Inc. 54,686,386 40,509,439
|
At October 31, 1995, net unrealized appreciation of investments by the Growth Funds was composed of the following:
Net Unrealized
Gross Unrealized Appreciation
Appreciation (Depreciation) of Investments
Princor Balanced Fund, Inc. $ 6,885,832 $ (920,020) $ 5,965,812
Princor Blue Chip Fund, Inc. 9,106,720 (335,640) 8,771,080
Princor Capital Accumulation
Fund, Inc. 61,683,452 (9,286,045) 52,397,407
Princor Emerging Growth
Fund, Inc. 47,938,146 (5,209,583) 42,728,563
Princor Growth Fund, Inc. 58,622,979 (4,009,668) 54,613,311
Princor World Fund, Inc. 23,433,449 (8,798,236) 14,635,213
|
At October 31, 1995, Princor Balanced Fund, Inc., Princor Emerging Growth Fund, Inc., Princor Growth Fund, Inc. and Princor World Fund, Inc. held the following securities which may require registration under the Securities Act of 1933, or an exemption therefrom, in order to effect a sale in the ordinary course of business.
Value at Value as a
Date of October 31, Percentage of
Fund Security Description Acquisition Cost 1995 Net Assets
Princor Balanced Federal-Mogul Corp.; Series D
Fund, Inc. Convertible Preferred Stock 10/15/92 $ 450,450 $ 431,925 .74%
Princor Emerging Ciba-Geigy Corp.; Exchangeable
Growth Fund, Inc. Subordinated Debentures 3/20/91 350,000 349,562 .22
Sierra On Line;
Convertible Subordinated Debentures 8/15/94 458,750 1,310,000 .82
8/17/94 447,125 1,283,800 .80
2,943,362 1.84
Princor Growth Ciba-Geigy Corp.; Exchangeable
Fund, Inc. Subordinated Debentures 3/20/91 500,000 499,375 .27
Princor World Alfa SA; Convertible
Fund, Inc. Subordinated Debentures 9/25/95 1,293,600 1,244,750 .95
Fokus Bank 10/9/95 557,692 635,732 .49
Koninklijke KNP BT NV 9/21/88 401,467 480,970 .37
5/11/90 13,730 14,429 .01
10/25/91 98,606 129,261 .10
11/13/91 99,491 129,262 .10
Royal Plastics Group 11/23/94 441,561 722,668 .56
Voest-Alpine Stahl 10/27/95 913,965 917,237 .70
4,274,309 3.28
|
The Growth Funds' investments are with various issuers in various industries. The Schedules of Investments contained herein summarize concentrations of credit risk by issuer and industry except for Princor World Fund, Inc. which is summarized by country, industry and issuer.
Note 5 -- Capital Share Transactions
Transactions in Capital Stock by fund were as follows:
Princor Princor Blue Princor Capital
Balanced Fund, Inc. Chip Fund, Inc. Accumulation Fund, Inc.
Year Ended October 31, 1995:
Shares sold:
Class A ......................................... 621,291 459,446 1,337,962
Class B* ........................................ 96,737 118,048 99,674
Shares issued in reinvestment of dividends and distributions:
Class A ........................................... 109,764 27,369 504,425
Class B* .......................................... 785 428 303
Shares redeemed:
Class A ......................................... (868,199) (332,080) (1,230,978)
Class B* ........................................ (5,423) (2,930) (4,723)
Net Increase (45,045) 270,281 706,663
Year Ended October 31, 1994:
Shares sold:
Class A ......................................... 1,911,481 439,187 2,560,201
Shares issued in reinvestment of dividends and
distributions:
Class A ......................................... 168,881 45,517 1,086,526
Shares redeemed:
Class A ......................................... (798,332) (286,127) (1,131,319)
Net Increase 1,282,030 198,577 2,515,408
Princor Emerging Princor Princor
Growth Fund, Inc. Growth Fund, Inc. World Fund, Inc.
Year Ended October 31, 1995:
Shares sold:
Class A ......................................... 1,672,153 1,298,559 4,196,714
Class B* ........................................ 315,641 228,863 552,636
Shares issued in reinvestment of dividends and distributions:
Class A ........................................... 30,633 118,018 500,571
Class B* .......................................... 35 220 166
Shares redeemed:
Class A ......................................... (620,722) (469,161) (2,887,555)
Class B* ........................................ (28,338) (5,918) (12,675)
Net Increase 1,369,402 1,170,581 2,349,857
Year Ended October 31, 1994:
Shares sold:
Class A ......................................... 2,125,608 1,390,912 8,559,151
Shares issued in reinvestment of dividends and
distributions:
Class A ......................................... 7,985 188,984 78,576
Shares redeemed:
Class A ......................................... (492,355) (475,778) (2,375,849)
Net Increase 1,641,238 1,104,118 6,261,878
* Period from December 5, 1994 (date operations commenced) through October 31,
1995.
Effective December 5, 1994, the articles of incorporation of Princor World Fund,
Inc. were amended resulting in a decrease in the par value of its capital stock
from $.10 to $.01 per share.
|
Note 6 -- Line of Credit
The Growth Funds have an unsecured line of credit with a bank which allows each fund to borrow up to $500,000. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each fund, based on its borrowings, at a rate equal to the bank's Fed Funds Unsecured Rate plus 100 basis points. Additionally, a commitment fee is charged at the annual rate of .25% on the unused portion of the line of credit. At October 31, 1995, the Growth Funds had no outstanding borrowings under the line of credit.
This page left blank intentionally
SCHEDULES OF INVESTMENTS
GROWTH FUNDS
PRINCOR BALANCED FUND, INC.
Shares
Held Value
Common Stocks (44.61%)
Advertising (0.40%)
Interpublic Group of Cos., Inc. 6,100 $ 236,375
Air Transportation, Scheduled (0.19%)
Southwest Airlines Co. 5,500 110,000
Automotive Rentals, No Drivers (0.43%)
Ryder Systems, Inc. 10,500 253,313
Beverages (1.46%)
Pepsico, Inc. 14,100 743,775
Universal Foods Corp. 3,200 109,600
853,375
Combination Utility Services (0.56%)
Cinergy Corp. 8,000 227,000
Scana Corp. 3,700 93,888
320,888
Commercial Banks (6.46%)
AmSouth Bancorp. 11,900 474,513
Banc One Corp. 17,637 595,249
Boatmen's Bancshares, Inc. 14,746 560,348
Chase Manhattan Bank Corp. 3,700 210,900
Comerica, Inc. 6,900 232,012
First of America Bank Corp. 5,300 225,912
First Tennessee National Corp. 1,450 77,575
Firstar Corp. 5,400 191,025
KeyCorp. 8,800 297,000
Marshall & Ilsley Corp. 4,300 104,275
Mercantile Bankshares Corp. 14,550 400,125
Meridian Bancorp., Inc. 2,800 119,700
Nationsbank Corp. 4,200 276,150
3,764,784
Communications Equipment (1.13%)
Allen Group, Inc. 3,000 73,500
General Instrument Corp. 13,100(a) 248,900
Newbridge Networks Corp. 7,700(a) 234,850
Northern Telecom Ltd. 2,700 97,200
TransPro, Inc. 750(a) 8,250
662,700
Computer & Office Equipment (1.32%)
Cabletron Systems, Inc. 2,500(a) 196,563
Hewlett-Packard Co. 1,900 175,987
International Business Machines Corp. 4,100 398,725
771,275
Construction & Related
Machinery (0.62%)
Caterpillar, Inc. 6,500 364,812
Crude Petroleum & Natural Gas (0.79%)
Texaco, Inc. 6,800 463,250
Dairy Products (0.33%)
Dean Foods Co. 7,000 195,125
Department Stores (0.50%)
Sears, Roebuck & Co. 8,600 $ 292,400
Drugs (3.35%)
American Home Products Corp. 1,800 159,525
Bristol-Myers Squibb Co. 7,600 579,500
Lilly (Eli) & Co. 2,700 260,888
Merck & Co., Inc. 11,300 649,750
Warner-Lambert Co. 3,600 306,450
1,956,113
Eating & Drinking Places (0.44%)
McDonald's Corp. 6,300 258,300
Electric Light & Wiring
Equipment (0.12%)
Cooper Industries 2,000 67,500
Electric Services (2.25%)
American Electric Power Co., Inc. 10,800 411,750
Dominion Resources, Inc. 8,200 325,950
FPL Group, Inc. 5,600 234,500
Florida Progress Corp. 3,000 99,375
Potomac Electric Power Co. 9,700 242,500
1,314,075
Electrical Industrial
Apparatus (0.39%)
Emerson Electric Co. 3,200 228,000
Electronic Components &
Accessories (0.77%)
Duracell International, Inc. 8,600 450,425
Electronic Distribution
Equipment (1.05%)
General Electric Co. 9,700 613,525
Engineering & Architectural
Services (0.14%)
Dun & Bradstreet Corp. 1,400 83,650
Fats & Oils (0.43%)
Archer Daniels Midland Co. 15,700 253,162
Fire, Marine, & Casualty
Insurance (0.50%)
Allstate Corp. 7,965 292,713
General Industrial Machinery (0.35%)
BW/IP Holdings, Inc.;Class A 4,200 70,350
Pall Corp. 5,600 136,500
206,850
Grain Mill Products (0.82%)
Ralston-Ralston Purina Group 8,100 480,938
Grocery Stores (1.15%)
American Stores Co. 5,700 170,288
Sysco Corp. 16,500 501,187
671,475
Household Furniture (0.52%)
Masco Corp. 10,800 303,750
Industrial Inorganic Chemicals (0.65%)
Dow Chemical Co. 5,500 377,438
Insurance Agents, Brokers &
Services (0.44%)
Equifax, Inc. 6,600 $ 257,400
Jewelry, Silverware, &
Plated Ware (0.22%)
Jostens, Inc. 5,800 131,225
Meat Products (0.59%)
Tyson Foods, Inc. 14,500 346,187
Medical Instruments & Supplies (0.78%)
Becton, Dickinson & Co. 2,500 162,500
St. Jude Medical, Inc. 3,700 197,025
United States Surgical Corp. 4,000 98,000
457,525
Medical Service & Health Insurance (1.95%)
AON Corp. 3,300 135,713
Foundation Health Corp. 6,200(a) 262,725
Pacificare Health Systems, Inc.;
Class B 3,900(a) 283,725
Physicians Corp. of America 4,300(a) 66,112
U.S. Healthcare, Inc. 10,100 388,850
1,137,125
Metal Forgings & Stampings (0.66%)
Newell Co. 15,900 383,587
Metalworking Machinery (0.12%)
Giddings & Lewis 4,300 69,337
Miscellaneous Business Services (0.21%)
Safety-Kleen Corp. 8,000 123,000
Miscellaneous Converted Paper
Products (1.85%)
Avery Dennison Corp. 6,900 308,775
Minnesota Mining & Mfg. Co. 13,500 767,813
1,076,588
Miscellaneous Electrical Equipment
& Supplies (0.46%)
Motorola, Inc. 4,100 269,062
Miscellaneous Fabricated Metal
Products (0.19%)
Keystone International, Inc. 5,000 111,250
Miscellaneous Shopping Goods
Stores (0.62%)
Toys 'R' Us, Inc. 16,500(a) 360,938
Motor Vehicles & Equipment (0.54%)
Ford Motor Co. 11,000 316,250
Offices & Clinics of Medical Doctors (0.31%)
FHP International Corp. 7,500(a) 181,875
Personnel Supply Services (0.53%)
Olsten Corp. 7,984 307,384
Petroleum Refining (1.22%)
Atlantic Richfield Co. 2,400 256,200
Exxon Corp. 6,000 458,250
714,450
Photographic Equipment
& Supplies (0.24%)
Eastman Chemical Co. 2,350 139,825
Plastic Materials & Synthetics (0.17%)
Wellman, Inc. 4,300 101,050
Sanitary Services (1.52%)
Browning-Ferris Industries, Inc. 9,800 285,425
WMX Technologies, Inc. 21,400 601,875
887,300
Security Brokers & Dealers (0.30%)
Edwards (A.G.), Inc. 6,675 170,213
Soap, Cleaners & Toilet Goods (1.09%)
Avon Products 6,200 440,975
Colgate-Palmolive Co. 2,800 193,900
634,875
Telephone Communication (1.90%)
AT&T Corp. 9,700 620,800
MCI Communications Corp. 19,300 481,294
1,102,094
Variety Stores (1.58%)
Dayton-Hudson Corp. 8,800 605,000
Wal-Mart Stores, Inc. 14,600 315,725
920,725
Total Common Stocks 26,045,476
Preferred Stocks (3.32%)
Meat Products (0.88%)
Conagra, Inc.; Class E Convertible 13,200 518,100
Motor Vehicles & Equipment (2.35%)
Federal-Mogul Corp.;
Series D Convertible 7,800(b) 431,925
Ford Motor Co.;
Series A Convertible 10,000 940,000
1,371,925
Paper Mills (0.09%)
James River Corp. of Virginia;
Series L Convertible
Exchangeable 1,000 50,000
Total Preferred Stocks 1,940,025
Bonds (4.20%)
Principal
Amount Value
Aircraft & Parts (0.37%)
Rohr Industries, Inc.
Convertible Subordinated
Debentures; 7.00%; 10/1/12 $ 260,000 $ 218,400
Blast Furnace & Basic
Steel Products (0.55%)
Quanex Corp. Convertible
Subordinated Debentures;
6.88%; 6/30/07 $ 350,000 $ 323,750
Electric Lighting & Wiring
Equipment (0.42%)
Cooper Industries, Inc. Convertible
Subordinated Debentures;
7.05%; 1/1/15 245,000 247,450
Electrical Industrial Apparatus (0.51%)
Liebert Co. Convertible
Subordinated Debentures;
8.00%; 11/15/10 110,000 294,663
Engines & Turbines (0.90%)
Outboard Marine Corp. Convertible
Subordinated Debentures;
7.00%; 7/1/02 500,000 523,125
Lumber & Other Building
Materials (0.47%)
Hechinger Co. Convertible
Subordinated Debentures;
5.50%; 4/1/12 600,000 274,500
Petroleum Refining (0.60%)
Pennzoil Co. Senior Exchangeable
Debentures; 6.50%; 1/15/03 300,000 348,000
Trucking & Courier Services,
Ex., Air (0.38%)
Builders Transport, Inc. Convertible
Subordinated Debentures;
6.50%; 5/1/11 306,000 222,615
Total Bonds 2,452,503
U.S. Government Treasury Notes & Bonds (37.72%)
Treasury Notes & Bonds (37.72%)
5.13%; 11/30/98 1,000,000 983,750
5.13%; 2/28/98 4,000,000 3,953,747
6.00%; 10/15/99 2,150,000 2,168,139
5.50%; 4/15/00 5,800,000 5,743,809
6.38%; 8/15/02 2,300,000 2,357,500
5.88%; 2/15/04 2,200,000 2,182,125
7.50%; 2/15/05 1,000,000 1,103,125
8.25%; 5/15/05 750,000 815,860
7.25%; 5/15/16 575,000 630,344
7.50%; 11/15/16 575,000 647,594
7.88%; 2/15/21 750,000 883,360
7.25%; 8/15/22 500,000 552,656
22,022,009
Commercial Paper (9.67%)
Business Credit Institutions (5.73%)
CIT Group Holdings, Inc.;
5.72%;11/2/95 $1,325,000 $1,324,789
General Electric Capital Corp.;
5.88%;11/1/95 2,025,000 2,025,000
3,349,789
Personal Credit Institutions (3.94%)
Ford Motor Credit Co.;
5.72%;11/3/95 1,298,554 1,299,587
5.75%;11/6/95 1,000,000 999,201
2,298,788
Total Commercial Paper 5,648,577
Total Portfolio Investments (99.52%) 58,108,590
Cash, receivables and other assets,
net of liabilities (0.48%) 279,764
Total Net Assets (100.00%) $58,388,354
|
(a) Non-income producing security - No dividend paid during the period.
(b) Restricted security - See Note 4 to the financial statements
PRINCOR BLUE CHIP FUND, INC.
Shares
Held Value
Common Stocks (91.94%)
Beverages (4.74%)
Coca-Cola Co. 12,600 $ 905,625
Pepsico, Inc. 16,000 844,000
1,749,625
Commercial Banks (4.75%)
Banc One Corp. (Ohio) 15,223 513,776
KeyCorp 12,500 421,875
Torchmark Corp. 7,800 323,700
Wachovia Corp. 11,200 494,200
1,753,551
Commercial Printing (1.13%)
R. R. Donnelley & Sons Co. 11,400 416,100
Computer & Office Equipment (3.36%)
Hewlett-Packard Co. 13,400 1,241,175
Consumer Products (2.01%)
Philip Morris Cos., Inc. 8,800 743,600
Department Stores (3.03%)
May Department Stores 28,500 1,118,625
Drug Stores & Proprietary Stores (2.95%)
Walgreen Co. 38,300 1,091,550
Drugs (14.17%)
Baxter International, Inc. 27,200 $1,050,600
Bristol-Myers Squibb Co. 14,500 1,105,625
Johnson & Johnson 14,200 1,157,300
Merck & Co., Inc. 20,100 1,155,750
Warner-Lambert Co. 9,000 766,125
5,235,400
Eating & Drinking Places (2.04%)
McDonald's Corp. 18,400 754,400
Electric Services (5.93%)
Dominion Resources, Inc. 27,500 1,093,125
KU Energy Corp. 37,000 1,096,125
2,189,250
Electrical Industrial Apparatus (2.45%)
Emerson Electric Co. 12,700 904,875
Electronic Distribution
Equipment (3.36%)
General Electric Co. 19,600 1,239,700
Engineering & Architectural
Services (1.97%)
Dun & Bradstreet Corp. 12,200 728,950
General Industrial Machinery (1.98%)
Pall Corp. 30,000 731,250
Grain Mill Products (2.33%)
Ralston-Ralston Purina Group 14,500 860,937
Industrial Inorganic
Chemicals (2.08%)
Dow Chemical Co. 11,200 768,600
Insurance Agents, Brokers &
Services (2.68%)
Equifax, Inc. 25,400 990,600
Metal Cans & Shipping
Containers (2.68%)
Crown Cork & Seal Co., Inc. 28,400(a) 990,450
Miscellaneous Converted Paper
Products (2.99%)
Minnesota Mining & Mfg. Co. 19,400 1,103,375
Miscellaneous Electrical Equipment &
Supplies (2.95%)
Motorola, Inc. 16,600 1,089,375
Motor Vehicles & Equipment (1.32%)
Ford Motor Co. 17,000 488,750
Petroleum Refining (5.68%)
Exxon Corp. 13,800 1,053,975
Royal Dutch Petroleum Co. ADR 8,500 1,044,437
2,098,412
Preserved Fruits & Vegetables (2.62%)
H. J. Heinz Co. 20,800 967,200
Sanitary Services (1.52%)
WMX Technologies, Inc. 20,000 562,500
Security Brokers & Dealers (1.26%)
American Express Co. 11,500 $ 467,188
Soap, Cleaners & Toilet Goods (2.13%)
Procter & Gamble Co. 9,700 785,700
Telephone Communication (6.38%)
AT&T Corp. 18,900 1,209,600
Bellsouth Corp. 15,000 1,147,500
2,357,100
Variety Stores (1.45%)
Dayton-Hudson Corp. 7,800 536,250
Total Common Stocks 33,964,488
Principal
Amount Value
Commercial Paper (9.24%)
Business Credit Institutions (5.18%)
General Electric Capital Corp.
5.75%;11/01/95 $1,135,000 $ 1,135,000
John Deere Capital Corp.
5.75%;11/7/95 780,000 779,253
1,914,253
Crude Petroleum & Natural Gas (4.06%)
Chevron Oil Finance Co.
5.71%;11/30/95 1,500,000 1,499,524
Total Commercial Paper 3,413,777
Total Portfolio Investments (101.18%) 37,378,265
Liabilities, net of cash, receivables
and other assets (-1.18%) (434,526)
Total Net Assets (100.00%) $ 36,943,739
|
(a) Non-Income producing security - No dividend paid during the period.
PRINCOR CAPITAL ACCUMULATION FUND, INC.
Shares
Held Value
Common Stocks (98.36%)
Advertising (0.98%)
Interpublic Group of Cos., Inc. 86,000 $ 3,332,500
Air Transportation, Scheduled (0.42%)
Southwest Airlines Co. 71,100 1,422,000
Automotive Rentals, No Drivers (1.12%)
Ryder Systems, Inc. 158,400 3,821,400
Beverages (3.29%)
Pepsico, Inc. 181,800 $ 9,589,950
Universal Foods Corp. 48,300 1,654,275
11,244,225
Combination Utility Services (1.00%)
Cinergy Corp. 120,300 3,413,513
Commercial Banks (7.70%)
Banc One Corp. 98,400 3,321,000
Boatmen's Bancshares, Inc. 87,000 3,306,000
Chase Manhattan Bank Corp. 55,900 3,186,300
Comerica, Inc. 104,700 3,520,537
First of America Bank Corp. 80,200 3,418,525
Firstar Corp. 82,100 2,904,288
KeyCorp 132,300 4,465,125
Nationsbank Corp. 33,700 2,215,775
26,337,550
Communications Equipment (2.60%)
Allen Group, Inc. 44,700 1,095,150
General Instrument Corp. 166,500(a) 3,163,500
Newbridge Networks Corp. 98,500(a) 3,004,250
Northern Telecom Ltd. 41,200 1,483,200
Transpro, Inc. 11,175(a) 122,925
8,869,025
Computer & Office Equipment (3.16%)
Cabletron Systems, Inc. 37,200(a) 2,924,850
Hewlett-Packard Co. 29,300 2,713,912
International Business
Machines Corp. 53,100 5,163,975
10,802,737
Construction & Related
Machinery (1.56%)
Caterpillar, Inc. 95,300 5,348,713
Crude Petroleum & Natural Gas (2.03%)
Texaco, Inc. 102,100 6,955,562
Dairy Products (1.16%)
Dean Foods Co. 142,200 3,963,825
Department Stores (1.29%)
Sears, Roebuck & Co. 29,500 4,403,000
Drugs (7.84%)
American Home Products Corp. 26,600 2,357,425
Bristol-Myers Squibb Co. 106,300 8,105,375
Lilly (Eli) & Co. 40,700 3,932,638
Merck & Co., Inc. 147,100 8,458,250
Warner-Lambert Co. 46,400 3,949,800
26,803,488
Eating & Drinking Places (1.14%)
McDonald's Corp. 94,800 3,886,800
Electric Light & Wiring
Equipment (0.29%)
Cooper Industries 29,600 999,000
Electric Services (5.57%)
American Electric Power Co., Inc. 141,100 5,379,437
Dominion Resources, Inc. 124,500 4,948,875
FPL Group, Inc. 85,100 3,563,563
Florida Progress Corp. 45,200 1,497,250
Potomac Electric Power Co. 146,800 3,670,000
19,059,125
Electrical Industrial Apparatus (1.85%)
Emerson Electric Co. 88,897 6,333,911
Electronic Components &
Accessories (1.71%)
Duracell International, Inc. 111,600 5,845,050
Electronic Distribution Equipment (2.48%)
General Electric Co. 134,200 8,488,150
Fats & Oils (1.03%)
Archer Daniels Midland Co. 218,000 3,515,250
Fire, Marine & Casualty Insurance (1.29%)
Allstate Corp. 120,051 4,411,874
General Industrial Machinery (0.91%)
BW/IP Holdings, Inc.; Class A 64,100 1,073,675
Pall Corp. 84,000 2,047,500
3,121,175
Grain Mill Products (2.13%)
Ralston-Ralston Purina Group 122,900 7,297,188
Grocery Stores (2.62%)
American Stores Co. 86,200 2,575,225
Sysco Corp. 210,500 6,393,937
8,969,162
Household Furniture (1.27%)
Masco Corp. 154,500 4,345,313
Industrial Inorganic Chemicals (1.65%)
Dow Chemical Co. 82,300 5,647,837
Insurance Agents, Brokers
& Services (1.04%)
Equifax, Inc. 91,400 3,564,600
Jewelry, Silverware & Plated Ware (0.58%)
Jostens, Inc. 88,200 1,995,525
Meat Products (1.30%)
Tyson Foods, Inc. 186,500 4,452,688
Medical Instruments & Supplies (2.01%)
Becton, Dickinson & Co. 38,000 2,470,000
St. Jude Medical, Inc. 54,700(a) 2,912,775
United States Surgical Corp. 61,100 1,496,950
6,879,725
Medical Service & Health Insurance (4.27%)
Foundation Health Corp. 93,200(a) 3,949,350
Pacificare Health Systems, Inc.;
Class B 52,300(a) 3,804,825
Physicians Corp. of America 64,300(a) 988,612
U.S. Healthcare, Inc. 152,200 5,859,700
14,602,487
Metal Forgings & Stampings (1.46%)
Newell Co. 207,000 $ 4,993,875
Metalworking Machinery (0.30%)
Giddings & Lewis 64,200 1,035,225
Miscellaneous Business Services (0.55%)
Safety-Kleen Corp. 121,200 1,863,450
Miscellaneous Converted Paper
Products (4.00%)
Avery Dennison Corp. 90,000 4,027,500
Minnesota Mining & Mfg. Co. 169,400 9,634,625
13,662,125
Miscellaneous Electrical Equipment
& Supplies (1.43%)
Motorola, Inc. 74,500 4,889,063
Miscellaneous Fabricated Metal
Products (0.50%)
Keystone International, Inc. 76,200 1,695,450
Miscellaneous Shopping Goods
Stores (1.37%)
Toys 'R' Us, Inc. 213,600(a) 4,672,500
Motor Vehicles & Equipment (1.39%)
Ford Motor Co. 165,800 4,766,750
Offices & Clinics of Medical Doctors (0.81%)
FHP International Corp. 113,700(a) 2,757,225
Petroleum Refining (3.14%)
Atlantic Richfield Co. 35,900 3,832,325
Exxon Corp. 90,400 6,904,300
10,736,625
Photographic Equipment & Supplies (0.62%)
Eastman Chemical Co. 35,400 2,106,300
Plastic Materials & Synthetics (0.44%)
Wellman, Inc. 64,200 1,508,700
Sanitary Services (3.80%)
Browning-Ferris Industries, Inc. 136,000 3,961,000
WMX Technologies, Inc. 320,800 9,022,500
12,983,500
Security Brokers & Dealers (0.75%)
Edwards (A.G.), Inc. 100,322 2,558,211
Soap, Cleaners & Toilet Goods (2.65%)
Avon Products 93,000 6,614,625
Colgate-Palmolive Co. 35,500 2,458,375
9,073,000
Telephone Communication (4.33%)
AT&T Corp. 132,800 8,499,200
MCI Communications Corp. 252,800 6,304,200
14,803,400
Variety Stores (3.53%)
Dayton-Hudson Corp. 115,100 7,913,125
Wal-Mart Stores, Inc. 191,600 4,143,350
12,056,475
Total Common Stocks 336,294,272
Commercial Paper (1.52%)
Business Credit Institutions (0.65%)
Cit Group Holdings, Inc.;
5.72%;11/2/95 $2,235,000 $ 2,234,645
Personal Credit Institutions (0.87%)
Associates Corp. of North America;
5.75%;11/6/95 2,525,000 2,522,983
Ford Motor Credit Co.;
5.76%; 11/01/95 450,000 450,000
2,972,983
Total Commercial Paper 5,207,628
Total Portfolio Investments (99.88%) 341,501,900
Cash, receivables and other assets,
net of liabilities (0.12%) 402,567
Total Net Assets (100.00%) $341,904,467
|
(a) Non-Income producing security - No dividend paid during the period.
PRINCOR EMERGING GROWTH FUND, INC.
Shares
Held Value
Common Stocks (80.85%)
Blast Furnace & Basic Steel Products (1.35%)
Lukens, Inc. 70,000 $ 2,152,500
Carpets & Rugs (1.40%)
Shaw Industries, Inc. 175,000 2,231,250
Chemicals & Allied Products (0.60%)
Sigma-Aldrich Corp. 20,000 950,000
Commercial Banks (8.39%)
Boatmen's Bancshares, Inc. 10,200 387,600
First Commerce Corp. 15,000 465,000
First Federal Capital Corp. 108,532 1,926,443
Hawkeye Bancorp. 67,000 1,616,375
Independent Bank Corp. Michigan 36,750 1,006,031
Integra Financial Corp. 10,000 587,500
Mercantile Bancorp., Inc. 50,148 2,206,512
Merchants Bancorp., Inc. 57,500 1,538,125
North Fork Bancorp., Inc. 25,000 546,875
Peoples Heritage Financial Group, Inc. 58,900 1,119,100
Princeton National Bancorp., Inc. 92,800 1,508,000
Summit Bancorp. 17,600 499,400
13,406,961
Commercial Printing (0.46%)
Bowne & Co., Inc. 5,000 93,125
Merrill Corp. 40,000 640,000
733,125
Communications Equipment (1.80%)
California Amplifier, Inc. 50,000(a)$ 1,350,000
Newbridge Networks Corp. 50,000(a) 1,525,000
2,875,000
Computer & Data Processing
Services (4.44%)
American Management Systems, Inc. 100,000(a) 2,887,500
HBO & Co. 24,000 1,698,000
Microsoft Corp. 25,000(a) 2,500,000
7,085,500
Computer & Office Equipment (2.12%)
Digital Biometrics, Inc. 18,500(a) 115,625
EMC Corp. 85,000(a) 1,317,500
Sun Microsystems, Inc. 25,000(a) 1,950,000
3,383,125
Construction & Related Machinery (0.89%)
Energy Ventures, Inc. 75,000(a) 1,425,000
Crude Petroleum & Natural Gas (0.27%)
Devon Energy Corp. 19,950 433,912
Dairy Products (0.64%)
Dreyer's Grand Ice Cream, Inc. 30,000 1,035,000
Drugs (1.39%)
Alliance Pharmaceutical Corp. 35,000(a) 420,000
Forest Laboratories, Inc. 10,000(a) 413,750
Merck & Co., Inc. 16,970 975,775
Seragen, Inc. 40,000(a) 235,000
Syntro Corp. 50,000(a) 178,125
2,222,650
Eating & Drinking Places (0.49%)
Ryan's Family Steak Houses, Inc. 100,000(a) 775,000
Electronic Components &
Accessories (3.39%)
Linear Technology Corp. 50,000 2,187,500
Solectron Corp. 80,000(a) 3,220,000
5,407,500
Engineering & Architectural
Services (0.55%)
Paychex, Inc. 20,250 878,344
Finance Services (1.34%)
First Financial Corp. 100,000 2,137,500
Fire, Marine & Casualty Insurance (3.17%)
Avemco Corp. 100,000 1,687,500
Berkley W. R. Corp. 78,000 3,373,500
5,061,000
Footwear, Except Rubber (1.12%)
Nine West Group, Inc. 40,000(a) 1,780,000
General Industrial Machinery (5.96%)
Flow International Corp. 100,000(a) 1,112,500
Kaydon Corp. 80,000 2,310,000
MFRI, Inc. 50,000 300,000
Pentair, Inc. 50,000 2,525,000
Roper Industries, Inc. 90,000 3,262,500
9,510,000
Grocery Stores (0.43%)
Casey's General Stores, Inc. 30,000 690,000
Hardware Stores (0.55%)
Central Tractor Farm & Country, Inc. 130,000(a) 877,500
Holding Offices (0.92%)
ISB Financial Corp. 50,000 837,500
Today's Bancorp., Inc. 29,000 623,500
1,461,000
Hose, Belting, Gaskets & Packing (1.28%)
Mark IV Industries 105,105 2,049,548
Hospitals (2.13%)
Humana, Inc. 90,000(a) 1,901,250
Universal Health Services, Inc.; Class B 40,000(a) 1,500,000
3,401,250
Industrial Inorganic Chemicals (1.00%)
AMSCO International, Inc. 100,000(a) 1,600,000
Insurance Agents, Brokers
& Services (1.47%)
Equifax, Inc. 60,000 2,340,000
Investment Offices (1.32%)
INVESCO PLC ADR 55,000 2,103,750
Iron & Steel Foundries (0.99%)
Atchison Casting Corp. 102,000(a) 1,581,000
Laundry, Cleaning & Garment
Services (0.52%)
G&K Services, Inc.; Class A 37,500 834,375
Life Insurance (1.02%)
First Colony Corp. 60,000 1,635,000
Measuring & Controlling Devices (0.20%)
ISCO, Inc. 30,935 324,812
Meat Products (1.14%)
Michael Foods, Inc. 150,000 1,818,750
Medical Instruments & Supplies (6.23%)
Andros Analyzers, Inc. 10,000(a) 172,500
Boston Scientific Corp. 170,760(a) 7,193,265
MDT Corp. 50,000(a) 275,000
Nellcor Puritan Bennett 40,000(a) 2,300,000
9,940,765
Medical Service & Health Insurance (3.73%)
Foundation Health Corp. 50,000(a) 2,118,750
Health System International, Inc. 38,900(a) 1,181,588
United Healthcare Corp. 50,000 2,656,250
5,956,588
Metal Forgings & Stampings (0.53%)
Varlen Corp. 31,333 838,158
Metal Services, NEC (1.69%)
BMC Industries, Inc. 70,000 2,703,750
Miscellaneous Chemical Products (2.71%)
Cytec Industries 30,000(a) $1,642,500
H. B. Fuller Co. 40,000 1,260,000
Loctite Corp. 30,000 1,417,500
4,320,000
Miscellaneous Fabricated
Metal Products (2.19%)
Intel Corp. 50,000 3,493,750
Miscellaneous Plastics
Products, NEC (0.09%)
Rubbermaid, Inc. 5,266 137,574
Nursing & Personal Care Facilities (0.19%)
Horizon Healthcare Corp. 15,131(a) 306,403
Office Furniture (1.07%)
Chromcraft Revington, Inc. 50,000(a) 1,200,000
Kimball International, Inc.; Class B 20,000 510,000
1,710,000
Offices & Clinics of Medical
Doctors (0.05%)
FHP International Corp. 3,360 81,480
Operative Builders (0.50%)
Pulte Corp. 25,000 790,625
Paints & Allied Products (0.67%)
RPM, Inc. 55,000 1,065,625
Pens, Pencils, Office & Art Supplies (0.04%)
Hunt Mfg. Co. 3,450 60,375
Personnel Supply Services (0.25%)
Olsten Corp. 10,266 395,241
Plastic Materials & Synthetics (0.88%)
A. Schulman, Inc. 75,000 1,406,250
Plumbing, Heating &
Air-Conditioning (1.32%)
Apogee Enterprises, Inc. 100,000 1,500,000
Metalclad Corp. 228,400 599,550
2,099,550
Refrigeration & Service Machinery (0.74%)
Tecumseh Products Co.; Class A 25,000 1,175,000
Sanitary Services (0.91%)
Browning-Ferris Industries, Inc. 50,000 1,456,250
Savings Institutions (0.78%)
North Side Savings Bank (NY) 16,275 476,044
Sterling Financial Corp. 57,233(a) 772,645
1,248,689
Screw Machine Product, Bolts, Etc. (1.04%)
Trimas Corp. 80,000 1,660,000
Security Brokers & Dealers (0.49%)
Jefferies Group, Inc. 20,000 785,000
Special Industry Machinery (0.02%)
Key Technology, Inc. 2,500(a) 31,875
Toys & Sporting Goods (0.99%)
Mattel, Inc. 55,000 $ 1,581,250
Trucking & Courier Services,
Ex., Air (1.00%)
Consolidated Freightways, Inc. 15,000 348,750
J. B. Hunt Transport Services, Inc. 80,500 1,247,750
1,596,500
Total Common Stocks 129,041,050
Preferred Stocks (2.11%)
Gas Production & Distribution (0.45%)
Kelley Oil and Gas Corp.
Convertible 54,432 721,224
Offices & Clinics of Medical Doctors (1.66%)
FHP International Corp.
Series A Convertible 111,200 2,641,000
Total Preferred Stocks 3,362,224
Bonds (3.36%)
Principal
Amount Value
Combination Utility Services (0.00%)
Bonneville Pacific Corp.
Convertible Subordinated
Debentures; 7.75%; 8/15/09 $ 150,000(b) $ --
Computer & Data Processing
Services (1.63%)
Sierra On Line Convertible
Subordinated Debentures;
6.50%; 4/1/01 990,000(c) 2,593,800
Computer & Office Equipment (0.14%)
Seagate Technology Convertible
Subordinated Debentures;
6.75%; 5/1/12 200,000 225,000
Drugs (0.29%)
Genzyme Corp. Convertible Notes;
6.75%; 10/1/01 400,000 469,000
Industrial Inorganic Chemicals (0.92%)
Ciba-Geigy Corp. Exchangeable
Subordinated Debentures;
6.25%; 3/15/16 350,000(c) 349,562
ICN Pharmaceuticals, Inc.
Convertible Subordinated
Debentures; 8.50%; 11/15/99 1,000,000 1,112,500
1,462,062
Nursing & Personal Care Facilities (0.14%)
Greenery Rehabilitation Group, Inc.
Convertible Senior Subordinated
Notes; 8.75%; 4/1/15 250,000 227,500
Sanitary Services (0.24%)
Enclean, Inc.Convertible
Subordinated Debentures;
7.50%; 8/1/01 $ 200,000 $ 208,729
Sanifill, Inc. Convertible
Subordinated Debentures;
7.50%; 6/1/06 150,000 170,438
379,167
Total Bonds 5,356,529
Commercial Paper (12.32%)
Business Credit Institutions (9.02%)
Cit Group Holdings, Inc.
5.72%;11/2/95 5,015,000 5,014,203
General Electric Capital Corp.;
5.70%;11/3/95 5,015,000 5,013,412
Deere (John) Capital Corp.;
5.75%;11/7/95 4,375,000 4,370,807
14,398,422
Crude Petroleum & Natural Gas (1.64%)
Chevron Oil Finance Co.;
5.74%;11/6/95 2,625,000 2,622,907
Personal Credit Institutions (1.66%)
Ford Motor Credit Co.;5.76%;11/1/95 2,650,000 2,650,000
Total Commercial Paper 19,671,329
Total Portfolio Investments (98.64%) 157,431,132
Cash, receivables and other assets,
net of liabilities (1.36%) 2,177,482
Net Assets (100.00%) $159,608,614
|
(a) Non-income producing security - No dividend paid during the period.
(b) Non-income producing security - Security in default.
(c) Restricted security - See Note 4 to the financial statements.
PRINCOR GROWTH FUND, INC.
Shares
Held Value
Common Stocks (87.70%)
Advertising (1.27%)
Interpublic Group of Cos., Inc. 60,000 $ 2,325,000
Beverages (2.62%)
Coca-Cola Co. 30,000 2,156,250
Pepsico, Inc. 50,000 $ 2,637,500
4,793,750
Blast Furnace & Basic Steel
Products (1.61%)
Lukens, Inc. 80,000 2,460,000
Quanex Corp. 24,142 476,805
2,936,805
Carpets & Rugs (1.40%)
Shaw Industries, Inc. 200,000 2,550,000
Cash Grains (2.72%)
Pioneer Hi-Bred International 100,000 4,962,500
Commercial Banks (5.75%)
Banc One Corp. 50,000 1,687,500
Boatmen's Bancshares, Inc. 45,000 1,710,000
First of America Bank Corp. 40,000 1,705,000
Firstar Corp. 75,000 2,653,125
FirstMerit Corp. 50,000 1,350,000
Meridian Bancorp., Inc. 10,000 427,500
Princeton National Bancorp., Inc. 60,000 975,000
10,508,125
Communications Equipment (0.98%)
Northern Telecom Ltd. 50,000 1,800,000
Computer & Data Processing
Services (2.30%)
Microsoft Corp. 42,000(a) 4,200,000
Computer & Office Equipment (2.23%)
Digital Equipment Corp. 6,800(a) 368,050
Hewlett-Packard Co. 30,000 2,778,750
Pitney Bowes, Inc. 10,000 436,250
Tandy Corp. 10,000 493,750
4,076,800
Department Stores (1.40%)
May Department Stores 65,000 2,551,250
Drugs (4.84%)
Alliance Pharmaceutical Corp. 20,000(a) 240,000
Bristol-Myers Squibb Co. 10,000 762,500
Johnson & Johnson 30,000 2,445,000
Lilly (Eli) & Co. 20,000 1,932,500
Merck & Co., Inc. 44,100 2,535,750
Seragen, Inc. 70,500(a) 414,187
Upjohn Co. 10,000 507,500
8,837,437
Electric Light & Wiring
Equipment (0.21%)
Raychem Corp. 8,100 375,638
Electrical Goods (0.83%)
Avnet, Inc. 30,000 1,511,250
Electronic Components &
Accessories (2.16%)
Linear Technology Corp. 90,000 3,937,500
Electronic Distribution Equipment (0.69%)
General Electric Co. 20,000 1,265,000
Engineering & Architectural
Services (0.33%)
Dun & Bradstreet Corp. 10,000 $ 597,500
Federal & Federally Sponsored
Credit (0.57%)
Federal National Mortgage
Association 10,000 1,048,750
Footwear, Except Rubber (0.74%)
Stride Rite Corp. 120,000 1,350,000
General Industrial Machinery (3.63%)
Flow International Corp. 100,000(a) 1,112,500
Ingersoll-Rand Co. 70,000 2,476,250
Tyco International Ltd. 50,000 3,037,500
6,626,250
Grain Mill Products (1.76%)
Ralcorp Holdings, Inc. 10,833(a) 249,159
Ralston-Ralston Purina Group 50,000 2,968,750
3,217,909
Grocery Stores (0.27%)
Casey's General Stores, Inc. 21,052 484,196
Holding Offices (0.35%)
Today's Bancorp., Inc. 30,000 645,000
Hose, Belting, Gaskets &
Packing (1.30%)
Mark IV Industries 122,054 2,380,053
Hospitals (2.03%)
Humana, Inc. 100,000(a) 2,112,500
Universal Health Services, Inc.;
Class B 42,511(a) 1,594,162
3,706,662
Household Furniture (1.23%)
Masco Corp. 80,000 2,250,000
Investment Offices (1.05%)
INVESCO PLC ADR 50,000 1,912,500
Lumber & Other Building
Materials (2.04%)
Home Depot, Inc. 100,000 3,725,000
Medical Instruments &
Supplies (7.94%)
Andros Analyzers, Inc. 60,000(a) 1,035,000
Becton, Dickinson & Co. 20,000 1,300,000
Boston Scientific Corp. 206,961(a) 8,718,232
Nellcor Puritan Bennett 60,000(a) 3,450,000
14,503,232
Medical Service & Health
Insurance (5.47%)
AON Corp. 40,000 1,645,000
Foundation Health Corp. 70,000(a) 2,966,250
Health System International, Inc. 50,000(a) 1,518,750
United Healthcare Corp. 51,000 2,709,375
Value Health, Inc. 50,000 1,143,750
9,983,125
Millwork, Plywood & Structural
Members (0.90%)
Georgia-Pacific Corp. 20,000 $1,650,000
Miscellaneous Chemical Products (0.52%)
Loctite Corp. 20,000 945,000
Miscellaneous Converted Paper
Products (0.44%)
Minnesota Mining & Mfg. Co. 14,000 796,250
Miscellaneous Electrical Equipment
& Supplies (2.16%)
Motorola, Inc. 60,000 3,937,500
Miscellaneous Fabricated Metal
Products (2.41%)
Intel Corp. 63,000 4,402,125
Miscellaneous Shopping Goods
Stores (0.42%)
Toys 'R' Us, Inc. 35,000(a) 765,625
Motor Vehicles & Equipment (2.79%)
Chrysler Corp. 50,000 2,581,250
Dana Corp. 98,000 2,511,250
5,092,500
Office Furniture (0.20%)
Chromcraft Revington, Inc. 15,000(a) 360,000
Offices & Clinics of Medical
Doctors (0.20%)
FHP International Corp. 15,000(a) 363,750
Operative Builders (0.73%)
Pulte Corp. 42,105 1,331,571
Petroleum Refining (2.63%)
Atlantic Richfield Co. 20,000 2,135,000
Exxon Corp. 35,000 2,673,125
4,808,125
Plastic Materials & Synthetics (0.82%)
A. Schulman, Inc. 80,000 1,500,000
Plumbing, Heating & Air-
Conditioning (0.38%)
Metalclad Corp. 264,500(a) 694,312
Preserved Fruits & Vegetables (0.91%)
CPC International, Inc. 25,000 1,659,375
Refrigeration & Service
Machinery (1.03%)
Tecumseh Products Co.; Class A 40,000 1,880,000
Rubber & Plastics Footwear (0.93%)
Reebok International Ltd. 50,000 1,700,000
Sanitary Services (1.97%)
Browning-Ferris Industries, Inc. 80,000 2,330,000
WMX Technologies, Inc. 45,000 1,265,625
3,595,625
Security Brokers & Dealers (1.38%)
Salomon, Inc. 70,000 $ 2,528,750
Soap, Cleaners & Toilet Goods (5.24%)
Colgate-Palmolive Co. 40,000 2,770,000
Ecolab, Inc. 120,000 3,480,000
International Flavors & Fragrances, Inc. 15,000 723,750
SmithKline Beecham PLC ADR 50,000 2,593,750
9,567,500
Toys & Sporting Goods (1.55%)
Mattel, Inc. 98,437 2,830,064
Trucking & Courier Services,
Ex., Air (0.37%)
Roadway Services, Inc. 15,000 671,250
Total Common Stocks 160,140,554
Preferred Stocks (2.13%)
Motor Vehicles & Equipment (0.52%)
Ford Motor Co.;
Series A Convertible 0,000 940,000
Offices & Clinics of Medical
Doctors (1.61%)
FHP International Corp.;
Series A Convertible 124,000 2,945,000
Total Preferred Stocks 3,885,000
Bonds (2.02%)
Principal
Amount Value
Drugs (0.16%)
Genzyme Corp. Convertible Notes;
6.75%; 10/1/01 $ 250,000 $ 293,125
Electrical Industrial Apparatus (0.73%)
Liebert Co. Convertible
Subordinated Debentures;
8.00%; 11/15/10 500,000 1,339,375
Industrial Inorganic Chemicals (0.27%)
Ciba-Geigy Corp. Exchangeable
Subordinated Debentures;
6.25%; 3/15/16 500,000(b) 499,375
Nursing & Personal Care Facilities (0.50%)
Greenery Rehabilitation Group, Inc.
Convertible Senior Subordinated
Notes; 8.75%; 4/1/15 1,000,000 910,000
Sanitary Services (0.36%)
Enclean, Inc. Convertible
Subordinated Debentures;
7.50%; 8/1/01 $ 300,000 $ 313,093
Sanifill, Inc. Convertible
Subordinated Debentures;
7.50%; 6/1/06 300,000 340,875
653,968
Total Bonds 3,695,843
Commercial Paper (8.07%)
Business Credit Institutions (3.53%)
CIT Group Holding, Inc.;
5.72%; 11/2/95 3,635,000 3,634,423
John Deere Capital Corp.;
5.75%; 11/7/95 2,815,000 2,812,302
6,446,725
Crude Petroleum & Natural Gas ( 2.39%)
Chevron Oil Finance Co.;
5.71%; 11/3/95 2,060,000 2,059,347
5.74%; 11/6/95 2,300,000 2,298,166
4,357,513
Personal Credit Institutions (2.15%)
Ford Motor Credit Co.;
5.76%; 11/1/95 3,935,000 3,935,000
Total Commercial Paper 14,739,238
Total Portfolio Investments (99.92%) 182,460,635
Cash, receivables and other assets,
net of liabilities (0.08%) 146,221
|
Total Net Assets (100.00%) $182,606,856
(a) Non-income producing security - No dividend paid during the period.
(b) Restricted security - See Note 4 to the financial statements.
PRINCOR WORLD FUND, INC.
Shares
Held Value
Common Stocks (97.16%)
AUSTRALIA (4.59%)
Commercial Banks (2.46%)
National Australia Bank Ltd. 374,715 $ 3,203,721
Crude Petroleum & Natural Gas (0.39%)
Ampolex Ltd. 259,000(a) 512,224
Gas Production & Distribution (0.81%)
Australia Gas & Light 305,000 1,055,597
Miscellaneous Food &
Kindred Products (0.93%)
Burns, Philp & Co., Ltd. 540,938 $ 1,209,711
5,981,253
AUSTRIA (1.34%)
Blast Furnace & Basic
Steel Products (0.70%)
Voest-Alpine Stahl 30,000(a)(b) 917,237
Railroad Equipment (0.64%)
Vae AG 9,350 835,917
1,753,154
CANADA (2.18%)
Coal Mining Services (0.49%)
Morgan Hydrocarbons, Inc. 13,600(a) 635,234
Communications Equipment (0.88%)
Newbridge Networks Corp. 37,700(a) 1,149,850
Iron & Steel Foundries (0.26%)
Dofasco, Inc. 26,300 332,412
Miscellaneous Plastics
Products, NEC (0.55%)
Royal Plastics Group 54,000(a)(b) 722,668
2,840,164
CHILE (0.53%)
Telephone Communication (0.53%)
Compania DeTelecomunicaciones ADR 9,600 691,200
DENMARK (1.18%)
Telephone Communication (1.18%)
Tele Danmark B 29,500 1,538,003
FINLAND (3.27%)
Forest Products (0.54%)
Metsa-Serla 18,800 699,395
Miscellaneous Wood Products (0.85%)
Enso-Gutzeit 142,000 1,113,371
Pulp Mills (1.06%)
Kymmene 50,700 1,384,756
Sugar & Confectionary Products (0.82%)
Huhtamake I Free 36,200 1,073,956
4,271,478
FRANCE (1.29%)
Drugs (1.29%)
Roussel-Uclaf 10,250 1,680,089
GERMANY (4.62%)
Flat Glass (0.37%)
Weru AG 1,275 479,846
Industrial Inorganic Chemicals (1.83%)
Bayer AG 9,055 $ 2,391,924
Miscellaneous Chemical Products (2.42%)
Hoechst AG 12,100 3,153,315
6,025,085
GREECE (0.52%)
Highway & Street Construction (0.52%)
Edrasis Psallidas 45,000 673,234
Edrasis Psallidas Rights 13,500(a) 8,440
681,674
HONG KONG (5.33%)
Communications Equipment (0.30%)
ABC Communications Holdings Ltd. 1,946,000 397,667
Electric Services (0.60%)
CEP-A Consolidated Electric
Power-Asia 387,000 783,331
Electronic Components
& Accessories (0.50%)
Varitronix 340,000 648,620
Highway & Street Construction (0.07%)
Wai Kee Holdings, Ltd 744,000 91,415
Holdings Offices (1.11%)
First Pacific Co. Ltd. 1,260,673 1,451,149
Miscellaneous Textile Goods (0.45%)
Espirit Asia 1,708,000 579,878
Office Furniture (0.46%)
Lamex Holdings 2,660,000 595,179
Personal Credit Institutions (0.81%)
Manhattan Card Co. 2,463,000 1,051,231
Security Brokers & Dealers (1.03%)
Peregrine Investment Holdings 1,058,000 1,347,850
6,946,320
INDONESIA (1.07%)
Miscellaneous Furniture &
Fixtures (0.25%)
Pt Surya Toto 154,000 318,714
Pulp Mills (0.82%)
Asia Pacific Resources 146,700(a) 1,063,575
1,382,289
ITALY (2.76%)
Metalworking Machinery (0.23%)
Danieli & Co.-DR 110,000 303,610
Telephone Communication (2.53%)
Telecom Italia-DI 1,440,000 1,698,209
Telecom Italia Mobile 1,440,000 1,598,845
3,297,054
3,600,664
JAPAN (0.89%)
Computer & Office
Equipment (0.46%)
Canon, Inc. 35,000 $ 599,051
Electronic Components
& Accessories (0.24%)
Murata Mfg. 9,000 316,006
Engines & Turbines (0.19%)
Mabuchi Motor 4,000 242,163
1,157,220
KOREA (2.40%)
Commercial Banks (0.31%)
Shinhan Bank 16,300 336,588
Shinhan Bank Bonus Shares 2,992(a) 61,783
398,371
Concrete Work (0.60%)
Hanil Cemet 13,500 785,140
Construction & Related
Machinery (0.59%)
Keumkang 10,000 771,091
Electric Services (0.90%)
Korea Electric Power Corp. 28,500 1,173,299
3,127,901
MALAYSIA (0.74%)
Holding Offices (0.49%)
C. I. Holdings 180,000 633,520
Non-Classifiable
Establishments (0.25%)
Malaysian Pacific Industries 122,000 328,636
962,156
MEXICO (1.57%)
Aircraft & Parts (0.13%)
Tolmex SA 46,000 174,592
Cement, Hydraulic (0.26%)
Apasco SA 90,000 332,770
Concrete, Gypsum & Plaster
Products (0.20%)
Cementos De Mexico SA 80,000 257,141
Department Stores (0.17%)
Sears Roebuck De Mexico SA 83,400(a) 227,771
Foreign Banks, Branches &
Agencies (0.21%)
Grupo Financiero Bancomer;
Series B 1,030,000(a)$ 271,202
Series L 38,148(a) 8,869
280,071
Miscellaneous Food & Kindred
Products (0.07%)
Grupo Herdez SA 328,000(a) 86,364
Telephone Communication (0.53%)
Telefonos De Mexico SA ADR 25,300 695,750
2,054,459
NETHERLANDS (14.41%)
Beer, Wine & Distilled Beverages (0.55%)
Heineken Holdings 4,343 717,357
Commercial Banks (1.81%)
ABN-AMRO Holdings NV 56,218 2,358,814
Communications Services, NEC (2.09%)
KPN Royal PTT Nederland 77,786 2,732,118
Electric Light & Wiring
Equipment (0.58%)
Otra 3,700 761,009
Electronic Distribution Equipment (1.81%)
Phillips Electronics 61,100 2,358,718
Grocery Stores (1.33%)
Ahold NV New ADR 41,057 1,549,902
Koninklijke Ahold NV 4,989 188,808
1,738,710
Meat Products (2.16%)
Unilever NV 21,500 2,812,444
Miscellaneous Durable Goods (1.91%)
Hagemeyer NV 50,100 2,492,099
Miscellaneous Transportation
Services (0.65%)
Koninklijke Pakhoed NV 31,255 850,536
Paperboard Containers & Boxes (0.58%)
Koninklijke KNP BT NV 25,080(b) 753,922
Special Industry Machinery (0.94%)
IHC Caland NV 43,300 1,230,380
18,806,107
NEW ZEALAND (3.28%)
Beverages (1.69%)
Lion Nathan 970,000 2,202,433
Household Appliances (1.05%)
Fisher & Paykel 421,000 1,375,497
Miscellaneous Manufacturers (0.54%)
Carter Holt Harvey Ltd. 297,300 710,356
4,288,286
NORWAY (3.29%)
Commercial Banks (1.13%)
Christiana Bank Ordinary Shares 361,000 $ 840,338
Fokus Bank 120,000(a)(b) 635,732
1,476,070
Drugs (0.41%)
Hafslund Nycomed 19,198 536,271
Meat Products (1.11%)
Orkla B Ordinary Shares 29,700 1,444,701
Ship & Boat Building &
Repairing (0.64%)
Unitor Ships Service 67,500 834,399
4,291,441
SINGAPORE (1.53%)
Air Transportation, Scheduled (0.54%)
Singapore International Airlines 76,000 703,802
Electric Light & Wiring
Equipment (0.28%)
Clipsal Industries Holdings 149,000 365,050
Electronic Components &
Accessories (0.71%)
Amtek Engineering 450,000 922,521
1,991,373
SPAIN (5.46%)
Combination Utility Services (1.21%)
Iberdrola 1 SA 210,000 1,580,368
Commercial Banks (1.49%)
Banco Popular 12,230 1,939,793
Oil & Gas Field Services (1.71%)
Repsol Petroleo, SA 74,800 2,230,232
Telephone Communication (1.05%)
Telefonica De Espana, SA 109,400 1,378,127
7,128,520
SWEDEN (7.38%)
Commercial Banks (1.68%)
Svenska Handelsbanken AB Free 130,750 2,194,394
Household Audio & Video
Equipment (0.72%)
SKF 'B' Free 49,700 942,595
Miscellaneous Transportation
Equipment (0.64%)
Autoliv AB 14,500 831,555
Motor Vehicles & Equipment (1.50%)
Volvo AB 87,000 1,957,755
Plastic Materials & Synthetics (1.30%)
Astra AB 47,050 1,699,687
Water Transportation of
Freight, NEC (1.54%)
Argonaut AB 'B' Free 158,000(a) $ 242,580
ICB Shipping AB 'B' Free 213,733 1,769,426
2,012,006
9,637,992
SWITZERLAND (12.12%)
Combination Utility Services (1.09%)
BBC AG (Brown Boveri) 1,230 1,425,336
Drugs (2.70%)
Galencia Holdings AG 2,890 902,719
Immuno International AG 970 477,954
Sandoz AG 2,600 2,143,578
3,524,251
Functions Closely Related
to Banking (1.42%)
BIL GT Group 3,000 1,847,760
Miscellaneous Chemical
Products (1.99%)
Ciba Geigy AG-REG 3,000 2,594,784
Plumbing & Heating,
Except Electric (0.30%)
Elco Holdings 940 385,425
Pulp Mills (0.34%)
Attisholz AG 620 451,698
Special Industry Machinery (2.19%)
Bobst SA 1,175 1,778,250
Sulzer AG 1,800 1,076,980
2,855,230
Sugar & Confectionary
Products (2.09%)
Nestle 2,604 2,726,555
15,811,039
THAILAND (1.95%)
Commercial Banks (1.20%)
Bangkok Bank 152,000 1,570,746
Non-Classifiable Establishments (0.75%)
Thailand International Fund 31 976,500
2,547,246
UNITED KINGDOM (13.46%)
Commercial Banks (0.81%)
Bank of Ireland 160,000 1,060,348
Construction & Related
Machinery (1.38%)
Powerscreen International PLC 296,000 1,802,844
Crude Petroleum & Natural Gas (1.18%)
Hardy Oil & Gas 520,000 1,534,349
Electric Services (2.03%)
Northern Ireland Electric 61,000 2,648,741
Investment Offices (0.65%)
Invesco PLC 222,000 $ 849,462
Lumber & Other Building
Materials (1.14%)
Wickes PLC 754,000 1,487,170
Miscellaneous Fabricated Metal
Products (0.50%)
Bridon PLC 289,285 652,742
Miscellaneous Non-Durable
Goods (1.88%)
Grand Metropolitan PLC 355,000 2,453,476
Primary Nonferrous Metals (1.41%)
British Steel PLC 712,000 1,836,864
Pulp Mills (0.46%)
Babcock International Group 228,171 601,253
Sand & Gravel (0.21%)
Bardon Group PLC 650,000 271,793
Telephone Communication (0.52%)
Cable & Wireless PLC 105,000 685,913
Water Supply (1.29%)
Wessex Water PLC 268,660 1,420,127
Wessex Water PLC; Class A 322,392 258,166
1,678,293
17,563,248
Total Common Stocks 126,758,361
Preferred Stocks (0.58%)
AUSTRIA (0.58%)
Highway & Street Construction (0.58%)
Bau Holdings AG 16,200 751,952
Bonds (0.95%)
MEXICO (0.95%)
Fire, Marine & Casualty
Insurance (0.95%)
Alfa SA Convertible Subordinated
Debenture; 8.00%; 9/15/00 $1,300,000(b) 1,244,750
Commercial Paper (3.61%)
UNITED STATES (3.61%)
Business Credit Institutions (2.04%)
Cit Group Holdings, Inc.;
5.72%; 11/2/95 1,265,000 1,264,799
General Electric Capital Corp.;
5.88%; 11/1/95 1,390,000 1,390,000
2,654,799
Crude Petroleum & Natural Gas (1.57%)
Chevron Oil Finance Co.;
5.71%; 11/3/95 1,360,000 1,359,569
5.74%; 11/6/95 690,000 689,450
2,049,019
Total Commercial Paper 4,703,818
Total Portfolio Investments (102.30%) 133,458,881
Liabilities, net of cash, receivables and
other assets, (-2.30%) (2,996,705)
Total Net Assets (100.00%) $130,462,176
|
(a) Non-Income producing security - No dividend paid during the period.
(b) Restricted security - See Notes 4 to the financial statements.
This page left blank intentionally.
GROWTH-ORIENTED FUNDS
Selected data for a share of Capital Stock outstanding throughout each period:
Income from Investment Operations Less Distributions
Net Realized
and
Net Asset Net Unrealized Total Dividends Net Asset
Value at Invest- Gain from from Net Distributions Value at
Beginning ment (Loss) on Investment Investment from Total End
of Period Income Investments Operations Income Capital Gains Distributions of Period
Princor Balanced Fund, Inc.(b)
Class A
Year Ended October 31,
1995 $12.43 $.41 $1.31 $1.72 $(.36) $(.05) $(.41) $13.74
1994 13.26 .32 (.20) .12 (.40) (.55) (.95) 12.43
1993 12.78 .35 1 .14 1.49 (.37) (.64) (1.01) 13.26
1992 11.81 .41 .98 1.39 (.42) - (.42) 12.78
1991 9.24 .46 2.61 3.07 (.50) - (.50) 11.81
Class B
Period Ended October 31, 1995(f) 11.80 .31 1.90 2.21 (.30) - (.30) 13.71
Princor Blue Chip Fund, Inc.
Class A
Year Ended October 31,
1995 12.45 .24 2.55 2.79 (.21) - (.21) 15.03
1994 11.94 .20 .57 .77 (.26) - (.26) 12.45
1993 11.51 .21 .43 .64 (.18) (.03) (.21) 11.94
1992 10.61 .17 .88 1.05 (.15) - (.15) 11.51
Period Ended October 31, 1991(g) 10.02 .10 .57 .67 (.08) - (.08) 10.61
Class B
Period Ended October 31, 1995(f) 11.89 .15 3.10 3.25 (.15) - (.15) 14.99
Princor Capital Accumulation
Fund, Inc.
Class A
Year Ended October 31,
1995 20.83 .45 3.15 3.60 (.39) (.35) (.74) 23.69
1994 21.41 .39 .93 1.32 (.41) (1.49) (1.90) 20.83
1993 21.34 .43 1.67 2.10 (.43) (1.60) (2.03) 21.41
1992 19.53 .45 1.82 2.27 (.46) - (.46) 21.34
1991 14.31 .49 5.24 5.73 (.51) - (.51) 19.53
Class B
Period Ended October 31, 1995(f) 19.12 .33 4.46 4.79 (.30) - (.30) 23.61
|
Ratios/Supplemental Data
Ratio of Net
Ratio of Investment
Net Assets at Expenses to Income to Portfolio
Total End of Period Average Average Turnover
Return(a) (in thousands) Net Assets Net Assets Rate
Princor Balanced Fund, Inc.(b)
Class A
Year Ended October 31,
1995 14.18% $ 57,125 1.37% 3.21% 35.8%
1994 .94% 53,366 1.51% 2.70% 14.4%
1993 12.24% 39,952 1.35% 2.78% 27.5%
1992 11.86% 31,339 1.29% 3.39% 30.6%
1991 34.09% 23,372 1.30% 4.25% 23.6%
Class B
Period Ended October 31, 1995(f) 18.72%(d) 1,263 1.91%(e) 2.53%(e) 35.8%(e)
Princor Blue Chip Fund, Inc.
Class A
Year Ended October 31,
1995 22.65% 35,212 1.38% 1.83% 26.1%
1994 6.58% 27,246 1.46% 1.72% 5.5%
1993 5.65% 23,759 1.25% 1.87% 11.2%
1992 9.92% 19,926 1.56% 1.49% 13.5%
Period Ended October 31, 1991(g) 6.37%(d) 12,670 1.71%(e) 1.67%(e) 0.4%(e)
Class B
Period Ended October 31, 1995(f) 26.94%(d) 1,732 1.90%(e) .97%(e) 26.1%(e)
Princor Capital Accumulation
Fund, Inc.
Class A
Year Ended October 31,
1995 17.94% 339,656 .75% 2.08% 46.0%
1994 6.67% 285,965 .83% 2.02% 31.7%
1993 10.42% 240,016 .82% 2.16% 24.8%
1992 11.67% 190,301 .93% 2.17% 38.3%
1991 40.63% 152,814 .99% 2.72% 19.7%
Class B
Period Ended October 31, 1995(f) 25.06%(d) 2,248 1.50%(e) 1.07(e) 46.0%(e)
Notes to financial highlights
(a) Total Return is calculated without the front-end sales charge or contingent
deferred sales charge.
(b) Effective December 5, 1994, the name of Princor Managed Fund, Inc. was
changed to Princor Balanced Fund, Inc.
(c) Period from December 18, 1987, date shares first offered to public, through
October 31, 1988. Net investment income, aggregating $.08 per share for the
period from the initial purchase of shares on October 30, 1987 through
December 17, 1987, was recognized, none of which was distributed to its
sole stockholder, Principal Mutual Life Insurance Company, during the
period. Additionally, the Fund incurred net realized and unrealized losses
on investments of $.12 per share during this initial interim period. This
represented activities of the fund prior to the initial public offering of
fund shares.
(d) Total Return amounts have not been annualized.
(e) Computed on an annualized basis.
(f) Period from December 9,1994, date Class B shares first offered to the
public, through October 31, 1995. The Growth Funds Class B shares
recognized no net investment income for the period from the initial
purchase of Class B shares on December 5, 1994 through December 8, 1994.
The Growth Funds Class B shares incurred unrealized loss during the initial
interim period as follows. This represented Class B share activities of
each fund prior to the initial public offering of Class B shares:
Per Share
Unrealized
Fund (Loss)
Princor Balanced Fund, Inc. (0.19)
Princor Blue Chip Fund, Inc. (0.15)
Princor Capital Accumulation
Fund, Inc. (0.46)
(g) Period from March 1, 1991, date shares first offered to public, through
October 31, 1991. Net investment income, aggregating $.01 per share for the
period from the initial purchase of shares on February 11, 1991 through
February 28, 1991, was recognized, none of which was distributed to its
sole stockholder, Principal Mutual Life Insurance Company, during the
period. Additionally, the Fund incurred unrealized gains on investments of
$.01 per share during this initial interim period. This represented
activities of the fund prior to the initial public offering of fund shares.
(h) Effective July 1, 1989, the fund changed its fiscal year-end from June 30 to
October 3l.
|
GROWTH-ORIENTED FUNDS
Selected data for a share of Capital Stock outstanding throughout each period:
Income from Investment Operations Less Distributions
Net Realized
and
Net Asset Net Unrealized Total Dividends Net Asset
Value at Invest- Gain from from Net Distributions Value at
Beginning ment (Loss) on Investment Investment from Total End
of Period Income Investments Operations Income Capital Gains Distributions of Period
Princor Emerging Growth Fund, Inc.
Class A
Year Ended October 31,
1995 $25.08 $.12 $6.45 $6.57 $(.06) $(.14) $(.20) $31.45
1994 23.56 - 1.61 1.61 - (.09) (.09) 25.08
1993 19.79 .06 3.82 3.88 (.11) - (.11) 23.56
1992 18.33 .14 1.92 2.06 (.15) (.45) (.60) 19.79
1991 11.35 .17 7.06 7.23 (.21) (.04) (.25) 18.33
Class B
Period Ended October 31,1995(e) 23.15 - 8.18 8.18 (.02) - (.02) 31.31
Princor Growth Fund, Inc.
Class A
Year Ended October 31,
1995 31.14 .35 6.67 7.02 (.31) (.63) (.94) 37.22
1994 30.41 .26 2.56 2.82 (.28) (1.81) (2.09) 31.14
1993 28.63 .40 2.36 2.76 (.42) (.56) (.98) 30.41
1992 25.92 .39 3.32 3.71 (.40) (.60) (1.00) 28.63
1991 16.57 .41 9.32 9.73 (.38) - (.38) 25.92
Class B
Period Ended October 31, 1995(e) 28.33 .21 8.76 8.97 (.20) - (.20) 37.10
Princor World Fund, Inc.
Class A
Year Ended October 31,
1995 7.44 .08 (.02) .06 (.03) (.19) (.22) 7.28
1994 6.85 .01 .64 .65 (.02) (.04) (.06) 7.44
1993 5.02 .03 1.98 2.01 (.05) (.13) (.18) 6.85
1992 5.24 .06 (.14) (.08) (.06) (.08) (.14) 5.02
1991 4.64 .05 .58 .63 (.03) - (.03) 5.24
Class B
Period Ended October 31, 1995(e) 6.71 .05 .51 .56 (.03) - (.03) 7.24
|
Ratios/Supplemental Data
Ratio of Net
Ratio of Investment
Net Assets at Expenses to Income to Portfolio
Total End of Period Average Average Turnover
Return(a) (in thousands) Net Assets Net Assets Rate
Princor Emerging Growth Fund, Inc.
Class A
Year Ended October 31,
1995 26.41% $150,611 1.47% .47% 13.5%
1994 6.86% 92,965 1.74% .02% 8.1%
1993 19.66% 48,668 1.66% .26% 7.0%
1992 11.63% 29,055 1.74% .80% 5.8%
1991 64.56% 17,174 1.78% 1.14% 8.4%
Class B
Period Ended October 31,1995 (e) 35.65%(c) 8,997 2.04%(d) (.17)%(d) 13.5%(d)
Princor Growth Fund, Inc.
Class A
Year Ended October 31,
1995 23.29% 174,328 1.16% 1.12% 12.2%
1994 9.82% 116,363 1.30% .95% 13.6%
1993 9.83% 80,051 1.26% 1.40% 16.4%
1992 14.76% 63,405 1.19% 1.46% 15.6%
1991 59.30% 45,892 1.13% 1.85% 10.6%
Class B
Period Ended October 31, 1995(e) 31.48%(c) 8,279 1.80%(d) .31%(d) 12.2%(d)
Princor World Fund, Inc.
Year Ended October 31,
1995 1.03% 126,554 1.63% 1.10% 35.4%
1994 9.60% 115,812 1.74% .10% 13.2%
1993 41.39% 63,718 1.61% .59% 19.5%
1992 (1.57)% 35,048 1.69% 1.23% 19.9%
1991 13.82% 26,478 1.72% 1.36% 27.6%
Class B
Period Ended October 31, 1995(e) 9.77%(c) 3,908 2.19%(d) .58%(d) 35.4%(d)
Notes to financial highlights
(a) Total Return is calculated without the front-end sales charge or the
contingent deferred sales charge.
(b) Period from December 18, 1987, date shares first offered to public, through
October 31, 1988. Net investment income, aggregating $.04 per share for the
period from the initial purchase of shares on October 30, 1987 through
December 17, 1987, was recognized, none of which was distributed to its
sole stockholder, Principal Mutual Life Insurance Company, during the
period. Additionally, the Fund incurred net realized and unrealized gains
on investments of $.46 per share during this initial interim period. This
represented activities of the fund prior to the initial public offering of
fund shares.
(c) Total Return amounts have not been annualized.
(d) Computed on an annualized basis.
(e) Period from December 9, 1994, date Class B shares first offered to the
public, through October 31, 1995. The Growth Funds Class B shares
recognized no net investment income for the period from the initial
purchase of Class B shares on December 5, 1994 through December 8, 1994.
The Growth Funds Class B shares incurred unrealized loss during the initial
interim period as follows. This represented Class B share activities of
each fund prior to the initial public offering of Class B shares:
Per Share
Unrealized
Fund (Loss)
Princor Emerging Growth Fund, Inc. (0.77)
Princor Growth Fund, Inc. (0.86)
Princor World Fund, Inc. (0.07)
(f) Effective July 1, 1989, the fund changed its fiscal year-end from June 30 to
October 3l.
(g) Effective January 1, 1989, the fund changed its fiscal year-end from
December 31 to October 31.
(h) The investment manager of Princor World Fund, Inc. was changed on
August 1, 1988 to the current manager, Princor Management Corporation. The years
1983 through 1987 are not covered by the current independent auditor's report.
|
October 31, 1995
STATEMENTS OF ASSETS AND LIABILITIES
Princor Princor Cash Princor Government
Bond Management Securities Income
INCOME FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
Assets
Investment in securities -- at value
(cost -- $101,743,009; $617,008,663;
$263,572,657; $23,347,818;
$171,607,538; $101,122,584; and
$65,736,920, respectively) (Note 4)..... $108,055,567 $617,008,663 $264,501,332
Cash..................................... 1,187 87,366 2,761
Receivables:
Dividends and interest.................. 2,240,956 322,453 1,583,829
Investment securities sold.............. -- -- --
Capital Stock sold...................... 6,431 12,734,329 214,702
Other assets............................... 3,438 19,872 16,78
Total Assets 110,307,579 630,172,683 266,319,405
Liabilities
Accrued expenses........................... 91,454 486,381 206,132
Payables:
Investment securities purchased......... 505,065 -- --
Capital Stock reacquired................ 41,556 5,614,287 285,766
Total Liabilities 638,075 6,100,668 491,898
Net Assets Applicable to
Outstanding Shares ...................... $109,669,504 $624,072,015 $265,827,507
Net Assets Consist of:
Capital Stock.............................. $ 95,995 $ 6,240,720 $ 235,055
Additional paid-in capital................. 102,940,859 617,831,295 265,024,438
Accumulated undistributed net
investment income....................... 705,347 -- 1,548,316
Accumulated undistributed net realized
(loss) on investment transactions....... (385,255) -- (1,908,977)
Net unrealized appreciation
of investments.......................... 6,312,558 -- 928,675
Total Net Assets $109,669,504 $624,072,015 $265,827,507
Capital Stock (par value: $.01 a share)
Shares authorized.......................... 100,000,000 2,000,000,000 100,000,000
Net Asset Value Per Share:
Class A: Net Assets....................... $106,961,936 $623,864,278 $261,128,056
Shares issued and outstanding. 9,362,124 623,864,278 23,089,297
Net asset value per share...... $11.42 $1.000 $11.31
Maximum offering price per share $11.99(1) $1.000 $11.87(1)
Class B: Net Assets ................... $2,707,568 $207,737 $4,699,451
Shares issued and outstanding... 237,371 207,737 416,214
Net asset value per share(2).... $11.41 $1.000 $11.29
(1) Maximum offering price is equal to net asset value plus a front-end
sales charge of 4.75% of the offering price. (2) Redemption price per share
is equal to net asset value less any applicable contingent deferred sales
charge.
See accompanying notes.
|
October 31, 1995
STATEMENTS OF ASSETS AND LIABILITIES
Princor Princor Princor Tax-Exempt Princor
High Yield Tax-Exempt Cash Management Utilities
INCOME FUNDS Fund, Inc. Bond Fund, Inc. Fund, Inc. Fund, Inc.
Assets
Investment in securities -- at value (cost
-- $101,743,009; $617,008,663;
$263,572,657; $23,347,818; $171,607,538;
$101,122,584; and $65,736,920,
respectively)(Note 4)................... $23,351,279 $177,611,183 $101,122,584 $69,577,129
Cash....................................... 4,561 11,996 102,830 4,117
Receivables:
Dividends and interest.................. 677,257 3,781,978 541,753 303,506
Investment securities sold.............. -- 1,910,000 -- --
Capital Stock sold...................... 26,206 71,370 736,281 53,904
Other assets............................... 1,991 7,333 3,024 431
Total Assets 24,061,294 183,393,860 102,506,472 69,939,087
Liabilities
Accrued expenses........................... 32,481 128,451 82,127 77,742
Payables:
Investment securities purchased......... -- -- 1,000,000 --
Capital Stock reacquired................ -- 63,986 1,510,661 35,975
Total Liabilities 32,481 192,437 2,592,788 113,717
Net Assets Applicable to
Outstanding Shares ...................... $24,028,813 $183,201,423 $ 99,913,684 $69,825,370
Net Assets Consist of:
Capital Stock.............................. 29,820 $ 152,970 $ 999,137 $ 63,824
Additional paid-in capital................. 26,732,138 178,324,173 98,914,547 68,916,481
Accumulated undistributed net
investment income....................... 266,395 1,048,291 -- 246,709
Accumulated undistributed net realized
(loss) on investment transactions....... (3,003,001) (2,327,656) -- (3,241,853)
Net unrealized appreciation
of investments.......................... 3,461 6,003,645 -- 3,840,209
Total Net Assets $24,028,813 $183,201,423 $ 99,913,684 $69,825,370
Capital Stock (par value: $.01 a share)
Shares authorized.......................... 100,000,000 100,000,000 1,000,000,000 100,000,000
Net Asset Value Per Share:
Class A: Net Assets....................... $23,395,879 $179,715,058 $ 99,887,179 $65,872,916
Shares issued and outstanding. 2,903,300 15,005,591 99,887,179 6,020,742
Net asset value per share...... $8.06 $11.98 $1.000 $10.94
Maximum offering price
per share .................... $8.46(1) $12.58(1) $1.000 $11.49(1)
Class B: Net Assets ................... $632,934 $3,486,365 $26,505 $3,952,454
Shares issued and outstanding. 78,670 291,444 26,505 361,704
Net asset value per share(2)... $8.05 $11.96 $1.000 $10.93
(1) Maximum offering price is equal to net asset value plus a front-end
sales charge of 4.75% of the offering price.
(2) Redemption price per share is equal to net asset value less any
applicable contingent deferred sales charge.
See accompanying notes.
|
Year Ended October 31, 1995
STATEMENTS OF OPERATIONS
Princor Princor Cash Princor Government
Bond Management Securities Inco
INCOME FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
Net Investment Income
Income:
Dividends.............................. $ -- $ -- $ --
$ Interest............................... 8,034,573 29,621,653 18,894,705
Total Income 8,034,573 29,621,653 18,894,705
Expenses:
Management and investment advisory
fees (Note 3)....................... 489,133 1,980,472 1,165,241
Distribution and shareholder servicing
fees--Class A (Note 3).............. 231,494 -- 471,723
Distribution and shareholder servicing
fees--Class B (Note 3).............. 9,138 366 16,582
Transfer and administrative services
(Note 3)............................ 213,198 1,494,200 435,625
Registration fees--Class A............. 33,282 320,925 53,604
Registration fees--Class B............. 485 102 507
Custodian fees ........................ 7,900 28,386 38,790
Auditing and legal fees ............... 6,635 8,992 9,367
Directors' fees ....................... 7,825 7,824 7,825
Other ................................. 11,068 36,220 33,730
Total Gross Expenses 1,010,158 3,877,487 2,232,994
Less: Management and investment
advisory fees waived................ (86,318) (296,359) --
Total Net Expenses 923,840 3,581,128 2,232,994
Net Investment Income 7,110,733 26,040,525 16,661,711
Net Realized and Unrealized
Gain (Loss) on Investments
Net realized (loss) from
investment transactions................ (385,488) -- (1,074,727)
Net increase in unrealized
appreciation/depreciation
on investments......................... 10,947,591 -- 25,002,420
Net Realized and Unrealized Gain
on Investments 10,562,103 -- 23,927,693
Net Increase in Net Assets
Resulting from Operations $17,672,836 $26,040,525 $40,589,404
See accompanying notes.
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Year Ended October 31, 1995
STATEMENTS OF OPERATIONS
Princor Princor Princor Tax-Exempt Princor
High Yield Tax-Exempt Cash Management Utilities
INCOME FUNDS Fund, Inc. Bond Fund, Inc. Fund, Inc. Fund, Inc.
Net Investment Income
Income:
Dividends.............................. $ -- $ -- $ -- $ 3,503,554
Interest............................... 2,196,631 11,308,569 3,745,010 165,411
Total Income 2,196,631 11,308,569 3,745,010 3,668,965
Expenses:
Management and investment advisory
fees (Note 3)....................... 129,542 828,825 471,994 367,403
Distribution and shareholder servicing
fees--Class A (Note 3).............. 53,404 337,576 -- 149,537
Distribution and shareholder servicing
fees--Class B (Note 3).............. 2,110 14,113 152 13,113
Transfer and administrative services
(Note 3)............................ 86,915 193,662 214,963 211,232
Registration fees--Class A............. 20,202 31,626 84,026 29,832
Registration fees--Class B............. 456 442 94 466
Custodian fees ........................ 4,389 7,305 11,560 8,252
Auditing and legal fees ............... 6,842 8,676 7,947 6,674
Directors' fees ....................... 7,825 7,825 7,825 7,825
Other ................................. 3,508 22,911 10,132 7,357
Total Gross Expenses 315,193 1,452,961 808,693 801,691
Less: Management and investment
advisory fees waived................ -- -- (138,673) (152,483)
Total Net Expenses 315,193 1,452,961 670,020 649,208
Net Investment Income 1,881,438 9,855,608 3,074,990 3,019,757
Net Realized and Unrealized
Gain (Loss) on Investments
Net realized (loss) from
investment transactions................ (105,759) (1,677,841) -- (393,414)
Net increase in unrealized
appreciation/depreciation
on investments......................... 581,993 17,420,735 -- 11,053,532
Net Realized and Unrealized Gain
on Investments 476,234 15,742,894 -- 10,660,118
Net Increase in Net Assets
Resulting from Operations $2,357,672 $25,598,502 $3,074,990 $13,679,875
See accompanying notes.
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Years Ended October 31
STATEMENTS OF CHANGES IN NET ASSETS
Princor Princor Cash Princor Government
Bond Management Securities Income
INCOME FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
1995 1994 1995 1994 1995 1994
Operations
Net investment income..................... $ 7,110,733 $ 6,505,178 $ 26,040,525 $9,633,432 $ 16,661,711 $16,336,007
Net realized gain (loss) from
investment transactions................ (385,488) 104,695 -- -- (1,074,727) (752,360)
Net increase (decrease) in unrealized
appreciation/depreciation
on investments......................... 10,947,591 (12,203,552) -- -- 25,002,420 (32,499,913)
Net Increase (Decrease) in Net Assets
Resulting from Operations 17,672,836 (5,593,679) 26,040,525 9,633,432 40,589,404(16,916,266)
Net Equalization Charges ................. -- -- -- -- -- 146,563
Dividends and Distributions to Shareholders
From net investment income:
Class A................................ (6,978,094) (6,377,064) (26,038,303) (9,633,432) (16,398,545) (15,876,078)
Class B ............................... (57,053) -- (2,222) -- (94,011) --
(7,035,147) (6,377,064) (26,040,525) (9,633,432) (16,492,556) (15,876,078)
From net realized gain on investments:
Class A................................ (104,351) (96,038) -- -- -- (2,490,495)
Total Distributions (7,139,498) (6,473,102) (26,040,525) (9,633,432) (16,492,556)(18,366,573)
Capital Share Transactions (Note 5)
Shares sold:
Class A................................ 18,360,174 33,612,070 2,636,234,604 1,466,697,888 29,006,758 95,058,851
Class B................................ 2,713,516 -- 281,031 -- 4,730,337 --
Shares issued in reinvestment of dividends
and distributions:
Class A................................ 4,697,390 4,266,227 25,316,128 9,340,862 12,817,448 14,819,070
Class B................................ 46,382 -- 2,222 -- 78,109 --
Shares redeemed:
Class A ............................... (15,323,500) (22,025,515)(2,370,032,403) (1,428,431,391) (54,093,676) (62,021,691)
Class B ............................... (159,124) -- (75,516) -- (246,114) --
Net Increase (Decrease) in Net Assets
from Capital Share Transactions 10,334,838 15,852,782 291,726,066 47,607,359 (7,707,138) 47,856,230
Total Increase (Decrease) 20,868,176 3,786,001 291,726,066 47,607,359 16,389,710 12,719,954
Net Assets
Beginning of year......................... 88,801,328 85,015,327 332,345,949 284,738,590 249,437,797 236,717,843
End of year (including undistributed net
investment income as set forth below).. $109,669,504 $88,801,328 $624,072,015 $332,345,949 $265,827,507 $249,437,797
Undistributed Net Investment Income....... $ 705,347 $ 629,761 $ -- $ -- $ 1,548,316 $ 1,379,159
See accompanying notes.
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Years Ended October 31
STATEMENTS OF CHANGES IN NET ASSETS
Princor Princor Princor Tax-Exempt
High Yield Tax-Exempt Bond Cash Management
INCOME FUNDS Fund, Inc. Fund, Inc. Fund, Inc.
1995 1994 1995 1994 1995 1994
Operations
Net investment income..................... $1,881,438 $ 1,551,128 $ 9,855,608$ 9,870,108 $ 3,074,990 $ 1,733,433
Net realized gain (loss) from
investment transactions................ (105,759) (323,328) (1,677,841) (649,814) -- --
Net increase (decrease) in unrealized
appreciation/depreciation
on investments......................... 581,993 (954,699) 17,420,735 (23,104,372) -- --
Net Increase (Decrease) in Net Assets
Resulting from Operations 2,357,672 273,101 25,598,502 (13,884,078) 3,074,990 1,733,433
Net Equalization Charges ................. -- -- -- -- -- --
Dividends and Distributions to
Shareholders
From net investment income:
Class A................................ (1,737,075) (1,576,325) (9,781,885) (9,577,733) ( 3,074,485) (1,733,433)
Class B ............................... (15,260) -- (67,120) -- (505) --
(1,752,335) (1,576,325) (9,849,005) (9,577,733) ( 3,074,990) (1,733,433)
From net realized gain on investments:
Class A................................ -- -- -- (2,327,570) -- --
Total Distributions (1,752,335) (1,576,325) (9,849,005) (11,905,303) ( 3,074,990) (1,733,433)
Capital Share Transactions (Note 5)
Shares sold:
Class A................................ 3,890,858 4,181,418 18,520,960 44,140,938 391,567,743 266,977,052
Class B................................ 625,699 -- 3,375,082 -- 26,000 --
Shares issued in reinvestment of dividends
and distributions:
Class A................................ 1,277,540 1,151,559 6,671,473 8,767,989 2,992,959 1,689,093
Class B................................ 6,460 -- 49,501 -- 505 --
Shares redeemed:
Class A ............................... (2,175,333) (3,380,935) (32,510,884) (33,174,660) (374,409,156)(268,153,427)
Class B ............................... (4,140) -- (78,915) -- -- --
Net Increase (Decrease) in Net Assets
from Capital Share Transactions 3,621,084 1,952,042 (3,972,783) 19,734,267 20,178,051 512,718
Total Increase (Decrease) 4,226,421 648,818 11,776,714 (6,055,114) 20,178,051 512,718
Net Assets
Beginning of year......................... 19,802,392 19,153,574 171,424,709 177,479,823 79,735,633 79,222,915
End of year (including undistributed net
investment income as set forth below).. $24,028,813 $19,802,392 $183,201,423 $171,424,709 $ 99,913,684 $79,735,633
Undistributed Net Investment Income....... $ 1,548,316 $ 1,379,159 $ 266,395 $ 139,643 $ 1,048,291 $ 1,041,121
See accompanying notes.
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Years Ended October 31
STATEMENTS OF CHANGES IN NET ASSETS
Princor
Utilities
INCOME FUNDS Fund, Inc.
1995 1994
Operations
Net investment income..................... $ 3,019,757 $ 2,771,062
Net realized gain (loss) from
investment transactions................ (393,414) (2,848,439)
Net increase (decrease) in unrealized
appreciation/depreciation
on investments......................... 11,053,532 (8,960,974)
Net Increase (Decrease) in Net Assets
Resulting from Operations 13,679,875 (9,038,351)
Net Equalization Charges ................. -- --
Dividends and Distributions to
Shareholders
From net investment income:
Class A................................ (3,003,083) (2,648,682)
Class B ............................... (66,295) --
(3,069,378) (2,648,682)
From net realized gain on investments:
Class A................................ -- (96,182)
Total Distributions (3,069,378) (2,744,864)
Capital Share Transactions (Note 5)
Shares sold:
Class A................................ 9,551,504 32,570,988
Class B................................ 3,732,230 --
Shares issued in reinvestment of dividends
and distributions:
Class A................................ 2,502,797 2,223,596
Class B................................ 61,981 --
Shares redeemed:
Class A ............................... (13,188,883) (16,636,425)
Class B ............................... (191,972) --
Net Increase (Decrease) in Net Assets
from Capital Share Transactions 2,467,657 18,158,159
Total Increase (Decrease) 13,078,154 6,374,944
Net Assets
Beginning of year......................... 56,747,216 50,372,272
End of year (including undistributed net
investment income as set forth below).. $69,825,370 $56,747,216
Undistributed Net Investment Income....... $ 246,709 $ 330,235
See accompanying notes.
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NOTES TO FINANCIAL STATEMENTS
Princor Bond Fund, Inc.
Princor Cash Management Fund, Inc.
Princor Government Securities Income Fund, Inc.
Princor High Yield Fund, Inc.
Princor Tax-Exempt Bond Fund, Inc.
Princor Tax-Exempt Cash Management Fund, Inc.
Princor Utilities Fund, Inc.
Note 1 -- Significant Accounting Policies
Princor Bond Fund, Inc., Princor Cash Management Fund, Inc., Princor Government Securities Income Fund, Inc., Princor High Yield Fund, Inc., Princor Tax-Exempt Bond Fund, Inc., Princor Tax-Exempt Cash Management Fund, Inc. and Princor Utilities Fund, Inc. (the "Income Funds") are registered under the Investment Company Act of 1940, as amended, as open-end diversified management investment companies and operate in the mutual fund industry.
On December 8, 1994, the initial purchase of Class B shares of Princor Cash Management Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc. was made by Princor Management Corporation; the initial purchases of Class B shares of the other funds was made on December 5, 1994 (see Note 3). All shares outstanding prior to the initial Class B share purchases have been classified as Class A shares. Effective December 9, 1994, the Income Funds also began offering Class B shares to the public. Except for Princor Cash Management Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc., Class A shares generally are sold with an initial sales charge based on declining rates which begin at 4.75% of the offering price. Class B shares are sold without an initial sales charge, but bear a higher ongoing distribution fee and are subject to a declining contingent deferred sales charge ("CDSC") of up to 4.00% on certain redemptions redeemed within six years of purchase. Class B shares automatically convert into Class A shares, based on relative net asset value (without a sales charge) after seven years. Both classes of shares for each fund represent interests in the same portfolio of investments, and will vote together as a single class except where otherwise required by law or as determined by the Funds' respective Boards of Directors. In addition, the Board of Directors of each fund declare separate dividends on each class of shares.
With respect to Princor Cash Management Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc., all income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares based upon the relative proportion of the number of traded shares outstanding of each class. The other funds allocate such amounts based upon the relative proportion of the value of shares outstanding of each class. Class-specific expenses, which include distribution and shareholder servicing fees and any other items specifically attributable to a particular class, are charged directly to such class.
Princor Cash Management Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc. value their securities at amortized cost, which approximates market. Under the amortized cost method, a security is valued by applying a constant yield to maturity of the difference between the principal amount due at maturity and the cost of the security to the fund.
The other funds value securities for which market quotations are readily available at market value, which is determined using the last reported sale price or, if no sales are reported, as is regularly the case for some securities traded over-the-counter, the last reported bid price. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to certain debt securities and preferred stocks, the investments are valued by using market quotations, prices provided by market makers or estimates of market values obtained from yield data and other factors relating to instruments or securities with similar characteristics in accordance with procedures established in good faith by each fund's Board of Directors. Securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market.
The Income Funds record investment transactions generally one day after the trade date, except for short-term investment transactions which are recorded generally on the trade date. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation on investments. Dividends are taken into income on an accrual basis as of the ex-dividend date and interest income is recognized on an accrual basis.
With respect to Princor Cash Management Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc., all net investment income and any realized gains and losses from investment transactions are declared as dividends daily to shareholders of record as of that day. Dividends and distributions to shareholders of the other funds are recorded on the ex-dividend date.
Dividends and distributions to shareholders from net investment income and net realized gain from investments is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e. that they result from other than timing of recognition - "temporary"), such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. Reclassifications made for the years ended October 31, 1995 and 1994 were not material.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
On November 1, 1994, Princor Government Securities Income Fund, Inc. discontinued the accounting practice of equalization, which it had been using since fiscal year 1986. Equalization is a practice whereby a portion of the proceeds from sales and cost of purchases of shares, equivalent on a per-share basis to the amount of the undistributed net investment income on the date of the transaction, is credited or charged to undistributed net investment income. The balance of equalization included in undistributed net investment income at the date of the change, which was immaterial, was transferred to additional paid-in capital. Such reclassification had no effect on net assets, results of operations or net asset value per share of the fund.
Note 2 -- Federal Income Taxes
No provision for federal income taxes is considered necessary because each fund is qualified as a "regulated investment company" under the Internal Revenue Code and intends to distribute each year substantially all of its net investment income and realized capital gains to shareholders. The cost of investments for federal income tax reporting purposes is approximately the same as that for financial reporting purposes.
At October 31, 1995, Princor Bond Fund, Inc. had a net capital loss carryforward of approximately $385,000 which expires in 2003. Princor Government Securities Income Fund, Inc. had a net capital loss carryforward of approximately $1,909,000 of which $1,075,000 expires in 2003 and $834,000 expires in 2002. Princor High Yield Fund, Inc. had a net capital loss carryforward of approximately $3,003,000 of which $106,000 expires in 2003, $323,000 expires in 2002, $409,000 expires in 2001, $561,000 expires in 2000, $784,000 expires in 1999 and $820,000 expires in 1998. Princor Tax-Exempt Bond Fund, Inc. had a net capital loss carryforward of approximately $2,328,000 of which $1,678,000 expires in 2003 and $650,000 expires in 2002. Princor Utilities Fund, Inc. had a net capital loss carryforward of approximately $3,242,000 of which $394,000 expires in 2003 and $2,848,000 expires in 2002. Note 3 -- Management Agreement and Transactions With Affiliates
The Income Funds have agreed to pay investment advisory and management fees to Princor Management Corporation (wholly owned by Princor Financial Services Corporation, a subsidiary of Principal Mutual Life Insurance Company) (the "Manager") computed at an annual percentage rate of each fund's average daily net assets. With the exception of Princor High Yield Fund, Inc. and Princor Utilities Fund, Inc., the annual rate used in this calculation is .50% of the first $100 million of each fund's average daily net assets, .45% of the next $100 million of each fund's average daily net assets, .40% of the next $100 million of each fund's average daily net assets, .35% of the next $100 million of each fund's average daily net assets and .30% of each fund's average daily net assets over $400 million. With respect to Princor High Yield Fund, Inc. and Princor Utilities Fund, Inc., the annual rate is .60% of the first $100 million of the fund's average daily net assets. The Income Funds also reimburse the Manager for transfer and administrative services, including the cost of accounting, data processing, supplies and other services rendered.
The Manager has agreed to reimburse the Income Funds annually for their total expenses (excluding brokerage commissions, interest and taxes) in excess of limits prescribed by any state in which the Income Funds' shares are offered for sale (currently 2 1/2% of the first $30 million of each fund's average annual net assets, 2% of the next $70 million of such assets and 1 1/2% of such assets in excess thereof).
The Manager voluntarily waived a portion of its fee for Princor Bond Fund, Inc. (1995 - $86,318; 1994 - $120,999) throughout the years ended October 31, 1995 and 1994. The waiver was in an amount that maintained total operating expenses as a percentage of the fund's average net assets attributable to each class on an annualized basis during such period at or below .95% and 1.70% of Class A and Class B shares, respectively. The Manager intends to continue such voluntary waiver and, if necessary, reimburse operating expenses otherwise payable by the fund through February 29, 1996.
The Manager voluntarily waived a portion of its fee for Princor Cash Management Fund, Inc. (1995 - $296,359; 1994 - $595,343) and Princor Tax-Exempt Cash Management Fund, Inc. (1995 - $138,673; 1994 - $150,515) throughout the years ended October 31, 1995 and 1994. The waivers, through February 28, 1995, were in amounts that maintained total operating expenses for each fund as a percentage of average net assets attributable to each class on an annualized basis during such period at or below .70% and 1.70% of Class A and Class B shares, respectively. During the remainder of the period ended October 31, 1995, the Manager waived a portion of its fee in an amount that maintained total operating expenses for each fund as a percentage of average net assets attributable to each class on an annualized basis during such period at or below .75% and 1.75% of Class A and Class B shares, respectively. The Manager intends to continue such voluntary waivers and, if necessary, reimburse operating expenses otherwise payable by Princor Cash Management Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc. through February 29, 1996.
The Manager voluntarily waived a portion of its fee for Princor Utilities Fund, Inc. (1995 - $152,483; 1994 - $284,836) throughout the years ended October 31, 1995 and 1994. The waiver, through February 28, 1995, was in an amount that maintained total operating expenses for the fund as a percentage of average net assets attributable to each class on an annualized basis during such period at or below 1.00% and 1.75% of Class A and Class B shares, respectively. During the remainder of the year ended October 31, 1995, the Manager waived a portion of its fee in an amount that maintained a total level of operating expenses as a percentage of average net assets attributable to each class on an annualized basis during such period at or below 1.10% and 1.85% of Class A and Class B shares, respectively. The Manager intends to continue such voluntary waiver and, if necessary, reimburse operating expenses otherwise payable by the fund through February 29, 1996.
Princor Financial Services Corporation, as principal underwriter, receives proceeds of any CDSC on certain Class B share redemptions within six years of purchase. The charge is based on declining rates, which begin at 4.00% of the lesser of the current market value or the cost of shares being redeemed. Princor Financial Services Corporation also retains sales charges on sales of Class A shares of the Income Funds. The aggregate amount of these charges retained, by fund, for the period ended October 31, 1995 were as follows:
Class A Class B
Princor Bond Fund, Inc. 474,797 2,016
Princor Government Securities
Income Fund, Inc. 831,089 4,304
Princor High Yield Fund, Inc. 93,453 155
Princor Tax-Exempt Bond Fund, Inc. 584,221 --
Princor Utilities Fund, Inc. 283,344 5,189
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No brokerage commissions were paid by the Income Funds to Princor Financial Services Corporation during the periods. Brokerage commissions were paid to another affiliate by Princor Utilities Fund, Inc. in the amount of $3,446 and $6,005 for the years ended October 31, 1995 and 1994, respectively.
With the exception of Princor Cash Management Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc., the Income Funds bear distribution and shareholder servicing fees with respect to Class A shares computed at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares of each fund. Effective December 1994, each of the Income Funds adopted a distribution plan with respect to Class B shares that provides for distribution and shareholder servicing fees computed at an annual rate of up to 1.00% of the average daily net assets attributable to Class B shares of each fund. Distribution and shareholder servicing fees are paid to Princor Financial Services Corporation; a portion of the fees are subsequently remitted to retail dealers. Pursuant to the distribution agreements, fees unused by the principal underwriter at the end of the fiscal year are returned to the Income Funds.
At October 31, 1995, Principal Mutual Life Insurance Company, subsidiaries of Principal Mutual Life Insurance Company, benefit plans sponsored on behalf of Principal Mutual Life Insurance Company and several joint ventures (in each of which a subsidiary of Principal Mutual Life Insurance Company is a participant) owned shares of the Income Funds as follows:
Class A Class B
Princor Bond Fund, Inc. 178,257 104
Princor Cash Management Fund, Inc. 11,741,334 26,940
Princor Government Securities
Income Fund, Inc. 94,034 103
Princor High Yield Fund, Inc. 1,089,954 139
Princor Tax-Exempt Bond Fund, Inc. 92,516 98
Princor Tax-Exempt Cash
Management Fund, Inc. 1,000,053 26,496
Princor Utilities Fund, Inc. 285,238 113
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Note 4 -- Investment Transactions
For the year ended October 31, 1995, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and U.S. government securities) by the Income Funds were as follows:
Purchases Sales
Princor Bond Fund, Inc. $15,194,745 $ 4,858,780
Princor High Yield Fund, Inc. 11,256,955 8,269,362
Princor Tax-Exempt Bond Fund, Inc. 29,748,742 35,382,420
Princor Utilities Fund, Inc. 11,403,387 7,593,175
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At October 31, 1995, net unrealized appreciation of investments by the Income Funds was composed of the following:
Net Unrealized
Gross Unrealized Appreciation
Appreciation (Depreciation) of Investments
Princor Bond Fund, Inc. $6,759,913 $ (447,355) $6,312,558
Princor Government Securities
Income Fund, Inc. 3,867,663 (2,938,988) 928,675
Princor High Yield Fund, Inc. 796,863 (793,402) 3,461
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Princor Tax-Exempt Bond Fund, Inc. 7,213,471 (1,209,826) 6,003,645 Princor Utilities Fund, Inc. 6,246,267 (2,406,058) 3,840,209
At October 31, 1995, Princor High Yield Fund, Inc. and Princor Tax-Exempt Bond Fund, Inc. held the following securities which may require registration under the Securities Act of 1933, or an exemption therefrom, in order to effect a sale in the ordinary course of business.
Value at Value as a
Date of October 31, Percentage of
Fund Security Description Acquisition Cost 1995 Net Assets
Princor High Yield Fund, Inc. Weirton Steel Corp. 6/5/95 $394,000 $368,000 1.53%
Senior Notes
Princor Tax-Exempt Bond Fund, Inc. Eddyville, Iowa, IDR Ref. Bonds, 1/11/95 859,910 980,000 .53%
Cargill Inc. Project
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The Income Funds' investments are with various issuers in various industries. The Schedules of Investments contained herein summarize concentration of credit risk by issuer and industry.
Note 5 -- Capital Share Transactions
Transactions in Capital Stock by fund were as follows:
Princor Princor Cash Princor Government
Bond Fund, Inc. Management Fund, Inc. Securities Income Fund, Inc.
Year Ended October 31, 1995:
Shares sold:
Class A ......................................... 1,706,844 2,636,234,604 2,679,878
Class B* ........................................ 247,333 281,031 431,102
Shares issued in reinvestment of dividends and distributions:
Class A ........................................... 439,527 25,316,128 1,196,621
Class B* .......................................... 4,196 2,222 7,084
Shares redeemed:
Class A ......................................... (1,429,838) (2,370,032,403) (5,051,162)
Class B* ........................................ (14,158) (75,516) (21,972)
Net Increase (Decrease) 953,904 291,726,066 (758,449)
Year Ended October 31, 1994:
Shares sold:
Class A ......................................... 3,039,199 1,466,697,888 8,550,182
Shares issued in reinvestment of dividends and
distributions:
Class A ......................................... 393,042 9,340,862 1,351,251
Shares redeemed:
Class A ......................................... (2,021,840) (1,428,431,391) (5,718,185)
Net Increase 1,410,401 47,607,359 4,183,248
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Princor Princor Princor Tax-Exempt Princor
High Yield Tax-Exempt Bond Cash Management Utilities
Fund, Inc. Fund, Inc. Fund, Inc. Fund, Inc.
Year Ended October 31, 1995:
Shares sold:
Class A ......................................... 489,469 1,625,100 391,567,743 985,916
Class B* ........................................ 78,379 293,841 26,000 374,706
Shares issued in reinvestment of dividends and distributions:
Class A ........................................... 162,114 590,347 2,992,959 257,037
Class B* .......................................... 812 4,276 505 6,082
Shares redeemed:
Class A ......................................... (275,812) (2,897,205) (374,409,156) (1,355,492)
Class B* ........................................ (521) (6,673) -- (19,084)
Net Increase (Decrease) 454,441 (390,314) 20,178,051 249,165
Year Ended October 31, 1994:
Shares sold:
Class A ......................................... 514,435 3,702,350 266,977,052 3,178,133
Shares issued in reinvestment of dividends and
distributions:
Class A ......................................... 143,233 739,643 1,689,093 232,342
Shares redeemed:
Class A ......................................... (419,999) (2,814,941) (268,153,427) (1,675,304)
Net Increase 237,669 1,627,052 512,718 1,735,171
* Period from December 5, 1994 (December 8, 1994 -- Princor Cash Management
Fund, Inc. and Princor Tax-Exempt Cash Management Fund, Inc.), date
operations commenced through October 31, 1995.
|
Note 6 -- Line of Credit
The Income Funds have an unsecured line of credit with a bank which allows each fund to borrow up to $500,000. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each fund, based on its borrowings, at a rate equal to the bank's Fed Funds Unsecured Rate plus 100 basis points. Additionally, a commitment fee is charged at the annual rate of .25% on the unused portion of the line of credit. At October 31, 1995, the Income Funds had no outstanding borrowings under the line of credit.
SCHEDULES OF INVESTMENTS
INCOME FUNDS
PRINCOR BOND FUND, INC.
Principal
Amount Value
Bonds (96.79%)
Air Transportation, Scheduled (1.54%)
Federal Express Corp. 1994 Pass
Through Cert., Series A310-A3;
8.40%; 3/23/10 $1,500,000 $ 1,685,988
Aircraft & Parts (1.03%)
Textron, Inc. Medium-Term
Notes, Series C;
9.80%; 1/10/00 500,000 562,625
9.55%; 3/19/01 500,000 569,730
1,132,355
Auto & Home Supply Stores (0.46%)
Pep Boys-Manny, Moe & Jack Notes;
7.00%; 6/1/05 500,000 502,381
Beverages (1.02%)
Joseph E. Seagram & Sons
Guaranteed Debentures;
8.38%; 2/15/07 1,000,000 1,113,179
Business Credit Institutions (1.56%)
Gatx Capital Corp. Medium-Term
Notes, Series B; 9.50%; 1/10/02 1,500,000 1,716,150
Cable & Other Pay TV Services (2.26%)
Tele-Communications, Inc. Notes;
7.25%; 8/1/05 2,000,000 1,977,530
Tele-Communications, Inc. Senior
Debentures; 7.88%; 8/1/13 500,000 497,284
2,474,814
Cash Grains (2.65%)
Aktiebolaget SKF Senior Notes;
7.63%; 7/15/03 2,500,000 2,601,952
Dekalb Corp. Notes;
10.00%; 4/15/98 300,000 301,125
2,903,077
Combination Utility Services (1.74%)
Pennsylvania Gas & Water Co.
First Mortgage Bonds;
8.38%; 12/1/02 500,000 528,126
Public Service Electric & Gas
Medium-Term Notes;
8.16%; 5/26/09 1,250,000 1,375,300
1,903,426
Construction & Related
Machinery (1.12%)
Caterpillar, Inc. Global Debentures;
9.38%; 8/15/11 1,000,000 1,232,089
Consumer Products (0.92%)
RJR Nabisco Capital Corp. Senior
Notes; 8.75%; 4/15/04 1,000,000 1,012,500
Copper Ores (2.55%)
Asarco, Inc. Debentures;
7.88%; 4/15/13 $1,500,000 $ 1,558,527
Asarco, Inc. Notes; 7.38%; 2/1/03 1,200,000 1,233,161
2,791,688
Crude Petroleum & Natural Gas (0.52%)
Occidental Petroleum Corp.
Medium-Term Notes;
9.73%; 6/15/01 500,000 572,175
Department Stores (3.13%)
Dillard Investment Co. Notes;
9.25%; 5/1/97 200,000 209,458
Harcourt General, Inc. Subordinated
Notes; 9.50%; 3/15/00 400,000 445,412
Sears Roebuck Co.
Medium-Term Notes;
9.05%; 2/6/12 500,000 585,540
9.12%; 2/13/12 1,000,000 1,177,810
Sears Roebuck Co. Notes;
8.55%; 8/1/96 1,000,000 1,019,256
3,437,476
Drug Stores & Proprietary Stores (1.76%)
Rite Aid Corp. Senior Debentures;
6.88%; 8/15/13 2,000,000 1,931,222
Eating & Drinking Places (1.18%)
Marriott International Notes;
6.75%; 12/15/03 1,300,000 1,293,357
Electric Services (4.09%)
Cleveland Electric Illuminating Co.
First Mortgage Medium-Term
Notes; 7.85%; 7/30/02 1,500,000 1,458,405
Ohio Edison Co. First Mortgage
Bonds; 8.25%; 4/1/02 2,000,000 2,120,048
Toledo Edison Co. Debentures;
8.70%; 9/1/02 1,000,000 909,499
4,487,952
Fabricated Rubber Products,
NEC (1.59%)
M. A. Hanna Co. Senior Notes;
9.38%; 9/15/03 1,500,000 1,744,348
Farm & Garden Machinery (1.50%)
Tenneco, Inc. Notes;
9.88%; 2/1/01 500,000 572,994
7.88%; 10/1/02 1,000,000 1,067,915
1,640,909
Gas Production & Distribution (1.50%)
Tennessee Gas Pipeline Co. Notes;
9.25%; 5/15/96 400,000 403,750
Transco Energy Co. Notes;
9.38%; 8/15/01 1,100,000 1,246,611
1,650,361
General Government, NEC (3.90%)
Ontario Hydro Debentures;
7.45%; 3/31/13 2,000,000 2,097,420
Province of Saskatchewan, Canada
Global Notes; 8.00%; 2/1/13 2,000,000 2,181,240
4,278,660
Gold & Silver Ores (1.14%)
Placer Dome, Inc. Notes;
7.13%;6/15/07 $1,250,000 $ 1,250,087
Grain Mill Products (0.94%)
Ralston Purina Co. Debenture;
7.75%; 10/1/15 1,000,000 1,031,920
Grocery Stores (1.04%)
Food Lion, Inc.
Medium-Term Notes;
8.67%; 8/28/06 1,000,000 1,136,480
Household Furniture (1.80%)
Masco Corp. Debentures;
7.13%; 8/15/13 2,000,000 1,975,728
Industrial Inorganic Chemicals (3.12%)
FMC Corp. Senior Notes;
6.38%; 9/1/03 750,000 733,297
Grace, (W.R.) & Co. Guaranteed
Notes; 8.00%; 8/15/04 2,500,000 2,693,419
3,426,716
Iron Ores (0.69%)
Cyprus Minerals Co. Notes;
10.13%; 4/1/02 650,000 762,129
Machinery, Equipment,
& Supplies (0.23%)
AAR Corp. Notes; 7.25%;10/15/03 250,000 247,151
Metalworking Machinery (1.19%)
Black & Decker Corp. Notes;
7.00%; 2/1/06 1,300,000 1,300,586
Millwork, Plywood & Structural
Members (0.65%)
Georgia-Pacific Corp. Debentures;
9.50%; 12/1/11 600,000 716,765
Miscellaneous Chemical
Products (1.41%)
Cabot Corp. Notes;
10.25%; 12/15/97 400,000 431,966
Ferro Corp. Senior Debentures;
7.63%; 5/1/13 1,100,000 1,116,811
1,548,777
Miscellaneous Equipment Rental
& Leasing (0.99%)
McDonnell Douglas Finance Corp.
Medium-Term Notes, Series 9;
9.94%; 6/11/98 1,000,000 1,088,980
Miscellaneous Investing (1.18%)
Weingarten Realty Investors
Medium-Term Notes;
7.29%;5/23/05 1,250,000 1,290,487
Miscellaneous Metal Ores (1.04%)
Cyprus Amax Minerals Notes;
7.38%;5/15/07 1,100,000 1,136,004
Motion Picture Production
& Services (0.39%)
Columbia Pictures Entertainment, Inc.
Senior Subordinated Notes;
9.88%; 2/1/98 $ 400,000 $ 431,242
Motor Vehicles & Equipment (2.11%)
Ford Motor Co. Debentures;
8.88%; 1/15/22 1,000,000 1,186,439
General Motors Corp. Global
Medium-Term Notes;
8.88%; 5/15/03 1,000,000 1,126,840
2,313,279
Newspapers (0.75%)
News America Holdings, Inc.
Guaranteed Senior Notes;
8.50%;2/15/05 750,000 822,565
Paper Mills (8.55%)
Boise Cascade Corp. Notes;
9.90%; 3/15/00 500,000 560,506
9.85%; 6/15/02 1,000,000 1,146,330
Bowater, Inc. Debentures;
9.50%; 10/15/12 1,000,000 1,210,729
9.38%; 12/15/21 1,500,000 1,834,570
Champion International Corp. Notes;
9.88%; 6/1/00 750,000 850,928
Chesapeake Corp. Notes;
9.88%; 5/1/03 1,000,000 1,182,301
7.20%; 3/15/05 600,000 613,880
James River Corp. Notes;
6.70%; 11/15/03 2,000,000 1,975,758
9,375,002
Paperboard Mills (1.52%)
Federal Paper Board Co., Inc.
Debentures; 8.88%; 7/1/12 1,500,000 1,664,116
Personal Credit Institutions (4.12%)
Coastal Corp. Senior Notes;
9.75%; 8/1/03 1,500,000 1,739,539
General Motors Acceptance Corp.
Global Notes; 8.50%; 1/1/03 2,000,000 2,210,606
Household Finance Corp. Senior
Subordinated Notes;
9.63%; 7/15/00 500,000 564,037
4,514,182
Petroleum Refining (8.46%)
Ashland Oil, Inc.
Medium-Term Notes;
7.71%; 5/11/07 500,000 531,705
7.72%; 7/15/13 1,000,000 1,039,030
7.73%; 7/15/13 750,000 780,007
Mapco, Inc. Medium-Term Notes;
8.48%; 8/5/13 1,000,000 1,071,500
Pennzoil Co. Debentures;
10.13%; 11/15/09 1,675,000 2,084,032
Sun Co., Inc. Debentures;
9.00%;11/1/24 2,000,000 2,362,376
Sun Co., Inc. Notes; 7.13%; 3/15/04 300,000 306,601
Ultramar Credit Corp. Guaranteed
Notes 8.63%; 7/1/02 1,000,000 1,103,583
9,278,834
Photographic Equipment
& Supplies (0.97%)
Xerox Corp. Notes; 9.63%; 9/1/97 $1,000,000 $ 1,063,109
Primary Nonferrous Metals (3.79%)
Amax, Inc. Notes; 9.88%; 6/13/01 900,000 1,007,909
Reynolds Metals Co.
Medium-Term Notes;
8.22%; 5/30/07 2,000,000 2,214,460
7.65%; 2/4/08 875,000 930,781
4,153,150
Pulp Mills (2.60%)
ITT Rayonier, Inc. Notes;
7.50%; 10/15/02 1,875,000 1,941,508
International Paper Co.
Medium-Term Notes;
9.70%; 8/15/00 800,000 905,712
2,847,220
Refrigeration & Service
Machinery (2.32%)
Westinghouse Electric Corp.
Debentures; 8.63%; 8/1/12 1,000,000 993,783
Westinghouse Electric Corp.
Global Notes; 8.88%; 6/1/01 1,500,000 1,548,652
2,542,435
Rental of Railroad Cars (0.39%)
General American Transportation
Corp. Medium-Term Notes;
10.65%; 11/14/97 400,000 432,271
Sanitary Services (1.69%)
Laidlaw, Inc. Notes;
7.70%; 8/15/02 1,000,000 1,052,908
Laidlaw, Inc. Senior Notes;
7.88%; 4/15/05 750,000 801,284
1,854,192
Telephone Communication (1.48%)
Sprint Corp. Notes; 8.13%; 7/15/02 1,500,000 1,626,639
Variety Stores (6.21%)
Dayton-Hudson Corp. Debentures;
9.25%; 8/15/11 1,000,000 1,198,944
Dayton-Hudson Corp.
Sinking Fund Debentures;
9.50%; 10/15/16 900,000 943,890
K Mart Corp. Global Notes;
8.13%; 12/1/06 1,000,000 951,944
K Mart Corp.
Medium-Term Notes;
7.55%; 7/27/04 1,000,000 947,220
Shopko Stores, Inc.
Senior Notes;
9.00%; 11/15/04 2,500,000 2,770,027
6,812,025
Total Bonds 106,146,178
Commercial Paper (1.74%)
Business Credit Institutions (1.00%)
General Electric Capital Corp.;
5.88%; 11/1/95 $ 595,000 $ 595,000
John Deere Capital Corp.;
5.75%; 11/7/95 500,000 499,521
1,094,521
Crude Petroleum & Natural Gas (0.38%)
Chevron Oil Finance Co.;
5.71%; 11/3/95 415,000 414,868
Personal Credit Institutions (0.36%)
Ford Motor Credit Co.;
5.76%; 11/1/95 400,000 400,000
Total Commercial Paper 1,909,389
Total Portfolio Investments (98.53%) 108,055,567
Cash, receivables and other assets, net of
liabilities (1.47%) 1,613,937
Total Net Assets (100.00%) $109,669,504
PRINCOR CASH MANAGEMENT FUND, INC.
Principal
Amount Value
Commercial Paper (95.10%)
Advertising (0.53%)
Omnicom Finance, Inc.;
LOC Swiss Bank Corp.;
5.75%; 11/27/95 $3,350,000 $ 3,336,088
Asset-Backed Securities (3.52%)
Retailer Funding Corp.;
5.75%; 11/14/95 2,800,000 2,794,186
5.75%; 11/17/95 3,000,000 2,992,333
5.75%; 11/21/95 2,350,000 2,342,493
5.75%; 11/27/95 1,000,000 995,847
5.75%; 12/1/95 4,475,000 4,453,557
5.73%; 12/5/95 5,000,000 4,972,942
5.73%; 12/8/95 3,450,000 3,429,683
21,981,041
Business Credit Institutions (17.61%)
American Express Credit Corp.;
5.75%; 11/2/95 2,500,000 2,499,601
5.55%; 11/6/95 3,900,000 3,896,994
5.64%; 11/17/95 3,660,000 3,650,826
5.64%; 12/19/95 2,300,000 2,282,704
5.63%; 12/28/95 2,350,000 2,329,052
5.63%; 12/29/95 2,500,000 2,477,324
5.68%; 2/6/96 4,300,000 4,234,191
5.65%; 3/7/96 2,800,000 2,744,191
5.50%; 4/1/96 5,000,000 4,883,889
5.58%; 5/28/96 1,725,000 1,669,119
CIT Group Holdings, Inc.;
5.72%; 12/6/95 $3,675,000 $ 3,654,563
5.73%; 12/12/95 3,475,000 3,452,323
5.65%; 2/8/96 2,500,000 2,461,156
5.65%; 2/13/96 5,825,000 5,729,923
5.65%; 2/14/96 4,000,000 3,934,083
5.56%; 2/16/96 4,000,000 3,933,898
5.65%; 2/29/96 3,850,000 3,777,492
General Electric Capital Corp.;
5.75%; 11/10/95 3,250,000 3,245,328
5.70%; 11/13/95 3,550,000 3,543,255
5.64%; 12/27/95 2,375,000 2,354,163
5.58%; 1/29/96 3,000,000 2,958,615
5.59%; 3/1/96 3,000,000 2,943,634
5.62%; 3/25/96 2,750,000 2,687,751
5.60%; 3/26/96 1,500,000 1,465,933
International Lease Finance Corp.;
5.65%; 11/9/95 4,000,000 3,994,978
5.68%; 11/14/95 3,850,000 3,842,103
5.48%; 1/26/96 700,000 690,836
5.66%; 2/7/96 3,900,000 3,839,909
John Deere Capital Corp.;
5.74%; 11/13/95 2,750,000 2,744,738
5.66%; 12/14/95 5,250,000 5,214,507
5.69%; 1/30/96 4,000,000 3,943,100
5.59%; 2/22/96 4,000,000 3,929,814
5.64%; 3/29/96 5,000,000 4,883,283
109,893,276
Computer & Office
Equipment (0.88%)
Pitney Bowes Credit Corp.;
5.66%; 11/28/95 4,000,000 3,983,020
5.62%; 12/12/95 1,500,000 1,490,399
5,473,419
Drug Stores & Proprietary
Stores (0.20%)
Melville Corp.; 5.73%; 11/27/95 1,225,000 1,219,931
Electric Services (4.74%)
AES Shady Point, Inc.; LOC
Bank of Tokyo Ltd.;
5.90%; 11/9/95 5,000,000 4,993,445
5.92%; 11/28/95 750,000 740,380
5.84%; 12/1/95 2,500,000 2,487,833
5.90%; 1/18/96 5,000,000 4,936,083
5.90%; 1/19/96 5,000,000 4,935,264
CommEd Fuel Co., Inc.;
LOC Credit Suisse;
5.74%; 11/17/95 1,775,000 1,770,472
5.65%; 12/7/95 3,275,000 3,256,496
Transmission Agency-Northern
California; LOC Industrial
Bank of Japan Ltd.;
5.80%; 11/17/95 5,000,000 4,987,111
Wisconsin Power & Light Co.;
5.72%; 12/13/95 1,500,000 1,489,990
29,597,074
Electronic Components &
Accessories (0.58%)
SCI Systems, Inc.;
LOC ABN-AMRO Bank NV;
5.80%; 11/10/95 3,600,000 3,594,780
Federal & Federally Sponsored
Credit (1.78%)
Federal National Mortgage
Association;
5.50%; 4/29/96 $5,550,000 $ 5,397,375
5.58%; 8/9/96 4,000,000 3,825,160
U.S. Government Treasury Bills;
5.35%; 8/22/96 2,000,000 1,912,319
11,134,854
Finance Services (4.87%)
Mitsubishi International Corp.;
5.68%; 11/6/95 1,400,000 1,398,896
5.70%; 11/7/95 1,200,000 1,198,860
5.59%; 11/10/95 2,550,000 2,546,436
5.75%; 11/14/95 2,000,000 1,995,847
5.74%; 11/15/95 3,000,000 2,993,303
5.70%; 1/10/96 4,000,000 3,955,667
5.77%; 1/24/96 1,900,000 1,874,420
5.63%; 1/31/96 1,700,000 1,675,807
5.76%; 1/31/96 3,325,000 3,276,588
5.70%; 2/9/96 6,000,000 5,905,000
5.68%; 2/23/96 2,000,000 1,964,027
5.55%; 3/15/96 1,650,000 1,615,659
30,400,510
Investment Offices (0.80%)
Morgan Stanley Group Inc.;
5.75%; 11/13/95 5,000,000 4,990,417
Jewelry, Silverware, &
Plated Ware (1.44%)
Jostens, Inc.
5.70%; 11/15/95 5,000,000 4,988,917
5.75%; 11/15/95 4,000,000 3,991,055
8,979,972
Life Insurance (4.71%)
American General Corp.;
5.65%; 12/7/95 4,275,000 4,250,846
5.72%; 12/12/95 2,025,000 2,011,808
5.68%; 12/13/95 4,000,000 3,973,493
Prudential Funding Corp.;
Prudential Insurance Co.
of America;
5.47%; 11/22/95 2,500,000 2,492,023
5.54%; 11/29/95 4,000,000 3,982,765
5.45%; 12/18/95 3,500,000 3,475,097
5.45%; 12/21/95 3,000,000 2,977,292
5.45%; 12/22/95 3,000,000 2,976,837
5.65%; 12/28/95 3,275,000 3,245,702
29,385,863
Miscellaneous Electrical Equipment
& Supplies (2.95%)
General Electric Co.
5.70%; 11/20/95 2,450,000 2,442,630
5.73%; 11/20/95 4,825,000 4,810,408
5.66%; 12/6/95 4,000,000 3,977,989
5.72%; 12/7/95 4,175,000 4,151,119
5.57%; 12/29/95 3,050,000 3,022,630
18,404,776
Miscellaneous Food & Kindred
Products (0.55%)
Cargill, Inc.; 5.57%; 1/26/96 3,500,000 3,453,429
Miscellaneous Investing (0.83%)
MLTC Funding, Inc.; LOC
Union Bank of Switzerland;
5.75%; 11/30/95 $5,200,000 $ 5,175,914
Motor Vehicles & Equipment (0.72%)
Paccar Financial Corp.;
5.68%; 11/2/95 4,500,000 4,499,290
Personal Credit Institutions (21.12%)
American General Finance Corp.;
5.70%; 11/9/95 4,600,000 4,594,173
5.65%; 12/4/95 4,250,000 4,227,989
5.68%; 12/11/95 5,000,000 4,968,444
Associates Corp. of
North America;
5.72%; 11/6/95 5,250,000 5,245,829
5.68%; 11/7/95 4,500,000 4,495,740
5.65%; 12/6/95 3,100,000 3,082,971
5.67%; 12/8/95 5,500,000 5,467,949
5.69%; 12/27/95 4,400,000 4,361,055
5.66%; 2/26/96 2,000,000 1,963,210
5.69%; 2/27/96 4,000,000 3,925,398
Beneficial Corp.;
5.65%; 11/20/95 5,000,000 4,985,090
5.63%; 11/27/95 4,175,000 4,158,024
5.65%; 12/15/95 3,850,000 3,823,414
5.70%; 1/29/96 1,800,000 1,774,635
Ford Motor Credit Co.;
5.60%; 11/13/95 2,800,000 2,794,773
5.60%; 11/15/95 4,000,000 3,991,289
5.70%; 12/15/95 2,950,000 2,929,448
5.69%; 1/12/96 2,300,000 2,273,826
5.67%; 2/1/96 3,675,000 3,621,749
5.66%; 2/12/96 2,250,000 2,213,564
5.67%; 2/20/96 5,000,000 4,912,588
General Motors
Acceptance Corp.;
5.59%; 11/3/95 3,500,000 3,498,913
5.70%; 11/3/95 2,300,000 2,299,272
5.59%; 11/7/95 2,950,000 2,947,252
5.59%; 11/8/95 2,000,000 1,997,826
5.57%; 11/10/95 3,000,000 2,995,823
5.47%; 12/6/95 3,225,000 3,207,849
5.54%; 12/14/95 3,575,000 3,551,343
5.64%; 12/20/95 5,000,000 4,961,617
5.71%; 2/12/96 3,400,000 3,344,454
5.69%; 2/13/96 1,800,000 1,770,412
Household Finance Corp.;
5.65%; 11/16/95 3,460,000 3,451,855
5.65%; 11/21/95 4,500,000 4,485,875
5.73%; 12/1/95 3,900,000 3,881,377
Norwest Financial, Inc.;
5.68%; 11/1/95 4,000,000 4,000,000
5.68%; 11/21/95 3,600,000 3,588,640
5.67%; 12/8/95 2,000,000 1,988,345
131,782,011
Real Estate Operators & Lessors (7.12%)
Maguire/Thomas Partners
Westlake/Southlake Partnership;
LOC Sumitomo Bank Ltd.
5.85%; 11/1/95 $5,000,000 $ 5,000,000
5.88%; 11/1/95 2,000,000 2,000,000
5.92%; 11/3/95 7,000,000 6,997,698
5.85%; 12/4/95 5,500,000 5,470,506
5.85%; 12/5/95 5,000,000 4,972,375
5.88%; 12/5/95 1,175,000 1,168,480
5.75%; 12/19/95 5,000,000 4,961,667
Towson Town Center, Inc.;
LOC Mitsubishi Bank Ltd.
5.77%; 11/17/95 4,000,000 3,989,742
5.82%; 11/20/95 1,000,000 996,928
5.85%; 11/22/95 1,175,000 1,170,990
5.85%; 12/5/95 7,725,000 7,682,320
44,410,706
Security Brokers & Dealers (14.58%)
Bear Stearns Cos., Inc.;
5.71%; 11/15/95 4,000,000 3,991,118
5.72%; 11/16/95 4,050,000 4,040,348
5.71%; 12/1/95 3,875,000 3,856,561
5.71%; 12/13/95 4,400,000 4,370,689
5.63%; 12/15/95 4,675,000 4,642,831
5.72%; 1/11/96 5,000,000 4,943,595
5.70%; 1/12/96 5,000,000 4,943,000
Goldman Sachs Group L.P.;
5.68%; 11/16/95 5,000,000 4,988,167
5.73%; 11/21/95 5,000,000 4,984,083
5.60%; 2/14/96 2,925,000 2,877,225
5.64%; 2/23/96 1,950,000 1,915,173
5.52%; 3/14/96 4,000,000 3,917,813
5.63%; 4/9/96 5,000,000 4,874,889
5.63%; 4/11/96 5,000,000 4,873,325
5.60%; 4/19/96 2,675,000 2,604,261
Merrill Lynch & Co., Inc.;
5.60%; 11/8/95 3,500,000 3,496,189
5.62%; 11/14/95 4,000,000 3,991,882
5.72%; 11/22/95 1,325,000 1,320,579
5.73%; 11/29/95 3,000,000 2,986,630
5.67%; 12/5/95 4,000,000 3,978,580
5.70%; 12/7/95 4,800,000 4,772,640
5.70%; 12/8/95 3,250,000 3,230,960
5.67%; 2/28/96 3,100,000 3,041,898
5.67%; 2/29/96 2,400,000 2,354,640
90,997,076
Subdividers & Developers (0.98%)
Hartz 667 Commercial Paper Corp.;
LOC Mitsubishi Bank Ltd.;
5.85%; 11/6/95 2,150,000 2,148,253
5.85%; 11/9/95 4,000,000 3,994,800
6,143,053
Telephone Communication (0.44%)
Ameritech Corp.;
5.60%; 11/9/95 1,500,000 1,498,133
5.75%; 11/9/95 1,250,000 1,248,403
2,746,536
Tires & Inner Tubes (4.15%)
Bridgestone/Firestone, Inc.;
LOC Sumitomo Bank Ltd.;
5.92%; 11/3/95 2,525,000 2,524,169
5.82%; 11/22/95 2,775,000 2,765,579
5.77%; 11/29/95 $2,650,000 $ 2,638,107
5.77%; 12/1/95 3,000,000 2,985,575
5.82%; 12/27/95 3,000,000 2,972,840
6.07%; 1/18/96 2,000,000 1,973,697
Bridgestone/Firestone, Inc.;
LOC DAI-ICHI
Kangyo Bank Ltd.;
5.85%; 11/13/95 1,300,000 1,297,465
5.85%; 11/28/95 2,800,000 2,787,715
5.81%; 12/4/95 4,000,000 3,978,697
5.82%; 12/18/95 2,000,000 1,984,803
25,908,647
Bank Notes (3.77%)
Commercial Banks (3.77%)
Lasalle National Bank;
5.60%; 11/8/95 3,000,000 3,000,000
5.71%; 11/28/95 3,000,000 3,000,000
5.75%; 11/30/95 4,000,000 4,000,000
7.59%; 12/28/95 1,000,000 1,000,000
5.81%; 6/25/96 3,000,000 3,000,000
5.75%; 7/8/96 3,000,000 3,000,000
5.77%; 7/25/96 3,000,000 3,000,000
5.75%; 8/26/96 1,500,000 1,500,000
5.72%; 8/30/96 2,000,000 2,000,000
23,500,000
Total Portfolio Investments (98.87%) 617,008,663
Cash, receivables and other assets, net of
liabilities (1.13%) 7,063,352
|
Total Net Assets (100.00%) $624,072,015
PRINCOR GOVERNMENT SECURITIES INCOME
FUND, INC.
Description of Issue Principal
Type Rate Maturity Amount Value
Government National Mortgage Association (GNMA) Certificates (99.17%)
GNMA I 6.00% 10/15/23-3/15/24 $20,503,962 $ 19,463,797
GNMA I 6.50 9/15/23-10/15/25 46,444,296 45,191,229
GNMA I 7.00 10/15/22-12/15/23 66,797,021 66,384,215
GNMA I 7.25 9/15/25 3,605,707 3,610,467
GNMA I 7.50 4/15/17-8/15/24 61,430,532 62,331,042
GNMA I 8.00 8/15/16-8/15/25 39,817,432 41,155,361
GNMA I 8.50 1/15/17-1/15/25 16,686,482 17,435,236
GNMA I 9.00 11/15/22 1,765,170 1,857,735
GNMA II M 6.00 1/20/24-9/20/25 3,053,674 2,868,224
GNMA II M 6.50 9/20/25 999,132 964,682
GNMA GPM 9.00 3/15/09-10/15/09 2,239,566 2,354,344
Total GNMA Certificates 263,616,332
Federal Agency Short-Term Obligations (0.33%)
Federal Home Loan Mortgage Corporation;
5.82%; 11/1/95 $ 885,000 $ 885,000
Total Portfolio Investments (99.50%) 264,501,332
Cash, receivables and other assets, net of
liabilities (0.50%) 1,326,175
|
Total Net Assets (100.00%) $265,827,507
PRINCOR HIGH YIELD FUND, INC.
Bonds (92.79%)
Principal
Amount Value
Agricultural Chemicals (3.02%)
IMC Fertilizer Group, Inc. Senior
Debentures; 9.45%; 12/15/11 $700,000 $ 726,250
Aircraft & Parts (2.55%)
Rohr Industries, Inc. Subordinated
Debentures; 9.25%; 3/1/17 700,000 612,500
Blast Furnace & Basic Steel
Products (2.98%)
Ivaco Senior Notes;
11.50%; 9/15/05 350,000 346,938
Weirton Steel Corp. Senior Notes;
10.75%; 6/1/05 400,000(a) 368,000
714,938
Broadwoven Fabric Mills, Cotton (2.87%)
J.P. Stevens & Co., Inc. Sinking
Fund Debentures; 9.00%; 3/1/17 700,000 689,500
Cable & Other Pay TV Services (3.06%)
Jones Intercable, Inc. Senior Notes;
9.63%; 3/15/02 700,000 735,875
Cogeneration - Small Power
Producer (1.50%)
California Energy Co., Inc. Limited
Resource Senior Secured Notes;
9.88%; 6/30/03 350,000 360,937
Communications Equipment (2.61%)
Rogers Cantel Mobile, Inc. Senior
Secured Guaranteed Notes;
10.75%; 11/1/01 600,000 627,000
Computer & Data Processing
Services (3.14%)
Tenet Heathcare Corp. Senior
Subordinated Notes;
10.13%; 3/1/05 700,000 754,250
Computer & Office Equipment (3.22%)
Dell Computer Corp. Senior Notes;
11.00%; 8/15/00 $700,000 $ 773,500
Consumer Products (2.50%)
RJR Nabisco, Inc. Senior Notes;
8.75%; 8/15/05 600,000 600,000
Electric Services (2.53%)
Tucson Electric Power Co. First
Mortgage Bonds;
8.50%; 11/1/99 600,000 607,844
Engines & Turbines (2.77%)
Outboard Marine Debentures;
9.13%; 4/15/17 700,000 665,000
Ferroalloy Ores, Except
Vanadium (2.10%)
Geneva Steel Co. Senior Notes;
9.50%; 1/15/04 700,000 505,750
Forest Products (2.91%)
Doman Industries Ltd.
Senior Notes; 8.75%; 3/15/04 700,000 697,508
Fuel Dealers (2.67%)
Petroleum Heat & Power Co., Inc.
Subordinated Notes;
10.13%; 4/1/03 700,000 642,250
General Government, NEC (2.12%)
Republic of Argentina
Global Bonds; 8.38%; 12/20/03 700,000 509,250
Groceries & Related Products (5.95%)
Fleming Cos., Inc. Senior Notes;
10.63%; 12/15/01 700,000 736,750
Rykoff-Sexton, Inc. Senior
Subordinated Notes;
8.88%; 11/1/03 700,000 693,000
1,429,750
Grocery Stores (7.99%)
Dominick's Finer Foods, Inc.
Senior Subordinated Notes;
10.88%; 5/1/05 700,000 736,750
Ralph's Grocery Co. Senior
Subordinated Notes;
11.00%; 6/15/05 700,000 679,000
Stater Brothers Holdings, Inc.
Senior Notes; 11.00%; 3/01/01 500,000 502,500
1,918,250
Hotels & Motels (5.72%)
Bally's Grand, Inc. First Mortgage
Notes; 10.38%; 12/15/03 $700,000 $ 700,000
John Q. Hammons Hotels, L.P. &
Finance Corp. First Mortgage
Notes; 8.88%; 2/15/04 700,000 675,500
1,375,500
Knitting Mills (3.00%)
Tultex Corp. Senior Notes;
10.63%; 3/15/05 700,000 721,000
Miscellaneous Amusement, Recreation
Service (1.42%)
Rio Hotel & Casino, Inc. Senior
Subordinated Notes;
10.63%; 7/15/05 350,000 341,250
Miscellaneous Converted Paper
Products (1.22%)
Drypers Corp. Senior Notes;
12.50%; 11/1/02 700,000 294,000
Miscellaneous Plastics Products,
NEC (4.13%)
Congoleum Corp. Senior Notes;
9.00%; 2/1/01 700,000 686,000
Plastic Containers, Inc.
Senior Secured Notes;
10.75%; 4/1/01 300,000 307,500
993,500
Motor Vehicles & Equipment (2.86%)
Lear Seating Corp. Subordinated
Notes; 8.25%; 2/1/02 700,000 687,750
Petroleum Refining (3.04%)
Crown Central Petroleum Corp.
Senior Notes; 10.88%; 2/1/05 700,000 729,750
Pulp Mills (2.84%)
Magnetek, Inc. Senior Subordinated
Debentures; 10.75%; 11/15/98 650,000 682,500
Radio, Television, & Computer
Stores (2.89%)
CompUSA, Inc. Senior Subordinated
Notes; 9.50%; 6/15/00 700,000 695,625
Soap, Cleaners, & Toilet Goods (3.09%)
Coty, Inc. Senior Subordinated
Notes; 10.25%; 5/1/05 700,000 742,000
Telephone Communication (6.09%)
Paging Network, Inc.
Senior Debentures;
8.88%; 2/1/06 700,000 700,000
Rogers Cablesystems Ltd. Senior
Secured Second Priority Notes;
9.63%; 8/1/02 750,000 763,125
1,463,125
Total Bonds 22,296,352
Commercial Paper (4.39%)
Business Credit Institutions (2.48%)
General Electric Capital Corp.;
5.88%; 11/1/95 $595,000 $ 595,000
Crude Petroleum & Natural Gas (1.91%)
Chevron Oil Finance Corp.;
5.71%; 11/2/95 460,000 459,927
Total Commercial Paper 1,054,927
Total Portfolio Investments (97.18%) 23,351,279
Cash, receivables and other assets, net of
liabilities (2.82%) 677,534
Total Net Assets (100.00%) $24,028,813
|
(a) Restricted security - See Note 4 to the financial statements.
PRINCOR TAX-EXEMPT BOND FUND, INC.
Principal
Amount Value
Long-Term Tax-Exempt Bonds (96.95%)
Alabama (2.73%)
Courtland, Alabama IDB IDR Series A
Bonds for Champion International;
7.20%; 12/1/13 $3,815,000 $ 4,153,581
Courtland, Alabama IDB Solid Waste
Disposal Rev. Bonds for Champion
International Corp. Project;
7.00%; 6/1/22 800,000 841,000
4,994,581
Alaska (1.61%)
Valdez, Alaska Terminal Rev. Ref. Bonds,
BP Pipelines, Inc. Project, Series C;
5.65%; 12/1/28 3,100,000 2,945,000
Arizona (2.67%)
Navajo County Arizona Pollution Control
Corp. Rev. Ref. Bonds, Arizona Public
Service Co., Series 1993A;
5.88%; 8/15/28 5,100,000 4,896,000
Arkansas (2.67%)
City of Blytheville, Arkansas Solid Waste
Recycling & Sewer Treatment Rev.
Bonds, Series 1992, Nucor Corp.
Project; 6.90%; 12/1/21 4,610,000 4,892,363
California (1.91%)
ABAG Finance Authority for Nonprofit
Corp., Cert.of Participation,
Stanford University Hospital;
5.00%; 11/1/04 750,000 728,438
5.50%; 11/1/13 1,250,000 1,198,437
5.25%; 11/1/20 1,750,000 1,570,625
3,497,500
Colorado (2.83%)
City & County of Denver, Colorado, Airport
System Rev. Bonds, Series 1991D;
7.75%; 11/15/13 $3,185,000 $ 3,754,319
Colorado Health Fac. Authority Rev. Bonds
for Sisters of Charity Healthcare
Systems, Series 1994; 5.25%; 5/15/14 1,500,000 1,428,750
5,183,069
Georgia (3.27%)
Coweta County, Georgia Dev. Authority
Pollution Control Rev. Bonds,
Georgia Power Co., Yates Project;
6.00%; 3/1/18 2,500,000 2,509,375
Fulco, Georgia, Hospital Authority Rev.
Anticipation Cert. for St. Joseph's
Hospital of Atlanta, Inc.; 5.50%; 10/1/14 2,000,000 1,857,500
Municipal Electric Authority of Georgia
Power Rev. Bonds, Series R;
7.30%; 1/1/09 1,505,000 1,623,519
5,990,394
Illinois (16.77%)
Chicago, Illinois O'Hare International
Airport Special Fac. Rev. Bonds for
American Airlines, Inc. Project-A;
7.88%; 11/1/25 6,010,000 6,453,238
City of Chicago, Illinois Adj. Rate Gas
Supply Rev. Bonds, Series 1985A,
Peoples Gas Light & Coke Project;
6.88%; 3/1/15 3,800,000 4,123,000
Illinois Dev. Financial Authority Pollution
Control Rev. Bonds for Illinois
Power Co.; 7.63%; 12/1/16 2,050,000 2,178,125
Illinois Health Fac. Authority for Sarah Bush
Lincoln Health Center Area E-7 Hospital
Association Bonds, Series 1987;
7.20%; 4/1/01 150,000 157,312
7.38%; 4/1/17 850,000 881,875
Illinois Health Fac. Authority Ref. Rev.
Bonds for OSF Healthcare System;
6.00%; 11/15/10 500,000 500,625
6.00%; 11/15/13 500,000 492,500
6.00%; 11/15/23 735,000 712,950
Illinois Health Fac. Authority Ref. Rev.
Bonds for OSF Healthcare System,
Series 1993; 5.75%; 11/15/07 1,600,000 1,608,000
Illinois Health Fac. Authority Rev. Bonds
for Sarah Bush Lincoln Health
Center, Series 1992;
7.25%; 5/15/12 2,950,000 3,079,062
7.25%; 5/15/22 1,515,000 1,569,919
Illinois Health Fac. Authority Rev. Bonds
for South Suburban Hospital,
Series 1992;
7.00%; 2/15/09 500,000 525,625
7.00%; 2/15/18 1,250,000 1,312,500
Illinois Health Fac. Authority Rev. Bonds,
Northwestern Memorial Hospital,
Series 1994A;
5.60%; 8/15/06 500,000 509,375
5.75%; 8/15/08 615,000 624,225
5.80%; 8/15/09 840,000 846,300
6.10%; 8/15/14 1,000,000 1,017,500
Illinois Health Fac. Authority Rev. Ref.
Bonds for Advocate Healthcare,
Series A; 6.75%; 4/15/12 $2,000,000 $ 2,077,500
Regional Transportation Authority,
Illinois General Obligation Bonds,
Series 1994A; 6.25%; 6/1/15 2,000,000 2,057,500
30,727,131
Indiana (6.51%)
City of Mount Vernon, Indiana, Pollution
Control Rev. Bonds, for Southern
Indiana Gas & Electric Co. Project,;
7.25%; 3/1/14 700,000 770,000
City of Petersburg, Indiana, Pollution
Control Rev. Bonds, for Indianapolis
Power & Light Co. Project,
Series 1993A; 6.10%; 1/1/16 4,000,000 4,085,000
Indiana Health Fac. Financing Authority
Hospital Rev. Ref. Bonds, Welborn
Memorial Baptist Hospital, Series 1993;
5.63%; 7/1/23 1,860,000 1,708,875
Lawrenceburg, Indiana Pollution Control
Rev. Ref. Bonds, Indiana Michigan
Power Co. Project,
Series D; 7.00%; 4/1/15 1,000,000 1,061,250
Series E; 5.90%; 11/1/19 3,220,000 3,099,250
Warrick County, Indiana Environmental
Improvement Rev. Bonds, Southern
Indiana Gas & Electric, Series 1993B;
6.00%; 5/1/23 1,190,000 1,203,388
11,927,763
Iowa (4.86%)
Chillicothe, Iowa Pollution Control Rev.
Bonds for Iowa Southern Utilities Co.,
Series 1977; 5.95%; 2/1/07 500,000 500,500
City of Muscatine, Iowa, Electric Rev.
Ref. Bonds, Series 1986;
6.00%; 1/1/06 160,000 160,126
5.00%; 1/1/07 1,665,000 1,581,750
Eddyville, Iowa, IDR Ref. Bonds,
Cargill, Inc. Project; 5.63%; 12/1/13 1,000,000(a) 980,000
Iowa Finance Authority Hospital Fac.
Ref. Rev. Bonds for Jennie
Edmundson Memorial Hospital;
7.40%; 11/1/06 550,000 590,563
7.65%; 11/1/16 4,900,000 5,089,875
8,902,814
Kentucky (1.01%)
City of Ashland, Kentucky Sewage and
Solid Waste Rev. Bonds for Ashland,
Inc. Project, Series 1995; 7.13%; 2/1/22 750,000 795,938
City of Ashland, Kentucky, Solid Waste
Rev. Bonds for Ashland Oil, Inc.
Project, Series 1991; 7.20%; 10/1/20 1,000,000 1,058,750
1,854,688
Louisiana (1.14%)
St. Charles Parish, Louisiana Pollution
Control Rev. Bonds for Louisiana
Power & Light Co. Project;
7.50%; 6/1/21 $1,950,000 $ 2,081,625
Maine (2.41%)
Skowhegan, Maine, Pollution Control
Rev. Ref. Bonds for Scott Paper
Co. Project, Series 1993;
5.90%; 11/1/13 4,450,000 4,416,625
Michigan (1.31%)
Michigan State Hospital Financing
Authority Hospital Rev. Bonds for
Detroit Medical Center, Series 1993B;
5.75%; 8/15/13 600,000 578,250
5.50%; 8/15/23 2,000,000 1,820,000
2,398,250
Minnesota (1.61%)
City of Bass Brook, Minnesota, Pollution
Control Rev. Ref. Bonds for Minnesota
Power & Light Project; 6.00%; 7/1/22 3,000,000 2,947,500
Missouri (2.26%)
Missouri State Environmental
Improvement & Energy Authority
Rev. Bonds, Union Electric Co.,
Series 1993; 5.45%; 10/1/28 2,050,000 1,914,187
Missouri State Health & Educational
Fac. Authority Health Fac. Rev., BJC
Health System, Series 1994A;
6.75%; 5/15/12 2,000,000 2,220,000
4,134,187
Montana (1.09%)
Forsyth, Montana, Pollution Control Rev.
Ref. Bonds, Montana Power Co.,
Colstrip Project, Series 1993A;
6.13%; 5/1/23 2,000,000 2,005,000
Nebraska (1.98%)
Nebraska Public Power Dist. Power
Supply System Rev. Bonds;
5.30%; 1/1/02 1,000,000 1,033,750
5.40%; 1/1/03 1,500,000 1,558,125
5.50%; 1/1/04 1,000,000 1,043,750
3,635,625
Nevada (2.08%)
Clark County, Nevada, IDR Ref. Bonds,
Nevada Power Co. Project,
Series 1992C; 7.20%; 10/1/22 3,600,000 3,807,000
New Mexico (1.14%)
City of Lordsburg, New Mexico,
Pollution Control Rev. Bonds
for Phelps Dodge Corp. Project;
6.50%; 4/1/13 2,000,000 2,090,000
North Carolina (3.85%)
Martin County, North Carolina Industrial
Fac. & Pollution Control Finance
Authority Solid Waste Rev. Bonds,
Weyerhaeuser; 6.80%; 5/1/24 3,750,000 3,937,500
North Carolina Medical Care Hospital
Rev. Bonds for Rex Hospital Project;
6.13%; 6/1/10 1,700,000 1,734,000
North Carolina Municipal Power Agency
Catawba Electric Rev. Bonds;
6.00%; 1/1/15 $1,400,000 $ 1,373,750
7,045,250
North Dakota (1.14%)
Mercer County, North Dakota, Pollution
Control Rev. Bonds, Ottertail Power
Co. Project, Series 1991; 6.90%; 2/1/19 1,950,000 2,096,250
Ohio (4.97%)
Cuyahoga County, Ohio, Hospital Rev.
Bonds for Meridia Health Systems,
Series 1991;
7.25%; 8/15/19 1,445,000 1,551,569
7.00%; 8/15/23 250,000 266,250
Lorain County, Ohio Hospital Ref. Bonds,
Humility Mary Health Care, Series A;
5.90%; 12/15/08 2,270,000 2,349,450
Ohio Air Quality Dev. Rev. Bonds,
Columbus Southern Power Co. Project,
Series 1985B; 6.25%; 12/1/20 4,900,000 4,930,625
9,097,894
Oklahoma (1.38%)
Midwest City, Oklahoma Memorial
Hospital Authority Rev. Ref. Bonds;
7.50%; 7/1/14 200,000 206,250
Tulsa Industrial Authority Rev. Bonds,
St. John Medical Center Project,
Series 1994;
6.25%; 2/15/14 1,280,000 1,308,800
6.25%; 2/15/17 1,000,000 1,018,750
2,533,800
South Carolina (1.05%)
York County, South Carolina Exempt Fac.
Industrial Rev. Bonds for Hoechst
Celanese Project, Series 1994;
5.70%; 1/1/24 2,000,000 1,922,500
South Dakota (0.58%)
Pennington County, South Dakota
Pollution Control Rev. Ref. Bonds
for Black Hills Power & Light Co.
Project; 6.70%; 6/1/10 1,000,000 1,071,250
Texas (5.39%)
Brazos River Authority, Texas, Pollution
Control Rev. Bonds for Houston
Lighting & Power;
8.25%; 5/1/15 820,000 894,825
7.75%; 10/1/15 855,000 930,881
8.25%; 5/1/19 500,000 545,625
Guadalupe-Blanco Riv Authority,
Texas, Industrial Dev. Corp.
Pollution Control Rev. E I Du Pont
1982 Series A; 6.35%;7/1/22 2,500,000 2,603,125
Matagorda County, Texas, Navigational
District No. 1 Pollution Control Rev.
Bonds for Central Power & Light Co.;
7.50%; 12/15/14 2,585,000 2,846,731
6.00%; 7/1/28 1,000,000 1,003,750
Tarrant County, Texas, Health Fac. Dev.
Corp. Harris Methodist Health System
Rev. Bonds; 5.90%; 9/1/06 1,000,000 1,047,500
9,872,437
Utah (0.78%)
Intermountain Power Agency, Utah
Power Supply, Rev. Ref. Bonds,
Series 1993A; 5.50%; 7/1/20 $1,500,000 $ 1,432,500
Virginia (3.81%)
Arlington County, Virginia, IDA
Hospital Fac. Rev. Ref. Bonds,
Arlington Hospital, Series 1993;
5.00%; 9/1/21 2,715,000 2,358,656
Chesapeake, Virginia Industrial Dev.
Authority Rev. Ref. Bond for Cargill,
Inc.Project .; 5.88%; 3/1/13 1,410,000 1,411,763
Penninsula Ports Authority of Virgina,
Dominion Terminal Associates
Project - The Pittson Co.;7.38;6/1/20 3,000,000 3,213,750
6,984,169
Washington (4.51%)
City of Seattle, Washington Municipal
Light and Power Rev. Bonds;
1993; 5.10%; 11/1/05 1,950,000 1,984,125
1994; 6.63%; 7/1/16 1,000,000 1,075,000
Pilchuck Dev. Public Corp., State of
Washington, Special Fac. Airport
Rev. Bonds, Series 1993, Tramco, Inc.
Project for BF Goodrich;
6.00%; 8/1/23 3,155,000 3,009,081
Washington Health Care Fac. Authority
Rev. Bond; Series 1989 Sisters of
Providence; 7.88%;10/1/10 2,000,000 2,187,500
8,255,706
West Virginia (6.52%)
Marshall County, West Virginia,
Pollution Control Rev. Bonds
for Ohio Power Co. Project;
Series C; 6.85%; 6/1/22 1,200,000 1,279,500
Series D; 5.90%; 4/1/22 4,500,000 4,567,500
Pleasant County, West Virgina
Pollution Control Rev. Bonds
for Potomac Edison Co.;
6.15%; 5/1/15 2,000,000 2,032,500
Putnam County, West Virginia,
Pollution Control Rev. Bonds for
Appalachian Power Co. Project,
Series C; 6.60%; 7/1/19 3,875,000 4,059,062
11,938,562
Wisconsin (1.11%)
Wisconsin Health & Educational Fac.
Authority Rev. Bonds; Series 1995;
Franciscan Skemp Medical Center, Inc.;
5.88%;11/15/10 1,000,000 1,017,500
6.13%;11/15/15 1,000,000 1,016,250
2,033,750
Total Portfolio Investments (96.95%) 177,611,183
Cash, receivables and other assets, net of
liabilities (3.05%) 5,590,240
Total Net Assets (100.00%) $183,201,423
|
(a) Restricted security - See Note 4 to the financial statements.
PRINCOR TAX-EXEMPT CASH MANAGEMENT
FUND, INC.
Principal
Amount Value
Short-Term Tax-Exempt Bonds (101.21%)
Alabama (1.30%)
City of Stevenson, Alabama, IDB,
Improvement Rev. Bonds, The Mead
Corp., Series 1986; LOC Credit Suisse;
3.90%; 11/1/95*; 11/1/16 $1,300,000 $ 1,300,000
Alaska (5.22%)
Alaska Industrial Dev. & Export Authority,
IDB Current Ref. Bonds, Series
1988A; LOC Security Pacific
Bank Washington;
Lot #2; 4.20%; 11/1/95*; 7/1/97 80,000 80,000
Lot #3; 4.20%; 11/1/95*; 7/1/97 505,000 505,000
Lot #5; 4.20%; 11/1/95*; 7/1/98 1,495,000 1,495,000
Lot #6; 4.20%; 11/1/95*; 7/1/01 1,485,000 1,485,000
Lot #7; 4.20%; 11/1/95*; 7/1/01 170,000 170,000
Lot #8; 4.20%; 11/1/95*; 7/1/05 185,000 185,000
Lot #9; 4.20%; 11/1/95*; 7/1/05 250,000 250,000
Lot #12; 4.20%; 11/1/95*; 7/1/12 1,040,000 1,040,000
5,210,000
Arizona (1.30%)
Chandler County, Arizona, IDA, F/R
Monthly IDR, Parsons Municipal
Services, Series 1983; LOC
National Westminster;
3.90%; 11/15/95*; 12/15/09 1,300,000 1,300,000
California (3.02%)
County of Los Angeles, California,
1995-96 Tax & Rev. Anticipation
Notes; 4.50%; 7/1/96 3,000,000 3,014,055
Colorado (1.00%)
Adams County, Colorado, IDR Bonds,
City View Park Project, Series
1985; LOC Barclays Bank;
3.95%; 11/1/95*; 12/1/15 300,000 300,000
Arapahoe County, Colorado, F/R
Monthly IDR, Beckett
Aviation, Inc., Series; 1983
LOC Barclays Bank;
3.81%; 11/15/95*; 5/15/13 600,000 600,000
City of Thornton, Colorado, F/R
Monthly IDR, Service Merchandise
Co., Inc., Series 1984; LOC
Industrial Bank of Japan;
3.80%; 11/15/95*; 12/15/99 100,000 100,000
1,000,000
Florida (4.30%)
Florida Housing Finance Agency,
F/R Monthly MF Rev's., Water
Apt. Project, Series 1984A;
LOC Wells Fargo;
4.00%; 11/1/95*; 4/1/07 1,700,000 1,700,000
Florida Housing Finance Agency,
F/R Monthly MF Rev's., Webb
Road 1 Apt. Project, Series 1984;
LOC Wells Fargo;
4.00%; 11/1/95*; 4/1/07 $1,000,000 $ 1,000,000
Florida Housing Finance Agency,
F/R Monthly MF Rev's., Webb
Road 2 Apt. Project; Series
1984C; LOC Wells Fargo;
4.00%; 11/1/95*; 4/1/07 1,600,000 1,600,000
4,300,000
Georgia (8.48%)
Burke County, Georgia, Dev. Authority, Adj.
Tender Pollution Control Rev. Bonds,
Ogelthorpe Power Corp., Vogtle Project,
Series 1992A; LOC Credit Suisse;
3.05%; 11/1/95**; 1/1/25 300,000 300,000
3.40%; 11/3/95**; 1/1/25 600,000 600,000
3.65%; 11/6/95**; 1/1/25 500,000 500,000
3.60%; 11/14/95**; 1/1/25 500,000 500,000
3.65%; 11/16/95**; 1/1/25 450,000 450,000
3.70%; 11/21/95**; 1/1/25 350,000 350,000
3.60%; 11/29/95**; 1/1/25 700,000 700,000
3.60%; 12/12/95**; 1/1/25 300,000 300,000
3.80%; 1/17/96**; 1/1/25 400,000 400,000
3.60%; 1/22/96**; 1/1/25 600,000 600,000
3.60%; 2/5/96**; 1/1/25 350,000 350,000
Fulton County, Georgia, Housing Authority,
Municipal Housing Rev. Bonds, Series
1986A; LOC Sumitomo Bank Ltd.;
4.30%; 11/1/95*; 8/1/16 2,725,000 2,725,000
Hapeville, Georgia, Dev. Authority, Adj.
Tender IDR Bonds, Hapeville Hotel Ltd.
Partnership Project, Series 1985;
LOC Swiss Bank Corp.;
4.10%; 11/1/95*; 11/1/15 700,000 700,000
8,475,000
Illinois (6.78%)
Chicago, Illinois, Cook County CSX Beckett
Aviation, Inc., F/R Monthly Airport
Rev. Bonds; LOC Barclays Bank;
3.81%; 11/15/95*; 12/15/14 1,000,000 1,000,000
City of Burbank, Illinois, F/R Monthly IDR,
Service Merchandise Co., Inc., Series
1984; LOC Pittsburgh National Bank;
3.80%; 11/15/95*; 9/15/24 2,100,000 2,100,000
City of Chicago General Obligation
Tender Notes, Series 1995A; LOC
Morgan Guaranty;
4.60%; 11/1/95**; 10/31/96 1,270,000 1,270,000
3.75%; 5/1/96**; 10/31/96 1,000,000 1,000,000
City of Naperville, Illinois, Economic Dev.
Rev. Bonds, Service Merchandise Co.,
Inc.; LOC Pittsburgh National Bank;
3.80%; 11/15/95*; 11/30/24 1,400,000 1,400,000
6,770,000
Iowa (4.62%)
Iowa Higher Education Loan Authority Fac.;
Rev. Bonds; Series 1995;
LOC Norwest Bank Minnesota;
3.90%; 11/2/95*; 2/1/05 2,200,000 2,200,000
Iowa School Corp. Warrant Cert. 1995-96
Series A; Guaranteed By Capital
Guaranty; 4.75%; 6/28/96 2,000,000 2,011,357
City of Storm Lake, Iowa; Private College
Rev. Bonds, Buena Vista College,
Series 1993; LOC Norwest Bank
Minnesota, N. A.; 3.95%; 11/2/95*;
12/1/03 $400,000 $ 400,000
4,611,357
Louisiana (11.88%)
Parish of Desoto, Louisianna; ADJ. Tender
Pollution Control Rev. Ref. Bonds,
LOC Swiss Bank Corp.;
Series 1991A; 3.80%; 11/1/95*; 7/1/18 2,200,000 2,200,000
Series 1991B; 3.80%; 11/1/95*; 7/1/18 600,000 600,000
Jefferson Parish, Louisiana, Hospital Rev.
Bonds, Jefferson Parish Hospital
Service, District #2, Customized
Purchase Program, Series 1985;
LOC Mitsubishi Bank;
3.90%; 11/1/95*; 12/1/15 3,300,000 3,300,000
Jefferson Parish, Louisiana, IDB Rev.
Ref. Bonds, George J. Achel, Sr.
Project, Series 1986; LOC Barclays
Bank; 3.95%; 11/1/95*; 12/1/04 1,400,000 1,400,000
Louisiana Public Fac. Authority, CP
Program Hospital Equip. Rev.
Bonds, Series 1985A, Pooled Project;
LOC Sumitomo Bank;
4.30%; 11/1/95*; 12/1/15 4,365,000 4,365,000
11,865,000
Maine (2.01%)
State of Maine General Obligation Tax
Anticipation Notes;
4.50%; 6/28/96 2,000,000 2,009,488
Maryland (0.90%)
Montgomery County, Maryland, F/R
Monthly IDA, Information Systems &
Networks; LOC Pittsburgh National
Bank; 3.75%; 11/1/95*; 4/1/14 900,000 900,000
Massachusetts (0.50%)
Commonwealth of Massachusetts,
Dedicated Income Tax Bonds, Series B;
LOC National Westminster;
3.70%; 11/1/95*; 12/1/97 500,000 500,000
Michigan (0.95%)
Township of Cornell, Michigan, The
Economic Dev. Corp.,
Environmental Improvement Rev.
Ref. Bonds, Series 1986, Mead
Escanaba Paper Co. Project; LOC Suisse
Bank; 3.80%; 11/1/95*; 11/1/16 950,000 950,000
Minnesota (9.16%)
City of Rochester, Minnesota, Health Care
Fac. Rev. Bonds, Mayo Foundation/
Mayo Medical Center, Adj. Tender;
Series 1992C;
3.50%; 11/8/95**; 11/15/21 500,000 500,000
3.60%; 11/10/95**; 11/15/21 500,000 500,000
3.75%; 11/20/95**; 11/15/21 500,000 500,000
3.60%; 12/8/95**; 11/15/21 750,000 750,000
3.60%; 12/11/95**; 11/15/21 800,000 800,000
3.75%; 1/24/96**; 11/15/21 600,000 600,000
3.80%; 2/9/96**; 11/15/21 500,000 500,000
3.75%; 2/12/96**; 11/15/21 500,000 500,000
University of Minnesota Regents Variable
Rate Demand Bonds;
Series 1985F; 3.65%; 2/1/96**; 10/1/01 $2,500,000 $2,500,000
Series 1985G; 3.65%; 2/1/96**; 10/1/07 2,000,000 2,000,000
9,150,000
Montana (4.90%)
City of Forsyth, Montana, Portland General
Electric Co.; LOC Swiss Bank Corp.;
Series B; 3.85%; 11/1/95*; 6/1/13 2,400,000 2,400,000
Series D; 3.85%; 11/1/95*; 6/1/13 1,500,000 1,500,000
Series 1984; 3.85%; 11/1/95*; 8/1/14 1,000,000 1,000,000
4,900,000
Nebraska (2.80%)
Nebraska Investment Finance Authority, F/R
Monthly MF Rev's., Series 1985A, Apple
Creek Associates; LOC Citibank;
4.00%; 11/1/95*; 9/1/07 2,800,000 2,800,000
New Hampshire (1.80%)
New Hampshire IDA, F/R Monthly 1983
Hudson, Oerlikon-Buhrle USA/Balzers;
LOC Union Bank of Switzerland;
3.90%; 11/1/95*; 7/1/13 1,800,000 1,800,000
New York (4.00%)
New York State Energy Research & Dev.
Authority Pollution Control Rev. Bonds,
Long Island Lighting Co.; Series 1985B;
LOC Deutsche Bank;
4.70%; 3/1/96**; 3/1/16 4,000,000 4,000,000
North Carolina (5.60%)
North Carolina Eastern Municipal Power
Agency, Series 1988B; LOC Morgan
Guaranty Trust Co.; LOC Union
Bank of Switzerland;
3.65%; 12/5/95**; 1/1/26 500,000 500,000
3.70%; 12/6/95**; 1/1/10 500,000 500,000
3.60%; 1/18/96**; 1/1/26 500,000 500,000
3.65%; 1/19/96**; 1/1/10 300,000 300,000
3.65%; 1/23/96**; 1/1/26 500,000 500,000
3.65%; 1/25/96**; 1/1/10 300,000 300,000
3.80%; 2/7/96**; 1/1/26 500,000 500,000
University of North Carolina
Foundation, Inc. Series 1989;
LOC Credit Suisse; 3.85%; 11/1/95* 2,500,000 2,500,000
5,600,000
Ohio (1.00%)
Village of Evendale, Ohio, SHV Real Estate
Income Project; LOC Citibank;
3.85%; 11/1/95*; 9/1/15 1,000,000 1,000,000
Pennsylvania (3.00%)
Bucks County, Pennsylvania, IDA SHV
Real Estate, Inc. Project, Series 1985;
LOC ABN-AMRO Bank;
3.85%; 11/1/95*; 7/1/15 1,800,000 1,800,000
Chester, Pennsylvania, IDA, F/R Monthly
IDR, Keystone Foods Corp.;
LOC Barclays Bank;
3.85%; 11/15/95*; 10/15/99 800,000 800,000
Delaware County, Pennsylvania, Tax & Rev.
Anticipation Notes, Fac. Rev.,
Series 1985; Guaranteed by
United Parcel Service;
3.80%; 11/1/95*; 12/1/15 $400,000 $ 400,000
3,000,000
Tennessee (0.50%)
Knox, Tennessee, IDB F/R Monthly IDR
1983, Service Merchandise Co., Inc.;
LOC Barclays Bank;
3.80%; 11/15/95*; 12/15/08 500,000 500,000
Texas (10.26%)
Calhoun County, Texas, NAV IDA PCA,
Alcoa, Series 1987; LOC Credit Suisse;
3.75%; 11/7/95*; 3/1/01 300,000 300,000
Cedar Hill, Texas, Industrial Dev. Corp.
F/R Monthly IDR 1985, Minyard
Properties Project; LOC Citibank;
4.00%; 11/1/95*; 5/1/02 400,000 400,000
City of Houston Tax and Rev. Anticipation
Notes Series 1995; 4.50%: 6/27/96 1,000,000 1,005,488
Coppell, Texas, Industrial Dev.
Corp., IDA 1984, Minyard
Properties Project; LOC Citibank;
4.00%; 11/1/95*; 12/1/01 1,270,000 1,270,000
Montgomery County, Texas Industrial
Developmental Corp. Ref. Bonds
Series 1986A; Dal-Tile Corporation
Project; LOC Credit Suisse;
3.95%; 11/1/95*; 12/1/03 150,000 150,000
Port Arthur Navigation Dist. Industrial
Dev. Corp. Adj. Tender Pollution
Control Rev. Bonds, American
Petrofina Co. of Texas Project, Series
1985; LOC Sumitomo Bank;
4.20%; 11/1/95*; 5/1/03 3,100,000 3,100,000
Port Dev. Corp., Adj. Tender Marine
Terminal Rev. Ref. Bonds, Mitsui &
Co. (USA), Inc. Project, Series 1985A;
LOC Industrial Bank of Japan;
3.90%; 11/15/95**; 12/1/05 500,000 500,000
3.55%; 12/4/95**; 12/1/05 500,000 500,000
Texas Assocation of Scool Boards Tax
Anticipation Notes; Series 1995;
4.75%; 8/30/96 3,000,000 3,016,758
10,242,246
Washington (2.62%)
Chelan County, Washington Dev. Corp.,
PCA, Alcoa, Series 1987; LOC Credit
Suisse; 3.75%; 11/7/95*; 3/1/01 200,000 200,000
Port of Kalama, Washington, Public Corp.,
Port Fac. Rev. Bonds, Conagra, Inc.
Project; LOC Morgan Guaranty;
3.80%; 11/1/95*; 1/1/04 2,420,000 2,420,000
2,620,000
West Virginia (1.80%)
Putnam County, West Virginia, F/R
Monthly IDR 1981, FMC Corp.
Project; LOC Bankers Trust;
3.90%; 11/1/95*; 10/1/11 $1,800,000 $ 1,800,000
Wisconsin (1.01%)
State of Wisconsin 1995 Operating
Notes; 4.50%; 6/17/96 1,000,000 1,005,438
Wyoming (0.50%)
Lincoln County, Wyoming, Pollution
Control Ref. Bonds, Pacificorp
Project, Series 1991; LOC
Union Bank of Switzerland;
3.75%; 12/7/95**; 1/1/16 500,000 500,000
Total Portfolio Investments (101.21%) 101,122,584
Liabilities, net of cash, receivables
and other assets, (-1.21%) (1,208,900)
Total Net Assets (100.00%) $99,913,684
|
* Demand Date ** Put Date
PRINCOR UTILITIES FUND, INC.
Shares
Held Value
Common Stocks (96.01%)
Combination Utility Services (20.32%)
Cilcorp, Inc. 42,900 $1,673,100
Cinergy Corp. 85,699 2,431,709
LG&E Energy Corp. 50,000 2,075,000
Niagara Mohawk Power Corp. 18,000 193,500
Pacificorp 101,000 1,906,375
Public Service Co. of Colorado 60,000 2,047,500
WPS Resources Corp. 63,000 1,960,875
Washington Water Power Co. 110,000 1,897,500
14,185,559
Electric Services (39.05%)
Allegheny Power System, Inc. 67,000 1,767,125
American Electric Power Co., Inc. 56,000 2,135,000
Dominion Resources, Inc. 49,400 1,963,650
Duke Power Co. 45,400 2,031,650
FPL Group, Inc. 50,000 2,093,750
Idaho Power Co. 59,800 1,659,450
KU Energy Corp. 71,800 2,127,075
Mid American Energy Co. 125,000 2,000,000
Minnesota Power & Light Co. 25,000 715,625
New England Electric System 44,000 1,716,000
PP&L Resources, Inc. 47,500 1,068,750
Portland General Corp. 70,000 1,898,750
Southern Co. 84,000 2,005,500
Teco Energy, Inc. 87,000 2,055,375
Texas Utilities Co. 55,200 2,028,600
27,266,300
Gas Production & Distribution (8.79%)
Atlanta Gas Light Co. 27,200 $1,050,600
British Gas PLC 26,600 1,010,800
Laclede Gas Co. 20,600 419,725
New Jersey Resources Corp. 43,700 1,092,500
Peoples Energy Corp. 53,000 1,523,750
Washington Energy Co. 56,800 1,043,700
6,141,075
Telephone Communication (27.85%)
AT&T Corp. 43,600 2,790,400
Ameritech Corp. 46,000 2,484,000
Bell Atlantic Corp. 39,000 2,481,375
Bellsouth Corp. 27,500 2,103,750
GTE Corp. 51,000 2,103,750
MCI Communications Corp. 55,000 1,371,563
Nynex Corp. 25,000 1,175,000
Sprint Corp. 64,000 2,464,000
US West Communications Group 52,000 2,476,500
19,450,338
Total Common Stocks 67,043,272
Commercial Paper (3.63%)
Principal
Amount Value
Business Credit Institutions (1.24%)
John Deere Capital Corp.;
5.75%; 11/7/95 $870,000 $ 869,166
Crude Petroleum & Natural Gas (1.40%)
Chevron Oil Finance Co.;
5.71%; 11/3/95 975,000 974,691
Life Insurance (0.99%)
Prudential Funding Corp.;
5.62%; 11/1/95 690,000 690,000
Total Commercial Paper 2,533,857
Total Portfolio Investments (99.64%) 69,577,129
Cash, receivables and other assets, net of
liabilities (0.36%) 248,241
Total Net Assets (100.00%) $69,825,370
[/TEXT]
|
INCOME-ORIENTED AND MONEY MARKET FUNDS
Selected data for a share of Capital Stock outstanding throughout each period:
Income from Investment Operations Less Distributions
Net Realized
and
Net Asset Net Unrealized Total Dividends Net Asset
Value at Invest- Gain from from Net Distributions Value at
Beginning ment (Loss) on Investment Investment from Total End
of Period Income Investments Operations Income Capital Gains Distributions of Period
Princor Bond Fund, Inc.
Class A
Year Ended October 31,
1995 $10.27 $.78(b) $1.16 $1.94 $(.78) $(.01) $(.79) $11.42
1994 11.75 .78(b) (1.47) (.69) (.78) (.01) (.79) 10.27
1993 10.97 .81(b) .79 1.60 (.81) (.01) (.82) 11.75
1992 10.65 .85(b) .32 1.17 (.85) - (.85) 10.97
1991 9.99 .88(b) .65 1.53 (.87) - (.87) 10.65
Class B
Period Ended October 31, 1995(f) 10.19 .63(b) 1.19 1.82 (.60) - (.60) 11.41
Princor Cash Management Fund, Inc.
Class A
Year Ended October 31,
1995 1.000 .052(b) - .052 (.052) - (.052) 1.000
1994 1.000 .033(b) - .033 (.033) - (.033) 1.000
1993 1.000 .026(b) - .026 (.026) - (.026) 1.000
1992 1.000 .036(b) - .036 (.036) - (.036) 1.000
1991 1.000 .061(b) - .061 (.061) - (.061) 1.000
Class B
Period Ended October 31, 1995(f) 1.000 .041(b) - .041 (.041) - (.041) 1.000
Princor Government Securities
Income Fund, Inc.
Class A
Year Ended October 31,
1995 10.28 .71 1.02 1.73 (.70) - (.70) 11.31
1994 11.79 .69 (1.40) (.71) (.68) (.12) (.80) 10.28
1993 11.44 .74 .55 1.29 (.74) (.20) (.94) 11.79
1992 11.36 .81 .12 .93 (.81) (.04) (.85) 11.44
1991 10.54 .85 .84 1.69 (.87) - (.87) 11.36
Class B
Period Ended October 31, 1995(f) 10.20 .56 1.07 1.63 (.54) - (.54) 11.29
|
Ratios/Supplemental Data
Ratio of Ratio of Net
Net Assets at Expenses to Income to Portfolio
Total End of Period Average Average Turnover
Return(a) (in thousands) Net Assets Net Assets Rate
Princor Bond Fund, Inc.
Class A
Year Ended October 31,
1995 19.73% $106,962 .94%(b) 7.26% 5.1%
1994 (6.01)% 88,801 .95%(b) 7.27% 8.9%
1993 15.22% 85,015 .92%(b) 7.19% 9.3%
1992 11.45% 62,534 .88%(b) 7.95% 8.4%
1991 16.04% 37,825 .80%(b) 8.66% .9%
Class B
Period Ended October 31, 1995(f) 17.98%(d) 2,708 1.59%(b)(e) 6.30%(e) 5.1%(e)
Princor Cash Management Fund, Inc.
Class A
Year Ended October 31,
1995 5.36% 623,864 .72%(b) 5.24% N/A
1994 3.40% 332,346 .70%(b) 3.27% N/A
1993 2.67% 284,739 .67%(b) 2.63% N/A
1992 3.71% 247,189 .65%(b) 3.66% N/A
1991 6.29% 262,543 .61%(b) 5.95% N/A
Class B
Period Ended October 31, 1995(f) 4.19%(d) 208 1.42%(b)(e) 4.50%(e) N/A
Princor Government Securities
Income Fund, Inc.
Class A
Year Ended October 31,
1995 17.46% 261,128 .87% 6.57% 10.1%
1994 (6.26)% 249,438 .95% 6.35% 24.8%
1993 11.80% 236,718 .93% 6.38% 52.6%
1992 8.49% 161,565 .95% 7.04% 54.3%
1991 16.78% 94,613 .98% 7.80% 14.9%
Class B
Period Ended October 31, 1995(f) 16.07%(d) 4,699 1.53%(e) 5.68%(e) 10.1%(e)
Notes to financial highlights
(a) Total Return is calculated without the front-end sales charge or the
contingent deferred sales charge.
(b) Without the Manager's voluntary waiver of a portion of certain of its
expenses for the periods (year, except as noted in the financial
statements) ended October 31 of the years indicated, the following funds
would have had per share expenses and the ratios of expenses to average net
assets as shown:
Per Share Ratio of Expenses
Net Invest- to Average Net Amount
Fund Year ment Income Assets Waived
Princor Bond Fund, Inc.
Class A 1995 $.77 1.02% $86,018
1994 .77 1.09% 120,999
1993 .79 1.07% 111,162
1992 .82 1.11% 110,868
1991 .84 1.15% 100,396
Class B 1995(f) .62 1.62%(e) 300
Princor Cash Management
Fund, Inc.
Class A 1995 .052 .78% 296,255
1994 .031 .90% 595,343
1993 .025 .84% 468,387
1992 .035 .80% 385,328
1991 .059 .79% 433,196
Class B 1995(f) .041 1.63%(e) 104
* Year ended June 30, 1989
** Four months ended October 31, 1989
(c) Period from December 18, 1987, date shares first offered to public, through
October 31, 1988. Net investment income, aggregating $.10 per share for the
period from the initial purchase of shares on October 30, 1987 through
December 17, 1987, was recognized of which $.06 per share was distributed
to its sole stockholder, Principal Mutual Life Insurance Company, during
the period. Additionally, the Fund incurred net realized and unrealized
losses on investments of $.09 per share during this initial interim period.
This represented activities of the fund prior to the initial public
offering of fund shares.
(d) Total Return amounts have not been annualized.
(e) Computed on an annualized basis.
(f) Period from December 9, 1994, date Class B shares first offered to the
public, through October 31, 1995. Certain of the Income Funds Class B
shares recognized net investment income as follows, for the period from the
initial purchase of Class B shares on December 5, 1994 through December 8,
1994, none of which was distributed to the sole shareholder, Princor
Management Corporation. Additionally, the Income Funds Class B shares
incurred unrealized loss during the initial interim period as follows. This
represented Class B share activities of each fund prior to the intitial
public offering of Class B shares:
Per Share Per Share
Net Investment Unrealized
Fund Income (Loss)
--------------------------------------------------
Princor Bond Fund, Inc. .01 -
Princor Government Securities
Income Fund, Inc. .01 (.02)
(g) Effective July 1, 1989, the fund changed its fiscal year-end from June 30 to
October 3l.
|
INCOME-ORIENTED AND MONEY MARKET FUNDS
Selected data for a share of Capital Stock outstanding throughout each period:
Income from Investment Operations Less Distributions
Net Realized
and
Net Asset Net Unrealized Total Dividends Net Assets
Value at Invest- Gain from from Net Distributions Value at
Beginning ment (Loss) on Investment Investment from Total End
of Period Income Investments Operations Income Capital Gains Distributions of Period
Princor High Yield Fund, Inc.
Class A
Year Ended October 31,
1995 $ 7.83 $ .68 $ .20 $ .88 $ (.65) $ - $ (.65) $8.06
1994 8.36 .63 (.51) .12 (.65) - (.65) 7.83
1993 8.15 .71 .21 .92 (.71) - (.71) 8.36
1992 7.86 .79 .29 1.08 (.79) - (.79) 8.15
1991 7.12 .88 .80 1.68 (.94) - (.94) 7.86
Class B
Period Ended October 31, 1995(f) 7.64 .53 .38 .91 (.50) - (.50) 8.05
Princor Tax-Exempt Bond Fund, Inc.
Class A
Year Ended October 31,
1995 10.93 .65 1.05 1.70 (.65) - (.65) 11.98
1994 12.62 .64 (1.54) (.90) (.63) (.16) (.79) 10.93
1993 11.62 .66 1.11 1.77 (.66) (.11) (.77) 12.62
1992 11.47 .68 .19 .87 (.69) (.03) (.72) 11.62
1991 10.82 .69 .68 1.37 (.70) (.02) (.72) 11.47
Class B
Period Ended October 31, 1995(f) 10.56 .50 1.38 1.88 (.48) - (.48) 11.96
Princor Tax-Exempt Cash
Management Fund, Inc.
Class A
Year Ended October 31,
1995 1.000 .032(c) - .032 (.032) - (.032) 1.000
1994 1.000 .021(c) - .021 (.021) - (.021) 1.000
1993 1.000 .020(c) - .020 (.020) - (.020) 1.000
1992 1.000 .028(c) - .028 (.028) - (.028) 1.000
1991 1.000 .043(c) - .043 (.043) - (.043) 1.000
Class B
Period Ended October 31, 1995(f) 1.000 .021(e) - .021 (.021) - (.021) 1.000
Princor Utilities Fund, Inc.
Class A
Year Ended October 31,
1995 9.25 .48(c) 1.70 2.18 (.49) - (.49) 10.94
1994 11.45 .46(c) (2.19) (1.73) (.45) (.02) (.47) 9.25
Period Ended October 31, 1993(j) 10.18 .35(c) 1.27 1.62 (.35) - (.35) 11.45
Class B
Period Ended October 31, 1995(f) 9.20 .40(c) 1.77 2.17 (.44) - (.44) 10.93
|
Ratios/Supplemental Data
Ratio of Net
Ratio of Investment
Net Assets at Expenses to Income to Portfolio
Total End of Period Average Average Turnover
Return(a) (in thousands) Net Assets Net Assets Rate
Princor High Yield Fund, Inc.
Class A
Year Ended October 31,
1995 11.73% $ 23,396 1.45% 8.71% 40.3%
1994 1.45% 19,802 1.46% 7.82% 27.2%
1993 11.66% 19,154 1.35% 8.57% 23.4%
1992 14.35% 16,359 1.41% 9.69% 28.2%
1991 25.63% 13,195 1.50% 12.06% 14.2%
Class B
Period Ended October 31, 1995(f) 12.20%(c) 633 2.10%(d) 7.78%(d) 40.3%(d)
Princor Tax-Exempt Bond Fund, Inc.
Class A
Year Ended October 31,
1995 16.03% 179,715 .83% 5.67% 17.6%
1994 (7.41)% 171,425 .91% 5.49% 20.6%
1993 15.70% 177,480 .89% 5.45% 20.3%
1992 7.76% 106,661 .99% 5.96% 22.9%
1991 13.09% 62,755 1.01% 6.24% 13.1%
Class B
Period Ended October 31, 1995(f) 17.97(c) 3,486 1.51%(d) 4.78%(d) 17.6%(d)
Princor Tax-Exempt Cash
Management Fund, Inc.
Class A
Year Ended October 31,
1995 3.24% 99,887 .69%(e) 3.19% N/A
1994 2.11% 79,736 .67%(c) 2.08% N/A
1993 1.99% 79,223 .66%(c) 1.96% N/A
1992 2.86% 69,224 .65%(c) 2.84% N/A
1991 4.36% 71,469 .61%(c) 4.27% N/A
Class B
Period Ended October 31, 1995(f) 2.19%(c) 27 1.42%(d)(e) 2.40%(d) N/A
Princor Utilities Fund, Inc.
Class A
Year Ended October 31,
1995 24.36% 65,873 1.04%(e) 4.95% 13.0%
1994 (15.20)% 56,747 1.00%(c) 4.89% 13.8%
Period Ended October 31, 1993(j) 15.92%(d) 50,372 1.00%(e)(c) 4.48%(e) 4.3%(e)
Class B
Period Ended October 31, 1995(f) 24.18(c) 3,952 1.72%(d)(e) 3.84%(d) 13.0%(d)
Notes to financial highlights
(a) Total Return is calculated without the front-end sales charge or the
contingent deferred sales charge.
(b) Period from December 18, 1987, date shares first offered to public, through
October 31, 1988. Net investment income, aggregating $.10 per share for the
period from the initial purchase of shares on October 30, 1987 through
December 17, 1987, was recognized of which $.06 per share was distributed
to its sole stockholder, Principal Mutual Life Insurance Company, during
the period. Additionally, the Fund incurred net realized and unrealized
losses on investments of $.09 per share during this initial interim period.
This represented activities of the fund prior to the initial public
offering of Fund shares.
(c) Without the Manager's voluntary waiver of a portion of certain of its
expenses for the periods (year except as noted) ended October 31 of the
years indicated, the following funds would have had per share expenses and
the ratios of expenses to average net assets as shown:
Per Share Ratio of Expenses
Net Invest- to Average Net Amount
Fund Year ment Income Assets Waived
Princor High Yield
Fund, Inc. 1988(b) $.95 1.33%(e) $ 32,609
Princor Tax-Exempt Cash
Management Fund, Inc.
Class A 1995 .031 .84% 138,574
1994 .019 .85% 150,515
1993 .018 .83% 131,442
1992 .026 .82% 134,497
1991 .040 .83% 147,279
Class B 1995(f) .018 1.89%(e) 99
Princor Utilities
Fund, Inc.
Class A 1995 .46 1.30% 151,145
1994 .41 1.50% 284,836
1993(j) .32 1.54%(e) 139,439
Class B 1995(f) .40 1.81%(e) 1,339
(d) Total Return amounts have not been annualized.
(e) Computed on an annualized basis.
(f) Period from December 9, 1994, date Class B shares first offered to the
public, through October 31, 1995. Certain of the Income Funds Class B
shares recognized net investment income as follows, for the period from the
initial purchase of Class B shares on December 5, 1994 through December 8,
1994, none of which was distributed to the sole shareholder, Princor
Management Corporation. Additionally, the Income Funds Class B shares
incurred unrealized loss during the initial interim period as follows. This
represented Class B share activities of each fund prior to the initial
public offering of Class B shares:
Per Share Per Share
Net Investment Unrealized
Fund Income (Loss)
Princor High Yield Fund, Inc. .01 (0.03)
Princor Tax-Exempt
Bond Fund, Inc. - (0.05)
Princor Utilities Fund, Inc. .01 (0.01)
(g) Effective July 1, 1989, the fund changed its fiscal year-end from June 30 to
October 3l.
(h) Period from March 20, 1986, date shares first offered to public, through
June 30, 1986. Net investment income and net unrealized appreciation of
investments, for the period from the initial purchase of shares on December
18, 1985 through March 19, 1986, amounted to $.14 and $.94, respectively,
per share. All dividends from net investment income, from December 18, 1985
through March 19, 1986, were distributed to the sole stockholder, Principal
Mutual Life Insurance Company.
(i) Period from September 30, 1988, date shares first offered to public,
through October 31, 1988. Net investment income, aggregating $.005 per
share, for the period from the initial purchase of shares on August 23,
1988 through September 29, 1988, was recognized and distributed to its sole
stockholder, Principal Mutual Life Insurance Company, during the period.
This represented activities of the Fund prior to the initial public
offering of Fund shares.
(j) Period from December 16, 1992, date shares first offered to public, through
October 31, 1993. Net investment income, aggregating $.05 per share for the
period from the initial purchase of shares on November 16, 1992 through
December 15, 1992, was recognized, none of which was distributed to its
sole stockholder, Principal Mutual Life Insurance Company, during the
period. Additionally, the fund incurred unrealized gains on investments of
$.13 per share during the initial interim period. This represented
activities of the fund prior to the initial public offering of fund shares.
|
INCOME-ORIENTED AND MONEY MARKET FUNDS
Selected data for a share of Capital Stock outstanding throughout each period:
Income from Investment Operations Less Distributions
Net Realized
and
Net Asset Net Unrealized Total Dividends Net Asset
Value at Invest- Gain from from Net Distributions Value at
Beginning ment (Loss) on Investment Investment from Total End
of Period Income Investments Operations Income Capital Gains Distributions of Period
Princor Bond Fund, Inc.
Class A
Year Ended October 31,
1995 $10.27 $.78(b) $1.16 $1.94 $(.78) $(.01) $(.79) $11.42
1994 11.75 .78(b) (1.47) (.69) (.78) (.01) (.79) 10.27
1993 10.97 .81(b) .79 1.60 (.81) (.01) (.82) 11.75
1992 10.65 .85(b) .32 1.17 (.85) - (.85) 10.97
1991 9.99 .88(b) .65 1.53 (.87) - (.87) 10.65
1990 10.57 .86 (.55) .31 (.89) - (.89) 9.99
1989 10.37 .87 .25 1.12 (.86) (.06) (.92) 10.57
Period Ended October 31, 1988(c) 9.95 .80(b) .38 1.18 (.76) - (.76) 10.37
Class B
Period Ended October 31, 1995(f) 10.19 .63(b) 1.19 1.82 (.60) - (.60) 11.41
Princor Cash Management Fund, Inc.
Class A
Year Ended October 31,
1995 1.000 .052(b) - .052 (.052) - (.052) 1.000
1994 1.000 .033(b) - .033 (.033) - (.033) 1.000
1993 1.000 .026(b) - .026 (.026) - (.026) 1.000
1992 1.000 .036(b) - .036 (.036) - (.036) 1.000
1991 1.000 .061(b) - .061 (.061) - (.061) 1.000
1990 1.000 .074(b) - .074 (.074) - (.074) 1.000
Four Months Ended
October 31, 1989(g) 1.000 .027(b) - .027 (.027) - (.027) 1.000
Year Ended June 30,
1989 1.000 .080(b) - .080 (.080) - (.080) 1.000
1988 1.000 .060 - .060 (.060) - (.060) 1.000
1987 1.000 .053 - .053 (.053) - (.053) 1.000
1986 1.000 .065 - .065 (.065) - (.065) 1.000
Class B
Period Ended October 31, 1995(f) 1.000 .041(b) - .041 (.041) - (.041) 1.000
Princor Government Securities
Income Fund, Inc.
Class A
Year Ended October 31,
1995 10.28 .71 1.02 1.73 (.70) - (.70) 11.31
1994 11.79 .69 (1.40) (.71) (.68) (.12) (.80) 10.28
1993 11.44 .74 .55 1.29 (.74) (.20) (.94) 11.79
1992 11.36 .81 .12 .93 (.81) (.04) (.85) 11.44
1991 10.54 .85 .84 1.69 (.87) - (.87) 11.36
1990 10.76 .85 (.22) .63 (.85) - (.85) 10.54
Four Months Ended
October 31, 1989(g) 10.66 .29 .09 .38 (.28) - (.28) 10.76
Year Ended June 30,
1989 10.33 .87 .32 1.19 (.86) - (.86) 10.66
1988 10.40 .89 (.05) .84 (.88) (.03) (.91) 10.33
1987 10.82 .86 (.13) .73 (.87) (.28) (1.15) 10.40
1986 10.55 1.24 .49 1.73 (1.26) (.20) (1.46) 10.82
Class B
Period Ended October 31, 1995(f) 10.20 .56 1.07 1.63 (.54) - (.54) 11.29
|
Ratios/Supplemental Data
Ratio of Ratio of Net
Net Assets at Expenses to Income to Portfolio
Total End of Period Average Average Turnover
Return(a) (in thousands) Net Assets Net Assets Rate
Princor Bond Fund, Inc.
Class A
Year Ended October 31,
1995 19.73% $106,962 .94%(b) 7.26% 5.1%
1994 (6.01)% 88,801 .95%(b) 7.27% 8.9%
1993 15.22% 85,015 .92%(b) 7.19% 9.3%
1992 11.45% 62,534 .88%(b) 7.95% 8.4%
1991 16.04% 37,825 .80%(b) 8.66% .9%
1990 3.08% 22,719 1.22% 8.40% 3.6%
1989 11.54% 13,314 1.24% 8.59% 0.0%
Period Ended October 31, 1988(c) 11.59%(d) 10,560 .70%(b)(e) 8.85%(e) 63.9%(e)
Class B
Period Ended October 31, 1995(f) 17.98%(d) 2,708 1.59%(b)(e) 6.30(e) 5.1%(e)
Princor Cash Management Fund, Inc.
Class A
Year Ended October 31,
1995 5.36% 623,864 .72%(b) 5.24% N/A
1994 3.40% 332,346 .70%(b) 3.27% N/A
1993 2.67% 284,739 .67%(b) 2.63% N/A
1992 3.71% 247,189 .65%(b) 3.66% N/A
1991 6.29% 262,543 .61%(b) 5.95% N/A
1990 7.65% 151,007 .93%(b) 7.36% N/A
Four Months Ended
October 31, 1989(g) 2.63%(d) 124,895 1.04%(b)(e) 7.86%(e) N/A
Year Ended June 30,
1989 8.15% 120,149 1.00% (b) 8.21% N/A
1988 6.18% 51,320 1.02% 6.06% N/A
1987 5.34% 45,015 1.02% 5.33% N/A
1986 6.71% 35,437 1.10% 6.76% N/A
Class B
Period Ended October 31, 1995(f) 4.19(d) 208 1.42%(b)(e) 4.50%(e) N/A
Princor Government Securities
Income Fund, Inc.
Class A
Year Ended October 31,
1995 17.46% 261,128 .87% 6.57% 10.1%
1994 (6.26)% 249,438 .95% 6.35% 24.8%
1993 11.80% 236,718 .93% 6.38% 52.6%
1992 8.49% 161,565 .95% 7.04% 54.3%
1991 16.78% 94,613 .98% 7.80% 14.9%
1990 6.17% 71,806 1.07% 8.15% 22.4%
Four Months Ended
October 31, 1989(g) 3.63%(d) 55,702 1.07%(e) 8.18%(e) 5.2%(e)
Year Ended June 30,
1989 12.37% 56,848 .96% 8.58% -
1988 8.60% 59,884 .82% 8.65% -
1987 7.00% 65,961 .92% 7.93% 17.6%
1986 17.37% 43,576 .60% 9.33% 141.2%
Class B
Period Ended October 31, 1995(f) 16.07%(d) 4,699 1.53%(e) 5.68%(e) 10.1%(e)
Notes to financial highlights
(a) Total Return is calculated without the front-end sales charge or the
contingent deferred sales charge.
(b) Without the Manager's voluntary waiver of a portion of certain of its
expenses for the periods (year, except as noted in the financial
statements) ended October 31 of the years indicated, the following funds
would have had per share expenses and the ratios of expenses to average net
assets as shown:
Per Share Ratio of Expenses
Net Invest- to Average Net Amount
Fund Year ment Income Assets Waived
Princor Bond Fund, Inc.
Class A 1995 $.77 1.02% $86,018
1994 .77 1.09% 120,999
1993 .79 1.07% 111,162
1992 .82 1.11% 110,868
1991 .84 1.15% 100,396
1988(c) .76 1.12%(e) 31,187
Class B 1995(f) .62 1.62%(e) 300
Princor Cash Management
Fund, Inc.
Class A 1995 .052 .78% 296,255
1994 .031 .90% 595,343
1993 .025 .84% 468,387
1992 .035 .80% 385,328
1991 .059 .79% 433,196
1990 .073 1.01% 106,841
1989** .026 1.06%(e) 101,625
1989* .079 1.11% 9,558
Class B 1995(f) .041 1.63%(e) 104
* Year ended June 30, 1989
** Four months ended October 31, 1989
(c) Period from December 18, 1987, date shares first offered to public, through
October 31, 1988. Net investment income, aggregating $.10 per share for the
period from the initial purchase of shares on October 30, 1987 through
December 17, 1987, was recognized of which $.06 per share was distributed
to its sole stockholder, Principal Mutual Life Insurance Company, during
the period. Additionally, the Fund incurred net realized and unrealized
losses on investments of $.09 per share during this initial interim period.
This represented activities of the fund prior to the initial public
offering of fund shares.
(d) Total Return amounts have not been annualized.
(e) Computed on an annualized basis.
(f) Period from December 9, 1994, date Class B shares first offered to the
public, through October 31, 1995. Certain of the Income Funds Class B
shares recognized net investment income as follows, for the period from the
initial purchase of Class B shares on December 5, 1994 through December 8,
1994, none of which was distributed to the sole shareholder, Princor
Management Corporation. Additionally, the Income Funds Class B shares
incurred unrealized loss during the initial interim period as follows. This
represented Class B share activities of each fund prior to the intitial
public offering of Class B shares:
Per Share Per Share
Net Investment Unrealized
Fund Income (Loss)
--------------------------------------------------
Princor Bond Fund, Inc. .01 -
Princor Government Securities
Income Fund, Inc. .01 (.02)
(g) Effective July 1, 1989, the fund changed its fiscal year-end from June 30 to
October 3l.
|
INCOME-ORIENTED AND MONEY MARKET FUNDS
Selected data for a share of Capital Stock outstanding throughout each period:
Income from Investment Operations Less Distributions
Net Realized
and
Net Asset Net Unrealized Total Dividends Net Assets
Value at Invest- Gain from from Net Distributions Value at
Beginning ment (Loss) on Investment Investment from Total End
of Period Income Investments Operations Income Capital Gains Distributions of Period
Princor High Yield Fund, Inc.
Class A
Year Ended October 31,
1995 $ 7.83 $ .68 $ .20 $ .88 $ (.65) $ - $ (.65) $8.06
1994 8.36 .63 (.51) .12 (.65) - (.65) 7.83
1993 8.15 .71 .21 .92 (.71) - (.71) 8.36
1992 7.86 .79 .29 1.08 (.79) - (.79) 8.15
1991 7.12 .88 .80 1.68 (.94) - (.94) 7.86
1990 9.47 1.10 (2.35) (1.25) (1.09) (.01) (1.10) 7.12
1989 10.44 1.10 (.83) .27 (1.09) (.15) (1.24) 9.47
Period Ended October 31, 1988(b) 9.97 .98(c) .38 1.36 (.89) - (.89) 10.44
Class B
Period Ended October 31, 1995(f) 7.64 .53 .38 .91 (.50) - (.50) 8.05
Princor Tax-Exempt Bond Fund, Inc.
Class A
Year Ended October 31,
1995 10.93 .65 1.05 1.70 (.65) - (.65) 11.98
1994 12.62 .64 (1.54) (.90) (.63) (.16) (.79) 10.93
1993 11.62 .66 1.11 1.77 (.66) (.11) (.77) 12.62
1992 11.47 .68 .19 .87 (.69) (.03) (.72) 11.62
1991 10.82 .69 .68 1.37 (.70) (.02) (.72) 11.47
1990 11.06 .68 (.25) .43 (.67) - (.67) 10.82
Four Months Ended
October 31, 1989(g) 11.18 .22 (.12) .10 (.22) - (.22) 11.06
Year Ended June 30,
1989 10.40 .69 .77 1.46 (.68) - (.68) 11.18
1988 10.51 .71 .06 .77 (.72) (.16) (.88) 10.40
1987 10.75 .72 (.11) .61 (.73) (.12) (.85) 10.51
Period Ended June 30, 1986 (h) 10.95 .22 (.24) (.02) (.18) - (.18) 10.75
Class B
Period Ended October 31, 1995(f) 10.56 .50 1.38 1.88 (.48) - (.48) 11.96
Princor Tax-Exempt Cash
Management Fund, Inc.
Class A
Year Ended October 31,
1995 1.000 .032(c) - .032 (.032) - (.032) 1.000
1994 1.000 .021(c) - .021 (.021) - (.021) 1.000
1993 1.000 .020(c) - .020 (.020) - (.020) 1.000
1992 1.000 .028(c) - .028 (.028) - (.028) 1.000
1991 1.000 .043(c) - .043 (.043) - (.043) 1.000
1990 1.000 .053(c) - .053 (.053) - (.053) 1.000
1989 1.000 .058(c) - .058 (.058) - (.058) 1.000
Period Ended October 31, 1988(i) 1.000 .005(c) - .005 (.005) - (.005) 1.000
Class B
Period Ended October 31, 1995(f) 1.000 .021(e) - .021 (.021) - (.021) 1.000
Princor Utilities Fund, Inc.
Class A
Year Ended October 31,
1995 9.25 .48(c) 1.70 2.18 (.49) - (.49) 10.94
1994 11.45 .46(c) (2.19) (1.73) (.45) (.02) (.47) 9.25
Period Ended October 31, 1993(j) 10.18 .35(c) 1.27 1.62 (.35) - (.35) 11.45
Class B
Period Ended October 31, 1995(f) 9.20 .40(c) 1.77 2.17 (.44) - (.44) 10.93
|
Ratios/Supplemental Data
Ratio of Net
Ratio of Investment
Net Assets at Expenses to Income to Portfolio
Total End of Period Average Average Turnover
Return(a) (in thousands) Net Assets Net Assets Rate
Princor High Yield Fund, Inc.
Class A
Year Ended October 31,
1995 11.73% $ 23,396 1.45% 8.71% 40.3%
1994 1.45% 19,802 1.46% 7.82% 27.2%
1993 11.66% 19,154 1.35% 8.57% 23.4%
1992 14.35% 16,359 1.41% 9.69% 28.2%
1991 25.63% 13,195 1.50% 12.06% 14.2%
1990 (14.51)% 9,978 1.45% 12.99% 15.8%
1989 2.68% 12,562 1.43% 11.22% 19.9%
Period Ended October 31, 1988(b) 14.15%(d) 10,059 .77%(e)(c) 10.55%(e) 73.2%(e)
Class B
Period Ended October 31, 1995(f) 12.20%(c) 633 2.10%(d) 7.78%(d) 40.3%(d)
Princor Tax-Exempt Bond Fund, Inc.
Class A
Year Ended October 31,
1995 16.03% 179,715 .83% 5.67% 17.6%
1994 (7.41)% 171,425 .91% 5.49% 20.6%
1993 15.70% 177,480 .89% 5.45% 20.3%
1992 7.76% 106,661 .99% 5.96% 22.9%
1991 13.09% 62,755 1.01% 6.24% 13.1%
1990 4.06% 46,846 1.11% 6.31% 2.6%
Four Months Ended
October 31, 1989(g) .90%(d) 36,877 1.24%(e) 6.18%(e) 5.1% (e)
Year Ended June 30,
1989 14.64% 31,278 1.07% 6.54% 2.1%
1988 7.76% 22,812 .95% 7.00% 11.0%
1987 5.60% 19,773 .70% 6.70% 40.8%
Period Ended June 30, 1986 (h) (.16)%(d) 8,486 .20%(e) 8.60%(e) 0.0%(e)
Class B
Period Ended October 31, 1995(f) 17.97%(c) 3,486 1.51%(d) 4.78%(d) 17.6%(d)
Princor Tax-Exempt Cash
Management Fund, Inc.
Class A
Year Ended October 31,
1995 3.24% 99,887 .69%(e) 3.19% N/A
1994 2.11% 79,736 .67%(c) 2.08% N/A
1993 1.99% 79,223 .66%(c) 1.96% N/A
1992 2.86% 69,224 .65%(c) 2.84% N/A
1991 4.36% 71,469 .61%(c) 4.27% N/A
1990 5.40% 58,301 .71%(c) 5.26% N/A
1989 5.88% 42,639 .60%(c) 5.78% N/A
Period Ended October 31, 1988(i) .47%(d) 6,000 .26%(e)(c) 5.24%(e) N/A
Class B
Period Ended October 31, 1995(f) 2.19%(c) 27 1.42%(d)(e) 2.40%(d) N/A
Princor Utilities Fund, Inc.
Class A
Year Ended October 31,
1995 24.36% 65,873 1.04%(e) 4.95% 13.0%
1994 (15.20)% 56,747 1.00%(c) 4.89% 13.8%
Period Ended October 31, 1993(j) 15.92%(d) 50,372 1.00%(e)(c) 4.48%(e) 4.3%(e)
Class B
Period Ended October 31, 1995(f) 24.18%(c) 3,952 1.72%(d)(e) 3.84%(d) 13.0%(d)
Notes to financial highlights
(a) Total Return is calculated without the front-end sales charge or the
contingent deferred sales charge.
(b) Period from December 18, 1987, date shares first offered to public, through
October 31, 1988. Net investment income, aggregating $.10 per share for the
period from the initial purchase of shares on October 30, 1987 through
December 17, 1987, was recognized of which $.06 per share was distributed
to its sole stockholder, Principal Mutual Life Insurance Company, during
the period. Additionally, the Fund incurred net realized and unrealized
losses on investments of $.09 per share during this initial interim period.
This represented activities of the fund prior to the initial public
offering of Fund shares.
(c) Without the Manager's voluntary waiver of a portion of certain of its
expenses for the periods (year except as noted) ended October 31 of the
years indicated, the following funds would have had per share expenses and
the ratios of expenses to average net assets as shown:
Per Share Ratio of Expenses
Net Invest- to Average Net Amount
Fund Year ment Income Assets Waived
Princor High Yield
Fund, Inc. 1988(b) $.95 1.33%(e) $ 32,609
Princor Tax-Exempt Cash
Management Fund, Inc.
Class A 1995 .031 .84% 138,574
1994 .019 .85% 150,515
1993 .018 .83% 131,442
1992 .026 .82% 134,497
1991 .040 .83% 147,279
1990 .050 .96% 123,656
1989 .053 1.04% 125,604
1988(i) .004 .76%(e) 2,630
Class B 1995(f) .018 1.89%(e) 99
Princor Utilities
Fund, Inc.
Class A 1995 .46 1.30% 151,145
1994 .41 1.50% 284,836
1993(j) .32 1.54%(e) 139,439
Class B 1995(f) .40 1.81%(e) 1,339
(d) Total Return amounts have not been annualized.
(e) Computed on an annualized basis.
(f) Period from December 9, 1994, date Class B shares first offered to the
public, through October 31, 1995. Certain of the Income Funds Class B
shares recognized net investment income as follows, for the period from the
initial purchase of Class B shares on December 5, 1994 through December 8,
1994, none of which was distributed to the sole shareholder, Princor
Management Corporation. Additionally, the Income Funds Class B shares
incurred unrealized loss during the initial interim period as follows. This
represented Class B share activities of each fund prior to the initial
public offering of Class B shares:
Per Share Per Share
Net Investment Unrealized
Fund Income (Loss)
Princor High Yield Fund, Inc. .01 (0.03)
Princor Tax-Exempt
Bond Fund, Inc. - (0.05)
Princor Utilities Fund, Inc. .01 (0.01)
(g) Effective July 1, 1989, the fund changed its fiscal year-end from June 30 to
October 3l.
(h) Period from March 20, 1986, date shares first offered to public, through
June 30, 1986. Net investment income and net unrealized appreciation of
investments, for the period from the initial purchase of shares on December
18, 1985 through March 19, 1986, amounted to $.14 and $.94, respectively,
per share. All dividends from net investment income, from December 18, 1985
through March 19, 1986, were distributed to the sole stockholder, Principal
Mutual Life Insurance Company.
(i) Period from September 30, 1988, date shares first offered to public,
through October 31, 1988. Net investment income, aggregating $.005 per
share, for the period from the initial purchase of shares on August 23,
1988 through September 29, 1988, was recognized and distributed to its sole
stockholder, Principal Mutual Life Insurance Company, during the period.
This represented activities of the Fund prior to the initial public
offering of Fund shares.
(j) Period from December 16, 1992, date shares first offered to public, through
October 31, 1993. Net investment income, aggregating $.05 per share for the
period from the initial purchase of shares on November 16, 1992 through
December 15, 1992, was recognized, none of which was distributed to its
sole stockholder, Principal Mutual Life Insurance Company, during the
period. Additionally, the fund incurred unrealized gains on investments of
$.13 per share during the initial interim period. This represented
activities of the fund prior to the initial public offering of fund shares.
|
The Boards of Directors and Shareholders
Princor Balanced Fund, Inc.
Princor Blue Chip Fund, Inc.
Princor Capital Accumulation Fund, Inc.
Princor Emerging Growth Fund, Inc.
Princor Growth Fund, Inc.
Princor World Fund, Inc.
Princor Bond Fund, Inc.
Princor Cash Management Fund, Inc.
Princor Government Securities Income Fund, Inc.
Princor High Yield Fund, Inc.
Princor Tax-Exempt Bond Fund, Inc.
Princor Tax-Exempt Cash Management Fund, Inc.
Princor Utilities Fund, Inc.
We have audited the accompanying statements of assets and liabilities of
The Princor Growth Funds [comprising, respectively, Princor Balanced Fund,
Inc. (formerly known as Princor Managed Fund, Inc.), Princor Blue Chip
Fund, Inc., Princor Capital Accumulation Fund, Inc., Princor Emerging
Growth Fund, Inc., Princor Growth Fund, Inc., and Princor World Fund, Inc.]
and The Princor Income Funds (comprising, respectively, Princor Bond Fund,
Inc., Princor Cash Management Fund, Inc., Princor Government Securities
Income Fund, Inc., Princor High Yield Fund, Inc., Princor Tax-Exempt Bond
Fund, Inc., Princor Tax-Exempt Cash Management Fund, Inc., and Princor
Utilities Fund, Inc.), including the schedules of investments, as of
October 31, 1995, and the related statements of operations for the year
then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for each of
the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 1995, by correspondence with the
custodians and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of each of the respective funds constituting The Princor Growth Funds and
The Princor Income Funds at October 31, 1995, and the results of their
operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended, and the financial
highlights for each of the periods indicated therein, in conformity with
generally accepted accounting principles.
Des Moines, Iowa November 22, 1995
Ernst & Young LLP
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Information for federal income tax purposes is presented as an aid to shareholders in reporting the dividend distributions shown below. Shareholders should consult a tax adviser on how to report these distributions for state and local purposes.
Period Ended October 31, 1995
Per Share Per Share
Income Dividend Distributions Capital Gain Distributions
Total
Total Dividends
Payable Per Total Deductible Payable Long- Short- Capital Gain and
Date Share Dividends Percentage* Date Term** Term*** Distributions Distributions
Princor Balanced Fund, Inc.
A Shares 12/30/94 $.0925 34.01% 12/01/94 $.0547
4/3/95 .0850 30.43%
7/3/95 .0900 29.47%
10/2/95 .0925 27.22%
$.3600 $ .0547 $.4147
B Shares 12/30/94 $.0925 34.01%
4/3/95 .0630 30.43%
7/3/95 .0686 29.47%
10/2/95 .0733 27.22%
$.2974 $.2974
Princor Blue Chip Fund, Inc.
A Shares 12/30/94 $.0550 85.16%
4/3/95 .0500 81.80%
7/3/95 .0500 85.88%
10/2/95 .0600 85.94%
$.2150 $.2150
B Shares 12/30/94 $.0550 85.16%
4/3/95 .0271 81.80%
7/3/95 .0271 85.88%
10/2/95 .0382 85.94%
$.1474 $.1474
Princor Capital Accumulation Fund, Inc.
A Shares 12/30/94 $.1913 93.78% 12/01/94 $.3438
7/3/95 .2020 93.34%
$.3933 $.3438 $.7371
B Shares 12/30/94 $.1913 93.78%
7/3/95 .1126 93.34%
$.3039 $.3039
Princor Emerging Growth Fund, Inc.
A Shares 12/30/94 $.0155 43.43% 12/01/94 $.1441
7/3/95 .0400 44.54%
$.0555 $.1441 $.1996
B Shares 12/30/94 $.0155 43.43%
7/3/95 .0050 44.54%
$.0205 $.0205
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Period Ended October 31, 1995
Per Share Per Share
Income Dividend Distributions Capital Gain Distributions
Total
Total Dividends
Payable Per Total Deductible Payable Long- Short- Capital Gain and
Date Share Dividends Percentage* Date Term** Term*** Distributions Distributions
Princor Growth Fund, Inc.
A Shares 12/30/94 $.1420 65.74% 12/01/94 $.5052 $.1220
7/3/95 .1700 62.80%
$.3120 $.6272 $.9392
B Shares 12/30/94 $.1420 65.74%
7/3/95 .0564 62.80%
$.1984 $.1984
Princor Utilities Fund, Inc.
A Shares 12/30/94 $.1325 94.19%
4/3/95 .1200 93.02%
7/3/95 .1200 96.51%
10/2/95 .1200 97.48%
$.4925 $.4925
B Shares 12/30/94 $.1325 94.19%
4/3/95 .1033 93.02%
7/3/95 .1033 96.51%
10/2/95 .1033 97.48%
$.4424 $.4424
Princor World Fund, Inc.
A Shares 12/30/94 .0345 .00% 12/01/94 $.1532 $.0314
.0345 $.1846 $.2191
B Shares 12/30/94 .0345
.0345 .00% $.0345
*Percent qualifying for deduction by shareholders who are corporations.
**Taxable as long-term capital gain.
***Taxable at ordinary income rates.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
| ARTICLE 6 |
| PERIOD TYPE | YEAR |
| FISCAL YEAR END | OCT 31 1995 |
| PERIOD END | OCT 31 1995 |
| INVESTMENTS AT COST | 617008663 |
| INVESTMENTS AT VALUE | 617008663 |
| RECEIVABLES | 13056787 |
| ASSETS OTHER | 19872 |
| OTHER ITEMS ASSETS | 87366 |
| TOTAL ASSETS | 630172683 |
| PAYABLE FOR SECURITIES | 0 |
| SENIOR LONG TERM DEBT | 0 |
| OTHER ITEMS LIABILITIES | 6100668 |
| TOTAL LIABILITIES | 6100668 |
| SENIOR EQUITY | 0 |
| PAID IN CAPITAL COMMON | 624072015 |
| SHARES COMMON STOCK | 623864278 |
| SHARES COMMON PRIOR | 332345949 |
| ACCUMULATED NII CURRENT | 0 |
| OVERDISTRIBUTION NII | 0 |
| ACCUMULATED NET GAINS | 0 |
| OVERDISTRIBUTION GAINS | 0 |
| ACCUM APPREC OR DEPREC | 0 |
| NET ASSETS | 624072015 |
| DIVIDEND INCOME | 0 |
| INTEREST INCOME | 29621653 |
| OTHER INCOME | 0 |
| EXPENSES NET | (3581128) |
| NET INVESTMENT INCOME | 26040525 |
| REALIZED GAINS CURRENT | 0 |
| APPREC INCREASE CURRENT | 0 |
| NET CHANGE FROM OPS | 26040525 |
| EQUALIZATION | 0 |
| DISTRIBUTIONS OF INCOME | (26038303) |
| DISTRIBUTIONS OF GAINS | 0 |
| DISTRIBUTIONS OTHER | 0 |
| NUMBER OF SHARES SOLD | 2636234604 |
| NUMBER OF SHARES REDEEMED | (2370032403) |
| SHARES REINVESTED | 25316128 |
| NET CHANGE IN ASSETS | 291726066 |
| ACCUMULATED NII PRIOR | 0 |
| ACCUMULATED GAINS PRIOR | 0 |
| OVERDISTRIB NII PRIOR | 0 |
| OVERDIST NET GAINS PRIOR | 0 |
| GROSS ADVISORY FEES | 1980472 |
| INTEREST EXPENSE | 0 |
| GROSS EXPENSE | 3877487 |
| AVERAGE NET ASSETS | 496732007 |
| PER SHARE NAV BEGIN | 1.000 |
| PER SHARE NII | .052 |
| PER SHARE GAIN APPREC | 0 |
| PER SHARE DIVIDEND | (.052) |
| PER SHARE DISTRIBUTIONS | 0 |
| RETURNS OF CAPITAL | 0 |
| PER SHARE NAV END | 1.000 |
| EXPENSE RATIO | .72 |
| AVG DEBT OUTSTANDING | 0 |
| AVG DEBT PER SHARE | 0 1 |
| 1 | Without the Manager's volunteer waiver of a portion of certain expenses for this period, this fund would have had per share net investment income of $.052 and a ratio of expenses to average net assets of .78%. The amount waived was $296,255. |
| ARTICLE 6 |
| PERIOD TYPE | YEAR |
| FISCAL YEAR END | OCT 31 1995 |
| PERIOD END | OCT 31 1995 |
| INVESTMENTS AT COST | 617008663 |
| INVESTMENTS AT VALUE | 617008663 |
| RECEIVABLES | 13056787 |
| ASSETS OTHER | 19872 |
| OTHER ITEMS ASSETS | 87366 |
| TOTAL ASSETS | 630172683 |
| PAYABLE FOR SECURITIES | 0 |
| SENIOR LONG TERM DEBT | 0 |
| OTHER ITEMS LIABILITIES | 6100668 |
| TOTAL LIABILITIES | 6100668 |
| SENIOR EQUITY | 0 |
| PAID IN CAPITAL COMMON | 624072015 |
| SHARES COMMON STOCK | 207737 |
| SHARES COMMON PRIOR | 332345949 |
| ACCUMULATED NII CURRENT | 0 |
| OVERDISTRIBUTION NII | 0 |
| ACCUMULATED NET GAINS | 0 |
| OVERDISTRIBUTION GAINS | 0 |
| ACCUM APPREC OR DEPREC | 0 |
| NET ASSETS | 624072015 |
| DIVIDEND INCOME | 0 |
| INTEREST INCOME | 29621653 |
| OTHER INCOME | 0 |
| EXPENSES NET | (3581128) |
| NET INVESTMENT INCOME | 26040525 |
| REALIZED GAINS CURRENT | 0 |
| APPREC INCREASE CURRENT | 0 |
| NET CHANGE FROM OPS | 26040525 |
| EQUALIZATION | 0 |
| DISTRIBUTIONS OF INCOME | (2222) |
| DISTRIBUTIONS OF GAINS | 0 |
| DISTRIBUTIONS OTHER | 0 |
| NUMBER OF SHARES SOLD | 281031 |
| NUMBER OF SHARES REDEEMED | (75516) |
| SHARES REINVESTED | 2222 |
| NET CHANGE IN ASSETS | 0 |
| ACCUMULATED NII PRIOR | 0 |
| ACCUMULATED GAINS PRIOR | 0 |
| OVERDISTRIB NII PRIOR | 0 |
| OVERDIST NET GAINS PRIOR | 0 |
| GROSS ADVISORY FEES | 1980472 |
| INTEREST EXPENSE | 0 |
| GROSS EXPENSE | 3877487 |
| AVERAGE NET ASSETS | 496732007 |
| PER SHARE NAV BEGIN | 1.000 |
| PER SHARE NII | .041 |
| PER SHARE GAIN APPREC | 0 |
| PER SHARE DIVIDEND | (.041) |
| PER SHARE DISTRIBUTIONS | 0 |
| RETURNS OF CAPITAL | 0 |
| PER SHARE NAV END | 1.000 |
| EXPENSE RATIO | 1.42 |
| AVG DEBT OUTSTANDING | 0 |
| AVG DEBT PER SHARE | 0 1 |
| 1 | Without the Manager's volunteer waiver of a portion of certain expenses for this period, this fund would have had per share net investment income of $.041 and a ratio of expenses to average net assets of 1.63%. The amount waived was $104. |