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Previous: PRUDENTIAL NATURAL RESOURCES FUND INC, 497, 1998-10-22 |
Next: PRUDENTIAL GLOBAL GENESIS FUND INC, 497, 1998-10-22 |
SPARTAN(REGISTERED TRADEMARK)
U.S. EQUITY INDEX
FUND
SEMIANNUAL REPORT
AUGUST 31, 1998
(FIDELITY_LOGO_GRAPHIC) (REGISTERED TRADEMARK)
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing strategies.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 6 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 9 A summary of the major shifts in the fund's
investments over the past six months.
INVESTMENTS 10 A complete list of the fund's investments
with their market values.
FINANCIAL STATEMENTS 30 Statements of assets and liabilities,
operations, and changes in net assets,
as well as financial highlights.
NOTES 34 Notes to the financial statements.
To reduce expenses and demonstrate respect for our environment, we
have initiated a project through which we will begin eliminating
duplicate copies of most financial reports and prospectuses to most
households, even if they have more than one account in the fund. If
additional copies of financial reports, prospectuses or historical
account information are needed, or for more information on any
Fidelity fund including charges and expenses, please call the
appropriate number listed below or the number provided to your
institutional or employer-sponsored retirement plan. Read the
prospectus carefully before you invest or send money. To reduce
expenses and demonstrate respect for our environment, we have
initiated a project through which we will begin eliminating duplicate
copies of most financial reports and prospectuses to most households,
even if they have more than one account in the fund. If additional
copies of financial reports, prospectuses or historical account
information are needed, or for more information on any Fidelity fund
including charges and expenses, please call the appropriate number
listed below or the number provided to your institutional or
employer-sponsored retirement plan. Read the prospectus carefully
before you invest or send money.
Retirement Plan Level Accounts
Corporate Clients (800) 962-1375
"Not For Profit" Clients (800) 343-0860
Financial and Other Institutions
Nationwide (800) 843-3001
Other Investors (800) 544-6666
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION
OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS
IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED. NEITHER THE FUND NOR FIDELITY DISTRIBUTIONS CORPORATION IS A
BANK.
PRESIDENT'S MESSAGE
(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
The dramatic volatility we've seen in recent months in the world's
stock and bond markets might seem at first glance to be unprecedented
in its scope and duration. In fact, however, the U.S. stock market has
declined by more than 10% 12 times just since 1970, only to recover
and go on to new highs each time. As has been the case recently,
segments of the bond market - most notably U.S. Treasuries -
frequently have thrived in such periods as investors seek a safer home
for their funds.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories as
bonds. If you have a short investment time horizon, you might want to
consider moving some of your investment into a money market fund,
which seeks income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that there is no assurance that a money market fund will
achieve its goal of maintaining a stable net asset value of $1.00 per
share, and that these types of funds are neither insured nor
guaranteed by any agency of the U.S. government.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases.
Remember to contact your investment professional if you need help with
your investments.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance.
You can look at the total percentage change in value, the average
annual percentage change or the growth of a hypothetical $100,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value). If Fidelity had not reimbursed certain fund
expenses, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1998 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
Spartan US Equity Index -8.18% 7.84% 128.57% 370.38%
S&P 500 (registered trademark) -8.10% 8.10% 131.21% 382.74%
S&P 500 Index Objective Funds -8.28% 7.52% 126.44% 357.73%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year, five
years or 10 years. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. You can compare the fund's returns to the performance
of the Standard & Poor's 500 Index - a widely recognized unmanaged
index of common stocks. To measure how the fund's performance stacked
up against its peers, you can compare it to the S&P 500 index
objective funds average, which reflects the performance of mutual
funds with similar objectives tracked by Lipper Analytical Services,
Inc. The past six months average represents a peer group of 94 mutual
funds. These benchmarks include reinvested dividends and capital
gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Spartan US Equity Index 7.84% 17.98% 16.75%
S&P 500 8.10% 18.25% 17.05%
S&P 500 Index Objective Funds 7.52% 17.76% 16.42%
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. (Note: Lipper calculates average annual total
returns by annualizing each fund's total return, then taking an
arithmetic average. This may produce a slightly different figure than
that obtained by averaging the cumulative total returns and
annualizing the result.)
$100,000 OVER 10 YEARS
Spartan U.S. Equity Index S&P 500
00650 SP001
1988/08/31 100000.00 100000.00
1988/09/30 104146.61 104260.00
1988/10/31 107119.40 107158.43
1988/11/30 105533.91 105626.06
1988/12/31 107434.97 107474.52
1989/01/31 115259.37 115341.65
1989/02/28 112450.61 112469.65
1989/03/31 115058.04 115090.19
1989/04/30 121119.04 121063.37
1989/05/31 125967.85 125966.44
1989/06/30 125139.86 125248.43
1989/07/31 136525.45 136558.36
1989/08/31 139066.88 139234.90
1989/09/30 138461.17 138664.04
1989/10/31 135291.08 135447.04
1989/11/30 138052.12 138210.16
1989/12/31 141225.18 141527.20
1990/01/31 131691.44 132030.72
1990/02/28 133367.70 133733.92
1990/03/31 136832.32 137277.87
1990/04/30 133453.74 133845.92
1990/05/31 146440.14 146895.90
1990/06/30 145383.57 145897.01
1990/07/31 144851.81 145430.14
1990/08/31 131557.77 132283.25
1990/09/30 125035.01 125841.06
1990/10/31 124498.84 125299.94
1990/11/30 132541.40 133394.32
1990/12/31 136093.40 137116.02
1991/01/31 142057.65 143094.28
1991/02/28 152142.66 153325.52
1991/03/31 155835.77 157036.00
1991/04/30 156163.38 157412.88
1991/05/31 162824.90 164213.12
1991/06/30 155376.98 156692.16
1991/07/31 162524.54 163994.01
1991/08/31 166373.23 167880.67
1991/09/30 163527.77 165077.06
1991/10/31 165742.10 167289.10
1991/11/30 158988.41 160547.35
1991/12/31 177140.88 178913.96
1992/01/31 173751.71 175586.16
1992/02/29 176011.16 177868.78
1992/03/31 172503.82 174400.34
1992/04/30 177507.23 179527.71
1992/05/31 178416.94 180407.40
1992/06/30 175684.11 177719.33
1992/07/31 182894.60 184988.05
1992/08/31 179117.68 181195.79
1992/09/30 181174.92 183333.90
1992/10/31 181635.63 183975.57
1992/11/30 187855.24 190249.14
1992/12/31 190167.99 192589.20
1993/01/31 191677.26 194206.95
1993/02/28 194231.41 196848.17
1993/03/31 198310.77 201001.66
1993/04/30 193402.73 196137.42
1993/05/31 198572.67 201393.91
1993/06/30 199050.39 201977.95
1993/07/31 198222.98 201170.04
1993/08/31 205787.84 208794.38
1993/09/30 204134.41 207186.66
1993/10/31 208295.56 211475.43
1993/11/30 206274.43 209466.41
1993/12/31 208795.25 212000.95
1994/01/31 215807.48 219208.99
1994/02/28 209883.35 213268.42
1994/03/31 200642.34 203969.92
1994/04/30 203202.61 206580.74
1994/05/31 206497.78 209968.66
1994/06/30 201457.21 204824.43
1994/07/31 208086.51 211542.67
1994/08/31 216434.53 220215.92
1994/09/30 211135.16 214820.63
1994/10/31 215827.06 219654.09
1994/11/30 207924.92 211654.29
1994/12/31 211076.62 214793.12
1995/01/31 216444.04 220362.71
1995/02/28 224932.04 228950.24
1995/03/31 231451.96 235706.57
1995/04/30 238234.14 242648.12
1995/05/31 247657.96 252346.77
1995/06/30 253353.66 258208.78
1995/07/31 261689.33 266770.99
1995/08/31 262320.81 267440.58
1995/09/30 273311.67 278726.58
1995/10/31 272296.59 277731.52
1995/11/30 284223.84 289923.94
1995/12/31 289551.63 295507.87
1996/01/31 299430.00 305566.96
1996/02/29 302252.39 308399.56
1996/03/31 305229.60 311369.45
1996/04/30 309479.28 315959.04
1996/05/31 317364.93 324107.62
1996/06/30 318667.20 325342.47
1996/07/31 304507.10 310968.84
1996/08/31 310872.65 317527.17
1996/09/30 328296.76 335397.60
1996/10/31 337303.71 344647.87
1996/11/30 362758.13 370699.80
1996/12/31 355377.46 363356.24
1997/01/31 377530.86 386058.74
1997/02/28 380431.90 389085.44
1997/03/31 364668.58 373097.92
1997/04/30 386328.70 395371.86
1997/05/31 409851.30 419442.10
1997/06/30 428040.18 438233.11
1997/07/31 462085.80 473103.32
1997/08/31 436184.42 446600.07
1997/09/30 459860.71 471060.35
1997/10/31 444581.17 455326.94
1997/11/30 464953.89 476404.02
1997/12/31 472797.83 484583.88
1998/01/31 478069.16 489943.38
1998/02/28 512265.23 525278.09
1998/03/31 538293.58 552177.58
1998/04/30 543677.17 557732.49
1998/05/31 534102.98 548145.07
1998/06/30 555748.94 570410.72
1998/07/31 549846.94 564335.85
1998/08/31 470375.80 482744.17
IMATRL PRASUN SHR__CHT 19980831 19980909 121231 R00000000000123
$100,000 OVER 10 YEARS: Let's say hypothetically that $100,000 was
invested in Spartan US Equity Index Fund on August 31, 1988. As the
chart shows, by August 31, 1998, the value of the investment would
have grown to $470,376 - a 370.38% increase on the initial investment.
For comparison, look at how the Standard & Poor's 500 Index did over
the same period. With dividends and capital gains, if any, reinvested,
the same $100,000 would have grown to $482,744 - a 382.74% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
long-term growth and
short-term volatility. In turn, the
share price and return of a
fund that invests in stocks will
vary. That means if you sell
your shares during a market
downturn, you might lose
money. But if you can ride out
the market's ups and downs,
you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Frank Salerno, Portfolio Manager of Spartan U.S.
Equity Index Fund for Bankers Trust, sub-adviser of the fund
Q. HOW DID THE FUND PERFORM, FRANK?
A. For the six months that ended August 31, 1998, the fund had a total
return of -8.18%, while the Standard & Poor's 500 Index returned
- -8.10%. The fund's total return is slightly lower than the index due
to expenses. In addition, the fund's return beat that of the S&P 500
index objective funds average tracked by Lipper Analytical Services,
which returned -8.28% during the same period. For the 12 months that
ended August 31, 1998, the fund returned 7.84%, the S&P returned 8.10%
and the S&P 500 index objective funds average returned 7.52%.
Q. WHAT WOULD YOU SAY WERE THE PREDOMINANT MARKET CONDITIONS OF THE
PAST SIX MONTHS?
A. The past half-year was characterized by extreme volatility
worldwide. U.S. equity markets were dragged under by the continuous
downward spiral of the Asian economic crisis. The tumultuous decline
of emerging markets - most notably Russia and Latin America - was also
a significant contributor to tense investor sentiment. The European
markets, which had been seemingly immune to the fiscal turmoil in
Eastern Europe and the Far East, finally began to feel the effects of
Russia's political and economic upheaval. The news on the U.S. front
was not all bad, however, as low inflation and consistently low
interest rates combined to demonstrate the resiliency and strength of
domestic economic fundamentals. Still, thanks to a nearly 20% drop in
the Dow Jones Industrial Average - between its record high on July 17,
1998, through August 31, 1998 - the market's gains for the year were
effectively erased. While there were few signs of panic by individual
investors, many did seek shelter in securities backed by the federal
government, sparking the yield on the 30-year Treasury bond to fall to
a record low of 5.25 percent.
Q. LET'S TALK ABOUT THE PERFORMANCE OF SOME OF THE FUND'S SPECIFIC
SECTORS, STARTING WITH FINANCE, THE FUND'S LARGEST SECTOR WEIGHTING .
. .
A. In the earlier stages of the six-month period ending August 31,
merger and acquisition activity within this sector, along with low
interest rates and a solid economy, helped financal stocks
tremendously. U.S. financial stocks also had little exposure to Asia,
which was a plus for performance. However, U.S. financial companies
have much more exposure to other emerging markets - including Latin
America and Russia - prompting negative investor sentiment amidst
concerns about the possibility of global recession. That negative
sentiment has translated into a recent downturn in performance for the
financial sector in general.
Q. HEALTH CARE STOCKS HAVE PERFORMED VERY WELL IN RECENT YEARS. DID
THAT TREND CONTINUE, GIVEN THE VOLATILE CLIMATE DURING THE SIX-MONTH
PERIOD?
A. Health care stocks generally have performed well in recent years. I
attribute that in large part to the pharmaceutical industry. I've seen
three key contributors to its increased growth. First, given the aging
of the population, there's a strong demand for pharmaceuticals.
Second, the industry is meeting that demand with new, innovative
products that have been given accelerated approvals by the Food and
Drug Administration. Finally, many of these companies have produced
double digit earnings, which have compared favorably to the rest of
the health care industry.
Q. WHAT ABOUT THE TECHNOLOGY SECTOR?
A. The technology sector was one of the primary contributors to the
market's record-setting performance earlier in the year. The stocks of
technology companies without a great deal of exposure to Asia were
some of the fund's best performers. However, nearly all technology
stocks stumbled significantly with the market correction at the end of
the period. Internet stocks in particular suffered a significant
sell-off given their very high - and what many considered overly high
- - valuations.
Q. AT 10.9%, THE UTILITIES SECTOR WAS THE FUND'S FOURTH-LARGEST SECTOR
WEIGHTING. WHAT CONTRIBUTION DID THIS AREA MAKE TO THE FUND'S
PERFORMANCE?
A. Actually, given the high degree of volatility during the period,
the broad interest in utilities helped to cushion the fund's losses as
the stock market fell. In an uncertain market, investors favor
defensive holdings like utilities, and their strong performance was a
plus for the fund.
Q. WE'VE TALKED ABOUT SECTORS. LET'S DISCUSS SPECIFIC STOCKS. WHAT
WERE SOME OF THE MOST NOTABLE PERFORMERS?
A. On the plus side, Microsoft and Wal-Mart were the two biggest
contributors to the fund. Microsoft had very attractive revenue
growth, in part from its recent release of Windows 98. Meanwhile,
Wal-Mart has been a tremendous stock and one of the best success
stories in retailing. On the other side of the coin, Intel's
performance suffered significantly from lower-than-expected margins
and revenues, while Royal Dutch Petroleum was hurt by reduced oil
demand from Asia and warmer-than-normal temperatures across much of
the world.
Q. WHAT IS YOUR OUTLOOK, FRANK?
A. Toward the end of the period, it appeared the Federal Reserve Board
was considering a reduction in interest rates. I feel that would help
calm nervous investor sentiment and perhaps stabilize some of the
peaks and valleys we've witnessed lately. It would also be
particularly beneficial for bank stocks, which tend to do well in
periods of low inflation and low or declining interest rates. I do
anticipate more volatility in the near term, however, with several of
the world's major markets still trying to catch their collective
breath from the whirlwind of fluctuations. At the same time, I am
quite encouraged by the strength of the American economy. Hopefully,
the combination of low inflation, low unemployment and low interest
rates will help investors ride out the stock market's turbulent
storms.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
FRANK SALERNO ON
CHANGES TO THE STANDARD
& POOR'S 500 INDEX:
The Standard & Poor's 500 Index
is an index of 500 stocks chosen
to be representative of the broader
market. Periodically, companies
will be added or deleted from the
index for a variety of reasons.
Usually, these changes are based
on events such as acquisitions,
spin-offs or shifts in asset size.
Here are some recent changes
to the index:
(solid bullet) April 24: USF&G was removed
from the index following its merger
with St. Paul Companies.
(solid bullet) June 11: Digital Equipment
Corporation was removed from
the index following its merger with
Compaq Computer Corporation.
(solid bullet) July 16: U.S.A. Waste Services,
Inc. and Waste Management, Inc.
were removed following their merger
to form Waste Management, Inc.
(solid bullet) August 27: DSC Communications
was removed from the index
following its acquisition by Alcatel.
(solid bullet) August 28: Bay Networks was
removed from the index following
its acquisition by Northern Telecom.
FUND FACTS
GOAL: total return that
corresponds to that of the
Standard & Poor's 500 Index
START DATE: February 17, 1988
SIZE: as of August 31, 1998,
more than $11.1 billion
MANAGER: Frank Salerno,
since December 1997
(checkmark)
INVESTMENT CHANGES
TOP TEN STOCKS AS OF AUGUST 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO
General Electric Co. 3.4 3.0
Microsoft Corp. 3.1 2.4
Coca-Cola Co. (The) 2.1 2.0
Exxon Corp. 2.1 1.9
Merck & Co., Inc. 1.8 1.8
Wal-Mart Stores, Inc. 1.7 1.2
Pfizer, Inc. 1.6 1.4
Intel Corp. 1.6 1.7
International Business Machines Corp. 1.4 1.2
Procter & Gamble Co. 1.3 1.4
<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN MARKET SECTORS AS OF AUGUST 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS IN
INVESTMENTS THESE MARKET SECTORS
6 MONTHS AGO
FINANCE 16.4 16.8
TECHNOLOGY 15.5 14.3
HEALTH 12.4 11.4
UTILITIES 10.9 9.5
NONDURABLES 9.8 10.1
ENERGY 7.2 7.8
RETAIL & WHOLESALE 5.8 4.9
INDUSTRIAL MACHINERY & EQUIPMENT 5.7 5.5
MEDIA & LEISURE 4.4 4.4
BASIC INDUSTRIES 4.0 4.7
</TABLE>
INVESTMENTS AUGUST 31, 1998 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMMON STOCKS - 99.4%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 1.7%
AEROSPACE & DEFENSE - 1.3%
AlliedSignal, Inc. 815,941 $ 27,997
Boeing Co. 1,472,271 45,548
Goodrich (B.F.) Co. 106,519 2,883
Lockheed Martin Corp. 283,580 24,796
Rockwell International Corp. 290,961 10,547
Textron, Inc. 237,589 14,909
United Technologies Corp. 335,078 24,314
150,994
DEFENSE ELECTRONICS - 0.3%
Northrop Grumman Corp. 98,068 6,215
Raytheon Co. Class B 493,536 22,518
28,733
SHIP BUILDING & REPAIR - 0.1%
General Dynamics Corp. 193,742 9,215
TOTAL AEROSPACE & DEFENSE 188,942
BASIC INDUSTRIES - 4.0%
CHEMICALS & PLASTICS - 2.4%
Air Products & Chemicals, Inc. 338,740 10,353
Avery Dennison Corp. 156,491 8,402
Dow Chemical Co. 330,851 25,806
du Pont (E.I.) de Nemours & Co. 1,675,815 96,674
Eastman Chemical Co. 110,727 5,709
Engelhard Corp. 203,093 3,732
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FMC Corp. (a) 51,072 2,643
Great Lakes Chemical Corp. 85,411 3,342
COMMON STOCKS - CONTINUED
BASIC INDUSTRIES - CONTINUED
CHEMICALS & PLASTICS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
Hercules, Inc. 137,171 3,506
Monsanto Co. 875,252 47,865
Morton International, Inc. 188,657 4,198
Nalco Chemical Co. 105,957 3,066
PPG Industries, Inc. 255,023 12,958
Praxair, Inc. 246,910 8,858
Raychem Corp. 139,412 4,043
Rohm & Haas Co. 81,961 7,074
Sealed Air Corp. (a) 130,405 4,695
Union Carbide Corp. 195,802 $ 7,869
W.R. Grace & Co. 110,258 1,420
262,213
IRON & STEEL - 0.2%
Aeroquip-Vickers, Inc. 41,933 1,690
Allegheny Teledyne, Inc. 250,540 3,774
Armco, Inc. (a) 159,647 659
Bethlehem Steel Corp. (a) 187,226 1,346
Nucor Corp. 126,811 4,557
USX-U.S. Steel Group 129,925 2,720
Worthington Industries, Inc. 126,606 1,646
16,392
METALS & MINING - 0.3%
Alcan Aluminium Ltd. 326,432 6,150
Aluminum Co. of America 268,509 16,077
ASARCO, Inc. 66,211 1,055
Cyprus Amax Minerals Co. 201,370 1,850
Freeport-McMoRan Copper & Gold, Inc. Class B 185,265 2,154
Inco Ltd. 206,867 1,748
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Phelps Dodge Corp. 88,123 3,944
Reynolds Metals Co. 105,032 5,035
38,013
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - CONTINUED
PAPER & FOREST PRODUCTS - CONTINUED
PACKAGING & CONTAINERS - 0.2%
Ball Corp. 37,607 1,406
Bemis Co., Inc. 69,234 2,484
Corning, Inc. 313,985 7,732
Crown Cork & Seal Co., Inc. 195,019 6,387
Owens-Illinois, Inc. (a) 214,991 6,705
Tupperware Corp. 87,582 1,653
26,367
PAPER & FOREST PRODUCTS - 0.9%
Boise Cascade Corp. 74,126 1,811
Champion International Corp. 141,345 4,664
Fort James Corp. 335,565 9,773
Georgia-Pacific Corp. 138,309 5,930
International Paper Co. 478,302 17,697
Kimberly-Clark Corp. 820,040 31,264
Louisiana-Pacific Corp. 144,684 $ 2,731
Mead Corp. 150,344 4,116
Potlatch Corp. 41,416 1,362
Stone Container Corp. (a) 122,518 1,279
Temple-Inland, Inc. 80,871 3,624
Union Camp Corp. 99,123 3,674
Westvaco Corp. 141,320 2,968
Weyerhaeuser Co. 293,566 11,027
Willamette Industries, Inc. 145,101 3,573
105,493
TOTAL BASIC INDUSTRIES 448,478
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CONSTRUCTION & REAL ESTATE - 0.5%
BUILDING MATERIALS - 0.3%
Armstrong World Industries, Inc. 57,407 2,756
Crane Co. 89,624 3,607
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
Fortune Brands, Inc. 222,789 6,141
Masco Corp. 543,904 12,510
Owens-Corning 77,374 2,713
Sherwin-Williams Co. 244,470 5,837
33,564
CONSTRUCTION - 0.0%
Centex Corp. 89,556 3,168
Fleetwood Enterprises, Inc. 44,452 1,486
Kaufman & Broad Home Corp. 61,578 1,316
Pulte Corp. 62,726 1,811
7,781
ENGINEERING - 0.2%
EG & G, Inc. 71,658 1,679
Fluor Corp. 114,429 4,527
Foster Wheeler Corp. 59,786 736
IMS Health, Inc. 234,913 12,920
19,862
TOTAL CONSTRUCTION & REAL ESTATE 61,207
DURABLES - 3.0%
AUTOS, TIRES, & ACCESSORIES - 2.2%
AutoZone, Inc. (a) 235,935 $ 6,120
Chrysler Corp. 930,027 41,502
Cooper Tire & Rubber Co. 125,204 2,003
Cummins Engine Co., Inc. 60,725 2,471
Dana Corp. 230,621 9,037
Eaton Corp. 103,763 6,077
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Ford Motor Co. 1,676,532 73,767
General Motors Corp. 978,284 56,496
Genuine Parts Co. 242,160 7,583
Goodyear Tire & Rubber Co. 229,492 11,245
ITT Industries, Inc. 168,784 5,085
Johnson Controls, Inc. 112,668 4,824
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
NACCO Industries, Inc. Class A 9,614 916
Navistar International Corp. (a) 72,256 1,517
PACCAR, Inc. 119,747 4,910
Pep Boys-Manny, Moe & Jack 84,900 1,247
Snap-On, Inc. 89,941 2,361
TRW, Inc. 179,112 7,679
244,840
CONSUMER DURABLES - 0.4%
Minnesota Mining & Manufacturing Co. 591,774 40,537
CONSUMER ELECTRONICS - 0.2%
Black & Decker Corp. 145,852 6,071
Maytag Corp. 138,257 5,962
Newell Co. 220,574 10,532
Whirlpool Corp. 106,838 5,302
27,867
TEXTILES & APPAREL - 0.2%
Fruit of the Loom, Inc. Class A (a) 97,747 2,193
Liz Claiborne, Inc. 94,625 2,697
NIKE, Inc. Class B 271,238 9,409
Reebok International Ltd. (a) 69,827 1,130
Russell Corp. 52,433 1,658
Springs Industries, Inc. Class A 17,530 $ 580
VF Corp. 179,156 6,786
24,453
TOTAL DURABLES 337,697
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ENERGY - 7.2%
ENERGY SERVICES - 0.6%
Baker Hughes, Inc. 467,406 8,530
Dresser Industries, Inc. 255,519 6,532
Halliburton Co. 380,860 10,117
Helmerich & Payne, Inc. 75,920 1,234
McDermott International, Inc. 88,175 1,769
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ENERGY - CONTINUED
Rowan Companies, Inc. (a) 129,119 1,194
Schlumberger Ltd. 736,700 32,277
61,653
OIL & GAS - 6.6%
Amerada Hess Corp. 132,067 6,488
Amoco Corp. 1,389,924 62,981
Anadarko Petroleum Corp. 174,908 5,029
Apache Corp. 149,417 3,418
Ashland, Inc. 91,924 4,188
Atlantic Richfield Co. 471,864 27,368
Burlington Resources, Inc. 257,205 7,604
Chevron Corp. 953,315 70,605
Coastal Corp. (The) 318,228 8,274
Exxon Corp. 3,570,082 233,617
Kerr-McGee Corp. 76,109 2,940
Mobil Corp. 1,138,645 78,709
Occidental Petroleum Corp. 528,342 9,774
Oryx Energy Co. (a) 153,429 1,908
Pennzoil Co. 69,839 2,497
Phillips Petroleum Co. 377,460 15,405
Royal Dutch Petroleum Co. 3,123,438 124,157
Sun Co., Inc. 129,151 4,270
Texaco, Inc. 780,598 43,372
Union Pacific Resources Group, Inc. 392,963 3,365
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Unocal Corp. 363,803 $ 11,392
USX-Marathon Group 413,585 10,753
738,114
TOTAL ENERGY 799,767
FINANCE - 16.4%
BANKS - 7.4%
Banc One Corp. 1,026,705 39,015
Bank of New York Co., Inc. 1,125,358 27,220
BankAmerica Corp. 997,466 63,900
BankBoston Corp. 442,700 15,799
Bankers Trust New York Corp. 67,737 5,034
BB&T Corp. 375,600 10,587
Capital One Financial Corp. 102,000 8,925
Chase Manhattan Corp. 1,228,658 65,119
Citicorp 654,805 70,801
Comerica, Inc. 236,731 12,369
Fifth Third Bancorp 398,689 21,205
First Union Corp. 1,441,283 69,902
Huntington Bancshares, Inc. 268,536 6,109
KeyCorp 662,416 16,892
Mellon Bank Corp. 402,544 20,932
Mercantile Bancorp., Inc. 199,600 8,770
Morgan (JP) & Co., Inc. 274,890 25,565
National City Corp. 478,704 28,124
NationsBank Corp. 1,395,242 79,529
Northern Trust Corp. 174,000 9,701
Norwest Corp. 1,115,454 33,185
PNC Financial Corp. 456,414 19,626
Providian Financial Corp. 138,370 8,882
Regions Financial Corp. 304,100 10,529
Republic of New York Corp. 148,626 6,131
State Street Corp. 230,663 12,009
Summit Bancorp 262,000 8,941
SunTrust Banks, Inc. 330,531 18,510
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Synovus Finanical Corp. 354,150 6,441
U.S. Bancorp 1,067,996 36,445
Wachovia Corp. 296,335 $ 21,725
Wells Fargo & Co. 130,515 36,789
CREDIT & OTHER FINANCE - 1.8%
American Express Co. 670,519 52,300
Associates First Capital Corp. 504,592 29,834
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
Countrywide Credit Industries, Inc. 161,743 6,055
First Chicago NBD Corp. 437,980 27,757
Fleet Financial Group, Inc. 417,738 27,388
Household International, Inc. 745,462 27,536
MBNA Corp. 720,496 16,932
Transamerica Corp. 90,969 9,330
197,132
FEDERAL SPONSORED CREDIT - 1.2%
Fannie Mae 1,517,135 86,192
Freddie Mac 976,675 38,579
SLM Holding Corp. 242,500 8,700
133,471
INSURANCE - 4.0%
Aetna, Inc. 212,132 12,768
Allstate Corp. 1,206,844 45,257
American General Corp. 372,394 23,926
American International Group, Inc. 1,525,272 117,923
Aon Corp. 242,453 15,168
Chubb Corp. (The) 241,576 15,099
CIGNA Corp. 309,583 18,014
Cincinnati Financial Corp. 240,900 8,100
Conseco, Inc. 451,174 12,464
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
General Re Corp. 110,227 22,872
Hartford Financial Services Group, Inc. 346,258 15,495
Jefferson-Pilot Corp. 155,759 8,839
Lincoln National Corp. 144,412 12,419
Loews Corp. 164,810 13,906
Marsh & Mclennan Companies, Inc. 382,374 18,545
MBIA, Inc. 134,804 7,566
MGIC Investment Corp. 189,938 7,882
Progressive Corp. 104,171 10,150
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
INSURANCE - CONTINUED
Provident Companies, Inc. 194,900 $ 7,016
SAFECO Corp. 205,709 8,357
St. Paul Companies, Inc. (The) 337,278 10,308
SunAmerica, Inc. 263,829 16,341
Torchmark Corp. 202,177 7,228
UNUM Corp. 201,432 8,863
444,506
SAVINGS & LOANS - 0.3%
Ahmanson (H.F.) & Co. 158,048 8,426
Golden West Financial Corp. 74,978 5,708
Washington Mutual, Inc. 603,911 19,325
33,459
SECURITIES INDUSTRY - 1.7%
Bear Stearns Companies, Inc. 167,200 6,176
Franklin Resources, Inc. 366,200 11,810
Lehman Brothers Holdings, Inc. 170,300 6,706
Merrill Lynch & Co., Inc. 497,385 32,827
Morgan Stanley, Dean Witter, Discover & Co. 856,580 49,735
Schwab (Charles) Corp. 381,365 11,393
Travelers Group, Inc. (The) 1,688,792 74,940
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
193,587
TOTAL FINANCE 1,826,866
HEALTH - 12.4%
DRUGS & PHARMACEUTICALS - 8.6%
Allergan, Inc. 90,677 4,284
ALZA Corp. Class A. 126,251 4,545
American Home Products Corp. 1,916,736 96,076
Amgen, Inc. (a) 370,046 22,527
Bristol-Myers Squibb Co. 1,448,945 141,815
Lilly (Eli) & Co. 1,604,252 105,079
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
Merck & Co., Inc. 1,734,797 201,128
Pfizer, Inc. 1,907,447 177,393
Pharmacia & Upjohn, Inc. 740,076 30,759
Schering-Plough Corp. 1,069,202 93,689
Sigma-Aldrich Corp. 146,215 $ 4,057
Warner-Lambert Co. 1,195,758 78,023
959,375
MEDICAL EQUIPMENT & SUPPLIES - 3.3%
Abbott Laboratories 2,244,638 86,419
Bard (C.R.), Inc. 84,074 2,753
Bausch & Lomb, Inc. 68,969 2,918
Baxter International, Inc. 424,612 22,611
Becton, Dickinson & Co. 354,912 11,823
Biomet, Inc. 171,631 4,613
Boston Scientific Corp. (a) 280,965 19,457
Cardinal Health, Inc. 194,163 16,989
Guidant Corp. 221,497 13,677
Johnson & Johnson 1,966,421 135,683
Mallinckrodt, Inc. 107,210 2,452
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Medtronic, Inc. 683,648 35,122
Millipore Corp. 63,943 1,387
Pall Corp. 180,013 3,690
St. Jude Medical, Inc. (a) 105,994 2,338
U.S. Surgical Corp. 111,996 4,473
366,405
MEDICAL FACILITIES MANAGEMENT - 0.5%
Columbia/HCA Healthcare Corp. 895,133 20,196
HEALTHSOUTH Corp. (a) 657,927 12,459
Humana, Inc. (a) 251,306 3,267
Manor Care, Inc. 84,496 2,028
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
Tenet Healthcare Corp. (a) 444,148 11,465
United HealthCare Corp. 282,921 10,221
59,636
TOTAL HEALTH 1,385,416
HOLDING COMPANIES - 0.1%
CINergy Corp. 202,551 7,039
INDUSTRIAL MACHINERY & EQUIPMENT - 5.7%
ELECTRICAL EQUIPMENT - 4.0%
Emerson Electric Co. 654,065 37,282
General Electric Co. 4,739,550 $ 379,156
General Instrument Corp. (a) 228,684 4,545
General Signal Corp. 65,774 2,417
Grainger (W.W.), Inc. 135,550 5,312
Harris Corp. 115,682 3,687
Honeywell, Inc. 183,688 11,481
Scientific-Atlanta, Inc. 113,923 2,015
445,895
INDUSTRIAL MACHINERY & EQUIPMENT - 1.3%
Briggs & Stratton Corp. 35,346 1,301
Case Corp. 107,404 2,900
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Caterpillar, Inc. 531,356 22,417
Cincinnati Milacron, Inc. 49,470 958
Cooper Industries, Inc. 174,168 7,413
Deere & Co. 356,633 11,747
Dover Corp. 322,804 8,796
Harnischfeger Industries, Inc. 62,067 997
Illinois Tool Works, Inc. 351,558 17,029
Ingersoll-Rand Co. 240,704 9,568
Parker-Hannifin Corp. 161,721 4,690
Stanley Works 127,485 5,020
Tenneco, Inc. 253,681 8,039
Timken Co. 77,335 1,407
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
Tyco International Ltd. 853,052 47,344
149,626
POLLUTION CONTROL - 0.4%
Browning-Ferris Industries, Inc. 290,089 9,428
Waste Management, Inc. 810,019 35,742
45,170
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 640,691
MEDIA & LEISURE - 4.4%
BROADCASTING - 1.7%
CBS Corp. 1,071,470 27,858
Clear Channel Communications, Inc. (a) 345,942 15,567
Comcast Corp. Class A special 491,219 18,359
BROADCASTING - CONTINUED
MediaOne Group, Inc. (a) 908,449 $ 37,246
Tele-Communications, Inc. (TCI Group) Series A (a) 709,248 23,405
Time Warner, Inc. 767,148 61,660
184,095
ENTERTAINMENT - 1.0%
Disney (Walt) Co. 2,984,279 81,881
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
King World Productions, Inc. (a) 92,966 1,952
Viacom, Inc. Class B (non-vtg.) (a) 417,433 20,715
104,548
LEISURE DURABLES & TOYS - 0.2%
Brunswick Corp. 130,016 1,942
Hasbro, Inc. 193,174 6,049
Mattel, Inc. 450,730 14,592
22,583
LODGING & GAMING - 0.1%
Harrah's Entertainment, Inc. (a) 144,970 2,093
Hilton Hotels Corp. 368,188 7,640
Mirage Resorts, Inc. (a) 278,709 4,146
13,879
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
PUBLISHING - 0.7%
American Greetings Corp. Class A 103,735 3,799
Dow Jones & Co., Inc. 109,850 5,472
Gannett Co., Inc. 415,040 24,487
Harcourt General, Inc. 82,483 4,006
Knight Ridder, Inc. 113,344 5,398
McGraw-Hill Companies, Inc. 144,062 10,985
Meredith Corp. 66,549 2,234
New York Times Co. (The) Class A 277,184 8,038
Times Mirror Co. Class A 97,510 5,576
Tribune Co. 173,838 11,202
81,197
RESTAURANTS - 0.7%
Darden Restaurants, Inc. 205,595 3,187
Marriott International, Inc. Class A 354,958 9,961
McDonald's Corp. 997,282 55,910
Tricon Global Restaurants, Inc. 220,045 $ 8,155
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Wendy's International, Inc. 185,881 3,729
80,942
TOTAL MEDIA & LEISURE 487,244
NONDURABLES - 9.8%
AGRICULTURE - 0.1%
Pioneer Hi-Bred International, Inc. 309,807 10,456
BEVERAGES - 3.1%
Anheuser-Busch Companies, Inc. 699,174 32,249
Brown-Forman Corp. Class B 68,352 4,101
Coca-Cola Co. (The) 3,597,017 234,256
Coors (Adolph) Co. Class B 52,280 2,157
PepsiCo, Inc. 2,145,453 59,402
Seagram Co. Ltd. 478,723 14,955
347,120
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - CONTINUED
FOODS - 2.1%
Archer-Daniels-Midland Co. 865,502 12,983
Bestfoods 415,100 20,833
Campbell Soup Co. 651,172 32,803
ConAgra, Inc. 732,588 18,132
General Mills, Inc. 235,288 15,397
Heinz (H.J.) Co. 526,584 28,074
Hershey Foods Corp. 164,071 11,485
Kellogg Co. 546,446 16,667
Quaker Oats Co. 205,471 10,916
Ralston Purina Co. 454,330 11,955
Sara Lee Corp. 688,844 31,170
Sysco Corp. 491,196 9,916
Wrigley (Wm.) Jr. Co. 148,219 11,487
231,818
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HOUSEHOLD PRODUCTS - 3.1%
Alberto-Culver Co. Class B 54,412 1,088
Avon Products, Inc. 197,455 12,415
Clorox Co. 149,691 14,436
Colgate-Palmolive Co. 438,808 31,649
Gillette Co. 1,635,648 $ 67,266
International Flavors & Fragrances, Inc. 180,439 6,992
Procter & Gamble Co. 1,948,702 149,076
Rubbermaid, Inc. 223,938 5,696
Unilever NV (NY shares) 918,516 58,211
346,829
TOBACCO - 1.4%
Philip Morris Companies, Inc. 3,545,247 147,349
UST, Inc. 282,044 7,368
154,717
TOTAL NONDURABLES 1,090,940
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
PRECIOUS METALS - 0.1%
Barrick Gold Corp. 502,149 6,515
Battle Mountain Gold Co. 285,495 874
Homestake Mining Co. 306,140 2,717
Newmont Mining Corp. 217,478 2,977
Placer Dome, Inc. 320,473 2,544
15,627
RETAIL & WHOLESALE - 5.8%
APPAREL STORES - 0.4%
Gap, Inc. 572,254 29,221
Limited, Inc. (The) 320,278 6,686
TJX Companies, Inc. 460,230 10,269
Venator Group, Inc. (a) 196,483 1,781
47,957
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DRUG STORES - 0.6%
CVS Corp. 567,096 20,628
Longs Drug Stores Corp. 56,780 1,938
Rite Aid Corp. 382,296 13,834
Walgreen Co. 717,828 27,636
64,036
GENERAL MERCHANDISE STORES - 3.1%
Consolidated Stores Corp. (a) 179,100 5,642
Costco Companies, Inc. (a) 327,016 $ 15,390
Dayton Hudson Corp. 645,294 23,231
Dillards, Inc. Class A 162,100 4,681
Dollar General Corp. 223,600 6,009
Federated Department Stores, Inc. (a) 309,818 13,496
Penney (J.C.) Co., Inc. 362,910 17,987
K mart Corp. (a) 704,253 8,979
Kohls Corp. (a) 228,200 10,369
May Department Stores Co. (The) 334,079 18,792
Nordstrom, Inc. 221,860 6,642
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
Sears, Roebuck & Co. 562,664 25,566
Wal-Mart Stores, Inc. 3,256,713 191,332
348,116
GROCERY STORES - 0.6%
Albertson's, Inc. 360,224 18,214
American Stores Co. 418,499 12,136
Great Atlantic & Pacific Tea, Inc. 57,945 1,380
Kroger Co. (The) (a) 367,193 16,524
Meyer (Fred), Inc. (a) 211,200 8,303
Supervalu, Inc. 177,256 3,601
Winn-Dixie Stores, Inc. 197,858 7,370
67,528
RETAIL & WHOLESALE, MISCELLANEOUS - 1.1%
Circuit City Stores, Inc. - Circuit City Group 146,927 4,536
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Home Depot, Inc. 2,140,596 82,413
IKON Office Solutions, Inc. 199,412 1,109
Lowe's Companies, Inc. 503,220 17,644
Staples, Inc. (a) 21,000 570
Tandy Corp. 146,616 8,000
Toys 'R' US, Inc. (a) 405,272 7,523
121,795
TOTAL RETAIL & WHOLESALE 649,432
(000S)
SERVICES - 0.8%
ADVERTISING - 0.2%
Interpublic Group of Companies, Inc. 173,390 $ 9,883
Omnicom Group, Inc. 244,900 11,663
21,546
LEASING & RENTAL - 0.1%
Ryder Systems, Inc. 157,398 3,709
PRINTING - 0.1%
Deluxe Corp. 126,825 3,678
Donnelley (R.R.) & Sons Co. 196,725 7,131
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
Moore Corp. Ltd. 109,158 1,051
11,860
SERVICES - 0.4%
Block (H & R), Inc. 156,483 6,122
Cendant Corp. (a) 1,279,458 14,794
Dun & Bradstreet Corp. 248,698 5,844
Ecolab, Inc. 160,900 4,475
Jostens, Inc. 48,025 954
National Service Industries, Inc. 62,720 2,336
Service Corp. International 368,341 12,478
47,003
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TOTAL SERVICES 84,118
TECHNOLOGY - 15.5%
COMMUNICATIONS EQUIPMENT - 3.1%
3Com Corp. (a) 522,544 12,378
Andrew Corp. (a) 133,032 1,971
Ascend Communications, Inc. (a) 266,800 9,388
Cabletron Systems, Inc. (a) 238,486 1,669
Cisco Systems, Inc. (a) 1,509,844 123,618
Lucent Technologies, Inc. 1,916,756 135,850
Northern Telecom Ltd. 964,415 46,269
Tellabs, Inc. (a) 294,540 12,444
343,587
COMPUTER SERVICES & SOFTWARE - 4.6%
Adobe Systems, Inc. 107,382 2,819
Autodesk, Inc. 93,101 2,176
Automatic Data Processing, Inc. 435,339 27,753
Ceridian Corp. (a) 99,720 $ 4,836
Computer Associates International, Inc. 834,366 22,528
Computer Sciences Corp. 229,278 12,969
Electronic Data Systems Corp. 716,900 24,016
Equifax, Inc. 186,233 6,635
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
First Data Corp. 601,136 12,436
HBO & Co. 644,300 13,691
Microsoft Corp. (a) 3,589,336 344,352
Novell, Inc. (a) 561,577 5,335
Oracle Corp. (a) 1,451,467 28,939
Parametric Technolgy Corp. (a) 453,532 4,649
Shared Medical Systems Corp. 34,888 1,862
514,996
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMPUTERS & OFFICE EQUIPMENT - 4.8%
Apple Computer, Inc. (a) 213,069 6,645
Compaq Computer Corp. 2,409,902 67,327
Data General Corp. (a) 71,388 535
Dell Computer Corp. (a) 924,014 92,401
EMC Corp. (a) 741,048 33,486
Gateway 2000, Inc. (a) 225,600 10,674
Hewlett-Packard Co. 1,524,380 74,028
International Business Machines Corp. 1,366,558 153,909
Pitney Bowes, Inc. 396,842 19,693
Seagate Technology, Inc. (a) 350,295 6,130
Silicon Graphics, Inc. (a) 235,155 2,131
Sun Microsystems, Inc. (a) 571,430 22,643
Unisys Corp. (a) 361,508 6,485
Xerox Corp. 478,625 42,029
538,116
ELECTRONIC INSTRUMENTS - 0.2%
Applied Materials, Inc. (a) 555,264 13,639
KLA-Tencor Corp. (a) 147,628 3,137
Perkin-Elmer Corp. 74,948 4,338
Tektronix, Inc. 69,717 1,059
Thermo Electron Corp. (a) 215,024 3,494
25,667
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ELECTRONICS - 2.4%
Advanced Micro Devices, Inc. (a) 188,101 $ 2,481
AMP, Inc. 318,446 11,365
Intel Corp. 2,447,199 174,210
LSI Logic Corp. (a) 188,213 2,306
Micron Technology, Inc. (a) 291,864 6,640
Motorola, Inc. 878,927 37,849
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
National Semiconductor Corp. (a) 242,776 2,215
Texas Instruments, Inc. 573,310 27,340
Thomas & Betts Corp. 68,798 2,343
266,749
PHOTOGRAPHIC EQUIPMENT - 0.4%
Eastman Kodak Co. 465,452 36,363
Polaroid Corp. 65,852 1,852
38,215
TOTAL TECHNOLOGY 1,727,330
TRANSPORTATION - 1.1%
AIR TRANSPORTATION - 0.4%
AMR Corp. (a) 267,986 14,605
Delta Air Lines, Inc. 102,520 10,457
Southwest Airlines Co. 497,208 8,857
US Airways Group, Inc. (a) 134,286 7,822
41,741
RAILROADS - 0.6%
Burlington Northern Santa Fe Corp. 234,038 21,780
CSX Corp. 315,425 11,907
Norfolk Southern Corp. 547,819 15,442
Union Pacific Corp. 368,351 14,665
63,794
TRUCKING & FREIGHT - 0.1%
FDX Corp. (a) 226,558 11,342
Laidlaw, Inc. 408,594 3,543
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
14,885
TOTAL TRANSPORTATION 120,420
UTILITIES - 10.9%
CELLULAR - 0.5%
AirTouch Communications, Inc. (a) 822,958 $ 46,291
Nextel Communications, Inc. Class A (a) 381,600 6,893
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
53,184
ELECTRIC UTILITY - 2.8%
Ameren Corp. 191,524 7,577
American Electric Power Co., Inc. 306,394 13,864
Baltimore Gas & Electric Co. 194,288 5,986
Carolina Power & Light Co. 197,828 8,519
Central & South West Corp. 304,393 7,952
Consolidated Edison, Inc. 357,236 16,902
Dominion Resources, Inc. 283,734 11,828
DTE Energy Co. 209,510 8,826
Duke Energy Corp. 525,984 32,808
Edison International 532,330 15,138
Entergy Corp. 405,941 11,696
FirstEnergy Corp. 300,328 8,672
FPL Group, Inc. 266,431 17,734
GPU, Inc. 158,469 5,952
Houston Industries, Inc. 410,355 11,823
Niagara Mohawk Power Corp. (a) 182,249 2,825
Northern States Power Co. 180,316 4,778
PacifiCorp 436,791 9,855
PECO Energy Co. 321,456 11,010
PG&E Corp. 581,045 18,666
PP&L Resources, Inc. 215,724 5,083
Public Service Enterprise Group, Inc. 340,921 12,486
Southern Co. Group 1,018,269 28,639
Texas Utilities Co. 452,999 19,252
Unicom Corp. 338,014 12,042
309,913
GAS - 0.6%
Columbia Energy Group 119,951 5,968
Consolidated Natural Gas Co. 145,603 6,379
Eastern Enterprises Co. 54,734 2,165
Enron Corp. 484,428 20,497
NICOR, Inc. 69,408 2,694
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ONEOK, Inc. 47,034 1,414
Peoples Energy Corp. 51,781 1,715
GAS - CONTINUED
Sempra Energy (a) 337,163 $ 8,577
Sonat, Inc. 159,875 4,327
Williams Companies, Inc. 610,102 14,032
67,768
TELEPHONE SERVICES - 7.0%
ALLTEL Corp. 368,505 16,629
Ameritech Corp. 1,605,816 75,674
AT&T Corp. 2,631,151 131,886
Bell Atlantic Corp. 2,262,858 99,849
BellSouth Corp. 1,432,899 98,243
Frontier Corp. 224,911 6,832
GTE Corp. 1,383,848 69,192
MCI Communications Corp. 1,016,646 50,832
SBC Communications, Inc. 2,704,812 102,783
Sprint Corp. 505,775 33,919
U.S. WEST, Inc. 743,886 38,682
WorldCom, Inc. (a) 1,537,953 62,960
787,481
TOTAL UTILITIES 1,218,346
TOTAL COMMON STOCKS 11,089,560
(Cost $7,860,013)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS - 0.6%
PRINCIPAL
AMOUNT (000S)
U.S. Treasury Bills, yields at date of purchase $ 63,481 62,883
4.81% to 5.08% 9/3/98 to 12/3/98 (b)
(Cost 62,858)
TOTAL INVESTMENT IN SECURITIES - 100% $ 11,152,443
(Cost $7,922,871)
</TABLE>
FUTURES CONTRACTS
AMOUNTS IN THOUSANDS EXPIRATION UNDERLYING UNREALIZED
DATE FACE AMOUNT GAIN/(LOSSS)
PURCHASED
282 S&P 500 Stock Sep. 1998 $ 67,257 $ (7,704)
Index Contracts
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL
INVESTMENT IN SECURITIES - 0.6%
LEGEND
(a) Non-income producing
(b) Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the period end, the value of
securities pledged amounted to $5,105,000.
INCOME TAX INFORMATION
At August 31, 1998, the aggregate cost of investment securities for
income tax purposes was $7,926,699,000. Net unrealized appreciation
aggregated $3,225,744,000, of which $3,870,691,000 related to
appreciated investment securities and $644,947,000 related to
depreciated investment securities.
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) AUGUST 31, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (COST $7,922,871) - $ 11,152,443
SEE ACCOMPANYING SCHEDULE
CASH 481
RECEIVABLE FOR INVESTMENTS SOLD 97,848
RECEIVABLE FOR FUND SHARES SOLD 33,482
DIVIDENDS RECEIVABLE 19,138
INTEREST RECEIVABLE 7
OTHER RECEIVABLES 16
TOTAL ASSETS 11,303,415
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 18,540
PAYABLE FOR FUND SHARES REDEEMED 138,766
ACCRUED MANAGEMENT FEE 176
PAYABLE FOR DAILY VARIATION ON FUTURES CONTRACTS 4,955
OTHER PAYABLES AND ACCRUED EXPENSES 2,371
TOTAL LIABILITIES 164,808
NET ASSETS $ 11,138,607
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 7,921,796
UNDISTRIBUTED NET INVESTMENT INCOME 28,501
ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON (33,557)
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 3,221,867
AND ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
NET ASSETS, FOR 325,068 SHARES OUTSTANDING $ 11,138,607
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE $34.27
PER SHARE ($11,138,607 (DIVIDED BY) 325,068 SHARES)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS SIX MONTHS ENDED AUGUST 31, 1998 (UNAUDITED)
INVESTMENT INCOME $ 89,348
DIVIDENDS
INTEREST (INCLUDING INCOME ON SECURITIES LOANED OF $91) 5,954
TOTAL INCOME 95,302
EXPENSES
MANAGEMENT FEE AND SUB-ADVISORY FEE $ 15,003
TRANSFER AGENT FEES 10,372
ACCOUNTING FEES 416
NON-INTERESTED TRUSTEES' COMPENSATION 28
REGISTRATION FEES 670
AUDIT 63
LEGAL 35
REPORTS TO SHAREHOLDERS 215
MISCELLANEOUS 8
TOTAL EXPENSES BEFORE REDUCTIONS 26,810
EXPENSE REDUCTIONS (15,470) 11,340
NET INVESTMENT INCOME 83,962
REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:
INVESTMENT SECURITIES (17,614)
FOREIGN CURRENCY TRANSACTIONS 5
FUTURES CONTRACTS (1,262) (18,871)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:
INVESTMENT SECURITIES (1,124,734)
ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (1)
FUTURES CONTRACTS (17,013) (1,141,748)
NET GAIN (LOSS) (1,160,619)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (1,076,657)
FROM OPERATIONS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
AMOUNTS IN THOUSANDS SIX MONTHS ENDED YEAR ENDED
AUGUST 31, 1998 FEBRUARY 28,
(UNAUDITED) 1998
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 83,962 $ 142,525
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS) (18,871) 154,362
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) (1,141,748) 2,266,714
NET INCREASE (DECREASE) IN NET ASSETS RESULTING (1,076,657) 2,563,601
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS (82,688) (136,471)
FROM NET INVESTMENT INCOME
FROM NET REALIZED GAIN (88,657) (64,494)
IN EXCESS OF NET REALIZED GAIN (14,685) -
TOTAL DISTRIBUTIONS (186,030) (200,965)
SHARE TRANSACTIONS 3,356,578 5,531,225
NET PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS 183,675 197,180
COST OF SHARES REDEEMED (2,315,939) (3,401,121)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 1,224,314 2,327,284
FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS (38,373) 4,689,920
NET ASSETS
BEGINNING OF PERIOD 11,176,980 6,487,060
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT $ 11,138,607 $ 11,176,980
INCOME OF $28,501 AND $27,227, RESPECTIVELY)
OTHER INFORMATION
SHARES
SOLD 84,659 167,395
ISSUED IN REINVESTMENT OF DISTRIBUTIONS 4,641 6,139
REDEEMED (59,127) (103,521)
NET INCREASE (DECREASE) 30,173 70,013
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED YEAR ENDED YEARS ENDED
AUGUST 31, 1998 FEBRUARY 28, FEBRUARY 29, FEBRUARY 28,
(UNAUDITED) 1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING $ 37.90 $ 28.85 $ 23.56 $ 18.02 $ 17.36 $ 16.73
OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INVESTMENT INCOME .27 D .55 D .51 D .48 .43 .44
NET REALIZED AND (3.29) 9.29 5.47 5.63 .77 .88
UNREALIZED GAIN (LOSS)
TOTAL FROM INVESTMENT (3.02) 9.84 5.98 6.11 1.20 1.32
OPERATIONS
LESS DISTRIBUTIONS (.27) (.54) (.49) (.46) (.43) (.44)
FROM NET
INVESTMENT INCOME
FROM NET REALIZED GAIN (.29) (.25) (.20) (.11) (.07) (.25)
IN EXCESS OF NET (.05) - - - (.04) -
REALIZED GAIN
TOTAL DISTRIBUTIONS (.61) (.79) (.69) (.57) (.54) (.69)
NET ASSET VALUE, END $ 34.27 $ 37.90 $ 28.85 $ 23.56 $ 18.02 $ 17.36
OF PERIOD
TOTAL RETURN B, C (8.18)% 34.65% 25.87% 34.37% 7.17% 8.06%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD $ 11,139 $ 11,177 $ 6,487 $ 4,113 $ 2,235 $ 1,892
(IN MILLIONS)
RATIO OF EXPENSES TO .19% A, E .20% E .28% E .28% E .28% E .28% E
AVERAGE NET ASSETS
RATIO OF EXPENSES TO .18% A, F .19% F .26% F .25% F .28% .28%
AVERAGE NET ASSETS
AFTER EXPENSE REDUCTIONS
RATIO OF NET INVESTMENT 1.32% A 1.66% 2.00% 2.34% 2.65% 2.59%
INCOME TO AVERAGE
NET ASSETS
PORTFOLIO TURNOVER RATE 4% A 2% 3% 1% 11% 4%
AVERAGE COMMISSION RATE G $ .0233 $ .0245 $ .0237
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 6 OF NOTES TO
FINANCIAL STATEMENTS).
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
G FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A FUND IS
REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR
SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY
FROM PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES
EXECUTED IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION
RATE STRUCTURES MAY DIFFER.
NOTES TO FINANCIAL STATEMENTS
For the period ended August 31, 1998 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan U.S. Equity Index Fund (the fund) is a fund of Fidelity
Concord Street Trust (the trust) and is authorized to issue an
unlimited number of shares. The trust is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company organized as a Massachusetts business trust. The
financial statements have been prepared in conformity with generally
accepted accounting principles which require management to make
certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are
readily available are valued at the last sale price, or if no sale
price, at the closing bid price. Securities for which exchange
quotations are not readily available (and in certain cases debt
securities which trade on an exchange) are valued primarily using
dealer-supplied valuations or at their fair value as determined in
good faith under consistently applied procedures under the general
supervision of the Board of Trustees. Short-term securities with
remaining maturities of sixty days or less for which quotations are
not readily available are valued at amortized cost or original cost
plus accrued interest, both of which approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
date and settlement on purchases and sales of securities. The effects
of changes in foreign currency exchange rates on investments in
securities are included with the net realized and unrealized gain or
loss on investment securities.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for its fiscal year. The schedule of investments
includes information regarding income taxes under the caption "Income
Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend
date, except certain dividends from foreign securities where the
ex-dividend date may have passed, are recorded as soon as the fund is
informed of the ex-dividend date. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
INVESTMENT INCOME - CONTINUED
received. Interest income, which includes accretion of original issue
discount, is accrued as earned. Investment income is recorded net of
foreign taxes withheld where recovery of such taxes is uncertain.
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
DEFERRED TRUSTEE COMPENSATION. Under a Deferred Compensation Plan (the
Plan) non-interested Trustees must defer receipt of a portion of, and
may elect to defer receipt of an additional portion of, their annual
compensation. Deferred amounts are treated as though equivalent dollar
amounts had been invested in shares of the fund or are invested in a
cross-section of other Fidelity funds. Deferred amounts remain in the
fund until distributed in accordance with the Plan.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for futures transactions, market discount and losses
deferred due to wash sales. The fund also utilized earnings and
profits distributed to shareholders on redemption of shares as a part
of the dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income and accumulated undistributed net
realized gain (loss) on investments and foreign currency transactions
may include temporary book and tax basis differences which will
reverse in a subsequent period. Any taxable income or gain remaining
at fiscal year end is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated
securities. Losses may arise from changes in the value of the foreign
currency or if the counterparties do not perform under the contracts'
terms. The U.S. dollar value of foreign currency contracts is
determined using contractual currency exchange rates established at
the time of each trade.
FUTURES CONTRACTS. The fund may use futures contracts to manage its
exposure to the stock market. Buying futures tends to increase the
fund's exposure to the underlying instrument, while selling futures
tends to decrease the fund's exposure to the underlying instrument
2. OPERATING POLICIES - CONTINUED
FUTURES CONTRACTS - CONTINUED
or hedge other fund investments. Futures contracts involve, to varying
degrees, risk of loss in excess of the futures variation margin
reflected in the Statement of Assets and Liabilities. The underlying
face amount at value of any open futures contracts at period end is
shown in the schedule of investments under the caption "Futures
Contracts." This amount reflects each contract's exposure to the
underlying instrument at period end. Losses may arise from changes in
the value of the underlying instruments or if the counterparties do
not perform under the contracts' terms. Gains (losses) are realized
upon the expiration or closing of the futures contracts. Futures
contracts are valued at the settlement price established each day by
the board of trade or exchange on which they are traded.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,589,802,000 and $253,038,000, respectively.
The market value of futures contracts opened and closed during the
period amounted to $1,646,230,000 and $1,804,951,000, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a fee
that is computed daily at an annual rate of .24% of the fund's average
net assets.
SUB-ADVISER FEE. FMR and the fund have entered into a sub-advisory
agreement with Bankers Trust Company (Bankers Trust). Bankers Trust
receives a sub-advisory fee for providing investment management,
securities lending and custodial services to the fund. For these
services, FMR pays Bankers Trust fees at an annual rate of 0.006% of
the fund's average net assets. In addition, the fund pays Bankers
Trust fees equal to 40% of net income from the fund's securities
lending program. For the period, the fund paid Bankers Trust $36,000.
This fee is included in the caption "Management fee and sub-advisory
fee" on the Statement of Operations.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc. (FIIOC), an affiliate of FMR, is the fund's transfer,
dividend disbursing and shareholder servicing agent. FIIOC receives
account fees and asset-based fees that vary according to account size
and type of account. FIIOC pays for typesetting, printing and mailing
of all shareholder reports, except proxy statements. For the period,
the transfer agent fees were equivalent to an annualized rate of .16%
of average net assets.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
ACCOUNTING FEES. Fidelity Service Company, Inc., an affiliate of FMR
maintains the fund's accounting records.
The fee is based on the level of average net assets for the month plus
out-of-pocket expenses.
5. SECURITY LENDING.
The fund loaned securities to certain brokers who paid the fund
negotiated lenders' fees. These fees are included in interest income.
The fund receives U.S. Treasury obligations and/or cash as collateral
against the loaned securities, in an amount at least equal to 102% of
the market value of the loaned securities at the inception of each
loan. This collateral must be maintained at not less than 100% of the
market value of the loaned securities during the period of the loan.
At period end, the value of the securities loaned and the value of
collateral amounted to $132,671,000 and $137,116,000, respectively.
6. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions, extraordinary
expenses and sub-advisory fees paid by the fund associated with
securities lending) above an annual rate .19% of average net assets.
For the period, the reimbursement reduced expenses by $14,751,000. In
addition, through December 31, 1999, FMR has agreed to limit the
fund's total operating expenses to an annual rate of .19%.
In addition, the fund, or FMR on behalf of the fund, has entered into
arrangements with its transfer agent and custodian whereby credits
realized as a result of uninvested cash balances were used to reduce a
portion of the fund's expenses. During the period, fees were reduced
by $694,000 and $25,000 by the transfer agent and custodian,
respectively, under these arrangements.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISER
Bankers Trust Company
New York, NY
OFFICERS
Edward C. Johnson 3d, PRESIDENT
Robert C. Pozen, SENIOR VICE PRESIDENT
Robert A. Lawrence, VICE PRESIDENT
Eric D. Roiter, SECRETARY
Richard A. Silver, TREASURER
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
* INDEPENDENT TRUSTEES
UEI-SANN-1098 62225
1.536672.101
TRANSFER AND SHAREHOLDER SERVICING AGENT
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
CUSTODIAN
Bankers Trust Company
New York, NY
(FIDELITY_LOGO_GRAPHIC) (REGISTERED TRADEMARK)
Corporate Headquarters
www.fidelity.com
(2_FIDELITY_LOGOS)
SPARTAN(REGISTERED TRADEMARK) TOTAL MARKET INDEX
SPARTAN EXTENDED MARKET INDEX
SPARTAN INTERNATIONAL INDEX
FUNDS
SEMIANNUAL REPORT
AUGUST 31, 1998
(FIDELITY_LOGO_GRAPHIC) (REGISTERED TRADEMARK)
CONTENTS
PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING STRATEGIES.
SPARTAN TOTAL MARKET INDEX FUND 4 PERFORMANCE
5 FUND TALK: THE MANAGER'S OVERVIEW
6 INVESTMENT CHANGES
7 INVESTMENTS
32 FINANCIAL STATEMENTS
SPARTAN EXTENDED MARKET INDEX FUND 34 PERFORMANCE
35 FUND TALK: THE MANAGER'S OVERVIEW
36 INVESTMENT CHANGES
37 INVESTMENTS
76 FINANCIAL STATEMENTS
SPARTAN INTERNATIONAL INDEX FUND 78 PERFORMANCE
79 FUND TALK: THE MANAGER'S OVERVIEW
80 INVESTMENT CHANGES
81 INVESTMENTS
90 FINANCIAL STATEMENTS
NOTES 92 NOTES TO THE FINANCIAL STATEMENTS.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE
FUNDS. THIS REPORT IS NOT AUTHORIZED FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUNDS UNLESS PRECEDED OR
ACCOMPANIED BY AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT
INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND
ARE SUBJECT TO INVESTMENT RISKS, INCLUDING
POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
The dramatic volatility we've seen in recent months in the world's
stock and bond markets might seem at first glance to be unprecedented
in its scope and duration. In fact, however, the U.S. stock market has
declined by more than 10% 12 times just since 1970, only to recover
and go on to new highs each time. As has been the case recently,
segments of the bond market - most notably U.S. Treasuries -
frequently have thrived in such periods as investors seek a safer home
for their funds.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories as
bonds. If you have a short investment time horizon, you might want to
consider moving some of your investment into a money market fund,
which seeks income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that there is no assurance that a money market fund will
achieve its goal of maintaining a stable net asset value of $1.00 per
share, and that these types of funds are neither insured nor
guaranteed by any agency of the U.S. government.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases.
If you have questions, please call us at 1-800-544-8888. We are
available 24 hours a day, seven days a week to provide you the
information you need to make the investments that are right for you.
Best regards,
Edward C. Johnson 3d
SPARTAN TOTAL MARKET INDEX FUND
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance.
You can look at the total percentage change in value, the average
annual percentage change or the growth of a hypothetical $10,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value) and the effect of the 0.50% purchase fee. If
Fidelity had not reimbursed certain fund expenses, the total returns
would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1998 PAST 6 LIFE OF
MONTHS FUND
SPARTAN TOTAL MARKET INDEX -11.89% -1.78%
SPARTAN TOTAL MARKET INDEX -12.33% -2.27%
(INCL. 0.50% PURCHASE FEE)
WILSHIRE 5000 -11.60% -2.59%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, or since the fund
started on November 5, 1997. For example, if you had invested $1,000
in a fund that had a 5% return over the past year, the value of your
investment would be $1,050. You can compare the fund's return to the
Wilshire 5000 Index - an unmanaged index of approximately 7,400 U.S.
equity securities. This benchmark includes reinvested dividends and
capital gains, if any, and excludes the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. These numbers will be reported once the fund
is a year old.
UNDERSTANDING PERFORMANCE
HOW A FUND DID YESTERDAY IS NO GUARANTEE OF HOW
IT WILL DO TOMORROW. THE STOCK MARKET, FOR EXAMPLE,
HAS A HISTORY OF LONG-TERM GROWTH AND SHORT-TERM
VOLATILITY. IN TURN, THE SHARE PRICE AND RETURN OF A
FUND THAT INVESTS IN STOCKS WILL VARY. THAT MEANS IF
YOU SELL YOUR SHARES DURING A MARKET DOWNTURN,
YOU MIGHT LOSE MONEY. BUT IF YOU CAN RIDE OUT THE
MARKET'S UPS AND DOWNS, YOU MAY HAVE A GAIN.
(CHECKMARK)
$10,000 OVER LIFE OF FUND
SPARTAN TOTAL MKT INDEX WILSHIRE 5000
00397 WA006
1997/11/05 9950.00 10000.00
1997/11/30 10077.36 10030.36
1997/12/31 10269.29 10215.72
1998/01/31 10345.15 10271.23
1998/02/28 11091.79 11018.99
1998/03/31 11658.76 11570.45
1998/04/30 11769.78 11707.79
1998/05/31 11451.78 11396.26
1998/06/30 11862.36 11795.86
1998/07/31 11596.69 11537.41
1998/08/31 9773.26 9740.66
IMATRL PRASUN SHR__CHT 19980831 19980911 170559 R00000000000013
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Spartan Total Market Index Fund on November 5, 1997, when
the fund started, and the current 0.50% purchase fee was paid. As the
chart shows, by August 31, 1998, the value of the investment would
have been $9,773 - a 2.27% decrease on the initial investment. For
comparison, look at how the Wilshire 5000 Index did over the same
period. With dividends and capital gains, if any, reinvested, the same
$10,000 investment would have been $9,741 - a 2.59% decrease.
SPARTAN TOTAL MARKET INDEX FUND
FUND TALK: THE MANAGER'S OVERVIEW
An interview with
Frank Salerno, Portfolio Manager of Spartan Total Market Index Fund
for Bankers Trust, sub-adviser of the fund
Q. HOW DID THE FUND PERFORM, FRANK?
A. For the six months that ended on August 31, 1998, the fund had a
total return of -11.89%. From its inception on November 5, 1997, the
fund returned -1.78% (figures do not include the 0.50% purchase fee).
The fund invests in equity securities included in its benchmark - the
Wilshire 5000 Index - which returned -11.60% and -2.59% over the past
six months and since the fund's inception, respectively.
Q. WHAT WOULD YOU SAY WERE THE PREDOMINANT MARKET CONDITIONS OF THE
PAST SIX MONTHS?
A. The past half-year has been characterized by extreme volatility
worldwide. U.S. equity markets were dragged under by the continuous
downward spiral of the Asian economic crisis. The tumultuous decline
of emerging markets - most notably Russia and Latin America - was also
a significant contributor to tense investor sentiment. The European
markets, which had been seemingly immune to the fiscal turmoil in
Eastern Europe and the Far East, finally began to feel the effects of
Russia's political and economic upheaval. The news on the U.S. front
was not all bad, however, as low inflation and consistently low
interest rates combined to demonstrate the resiliency and strength of
domestic economic fundamentals. Still, thanks to a nearly 20% drop in
the Dow Jones Industrial Average between its record high on July 17,
1998, through August 31, 1998, the market's gains for the year were
effectively erased. While there were few signs of panic by individual
investors, many did seek shelter in securities backed by the federal
government, sparking the yield on the 30-year Treasury bond to fall to
a record low of 5.25 percent.
Q. LET'S TALK ABOUT THE PERFORMANCE OF SOME OF THE FUND'S SPECIFIC
SECTORS, STARTING WITH FINANCE, THE FUND'S LARGEST SECTOR WEIGHTING .
. .
A. In the earlier stages of the six-month period ending August 31,
merger and acquisition activity within this sector, along with low
interest rates and a solid economy, helped financial stocks
tremendously. U.S. financial stocks also had little exposure to Asia.
However, U.S. financial companies have much more exposure to other
emerging markets - including Latin America and Russia - prompting
negative investor sentiment amidst concerns about the possibility of
global recession. That negative sentiment has translated into a recent
downturn in performance for the financial sector in general.
Q. HEALTH CARE STOCKS HAVE PERFORMED VERY WELL IN RECENT YEARS. DID
THAT TREND CONTINUE, GIVEN THE VOLATILE CLIMATE DURING THE SIX-MONTH
PERIOD?
A. Health care stocks generally have performed well since the fund's
inception. I attribute that in large part to the pharmaceutical
industry. I see three key contributors to the strength of
pharmaceutical companies. First, given the aging of the population,
there's a strong demand for their products. Second, the industry is
meeting that demand with new, innovative products that have been given
accelerated approvals by the Food and Drug Administration. Finally,
many of these companies have produced double digit earnings, which
compare favorably to the rest of the health care industry.
Q. WHAT ABOUT THE TECHNOLOGY SECTOR?
A. The technology sector was one of the primary contributors to the
market's record-setting performance earlier in the year. The stocks of
technology companies without a great deal of exposure to Asia were
some of the fund's best performers. However, nearly all technology
stocks stumbled significantly with the market correction at the end of
the period. Internet stocks in particular suffered a significant
sell-off given what many saw as their highly overvalued stock prices.
Q. WHAT IS YOUR OUTLOOK, FRANK?
A. Toward the end of the period, it appeared the Federal Reserve Board
was considering a reduction in interest rates. I feel that would help
calm nervous investor sentiment and perhaps stabilize some of the
peaks and valleys we've witnessed lately. It would also be
particularly beneficial for bank stocks, which tend to do well in
periods of low inflation and low or declining interest rates. I do
anticipate more volatility in the near-term, however, with several of
the world's major markets still trying to catch their collective
breath from the whirlwind of fluctuations. At the same time, I am
quite encouraged by the strength of the American economy. Hopefully,
the combination of low inflation, low unemployment and low interest
rates will be the ties that allow us to lash ourselves to the mast and
ride out the stock market's turbulent storms.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
FUND FACTS
GOAL: TOTAL RETURN THAT CORRESPONDS TO THAT OF
THE WILSHIRE 5000 INDEX
FUND NUMBER: 397
TRADING SYMBOL: FSTMX
START DATE: NOVEMBER 5, 1997
SIZE: AS OF AUGUST 31, 1998, MORE THAN
$77 MILLION
MANAGER: FRANK SALERNO, SINCE INCEPTION
(CHECKMARK)
SPARTAN TOTAL MARKET INDEX FUND
INVESTMENT CHANGES
TOP TEN STOCKS AS OF AUGUST 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO
GENERAL ELECTRIC CO. 2.5 2.0
MICROSOFT CORP. 2.2 1.6
COCA-COLA CO. (THE) 1.5 1.3
EXXON CORP. 1.5 1.2
MERCK & CO., INC. 1.3 1.2
WAL-MART STORES, INC. 1.2 0.8
PFIZER, INC. 1.1 0.9
INTEL CORP. 1.1 1.1
INTERNATIONAL BUSINESS MACHINES CORP. 1.0 0.8
PROCTER & GAMBLE CO. 1.0 0.9
<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN MARKET SECTORS AS OF AUGUST 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO
FINANCE 16.3 15.3
TECHNOLOGY 14.5 13.0
HEALTH 10.7 9.4
UTILITIES 10.0 8.2
NONDURABLES 7.7 7.0
RETAIL & WHOLESALE 5.5 4.4
MEDIA & LEISURE 5.1 4.6
ENERGY 5.1 5.3
INDUSTRIAL MACHINERY 4.5 4.3
& EQUIPMENT
BASIC INDUSTRIES 3.9 4.2
</TABLE>
SPARTAN TOTAL MARKET INDEX FUND
INVESTMENTS AUGUST 31, 1998 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMMON STOCKS - 93.4%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 1.5%
AEROSPACE & DEFENSE - 1.2%
AAR CORP. 150 $ 3,319
ALLIANT TECHSYSTEMS, INC. (A) 200 13,125
ALLIEDSIGNAL, INC. 3,800 130,388
BE AEROSPACE, INC. (A) 500 10,406
BOEING CO. 7,200 222,750
CORDANT TECHNOLOGIES, INC. 500 17,813
GOODRICH (B.F.) CO. 870 23,544
GULFSTREAM AEROSPACE CORP. (A) 800 28,100
HARSCO CORP. 500 18,344
KELLSTROM INDUSTRIES, INC. (A) 400 9,225
LOCKHEED MARTIN CORP. 1,600 139,900
ORBITAL SCIENCES CORP. (A) 500 9,375
PRECISION CASTPARTS CORP. 400 15,075
ROCKWELL INTERNATIONAL CORP. 1,800 65,250
SUNDSTRAND CORP. 600 27,338
TEXTRON, INC. 1,000 62,750
UNITED TECHNOLOGIES CORP. 1,500 108,844
WYMAN-GORDON CO. (A) 500 7,000
912,546
DEFENSE ELECTRONICS - 0.2%
LITTON INDUSTRIES, INC. (A) 600 28,800
NORTHROP GRUMMAN CORP. 600 38,025
RAYTHEON CO. CLASS B 2,800 127,750
STANFORD TELECOMMUNICATIONS, INC. (A) 100 975
195,550
SHIP BUILDING & REPAIR - 0.1%
AVONDALE INDUSTRIES, INC. 300 7,688
GENERAL DYNAMICS CORP. 1,200 57,075
HALTER MARINE GROUP, INC. (A) 200 1,800
NEWPORT NEWS SHIPBUILDING, INC. 100 2,350
68,913
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TOTAL AEROSPACE & DEFENSE 1,177,009
BASIC INDUSTRIES - 3.9%
CHEMICALS & PLASTICS - 2.2%
AIR PRODUCTS & CHEMICALS, INC. 2,200 67,238
AIRGAS, INC. (A) 100 1,188
ALBEMARLE CORP. 300 5,044
ATMI, INC. (A) 100 1,163
AVERY DENNISON CORP. 1,200 64,425
BETZDEARBORN, INC. 400 24,600
CABOT CORP. 300 6,525
CATALYTICA, INC. 500 5,156
CROMPTON & KNOWLES CORP. 300 4,388
CYTEC INDUSTRIES, INC. (A) 400 9,150
DOW CHEMICAL CO. 1,500 117,000
DU PONT (E.I.) DE NEMOURS & CO. 8,100 467,269
EASTMAN CHEMICAL CO. 900 46,406
ENGELHARD CORP. 1,600 29,400
SHARES VALUE (NOTE 1)
ETHYL CORP. 400 $ 1,700
FERRO CORP. 150 3,028
FMC CORP. (A) 500 25,875
FULLER (H.B.) CO. 200 9,500
GEON CO. 200 3,875
GEORGIA GULF CORP. 200 3,438
GREAT LAKES CHEMICAL CORP. 700 27,388
HANNA (M.A.) CO. 200 2,488
HERCULES, INC. 1,000 25,563
IMC GLOBAL, INC. 1,300 23,888
INTERNATIONAL SPECIALTY PRODUCTS, INC. (A) 100 1,531
LUBRIZOL CORP. 600 13,725
LYONDELL PETROCHEMICAL CO. 800 17,250
MILLENNIUM CHEMICALS, INC. 900 19,463
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MINERALS TECHNOLOGIES, INC. 400 14,525
MONSANTO CO. 4,200 229,688
MORTON INTERNATIONAL, INC. 1,500 33,375
NALCO CHEMICAL CO. 900 26,044
NL INDUSTRIES, INC. 200 3,975
OCTEL CORP. (A) 425 6,534
OLIN CORP. 200 5,625
OM GROUP, INC. 500 14,375
PPG INDUSTRIES, INC. 1,600 81,300
PRAXAIR, INC. 900 32,288
QUAKER STATE CORP. 600 7,538
RAYCHEM CORP. 900 26,100
ROHM & HAAS CO. 600 51,788
SCHULMAN (A.), INC. 200 3,175
SCOTTS CO. CLASS A (A) 200 5,700
SEALED AIR CORP. (A) 860 30,960
SOLUTIA, INC. 600 13,463
SYNETIC, INC. (A) 100 3,188
TERRA INDUSTRIES, INC. 400 2,000
UNION CARBIDE CORP. 1,100 44,206
VALHI, INC. 600 7,463
VALSPAR CORP. 200 6,650
W.R. GRACE & CO. 400 5,150
WELLMAN, INC. 100 1,144
WITCO CORP. 300 6,300
1,690,218
IRON & STEEL - 0.2%
AEROQUIP-VICKERS, INC. 200 8,063
AK STEEL HOLDING CORP. 1,000 13,875
ALLEGHENY TELEDYNE, INC. 1,129 17,006
BETHLEHEM STEEL CORP. (A) 704 5,060
BIRMINGHAM STEEL CORP. 100 688
CLEVELAND-CLIFFS, INC. 200 7,300
INLAND STEEL INDUSTRIES, INC. 211 3,996
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
LTV CORP. 500 2,719
MUELLER INDUSTRIES, INC. (A) 500 12,781
NATIONAL STEEL CORP. CLASS B 400 2,700
NS GROUP, INC. (A) 200 1,188
NUCOR CORP. 900 32,344
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - CONTINUED
IRON & STEEL - CONTINUED
OREGON STEEL MILLS, INC. 100 $ 944
QUANEX CORP. 100 2,175
STEEL DYNAMICS, INC. (A) 500 5,563
TITAN INTERNATIONAL, INC. 100 1,063
USX-U.S. STEEL GROUP 800 16,750
WHX CORP. (A) 100 1,000
WORTHINGTON INDUSTRIES, INC. 1,600 20,800
156,015
METALS & MINING - 0.4%
AFC CABLE SYSTEMS, INC. CLASS L (A) 200 4,631
ALUMINUM CO. OF AMERICA 1,600 95,800
ASARCO, INC. 600 9,563
CABLE DESIGN TECHNOLOGY CORP. (A) 150 2,109
COMMONWEALTH INDUSTRIES, INC. 100 638
COMMSCOPE, INC. (A) 700 9,275
CYPRUS AMAX MINERALS CO. 1,700 15,619
ENCORE WIRE CORP. (A) 300 3,150
ESSEX INTERNATIONAL, INC. (A) 200 3,750
FREEPORT-MCMORAN COPPER & GOLD, INC. CLASS B 1,800 20,925
GENERAL CABLE CORP. 500 10,000
INTERNATIONAL FIBERCOM, INC. (A) 500 2,516
KAISER ALUMINUM CORP. (A) 100 594
MARTIN MARIETTA MATERIALS, INC. 600 25,575
PHELPS DODGE CORP. 600 26,850
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
REYNOLDS METALS CO. 800 38,350
SUPERIOR TELECOM, INC. 200 7,625
TITANIUM METALS CORP. 400 4,600
281,570
PACKAGING & CONTAINERS - 0.2%
BALL CORP. 500 18,688
BEMIS CO., INC. 200 7,175
CORNING, INC. 2,100 51,713
CROWN CORK & SEAL CO., INC. 1,300 42,575
OWENS ILLINOIS, INC. (A) 1,400 43,663
SONOCO PRODUCTS CO. 550 14,094
TUPPERWARE CORP. 300 5,663
183,571
PAPER & FOREST PRODUCTS - 0.9%
AMERICAN PAD & PAPER CO. (A) 100 213
BOISE CASCADE CORP. 400 9,775
BOWATER, INC. 700 26,469
CARAUSTAR INDUSTRIES, INC. 100 2,125
CHAMPION INTERNATIONAL CORP. 1,000 33,000
CHESAPEAKE CORP. 100 3,275
CONSOLIDATED PAPERS, INC. 600 15,038
FORT JAMES CORP. 1,300 37,863
GEORGIA-PACIFIC CORP. 900 38,588
GEORGIA-PACIFIC CORP. (TIMBER GROUP) 1,200 24,150
INTERNATIONAL PAPER CO. 2,700 99,900
SHARES VALUE (NOTE 1)
JEFFERSON SMURFIT CORP. (A) 300 $ 3,375
KIMBERLY-CLARK CORP. 4,542 173,164
LOUISIANA-PACIFIC CORP. 1,300 24,538
MAIL-WELL, INC. (A) 800 13,300
MEAD CORP. 1,200 32,850
PENTAIR, INC. 300 8,363
POTLATCH CORP. 100 3,288
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
RAYONIER, INC. 200 7,800
STONE CONTAINER CORP. (A) 200 2,088
TEMPLE-INLAND, INC. 600 26,888
THE ST. JOE CO. 400 8,025
UNION CAMP CORP. 900 33,356
UNISOURCE WORLDWIDE, INC. 1,000 6,625
WESTVACO CORP. 400 8,400
WEYERHAEUSER CO. 1,300 48,831
WILLAMETTE INDUSTRIES, INC. 500 12,313
703,600
TOTAL BASIC INDUSTRIES 3,014,974
CONSTRUCTION & REAL ESTATE - 2.3%
BUILDING MATERIALS - 0.6%
AAVID THERMAL TECHNOLOGIES, INC. (A) 300 2,681
AMERICAN RESIDENTIAL SERVICES, INC. (A) 100 613
AMERICAN STANDARD COMPANIES, INC. (A) 800 31,300
ARMSTRONG WORLD INDUSTRIES, INC. 500 24,000
CALMAT CO. 100 1,681
CENTEX CONSTRUCTION PRODUCTS, INC. 400 15,450
COLTEC INDUSTRIES, INC. (A) 300 4,313
CRANE CO. 200 8,050
DAL-TILE INTERNATIONAL, INC. (A) 300 2,550
FASTENAL CO. 500 14,594
FORTUNE BRANDS, INC. 1,800 49,613
HUSSMANN INTERNATIONAL, INC. 400 5,250
INDUSTRIAL HOLDINGS, INC. (A) 100 950
JOHNS MANVILLE CORP. 900 12,319
LAFARGE CORP. 400 11,425
LONE STAR INDUSTRIES, INC. 200 12,025
MARK IV INDUSTRIES, INC. 400 5,675
MASCO CORP. 2,900 66,700
OWENS-CORNING 300 10,519
ROHN INDUSTRIES, INC. 300 863
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
RPM, INC. 1,225 16,002
SHERWIN-WILLIAMS CO. 1,800 42,975
SOUTHDOWN, INC. 376 15,886
T.J. INTERNATIONAL, INC. 200 4,188
TECUMSEH PRODUCTS CO. CLASS A 400 19,025
TEXAS INDUSTRIES, INC. 300 10,856
USG CORP. 500 21,500
VULCAN MATERIALS CO. 400 44,600
WATSCO, INC. CLASS A 150 2,194
YORK INTERNATIONAL CORP. 400 13,850
471,647
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE - CONTINUED
CONSTRUCTION - 0.2%
AMERICAN HOMESTAR CORP. (A) 200 $ 3,075
CENTEX CORP. 300 10,613
CLAYTON HOMES, INC. 700 10,806
D.R. HORTON, INC. 625 10,000
ENGLE HOMES, INC. 200 2,638
FLEETWOOD ENTERPRISES, INC. 200 6,688
GRANITE CONSTRUCTION, INC. 600 14,250
KAUFMAN & BROAD HOME CORP. 300 6,413
NCI BUILDING SYSTEMS, INC. (A) 500 8,875
OAKWOOD HOMES CORP. 200 2,850
PULTE CORP. 600 17,325
STANDARD PACIFIC CORP. 300 3,544
TOLL BROTHERS, INC. (A) 500 12,781
WALTER INDUSTRIES, INC. (A) 500 7,063
WEBB (DEL E.) CORP. 200 3,938
120,859
ENGINEERING - 0.2%
ABLE TELCOM HOLDING CORP. (A) 600 2,475
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
APOGEE ENTERPRISES, INC. 300 3,038
BILLING INFORMATION CONCEPTS CORP. (A) 300 2,663
CENTURY BUSINESS SERVICES, INC. (A) 600 11,475
DSP GROUP, INC. (A) 200 2,850
EG & G, INC. 500 11,719
FLUOR CORP. 900 35,606
FOSTER WHEELER CORP. 200 2,463
ICF KAISER INTERNATIONAL, INC. (A) 300 394
IDM ENVIRONMENTAL CORP. (A) 100 77
IMS HEALTH, INC. 1,100 60,500
MASTEC, INC. (A) 100 1,600
PROFIT RECOVERY GROUP INTERNATIONAL, INC. (A) 500 9,438
SYLVAN LEARNING SYSTEMS (A) 700 14,963
159,261
REAL ESTATE - 0.1%
BLUEGREEN CORP. (A) 400 3,000
CADIZ LAND, INC. (A) 200 1,625
CATELLUS DEVELOPMENT CORP. (A) 1,000 12,563
FAIRFIELD COMMUNITIES, INC. (A) 300 2,925
PIERCE LEAHY CORP. (A) 100 1,700
PRICE ENTERPRISES, INC. (A) 100 375
ROUSE CO. (THE) 700 20,125
STEWART ENTERPRISES, INC. CLASS A 1,200 23,550
SUNTERRA CORP. (A) 500 4,594
70,457
REAL ESTATE INVESTMENT TRUSTS - 1.2%
APARTMENT INVESTMENT & MANAGEMENT CO. CLASS A 700 23,975
ARCHSTONE COMMUNITIES TRUST 1,500 29,063
ARDEN REALTY GROUP, INC. 1,100 23,238
SHARES VALUE (NOTE 1)
AVALON BAY COMMUNITIES, INC. 1,100 $ 36,300
BOSTON PROPERTIES, INC. 1,000 28,563
BRANDYWINE REALTY TRUST 100 1,800
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CAMDEN PROPERTY TRUST (SBI) 975 24,436
CAPSTEAD MORTGAGE CORP. 400 1,200
CARRAMERICA REALTY CORP. 400 9,000
COLONIAL PROPERTIES TRUST (SBI) 600 14,625
CORNERSTONE PROPERTIES, INC. 500 7,188
CRESCENT REAL ESTATE EQUITIES, INC. 1,400 32,200
DEVELOPERS DIVERSIFIED REALTY CORP. 400 7,025
DUKE REALTY INVESTMENTS, INC. 1,200 24,900
EQUITY INNS, INC. 100 1,000
EQUITY OFFICE PROPERTIES TRUST 2,440 55,358
EQUITY RESIDENTIAL PROPERTIES TRUST (SBI) 1,100 43,931
FELCOR LODGING TRUST, INC. 1,268 25,836
FIRST INDUSTRIAL REALTY TRUST, INC. 600 14,063
FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS 100 644
GABLES RESIDENTIAL TRUST 100 2,575
GENERAL GROWTH PROPERTIES, INC. 500 18,031
GLENBOROUGH REALTY TRUST, INC. 200 4,350
GLIMCHER REALTY TRUST (SBI) 100 1,625
HIGHWOODS PROPERTIES, INC. 900 22,894
HOSPITALITY PROPERTIES TRUST (SBI) 300 8,250
HRPT PROPERTIES TRUST 1,800 28,125
INDYMAC MORTGAGE HOLDINGS, INC. 1,100 21,588
JDN REALTY CORP. 150 3,047
KILROY REALTY CORP. 200 4,113
KIMCO REALTY CORP. 900 31,950
LIBERTY PROPERTY TRUST (SBI) 1,200 27,150
MACK-CALI REALTY CORP. 900 25,931
MERRY LAND & INVESTMENT CO., INC. 1,000 20,500
MILLS CORP. 200 3,875
NATIONWIDE HEALTH PROPERTIES, INC. 200 4,088
NEW PLAN REALTY TRUST (SBI) 300 6,075
OCWEN ASSET INVESTMENT CORP. 300 2,925
PATRIOT AMERICAN HOSPITALITY, INC. UNIT 1,552 20,952
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
POST PROPERTIES, INC. 600 22,800
PRENTISS PROPERTIES TRUST (SBI) 800 17,900
PROLOGIS TRUST 1,200 24,000
PUBLIC STORAGE, INC. 1,400 32,725
RECKSON ASSOCIATES REALTY CORP. 300 6,431
REDWOOD TRUST, INC. 100 1,425
SIMON DEBARTOLO GROUP, INC. 1,500 43,594
SPIEKER PROPERTIES, INC. 900 32,006
STARWOOD HOTELS & RESORTS COMBINED CERTIFICATE (SBI) 1,683 61,430
SUNSTONE HOTEL INVESTORS, INC. 100 850
THORNBURG MORTGAGE ASSET CORP. 100 800
TRINET CORPORATE REALTY TRUST, INC. 100 2,875
UNITED DOMINION REALTY TRUST, INC. 1,400 16,275
VORNADO REALTY TRUST 1,000 31,375
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE - CONTINUED
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
WALDEN RESIDENTIAL PROPERTIES, INC. 100 $ 2,263
WESTFIELD AMERICA, INC. 400 6,350
965,488
TOTAL CONSTRUCTION & REAL ESTATE 1,787,712
DURABLES - 3.3%
AUTOS, TIRES, & ACCESSORIES - 2.1%
AUTOZONE, INC. (A) 1,500 38,906
BANDAG, INC. 300 9,038
BORG-WARNER AUTOMOTIVE, INC. 400 16,200
BREED TECHNOLOGIES, INC. 200 1,463
CASEY'S GENERAL STORES, INC. 600 7,763
CHRYSLER CORP. 4,600 205,275
COOPER TIRE & RUBBER CO. 400 6,400
COPART, INC. (A) 400 7,750
CUMMINS ENGINE CO., INC. 500 20,344
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DANA CORP. 1,556 60,976
DANAHER CORP. 1,271 46,074
DURA AUTOMOTIVE SYSTEMS, INC. 200 4,400
CLASS A (A)
DYNEGY, INC. 800 7,650
EATON CORP. 800 46,850
FEDERAL SIGNAL CORP. 700 14,263
FEDERAL-MOGUL CORP. 500 26,688
FORD MOTOR CO. 8,700 382,800
GENERAL MOTORS CORP. 4,700 271,425
GENTEX CORP. (A) 1,200 13,875
GENUINE PARTS CO. 1,900 59,494
GETTY PETE MARKETING, INC. (A) 100 388
GOODYEAR TIRE & RUBBER CO. 1,400 68,600
INTERMET CORP. 100 1,500
ITT INDUSTRIES, INC. 600 18,075
JOHNSON CONTROLS, INC. 900 38,531
JOHNSTOWN AMERICA INDUSTRIES, INC. (A) 100 1,125
LEAR CORP. (A) 800 32,450
MASCOTECH, INC. 100 1,750
MERITOR AUTOMOTIVE, INC. 300 5,325
MILLER INDUSTRIES, INC. (A) 200 888
NAVISTAR INTERNATIONAL CORP. (A) 400 8,400
O'REILLY AUTOMOTIVE, INC. (A) 200 5,775
OMNIQUIP INTERNATIONAL, INC. 200 2,250
PACCAR, INC. 800 32,800
PEP BOYS-MANNY, MOE & JACK 400 5,875
REPUBLIC INDUSTRIES, INC. (A) 3,000 53,063
SNAP-ON, INC. 800 21,000
SPX CORP. (A) 300 14,925
STANDARD PRODUCTS CO. 100 2,550
TOWER AUTOMOTIVE, INC. (A) 700 12,863
TRW, INC. 1,200 51,450
UGLY DUCKLING CORP. (A) 100 463
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SHARES VALUE (NOTE 1)
UNITED AUTO GROUP, INC. (A) 200 $ 2,663
WABASH NATIONAL CORP. 300 4,763
1,635,106
CONSUMER DURABLES - 0.3%
BLYTH INDUSTRIES, INC. (A) 400 9,175
DEPARTMENT 56, INC. (A) 200 5,900
DUPONT PHOTOMASKS, INC. (A) 200 5,475
LIBBEY, INC. 300 9,169
MINNESOTA MINING & MANUFACTURING CO. 3,000 205,500
SAF T LOK, INC. (A) 800 1,250
SAMSONITE CORP. (A) 146 876
SOLA INTERNATIONAL, INC. (A) 700 10,150
247,495
CONSUMER ELECTRONICS - 0.3%
BLACK & DECKER CORP. 900 37,463
GENERAL MOTORS CORP. CLASS H 1,100 39,738
HARMAN INTERNATIONAL INDUSTRIES, INC. 100 3,506
MAYTAG CORP. 500 21,563
MOVADO GROUP, INC. 100 1,781
NEWELL CO. 1,400 66,850
ODETICS, INC. CLASS B 400 2,300
SUNBEAM CORP. 500 3,750
WHIRLPOOL CORP. 600 29,775
206,726
HOME FURNISHINGS - 0.1%
ETHAN ALLEN INTERIORS, INC. 400 13,000
FURNITURE BRANDS INTERNATIONAL, INC. (A) 300 6,713
HEILIG-MEYERS CO. 300 3,413
KNOLL, INC. (A) 100 2,594
LA-Z BOY, INC. 200 10,538
LEGGETT & PLATT, INC. 1,100 22,069
LINENS'N THINGS, INC. (A) 500 11,688
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MILLER (HERMAN), INC. 1,000 20,500
RESTORATION HARDWARE, INC. 300 7,725
98,240
TEXTILES & APPAREL - 0.5%
ASHWORTH, INC. (A) 400 2,250
BURLINGTON INDUSTRIES, INC. (A) 100 950
COLLINS & AIKMAN CORP. (A) 100 650
DONNA KARAN INTERNATIONAL, INC. (A) 100 756
FRUIT OF THE LOOM, INC. CLASS A (A) 900 20,194
INTERFACE, INC. CLASS A 900 11,025
INTIMATE BRANDS, INC. CLASS A 2,300 42,550
JONES APPAREL GROUP, INC. (A) 700 13,563
KELLWOOD CO. 200 5,338
LIZ CLAIBORNE, INC. 700 19,950
MOHAWK INDUSTRIES, INC. (A) 200 5,313
NAUTICA ENTERPRISES, INC. (A) 700 13,519
NIKE, INC. CLASS B 1,800 62,438
NINE WEST GROUP, INC. (A) 300 4,781
NORTH FACE, INC. (A) 500 5,125
PACIFIC SUNWEAR OF CALIFORNIA, INC. (A) 400 7,300
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
DURABLES - CONTINUED
TEXTILES & APPAREL - CONTINUED
POLO RALPH LAUREN CORP. CLASS A (A) 700 $ 15,356
REEBOK INTERNATIONAL LTD. (A) 300 4,856
RUSSELL CORP. 700 22,138
SHAW INDUSTRIES, INC. 888 13,431
SPORT-HALEY, INC. (A) 100 1,100
SPRINGS INDUSTRIES, INC. CLASS A 300 9,919
ST. JOHN KNITS, INC. 200 3,813
STRIDE RITE CORP. 800 7,000
TIMBERLAND CO. CLASS A (A) 100 4,263
UNIFI, INC. 400 8,900
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
VANS, INC. (A) 200 1,263
VF CORP. 1,200 45,450
WARNACO GROUP, INC. CLASS A 800 21,800
WESTPOINT STEVENS, INC. CLASS A (A) 700 20,738
WOLVERINE WORLD WIDE, INC. 1,000 10,563
406,292
TOTAL DURABLES 2,593,859
ENERGY - 5.1%
COAL - 0.0%
ZEIGLER COAL HOLDING CO. 100 1,975
ENERGY SERVICES - 0.6%
ATWOOD OCEANICS, INC. (A) 200 3,325
BAKER HUGHES, INC. 2,950 53,838
BJ SERVICES CO. (A) 400 5,050
CAL DIVE INTERNATIONAL, INC. (A) 500 6,438
CLIFFS DRILLING CO. (A) 100 1,419
DAWSON PRODUCTION SERVICES, INC. (A) 400 6,250
DIAMOND OFFSHORE DRILLING, INC. 1,300 27,138
DRESSER INDUSTRIES, INC. 900 23,006
ENSCO INTERNATIONAL, INC. 700 7,350
GLOBAL INDUSTRIES LTD. (A) 1,200 11,250
GLOBAL MARINE, INC. (A) 700 6,563
HALLIBURTON CO. 2,100 55,781
HELMERICH & PAYNE, INC. 400 6,500
KEY ENERGY GROUP, INC. (A) 300 1,856
MARINE DRILLING COMPANIES, INC. (A) 900 8,100
MAVERICK TUBE CORP. (A) 100 563
MCDERMOTT INTERNATIONAL, INC. 300 6,019
NABORS INDUSTRIES, INC. (A) 500 5,906
NEWPARK RESOURCES, INC. (A) 1,200 6,825
NOBLE DRILLING CORP. 700 7,700
OCEANEERING INTERNATIONAL, INC. (A) 100 931
OFFSHORE LOGISTICS, INC. (A) 100 900
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PARKER DRILLING CO. (A) 400 1,600
PATTERSON ENERGY, INC. (A) 600 2,513
POOL ENERGY SERVICES CO. (A) 200 1,425
PRIDE INTERNATIONAL, INC. (A) 1,000 7,938
R&B FALCON CORP. (A) 800 7,200
ROWAN COMPANIES, INC. (A) 500 4,625
SHARES VALUE (NOTE 1)
SCHLUMBERGER LTD. 3,500 $ 153,344
SEACOR SMIT, INC. (A) 300 10,350
SMITH INTERNATIONAL, INC. (A) 200 3,525
SUPERIOR ENERGY SERVICES, INC. (A) 100 347
TIDEWATER, INC. 800 16,800
TRANSOCEAN OFFSHORE, INC. 500 12,281
VARCO INTERNATIONAL, INC. (A) 300 2,138
ZAPATA CORP. 500 5,781
482,575
OIL & GAS - 4.5%
AMERADA HESS CORP. 900 44,213
AMERICAN INTERNATIONAL PETROLEUM CORP. (A) 100 100
AMOCO CORP. 6,800 308,125
ANADARKO PETROLEUM CORP. 1,200 34,500
APACHE CORP. 1,100 25,163
ASHLAND, INC. 800 36,450
ATLANTIC RICHFIELD CO. 2,500 145,000
BARRETT RESOURCES CORP. (A) 600 12,188
BELLWETHER EXPLORATION CO. (A) 100 494
BENTON OIL & GAS CO. (A) 100 494
BURLINGTON RESOURCES, INC. 1,700 50,256
CAMCO INTERNATIONAL, INC. 400 20,100
CHEVRON CORP. 4,600 340,688
COASTAL CORP. (THE) 1,300 33,800
COHO ENERGY, INC. (A) 300 1,350
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMSTOCK RESOURCES, INC. (A) 100 544
COOPER CAMERON CORP. (A) 600 12,750
DEVON ENERGY CORP. 600 15,863
EEX CORP. (A) 1,000 4,438
ENRON OIL & GAS CO. 1,800 23,400
EVERGREEN RESOURCES, INC. (A) 100 1,375
EVI WEATHERFORD, INC. (A) 480 7,320
EXXON CORP. 17,900 1,171,331
FORCENERGY, INC. (A) 300 1,706
FRIEDE GOLDMAN INTERNATIONAL, INC. (A) 500 5,219
FRONTIER OIL CORP. (A) 100 538
GOTHIC ENERGY CORP. (A) 200 119
GULF ISLAND FABRICATION, INC. (A) 300 3,000
HARKEN ENERGY CORP. (A) 1,100 3,369
HONDO OIL & GAS CO. (A) 200 13
HOUSTON EXPLORATION CO. (A) 100 1,463
IRI INTERNATIONAL CORP. (A) 500 2,500
KCS ENERGY, INC. 100 375
KELLEY OIL & GAS CORP. (A) 200 238
KERR-MCGEE CORP. 700 27,038
LOUIS DREYFUS NATURAL GAS CORP. (A) 200 2,263
MOBIL CORP. 5,900 407,838
MURPHY OIL CORP. 400 14,125
NATIONAL ENERGY GROUP, INC. (A) 500 188
NATIONAL-OILWELL, INC. (A) 200 1,550
NEWFIELD EXPLORATION CO. (A) 100 1,569
NOBLE AFFILIATES, INC. 500 11,563
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - CONTINUED
OIL & GAS - CONTINUED
NUEVO ENERGY CO. (A) 300 $ 4,894
OCCIDENTAL PETROLEUM CORP. 2,100 38,850
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
OCEAN ENERGY, INC. (A) 1,428 12,674
ORYX ENERGY CO. (A) 800 9,950
PANACO, INC. (A) 100 188
PATINA OIL & GAS CORP. 100 356
PENNZOIL CO. 400 14,300
PHILLIPS PETROLEUM CO. 1,600 65,300
PIONEER NATURAL RESOURCES CO. 1,400 20,563
POGO PRODUCING CO. 300 3,581
RANGE RESOURCES CORP. 100 681
RESOURCE AMERICA, INC. CLASS A 300 4,181
SANTA FE ENERGY RESOURCES, INC. 500 3,750
SEAGULL ENERGY CORP. (A) 500 4,438
SEVEN SEAS PETROLEUM, INC. (A) 500 4,875
SNYDER OIL CORP. 100 1,488
ST. MARY LAND & EXPLORATION CO. 300 4,969
SUN CO., INC. 400 13,225
SWIFT ENERGY CO. (A) 300 2,644
TESORO PETROLEUM CORP. (A) 600 7,725
TEXACO, INC. 4,400 244,475
TITAN EXPLORATION, INC. (A) 100 550
TOM BROWN, INC. (A) 800 8,900
TOSCO CORP. 1,600 35,200
ULTRAMAR DIAMOND SHAMROCK CORP. 1,100 25,438
UNIFAB INTERNATIONAL, INC. 100 850
UNION PACIFIC RESOURCES GROUP, INC. 2,500 21,406
UNOCAL CORP. 2,200 68,888
USX-MARATHON GROUP 2,200 57,200
VALERO REFINING & MARKETING CO. 400 7,150
VASTAR RESOURCES, INC. 500 19,000
VERITAS DGC, INC. (A) 400 6,000
VINTAGE PETROLEUM, INC. 300 2,344
3,490,649
TOTAL ENERGY 3,975,199
FINANCE - 16.3%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
BANKS - 6.8%
ADVANTA CORP. 200 2,263
AMSOUTH BANCORP. 1,350 46,406
ASSOCIATED BANC-CORP. 825 26,400
BANC ONE CORP. 4,803 182,514
BANK OF COMMERCE 300 3,450
BANK OF NEW YORK CO., INC. 5,000 120,938
BANKAMERICA CORP. 4,800 307,500
BANKBOSTON CORP. 2,300 82,081
BB&T CORP. 1,832 51,640
CAPITAL ONE FINANCIAL CORP. 400 35,000
CHASE MANHATTAN CORP. 6,100 323,300
CITICORP 3,200 346,000
SHARES VALUE (NOTE 1)
CITY NATIONAL CORP. 600 $ 16,725
CNB BANCSHARES, INC. 213 9,159
COLONIAL BANCGROUP, INC. 400 4,650
COMERICA, INC. 1,400 73,150
COMMERCE BANCSHARES, INC. 800 32,000
COMMUNITY FIRST BANKSHARES, INC. 1,000 17,000
COMPASS BANCSHARES, INC. 700 23,100
CRESTAR FINANICAL CORP. 1,100 55,550
CULLEN FROST BANKERS, INC. 300 12,825
FIFTH THIRD BANCORP 2,201 117,066
FIRST AMERICAN CORP. 917 32,897
FIRST HAWAIIAN, INC. 300 8,813
FIRST SECURITY CORP. 2,000 31,000
FIRST TENNESSEE NATIONAL CORP. 1,500 35,719
FIRST UNION CORP. 6,805 330,043
FIRST VIRGINIA BANKS, INC. 700 30,100
FIRSTAR CORP. 1,300 50,375
FIRSTMERIT CORP. 300 6,638
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FULTON FINANCIAL CORP. 125 2,453
HIBERNIA CORP. CLASS A 1,900 25,650
HUBCO, INC. 1,076 28,514
HUNTINGTON BANCSHARES, INC. 2,110 48,003
KEYCORP 3,800 96,900
KEYSTONE FINANCIAL, INC. 600 16,725
M&T BANK CORP. 12 4,920
MARSHALL & ILSLEY CORP. 1,100 48,400
MELLON BANK CORP. 1,700 88,400
MERCANTILE BANCORP., INC. 1,400 61,513
MERCANTILE BANKSHARES CORP. 700 19,600
MORGAN (JP) & CO., INC. 1,400 130,200
NATIONAL CITY CORP. 2,710 159,213
NATIONAL COMMMERCE BANCORP 1,000 16,750
NATIONSBANK CORP. 6,875 391,875
NORTH FORK BANCORP, INC. 1,678 31,882
NORTHERN TRUST CORP. 1,100 61,325
NORWEST CORP. 5,700 169,575
PACIFIC CENTURY FINANCIAL CORP. 900 13,275
PEOPLES HERITAGE FINANCIAL GROUP, INC. 1,332 20,896
PNC FINANCIAL CORP. 2,200 94,600
POPULAR, INC. 800 22,400
PROVIDENT FINANCIAL GROUP, INC. 300 11,475
PROVIDIAN FINANCIAL CORP. 800 51,350
R&G FINANCIAL CORP. CLASS B 200 3,075
REGIONS FINANCIAL CORP. 2,058 71,258
REPUBLIC OF NEW YORK CORP. 1,200 49,500
RIGGS NATIONAL CORP. 500 11,000
SANDWICH BANCORP, INC. 100 5,713
SILICON VALLEY BANCSHARES (A) 500 12,219
SOUTHTRUST CORP. 1,600 51,800
STAR BANC CORP. 1,238 67,935
STATE STREET CORP. 1,400 72,888
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SUMMIT BANCORP 1,700 58,013
SUNTRUST BANKS, INC. 1,800 100,800
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
BANKS - CONTINUED
SYNOVUS FINANICAL CORP. 1,300 $ 23,644
T R FINANCIAL CORP. 400 8,275
TRUSTMARK CORP. 400 6,950
U.S. BANCORP 5,100 174,038
UNION PLANTERS CORP. 1,187 47,777
UNIONBANCAL CORP. 200 14,975
UNITED BANKSHARES, INC. 600 14,925
US TRUST CORP. 300 18,000
UST CORP. 841 13,877
VALLEY NATIONAL BANCORP 325 8,856
WACHOVIA CORP. 1,763 129,250
WELLS FARGO & CO. 700 197,313
WESTAMERICA BANCORP. 900 21,825
WHITNEY HOLDING CORP. 100 3,663
WILMINGTON TRUST CORP. 100 4,675
ZIONS BANCORP 868 33,310
5,255,750
CREDIT & OTHER FINANCE - 1.8%
AAMES FINANCIAL CORP. 500 3,250
ALLIED CAPITAL CORP. 800 12,800
AMERICAN EXPRESS CO. 3,300 257,400
AMERICREDIT CORP. (A) 500 12,469
ARCADIA FINANCIAL LTD. (A) 300 1,069
ASSOCIATES FIRST CAPITAL CORP. 2,705 159,933
CASH AMERICA INTERNATIONAL, INC. 400 4,850
CIT GROUP, INC. CLASS A 1,400 35,963
COAST FEDERAL LITIGATION CONTINGENT PAYMENTS RIGHTS TRUST RIGHTS 200 2,013
12/31/00 (A)
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CONCORD EFS, INC. (A) 950 18,763
CONSUMER PORTFOLIO SERVICES, INC. (A) 100 191
CONTIFINANCIAL CORP. (A) 400 5,050
COUNTRYWIDE CREDIT INDUSTRIES, INC. 600 22,463
CREDIT ACCEPTANCE CORP. (A) 200 1,275
DORAL FINANCIAL CORP. 600 9,000
EQUITABLE COMPANIES (THE), INC. 1,500 85,781
FINOVA GROUP, INC. 600 26,775
FIRST ALLIANCE CORP. (A) 400 3,000
FIRST CHICAGO NBD CORP. 2,200 139,425
FIRSTPLUS FINANCIAL GROUP, INC. (A) 200 4,550
FLEET FINANCIAL GROUP, INC. 2,115 138,665
FRANCHISE MORTGAGE ACCEPTANCE CO. (A) 300 4,838
GREENPOINT FINANCIAL CORP. 1,100 27,706
HEALTHCARE FINANCIAL PARTNERS, INC. (A) 300 9,150
HELLER FINANCIAL, INC. CLASS A 500 9,875
HOUSEHOLD INTERNATIONAL, INC. 3,719 137,371
IMC MORTGAGE CO. (A) 400 2,700
IMPERIAL CREDIT INDUSTRIES (A) 700 9,538
INSIGNIA FINANCIAL GROUP CLASS A (A) 500 8,781
LIFE FINANCIAL CORP. (A) 200 1,225
LONG BEACH FINANCIAL CORP. (A) 400 3,200
SHARES VALUE (NOTE 1)
MBNA CORP. 3,400 $ 79,900
MERCURY FINANCE CO. (A) 2,800 266
METRIS COMPANIES, INC. 300 17,700
OLD KENT FINANCIAL CORP. 1,140 36,765
RESOURCE BANCSHARES MORTGAGE 605 9,529
GROUP, INC.
SOUTHERN PACIFIC FUNDING CORP. (A) 600 4,875
TRANSAMERICA CORP. 400 41,025
UNITED COMPANIES FINANCIAL CORP. 300 4,200
1,353,329
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FEDERAL SPONSORED CREDIT - 0.8%
FANNIE MAE 7,400 420,413
FREDDIE MAC 4,700 185,650
SLM HOLDING CORP. 1,050 37,669
643,732
INSURANCE - 4.7%
20TH CENTURY INDUSTRIES, INC. 100 2,475
AETNA, INC. 1,300 78,244
AFLAC, INC. 1,600 40,200
ALFA CORP. 100 1,875
ALLIED GROUP, INC. 300 14,081
ALLMERICA FINANCIAL CORP. 600 35,775
ALLSTATE CORP. 5,800 217,500
AMBAC, INC. 800 37,750
AMERICAN ANNUITY GROUP, INC. 200 4,375
AMERICAN BANKERS INSURANCE GROUP, INC. 200 10,375
AMERICAN FINANCIAL GROUP, INC. 300 9,975
AMERICAN GENERAL CORP. 1,629 104,663
AMERICAN INTERNATIONAL GROUP, INC. 7,600 587,575
AMERIN CORP. (A) 500 11,406
AMERUS LIFE HOLDINGS, INC. 67 1,784
AON CORP. 1,200 75,075
ARGONAUT GROUP, INC. 200 5,150
ARM FINANCIAL GROUP, INC. CLASS A 600 8,700
ATLANTIC AMERICAN CORP. (A) 100 438
BERKLEY (W.R.) CORP. 500 15,813
BERKSHIRE HATHAWAY, INC. CLASS A (A) 9 544,500
CHICAGO TITLE CORP. 300 10,556
CHOICEPOINT, INC. (A) 100 3,963
CHUBB CORP. (THE) 1,400 87,500
CIGNA CORP. 1,400 81,463
CINCINNATI FINANCIAL CORP. 1,100 36,988
CITIZENS CORP. 100 2,531
CMAC INVESTMENTS CORP. 500 19,250
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CNA FINANCIAL CORP. (A) 1,000 36,625
COMMERCE GROUP, INC. 100 2,625
CONSECO, INC. 2,040 56,355
DELPHI FINANCIAL GROUP, INC. CLASS A 200 8,350
ENHANCE FINANCIAL SERVICES GROUP, INC. 400 10,050
ENVOY CORP. (A) 400 8,700
ERIE INDEMNITY CO. CLASS A 200 5,250
EVEREST REINSURANCE HOLDINGS, INC. 700 24,500
EXECUTIVE RISK, INC. 300 10,800
FIDELITY NATIONAL FINANCIAL, INC. 210 5,814
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
INSURANCE - CONTINUED
FINANCIAL SECURITY ASSURANCE 500 $ 24,688
HOLDINGS LTD.
FIRST AMERICAN FINANCIAL CORP. 700 18,025
FIRST HEALTH GROUP CORP. (A) 200 4,038
FREMONT GENERAL CORP. 200 8,550
FRONTIER INSURANCE GROUP, INC. 330 4,558
GENERAL RE CORP. 500 103,750
HARLEYSVILLE GROUP, INC. 100 1,950
HARTFORD FINANCIAL SERVICES GROUP, INC. 2,000 89,500
HARTFORD LIFE, INC. CLASS A 400 20,500
HCC INSURANCE HOLDINGS, INC. 300 5,606
HEALTHCARE RECOVERIES, INC. (A) 400 3,900
HEALTHPLAN SERVICES CORP. 100 1,081
HORACE MANN EDUCATORS CORP. 600 16,725
HSB GROUP, INC. 400 17,350
INSPIRE INSURANCE SOLUTIONS, INC. 300 5,513
JEFFERSON-PILOT CORP. 1,000 56,750
JOHN ALDEN FINANCIAL CORP. 600 13,463
LANDAMERICA FINANCIAL GROUP, INC. 300 14,906
LIFE RE CORP. 200 17,950
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
LINCOLN NATIONAL CORP. 900 77,400
LOEWS CORP. 700 59,063
MARSH & MCLENNAN COMPANIES, INC. 2,250 109,125
MBIA, INC. 493 27,670
MERCURY GENERAL CORP. 700 25,594
MGIC INVESTMENT CORP. 1,200 49,800
NAC RE CORP. 400 18,875
NATIONWIDE FINANCIAL SERVICES, INC. 400 17,875
CLASS A
OHIO CASUALTY CORP. 500 18,750
OLD REPUBLIC INTERNATIONAL CORP. 750 16,734
ORION CAPITAL CORP. 600 22,350
PENNCORP FINANCIAL GROUP, INC. 1,100 3,850
PMI GROUP, INC. 500 27,688
PRESIDENTIAL LIFE CORP. 100 1,988
PROGRESSIVE CORP. 400 38,975
PROTECTIVE LIFE CORP. 200 6,175
PROVIDENT COMPANIES, INC. 1,100 39,600
RELIANCE GROUP HOLDINGS, INC. 600 7,575
RELIASTAR FINANCIAL CORP. 1,000 39,250
SAFECO CORP. 1,400 56,875
SELECTIVE INSURANCE GROUP, INC. 200 3,556
ST. PAUL COMPANIES, INC. (THE) 2,106 64,365
STEWART INFORMATION SERVICES CORP. 200 10,425
SUNAMERICA, INC. 1,300 80,519
TIG HOLDINGS, INC. 600 8,288
TORCHMARK CORP. 1,400 50,050
TRANSATLANTIC HOLDINGS, INC. 100 8,119
TRAVELERS PROPERTY CASUALTY CORP. 900 29,644
CLASS A
UICI (A) 600 9,113
SHARES VALUE (NOTE 1)
UNITRIN, INC. 600 $ 33,825
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
UNUM CORP. 1,300 57,200
VESTA INSURANCE GROUP CORP. 400 3,775
3,671,943
SAVINGS & LOANS - 0.6%
AHMANSON (H.F.) & CO. 560 29,855
ALBANK FINANCIAL CORP. 300 14,888
ASTORIA FINANCIAL CORP. 600 21,600
BANK PLUS CORP. (A) 1,100 8,388
BANK UNITED CORP. CLASS A 600 19,950
BANKUNITED FINANCIAL CORP. CLASS A (A) 500 4,313
BAY VIEW CAPITAL CORP. 400 6,800
CHARTER ONE FINANCIAL, INC. 1,500 34,500
COMMERCIAL FEDERAL CORP. 750 16,500
DIME BANCORP, INC. 600 11,400
GOLDEN STATE BANCORP, INC. 1,036 16,447
GOLDEN STATE BANCORP, INC. LITIGATION 400 1,800
WARRANTS 1/1/01 (A)
GOLDEN WEST FINANCIAL CORP. 300 22,838
INDEPENDENCE COMMUNITY BANK CORP. (A) 400 4,400
LONG ISLAND BANCORP, INC. 400 15,000
OCWEN FINANCIAL CORP. (A) 300 4,575
PEOPLE'S BANK 100 2,100
PEOPLES BANCORP, INC. 400 2,788
PROVIDENT BANCSHARES CORP. 415 9,338
RELIANCE BANCORP, INC. 300 7,819
REPUBLIC SECURITY FINANCIAL CORP. 200 1,500
ROSLYN BANCORP, INC. 1,000 13,750
SECURITY FIRST NETWORK BANK (A) 300 3,675
SIS BANCORP., INC. 400 13,400
SOVEREIGN BANCORP, INC. 1,934 23,571
ST. PAUL BANCORP, INC. 1,200 20,700
STERLING FINANCIAL CORP. WASHINGTON (A) 100 1,475
TCF FINANCIAL CORP. 1,200 26,475
WASHINGTON FEDERAL, INC. 610 13,801
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
WASHINGTON MUTUAL, INC. 2,900 92,800
WEBSTER FINANCIAL CORP. 568 11,715
WESTERNBANK PUERTO RICO 200 2,600
480,761
SECURITIES INDUSTRY - 1.6%
ACACIA RESEARCH CORP. (A) 400 1,450
ALLIANCE CAPITAL MANAGEMENT LP 800 16,550
AMERITRADE HOLDING CORP. CLASS A (A) 600 8,550
BEAR STEARNS COMPANIES, INC. 800 29,550
DONALDSON LUFKIN & JENRETTE, INC. 700 24,500
EDWARDS (A.G.), INC. 1,000 27,125
FRANKLIN RESOURCES, INC. 2,000 64,500
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CLASS A (A) 300 1,913
HAMBRECHT & QUIST GROUP (A) 400 8,100
LEGG MASON, INC. 400 19,000
LEHMAN BROTHERS HOLDINGS, INC. 700 27,563
MARKET GUIDE, INC. (A) 300 1,219
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
SECURITIES INDUSTRY - CONTINUED
MERRILL LYNCH & CO., INC. 2,400 $ 158,400
MORGAN STANLEY, DEAN WITTER, DISCOVER AND CO. 4,300 249,669
NVEST L.P. 100 2,606
PAINEWEBBER GROUP, INC. 850 29,538
PIMCO ADVISORS HOLDINGS LP UNIT 767 21,428
PIONEER GROUP, INC. 600 10,763
PRICE (T. ROWE) ASSOCIATES, INC. 1,200 36,525
RAYMOND JAMES FINANCIAL, INC. 250 4,297
SCHWAB (CHARLES) CORP. 1,800 53,775
SECURITY CAPITAL GROUP, INC. CLASS B (A) 600 12,750
TRAVELERS GROUP, INC. (THE) 8,269 366,937
UNITED ASSET MANAGEMENT CORP. 1,000 21,750
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
WADDELL & REED FINANCIAL, INC. CLASS A 500 8,313
ZITEL CORP. (A) 200 506
1,207,277
TOTAL FINANCE 12,612,792
HEALTH - 10.7%
DRUGS & PHARMACEUTICALS - 6.8%
ADVANCED TISSUE SCIENCES, INC. (A) 400 812
AGOURON PHARMACEUTICALS, INC. (A) 500 9,625
ALGOS PHARMACEUTICAL CORP. (A) 300 6,394
ALKERMES, INC. (A) 300 3,281
ALLERGAN SPECIALTY THERAPEUTICS, INC. CLASS A 15 145
ALLERGAN, INC. 700 33,075
ALPHARMA, INC. CLASS A 100 2,375
ALZA CORP. CLASS A. 900 32,400
AMERICAN HOME PRODUCTS CORP. 9,400 471,175
AMGEN, INC. (A) 1,700 103,488
ANDRX CORP. (A) 300 8,794
ANESTA CORP. (A) 100 1,225
ARQULE, INC. (A) 400 1,800
AVIRON (A) 200 4,338
AXYS PHARMACEUTICALS, INC. (A) 335 1,330
BARR LABORATORIES, INC. (A) 200 5,125
BIO-TECHNOLOGY GENERAL CORP. (A) 600 2,550
BIOGEN, INC. (A) 700 32,375
BIOMATRIX, INC. (A) 200 8,763
BIOTIME, INC. (A) 200 1,175
BRISTOL-MYERS SQUIBB CO. 7,200 704,700
CELGENE CORP. (A) 100 594
CELL GENESYS, INC. (A) 100 419
CENTOCOR, INC. (A) 700 22,750
CEPHALON, INC. (A) 200 806
CHIRON CORP. (A) 1,800 25,875
COLUMBIA LABORATORIES, INC. (A) 100 250
COR THERAPEUTICS, INC. (A) 100 953
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COULTER PHARMACEUTICAL, INC. (A) 200 2,800
SHARES VALUE (NOTE 1)
CREATIVE BIOMOLECULES, INC. (A) 100 $ 275
CURATIVE HEALTH SERVICES, INC. (A) 100 2,475
CYTYC CORP. (A) 200 1,600
DEPOTECH CORP. (A) 100 125
DURA PHARMACEUTICALS, INC. (A) 600 9,900
ENTREMED, INC. (A) 200 3,388
ENZO BIOCHEM, INC. 105 827
ENZON, INC. (A) 100 406
FOREST LABORATORIES, INC. (A) 400 13,100
GENENTECH, INC. (SPECIAL) (A) 1,100 72,600
GENZYME CORP. (A) 900 24,300
GERON CORP. (A) 200 844
GILEAD SCIENCES, INC. (A) 500 9,125
GLIATECH, INC. (A) 300 3,938
GUILFORD PHARMACEUTICALS, INC. (A) 300 3,563
HEMISPHERX BIOPHARMA, INC. (A) 600 5,100
HERBALIFE INTERNATIONAL, INC. CLASS A 33 439
HUMAN GENOME SCIENCES, INC. (A) 400 9,900
ICN PHARMACEUTICALS, INC. 300 4,613
ICOS CORP. (A) 600 8,925
IDEC PHARMACEUTICALS CORP. (A) 400 7,200
IDEXX LABORATORIES, INC. (A) 200 3,500
IGEN INTERNATIONAL, INC. (A) 200 4,400
IMMUNEX CORP. (A) 400 20,250
INCYTE PHARMACEUTICALS, INC. (A) 400 7,750
INHALE THERAPEUTIC SYSTEMS, INC. (A) 300 6,525
INTEGRATED PROCESS EQUIPMENT CORP. (A) 200 1,100
ISIS PHARMACEUTICALS CO. (A) 300 2,175
JONES PHARMA, INC. 400 8,350
KOS PHARMACEUTICALS, INC. 300 1,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
LIFE TECHNOLOGIES, INC. 500 16,563
LIGAND PHARMACEUTICALS, INC. CLASS B (A) 600 3,450
LILLY (ELI) & CO. 8,000 524,000
MEDICIS PHARMACEUTICAL CORP. CLASS A (A) 300 9,825
MEDIMMUNE, INC. (A) 300 14,475
MERCK & CO., INC. 8,700 1,008,656
MICROVISION, INC. (A) 100 700
MILLENNIUM PHARMACEUTICALS, INC. (A) 400 4,600
MYLAN LABORATORIES, INC. 1,200 27,450
NATURES SUNSHINE PRODUCTS, INC. 100 1,413
NBTY, INC. (A) 800 7,300
NEORX CORP. (A) 700 1,859
NEOTHERAPEUTICS, INC. (A) 300 1,800
NEXSTAR PHARMECEUTICALS, INC. (A) 100 666
ORGANOGENESIS, INC. 250 2,172
PAREXEL INTERNATIONAL CORP. (A) 400 9,950
PATHOGENESIS CORP. (A) 400 9,000
PFIZER, INC. 9,500 883,500
PHARMACEUTICAL PRODUCT 400 8,150
DEVELOPMENT, INC. (A)
PHARMACOPEIA, INC. (A) 100 1,039
PHARMACYCLICS, INC. (A) 200 2,938
PROTEIN DESIGN LABS, INC. (A) 200 3,400
QUINTILES TRANSNATIONAL CORP. (A) 800 28,600
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
REXALL SUNDOWN, INC. (A) 700 $ 12,775
SANGSTAT MEDICAL CORP. (A) 200 3,325
SCHERING-PLOUGH CORP. 5,300 464,413
SCIOS, INC. (A) 400 1,900
SEPRACOR, INC. (A) 300 14,288
SEROLOGICALS CORP. (A) 150 2,550
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SIGMA-ALDRICH CORP. 1,100 30,525
SUGEN, INC. (A) 400 4,500
TECHNICAL CHEMICALS & PRODUCTS, INC. (A) 100 175
TEXAS BIOTECHNOLOGY CORP. (A) 100 263
THERAGENICS CORP. (A) 600 7,575
TWINLAB CORP. (A) 500 14,563
VERTEX PHARMACEUTICALS, INC. (A) 500 7,625
VICAL, INC. (A) 400 3,063
VIVUS, INC. (A) 200 600
WARNER-LAMBERT CO. 5,900 384,975
WATSON PHARMACEUTICALS, INC. (A) 500 22,531
5,274,737
MEDICAL EQUIPMENT & SUPPLIES - 3.0%
ABBOTT LABORATORIES 11,100 427,350
ADAC LABORATORIES (A) 400 8,975
ALLEGIANCE CORP. 600 16,950
AMERISOURCE HEALTH CORP. CLASS A (A) 300 14,119
ATL ULTRASOUND, INC. 100 4,969
BARD (C.R.), INC. 800 26,200
BAUSCH & LOMB, INC. 700 29,619
BAXTER INTERNATIONAL, INC. 1,900 101,175
BECTON, DICKINSON & CO. 2,000 66,625
BERGEN BRUNSWIG CORP. CLASS A 600 20,475
BINDLEY WESTERN INDUSTRIES, INC. 266 6,983
BIOMET, INC. 1,200 32,250
BOSTON SCIENTIFIC CORP. (A) 1,300 90,025
CARDINAL HEALTH, INC. 1,190 104,125
COHERENT, INC. (A) 200 1,788
CONMED CORP. (A) 100 2,031
COOPER COMPANIES, INC. (A) 100 2,006
CYBERONICS, INC. (A) 200 1,163
CYGNUS, INC. (A) 100 325
DATASCOPE CORP. 300 6,113
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DENTSPLY INTERNATIONAL, INC. 800 17,075
DEPUY, INC. 1,000 34,375
ECLIPSE SURGICAL TECHNOLOGIES (A) 300 1,688
FONAR CORP. 200 263
GUIDANT CORP. 1,000 61,750
HAEMONETICS CORP. (A) 100 1,569
HEARTPORT, INC. (A) 200 825
HILLENBRAND INDUSTRIES, INC. 300 16,069
HOLOGIC, INC. (A) 200 2,688
I-STAT CORP. (A) 100 763
IMATRON, INC. (A) 1,500 2,109
SHARES VALUE (NOTE 1)
INCONTROL, INC. (A) 900 $ 5,175
INTERPORE INTERNATIONAL (A) 100 375
INVACARE CORP. 700 14,175
JOHNSON & JOHNSON 9,700 669,300
MALLINCKRODT, INC. 1,000 22,875
MARQUETTE MEDICAL SYSTEMS, INC. (A) 100 2,381
MCKESSON CORP. 800 60,000
MEDTRONIC, INC. 3,200 164,400
MENTOR CORP. 600 8,775
MILLIPORE CORP. 400 8,675
MINIMED, INC. (A) 200 10,200
NCS HEALTHCARE, INC. (A) 500 8,438
NEOPROBE CORP. (A) 100 100
NOVOSTE CORP. (A) 500 6,500
OAKLEY, INC. (A) 400 4,025
OCULAR SCIENCES, INC. (A) 300 5,306
OMNICARE, INC. 1,000 31,188
OSTEOTECH, INC. (A) 300 6,863
PALL CORP. 1,500 30,750
PATTERSON DENTAL CO. (A) 400 11,925
PERCLOSE, INC. (A) 300 5,156
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PERRIGO CO. (A) 600 5,100
PHARMERICA, INC. (A) 1,836 7,172
PHYSIO-CONTROL INTERNATIONAL CORP. (A) 400 10,250
PLC SYSTEMS, INC. (A) 400 1,775
PSS WORLD MEDICAL, INC. (A) 900 13,838
QUIGLEY CORP. (A) 200 1,438
RESMED, INC. (A) 200 7,400
RESPIRONICS, INC. (A) 500 5,750
SABRATEK CORP. (A) 300 5,513
SONOSIGHT, INC. (A) 33 186
SONUS PHARMACEUTICALS, INC. (A) 200 1,800
SPACELABS MEDICAL, INC. (A) 500 8,594
ST. JUDE MEDICAL, INC. (A) 472 10,414
STERIS CORP. (A) 800 19,100
STRYKER CORP. 500 16,063
SYBRON INTERNATIONAL, INC. (A) 500 9,094
TELEFLEX, INC. 200 6,300
THERMO CARDIOSYSTEMS, INC. (A) 100 1,500
U.S. SURGICAL CORP. 600 23,963
UROMED CORP. (A) 20 26
VISX, INC. (A) 200 9,600
WESLEY JESSEN VISIONCARE, INC. (A) 400 6,800
ZONAGEN, INC. (A) 200 2,938
2,353,636
MEDICAL FACILITIES MANAGEMENT - 0.9%
ALTERNATIVE LIVING SERVICES, INC. (A) 500 8,875
AMERICAN HEALTHCORP, INC. 100 750
AMERICAN HOMEPATIENT, INC. (A) 300 1,838
AMERICAN ONCOLOGY RESOURCES, INC. (A) 200 1,700
AMSURG CORP. CLASS A (A) 9 59
APRIA HEALTHCARE GROUP, INC. (A) 400 1,675
ARV ASSISTED LIVING, INC. (A) 100 850
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
MEDICAL FACILITIES MANAGEMENT - CONTINUED
ATRIA COMMUNITIES, INC. (A) 400 $ 7,625
BEVERLY ENTERPRISES, INC. 1,000 7,875
COLUMBIA/HCA HEALTHCARE CORP. 4,400 99,275
COMPDENT CORP. (A) 200 2,975
CONCENTRA MANAGED CARE, INC. (A) 900 11,531
COVANCE, INC. (A) 300 6,675
COVENTRY HEALTH CARE, INC. (A) 300 1,350
FOUNDATION HEALTH SYSTEMS, INC. 800 8,950
CLASS A (A)
FPA MEDICAL MANAGEMENT, INC. (A) 500 35
GENESIS HEALTH VENTURES, INC. (A) 800 9,500
HEALTH CARE & RETIREMENT CORP. (A) 700 17,850
HEALTH MANAGEMENT ASSOCIATES, INC. CLASS A (A) 1,450 26,191
HEALTHSOUTH CORP. (A) 2,719 51,491
HUMANA, INC. (A) 1,300 16,900
IMPATH, INC. (A) 300 7,088
INTEGRATED HEALTH SERVICES, INC. 700 13,563
LINCARE HOLDINGS, INC. (A) 700 23,756
MANOR CARE, INC. 200 4,800
MARINER POST-ACUTE NETWORK, INC. (A) 1,100 7,838
MEDICAL RESOURCES, INC. (A) 66 272
MEDQUIST, INC. (A) 500 10,500
MID-ATLANTIC MEDICAL SERVICES, INC. (A) 200 1,113
NOVACARE, INC. (A) 300 2,194
ORTHODONTIC CENTERS OF AMERICA, INC. (A) 500 7,094
OXFORD HEALTH PLANS, INC. (A) 400 2,450
PACIFICARE HEALTH SYTEMS, INC. CLASS B (A) 400 25,200
PEDIATRIX MEDICAL GROUP (A) 100 3,894
PHYCOR, INC. (A) 400 2,775
PHYMATRIX CORP. (A) 200 563
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PHYSICIAN RELIANCE NETWORK, INC. (A) 300 2,381
QUEST DIAGONOSTICS, INC. (A) 100 1,663
QUORUM HEALTH GROUP, INC. (A) 1,000 19,000
RENAL CARE GROUP, INC. (A) 750 15,141
RES-CARE, INC. (A) 200 2,912
SUN HEALTHCARE GROUP, INC. (A) 1,200 10,500
SUNRISE ASSISTED LIVING, INC. (A) 400 10,550
TENET HEALTHCARE CORP. (A) 1,900 49,044
TOTAL RENAL CARE HOLDINGS, INC. (A) 967 18,373
TRIGON HEALTHCARE, INC. (A) 700 19,338
UNITED DENTAL CARE, INC. (A) 300 5,250
UNITED HEALTHCARE CORP. 1,100 39,738
UNIVERSAL HEALTH SERVICES, INC. CLASS B (A) 500 19,375
UROLOGIX, INC. (A) 200 950
VENTAS, INC. 400 4,250
WELLPOINT HEALTH NETWORKS, INC. (A) 600 32,025
647,560
TOTAL HEALTH 8,275,933
SHARES VALUE (NOTE 1)
HOLDING COMPANIES - 0.1%
CINERGY CORP. 1,800 $ 62,550
LEUCADIA NATIONAL CORP. 100 2,769
TRIARC COMPANIES, INC. CLASS A (A) 100 1,494
U.S. INDUSTRIES, INC. 1,300 18,038
84,851
INDUSTRIAL MACHINERY & EQUIPMENT - 4.5%
ELECTRICAL EQUIPMENT - 3.2%
ADTRAN, INC. (A) 400 8,600
ADVANCED LIGHTING TECHNOLOGIES, INC. (A) 100 1,625
AMERICAN POWER CONVERSION CORP. (A) 900 24,300
AMTECH CORP. (A) 100 475
ANICOM, INC. (A) 100 850
ANTEC CORP. (A) 600 9,638
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AVID TECHNOLOGY, INC. (A) 400 10,100
BMC INDUSTRIES, INC. 300 1,200
CALIFORNIA MICROWAVE, INC. (A) 100 1,075
CYBEROPTICS CORP. (A) 100 1,250
CYMER, INC. (A) 300 3,075
EMERSON ELECTRIC CO. 3,543 201,951
GENERAL ELECTRIC CO. 24,000 1,920,000
GENERAL INSTRUMENT CORP. (A) 1,200 23,850
GENERAL SIGNAL CORP. 700 25,725
GENLYTE GROUP, INC. (A) 300 5,100
GRAINGER (W.W.), INC. 1,100 43,106
HARRIS CORP. 1,000 31,875
HONEYWELL, INC. 1,100 68,750
HUBBELL, INC. CLASS B 800 28,600
HUGHES SUPPLY, INC. 100 2,725
IEC ELECTRONICS CORP. (A) 100 425
INNOVA CORP. 300 863
LITTELFUSE, INC. (A) 400 6,700
MAGNETEK, INC. (A) 100 1,300
OMNIPOINT CORP. (A) 700 7,700
ORTEL CORP. (A) 300 3,413
PINNACLE SYSTEMS (A) 200 6,025
POWERWAVE TECHNOLOGIES, INC. (A) 300 1,969
ROFIN SINAR TECHNOLOGIES, INC. (A) 300 3,075
ROPER INDUSTRIES, INC. 100 1,700
SCIENTIFIC-ATLANTA, INC. 500 8,844
SENSORMATIC ELECTRONICS CORP. (A) 400 3,050
SLI, INC. (A) 350 4,813
SMITH (A.O.) CORP. CLASS B 150 2,831
TRANSCRYPT INTERNATIONAL, INC. (A) 300 788
VWR SCIENTIFIC PRODUCTS CORP. (A) 200 4,950
ZOLTEK COMPANIES, INC. (A) 100 1,300
2,473,616
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
INDUSTRIAL MACHINERY & EQUIPMENT - 1.0%
AGCO CORP. 400 3,450
APPLIED POWER, INC. CLASS A 600 14,888
ASTEC INDUSTRIES, INC. (A) 300 10,575
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
BRIGGS & STRATTON CORP. 400 $ 14,725
CASE CORP. 800 21,600
CATERPILLAR, INC. 2,500 105,469
CINCINNATI MILACRON, INC. 200 3,875
COOPER INDUSTRIES, INC. 1,200 51,075
CUNO, INC. (A) 400 6,050
DEERE & CO. 2,000 65,875
DOVER CORP. 2,100 57,225
DT INDUSTRIES, INC. 300 4,416
EXIDE CORP. 200 1,988
FLOW INTERNATIONAL CORP. (A) 600 5,925
FLOWSERVE CORP. 800 15,000
FSI INTERNATIONAL, INC. (A) 100 538
HARNISCHFEGER INDUSTRIES, INC. 800 12,850
ILLINOIS TOOL WORKS, INC. 1,600 77,500
INGERSOLL-RAND CO. 1,600 63,600
IONICS, INC. (A) 200 4,913
JLG INDUSTRIES, INC. 200 2,938
JLK DIRECT DISTRUTION, INC. CLASS A (A) 300 3,919
KENNAMETAL, INC. 500 12,969
KUHLMAN CORP. 300 7,088
MANITOWOC CO., INC. 100 2,631
MSC INDUSTRIAL DIRECT, INC. (A) 300 6,319
PARKER-HANNIFIN CORP. 1,200 34,800
PLASMA-THERM, INC. (A) 100 275
PRI AUTOMATION, INC. 200 2,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ROBOTIC VISION SYSTEMS, INC. (A) 100 325
STANLEY WORKS 700 27,563
STEWART & STEVENSON SERVICES, INC. 600 7,838
TENNECO, INC. 1,800 57,038
TIMKEN CO. 400 7,275
UCAR INTERNATIONAL, INC. (A) 300 5,438
ULTRATECH STEPPER, INC. (A) 200 3,463
UNITED STATES FILTER CORP. (A) 1,375 24,750
UNOVA, INC. 300 4,781
VALMONT INDUSTRIES, INC. 700 10,588
VEECO INSTRUMENTS, INC. (A) 200 4,525
768,560
POLLUTION CONTROL - 0.3%
ALLIED WASTE INDUSTRIES, INC. (A) 500 9,500
AMERICAN DISPOSAL SERVICES, INC. (A) 400 11,725
BROWNING-FERRIS INDUSTRIES, INC. 1,500 48,750
EASTERN ENVIRONMENTAL SERVICES, INC. (A) 500 12,875
FLANDERS CORP. (A) 300 1,181
OGDEN CORP. 200 4,613
SAFETY-KLEEN CORP. (A) 1,840 5,405
SUPERIOR SERVICES, INC. (A) 600 14,925
SHARES VALUE (NOTE 1)
WASTE MANAGEMENT, INC. 3,912 $ 172,617
WASTEMASTERS, INC. (A) 700 634
282,225
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 3,524,401
MEDIA & LEISURE - 5.1%
BROADCASTING - 1.8%
AMERICAN TOWER CORP. CLASS A (A) 1,000 15,750
CABLEVISION SYSTEMS CORP. CLASS A (A) 600 20,325
CAPSTAR BROADCASTING CORP. CLASS A (A) 500 8,469
CBS CORP. 5,000 130,000
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CD RADIO, INC. (A) 300 4,538
CHANCELLOR MEDIA CORP. (A) 1,100 39,256
CLEAR CHANNEL COMMUNICATIONS, INC. (A) 1,600 72,000
COMCAST CORP. CLASS A SPECIAL 2,500 93,438
COX COMMUNICATIONS, INC. CLASS A (A) 2,100 88,200
E.W. SCRIPPS CO. CLASS A 900 42,469
ECHOSTAR COMMUNICATIONS CORP. 300 5,288
CLASS A (A)
EMMIS COMMUNICATIONS CLASS A (A) 300 11,250
HEARST-ARGYLE TELEVISION, INC. (A) 200 6,588
HEFTEL BROADCASTING CORP. CLASS A (A) 500 15,125
JACOR COMMUNICATIONS, INC. CLASS A (A) 500 29,500
JONES INTERCABLE, INC. CLASS A (A) 600 13,050
MEDIAONE GROUP, INC. (A) 4,300 176,300
METROMEDIA FIBER NETWORK, INC. CLASS A 600 12,600
METROMEDIA INTERNATIONAL GROUP, INC. (A) 300 1,238
NTL, INC. (A) 400 15,975
PANAMSAT CORP. (A) 100 4,238
PAXSON COMMUNICATIONS CORP. (A) 400 3,650
RCN CORP. 800 11,125
SINCLAIR BROADCAST GROUP, INC. 600 9,638
CLASS A (A)
SMARTALK TELESERVICES, INC. (A) 900 5,681
TCA CABLE TV, INC. 800 18,400
TCI SATELLITE ENTERTAINMENT, INC. 400 1,600
CLASS A (A)
TELE-COMMUNICATIONS INTERNATIONAL, INC. SERIES A (A) 1,100 22,825
TELE-COMMUNICATIONS, INC. (TCI GROUP) SERIES A (A) 3,500 115,500
TIME WARNER, INC. 4,200 337,575
U.S. SATELLITE BROADCASTING CO., INC. 500 3,188
CLASS A (A)
UNITED INTERNATIONAL HOLDINGS, INC. 700 7,175
CLASS A (A)
UNITED VIDEO SATELLITE GROUP, INC. 400 6,100
CLASS A (A)
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
UNIVISION COMMUNICATIONS, INC. 500 13,313
CLASS A (A)
USA NETWORKS, INC. (A) 1,012 19,861
YOUNG BROADCASTING, INC. CLASS A (A) 200 10,338
1,391,566
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
ENTERTAINMENT - 1.0%
AMERICAN CLASSIC VOYAGES CO. (A) 100 $ 1,388
AMF BOWLING, INC. 400 4,825
BALLY TOTAL FITNESS HOLDING CORP. (A) 500 7,625
CARMIKE CINEMAS, INC. CLASS A (A) 200 3,900
CARNIVAL CORP. 4,000 115,500
CEDAR FAIR LP (DEPOSITORY UNIT) 100 2,200
DISNEY (WALT) CO. 14,800 406,075
FAMILY GOLF CENTERS, INC. (A) 500 7,563
FLORIDA PANTHERS HOLDINGS, INC. 100 1,081
CLASS A (A)
HARVEYS CASINO RESORTS 200 4,900
IMAGE ENTERTAINMENT, INC. (A) 700 2,494
K-TEL INTERNATIONAL, INC. (A) 500 3,250
KING WORLD PRODUCTIONS, INC. (A) 500 10,500
MGM GRAND, INC. (A) 494 14,172
PIXAR (A) 300 8,644
PLATINUM ENTERTAINMENT, INC. (A) 400 1,600
PREMIER PARKS, INC. (A) 800 13,000
RENTRAK CORP. (A) 400 1,625
SFX ENTERTAINMENT, INC. CLASS A (A) 400 12,550
SPELLING ENTERTAINMENT GROUP, INC. (A) 500 3,000
TELE-COMMUNICATIONS, INC. (TCI VENTURES GROUP) SERIES A (A) 3,200 53,200
VIACOM, INC. CLASS B (NON-VTG.) (A) 2,500 124,063
803,155
LEISURE DURABLES & TOYS - 0.3%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ARCTIC CAT, INC. 200 1,725
AUTHENTIC FITNESS CORP. 100 1,156
BRUNSWICK CORP. 1,300 19,419
CALLAWAY GOLF CO. 1,200 11,925
CHAMPION ENTERPRISES, INC. (A) 600 14,025
COACHMEN INDUSTRIES, INC. 300 5,606
COLEMAN, INC. (A) 300 3,038
GALOOB TOYS, INC. (A) 100 738
HARLEY-DAVIDSON, INC. 1,300 40,056
HASBRO, INC. 1,300 40,706
K2, INC. 100 1,844
MATTEL, INC. 2,500 80,938
NATIONAL R.V. HOLDINGS, INC. (A) 300 5,925
POLARIS INDUSTRIES, INC. 300 9,094
SILICON GAMING, INC. (A) 100 375
T-HQ, INC. (A) 300 3,394
WEST MARINE, INC. (A) 200 1,475
241,439
LODGING & GAMING - 0.3%
ANCHOR GAMING (A) 200 9,600
AZTAR CORP. (A) 300 1,294
BOYD GAMING CORP. (A) 300 1,200
CIRCUS CIRCUS ENTERPRISES, INC. (A) 800 8,200
EXTENDED STAY AMERICA, INC. (A) 500 4,375
SHARES VALUE (NOTE 1)
GTECH HOLDINGS CORP. (A) 400 $ 10,500
HARRAH'S ENTERTAINMENT, INC. (A) 500 7,219
HILTON HOTELS CORP. 2,300 47,725
HOST MARRIOTT CORP. (A) 1,200 16,800
INTERNATIONAL GAME TECHNOLOGY CORP. 800 15,500
INTERNATIONAL SPEEDWAY CORP. CLASS A 300 8,250
MEDITRUST CORP. UNIT 1,696 26,288
MERISTAR HOSPITALITY CORP. 1,000 16,875
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MIRAGE RESORTS, INC. (A) 1,400 20,825
PRIMADONNA RESORTS, INC. (A) 400 3,050
PRIME HOSPITALITY CORP. (A) 300 2,494
PROMUS HOTEL CORP. (A) 1,000 30,750
RIO HOTEL & CASINO, INC. (A) 200 2,988
SERVICO, INC. (A) 300 2,925
SPEEDWAY MOTORSPORTS, INC. (A) 200 3,250
STATION CASINOS, INC. (A) 300 1,650
SUBURBAN LODGES OF AMERICA, INC. (A) 200 1,650
TRUMP HOTELS & CASINO RESORTS, INC. (A) 700 2,144
WMS INDUSTRIES, INC. 200 938
246,490
PUBLISHING - 0.9%
ACNIELSEN CORP. (A) 900 18,056
AMERICAN GREETINGS CORP. CLASS A 900 32,963
APPLIED GRAPHICS TECHNOLOGIES, INC. (A) 360 7,358
BANTA CORP. 100 2,800
BELO (A.H.) CORP. CLASS A 1,500 27,750
CENTRAL NEWSPAPERS, INC. CLASS A 300 18,600
DOW JONES & CO., INC. 1,000 49,813
GANNETT CO., INC. 2,200 129,800
HARCOURT GENERAL, INC. 400 19,425
HOLLINGER INTERNATIONAL, INC. CLASS A 1,300 18,200
HOUGHTON MIFFLIN CO. 300 9,056
JOURNAL REGISTER CO. (A) 300 5,119
KNIGHT RIDDER, INC. 800 38,100
LEE ENTERPRISES, INC. 200 4,725
MCCLATCHY CO., THE CLASS A 100 3,000
MCGRAW-HILL COMPANIES, INC. 900 68,625
MEREDITH CORP. 200 6,713
NEW YORK TIMES CO. (THE) CLASS A 1,000 29,000
PRIMEDIA, INC. (A) 200 2,000
PULITZER PUBLISHING CO. 200 15,213
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
READER'S DIGEST ASSOCIATION, INC. CLASS A (NON-VTG.) 900 17,663
SCHOLASTIC CORP. (A) 100 3,875
TIMES MIRROR CO. CLASS A 900 51,469
TRIBUNE CO. 1,100 70,881
WASHINGTON POST CO. CLASS B 100 51,250
WORLD COLOR PRESS, INC. (A) 600 16,875
ZIFF-DAVIS, INC. (A) 400 3,200
721,529
RESTAURANTS - 0.8%
APPLE SOUTH, INC. 800 9,200
APPLEBEE'S INTERNATIONAL, INC. 600 11,100
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
RESTAURANTS - CONTINUED
BOB EVANS FARMS, INC. 300 $ 5,531
BOSTON CHICKEN, INC. (A) 400 387
BRINKER INTERNATIONAL, INC. (A) 400 6,850
BUFFETS, INC. (A) 900 11,363
CEC ENTERTAINMENT, INC. (A) 300 6,844
CHEESECAKE FACTORY, INC. (A) 650 10,644
CKE RESTAURANTS, INC. 410 12,710
CRACKER BARREL OLD COUNTRY STORE, INC. 800 19,550
DARDEN RESTAURANTS, INC. 1,100 17,050
DAVE & BUSTERS, INC. (A) 100 1,550
EINSTEIN/NOAH BAGEL CORP. (A) 100 200
FINE HOST CORP. (A) 500 516
FOODMAKER, INC. (A) 200 2,763
KOO KOO ROO, INC. (A) 1,100 1,169
LANDRY'S SEAFOOD RESTAURANTS, INC. (A) 800 6,725
LOGAN'S ROADHOUSE, INC. (A) 100 1,663
LONE STAR STEAKHOUSE SALOON (A) 200 1,700
MARRIOTT INTERNATIONAL, INC. CLASS A 1,600 44,900
MCDONALD'S CORP. 4,900 274,706
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
O CHARLEYS, INC. (A) 150 1,406
OUTBACK STEAKHOUSE, INC. (A) 600 18,038
PAPA JOHN'S INTERNATIONAL, INC. (A) 600 15,900
PLANET HOLLYWOOD INTERNATIONAL, INC. 500 2,375
CLASS A (A)
RAINFOREST CAFE, INC. (A) 250 2,063
ROCK BOTTOM RESTAURANTS, INC. (A) 100 500
RYAN'S FAMILY STEAK HOUSES, INC. (A) 1,000 10,188
SONIC CORP. (A) 150 2,391
STARBUCKS CORP. (A) 800 25,250
TRICON GLOBAL RESTAURANTS, INC. 800 29,650
WENDY'S INTERNATIONAL, INC. 1,600 32,100
586,982
TOTAL MEDIA & LEISURE 3,991,161
NONDURABLES - 7.7%
AGRICULTURE - 0.1%
DEKALB GENETICS CORP. CLASS B 200 17,325
DELTA & PINE LAND CO. 200 8,588
MICHAEL FOODS, INC. 500 12,375
NORTHLAND CRANBERRIES, INC. CLASS A 100 975
PIONEER HI-BRED INTERNATIONAL, INC. 1,500 50,625
89,888
BEVERAGES - 2.3%
ANHEUSER-BUSCH COMPANIES, INC. 3,700 170,663
BERINGER WINE ESTATES HOLDINGS, INC. CLASS B (A) 300 9,150
BROWN-FORMAN CORP. CLASS B 300 18,000
CANANDAIGUA BRANDS, INC. CLASS A (A) 400 16,700
CELESTIAL SEASONINGS, INC. (A) 100 3,525
COCA-COLA CO. (THE) 18,100 1,178,763
SHARES VALUE (NOTE 1)
COCA-COLA ENTERPRISES, INC. 3,500 $ 83,125
COORS (ADOLPH) CO. CLASS B 200 8,250
M & F WORLDWIDE CORP. (A) 100 938
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MONDAVI (ROBERT) CORP. CLASS A (A) 300 6,263
PEPSICO, INC. 10,600 293,488
PURE WORLD, INC. (A) 300 2,091
WHITMAN CORP. 1,400 21,700
1,812,656
FOODS - 2.1%
AGRIBRANDS INTERNATIONAL, INC. 240 6,990
AMERICAN ITALIAN PASTA CO. CLASS A 200 5,013
ARCHER-DANIELS-MIDLAND CO. 4,830 72,450
BESTFOODS 2,500 125,469
CAMPBELL SOUP CO. 3,400 171,275
CHIQUITA BRANDS INTERNATIONAL, INC. 800 8,950
CONAGRA, INC. 3,900 96,525
CORN PRODUCTS INTERNATIONAL, INC. (A) 700 16,581
DEAN FOODS CO. 600 26,400
DOLE FOOD, INC. 700 30,275
EARTHGRAINS CO. 600 16,500
FLOWERS INDUSTRIES, INC. 900 16,031
GARDENBURGER, INC. (A) 400 4,000
GENERAL MILLS, INC. 1,400 91,613
HEINZ (H.J.) CO. 3,000 159,938
HERSHEY FOODS CORP. 1,000 70,000
HORMEL FOODS CORP. 400 11,025
IBP, INC. 1,200 19,875
INTERNATIONAL MULTIFOODS CORP. 100 1,738
INTERSTATE BAKERIES CORP. 700 18,244
KELLOGG CO. 2,600 79,300
LANCASTER COLONY CORP. 150 4,331
LANCE, INC. 600 11,100
MCCORMICK & CO., INC. (NON-VTG.) 900 26,156
NABISCO HOLDINGS CORP. CLASS A 700 23,144
QUAKER OATS CO. 1,300 69,063
RALCORP HOLDINGS, INC. (A) 600 11,588
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
RALSTON PURINA CO. 2,400 63,150
SARA LEE CORP. 3,100 140,275
SMITHFIELD FOODS, INC. (A) 600 10,950
SUIZA FOODS CORP. (A) 400 19,350
SYSCO CORP. 3,200 64,600
TYSON FOODS, INC. 1,200 19,650
UNIVERSAL FOODS CORP. 200 4,225
VLASIC FOODS INTERNATIONAL, INC. (A) 650 9,425
WRIGLEY (WM.) JR. CO. 1,000 77,500
1,602,699
HOUSEHOLD PRODUCTS - 2.1%
ALBERTO-CULVER CO. CLASS B 300 6,000
ALLIANCE GAMING CORP. (A) 100 275
AMERICAN SAFETY RAZOR CO. (A) 500 4,469
APTARGROUP, INC. 400 11,350
AVON PRODUCTS, INC. 1,100 69,163
CLOROX CO. 900 86,794
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NONDURABLES - CONTINUED
HOUSEHOLD PRODUCTS - CONTINUED
COLGATE-PALMOLIVE CO. 2,000 $ 144,250
DIAL CORP. 1,300 25,350
ENAMELON, INC. (A) 200 850
ESTEE LAUDER COMPANIES, INC. 600 35,325
FIRST BRANDS CORP. 200 3,988
FRENCH FRAGRANCES, INC. (A) 200 1,250
GILLETTE CO. 8,000 329,000
INTERNATIONAL FLAVORS & FRAGRANCES, INC. 1,100 42,625
PREMARK INTERNATIONAL, INC. 300 7,931
PROCTER & GAMBLE CO. 9,700 742,050
REVLON, INC. CLASS A (A) 200 7,213
RUBBERMAID, INC. 1,500 38,156
SAFESKIN CORP. (A) 300 10,125
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ULTRALIFE BATTERIES, INC. (A) 600 3,338
USA DETERGENTS, INC. (A) 300 1,988
WINDMERE-DURABLE HOLDINGS, INC. (A) 400 9,500
YORK GROUP, INC. 400 5,350
1,586,340
TOBACCO - 1.1%
CONSOLIDATED CIGAR HOLDINGS, INC. 200 1,488
CLASS A (A)
DIMON, INC. 500 4,594
GENERAL CIGAR HOLDINGS, INC. CLASS A (A) 300 1,650
PHILIP MORRIS COMPANIES, INC. 17,600 731,500
RJR NABISCO HOLDINGS CORP. 2,700 58,556
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. 200 4,963
UNIVERSAL CORP. 300 9,450
UST, INC. 2,000 52,250
864,451
TOTAL NONDURABLES 5,956,034
PRECIOUS METALS - 0.1%
BATTLE MOUNTAIN GOLD CO. 2,400 7,350
COEUR D'ALENE MINES CORP. (A) 900 3,656
ECHO BAY MINES LTD. (A) 1,700 2,612
GETCHELL GOLD CORP. (A) 300 2,700
HOMESTAKE MINING CO. 2,500 22,188
NEWMONT GOLD CO. 1,000 14,875
NEWMONT MINING CORP. 1,800 24,638
PEGASUS GOLD, INC. (A) 200 93
ROYAL OAK MINES, INC. (A) 900 344
STILLWATER MINING CO. (A) 200 3,513
81,969
RETAIL & WHOLESALE - 5.5%
APPAREL STORES - 0.5%
ABERCROMBIE & FITCH CO. CLASS A (A) 237 10,191
ANNTAYLOR STORES CORP. (A) 400 9,725
BEBE STORES, INC. (A) 600 7,125
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SHARES VALUE (NOTE 1)
CATO CORP. CLASS A 400 $ 3,800
CHARMING SHOPPES, INC. (A) 700 3,063
CHICOS FAS, INC. (A) 300 3,825
CLAIRE'S STORES, INC. 600 9,000
DRESS BARN, INC. (A) 600 10,425
FOOTSTAR, INC. (A) 400 11,650
GAP, INC. 2,700 137,869
GOODY'S FAMILY CLOTHING (A) 600 10,800
GYMBOREE CORP. (A) 500 4,375
INTERNATIONAL ISOTOPES, INC. (A) 100 981
JUST FOR FEET, INC. (A) 500 7,094
LIMITED, INC. (THE) 1,425 29,747
MEN'S WEARHOUSE, INC. (THE) (A) 500 11,719
PAUL HARRIS STORES, INC. (A) 100 650
PAYLESS SHOESOURCE, INC. (A) 500 20,563
ROSS STORES, INC. 500 18,188
SAKS HOLDINGS, INC. (A) 700 14,656
STAGE STORES, INC. (A) 700 7,306
TALBOTS, INC. 100 2,106
TJX COMPANIES, INC. 2,000 44,625
VENATOR GROUP, INC. (A) 700 6,344
WET SEAL, INC. CLASS A (A) 300 6,900
392,727
APPLIANCE STORES - 0.0%
CELLSTAR CORP. (A) 800 5,300
HIRSCH INTERNATIONAL CORP. CLASS A (A) 400 1,000
6,300
DRUG STORES - 0.4%
CVS CORP. 2,886 104,978
GENERAL NUTRITION COMPANIES, INC. (A) 1,100 14,644
RITE AID CORP. 1,600 57,900
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
WALGREEN CO. 3,400 130,900
308,422
GENERAL MERCHANDISE STORES - 2.4%
99 CENTS ONLY STORES (A) 425 14,928
BJ'S WHOLESALE CLUB, INC. (A) 500 16,875
CONSOLIDATED STORES CORP. (A) 1,094 34,461
COST PLUS, INC. (A) 100 2,581
COSTCO COMPANIES, INC. (A) 1,400 65,888
DAYTON HUDSON CORP. 2,900 104,400
DILLARDS, INC. CLASS A 1,200 34,650
DOLLAR GENERAL CORP. 1,300 34,937
DOLLAR TREE STORES, INC. (A) 450 13,050
FAMILY DOLLAR STORES, INC. 900 11,419
FEDERATED DEPARTMENT STORES, INC. (A) 1,800 78,413
HOT TOPIC, INC. (A) 200 3,150
J.C. PENNEY CO., INC. 1,600 79,300
K MART CORP. (A) 3,100 39,525
KOHLS CORP. (A) 1,000 45,438
MAY DEPARTMENT STORES CO. (THE) 1,900 106,875
MICHAELS STORES, INC. (A) 200 4,700
NEIMAN-MARCUS GROUP, INC. (A) 100 2,431
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
GENERAL MERCHANDISE STORES - CONTINUED
NORDSTROM, INC. 800 $ 23,950
PARTY CITY CORP. (A) 450 6,525
PROFFITTS, INC. (A) 975 24,863
SEARS, ROEBUCK & CO. 2,600 118,138
SHOPKO STORES, INC. (A) 100 2,569
STEIN MART, INC. (A) 400 3,550
WAL-MART STORES, INC. 16,400 963,500
1,836,116
GROCERY STORES - 0.8%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ALBERTSON'S, INC. 2,200 111,238
AMERICAN STORES CO. 2,500 72,500
CENTRAL GARDEN & PET CO. (A) 500 7,063
DOMINICKS SUPERMARKETS, INC. (A) 200 9,013
FLEMING COMPANIES, INC. 600 7,163
FOOD LION, INC. CLASS A 4,500 46,406
GIANT FOOD, INC. CLASS A 500 21,250
GREAT ATLANTIC & PACIFIC TEA, INC. 200 4,763
HAIN FOOD GROUP, INC. (A) 100 1,688
KROGER CO. (THE) (A) 1,600 72,000
MEYER (FRED), INC. (A) 1,290 50,713
PERFORMANCE FOOD GROUP CO. (A) 100 1,938
SAFEWAY, INC. (A) 3,200 126,000
SUPERVALU, INC. 1,400 28,438
U.S. FOODSERVICE (A) 577 21,385
UNITED NATURAL FOODS, INC. (A) 300 6,713
WHOLE FOODS MARKET, INC. (A) 400 16,550
WILD OATS MARKETS, INC. (A) 450 8,550
WINN-DIXIE STORES, INC. 800 29,800
643,171
RETAIL & WHOLESALE, MISCELLANEOUS - 1.4%
ACTION PERFORMANCE COMPANIES, INC. (A) 400 9,250
AGRIBIOTECH, INC. (A) 400 3,450
AMAZON.COM, INC. (A) 300 25,125
AUDIO BOOK CLUB, INC. (A) 800 5,500
BARNES & NOBLE, INC. (A) 600 16,238
BED BATH & BEYOND, INC. (A) 800 14,450
BEST BUY CO., INC. (A) 600 23,625
BOISE CASCADE OFFICE PRODUCTS CORP. (A) 300 4,106
BORDERS GROUP, INC. (A) 700 13,256
BRYLANE, INC. (A) 100 2,594
CANNONDALE CORP. (A) 100 950
CDNOW, INC. 600 4,650
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CIRCUIT CITY STORES, INC. - 1,000 30,875
CIRCUIT CITY GROUP
COLE NATIONAL CORP. CLASS A (A) 100 2,106
CORPORATE EXPRESS, INC. (A) 534 5,140
CREATIVE COMPUTERS, INC. (A) 500 3,500
DAISYTEK INTERNATIONAL CORP. (A) 200 3,550
DELIA*S, INC. (A) 400 3,925
DM MANAGEMENT CO. (A) 300 4,350
SHARES VALUE (NOTE 1)
EAGLE HARDWARE & GARDEN, INC. (A) 600 $ 12,825
ELCOM INTERNATIONAL, INC. (A) 100 156
FINGERHUT COMPANIES, INC. 300 7,275
FINISH LINE, INC. CLASS A (A) 700 6,038
FRIEDMANS, INC. CLASS A (A) 200 1,925
GADZOOKS, INC. (A) 500 3,016
GOOD GUYS, INC. (A) 400 2,800
GUITAR CENTER, INC. (A) 500 9,406
HANDLEMAN CO. (A) 700 4,506
HENRY SCHEIN, INC. (A) 500 19,250
HOME DEPOT, INC. 10,600 408,100
IKON OFFICE SOLUTIONS, INC. 700 3,894
LETS TALK CELLULAR & WIRELESS, INC. (A) 200 563
LOWE'S COMPANIES, INC. 2,400 84,150
MICRO WAREHOUSE, INC. (A) 500 8,125
N2K, INC. 600 5,250
NATIONAL MEDIA CORP. (A) 100 319
NAVARRE CORP. (A) 700 2,100
OFFICE DEPOT, INC. (A) 1,800 45,900
OFFICEMAX, INC. (A) 1,700 17,850
ONSALE, INC. (A) 100 1,438
PEAPOD, INC. (A) 500 2,375
PETCO ANIMAL SUPPLIES, INC. (A) 300 2,119
PETSMART, INC. (A) 800 3,950
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PIER 1 IMPORTS, INC. 1,450 14,409
SCHOOL SPECIALTY, INC. 600 6,863
SPIEGEL, INC. CLASS A (A) 800 2,900
SPORTS AUTHORITY, INC. (THE) (A) 800 5,200
STAPLES, INC. (A) 1,450 39,331
SUMMIT TECHNOLOGY, INC. 100 350
SUNGLASS HUT INTERNATIONAL, INC. (A) 600 3,450
TANDY CORP. 800 43,650
TIFFANY & CO., INC. 500 18,594
TOYS 'R' US, INC. (A) 2,600 48,263
U.S. OFFICE PRODUCTS CO. 363 2,723
U.S.A. FLORAL PRODUCTS, INC. 200 1,413
WILLIAMS-SONOMA, INC. (A) 500 12,750
WILMAR INDUSTRIES, INC. (A) 100 1,900
ZALE CORP. (A) 400 9,200
1,040,966
TOTAL RETAIL & WHOLESALE 4,227,702
SERVICES - 1.6%
ADVERTISING - 0.3%
ADVO, INC. (A) 100 2,488
CKS GROUP, INC. (A) 100 1,369
CMG INFORMATION SERVICES, INC. 100 3,813
GETTY IMAGES, INC. (A) 400 5,650
HA-LO INDUSTRIES, INC. (A) 100 2,325
INTERPUBLIC GROUP OF COMPANIES, INC. 1,300 74,100
LAMAR ADVERTISING CO. CLASS A (A) 450 14,625
OMNICOM GROUP, INC. 1,000 47,625
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SERVICES - CONTINUED
ADVERTISING - CONTINUED
OUTDOOR SYSTEMS, INC. (A) 1,075 $ 24,994
TMP WORLDWIDE, INC. (A) 400 11,700
YOUNG & RUBICAM, INC. (A) 600 18,338
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
207,027
EDUCATIONAL SERVICES - 0.0%
APOLLO GROUP, INC. CLASS A (A) 750 22,781
DEVRY, INC. (A) 200 3,613
ITT EDUCATIONAL SERVICES, INC. (A) 400 11,000
37,394
LEASING & RENTAL - 0.1%
AVIS RENT A CAR, INC. (A) 500 7,844
BUDGET GROUP, INC. CLASS A (A) 500 8,500
CENTRAL PARKING CORP. 200 8,263
DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. (A) 500 5,125
GATX CORP. 200 6,600
HERTZ CORP. CLASS A 600 22,650
HOLLYWOOD ENTERTAINMENT CORP. (A) 700 7,219
HOME CHOICE HOLDINGS, INC. (A) 100 1,275
MITCHAM INDUSTRIES, INC. (A) 100 538
RENT-WAY, INC. 300 7,425
RENTERS CHOICE, INC. (A) 100 2,263
RYDER SYSTEMS, INC. 500 11,781
UNITED RENTALS, INC. 400 7,800
97,283
PRINTING - 0.2%
CONSOLIDATED GRAPHICS, INC. (A) 100 5,006
CYRK, INC. (A) 100 725
DELUXE CORP. 1,100 31,900
DONNELLEY (R.R.) & SONS CO. 900 32,625
HARLAND (JOHN H.) CO. 500 6,531
PAXAR CORP. (A) 200 1,600
REYNOLDS & REYNOLDS CO. CLASS A 400 5,050
UNITED STATIONERS, INC. (A) 300 17,775
VALASSIS COMMUNICATIONS, INC. (A) 500 14,906
WALLACE COMPUTER SERVICES, INC. 400 6,475
WORKFLOW MANAGEMENT, INC. (A) 900 4,781
127,374
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SERVICES - 1.0%
ABACUS DIRECT CORP. (A) 200 8,175
ABR INFORMATION SERVICES, INC. (A) 600 8,700
ACCUSTAFF, INC. (A) 1,100 13,750
ACTRADE INTERNATIONAL LTD. (A) 300 3,563
ADVANCED HEALTH CORP. (A) 400 500
AMRESCO, INC. 700 8,663
ANALYTICAL SURVEYS, INC. (A) 200 3,100
ASSISTED LIVING CONCEPTS, INC. (A) 400 5,075
AUTOMOBILE PROTECTION CORP. (A) 400 2,500
BLOCK (H & R), INC. 1,100 43,038
BORON LEPORE & ASSOCIATES, INC. 300 9,000
SHARES VALUE (NOTE 1)
CARIBINER INTERNATIONAL, INC. (A) 200 $ 1,925
CATALINA MARKETING CORP. (A) 300 12,619
CDI CORP. (A) 100 2,350
CENDANT CORP. (A) 5,780 66,831
CINTAS CORP. 500 20,375
COACH USA, INC. (A) 500 13,156
COINMACH LAUNDRY CORP. (A) 300 3,375
COMPLETE MANAGEMENT, INC. (A) 100 144
COMPUTER HORIZONS CORP. (A) 400 9,350
CONSOLIDATION CAPITAL CORP. 600 7,725
CORRECTIONS CORP. OF AMERICA (A) 400 6,125
DAY RUNNER, INC. (A) 300 5,138
DUN & BRADSTREET CORP. 1,100 25,850
ECOLAB, INC. 600 16,688
EQUITY CORP. INTERNATIONAL (A) 600 14,025
FYI, INC. (A) 400 10,000
G & K SERVICES, INC. CLASS A 400 17,350
GARTNER GROUP, INC. CLASS A (A) 700 16,188
HCIA, INC. (A) 100 675
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HEADWAY CORPORATE RESOURCES (A) 300 1,500
INTERIM SERVICES, INC. (A) 700 14,350
IRON MOUNTAIN, INC. (A) 450 10,575
JOSTENS, INC. 100 1,988
KELLY SERVICES, INC. CLASS A 200 5,125
LABOR READY, INC. 400 4,550
LASON, INC. (A) 300 12,169
LEARNING TREE INTERNATIONAL, INC. (A) 100 1,075
MANPOWER, INC. 400 8,150
MECKLERMEDIA CORP. (A) 200 4,088
MEDAPHIS CORP. (A) 400 1,625
MEDIA ARTS GROUP, INC. (A) 100 988
MEDPARTNERS, INC. (A) 700 1,750
MEMBERWORKS, INC. (A) 100 1,550
METAMOR WORLDWIDE, INC. (A) 500 11,875
METZLER GROUP, INC. (A) 450 12,600
MORRISON KNUDSEN CORP. (A) 100 1,056
NATIONAL PROCESSING, INC. (A) 100 831
NATIONAL SERVICE INDUSTRIES, INC. 600 22,350
NEWSEDGE CORP. (A) 300 2,288
NORRELL CORP. 200 2,500
NOVA CORP. (A) 300 7,781
OLSTEN CORP. 400 2,350
PAYMENTECH, INC. (A) 100 1,144
PMT SERVICES, INC. (A) 500 8,500
PRE-PAID LEGAL SERVICES, INC. (A) 100 2,219
PRECISION RESPONSE CORP. (A) 100 453
PREMIERE TECHNOLOGIES, INC. (A) 816 5,355
PROBUSINESS SERVICES, INC. 300 6,900
PROTECTION ONE, INC. 100 1,050
RCM TECHNOLOGIES, INC. (A) 200 2,300
REGIS CORP. 400 9,100
REMEDYTEMP, INC. CLASS A (A) 200 4,475
RENAISSANCE WORLDWIDE, INC. (A) 700 7,000
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SERVICES - CONTINUED
SERVICES - CONTINUED
ROBERT HALF INTERNATIONAL, INC. (A) 900 $ 43,200
ROMAC INTERNATIONAL, INC. (A) 327 6,131
RURAL/METRO CORP. (A) 200 1,425
SERVICE CORP. INTERNATIONAL 2,200 74,525
SERVICEMASTER CO. 2,250 47,109
SNYDER COMMUNICATIONS, INC. (A) 700 21,088
SOS STAFFING SERVICES, INC. (A) 300 3,956
STAFFMARK, INC. (A) 200 3,575
TELETECH HOLDINGS, INC. (A) 300 2,513
TRUE NORTH COMMUNICATIONS 400 9,100
TUBOSCOPE, INC. (A) 200 1,838
VETERINARY CENTERS OF AMERICA, INC. (A) 500 8,250
WACKENHUT CORRECTIONS CORP. (A) 100 1,569
YOUTH SERVICES INTERNATIONAL, INC. (A) 100 563
ZEBRA TECHNOLOGIES CORP. CLASS A (A) 400 12,425
774,830
TOTAL SERVICES 1,243,908
TECHNOLOGY - 14.5%
COMMUNICATIONS EQUIPMENT - 2.2%
3COM CORP. (A) 2,400 56,850
ACT NETWORKS, INC. (A) 300 1,500
ADC TELECOMMUNICATIONS, INC. (A) 800 17,750
ADVANCED FIBRE COMMUNICATIONS, INC. (A) 800 5,700
ANDREW CORP. (A) 1,000 14,813
APPLIED SIGNAL TECHNOLOGY, INC. (A) 100 963
ASCEND COMMUNICATIONS, INC. (A) 1,300 45,744
ASPECT TELECOMMUNICATIONS CORP. (A) 600 14,288
BROOKTROUT TECHNOLOGY, INC. (A) 300 2,925
C-PHONE CORP. (A) 500 1,250
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CABLETRON SYSTEMS, INC. (A) 500 3,500
CENTIGRAM COMMUNICATIONS CORP. (A) 100 850
CHECKPOINT SYSTEMS, INC. (A) 300 2,944
CIENA CORP. (A) 600 16,875
CISCO SYSTEMS, INC. (A) 7,500 614,063
COM21, INC. (A) 300 3,188
COMDIAL CORP. (A) 100 700
DAVOX CORP. (A) 300 3,169
DIALOGIC CORP. (A) 300 8,025
DSP COMMUNICATIONS, INC. (A) 200 2,288
GENERAL DATACOMM INDUSTRIES, INC. (A) 100 250
INTERMEDIA COMMUNICATIONS, INC. (A) 600 14,925
INTERVOICE, INC. (A) 400 5,950
LEVEL ONE COMMUNICATIONS, INC. (A) 550 9,591
LO JACK CORP. (A) 100 1,138
LUCENT TECHNOLOGIES, INC. 9,600 680,400
METRICOM, INC. (A) 100 519
MOSAIX, INC. (A) 100 406
NATURAL MICROSYSTEMS CORP. (A) 100 1,106
NETWORK EQUIPMENT TECHNOLOGIES, INC. (A) 300 3,038
SHARES VALUE (NOTE 1)
NORTHERN TELECOM LTD. 840 $ 40,300
OSICOM TECHNOLOGIES, INC. (A) 100 250
P-COM, INC. (A) 1,200 4,800
PAIRGAIN TECHNOLOGIES, INC. (A) 400 3,525
PERIPHONICS CORP. (A) 100 513
PICTURETEL CORP. (A) 300 1,763
PLANTRONICS, INC. (A) 300 14,400
RELTEC CORP. (A) 400 10,000
SHIVA CORP. (A) 200 863
SYMMETRICOM, INC. (A) 100 494
TEKELEC (A) 600 10,838
TELCO SYSTEMS, INC. (A) 400 3,850
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TELLABS, INC. (A) 1,344 56,784
ULTRAK, INC. (A) 100 781
VTEL CORP. (A) 100 344
WESTELL TECHNOLOGIES, INC. CLASS A (A) 400 2,250
XIRCOM, INC. (A) 400 6,250
XYLAN CORP. (A) 600 9,150
1,701,863
COMPUTER SERVICES & SOFTWARE - 5.4%
4FRONT SOFTWARE INTERNATIONAL, INC. (A) 100 519
7TH LEVEL, INC. (A) 500 1,000
ACCELER8 TECHNOLOGY CORP. (A) 200 675
ACCESS HEALTH MARKETING, INC. (A) 400 9,575
ACTIVISION, INC. (A) 400 4,050
ACXIOM CORP. (A) 700 14,044
ADEPT TECHNOLOGY, INC. (A) 100 675
ADOBE SYSTEMS, INC. 300 7,875
AFFILIATED COMPUTER SERVICES, INC. 600 19,613
CLASS A (A)
AFFYMETRIX, INC. (A) 200 3,300
ALTERNATIVE RESOURCES CORP. (A) 100 638
AMERICA ONLINE, INC. 1,500 122,906
AMERICAN MANAGEMENT SYSTEMS, INC. (A) 600 16,050
AMERICAN SOFTWARE, INC. CLASS A (A) 100 275
ANSOFT CORP. (A) 100 525
ASPECT DEVELOPMENT, INC. (A) 400 11,650
ASPEN TECHNOLOGY, INC. (A) 500 11,844
AT HOME CORP. SERIES A (A) 900 25,650
AUTODESK, INC. 600 14,025
AUTOMATIC DATA PROCESSING, INC. 2,000 127,500
AVANT! CORP. (A) 500 6,438
AVT CORP. (A) 300 5,888
AWARE, INC. (A) 500 2,500
AXENT TECHNOLGIES, INC. (A) 480 7,500
BANYAN SYSTEMS, INC. (A) 500 1,344
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
BEA SYSTEMS, INC. (A) 400 6,100
BISYS GROUP, INC. (THE) (A) 400 14,800
BLACK BOX CORP. (A) 400 9,150
BMC SOFTWARE, INC. 1,300 55,006
BOOLE & BABBAGE, INC. 200 4,013
BROADVISION, INC. (A) 300 5,606
BRODERBUND SOFTWARE, INC. (A) 100 1,394
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
CACI INTERNATIONAL, INC. CLASS A (A) 100 $ 1,538
CADENCE DESIGN SYSTEMS, INC. (A) 1,300 27,463
CAMBRIDGE TECHNOLOGY PARTNERS MASSACHUSETTS, INC. (A) 600 19,500
CERIDIAN CORP. (A) 300 14,550
CHECKFREE HOLDINGS CORP. (A) 600 5,138
CIBER, INC. (A) 500 12,563
CNET, INC. (A) 200 7,800
COMMAND SYSTEMS, INC. (A) 800 2,250
COMPLETE BUSINESS SOLUTIONS, INC. (A) 355 5,369
COMPUCOM SYSTEMS, INC. (A) 200 850
COMPUSA, INC. (A) 500 5,938
COMPUTER ASSOCIATES INTERNATIONAL, INC. 3,900 105,300
COMPUTER CONCEPTS CORP. (A) 600 1,500
COMPUTER LEARNING CENTERS, INC. (A) 400 1,900
COMPUTER SCIENCES CORP. 1,000 56,563
COMPUWARE CORP. (A) 1,200 54,525
CONCENTRIC NETWORK CORP. 400 6,400
CONCORD COMMUNICATIONS, INC. 300 8,025
CORSAIR COMMUNICTIONS, INC. (A) 200 950
CSG SYSTEMS INTERNATIONAL, INC. (A) 300 11,025
CYBERCASH, INC. (A) 200 1,575
CYBERGUARD CORP. (A) 300 338
CYLINK CORP. (A) 100 813
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DAOU SYSTEMS, INC. (A) 200 1,550
DATA DIMENSIONS, INC. (A) 200 1,663
DATA TRANSMISSION NETWORK CORP. (A) 400 10,400
DATASTREAM SYSTEMS, INC. (A) 400 4,050
DATATEC SYSTEMS, INC. (A) 100 238
DATAWORKS CORP. (A) 300 1,538
DENDRITE INTERNATIONAL, INC. (A) 400 7,900
DIAMOND MULTIMEDIA SYSTEMS, INC. (A) 300 1,050
DIGI INTERNATIONAL, INC. (A) 100 1,025
DOCUCORP INTERNATIONAL, INC. (A) 20 64
DOCUMENTUM, INC. (A) 300 10,725
DSET CORP. (A) 400 3,300
DST SYSTEMS, INC. (A) 500 28,250
E TRADE GROUP, INC. (A) 500 8,313
EARTHLINK NETWORK, INC. (A) 300 7,950
EDIFY CORP. (A) 100 538
EGGHEAD.COM, INC. (A) 500 3,000
ELECTRIC LIGHTWAVE, INC. CLASS A (A) 200 1,725
ELECTRONIC ARTS, INC. (A) 300 11,438
ELECTRONIC DATA SYSTEMS CORP. 3,300 110,550
ELECTRONICS FOR IMAGING, INC. (A) 300 4,388
ENGINEERING ANIMATION, INC. (A) 200 7,375
EQUIFAX, INC. 1,400 49,875
EXODUS COMMUNICATIONS, INC. (A) 300 8,625
FIRST DATA CORP. 2,800 57,925
FISERV, INC. (A) 900 35,100
FORTE SOFTWARE, INC. (A) 100 294
SHARES VALUE (NOTE 1)
GALILEO INTERNATIONAL, INC. 600 $ 19,613
GENERAL MAGIC, INC. (A) 200 1,100
GENESYS TELECOMMUNICATIONS LABORATORIES, INC. (A) 500 9,219
GEOTEL COMMUNICATIONS CORP. (A) 200 7,000
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
GT INTERACTIVE SOFTWARE CORP. (A) 300 1,444
HARBINGER CORP. (A) 950 6,531
HBO & CO. 2,900 61,625
HEALTH MANAGEMENT SYSTEMS, INC. (A) 400 2,600
HNC SOFTWARE, INC. (A) 300 10,894
HYPERION SOLUTIONS CORP. (A) 195 5,460
I2 TECHNOLOGIES, INC. (A) 300 4,238
IDT CORP. (A) 200 2,900
IDX SYSTEMS CORP. (A) 400 17,000
IMNET SYSTEMS, INC. (A) 200 3,538
INACOM CORP. (A) 100 1,925
INFORMATION MANAGEMENT RESOURCES, INC. (A) 150 2,888
INFORMIX CORP. (A) 800 2,800
INFOSEEK CORP. (A) 200 3,400
INSO CORP. (A) 400 6,200
INTELLIGROUP, INC. (A) 400 8,375
INTERNATIONAL NETWORK SERVICES 400 13,200
INTERNATIONAL TELECOM DATA SYSTEMS, INC. 300 5,888
INTERSOLV, INC. (A) 500 5,500
INTERVU, INC. (A) 300 1,575
INTUIT, INC. (A) 300 10,256
ISS GROUP, INC. (A) 300 8,175
J.D. EDWARDS & CO. 700 28,350
JDA SOFTWARE GROUP, INC. (A) 500 6,000
KEANE, INC. (A) 300 12,600
LEARNING CO., INC. (THE) (A) 200 3,538
LEGATO SYSTEMS, INC. (A) 400 14,050
LHS GROUP, INC. (A) 300 12,675
MACROMEDIA, INC. (A) 300 3,769
MANUGISTICS GROUP, INC. (A) 400 5,675
MAY & SPEH, INC. (A) 500 7,875
MEDICAL MANAGER CORP. (A) 300 3,863
MENTOR GRAPHICS CORP. (A) 900 6,244
MERCURY INTERACTIVE CORP. (A) 200 6,725
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
META GROUP, INC. (A) 150 3,713
METACREATIONS CORP. (A) 100 319
MICROAGE, INC. (A) 200 2,425
MICROMUSE, INC. (A) 400 5,500
MICROPROSE, INC. (A) 20 114
MICROSOFT CORP. (A) 18,200 1,746,063
MICROSTRATEGY, INC. CLASS A (A) 200 5,838
MIDWAY GAMES, INC. (A) 239 2,256
NATIONAL DATA CORP. 500 17,500
NATIONAL INSTRUMENT CORP. (A) 600 15,150
NCR CORP. (A) 1,000 26,438
NETGRAVITY, INC. (A) 500 3,875
NETSCAPE COMMUNICATIONS CORP. (A) 600 10,838
NETSPEAK CORP. (A) 300 1,988
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
NETWORK SOLUTIONS, INC. CLASS A (A) 200 $ 5,150
NETWORKS ASSOCIATES, INC. (A) 661 21,317
NEW ERA OF NETWORKS, INC. (A) 200 5,725
NOVELL, INC. (A) 2,000 19,000
OAK TECHNOLOGY, INC. (A) 300 863
OBJECT DESIGN, INC. (A) 100 513
ORACLE CORP. (A) 6,800 135,575
ORCAD, INC. (A) 100 769
PARAMETRIC TECHNOLGY CORP. (A) 1,600 16,400
PAYCHEX, INC. 1,200 45,600
PEERLESS SYSTEMS CORP. (A) 200 975
PEGASYSTEMS, INC. (A) 100 1,563
PEOPLESOFT, INC. (A) 1,500 42,188
PEREGRINE SYSTEMS, INC. (A) 300 7,013
PERITUS SOFTWARE SERVICES, INC. (A) 900 2,700
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PERSONNEL GROUP OF AMERICA, INC. (A) 500 5,656
PLATINUM SOFTWARE CORP. (A) 200 2,400
PLATINUM TECHNOLOGY, INC. (A) 873 16,369
POLICY MANAGEMENT SYSTEMS CORP. (A) 400 16,700
POLYCOM, INC. (A) 400 3,050
PREVIEW TRAVEL, INC. 300 4,950
PROGRESS SOFTWARE CORP. (A) 300 5,419
PSINET, INC. (A) 600 6,300
QRS CORP. (A) 200 5,425
QUADRAMED CORP. (A) 300 7,125
QUICKTURN DESIGN SYSTEMS, INC. (A) 100 981
RAINBOW TECHNOLOGIES, INC. (A) 150 1,650
RATIONAL SOFTWARE CORP. (A) 100 1,113
REALNETWORKS, INC. 400 7,900
RED BRICK SYSTEMS, INC. (A) 100 234
REMEDY CORP. (A) 100 931
SABRE GROUP HOLDINGS, INC. CLASS A (A) 400 12,800
SAPIENT CORP. 400 15,625
SECURE COMPUTING CORP. (A) 300 1,913
SECURITY DYNAMICS TECHNOLOGIES, INC. (A) 700 6,563
SEI INVESTMENTS CO. 200 12,450
SHARED MEDICAL SYSTEMS CORP. 400 21,350
SIEBEL SYSTEMS, INC. (A) 845 15,844
SOFTWARE.NET CORP. (A) 700 6,038
SPORTSLINE USA, INC. 400 7,950
SPR, INC. 300 4,350
SPSS, INC. (A) 100 1,813
SPYGLASS, INC. (A) 300 3,188
STAC ELECTRONICS (A) 100 263
STB SYSTEMS, INC. (A) 450 3,319
STERLING SOFTWARE, INC. (A) 400 8,225
STRUCTURAL DYNAMICS RESEARCH CORP. (A) 200 1,800
SUMMIT DESIGN, INC. (A) 100 600
SUNGARD DATA SYSTEMS, INC. (A) 468 14,830
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SYBASE, INC. (A) 500 3,438
SYKES ENTERPRISES, INC. (A) 700 9,188
SHARES VALUE (NOTE 1)
SYMANTEC CORP. (A) 100 $ 1,638
SYNOPSYS, INC. (A) 565 14,761
SYNTEL, INC. 400 4,600
SYSTEMS & COMPUTER TECHNOLOGY CORP. (A) 600 8,175
TCSI CORP. (A) 100 331
TECHNOLOGY SOLUTIONS, INC. (A) 750 8,578
THINK NEW IDEAS, INC. (A) 200 2,725
TIMBERLINE SOFTWARE CORP. 200 2,878
TOTAL SYSTEM SERVICES, INC. 900 14,513
TRANSACTION SYSTEMS ARCHITECTS, INC. 400 13,250
CLASS A (A)
TRANSITION SYSTEMS, INC. (A) 200 1,475
TSR, INC. (A) 100 650
UNICOMP, INC. (A) 100 213
USWEB CORP. 600 8,475
VANTIVE CORP. (A) 600 4,875
VERISIGN, INC. (A) 400 11,350
VERITAS SOFTWARE CORP. (A) 400 17,950
VERTEL CORP. (A) 100 163
VIASOFT, INC. (A) 100 650
VISIO CORP. (A) 400 8,400
WALKER INTERACTIVE SYSTEMS, INC. (A) 400 2,400
WAVE SYSTEMS CORP. CLASS A (A) 700 2,559
WAVEPHORE, INC. (A) 600 3,000
WHITTMAN-HART, INC. (A) 600 11,250
WIND RIVER SYSTEMS, INC. (A) 400 15,000
XYBERNAUT CORP. (A) 500 1,594
YAHOO, INC. (A) 600 41,400
4,165,529
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMPUTERS & OFFICE EQUIPMENT - 3.9%
ADAPTEC, INC. (A) 600 6,900
ADVANCED DIGITAL INFORMATION CORP. (A) 100 681
ALPHA MICROSYSTEMS (A) 800 2,100
APEX PC SOLUTIONS, INC. (A) 300 5,138
APPLE COMPUTER, INC. (A) 1,000 31,188
APPLIED MAGNETICS CORP. (A) 200 913
ATL PRODUCTS, INC. CLASS A (A) 300 5,813
AURA SYSTEMS, INC. (A) 700 875
AUSPEX SYSTEMS, INC. (A) 100 200
BELL & HOWELL CO. (A) 100 2,350
CDW COMPUTER CENTERS, INC. (A) 200 7,700
CHS ELECTRONICS, INC. (A) 700 8,838
COMDISCO, INC. 800 9,950
COMPAQ COMPUTER CORP. 12,061 336,954
COMVERSE TECHNOLOGY, INC. (A) 465 17,903
CONCURRENT COMPUTER CORP. (A) 1,100 2,200
DATA GENERAL CORP. (A) 300 2,250
DELL COMPUTER CORP. (A) 4,700 470,000
DIEBOLD, INC. 900 19,688
DIGITAL LIGHTWAVE, INC. (A) 200 375
ELTRON INTERNATIONAL, INC. (A) 200 5,500
EMC CORP. (A) 3,500 158,156
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
ENCAD, INC. (A) 300 $ 2,400
EXABYTE CORP. (A) 100 538
FILENET CORP. (A) 200 3,275
FOCUS ENHANCEMENTS, INC. (A) 100 175
FORE SYSTEMS, INC. (A) 600 10,350
GATEWAY 2000, INC. (A) 1,000 47,313
GENICOM CORP. (A) 100 253
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HEWLETT-PACKARD CO. 7,452 361,888
HMT TECHNOLOGY CORP. (A) 300 2,063
HUTCHINSON TECHNOLOGY, INC. (A) 400 5,425
INGRAM MICRO, INC. CLASS A (A) 500 22,500
INSIGHT ENTERPRISES, INC. (A) 200 8,500
INTERGRAPH CORP. (A) 200 1,263
INTERNATIONAL BUSINESS MACHINES CORP. 6,900 777,113
IOMEGA CORP. (A) 900 3,319
ITRON, INC. (A) 100 938
KOMAG, INC. (A) 300 825
LEXMARK INTERNATIONAL GROUP, INC. (A) 600 36,338
MICRON ELECTRONICS, INC. (A) 1,000 11,750
MICROS SYSTEMS, INC. (A) 400 11,400
MMC NETWORKS, INC. (A) 500 8,375
MTI TECHNOLOGY CORP. (A) 200 900
NETWORK APPLIANCE, INC. 400 16,675
PITNEY BOWES, INC. 2,300 114,138
PLANAR SYSTEMS, INC. (A) 100 988
POMEROY COMPUTER RESOURCES, INC. (A) 200 2,650
QUANTUM CORP. (A) 700 8,006
RADISYS CORP. (A) 200 2,400
SAFEGUARD SCIENTIFICS, INC. (A) 300 7,238
SCAN-OPTICS, INC. (A) 100 450
SCI SYSTEMS, INC. (A) 300 6,881
SCM MICROSYSTEMS, INC. 200 8,363
SEAGATE TECHNOLOGY, INC. (A) 1,500 26,250
SED INTERNATIONAL HOLDINGS, INC. (A) 100 450
SEEQ TECHNOLOGY, INC. (A) 100 88
SEQUENT COMPUTER SYSTEMS, INC. (A) 900 5,794
SILICON GRAPHICS, INC. (A) 1,100 9,969
SPLASH TECHNOLOGY HOLDINGS, INC. (A) 100 1,500
STRATUS COMPUTER, INC. (A) 400 10,050
SUN MICROSYSTEMS, INC. (A) 2,900 114,913
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SYMBOL TECHNOLOGIES, INC. 600 24,600
SYQUEST TECHNOLOGY, INC. (A) 1,100 516
TECH DATA CORP. (A) 500 18,906
TELXON CORP. 400 6,850
TRIDENT MICROSYSTEMS, INC. (A) 100 341
UNISYS CORP. (A) 1,600 28,700
WANG LABS, INC. (A) 700 13,650
WESTERN DIGITAL CORP. (A) 500 4,125
XEROX CORP. 2,300 201,969
3,049,033
SHARES VALUE (NOTE 1)
ELECTRONIC INSTRUMENTS - 0.3%
ANADIGICS, INC. (A) 400 $ 5,075
APPLIED MATERIALS, INC. (A) 2,500 61,406
BARRINGER TECHNOLOGIES, INC. (A) 100 638
BECKMAN COULTER, INC. 400 22,150
BERG ELECTRONICS CORP. (A) 800 26,000
CERPROBE CORP. (A) 100 900
CHOLESTECH CORP. (A) 100 450
CHROMATICS COLOR SCIENCES INTERNATIONAL, INC. (A) 500 1,516
COHU, INC. 100 1,525
CREDENCE SYSTEMS CORP. (A) 200 2,900
ELECTRO SCIENTIFIC INDUSTRIES, INC. (A) 200 3,850
HELIX TECHNOLOGY, INC. 200 2,050
KLA-TENCOR CORP. (A) 400 8,500
KULICKE & SOFFA INDUSTRIES, INC. (A) 500 6,469
PERKIN-ELMER CORP. 519 30,037
RELIABILITY, INC. (A) 100 506
SAWTEK, INC. (A) 200 2,050
SILICON VALLEY GROUP, INC. (A) 400 3,850
TAVA TECHNOLOGIES, INC. (A) 300 1,294
TEKTRONIX, INC. 300 4,556
TERADYNE, INC. (A) 400 6,950
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
THERMO ELECTRON CORP. (A) 1,600 26,000
THERMO INSTRUMENTS SYSTEMS, INC. (A) 600 9,150
TRIMBLE NAVIGATION LTD. (A) 100 1,025
VARIAN ASSOCIATES, INC. 500 17,031
WATERS CORP. (A) 300 16,163
ZYGO CORP. (A) 200 1,525
263,566
ELECTRONICS - 2.4%
3DFX INTERACTIVE, INC. (A) 400 3,650
ACT MANUFACTURING, INC. (A) 100 650
ACTEL CORP. (A) 200 1,938
ADVANCED MICRO DEVICES, INC. (A) 800 10,550
ALTERA CORP. (A) 500 14,563
ALTRON, INC. (A) 100 950
AMP, INC. 1,900 67,806
ANALOG DEVICES, INC. (A) 900 12,656
APPLIED MICRO CIRCUITS CORP. 400 7,600
ARROW ELECTRONICS, INC. (A) 1,200 15,750
ARTESYN TECHNOLOGIES, INC. (A) 700 10,413
ATMEL CORP. 500 3,016
AVNET, INC. 500 23,625
AVX CORP. 200 2,975
BRIGHTPOINT, INC. (A) 900 8,156
BURR-BROWN CORP. (A) 300 3,600
C-CUBE MICROSYSTEMS, INC. (A) 100 1,481
CIDCO, INC. (A) 700 1,575
CIRRUS LOGIC, INC. (A) 200 1,213
CYPRESS SEMICONDUCTOR CORP. (A) 400 2,450
DALLAS SEMICONDUCTOR CORP. 400 10,825
DIGITAL MICROWAVE CORP. (A) 500 1,438
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
ELECTRONICS - CONTINUED
DII GROUP, INC. (A) 300 $ 3,863
ELECTROGLAS, INC. (A) 200 2,150
ESS TECHNOLOGY, INC. (A) 200 450
ETEC SYSTEMS, INC. (A) 300 7,238
EXAR CORP. (A) 100 1,513
GATEFIELD CORP. (A) 200 138
GENERAL SEMICONDUCTOR, INC. (A) 100 644
HADCO CORP. (A) 300 6,075
HARMONIC LIGHTWAVES, INC. (A) 100 825
INNOVEX, INC. 300 3,113
INTEGRATED CIRCUIT SYSTEMS, INC. (A) 200 1,300
INTEGRATED DEVICE TECHNOLOGY, INC. (A) 500 2,297
INTEGRATED SILICON SOLUTION (A) 100 291
INTEL CORP. 12,400 882,725
INTERNATIONAL RECTIFIER CORP. (A) 400 1,700
KEMET CORP. (A) 200 2,325
KENT ELECTRONICS CORP. (A) 200 1,825
LATTICE SEMICONDUCTOR CORP. (A) 400 9,625
LINEAR TECHNOLOGY CORP. 600 28,200
LSI LOGIC CORP. (A) 700 8,575
MARSHALL INDUSTRIES (A) 200 4,738
MAXIM INTEGRATED PRODUCTS, INC. (A) 1,200 33,000
METHODE ELECTRONICS, INC. CLASS A 100 1,200
MICREL, INC. (A) 300 8,719
MICRO LINEAR CORP. (A) 100 388
MICROCHIP TECHNOLOGY, INC. (A) 600 10,988
MICRON TECHNOLOGY, INC. (A) 1,400 31,850
MICROSEMI CORP. (A) 100 713
MOLEX, INC. 1,550 37,588
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MOTOROLA, INC. 4,200 180,863
MRV COMMUNICATIONS, INC. (A) 500 2,797
NATIONAL SEMICONDUCTOR CORP. (A) 900 8,213
NEOMAGIC CORP. (A) 500 6,438
PHOTRONICS, INC. (A) 500 6,000
PIONEER STANDARD ELECTRONICS, INC. 200 1,513
QLOGIC CORP. (A) 200 9,475
RAMBUS, INC. (A) 300 14,325
REPTRON ELECTRONICS, INC. (A) 100 494
RF MICRO DEVICES, INC. (A) 400 5,200
S-3, INC. (A) 700 2,144
SANMINA CORP. (A) 500 15,438
SEMTECH CORP. (A) 300 4,800
SIPEX CORP. (A) 400 7,175
SOLECTRON CORP. (A) 1,000 41,313
STANDARD MICROSYSTEMS CORP. (A) 100 625
STERLING COMMERCE, INC. (A) 900 29,700
STORAGE TECHNOLOGY CORP. (A) 1,000 21,750
TELCOM SEMICONDUCTOR, INC. (A) 100 375
TEXAS INSTRUMENTS, INC. 2,700 128,756
SHARES VALUE (NOTE 1)
THOMAS & BETTS CORP. 800 $ 27,250
TRANSWITCH CORP. (A) 400 6,300
TRIQUINT SEMICONDUCTOR, INC. (A) 100 1,525
UNIPHASE CORP. (A) 400 15,975
VIDEOSERVER, INC. (A) 100 675
VISHAY INTERTECHNOLOGY, INC. 1,030 10,815
VITESSE SEMICONDUCTOR CORP. (A) 500 13,563
WORLD ACCESS, INC. (A) 400 7,650
XILINX, INC. (A) 400 12,200
ZORAN CORP. (A) 100 588
1,884,871
PHOTOGRAPHIC EQUIPMENT - 0.3%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EASTMAN KODAK CO. 2,400 187,500
IMATION CORP. (A) 300 4,706
IN FOCUS SYSTEMS, INC. (A) 400 1,500
POLAROID CORP. 600 16,875
210,581
TOTAL TECHNOLOGY 11,275,443
TRANSPORTATION - 1.2%
AIR TRANSPORTATION - 0.4%
AIRTRAN HOLDINGS, INC. (A) 400 1,700
ALASKA AIR GROUP, INC. (A) 400 15,575
AMERICA WEST HOLDING CORP. CLASS B (A) 700 13,606
AMR CORP. (A) 1,100 59,950
ASA HOLDINGS, INC. 200 6,850
ATLANTIC COAST AIRLINES HOLDINGS, INC. (A) 200 4,525
ATLAS AIR, INC. (A) 100 2,375
COMAIR HOLDINGS, INC. 750 19,078
CONTINENTAL AIRLINES, INC. CLASS B (A) 300 12,375
DELTA AIR LINES, INC. 400 40,800
GREAT LAKES AVIATION LTD. (A) 200 600
MESA AIR GROUP, INC. (A) 200 934
MIDWAY AIRLINES CORP. (A) 100 1,406
MIDWEST EXPRESS HOLDINGS, INC. (A) 300 8,025
NAVIGANT INTERNATIONAL, INC. (A) 700 4,156
NORTHWEST AIRLINES CORP. CLASS A (A) 500 13,906
SKYWEST, INC. 400 8,400
SOUTHWEST AIRLINES CO. 1,875 33,398
TRANSPORTATION WORLD AIRLINES, INC. (A) 1,200 7,875
TRAVEL SERVICES INTERNATIONAL, INC. (A) 300 6,525
UAL CORP. (A) 600 36,188
US AIRWAYS GROUP, INC. (A) 600 34,950
VIAD CORP. 600 12,450
WESTERN PACIFIC AIRLINES, INC. (A) 200 4
WORLDCORP, INC. (A) 100 34
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
345,685
RAILROADS - 0.5%
ABC RAIL PRODUCTS CORP. (A) 100 1,088
BURLINGTON NORTHERN SANTA FE CORP. 1,000 93,063
CSX CORP. 1,600 60,400
KANSAS CITY SOUTHERN INDUSTRIES, INC. 600 19,725
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - CONTINUED
RAILROADS - CONTINUED
NORFOLK SOUTHERN CORP. 2,900 $ 81,744
TRINITY INDUSTRIES, INC. 600 18,150
UNION PACIFIC CORP. 2,000 79,625
WISCONSIN CENTRAL TRANSPORTATION CORP. (A) 700 8,794
362,589
SHIPPING - 0.0%
ALEXANDER & BALDWIN, INC. 400 9,400
HVIDE MARINE, INC. (A) 300 2,025
MARINE TRANSPORT CORP. (A) 10 22
OMI CORP. (A) 100 350
TRICO MARINE SERVICES, INC. (A) 400 2,350
14,147
TRUCKING & FREIGHT - 0.3%
AIR EXPRESS INTERNATIONAL CORP. 700 11,988
AIRBORNE FREIGHT CORP. 600 11,700
AMERICAN FREIGHTWAYS CORP. (A) 300 2,288
ARKANSAS BEST CORP. (A) 300 2,025
C.H. ROBINSON WORLDWIDE, INC. 200 4,000
CNF TRANSPORTATION, INC. 700 21,875
CONSOLIDATED FREIGHTWAYS CORP. (A) 300 2,625
EAGLE USA AIRFREIGHT, INC. (A) 400 8,150
EXPEDITORS INTERNATIONAL OF 500 13,906
WASHINGTON, INC.
FDX CORP. (A) 1,380 69,086
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FRITZ COMPANIES, INC. (A) 100 800
HUNT (J.B.) TRANSPORT SERVICES, INC. 500 8,469
LANDSTAR SYSTEM, INC. (A) 100 2,863
M.S. CARRIERS, INC. (A) 100 2,138
ROADWAY EXPRESS, INC. 500 7,563
SWIFT TRANSPORTATION CO., INC. (A) 800 13,100
US XPRESS ENTERPRISES, INC. (A) 100 1,125
USFREIGHTWAYS CORP. 600 13,463
WERNER ENTERPRISES, INC. 700 10,325
YELLOW CORP. (A) 500 5,969
213,458
TOTAL TRANSPORTATION 935,879
UTILITIES - 10.0%
CELLULAR - 0.6%
ADVANCED RADIO TELECOM CORP. (A) 200 600
AIRTOUCH COMMUNICATIONS, INC. (A) 4,000 225,000
APPLIED CELLULAR TECHNOLOGY, INC. (A) 100 181
ASSOCIATED GROUP, INC. CLASS A (A) 500 13,250
CELLNET DATA SYSTEMS, INC. (A) 400 2,200
CELLULAR COMMUNICATIONS 250 13,250
INTERNATIONAL, INC. (A)
CENTENNIAL CELLULAR CORP. CLASS A (A) 300 11,138
CENTURY TELEPHONE ENTERPRISES, INC. 950 43,106
CORECOMM, INC. (A) 300 6,150
SHARES VALUE (NOTE 1)
GEOTEK COMMUNICATIONS, INC. (A) 1,200 $ 22
LCC INTERNATIONAL, INC. (A) 200 1,300
NEXTEL COMMUNICATIONS, INC. CLASS A (A) 1,700 30,706
PAGING NETWORK, INC. (A) 600 4,350
POWERTEL, INC. (A) 100 1,000
QUALCOMM, INC. (A) 400 17,575
SKYTEL COMMUNICATIONS, INC. (A) 300 3,938
TELEPHONE & DATA SYSTEMS, INC. 800 26,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
UNITED STATES CELLULAR CORP. (A) 400 11,375
VANGUARD CELLULAR SYSTEMS, INC. 600 11,250
CLASS A (A)
WESTERN WIRELESS CORP. CLASS A (A) 500 7,813
430,704
ELECTRIC UTILITY - 3.1%
AES CORP. (A) 900 24,525
ALLEGHENY ENERGY, INC. 700 18,638
AMEREN CORP. 800 31,650
AMERICAN ELECTRIC POWER CO., INC. 1,800 81,450
BALTIMORE GAS & ELECTRIC CO. 1,700 52,381
BEC ENERGY 200 7,925
CALENERGY, INC. (A) 500 12,719
CAROLINA POWER & LIGHT CO. 600 25,838
CENTRAL & SOUTH WEST CORP. 1,600 41,800
CITIZENS UTILITIES CO. CLASS B 3,349 24,071
CMS ENERGY CORP. 1,200 50,775
CONECTIV, INC. 600 12,225
CONSOLIDATED EDISON, INC. 1,300 61,506
DOMINION RESOURCES, INC. 1,800 75,038
DPL, INC. 850 15,300
DQE, INC. 400 14,275
DTE ENERGY CO. 1,600 67,400
DUKE ENERGY CORP. 3,000 187,125
EASTERN UTILITIES ASSOCIATES 100 2,481
EDISON INTERNATIONAL 2,000 56,875
ENERGY EAST CORP. 600 27,000
ENTERGY CORP. 1,300 37,456
FIRSTENERGY CORP. 1,957 56,508
FLORIDA PROGRESS CORP. 500 21,094
FPL GROUP, INC. 1,700 113,156
GPU, INC. 1,400 52,588
HOUSTON INDUSTRIES, INC. 1,500 43,219
ILLINOVA CORP. 1,100 28,394
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
KANSAS CITY POWER & LIGHT CO. 600 17,063
KTI, INC. (A) 300 4,613
LG&E ENERGY CORP. 1,600 41,000
MIDAMERICAN ENERGY HOLDINGS CO. 1,500 37,219
MONTANA POWER CO. 900 35,100
NEVADA POWER CO. 900 22,331
NEW CENTURY ENERGIES, INC. 600 27,675
NEW ENGLAND ELECTRIC SYSTEM 1,000 40,375
NIAGARA MOHAWK POWER CORP. (A) 2,000 31,000
NIPSCO INDUSTRIES, INC. 600 17,550
NORTHEAST UTILITIES (A) 400 6,000
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
ELECTRIC UTILITY - CONTINUED
NORTHERN STATES POWER CO. 1,700 $ 45,050
OGE ENERGY CORP. 400 11,025
PACIFICORP 3,200 72,200
PECO ENERGY CO. 2,000 68,500
PG&E CORP. 3,300 106,013
PINNACLE WEST CAPITAL CORP. 1,000 43,188
POTOMAC ELECTRIC POWER CO. 1,300 31,850
PP&L RESOURCES, INC. 1,800 42,413
PUBLIC SERVICE CO. OF NEW MEXICO 200 4,000
PUBLIC SERVICE ENTERPRISE GROUP, INC. 1,300 47,613
PUGET SOUND POWER & LIGHT CO. 1,000 25,125
SCANA CORP. 600 18,413
SIERRA PACIFIC RESOURCES 600 21,938
SOUTHERN CO. 4,400 123,750
TECO ENERGY, INC. 800 21,250
TEXAS UTILITIES CO. 2,400 102,000
UNICOM CORP. 1,100 39,188
UTILICORP UNITED, INC. 700 24,106
WISCONSIN ENERGY CORP. 1,600 46,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
2,417,460
GAS - 0.7%
AGL RESOURCES, INC. 200 3,663
AQUILA GAS PIPELINE CORP. 100 719
COLUMBIA ENERGY GROUP 700 34,825
CONSOLIDATED NATURAL GAS CO. 1,000 43,813
CTG RESOURCES, INC. 100 2,313
EASTERN ENTERPRISES CO. 100 3,956
EL PASO ENERGY CORP. 1,300 32,256
ENRON CORP. 2,800 118,475
EQUITABLE RESOURCES, INC. 200 4,375
K N ENERGY, INC. 600 23,475
MARKETSPAN CORP. 1,592 43,581
MCN ENERGY GROUP, INC. 900 15,806
NATIONAL FUEL GAS CO. 500 20,563
NICOR, INC. 300 11,644
ONEOK, INC. 200 6,013
QUESTAR CORP. 400 6,500
SEMPRA ENERGY (A) 2,402 61,101
SONAT, INC. 1,200 32,475
WASHINGTON GAS LIGHT CO. 200 4,750
WESTERN RESOURCES, INC. 400 16,125
WILLIAMS COMPANIES, INC. 2,599 59,777
546,205
TELEPHONE SERVICES - 5.6%
ALLTEL CORP. 2,392 107,939
AMERITECH CORP. 7,800 367,575
AT&T CORP. 13,153 659,294
SHARES VALUE (NOTE 1)
BELL ATLANTIC CORP. 11,100 $ 489,788
BELLSOUTH CORP. 7,100 486,794
CINCINNATI BELL, INC. 900 21,150
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMMONWEALTH TELEPHONE 100 2,163
ENTERPRISES, INC.
COMSAT CORP. SERIES 1 700 15,269
E.SPIRE COMMUNICATIONS, INC. (A) 100 1,575
EXCEL COMMUNICATIONS, INC. (A) 700 14,131
FRONTIER CORP. 1,600 48,600
GLOBAL TELESYSTEMS GROUP, INC. (A) 500 16,000
GST TELECOMMUNICATIONS, INC. (A) 700 6,300
GTE CORP. 6,800 340,000
ICG COMMUNICATIONS, INC. (A) 600 10,763
ITC DELTACOM, INC. 300 9,525
IXC COMMUNICATIONS, INC. 400 9,800
LEVEL 3 COMMUNICATIONS, INC. (A) 2,100 62,541
MASTECH CORP. (A) 200 4,106
MCI COMMUNICATIONS CORP. 5,200 260,000
MCLEODUSA, INC. CLASS A (A) 400 11,600
NEXTLINK COMMUNICATIONS, INC. 300 6,225
CLASS A (A)
PACIFIC GATEWAY EXCHANGE, INC. (A) 300 10,556
PRIMUS TELECOMMUNICATIONS 461 4,149
GROUP, INC. (A)
QWEST COMMUNICATIONS 2,370 59,250
INTERNATIONAL, INC. (A)
SBC COMMUNICATIONS, INC. 13,200 501,600
SOURCE MEDIA, INC. (A) 400 2,513
SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORP. 700 45,369
SPRINT CORP. 3,100 207,894
STAR TELECOMMUNICATIONS, INC. (A) 405 4,253
TEL-SAVE HOLDINGS, INC. (A) 1,000 15,000
TELEGROUP, INC. (A) 300 1,350
U.S. WEST, INC. 4,079 212,108
U.S. LEC CORP. CLASS A 400 5,800
VIATEL, INC. (A) 400 3,250
WINSTAR COMMUNICATIONS, INC. (A) 400 7,300
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
WORLDCOM, INC. (A) 7,425 303,961
4,335,491
WATER - 0.0%
AMERICAN WATER WORKS, INC. 400 11,000
UNITED WATER RESOURCES, INC. 100 1,775
12,775
TOTAL UTILITIES 7,742,635
TOTAL COMMON STOCKS 72,501,461
(COST $82,989,847)
</TABLE>
PREFERRED STOCKS - 0.0%
SHARES VALUE (NOTE 1)
CONVERTIBLE PREFERRED STOCKS - 0.0%
CONSTRUCTION & REAL ESTATE - 0.0%
REAL ESTATE INVESTMENT TRUSTS - 0.0%
KIMCO REALTY CORP. SERIES D $1.875 36 $ 900
NONCONVERTIBLE PREFERRED STOCKS - 0.0%
CONSTRUCTION & REAL ESTATE - 0.0%
REAL ESTATE - 0.0%
PRICE ENTERPRISES, INC. SERIES A $1.40 100 1,363
TOTAL PREFERRED STOCKS 2,263
(COST $2,352)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS - 6.6%
PRINCIPAL
AMOUNT
U.S. TREASURY BILLS, YIELDS AT
DATES OF PURCHASE 4.79% TO 5.11%, 10/29/98 TO 12/3/98 (B) $ 5,165,000 5,109,349
(COST $5,107,868)
TOTAL INVESTMENT IN SECURITIES - 100% $77,613,073
(COST $88,100,067)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FUTURES CONTRACTS
EXPIRATION UNDERLYING UNREALIZED
DATE FACE AMOUNT GAIN/(LOSS)
AT VALUE
PURCHASED
21 S&P 500 STOCK INDEX CONTRACTS SEP. 1998 $ 5,008,500 $ (617,414)
</TABLE>
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL
INVESTMENT IN SECURITIES - 6.5%.
LEGEND
(a) Non-income producing
(b) Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the period end, the value of
securities pledged amounted to $337,250.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $55,811,399 and $1,959,218, respectively (see Note 3 of
Notes to Financial Statements).
The market value of futures contracts opened and closed during the
period amounted to $64,728,217 and $65,144,700, respectively (see Note
3 of Notes to Financial Statements).
The fund participated in the security lending program. At period end,
the value of securities loaned and the value of the collateral
amounted to $819,126 and $870,782, respectively (see Note 5 of Notes
to Financial Statements).
INCOME TAX INFORMATION
At August 31, 1998, the aggregate cost of investment securities for
income tax purposes was $88,101,971. Net unrealized depreciation
aggregated $10,488,898, of which $2,753,663 related to appreciated
investment securities and $13,242,561 related to depreciated
investment securities.
SPARTAN TOTAL MARKET INDEX FUND
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
AUGUST 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE $ 77,613,073
(COST $88,100,067) -
SEE ACCOMPANYING SCHEDULE
CASH 27,694
RECEIVABLE FOR INVESTMENTS SOLD 12,440
RECEIVABLE FOR FUND SHARES SOLD 1,341,405
DIVIDENDS RECEIVABLE 100,394
PURCHASE FEES RECEIVABLE 5,553
OTHER RECEIVABLES 2,978
RECEIVABLE FROM INVESTMENT ADVISER FOR EXPENSE REDUCTIONS 8,000
TOTAL ASSETS 79,111,537
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 1,054
PAYABLE FOR FUND SHARES REDEEMED 1,307,090
PAYABLE FOR DAILY VARIATION ON 405,887
FUTURES CONTRACTS
OTHER PAYABLES AND 46,649
ACCRUED EXPENSES
TOTAL LIABILITIES 1,760,680
NET ASSETS $ 77,350,857
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 87,825,580
UNDISTRIBUTED NET INVESTMENT INCOME 448,197
ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS 181,488
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS (11,104,408)
NET ASSETS, FOR 3,185,360 SHARES OUTSTANDING $ 77,350,857
NET ASSET VALUE, OFFERING PRICE $24.28
AND REDEMPTION PRICE PER SHARE ($77,350,857 (DIVIDED BY) 3,185,360 SHARES) A
</TABLE>
A OFFERING PRICE PER SHARE DOES NOT INCLUDE THE EFFECT OF THE PURCHASE
FEE.
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED AUGUST 31, 1998
INVESTMENT INCOME $ 404,535
DIVIDENDS
INTEREST (INCLUDING INCOME ON 133,638
SECURITIES LOANED OF $9,516)
TOTAL INCOME 538,173
EXPENSES
MANAGEMENT FEE AND $ 77,465
SUB-ADVISORY FEES
TRANSFER AGENT FEES 46,915
ACCOUNTING FEES 30,453
NON-INTERESTED TRUSTEES' COMPENSATION 90
REGISTRATION FEES 85,926
AUDIT 23,820
LEGAL 105
TOTAL EXPENSES BEFORE REDUCTIONS 264,774
EXPENSE REDUCTIONS (183,006) 81,768
NET INVESTMENT INCOME 456,405
REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:
INVESTMENT SECURITIES (75,662)
FUTURES CONTRACTS 350,476 274,814
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:
INVESTMENT SECURITIES (12,741,124)
FUTURES CONTRACTS (703,243) (13,444,367)
NET GAIN (LOSS) (13,169,553)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (12,713,148)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED NOVEMBER 5, 1997
AUGUST 31, 1998 (COMMENCEMENT
(UNAUDITED) OF OPERATIONS) TO
FEBRUARY 28, 1998
OPERATIONS $ 456,405 $ 125,196
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS) 274,814 230,371
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) (13,444,367) 2,339,959
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (12,713,148) 2,695,526
DISTRIBUTIONS TO SHAREHOLDERS (80,397) (56,554)
FROM NET INVESTMENT INCOME
FROM NET REALIZED GAIN (305,507) -
TOTAL DISTRIBUTIONS (385,904) (56,554)
SHARE TRANSACTIONS 68,587,387 42,880,647
NET PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS 382,019 56,508
COST OF SHARES REDEEMED (17,706,943) (6,952,594)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS 51,262,463 35,984,561
PURCHASE FEES 345,885 218,028
TOTAL INCREASE (DECREASE) IN NET ASSETS 38,509,296 38,841,561
NET ASSETS
BEGINNING OF PERIOD 38,841,561 -
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME OF $448,197 AND $75,013, RESPECTIVELY) $ 77,350,857 $ 38,841,561
OTHER INFORMATION
SHARES
SOLD 2,399,062 1,666,819
ISSUED IN REINVESTMENT OF DISTRIBUTIONS 12,959 2,259
REDEEMED (624,974) (270,765)
NET INCREASE (DECREASE) 1,787,047 1,398,313
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR ENDED
AUGUST 31, 1998 FEBRUARY 28,
SELECTED PER-SHARE DATA (UNAUDITED) 1998 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 27.78 $ 25.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME D .21 .15
NET REALIZED AND UNREALIZED GAIN (LOSS) (3.63) 2.45
TOTAL FROM INVESTMENT OPERATIONS (3.42) 2.60
LESS DISTRIBUTIONS
FROM NET INVESTMENT INCOME (.05) (.08)
FROM NET REALIZED GAIN (.19) -
TOTAL DISTRIBUTIONS (.24) (.08)
PURCHASE FEES ADDED TO PAID IN CAPITAL .16 .26
NET ASSET VALUE, END OF PERIOD $ 24.28 $ 27.78
TOTAL RETURN B, C (11.89)% 11.48%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 77,351 $ 38,842
RATIO OF EXPENSES TO AVERAGE NET ASSETS .26% A, F .25% A, F
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 1.46% A 1.91% A
PORTFOLIO TURNOVER RATE 7% A 7% A
AVERAGE COMMISSION RATE G $ .0250 $ .0186
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE SHARES
OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 5, 1997 (COMMENCEMENT OF OPERATIONS) TO FEBRUARY 28, 1998.
F FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE PERIOD.
WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE BEEN HIGHER
(SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
G A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR SECURITY
TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM PERIOD TO PERIOD
AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED IN VARIOUS MARKETS WHERE
TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY DIFFER.
</TABLE>
SPARTAN EXTENDED MARKET INDEX FUND
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance.
You can look at the total percentage change in value, the average
annual percentage change or the growth of a hypothetical $10,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value) and the effect of the 0.75% purchase fee. If
Fidelity had not reimbursed certain fund expenses, the total returns
would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1998 PAST 6 LIFE OF
MONTHS FUND
SPARTAN EXTENDED MARKET INDEX -22.11% -16.36%
SPARTAN EXTENDED MARKET INDEX -22.69% -16.98%
(INCL. 0.75% PURCHASE FEE)
WILSHIRE 4500 -21.58% -17.01%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, or since the fund
started on November 5, 1997. For example, if you had invested $1,000
in a fund that had a 5% return over the past year, the value of your
investment would be $1,050. You can compare the fund's return to the
Wilshire 4500 Index - an unmanaged index of approximately 6,900 U.S.
equity securities. This benchmark includes reinvested dividends and
capital gains, if any, and excludes the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. These numbers will be reported once the fund
is a year old.
UNDERSTANDING PERFORMANCE
HOW A FUND DID YESTERDAY IS NO GUARANTEE OF HOW
IT WILL DO TOMORROW. THE STOCK MARKET, FOR EXAMPLE,
HAS A HISTORY OF LONG-TERM GROWTH AND SHORT-TERM
VOLATILITY. IN TURN, THE SHARE PRICE AND RETURN OF A
FUND THAT INVESTS IN STOCKS WILL VARY. THAT MEANS IF
YOU SELL YOUR SHARES DURING A MARKET DOWNTURN,
YOU MIGHT LOSE MONEY. BUT IF YOU CAN RIDE OUT THE
MARKET'S UPS AND DOWNS, YOU MAY HAVE A GAIN.
(CHECKMARK)
$10,000 OVER LIFE OF FUND
SPARTAN EXT MKT INDEX WILSHIRE 4500
00398 WA008
1997/11/05 9925.00 10000.00
1997/11/30 9786.05 9738.00
1997/12/31 10029.23 9976.58
1998/01/31 9909.78 9833.92
1998/02/28 10658.29 10586.21
1998/03/31 11191.80 11133.52
1998/04/30 11311.03 11274.91
1998/05/31 10781.39 10478.37
1998/06/30 10961.95 10916.05
1998/07/31 10336.01 10297.11
1998/08/31 8301.71 8299.00
IMATRL PRASUN SHR__CHT 19980831 19980922 153547 R00000000000012
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Spartan Extended Market Index Fund on November 5, 1997,
when the fund started, and the current 0.75% purchase fee was paid. As
the chart shows, by August 31, 1998, the value of the investment would
have been $8,302 - a 16.98% decrease on the initial investment. For
comparison, look at how the Wilshire 4500 Index did over the same
period. With dividends and capital gains, if any, reinvested, the same
$10,000 investment would have been $8,299 - a 17.01% decrease.
SPARTAN EXTENDED MARKET INDEX FUND
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Frank Salerno, Portfolio Manager of Spartan Extended
Market Index Fund for Bankers Trust, sub-adviser of the fund
Q. HOW DID THE FUND PERFORM, FRANK?
A. For the six months that ended on August 31, 1998, the fund had a
total return of -22.11%. From its inception on November 5, 1997, the
fund returned -16.36% (figures do not include the 0.75% purchase fee).
The fund invests in equity securities included in its benchmark - the
Wilshire 4500 Index - which returned -21.58% and -17.01% over the past
six months and since the fund's inception, respectively.
Q. WHAT WOULD YOU SAY WERE THE PREDOMINANT MARKET CONDITIONS OF THE
PAST SIX MONTHS?
A. The past half-year has been characterized by extreme volatility
worldwide. U.S. equity markets were dragged under by the continuous
downward spiral of the Asian economic crisis. The tumultuous decline
of emerging markets - most notably Russia and Latin America - was also
a significant contributor to tense investor sentiment. The European
markets, which had been seemingly immune to the fiscal turmoil in
Eastern Europe and the Far East, finally began to feel the effects of
Russia's political and economic upheaval. The news on the U.S. front
was not all bad, however, as low inflation and consistently low
interest rates combined to demonstrate the resiliency and strength of
domestic economic fundamentals. Still, thanks to a nearly 20% drop in
the Dow Jones Industrial Average between its record high on July 17,
1998, through August 31, 1998, the market's gains for the year were
effectively erased. In general, large cap stocks performed better than
small-caps, which particularly hurt the fund given its small-cap
focus. While there were few signs of panic by individual investors,
many did seek shelter in securities backed by the federal government,
sparking the yield on the 30-year Treasury bond to fall to a record
low of 5.25 percent.
Q. LET'S TALK ABOUT THE PERFORMANCE OF SOME OF THE FUND'S SPECIFIC
SECTORS, STARTING WITH FINANCE, THE FUND'S LARGEST SECTOR WEIGHTING .
. .
A. In the earlier stages of the six-month period ending August 31,
merger and acquisition activity within this sector, along with low
interest rates and a solid economy, helped financial stocks
tremendously. U.S. financial stocks also had little exposure to Asia.
However, U.S. financial companies have much more exposure to other
emerging markets - including Latin America and Russia - prompting
negative investor sentiment amidst concerns about the possibility of
global recession. That negative sentiment has translated into a recent
downturn in performance for the financial sector in general.
Q. HEALTH CARE STOCKS HAVE PERFORMED VERY WELL IN RECENT YEARS. DID
THAT TREND CONTINUE, GIVEN THE VOLATILE CLIMATE DURING THE SIX-MONTH
PERIOD?
A. Health care stocks generally have performed well since the fund's
inception. I attribute that in large part to the pharmaceutical
industry. I see three key contributors to the strength of
pharmaceutical companies. First, given the aging of the population,
there's a strong demand for their products. Second, the industry is
meeting that demand with new, innovative products that have been given
accelerated approvals by the Food and Drug Administration. Finally,
many of these companies have produced double digit earnings, which
compare favorably to the rest of the health care industry.
Q. WHAT ABOUT THE TECHNOLOGY SECTOR?
A. The technology sector was one of the primary contributors to the
market's record-setting performance earlier in the year. The stocks of
technology companies without a great deal of exposure to Asia were
some of the fund's best performers. However, nearly all technology
stocks stumbled significantly with the market correction at the end of
the period. Internet stocks in particular suffered a significant
sell-off given what many saw as their highly overvalued stock prices.
Q. WHAT IS YOUR OUTLOOK, FRANK?
A. Toward the end of the period, it appeared the Federal Reserve Board
was considering a reduction in interest rates. I feel that would help
calm nervous investor sentiment and perhaps stabilize some of the
peaks and valleys we've witnessed lately. It would also be
particularly beneficial for bank stocks, which tend to do well in
periods of low inflation and low or declining interest rates. I do
anticipate more volatility in the near-term, however, with several of
the world's major markets still trying to catch their collective
breath from the whirlwind of fluctuations. At the same time, I am
quite encouraged by the strength of the American economy. Hopefully,
the combination of low inflation, low unemployment and low interest
rates will be the ties that allow us to lash ourselves to the mast and
ride out the stock market's turbulent storms.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
FUND FACTS
GOAL: TOTAL RETURN THAT CORRESPONDS TO THAT
OF THE WILSHIRE 4500 INDEX
FUND NUMBER: 398
TRADING SYMBOL: FSEMX
START DATE: NOVEMBER 5, 1997
SIZE: AS OF AUGUST 31, 1998, MORE THAN
$38 MILLION
MANAGER: FRANK SALERNO, SINCE INCEPTION
(CHECKMARK)
SPARTAN EXTENDED MARKET INDEX FUND
INVESTMENT CHANGES
TOP TEN STOCKS AS OF AUGUST 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO
BERKSHIRE HATHAWAY, INC. 3.2 1.5
CLASS A
SAFEWAY, INC. 0.8 0.5
AMERICA ONLINE, INC. 0.7 0.4
CARNIVAL CORP. 0.7 0.5
EQUITABLE COMPANIES 0.5 0.3
(THE), INC.
COX COMMUNICATIONS, INC. CLASS A 0.4 0.3
COCA-COLA ENTERPRISES, INC. 0.4 0.4
LEVEL 3 COMMUNICATIONS, INC. 0.4 0.0
GENENTECH, INC. (SPECIAL) 0.4 0.3
BMC SOFTWARE, INC. 0.3 0.2
<TABLE>
<CAPTION>
<S> <C> <C>
TOP TEN MARKET SECTORS AS OF AUGUST 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO
FINANCE 19.8 17.7
TECHNOLOGY 15.0 14.5
UTILITIES 8.7 7.0
CONSTRUCTION 8.0 6.5
& REAL ESTATE
HEALTH 8.0 7.3
MEDIA & LEISURE 7.6 6.5
RETAIL & WHOLESALE 5.3 4.7
SERVICES 4.6 4.1
DURABLES 4.4 3.7
NONDURABLES 3.9 3.0
</TABLE>
SPARTAN EXTENDED MARKET INDEX FUND
INVESTMENTS AUGUST 31, 1998 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMMON STOCKS - 97.7%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 1.1%
AEROSPACE & DEFENSE - 0.8%
AAR CORP. 650 $ 14,381
ADVANCED AERODYNAMICS & STRUCTURES, INC. CLASS A (A) 600 2,175
ADVANCED TECHNICAL PRODUCTS, INC. (A) 100 844
ALLIANT TECHSYSTEMS, INC. (A) 300 19,688
AVIALL, INC. (A) 200 2,550
BANNER AEROSPACE, INC. (A) 160 1,320
BE AEROSPACE, INC. (A) 600 12,488
CORDANT TECHNOLOGIES, INC. 700 24,938
CURTISS-WRIGHT CORP. 100 4,406
FAIRCHILD CORP. CLASS A (A) 324 4,496
GENCORP, INC. 600 12,600
GULFSTREAM AEROSPACE CORP. (A) 1,300 45,663
HARSCO CORP. 1,000 36,688
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HOWMET INTERNATIONAL, INC. 1,200 12,000
KELLSTROM INDUSTRIES, INC. (A) 400 9,225
MOOG, INC. CLASS A (A) 100 2,825
OEA, INC. 600 4,650
ORBITAL SCIENCES CORP. (A) 500 9,375
PRECISION CASTPARTS CORP. 600 22,613
PRIMEX TECHNOLOGIES, INC. 200 7,350
SEQUA CORP. CLASS A (A) 100 6,381
SIMULA, INC. (A) 100 913
STURM RUGER & CO., INC. 400 5,600
SUNDSTRAND CORP. 1,100 50,119
UNITED INDUSTRIAL CORP. 100 963
WYMAN-GORDON CO. (A) 800 11,200
325,451
DEFENSE ELECTRONICS - 0.2%
ALPHA INDUSTRIES, INC. (A) 100 950
ANAREN MICROWAVE, INC. (A) 200 2,075
CUBIC CORP. 100 2,125
DUCOMMUN, INC. (A) 150 2,578
FLIR SYSTEMS, INC. (A) 600 6,300
FREQUENCY ELECTRONICS, INC. 150 975
LITTON INDUSTRIES, INC. (A) 900 43,200
NICHOLS RESEARCH CORP. (A) 100 2,013
REMEC, INC. (A) 800 6,500
SCOTT TECHNOLOGIES, INC. CLASS A (A) 200 2,600
STANFORD TELECOMMUNICATIONS, INC. (A) 100 975
70,291
SHIP BUILDING & REPAIR - 0.1%
AVONDALE INDUSTRIES, INC. 200 5,125
DRIL-QUIP, INC. 400 4,925
HALTER MARINE GROUP, INC. (A) 800 7,200
NEWPORT NEWS SHIPBUILDING, INC. 500 11,750
29,000
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TOTAL AEROSPACE & DEFENSE 424,742
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - 3.6%
CHEMICALS & PLASTICS - 1.8%
AIRGAS, INC. (A) 1,100 $ 13,063
ALBEMARLE CORP. 800 13,450
ATMI, INC. (A) 300 3,488
BETZDEARBORN, INC. 600 36,900
BUSH BOAKE ALLEN, INC. (A) 200 6,000
CABOT CORP. 1,100 23,925
CARBIDE/GRAPHITE GROUP, INC. (THE) (A) 200 2,600
CATALYTICA, INC. 1,100 11,344
CHEMFIRST, INC. 300 5,156
CROMPTON & KNOWLES CORP. 1,100 16,088
CYTEC INDUSTRIES, INC. (A) 900 20,588
ECO SOIL SYSTEMS, INC. (A) 500 2,688
ENVIRODYNE INDUSTRIES, INC. (A) 100 413
ETHYL CORP. 1,200 5,100
FERRO CORP. 500 10,094
FOAMEX INTERNATIONAL, INC. 600 9,000
FULLER (H.B.) CO. 400 19,000
FURON CO. 200 3,288
GENERAL CHEMICAL GROUP, INC. 300 6,263
GEON CO. 700 13,563
GEORGIA GULF CORP. 500 8,594
GUNDLE/SLT ENVIRONMENTAL, INC. (A) 100 294
HANNA (M.A.) CO. 1,100 13,681
HAWKINS CHEMICALS, INC. 100 1,013
IMC GLOBAL, INC. 1,580 29,033
INTERNATIONAL SPECIALTY PRODUCTS, INC. (A) 1,000 15,313
ISOLYSER, INC. (A) 1,000 1,875
IVEX PACKAGING CORP. 100 1,644
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
LAMSON & SESSIONS CO. (A) 100 450
LAWTER INTERNATIONAL, INC. 500 3,813
LEADING EDGE PACKAGING, INC. (A) 100 150
LEARONAL, INC. 100 1,888
LUBRIZOL CORP. 1,200 27,450
LYDALL, INC. (A) 200 2,775
LYONDELL PETROCHEMICAL CO. 1,500 32,344
MACDERMID, INC. 600 16,650
MCWHORTER TECHNOLOGIES, INC. (A) 100 2,106
MILLENNIUM CHEMICALS, INC. 1,400 30,275
MINERALS TECHNOLOGIES, INC. 400 14,525
MISSISSIPPI CHEMICAL CORP. 300 3,769
MYERS INDUSTRIES, INC. 200 4,125
NL INDUSTRIES, INC. 700 13,913
O'SULLIVAN CORP. 200 1,775
OCTEL CORP. (A) 500 7,688
OIL-DRI CORP. OF AMERICA 100 1,263
OLIN CORP. 800 22,500
OM GROUP, INC. 500 14,375
PARK ELECTROCHEMICAL CORP. 100 1,338
QUAKER STATE CORP. 900 11,306
SCHULMAN (A.), INC. 1,000 15,875
SCOTTS CO. CLASS A (A) 300 8,550
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - CONTINUED
CHEMICALS & PLASTICS - CONTINUED
SOLUTIA, INC. 1,700 $ 38,144
SPARTECH CORP. 300 4,950
STEPAN CO. 100 2,525
SYNALLOY CORP. 100 988
SYNETIC, INC. (A) 300 9,563
SYNTHETECH, INC. (A) 100 525
TERRA INDUSTRIES, INC. 1,100 5,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TREDEGAR INDUSTRIES, INC. 255 4,112
TUSCARORA PLASTICS, INC. 100 1,438
UNIROYAL TECHNOLOGY CORP. (A) 100 975
VALHI, INC. 1,700 21,144
VALSPAR CORP. 600 19,950
WELLMAN, INC. 500 5,719
WITCO CORP. 1,200 25,200
673,094
IRON & STEEL - 0.4%
ACME METALS, INC. (A) 100 281
AK STEEL HOLDING CORP. 1,100 15,263
AMPCO-PITTSBURGH CORP. 100 1,363
ATCHISON CASTING CORP. (A) 100 1,344
BARNES GROUP, INC. 200 4,788
BIRMINGHAM STEEL CORP. 600 4,125
CARPENTER TECHNOLOGY CORP. 400 14,475
CITATION CORP. (A) 100 1,063
CLEVELAND-CLIFFS, INC. 300 10,950
COLD METAL PRODUCTS, INC. (A) 100 375
FANSTEEL, INC. (A) 100 606
GIBRALTAR STEEL CORP. (A) 100 1,694
HUNTCO, INC. CLASS A 100 688
INLAND STEEL INDUSTRIES, INC. 264 5,000
INSTEEL INDUSTRIES, INC. 100 488
J & L SPECIALTY STEEL, INC. 500 1,781
KEYSTONE CONSOLIDATED INDUSTRIES, INC. (A) 100 838
LTV CORP. 1,400 7,613
MATERIAL SCIENCES CORP. (A) 200 1,513
MUELLER INDUSTRIES, INC. (A) 600 15,338
NATIONAL STEEL CORP. CLASS B 800 5,400
NORTHWEST PIPE CO. (A) 100 1,613
NS GROUP, INC. (A) 300 1,781
OREGON STEEL MILLS, INC. 400 3,775
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PARK-OHIO HOLDINGS CORP. (A) 100 1,313
QUANEX CORP. 200 4,350
ROANOKE ELECTRIC STEEL CORP. 150 1,950
ROUGE INDUSTRIES, INC. CLASS A 200 1,550
SCHNITZER STEEL INDUSTRIES, INC. CLASS A 100 1,500
SEMX CORP. (A) 100 263
SHILOH INDUSTRIES, INC. (A) 100 1,688
SPS TECHNOLOGIES, INC. (A) 200 8,350
STEEL DYNAMICS, INC. (A) 700 7,788
STEEL TECHNOLOGIES, INC. 100 806
SHARES VALUE (NOTE 1)
SUN HYDRAULICS CORP. 100 $ 1,113
TITAN INTERNATIONAL, INC. 300 3,188
WEBCO INDUSTRIES, INC. (A) 100 550
WHITTAKER CORP. (A) 100 1,338
WHX CORP. (A) 400 4,000
141,902
METALS & MINING - 0.5%
A. M. CASTLE & CO. 200 3,625
AFC CABLE SYSTEMS, INC. (A) 200 4,631
AMCOL INTERNATIONAL CORP. 350 4,113
BELDEN, INC. 700 10,413
BRUSH WELLMAN, INC. 200 2,925
CABLE DESIGN TECHNOLOGY CORP. (A) 350 4,922
CENTURY ALUMINUM CO. 300 3,000
COMMERCIAL METALS CO. 200 4,875
COMMONWEALTH INDUSTRIES, INC. 500 3,188
COMMSCOPE, INC. (A) 1,100 14,575
ENCORE WIRE CORP. (A) 450 4,725
ESSEX INTERNATIONAL, INC. (A) 400 7,500
FREEPORT-MCMORAN SULPHUR, INC. (A) 142 1,260
GENERAL CABLE CORP. 550 11,000
IMCO RECYCLING, INC. 200 2,425
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
INTERNATIONAL FIBERCOM, INC. (A) 700 3,522
KAISER ALUMINUM CORP. (A) 500 2,969
MARTIN MARIETTA MATERIALS, INC. 900 38,363
MATTHEWS INTERNATIONAL CORP. CLASS A 200 4,925
MAXXAM, INC. (A) 100 5,700
OLYMPIC STEEL, INC. (A) 500 3,125
OPTICAL CABLE CORP. (A) 500 4,375
RELIANCE STEEL & ALUMINUM CO. 300 9,150
RMI TITANIUM CO. (A) 300 5,363
SPECIAL METALS CORP. (A) 200 2,150
SUPERIOR TELECOM, INC. 425 16,203
TITANIUM METALS CORP. 900 10,350
WOLVERINE TUBE, INC. 300 8,794
198,166
PACKAGING & CONTAINERS - 0.2%
ALLTRISTA CORP. (A) 100 2,506
BWAY CORP. (A) 100 1,838
GAYLORD CONTAINER CORP. CLASS A (A) 700 2,100
GREIF BROTHERS CORP. CLASS A 300 9,750
SHOREWOOD PACKAGING CORP. (A) 400 5,200
SILGAN HOLDINGS, INC. (A) 500 11,625
SONOCO PRODUCTS CO. 2,050 52,531
U.S. CAN CORP. (A) 200 2,838
88,388
PAPER & FOREST PRODUCTS - 0.7%
ABT BUILDING PRODUCTS CORP. (A) 100 938
ALBANY INTERNATIONAL CORP. CLASS A 903 17,326
AMERICAN PAD & PAPER CO. (A) 400 850
BOWATER, INC. 700 26,469
BT OFFICE PRODUCTS INTERNATIONAL, INC. (A) 200 2,688
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - CONTINUED
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PAPER & FOREST PRODUCTS - CONTINUED
BUCKEYE TECHNOLOGIES, INC. (A) 500 $ 7,906
CARAUSTAR INDUSTRIES, INC. 400 8,500
CHESAPEAKE CORP. 400 13,100
CONSOLIDATED PAPERS, INC. 1,400 35,088
GEORGIA-PACIFIC CORP. (TIMBER GROUP) 1,800 36,225
GLATFELTER (P.H.) CO. 300 3,488
JEFFERSON SMURFIT CORP. (A) 1,300 14,625
LONGVIEW FIBRE CO. 700 6,825
MAIL-WELL, INC. (A) 1,100 18,288
PALEX, INC. (A) 100 681
PENTAIR, INC. 600 16,725
POPE & TALBOT, INC. 100 894
RAYONIER, INC. 500 19,500
ROCK-TENN CO. CLASS A 300 3,300
ST. JOE CO. (THE) 1,400 28,088
UNISOURCE WORLDWIDE, INC. 1,700 11,263
WAUSAU-MOSINEE PAPER CORP. 840 10,710
283,477
TOTAL BASIC INDUSTRIES 1,385,027
CONSTRUCTION & REAL ESTATE - 8.0%
BUILDING MATERIALS - 1.4%
AAON, INC. (A) 100 675
AAVID THERMAL TECHNOLOGIES, INC. (A) 500 4,469
ACX TECHNOLOGIES, INC. (A) 400 6,325
AMERICAN PRECISION INDUSTRIES, INC. (A) 100 1,388
AMERICAN RESIDENTIAL SERVICES, INC. (A) 200 1,225
AMERICAN STANDARD COMPANIES, INC. (A) 1,100 43,038
AMERICAN WOODMARK CORP. 100 2,700
BARNETT, INC. (A) 600 7,275
CALMAT CO. 300 5,044
CARLISLE COMPANIES, INC. 400 15,150
CENTEX CONSTRUCTION PRODUCTS, INC. 500 19,313
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CHART INDUSTRIES, INC. 150 1,059
COLTEC INDUSTRIES, INC. (A) 1,000 14,375
DAL-TILE INTERNATIONAL, INC. (A) 700 5,950
DRAVO CORP. (A) 200 1,350
DREW INDUSTRIES, INC. (A) 100 1,188
ELCOR CORP. 150 3,488
FASTENAL CO. 700 20,431
FLORIDA ROCK INDUSTRIES, INC. 200 5,513
GIANT CEMENT HOLDING, INC. (A) 100 2,619
HEXCEL CORP. (A) 500 4,844
HUSSMANN INTERNATIONAL, INC. 700 9,188
ICC TECHNOLOGIES, INC. (A) 900 2,025
INDUSTRIAL HOLDINGS, INC. (A) 100 950
JOHNS MANVILLE CORP. 2,300 31,481
JUSTIN INDUSTRIES, INC. 300 4,106
LAFARGE CORP. 1,000 28,563
LILLY INDUSTRIES, INC. CLASS A 300 5,588
SHARES VALUE (NOTE 1)
LONE STAR INDUSTRIES, INC. 100 $ 6,013
MARK IV INDUSTRIES, INC. 1,000 14,188
MESTEK, INC. (A) 100 1,850
MOBILE MINI, INC. (A) 500 3,813
NORTEK, INC. (A) 100 2,481
PENN ENGINEERING & MANUFACTURING CORP. (NON-VTG.) 100 1,863
RAYTECH CORP. (A) 100 306
REPUBLIC GROUP, INC. 100 1,456
ROHN INDUSTRIES, INC. 700 2,013
RPM, INC. 1,525 19,920
SELAS CORP. OF AMERICA 100 725
SHAW GROUP (A) 100 806
SOUTHDOWN, INC. 664 28,054
T.J. INTERNATIONAL, INC. 400 8,375
TECUMSEH PRODUCTS CO. CLASS A 500 23,781
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TEXAS INDUSTRIES, INC. 300 10,856
THERMO POWER CORP. (A) 100 850
THERMO REMEDIATION 100 363
THERMO TERRATECH, INC. (A) 200 925
UNITED DOMINION INDUSTRIES LTD. 579 14,120
UNIVERSAL FOREST PRODUCTS, INC. 100 1,431
USG CORP. 700 30,100
VULCAN MATERIALS CO. 600 66,900
WATSCO, INC. CLASS A 300 4,388
YORK INTERNATIONAL CORP. 800 27,700
522,597
CONSTRUCTION - 0.7%
AMERICAN HOMESTAR CORP. (A) 500 7,688
AVATAR HOLDINGS, INC. (A) 400 9,500
BEAZER HOMES USA, INC. (A) 400 8,550
CASTLE & COOKE, INC. (A) 610 9,150
CAVALIER HOMES, INC. 300 2,925
CLAYTON HOMES, INC. 1,700 26,244
CROSSMAN COMMUNITIES, INC. (A) 400 10,200
D.R. HORTON, INC. 950 15,200
EMCOR GROUP, INC. (A) 400 5,100
ENGLE HOMES, INC. 600 7,913
GRANITE CONSTRUCTION, INC. 700 16,625
JACOBS ENGINEERING GROUP, INC. (A) 500 12,750
LENNAR CORP. 700 12,688
M.D.C. HOLDINGS, INC. 600 9,600
M/I SCHOTTENSTEIN HOMES, INC. 200 3,975
MODTECH, INC. (A) 300 5,100
MONACO COACH CORP. (A) 300 6,488
NCI BUILDING SYSTEMS, INC. (A) 500 8,875
NVR, INC. (A) 300 9,769
OAKWOOD HOMES CORP. 900 12,825
PALM HARBOR HOMES, INC. (A) 250 6,281
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ROBERTSON CECO CORP. (A) 100 844
RYLAND GROUP, INC. 500 9,875
SCHULER HOMES, INC. (A) 100 750
SKYLINE CORP. 100 2,825
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE - CONTINUED
CONSTRUCTION - CONTINUED
SOUTHERN ENERGY HOMES, INC. (A) 200 $ 1,750
STANDARD PACIFIC CORP. 700 8,269
TOLL BROTHERS, INC. (A) 700 17,894
U.S. HOME CORP. (A) 400 11,325
VISTANA, INC. (A) 300 3,844
WALTER INDUSTRIES, INC. (A) 900 12,713
WEBB (DEL E.) CORP. 500 9,844
287,379
ENGINEERING - 0.3%
ABLE TELCOM HOLDING CORP. (A) 400 1,650
AMERILINK CORP. (A) 100 600
APOGEE ENTERPRISES, INC. 800 8,100
ARGUSS HOLDINGS, INC. (A) 100 1,413
BILLING INFORMATION CONCEPTS CORP. (A) 500 4,438
CENTURY BUSINESS SERVICES, INC. (A) 900 17,213
COMFORT SYSTEMS USA, INC. (A) 800 14,300
DSP GROUP, INC. (A) 200 2,850
FORRESTER RESEARCH, INC. (A) 100 3,100
HARDING LAWSON ASSOCIATES GROUP, INC. (A) 100 650
ICF KAISER INTERNATIONAL, INC. (A) 400 525
IDM ENVIRONMENTAL CORP. (A) 700 536
MASTEC, INC. (A) 400 6,400
NFO WORLDWIDE, INC. 300 2,813
PRIMARK CORP. (A) 94 2,221
PROFIT RECOVERY GROUP INTERNATIONAL, INC. (A) 600 11,325
SERVICE EXPERTS, INC. (A) 300 8,063
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SPECIALTY TELECONTRUCTORS, INC. (A) 200 4,875
STONE & WEBSTER, INC. 100 3,406
SYLVAN LEARNING SYSTEMS (A) 950 20,306
URS CORP. (A) 100 1,375
VSI HOLDINGS, INC. (A) 100 550
X-CEED, INC. (A) 600 3,600
120,309
REAL ESTATE - 0.6%
AMERICAN REALTY TRUST, INC. 100 1,475
BLUEGREEN CORP. (A) 800 6,000
BRIDGESTREET ACCOMODATIONS, INC. 100 344
CADIZ LAND, INC. (A) 500 4,063
CATELLUS DEVELOPMENT CORP. (A) 2,200 27,638
CB RICHARD ELLIS SERVICES, INC. (A) 500 13,719
EXECUSTAY CORP. (A) 100 900
FAIRFIELD COMMUNITIES, INC. (A) 800 7,800
FOREST CITY ENTERPRISES, INC. CLASS A 400 9,075
GRUBB & ELLIS CO. (A) 200 1,900
HOMESTEAD VILLAGE, INC. 400 3,275
HOVNANIAN ENTERPRISES, INC. CLASS A (A) 100 875
KAISER VENTURES, INC. (A) 100 1,025
LASALLE PARTNERS, INC. (A) 200 6,913
SHARES VALUE (NOTE 1)
LNR PROPERTY CORP. 300 $ 4,650
NEWHALL LAND & FARMING CO. 900 22,106
OMEGA WORLDWIDE, INC. (A) 66 338
PIERCE LEAHY CORP. (A) 200 3,400
PRICE ENTERPRISES, INC. (A) 900 3,375
ROUSE CO. (THE) 1,400 40,250
SILVERLEAF RESORTS, INC. (A) 100 813
STEWART ENTERPRISES, INC. CLASS A 1,400 27,475
STRATUS PROPERTIES, INC. (A) 100 338
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SUNTERRA CORP. (A) 1,000 9,188
TRAMMELL CROW CO. 400 10,575
TRENDWEST RESORTS, INC. 700 8,444
WELLSFORD REAL PROPERTIES, INC. (A) 225 2,138
218,092
REAL ESTATE INVESTMENT TRUSTS - 5.0%
ALEXANDRIA REAL ESTATE EQUITIES, INC. 100 2,906
AMB PROPERTY CORP. 1,200 28,200
AMERICAN HEALTH PROPERTIES, INC. 300 6,675
AMERICAN REAL ESTATE PARTNERS L.P. (A) 200 1,725
AMLI RESIDENTIAL PROPERTIES TRUST 200 3,950
ANNALY MORTGAGE MANAGEMENT, INC. 100 725
APARTMENT INVESTMENT & MANAGEMENT CO. CLASS A 1,029 35,243
ARCHSTONE COMMUNITIES TRUST 2,600 50,375
ARDEN REALTY GROUP, INC. 1,500 31,688
ASSOCIATED ESTATES REALTY CORP. 200 3,238
AVALON BAY COMMUNITIES, INC. 1,314 43,362
BANYAN STRATEGIC REALTY TRUST (SBI) 100 644
BEDFORD PROPERTY INVESTORS, INC. 100 1,663
BOSTON PROPERTIES, INC. 1,300 37,131
BOYKIN LODGING CO. 300 4,669
BRADLEY REAL ESTATE, INC. (SBI) 200 3,975
BRANDYWINE REALTY TRUST 600 10,800
BRE PROPERTIES, INC. CLASS A 500 11,813
BURNHAM PACIFIC PROPERTIES, INC. 200 2,600
CAMDEN PROPERTY TRUST (SBI) 951 23,834
CAPSTEAD MORTGAGE CORP. 900 2,700
CARRAMERICA REALTY CORP. 1,100 24,750
CBL & ASSOCIATES PROPERTIES, INC. 300 7,463
CCA PRISON REALTY TRUST 200 4,100
CENTERPOINT PROPERTIES CORP. 200 6,500
CHATEAU COMMUNITIES, INC. 400 10,425
CHELSEA GCA REALTY, INC. 200 6,900
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COLONIAL PROPERTIES TRUST (SBI) 800 19,500
COMMERCIAL NET LEASE REALTY, INC. 200 2,625
CORNERSTONE PROPERTIES, INC. 1,500 21,563
COUSINS PROPERTIES, INC. 500 13,906
CRESCENT REAL ESTATE EQUITIES, INC. 2,300 52,900
CRIIMI MAE, INC. 300 3,769
CROWN AMERICA REALTY TRUST 400 3,000
DEVELOPERS DIVERSIFIED REALTY CORP. 1,300 22,831
DUKE REALTY INVESTMENTS, INC. 1,100 22,825
DYNEX CAPITAL, INC. 600 5,925
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE - CONTINUED
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
EASTGROUP PROPERTIES, INC. 200 $ 3,388
EQUITY INNS, INC. 1,000 10,000
EQUITY OFFICE PROPERTIES TRUST 3,862 87,619
EQUITY RESIDENTIAL PROPERTIES TRUST (SBI) 1,800 71,888
ESSEX PROPERTY TRUST, INC. 100 2,844
EXCEL REALTY TRUST, INC. 200 4,675
FEDERAL REALTY INVESTMENT TRUST 500 10,063
FELCOR LODGING TRUST, INC. 905 18,439
FIRST INDUSTRIAL REALTY TRUST, INC. 900 21,094
FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS 200 1,288
FRANCHISE FINANCE CORP. OF AMERICA 300 7,013
GABLES RESIDENTIAL TRUST 700 18,025
GENERAL GROWTH PROPERTIES, INC. 900 32,456
GLENBOROUGH REALTY TRUST, INC. 800 17,400
GLIMCHER REALTY TRUST (SBI) 300 4,875
GREAT LAKES, INC. 200 3,038
HAAGEN ALEXANDER PROPERTIES, INC. 200 2,225
HEALTH CARE PROPERTY INVESTORS, INC. 400 12,525
HEALTH CARE REIT, INC. 300 6,900
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HEALTHCARE REALTY TRUST, INC. 300 6,863
HIGHWOODS PROPERTIES, INC. 1,200 30,525
HOME PROPERTIES 100 2,400
HOSPITALITY PROPERTIES TRUST (SBI) 1,000 27,500
HRPT PROPERTIES TRUST 2,200 34,375
IMPAC MORTGAGE HOLDINGS, INC. 100 1,281
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP. 500 4,500
INDYMAC MORTGAGE HOLDINGS, INC. 900 17,663
INNKEEPERS USA TRUST 300 2,888
IRT PROPERTY CO. 400 3,550
IRVINE APARTMENTS COMMUNITIES, INC. 200 5,100
JAMESON INNS, INC. 100 975
JDN REALTY CORP. 300 6,094
JP REALTY, INC. 200 4,025
KILROY REALTY CORP. 500 10,281
KIMCO REALTY CORP. 1,000 35,500
KOGER EQUITY, INC. 200 3,325
KONOVER PROPERTY TRUST, INC. (A) 100 688
KRANZCO REALTY TRUST 100 1,619
LEXINGTON CORPORATE PROPERTIES TRUST 100 1,163
LIBERTY PROPERTY TRUST (SBI) 1,400 31,675
LTC PROPERTIES, INC. 200 3,338
MACERICH CO. 200 5,050
MACK-CALI REALTY CORP. 1,300 37,456
MANUFACTURED HOME COMMUNITIES, INC. 300 7,069
MERIDIAN INDUSTRIAL TRUST, INC. 200 3,775
MERRY LAND & INVESTMENT CO., INC. 1,300 26,650
MGI PROPERTIES, INC. 100 2,625
SHARES VALUE (NOTE 1)
MID-AMERICA APARTMENT COMMUNITIES, INC. 800 $ 18,400
MILLS CORP. 600 11,625
NATIONAL GOLF PROPERTIES, INC. 100 2,344
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
NATIONAL HEALTH INVESTORS, INC. 200 5,300
NATIONWIDE HEALTH PROPERTIES, INC. 1,100 22,481
NEW PLAN REALTY TRUST (SBI) 1,100 22,275
OCWEN ASSET INVESTMENT CORP. 500 4,875
OMEGA HEALTHCARE INVESTORS, INC. 200 5,725
PACIFIC GULF PROPERTIES, INC. 200 3,800
PAN PACIFIC RETAIL PROPERTIES, INC. 200 3,675
PARKWAY PROPERTIES, INC. 100 2,713
PATRIOT AMERICAN HOSPITALITY, INC. UNIT 1,941 26,204
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 100 2,163
POST PROPERTIES, INC. (SBI) 700 26,600
PRENTISS PROPERTIES TRUST (SBI) 1,100 24,613
PRIME RETAIL, INC. 479 4,491
PROLOGIS TRUST 2,400 48,000
PUBLIC STORAGE, INC. 1,600 37,400
REALTY INCOME CORP. 300 7,069
RECKSON ASSOCIATES REALTY CORP. 900 19,294
REDWOOD TRUST, INC. 200 2,850
REGENCY REALTY CORP. 300 6,619
RFS HOTEL INVESTORS, INC. 900 12,375
SAUL CENTERS, INC. 100 1,625
SHURGARD STORAGE CENTERS, INC. CLASS A 400 9,800
SIMON DEBARTOLO GROUP, INC. 1,700 49,406
SL GREEN REALTY CORP. 200 3,850
SMITH (CHARLES E.) RESIDENTIAL REALTY, INC. 200 5,950
SOVRAN SELF STORAGE, INC. 200 4,450
SPIEKER PROPERTIES, INC. 1,200 42,675
STARWOOD HOTELS & RESORTS 2,800 102,200
STORAGE TRUST REALTY 200 4,338
STORAGE USA, INC. 400 11,975
SUMMIT PROPERTIES, INC. 300 5,025
SUN COMMUNITIES, INC. 200 6,538
SUNSTONE HOTEL INVESTORS, INC. 300 2,550
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TANGER FACTORY OUTLET CENTERS, INC. 100 2,619
TAUBMAN CENTERS, INC. 400 5,250
THORNBURG MORTGAGE ASSET CORP. 200 1,600
TOWN & COUNTRY TRUST 200 2,813
TRINET CORPORATE REALTY TRUST, INC. 300 8,625
UNITED DOMINION REALTY TRUST, INC. 2,700 31,388
UNIVERSAL HEALTH REALTY INCOME TRUST 100 1,831
URBAN SHOPPING CENTERS, INC. 200 6,350
VORNADO REALTY TRUST 1,624 50,953
WALDEN RESIDENTIAL PROPERTIES, INC. 200 4,525
WASHINGTON REAL ESTATE INVESTMENT TRUST 400 6,375
WEEKS CORP. 200 5,525
WEINGARTEN REALTY INVESTORS (SBI) 300 11,550
WESTERN INVESTMENT REAL ESTATE TRUST 200 2,350
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE - CONTINUED
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
WESTFIELD AMERICA, INC. 1,000 $ 15,875
WINSTON HOTELS, INC. 200 1,750
1,921,258
TOTAL CONSTRUCTION & REAL ESTATE 3,069,635
DURABLES - 4.4%
AUTOS, TIRES, & ACCESSORIES - 1.8%
AFTERMARKET TECHNOLOGY CORP. (A) 600 7,125
AMCAST INDUSTRIAL CORP. 100 1,531
ARVIN INDUSTRIES, INC. 500 18,875
AVIATION SALES CO. (A) 300 7,650
BANDAG, INC. 600 18,075
BORG-WARNER AUTOMOTIVE, INC. 500 20,250
BREED TECHNOLOGIES, INC. 500 3,656
CASEY'S GENERAL STORES, INC. 1,100 14,231
CASTLE ENERGY CORP. 300 5,156
CLARCOR, INC. 350 5,556
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COLONELS INTERNATIONAL, INC. (A) 200 1,375
COPART, INC. (A) 400 7,750
CROSS-CONTINENT AUTO RETAILERS (A) 200 1,225
DANAHER CORP. 2,352 85,260
DISCOUNT AUTO PARTS, INC. (A) 200 4,288
DONNELLY CORP. CLASS A 100 1,519
DURA AUTOMOTIVE SYSTEMS, INC. 400 8,800
CLASS A (A)
DURAKON INDUSTRIES, INC. (A) 100 950
DYNEGY, INC. 2,200 21,038
EXCEL INDUSTRIES, INC. 100 1,275
FEDERAL SIGNAL CORP. 1,100 22,413
FEDERAL-MOGUL CORP. 700 37,363
FOREST OIL CORP. (A) 500 4,375
GENTEX CORP. (A) 1,200 13,875
GETTY PETROLEUM MARKETING, INC. (A) 100 388
GETTY REALTY CORP. 100 1,531
GLOBAL MOTORSPORT GROUP, INC. (A) 300 4,369
HAYES LEMMERZ INTERNATIONAL, INC. (A) 400 11,900
INTERMET CORP. 300 4,500
JASON, INC. (A) 100 700
JOHNSTOWN AMERICA INDUSTRIES, INC. (A) 200 2,250
KEYSTONE AUTOMOTIVE INDUSTRIES, INC. (A) 600 9,075
KROLL-O'GARA CO. (A) 600 13,950
LEAR CORP. (A) 1,300 52,731
LITHIA MOTORS, INC. (A) 400 4,400
MASCOTECH, INC. 700 12,250
MERCURY AIR GROUP, INC. 100 638
MERITOR AUTOMOTIVE, INC. 1,000 17,750
MILLER INDUSTRIES, INC. (A) 600 2,663
MODINE MANUFACTURING CO. 600 16,688
MONRO MUFFLER BRAKE, INC. 105 1,050
O'REILLY AUTOMOTIVE, INC. (A) 400 11,550
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SHARES VALUE (NOTE 1)
OMNIQUIP INTERNATIONAL, INC. 400 $ 4,500
OSHKOSH TRUCK CO. CLASS B 100 2,250
REPUBLIC INDUSTRIES, INC. (A) 7,000 123,813
SIMPSON INDUSTRIES, INC. 200 2,100
SONIC AUTOMOTIVE, INC. (A) 300 5,531
SPARTAN MOTORS, INC. 100 519
SPX CORP. (A) 300 14,925
STANDARD MOTOR PRODUCTS, INC. 100 2,413
STANDARD PRODUCTS CO. 200 5,100
SUPERIOR INDUSTRIES INTERNATIONAL, INC. 800 16,650
SUPREME INDUSTRIES, INC. CLASS A 105 919
TBC CORP. (A) 300 1,388
TOWER AUTOMOTIVE, INC. (A) 1,000 18,375
TYLER CORP. (A) 300 1,969
UGLY DUCKLING CORP. (A) 200 925
UNITED AUTO GROUP, INC. (A) 300 3,994
WABASH NATIONAL CORP. 400 6,350
WALBRO CORP. 100 844
WORLD FUEL SERVICES CORP. 150 1,594
WYNN'S INTERNATIONAL, INC. 250 4,234
700,387
CONSUMER DURABLES - 0.3%
BALLANTYNE OF OMAHA, INC. (A) 600 4,350
BLOUNT INTERNATIONAL, INC. CLASS A 500 11,875
BLYTH INDUSTRIES, INC. (A) 1,000 22,938
DEPARTMENT 56, INC. (A) 400 11,800
DUPONT PHOTOMASKS, INC. (A) 300 8,213
LIBBEY, INC. 500 15,281
LIFETIME HOAN CORP. 100 925
MIKASA, INC. 200 2,363
MIKOHN GAMING CORP. (A) 100 406
ONEIDA LTD. 150 3,056
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PRINTRAK INTERNATIONAL, INC. (A) 100 438
SAF T LOK, INC. (A) 900 1,406
SAMSONITE CORP. (A) 243 1,458
SHUFFLE MASTER, INC. (A) 100 775
SIMPSON MANUFACTURING CO. LTD. (A) 100 2,913
SOLA INTERNATIONAL, INC. (A) 700 10,150
98,347
CONSUMER ELECTRONICS - 0.4%
BOSTON ACOUSTICS, INC. 300 6,638
FOSSIL, INC. (A) 450 7,425
GENERAL MOTORS CORP. CLASS H 1,800 65,025
HARMAN INTERNATIONAL INDUSTRIES, INC. 300 10,519
MOVADO GROUP, INC. 400 7,125
NATIONAL PRESTO INDUSTRIES, INC. 400 14,675
ODETICS, INC. CLASS B 400 2,300
PARKERVISION, INC. (A) 100 1,175
RECOTON CORP. (A) 300 7,050
RIVAL CO. (THE) 100 1,000
ROYAL APPLIANCE MANUFACTURING CO. (A) 300 1,013
SALTON/MAXIM HOUSEWARES, INC. (A) 500 6,125
SRS LABS, INC. (A) 100 450
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
DURABLES - CONTINUED
CONSUMER ELECTRONICS - CONTINUED
SUNBEAM CORP. 1,200 $ 9,000
UNIVIEW TECHNOLOGIES CORP. (A) 1,100 653
140,173
HOME FURNISHINGS - 0.6%
BASSETT FURNITURE INDUSTRIES, INC. 100 2,213
BOMBAY CO., INC. (THE) (A) 200 975
BUSH INDUSTRIES, INC. CLASS A. 100 1,844
ETHAN ALLEN INTERIORS, INC. 400 13,000
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FALCON PRODUCTS, INC. 100 1,150
FURNITURE BRANDS INTERNATIONAL, INC. (A) 700 15,663
GARDEN RIDGE CORP. (A) 200 1,800
HAVERTY FURNITURE COMPANIES, INC. 100 1,950
HEILIG-MEYERS CO. 900 10,238
HON INDUSTRIES, INC. 800 17,200
KIMBALL INTERNATIONAL, INC. CLASS B 700 11,988
KNOLL, INC. (A) 500 12,969
LA-Z-BOY, INC. 400 21,075
LADD FURNITURE, INC. (A) 300 4,538
LEGGETT & PLATT, INC. 2,800 56,175
LINENS'N THINGS, INC. (A) 800 18,700
MAXIM GROUP, INC. (A) 200 3,725
MILLER (HERMAN), INC. 1,700 34,850
O'SULLIVAN INDUSTRIES HOLDINGS, INC. (A) 200 1,875
ROWE FURNITURE CORP. 100 788
SHELBY WILLIAMS INDUSTRIES, INC. 100 1,188
VIRCO MANUFACTURING CO. 100 1,863
WINSLOEW FURNITURE, INC. (A) 300 4,650
240,417
TEXTILES & APPAREL - 1.3%
ASHWORTH, INC. (A) 600 3,375
BARRY (R G) CORP. (A) 100 1,363
BIBB CO. (A) 100 1,100
BURLINGTON INDUSTRIES, INC. (A) 900 8,550
CANDIES, INC. (A) 700 3,784
CHEMFAB CORP. (A) 100 1,763
CHIC BY H I S, INC. (A) 100 506
COLLINS & AIKMAN CORP. (A) 700 4,550
CONE MILLS CORP. (A) 300 2,119
CONSO PRODUCTS CO. (A) 100 600
CONVERSE, INC. (A) 200 588
CROWN CRAFTS, INC. 100 763
CULP, INC. 100 875
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CUTTER & BUCK, INC. (A) 300 6,338
DECKERS OUTDOOR CORP. (A) 100 506
DELTA WOODSIDE INDUSTRIES 300 1,163
DEXTER CORP. 700 17,325
DIXIE GROUP, INC. 100 725
DONNA KARAN INTERNATIONAL, INC. (A) 700 5,294
DYERSBURG CORP. 100 431
FLORSHEIM GROUP, INC. (A) 100 700
SHARES VALUE (NOTE 1)
G-III APPAREL GROUP LTD. (A) 100 $ 263
GALEY & LORD, INC. (A) 100 931
GUILFORD MILLS, INC. 300 4,406
HAGGAR CORP. 100 1,038
HARTMARX CORP. (A) 500 3,313
INTERFACE, INC. CLASS A 1,200 14,700
INTIMATE BRANDS, INC. CLASS A 4,400 81,400
JOHNSTON INDUSTRIES, INC. (A) 100 381
JONES APPAREL GROUP, INC. (A) 1,400 27,125
JOS. A. BANK CLOTHIERS, INC. (A) 100 600
KELLWOOD CO. 400 10,675
MADDEN (STEVEN) LTD. (A) 100 669
MAXWELL SHOE, INC. CLASS B (A) 400 5,250
MOHAWK INDUSTRIES, INC. (A) 700 18,594
NAUTICA ENTERPRISES, INC. (A) 800 15,450
NINE WEST GROUP, INC. (A) 600 9,563
NORTH FACE, INC. (A) 500 5,125
OSHKOSH B'GOSH, INC. CLASS A 300 10,950
OXFORD INDUSTRIES, INC. 100 2,706
PACIFIC SUNWEAR OF CALIFORNIA, INC. (A) 300 5,475
PHILLIPS-VAN HEUSEN CORP. 400 3,775
PILLOWTEX CORP. 126 3,481
PLUMA, INC. (A) 100 269
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
POLO RALPH LAUREN CORP. CLASS A (A) 900 19,744
POLYMER GROUP, INC. (A) 200 1,838
QUAKER FABRIC CORP. (A) 150 1,313
QUIKSILVER, INC. (A) 500 6,875
ROCKY SHOES & BOOTS, INC. (A) 100 844
SHAW INDUSTRIES, INC. 1,780 26,923
SPORT-HALEY, INC. (A) 100 1,100
ST. JOHN KNITS, INC. 500 9,531
STRIDE RITE CORP. 1,300 11,375
SUPERIOR UNIFORM GROUP, INC. 100 1,338
SYNTHETIC INDUSTRIES, INC. (A) 100 1,663
TARRANT APPAREL GROUP (A) 400 7,900
TIMBERLAND CO. CLASS A (A) 200 8,525
U.S. HOME & GARDEN, INC. (A) 900 3,600
UNIFI, INC. 1,300 28,925
UNITOG CO. 100 2,000
VANS, INC. (A) 100 631
WARNACO GROUP, INC. CLASS A 1,164 31,719
WESTPOINT STEVENS, INC. CLASS A (A) 1,100 32,588
WOLVERINE WORLD WIDE, INC. 1,000 10,563
WORLDTEX, INC. (A) 100 569
498,121
TOTAL DURABLES 1,677,445
ENERGY - 2.8%
COAL - 0.0%
ARCH COAL, INC. 500 9,313
ZEIGLER COAL HOLDING CO. 700 13,825
23,138
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - CONTINUED
ENERGY SERVICES - 1.0%
ATWOOD OCEANICS, INC. (A) 500 $ 8,313
AZTEC MANUFACTURING CO. 100 875
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
BAYARD DRILLING TECHNOLOGIES, INC. 623 2,531
BJ SERVICES CO. (A) 1,100 13,888
CAL DIVE INTERNATIONAL, INC. (A) 400 5,150
CARBO CERAMICS, INC. 200 3,450
CLIFFS DRILLING CO. (A) 200 2,838
DANIEL INDUSTRIES, INC. 200 2,225
DAWSON GEOPHYSICAL CO. (A) 200 2,450
DAWSON PRODUCTION SERVICES, INC. (A) 500 7,813
DIAMOND OFFSHORE DRILLING, INC. 2,000 41,750
ENSCO INTERNATIONAL, INC. 2,000 21,000
GLOBAL INDUSTRIES LTD. (A) 1,900 17,813
GLOBAL MARINE, INC. (A) 2,300 21,563
INPUT/OUTPUT, INC. (A) 600 5,850
KANEB SERVICES, INC. (A) 200 950
KEY ENERGY GROUP, INC. (A) 500 3,094
LAYNE CHRISTENSEN CO. (A) 100 981
LONE STAR TECHNOLOGIES, INC. (A) 300 2,981
LUFKIN INDUSTRIES, INC. 100 2,306
MARINE DRILLING COMPANIES, INC. (A) 700 6,300
MAVERICK TUBE CORP. (A) 100 563
NABORS INDUSTRIES, INC. (A) 1,400 16,538
NEWPARK RESOURCES, INC. (A) 900 5,119
NOBLE DRILLING CORP. 1,900 20,900
OCEANEERING INTERNATIONAL, INC. (A) 800 7,450
OFFSHORE LOGISTICS, INC. (A) 1,000 9,000
PARKER DRILLING CO. (A) 1,500 6,000
PATTERSON ENERGY, INC. (A) 500 2,094
POOL ENERGY SERVICES CO. (A) 300 2,138
POWELL INDUSTRIES, INC. (A) 100 1,000
PRIDE INTERNATIONAL, INC. (A) 800 6,350
R&B FALCON CORP. (A) 2,400 21,600
RPC ENERGY SERVICES, INC. 400 3,725
SEACOR SMIT, INC. (A) 400 13,800
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SEITEL, INC. (A) 600 5,400
SMITH INTERNATIONAL, INC. (A) 700 12,338
SUPERIOR ENERGY SERVICES, INC. (A) 1,400 4,856
TIDEWATER, INC. 900 18,900
TRANSCOASTAL MARINE SERVICES, INC. 500 2,125
TRANSOCEAN OFFSHORE, INC. 1,500 36,844
UTI ENERGY CORP. (A) 400 2,625
VARCO INTERNATIONAL, INC. (A) 900 6,413
ZAPATA CORP. 400 4,625
384,524
INDEPENDENT POWER - 0.0%
TRIGEN ENERGY CORP. 100 1,006
OIL & GAS - 1.8%
AMERICAN INTERNATIONAL PETROLEUM CORP. (A) 100 100
APCO ARGENTINA, INC. 100 2,375
SHARES VALUE (NOTE 1)
BARRETT RESOURCES CORP. (A) 700 $ 14,219
BASIN EXPLORATION, INC. (A) 200 1,825
BELCO OIL & GAS CORP. (A) 400 2,825
BELLWETHER EXPLORATION CO. (A) 400 1,975
BENTON OIL & GAS CO. (A) 1,100 5,431
BERRY PETROLEUM CO. CLASS A 300 3,675
BP PRUDHOE BAY ROYALTY TRUST 200 1,450
BRIGHAM EXPLORATION CO. (A) 100 600
BUCKEYE PARTNERS LP 300 7,950
CABOT OIL & GAS CORP. CLASS A 400 5,100
CARRIZO OIL & GAS, INC. (A) 100 275
CHESAPEAKE ENERGY CORP. 1,598 2,497
COHO ENERGY, INC. (A) 900 4,050
COMSTOCK RESOURCES, INC. (A) 300 1,631
COOPER CAMERON CORP. (A) 900 19,125
COSTILLA ENERGY, INC. (A) 100 638
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CROSS TIMBERS OIL CO. 750 9,422
CROWN CENTRAL PETROLEUM CORP. 100 1,013
CLASS B (A)
DAILEY INTERNATIONAL, INC. (A) 100 213
DENBURY RESOURCES, INC. (A) 400 2,984
DEVON ENERGY CORP. 800 21,150
EAGLE GEOPHYSICAL, INC. (A) 600 3,300
EEX CORP. (A) 2,000 8,875
ENRON OIL & GAS CO. 2,600 33,800
EVERGREEN RESOURCES, INC. (A) 300 4,125
EVI WEATHERFORD, INC. (A) 1,260 19,215
FORCENERGY, INC. (A) 600 3,413
FRIEDE GOLDMAN INTERNATIONAL, INC. (A) 600 6,263
FRONTIER OIL CORP. (A) 200 1,075
FX ENERGY, INC. (A) 100 600
GIANT INDUSTRIES, INC. 100 1,350
GOTHIC ENERGY CORP. (A) 300 178
GULF ISLAND FABRICATION, INC. (A) 500 5,000
HALLWOOD ENERGY PARTNERS LP 100 525
HARKEN ENERGY CORP. (A) 2,100 6,431
HOLLY CORP. 100 2,125
HONDO OIL & GAS CO. (A) 200 13
HOUSTON EXPLORATION CO. (A) 300 4,388
HS RESOURCES, INC. (A) 200 1,500
INLAND RESOURCES, INC. (A) 100 600
IRI INTERNATIONAL CORP. (A) 900 4,500
KCS ENERGY, INC. 700 2,625
KELLEY OIL & GAS CORP. (A) 600 713
KEY PRODUCTION CO., INC. (A) 100 600
LOUIS DREYFUS NATURAL GAS CORP. (A) 500 5,656
MAGNUM HUNTER RESOURCES, INC. (A) 900 2,813
MALLON RESOURCES CORP. (A) 500 4,125
MARKWEST HYDROCARBON, INC. (A) 100 950
MERIDIAN RESOURCE CORP. (A) 200 575
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MILLER EXPLORATION CO. (A) 600 3,263
MURPHY OIL CORP. 1,000 35,313
NATIONAL ENERGY GROUP, INC. (A) 900 338
NATIONAL-OILWELL, INC. (A) 700 5,425
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - CONTINUED
OIL & GAS - CONTINUED
NEWFIELD EXPLORATION CO. (A) 600 $ 9,413
NOBLE AFFILIATES, INC. 1,100 25,438
NUEVO ENERGY CO. (A) 600 9,788
OCEAN ENERGY, INC. (A) 2,052 18,212
PANACO, INC. (A) 300 563
PARALLEL PETROLEUM CORP. (A) 100 281
PATINA OIL & GAS CORP. 200 713
PENN VIRGINIA CORP. 100 2,163
PETROFINA SA WARRANTS 8/5/03 400 1,725
PETROLEUM DEVELOPMENT CORP. (A) 100 347
PIONEER NATURAL RESOURCES CO. 1,400 20,563
PLAINS RESOURCES, INC. (A) 200 3,075
POGO PRODUCING CO. 700 8,356
RANGE RESOURCES CORP. 520 3,543
REMINGTON OIL & GAS CORP. CLASS B (NON-VTG.) (A) 400 1,350
RESOURCE AMERICA, INC. CLASS A 500 6,969
RUTHERFORD-MORAN OIL CORP. (A) 800 7,950
SABA PETROLEUM CO. (A) 100 138
SANTA FE ENERGY RESOURCES, INC. 1,600 12,000
SEAGULL ENERGY CORP. (A) 900 7,988
SEVEN SEAS PETROLEUM, INC. (A) 900 8,775
SNYDER OIL CORP. 600 8,925
ST. MARY LAND & EXPLORATION CO. 500 8,281
STONE ENERGY CORP. (A) 300 6,019
SWIFT ENERGY CO. (A) 500 4,406
TEPPCO PARTNERS LP 200 5,350
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TESORO PETROLEUM CORP. (A) 900 11,588
TITAN EXPLORATION, INC. (A) 300 1,650
TOM BROWN, INC. (A) 800 8,900
TOSCO CORP. 2,200 48,400
TRANSMONTAIGNE, INC. (A) 300 3,450
TRANSTEXAS GAS CORP. (A) 800 3,050
ULTRAMAR DIAMOND SHAMROCK CORP. 1,700 39,313
UNIFAB INTERNATIONAL, INC. 300 2,550
UNIT CORP. (A) 400 1,650
VALERO REFINING & MARKETING CO. 800 14,300
VASTAR RESOURCES, INC. 1,400 53,200
VERITAS DGC, INC. (A) 300 4,500
VINTAGE PETROLEUM, INC. 800 6,250
WD-4O CO. 700 14,525
WESTERN GAS RESOURCES, INC. 400 3,325
WILLIAMS CLAYTON ENERGY, INC. (A) 100 625
WISER OIL CO. 100 594
XCL LTD. (A) 500 1,688
682,084
TOTAL ENERGY 1,090,752
SHARES VALUE (NOTE 1)
FINANCE - 19.8%
BANKS - 6.6%
ADVANTA CORP. 800 $ 9,050
ALLEGIANT BANCORP, INC. 300 4,125
AMCORE FINANCIAL, INC. 400 8,600
AMSOUTH BANCORP. 2,300 79,063
AREA BANKSHARES CORP. 200 5,450
ASSOCIATED BANC-CORP. 1,225 39,200
BANCORPSOUTH, INC. 500 8,625
BANK ATLANTIC BANCORP, INC. (NON-VTG.) CLASS A 375 2,906
BANK OF COMMERCE 600 6,900
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
BANK OF GRANITE CORP. 125 3,703
BANKNORTH GROUP, INC. 200 5,475
BOK FINANCIAL CORP. 303 13,029
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (A) 100 775
BRENTON BANKS, INC. 220 4,043
CAROLINA FIRST CORP. 500 10,313
CATHAY BANCORP, INC. 100 2,825
CCB FINANCIAL CORP. 400 38,025
CENTURA BANKS, INC. 300 16,875
CENTURY SOUTH BANKS, INC. 100 2,600
CHEMICAL FINANCIAL CORP. 105 3,649
CHITTENDEN CORP. 125 3,570
CITIZENS BANKING CORP. 300 8,588
CITY NATIONAL CORP. 1,000 27,875
CNB BANCSHARES, INC. 850 36,550
COLONIAL BANCGROUP, INC. 1,400 16,275
COMMERCE BANCORP, INC. 381 13,383
COMMERCE BANCSHARES, INC. 1,065 42,600
COMMUNITY FIRST BANKSHARES, INC. 1,000 17,000
COMMUNITY TRUST BANCORP, INC. 100 2,450
COMPASS BANCSHARES, INC. 1,300 42,900
CORUS BANKSHARES, INC. 200 5,725
CPB, INC. 100 1,700
CRESTAR FINANICAL CORP. 1,900 95,950
CULLEN FROST BANKERS, INC. 500 21,375
CVB FINANCIAL CORP. 150 2,869
EVERGREEN BANCORP, INC. 100 2,325
F & M BANCORP., INC. 110 3,644
F & M NATIONAL CORP. 300 7,988
FIDELITY NATIONAL CORP. GEORGIA (A) 500 4,500
FIRST AMERICAN CORP. 1,819 65,257
FIRST CITIZEN BANCSHARES, INC. 100 8,350
FIRST COMMERCE BANCSHARES 100 2,450
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FIRST COMMONWEALTH FINANCIAL CORP. 300 6,900
FIRST FINANCIAL BANCORP OHIO 400 10,700
FIRST FINANCIAL BANKSHARES, INC. 100 3,756
FIRST HAWAIIAN, INC. 800 23,500
FIRST MIDWEST BANKCORP, INC. 376 13,818
FIRST SECURITY CORP. 3,326 51,553
FIRST SOURCE CORP. 210 7,035
FIRST TENNESSEE NATIONAL CORP. 2,300 54,769
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
BANKS - CONTINUED
FIRST UNITED BANCSHARES, INC. 200 $ 3,925
FIRST VIRGINIA BANKS, INC. 1,000 43,000
FIRST WESTERN BANCORP 100 2,356
FIRSTAR CORP. 2,300 89,125
FIRSTBANK PUERTO RICO 400 9,550
FIRSTMERIT CORP. 1,300 28,763
FNB CORP. PENNSYLVANIA 205 5,945
FULTON FINANCIAL CORP. 950 18,644
GBC BANCORP 500 10,500
GOLD BANC CORP., INC. 400 5,700
GRAND PREMIER FINANCIAL, INC. 100 1,175
HAMILTON BANCORP, INC. (A) 100 2,800
HANCOCK HOLDING CO. 100 4,525
HIBERNIA CORP. CLASS A 3,000 40,500
HORIZON BANCORP, INC. 100 3,650
HUBCO, INC. 1,282 33,973
IMPERIAL BANCORP 600 12,375
INDEPENDENT BANK CORP. 600 7,875
IRWIN FINANCIAL CORP. 300 7,088
JEFFERSON SAVINGS BANCORP, INC. 100 1,869
KEYSTONE FINANCIAL, INC. 1,100 30,663
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
M&T BANK CORP. 124 50,840
MAINSTREET FINANCIAL CORP. 100 3,175
MARSHALL & ILSLEY CORP. 1,900 83,600
MERCANTILE BANKSHARES CORP. 1,500 42,000
MERCHANTS NEW YORK BANCORP, INC. 100 3,300
MID AM, INC. 400 8,350
MIDAMERICA BANCORP 100 2,438
MISSISSIPPI VALLEY BANCSHARES, INC. 100 3,600
NATIONAL BANCORP ALASKA, INC. 400 12,100
NATIONAL CITY BANCORP. 110 2,764
NATIONAL CITY BANCSHARES, INC. 100 3,400
NATIONAL COMMMERCE BANCORP 2,000 33,500
NATIONAL PENN BANCSHARES, INC. 125 3,031
NBT BANCORP, INC. 133 3,026
NORTH FORK BANCORP, INC. 2,657 50,483
OLD NATIONAL BANCORP 410 20,013
OMEGA FINANCIAL CORP. 100 2,975
ONE VALLEY BANCORP, INC. 405 11,948
ORIENTAL FINANCIAL GROUP, INC. 100 3,800
PACIFIC CENTURY FINANCIAL CORP. 1,700 25,075
PARK NATIONAL CORP. 100 9,550
PEOPLES HERITAGE FINANCIAL GROUP, INC. 1,732 27,171
PINNACLE BANC GROUP, INC. 100 2,688
POPULAR, INC. 2,000 56,000
PREMIER BANCSHARES CORP. 500 11,500
PRIME BANCSHARES, INC. 300 5,138
PROVIDENT FINANCIAL GROUP, INC. 900 34,425
R&G FINANCIAL CORP. CLASS B 600 9,225
REPUBLIC BANCORP, INC. 200 3,325
REPUBLIC BANCSHARES, INC. (A) 400 7,800
SHARES VALUE (NOTE 1)
RIGGS NATIONAL CORP. 800 $ 17,600
S & T BANCORP, INC. 190 9,512
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SANDWICH BANCORP, INC. 100 5,713
SANTA BARBARA BANCORP 200 5,000
SIERRAWEST BANCORP 200 5,325
SILICON VALLEY BANCSHARES (A) 600 14,663
SOUTHTRUST CORP. 2,750 89,031
SOUTHWEST BANCORP TEXAS, INC. 600 8,363
STAR BANC CORP. 1,906 104,592
STERLING BANCSHARES, INC. 150 1,791
SUMITOMO BANK OF CALIFORNIA 200 7,550
SUSQUEHANNA BANCSHARES, INC. 900 17,663
T R FINANCIAL CORP. 500 10,344
TEXAS REGIONAL BANCSHARES, INC. 200 4,350
CLASS A (VTG.)
TF FINANCIAL CORP. 100 1,875
TRIANGLE BANCORP, INC. 300 4,556
TRUST CO. OF NEW JERSEY 200 4,725
TRUSTCO BANK CORP. 700 18,594
TRUSTMARK CORP. 1,100 19,113
UAB FINANCIAL CORP. 305 12,429
UNION PLANTERS CORP. 2,138 86,055
UNIONBANCAL CORP. 800 59,900
UNITED BANKSHARES, INC. 970 24,129
UNITED NATIONAL BANCORP 100 2,400
US TRUST CORP. 400 24,000
USBANCORP, INC. 600 11,850
UST CORP. 998 16,467
VALLEY NATIONAL BANCORP 1,175 32,019
VERMONT FINANCIAL SERVICES CORP. 600 12,150
WESBANCO, INC. 300 7,125
WEST COAST BANCORP 100 1,725
WESTAMERICA BANCORP. 1,000 24,250
WESTERN BANCORP 500 14,750
WHITNEY HOLDING CORP. 200 7,325
WILMINGTON TRUST CORP. 500 23,375
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ZIONS BANCORP 1,268 48,660
2,529,796
CREDIT & OTHER FINANCE - 1.8%
AAMES FINANCIAL CORP. 400 2,600
ACE CASH EXPRESS, INC. (A) 100 1,325
ALLIED CAPITAL CORP. 1,120 17,920
AMERICAN INSURED MORTGAGE INVESTORS LP SERIES 86 100 850
AMERICREDIT CORP. (A) 400 9,975
ARCADIA FINANCIAL LTD. (A) 700 2,494
CAPITAL FACTORS HOLDING, INC. (A) 100 1,575
CASH AMERICA INTERNATIONAL, INC. 700 8,488
CIT GROUP, INC. CLASS A 2,400 61,650
COAST FEDERAL LITIGATION CONTINGENT PAYMENTS RIGHTS TRUST RIGHTS 300 3,019
12/31/00 (A)
CONCORD EFS, INC. (A) 1,800 35,550
CONSUMER PORTFOLIO SERVICES, INC. (A) 600 1,144
CONTIFINANCIAL CORP. (A) 1,100 13,888
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
CREDIT & OTHER FINANCE - CONTINUED
CREDIT ACCEPTANCE CORP. (A) 900 $ 5,738
DELTA FINANCIAL CORP. (A) 200 1,575
DORAL FINANCIAL CORP. 500 7,500
EQUITABLE COMPANIES (THE), INC. 3,400 194,438
FINANCIAL FEDERAL CORP. (A) 500 8,688
FINOVA GROUP, INC. 800 35,700
FIRST ALLIANCE CORP. (A) 700 5,250
FIRST SIERRA FINANCIAL, INC. (A) 300 4,688
FIRSTPLUS FINANCIAL GROUP, INC. (A) 500 11,375
FRANCHISE MORTGAGE ACCEPTANCE CO. (A) 600 9,675
GREENPOINT FINANCIAL CORP. 1,700 42,819
HEALTHCARE FINANCIAL PARTNERS, INC. (A) 300 9,150
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HELLER FINANCIAL, INC. CLASS A 700 13,825
HOME GOLD FINANCIAL, INC. (A) 100 225
IMC MORTGAGE CO. (A) 900 6,075
IMPERIAL CREDIT INDUSTRIES (A) 500 6,813
INSIGNIA FINANCIAL GROUP CLASS A (A) 700 12,294
INVESTORS FINANCIAL SERVICES CORP. 200 10,375
LIFE FINANCIAL CORP. (A) 300 1,838
LONG BEACH FINANCIAL CORP. (A) 700 5,600
MEDALLION FINANCIAL CORP. 100 1,413
METRIS COMPANIES, INC. 400 23,600
NEW CENTURY FINANCIAL CORP. (A) 100 925
OLD KENT FINANCIAL CORP. 1,680 54,180
PMC CAPITAL, INC. 100 963
RESOURCE BANCSHARES MORTGAGE 710 11,183
GROUP, INC.
SOUTHERN PACIFIC FUNDING CORP. (A) 700 5,688
STUDENT LOAN CORP. 200 8,775
TRIAD GUARANTY, INC. (A) 100 2,506
UNICAPITAL CORP. (A) 500 5,250
UNITED COMPANIES FINANCIAL CORP. 400 5,600
WFS FINANCIAL, INC. (A) 300 1,650
WILLIS LEASE FINANCE CORP. (A) 100 1,375
WMF GROUP LTD. (A) 33 355
WORLD ACCEPTANCE CORP. (A) 100 500
WSFS FINANCIAL CORP. 100 1,550
679,632
INSURANCE - 7.8%
20TH CENTURY INDUSTRIES, INC. 500 12,375
ACCEPTANCE INSURANCE CO., INC. (A) 200 3,800
ACMAT CORP. CLASS A (A) 100 1,650
AFLAC, INC. 3,900 97,988
ALFA CORP. 400 7,500
ALLCITY INSURANCE CO. (A) 300 2,100
ALLIED GROUP, INC. 500 23,469
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ALLMERICA FINANCIAL CORP. 1,100 65,588
AMBAC, INC. 1,100 51,906
AMERICAN ANNUITY GROUP, INC. 600 13,125
AMERICAN BANKERS INSURANCE GROUP, INC. 500 25,938
AMERICAN FINANCIAL GROUP, INC. 900 29,925
SHARES VALUE (NOTE 1)
AMERICAN HERITAGE LIFE INVESTMENT CORP. 400 $ 7,825
AMERICAN INDEMNITY FINANCIAL CORP. 100 1,313
AMERICAN NATIONAL INSURANCE CO. 400 36,100
AMERIN CORP. (A) 600 13,688
AMERUS LIFE HOLDINGS, INC. 534 14,218
ARGONAUT GROUP, INC. 400 10,300
ARM FINANCIAL GROUP, INC. CLASS A 700 10,150
ATLANTIC AMERICAN CORP. (A) 400 1,750
BALDWIN & LYONS, INC. CLASS B 200 4,225
BERKLEY (W.R.) CORP. 700 22,138
BERKSHIRE HATHAWAY, INC. CLASS A (A) 20 1,209,588
BLANCH E.W. HOLDINGS, INC. 100 3,569
CAPITAL RE CORP. 600 15,900
CAPITOL TRANSAMERICA CORP. 200 3,500
CENTRAL RESERVE LIFE CORP. (A) 300 2,025
CENTRIS GROUP, INC. 200 1,875
CHICAGO TITLE CORP. 500 17,594
CHOICEPOINT, INC. (A) 200 7,925
CITIZENS CORP. 500 12,656
CITIZENS, INC. CLASS A (A) 100 575
CMAC INVESTMENTS CORP. 500 19,250
CNA FINANCIAL CORP. (A) 2,700 98,888
CNA SURETY CORP. (A) 600 7,800
COMMERCE GROUP, INC. 300 7,875
CORE, INC. (A) 400 2,275
CRAWFORD & CO. CLASS B 700 12,338
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DANIELSON HOLDING CORP. (A) 400 1,625
DELPHI FINANCIAL GROUP, INC. CLASS A 408 17,034
DONEGAL GROUP, INC. 133 2,161
EMC INSURANCE GROUP 200 2,400
ENHANCE FINANCIAL SERVICES GROUP, INC. 600 15,075
ENVOY CORP. (A) 500 10,875
ERIE INDEMNITY CO. CLASS A 900 23,625
EVEREST REINSURANCE HOLDINGS, INC. 1,000 35,000
EXECUTIVE RISK, INC. 300 10,800
FARM FAMILY HOLDINGS, INC. (A) 100 3,075
FBL FINANCIAL GROUP, INC. CLASS A 500 11,031
FIDELITY NATIONAL FINANCIAL, INC. 320 8,860
FINANCIAL SECURITY ASSURANCE 700 34,563
HOLDINGS LTD.
FIRST AMERICAN FINANCIAL CORP. 850 21,888
FIRST HEALTH GROUP CORP. (A) 800 16,150
FOREMOST CORP. OF AMERICA 400 7,225
FPIC INSURANCE GROUP, INC. (A) 100 2,650
FREMONT GENERAL CORP. 700 29,925
FRONTIER INSURANCE GROUP, INC. 550 7,597
FUND AMERICAN ENTERPRISES HOLDINGS, INC. 70 8,960
GAINSCO, INC. 400 2,900
GALLAGHER (ARTHUR J.) & CO. 300 11,100
GRYPHON HOLDINGS LTD. (A) 200 2,325
GUARANTEE LIFE COMPANIES, INC. 100 1,800
HARLEYSVILLE GROUP, INC. 400 7,800
HARTFORD LIFE, INC. CLASS A 600 30,750
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
INSURANCE - CONTINUED
HCC INSURANCE HOLDINGS, INC. 700 $ 13,081
HEALTHCARE RECOVERIES, INC. (A) 600 5,850
HEALTHPLAN SERVICES CORP. 500 5,406
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HIGHLANDS INSURANCE GROUP, INC. (A) 200 2,500
HILB, ROGAL & HAMILTON CO. 100 1,738
HORACE MANN EDUCATORS CORP. 1,000 27,875
HSB GROUP, INC. 650 28,194
INDEPENDENCE HOLDING CO. 200 2,550
INSPIRE INSURANCE SOLUTIONS, INC. 500 9,188
INTERCARGO CORP. 200 2,000
INTERSTATE NATIONAL DEALER 100 667
SERVICES, INC. (A)
INVESTORS TITLE CO. 100 2,100
JOHN ALDEN FINANCIAL CORP. 800 17,950
LANDAMERICA FINANCIAL GROUP, INC. 300 14,906
LIBERTY FINANCIAL COMPANIES, INC. 600 17,700
LIFE RE CORP. 400 35,900
LIFE USA HOLDING, INC. 400 4,650
MEDICAL ASSURANCE, INC. 310 7,459
MERCHANTS GROUP, INC. 100 2,025
MERCURY GENERAL CORP. 800 29,250
MERIDIAN INSURANCE GROUP, INC. 200 3,700
MMI COMPANIES, INC. 200 3,225
MOBILE AMERICA CORP. 200 1,400
MOTOR CLUB OF AMERICA (A) 200 2,450
NAC RE CORP. 300 14,156
NATIONAL SECURITY GROUP, INC. 100 1,500
NATIONWIDE FINANCIAL SERVICES, INC. 600 26,813
CLASS A
NAVIGATORS GROUP, INC. (A) 200 3,300
NYMAGIC, INC. 100 2,175
OHIO CASUALTY CORP. 700 26,250
OLD GUARD GROUP, INC. 100 1,588
OLD REPUBLIC INTERNATIONAL CORP. 2,100 46,856
ORION CAPITAL CORP. 600 22,350
PENN TREATY AMERICAN CORP. (A) 100 2,550
PENN-AMERICA GROUP, INC. 200 2,175
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PENNCORP FINANCIAL GROUP, INC. 500 1,750
PHILADELPHIA CONSOLIDATED HOLDING CORP. (A) 200 3,850
PICO HOLDINGS, INC. (A) 500 1,156
PMI GROUP, INC. 700 38,763
POE & BROWN, INC. 150 5,644
PRESIDENTIAL LIFE CORP. 700 13,913
PROTECTIVE LIFE CORP. 800 24,700
PXRE CORP. 200 5,500
REINSURANCE GROUP OF AMERICA, INC. 300 15,000
RELIANCE GROUP HOLDINGS, INC. 1,700 21,463
RELIASTAR FINANCIAL CORP. 1,300 51,025
RISK CAPITAL HOLDINGS, INC. (A) 400 8,700
RLI CORP. 125 3,945
SHARES VALUE (NOTE 1)
SCPIE HOLDING, INC. 100 $ 2,981
SELECTIVE INSURANCE GROUP, INC. 400 7,113
STATE AUTO FINANCIAL CORP. 400 5,100
STEWART INFORMATION SERVICES CORP. 200 10,425
SYMONS INTERNATIONAL GROUP, INC. (A) 200 3,600
THE LIBERTY CORP. 192 8,532
TIG HOLDINGS, INC. 1,200 16,575
TRANSATLANTIC HOLDINGS, INC. 600 48,713
TRAVELERS PROPERTY CASUALTY CORP. 1,000 32,938
CLASS A
TRENWICK GROUP, INC. 100 3,450
UICI (A) 600 9,113
UNICO AMERICAN CORP. 200 1,900
UNITED FIRE & CASUALTY CO. 100 3,313
UNITED WISCONSIN SERVICES, INC. 200 3,000
UNITRIN, INC. 700 39,463
VESTA INSURANCE GROUP CORP. 300 2,831
WALSHIRE ASSURANCE CO. 200 1,463
ZENITH NATIONAL INSURANCE CORP. 200 4,725
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3,000,019
SAVINGS & LOANS - 2.0%
ALBANK FINANCIAL CORP. 400 19,850
ALLIANCE BANCORP 100 1,675
ANCHOR BANCORP WISCONSIN, INC. 200 4,563
ASTORIA FINANCIAL CORP. 700 25,200
BANK PLUS CORP. (A) 1,100 8,388
BANK UNITED CORP. CLASS A 700 23,275
BANKUNITED FINANCIAL CORP. CLASS A (A) 900 7,763
BAY VIEW CAPITAL CORP. 600 10,200
BAYONNE BANCSHARES, INC. 800 8,000
BSB BANCORP, INC. 100 2,763
CHARTER ONE FINANCIAL, INC. 2,300 52,900
COMMERCIAL FEDERAL CORP. 1,095 24,090
COMMONWEALTH BANCORP, INC. 300 4,013
D & N FINANCIAL CORP. 100 1,638
DIME BANCORP, INC. 1,700 32,300
DIME COMMUNITY BANCORP, INC. 500 7,656
DOWNEY FINANCIAL CORP. 410 9,456
EAGLE BANCSHARES, INC. 400 7,000
FINANCIAL BANCORP, INC. 300 9,300
FIRST FEDERAL CAPITAL CORP. 200 2,600
FIRST INDIANA CORP. 120 2,400
FIRST MUTUAL BANCORP 100 1,663
FIRST PALM BEACH BANCORP, INC. 300 9,000
FIRST REPUBLIC BANK (A) 200 5,200
FIRST SOURCE BANCORP, INC. 891 6,237
FIRST WASHINGTON BANCORP, INC. 410 7,944
FIRSTFED AMERICA BANCORP, INC. 100 1,425
FIRSTFED FINANCIAL CORP. (A) 600 8,850
FLAGSTAR BANCORP, INC. 200 4,475
FLUSHING FINANCIAL CORP. 500 9,438
GOLDEN STATE BANCORP, INC. 1,124 17,844
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
SAVINGS & LOANS - CONTINUED
GOLDEN STATE BANCORP, INC. LITIGATION 920 $ 4,140
WARRANTS 1/1/01 (A)
HARBOR FLORIDA BANCSHARES, INC. 800 7,450
HARRIS FINANCIAL, INC. 500 6,125
HAVEN BANCORP, INC. 400 6,400
HFNC FINANCIAL CORP. 1,200 13,200
INDEPENDENCE COMMUNITY BANK CORP. (A) 300 3,300
INTERWEST BANCORP, INC. 150 3,488
ISB FINANCIAL CORP. 600 12,600
JSB FINANCIAL, INC. 100 4,525
KLAMATH FIRST BANCORP, INC. 300 4,200
LONG ISLAND BANCORP, INC. 600 22,500
MAF BANCORP., INC. 300 6,150
MARYLAND FEDERAL BANCORP, INC. 300 10,163
METROWEST BANK 100 638
NORTHWEST BANCORP, INC. 300 3,000
OCEAN FINANCIAL CORP. 900 12,488
OCWEN FINANCIAL CORP. (A) 900 13,725
PEOPLE'S BANK 600 12,600
PEOPLES BANCORP, INC. 782 5,450
PFF BANCORP, INC. (A) 500 6,969
PROVIDENT BANCSHARES CORP. 725 16,313
QUEENS COUNTY BANCORP, INC. 200 7,100
RELIANCE BANCORP, INC. 500 13,031
REPUBLIC SECURITY FINANCIAL CORP. 1,100 8,250
ROSLYN BANCORP, INC. 1,100 15,125
SECURITY FIRST NETWORK BANK (A) 400 4,900
SIS BANCORP., INC. 300 10,050
SOVEREIGN BANCORP, INC. 2,348 28,616
ST. PAUL BANCORP, INC. 1,000 17,250
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
STATEN ISLAND BANCORP, INC. 500 7,781
STERLING FINANCIAL CORP. (A) 100 1,475
TCF FINANCIAL CORP. 1,700 37,506
WASHINGTON FEDERAL, INC. 1,370 30,996
WEBSTER FINANCIAL CORP. 768 15,840
WESCO FINANCIAL CORP. 100 28,475
WESTCORP, INC. 300 2,775
WESTERNBANK PUERTO RICO 800 10,400
WILSHIRE FINANCIAL SERVICES 300 3,038
GROUP, INC. (A)
YORK FINANCIAL CORP. 100 1,800
756,938
SECURITIES INDUSTRY - 1.6%
ACACIA RESEARCH CORP. (A) 500 1,813
ADVEST GROUP, INC. (THE) 300 5,738
ALLEGHANY CORP. 100 20,800
ALLIANCE CAPITAL MANAGEMENT LP 2,500 51,719
AMERICAN CAPITAL STRATEGIES LTD. 400 4,750
AMERICAN INSURED MORTGAGE INVESTORS LP SERIES 88 100 1,275
AMERITRADE HOLDING CORP. CLASS A (A) 600 8,550
SHARES VALUE (NOTE 1)
ATALANTA SOSNOFF CAPITAL CORP. 100 $ 838
CHOICE HOTELS INTERNATIONAL, INC. (A) 800 9,600
DAIN RAUSCHER CORP. 200 7,438
DONALDSON LUFKIN & JENRETTE, INC. 1,700 59,500
EATON VANCE CORP. 200 7,950
EDWARDS (A.G.), INC. 1,500 40,688
EVEREN CAPITAL CORP. 500 9,094
FEDERATED INVESTORS, INC. CLASS B 1,100 14,575
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CLASS A (A) 400 2,550
HAMBRECHT & QUIST GROUP (A) 600 12,150
JEFFERIES GROUP, INC. 300 8,569
JOHN NUVEEN CO. CLASS A 300 10,238
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
JWGENESIS FINANCIAL CORP. (A) 100 725
LEGG MASON, INC. 600 28,500
MACROVISION CORP. (A) 400 7,100
MARKET GUIDE, INC. (A) 400 1,625
MCDONALD & CO. INVESTMENTS, INC. 200 5,563
MORGAN KEEGAN, INC. 400 7,100
NATIONAL DISCOUNT BROKERS GROUP, INC. (A) 100 938
NVEST L.P. 400 10,425
PAINEWEBBER GROUP, INC. 2,100 72,975
PHOENIX INVESTMENT PARTNERS LTD. 600 3,975
PIMCO ADVISORS HOLDINGS LP UNIT 1,067 29,809
PIONEER GROUP, INC. 700 12,556
PRICE (T. ROWE) ASSOCIATES, INC. 2,100 63,919
RAYMOND JAMES FINANCIAL, INC. 700 12,031
SECURITY CAPITAL GROUP, INC. CLASS B (A) 900 19,125
SIEBERT FINANCIAL CORP. 500 3,375
SIEBERT FINANCIAL CORP. RIGHTS 8/31/98 (A) 500 16
SOUTHWEST SECURITIES GROUP, INC. 105 1,700
STIFEL FINANCIAL CORP. 105 1,004
SUNBURST HOSPITALITY CORP. (A) 300 1,313
UNITED ASSET MANAGEMENT CORP. 1,400 30,450
VALUE LINE, INC. 100 3,475
WADDELL & REED FINANCIAL, INC. CLASS A 700 11,638
ZITEL CORP. (A) 200 506
607,678
TOTAL FINANCE 7,574,063
HEALTH - 8.0%
DRUGS & PHARMACEUTICALS - 3.3%
ABIOMED, INC. (A) 100 900
ADVANCED POLYMER SYSTEMS, INC. (A) 200 875
ADVANCED TISSUE SCIENCES, INC. (A) 600 1,219
AGOURON PHARMACEUTICALS, INC. (A) 700 13,475
ALEXION PHARMACEUTICALS, INC. (A) 100 738
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ALGOS PHARMACEUTICAL CORP. (A) 400 8,525
ALKERMES, INC. (A) 600 6,563
ALLERGAN SPECIALTY THERAPEUTICS, INC. CLASS A 400 3,875
ALLIANCE PHARMACEUTICAL CORP. (A) 500 1,719
ALPHARMA, INC. CLASS A 700 16,625
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
ALTEON, INC. (A) 400 $ 1,000
AMYLIN PHARMACEUTICALS, INC. (A) 500 1,344
ANDRX CORP. (A) 300 8,794
ANESTA CORP. (A) 400 4,900
ANIKA THERAPEUTICS, INC. (A) 100 1,113
ANTIVIRALS, INC. (A) 100 400
APHTON CORP. (A) 200 1,600
ARQULE, INC. (A) 500 2,250
ATRIX LABORATORIES, INC. (A) 100 1,275
AVIRON (A) 400 8,675
AXYS PHARMACEUTICALS, INC. (A) 735 2,917
BARR LABORATORIES, INC. (A) 200 5,125
BIO-TECHNOLOGY GENERAL CORP. (A) 1,000 4,250
BIOCRYST PHARMACEUTICALS, INC. (A) 100 613
BIOGEN, INC. (A) 1,100 50,875
BIOMATRIX, INC. (A) 300 13,144
BIORELIANCE CORP. (A) 100 813
BIOSITE DIAGNOSTICS, INC. (A) 500 1,875
BIOSOURCE INTERNATIONAL, INC. (A) 100 331
BIOTIME, INC. (A) 500 2,938
BIOTRANSPLANT, INC. (A) 100 219
BONE CARE INTERNATIONAL, INC. (A) 100 838
CADUS PHARMACEUTICAL CORP. (A) 100 300
CALYPTE BIOMEDICAL CORP. (A) 800 2,300
CAMBREX CORP. 200 4,575
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CARTER-WALLACE, INC. 600 8,850
CEL-SCI CORP. (A) 100 206
CELGENE CORP. (A) 300 1,781
CELL GENESYS, INC. (A) 400 1,675
CELL THERAPEUTICS, INC. (A) 100 181
CELLEGY PHARMACEUTICALS, INC. (A) 200 625
CENTOCOR, INC. (A) 1,000 32,500
CEPHALON, INC. (A) 500 2,016
CERUS CORP. (A) 100 1,400
CHATTEM, INC. (A) 300 5,925
CHIREX, INC. (A) 400 5,600
CHIRON CORP. (A) 3,200 46,000
COLLAGEN AESTHETICS, INC. 100 1,044
COLLAGENEX PHARMACEUTICALS, INC. (A) 100 888
COLUMBIA LABORATORIES, INC. (A) 400 1,000
COPLEY PHARMACEUTICAL, INC. (A) 100 725
COR THERAPEUTICS, INC. (A) 400 3,813
CORIXA CORP. (A) 100 344
COULTER PHARMACEUTICAL, INC. (A) 400 5,600
CREATIVE BIOMOLECULES, INC. (A) 500 1,375
CUBIST PHARMACEUTICALS, INC. (A) 100 238
CURATIVE HEALTH SERVICES, INC. (A) 200 4,950
CV THERAPEUTICS, INC. (A) 100 663
CYPROS PHARMACEUTICAL CORP. 200 475
CYTOTHERAPEUTICS, INC. (A) 200 188
CYTYC CORP. (A) 200 1,600
SHARES VALUE (NOTE 1)
DEPOTECH CORP. (A) 200 $ 250
DIACRIN, INC. (A) 100 488
DIAGNOSTIC PRODUCTS CORP. 100 2,594
DIATIDE, INC. (A) 100 625
DURA PHARMACEUTICALS, INC. (A) 1,000 16,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DURAMED PHARMACEUTICALS, INC. (A) 500 1,750
EMISPHERE TECHNOLOGIES, INC. (A) 100 525
ENTREMED, INC. (A) 200 3,388
ENZO BIOCHEM, INC. 310 2,441
ENZON, INC. (A) 300 1,219
EPITOPE, INC. 100 425
EPIX MEDICAL, INC. (A) 100 538
ERGO SCIENCE CORP. (A) 100 300
FOREST LABORATORIES, INC. (A) 1,100 36,025
FUISZ TECHNOLOGIES LTD. (A) 600 5,175
GELTEX PHARMACEUTICALS, INC. (A) 500 8,500
GENEMEDICINE, INC. (A) 100 213
GENENTECH, INC. (SPECIAL) (A) 2,100 138,600
GENOME THERAPEUTICS CORP. (A) 200 463
GENSIA SICOR, INC. (A) 1,100 3,025
GENZYME CORP. (A) 1,200 32,400
GENZYME TRANSGENICS CORP. (A) 100 494
GERON CORP. (A) 400 1,687
GILEAD SCIENCES, INC. (A) 400 7,300
GLIATECH, INC. (A) 400 5,250
GUILFORD PHARMACEUTICALS, INC. (A) 500 5,938
HAUSER, INC. (A) 100 369
HEMISPHERX BIOPHARMA, INC. (A) 700 5,950
HERBALIFE INTERNATIONAL, INC. CLASS A 466 6,204
HESKA CORP. (A) 600 4,500
HUMAN GENOME SCIENCES, INC. (A) 400 9,900
HYSEQ, INC. 100 525
ICN PHARMACEUTICALS, INC. 1,000 15,375
ICOS CORP. (A) 900 13,388
IDEC PHARMACEUTICALS CORP. (A) 200 3,600
IDEXX LABORATORIES, INC. (A) 700 12,250
IGEN INTERNATIONAL, INC. (A) 300 6,600
ILEX ONCOLOGY, INC. (A) 100 600
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
IMCLONE SYSTEMS, INC. (A) 400 3,450
IMMUCOR, INC. (A) 100 838
IMMUNE RESPONSE CORP. (A) 700 5,338
IMMUNEX CORP. (A) 600 30,375
INCYTE PHARMACEUTICALS, INC. (A) 600 11,625
INHALE THERAPEUTIC SYSTEMS, INC. (A) 400 8,700
INTEGRATED PROCESS EQUIPMENT CORP. (A) 200 1,100
INTERFERON SCIENCES, INC. (A) 100 53
INTERNEURON PHARMACEUTICALS, INC. (A) 600 1,575
IRWIN NATURALS/4HEALTH, INC. (A) 800 2,425
ISIS PHARMACEUTICALS CO. (A) 800 5,800
IVAX CORP. (A) 1,800 13,950
JONES PHARMA, INC. 400 8,350
K-V PHARMACEUTICAL CO. CLASS A (A) 150 2,156
KOS PHARMACEUTICALS, INC. 600 3,000
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
KRUG INTERNATIONAL CORP. (A) 100 $ 375
LEUKOSITE, INC. (A) 100 738
LIFE TECHNOLOGIES, INC. 600 19,875
LIGAND PHARMACEUTICALS, INC. CLASS B (A) 800 4,600
LIPOSOME, INC. (A) 600 2,438
MACROCHEM CORP. (A) 600 2,100
MAGAININ PHARMACEUTICALS, INC. (A) 200 463
MARTEK BIOSCIENCES (A) 200 1,825
MATRITECH, INC. (A) 100 94
MAXIM PHARMACEUTICALS, INC. (A) 100 1,600
MEDAREX, INC. (A) 100 306
MEDCO RESEARCH, INC. (A) 100 1,613
MEDICIS PHARMACEUTICAL CORP. CLASS A (A) 400 13,100
MEDIMMUNE, INC. (A) 400 19,300
MEGABIOS CORP. (A) 100 600
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MERIDIAN DIAGNOSTICS, INC. 100 713
MGI PHARMA, INC. (A) 700 3,763
MICROCIDE PHARMACEUTICALS, INC. (A) 600 2,400
MICROVISION, INC. (A) 100 700
MILLENNIUM PHARMACEUTICALS, INC. (A) 800 9,200
MOLECULAR BIOSYSTEMS, INC. (A) 200 875
MYCOGEN CORP. (A) 500 10,000
MYLAN LABORATORIES, INC. 1,700 38,888
MYRIAD GENETICS, INC. (A) 300 2,250
NAPRO BIOTHERAPEUTICS, INC. (A) 200 288
NATURES SUNSHINE PRODUCTS, INC. 300 4,238
NBTY, INC. (A) 800 7,300
NEOPATH, INC. (A) 800 3,450
NEORX CORP. (A) 900 2,391
NEOSE TECHNOLOGIES, INC. (A) 100 950
NEOTHERAPEUTICS, INC. (A) 300 1,800
NEUROGEN CORP. (A) 200 2,200
NEXSTAR PHARMECEUTICALS, INC. (A) 400 2,663
NORTH AMERICAN VACCINE, INC. (A) 400 2,750
NORTHFIELD LABORATORIES, INC. (A) 500 5,125
NOVAVAX, INC. (A) 100 150
NOVEN PHARMACEUTICALS, INC. (A) 300 1,219
NPS PHARMACEUTICALS, INC. (A) 100 650
NUTRACEUTICAL INTERNATIONAL CORP. 600 4,275
ONYX PHARMACEUTICALS, INC. (A) 700 2,800
OPTEK TECHNOLOGY, INC. (A) 400 6,775
ORGANOGENESIS, INC. 431 3,744
ORTEC INTERNATIONAL, INC. (A) 100 775
OSI PHARMACEUTICALS, INC. (A) 200 700
OXIGENE, INC. (A) 100 588
PAREXEL INTERNATIONAL CORP. (A) 300 7,463
PATHOGENESIS CORP. (A) 500 11,250
PENEDERM, INC. (A) 100 1,413
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PHARMACEUTICAL PRODUCT 600 12,225
DEVELOPMENT, INC. (A)
PHARMACOPEIA, INC. (A) 100 1,039
SHARES VALUE (NOTE 1)
PHARMACYCLICS, INC. (A) 400 $ 5,875
PHARMAPRINT, INC. (A) 600 5,400
POLYMEDICA INDUSTRIES, INC. (A) 100 775
PROTEIN DESIGN LABS, INC. (A) 300 5,100
QUINTILES TRANSNATIONAL CORP. (A) 1,300 46,475
REGENERON PHARMACEUTICALS, INC. (A) 400 2,625
REXALL SUNDOWN, INC. (A) 1,000 18,250
RIBOZYME PHARMACEUTICALS, INC. (A) 100 238
ROBERTS PHARMACEUTICAL CORP. (A) 500 8,563
SANGSTAT MEDICAL CORP. (A) 400 6,650
SCHEIN PHARMACEUTICAL, INC. (A) 400 9,925
SCIOS, INC. (A) 500 2,375
SEPRACOR, INC. (A) 400 19,050
SEQUUS PHARMACEUTICALS, INC. (A) 600 3,675
SEROLOGICALS CORP. (A) 450 7,650
SHAMAN PHARMACEUTICALS, INC. (A) 100 178
SPECTRX, INC. (A) 100 475
SPIRE CORP. (A) 100 306
SUGEN, INC. (A) 500 5,625
SUPERGEN, INC. (A) 100 550
SYNAPTIC PHARMACEUTICAL CORP. (A) 100 975
TECHNICAL CHEMICALS & PRODUCTS, INC. (A) 100 175
TEXAS BIOTECHNOLOGY CORP. (A) 300 788
THERAGENICS CORP. (A) 300 3,788
THERATECH, INC. (A) 300 1,800
THERMOTREX CORP. (A) 200 2,975
TITAN PHARMACEUTICALS, INC. (A) 100 256
TRANSKARYOTIC THERAPIES, INC. (A) 200 4,025
TRIANGLE PHARMACEUTICALS, INC. (A) 700 5,906
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TRIMERIS, INC. 100 550
TWINLAB CORP. (A) 500 14,563
U.S. BIOSCIENCE, INC. (A) 300 1,725
UNIMED PHARMACEUTICALS, INC. (A) 100 256
VENTANA MEDICAL SYSTEMS, INC. (A) 300 6,000
VERTEX PHARMACEUTICALS, INC. (A) 700 10,675
VICAL, INC. (A) 500 3,828
VIROPHARMA, INC. (A) 100 1,725
VIVUS, INC. (A) 500 1,500
WATSON PHARMACEUTICALS, INC. (A) 1,300 58,581
WEIDER NUTRITION INTERNATIONAL, INC. 100 881
CLASS A
XOMA CORP. (A) 600 1,238
1,258,756
MEDICAL EQUIPMENT & SUPPLIES - 2.8%
AASTROM BIOSCIENCES, INC. (A) 100 269
ACUSON CORP. (A) 400 5,850
ADAC LABORATORIES (A) 500 11,219
ADVANCED NEUROMODULATION 100 575
SYSTEMS, INC. (A)
AKSYS LTD. (A) 100 538
ALARIS MEDICAL, INC. (A) 800 2,750
ALLEGIANCE CORP. 1,600 45,200
ALLIED HEALTHCARE PRODUCTS, INC. (A) 100 250
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
MEDICAL EQUIPMENT & SUPPLIES - CONTINUED
AMERICAN DENTAL TECHNOLOGIES, INC. (A) 100 $ 381
AMERISOURCE HEALTH CORP. CLASS A (A) 500 23,531
ANGEION CORP. (A) 400 925
ARADIGM CORP. (A) 100 813
ARROW INTERNATIONAL, INC. 300 8,138
ARTERIAL VASCULAR ENGINEERING, INC. (A) 900 31,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ARTHROCARE CORP. (A) 100 1,700
ATL ULTRASOUND, INC. 300 14,906
ATS MEDICAL, INC. (A) 100 531
AUTONOMOUS TECHNOLOGIES CORP. (A) 100 363
AVECOR CARDIOVASCULAR, INC. (A) 600 5,625
BACOU USA, INC. (A) 200 3,975
BALLARD MEDICAL PRODUCTS 400 7,425
BAXTER INTERNATIONAL, INC. RIGHTS 12/31/07 (A) 100 9
BERGEN BRUNSWIG CORP. CLASS A 700 23,888
BINDLEY WESTERN INDUSTRIES, INC. 233 6,116
BIO-PLEXUS, INC. (A) 100 238
BIO-RAD LABORATORIES, INC. CLASS A (A) 100 2,400
BIONX IMPLANTS, INC. (A) 100 913
BOLLE, INC. (A) 100 394
BRADLEY PHARMACEUTICALS, INC. CLASS A (A) 1,200 1,275
CARDIAC PATHWAYS CORP. (A) 100 500
CARDIMA, INC. (A) 900 3,150
CARDIOGENESIS CORP. (A) 100 238
CARDIOTHORACIC SYSTEMS, INC. (A) 200 750
CARDIOVASCULAR DIAGNOSTICS, INC. (A) 100 663
CARDIOVASCULAR DYNAMICS, INC. (A) 100 338
CHAD THERAPEUTICS, INC. (A) 100 363
CLOSURE MEDICAL CORP. (A) 400 8,900
CNS., INC. (A) 300 1,031
COHERENT, INC. (A) 400 3,575
COHESION TECHNOLOGIES, INC. (A) 100 300
COLORADO MEDTECH, INC. (A) 100 613
COMPUTER MOTION, INC. 400 2,750
CONCEPTUS, INC. (A) 100 69
CONMED CORP. (A) 200 4,063
COOPER COMPANIES, INC. (A) 200 4,013
CYBERONICS, INC. (A) 300 1,744
CYGNUS, INC. (A) 300 975
DATASCOPE CORP. 500 10,188
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DENTSPLY INTERNATIONAL, INC. 1,200 25,612
DEPUY, INC. 1,800 61,875
DIAMETRICS MEDICAL, INC. (A) 200 750
DIANON SYSTEMS, INC. (A) 100 650
DIGENE CORP. (A) 100 763
DIONEX CORP. (A) 300 6,469
E-Z-EM, INC. CLASS A 100 700
ECLIPSE SURGICAL TECHNOLOGIES (A) 500 2,813
EMPI, INC. (A) 100 1,200
ENDOCARDIAL SOLUTIONS, INC. (A) 100 625
SHARES VALUE (NOTE 1)
ENDOSONICS CORP. 400 $ 1,925
FISCHER IMAGING CORP. (A) 100 263
FONAR CORP. 500 656
GENERAL SURGICAL INNOVATIONS, INC. (A) 200 588
GRAHAM-FIELD HEALTH PRODUCTS, INC. (A) 400 925
HAEMONETICS CORP. (A) 800 12,550
HEARTPORT, INC. (A) 500 2,063
HILLENBRAND INDUSTRIES, INC. 1,000 53,563
HOLOGIC, INC. (A) 500 6,719
HORIZON MEDICAL PRODUCTS, INC. (A) 600 4,200
HUMASCAN, INC. (A) 100 100
I-STAT CORP. (A) 100 763
ICU MEDICAL, INC. (A) 100 1,275
IMATRON, INC. (A) 2,400 3,375
INCONTROL, INC. (A) 1,000 5,750
INNOVASIVE DEVICES, INC. (A) 100 650
INTERMAGNETICS GENERAL CORP. 102 650
INTERPORE INTERNATIONAL (A) 200 750
INVACARE CORP. 800 16,200
IRIDEX CORP. (A) 100 488
KENSEY NASH CORP. (A) 100 725
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
KERAVISION, INC. (A) 800 3,200
LASERSCOPE, INC. (A) 100 106
LIFECORE BIOMEDICAL, INC. (A) 100 775
LUNAR CORP. (A) 100 1,338
MARQUETTE MEDICAL SYSTEMS, INC. (A) 600 14,288
MAXXIM MEDICAL, INC. (A) 200 3,225
MCKESSON CORP. 1,400 105,000
MENTOR CORP. 700 10,238
MERIT MEDICAL SYSTEMS, INC. (A) 100 644
MICRO THERAPEUTICS, INC. (A) 100 700
MILESTONE SCIENTIFIC, INC. (A) 200 313
MINIMED, INC. (A) 300 15,300
MINNTECH CORP. 100 941
MIRAVANT MEDICAL TECHNOLOGIES (A) 300 1,406
MOLECULAR DYNAMICS, INC. (A) 400 7,850
NCS HEALTHCARE, INC. (A) 500 8,438
NEOPROBE CORP. (A) 400 400
NITINOL MEDICAL TECHNOLOGIES, INC. (A) 100 388
NOVAMETRIX MEDICAL SYSTEMS, INC. (A) 200 938
NOVOSTE CORP. (A) 500 6,500
OAKLEY, INC. (A) 1,200 12,075
OCULAR SCIENCES, INC. (A) 500 8,844
OEC MEDICAL SYSTEMS, INC. 100 2,150
OMNICARE, INC. 1,200 37,425
OPTICAL SENSORS, INC. (A) 100 275
OSTEOTECH, INC. (A) 400 9,150
OWENS & MINOR, INC. 700 8,269
PALOMAR MEDICAL TECHNOLOGIES, INC. (A) 1,300 1,138
PATTERSON DENTAL CO. (A) 550 16,397
PERCLOSE, INC. (A) 400 6,875
PERRIGO CO. (A) 1,200 10,200
PHARMERICA, INC. (A) 1,900 7,422
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
MEDICAL EQUIPMENT & SUPPLIES - CONTINUED
PHOTOELECTRON CORP. (A) 100 $ 538
PHYSIO-CONTROL INTERNATIONAL CORP. (A) 500 12,813
PLC SYSTEMS, INC. (A) 600 2,663
POSSIS MEDICAL, INC. (A) 100 431
PREMIER LASER SYSTEMS, INC. CLASS A (A) 400 1,675
PROTOCOL SYSTEMS, INC. (A) 100 841
PSS WORLD MEDICAL, INC. (A) 975 14,991
Q-MEDICAL, INC. (A) 100 325
QUIGLEY CORP. (A) 600 4,313
RESMED, INC. (A) 300 11,100
RESOUND CORP. (A) 200 800
RESPIRONICS, INC. (A) 792 9,108
SABRATEK CORP. (A) 400 7,350
SCHICK TECHNOLOGIES, INC. (A) 400 5,800
SOFAMOR/DANEK GROUP, INC. (A) 400 33,375
SONOSIGHT, INC. (A) 100 563
SONUS PHARMACEUTICALS, INC. (A) 500 4,500
SPACELABS MEDICAL, INC. (A) 600 10,313
STAAR SURGICAL CO. (A) 100 750
STERIS CORP. (A) 1,000 23,875
STRYKER CORP. 1,400 44,975
SUNRISE MEDICAL, INC. (A) 200 1,750
SYBRON INTERNATIONAL, INC. (A) 2,000 36,375
TECHNE CORP. (A) 200 2,450
TELEFLEX, INC. 500 15,750
THERMEDICS, INC. (A) 500 4,625
THERMO CARDIOSYSTEMS, INC. (A) 500 7,500
THORATEC LABORATORIES CORP. (A) 200 1,475
TREX MEDICAL CORP. (A) 500 6,438
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
UROMED CORP. (A) 120 154
UTAH MEDICAL PRODUCTS, INC. (A) 100 550
VALLEN CORP. (A) 100 1,956
VASOMEDICAL, INC. (A) 400 350
VIDAMED, INC. (A) 100 156
VIRM PHARMACEUTICALS, INC. (A) 500 469
VISTA MEDICAL TECHNOLOGIES, INC. (A) 100 213
VISX, INC. (A) 200 9,600
VITAL SIGNS, INC. 100 1,694
VIVID TECHNOLOGIES, INC. (A) 400 3,050
VOXEL (A) 100 16
WESLEY JESSEN VISIONCARE, INC. (A) 500 8,500
XOMED SURGICAL PRODUCTS, INC. (A) 300 8,925
ZILA, INC. (A) 300 1,425
ZOLL MEDICAL CORP. (A) 100 763
ZONAGEN, INC. (A) 300 4,406
1,073,452
MEDICAL FACILITIES MANAGEMENT - 1.9%
ADVANCE PARADIGM, INC. (A) 100 2,150
ALTERNATIVE LIVING SERVICES, INC. (A) 600 10,650
AMERICAN HEALTHCORP, INC. 100 750
SHARES VALUE (NOTE 1)
AMERICAN HOMEPATIENT, INC. (A) 500 $ 3,063
AMERICAN ONCOLOGY RESOURCES, INC. (A) 400 3,400
AMSURG CORP. CLASS A (A) 9 59
APRIA HEALTHCARE GROUP, INC. (A) 800 3,350
ARV ASSISTED LIVING, INC. (A) 100 850
ATRIA COMMUNITIES, INC. (A) 600 11,438
BEVERLY ENTERPRISES, INC. 2,100 16,538
CAMBRIDGE HEART, INC. (A) 200 1,125
CAREMATRIX CORP. (A) 300 5,175
CENTENNIAL HEALTHCARE CORP. (A) 500 4,250
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CHRONIMED, INC. (A) 100 888
CLINTRIALS RESEARCH, INC. (A) 200 613
COHR, INC. (A) 400 1,675
COMPDENT CORP. (A) 500 7,438
COMPREHENSIVE CARE CORP. (A) 300 1,163
CONCENTRA MANAGED CARE, INC. (A) 1,100 14,094
CONTINUCARE CORP. (A) 100 319
COVANCE, INC. (A) 800 17,800
COVENTRY HEALTH CARE, INC. (A) 600 2,700
CRYOLIFE, INC. (A) 100 1,288
DIAGNOSTIC HEALTH SERVICES, INC. (A) 600 2,400
EMERITUS CORP. (A) 100 925
EXPRESS SCRIPTS, INC. CLASS A (A) 200 13,450
FIRST COMMONWEALTH, INC. 200 2,275
FOUNDATION HEALTH SYSTEMS, INC. 1,700 19,019
CLASS A (A)
FPA MEDICAL MANAGEMENT, INC. (A) 900 63
GENESIS HEALTH VENTURES, INC. (A) 500 5,938
GLOBAL UNILABS CLINICAL TRIALS LTD. 100 0
HANGER ORTHOPEDIC GROUP, INC. (A) 200 2,988
HEALTH CARE & RETIREMENT CORP. (A) 1,000 25,500
HEALTH MANAGEMENT ASSOCIATES, INC. CLASS A (A) 3,700 66,831
HEALTH POWER, INC. (A) 400 1,250
HEALTH RISK MANAGEMENT, INC. (A) 100 1,363
HOME HEALTH CORP. OF AMERICA, INC. (A) 100 119
HOOPER HOLMES, INC. 200 3,525
I-LINK CORP. (A) 600 2,063
IMPATH, INC. (A) 400 9,450
INTEGRATED HEALTH SERVICES, INC. 600 11,625
INTENSIVA HEALTHCARE CORP. (A) 100 425
LABONE, INC. 100 1,188
LABORATORY CORP. OF AMERICA HOLDINGS (A) 1,900 2,138
LASER VISION CENTERS, INC. (A) 500 4,438
LINCARE HOLDINGS, INC. (A) 800 27,150
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MAGELLAN HEALTH SERVICES, INC. (A) 400 4,175
MARINER POST-ACUTE NETWORK, INC. (A) 700 4,988
MATRIA HEALTHCARE, INC. (A) 300 684
MAXICARE HEALTH PLANS, INC. (A) 300 1,041
MEDICAL RESOURCES, INC. (A) 133 549
MEDICALCONTROL, INC. (A) 400 2,700
MEDQUIST, INC. (A) 600 12,600
MID-ATLANTIC MEDICAL SERVICES, INC. (A) 700 3,894
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
MEDICAL FACILITIES MANAGEMENT - CONTINUED
MONARCH DENTAL CORP. (A) 400 $ 4,000
NEUROCRINE BIOSCIENCES, INC. (A) 800 3,200
NOVACARE, INC. (A) 1,000 7,313
OMEGA HEALTH SYSTEMS, INC. (A) 100 406
ONCORMED, INC. (A) 100 156
ORTHODONTIC CENTERS OF AMERICA, INC. (A) 600 8,513
ORTHOLOGIC CORP. (A) 200 513
OXFORD HEALTH PLANS, INC. (A) 1,100 6,738
PACIFICARE HEALTH SYSTEMS, INC. 600 37,800
CLASS B (A)
PARACELSUS HEALTHCARE CORP. (A) 300 581
PEDIATRIC SERVICES OF AMERICA, INC. (A) 100 281
PEDIATRIX MEDICAL GROUP (A) 300 11,681
PHP HEALTHCARE CORP. (A) 200 463
PHYCOR, INC. (A) 900 6,244
PHYMATRIX CORP. (A) 900 2,531
PHYSICIAN RELIANCE NETWORK, INC. (A) 700 5,556
PHYSICIANS RESOURCES GROUP, INC. (A) 400 650
PMR CORP. (A) 300 2,288
PSYCHEMEDICS CORP. 300 1,350
QUEST DIAGONOSTICS, INC. (A) 500 8,313
QUORUM HEALTH GROUP, INC. (A) 1,500 28,500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
RAYTEL MEDICAL CORP. (A) 100 588
REHABCARE GROUP, INC. (A) 300 4,313
RENAL CARE GROUP, INC. (A) 900 18,169
RENEX CORP. (A) 100 475
RES-CARE, INC. (A) 350 5,097
RESPONSE ONCOLOGY, INC. (A) 200 725
RIGHTCHOICE MANAGED CARE, INC. 200 2,100
CLASS A (A)
SAFEGUARD HEALTH ENTERPRISES, INC. (A) 200 1,100
SHERIDAN HEALTHCARE, INC. (A) 100 963
SIBIA NEUROSCIENCES, INC. (A) 100 313
SIERRA HEALTH SERVICES, INC. (A) 500 8,000
SPECIALTY CARE NETWORK, INC. (A) 100 231
STERIGENICS INTERNATIONAL, INC. 100 1,663
SUN HEALTHCARE GROUP, INC. (A) 1,250 10,938
SUNRISE ASSISTED LIVING, INC. (A) 500 13,188
SYNCOR INTERNATIONAL CORP. (A) 100 1,600
TOTAL RENAL CARE HOLDINGS, INC. (A) 1,500 28,500
TRANSWORLD HEALTHCARE, INC. (A) 100 300
TRIGON HEALTHCARE, INC. (A) 900 24,863
UNIHOLDING CORP. 100 500
UNITED DENTAL CARE, INC. (A) 400 7,000
UNITED PAYORS & UNITED PROVIDERS, INC. (A) 450 7,256
UNIVERSAL HEALTH SERVICES, INC. CLASS B (A) 600 23,250
UROCOR, INC. (A) 100 488
UROLOGIX, INC. (A) 600 2,850
VENCOR, INC. (A) 1,800 6,525
SHARES VALUE (NOTE 1)
VENTAS, INC. 1,000 $ 10,625
WELLPOINT HEALTH NETWORKS, INC. (A) 1,000 53,375
717,602
TOTAL HEALTH 3,049,810
HOLDING COMPANIES - 0.1%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
LEUCADIA NATIONAL CORP. 1,000 27,688
TRIARC COMPANIES, INC. CLASS A (A) 500 7,469
U.S. INDUSTRIES, INC. 1,660 23,033
58,190
INDUSTRIAL MACHINERY & EQUIPMENT - 2.7%
ELECTRICAL EQUIPMENT - 1.1%
ACME ELECTRIC CORP. (A) 100 456
ACTV, INC. (A) 400 750
ADFLEX SOLUTIONS, INC. (A) 300 1,650
ADTRAN, INC. (A) 800 17,200
ADVANCED LIGHTING TECHNOLOGIES, INC. (A) 600 9,750
ALLEN TELECOM, INC. (A) 400 2,850
AMERICAN POWER CONVERSION CORP. (A) 1,400 37,800
AMERICAN SUPERCONDUCTOR CORP. (A) 600 5,100
AMETEK, INC. 700 13,650
AMTECH CORP. (A) 200 950
ANDREA ELECTRONICS CORP. (A) 100 556
ANICOM, INC. (A) 400 3,400
ANIXTER INTERNATIONAL, INC. (A) 900 14,625
ANTEC CORP. (A) 800 12,850
AVID TECHNOLOGY, INC. (A) 500 12,625
BALDOR ELECTRIC CO. 266 5,470
BMC INDUSTRIES, INC. 500 2,000
CALIFORNIA MICROWAVE, INC. (A) 500 5,375
CHERRY CORP. CLASS A (A) 100 1,050
CYBEROPTICS CORP. (A) 200 2,500
CYMER, INC. (A) 400 4,100
DETECTION SYSTEMS, INC. (A) 100 888
ELECTRIC FUEL CORP. (A) 100 288
ELECTRO RENT CORP. (A) 300 3,825
ENERGY CONVERSION DEVICES, INC. 100 588
EXCEL TECHNOLOGY, INC. (A) 400 2,656
FAROUDJA, INC. (A) 600 3,150
GENLYTE GROUP, INC. (A) 400 6,800
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
GLENAYRE TECHNOLOGIES, INC. (A) 900 6,075
GLOBECOMM SYSTEMS, INC. 400 1,650
HOLOPHANE CORP. (A) 400 8,350
HUBBELL, INC. CLASS B 1,300 46,475
HUGHES SUPPLY, INC. 600 16,350
IEC ELECTRONICS CORP. (A) 100 425
INNOVA CORP. 600 1,725
JUNO LIGHTING, INC. 200 3,850
L 3 COMMUNICATIONS HOLDINGS, INC. (A) 300 9,938
LITTELFUSE, INC. (A) 700 11,725
LORAL SPACE & COMMUNICATIONS LTD. (A) 71 1,127
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
ELECTRICAL EQUIPMENT - CONTINUED
LSI, INDUSTRIES, INC. 100 $ 1,775
LUMEN TECHNOLOGIES, INC. (A) 950 5,641
MAGNETEK, INC. (A) 400 5,200
OAK INDUSTRIES, INC. (A) 300 8,981
OMNIPOINT CORP. (A) 900 9,900
ORTEL CORP. (A) 500 5,688
OWOSSO CORP. 100 594
PINNACLE SYSTEMS (A) 300 9,038
PITTWAY CORP. CLASS A 100 3,750
POWERWAVE TECHNOLOGIES, INC. (A) 300 1,969
ROFIN SINAR TECHNOLOGIES, INC. (A) 400 4,100
ROPER INDUSTRIES, INC. 400 6,800
SATCON TECHNOLOGY CORP. (A) 100 500
SENSORMATIC ELECTRONICS CORP. (A) 1,600 12,200
SLI, INC. (A) 450 6,188
SMITH (A.O.) CORP. CLASS B 600 11,325
SPECTRIAN CORP. (A) 100 1,213
STM WIRELESS, INC. CLASS A (A) 100 450
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TECHNITROL, INC. 200 3,850
TELULAR CORP. (A) 300 366
THERMOSPECTRA CORP. (A) 100 994
THOMAS INDUSTRIES, INC. 150 2,784
TRANSCRYPT INTERNATIONAL, INC. (A) 500 1,313
UNIQUE MOBILITY, INC. (A) 100 488
VIASAT, INC. (A) 400 4,200
VICOR CORP. (A) 600 5,288
VWR SCIENTIFIC PRODUCTS CORP. (A) 600 14,850
WOODHEAD INDUSTRIES, INC. 100 1,025
WOODWARD GOVERNOR CO. 100 2,313
ZENITH ELECTRONICS CORP. (A) 900 351
ZOLTEK COMPANIES, INC. (A) 300 3,900
417,626
INDUSTRIAL MACHINERY & EQUIPMENT - 1.2%
AG-CHEM EQUIPMENT, INC. (A) 100 1,338
AGCO CORP. 900 7,763
ALAMO GROUP, INC. 100 1,713
ALLIED PRODUCTS CORP. 100 913
ALYN CORP. (A) 100 481
APPLIED INDUSTRIAL TECHNOLOGIES, INC. 300 5,231
APPLIED POWER, INC. CLASS A 955 23,696
ASTEC INDUSTRIES, INC. (A) 100 3,525
ASYST TECHNOLOGIES, INC. (A) 500 5,313
AUTOLOGIC INFORMATION INTERNATIONAL, INC. (A) 100 400
BALDWIN TECHNOLOGY CO., INC. CLASS A (A) 100 475
BOLDER TECHNOLOGIES CORP. (A) 100 863
BRIDGEPORT MACHINES, INC. (A) 100 1,100
BROOKS AUTOMATION, INC. (A) 100 825
BROWN & SHARPE MANUFACTURING CO. CLASS A (A) 100 1,000
CASCADE CORP. 100 1,313
SHARES VALUE (NOTE 1)
CMI CORP. CLASS A 200 $ 1,400
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COLUMBUS MCKINNON CORP. 200 3,575
COMMERCIAL INTERTECH CORP. 400 5,750
CONTROL DEVICES, INC. 125 1,563
CTB INTERNATIONAL CORP. (A) 100 788
CUNO, INC. (A) 600 9,075
DETROIT DIESEL CORP. (A) 300 5,363
DONALDSON CO., INC. 700 12,425
DT INDUSTRIES, INC. 400 5,887
EMCORE CORP. (A) 100 925
ESCO ELECTRONICS CORP. (TRUST RECEIPT) (A) 100 1,250
ESSEF CORP. (A) 110 2,035
EXIDE CORP. 400 3,975
FARR CO. (A) 150 1,538
FEDDERS CORP. 600 3,075
FERROFLUIDICS CORP. (A) 100 300
FLOW INTERNATIONAL CORP. (A) 700 6,913
FLOWSERVE CORP. 1,000 18,750
FSI INTERNATIONAL, INC. (A) 300 1,613
GARDNER DENVER MACHINERY, INC. (A) 150 2,841
GASONICS INTERNATIONAL CORP. (A) 100 500
GEHL CO. (A) 100 1,450
GENCOR INDUSTRIES, INC. 100 1,013
GLEASON CORP. 100 2,200
GLOBAL INDUSTRIAL TECHNOLOGIES, INC. (A) 400 2,400
GORMAN-RUPP CO. 100 1,663
GRACO, INC. 350 8,706
GRADALL INDUSTRIES, INC. (A) 100 1,369
GREENBRIER COMPANIES, INC. 100 1,563
HARDINGE, INC. 150 3,188
IDEX CORP. 400 8,400
INDUSTRIAL DISTRIBUTION GROUP, INC. 100 1,144
IONICS, INC. (A) 400 9,825
JLG INDUSTRIES, INC. 600 8,813
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
JLK DIRECT DISTRUTION, INC. CLASS A (A) 300 3,919
KAMAN CORP. CLASS A 400 5,375
KAYDON CORP. 500 13,531
KENNAMETAL, INC. 700 18,156
KEY TECHNOLOGY, INC. (A) 100 613
KUHLMAN CORP. 500 11,813
LANCER CORP. (A) 100 1,113
LAWSON PRODUCTS, INC. 100 2,169
LINDSAY MANUFACTURING CO. 150 3,019
MANITOWOC CO., INC. 400 10,525
MATTSON TECHNOLOGY, INC. (A) 200 800
MIDDLEBY CORP. (A) 100 400
MSC INDUSTRIAL DIRECT, INC. (A) 500 10,531
MTS SYSTEMS CORP. 200 2,500
NN BALL & ROLLER, INC. 200 2,025
NORDSON CORP. 300 12,788
OSMONICS, INC. (A) 200 2,200
PEC ISRAEL ECONOMIC CORP. (A) 200 4,650
PLASMA-THERM, INC. (A) 100 275
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
PRESSTEK, INC. (A) 500 $ 4,094
PRI AUTOMATION, INC. 300 3,750
RECOVERY ENGINEERING, INC. (A) 300 3,600
REGAL-BELOIT CORP. 300 5,888
ROBBINS & MYERS, INC. 200 4,750
ROBOTIC VISION SYSTEMS, INC. (A) 300 975
SCOTSMAN INDUSTRIES, INC. 100 2,350
SEMITOOL, INC. (A) 100 609
SPECIALTY EQUIPMENT COMPANIES, INC. (A) 200 4,000
SPEIZMAN INDUSTRIES, INC. (A) 100 400
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
STEWART & STEVENSON SERVICES, INC. 900 11,756
STRATEGIC DISTRIBUTION, INC. (A) 200 650
TENNANT CO. 100 3,988
TEREX CORP. (A) 300 4,725
THERMO FIBERTEK, INC. (A) 500 4,063
THERMO SENTRON, INC. (A) 100 875
TOKHEIM CORP. (A) 100 700
TORO CO. 100 2,200
TRIDENT INTERNATIONAL, INC. (A) 100 1,100
TURBOCHEF, INC. (A) 200 1,000
UCAR INTERNATIONAL, INC. (A) 700 12,688
ULTRATECH STEPPER, INC. (A) 400 6,925
UNIT INSTRUMENTS, INC. (A) 100 588
UNITED STATES FILTER CORP. (A) 2,637 47,466
UNOVA, INC. 800 12,750
VALMONT INDUSTRIES, INC. 900 13,613
VARLEN CORP. 150 3,300
VEECO INSTRUMENTS, INC. (A) 100 2,263
VIRTUALFUND.COM, INC. (A) 100 400
WATERLINK, INC. (A) 100 506
WATKINS-JOHNSON CO. 100 1,969
WATTS INDUSTRIES, INC. CLASS A 400 6,675
WESTERN POWER & EQUIPMENT CORP. (A) 100 525
474,767
POLLUTION CONTROL - 0.4%
ALLIED WASTE INDUSTRIES, INC. (A) 1,500 28,500
AMERICAN DISPOSAL SERVICES, INC. (A) 500 14,656
AQUAGENIX, INC. (A) 100 88
BHA GROUP HOLDINGS, INC. CLASS A 110 1,485
CALGON CARBON CORP. 900 5,569
CET ENVIRONMENTAL SERVICES, INC. (A) 100 225
DAMES & MOORE GROUP 200 2,375
EARTH SCIENCES, INC. (A) 800 525
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EASTERN ENVIRONMENTAL SERVICES, INC. (A) 600 15,450
FLANDERS CORP. (A) 200 788
GTS DURATEK, INC. (A) 100 594
INSITUFORM TECHNOLOGIES, INC. CLASS A (A) 400 4,950
INTERNATIONAL TECHNOLOGY CORP. (A) 316 1,817
MEDICAL/WASTE, INC. (A) 100 444
MET-PRO CORP. 100 1,119
SHARES VALUE (NOTE 1)
NSC CORP. 28 $ 32
OGDEN CORP. 900 20,756
RECYCLING INDUSTRIES, INC. (A) 200 444
SAFETY-KLEEN CORP. (A) 5,000 14,688
STERICYCLE, INC. (A) 500 7,688
SUPERIOR SERVICES, INC. (A) 700 17,413
TETRA TECH, INC. 325 6,784
TETRA TECHNOLOGIES, INC. (A) 100 1,269
U.S. LIQUIDS, INC. 100 1,513
WASTE INDUSTRIES, INC. (A) 100 2,150
WASTEMASTERS, INC. (A) 1,200 1,088
152,410
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 1,044,803
MEDIA & LEISURE - 7.6%
BROADCASTING - 2.4%
@ENTERTAINMENT, INC. (A) 500 4,375
ADELPHIA COMMUNICATIONS CORP. 200 6,900
CLASS A (A)
ADVANCED COMMUNICATION 500 4,250
SYSTEMS, INC. (A)
AMERICAN TOWER CORP. CLASS A (A) 1,300 20,475
ASCENT ENTERTAINMENT GROUP, INC. (A) 500 3,875
BHC COMMUNICATIONS, INC. CLASS A 400 46,600
CABLEVISION SYSTEMS CORP. CLASS A (A) 1,600 54,200
CD RADIO, INC. (A) 400 6,050
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CELLULARVISION USA, INC. (A) 100 44
CENTURY COMMUNICATIONS CORP. 1,100 25,575
CLASS A. (A)
CHANCELLOR MEDIA CORP. (A) 2,200 78,513
CHRIS-CRAFT INDUSTRIES, INC. 712 29,637
COX COMMUNICATIONS, INC. CLASS A (A) 4,000 168,000
COX RADIO, INC. CLASS A (A) 100 4,269
E.W. SCRIPPS CO. CLASS A 1,200 56,625
ECHOSTAR COMMUNICATIONS CORP. 400 7,050
CLASS A (A)
EMMIS COMMUNICATIONS CLASS A (A) 400 15,000
GAYLORD ENTERTAINMENT CO. 400 10,675
GRANITE BROADCASTING CORP. (A) 600 3,825
HEARST-ARGYLE TELEVISION, INC. (A) 400 13,175
HEFTEL BROADCASTING CORP. CLASS A (A) 700 21,175
HIGHWAYMASTER COMMUNICATIONS, INC. (A) 400 500
JACOR COMMUNICATIONS, INC. CLASS A (A) 900 53,100
JONES INTERCABLE, INC. CLASS A (A) 900 19,575
LODGENET ENTERTAINMENT CORP. (A) 100 750
METROMEDIA FIBER NETWORK, INC. CLASS A 800 16,800
METROMEDIA INTERNATIONAL GROUP, INC. (A) 900 3,713
NTL, INC. (A) 500 19,969
PANAMSAT CORP. (A) 200 8,475
PAXSON COMMUNICATIONS CORP. (A) 800 7,300
RCN CORP. 800 11,125
SINCLAIR BROADCAST GROUP, INC. 1,000 16,063
CLASS A (A)
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
BROADCASTING - CONTINUED
SMARTALK TELESERVICES, INC. (A) 600 $ 3,788
TCA CABLE TV, INC. 1,000 23,000
TCI SATELLITE ENTERTAINMENT, INC.:
CLASS A (A) 900 3,600
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CLASS B (A) 100 363
TELE-COMMUNICATIONS INTERNATIONAL, INC. SERIES A (A) 2,000 41,500
U.S. SATELLITE BROADCASTING CO., INC. 1,700 10,838
CLASS A (A)
UNITED INTERNATIONAL HOLDINGS, INC. 800 8,200
CLASS A (A)
UNITED TELEVISION, INC. 100 11,000
UNITED VIDEO SATELLITE GROUP, INC. 600 9,150
CLASS A (A)
UNIVISION COMMUNICATIONS, INC. 600 15,975
CLASS A (A)
USA NETWORKS, INC. (A) 1,863 36,561
WESTWOOD ONE, INC. (A) 400 7,725
YOUNG BROADCASTING, INC. CLASS A (A) 300 15,506
924,864
ENTERTAINMENT - 1.5%
AMC ENTERTAINMENT, INC. (A) 200 2,550
AMERICAN CLASSIC VOYAGES CO. (A) 200 2,775
AMERICAN COIN MERCHANDISING, INC. (A) 400 5,050
AMERISTAR CASINOS, INC. (A) 100 275
AMF BOWLING, INC. 800 9,650
BALLY TOTAL FITNESS HOLDING CORP. (A) 300 4,575
CARMIKE CINEMAS, INC. CLASS A (A) 300 5,850
CARNIVAL CORP. 9,200 265,650
CEDAR FAIR LP (DEPOSITORY UNIT) 400 8,800
FAMILY GOLF CENTERS, INC. (A) 550 8,319
FLORIDA PANTHERS HOLDINGS, INC. 500 5,406
CLASS A (A)
HARVEYS CASINO RESORTS 300 7,350
IMAGE ENTERTAINMENT, INC. (A) 800 2,850
K-TEL INTERNATIONAL, INC. (A) 400 2,600
KUSHNER LOCKE CO. (A) 900 2,728
METRO-GOLDWYN-MAYER, INC. (A) 800 13,750
MGM GRAND, INC. (A) 761 21,831
MULTIMEDIA GAMES, INC. (A) 300 731
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ON COMMAND CORP. (A) 400 4,150
PIXAR (A) 600 17,288
PLATINUM ENTERTAINMENT, INC. (A) 500 2,000
POWERHOUSE TECHNOLOGIES, INC. 100 788
PREMIER PARKS, INC. (A) 1,500 24,375
QUINTEL ENTERTAINMENT, INC. (A) 200 375
RENTRAK CORP. (A) 600 2,438
SCIENTIFIC GAMES HOLDINGS CORP. (A) 100 1,931
SFX ENTERTAINMENT, INC. CLASS A (A) 500 15,688
SPELLING ENTERTAINMENT GROUP, INC. (A) 1,300 7,800
SPORTS CLUB CO., INC. (THE) (A) 100 500
SHARES VALUE (NOTE 1)
TELE-COMMUNICATIONS, INC. (TCI VENTURES GROUP) SERIES A (A) 5,800 $ 96,425
VAIL RESORTS, INC. (A) 500 11,500
ZOMAX OPTICAL MEDIA, INC. (A) 100 950
556,948
LEISURE DURABLES & TOYS - 0.5%
ALDILA, INC. (A) 900 3,656
ARCTIC CAT, INC. 600 5,175
AUTHENTIC FITNESS CORP. 300 3,469
CALLAWAY GOLF CO. 1,100 10,931
CHAMPION ENTERPRISES, INC. (A) 700 16,363
COACHMEN INDUSTRIES, INC. 500 9,344
COASTCAST CORP. (A) 300 3,019
COLEMAN, INC. (A) 800 8,100
EXCELSIOR HENDERSON MOTORCYCLE MANUFACTURING CO. (A) 100 638
GALOOB TOYS, INC. (A) 200 1,475
HARLEY-DAVIDSON, INC. 2,200 67,788
HUFFY CORP. 700 9,713
JAKKS PACIFIC, INC. (A) 500 3,938
K2, INC. 200 3,688
KNICKERBOCKER (L. L.) CO. (A) 200 275
NATIONAL R.V. HOLDINGS, INC. (A) 300 5,925
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PLAY BY PLAY TOYS & NOVELTIES, INC. (A) 200 1,600
POLARIS INDUSTRIES, INC. 600 18,188
PTI HOLDING, INC. (A) 100 613
RAWLINGS SPORTING GOODS, INC. (A) 500 4,500
ROCKSHOX, INC. (A) 100 313
RUSS BERRIE & CO., INC. 300 5,756
SILICON GAMING, INC. (A) 800 3,000
STEINWAY MUSICAL INSTRUMENTS, INC. (A) 100 2,450
T-HQ, INC. (A) 300 3,394
THOR INDUSTRIES, INC. 150 3,084
TOY BIZ, INC. CLASS A (A) 400 2,925
TOYMAX INTERNATIONAL, INC. (A) 100 519
WEST MARINE, INC. (A) 500 3,688
WINNEBAGO INDUSTRIES, INC. 300 3,150
206,677
LODGING & GAMING - 0.9%
AMPAL-AMERICAN ISRAEL CORP. CLASS A (A) 100 488
ANCHOR GAMING (A) 100 4,800
AZTAR CORP. (A) 700 3,019
BOYD GAMING CORP. (A) 900 3,600
BUCKHEAD AMERICA CORP. (A) 100 625
CHAMPIONSHIP AUTO RACNG TEAMS, INC. (A) 400 7,900
CIRCUS CIRCUS ENTERPRISES, INC. (A) 1,400 14,350
CRESCENT OPERATING, INC. (A) 100 806
DOVER DOWNS ENTERTAINMENT, INC. 200 5,275
EXTENDED STAY AMERICA, INC. (A) 1,400 12,250
GRAND CASINOS, INC. (A) 600 5,250
GTECH HOLDINGS CORP. (A) 600 15,750
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
LODGING & GAMING - CONTINUED
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HAMMONS (JOHN Q) HOTELS, INC. 100 $ 444
CLASS A (A)
HOLLYWOOD PARK, INC. (A) 400 4,100
HOSPITALITY WORLDWIDE SERVICES, INC. (A) 100 425
HOST MARRIOTT CORP. (A) 2,900 40,600
INTERNATIONAL GAME TECHNOLOGY CORP. 1,600 31,000
INTERNATIONAL SPEEDWAY CORP. CLASS A 400 11,000
MARCUS CORP. 350 4,463
MEDITRUST CORP. UNIT 2,834 43,927
MERISTAR HOSPITALITY CORP. 1,054 17,786
PENN NATIONAL GAMING, INC. (A) 200 1,050
PENSKE MOTORSPORTS, INC. (A) 100 2,038
PLAYERS INTERNATIONAL, INC. (A) 500 2,156
PRIMADONNA RESORTS, INC. (A) 700 5,338
PRIME HOSPITALITY CORP. (A) 560 4,655
PROMUS HOTEL CORP. (A) 1,600 49,200
RED ROOF INNS, INC. (A) 400 5,725
RIO HOTEL & CASINO, INC. (A) 400 5,975
SERVICO, INC. (A) 800 7,800
SHOLODGE, INC. (A) 100 500
SPEEDWAY MOTORSPORTS, INC. (A) 800 13,000
STATION CASINOS, INC. (A) 700 3,850
SUBURBAN LODGES OF AMERICA, INC. (A) 300 2,475
SUPERTEL HOSPITALITY, INC. (A) 100 1,075
TRUMP HOTELS & CASINO RESORTS, INC. (A) 900 2,756
U.S. FRANCHISE SYSTEMS, INC. CLASS A (A) 400 2,250
WMS INDUSTRIES, INC. 500 2,344
340,045
PUBLISHING - 1.3%
ACNIELSEN CORP. (A) 1,300 26,081
AMERICAN MEDIA, INC. CLASS A (A) 300 1,706
APPLIED GRAPHICS TECHNOLOGIES, INC. (A) 560 11,445
BANTA CORP. 700 19,600
BELO (A.H.) CORP. CLASS A 1,600 29,600
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CENTRAL NEWSPAPERS, INC. CLASS A 500 31,000
FRANKLIN COVEY CO. (A) 200 3,750
GIBSON GREETINGS, INC. (A) 600 11,663
GOLDEN BOOKS FAMILY 400 550
ENTERTAINMENT, INC. (A)
HARTE HANKS COMMUNICATONS, INC. 900 19,744
HOLLINGER INTERNATIONAL, INC. CLASS A 1,900 26,600
HOUGHTON MIFFLIN CO. 700 21,131
JOURNAL REGISTER CO. (A) 700 11,944
LEE ENTERPRISES, INC. 600 14,175
MCCLATCHY CO., THE CLASS A 500 15,000
MEDIA GENERAL, INC. CLASS A 300 12,750
NELSON THOMAS, INC. 200 2,713
PACIFIC CHEMICAL, INC. (A) 100 75
PENTON MEDIA, INC. (A) 100 1,313
PLAYBOY ENTERPRISES, INC. CLASS B (A) 200 2,450
PRIMEDIA, INC. (A) 1,800 18,000
SHARES VALUE (NOTE 1)
PULITZER PUBLISHING CO. 500 $ 38,031
READER'S DIGEST ASSOCIATION, INC. CLASS A (NON-VTG.) 2,000 39,250
SCHOLASTIC CORP. (A) 300 11,625
STANDEX INTERNATIONAL CORP. 100 2,225
WASHINGTON POST CO. CLASS B 200 102,500
WILEY (JOHN) & SONS, INC. CLASS A 200 11,650
WORLD COLOR PRESS, INC. (A) 500 14,063
ZIFF-DAVIS, INC. (A) 1,900 15,200
515,834
RESTAURANTS - 1.0%
APPLE SOUTH, INC. 900 10,350
APPLEBEE'S INTERNATIONAL, INC. 500 9,250
ARK RESTAURANTS CORP. (A) 100 1,000
AU BON PAIN, INC. CLASS A (A) 100 638
BACK BAY RESTAURANT GROUP, INC. (A) 100 750
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
BENIHANA, INC. CLASS A (A) 100 800
BIG BUCK BREW & STEAKHOUSE, INC. (A) 100 350
BOB EVANS FARMS, INC. 1,100 20,281
BOSTON CHICKEN, INC. (A) 1,100 1,066
BRINKER INTERNATIONAL, INC. (A) 900 15,413
BUFFETS, INC. (A) 1,100 13,888
CEC ENTERTAINMENT, INC. (A) 400 9,125
CHART HOUSE ENTERPRISES, INC. (A) 100 550
CHEESECAKE FACTORY, INC. (A) 700 11,463
CKE RESTAURANTS, INC. 630 19,530
CONSOLIDATED PRODUCTS, INC. (A) 225 3,488
COOKER RESTAURANT CORP. 100 950
CRACKER BARREL OLD COUNTRY STORE, INC. 800 19,550
DAVE & BUSTERS, INC. (A) 300 4,650
EINSTEIN/NOAH BAGEL CORP. (A) 500 1,000
ELXSI CORP. (A) 100 1,000
FINE HOST CORP. (A) 700 722
FOODMAKER, INC. (A) 500 6,906
FRIENDLY ICE CREAM CORP. 300 2,063
FRISCH'S RESTAURANTS, INC. 100 888
GARDEN FRESH RESTAURANT CORP. (A) 100 1,450
GB FOODS CORP. (A) 100 488
HOST MARRIOTT SERVICES CORP. (A) 600 5,925
IHOP CORP. (A) 100 3,763
ILLINOIS FORNAIO CORP. 100 1,000
J. ALEXANDERS CORP. (A) 100 375
KOO KOO ROO, INC. (A) 1,600 1,700
LANDRY'S SEAFOOD RESTAURANTS, INC. (A) 800 6,725
LOGAN'S ROADHOUSE, INC. (A) 200 3,325
LONE STAR STEAKHOUSE SALOON (A) 600 5,100
LUBY'S CAFETERIAS, INC. 300 4,575
MAX & ERMAS RESTAURANTS, INC. (A) 100 650
MORRISON HEALTH CARE, INC. 100 1,763
MORTON'S RESTAURANT GROUP, INC. (A) 100 2,094
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
NEW WORLD COFFEE & BAGELS, INC. (A) 300 244
NPC INTERNATIONAL, INC. (A) 300 3,113
O CHARLEYS, INC. (A) 150 1,406
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
RESTAURANTS - CONTINUED
OUTBACK STEAKHOUSE, INC. (A) 700 $ 21,044
PAPA JOHN'S INTERNATIONAL, INC. (A) 700 18,550
PICCADILLY CAFETERIAS, INC. 100 1,100
PJ AMERICA, INC. (A) 100 1,425
PLANET HOLLYWOOD INTERNATIONAL, INC. 1,400 6,650
CLASS A (A)
RAINFOREST CAFE, INC. (A) 450 3,713
RARE HOSPITALITY INTERNATIONAL, INC. (A) 200 2,325
ROCK BOTTOM RESTAURANTS, INC. (A) 100 500
RUBY TUESDAY, INC. 800 11,250
RYAN'S FAMILY STEAK HOUSES, INC. (A) 1,400 14,263
SBARRO, INC. 700 13,869
SCHLOTZSKYS, INC. (A) 400 3,950
SHELLS SEAFOOD RESTAURANTS, INC. (A) 100 713
SODEXHO MARRIOTT SERVICES, INC. (A) 900 22,388
SONIC CORP. (A) 250 3,984
SPAGHETTI WAREHOUSE, INC. (A) 100 600
STAR BUFFET, INC. 100 625
STARBUCKS CORP. (A) 1,300 41,031
TACO CABANA, INC. (A) 800 3,900
TOTAL ENTERTAINMENT RESTAURANT CORP. (A) 100 300
UNIQUE CASUAL RESTAURANTS, INC. (A) 100 488
UNO RESTAURANT CORP. (A) 100 694
VICORP RESTAURANTS, INC. (A) 100 1,438
374,167
TOTAL MEDIA & LEISURE 2,918,535
NONDURABLES - 3.9%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AGRICULTURE - 0.2%
ANDERSONS, INC. 100 1,025
DEKALB GENETICS CORP. CLASS B 400 34,650
DELTA & PINE LAND CO. 466 20,009
MICHAEL FOODS, INC. 600 14,850
NORTHLAND CRANBERRIES, INC. CLASS A 800 7,800
TEJON RANCH CO. 100 1,975
80,309
BEVERAGES - 0.6%
AQUAPENN SPRING WATER CO., INC. 500 3,188
BERINGER WINE ESTATES HOLDINGS, INC. CLASS B (A) 400 12,200
BOSTON BEER CO., INC. CLASS A (A) 200 1,325
BUENOS AIRES EMBOTELLADORA SA SPONSORED ADR CLASS B (A) 26 0
CANANDAIGUA BRANDS, INC. CLASS A (A) 400 16,700
CELESTIAL SEASONINGS, INC. (A) 200 7,050
COCA-COLA BOTTLING CO. CONSOLIDATED 100 6,175
COCA-COLA ENTERPRISES, INC. 6,100 144,875
M & F WORLDWIDE CORP. (A) 300 2,813
MIDWEST GRAIN PRODUCTS, INC. (A) 100 1,025
MONDAVI (ROBERT) CORP. CLASS A (A) 400 8,350
SHARES VALUE (NOTE 1)
NATIONAL BEVERAGE CORP. (A) 200 $ 1,950
PEPSI-COLA PUERTO RICO BOTTLING CO. 100 700
CLASS B
PURE WORLD, INC. (A) 400 2,788
WHITMAN CORP. 2,100 32,550
241,689
FOODS - 1.8%
AGRIBRANDS INTERNATIONAL, INC. 300 8,738
AMERICAN ITALIAN PASTA CO. CLASS A 400 10,025
BALANCE BAR CO. (A) 600 6,300
BEN & JERRY'S HOMEMADE, INC. 100 1,538
CLASS A (A)
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
BRIDGFORD FOODS CORP. 100 1,250
CHIQUITA BRANDS INTERNATIONAL, INC. 1,400 15,663
CHOCK FULL-O-NUTS CORP. (A) 100 481
CORN PRODUCTS INTERNATIONAL, INC. (A) 900 21,319
DARLING INTERNATIONAL, INC. (A) 100 500
DEAN FOODS CO. 800 35,200
DOLE FOOD, INC. 900 38,925
DREYER'S GRAND ICE CREAM, INC. 800 8,300
EARTHGRAINS CO. 900 24,750
FLOWERS INDUSTRIES, INC. 2,000 35,625
FRESH FOODS, INC. (A) 38 380
GARDENBURGER, INC. (A) 500 5,000
GOLDEN ENTERPRISES 100 600
HORMEL FOODS CORP. 1,200 33,075
IBP, INC. 1,700 28,156
IMPERIAL HOLLY CORP. 262 1,736
INTERNATIONAL HOME FOODS, INC. (A) 1,000 16,750
INTERNATIONAL MULTIFOODS CORP. 200 3,475
INTERSTATE BAKERIES CORP. 1,100 28,669
J & J SNACK FOOD CORP. (A) 100 1,575
KEEBLER FOODS CO. (A) 1,200 30,975
LANCASTER COLONY CORP. 950 27,431
LANCE, INC. 900 16,650
MCCORMICK & CO., INC. (NON-VTG.) 1,300 37,781
NABISCO HOLDINGS CORP. CLASS A 1,100 36,369
OPTA FOOD INGREDIENTS, INC. (A) 100 313
ORANGE-CO., INC. (A) 100 506
PILGRIMS PRIDE CORP. 400 7,825
RALCORP HOLDINGS, INC. (A) 400 7,725
RIVIANA FOODS, INC. 200 4,225
SANDERSON FARMS, INC. 200 2,650
SMITHFIELD FOODS, INC. (A) 900 16,425
SMUCKER (J.M.) CO. 300 6,506
SUIZA FOODS CORP. (A) 647 31,299
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TASTY BAKING CO. 100 1,506
TCBY ENTERPRISES, INC. 300 1,763
THORN APPLE VALLEY, INC. (A) 400 2,700
TOOTSIE ROLL INDUSTRIES, INC. 706 23,828
TYSON FOODS, INC. 3,320 54,365
UNIVERSAL FOODS CORP. 1,300 27,463
VLASIC FOODS INTERNATIONAL, INC. (A) 1,000 14,500
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NONDURABLES - CONTINUED
FOODS - CONTINUED
WLR FOODS, INC. 100 $ 706
WORTHINGTON FOODS, INC. 500 8,125
689,666
HOUSEHOLD PRODUCTS - 0.8%
ALLIANCE GAMING CORP. (A) 700 1,925
AMERICAN SAFETY RAZOR CO. (A) 600 5,363
APTARGROUP, INC. 600 17,025
BLOCK DRUG CO., INC. CLASS A 303 10,302
BRADY (W.H.) CO. CLASS A 800 13,400
CHURCH & DWIGHT CO., INC. 200 5,413
CYCLOPSS CORP. (A) 400 175
DIAL CORP. 2,000 39,000
EKCO GROUP, INC. (A) 100 600
ENAMELON, INC. (A) 800 3,400
ESTEE LAUDER COMPANIES, INC. 1,100 64,763
FIRST BRANDS CORP. 1,100 21,931
FRENCH FRAGRANCES, INC. (A) 500 3,125
NU SKIN ENTERPRISES, INC. CLASS A (A) 500 5,188
PARAGON TRADE BRANDS, INC. (A) 100 356
PLAYTEX PRODUCTS, INC. (A) 800 8,550
PREMARK INTERNATIONAL, INC. 900 23,794
RACING CHAMPIONS CORP. (A) 500 4,563
REVLON, INC. CLASS A (A) 300 10,819
SAFESKIN CORP. (A) 700 23,625
TRISTAR CORP. (A) 100 625
ULTRALIFE BATTERIES, INC. (A) 700 3,894
USA DETERGENTS, INC. (A) 500 3,313
WEST CO., INC. 200 5,238
WINDMERE-DURABLE HOLDINGS, INC. (A) 500 11,875
YORK GROUP, INC. 500 6,688
294,950
TOBACCO - 0.5%
CONSOLIDATED CIGAR HOLDINGS, INC. 700 5,206
CLASS A (A)
DIMON, INC. 1,100 10,106
GENERAL CIGAR HOLDINGS, INC. CLASS A (A) 700 3,850
RJR NABISCO HOLDINGS CORP. 5,200 112,775
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. 600 14,888
STANDARD COMMERCIAL CORP. 100 900
SWISHER INTERNATIONAL GROUP, INC. 100 600
CLASS A (A)
UNIVERSAL CORP. 800 25,200
173,525
TOTAL NONDURABLES 1,480,139
PRECIOUS METALS - 0.2%
COEUR D'ALENE MINES CORP. (A) 1,200 4,875
ECHO BAY MINES LTD. (A) 3,700 5,685
GETCHELL GOLD CORP. (A) 900 8,100
SHARES VALUE (NOTE 1)
HECLA MINING CO. (A) 2,200 $ 7,563
NEWMONT GOLD CO. 3,100 46,113
PEGASUS GOLD, INC. (A) 500 233
ROYAL OAK MINES, INC. (A) 2,100 803
STILLWATER MINING CO. (A) 400 7,025
80,397
RETAIL & WHOLESALE - 5.3%
APPAREL STORES - 0.8%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ABERCROMBIE & FITCH CO. CLASS A (A) 300 12,900
AMERICAN EAGLE OUTFITTERS, INC. (A) 325 11,375
ANNTAYLOR STORES CORP. (A) 400 9,725
BAKER (J.), INC. 600 4,725
BIG DOG HOLDINGS, INC. 100 338
BON-TON STORES, INC. (A) 600 5,363
BROWN GROUP, INC. 200 2,950
BUCKLE, INC. (THE) (A) 250 4,906
BURLINGTON COAT FACTORY WAREHOUSE CORP. 700 14,744
CATHERINES STORES CORP. (A) 100 775
CATO CORP. CLASS A 700 6,650
CHARMING SHOPPES, INC. (A) 1,600 7,000
CHICOS FAS, INC. (A) 400 5,100
CHILDRENS PLACE RETAIL STORES, INC. (THE) 200 1,613
CLAIRE'S STORES, INC. 1,100 16,500
DEB SHOPS, INC. 100 844
DRESS BARN, INC. (A) 700 12,163
ELLET BROTHERS, INC. 100 350
FILENE'S BASEMENT CORP. (A) 300 825
FOOTSTAR, INC. (A) 600 17,475
GENESCO, INC. (A) 200 1,050
GOODY'S FAMILY CLOTHING (A) 400 7,200
GUESS, INC. (A) 600 2,550
GYMBOREE CORP. (A) 700 6,125
HIBBETT SPORTING GOODS, INC. (A) 300 6,675
INTERNATIONAL ISOTOPES, INC. (A) 200 1,963
JUST FOR FEET, INC. (A) 500 7,094
K & G MENS CENTER, INC. (A) 500 3,906
KENNETH COLE PRODUCTIONS, INC. 100 1,344
CLASS A (A)
LOEHMANNS, INC. (A) 100 288
MEN'S WEARHOUSE, INC. (THE) (A) 450 10,547
NORTON MCNAUGHTON, INC. (A) 100 453
PAUL HARRIS STORES, INC. (A) 200 1,300
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PAYLESS SHOESOURCE, INC. (A) 700 28,788
ROSS STORES, INC. 700 25,463
SAKS HOLDINGS, INC. (A) 900 18,844
SHOE CARNIVAL, INC. (A) 100 850
STAGE STORES, INC. (A) 400 4,175
SYMS CORP. (A) 200 2,350
TALBOTS, INC. 600 12,638
TRACK N TRAIL, INC. (A) 100 400
UNITED RETAIL GROUP, INC. (A) 500 4,438
URBAN OUTFITTERS, INC. (A) 200 2,888
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
APPAREL STORES - CONTINUED
WET SEAL, INC. CLASS A (A) 400 $ 9,200
WILSONS LEATHER EXPERTS, INC. (A) 100 1,100
297,950
APPLIANCE STORES - 0.0%
CELLSTAR CORP. (A) 600 3,975
HIRSCH INTERNATIONAL CORP. CLASS A (A) 600 1,500
5,475
DRUG STORES - 0.1%
BUTTREY FOOD & DRUG STORES CO. (A) 100 1,538
GENERAL NUTRITION COMPANIES, INC. (A) 1,500 19,969
GENOVESE DRUG STORES, INC. CLASS A 110 1,836
23,343
GENERAL MERCHANDISE STORES - 0.6%
99 CENTS ONLY STORES (A) 525 18,441
AMES DEPARTMENT STORES, INC. (A) 300 4,425
BJ'S WHOLESALE CLUB, INC. (A) 800 27,000
COST PLUS, INC. (A) 300 7,744
DOLLAR TREE STORES, INC. (A) 900 26,100
ELDER BEERMAN STORES CORP. (A) 400 6,250
EZCORP, INC. CLASS A 100 688
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FACTORY CARD OUTLET CORP. (A) 100 438
FAMILY DOLLAR STORES, INC. 2,500 31,719
FREDS, INC. CLASS A 125 1,828
GOTTSCHALKS, INC. (A) 100 800
HOT TOPIC, INC. (A) 200 3,150
LECHTERS, INC. (A) 300 881
MAZEL STORES, INC. (A) 100 1,081
MICHAELS STORES, INC. (A) 400 9,400
NEIMAN-MARCUS GROUP, INC. (A) 600 14,588
PARTY CITY CORP. (A) 450 6,525
PHAR-MOR, INC. (A) 100 725
PROFFITTS, INC. (A) 1,275 32,513
SERVICE MERCHANDISE, INC. (A) 2,700 3,713
SHOPKO STORES, INC. (A) 200 5,138
SOUTHLAND CORP. (A) 6,000 13,781
STEIN MART, INC. (A) 800 7,100
VALUE CITY DEPARTMENT STORES, INC. (A) 400 3,900
227,928
GROCERY STORES - 1.6%
CENTRAL GARDEN & PET CO. (A) 600 8,475
DOMINICKS SUPERMARKETS, INC. (A) 500 22,531
FLEMING COMPANIES, INC. 1,200 14,325
FOOD LION, INC. CLASS A 8,200 84,563
HAIN FOOD GROUP, INC. (A) 500 8,438
HANNAFORD BROTHERS CO. 900 37,406
INGLES MARKETS, INC. CLASS A 200 2,200
MARSH SUPERMARKETS, INC. CLASS B 100 1,288
NASH-FINCH CO. 100 1,400
PENN TRAFFIC CO. (A) 100 200
SHARES VALUE (NOTE 1)
PERFORMANCE FOOD GROUP CO. (A) 100 $ 1,938
PIZZA INN, INC. 100 500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
RICHFOOD HOLDINGS, INC. CLASS A 1,100 22,619
RUDDICK CORP. 600 9,075
SAFEWAY, INC. (A) 7,400 291,375
SCHULTZ SAV-O STORES, INC. 100 1,550
SMART & FINAL, INC. 300 3,019
U.S. FOODSERVICE (A) 955 35,395
UNITED NATURAL FOODS, INC. (A) 500 11,188
WEIS MARKETS, INC. 600 20,888
WHOLE FOODS MARKET, INC. (A) 500 20,688
WILD OATS MARKETS, INC. (A) 450 8,550
607,611
RETAIL & WHOLESALE, MISCELLANEOUS - 2.2%
1-800 CONTACTS, INC. (A) 300 1,856
800-JR CIGAR, INC. (A) 200 2,200
A.C. MOORE ARTS & CRAFTS, INC. 100 1,200
ACTION PERFORMANCE COMPANIES, INC. (A) 400 9,250
AGRIBIOTECH, INC. (A) 400 3,450
AMAZON.COM, INC. (A) 700 58,625
AUDIO BOOK CLUB, INC. (A) 600 4,125
BARNES & NOBLE, INC. (A) 900 24,356
BED BATH & BEYOND, INC. (A) 2,000 36,125
BEST BUY CO., INC. (A) 1,500 59,063
BIG ENTERTAINMENT, INC. (A) 100 350
BLAIR CORP. 100 2,506
BOISE CASCADE OFFICE PRODUCTS CORP. (A) 900 12,319
BOOKS-A-MILLION, INC. (A) 200 613
BORDERS GROUP, INC. (A) 1,400 26,513
BROOKSTONE, INC. (A) 100 1,075
BRYLANE, INC. (A) 200 5,188
BUILDING MATERIAL HOLDING CORP. (A) 200 2,175
CAMERON ASHLEY BUILDING 100 1,150
PRODUCTS, INC. (A)
CANNONDALE CORP. (A) 400 3,800
CDNOW, INC. 600 4,650
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
COLDWATER CREEK, INC. (A) 300 4,369
COLE NATIONAL CORP. CLASS A (A) 200 4,213
CORPORATE EXPRESS, INC. (A) 1,491 14,351
CREATIVE COMPUTERS, INC. (A) 500 3,500
DAISYTEK INTERNATIONAL CORP. (A) 500 8,875
DAMARK INTERNATIONAL, INC. CLASS A (A) 100 650
DELIA*S, INC. (A) 500 4,906
DM MANAGEMENT CO. (A) 300 4,350
EAGLE HARDWARE & GARDEN, INC. (A) 700 14,963
ELCOM INTERNATIONAL, INC. (A) 900 1,406
ENESCO GROUP, INC. 300 7,238
FABRI-CENTERS OF AMERICA, INC. 200 4,588
CLASS A (A)
FINGERHUT COMPANIES, INC. 700 16,975
FINISH LINE, INC. CLASS A (A) 300 2,588
FINLAY ENTERPRISES, INC. (A) 700 7,088
FRIEDMANS, INC. CLASS A (A) 400 3,850
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
RETAIL & WHOLESALE, MISCELLANEOUS - CONTINUED
GADZOOKS, INC. (A) 300 $ 1,809
GLOBAL DIRECTMAIL CORP. (A) 400 5,325
GOOD GUYS, INC. (A) 500 3,500
GUITAR CENTER, INC. (A) 600 11,288
HANCOCK FABRICS, INC. 300 2,850
HANDLEMAN CO. (A) 1,000 6,438
HENRY SCHEIN, INC. (A) 700 26,950
HOMEBASE, INC. 500 3,063
INTERTAN, INC. (A) 100 400
LAND'S END, INC. (A) 400 8,200
LETS TALK CELLULAR & WIRELESS, INC. (A) 400 1,125
LILLIAN VERNON CORP. 100 1,675
LITTLE SWITZERLAND, INC. (A) 100 238
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MARKS BROTHERS JEWELERS, INC. (A) 100 1,550
METAL MANAGEMENT, INC. (A) 600 2,588
METALS USA, INC. (A) 300 3,469
MICRO WAREHOUSE, INC. (A) 600 9,750
MUSICLAND STORES CORP. (A) 300 2,813
N2K, INC. 600 5,250
NATIONAL MEDIA CORP. (A) 300 956
NATIONAL RECORD MART, INC. (A) 400 1,750
NATIONAL VISION ASSOCIATION LTD. (A) 900 4,388
NATURAL WONDERS, INC. (A) 100 213
NAVARRE CORP. (A) 700 2,100
OFFICE DEPOT, INC. (A) 3,600 91,800
OFFICEMAX, INC. (A) 1,800 18,900
ONSALE, INC. (A) 300 4,313
PEAPOD, INC. (A) 900 4,275
PETCO ANIMAL SUPPLIES, INC. (A) 600 4,238
PETSMART, INC. (A) 1,700 8,394
PIER 1 IMPORTS, INC. 1,950 19,378
SCHOOL SPECIALTY, INC. 601 6,874
SCP POOL CORP. 150 1,838
SHOP AT HOME, INC. (A) 1,400 3,106
SODAK GAMING, INC. (A) 300 1,875
SPIEGEL, INC. CLASS A (A) 1,900 6,888
SPORT SUPPLY GROUP, INC. (A) 100 688
SPORTS AUTHORITY, INC. (THE) (A) 1,000 6,500
STAPLES, INC. (A) 4,100 111,213
STERLING VISION, INC. (A) 100 300
SUMMIT TECHNOLOGY, INC. 400 1,400
SUNGLASS HUT INTERNATIONAL, INC. (A) 1,300 7,475
TIFFANY & CO., INC. 800 29,750
TRACTOR SUPPLY CO. (A) 100 1,975
TRANSMEDIA NETWORK, INC. 100 375
TRANSPORTATION WORLD ENTERTAINMENT CORP. (A) 300 5,100
U.S. OFFICE PRODUCTS CO. 371 2,783
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
U.S.A. FLORAL PRODUCTS, INC. 600 4,238
WILLIAMS-SONOMA, INC. (A) 800 20,400
WILMAR INDUSTRIES, INC. (A) 300 5,700
SHARES VALUE (NOTE 1)
WOLOHAN LUMBER CO. 100 $ 1,100
ZALE CORP. (A) 500 11,500
854,563
TOTAL RETAIL & WHOLESALE 2,016,870
SERVICES - 4.6%
ADVERTISING - 0.5%
ACKERLEY GROUP, INC. 300 6,525
ADVO, INC. (A) 500 12,438
CKS GROUP, INC. (A) 300 4,106
CMG INFORMATION SERVICES, INC. 300 11,438
GETTY IMAGES, INC. (A) 700 9,888
HA-LO INDUSTRIES, INC. (A) 200 4,650
LAMAR ADVERTISING CO. CLASS A (A) 700 22,750
LEAP GROUP, INC. (A) 900 2,250
OUTDOOR SYSTEMS, INC. (A) 2,675 62,194
PHARMACEUTICAL MARKETING 500 3,656
SERVICES, INC. (A)
TMP WORLDWIDE, INC. (A) 300 8,775
YOUNG & RUBICAM, INC. (A) 900 27,506
176,176
EDUCATIONAL SERVICES - 0.3%
APOLLO GROUP, INC. CLASS A (A) 1,400 42,525
CHILDRENS COMPREHENSIVE SERVICES, INC. (A) 100 838
DEVRY, INC. (A) 800 14,450
EDUCATION MANAGEMENT CORP. (A) 400 14,000
EDUCATIONAL MEDICAL, INC. (A) 700 5,950
GP STRATEGIES CORP. (A) 100 1,000
ITT EDUCATIONAL SERVICES, INC. (A) 700 19,250
RWD TECHNOLOGIES, INC. (A) 100 1,800
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
STRAYER EDUCATION, INC. 500 13,250
WHITMAN EDUCATION GROUP, INC. (A) 100 375
113,438
LEASING & RENTAL - 0.5%
AARON RENTS, INC. CLASS A 100 1,525
AMERCO (A) 300 6,675
AVIS RENT A CAR, INC. (A) 800 12,550
BUDGET GROUP, INC. CLASS A (A) 400 6,800
CENTRAL PARKING CORP. 350 14,459
CORT BUSINESS SERVICES CORP. (A) 100 2,444
DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. (A) 700 7,175
DVI, INC. (A) 100 1,600
GATX CORP. 700 23,100
GLOBE BUSINESS RESOURCES, INC. (A) 100 1,600
HANOVER COMPRESSOR CO. (A) 400 7,425
HERTZ CORP. CLASS A 800 30,200
HOLLYWOOD ENTERTAINMENT CORP. (A) 700 7,219
HOME CHOICE HOLDINGS, INC. (A) 600 7,650
INTERPOOL, INC. 400 4,925
LEASING SOLUTIONS, INC. (A) 100 2,356
MCGRATH RENTCORP. 200 3,588
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SERVICES - CONTINUED
LEASING & RENTAL - CONTINUED
MITCHAM INDUSTRIES, INC. (A) 400 $ 2,150
NATIONAL AUTO CREDIT, INC. (A) 400 450
RENT-WAY, INC. 400 9,900
RENTAL SERVICE CORP. (A) 400 9,625
RENTERS CHOICE, INC. (A) 300 6,788
U.S. RENTALS, INC. (A) 400 7,200
UNITED RENTALS, INC. 400 7,800
UNITED ROAD SERVICES, INC. 400 4,050
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
VARI-LITE INTERNATIONAL, INC. (A) 100 350
189,604
PRINTING - 0.4%
AMERICAN BANKNOTE CORP. (A) 300 563
AMERICAN BUSINESS PRODUCTS, INC. 200 3,500
BIG FLOWER HOLDINGS, INC. (A) 300 6,338
BOWNE & CO., INC. 400 6,300
CADMUS COMMUNICATIONS CORP. 100 2,025
CHAMPION INDUSTRIES, INC. 100 1,100
CONSOLIDATED GRAPHICS, INC. (A) 200 10,013
CSS INDUSTRIES, INC. (A) 100 2,763
CUNNINGHAM GRAPHICS INTERNATIONAL, INC. (A) 400 5,100
CYRK, INC. (A) 500 3,625
ENNIS BUSINESS FORMS, INC. 100 1,006
HARLAND (JOHN H.) CO. 700 9,144
MERRILL CORP. 200 3,975
NEW ENGLAND BUSINESS SERVICE, INC. 200 5,550
PAXAR CORP. (A) 700 5,600
REYNOLDS & REYNOLDS CO. CLASS A 1,500 18,938
STANDARD REGISTER CO. 400 12,550
UNITED STATIONERS, INC. (A) 200 11,850
VALASSIS COMMUNICATIONS, INC. (A) 800 23,850
VESTCOM INTERNATIONAL, INC. (A) 500 3,031
WALLACE COMPUTER SERVICES, INC. 800 12,950
WORKFLOW MANAGEMENT, INC. (A) 1,001 5,318
155,089
SERVICES - 2.9%
ABACUS DIRECT CORP. (A) 300 12,263
ABM INDUSTRIES, INC. 300 7,650
ABR INFORMATION SERVICES, INC. (A) 700 10,150
ACCUSTAFF, INC. (A) 2,000 25,000
ACTRADE INTERNATIONAL LTD. (A) 400 4,750
ADMINISTAFF, INC. (A) 100 3,125
ADVANCED HEALTH CORP. (A) 1,000 1,250
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ALARMGUARD HOLDINGS, INC. (A) 100 675
AMERICAN ECO CORP. (A) 100 268
AMERICAN RETIREMENT CORP. (A) 100 1,575
AMERIPATH, INC. 100 1,150
AMRESCO, INC. 600 7,425
ANALYTICAL SURVEYS, INC. (A) 200 3,100
ANGELICA CORP. 100 1,919
SHARES VALUE (NOTE 1)
APAC TELESERVICES, INC. (A) 400 $ 1,250
APPLIED ANALYTICAL INDUSTRIES, INC. (A) 100 963
ASSISTED LIVING CONCEPTS, INC. (A) 600 7,613
AUTOMOBILE PROTECTION CORP. (A) 500 3,125
BA MERCHANT SERVICES, INC. CLASS A (A) 100 1,244
BERLITZ INTERNATIONAL, INC. (A) 100 2,675
BORG WARNER SECURITY CORP. (A) 300 4,256
BORON LEPORE & ASSOCIATES, INC. 300 9,000
BRIGHT HORIZONS FAMILY SOLUTIONS, INC. (A) 200 4,225
BROOKDALE LIVING COMMUNITIES, INC. (A) 300 5,625
CAPITAL SENIOR LIVING CORP. (A) 200 1,513
CARIBINER INTERNATIONAL, INC. (A) 300 2,888
CARRIAGE SERVICES, INC. CLASS A (A) 300 5,888
CASTLE DENTAL CENTERS, INC. 100 600
CATALINA MARKETING CORP. (A) 400 16,825
CDI CORP. (A) 200 4,700
CHEMED CORP. 400 11,775
CINTAS CORP. 1,400 57,050
COACH USA, INC. (A) 400 10,525
COAST DENTAL SERVICES, INC. (A) 100 913
COINMACH LAUNDRY CORP. (A) 500 5,625
COMFORCE CORP. (A) 100 538
COMPLETE MANAGEMENT, INC. (A) 100 144
COMPUTER HORIZONS CORP. (A) 600 14,025
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CONSOLIDATION CAPITAL CORP. 800 10,300
CORNELL CORRECTIONS, INC. (A) 100 800
CORRECTIONS CORP. OF AMERICA (A) 1,100 16,844
CPI CORP. 60 1,208
CRAIG (JENNY), INC. (A) 100 438
DATA PROCESSING RESOURCES CORP. (A) 300 7,500
DAY RUNNER, INC. (A) 400 6,850
EMBREX, INC. (A) 100 500
EMPLOYEE SOLUTIONS, INC. (A) 400 575
EQUITY CORP. INTERNATIONAL (A) 700 16,363
FLUOR DANIEL/GTI, INC. 100 575
FOOD TECHNOLOGY SERVICE, INC. (A) 100 263
FYI, INC. (A) 400 10,000
G & K SERVICES, INC. CLASS A 400 17,350
GARTNER GROUP, INC. CLASS A (A) 1,500 34,688
GENERAL MAGNAPLATE CORP. 100 438
GILMAN & CIOCIA, INC. (A) 200 2,450
HAGLER BAILLY, INC. (A) 400 7,750
HALL KINION & ASSOCIATES, INC. 800 5,000
HCIA, INC. (A) 100 675
HEADWAY CORPORATE RESOURCES (A) 400 2,000
INSURANCE AUTO AUCTIONS, INC. (A) 100 1,231
INTERIM SERVICES, INC. (A) 1,000 20,500
IRON MOUNTAIN, INC. (A) 750 17,625
ITEX CORP. (A) 1,600 2,500
JUDGE GROUP, INC. (THE) (A) 100 250
KELLY SERVICES, INC. CLASS A 500 12,813
LABOR READY, INC. 550 6,256
LANDAUER, INC. 100 2,550
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SERVICES - CONTINUED
SERVICES - CONTINUED
LASON, INC. (A) 300 $ 12,169
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
LEARNING TREE INTERNATIONAL, INC. (A) 300 3,225
MAC-GRAY CORP. 100 1,250
MANPOWER, INC. 1,200 24,450
MARKET FACTS, INC. (A) 400 7,450
MARKETING SERVICES GROUP, INC. (A) 100 244
MAXIMUS, INC. (A) 200 4,388
MECKLERMEDIA CORP. (A) 300 6,131
MEDAPHIS CORP. (A) 1,100 4,469
MEDIA ARTS GROUP, INC. (A) 200 1,975
MEDIALINK WORLDWIDE, INC. (A) 200 3,375
MEDPARTNERS, INC. (A) 2,400 6,000
MEMBERWORKS, INC. (A) 400 6,200
METAMOR WORLDWIDE, INC. (A) 700 16,625
METZLER GROUP, INC. (A) 550 15,400
MORRISON KNUDSEN CORP. (A) 400 4,225
NATIONAL PROCESSING, INC. (A) 600 4,988
NCO GROUP, INC. (A) 450 7,931
NEWSEDGE CORP. (A) 800 6,100
NORRELL CORP. 500 6,250
NOVA CORP. (A) 600 15,563
OLSTEN CORP. 2,000 11,750
ON ASSIGNMENT, INC. (A) 100 3,225
ORTHALLIANCE, INC. CLASS A 100 900
PAYMENTECH, INC. (A) 500 5,719
PINKERTONS, INC. (A) 100 1,488
PITTSTON CO. (BRINKS GROUP) 900 28,238
PMT SERVICES, INC. (A) 900 15,300
PRE-PAID LEGAL SERVICES, INC. (A) 500 11,094
PRECISION RESPONSE CORP. (A) 400 1,813
PREMIERE TECHNOLOGIES, INC. (A) 733 4,810
PRIME MEDICAL SERVICES, INC. (A) 500 3,500
PROBUSINESS SERVICES, INC. 150 3,450
PROMEDCO MANAGEMENT CO. (A) 100 506
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PROSOFT I-NET SOLUTIONS, INC. (A) 100 400
PROTECTION ONE, INC. 2,000 21,000
RCM TECHNOLOGIES, INC. (A) 300 3,450
REGIS CORP. 600 13,650
REMEDYTEMP, INC. CLASS A (A) 200 4,475
RENAISSANCE WORLDWIDE, INC. (A) 800 8,000
ROBERT HALF INTERNATIONAL, INC. (A) 1,300 62,400
ROLLINS, INC. 1,000 18,313
ROMAC INTERNATIONAL, INC. (A) 540 10,125
RTW, INC. (A) 400 2,050
RURAL/METRO CORP. (A) 600 4,275
SCB COMPUTER TECHNOLOGY, INC. (A) 200 1,450
SEATTLE FILMWORKS, INC. (A) 700 2,275
SERVICEMASTER CO. 4,650 97,359
SITEL CORP. (A) 900 3,263
SNYDER COMMUNICATIONS, INC. (A) 1,200 36,150
SOS STAFFING SERVICES, INC. (A) 500 6,594
SHARES VALUE (NOTE 1)
SOTHEBY'S HOLDINGS, INC. CLASS A 1,300 $ 22,263
STAFF LEASING, INC. (A) 400 6,000
STAFFMARK, INC. (A) 300 5,363
STARTEK, INC. (A) 100 925
SUPERIOR CONSULTANT HOLDINGS CORP. (A) 100 3,056
TELETECH HOLDINGS, INC. (A) 1,000 8,375
THERMOLASE CORP. (A) 500 3,063
TRUE NORTH COMMUNICATIONS 900 20,475
TUBOSCOPE, INC. (A) 600 5,513
UNIFIRST CORP. 100 2,519
VETERINARY CENTERS OF AMERICA, INC. (A) 600 9,900
VINCAM GROUP, INC. (A) 150 1,800
VISION TWENTY-ONE, INC. (A) 100 513
VOLT INFORMATION SCIENCES, INC. (A) 200 4,050
WACKENHUT CORP. 200 3,800
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
WACKENHUT CORRECTIONS CORP. (A) 300 4,706
WARRANTECH CORP. (A) 100 256
WESTERN STAFF SERVICES, INC. (A) 150 1,425
YORK RESEARCH CORP. (A) 200 838
YOUTH SERVICES INTERNATIONAL, INC. (A) 600 3,375
ZEBRA TECHNOLOGIES CORP. CLASS A (A) 300 9,319
1,122,541
TOTAL SERVICES 1,756,848
TECHNOLOGY - 15.0%
COMMUNICATIONS EQUIPMENT - 1.0%
ACE COMMUNICATION CORP. (A) 100 250
ACT NETWORKS, INC. (A) 400 2,000
ADC TELECOMMUNICATIONS, INC. (A) 2,000 44,375
ADVANCED FIBRE COMMUNICATIONS, INC. (A) 1,000 7,125
APPLIED INNOVATION, INC. (A) 100 400
APPLIED SIGNAL TECHNOLOGY, INC. (A) 100 963
ASPECT TELECOMMUNICATIONS CORP. (A) 800 19,050
BRITE VOICE SYSTEMS, INC. (A) 100 725
BROADBAND TECHNOLOGIES, INC. (A) 500 1,875
BROOKTROUT TECHNOLOGY, INC. (A) 400 3,900
C-PHONE CORP. (A) 600 1,500
CENTIGRAM COMMUNICATIONS CORP. (A) 100 850
CHECKPOINT SYSTEMS, INC. (A) 800 7,850
CIENA CORP. (A) 1,600 45,000
CMC INDUSTRIES, INC. (A) 100 500
COMDIAL CORP. (A) 100 700
COYOTE NETWORK SYSTEMS, INC. (A) 100 575
DATA RACE, INC. (A) 700 919
DAVOX CORP. (A) 400 4,225
DIALOGIC CORP. (A) 400 10,700
DIGITAL LINK CORP. (A) 100 513
DSP COMMUNICATIONS, INC. (A) 500 5,719
DYCOM INDUSTRIES, INC. (A) 100 2,763
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ELCOTEL, INC. (A) 100 463
EXCEL SWITCHING CORP. 600 10,050
GENERAL DATACOMM INDUSTRIES, INC. (A) 600 1,500
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMMUNICATIONS EQUIPMENT - CONTINUED
IFR SYSTEMS, INC. 150 $ 881
INTER-TEL, INC. 400 5,350
INTERDIGITAL COMMUNICATION CORP. (A) 600 1,988
INTERMEDIA COMMUNICATIONS, INC. (A) 600 14,925
INTERVOICE, INC. (A) 500 7,438
ITI TECHNOLOGIES, INC. (A) 300 6,900
JABIL CIRCUIT, INC. (A) 500 11,750
LARSCOM, INC. CLASS A (A) 700 2,494
LEVEL ONE COMMUNICATIONS, INC. (A) 650 11,334
LO JACK CORP. (A) 400 4,550
METRICOM, INC. (A) 100 519
MICRODYNE CORP. (A) 100 269
MICROLOG CORP. (A) 100 119
MOSAIX, INC. (A) 200 813
NACT TELECOMMUNICATIONS, INC. (A) 100 1,425
NATURAL MICROSYSTEMS CORP. (A) 500 5,531
NETWORK EQUIPMENT TECHNOLOGIES, INC. (A) 500 5,063
NEWCOM, INC. (A) 400 2,450
NORSTAN, INC. (A) 100 1,750
OBJECTIVE COMMUNICATIONS, INC. (A) 300 975
OSI SYSTEMS, INC. 100 900
OSICOM TECHNOLOGIES, INC. (A) 166 415
P-COM, INC. (A) 1,400 5,600
PAIRGAIN TECHNOLOGIES, INC. (A) 1,000 8,813
PERCEPTRON, INC. (A) 200 1,250
PERIPHONICS CORP. (A) 200 1,025
PICTURETEL CORP. (A) 600 3,525
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PLANTRONICS, INC. (A) 400 19,200
PREMISYS COMMUNICATIONS, INC. (A) 300 2,550
RELTEC CORP. (A) 800 20,000
SHIVA CORP. (A) 500 2,156
SOFTNET SYSTEMS, INC. (A) 500 3,875
SUMMA FOUR, INC. (A) 400 5,300
SYMMETRICOM, INC. (A) 200 988
TEKELEC (A) 700 12,644
TELCO SYSTEMS, INC. (A) 500 4,813
TELTREND, INC. (A) 100 1,213
ULTRAK, INC. (A) 100 781
VERAMARK TECHNOLOGIES, INC. (A) 100 475
VTEL CORP. (A) 200 688
WESTELL TECHNOLOGIES, INC. CLASS A (A) 600 3,375
XIRCOM, INC. (A) 500 7,813
XYLAN CORP. (A) 600 9,150
ZOOM TELEPHONICS, INC. (A) 100 331
377,894
COMPUTER SERVICES & SOFTWARE - 8.7%
4FRONT SOFTWARE INTERNATIONAL, INC. (A) 400 2,075
7TH LEVEL, INC. (A) 700 1,400
ACCELER8 TECHNOLOGY CORP. (A) 400 1,350
ACCESS HEALTH MARKETING, INC. (A) 200 4,788
SHARES VALUE (NOTE 1)
ACCLAIM ENTERTAINMENT, INC. (A) 700 $ 4,025
ACTIVISION, INC. (A) 700 7,088
ACXIOM CORP. (A) 1,100 22,069
ADEPT TECHNOLOGY, INC. (A) 300 2,025
ADVANTAGE LEARNING SYSTEMS, INC. 100 2,875
ADVENT SOFTWARE, INC. (A) 200 6,075
AFFILIATED COMPUTER SERVICES, INC. 900 29,419
CLASS A (A)
AFFYMETRIX, INC. (A) 300 4,950
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ALTERNATIVE RESOURCES CORP. (A) 600 3,825
ALYDAAR SOFTWARE CORP. (A) 600 4,163
AMERICA ONLINE, INC. 3,400 278,588
AMERICAN MANAGEMENT SYSTEMS, INC. (A) 600 16,050
AMERICAN SOFTWARE, INC. CLASS A (A) 200 550
ANACOMP, INC. (A) 400 5,100
ANALYSTS INTERNATIONAL CORP. 250 5,281
ANSOFT CORP. (A) 400 2,100
ANSYS, INC. (A) 100 688
APPLIX, INC. (A) 100 250
ARIS CORP. (A) 300 6,863
ASPECT DEVELOPMENT, INC. (A) 600 17,475
ASPEN TECHNOLOGY, INC. (A) 400 9,475
AT HOME CORP. SERIES A (A) 1,800 51,300
AVANT! CORP. (A) 500 6,438
AVT CORP. (A) 400 7,850
AWARD SOFTWARE INTERNATIONAL, INC. (A) 400 2,800
AWARE, INC. (A) 800 4,000
AXENT TECHNOLGIES, INC. (A) 580 9,063
AZTEC TECHNOLOGY PARTNERS, INC. (A) 1,000 5,250
BANCTEC, INC. (A) 500 6,688
BANYAN SYSTEMS, INC. (A) 700 1,881
BARRA, INC. (A) 300 6,150
BASE TEN SYSTEMS, INC. CLASS A (A) 1,000 2,000
BEA SYSTEMS, INC. (A) 900 13,725
BEST SOFTWARE, INC. 400 7,038
BISYS GROUP, INC. (THE) (A) 600 22,200
BLACK BOX CORP. (A) 500 11,438
BMC SOFTWARE, INC. 3,100 131,169
BOOLE & BABBAGE, INC. 500 10,031
BROADVISION, INC. (A) 400 7,475
BROADWAY & SEYMOUR, INC. (A) 100 425
BRODERBUND SOFTWARE, INC. (A) 300 4,181
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
BTG, INC. (A) 100 675
CACI INTERNATIONAL, INC. CLASS A (A) 100 1,538
CADENCE DESIGN SYSTEMS, INC. (A) 3,200 67,600
CAMBRIDGE TECHNOLOGY PARTNERS, INC. (A) 1,000 32,500
CCC INFORMATION SERVICES GROUP, INC. (A) 700 8,400
CERNER CORP. (A) 400 8,825
CHECKFREE HOLDINGS CORP. (A) 1,100 9,419
CIBER, INC. (A) 600 15,075
CITRIX SYSTEMS, INC. (A) 600 34,575
CLARIFY, INC. (A) 300 2,475
CNET, INC. (A) 300 11,700
COGNIZANT TECHNOLOGY SOLUTIONS CORP. (A) 300 3,600
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
COMMAND SYSTEMS, INC. (A) 1,000 $ 2,813
COMPLETE BUSINESS SOLUTIONS, INC. (A) 432 6,534
COMPUCOM SYSTEMS, INC. (A) 700 2,975
COMPUSA, INC. (A) 1,300 15,438
COMPUTER CONCEPTS CORP. (A) 800 2,000
COMPUTER LEARNING CENTERS, INC. (A) 400 1,900
COMPUTER MANAGEMENT SCIENCES, INC. (A) 300 5,100
COMPUTER TASK GROUP, INC. 300 7,706
COMPUWARE CORP. (A) 2,800 127,225
COMSHARE, INC. 100 288
CONCENTRIC NETWORK CORP. 400 6,400
CONCORD COMMUNICATIONS, INC. 400 10,700
CORSAIR COMMUNICTIONS, INC. (A) 400 1,900
COTELLIGENT GROUP, INC. (A) 100 1,138
CSG SYSTEMS INTERNATIONAL, INC. (A) 500 18,375
CYBERCASH, INC. (A) 200 1,575
CYBERGUARD CORP. (A) 400 450
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CYBERMEDIA, INC. (A) 500 4,406
CYLINK CORP. (A) 500 4,063
DAOU SYSTEMS, INC. (A) 200 1,550
DATA BROADCASTING CORP. (A) 1,100 5,363
DATA DIMENSIONS, INC. (A) 400 3,325
DATA TRANSMISSION NETWORK CORP. (A) 400 10,400
DATASTREAM SYSTEMS, INC. (A) 200 2,025
DATATEC SYSTEMS, INC. (A) 400 950
DATAWORKS CORP. (A) 800 4,100
DECISIONONE HOLDINGS CORP. (A) 100 1,388
DELTEK SYSTEMS, INC. (A) 200 3,300
DENDRITE INTERNATIONAL, INC. (A) 400 7,900
DIAMOND MULTIMEDIA SYSTEMS, INC. (A) 500 1,750
DIGI INTERNATIONAL, INC. (A) 200 2,050
DOCUCORP INTERNATIONAL, INC. (A) 180 574
DOCUMENTUM, INC. (A) 200 7,150
DSET CORP. (A) 500 4,125
DST SYSTEMS, INC. (A) 700 39,550
E TRADE GROUP, INC. (A) 500 8,313
EARTHLINK NETWORK, INC. (A) 400 10,600
EDIFY CORP. (A) 400 2,150
EGGHEAD.COM, INC. (A) 400 2,400
EIS INTERNATIONAL, INC. (A) 200 700
ELECTRIC LIGHTWAVE, INC. CLASS A (A) 600 5,175
ELECTRONIC ARTS, INC. (A) 800 30,500
ELECTRONIC RETAILING SYSTEMS INTERNATIONAL (A) 100 350
ELECTRONICS FOR IMAGING, INC. (A) 700 10,238
ENGINEERING ANIMATION, INC. (A) 300 11,063
EVOLVING SYSTEMS, INC. (A) 600 1,913
EXCALIBUR TECHNOLOGIES CORP. (A) 100 625
EXCITE, INC. (A) 700 15,225
FACTSET RESEARCH SYSTEMS, INC. (A) 100 3,225
FAIR, ISAAC & CO., INC. 100 3,094
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SHARES VALUE (NOTE 1)
FAXSAV, INC. (A) 800 $ 2,300
FIREARMS TRAINING SYSTEMS, INC. 200 250
CLASS A (A)
FIRST VIRTUAL HOLDINGS, INC. (A) 800 1,550
FISERV, INC. (A) 1,100 42,900
FONIX CORP. (A) 1,000 1,125
FORTE SOFTWARE, INC. (A) 500 1,469
FRANKLIN ELECTRONIC PUBLISHERS (A) 100 788
GALILEO INTERNATIONAL, INC. 1,600 52,300
GENERAL MAGIC, INC. (A) 400 2,200
GENESYS TELECOMMUNICATIONS LABORATORIES, INC. (A) 500 9,219
GEOSCIENCE CORP. (A) 100 850
GEOTEL COMMUNICATIONS CORP. (A) 200 7,000
GEOWORKS CORP. (A) 100 175
GERBER SCIENTIFIC, INC. 600 14,213
GREAT PLAINS SOFTWARE, INC. (A) 400 13,500
GT INTERACTIVE SOFTWARE CORP. (A) 1,000 4,813
H.T.E., INC. (A) 200 1,700
HARBINGER CORP. (A) 667 4,586
HEALTH MANAGEMENT SYSTEMS, INC. (A) 500 3,250
HENRY (JACK) & ASSOCIATES, INC. 200 7,925
HNC SOFTWARE, INC. (A) 300 10,894
HYBRID NETWORKS, INC. (A) 800 1,750
HYPERION SOLUTIONS CORP. (A) 390 10,920
I2 TECHNOLOGIES, INC. (A) 900 12,713
IDT CORP. (A) 200 2,900
IDX SYSTEMS CORP. (A) 600 25,500
IKOS SYSTEMS, INC. (A) 100 175
IMAGEMAX, INC. (A) 700 2,800
IMNET SYSTEMS, INC. (A) 100 1,769
INACOM CORP. (A) 200 3,850
INDUS INTERNATIONAL, INC. (A) 200 975
INFINIUM SOFTWARE, INC. (A) 300 3,338
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
INFORMATION MANAGEMENT 100 700
ASSOCIATION, INC. (A)
INFORMATION MANAGEMENT 350 6,738
RESOURCES, INC. (A)
INFORMATION RESOURCES, INC. (A) 800 7,800
INFORMIX CORP. (A) 2,200 7,700
INFOSEEK CORP. (A) 400 6,800
INPRISE CORP. (A) 781 4,149
INSO CORP. (A) 500 7,750
INTEGRATED SYSTEMS, INC. (A) 300 2,119
INTELLIGROUP, INC. (A) 400 8,375
INTELLIQUEST INFORMATION GROUP, INC. (A) 100 800
INTERNATIONAL NETWORK SERVICES 600 19,800
INTERNATIONAL TELECOM DATA SYSTEMS, INC. 450 8,831
INTERSOLV, INC. (A) 300 3,300
INTERVU, INC. (A) 600 3,150
INTUIT, INC. (A) 900 30,769
INVESTMENT TECHNOLOGY GROUP, INC. (A) 200 5,450
ISS GROUP, INC. (A) 400 10,900
J.D. EDWARDS & CO. 1,500 60,750
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
JDA SOFTWARE GROUP, INC. (A) 600 $ 7,200
JETFAX, INC. (A) 100 288
KEANE, INC. (A) 900 37,800
LEARNING CO., INC. (THE) (A) 700 12,381
LEGATO SYSTEMS, INC. (A) 500 17,563
LHS GROUP, INC. (A) 800 33,800
LOGILITY, INC. 100 288
LYCOS, INC. (A) 600 13,013
MACNEAL-SCHWENDLER CORP. (A) 100 694
MACROMEDIA, INC. (A) 600 7,538
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MANUGISTICS GROUP, INC. (A) 300 4,256
MAPICS, INC. 400 6,950
MARCAM SOLUTIONS, INC. (A) 400 3,200
MAY & SPEH, INC. (A) 700 11,025
MEDICAL MANAGER CORP. (A) 600 7,725
MELITA INTERNATIONAL CORP. (A) 400 3,350
MENTOR GRAPHICS CORP. (A) 1,700 11,794
MERCURY INTERACTIVE CORP. (A) 200 6,725
META GROUP, INC. (A) 400 9,900
METACREATIONS CORP. (A) 300 956
METRO INFORMATION SERVICES, INC. (A) 200 5,600
MICROAGE, INC. (A) 300 3,638
MICROGRAFX, INC. (A) 200 1,800
MICROMUSE, INC. (A) 500 6,875
MICROPROSE, INC. (A) 60 341
MICROSTRATEGY, INC. CLASS A (A) 200 5,838
MICROWARE SYSTEMS CORP. (A) 100 338
MIDWAY GAMES, INC. (A) 598 5,644
MINDSPRING ENTERPRISES, INC. (A) 300 8,063
MODACAD, INC. (A) 300 3,975
MVSI, INC. (A) 100 513
NATIONAL COMPUTER SYSTEMS, INC. 800 17,500
NATIONAL DATA CORP. 743 26,005
NATIONAL INSTRUMENT CORP. (A) 750 18,938
NATIONAL TECHTEAM, INC. (A) 200 1,300
NCR CORP. (A) 1,900 50,231
NETGRAVITY, INC. (A) 600 4,650
NETMANAGE, INC. 730 844
NETSCAPE COMMUNICATIONS CORP. (A) 1,500 27,094
NETSPEAK CORP. (A) 500 3,313
NETVANTAGE, INC. CLASS A (A) 500 1,906
NETWORK PERIPHERALS, INC. (A) 400 1,375
NETWORK SOLUTIONS, INC. CLASS A (A) 200 5,150
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
NETWORKS ASSOCIATES, INC. (A) 1,718 55,406
NEW ERA OF NETWORKS, INC. (A) 300 8,588
OAK TECHNOLOGY, INC. (A) 1,200 3,450
OBJECT DESIGN, INC. (A) 400 2,050
OBJECTIVE SYSTEMS INTEGRATORS, INC. (A) 500 2,563
OMEGA RESEARCH, INC. 100 225
OMTOOL LTD. 700 2,056
ONHEALTH NETWORK CO. (A) 700 2,975
SHARES VALUE (NOTE 1)
ONTRACK DATA INTERNATIONAL, INC. (A) 300 $ 2,213
OPEN MARKET, INC. (A) 500 4,281
ORCAD, INC. (A) 100 769
PAYCHEX, INC. 2,450 93,100
PEERLESS SYSTEMS CORP. (A) 400 1,950
PEGASUS SYSTEMS, INC. 400 6,200
PEGASYSTEMS, INC. (A) 400 6,250
PEOPLESOFT, INC. (A) 3,400 95,625
PEREGRINE SYSTEMS, INC. (A) 400 9,350
PERITUS SOFTWARE SERVICES, INC. (A) 1,100 3,300
PERSONNEL GROUP OF AMERICA, INC. (A) 900 10,181
PERVASIVE SOFTWARE, INC. 100 775
PHOENIX INTERNATIONAL, INC. (A) 150 2,138
PHOENIX TECHNOLOGIES LTD. (A) 500 3,438
PHYSICIAN COMPUTER NETWORK, INC. (A) 200 38
PLATINUM SOFTWARE CORP. (A) 400 4,800
PLATINUM TECHNOLOGY, INC. (A) 1,434 26,888
POLICY MANAGEMENT SYSTEMS CORP. (A) 500 20,875
POLYCOM, INC. (A) 600 4,575
PREVIEW TRAVEL, INC. 400 6,600
PROGRESS SOFTWARE CORP. (A) 450 8,128
PROJECT SOFTWARE & DEVELOPMENT, INC. (A) 200 2,875
PROXYMED, INC. (A) 400 2,900
PSINET, INC. (A) 800 8,400
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PSW TECHNOLOGIES, INC. (A) 100 350
PUMA TECHNOLOGY, INC. (A) 100 206
QAD, INC. 200 763
QRS CORP. (A) 300 8,138
QUADRAMED CORP. (A) 400 9,500
QUICKTURN DESIGN SYSTEMS, INC. (A) 100 981
RADIANT SYSTEMS, INC. (A) 400 2,550
RAINBOW TECHNOLOGIES, INC. (A) 150 1,650
RATIONAL SOFTWARE CORP. (A) 1,100 12,238
REALNETWORKS, INC. 600 11,850
RED BRICK SYSTEMS, INC. (A) 700 1,641
REMEDY CORP. (A) 400 3,725
ROGUE WAVE SOFTWARE, INC. (A) 500 2,844
ROSS SYSTEMS, INC. (A) 1,000 2,844
SABRE GROUP HOLDINGS, INC. CLASS A (A) 600 19,200
SANCHEZ COMPUTER ASSOCIATES, INC. (A) 300 5,363
SANTA CRUZ OPERATION, INC. (A) 500 1,375
SAPIENT CORP. 500 19,531
SEACHANGE INTERNATIONAL, INC. (A) 100 700
SECURE COMPUTING CORP. (A) 500 3,188
SECURITY DYNAMICS TECHNOLOGIES, INC. (A) 600 5,625
SEGUE SOFTWARE, INC. (A) 300 4,819
SEI INVESTMENTS CO. 300 18,675
SIEBEL SYSTEMS, INC. (A) 1,491 27,956
SIMIONE CENTRAL HOLDINGS, INC. (A) 100 150
SOFTWARE SPECTRUM, INC. (A) 300 4,688
SOFTWARE.NET CORP. (A) 400 3,450
SPORTSLINE USA, INC. 500 9,938
SPR, INC. 450 6,525
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SPS TRANSACTION SERVICES, INC. (A) 300 $ 9,356
SPSS, INC. (A) 100 1,813
SPYGLASS, INC. (A) 200 2,125
SS&C TECHNOLOGIES, INC. (A) 200 2,988
STAC ELECTRONICS (A) 300 788
STB SYSTEMS, INC. (A) 600 4,425
STERLING SOFTWARE, INC. (A) 1,500 30,844
STRUCTURAL DYNAMICS RESEARCH CORP. (A) 500 4,500
SUMMIT DESIGN, INC. (A) 100 600
SUNGARD DATA SYSTEMS, INC. (A) 1,436 45,503
SUNQUEST INFORMATION SYSTEMS, INC. (A) 200 1,600
SYBASE, INC. (A) 1,200 8,250
SYKES ENTERPRISES, INC. (A) 900 11,813
SYMANTEC CORP. (A) 700 11,463
SYMIX SYSTEMS, INC. (A) 400 7,950
SYNOPSYS, INC. (A) 865 22,598
SYNTEL, INC. 800 9,200
SYSTEM SOFTWARE ASSOCIATES, INC. (A) 600 2,700
SYSTEMS & COMPUTER TECHNOLOGY CORP. (A) 400 5,450
SYSTEMSOFT CORP. (A) 400 250
TANGRAM ENTERPRISE SOLUTIONS, INC. (A) 100 406
TCSI CORP. (A) 300 994
TECHNOLOGY SOLUTIONS, INC. (A) 900 10,294
TELESCAN, INC. (A) 700 3,850
TERA COMPUTER CO. (A) 500 3,813
THINK NEW IDEAS, INC. (A) 100 1,363
THINKING TOOLS, INC. (A) 100 181
TIMBERLINE SOFTWARE CORP. 300 4,317
TITAN CORP. (A) 373 1,702
TOTAL SYSTEM SERVICES, INC. 2,650 42,731
TRANSACTION SYSTEMS ARCHITECTS, INC. 600 19,875
CLASS A (A)
TRANSITION SYSTEMS, INC. (A) 400 2,950
TSI INTERNATIONAL SOFTWARE LTD. (A) 100 2,688
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TSR, INC. (A) 300 1,950
UNICOMP, INC. (A) 100 213
UNIGRAPHICS SOLUTIONS, INC. CLASS A (A) 500 3,969
USCS INTERNATIONAL, INC. (A) 300 6,806
USWEB CORP. 800 11,300
VANSTAR CORP. (A) 600 4,463
VANTIVE CORP. (A) 400 3,250
VERILINK CORP. (A) 100 475
VERISIGN, INC. (A) 500 14,188
VERITAS SOFTWARE CORP. (A) 650 29,169
VERITY, INC. (A) 500 2,563
VERSANT CORP. (A) 300 863
VERTEL CORP. (A) 300 488
VIASOFT, INC. (A) 200 1,300
VISIO CORP. (A) 600 12,600
VISIONEER, INC. (A) 300 300
SHARES VALUE (NOTE 1)
WALKER INTERACTIVE SYSTEMS, INC. (A) 500 $ 3,000
WALL DATA, INC. (A) 100 1,400
WAVE SYSTEMS CORP. CLASS A (A) 900 3,291
WAVEPHORE, INC. (A) 600 3,000
WHITE PINE SOFTWARE, INC. (A) 200 169
WHITTMAN-HART, INC. (A) 1,000 18,750
WIND RIVER SYSTEMS, INC. (A) 600 22,500
XIONICS DOCUMENT TECHNOLOGIES, INC. (A) 100 388
XYBERNAUT CORP. (A) 900 2,869
YAHOO, INC. (A) 1,400 96,600
3,329,712
COMPUTERS & OFFICE EQUIPMENT - 1.8%
ADAPTEC, INC. (A) 1,700 19,550
ADVANCED DIGITAL INFORMATION CORP. (A) 400 2,725
ALPHA MICROSYSTEMS (A) 1,100 2,888
AMPLICON, INC. 100 1,388
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ANCOR COMMUNICATIONS, INC. (A) 100 100
APEX PC SOLUTIONS, INC. (A) 300 5,138
APPLIED MAGNETICS CORP. (A) 300 1,369
ATEC GROUP, INC. (A) 300 1,594
ATL PRODUCTS, INC. CLASS A (A) 300 5,813
AURA SYSTEMS, INC. (A) 1,200 1,500
AUSPEX SYSTEMS, INC. (A) 600 1,200
BELL & HOWELL CO. (A) 500 11,750
BOCA RESEARCH, INC. (A) 100 238
BOUNDLESS CORP. (A) 400 1,300
BOX HILL SYSTEMS CORP. 500 3,438
CAERE CORP. (A) 500 5,000
CDW COMPUTER CENTERS, INC. (A) 300 11,550
CHS ELECTRONICS, INC. (A) 1,000 12,625
COINSTAR, INC. (A) 100 731
COMDISCO, INC. 2,100 26,119
COMPUTER NETWORK TECHNOLOGY CORP. (A) 1,100 3,988
COMVERSE TECHNOLOGY, INC. (A) 630 24,255
CONCURRENT COMPUTER CORP. (A) 1,500 3,000
CROSS (A.T.) CO. 200 1,650
CYBEX CORP. 350 8,663
DIEBOLD, INC. 1,300 28,438
DIGITAL LIGHTWAVE, INC. (A) 400 750
DREXLER TECHNOLOGY CORP. (A) 100 975
DUNN COMPUTER CORP. (A) 800 2,800
ECCS, INC. (A) 100 200
ELTRON INTERNATIONAL, INC. (A) 300 8,250
EN POINTE TECHNOLOGIES, INC. (A) 100 675
ENCAD, INC. (A) 400 3,200
EQUINOX SYSTEMS, INC. (A) 450 3,628
EVANS & SUTHERLAND COMPUTER CORP. (A) 400 8,350
EXABYTE CORP. (A) 700 3,763
FILENET CORP. (A) 400 6,550
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
FOCUS ENHANCEMENTS, INC. (A) 200 350
FORE SYSTEMS, INC. (A) 1,400 24,150
GENERAL BINDING CORP. 100 3,328
GENERAL SCANNING, INC. (A) 200 1,113
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
GENICOM CORP. (A) 100 $ 253
HAUPPAUGE DIGITAL, INC. (A) 400 2,875
HMT TECHNOLOGY CORP. (A) 600 4,125
HUNT CORP. 100 1,625
HUTCHINSON TECHNOLOGY, INC. (A) 300 4,069
IDENTIX, INC. (A) 300 1,369
INGRAM MICRO, INC. CLASS A (A) 700 31,500
INSIGHT ENTERPRISES, INC. (A) 200 8,500
INTERGRAPH CORP. (A) 700 4,419
IOMEGA CORP. (A) 3,500 12,906
ITRON, INC. (A) 100 938
KOMAG, INC. (A) 800 2,200
KRONOS, INC. (A) 100 3,713
LEXMARK INTERNATIONAL GROUP, INC. (A) 1,000 60,563
MIAMI COMPUTER SUPPLY CORP. (A) 500 7,625
MICRON ELECTRONICS, INC. (A) 1,400 16,450
MICROS SYSTEMS, INC. (A) 400 11,400
MICROTOUCH SYSTEMS, INC. (A) 100 1,181
MMC NETWORKS, INC. (A) 600 10,050
MTI TECHNOLOGY CORP. (A) 400 1,800
NEOWARE SYSTEMS, INC. (A) 900 1,125
NETOPIA, INC. (A) 600 3,150
NETWORK APPLIANCE, INC. 600 25,013
NETWORK COMPUTING DEVICES, INC. (A) 400 2,625
ODS NETWORKS, INC. (A) 200 913
OVERLAND DATA, INC. (A) 100 438
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PAR TECHNOLOGY CORP. (A) 100 563
PERFORMANCE TECHNOLOGIES, INC. (A) 100 950
PLANAR SYSTEMS, INC. (A) 600 5,925
POMEROY COMPUTER RESOURCES, INC. (A) 300 3,975
PRINTRONIX, INC. (A) 100 1,425
PROCOM TECHNOLOGY, INC. (A) 100 463
PROXIM, INC. (A) 100 1,400
PSC, INC. (A) 200 1,350
QUANTUM CORP. (A) 1,900 21,731
RADISYS CORP. (A) 300 3,600
READ-RITE CORP. (A) 700 3,850
SAFEGUARD SCIENTIFICS, INC. (A) 400 9,650
SANDISK CORP. (A) 300 2,625
SCAN-OPTICS, INC. (A) 100 450
SCANSOURCE, INC. (A) 100 1,475
SCI SYSTEMS, INC. (A) 800 18,350
SCM MICROSYSTEMS, INC. 300 12,544
SED INTERNATIONAL HOLDINGS, INC. (A) 100 450
SEEQ TECHNOLOGY, INC. (A) 300 263
SEQUENT COMPUTER SYSTEMS, INC. (A) 600 3,863
SPLASH TECHNOLOGY HOLDINGS, INC. (A) 200 3,000
STORAGE COMPUTER CORP. (A) 100 288
STRATUS COMPUTER, INC. (A) 500 12,563
SYMBOL TECHNOLOGIES, INC. 850 34,850
SYQUEST TECHNOLOGY, INC. (A) 1,700 797
SHARES VALUE (NOTE 1)
TECH DATA CORP. (A) 700 $ 26,469
TELXON CORP. 400 6,850
TEXAS MICRO, INC. 100 288
TRANSACT TECHNOLOGIES, INC. (A) 100 606
TRIDENT MICROSYSTEMS, INC. (A) 100 341
TRINITECH SYSTEMS, INC. (A) 100 550
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
VALENCE TECHNOLOGY, INC. (A) 300 1,050
VITECH AMERICA, INC. (A) 110 949
VOICE CONTROL SYSTEMS, INC. (A) 600 1,125
WANG LABS, INC. (A) 600 11,700
WESTERN DIGITAL CORP. (A) 1,300 10,725
681,970
ELECTRONIC INSTRUMENTS - 0.8%
ADE CORP. (A) 400 4,650
AEROFLEX, INC. (A) 500 3,344
AETRIUM, INC. (A) 100 563
ANADIGICS, INC. (A) 200 2,538
ANALOGIC CORP. 100 3,350
AURORA BIOSCIENCES CORP. (A) 200 875
AUTOCYTE, INC. 100 575
BARRINGER TECHNOLOGIES, INC. (A) 600 3,825
BECKMAN COULTER, INC. 600 33,225
BERG ELECTRONICS CORP. (A) 600 19,500
BTU INTERNATIONAL, INC. (A) 100 325
CERPROBE CORP. (A) 200 1,800
CHOLESTECH CORP. (A) 100 450
CHROMATICS COLOR SCIENCES 650 1,970
INTERNATIONAL, INC. (A)
CHROMAVISION MEDICAL SYSTEMS, INC. (A) 100 613
COGNEX CORP. (A) 500 7,000
COHU, INC. 300 4,575
CREDENCE SYSTEMS CORP. (A) 300 4,350
DBT ONLINE, INC. (A) 200 3,013
ELECTRO SCIENTIFIC INDUSTRIES, INC. (A) 200 3,850
FARO TECHNOLOGIES, INC. 100 513
FEI CO. (A) 100 625
FISHER SCIENTIFIC INTERNATIONAL, INC. 800 10,450
GENRAD, INC. (A) 500 5,250
HACH CO. CLASS A (NON-VTG.) 100 1,000
HELIX TECHNOLOGY, INC. 400 4,100
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
HURCO COMPANIES, INC. (A) 100 638
ISCO, INC. 100 625
KOLLMORGEN CORP. 100 1,463
KULICKE & SOFFA INDUSTRIES, INC. (A) 300 3,881
LAM RESEARCH CORP. (A) 500 5,469
LECROY CORP. (A) 300 4,950
LTX CORP. (A) 500 1,125
MEDAR, INC. (A) 100 194
MESA LABORATORIES, INC. (A) 100 481
METRIKA SYSTEMS CORP. (A) 100 1,000
MOLECULAR DEVICES CORP. (A) 100 1,213
NEWPORT CORP. 100 1,075
NORLAND MEDICAL SYSTEMS, INC. (A) 100 56
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
ELECTRONIC INSTRUMENTS - CONTINUED
NOVELLUS SYSTEMS, INC. (A) 500 $ 13,313
OPTICAL COATING LABORATORIES, INC. 100 1,575
PPT VISION, INC. (A) 100 600
QUAD SYSTEMS CORP. (A) 100 144
SAWTEK, INC. (A) 700 7,175
SBS TECHNOLOGIES, INC. (A) 100 2,188
SCHMITT INDUSTRIES, INC. (A) 100 388
SILICON VALLEY GROUP, INC. (A) 700 6,738
SMART MODULAR TECHNOLOGIES, INC. (A) 600 9,150
TAVA TECHNOLOGIES, INC. (A) 500 2,156
TERADYNE, INC. (A) 1,200 20,850
THERMEDICS DETECTION, INC. (A) 100 806
THERMO BIOANALYSIS CORP. (A) 600 9,300
THERMO INSTRUMENTS SYSTEMS, INC. (A) 1,700 25,925
THERMO OPTEK CORP. 400 3,200
THERMO VISION CORP. 42 158
THERMOQUEST CORP. (A) 600 4,200
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TOTAL CONTROL PRODUCTS, INC. (A) 100 700
TRIMBLE NAVIGATION LTD. (A) 400 4,100
TSI, INC. 100 800
VARIAN ASSOCIATES, INC. 700 23,844
WATERS CORP. (A) 600 32,325
WIRELESS TELECOM GROUP, INC. 200 338
X-RITE, INC. 300 2,625
ZYGO CORP. (A) 400 3,050
320,147
ELECTRONICS - 2.6%
3DFX INTERACTIVE, INC. (A) 500 4,563
8X8, INC. (A) 1,000 1,875
ACT MANUFACTURING, INC. (A) 400 2,600
ACTEL CORP. (A) 400 3,875
ADVANCED ENERGY INDUSTRIES, INC. (A) 100 625
ALIGN-RITE INTERNATIONAL, INC. (A) 100 988
ALLIANCE SEMICONDUCTOR CORP. (A) 600 1,500
ALPINE GROUP, INC. (A) 200 2,850
ALTERA CORP. (A) 1,300 37,863
ALTRON, INC. (A) 200 1,900
AMPHENOL CORP. CLASS A (A) 200 5,963
ANALOG DEVICES, INC. (A) 2,400 33,750
APPLIED DIGITAL ACCESS, INC. (A) 100 300
APPLIED MICRO CIRCUITS CORP. 600 11,400
APPLIED SCIENCE & TECHNOLOGY, INC. (A) 150 713
ARROW ELECTRONICS, INC. (A) 1,900 24,938
ARTESYN TECHNOLOGIES, INC. (A) 900 13,388
ARTISAN COMPONENTS, INC. (A) 300 2,100
ATMEL CORP. 1,400 8,444
AUDIOVOX CORP. CLASS A (A) 200 925
AVNET, INC. 800 37,800
AVX CORP. 1,100 16,363
BELL INDUSTRIES, INC. (A) 100 1,000
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SHARES VALUE (NOTE 1)
BENCHMARK ELECTRONICS, INC. (A) 100 $ 1,900
BRIGHTPOINT, INC. (A) 1,200 10,875
BURR-BROWN CORP. (A) 600 7,200
C-CUBE MICROSYSTEMS, INC. (A) 500 7,406
C.P. CLARE CORP. (A) 100 669
CFM TECHNOLOGIES, INC. (A) 100 613
CIDCO, INC. (A) 800 1,800
CIRRUS LOGIC, INC. (A) 1,500 9,094
CREE RESEARCH, INC. (A) 100 1,075
CTS CORP. 500 14,188
CYPRESS SEMICONDUCTOR CORP. (A) 1,300 7,963
DALLAS SEMICONDUCTOR CORP. 400 10,825
DIGITAL MICROWAVE CORP. (A) 700 2,013
DII GROUP, INC. (A) 700 9,013
EFTC CORP. (A) 500 1,750
ELECTROGLAS, INC. (A) 400 4,300
ELECTROMAGNETIC SCIENCES, INC. (A) 100 1,250
ESS TECHNOLOGY, INC. (A) 600 1,350
ESTERLINE TECHNOLOGIES CORP. (A) 200 3,200
ETEC SYSTEMS, INC. (A) 300 7,238
EXAR CORP. (A) 100 1,513
GATEFIELD CORP. (A) 300 206
GENERAL SEMICONDUCTOR, INC. (A) 500 3,219
GRIFFON CORP. (A) 400 3,550
HADCO CORP. (A) 200 4,050
HARMONIC LIGHTWAVES, INC. (A) 400 3,300
IBIS TECHNOLOGY CORP. (A) 100 856
ILLINOIS SUPERCONDUCTOR CORP. (A) 1,100 1,169
INNOVEX, INC. 400 4,150
INTEGRATED CIRCUIT SYSTEMS, INC. (A) 200 1,300
INTEGRATED DEVICE TECHNOLOGY, INC. (A) 1,300 5,972
INTEGRATED SILICON SOLUTION (A) 400 1,163
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
INTERNATIONAL MANUFACTURING SERVICES, INC. CLASS A 600 2,100
INTERNATIONAL RECTIFIER CORP. (A) 800 3,400
INTEVAC, INC. (A) 100 638
INVISION TECHNOLOGIES, INC. (A) 100 650
KATY INDUSTRIES, INC. 100 1,400
KEMET CORP. (A) 600 6,975
KENT ELECTRONICS CORP. (A) 400 3,650
KOPIN CORP. (A) 100 1,163
LATTICE SEMICONDUCTOR CORP. (A) 300 7,219
LINEAR TECHNOLOGY CORP. 1,100 51,700
MARSHALL INDUSTRIES (A) 400 9,475
MAXIM INTEGRATED PRODUCTS, INC. (A) 1,900 52,250
MAXWELL TECHNOLOGIES, INC. (A) 300 5,775
MEMC ELECTRONIC MATERIALS, INC. (A) 700 3,763
MERIX CORP. (A) 400 1,800
METHODE ELECTRONICS, INC. CLASS A 600 7,200
MICREL, INC. (A) 500 14,531
MICRO LINEAR CORP. (A) 100 388
MICROCHIP TECHNOLOGY, INC. (A) 700 12,819
MICROSEMI CORP. (A) 400 2,850
MOLEX, INC. 2,275 55,169
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
ELECTRONICS - CONTINUED
MRV COMMUNICATIONS, INC. (A) 700 $ 3,916
MYLEX CORP. (A) 200 925
NEOMAGIC CORP. (A) 600 7,725
OPTI, INC. (A) 200 863
PACIFIC AEROSPACE & ELECTRONICS, INC. (A) 700 1,947
PANDA PROJECT, INC. (A) 100 91
PARLEX CORP. (A) 100 863
PHOTRONICS, INC. (A) 600 7,200
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PIONEER STANDARD ELECTRONICS, INC. 1,100 8,319
PLEXUS CORP. (A) 200 3,200
POWER INTEGRATIONS, INC. (A) 600 5,475
POWER-ONE, INC. 100 694
PRAEGITZER INDUSTRIES, INC. (A) 100 756
QLOGIC CORP. (A) 200 9,475
QUALITY SEMICONDUCTOR, INC. (A) 200 375
RAMBUS, INC. (A) 300 14,325
RAMTRON INTERNATIONAL CORP. (A) 600 769
REPTRON ELECTRONICS, INC. (A) 100 494
RESEARCH FRONTIERS, INC. (A) 100 616
RF MICRO DEVICES, INC. (A) 500 6,500
S3, INC. (A) 1,100 3,369
SANMINA CORP. (A) 800 24,700
SDL, INC. (A) 300 5,100
SEMTECH CORP. (A) 500 8,000
SHELDAHL, INC. (A) 200 991
SILICONIX, INC. (A) 100 1,688
SIPEX CORP. (A) 500 8,969
SOLECTRON CORP. (A) 1,700 70,231
STANDARD MICROSYSTEMS CORP. (A) 400 2,500
STERLING COMMERCE, INC. (A) 1,286 42,438
STORAGE TECHNOLOGY CORP. (A) 1,500 32,625
SUPERTEX, INC. (A) 100 963
TEGAL CORP. (A) 100 300
TELCOM SEMICONDUCTOR, INC. (A) 200 750
TELSCAPE INTERNATIONAL, INC. (A) 200 1,750
TII INDUSTRIES, INC. (A) 200 625
TRANSWITCH CORP. (A) 100 1,575
TRIQUINT SEMICONDUCTOR, INC. (A) 200 3,050
TRIUMPH GROUP, INC. (A) 100 3,250
UNIPHASE CORP. (A) 500 19,969
UNITRODE CORP. (A) 700 8,706
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
UNIVERSAL DISPLAY CORP. (A) 100 456
VARI-L, INC. (A) 400 2,100
VIDEOSERVER, INC. (A) 200 1,350
VISHAY INTERTECHNOLOGY, INC. 1,460 15,330
VITESSE SEMICONDUCTOR CORP. (A) 1,000 27,125
VLSI TECHNOLOGY, INC. (A) 700 6,344
VOXWARE, INC. (A) 200 188
WORLD ACCESS, INC. (A) 500 9,563
SHARES VALUE (NOTE 1)
XILINX, INC. (A) 1,100 $ 33,550
ZORAN CORP. (A) 200 1,175
1,008,066
PHOTOGRAPHIC EQUIPMENT - 0.1%
3D SYSTEMS CORP. (A) 500 2,938
IMATION CORP. (A) 700 10,981
IN FOCUS SYSTEMS, INC. (A) 700 2,625
PANAVISION, INC. (A) 5 88
16,632
TOTAL TECHNOLOGY 5,734,421
TRANSPORTATION - 1.9%
AIR TRANSPORTATION - 0.8%
AIRTRAN HOLDINGS, INC. (A) 1,000 4,250
ALASKA AIR GROUP, INC. (A) 300 11,681
AMERICA WEST HOLDING CORP. CLASS B (A) 600 11,663
ASA HOLDINGS, INC. 700 23,975
ATLANTIC COAST AIRLINES HOLDINGS, INC. (A) 300 6,788
ATLAS AIR, INC. (A) 300 7,125
COMAIR HOLDINGS, INC. 1,000 25,438
CONTINENTAL AIRLINES, INC. CLASS B (A) 900 37,125
FRONTIER AIRLINES, INC. (A) 700 2,100
MESA AIR GROUP, INC. (A) 500 2,336
MESABA HOLDINGS, INC. 400 6,325
MIDWAY AIRLINES CORP. (A) 300 4,219
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MIDWEST EXPRESS HOLDINGS, INC. (A) 450 12,038
NAVIGANT INTERNATIONAL, INC. (A) 900 5,344
NORTHWEST AIRLINES CORP. CLASS A (A) 1,400 38,938
RENO AIR, INC. (A) 900 4,163
SKYWEST, INC. 600 12,600
TRANSPORTATION WORLD AIRLINES, INC. (A) 1,300 8,531
TRAVEL SERVICES INTERNATIONAL, INC. (A) 400 8,700
UAL CORP. (A) 800 48,250
VIAD CORP. 1,400 29,050
WORLD AIRWAYS, INC. (A) 800 1,200
311,839
RAILROADS - 0.3%
ABC RAIL PRODUCTS CORP. (A) 100 1,088
FLORIDA EAST COAST INDUSTRIES 500 11,688
KANSAS CITY SOUTHERN INDUSTRIES, INC. 1,600 52,600
MOTIVEPOWER INDUSTRIES, INC. (A) 200 4,000
RAILTEX, INC. (A) 100 1,400
TRINITY INDUSTRIES, INC. 900 27,225
WESTINGHOUSE AIR BRAKE CO. 300 6,056
WISCONSIN CENTRAL TRANSPORTATION CORP. (A) 800 10,050
114,107
SHIPPING - 0.1%
ALEXANDER & BALDWIN, INC. 900 21,150
GULFMARK OFFSHORE, INC. (A) 100 1,225
HVIDE MARINE, INC. (A) 200 1,350
INTERNATIONAL SHIPHOLDING CORP. 100 1,531
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - CONTINUED
SHIPPING - CONTINUED
KIRBY CORP. (A) 275 $ 5,844
MARINE TRANSPORT CORP. (A) 30 67
OMI CORP. (A) 300 1,050
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
TRICO MARINE SERVICES, INC. (A) 600 3,525
35,742
TRUCKING & FREIGHT - 0.7%
AIR EXPRESS INTERNATIONAL CORP. 800 13,700
AIRBORNE FREIGHT CORP. 900 17,550
AIRNET SYSTEMS, INC. (A) 400 6,000
AMERICAN FREIGHTWAYS CORP. (A) 800 6,100
ARKANSAS BEST CORP. (A) 600 4,050
ARNOLD INDUSTRIES, INC. 300 3,638
C.H. ROBINSON WORLDWIDE, INC. 500 10,000
CAREY INTERNATIONAL, INC. (A) 400 6,400
CELADON GROUP, INC. (A) 400 7,000
CIRCLE INTERNATIONAL GROUP, INC. 300 6,075
CNF TRANSPORTATION, INC. 900 28,125
CONSOLIDATED FREIGHTWAYS CORP. (A) 500 4,375
COVENANT TRANSPORT, INC. CLASS A (A) 600 7,575
DYNAMEX, INC. (A) 600 4,650
EAGLE USA AIRFREIGHT, INC. (A) 500 10,188
EXPEDITORS INTERNATIONAL OF 600 16,688
WASHINGTON, INC.
FRITZ COMPANIES, INC. (A) 600 4,800
FROZEN FOOD EXPRESS INDUSTRIES, INC. 100 713
HEARTLAND EXPRESS, INC. (A) 400 6,400
HUB GROUP, INC. CLASS A (A) 100 1,825
HUNT (J.B.) TRANSPORT SERVICES, INC. 600 10,163
JEVIC TRANSPORTAION, INC. (A) 500 4,563
KNIGHTS TRANSPORTATION, INC. (A) 150 2,409
LANDSTAR SYSTEM, INC. (A) 200 5,725
M.S. CARRIERS, INC. (A) 100 2,138
MARK VII, INC. (A) 100 1,638
OLD DOMINION FREIGHT LINES, INC. (A) 100 1,325
PITTSTON CO. (BURLINGTON GROUP) 400 3,175
ROADWAY EXPRESS, INC. 500 7,563
ROLLINS TRUCK LEASING CORP. 850 8,075
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SIMON TRANSPORTATION SERVICES, INC. 500 2,625
CLASS A (A)
SWIFT TRANSPORTATION CO., INC. (A) 1,000 16,375
TRAILER BRIDGE, INC. (A) 100 338
TRANSIT GROUP, INC. (A) 100 363
US XPRESS ENTERPRISES, INC. (A) 400 4,500
USA TRUCK, INC. (A) 100 1,200
USFREIGHTWAYS CORP. 700 15,706
WERNER ENTERPRISES, INC. 775 11,431
SHARES VALUE (NOTE 1)
XTRA CORP. 200 $ 11,775
YELLOW CORP. (A) 800 9,550
286,489
TOTAL TRANSPORTATION 748,177
UTILITIES - 8.7%
CELLULAR - 0.8%
ADVANCED RADIO TELECOM CORP. (A) 400 1,200
AERIAL COMMUNICATIONS, INC. (A) 600 2,063
AMERICAN MOBILE SATELLITE CORP. (A) 300 1,650
APPLIED CELLULAR TECHNOLOGY, INC. (A) 500 906
ARCH COMMUNICATIONS GROUP, INC. (A) 100 250
ASSOCIATED GROUP, INC. CLASS A (A) 700 18,550
BOSTON COMMUNICATIONS GROUP, INC. (A) 100 388
CELLNET DATA SYSTEMS, INC. (A) 900 4,950
CELLULAR COMMUNICATIONS 400 21,200
INTERNATIONAL, INC. (A)
CENTENNIAL CELLULAR CORP. CLASS A (A) 400 14,850
CENTURY TELEPHONE ENTERPRISES, INC. 1,250 56,719
CORECOMM, INC. (A) 500 10,250
GENERAL COMMUNICATIONS, INC. 400 1,250
CLASS A (A)
GEOTEK COMMUNICATIONS, INC. (A) 2,000 36
LCC INTERNATIONAL, INC. (A) 500 3,250
LIGHTBRIDGE, INC. (A) 100 500
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
METROCALL, INC. (A) 1,500 7,875
PAGEMART WIRELESS, INC. CLASS A (A) 500 3,688
PAGING NETWORK, INC. (A) 2,100 15,225
POWERTEL, INC. (A) 600 6,000
QUALCOMM, INC. (A) 1,000 43,938
RURAL CELLULAR CORP. CLASS A (A) 100 1,250
SKYTEL COMMUNICATIONS, INC. (A) 800 10,500
TELEPHONE & DATA SYSTEMS, INC. 1,200 39,750
UNITED STATES CELLULAR CORP. (A) 1,200 34,125
USCI, INC. (A) 100 288
VANGUARD CELLULAR SYSTEMS, INC. 900 16,875
CLASS A (A)
WESTERN WIRELESS CORP. CLASS A (A) 700 10,938
328,464
ELECTRIC UTILITY - 4.5%
AES CORP. (A) 2,600 70,850
ALLEGHENY ENERGY, INC. 2,400 63,900
BEC ENERGY 700 27,738
BLACK HILLS CORP. 250 5,813
CALENERGY CO., INC. (A) 1,300 33,069
CALPINE CORP. (A) 300 5,569
CENTRAL HUDSON GAS & ELECTRIC CORP. 300 12,806
CENTRAL MAINE POWER CO. 500 8,719
CENTRAL VERMONT PUBLIC SERVICE CORP. 100 994
CILCORP, INC. 200 9,963
CITIZENS UTILITIES CO. CLASS B 4,297 30,885
CLECO CORP. 300 9,319
CMS ENERGY CORP. 1,400 59,238
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
ELECTRIC UTILITY - CONTINUED
COMMONWEALTH ENERGY SYSTEM 300 $ 9,075
CONECTIV, INC. 1,500 30,562
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DPL, INC. 2,500 45,000
DQE, INC. 1,100 39,256
EASTERN UTILITIES ASSOCIATES 400 9,925
EL PASO ELECTRIC CO. (A) 2,000 15,750
EMPIRE DISTRICT ELECTRIC CO. 200 4,188
ENERGY EAST CORP. 900 40,500
FLORIDA PROGRESS CORP. 1,400 59,063
HAWAIIAN ELECTRIC INDUSTRIES, INC. 400 15,025
IDAHO POWER CO. 900 27,394
ILLINOVA CORP. 1,000 25,813
INTERSTATE ENERGY CORP. 1,139 34,312
IPALCO ENTERPRISES, INC. 1,000 44,000
KANSAS CITY POWER & LIGHT CO. 1,300 36,969
KTI, INC. (A) 500 7,688
LG&E ENERGY CORP. 2,602 66,676
MADISON GAS & ELECTRIC CO. 200 4,600
MIDAMERICAN ENERGY HOLDINGS CO. 1,100 27,294
MINNESOTA POWER, INC. 900 38,306
MONTANA POWER CO. 1,000 39,000
NEVADA POWER CO. 1,200 29,775
NEW CENTURY ENERGIES, INC. 1,600 73,800
NEW ENGLAND ELECTRIC SYSTEM 1,000 40,375
NIPSCO INDUSTRIES, INC. 1,800 52,650
NORTHEAST UTILITIES (A) 1,400 21,000
NORTHWESTERN CORP. 200 5,038
OGE ENERGY CORP. 1,200 33,075
ORANGE & ROCKLAND UTILITIES, INC. 300 16,125
OTTER TAIL POWER CO. 100 3,513
PINNACLE WEST CAPITAL CORP. 1,200 51,825
POTOMAC ELECTRIC POWER CO. 2,300 56,350
PUBLIC SERVICE CO. OF NEW MEXICO 1,000 20,000
PUGET SOUND POWER & LIGHT CO. 1,900 47,738
ROCHESTER GAS & ELECTRIC CORP. 600 17,513
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SCANA CORP. 1,600 49,100
SIERRA PACIFIC RESOURCES 900 32,906
SIGCORP, INC. 300 9,638
TECO ENERGY, INC. 2,000 53,125
THERMO ECOTEK CORP. (A) 300 4,481
TNP ENTERPRISES, INC. 100 2,969
UNISOURCE ENERGY CORP. (A) 500 6,500
UNITED ILLUMINATING CO. 200 10,013
UTILICORP UNITED, INC. 1,200 41,325
WASHINGTON WATER & POWER CO. 800 13,550
WISCONSIN ENERGY CORP. 1,700 49,406
WPS RESOURCES CORP. 300 10,106
1,711,155
GAS - 1.4%
AGL RESOURCES, INC. 900 16,481
SHARES VALUE (NOTE 1)
AQUILA GAS PIPELINE CORP. 200 $ 1,438
ATMOS ENERGY CORP. 400 11,350
BAY STATE GAS CO. 400 15,400
CASCADE NATURAL GAS CORP. 100 1,581
COLONIAL GAS CO. 100 2,713
CONNECTICUT ENERGY CORP. 100 2,644
CTG RESOURCES, INC. 200 4,625
EL PASO ENERGY CORP. 1,800 44,663
ENERGEN CORP. 400 6,250
EQUITABLE RESOURCES, INC. 900 19,688
INDIANA ENERGY, INC. 200 5,738
K N ENERGY, INC. 900 35,213
LACLEDE GAS CO. 200 4,525
LEVIATHAN GAS PIPELINE PARTNERS LP 600 13,088
MARKETSPAN CORP. 2,460 67,343
MCN ENERGY GROUP, INC. 1,600 28,100
MDU RESOURCES GROUP, INC. 750 19,172
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MITCHELL ENERGY & DEVELOPMENT CORP. CLASS A 700 9,450
NATIONAL FUEL GAS CO. 900 37,013
NEW JERSEY RESOURCES CORP. 200 6,738
NORTHWEST NATURAL GAS CO. 500 12,188
NUI CORP. 100 2,094
PIEDMONT NATURAL GAS CO., INC. 400 11,275
PUBLIC SERVICE CO. OF NORTH CAROLINA, INC. 300 5,850
QUESTAR CORP. 2,000 32,500
SEMCO ENERGY, INC. 105 1,424
SOUTH JERSEY INDUSTRIES, INC. 100 2,275
SOUTHERN UNION CO. 300 5,325
SOUTHWEST GAS CORP. 500 9,094
SOUTHWESTERN ENERGY CO. 300 2,044
UGI CORP. 700 15,400
WASHINGTON GAS LIGHT CO. 700 16,625
WESTERN RESOURCES, INC. 1,000 40,313
WICOR, INC. 500 10,688
YANKEE ENERGY SYSTEM, INC. 100 2,400
522,708
TELEPHONE SERVICES - 1.8%
ALIANT COMMUNICATIONS, INC. 800 19,800
ATLANTIC TELE-NETWORK, INC. (A) 140 1,120
CFW COMMUNICATIONS CO. 100 2,113
CINCINNATI BELL, INC. 2,000 47,000
COMMONWEALTH TELEPHONE 200 4,325
ENTERPRISES, INC.
COMSAT CORP. SERIES 1 700 15,269
CTC COMMUNICATIONS CORP. (A) 700 4,025
E.SPIRE COMMUNICATIONS, INC. (A) 500 7,875
EXCEL COMMUNICATIONS, INC. (A) 1,900 38,356
GLOBAL TELESYSTEMS GROUP, INC. (A) 900 28,800
GST TELECOMMUNICATIONS, INC. (A) 1,000 9,000
ICG COMMUNICATIONS, INC. (A) 500 8,969
ITC DELTACOM, INC. 400 12,700
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
IXC COMMUNICATIONS, INC. 529 12,961
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
TELEPHONE SERVICES - CONTINUED
LEVEL 3 COMMUNICATIONS, INC. (A) 4,800 $ 142,950
MASTECH CORP. (A) 600 12,319
MCLEODUSA, INC. CLASS A (A) 900 26,100
NEXTLINK COMMUNICATIONS, INC. 500 10,375
CLASS A (A)
NORTH PITTSBURGH SYSTEMS, INC. 100 1,275
PACIFIC GATEWAY EXCHANGE, INC. (A) 400 14,075
PLD TELEKOM, INC. (A) 1,000 2,231
PRIMUS TELECOMMUNICATIONS GROUP, INC. (A) 561 5,049
QWEST COMMUNICATIONS 5,186 129,650
INTERNATIONAL, INC. (A)
SOURCE MEDIA, INC. (A) 500 3,141
SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORP. 1,000 64,813
STAR TELECOMMUNICATIONS, INC. (A) 715 7,508
STARTEC GLOBAL COMMUNICATIONS CORP. 600 3,450
TEL-SAVE HOLDINGS, INC. (A) 1,300 19,500
TELEGROUP, INC. (A) 1,000 4,500
TRANSACTION NETWORK SERVICES, INC. (A) 500 7,250
U.S. LEC CORP. CLASS A 400 5,800
USN COMMUNICATIONS, INC. (A) 700 1,575
VIATEL, INC. (A) 600 4,875
WEST TELESERVICES CORP. (A) 900 9,450
WINSTAR COMMUNICATIONS, INC. (A) 500 9,125
697,324
WATER - 0.2%
AMERICAN STATES WATER CO. 100 2,350
AMERICAN WATER WORKS, INC. 1,100 30,250
AQUARION CO. 100 3,419
CONSUMERS WATER CO. 100 2,850
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
E TOWN CORP. 100 4,163
PENNSYLVANIA ENTERPRISES, INC. 100 2,175
PHILADELPHIA SUBURBAN CORP. 333 8,471
UNITED WATER RESOURCES, INC. 500 8,875
62,553
TOTAL UTILITIES 3,322,204
TOTAL COMMON STOCKS 37,432,058
(COST $48,038,992)
</TABLE>
PREFERRED STOCKS - 0.0%
CONVERTIBLE PREFERRED STOCKS - 0.0%
CONSTRUCTION & REAL ESTATE - 0.0%
REAL ESTATE INVESTMENT TRUSTS - 0.0%
KIMCO REALTY CORP. SERIES D $1.875 108 2,700
PRIME RETAIL, INC. SERIES B $2.13 60 1,009
3,709
SHARES VALUE (NOTE 1)
NONCONVERTIBLE PREFERRED STOCKS - 0.0%
CONSTRUCTION & REAL ESTATE - 0.0%
REAL ESTATE - 0.0%
PRICE ENTERPRISES, INC. SERIES A $1.40 900 $ 12,263
HEALTH - 0.0%
MEDICAL EQUIPMENT & SUPPLIES - 0.0%
MEDIQ, INC. SERIES A, $1.30 (A) 7 46
TOTAL NONCONVERTIBLE PREFERRED STOCKS 12,309
TOTAL PREFERRED STOCKS 16,018
(COST $17,146)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS - 2.3%
PRINCIPAL
AMOUNT
U.S. TREASURY BILLS, YIELDS AT
DATES OF PURCHASE 4.8% TO 5.12%, 9/3/98 TO 12/3/98 (B) $ 894,000 884,693
(COST $884,390)
TOTAL INVESTMENT IN SECURITIES - 100% $38,332,769
(COST $48,940,528)
</TABLE>
FUTURES CONTRACTS
EXPIRATION UNDERLYING UNREALIZED
DATE FACE AMOUNT GAIN/(LOSS)
AT VALUE
PURCHASED
4 S&P 500 STOCK SEP. 1998 $ 954,000 $ (121,017)
INDEX CONTRACTS
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL
INVESTMENTS IN SECURITIES - 2.5%.
LEGEND
(a) Non-income producing
(b) Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the period end, the value of
securities pledged amounted to $52,250.
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $24,526,772 and $5,810,609, respectively (see Note 3 of
Notes to Financial Statements).
The market value of futures contracts opened and closed during the
period amounted to $25,175,294 and $28,076,995, respectively (see Note
3 of Notes to Financial Statements).
The fund participated in the security lending program. At period end,
the value of securities loaned and the value of the collateral
amounted to $1,347,325 and $1,435,321, respectively (see Note 5 of
Notes to financial Satements).
INCOME TAX INFORMATION
At August 31, 1998, the aggregate cost of investment securities for
income tax purposes was $48,948,736. Net unrealized depreciation
aggregated $10,615,967, of which $1,580,742 related to appreciated
investment securities and $12,196,709 related to depreciated
investment securities.
SPARTAN EXTENDED MARKET INDEX
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
AUGUST 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE $ 38,332,769
(COST $48,940,528) -
SEE ACCOMPANYING SCHEDULE
CASH 21,284
RECEIVABLE FOR INVESTMENTS SOLD 238,053
RECEIVABLE FOR FUND SHARES SOLD 277,620
DIVIDENDS RECEIVABLE 30,425
PURCHASE FEES RECEIVABLE 2,148
OTHER RECEIVABLES 1,994
RECEIVABLE FROM INVESTMENT
ADVISER FOR EXPENSE REDUCTIONS 6,564
TOTAL ASSETS 38,910,857
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED $ 310,617
PAYABLE FOR DAILY VARIATION ON 77,000
FUTURES CONTRACTS
OTHER PAYABLES AND 31,584
ACCRUED EXPENSES
TOTAL LIABILITIES 419,201
NET ASSETS $ 38,491,656
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 48,373,642
UNDISTRIBUTED NET INVESTMENT INCOME 255,674
ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN
(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS 591,116
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS (10,728,776)
NET ASSETS, FOR 1,860,222 SHARES OUTSTANDING $ 38,491,656
NET ASSET VALUE, OFFERING PRICE $20.69
AND REDEMPTION PRICE PER SHARE
($38,491,656 (DIVIDED BY) 1,860,222 SHARES) A
</TABLE>
A OFFERING PRICE PER SHARE DOES NOT INCLUDE THE EFFECT OF THE PURCHASE
FEE.
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED AUGUST 31, 1998
INVESTMENT INCOME $ 255,943
DIVIDENDS
INTEREST (INCLUDING INCOME ON 71,628
SECURITIES LOANED OF $20,844)
TOTAL INCOME 327,571
EXPENSES
MANAGEMENT FEE AND $ 61,245
SUB-ADVISORY FEES
TRANSFER AGENT FEES 31,841
ACCOUNTING FEES 30,528
NON-INTERESTED TRUSTEES' COMPENSATION 71
REGISTRATION FEES 66,045
AUDIT 23,961
LEGAL 97
TOTAL EXPENSES BEFORE REDUCTIONS 213,788
EXPENSE REDUCTIONS (149,513) 64,275
NET INVESTMENT INCOME 263,296
REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:
INVESTMENT SECURITIES 303,066
FOREIGN CURRENCY TRANSACTIONS (41)
FUTURES CONTRACTS 353,853 656,878
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:
INVESTMENT SECURITIES (12,177,641)
FUTURES CONTRACTS (174,902) (12,352,543)
NET GAIN (LOSS) (11,695,665)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (11,432,369)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED NOVEMBER 5, 1997
AUGUST 31, 1998 (COMMENCEMENT
(UNAUDITED) OF OPERATIONS) TO
FEBRUARY 28, 1998
OPERATIONS $ 263,296 $ 98,519
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS) 656,878 197,160
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) (12,352,543) 1,623,767
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (11,432,369) 1,919,446
DISTRIBUTIONS TO SHAREHOLDERS (55,767) (57,356)
FROM NET INVESTMENT INCOME
FROM NET REALIZED GAIN (250,951) -
TOTAL DISTRIBUTIONS (306,718) (57,356)
SHARE TRANSACTIONS 24,865,820 36,182,093
NET PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS 305,878 57,314
COST OF SHARES REDEEMED (10,383,570) (3,121,662)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM SHARE TRANSACTIONS 14,788,128 33,117,745
PURCHASE FEES 187,868 274,912
TOTAL INCREASE (DECREASE) IN NET ASSETS 3,236,909 35,254,747
NET ASSETS
BEGINNING OF PERIOD 35,254,747 -
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME OF $255,674 AND $48,883, RESPECTIVELY) $ 38,491,656 $ 35,254,747
OTHER INFORMATION
SHARES
SOLD 924,143 1,440,826
ISSUED IN REINVESTMENT OF DISTRIBUTIONS 10,823 2,358
REDEEMED (391,891) (126,037)
NET INCREASE (DECREASE) 543,075 1,317,147
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR ENDED
AUGUST 31, 1998 FEBRUARY 28,
SELECTED PER-SHARE DATA (UNAUDITED) 1998 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 26.77 $ 25.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME D .16 .11
NET REALIZED AND UNREALIZED GAIN (LOSS) (6.13) 1.43
TOTAL FROM INVESTMENT OPERATIONS (5.97) 1.54
LESS DISTRIBUTIONS
FROM NET INVESTMENT INCOME (.04) (.07)
FROM NET REALIZED GAIN (.18) -
TOTAL DISTRIBUTIONS (.22) (.07)
PURCHASE FEES ADDED TO PAID IN CAPITAL .11 .30
NET ASSET VALUE, END OF PERIOD $ 20.69 $ 26.77
TOTAL RETURN B, C (22.11)% 7.39%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 38,492 $ 35,255
RATIO OF EXPENSES TO AVERAGE NET ASSETS .29% A, F .26% A, F
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 1.17% A 1.44% A
PORTFOLIO TURNOVER RATE 28% A 40% A
AVERAGE COMMISSION RATE G $ .0271 $ .0203
</TABLE>
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<S> <C> <C> <C> <C> <C> <C>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN
ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER
HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN (SEE NOTE 6 OF NOTES TO
FINANCIAL STATEMENTS).
D NET INVESTMENT INCOME PER SHARE HAS BEEN
CALCULATED BASED ON AVERAGE SHARES OUTSTANDING
DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 5, 1997
(COMMENCEMENT OF OPERATIONS) TO FEBRUARY 28, 1998.
F FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S
EXPENSES DURING THE PERIOD. WITHOUT THIS
REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
G A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE
PER SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED.
THIS AMOUNT MAY VARY FROM PERIOD TO PERIOD AND FUND TO FUND
DEPENDING ON THE MIX OF TRADES EXECUTED IN VARIOUS MARKETS WHERE
TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY DIFFER.
</TABLE>
SPARTAN INTERNATIONAL INDEX FUND
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance.
You can look at the total percentage change in value, the average
annual percentage change or the growth of a hypothetical $10,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value) and the effect of the 1.00% purchase fee. If
Fidelity had not reimbursed certain fund expenses, the total returns
would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1998 PAST 6 LIFE OF
MONTHS FUND
SPARTAN INTERNATIONAL INDEX -10.17% -0.44%
SPARTAN INTERNATIONAL INDEX -11.07% -1.44%
(INCL. 1.00% PURCHASE FEE)
MSCI EAFE -7.71% 1.49%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months or since the fund
started on November 5, 1997. For example, if you had invested $1,000
in a fund that had a 5% return over the past year, the value of your
investment would be $1,050. You can compare the fund's returns to the
performance of the Morgan Stanley Capital International Europe,
Australasia, Far East (MSCI EAFE) Index - a market capitalization
weighted, unmanaged index of over 1,000 foreign stocks. This benchmark
includes reinvested dividends and capital gains, if any, and excludes
the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. These numbers will be reported once the fund
is a year old.
UNDERSTANDING PERFORMANCE
HOW A FUND DID YESTERDAY IS NO GUARANTEE OF HOW
IT WILL DO TOMORROW. THE STOCK MARKET, FOR EXAMPLE,
HAS A HISTORY OF LONG-TERM GROWTH AND SHORT-TERM
VOLATILITY. IN TURN, THE SHARE PRICE AND RETURN OF A
FUND THAT INVESTS IN STOCKS WILL VARY. THAT MEANS IF
YOU SELL YOUR SHARES DURING A MARKET DOWNTURN,
YOU MIGHT LOSE MONEY. BUT IF YOU CAN RIDE OUT THE
MARKET'S UPS AND DOWNS, YOU MAY HAVE A GAIN.
(CHECKMARK)
$10,000 OVER LIFE OF FUND
SPARTAN INTL INDEX MS EAFE INDEX (NET)
00399 MS001
1997/11/05 9900.00 10000.00
1997/11/30 9804.96 9790.87
1997/12/31 9872.76 9878.11
1998/01/31 10337.22 10331.71
1998/02/28 10972.38 10996.56
1998/03/31 11258.20 11337.23
1998/04/30 11453.36 11428.83
1998/05/31 11401.44 11375.46
1998/06/30 11513.26 11463.62
1998/07/31 11637.06 11581.92
1998/08/31 9855.96 10149.13
IMATRL PRASUN SHR__CHT 19980831 19981001 142232 R00000000000013
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Spartan International Index Fund on November 5, 1997, when
the fund started, and the current 1.00% purchase fee was paid. As the
chart shows, by August 31, 1998, the value of the investment would
have been $9,856 - a 1.44% decrease on the initial investment. For
comparison, look at how the Morgan Stanley Capital International
Europe, Australasia, Far East (MSCI EAFE) Index did over the same
period. With dividends and capital gains, if any, reinvested, the same
$10,000 investment would have grown to $10,149 - a 1.49% increase.
SPARTAN INTERNATIONAL INDEX FUND
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Richard Vella, Portfolio Manager of Spartan
International Index Fund for Bankers Trust, sub-adviser of the fund
Q. HOW DID THE FUND PERFORM, RICK?
A. For the six-month period ending August 31, 1998, the fund returned
- -10.17%. From the fund's inception on November 5, 1997, through August
31, 1998, the fund posted a total return of -0.44%. In comparison, the
Morgan Stanley Capital International Europe, Australasia and Far East
(MSCI EAFE) Index returned -7.71% and 1.49% during the past six months
and since inception, respectively.
Q. IT IS UNUSUAL FOR THE FUND TO DEVIATE FROM THE MSCI EAFE INDEX BY
OVER 200 BASIS POINTS DURING A SIX-MONTH PERIOD. WHY DID THE FUND LAG
THE INDEX TO SUCH A DEGREE?
A. The fund's lower returns are primarily attributable to fair-value
pricing. When foreign markets are as volatile as they were on August
31, 1998, it can be necessary to use a special procedure called
fair-value pricing to determine the most accurate prices for certain
securities at the close of the U.S. market. On August 31,
coincidentally the last day of the reporting period for the fund, most
stock markets in Europe and Asia went down dramatically. However,
after many of these markets had closed, trading in certain securities
in "after-hours" trading indicated that prices were falling even
further by the time we were required to price the fund at the close of
the U.S. market. Rather than value securities at prices that were 13
hours old in some cases, Fidelity took after-hours trading into
account and priced the fund based on a more accurate and lower
fair-value market price for certain securities. This pricing procedure
resulted in the net asset value of the fund declining further than the
MSCI EAFE index, which did not utilize this pricing method. Fair-value
pricing adjustments typically reverse themselves on the following
trading day as indexes and competitors' funds reflect the full impact
of the prior day's market price changes.
Q. WHAT WAS THE MARKET ENVIRONMENT LIKE OVER THE PAST SIX MONTHS?
A. During the first half of the period, with the exception of Asia and
a number of emerging market economies, most stock markets around the
world posted stable-to-strong results. However, toward the end of the
period, world stock markets stumbled and gave way to continued
concerns about Asia, Russia's recent economic melt-down and a possible
devaluation of Brazil's currency. Uncertainty about the impact of Asia
and Russia on corporate earnings resulted in lower stock prices across
Europe, Latin America and the United States. This ongoing political
and financial instability in many countries has created a difficult
investment environment, especially for an index fund that remains
fully invested in many of the countries that have been experiencing
extreme market volatility.
Q. JAPAN AND EUROPE ARE MAJOR COMPONENTS OF THE MSCI EAFE INDEX. HOW
DID THESE MARKETS PERFORM?
A. In Japan, the failures of several prominent financial services
firms caused further concerns about asset quality and the possibility
of widespread bankruptcies. As a result, the share prices of Toyota
and Bank of Tokyo dropped in response to the general decline in their
domestic economy and investor confidence. Early in the period, the
Japanese government calmed investor concerns with promises to pass
legislation to stimulate the economy and prevent a further banking
crisis. However, toward the end of the period, with the government
failing to follow through with any significant reform measures, the
market continued its decline. Europe, on the other hand, was one of
the few bright spots for the fund, with the MSCI Europe Index
returning 0.54% during the six-month period. While European stock
markets were not immune to the increased global market volatility
toward the end of the period, most markets in Europe have benefited
from accelerating profits and economic growth combined with subdued
inflation. Many companies have continued to restructure, improve
profitability and prepare themselves for the more competitive
environment of a single currency. The fund's holdings in British
Telecommunications, ING Groep N.V., a Dutch financial services
company, and Nestle, a Swiss food company, were among the top
performers.
Q. WHAT'S YOUR OUTLOOK?
A. It is difficult to predict when we will start to see meaningful
financial and political reforms that restore investor confidence and
stability to the markets where the fund invests. Japan is stuck in a
recession and many economic indicators point to continued weakness. We
are starting to see some positive signs, however. Increasingly,
Japanese companies are adopting more competitive ways of doing
business by cutting costs, buying back stock and divesting themselves
of unprofitable lines of business. In Europe the picture looks much
brighter; stock prices have come down from their lofty levels, while
most of the key drivers for the ongoing strength of European stock
markets are still in place. Corporate restructuring and consolidation
in Europe continue to be dominant themes that can benefit stock
prices.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
FUND FACTS
GOAL: TOTAL RETURN THAT CORRESPONDS TO THAT OF THE
MSCI EAFE INDEX
FUND NUMBER: 399
TRADING SYMBOL: FSIIX
START DATE: NOVEMBER 5, 1997
SIZE: AS OF AUGUST 31, 1998, MORE THAN $29 MILLION
MANAGER: RICHARD VELLA, SINCE INCEPTION
(CHECKMARK)
SPARTAN INTERNATIONAL INDEX FUND
INVESTMENT CHANGES
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TOP TEN STOCKS AS OF AUGUST 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO
NOVARTIS AG (REG.) (SWITZERLAND, 1.6 1.8
DRUGS & PHARMACEUTICALS)
GLAXO WELLCOME PLC 1.5 1.3
(UNITED KINGDOM,
DRUGS & PHARMACEUTICALS)
ROYAL DUTCH PETROLEUM CO. (NETHERLANDS, OIL & GAS) 1.5 1.9
NIPPON TELEGRAPH & TELEPHONE CORP. 1.5 1.6
(JAPAN, TELEPHONE SERVICES)
BRITISH TELECOMMUNICATIONS PLC (UNITED KINGDOM, 1.3 0.9
TELEPHONE SERVICES)
TOYOTA MOTOR CORP. (JAPAN, AUTOS, TIRES, & ACCESSORIES) 1.3 1.5
NESTLE SA (REG.) 1.2 1.1
(SWITZERLAND, FOODS)
ROCHE HOLDING AG PATICIPATION CERTIFICATES (SWITZERLAND, 1.2 1.3
DRUGS & PHARMACEUTICALS)
UNION BANK OF SWITZERLAND (SWITZERLAND, BANKS) 1.1 0.0
BRITISH PETROLEUM CO. PLC (UNITED KINGDOM, 1.1 1.1
OIL & GAS)
</TABLE>
GEOGRAPHIC DIVERSIFICATION (% OF FUND'S INVESTMENTS)
AS OF AUGUST 31, 1998
FRANCE 10.1%
UNITED KINGDOM 22.5%
ROW: 1, COL: 1, VALUE: 10.1
ROW: 1, COL: 2, VALUE: 11.0
ROW: 1, COL: 3, VALUE: 5.3
ROW: 1, COL: 4, VALUE: 20.5
ROW: 1, COL: 5, VALUE: 5.8
ROW: 1, COL: 6, VALUE: 13.2
ROW: 1, COL: 7, VALUE: 3.3
ROW: 1, COL: 8, VALUE: 8.300000000000001
ROW: 1, COL: 9, VALUE: 22.5
GERMANY 11.0%
SWITZERLAND 8.3%
ITALY 5.3%
SPAIN 3.3%
JAPAN 20.5%
OTHER 13.2%
NETHERLANDS 5.8%
PERCENTAGES ARE ADJUSTED FOR THE EFFECT OF FUTURES CONTRACTS, IF
APPLICABLE.
AS OF FEBRUARY 28, 1998
FRANCE 7.8%
UNITED KINGDOM 21.3%
ROW: 1, COL: 1, VALUE: 7.8
ROW: 1, COL: 2, VALUE: 10.0
ROW: 1, COL: 3, VALUE: 3.0
ROW: 1, COL: 4, VALUE: 4.4
ROW: 1, COL: 5, VALUE: 24.5
ROW: 1, COL: 6, VALUE: 5.8
ROW: 1, COL: 7, VALUE: 15.0
ROW: 1, COL: 8, VALUE: 8.199999999999999
ROW: 1, COL: 9, VALUE: 21.3
GERMANY 10.0%
HONG KONG 3.0%
SWITZERLAND 8.2%
ITALY 4.4%
OTHER 15.0%
JAPAN 24.5%
NETHERLANDS 5.8%
PERCENTAGES ARE ADJUSTED FOR THE EFFECT OF FUTURES CONTRACTS, IF
APPLICABLE.
SPARTAN INTERNATIONAL INDEX FUND
INVESTMENTS AUGUST 31, 1998 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMMON STOCKS - 91.2%
SHARES VALUE (NOTE 1)
AUSTRALIA - 2.0%
AMCOR LTD. 3,898 $ 13,891
AMP LTD. 3,900 47,487
AUSTRALIAN GAS LIGHT CO. 1,910 10,786
BORAL LTD. 4,382 5,862
BRAMBLES INDUSTRIES LTD. 1,061 20,898
BROKEN HILL PROPRIETARY CO. LTD. (THE) 8,422 57,818
COCA-COLA AMATIL LTD. 3,824 8,707
COLES MYER LTD. 5,318 19,375
CSR LTD. 3,700 7,477
FOSTERS BREWING GROUP LTD. 6,400 13,116
GENERAL PROPERTY TRUST 5,050 7,359
GIO AUSTRALIA HOLDINGS LTD. 2,158 6,167
GOODMAN FIELDER LTD. 5,077 5,925
JAMES HARDIE INDUSTRIES LTD. 1,000 1,970
LEND LEASE CORP. LTD. 1,133 21,316
M.I.M. HOLDINGS LTD. 4,781 1,905
NATIONAL AUSTRALIA BANK LTD. 6,564 80,796
NEWS CORP. LTD. (THE) 9,445 57,476
NORMANDY MINING LTD. 6,717 3,862
NORTH LTD. 2,937 5,069
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ORICA LTD. 1,122 5,110
PACIFIC DUNLOP LTD. 4,100 7,109
PIONEER INTERNATIONAL LTD. 3,000 5,465
QBE INSURANCE GROUP LTD. 1,013 3,222
RIO TINTO LTD. 1,588 15,331
SANTOS LTD. 2,300 5,172
SMITH (HOWARD) LTD. 500 2,490
SOUTHCORP HOLDINGS LTD. 2,435 5,794
TABCORP HOLDINGS LTD. 1,300 6,601
TELSTRA CORP. LTD. (INSTALLMENT RECEIPT) 24,859 64,104
WESTFIELD TRUST 4,854 8,566
WESTPAC BANKING CORP. 9,294 49,203
WMC LTD. 4,142 10,115
585,544
AUSTRIA - 0.3%
BANK AUSTRIA AG 303 16,651
BANK AUSTRIA AG (RFD) 1/1/98 (A) 10 538
BOEHLER-UDDEHOLM AG 50 2,393
CREDITANSTALT AG 110 8,445
FLUGHAFEN WIEN AG 90 3,455
GENERALI HOLDING VIENNA AG 30 6,304
MAYR MELNHOF KARTON AG 60 3,069
OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (VERBUND) 170 28,713
OMV AG 140 14,483
VA TECHNOLOGIE AG 60 5,867
WIENERBERGER BAUSTOFFIND AG 30 5,855
95,773
BELGIUM - 2.1%
BARCO INDUSTRIES NV 50 12,097
BEKAERT SA 8 5,169
SHARES VALUE (NOTE 1)
CIMENTERIES CBR CEMENTBEDRIJVEN 50 $ 4,660
COLRUYT SA 13 9,025
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
D'IETEREN SA 18 7,498
DELHAIZE FRERES & COMPAGNIE LE LION SA MOLENBEEK-ST.-JEAN, ETABLISSEMENT 230 17,959
ELECTRABEL SA 296 96,437
FORTIS AG 419 113,125
FORTIS AG VVPR STRIP 196 11
FORTIS AG RIGHTS CVG 7/20/01 (A) 196 1,336
GENERALE DE BANQUE SA 2 874
GROUPE BRUXELLES LAMBERT SA 140 25,943
KBC BANCASSURANCE HOLDING NV (A) 1,533 121,386
PETROFINA SA 127 47,749
ROYALE BELGE SA 1 357
SOLVAY & COMPAGNIE SA 470 29,721
TRACTEBEL 410 62,111
UCB SA 8 41,592
UNION MINIERE SA 100 4,921
601,971
DENMARK - 1.0%
A/S DAMPSKIBSSELSKABET SVENBORG 5 44,868
CARLSBERG AS:
CLASS A 200 12,713
CLASS B 100 6,581
D/S 1912 CLASS B 5 31,781
DANISCO AS 326 21,697
DEN DANSKE BANK 300 36,567
INTERNATIONAL SERVICE SYSTEMS AS CLASS B 137 7,792
NOVO-NORDISK AS CLASS B 369 50,828
TELE DANMARK AS CLASS B 651 69,323
UNIDANMARK AS CLASS A 200 16,452
298,602
FINLAND - 1.1%
INSTRUMENTARIUM OY CLASS A 100 5,147
KEMIRA OY 500 4,212
KESKO OY 400 5,392
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MERITA LTD. SERIES A 4,600 23,339
METRA OY SERIES B 200 5,362
OUTOKUMPU OY CLASS A 500 5,242
OY NOKIA AB:
SERIES A 2,200 146,988
SERIES K 800 57,814
POHJOLA GROUP INSURANCE CORP.:
CLASS A 100 3,651
CLASS B 100 3,707
SAMPO INSURANCE CO. LTD. 400 14,603
UPM-KYNNENE CORP. 1,500 30,611
306,068
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FRANCE - 7.8%
ACCOR SA 186 $ 41,248
ALCATEL ALSTHOM COMPAGNIE GENERALE D'ELECTRICITE SA 635 95,845
AXA SA 1,394 154,342
AXA SA RIGHTS 12/31/01 (A) 22 0
BANQUE NATIONALE DE PARIS 871 55,380
BOUYGUES 86 15,823
CANAL PLUS SA 100 19,425
CAPITAL GEMINI SOGETI SA 240 36,342
CARREFOUR SUPERMARCHE SA 184 103,659
CASINO GUICHARD PERRACHON ET COMPAGNIE, ETABLISSEMENTS ECONOMIQUES DU 351 32,004
COFLEXIP SA 35 2,280
COMPAGNIE DE ST. GOBAIN 300 41,422
COMPAGNIE FINANCIERE DE PARIBAS 600 48,602
CLASS A (REG.)
DASSAULT SYSTEMES SA 326 15,871
ELF AQUITAINE 1,060 103,615
ERIDANIA BEGHIN SAY GROUP 100 17,845
ESSILOR INTERNATIONAL SA 50 19,457
FRANCE TELECOM SA 3,072 216,832
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
GROUPE DANONE 354 90,148
L'AIR LIQUIDE 340 43,457
L'OREAL SA 317 164,444
LAFARGE SA 531 43,575
LAGARDERE S.C.A. (REG.) 450 16,266
LEGRAND SA 100 21,183
LVMH MOET HENNESSY LOUIS VUITTON 413 65,497
MICHELIN SA (COMPAGNIE GENERALE DES ETABLISSEMENTS) CLASS B 602 24,603
PECHINEY SA CLASS A 207 6,407
PERNOD-RICARD SA 250 17,015
PEUGEOT SA 200 32,076
PINAULT PRINTEMPS SA 570 85,755
PROMODES 71 44,380
RHONE-POULENC SA CLASS A 1,372 63,112
SAGEM SA 7 4,861
SANOFI SA 414 44,759
SCHNEIDER SA 639 36,145
SIMCO SA (REG.) 124 8,985
SOCIETE BIC SA 200 10,906
SOCIETE GENERALE, FRANCE CLASS A 437 73,999
SODEXHO ALLIANCE SA 220 37,612
SUEZ LYONNAISE DES EAUX 450 71,218
TECHNIP SA 53 4,660
THOMSON CSF 450 14,581
TOTAL SA CLASS B 1,103 106,029
USINOR SA 900 9,144
VALEO SA 252 18,218
VIVENDI SA 641 122,947
2,301,974
SHARES VALUE (NOTE 1)
GERMANY - 9.6%
AACHENER & MUENCHENER BETEILIGUNGS AG (REG.) 100 $ 13,914
ADIDAS AG 250 28,759
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ALLIANZ AG HOLDINGS (REG.) 1,073 293,889
BASF AG 3,000 115,956
BAYER AG 3,400 123,296
BAYERISCHE HYPO-UND VEREINSBANK AG 1,450 106,883
BAYERISCHE HYPOTHEKEN-UND WECHSELBANK AG 1,300 72,494
BEIERSDORF AG 250 13,147
CKAG COLONIA KONZERN AG 100 10,956
CONTINENTAL GUMMI-WERKE AG 350 9,021
DAIMLER-BENZ AG 2,530 214,823
DEGUSSA AG 350 17,054
DEUTSCHE BANK AG 2,450 145,951
DEUTSCHE LUFTHANSA AG (REG.) 1,850 43,374
DEUTSCHE TELEKOM AG 10,000 251,983
DRESDNER BANK AG 1,750 75,252
HEIDELBERGER ZEMENT AG 300 23,747
HOCHTIEF AG 250 9,244
KARSTADT AG (A) 50 21,309
LINDE AG 50 28,759
MAN AG, MUENCHEN 50 13,777
MANNESMANN AG 2,000 175,292
MERCK KGAA 950 35,127
METRO AG 1,150 62,336
MUNICH REINSURANCE:
WARRANTS 7/1/02 (A) 16 627
(REG.) 400 150,094
(RFD) (A) 16 5,951
PREUSSAG AG 50 15,694
RWE AG 1,550 71,789
SAP AG SYSTEME ANWENDNGEN PRODUKTE IN DER DATENVERARBEITUNG 300 150,762
SCHERING AG 250 23,144
SGL CARBON AG 50 4,300
SIEMENS AG 2,650 165,560
THYSSEN AG VORM.AUGUST THYSSEN-HUETTE, DUISBURG 150 27,395
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
VEBA AG 2,350 113,926
VIAG AG 150 91,864
VOLKSWAGEN AG 1,600 109,295
2,836,744
HONG KONG - 1.3%
BANK OF EAST ASIA LTD. 5,157 4,875
CATHAY PACIFIC AIRWAYS LTD. 13,000 8,626
CHEUNG KONG HOLDINGS LTD. 11,000 38,754
CLP HOLDINGS LTD. 11,500 44,027
HANG LUNG DEVELOPMENT CO. LTD. 5,000 3,523
HANG SENG BANK LTD. 8,900 43,585
HONG KONG & CHINA GAS CO. LTD. 19,200 18,264
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HONG KONG - CONTINUED
HONG KONG & CHINA GAS CO. LTD. WARRANTS 9/30/99 (A) 600 $ 20
HONG KONG & SHANGHAI HOTELS LTD. (THE) 5,000 2,246
HONG KONG TELECOMMUNICATIONS LTD. 42,685 70,697
HOPEWELL HOLDINGS LTD. 11,000 1,008
HUTCHISON WHAMPOA LTD. 18,000 71,026
HYSAN DEVELOPMENT LTD. 4,000 2,443
HYSAN DEVELOPMENT LTD. WARRANTS 4/30/99 (A) 400 0
JOHNSON ELECTRIC HOLDINGS LTD. 4,000 6,154
NEW WORLD DEVELOPMENT CO. LTD. 9,457 9,274
SHANGRI-LA ASIA LTD. 6,000 3,100
SINO LAND CO. LTD. 12,769 3,299
SOUTH CHINA MORNING POST HOLDINGS 8,000 2,396
SUN HUNG KAI PROPERTIES LTD. 11,096 31,013
SWIRE PACIFIC LTD. CLASS A 5,500 14,436
TELEVISION BROADCASTS LTD. 2,000 3,922
WHARF HOLDINGS LTD. 8,000 6,952
WHARF HOLDINGS LTD. WARRANTS 400 4
12/31/99 (A)
389,644
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
IRELAND - 0.4%
ALLIED IRISH BANKS PLC 4,379 58,772
CRH PLC 1,969 21,366
INDEPENDENT NEWSPAPERS LTD. 972 3,608
IRISH LIFE PLC 913 7,235
IRISH PERMANENT PLC 492 4,988
JEFFERSON SMURFIT GROUP PLC 3,875 7,359
KERRY GROUP PLC CLASS A 611 6,717
RYANAIR HOLDINGS PLC 876 4,878
114,923
ITALY - 4.5%
ASSICURAZIONI GENERALI SPA 4,905 167,295
BANCA COMMERCIALE ITALIANA SPA 9,471 64,299
BANCA INTESA SPA 6,885 32,598
BANCA INTESA SPA WARRANTS 5/31/02 (A) 3,756 3,776
BENETTON GROUP SPA 7,040 10,508
BULGARI SPA 1,231 5,521
CREDITO ITALIANO 12,563 60,628
EDISON SPA 3,698 31,988
ENI SPA SPONSORED ADR 37,447 196,954
FIAT SPA 18,442 57,533
ISTITUTO BANCARIO SAN PAOLO (A) 4,201 61,784
ISTITUTO MOBILIARE ITALIANO SPA 3,123 47,874
ISTITUTO NAZIONALE DELLE ASSICURAZIONI (INA) (A) 20,657 54,985
ITALCEMENTI SPA 721 5,831
ITALGAS SPA 2,725 11,702
LA RINASCENTE SPA 879 7,541
MEDIASET SPA 5,355 30,502
MEDIOBANCA SPA 2,005 21,888
MEDIOBANCA SPA WARRANTS 12/31/00 (A) 334 1,083
SHARES VALUE (NOTE 1)
MONTEDISON SPA 23,826 $ 24,460
OLIVETTI & CO. SPA 10,225 23,043
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
PARMALAT FINANZIARIA SPA (A) 5,994 8,857
PIRELLI SPA 8,189 22,715
RIUNIONE ADRIATICA DI SICURTA SPA (RAS) 1,267 15,773
SIRTI SPA 981 4,833
TELECOM ITALIA MOBILE (TIM) SA 31,493 206,517
TELECOM ITALIA SPA 17,783 138,134
1,318,622
JAPAN - 18.6%
77 BANK LTD. 1,000 7,932
ACOM CO. LTD. 600 28,598
ADVANTEST CORP. 1,100 45,314
AJINOMOTO CO., INC. 3,000 21,244
AMADA CO. LTD. 2,000 9,505
AOYAMA TRADING CO. LTD. 200 4,616
ASAHI BANK LTD. 10,000 29,755
ASAHI BREWERIES LTD. 2,000 22,701
ASAHI CHEMICAL INDUSTRY CO. LTD. 9,000 25,799
ASAHI GLASS CO. LTD. 7,000 32,220
BANK OF TOKYO-MITSUBISHI LTD. 22,000 149,498
BANK OF YOKOHAMA 5,000 8,545
BRIDGESTONE CORP. 4,000 84,704
CANON, INC. 4,000 78,031
CASIO COMPUTER CO. LTD. 1,000 6,741
CHIBA BANK 2,000 5,556
CHICHIBU ONODA CEMENT CO. 3,000 5,352
CHUGAI PHARMACEUTICAL CO. LTD. 1,000 6,503
CITIZEN WATCH CO. LTD. 1,000 6,843
COSMO OIL CO. LTD. 3,000 3,677
CREDIT SAISON CO. LTD. 700 13,203
DAI EI, INC. 3,000 7,640
DAI NIPPON PRINTING CO. LTD. 4,000 53,682
DAIICHI PHARMACEUTICAL CO. LTD. 1,000 11,916
DAIKIN INDUSTRIES LTD. 1,000 5,788
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
DAINIPPON INK & CHEMICALS, INC. 3,000 6,986
DAIWA HOUSE INDUSTRY CO. LTD. 3,000 23,082
DAIWA SECURITIES CO. LTD. 8,000 25,438
DENSO CORP. 5,000 72,005
EAST JAPAN RAILWAY CO. 19 87,584
EBARA CORP. 1,000 7,360
EISAI CO. LTD. 1,000 11,439
FANUC LTD. 1,300 40,275
FUJI BANK LTD. 12,000 32,601
FUJI PHOTO FILM CO. LTD. 3,000 92,942
FUJIKURA LTD. 1,000 3,302
FUJITSU LTD. 9,000 87,631
FURUKAWA ELECTRIC CO. LTD. 3,000 7,926
GUNMA BANK LTD. 2,000 12,814
HANKYU CORP. 4,000 13,890
HITACHI LTD. 16,000 78,902
HITACHI ZOSEN CORP. 5,000 5,958
HONDA MOTOR CO. LTD. 5,000 167,291
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
JAPAN - CONTINUED
HOUSE FOODS CORP. 1,000 $ 11,133
HOYA CORP. 1,000 32,002
INDUSTRIAL BANK OF JAPAN LTD. (THE) 13,000 45,055
ITO-YOKADO CO. LTD. 2,000 89,470
ITOCHU CORP. 3,000 4,943
JAPAN AIRLINES CO. LTD. (A) 11,000 26,964
JAPAN ENERGY CORP. (A) 6,000 5,842
JOYO BANK LTD. 2,000 6,537
JUSCO CO. LTD. 2,000 31,117
KAJIMA CORP. 4,000 9,260
KANDENKO CO. LTD. 1,000 5,039
KANEKA CORP. 1,000 4,943
KANSAI ELECTRIC POWER CO., INC. 4,900 77,571
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
KAO CORP. 3,000 44,428
KAWASAKI HEAVY INDUSTRIES LTD. 6,000 10,949
KAWASAKI STEEL CORP. 19,000 27,944
KEIHIN ELECTRIC EXPRESS RAILWAY 1,000 2,390
KINDEN CORP. 1,000 11,044
KINKI NIPPON RAILWAY CO. LTD. 9,000 37,014
KIRIN BREWERY CO. LTD. 6,000 48,207
KOKUYO CO. LTD. 1,000 14,095
KOMATSU LTD. 6,000 25,452
KONICA CORP. 1,000 3,711
KUBOTA CORP. 6,000 11,031
KURARAY CO. LTD. 2,000 16,832
KURITA WATER INDUSTRIES LTD. 1,000 10,145
KYOCERA CORP. 700 30,552
KYOWA HAKKO KOGYO CO. LTD. 1,000 3,459
MARUBENI CORP. 4,000 6,346
MARUI CO. LTD. 2,000 27,100
MATSUSHITA ELECTRIC INDUSTRIAL CO. LTD. 10,000 137,142
MINEBEA CO. LTD. 2,000 19,501
MITSUBISHI CHEMICAL CORP. 13,000 22,926
MITSUBISHI CORP. 8,000 41,562
MITSUBISHI ELECTRIC CORP. 10,000 18,316
MITSUBISHI ESTATE CO. LTD. 7,000 49,569
MITSUBISHI GAS CHEMICAL CO., INC. 3,000 7,517
MITSUBISHI HEAVY INDUSTRIES LTD. 17,000 59,497
MITSUBISHI MATERIALS CORP. 5,000 8,171
MITSUBISHI RAYON CO. LTD. 3,000 7,190
MITSUBISHI TRUST & BANKING CORP. 7,000 33,364
MITSUI & CO. LTD. 9,000 46,512
MITSUI FUDOSAN (RE DEVELOPMENT) CO. 4,000 24,785
MITSUI MARINE & FIRE INSURANCE CO. LTD. (A) 3,000 11,480
MITSUI MINING & SMELTING CO. LTD. 1,000 4,153
MITSUI OSK LINES LTD. 2,000 2,683
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MITSUI TRUST & BANKING CO. LTD. 3,000 3,677
MITSUKOSHI LTD. 1,000 2,152
MURATA MANUFACTURING CO. LTD. 1,000 31,798
MYCAL CORP. 1,000 5,985
NAGOYA RAILROAD CO. LTD. 2,000 5,434
SHARES VALUE (NOTE 1)
NANKAI ELECTRIC RAILWAY CO. LTD. 1,000 $ 3,827
NEC CORP. 8,000 56,705
NGK INSULATORS LTD. 2,000 16,954
NICHIDO FIRE & MARINE INSURANCE CO. LTD. 1,000 4,685
NIKON CORP. 1,000 5,461
NIPPON COMPUTER SYSTEMS CORP. 1,000 9,471
NIPPON EXPRESS CO. LTD. 6,000 26,392
NIPPON FIRE & MARINE INSURANCE CO. LTD. 1,000 3,234
NIPPON MEAT PACKERS, INC. 1,000 10,499
NIPPON OIL CO. LTD. 5,000 12,494
NIPPON PAPER INDUSTRIES CO. LTD. 6,000 18,711
NIPPON STEEL CORP. 35,000 55,050
NIPPON TELEGRAPH & TELEPHONE CORP. (NTT) 59 429,850
NIPPON YUSEN KABUSHIKI KAISHA 5,000 13,890
NISHIMATSU CONSTRUCTION (A) 2,000 8,852
NISSAN MOTOR CO. LTD. 8,000 19,725
NISSHINBO INDUSTRIES, INC. 1,000 3,010
NISSIN FOOD PRODUCTS CO. LTD. 1,000 14,435
NITTO DENKO CORP. 1,000 12,917
NKK CORP. 13,000 10,445
NOMURA SECURITIES CO. LTD. 9,000 83,955
NSK LTD. 1,000 3,486
OBAYASHI CORP. 3,000 10,009
ODAKYU ELECTRIC RAILWAY CO. LTD. 3,000 7,762
OJI PAPER CO. LTD. 6,000 20,386
OMRON CORP. 1,000 10,486
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ONWARD KASHIYAMA & CO. LTD. 1,000 11,786
OSAKA GAS CO. LTD. 12,000 29,251
PIONEER ELECTRONIC CORP. 1,000 15,831
ROHM CO. LTD. 1,000 98,049
SAKURA BANK LTD. 15,000 25,329
SANKYO CO. LTD. 2,000 41,807
SANWA SHUTTER CORP. 1,000 3,656
SANYO ELECTRIC CO. LTD. 7,000 17,635
SAPPORO BREWERIES LTD. 1,000 2,962
SECOM LTD. 1,000 55,425
SEGA ENTERPRISES 200 2,928
SEKISUI CHEMICAL CO. LTD. 2,000 8,838
SEKISUI HOUSE LTD. 4,000 29,115
SHARP CORP. 6,000 34,072
SHIMANO, INC. 1,000 21,653
SHIMIZU CONSTRUCTION CO. LTD. 3,000 7,558
SHIN-ETSU CHEMICAL CO. LTD. 2,000 27,168
SHIONOGI & CO. LTD. 1,000 5,236
SHISEIDO CO. LTD. 2,000 18,371
SHIZUOKA BANK LTD. 4,000 33,527
SHOWA DENKO KK 2,000 1,621
SNOW BRAND MILK PRODUCTS CO. LTD. 2,000 5,311
SONY CORP. 1,900 134,139
SUMITOMO BANK LTD. 15,000 102,952
SUMITOMO CHEMICAL CO. LTD. 6,000 16,137
SUMITOMO CORP. 5,000 19,780
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
JAPAN - CONTINUED
SUMITOMO ELECTRIC INDUSTRIES LTD. 4,000 $ 32,274
SUMITOMO HEAVY INDUSTRIES CO., LTD. 3,000 4,596
SUMITOMO MARINE AND FIRE INSURANCE 3,000 14,503
CO. LTD.
SUMITOMO METAL INDUSTRIES LTD. (A) 18,000 21,938
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SUMITOMO METAL MINING CO. LTD. 3,000 9,110
TAISEI CORP. 4,000 6,291
TAISHO PHARMACEUTICAL CO. LTD. 2,000 39,152
TAKASHIMAYA CO. LTD. 1,000 6,571
TAKEDA CHEMICAL INDUSTRIES LTD. 4,000 100,500
TEIJIN LTD. 4,000 9,533
TOBU RAILWAY CO. LTD. 2,000 4,439
TOHO CO. LTD. 100 9,192
TOHOKU ELECTRIC POWER CO., INC. 2,000 27,712
TOKAI BANK LTD. 10,000 35,883
TOKIO MARINE & FIRE INSURANCE CO. LTD. (THE) 8,000 63,920
TOKYO BROADCASTING SYSTEM, INC. 1,000 9,124
TOKYO DOME CORP. 1,000 4,208
TOKYO ELECTRIC POWER CO. 6,500 116,178
TOKYO ELECTRON LTD. 1,000 22,129
TOKYO GAS CO. LTD. 11,000 21,870
TOKYU CORP. 4,000 8,933
TOPPAN PRINTING CO. LTD. 4,000 38,130
TORAY INDUSTRIES, INC. 8,000 32,520
TOSTEM CORP. 1,000 13,005
TOTO LTD. 2,000 10,350
TOYO SEIKAN KAISHA LTD. 1,000 12,079
TOYODA AUTOMATIC LOOM WORKS LTD. 1,000 15,320
TOYOTA MOTOR CORP. 18,000 368,910
UNY CO. LTD. 1,000 13,598
WACOAL CORP. 1,000 8,314
YAMAHA CORP. 1,000 7,633
YAMAICHI SECURITIES CO. LTD. (A) 3,000 0
YAMANOUCHI PHARMACEUTICAL CO. LTD. 2,000 41,671
YAMATO TRANSPORT CO. LTD. 2,000 20,835
YAMAZAKI BAKING CO. LTD. 1,000 8,375
5,478,402
MALAYSIA - 0.3%
AMMB HOLDINGS BHD 2,000 693
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
EON (EDARAN OTOMOBIL NASIONAL) BHD 1,000 860
GOLDEN HOPE PLANTATION BHD 4,000 2,294
INDUSTRIAL OXYGEN, INC. BHD 4,000 1,395
KUALA LUMPUR KEPONG BHD 6,000 5,964
MAGNUM CORP. BHD 6,000 1,176
MALAYAN BANKING BHD 6,000 4,229
MALAYAN BANKING BHD CLASS A (A) 6,000 3,942
MALAYAN UNITED INDUSTRIES BHD 8,000 593
MALAYSIAN AIRLINE SYSTEM BHD 3,000 1,104
MALAYSIAN INTERNATIONAL SHIPPING BHD (FOR. REG.) 4,000 3,938
MALAYSIAN PACIFIC INDUSTRIES 1,000 932
SHARES VALUE (NOTE 1)
MALAYSIAN RESOURCES CORP. BHD 5,000 $ 669
NESTLE (MALAYSIA) BHD 1,000 3,106
PERUSAHAAN OTOMOBILE NASIONAL BHD 2,000 965
PUBLIC BANK BHD (FOR. REG.) 8,400 1,676
RASHID HUSSAIN BHD 2,000 679
RESORTS WORLD BHD 8,000 6,155
RHB CAPITAL BHD 6,000 1,305
ROTHMANS OF PALL MALL MALAYSIA BHD 2,000 9,080
SHELL REFINING CO. (F.O.M.) BHD 2,000 1,701
SIME DARBY BHD 20,000 8,124
TECHNOLOGY RESOURCES INDUSTRIES BHD 3,000 423
TELEKOM MALAYSIA BHD 14,000 18,063
TENAGA NASIONAL BHD 15,000 7,813
UNITED ENGINEERS BHD 3,000 631
YTL CORP. BHD 5,000 2,987
90,497
NETHERLANDS - 5.8%
ABN-AMRO HOLDINGS NV 7,105 154,967
AHOLD NV 2,767 78,456
AKZO NOBEL NV 1,551 61,418
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ASR VERZEKERINGSGROEP NV, ROTTERDAM 96 8,282
BUHRMANN NV 238 5,191
ELSEVIER NV 3,399 40,363
GETRONICS NV 254 12,496
HEINEKEN NV 1,577 66,805
IHC CALAND NV 106 4,901
ING GROEP NV 4,762 270,508
KLM ROYAL DUTCH AIRLINES NV 221 6,781
KONINKLIJKE HOOGOVENS NV 103 3,729
KONINKLIJKE KPN NV 2,448 106,668
OCE NV, VENIO 452 15,248
PHILIPS ELECTRONICS NV (BEARER) 1,847 110,464
ROYAL DUTCH PETROLEUM CO., DEN HAAG 10,883 431,660
STORK NV 78 2,117
TNT POST GROUP NV (A) 2,640 53,486
UNILEVER NV 3,302 219,901
WOLTERS KLUWER NV 357 56,859
1,710,300
NEW ZEALAND - 0.2%
BRIERLEY INVESTMENTS LTD. 9,835 3,349
CARTER HOLT HARVEY LTD. 10,949 7,674
FLETCHER CHALLENGE LTD. (ENERGY DIVISION) 1,274 2,383
LION NATHAN LTD. 3,755 7,598
TELECOM CORP. OF NEW ZEALAND LTD. 10,085 38,824
59,828
NORWAY - 0.5%
AKER A/S SERIES A 300 3,869
BERGESEN D Y AS CLASS A 200 2,760
CHRISTIANIA BANK OG KREDITKASSE 3,550 11,124
DEN NORSKE BANK ASA CLASS A 3,300 11,915
FREE SHARES
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NORWAY - CONTINUED
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
ELKEM A/S 200 $ 2,295
KVAERNER INDUSTRIES AS, OSIA 150 3,095
MERKANTILDATA 650 7,334
NORSK HYDRO AS 1,350 48,831
NORSKE SKOGINDUSTRIER AS CLASS A 100 2,772
ORKLA-BORREGAARD AS 1,000 15,732
ORKLA-BORREGAARD AS SERIES B (NON-VTG.) 200 2,708
PETROLEUM GEO-SERVICES AS (A) 600 8,588
SCHIBSTED AS SERIES B 450 5,455
STOREBRAND ASA (A) 1,800 11,025
TOMRA SYSTEMS AS 250 6,834
144,337
PORTUGAL - 0.7%
BANCO COMERCIAL PORTUGES SA 1,018 28,350
BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA 697 20,711
BANCO PINTO & SOTTO MAYOR SA RIGHTS 7/31/98 (A) 320 6,142
BPI-SGPS SA (REG.) 300 9,747
BRISA AUTO-ESTRADAS DE PORTUGAL SARL 200 9,026
CIMPOR-CIMENTOS DE PORTUGAL SA 500 15,126
ELECTRICIDADE DE PORTUGAL SA 2,500 58,424
JERONIMO MARTINS, SGPS SA 300 11,857
PORTUGAL TELECOM SA 1,000 45,795
SONAE INDUSTRIA E INVESTIMENTOS SA 200 9,086
214,264
SINGAPORE - 0.5%
CITY DEVELOPMENTS LTD. 5,000 8,794
CYCLE & CARRIAGE LTD. 1,000 1,330
DBS LAND LTD. 4,000 2,277
DEVELOPMENT BANK OF SINGAPORE LTD. 3,600 12,480
(FOR. REG.)
FRASER & NEAVE LTD. 1,000 1,595
KEPPEL CORP. LTD. 3,000 2,452
OVERSEA-CHINESE BANKING CORP. 5,071 13,092
PARKWAY HOLDINGS LTD. 2,000 1,905
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
SEMBAWANG CORP. LTD. 1,000 1,206
SINGAPORE AIRLINES LTD. 5,000 21,421
SINGAPORE PRESS HOLDINGS 2,276 16,037
SINGAPORE TECHNOLOGIES ENGINEERING LTD. 8,000 6,945
SINGAPORE TECHNOLOGIES INDUSTRIAL 3,000 2,063
CORP. LTD.
SINGAPORE TELECOMMUNICATIONS LTD. 31,000 45,259
UNITED INDUSTRIAL CORP. LTD. 7,000 1,598
UNITED OVERSEAS BANK LTD. (FOR. REG.) 4,000 9,470
147,924
SPAIN - 2.7%
ACERINOX SA (REG.) 245 4,783
AGUAS DE BARCELON SA 185 8,548
SHARES VALUE (NOTE 1)
ARGENTARIA CORPORACION BANCARIA DE ESPANA SA 1,916 $ 36,824
AUTOPISTAS CONCESIONARIA ESPANOLA SA 914 12,762
AUTOPISTAS CONCESIONARIA ESPANOLA SA (REG.) (A) 45 628
BANCO BILBAO VIZCAYA SA (REG.) 9,069 120,248
BANCO CENTRAL HISPANOAMERICANO SA 3,420 32,063
BANCO SANTANDER SA 5,534 103,765
BANCO SANTANDER SA RIGHTS:
10/31/98 (A) 5,534 2,075
9/30/98 (A) 5,534 37
CORPORACION FINANCIERA ALBA SA 61 7,026
CORPORACION MAPFRE COMPANIA INTERNACIONAL DE REASEGUROS SA (REG.) 138 3,401
ENDESA SA 5,083 96,840
FOCSA (FOMENTO CONSTRUCCIONES Y CONTRATAS SA) 242 10,858
GAS NATURAL SDG SA SERIES E 758 44,618
IBERDROLA SA 4,037 59,610
REPSOL 1,349 60,977
TABACALERA SA SERIES A 715 14,268
TELEFONICA DE ESPANA SA 4,222 158,329
UNION ELECTRICA FENOSA SA 862 10,188
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
VALLEHERMOSO SA 600 5,906
ZARDOYA OTIS SA 180 4,641
ZARDOYA OTIS SA 30 768
799,163
SWEDEN - 3.1%
ABB AB:
SERIES A 3,700 39,843
SERIES B 800 8,423
AGA AB SERIES A 600 8,076
ASTRA AB:
CLASS A 6,900 111,059
CLASS B 1,400 21,944
ATLAS COPCO AB:
SERIES A 700 13,317
SERIES B 200 3,829
ELECTROLUX AB 2,000 30,870
ERICSSON (LM) TELEPHONE CO. CLASS B 10,100 215,492
FORENINGS SPARBANKEN AB SERIES A 1,900 41,602
HENNES & MAURITZ AB CLASS B 1,100 73,836
MANDAMUS AB (A) 60 323
NETCOM SYSTEMS AB SERIES B (A) 500 18,426
OM GRUPPEN AB 300 4,989
SANDVIK AB:
SERIES A 1,000 19,742
SERIES B 200 3,936
SECURITAS AB CLASS B 500 24,768
SKANDIA FOERSAEKRINGS AB 2,700 36,667
SKANDINAVISKA ENSKILDA BANKEN CLASS A 3,200 38,862
SKANSKA AB CLASS B 600 23,475
SKF AB 400 5,935
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
SWEDEN - CONTINUED
SSAB SWEDISH STEEL SERIES A 300 $ 3,159
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
STORA KOPPARBERGS BERGSLAGS AB CLASS A 1,400 16,416
SVENSKA CELLULOSA AB (SCA) CLASS B 1,000 20,580
SVENSKA HANDELSBANKEN 1,000 37,570
SWEDISH MATCH CO. 1,100 3,330
TRELLEBORG AB CLASS B 300 2,620
VOLVO AB:
CLASS A 600 15,507
CLASS B 1,700 45,604
WM-DATA AB SERIES B 400 15,219
905,419
SWITZERLAND - 8.3%
ABB AG 50 56,323
ADECCO SA (BEARER) 80 36,047
ALUSUISSE LONZA HOLDING LTD., ZURICK (REG.) (A) 40 39,175
CREDIT SUISSE GROUP (REG.) 1,350 228,786
FISCHER (GEORG) AG (REG.) 20 5,816
HOLDERBANK FINANCIERE GLARUS AG 50 9,978
HOLDERBANK FINANCIERE GLARUS AG (BEARER) 30 29,562
KUONI REISEN HOLDING AG CLASS B (REG.) 2 6,552
NESTLE SA (REG.) 200 358,596
NOVARTIS AG:
(BEARER) 30 44,845
(REG.) 310 466,088
ROCHE HOLDING AG 8 123,543
ROCHE HOLDING AG PATICIPATION CERTIFICATES 35 350,156
SAIRGROUP (REG.) 50 12,017
SGS (SOCIETE GENERALE DE SURVEILLANCE) HOLDING SA 5 5,382
SULZER AG (REG.) 20 10,603
SWATCH GROUP AG (THE):
(BEARER) 25 13,621
(REG.) 100 13,237
SWISS REINSURANCE CO. (REG.) 75 160,496
UNION BANK OF SWITZERLAND (A) 1,061 331,245
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
VALORA HOLDING AG 20 5,281
ZURICH ALLIED AG (REG.) (A) 230 133,157
2,440,506
UNITED KINGDOM - 20.4%
ABBEY NATIONAL PLC 6,683 118,206
ANGLIAN WATER PLC 1,029 14,122
ARJO WIGGINS APPLETON PLC 3,168 6,704
ASSOCIATED BRITISH FOODS PLC 4,795 38,998
BAA PLC 5,110 48,016
BARCLAYS PLC 7,102 158,704
BARRATT DEVELOPMENTS PLC 1,067 2,730
BASS PLC 3,946 49,978
BAT INDUSTRIES PLC 14,682 136,105
SHARES VALUE (NOTE 1)
BBA GROUP PLC 1,573 $ 9,415
BG PLC 18,747 109,543
BLUE CIRCLE INDUSTRIES PLC 3,646 16,295
BOC GROUP PLC 2,235 28,519
BOOTS CO. PLC CLASS L 4,498 70,537
BPB INDUSTRIES PLC 2,861 13,092
BRITISH AEROSPACE PLC 8,924 53,836
BRITISH AIRWAYS PLC 5,347 37,999
BRITISH LAND CO. PLC 2,404 19,514
BRITISH PETROLEUM CO. PLC 26,765 326,354
BRITISH SKY BROADCASTING GROUP 7,343 54,300
BRITISH STEEL PLC 7,267 13,087
BRITISH TELECOMMUNICATIONS PLC 29,173 373,408
BTR PLC 17,166 35,039
BURMAH CASTROL PLC 779 11,589
CABLE & WIRELESS PLC 10,680 97,825
CADBURY-SCHWEPPES PLC 4,993 68,995
CARADON PLC 2,172 4,802
CARLTON COMMUNICATIONS PLC 3,481 24,133
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
CENTRICA PLC (A) 19,975 29,180
CGU PLC 5,839 80,409
COATS VIYELLA PLC 2,748 2,474
COMPASS GROUP PLC 3,424 29,470
DIAGEO PLC 15,952 152,413
ELECTROCOMPONENTS PLC 1,584 9,506
EMI GROUP PLC 3,622 23,881
FKI PLC 2,190 4,600
GENERAL ELECTRIC CO. PLC CLASS L 12,969 80,287
GKN PLC CLASS L 3,740 39,277
GLAXO WELLCOME PLC 16,207 450,464
GRANADA GROUP PLC 4,419 53,736
GREAT UNIVERSAL STORES PLC CLASS A 4,995 56,638
GUARDIAN ROYAL EXCHANGE PLC 3,804 15,439
HALIFAX, PLC 11,823 130,700
HAMMERSON PLC 827 5,289
HANSON PLC 2,417 11,455
HSBC HOLDINGS PLC 4,214 81,405
HSBC HOLDINGS PLC 8,392 162,115
HYDER PLC 565 8,512
ICI (IMPERIAL CHEMICAL INDUSTRIES) PLC CLASS L 3,656 38,978
IMI PLC 1,347 6,275
JARVIS PLC 1,041 8,220
JOHNSON MATTHEY PLC 851 5,241
KINGFISHER PLC 6,856 53,054
LADBROKE GROUP PLC 3,633 13,770
LAND SECURITIES PLC 2,868 37,955
LASMO PLC 2,944 7,625
LEGAL & GENERAL GROUP LTD. 5,330 59,090
LLOYDS TSB GROUP PLC 23,713 267,009
LUCASVARITY PLC 8,074 27,032
MARKS & SPENCER PLC 13,550 110,204
MEPC PLC 1,272 9,582
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
MISYS PLC 348 14,564
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UNITED KINGDOM - CONTINUED
NATIONAL GRID GROUP PLC 4,867 $ 33,051
NATIONAL POWER PLC 6,311 49,435
NEXT PLC 1,139 7,969
PEARSON PLC 2,787 44,146
PENINSULAR & ORIENTAL STEAM 3,061 33,307
NAVIGATION CO.
PILKINGTON PLC 3,960 4,909
PROVIDENT FINANCIAL GROUP PLC 929 13,072
PRUDENTIAL CORP. PLC 9,238 123,424
RAILTRACK PLC CLASS L 2,279 50,927
RANK GROUP PLC CLASS L 2,428 10,813
REED INTERNATIONAL PLC 5,789 40,226
RENTOKIL INITIAL PLC 12,899 73,335
REUTERS GROUP PLC 7,165 56,463
REXAM PLC 3,696 11,849
RIO TINTO PLC (REG.) 5,275 48,650
RMC INDUSTRIES, INC. 1,538 19,334
ROLLS-ROYCE PLC 8,319 25,454
ROYAL & SUN ALLIANCE INSURANCE 7,743 61,385
GROUP PLC
ROYAL BANK OF SCOTLAND GROUP PLC 3,505 46,939
SAFEWAY PLC 4,987 24,651
SAINSBURY (J.) PLC 7,787 63,333
SCHRODERS PLC 1,500 35,533
SCOTTISH & NEWCASTLE BREWERIES PLC 2,167 25,479
SCOTTISH POWER PLC 6,131 55,916
SIEBE PLC 9,484 31,453
SLOUGH ESTATES PLC 1,512 7,283
SMITHKLINE BEECHAM PLC 25,444 289,565
SMITHS INDUSTRIES PLC 1,099 11,247
SOUTHERN ELECTRIC PLC 1,428 12,640
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
STAGECOACH HOLDINGS PLC 848 14,704
TARMAC PLC 3,841 4,853
TATE & LYLE PLC 1,628 11,210
TAYLOR WOODROW PLC 1,747 3,752
TESCO PLC 26,889 71,340
THAMES WATER PLC 1,236 20,925
TI GROUP PLC 1,730 11,038
UNIGATE PLC 800 6,317
UNILEVER PLC 15,232 133,345
UNITED UTILITIES PLC 2,898 40,275
VICKERS PLC 678 1,692
VODAFONE GROUP PLC 13,345 167,726
WILLIAMS PLC CLASS L 4,176 23,082
WOLSELEY PLC 2,040 9,665
ZENECA GROUP PLC 4,161 153,439
6,012,845
TOTAL COMMON STOCKS 26,853,350
(COST $29,012,251)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NONCONVERTIBLE PREFERRED STOCKS - 0.8%
SHARES VALUE (NOTE 1)
AUSTRALIA - 0.1%
NEWS CORP. LTD. (THE) (LTD-VTG.) 7,529 $ 40,844
GERMANY - 0.5%
RWE AG (NON-VTG.) 700 22,815
SAP AG SYSTEME ANWENDNGEN PRODUKTE IN DER DATENVERARBEITUNG 200 108,462
VOLKSWAGEN AG 500 23,144
154,421
ITALY - 0.2%
FIAT SPA 4,324 7,972
FIAT SPA (SAVINGS SHARES) 1,857 3,397
TELECOM ITALIA MOBILE (TIM) SA 7,910 28,737
TELECOM ITALIA SPA 2,675 13,342
53,448
TOTAL NONCONVERTIBLE PREFERRED STOCKS 248,713
(COST $201,762)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
GOVERNMENT OBLIGATIONS - 8.0%
PRINCIPAL
AMOUNT
UNITED STATES OF AMERICA - 8.0%
U.S. TREASURY BILLS, YIELDS AT DATES OF
PURCHASE 4.86% TO 5.11%, 9/3/98 TO 11/27/98 (B) $ 2,382,000 2,359,479
(COST $2,358,495)
TOTAL INVESTMENT IN SECURITIES - 100% $29,461,542
(COST $31,572,508)
</TABLE>
FUTURES CONTRACTS
EXPIRATION UNDERLYING UNREALIZED
DATE FACE AMOUNT GAIN/(LOSS)
AT VALUE
PURCHASED
3 ALL ORDINARY INDEX SEP. 1998 $ 114,814 $ (9,534)
CONTRACTS (AUSTRALIA)
22 CAC 40 INDEX SEP. 1998 660,752 (116,488)
CONTRACTS (FRANCE)
1 DAX 30 INDEX SEP. 1998 264,869 (66,969)
CONTRACT (GERMANY)
7 FTSE INDEX CONTRACTS SEP. 1998 603,986 (77,551)
(UNITED KINGDOM)
2 HANG SENG INDEX SEP. 1998 90,325 (5,188)
CONTRACTS (HONG KONG)
3 IBEX INDEX CONTRACTS SEP. 1998 161,847 (33,975)
(SPAIN)
1 MIB 30 INDEX CONTRACT SEP. 1998 175,705 (18,168)
(ITALY)
27 NIKKEI 300 INDEX SEP. 1998 414,972 (49,327)
CONTRACTS (JAPAN)
2 TOPIX INDEX CONTRACTS SEP. 1998 152,588 (18,036)
(JAPAN)
$ 2,639,858 $ (395,236)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL
INVESTMENTS IN SECURITIES - 9.0%.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT VALUE UNREALIZED
DATE GAIN/(LOSS)
CONTRACTS TO BUY
2,550,000 DEM 9/17/98 $ 1,456,634 $ 24,597
450,000 GBP 9/17/98 755,298 25,439
91,600,000 JPY 9/17/98 653,327 19,273
TOTAL CONTRACTS TO BUY $ 2,865,259 $ 69,309
(PAYABLE AMOUNT $2,795,950)
</TABLE>
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 9.7%.
CONTRACTS TO SELL
413,346 DEM 9/17/98 $ 236,115 $ (1,116)
62,756 GBP 9/17/98 105,332 (332)
12,699,000 JPY 9/17/98 90,575 (574)
TOTAL CONTRACTS TO SELL $ 432,022 $ (2,022)
(RECEIVABLE AMOUNT $430,000)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 1.4%.
CURRENCY ABBREVIATIONS
GBP - British pound
DEM - German deutsche mark
JPY - Japanese yen
LEGEND
(a) Non-income producing
(b) Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the period end, the value of
securities pledged amounted to $213,750.
MARKET SECTOR DIVERIFICATION (UNAUDITED)
As a Percentage of Total Value of Investments in Securities
AEROSPACE & DEFENSE 0.4%
BASIC INDUSTRIES 4.2
CONSTRUCTION & REAL ESTATE 3.2
DURABLES 6.7
ENERGY 4.7
FINANCE 21.4
GOVERNMENT OBLIGATIONS 8.0
HEALTH 8.8
HOLDING COMPANIES 0.4
INDUSTRIAL MACHINERY & EQUIPMENT 4.8
MEDIA & LEISURE 3.3
NONDURABLES 6.7
PRECIOUS METALS 0.1
RETAIL & WHOLESALE 4.5
SERVICES 1.6
TECHNOLOGY 4.8
TRANSPORTATION 2.3
UTILITIES 14.1
100.0%
OTHER INFORMATION
Purchases and sales of securities, other than short-term securities,
aggregated $8,655,856 and $154,544, respectively (see Note 3 of Notes
to Financial Statements).
The market value of futures contracts opened and closed during the
period amounted to $11,775,841 and $10,532,726 respectively. (see Note
3 of Notes to Financial Statements).
The fund participated in the security lending program. At period end,
the value of securities loaned and the value of the collateral
amounted to $459,959 and $511,389, respectively (see Note 5 of Notes
to Financial Statements).
INCOME TAX INFORMATION
At August 31, 1998, the aggregate cost of investment securities for
income tax purposes was $31,572,392. Net unrealized depreciation
aggregated $2,110,850, of which $2,757,442 related to appreciated
investment securities and $4,868,292 related to depreciated investment
securities.
SPARTAN INTERNATIONAL INDEX
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
AUGUST 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE $ 29,461,542
(COST $31,572,508) -
SEE ACCOMPANYING SCHEDULE
CASH 305
FOREIGN CURRENCY HELD AT VALUE 96,015
(COST $94,636)
UNREALIZED APPRECIATION ON 69,309
FOREIGN CURRENCY CONTRACTS
RECEIVABLE FOR FUND SHARES SOLD 86,673
DIVIDENDS RECEIVABLE 106,548
PURCHASE FEES RECEIVABLE 877
OTHER RECEIVABLE 188
RECEIVABLE FROM INVESTMENT ADVISER FOR EXPENSE REDUCTIONS 1,514
TOTAL ASSETS 29,822,971
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 70,276
UNREALIZED DEPRECIATION ON 2,022
FOREIGN CURRENCY CONTRACTS
PAYABLE FOR FUND SHARES REDEEMED 238,914
PAYABLE FOR DAILY VARIATION ON 10,199
FUTURES CONTRACTS
OTHER PAYABLES AND 21,997
ACCRUED EXPENSES
TOTAL LIABILITIES 343,408
NET ASSETS $ 29,479,563
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 31,521,420
UNDISTRIBUTED NET INVESTMENT INCOME 413,816
DISTRIBUTIONS IN EXCESS OF (18,524)
NET REALIZED GAIN ON INVESTMENTS
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS (2,437,149)
AND ASSETS AND LIABILITIES IN
FOREIGN CURRENCIES
NET ASSETS, FOR 1,194,336 SHARES OUTSTANDING $ 29,479,563
NET ASSET VALUE, OFFERING PRICE $24.68
AND REDEMPTION PRICE PER SHARE ($29,479,563 (DIVIDED BY) 1,194,336 SHARES) A
</TABLE>
A OFFERING PRICE PER SHARE DOES NOT INCLUDE THE EFFECT OF THE PURCHASE
FEE.
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED AUGUST 31, 1998
INVESTMENT INCOME $ 439,011
DIVIDENDS
INTEREST (INCLUDING INCOME ON 65,989
SECURITIES LOANED OF $1,979)
505,000
LESS FOREIGN TAXES WITHHELD (46,055)
TOTAL INCOME 458,945
EXPENSES
MANAGEMENT FEE AND $ 53,622
SUB-ADVISORY FEES
TRANSFER AGENT FEES 17,515
ACCOUNTING FEES 30,297
NON-INTERESTED TRUSTEES' COMPENSATION 69
REGISTRATION FEES 63,838
AUDIT 20,430
LEGAL 77
TOTAL EXPENSES BEFORE REDUCTIONS 185,848
EXPENSE REDUCTIONS (129,603) 56,245
NET INVESTMENT INCOME 402,700
REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:
INVESTMENT SECURITIES 50,983
FOREIGN CURRENCY TRANSACTIONS (31,034)
FUTURES CONTRACTS 4,262 24,211
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:
INVESTMENT SECURITIES (3,962,291)
ASSETS AND LIABILITIES IN 66,847
FOREIGN CURRENCIES
FUTURES CONTRACTS (454,944) (4,350,388)
NET GAIN (LOSS) (4,326,177)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (3,923,477)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED NOVEMBER 5, 1997
AUGUST 31, 1998 (COMMENCEMENT
(UNAUDITED) OF OPERATIONS) TO
FEBRUARY 28, 1998
OPERATIONS $ 402,700 $ 94,151
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS) 24,211 96,652
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) (4,350,388) 1,913,239
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (3,923,477) 2,104,042
DISTRIBUTIONS TO SHAREHOLDERS (40,427) (50,614)
FROM NET INVESTMENT INCOME
FROM NET REALIZED GAIN (112,857) -
IN EXCESS OF NET REALIZED GAIN (18,524) -
TOTAL DISTRIBUTIONS (171,808) (50,614)
SHARE TRANSACTIONS 11,879,011 25,688,131
NET PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS 171,669 50,614
COST OF SHARES REDEEMED (3,281,966) (3,363,303)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM SHARE TRANSACTIONS 8,768,714 22,375,442
PURCHASE FEES 119,923 257,341
TOTAL INCREASE (DECREASE) IN NET ASSETS 4,793,352 24,686,211
NET ASSETS
BEGINNING OF PERIOD 24,686,211 -
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME OF $413,816 AND $51,543, RESPECTIVELY) $ 29,479,563 $ 24,686,211
OTHER INFORMATION
SHARES
SOLD 414,333 1,022,450
ISSUED IN REINVESTMENT OF DISTRIBUTIONS 6,043 2,076
REDEEMED (119,256) (131,310)
NET INCREASE (DECREASE) 301,120 893,216
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR ENDED
AUGUST 31, 1998 FEBRUARY 28,
SELECTED PER-SHARE DATA (UNAUDITED) 1998 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 27.64 $ 25.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME D .37 .11
NET REALIZED AND UNREALIZED GAIN (LOSS) (3.27) 2.29
TOTAL FROM INVESTMENT OPERATIONS (2.90) 2.40
LESS DISTRIBUTIONS
FROM NET INVESTMENT INCOME (.04) (.06)
FROM NET REALIZED GAIN (.11) -
IN EXCESS OF NET REALIZED GAIN (.02) -
TOTAL DISTRIBUTIONS (.17) (.06)
PURCHASE FEES ADDED TO PAID IN CAPITAL .11 .30
NET ASSET VALUE, END OF PERIOD $ 24.68 $ 27.64
TOTAL RETURN B, C (10.17)% 10.83%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 29,480 $ 24,686
RATIO OF EXPENSES TO AVERAGE NET ASSETS .36% A, F .35% A, F
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS 2.54% A 1.43% A
PORTFOLIO TURNOVER RATE 1% A 2% A
AVERAGE COMMISSION RATE G $ .0400 $ .0081
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN
ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT BEEN REDUCED DURING THE
PERIODS SHOWN (SEE NOTE 6 OF NOTES TO FINANCIAL
STATEMENTS).
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED
BASED ON AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 5, 1997 (COMMENCEMENT OF
OPERATIONS) TO FEBRUARY 28, 1998.
F FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES
DURING THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S
EXPENSE RATIO WOULD HAVE BEEN HIGHER (SEE NOTE 6 OF NOTES
TO FINANCIAL STATEMENTS).
G A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE
PER SHARE FOR SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED.
THIS AMOUNT MAY VARY FROM PERIOD TO PERIOD AND FUND TO FUND
DEPENDING ON THE MIX OF TRADES EXECUTED IN VARIOUS MARKETS
WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY DIFFER.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED AUGUST 31, 1998 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
The Spartan Total Market Index Fund, Spartan Extended Market Index
Fund and Spartan International Index Fund (the funds) are funds of
Fidelity Concord Street Trust (the trust). The trust is registered
under the Investment Company Act of 1940, as amended (the 1940 Act),
as an open-end management investment company organized as a
Massachusetts business trust. Each fund is authorized to issue an
unlimited number of shares.
The financial statements have been prepared in conformity with
generally accepted accounting principles which require management to
make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the funds:
SECURITY VALUATION:
SPARTAN TOTAL MARKET INDEX AND SPARTAN EXTENDED MARKET INDEX FUNDS.
Securities for which exchange quotations are readily available are
valued at the last sale price, or if no sale price, at the closing bid
price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an
exchange) are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently
applied procedures under the general supervision of the Board of
Trustees. Short-term securities with remaining maturities of sixty
days or less for which quotations are not readily available are valued
at amortized cost or original cost plus accrued interest, both of
which approximate current value.
INTERNATIONAL INDEX FUND. Securities for which quotations are readily
available are valued at the last sale price, or if no sale price, at
the closing bid price in the principal market in which such securities
are normally traded. If trading or events occurring in other markets
after the close of the principal market in which securities are traded
are expected to materially affect the value of those securities, then
they are valued at their fair value taking this trading or these
events into account. Fair value is determined in good faith under
consistently applied procedures under the general supervision of the
Board of Trustees. Securities for which quotations are not readily
available are valued primarily using dealer-supplied valuations or at
their fair value. Short-term securities with remaining maturities of
sixty days or less for which quotations are not readily available are
valued at amortized cost or original cost plus accrued interest, both
of which approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the funds are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchase
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
date and settlement on purchases and sales of securities. The effects
of changes in foreign currency exchange rates on investments in
securities are included with the net realized and unrealized gain or
loss on investment securities.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, each fund is not subject to
income taxes to the extent that it distribute substantially all of its
taxable income for its fiscal year. The schedules of investments
include information regarding income taxes under the caption "Income
Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend
date, except certain dividends from foreign securities where the
ex-dividend date may have passed, are recorded as soon as the funds
are informed of the ex-dividend date. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, which includes accretion of
original issue discount, is accrued as earned. Investment income is
recorded net of foreign taxes withheld where recovery of such taxes is
uncertain.
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for futures transactions, foreign currency transactions,
passive foreign investment companies (PFIC), market discount,
partnerships and losses deferred due to wash sales. Certain funds also
utilized earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for
income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income and accumulated undistributed net
realized gain (loss) on investments and foreign currency transactions
may include temporary book and tax basis differences which will
reverse in a subsequent period. Any taxable income or gain remaining
at fiscal year end is distributed in the following year.
PURCHASE FEES. Shares purchased in the funds are subject to a purchase
fee equal to 0.50%, 0.75% and 1.00% of the amounts invested in Spartan
Total Market Index, Spartan Extended Market Index and Spartan
International Index, respectively. This fee, which is retained by each
fund, is accounted for as an addition to paid in capital
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The Spartan International Index
Fund generally uses foreign currency contracts to facilitate
transactions in foreign-denominated securities and to manage the
fund's currency exposure. Contracts to sell generally are used to
hedge the fund's investments against currency fluctuations, while
contracts to buy generally are used to offset a previous contract to
sell. Also, a contract to buy can be used to acquire exposure to
foreign currencies and a contract to sell can be used to offset a
previous contract to buy. These contracts involve market risk in
excess of the unrealized gain or loss reflected in the fund's
Statement of Assets and Liabilities. The U.S. dollar value of the
currencies the fund has committed to buy or sell is shown in the
schedule of investments under the caption "Forward Foreign Currency
Contracts." This amount represents the aggregate exposure to each
currency the fund has acquired or hedged through currency contracts at
period end. Losses may arise from changes in the value of foreign
currency or if the counterparties do not perform under the contracts'
terms.
The U.S. dollar value of forward foreign currency contracts is
determined using forward currency exchange rates supplied by a
quotation service. Purchases and sales of forward foreign currency
contracts having the same settlement date and broker are offset and
any realized gain (loss) is recognized on the date of offset;
otherwise, gain (loss) is recognized on settlement date. Contracts
that have been offset with different counterparties are reflected as
both a contract to buy and a contract to sell in the schedule of
investments under the caption "Forward Foreign Currency Contracts."
FUTURES CONTRACTS. The funds may use futures contracts to manage their
exposure to the stock market and to fluctuations in currency values.
Buying futures tends to increase the fund's exposure to the underlying
instrument, while selling futures tends to decrease the fund's
exposure to the underlying instrument or hedge other fund investments.
Futures contracts involve, to varying degrees, risk of loss in excess
of the futures variation margin reflected in each applicable fund's
Statement of Assets and Liabilities. The underlying face amount at
value of any open futures contracts at period end is shown in each
applicable fund's schedule of investments under the caption "Futures
Contracts." This amount reflects each contract's exposure to the
underlying instrument at period end. Losses may arise from changes in
the value of the underlying instruments or if the counterparties do
not perform under the contracts' terms. Gains (losses) are realized
upon the expiration or closing of the futures contracts. Futures
contracts are valued at the settlement price established each day by
the board of trade or exchange on which they are traded.
3. PURCHASES AND SALES OF INVESTMENTS.
Information regarding purchases and sales of securities (other than
short-term securities), the market value of future contracts opened
and closed, is included under the caption "Other Information" at the
end of each applicable fund's schedule of investments.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, FMR receives a fee
that is computed daily at an annual rate of 0.24%, 0.24% and 0.34% of
the average net assets of Spartan Total Market Index , Spartan
Extended Market Index and Spartan International Index, respectively.
SUB-ADVISER FEE. FMR and each of the funds have entered into a
sub-advisory agreement with Bankers Trust Company (Bankers Trust).
Bankers Trust receives a sub-advisory fee for providing investment
management, securities lending and custodial services to each of the
funds. For providing these services to Spartan Extended Market Index
and Spartan Total Market Index, FMR pays Bankers Trust fees at an
annual rate of 0.0125% of the average net assets of each fund. For
providing these services to Spartan International Index, FMR pays
Bankers Trust fees at an annual rate of 0.0650% of the average net
assets of the fund, plus fees of up to $200,000 annually.
In addition, each fund pays Bankers Trust fees equal to 40% of net
income from each fund's securities lending program. For the period,
the funds paid Bankers Trust the following amounts:
PERCENTAGE
OF AVERAGE
AMOUNT NET ASSETS
Spartan Total Market Index $3,799 0.01%*
Spartan Extended Market Index 8,325 0.04%*
Spartan International Index 792 0.01%*
* ANNUALIZED.
This fee is included in the caption "Management fee and sub-advisory
fee" on each of the fund's statement of operations.
TRANSFER AGENT FEES. Fidelity Service Company, Inc. (FSC) an affiliate
of FMR, is the funds' transfer, dividend disbursing and shareholder
servicing agent. FSC receives account fees and asset-based fees that
vary according to account size and type of account. FSC pays for
typesetting, printing and mailing of all shareholder reports, except
proxy statements. For the period, the transfer agent fees were
equivalent to an annualized rate of .15%, .14% and .11% of the average
net assets of Spartan Total Market Index, Spartan Extended Market
Index and Spartan International Index, respectively.
ACCOUNTING FEES. FSC, maintains each fund's accounting records. The
fee is based on the level of average net assets of each fund for the
month plus out-of-pocket expenses.
5. SECURITY LENDING.
The funds loaned securities to brokers who paid the funds negotiated
lenders' fees. These fees are included in interest income. Each
applicable fund receives U.S. Treasury obligations and/or cash as
collateral against the loaned securities, in an amount at least equal
to 102% of the market value of the loaned securities at the inception
of each loan. This collateral must be maintained at not less than 100%
of the market value of the loaned securities during the period of the
loan. Information regarding the value of securities loaned and the
value of collateral at period end is included under the caption "Other
Information" at the end of each applicable fund's schedule of
investments.
6. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse each fund's operating expenses
(excluding interest, taxes, brokerage commissions, extraordinary
expenses and sub-advisory fees paid by the fund associated with
securities lending) above the following annual rates of average net
assets for each of the following funds:
<TABLE>
<CAPTION>
<S> <C> <C>
FMR
EXPENSE
LIMITATIONS REIMBURSEMENT
Spartan Total Market Index .25% $182,723
Spartan Extended Market Index .25% 149,238
Spartan International Index .35% 129,603
</TABLE>
These agreements will continue through December 31, 1999.
In addition, the funds, or FMR on behalf of the funds, have entered
into an agreement with their custodian whereby credits realized as a
result of uninvested cash balances were used to reduce a portion of
the funds' expenses. During the period, fees were reduced by $283 and
$275 by the custodian for Spartan Total Market Index and Spartan
Extended Market Index, respectively, under this arrangement.
7. BENEFICIAL INTEREST.
At the end of the period, FMR was record owner of more than 5% of the
outstanding shares of the following funds:
BENEFICIAL INTEREST
%
OWNERSHIP
Spartan Extended Market Index 21
Spartan International Index 57
MANAGING YOUR INVESTMENTS
Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.
BY PHONE
Fidelity TouchTone Xpress(registered trademark) provides a single
toll-free number to access account balances, positions, quotes and
trading. It's easy to navigate the service, and on your first call,
the system will help you create a personal identification number (PIN)
for security.
(PHONE_GRAPHIC)TOUCHTONE XPRESS
1-800-544-5555
PRESS
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
BY PC
Fidelity's Web site on the Internet provides a wide range of
information, including daily financial news, fund performance,
interactive planning tools and news about Fidelity products and
services.
(COMPUTER_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call Fidelity
at 1-800-544-7272 and we'll send you an America Online CD or disk with
up to 50 free hours of Web access.
(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+
TM
Fidelity On-line Xpress+ software for Windows combines comprehensive
portfolio management capabilities, securities trading and access to
research and analysis tools . . . all on your desktop. Call Fidelity
at 1-800-544-7272 or visit our Web site for more information on how to
manage your investments via your PC.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD
AND RETURN WILL VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE
WILL ALSO VARY. THIS MEANS
THAT YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS
NO ASSURANCE THAT MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE
$1 SHARE PRICE; AN
INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE
U.S. GOVERNMENT. TOTAL RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN
SHARE PRICE,
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND THE EFFECTS OF ANY
SALES CHARGES.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISER
Bankers Trust Company
New York, NY
OFFICERS
Edward C. Johnson 3d, PRESIDENT
Robert C. Pozen, SENIOR VICE PRESIDENT
Robert A. Lawrence, VICE PRESIDENT
Eric D. Roiter, SECRETARY
Richard A. Silver, TREASURER
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER SERVICING AGENT
Fidelity Service Company, Inc.
Boston, MA
CUSTODIAN
Bankers Trust Company
New York, NY
* INDEPENDENT TRUSTEES
SIF-SANN-1098 63273
1.707985.100
FIDELITY'S INDEX FUNDS
Spartan Extended Market Index Fund
Spartan International Index Fund
Spartan Market Index Fund
Spartan Total Market Index Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Exchanges/Redemptions 1-800-544-7777
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
TouchTone Xpress (registered trademark) 1-800-544-5555
AUTOMATED LINE FOR QUICKEST SERVICE
(FIDELITY_LOGO_GRAPHIC) (REGISTERED TRADEMARK)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
FIDELITY
U.S. BOND INDEX
FUND
SEMIANNUAL REPORT
AUGUST 31, 1998
(FIDELITY_LOGO_GRAPHIC) (REGISTERED TRADEMARK)
CONTENTS
PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING STRATEGIES.
PERFORMANCE 4 HOW THE FUND HAS DONE OVER TIME.
FUND TALK 7 THE MANAGER'S REVIEW OF FUND
PERFORMANCE, STRATEGY AND OUTLOOK.
INVESTMENT CHANGES 10 A SUMMARY OF MAJOR SHIFTS IN THE FUND'S
INVESTMENTS OVER THE PAST SIX MONTHS.
INVESTMENTS 11 A COMPLETE LIST OF THE FUND'S INVESTMENTS
WITH THEIR MARKET VALUES.
FINANCIAL STATEMENTS 22 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.
NOTES 26 NOTES TO THE FINANCIAL STATEMENTS.
To reduce expenses and demonstrate respect for our environment, we
have initiated a project through which we will begin eliminating
duplicate copies of most financial reports and prospectuses to most
households, even if they have more than one account in the fund. If
additional copies of financial reports, prospectuses or historical
account information are needed, or for more information on any
Fidelity fund including charges and expenses, please call the
appropriate number listed below or the number provided to your
institutional or employer-sponsored retirement plan. Read the
prospectus carefully before you invest or send money.
Retirement Plan Level Accounts
Corporate Clients (800) 962-1375
"Not For Profit" Clients (800) 343-0860
Financial and Other Institutions
Nationwide (800) 843-3001
Other Investors (800) 544-6666
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT
AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN
EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE
FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
PRESIDENT'S MESSAGE
(PHOTO_OF_EDWARD_C_JOHNSON_3D)DEAR SHAREHOLDER:
The dramatic volatility we've seen in recent months in the world's
stock and bond markets might seem at first glance to be unprecedented
in its scope and duration. In fact, however, the U.S. stock market has
declined by more than 10% 12 times just since 1970, only to recover
and go on to new highs each time. As has been the case recently,
segments of the bond market - most notably U.S. Treasuries -
frequently have thrived in such periods as investors seek a safer home
for their funds.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
The longer your investment time frame, the less likely it is that you
will be affected by short-term market volatility. A 10-year investment
horizon appropriate for saving for a college education, for example,
enables you to weather market cycles in a long-term fund, which may
have a higher risk potential, but also has a higher potential rate of
return.
An intermediate-length fund could make sense if your investment
horizon is two to four years, while a short-term bond fund could be
the right choice if you need your money in one or two years.
If your time horizon is less than a year, you might want to consider
moving some of your bond investment into a money market fund. These
funds seek income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that there is no assurance that a money market fund will
achieve its goal of maintaining a stable net asset value of $1.00 per
share, and that these types of funds are neither insured nor
guaranteed by any agency of the U.S. government.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases.
If you have questions, please call us at 1-800-544-8888. We are
available 24 hours a day, seven days a week to provide you the
information you need to make the investments that are right for you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance.
You can look at the total percentage change in value, the average
annual percentage change or the growth of a hypothetical $100,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value). You can also look at the fund's income, as
reflected in the fund's yield, to measure performance. If Fidelity had
not reimbursed certain fund expenses, the total returns and dividends
would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1998 PAST 6 PAST 1 PAST 5 LIFE OF
MONTHS YEAR YEARS FUND
FIDELITY US BOND INDEX 4.76% 10.79% 38.49% 110.13%
LB AGGREGATE BOND 4.58% 10.57% 38.80% 108.17%
INTERMEDIATE US GOVERNMENT FUNDS 4.32% 9.55% 30.84% N/A
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, one year, five
years or since the fund started on March 8, 1990. For example, if you
had invested $1,000 in a fund that had a 5% return over the past year,
the value of your investment would be $1,050. You can compare the
fund's returns to the performance of the Lehman Brothers Aggregate
Bond Index - a market value weighted performance benchmark for
investment-grade fixed-rate debt issues, including government,
corporate, asset-backed, and mortgage-backed securities, with
maturities of at least one year. To measure how the fund's performance
stacked up against its peers, you can compare it to the intermediate
US government funds average, which reflects the performance of mutual
funds with similar objectives tracked by Lipper Analytical Services,
Inc. The past six months average represents a peer group of 121 mutual
funds. These benchmarks reflect reinvestment of dividends and capital
gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1998 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
FIDELITY US BOND INDEX 10.79% 6.73% 9.14%
LB AGGREGATE BOND 10.57% 6.78% 9.02%
INTERMEDIATE US GOVERNMENT FUNDS 9.55% 5.51% N/A
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. (Note: Lipper calculates average annual total
returns by annualizing each fund's total return, then taking an
arithmetic average. This may produce a slightly different figure than
that obtained by averaging the cumulative total returns and
annualizing the result.)
$100,000 OVER LIFE OF FUND
U.S. Bond Index Fund LB Aggregate Bond
00651 LB001
1990/03/08 100000.00 100000.00
1990/03/31 100334.13 100200.26
1990/04/30 99232.62 99278.42
1990/05/31 102189.26 102217.06
1990/06/30 103637.46 103862.75
1990/07/31 105211.59 105296.06
1990/08/31 103898.15 103885.09
1990/09/30 104751.63 104747.34
1990/10/31 106143.01 106077.63
1990/11/30 108273.07 108358.30
1990/12/31 110005.55 110048.69
1991/01/31 111316.41 111413.29
1991/02/28 112055.04 112360.31
1991/03/31 112952.27 113135.59
1991/04/30 114289.10 114357.46
1991/05/31 115089.04 115020.73
1991/06/30 114998.91 114963.22
1991/07/31 116575.94 116561.21
1991/08/31 119079.57 119078.93
1991/09/30 121585.25 121496.23
1991/10/31 122981.96 122844.84
1991/11/30 124257.93 123975.01
1991/12/31 128015.40 127657.07
1992/01/31 126511.27 125920.93
1992/02/29 127201.55 126739.42
1992/03/31 126754.56 126029.68
1992/04/30 127580.12 126937.09
1992/05/31 129996.05 129336.20
1992/06/30 131918.90 131121.04
1992/07/31 134833.17 133795.91
1992/08/31 136292.03 135147.25
1992/09/30 137967.69 136755.50
1992/10/31 136317.08 134936.66
1992/11/30 136256.71 134963.64
1992/12/31 138217.87 137109.57
1993/01/31 140967.33 139742.07
1993/02/28 143813.29 142187.56
1993/03/31 144409.44 142784.74
1993/04/30 145487.25 143784.24
1993/05/31 145670.64 143971.16
1993/06/30 148202.15 146577.03
1993/07/31 149308.26 147412.52
1993/08/31 151733.88 149992.24
1993/09/30 152252.00 150397.22
1993/10/31 152763.63 150953.69
1993/11/30 151516.01 149670.58
1993/12/31 152335.03 150478.81
1994/01/31 154246.91 152510.27
1994/02/28 151546.54 149856.59
1994/03/31 148345.96 146155.13
1994/04/30 147082.69 144985.89
1994/05/31 146961.57 144971.39
1994/06/30 146846.42 144652.46
1994/07/31 149481.52 147531.04
1994/08/31 149682.61 147708.08
1994/09/30 147691.69 145536.77
1994/10/31 147616.35 145405.79
1994/11/30 147378.55 145085.89
1994/12/31 148355.28 146086.99
1995/01/31 151119.14 148979.51
1995/02/28 154420.52 152525.22
1995/03/31 155258.79 153455.62
1995/04/30 157445.95 155604.00
1995/05/31 163459.44 161625.88
1995/06/30 164724.05 162805.75
1995/07/31 164468.64 162447.57
1995/08/31 166233.98 164413.19
1995/09/30 167825.55 166008.00
1995/10/31 170226.02 168166.10
1995/11/30 172626.38 170688.59
1995/12/31 175058.06 173078.23
1996/01/31 176222.54 174220.55
1996/02/29 173149.98 171189.11
1996/03/31 171911.37 169990.79
1996/04/30 170786.38 169038.84
1996/05/31 170482.12 168700.76
1996/06/30 172616.98 170961.35
1996/07/31 173139.90 171422.95
1996/08/31 172842.80 171131.53
1996/09/30 175690.27 174109.22
1996/10/31 179590.05 177974.44
1996/11/30 182646.39 181017.80
1996/12/31 180984.46 179334.34
1997/01/31 181371.40 179890.28
1997/02/28 181682.83 180340.00
1997/03/31 179823.39 178338.23
1997/04/30 182635.09 181013.30
1997/05/31 184088.01 182732.93
1997/06/30 186396.97 184907.45
1997/07/31 191235.46 189899.95
1997/08/31 189667.54 188285.80
1997/09/30 192553.43 191072.43
1997/10/31 195298.01 193842.98
1997/11/30 196212.75 194734.66
1997/12/31 198262.66 196701.48
1998/01/31 200838.35 199219.26
1998/02/28 200587.29 199059.88
1998/03/31 201355.50 199736.69
1998/04/30 202263.39 200775.32
1998/05/31 204148.52 202682.68
1998/06/30 206019.11 204405.48
1998/07/31 206558.77 204834.74
1998/08/31 210134.26 208173.54
IMATRL PRASUN SHR__CHT 19980831 19980908 170815 R00000000000105
$100,000 OVER LIFE OF FUND: Let's say hypothetically that $100,000 was
invested in Fidelity US Bond Index Fund on March 8, 1990, when the
fund started. As the chart shows, by August 31, 1998, the value of the
investment would have grown to $210,134 - a 110.13% increase on the
initial investment. For comparison, look at how the Lehman Brothers
Aggregate Bond Index did over the same period. With dividends and
capital gains, if any, reinvested, the same $100,000 would have grown
to $208,174 - a 108.17% increase.
UNDERSTANDING
PERFORMANCE
HOW A FUND DID YESTERDAY IS
NO GUARANTEE OF HOW IT WILL DO
TOMORROW. BOND PRICES, FOR
EXAMPLE, GENERALLY MOVE IN
THE OPPOSITE DIRECTION OF
INTEREST RATES. IN TURN, THE SHARE
PRICE, RETURN AND YIELD OF A
FUND THAT INVESTS IN BONDS WILL
VARY. THAT MEANS IF YOU SELL
YOUR SHARES DURING A MARKET
DOWNTURN, YOU MIGHT LOSE
MONEY. BUT IF YOU CAN RIDE OUT
THE MARKET'S UPS AND DOWNS,
YOU MAY HAVE A GAIN.
(CHECKMARK)
DIVIDENDS AND YIELD
PERIODS ENDED AUGUST 31, 1998 PAST 1 PAST 6 PAST 1
MONTH MONTHS YEAR
DIVIDENDS PER SHARE 5.73(CENTS) 35.51(CENTS) 71.69(CENTS)
ANNUALIZED DIVIDEND RATE 6.20% 6.51% 6.65%
30-DAY ANNUALIZED YIELD 5.70% - -
DIVIDENDS per share show the income paid by the fund for a set period.
If you annualize this number, based on an average share price of
$10.88 over the past one month, $10.82 over the past six months and
$10.78 over the past one year, you can compare the fund's income over
these three periods. The 30-day annualized YIELD is a standard formula
for all funds based on the yields of the bonds in the fund, averaged
over the past 30 days. This figure shows you the yield characteristics
of the fund's investments at the end of the period. It also helps you
compare funds from different companies on an equal basis. If Fidelity
had not reimbursed certain fund expenses during the period shown, the
yield would have been 5.49%.
FUND TALK: THE MANAGER'S OVERVIEW
NOTE TO SHAREHOLDERS: Thomas Silvia became Portfolio Manager of
Fidelity U.S. Bond Index on July 15, 1998
Q. HOW DID THE FUND PERFORM, TOM?
A. For the six-month period that ended August 31, 1998, the fund had a
total return of 4.76%, compared to the Lehman Brothers Aggregate Bond
Index's return of 4.58%. For another comparison, the intermediate U.S.
government funds average returned 4.32% for the same six-month period,
as tracked by Lipper Analytical Services. For the 12-month period that
ended August 31, 1998, the fund returned 10.79%. The Lehman Brothers
Aggregate Bond Index returned 10.57% and the intermediate U.S.
government funds average returned 9.55% for the same one-year period.
Q. WHAT FACTORS SHAPED THE BOND MARKET'S PERFORMANCE OVER THE PAST SIX
MONTHS?
A. Uncertainty about the economic, fiscal and political health of
Asia, Latin America and Russia were the primary factors influencing
the bond market's performance. The turmoil in those regions was the
catalyst for the U.S. Treasury market rally. Because Treasuries were
viewed as a safe harbor from the intensifying global storm and the
faltering U.S. stock market, investors flocked to them, pushing their
yields to a 30-year low.
Q. HOW DID THE NON-GOVERNMENT SECTORS OF THE BOND MARKET PERFORM?
A. As investors increasingly became concerned that the slowing global
economy would have negative consequences for corporate earnings,
corporate bonds were volatile throughout much of the period. In
August, however, earnings fears worsened and corporate bonds had one
of their worst months ever in response. Mortgage securities also
suffered, but for a much different reason. While lower interest rates
were good news for homeowners, they spelled trouble for mortgage
investors. The rate at which mortgages are prepaid due to homeowner
refinancing activity is likely to accelerate dramatically, leaving
many mortgage investors to re-deploy their investments into newer
mortgage securities at lower prevailing interest rates. In
anticipation of higher prepayments, investors pushed the prices of
mortgage securities lower. For the six-month period that ended August
31, 1998, here's how individual sectors within the index performed:
mortgage-backed securities, at about 31% of the index, returned 3.60%;
corporate securities, which accounted for nearly 20% of the index,
returned 3.34%; agency securities, at about 8% of the index, returned
5.07%; and asset-backed securities, at less than 1% of the index,
returned 4.07%. Those returns compared to the 5.90% return of U.S.
Treasury securities, which made up about 40% of the index.
Q. TURNING TO THE FUND, WHAT HELPED ITS PERFORMANCE RELATIVE TO THE
LEHMAN BROTHERS AGGREGATE BOND INDEX?
A. While my goal is to manage so that the fund's performance tracks
that of the Lehman Brothers Aggregate Bond Index, it's impractical to
buy every security in the index, which is made up of about 4,000
individual securities. Instead, I choose representative securities. In
the corporate sector, for example, the fund had a modest
underweighting in bonds with a long duration relative to the index.
Duration measures how sensitive a bond's price is to changes in
interest rates. Since long-duration bonds suffered more than others
during the market's August sell-off, emphasizing shorter-maturity
bonds was a plus for the fund.
Q. WERE THERE OTHER FACTORS THAT HELPED THE FUND OUTPACE THE INDEX?
A. Yes, there were. The fund also had an edge over the index because
of the types of Yankee bonds it owned. Yankee bonds are
dollar-denominated bonds issued in the United States by foreign banks,
corporations and governments. The fund had a slightly smaller
weighting in Yankee bonds issued by Asian entities, which performed
extremely poorly during the period, and a slightly larger weighting
in high-quality Yankee bonds issued by Canadian provinces, which fared
better.
Q. WHAT TYPES OF MORTGAGE SECURITIES DID THE FUND EMPHASIZE IN LIGHT
OF ACCELERATED PREPAYMENT RATES?
A. The fund had a smaller weighting - relative to the Lehman Brothers
Aggregate Bond Index - in securities backed by mortgage loans recently
underwritten, which tend to be the most likely to be refinanced when
rates fall. Instead, the fund emphasized "seasoned" mortgages - those
that have been outstanding for some period of time and, for one reason
or another, have not been prepaid despite being presented with several
opportunities to do so.
Q. WHICH TREASURY SECURITIES WERE ATTRACTIVE DURING THE YEAR?
A. The fund emphasized older Treasury securities and generally avoided
the more-recently issued securities. Newly issued Treasuries have a
higher amount of liquidity, meaning they are more easily traded.
Because of that liquidity, the prices of newly issued Treasuries tend
to be expensive relative to comparable older securities.
Q. WHAT'S YOUR OUTLOOK?
A. With problems overseas showing no signs of abating over the
short-term, I'll pay particular attention to identifying - with the
help of Fidelity's research team - high-quality corporate securities
that we believe are less vulnerable to the world's economic
challenges. But no matter what the investment environment, I will
attempt to keep the fund's performance in line with its benchmark, as
it is designed to do.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
TOM SILVIA ON HIS INVESTMENT
STRATEGY:
"In managing the U.S. Bond Index
Fund, I use an investment process
known as stratified sampling, which
allows me to assemble a portfolio
that replicates the characteristics
of the index by investing in
representative issues. Those
characteristics can include
maturity, duration, sector, credit
quality and others.
"This is how stratified sampling
works in practice using duration -
which measures a security's price
sensitivity to changes in interest
rates - as an example. I manage
the duration of the fund and the
distribution of duration to
approximate the index. First, I
determine what percent of
securities in the index falls within
a duration of zero to one year, one
to two years and so on. After that, I
identify securities that will give
the fund the same duration
breakdown as the index. I repeat
that procedure for other security
characteristics including sector,
maturity, credit quality and
others. With the help of Fidelity's
quantitative research staff, I
choose securities that have the
characteristics I'm looking for and
that also offer the potential to
perform better than other
securities with similar
characteristics."
FUND FACTS
GOAL: to provide returns
consistent with those of the
Lehman Brothers Aggregate
Bond Index
START DATE: March 8, 1990
SIZE: as of August 31, 1998,
more than $1.0 billion
MANAGER: Thomas Silvia, since
July 1998; manager, other
Fidelity and Spartan bond
funds; joined Fidelity in 1985
(checkmark)
INVESTMENT CHANGES
QUALITY DIVERSIFICATION AS OF AUGUST 31, 1998
(MOODY'S RATINGS) % % OF FUND'S INVESTMENTS
O 6 MONTHS AGO
F
F
U
N
D
'
S
I
N
V
E
S
T
M
E
N
T
S
AAA 7 69.8
1
.
6
AA 0 1.5
.
4
A 8 7.9
.
2
BAA 1 11.4
2
.
6
BA 0 2.0
.
0
NOT RATED 0 0.0
.
3
TABLE EXCLUDES SHORT-TERM INVESTMENTS. WHERE MOODY'S RATINGS ARE NOT
AVAILABLE, WE HAVE USED S&P RATINGS. SECURITIES RATED AS "BA" OR BELOW
WERE RATED INVESTMENT GRADE BY OTHER NATIONALLY RECOGNIZED RATING
AGENCIES OR ASSIGNED AN INVESTMENT GRADE RATING AT THE TIME OF
ACQUISITION BY FIDELITY.
AVERAGE YEARS TO MATURITY AS OF AUGUST 31, 1998
6 MONTHS AGO
YEARS 7.6 7.5
AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY
DOLLAR AMOUNT.
DURATION AS OF AUGUST 31, 1998
6 MONTHS AGO
YEARS 4.4 4.5
DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH
A FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER
FACTORS ALSO CAN INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE.
ACCORDINGLY, A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THIS
EXAMPLE.
ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF AUGUST 31, 1998* AS OF FEBRUARY 28, 1998**
U.S. GOVERNMENT
AND AGENCY
OBLIGATIONS 42.0%
MORTGAGE-BACKED
SECURITIES 28.3%
CORPORATE BONDS 22.4%
FOREIGN GOVERNMENT
OBLIGATIONS 0.4%
OTHER 0.0%
SHORT-TERM
INVESTMENTS 6.9%
U.S. GOVERNMENT
AND AGENCY
OBLIGATIONS 41.2%
MORTGAGE-BACKED
SECURITIES 27.2%
CORPORATE BONDS 23.0%
FOREIGN GOVERNMENT
OBLIGATIONS 1.0%
OTHER 0.2%
SHORT-TERM
INVESTMENTS 7.4%
ROW: 1, COL: 1, VALUE: 41.4
ROW: 1, COL: 2, VALUE: 28.3
ROW: 1, COL: 3, VALUE: 22.4
ROW: 1, COL: 4, VALUE: 1.0
ROW: 1, COL: 5, VALUE: 0.0
ROW: 1, COL: 6, VALUE: 6.9
ROW: 1, COL: 1, VALUE: 40.6
ROW: 1, COL: 2, VALUE: 26.8
ROW: 1, COL: 3, VALUE: 22.6
ROW: 1, COL: 4, VALUE: 1.8
ROW: 1, COL: 5, VALUE: 1.0
ROW: 1, COL: 6, VALUE: 7.4
* FOREIGN
INVESTMENTS 4.9%
** FOREIGN
INVESTMENTS 4.1%
INVESTMENTS AUGUST 31, 1998 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
NONCONVERTIBLE BONDS - 22.4%
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
AEROSPACE & DEFENSE - 0.9%
DEFENSE ELECTRONICS - 0.9%
Raytheon Co.:
6.30%, 8/15/00 Baa $ 3,000,000 $ 3,026,010 755111AG
5.95%, 3/15/01 Baa 3,300,000 3,303,960 755111AH
6.45%, 8/15/04 Baa 3,470,000 3,519,899 755111AD
9,849,869
BASIC INDUSTRIES - 0.7%
CHEMICALS & PLASTICS - 0.7%
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Methanex Corp. yankee 8 7/8%, 11/15/01 A2 2,820,000 2,920,364
59151KAA
Praxair, Inc. 6.15%, 4/15/03 A3 5,100,000 5,103,213 74005PAG
8,023,577
CONSTRUCTION & REAL ESTATE - 0.7%
REAL ESTATE INVESTMENT TRUSTS - 0.7%
Centerpoint Properties Trust 6 3/4%, 4/1/05 Baa 1,210,000 1,216,716
151895AB
Equity Office Properties Trust 6.376%, 2/15/02 Baa 2,550,000
2,569,304 268766AZ
Weeks Realty L.P. 6 7/8%, 3/15/05 Baa 4,000,000 3,930,000 948571AA
7,716,020
DURABLES - 0.5%
TEXTILES & APPAREL - 0.5%
Levi Strauss & Co. 7%, 11/1/06 (b) Baa 5,000,000 4,937,500
52736RAC
ENERGY - 0.1%
OIL & GAS - 0.1%
Nationale Elf Aquitaine yankee
7 3/4%, 5/1/99 Aa3 250,000 253,525 833658AC
Occidental Petroleum Corp. 6.09%, 11/29/99 Baa 390,000 391,681
67461FFJ
645,206
FINANCE - 10.8%
ASSET-BACKED SECURITIES - 1.6%
Associates Manufactured Housing Contract
Pass-Through Certificates 7%, 3/15/27 Aaa 5,000,000 5,120,313
126342DV
BankAmerica Manufacturing Housing
Center Trust V 6.20%, 4/10/09 Aaa 2,390,000 2,408,672 06606TAE
Case Equipment Loan Trust 6.45%, 9/15/02 Aaa 1,000,000 1,014,680
147440AV
Green Tree Financial Corp. 6.45%, 5/15/27 Aaa 773,963 775,650
393505MB
NONCONVERTIBLE BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
FINANCE - CONTINUED
ASSET-BACKED SECURITIES - CONTINUED
Key Auto Finance Trust Class C
6.65%, 10/15/03 Baa $ 664,936 $ 670,339 493063AP
KeyCorp Auto Grantor Trust 5.80%, 7/15/00 A3 33,780 33,779
49326LAB
MBNA Master Credit Card Trust II Class A
6.55%, 1/15/07 Aaa 3,000,000 3,178,260 55262TCN
Olympic Automobile Receivables Trust
6 1/8%, 11/15/04 Aaa 978,739 982,409 68158PCM
Premier Auto Trust 6%, 5/6/00 Aaa 637,760 638,353 74046RCY
WFS Financial Owner Trust 6.90%, 12/20/03 Aaa 2,370,000 928951AR
2,402,588 928951AR
17,225,043
BANKS - 5.1%
Banco Latinoamericano Exportaciones SA euro
6.90%, 12/4/99 (b) Baa 1,000,000 995,625 05960CAW
BanPonce Corp. 6.488%, 3/3/00 A3 1,440,000 1,461,096 06670VAX
Barclays Bank PLC yankee:
5 7/8%, 7/15/00 A1 5,400,000 5,406,750 06738CAA
5.95%, 7/15/01 A1 5,950,000 5,976,537 06738CAB
Barnett Banks, Inc. 10 7/8%, 3/15/03 A1 1,020,000 1,221,532
06805LAA
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
Capital One Bank:
6.42%, 11/12/99 Baa 1,000,000 1,002,300 14040EDP
6 3/8%, 2/15/03 Baa 4,400,000 4,461,908 14040EDZ
Den Danske Bank 6 3/8%, 6/15/08 (b)(d) A1 7,770,000 7,815,455
248204AC
First Security Corp. 7 1/2%, 9/1/02 Baa 3,000,000 3,146,775
336294AF
First Tennessee National Corp.
6 3/4%, 11/15/05 Baa 1,000,000 1,055,630 337162AD
Firstar Corp. 7.15%, 9/1/00 A3 1,300,000 1,300,000 33761CAC
Fleet/Norstar Financial Group, Inc.
9.90%, 6/15/01 A3 1,390,000 1,531,502 339018AD
Kansallis-Osake-Pankki 10%, 5/1/02 A3 2,600,000 2,933,190 484610AB
Merita Bank Ltd. yankee 6 1/2%, 1/15/06 A3 2,100,000 2,076,627
589969AA
Midland American Capital Corp. gtd.
12 3/4%, 11/15/03 Aa3 330,000 334,257 597418AA
NCNB Corp. 10.20%, 7/15/15 A1 2,000,000 2,703,280 628855AN
Popular, Inc. 6.40%, 8/25/00 A3 2,540,000 2,562,352 73317PAB
Provident Bank 6 3/8%, 1/15/04 Baa 1,500,000 1,505,505 743838AJ
Providian National Bank 6 1/4%, 5/7/01 Baa 4,700,000 4,728,482
74406VAB
Union Planters Corp. 6 3/4%, 11/1/05 Baa 1,500,000 1,496,280
908068AF
53,715,083
NONCONVERTIBLE BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
FINANCE - CONTINUED
CREDIT & OTHER FINANCE - 2.4%
AT&T Capital Corp. 6 1/4%, 5/15/01 Baa $ 4,350,000 $ 4,365,747
00206HH6
Ahmanson Capital Trust I 8.36%, 12/1/26 (b) Baa 3,000,000 3,195,510
008682AA
Boatmens Auto Trust 6.35%, 10/15/01 A2 430,000 430,806 096647AD
Countrywide Funding Corp. 6.45%, 2/27/03 A3 4,000,000 4,054,000
22237LFD
Edison Mission Energy Funding Corp.
6.77%, 9/15/03 (b) Baa 3,093,924 3,173,840 281025AA
First Security Capital I 8.41%, 12/15/26 A3 3,000,000 3,362,460
33620VAE
Heller Financial, Inc. 6 1/2%, 5/15/00 A3 2,000,000 2,022,180
423328AW
MCN Investment Corp.:
5.84%, 2/1/99 Baa 1,460,000 1,459,387 55268KAA
6.03%, 2/1/01 Baa 1,940,000 1,957,285 55268KAB
Money Store, Inc. 7.30%, 12/1/02 A2 1,800,000 1,894,500 60934TAQ
Union Acceptance Corp. 7.075%, 7/10/02 Baa 124,683 125,345
902537AB
26,041,060
INSURANCE - 0.6%
Metropolitan Life Insurance Co.
6.30%, 11/1/03 (b) A1 3,560,000 3,556,262 592173AA
Nationwide Mutual Insurance Co.
6 1/2%, 2/15/04 (b) A1 2,690,000 2,728,225 638671AA
6,284,487
SAVINGS & LOANS - 0.6%
Home Savings of America Irwindale Calif.
FSB 6 1/2%, 8/15/04 A3 2,000,000 2,024,140 436904AW
Long Island Savings Bank:
FSB Melville NY 7%, 6/13/02 Baa 2,120,000 2,180,123 54270EAA
6.20%, 4/2/01 Baa 2,050,000 54270EAB 2,058,733 54270EAB
6,262,996
SECURITIES INDUSTRY - 0.5%
Amvescap PLC 6.375%, 5/15/03 A3 4,835,000 4,837,031 03235EAC
TOTAL FINANCE 114,365,700
INDUSTRIAL MACHINERY & EQUIPMENT - 0.3%
Tyco International Group SA yankee
6 3/8%, 6/15/05 Baa 2,920,000 2,902,480 902118AB
NONCONVERTIBLE BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
MEDIA & LEISURE - 1.8%
BROADCASTING - 1.5%
Hearst-Argyle Television, Inc. 7%, 11/15/07 Baa $ 5,000,000 $
5,039,000 422317AA
TCI Communications, Inc. 8.25%, 1/15/03 Baa 5,000,000 5,375,500
879240AS
Time Warner, Inc.:
7.95%, 2/1/00 Baa 2,400,000 2,458,776 887315AL
7.98%, 8/15/04 Baa 2,000,000 2,146,600 887315AV
8.18%, 8/15/07 Baa 1,000,000 1,084,910 887315AX
16,104,786
PUBLISHING - 0.3%
News America Holdings, Inc.:
8 5/8%, 2/1/03 Baa 1,000,000 1,079,660 652478AG
8 1/2%, 2/15/05 Baa 2,080,000 2,253,701 652478AJ
3,333,361
TOTAL MEDIA & LEISURE 19,438,147
NONDURABLES - 0.5%
TOBACCO - 0.5%
Philip Morris Companies, Inc.:
7 1/4%, 9/15/01 A2 2,400,000 2,463,960 718154CD
7%, 7/15/05 A2 2,500,000 2,566,125 718154CJ
5,030,085
RETAIL & WHOLESALE - 0.6%
GENERAL MERCHANDISE STORES - 0.6%
Federated Department Stores, Inc.:
8 1/8%, 10/15/02 Baa 4,000,000 4,228,080 31410HAF
6.79%, 7/15/27 Baa 1,800,000 1,842,246 31410HAJ
TOTAL RETAIL & WHOLESALE 6,070,326
TECHNOLOGY - 0.4%
COMPUTERS & OFFICE EQUIPMENT - 0.4%
Comdisco, Inc.:
6.55%, 2/4/00 Baa 1,500,000 1,519,035 20033REL
9.30%, 6/27/00 Baa 1,250,000 1,327,700 20033RBF
9 1/4%, 7/6/00 Baa 375,000 398,273 20033RBH
5 3/4%, 2/15/01 Baa 1,605,000 1,601,132 200336AN
4,846,140
NONCONVERTIBLE BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
TRANSPORTATION - 1.1%
AIR TRANSPORTATION - 0.4%
Continental Airlines Pass Through Trust
pass through certificate 7.42%, 10/1/08 Baa $ 1,472,300 $ 1,495,621
210805BF
Delta Air Lines, Inc. 9 7/8%, 5/15/00 Baa 3,000,000 3,178,560
247361AE
4,674,181
RAILROADS - 0.7%
CSX Corp. 6.46%, 6/22/05 Baa 2,000,000 2,031,680 12641LBP
Canadian National Railway Co.
6.90%, 7/15/28 Baa 2,400,000 2,235,168 136375BD
Wisconsin Central Transport Corp.
6 5/8%, 4/15/08 Baa 2,600,000 2,580,656 976592AA
6,847,504
TOTAL TRANSPORTATION 11,521,685
UTILITIES - 4.0%
CELLULAR - 1.0%
AirTouch Communications, Inc.:
6.35%, 6/1/05 Baa 3,000,000 2,994,270 00949TAE
6.65%, 5/1/08 Baa 2,000,000 1,989,080 00949TAD
Cable & Wireless Communications PLC
6 3/8%, 3/6/03 Baa 3,470,000 3,487,315 12682PAA
360 Degrees Communications Co.
7 1/8%, 3/1/03 Baa 2,000,000 2,087,680 885571AA
10,558,345
ELECTRIC UTILITY - 1.6%
Avon Energy Partners Holdings
6.73%, 12/11/02 (b) Baa 3,000,000 3,104,130 054042AA
British Columbia Hydro & Power Authority
yankee 12 1/2%, 1/15/14 Aa2 930,000 989,288 110601CB
DR Investment yankee 7.10%, 5/15/02 (b) Baa 1,200,000 1,204,256
23330WAA
Israel Electric Corp. 7.10%, 12/17/07 (b) A3 3,000,000 2,953,230
46507VAA
Massachusetts Electric Co. 6.78%, 11/20/06 A1 2,000,000 2,147,480
57564ECC
Philadelphia Electric Co. 5 5/8%, 11/1/01 Baa 6,460,000 6,386,356
717537DL
16,784,740
GAS - 1.0%
Columbia Gas System, Inc.:
6.39%, 11/28/00 A3 3,000,000 3,036,090 197648BY
6.61%, 11/28/02 A3 1,000,000 1,018,680 197648BZ
NONCONVERTIBLE BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
UTILITIES - CONTINUED
GAS - CONTINUED
Sonat, Inc. 9 1/2%, 8/15/99 A3 $ 3,238,000 $ 3,353,629 835415AB
Southwest Gas Corp. 9 3/4%, 6/15/02 Baa 3,020,000 3,360,988
844895AK
10,769,387
TELEPHONE SERVICES - 0.4%
WorldCom, Inc.:
9 3/8%, 1/15/04 Baa 1,891,000 1,976,152 98155KAD
8 7/8%, 1/15/06 Baa 2,014,000 2,183,961 98155KAE
4,160,113
TOTAL UTILITIES 42,272,585
TOTAL NONCONVERTIBLE BONDS
(Cost $236,256,996) 237,619,320
U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 42.0%
U.S. TREASURY OBLIGATIONS - 35.1%
5 5/8%, 11/30/99 Aaa 13,160,000 13,242,250 9128273P
8 1/2%, 2/15/00 Aaa 30,000,000 31,429,800 912827YN
5 3/4%, 10/31/00 Aaa 42,000,000 42,656,040 912827V6
5 3/8%, 2/15/01 Aaa 3,856,000 3,891,552 9128273W
12%, 5/15/05 Aaa 17,000,000 23,590,220 912810DQ
10 3/4%, 8/15/05 Aaa 35,450,000 47,048,886 912810DR
7%, 7/15/06 Aaa 28,000,000 31,377,360 912827Y5
12 3/4%, 11/15/10 (callable) Aaa 5,150,000 7,455,449 912810CS
9 7/8%, 11/15/15 Aaa 18,300,000 27,404,250 912810DT
8 7/8%, 8/15/17 Aaa 48,885,000 68,584,188 912810DZ
9%, 11/15/18 Aaa 19,855,000 28,404,960 912810EB
7 1/4%, 2/15/23 Aaa 38,900,000 47,603,875 912810EP
372,688,830
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9%
Fannie Mae:
7.40%, 7/1/04 Aaa 2,700,000 2,955,231 31359CAT
7.49%, 3/2/05 . Aaa 1,050,000 1,160,901 31364BAL
7.65%, 3/10/05 Aaa 2,000,000 2,236,240 31359CBH
5 3/4%, 6/15/05 Aaa 4,100,000 4,158,917 31359MDW
6%, 5/15/08 Aaa 4,635,000 4,762,463 31359MDU
U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS - CONTINUED
Federal Agricultural Mortgage Corporation:
7.44%, 5/25/00 Aaa $ 500,000 $ 517,500 31315HAQ
6.92%, 8/10/02 Aaa 1,040,000 1,097,200 31315HDV
Series 1993-D, 5.23%, 5/15/05 Aaa 540,000 533,925 400907AD
Series 1994-C, 6.61%, 9/15/99 Aaa 81,930 82,249 400907AJ
Federal Farm Credit Bank 5.97%, 3/11/05 Aaa 5,000,000 5,132,050
31331RRQ
Federal Home Loan Bank:
7.31%, 6/16/04 Aaa 2,040,000 2,216,276 313390KE
7.38%, 8/5/04 Aaa 460,000 503,626 313390TB
Freddie Mac 8%, 1/26/05 Aaa 1,000,000 1,132,500 3134002S
Government Loan Trusts (assets of Trust guaranteed
by U.S. Government through Agency for
International Development) 8 1/2%, 4/1/06 Aaa 2,705,000 3,012,018
38373PAB
Government Trust Certificates (assets of Trust
guaranteed by U.S. Government through
Defense Security Assistance Agency):
Class 1-C, 9 1/4%, 11/15/01 Aaa 562,247 595,532 383752CF
Class 2-E, 9.40%, 5/15/02 Aaa 1,442,612 1,522,821 383752DP
Class T-3, 9 5/8%, 5/15/02 Aaa 1,910,260 2,015,324 383665BD
Guaranteed Export Trust Certificates
(assets of Trust guaranteed by U.S.
Government through Export-Import Bank):
Series 1993-C, 5.20%, 10/15/04 Aaa 1,174,444 1,161,232 400907AC
Series 1995-A, 6.28%, 6/15/04 Aaa 9,571,765 9,745,014 40074PAA
Series 1995-B, 6.13%, 6/15/04 Aaa 12,000,000 12,168,000 40074PAB
Guaranteed Trade Trust Certificates
(assets of Trust guaranteed by U.S.
Government through Export-Import Bank)
Series 1997-A, 6.104%, 7/15/03 Aaa 4,166,667 4,221,667 400757AF
Overseas Private Investment Corp. (U.S.
Government guaranteed participation certificate)
Series 1994-195, 6.08%, 8/15/04 (callable) Aaa 1,462,800 1,494,294
690353AR
Series 1994-196, 5.926%, 6/15/05 - 3,000,000 3,055,140 690353CM
Private Export Funding Corp. secured:
5.65%, 3/15/03 Aaa 1,593,000 1,602,956 742651BU
5.48%, 9/15/03 Aaa 1,787,500 1,782,473 742651BV
5.80%, 2/1/04 Aaa 1,900,000 1,930,476 742651BW
6.86%, 4/30/04 Aaa 819,000 845,618 742651BY
U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS - CONTINUED
U.S. Department of Housing and Urban Development
Government guaranteed participation certificates
Series 1995-A, 8.27%, 8/1/03 Aaa $ 1,000,000 $ 1,115,450 911759AJ
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 72,757,093
TOTAL U.S. GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS
(Cost $426,589,027) 445,445,923
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES - 26.0%
FANNIE MAE - 13.9%
5 1/2%, 9/1/00 to 4/1/11 Aaa 11,579,631 11,469,326 313615T9
6%, 1/1/01 to 4/1/28 Aaa 28,557,457 28,481,689 31372FG8
6 1/2%, 11/1/08 to 4/1/28 Aaa 55,510,000 55,972,578 31371GHC
7%, 12/1/11 to 9/1/28 Aaa 32,129,995 32,739,351 31370W9E
7 1/2%, 11/1/07 to 4/1/28 Aaa 5,854,336 6,010,128 31368STA
8%, 9/1/28 Aaa 5,822,000 6,031,228 31370S9T
8 1/2%, 6/1/17 to 7/1/24 Aaa 1,995,810 2,084,227 31373BT6
9 1/2%, 12/1/09 to 9/1/21 Aaa 3,169,059 3,415,182 31375QNM
10 3/4%, 9/1/10 to 5/1/14 Aaa 235,723 261,749 31360VY7
11 1/4%, 5/1/14 Aaa 36,527 41,308 31360JG8
11 1/2%, 8/1/14 Aaa 129,445 146,329 31361BMX
12 1/2%, 1/1/15 Aaa 41,212 47,730 31360TLT
13%, 12/1/14 to 1/1/15 Aaa 103,204 123,522 31360NUQ
13 1/2%, 8/1/14 to 11/1/14 Aaa 34,448 41,639 31360MFT
14%, 3/1/12 to 9/1/13 Aaa 120,645 313605KV 143,971 313605KV
147,009,957
FREDDIE MAC - 1.9%
6 1/2%, 10/1/07 Aaa 618,143 625,523 31294JFD
7%, 6/1/99 to 7/1/26 Aaa 1,530,123 1,540,796 31335SG5
7 1/2%, 10/1/27 to 4/1/28 Aaa 8,343,699 8,570,482 31292GUW
8%, 7/1/16 to 2/1/28 Aaa 3,430,646 3,550,366 3128FWD9
8 1/2%, 9/1/19 Aaa 21,728 22,905 31347WD9
9%, 11/1/01 to 10/1/16 Aaa 411,019 430,918 31295VFW
9 1/2%, 10/1/08 to 2/1/10 Aaa 873,109 929,941 31340MYC
10%, 6/1/20 Aaa 99,821 109,428 313959TD
10 1/2%, 1/1/01 to 2/1/19 Aaa 486,098 533,116 31343FBK
11%, 1/1/06 to 9/1/20 Aaa 2,397,436 2,691,356 31340V6P
U.S. GOVERNMENT AGENCY - MORTGAGE-BACKED SECURITIES - CONTINUED
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
FREDDIE MAC - CONTINUED
11 1/2%, 8/1/13 to 10/1/15 Aaa $ 157,249 $ 177,595 31340AXS
11 3/4%, 9/1/13 Aaa 71,189 80,916 31340AHS
12%, 2/1/13 to 7/1/15 Aaa 50,361 57,946 313401MA
12 3/4%, 8/1/12 to 10/1/13 Aaa 139,828 163,417 31340QJ3
13 1/2%, 1/1/23 Aaa 302,837 31290KVV 362,163 31290KVV
19,846,868
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 10.2%
6%, 12/15/08 to 4/15/09 Aaa 2,001,678 2,017,870 36203CMD
6 1/2%, 11/15/23 to 6/15/24 Aaa 6,790,193 6,856,759 36204NMT
7%, 12/15/22 to 9/15/28 Aaa 27,416,574 27,985,389 36207RYM
7 1/2%, 2/15/17 to 4/15/28 Aaa 41,048,123 42,277,793 36206AQK
8%, 11/15/16 to 8/15/27 Aaa 13,581,656 14,096,203 36223SKL
9%, 7/15/18 Aaa 23,271 25,014 36219EUJ
9 1/2%, 1/15/18 to 11/15/24 Aaa 3,623,351 3,915,329 362181LE
10%, 6/15/13 to 9/15/25 Aaa 3,454,189 3,796,026 3621492H
10 1/2%, 5/15/16 to 1/15/18 Aaa 2,238,340 2,466,229 36202BAJ
11%, 2/15/10 to 8/15/19 Aaa 3,529,743 3,969,214 36215TGM
11 1/2%, 2/15/13 to 8/15/13 Aaa 1,846 2,091 362094QY
12%, 2/15/16 Aaa 985,367 36225AN2 1,135,901 36225AN2
108,543,818
TOTAL U.S. GOVERNMENT AGENCY -
MORTGAGE-BACKED SECURITIES
(Cost $271,558,540) 275,400,643
COMMERCIAL MORTGAGE SECURITIES - 2.3%
Allied Capital Commercial Mortgage Trust
sequential pay Series 1998-1
Class A, 6.31%, 5/25/03 (b) Aaa 4,380,042 4,388,597 019041AA
Equitable Life Assurance Society of the United
States (The) sequential pay Series 174
Class A1, 7.24%, 5/15/06 (b) Aaa 16,000,000 17,152,320 29452PAE
GS Mortgage Securities Corp. II Series 1997-GL
Class A2-B, 6.86%, 7/13/30 Aaa 3,000,000 3,138,450 36228CAL
Oregon Commercial Mortgage, Inc. Series 1995-1
Class A, 7.15%, 6/25/26 (b)(d) Aaa 92,214 685837AA 92,214
685837AA
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $24,412,795) 24,771,581
FOREIGN GOVERNMENT OBLIGATIONS (C) - 0.4%
MOODY'S PRINCIPAL VALUE
RATINGS (A) AMOUNT (NOTE 1)
Canadian Government 6 1/8%, 7/15/02 Aa2 $ 3,000,000 $ 3,079,500
135087WG
Manitoba Province yankee:
7.93%, 2/15/00 A1 850,000 878,352 56346QAA
8%, 4/15/02 A1 710,000 760,453 563469DB
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $4,677,873) 4,718,305
CASH EQUIVALENTS - 6.9%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Government Obligations) in a joint
trading account at 5.86%, dated
8/31/98 due 9/1/98 $ 72,990,872 72,979,000 65699UUS
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,036,474,231) $ 1,060,934,772
LEGEND
(a) Standard & Poor's credit ratings are used in the absence of a
rating by Moody's Investors Service, Inc.
(b) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
At the period end, the value of these securities amounted to
$55,297,164 or 5.2% of net assets.
(c) For foreign government obligations not individually rated by S&P
or Moody's, the ratings listed are assigned to securities by FMR, the
fund's investment adviser, based principally on S&P and Moody's
ratings of the sovereign credit of the issuing government.
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total
value of investment in securities, is as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 80.2% AAA, AA, A 76.2%
Baa 12.6% BBB 14.3%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca,C 0.0% CC, C 0.0%
D 0.0%
</TABLE>
For some foreign government obligations, FMR has assigned the ratings
of the sovereign credit of the issuing government. The percentage not
rated by Moody's or S&P amounted to 0.3%.
INCOME TAX INFORMATION
At August 31, 1998, the aggregate cost of investment securities for
income tax purposes was $1,036,483,314. Net unrealized appreciation
aggregated $24,451,458, of which $26,957,890 related to appreciated
investment securities and $2,506,432 related to depreciated investment
securities.
At February 28, 1998, the fund had a capital loss carryforward of
approximately $10,222,000 of which $4,314,000, $3,769,000 and
$2,139,000 will expire on February 28, 2003, February 29, 2004, and
February 28, 2005, respectively.
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
AUGUST 31, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE $ 1,060,934,772
AGREEMENTS OF $72,979,000) (COST $1,036,474,231) -
SEE ACCOMPANYING SCHEDULE
CASH 78,255
RECEIVABLE FOR INVESTMENTS SOLD 22,728,538
RECEIVABLE FOR FUND SHARES SOLD 13,560,105
INTEREST RECEIVABLE 10,177,683
TOTAL ASSETS 1,107,479,353
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 39,961,036
PAYABLE FOR FUND SHARES REDEEMED 5,359,262
DISTRIBUTIONS PAYABLE 221,208
ACCRUED MANAGEMENT FEE 70,871
OTHER PAYABLES AND ACCRUED EXPENSES 275,950
TOTAL LIABILITIES 45,888,327
NET ASSETS $ 1,061,591,026
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,044,382,500
UNDISTRIBUTED NET INVESTMENT INCOME 448,519
ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) (7,700,534)
ON INVESTMENTS
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 24,460,541
NET ASSETS, FOR 96,920,363 SHARES OUTSTANDING $ 1,061,591,026
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER $10.95
SHARE ($1,061,591,026 (DIVIDED BY) 96,920,363 SHARES)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED AUGUST 31, 1998 (UNAUDITED)
INVESTMENT INCOME $ 32,663,743
INTEREST
EXPENSES
MANAGEMENT FEE $ 1,498,872
TRANSFER AGENT FEES 870,940
ACCOUNTING FEES AND EXPENSES 145,412
NON-INTERESTED TRUSTEES' COMPENSATION 3,509
CUSTODIAN FEES AND EXPENSES 33,824
REGISTRATION FEES 130,851
AUDIT 18,404
LEGAL 2,688
TOTAL EXPENSES BEFORE REDUCTIONS 2,704,500
EXPENSE REDUCTIONS (1,236,692) 1,467,808
NET INVESTMENT INCOME 31,195,935
REALIZED AND UNREALIZED GAIN (LOSS) 3,357,684
NET REALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON 10,244,384
INVESTMENT SECURITIES
NET GAIN (LOSS) 13,602,068
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 44,798,003
FROM OPERATIONS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
AUGUST 31, 1998 FEBRUARY 28,
(UNAUDITED) 1998
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 31,195,935 $ 44,140,856
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS) 3,357,684 1,098,669
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) 10,244,384 16,816,828
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 44,798,003 62,056,353
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (30,744,444) (43,795,995)
SHARE TRANSACTIONS 371,819,907 449,415,394
NET PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS 28,973,508 40,059,028
COST OF SHARES REDEEMED (168,332,238) (261,038,455)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 232,461,177 228,435,967
FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 246,514,736 246,696,325
NET ASSETS
BEGINNING OF PERIOD 815,076,290 568,379,965
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT $ 1,061,591,026 $ 815,076,290
INCOME OF $448,519 AND DISTRIBUTIONS IN EXCESS OF
NET INVESTMENT INCOME OF $2,972, RESPECTIVELY)
OTHER INFORMATION
SHARES
SOLD 34,343,523 41,971,450
ISSUED IN REINVESTMENT OF DISTRIBUTIONS 2,674,976 3,766,217
REDEEMED (15,558,604) (24,486,211)
NET INCREASE (DECREASE) 21,459,895 21,251,456
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED YEAR ENDED YEARS ENDED
AUGUST 31, 1998 FEBRUARY 28, FEBRUARY 29, FEBRUARY 28,
(UNAUDITED) 1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 10.800 $ 10.480 $ 10.710 $ 10.250 $ 10.830 $ 11.070
BEGINNING OF PERIOD
INCOME FROM INVESTMENT .359 D .738 D .739 D .755 .718 .697
OPERATIONS
NET INVESTMENT INCOME
NET REALIZED AND .146 .316 (.235) .460 (.542) (.110)
UNREALIZED GAIN
(LOSS)
TOTAL FROM INVESTMENT .505 1.054 .504 1.215 .176 .587
OPERATIONS
LESS DISTRIBUTIONS
FROM NET INVESTMENT (.355) (.734) (.734) (.755) (.756) (.727)
INCOME
FROM NET REALIZED - - - - - (.070)
GAIN
IN EXCESS OF NET - - - - - (.030)
REALIZED GAIN
TOTAL DISTRIBUTIONS (.355) (.734) (.734) (.755) (.756) (.827)
NET ASSET VALUE, END $ 10.950 $ 10.800 $ 10.480 $ 10.710 $ 10.250 $ 10.830
OF PERIOD
TOTAL RETURN B, C 4.76% 10.41% 4.93% 12.13% 1.90% 5.38%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF $ 1,061,591 $ 815,076 $ 568,380 $ 475,646 $ 354,682 $ 288,504
PERIOD (000 OMITTED)
RATIO OF EXPENSES TO .32% A, E .32% E .32% E .32% E .32% E .32% E
AVERAGE NET ASSETS
RATIO OF EXPENSES TO .31% A, F .31% F .31% F .31% F .32% .32%
AVERAGE NET ASSETS
AFTER EXPENSE
REDUCTIONS
RATIO OF NET INVESTMENT 6.61% A 6.98% 7.05% 7.11% 7.58% 6.93%
INCOME TO AVERAGE
NET ASSETS
PORTFOLIO TURNOVER RATE 131% A 97% 65% 128% 73% 160%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended August 31, 1998 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity U.S. Bond Index Fund (the fund) is a fund of Fidelity Concord
Street Trust (the trust) and is authorized to issue an unlimited
number of shares. The trust is registered under the Investment Company
Act of 1940, as amended, as an open-end management investment company
organized as a Massachusetts business trust. The financial statements
have been prepared in conformity with generally accepted accounting
principles which require management to make certain estimates and
assumptions at the date of the financial statements. The following
summarizes the significant accounting policies of the fund:
SECURITY VALUATION. Securities are valued based upon a computerized
matrix system and/or appraisals by a pricing service, both of which
consider market transactions and dealer-supplied valuations.
Securities (including restricted securities) for which market
quotations are not readily available are valued at their fair value as
determined in good faith under consistently applied procedures under
the general supervision of the Board of Trustees. Short-term
securities with remaining maturities of sixty days or less for which
quotations are not readily available are valued at amortized cost or
original cost plus accrued interest, both of which approximate current
value.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
income taxes to the extent that it distributes substantially all of
its
taxable income for its fiscal year. The schedule of investments
includes information regarding income taxes under the caption "Income
Tax Information."
INVESTMENT INCOME. Interest income, which includes accretion of
original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are declared daily and
paid monthly from net investment income. Distributions from realized
gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for paydown gains/losses on certain securities, market
discount, capital loss carryforwards and losses deferred due to wash
sales and excise tax regulations.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income and accumulated undistributed net
realized gain (loss) on investments may include temporary book and tax
basis differences that will reverse in a subsequent period. Any
taxable income or gain remaining at fiscal year end is distributed in
the following year.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other
affiliated entities of Fidelity Management & Research Company (FMR),
may transfer uninvested cash balances into one or more joint trading
accounts. These balances are invested in one or more repurchase
agreements for U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
DELAYED DELIVERY TRANSACTIONS. The fund may purchase or sell
securities on a delayed delivery basis. Payment and delivery may take
place a month or more
after the date of the transaction. The price of the underlying
securities and the date when the securities will be delivered and paid
for are fixed at the time the transaction is negotiated. The fund may
receive compensation for interest forgone in the purchase of a delayed
delivery security. With respect to purchase commitments, the fund
identifies securities as segregated in its custodial records with a
value at least equal to the amount of the commitment. Losses may arise
due to changes in the market value of the underlying securities or if
the counterparty does not perform under the contract.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
At the end of the period, the fund had no investments in restricted
securities (excluding 144A issues).
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $776,113,199 and $606,246,423, respectively, of which U.S.
government and government agency obligations aggregated $641,928,096
and $503,660,547, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a fee
that is computed daily at an annual rate of .32% of the fund's average
net assets.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc. (FIIOC), an affiliate of FMR, is the fund's transfer,
dividend disbursing and shareholder servicing agent. FIIOC receives
account fees and asset-based fees that vary according to account size
and type of account. FIIOC pays for typesetting, printing and mailing
of all shareholder reports, except proxy statements. For the period,
the transfer agent fees were equivalent to an annualized rate of .18%
of average net assets.
ACCOUNTING FEES. Fidelity Service Company, Inc., an affiliate of FMR,
maintains the fund's accounting records. The fee is based on the level
of average net assets for the month plus out-of-pocket expenses.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above an annual rate of .32% of average net assets. For the
period, the reimbursement reduced the expenses by $1,195,089.
In addition, the fund has entered into arrangements with its custodian
and transfer agent whereby credits realized as a result of uninvested
cash balances
were used to reduce a portion of the fund's expenses. During the
period, the fund's custodian and transfer agent fees were reduced by
$2,531 and $39,072, respectively, under these arrangements.
6. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of
approximately 13% of the total outstanding shares of the fund.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, PRESIDENT
Robert C. Pozen, SENIOR VICE PRESIDENT
Fred L. Henning, Jr., VICE PRESIDENT
Dwight D. Churchill, VICE PRESIDENT
Eric D. Roiter, SECRETARY
Richard A. Silver, TREASURER
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
* INDEPENDENT TRUSTEES
UBI-SANN-1098 62238
1.536707.101
TRANSFER AND SHAREHOLDER SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
CUSTODIAN
The Bank of New York
New York, NY
(FIDELITY_LOGO_GRAPHIC) (REGISTERED TRADEMARK)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
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