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Previous: AMERICAN GENERAL LIFE INSURANCE CO SEPARATE ACCOUNT VL R, 497, 1999-09-02 |
Next: PHOENIX EUCLID FUNDS, 497, 1999-09-02 |
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
The S&P 500 Equity Index Fund ("S&P 500 Fund") returned 7.05% in the second
quarter of 1999, continuing to provide strong returns. The technology sector
continued to dominate the Index returning nearly 25% at June 30, 1999. The
leading contributors to the Index return were Microsoft, Cisco Systems, Inc.,
and International Business Machines. Interestingly, although the market showed
more breadth in returns during the second quarter, the 10 leading stocks still
accounted for over 40% of the S&P 500's gains for the first half of the year.
The top ten holdings* as of June 30, 1999 are as follows for the Fund:
Microsoft 4.1%
General Electric Co. 3.3%
International Business Machines 2.1%
Wal-Mart Stores 1.9%
Cisco Systems, Inc. 1.8%
Lucent Technologies Inc. 1.8%
Intel Corp. 1.8%
Exxon Corporation 1.7%
AT&T 1.6%
Merck & Co., Inc. 1.6%
* As a percentage of total Fund holdings.
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
------ -----
COMMON STOCKS - 99.02%
Advertising - 0.30%
100 Interpublic Group of Companies, Inc. $ 8,663
100 Omnicom Group, Inc. 8,000
-----------
16,663
-----------
Aerospace - 1.40%
300 AlliedSignal, Inc. 18,900
500 Boeing Co. 22,094
50 General Dynamics Corp. 3,425
200 Lockheed Martin Corp. 7,450
50 Northrop Grumman Corp. 3,316
100 Textron, Inc. 8,231
200 United Technologies Corp. 14,337
-----------
77,753
-----------
Airlines - 0.42%
100 AMR Corp. ** 6,825
100 Delta Air Lines, Inc. 5,763
200 Southwest Airlines Co. 6,225
100 US Airways Group, Inc. ** 4,356
-----------
23,169
-----------
Apparel, Textiles, Shoes - 0.30%
200 NIKE, Inc., Class B 12,662
100 V.F. Corp. 4,275
-----------
16,937
-----------
Automobiles - 0.96%
600 Ford Motor Co. 33,862
300 General Motors Corp. 19,800
-----------
53,662
-----------
Automobile Parts & Equipment - 0.43%
100 AutoZone, Inc. ** 3,012
100 Dana Corp. 4,606
209 Delphi Automotive Systems Corp. 3,880
100 Genuine Parts Co. 3,500
50 Johnson Controls, Inc. 3,466
100 TRW, Inc. 5,487
-----------
23,951
-----------
Banks - 9.02%
200 BankBoston Corp. 10,225
800 Bank of America Corp. 58,650
400 Bank of New York Co., Inc. 14,675
600 Bank One Corp. 35,737
100 BB&T Corp. 3,669
400 Chase Manhattan Corp. 34,650
1,650 Citigroup, Inc. 78,375
100 Comerica, Inc. 5,944
100 Fifth Third Bancorp. 6,656
300 Firstar Corp. 8,400
500 First Union Corp. 23,500
300 Fleet Financial Group, Inc. 13,313
100 Huntington Bancshares, Inc. 3,500
200 KeyCorp 6,425
400 MBNA Corp. 12,250
200 Mellon Bank Corp. 7,275
100 Mercantile Bancorp., Inc. 5,713
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
------ -----
100 Morgan (J.P.) & Co., Inc. 14,050
300 Morgan Stanley Dean Witter & Co. 30,750
200 National City Corp. 13,100
50 Northern Trust Corp. 4,850
200 PNC Bank Corp. 11,525
100 Regions Financial Corp. 3,844
100 Republic New York Corp. 6,819
100 State Street Corp. 8,537
100 Summit Bancorp 4,181
200 SunTrust Banks, Inc. 13,887
100 Union Planters Corp. 4,469
400 U.S. Bancorp 13,600
100 Wachovia Corp. 8,556
800 Wells Fargo Co. 34,200
-----------
501,325
-----------
Broadcasting - 0.12%
100 Clear Channel Communications, Inc. ** 6,894
-----------
Building Materials - 0.91%
700 Home Depot, Inc. 45,106
200 Masco Corp. 5,775
-----------
50,881
-----------
Business Equipment and Supplies - 3.03%
50 Avery Dennison Corp. 3,019
1,000 International Business Machines Corp. 129,250
100 Pitney Bowes, Inc. 6,425
200 Staples, Inc. ** 6,187
400 Xerox Corp. 23,625
-----------
168,506
-----------
Business Services - 0.34%
400 Cendant Corp. ** 8,200
200 FDX Corp.** 10,850
-----------
19,050
-----------
Chemicals and Plastics - 2.00%
100 Air Products & Chemicals, Inc. 4,025
100 Dow Chemical Co. 12,688
500 duPont (E.I.) de Nemours & Co. 34,156
100 Eastman Chemical Co. 5,175
100 Ecolab, Inc. 4,362
200 Minnesota Mining & Manufacturing Co. 17,387
300 Monsanto Co. 11,831
100 Praxair, Inc. 4,894
100 Rockwell International Corp. 6,075
137 Rohm & Haas Co. 5,869
100 Union Carbide Corp. 4,875
-----------
111,337
-----------
Coal - 0.08%
100 CSX Corp. 4,531
-----------
Communication Equipment - 1.64%
500 GTE Corp. 37,875
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
------ -----
300 Motorola, Inc. 28,425
200 Sprint Corp. (PCS Group) 11,425
200 Tellabe, Inc. ** 13,512
-----------
91,237
-----------
Computer Hardware, Software or Services - 11.20%
100 Apple Computer, Inc. ** 4,631
300 Automatic Data Processing, Inc. 13,200
100 BMC Software, Inc. ** 5,400
100 Ceridian Corp. ** 3,269
1,400 Cisco Systems, Inc.** 90,037
800 Compaq Computer Corp. 18,950
300 Computer Associates International, Inc. 16,500
100 Computer Sciences Corp. ** 6,919
200 Compuware Corp. ** 6,362
1,200 Dell Computer Corp.** 44,400
200 Electronic Data Systems Corp. 11,312
100 Gateway, Inc. ** 5,900
50 Honeywell, Inc. 5,794
1,600 Intel Corp. 95,200
2,400 Microsoft Corp. ** 216,450
200 Novell, Inc. ** 5,300
750 Oracle Corp.** 27,844
200 Parametric Technology Corp. ** 2,775
100 Peoplesoft, Inc. ** 1,725
100 Seagate Technology, Inc. ** 2,563
100 Solectron Corp. ** 6,669
400 Sun Microsystems, Inc. ** 27,550
100 Unisys Corp. ** 3,894
-----------
622,644
-----------
Computer - Semiconductors - 0.66%
200 Applied Materials, Inc. ** 14,775
400 EMC Corp.** 22,000
-----------
36,775
-----------
Consumer Non-Durables - 3.83%
100 Corning, Inc. 7,013
1,600 General Electric Co. 180,800
100 Grainger (W.W.), Inc. 5,381
200 Lowe's Companies, Inc. 11,337
178 Newell Rubbermaid, Inc. 8,277
-----------
212,808
-----------
Consumer Services - 0.25%
100 Block (H & R), Inc. 5,000
150 Paychex, Inc. 4,781
200 Service Corp. International 3,850
-----------
13,631
-----------
Consumer Staples - 0.07%
100 Pioneer Hi-Bred International, Inc. 3,894
-----------
Containers - 0.17%
100 Crown Cork & Seal Co., Inc. 2,850
100 Owens-Illinois, Inc. ** 3,269
50 Sealed Air Corp. ** 3,244
-----------
9,363
-----------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
- ------ -----
Cosmetics-Toiletry - 0.10%
100 Avon Products, Inc. 5,550
---------------
Diversified - 1.69%
400 CBS Corp.** 17,375
100 Fortune Brands, Inc. 4,138
50 Loews Corp. 3,956
200 Raytheon Co., Class B 14,075
375 Tyco International Ltd. 35,531
267 Unilever N.V. 18,623
---------------
93,698
---------------
Electrical Equipment - 1.57%
100 Cooper Industries, Inc. 5,200
100 FirstEnergy Corp. 3,100
500 Hewlett-Packard Co. 50,250
200 Texas Instruments, Inc. 29,000
---------------
87,550
---------------
Electronics - 0.53%
50 Eaton Corp. 4,600
200 Emerson Electric Co. 12,575
100 General Instrument Corp. ** 4,250
50 KLA-Tencor Corp. ** 3,244
100 Tandy Corp. 4,887
---------------
29,556
---------------
Energy and Resources - 0.08%
100 Burlington Resources, Inc. 4,325
---------------
Entertainment - 1.52%
1,000 Disney (Walt) Co.** 30,813
150 Hasbro, Inc. 4,191
200 Mattel, Inc. 5,287
600 Time Warner, Inc. 44,100
---------------
84,391
---------------
Financial Services - 3.57%
200 American Express Co. 26,025
100 American General Corp. 7,538
300 Associates First Capital Corp. 13,294
100 Bear Stearns Companies, Inc. 4,675
150 Capital One Financial Corp. 8,353
100 Countrywide Credit Industries, Inc. 4,275
100 Dow Jones & Co., Inc. 5,306
100 Equifax, Inc. 3,569
500 Fannie Mae 34,188
300 Freddie Mac 17,400
200 First Data Corp. 9,788
100 Franklin Resources, Inc. 4,062
200 Household International, Inc. 9,475
100 Lehman Brothers Holdings, Inc. 6,225
200 Merrill Lynch & Co., Inc. 15,987
200 Schwab (Charles) Corp. 21,975
100 SLM Holding Corp. 4,581
100 Synovus Financial Corp. 1,987
---------------
198,703
---------------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
- ------ -----
Food and Beverages - 4.75%
163 Albertson's, Inc. 8,405
200 Anheuser-Busch Companies, Inc. 14,188
100 Bestfoods 4,950
200 Campbell Soup Co. 9,275
1,200 Coca-Cola Co. 75,000
200 Coca-Cola Enterprises, Inc. 5,950
200 ConAgra, Inc. 5,325
200 Heinz (H.J.) Co. 10,025
100 Hershey Foods Corp. 5,937
200 Kellogg Co. 6,600
200 Nabisco Group Holdings Corp. 3,913
700 PepsiCo, Inc. 27,081
1,200 Philip Morris Companies, Inc. 48,225
100 Quaker Oats Co. 6,637
200 Ralston-Ralston Purina Group 6,087
400 Sara Lee Corp. 9,075
200 Seagram Co., Ltd. 10,075
100 UST, Inc. 2,925
50 Wrigley (Wm.) Jr. Co. 4,500
---------------
264,173
---------------
Food Distribution - 0.97%
300 Archer-Daniels-Midland Co. 4,631
100 Costco Companies, Inc. ** 8,006
100 General Mills, Inc. 8,037
400 Kroger Co.** 11,175
200 Safeway, Inc. ** 9,900
100 SUPERVALU, Inc. 2,569
200 SYSCO Corp. 5,963
100 Winn-Dixie Stores, Inc. 3,694
---------------
53,975
---------------
Glass Products - 0.11%
100 PPG Industries, Inc. 5,906
---------------
Health Care Facilities - 0.22%
300 Columbia/HCA Healthcare Corp. 6,844
100 Humana, Inc. ** 1,294
15 LifePoint Hospitals, Inc.** 202
200 Tenet Healthcare Corp. ** 3,712
15 Triad Hospitals, Inc.** 202
---------------
12,254
---------------
Health Care Products - 4.13%
700 Abbott Laboratories 31,850
50 Allergan, Inc. 5,550
600 American Home Products Corp. 34,500
100 Becton, Dickinson & Co. 3,000
1,200 Merck & Co., Inc. 88,800
600 Pfizer, Inc. 65,850
---------------
229,550
---------------
Holding Companies - 0.16%
50 Providian Financial Corp. 4,675
100 Public Service Enterprise Group, Inc. 4,087
---------------
8,762
---------------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
- ------ -----
Home Appliances - 0.32%
100 Black & Decker Corp. 6,313
100 Illinois Tool Works, Inc. 8,200
50 Maytag Corp. 3,484
---------------
17,997
---------------
Hotels and Restaurants - 0.78%
100 Darden Restaurants, Inc. 2,181
200 Hilton Hotels Corp. 2,838
100 Marriott International, Inc., Class A 3,738
600 McDonald's Corp. 24,787
100 Mirage Resorts, Inc. ** 1,675
100 Tricon Global Restaurants, Inc. ** 5,412
100 Wendy's International, Inc. 2,831
---------------
43,462
---------------
Internet Software - 0.99%
500 America Online, Inc. ** 55,250
---------------
Insurance - 3.47%
100 Aetna, Inc. 8,944
400 Allstate Corp. 14,350
600 American International Group, Inc. 70,237
150 Aon Corp. 6,188
100 Chubb Corp. 6,950
100 CIGNA Corp. 8,900
100 Cincinnati Financial Corp. 3,756
200 Conseco, Inc. 6,087
100 Hartford Financial Services Group, Inc. 5,831
50 Jefferson-Pilot Corp. 3,309
100 Lincoln National Corp. 5,231
100 Marsh & McLennan Companies, Inc. 7,550
50 MBIA, Inc. 3,237
100 MGIC Investment Corp. 4,863
50 Progressive Corp. 7,250
100 Provident Companies, Inc. 4,000
100 SAFECO Corp. 4,413
100 St. Paul Companies, Inc. 3,181
100 Torchmark Corp. 3,413
50 Transamerica Corp. 3,750
100 United Healthcare Corp. 6,263
100 UnumProvident Corp.** 5,475
---------------
193,178
---------------
Machinery and Heavy Equipment - 0.55%
200 Caterpillar, Inc. 12,000
100 Deere & Co. 3,962
100 Dover Corp. 3,500
100 Ingersoll-Rand Co. 6,463
100 Parker-Hannifin Corp. 4,575
---------------
30,500
---------------
Manufacturing - 0.99%
200 Alcan Aluminum Ltd. 6,387
200 Alcoa, Inc. 12,375
200 Boston Scientific Corp. ** 8,787
50 Brown-Forman Corp., Class B 3,259
100 Danaher Corp. 5,813
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
------ -----
100 LSI Logic Corp.** 4,613
100 Micron Technology, Inc.** 4,031
100 Sherwin-Williams Co. 2,775
100 Silicon Graphics, Inc.** 1,638
200 3COM Corp.** 5,338
------------
55,016
------------
Medical Instruments, Services and Supplies - 1.16%
100 Baxter International, Inc. 6,062
100 Biomet, Inc. 3,975
100 Cardinal Health, Inc. 6,412
200 Guidant Corp.** 10,287
300 HEALTHSOUTH Corp.** 4,481
200 IMS Health, Inc. 6,250
100 McKesson HBOC, Inc. 3,213
300 Medtronic, Inc. 23,363
25 PE Corp - Celera Genomics Group** 405
------------
64,448
------------
Metals and Mining - 0.26%
200 Allegheny Teledyne, Inc. 4,525
400 Barrick Gold Corp. 7,750
100 Newmont Mining Corp. 1,988
------------
14,263
------------
Natural Gas - 0.52%
100 Columbia Energy Group 6,269
100 Consolidated Natural Gas Co. 6,075
200 Enron Corp. 16,350
------------
28,694
------------
News and Publishing - 0.42%
100 Gannett Co., Inc. 7,138
100 Knight-Ridder, Inc. 5,494
100 New York Times Co., Class A 3,681
50 Times Mirror Co., Class A 2,962
50 Tribune Co. 4,356
------------
23,631
------------
Oil - 5.64%
100 Amerada Hess Corp. 5,950
100 Anadarko Petroleum Corp. 3,681
200 Atlantic Richfield Co. 16,713
200 Baker Hughes, Inc. 6,700
300 Chevron Corp. 28,556
100 Coastal Corp. 4,000
1,200 Exxon Corp. 92,550
200 Halliburton Co. 9,050
400 Mobil Corp. 39,600
200 Occidental Petroleum Corp. 4,225
100 Phillips Petroleum Co. 5,031
1,000 Royal Dutch Petroleum Co. 60,250
100 Tenneco, Inc. 2,388
300 Texaco, Inc. 18,750
100 Union Pacific Corp. 5,831
100 Unocal Corp. 3,962
200 USX-Marathon Group 6,513
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
------ -----
------------
313,750
------------
Oil Equipment and Services - 0.34%
300 Schlumberger Ltd. 19,106
------------
Paper and Forest Products - 1.08%
100 Champion International Corp. 4,788
100 Fort James Corp. 3,787
100 Georgia-Pacific Group 4,738
274 International Paper Co. 13,837
300 Kimberly-Clark Corp. 17,100
100 Mead Corp. 4,175
100 Weyerhaeuser Co. 6,875
100 Willamette Industries, Inc. 4,606
------------
59,906
------------
Personal Items - 2.09%
100 Colgate-Palmolive Co. 9,875
500 Gillette Co. 20,500
100 International Flavors & Fragrances, Inc. 4,438
600 Proctor & Gamble Co. 53,550
400 Warner-Lambert Co. 27,750
------------
116,113
------------
Petroleum Refining - 0.15%
200 Williams Companies, Inc. 8,513
------------
Pharmaceuticals - 4.16%
50 ALZA Corp.** 2,544
1,000 Bristol-Myers Squibb Co. 70,437
700 Johnson & Johnson 68,600
500 Lilly (Eli) & Co. 35,813
300 Pharmacia & Upjohn, Inc. 17,044
700 Schering-Plough Corp. 37,100
------------
231,538
------------
Photographic Equipment and Supplies - 0.24%
200 Eastman Kodak Co. 13,550
------------
Printing and Publishing - 0.23%
100 Donnelly (R.R.) & Sons Co. 3,706
100 Dun & Bradstreet Corp. 3,544
100 McGraw-Hill Companies, Inc. 5,394
------------
12,644
------------
Railroads - 0.11%
200 Norfolk Southern Corp. 6,025
------------
Research and Development - 0.22%
200 Amgen, Inc.** 12,175
------------
Retail - Store - 4.20%
50 Circuit City Stores - Circuit City Group 4,650
200 CVS Corp. 10,150
200 Dayton Hudson Corp. 13,000
125 Dollar General Corp. 3,625
100 Federated Department Stores, Inc.** 5,294
450 Gap, Inc. 22,669
300 Kmart Corp.** 4,931
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
- ------ -----
100 Kohl's Corp.** 7,719
90 Limited, Inc. 4,084
150 May Department Stores Co. 6,131
100 Nordstrom, Inc. 3,350
100 Penney (J.C.) Co., Inc. 4,856
100 Rite Aid Corp. 2,462
200 Sears, Roebuck & Co. 8,912
200 TJX Companies, Inc. 6,662
200 Toys 'R' Us, Inc.** 4,138
500 Walgreen Co. 14,688
2,200 Wal-Mart Stores, Inc. 106,150
------------
233,471
------------
Savings and Loan Associations - 0.28%
50 Golden West Financial Corp. 4,900
300 Washington Mutual, Inc. 10,613
------------
15,513
------------
Soaps and Detergents - 0.10%
50 Clorox Co. 5,341
------------
Steel - 0.09%
100 Nucor Corp. 4,744
------------
Technology - 0.73%
500 Ameritech Corp. 36,750
100 ITT Industries, Inc. 3,813
------------
40,563
------------
Telecommunications - 10.39%
100 ALLTEL Corp. 7,150
1,698 AT&T Corp. 94,770
700 Bell Atlantic Corp. 45,762
900 BellSouth Corp. 42,187
400 Comcast Corp., Special Class A (non-voting) 15,375
100 Frontier Corp. 5,900
1,465 Lucent Technologies, Inc. 98,796
900 MCI WorldCom Inc.** 77,456
300 MediaOne Group, Inc.** 22,313
200 Nextel Communications, Inc.** 10,038
300 Nortel Networks Corp. 26,044
900 SBC Communications, Inc. 52,200
400 Sprint Corp. (FON Group) 21,125
200 US West, Inc. 11,750
400 Viacom, Inc., Class B** 17,600
150 Vodafone AirTouch plc 29,550
------------
578,016
------------
Tire and Rubber - 0.11%
100 Goodyear Tire & Rubber Co. 5,881
------------
Tobacco - 0.00%
1 R.J. Reynolds Tobacco Holdings, Inc.** 21
------------
Transportation - 0.37%
200 Burlington Northern Santa Fe Corp. 6,200
300 Carnival Corp. 14,550
------------
20,750
------------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 1999 (Unaudited)
Market
Shares Value
- ------ -----
Utilities - 2.13%
100 AES Corp.** 5,812
100 Ameren Corp. 3,837
100 American Electric Power Co., Inc. 3,756
100 Carolina Power & Light Co. 4,281
100 Central & South West Corp. 2,337
100 Cinergy Corp. 3,200
100 Consolidated Edison, Inc. 4,525
100 Constellation Energy Group 2,962
100 Dominion Resources, Inc. 4,331
100 DTE Energy Co. 4,000
200 Duke Energy Corp. 10,875
200 Edison International 5,350
100 Entergy Corp. 3,125
100 FPL Group, Inc. 5,463
100 GPU, Inc. 4,219
100 New Century Energies, Inc. 3,881
100 Northern States Power Co. 2,419
200 PacifiCorp 3,675
50 PE Corp - PE Biosystems Group 5,738
100 PECO Energy Co. 4,188
200 PG&E Corp. 6,500
100 PP&L Resources, Inc. 3,075
100 Reliant Energy, Inc. 2,763
100 Sempra Energy 2,263
300 Southern Co. 7,950
100 Texas Utilities Co. 4,125
100 Unicom Corp. 3,856
------------
118,506
------------
Waste Management - 0.37%
100 Browning-Ferris Industries, Inc. 4,300
300 Waste Management, Inc.** 16,125
------------
20,425
------------
Total Common Stocks (Cost $4,996,511) 5,506,394
------------
TOTAL INVESTMENTS - 99.02%
(Cost $4,996,511*) 5,506,394
------------
CASH AND OTHER ASSETS,
LESS LIABILITIES - 0.98% 54,367
------------
NET ASSETS - 100.00% $5,560,761
============
* Cost for Federal income tax purposes is $4,996,511 and net
unrealized appreciation consists of:
Gross unrealized appreciation $ 646,016
Gross unrealized depreciation (136,133)
------------
Net unrealized appreciation $ 509,883
============
** Non-income producing security
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
The Morgan Stanley Capital International Europe, Australasia, Far East Index
("EAFE Index") returned 2.54% for the second quarter of 1999 with the Pacific
Basin (+9.6%) significantly outperforming Europe (-0.3%). In general terms over
the last two quarters, value stocks outperformed growth stocks and smaller cap
stocks outperformed large cap stocks both in Europe and the Pacific Basin. The
dollar continued it strengthening versus the Euro, rising almost 4% during the
quarter, or nearly 12% since the inception of the Euro.
Country Weights* as of June 30, 1999 are as follows for the Fund:
Australia 2.8%
Austria 0.4%
Belgium 1.5%
Denmark 0.9%
Finland 2.1%
France 9.2%
Germany 9.3%
Hong Kong 2.6%
Ireland 0.5%
Italy 4.2%
Japan 24.1%
Netherlands 6.5%
New Zealand 0.2%
Norway 0.5%
Portugal 0.6%
Singapore 1.2%
Spain 2.7%
Sweden 2.6%
Switzerland 7.7%
United Kingdom 20.4%
* As a percentage of total Fund holdings.
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
COMMON STOCKS - 98.65%
Australia - 2.63%
1,600 Amcor Ltd. $ 8,882
2,700 AMP Ltd. 29,478
815 Australian Gas Light Co., Ltd. 4,951
2,900 Boral Ltd. 4,908
600 Brambles Industries Ltd. 15,786
4,469 Broken Hill Proprietary Co., Ltd. 51,699
2,600 Coca-Cola Amatil Ltd. 10,465
2,945 Coles Myer Ltd. 17,112
2,300 Colonial Ltd. 8,134
300 CSL Ltd. 2,586
2,600 CSR Ltd. 7,425
400 F.H. Faulding & Co., Ltd. 2,433
4,400 Foster's Brewing Group Ltd. 12,385
1,300 Futuris Corp., Ltd. 1,891
3,560 General Property Trust 5,780
1,600 GIO Australia Holdings Ltd. 3,892
3,200 Goodman Fielder Ltd. 2,849
1,000 James Hardie Industries Ltd. 2,644
700 Leighton Holdings Ltd. 2,730
1,300 Lend Lease Corp., Ltd. 17,826
926 Mayne Nickless Ltd. 3,165
4,300 M.I.M. Holdings Ltd. 3,041
3,700 National Australia Bank Ltd. 61,147
5,106 News Corp., Ltd. 43,508
4,300 Normandy Mining Ltd. 2,860
1,900 North Ltd. 3,843
700 Orica Ltd. 3,818
2,600 Pacific Dunlop Ltd. 3,747
2,300 Pioneer International Ltd. 5,854
1,000 QBE Insurance Group Ltd. 3,801
700 Rio Tinto Ltd. 11,463
300 Rothmans Holdings Ltd. 2,852
1,500 Santos Ltd. 4,908
1,100 Schroders Property Fund 1,709
507 Smith (Howard) Ltd. 3,871
1,600 Southcorp Ltd. 6,453
900 Stockland Trust Group 2,052
700 Suncorp-Metway Ltd. 4,165
800 TABCORP Holdings Ltd. 5,384
13,000 Telstra Corp., Ltd. 74,395
610 Wesfarmers Ltd. 5,484
3,200 Westfield Trust 6,469
4,800 Westpac Banking Corp., Ltd. 31,096
2,900 WMC Ltd. 12,442
2,948 Woolworths Ltd. 9,793
-------------
531,176
-------------
Austria - 0.24%
100 Austria Tabakwerke AG 5,821
100 Austrian Airlines/Osterreichische Luftverkehrs AG 2,411
300 Bank Austria AG** 15,764
100 Flughafen Wien AG** 3,993
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
100 Oesterreichische Elektrizitaetswirtschafts AG, Class A 14,549
200 Wienerberger Baustoffindustrie AG 5,174
-------------
47,712
-------------
Belgium - 1.40%
10 Bekaert NV 4,276
50 Cimenteries CBR Cementbedrijven 4,595
100 Delhaize "Le Lion" SA 8,506
15 D'Ieteren SA 6,922
150 Electrabel SA 48,375
1,900 Fortis (B) 59,611
50 Groupe Bruxelles Lambert SA 8,444
775 KBC Bancassurance Holding 45,915
60 PetroFina SA 34,434
220 Solvay SA 14,587
225 Tractebel 31,529
390 UCB SA 16,676
-------------
283,870
-------------
Denmark - 0.75%
140 A/S Dampskibsselskabet Svendborg, Class B 15,131
35 Bang & Olufsen Holding A/S, Class B 2,216
95 Carlsberg A/S, Class A 3,817
75 Carlsberg A/S, Class B** 3,118
155 Danisco A/S 6,980
3 D/S 1912, Class B 26,521
2 D/S Svendborg, Class B 24,692
125 FLS Industries A/S, Class B 3,239
100 GN Store Nord A/S (GN Great Nordic) 3,367
80 ISS International Service System A/S, Class B 4,246
200 Novo Nordisk A/S, Class B 21,532
570 Tele Danmark A/S 27,959
140 Unidanmark A/S, Class A 9,311
-------------
152,129
-------------
Finland - 1.82%
100 Cultor Oyj 1,855
200 Kesko Oyj** 2,689
2,200 Merita plc 12,490
3,200 Nokia Oyj 280,255
300 Outokumpu Oyj 3,369
100 Pohjola Group Insurance Corp., Class A 4,894
100 Pohjola Group Insurance Corp., Class B 5,126
400 Raisio Group plc 3,709
200 Sampo Insurance Company Ltd., Class A 5,790
1,100 Sonera Group Oyj 24,028
100 Tietoenator Oyj Abp 4,163
700 UPM-Kymmene Oyj 20,051
-------------
368,419
-------------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
France - 9.39%
100 Accor SA 25,089
210 Air Liquide 32,997
500 Alcatel 70,321
900 Axa 109,701
550 Banque Nationale de Paris 45,789
50 Bouygues SA 13,204
100 Canal Plus** 28,036
200 Cap Gemini SA 31,405
600 Carrefour SA 88,095
50 Club Mediterranee SA 5,301
50 Coflexip SA 4,289
230 Compagnie de Saint Gobain 36,613
450 Compagnie Financiere de Paribas 50,400
50 Compagnie Francaise d'Etodes de Construction (Technip SA) 5,605
350 Compagnie Generale des Etablissements Michelin, Class B 14,306
300 Dassault Systemes SA 9,907
700 Elf Aquitaine SA 102,633
50 Eridania Beghin-Say SA 7,161
50 Essilor International SA 15,615
200 17,516
2,650 France Telecom SA 200,004
200 Groupe Danone 51,517
50 Groupe GTM 5,358
50 Groupe SEB SA 3,735
50 Imetal SA 7,419
260 Lafarge SA 24,700
300 Lagardere S.C.A. 11,159
70 Legrand SA 14,237
150 L'Oreal SA 101,309
230 LVMH (Louis Vuitton Moet Hennessy) 67,279
150 Pathe 17,990
200 Pechiney SA, Class A 8,589
300 Pinault-Printemps-Redoute SA 51,435
50 Promodes 32,791
125 PSA Peugeot Citroen 19,705
950 Rhone-Poulenc SA 43,372
1,850 Sanofi-Synthelabo SA** 78,438
400 Schneider Electric SA 22,441
150 SEITA 8,655
100 Sidel SA 12,148
50 Simco SA 4,224
150 Societe BIC SA 7,905
10 Societe Eurafrance SA 6,203
260 Societe Generale 45,783
100 Sodexho Alliance SA 17,207
400 Suez Lyonnaise des Eaux 72,083
900 Total Fina SA, Class B 116,007
50 Unibail (Union du Credit-Bail Immobilier) 6,393
600 Usinor SA 8,933
200 Valeo SA 16,486
1,230 Vivendi 99,549
-------------
1,897,037
-------------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ ------
<S> <C>
Germany - 9.62%
100 Adidas-Salomon AG 9,917
650 Allianz AG 180,157
100 AMB Aachener & Muenchener Beteiligungs AG 10,303
1,650 BASF AG 72,848
1,900 Bayer AG 79,090
200 Beiersdorf AG 13,291
300 Continental AG 7,109
2,550 DaimlerChrysler AG 220,701
1,555 Deutsche Bank AG 94,770
1,000 Deutsche Lufthansa AG 18,114
5,750 Deutsche Telekom AG 241,128
1,350 Dresdner Bank AG 52,718
150 Heidelberger Zement AG 12,364
200 Hochtief AG 9,191
1,100 HypoVereinsbank 71,403
50 Karstadt AG 24,007
50 Linde AG 29,932
300 MAN AG 10,231
1,000 Mannesmann AG 149,092
450 Merck KGaA 14,624
700 Metro AG 43,419
450 Muenchener Rueckversicherungs-Gesellschaft AG 83,227
545 Preussag AG 29,256
1,250 RWE AG 57,816
150 SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung) 50,693
100 SAP AG- Vorzug (Systeme, Anwendungen, Produkte in der 39,926
Datenverarbeitung)
200 Schering AG 21,184
1,500 Siemens AG 115,605
1,350 Thyssen Krupp AG** 29,669
1,300 Veba AG 76,349
50 Viag AG 23,595
800 Volkswagen AG 51,188
-------------
1,942,917
-------------
Hong Kong - 2.44%
3,600 Bank of East Asia Ltd. 9,118
9,000 Cathay Pacific Airways 13,804
6,000 Cheung Kong (Holdings) Ltd. 53,360
6,500 CLP Holdings Ltd. 31,584
4,000 Hang Lung Development Co., Ltd. 4,949
5,100 Hang Seng Bank Ltd. 57,024
12,100 Hong Kong and China Gas Co., Ltd. 17,545
31,600 Hong Kong Telecom Ltd. 82,069
10,000 Hutchison Whampoa Ltd. 90,545
3,068 Hysan Development Co., Ltd. 4,627
2,500 Johnson Electric Holdings Ltd. 10,311
5,000 New World Development Co., Ltd. 14,983
4,000 Shangri-La Asia Ltd. 4,949
6,000 Sun Hung Kai Properties Ltd. 54,713
4,000 Swire Pacific Ltd., Class A 19,797
1,000 Television Broadcasts Ltd. 4,692
6,000 Wharf (Holdings) Ltd. 18,715
-------------
492,785
-------------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ ------
<S> <C>
Ireland - 0.41%
2,300 Allied Irish Banks plc 30,215
1,000 CRH plc 17,722
200 DCC plc 1,628
800 Fyffes plc 1,731
500 Greencore Group plc 1,545
700 Independent News & Media plc 3,354
904 Irish Life & Permanent plc 9,550
2,900 Jefferson Smurfit Group plc 6,798
400 Kerry Group plc, Class A 4,739
400 Ryanair Holdings plc** 4,142
1,900 Waterford Wedgwood plc 1,958
-------------
83,382
-------------
Italy - 4.09%
4,000 Alitalia SpA 10,386
3,000 Assicurazioni Generali 103,859
5,000 Banca Commerciale Italiana 36,474
6,272 Banca Intesa SpA 30,115
1,000 Banca Popolare di Milano 7,717
5,000 Benetton Group SpA 9,840
2,000 Edison SpA 17,310
21,000 ENI SpA 125,280
10,000 Fiat SpA 31,632
10,000 Istituto Nazionale delle Assicurazioni SpA 23,183
2,000 Italgas SpA 8,387
1,000 La Rinascente SpA 7,563
2,000 Mediobanca SpA 20,916
6,760 Montedison SpA 11,005
8,000 Olivetti SpA 19,206
5,000 Parmalat Finanziaria SpA 6,543
1,000 Riunione Adriatica di Sicurta SpA 9,706
4,000 San Paolo-IMI SpA 54,403
17,000 Telecom Italia Mobile SpA 101,417
4,000 Telecom Italia Mobile SpA-RNC 14,713
2,000 Telecom Italia SpA-RNC 10,839
10,000 Telecom Italia SpA 103,859
13,000 Unicredito Italiano SpA 57,061
12,000 Unione Immobiliare SpA 5,317
-------------
826,731
-------------
Japan - 24.41%
1,000 77 Bank Ltd. 8,764
400 Acom Co., Ltd. 34,560
300 Advantest Corp. 32,989
2,000 Ajinomoto Co., Inc. 22,819
1,000 Amada Co., Ltd. 7,069
200 Aoyama Trading Co., Ltd. 6,284
7,000 Asahi Bank Ltd. 33,568
1,000 Asahi Breweries Ltd. 12,451
4,000 Asahi Chemical Industry Co., Ltd. 22,191
3,000 Asahi Glass Co., Ltd. 19,471
100 Autobacs Seven Co., Ltd. 4,861
12,000 Bank of Tokyo-Mitsubishi Ltd. 170,947
3,000 Bank of Yokohama Ltd. 7,714
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ ------
<S> <C> <C>
2,000 Bridgestone Corp. 60,521
2,000 Canon, Inc. 57,544
1,000 Casio Computer Co., Ltd. 7,606
2,000 Chiba Bank Ltd. 7,391
3,000 Chichibu Onoda Cement Corp. 8,607
1,000 Chugai Pharmaceutical Co., Ltd. 10,781
1,000 Citizen Watch Co., Ltd. 8,681
400 Credit Saison Co., Ltd. 8,367
200 CSK Corp. 4,547
2,000 Dai Nippon Printing Co., Ltd. 31,997
1,000 Daicel Chemical Industries Ltd. 3,679
2,000 Daiei, Inc. 6,846
1,000 Daiichi Pharmaceutical Co., Ltd. 15,527
1,000 Daikin Industries Ltd. 11,616
2,000 Dainippon Ink & Chemicals, Inc. 6,813
400 Daito Trust Construction Co., Ltd. 4,465
1,000 Daiwa House Industry Co., Ltd. 10,525
4,000 Daiwa Securities Group, Inc. 26,457
2,000 Denso Corp. 40,678
11 East Japan Railway Co. 59,115
1,000 Ebara Corp. 11,897
1,000 Eisai Co., Ltd. 19,719
600 Fanuc Ltd. 32,245
8,000 Fuji Bank Ltd. 55,825
1,000 Fujikura Ltd. 4,779
1,000 Fuji Photo Film Co. 37,867
5,000 Fujitsu Ltd. 100,661
1,000 Gunma Bank Ltd. 6,284
2,000 Hankyu Corp. 7,937
1,000 Higo Bank Ltd. 4,093
100 Hirose Electric Co., Ltd. 10,384
9,000 Hitachi Ltd. 84,456
3,000 Hitachi Zosen Corp. 3,621
3,000 Honda Motor Co., Ltd. 127,243
1,000 Inax Corp. 6,110
7,000 Industrial Bank of Japan Ltd. 55,560
1,000 Isetan Co., Ltd. 8,623
4,000 Itochu Corp. 9,954
1,000 Ito-Yokado Co., Ltd. 66,970
5,000 Japan Airlines Co., Ltd. 16,536
3,000 Japan Energy Corp. 3,522
2,000 Joyo Bank Ltd. 7,788
1,000 JUSCO Co., Ltd. 18,189
3,000 Kajima Corp. 10,914
1,000 Kamigumi Co., Ltd. 5,134
1,000 Kandenko Co., Ltd. 6,135
1,000 Kaneka Corp. 9,425
2,600 Kansai Electric Power Co., Inc. 49,442
2,000 Kao Corp. 56,222
4,000 Kawasaki Heavy Industries Ltd. 10,847
2,000 Kawasaki Kisen Kaisha Ltd. 4,316
9,000 Kawasaki Steel Corp. 16,817
1,000 Keihin Electric Express Railway Co., Ltd. 3,307
1,000 Kikkoman Corp. 8,475
1,000 Kinden Corp. 10,790
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
4,000 Kinki Nippon Railway Co., Ltd. 19,678
3,000 Kirin Brewery Co., Ltd. 35,965
3,000 Komatsu Ltd. 19,173
150 Konami Co., Ltd. 6,201
1,000 Konica Corp. 4,126
1,000 Koyo Seiko Co., Ltd. 8,723
4,000 Kubota Corp. 11,972
1,000 Kuraray Co., Ltd. 12,038
1,000 Kyocera Corp. 58,702
1,000 Kyowa Hakko Kogyo Co., Ltd. 5,730
1,000 Lion Corp. 4,134
4,000 Marubeni Corp. 8,367
1,000 Marui Co., Ltd. 16,536
5,000 Matsushita Electric Industrial Co., Ltd. 97,148
1,000 Meiji Seika Kaisha Ltd. 5,597
1,000 Minebea Co., Ltd. 11,162
6,000 Mitsubishi Chemical Corp. 20,785
4,000 Mitsubishi Corp. 27,119
6,000 Mitsubishi Electric Corp. 23,067
3,000 Mitsubishi Estate Co., Ltd. 29,293
1,000 Mitsubishi Gas Chemical Co., Inc. 3,158
9,000 Mitsubishi Heavy Industries Ltd. 36,536
3,000 Mitsubishi Materials Corp. 6,722
2,000 Mitsubishi Rayon Co., Ltd. 5,705
3,000 Mitsubishi Trust & Banking Corp. 29,169
4,000 Mitsui & Co., Ltd. 27,912
2,000 Mitsui Fudosan Co., Ltd. 16,205
2,000 Mitsui Marine & Fire Insurance Co., Ltd. 9,839
1,000 Mitsui Mining & Smelting Co., Ltd. 5,167
3,000 Mitsui O.S.K. Lines Ltd. 6,449
3,000 Mitsui Trust & Banking Co., Ltd. 4,787
1,000 Mitsukoshi Ltd. 4,349
1,000 Murata Manufacturing Co., Ltd. 65,812
1,000 Mycal Corp. 6,284
2,000 Nagoya Railroad Co., Ltd. 6,581
100 Namco Ltd. 2,687
1,000 Nankai Electric Railway Co., Ltd. 4,638
4,000 NEC Corp. 49,773
1,000 NGK Insulators Ltd. 10,451
1,000 NGK Spark Plug Co., Ltd. 10,293
1,000 Nichido Fire & Marine Insurance Co., Ltd. 5,151
1,000 Nikon Corp. 16,370
3,000 Nippon Express Co., Ltd. 17,983
2,000 Nippon Fire & Marine Insurance Co., Ltd. 6,780
1,000 Nippon Meat Packers, Inc. 13,063
3,000 Nippon Mitsubishi Oil Corp. 12,650
3,000 Nippon Paper Industries Co., Ltd. 15,651
1,000 Nippon Sheet Glass Co., Ltd. 3,563
18,000 Nippon Steel Corp. 41,819
34 Nippon Telegraph & Telephone Corp. 396,362
3,000 Nippon Yusen Kabushiki Kaisha 11,558
1,000 Nishimatsu Construction Co., Ltd. 5,738
7,000 Nissan Motor Co., Ltd. 33,452
9,000 NKK Corp. 7,367
5,000 Nomura Securities Co., Ltd. 58,578
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
1,000 NSK Ltd. 5,490
1,000 NTN Corp. 3,415
2,000 Obayashi Corp. 10,070
2,000 Odakyu Electric Railway Co., Ltd. 6,697
3,000 Oji Paper Co., Ltd. 17,363
1,000 Olympus Optical Co., Ltd. 14,791
1,000 Omron Corp. 17,363
200 Orix Corp. 17,859
7,000 Osaka Gas Co., Ltd. 23,787
1,000 Rohm Co., Ltd. 156,676
10,000 Sakura Bank Ltd. 37,950
1,000 Sankyo Co., Ltd. 25,217
1,000 Sanwa Shutter Corp. 5,424
5,000 Sanyo Electric Co., Ltd. 20,339
1,000 Sapporo Breweries Ltd. 4,440
300 Sega Enterprises Ltd. 3,971
1,000 Sekisui Chemical Co., Ltd. 5,804
2,000 Sekisui House Ltd. 21,596
3,000 Sharp Corp. 35,469
2,000 Shimizu Corp. 7,805
1,000 Shin-Etsu Chemical Co., Ltd. 33,485
1,000 Shionogi & Co., Ltd. 7,912
1,000 Shiseido Co., Ltd. 14,998
2,000 Shizuoka Bank Ltd. 19,942
200 SMC Corp. 22,406
1,000 Snow Brand Milk Products Co., Ltd. 4,886
1,100 Sony Corp. 118,685
8,000 Sumitomo Bank Ltd. 99,281
4,000 Sumitomo Chemical Co., Ltd. 18,355
3,000 Sumitomo Corp. 21,951
2,000 Sumitomo Electric Industries 22,753
2,000 Sumitomo Heavy Industries Ltd. 4,465
2,000 Sumitomo Marine & Fire Insurance Co., Ltd. 12,071
10,000 Sumitomo Metal Industries Ltd. 12,484
2,000 Sumitomo Metal Mining Co. 8,268
3,000 Taisei Corp. 6,598
1,000 Taisho Pharmaceutical Co., Ltd. 33,071
1,000 Takara Shuzo Co., Ltd. 8,160
1,000 Takashimaya Co., Ltd. 9,566
2,000 Takeda Chemical Industries 92,766
2,000 Teijin Ltd. 8,103
1,000 The Daimaru, Inc. 4,895
2,000 The Furukawa Electric Co., Ltd. 9,177
2,000 The Hokuriku Bank Ltd. 3,969
400 Thomson CSF** 13,889
2,000 Tobu Railway Co., Ltd. 5,672
100 Toho Co., Ltd. 14,634
1,300 Tohoku Electric Power Co., Inc. 19,691
5,000 Tokai Bank Ltd. 28,524
4,000 Tokio Marine & Fire Insurance Co., Ltd. 43,489
3,600 Tokyo Electric Power Co. 76,048
1,000 Tokyo Electron Ltd. 67,879
7,000 Tokyo Gas Co., Ltd. 17,247
3,000 Tokyu Corp. 7,565
2,000 Toppan Printing Co., Ltd. 22,340
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
4,000 Toray Industries, Inc. 20,041
1,000 Tostem Corp. 19,223
1,000 Toto Ltd. 7,730
1,000 Toyo Seikan Kaisha Ltd. 22,489
1,000 Toyoda Automatic Loom Works Ltd. 16,990
10,000 Toyota Motor Corp. 316,660
2,000 Ube Industries Ltd. 4,316
1,000 Uny Co., Ltd. 15,048
1,000 Yamaguchi Bank Ltd. 9,053
1,000 Yamaha Corp. 12,030
1,000 Yamanouchi Pharmaceutical Co., Ltd. 38,280
1,000 Yamato Transport Co., Ltd. 17,445
1,000 Yamazaki Baking Co., Ltd. 12,418
4,000 Yasuda Trust & Banking Co., Ltd. 4,994
1,000 Yokogawa Electric Corp. 5,912
-------------
4,931,036
-------------
Netherlands - 5.68%
3,814 ABN AMRO Holding NV 82,525
1,543 Aegon NV 111,844
755 Akzo Nobel NV 31,739
1,765 Elsevier NV 20,459
236 Getronics NV 9,070
830 Heineken NV 42,460
2,513 ING Groep NV 135,937
195 KLM-Konin Luchtvaart Mij NV 5,515
1,662 Koninklijke Ahold NV 57,196
1,257 Koninklijke KPN NV 58,929
897 Koninklijke (Royal) Philips Electronics NV 88,402
219 Oce NV 5,573
5,673 Royal Dutch Petroleum Co. 332,006
1,257 TNT Post Group NV 29,983
1,511 Unilever NV 101,741
252 Vedior NV 4,284
732 Wolters Kluwer NV 29,113
-------------
1,146,776
-------------
New Zealand - 0.20%
7,900 Brierley Investments Ltd. 2,217
4,600 Carter Holt Harvey Ltd. 5,504
1,000 Contact Energy Ltd.** 1,620
400 Fisher & Paykel Industries Ltd. 1,271
900 Fletcher Challenge Building 1,310
900 Fletcher Challenge Energy** 2,440
2,100 Fletcher Challenge Forests 1,178
1,700 Fletcher Challenge Paper 1,269
1,500 Lion Nathan Ltd. 3,590
4,600 Telecom Corporation of New Zealand Ltd. 19,727
-------------
40,126
-------------
Norway - 0.38%
200 Aker RGI ASA 2,715
100 Bergesen d.y. ASA, Class A 1,472
100 Bergesen d.y. ASA, Class B 1,415
1,500 Christiania Bank Og Kreditkasse 5,387
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
1,700 Den Norske Bank ASA 5,609
100 Dyno Industrier ASA 1,802
100 Elkem ASA 1,776
200 Hafslund ASA, Class A 1,332
100 Leif Hoegh & Co. ASA 1,269
300 Merkantildata ASA 2,893
600 NCL Holdings ASA** 2,002
600 Norsk Hydro ASA 22,612
100 Norske Skogindustrier ASA, Class A 3,680
400 Orkla ASA, Class A 6,218
100 Orkla ASA, Class B 1,358
200 Petroleum Geo-Services** 3,007
100 SAS Norge ASA, Class B 907
200 Schibsted ASA 2,246
700 Storebrand ASA** 4,708
100 Tomra Systems ASA 3,756
-------------
76,164
-------------
Portugal - 0.49%
500 Banco Comercial Portugues SA 12,946
300 Banco Espirito Santo SA 6,973
200 BPI-SGPS SA 4,194
200 Brisa Auto-Estradas de Portugal SA 8,243
100 Companhia de SegurosTranquilidade 2,514
200 Cimpor-Cimentos de Portugal, SGPS SA 5,152
1,600 EDP - Electricidade de Portugal SA 28,784
200 Jeronimo Martins, SGPS SA 6,600
500 Portugal Telecom SA 20,324
100 Sonae Investimentos-Sociedade Gestora de Participacors SA 3,398
-------------
99,128
-------------
Singapore - 0.94%
2,000 City Developments Ltd. 12,808
1,000 Cycle & Carriage Ltd. 5,758
3,000 DBS Land Ltd. 5,993
2,000 Development Bank of Singapore Ltd. 24,442
1,000 Fraser & Neave Ltd. 4,436
2,000 Keppel Corp., Ltd. 6,816
3,000 Oversea-Chinese Banking Corp., Ltd. 25,029
4,000 Sembcorp Industries Ltd. 6,345
2,000 Singapore Airlines Ltd. 19,036
1,000 Singapore Press Holdings Ltd. 17,039
7,000 Singapore Technologies Engineering Ltd. 7,938
17,000 Singapore Telecommunications Ltd. 29,166
8,000 Sino Land Co. 4,588
2,000 United Overseas Bank Ltd. 13,984
1,000 Venture Manufacturing (Singapore) Ltd. 7,697
-------------
191,075
-------------
Slovakia - 0.09%
1,600 Skandinaviska Enskilda Banken, Class A 18,661
-------------
Spain - 2.91%
150 Acerinox SA 4,382
171 ACS, Actividades de Construccion y Servicios SA 4,891
1,300 Argentaria, Caja Postal y Banco Hipotecario de Espana SA 29,589
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
683 Autopistas, Concesionaria Espanola SA 7,981
5,400 Banco Bilbao Vizcaya SA** 77,950
9,740 Banco Santander Central Hispano SA 101,360
50 Corporacion Financiera Alba SA 8,088
2,550 Endesa SA 54,334
150 Fomento de Construcciones y Contratas SA 8,578
400 Gas Natural SDG SA 29,056
450 Grupo Dragados SA 5,272
2,400 Iberdrola SA 36,524
2,400 Repsol SA 48,962
100 Sociedad General de Aguas de Barcelona SA 5,203
500 Tabacalera SA, Class A 10,097
2,805 Telefonica SA** 134,998
550 TelePizza SA** 2,845
800 Union Electrica Fenosa SA 10,452
350 Vallehermoso SA 3,386
150 Zardoya Otis SA 3,763
-------------
587,711
-------------
Sweden - 2.28%
1,800 ABB AB, Class A 23,963
700 ABB AB, Class B 9,278
300 AGA AB, Class A 3,746
300 Atlas Copco AB, Class A 8,182
200 Atlas Copco AB, Class B 5,372
1,000 Electrolux AB, Series B 20,970
1,350 ForeningsSparbanken AB (Swedbank) 19,085
2,000 Hennes & Mauritz AB, Class B 49,480
300 NetCom AB, Class B** 10,108
500 Sandvik AB, Class A 10,927
900 Securitas AB, Class B 13,466
1,400 Skandia Forsakrings AB 26,224
300 Skanska AB, Class B 11,327
500 Svenska Cellulosa AB, Class B 12,959
1,800 Svenska Handelsbanken AB, Class A 21,630
1,100 Swedish Match AB 3,927
5,200 Telefonaktiebolaget LM Ericsson (Ericsson AB), Class B 166,937
400 Volvo AB, Class A 11,545
800 Volvo AB, Class B 23,232
200 WM-Data AB, Class B 7,634
-------------
459,992
-------------
Switzerland - 6.61%
20 ABB AG 29,572
44 Adecco SA 23,563
15 Alusuisse Lonza Group AG (algroup) 17,473
705 Credit Suisse Group 121,919
14 Holderbank Financiere Glarus AG, Class B 16,516
105 Nestle SA 189,074
180 Novartis AG 262,681
5 Roche Holding AG 82,289
20 Roche Holding AG 205,464
38 Schweizerische Rueckversicherungs-Gesellschaft 72,311
195 Swisscom AG 73,337
570 UBS AG 170,029
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
125 Zurich Allied AG 71,038
-------------
1,335,266
-------------
United Kingdom - 21.87%
3,600 Abbey National plc 67,583
4,000 Allied Zurich plc 50,282
700 Anglian Water plc 7,735
2,500 Arjo Wiggins Appleton plc 8,689
2,024 Associated British Foods plc 13,367
2,169 AstraZeneca Group plc 84,580
2,400 AstraZeneca Group plc 92,835
2,700 BAA plc 25,961
3,900 Barclays plc 113,481
2,000 Bass plc 29,019
1,100 BBA Group plc 8,427
10,100 BG plc 61,691
1,900 Blue Circle Industries plc 12,638
1,200 BOC Group plc 23,455
2,300 Boots Co. plc 27,317
1,000 Bowthorpe plc 8,740
25,300 BP Amoco plc 453,426
1,500 BPB plc 8,937
4,600 British Aerospace plc 29,855
2,700 British Airways plc 18,630
5,600 British American Tobacco plc 52,653
1,300 British Land Co. plc 10,871
4,400 British Sky Broadcasting Group plc 40,815
5,100 British Steel plc 13,204
16,400 British Telecommunications plc 274,791
1,600 Bunzl plc 7,932
416 Burmah Castrol plc 7,908
6,100 Cable & Wireless plc 77,738
5,200 Cadbury Schweppes plc 32,970
1,600 Carlton Communications plc 13,278
10,170 Centrica plc 23,925
3,300 CGU plc 47,673
1,700 Compass Group plc 16,855
9,200 Diageo plc 96,072
1,400 Electrocomponents plc 10,361
2,000 EMI Group plc 16,046
3,000 FKI plc 9,268
7,000 General Electric Co. plc 71,388
1,800 GKN plc 30,727
9,400 Glaxo Wellcome plc 261,219
2,300 Granada Group plc** 42,671
2,600 Great Universal Stores plc 28,811
2,200 Guardian Royal Exchange plc 12,484
274 Hagemeyer NV 8,949
5,735 Halifax Group plc** 68,205
1,000 Hammerson plc 7,432
1,700 Hanson plc 15,100
3,000 Hilton Group plc 11,905
4,800 HSBC Holdings plc 169,932
2,300 HSBC Holdings plc 81,462
600 Hyder plc 7,084
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unsufiyrf0
<TABLE>
<CAPTION>
Market
Shares Value
- ------ -----
<S> <C>
1,800 IMI plc 7,292
1,900 Imperial Chemical Industries plc 18,778
9,800 Invensys plc 46,419
900 Johnson Matthey plc 8,774
4,900 J Sainsbury plc 30,895
3,500 Kingfisher plc 40,273
140 Kvaerner ASA, Class A** 2,878
1,400 Land Securities plc 18,824
3,000 LASMO plc 6,857
13,200 Legal & General Group plc 33,603
13,800 Lloyds TSB Group plc 187,069
1,000 Lonmin plc 9,316
7,300 Marks & Spencer plc 42,229
3,000 Mediaset SpA** 26,645
1,100 MEPC plc 8,973
1,500 Misys plc 12,839
3,800 National Grid Group plc 26,445
3,200 National Power plc 23,303
1,000 Next plc 12,145
600 Ocean Group plc 9,883
70 OMV AG 6,238
1,500 Pearson plc 30,477
1,600 Peninsular and Oriental Steam Navigation Co. 24,022
150 Pernod Ricard 10,046
5,000 Pirelli SpA** 13,601
700 Provident Financial plc 9,644
5,000 Prudential Corp. plc 73,611
1,000 Racal Electronics plc 6,092
1,300 Railtrack Group plc 26,577
1,900 Rank Group plc 7,555
2,900 Reed International plc 19,347
7,300 Rentokil Initial plc 28,479
3,800 Reuters Group plc 49,984
2,700 Rio Tinto plc 45,261
700 RMC Group plc 11,271
3,800 Rolls-Royce plc** 16,082
2,300 Royal Bank of Scotland Group plc 46,840
3,636 Royal & Sun Alliance Insurance Group plc 32,553
2,800 Safeway plc 11,221
800 Schroders plc 16,343
1,600 Scottish & Newcastle plc 16,658
2,200 Scottish and Southern Energy plc 22,506
3,100 Scottish Power plc 26,777
1,500 Slough Estates plc 8,488
14,200 SmithKline Beecham plc 184,546
800 Smiths Industries plc 10,567
2,000 St. Jame's Place Capital plc 7,298
3,500 Stagecoach Holdings plc 12,537
5,000 Tarmac plc 9,398
1,200 Tate & Lyle plc 7,523
16,900 Tesco plc 43,488
900 Thames Water plc 14,271
1,300 TI Group plc 8,709
1,200 Unigate plc 7,623
7,410 Unilever plc 65,875
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
- ------ -----
<S> <C>
1,400 United Utilities plc 17,014
7,900 Vodafone AirTouch plc 155,655
1,900 Williams plc 12,549
1,500 Wolseley plc 11,290
-------------
4,417,833
-------------
Total Common Stocks (Cost $19,861,499) 19,929,926
-------------
PREFERRED STOCKS - 0.25%
Australia - 0.17%
4,514 News Corp., Ltd. 34,346
-------------
Germany - 0.05%
250 Volkswagen AG 9,234
-------------
Italy - 0.03%
4,000 Fiat SpA 6,409
-------------
Total Preferred Stocks (Cost $48,246) 49,989
-------------
RIGHTS - 0.04%
France - 0.03%
230 LVMH (Louis Vuitton Moet Hennessy)** 6,754
50 Bouygues SA 133
-------------
6,887
-------------
Italy - 0.01%
8,000 Olivetti SpA 1,076
-------------
Portugal - 0.00%***
500 Portugal Telecom SA** 5
-------------
Total Rights (Cost $5,878) 7,968
-------------
TOTAL INVESTMENTS (Cost $19,915,623*) - 98.94% 19,987,883
CASH AND OTHER ASSETS, LESS LIABILITIES - 1.06% 214,066
-------------
NET ASSETS -100.00% $ 20,201,949
=============
* Cost for Federal income tax purposes is $19,915,623 and net unrealized
appreciation consists of:
Gross unrealized appreciation $ 1,175,746
Gross unrealized depreciation (1,103,486)
-------------
Net unrealized depreciation $ 72,260
=============
** Non-income producing security
*** Amount represents less than 0.01%
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Money Market Fund
Net assets for the Sage Money Market Fund ending June 30, 1999 were $2.044
million, slightly higher than the net assets reported on March 31, 1999 of $2.0
million.
While the Federal Reserve maintained a neutral stance and decided to leave
interest rates unchanged at its meeting on March 30, it adopted a tightening
bias at its meeting held May 18. At the Fed's next meeting on June 30, they
increased short-term rates by 25 basis points but removed the bias toward
further tightening. Thirty-day commercial paper rates peaked on June 29, at
5.13% and fell off slightly to 5.10% at quarter end.
The composition of the Fund is a well diversified commercial paper portfolio
with a modest amount of assets invested in U.S. Government agencies. The
weighted average maturity of the fund on June 30, 1999 was 23 days.
<PAGE>
Sage Life Investment Trust
Money Market Fund
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Principal Market
Amount Value
- ------------- -----------
<S> <C>
COMMERCIAL PAPER - 92.70%
$ 100,000 Alabama Power Co.,
4.93% due 07/06/1999 + $ 99,932
100,000 Banca CRT Financial Corp.,
4.98% due 07/12/1999 + 99,851
100,000 Bayshore Fuel Co.,
4.99% due 07/29/1999 + 99,622
100,000 Bell Atlantic Corp.,
4.97% due 07/08/1999 + 99,906
100,000 Caterpillar Financial Services Ltd.,
4.88% due 08/04/1999 + 99,550
100,000 Central Louisiana Electric,
4.98% due 08/03/1999 + 99,555
100,000 Cooperative Association Tractor,
4.97% due 07/08/1999 + 99,906
100,000 Countrywide Home Loans, Inc.
5.00% due 07/13/1999 + 99,836
100,000 Fayette Funding LP,
5.13% due 07/23/1999 + 99,688
100,000 Ford Motor Credit Co.,
4.91% due 07/15/1999 + 99,814
100,000 General Electric Capital Corp.,
4.95% due 07/01/1999 + 100,000
100,000 General Motors Acceptance Co.,
4.89% due 07/14/1999 + 99,827
100,000 Hitachi Credit America Corp.,
5.01% due 07/28/1999 + 99,633
100,000 International Lease Finance Corp.,
4.89% due 07/23/1999 + 99,708
100,000 Merrill Lynch & Co., Inc.,
4.90% due 07/14/1999 + 99,827
100,000 Moat Funding LLC,
5.28% due 09/09/1999 + 98,999
100,000 National Rural Utilities Corp.,
4.88% due 07/07/1999 + 99,920
100,000 Wisconsin Electric Fuel Trust,
4.92% due 07/15/1999 + 99,810
100,000 Yorkshire Building Society,
4.93% due 07/19/1999 + 99,757
-----------
Total Discount Commercial Paper
(Cost $1,895,141) 1,895,141
-----------
</TABLE>
<PAGE>
Sage Life Investment Trust
Money Market Fund
June 30, 1999 (Unaudited)
Principal Market
Amount Value
- ------------- -----------
U.S. GOVERNMENT AGENCY DISCOUNT NOTES - 7.57%
90,000 FMC Discount Note,
5.15% due 08/19/1999 + 89,380
66,000 FMC Discount Note,
5.10% due 09/10/1999 + 65,356
----------
Total U.S. Government Agency Discount Notes
(Cost $154,736) 154,736
----------
TOTAL INVESTMENTS - 100.27%
(Cost $2,049,877*) 2,049,877
LIABILITIES, LESS CASH
AND OTHER ASSETS - (0.27%) (5,605)
----------
NET ASSETS - 100.00% $2,044,272
==========
Notes:
* Aggregate cost for Federal income tax purposes.
+ Rate represents annualized discount yields at date of purchase.
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Statements of Assets and Liabilities
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
S&P 500 EAFE
Equity Equity Money
Index Fund Index Fund Market Fund
----------- ----------- -----------
<S> <C> <C> <C>
Assets:
Investments, at value (Cost $4,996,511, $19,915,623 and $2,049,877,
respectively) (Note 1) $ 5,506,394 $19,987,883 $ 2,049,877
Cash and cash equivalents (Note 1) 47,592 42,788 2,177
Foreign currency, at value (Cost $0, $217,116, $0) 0 211,560 0
Dividends and interest receivable 4,991 55,212 18
Receivable for securities sold 32,250 0 0
Other assets 767 0 229
----------- ----------- -----------
Total assets 5,591,994 20,297,443 2,052,301
----------- ----------- -----------
Liabilities:
Payable for securities purchased 29,550 65,203 0
Due to Adviser (Note 2) 1,683 23,503 833
Accrued expenses 0 6,788 0
Distributions payable 0 0 7,196
----------- ----------- -----------
Total liabilities 31,233 95,494 8,029
----------- ----------- -----------
Net assets $ 5,560,761 $20,201,949 $ 2,044,272
=========== =========== ===========
Net Assets Consist of:
Common stock, unlimited shares authorized, $0.01 par value,
502,531, 2,000,248 and 2,044,272, shares outstanding, respectively $ 5,025,685 $20,002,452 $ 2,044,272
Accumulated undistributed net investment income 19,081 154,905 0
Accumulated undistributed net realized gain/(loss) on investments 6,112 (22,112) 0
Net unrealized appreciation on investments 509,883 66,704 0
----------- ----------- -----------
$ 5,560,761 $20,201,949 $ 2,044,272
=========== =========== ===========
Net asset value, offering and redemption price per share $ 11.07 $ 10.10 $ 1.00
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Statements of Operations
For the Period Ended June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
S&P 500 EAFE
Equity Index Equity Index Money Market
Fund* Fund** Fund*
------------ ------------ ------------
<S> <C> <C> <C>
Investment Income
Dividends (net of foreign withholding taxes of
$0, $27,711, $0, respectively) $ 25,636 $ 192,669 $ 0
Interest 3,908 11,788 36,378
----------- ----------- -----------
Total investment income 29,544 204,457 36,378
----------- ----------- -----------
Expenses:
Investment advisory fees (Note 4) 10,463 49,552 4,815
Auditing and tax consulting fees 2,321 6,717 904
Insurance expense 342 991 133
Trustees' fees and expenses 514 1,487 200
----------- ----------- -----------
Total expenses 13,640 58,747 6,052
Expenses waived and reimbursed (Note 4) (3,177) (9,195) (1,237)
----------- ----------- -----------
Net expenses 10,463 49,552 4,815
----------- ----------- -----------
Net investment income 19,081 154,905 31,563
----------- ----------- -----------
Realized and Unrealized Gain/Loss on investments and
Foreign Currency Transactions:
Net realized gain/(loss) on investments and foreign currency
transactions 6,112 (22,112) 0
Net change in unrealized appreciation on investments and foreign
currency transactions 509,883 66,704 0
----------- ----------- -----------
Net realized and unrealized gain on investments and foreign
currency transactions 515,995 44,592 0
----------- ----------- -----------
Net increase in Net Assets from Operations $ 535,076 $ 199,497 $ 31,563
=========== =========== ===========
</TABLE>
* The S&P 500 Equity Index Fund and Money Market Fund commenced operations on
February 19, 1999.
** The EAFE Equity Index Fund commenced operations on March 22, 1999.
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
S&P 500 EAFE Money Market
Equity Index Fund Equity Index Fund Fund
----------------- ----------------- -----------------
Period Period Period
Ended Ended Ended
June 30, 1999* June 30, 1999** June 30, 1999*
(Unaudited) (Unaudited) (Unaudited)
----------------- ----------------- -----------------
<S> <C> <C> <C>
Operations:
Net investment income $ 19,081 $ 154,905 $ 31,563
Net realized gain/(loss) on investments and foreign
currency transactions 6,112 (22,112) 0
Net change in unrealized appreciation on investments 509,883 66,704 0
----------------- ----------------- -----------------
Net increase in net assets resulting from operations 535,076 199,497 31,563
----------------- ----------------- -----------------
Distributions:
Dividends to shareholders from net investment income 0 0 (31,563)
----------------- ----------------- -----------------
Net decrease in net assets resulting from
distributions 0 0 (31,563)
----------------- ----------------- -----------------
Capital Share Transactions:
Proceeds from sale of shares 27,110 4,169 38,253
Shares issued in reinvestment of
dividends and distributions 0 0 24,368
Cost of shares redeemed (1,425) (1,717) (18,349)
----------------- ----------------- -----------------
Net increase in net assets resulting from capital
share transactions 25,685 2,452 44,272
----------------- ----------------- -----------------
Net increase in net assets 560,761 201,949 44,272
Net assets at beginning of period 5,000,000 20,000,000 2,000,000
================= ================= =================
Net assets at end of period
(including undistributed net investment income of
$19,081, $154,905, and $0, respectively) $5,560,761 $20,201,949 $2,044,272
================= ================= =================
Capital Share Transactions:
Shares sold 2,665 418 38,253
Shares issued on reinvestment of dividends 0 0 24,368
Shares repurchased (134) (170) (18,349)
----------------- ----------------- -----------------
Net increase in shares from capital share transactions 2,531 248 44,272
================= ================= =================
</TABLE>
* The S&P 500 Equity Index Fund and Money Market Fund commenced operations on
February 19, 1999.
** The EAFE Equity Index Fund commenced operations on March 22, 1999.
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Financial Highlights
The table below sets forth financial data for one share of capital stock
outstanding throughout the period presented.
<TABLE>
<CAPTION>
S&P 500 EAFE Money Market
Equity Index Fund Equity Index Fund Fund
---------------------- ---------------------- ----------------------
Period Period Period
Ended Ended Ended
June 30, 1999* June 30, 1999** June 30, 1999*
(Unaudited) (Unaudited) (Unaudited)
---------------------- ---------------------- ----------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $10.00 $10.00 $ 1.00
---------------------- ---------------------- ----------------------
Operations:
Net investment income 0.04 0.08 0.02
Net realized and unrealized gain/(loss) on investments 1.03 0.02 0.00
---------------------- ---------------------- ----------------------
Total from Investment Operations 1.07 0.10 0.02
---------------------- ---------------------- ----------------------
Distributions to Shareholders:
Dividends from net investment income 0.00 0.00 (0.02)
---------------------- ---------------------- ----------------------
Total Distributions 0.00 0.00 (0.02)
---------------------- ---------------------- ----------------------
Net Asset Value, End of Period $11.07 $10.10 $ 1.00
====================== ====================== ======================
Total Return 10.70%**** 1.00%**** 1.54%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands) $5,561 $20,202 $2,044
Ratio of Net Income to Average Net Assets
Before expense reimbursement 0.83%*** 2.64%*** 4.12%***
After expense reimbursement 1.00%*** 2.81%*** 4.29%***
Ratio of Expenses to Average Net Assets
Before expense reimbursement 0.72%*** 1.07%*** 0.82%***
After expense reimbursement 0.55%*** 0.90%*** 0.65%***
Portfolio Turnover Rate 1% 0.13% N/A
* The S&P 500 Equity Index Fund and Money Market Fund commenced operations on February 19, 1999.
** The EAFE Equity Index Fund commenced operations on March 22, 1999.
*** Annualized
**** Not annualized
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements (Unaudited)
June 30, 1999
1. Summary of Significant Accounting Policies
The Sage Life Investment Trust (the "Trust") was organized as a Delaware
business trust on January 9, 1998 and is registered under the Investment Company
Act of 1940, as amended, as a diversified, no-load, open-end management
investment company. The Trust is a "series type" which issues separate series of
stock, each of which represents a separate diversified portfolio of investments.
The Trust is currently composed of three series: S&P 500 Equity Index Fund ("S&P
500 Fund"), EAFE Equity Index Fund ("EAFE Fund" and together with the S&P 500
Fund, the "Index Funds"), and the Money Market Fund (together with the Index
Funds, the "Funds" and each individually, a "Fund"). The S&P 500 Fund and the
Money Market Fund commenced investment operations on February 19, 1999. The EAFE
Fund commenced investment operations on March 22, 1999. Shares of the Funds
are available to separate accounts funding certain variable annuity and variable
life insurance contracts (the "Contract(s)") issued by various insurance
companies (each an "Insurer" and collectively, the "Insurers") and to various
pension and profit-sharing plans ("Retirement Plans").
The S&P 500 Fund seeks to replicate as closely as possible the performance of
the Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index") before
the deduction of fund expenses. The Fund generally intends to allocate its
investments among stocks in approximately the same proportions as they are
represented in the S&P 500 Index.
The EAFE Fund seeks to replicate as closely as possible the performance of the
Morgan Stanley Capital International Europe, Australasia, Far East Index ("EAFE
Index") before the deduction of fund expenses. The EAFE Index is a market
capitalization-weighted equity index. The Fund generally intends to allocate
its investments among stocks in approximately the same proportions as they are
represented in the EAFE Index.
The Index Funds are not managed according to traditional methods of "active"
investment management, which involve the buying and selling of securities based
upon economic financial and market analysis and investment judgement. Instead,
the Index Funds utilize a "passive" or "indexing" investment approach and
attempt to replicate the investment performance of their respective indexes
through statistical procedures.
The Money Market Fund seeks to provide high current income consistent with the
preservation of capital and liquidity. The Fund also intends to maintain a share
price of $1.00. The Fund seeks to achieve its objective by investing in high-
quality short-term money market instruments, such as U.S. Government
obligations, certificates of deposit, bankers' acceptances and commercial paper.
The Fund limits its investments to those short-term securities that it
determines present minimal credit risk and meet certain rating requirements.
The Fund maintains an average dollar-weighted portfolio maturity of 90 days or
less.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Trust in the
preparation of its financial statements. The policies are in conformity with
generally accepted accounting principles.
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements (Unaudited)
June 30, 1999
(A) Valuation: Each Fund calculates the price of its shares (also known as the
"Net Asset Value" or "NAV") at the close of regular trading on the New York
Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern Time) every day the NYSE is
open for business.
For the Index Funds, NAV reflects the deduction of each of the Index Fund's
liabilities from the total value of its assets - the market value of the
securities it holds, plus its cash reserves - and dividing the result by the
number of shares outstanding. Note that prices for securities that trade on
foreign exchanges can change significantly on days when the NYSE is closed and a
shareholder cannot buy or sell EAFE Fund shares. Such price changes in the
securities the EAFE Index owns may ultimately affect the price of EAFE Fund
shares when the NYSE reopens.
The Money Market Fund uses the amortized cost method of valuing its portfolio
securities to maintain a constant NAV of $1.00 per share. Under this method of
valuation, the Money Market Fund values its portfolio securities at their cost
at the time of purchase and not at market value, and amortizes that price over
the life of the investment thus minimizing fluctuations in value due to interest
rate changes or market conditions.
The Funds value their securities at the stated market value if price quotations
are available. When price quotations for a particular security are not readily
available, the Funds determine their value by the method that most accurately
reflects their current worth based on procedures adopted by the Board of
Trustees.
(B) Foreign currency: Assets and liabilities denominated in foreign currencies
and commitments under forward foreign currency exchange contracts are translated
into U.S. dollars at the mean of the quoted bid and asked prices of such
currencies against the U.S. dollar as of the close of business immediately
preceding the time of valuation. Purchases and sales of portfolio securities
are translated at the rate of exchange prevailing when such securities were
acquired or sold. Income and expenses are translated at the rate of exchange
prevailing when accrued.
The Trust does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on securities from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain/(loss) from securities.
Reported net realized gains or losses on foreign currency transactions arise
from sales and maturities of short-term securities, sales of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends,
interest, and foreign withholding taxes recorded on the Series' books, and the
U.S. dollar equivalent of the amounts actually received or paid. Net unrealized
appreciation/(depreciation) on other assets and liabilities denominated in
foreign currencies arise from changes in the value of assets and liabilities
other than investments in securities at period end, resulting from changes in
the exchange rate.
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements (Unaudited)
June 30, 1999
(C) Federal Income Taxes: Each Fund will be treated as a separate entity for
Federal income tax purposes. Each Fund expects to qualify as a regulated
investment company under Subchapter M of the Internal Revenue Code of 1986. As
a regulated investment company each Fund will not be subject to U.S. Federal
income tax on its investment company taxable income and net capital gains (the
excess of net long-term capital gains over net short-term capital losses), if
any, that it distributes to shareholders. Each Fund intends to distribute to
its shareholders, at least annually, substantially all of its investment company
taxable income and net capital gains, and therefore, does not anticipate
incurring a Federal income tax liability.
(D) Securities Transactions and Investment Income: Investment transactions are
recorded on trade date. Dividend income and distributions to shareholders are
recorded on the ex-dividend date, except certain dividends from foreign
securities where the ex-dividend date may have passed are reported as income
when the Series identifies the dividend. Interest income (including amortization
of premium and discount on securities) and expenses are accrued daily. Realized
gains and losses from investment transactions are recorded on an identified cost
basis which is the same basis the Trust uses for Federal income tax purposes.
Purchases of securities under agreements to resell are carried at cost, and the
related accrued interest is included in interest receivable.
(E) Dividends and Distributions to Shareholders: Each Fund distributes
substantially all of its net income and capital gains to shareholders each year.
Each Index Fund distributes capital gains and income dividends annually and the
Money Market Fund declares income dividends, if any, daily and pays them
monthly. All dividends and capital gains distributions paid by a Fund will be
automatically reinvested, at net asset value in that respective Fund.
(F) Risks Associated with Foreign Securities: The risks of investing in foreign
securities include fluctuations in foreign exchange rates, future political and
economic developments, and the possible imposition of exchange controls or other
foreign governmental laws and restrictions. In addition, with respect to certain
countries, there is the possibility of expropriation of assets, confiscatory
taxation, political or social instability or diplomatic developments which could
adversely affect investments in these countries.
There may be less publicly available information about a foreign company than
about a U.S. company, and foreign companies may not be subject to accounting,
auditing and financial reporting standards and requirements comparable to or as
uniform as those of U.S. companies. Non-U.S. securities markets, while growing
in volume, have, for the most part, substantially less volume than U.S. markets.
Securities of many foreign companies are less liquid and their prices more
volatile than securities of comparable U.S. companies. Transaction costs of
investing in non-U.S. securities markets are generally higher than in the U.S.
There is generally less government supervision and regulation of exchanges,
brokers and issuers than there is in the U.S. The Funds might have greater
difficulty taking appropriate legal action in non-U.S. courts. Non-U.S. markets
also have different clearance and settlement procedures which in some markets
have at times failed to keep pace with the volume of transactions. This may
create substantial delays and settlement failures that could adversely affect a
Fund's performance.
Adverse political, economic or social developments in the countries in which the
Fund has invested could undermine the value of the Fund's investments or prevent
the Fund from realizing their full value.
The currency of a country in which the Fund invests may fluctuate in value
relative to the U.S. dollar, which could affect the value of the investment
itself to U.S. investors.
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements (Unaudited)
June 30, 1999
Investments in foreign securities involve higher costs than investments in U.S.
securities, including higher transaction costs as well as the imposition of
additional taxes by foreign governments. In addition, foreign investments may
include additional risks associated with the level of currency exchange rates,
less complete financial information about the issuers, less market liquidity,
and political instability. Future political and economic developments, the
possible imposition of withholding taxes on interest income, the possible
seizure or nationalization of foreign holdings, the possible establishment of
exchange controls, or the adoption of other governmental restrictions might
adversely affect the payment of principal and interest on foreign obligations.
Additionally, foreign banks and foreign branches of domestic banks may be
subject to less stringent reserve requirements, and to different accounting,
auditing and recordkeeping requirements.
(G) Use of Estimates: The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results may differ from those
estimates.
2. Investment Advisory Fees and Other Transactions With Affiliates
Sage Advisors, Inc. ("Sage" or the "Manager") is the investment manager of the
Funds. State Street Global Advisors ("State Street") is the investment adviser
to the Index Funds and Conning Asset Management Company ("Conning," and together
with State Street, the "Advisers" and each an "Adviser") is the investment
adviser to the Money Market Fund. Sage pays all the Funds' expenses, except
brokerage fees, taxes, interest, fees and expenses of the non-interested
Trustees (including Fund counsel fees), Rule 12b-1 fees (if applicable) and
extraordinary expenses. In order to compensate Sage for paying a substantial
portion of the Funds' expenses, the Funds' management fee may be higher than the
investment advisory fees paid by other investment companies. Most, if not all,
such companies also pay for a portion of the non-investment advisory expenses
that are not paid by such companies' investment advisers. Shares of the Funds
are sold without an initial or contingent deferred sales charge to fund variable
annuity contracts and variable life insurance policies and to various pension
and profit-sharing plans. Sage has agreed to waive a portion of its management
fees for the Funds' until April 30, 2000. With such waivers, the Funds' will
pay the following management fees to Sage: S&P 500 Fund, 0.38% (0.55% without
fee waivers and expense limitations); EAFE Fund, 0.73% (0.90% without fee
waivers and expense limitations); Money Market Fund, 0.48% (0.65% without fee
waivers and expense limitations).
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, excluding
U.S. Government and short-term investments, for the period ended June 30, 1999
were as follows:
Purchases Sales
S&P 500 Fund .................. $ 4,996,511 $43,915
EAFE Fund...................... 19,951,368 25,180
Money Market Fund.............. 0 0
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