<PAGE>
Dear Contract Owner:
We are pleased to present you with this semi-report for the Sage Life Investment
Trust (the "Trust") for the period ending June 30, 2000.
It presents financial information about the three funds available through the
Trust:
. EAFE Index Fund,
. S&P 500 Equity Fund
. Money Market Fund
These funds are available only to owners of Sage Life's Asset I and Asset II
variable annuities.
Thank you for your investment in Sage variable products.
Sincerely,
SAGE LIFE INVESTMENT TRUST
_______________________________
Robin I. Marsden
President
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
COMMON STOCK - 99.09%
Advertising- 0.30%
145 Interpublic Group of Companies, Inc. $ 6,235
100 Omnicom Group, Inc. 8,906
----------
15,141
----------
Aerospace - 0.82%
364 Boeing Co. 15,220
50 General Dynamics Corp. 2,612
200 Lockheed Martin Corp. 4,962
50 Northrop Grumman Corp. 3,312
156 Raytheon Co., Class B 3,003
28 Teledyne Technologies, Inc.** 518
200 United Technologies Corp. 11,775
----------
41,402
----------
Airlines - 0.21%
64 AMR Corp. ** 1,692
51 Delta Air Lines, Inc. 2,579
229 Southwest Airlines Co. 4,337
57 US Airways Group, Inc. ** 2,223
----------
10,831
----------
Apparel, Textiles and Shoes - 0.14%
134 NIKE, Inc., Class B 5,335
70 V.F. Corp. 1,676
----------
7,011
----------
Automobiles - 0.68%
455 Ford Motor Co. 19,565
259 General Motors Corp. 15,038
----------
34,603
----------
Automobile Parts and Equipment - 0.29%
79 AutoZone, Inc. ** 1,738
100 Dana Corp. 2,119
209 Delphi Automotive Systems Corp. 3,070
100 Genuine Parts Co. 2,000
50 Johnson Controls, Inc. 2,566
63 TRW, Inc. 2,733
60 Visteon Corp.** 722
----------
14,948
----------
Banks - 6.16%
657 Bank of America Corp. 28,251
319 Bank of New York Co., Inc. 14,834
471 Bank One Corp. 12,511
100 BB&T Corp. 2,388
485 Chase Manhattan Corp. 22,317
1,376 Citigroup, Inc. 82,904
73 Comerica, Inc. 3,276
100 Fifth Third Bancorp. 6,325
463 Firstar Corp. 9,752
374 First Union Corp. 9,280
368 FleetBoston Financial Corp. 12,512
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Banks - (Continued)
96 Golden West Financial Corp. $ 3,918
110 Huntington Bancshares, Inc. 1,739
200 KeyCorp. 3,525
362 MBNA Corp. 9,819
200 Mellon Financial Corp. 7,287
278 National City Corp. 4,743
100 Northern Trust Corp. 6,506
118 PNC Bank Corp. 5,531
100 Regions Financial Corp. 1,988
73 State Street Corp. 7,743
100 Summit Bancorp 2,463
123 SunTrust Banks, Inc. 5,620
100 Union Planters Corp. 2,794
350 U.S. Bancorp 6,738
72 Wachovia Corp. 3,906
261 Washington Mutual, Inc. 7,536
671 Wells Fargo Co. 26,001
---------
312,207
---------
Broadcasting - 0.15%
100 Clear Channel Communications, Inc. ** 7,500
---------
Building Materials - 0.99%
936 Home Depot, Inc. 46,741
200 Masco Corp. 3,613
---------
50,354
---------
Business Equipment and Supplies - 1.94%
50 Avery Dennison Corp. 3,356
745 International Business Machines Corp. 81,624
100 Pitney Bowes, Inc. 4,000
200 Staples, Inc. ** 3,075
325 Xerox Corp. 6,500
---------
98,555
---------
Business Services - 0.22%
359 Cendant Corp. ** 5,026
162 FedEx Corp.** 6,156
---------
11,182
---------
Chemicals and Plastics - 1.27%
100 Air Products & Chemicals, Inc. 3,081
300 Dow Chemical Co. 9,056
416 duPont (E.I.) de Nemours & Co. 18,200
47 Eastman Chemical Co. 2,244
100 Ecolab, Inc. 3,906
161 Minnesota Mining & Manufacturing Co. 13,283
100 Praxair, Inc. 3,744
100 Rockwell International Corp. 3,150
116 Rohm & Haas Co. 4,002
76 Union Carbide Corp. 3,762
---------
64,428
---------
Coal - 0.04%
100 CSX Corp. 2,119
---------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Communication Equipment - 1.74%
381 GTE Corp. $ 23,717
930 Motorola, Inc. 27,028
400 Sprint Corp. (PCS Group) 23,800
200 Tellabs, Inc. ** 13,687
---------
88,232
---------
Computer Hardware, Software and Services - 17.81%
200 Apple Computer, Inc. ** 10,475
280 Automatic Data Processing, Inc. 14,997
100 BMC Software, Inc. ** 3,648
100 Ceridian Corp. ** 2,406
2,821 Cisco Systems, Inc.** 179,310
758 Compaq Computer Corp. 19,376
260 Computer Associates International, Inc. 13,309
100 Computer Sciences Corp. ** 7,469
200 Compuware Corp. ** 2,075
1,078 Dell Computer Corp.** 53,159
200 Electronic Data Systems Corp. 8,250
165 Gateway, Inc. ** 9,364
327 Honeywell, Inc. 11,016
1,402 Intel Corp. 187,430
2,128 Microsoft Corp. ** 170,240
176 Novell, Inc. ** 1,628
1,171 Oracle Corp.** 98,437
200 Parametric Technology Corp. ** 2,200
100 Peoplesoft, Inc. ** 1,675
72 Sabre Holdings Corp. 2,052
100 Seagate Technology, Inc. ** 5,500
100 Siebel Systems, Inc.** 16,356
200 Solectron Corp. ** 8,375
674 Sun Microsystems, Inc. ** 61,292
100 Unisys Corp. ** 1,456
100 VERITAS Software Corp. 11,302
---------
902,797
---------
Computer - Semiconductors - 2.14%
367 Applied Materials, Inc. ** 33,259
868 EMC Corp.** 66,782
100 Xilinx, Inc.** 8,256
---------
108,297
---------
Consumer Non-Durables - 4.72%
100 Corning, Inc. 26,987
1 Energizer Holdings, Inc.** 18
3,921 General Electric Co. 199,971
62 Grainger (W.W.), Inc. 1,910
164 Lowe's Companies, Inc. 6,734
134 Newell Rubbermaid, Inc. 3,450
10 Water Pik Technologies, Inc.** 62
---------
239,132
---------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Consumer Products - 1.18%
100 Clorox Co. $ 4,481
200 Colgate-Palmolive Co. 11,975
430 Gillette Co. 15,023
44 International Flavors & Fragrances, Inc. 1,328
469 Proctor & Gamble Co. 26,850
---------
59,657
---------
Consumer Services - 0.22%
54 Block (H & R), Inc. 1,748
225 Paychex, Inc. 9,450
---------
11,198
---------
Containers - 0.12%
100 Crown Cork & Seal Co., Inc. 1,500
100 Owens-Illinois, Inc. ** 1,169
100 Pactiv Corp.** 788
50 Sealed Air Corp. ** 2,619
---------
6,076
---------
Cosmetics-Toiletry - 0.09%
100 Avon Products, Inc. 4,450
---------
Diversified - 0.94%
100 Fortune Brands, Inc. 2,306
50 Loews Corp. 3,000
709 Tyco International Ltd. 33,589
208 Unilever N.V. 8,944
---------
47,839
---------
Electrical Equipment - 2.12%
64 Cooper Industries, Inc. 2,084
100 FirstEnergy Corp. 2,338
424 Hewlett-Packard Co. 52,947
732 Texas Instruments, Inc. 50,279
---------
107,648
---------
Electronics - 1.50%
161 Agilent Technologies, Inc.** 11,873
100 Altera Corp.** 10,194
100 Analog Devices, Inc.** 7,600
50 Eaton Corp. 3,350
178 Emerson Electric Co. 10,747
100 KLA-Tencor Corp. ** 5,856
100 Linear Technology Corp. 6,394
100 Maxim Integrated Products, Inc.** 6,794
100 National Semiconductor Corp.** 5,675
100 Teradyne, Inc.** 7,350
---------
75,833
---------
Energy and Resources - 0.08%
100 Burlington Resources, Inc. 3,825
---------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Entertainment - 1.52%
841 Disney (Walt) Co.** $ 32,641
130 Hasbro, Inc. 1,958
200 Mattel, Inc. 2,638
526 Time Warner, Inc. 39,976
-------
77,213
-------
Financial Services - 4.23%
600 American Express Co. 31,275
100 American General Corp. 6,100
300 Associates First Capital Corp., Class A 6,694
84 Bear Stearns Companies, Inc. 3,497
100 Capital One Financial Corp. 4,463
73 Countrywide Credit Industries, Inc. 2,213
57 Dow Jones & Co., Inc. 4,175
100 Equifax, Inc. 2,631
384 Fannie Mae 20,040
273 Freddie Mac 11,056
200 First Data Corp. 9,925
100 Franklin Resources, Inc. 3,038
200 Household International, Inc. 8,313
63 Lehman Brothers Holdings, Inc. 5,957
171 Merrill Lynch & Co., Inc. 19,665
63 Morgan (J.P.) & Co., Inc. 6,938
479 Morgan Stanley Dean Witter & Co. 39,877
50 Providian Financial Corp. 4,500
552 Schwab (Charles) Corp. 18,561
100 SLM Holding Corp. 3,744
100 Synovus Financial Corp. 1,763
--------
214,425
--------
Food and Beverages - 3.74%
163 Albertson's, Inc. 5,420
161 Anheuser-Busch Companies, Inc. 12,025
100 Bestfoods 6,925
175 Campbell Soup Co. 5,097
968 Coca-Cola Co. 65,599
200 Coca-Cola Enterprises, Inc. 3,261
200 ConAgra, Inc. 3,813
126 Heinz (H.J.) Co. 5,513
54 Hershey Foods Corp. 2,629
172 Kellogg Co. 5,117
200 Nabisco Group Holdings Corp. 5,187
552 PepsiCo, Inc. 24,530
956 Philip Morris Companies, Inc. 25,394
49 Quaker Oats Co. 3,681
120 Ralston-Ralston Purina Group 2,393
400 Sara Lee Corp. 7,725
174 Seagram Co., Ltd. 10,092
100 UST, Inc. 1,469
50 Wrigley (Wm.) Jr. Co. 4,009
--------
189,879
--------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Food Distribution - 0.79%
315 Archer-Daniels-Midland Co. $ 3,091
200 Costco Wholesale Corp.** 6,600
104 General Mills, Inc. 3,978
371 Kroger Co.** 8,185
200 Safeway, Inc. ** 9,025
100 SUPERVALU, Inc. 1,906
149 SYSCO Corp. 6,277
64 Winn-Dixie Stores, Inc. 916
--------
39,978
--------
Glass Products - 0.07%
75 PPG Industries, Inc. 3,323
--------
Health Care Facilities - 0.25%
267 Columbia/HCA Healthcare Corp. 8,110
100 Humana, Inc. ** 531
156 Tenet Healthcare Corp. ** 4,212
--------
12,853
--------
Health Care Products - 5.19%
635 Abbott Laboratories 28,297
79 Allergan, Inc. 5,885
535 American Home Products Corp. 31,431
100 Becton, Dickinson & Co. 2,869
945 Merck & Co., Inc. 72,411
2,550 Pfizer, Inc. 122,400
--------
283,293
--------
Home Appliances - 0.20%
64 Black & Decker Corp. 2,516
100 Illinois Tool Works, Inc. 5,700
50 Maytag Corp. 1,844
--------
10,060
--------
Hotels and Restaurants - 0.57%
100 Darden Restaurants, Inc. 1,625
200 Hilton Hotels Corp. 1,875
100 Marriott International, Inc., Class A 3,606
529 McDonald's Corp. 17,424
100 Tricon Global Restaurants, Inc. ** 2,825
100 Wendy's International, Inc. 1,781
--------
29,136
--------
Internet Software - 1.48%
955 America Online, Inc. ** 50,376
200 Yahoo! Inc.** 24,775
--------
75,151
--------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Insurance - 3.02%
67 Aetna, Inc. $ 4,301
337 Allstate Corp. 7,498
602 American International Group, Inc. 70,735
150 Aon Corp. 4,658
72 Chubb Corp. 4,428
68 CIGNA Corp. 6,358
100 Cincinnati Financial Corp. 3,144
200 Conseco, Inc. 1,950
100 Hartford Financial Services Group, Inc. 5,594
50 Jefferson-Pilot Corp. 2,822
100 Lincoln National Corp. 3,612
100 Marsh & McLennan Companies, Inc. 10,444
50 MBIA, Inc. 2,409
67 MGIC Investment Corp. 3,048
50 Progressive Corp. 3,703
80 SAFECO Corp. 1,590
100 St. Paul Companies, Inc. 3,413
75 Torchmark Corp. 1,852
100 United Healthcare Corp. 8,575
143 UnumProvident Corp. 2,869
--------
153,003
--------
Machinery and Heavy Equipment - 0.39%
160 Caterpillar, Inc. 5,420
100 Deere & Co. 3,700
100 Dover Corp. 4,056
100 Ingersoll-Rand Co. 4,025
74 Parker-Hannifin Corp. 2,535
--------
19,736
--------
Manufacturing - 1.35%
122 Alcan Aluminum Ltd. 3,782
326 Alcoa, Inc. 9,454
200 Boston Scientific Corp. ** 4,387
50 Brown-Forman Corp., Class B 2,687
100 Danaher Corp. 4,944
100 ITT Industries, Inc. 3,037
169 LSI Logic Corp. ** 9,147
200 Micron Technology, Inc. ** 17,613
63 Textron, Inc. 3,422
169 3COM Corp. ** 9,739
--------
68,212
--------
Medical Instruments, Services and Supplies - 1.14%
100 Baxter International, Inc. 7,031
78 Biomet, Inc. 2,998
100 Cardinal Health, Inc. 7,400
151 Guidant Corp.** 7,475
300 HEALTHSOUTH Corp.** 2,156
173 IMS Health, Inc. 3,114
100 McKesson HBOC, Inc. 2,094
512 Medtronic, Inc. 25,504
--------
57,772
--------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Metals and Mining - 0.18%
100 Allegheny Technologies, Inc. $ 1,800
277 Barrick Gold Corp. 5,038
100 Newmont Mining Corp. 2,162
--------
9,000
--------
Natural Gas - 0.48%
61 Columbia Energy Group 4,003
319 Enron Corp. 20,576
--------
24,579
--------
News and Publishing - 0.41%
100 Gannett Co., Inc. 5,981
60 Knight-Ridder, Inc. 3,191
100 New York Times Co., Class A 3,950
50 Times Mirror Co., Class A 4,375
100 Tribune Co. 3,500
--------
20,997
--------
Oil - 5.21%
69 Amerada Hess Corp. 4,261
100 Anadarko Petroleum Corp. 4,931
200 Baker Hughes, Inc. 6,400
260 Chevron Corp. 22,051
100 Coastal Corp. 6,088
100 Conoco, Inc., Class B 2,456
1,372 Exxon Mobil Corp. 107,788
200 Halliburton Co. 9,438
200 Occidental Petroleum Corp. 4,213
100 Phillips Petroleum Co. 5,068
854 Royal Dutch Petroleum Co. 52,574
244 Texaco, Inc. 12,993
58 Transocean Sedco Forex Inc. 3,099
100 Union Pacific Corp. 3,719
100 Union Pacific Resources Group, Inc. 2,200
100 Unocal Corp. 3,313
200 USX-Marathon Group 5,011
200 Williams Companies, Inc. 8,338
--------
263,941
--------
Oil Equipment and Services - 0.40%
272 Schlumberger Ltd. 20,298
--------
Paper and Forest Products - 0.67%
100 Fort James Corp. 2,313
100 Georgia-Pacific Group 2,625
244 International Paper Co. 7,277
236 Kimberly-Clark Corp. 13,540
79 Mead Corp. 1,995
100 Weyerhaeuser Co. 4,300
78 Willamette Industries, Inc. 2,125
--------
34,175
--------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Pharmaceuticals - 4.13%
50 ALZA Corp.** $ 2,956
798 Bristol-Myers Squibb Co. 46,484
555 Johnson & Johnson 56,540
442 Lilly (Eli) & Co. 44,145
540 Pharmacia Corp. 27,911
621 Schering-Plough Corp. 31,360
---------
209,386
---------
Photographic Equipment and Supplies - 0.13%
107 Eastman Kodak Co. 6,367
----------
Printing and Publishing - 0.21%
100 Donnelly (R.R.) & Sons Co. 2,256
100 Dun & Bradstreet Corp. 2,863
100 McGraw-Hill Companies, Inc. 5,400
----------
10,519
----------
Research and Development - 0.55%
400 Amgen, Inc.** 28,100
----------
Retail - Store - 3.95%
100 Best Buy Co., Inc.** 6,325
100 Circuit City Stores - Circuit City Group 3,319
176 CVS Corp. 7,040
156 Dollar General Corp. 3,042
100 Federated Department Stores, Inc. ** 3,375
352 Gap, Inc. 11,000
273 Kmart Corp. ** 1,860
148 Kohl's Corp. ** 8,232
180 The Limited, Inc. 3,891
128 May Department Stores Co. 3,072
69 Nordstrom, Inc. 1,665
100 Office Depot, Inc.** 625
100 Penney (J.C.) Co., Inc. 1,844
100 RadioShack Corp. 4,737
100 Rite Aid Corp. 656
149 Sears, Roebuck & Co. 4,861
100 Sherwin-Williams Co. 2,119
178 Target Corp. 10,324
160 TJX Companies, Inc. 3,000
155 Toys 'R' Us, Inc. ** 2,257
419 Walgreen Co. 13,487
1,794 Wal-Mart Stores, Inc. 103,379
----------
200,110
----------
Steel - 0.03%
51 Nucor Corp. 1,693
----------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Telecommunications - 11.08%
100 ADC Telecommunications, Inc. 8,388
100 ALLTEL Corp. 6,194
1,285 AT&T Corp. 40,638
627 Bell Atlantic Corp. 31,859
752 BellSouth Corp. 32,054
400 Comcast Corp., Special Class A (non-voting) 16,200
4 General Motors Corp. - Class H ** 351
305 Global Crossing Ltd.** 8,025
1,325 Lucent Technologies, Inc. 78,506
1,183 MCI WorldCom, Inc. ** 54,270
246 MediaOne Group, Inc. ** 16,267
100 Network Appliance, Inc.** 8,049
326 Nextel Communications, Inc. ** 19,947
1,200 Nortel Networks Corp. 81,900
312 QUALCOMM, Inc.** 18,720
1,382 SBC Communications, Inc. 59,772
368 Sprint Corp. (FON Group) 18,768
200 US West, Inc. 17,150
654 Viacom, Inc., Class B ** 44,595
----------
561,653
----------
Tire and Rubber - 0.04%
100 Goodyear Tire & Rubber Co. 2,000
----------
Transportation - 0.26%
200 Burlington Northern Santa Fe Corp. 4,588
300 Carnival Corp. 5,850
200 Norfolk Southern Corp. 2,975
----------
13,413
----------
Utilities - 1.44%
200 AES Corp.** 9,125
20 Ameren Corp. 675
74 American Electric Power Co., Inc. 2,192
55 Carolina Power & Light Co. 1,757
51 Cinergy Corp. 1,297
75 Consolidated Edison, Inc. 2,222
67 Constellation Energy Group 2,182
45 Dominion Resources, Inc. 1,929
49 DTE Energy Co. 1,497
131 Duke Energy Corp. 7,386
147 Edison International 3,014
100 Entergy Corp. 2,719
49 FPL Group, Inc. 2,426
70 GPU, Inc. 1,895
11 New Century Energies, Inc. 338
47 Northern States Power Co. 949
108 PE Corp - PE Biosystems Group 7,115
100 PECO Energy Co. 4,031
132 PG&E Corp. 3,251
68 PP&L Resources, Inc. 1,492
56 Public Service Enterprise Gourp, Inc. 1,940
100 Reliant Energy, Inc. 2,956
66 Sempra Energy 1,121
196 Southern Co. 4,569
77 TXU Corp. 2,273
73 Unicom Corp. 2,825
----------
73,176
----------
<PAGE>
Sage Life Investment Trust
S&P 500 Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
Waste Management - 0.11%
300 Waste Management, Inc.** $ 5,700
----------------
Total Common Stock (Cost $4,350,985) 5,024,416
----------------
SHORT TERM INVESTMENTS - 0.88%
44,595 Bank of New York Cash Reserves, 5.20% 44,595
----------------
Total Short Term Investments (Cost $44,595) 44,595
----------------
TOTAL INVESTMENTS - 99.97%
(Cost $4,395,580*) $ 5,069,011
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.03% 1,418
----------------
NET ASSETS - 100.00% $ 5,070,429
================
NET ASSETS consist of:
Undistributed net investment income $ 16,121
Accumulated net realized gain on investments 152,950
Net unrealized appreciation of investments 673,431
Paid-in capital 4,227,927
----------------
Total Net Assets $ $5,070,429
================
NET ASSET VALUE, offering price and redemption price per share $ 11.69
================
Number of Portfolio shares outstanding 433,925
================
* Cost for Federal income tax purposes is $4,395,580 and net
unrealized appreciation consists of:
Gross unrealized appreciation $ 1,173,140
Gross unrealized depreciation (499,709)
----------------
Net unrealized appreciation $ 673,431
================
** Non-income producing security for the period ended June 30, 2000.
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -------
COMMON STOCK - 98.54%
Australia - 2.39%
<S> <C> <C>
1,238 Amcor Ltd. $ 4,342
1,100 AMP Diversified Property Trust 1,539
44 AMP Group Finance Services Ltd. 2,486
2,143 AMP Ltd. 21,874
800 Aristocrat Leisure Ltd. 2,714
687 Australian Gas Light Co., Ltd 4,104
1,450 Boral Ltd. 1,828
449 Brambles Industries Ltd. 13,840
300 British American Tobacco Australasia Ltd. 1,891
3,422 Broken Hill Proprietary Co., Ltd. 40,579
2,300 Commonwealth Bank of Australia 38,233
2,072 Coca-Cola Amatil Ltd. 4,043
2,330 Coles Myer Ltd. 8,973
1,015 Computershare Ltd. 5,235
300 CSL Ltd. 5,950
2,040 CSR Ltd. 5,683
400 F.H. Faulding & Co., Ltd. 1,966
3,408 Foster's Brewing Group Ltd. 9,617
1,430 Futuris Corp., Ltd. 1,571
3,071 General Property Trust 4,960
3,390 Goodman Fielder Ltd. 2,524
1,000 James Hardie Industries Ltd. 2,635
700 Leighton Holdings Ltd. 2,261
1,001 Lend Lease Corp., Ltd. 12,807
956 Mayne Nickless Ltd. 2,376
4,396 M.I.M. Holdings Ltd. 1,969
2,849 National Australia Bank Ltd. 47,722
3,883 News Corp., Ltd. 53,623
4,438 Normandy Mining Ltd. 2,398
1,900 North Ltd. 4,506
700 Orica Ltd. 3,185
2,600 Pacific Dunlop Ltd. 2,326
413 Paperlinx Ltd. 785
798 QBE Insurance Group Ltd. 3,915
569 Rio Tinto Ltd. 9,436
1,185 SAntos Ltd. 3,622
386 Smith (Howard) Ltd. 1,891
1,230 Southcorp Ltd. 3,560
932 Stockland Trust Group 1,973
403 Suncorp-Metway Ltd. 2,086
800 TABCORP Holdings Ltd. 4,611
14,714 Telstra Corp., Ltd. 59,898
610 Wesfarmers Ltd. 4,871
3,310 Westfield Trust 6,441
124 Westfield Trust Drp. Shares 241
3,608 Westpac Banking Corp., Ltd. 26,104
2,263 WMC Ltd. 10,154
2,314 Woolworths Ltd. 8,565
-----------
467,913
------------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ --------
Austria - 0.22%
<S> <C> <C>
100 Austria Tabakwerke AG $ 3,719
100 Austrian Airlines/Osterreichische Luftverkehrs AG 1,452
262 Bank Austria AG** 12,814
100 Flughafen Wien AG** 3,575
17 Generali Holding Vienna AG 2,746
69 Oesterreichische Elektrizitaetswirtschafts AG, Class A 7,110
70 OMV AG 6,106
34 VA Technologie AG 1,798
200 Wienerberger Baustoffindustrie AG 4,561
-------------
43,881
-------------
Belgium - 0.76%
24 Barco NV 2,703
44 Bekaert NV 2,282
2 Cimenteries CBR Cementbedrijven 205
78 Colruyt NV 3,318
100 Delhaize "Le Lion" SA 6,006
108 Electrabel SA 26,803
1,435 Fortis, Class B 41,928
50 Groupe Bruxelles Lambert SA 12,534
587 KBC Bancassurance Holding 25,940
11 SA D'Ieteren NV 2,794
166 Solvay SA 11,218
285 UCB SA 10,513
50 Union Miniere SA Befords 1,821
-------------
148,065
-------------
Denmark - 0.83%
35 Bang & Olufsen Holding A/S, Class B 1,196
75 Carlsberg A/S, Class A 2,284
95 Carlsberg A/S, Class B** 2,808
155 Danisco A/S 21,331
2 D/S 1912, Class B 29,684
2 D/S Svendborg, Class B 5,198
140 Den Danske Bank Group 16,911
125 FLS Industries A/S, Class B 1,928
80 ISS International Service System A/S, Class B 6,117
1,779 Nordic Baltic Holdings (NBH) AB 13,027
150 Novo Nordisk A/S, Class B 25,636
420 Tele Danmark A/S 28,388
200 Vestas Wind 7,376
-------------
161,884
-------------
Finland - 3.07%
300 Kemira Oyj 1,467
200 Kesko Oyj** 2,042
40 Kone Corp., Oyj 2,416
150 Hartwall Oyj Abp 3,623
300 Metso Oyj** 487,414
9,513 Nokia Oyj 2,876
300 Outokumpu Oyj 3,020
200 Pohjola Group Insurance Corp., Class B 7,097
400 Raisio Group PLC 794
300 Rautaruukki Oyj 1,424
100 Sampo Insurance Company Ltd., Class A 4,074
50 SGL Carbon Oyj 3,341
1,400 Sonera Group Oyj 64,082
160 Tietoenator Oyj Abp 5,360
500 UPM-Kymmene Oyj 12,462
-------------
601,492
-------------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ --------
France - 10.75%
<S> <C> <C>
368 Accor SA $ 15,144
179 Air Liquide 23,478
2,310 Alcatel 152,125
1,535 Aventis SA 112,491
764 Axa 120,840
888 Banque Nationale de Paris 85,804
65 Bouygues SA 43,616
248 Canal Plus 41,841
242 Cap Gemini SA 42,800
1,372 Carrefour SA 94,167
200 Casino Guichard Perrachon SA 18,597
31 Club Mediterranee SA 4,217
35 Coflexip SA 4,261
172 Compagnie de Saint Gobain 23,347
50 CPR SA 1,845
223 Dassault Systemes SA 20,885
50 Eridania Beghin-Say SA 4,918
21 Essilor International SA 6,043
2,005 France Telecom SA 281,377
50 Gecina 5,373
298 Groupe Danone 39,707
30 Groupe GTM 2,818
32 Imerys 3,730
207 Lafarge SA 115,636
242 Lagardere S.C.A. 16,152
133 L'Oreal SA 18,558
193 LVMH (Louis Vuitton Moet Hennessy) 79,905
266 Michelin (CGDE), Class B 8,570
200 Pechiney SA, Class A 8,378
110 Pernod Ricard SA 6,010
235 Pinault-Printemps-Redoute SA 52,420
90 PSA Peugeot Citroen 18,135
21 Sagem SA 24,720
1,442 Sanofi-Synthelabo SA** 68,976
318 Schneider Electric SA 22,253
50 SEB SA 2,938
67 Sidel SA 5,456
50 Simco SA 3,667
108 Societe BIC SA 5,311
10 Societe Eurafrance SA 4,807
820 Societe Generale 49,521
66 Sodexho Alliance SA 12,021
391 Suez Lyonnaise des Eaux SA 68,777
31 Technip SA 3,765
331 Thomson CSF** 13,092
1,453 Total Fina SA, Class B 223,689
29 Unibail (Union du Credit-Bail Immobilier) 4,031
600 Usinor SA 7,350
162 Valeo SA 8,696
1,165 Vivendi 103,244
-------------
2,105,502
-------------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ --------
Germany - 8.20%
<S> <C> <C>
100 Adidas-Salomon AG $ 5,521
500 Allianz AG 178,442
1,250 BASF AG 50,925
1,400 Bayer AG 53,815
200 Beiersdorf AG 16,679
300 Continental AG 5,061
1,950 DaimlerChrysler AG 103,930
1,155 Deutsche Bank AG 96,933
800 Deutsche Lufthansa AG 18,750
5,936 Deutsche Telekom AG 343,687
950 Dresdner Bank AG 38,612
1,520 E.On AG 74,893
200 EM. TV Merchandising AG 11,887
200 Fresenius Medical Care AG 15,817
82 Heidelberger Zement AG 5,054
200 Hochtief AG 6,039
800 HypoVereinsbank 52,531
200 Linde AG 8,110
200 MAN AG 6,231
350 Merck KGaA 10,736
600 Metro AG 20,418
350 Muenchener Rueckversicherungs-Gesellschaft AG 110,046
345 Preussag AG 11,145
1,150 RWE AG 39,190
450 SAP AG 68,328
600 Schering AG 32,813
1,200 Siemens AG 180,368
1,050 Thyssen Krupp AG** 16,779
600 Volkswagen AG 23,179
-----------
1,605,919
-----------
Hong Kong - 2.01%
1,000 ASM Pacific Technology Ltd. 3,746
3,600 Bank of East Asia Ltd. 8,406
23,516 Cable & Wireless HKT Ltd. 51,739
7,000 Cathay Pacific Airways 12,977
4,000 CLP Holdings Ltd. 18,628
4,000 Hang Lung Development Co., Ltd. 3,105
3,700 Hang Seng Bank Ltd. 35,126
3,000 Henderson Land Development Co., Ltd. 13,201
10,010 Hong Kong and China Gas Co., Ltd. 11,237
3,000 Hong Kong and Shanghai Hotels Ltd. 1,742
7,800 Hutchison Whampoa Ltd. 98,065
3,068 Hysan Development Co., Ltd. 3,227
2,000 Johnson Electric Holdings Ltd. 18,923
2,000 Li & Fung Ltd. 10,007
5,000 New World Development Co., Ltd. 5,581
11,000 Pacific Century Cyberworks Ltd. 21,732
4,000 Shangri-La Asia Ltd. 4,721
4,000 South China Morning Post (Holdings) Ltd. 3,105
5,000 Sun Hung Kai Properties Ltd. 35,921
3,000 Swire Pacific Ltd., Class A 17,550
1,000 Television Broadcasts Ltd. 6,671
4,171 Wharf (Holdings) Ltd. 7,465
-----------
392,875
-----------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Ireland - 0.36%
1,709 Allied Irish Banks PLC $ 15,350
744 CRH PLC 13,479
200 DCC PLC 1,777
4,246 Eircom PLC 11,396
800 Fyffes PLC 828
500 Greencore Group PLC 1,342
497 Independent News & Media PLC 1,810
558 Irish Life & Permanent PLC 7,459
2,081 Jefferson Smurfit Group PLC 1,198
200 Jurys Doyle Hotel Group PLC 4,331
330 Kerry Group PLC, Class A 4,590
630 Ryanair Holdings PLC** 3,591
1,900 Waterford Wedgwood PLC 2,076
-----------
69,227
-----------
Italy - 4.32%
4,000 Alitalia SpA 8,282
2,500 Assicurazioni Generali 86,033
9,603 Banca Intesa SpA 43,174
500 Banca Popolare di Milano 3,619
13,000 Banca di Roma SpA 16,026
5,000 Benetton Group SpA 10,497
4,000 Beni Stabili SpA 2,155
500 Bulgari SpA** 6,710
14,000 Enel SpA 62,270
16,000 ENI SpA 92,792
600 Fiat SpA 15,633
2,000 Italgas SpA 8,877
1,000 La Rinascente SpA 5,694
2,500 Mediaset SpA 38,344
1,250 Mediobanca SpA 12,941
250 Mondadori (Arnoldo) Editore SpA 5,728
10,500 Olivetti SpA 38,348
5,000 Parmalat Finanziaria SpA 7,084
5,000 Pirelli SpA** 13,205
1,200 Riunione Adriaticadi Sicurta SpA 13,229
2,750 San Paolo-IMI SpA 49,006
13,000 Telecom Italia Mobile SpA 133,340
2,000 Telecom Italia SpA-RNC 96,626
7,000 Telecom Italia SpA 13,324
3,000 Telecom Italia Mobile SpA 15,155
10,000 Unicredito Italiano SpA 48,025
-----------
846,117
-----------
Japan - 26.80%
1,000 77 Bank Ltd. 8,014
300 Acom Co., Ltd. 25,288
200 Advantest Corp. 44,699
2,000 Ajinomoto Co., Inc. 25,704
1,000 Amada Co., Ltd. 8,505
200 Aoyama Trading Co., Ltd. 2,892
7,000 Asahi Bank Ltd. 29,503
1,000 Asahi Breweries Ltd. 11,992
4,000 Asahi Chemical Industry Co., Ltd. 28,350
3,000 Asahi Glass Co., Ltd. 33,595
100 Autobacs Seven Co., Ltd. 3,336
2,000 Bank of Fukuoka Ltd. 13,646
9,000 Bank of Tokyo-Mitsubishi Ltd. 108,949
3,000 Bank of Yokohama Ltd. 13,466
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Japan - (Continued)
200 Benesse Corp. $ 13,892
2,000 Bridgestone Corp. 42,431
2,000 Canon, Inc. 99,792
1,000 Casio Computer Co., Ltd. 11,246
5 Central Japan Railway Co. 28,350
3,000 Chichibu Onoda Cement Corp. 6,294
900 Chuo Mitsubishi Trust And Banking Co., Ltd. 3,929
1,000 Citizen Watch Co., Ltd. 9,677
400 Credit Saison Co., Ltd. 9,299
200 CSK Corp. 6,199
2,000 Dai Nippon Printing Co., Ltd. 35,324
1,000 Daicel Chemical Industries Ltd. 3,232
2,000 Daiei, Inc. 25,421
1,000 Daiichi Pharmaceutical Co., Ltd. 7,522
1,000 Daikin Industries Ltd. 23,294
1,000 Daimaru, Inc. 3,515
2,000 Dainippon Ink & Chemicals, Inc. 9,431
400 Daito Trust Construction Co., Ltd. 6,615
4,000 Daiwa Bank Ltd. 10,395
1,000 Daiwa House Industry Co., Ltd. 7,314
3,000 Daiwa Securities Group, Inc. 39,690
2,000 Denso Corp. 48,762
8 East Japan Railway Co. 46,570
1,000 Ebara Corp. 13,580
1,000 Eisai Co., Ltd. 32,130
500 Fanuc Ltd. 50,983
7,000 Fuji Bank Ltd. 53,317
1,000 Fujikura Ltd. 41,013
1,000 Fuji Photo Film Co. 5,944
100 Fuji Soft ABC, Inc. 6,662
4,000 Fujitsu Ltd. 138,726
1,000 Furukawa Electric Co., Ltd. 20,932
1,000 Gunma Bank Ltd. 5,169
100 Hirose Electric Co., Ltd. 15,602
7,000 Hitachi Ltd. 101,210
3,000 Hitachi Zosen Corp. 2,722
2,000 Hokuriku Bank Ltd. 4,649
2,000 Honda Motor Co., Ltd. 68,229
1,000 Inax Corp. 6,171
5,000 Industrial Bank of Japan Ltd. 37,989
1,000 Isetan Co., Ltd. 12,285
4,000 Itochu Corp. 60,291
1,000 Ito-Yokado Co., Ltd. 20,223
5,000 Japan Airlines Co., Ltd. 19,042
3,000 Japan Energy Corp. 3,232
5 Japan Tobacco, Inc. 43,990
2,000 Joyo Bank Ltd. 7,711
1,000 JUSCO Co., Ltd. 18,995
3,000 Kajima Corp. 9,582
1,000 Kamigumi Co., Ltd. 5,283
1,000 Kaneka Corp. 11,047
1,900 Kansai Electric Power Co., Inc. 34,079
1,000 Kao Corp. 30,618
4,000 Kawasaki Heavy Industries Ltd. 6,124
2,000 Kawasaki Kisen Kaisha Ltd. 4,026
9,000 Kawasaki Steel Corp. 12,928
1,000 Keihin Electric Express Railway Co., Ltd. 3,771
1,000 Kikkoman Corp. 7,721
1,000 Kinden Corp. 6,294
4,000 Kinki Nippon Railway Co., Ltd. 16,254
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Japan - (Continued)
2,000 Kirin Brewery Co., Ltd. $ 25,043
3,000 Komatsu Ltd. 21,149
300 Konami Co., Ltd. 18,995
1,000 Konica Corp. 8,505
1,000 Koyo Seiko Co., Ltd. 8,703
4,000 Kubota Corp. 14,553
1,000 Kuraray Co., Ltd. 11,491
200 Kyocera Corp. 34,001
1,000 Kyowa Hakko Kogyo Co., Ltd. 9,800
4,000 Marubeni Corp. 13,797
1,000 Marui Co., Ltd. 19,184
4,000 Matsushita Electric Industrial Co., Ltd. 103,950
1,000 Meiji Seika Kaisha Ltd. 6,634
1,000 Minebea Co., Ltd. 12,569
6,000 Mitsubishi Chemical Corp. 24,665
4,000 Mitsubishi Corp. 36,250
4,000 Mitsubishi Electric Corp. 43,394
3,000 Mitsubishi Estate Co., Ltd. 35,381
1,000 Mitsubishi Gas Chemical Co., Inc. 3,355
7,000 Mitsubishi Heavy Industries Ltd. 31,091
3,000 Mitsubishi Materials Corp. 12,304
2,000 Mitsubishi Rayon Co., Ltd. 6,105
3,000 Mitsubishi Trust & Banking Corp. 23,332
4,000 Mitsui & Co., Ltd. 30,618
2,000 Mitsui Fudosan Co., Ltd. 21,735
2,000 Mitsui Marine & Fire Insurance Co., Ltd. 9,639
1,000 Mitsui Mining & Smelting Co., Ltd. 7,607
1,000 Mitsukoshi Ltd. 4,442
1,000 Mycal Corp. 3,430
100 Namco Ltd. 3,610
3,000 NEC Corp. 94,406
1,000 NGK Insulators Ltd. 12,417
1,000 NGK Spark Plug Co., Ltd. 15,507
200 Nichiei Co., Ltd. 3,289
200 Nidec Corp. 17,388
1,000 Nikon Corp. 37,139
300 Nintendo Co., Ltd. 52,504
3,000 Nippon Express Co., Ltd. 18,456
1,000 Nippon Meat Packers, Inc. 14,648
3,000 Nippon Mitsubishi Oil Corp. 13,778
3,000 Nippon Paper Industries Co., Ltd. 20,525
1,000 Nippon Sheet Glass Co., Ltd. 13,929
14,000 Nippon Steel Corp. 29,503
250 Nippon Telegraph & Telephone Corp. 333,113
3,000 Nippon Yusen Kabushiki Kaisha 14,459
1,000 Nishimatsu Construction Co., Ltd. 3,950
8,000 Nissan Motor Co., Ltd. 47,250
300 Nissin Food Products Co., Ltd. 7,655
4,000 Nomura Securities Co., Ltd. 98,091
1,000 NSK Ltd. 8,789
1,000 NTN Corp. 4,281
2,000 Obayashi Corp. 8,864
3,000 Oji Paper Co., Ltd. 20,696
1,000 Olympus Optical Co., Ltd. 17,964
1,000 Omron Corp. 27,216
200 Oriental Land Co., Ltd. 20,469
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Japan - (Continued)
120 Orix Corp. $ 17,747
7,000 Osaka Gas Co., Ltd. 20,176
200 Promise Co., Ltd. 15,838
200 Rohm Co., Ltd. 58,590
8,000 Sakura Bank Ltd. 55,415
1,000 Sankyo Co., Ltd. 22,633
1,000 Sanwa Shutter Corp. 3,251
4,000 Sanyo Electric Co., Ltd. 36,061
1,000 Sapporo Breweries Ltd. 4,092
300 Sega Enterprises Ltd. 4,621
1,000 Sekisui Chemical Co., Ltd. 3,856
2,000 Sekisui House Ltd. 18,541
2,000 Sharp Corp. 35,438
100 Shimamura Co., Ltd. 11,709
2,000 Shimizu Corp. 5,727
1,000 Shin-Etsu Chemical Co., Ltd. 50,841
1,000 Shionogi & Co., Ltd. 19,042
1,000 Shiseido Co., Ltd. 15,498
2,000 Shizuoka Bank Ltd. 17,010
100 SMC Corp. 18,853
1,000 Snow Brand Milk Products Co., Ltd. 5,387
600 Softbank Corp. 81,648
1,800 Sony Corp. 168,399
6,000 Sumitomo Bank Ltd. 73,710
4,000 Sumitomo Chemical Co., Ltd. 24,116
2,000 Sumitomo Corp. 22,548
2,000 Sumitomo Electric Industries 34,360
2,000 Sumitomo Heavy Industries Ltd. 6,710
2,000 Sumitomo Marine & Fire Insurance Co., Ltd. 11,661
10,000 Sumitomo Metal Industries Ltd. 6,899
2,000 Sumitomo Metal Mining Co. 9,450
3,000 Taisei Corp. 4,820
1,000 Taisho Pharmaceutical Co., Ltd. 35,910
1,000 Takashimaya Co., Ltd. 9,337
2,000 Takeda Chemical Industries 131,544
300 Takefuji Corp. 36,316
2,000 Teijin Ltd. 9,771
2,000 Tobu Railway Co., Ltd. 5,727
1,300 Tohoku Electric Power Co., Inc. 17,568
5,000 Tokai Bank Ltd. 24,712
3,000 Tokio Marine & Fire Insurance Co., Ltd. 34,700
2,700 Tokyo Electric Power Co. 65,956
7,000 Tokyo Gas Co., Ltd. 19,713
3,000 Tokyu Corp. 14,855
2,000 Toppan Printing Co., Ltd. 21,206
4,000 Toray Industries, Inc. 16,254
7,000 Toshiba Corp. 79,182
1,000 Tosoh Corp. 5,056
1,000 Tostem Corp. 16,349
1,000 Toto Ltd. 7,692
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Japan - (Continued)
7,000 Toyota Motor Corp. $ 319,505
2,000 Ube Industries Ltd. 6,275
1,000 Uny Co., Ltd. 13,844
150 World Co., Ltd. 6,521
1,000 Yamaha Corp. 10,953
1,000 Yamanouchi Pharmaceutical Co., Ltd. 54,716
1,000 Yamato Transport Co., Ltd. 24,901
1,000 Yamazaki Baking Co., Ltd. 9,828
1,000 Yokogawa Electric Corp. 9,997
----------
5,249,310
----------
Netherlands - 5.93%
2,916 ABN AMRO Holding NV 71,726
2,656 Aegon NV 94,890
567 Akzo Nobel NV 24,187
720 ASM Lithography Holding NV** 31,072
1,765 Elsevier NV 21,470
708 Getronics NV 10,961
274 Hagemeyer NV 7,585
623 Heineken NV 38,072
1,920 ING Groep NV 130,307
1,284 Koninklijke Ahold NV 3,947
1,894 Koninklijke KPN NV 37,946
146 Koninklijke Luchtvaart Maatschappij NV (KLM) 85,059
2,696 Koninklijke (Royal) Philips Electronics NV 3,600
219 Oce NV 126,840
4,259 Royal Dutch Petroleum Co. 265,780
1,707 STMicroelectronics NV 107,997
949 TNT Post Group NV 25,699
1,135 Unilever NV 52,278
252 Vedior NV 3,128
732 Wolters Kluwer NV 19,577
----------
1,162,121
----------
New Zealand - 0.17%
7,900 Brierley Investments Ltd. 1,227
4,600 Carter Holt Harvey Ltd. 4,006
1,000 Contact Energy Ltd.** 1,342
400 Fisher & Paykel Industries Ltd. 1,262
900 Fletcher Challenge Building 958
900 Fletcher Challenge Energy** 2,945
2,100 Fletcher Challenge Forests 761
1,700 Fletcher Challenge Paper 1,953
1,500 Lion Nathan Ltd. 3,354
4,600 Telecom Corporation of New Zealand Ltd. 16,133
----------
33,941
----------
Norway - 0.45%
100 Bergesen d.y. ASA, Class A 1,924
100 Bergesen d.y. ASA, Class B 2,059
1,500 Christiania Bank Og Kreditkasse 8,090
1,700 Den Norske Bank ASA 7,080
100 Dyno Industrier ASA 2,188
100 Elkem ASA 1,884
200 Hafslund ASA, Class A 924
120 Leif Hoegh & Co. ASA 1,109
300 Merkantildata ASA 1,548
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
Norway - (Continued)
700 Norsk Hydro ASA $ 29,481
100 Norske Skogindustrier ASA, Class A 2,866
557 Orkla ASA, Class A 10,622
200 Petroleum Geo-Services** 3,428
100 SAS Norge ASA, Class B 842
200 Schibsted ASA 3,720
700 Storebrand ASA** 5,077
200 Tomra Systems ASA 5,323
----------
88,165
----------
Portugal - 0.44%
1,967 Banco Comercial Portugues SA 5,543
225 Banco Espirito Santo SA 10,276
1,082 BPI-SGPS SA 3,838
590 Brisa Auto-Estradas de Portugal SA 5,101
37 Companhia de SegurosTranquilidade 1,170
258 Cimpor-Cimentos de Portugal, SGPS SA 4,946
1,180 EDP - Electricidade de Portugal SA 21,514
200 Jeronimo Martins, SGPS SA 3,309
2,055 Portugal Telecom SA 23,166
2,730 Sonae Investimentos-Sociedade Gestora de Participacors SA 4,815
910 Sonae Investimentos-Sociedade Gestora de Participacors SA 1,605
----------
85,283
----------
Singapore - 0.97%
2,000 Chartered Semiconductor Manufacturing Ltd.** 17,467
2,000 City Developments Ltd. 7,750
1,000 Cycle & Carriage Ltd. 2,348
2,326 DBS Group Holdings Ltd. 29,866
3,750 DBS Land Ltd. 4,858
1,000 Fraser & Neave Ltd. 3,557
2,000 Keppel Corp., Ltd. 4,326
1,000 NatSteel Electronics Ltd. 3,065
3,000 Neptune Orient Lines Ltd. 2,776
1,000 OMNI Industries Ltd. 1,648
3,150 Oversea-Chinese Banking Corp., Ltd. 21,681
1,000 Parkway Holdings Ltd. 2,556
4,000 Sembcorp Industries Ltd. 4,349
2,000 Singapore Airlines Ltd. 19,781
1,000 Singapore Press Holdings Ltd. 15,616
7,000 Singapore Technologies Engineering Ltd. 10,284
14,000 Singapore Telecommunications Ltd. 20,486
8,099 Sino Land Co. 2,857
3,000 United Industrial Corp., Ltd. 1,414
2,112 United Overseas Bank Ltd. 13,803
----------
190,488
----------
Spain - 2.56%
150 Acerinox SA 4,357
171 ACS, Actividades de Construccion y Servicios SA 4,836
300 Aguas de Barcelona 4,026
3 Aguas de Barcelona RFD 39
500 Altadis SA 7,712
682 Autopistas, Concesionaria Espanola SA 2
34 Autopistas, Concesionaria Espanola-Bonus SA 5,956
5,740 Banco Bilbao Vizcaya SA** 86,111
252 BBVA Bolsa SA 3,686
7,925 Banco Santander Central Hispano SA 83,945
163 Corporacion Financiera Alba SA 4,313
2,098 Endesa SA 40,806
300 Fomento de Construcciones y Contratas SA 5,694
887 15,985
450 Grupo Dragados SA 3,240
1,786 Iberdrola SA 23,113
150 Metrovacesa SA 2,531
2,354 Repsol SA 47,048
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
Spain - (Continued)
400 Sol Melia SA $ 4,486
6,273 Telefonica SA 3,111
550 TelePizza SA** 135,298
604 Union Electrica Fenosa SA 10,972
350 Vallehermoso SA 2,097
330 Zardoya Otis SA 2,936
----------
502,300
----------
Sweden - 3.27%
300 Atlas Copco AB, Class A 5,815
200 Atlas Copco AB, Class B 3,763
700 Electrolux AB, Series B 10,895
1,050 ForeningsSparbanken AB (Swedbank) 310,385
1,650 Hennes & Mauritz AB, Class B 15,444
200 NetCom AB, Class B** 34,616
4,208 Nordic Baltic Holding (NBH) AB 14,845
200 OM Gruppen AB 31,906
700 Sandvik AB, Class A 8,985
700 Securitas AB, Class B 14,766
2,000 Skandia Forsakrings AB 14,925
1,320 Skandinaviska Enskilda Bank, Class A 15,727
300 Skanska AB, Class B 53,133
500 Svenska Cellulosa AB, Class B 10,689
1,800 Svenska Handelsbanken AB, Class A 9,549
1,022 Swedish Match AB 26,270
15,600 Telefonaktiebolaget LM Ericsson, Class B 3,170
3,000 Telia AB 28,391
400 Volvo AB, Class A 8,437
400 Volvo AB, Class A RTS 360
600 Volvo AB, Class B RTS 527
600 Volvo AB, Class B 13,101
1,000 WM-Data AB, Class B 5,530
----------
641,229
----------
Switzerland - 5.73%
622 ABB Ltd. 74,687
44 Adecco SA 37,504
15 Alusuisse Lonza Group AG (algroup) 9,806
535 Credit Suisse Group 106,765
18 Givaudan Reg 5,496
14 Holderbank Financiere Glarus AG, Class B 17,219
20 Lonza AG 10,455
80 Nestle SA 160,633
140 Novartis AG 222,475
3 Roche Holding AG, Bearer Shares 31,834
15 Roche Holding AG 146,488
28 Schweizerische Rueckversicherungs-Gesellschaft 57,255
145 Swisscom AG 50,382
10 Swatch Group AG-B 12,755
860 UBS AG 126,403
105 Zurich Allied AG 52,046
----------
1,122,203
----------
United Kingdom - 19.31%
1,176 3i Group PLC 24,195
2,799 Abbey National PLC 33,476
3,109 Allied Zurich PLC 36,783
1,639 Amvescap PLC 26,302
700 Anglian Water PLC 6,411
2,500 Arjo Wiggins Appleton PLC 10,153
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
United Kingdom - (Continued)
1,870 ARM Holdings PLC $ 20,043
3,520 AstraZeneca Group PLC 164,397
2,700 BAA PLC 21,664
5,881 BAE Systems PLC 36,680
2,933 Barclays PLC 72,954
2,000 Bass PLC 22,497
1,121 BBA Group PLC 7,340
6,936 BG Group PLC 44,837
1,900 Blue Circle Industries PLC 12,268
1,200 BOC Group PLC 17,258
2,300 Boots Co. PLC 17,514
43,406 BP Amoco PLC 416,616
2,700 British Airways PLC 15,533
4,296 British American Tobacco PLC 28,681
1,300 British Land Co. PLC 8,517
3,409 British Sky Broadcasting Group PLC 66,679
12,777 British Telecommunications PLC 165,190
1,121 Bunzl PLC 6,008
416 Burmah Castrol PLC 10,498
4,037 Cadbury Schweppes PLC 26,524
1,600 Carlton Communications PLC 20,589
7,889 Centrica PLC 26,335
2,586 CGU PLC 43,064
1,700 Compass Group PLC 22,403
5,100 Corus Group PLC 7,451
6,753 Diageo PLC 60,625
4,147 Dixons Group PLC 16,888
1,059 Electrocomponents PLC 10,693
2,000 EMI Group PLC 18,167
1,400 FKI PLC 4,901
1,800 GKN PLC 22,972
7,139 Glaxo Wellcome PLC 208,265
3,649 Granada Group PLC 36,460
2,600 Great Universal Stores PLC 16,729
4,436 Halifax Group PLC** 42,577
712 Hammerson PLC 4,786
1,700 Hanson PLC 12,019
4,214 Hays PLC 23,509
3,000 Hilton Group PLC 10,537
16,641 HSBC Holdings PLC 190,332
900 IMI PLC 3,849
1,900 Imperial Chemical Industries PLC 15,087
497 Independent News & Media PLC 1,749
7,201 Invensys PLC 27,036
539 Johnson Matthey PLC 7,548
4,900 J Sainsbury PLC 22,254
2,688 Kingfisher PLC 24,477
1,400 Land Securities PLC 16,744
3,000 LASMO PLC 6,358
10,109 Legal & General Group PLC 23,645
10,744 Lloyds TSB Group PLC 101,496
803 Logica PLC 19,013
5,288 Marconi Ord 68,847
5,670 Marks & Spencer PLC 19,936
1,113 MEPC PLC 9,192
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
United Kingdom - (Continued)
1,501 Misys PLC $ 12,680
2,919 National Grid Group PLC 23,023
3,200 National Power PLC 20,395
353 Ocean Group PLC 5,825
1,227 Pearson PLC 39,009
1,600 Peninsular and Oriental Steam Navigation Co. 13,710
700 Provident Financial PLC 7,302
3,852 Prudential Corp. PLC 56,449
1,000 Racal Electronics PLC 6,797
1,314 Railtrack Group PLC 20,420
1,900 Rank Group PLC 4,358
2,900 Reed International PLC 25,244
7,300 Rentokil Initial PLC 16,577
2,798 Reuters Group PLC 47,739
2,060 Rio Tinto PLC 33,681
700 RMC Group PLC 9,029
53 Rolls-Royce PLC** 188
4,384 Royal Bank of Scotland Group PLC 73,405
2,534 Sage Group PLC 20,524
800 Schroders PLC 14,388
3,100 Scottish Power PLC 26,281
1,127 Sema Group PLC 16,038
1,015 Slough Estates PLC 5,632
11,036 SmithKline Beecham PLC 144,519
800 Smiths Industries PLC 10,361
3,500 Stagecoach Holdings PLC 3,921
1,200 Tate & Lyle PLC 6,004
13,398 Tesco PLC 41,682
900 Thames Water PLC 11,677
1,300 TI Group PLC 7,016
595 Unigate PLC 2,630
5,750 Unilever PLC 34,820
1,400 United Utilities PLC 13,861
118,715 Vodafone AirTouch PLC 479,859
1,900 Williams PLC 11,002
1,500 Wolseley PLC 8,255
1,514 WPP Group PLC 22,116
------------
3,781,968
------------
Total Common Stock (Cost $16,928,463) 19,299,883
------------
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------ -----
<S> <C>
PREFERRED STOCK - 0.60%
Australia - 0.25%
4,082 News Corp., Ltd. $ 49,423
-----------
Germany - 0.32%
300 SAP AG - Vorzug 56,308
250 Volkswagen AG 5,967
-----------
62,275
-----------
Italy - 0.03%
400 Fiat SpA 6,537
-----------
Total Preferred Stock (Cost $76,351) 118,235
-----------
RIGHTS - 0.03%
United Kingdom - 0.02%
910 British Aerospace PLC** 1,356
140 Kvaerner ASA, Class A 1,417
140 Kvaerner ASA, Class A 1,632
-----------
4,405
Portugal - 0.01%
910 Sonae Investimentos-Sociedade Gestora de Participacors SA 870
-----------
Total Rights (Cost $3,869) 5,275
-----------
SHORT TERM INVESTMENTS - 0.50%
98,416 Bank of New York Cash Reserves, 5.20% 98,416
-----------
Total Short Term Investments (Cost $98,416) 98,416
-----------
Principal
Amount (b)
----------
CORPORATE BONDS - 0.03%
United Kingdom
1,000 BG Transco Holdings PLC, 1,459
7.06% due 12/14/2009
1,000 BG Transco Holdings PLC, 1,528
4.19% due 12/14/2022
1,000 BG Transco Holdings PLC, 1,471
-----------
7.00% due 12/16/2024
Total Corporate Bonds (Cost $4,862) 4,458
-----------
TOTAL INVESTMENTS - 99.70%
(Cost $17,111,961*) $19,526,267
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.30% 60,285
-----------
NET ASSETS -100.00% $19,586,552
===========
NET ASSETS consist of:
Undistributed net investment income (a) $ 81,975
Accumulated net realized gain on investments 1,113,779
Net unrealized appreciation of investments and foreign
currency transactions 2,414,579
Paid-in capital 15,976,219
-----------
Total Net Assets $19,586,552
===========
NET ASSET VALUE, offering price and redemption price per share $ 11.76
===========
Number of Portfolio shares outstanding 1,665,051
===========
</TABLE>
<PAGE>
Sage Life Investment Trust
EAFE Equity Index Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
Market
Shares Value
------ -----
* Cost for Federal income tax purposes is $17,111,961
and net unrealized appreciation consists of:
Gross unrealized appreciation $ 3,972,224
Gross unrealized depreciation (1,557,918)
------------
Net unrealized appreciation $ 2,414,306
============
** Non-income producing security
(a) Undistributed net investment income includes net realized gains
(losses) on foreign currency transactions. Net realized gains on
foreign currency transactions are distributed as net investment
income in accordance with provisions of the Internal Revenue Code.
(b) Principal amount is stated in the currency of the country in which
the security is denominated.
At June 30, 2000, sector diversification of the Fund was as follows:
PERCENT OF
SECTOR DIVERSIFICATION NET ASSETS
---------------------- ----------
LONG TERM INVESTMENTS:
Aerospace 0.19%
Airlines 0.64%
Automotive 4.19%
Banking 10.69%
Broadcasting & Publishing 2.39%
Chemicals 1.69%
Computer Services 2.63%
Construction 2.07%
Diversified Operations 2.99%
Electronics 7.30%
Energy 1.04%
Entertainment & Leisure 0.26%
Financial Services 4.84%
Food & Beverages 4.21%
Health & Personal Care 5.51%
Hotels & Motels 0.24%
Insurance 5.46%
Machinery & Engineering Services 1.39%
Manufacturing 3.97%
Metals & Mining 0.98%
Oil 5.60%
Paper Products 0.42%
Pharmaceuticals 5.14%
Real Estate 1.05%
Retail 1.79%
Security Services 0.08%
Telecommunications 18.16%
Transportation 1.91%
Utility 2.37%
Total Long Term Investments 99.20%
Total Short Term Investments 0.50%
Other Assets & Liabilities (Net) 0.30%
----------
NET ASSETS 100.00%
==========
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Money Market Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Principal Market
Amount Value
----------------- ------------------
<S> <C>
COMMERCIAL PAPER - 93.26%
$ 100,000 Alabama Power Co.
6.52% due 07/10/2000+ $ 99,656
100,000 Allergen, Inc.
6.65% due 08/04/2000+ 99,372
100,000 American Express Credit Corp.
6.52% due 07/10/2000+ 99,837
100,000 Banco Espirito North America
6.57% due 08/15/2000+ 99,179
100,000 Coca Cola Enterprises, Inc.
6.51% due 08/03/2000+ 99,403
100,000 Cooper River Funding
6.600% due 07/19/2000+ 99,670
100,000 Cooperative Association Tractor
6.23% due 08/25/2000+ 99,048
61,000 Countrywide Home Loans, Inc.
7.21% due 07/06/2000+ 99,900
40,000 Fayette Funding
6.58% due 07/21/2000+ 99,634
20,000 General Electric Capital Corp.
6.57% due 07/31/2000+ 99,453
25,000 General Motors Acceptance Corp.
6.59% due 07/14/2000+ 99,762
100,000 Georgia Power Co.
6.52% due 07/21/2000+ 99,638
100,000 Hitachi Credit America Corp.
6.57% due 07/14/2000+ 99,763
100,000 Merrill Lynch
6.56% due 09/05/2000+ 98,797
100,000 Motorola, Inc.
6.51% due 07/25/2000+ 99,575
100,000 National Rural Utility Corp.
6.53% due 08/21/2000+ 99,075
100,000 Potomac Electric Power Co.
6.52% due 07/07/2000+ 99,891
100,000 Progress Capital Holdings
6.76% due 07/26/2000+ 99,533
100,000 W.W. Grainger, Inc.
6.53% due 07/31/2000+ 99,456
100,000 Zions Bancorporation
6.64% due 07/14/2000+ 99,760
---------------
Total Commercial Paper (Cost $1,990,402) 1,990,402
---------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.80%
61,000 Federal Home Loan Mortgage Corp.
6.52%, 08/17/2000+ 60,480
40,000 Federal Home Loan Mortgage Corp.
6.42%, 07/20/2000+ 39,865
20,000 Federal Home Loan Mortgage Corp.
6.40% due 07/27/2000+ 19,908
25,000 Federal Home Loan Mortgage Corp.
6.43%, 07/27/2000+ 24,884
---------------
Total U.S. Government Agency Obligations (Cost $145,137) 145,137
---------------
</TABLE>
<PAGE>
Sage Life Investment Trust
Money Market Fund
June 30, 2000
Statement of Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------------ ---------------
<S> <C>
SHORT TERM INVESTMENTS - 0.48%
10,304 Bank of New York Cash Reserves, 5.20% $ 10,304
---------------
Total Short Term Investments (Cost $10,304) 10,304
---------------
TOTAL INVESTMENTS - 100.54%
(Cost $2,145,843*) $ 2,145,843
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.54%) (11,498)
---------------
NET ASSETS - 100.00% $ 2,134,345
===============
NET ASSETS consist of:
Paid-in capital $ 2,134,345
---------------
Total Net Assets $ 2,134,345
===============
NET ASSET VALUE, offering price and redemption price per
share $ 1.00
===============
Number of Portfolio shares outstanding 2,134,345
===============
</TABLE>
* Aggregate cost for Federal income tax purposes.
+ Rate represents annualized yield at date of purchase.
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Statements of Operations
For the Period Ended June 30, 2000
<TABLE>
<CAPTION>
S&P 500 EAFE Money Market
Equity Index Fund Equity Index Fund Fund*
------------------ ------------------ ----------------
Six Months Six Months Six Months
Ended Ended Ended
June 30, 2000 June 30, 2000 June 30, 2000
(Unaudited) (Unaudited) (Unaudited)
================== ================== ================
<S> <C> <C> <C>
Investment Income:
Dividends (net of foreign withholding taxes of $13, $22,573, $0,
respectively) $30,506 $181,062 -
Interest 260 - $64,866
------------ ------------- -----------
Total investment income 30,766 181,062 64,866
------------ ------------- -----------
Expenses:
Investment advisory fees (Note 2) 14,645 95,672 6,815
Professional fees 3,248 12,969 1,279
Insurance expense 530 1,913 189
Trustees' fees and expenses 719 2,870 283
------------ ------------- -----------
Total expenses 19,142 113,424 8,566
Waiver/reimbursement of investment advisory fees (Note 2) (4,497) (17,752) (1,751)
------------ ------------- -----------
Net expenses 14,645 95,672 6,815
------------ ------------- -----------
Net investment income 16,121 85,390 58,051
------------ ------------- -----------
Realized and Unrealized Gain (Loss) on investments and
Foreign Currency Transactions:
Net realized gain on investments 139,322 1,036,005 -
Net realized loss on foreign currency transactions - (7,933) -
Net change in unrealized depreciation of investments and foreign currency
transactions (196,766) (1,985,891) -
------------ ------------- -----------
Net realized and unrealized loss of investments and foreign currency
transactions (57,444) (957,819) -
------------ ------------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations ($41,323) ($872,429) $58,051
============ ============= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Statements of Changes in Net Assets
For the Period Ended June 30, 2000
<TABLE>
<CAPTION>
S&P 500 EAFE
Equity Index Fund Equity Index Fund
--------------------------- --------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (1) (Unaudited) 1999 (2)
============= ============= ============== =============
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 16,121 $ 38,797 $ 85,390 $ 169,576
Net realized gain on investments and foreign currency
transactions 139,322 31,130 1,028,072 92,155
Net change in unrealized appreciation (depreciation) of
investments and foreign currency transactions (196,766) 870,197 (1,985,891) 4,400,470
------------- ------------- -------------- -------------
Net increase (decrease) in net assets resulting from operations (41,323) 940,124 (872,429) 4,662,201
------------- ------------- -------------- -------------
Distributions:
From net investment income - (38,797) - (147,232)
From net realized gains on investments - (17,502) - (32,207)
------------- ------------- -------------- -------------
Total Distributions - (56,299) - (179,439)
------------- ------------- -------------- -------------
Capital Share Transactions:
Proceeds from sale of shares 58,529 43,065 9,492 7,228
Shares issued in reinvestment of
dividends and distributions - 56,299 - 179,440
Cost of shares redeemed (914,054) (15,912) (4,217,295) (2,647)
------------- ------------- -------------- -------------
Net increase (decrease) in net assets resulting from capital
share transactions (855,525) 83,452 (4,207,803) 184,021
------------- ------------- -------------- -------------
Net increase (decrease) in net assets (896,848) 967,277 (5,080,231) 4,666,783
Net assets at beginning of period $ 5,967,277 $ 5,000,000 $ 24,666,783 $ 20,000,000
------------- ------------- -------------- -------------
Net assets at end of period
(including undistributed net investment income of
$16,121, $81,975, and $0, respectively) $ 5,070,429 $ 5,967,277 $ 19,586,552 $ 24,666,783
============= ============= ============== =============
Capital Share Transactions:
Shares sold 5,002 4,147 805 698
Shares issued in reinvestment of dividends and distributions - 4,787 - 14,660
Shares redeemed (78,534) (1,477) (350,855) (257)
------------- ------------- -------------- -------------
Net increase (decrease) in shares from capital share
transactions (73,532) 7,457 (350,050) 15,101
============= ============= ============== =============
Shares at beginning of period 507,457 500,000 2,015,101 2,000,000
============= ============= ============== =============
<CAPTION>
Money Market
Fund
-------------------------------
Six Months
Ended Year Ended
June 30, 2000 December 31,
(Unaudited) 1999 (1)
============== ==============
<S> <C> <C>
Operations:
Net investment income $ 58,051 $ 82,161
Net realized gain on investments and foreign currency
transactions - -
Net change in unrealized appreciation (depreciation) of
investments and foreign currency transactions - -
-------------- ------------
Net increase (decrease) in net assets resulting from operations 58,051 82,161
-------------- ------------
Distributions:
From net investment income (58,051) (82,161)
From net realized gains on investments - -
-------------- ------------
Total Distributions (58,051) (82,161)
-------------- ------------
Capital Share Transactions:
Proceeds from sale of shares 23,571 249,779
Shares issued in reinvestment of
dividends and distributions 47,577 82,161
Cost of shares redeemed (22,872) (245,871)
-------------- ------------
Net increase (decrease) in net assets resulting from capital
share transactions 48,276 86,069
-------------- ------------
Net increase (decrease) in net assets 48,276 86,069
Net assets at beginning of period $ 2,086,069 $ 2,000,000
-------------- ------------
Net assets at end of period
(including undistributed net investment income of
$16,121, $81,975, and $0, respectively) $ 2,134,345 $ 2,086,069
============== ============
Capital Share Transactions:
Shares sold 23,571 249,779
Shares issued in reinvestment of dividends and distributions 47,577 82,161
Shares redeemed (22,872) (245,871)
-------------- ------------
Net increase (decrease) in shares from capital share
transactions 48,276 86,069
============== ============
Shares at beginning of period 2,086,069 2,000,000
============== ============
</TABLE>
(1) The S&P 500 Equity Index Fund and Money Market Fund commenced operations on
February 19, 1999.
(2) The EAFE Equity Index Fund commenced operations on March 22, 1999.
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Financial Highlights
For the Period Ended June 30, 2000
The table below sets forth financial data for one share of capital stock
outstanding throughout the period presented.
<TABLE>
<CAPTION>
S&P 500 EAFE
Equity Index Fund Equity Index Fund
------------------------------------- --------------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (1) (Unaudited) 1999 (2)
=============== =============== ============= =============
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 11.76 $ 10.00 $ 12.24 $ 10.00
--------------- --------------- ------------- -------------
Operations:
Net investment income 0.04 0.08 0.06 0.08
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.11) 1.79 (0.54) 2.25
--------------- --------------- ------------- -------------
Total from Investment Operations (0.07) 1.87 (0.48) 2.33
--------------- --------------- ------------- -------------
Distributions to Shareholders:
Dividends from net investment income - (0.08) - (0.07)
Distributions from net realized gains on investments - (0.03) - (0.02)
--------------- --------------- ------------- -------------
Total Distributions - (0.11) - (0.09)
--------------- --------------- ------------- -------------
Net Asset Value, End of Period $ 11.69 $ 11.76 $ 11.76 $ 12.24
=============== =============== ============= =============
Total Return -0.60% 18.72% -3.92% 23.30%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands) $ 5,070 $ 5,967 $ 19,587 $ 24,667
Ratio of Net Investment Income to Average Net Assets
Before waiver/reimbursement of investment
advisory fees 0.43% 0.66% 0.63% 0.86%
Net change in unrealized depreciation of
investments and foreign currency transactions 0.60% 0.83% 0.80% 1.03%
Ratio of Expenses to Average Net Assets
Before waiver/reimbursement of investment
advisory fees 0.71% 0.72% 1.06% 1.07%
After waiver/reimbursement of investment
advisory fees 0.55% 0.55% 0.90% 0.90%
Portfolio Turnover 2% 3% 6% 10%
<CAPTION>
Money Market
Fund
------------------------------------
Six Months
Ended Year Ended
June 30, 2000 December 31,
(Unaudited) 2000 (1)
================ ==============
<S> <C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00
---------------- --------------
Operations:
Net investment income
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.04 0.04
- -
---------------- --------------
Total from Investment Operations 0.04 0.04
---------------- --------------
Distributions to Shareholders:
Dividends from net investment income (0.04) (0.04)
Distributions from net realized gains on investments - -
---------------- --------------
Total Distributions (0.04) (0.04)
---------------- --------------
Net Asset Value, End of Period $ 1.00 $ 1.00
=============== ==============
Total Return 2.81% 4.03%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)
Ratio of Net Investment Income to Average Net Assets $ 2,134 $ 2,086
Before waiver/reimbursement of investment Assets
advisory fees 5.25% 4.43%
Net change in unrealized depreciation of
investments and foreign currency transactions 5.41% 4.60%
Ratio of Expenses to Average Net Assets
Before waiver/reimbursement of investment
advisory fees 0.80% 0.82%
After waiver/reimbursement of investment
advisory fees 0.65% 0.65%
Portfolio Turnover N/A N/A
</TABLE>
(1) The S&P 500 Equity Index Fund and Money Market Fund commenced operations
on February 19, 1999.
(2) The EAFE Equity Index Fund commenced operations on March 22, 1999.
All ratios have been annualized.
Total investment return is calculated assuming an initial investment made
at net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period and redemption on the
last day of the period. Total investment return is not annualized.
See accompanying notes to financial statements.
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements
June 30, 2000
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 issued by various insurance companies and to various
pension and profit-sharing 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.
Valuation: The Index Funds' investments, which are traded on recognized domestic
or foreign exchanges or for which price quotations are available, are valued
each business day on the basis of market valuations furnished by an independent
pricing service approved by the Board of Trustees. Securities are valued based
on the closing price of the security traded on that exchange prior to the time
when the Funds' assets
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements
June 30, 2000
are valued. Short-term obligations with remaining maturities of 60 days or less
are valued at amortized cost. Other short-term debt securities are valued on a
mark-to-market basis until such time as they reach a remaining maturity of 60
days, whereupon they will be valued at amortized cost using their value on the
61st day. All other securities and other assets are valued at their fair value
as determined in good faith under procedures established by and under the
general supervision of the Board of Trustees.
The Money Market Fund's investments are valued on the basis of amortized cost
under the guidance of the Board of Trustees, based on their determination that
this constitutes fair value. Amortized cost involves valuing a portfolio
instrument at its cost initially and, thereafter, assuming a constant
amortization to maturity of any discount or premium, regardless of the impact of
fluctuating interest rates on the market value of the instrument.
Foreign currency: Assets and liabilities denominated in foreign currencies 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) on investments.
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 Funds' 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.
Futures Contracts: The Index Funds may enter into financial futures contracts
which are contracts to buy a standard quantity of securities at a specified
price on a future date. The Funds are required to deposit either in cash or
securities an amount equal to a certain percentage of the contract amount.
Variation margin payments are made or received by the Fund each day, dependent
on the daily fluctuations in the value of the underlying security, and are
recorded for financial statement purposes as unrealized gains or losses by the
Fund. The Index Funds' investments in financial futures contracts are designed
to closely replicate the benchmark index used by the Funds. Risks arise from
possible illiquidity of the futures market and from movements in security
values.
Futures contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded.
Options: The Index Funds may also purchase and write call and put options on
financial index futures contracts. When a Fund writes a call or put option, an
amount equal to the premium received is reflected as a liability. The liability
is subsequently "marked-to-market" to reflect the current market value of the
option written. The premium paid by a Fund for the purchase of a call or put
option is recorded as an investment and subsequently "marked-to-market" to
reflect the current market value of the option purchased. The Funds are subject
to the risk of an imperfect correlation between movement in the price of
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements
June 30, 2000
the instrument and the price of the underlying security or transaction. Risks
may also arise due to illiquid secondary markets for the instruments.
Federal Income Taxes: Each Fund is a separate entity for federal income tax
purposes. No provisions for federal income taxes have been made since each Fund
has complied and intends to continue to comply with provisions of Subchapter M
of the Internal Revenue Code of 1986, as amended, available to regulated
investment companies and to distribute its taxable income to shareholders
sufficient to relieve it from all, or substantially all, federal income taxes.
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 Fund 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.
Repurchase Agreements: The Funds may enter into repurchase agreements with a
bank, broker-dealer or other financial institution, which are secured by
obligations of the U.S. government. Each repurchase agreement is at least 100%
collateralized. However, in the event of default or bankruptcy by the
counterparty to the agreement, realization of collateral may be subject to
certain costs, losses or delays.
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, 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.
Income dividends and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments of
income, gains and losses on various investment securities held by a Fund, timing
differences in the recognition of income, gains and losses and differing
characterizations of distributions made by the Funds.
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
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements
June 30, 2000
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.
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.
2. Investment Advisory Fees and Other Transactions With Affiliates
Sage Advisors, Inc. ("Sage"), a wholly-owned subsidiary of Sage Insurance Group,
Inc., is the investment manager of the Funds. In connection with its role as
investment manager of the Funds, Sage pays all the Funds' expenses, except
brokerage fees, taxes, interest, fees and expenses of the non-interested
Trustees (including Fund counsel fees), and extraordinary expenses. As
compensation for services rendered, the Funds pay Sage a monthly fee based on a
percentage of the average daily net assets of each Fund at the following annual
rates: S&P 500 Fund - 0.55%; EAFE Fund - 0.90%; Money Market Fund - 0.65%.
Sage has agreed to waive a portion of its management fees for the Funds until
April 30, 2001. With such waivers, the Funds will pay the following management
fees to Sage: S&P 500 Fund - 0.38%; EAFE Fund - 0.73%; Money Market Fund -0.48%.
Sage has retained the services of State Street Global Advisors to serve as the
investment adviser to the Index Funds, and has retained the services of Conning
Asset Manangement to serve as the investment adviser to the Money Market Fund.
As compensation for the advisers' services and the related expenses they incur
with respect to each Fund, Sage pays the applicable adviser a fee, computed
daily and payable monthly (quarterly with respect to the Money Market Fund),
equal on an annual basis with respect to each Fund's average daily net assets as
follows:
S&P 500 Fund: 0.05% of the first $50 million of assets under management,
0.04% of the next $50 million of assets under management, and 0.02% on
amounts in excess of $100 million of assets under management with a minimum
annual fee of $50,000.
EAFE Fund: 0.15% of the first $50 million of assets under management, 0.10%
of the next $50 million of assets under management, and 0.08% on amounts in
excess of $100 million of assets under management with a minimum annual fee
of $65,000.
Money Market Fund: 0.15% of the first $100 million of assets under
management, 0.10% of the next $200 million of assets under management, and
0.075% on amounts in excess of $300 million of assets under management.
<PAGE>
Sage Life Investment Trust
Notes to Financial Statements
June 30, 2000
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, 2000
were as follows:
Purchases Sales
S&P 500 Fund ...................... $ 82,997 $ 920,023
EAFE Fund.......................... $ 1,238,845 $5,189,412
4. Tax Information (Unaudited)
Of the ordinary income (including short-term capital gain) distributions made by
the S&P 500 Fund during the fiscal year ended December 31, 2000, 80.61% qualify
for the dividend received deduction available to corporate shareholders.