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Previous: OVERSEAS PARTNERS LTD, S-8, EX-23.1, 2000-05-31 |
Next: VAN KAMPEN GOVERNMENT SECURITIES FUND, NSAR-A, 2000-05-31 |
SUMMIT MUTUAL FUNDS, INC. - APEX SERIES
SEMI-ANNUAL REPORT
March 31, 2000
<PAGE>
EVEREST FUND
The Summit Everest Fund commenced operations on December 27,
1999. The objective of the fund is to outperform the S & P
500 index over the long term with a conservative portfolio
comprised of large cap value equities. The fund's return for
the period is -1.4% versus the S & P 500 s return of
+2.29%. The underperformance is due to the start-up nature
of a value portfolio when the overall market is still
emphasizing non-value equities. A more comparable index, the
Russell 1000 large cap value index, was +.48% for the
quarter.
The largest positive contributors to the first quarter
performance were SPX Corp. and GM. These issues were
positive contributors due to the market's giving them credit
for "new economy" attributes. For example GM benefited due
to its ownership interest in GM Hughes which owns DirecTv.
Also contributing were health care (Pharmacia and Upjohn and
Beckman Coulter) and the financials (Chase Manhattan Bank
and BankOne). The largest negative contributors to the first
quarter performance were: Tricon Global, Sara Lee, SBC
Communications, and Heinz. Therefore the industry that was
the weakest was predominantly consumer nondurables, the
industry that benefits least from a booming economy. The
initial set-up of the portfolio is to overweight financials
and energy due to the undervalued nature of these
industries. Conversely the initial set-up of the portfolio
is to underweight technology stocks which have had an
incredible run the last year and no longer seem undervalued.
The Summit Everest Fund is geared to outperform when the
very aggressive indices such as NASDAQ underperform. In the
first quarter, due to the incredible performance of the "new
economy" more aggressive indices, the Summit Everest Fund
failed to keep pace. Since "value" stocks have been out of
favor for seven years, the Summit Everest Fund is investing
for the next move in the market and not investing in
momentum stocks whose value seems to be directly correlated
with investor enthusiasm.
<PAGE>
SUMMIT MUTUAL FUNDS, INC. - APEX SERIES
NASDAQ 100 INDEX FUND
The Summit Nasdaq 100 Index Fund commenced operations on
December 27, 1999. The objective of the fund is to
replicate the performance of the Nasdaq 100 Index,
minimizing the difference between the return of the Fund and
the return of the underlying index before fees and expenses.
The Fund's return, since inception, for the period ending
March 31, 2000 was 23.1% (before contract fees and
expenses). This compares favorably with the performance of
the underlying Nasdaq 100 Index, which returned 22.2% for
the same period.
The strong performance of the Nasdaq 100 Index during this
period is attributable to investors' seemingly insatiable
demand for large capitalization technology stocks. The
largest contribution to the index's return came from
semiconductor-manufacturer Intel (5.2% index weighting),
which appreciated 55.1%. Other top contributors included
Cisco Systems (6.7% index weighting), PMC Sierra (.6% index
weighting) and Oracle (3.2% index weighting), which returned
47%, 184%, and 49%, respectively. The performance of
software giant Microsoft (11% index weighting), down 10.8%
for the period, was a drag on the return of the Nasdaq 100.
The company continues to be hobbled by the ongoing antitrust
trial that threatens to curtail their business practices.
Poor performances by Yahoo (2.8% index weighting) and MCI
Worldcom (2.8% index weighting), which declined 17.4% and
12.9%, respectively, also detracted from the return of the
Nasdaq 100 Index over this period.
The Nasdaq 100 Index is a capitalization-weighted index of
the 100 largest non-financial domestic and international
stocks on the Nasdaq stock market. The index is heavily
weighted in the computer software, hardware, internet,
telecommunication and biotechnology sectors. The index's
strong first quarter performance comes on the heels of a
102% gain in 1999. This explosive rise, however, has been
accompanied by extreme volatility. Thirty-seven of the
sixty-three trading days in the quarter experienced
percentage moves exceeding 2%. While the companies that
comprise the index hold a great deal of promise, investors
in the Nasdaq 100 Fund must be prepared to weather
substantial volatility.
<PAGE>
SUMMIT MUTUAL FUNDS, INC. - APEX SERIES
RUSSELL 2000 SMALL CAP INDEX FUND
The Summit Russell 2000 Small Cap Index Fund commenced operations
on December 28, 1999. The objective of the fund is to replicate
the performance of the Russell 2000 Index, minimizing the
difference between the return of the Fund and the return of the
underlying index before fees and expenses. The Fund's return,
since inception, for the period ending March 31, 2000 was 11.0%
(before contract fees and expenses). This compares favorably
with the performance of the underlying Russell 2000 Index, which
returned 10.4% for the same period.
The solid performance of the Russell 2000 Index for the period
was an extension of the gains registered in the fourth quarter of
last year. Technology stocks contributed to the gains, with
Sandisk (up 147%), Terayon Communications (up 225%), and Amkor
Technology (up 101%) leading the way. Other sectors with
positive contributions included health care, energy, and producer
durables. Sectors that detracted from performance for the period
were consumer staples, consumer services, autos and financial
services.
The Russell 2000 Index is comprised of the smallest 2000
companies in the Russell 3000 Index, with a median market
capitalization of approximately $526 million. The index is
broadly diversified across a variety of sectors, including
finance (21.4% of the index), consumer services (18.47%),
technology (16.5%) and health care (8.1%). The Russell 2000
Index is a popular proxy for the small cap sector of the stock
market.
<PAGE>
SUMMIT MUTUAL FUNDS, INC. - APEX SERIES
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Russell
Nasdaq-100 2000 Small
Everest Fund Index Fund Cap Index Fund
<S> <C> <C> <C>
ASSETS
Investments in securities, at value $ 3,112,845 $10,800,308 $15,432,411
(cost $2,958,837; $10,804,281;
$15,452,989)
Cash 20,000 --- ---
Receivables:
Shares sold --- 10,352,710 15,184,800
Interest and dividends 6,722 446 34
Variation margin --- 12,985 5,275
Prepaid expenses and other 11,058 16,535 30,150
----------- ----------- -----------
3,150,625 21,182,984 30,652,670
----------- ----------- -----------
LIABILITIES
Payables:
Investment securities purchased --- 10,351,202 15,184,109
Custodian and fund accounting fees 10,127 8,269 21,040
Professional fees 2,690 2,719 3,347
Other accrued expenses 5,480 20,797 6,529
----------- ----------- -----------
18,297 10,382,987 15,215,025
----------- ----------- -----------
NET ASSETS
Paid-in capital 2,956,513 10,631,079 15,387,328
Undistributed net investment income 8,449 8,215 5,058
Accumulated net realized gain
on investments and futures contracts 13,358 170,341 81,712
Net unrealized appreciation/
(depreciation) on investments
and futures contracts 154,008 (9,638) (36,453)
----------- ----------- -----------
$ 3,132,328 $10,799,997 $15,437,645
=========== =========== ===========
Shares authorized ($.10) par value 20,000,000 20,000,000 20,000,000
Shares outstanding 317,531 877,649 1,392,623
Net asset value, offering and
redemption price per share $9.86 $12.31 $11.09
</TABLE>
The accompanying notes are an integral part of the
financial statement.
<PAGE>
SUMMIT MUTUAL FUNDS, INC. APEX SERIES
STATEMENTS OF OPERATIONS
Period Ended March 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Russell
Nasdaq-100 2000 Small
Everest Fund Index Fund Cap Index Fund
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $ 9,289 $ 9,420 $ 5,888
Dividends 6,930 --- ---
-------- -------- --------
16,219 9,420 5,888
EXPENSES
Investment advisory fees 3,036 651 387
Custodian fees and expenses 3,705 1,385 8,071
Fund accounting fees 6,861 7,000 13,008
Professional fees 2,690 2,719 3,350
Director's fees 618 346 327
Transfer agent fees 3,048 3,081 3,048
Other 1,906 3,209 3,176
-------- -------- --------
21,864 18,391 31,367
Expenses reimbursement (14,094) (17,186) (30,537)
-------- -------- --------
7,770 1,205 830
-------- -------- --------
NET INVESTMENT INCOME 8,449 8,215 5,058
-------- -------- --------
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain on investments 13,358 4,721 2
Net realized gain on futures contracts --- 165,620 81,710
-------- -------- --------
13,358 170,341 81,712
-------- -------- --------
Net change in unrealized appreciation/
(depreciation) on investments and futures
contracts 154,008 (9,638) (36,453)
-------- -------- --------
NET REALIZED AND UNREALIZED GAIN 167,366 160,703 45,259
-------- -------- --------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $175,815 $168,918 $ 50,317
======== ======== ========
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
SUMMIT MUTUAL FUNDS, INC. - APEX SERIES
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Russell
Nasdaq-100 2000 Small
Everest Fund Index Fund Cap Index Fund
------------ ---------- --------------
Period from Period from Period from
December 29, December 28, December 29,
1999 1999 1999
to March 31, to March 31, to March 31,
2000 2000 2000
------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C>
OPERATIONS
Net investment income $ 8,449 $ 8,215 $ 5,058
Net realized gain on investments
and futures 13,358 170,341 81,712
Net change of unrealized
appreciation/(depreciation)
on investments and futures
contract 154,008 (9,638) (36,453)
---------- ----------- -----------
175,815 168,918 50,317
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income --- --- ---
Net realized gain on investments --- --- ---
---------- ----------- -----------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 2,956,513 12,042,848 15,690,038
Reinvestment of distributions --- --- ---
Payments for shares redeemed --- (1,411,769) (302,710)
---------- ----------- -----------
2,956,513 10,631,079 15,387,328
---------- ----------- -----------
NET INCREASE IN NET ASSETS 3,132,328 10,799,997 15,437,645
NET ASSETS
Beginning of period --- --- ---
---------- ----------- -----------
End of period $3,132,328 $10,799,997 $15,437,645
========== =========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME $ 8,449 $ 8,215 $ 5,058
========== =========== ===========
FUND SHARE TRANSACTIONS
Sold317,5311,000,4971,419,293
Reinvestment of distributions --- --- ---
Redeemed --- (122,848) (26,670)
---------- ----------- -----------
Net increase from fund
share transactions 317,531 877,649 1,392,623
========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
Everest Fund
MARCH 31, 2000
(unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS - 75.72%
SHARES VALUE
<S> <C> <C>
CONSUMER, CYCLICAL - 8.13%
Belo (A.H.) Corp. 3,000 $ 53,625
General Motors Corp. 300 24,844
Media General Inc. 500 26,188
* Sabre Holdings Corp. 1,300 48,019
Target Corporation 700 52,325
* Tricon Global Restaurants Inc. 1,600 49,700
---------
254,700
CONSUMER, NON-CYCLICAL - 14.71%
Beckman Coulter Inc. 1,000 64,188
General Mills Inc. 3,000 108,563
Heinz (H.J.) Co. 700 24,413
Pepsico Inc. 2,900 100,231
* Pharmacia & Upjohn Inc. 2,000 118,500
Sara Lee Corp. 2,500 45,000
---------
460,894
ENERGY - 16.75%
Chevron Corporation 1,300 120,169
Conoco Inc. 6,000 153,750
Exxon Mobil Corp. 1,500 116,719
Texaco Inc. 2,500 134,063
---------
524,700
FINANCIAL - 12.86%
Bank of America Corp. 1,000 52,438
Bank One Corp. 1,600 55,000
Chase Manhattan Corp. 300 26,156
Fannie Mae 900 50,794
First Union Corp. 3,500 130,375
Freddie Mac 500 22,094
J.P. Morgan & Company 500 65,875
---------
402,731
INDUSTRIAL - 11.49%
ITT Industries Inc. 4,000 124,250
Minnesota Mining & Manufacturing Company 1,200 106,275
* SPX Corp. 600 68,363
Textron Inc. 1,000 60,875
---------
359,763
TECHNOLOGY - 4.34%
Computer Associates International Inc. 1,500 $ 88,781
International Business Machines Corp. 400 47,200
---------
135,981
UTILITIES - 7.44%
Bell Atlantic Corp. 900 55,013
Bellsouth Corporation 1,000 47,000
GTE Corporation 700 49,700
SBC Communications Inc. 1,200 50,400
Scana Corp. 1,262 30,998
---------
233,110
---------
Total Common Stocks (cost $2,219,238) 2,371,879
---------
UNIT INVESTMENT TRUST - 7.92%
MidCap SPDR Trust Unit Series I 1,400 127,750
S&P 500 Depositary Receipt 800 120,450
---------
Total Unit Investment Trust (cost $246,833) 248,200
---------
<CAPTION>
SHORT-TERM INVESTMENTS - 15.74%
PRINCIPAL VALUE
<S> <C> <C>
VARIABLE RATE DEMAND NOTES <F1> - 15.74%
American Family (5.770% due 12/31/31) 45,648 45,648
Firstar Bank (5.882% due 12/31/31) 116,545 116,545
General Mills (5.737% due 12/31/31) 107,700 107,700
Sara Lee (5.732% due 12/31/31) 107,700 107,700
Wisconsin Corporation (5.802% due 12/31/31) 107,504 107,504
Wisconsin Electric (5.770% due 12/31/31) 7,669 7,669
----------
492,766
----------
Total Short-term Investments (cost $492,766) 492,766
----------
TOTAL INVESTMENTS - 99.38%
(cost $2,958,837)<F2> 3,112,845
----------
OTHER ASSETS AND LIABILITIES - .62% 19,483
----------
TOTAL NET ASSETS - 100% $3,132,328
==========
* Non-income producing
<FN>
<F1> Interest rates vary periodically based on current market rates. Rates
shown are as of March 31, 2000. The maturity shown for each variable demand
note is the later of the next scheduled interest adjustment date or the date
on which principal can be recovered through demand. Information shown is as
of March 31, 2000.
<F2> Represent cost for tax purposes, which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and depreciation
of securities as of March 31, 2000 was $197,626 and ($43,618) respectively.
</FN>
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
Nasdaq-100 Index Fund
MARCH 31, 2000
(unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS - 95.80%
SHARES VALUE
<S> <C> <C>
BASIC MATERIALS - .10%
Sigma-Aldrich Corp 417 $11,207
CONSUMER N, CYCLICAL - 5.59%
* Adelphia Communications-Class A 533 26,117
* Amazon.Com Inc 994 66,598
* Bed Bath & Beyond Inc 828 32,603
Cintas Corp 881 34,524
* Comcast Corp-Special Class A 1,804 78,249
* Costco Wholesale Corp 1,028 54,034
* Dollar Tree Stores Inc 248 12,927
* ebay Inc 423 74,448
* Gemstar International Group Ltd 951 81,786
Miller (Herman) Inc 273 7,644
* Northwest Airlines Corp 305 6,901
PACCAR Inc 385 19,250
* Staples Inc 1,385 27,700
* Starbucks Corp 1,120 50,190
* USA Networks Inc 1,379 31,114
----------
604,084
CONSUMER, NON-CYCLICAL - 1.79%
* Apollo Group Inc-Class A 311 8,766
Biomet Inc 667 24,262
* Concord EFS Inc 1,018 23,350
* MedImmune Inc 319 55,546
* PacifiCare Health Systems 188 9,377
Paychex Inc 1,029 53,894
* Quintiles Transnational Corp 707 12,063
* VISX Inc 323 5,895
----------
193,153
INDUSTRIAL - 4.08%
* American Power Conversion Corp 1,111 47,634
Linear Technology Corp 1,825 100,375
* Maxim Integrated Products Inc 1,708 121,375
* Microchip Technology Inc 279 18,344
Molex Inc 423 24,851
* Sanmina Corp 596 40,267
* Smurfit-Stone Container Corp 937 15,870
* Vitesse Semiconductor Corp 748 71,995
----------
440,712
TECHNOLOGY - 81.93%
* 3COM Corp 762 42,386
* Adaptec Inc 375 14,484
* ADC Telecommunications Inc 1,662 89,540
Adobe Systems Inc 513 57,103
* Altera Corporation 1,231 109,867
* Amgen Inc 2,094 128,519
* Apple Computer Inc 993 134,862
* Applied Materials Inc 1,755 165,409
* Applied Micro Circuits Corp 605 90,788
* At Home Corp - Series A 1,249 41,139
* Atmel Corp 726 37,480
* Biogen Inc 810 56,599
* BMC Software Inc 816 40,290
* BroadVision Inc 1,181 52,997
* Chiron Corp 1,115 55,611
* CIENA Corp 729 91,945
* Cisco Systems Inc 10,809 835,671
* Citrix Systems Inc 944 62,540
* CMGI Inc 1,296 146,853
* CNET Networks Inc 368 18,653
* Compuware Corp 976 20,557
* Comverse Technology Inc 347 65,583
* Conexant Systems Inc 1,043 74,053
* Dell Computer Corp 4,143 223,463
* EchoStar Communications - A 986 77,894
* Electronic Arts Inc 284 20,217
Ericsson (LM) Telephone Co - Sp ADR 1,080 101,318
* Fiserv Inc 673 25,027
* Genzyme Corp - Genl Division 463 23,208
* Global Crossing Ltd 3,672 150,323
* i2 Technologies Inc 735 89,762
* Immunex Corp 3,001 190,376
Intel Corp 5,134 677,367
* Intuit Inc 1,128 61,335
* JDS Uniphase Corp 2,955 356,262
* KLA-Tencor Corporation 976 82,228
* Legato Systems Inc 406 18,118
* Level 3 Communications Inc 1,112 117,594
* Lycos Inc 588 41,307
* McLeodUSA Inc-Cl A 566 48,004
* Metromedia Fiber Network-A 1,133 109,618
* Microsoft Corp 7,864 835,550
* Network Appliance Inc 1,398 115,685
* Network Associates Inc 634 20,447
* Network Solutions Inc 345 53,028
* Nextel Communications Inc-A 1,972 292,349
* Novell Inc 1,731 49,550
* NTL Incorporated 644 59,771
* Oracle Corporation 5,233 408,501
* PanAmSat Corp 883 43,322
* Parametric Technology Corp 1,640 34,543
* PeopleSoft Inc 1,666 33,320
* PMC - Sierra Inc 664 135,249
* QLogic Corp 328 44,444
* QUALCOMM Inc 3,750 559,922
* RealNetworks Inc 634 36,098
* RF Micro Devices Inc 398 53,481
* SDL Inc 325 69,184
* Siebel Systems Inc 1,002 119,676
* Sun Microsystems Inc 3,014 282,421
* Synopsys Inc 357 17,404
* Tellabs Inc 1,012 63,740
* VERITAS Software Corp 1,765 231,215
* VoiceStream Wireless Corp 751 96,738
* Xilinx Inc 1,871 154,942
* Yahoo! Inc 1,118 191,597
----------
8,848,526
UTILITIES - 2.31%
* MCI WorldCom Inc 4,500 203,906
* NEXTLINK Communications-A 369 45,641
----------
249,547
----------
Total Common Stocks (cost $10,351,201) 10,347,228
----------
<CAPTION>
SHORT-TERM INVESTMENTS <F3> - 4.20%
PRINCIPAL VALUE
<S> <C> <C>
VARIABLE RATE DEMAND NOTES<F1> - .72%
American Family (5.770% due 12/31/31) $7,650 $7,650
Firstar Bank (5.883% due 12/31/31) 17,078 17,078
Sara Lee (5.733% due 12/31/31) 17,232 17,232
Warner Lambert (5.771% due 12/31/31) 1,520 1,520
Wisconsin Corporation (5.803% due 12/31/31) 17,091 17,090
Wisconsin Electric (5.770% due 12/31/31) 17,000 17,000
----------
77,570
----------
U.S. TREASURY BILL - 3.48%
U.S. Treasury Bill (0.000% due 06/15/00) 380,000 375,510
----------
Total Short-term Investments (cost $453,080) 453,080
----------
TOTAL INVESTMENTS - 100%
(cost $10,804,281)<F2> 10,800,308
OTHER ASSETS AND LIABILITIES - .00% -311
TOTAL NET ASSETS - 100% $10,799,997
===========
* Non-income producing
<FN>
<F1> Interest rates vary periodically based on current market rates. Rates
shown are as of March 31, 2000. The maturity shown for each variable demand
note is the later of the next scheduled interest adjustment date or the date
on which principal can be recovered through demand. Information shown is as
of March 31, 2000.
<F2> Represent cost for tax purposes, which is substantially the same for
financial reporting purposes. Gross unrealized depreciation of securities as
of March 31, 2000 was $9,638.
<F3> Securities and other current assets with an aggregate value of
$445,735 have been segregated with the custodian to cover margin requirements
for the following open futures contracts as of March 31, 2000:
Unrealized
Appreciation/
Type Contract (Depreciation)
-----------------------------------------------------------------
Nasdaq 100 Index (06/00) 1 ($5,665)
--------
($5,665)
========
</FN>
</TABLE>
Russell 2000 Small Cap Index Fund
MARCH 31, 2000
(unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS - 98.23%
SHARES VALUE
<S> <C> <C>
BASIC MATERIALS - 2.79%
*Airgas Inc 961 $ 7,988
Albemarle Corp 376 7,802
Amcol International Corp 413 6,350
Arch Chemicals Inc 333 6,660
*Battle Mountain Gold Co 2,019 3,912
*Bethlehem Steel Corp 2,022 12,132
Brush Wellman Inc 251 4,424
*Buckeye Technologies Inc 391 6,891
*Bush Boake Allen Inc 94 2,614
Cambrex Corp 359 15,617
Caraustar Industries Inc 392 5,537
Carpenter Technology 284 5,911
ChemFirst Inc 279 5,423
Chesapeake Corp 327 9,667
*CK Witco Corporation 1,779 18,124
Cleveland-Cliffs Inc 172 4,096
*Cytec Industries Inc 660 20,213
Deltic Timber Corp 191 4,524
Ethyl Corp 961 2,943
Ferro Corp 543 9,672
Geon Company 323 6,945
Georgia Gulf Corp 477 12,402
*Gibraltar Steel Corp 116 1,907
Glatfelter (P.H.) Co 395 4,197
H.B. Fuller Co. 205 8,187
Hanna (M.A.) Co 754 8,530
*International Specialty Products Inc 231 1,487
*Kaiser Aluminum Corp 450 2,025
Lilly Industries Inc -Cl A 351 4,344
*Lone Star Technologies Inc 348 16,226
LTV Corp 1,541 5,490
Macdermid Inc 237 6,281
*Maxxam Inc 66 1,881
Minerals Technologies Inc 289 12,879
Mississippi Chemical Corp 402 2,739
National Steel Corp-Cl B 311 2,294
NL Industries 334 4,342
*Octel Corp 184 1,794
Olin Corp 621 11,023
OM Group Inc 366 16,653
OMNOVA Solutions Inc 507 2,852
Oregon Steel Mills Inc 397 1,538
Potlatch Corp 400 17,200
Reliance Steel & Aluminum 291 6,511
Rock-Tenn Company -Cl A 188 1,833
Rouge Industries Inc-Cl A 134 846
*RTI International Metals Inc 234 2,062
Ryerson Tull Inc 208 3,224
Schulman (A.) Inc 475 6,294
Schweitzer-Mauduit Intl Inc 229 2,963
Southern Peru Copper Corp 388 5,044
Spartech Corp 234 8,044
*Steel Dynamics Inc 655 7,573
Stepan Co 89 1,930
*Stillwater Mining Company 582 23,280
Terra Industries Inc 502 1,161
Titanium Metals Corporation 273 1,194
*U.S. Plastic Lumber Co 489 4,523
USEC Inc 1,397 6,461
*W.R. Grace & Co 1,020 12,941
Wausau-Mosinee Paper Corp 792 10,247
Wellman Inc 523 10,362
-----------
430,205
-----------
CONSUMER, CYCLICAL - 11.91%
*7-Eleven Inc 2,206 8,273
*99 Cents Only Stores 185 7,261
*A.S.V. Inc 149 2,235
Ackerley Group Inc 181 2,738
*Action Performance Cos Inc 228 3,035
*ACTV Inc 557 19,530
*Advantica Restaurant Group 504 756
*Advo Inc 280 7,000
*Aftermarket Technology Corp 314 3,925
*Airtran Holdings Inc 867 3,820
*Alaska Airgroup Inc 380 11,424
*AMC Entertainment Inc 279 1,412
*America West Holdings Corp-B 509 7,890
*American Axle & Mfg Holdings 146 2,163
*American Classic Voyages Co 136 3,426
American Woodmark Corp 73 1,506
*Ames Dept Stores Inc 449 11,029
*AMF Bowling Inc 1,289 2,739
*Amtran Inc 51 912
*Anchor Gaming 108 4,097
*Anicom Inc 387 2,346
*AnnTaylor Stores Corp 335 7,705
Applebee's Intl Inc 376 10,575
Arctic Cat Inc 278 2,850
*Argosy Gaming Company 298 4,247
Arvin Industries Inc 398 9,005
*Ascent Entertainment Group 458 6,956
*Atlantic Coast Airlines Hldg 177 4,580
Avado Brands Inc 266 748
*Aviall Inc 281 2,371
*Aviation Sales Company 174 1,098
*Aztar Corp 615 5,843
*Bally Total Fitness Hldgs 367 8,992
Bandag Inc 194 4,462
*Barnesandnoble.com Inc 450 4,247
Bassett Furniture Inds 189 2,646
*Bebe Stores Inc 39 492
*Beyond.com Corporation 369 1,580
Bob Evans Farms 593 7,413
*Boca Resorts Inc -Cl A 491 4,204
*Boise Cascade Office Product 192 3,144
*Borders Group Inc 1,204 20,694
*Boyd Gaming Corp 556 2,745
*Boyds Collection Ltd 827 5,014
*Brightpoint Inc 823 10,082
Brown Shoe Company Inc 281 3,372
*Buffets Inc 648 5,852
Burlington Coat Factory Warehouse 279 4,795
*Burlington Inds Inc 796 3,483
Bush Industries -Cl A 139 1,929
Callaway Golf Company 1,173 18,182
*Carmike Cinemas Inc-Cl A 141 767
Casey's General Stores Inc 813 8,841
Cash America Intl Inc 391 4,863
Cato Corp -Cl A 235 2,761
CBRL Group Inc 904 9,040
*CDnow Inc 242 915
*CEC Entertainment Inc 419 11,365
*Cellstar Corp 526 4,208
*Champion Enterprises Inc 625 3,594
*Championship Auto Racing 149 3,278
*Charming Shoppes 1,521 8,651
*Cheap Tickets Inc 67 946
*Cheesecake Factory (The) 267 11,114
*Chico's FAS Inc 204 3,458
*Children's Place 260 3,705
*Choice Hotels Intl Inc 846 12,214
*CHS Electronics Inc 770 529
Churchill Downs Inc 132 3,482
*Citadel Communications Corp 349 14,723
CKE Restaurants Inc 799 5,094
Coachmen Industries Inc 257 3,550
*Coldwater Creek Inc 41 697
Collins & Aikman Corp 955 5,432
*Columbia Sportswear Co 136 3,332
CompX International Inc 33 629
*Consolidated Products Inc 367 3,464
*Copart Inc 563 9,853
*Cost Plus Inc/California 315 10,651
*Creative Computers Inc 76 831
*Crestline Capital Corp 285 4,970
*Crossmann Communities Inc 112 1,774
*CSK Auto Corp 290 4,042
*Cumulus Media Inc - Cl A 277 3,982
*Cyberian Outpost Inc 223 1,896
D.R. Horton Inc 778 10,163
*Daisytek Intl Corp 267 4,222
*Dan River Inc-Cl A 236 1,519
*Dave & Buster's Inc 181 1,618
*David's Bridal Inc 125 1,508
Deb Shops Inc 54 743
*Delco Remy Intl Inc 329 2,447
*Delia*S Inc 112 619
*Department 56 Inc 258 3,822
*Direct Focus Inc 134 3,727
*Discount Auto Parts Inc 139 1,242
*Donna Karan Intl Inc 203 1,561
Dover Downs Entertainment 209 2,665
*Dress Barn Inc 241 4,639
*Duane Reade Inc 264 6,138
*Dura Automotive Systems Inc 238 4,091
*E4L Inc 259 550
*Egghead.com Inc 339 2,384
*Electronics Boutique Hldgs 84 1,607
*Emmis Communications -Cl A 704 32,736
Enesco Group Inc 207 1,462
*Entercom Communications Corp 365 18,615
Ethan Allen Interiors Inc 630 15,750
Exide Corp 294 3,473
*Extended Stay America Inc 1,103 8,273
*Factory 2-U Stores Inc 190 4,750
*Fairfield Communities Inc 686 5,445
*Family Golf Centers Inc 324 324
*Fatbrain.com Inc 49 530
Fedders Corp 463 2,575
Fleetwood Enterprises 514 7,582
*Footstar Inc 300 8,475
*Frontier Airlines Inc 271 3,218
*Furniture Brands Intl Inc 723 13,601
G & K Services Inc -Cl A 293 5,727
Gaylord Entertainment Co 278 7,541
*GC Companies Inc 85 2,954
*Genesco Inc 348 4,568
*Getty Images Inc 451 16,208
*Global Sports Inc 78 1,453
*Goody's Family Clothing Inc 290 1,758
Gray Communications System 197 2,339
Grey Advertising Inc 9 3,681
*Group 1 Automotive Inc 240 2,790
*Gtech Holdings Corp 579 10,748
*Guess? Inc 113 3,616
Guilford Mills Inc 243 1,868
*Guitar Center Inc 340 3,889
*Gymboree Corp 327 1,349
*Ha-Lo Industries Inc 637 5,016
*Handleman Co 432 3,834
*Hanover Direct Inc 1,833 4,353
Harman International 248 14,880
Haverty Furniture 276 2,933
*Hayes Lemmerz Intl Inc 274 5,240
Heilig-Meyers Co 935 3,682
*Hollywood Entertainment Corp 487 3,926
*Homebase Inc 518 1,036
Hughes Supply Inc 361 5,596
*IDG Books Worldwide Inc-Cl A 50 575
*Ihop Corp 310 4,340
*Information Holdings Inc 70 2,192
*Insight Enterprises Inc 316 11,514
Interface Inc 635 2,699
*Intertan Inc 437 6,009
*Jack In The Box Inc 632 13,470
*Jakks Pacific Inc 232 5,003
*JLK Direct Distribution-Cl A 67 611
*Jo-Ann Stores Inc-Cl A 249 2,085
*Journal Register Co 717 10,576
Kaufman & Broad Home Corp 735 15,757
Kellwood Co 427 7,499
*Kenneth Cole Productions-A 21 824
*Keystone Automotive Inds Inc 236 1,387
Kimball International -Cl B 489 5,379
K-Swiss Inc -Cl A 97 1,437
*Landry's Seafood Restaurants 395 2,518
*Lands' End Inc 206 12,669
La-Z-Boy Inc 805 12,377
Lee Enterprises 681 17,791
Lennar Corp 722 15,658
Libbey Inc 247 6,762
*Lithia Motors Inc-Cl A 108 1,647
*Lodgian Inc 370 1,388
*Loews Cineplex Entertainment 212 742
*Lone Star Steakhouse & Saloon 510 5,196
Luby's Inc 345 3,256
*Macrovision Corp 412 35,484
Marcus Corporation 349 4,515
*Marketing Services Group Inc 280 4,970
*Marvel Enterprises Inc 124 736
MDC Holdings Inc 344 6,171
*Merisel Inc 1,238 2,089
*Mesa Air Group Inc 464 2,900
*Mesaba Holdings Inc 189 2,162
*Metromedia Intl Group Inc 796 4,478
*Michaels Stores Inc 429 17,482
*Midwest Express Holdings 217 5,561
Mikasa Inc 106 788
*Miller Industries Inc/Tenn 613 2,337
*Modem Media Poppe Tyson Inc 95 3,076
*Monaco Coach Corp 267 5,073
Morrison Management Special 186 5,162
Movado Group 138 1,389
*MSC Industrial Direct Co-A 416 7,488
*Musicland Stores Corp 467 2,977
National Presto Inds Inc 113 3,687
*National R.V. Holdings Inc 131 2,071
*Nautica Enterprises Inc 480 5,640
*Navarre Corp 196 772
*NPC International Inc 150 1,144
*NVR Inc 156 8,424
Oakwood Homes 726 2,768
*O'charleys Inc 215 2,795
*OEA Inc 317 3,051
*Officemax Inc 1,747 11,356
*On Command Corporation 152 2,280
Oneida Ltd 213 4,127
*O'Reilly Automotive Inc 525 7,448
Oshkosh B'gosh Inc -Cl A 187 3,366
Oshkosh Truck Corp 222 6,896
Owens & Minor Inc Hldg Co 504 5,355
Oxford Industries Inc 100 1,813
*P.F. Changs China Bistro Inc 94 3,114
*Pacific Sunwear Of Calif 424 16,324
*Palm Harbor Homes Inc 282 4,336
*Papa John's Intl Inc 346 11,418
*Parkervision Inc 106 3,127
*Paxson Communications Corp 459 3,557
*PC Connection Inc 56 1,582
*Pegasus Communications Corp 169 23,787
*Pegasus Systems Inc 289 4,570
Penton Media Inc 328 8,528
Pep Boys-Manny Moe & Jack 713 4,233
*Petco Animal Supplies Inc 325 3,859
*PETsMart Inc 1,722 5,166
Phillips-Van Heusen 349 2,683
Pier 1 Imports Inc 1,490 15,273
Pillowtex Corp 137 548
*Pinnacle Entertainment Inc 362 7,353
*Playboy Enterprises -Cl B 306 6,082
Polaris Industries Inc 376 11,327
*Polycom Inc 331 26,211
*Prime Hospitality Corp 753 5,459
Pulitzer Inc 109 4,455
Pulte Corp 496 10,354
*Quiksilver Inc 331 5,813
*R.H. Donnelley Corp 516 8,772
*Racing Champions Corp 178 679
*Radio One Inc 130 8,661
*Rare Hospitality Intl Inc 165 3,207
*Reebok International Ltd 710 6,568
Regis Corp 457 6,769
*Restoration Hardware Inc 207 1,087
Ruby Tuesday Inc 478 8,365
Russell Corp 427 6,111
*Ryan's Family Steak Houses Inc 557 5,326
Ryland Group Inc 219 4,106
*Saga Communications Inc-Cl A 120 2,295
*Salton Inc 139 6,029
*Scholastic Corp 214 11,543
*School Specialty Inc 268 5,762
*Scientific Games Hldgs Corp 150 2,475
*SCP Pool Corp 154 4,716
*Select Comfort Corporation 278 1,529
*Shoe Carnival Inc 129 1,193
*Shop At Home Inc 403 3,476
*Shopko Stores Inc 468 8,307
Simpson Industries 277 2,718
*Sinclair Broadcast Group-A 385 3,441
*Sirius Satellite Radio Inc 251 14,307
*Sitel Corp 671 4,613
Skyline Corp 138 2,993
Skywest Inc 321 12,559
*Smart & Final Inc 115 855
*Sonic Corp 281 7,657
*Source Media Inc 210 2,888
Spiegel Inc -Cl A 250 2,000
Springs Industries Inc-Cl A 163 6,194
Standard Motor Prods 123 1,830
Standard Pacific Corp 387 3,870
*Station Casinos Inc 368 8,027
*Stein Mart Inc 435 3,589
*Steinway Musical Instruments 134 2,521
Stride Rite Corp 709 5,716
*Sunbeam Corporation 1,425 5,967
*Sunglass Hut Intl 631 4,930
*Sunterra Corporation 554 1,108
Superior Industries Intl 303 9,601
*Systemax Inc 551 5,028
Talbots Inc 175 10,303
*Tarrant Apparel Group 83 623
*The Bombay Company Inc 560 1,855
*The Buckle Inc 123 1,983
*The Finish Line-Cl A 266 2,594
*The Men's Wearhouse Inc 392 11,613
Thor Industries Inc 107 2,601
*Timberland Company -Cl A 152 7,752
Titan International Inc 245 1,761
*Toll Brothers Inc 319 6,380
*Topps Company (The) 671 5,578
Toro Co 177 5,299
*Tower Automotive Inc 619 10,136
*Tractor Supply Company 103 2,112
*Trans World Airlines 905 2,093
*Trans World Entertainment Cp 498 4,980
*Travelocity.Com Inc 192 5,640
*Trendwest Resorts Inc 58 1,370
*Tropical Sportswear Intl 69 845
True North Communications 665 26,143
*Tuesday Morning Corp 118 1,696
*Tweeter Home Entertainmt Grp 164 7,257
*U S Home Corp 194 7,372
*U S Office Products Co 567 1,418
*U.S. Franchise Systems Inc-A 208 1,040
*Ubid Inc 35 1,026
*Unifi Inc 913 8,160
Unifirst Corp 165 1,856
*United Auto Group Inc 329 2,899
*United Retail Group Inc 202 1,919
*United Stationers Inc 497 17,737
United Television Inc 60 7,943
*Urban Outfitters Inc 154 2,272
*Vail Resorts Inc 343 5,531
*Valley Media Inc 53 305
*Value America Inc 153 497
*Value City Dept Stores Inc 221 3,066
Value Line Inc 29 1,073
*Valuevision Intl Inc-Cl A 576 23,832
Virco Mfg Corporation 86 892
Wabash National Corp 330 4,599
Watsco Inc 263 2,745
*Webb (Del E.) Corp 232 3,437
*Wesco International Inc 472 3,658
*West Marine Inc 123 1,222
*Westwood One Inc 1,058 38,353
*Wet Seal Inc -Cl A 167 2,630
*Whitehall Jewellers Inc 244 5,734
*Windmere-Durable Holdings 348 5,133
Winnebago Industries 219 3,956
*WMS Industries Inc 352 3,476
Wolverine World Wide 636 6,996
*Worldpages.Com Inc 185 1,781
*Wyndham International -Cl A 2,083 3,906
Wynn's International Inc 220 3,039
*Young Broadcasting Inc-A 144 2,736
*Youthstream Media Networks 195 2,559
*Ziff-Davis Inc 411 6,422
*Zomax Inc 166 10,003
-----------
1,838,090
-----------
CONSUMER, NON-CYCLICAL - 12.60%
Aaron Rents Inc 274 4,127
*Abgenix Inc 139 19,199
ABM Industries Inc 250 5,875
*Accredo Health Inc 73 2,418
*Acuson Corp 315 4,666
*Administaff Inc 138 5,417
*Advance Paradigm Inc 290 3,444
*Agribrands International Inc 161 6,329
*Ahl Services Inc 123 1,245
*Alaris Medical Inc 192 408
*Albany Molecular Research 95 5,546
*Algos Pharmaceuticals Corp 184 2,645
*Alkermes Inc 372 34,410
Alpharma Inc-Cl A 296 10,878
*Alterra Healthcare Corp 340 1,360
*American Italian Pasta Co-A 282 6,944
*American Retirement Corp 264 2,261
*Ameripath Inc 332 2,698
*Amerisource Health Corp-Cl A 747 11,205
*Anesta Corp 185 2,448
*Applied Analytical Inds Inc 150 1,566
*Apria Healthcare Group Inc 802 11,579
Arrow International Inc 175 5,491
*Aurora Foods Inc 269 807
*Avis Group Holdings Inc 338 5,957
*Bacou USA Inc 73 1,141
Banta Corp 410 7,534
*Barr Laboratories Inc 203 8,526
*Beringer Wine Estates-B 281 10,081
*Berlitz International Inc 39 446
*Beverly Enterprises Inc 1,449 5,343
*Billing Concepts Corp 594 4,177
Bindley Western Inds 416 5,642
*Biomatrix Inc 225 5,738
Block Drug Company-Cl A 228 6,284
Bowne & Co Inc 569 7,326
*Bright Horizons Family Solut 188 4,066
*Britesmile Inc 156 1,492
Brooke Group Ltd 187 2,279
*Budget Group Inc-Cl A 403 1,990
*Burns International Services 170 1,785
*Cadiz Inc 540 4,590
*Canandaigua Brands Inc/ Cl A 248 12,648
*Capital Senior Living Corp 166 519
*Career Education Corp 114 3,990
*Careerbuilder Inc 72 297
*Caremark Rx Inc 3,077 12,885
*Carematrix Corporation 153 201
*Carey International Inc 149 2,533
*Carriage Services Inc-Cl A 174 707
Carter-Wallace Inc 331 6,206
*CDI Corp 170 3,230
*Celgene Corp 264 26,285
*Cell Pathways Inc 310 10,656
*Central Garden & Pet Co 312 3,081
Central Parking Corp 189 3,780
*Century Business Services 1,093 3,176
*Cephalon Inc 471 17,663
*Charles River Associates Inc 111 2,158
*Chattem Inc 151 2,133
Chemed Corp 138 4,140
Chiquita Brands Intl 642 3,050
*Chirex Inc 212 4,081
Church & Dwight Co., Inc. 597 10,261
*Closure Medical Corporation 96 2,520
Coca-Cola Bottling Co Consolidated 19 1,006
*Coinstar Inc 310 3,909
*Columbia Laboratories Inc 354 4,160
*Conmed Corp 235 5,890
*Consolidated Graphics Inc 195 2,498
Cooper Companies Inc 214 6,888
*COR Therapeutics Inc 351 23,139
*Corinthian Colleges Inc 67 1,072
*Corixa Corp 230 9,488
Corn Products Intl Inc 574 13,812
*Cornell Corrections Inc 147 1,562
*Corporate Executive Board Co 129 6,547
*Costar Group Inc 99 3,651
*Coulter Pharmaceutical Inc 259 7,900
*Covance Inc 906 9,740
*Coventry Health Care Inc 913 7,761
CPI Corp 123 2,867
Crawford & Co -Cl B 560 7,210
*CSS Inds Inc 95 1,817
*Cyberonics 275 5,139
*Cygnus Inc 340 4,930
*Cytyc Corporation 555 26,779
*Data Broadcasting Corp 463 3,530
*Data Transmission Network 157 4,465
Datascope Corp 187 5,937
*DBT Online Inc 152 2,822
*Del Monte Foods Co 804 8,593
Delta & Pine Land Co 593 11,712
Diagnostic Products Corp 172 4,203
*Diamond Tech Partners Inc 192 12,624
Dimon Inc 686 1,629
*Dollar Thrifty Automotive Gp 372 6,394
Dreyer's Grand Ice Cream Inc 213 5,485
*Duff & Phelps Credit Rating 71 7,078
*Dura Pharmaceuticals Inc 682 8,397
*Duramed Pharmaceuticals Inc 335 2,240
Earthgrains Company 655 9,743
*Eclipse Surgical Tech Inc 291 2,164
*Education Management Corp 293 4,230
*Electro Rent Corp 222 2,581
*Encompass Services Corp 929 5,342
*F.Y.I. Inc 182 4,937
Farmer Bros Co 13 2,327
*First Consulting Group Inc 260 4,225
*First Health Group Corp 756 23,909
Fleming Companies Inc 598 9,007
*Forrester Research Inc 86 4,666
*Fossil Inc 218 5,109
*Franklin Covey Co 314 2,277
*Geltex Pharmaceuticals Inc 205 3,434
*General Cigar Holdings Inc 114 1,724
*Gilead Sciences Inc 677 42,905
*Gliatech Inc 146 2,528
*Grand Union Co 462 1,357
Great Atlantic & Pac Tea Co 268 5,226
*Guilford Pharmaceuticals Inc 355 8,254
*Haemonetics Corp/Mass 399 8,978
*Hain Food Group Inc 278 7,871
*Hanger Orthopedic Group Inc 294 1,562
Harland (John H.) Co 466 6,291
*Heidrick & Struggles Intl 223 8,948
*Hemispherx Biopharma Inc 375 4,055
*Henry Schein Inc 370 5,989
Herbalife International-Cl A 198 2,797
*Hines Horticulture Inc 340 2,656
Hooper Holmes Inc 444 15,235
*Idexx Laboratories Inc 563 13,125
*Igen International Inc 153 3,825
*Imclone Systems 437 33,594
*Impath Inc 121 4,447
Imperial Sugar Co 487 852
Ingles Markets Inc -Cl A 149 1,555
*Integrated Electrical Svcs 475 2,494
*Interim Services Inc 843 15,648
*International Home Foods Inc 375 6,000
Intl Multifoods Corp 263 3,518
Invacare Corp 367 10,070
*Iron Mountain Inc 510 17,372
*Isis Pharmaceuticals Inc 473 6,652
*ITT Educational Services Inc 224 3,584
*J & J Snack Foods Corp 94 1,868
Jones Pharma Inc 845 25,667
Jostens Inc 514 12,529
*K V Pharmaceutical Co-Cl B 182 5,346
Kelly Services Inc -Cl A 275 6,583
*King Pharmaceuticals Inc 425 13,388
*Korn/Ferry International 339 10,085
*Kroll-O'gara Company 177 1,936
*Labor Ready Inc 548 5,412
*Laboratory Crp Of Amer Hldgs 1,006 4,338
Lance Inc 372 3,953
Landauer Inc 122 2,227
*Laser Vision Centers Inc 388 2,692
*Lasersight Inc 274 1,798
*Lason Inc 291 1,919
*LCA-Vision Inc 448 2,282
*Learning Tree International 166 5,893
*Lifepoint Hospitals Inc 479 7,963
*Ligand Pharmaceuticals-Cl B 694 12,319
*Macrochem Corp 324 2,268
*Magellan Health Services Inc 493 2,373
*Mail-Well Inc 594 5,160
*Mannatech Inc 95 356
*Matria Healthcare Inc 567 3,012
*Maximus Inc 174 5,307
McGrath Rentcorp 137 2,175
*Medicis Pharmaceutical-Cl A 437 17,480
*Medquist Inc 553 15,035
*Memberworks Inc 188 7,544
Mentor Corp/Minn 319 8,613
Michael Foods Inc 220 4,620
*Mid Atlantic Medical Svcs 700 6,475
Midas Inc 250 6,000
*National Equipment Services 366 2,288
*National Processing Inc 115 1,093
*Nationsrent Inc 628 3,297
Natures Sunshine Prods Inc 211 1,688
*Navigant Consulting Co 572 6,292
*NBTY Inc 849 11,621
*NCO Group Inc 185 5,908
*NCS Healthcare Inc-Cl A 218 395
*Neff Corp 179 1,275
*Neurogen Corp 182 5,619
New England Business Service 190 3,278
*Nextera Enterprises Inc-A 148 1,175
*NFO Worldwide Inc 277 6,094
*Novoste Corporation 218 8,720
*Oakley Inc 444 4,718
*Ocular Sciences Inc 242 3,808
Ogden Corp 762 9,096
*On Assignment Inc 166 7,470
*Orthodontic Centers of America 624 11,700
*Osteotech Inc 218 2,916
*Parexel International Corp 389 3,671
*Pathogenesis Corp 253 5,756
*Patterson Dental Company 372 14,229
*Pediatrix Medical Group Inc 240 1,740
Pennzoil-Quaker State Co 1,202 12,546
*Performance Food Group Co 192 4,200
*Perrigo Company 951 7,222
*Personnel Group of America Inc 397 2,432
*Pharmaceutical Product Development 283 4,793
*Pharmaceutical Resources Inc 265 1,656
*Pharmacyclics Inc 232 12,920
*Phycor Inc 1,132 1,167
Pilgrims Pride Corp-Cl B 250 1,578
*Playtex Products Inc 443 5,759
*Plexus Corp 272 18,122
*Prepaid Legal Services Inc 297 8,817
*Primark Corp 308 7,431
*Priority Healthcare Corp-B 63 3,166
*Professional Detailing Inc 55 1,375
*Profit Recovery Group Intl 552 10,212
*Protection One Inc 301 621
*Provant Inc 141 1,128
*Province Healthcare Co 186 5,324
*Proxymed Inc 280 2,380
*PSS World Medical Inc 1,095 7,425
*Quanta Services Inc 517 31,375
*Quest Diagnostics Inc 624 24,804
*Quorum Health Group Inc 1,089 10,958
*Ralcorp Holdings Inc 443 6,424
*Renaissance Worldwide Inc 564 2,943
*Renal Care Group Inc 688 14,921
*Rent-A-Center Inc 269 4,035
*Rent-Way Inc 259 5,051
*Res-Care Inc 298 2,794
*Resmed Inc 229 16,345
*Respironics Inc 508 7,303
*Rexall Sundown Inc 522 7,373
Riviana Foods Inc 111 1,762
*Robert Mondavi Corp-Cl A 129 4,499
Rollins Inc 262 3,897
*Romac International Inc 627 5,682
Ruddick Corp 466 5,097
Russ Berrie & Co Inc 158 2,923
Sanderson Farms Inc 91 739
*Sangstat Medical Corp 235 6,507
*Schein Pharmaceutical Inc 78 1,253
*Scotts Company (The)-Cl A 283 11,886
Seaboard Corp 5 895
*Sicor Inc 1,366 14,172
*Sierra Health Services 414 2,044
*Smithfield Foods Inc 699 13,980
Smucker (J.M.) Co -Cl A 396 7,277
*Sola International Inc 383 2,346
*Source Information Mgmt Co 152 2,660
*Staff Leasing Inc 264 1,535
*Staffmark Inc 453 3,596
Standard Register Co 192 2,472
*Startek Inc 110 8,113
*Steris Corp 1,040 10,660
Strayer Education Inc 112 2,912
*Suiza Foods Corp 481 19,360
*Summit Technology Inc 720 6,570
*Sunrise Assisted Living Inc 285 3,776
*Sunrise Medical Inc 342 2,138
*Sunrise Technologies Intl 711 5,010
*Supergen Inc 294 14,112
*Superior Consultant Hldgs 111 1,866
*Syncor Intl Corp-Del 150 4,950
*Techne Corp 311 21,459
*Tejon Ranch Co 101 2,291
*Teletech Holdings Inc 340 11,730
*Theragenics Corp 403 5,390
*Thermo Bioanalysis Corp 29 803
*Thermo Cardiosystems Inc 240 3,360
*Total Renal Care Holdings 1,158 3,619
*Towne Services Inc 222 389
*Track Data Corp 193 1,417
*Trex Medical Corp 132 396
*Triad Hospitals Inc 522 8,744
*Triangle Pharmaceuticals Inc 503 7,922
Tupperware Corporation 889 14,057
*Twinlab Corporation 351 2,501
*United Natural Foods Inc 136 2,040
Universal Corp-Va 477 7,185
Universal Foods Corp 724 15,476
*US Oncology Inc 875 3,938
*Varian Medical Systems Inc 470 21,444
*Ventana Medical Systems 209 9,026
*Vertex Pharmaceuticals Inc 395 18,491
*Veterinary Centers Of America 332 4,565
Vital Signs Inc 99 2,271
*Vlasic Foods International 439 1,043
*Volt Info Sciences Inc 128 4,600
*Wackenhut Corp-Cl A 201 2,801
*Wackenhut Corrections Corp 156 1,502
Wallace Computer Svcs Inc 600 7,088
*Wesley Jessen Visioncare 269 9,667
West Pharmaceutical Services 194 4,911
*Whole Foods Market Inc 405 16,782
*Wild Oats Markets Inc 256 5,248
*Xceed Inc 194 4,656
*Zapata Corp 208 988
-----------
1,945,031
-----------
DIVERSIFIED - .06%
*Triarc Companies 248 4,960
Walter Industries Inc 652 5,053
-----------
10,013
-----------
ENERGY - 3.53%
Arch Coal Inc 531 3,717
*Atwood Oceanics Inc 164 10,875
*Barrett Resources Corp 441 13,147
*Basin Exploration Inc 220 3,286
*Belco Oil & Gas Corp 142 1,473
Berry Petroleum -Cl A 280 4,813
Cabot Oil & Gas Corp -Cl A 353 6,376
*Cal Dive International Inc 90 4,568
Carbo Ceramics Inc 75 2,109
*Chesapeake Energy Corp 1,182 3,842
Consol Energy Inc 347 3,665
Cross Timbers Oil Co 752 9,823
*Dril-Quip 141 6,645
*EEX Corporation 654 2,207
Equitable Resources Inc 509 22,810
*Evergreen Resources Inc 191 4,620
*Forest Oil Corp 502 5,334
*Friede Goldman Halter Inc 448 3,080
*Global Industries Ltd 939 13,733
*Grey Wolf Inc 2,545 10,021
*Hanover Compressor Co 442 25,139
*Harken Energy Corp 2,067 2,067
Helmerich & Payne 763 23,653
*Houston Exploration Company 126 2,268
*HS Resources Inc 258 5,450
*Input/Output Inc 697 4,269
*IRI International Corp 250 2,359
*Key Energy Services Inc 1,275 14,822
*Louis Dreyfus Natural Gas 300 10,200
*Marine Drilling Co Inc 881 24,172
*McMoran Exploration Co 197 3,731
*Meridian Resource Corp 409 1,585
Mitchell Energy & Development -Cl A 317 6,934
*National-Oilwell Inc 752 23,218
*Newfield Exploration Company 570 20,093
*Newpark Resources Inc 1,064 8,512
*Nuevo Energy Co 255 5,483
*Oceaneering Intl Inc 322 6,038
*Parker Drilling Co 1,006 5,030
*Patterson Energy Inc 503 15,970
*Pioneer Natural Resources Co 1,546 16,426
*Plains Resources Inc 245 3,063
Pogo Producing Co 619 17,680
*Pride International Inc 931 21,238
RPC Inc 206 1,944
*Seacor Smit Inc 173 10,445
*Seitel Inc 374 2,969
St. Mary Land & Exploration 171 5,109
*Stone Energy Corp 253 12,460
*Swift Energy Co 301 5,380
*Tesoro Petroleum Corp 499 5,739
*Tom Brown Inc 498 9,151
*Transmontaigne Inc 404 2,752
*Tuboscope Inc 451 7,667
*UTI Energy Corp 214 8,079
Valero Energy Corp 760 23,275
*Varco International Inc 941 11,880
*Veritas Dgc Inc 394 11,081
Vintage Petroleum Inc 684 13,766
WD-40 Co 210 4,410
Western Gas Resources Inc 234 3,715
-----------
545,363
-----------
FINANCIAL - 14.16%
1st Source Corporation 170 3,326
*Acceptance Insurance Cos Inc 178 968
Advanta Corp-Cl A 306 6,216
Advest Group Inc 113 2,147
*Affiliated Managers Group 355 16,863
Alabama National Bancorp 146 2,774
*Alexander's Inc 52 3,302
Alexandria Real Est Equities 178 5,340
Alfa Corporation 611 10,845
*Alleghany Corp 74 13,912
Alliance Bancorp 159 2,832
Allied Capital Corp 963 16,792
Amcore Financial Inc 435 7,776
American Annuity Group Inc 121 1,845
American Indust Props Reit 273 3,225
*Americredit Corp 1,154 18,825
Amerus Life Holdings Inc-A 232 4,205
AMLI Residential Properties 224 4,592
*Amresco Inc 752 1,010
Anchor Bancorp Wisconsin Inc 389 6,175
Anchor Financial Corp 124 3,538
Andover Bancorp Inc 100 2,856
*Arcadia Financial Ltd 608 3,040
Area Bancshares Corp 185 3,677
Argonaut Group Inc 258 5,176
Associated Estates Realty Cp 255 2,056
Baldwin & Lyons Inc -Cl B 203 3,933
Bancfirst Corp 63 1,670
Bancfirst Ohio Corp 103 2,215
Banco Santander Puerto Rico 125 1,492
Bancorpsouth Inc 881 14,426
Bancwest Corporation 778 15,366
Bank Of Granite Corp 176 3,509
Bank United Corp-Cl A 500 15,781
BankAtlantic Bancorp Inc-B 657 3,901
BankNorth Group Inc 359 9,626
Bay View Capital Corp 383 2,873
Bedford Property Investors 315 5,060
Berkley (WR) Corp 262 6,042
*Bok Financial Corporation 185 3,423
Boykin Lodging Company 263 3,090
Bradley Real Estate Inc 371 6,330
Brandywine Realty Trust 543 9,299
Bre Properties -Cl A 689 17,785
Brenton Banks Inc 252 2,111
Brookline Bancorp Inc 206 1,957
Brown & Brown Inc 165 6,383
BSB Bancorp Inc 125 2,609
BT Financial Corp 257 4,016
Burnham Pacific Ppty Inc 497 3,510
Cabot Industrial Trust 626 11,659
Camden Property Trust 620 16,779
Capital Automotive Reit 333 3,996
Capital City Bank Group Inc 87 1,707
Capitol Federal Financial 1,410 13,307
Capstead Mortgage Corp 877 3,398
*Carolina First Corp 396 5,198
*Castle & Cooke Inc 203 3,413
Cathay Bancorp Inc 139 6,394
*CB Richard Ellis Services 318 3,458
CBL & Associates Properties 348 7,112
*Centennial Bancorp 302 2,907
Center Trust Inc 367 2,340
Centerpoint Properties Corp 317 11,551
Century South Banks Inc 159 3,339
CFS Bancorp Inc 301 2,709
Charter Municipal Mtg Accptc 317 3,844
Chateau Communities Inc 326 8,313
Chelsea Gca Realty Inc 243 7,047
Chemical Financial Corp 217 4,801
Chittenden Corp 434 12,884
Citizens Banking Corp Mich 624 12,168
City Holding Co 260 3,120
CAN Surety Corporation 255 3,554
Colonial Properties Trust 401 9,524
Commerce Bancorp Inc 449 16,613
Commerce Group Inc 394 11,623
Commercial Net Lease Realty 467 4,874
Commonwealth Bancorp Inc 184 2,335
Community First Bankshares 725 11,600
Community Trust Bancorp Inc 187 3,366
*Compucredit Corp 119 4,306
*Conning Corp 209 2,599
Cornerstone Realty Income Trust 603 6,520
Corus Bankshares Inc 143 3,378
Cousins Properties Inc 374 13,768
CPB Inc 130 3,153
*Credit Acceptance Corp 341 1,854
*Creditrust Corporation 71 213
Crown American Realty 354 1,881
CVB Financial Corp 221 3,122
Dain Rauscher Corp 192 12,660
*Delphi Financial Group-ClA 234 7,108
Developers Divers Realty Crp 921 12,779
Dime Community Bancshares 194 3,068
Doral Financial Corp 491 5,554
Downey Financial Corp 314 6,673
*DVI Inc 149 2,123
E. W. Blanch Holdings Inc 202 4,040
East West Bancorp Inc 345 3,817
Eastgroup Properties 245 5,268
Eaton Vance Corp 464 19,923
Enhance Financial Svcs Group 417 5,890
Entertainment Properties Trust 231 3,046
Equity Inns Inc 574 3,910
Essex Property Trust Inc 278 10,008
F & M National Corp 354 7,788
F&M Bancorp 144 2,592
*Farm Family Holdings Inc 84 2,499
Farmers Capital Bank Corp 98 3,332
FBL Financial Group Inc-Cl A 203 3,045
FCNB Corp 163 2,353
*Federal Agric Mtg Corp-Cl C 119 1,845
Federal Realty Invs Trust 622 12,012
Fidelity National Financial Inc 364 5,028
*Financial Federal Corp 166 3,019
*Finet.com Inc 913 1,170
First American Finl Corp 859 12,187
First Bancorp/Puerto Rico 360 6,345
First Busey Corp 167 3,350
First Charter Corp 242 3,146
First Citizens Bcshs -Cl A 83 4,687
First Commerce Bcshs Inc-B 87 3,018
First Commonwealth Finl Corp 954 8,228
First Federal Capital Corp 236 2,758
First Financial Bancorp 548 9,864
First Financial Corp/Indiana 95 3,295
First Financial Holdings Inc 205 2,896
First Financial Bankshares Inc 153 4,016
First Indiana Corp 142 2,627
First Industrial Realty Trust 586 15,969
First Merchants Corporation 185 3,723
First Midwest Bancorp Inc 548 13,289
*First Republic Bank 146 2,893
First Sentinel Bancorp Inc 613 4,712
First United Bancshares 390 3,998
First Washington Bancorp Inc 174 3,176
First Washington Realty Trust 128 2,376
*Firstfed Financial Corp 283 3,750
Flagstar Bancorp Inc 109 1,417
FNB Corp 310 5,696
Forest City Enterprises-Cl A 243 7,138
*FPIC Insurance Group Inc 149 2,608
*Freedom Securities Corp 237 3,703
*Friedman Billings Ramsey-A 355 3,861
Frontier Financial Corp 225 4,163
Frontier Insurance Group Inc 465 465
Gables Residential Trust 392 8,820
Gallagher (Arthur J.) & Co 566 18,395
GBC Bancorp 165 3,826
Getty Realty Corp 118 1,328
Glacier Bancorp Inc 135 1,907
Glenborough Realty Trust Inc 478 6,931
Glimcher Realty Trust 366 4,941
Golf Trust Of America Inc 119 1,964
*Grand Premier Financial Inc 236 3,245
Great Lakes Reit Inc 254 3,842
Great Southern Bancorp Inc 101 1,865
Greater Bay Bancorp 206 8,292
*Hamilton Bancorp Inc 129 2,016
Hancock Holding Co 141 4,353
Harbor Florida Bancshares 195 2,218
Harleysville Group Inc 205 2,973
Harleysville National Corp 122 3,309
Harris Financial Inc 133 956
HCC Insurance Holdings Inc 617 8,175
Health Care Pptys Invest Inc 771 19,612
Health Care Reit Inc 439 6,146
*Healthaxis Inc 151 2,171
Healthcare Realty Trust Inc 616 10,318
Hilb, Rogal & Hamilton Co 202 5,517
Home Properties Of New York Inc 297 7,945
Horace Mann Educators 632 11,653
Hospitality Properties Trust 779 15,775
HSB Group Inc 448 12,964
Hudson River Bancorp 253 2,530
Hudson United Bancorp 777 16,851
*Imperial Bancorp 572 17,732
*Imperial Credit Industries 398 1,791
Independence Community Bank 1,032 11,481
Independent Bank Corp -Mass 181 2,161
Indymac Mortgage Holdings 1,101 16,446
Innkeepers USA Trust 534 4,339
*Insignia Financial Group Inc 275 3,850
International Bancshares Crp 192 7,776
Interwest Bancorp Inc 245 3,369
Investors Financial Svcs Cp 224 13,188
IRT Property Co 512 4,096
Irwin Financial Corp 166 2,490
JDN Realty Corp 522 5,416
Jefferies Group Inc (New) 328 7,503
John Nuveen Co-Cl A 109 4,169
*Jones Lang Lasalle Inc 465 7,208
JP Realty Inc 198 3,527
Kansas City Life Ins Co 107 2,581
Kilroy Realty Corp 430 9,057
Koger Equity Inc 412 7,107
Konover Property Trust 476 2,648
Landamerica Financial Group 215 4,166
Lasalle Hotel Properties 186 2,325
Leucadia National Corp 615 14,606
Lexington Corporate Pptys Trust 265 2,733
Liberty Corp 248 9,300
Liberty Financial Companies 205 4,062
LNR Property Corp 386 7,358
*Local Financial Corp 316 2,706
LTC Properties Inc 422 2,268
Macerich Company (The) 464 9,570
Maf Bancorp Inc 370 5,989
Manufactured Home Communitie 311 7,192
*Markel Corp 67 9,749
Medallion Financial Corp 172 2,892
*Medical Assurance Inc 362 6,901
Merchants New York Bancorp 296 4,866
Meristar Hospitality Corp 736 12,834
Metris Companies Inc 595 23,131
MGI Properties Inc 212 1,100
Mid-America Apartment Comm 284 6,390
Midamerica Bancorp 130 3,380
Midland Co 68 1,598
Mid-State Bancshares 174 4,350
Midwest Banc Holdings Inc 128 1,728
Mills Corp 234 4,212
Mississippi Valley Bancshrs 96 2,292
*MMI Companies Inc 280 2,765
Mony Group Inc 728 23,524
Morgan Keegan Inc 440 7,700
N B T Bancorp Inc 276 4,002
National City Bancshares/Ind 273 5,187
*National Discount Brokers 162 7,999
National Golf Properties Inc 191 4,023
Nationwide Health Pptys Inc 712 7,432
Nationall Bancorp Of Alaska Inc 227 8,573
Nationall Health Investors Inc 375 4,477
National Penn Bcshs Inc 275 5,569
*National Western Life Ins-Cl A 31 2,511
*Net.B@Nk Inc 363 4,719
*New Century Financial Corp 150 1,491
*Nextcard Inc 83 1,270
Niagara Bancorp Inc 193 1,882
Northwest Bancorp Inc 224 1,498
Oceanfirst Financial Corp 202 3,169
*Ocwen Financial Corp 587 4,549
Ohio Casualty Corp 926 16,552
Omega Financial Corp 135 3,485
Omega Healthcare Investors 306 1,932
One Valley Bancorp Inc 514 17,797
Oriental Financial Group 175 3,325
Pacific Capital Bancorp 378 9,167
Pacific Gulf Properties Inc 276 5,417
Pan Pacific Retail Pptys Inc 137 2,526
Park National Corp 131 11,528
Parkway Properties Inc 155 4,563
Penn Real Estate Investment Trust 182 2,958
*Penn Treaty American Corp 90 1,502
Peoples Holding Company 96 2,352
PFF Bancorp Inc 202 3,131
*Philadelphia Cons Hldg Co 131 1,932
Phoenix Investment Partners 674 5,224
*PICO Holdings Inc 154 1,713
*Pinnacle Holdings Inc 429 23,702
*Pioneer Group Inc 408 9,486
PMA Capital Corporation-Cl A 269 4,708
Premier National Bancorp 261 3,948
Prentiss Properties Trust 579 12,919
Presidential Life Corp 359 4,936
Prime Group Realty Trust 137 1,961
Prime Retail Inc 668 1,461
*Prism Financial Corporation 38 274
*Professionals Group Inc 139 2,684
Provident Bankshares Corp 393 6,190
PS Business Parks Inc/Ca 364 7,417
Queens County Bancorp Inc 259 4,678
R & G Financial Corp-Cl B 156 1,404
Radian Group Inc 560 26,670
Raymond James Financial Inc 622 12,907
Realty Income Corp 413 7,950
Reckson Assoc Realty Corp 622 11,663
Redwood Trust Inc 116 1,718
Regency Realty Corp 544 10,744
Reliance Group Holdings 984 3,444
Republic Bancorp 699 6,531
Republic Bancorp Inc-Cl A 89 723
*Republic Bancshares Inc 86 1,086
Republic Security Finl Corp 766 5,027
Resource America Inc-Cl A 359 2,603
Resource Bancshares Mtg Grp 308 1,213
RFS Hotel Investors Inc 385 4,139
Richmond County Finl Corp 473 7,627
Riggs National Corp Wash D C 294 3,583
*Risk Capital Holdings Inc 136 2,227
RLI Corp 123 4,121
S & T Bancorp Inc 413 7,073
Sandy Spring Bancorp Inc 148 3,071
Saul Centers Inc 163 2,628
Scpie Holdings Inc 186 5,696
Seacoast Financial Services Cor 407 4,019
Second Bancorp Inc 162 2,835
*Security Capital Group-B 621 8,966
Selective Insurance Group 423 7,217
Shoreline Financial Corp 150 2,250
Shurgard Storage Centers-A 447 11,678
Siebert Financial Corp 11 141
*Sierracities.Com Inc 253 3,384
*Silicon Valley Bancshares 301 21,634
Simmons First Natl Corp-Cl A 112 2,870
Sky Financial Group Inc 1,204 19,565
SL Green Realty Corp 333 7,909
Smith Charles E Residential 304 10,982
*Southwest Bancorp of Texas 431 8,378
Southwest Securities Group 182 7,906
Sovran Self Storage Inc 192 3,888
St Francis Capital Corp 131 1,834
Stancorp Financial Group 221 6,050
State Auto Financial Corp 213 1,704
Staten Island Bancorp Inc 610 10,446
Sterling Bancshares Inc 400 3,825
Sterling Financial Corp 121 2,254
Stewart Info Services 178 2,815
Storage USA Inc 432 13,230
Student Loan Corp 61 2,497
Summit Properties Inc 351 6,713
Sun Communities Inc 268 7,739
Susquehanna Bancshares Inc 570 7,873
Tanger Factory Outlet Center 81 1,554
Taubman Centers Inc 532 5,919
Texas Regional Bancshares-A 222 5,647
The Trust Company of New Jersey 250 4,844
Thornburg Mortgage Asset Corp 331 2,441
Town & Country Trust 243 4,070
*Trammell Crow Co 372 4,115
Trenwick Group Inc 154 2,175
*Triad Guaranty Inc 205 4,164
Trustco Bank Corp Ny 825 9,642
*UICI 587 3,889
UMB Financial Corp 265 9,739
*UniCapital Corp 822 1,952
United Asset Mgmt Corp 811 14,040
United Bankshares Inc 658 14,476
United Community Financial 544 3,791
United Dominion Realty Trust 1,588 15,979
United Fire & Casualty Co 105 2,021
United National Bancorp 245 5,283
Urban Shopping Centers Inc 156 4,534
US Restaurant Properties 237 3,096
USB Holding Co Inc 147 2,196
USBancorp Inc 205 2,306
*Ventas Inc 840 2,783
W Holding Company Inc 651 6,245
Washington Federal Inc 842 16,051
Washington Real Estate Investments 550 8,250
Webster Financial Corp 585 13,455
Weingarten Realty Investments 411 15,104
*Wellsford Real Properties 315 2,737
Wesbanco Inc 307 5,929
West Coast Bancorp 236 2,316
Westcorp 139 1,946
Western Properties Trust 265 2,716
Westfield America Inc 445 6,035
*WFS Financial Inc 64 1,244
Whitney Holding Corp 348 11,354
Zenith National Insurance 146 3,239
-----------
2,185,338
INDUSTRIAL - 15.18%
*ABC-Naco Inc 293 2,564
*ACX Technologies Inc 215 887
*Advanced Energy Industries 157 8,007
*AEP Industries Inc 51 1,613
Agco Corp 918 10,442
Airborne Freight Corp 750 18,000
*Albany International Corp-Cl A 289 4,281
Alexander & Baldwin Inc 665 13,716
*Alltrista Corp 104 2,353
*Alpine Group Inc 203 1,827
*Amerco 132 2,426
*American Freightways Corp 333 4,974
*American Superconductor Corp 238 10,591
Ametek Inc 496 9,548
*Ampex Corp-Cl A 689 2,153
*Amphenol Corp-Cl A 249 25,460
*Anadigics Inc 413 27,258
Analogic Corp 95 3,503
Apogee Enterprises Inc 429 1,703
Applied Industrial Tech Inc 322 5,152
Applied Power Inc-Cl A 600 17,100
Aptargroup Inc 486 12,970
*Arnold Industries Inc 292 3,741
*Artesyn Technologies Inc 514 9,734
*Astec Industries Inc 226 6,003
*Asyst Technologies Inc 461 26,969
Atlas Air Inc 217 5,940
Baldor Electric 498 8,995
Barnes Group Inc 263 3,814
*Belden Inc 375 10,313
*Benchmark Electronics Inc 250 9,250
Blount International Inc 474 6,103
BMC Industries Inc 422 2,400
*Brady Corporation - Cl A 321 10,011
Brooks Automation Inc 171 10,688
Butler Manufacturing Co 82 2,004
C&D Technologies Inc 196 11,564
*C.H. Robinson Worldwide Inc 634 23,617
Cable Design Technologies 434 14,729
*Calgon Carbon Corp 525 3,445
Casella Waste Systems Inc-A 156 1,170
*Castle (A.M.) & Co 169 2,113
*Catalytica Inc 889 12,946
C-Cube Microsystems Inc 625 45,508
Centex Construction Products 128 3,360
*Chart Industries Inc 247 787
Checkpoint Systems Inc 441 3,693
Circle International Group Inc 191 4,966
Clarcor Inc 369 6,550
*CMI Corp-Cl A 286 1,305
*Cognex Corp 535 30,863
Coherent Inc 379 19,708
Cohu Inc 305 12,715
*Columbus Mckinnon Corp 192 2,520
*Comfort Systems USA Inc 463 2,952
Commercial Intertech Corp 202 3,977
*Commercial Metals Co 193 5,332
*Consolidated Freightways 305 1,801
*Covenant Transport Inc-Cl A 118 1,873
Credence Systems Corp 330 41,291
CTS Corp 424 24,168
*Cubic Corp 82 1,845
*Cuno Incorporated 250 6,781
*Cymer Inc 436 21,800
Dal-Tile International Inc 838 6,652
Detroit Diesel Corp 131 2,505
*Dexter Corp 355 18,815
*DII Group Inc 567 64,106
Dionex Corp 340 11,199
*Donaldson Co Inc 624 14,079
*DSP Group Inc 389 25,674
*Dycom Industries Inc 591 28,811
*Earthshell Corp 410 1,691
EGL Inc 237 5,540
*Elcor Corp 301 10,385
*Electro Scientific Industries Inc 405 23,490
*Emcor Group Inc 131 2,751
Esterline Technologies Corp 267 3,471
*Federal Signal Corp 710 12,824
Fisher Scientific International 617 27,457
Florida East Coast Industries 478 23,183
Florida Rock Industries 290 8,120
*Flowserve Corporation 575 7,403
Forward Air Corporation 220 5,211
Foster Wheeler Corp 628 4,239
*Franklin Electric Co Inc 68 4,344
*Fritz Companies Inc 306 3,098
*FSI International Inc 382 7,831
*Gardner Denver Inc 197 3,706
Gaylord Container Corp-A 824 5,253
*General Cable Corp 473 3,695
*Genlyte Group Inc 188 3,666
Genrad Inc 412 5,099
Gentek Inc 235 3,290
Gerber Scientific Inc 303 5,852
Graco Inc 225 6,525
Granite Construction Inc 290 7,830
*Greif Bros Corp -Cl A 208 6,630
*Griffon Corporation 468 3,656
Hadco Corp 210 13,571
Harmon Industries Inc 156 2,828
*Harsco Corp 619 17,912
Heartland Express Inc 266 3,736
*Helix Technology Corp 344 20,662
*Hexcel Corp 228 1,140
Hub Group Inc-Cl A 96 1,464
Hunt (JB) Transportation Services Inc 329 4,503
*Hussmann International Inc 785 9,960
Identix Inc 350 9,756
*Idex Corp 456 12,426
Imation Corp 562 14,998
Imco Recycling Inc 226 2,500
*Innovex Inc 228 2,230
*Insituform Technologies-Cl A 308 9,433
Integrated Device Tech Inc 1,307 51,790
Intermet Corp 348 3,176
*Interpool Inc 201 1,319
*Ionics Inc 249 6,365
*IT Group Inc 351 2,654
*ITI Technologies Inc 131 3,897
*Ivex Packaging Corp 323 2,443
Jacobs Engineering Group Inc 339 10,933
JLG Industries Inc 680 6,205
Justin Industries 251 4,518
*Kaydon Corp 474 12,946
Kemet Corp 589 37,254
*Kennametal Inc 434 13,047
*Kent Electronics Corp 432 12,609
*Kirby Corp 378 7,466
*Knight Transportation Inc 101 1,768
*Kulicke & Soffa Industries 363 23,255
Landstar System Inc 146 7,994
Lawson Products Inc 90 2,143
Lincoln Electric Holdings 577 13,956
Lindsay Manufacturing Co 193 3,305
*Liqui-Box Corp 47 2,238
Littelfuse Inc 301 11,043
Longview Fibre Co 796 11,741
*LSI Industries Inc 156 3,032
*Lydall Inc 241 2,109
Magnetek Inc 374 3,413
Manitowoc Company Inc 400 10,825
Mark IV Industries Inc 718 15,841
Mascotech Inc 567 6,662
*Matthews International Corp-Cl A 226 5,113
*Maverick Tube Corp 274 8,888
*Mechanical Technology Inc 118 8,378
Mestek Inc 46 776
Metals USA Inc 465 3,081
*Methode Electronics -Cl A 555 28,028
*Mettler-Toledo International 594 24,317
Micrel Inc 442 42,432
Milacron Inc 570 8,229
Mine Safety Appliances Co 48 3,324
*Modine Manufacturing Co 343 8,618
*Molecular Devices Corp 148 11,359
*Moog Automotive Inc 64 1,176
*Morrison Knudsen Corp 490 3,614
*MS Carriers 141 3,314
Mueller Industries Inc 539 16,372
Myers Industries Inc 236 2,832
Nacco Industries -Cl A 100 4,794
*NCH Corp 40 1,813
NCI Building Systems Inc 283 5,324
Newport News Shipbuilding 478 14,460
*Nordson Corp 217 9,996
*Nortek Inc 147 3,252
Offshore Logistics 325 4,509
Overseas Shipholding Group 387 8,877
*Park Electrochemical Corp 144 3,528
Paxar Corp 646 6,218
Perkinelmer Inc 712 47,348
Pitt-Des Moines Inc 66 1,493
Pittston Brink's Group 737 12,529
Polaroid Corp 686 16,293
*Polymer Group Inc 319 4,067
*Power Integrations Inc 340 8,500
Power-One Inc 226 13,645
*Precision Castparts Corp 377 13,761
*Presstek Inc 421 9,999
PRI Automation Inc 305 18,643
Quanex Corp 220 3,960
*Rayonier Inc 428 20,865
Rayovac Corp 423 9,835
Regal Beloit 323 5,653
Republic Group Inc 147 1,580
Roadway Express Inc 196 3,969
*Robbins & Myers Inc 121 2,859
Rogers Corp 117 7,342
Rollins Truck Leasing Corp 720 6,075
Roper Industries Inc 466 15,815
*Sauer Inc 183 1,773
*Sawtek Inc 375 19,711
*Scott Technologies Inc 226 4,266
*Sensormatic Electronics Corp 1,083 24,300
*Shorewood Packaging Corp 324 6,946
*Silgan Holdings Inc 168 2,037
*Simpson Manufacturing Co Inc 125 4,938
Sipex Corporation 279 9,852
SLI Inc 282 4,794
*Smith (A.O.) Corp 325 5,850
*Specialty Equipment Cos 189 3,922
*Speedfam-Ipec Inc 382 7,592
SPS Technologies Inc 195 5,948
Standex International Corp 178 2,759
*Starrett (L.S.) Co -Cl A 103 2,421
Stericycle Inc 209 5,225
Stewart & Stevenson Services 431 4,849
*Stone & Webster Inc 137 1,987
Stoneridge Inc 186 2,139
*Sturm Ruger & Co Inc 300 2,625
*Swift Transportation Co Inc 569 11,665
Syntroleum Corp 414 9,677
Technitrol Inc 179 10,427
Tektronix Inc 682 38,192
*Tennant Co 139 4,309
*Terex Corp 380 5,463
Tetra Tech Inc 529 12,564
*Texas Industries Inc 324 10,085
*Thermedics Inc 274 2,243
*Thermo Ecotek Corporation 34 278
*Thermo Fibertek Inc 92 633
*Thermo Optek Corp 61 907
Thermoquest Corporation 93 1,558
Thomas Industries Inc 244 4,575
Timken Co 778 12,643
*Tredegar Corporation 310 8,351
*Trex Company Inc 66 2,525
Trimble Navigation Ltd 327 8,420
*Trinity Industries 608 14,402
*U S Liquids Inc 204 1,326
*U.S. Can Corporation 142 2,760
*U.S. Xpress Enterprises-A 92 811
UCAR International Inc 695 9,165
*Universal Forest Products 226 2,797
*Unova Inc 654 8,829
URS Corp 194 2,546
*UsFreightways Corporation 408 15,275
Valence Technology Inc 367 8,647
*Valmont Industries 268 4,623
*Varian Inc 480 18,420
*Veeco Instruments Inc 151 11,174
*Vicor Corp 286 5,148
*Waste Connections Inc 241 2,922
Waste Industries Inc 46 506
Watts Industries Inc-Cl A 258 3,193
Werner Enterprises Inc 474 8,058
*Westinghouse Air Brake Co 654 6,949
*Wisconsin Central Transport 790 9,678
Wolverine Tube Inc 196 2,511
*Woodward Governor Co 126 2,898
*Worthington Industries 1,144 14,157
*Xtra Corp 203 7,714
*Yellow Corporation 383 7,062
Zebra Technologies Corp-Cl A 378 18,900
-----------
2,342,777
TECHNOLOGY - 34.32%
*24/7 Media Inc 225 8,888
*3DFX Interactive Inc 320 3,820
AAR Corp 422 7,042
*About.com Inc 61 5,376
*Acclaim Enmnt Inc 633 2,097
*Act Networks Inc 150 1,519
*Actel Corp 316 11,277
*Activision Inc 393 4,741
*Actuate Corporation 379 20,395
*Adaptive Broadband Corp 247 13,215
*Adelphia Business Solutions 231 14,235
*Adtran Inc 307 18,247
*Advanced Digital Info Corp 622 21,304
*Advanced Fibre Communication 1,112 69,709
*Advanced Radio Telecom Corp 371 12,289
*Advantage Learning Systems Inc 132 2,195
*Advent Software Inc 381 17,478
*Aerial Communications Inc 248 14,090
*Aeroflex Inc 250 12,375
*Affymetrix Inc 266 39,484
*Allaire Corp 206 15,579
*Allen Telecom Inc 426 6,789
*Alliance Semiconductor Corp 377 8,082
*Alliant Techsystems Inc 153 9,008
*Alpha Industries Inc 256 24,320
*American Management Systems 648 28,391
*American Mobile Satellite Cp 282 6,768
*American Xtal Technology Inc 252 8,159
*Amkor Technology Inc 1,397 74,128
*Anacomp Inc 172 2,677
*Analysts International Corp 328 3,239
Ancor Communications Inc 422 17,355
*Andrew Corp 1,265 28,937
*Anixter International Inc 326 9,087
*Answerthink Consulting Group 419 10,239
*Antec Corp 370 16,581
*Apex Inc 284 10,544
*Applied Graphics Technologie 250 1,500
*Appliedtheory Corporation 72 1,503
*Arguss Holdings Inc 167 3,737
*Ashton Technology Group Inc 383 3,232
*Aspect Communications Corp 732 27,130
*Aspect Development Inc 707 45,513
*Aspen Technology Inc 388 15,666
*ATMI Inc 313 14,946
*Auspex Systems Inc 424 4,664
*Autobytel.com Inc 130 1,068
*Autoweb.com Inc 103 740
*Avant! Corporation 594 7,425
*Avid Technology Inc 342 6,113
*Aviron 208 5,785
*AVT Corporation 381 4,501
*Aware Inc/Mass 249 9,991
*Axent Technologies Inc 431 8,108
*Banyan Systems Inc 376 6,604
*Barra Inc 171 5,793
*BE Aerospace Inc 358 2,103
*Bell & Howell Co 228 7,125
Bindview Development Corp 513 15,935
*Bio-Rad Laboratories -Cl A 131 3,570
*Bio-Technology General Corp 815 12,633
*Black Box Corporation 295 20,424
*Bottomline Technologies Inc 111 4,045
*Brio Technology Inc 277 10,457
*BroadVision Inc 2,574 115,508
*Brooktrout Inc 166 4,814
*Burr-Brown Corp 594 32,299
*CACI International Inc-Cl A 142 4,251
*CAIS Internet Inc 109 2,636
*Cambridge Tech Partners Inc 789 10,701
*Caprock Communications Corp 511 25,039
*Carrier Access Corp 147 7,828
*Catapult Communications Corp 73 744
*CCC Information Services Grp 337 7,246
*C-Cor.Net Corporation 381 18,669
*Cerner Corp 405 10,935
*Choicepoint Inc 454 16,968
*Ciber Inc 696 14,268
*Cirrus Logic Inc 1,011 18,451
*Cognizant Tech Solutions Crp 94 5,875
*Com21 Inc 262 12,314
*Commonwealth Telephone Entrp 158 7,416
*Commscope Inc 743 33,899
*Complete Business Solutions 362 8,100
*Compucom Systems Inc 735 3,859
*Computer Horizons Corp 480 8,220
*Computer Network Tech Corp 361 6,318
*Computer Task Group Inc 250 2,750
Concentric Network Corp 649 35,695
*Concord Communications Inc 221 7,859
*Concur Technologies Inc 210 3,163
*Concurrent Computer Corp 800 10,150
*Cotelligent Inc 181 1,052
*Cree Inc 387 43,683
*CT Communications Inc 144 8,640
CTC Communications Group Inc 200 8,525
*Curtiss-Wright Corp 76 2,784
Cybercash Inc 272 3,672
*Cybex Computer Products Corp 242 9,105
*Cypress Semiconductor Corp 1,619 79,837
*Dallas Semiconductor Corp 906 31,823
Datastream Systems Inc 245 7,105
*Dendrite International Inc 467 9,778
*Digital Microwave Corp 1,048 35,501
*Digital River Inc 244 5,246
*Documentum Inc 226 17,628
*Dupont Photomasks Inc 74 4,287
*E.Spire Communications Inc 788 5,541
*Earthweb Inc 96 2,364
*Echelon Corp 287 18,799
*Eclipsys Corp 538 10,424
*Efax.com 132 718
*Electric Lightwave Inc-Cl 133 3,175
*Electroglas Inc 307 10,515
*Elot Inc 970 5,699
*ELOYALTY Corporation 661 15,781
*Emcore Corp 154 17,720
*Emulex Corp 503 54,890
*Engineering Animation Inc 184 2,427
*Entremed Inc 210 12,443
*Entrust Technologies Inc 246 20,929
*Enzo Biochem Inc 338 23,829
*Enzon Inc 567 21,369
*Epicor Software Corp 629 5,347
*Eshare Technologies Inc 64 792
*ESS Technology 402 7,035
*Exar Corp 271 19,393
*Excalibur Technologies Corp 174 6,895
*Exchange Applications Inc 361 19,105
*Factset Research Systems Inc 298 8,065
Fair Isaac & Company Inc 157 6,103
Fairchild Corp-Cl A (The) 242 1,649
*Fidelity Holdings Inc 100 2,125
*Filenet Corp 499 14,845
*Flashnet Communications Inc 145 725
*Gencorp Inc 515 3,991
General Binding Corp 91 870
General Communication -Cl A 581 3,123
*General Semiconductor Inc 466 8,039
*Glenayre Technologies Inc 959 16,842
*Global Imaging Systems Inc 101 783
*Globix Corporation 255 9,722
*Go2net Inc 352 28,358
*Great Plains Software Inc 154 8,220
*GT Interactive Software Corp 553 1,728
*Harbinger Corp 597 17,388
*Harmonic Inc 409 34,049
*Hearme 170 4,293
*Heico Corp 76 1,102
Henry (Jack) & Associates 421 15,524
Hi/Fn Inc 105 6,832
*HNC Software 378 27,240
*Human Genome Sciences Inc 715 59,390
*Hutchinson Tech 381 6,715
*Hypercom Corp 187 3,202
*Hyperion Solutions Corp 493 16,023
*ICG Communications Inc 733 26,480
*Idec Pharmaceuticals Corp 652 64,059
*IDT Corp 308 12,782
*IDX Systems Corp 216 5,913
*Igate Capital Corporation 542 24,458
*ImrGlobal Corp 304 4,370
*In Focus Systems Inc 347 12,427
*Inacom Corp 664 1,826
*Incyte Pharmaceuticals Inc 375 32,707
*Inet Technologies Inc 90 4,764
*Infocure Corp 449 7,801
*Informatica Corp 263 20,202
*Information Resources Inc 434 3,472
*Informix Corp 4,151 70,308
*Infousa Inc 346 3,157
*Inhale Therapeutic Sys Inc 209 15,571
*Inspire Insurance Solutions 182 592
*Interdigital Comm Corp 748 18,887
*Intergraph Corp 667 5,920
*Inter-Tel Inc 319 8,733
Intervoice-Brite Inc 494 14,264
*Intervu Inc 140 12,600
*International Fibercom Inc 361 8,574
*International Rectifier Corp 771 29,394
*Intraware Inc 221 9,130
*Invitrogen Corp 100 5,806
*Iomega Corp 4,160 15,860
*IPC Communications Inc 128 26,368
*ISS Group Inc 394 45,901
*ITC Deltacom Inc 746 26,576
*ITURF Inc -Cl A 73 757
*IVillage Inc 255 3,996
*JDA Software Group Inc 316 4,622
*Juno Online Services Inc 100 1,575
*Kaman Corp -Cl A 348 3,393
Kellstrom Inds Inc 183 1,047
*Komag Inc 1,009 3,831
*Kopin Corp 461 31,694
*Kronos Inc 181 5,362
*Lam Research Corp 1,824 82,194
*Latitude Communications Inc 46 1,208
*Lattice Semiconductor Corp 702 47,517
*Launch Media Inc 148 2,313
*Leap Wireless Intl Inc 312 30,791
*Learn2.Com Inc 688 2,838
*Liposome Company Inc 603 10,534
*LTX Corp 656 29,643
*Manhattan Associates Inc 65 2,226
*Manugistics Group Inc 315 15,829
*Mapics Inc 271 4,319
*Mapquest.com Inc 74 1,536
*Marketwatch.com Inc 49 1,691
*Mastec Inc 313 27,857
*Maxtor Corp 1,052 13,610
*Maxwell Technologies Inc 147 2,021
*Media Metrix Inc 54 2,268
*Mediconsult.com Inc 192 552
*Memc Electronic Materials 512 10,304
*Mentor Graphics Corp 990 14,974
*Mercury Computer Systems Inc 315 15,396
*Mercury Interactive Corp 1,183 93,753
*Messagemedia Inc 447 5,671
*Metamor Worldwide Inc 528 14,949
*Metricom Inc 231 10,713
*Metro Information Svcs Inc 100 1,438
*MGC Communications Inc 264 18,876
*Miami Computer Supply Corp 152 4,769
*Micromuse Inc 322 44,698
*Micron Electronics Inc 539 7,546
*Micros Systems Inc 253 15,923
*Microstrategy Inc 1,189 103,517
*Midway Games Inc 455 6,029
*Millennium Pharmaceuticals 571 74,159
*Mips Technologies Inc -Cl A 182 10,124
*MKS Instruments Inc 103 5,202
*MMC Networks Inc 488 16,104
*MRV Communications Inc 363 33,260
*MTI Technology Corp 472 12,449
*MTS Systems Corp 321 2,448
Multex.com Inc 207 7,685
*National Computer Sys Inc 493 25,020
National Instruments Corp 372 17,461
*NBC Internet Inc-A 179 7,708
*Neomagic Corp 389 1,933
*Neon Systems 105 3,465
*Net Perceptions Inc 165 6,095
*Netobjects Inc 95 2,161
*Netopia Inc 119 8,561
*Network Equipment Tech Inc 330 3,300
*Network Peripherals Inc 195 6,923
*North Pittsburgh Systems 231 3,032
Northeast Optic Network Inc 79 6,680
*Nvidia Corp 261 22,050
*Omega Research Inc 67 310
*Onemain.Com Inc 294 3,326
*Onhealth Network Company 238 997
*Onyx Software Corp 205 6,534
*Open Market Inc 520 13,390
*Optical Cable Corp 37 1,138
*Orbital Sciences Corp 577 8,655
*Organogenesis Inc 470 5,669
*Pacific Gateway Exchange Inc 220 3,231
*Paging Network Inc 1,444 3,745
*Pairgain Technologies Inc 1,042 19,472
*P-Com Inc 994 18,389
*Pcorder.com Inc 35 788
*PE Corp-Celera Genomics Grp 806 73,799
*Pegasystems Inc 445 5,340
*Peregrine Systems Inc 795 53,315
*Per-Se Technologies Inc 431 2,532
*Pervasive Software Inc 242 3,116
*Phoenix Technologies Ltd 364 7,690
*Photronics Inc 332 11,724
*Picturetel Corp 624 5,460
*Pinnacle Systems Inc 600 19,950
*Pioneer Standard Electronics 353 5,560
Plantronics Inc 255 23,763
*PLX Technology Inc 199 7,410
*Policy Management Systems Cp 548 6,576
*Powertel Inc 382 26,430
*Powerwave Technologies Inc 221 27,625
*Price Communications Corp 669 15,387
*Primex Technologies Inc 136 2,899
Private Business Inc 69 207
*Probusiness Services Inc 225 5,808
*Progress Software Corp 479 11,227
*Project Software & Developmt 201 11,357
*Protein Design Labs Inc 288 22,896
*Proxicom Inc 319 14,136
*Proxim Inc 183 21,903
*Ptek Holdings Inc 724 4,797
*Publicard Inc 335 3,266
*QRS Corp 169 12,717
*Quadramed Corp 387 2,225
*Radiant Systems Inc 156 9,809
*Radisys Corp 156 9,380
*Rare Medium Group Inc 611 26,960
*Razorfish Inc 216 5,940
*Read-Rite Corp 707 3,314
*Regeneron Pharmaceuticals 247 7,302
*Remec Inc 331 16,716
*Remedy Corp 389 16,387
*RSA Security Inc 557 28,860
*RWD Technologies Inc 68 570
*S1 Corporation 579 49,613
*S3 Incorporated 1,173 24,633
*Safescience Inc 139 1,798
*Saga Systems Inc 441 15,766
*Sagent Technology Inc 202 5,820
*Saleslogix Corp 53 1,434
*Sanchez Computer Associates 194 6,814
*Sandisk Corp 755 92,488
*Santa Cruz Operation Inc 280 2,625
*Schawk Inc 138 1,087
SCM Microsystems Inc 194 18,818
*Semtech Corp 491 31,455
*Sequa Corp -Cl A 159 6,300
*Serena Software Inc 136 4,335
*Serologicals Corporation 296 1,610
*Silicon Valley Group Inc 514 14,135
*Siliconix Inc 90 8,556
*Silknet Software Inc 52 5,408
*Softnet Systems Inc 289 8,453
*Sportsline.Com Inc 250 7,359
*SPSS Inc 123 3,905
*Spyglass Inc 262 20,317
*SS&C Technologies Inc 166 965
*Star Telecommunications Inc 558 3,348
*Structural Dynamics Research 550 7,425
*Sunquest Information Systems 56 630
*Superior Telecom Inc 155 1,996
SVI Holdings Inc 376 3,713
*Sybase Inc 1,257 25,533
*Sykes Enterprises Inc 342 6,519
*Syntel Inc 79 1,175
*Systems & Computer Tech Corp 496 11,594
*Talk.com Inc 625 10,000
*Technology Solutions Co 661 6,032
*Tekelec 424 15,741
*Telescan Inc 198 4,678
*Tenfold Corporation 74 4,477
*Terayon Communication Sys 235 48,175
*TheGlobe.com Inc 172 1,097
*TheStreet.com Inc 88 820
*THQ Inc 275 4,916
*Titan Corp 776 39,576
*Transaction Systems Archit-A 503 14,524
*Transkaryotic Therapies Inc 306 17,021
*Transwitch Corp 595 57,194
*Triquint Semiconductor Inc 456 33,516
*Triumph Group Inc 179 5,213
*TSI International Software 237 19,686
*TUT Systems Inc 180 10,721
*Tyler Technologies Inc 660 3,919
*Ultratech Stepper Inc 329 4,688
*Unigraphics Solutions Inc 77 2,276
*US Lec Corp-Cl A 159 6,320
*USInternetworking Inc 338 13,098
*Varian Semiconductor Equip 477 30,349
*Verity Inc 479 19,519
*Verticalnet Inc 549 74,664
*Vical Inc 249 8,342
*Visual Networks Inc 381 21,622
*Wave Systems Corp-Cl A 620 24,761
*Wavo Corporation 330 1,475
*Weblink Wireless Inc 567 7,584
*Webtrends Corp 203 14,616
*West Teleservices Corp 144 3,708
*Westell Technologies Inc-A 262 8,351
*Western Digital Corp 1,990 14,801
*Wind River Systems 811 29,399
*World Access Inc 698 13,349
*Worldgate Communications Inc 168 5,051
*Xircom Inc 409 15,133
*Ziff-Davis Inc 211 4,484
*Zixit Corporation 236 17,184
5,298,924
UTILITIES - 3.68%
AGL Resources Inc 877 16,115
American States Water Co 138 4,106
Atmos Energy Corp 479 7,844
Avista Corp 566 23,065
Black Hills Corp 329 7,259
C F W Communications Co 201 7,914
California Water Service Grp 181 4,129
Cascade Natural Gas Corp 170 2,741
CH Energy Group Inc 260 7,898
Cleco Corporation 347 11,538
CMP Group Inc 500 14,563
CTG Resources Inc 133 4,946
Eastern Enterprises 416 24,908
*Eastern Utilities Assoc 315 9,883
*El Paso Electric Company 916 9,504
Empire District Electric Co 266 5,220
Energen Corp 411 6,550
E'town Corp 133 8,412
Hawaiian Electric Inds 496 15,779
IDACORP Inc 580 20,155
Indiana Energy Inc 459 8,951
*Intermedia Communications 743 35,896
Laclede Gas Co 291 5,820
Madison Gas & Electric Co 247 4,415
MDU Resources Group Inc 879 18,239
New Jersey Resources 274 11,714
Northwest Natural Gas Co 386 7,527
Northwestern Corporation 356 7,343
Nui Corp 196 5,072
Oneok Inc 487 12,175
Otter Tail Power Co 367 7,317
Philadelphia Suburban Corp 548 9,933
Piedmont Natural Gas Co 478 12,458
*Primus Telecommunications Gp 441 22,794
Public Service Co of New Mexico 555 8,741
RGS Energy Group Inc 559 11,879
Semco Energy Inc 273 3,242
Sierra Pacific Resources 1,209 15,113
Sigcorp Inc 364 9,100
SJW Corp 31 3,627
South Jersey Industries 121 3,411
*Southern Union Company 554 10,007
Southwest Gas Corp 473 9,017
Southwestern Energy Company 384 2,544
*TNP Enterprises Inc 192 8,412
UGI Corp 489 10,575
Unisource Energy Corp Hld Co 498 7,314
United Illuminating Co 221 8,674
United Water Resources Inc 429 14,908
*Viatel Inc 217 10,891
Washington Gas Light Co 716 19,466
Wicor Inc 580 17,980
WPS Resources Corp 413 10,712
-----------
567,790
Total Common Stocks (cost $15,184,110) 15,163,532
<CAPTION>
SHORT-TERM INVESTMENTS<F3>- 1.74%
PRINCIPAL VALUE
<S> <C> <C>
VARIABLE RATE DEMAND NOTES <F1> - .01%
Firstar Bank (5.882% 12/31/31) 2,066 2,066
-----------
U.S. TREASURY BILL 1.73%
U.S. Treasury Bill (0.000% due 06/15/00) 290,000 266,813
-----------
Total Short-term Investments
(cost $268,879) 268,879
-----------
TOTAL INVESTMENTS - 99.97%
(cost $15,452,989)<F2> 15,432,411
-----------
OTHER ASSETS AND LIABILITIES - .03% 5,233
-----------
TOTAL NET ASSETS 100% $15,437,644
===========
*Non-income producing
<FN>
<F1> Interest rates vary periodically based on current market rates.
Rates shown are as of March 31, 2000. The maturity shown for each
variable demand note is the later of the next scheduled interest
adjustment date or the date on which principal can be recovered through
demand. Information shown is as of March 31, 2000.
<F2> Represent cost for tax purposes, which is substantially the same
for financial reporting purposes. Gross unrealized depreciation of
securities as of March 31, 2000 was $36,453.
<F3> Securities and other current assets with an aggregate value of
$272,675 have been segregated with the custodian to cover margin
requirements for the following open futures contract as of March 31,
2000:
Unrealized
Appreciation/
Type Contract (Depreciation)
-----------------------------------------------------------
Russell 2000 Index (03/00) 1 ($15,875)
-------
($15,875)
=======
</FN>
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
SUMMIT MUTUAL FUNDS, INC. - APEX SERIES
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Summit Mutual Funds, Inc. ("Summit Mutual Funds") is registered
under the Investment Company Act of 1940, as amended, as a no-
load, diversified, open-end management investment company. The
shares of the Fund are offered without sales charge to
institutional and retail investors. These funds are also
offered to The Union Central Life Insurance Company ("Union
Central") and its exempt separate accounts. Summit Mutual
Funds' shares are offered in three different funds - Everest
Fund, Nasdaq-100 Index Fund, and Russell 2000 Small Cap Index
Fund (individually AFund@). The Everest Fund seeks long-term
appreciation of capital, without incurring unduly high risk, by
investing primarily in common stocks and other equity
securities. The Nasdaq-100 Index Fund seeks investment results
that correspond to the investment performance of U.S. common
stocks, as represented by the Nasdaq-100 Index. The Russell
2000 Small Cap Index Fund seeks investment results that
correspond to the investment performance of U.S. common stocks,
as represented by the Russell 2000 Index.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
Securities valuation - Securities held in each Fund, except for
money market instruments maturing in 60 days or less, are
valued as follows: Securities traded on stock exchanges
(including securities traded in both the over-the-counter
market and on an exchange), or listed on the NASDAQ National
Market System, are valued at the last sales price as of the
close of the New York Stock Exchange on the day the securities
are being valued, or, lacking any sales, at the closing bid
prices. Securities traded only in the over-the-counter market
are valued at the last bid price, as of the close of trading on
the New York Stock Exchange, quoted by brokers that make
markets in the securities. Other securities for which market
quotations are not readily available are valued at fair value
as determined in good faith under procedures adopted by the
Board of Directors. Money market instruments maturing in 60
days or less are valued at amortized cost, which approximates
market.
Securities transactions and investment income - Securities
transactions are recorded on the trade date (the date the order
to buy or sell is executed). Dividend income is recorded on
the ex-dividend date and interest income is recorded on the
accrual basis. All amortization of discount is recognized
currently under the effective interest method. Gains and losses
on sales of investments are calculated on the identified cost
basis for financial reporting and tax purposes.
Federal taxes - Each Fund contemplates declaring as dividends
each year all, or substantially all, of its taxable income,
including net captial gains (the excess of long-term capital
gains over short-term capital losses). Shareholders will be
subject to income taxes on these distributions regardless of
whether they are paid in cash or reinvested in additional Fund
shares. Distributions attributable to the net capital gains of
a Fund will be taxable to the shareholder as long-term capital
gains, regardless of how long the shareholder has held the Fund
shares. Other Fund distributions will generally be taxable as
ordinary income. The one major exception to these tax
principles is that distributions on, and sales, exchanges and
redemptions of, Fund shares held in an IRA (or other tax-
qualified plan) will not be currently taxable.
Shareholders may also be subject to state and local taxes on
distributions and redemptions. State income taxes may not
apply, however, to the portions of each Fund's distributions,
if any, that are attributable to interest on Federal securities
or interest on securities of the particular state. Shareholders
should consult their tax advisers regarding the tax status of
distributions in their state and locality.
Distributions - Distributions from net investment income in all
Funds are declared and paid quarterly. Net realized capital
gains are distributed annually. Distributions are recorded on
the ex-dividend date. All distributions are reinvested in
additional shares of the respective Fund at the net asset value
per share unless you notify Summit Mutual Funds that you elect
to receive distributions in cash.
The amounts of distributions are determined in accordance with
federal income tax regulations, which may differ from generally
accepted accounting principles. These "book/tax" differences
are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their
federal tax-basis treatment; temporary differences do not
require reclassification. Distributions which exceed net
investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as
distributions in excess of net investment income or
distributions in excess of net realized capital gains. To the
extent they exceed net investment income and net realized
capital gains for tax purposes, they are reported as
distributions of paid-in-capital.
Expenses - Allocable expenses of Summit Mutual Funds are
charged to each Fund based on the ratio of the net assets of
each Fund to the
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES (continued)
combined net assets of Summit Mutual Funds. Nonallocable
expenses are charged to each Fund based on specific
identification.
Foreign Currency - Summit Mutual Funds' accounting records are
maintained in U.S. dollars. All Funds may purchase foreign
securities within certain limitations set forth in the
Prospectus. Amounts denominated in or expected to settle in
foreign currencies are translated into U.S. dollars at the spot
rate at the close of the London Market. Summit Mutual Fund does
not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the
underlying fluctuation in the securities resulting from market
prices. All are included in net realized and unrealized gain
or loss for investments.
NOTE 2 - TRANSACTIONS WITH AFFILIATES
Investment advisory fees - The Summit Mutual Fund pays
investment advisory fees to Summit Investment Partners, Inc.
(the Adviser), under terms of an Investment Advisory Agreement
(the Agreement). Certain officers and directors of the Adviser
are affiliated with the Summit Mutual Fund. The Summit Mutual
Fund pays the Adviser, as full compensation for all services
and facilities furnished, a monthly fee computed separately for
each Fund on a daily basis, at an annual rate, as follows:
(a) for the Everest Fund - .61% of the first $50,000,000, .56%
of the next $100,000,000, and .46% of all over
$150,000,000
of the current net asset value:
(b) for the Nasdaq-100 Index Fund - .35% of the current net
asset value.
(c) for the Russell 2000 Small Cap Index Fund - .35% of the
current net asset value.
The Agreement provides that if the total operating expenses of
the Summit Mutual Funds, exclusive of the advisory fee and
certain other expenses as described in the Agreement, for any
fiscal quarter exceed an annual rate of 1% of the average daily
net assets of the Everest Fund, the advisor will reimburse the
Summit Mutual Funds for such excess, up to the amount of the
advisory fee for that year. The Adviser has also agreed to pay
any other expenses of the Nasdaq- 100 Index Fund and the
Russell 2000 Small Cap Index Fund, other than the advisory fee
for those Funds, to the extent that such expenses exceed 0.30%
and .40% respectively, of their average annual net assets. As
a result, for the period ended March 31, 2000, the adviser
reimbursed the Everest Fund $14,094, the Nasdaq-100 Index Fund
$17,186, and the Russell 2000 Small Cap Index Fund $30,537.
Summit Investment Partners, Inc. and Summit Mutual Funds, Inc.
are wholly-owned subsidiaries of Union Central.
Directors' fees - Each director who is not affiliated with the
Adviser receives fees from the Summit Mutual Funds for service
as a director. Members of the Board of Directors who are not
affiliated with the Adviser are eligible to participate in a
deferred compensation plan. The value of each director's
deferred compensation account will increase or decrease at the
same rate as if it were invested in shares of the Scudder Money
Market Fund.
NOTE 3 - FUTURES CONTRACTS
All Funds may enter into futures contracts for hedging
purposes, including protecting the price or interest rate of
secruities that the Fund intends to buy, that relate to
securities in which it may directly invest and indices
comprised of such securities may purchase and write call and
put options on such contracts. Each eligible Fund may invest up
to 20% of its assets in such futures and/or options. These
contracts provide for the sale of a specified quantity of a
financial instrument at a fixed price at a future date. When
the Funds enter into a futures contract, they are required to
deposit and maintain as collateral such initial margin as
required by the exchange on which the contract is traded.
Under terms on the contract, the Funds agree to receive from or
pay to the broker an amount equal to the daily fluctuation in
the value of the contract (known as the variation margin). The
variation margin is recorded as unrealized gain or loss until
the contract expires or is otherwise closed, at which time the
gain or loss is realized. The Funds invest in futures as a
substitute to investing in the common stock positions in the
Index that they intend to match. The potential risk to the
Funds is that the change in the value in the underlying
securities may not correlate to the value of the contracts.
NOTE 4 - SUMMARY OF PURCHASES AND SALES OF INVESTMENTS
Purchases and sales of securities for the six months ended
March 31, 2000 excluding short-term obligations, follow:
<TABLE>
<CAPTION>
Nasdaq-100 Russell 2000 Small
Everest Fund Index Fund Cap Index Fund
------------ ---------- ------------------
<S> <C> <C> <C>
Total Cost of Purchases of:
Common Stocks $ 2,636,069 $10,351,202 $15,184,109
U.S. Government Securities --- --- ---
Corporate Bonds --- --- ---
----------- ----------- -----------
$ 2,636,069 $10,351,202 $15,184,109
=========== =========== ===========
Total Proceeds from Sales of:
Common Stocks $ 178,496 $ --- $ ---
U.S. Government Securities --- --- ---
Corporate Bonds --- --- ---
----------- ----------- -----------
$ 178,496 $ --- $ ---
=========== =========== ===========
</TABLE>
<PAGE>
Note 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout
the year.
<TABLE>
<CAPTION>
Everest Fund
Period from December 29, 1999
to March 31,
2000<F1>
-----------------------------
<S> <C>
Net Asset Value,
Beginning of period $10.00
------
Investment Activities:
Net investment income .03
Net realized and unrealized gains/(losses) (.17)
------
Total from Investment Activities (.14)
------
Distributions:
Net investment income ---
Net realized gains ---
------
Total Distributions ---
------
Net Asset Value,
End of period $ 9.86
======
Total Return -1.40%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets<F2> 1.68%<F3>
Ratio of Net Investment Income
to Average Net Assets<F2> 1.83%<F3>
Portfolio Turnover Rate 38.62%<F3>
Net Assets, End of Period (000's) $3,132
<FN>
<F1> The fund commenced operations on December 29, 1999.
<F2> The ratios of net expenses to average net assets would have increased
and net investment income to average net assets would have decreased by
3.05% for the period ended March 31, 2000, had the Adviser not reimbursed
expenses.
<F3> The ratios are annualized.
</FN>
</TABLE>
<PAGE>
Note 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout
the year.
<TABLE>
<CAPTION>
Nasdaq-100 Index Fund
Period from December 28, 1999
to March 31,
2000<F1>
------------------------------
<S> <C>
Net Asset Value,
Beginning of period $10.00
------
Investment Activities:
Net investment income .01
Net realized and unrealized gains/(losses) 2.30
------
Total from Investment Activities 2.31
------
Distributions:
Net investment income ---
Net realized gains ---
------
Total Distributions ---
------
Net Asset Value,
End of period $12.31
======
Total Return 23.10%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets<F2> .68%<F3>
Ratio of Net Investment Income
to Average Net Assets<F2> 4.62%<F3>
Portfolio Turnover Rate 0.00%<F3>
Net Assets, End of Period (000's) $10,800
<FN>
<F1> The fund commenced operations on December 28, 1999.
<F2> The ratios of net expenses to average net assets would have increased
and net investment income to average net assets would have decreased by
9.66% for the period ended March 31, 2000, had the Adviser not reimbursed
expenses.
<F3>The ratios are annualized.
</FN>
</TABLE>
<PAGE>
Note 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout
the year.
<TABLE>
<CAPTION>
Russell 2000 Small Cap Index Fund
Period from December 29, 1999
to March 31,
2000<F1>
---------------------------------
<S> <C>
Net Asset Value,
Beginning of period $10.00
------
Investment Activities:
Net investment income ---
Net realized and unrealized gains/(losses) 1.09
------
Total from Investment Activities 1.09
------
Distributions:
Net investment income ---
Net realized gains ---
------
Total Distributions ---
------
Net Asset Value,
End of period $11.09
======
Total Return 11.00%
Ratios/Supplemental Data:
Ratio of Expenses to Average Net Assets<F2> .76%<F3>
Ratio of Net Investment Income
to Average Net Assets<F2> 4.62%<F3>
Portfolio Turnover Rate 0.00%<F3>
Net Assets, End of Period (000's) $15,438
<FN>
<F1> The fund commenced operations on December 29, 1999.
<F2> The ratios of net expenses to average net assets would have increased
and net investment income to average net assets would have decreased by
27.92% for the period ended March 31, 2000, had the Adviser not reimbursed
expenses.
<F3> The ratios are annualized.
</FN>
</TABLE>
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