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Previous: FEDERATED INDEX TRUST, NSAR-B, EX-99, 2000-12-29 |
Next: FEDERATED INDEX TRUST, 497J, 2000-12-29 |
FEDERATED World-Class Investment Manager®
A Portfolio of Federated Index Trust
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A mutual fund seeking to provide investment results that correspond to the aggregate price and dividend performance of publicly traded common stocks by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index. The Fund is neither sponsored by nor affiliated with Standard & Poor's.
As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
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Risk/Return Summary | 1 | |
What are the Fund's Fees and Expenses? | 3 | |
What are the Fund's Investment Strategies? | 4 | |
What are the Principal Securities in Which the Fund Invests? | 4 | |
What are the Specific Risks of Investing in the Fund? | 5 | |
What do Shares Cost? | 5 | |
How is the Fund Sold? | 6 | |
How to Purchase Shares | 6 | |
How to Redeem Shares | 8 | |
Account and Share Information | 10 | |
Who Manages the Fund? | 11 | |
Financial Information | 12 | |
Report of Ernst & Young LLP, Independent Auditors | 37 |
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The Fund's investment objective is to provide investment results that correspond to the aggregate price and dividend performance of publicly-traded common stocks, by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index (Index). While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this prospectus.
The Fund invests at least 80% of its assets in the large capitalization common stocks comprising the Index.
All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:
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The Shares offered by this prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.
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[Graphic Representation Omitted--See Appendix]
The bar chart shows the variability of the Fund's Institutional Shares total returns on a calendar year-end basis.
The Fund's Institutional Shares are sold without a sales charge (load). The total returns displayed above are based upon net asset value.
The Fund's Institutional Shares total return for the nine-month period from January 1, 2000 to September 30, 2000 was (1.82%).
Within the period shown in the chart, the Fund's Institutional Shares highest quarterly return was 21.22% (quarter ended December 31, 1998). Its lowest quarterly return was (9.97%) (quarter ended September 30, 1998).
The following table represents the Fund's Institutional Shares Average Annual Total Returns for the calendar period ended December 31, 1999. The table shows the Fund's Institutional Shares total returns averaged over a period of years relative to the Standard & Poor's 500 Index, a broad based market index. Total returns for the index shown do not reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. Index is unmanaged, and it is not possible to invest directly in an index.
Calendar Period | Fund | S&P 500 | ||
1 Year | 20.42% | 21.05% | ||
5 Years | 28.01% | 28.56% | ||
Start of Performance1 | 18.61% | 18.81% |
1 The Fund's Institutional Shares start of performance date was July 11, 1990.
Past performance is no guarantee of future results. This information provides you with historical performance information so that you can analyze whether the Fund's investment risks are balanced by its potential returns.
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This table describes the fees and expenses that you may pay if you buy and hold the Fund's Institutional Shares.
Shareholder Fees | ||
Fees Paid Directly From Your Investment | ||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None | |
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None | |
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None | |
Redemption Fee (as a percentage of amount redeemed, if applicable) | None | |
Exchange Fee | None | |
Annual Fund Operating Expenses (Before Waivers)1 | ||
Expenses That are Deducted From Fund Assets (as a percentage of average net assets) | ||
Management Fee2 | 0.30% | |
Distribution (12b-1) Fee | None | |
Shareholder Services Fee3 | 0.25% | |
Other Expenses | 0.04% | |
Total Annual Fund Operating Expenses | 0.59% | |
1 Although not contractually obligated to do so, the manager and shareholder services provider waived certain amounts. These are shown below along with the net expenses the Fund actually paid for the fiscal year ended October 31, 2000. | ||
Total Waivers of Fund Expenses | 0.25% | |
Total Actual Annual Fund Operating Expenses (after waivers) | 0.34% | |
2 The manager voluntarily waived a portion of the management fee. The manager can terminate this voluntary waiver at any time. The management fee paid by the Fund (after the voluntary waiver, which amounted to less than 0.01%) was 0.30% for the fiscal year ended October 31, 2000. | ||
3 The shareholder services fee has been voluntarily waived. This voluntary waiver can be terminated at any time. The shareholder services fee paid by the Fund's Institutional Shares (after the voluntary waiver) was 0.00% for the fiscal year ended October 31, 2000. |
This Example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund's Institutional Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's Institutional Shares operating expenses are before waivers as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
1 Year | $ | 60 | |
3 Years | $ | 189 | |
5 Years | $ | 329 | |
10 Years | $ | 738 |
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The Fund pursues its investment objective by investing in the stocks of the Index in the same weights as the Index. This is called a "full replication" strategy. Market capitalization is determined by multiplying the number of outstanding shares by the current market price per share. As of September 30, 2000, the capitalization range of the issuers comprising the Index was $397 million to $571,382 million. As of the same date, the weighted median market capitalization of the Fund was $81,563 million. The Fund purchases Index futures contracts in order to more closely track the performance of the Index, while maintaining cash equivalent positions as necessary for the Fund's operations.
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Equity securities represent a share of an issuer's earnings and assets, after the issuer pays its liabilities. The Fund cannot predict the income it will receive from equity securities because issuers generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value increases directly with the value of the issuer's business. The following describes the types of equity securities in which the Fund may invest.
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Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.
Stock index futures provide for the future sale by one party and purchase by another party of a specified amount of an index at a price, date, and time specified when the contract is made. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Futures are considered to be commodity contracts.
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The value of equity securities in the Fund's portfolio will rise and fall. These fluctuations could be a sustained trend or a drastic movement. The Fund's portfolio will reflect changes in prices of individual portfolio stocks or general changes in stock valuations. Consequently, the Fund's share price may decline. The Fund's investment in stock index futures will be subject to the same risk.
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Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As the Manager allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business or other developments which generally affect that sector.
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You can purchase or redeem Shares any day the New York Stock Exchange (NYSE) is open. When the Fund receives your transaction request in proper form (as described in this prospectus) it is processed at the next calculated net asset value (NAV). The Fund does not charge a front-end sales charge. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open.
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The Fund generally values equity securities according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market).
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Futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option.
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The required minimum initial investment for Fund Shares is $25,000. There is no required minimum subsequent investment amount.
An account may be opened with a smaller amount as long as the $25,000 minimum is reached within 90 days. An institutional investor's minimum investment is calculated by combining all accounts it maintains with the Fund. Accounts established through investment professionals may be subject to a smaller minimum investment amount. Keep in mind that investment professionals may charge you fees for their services in connection with your Share transactions.
The Fund offers three share classes: Institutional Shares, Institutional Service Shares, and Class C Shares, each representing interests in a single portfolio of securities. This prospectus relates only to Institutional Shares. Each share class has different expenses, which affect their performance. Contact your investment professional or call 1-800-341-7400 for more information concerning the other classes.
The Fund's Distributor, Federated Securities Corp., markets the Shares described in this prospectus to institutions acting on behalf of their customers or to individuals, directly or through investment professionals.
The Distributor and its affiliates may pay out of their assets other amounts (including items of material value) to investment professionals for marketing and servicing Shares. The Distributor is a subsidiary of Federated Investors, Inc. (Federated).
You may purchase Shares through an investment professional or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares.
Investment professionals should send payments according to the instructions in the sections "By Wire" or "By Check."
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In order to maximize the Fund's ability to track the Index, investors are urged to transmit purchase requests prior to 2:00 p.m. (eastern time).
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You will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or Federated Shareholder Services Company, the Fund's transfer agent.
An institution may establish an account and place an order by calling the Fund and the Shares will be priced at the next calculated NAV after the Fund receives the order.
Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer Number or Group Number
Nominee/Institution Name
Fund Name and Number and Account Number
You cannot purchase Shares by wire on holidays when wire transfers are restricted.
Make your check payable to The Federated Funds, note your account number on the check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
If you send your check by a private courier or overnight delivery service that requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will not accept third-party checks (checks originally payable to someone other than you or The Federated Funds).
Once you have opened an account, you may purchase additional Shares through a depository institution that is an ACH member. This purchase option can be established by completing the appropriate sections of the New Account Form.
You should redeem Shares:
Submit your redemption request to your investment professional by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after the Fund receives the order from your investment professional.
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You may redeem Shares by simply calling the Fund at 1-800-341-7400. If you call before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) you will receive a redemption amount based on that day's NAV.
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You may redeem Shares by mailing a written request to the Fund.
You will receive a redemption amount based on the next calculated NAV after the Fund receives your written request in proper form.
Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
All requests must include:
Call your investment professional or the Fund if you need special instructions.
Signatures must be guaranteed if:
A signature guarantee is designed to protect your account from fraud. Obtain a signature guarantee from a bank or trust company, savings association, credit union or broker, dealer, or securities exchange member. A notary public cannot provide a signature guarantee.
Your redemption proceeds will be mailed by check to your address of record. The following payment options are available if you complete the appropriate section of the New Account Form or an Account Service Options Form. These payment options require a signature guarantee if they were not established when the account was opened:
Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by a distribution of the Fund's portfolio securities.
Redemption proceeds normally are wired or mailed within one business day after receiving a request in proper form. Payment may be delayed up to seven days:
You will not accrue interest or dividends on uncashed checks from the Fund if those checks are undeliverable and returned to the Fund.
The Fund will record your telephone instructions. If the Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.
The Fund no longer issues share certificates. If you are redeeming Shares represented by certificates previously issued by the Fund, you must return the certificates with your written redemption request. For your protection, send your certificates by registered or certified mail, but do not endorse them.
You will receive confirmation of purchases and redemptions. In addition, you will receive periodic statements reporting all account activity, including dividends and capital gains paid.
The Fund declares and pays any dividends quarterly to shareholders. Dividends are paid to all shareholders invested in the Fund on the record date. The record date is the date on which a shareholder must officially own Shares in order to earn a dividend.
In addition, the Fund pays any capital gains at least annually. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments.
If you purchase Shares just before a Fund declares a dividend or capital gain distribution, you will pay the full price for the Shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in Shares. Therefore, you should consider the tax implications of purchasing Shares shortly before the Fund declares a dividend or capital gain. Contact your investment professional or the Fund for information concerning when dividends and capital gains will be paid.
Due to the high cost of maintaining accounts with low balances, accounts may be closed if redemptions cause the account balance to fall below the minimum initial investment amount. Before an account is closed, you will be notified and allowed 30 days to purchase additional Shares to meet the minimum.
The Fund sends an annual statement of your account activity to assist you in completing your federal, state and local tax returns. Fund distributions of dividends and capital gains are taxable to you whether paid in cash or reinvested in the Fund. Dividends are taxable as ordinary income; capital gains are taxable at different rates depending upon the length of time the Fund holds its assets.
Fund distributions are expected to be both dividends and capital gains. Redemptions are taxable sales. Please consult your tax adviser regarding your federal, state, and local tax liability.
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The Board of Trustees governs the Fund. The Board selects and oversees the Manager, Federated Investment Management Company. The Manager, in turn, oversees the management of the Fund's assets by the Sub-Manager, Northern Trust Quantitative Advisors, Inc. The Manager's responsibilities include selecting the Sub-Manager and continued review and evaluation of the Sub-Manager's performance. The Manager's address is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.
The Manager has delegated daily management of the Fund's assets to the Sub-Manager, who is paid by the Manager and not by the Fund, based on net assets under management. The Sub-Manager develops, maintains and runs the computer program designed to determine which securities are purchased and sold to replicate the composition of the Index. The Sub-Manager has complete discretion, subject to the Manager's oversight, to purchase and sell portfolio securities for the Fund. The Sub-Manager's address is 50 South LaSalle Street, Chicago, IL 60675. The Sub-Manager is a subsidiary of Northern Trust Company and is an investment manager primarily to corporate defined benefit and defined contribution plans as well as public pension funds, insurance companies and tax-exempt foundations and endowments. These plans had as of September 30, 2000, placed approximately $72.6 billion in assets with the Sub-Manager. Since 1973, the Sub-Manager has developed and managed a family of equity and bond index funds in which some 681 nationwide non-financial institution clients invest. In total, the Sub-Manager manages 77 commingled/common trust funds. The Northern Trust Company is a subsidiary of Northern Trust Corporation, a bank holding company with subsidiaries located across the United States and in several other countries. As of September 30, 2000, total assets of Northern Trust Corporation were $34.8 billion and subsidiaries of Northern Trust Corporation held trust assets under administration of $1.7 trillion.
The Manager and other subsidiaries of Federated advise approximately 176 mutual funds and separate accounts, which totaled approximately $125 billion in assets as of December 31, 1999. Federated was established in 1955 and is one of the largest mutual fund investment managers in the United States with approximately 1,900 employees. More than 4,000 investment professionals make Federated Funds available to their customers.
The Manager receives an annual investment management fee of 0.30% of the Fund's average daily net assets. The Manager may voluntarily waive a portion of its fee or reimburse the Fund for certain operating expenses.
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The following Financial Highlights will help you understand the Fund's financial performance for its past five fiscal years. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of any dividends and capital gains.
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This information has been audited by Ernst & Young LLP, whose report, along with the Fund's audited financial statements, is included in this prospectus.
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(For a Share Outstanding Throughout Each Period)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on page 37.
Year Ended October 31 | 2000 | 1999 | 1998 | 1997 | 1996 | ||||||||||
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Net Asset Value, Beginning of Period | $28.09 | $22.91 | $19.70 | $15.49 | $14.74 | ||||||||||
Income From Investment Operations: | |||||||||||||||
Net investment income | 0.29 | 0.31 | 0.31 | 0.31 | 0.34 | ||||||||||
Net realized and unrealized gain on investment and futures contracts | 1.23 | 5.38 | 3.83 | 4.47 | 2.80 | ||||||||||
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TOTAL FROM INVESTMENT OPERATIONS | 1.52 | 5.69 | 4.14 | 4.78 | 3.14 | ||||||||||
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Less Distributions: | |||||||||||||||
Distributions from net investment income | (0.28 | ) | (0.29 | ) | (0.31 | ) | (0.33 | ) | (0.36 | ) | |||||
Distributions from net realized gain on investments and futures contracts | (0.25 | ) | (0.22 | ) | (0.62 | ) | (0.24 | ) | (2.03 | ) | |||||
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TOTAL DISTRIBUTIONS | (0.53 | ) | (0.51 | ) | (0.93 | ) | (0.57 | ) | (2.39 | ) | |||||
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Net Asset Value, End of Period | $29.08 | $28.09 | $22.91 | $19.70 | $15.49 | ||||||||||
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Total Return1 | 5.40 | % | 25.11 | % | 21.56 | % | 31.51 | % | 23.71 | % | |||||
Ratios to Average Net Assets: | |||||||||||||||
Expenses | 0.34 | % | 0.32 | % | 0.31 | % | 0.31 | % | 0.31 | % | |||||
Net investment income | 0.98 | % | 1.18 | % | 1.40 | % | 1.70 | % | 2.29 | % | |||||
Expense waiver/reimbursement2 | 0.25 | % | 0.28 | % | 0.27 | % | 0.30 | % | 0.31 | % | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000 omitted) | $2,021,341 | $2,003,590 | $1,445,175 | $1,142,081 | $900,131 | ||||||||||
Portfolio turnover | 11 | % | 3 | % | 3 | % | 16 | % | 3 | % |
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
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October 31, 2000
Shares or Principal Amount |
Value | |||||
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COMMON STOCKS--96.4%1 | ||||||
Basic Materials--1.9% | ||||||
54,000 | Air Products & Chemicals, Inc. | $ | 2,014,875 | |||
78,600 | Alcan Aluminum, Ltd. | 2,480,812 | ||||
203,888 | Alcoa, Inc. | 5,849,037 | ||||
19,096 | Allegheny Technologies Inc. | 386,694 | ||||
148,878 | Archer-Daniels-Midland Co. | 1,637,658 | ||||
93,200 | Barrick Gold Corp. | 1,246,550 | ||||
12,500 | Bemis Co., Inc. | 323,437 | ||||
31,100 | 2 | Bethlehem Steel Corp. | 89,412 | |||
13,500 | Boise Cascade Corp. | 387,281 | ||||
159,700 | Dow Chemical Co. | 4,890,812 | ||||
245,482 | Du Pont (E.I.) de Nemours & Co. | 11,138,746 | ||||
18,025 | Eastman Chemical Co. | 772,822 | ||||
30,180 | Ecolab, Inc. | 1,182,679 | ||||
30,062 | Engelhard Corp. | 627,544 | ||||
7,200 | 2 | FMC Corp. | 547,200 | |||
36,000 | Freeport-McMoRan Copper & Gold, Inc., Class B | 285,750 | ||||
40,100 | Georgia-Pacific Corp. | 1,077,687 | ||||
15,800 | 2 | Grace (W.R.) & Co. | 60,237 | |||
12,300 | Great Lakes Chemical Corp. | 410,512 | ||||
25,300 | Hercules, Inc. | 463,306 | ||||
61,900 | Homestake Mining Co. | 255,338 | ||||
42,800 | Inco Ltd. | 660,725 | ||||
23,500 | International Flavors & Fragrances, Inc. | 393,625 | ||||
113,849 | International Paper Co. | 4,169,720 | ||||
24,500 | Louisiana-Pacific Corp. | 208,250 | ||||
24,100 | Mead Corp. | 697,394 | ||||
39,557 | Newmont Mining Corp. | 536,492 | ||||
19,100 | Nucor Corp. | 662,531 | ||||
40,900 | PPG Industries, Inc. | 1,825,163 | ||||
39,900 | 2 | Pactiv Corp. | 418,950 | |||
18,507 | Phelps Dodge Corp. | 865,202 | ||||
77,100 | Placer Dome, Inc. | 626,438 | ||||
6,700 | Potlatch Corp. | 224,450 | ||||
37,200 | Praxair, Inc. | 1,385,700 | ||||
50,973 | Rohm & Haas Co. | 1,532,376 | ||||
19,000 | Sigma-Aldrich Corp. | 679,250 | ||||
12,000 | Temple-Inland, Inc. | 537,000 | ||||
20,920 | USX-U.S. Steel Group, Inc. | 333,413 | ||||
31,800 | Union Carbide Corp. | 1,367,400 | ||||
23,800 | Vulcan Materials Co. | 999,600 | ||||
23,650 | Westvaco Corp. | 674,025 | ||||
51,800 | Weyerhaeuser Co. | 2,431,363 | ||||
25,700 | Willamette Industries, Inc. | 933,231 | ||||
20,150 | Worthington Industries, Inc. | 192,684 | ||||
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TOTAL | 58,483,371 | |||||
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Capital Goods--9.0% | ||||||
46,300 | 2 | Allied Waste Industries, Inc. | 428,275 | |||
45,800 | 2 | American Power Conversion Corp. | 592,537 | |||
26,300 | Avery Dennison Corp. | 1,328,150 | ||||
6,900 | Ball Corp. | 242,362 | ||||
211,208 | Boeing Co. | 14,322,542 | ||||
5,100 | Briggs & Stratton Corp. | 182,006 | ||||
81,400 | Caterpillar, Inc. | 2,854,087 | ||||
21,900 | Cooper Industries, Inc. | 837,675 | ||||
207,600 | Corning, Inc. | 15,881,400 | ||||
14,275 | Crane Co. | 373,826 | ||||
29,700 | Crown Cork & Seal Co., Inc. | 271,012 | ||||
9,800 | Cummins Engine Co., Inc. | 333,200 | ||||
33,400 | Danaher Corp. | 2,108,375 | ||||
55,200 | Deere & Co. | 2,032,050 | ||||
47,800 | Dover Corp. | 2,028,512 | ||||
17,200 | Eaton Corp. | 1,170,675 | ||||
100,600 | Emerson Electric Co. | 7,387,812 | ||||
17,800 | Fluor Corp. | 623,000 | ||||
46,740 | General Dynamics Corp. | 3,344,831 | ||||
2,331,700 | General Electric Co. | 127,806,306 | ||||
23,900 | Goodrich (B.F.) Co. | 978,406 | ||||
188,587 | Honeywell International, Inc. | 10,148,338 | ||||
20,700 | ITT Industries, Inc. | 674,044 | ||||
71,100 | Illinois Tool Works, Inc. | 3,950,494 | ||||
37,900 | Ingersoll-Rand Co. | 1,430,725 | ||||
20,200 | Johnson Controls, Inc. | 1,204,425 | ||||
100,476 | Lockheed Martin Corp. | 3,602,065 | ||||
14,200 | McDermott International, Inc. | 137,563 | ||||
10,900 | Millipore Corp. | 572,250 | ||||
93,100 | Minnesota Mining & Manufacturing Co. | 8,995,788 | ||||
46,225 | Molex, Inc. | 2,496,150 | ||||
9,600 | National Service Industries, Inc. | 196,200 | ||||
13,970 | 2 | Navistar International Corp. | 461,883 | |||
16,900 | Northrop Grumman, Corp. | 1,419,600 | ||||
34,400 | 2 | Owens-Illinois, Inc. | 204,250 | |||
17,980 | PACCAR, Inc. | 756,284 | ||||
29,033 | Pall Corp. | 626,024 | ||||
26,400 | Parker-Hannifin Corp. | 1,092,300 | ||||
60,100 | Pitney Bowes, Inc. | 1,784,219 | ||||
17,300 | 2 | Power-One, Inc. | 1,227,219 | |||
43,600 | Rockwell International Corp. | 1,714,025 | ||||
35,600 | 2 | Sanmina Corp. | 4,069,525 | |||
19,700 | 2 | Sealed Air Corp. | 948,063 | |||
141,600 | 2 | Solectron Corp. | 6,230,400 | |||
33,800 | Textron, Inc. | 1,704,788 | ||||
40,800 | 2 | Thermo Electron Corp. | 1,183,200 | |||
13,600 | Thomas & Betts Corp. | 205,700 | ||||
14,300 | Timken Co. | 201,094 | ||||
396,694 | Tyco International Ltd. | 22,487,591 | ||||
110,200 | United Technologies Corp. | 7,693,338 | ||||
146,328 | Waste Management, Inc. | 2,926,560 | ||||
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TOTAL | 275,471,144 | |||||
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Communication Services--6.2% | ||||||
884,282 | AT&T Corp. | 20,504,289 | ||||
74,300 | Alltel Corp. | 4,787,706 | ||||
65,511 | 2 | Avaya, Inc. | 880,299 | |||
441,200 | BellSouth Corp. | 21,315,475 | ||||
33,100 | CenturyTel, Inc. | 1,274,350 | ||||
207,320 | 2 | Global Crossing Ltd. | 4,897,935 | |||
179,200 | 2 | NEXTEL Communications, Inc., Class A | 6,888,000 | |||
391,005 | 2 | Qwest Communications International, Inc. | 19,012,618 | |||
797,926 | SBC Communications, Inc. | 46,030,356 | ||||
208,300 | Sprint Corp. | 5,311,650 | ||||
218,500 | 2 | Sprint PCS Group | 8,330,313 | |||
639,888 | Verizon Communications | 36,993,525 | ||||
676,345 | 2 | WorldCom, Inc. | 16,063,194 | |||
|
|
|||||
TOTAL | 192,289,710 | |||||
|
|
|||||
Consumer Cyclicals--6.5% | ||||||
15,200 | American Greetings Corp., Class A | 276,450 | ||||
9,500 | Armstrong World Industries, Inc. | 27,312 | ||||
30,000 | 2 | AutoZone, Inc. | 804,375 | |||
66,500 | 2 | Bed Bath & Beyond, Inc. | 1,716,531 | |||
48,700 | 2 | Best Buy Co., Inc. | 2,444,131 | |||
19,600 | Black & Decker Corp. | 737,450 | ||||
21,500 | Block (H&R), Inc. | 767,281 | ||||
20,500 | Brunswick Corp. | 398,469 | ||||
138,730 | Carnival Corp., Class A | 3,442,238 | ||||
170,907 | 2 | Cendant Corp. | 2,050,884 | |||
13,900 | Centex Corp. | 514,300 | ||||
48,300 | Circuit City Stores, Inc. | 639,975 | ||||
26,200 | 2 | Consolidated Stores Corp. | 311,125 | |||
36,200 | 2 | Convergys Corp. | 1,576,962 | |||
17,100 | Cooper Tire & Rubber Co. | 187,031 | ||||
105,200 | Costco Wholesale Corp. | 3,852,950 | ||||
35,145 | Dana Corp. | 779,780 | ||||
131,805 | Delphi Auto Systems Corp. | 2,067,691 | ||||
22,000 | Dillards, Inc., Class A | 231,000 | ||||
77,402 | Dollar General Corp. | 1,199,731 | ||||
20,600 | Dow Jones & Co. | 1,212,825 | ||||
49,000 | 2 | Federated Department Stores, Inc. | 1,595,562 | |||
445,600 | Ford Motor Co. | 11,641,300 | ||||
62,100 | Gannett Co., Inc. | 3,601,800 | ||||
200,075 | Gap (The), Inc. | 5,164,436 | ||||
126,300 | General Motors Corp. | 7,846,387 | ||||
41,150 | Genuine Parts Co. | 877,009 | ||||
36,800 | Goodyear Tire & Rubber Co. | 680,800 | ||||
17,200 | Harcourt General, Inc. | 964,060 | ||||
71,200 | Harley Davidson, Inc. | 3,430,950 | ||||
27,450 | 2 | Harrah's Entertainment, Inc. | 785,756 | |||
40,600 | Hasbro, Inc. | 436,450 | ||||
86,800 | Hilton Hotels Corp. | 824,600 | ||||
545,150 | Home Depot, Inc. | 23,441,450 | ||||
70,000 | IMS Health, Inc. | 1,653,750 | ||||
72,500 | Interpublic Group Cos., Inc. | 3,112,969 | ||||
113,000 | 2 | K Mart Corp. | 670,938 | |||
11,300 | Kaufman & Broad Homes Corp. | 336,175 | ||||
17,800 | Knight-Ridder, Inc. | 894,450 | ||||
77,600 | 2 | Kohl's Corp. | 4,204,950 | |||
46,300 | Leggett and Platt, Inc. | 758,163 | ||||
101,580 | Limited, Inc. | 2,564,895 | ||||
12,500 | Liz Claiborne, Inc. | 531,250 | ||||
90,100 | Lowe's Cos., Inc. | 4,116,444 | ||||
56,500 | Marriott International, Inc., Class A | 2,288,250 | ||||
107,600 | Masco Corp. | 2,010,775 | ||||
100,325 | Mattel, Inc. | 1,297,955 | ||||
70,000 | May Department Stores Co. | 1,837,500 | ||||
18,300 | Maytag Corp. | 523,838 | ||||
45,800 | McGraw-Hill Cos., Inc. | 2,939,788 | ||||
11,900 | Meredith Corp. | 377,825 | ||||
38,200 | Moody's Corp. | 1,005,138 | ||||
39,300 | New York Times Co., Class A | 1,444,275 | ||||
63,500 | Nike, Inc., Class B | 2,536,031 | ||||
30,700 | Nordstrom, Inc. | 504,631 | ||||
72,000 | 2 | Office Depot, Inc. | 598,500 | |||
41,800 | Omnicom Group, Inc. | 3,856,050 | ||||
61,600 | Penney (J.C.) Co., Inc. | 719,950 | ||||
9,500 | Pulte Corp. | 316,469 | ||||
43,760 | RadioShack Corp. | 2,609,190 | ||||
13,400 | 2 | Reebok International Ltd. | 288,938 | |||
7,700 | Russell Corp. | 123,200 | ||||
80,700 | Sears, Roebuck & Co. | 2,399,211 | ||||
38,300 | Sherwin-Williams Co. | 830,631 | ||||
13,800 | Snap-On Tools Corp. | 352,763 | ||||
4,200 | Springs Industries, Inc., Class A | 98,963 | ||||
20,300 | Stanley Works | 540,488 | ||||
106,900 | 2 | Staples, Inc. | 1,523,325 | |||
68,900 | TJX Cos., Inc. | 1,877,525 | ||||
29,200 | TRW, Inc. | 1,226,400 | ||||
214,200 | Target Corp. | 5,917,275 | ||||
34,200 | Tiffany & Co. | 1,459,913 | ||||
48,000 | 2 | Toys "R" Us, Inc. | 825,000 | |||
72,600 | Tribune Co. | 2,690,738 | ||||
27,000 | V.F. Corp. | 737,438 | ||||
30,814 | Visteon Corp. | 545,023 | ||||
1,051,400 | Wal-Mart Stores, Inc. | 47,707,275 | ||||
16,800 | Whirlpool Corp. | 730,800 | ||||
|
|
|||||
TOTAL | 200,114,106 | |||||
|
|
|||||
Consumer Staples--10.4% | ||||||
13,100 | Alberto-Culver Co., Class B | 439,669 | ||||
99,661 | Albertsons, Inc. | 2,360,720 | ||||
213,300 | Anheuser-Busch Cos., Inc. | 9,758,475 | ||||
55,900 | Avon Products, Inc. | 2,711,150 | ||||
16,100 | Brown-Forman Corp., Class B | 980,087 | ||||
92,000 | CVS Corp. | 4,870,250 | ||||
99,100 | Campbell Soup Co. | 2,898,675 | ||||
65,450 | Cardinal Health, Inc. | 6,201,387 | ||||
137,900 | 2 | Clear Channel Communications, Inc. | 8,282,619 | |||
55,300 | Clorox Co. | 2,467,762 | ||||
583,100 | Coca-Cola Co. | 35,204,662 | ||||
98,500 | Coca-Cola Enterprises, Inc. | 1,809,937 | ||||
135,200 | Colgate-Palmolive Co. | 7,944,352 | ||||
213,000 | 2 | Comcast Corp., Class A | 8,679,750 | |||
125,500 | ConAgra, Inc. | 2,682,562 | ||||
8,700 | Coors Adolph Co., Class B | 554,081 | ||||
28,800 | Darden Restaurants, Inc. | 648,000 | ||||
17,000 | Deluxe Corp. | 383,562 | ||||
490,700 | Disney (Walt) Co. | 17,573,194 | ||||
28,700 | Donnelley (R.R.) & Sons Co. | 617,050 | ||||
48,200 | Fort James Corp. | 1,587,587 | ||||
36,900 | Fortune Brands, Inc. | 1,086,244 | ||||
67,200 | General Mills, Inc. | 2,805,600 | ||||
247,800 | Gillette Co. | 8,642,025 | ||||
81,800 | Heinz (H.J.) Co. | 3,430,488 | ||||
32,200 | Hershey Foods Corp. | 1,748,863 | ||||
95,500 | Kellogg Co. | 2,423,313 | ||||
126,648 | Kimberly-Clark Corp. | 8,358,768 | ||||
194,400 | 2 | Kroger Co., Inc. | 4,386,150 | |||
8,900 | Longs Drug Stores Corp. | 194,688 | ||||
310,900 | McDonald's Corp. | 9,637,900 | ||||
66,926 | McKesson HBOC, Inc. | 1,878,111 | ||||
76,800 | Nabisco Group Holdings Corp. | 2,217,600 | ||||
62,744 | Newell Rubbermaid, Inc. | 1,203,901 | ||||
339,700 | PepsiCo, Inc. | 16,454,219 | ||||
530,200 | Philip Morris Cos., Inc. | 19,418,575 | ||||
307,900 | Procter & Gamble Co. | 21,995,606 | ||||
31,200 | Quaker Oats Co. | 2,544,750 | ||||
72,300 | Ralston Purina Co. | 1,753,275 | ||||
117,000 | 2 | Safeway, Inc. | 6,398,438 | |||
204,700 | Sara Lee Corp. | 4,413,844 | ||||
102,800 | Seagram Co. Ltd. | 5,872,450 | ||||
44,000 | 2 | Starbucks Corp. | 1,966,250 | |||
31,200 | SUPERVALU, Inc. | 479,700 | ||||
78,400 | Sysco Corp. | 4,091,500 | ||||
311,580 | Time Warner, Inc. | 23,652,038 | ||||
34,330 | 2 | Tricon Global Restaurants, Inc. | 1,029,900 | |||
13,600 | Tupperware Corp. | 232,900 | ||||
38,200 | UST, Inc. | 964,550 | ||||
134,553 | Unilever N.V., ADR | 6,836,974 | ||||
356,993 | 2 | Viacom, Inc., Class B | 20,303,977 | |||
237,800 | Walgreen Co. | 10,849,625 | ||||
26,700 | Wendy's International, Inc. | 580,725 | ||||
33,200 | Winn-Dixie Stores, Inc. | 639,100 | ||||
26,800 | Wrigley (Wm.), Jr. Co. | 2,122,225 | ||||
|
|
|||||
TOTAL | 319,269,803 | |||||
|
|
|||||
Energy--5.8% | ||||||
107,500 | 2 | AES Corp. | 6,073,750 | |||
21,200 | Amerada-Hess Corp. | 1,314,400 | ||||
57,234 | Anadarko Petroleum Corp. | 3,665,838 | ||||
28,800 | Apache Corp. | 1,593,000 | ||||
16,500 | Ashland, Inc. | 540,375 | ||||
77,890 | Baker Hughes, Inc. | 2,677,469 | ||||
50,765 | Burlington Resources, Inc. | 1,827,540 | ||||
153,600 | Chevron Corp. | 12,614,400 | ||||
146,579 | Conoco, Inc., Class B | 3,985,116 | ||||
30,000 | Devon Energy Corp. | 1,512,000 | ||||
820,179 | Exxon Mobil Corp. | 73,149,714 | ||||
104,900 | Halliburton Co. | 3,887,856 | ||||
22,176 | Kerr-McGee Corp. | 1,448,370 | ||||
34,400 | 2 | Nabors Industries, Inc. | 1,750,960 | |||
86,800 | Occidental Petroleum Corp. | 1,725,150 | ||||
60,000 | Phillips Petroleum Co. | 3,705,000 | ||||
22,200 | 2 | Rowan Companies, Inc. | 559,163 | |||
504,800 | Royal Dutch Petroleum Co., ADR | 29,972,500 | ||||
134,200 | Schlumberger Ltd. | 10,215,975 | ||||
20,537 | Sunoco, Inc. | 614,826 | ||||
129,800 | Texaco, Inc. | 7,666,313 | ||||
34,000 | Tosco Corp. | 973,250 | ||||
49,577 | Transocean Sedco Forex, Inc. | 2,627,581 | ||||
73,500 | USX--Marathon Group | 1,998,281 | ||||
57,200 | Unocal Corp. | 1,951,950 | ||||
|
|
|||||
TOTAL | 178,050,777 | |||||
|
|
|||||
Financials--15.0% | ||||||
62,400 | AFLAC, Inc. | 4,559,100 | ||||
60,075 | AON Corp. | 2,489,358 | ||||
172,810 | Allstate Corp. | 6,955,602 | ||||
313,500 | American Express Co. | 18,810,000 | ||||
59,430 | American General Corp. | 4,784,115 | ||||
544,724 | American International Group, Inc. | 53,382,952 | ||||
88,700 | Amsouth Bancorporation | 1,236,256 | ||||
171,432 | Associates First Capital Corp., Class A | 6,364,413 | ||||
94,100 | BB&T Corp. | 2,999,437 | ||||
272,085 | Bank One Corporation | 9,931,102 | ||||
386,692 | Bank of America Corp. | 18,585,384 | ||||
173,800 | Bank of New York Co., Inc. | 10,004,362 | ||||
25,356 | Bear Stearns Cos., Inc. | 1,537,207 | ||||
37,100 | CIGNA Corp. | 4,524,345 | ||||
61,800 | CIT Group, Inc., Class A | 1,077,637 | ||||
46,200 | Capital One Financial Corp. | 2,916,375 | ||||
49,475 | Charter One Financial, Inc. | 1,134,833 | ||||
308,110 | Chase Manhattan Corp. | 14,019,005 | ||||
41,100 | Chubb Corp. | 3,470,381 | ||||
37,900 | Cincinnati Financial Corp. | 1,392,825 | ||||
1,059,100 | Citigroup, Inc. | 55,735,137 | ||||
36,850 | Comerica, Inc. | 2,222,516 | ||||
76,561 | Conseco, Inc. | 531,142 | ||||
26,900 | Countrywide Credit Industries, Inc. | 1,007,069 | ||||
237,200 | Federal National Mortgage Association | 18,264,400 | ||||
163,600 | Federal Home Loan Mortgage Corp. | 9,816,000 | ||||
109,500 | Fifth Third Bancorp | 5,625,562 | ||||
231,898 | First Union Corp. | 7,029,408 | ||||
225,567 | Firstar Corp. | 4,440,850 | ||||
212,491 | Fleet Boston Financial Corp. | 8,074,658 | ||||
57,300 | Franklin Resources, Inc. | 2,454,732 | ||||
37,200 | Golden West Financial Corp. | 2,085,525 | ||||
52,800 | Hartford Financial Services Group, Inc. | 3,930,300 | ||||
111,159 | Household International, Inc. | 5,592,687 | ||||
59,136 | Huntington Bancshares, Inc. | 850,080 | ||||
37,400 | J.P. Morgan & Co., Inc. | 6,189,700 | ||||
24,237 | Jefferson-Pilot Corp. | 1,666,294 | ||||
101,300 | KeyCorp | 2,500,844 | ||||
57,200 | Lehman Brothers Holdings, Inc. | 3,689,400 | ||||
44,900 | Lincoln National Corp. | 2,172,038 | ||||
23,200 | Loews Corp. | 2,109,750 | ||||
23,100 | MBIA Inc. | 1,679,081 | ||||
200,527 | MBNA Corp. | 7,532,295 | ||||
25,000 | MGIC Investment Corp. | 1,703,125 | ||||
63,900 | Marsh & McLennan Cos., Inc. | 8,354,925 | ||||
114,900 | Mellon Financial Corp. | 5,543,925 | ||||
189,100 | Merrill Lynch & Co., Inc. | 13,237,000 | ||||
264,914 | Morgan Stanley, Dean Witter & Co. | 21,275,906 | ||||
143,000 | National City Corp. | 3,056,625 | ||||
32,245 | Old Kent Financial Corp. | 892,783 | ||||
68,000 | PNC Financial Services Group | 4,547,500 | ||||
34,800 | PaineWebber Group, Inc. | 2,479,500 | ||||
17,200 | Progressive Corp., Ohio | 1,689,900 | ||||
33,600 | Providian Financial Corp. | 3,494,400 | ||||
51,500 | Regions Financial Corp. | 1,213,469 | ||||
30,000 | SAFECO Corp. | 725,625 | ||||
325,025 | Schwab (Charles) Corp. | 11,416,503 | ||||
39,600 | SouthTrust Corp. | 1,282,050 | ||||
52,552 | St. Paul Cos., Inc. | 2,693,290 | ||||
38,000 | State Street Corp. | 4,740,120 | ||||
52,900 | Stilwell Financial, Inc. | 2,370,581 | ||||
40,900 | Summit Bancorp | 1,533,750 | ||||
70,200 | SunTrust Banks, Inc. | 3,426,638 | ||||
66,850 | Synovus Financial Corp. | 1,441,453 | ||||
28,600 | T. Rowe Price Associates | 1,338,838 | ||||
30,000 | Torchmark Corp. | 999,375 | ||||
175,565 | U.S. Bancorp, Inc. | 4,246,478 | ||||
56,614 | UnumProvident Corp. | 1,599,346 | ||||
36,500 | USA Education, Inc. | 2,039,438 | ||||
31,700 | Union Planters Corp. | 1,071,856 | ||||
47,900 | Wachovia Corp. | 2,586,600 | ||||
126,876 | Washington Mutual, Inc. | 5,582,544 | ||||
387,560 | Wells Fargo Co. | 17,948,873 | ||||
|
|
|||||
TOTAL | 459,906,573 | |||||
|
|
|||||
Health Care--11.5% | ||||||
364,900 | Abbott Laboratories | 19,271,281 | ||||
33,255 | Aetna, Inc. | 1,922,555 | ||||
30,900 | Allergan, Inc. | 2,597,531 | ||||
27,200 | 2 | Alza Corp. | 2,201,500 | |||
306,900 | American Home Products Corp. | 19,488,150 | ||||
242,100 | 2 | Amgen, Inc. | 14,026,669 | |||
12,000 | Bard (C.R.), Inc. | 502,500 | ||||
12,500 | Bausch & Lomb, Inc. | 482,031 | ||||
68,800 | Baxter International, Inc. | 5,654,500 | ||||
59,600 | Becton, Dickinson & Co. | 1,996,600 | ||||
34,800 | 2 | Biogen, Inc. | 2,094,525 | |||
41,800 | Biomet, Inc. | 1,512,637 | ||||
95,700 | 2 | Boston Scientific Corp. | 1,525,219 | |||
462,700 | Bristol-Myers Squibb Co. | 28,195,781 | ||||
72,200 | Guidant Corp. | 3,822,087 | ||||
131,407 | HCA - The Healthcare Co. | 5,248,067 | ||||
90,800 | 2 | HEALTHSOUTH, Corp. | 1,089,600 | |||
39,100 | 2 | Humana, Inc. | 474,088 | |||
327,300 | Johnson & Johnson | 30,152,513 | ||||
39,100 | 2 | King Pharmaceuticals, Inc. | 1,752,169 | |||
265,900 | Lilly (Eli) & Co. | 23,764,813 | ||||
24,050 | 2 | Manor Care, Inc. | 401,334 | |||
49,400 | 2 | MedImmune, Inc. | 3,229,525 | |||
282,000 | Medtronic, Inc. | 15,316,125 | ||||
541,600 | Merck & Co., Inc. | 48,710,150 | ||||
49,000 | PE Corp.-PE Biosystems Group | 5,733,000 | ||||
1,486,325 | Pfizer, Inc. | 64,190,661 | ||||
305,526 | Pharmacia Corp. | 16,803,930 | ||||
27,200 | 2 | Quintiles Transnational Corp. | 379,100 | |||
344,900 | Schering Plough Corp. | 17,827,019 | ||||
19,841 | 2 | St. Jude Medical, Inc. | 1,091,255 | |||
74,100 | 2 | Tenet Healthcare Corp. | 2,913,056 | |||
37,800 | UnitedHealth Group, Inc. | 4,134,375 | ||||
24,100 | 2 | Watson Pharmaceuticals, Inc. | 1,507,756 | |||
14,800 | 2 | Wellpoint Health Networks, Inc. | 1,730,675 | |||
|
|
|||||
TOTAL | 351,742,777 | |||||
|
|
|||||
Technology--26.5% | ||||||
181,700 | 2 | ADC Telecommunications, Inc. | 3,883,837 | |||
23,300 | 2 | Adaptec, Inc. | 368,431 | |||
56,400 | Adobe System, Inc. | 4,289,925 | ||||
73,300 | 2 | Advanced Micro Devices, Inc. | 1,658,412 | |||
106,601 | 2 | Agilent Technologies, Inc. | 4,936,959 | |||
93,900 | 2 | Altera Corp. | 3,844,031 | |||
543,500 | 2 | America Online, Inc. | 27,408,705 | |||
83,600 | 2 | Analog Devices, Inc. | 5,434,000 | |||
19,062 | 2 | Andrew Corp. | 501,569 | |||
76,500 | 2 | Apple Computer, Inc. | 1,496,531 | |||
191,000 | 2 | Applied Materials, Inc. | 10,146,875 | |||
13,600 | Autodesk, Inc. | 300,050 | ||||
147,700 | Automatic Data Processing, Inc. | 9,646,656 | ||||
58,100 | 2 | BMC Software, Inc. | 1,180,156 | |||
52,300 | 2 | Broadcom Corp., Class A | 11,630,212 | |||
43,400 | 2 | Cabletron Systems, Inc. | 1,177,225 | |||
34,200 | 2 | Ceridian Corp. | 855,000 | |||
1,670,600 | 2 | Cisco Systems, Inc. | 90,003,575 | |||
43,700 | 2 | Citrix Systems, Inc. | 966,862 | |||
400,161 | Compaq Computer Corp. | 12,168,896 | ||||
139,162 | Computer Associates International, Inc. | 4,435,789 | ||||
39,600 | 2 | Computer Sciences Corp. | 2,494,800 | |||
85,900 | 2 | Compuware Corp. | 676,462 | |||
36,700 | 2 | Comverse Technology, Inc. | 4,101,225 | |||
53,600 | 2 | Conexant Systems, Inc. | 1,410,350 | |||
609,000 | 2 | Dell Computer Corp. | 17,965,500 | |||
513,274 | 2 | EMC Corp. | 45,713,466 | |||
72,500 | Eastman Kodak Co. | 3,253,437 | ||||
109,800 | Electronic Data Systems Corp. | 5,153,737 | ||||
33,200 | Equifax, Inc. | 1,145,400 | ||||
95,400 | First Data Corp. | 4,781,925 | ||||
75,900 | 2 | Gateway, Inc. | 3,917,199 | |||
22,100 | Grainger (W.W.), Inc. | 705,819 | ||||
469,600 | Hewlett-Packard Co. | 21,807,050 | ||||
1,580,600 | Intel Corp. | 71,127,000 | ||||
414,500 | International Business Machines Corp. | 40,828,250 | ||||
220,300 | 2 | JDS Uniphase Corp. | 17,940,681 | |||
43,800 | 2 | KLA-Tencor Corp. | 1,480,988 | |||
73,000 | 2 | LSI Logic Corp. | 2,399,875 | |||
30,000 | 2 | Lexmark Intl. Group, Class A | 1,230,000 | |||
73,200 | Linear Technology Corp. | 4,725,975 | ||||
786,128 | Lucent Technologies, Inc. | 18,326,609 | ||||
66,500 | 2 | Maxim Integrated Products, Inc. | 4,409,781 | |||
18,800 | 2 | Mercury Interactive Corp. | 2,086,800 | |||
132,900 | Micron Technology, Inc. | 4,618,275 | ||||
1,238,800 | 2 | Microsoft Corp. | 85,322,350 | |||
513,335 | Motorola, Inc. | 12,801,292 | ||||
22,600 | 2 | NCR Corp. | 974,625 | |||
41,800 | 2 | National Semiconductor Corp. | 1,086,800 | |||
73,500 | 2 | Network Appliance, Inc. | 8,746,500 | |||
703,240 | Nortel Networks Corp. | 31,997,420 | ||||
76,500 | 2 | Novell, Inc. | 688,500 | |||
30,900 | 2 | Novellus Systems, Inc. | 1,264,969 | |||
1,325,348 | 2 | Oracle Corp. | 43,736,484 | |||
133,042 | 2 | Palm, Inc. | 7,126,062 | |||
64,100 | 2 | Parametric Technology Corp. | 789,231 | |||
87,625 | Paychex, Inc. | 4,967,242 | ||||
65,800 | 2 | Peoplesoft, Inc. | 2,871,553 | |||
11,600 | PerkinElmer, Inc. | 1,386,200 | ||||
10,600 | Polaroid Corp. | 106,663 | ||||
175,400 | 2 | Qualcomm, Inc. | 11,420,184 | |||
80,000 | Raytheon Co., Class B | 2,735,000 | ||||
30,399 | 2 | Sabre Group Holdings, Inc. | 1,016,467 | |||
27,900 | 2 | Sapient Corp. | 992,194 | |||
37,500 | Scientific-Atlanta, Inc. | 2,566,406 | ||||
53,900 | 2 | Seagate Technology, Inc. | 3,766,263 | |||
98,100 | 2 | Siebel Systems, Inc. | 10,294,369 | |||
373,500 | 2 | Sun Microsystems, Inc. | 41,411,813 | |||
11,300 | Tektronix, Inc. | 805,125 | ||||
96,500 | 2 | Tellabs, Inc. | 4,818,969 | |||
40,800 | 2 | Teradyne, Inc. | 1,275,000 | |||
406,900 | Texas Instruments, Inc. | 19,963,531 | ||||
73,700 | 2 | Unisys Corp. | 939,675 | |||
94,600 | 2 | Veritas Software Corp. | 13,340,078 | |||
157,000 | Xerox Corp. | 1,324,688 | ||||
77,400 | 2 | Xilinx, Inc. | 5,606,663 | |||
129,300 | 2 | Yahoo, Inc. | 7,580,213 | |||
|
|
|||||
TOTAL | 812,356,829 | |||||
|
|
|||||
Transportation--0.6% | ||||||
35,300 | 2 | AMR Corp. | 1,156,075 | |||
95,133 | Burlington Northern Santa Fe | 2,526,970 | ||||
51,500 | CSX Corp. | 1,303,594 | ||||
28,800 | Delta Air Lines, Inc. | 1,360,800 | ||||
67,080 | 2 | FedEx Corp. | 3,143,369 | |||
90,300 | Norfolk Southern Corp. | 1,275,488 | ||||
14,000 | Ryder Systems, Inc. | 276,500 | ||||
117,325 | Southwest Airlines Co. | 3,343,763 | ||||
15,800 | 2 | US Airways Group, Inc. | 596,450 | |||
58,300 | Union Pacific Corp. | 2,732,813 | ||||
|
|
|||||
TOTAL | 17,715,822 | |||||
|
|
|||||
Utilities--3.0% | ||||||
32,300 | Ameren Corp. | 1,283,925 | ||||
75,820 | American Electric Power Co., Inc. | 3,146,530 | ||||
28,500 | CMS Energy Corp. | 769,500 | ||||
37,600 | C P & L Energy, Inc. | 1,515,750 | ||||
37,440 | Cinergy Corp. | 1,146,600 | ||||
50,500 | Coastal Corp. | 3,809,594 | ||||
18,750 | Columbia Energy Group | 1,348,828 | ||||
49,900 | Consolidated Edison Co. | 1,755,856 | ||||
35,250 | Constellation Energy Group | 1,469,484 | ||||
33,600 | DTE Energy Co. | 1,213,800 | ||||
56,009 | Dominion Resources, Inc. | 3,336,036 | ||||
86,672 | Duke Energy Corp. | 7,491,711 | ||||
72,900 | Dynegy, Inc., Class A | 3,376,181 | ||||
6,400 | Eastern Enterprises | 412,000 | ||||
76,700 | Edison International | 1,831,212 | ||||
54,700 | El Paso Energy Corp. | 3,429,006 | ||||
174,000 | Enron Corp. | 14,278,875 | ||||
52,500 | Entergy Corp. | 2,011,406 | ||||
76,125 | Exelon Corp. | 4,577,016 | ||||
41,800 | FPL Group, Inc. | 2,758,800 | ||||
53,800 | FirstEnergy Corp. | 1,392,075 | ||||
23,200 | Florida Progress Corp. | 1,233,950 | ||||
28,600 | GPU, Inc. | 945,587 | ||||
31,600 | KeySpan Corp. | 1,111,925 | ||||
10,800 | NICOR, Inc. | 381,375 | ||||
37,800 | Niagara Mohawk Holdings, Inc. | 604,800 | ||||
6,900 | ONEOK, Inc. | 273,413 | ||||
90,800 | P G & E Corp. | 2,445,925 | ||||
34,091 | PPL Corp. | 1,404,123 | ||||
8,300 | Peoples Energy Corp. | 285,313 | ||||
19,900 | Pinnacle West Capital Corp. | 864,406 | ||||
50,500 | Public Service Enterprises Group, Inc. | 2,095,750 | ||||
69,260 | Reliant Energy, Inc. | 2,861,304 | ||||
48,057 | Sempra Energy | 994,179 | ||||
152,700 | Southern Co. | 4,485,563 | ||||
62,125 | TXU Corp. | 2,302,508 | ||||
104,200 | Williams Cos., Inc. (The) | 4,356,863 | ||||
79,885 | Xcel Energy, Inc. | 2,042,060 | ||||
|
|
|||||
TOTAL | 91,043,229 | |||||
|
|
|||||
TOTAL COMMON STOCKS (IDENTIFIED COST $1,630,410,047) | 2,956,444,141 | |||||
|
|
|||||
SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.1%3 | ||||||
$ | 3,000,000 | U.S. Treasury Bill, 1/18/2001 (IDENTIFIED COST $2,961,455) | 2,961,455 | |||
|
|
|||||
MUTUAL FUND--3.4% | ||||||
103,539,246 | Prime Value Obligations Fund, Class IS (at net asset value) | 103,539,246 | ||||
|
|
|||||
TOTAL INVESTMENTS (IDENTIFIED COST $1,736,910,748)4 | $ | 3,062,944,842 | ||||
|
|
1 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and minimizing trading costs. The total market value of open index futures contracts is $109,815,250 at October 31, 2000, which represents 3.6% of net assets. Taking into consideration these open Index futures contracts, the Fund's effective total exposure to the Index is 100%.
2 Non-income producing security.
3 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.
4 The cost of investments for federal tax purposes amounts to $1,742,292,318. The net unrealized appreciation of investments on a federal tax basis amounts to $1,320,652,524 which is comprised of $1,430,405,980 appreciation and $109,753,456 depreciation at October 31, 2000.
Note: The categories of investments are shown as a percentage of net assets ($3,064,585,520) at October 31, 2000.
The following acronym is used throughout this portfolio:
ADR |
--American Depositary Receipt |
See Notes which are an integral part of the Financial Statements
</R>
<R>
October 31, 2000
Assets: | |||||||
Total investments in securities, at value (identified cost $1,736,910,748 and tax cost $1,742,292,318) | $ | 3,062,944,842 | |||||
Income receivable | 2,063,193 | ||||||
Receivable for shares sold | 3,697,988 | ||||||
Receivable for daily variation margin | 1,978,213 | ||||||
|
|
|
|||||
TOTAL ASSETS | 3,070,684,236 | ||||||
|
|
|
|||||
Liabilities: | |||||||
Payable for shares redeemed | $ | 5,390,109 | |||||
Payable to Bank | 2,479 | ||||||
Accrued expenses | 706,128 | ||||||
|
|
||||||
TOTAL LIABILITIES | 6,098,716 | ||||||
|
|
|
|||||
Net Assets for 105,497,273 shares outstanding | $ | 3,064,585,520 | |||||
|
|
|
|||||
Net Assets Consist of: | |||||||
Paid in capital | $ | 1,791,996,757 | |||||
Net unrealized appreciation of investments and futures contracts | 1,329,263,908 | ||||||
Accumulated net realized loss on investments and futures contracts | (60,321,337 | ) | |||||
Accumulated undistributed net investment income | 3,646,192 | ||||||
|
|
|
|||||
TOTAL NET ASSETS | $ | 3,064,585,520 | |||||
|
|
|
|||||
Net Asset Value, Offering Price and Redemption Proceeds Per Share | |||||||
Institutional Shares: | |||||||
Net Asset Value and Offering Price Per Share ($2,021,341,170 ÷ 69,516,521 shares outstanding) | $29.08 | ||||||
|
|
|
|||||
Redemption Proceeds Per Share | $29.08 | ||||||
|
|
|
|||||
Institutional Service Shares: | |||||||
Net Asset Value and Offering Price Per Share ($900,245,707 ÷ 31,033,558 shares outstanding) | $29.01 | ||||||
|
|
|
|||||
Redemption Proceeds Per Share | $29.01 | ||||||
|
|
|
|||||
Class C Shares: | |||||||
Net Asset Value and Offering Price Per Share ($142,998,643 ÷ 4,947,194 shares outstanding) | $28.91 | ||||||
|
|
|
|||||
Redemption Proceeds Per Share (99/100 of $28.91)1 | $28.62 | ||||||
|
|
|
1 See "What do Shares Cost?"
See Notes which are an integral part of the Financial Statements
</R>
<R>
Year Ended October 31, 2000
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes withheld of $105,166) |
|
|
|
|
|
|
|
|
|
$ |
33,465,727 |
|
Interest |
|
|
|
|
|
|
|
|
|
|
6,942,413 |
|
|
|
|
||||||||||
TOTAL INCOME |
|
|
|
|
|
|
|
|
|
|
40,408,140 |
|
|
|
|
||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
|
|
|
$ |
9,201,425 |
|
|
|
|
|
Custodian fees |
|
|
|
|
|
|
181,025 |
|
|
|
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
|
|
|
|
543,734 |
|
|
|
|
|
Directors'/Trustees' fees |
|
|
|
|
|
|
24,376 |
|
|
|
|
|
Auditing fees |
|
|
|
|
|
|
12,164 |
|
|
|
|
|
Legal fees |
|
|
|
|
|
|
7,661 |
|
|
|
|
|
Portfolio accounting fees |
|
|
|
|
|
|
260,885 |
|
|
|
|
|
Distribution services fee--Institutional Service Shares |
|
|
|
|
|
|
2,532,946 |
|
|
|
|
|
Distribution services fee--Class C Shares |
|
|
|
|
|
|
928,425 |
|
|
|
|
|
Shareholder services fee--Institutional Shares |
|
|
|
|
|
|
5,247,591 |
|
|
|
|
|
Shareholder services fee--Institutional Service Shares |
|
|
|
|
|
|
2,110,788 |
|
|
|
|
|
Shareholder services fee--Class C Shares |
|
|
|
|
|
|
309,475 |
|
|
|
|
|
Share registration costs |
|
|
|
|
|
|
199,326 |
|
|
|
|
|
Printing and postage |
|
|
|
|
|
|
122,502 |
|
|
|
|
|
Insurance premiums |
|
|
|
|
|
|
4,972 |
|
|
|
|
|
Miscellaneous |
|
|
|
|
|
|
23,697 |
|
|
|
|
|
|
|
|
||||||||||
TOTAL EXPENSES |
|
|
|
|
|
|
21,710,992 |
|
|
|
|
|
|
|
|
||||||||||
Waivers and Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of management fee |
|
$ |
(18,530 |
) |
|
|
|
|
|
|
|
|
Waiver of distribution services fee--Institutional Service Shares |
|
|
(1,857,494 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Shares |
|
|
(5,247,591 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Service Shares |
|
|
(253,295 |
) |
|
|
|
|
|
|
|
|
Reimbursement of management fee |
|
|
(2,239 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
TOTAL WAIVERS AND REIMBURSEMENT |
|
|
|
|
|
|
(7,379,149 |
) |
|
|
|
|
|
|
|
||||||||||
Net Expenses |
|
|
|
|
|
|
|
|
|
|
14,331,843 |
|
|
|
|
||||||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
26,076,297 |
|
|
|
|
||||||||||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss on investments and futures contracts |
|
|
|
|
|
|
|
|
|
|
(55,332,209 |
) |
Net change in unrealized appreciation of investments and futures contracts |
|
|
|
|
|
|
|
|
|
|
165,251,784 |
|
|
|
|
||||||||||
Net realized and unrealized gain on investments and futures contracts |
|
|
|
|
|
|
|
|
|
|
109,919,575 |
|
|
|
|
||||||||||
Change in net assets resulting from operations |
|
|
|
|
|
|
|
|
|
$ |
135,995,872 |
|
|
|
|
See Notes which are an integral part of the Financial Statements
</R>
<R>
Year Ended October 31 | 2000 | 1999 | ||||||
---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income | $ | 26,076,297 | $ | 27,142,924 | ||||
Net realized gain (loss) on investments and futures contracts ($(50,697,204) and $26,799,393, respectively, as computed for federal tax purposes) | (55,332,209 | ) | 27,327,240 | |||||
Net change in unrealized appreciation of investments and futures contracts | 165,251,784 | 454,485,986 | ||||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 135,995,872 | 508,956,150 | ||||||
|
|
|
|
|
|
|||
Distributions to Shareholders: | ||||||||
Distributions from net investment income | ||||||||
Institutional Shares | (19,943,739 | ) | (19,497,540 | ) | ||||
Institutional Service Shares | (5,533,273 | ) | (5,207,706 | ) | ||||
Class C Shares | (44,237 | ) | (111,070 | ) | ||||
Distributions from net realized gains on investments and futures contracts | ||||||||
Institutional Shares | (18,029,897 | ) | (13,803,989 | ) | ||||
Institutional Service Shares | (6,740,115 | ) | (4,665,973 | ) | ||||
Class C Shares | (866,468 | ) | (161,153 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (51,157,729 | ) | (43,447,431 | ) | ||||
|
|
|
|
|
|
|||
Share Transactions: | ||||||||
Proceeds from sale of shares | 1,722,461,932 | 1,456,300,443 | ||||||
Net asset value of shares issued to shareholders in payment of distributions declared | 34,105,757 | 28,068,153 | ||||||
Cost of shares redeemed | (1,603,637,792 | ) | (1,061,778,792 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 152,929,897 | 422,589,804 | ||||||
|
|
|
|
|
|
|||
Change in net assets | 237,768,040 | 888,098,523 | ||||||
|
|
|
|
|
|
|||
Net Assets: | ||||||||
Beginning of period | 2,826,817,480 | 1,938,718,957 | ||||||
|
|
|
|
|
|
|||
End of period (including accumulated undistributed net investment income of $3,646,192 and $3,356,013, respectively) | $ | 3,064,585,520 | $ | 2,826,817,480 | ||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
</R>
<R>
October 31, 2000
Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Max-Cap Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide investment results that correspond to the aggregate price and dividend performance of publicly-traded common stocks, by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to book and tax differences. The following reclassifications have been made to the financial statements.
Increase (Decrease) | ||||
Paid In Capital |
Accumulated Net Realized Gain |
Undistributed Net Investment Income |
||
$264,850 | $19 | $(264,869) |
Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
At October 31, 2000, the Fund, for federal tax purposes, had a capital loss carryforward of $50,697,204, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2008.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the year ended October 31, 2000, the Fund had realized losses on futures contracts of $12,695,194.
Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.
At October 31, 2000, the Fund had outstanding futures contracts as set forth below:
Expiration Date | Contracts to Receive | Position | Unrealized Appreciation |
|||
December 2000 | 305 S&P 500 Index Futures | Long | $3,229,810 |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Institutional Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 35,580,041 | $ | 1,042,845,838 | 34,438,353 | $ | 914,112,968 | ||||||||
Shares issued to shareholders in payment of distributions declared | 755,615 | 22,185,859 | 755,144 | 18,919,768 | ||||||||||
Shares redeemed | (38,133,981 | ) | (1,106,664,687 | ) | (26,964,995 | ) | (715,289,313 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,798,325 | ) | $ | (41,632,990 | ) | 8,228,502 | $ | 217,743,423 | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Institutional Service Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 20,233,748 | $ | 592,537,593 | 16,555,183 | $ | 439,185,232 | ||||||||
Shares issued to shareholders in payment of distributions declared | 380,962 | 11,150,133 | 356,733 | 8,891,933 | ||||||||||
Shares redeemed | (15,512,216 | ) | (452,996,959 | ) | (11,882,321 | ) | (316,985,650 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS | 5,102,494 | $ | 150,690,767 | 5,029,595 | $ | 131,091,515 | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Class C Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 2,998,248 | $ | 87,078,501 | 3,834,755 | $ | 103,002,243 | ||||||||
Shares issued to shareholders in payment of distributions declared | 26,623 | 769,765 | 10,371 | 256,452 | ||||||||||
Shares redeemed | (1,519,663 | ) | (43,976,146 | ) | (1,094,794 | ) | (29,503,829 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 1,505,208 | $ | 43,872,120 | 2,750,332 | $ | 73,754,866 | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 4,809,377 | $ | 152,929,897 | 16,008,429 | $ | 422,589,804 | ||||||||
|
|
|
|
|
|
|
|
|
|
Federated Investment Management Company, the Fund's manager (the "Manager", receives for its services an annual investment management fee equal to 0.30% of the Fund's average daily net assets. Under the terms of a sub-management agreement between the Manager and Northern Trust Quantitative Advisors, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager based on the average daily net assets of the Fund as follows: 0.05% on the first $100 million, 0.02% on the next $100 million, and 0.01% thereafter. The Manager may voluntarily choose to waive any portion of its fee. The Manager can modify or terminate this voluntary waiver at any time at its sole discretion.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain management fees as a result of these transactions.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp., ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Institutional Service Shares and Class C Shares. The Plan provides that the Fund may incur distribution expenses according to the following schedule annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Share Class Name |
|
Percentage of Average Daily |
---|---|---|
Institutional Service Shares |
|
0.30% |
Class C Shares |
|
0.75% |
Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the year ended October 31, 2000, were as follows:
Purchases | $512,381,763 | |
Sales | $313,786,832 |
</R>
<R>
We have audited the accompanying statement of assets and liabilities, including the portfolios of investments of the Federated Max-Cap Fund (one of the portfolios constituting the Federated Index Trust) as of October 31, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2000, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Max-Cap Fund of the Federated Index Trust at October 31, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States.
/s/Ernst & Young LLP
December 15, 2000
Boston, Massachusetts
</R>
<R>
A Statement of Additional Information (SAI) dated December 31, 2000 is incorporated by reference into this prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your investment professional or the Fund at 1-800-341-7400.
You can obtain information about the Fund (including the SAI) by writing to or visiting the SEC's Public Reference Room in Washington, DC. You may also access Fund information from the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov or by writing to the SEC's Public Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for information on the Public Reference Room's operations and copying fees.
</R>
FEDERATED World-Class Investment Manager®
Federated Max-Cap Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
Investment Company Act File No. 811-6061
Cusip 31420E106
<R>
0032104A-IS (12/00)
</R>
Federated is a registered mark of Federated Investors, Inc.
2000 (c)Federated Investors, Inc.
FEDERATED World-Class Investment Manager®
A Portfolio of Federated Index Trust
<R>
</R>
<R>
A mutual fund seeking to provide investment results that correspond to the aggregate price and dividend performance of publicly traded common stocks by duplicating the composition of the Standard & Poor's 500 Composite Price Index. The Fund is neither sponsored by nor affiliated with Standard & Poor's.
</R>
As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
<R>
Risk/Return Summary |
1 | |
What are the Fund's Fees and Expenses? | 3 | |
What are the Fund's Investment Strategies? | 4 | |
What are the Principal Securities in Which the Fund Invests? | 4 | |
What are the Specific Risks of Investing in the Fund? | 5 | |
What do Shares Cost? | 5 | |
How is the Fund Sold? |
6 | |
How to Purchase Shares | 6 | |
How to Redeem Shares | 8 | |
Account and Share Information | 10 | |
Who Manages the Fund? | 11 | |
Financial Information | 12 | |
Report of Ernst & Young LLP, Independent Auditors | 37 |
</R>
The Fund's investment objective is to provide investment results that correspond to the aggregate price and dividend performance of publicly-traded common stocks, by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index (Index). While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this prospectus.
The Fund invests at least 80% of its assets in the large capitalization common stocks comprising the Index.
All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:
<R>
</R>
The Shares offered by this prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.
<R>
[Graphic Representation Omitted--See Appendix]
The bar chart shows the variability of the Fund's Institutional Service Shares total returns on a calendar year-end basis.
The Fund's Institutional Service Shares are sold without a sales charge (load). The total returns displayed above are based upon net asset value.
The Fund's Institutional Service Shares total return for the nine-month period from January 1, 2000 to September 30, 2000 was (2.04%).
Within the period shown in the chart, the Fund's Institutional Service Shares highest quarterly return was 21.13% (quarter ended December 31, 1998). Its lowest quarterly return was (10.05%) (quarter ended September 30, 1998).
The following table represents the Fund's Institutional Service Shares Average Annual Total Returns for the calendar periods ended December 31, 1999. The table shows the Fund's Institutional Service Shares total returns averaged over a period of years relative to the Standard & Poor's 500 Index, a broad based market index. Total returns for the index shown do not reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. Index is unmanaged, and it is not possible to invest directly in an index.
Calendar Period |
|
Fund |
|
S&P 500 |
1 Year |
|
20.06% |
|
21.05% |
5 Years |
|
27.61% |
|
28.56% |
Start of Performance1 |
|
21.81% |
|
22.76% |
1 The Fund's Institutional Service Shares start of performance date was September 7, 1993.
Past performance is no guarantee of future results. This information provides you with historical performance information so that you can analyze whether the Fund's investment risks are balanced by its potential returns.
</R>
<R>
This table describes the fees and expenses that you may pay if you buy and hold the Fund's Institutional Service Shares.
Shareholder Fees |
|
|
Fees Paid Directly From Your Investment |
|
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
|
None |
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) |
|
None |
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) |
|
None |
Redemption Fee (as a percentage of amount redeemed, if applicable) |
|
None |
Exchange Fee |
|
None |
|
|
|
Annual Fund Operating Expenses (Before Waivers)1 |
|
|
Expenses That are Deducted From Fund Assets (as a percentage of average net assets) |
|
|
Management Fee2 |
|
0.30% |
Distribution (12b-1) Fee3 |
|
0.30% |
Shareholder Services Fee4 |
|
0.25% |
Other Expenses |
|
0.04% |
Total Annual Fund Operating Expenses |
|
0.89% |
1 Although not contractually obligated to do so, the manager, distributor and shareholder services provider waived certain amounts. These are shown below along with the net expenses the Fund actually paid for the fiscal year ended October 31, 2000. |
||
Total Waivers of Fund Expenses |
|
0.25% |
Total Actual Annual Fund Operating Expenses (after waivers) |
|
0.64% |
2 The manager voluntarily waived a portion of the management fee. The manager can terminate this voluntary waiver at any time. The management fee paid by the Fund (after the voluntary waiver, which amounted to less than 0.01%) was 0.30% for the fiscal
year ended October 31, 2000. |
||
3 A portion of the distribution (12b-1) fee has been voluntarily waived. This voluntary waiver can be terminated at any time. The distribution (12b-1) fee paid by the Fund's Institutional Service Shares (after the voluntary waiver) was 0.08% for the
fiscal year ended October 31, 2000. |
||
4 A portion of the shareholder services fee has been voluntarily waived. This voluntary waiver can be terminated at any time. The shareholder services fee paid by the Fund's Institutional Service Shares (after the voluntary waiver) was 0.22% for the
fiscal year ended October 31, 2000. |
This Example is intended to help you compare the cost of investing in the Fund's Institutional Service Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund's Institutional Service Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's Institutional Service Shares operating expenses are before waivers as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
1 Year |
|
$ 91 |
3 Years |
|
$ 284 |
5 Years |
|
$ 493 |
10 Years |
|
$1,096 |
</R>
<R>
The Fund pursues its investment objective by investing in the stocks of the Index in the same weights as the Index. This is called a "full replication" strategy. Market capitalization is determined by multiplying the number of outstanding shares by the current market price per share. As of September 30, 2000, the capitalization range of the issuers comprising the Index was $397 million to $571,382 million. As of the same date, the weighted median market capitalization of the Fund was $81,563 million.
</R>
The Fund purchases Index futures contracts in order to more closely track the performance of the Index, while maintaining cash equivalent positions as necessary for the Fund's operations.
Equity securities represent a share of an issuer's earnings and assets, after the issuer pays its liabilities. The Fund cannot predict the income it will receive from equity securities because issuers generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value increases directly with the value of the issuer's business. The following describes the types of equity securities in which the Fund may invest.
Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.
<R>
Stock index futures provide for the future sale by one party and purchase by another party of a specified amount of an index at a price, date, and time specified when the contract is made. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Futures are considered to be commodity contracts.
</R>
<R>
</R>
<R>
</R>
<R>
You can purchase or redeem Shares any day the New York Stock Exchange (NYSE) is open. When the Fund receives your transaction request in proper form (as described in this prospectus) it is processed at the next calculated net asset value (NAV). The Fund does not charge a front-end sales charge. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open.
</R>
The Fund generally values equity securities according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market).
<R>
Futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option.
</R>
The required minimum initial investment for Fund Shares is $25,000. There is no required minimum subsequent investment amount.
An account may be opened with a smaller amount as long as the $25,000 minimum is reached within 90 days. An institutional investor's minimum investment is calculated by combining all accounts it maintains with the Fund. Accounts established through investment professionals may be subject to a smaller minimum investment amount. Keep in mind that investment professionals may charge you fees for their services in connection with your Share transactions.
The Fund offers three share classes: Institutional Shares, Institutional Service Shares, and Class C Shares, each representing interests in a single portfolio of securities. This prospectus relates only to Institutional Service Shares. Each share class has different expenses, which affect their performance. Contact your investment professional or call 1-800-341-7400 for more information concerning the other classes.
The Fund's Distributor, Federated Securities Corp., markets the Shares described in this prospectus to institutions or to individuals, directly or through investment professionals.
When the Distributor receives marketing fees, it may pay some or all of them to investment professionals. The Distributor and its affiliates may pay out of their assets other amounts (including items of material value) to investment professionals for marketing and servicing Shares. The Distributor is a subsidiary of Federated Investors, Inc. (Federated).
<R>
The Fund has adopted a Rule 12b-1 Plan, which allows it to pay marketing fees to the Distributor and investment professionals for the sale, distribution and customer servicing of the Fund's Institutional Service Shares. Because these Shares pay marketing fees on an ongoing basis, your investment cost may be higher over time than other Shares with different marketing fees.
</R>
You may purchase Shares through an investment professional or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares.
Investment professionals should send payments according to the instructions in the sections "By Wire" or "By Check."
<R>
In order to maximize the Fund's ability to track the Index, investors are urged to transmit purchase requests prior to 2:00 p.m. (Eastern time).
</R>
You will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or Federated Shareholder Services Company, the Fund's transfer agent.
An institution may establish an account and place an order by calling the Fund and the Shares will be priced at the next calculated NAV after the Fund receives the order.
Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer Number or Group Number
Nominee/Institution Name
Fund Name and Number and Account Number
You cannot purchase Shares by wire on holidays when wire transfers are restricted.
Make your check payable to The Federated Funds, note your account number on the check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
If you send your check by a private courier or overnight delivery service that requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will not accept third-party checks (checks originally payable to someone other than you or The Federated Funds).
Once you have opened an account, you may purchase additional Shares through a depository institution that is an ACH member. This purchase option can be established by completing the appropriate sections of the New Account Form.
You should redeem Shares:
Submit your redemption request to your investment professional by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after the Fund receives the order from your investment professional.
<R>
You may redeem Shares by simply calling the Fund at 1-800-341-7400. If you call before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) you will receive a redemption amount based on that day's NAV.
</R>
You may redeem Shares by mailing a written request to the Fund.
You will receive a redemption amount based on the next calculated NAV after the Fund receives your written request in proper form.
Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
All requests must include:
Call your investment professional or the Fund if you need special instructions.
Signatures must be guaranteed if:
A signature guarantee is designed to protect your account from fraud. Obtain a signature guarantee from a bank or trust company, savings association, credit union or broker, dealer, or securities exchange member. A notary public cannot provide a signature guarantee.
Your redemption proceeds will be mailed by check to your address of record. The following payment options are available if you complete the appropriate section of the New Account Form or an Account Service Options Form. These payment options require a signature guarantee if they were not established when the account was opened:
Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by a distribution of the Fund's portfolio securities.
Redemption proceeds normally are wired or mailed within one business day after receiving a request in proper form. Payment may be delayed up to seven days:
You will not accrue interest or dividends on uncashed checks from the Fund if those checks are undeliverable and returned to the Fund.
The Fund will record your telephone instructions. If the Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.
The Fund no longer issues share certificates. If you are redeeming Shares represented by certificates previously issued by the Fund, you must return the certificates with your written redemption request. For your protection, send your certificates by registered or certified mail, but do not endorse them.
You will receive confirmation of purchases and redemptions. In addition, you will receive periodic statements reporting all account activity, including dividends and capital gains paid.
The Fund declares and pays any dividends quarterly to shareholders. Dividends are paid to all shareholders invested in the Fund on the record date. The record date is the date on which a shareholder must officially own Shares in order to earn a dividend.
In addition, the Fund pays any capital gains at least annually. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments.
If you purchase Shares just before a Fund declares a dividend or capital gain distribution, you will pay the full price for the Shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in Shares. Therefore, you should consider the tax implications of purchasing Shares shortly before the Fund declares a dividend or capital gain. Contact your investment professional or the Fund for information concerning when dividends and capital gains will be paid.
Due to the high cost of maintaining accounts with low balances, accounts may be closed if redemptions cause the account balance to fall below the minimum initial investment amount. Before an account is closed, you will be notified and allowed 30 days to purchase additional Shares to meet the minimum.
The Fund sends an annual statement of your account activity to assist you in completing your federal, state and local tax returns. Fund distributions of dividends and capital gains are taxable to you whether paid in cash or reinvested in the Fund. Dividends are taxable as ordinary income; capital gains are taxable at different rates depending upon the length of time the Fund holds its assets.
Fund distributions are expected to be both dividends and capital gains. Redemptions are taxable sales. Please consult your tax adviser regarding your federal, state, and local tax liability.
<R>
The Board of Trustees governs the Fund. The Board selects and oversees the Manager, Federated Investment Management Company. The Manager, in turn, oversees the management of the Fund's assets by the Sub-Manager, Northern Trust Quantitative Advisors, Inc. The Manager's responsibilities include selecting the Sub-Manager and continued review and evaluation of the Sub-Manager's performance. The Manager's address is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.
The Manager has delegated daily management of the Fund's assets to the Sub-Manager, who is paid by the Manager and not by the Fund, based on net assets under management. The Sub-Manager develops, maintains and runs the computer program designed to determine which securities are purchased and sold to replicate the composition of the Index. The Sub-Manager has complete discretion, subject to the Manager's oversight, to purchase and sell portfolio securities for the Fund. The Sub-Manager's address is 50 South LaSalle Street, Chicago, IL 60675. The Sub-Manager is a subsidiary of the Northern Trust Company and is an investment manager primarily to corporate defined benefit and defined contribution plans as well as public pension funds, insurance companies and tax-exempt foundations and endowments. These plans had as of September 30, 2000, placed approximately $72.6 billion in assets with the Sub-Manager. Since 1973, the Sub-Manager has developed and managed a family of equity and bond index funds in which some 681 nationwide non-financial institution clients invest. In total, the Sub-Manager manages 77 commingled/common trust funds. The Northern Trust Company is a subsidiary of Northern Trust Corporation, a bank holding company with subsidiaries located across the United States and in several other countries. As of September 30, 2000, total assets of Northern Trust Corporation were $34.8 billion and subsidiaries of Northern Trust Corporation held trust assets under administration of $1.7 trillion.
The Manager and other subsidiaries of Federated advise approximately 176 mutual funds and separate accounts, which totaled approximately $125 billion in assets as of December 31, 1999. Federated was established in 1955 and is one of the largest mutual fund investment managers in the United States with approximately 1,900 employees. More than 4,000 investment professionals make Federated Funds available to their customers.
The Manager receives an annual investment management fee of 0.30% of the Fund's average daily net assets. The Manager may voluntarily waive a portion of its fee or reimburse the Fund for certain operating expenses.
</R>
<R>
The following Financial Highlights will help you understand the Fund's financial performance for its past five fiscal years. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of any dividends and capital gains.
</R>
This information has been audited by Ernst & Young LLP, whose report, along with the Fund's audited financial statements, is included in this prospectus.
<R>
(For a Share Outstanding Throughout Each Period)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on page 37.
Year Ended October 31 |
|
2000 |
|
|
1999 |
|
|
1998 |
|
|
1997 |
|
|
1996 |
|
Net Asset Value, Beginning of Period |
|
$28.03 |
|
|
$22.86 |
|
|
$19.66 |
|
|
$15.47 |
|
|
$14.72 |
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.19 |
|
|
0.23 |
|
|
0.25 |
|
|
0.26 |
|
|
0.30 |
|
Net realized and unrealized gain on investment and futures contracts |
|
1.23 |
|
|
5.37 |
|
|
3.82 |
|
|
4.45 |
|
|
2.79 |
|
TOTAL FROM INVESTMENT OPERATIONS |
|
1.42 |
|
|
5.60 |
|
|
4.07 |
|
|
4.71 |
|
|
3.09 |
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.19 |
) |
|
(0.21 |
) |
|
(0.25 |
) |
|
(0.28 |
) |
|
(0.31 |
) |
Distributions from net realized gain on investments and futures contracts |
|
(0.25 |
) |
|
(0.22 |
) |
|
(0.62 |
) |
|
(0.24 |
) |
|
(2.03 |
) |
TOTAL DISTRIBUTIONS |
|
(0.44 |
) |
|
(0.43 |
) |
|
(0.87 |
) |
|
(0.52 |
) |
|
(2.34 |
) |
Net Asset Value, End of Period |
|
$29.01 |
|
|
$28.03 |
|
|
$22.86 |
|
|
$19.66 |
|
|
$15.47 |
|
Total Return1 |
|
5.08 |
% |
|
24.76 |
% |
|
21.21 |
% |
|
31.07 |
% |
|
23.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
0.64 |
% |
|
0.62 |
% |
|
0.61 |
% |
|
0.62 |
% |
|
0.61 |
% |
Net investment income |
|
0.67 |
% |
|
0.88 |
% |
|
1.09 |
% |
|
1.36 |
% |
|
1.97 |
% |
Expense waiver/reimbursement2 |
|
0.25 |
% |
|
0.28 |
% |
|
0.27 |
% |
|
0.30 |
% |
|
0.31 |
% |
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
|
$900,246 |
|
|
$726,976 |
|
|
$477,760 |
|
|
$245,986 |
|
|
$58,741 |
|
Portfolio turnover |
|
11 |
% |
|
3 |
% |
|
3 |
% |
|
16 |
% |
|
3 |
% |
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
Shares | Value | |||||
---|---|---|---|---|---|---|
COMMON STOCKS--96.4%1 | ||||||
Basic Materials--1.9% | ||||||
54,000 | Air Products & Chemicals, Inc. | $ | 2,014,875 | |||
78,600 | Alcan Aluminum, Ltd. | 2,480,812 | ||||
203,888 | Alcoa, Inc. | 5,849,037 | ||||
19,096 | Allegheny Technologies Inc. | 386,694 | ||||
148,878 | Archer-Daniels-Midland Co. | 1,637,658 | ||||
93,200 | Barrick Gold Corp. | 1,246,550 | ||||
12,500 | Bemis Co., Inc. | 323,437 | ||||
31,100 | 2 | Bethlehem Steel Corp. | 89,412 | |||
13,500 | Boise Cascade Corp. | 387,281 | ||||
159,700 | Dow Chemical Co. | 4,890,812 | ||||
245,482 | Du Pont (E.I.) de Nemours & Co. | 11,138,746 | ||||
18,025 | Eastman Chemical Co. | 772,822 | ||||
30,180 | Ecolab, Inc. | 1,182,679 | ||||
30,062 | Engelhard Corp. | 627,544 | ||||
7,200 | 2 | FMC Corp. | 547,200 | |||
36,000 | Freeport-McMoRan Copper & Gold, Inc., Class B | 285,750 | ||||
40,100 | Georgia-Pacific Corp. | 1,077,687 | ||||
15,800 | 2 | Grace (W.R.) & Co. | 60,237 | |||
12,300 | Great Lakes Chemical Corp. | 410,512 | ||||
25,300 | Hercules, Inc. | 463,306 | ||||
61,900 | Homestake Mining Co. | 255,338 | ||||
42,800 | Inco Ltd. | 660,725 | ||||
23,500 | International Flavors & Fragrances, Inc. | 393,625 | ||||
113,849 | International Paper Co. | 4,169,720 | ||||
24,500 | Louisiana-Pacific Corp. | 208,250 | ||||
24,100 | Mead Corp. | 697,394 | ||||
39,557 | Newmont Mining Corp. | 536,492 | ||||
19,100 | Nucor Corp. | 662,531 | ||||
40,900 | PPG Industries, Inc. | 1,825,163 | ||||
39,900 | 2 | Pactiv Corp. | 418,950 | |||
18,507 | Phelps Dodge Corp. | 865,202 | ||||
77,100 | Placer Dome, Inc. | 626,438 | ||||
6,700 | Potlatch Corp. | 224,450 | ||||
37,200 | Praxair, Inc. | 1,385,700 | ||||
50,973 | Rohm & Haas Co. | 1,532,376 | ||||
19,000 | Sigma-Aldrich Corp. | 679,250 | ||||
12,000 | Temple-Inland, Inc. | 537,000 | ||||
20,920 | USX-U.S. Steel Group, Inc. | 333,413 | ||||
31,800 | Union Carbide Corp. | 1,367,400 | ||||
23,800 | Vulcan Materials Co. | 999,600 | ||||
23,650 | Westvaco Corp. | 674,025 | ||||
51,800 | Weyerhaeuser Co. | 2,431,363 | ||||
25,700 | Willamette Industries, Inc. | 933,231 | ||||
20,150 | Worthington Industries, Inc. | 192,684 | ||||
|
|
|||||
TOTAL | 58,483,371 | |||||
|
|
|||||
Capital Goods--9.0% | ||||||
46,300 | 2 | Allied Waste Industries, Inc. | 428,275 | |||
45,800 | 2 | American Power Conversion Corp. | 592,537 | |||
26,300 | Avery Dennison Corp. | 1,328,150 | ||||
6,900 | Ball Corp. | 242,362 | ||||
211,208 | Boeing Co. | 14,322,542 | ||||
5,100 | Briggs & Stratton Corp. | 182,006 | ||||
81,400 | Caterpillar, Inc. | 2,854,087 | ||||
21,900 | Cooper Industries, Inc. | 837,675 | ||||
207,600 | Corning, Inc. | 15,881,400 | ||||
14,275 | Crane Co. | 373,826 | ||||
29,700 | Crown Cork & Seal Co., Inc. | 271,012 | ||||
9,800 | Cummins Engine Co., Inc. | 333,200 | ||||
33,400 | Danaher Corp. | 2,108,375 | ||||
55,200 | Deere & Co. | 2,032,050 | ||||
47,800 | Dover Corp. | 2,028,512 | ||||
17,200 | Eaton Corp. | 1,170,675 | ||||
100,600 | Emerson Electric Co. | 7,387,812 | ||||
17,800 | Fluor Corp. | 623,000 | ||||
46,740 | General Dynamics Corp. | 3,344,831 | ||||
2,331,700 | General Electric Co. | 127,806,306 | ||||
23,900 | Goodrich (B.F.) Co. | 978,406 | ||||
188,587 | Honeywell International, Inc. | 10,148,338 | ||||
20,700 | ITT Industries, Inc. | 674,044 | ||||
71,100 | Illinois Tool Works, Inc. | 3,950,494 | ||||
37,900 | Ingersoll-Rand Co. | 1,430,725 | ||||
20,200 | Johnson Controls, Inc. | 1,204,425 | ||||
100,476 | Lockheed Martin Corp. | 3,602,065 | ||||
14,200 | McDermott International, Inc. | 137,563 | ||||
10,900 | Millipore Corp. | 572,250 | ||||
93,100 | Minnesota Mining & Manufacturing Co. | 8,995,788 | ||||
46,225 | Molex, Inc. | 2,496,150 | ||||
9,600 | National Service Industries, Inc. | 196,200 | ||||
13,970 | 2 | Navistar International Corp. | 461,883 | |||
16,900 | Northrop Grumman, Corp. | 1,419,600 | ||||
34,400 | 2 | Owens-Illinois, Inc. | 204,250 | |||
17,980 | PACCAR, Inc. | 756,284 | ||||
29,033 | Pall Corp. | 626,024 | ||||
26,400 | Parker-Hannifin Corp. | 1,092,300 | ||||
60,100 | Pitney Bowes, Inc. | 1,784,219 | ||||
17,300 | 2 | Power-One, Inc. | 1,227,219 | |||
43,600 | Rockwell International Corp. | 1,714,025 | ||||
35,600 | 2 | Sanmina Corp. | 4,069,525 | |||
19,700 | 2 | Sealed Air Corp. | 948,063 | |||
141,600 | 2 | Solectron Corp. | 6,230,400 | |||
33,800 | Textron, Inc. | 1,704,788 | ||||
40,800 | 2 | Thermo Electron Corp. | 1,183,200 | |||
13,600 | Thomas & Betts Corp. | 205,700 | ||||
14,300 | Timken Co. | 201,094 | ||||
396,694 | Tyco International Ltd. | 22,487,591 | ||||
110,200 | United Technologies Corp. | 7,693,338 | ||||
146,328 | Waste Management, Inc. | 2,926,560 | ||||
|
|
|||||
TOTAL | 275,471,144 | |||||
|
|
|||||
Communication Services--6.2% | ||||||
884,282 | AT&T Corp. | 20,504,289 | ||||
74,300 | Alltel Corp. | 4,787,706 | ||||
65,511 | 2 | Avaya, Inc. | 880,299 | |||
441,200 | BellSouth Corp. | 21,315,475 | ||||
33,100 | CenturyTel, Inc. | 1,274,350 | ||||
207,320 | 2 | Global Crossing Ltd. | 4,897,935 | |||
179,200 | 2 | NEXTEL Communications, Inc., Class A | 6,888,000 | |||
391,005 | 2 | Qwest Communications International, Inc. | 19,012,618 | |||
797,926 | SBC Communications, Inc. | 46,030,356 | ||||
208,300 | Sprint Corp. | 5,311,650 | ||||
218,500 | 2 | Sprint PCS Group | 8,330,313 | |||
639,888 | Verizon Communications | 36,993,525 | ||||
676,345 | 2 | WorldCom, Inc. | 16,063,194 | |||
|
|
|||||
TOTAL | 192,289,710 | |||||
|
|
|||||
Consumer Cyclicals--6.5% | ||||||
15,200 | American Greetings Corp., Class A | 276,450 | ||||
9,500 | Armstrong World Industries, Inc. | 27,312 | ||||
30,000 | 2 | AutoZone, Inc. | 804,375 | |||
66,500 | 2 | Bed Bath & Beyond, Inc. | 1,716,531 | |||
48,700 | 2 | Best Buy Co., Inc. | 2,444,131 | |||
19,600 | Black & Decker Corp. | 737,450 | ||||
21,500 | Block (H&R), Inc. | 767,281 | ||||
20,500 | Brunswick Corp. | 398,469 | ||||
138,730 | Carnival Corp., Class A | 3,442,238 | ||||
170,907 | 2 | Cendant Corp. | 2,050,884 | |||
13,900 | Centex Corp. | 514,300 | ||||
48,300 | Circuit City Stores, Inc. | 639,975 | ||||
26,200 | 2 | Consolidated Stores Corp. | 311,125 | |||
36,200 | 2 | Convergys Corp. | 1,576,962 | |||
17,100 | Cooper Tire & Rubber Co. | 187,031 | ||||
105,200 | Costco Wholesale Corp. | 3,852,950 | ||||
35,145 | Dana Corp. | 779,780 | ||||
131,805 | Delphi Auto Systems Corp. | 2,067,691 | ||||
22,000 | Dillards, Inc., Class A | 231,000 | ||||
77,402 | Dollar General Corp. | 1,199,731 | ||||
20,600 | Dow Jones & Co. | 1,212,825 | ||||
49,000 | 2 | Federated Department Stores, Inc. | 1,595,562 | |||
445,600 | Ford Motor Co. | 11,641,300 | ||||
62,100 | Gannett Co., Inc. | 3,601,800 | ||||
200,075 | Gap (The), Inc. | 5,164,436 | ||||
126,300 | General Motors Corp. | 7,846,387 | ||||
41,150 | Genuine Parts Co. | 877,009 | ||||
36,800 | Goodyear Tire & Rubber Co. | 680,800 | ||||
17,200 | Harcourt General, Inc. | 964,060 | ||||
71,200 | Harley Davidson, Inc. | 3,430,950 | ||||
27,450 | 2 | Harrah's Entertainment, Inc. | 785,756 | |||
40,600 | Hasbro, Inc. | 436,450 | ||||
86,800 | Hilton Hotels Corp. | 824,600 | ||||
545,150 | Home Depot, Inc. | 23,441,450 | ||||
70,000 | IMS Health, Inc. | 1,653,750 | ||||
72,500 | Interpublic Group Cos., Inc. | 3,112,969 | ||||
113,000 | 2 | K Mart Corp. | 670,938 | |||
11,300 | Kaufman & Broad Homes Corp. | 336,175 | ||||
17,800 | Knight-Ridder, Inc. | 894,450 | ||||
77,600 | 2 | Kohl's Corp. | 4,204,950 | |||
46,300 | Leggett and Platt, Inc. | 758,163 | ||||
101,580 | Limited, Inc. | 2,564,895 | ||||
12,500 | Liz Claiborne, Inc. | 531,250 | ||||
90,100 | Lowe's Cos., Inc. | 4,116,444 | ||||
56,500 | Marriott International, Inc., Class A | 2,288,250 | ||||
107,600 | Masco Corp. | 2,010,775 | ||||
100,325 | Mattel, Inc. | 1,297,955 | ||||
70,000 | May Department Stores Co. | 1,837,500 | ||||
18,300 | Maytag Corp. | 523,838 | ||||
45,800 | McGraw-Hill Cos., Inc. | 2,939,788 | ||||
11,900 | Meredith Corp. | 377,825 | ||||
38,200 | Moody's Corp. | 1,005,138 | ||||
39,300 | New York Times Co., Class A | 1,444,275 | ||||
63,500 | Nike, Inc., Class B | 2,536,031 | ||||
30,700 | Nordstrom, Inc. | 504,631 | ||||
72,000 | 2 | Office Depot, Inc. | 598,500 | |||
41,800 | Omnicom Group, Inc. | 3,856,050 | ||||
61,600 | Penney (J.C.) Co., Inc. | 719,950 | ||||
9,500 | Pulte Corp. | 316,469 | ||||
43,760 | RadioShack Corp. | 2,609,190 | ||||
13,400 | 2 | Reebok International Ltd. | 288,938 | |||
7,700 | Russell Corp. | 123,200 | ||||
80,700 | Sears, Roebuck & Co. | 2,399,211 | ||||
38,300 | Sherwin-Williams Co. | 830,631 | ||||
13,800 | Snap-On Tools Corp. | 352,763 | ||||
4,200 | Springs Industries, Inc., Class A | 98,963 | ||||
20,300 | Stanley Works | 540,488 | ||||
106,900 | 2 | Staples, Inc. | 1,523,325 | |||
68,900 | TJX Cos., Inc. | 1,877,525 | ||||
29,200 | TRW, Inc. | 1,226,400 | ||||
214,200 | Target Corp. | 5,917,275 | ||||
34,200 | Tiffany & Co. | 1,459,913 | ||||
48,000 | 2 | Toys 'R' Us, Inc. | 825,000 | |||
72,600 | Tribune Co. | 2,690,738 | ||||
27,000 | V.F. Corp. | 737,438 | ||||
30,814 | Visteon Corp. | 545,023 | ||||
1,051,400 | Wal-Mart Stores, Inc. | 47,707,275 | ||||
16,800 | Whirlpool Corp. | 730,800 | ||||
|
|
|||||
TOTAL | 200,114,106 | |||||
|
|
|||||
Consumer Staples--10.4% | ||||||
13,100 | Alberto-Culver Co., Class B | 439,669 | ||||
99,661 | Albertsons, Inc. | 2,360,720 | ||||
213,300 | Anheuser-Busch Cos., Inc. | 9,758,475 | ||||
55,900 | Avon Products, Inc. | 2,711,150 | ||||
16,100 | Brown-Forman Corp., Class B | 980,087 | ||||
92,000 | CVS Corp. | 4,870,250 | ||||
99,100 | Campbell Soup Co. | 2,898,675 | ||||
65,450 | Cardinal Health, Inc. | 6,201,387 | ||||
137,900 | 2 | Clear Channel Communications, Inc. | 8,282,619 | |||
55,300 | Clorox Co. | 2,467,762 | ||||
583,100 | Coca-Cola Co. | 35,204,662 | ||||
98,500 | Coca-Cola Enterprises, Inc. | 1,809,937 | ||||
135,200 | Colgate-Palmolive Co. | 7,944,352 | ||||
213,000 | 2 | Comcast Corp., Class A | 8,679,750 | |||
125,500 | ConAgra, Inc. | 2,682,562 | ||||
8,700 | Coors Adolph Co., Class B | 554,081 | ||||
28,800 | Darden Restaurants, Inc. | 648,000 | ||||
17,000 | Deluxe Corp. | 383,562 | ||||
490,700 | Disney (Walt) Co. | 17,573,194 | ||||
28,700 | Donnelley (R.R.) & Sons Co. | 617,050 | ||||
48,200 | Fort James Corp. | 1,587,587 | ||||
36,900 | Fortune Brands, Inc. | 1,086,244 | ||||
67,200 | General Mills, Inc. | 2,805,600 | ||||
247,800 | Gillette Co. | 8,642,025 | ||||
81,800 | Heinz (H.J.) Co. | 3,430,488 | ||||
32,200 | Hershey Foods Corp. | 1,748,863 | ||||
95,500 | Kellogg Co. | 2,423,313 | ||||
126,648 | Kimberly-Clark Corp. | 8,358,768 | ||||
194,400 | 2 | Kroger Co., Inc. | 4,386,150 | |||
8,900 | Longs Drug Stores Corp. | 194,688 | ||||
310,900 | McDonald's Corp. | 9,637,900 | ||||
66,926 | McKesson HBOC, Inc. | 1,878,111 | ||||
76,800 | Nabisco Group Holdings Corp. | 2,217,600 | ||||
62,744 | Newell Rubbermaid, Inc. | 1,203,901 | ||||
339,700 | PepsiCo, Inc. | 16,454,219 | ||||
530,200 | Philip Morris Cos., Inc. | 19,418,575 | ||||
307,900 | Procter & Gamble Co. | 21,995,606 | ||||
31,200 | Quaker Oats Co. | 2,544,750 | ||||
72,300 | Ralston Purina Co. | 1,753,275 | ||||
117,000 | 2 | Safeway, Inc. | 6,398,438 | |||
204,700 | Sara Lee Corp. | 4,413,844 | ||||
102,800 | Seagram Co. Ltd. | 5,872,450 | ||||
44,000 | 2 | Starbucks Corp. | 1,966,250 | |||
31,200 | SUPERVALU, Inc. | 479,700 | ||||
78,400 | Sysco Corp. | 4,091,500 | ||||
311,580 | Time Warner, Inc. | 23,652,038 | ||||
34,330 | 2 | Tricon Global Restaurants, Inc. | 1,029,900 | |||
13,600 | Tupperware Corp. | 232,900 | ||||
38,200 | UST, Inc. | 964,550 | ||||
134,553 | Unilever N.V., ADR | 6,836,974 | ||||
356,993 | 2 | Viacom, Inc., Class B | 20,303,977 | |||
237,800 | Walgreen Co. | 10,849,625 | ||||
26,700 | Wendy's International, Inc. | 580,725 | ||||
33,200 | Winn-Dixie Stores, Inc. | 639,100 | ||||
26,800 | Wrigley (Wm.), Jr. Co. | 2,122,225 | ||||
|
|
|||||
TOTAL | 319,269,803 | |||||
|
|
|||||
Energy--5.8% | ||||||
107,500 | 2 | AES Corp. | 6,073,750 | |||
21,200 | Amerada-Hess Corp. | 1,314,400 | ||||
57,234 | Anadarko Petroleum Corp. | 3,665,838 | ||||
28,800 | Apache Corp. | 1,593,000 | ||||
16,500 | Ashland, Inc. | 540,375 | ||||
77,890 | Baker Hughes, Inc. | 2,677,469 | ||||
50,765 | Burlington Resources, Inc. | 1,827,540 | ||||
153,600 | Chevron Corp. | 12,614,400 | ||||
146,579 | Conoco, Inc., Class B | 3,985,116 | ||||
30,000 | Devon Energy Corp. | 1,512,000 | ||||
820,179 | Exxon Mobil Corp. | 73,149,714 | ||||
104,900 | Halliburton Co. | 3,887,856 | ||||
22,176 | Kerr-McGee Corp. | 1,448,370 | ||||
34,400 | 2 | Nabors Industries, Inc. | 1,750,960 | |||
86,800 | Occidental Petroleum Corp. | 1,725,150 | ||||
60,000 | Phillips Petroleum Co. | 3,705,000 | ||||
22,200 | 2 | Rowan Companies, Inc. | 559,163 | |||
504,800 | Royal Dutch Petroleum Co., ADR | 29,972,500 | ||||
134,200 | Schlumberger Ltd. | 10,215,975 | ||||
20,537 | Sunoco, Inc. | 614,826 | ||||
129,800 | Texaco, Inc. | 7,666,313 | ||||
34,000 | Tosco Corp. | 973,250 | ||||
49,577 | Transocean Sedco Forex, Inc. | 2,627,581 | ||||
73,500 | USX--Marathon Group | 1,998,281 | ||||
57,200 | Unocal Corp. | 1,951,950 | ||||
|
|
|||||
TOTAL | 178,050,777 | |||||
|
|
|||||
Financials--15.0% | ||||||
62,400 | AFLAC, Inc. | 4,559,100 | ||||
60,075 | AON Corp. | 2,489,358 | ||||
172,810 | Allstate Corp. | 6,955,602 | ||||
313,500 | American Express Co. | 18,810,000 | ||||
59,430 | American General Corp. | 4,784,115 | ||||
544,724 | American International Group, Inc. | 53,382,952 | ||||
88,700 | Amsouth Bancorporation | 1,236,256 | ||||
171,432 | Associates First Capital Corp., Class A | 6,364,413 | ||||
94,100 | BB&T Corp. | 2,999,437 | ||||
272,085 | Bank One Corporation | 9,931,102 | ||||
386,692 | Bank of America Corp. | 18,585,384 | ||||
173,800 | Bank of New York Co., Inc. | 10,004,362 | ||||
25,356 | Bear Stearns Cos., Inc. | 1,537,207 | ||||
37,100 | CIGNA Corp. | 4,524,345 | ||||
61,800 | CIT Group, Inc., Class A | 1,077,637 | ||||
46,200 | Capital One Financial Corp. | 2,916,375 | ||||
49,475 | Charter One Financial, Inc. | 1,134,833 | ||||
308,110 | Chase Manhattan Corp. | 14,019,005 | ||||
41,100 | Chubb Corp. | 3,470,381 | ||||
37,900 | Cincinnati Financial Corp. | 1,392,825 | ||||
1,059,100 | Citigroup, Inc. | 55,735,137 | ||||
36,850 | Comerica, Inc. | 2,222,516 | ||||
76,561 | Conseco, Inc. | 531,142 | ||||
26,900 | Countrywide Credit Industries, Inc. | 1,007,069 | ||||
237,200 | Federal National Mortgage Association | 18,264,400 | ||||
163,600 | Federal Home Loan Mortgage Corp. | 9,816,000 | ||||
109,500 | Fifth Third Bancorp | 5,625,562 | ||||
231,898 | First Union Corp. | 7,029,408 | ||||
225,567 | Firstar Corp. | 4,440,850 | ||||
212,491 | Fleet Boston Financial Corp. | 8,074,658 | ||||
57,300 | Franklin Resources, Inc. | 2,454,732 | ||||
37,200 | Golden West Financial Corp. | 2,085,525 | ||||
52,800 | Hartford Financial Services Group, Inc. | 3,930,300 | ||||
111,159 | Household International, Inc. | 5,592,687 | ||||
59,136 | Huntington Bancshares, Inc. | 850,080 | ||||
37,400 | J.P. Morgan & Co., Inc. | 6,189,700 | ||||
24,237 | Jefferson-Pilot Corp. | 1,666,294 | ||||
101,300 | KeyCorp | 2,500,844 | ||||
57,200 | Lehman Brothers Holdings, Inc. | 3,689,400 | ||||
44,900 | Lincoln National Corp. | 2,172,038 | ||||
23,200 | Loews Corp. | 2,109,750 | ||||
23,100 | MBIA Inc. | 1,679,081 | ||||
200,527 | MBNA Corp. | 7,532,295 | ||||
25,000 | MGIC Investment Corp. | 1,703,125 | ||||
63,900 | Marsh & McLennan Cos., Inc. | 8,354,925 | ||||
114,900 | Mellon Financial Corp. | 5,543,925 | ||||
189,100 | Merrill Lynch & Co., Inc. | 13,237,000 | ||||
264,914 | Morgan Stanley, Dean Witter & Co. | 21,275,906 | ||||
143,000 | National City Corp. | 3,056,625 | ||||
32,245 | Old Kent Financial Corp. | 892,783 | ||||
68,000 | PNC Financial Services Group | 4,547,500 | ||||
34,800 | PaineWebber Group, Inc. | 2,479,500 | ||||
17,200 | Progressive Corp., Ohio | 1,689,900 | ||||
33,600 | Providian Financial Corp. | 3,494,400 | ||||
51,500 | Regions Financial Corp. | 1,213,469 | ||||
30,000 | SAFECO Corp. | 725,625 | ||||
325,025 | Schwab (Charles) Corp. | 11,416,503 | ||||
39,600 | SouthTrust Corp. | 1,282,050 | ||||
52,552 | St. Paul Cos., Inc. | 2,693,290 | ||||
38,000 | State Street Corp. | 4,740,120 | ||||
52,900 | Stilwell Financial, Inc. | 2,370,581 | ||||
40,900 | Summit Bancorp | 1,533,750 | ||||
70,200 | SunTrust Banks, Inc. | 3,426,638 | ||||
66,850 | Synovus Financial Corp. | 1,441,453 | ||||
28,600 | T. Rowe Price Associates | 1,338,838 | ||||
30,000 | Torchmark Corp. | 999,375 | ||||
175,565 | U.S. Bancorp, Inc. | 4,246,478 | ||||
56,614 | UnumProvident Corp. | 1,599,346 | ||||
36,500 | USA Education, Inc. | 2,039,438 | ||||
31,700 | Union Planters Corp. | 1,071,856 | ||||
47,900 | Wachovia Corp. | 2,586,600 | ||||
126,876 | Washington Mutual, Inc. | 5,582,544 | ||||
387,560 | Wells Fargo Co. | 17,948,873 | ||||
|
|
|||||
TOTAL | 459,906,573 | |||||
|
|
|||||
Health Care--11.5% | ||||||
364,900 | Abbott Laboratories | 19,271,281 | ||||
33,255 | Aetna, Inc. | 1,922,555 | ||||
30,900 | Allergan, Inc. | 2,597,531 | ||||
27,200 | 2 | Alza Corp. | 2,201,500 | |||
306,900 | American Home Products Corp. | 19,488,150 | ||||
242,100 | 2 | Amgen, Inc. | 14,026,669 | |||
12,000 | Bard (C.R.), Inc. | 502,500 | ||||
12,500 | Bausch & Lomb, Inc. | 482,031 | ||||
68,800 | Baxter International, Inc. | 5,654,500 | ||||
59,600 | Becton, Dickinson & Co. | 1,996,600 | ||||
34,800 | 2 | Biogen, Inc. | 2,094,525 | |||
41,800 | Biomet, Inc. | 1,512,637 | ||||
95,700 | 2 | Boston Scientific Corp. | 1,525,219 | |||
462,700 | Bristol-Myers Squibb Co. | 28,195,781 | ||||
72,200 | Guidant Corp. | 3,822,087 | ||||
131,407 | HCA - The Healthcare Co. | 5,248,067 | ||||
90,800 | 2 | HEALTHSOUTH, Corp. | 1,089,600 | |||
39,100 | 2 | Humana, Inc. | 474,088 | |||
327,300 | Johnson & Johnson | 30,152,513 | ||||
39,100 | 2 | King Pharmaceuticals, Inc. | 1,752,169 | |||
265,900 | Lilly (Eli) & Co. | 23,764,813 | ||||
24,050 | 2 | Manor Care, Inc. | 401,334 | |||
49,400 | 2 | MedImmune, Inc. | 3,229,525 | |||
282,000 | Medtronic, Inc. | 15,316,125 | ||||
541,600 | Merck & Co., Inc. | 48,710,150 | ||||
49,000 | PE Corp.-PE Biosystems Group | 5,733,000 | ||||
1,486,325 | Pfizer, Inc. | 64,190,661 | ||||
305,526 | Pharmacia Corp. | 16,803,930 | ||||
27,200 | 2 | Quintiles Transnational Corp. | 379,100 | |||
344,900 | Schering Plough Corp. | 17,827,019 | ||||
19,841 | 2 | St. Jude Medical, Inc. | 1,091,255 | |||
74,100 | 2 | Tenet Healthcare Corp. | 2,913,056 | |||
37,800 | UnitedHealth Group, Inc. | 4,134,375 | ||||
24,100 | 2 | Watson Pharmaceuticals, Inc. | 1,507,756 | |||
14,800 | 2 | Wellpoint Health Networks, Inc. | 1,730,675 | |||
|
|
|||||
TOTAL | 351,742,777 | |||||
|
|
|||||
Technology--26.5% | ||||||
181,700 | 2 | ADC Telecommunications, Inc. | 3,883,837 | |||
23,300 | 2 | Adaptec, Inc. | 368,431 | |||
56,400 | Adobe System, Inc. | 4,289,925 | ||||
73,300 | 2 | Advanced Micro Devices, Inc. | 1,658,412 | |||
106,601 | 2 | Agilent Technologies, Inc. | 4,936,959 | |||
93,900 | 2 | Altera Corp. | 3,844,031 | |||
543,500 | 2 | America Online, Inc. | 27,408,705 | |||
83,600 | 2 | Analog Devices, Inc. | 5,434,000 | |||
19,062 | 2 | Andrew Corp. | 501,569 | |||
76,500 | 2 | Apple Computer, Inc. | 1,496,531 | |||
191,000 | 2 | Applied Materials, Inc. | 10,146,875 | |||
13,600 | Autodesk, Inc. | 300,050 | ||||
147,700 | Automatic Data Processing, Inc. | 9,646,656 | ||||
58,100 | 2 | BMC Software, Inc. | 1,180,156 | |||
52,300 | 2 | Broadcom Corp., Class A | 11,630,212 | |||
43,400 | 2 | Cabletron Systems, Inc. | 1,177,225 | |||
34,200 | 2 | Ceridian Corp. | 855,000 | |||
1,670,600 | 2 | Cisco Systems, Inc. | 90,003,575 | |||
43,700 | 2 | Citrix Systems, Inc. | 966,862 | |||
400,161 | Compaq Computer Corp. | 12,168,896 | ||||
139,162 | Computer Associates International, Inc. | 4,435,789 | ||||
39,600 | 2 | Computer Sciences Corp. | 2,494,800 | |||
85,900 | 2 | Compuware Corp. | 676,462 | |||
36,700 | 2 | Comverse Technology, Inc. | 4,101,225 | |||
53,600 | 2 | Conexant Systems, Inc. | 1,410,350 | |||
609,000 | 2 | Dell Computer Corp. | 17,965,500 | |||
513,274 | 2 | EMC Corp. | 45,713,466 | |||
72,500 | Eastman Kodak Co. | 3,253,437 | ||||
109,800 | Electronic Data Systems Corp. | 5,153,737 | ||||
33,200 | Equifax, Inc. | 1,145,400 | ||||
95,400 | First Data Corp. | 4,781,925 | ||||
75,900 | 2 | Gateway, Inc. | 3,917,199 | |||
22,100 | Grainger (W.W.), Inc. | 705,819 | ||||
469,600 | Hewlett-Packard Co. | 21,807,050 | ||||
1,580,600 | Intel Corp. | 71,127,000 | ||||
414,500 | International Business Machines Corp. | 40,828,250 | ||||
220,300 | 2 | JDS Uniphase Corp. | 17,940,681 | |||
43,800 | 2 | KLA-Tencor Corp. | 1,480,988 | |||
73,000 | 2 | LSI Logic Corp. | 2,399,875 | |||
30,000 | 2 | Lexmark Intl. Group, Class A | 1,230,000 | |||
73,200 | Linear Technology Corp. | 4,725,975 | ||||
786,128 | Lucent Technologies, Inc. | 18,326,609 | ||||
66,500 | 2 | Maxim Integrated Products, Inc. | 4,409,781 | |||
18,800 | 2 | Mercury Interactive Corp. | 2,086,800 | |||
132,900 | Micron Technology, Inc. | 4,618,275 | ||||
1,238,800 | 2 | Microsoft Corp. | 85,322,350 | |||
513,335 | Motorola, Inc. | 12,801,292 | ||||
22,600 | 2 | NCR Corp. | 974,625 | |||
41,800 | 2 | National Semiconductor Corp. | 1,086,800 | |||
73,500 | 2 | Network Appliance, Inc. | 8,746,500 | |||
703,240 | Nortel Networks Corp. | 31,997,420 | ||||
76,500 | 2 | Novell, Inc. | 688,500 | |||
30,900 | 2 | Novellus Systems, Inc. | 1,264,969 | |||
1,325,348 | 2 | Oracle Corp. | 43,736,484 | |||
133,042 | 2 | Palm, Inc. | 7,126,062 | |||
64,100 | 2 | Parametric Technology Corp. | 789,231 | |||
87,625 | Paychex, Inc. | 4,967,242 | ||||
65,800 | 2 | Peoplesoft, Inc. | 2,871,553 | |||
11,600 | PerkinElmer, Inc. | 1,386,200 | ||||
10,600 | Polaroid Corp. | 106,663 | ||||
175,400 | 2 | Qualcomm, Inc. | 11,420,184 | |||
80,000 | Raytheon Co., Class B | 2,735,000 | ||||
30,399 | 2 | Sabre Group Holdings, Inc. | 1,016,467 | |||
27,900 | 2 | Sapient Corp. | 992,194 | |||
37,500 | Scientific-Atlanta, Inc. | 2,566,406 | ||||
53,900 | 2 | Seagate Technology, Inc. | 3,766,263 | |||
98,100 | 2 | Siebel Systems, Inc. | 10,294,369 | |||
373,500 | 2 | Sun Microsystems, Inc. | 41,411,813 | |||
11,300 | Tektronix, Inc. | 805,125 | ||||
96,500 | 2 | Tellabs, Inc. | 4,818,969 | |||
40,800 | 2 | Teradyne, Inc. | 1,275,000 | |||
406,900 | Texas Instruments, Inc. | 19,963,531 | ||||
73,700 | 2 | Unisys Corp. | 939,675 | |||
94,600 | 2 | Veritas Software Corp. | 13,340,078 | |||
157,000 | Xerox Corp. | 1,324,688 | ||||
77,400 | 2 | Xilinx, Inc. | 5,606,663 | |||
129,300 | 2 | Yahoo, Inc. | 7,580,213 | |||
|
|
|||||
TOTAL | 812,356,829 | |||||
|
|
|||||
Transportation--0.6% | ||||||
35,300 | 2 | AMR Corp. | 1,156,075 | |||
95,133 | Burlington Northern Santa Fe | 2,526,970 | ||||
51,500 | CSX Corp. | 1,303,594 | ||||
28,800 | Delta Air Lines, Inc. | 1,360,800 | ||||
67,080 | 2 | FedEx Corp. | 3,143,369 | |||
90,300 | Norfolk Southern Corp. | 1,275,488 | ||||
14,000 | Ryder Systems, Inc. | 276,500 | ||||
117,325 | Southwest Airlines Co. | 3,343,763 | ||||
15,800 | 2 | US Airways Group, Inc. | 596,450 | |||
58,300 | Union Pacific Corp. | 2,732,813 | ||||
|
|
|||||
TOTAL | 17,715,822 | |||||
|
|
|||||
Utilities--3.0% | ||||||
32,300 | Ameren Corp. | 1,283,925 | ||||
75,820 | American Electric Power Co., Inc. | 3,146,530 | ||||
28,500 | CMS Energy Corp. | 769,500 | ||||
37,600 | C P & L Energy, Inc. | 1,515,750 | ||||
37,440 | Cinergy Corp. | 1,146,600 | ||||
50,500 | Coastal Corp. | 3,809,594 | ||||
18,750 | Columbia Energy Group | 1,348,828 | ||||
49,900 | Consolidated Edison Co. | 1,755,856 | ||||
35,250 | Constellation Energy Group | 1,469,484 | ||||
33,600 | DTE Energy Co. | 1,213,800 | ||||
56,009 | Dominion Resources, Inc. | 3,336,036 | ||||
86,672 | Duke Energy Corp. | 7,491,711 | ||||
72,900 | Dynegy, Inc., Class A | 3,376,181 | ||||
6,400 | Eastern Enterprises | 412,000 | ||||
76,700 | Edison International | 1,831,212 | ||||
54,700 | El Paso Energy Corp. | 3,429,006 | ||||
174,000 | Enron Corp. | 14,278,875 | ||||
52,500 | Entergy Corp. | 2,011,406 | ||||
76,125 | Exelon Corp. | 4,577,016 | ||||
41,800 | FPL Group, Inc. | 2,758,800 | ||||
53,800 | FirstEnergy Corp. | 1,392,075 | ||||
23,200 | Florida Progress Corp. | 1,233,950 | ||||
28,600 | GPU, Inc. | 945,587 | ||||
31,600 | KeySpan Corp. | 1,111,925 | ||||
10,800 | NICOR, Inc. | 381,375 | ||||
37,800 | Niagara Mohawk Holdings, Inc. | 604,800 | ||||
6,900 | ONEOK, Inc. | 273,413 | ||||
90,800 | P G & E Corp. | 2,445,925 | ||||
34,091 | PPL Corp. | 1,404,123 | ||||
8,300 | Peoples Energy Corp. | 285,313 | ||||
19,900 | Pinnacle West Capital Corp. | 864,406 | ||||
50,500 | Public Service Enterprises Group, Inc. | 2,095,750 | ||||
69,260 | Reliant Energy, Inc. | 2,861,304 | ||||
48,057 | Sempra Energy | 994,179 | ||||
152,700 | Southern Co. | 4,485,563 | ||||
62,125 | TXU Corp. | 2,302,508 | ||||
104,200 | Williams Cos., Inc. (The) | 4,356,863 | ||||
79,885 | Xcel Energy, Inc. | 2,042,060 | ||||
|
|
|||||
TOTAL | 91,043,229 | |||||
|
|
|||||
TOTAL COMMON STOCKS (IDENTIFIED COST $1,630,410,047) | 2,956,444,141 | |||||
|
|
|||||
Shares or Principal Amount |
Value | |||||
SHORT-TERM U.S. GOVERNMENT
OBLIGATION--0.1%3 |
||||||
$ | 3,000,000 | U.S. Treasury Bill, 1/18/2001 (IDENTIFIED COST $2,961,455) | $ | 2,961,455 | ||
|
|
|||||
MUTUAL FUND--3.4% |
||||||
103,539,246 | Prime Value Obligations Fund, Class IS (at net asset value) | 103,539,246 | ||||
|
|
|||||
TOTAL INVESTMENTS (IDENTIFIED COST $1,736,910,748)4 | $ | 3,062,944,842 | ||||
|
|
1 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and minimizing trading costs. The total market value of open index futures contracts is $109,815,250 at October 31, 2000, which represents 3.6% of net assets. Taking into consideration these open Index futures contracts, the Fund's effective total exposure to the Index is 100%.
2 Non-income producing security.
3 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.
4 The cost of investments for federal tax purposes amounts to $1,742,292,318. The net unrealized appreciation of investments on a federal tax basis amounts to $1,320,652,524 which is comprised of $1,430,405,980 appreciation and $109,753,456 depreciation at October 31, 2000.
Note: The categories of investments are shown as a percentage of net assets ($3,064,585,520) at October 31, 2000.
The following acronym is used throughout this portfolio:
ADR |
--American Depositary Receipt |
See Notes which are an integral part of the Financial Statements
Assets: | |||||||
Total investments in securities, at value (identified cost $1,736,910,748 and tax cost $1,742,292,318) | $ | 3,062,944,842 | |||||
Income receivable | 2,063,193 | ||||||
Receivable for shares sold | 3,697,988 | ||||||
Receivable for daily variation margin | 1,978,213 | ||||||
|
|
|
|||||
TOTAL ASSETS | 3,070,684,236 | ||||||
|
|
|
|||||
Liabilities: | |||||||
Payable for shares redeemed | $ | 5,390,109 | |||||
Payable to Bank | 2,479 | ||||||
Accrued expenses | 706,128 | ||||||
|
|
||||||
TOTAL LIABILITIES | 6,098,716 | ||||||
|
|
|
|||||
Net Assets for 105,497,273 shares outstanding | $ | 3,064,585,520 | |||||
|
|
|
|||||
Net Assets Consist of: | |||||||
Paid in capital | $ | 1,791,996,757 | |||||
Net unrealized appreciation of investments and futures contracts | 1,329,263,908 | ||||||
Accumulated net realized loss on investments and futures contracts | (60,321,337 | ) | |||||
Accumulated undistributed net investment income | 3,646,192 | ||||||
|
|
|
|||||
TOTAL NET ASSETS | $ | 3,064,585,520 | |||||
|
|
|
|||||
Net Asset Value, Offering Price and Redemption Proceeds Per Share | |||||||
Institutional Shares: | |||||||
Net Asset Value and
Offering Price Per Share ($2,021,341,170 ÷ 69,516,521 shares outstanding) |
$29.08 | ||||||
|
|
|
|||||
REDEMPTION PROCEEDS PER SHARE | $29.08 | ||||||
|
|
|
|||||
Institutional Service Shares: | |||||||
Net Asset Value and
Offering Price Per Share ($900,245,707 ÷ 31,033,558 shares outstanding) |
$29.01 | ||||||
|
|
|
|||||
REDEMPTION PROCEEDS PER SHARE | $29.01 | ||||||
|
|
|
|||||
Class C Shares: | |||||||
Net Asset Value and
Offering Price Per Share ($142,998,643 ÷ 4,947,194 shares outstanding) |
$28.91 | ||||||
|
|
|
|||||
Redemption Proceeds Per Share (99/100 of $28.91)1 | $28.62 | ||||||
|
|
|
1 See "What do Shares Cost?"
See Notes which are an integral part of the Financial Statements
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (net of foreign taxes withheld of $105,166) |
|
|
|
|
|
|
|
|
|
$ |
33,465,727 |
|
Interest |
|
|
|
|
|
|
|
|
|
|
6,942,413 |
|
|
|
|
||||||||||
TOTAL INCOME |
|
|
|
|
|
|
|
|
|
|
40,408,140 |
|
|
|
|
||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
|
|
|
$ |
9,201,425 |
|
|
|
|
|
Custodian fees |
|
|
|
|
|
|
181,025 |
|
|
|
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
|
|
|
|
543,734 |
|
|
|
|
|
Directors'/Trustees' fees |
|
|
|
|
|
|
24,376 |
|
|
|
|
|
Auditing fees |
|
|
|
|
|
|
12,164 |
|
|
|
|
|
Legal fees |
|
|
|
|
|
|
7,661 |
|
|
|
|
|
Portfolio accounting fees |
|
|
|
|
|
|
260,885 |
|
|
|
|
|
Distribution services fee--Institutional Service Shares |
|
|
|
|
|
|
2,532,946 |
|
|
|
|
|
Distribution services fee--Class C Shares |
|
|
|
|
|
|
928,425 |
|
|
|
|
|
Shareholder services fee--Institutional Shares |
|
|
|
|
|
|
5,247,591 |
|
|
|
|
|
Shareholder services fee--Institutional Service Shares |
|
|
|
|
|
|
2,110,788 |
|
|
|
|
|
Shareholder services fee--Class C Shares |
|
|
|
|
|
|
309,475 |
|
|
|
|
|
Share registration costs |
|
|
|
|
|
|
199,326 |
|
|
|
|
|
Printing and postage |
|
|
|
|
|
|
122,502 |
|
|
|
|
|
Insurance premiums |
|
|
|
|
|
|
4,972 |
|
|
|
|
|
Miscellaneous |
|
|
|
|
|
|
23,697 |
|
|
|
|
|
TOTAL EXPENSES |
|
|
|
|
|
|
21,710,992 |
|
|
|
|
|
|
|
|
||||||||||
Waivers and Reimbursement: |
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of management fee |
|
$ |
(18,530 |
) |
|
|
|
|
|
|
|
|
Waiver of distribution services fee--Institutional Service Shares |
|
|
(1,857,494 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Shares |
|
|
(5,247,591 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Service Shares |
|
|
(253,295 |
) |
|
|
|
|
|
|
|
|
Reimbursement of management fee |
|
|
(2,239 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
TOTAL WAIVERS AND REIMBURSEMENT |
|
|
|
|
|
|
(7,379,149 |
) |
|
|
|
|
|
|
|
||||||||||
Net Expenses |
|
|
|
|
|
|
|
|
|
|
14,331,843 |
|
|
|
|
||||||||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
26,076,297 |
|
|
|
|
||||||||||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss on investments and futures contracts |
|
|
|
|
|
|
|
|
|
|
(55,332,209 |
) |
Net change in unrealized appreciation of investments and futures contracts |
|
|
|
|
|
|
|
|
|
|
165,251,784 |
|
|
|
|
||||||||||
Net realized and unrealized gain on investments and futures contracts |
|
|
|
|
|
|
|
|
|
|
109,919,575 |
|
|
|
|
||||||||||
Change in net assets resulting from operations |
|
|
|
|
|
|
|
|
|
$ |
135,995,872 |
|
|
|
|
See Notes which are an integral part of the Financial Statements
Year Ended October 31 | 2000 | 1999 | ||||||
---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income | $ | 26,076,297 | $ | 27,142,924 | ||||
Net realized gain (loss) on investments and futures contracts ($(50,697,204) and $26,799,393, respectively, as computed for federal tax purposes) | (55,332,209 | ) | 27,327,240 | |||||
Net change in unrealized appreciation of investments and futures contracts | 165,251,784 | 454,485,986 | ||||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 135,995,872 | 508,956,150 | ||||||
|
|
|
|
|
|
|||
Distributions to Shareholders: | ||||||||
Distributions from net investment income | ||||||||
Institutional Shares | (19,943,739 | ) | (19,497,540 | ) | ||||
Institutional Service Shares | (5,533,273 | ) | (5,207,706 | ) | ||||
Class C Shares | (44,237 | ) | (111,070 | ) | ||||
Distributions from net realized gains on investments and futures contracts | ||||||||
Institutional Shares | (18,029,897 | ) | (13,803,989 | ) | ||||
Institutional Service Shares | (6,740,115 | ) | (4,665,973 | ) | ||||
Class C Shares | (866,468 | ) | (161,153 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (51,157,729 | ) | (43,447,431 | ) | ||||
|
|
|
|
|
|
|||
Share Transactions: | ||||||||
Proceeds from sale of shares | 1,722,461,932 | 1,456,300,443 | ||||||
Net asset value of shares issued to shareholders in payment of distributions declared | 34,105,757 | 28,068,153 | ||||||
Cost of shares redeemed | (1,603,637,792 | ) | (1,061,778,792 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 152,929,897 | 422,589,804 | ||||||
|
|
|
|
|
|
|||
Change in net assets | 237,768,040 | 888,098,523 | ||||||
|
|
|
|
|
|
|||
Net Assets: | ||||||||
Beginning of period | 2,826,817,480 | 1,938,718,957 | ||||||
|
|
|
|
|
|
|||
End of period (including accumulated undistributed net investment income of $3,646,192 and $3,356,013, respectively) | $ | 3,064,585,520 | $ | 2,826,817,480 | ||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Max-Cap Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide investment results that correspond to the aggregate price and dividend performance of publicly-traded common stocks, by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to book and tax differences. The following reclassifications have been made to the financial statements.
Increase (Decrease) |
||||
Paid In Capital |
Accumulated Net Realized Gain |
Undistributed Net Investment Income |
||
$264,850 | $19 | $(264,869) |
Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
At October 31, 2000, the Fund, for federal tax purposes, had a capital loss carryforward of $50,697,204, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2008.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the year ended October 31, 2000, the Fund had realized losses on futures contracts of $12,695,194.
Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.
At October 31, 2000, the Fund had outstanding futures contracts as set forth below:
Expiration Date | Contracts to Receive | Position | Unrealized Appreciation |
|||
December 2000 | 305 S&P 500 Index Futures | Long | $3,229,810 |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Institutional Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 35,580,041 | $ | 1,042,845,838 | 34,438,353 | $ | 914,112,968 | ||||||||
Shares issued to shareholders in payment of distributions declared | 755,615 | 22,185,859 | 755,144 | 18,919,768 | ||||||||||
Shares redeemed | (38,133,981 | ) | (1,106,664,687 | ) | (26,964,995 | ) | (715,289,313 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,798,325 | ) | $ | (41,632,990 | ) | 8,228,502 | $ | 217,743,423 | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Institutional Service Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 20,233,748 | $ | 592,537,593 | 16,555,183 | $ | 439,185,232 | ||||||||
Shares issued to shareholders in payment of distributions declared | 380,962 | 11,150,133 | 356,733 | 8,891,933 | ||||||||||
Shares redeemed | (15,512,216 | ) | (452,996,959 | ) | (11,882,321 | ) | (316,985,650 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS | 5,102,494 | $ | 150,690,767 | 5,029,595 | $ | 131,091,515 | ||||||||
|
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Year Ended October 31 | 2000 | 1999 | ||||||||||||
Class C Share: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 2,998,248 | $ | 87,078,501 | 3,834,755 | $ | 103,002,243 | ||||||||
Shares issued to shareholders in payment of distributions declared | 26,623 | 769,765 | 10,371 | 256,452 | ||||||||||
Shares redeemed | (1,519,663 | ) | (43,976,146 | ) | (1,094,794 | ) | (29,503,829 | ) | ||||||
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NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 1,505,208 | $ | 43,872,120 | 2,750,332 | $ | 73,754,866 | ||||||||
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NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 4,809,377 | $ | 152,929,897 | 16,008,429 | $ | 422,589,804 | ||||||||
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Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.30% of the Fund's average daily net assets. Under the terms of a sub-management agreement between the Manager and Northern Trust Quantitative Advisors, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager based on the average daily net assets of the Fund as follows: 0.05% on the first $100 million, 0.02% on the next $100 million, and 0.01% thereafter. The Manager may voluntarily choose to waive any portion of its fee. The Manager can modify or terminate this voluntary waiver at any time at its sole discretion.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain management fees as a result of these transactions.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp., ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Institutional Service Shares and Class C Shares. The Plan provides that the Fund may incur distribution expenses according to the following schedule annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Share Class Name |
|
Percentage of Average Daily |
---|---|---|
Institutional Service Shares |
|
0.30% |
Class C Shares |
|
0.75% |
Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the year ended October 31, 2000, were as follows:
Purchases |
|
$512,381,763 |
Sales |
|
$313,786,832 |
We have audited the accompanying statement of assets and liabilities, including the portfolios of investments of the Federated Max-Cap Fund (one of the portfolios constituting the Federated Index Trust) as of October 31, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2000, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Max-Cap Fund of the Federated Index Trust at October 31, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
December 15, 2000
Boston, Massachusetts
A Statement of Additional Information (SAI) dated December 31, 2000 is incorporated by reference into this prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your investment professional or the Fund at 1-800-341-7400.
You can obtain information about the Fund (including the SAI) by writing to or visiting the SEC's Public Reference Room in Washington, DC. You may also access Fund information from the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov or by writing to the SEC's Public Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for information on the Public Reference Room's operations and copying fees.
</R>
FEDERATED World-Class Investment Manager®
Federated Max-Cap Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
Investment Company Act File No. 811-6061
Cusip 31420E403
<R>
0032104A-SS (12/00)
</R>
Federated is a registered mark of Federated Investors, Inc.
2000 ©Federated Investors, Inc.
FEDERATED World-Class Investment Manager®
A Portfolio of Federated Index Trust
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</R>
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A mutual fund seeking to provide investment results that correspond to the aggregate price and dividend performance of publicly traded common stocks by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index. The Fund is neither sponsored by nor affiliated with Standard & Poor's.
</R>
As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
<R>
Risk/Return Summary | 1 | |
What are the Fund's Fees and Expenses? | 3 | |
What are the Fund's Investment Strategies? | 4 | |
What are the Principal Securities in Which the Fund Invests? | 4 | |
What are the Specific Risks of Investing in the Fund? | 5 | |
What do Shares Cost? | 5 | |
How is the Fund Sold? | 7 | |
How to Purchase Shares | 7 | |
How to Redeem and Exchange Shares | 9 | |
Account and Share Information | 12 | |
Who Manages the Fund? |
13 | |
Financial Information | 14 | |
Report of Ernst & Young LLP, Independent Auditors | 39 |
</R>
The Fund's investment objective is to provide investment results that correspond to the aggregate price and dividend performance of publicly-traded common stocks, by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index (Index). While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this prospectus.
The Fund invests at least 80% of its assets in the large capitalization common stocks comprising the Index.
<R>
All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:
</R>
The Shares offered by this prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.
</R>
[Graphic Representation Omitted--See Appendix]
The bar chart shows the Fund's Class C Shares total return on a calendar year-end basis.
The total returns displayed for the Fund's Class C Shares do not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the returns shown would have been lower.
The Fund's Class C Shares total return for the nine-month period from January 1, 2000 to September 30, 2000 was (2.54%).
Within the period shown in the chart, the Fund's Class C Shares highest quarterly return was 20.87% (quarter ended December 31, 1998). Its lowest quarterly return was (10.20%) (quarter ended September 30, 1998).
The following table represents the Fund's Class C Shares Average Annual Total Returns, reduced to reflect applicable sales charges, for the calendar periods ended December 31, 1999. The table shows the Fund's Class C Shares total returns averaged over a period of years relative to the Standard & Poor's 500 Index, a broad based market index. Total returns for the index shown do not reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. Index is unmanaged, and it is not possible to invest directly in an index.
Calendar Period | Fund | S&P 500 | ||
1 Year | 18.26% | 21.05% | ||
Start of Performance1 | 24.39% | 26.15% |
1 The Fund's Class C Shares start of performance date was November 10, 1997.
Past performance is no guarantee of future results. This information provides you with historical performance information so that you can analyze whether the Fund's investment risks are balanced by its potential returns.
This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class C Shares.
Shareholder Fees | ||
Fees Paid Directly From Your Investment | ||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None | |
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | 1.00% | |
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None | |
Redemption Fee (as a percentage of amount redeemed, if applicable) | None | |
Exchange Fee | None | |
Annual Fund Operating Expenses (Before Waiver)1 | ||
Expenses That are Deducted From Fund Assets (as a percentage of average net assets) | ||
Management Fee2 | 0.30% | |
Distribution (12b-1) Fee | 0.75% | |
Shareholder Services Fee | 0.25% | |
Other Expenses | 0.04% | |
Total Annual Fund Operating Expenses | 1.34% | |
1 Although not contractually obligated to do so, the manager waived certain amounts. These are shown below along with the net expenses the Fund actually paid for the fiscal year ended October 31, 2000. |
||
Total Waiver of Fund Expenses |
0.00% |
|
Total Actual Annual Fund Operating
Expenses (after waiver) |
1.34% |
|
2 The manager voluntarily waived a portion of the management fee. The manager can terminate this voluntary waiver at any time. The management fee paid by the Fund (after the voluntary waiver, which amounted to less than 0.01%) was 0.30% for the fiscal year ended October 31, 2000. |
This Example is intended to help you compare the cost of investing in the Fund's Class C Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund's Class C Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that the Fund's Class C Shares operating expenses are before waiver as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
1 Year | 3 Years | 5 Years | 10 Years | |||||
---|---|---|---|---|---|---|---|---|
Expenses assuming redemption | $236 | $425 | $734 | $1,613 | ||||
Expenses assuming no redemption | $136 | $425 | $734 | $1,613 |
</R>
<R>
The Fund pursues its investment objective by investing in the stocks of the Index in the same weights as the Index. This is called a "full replication" strategy. Market capitalization is determined by multiplying the number of outstanding shares by the current market price per share. As of September 30, 1999, the capitalization range of the issuers comprising the Index was $397 million to $571,382 million. As of the same date, the weighted median market capitalization of the Fund was $81,563 million.
</R>
The Fund purchases Index futures contracts in order to more closely track the performance of the Index, while maintaining cash equivalent positions as necessary for the Fund's operations.
Equity securities represent a share of an issuer's earnings and assets, after the issuer pays its liabilities. The Fund cannot predict the income it will receive from equity securities because issuers generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value increases directly with the value of the issuer's business. The following describes the types of equity securities in which the Fund may invest.
Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.
Stock index futures provide for the future sale by one party and purchase by another party of a specified amount of an index at a price, date, and time specified when the contract is made. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Futures are considered to be commodity contracts.
<R>
The value of equity securities in the Fund's portfolio will rise and fall. These fluctuations could be a sustained trend or a drastic movement. The Fund's portfolio will reflect changes in prices of individual portfolio stocks or general changes in stock valuations. Consequently, the Fund's share price may decline. The Fund's investment in stock index futures will be subject to the same risk.
</R>
<R>
Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As the Manager allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business or other developments which generally affect that sector.
You can purchase, redeem or exchange Shares any day the New York Stock Exchange (NYSE) is open. When the Fund receives your transaction request in proper form (as described in this prospectus) it is processed at the next calculated net asset value (NAV). The Fund does not charge a front-end sales charge. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open.
</R>
The Fund generally values equity securities according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market).
Futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option.
The following table summarizes the minimum required investment amount and the maximum sales charge, if any, that you will pay on an investment in the Fund. Keep in mind that investment professionals may charge you fees for their services in connection with your Share transactions.
<R>
Maximum Sales Charge | ||||||
---|---|---|---|---|---|---|
Shares Offered | Minimum Initial/Subsequent Investment Amounts1 |
Front-End Sales Charge |
Contingent Deferred Sales Charge2 |
|||
Class C | $1,500/$100 | None | 1.00% |
</R>
1 The minimum initial and subsequent investment amounts for retirement plans are $250 and $100, respectively. The minimum subsequent investment amounts for Systematic Investment Programs is $50. Investment professionals may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund.
2 See "Sales Charge When You Redeem."
Your redemption proceeds may be reduced by a sales charge, commonly referred to as a contingent deferred sales charge (CDSC).
Class C Shares |
You will pay a 1% CDSC if you redeem Shares within one year of the purchase date. |
You will not be charged a CDSC when redeeming Shares:
<R>
If your redemption qualifies, you or your investment professional should notify the Distributor at the time of redemption to eliminate the CDSC. If the Distributor is not notified, the CDSC will apply.
To keep the sales charge as low as possible, the Fund redeems your Shares in this order:
</R>
The CDSC is then calculated using the share price at the time of purchase or redemption, whichever is lower.
The Fund offers three share classes: Institutional Shares, Institutional Service Shares, and Class C Shares, each representing interests in a single portfolio of securities. This prospectus relates only to Class C Shares. Each share class has different expenses, which affect their performance. Contact your investment professional or call 1-800-341-7400 for more information concerning the other classes.
The Fund's Distributor, Federated Securities Corp., markets the Shares described in this prospectus to institutions acting on behalf of their customers or to individuals, directly or through investment professionals.
When the Distributor receives marketing fees, it may pay some or all of them to investment professionals. The Distributor and its affiliates may pay out of their assets other amounts (including items of material value) to investment professionals for marketing and servicing Shares. The Distributor is a subsidiary of Federated Investors, Inc. (Federated).
The Fund has adopted a Rule 12b-1 Plan, which allows it to pay marketing fees to the Distributor and investment professionals for the sale, distribution and customer servicing of the Fund's Class C Shares. Because these Shares pay marketing fees on an ongoing basis, your investment cost may be higher over time than other shares with different marketing fees.
You may purchase Shares through an investment professional or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares.
Investment professionals should send payments according to the instructions in the sections "By Wire" or "By Check."
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In order to maximize the Fund's ability to track the Index, investors are urged to transmit purchase requests prior to 2:00 p.m. (Eastern time).
</R>
You will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or Federated Shareholder Services Company, the Fund's transfer agent.
An institution may establish an account and place an order by calling the Fund and the Shares will be priced at the next calculated NAV after the Fund receives the order.
Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer Number or Group Number
Nominee/Institution Name
Fund Name and Number and Account Number
You cannot purchase Shares by wire on holidays when wire transfers are restricted.
Make your check payable to The Federated Funds, note your account number on the check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
If you send your check by a private courier or overnight delivery service that requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will not accept third-party checks (checks originally payable to someone other than you or The Federated Funds).
You may purchase Shares through an exchange from the same Share class of another Federated Fund. You must meet the minimum initial investment requirement for purchasing Shares and both accounts must have identical registrations.
Once you have opened an account, you may automatically purchase additional Shares on a regular basis by completing the Systematic Investment Program (SIP) section of the New Account Form or by contacting the Fund or your investment professional. The minimum investment amount for SIPs is $50.
<R>
</R>
Once you have opened an account, you may purchase additional Shares through a depository institution that is an ACH member. This purchase option can be established by completing the appropriate sections of the New Account Form.
You may purchase Shares as retirement investments (such as qualified plans and IRAs or transfer or rollover of assets). Call your investment professional or the Fund for information on retirement investments. We suggest that you discuss retirement investments with your tax adviser. You may be subject to an annual IRA account fee.
You should redeem or exchange Shares:
Submit your redemption or exchange request to your investment professional by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after the Fund receives the order from your investment professional.
<R>
You may redeem or exchange Shares by simply calling the Fund at 1-800-341-7400. If you call before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) you will receive a redemption amount based on that day's NAV.
</R>
You may redeem or exchange Shares by mailing a written request to the Fund. You will receive a redemption amount based on the next calculated NAV after the Fund receives your written request in proper form.
Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
All requests must include:
Call your investment professional or the Fund if you need special instructions.
Signatures must be guaranteed if:
A signature guarantee is designed to protect your account from fraud. Obtain a signature guarantee from a bank or trust company, savings association, credit union or broker, dealer, or securities exchange member. A notary public cannot provide a signature guarantee.
Your redemption proceeds will be mailed by check to your address of record. The following payment options are available if you complete the appropriate section of the New Account Form or an Account Service Options Form. These payment options require a signature guarantee if they were not established when the account was opened:
Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by a distribution of the Fund's portfolio securities.
Redemption proceeds normally are wired or mailed within one business day after receiving a request in proper form. Payment may be delayed up to seven days:
You will not accrue interest or dividends on uncashed checks from the Fund if those checks are undeliverable and returned to the Fund.
In the absence of your specific instructions, 10% of the value of your redemption from a retirement account in the Fund may be withheld for taxes. This withholding only applies to certain types of retirement accounts.
You may exchange Shares of the Fund into Shares of the same class of another Federated Fund. To do this, you must:
An exchange is treated as a redemption and a subsequent purchase, and is a taxable transaction.
The Fund may modify or terminate the exchange privilege at any time. The Fund's management or investment adviser may determine from the amount, frequency and pattern of exchanges that a shareholder is engaged in excessive trading that is detrimental to the Fund and other shareholders. If this occurs, the Fund may terminate the availability of exchanges to that shareholder and may bar that shareholder from purchasing other Federated Funds.
You may automatically redeem or exchange Shares in a minimum amount of $100 on a regular basis. Complete the appropriate section of the New Account Form or an Account Service Options Form or contact your investment professional or the Fund. Your account value must meet the minimum initial investment amount at the time the program is established. This program may reduce, and eventually deplete, your account. Payments should not be considered yield or income.
The Fund will record your telephone instructions. If the Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.
The Fund no longer issues share certificates. If you are redeeming Shares represented by certificates previously issued by the Fund, you must return the certificates with your written redemption request. For your protection, send your certificates by registered or certified mail, but do not endorse them.
You will receive confirmation of purchases and redemptions. In addition, you will receive periodic statements reporting all account activity, including dividends and capital gains paid.
The Fund declares and pays any dividends quarterly to shareholders. Dividends are paid to all shareholders invested in the Fund on the record date. The record date is the date on which a shareholder must officially own Shares in order to earn a dividend.
In addition, the Fund pays any capital gains at least annually. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments.
If you purchase Shares just before a Fund declares a dividend or capital gain distribution, you will pay the full price for the Shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in Shares. Therefore, you should consider the tax implications of purchasing Shares shortly before the Fund declares a dividend or capital gain. Contact your investment professional or the Fund for information concerning when dividends and capital gains will be paid.
Due to the high cost of maintaining accounts with low balances, accounts may be closed if redemptions cause the account balance to fall below the minimum initial investment amount. Before an account is closed, you will be notified and allowed 30 days to purchase additional Shares to meet the minimum.
The Fund sends an annual statement of your account activity to assist you in completing your federal, state and local tax returns. Fund distributions of dividends and capital gains are taxable to you whether paid in cash or reinvested in the Fund. Dividends are taxable as ordinary income; capital gains are taxable at different rates depending upon the length of time the Fund holds its assets.
Fund distributions are expected to be both dividends and capital gains. Redemptions are taxable sales. Please consult your tax adviser regarding your federal, state, and local tax liability.
<R>
The Board of Trustees governs the Fund. The Board selects and oversees the Manager, Federated Investment Management Company. The Manager, in turn, oversees the management of the Fund's assets by the Sub-Manager, Northern Trust Quantitative Advisors, Inc. The Manager's responsibilities include selecting the Sub-Manager and continued review and evaluation of the Sub-Manager's performance. The Manager's address is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.
The Manager has delegated daily management of the Fund's assets to the Sub-Manager, who is paid by the Manager and not by the Fund, based on net assets under management. The Sub-Manager develops, maintains and runs the computer program designed to determine which securities are purchased and sold to replicate the composition of the Index. The Sub-Manager has complete discretion, subject to the Manager's oversight, to purchase and sell portfolio securities for the Fund. The Sub-Manager's address is 50 South LaSalle Street, Chicago, IL 60675. The Sub-Manager is a subsidiary of Northern Trust Company and is an investment manager primarily to corporate defined benefit and defined contribution plans as well as public pension funds, insurance companies and tax-exempt foundations and endowments. These plans had as of September 30, 2000, placed approximately $72.6 billion in assets with the Sub-Manager. Since 1973, the Sub-Manager has developed and managed a family of equity and bond index funds in which some 681 nationwide non-financial institution clients invest. In total, the Sub-Manager manages 77 commingled/common trust funds. The Northern Trust Company is a subsidiary of Northern Trust Corporation, a bank holding company with subsidiaries located across the United States and in several other countries. As of September 30, 2000, total assets of Northern Trust Corporation were $34.8 billion and subsidiaries of Northern Trust Corporation held trust assets under administration of $1.7 trillion.
The Manager and other subsidiaries of Federated advise approximately 176 mutual funds and separate accounts, which totaled approximately $125 billion in assets as of December 31, 1999. Federated was established in 1955 and is one of the largest mutual fund investment managers in the United States with approximately 1,900 employees. More than 4,000 investment professionals make Federated Funds available to their customers.
The Manager receives an annual investment management fee of 0.30% of the Fund's average daily net assets. The Manager may voluntarily waive a portion of its fee or reimburse the Fund for certain operating expenses.
The following Financial Highlights will help you understand the Fund's financial performance for its past five fiscal years, or since inception, if the life of the Fund is shorter. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of any dividends and capital gains.
</R>
This information has been audited by Ernst & Young LLP, whose report, along with the Fund's audited financial statements, is included in this prospectus.
<R>
(For a Share Outstanding Throughout Each Period)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on Page 39.
Year Ended October 31 | 2000 | 1999 | 1998 | 1 | |||||
Net Asset Value, Beginning of Period | $27.96 | $22.82 | $19.81 | ||||||
Income From Investment Operations: | |||||||||
Net investment income (loss) | (0.00 | ) 2 | 0.07 | 0.12 | |||||
Net realized and unrealized gain on investment and futures contracts | 1.21 | 5.35 | 3.66 | ||||||
|
|
|
|
|
|
||||
TOTAL FROM INVESTMENT OPERATIONS | 1.21 | 5.42 | 3.78 | ||||||
|
|
|
|
|
|
||||
Less Distributions: | |||||||||
Distributions from net investment income | (0.01 | ) | (0.06 | ) | (0.15 | ) | |||
Distributions from net realized gain on investments and futures contracts | (0.25 | ) | (0.22 | ) | (0.62 | ) | |||
|
|
|
|
|
|
||||
TOTAL DISTRIBUTIONS | (0.26 | ) | (0.28 | ) | (0.77 | ) | |||
|
|
|
|
|
|
||||
Net Asset Value, End of Period | $28.91 | $27.96 | $22.82 | ||||||
|
|
|
|
|
|
||||
Total Return3 | 4.35 | % | 23.94 | % | 19.57 | % | |||
Ratios to Average Net Assets: | |||||||||
Expenses | 1.34 | % | 1.32 | % | 1.32 | %4 | |||
Net investment income (loss) | (0.03 | )% | 0.18 | % | 0.35 | %4 | |||
Expense waiver/reimbursement6 | 0.00 | %5 | 0.03 | % | 0.02 | %4 | |||
Supplemental Data: | |||||||||
Net assets, end of period (000 omitted) | $142,999 | $96,251 | $15,784 | ||||||
Portfolio turnover | 11 | % | 3 | % | 3 | % |
1 Reflects operations for the period from November 10, 1997 (date of initial public investment) to October 31, 1998.
2 Amount represents less than $0.01 per share.
3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
5 Amount represents less than 0.01%.
6 This voluntary expense decrease is reflected in both the expense and the net investment income (loss) ratios shown above.
See Notes which are an integral part of the Financial Statements
Shares | Value | |||||
---|---|---|---|---|---|---|
COMMON STOCKS--96.4%1 | ||||||
Basic Materials--1.9% | ||||||
54,000 | Air Products & Chemicals, Inc. | $ | 2,014,875 | |||
78,600 | Alcan Aluminum, Ltd. | 2,480,812 | ||||
203,888 | Alcoa, Inc. | 5,849,037 | ||||
19,096 | Allegheny Technologies Inc. | 386,694 | ||||
148,878 | Archer-Daniels-Midland Co. | 1,637,658 | ||||
93,200 | Barrick Gold Corp. | 1,246,550 | ||||
12,500 | Bemis Co., Inc. | 323,437 | ||||
31,100 | 2 | Bethlehem Steel Corp. | 89,412 | |||
13,500 | Boise Cascade Corp. | 387,281 | ||||
159,700 | Dow Chemical Co. | 4,890,812 | ||||
245,482 | Du Pont (E.I.) de Nemours & Co. | 11,138,746 | ||||
18,025 | Eastman Chemical Co. | 772,822 | ||||
30,180 | Ecolab, Inc. | 1,182,679 | ||||
30,062 | Engelhard Corp. | 627,544 | ||||
7,200 | 2 | FMC Corp. | 547,200 | |||
36,000 | Freeport-McMoRan Copper & Gold, Inc., Class B | 285,750 | ||||
40,100 | Georgia-Pacific Corp. | 1,077,687 | ||||
15,800 | 2 | Grace (W.R.) & Co. | 60,237 | |||
12,300 | Great Lakes Chemical Corp. | 410,512 | ||||
25,300 | Hercules, Inc. | 463,306 | ||||
61,900 | Homestake Mining Co. | 255,338 | ||||
42,800 | Inco Ltd. | 660,725 | ||||
23,500 | International Flavors & Fragrances, Inc. | 393,625 | ||||
113,849 | International Paper Co. | 4,169,720 | ||||
24,500 | Louisiana-Pacific Corp. | 208,250 | ||||
24,100 | Mead Corp. | 697,394 | ||||
39,557 | Newmont Mining Corp. | 536,492 | ||||
19,100 | Nucor Corp. | 662,531 | ||||
40,900 | PPG Industries, Inc. | 1,825,163 | ||||
39,900 | 2 | Pactiv Corp. | 418,950 | |||
18,507 | Phelps Dodge Corp. | 865,202 | ||||
77,100 | Placer Dome, Inc. | 626,438 | ||||
6,700 | Potlatch Corp. | 224,450 | ||||
37,200 | Praxair, Inc. | 1,385,700 | ||||
50,973 | Rohm & Haas Co. | 1,532,376 | ||||
19,000 | Sigma-Aldrich Corp. | 679,250 | ||||
12,000 | Temple-Inland, Inc. | 537,000 | ||||
20,920 | USX-U.S. Steel Group, Inc. | 333,413 | ||||
31,800 | Union Carbide Corp. | 1,367,400 | ||||
23,800 | Vulcan Materials Co. | 999,600 | ||||
23,650 | Westvaco Corp. | 674,025 | ||||
51,800 | Weyerhaeuser Co. | 2,431,363 | ||||
25,700 | Willamette Industries, Inc. | 933,231 | ||||
20,150 | Worthington Industries, Inc. | 192,684 | ||||
|
|
|||||
TOTAL | 58,483,371 | |||||
|
|
|||||
Capital Goods--9.0% | ||||||
46,300 | 2 | Allied Waste Industries, Inc. | 428,275 | |||
45,800 | 2 | American Power Conversion Corp. | 592,537 | |||
26,300 | Avery Dennison Corp. | 1,328,150 | ||||
6,900 | Ball Corp. | 242,362 | ||||
211,208 | Boeing Co. | 14,322,542 | ||||
5,100 | Briggs & Stratton Corp. | 182,006 | ||||
81,400 | Caterpillar, Inc. | 2,854,087 | ||||
21,900 | Cooper Industries, Inc. | 837,675 | ||||
207,600 | Corning, Inc. | 15,881,400 | ||||
14,275 | Crane Co. | 373,826 | ||||
29,700 | Crown Cork & Seal Co., Inc. | 271,012 | ||||
9,800 | Cummins Engine Co., Inc. | 333,200 | ||||
33,400 | Danaher Corp. | 2,108,375 | ||||
55,200 | Deere & Co. | 2,032,050 | ||||
47,800 | Dover Corp. | 2,028,512 | ||||
17,200 | Eaton Corp. | 1,170,675 | ||||
100,600 | Emerson Electric Co. | 7,387,812 | ||||
17,800 | Fluor Corp. | 623,000 | ||||
46,740 | General Dynamics Corp. | 3,344,831 | ||||
2,331,700 | General Electric Co. | 127,806,306 | ||||
23,900 | Goodrich (B.F.) Co. | 978,406 | ||||
188,587 | Honeywell International, Inc. | 10,148,338 | ||||
20,700 | ITT Industries, Inc. | 674,044 | ||||
71,100 | Illinois Tool Works, Inc. | 3,950,494 | ||||
37,900 | Ingersoll-Rand Co. | 1,430,725 | ||||
20,200 | Johnson Controls, Inc. | 1,204,425 | ||||
100,476 | Lockheed Martin Corp. | 3,602,065 | ||||
14,200 | McDermott International, Inc. | 137,563 | ||||
10,900 | Millipore Corp. | 572,250 | ||||
93,100 | Minnesota Mining & Manufacturing Co. | 8,995,788 | ||||
46,225 | Molex, Inc. | 2,496,150 | ||||
9,600 | National Service Industries, Inc. | 196,200 | ||||
13,970 | 2 | Navistar International Corp. | 461,883 | |||
16,900 | Northrop Grumman, Corp. | 1,419,600 | ||||
34,400 | 2 | Owens-Illinois, Inc. | 204,250 | |||
17,980 | PACCAR, Inc. | 756,284 | ||||
29,033 | Pall Corp. | 626,024 | ||||
26,400 | Parker-Hannifin Corp. | 1,092,300 | ||||
60,100 | Pitney Bowes, Inc. | 1,784,219 | ||||
17,300 | 2 | Power-One, Inc. | 1,227,219 | |||
43,600 | Rockwell International Corp. | 1,714,025 | ||||
35,600 | 2 | Sanmina Corp. | 4,069,525 | |||
19,700 | 2 | Sealed Air Corp. | 948,063 | |||
141,600 | 2 | Solectron Corp. | 6,230,400 | |||
33,800 | Textron, Inc. | 1,704,788 | ||||
40,800 | 2 | Thermo Electron Corp. | 1,183,200 | |||
13,600 | Thomas & Betts Corp. | 205,700 | ||||
14,300 | Timken Co. | 201,094 | ||||
396,694 | Tyco International Ltd. | 22,487,591 | ||||
110,200 | United Technologies Corp. | 7,693,338 | ||||
146,328 | Waste Management, Inc. | 2,926,560 | ||||
|
|
|||||
TOTAL | 275,471,144 | |||||
|
|
|||||
Communication Services--6.2% | ||||||
884,282 | AT&T Corp. | 20,504,289 | ||||
74,300 | Alltel Corp. | 4,787,706 | ||||
65,511 | 2 | Avaya, Inc. | 880,299 | |||
441,200 | BellSouth Corp. | 21,315,475 | ||||
33,100 | CenturyTel, Inc. | 1,274,350 | ||||
207,320 | 2 | Global Crossing Ltd. | 4,897,935 | |||
179,200 | 2 | NEXTEL Communications, Inc., Class A | 6,888,000 | |||
391,005 | 2 | Qwest Communications International, Inc. | 19,012,618 | |||
797,926 | SBC Communications, Inc. | 46,030,356 | ||||
208,300 | Sprint Corp. | 5,311,650 | ||||
218,500 | 2 | Sprint PCS Group | 8,330,313 | |||
639,888 | Verizon Communications | 36,993,525 | ||||
676,345 | 2 | WorldCom, Inc. | 16,063,194 | |||
|
|
|||||
TOTAL | 192,289,710 | |||||
|
|
|||||
Consumer Cyclicals--6.5% | ||||||
15,200 | American Greetings Corp., Class A | 276,450 | ||||
9,500 | Armstrong World Industries, Inc. | 27,312 | ||||
30,000 | 2 | AutoZone, Inc. | 804,375 | |||
66,500 | 2 | Bed Bath & Beyond, Inc. | 1,716,531 | |||
48,700 | 2 | Best Buy Co., Inc. | 2,444,131 | |||
19,600 | Black & Decker Corp. | 737,450 | ||||
21,500 | Block (H&R), Inc. | 767,281 | ||||
20,500 | Brunswick Corp. | 398,469 | ||||
138,730 | Carnival Corp., Class A | 3,442,238 | ||||
170,907 | 2 | Cendant Corp. | 2,050,884 | |||
13,900 | Centex Corp. | 514,300 | ||||
48,300 | Circuit City Stores, Inc. | 639,975 | ||||
26,200 | 2 | Consolidated Stores Corp. | 311,125 | |||
36,200 | 2 | Convergys Corp. | 1,576,962 | |||
17,100 | Cooper Tire & Rubber Co. | 187,031 | ||||
105,200 | Costco Wholesale Corp. | 3,852,950 | ||||
35,145 | Dana Corp. | 779,780 | ||||
131,805 | Delphi Auto Systems Corp. | 2,067,691 | ||||
22,000 | Dillards, Inc., Class A | 231,000 | ||||
77,402 | Dollar General Corp. | 1,199,731 | ||||
20,600 | Dow Jones & Co. | 1,212,825 | ||||
49,000 | 2 | Federated Department Stores, Inc. | 1,595,562 | |||
445,600 | Ford Motor Co. | 11,641,300 | ||||
62,100 | Gannett Co., Inc. | 3,601,800 | ||||
200,075 | Gap (The), Inc. | 5,164,436 | ||||
126,300 | General Motors Corp. | 7,846,387 | ||||
41,150 | Genuine Parts Co. | 877,009 | ||||
36,800 | Goodyear Tire & Rubber Co. | 680,800 | ||||
17,200 | Harcourt General, Inc. | 964,060 | ||||
71,200 | Harley Davidson, Inc. | 3,430,950 | ||||
27,450 | 2 | Harrah's Entertainment, Inc. | 785,756 | |||
40,600 | Hasbro, Inc. | 436,450 | ||||
86,800 | Hilton Hotels Corp. | 824,600 | ||||
545,150 | Home Depot, Inc. | 23,441,450 | ||||
70,000 | IMS Health, Inc. | 1,653,750 | ||||
72,500 | Interpublic Group Cos., Inc. | 3,112,969 | ||||
113,000 | 2 | K Mart Corp. | 670,938 | |||
11,300 | Kaufman & Broad Homes Corp. | 336,175 | ||||
17,800 | Knight-Ridder, Inc. | 894,450 | ||||
77,600 | 2 | Kohl's Corp. | 4,204,950 | |||
46,300 | Leggett and Platt, Inc. | 758,163 | ||||
101,580 | Limited, Inc. | 2,564,895 | ||||
12,500 | Liz Claiborne, Inc. | 531,250 | ||||
90,100 | Lowe's Cos., Inc. | 4,116,444 | ||||
56,500 | Marriott International, Inc., Class A | 2,288,250 | ||||
107,600 | Masco Corp. | 2,010,775 | ||||
100,325 | Mattel, Inc. | 1,297,955 | ||||
70,000 | May Department Stores Co. | 1,837,500 | ||||
18,300 | Maytag Corp. | 523,838 | ||||
45,800 | McGraw-Hill Cos., Inc. | 2,939,788 | ||||
11,900 | Meredith Corp. | 377,825 | ||||
38,200 | Moody's Corp. | 1,005,138 | ||||
39,300 | New York Times Co., Class A | 1,444,275 | ||||
63,500 | Nike, Inc., Class B | 2,536,031 | ||||
30,700 | Nordstrom, Inc. | 504,631 | ||||
72,000 | 2 | Office Depot, Inc. | 598,500 | |||
41,800 | Omnicom Group, Inc. | 3,856,050 | ||||
61,600 | Penney (J.C.) Co., Inc. | 719,950 | ||||
9,500 | Pulte Corp. | 316,469 | ||||
43,760 | RadioShack Corp. | 2,609,190 | ||||
13,400 | 2 | Reebok International Ltd. | 288,938 | |||
7,700 | Russell Corp. | 123,200 | ||||
80,700 | Sears, Roebuck & Co. | 2,399,211 | ||||
38,300 | Sherwin-Williams Co. | 830,631 | ||||
13,800 | Snap-On Tools Corp. | 352,763 | ||||
4,200 | Springs Industries, Inc., Class A | 98,963 | ||||
20,300 | Stanley Works | 540,488 | ||||
106,900 | 2 | Staples, Inc. | 1,523,325 | |||
68,900 | TJX Cos., Inc. | 1,877,525 | ||||
29,200 | TRW, Inc. | 1,226,400 | ||||
214,200 | Target Corp. | 5,917,275 | ||||
34,200 | Tiffany & Co. | 1,459,913 | ||||
48,000 | 2 | Toys `R' Us, Inc. | 825,000 | |||
72,600 | Tribune Co. | 2,690,738 | ||||
27,000 | V.F. Corp. | 737,438 | ||||
30,814 | Visteon Corp. | 545,023 | ||||
1,051,400 | Wal-Mart Stores, Inc. | 47,707,275 | ||||
16,800 | Whirlpool Corp. | 730,800 | ||||
|
|
|||||
TOTAL | 200,114,106 | |||||
|
|
|||||
Consumer Staples--10.4% | ||||||
13,100 | Alberto-Culver Co., Class B | 439,669 | ||||
99,661 | Albertsons, Inc. | 2,360,720 | ||||
213,300 | Anheuser-Busch Cos., Inc. | 9,758,475 | ||||
55,900 | Avon Products, Inc. | 2,711,150 | ||||
16,100 | Brown-Forman Corp., Class B | 980,087 | ||||
92,000 | CVS Corp. | 4,870,250 | ||||
99,100 | Campbell Soup Co. | 2,898,675 | ||||
65,450 | Cardinal Health, Inc. | 6,201,387 | ||||
137,900 | 2 | Clear Channel Communications, Inc. | 8,282,619 | |||
55,300 | Clorox Co. | 2,467,762 | ||||
583,100 | Coca-Cola Co. | 35,204,662 | ||||
98,500 | Coca-Cola Enterprises, Inc. | 1,809,937 | ||||
135,200 | Colgate-Palmolive Co. | 7,944,352 | ||||
213,000 | 2 | Comcast Corp., Class A | 8,679,750 | |||
125,500 | ConAgra, Inc. | 2,682,562 | ||||
8,700 | Coors Adolph Co., Class B | 554,081 | ||||
28,800 | Darden Restaurants, Inc. | 648,000 | ||||
17,000 | Deluxe Corp. | 383,562 | ||||
490,700 | Disney (Walt) Co. | 17,573,194 | ||||
28,700 | Donnelley (R.R.) & Sons Co. | 617,050 | ||||
48,200 | Fort James Corp. | 1,587,587 | ||||
36,900 | Fortune Brands, Inc. | 1,086,244 | ||||
67,200 | General Mills, Inc. | 2,805,600 | ||||
247,800 | Gillette Co. | 8,642,025 | ||||
81,800 | Heinz (H.J.) Co. | 3,430,488 | ||||
32,200 | Hershey Foods Corp. | 1,748,863 | ||||
95,500 | Kellogg Co. | 2,423,313 | ||||
126,648 | Kimberly-Clark Corp. | 8,358,768 | ||||
194,400 | 2 | Kroger Co., Inc. | 4,386,150 | |||
8,900 | Longs Drug Stores Corp. | 194,688 | ||||
310,900 | McDonald's Corp. | 9,637,900 | ||||
66,926 | McKesson HBOC, Inc. | 1,878,111 | ||||
76,800 | Nabisco Group Holdings Corp. | 2,217,600 | ||||
62,744 | Newell Rubbermaid, Inc. | 1,203,901 | ||||
339,700 | PepsiCo, Inc. | 16,454,219 | ||||
530,200 | Philip Morris Cos., Inc. | 19,418,575 | ||||
307,900 | Procter & Gamble Co. | 21,995,606 | ||||
31,200 | Quaker Oats Co. | 2,544,750 | ||||
72,300 | Ralston Purina Co. | 1,753,275 | ||||
117,000 | 2 | Safeway, Inc. | 6,398,438 | |||
204,700 | Sara Lee Corp. | 4,413,844 | ||||
102,800 | Seagram Co. Ltd. | 5,872,450 | ||||
44,000 | 2 | Starbucks Corp. | 1,966,250 | |||
31,200 | SUPERVALU, Inc. | 479,700 | ||||
78,400 | Sysco Corp. | 4,091,500 | ||||
311,580 | Time Warner, Inc. | 23,652,038 | ||||
34,330 | 2 | Tricon Global Restaurants, Inc. | 1,029,900 | |||
13,600 | Tupperware Corp. | 232,900 | ||||
38,200 | UST, Inc. | 964,550 | ||||
134,553 | Unilever N.V., ADR | 6,836,974 | ||||
356,993 | 2 | Viacom, Inc., Class B | 20,303,977 | |||
237,800 | Walgreen Co. | 10,849,625 | ||||
26,700 | Wendy's International, Inc. | 580,725 | ||||
33,200 | Winn-Dixie Stores, Inc. | 639,100 | ||||
26,800 | Wrigley (Wm.), Jr. Co. | 2,122,225 | ||||
|
|
|||||
TOTAL | 319,269,803 | |||||
|
|
|||||
Energy--5.8% | ||||||
107,500 | 2 | AES Corp. | 6,073,750 | |||
21,200 | Amerada-Hess Corp. | 1,314,400 | ||||
57,234 | Anadarko Petroleum Corp. | 3,665,838 | ||||
28,800 | Apache Corp. | 1,593,000 | ||||
16,500 | Ashland, Inc. | 540,375 | ||||
77,890 | Baker Hughes, Inc. | 2,677,469 | ||||
50,765 | Burlington Resources, Inc. | 1,827,540 | ||||
153,600 | Chevron Corp. | 12,614,400 | ||||
146,579 | Conoco, Inc., Class B | 3,985,116 | ||||
30,000 | Devon Energy Corp. | 1,512,000 | ||||
820,179 | Exxon Mobil Corp. | 73,149,714 | ||||
104,900 | Halliburton Co. | 3,887,856 | ||||
22,176 | Kerr-McGee Corp. | 1,448,370 | ||||
34,400 | 2 | Nabors Industries, Inc. | 1,750,960 | |||
86,800 | Occidental Petroleum Corp. | 1,725,150 | ||||
60,000 | Phillips Petroleum Co. | 3,705,000 | ||||
22,200 | 2 | Rowan Companies, Inc. | 559,163 | |||
504,800 | Royal Dutch Petroleum Co., ADR | 29,972,500 | ||||
134,200 | Schlumberger Ltd. | 10,215,975 | ||||
20,537 | Sunoco, Inc. | 614,826 | ||||
129,800 | Texaco, Inc. | 7,666,313 | ||||
34,000 | Tosco Corp. | 973,250 | ||||
49,577 | Transocean Sedco Forex, Inc. | 2,627,581 | ||||
73,500 | USX--Marathon Group | 1,998,281 | ||||
57,200 | Unocal Corp. | 1,951,950 | ||||
|
|
|||||
TOTAL | 178,050,777 | |||||
|
|
|||||
Financials--15.0% | ||||||
62,400 | AFLAC, Inc. | 4,559,100 | ||||
60,075 | AON Corp. | 2,489,358 | ||||
172,810 | Allstate Corp. | 6,955,602 | ||||
313,500 | American Express Co. | 18,810,000 | ||||
59,430 | American General Corp. | 4,784,115 | ||||
544,724 | American International Group, Inc. | 53,382,952 | ||||
88,700 | Amsouth Bancorporation | 1,236,256 | ||||
171,432 | Associates First Capital Corp., Class A | 6,364,413 | ||||
94,100 | BB&T Corp. | 2,999,437 | ||||
272,085 | Bank One Corporation | 9,931,102 | ||||
386,692 | Bank of America Corp. | 18,585,384 | ||||
173,800 | Bank of New York Co., Inc. | 10,004,362 | ||||
25,356 | Bear Stearns Cos., Inc. | 1,537,207 | ||||
37,100 | CIGNA Corp. | 4,524,345 | ||||
61,800 | CIT Group, Inc., Class A | 1,077,637 | ||||
46,200 | Capital One Financial Corp. | 2,916,375 | ||||
49,475 | Charter One Financial, Inc. | 1,134,833 | ||||
308,110 | Chase Manhattan Corp. | 14,019,005 | ||||
41,100 | Chubb Corp. | 3,470,381 | ||||
37,900 | Cincinnati Financial Corp. | 1,392,825 | ||||
1,059,100 | Citigroup, Inc. | 55,735,137 | ||||
36,850 | Comerica, Inc. | 2,222,516 | ||||
76,561 | Conseco, Inc. | 531,142 | ||||
26,900 | Countrywide Credit Industries, Inc. | 1,007,069 | ||||
237,200 | Federal National Mortgage Association | 18,264,400 | ||||
163,600 | Federal Home Loan Mortgage Corp. | 9,816,000 | ||||
109,500 | Fifth Third Bancorp | 5,625,562 | ||||
231,898 | First Union Corp. | 7,029,408 | ||||
225,567 | Firstar Corp. | 4,440,850 | ||||
212,491 | Fleet Boston Financial Corp. | 8,074,658 | ||||
57,300 | Franklin Resources, Inc. | 2,454,732 | ||||
37,200 | Golden West Financial Corp. | 2,085,525 | ||||
52,800 | Hartford Financial Services Group, Inc. | 3,930,300 | ||||
111,159 | Household International, Inc. | 5,592,687 | ||||
59,136 | Huntington Bancshares, Inc. | 850,080 | ||||
37,400 | J.P. Morgan & Co., Inc. | 6,189,700 | ||||
24,237 | Jefferson-Pilot Corp. | 1,666,294 | ||||
101,300 | KeyCorp | 2,500,844 | ||||
57,200 | Lehman Brothers Holdings, Inc. | 3,689,400 | ||||
44,900 | Lincoln National Corp. | 2,172,038 | ||||
23,200 | Loews Corp. | 2,109,750 | ||||
23,100 | MBIA Inc. | 1,679,081 | ||||
200,527 | MBNA Corp. | 7,532,295 | ||||
25,000 | MGIC Investment Corp. | 1,703,125 | ||||
63,900 | Marsh & McLennan Cos., Inc. | 8,354,925 | ||||
114,900 | Mellon Financial Corp. | 5,543,925 | ||||
189,100 | Merrill Lynch & Co., Inc. | 13,237,000 | ||||
264,914 | Morgan Stanley, Dean Witter & Co. | 21,275,906 | ||||
143,000 | National City Corp. | 3,056,625 | ||||
32,245 | Old Kent Financial Corp. | 892,783 | ||||
68,000 | PNC Financial Services Group | 4,547,500 | ||||
34,800 | PaineWebber Group, Inc. | 2,479,500 | ||||
17,200 | Progressive Corp., Ohio | 1,689,900 | ||||
33,600 | Providian Financial Corp. | 3,494,400 | ||||
51,500 | Regions Financial Corp. | 1,213,469 | ||||
30,000 | SAFECO Corp. | 725,625 | ||||
325,025 | Schwab (Charles) Corp. | 11,416,503 | ||||
39,600 | SouthTrust Corp. | 1,282,050 | ||||
52,552 | St. Paul Cos., Inc. | 2,693,290 | ||||
38,000 | State Street Corp. | 4,740,120 | ||||
52,900 | Stilwell Financial, Inc. | 2,370,581 | ||||
40,900 | Summit Bancorp | 1,533,750 | ||||
70,200 | SunTrust Banks, Inc. | 3,426,638 | ||||
66,850 | Synovus Financial Corp. | 1,441,453 | ||||
28,600 | T. Rowe Price Associates | 1,338,838 | ||||
30,000 | Torchmark Corp. | 999,375 | ||||
175,565 | U.S. Bancorp, Inc. | 4,246,478 | ||||
56,614 | UnumProvident Corp. | 1,599,346 | ||||
36,500 | USA Education, Inc. | 2,039,438 | ||||
31,700 | Union Planters Corp. | 1,071,856 | ||||
47,900 | Wachovia Corp. | 2,586,600 | ||||
126,876 | Washington Mutual, Inc. | 5,582,544 | ||||
387,560 | Wells Fargo Co. | 17,948,873 | ||||
|
|
|||||
TOTAL | 459,906,573 | |||||
|
|
|||||
Health Care--11.5% | ||||||
364,900 | Abbott Laboratories | 19,271,281 | ||||
33,255 | Aetna, Inc. | 1,922,555 | ||||
30,900 | Allergan, Inc. | 2,597,531 | ||||
27,200 | 2 | Alza Corp. | 2,201,500 | |||
306,900 | American Home Products Corp. | 19,488,150 | ||||
242,100 | 2 | Amgen, Inc. | 14,026,669 | |||
12,000 | Bard (C.R.), Inc. | 502,500 | ||||
12,500 | Bausch & Lomb, Inc. | 482,031 | ||||
68,800 | Baxter International, Inc. | 5,654,500 | ||||
59,600 | Becton, Dickinson & Co. | 1,996,600 | ||||
34,800 | 2 | Biogen, Inc. | 2,094,525 | |||
41,800 | Biomet, Inc. | 1,512,637 | ||||
95,700 | 2 | Boston Scientific Corp. | 1,525,219 | |||
462,700 | Bristol-Myers Squibb Co. | 28,195,781 | ||||
72,200 | Guidant Corp. | 3,822,087 | ||||
131,407 | HCA - The Healthcare Co. | 5,248,067 | ||||
90,800 | 2 | HEALTHSOUTH, Corp. | 1,089,600 | |||
39,100 | 2 | Humana, Inc. | 474,088 | |||
327,300 | Johnson & Johnson | 30,152,513 | ||||
39,100 | 2 | King Pharmaceuticals, Inc. | 1,752,169 | |||
265,900 | Lilly (Eli) & Co. | 23,764,813 | ||||
24,050 | 2 | Manor Care, Inc. | 401,334 | |||
49,400 | 2 | MedImmune, Inc. | 3,229,525 | |||
282,000 | Medtronic, Inc. | 15,316,125 | ||||
541,600 | Merck & Co., Inc. | 48,710,150 | ||||
49,000 | PE Corp.-PE Biosystems Group | 5,733,000 | ||||
1,486,325 | Pfizer, Inc. | 64,190,661 | ||||
305,526 | Pharmacia Corp. | 16,803,930 | ||||
27,200 | 2 | Quintiles Transnational Corp. | 379,100 | |||
344,900 | Schering Plough Corp. | 17,827,019 | ||||
19,841 | 2 | St. Jude Medical, Inc. | 1,091,255 | |||
74,100 | 2 | Tenet Healthcare Corp. | 2,913,056 | |||
37,800 | UnitedHealth Group, Inc. | 4,134,375 | ||||
24,100 | 2 | Watson Pharmaceuticals, Inc. | 1,507,756 | |||
14,800 | 2 | Wellpoint Health Networks, Inc. | 1,730,675 | |||
|
|
|||||
TOTAL | 351,742,777 | |||||
|
|
|||||
Technology--26.5% | ||||||
181,700 | 2 | ADC Telecommunications, Inc. | 3,883,837 | |||
23,300 | 2 | Adaptec, Inc. | 368,431 | |||
56,400 | Adobe System, Inc. | 4,289,925 | ||||
73,300 | 2 | Advanced Micro Devices, Inc. | 1,658,412 | |||
106,601 | 2 | Agilent Technologies, Inc. | 4,936,959 | |||
93,900 | 2 | Altera Corp. | 3,844,031 | |||
543,500 | 2 | America Online, Inc. | 27,408,705 | |||
83,600 | 2 | Analog Devices, Inc. | 5,434,000 | |||
19,062 | 2 | Andrew Corp. | 501,569 | |||
76,500 | 2 | Apple Computer, Inc. | 1,496,531 | |||
191,000 | 2 | Applied Materials, Inc. | 10,146,875 | |||
13,600 | Autodesk, Inc. | 300,050 | ||||
147,700 | Automatic Data Processing, Inc. | 9,646,656 | ||||
58,100 | 2 | BMC Software, Inc. | 1,180,156 | |||
52,300 | 2 | Broadcom Corp., Class A | 11,630,212 | |||
43,400 | 2 | Cabletron Systems, Inc. | 1,177,225 | |||
34,200 | 2 | Ceridian Corp. | 855,000 | |||
1,670,600 | 2 | Cisco Systems, Inc. | 90,003,575 | |||
43,700 | 2 | Citrix Systems, Inc. | 966,862 | |||
400,161 | Compaq Computer Corp. | 12,168,896 | ||||
139,162 | Computer Associates International, Inc. | 4,435,789 | ||||
39,600 | 2 | Computer Sciences Corp. | 2,494,800 | |||
85,900 | 2 | Compuware Corp. | 676,462 | |||
36,700 | 2 | Comverse Technology, Inc. | 4,101,225 | |||
53,600 | 2 | Conexant Systems, Inc. | 1,410,350 | |||
609,000 | 2 | Dell Computer Corp. | 17,965,500 | |||
513,274 | 2 | EMC Corp. | 45,713,466 | |||
72,500 | Eastman Kodak Co. | 3,253,437 | ||||
109,800 | Electronic Data Systems Corp. | 5,153,737 | ||||
33,200 | Equifax, Inc. | 1,145,400 | ||||
95,400 | First Data Corp. | 4,781,925 | ||||
75,900 | 2 | Gateway, Inc. | 3,917,199 | |||
22,100 | Grainger (W.W.), Inc. | 705,819 | ||||
469,600 | Hewlett-Packard Co. | 21,807,050 | ||||
1,580,600 | Intel Corp. | 71,127,000 | ||||
414,500 | International Business Machines Corp. | 40,828,250 | ||||
220,300 | 2 | JDS Uniphase Corp. | 17,940,681 | |||
43,800 | 2 | KLA-Tencor Corp. | 1,480,988 | |||
73,000 | 2 | LSI Logic Corp. | 2,399,875 | |||
30,000 | 2 | Lexmark Intl. Group, Class A | 1,230,000 | |||
73,200 | Linear Technology Corp. | 4,725,975 | ||||
786,128 | Lucent Technologies, Inc. | 18,326,609 | ||||
66,500 | 2 | Maxim Integrated Products, Inc. | 4,409,781 | |||
18,800 | 2 | Mercury Interactive Corp. | 2,086,800 | |||
132,900 | Micron Technology, Inc. | 4,618,275 | ||||
1,238,800 | 2 | Microsoft Corp. | 85,322,350 | |||
513,335 | Motorola, Inc. | 12,801,292 | ||||
22,600 | 2 | NCR Corp. | 974,625 | |||
41,800 | 2 | National Semiconductor Corp. | 1,086,800 | |||
73,500 | 2 | Network Appliance, Inc. | 8,746,500 | |||
703,240 | Nortel Networks Corp. | 31,997,420 | ||||
76,500 | 2 | Novell, Inc. | 688,500 | |||
30,900 | 2 | Novellus Systems, Inc. | 1,264,969 | |||
1,325,348 | 2 | Oracle Corp. | 43,736,484 | |||
133,042 | 2 | Palm, Inc. | 7,126,062 | |||
64,100 | 2 | Parametric Technology Corp. | 789,231 | |||
87,625 | Paychex, Inc. | 4,967,242 | ||||
65,800 | 2 | Peoplesoft, Inc. | 2,871,553 | |||
11,600 | PerkinElmer, Inc. | 1,386,200 | ||||
10,600 | Polaroid Corp. | 106,663 | ||||
175,400 | 2 | Qualcomm, Inc. | 11,420,184 | |||
80,000 | Raytheon Co., Class B | 2,735,000 | ||||
30,399 | 2 | Sabre Group Holdings, Inc. | 1,016,467 | |||
27,900 | 2 | Sapient Corp. | 992,194 | |||
37,500 | Scientific-Atlanta, Inc. | 2,566,406 | ||||
53,900 | 2 | Seagate Technology, Inc. | 3,766,263 | |||
98,100 | 2 | Siebel Systems, Inc. | 10,294,369 | |||
373,500 | 2 | Sun Microsystems, Inc. | 41,411,813 | |||
11,300 | Tektronix, Inc. | 805,125 | ||||
96,500 | 2 | Tellabs, Inc. | 4,818,969 | |||
40,800 | 2 | Teradyne, Inc. | 1,275,000 | |||
406,900 | Texas Instruments, Inc. | 19,963,531 | ||||
73,700 | 2 | Unisys Corp. | 939,675 | |||
94,600 | 2 | Veritas Software Corp. | 13,340,078 | |||
157,000 | Xerox Corp. | 1,324,688 | ||||
77,400 | 2 | Xilinx, Inc. | 5,606,663 | |||
129,300 | 2 | Yahoo, Inc. | 7,580,213 | |||
|
|
|||||
TOTAL | 812,356,829 | |||||
|
|
|||||
Transportation--0.6% | ||||||
35,300 | 2 | AMR Corp. | 1,156,075 | |||
95,133 | Burlington Northern Santa Fe | 2,526,970 | ||||
51,500 | CSX Corp. | 1,303,594 | ||||
28,800 | Delta Air Lines, Inc. | 1,360,800 | ||||
67,080 | 2 | FedEx Corp. | 3,143,369 | |||
90,300 | Norfolk Southern Corp. | 1,275,488 | ||||
14,000 | Ryder Systems, Inc. | 276,500 | ||||
117,325 | Southwest Airlines Co. | 3,343,763 | ||||
15,800 | 2 | US Airways Group, Inc. | 596,450 | |||
58,300 | Union Pacific Corp. | 2,732,813 | ||||
|
|
|||||
TOTAL | 17,715,822 | |||||
|
|
|||||
Utilities--3.0% | ||||||
32,300 | Ameren Corp. | 1,283,925 | ||||
75,820 | American Electric Power Co., Inc. | 3,146,530 | ||||
28,500 | CMS Energy Corp. | 769,500 | ||||
37,600 | C P & L Energy, Inc. | 1,515,750 | ||||
37,440 | Cinergy Corp. | 1,146,600 | ||||
50,500 | Coastal Corp. | 3,809,594 | ||||
18,750 | Columbia Energy Group | 1,348,828 | ||||
49,900 | Consolidated Edison Co. | 1,755,856 | ||||
35,250 | Constellation Energy Group | 1,469,484 | ||||
33,600 | DTE Energy Co. | 1,213,800 | ||||
56,009 | Dominion Resources, Inc. | 3,336,036 | ||||
86,672 | Duke Energy Corp. | 7,491,711 | ||||
72,900 | Dynegy, Inc., Class A | 3,376,181 | ||||
6,400 | Eastern Enterprises | 412,000 | ||||
76,700 | Edison International | 1,831,212 | ||||
54,700 | El Paso Energy Corp. | 3,429,006 | ||||
174,000 | Enron Corp. | 14,278,875 | ||||
52,500 | Entergy Corp. | 2,011,406 | ||||
76,125 | Exelon Corp. | 4,577,016 | ||||
41,800 | FPL Group, Inc. | 2,758,800 | ||||
53,800 | FirstEnergy Corp. | 1,392,075 | ||||
23,200 | Florida Progress Corp. | 1,233,950 | ||||
28,600 | GPU, Inc. | 945,587 | ||||
31,600 | KeySpan Corp. | 1,111,925 | ||||
10,800 | NICOR, Inc. | 381,375 | ||||
37,800 | Niagara Mohawk Holdings, Inc. | 604,800 | ||||
6,900 | ONEOK, Inc. | 273,413 | ||||
90,800 | P G & E Corp. | 2,445,925 | ||||
34,091 | PPL Corp. | 1,404,123 | ||||
8,300 | Peoples Energy Corp. | 285,313 | ||||
19,900 | Pinnacle West Capital Corp. | 864,406 | ||||
50,500 | Public Service Enterprises Group, Inc. | 2,095,750 | ||||
69,260 | Reliant Energy, Inc. | 2,861,304 | ||||
48,057 | Sempra Energy | 994,179 | ||||
152,700 | Southern Co. | 4,485,563 | ||||
62,125 | TXU Corp. | 2,302,508 | ||||
104,200 | Williams Cos., Inc. (The) | 4,356,863 | ||||
79,885 |
Xcel Energy, Inc. |
2,042,060 |
||||
TOTAL | 91,043,229 | |||||
|
|
|||||
TOTAL COMMON STOCKS(INDENTIFIED COST $1,630,410,047) | 2,956,444,141 | |||||
|
|
|||||
Principal |
|
|
|
Value |
||
|
|
|
SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.1%3 |
|
|
|
$ |
3,000,000 |
|
U.S. Treasury Bill, 1/18/2001 (IDENTIFIED COST $2,961,455) |
|
$ |
2,961,455 |
|
|
|||||
|
|
|
MUTUAL FUND--3.4% |
|
|
|
|
103,539,246 |
|
Prime Value Obligations Fund, Class IS (at net asset value) |
|
|
103,539,246 |
|
|
|||||
|
|
|
TOTAL INVESTMENTS (IDENTIFIED COST $1,736,910,748)4 |
|
$ |
3,062,944,842 |
|
|
1 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and minimizing trading costs. The total market value of open index futures contracts is $109,815,250 at October 31, 2000, which represents 3.6% of net assets. Taking into consideration these open Index futures contracts, the Fund's effective total exposure to the Index is 100%.
2 Non-income producing security.
3 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.
4 The cost of investments for federal tax purposes amounts to $1,742,292,318. The net unrealized appreciation of investments on a federal tax basis amounts to $1,320,652,524 which is comprised of $1,430,405,980 appreciation and $109,753,456 depreciation at October 31, 2000.
Note: The categories of investments are shown as a percentage of net assets ($3,064,585,520) at October 31, 2000.
The following acronym is used throughout this portfolio:
ADR |
--American Depositary Receipt |
See Notes which are an integral part of the Financial Statements
October 31, 2000
Assets: | |||||||
Total investments in securities, at value (identified cost $1,736,910,748 and tax cost $1,742,292,318) | $ | 3,062,944,842 | |||||
Income receivable | 2,063,193 | ||||||
Receivable for shares sold | 3,697,988 | ||||||
Receivable for daily variation margin | 1,978,213 | ||||||
|
|
|
|||||
TOTAL ASSETS | 3,070,684,236 | ||||||
|
|
|
|||||
Liabilities: | |||||||
Payable for shares redeemed | $ | 5,390,109 | |||||
Payable to Bank | 2,479 | ||||||
Accrued expenses | 706,128 | ||||||
|
|
||||||
TOTAL LIABILITIES | 6,098,716 | ||||||
|
|
|
|||||
Net Assets for 105,497,273 shares outstanding | $ | 3,064,585,520 | |||||
|
|
|
|||||
Net Assets Consist of: | |||||||
Paid in capital | $ | 1,791,996,757 | |||||
Net unrealized appreciation of investments and futures contracts | 1,329,263,908 | ||||||
Accumulated net realized loss on investments and futures contracts | (60,321,337 | ) | |||||
Accumulated undistributed net investment income | 3,646,192 | ||||||
|
|
|
|||||
TOTAL NET ASSETS | $ | 3,064,585,520 | |||||
|
|
|
|||||
Net Asset Value, Offering Price and Redemption Proceeds Per Share | |||||||
Institutional Shares: | |||||||
Net Asset Value and Offering Price Per Share ($2,021,341,170 ÷ 69,516,521 shares outstanding) | $29.08 | ||||||
Redemption Proceeds Per Share | $29.08 | ||||||
Institutional Service Shares: | |||||||
Net Asset Value and Offering Price Per Share ($900,245,707 ÷ 31,033,558 shares outstanding) | $29.01 | ||||||
Redemption Proceeds Per Share | $29.01 | ||||||
Class C Shares: | |||||||
Net Asset Value and Offering Price Per Share ($142,998,643 ÷ 4,947,194 shares outstanding) | $28.91 | ||||||
Redemption Proceeds Per Share (99/100 of $28.91)1 | $28.62 |
1 See "What do Shares Cost?"
See Notes which are an integral part of the Financial Statements.
Year Ended October 31, 2000
Investment Income: | ||||||||||||
Dividends (net of foreign taxes withheld of $105,166) | $ | 33,465,727 | ||||||||||
Interest | 6,942,413 | |||||||||||
|
|
|
||||||||||
TOTAL INCOME | 40,408,140 | |||||||||||
|
|
|
||||||||||
Expenses: | ||||||||||||
Management fee | $ | 9,201,425 | ||||||||||
Custodian fees | 181,025 | |||||||||||
Transfer and dividend disbursing agent fees and expenses | 543,734 | |||||||||||
Directors'/Trustees' fees | 24,376 | |||||||||||
Auditing fees | 12,164 | |||||||||||
Legal fees | 7,661 | |||||||||||
Portfolio accounting fees | 260,885 | |||||||||||
Distribution services fee--Institutional Service Shares | 2,532,946 | |||||||||||
Distribution services fee--Class C Shares | 928,425 | |||||||||||
Shareholder services fee--Institutional Shares | 5,247,591 | |||||||||||
Shareholder services fee--Institutional Service Shares | 2,110,788 | |||||||||||
Shareholder services fee--Class C Shares | 309,475 | |||||||||||
Share registration costs | 199,326 | |||||||||||
Printing and postage | 122,502 | |||||||||||
Insurance premiums | 4,972 | |||||||||||
Miscellaneous | 23,697 | |||||||||||
|
|
|
||||||||||
TOTAL EXPENSES | 21,710,992 | |||||||||||
|
|
|
||||||||||
Waivers and Reimbursement: | ||||||||||||
Waiver of management fee | $ | (18,530 | ) | |||||||||
Waiver of distribution services fee--Institutional Service Shares | (1,857,494 | ) | ||||||||||
Waiver of shareholder services fee--Institutional Shares | (5,247,591 | ) | ||||||||||
Waiver of shareholder services fee--Institutional Service Shares | (253,295 | ) | ||||||||||
Reimbursement of management fee | (2,239 | ) | ||||||||||
|
|
|
||||||||||
TOTAL WAIVERS AND REIMBURSEMENT | (7,379,149 | ) | ||||||||||
|
|
|
||||||||||
Net Expenses | 14,331,843 | |||||||||||
Net investment income | 26,076,297 | |||||||||||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | ||||||||||||
Net realized loss on investments and futures contracts | (55,332,209 | ) | ||||||||||
Net change in unrealized appreciation of investments and futures contracts | 165,251,784 | |||||||||||
Net realized and unrealized gain on investments and futures contracts | 109,919,575 | |||||||||||
|
|
|
||||||||||
Change in net assets resulting from operations | $ | 135,995,872 | ||||||||||
|
|
|
See Notes which are an integral part of the Financial Statements
Year Ended October 31 | 2000 | 1999 | ||||||
---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income | $ | 26,076,297 | $ | 27,142,924 | ||||
Net realized gain (loss) on investments and futures contracts ($(50,697,204) and $26,799,393, respectively, as computed for federal tax purposes) | (55,332,209 | ) | 27,327,240 | |||||
Net change in unrealized appreciation of investments and futures contracts | 165,251,784 | 454,485,986 | ||||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 135,995,872 | 508,956,150 | ||||||
|
|
|
|
|
|
|||
Distributions to Shareholders: | ||||||||
Distributions from net investment income | ||||||||
Institutional Shares | (19,943,739 | ) | (19,497,540 | ) | ||||
Institutional Service Shares | (5,533,273 | ) | (5,207,706 | ) | ||||
Class C Shares | (44,237 | ) | (111,070 | ) | ||||
Distributions from net realized gains on investments and futures contracts | ||||||||
Institutional Shares | (18,029,897 | ) | (13,803,989 | ) | ||||
Institutional Service Shares | (6,740,115 | ) | (4,665,973 | ) | ||||
Class C Shares | (866,468 | ) | (161,153 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (51,157,729 | ) | (43,447,431 | ) | ||||
|
|
|
|
|
|
|||
Share Transactions: | ||||||||
Proceeds from sale of shares | 1,722,461,932 | 1,456,300,443 | ||||||
Net asset value of shares issued to shareholders in payment of distributions declared | 34,105,757 | 28,068,153 | ||||||
Cost of shares redeemed | (1,603,637,792 | ) | (1,061,778,792 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 152,929,897 | 422,589,804 | ||||||
|
|
|
|
|
|
|||
Change in net assets | 237,768,040 | 888,098,523 | ||||||
Net Assets: | ||||||||
Beginning of period | 2,826,817,480 | 1,938,718,957 | ||||||
|
|
|
|
|
|
|||
End of period (including accumulated undistributed net investment income of $3,646,192 and $3,356,013, respectively) | $ | 3,064,585,520 | $ | 2,826,817,480 | ||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
October 31, 2000
Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Max-Cap Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide investment results that correspond to the aggregate price and dividend performance of publicly-traded common stocks, by duplicating the composition of the Standard & Poor's 500 Composite Stock Price Index.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to book and tax differences. The following reclassifications have been made to the financial statements.
Increase (Decrease) | ||||
Paid In Capital | Accumulated Net Realized Gain |
Undistributed Net Investment Income |
||
$264,850 | $19 | $(264,869) |
Net investment income, realized gains (losses), and net assets were not affected by this reclassification.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
At October 31, 2000, the Fund, for federal tax purposes, had a capital loss carryforward of $50,697,204, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2008.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the year ended October 31, 2000, the Fund had realized losses on futures contracts of $12,695,194.
Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.
At October 31, 2000, the Fund had outstanding futures contracts as set forth below:
Expiration Date | Contracts to Receive | Position | Unrealized Appreciation |
|||
December 2000 | 305 S&P 500 Index Futures | Long | $3,229,810 |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
Year Ended October 31 | 2000 | 1999 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Institutional Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 35,580,041 | $ | 1,042,845,838 | 34,438,353 | $ | 914,112,968 | ||||||||
Shares issued to shareholders in payment of distributions declared | 755,615 | 22,185,859 | 755,144 | 18,919,768 | ||||||||||
Shares redeemed | (38,133,981 | ) | (1,106,664,687 | ) | (26,964,995 | ) | (715,289,313 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,798,325 | ) | $ | (41,632,990 | ) | 8,228,502 | $ | 217,743,423 | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Institutional Service Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 20,233,748 | $ | 592,537,593 | 16,555,183 | $ | 439,185,232 | ||||||||
Shares issued to shareholders in payment of distributions declared | 380,962 | 11,150,133 | 356,733 | 8,891,933 | ||||||||||
Shares redeemed | (15,512,216 | ) | (452,996,959 | ) | (11,882,321 | ) | (316,985,650 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS | 5,102,494 | $ | 150,690,767 | 5,029,595 | $ | 131,091,515 | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Class C Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 2,998,248 | $ | 87,078,501 | 3,834,755 | $ | 103,002,243 | ||||||||
Shares issued to shareholders in payment of distributions declared | 26,623 | 769,765 | 10,371 | 256,452 | ||||||||||
Shares redeemed | (1,519,663 | ) | (43,976,146 | ) | (1,094,794 | ) | (29,503,829 | ) | ||||||
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NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 1,505,208 | $ | 43,872,120 | 2,750,332 | $ | 73,754,866 | ||||||||
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NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 4,809,377 | $ | 152,929,897 | 16,008,429 | $ | 422,589,804 | ||||||||
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Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.30% of the Fund's average daily net assets. Under the terms of a sub-management agreement between the Manager and Northern Trust Quantitative Advisors, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager based on the average daily net assets of the Fund as follows: 0.05% on the first $100 million, 0.02% on the next $100 million, and 0.01% thereafter. The Manager may voluntarily choose to waive any portion of its fee. The Manager can modify or terminate this voluntary waiver at any time at its sole discretion.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain management fees as a result of these transactions.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp., ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Institutional Service Shares and Class C Shares. The Plan provides that the Fund may incur distribution expenses according to the following schedule annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Share Class Name | Percentage of Average Daily Net Assets of Class |
|
---|---|---|
Institutional Service Shares | 0.30% | |
Class C Shares | 0.75% |
Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the year ended October 31, 2000, were as follows:
Purchases | $512,381,763 | |
Sales | $313,786,832 |
We have audited the accompanying statement of assets and liabilities, including the portfolios of investments of the Federated Max-Cap Fund (one of the portfolios constituting the Federated Index Trust) as of October 31, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2000, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Max-Cap Fund of the Federated Index Trust at October 31, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
December 15, 2000
Boston, Massachusetts
A Statement of Additional Information (SAI) dated December 31, 2000, is incorporated by reference into this prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they becomes available. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your investment professional or the Fund at 1-800-341-7400.
You can obtain information about the Fund (including the SAI) by writing to or visiting the SEC's Public Reference Room in Washington, DC. You may also access Fund information from the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov or by writing to the SEC's Public Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for information on the Public Reference Room's operations and copying fees.
</R>
FEDERATED World-Class Investment Manager ®
Federated Max-Cap Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
<R>
Investment Company Act File No. 811-6061
Cusip 31420E502
G00717-01 (12/00)
</R>
Federated is a registered mark of Federated Investors, Inc.
2000© Federated Investors, Inc.
Federated
FEDERATED World-Class Investment Manager®
A Portfolio of Federated Index Trust
<R>
A mutual fund seeking to provide investment results generally corresponding to the aggregate price and dividend performance of publicly traded common stocks comprising the Standard & Poor's MidCap 400 Index. The Fund is neither sponsored by nor affiliated with Standard & Poor's.
</R>
As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Risk/Return Summary | 1 | |
What are the Fund's Fees and Expenses? | 3 | |
What are the Fund's Investment Strategies? | 4 | |
What are the Principal Securities in Which the Fund Invests? | 4 | |
What are the Specific Risks of Investing in the Fund? | 5 | |
What do Shares Cost? | 6 | |
How is the Fund Sold? | 6 | |
How to Purchase Shares | 7 | |
How to Redeem Shares | 8 | |
Account and Share Information | 10 | |
Who Manages the Fund? | 11 | |
Financial Information | 12 | |
Report of Ernst & Young LLP, Independent Auditors | 32 |
</R>
<R>
The Fund's investment objective is to provide investment results generally corresponding to the aggregate price and dividend performance of publicly traded common stocks that comprise the mid-level stock capitalization sector of the United States equity market. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this prospectus.
</R>
The Fund invests at least 80% of its assets in the medium capitalization common stocks comprising the Standard & Poor's MidCap 400 Index (Index).
<R>
All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:
</R>
The Shares offered by this prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.
<R>
[Graphic Representation Omitted--See Appendix]
The bar chart shows the variability of the Fund's total returns on a calendar year-end basis.
The Fund's shares are sold without a sales charge (load). The total returns displayed above are based upon net asset value.
The Fund's total return for the nine-month period from January 1, 2000 to September 30, 2000 was 21.66%.
Within the period shown in the chart, the Fund's shares highest quarterly return was 27.73% (quarter ended December 31, 1998). Its lowest quarterly return was (14.63%) (quarter ended September 30, 1998).
The following table represents the Fund's Average Annual Total Returns for the calendar periods ended December 31, 1999. The table shows the Fund's total returns averaged over a period of years relative to the Standard & Poor's MidCap 400 Index (S&P 400), a broad based market index. Total returns for the index shown do not reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. Index is unmanaged, and it is not possible to invest directly in an index.
Calendar Period | Fund | S&P 400 | ||
1 Year | 13.88% | 14.74% | ||
5 Years | 21.88% | 23.05% | ||
Start of Performance1 | 17.16% | 18.35% |
1 The Fund's start of performance date was November 5, 1992.
Past performance is no guarantee of future results. This information provides you with historical performance information so that you can analyze whether the Fund's investment risks are balanced by its potential returns.
</R>
<R>
This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.
Shareholder Fees | ||
Fees Paid Directly From Your Investment |
||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None | |
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None | |
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None | |
Redemption Fee (as a percentage of amount redeemed, if applicable) | None | |
Exchange Fee | None | |
Annual Fund Operating Expenses (Before Waiver)1 | ||
Expenses That are Deducted From Fund Assets (as
a percentage of average net assets) |
||
Management Fee | 0.40% | |
Distribution (12b-1) Fee | None | |
Shareholder Services Fee2 | 0.25% | |
Other Expenses | 0.14% | |
Total Annual Fund Operating Expenses | 0.79% | |
1 Although not contractually obligated
to do so, the shareholder services provider waived certain amounts. These
are shown below along with the net expenses the Fund actually paid for the
fiscal year ended October 31, 2000. | ||
Total Waiver of Fund Expenses |
0.22% | |
Total Actual Annual Fund Operating Expenses
(after waiver) |
0.57% | |
2 A portion of the shareholder services fee has been voluntarily waived. This voluntary waiver can be terminated at any time. The total shareholder services fee paid by the Fund (after the voluntary waiver) was 0.03% for the fiscal year ended October 31, 2000. |
This Example is intended to help you compare the cost of investing in the Fund's Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund's Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's Shares operating expenses are before waiver as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
1 Year | $ 81 | |
3 Years | $252 | |
5 Years | $439 | |
10 Years | $978 |
</R>
<R>
The Fund pursues its investment objective by investing in the stocks of the Index in the same weights as the Index. This is called a "full replication" strategy. Market capitalization is determined by multiplying the number of outstanding shares by the current market price per share. As of September 30, 2000, the capitalization range of the issuers comprising the Index was $397 million to $571,382 million. As of the same date, the weighted median market capitalization of the Fund was $81,563 million.
</R>
The Fund purchases Index futures contracts in order to more closely track the performance of the Index, while maintaining cash equivalent positions as necessary for the Fund's operations.
Equity securities represent a share of an issuer's earnings and assets, after the issuer pays its liabilities. The Fund cannot predict the income it will receive from equity securities because issuers generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value increases directly with the value of the issuer's business. The following describes the types of equity securities in which the Fund may invest.
Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.
<R>
Stock index futures provide for the future sale by one party and purchase by another party of a specified amount of an index at a price, date, and time specified when the contract is made. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Futures are considered to be commodity contracts.
</R>
<R>
The value of equity securities in the Fund's portfolio will rise and fall. These fluctuations could be a sustained trend or a drastic movement. The Fund's portfolio will reflect changes in prices of individual portfolio stocks or general changes in stock valuations. Consequently, the Fund's share price may decline. The Fund's investment in stock index futures will be subject to the same risk.
</R>
Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Market capitalization is determined by multiplying the number of its outstanding shares by the current market price per share.
Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.
Trading opportunities are more limited for equity securities that are not widely held. This may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility.
Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. If this happens, the Fund will be required to continue to hold the security or keep the position open, and the Fund could incur losses.
Over-the-counter (OTC) derivative contracts generally carry greater liquidity risk than exchange-traded contracts.
<R>
Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As the Manager allocates more of the Fund's portfolio holdings to a particular sector, the Fund's performance will be more susceptible to any economic, business or other developments which generally affect that sector.
You can purchase or redeem Shares any day the New York Stock Exchange (NYSE) is open. When the Fund receives your transaction request in proper form (as described in this prospectus) it is processed at the next calculated net asset value (NAV). The Fund does not charge a front-end sales charge. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open.
The Fund generally values equity securities according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market).
Futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option.
</R>
The required minimum initial investment for Fund Shares is $25,000. There is no required minimum subsequent investment amount.
An account may be opened with a smaller amount as long as the $25,000 minimum is reached within 90 days. An institutional investor's minimum investment is calculated by combining all accounts it maintains with the Fund. Accounts established through investment professionals may be subject to a smaller minimum investment amount. Keep in mind that investment professionals may charge you fees for their services in connection with your Share transactions.
The Fund's Distributor, Federated Securities Corp., markets the Shares described in this prospectus to institutions acting on behalf of their customers or to individuals, directly or through investment professionals.
The Distributor and its affiliates may pay out of their assets other amounts (including items of material value) to investment professionals for marketing and servicing Shares. The Distributor is a subsidiary of Federated Investors, Inc. (Federated).
You may purchase Shares through an investment professional or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares.
Investment professionals should send payments according to the instructions in the sections "By Wire" or "By Check."
In order to maximize the Fund's ability to track the Index, investors are urged to transmit purchase requests prior to 2:00 p.m. (Eastern time).
You will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or Federated Shareholder Services Company, the Fund's transfer agent.
An institution may establish an account and place an order by calling the Fund and the Shares will be priced at the next calculated NAV after the Fund receives the order.
Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of
Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer
Number or Group Number
Nominee/Institution Name
Fund Name and Number and
Account Number
You cannot purchase Shares by wire on holidays when wire transfers are restricted.
Make your check payable to The Federated Funds, note your account number on the check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA
02266-8600
If you send your check by a private courier or overnight delivery service that requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA
02370-3317
<R>
Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will not accept third-party checks (checks originally payable to someone other than you or The Federated Funds).
</R>
Once you have opened an account, you may purchase additional Shares through a depository institution that is an ACH member. This purchase option can be established by completing the appropriate sections of the New Account Form.
You should redeem Shares:
Submit your redemption request to your investment professional by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after the Fund receives the order from your investment professional.
<R>
You may redeem Shares by simply calling the Fund at 1-800-341-7400. If you call before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) you will receive a redemption amount based on that day's NAV.
</R>
You may redeem Shares by mailing a written request to the Fund. You will receive a redemption amount based on the next calculated NAV after the Fund receives your written request in proper form.
Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA
02266-8600
Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Boston, MA
02370-3317317
All requests must include:
Call your investment professional or the Fund if you need special instructions.
Signatures must be guaranteed if:
A signature guarantee is designed to protect your account from fraud. Obtain a signature guarantee from a bank or trust company, savings association, credit union or broker, dealer, or securities exchange member.A notary public cannot provide a signature guarantee.
Your redemption proceeds will be mailed by check to your address of record. The following payment options are available if you complete the appropriate section of the New Account Form or an Account Service Options Form. These payment options require a signature guarantee if they were not established when the account was opened:
Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by a distribution of the Fund's portfolio securities.
Redemption proceeds normally are wired or mailed within one business day after receiving a request in proper form. Payment may be delayed up to seven days:
You will not accrue interest or dividends on uncashed checks from the Fund if those checks are undeliverable and returned to the Fund.
The Fund will record your telephone instructions. If the Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.
The Fund no longer issues share certificates. If you are redeeming Shares represented by certificates previously issued by the Fund, you must return the certificates with your written redemption request. For your protection, send your certificates by registered or certified mail, but do not endorse them.
You will receive confirmation of purchases and redemptions. In addition, you will receive periodic statements reporting all account activity, including dividends and capital gains paid.
The Fund declares and pays any dividends quarterly to shareholders. Dividends are paid to all shareholders invested in the Fund on the record date. The record date is the date on which a shareholder must officially own Shares in order to earn a dividend.
In addition, the Fund pays any capital gains at least annually. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments.
If you purchase Shares just before a Fund declares a dividend or capital gain distribution, you will pay the full price for the Shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in Shares. Therefore, you should consider the tax implications of purchasing Shares shortly before the Fund declares a dividend or capital gain. Contact your investment professional or the Fund for information concerning when dividends and capital gains will be paid.
Due to the high cost of maintaining accounts with low balances, accounts may be closed if redemptions cause the account balance to fall below the minimum initial investment amount. Before an account is closed, you will be notified and allowed 30 days to purchase additional Shares to meet the minimum.
The Fund sends an annual statement of your account activity to assist you in completing your federal, state and local tax returns. Fund distributions of dividends and capital gains are taxable to you whether paid in cash or reinvested in the Fund. Dividends are taxable as ordinary income; capital gains are taxable at different rates depending upon the length of time the Fund holds its assets.
Fund distributions are expected to be both dividends and capital gains. Redemptions are taxable sales. Please consult your tax adviser regarding your federal, state, and local tax liability.
<R>
The Board of Trustees governs the Fund. The Board selects and oversees the Manager, Federated Investment Management Company. The Manager, in turn, oversees the management of the Fund's assets by the Sub-Manager, Northern Trust Quantitative Advisors, Inc. The Manager's responsibilities include selecting the Sub-Manager and continued review and evaluation of the Sub-Manager's performance. The Manager's address is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.
The Manager has delegated daily management of the Fund's assets to the Sub-Manager, who is paid by the Manager and not by the Fund, based on net assets under management. The Sub-Manager develops, maintains and runs the computer program designed to determine which securities are purchased and sold to replicate the composition of the Index. The Sub-Manager has complete discretion, subject to the Manager's oversight, to purchase and sell portfolio securities for the Fund. The Sub-Manager's address is 50 South LaSalle Street, Chicago, IL 60675. The Sub-Manager is a subsidiary of Northern Trust Corporation and is an investment manager primarily to corporate defined benefit and defined contribution plans as well as public pension funds, insurance companies and tax-exempt foundations and endowments. These plans had as of September 30, 2000, placed approximately $72.6 billion in assets with the Sub-Manager. Since 1973, the Sub-Manager has developed and managed a family of equity and bond index funds in which some 681 nationwide non-financial institution clients invest. In total, the Sub-Manager manages 77 commingled/common trust funds. The Northern Trust Company is a subsidiary of Northern Trust Corporation, a bank holding company with subsidiaries located across the United States and in several other countries. As of September 30, 2000, total assets of Northern Trust Corporation were $34.8 billion and subsidiaries of Northern Trust Corporation held trust assets under administration of $1.7 trillion.
The Manager, Sub-Manager and other subsidiaries of Federated advise approximately 176 mutual funds and separate accounts, which totaled approximately $125 billion in assets as of December 31, 1999. Federated was established in 1955 and is one of the largest mutual fund investment managers in the United States with approximately 1,900 employees. More than 4,000 investment professionals make Federated Funds available to their customers.
The Manager receives an annual investment management fee of 0.40% of the Fund's average daily net assets. The Manager may voluntarily waive a portion of its fee or reimburse the Fund for certain operating expenses.
The following Financial Highlights will help you understand the Fund's financial performance for its past five fiscal years. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of any dividends and capital gains.
This information has been audited by Ernst & Young LLP, whose report, along with the Fund's audited financial statements, is included in this prospectus.
</R>
<R>
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on page 33.
Year Ended October 31 | 2000 | 1999 | 1998 | 1997 | 1996 | ||||||||||
Net Asset Value, Beginning of Period | $17.63 | $16.53 | $17.17 | $13.75 | $12.78 | ||||||||||
Income From Investment Operations: | |||||||||||||||
Net investment income | 0.17 | 0.16 | 0.20 | 0.18 | 0.18 | ||||||||||
Net realized and unrealized gain on investments and futures contracts | 4.71 | 2.92 | 0.74 | 4.00 | 1.73 | ||||||||||
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| ||||||
TOTAL FROM INVESTMENT OPERATIONS | 4.88 | 3.08 | 0.94 | 4.18 | 1.91 | ||||||||||
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| ||||||
Less Distributions: | |||||||||||||||
Distributions from net investment income | (0.16 | ) | (0.15 | ) | (0.20 | ) | (0.17 | ) | (0.20 | ) | |||||
Distributions from net realized gain on investments and futures contracts | (2.22 | ) | (1.83 | ) | (1.38 | ) | (0.59 | ) | (0.74 | ) | |||||
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| ||||||
TOTAL DISTRIBUTIONS | (2.38 | ) | (1.98 | ) | (1.58 | ) | (0.76 | ) | (0.94 | ) | |||||
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| ||||||
Net Asset Value, End of Period | $20.13 | $17.63 | $16.53 | $17.17 | $13.75 | ||||||||||
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| ||||||
Total Return1 | 30.40 | % | 20.23 | % | 5.73 | % | 31.83 | % | 15.80 | % | |||||
Ratios to Average Net Assets: | |||||||||||||||
Expenses | 0.57 | % | 0.60 | % | 0.61 | % | 0.60 | % | 0.60 | % | |||||
Net investment income | 1.03 | % | 0.98 | % | 1.12 | % | 1.19 | % | 1.31 | % | |||||
Expense waiver/reimbursement2 |
0.22 | % | 0.22 | % | 0.28 | % | 0.31 | % | 0.34 | % | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000 omitted) | $213,466 | $110,100 | $83,630 | $73,874 | $59,948 | ||||||||||
Portfolio turnover | 38 | % | 40 | % | 25 | % | 19 | % | 17 | % |
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
</R>
<R>
Shares | Value | ||||
---|---|---|---|---|---|
COMMON STOCKS--95.3%1 | |||||
Basic Materials--3.5% | |||||
23,800 | AK Steel Holding Corp. | $ | 220,150 | ||
14,400 | 2 | Airgas, Inc. | 97,200 | ||
9,975 | Albemarle Corp. | 231,295 | |||
10,900 | Bowater, Inc. | 589,962 | |||
24,699 | CK Witco Corp. | 197,592 | |||
14,400 | Cabot Corp. | 316,800 | |||
5,142 | 2 | Cabot Microelectronics Corp. | 227,212 | ||
4,800 | Carpenter Technology Corp. | 148,800 | |||
8,800 | 2 | Cytec Industries, Inc. | 304,700 | ||
7,550 | Ferro Corp. | 154,775 | |||
3,100 | Fuller (H.B.) Co. | 104,819 | |||
17,400 | Georgia-Pacific Corp. | 492,637 | |||
9,200 | Glatfelter (P.H.) Co. | 96,025 | |||
24,900 | IMC Global, Inc. | 322,144 | |||
11,200 | Longview Fibre Co. | 152,600 | |||
11,500 | Lubrizol Corp. | 249,406 | |||
25,500 | Lyondell Chemical Co. | 366,563 | |||
10,200 | Martin Marietta Materials | 391,680 | |||
1,500 | 2 | Maxxam, Inc. | 28,500 | ||
4,400 | Minerals Technologies, Inc. | 137,775 | |||
9,800 | Olin Corp. | 173,950 | |||
22,850 | RPM, Inc. | 204,222 | |||
5,900 | Rayonier, Inc. | 207,606 | |||
6,425 | Schulman (A.), Inc. | 70,273 | |||
23,100 | Solutia, Inc. | 294,525 | |||
21,573 | Sonoco Products Co. | 416,629 | |||
7,800 | Southdown, Inc. | 552,825 | |||
9,800 | 2 | UCAR International, Inc. | 80,850 | ||
6,100 | Universal Corp. | 170,800 | |||
9,300 | Valspar Corp. | 253,983 | |||
11,167 | Wausau-Mosinee Paper Corp. | 97,711 | |||
|
| ||||
TOTAL | 7,354,009 | ||||
|
| ||||
Capital Goods--7.6% | |||||
12,900 | AGCO Corp. | 146,737 | |||
7,000 | AMETEK, Inc. | 152,250 | |||
6,647 | Albany International Corp., Class A | 71,455 | |||
15,200 | 2 | American Standard Cos. | 697,300 | ||
6,600 | Carlisle Cos., Inc. | 274,725 | |||
15,493 | Diebold, Inc. | 402,818 | |||
9,800 | Donaldson Company, Inc. | 221,725 | |||
9,800 | Federal Signal Corp. | 229,075 | |||
8,100 | Flowserve Corp. | 163,012 | |||
5,950 | Granite Construction, Inc. | 135,734 | |||
13,100 | HON Industries, Inc. | 315,219 | |||
8,700 | Harsco Corp. | 175,631 | |||
13,600 | Hillenbrand Industries, Inc. | 629,000 | |||
13,180 | Hubbell, Inc., Class B | 315,496 | |||
41,300 | 2 | Jabil Circuit, Inc. | 2,356,681 | ||
5,700 | 2 | Jacobs Engineering Group, Inc. | 235,837 | ||
6,500 | Kaydon Corp. | 142,594 | |||
6,600 | Kennametal, Inc. | 193,875 | |||
5,100 | 2 | Magnetek, Inc. | 55,463 | ||
10,300 | 2 | MasTec, Inc. | 298,056 | ||
17,100 | Miller Herman, Inc. | 446,738 | |||
6,600 | Newport News Shipbuilding, Inc. | 324,638 | |||
7,000 | Nordson Corp. | 200,813 | |||
10,500 | Pentair, Inc. | 313,031 | |||
10,800 | Precision Castparts Corp. | 407,700 | |||
14,000 | 2 | Quanta Services, Inc. | 434,875 | ||
16,700 | Reynolds & Reynolds Co., Class A | 298,513 | |||
5,340 | Ryerson Tull, Inc. | 40,050 | |||
31,500 | 2 | SCI Systems, Inc. | 1,354,500 | ||
6,900 | SPX Corp. | 853,013 | |||
16,700 | Sensormatic Electronics Corp. | 300,600 | |||
2,300 | 2 | Sequa Corp., Class A | 84,813 | ||
27,500 | Shaw Industries, Inc. | 510,469 | |||
6,100 | Stewart & Stevenson Services, Inc. | 146,400 | |||
29,843 | Symbol Technologies, Inc. | 1,355,991 | |||
4,200 | Tecumseh Products Co., Class A | 167,475 | |||
8,300 | Teleflex, Inc. | 286,869 | |||
8,250 | Trinity Industries, Inc. | 198,516 | |||
30,002 | 2 | Vishay Intertechnology, Inc. | 900,060 | ||
8,800 | Wallace Computer Services, Inc. | 127,600 | |||
8,300 | York International Corp. | 225,656 | |||
|
| ||||
TOTAL | 16,191,003 | ||||
|
| ||||
Communication Services--3.3% | |||||
17,200 | Alliant Energy Corp. | 521,375 | |||
46,900 | Broadwing, Inc. | 1,324,925 | |||
7,563 | 2 | Chris-Craft Industries, Inc. | 555,880 | ||
23,600 | 2 | Hispanic Broadcasting Corp. | 737,500 | ||
13,400 | 2 | Powerwave Technologies, Inc. | 644,875 | ||
12,200 | 2 | Price Communications Corp. | 255,437 | ||
13,000 | Telephone and Data System, Inc. | 1,371,500 | |||
44,800 | 2 | Univision Communications, Inc., Class A | 1,713,600 | ||
|
| ||||
TOTAL | 7,125,092 | ||||
|
| ||||
Consumer Cyclicals--11.8% | |||||
12,600 | 2 | ACNielsen Corp. | 301,612 | ||
21,900 | 2 | Abercrombie & Fitch Co., Class A | 516,019 | ||
19,200 | 2 | Acxiom Corp. | 772,800 | ||
10,100 | 2 | American Eagle Outfitters, Inc. | 347,819 | ||
16,300 | 2 | Apollo Group, Inc., Class A | 637,737 | ||
15,400 | ArvinMeritor, Inc. | 257,950 | |||
15,900 | 2 | BJ's Wholesale Club, Inc. | 523,706 | ||
4,500 | Bandag, Inc. | 160,594 | |||
13,900 | 2 | Barnes & Noble, Inc. | 262,362 | ||
25,600 | Belo (A.H.) Corp., Series A | 491,200 | |||
10,400 | Blyth Industries, Inc. | 270,400 | |||
17,000 | 2 | Borders Group, Inc. | 235,875 | ||
5,700 | Borg-Warner Automotive, Inc. | 215,175 | |||
19,000 | 2 | CDW Computer Centers, Inc. | 1,224,313 | ||
16,400 | Callaway Golf Co. | 262,400 | |||
36,350 | Cintas Corp. | 1,685,731 | |||
11,150 | Claire's Stores, Inc. | 224,394 | |||
29,995 | Clayton Homes, Inc. | 275,579 | |||
15,100 | 2 | DeVRY, Inc. | 557,756 | ||
23,300 | 2 | Dollar Tree Stores, Inc. | 911,612 | ||
18,200 | 2 | Dun & Bradstreet Corp. | 393,575 | ||
37,200 | Family Dollar Stores, Inc. | 723,075 | |||
8,200 | Fastenal Co. | 470,987 | |||
15,300 | Federal-Mogul Corp. | 49,725 | |||
10,800 | 2 | Furniture Brands International, Inc. | 182,250 | ||
18,600 | 2 | Gartner Group, Inc. | 162,750 | ||
7,600 | 2 | Gtech Holdings Corp. | 131,575 | ||
14,700 | Harte-Hanks | 325,237 | |||
6,600 | Houghton Mifflin Co. | 242,962 | |||
15,700 | International Game Technology | 575,012 | |||
11,500 | International Speedway Corp., Class A | 369,437 | |||
25,803 | 2 | Jones Apparel Group, Inc. | 717,646 | ||
8,549 | Lancaster Colony Corp. | 201,970 | |||
6,600 | 2 | Lands' End, Inc. | 169,290 | ||
14,400 | 2 | Lear Corp. | 392,400 | ||
9,500 | Lee Enterprises, Inc. | 262,437 | |||
13,400 | Lennar Corp. | 430,475 | |||
17,000 | 2 | Mandalay Resort Group | 353,813 | ||
5,000 | Media General, Inc., Class A | 190,000 | |||
6,400 | Modine Manufacturing Co. | 168,800 | |||
11,500 | 2 | Mohawk Industries, Inc. | 250,844 | ||
1,200 | NCH Corp. | 46,800 | |||
5,600 | 2 | NCO Group, Inc. | 122,500 | ||
10,300 | Neiman-Marcus Group, Inc., Class A | 382,388 | |||
24,550 | 2 | Officemax, Inc. | 70,581 | ||
10,800 | Ogden Corp. | 148,500 | |||
65,200 | 2 | Park Place Entertainment Corp. | 831,300 | ||
4,823 | 2 | Payless ShoeSource, Inc. | 279,433 | ||
219 | 2 | Per-Se Technologies, Inc. | 965 | ||
293 | 2 | Per-Se Technologies, Inc., Warrants | 73 | ||
11,200 | Pittston Brink's Group | 177,800 | |||
22,900 | Readers Digest Association, Inc., Class A | 840,144 | |||
6,500 | Rollins, Inc. | 117,406 | |||
18,000 | Ross Stores, Inc. | 237,375 | |||
30,736 | 2 | Saks, Inc. | 313,123 | ||
3,700 | 2 | Scholastic Corp. | 296,000 | ||
17,100 | 2 | Six Flags, Inc. | 267,188 | ||
12,800 | Sothebys Holdings, Inc., Class A | 348,000 | |||
5,600 | Superior Industries International, Inc. | 190,750 | |||
8,100 | 2 | Sylvan Learning Systems, Inc. | 125,044 | ||
11,500 | 2 | Tech Data Corp. | 478,688 | ||
10,800 | True North Communications, Inc. | 407,025 | |||
9,700 | USG Corp. | 165,506 | |||
12,400 | Unifi, Inc. | 107,725 | |||
15,300 | 2 | United Rentals, Inc. | 328,950 | ||
20,400 | Viad Corp. | 436,050 | |||
11,400 | Warnaco Group, Inc., Class A | 29,925 | |||
2,100 | Washington Post Co., Class B | 1,121,663 | |||
6,900 | Wellman, Inc. | 103,500 | |||
10,800 | WestPoint Stevens, Inc. | 77,625 | |||
12,100 | 2 | Williams-Sonoma, Inc. | 251,831 | ||
|
| ||||
TOTAL | 25,203,152 | ||||
|
| ||||
Consumer Staples--5.5% | |||||
11,300 | 2 | AmeriSource Health Corp., Class A | 490,844 | ||
5,450 | Banta Corp. | 125,691 | |||
29,312 | Bergen Brunswig Corp., Class A | 265,640 | |||
7,700 | Bob Evans Farms, Inc. | 144,856 | |||
14,175 | 2 | Brinker International, Inc. | 556,369 | ||
12,350 | CBRL Group, Inc. | 220,756 | |||
9,800 | Carter Wallace, Inc. | 268,887 | |||
8,300 | Church and Dwight, Inc. | 163,925 | |||
7,700 | Dean Foods Co. | 246,400 | |||
20,600 | Dial Corp. | 230,462 | |||
12,100 | Dole Food, Inc. | 145,956 | |||
6,100 | Dreyers Grand Ice Cream, Inc. | 150,212 | |||
20,800 | 2 | Energizer Holdings, Inc. | 410,800 | ||
21,725 | Flowers Industries, Inc. | 334,022 | |||
30,500 | Hormel Foods Corp. | 512,781 | |||
22,900 | IBP, Inc. | 470,881 | |||
14,300 | Interstate Bakeries Corp. | 200,200 | |||
7,775 | Kelly Services, Inc., Class A | 172,508 | |||
8,200 | 2 | Korn/Ferry International | 287,000 | ||
6,300 | Lance, Inc. | 63,394 | |||
5,600 | Lone Star Steakhouse & Saloon | 47,250 | |||
16,500 | Manpower, Inc. | 574,406 | |||
14,900 | McCormick & Co., Inc. | 472,144 | |||
20,900 | 2 | Modis Professional Services, Inc. | 86,213 | ||
16,900 | 2 | Outback Steakhouse, Inc. | 481,650 | ||
15,400 | 2 | PSS World Medical, Inc. | 46,200 | ||
5,300 | 2 | Papa Johns International, Inc. | 133,163 | ||
15,900 | 2 | Perrigo Co. | 105,338 | ||
22,100 | R.J. Reynolds Tobacco Holdings, Inc. | 790,075 | |||
38,800 | 2 | Robert Half International, Inc. | 1,183,400 | ||
10,000 | Ruddick Corp. | 131,250 | |||
5,200 | Smucker (J.M.) Co. | 115,700 | |||
6,000 | 2 | Suiza Foods Corp. | 277,875 | ||
48,900 | Tyson Foods, Inc., Class A | 547,069 | |||
10,600 | Universal Foods Corp. | 209,350 | |||
11,800 | 2 | Valassis Communications, Inc. | 327,450 | ||
24,300 | 2 | Westwood One, Inc. | 460,181 | ||
29,600 | Whitman Corp. | 384,800 | |||
|
| ||||
TOTAL | 11,835,098 | ||||
|
| ||||
Energy--6.5% | |||||
18,000 | 2 | BJ Services Co. | 943,875 | ||
30,000 | 2 | Calpine Corp. | 2,368,125 | ||
11,500 | 2 | Cooper Cameron Corp. | 626,750 | ||
30,000 | ENSCO International, Inc. | 997,500 | |||
38,100 | 2 | Global Marine, Inc. | 1,009,650 | ||
23,566 | 2 | Grant Prideco, Inc. | 437,444 | ||
12,700 | 2 | Hanover Compressor Co. | 414,337 | ||
10,800 | Helmerich & Payne, Inc. | 339,525 | |||
9,800 | Murphy Oil Corp. | 567,788 | |||
12,100 | Noble Affiliates, Inc. | 443,919 | |||
29,000 | 2 | Noble Drilling Corp. | 1,205,313 | ||
36,218 | 2 | Ocean Energy, Inc. | 502,525 | ||
17,025 | Pennzoil-Quaker State Co. | 200,044 | |||
21,600 | Pioneer Natural Resources Co. | 282,150 | |||
10,900 | 2 | Smith International, Inc. | 768,450 | ||
12,100 | Tidewater, Inc. | 558,869 | |||
18,850 | Ultramar Diamond Shamrock Corp. | 494,813 | |||
13,400 | Valero Energy Corp. | 443,038 | |||
20,182 | 2 | Varco International, Inc. | 348,140 | ||
23,566 | Weatherford International, Inc. | 860,159 | |||
|
| ||||
TOTAL | 13,812,414 | ||||
|
| ||||
Financials--11.1% | |||||
11,500 | Allmerica Financial Corp. | 725,219 | |||
15,200 | Ambac Financial Group, Inc. | 1,213,150 | |||
12,700 | American Financial Group, Inc. | 272,256 | |||
14,905 | Associated Banc Corp. | 358,652 | |||
11,000 | Astoria Financial Corp. | 412,500 | |||
31,400 | Banknorth Group, Inc. | 569,125 | |||
10,400 | City National Corp. | 357,500 | |||
26,300 | Compass Bancshares, Inc. | 478,331 | |||
23,700 | Dime Bancorp, Inc. | 579,169 | |||
65,100 | 2 | E*Trade Group, Inc. | 948,019 | ||
17,887 | Edwards(A.G.), Inc. | 907,765 | |||
10,000 | Everest Reinsurance Holdings, Inc. | 586,250 | |||
28,200 | First Tennessee National Corp. | 648,600 | |||
10,000 | First Virginia Banks, Inc. | 413,750 | |||
19,200 | Firstmerit Corp. | 438,000 | |||
8,600 | Greater Bay Bancorp | 280,037 | |||
22,100 | Greenpoint Financial Corp. | 657,475 | |||
6,300 | HSB Group, Inc. | 249,244 | |||
34,500 | Hibernia Corp., Class A | 411,844 | |||
8,800 | Horace Mann Educators Corp. | 147,950 | |||
6,700 | Investment Technology Group, Inc. | 241,200 | |||
13,200 | Legg Mason, Inc. | 685,575 | |||
22,600 | Marshall & Ilsley Corp. | 1,024,063 | |||
15,250 | Mercantile Bankshares Corp. | 573,781 | |||
10,000 | Mony Group, Inc. | 411,250 | |||
44,150 | National Commerce Bancorporation | 938,188 | |||
37,750 | North Fork Bancorporation, Inc. | 762,078 | |||
13,100 | Ohio Casualty Corp. | 110,122 | |||
25,500 | Old Republic International Corp. | 663,000 | |||
9,600 | PMI Group, Inc. | 709,200 | |||
17,300 | Pacific Century Financial Corp. | 219,494 | |||
14,000 | Protective Life Corp. | 323,750 | |||
10,600 | Provident Financial Group, Inc. | 320,650 | |||
14,100 | Roslyn Bancorp, Inc. | 305,794 | |||
11,600 | SEI Investments Co. | 1,052,700 | |||
10,500 | 2 | Silicon Valley Bancshares | 485,625 | ||
49,100 | Sovereign Bancorp, Inc. | 408,144 | |||
17,400 | TCF Financial Corp. | 703,613 | |||
14,800 | Unitrin, Inc. | 459,725 | |||
17,800 | Waddell & Reed Financial, Inc., Class A | 567,375 | |||
11,500 | Webster Financial Corp. | 280,313 | |||
7,800 | WestAmerica Bancorporation | 280,312 | |||
7,000 | Wilmington Trust Corp. | 368,375 | |||
18,900 | Zions Bancorporation | 1,085,569 | |||
|
| ||||
TOTAL | 23,634,732 | ||||
|
| ||||
Health Care--13.9% | |||||
6,000 | 2 | Acuson Corp. | 136,875 | ||
11,400 | 2 | Apria Healthcare Group, Inc. | 228,000 | ||
6,400 | Beckman Coulter, Inc. | 448,400 | |||
39,724 | 2 | Chiron Corp. | 1,720,546 | ||
12,400 | 2 | Covance, Inc. | 106,950 | ||
11,200 | Dentsply International, Inc. | 388,500 | |||
12,700 | 2 | Edwards Lifesciences Corp. | 170,656 | ||
8,200 | 2 | Express Scripts, Inc., Class A | 550,937 | ||
10,500 | 2 | First Health Group Corp. | 409,500 | ||
19,000 | 2 | Forest Labratories, Inc., Class A | 2,517,500 | ||
26,640 | 2 | Foundation Health Systems, Inc., Class A | 537,795 | ||
18,800 | 2 | Genzyme Corp. | 1,334,800 | ||
10,100 | 2 | Gilead Sciences, Inc. | 868,600 | ||
52,725 | 2 | Health Management Association, Class A | 1,044,614 | ||
17,300 | ICN Pharmaceuticals, Inc. | 658,481 | |||
9,700 | 2 | IDEC Pharmaceuticals Corp. | 1,902,412 | ||
13,900 | 2 | Incyte Genomics, Inc. | 509,087 | ||
34,500 | Ivax Corp. | 1,500,750 | |||
11,600 | 2 | Lincare Holdings, Inc. | 487,925 | ||
43,100 | 2 | Millennium Pharmaceuticals, Inc. | 3,127,444 | ||
13,900 | 2 | MiniMed, Inc. | 1,013,831 | ||
27,100 | Mylan Laboratories, Inc. | 758,800 | |||
20,000 | Omnicare, Inc. | 350,000 | |||
18,200 | 2 | Oxford Health Plans, Inc. | 614,250 | ||
7,598 | 2 | PacifiCare Health Systems, Inc. | 79,304 | ||
9,200 | 2 | Protein Design Labs, Inc. | 1,242,719 | ||
9,900 | 2 | Quest Diagnostics, Inc. | 952,875 | ||
15,500 | 2 | Quorum Health Group, Inc. | 207,313 | ||
15,900 | 2 | Sepracor, Inc. | 1,083,188 | ||
14,700 | 2 | Steris Corp. | 220,500 | ||
42,400 | Stryker Corp. | 1,998,100 | |||
22,800 | 2 | Sybron International Corp. | 564,300 | ||
8,200 | 2 | Trigon Healthcare, Inc. | 587,838 | ||
13,100 | 2 | VISX, Inc. | 280,831 | ||
12,500 | 2 | Vertex Pharmaceuticals, Inc. | 1,163,867 | ||
|
| ||||
TOTAL | 29,767,488 | ||||
|
| ||||
Technology--22.9% | |||||
76,800 | 2 | 3Com Corp. | 1,363,200 | ||
8,400 | 2 | Adtran, Inc. | 319,200 | ||
10,800 | 2 | Affiliated Computer Services, Inc., Class A | 601,425 | ||
8,200 | 2 | ANTEC Corp. | 99,937 | ||
21,250 | 2 | Arrow Electronics, Inc. | 680,000 | ||
100,100 | 2 | Atmel Corp. | 1,495,244 | ||
19,800 | Avnet, Inc. | 532,125 | |||
9,300 | 2 | Avocent Corp. | 659,719 | ||
11,400 | 2 | CSG Systems International, Inc. | 529,387 | ||
53,500 | 2 | Cadence Design Systems, Inc. | 1,374,281 | ||
13,700 | 2 | Cambridge Technology Partners, Inc. | 53,087 | ||
16,300 | 2 | CheckFree Corp. | 810,925 | ||
14,300 | 2 | Cirrus Logic, Inc. | 616,687 | ||
33,050 | Comdisco, Inc. | 406,928 | |||
11,100 | 2 | CommScope, Inc. | 280,969 | ||
46,200 | 2 | Concord EFS, Inc. | 1,908,637 | ||
11,400 | 2 | Credence Systems Corp. | 213,750 | ||
26,200 | 2 | Cypress Semiconductor Corp. | 980,863 | ||
5,800 | 2 | DSP Group, Inc. | 164,575 | ||
27,200 | 2 | DST Systems, Inc. | 1,676,200 | ||
28,200 | 2 | Electronic Arts, Inc. | 1,410,000 | ||
26,775 | 2 | FIserv, Inc. | 1,404,014 | ||
19,500 | Galileo International, Inc. | 385,125 | |||
15,000 | Harris Corp. | 475,312 | |||
7,700 | 2 | Imation Corp. | 152,556 | ||
8,200 | 2 | InFocus Corp. | 362,337 | ||
61,700 | 2 | Informix Corp. | 262,225 | ||
22,600 | 2 | Integrated Device Technology, Inc. | 1,272,662 | ||
13,300 | 2 | International Rectifier Corp. | 593,512 | ||
44,200 | 2 | Intuit, Inc. | 2,715,537 | ||
15,100 | 2 | Keane, Inc. | 196,300 | ||
7,200 | 2 | L-3 Communications Holdings, Inc. | 474,750 | ||
27,100 | 2 | Lam Research Corp. | 525,062 | ||
21,400 | 2 | Lattice Semiconductor Corp. | 624,612 | ||
18,900 | 2 | Legato Systems, Inc. | 168,328 | ||
9,800 | 2 | Litton Industries, Inc. | 508,987 | ||
11,400 | 2 | Macromedia, Inc. | 878,513 | ||
32,600 | 2 | MarchFirst, Inc. | 189,488 | ||
13,900 | 2 | Mentor Graphics Corp. | 325,781 | ||
18,300 | 2 | Micrel, Inc. | 828,075 | ||
25,825 | 2 | Microchip Technology, Inc. | 816,716 | ||
7,700 | 2 | Mynd Corp. | 98,175 | ||
15,200 | 2 | NOVA Corp. | 238,450 | ||
14,000 | 2 | NVIDIA Corp. | 869,969 | ||
29,950 | 2 | Network Associates, Inc. | 576,538 | ||
15,400 | 2 | Polycom, Inc. | 1,001,000 | ||
19,500 | 2 | Qlogic Corp. | 1,886,625 | ||
32,400 | 2 | Quantum Corp. - DLT & Storage Systems | 486,000 | ||
40,500 | 2 | Rational Software Corp. | 2,417,344 | ||
10,300 | 2 | Retek, Inc. | 406,206 | ||
9,200 | 2 | Sawtek, Inc. | 468,050 | ||
14,200 | 2 | Semtech Corp. | 457,950 | ||
22,060 | 2 | Storage Technology Corp. | 215,085 | ||
7,900 | 2 | Structural Dynamics Research Corp. | 81,469 | ||
28,700 | 2 | SunGuard Data Systems, Inc. | 1,467,288 | ||
19,300 | 2 | Sybase, Inc. | 404,094 | ||
9,000 | 2 | Sykes Enterprises, Inc. | 48,375 | ||
13,300 | 2 | Symantec Corp. | 519,531 | ||
14,100 | 2 | Synopsys, Inc. | 491,738 | ||
11,700 | 2 | Titan Corp. (The) | 156,488 | ||
17,700 | 2 | TranSwitch Corp. | 1,022,175 | ||
7,200 | 2 | Transaction Systems Architects, Inc., Class A | 97,200 | ||
17,000 | 2 | TriQuint Semiconductor, Inc. | 651,313 | ||
39,000 | 2 | Vitesse Semiconductor Corp. | 2,727,563 | ||
27,800 | 2 | Waters Corp. | 2,017,238 | ||
15,700 | 2 | Wind River Systems, Inc. | 644,681 | ||
|
| ||||
TOTAL | 48,787,576 | ||||
|
| ||||
Transportation--1.4% | |||||
10,600 | Airborne Freight Corp. | 107,325 | |||
5,700 | 2 | Alaska Air Group, Inc. | 147,844 | ||
8,800 | Alexander and Baldwin, Inc. | 219,450 | |||
5,300 | Arnold Industries, Inc. | 93,081 | |||
8,300 | 2 | Atlas Air, Inc. | 300,875 | ||
9,200 | C.H. Robinson Worldwide, Inc. | 503,125 | |||
10,500 | CNF Transportation, Inc. | 280,219 | |||
10,100 | 2 | EGL, Inc. | 287,850 | ||
10,300 | GATX Corp. | 433,244 | |||
7,600 | Hunt (J.B.) Transportation Services, Inc. | 99,275 | |||
7,400 | Overseas Shipholding Group, Inc. | 177,600 | |||
13,700 | 2 | Swift Transportation Co., Inc. | 195,225 | ||
10,700 | 2 | Wisconsin Central Transportation Corp. | 137,094 | ||
|
| ||||
TOTAL | 2,982,207 | ||||
|
| ||||
Utilities--7.8% | |||||
11,800 | AGL Resources, Inc. | 240,425 | |||
24,000 | Allegheny Energy, Inc. | 982,500 | |||
16,100 | ALLETE | 347,156 | |||
21,300 | American Water Works Co., Inc. | 519,187 | |||
5,000 | Black Hills Corp. | 156,250 | |||
4,900 | Cleco Corp. | 233,056 | |||
19,300 | Conectiv, Inc. | 346,194 | |||
28,700 | DPL, Inc. | 814,362 | |||
12,900 | DQE, Inc. | 450,694 | |||
28,400 | Energy East Corp. | 573,325 | |||
7,100 | Hawaiian Electric Industries, Inc. | 233,856 | |||
8,200 | Idacorp, Inc. | 404,362 | |||
18,600 | Ipalco Enterprises, Inc. | 417,337 | |||
13,400 | Kansas City Power & Light Co. | 322,437 | |||
24,850 | Kinder Morgan, Inc. | 958,278 | |||
28,200 | LG&E Energy Corp. | 692,662 | |||
19,600 | MCN Energy Group, Inc. | 482,650 | |||
22,900 | Montana Power Co. | 646,925 | |||
11,700 | NSTAR | 452,644 | |||
8,500 | National Fuel Gas Co. | 455,813 | |||
26,300 | NiSource, Inc. | 655,856 | |||
32,300 | Northeast Utilities Co. | 658,113 | |||
16,900 | OGE Energy Corp. | 347,506 | |||
24,600 | Potomac Electric Power Co. | 562,725 | |||
8,600 | Public Service Co. of New Mexico | 237,038 | |||
18,500 | Puget Sound Energy, Inc. | 454,406 | |||
Principal Amount of Shares |
Value | ||||
17,400 | Questar Corp. | $ | 470,888 | ||
22,800 | SCANA Corp. | 604,200 | |||
17,012 | Sierra Pacific Resources | 292,394 | |||
27,300 | TECO Energy, Inc. | 760,988 | |||
20,100 | Utilicorp United, Inc. | 533,906 | |||
13,266 | Vectren Corp. | 306,776 | |||
10,100 | Washington Gas Light Co. | 257,550 | |||
15,100 | Western Resources, Inc. | 322,763 | |||
26,500 | Wisconsin Energy Corp. | 498,531 | |||
|
| ||||
TOTAL | 16,693,753 | ||||
|
| ||||
TOTAL COMMON STOCKS (IDENTIFIED COST $183,672,234) | 203,386,524 | ||||
|
| ||||
SHORT-TERM U.S. GOVERNMENT
OBLIGATIONS--0.6%3 |
|||||
$1,400,000 | United States Treasury Bill, 1/18/2001 (IDENTIFIED COST $1,382,012) | 1,382,012 | |||
|
| ||||
MUTUAL FUND--4.9% |
|||||
10,369,059 | Prime Value Obligations Fund, Class IS (at net asset value) | 10,369,059 | |||
|
| ||||
TOTAL INVESTMENTS (IDENTIFIED COST $195,423,305)4 | $ | 215,137,595 | |||
|
|
1 The Fund purchases Index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Index and minimizing trading costs. The underlaying face amount, at value, of open Index futures contracts is $9,903,750 at October 31, 2000, which represents 4.6% of net assets. Taking into consideration these open Index futures contracts, the Fund's effective total exposure to the Index is 99.9%.
2 Non-income producing security.
3 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.
4 The cost of investments for federal tax purposes amounts to $195,945,770. The net unrealized appreciation of investments on a federal tax basis amounts to $19,191,825 which is comprised of $37,837,413 appreciation and $18,645,588 depreciation at October 31, 2000.
Note: The categories of investments are shown as a percentage of net assets ($213,465,941) at October 31, 2000.
See Notes which are an integral part of the Financial Statements
</R>
<R>
Assets: | ||||||
Total investments in securities, at value (identified cost $195,423,305 and tax cost $195,945,770) | $ | 215,137,595 | ||||
Cash | 135,000 | |||||
Income receivable | 117,951 | |||||
Receivable for investments sold | 193,648 | |||||
Receivable for shares sold | 487,862 | |||||
Receivable for daily variation margin | 261,654 | |||||
|
| |||||
TOTAL ASSETS | 216,333,710 | |||||
|
| |||||
Liabilities: | ||||||
Payable for investments purchased | $ | 2,659,559 | ||||
Payable for shares redeemed | 176,767 | |||||
Accrued expenses | 31,443 | |||||
|
|
|||||
TOTAL LIABILITIES | 2,867,769 | |||||
|
| |||||
Net Assets for 10,601,788 shares outstanding | $ | 213,465,941 | ||||
|
| |||||
Net Assets Consist of: | ||||||
Paid in capital | $ | 168,861,584 | ||||
Net unrealized appreciation of investments and futures contracts | 19,741,461 | |||||
Accumulated net realized gain on investments and futures contracts | 24,551,651 | |||||
Accumulated undistributed net investment income | 311,245 | |||||
|
| |||||
TOTAL NET ASSETS | $ | 213,465,941 | ||||
|
| |||||
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||||||
$213,465,941 ÷ 10,601,788 shares outstanding | $20.13 | |||||
|
|
See Notes which are an integral part of the Financial Statements
</R>
<R>
Investment Income: | |||||||||||
Dividends | $ | 1,577,659 | |||||||||
Interest | 906,639 | ||||||||||
|
| ||||||||||
TOTAL INCOME | 2,484,298 | ||||||||||
|
| ||||||||||
Expenses: | |||||||||||
Management fee | $ | 623,388 | |||||||||
Custodian fees | 36,101 | ||||||||||
Transfer and dividend disbursing agent fees and expenses | 20,917 | ||||||||||
Directors'/Trustees' fees | 3,887 | ||||||||||
Auditing fees | 12,549 | ||||||||||
Legal fees | 13,911 | ||||||||||
Portfolio accounting fees | 57,432 | ||||||||||
Shareholder services fee | 389,618 | ||||||||||
Share registration costs | 44,090 | ||||||||||
Printing and postage | 18,091 | ||||||||||
Insurance premiums | 1,185 | ||||||||||
Miscellaneous | 6,091 | ||||||||||
|
|
|
|||||||||
TOTAL EXPENSES | 1,227,260 | ||||||||||
|
|
|
|||||||||
Waiver and Reimbursement: | |||||||||||
Waiver of shareholder services fee | $ | (342,864 | ) | ||||||||
Reimbursement of management fee | (645 | ) | |||||||||
|
|
|
|||||||||
TOTAL WAIVER AND REIMBURSEMENT | (343,509 | ) | |||||||||
|
|
|
|||||||||
Net expenses | 883,751 | ||||||||||
|
| ||||||||||
Net investment income | 1,600,547 | ||||||||||
|
| ||||||||||
Realized and Unrealized Gain on Investments and Futures Contracts: | |||||||||||
Net realized gain on investments and futures contracts | 24,605,564 | ||||||||||
Net change in unrealized appreciation of investments and futures contracts | 9,221,872 | ||||||||||
|
| ||||||||||
Net realized and unrealized gain on investments and futures contracts | 33,827,436 | ||||||||||
|
| ||||||||||
Change in net assets resulting from operations | $ | 35,427,983 |
See Notes which are an integral part of the Financial Statements
</R>
<R>
Year Ended October 31 | 2000 | 1999 | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income | $ | 1,600,547 | $ | 991,350 | ||||
Net realized gain on investments and futures contracts ($25,152,755 and $20,587,552, respectively, as computed for federal tax purposes) | 24,605,564 | 21,373,554 | ||||||
Net change in unrealized appreciation of investments and futures contracts | 9,221,872 | (5,139,008 | ) | |||||
|
|
|
|
|
| |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 35,427,983 | 17,225,896 | ||||||
|
|
|
|
|
| |||
Distributions to Shareholders: | ||||||||
Distributions from net investment income | (1,429,234 | ) | (903,582 | ) | ||||
Distributions from net realized gains of investments and futures contracts | (15,616,630 | ) | (9,367,351 | ) | ||||
|
|
|
|
|
| |||
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (17,045,864 | ) | (10,270,933 | ) | ||||
|
|
|
|
|
| |||
Share Transactions: | ||||||||
Proceeds from sale of shares | 166,494,310 | 65,142,694 | ||||||
Net asset value of shares issued to shareholders in payment of distributions declared | 11,934,514 | 6,592,684 | ||||||
Cost of shares redeemed | (93,444,655 | ) | (52,220,271 | ) | ||||
|
|
|
|
|
| |||
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 84,984,169 | 19,515,107 | ||||||
|
|
|
|
|
| |||
Change in net assets | 103,366,288 | 26,470,070 | ||||||
|
|
|
|
|
| |||
Net Assets: | ||||||||
Beginning of period | 110,099,653 | 83,629,583 | ||||||
|
|
|
|
|
| |||
End of period (including accumulated undistributed net investment income of $311,245 and $139,932, respectively) | $ | 213,465,941 | $ | 110,099,653 | ||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
</R>
<R>
Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Mid-Cap Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide investment results generally corresponding to the aggregate price and dividend performance of publicly traded common stocks that comprise the mid-level stock capitalization sector of the United States equity market.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-ended regulated investment companies are valued at net asset value.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the year ended October 31, 2000, the Fund had realized gains on futures contracts of $1,190,815.
Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.
At October 31, 2000, the Fund had outstanding futures contracts as set forth below:
Expiration Date | Contracts to Receive | Position | Unrealized Appreciation | |||
December 2000 | 38 S&P MidCap 400 Index Futures | Long | $27,171 |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in shares were as follows:
Year Ended October 31 | 2000 | 1999 | ||||
Shares sold | 8,714,919 | 3,819,553 | ||||
Shares issued to shareholders in payment of distributions declared | 703,376 | 419,466 | ||||
Shares redeemed | (5,061,968 | ) | (3,052,195 | ) | ||
|
|
|
| |||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 4,356,327 | 1,186,824 |
Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.40% of the Fund's average daily net assets. Under the terms of a sub-manager agreement between the Manager and Northern Trust Quantitative Advisors, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.035% of the Fund's average daily net assets.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain management fees as a result of these transactions.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the year ended October 31, 2000, were as follows:
Purchases |
|
$128,208,356 |
Sales |
|
$ 54,830,206 |
We have audited the accompanying statement of assets and liabilities, including the portfolios of investments of the Federated Mid-Cap Fund (one of the portfolios constituting the Federated Index Trust) as of October 31, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2000, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Mid-Cap Fund of the Federated Index Trust at October 31, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States.
/s/Ernst & Young LLP
December 15, 2000
Boston, Massachusetts
A Statement of Additional Information (SAI) dated December 31, 2000, is incorporated by reference into this prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI and Annual and Semi-Annual Reports to shareholders as they become available. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your investment professional or the Fund at 1-800-341-7400.
You can obtain information about the Fund (including the SAI) by writing to or visiting the SEC's Public Reference Room in Washington, DC. You may also access Fund information from the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can purchase copies of this information by contacting the SEC by email at [email protected] or by writing to the SEC's Public Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for information on the Public Reference Room's operations and copying fees.
FEDERATED World-Class Investment Manager®
Federated Mid-Cap Fund
Federated Investors Funds
5800 Corporate
Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Federated Securities Corp., Distributor
Investment Company Act File No. 811-6061
Cusip 31420E205
206304A (12/00)
</R>
Federated is a registered mark of Federated Investors, Inc.
2000
©Federated Investors, Inc.
FEDERATED World-Class Investment Manager®
A Portfolio of Federated Index Trust
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</R>
A mutual fund seeking to provide investment results generally corresponding to the aggregate price and dividend performance of publicly-traded common stocks comprising the Russell 2000® Index (Index).
The Fund is neither affiliated with nor promoted, sponsored or endorsed by the Frank Russell Company. Frank Russell's only relationship to the Fund is the licensing of the use of the Index. Frank Russell Company is the owner of the trademarks and copyrights relating to the Index. The Russell 2000® Index is a trademark/service mark of the Frank Russell Company. Russell is a trademark of the Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and Frank Russell Company makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Risk/Return Summary | 1 | |
What are the Fund's Fees and Expenses? | 3 | |
What are the Fund's Investment Strategies? | 4 | |
What are the Principal Securities in Which the Fund Invests? | 4 | |
What are the Specific Risks of Investing in the Fund? | 5 | |
What do Shares Cost? | 5 | |
How is the Fund Sold? | 6 | |
How to Purchase Shares | 6 | |
How to Redeem Shares | 8 | |
Account and Share Information | 10 | |
Who Manages the Fund? | 11 | |
Financial Information | 12 | |
Report of Ernst & Young LLP, Independent Auditors | 74 |
</R>
The Fund's investment objective is to provide investment results that generally correspond to the aggregate price and dividend performance of the approximately 2,000 publicly traded common stocks that are ranked in terms of capitalization below the top 1,000 stocks that comprise the large and mid-range capitalization sector of the United States equity market. This group of stocks is known as the Russell 2000® Index. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this prospectus.
The Fund invests at least 80% of its assets in the small capitalization common stocks comprising the Index.
All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:
<R>
The Shares offered by this prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.
[Graphic representation Omitted--See Appendix]
The bar chart shows the variability of the Fund's Institutional Shares total returns on a calendar year-end basis.
The Fund's Institutional Shares are sold without a sales charge (load). The total returns displayed above are based upon net asset value.
The Fund's Institutional Shares total return for the nine-month period from January 1, 2000 to September 30, 2000 was 2.48%.
Within the period shown in the chart, the Fund's Institutional Shares highest quarterly return was 18.09% (quarter ended December 31, 1999). Its lowest quarterly return was (20.58%) (quarter ended September 30, 1998).
The following table represents the Fund's Institutional Shares Average Annual Total Returns for the calendar periods ended December 31, 1999. The table shows the Fund's Institutional Shares total returns averaged over a period of years relative to the Russell 2000® Index, a broad based market index. Total returns for the index shown do not reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. Indexes are unmanaged, and it is not possible to invest directly in an index.
Calendar Period | Fund | Russell 2000 | ||
1 Year | 18.87% | 21.26% | ||
5 Years | 14.80% | 16.69% | ||
Start of Performance1 | 13.17% | 15.58% |
1 The Fund's Institutional Shares start of performance date was August 11, 1992.
Past performance is no guarantee of future results. This information provides you with historical performance information so that you can analyze whether the Fund's investment risks are balanced by its potential returns.
This table describes the fees and expenses that you may pay if you buy and hold the Fund's Institutional Shares.
Shareholder Fees | ||
Fees Paid Directly From Your Investment | ||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None | |
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None | |
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None | |
Redemption Fee (as a percentage of amount redeemed, if applicable) | None | |
Exchange Fee | None | |
Annual Fund Operating Expenses (Before Waiver)1 | ||
Expenses That are Deducted From Fund Assets (as a percentage of average net assets) | ||
Management Fee | 0.50% | |
Distribution (12b-1) Fee | None | |
Shareholder Services Fee2 | 0.25% | |
Other Expenses | 0.34% | |
Total Annual Fund Operating Expenses | 1.09% | |
1 Although not contractually obligated to do so, the shareholder services provider waived certain amounts. These are shown below along with the net expenses the Fund actually paid for the fiscal year ended October 31, 2000. | ||
Total Waiver of Fund Expenses | 0.13% | |
Total Actual Annual Fund Operating Expenses (after waiver) | 0.96% | |
2 The shareholder services provider voluntarily waived a portion of the shareholder services fee. This voluntary waiver can be terminated at any time. The shareholder services fee paid by the Fund's Institutional Shares (after the voluntary waiver) was 0.12% for the fiscal year ended October 31, 2000. |
This Example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund's Institutional Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's Institutional Shares operating expenses are before waiver as shown in the table and remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year | $ | 111 | |
3 Years | $ | 347 | |
5 Years | $ | 601 | |
10 Years | $ | 1,329 |
</R>
<R>
The Fund pursues its investment objective by investing in the stocks of the Index in the same weights as the Index. This is called a "full replication" strategy. Market capitalization is determined by multiplying the number of outstanding shares by the current market price per share. As of September 30, 2000, the capitalization range of the issuers comprising Index was $9,000,000 to $5,583,000,000. As of the same date, the weighted median market capitalization of the Fund was $894,000,000.
The Fund purchases Index futures contracts in order to more closely track the performance of the Index, while maintaining cash equivalent positions as necessary for the Fund's operations.
</R>
<R>
Equity securities represent a share of an issuer's earnings and assets, after the issuer pays its liabilities. The Fund cannot predict the income it will receive from equity securities because issuers generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value increases directly with the value of the issuer's business. The following describes the types of equity securities in which the Fund invests.
</R>
<R>
Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.
</R>
<R>
</R>
<R>
You can purchase or redeem Shares any day the New York Stock Exchange (NYSE) is open. When the Fund receives your transaction request in proper form (as described in this prospectus) it is processed at the next calculated net asset value (NAV). The Fund does not charge a front-end sales charge. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open.
The Fund generally values equity securities according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market).
Futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option.
The required minimum initial investment for Fund Shares is $25,000. There is no required minimum subsequent investment amount. An institutional investor's minimum investment is calculated by combining all accounts it maintains with the Fund. Accounts established through investment professionals may be subject to a smaller minimum investment amount. Keep in mind that investment professionals may charge you fees for their services in connection with your Share transactions.
</R>
The Fund offers two share classes: Institutional Shares and Class C Shares, each representing interests in a single portfolio of securities. This prospectus relates only to Institutional Shares. Each share class has different expenses, which affect their performance. Contact your investment professional or call 1-800-341-7400 for more information concerning the other class.
The Fund's Distributor, Federated Securities Corp., markets the Shares described in this prospectus to institutions acting on behalf of their customers or to individuals, directly or through investment professionals.
The Distributor and its affiliates may pay out of their assets other amounts (including items of material value) to investment professionals for marketing and servicing Shares. The Distributor is a subsidiary of Federated Investors, Inc. (Federated).
You may purchase Shares through an investment professional or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares.
<R>
Investment professionals should send payments according to the instructions in the sections "By Wire" or "By Check."
</R>
You will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or Federated Shareholder Services Company, the Fund's transfer agent.
An institution may establish an account and place an order by calling the Fund and the Shares will be priced at the next calculated NAV after the Fund receives the order.
Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer Number or Group Number
Nominee/Institution Name
Fund Name and Number and Account Number
You cannot purchase Shares by wire on holidays when wire transfers are restricted.
Make your check payable to The Federated Funds, note your account number on the check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
If you send your check by a private courier or overnight delivery service that requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
<R>
Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will not accept third-party checks (checks originally payable to someone other than you or The Federated Funds).
</R>
Once you have opened an account, you may purchase additional Shares through a depository institution that is an ACH member. This purchase option can be established by completing the appropriate sections of the New Account Form.
You should redeem Shares:
Submit your redemption request to your investment professional by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after the Fund receives the order from your investment professional.
<R>
You may redeem Shares by simply calling the Fund at 1-800-341-7400. If you call before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) you will receive a redemption amount based on that day's NAV.
</R>
You may redeem Shares by mailing a written request to the Fund.
You will receive a redemption amount based on the next calculated NAV after the Fund receives your written request in proper form.
Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
All requests must include:
Call your investment professional or the Fund if you need special instructions.
Signatures must be guaranteed if:
A signature guarantee is designed to protect your account from fraud. Obtain a signature guarantee from a bank or trust company, savings association, credit union or broker, dealer, or securities exchange member. A notary public cannot provide a signature guarantee.
Your redemption proceeds will be mailed by check to your address of record. The following payment options are available if you complete the appropriate section of the New Account Form or an Account Service Options Form. These payment options require a signature guarantee if they were not established when the account was opened:
Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by a distribution of the Fund's portfolio securities.
Redemption proceeds normally are wired or mailed within one business day after receiving a request in proper form. Payment may be delayed up to seven days:
You will not accrue interest or dividends on uncashed checks from the Fund if those checks are undeliverable and returned to the Fund.
The Fund will record your telephone instructions. If the Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.
The Fund no longer issues share certificates. If you are redeeming Shares represented by certificates previously issued by the Fund, you must return the certificates with your written redemption request. For your protection, send your certificates by registered or certified mail, but do not endorse them.
You will receive confirmation of purchases and redemptions. In addition, you will receive periodic statements reporting all account activity, including dividends and capital gains paid.
The Fund declares and pays any dividends quarterly to shareholders. Dividends are paid to all shareholders invested in the Fund on the record date. The record date is the date on which a shareholder must officially own Shares in order to earn a dividend.
In addition, the Fund pays any capital gains at least annually. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments.
If you purchase Shares just before a Fund declares a dividend or capital gain distribution, you will pay the full price for the Shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in Shares. Therefore, you should consider the tax implications of purchasing Shares shortly before the Fund declares a dividend or capital gain. Contact your investment professional or the Fund for information concerning when dividends and capital gains will be paid.
Due to the high cost of maintaining accounts with low balances, accounts may be closed if redemptions cause the account balance to fall below the minimum initial investment amount. Before an account is closed, you will be notified and allowed 30 days to purchase additional Shares to meet the minimum.
The Fund sends an annual statement of your account activity to assist you in completing your federal, state and local tax returns. Fund distributions of dividends and capital gains are taxable to you whether paid in cash or reinvested in the Fund. Dividends are taxable as ordinary income; capital gains are taxable at different rates depending upon the length of time the Fund holds its assets.
Fund distributions are expected to be both dividends and capital gains. Redemptions are taxable sales. Please consult your tax adviser regarding your federal, state, and local tax liability.
<R>
The Board of Trustees governs the Fund. The Board selects and oversees the Manager, Federated Investment Management Company. The Manager, in turn, oversees the management of the Fund's assets by the Sub-Manager, Northern Trust Quantitative Advisors, Inc. The Manager's responsibilities include selecting the Sub-Manager and continued review and evaluation of the Sub-Manager's performance. The Manager's address is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.
The Manager has delegated daily management of the Fund's assets to the Sub-Manager, who is paid by the Manager and not by the Fund, based on net assets under management. The Sub-Manager develops, maintains and runs the computer program designed to determine which securities are purchased and sold to replicate the composition of the Index. The Sub-Manager has complete discretion, subject to the Manager's oversight, to purchase and sell portfolio securities for the Fund. The Sub-Manager's address is 50 South LaSalle Street, Chicago, IL 60675. The Sub-Manager is a subsidiary of the Northern Trust Company and is an investment adviser primarily to corporate defined benefit and defined contribution plans as well as public pension funds and tax-exempt foundations and endowments. These plans have as of September 30, 2000, placed approximately $72.6 billion in assets with the Sub-Manager. Since 1973, the Sub-Manager has developed and managed a family of equity and bond index funds in which some 681 nationwide non-financial institution clients invest. In total, the Sub-Manager manages 77 commingled/common trust funds. The Northern Trust Company is a subsidiary of Northern Trust Corporation, a bank holding company and one of the nation's largest trust institutions with subsidiaries located across the United States and in several other countries. As of September 30, 2000, total assets of Northern Trust Corporation were $34.8 billion and subsidiaries of Northern Trust Corporation held trust assets under administration of $1.7 trillion.
The Adviser, Sub-Adviser and other subsidiaries of Federated advise approximately 176 mutual funds and separate accounts, which totaled approximately $125 billion in assets as of December 31, 1999. Federated was established in 1955 and is one of the largest mutual fund investment managers in the United States with approximately 1,900 employees. More than 4,000 investment professionals make Federated Funds available to their customers.
The Manager receives an annual investment management fee of 0.50% of the Fund's average daily net assets. The Manager may voluntarily waive a portion of its fee or reimburse the Fund for certain operating expenses.
</R>
<R>
The following Financial Highlights will help you understand the Fund's financial performance for its past five fiscal years. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of any dividends and capital gains.
</R>
This information has been audited by Ernst & Young, LLP, whose report, along with the Fund's audited financial statements, is included in this prospectus.
<R>
Year Ended October 31 | 2000 | 1999 | 1998 | 1997 | 1996 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | $13.63 | $13.02 | $16.68 | $14.39 | $13.33 | ||||||||||
Income from Investment Operations: | |||||||||||||||
Net investment income | 0.12 | 0.11 | 0.13 | 0.15 | 0.16 | ||||||||||
Net realized and unrealized gain (loss) on investments and futures contracts | 1.84 | 1.43 | (2.19 | ) | 3.51 | 1.78 | |||||||||
TOTAL FROM INVESTMENT OPERATIONS | 1.96 | 1.54 | (2.06 | ) | 3.66 | 1.94 | |||||||||
Less Distributions: | |||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.11 | ) | (0.14 | ) | (0.14 | ) | (0.16 | ) | |||||
Distributions from net realized gain on investments and futures contracts | (1.50 | ) | (0.82 | ) | (1.46 | ) | (1.23 | ) | (0.72 | ) | |||||
TOTAL DISTRIBUTIONS | (1.60 | ) | (0.93 | ) | (1.60 | ) | (1.37 | ) | (0.88 | ) | |||||
Net Asset Value, End of Period | $13.99 | $13.63 | $13.02 | $16.68 | $14.39 | ||||||||||
Total Return1 | 15.14 | % | 12.43 | % | (13.46 | %) | 27.54 | % | 15.09 | % | |||||
Ratios to Average Net Assets: | |||||||||||||||
Expenses | 0.96 | % | 0.93 | % | 0.82 | % | 0.76 | % | 0.74 | % | |||||
Net investment income | 0.85 | % | 0.79 | % | 0.80 | % | 0.96 | % | 1.14 | % | |||||
Expense waiver/reimbursement2 | 0.13 | % | 0.13 | % | 0.13 | % | 0.18 | % | 0.23 | % | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000 omitted) | $101,330 | $97,235 | $118,494 | $150,470 | $144,690 | ||||||||||
Portfolio turnover | 56 | % | 47 | % | 48 | % | 52 | % | 42 | % |
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
</R>
<R>
Shares |
|
|
|
|
Value |
|
---|---|---|---|---|---|---|
|
|
|
COMMON STOCKS--89.6%1 |
|
|
|
|
|
|
Basic Materials--4.7% |
|
|
|
|
8,893 |
|
AK Steel Holding Corp. |
|
$ |
82,260 |
|
2,470 |
2 |
ATMI, Inc. |
|
|
46,621 |
|
5,321 |
2 |
Airgas, Inc. |
|
|
35,917 |
|
2,575 |
|
Albemarle Corp. |
|
|
59,708 |
|
1,993 |
|
Arch Chemicals, Inc. |
|
|
38,739 |
|
1,791 |
|
Arch Coal, Inc. |
|
|
19,477 |
|
14,022 |
|
Battle Mountain Gold Co. |
|
|
19,280 |
|
14,052 |
2 |
Bethlehem Steel Corp. |
|
|
40,400 |
|
2,890 |
2 |
Buckeye Technologies, Inc. |
|
|
49,491 |
|
685 |
2 |
Bush Boake Allen, Inc. |
|
|
33,137 |
|
2,709 |
|
CONSOL Energy, Inc. |
|
|
45,884 |
|
652 |
2 |
CSS Industries, Inc. |
|
|
13,529 |
|
2,472 |
2 |
Cabot Microelectronics Corp. |
|
|
109,232 |
|
3,761 |
2 |
Cadiz, Inc. |
|
|
39,961 |
|
3,651 |
|
Calgon Carbon Corp. |
|
|
21,450 |
|
2,665 |
|
Cambrex Corp. |
|
|
106,433 |
|
2,753 |
|
Caraustar Industries, Inc. |
|
|
27,702 |
|
568 |
|
Carbo Ceramics, Inc. |
|
|
17,005 |
|
1,957 |
|
Carpenter Technology Corp. |
|
|
60,667 |
|
798 |
|
Centex Construction Products, Inc. |
|
|
20,698 |
|
1,615 |
|
ChemFirst, Inc. |
|
|
37,145 |
|
1,629 |
|
Chesapeake Corp. |
|
|
31,969 |
|
1,120 |
|
Cleveland Cliffs, Inc. |
|
|
23,100 |
|
1,453 |
|
Commercial Metals Corp. |
|
|
39,594 |
|
3,748 |
|
Corn Products International, Inc. |
|
|
94,169 |
|
12,154 |
|
Crompton Corp. |
|
|
97,232 |
|
566 |
|
Curtiss Wright Corp. |
|
|
26,673 |
|
4,333 |
2 |
Cytec Industries, Inc. |
|
|
150,030 |
|
4,054 |
|
Delta & Pine Land Co. |
|
|
99,070 |
|
1,092 |
|
Deltic Timber Corp. |
|
|
21,226 |
|
825 |
2 |
Diversa Corp. |
|
|
20,986 |
|
3,093 |
2 |
Earthshell Corp. |
|
|
9,666 |
|
6,636 |
|
Ethyl Corp. |
|
|
13,272 |
|
3,701 |
|
Ferro Corp. |
|
|
75,871 |
|
1,964 |
|
Florida Rock Industries, Inc. |
|
|
76,351 |
|
13,494 |
|
Freeport-McMoRan Copper & Gold, Inc., Class B |
|
|
107,109 |
|
1,468 |
|
Fuller (H.B.) Co. |
|
|
49,637 |
|
5,756 |
2 |
Gaylord Container Corp. |
|
|
12,591 |
|
671 |
|
Gentek, Inc. |
|
|
11,197 |
|
3,383 |
|
Georgia Gulf Corp. |
|
|
45,248 |
|
779 |
|
Gibraltar Steel Corp. |
|
|
9,786 |
|
2,757 |
|
Glatfelter (P.H.) Co. |
|
|
28,776 |
|
6,519 |
2 |
Grace (W.R.) & Co. |
|
|
24,854 |
|
4,835 |
|
Great Lakes Chemical Corp. |
|
|
161,368 |
|
1,384 |
|
Greif Brothers Corp., Class A |
|
|
44,288 |
|
2,993 |
2 |
International Fibercom, Inc. |
|
|
38,535 |
|
1,503 |
|
International Specialty Products, Inc. |
|
|
9,394 |
|
3,082 |
2 |
Kaiser Aluminum Corp. |
|
|
15,603 |
|
10,716 |
|
LTV Corp. |
|
|
12,725 |
|
2,463 |
|
Lilly Industries, Inc., Class A |
|
|
73,890 |
|
2,468 |
2 |
Lone Star Technologies, Inc. |
|
|
99,090 |
|
5,520 |
|
Longview Fibre Co. |
|
|
75,210 |
|
11,116 |
|
Louisiana-Pacific Corp. |
|
|
94,486 |
|
5,611 |
|
Lubrizol Corp. |
|
|
121,689 |
|
1,062 |
|
2MCSI, Inc. |
|
|
30,533 |
|
1,872 |
|
MacDermid, Inc. |
|
|
40,248 |
|
4,928 |
2 |
Mail-Well, Inc. |
|
|
24,332 |
|
1,446 |
|
Matthews International Corp., Class A |
|
|
39,042 |
|
1,903 |
2 |
Maverick Tube Corp. |
|
|
29,615 |
|
1,705 |
2 |
McMoRan Exploration Co. |
|
|
20,375 |
|
6,816 |
|
Millennium Chemicals, Inc. |
|
|
109,908 |
|
2,163 |
|
Minerals Technologies, Inc. |
|
|
67,729 |
|
2,222 |
|
NL Industries, Inc. |
|
|
52,495 |
|
1,791 |
2 |
NS Group, Inc. |
|
|
15,313 |
|
2,117 |
|
National Steel Corp., Class B |
|
|
6,219 |
|
1,009 |
2 |
Nortek, Inc. |
|
|
18,982 |
|
2,573 |
|
OM Group, Inc. |
|
|
119,001 |
|
3,863 |
|
Olin Corp. |
|
|
68,568 |
|
3,668 |
|
Omnova Solutions, Inc. |
|
|
20,633 |
|
230 |
2 |
Optical Cable Corp. |
|
|
3,666 |
|
4,934 |
2 |
Packaging Corp. of America |
|
|
72,468 |
|
18,085 |
2 |
Pactiv Corp. |
|
|
189,893 |
|
3,025 |
2 |
Playtex Products, Inc. |
|
|
30,628 |
|
10,342 |
|
Polyone Corp. |
|
|
81,443 |
|
1,488 |
|
Pope & Talbot, Inc. |
|
|
23,157 |
|
3,027 |
|
Potlatch Corp. |
|
|
101,405 |
|
1,458 |
|
Quanex Corp. |
|
|
28,887 |
|
10,916 |
|
RPM, Inc. |
|
|
97,562 |
|
2,904 |
|
Rayonier, Inc. |
|
|
102,185 |
|
1,304 |
|
Rock-Tenn Co. |
|
|
11,655 |
|
3,159 |
|
Schulman (A.), Inc. |
|
|
34,552 |
|
1,314 |
2 |
Seminis, Inc., Class A |
|
|
1,150 |
|
11,177 |
|
Solutia, Inc. |
|
|
142,507 |
|
2,707 |
|
Southern Peru Copper Corp. |
|
|
37,729 |
|
4,556 |
2 |
Steel Dynamics, Inc. |
|
|
54,672 |
|
4,066 |
2 |
Stillwater Mining Co. |
|
|
117,914 |
|
2,206 |
|
Texas Industries, Inc. |
|
|
51,427 |
|
629 |
2 |
Trex Co. Inc. |
|
|
23,509 |
|
559 |
|
U.S. Aggregates, Inc. |
|
|
7,826 |
|
4,818 |
2 |
UCAR International, Inc. |
|
|
39,749 |
|
8,583 |
|
USEC, Inc. |
|
|
43,988 |
|
2,988 |
|
Universal Corp. |
|
|
83,664 |
|
875 |
|
Valhi, Inc. |
|
|
10,773 |
|
3,939 |
|
Valspar Corp. |
|
|
107,574 |
|
3,451 |
|
Walter Industries, Inc. |
|
|
25,667 |
|
5,495 |
|
Wausau-Mosinee Paper Corp. |
|
|
48,081 |
|
3,409 |
2 |
Weirton Steel Corp. |
|
|
8,096 |
|
7,537 |
|
Worthington Industries, Inc. |
|
|
72,073 |
|
|
|||||
|
|
|
TOTAL |
|
|
5,056,314 |
|
|
|||||
|
|
|
Capital Goods--9.1% |
|
|
|
|
2,867 |
|
AAR Corp. |
|
|
34,225 |
|
1,217 |
2 |
ACT Manufacturing, Inc. |
|
|
40,009 |
|
6,373 |
|
AGCO Corp. |
|
|
72,493 |
|
2,966 |
|
AMCOL International Corp. |
|
|
21,874 |
|
3,445 |
|
AMETEK, Inc. |
|
|
74,929 |
|
4,122 |
|
Actuant Corp. |
|
|
14,942 |
|
1,269 |
2 |
Advanced Energy Industries, Inc. |
|
|
21,890 |
|
1,624 |
2 |
Advanced Lighting Technologies, Inc. |
|
|
19,386 |
|
1,856 |
|
Albany International Corp., Class A |
|
|
19,952 |
|
950 |
2 |
Alliant Techsystems, Inc. |
|
|
85,441 |
|
376 |
2 |
American Technical Ceramics Corp. |
|
|
5,753 |
|
1,140 |
2 |
Anaren Microwave, Inc. |
|
|
118,560 |
|
3,823 |
|
Aptargroup, Inc. |
|
|
79,088 |
|
1,186 |
2 |
Arguss Holdings, Inc. |
|
|
14,825 |
|
3,438 |
2 |
Artesyn Technologies, Inc. |
|
|
139,669 |
|
1,661 |
2 |
Astec Industries, Inc. |
|
|
17,129 |
|
2,576 |
|
Baldor Electric Co. |
|
|
51,198 |
|
3,129 |
|
Ball Corp. |
|
|
109,906 |
|
1,778 |
|
Barnes Group, Inc. |
|
|
34,226 |
|
900 |
|
Bel Fuse, Inc. |
|
|
36,112 |
|
2,613 |
|
Belden, Inc. |
|
|
67,775 |
|
2,052 |
2 |
Benchmark Electronics, Inc. |
|
|
82,593 |
|
2,022 |
2 |
Black Box Corp. |
|
|
133,199 |
|
441 |
2 |
Blount International, Inc. |
|
|
3,528 |
|
1,887 |
|
Brady (W.H.) Co. |
|
|
58,497 |
|
2,323 |
|
Briggs & Stratton Corp. |
|
|
82,902 |
|
1,755 |
|
Brush Engineered Materials, Inc. |
|
|
35,868 |
|
2,829 |
|
C&D Technologies, Inc. |
|
|
167,265 |
|
2,924 |
2 |
C-COR Electronics, Inc. |
|
|
45,688 |
|
2,609 |
|
CLARCOR, Inc. |
|
|
49,897 |
|
2,950 |
|
CTS Corp. |
|
|
126,666 |
|
3,180 |
|
Carlisle Cos., Inc. |
|
|
132,368 |
|
2,009 |
2 |
Casella Waste Systems, Inc. |
|
|
17,453 |
|
1,270 |
|
Century Aluminium Co. |
|
|
11,112 |
|
3,032 |
2 |
Checkpoint System, Inc. |
|
|
24,066 |
|
2,121 |
|
Cohu, Inc. |
|
|
33,538 |
|
2,125 |
2 |
Coinstar, Inc. |
|
|
28,023 |
|
1,291 |
|
Columbus McKinnon Corp. |
|
|
17,267 |
|
3,061 |
2 |
Comfort Systems USA, Inc. |
|
|
8,992 |
|
600 |
|
Cubic Corp. |
|
|
16,425 |
|
4,451 |
|
Cummins Engine Co., Inc. |
|
|
151,334 |
|
1,748 |
2 |
Cuno, Inc. |
|
|
44,355 |
|
1,177 |
2 |
DDI Corp. |
|
|
47,006 |
|
2,235 |
2 |
Delco-Remy International, Inc. |
|
|
14,947 |
|
2,301 |
2 |
Dionex Corp. |
|
|
74,639 |
|
4,230 |
|
Donaldson Company, Inc. |
|
|
95,704 |
|
560 |
2 |
Dupont Photomasks, Inc. |
|
|
31,430 |
|
1,183 |
2 |
ESCO Technologies, Inc. |
|
|
21,516 |
|
2,839 |
2 |
Electro Scientific Industries, Inc. |
|
|
99,188 |
|
2,619 |
2 |
Emagin Corp. |
|
|
22,654 |
|
978 |
2 |
EMCOR Group, Inc. |
|
|
25,367 |
|
6,693 |
2 |
Encompass Services Corp. |
|
|
30,537 |
|
1,275 |
2 |
Energy Conversion Devices, Inc. |
|
|
41,278 |
|
1,851 |
2 |
Esterline Technologies Corp. |
|
|
41,300 |
|
950 |
2 |
Excel Technology, Inc. |
|
|
23,750 |
|
2,029 |
|
Exide Corp. |
|
|
20,417 |
|
4,813 |
|
Federal Signal Corp. |
|
|
112,504 |
|
4,317 |
|
Fisher Scientific International, Inc. |
|
|
165,935 |
|
3,963 |
|
Flowserve Corp. |
|
|
79,755 |
|
4,049 |
|
Foster Wheeler Corp. |
|
|
29,861 |
|
410 |
|
Franklin Electronics, Inc. |
|
|
27,931 |
|
1,345 |
2 |
Gardner Denver, Inc. |
|
|
24,714 |
|
3,590 |
|
GenCorp, Inc. |
|
|
30,066 |
|
3,167 |
|
General Cable Corp. |
|
|
19,002 |
|
1,254 |
2 |
Genlyte Group, Inc. |
|
|
32,447 |
|
2,132 |
|
Graco, Inc. |
|
|
76,619 |
|
2,011 |
|
Granite Construction, Inc. |
|
|
45,876 |
|
2,781 |
2 |
Griffon Corp. |
|
|
21,205 |
|
5,697 |
|
HON Industries, Inc. |
|
|
137,084 |
|
3,740 |
|
Harman International Industries, Inc. |
|
|
179,520 |
|
4,303 |
|
Harsco Corp. |
|
|
86,867 |
|
858 |
|
Heico Corp. |
|
|
10,350 |
|
947 |
2 |
Horizon Offshore, Inc. |
|
|
13,021 |
|
1,306 |
2 |
Hypercom Corp. |
|
|
8,979 |
|
3,225 |
|
IDEX Corp. |
|
|
104,006 |
|
1,992 |
2 |
Insituform Technologies, Inc., Class A |
|
|
71,089 |
|
3,503 |
2 |
Integrated Electrical Services |
|
|
24,083 |
|
1,743 |
2 |
Ionics, Inc. |
|
|
36,494 |
|
4,263 |
|
JLG Industries, Inc. |
|
|
59,416 |
|
2,442 |
2 |
Jacobs Engineering Group, Inc. |
|
|
101,038 |
|
2,441 |
|
Kaman Corp., Class A |
|
|
35,395 |
|
3,168 |
|
Kaydon Corp. |
|
|
69,498 |
|
3,295 |
|
Kennametal, Inc. |
|
|
96,791 |
|
3,296 |
|
Kimball International, Inc., Class B |
|
|
51,294 |
|
1,084 |
2 |
LCC International, Inc., Class A |
|
|
16,260 |
|
525 |
|
Lawson Products, Inc. |
|
|
14,241 |
|
3,720 |
|
Lincoln Electric Holdings, Inc. |
|
|
63,937 |
|
1,272 |
|
Lindsay Manufacturing Co. |
|
|
26,712 |
|
2,164 |
2 |
Littlelfuse, Inc. |
|
|
62,756 |
|
800 |
2 |
MOOG, Inc., Class A |
|
|
23,300 |
|
2,026 |
2 |
Magnetek, Inc. |
|
|
22,033 |
|
2,652 |
|
Manitowoc, Inc. |
|
|
72,101 |
|
2,700 |
|
Metals USA, Inc. |
|
|
7,594 |
|
4,085 |
2 |
Mettler Toledo International, Inc., ADR |
|
|
190,718 |
|
3,706 |
|
Milacron, Inc. |
|
|
59,064 |
|
976 |
2 |
Mobile Mini, Inc. |
|
|
19,459 |
|
3,681 |
2 |
Mueller Industries, Inc. |
|
|
85,813 |
|
1,766 |
|
Myers Industries, Inc. |
|
|
23,399 |
|
714 |
|
NACCO Industries, Inc., Class A |
|
|
27,177 |
|
4,377 |
|
National Service Industries, Inc. |
|
|
89,455 |
|
1,291 |
|
New England Business Service, Inc. |
|
|
22,431 |
|
7,383 |
2 |
Newpark Resources, Inc. |
|
|
66,447 |
|
3,067 |
|
Newport News Shipbuilding, Inc. |
|
|
150,858 |
|
2,986 |
|
Nordson Corp. |
|
|
85,661 |
|
3,962 |
2 |
Orbital Sciences Corp. |
|
|
31,448 |
|
1,579 |
|
OshKosh Truck Corp., Class B |
|
|
64,936 |
|
995 |
|
Park Electrochemical Corp. |
|
|
65,732 |
|
891 |
2 |
Parkervision, Inc. |
|
|
49,673 |
|
4,152 |
2 |
Paxar Corp. |
|
|
33,994 |
|
685 |
|
Penn Engineering & Manufacturing Corp. |
|
|
25,902 |
|
4,258 |
2 |
Plexus Corp. |
|
|
268,520 |
|
5,266 |
|
Precision Castparts Corp. |
|
|
198,791 |
|
2,942 |
2 |
Presstek, Inc. |
|
|
46,336 |
|
987 |
|
Primex Technologies, Inc. |
|
|
28,931 |
|
1,977 |
|
RTI International Metals |
|
|
28,666 |
|
2,919 |
2 |
Rayovac Corp. |
|
|
43,055 |
|
2,198 |
|
Regal Beloit Corp. |
|
|
36,816 |
|
2,086 |
|
Reliance Steel & Aluminum Co. |
|
|
49,542 |
|
847 |
|
Robbins & Myers, Inc. |
|
|
20,487 |
|
1,616 |
2 |
Rogers Corp. |
|
|
57,772 |
|
3,277 |
|
Roper Industries, Inc. |
|
|
114,695 |
|
2,467 |
|
Ryerson Tull, Inc. |
|
|
18,502 |
|
2,865 |
2 |
SBA Communications, Corp. |
|
|
143,608 |
|
1,846 |
|
SLI, Inc. |
|
|
15,229 |
|
1,307 |
2 |
SPS Technologies, Inc. |
|
|
67,474 |
|
821 |
2 |
SatCon Technology Corp. |
|
|
20,935 |
|
2,076 |
|
Sauer-Danposs, Inc. |
|
|
15,700 |
|
1,300 |
|
Scott Technologies, Inc. |
|
|
29,900 |
|
7,517 |
|
Sensormatic Electronics Corp. |
|
|
135,306 |
|
674 |
2 |
Sequa Corp., Class A |
|
|
24,854 |
|
1,767 |
2 |
Shaw Group, Inc. |
|
|
144,010 |
|
2,204 |
|
Smith (A.O.) Corp. |
|
|
31,131 |
|
1,647 |
|
Spartech Corp. |
|
|
25,426 |
|
1,209 |
2 |
Specialty Equipment Cos., Inc. |
|
|
36,648 |
|
337 |
2 |
Spectra-Physics Lasers, Inc. |
|
|
11,900 |
|
1,330 |
|
Standard Register |
|
|
15,960 |
|
1,177 |
|
Standex International Corp. |
|
|
21,554 |
|
1,503 |
2 |
Stericycle, Inc. |
|
|
48,660 |
|
2,965 |
|
Stewart & Stevenson Services |
|
|
71,160 |
|
1,298 |
2 |
Stoneridge, Inc. |
|
|
12,655 |
|
1,026 |
|
Superior Telecom, Inc. |
|
|
5,066 |
|
1,219 |
|
Technitrol, Inc. |
|
|
135,157 |
|
1,726 |
|
Tecumseh Products Co., Class A |
|
|
68,824 |
|
3,252 |
2 |
Teledyne Technologies, Inc. |
|
|
81,503 |
|
4,029 |
|
Teleflex, Inc. |
|
|
139,252 |
|
961 |
|
Tennant Co. |
|
|
41,803 |
|
2,762 |
2 |
Terex Corp. |
|
|
34,007 |
|
640 |
2 |
Thermo Fibertek, Inc. |
|
|
2,640 |
|
1,676 |
|
Thomas Industries, Inc. |
|
|
35,196 |
|
2,313 |
2 |
Three-Five Systems, Inc. |
|
|
79,798 |
|
5,230 |
|
Timken Co. |
|
|
73,547 |
|
2,721 |
|
Tredegar Industries, Inc. |
|
|
51,869 |
|
4,036 |
|
Trinity Industries, Inc. |
|
|
97,116 |
|
1,210 |
2 |
Triumph Group, Inc. |
|
|
41,140 |
|
1,428 |
|
URS Corp. |
|
|
18,296 |
|
1,510 |
2 |
Uniroyal Technology Corp. |
|
|
15,383 |
|
3,493 |
2 |
United Stationers, Inc. |
|
|
105,008 |
|
1,508 |
2 |
Universal Electronics, Inc. |
|
|
27,709 |
|
3,164 |
2 |
Valence Technology, Inc. |
|
|
44,098 |
|
1,564 |
|
Valmont Industries, Inc. |
|
|
31,866 |
|
4,654 |
2 |
Viasystems Group, Inc. |
|
|
66,029 |
|
2,066 |
2 |
Vicor Corp. |
|
|
111,564 |
|
2,456 |
2 |
WMS Industries, Inc. |
|
|
54,646 |
|
2,272 |
|
Wabash National Corp. |
|
|
18,176 |
|
3,969 |
|
Wallace Computer Services, Inc. |
|
|
57,550 |
|
3,490 |
2 |
Washington Group International, Inc. |
|
|
36,645 |
|
2,091 |
2 |
Waste Connections, Inc. |
|
|
53,451 |
|
2,148 |
|
Watsco, Inc. |
|
|
20,234 |
|
1,780 |
|
Watts Industries, Inc., Class A |
|
|
19,914 |
|
1,092 |
|
West Pharmaceutical Services, Inc. |
|
|
24,024 |
|
893 |
2 |
Wolverine Tube, Inc. |
|
|
12,167 |
|
1,180 |
|
Woodhead Industries, Inc. |
|
|
25,960 |
|
898 |
|
Woodward Governor Co. |
|
|
40,214 |
|
1,586 |
2 |
Yankee Candle Co. |
|
|
23,294 |
|
4,022 |
|
York International Corp. |
|
|
109,348 |
|
1,776 |
|
ZixIt Corp. |
|
|
43,401 |
|
2,985 |
2 |
Zomax Optical Media, Inc. |
|
|
18,097 |
|
|
|||||
|
|
|
TOTAL |
|
|
9,740,307 |
|
|
|||||
|
|
|
Communication Services--1.3% |
|
|
|
|
2,990 |
2 |
Adelphia Business Solutions, Inc. |
|
|
18,687 |
|
2,710 |
2 |
Advanced Radio Telecom Corp. |
|
|
10,671 |
|
972 |
2 |
AirGate PCS, Inc. |
|
|
37,786 |
|
1,093 |
2 |
Alamosa PCS Holdings, Inc. |
|
|
16,600 |
|
1,066 |
2 |
Alaska Communications Systems Holdings, Inc. |
|
|
7,262 |
|
5,574 |
2 |
Allied Riser Communications Corp. |
|
|
17,767 |
|
6,205 |
2 |
American TeleSource International, Inc. |
|
|
9,307 |
|
5,810 |
2 |
Arch Wireless, Inc. |
|
|
17,430 |
|
1,447 |
|
CFW Communications Co. |
|
|
28,759 |
|
1,740 |
|
CT Communications, Inc. |
|
|
34,909 |
|
4,084 |
2 |
CapRock Communications Corp. |
|
|
29,098 |
|
984 |
2 |
Choice One Communications, Inc. |
|
|
10,639 |
|
1,102 |
2 |
Commonwealth Telephone Enterprises, Inc. |
|
|
38,157 |
|
1,094 |
2 |
Cypress Communications, Inc. |
|
|
2,940 |
|
972 |
2 |
Deltathree.com, Inc. |
|
|
2,916 |
|
5,670 |
2 |
e.spire Communications, Inc. |
|
|
15,592 |
|
1,038 |
2 |
FiberNet Telecom Group, Inc. |
|
|
11,094 |
|
1,099 |
2 |
FirstWorld Communications, Inc., Class B |
|
|
1,648 |
|
4,476 |
2 |
General Communications, Inc., Class A |
|
|
34,969 |
|
957 |
2 |
Golden Telecom, Inc. |
|
|
14,833 |
|
1,514 |
|
Hickory Tech Corp. |
|
|
34,443 |
|
1,134 |
2 |
iBasis, Inc. |
|
|
8,788 |
|
5,525 |
2 |
ICG Communications, Inc. |
|
|
2,417 |
|
2,487 |
2 |
IDT Corp. |
|
|
88,910 |
|
5,500 |
2 |
ITC DeltaCom, Inc. |
|
|
44,516 |
|
685 |
2 |
ITXC Corp. |
|
|
7,235 |
|
2,390 |
2 |
Illuminet Holdings, Inc. |
|
|
57,547 |
|
5,379 |
2 |
Intermedia Communications, Inc. |
|
|
119,010 |
|
2,812 |
2 |
Leap Wireless International, Inc. |
|
|
139,897 |
|
8,185 |
2 |
MetroCall, Inc. |
|
|
10,487 |
|
5,028 |
2 |
Mpower Communications Corp. |
|
|
32,682 |
|
603 |
2 |
Neon Communications, Inc. |
|
|
7,274 |
|
1,162 |
2 |
Net2000 Communications, Inc. |
|
|
6,972 |
|
1,094 |
2 |
Net2Phone, Inc. |
|
|
20,307 |
|
1,138 |
2 |
Network Plus Corp. |
|
|
8,962 |
|
1,629 |
|
North Pittsburgh Systems, Inc. |
|
|
19,344 |
|
1,871 |
2 |
Pac-West Telecomm, Inc. |
|
|
16,254 |
|
4,834 |
2 |
Price Communications Corp. |
|
|
104,535 |
|
2,888 |
2 |
Primus Telecommunications Group, Inc. |
|
|
14,620 |
|
1,014 |
2 |
Rural Cellular Corp. |
|
|
54,502 |
|
7,499 |
2 |
Talk.com, Inc. |
|
|
23,200 |
|
1,945 |
2 |
Teligent AB, Class A |
|
|
14,770 |
|
13,316 |
2 |
Terremark Worldwide, Inc. |
|
|
35,021 |
|
1,032 |
2 |
US LEC Corp., Class A |
|
|
6,192 |
|
5,363 |
2 |
Viatel, Inc. |
|
|
51,619 |
|
4,916 |
2 |
WebLink Wireless, Inc. |
|
|
39,021 |
|
3,718 |
2 |
WorldPages.com, Inc. |
|
|
9,527 |
|
668 |
2 |
Z-Tel Technologies, Inc. |
|
|
5,803 |
|
|
|||||
|
|
|
TOTAL |
|
|
1,344,919 |
|
|
|||||
|
|
|
Consumer Cyclicals--14.1% |
|
|
|
|
879 |
2 |
1-800-FLOWERS.COM, Inc. |
|
|
3,434 |
|
951 |
2 |
4 Kids Entertainment, Inc. |
|
|
13,730 |
|
1,251 |
2 |
99 Cents Only Stores |
|
|
28,069 |
|
5,703 |
2 |
ACNielsen Corp. |
|
|
136,516 |
|
1,850 |
2 |
ADVO, Inc. |
|
|
68,103 |
|
920 |
2 |
AMERCO |
|
|
18,630 |
|
2,528 |
2 |
APAC Customer Services, Inc. |
|
|
13,588 |
|
1,861 |
|
Aaron Rents, Inc. |
|
|
31,172 |
|
9,866 |
2 |
Abercrombie & Fitch Co., Class A |
|
|
232,468 |
|
1,199 |
|
Ackerley Communications, Inc. |
|
|
12,440 |
|
1,926 |
2 |
Administaff, Inc. |
|
|
68,373 |
|
851 |
|
Advanced Marketing Services, Inc. |
|
|
15,318 |
|
969 |
2 |
American Axle & Manufacturing Holdings, Inc. |
|
|
12,052 |
|
2,321 |
2 |
American Eagle Outfitters, Inc. |
|
|
79,929 |
|
6,842 |
|
American Greetings Corp., Class A |
|
|
124,439 |
|
3,099 |
2 |
Ames Department Stores, Inc. |
|
|
12,202 |
|
670 |
2 |
Anchor Gaming |
|
|
56,908 |
|
2,717 |
2 |
Ann Taylor Stores Corp. |
|
|
81,510 |
|
2,126 |
|
Applied Industrial Technologies, Inc. |
|
|
36,009 |
|
1,929 |
|
Arctic Cat, Inc. |
|
|
24,715 |
|
2,140 |
2 |
Argosy Gaming Corp. |
|
|
34,775 |
|
1,820 |
2 |
Armor Holdings, Inc. |
|
|
28,324 |
|
4,095 |
|
Armstrong Holdings, Inc. |
|
|
11,773 |
|
7,590 |
|
ArvinMeritor, Inc. |
|
|
127,132 |
|
551 |
2 |
Avenue A, Inc. |
|
|
2,342 |
|
2,292 |
2 |
Avis Group Holdings, Inc. |
|
|
68,473 |
|
3,917 |
2 |
Aztar Corp. |
|
|
59,245 |
|
2,569 |
2 |
Bally Total Fitness Holding Corp. |
|
|
64,064 |
|
1,196 |
|
Bandag, Inc. |
|
|
42,682 |
|
5,371 |
2 |
Barnes & Noble, Inc. |
|
|
101,378 |
|
1,115 |
2 |
Barnesandnoble.com, Inc. |
|
|
4,355 |
|
3,668 |
|
Blyth Industries, Inc. |
|
|
95,368 |
|
2,836 |
2 |
Boca Resorts, Inc., Class A |
|
|
38,463 |
|
8,344 |
2 |
Borders Group, Inc. |
|
|
115,773 |
|
2,525 |
|
Borg-Warner Automotive, Inc. |
|
|
95,319 |
|
3,996 |
2 |
Boyd Gaming Corp. |
|
|
15,734 |
|
923 |
2 |
Braun Consulting, Inc. |
|
|
6,951 |
|
1,273 |
2 |
Bright Horizons Family Solutions, Inc. |
|
|
31,825 |
|
1,939 |
|
Brown Shoe Co., Inc. |
|
|
19,026 |
|
824 |
2 |
Buckle, Inc. |
|
|
13,853 |
|
1,856 |
|
Burlington Coat Factory Warehouse |
|
|
29,232 |
|
893 |
|
Bush Industries, Inc., Class A |
|
|
10,381 |
|
1,503 |
2 |
Buy.com, Inc. |
|
|
3,241 |
|
2,143 |
2 |
CB Richard Ellis Services |
|
|
26,787 |
|
667 |
|
CPI Corp. |
|
|
13,465 |
|
1,994 |
2 |
CSK Auto Corp. |
|
|
6,979 |
|
8,017 |
|
Callaway Golf Co. |
|
|
128,272 |
|
1,954 |
2 |
Career Education Corp. |
|
|
75,595 |
|
4,654 |
|
Casey's General Stores, Inc. |
|
|
58,175 |
|
11,273 |
2 |
Catellus Development Corp. |
|
|
205,028 |
|
1,425 |
|
Cato Corp., Class A |
|
|
17,100 |
|
6,254 |
|
Centex Corp. |
|
|
231,398 |
|
1,593 |
2 |
Central Garden & Pet Co. |
|
|
12,644 |
|
1,265 |
|
Central Parking Corp. |
|
|
24,272 |
|
2,662 |
2 |
Cerner Corp. |
|
|
164,878 |
|
4,998 |
2 |
Champion Enterprises, Inc. |
|
|
19,367 |
|
1,183 |
2 |
Championship Auto Racing Teams, Inc. |
|
|
29,427 |
|
10,071 |
2 |
Charming Shoppes, Inc. |
|
|
61,685 |
|
963 |
|
Chemed Corp. |
|
|
31,659 |
|
1,469 |
2 |
Chicos Fas, Inc. |
|
|
47,559 |
|
1,821 |
2 |
Children's Place Retail Stores, Inc. |
|
|
47,232 |
|
5,580 |
2 |
Choice Hotels International, Inc. |
|
|
65,565 |
|
918 |
|
Churchill Downs, Inc. |
|
|
25,704 |
|
4,360 |
|
Claire's Stores, Inc. |
|
|
87,745 |
|
10,518 |
|
Clayton Homes, Inc. |
|
|
96,634 |
|
1,525 |
|
Coachmen Industries, Inc. |
|
|
12,772 |
|
239 |
2 |
Coldwater Creek, Inc. |
|
|
7,095 |
|
6,591 |
2 |
Collins & Aikman Corp. |
|
|
31,307 |
|
711 |
2 |
Columbia Sportswear Co. |
|
|
30,395 |
|
485 |
|
CompX International, Inc. |
|
|
5,790 |
|
6,727 |
|
Cooper Tire & Rubber Co. |
|
|
73,577 |
|
308 |
2 |
CoorsTek, Inc. |
|
|
9,009 |
|
3,887 |
2 |
Copart, Inc. |
|
|
58,548 |
|
496 |
2 |
Corinthian Colleges, Inc. |
|
|
34,286 |
|
2,020 |
2 |
Corporate Executive Board Co. |
|
|
93,172 |
|
2,250 |
2 |
Cost Plus, Inc. |
|
|
63,000 |
|
1,519 |
2 |
Crestline Capital Corp. |
|
|
31,709 |
|
704 |
2 |
Crossmann Communities, Inc. |
|
|
12,628 |
|
5,160 |
|
D. R. Horton, Inc. |
|
|
95,460 |
|
5,819 |
2 |
Dal-Tile International, Inc. |
|
|
72,010 |
|
2,206 |
2 |
Diamond Technology Partners, Class A |
|
|
98,443 |
|
797 |
2 |
Digital Impact, Inc. |
|
|
4,334 |
|
7,144 |
2 |
Digital Island, Inc. |
|
|
90,193 |
|
510 |
2 |
DigitalThink, Inc. |
|
|
17,970 |
|
967 |
2 |
Digitas, Inc. |
|
|
11,544 |
|
9,410 |
|
Dillards, Inc., Class A |
|
|
98,805 |
|
1,329 |
2 |
Direct Focus, Inc. |
|
|
59,118 |
|
2,600 |
2 |
Dollar Thrifty Automotive Group |
|
|
39,975 |
|
1,369 |
|
Dover Downs Entertainment |
|
|
16,086 |
|
1,517 |
2 |
Dress Barn, Inc. |
|
|
38,020 |
|
2,214 |
2 |
Drugstore.Com, Inc. |
|
|
5,812 |
|
1,253 |
2 |
Dura Automotive Systems, Inc. |
|
|
10,572 |
|
1,550 |
2 |
Edison Schools, Inc. |
|
|
42,528 |
|
2,137 |
2 |
Education Management Corp. |
|
|
66,247 |
|
2,067 |
|
Elcor Corp. |
|
|
32,168 |
|
1,479 |
2 |
Electro Rent Corp. |
|
|
20,244 |
|
596 |
2 |
Electronics Boutique PLC |
|
|
9,313 |
|
474 |
2 |
Envision Development Corp. |
|
|
1,718 |
|
4,165 |
|
Ethan Allen Interiors, Inc. |
|
|
121,826 |
|
6,164 |
2 |
eToys, Inc. |
|
|
23,115 |
|
7,548 |
2 |
Extended Stay America, Inc. |
|
|
92,935 |
|
1,374 |
2 |
F.Y.I., Inc. |
|
|
55,132 |
|
1,383 |
2 |
Factory 2-U Stores, Inc. |
|
|
44,170 |
|
4,511 |
2 |
Fairfield Communities, Inc. |
|
|
57,233 |
|
2,834 |
|
Fedders Corp. |
|
|
12,044 |
|
7,513 |
|
Federal-Mogul Corp. |
|
|
24,417 |
|
3,474 |
|
Fleetwood Enterprises, Inc. |
|
|
45,813 |
|
1,949 |
2 |
Footstar, Inc. |
|
|
69,920 |
|
1,706 |
|
Forest City Enterprises, Inc., Class A |
|
|
63,122 |
|
1,241 |
2 |
Forrester Research, Inc. |
|
|
50,959 |
|
1,551 |
2 |
Fossil, Inc. |
|
|
20,260 |
|
937 |
|
Freds, Inc. |
|
|
19,794 |
|
5,302 |
2 |
Furniture Brands International, Inc. |
|
|
89,471 |
|
2,155 |
|
G & K Services, Inc., Class A |
|
|
59,532 |
|
232 |
2 |
Gaiam, Inc. |
|
|
3,741 |
|
7,721 |
2 |
Gartner Group, Inc., Class A |
|
|
73,349 |
|
2,254 |
2 |
Genesco, Inc. |
|
|
40,008 |
|
62 |
|
Grey Global Group, Inc. |
|
|
34,720 |
|
1,645 |
2 |
Group 1 Automotive, Inc. |
|
|
16,347 |
|
3,714 |
2 |
Gtech Holdings Corp. |
|
|
64,299 |
|
745 |
2 |
Guess?, Inc. |
|
|
5,541 |
|
2,397 |
2 |
Guitar Center, Inc. |
|
|
31,760 |
|
6,142 |
2 |
HA-LO Industries, Inc. |
|
|
23,800 |
|
2,729 |
|
Handleman Co. |
|
|
26,949 |
|
15,843 |
2 |
Hanover Direct, Inc. |
|
|
8,912 |
|
1,748 |
|
Haverty Furniture Cos., Inc. |
|
|
19,665 |
|
1,805 |
2 |
Hayes Lemmerz International, Inc. |
|
|
19,742 |
|
1,969 |
2 |
Hexcel Corporation |
|
|
21,536 |
|
4,240 |
|
Hollinger International, Inc. |
|
|
65,455 |
|
1,665 |
2 |
Hollywood.com, Inc. |
|
|
12,592 |
|
915 |
2 |
Hot Topic, Inc. |
|
|
31,339 |
|
2,842 |
|
Houghton Mifflin Co. |
|
|
104,621 |
|
2,546 |
|
Hughes Supply, Inc. |
|
|
47,738 |
|
472 |
2 |
IMPCO Technologies, Inc. |
|
|
9,292 |
|
1,550 |
2 |
ITT Educational Services, Inc. |
|
|
24,412 |
|
1,010 |
2 |
Igen, Inc. |
|
|
25,124 |
|
2,924 |
2 |
InfoUSA, Inc. |
|
|
9,503 |
|
992 |
2 |
Information Holdings, Inc. |
|
|
25,854 |
|
3,496 |
2 |
Insight Enterprises, Inc. |
|
|
113,620 |
|
1,913 |
2 |
Insignia Financial Group, Inc. |
|
|
18,532 |
|
906 |
2 |
Insurance Automotive Auctions, Inc. |
|
|
10,872 |
|
4,046 |
2 |
Intelidata Technologies Corp. |
|
|
21,621 |
|
5,645 |
2 |
Interdigital Communications Corp. |
|
|
61,742 |
|
4,905 |
|
Interface, Inc. |
|
|
44,758 |
|
1,308 |
|
Interpool, Inc. |
|
|
16,840 |
|
2,954 |
2 |
Intertan, Inc. |
|
|
32,679 |
|
2,723 |
2 |
Isle of Capri Casinos, Inc. |
|
|
29,953 |
|
2,043 |
2 |
JAKKS Pacific, Inc. |
|
|
18,004 |
|
3,283 |
2 |
Jones Lang LaSalle, Inc. |
|
|
41,858 |
|
4,819 |
2 |
Journal Register Co. |
|
|
85,838 |
|
2,039 |
2 |
Jupiter Media Metrix, Inc. |
|
|
27,781 |
|
5,081 |
|
Kaufman & Broad Homes Corp. |
|
|
151,160 |
|
2,539 |
|
Kellwood Co. |
|
|
49,352 |
|
769 |
2 |
Kenneth Cole Productions, Inc., Class A |
|
|
34,941 |
|
2,105 |
2 |
Key3Media Group, Inc. |
|
|
19,997 |
|
2,421 |
|
LNR Property Corp. |
|
|
52,354 |
|
6,473 |
|
La-Z Boy Chair Co. |
|
|
101,950 |
|
3,216 |
|
Lancaster Colony Corp. |
|
|
75,978 |
|
1,460 |
2 |
Lands' End, Inc. |
|
|
37,449 |
|
6,896 |
2 |
Lear Corp. |
|
|
187,916 |
|
1,126 |
2 |
Learning Tree International, Inc. |
|
|
50,951 |
|
4,703 |
|
Lee Enterprises, Inc. |
|
|
129,920 |
|
5,071 |
|
Lennar Corp. |
|
|
162,906 |
|
4,260 |
|
Lennox International, Inc. |
|
|
33,814 |
|
1,186 |
2 |
LifeMinders, Inc. |
|
|
13,787 |
|
4,282 |
2 |
Linens 'N Things, Inc. |
|
|
131,671 |
|
2,246 |
|
M.D.C. Holdings, Inc. |
|
|
61,484 |
|
880 |
2 |
META Group, Inc. |
|
|
8,470 |
|
4,159 |
2 |
MIPS Technologies, Inc. |
|
|
166,880 |
|
612 |
2 |
Management Network Group, Inc. |
|
|
8,071 |
|
2,317 |
|
Marcus Corp. |
|
|
32,872 |
|
996 |
2 |
Martha Stewart Living Omnimedia, Class A |
|
|
24,962 |
|
3,900 |
|
Mascotech, Inc. |
|
|
65,081 |
|
1,975 |
|
McClatchy, Co., Class A |
|
|
75,050 |
|
956 |
|
McGrath Rentcorp. |
|
|
16,491 |
|
2,068 |
|
Media General, Inc., Class A |
|
|
78,584 |
|
1,327 |
2 |
Mediaplex, Inc. |
|
|
2,861 |
|
1,028 |
2 |
MemberWorks, Inc. |
|
|
35,337 |
|
3,431 |
2 |
Mens Wearhouse, Inc. |
|
|
100,357 |
|
3,959 |
|
Meredith Corp. |
|
|
125,698 |
|
3,765 |
|
MeriStar Hospitality Corp. |
|
|
72,006 |
|
7,513 |
2 |
Metromedia International Group, Inc. |
|
|
27,948 |
|
3,171 |
2 |
Michaels Stores, Inc. |
|
|
77,095 |
|
1,689 |
|
Midas, Inc. |
|
|
23,435 |
|
3,089 |
2 |
Midway Games, Inc. |
|
|
23,940 |
|
1,085 |
2 |
Modem Media. Poppe Tyson, Inc. |
|
|
6,374 |
|
2,321 |
|
Modine Manufacturing Co. |
|
|
61,216 |
|
4,380 |
2 |
Mohawk Industries, Inc. |
|
|
95,539 |
|
1,686 |
2 |
Monaco Coach Corp. |
|
|
28,767 |
|
2,888 |
2 |
Musicland Stores, Inc. |
|
|
23,465 |
|
2,559 |
2 |
MyPoints.com, Inc. |
|
|
5,758 |
|
227 |
|
NCH Corp. |
|
|
8,853 |
|
1,927 |
2 |
NCI Building System, Inc. |
|
|
29,989 |
|
2,027 |
2 |
NCO Group, Inc. |
|
|
44,341 |
|
977 |
2 |
NVR, Inc. |
|
|
101,022 |
|
3,913 |
2 |
NationsRent, Inc. |
|
|
8,804 |
|
2,968 |
2 |
Nautica Enterprise, Inc. |
|
|
37,471 |
|
3,939 |
2 |
Navigant Consulting, Inc. |
|
|
15,017 |
|
3,873 |
|
Neiman-Marcus Group, Inc., Class A |
|
|
143,785 |
|
323 |
2 |
NetCreations, Inc. |
|
|
2,412 |
|
368 |
2 |
NetRatings, Inc. |
|
|
6,624 |
|
2,494 |
2 |
Netcentives, Inc. |
|
|
17,770 |
|
3,161 |
|
Network Commerce, Inc. |
|
|
9,384 |
|
3,798 |
2 |
O'Reilly Automotive, Inc. |
|
|
68,364 |
|
12,033 |
2 |
Officemax, Inc. |
|
|
34,595 |
|
5,312 |
|
Ogden Corp. |
|
|
73,040 |
|
651 |
2 |
Organic, Inc. |
|
|
2,116 |
|
1,159 |
|
OshKosh B'Gosh, Inc., Class A |
|
|
18,544 |
|
5,443 |
|
Owens Corning |
|
|
7,484 |
|
552 |
2 |
PC Connections, Inc. |
|
|
15,051 |
|
3,412 |
2 |
Pacific Sunwear of California |
|
|
69,946 |
|
1,943 |
2 |
Palm Harbor Homes, Inc. |
|
|
28,416 |
|
2,319 |
2 |
Payless ShoeSource, Inc. |
|
|
134,357 |
|
2,623 |
2 |
Pegasus Systems, Inc. |
|
|
44,755 |
|
860 |
2 |
Penn National Gaming, Inc. |
|
|
15,050 |
|
2,222 |
|
Penton Media, Inc. |
|
|
67,910 |
|
4,956 |
|
Pep Boys-Manny Moe & Jack |
|
|
22,302 |
|
3,143 |
2 |
Per-Se Technologies, Inc. |
|
|
13,849 |
|
11,858 |
2 |
PetSmart, Inc. |
|
|
52,620 |
|
2,195 |
|
Phillips Van Heusen Corp. |
|
|
26,066 |
|
10,302 |
|
Pier 1 Imports, Inc. |
|
|
136,501 |
|
2,011 |
|
Pinnacle Entertainment, Inc. |
|
|
45,876 |
|
5,529 |
|
Pittston Brink's Group |
|
|
87,773 |
|
2,140 |
2 |
Playboy Enterprises, Inc., Class B |
|
|
27,686 |
|
2,577 |
|
Polaris Industries, Inc., Class A |
|
|
89,551 |
|
5,695 |
2 |
Polo Ralph Lauren Corp., Class A |
|
|
111,764 |
|
1,077 |
2 |
PolyMedica Corp. |
|
|
61,928 |
|
2,171 |
|
Polymer Group, Inc. |
|
|
13,297 |
|
2,021 |
2 |
Prepaid Legal Services, Inc. |
|
|
88,671 |
|
257 |
2 |
Pricesmart, Inc. |
|
|
9,235 |
|
4,771 |
2 |
Prime Hospitality Corp. |
|
|
45,325 |
|
1,446 |
2 |
Private Media Group, Inc. |
|
|
12,517 |
|
476 |
2 |
Professional Detailing, Inc. |
|
|
42,185 |
|
4,437 |
2 |
Profit Recovery Group International, Inc. |
|
|
23,849 |
|
2,169 |
2 |
Prosofttraining.com |
|
|
15,183 |
|
2,072 |
2 |
Protection One, Inc. |
|
|
2,978 |
|
917 |
|
Pulitzer, Inc. |
|
|
37,551 |
|
3,220 |
|
Pulte Corp. |
|
|
107,266 |
|
2,434 |
2 |
Quiksilver, Inc. |
|
|
46,550 |
|
3,357 |
|
R.H. Donnelley Corp. |
|
|
75,952 |
|
4,742 |
2 |
Reebok International Ltd. |
|
|
102,249 |
|
3,671 |
|
Regis Corp. Minnesota |
|
|
55,524 |
|
568 |
2 |
Register.com, Inc. |
|
|
3,976 |
|
1,802 |
2 |
Rent-A-Center, Inc. |
|
|
52,596 |
|
2,353 |
2 |
Rent-Way, Inc. |
|
|
11,912 |
|
1,818 |
|
Rollins, Inc. |
|
|
32,838 |
|
1,070 |
|
Russ Berrie & Co., Inc. |
|
|
24,276 |
|
2,891 |
|
Russell Corp. |
|
|
46,256 |
|
1,343 |
|
Ryland Group, Inc. |
|
|
43,312 |
|
1,597 |
2 |
SCP Pool Corp. |
|
|
41,322 |
|
4,953 |
2 |
SITEL Corp. |
|
|
13,930 |
|
1,553 |
2 |
Scholastic Corp. |
|
|
124,240 |
|
1,860 |
2 |
School Specialty, Inc. |
|
|
28,597 |
|
1,669 |
2 |
Scotts Co. |
|
|
59,667 |
|
29,004 |
|
Service Corp. International |
|
|
67,072 |
|
3,017 |
|
Shopko Stores, Inc. |
|
|
19,233 |
|
877 |
2 |
Simpson Manufacturing Co., Inc. |
|
|
37,382 |
|
1,536 |
2 |
Skechers USA, Inc., Class A |
|
|
23,328 |
|
725 |
|
Skyline Corp. |
|
|
15,723 |
|
6,276 |
|
Snap-On, Inc. |
|
|
160,430 |
|
2,051 |
2 |
Sonic Automotive, Inc. |
|
|
18,331 |
|
4,441 |
|
Sothebys Holdings, Inc., Class A |
|
|
120,740 |
|
1,073 |
2 |
Source Information Management Co. |
|
|
5,901 |
|
1,536 |
2 |
Speedway Motorsports, Inc. |
|
|
26,784 |
|
1,631 |
|
Spiegel, Inc., Class A |
|
|
11,315 |
|
1,328 |
|
Springs Industries, Inc., Class A |
|
|
31,291 |
|
3,217 |
2 |
Stamps.com, Inc. |
|
|
12,667 |
|
2,563 |
|
Standard Pacific Corp. |
|
|
48,056 |
|
780 |
2 |
StarTek, Inc. |
|
|
19,841 |
|
3,620 |
2 |
Station Casinos, Inc. |
|
|
58,372 |
|
2,861 |
2 |
Stein Mart, Inc. |
|
|
44,345 |
|
1,070 |
2 |
Steven Madden Ltd. |
|
|
10,198 |
|
9,860 |
|
Stewart Enterprises, Inc., Class A |
|
|
20,952 |
|
700 |
2 |
Stockwalk.com Group, Inc. |
|
|
2,362 |
|
792 |
|
Strayer Education, Inc. |
|
|
19,057 |
|
4,619 |
|
Stride Rite Corp. |
|
|
24,827 |
|
2,052 |
|
Sturm Ruger & Co., Inc. |
|
|
17,314 |
|
8,232 |
|
Sunbeam Corp. |
|
|
7,717 |
|
3,979 |
2 |
Sunglass Hut International, Inc. |
|
|
30,837 |
|
1,988 |
2 |
Sunrise Assisted Living, Inc. |
|
|
46,469 |
|
4,719 |
2 |
Superior Energy Services, Inc. |
|
|
42,471 |
|
1,991 |
|
Superior Industries International, Inc. |
|
|
67,818 |
|
666 |
2 |
SurModics, Inc. |
|
|
34,965 |
|
588 |
2 |
Switchboard, Inc. |
|
|
3,822 |
|
3,360 |
2 |
Sylvan Learning Systems, Inc. |
|
|
51,870 |
|
1,091 |
2 |
Systemax, Inc. |
|
|
2,591 |
|
3,735 |
|
Tenneco Automotive, Inc. |
|
|
16,107 |
|
6,332 |
2 |
The Boyds Collection, Ltd. |
|
|
50,260 |
|
759 |
|
Thor Industries, Inc. |
|
|
15,180 |
|
1,886 |
2 |
Timberland Co., Class A |
|
|
97,365 |
|
2,161 |
2 |
Toll Brothers, Inc. |
|
|
70,232 |
|
3,226 |
2 |
Too, Inc. |
|
|
73,996 |
|
1,176 |
|
Toro Co. |
|
|
41,160 |
|
4,336 |
2 |
Tower Automotive, Inc. |
|
|
47,696 |
|
2,625 |
2 |
Trammell Crow Co. |
|
|
35,109 |
|
3,314 |
2 |
Trans World Entertainment Corp. |
|
|
28,169 |
|
435 |
2 |
Trendwest Resorts, Inc. |
|
|
8,238 |
|
1,108 |
2 |
Tuesday Morning Corp. |
|
|
4,847 |
|
1,697 |
2 |
Tweeter Home Entertainment Group, Inc. |
|
|
40,834 |
|
8,178 |
|
U.S. Industries, Inc. |
|
|
72,580 |
|
899 |
2 |
Ultimate Electronics, Inc. |
|
|
32,476 |
|
5,815 |
|
Unifi, Inc. |
|
|
50,518 |
|
517 |
2 |
United Auto Group, Inc. |
|
|
4,136 |
|
3,497 |
2 |
United Rentals, Inc. |
|
|
75,185 |
|
1,262 |
2 |
Universal Access, Inc. |
|
|
18,457 |
|
867 |
2 |
Universal Compression Holdings, Inc. |
|
|
25,035 |
|
1,138 |
|
Universal Forest Products, Inc. |
|
|
15,363 |
|
1,643 |
2 |
Vail Resorts, Inc. |
|
|
34,811 |
|
1,669 |
2 |
Value City Department Stores, Inc. |
|
|
13,561 |
|
4,067 |
2 |
Valuevision International, Inc., Class A |
|
|
82,357 |
|
1,380 |
2 |
Vans, Inc. |
|
|
17,854 |
|
14,706 |
2 |
Venator Group, Inc. |
|
|
207,722 |
|
1,680 |
2 |
Ventiv Health, Inc. |
|
|
18,060 |
|
2,280 |
2 |
Ventro Corp. |
|
|
10,972 |
|
767 |
2 |
Vicinity Corp. |
|
|
8,053 |
|
1,349 |
|
WD 40 Co. |
|
|
29,509 |
|
967 |
|
Wackenhut Corp., Class A |
|
|
12,208 |
|
5,569 |
|
Warnaco Group, Inc., Class A |
|
|
14,619 |
|
1,760 |
|
Webb (Del E.) Corp. |
|
|
47,300 |
|
3,403 |
|
Wellman, Inc. |
|
|
51,045 |
|
3,572 |
|
WestPoint Stevens, Inc. |
|
|
25,674 |
|
1,299 |
2 |
Whitehall Jewellers, Inc. |
|
|
10,392 |
|
4,815 |
|
Wiley (John) & Sons, Inc., Class A |
|
|
98,407 |
|
1,042 |
2 |
Wilsons The Leather Experts, Inc. |
|
|
15,956 |
|
1,412 |
|
Winnebago Industries, Inc. |
|
|
16,238 |
|
4,760 |
|
Wolverine World Wide, Inc. |
|
|
51,467 |
|
1,820 |
2 |
Women.com Networks, Inc. |
|
|
2,673 |
|
1,689 |
2 |
Xceed, Inc. |
|
|
1,320 |
|
1,249 |
|
Xtra Corp. |
|
|
56,829 |
|
3,756 |
2 |
Zale Corp. |
|
|
127,234 |
|
231 |
2 |
bebe stores, Inc. |
|
|
3,523 |
|
6,620 |
2 |
eGlobe, Inc. |
|
|
2,689 |
|
1,111 |
2 |
i Beam Broadcasting Corp. |
|
|
6,249 |
|
|
|||||
|
|
|
TOTAL |
|
|
15,198,375 |
|
|
|||||
|
|
|
Consumer Staples--6.2% |
|
|
|
|
1,752 |
|
ABM Industries, Inc. |
|
|
48,946 |
|
1,052 |
2 |
Acme Communications, Inc. |
|
|
6,443 |
|
1,062 |
2 |
Agribrands International, Inc. |
|
|
46,197 |
|
3,823 |
|
Alberto-Culver Co., Class B |
|
|
128,309 |
|
2,021 |
2 |
Allscripts Pharmaceuticals, Inc. |
|
|
24,252 |
|
5,475 |
2 |
AmeriSource Health Corp., Class A |
|
|
237,820 |
|
1,943 |
2 |
American Italian Pasta Co., Class A |
|
|
38,981 |
|
2,572 |
|
Applebee's International, Inc. |
|
|
77,682 |
|
2,482 |
|
Applica, Inc. |
|
|
12,565 |
|
1,875 |
2 |
Aurora Foods, Inc. |
|
|
5,273 |
|
2,700 |
|
Banta Corp. |
|
|
62,269 |
|
893 |
2 |
Beasley Broadcast Group, Inc., Class A |
|
|
7,367 |
|
14,305 |
|
Bergen Brunswig Corp., Class A |
|
|
129,639 |
|
2,689 |
|
Bindley Western Industries, Inc. |
|
|
96,636 |
|
1,011 |
|
Block Drug, Inc., Class A |
|
|
52,888 |
|
3,763 |
|
Bob Evans Farms, Inc. |
|
|
70,791 |
|
3,755 |
|
Bowne & Co., Inc. |
|
|
31,448 |
|
783 |
2 |
Buca, Inc. |
|
|
12,234 |
|
6,082 |
|
CBRL Group, Inc. |
|
|
108,716 |
|
1,151 |
2 |
CDI Corp. |
|
|
18,272 |
|
2,849 |
2 |
CEC Entertainment, Inc. |
|
|
90,812 |
|
22,511 |
2 |
Caremark Rx, Inc. |
|
|
281,387 |
|
2,115 |
|
Carter Wallace, Inc. |
|
|
58,030 |
|
2,812 |
2 |
Cheesecake Factory, Inc. |
|
|
124,607 |
|
3,944 |
|
Chiquita Brands International |
|
|
7,641 |
|
4,029 |
|
Church and Dwight, Inc. |
|
|
79,573 |
|
3,905 |
2 |
Citadel Communications Corp. |
|
|
47,348 |
|
142 |
|
Coca-Cola Bottling Co. |
|
|
5,112 |
|
3,414 |
2 |
Computer Horizons Corp. |
|
|
17,070 |
|
2,569 |
2 |
Consolidated Products, Inc. |
|
|
19,428 |
|
1,523 |
2 |
Constellation Brands, Inc., Class A |
|
|
74,246 |
|
1,071 |
2 |
Crown Media Holdings, Inc., Class A |
|
|
14,860 |
|
3,748 |
2 |
Cumulus Media, Inc., Class A |
|
|
23,425 |
|
3,819 |
|
Dean Foods Co. |
|
|
122,208 |
|
5,571 |
2 |
Del Monte Foods Co. |
|
|
33,774 |
|
9,132 |
|
Dial Corp. |
|
|
102,164 |
|
4,849 |
|
Dole Food, Inc. |
|
|
58,491 |
|
1,731 |
|
Dreyers Grand Ice Cream, Inc. |
|
|
42,626 |
|
1,867 |
2 |
Duane Reade, Inc. |
|
|
54,493 |
|
4,537 |
|
Earthgrains Co. |
|
|
91,874 |
|
81 |
|
Farmer Brothers Co. |
|
|
15,800 |
|
4,237 |
|
Fleming Cos., Inc. |
|
|
60,112 |
|
628 |
2 |
GC Cos., Inc. |
|
|
1,491 |
|
1,878 |
|
Gaylord Entertainment Co. |
|
|
44,602 |
|
1,847 |
|
Great Atlantic & Pacific Tea Co., Inc. |
|
|
18,470 |
|
3,066 |
2 |
Hain Celestial Group, Inc. |
|
|
121,682 |
|
951 |
2 |
Hall, Kinion & Associates, Inc. |
|
|
25,142 |
|
2,991 |
|
Harland (John H.) Co. |
|
|
41,500 |
|
2,022 |
2 |
Heidrick & Struggles International, Inc. |
|
|
124,985 |
|
2,463 |
2 |
Henry Schein, Inc. |
|
|
60,036 |
|
1,328 |
|
Herbalife International, Inc., Class A |
|
|
11,205 |
|
3,431 |
2 |
Hollywood Entertainment Corp. |
|
|
10,507 |
|
2,095 |
2 |
IHOP Corp. |
|
|
44,257 |
|
440 |
2 |
Infogrames, Inc. |
|
|
4,840 |
|
1,090 |
|
Ingles Markets, Inc., Class A |
|
|
10,764 |
|
4,137 |
2 |
Insight Communication Co. |
|
|
57,401 |
|
1,816 |
|
International Multifoods Corp. |
|
|
30,758 |
|
3,868 |
|
Interstate Bakeries Corp. |
|
|
54,152 |
|
2,135 |
2 |
Ivex Packaging Corp. |
|
|
20,950 |
|
4,037 |
2 |
Jack in the Box, Inc. |
|
|
98,906 |
|
3,979 |
2 |
KForcecom, Inc. |
|
|
16,165 |
|
1,820 |
|
Kelly Services, Inc., Class A |
|
|
40,381 |
|
4,008 |
2 |
Korn/Ferry International |
|
|
140,280 |
|
285 |
2 |
Krispy Kreme Doughnuts, Inc. |
|
|
28,090 |
|
3,570 |
2 |
Labor Ready, Inc. |
|
|
10,710 |
|
2,695 |
|
Lance, Inc. |
|
|
27,118 |
|
2,363 |
|
Landrys Seafood Restaurants, Inc. |
|
|
19,052 |
|
1,649 |
|
Libbey, Inc. |
|
|
44,935 |
|
229 |
2 |
Liberty Livewire Corp. |
|
|
4,809 |
|
292 |
|
Liqui Box Corp. |
|
|
10,457 |
|
2,709 |
|
Lone Star Steakhouse & Saloon |
|
|
22,857 |
|
3,153 |
|
Longs Drug Stores Corp. |
|
|
68,972 |
|
2,434 |
|
Luby's Cafeterias, Inc. |
|
|
14,300 |
|
2,102 |
2 |
Mediacom Communications Corp. |
|
|
35,734 |
|
1,300 |
|
Michael Foods, Inc. |
|
|
35,019 |
|
9,658 |
2 |
Modis Professional Services, Inc. |
|
|
39,839 |
|
862 |
2 |
Mondavi (Robert) Corp., Class A |
|
|
39,005 |
|
1,415 |
|
Morrison Management Specialists, Inc. |
|
|
47,402 |
|
6,030 |
2 |
NBTY, Inc. |
|
|
39,195 |
|
976 |
2 |
NPC International, Inc. |
|
|
10,858 |
|
436 |
|
National Presto Industries, Inc. |
|
|
13,243 |
|
4,807 |
2 |
Nu Skin Asia Pacific, Inc., Class A |
|
|
26,138 |
|
941 |
2 |
Nucentrix Broadbank Networks, Inc. |
|
|
21,290 |
|
1,521 |
2 |
O'Charleys, Inc. |
|
|
22,245 |
|
2,264 |
2 |
On Assignment, Inc. |
|
|
57,024 |
|
907 |
2 |
On Command Corp. |
|
|
9,523 |
|
1,413 |
|
Oneida Ltd. |
|
|
15,013 |
|
3,526 |
|
Owens & Minor, Inc. |
|
|
53,331 |
|
705 |
2 |
P. F. Chang's China Bistro, Inc. |
|
|
28,905 |
|
7,561 |
2 |
PSS World Medical, Inc. |
|
|
22,683 |
|
1,953 |
2 |
Papa Johns International, Inc. |
|
|
49,069 |
|
3,543 |
2 |
Paxson Communications Corp. |
|
|
40,302 |
|
2,639 |
|
PepsiAmericas, Inc. |
|
|
9,566 |
|
1,371 |
2 |
Performance Food Group Co. |
|
|
55,525 |
|
6,574 |
2 |
Perrigo Co. |
|
|
43,553 |
|
1,744 |
|
Pilgrim's Pride Corp. |
|
|
11,772 |
|
1,167 |
2 |
Priority HealthCare Corp., Class B |
|
|
62,726 |
|
5,200 |
2 |
Procurenet, Inc. |
|
|
780 |
|
2,967 |
2 |
Ralcorp Holdings, Inc. |
|
|
41,723 |
|
1,797 |
2 |
Rare Hospitality International, Inc. |
|
|
41,780 |
|
1,716 |
2 |
Regent Communications, Inc. |
|
|
10,296 |
|
888 |
2 |
Revlon, Inc., Class A |
|
|
5,161 |
|
780 |
2 |
Rica Foods, Inc. |
|
|
11,895 |
|
767 |
|
Riviana Foods, Inc. |
|
|
13,039 |
|
6,560 |
|
Ruby Tuesday, Inc. |
|
|
88,970 |
|
3,164 |
|
Ruddick Corp. |
|
|
41,527 |
|
3,503 |
2 |
Ryan's Family Steak Houses, Inc. |
|
|
29,338 |
|
709 |
2 |
Saga Communications, Inc., Class A |
|
|
11,698 |
|
2,533 |
2 |
Salem Communications Corp. |
|
|
30,396 |
|
1,013 |
2 |
Salton, Inc. |
|
|
23,172 |
|
1,493 |
|
Schweitzer-Mauduit International, Inc. |
|
|
24,168 |
|
33 |
|
Seaboard Corp. |
|
|
5,775 |
|
4,831 |
2 |
Sinclair Broadcast Group, Inc. |
|
|
44,536 |
|
3,606 |
2 |
Sirius Satellite Radio, Inc. |
|
|
181,201 |
|
1,269 |
|
Smart & Final, Inc. |
|
|
8,724 |
|
5,822 |
2 |
Smithfield Foods, Inc. |
|
|
167,019 |
|
2,291 |
2 |
Smucker (J.M.) Co. |
|
|
50,975 |
|
3,497 |
|
Sodexho Marriott Services, Inc. |
|
|
64,257 |
|
1,906 |
2 |
Sonic Corp. |
|
|
69,569 |
|
3,224 |
2 |
Spanish Broadcasting System, Inc. |
|
|
29,016 |
|
6,265 |
2 |
Spherion Corp. |
|
|
74,397 |
|
2,068 |
2 |
Star Scientific, Inc. |
|
|
8,207 |
|
630 |
|
Stepan, Co. |
|
|
12,206 |
|
2,965 |
2 |
Suiza Foods Corp. |
|
|
137,317 |
|
708 |
|
Tejon Ranch Co. |
|
|
15,930 |
|
3,770 |
2 |
Tetra Tech, Inc. |
|
|
131,007 |
|
1,631 |
2 |
TiVo, Inc. |
|
|
21,305 |
|
4,548 |
2 |
Topps Co. |
|
|
41,074 |
|
1,321 |
2 |
Triarc Companies, Inc., Class A |
|
|
32,942 |
|
6,196 |
|
Tupperware Corp. |
|
|
106,106 |
|
936 |
2 |
United Natural Foods, Inc. |
|
|
11,758 |
|
380 |
|
United Television, Inc. |
|
|
50,920 |
|
4,763 |
|
Universal Foods Corp. |
|
|
94,069 |
|
1,313 |
|
Vector Group Ltd. |
|
|
18,300 |
|
874 |
2 |
Volt Information Science, Inc. |
|
|
19,009 |
|
2,800 |
2 |
Whole Foods Market, Inc. |
|
|
129,500 |
|
2,028 |
2 |
Wild Oats Markets, Inc. |
|
|
12,802 |
|
1,297 |
2 |
World Wrestling Federation Entertainment, Inc. |
|
|
19,617 |
|
1,255 |
2 |
XM Satellite Radio Holdings, Inc., Class A |
|
|
36,395 |
|
1,326 |
2 |
Young Broadcasting, Inc., Class A |
|
|
32,901 |
|
|
|||||
|
|
|
TOTAL |
|
|
6,661,320 |
|
|
|||||
|
|
|
Energy--2.7% |
|
|
|
|
942 |
2 |
Atwood Oceanics, Inc. |
|
|
31,616 |
|
3,132 |
2 |
Barrett Resources Corp. |
|
|
113,926 |
|
1,499 |
2 |
Basin Exploration, Inc. |
|
|
29,699 |
|
1,656 |
2 |
Belco Oil & Gas Corp. |
|
|
15,111 |
|
1,897 |
|
Berry Petroleum Co., Class A |
|
|
32,605 |
|
3,120 |
2 |
Brown (Tom), Inc. |
|
|
71,370 |
|
2,784 |
|
Cabot Oil & Gas Corp., Class A |
|
|
54,636 |
|
1,239 |
2 |
Cal Dive International, Inc. |
|
|
61,640 |
|
639 |
2 |
Callon Petroleum Corp. |
|
|
9,745 |
|
12,221 |
|
Chesapeake Energy Corp. |
|
|
68,743 |
|
519 |
2 |
Clayton Williams Energy, Inc. |
|
|
14,435 |
|
2,046 |
2 |
Comstock Resources, Inc. |
|
|
21,227 |
|
7,376 |
|
Cross Timbers Oil Co. |
|
|
138,761 |
|
1,759 |
2 |
Denbury Resources, Inc. |
|
|
12,093 |
|
981 |
2 |
Dril-Quip, Inc. |
|
|
32,373 |
|
3,057 |
|
EEX Corp. |
|
|
14,330 |
|
1,080 |
2 |
EpicEdge, Inc. |
|
|
1,282 |
|
1,305 |
2 |
Evergreen Resources, Inc. |
|
|
35,887 |
|
1,450 |
2 |
Forcenergy, Inc. |
|
|
31,537 |
|
3,509 |
2 |
Forest Oil Corp. |
|
|
48,468 |
|
3,641 |
2 |
Friede Goldman International, Inc. |
|
|
20,936 |
|
2,917 |
2 |
Frontier Oil Corp. |
|
|
23,154 |
|
19,098 |
2 |
Grey Wolf, Inc. |
|
|
88,328 |
|
839 |
2 |
Gulf Island Fabrication, Inc. |
|
|
10,959 |
|
1,705 |
2 |
HS Resources, Inc. |
|
|
53,068 |
|
4,164 |
2 |
Input/Output, Inc. |
|
|
35,134 |
|
1,212 |
2 |
Key Production Co. |
|
|
26,664 |
|
10,162 |
2 |
Key Energy Group, Inc. |
|
|
91,458 |
|
2,270 |
2 |
Louis Dreyfus Natural Gas Corp. |
|
|
72,782 |
|
1,686 |
2 |
Meridian Resource Corp. |
|
|
11,697 |
|
2,145 |
|
Mitchell Energy & Development Corp., Class A |
|
|
98,670 |
|
1,656 |
2 |
Nuevo Energy Co. |
|
|
30,015 |
|
2,192 |
2 |
Oceaneering International, Inc. |
|
|
30,825 |
|
2,209 |
2 |
Offshore Logistics, Inc. |
|
|
38,105 |
|
8,037 |
2 |
Parker Drilling Co. |
|
|
48,222 |
|
1,264 |
|
Patina Oil & Gas Corp. |
|
|
22,199 |
|
3,622 |
2 |
Patterson Energy, Inc. |
|
|
101,869 |
|
761 |
|
Penn Virginia Corp. |
|
|
20,166 |
|
1,668 |
2 |
Pennaco Energy, Inc. |
|
|
20,746 |
|
8,361 |
|
Pennzoil-Quaker State Co. |
|
|
98,242 |
|
10,584 |
|
Pioneer Natural Resources, Inc. |
|
|
138,253 |
|
1,728 |
2 |
Plains Resources, Inc. |
|
|
33,048 |
|
4,343 |
|
Pogo Producing Co. |
|
|
108,575 |
|
660 |
2 |
Prima Energy Corp. |
|
|
29,329 |
|
350 |
2 |
Prize Energy Corp. |
|
|
5,862 |
|
5,360 |
2 |
Pure Resources, Inc. |
|
|
88,440 |
|
1,806 |
2 |
SEACOR SMIT, Inc. |
|
|
75,626 |
|
1,940 |
2 |
Seitel, Inc. |
|
|
29,100 |
|
1,010 |
2 |
Spinnaker Exploration Co. |
|
|
30,552 |
|
2,958 |
|
St. Mary Land & Exploration Co. |
|
|
69,328 |
|
1,776 |
2 |
Stone Energy Corp. |
|
|
90,931 |
|
2,123 |
2 |
Swift Energy Co. |
|
|
68,997 |
|
3,320 |
2 |
Tesoro Petroleum Corp. |
|
|
34,445 |
|
920 |
2 |
The Houston Exploration Co. |
|
|
20,700 |
|
2,802 |
2 |
Transmontaigne, Co. |
|
|
10,858 |
|
2,978 |
2 |
UTI Energy Corp. |
|
|
59,746 |
|
3,438 |
2 |
Unit Corp. |
|
|
45,768 |
|
3,259 |
2 |
Veritas DGC, Inc. |
|
|
97,770 |
|
5,234 |
|
Vintage Petroleum, Inc. |
|
|
110,568 |
|
|
|||||
|
|
|
TOTAL |
|
|
2,930,619 |
|
|
|||||
|
|
|
Financials--16.9% |
|
|
|
|
1,203 |
|
1st Source Corp. |
|
|
18,872 |
|
1,668 |
2 |
Acacia Research Corp. |
|
|
53,063 |
|
2,273 |
|
Advanta Corp., Class A |
|
|
23,298 |
|
2,334 |
2 |
Affiliated Managers Group |
|
|
140,332 |
|
896 |
|
Alabama National Bancorp |
|
|
17,416 |
|
319 |
2 |
Alexander's, Inc. |
|
|
24,384 |
|
1,350 |
|
Alexandria Real Estate Equities, Inc. |
|
|
45,731 |
|
4,131 |
|
Alfa Corp. |
|
|
79,522 |
|
461 |
2 |
Alleghany Corp. |
|
|
88,598 |
|
8,096 |
|
Allied Capital Corp. |
|
|
166,980 |
|
2,880 |
|
Amcore Financial, Inc. |
|
|
56,520 |
|
2,276 |
|
American Capital Strategies Ltd. |
|
|
50,214 |
|
3,049 |
|
American Financial Holdings, Inc. |
|
|
54,501 |
|
1,890 |
|
American Industrial Properties REIT |
|
|
23,389 |
|
1,076 |
|
American National Insurance Co. |
|
|
72,899 |
|
8,313 |
2 |
Americredit Corp. |
|
|
223,412 |
|
1,588 |
|
Amli Residential Properties Trust |
|
|
36,722 |
|
2,000 |
2 |
Ampal-American Israel Corp., Class A |
|
|
16,000 |
|
2,505 |
|
Anchor Bancorp Wisconsin, Inc. |
|
|
38,671 |
|
709 |
|
Andover Bancorp, Inc. |
|
|
21,270 |
|
6,360 |
|
Arden Realty Group, Inc. |
|
|
152,640 |
|
998 |
|
Area Bancshares Corp. |
|
|
20,833 |
|
1,869 |
|
Argonaut Group, Inc. |
|
|
32,123 |
|
4,200 |
|
Associates First Capital Corp. |
|
|
88 |
|
4,890 |
|
Astoria Financial Corp. |
|
|
183,375 |
|
1,100 |
2 |
BOK Financial Corp. |
|
|
20,900 |
|
4,864 |
|
BRE Properties, Inc., Class A |
|
|
153,824 |
|
981 |
|
BSB Bancorp, Inc. |
|
|
14,224 |
|
1,788 |
|
BT Financial Corp. |
|
|
34,978 |
|
1,219 |
|
Baldwin & Lyons, Inc., Class B |
|
|
23,085 |
|
489 |
|
BancFirst Corp. |
|
|
17,726 |
|
8,981 |
|
Bancorpsouth, Inc. |
|
|
117,314 |
|
1,192 |
|
Bank Granite Corp. |
|
|
27,714 |
|
3,488 |
|
Bank United Corp., Class A |
|
|
197,726 |
|
2,400 |
|
BankAtlantic Bancorp, Inc., Class A |
|
|
9,600 |
|
2,985 |
|
Bay View Capital Corp. |
|
|
24,253 |
|
1,973 |
|
Bedford Property Investors, Inc. |
|
|
38,843 |
|
1,860 |
|
Berkley, (W. R.) Corp. |
|
|
63,356 |
|
1,915 |
2 |
Blackrock, Inc. |
|
|
81,627 |
|
1,370 |
|
Blanch, E. W. Holdings, Inc. |
|
|
25,859 |
|
1,831 |
|
Boykin Lodging Co. |
|
|
16,593 |
|
3,634 |
|
Brandywine Realty Trust |
|
|
69,500 |
|
1,557 |
|
Brenton Banks, Inc. |
|
|
19,268 |
|
1,335 |
|
Brookline Bancorp, Inc. |
|
|
14,435 |
|
2,352 |
|
Brown & Brown, Inc. |
|
|
76,440 |
|
3,477 |
|
Burnham Pacific Properties, Inc. |
|
|
18,906 |
|
2,664 |
|
CBL & Associates Properties, Inc. |
|
|
61,605 |
|
1,772 |
|
CNA Surety Corp. |
|
|
20,599 |
|
784 |
|
CPB, Inc. |
|
|
19,796 |
|
1,849 |
|
CVB Financial Corp. |
|
|
30,855 |
|
4,367 |
|
Cabot Industrial Trust |
|
|
82,427 |
|
4,037 |
|
Camden Property Trust |
|
|
115,559 |
|
2,172 |
|
Capital Automotive |
|
|
27,998 |
|
470 |
|
Capital City Bank Group, Inc. |
|
|
9,224 |
|
3,655 |
|
Capital Federal Financial |
|
|
52,997 |
|
1,867 |
|
Capstead Mortgage Corp. |
|
|
17,853 |
|
2,757 |
|
Cash America International, Inc. |
|
|
14,302 |
|
961 |
|
Cathay Bancorp, Inc. |
|
|
47,389 |
|
2,176 |
|
CenterPoint Properties Corp. |
|
|
96,696 |
|
1,164 |
|
Century South Banks, Inc. |
|
|
21,388 |
|
2,160 |
|
Charter Municipal Mortgage Acceptance Co. |
|
|
29,138 |
|
2,243 |
|
Chateau Communities, Inc. |
|
|
63,084 |
|
1,717 |
|
Chelsea GCA Realty, Inc. |
|
|
55,373 |
|
1,535 |
|
Chemical Financial Corp. |
|
|
32,811 |
|
2,811 |
|
Chittenden Corp. |
|
|
74,667 |
|
5,036 |
|
Citizens Banking Corp. |
|
|
119,920 |
|
988 |
|
City Bank Lynwood, WA |
|
|
23,218 |
|
10,461 |
|
Colonial BancGroup, Inc. |
|
|
92,188 |
|
2,284 |
|
Colonial Properties Trust |
|
|
56,101 |
|
3,315 |
|
Commerce Bancorp, Inc. |
|
|
200,765 |
|
2,689 |
|
Commerce Group, Inc. |
|
|
68,738 |
|
5,974 |
|
Commercial Federal Corp. |
|
|
104,545 |
|
3,186 |
|
Commercial Net Lease Realty |
|
|
32,258 |
|
5,401 |
|
Community First Bankshares, Inc. |
|
|
83,715 |
|
1,267 |
2 |
CompuCredit Corp. |
|
|
39,119 |
|
4,178 |
|
Cornerstone Realty Income Trust, Inc. |
|
|
43,869 |
|
11,973 |
2 |
Corrections Corp. of America |
|
|
9,728 |
|
981 |
|
Corus Bankshares, Inc. |
|
|
38,933 |
|
576 |
2 |
Corvel Corp. |
|
|
18,252 |
|
4,179 |
|
Cousins Properties, Inc. |
|
|
108,654 |
|
3,762 |
|
Crawford & Co., Class B |
|
|
47,025 |
|
1,725 |
2 |
Credit Acceptance Corp. |
|
|
10,566 |
|
5,583 |
|
Cullen Frost Bankers, Inc. |
|
|
185,984 |
|
2,223 |
2 |
DLJdirect, Inc. |
|
|
11,254 |
|
1,026 |
2 |
DVI, Inc. |
|
|
17,185 |
|
1,420 |
|
Dain Rauscher Corp. |
|
|
133,214 |
|
7,373 |
2 |
Data Broadcasting Corp. |
|
|
32,487 |
|
1,617 |
2 |
Delphi Financial Group, Inc., Class A |
|
|
59,829 |
|
5,856 |
|
Developers Diversified Realty |
|
|
69,906 |
|
1,303 |
|
Dime Community Bancorp, Inc. |
|
|
28,910 |
|
3,510 |
|
Doral Financial Corp. |
|
|
62,741 |
|
2,221 |
|
Downey Financial Corp. |
|
|
106,053 |
|
1,249 |
2 |
E-LOAN, Inc. |
|
|
3,591 |
|
959 |
2 |
Espeed, Inc., Class A |
|
|
20,139 |
|
2,437 |
|
East West Bancorp, Inc. |
|
|
46,151 |
|
1,687 |
|
EastGroup Properties, Inc. |
|
|
34,373 |
|
3,128 |
|
Eaton Vance Corp. |
|
|
155,813 |
|
2,883 |
|
Enhance Financial Services Group, Inc. |
|
|
33,515 |
|
1,632 |
|
Entertainment Properties Trust |
|
|
18,054 |
|
3,891 |
|
Equity Inns, Inc. |
|
|
24,076 |
|
1,923 |
|
Essex Property Trust, Inc. |
|
|
99,996 |
|
1,211 |
|
F & M Bancorp |
|
|
24,674 |
|
2,667 |
|
F & M National Corp. |
|
|
69,009 |
|
1,228 |
|
FBL Financial Group, Inc., Class A |
|
|
19,725 |
|
2,384 |
|
FNB Corp. |
|
|
51,256 |
|
704 |
|
Farmers Capital Bank Corp. |
|
|
24,464 |
|
4,245 |
|
Federal Realty Investment Trust |
|
|
81,716 |
|
4,992 |
|
FelCor Lodging Trust, Inc. |
|
|
109,512 |
|
5,665 |
|
Fidelity National Financial, Inc. |
|
|
139,147 |
|
1,129 |
2 |
Financial Federal Corp. |
|
|
23,921 |
|
6,536 |
|
Finova Group, Inc. |
|
|
16,748 |
|
5,824 |
|
First American Financial Corp. |
|
|
121,940 |
|
964 |
|
First Busey Corp. |
|
|
17,653 |
|
3,286 |
|
First Charter Corp. |
|
|
50,728 |
|
667 |
|
First Citizens Bancshares, Inc., Class A |
|
|
49,358 |
|
6,231 |
|
First Commmonwealth Financial Corp. |
|
|
61,921 |
|
1,616 |
|
First Federal Capital Corp. |
|
|
18,988 |
|
3,763 |
|
First Financial Bancorp |
|
|
58,326 |
|
1,050 |
|
First Financial Bankshares, Inc. |
|
|
32,287 |
|
744 |
|
First Financial Corp. |
|
|
21,204 |
|
1,372 |
|
First Financial Holdings, Inc. |
|
|
23,152 |
|
987 |
|
First Indiana Corp. |
|
|
22,701 |
|
4,088 |
|
First Industrial Realty Trust |
|
|
126,217 |
|
1,211 |
|
First Merchants Corp. |
|
|
27,853 |
|
4,417 |
|
First Midwest Bancorp, Inc. |
|
|
110,701 |
|
1,269 |
|
First Niagra Financial Group, Inc. |
|
|
11,500 |
|
3,733 |
|
First Sentinel Bancorp, Inc. |
|
|
34,647 |
|
870 |
|
First Washington Realty Trust, Inc. |
|
|
21,967 |
|
1,838 |
2 |
FirstFed Financial Corp. |
|
|
46,869 |
|
2,224 |
|
Firstbank Corp. |
|
|
51,013 |
|
5,964 |
|
Franchise Finance Corp. of America |
|
|
121,144 |
|
6,233 |
|
Fremont General Corp. |
|
|
22,595 |
|
2,567 |
2 |
Friedman, Billings, Ramsey Group, Inc., Class A |
|
|
20,536 |
|
1,596 |
|
Frontier Financial Corp. |
|
|
29,925 |
|
2,807 |
2 |
Frontline Capital Group |
|
|
40,000 |
|
7,893 |
|
Fulton Financial Corp. |
|
|
172,659 |
|
1,122 |
|
GBC Bancorp |
|
|
35,764 |
|
622 |
2 |
Gabelli Asset Management, Inc., Class A |
|
|
22,392 |
|
2,507 |
|
Gables Residential Trust |
|
|
63,928 |
|
4,043 |
|
Gallagher (Arthur J.) & Co. |
|
|
255,214 |
|
3,093 |
|
Glenborough Realty Trust, Inc. |
|
|
49,681 |
|
2,565 |
|
Glimcher Realty Trust |
|
|
33,345 |
|
2,269 |
|
GlobalNet Financial.com, Inc. |
|
|
10,210 |
|
3,110 |
|
Gold Banc Corp., Inc. |
|
|
14,384 |
|
784 |
|
Great American Financial Resources, Inc. |
|
|
13,916 |
|
1,762 |
|
Great Lakes REIT, Inc. |
|
|
29,844 |
|
4,194 |
|
Greater Bay Bancorp |
|
|
136,567 |
|
4,407 |
|
HCC Insurance Holdings, Inc. |
|
|
84,008 |
|
14,061 |
|
HRPT Properties Trust |
|
|
90,518 |
|
3,063 |
|
HSB Group, Inc. |
|
|
121,180 |
|
969 |
|
Hancock Holding Co. |
|
|
30,160 |
|
2,375 |
|
Harbor Florida Bancshares, Inc. |
|
|
29,094 |
|
466 |
2 |
Harbor Global Co. Ltd. |
|
|
1,878 |
|
1,454 |
|
Harleysville Group, Inc. |
|
|
33,533 |
|
997 |
|
Harleysville National Corp. |
|
|
30,649 |
|
5,108 |
|
Health Care Property Investors, Inc. |
|
|
150,047 |
|
3,021 |
|
Health Care REIT, Inc. |
|
|
53,434 |
|
4,320 |
|
Healthcare Realty Trust, Inc. |
|
|
86,130 |
|
6,269 |
|
Highwoods Properties, Inc. |
|
|
135,567 |
|
1,348 |
|
Hilb Rogal & Hamilton Co. |
|
|
53,414 |
|
2,215 |
|
Home Properties of New York, Inc. |
|
|
60,220 |
|
4,293 |
|
Horace Mann Educators Corp. |
|
|
72,176 |
|
5,416 |
|
Hospitality Properties Trust |
|
|
116,782 |
|
5,128 |
|
Hudson United Bancorp |
|
|
114,739 |
|
6,952 |
|
INMC Mortgage Holdings, Inc. |
|
|
145,123 |
|
3,332 |
|
IRT Property Co. |
|
|
27,281 |
|
3,850 |
2 |
Imperial Bancorp |
|
|
93,603 |
|
6,972 |
|
Independence Community Bank |
|
|
102,401 |
|
1,300 |
|
Independent Bank Corp. |
|
|
13,975 |
|
3,701 |
|
Innkeepers USA Trust |
|
|
37,704 |
|
1,862 |
|
Integra Bank Corp. |
|
|
48,063 |
|
872 |
2 |
Intercept Group, Inc. |
|
|
23,598 |
|
1,684 |
|
International Bancshares Corp. |
|
|
60,308 |
|
2,921 |
|
Investment Technology Group, Inc. |
|
|
105,156 |
|
3,174 |
|
Investors Financial Services Corp. |
|
|
227,536 |
|
1,107 |
|
Irwin Financial Corp. |
|
|
17,089 |
|
3,423 |
|
JDN Realty Corp. |
|
|
37,439 |
|
1,272 |
|
JP Realty, Inc. |
|
|
20,352 |
|
2,625 |
|
Jefferies Group, Inc. |
|
|
71,531 |
|
740 |
|
John Nuveen & Co., Inc., Class A |
|
|
35,335 |
|
755 |
|
Kansas City Life Insurance Co. |
|
|
24,490 |
|
2,796 |
|
Kilroy Realty Corp. |
|
|
72,871 |
|
2,829 |
|
Koger Equity, Inc. |
|
|
45,087 |
|
1,120 |
|
LaSalle Hotel Properties |
|
|
16,100 |
|
3,917 |
2 |
LaBranche & Co., Inc. |
|
|
155,211 |
|
1,039 |
|
LandAmerica Financial Group, Inc. |
|
|
30,650 |
|
4,006 |
|
Leucadia National Corp. |
|
|
99,649 |
|
1,830 |
|
Lexington Corporate Properties Trust |
|
|
20,473 |
|
1,690 |
|
Liberty Corp. |
|
|
58,516 |
|
1,502 |
|
Liberty Financial Cos., Inc. |
|
|
40,554 |
|
2,452 |
|
MAF Bancorp, Inc. |
|
|
58,848 |
|
3,391 |
|
Macerich Co. (The) |
|
|
66,548 |
|
1,951 |
|
Manufactured Home Communities, Inc. |
|
|
48,531 |
|
646 |
2 |
Markel Corp. |
|
|
93,589 |
|
1,167 |
|
Medallion Financial Corp. |
|
|
17,943 |
|
1,980 |
2 |
Medical Assurance, Inc. |
|
|
27,472 |
|
15,268 |
|
Meditrust Corp. |
|
|
41,987 |
|
2,005 |
|
Merchants New York Bancorp, Inc. |
|
|
41,604 |
|
2,846 |
|
Mercury General Corp. |
|
|
104,235 |
|
6,436 |
|
Metris Cos., Inc. |
|
|
208,365 |
|
908 |
|
Mid American Bancorp |
|
|
22,586 |
|
1,881 |
|
Mid-American Apartment Communities, Inc. |
|
|
41,382 |
|
1,170 |
|
Mid-State Bancshares |
|
|
34,515 |
|
494 |
|
Midland Co. |
|
|
14,388 |
|
1,674 |
|
Mills Corp. |
|
|
28,563 |
|
698 |
|
Mississippi Valley Bancshares, Inc. |
|
|
18,366 |
|
2,299 |
|
Morgan Keegan, Inc. |
|
|
45,836 |
|
2,523 |
|
NBT Bancorp, Inc. |
|
|
37,845 |
|
1,332 |
2 |
National Discount Brokers Group, Inc. |
|
|
64,852 |
|
1,481 |
|
National Golf Properties, Inc. |
|
|
29,435 |
|
2,621 |
|
National Health Investors, Inc. |
|
|
16,381 |
|
1,882 |
|
National Penn Bancshares, Inc. |
|
|
39,992 |
|
648 |
2 |
National Processing, Inc. |
|
|
10,246 |
|
191 |
2 |
National Western Life Insurance Co., Class A |
|
|
16,903 |
|
4,901 |
|
Nationwide Health Properties, Inc. |
|
|
73,209 |
|
2,517 |
2 |
Net.B@nk, Inc. |
|
|
21,866 |
|
9,345 |
|
New Plan Excel Realty Trust |
|
|
115,060 |
|
3,468 |
2 |
NextCard, Inc. |
|
|
26,443 |
|
1,500 |
|
Northwest Bancorp, Inc. |
|
|
11,156 |
|
1,239 |
|
OceanFirst Financial Corp. |
|
|
25,942 |
|
3,805 |
2 |
Ocwen Financial Corp. |
|
|
22,354 |
|
6,419 |
|
Ohio Casualty Corp. |
|
|
53,960 |
|
939 |
|
Omega Financial Corp. |
|
|
27,114 |
|
1,184 |
|
Oriental Financial Group |
|
|
14,504 |
|
1,351 |
|
PFF Bancorp, Inc. |
|
|
24,993 |
|
1,466 |
2 |
PICO Holdings, Inc. |
|
|
18,875 |
|
1,819 |
|
PMA Capital Corp. |
|
|
29,786 |
|
2,429 |
|
PS Business Parks, Inc. |
|
|
63,761 |
|
2,638 |
|
Pacific Capital Bancorp |
|
|
70,566 |
|
1,954 |
|
Pacific Gulf Properties, Inc. |
|
|
51,903 |
|
1,514 |
|
Pacific Northwest Bancorp |
|
|
20,250 |
|
946 |
|
Pan Pacific Retail Properties, Inc. |
|
|
19,334 |
|
1,004 |
|
Park National Corp. |
|
|
96,007 |
|
1,040 |
|
Parkway Properties, Inc. |
|
|
29,770 |
|
1,269 |
|
Pennsylvania Real Estate Investment Trust |
|
|
21,811 |
|
2,925 |
|
Peoples Bank Bridgeport |
|
|
59,231 |
|
668 |
2 |
Philadelphia Consolidated Holding Corp. |
|
|
14,905 |
|
4,815 |
|
Phoenix Investment Partners Ltd. |
|
|
75,234 |
|
1,708 |
|
Premier National Bancorp, Inc. |
|
|
35,014 |
|
3,836 |
|
Prentiss Properties Trust |
|
|
97,339 |
|
2,153 |
|
Presidential Life Corp. |
|
|
31,353 |
|
1,005 |
|
Prime Group Realty Trust |
|
|
14,949 |
|
2,991 |
|
Provident Bankshares Corp. |
|
|
56,642 |
|
2,386 |
|
Provident Financial Group, Inc. |
|
|
72,176 |
|
1,772 |
|
Queens County Bancorp, Inc. |
|
|
49,616 |
|
1,115 |
|
R&G Financial Corp., Class B |
|
|
10,941 |
|
2,631 |
|
RFS Hotel Investors, Inc. |
|
|
33,874 |
|
855 |
|
RLI Corp. |
|
|
33,452 |
|
4,241 |
|
Raymond James Financial, Inc. |
|
|
143,399 |
|
2,843 |
|
Realty Income Corp. |
|
|
65,389 |
|
5,888 |
|
Reckson Associates Realty Corp. |
|
|
133,216 |
|
3,338 |
|
Regency Realty Corp. |
|
|
75,105 |
|
6,990 |
|
Reliance Group Holdings, Inc. |
|
|
437 |
|
4,805 |
|
Republic Bancorp, Inc. |
|
|
45,647 |
|
5,242 |
|
Republic Security Financial Corp. |
|
|
35,547 |
|
2,923 |
|
Richmond County Financial Corp. |
|
|
68,690 |
|
2,020 |
|
Riggs National Corp. |
|
|
22,725 |
|
1,278 |
2 |
Risk Capital Holdings, Inc. |
|
|
19,809 |
|
6,947 |
|
Roslyn Bancorp, Inc. |
|
|
150,663 |
|
2,871 |
|
S & T Bancorp, Inc. |
|
|
54,190 |
|
994 |
|
SCPIE Holdings, Inc. |
|
|
18,886 |
|
2,363 |
|
SL Green Realty Corp. |
|
|
63,358 |
|
381 |
|
SLM Corp. |
|
|
20,384 |
|
1,013 |
|
Sandy Spring Bancorp, Inc. |
|
|
22,413 |
|
889 |
|
Santander BanCorp |
|
|
13,557 |
|
1,129 |
|
Saul Centers, Inc. |
|
|
17,288 |
|
2,724 |
|
Seacoast Financial Services Corp. |
|
|
28,942 |
|
3,504 |
2 |
Security Capital Group, Inc. |
|
|
66,795 |
|
2,796 |
|
Selective Insurance Group, Inc. |
|
|
48,231 |
|
1,343 |
|
Senior Housing Properties Trust |
|
|
12,507 |
|
3,178 |
|
Shurgard Storage Centers, Inc., Class A |
|
|
72,101 |
|
4,524 |
2 |
Silicon Valley Bancshares |
|
|
209,235 |
|
9,034 |
|
Sky Financial Group, Inc. |
|
|
150,187 |
|
2,298 |
|
Smith (Charles E.) Residential Realty, Inc. |
|
|
101,112 |
|
4,598 |
|
South Financial Group, Inc. |
|
|
46,842 |
|
2,995 |
2 |
Southwest Bancorp. of Texas, Inc. |
|
|
109,317 |
|
1,711 |
|
Southwest Securities Group, Inc. |
|
|
48,336 |
|
1,255 |
|
Sovran Self Storage, Inc. |
|
|
23,688 |
|
3,420 |
|
StanCorp Financial Group, Inc. |
|
|
139,365 |
|
1,247 |
|
State Auto Financial Corp. |
|
|
16,834 |
|
3,903 |
|
Staten Island Bancorp, Inc. |
|
|
75,377 |
|
2,783 |
|
Sterling Bancshares, Inc. |
|
|
47,833 |
|
1,077 |
|
Stewart Information Services Corp. |
|
|
16,963 |
|
2,835 |
|
Storage USA, Inc. |
|
|
79,203 |
|
2,665 |
|
Summit Properties, Inc. |
|
|
63,960 |
|
1,866 |
|
Sun Communities, Inc. |
|
|
56,680 |
|
4,139 |
|
Susquehanna Bankshares, Inc. |
|
|
58,463 |
|
595 |
|
Tanger Factory Outlet Centers, Inc. |
|
|
12,495 |
|
3,646 |
|
Taubman Centers, Inc. |
|
|
39,878 |
|
1,583 |
|
Texas Regional Bancshares, Inc., Class A |
|
|
47,292 |
|
1,745 |
|
The Trust Company of New Jersey |
|
|
25,084 |
|
1,716 |
|
Town & Country Trust |
|
|
31,746 |
|
1,467 |
2 |
Triad Guaranty, Inc. |
|
|
42,635 |
|
6,602 |
|
Trustco Bank Corp. |
|
|
79,223 |
|
6,551 |
|
Trustmark Corp. |
|
|
124,469 |
|
1,765 |
|
Tucker Anthony Sutro Corp. |
|
|
40,816 |
|
990 |
|
UCBH Holdings, Inc. |
|
|
36,011 |
|
3,958 |
2 |
UICI |
|
|
29,438 |
|
1,729 |
|
UMB Financial Corp. |
|
|
58,570 |
|
1,092 |
|
USB Holdings Co., Inc. |
|
|
13,582 |
|
3,689 |
|
United Bankshares, Inc. |
|
|
71,935 |
|
3,572 |
|
United Community Financial Corp. |
|
|
25,004 |
|
11,020 |
|
United Dominion Realty Trust, Inc. |
|
|
115,710 |
|
1,616 |
|
United National Bancorp |
|
|
28,684 |
|
1,075 |
|
Urban Shopping Centers, Inc. |
|
|
51,533 |
|
174 |
|
Value Line, Inc. |
|
|
6,068 |
|
6,425 |
2 |
Ventas, Inc. |
|
|
32,125 |
|
2,931 |
|
W Holding Co., Inc. |
|
|
27,112 |
|
961 |
|
WFS Financial, Inc. |
|
|
15,136 |
|
5,504 |
|
Washington Federal, Inc. |
|
|
122,808 |
|
3,802 |
|
Washington Real Estate Investment Trust |
|
|
76,040 |
|
5,360 |
|
Webster Financial Corp. Waterbury |
|
|
130,650 |
|
2,846 |
|
Weingarten Realty Investors |
|
|
119,354 |
|
2,035 |
|
Wesbanco, Inc. |
|
|
47,187 |
|
3,953 |
|
WestAmerica Bancorporation |
|
|
142,061 |
|
1,047 |
|
Westcorp, Inc. |
|
|
16,229 |
|
1,847 |
|
Western Properties Trust |
|
|
23,434 |
|
3,051 |
|
Westfield America, Inc. |
|
|
42,714 |
|
2,451 |
|
Whitney Holding Corp. |
|
|
90,534 |
|
7,743 |
2 |
Wit Soundview Group, Inc. |
|
|
55,169 |
|
16,023 |
2 |
Wyndham International, Inc., Class A |
|
|
26,037 |
|
979 |
|
Zenith National Insurance Corp. |
|
|
22,272 |
|
579 |
2 |
ePlus, Inc. |
|
|
8,459 |
|
|
|||||
|
|
|
TOTAL |
|
|
18,130,545 |
|
|
|||||
|
|
|
Health Care--11.6% |
|
|
|
|
2,256 |
|
ADAC Laboratories |
|
|
29,328 |
|
2,312 |
2 |
ATS Medical, Inc. |
|
|
42,339 |
|
1,594 |
2 |
Abiomed, Inc. |
|
|
46,226 |
|
1,219 |
2 |
Accredo Health, Inc. |
|
|
52,722 |
|
2,176 |
2 |
Acuson Corp. |
|
|
49,640 |
|
1,993 |
2 |
Advance Paradigm, Inc. |
|
|
97,408 |
|
6,397 |
2 |
Advanced Tissue Sciences, Inc., Class A |
|
|
45,579 |
|
1,794 |
2 |
Albany Molecular Research, Inc. |
|
|
104,276 |
|
1,303 |
2 |
Alexion Pharmaceuticals, Inc. |
|
|
134,698 |
|
5,383 |
2 |
Alliance Pharmaceutical Corp. |
|
|
76,035 |
|
552 |
2 |
Allos Therapeutics, Inc. |
|
|
5,934 |
|
2,645 |
|
Alpharma, Inc., Class A |
|
|
102,659 |
|
2,355 |
2 |
AmeriPath, Inc. |
|
|
42,243 |
|
2,121 |
2 |
American Superconductor Corp. |
|
|
101,278 |
|
6,020 |
2 |
Amylin Pharmaceuticals, Inc. |
|
|
60,953 |
|
434 |
2 |
Antigenics, Inc. |
|
|
6,483 |
|
1,493 |
2 |
Aphton Corp. |
|
|
44,790 |
|
4,156 |
2 |
Apria Healthcare Group, Inc. |
|
|
83,120 |
|
1,956 |
2 |
Aradigm Corp. |
|
|
43,277 |
|
2,502 |
2 |
Ariad Pharmaceutiacals, Inc. |
|
|
22,831 |
|
1,187 |
|
Arrow International, Inc. |
|
|
47,851 |
|
2,062 |
2 |
Arthrocare Corp. |
|
|
46,782 |
|
410 |
2 |
Aspect Medical Systems, Inc. |
|
|
3,639 |
|
5,263 |
2 |
Avant Immunotherapeutics, Inc. |
|
|
44,407 |
|
1,575 |
2 |
Avigen, Inc. |
|
|
61,031 |
|
1,934 |
2 |
Aviron |
|
|
126,435 |
|
529 |
2 |
Bacou U.S.A., Inc. |
|
|
13,225 |
|
2,202 |
2 |
Barr Laboratories, Inc. |
|
|
139,001 |
|
10,746 |
2 |
Beverly Enterprises, Inc. |
|
|
53,730 |
|
5,857 |
2 |
Bio-Technology General Corp. |
|
|
61,499 |
|
1,315 |
2 |
BioCryst Pharmaceuticals, Inc. |
|
|
11,999 |
|
1,794 |
2 |
BioMarin Pharmaceutical, Inc. |
|
|
23,322 |
|
1,602 |
2 |
Biomatrix, Inc. |
|
|
30,638 |
|
1,481 |
2 |
Biopure Corp. |
|
|
30,453 |
|
1,503 |
2 |
Biosite Diagnostics, Inc. |
|
|
33,066 |
|
753 |
2 |
Bone Care International, Inc. |
|
|
18,543 |
|
1,568 |
2 |
CONMED Corp. |
|
|
23,030 |
|
1,657 |
2 |
CV Therapeutics, Inc. |
|
|
130,489 |
|
2,971 |
2 |
CardioDynamics International Corp. |
|
|
15,598 |
|
3,278 |
2 |
Catalytica, Inc. |
|
|
44,048 |
|
3,590 |
2 |
Cell Genesys, Inc. |
|
|
82,794 |
|
2,318 |
2 |
Cell Pathways, Inc. |
|
|
17,675 |
|
3,106 |
2 |
Cell Therapeutics, Inc. |
|
|
207,762 |
|
5,230 |
2 |
Celsion Corp. |
|
|
10,460 |
|
952 |
2 |
Cerus Corp. |
|
|
53,193 |
|
704 |
2 |
Closure Medical Corp. |
|
|
17,072 |
|
795 |
2 |
Collateral Therapeutics, Inc. |
|
|
20,099 |
|
2,588 |
2 |
Columbia Laboratories, Inc. |
|
|
15,852 |
|
3,193 |
2 |
Connetics Corp. |
|
|
16,713 |
|
1,543 |
|
Cooper Companies, Inc. |
|
|
55,162 |
|
2,203 |
2 |
Corixa Corp. |
|
|
98,034 |
|
1,823 |
2 |
Coulter Pharmaceutical, Inc. |
|
|
69,844 |
|
6,143 |
2 |
Covance, Inc. |
|
|
52,983 |
|
6,275 |
2 |
Coventry Health Care, Inc. |
|
|
114,519 |
|
1,109 |
2 |
Cryolife, Inc. |
|
|
44,152 |
|
2,938 |
2 |
Cubist Pharmaceuticals, Inc. |
|
|
126,242 |
|
2,651 |
2 |
CuraGen Corp. |
|
|
171,321 |
|
1,798 |
2 |
Cyberonics, Inc. |
|
|
41,804 |
|
2,481 |
2 |
Cygnus, Inc. |
|
|
22,174 |
|
7,727 |
2 |
Cytogen Corp. |
|
|
44,430 |
|
1,490 |
2 |
DUSA Pharmaceuticals, Inc. |
|
|
38,926 |
|
7,771 |
2 |
DaVita, Inc. |
|
|
87,424 |
|
1,259 |
|
Datascope Corp. |
|
|
43,593 |
|
1,168 |
|
Diagnostic Products Corp. |
|
|
53,290 |
|
2,618 |
2 |
Diametrics Medical, Inc. |
|
|
21,599 |
|
1,096 |
2 |
Digene Corp. |
|
|
35,569 |
|
4,723 |
2 |
Dura Pharmaceuticals, Inc. |
|
|
162,648 |
|
6,247 |
2 |
Edwards Lifesciences Corp. |
|
|
83,944 |
|
1,558 |
2 |
Emisphere Technologies, Inc. |
|
|
39,437 |
|
1,051 |
2 |
Endocare, Inc. |
|
|
18,590 |
|
1,553 |
2 |
Entremed, Inc. |
|
|
48,337 |
|
2,424 |
2 |
Enzo Biochem, Inc. |
|
|
93,324 |
|
4,365 |
2 |
Enzon, Inc. |
|
|
311,006 |
|
1,055 |
2 |
Exelixis, Inc. |
|
|
23,276 |
|
11,047 |
2 |
Foundation Health Systems, Inc., Class A |
|
|
223,011 |
|
1,120 |
2 |
Fuelcell Energy, Inc. |
|
|
85,750 |
|
1,789 |
2 |
Geltex Pharmaceuticals, Inc. |
|
|
88,779 |
|
2,723 |
2 |
Gene Logic, Inc. |
|
|
59,395 |
|
2,361 |
2 |
Genome Therapeutics Corp. |
|
|
35,267 |
|
1,947 |
2 |
Genta, Inc. |
|
|
15,698 |
|
1,800 |
2 |
Gentiva Health Services, Inc. |
|
|
21,263 |
|
1,971 |
2 |
Genzyme Transgenics Corp. |
|
|
42,253 |
|
2,340 |
2 |
Geron Corp. |
|
|
54,990 |
|
1,000 |
2 |
Gliatech, Inc. |
|
|
6,438 |
|
2,530 |
2 |
Guilford Pharmaceuticals, Inc. |
|
|
62,459 |
|
2,664 |
2 |
Haemonetics Corp. |
|
|
62,604 |
|
6,958 |
|
Hooper Holmes, Inc. |
|
|
66,031 |
|
16,691 |
2 |
Humana, Inc. |
|
|
202,378 |
|
1,033 |
2 |
Hyseq, Inc. |
|
|
30,022 |
|
1,736 |
2 |
I-Stat Corp. |
|
|
34,069 |
|
3,676 |
2 |
IDEXX Laboratories, Inc. |
|
|
88,224 |
|
1,325 |
2 |
INAMED Corp. |
|
|
37,100 |
|
2,675 |
2 |
Ilex Oncology, Inc. |
|
|
96,969 |
|
9,943 |
2 |
Imatron, Inc. |
|
|
21,440 |
|
2,546 |
2 |
Immune Response Corp. |
|
|
15,435 |
|
3,645 |
2 |
Immunogen, Inc. |
|
|
125,297 |
|
3,363 |
2 |
Immunomedics, Inc. |
|
|
77,769 |
|
1,664 |
2 |
Impath, Inc. |
|
|
125,840 |
|
3,468 |
2 |
Inhale Therapeutic Systems, Inc. |
|
|
172,533 |
|
748 |
2 |
Intermune Pharmaceuticals, Inc. |
|
|
37,400 |
|
817 |
2 |
IntraBiotics Pharmaceuticals, Inc. |
|
|
12,153 |
|
2,563 |
|
Invacare Corp. |
|
|
73,046 |
|
3,497 |
2 |
Invitrogen Corp. |
|
|
265,991 |
|
4,078 |
2 |
Isis Pharmaceuticals, Inc. |
|
|
42,054 |
|
1,946 |
2 |
KV Pharmaceutical Co., Class B |
|
|
75,894 |
|
1,078 |
2 |
Kos Pharmaceuticals, Inc. |
|
|
21,358 |
|
1,828 |
2 |
Laboratory Corporation of America Holdings |
|
|
246,552 |
|
1,050 |
2 |
Lexicon Genetics, Inc. |
|
|
21,263 |
|
3,381 |
2 |
LifePoint Hospitals, Inc. |
|
|
131,014 |
|
5,653 |
2 |
Ligand Pharmaceuticals, Inc., Class B |
|
|
84,088 |
|
4,391 |
2 |
Lincare Holdings, Inc. |
|
|
184,696 |
|
1,040 |
2 |
Lynx Therapeutic, Inc. |
|
|
18,200 |
|
1,762 |
2 |
MGI PHARMA, Inc. |
|
|
49,336 |
|
8,553 |
2 |
Manor Care, Inc. |
|
|
142,728 |
|
1,866 |
2 |
Martek Biosciences Corp. |
|
|
40,119 |
|
2,693 |
2 |
Matrix Pharmaceuticals, Inc. |
|
|
38,712 |
|
2,409 |
2 |
Maxim Pharmaceuticals, Inc. |
|
|
106,899 |
|
1,179 |
2 |
Maximus, Inc. |
|
|
28,959 |
|
807 |
2 |
Maxygen, Inc. |
|
|
32,482 |
|
3,052 |
2 |
Medicis Pharmaceutical Corp., Class A |
|
|
224,704 |
|
2,288 |
|
Mentor Corp. |
|
|
40,326 |
|
1,214 |
2 |
Microvision, Inc. |
|
|
41,352 |
|
4,619 |
2 |
Mid Atlantic Medical Services, Inc. |
|
|
78,523 |
|
992 |
|
Mine Safety Appliances Co. |
|
|
20,832 |
|
1,524 |
2 |
Miravant Medical Technologies |
|
|
23,051 |
|
2,046 |
2 |
Myriad Genetics, Inc. |
|
|
245,520 |
|
3,803 |
2 |
NABI, Inc. |
|
|
23,234 |
|
2,272 |
2 |
NEORX Corp. |
|
|
36,920 |
|
2,139 |
2 |
NPS Pharmaceuticals, Inc. |
|
|
91,710 |
|
1,566 |
2 |
Nanogen, Inc. |
|
|
24,273 |
|
1,231 |
2 |
Neose Technologies, Inc. |
|
|
44,547 |
|
2,118 |
2 |
Neurocrine Biosciences, Inc. |
|
|
82,073 |
|
1,483 |
2 |
Neurogen Corp. |
|
|
46,622 |
|
812 |
2 |
Nexell Therapeutics, Inc. |
|
|
5,798 |
|
2,001 |
2 |
Noven Pharmaceuticals, Inc. |
|
|
89,170 |
|
1,749 |
2 |
Novoste Corp. |
|
|
44,162 |
|
519 |
2 |
ORATEC Interventions, Inc. |
|
|
5,190 |
|
2,526 |
2 |
OSI Pharmaceuticals, Inc. |
|
|
181,872 |
|
2,439 |
2 |
Oakley, Inc. |
|
|
51,219 |
|
1,717 |
2 |
Ocular Sciences, Inc. |
|
|
21,248 |
|
9,773 |
|
Omnicare, Inc. |
|
|
171,028 |
|
672 |
2 |
Orchid Biosciences, Inc. |
|
|
13,734 |
|
3,624 |
2 |
Organogenesis, Inc. |
|
|
45,445 |
|
4,374 |
2 |
Orthodontic Centers of America, Inc. |
|
|
145,982 |
|
545 |
2 |
Paradigm Genetics, Inc. |
|
|
8,652 |
|
2,605 |
2 |
Parexel International Corp. |
|
|
22,794 |
|
1,960 |
2 |
Pharmaceutical Product Development, Inc. |
|
|
61,373 |
|
1,720 |
2 |
Pharmacyclics, Inc. |
|
|
92,558 |
|
1,017 |
2 |
Photogen Technologies, Inc. |
|
|
4,577 |
|
861 |
2 |
Praecis Pharmaceuticals, Inc. |
|
|
21,848 |
|
3,227 |
2 |
Province Heathcare Co. |
|
|
135,937 |
|
7,627 |
2 |
Quorum Health Group, Inc. |
|
|
102,011 |
|
2,012 |
2 |
Regeneron Pharmaceuticals, Inc. |
|
|
53,821 |
|
1,399 |
2 |
RehabCare Group, Inc. |
|
|
60,419 |
|
4,799 |
2 |
Renal Care Group, Inc. |
|
|
112,777 |
|
2,044 |
2 |
Res-Care, Inc. |
|
|
11,242 |
|
3,332 |
2 |
ResMed, Inc. |
|
|
84,966 |
|
1,056 |
2 |
Research Frontiers, Inc. |
|
|
20,328 |
|
3,542 |
2 |
Respironics, Inc. |
|
|
69,512 |
|
950 |
2 |
Ribozyme Pharmaceuticals, Inc. |
|
|
20,128 |
|
436 |
2 |
RightCHOICE Managed Care, Inc., Class A |
|
|
12,045 |
|
4,719 |
2 |
SICOR, Inc. |
|
|
60,462 |
|
1,703 |
2 |
SangStat Medical Corp. |
|
|
17,030 |
|
3,391 |
2 |
SciClone Pharmaceuticals, Inc. |
|
|
27,340 |
|
406 |
2 |
Sonic Innovations, Inc. |
|
|
1,954 |
|
987 |
2 |
SonoSight, Inc. |
|
|
12,584 |
|
1,325 |
2 |
Staar Surgical Co. |
|
|
20,869 |
|
7,226 |
2 |
Steris Corp. |
|
|
108,390 |
|
5,119 |
2 |
Sunrise Technologies International, Inc. |
|
|
36,953 |
|
2,726 |
2 |
SuperGen, Inc. |
|
|
35,097 |
|
1,861 |
2 |
Superconductor Technologies, Inc. |
|
|
18,843 |
|
2,201 |
2 |
Symyx Technologies, Inc. |
|
|
103,860 |
|
2,000 |
2 |
Syncor International Corp. |
|
|
51,375 |
|
3,499 |
2 |
Syntroleum Corp. |
|
|
68,231 |
|
2,834 |
2 |
Targeted Genetics Corp. |
|
|
28,340 |
|
8,913 |
2 |
Techniclone Corp. |
|
|
21,447 |
|
4,384 |
2 |
Texas Biotechnology Corp. |
|
|
64,664 |
|
2,793 |
2 |
Theragenics Corp. |
|
|
13,092 |
|
1,669 |
2 |
Thermo Cardiosystems, Inc. |
|
|
13,665 |
|
1,620 |
2 |
Thoratec Laboratories Corp. |
|
|
19,744 |
|
2,487 |
2 |
Titan Pharmaceuticals, Inc. |
|
|
104,653 |
|
2,103 |
2 |
Transkaryotic Therapies, Inc. |
|
|
78,337 |
|
3,639 |
2 |
Triad Hospitals, Inc. |
|
|
100,982 |
|
3,515 |
2 |
Triangle Pharmaceuticals, Inc. |
|
|
29,548 |
|
1,690 |
2 |
Trimeris, Inc. |
|
|
119,568 |
|
1,145 |
2 |
Tularik, Inc. |
|
|
36,354 |
|
2,232 |
2 |
Twinlab Corp. |
|
|
11,718 |
|
7,754 |
2 |
US Oncology, Inc. |
|
|
41,678 |
|
1,573 |
|
United Therapeutics Corp. |
|
|
84,156 |
|
5,643 |
2 |
VISX, Inc. |
|
|
120,972 |
|
3,165 |
2 |
Valentis, Inc. |
|
|
27,298 |
|
3,373 |
|
Varian Medical Systems, Inc. |
|
|
164,855 |
|
5,328 |
2 |
Vasomedical, Inc. |
|
|
20,313 |
|
858 |
2 |
VaxGen, Inc. |
|
|
23,541 |
|
1,074 |
2 |
Ventana Medical Systems, Inc. |
|
|
28,193 |
|
2,087 |
2 |
Vical, Inc. |
|
|
44,349 |
|
601 |
|
Vital Signs, Inc. |
|
|
18,706 |
|
3,467 |
2 |
Vivus, Inc. |
|
|
11,268 |
|
894 |
2 |
Zoll Medical Corp. |
|
|
44,309 |
|
|
|||||
|
|
|
TOTAL |
|
|
12,526,072 |
|
|
|||||
|
|
|
Technology--17.2% |
|
|
|
|
2,462 |
2 |
24/7 Media, Inc. |
|
|
12,772 |
|
3,525 |
2 |
3DFX Interactive, Inc. |
|
|
14,981 |
|
2,824 |
2 |
3DO Co. |
|
|
8,649 |
|
3,465 |
2 |
ACTV, Inc. |
|
|
34,109 |
|
667 |
2 |
AGENCY.COM, Inc. |
|
|
7,004 |
|
2,658 |
2 |
AVT Corp. |
|
|
16,696 |
|
1,963 |
2 |
AXT, Inc. |
|
|
75,576 |
|
1,497 |
2 |
About.com, Inc. |
|
|
35,928 |
|
2,546 |
2 |
Accrue Software, Inc. |
|
|
11,775 |
|
1,061 |
2 |
Aclara Biosciences, Inc. |
|
|
18,965 |
|
2,351 |
2 |
Actel Corp. |
|
|
86,105 |
|
6,062 |
2 |
Actuate Software Corp. |
|
|
170,873 |
|
3,964 |
2 |
Adaptive Broadband Corp. |
|
|
63,672 |
|
1,010 |
2 |
Ade Corp. |
|
|
18,054 |
|
1,003 |
2 |
Adept Technology, Inc. |
|
|
27,959 |
|
5,494 |
2 |
Advanced Digital Information Corp. |
|
|
71,422 |
|
979 |
2 |
Advantage Learning Systems, Inc. |
|
|
29,064 |
|
2,769 |
2 |
Advent Software, Inc. |
|
|
165,621 |
|
3,047 |
2 |
Aeroflex, Inc. |
|
|
181,297 |
|
628 |
2 |
Airnet Communications Corp. |
|
|
9,557 |
|
2,455 |
2 |
Allaire Corp. |
|
|
17,952 |
|
2,958 |
2 |
Allen Telecom, Inc. |
|
|
55,278 |
|
2,688 |
2 |
Alliance Semiconductor Corp. |
|
|
53,760 |
|
3,133 |
2 |
Anadigics, Inc. |
|
|
70,101 |
|
695 |
|
Analogic Corp. |
|
|
24,542 |
|
2,171 |
|
Analysts International Corp. |
|
|
13,569 |
|
2,330 |
2 |
Anixter International, Inc. |
|
|
56,503 |
|
3,560 |
2 |
AnswerThink Consulting Group, Inc. |
|
|
58,295 |
|
1,258 |
2 |
Aperian, Inc. |
|
|
4,403 |
|
1 |
2 |
Applied Micro Circuits Corp. |
|
|
110 |
|
1,080 |
2 |
Applied Science & Technology, Inc. |
|
|
15,525 |
|
708 |
2 |
AppliedTheory Corp. |
|
|
3,363 |
|
1,036 |
2 |
AremisSoft Corp. |
|
|
44,289 |
|
2,157 |
2 |
Ask Jeeves, Inc. |
|
|
28,041 |
|
3,179 |
2 |
Aspen Technology, Inc. |
|
|
131,332 |
|
3,448 |
2 |
Asyst Technologies, Inc. |
|
|
51,720 |
|
1,698 |
2 |
Audiovox Corp., Class A |
|
|
23,241 |
|
2,173 |
2 |
Aurora Bioscences, Inc. |
|
|
132,417 |
|
4,212 |
2 |
Avant! Corp. |
|
|
70,814 |
|
2,497 |
2 |
Avid Technology, Inc. |
|
|
34,646 |
|
4,594 |
2 |
Avocent Corp. |
|
|
325,887 |
|
1,786 |
2 |
Aware, Inc. |
|
|
55,254 |
|
3,040 |
2 |
Axent Technologies, Inc. |
|
|
58,330 |
|
1,166 |
2 |
BARRA, Inc. |
|
|
71,272 |
|
1,278 |
2 |
BSQUAR Corp. |
|
|
19,969 |
|
2,518 |
2 |
Be Free, Inc. |
|
|
9,915 |
|
1,616 |
2 |
Bell & Howell Co. |
|
|
30,704 |
|
4,530 |
2 |
Billing Information Concepts Corp. |
|
|
13,590 |
|
4,023 |
2 |
BindView Development Corp. |
|
|
31,430 |
|
870 |
2 |
Bio Rad Laboratories, Inc., Class A |
|
|
26,013 |
|
1,445 |
2 |
Bluestone Software, Inc. |
|
|
31,068 |
|
891 |
2 |
Bottomline Technologies, Inc. |
|
|
31,241 |
|
1,357 |
2 |
Breakaway Solutions, Inc. |
|
|
7,803 |
|
5,533 |
2 |
Brightpoint, Inc. |
|
|
36,829 |
|
1,397 |
2 |
Brio Technology, Inc. |
|
|
11,438 |
|
3,362 |
2 |
Broadbase Software, Inc. |
|
|
36,142 |
|
105 |
|
Brokat Aktiengesellschaft sponsored ADR |
|
|
2,205 |
|
1,784 |
2 |
Brooks Automation, Inc. |
|
|
47,276 |
|
1,263 |
2 |
Brooktrout Technology, Inc. |
|
|
18,235 |
|
466 |
2 |
C-Bridge Internet Solutions, Inc. |
|
|
6,874 |
|
4,764 |
2 |
C-Cube Microsystems, Inc. |
|
|
92,898 |
|
1,054 |
2 |
CACI International, Inc., Class A |
|
|
21,739 |
|
675 |
2 |
CAIS Internet, Inc. |
|
|
2,848 |
|
2,420 |
2 |
CCC Information Service Group, Inc. |
|
|
16,638 |
|
1,698 |
2 |
CTC Communications Group, Inc. |
|
|
16,396 |
|
4,619 |
2 |
Cable Design Technologies, Class A |
|
|
106,526 |
|
547 |
2 |
Caldera Systems, Inc. |
|
|
1,915 |
|
1,847 |
2 |
Calico Commerce, Inc. |
|
|
5,656 |
|
1,438 |
2 |
California Amplifier, Inc. |
|
|
35,950 |
|
520 |
2 |
Caliper Technologies Corp. |
|
|
29,315 |
|
5,684 |
2 |
Cambridge Technology Partners, Inc. |
|
|
22,026 |
|
498 |
2 |
Caminus Corp. |
|
|
15,687 |
|
1,028 |
2 |
Carreker-Antinori, Inc. |
|
|
19,018 |
|
1,015 |
2 |
Carrier Access Corp. |
|
|
12,688 |
|
1,291 |
2 |
Celeritek, Inc. |
|
|
42,684 |
|
827 |
2 |
Centennial Cellular Corp., Class A |
|
|
16,127 |
|
467 |
2 |
Centillium Communications, Inc. |
|
|
17,739 |
|
7,859 |
2 |
Century Business Services, Inc. |
|
|
8,841 |
|
507 |
|
Chordiant Software, Inc. |
|
|
3,090 |
|
1,550 |
2 |
ChromaVision Medical Systems, Inc. |
|
|
7,363 |
|
4,880 |
2 |
Ciber, Inc. |
|
|
38,125 |
|
5,982 |
2 |
Cirrus Logic, Inc. |
|
|
257,974 |
|
2,333 |
2 |
Clarent Corp. |
|
|
72,469 |
|
1,640 |
2 |
Clarus Corp. |
|
|
16,400 |
|
974 |
2 |
Click2learn.com, Inc. |
|
|
14,123 |
|
1,245 |
2 |
CoStar Group, Inc. |
|
|
38,906 |
|
2,253 |
2 |
Cobalt Networks, Inc. |
|
|
124,197 |
|
675 |
2 |
Cognizant Technology Solutions Corp. |
|
|
27,675 |
|
2,844 |
2 |
Coherent, Inc. |
|
|
99,007 |
|
2,382 |
2 |
Com21, Inc. |
|
|
25,755 |
|
2,567 |
2 |
Complete Business Solutions, Inc. |
|
|
26,633 |
|
2,583 |
2 |
Computer Network Technology |
|
|
78,499 |
|
2,277 |
2 |
Concord Camera Corp. |
|
|
70,445 |
|
1,750 |
2 |
Concord Communications, Inc. |
|
|
13,563 |
|
5,742 |
2 |
Concurrent Computer Corp. |
|
|
101,203 |
|
1,327 |
|
Convergent Communication, Inc. |
|
|
5,640 |
|
380 |
2 |
Coolsavings.com, Inc. |
|
|
499 |
|
454 |
2 |
Corillian Corp. |
|
|
6,470 |
|
1,881 |
2 |
Corsair Communications, Inc. |
|
|
11,404 |
|
954 |
2 |
Crossroads Systems, Inc. |
|
|
6,618 |
|
741 |
2 |
Cyberoptics Corp. |
|
|
17,414 |
|
2,000 |
2 |
Cybersource Corp. |
|
|
11,000 |
|
2,278 |
2 |
Cylink Corp. |
|
|
9,610 |
|
3,064 |
2 |
Cymer, Inc. |
|
|
76,600 |
|
702 |
2 |
Cysive, Inc. |
|
|
5,572 |
|
1,102 |
2 |
DSET Corp. |
|
|
6,268 |
|
3,008 |
2 |
DSL.net, Inc. |
|
|
7,896 |
|
2,818 |
2 |
DSP Group, Inc. |
|
|
79,961 |
|
1,030 |
2 |
Daleen Technolgies, Inc. |
|
|
10,268 |
|
1,290 |
2 |
Data Return Corp. |
|
|
14,835 |
|
1,746 |
2 |
Datastream Systems, Inc. |
|
|
21,389 |
|
1,080 |
2 |
Davox Corp. |
|
|
10,530 |
|
905 |
2 |
Deltek Systems, Inc. |
|
|
5,996 |
|
3,283 |
2 |
Dendrite International, Inc. |
|
|
71,405 |
|
883 |
2 |
Digimarc Corp. |
|
|
13,190 |
|
2,996 |
2 |
Digital Courier Technologies, Inc. |
|
|
8,707 |
|
2,190 |
2 |
Digital Insight Corp. |
|
|
42,294 |
|
2,034 |
2 |
Digital River, Inc. |
|
|
13,285 |
|
1,709 |
2 |
Documentum, Inc. |
|
|
145,265 |
|
1,156 |
2 |
Dot Hill Systems Corp. |
|
|
3,974 |
|
2,590 |
2 |
EMCORE Corp. |
|
|
106,190 |
|
2,984 |
2 |
ESS Technology, Inc. |
|
|
46,252 |
|
3,894 |
2 |
Eclipsys Corp. |
|
|
96,133 |
|
2,261 |
2 |
Elantec Semiconductor, Inc. |
|
|
251,536 |
|
964 |
2 |
Electric Lightwave, Inc., Class A |
|
|
5,543 |
|
2,166 |
2 |
Electroglas, Inc. |
|
|
30,459 |
|
489 |
2 |
Embarcadero Technologies, Inc. |
|
|
29,554 |
|
726 |
2 |
Emerg Interactive, Inc., Class A |
|
|
8,122 |
|
2,520 |
2 |
Epresence, Inc. |
|
|
17,798 |
|
484 |
2 |
Eprise Corp. |
|
|
1,452 |
|
4,044 |
2 |
Exar Corp. |
|
|
180,716 |
|
1,245 |
2 |
Excalibur Technologies Corp. |
|
|
73,299 |
|
3,332 |
2 |
Exchange Applications, Inc. |
|
|
10,673 |
|
796 |
2 |
Extended Systems, Inc. |
|
|
31,044 |
|
491 |
2 |
Extensity, Inc. |
|
|
6,260 |
|
1,796 |
2 |
F5 Networks, Inc. |
|
|
55,676 |
|
1,531 |
2 |
FEI Co. |
|
|
36,266 |
|
2,690 |
2 |
FSI International, Inc. |
|
|
25,051 |
|
2,115 |
|
FactSet Research Systems |
|
|
80,095 |
|
1,183 |
|
Fair Isaac & Co., Inc. |
|
|
48,503 |
|
3,637 |
2 |
Filenet Corp. |
|
|
96,381 |
|
564 |
2 |
Firepond, Inc. |
|
|
4,512 |
|
1,950 |
2 |
First Consulting Group, Inc. |
|
|
13,041 |
|
4,165 |
2 |
Futurelink Corp. |
|
|
7,549 |
|
516 |
2 |
GRIC Communications, Inc. |
|
|
2,580 |
|
1,086 |
|
Gadzoox Networks, Inc. |
|
|
4,005 |
|
1,443 |
2 |
Gasonics International Corp. |
|
|
29,491 |
|
2,862 |
2 |
GenRad, Inc. |
|
|
26,116 |
|
3,757 |
2 |
General Semiconductor, Inc. |
|
|
42,971 |
|
108 |
2 |
Genomic Solutions, Inc. |
|
|
1,512 |
|
1,547 |
2 |
Geoworks Corp. |
|
|
7,590 |
|
2,064 |
|
Gerber Scientific, Inc. |
|
|
16,512 |
|
6,815 |
2 |
Glenayre Technologies, Inc. |
|
|
56,224 |
|
1,887 |
2 |
Globix Corp. |
|
|
19,106 |
|
1,144 |
2 |
GoAmerica, Inc. |
|
|
11,941 |
|
2,744 |
2 |
GoTo.com, Inc. |
|
|
38,931 |
|
1,365 |
2 |
Great Plains Software, Inc. |
|
|
53,150 |
|
3,475 |
2 |
HNC Software |
|
|
70,586 |
|
2,351 |
|
Helix Technology Corp. |
|
|
65,534 |
|
750 |
2 |
Hi/fn, Inc. |
|
|
46,313 |
|
3,416 |
2 |
High Speed Access Corp. |
|
|
10,035 |
|
1,920 |
2 |
HotJobs.com Ltd. |
|
|
30,000 |
|
2,660 |
2 |
Hutchinson Technology, Inc. |
|
|
58,354 |
|
3,492 |
2 |
Hyperion Solutions Corp. |
|
|
48,888 |
|
890 |
2 |
IBIS Technology Corp. |
|
|
33,709 |
|
1,651 |
2 |
IDX Systems Corp. |
|
|
52,832 |
|
974 |
2 |
II-VI, Inc. |
|
|
20,150 |
|
1,232 |
2 |
IMPSAT Fiber Networks, Inc. |
|
|
14,784 |
|
2,275 |
2 |
IMRglobal Corp. |
|
|
18,769 |
|
544 |
2 |
IXYS Corp. |
|
|
13,770 |
|
2,864 |
2 |
Identix, Inc. |
|
|
41,242 |
|
15,514 |
|
Ikon Office Solutions, Inc. |
|
|
50,421 |
|
3,803 |
2 |
Imation Corp. |
|
|
75,347 |
|
1,404 |
2 |
Immersion Corp. |
|
|
13,865 |
|
3,997 |
2 |
InFocus Corp. |
|
|
176,617 |
|
1,497 |
2 |
Indus International, Inc. |
|
|
6,082 |
|
2,770 |
2 |
Informatica Corp. |
|
|
261,765 |
|
2,258 |
2 |
Information Architects Corp. |
|
|
8,468 |
|
179 |
2 |
Inforte Corp. |
|
|
5,482 |
|
5,820 |
2 |
Inprise Corp. |
|
|
37,103 |
|
1,309 |
2 |
Integrated Circuit System, Inc. |
|
|
17,835 |
|
2,765 |
2 |
Integrated Silicon Solution, Inc. |
|
|
36,982 |
|
8,111 |
2 |
Intelect Communications, Inc. |
|
|
9,125 |
|
2,180 |
|
Inter-Tel, Inc. |
|
|
25,206 |
|
510 |
2 |
Interactive Intelligence, Inc. |
|
|
18,615 |
|
4,687 |
2 |
Intergraph Corp. |
|
|
29,294 |
|
5,116 |
2 |
Interliant, Inc. |
|
|
30,696 |
|
955 |
|
Interlink Electronics, Inc. |
|
|
21,368 |
|
913 |
2 |
Interlogix, Inc. |
|
|
11,241 |
|
5,101 |
2 |
Internet Pictures Corp. |
|
|
10,919 |
|
1,165 |
2 |
Internet.com Corp. |
|
|
24,247 |
|
6,806 |
2 |
Intertrust Technologies Corp. |
|
|
68,060 |
|
3,454 |
2 |
Intervoice, Inc. |
|
|
33,784 |
|
2,042 |
2 |
Interworld Corp. |
|
|
4,467 |
|
3,720 |
2 |
Interwoven, Inc. |
|
|
374,790 |
|
1,774 |
2 |
IntraNet Solutions, Inc. |
|
|
82,491 |
|
1,660 |
2 |
Intraware, Inc. |
|
|
12,139 |
|
1,633 |
2 |
Intrusion.com, Inc. |
|
|
16,738 |
|
28,863 |
2 |
Iomega Corp. |
|
|
141,717 |
|
5,870 |
2 |
J.D. Edwards & Co. |
|
|
151,886 |
|
2,193 |
2 |
JDA Software Group, Inc. |
|
|
33,032 |
|
678 |
2 |
JNI Corp. |
|
|
60,384 |
|
2,046 |
2 |
Juno Online Services, Inc. |
|
|
5,435 |
|
956 |
|
Keithley Instruments, Inc. |
|
|
51,146 |
|
2,999 |
2 |
Kent Electronics Corp. |
|
|
55,856 |
|
1,718 |
2 |
Keynote Systems, Inc. |
|
|
41,232 |
|
1,318 |
2 |
Kronos, Inc. |
|
|
48,025 |
|
5,094 |
2 |
Kulicke & Soffa Industries |
|
|
74,818 |
|
5,031 |
2 |
LTX Corp. |
|
|
70,434 |
|
1,554 |
2 |
Lante Corp. |
|
|
5,730 |
|
1,319 |
2 |
Latitude Communications, Inc. |
|
|
7,584 |
|
9,258 |
2 |
Legato Systems, Inc. |
|
|
82,454 |
|
642 |
2 |
Level 8 Systems, Inc. |
|
|
6,179 |
|
1,817 |
2 |
Lightbridge, Inc. |
|
|
19,419 |
|
1,528 |
2 |
Lightpath Technologies, Inc. |
|
|
41,638 |
|
876 |
2 |
Lightspan, Inc. |
|
|
2,026 |
|
469 |
2 |
LivePerson, Inc. |
|
|
1,085 |
|
1,258 |
2 |
Lodgenet Entertainment |
|
|
22,094 |
|
4,341 |
2 |
LookSmart Ltd. |
|
|
30,658 |
|
505 |
2 |
Loudeye Technologies, Inc. |
|
|
1,925 |
|
539 |
2 |
Luminex Corp. |
|
|
14,620 |
|
1,014 |
2 |
MCX Communications, Inc. |
|
|
15,844 |
|
3,568 |
2 |
MEMC Electronic Materials |
|
|
35,457 |
|
1,863 |
2 |
MICROS Systems Corp. |
|
|
36,794 |
|
579 |
2 |
MKS Instruments, Inc. |
|
|
10,639 |
|
2,141 |
2 |
MP3.com, Inc. |
|
|
7,560 |
|
5,331 |
2 |
MRV Communications, Inc. |
|
|
210,575 |
|
3,432 |
2 |
MTI Technology Corp. |
|
|
17,804 |
|
4,518 |
2 |
Mail.com, Inc. |
|
|
14,684 |
|
512 |
2 |
Manhattan Associates, Inc. |
|
|
32,776 |
|
2,474 |
2 |
Manugistics Group, Inc. |
|
|
281,881 |
|
1,505 |
2 |
Mapinfo Corp. |
|
|
49,195 |
|
1,557 |
2 |
Marimba, Inc. |
|
|
9,245 |
|
400 |
|
Marketwatch.Com, Inc. |
|
|
1,875 |
|
3,783 |
2 |
Mastech Corp. |
|
|
19,151 |
|
618 |
2 |
MatrixOne, Inc. |
|
|
18,347 |
|
1,671 |
2 |
Mattson Technology, Inc. |
|
|
19,634 |
|
6,731 |
2 |
Maxtor Corp. |
|
|
52,586 |
|
682 |
2 |
McAfee.com, Corp. |
|
|
4,689 |
|
897 |
2 |
Meade Instruments Corp. |
|
|
16,426 |
|
2,500 |
2 |
Mechanical Technology, Inc. |
|
|
18,750 |
|
1,092 |
2 |
Media 100, Inc. |
|
|
10,784 |
|
1,087 |
2 |
MedicaLogic, Inc. |
|
|
4,416 |
|
1,585 |
2 |
Medquist, Inc. |
|
|
17,831 |
|
6,825 |
2 |
Mentor Graphics Corp. |
|
|
159,961 |
|
2,642 |
2 |
Mercator Software, Inc. |
|
|
12,054 |
|
2,247 |
2 |
Mercury Computer Systems, Inc. |
|
|
69,657 |
|
2,380 |
2 |
MetaCreations Corp. |
|
|
23,800 |
|
1,010 |
2 |
Metasolv Software, Inc. |
|
|
12,562 |
|
696 |
2 |
Metawave Communications Corp. |
|
|
9,222 |
|
3,786 |
|
Methode Electronics, Inc., Class A |
|
|
142,448 |
|
2,197 |
2 |
Metricom, Inc. |
|
|
38,997 |
|
2,799 |
2 |
MicroStrategy, Inc. |
|
|
67,001 |
|
3,737 |
2 |
Micron Electronics, Inc. |
|
|
29,546 |
|
1,102 |
2 |
Microsemi Corp. |
|
|
44,080 |
|
1,671 |
2 |
Molecular Devices Corp. |
|
|
114,255 |
|
3,581 |
2 |
Motient Corp. |
|
|
43,420 |
|
1,782 |
2 |
Multex.com, Inc. |
|
|
23,055 |
|
3,788 |
2 |
Mynd Corp. |
|
|
48,297 |
|
3,805 |
2 |
NBC Internet, Inc., Class A |
|
|
23,543 |
|
681 |
2 |
NETsilicon, Inc. |
|
|
9,662 |
|
980 |
2 |
NHancement Technologies, Inc. |
|
|
24,745 |
|
3,758 |
2 |
NX Networks, Inc. |
|
|
10,687 |
|
2,300 |
2 |
NYFIX, Inc. |
|
|
90,850 |
|
523 |
2 |
Nanometrics, Inc. |
|
|
12,029 |
|
3,521 |
|
National Data Corp. |
|
|
134,238 |
|
1,832 |
2 |
National Information Consortium, Inc. |
|
|
6,183 |
|
3,846 |
2 |
Natural Microsystems Corp. |
|
|
173,791 |
|
1,484 |
2 |
Neoforma.com, Inc. |
|
|
2,551 |
|
463 |
2 |
Neon Systems, Inc. |
|
|
3,270 |
|
1,432 |
2 |
Net Perceptions, Inc. |
|
|
4,744 |
|
498 |
2 |
Net.Genesis Corp. |
|
|
1,743 |
|
516 |
2 |
NetGuru, Inc. |
|
|
2,580 |
|
2,562 |
2 |
NetIQ Corp. |
|
|
220,652 |
|
1,179 |
2 |
NetObjects, Inc. |
|
|
3,463 |
|
1,523 |
2 |
NetScout Systems, Inc. |
|
|
28,461 |
|
666 |
2 |
NetSolve, Inc. |
|
|
4,995 |
|
3,884 |
2 |
NetZero, Inc. |
|
|
5,705 |
|
2,819 |
2 |
Netegrity, Inc. |
|
|
219,882 |
|
5,636 |
2 |
Netmanage, Inc. |
|
|
7,221 |
|
1,562 |
2 |
Netopia, Inc. |
|
|
16,987 |
|
806 |
2 |
Netpliance, Inc. |
|
|
1,461 |
|
3,643 |
2 |
Netro Corp. |
|
|
79,463 |
|
335 |
2 |
Netsol International, Inc. |
|
|
2,973 |
|
1,760 |
2 |
Network Access Solutions Corp. |
|
|
4,785 |
|
2,339 |
2 |
Network Equipment Technologies, Inc. |
|
|
22,221 |
|
1,573 |
2 |
Network Peripherals, Inc. |
|
|
17,106 |
|
2,704 |
2 |
New Era of Networks, Inc. |
|
|
42,081 |
|
993 |
2 |
Niku Corp. |
|
|
15,640 |
|
1,445 |
2 |
Novadigm, Inc. |
|
|
14,450 |
|
518 |
2 |
Nuance Communications, Inc. |
|
|
44,678 |
|
637 |
2 |
Numerical Technologies, Inc. |
|
|
13,059 |
|
2,233 |
2 |
ONYX Software Corp. |
|
|
35,449 |
|
585 |
2 |
OTG Software, Inc. |
|
|
18,428 |
|
4,710 |
2 |
Oak Technology, Inc. |
|
|
132,174 |
|
2,081 |
2 |
Objective Systems Integrator |
|
|
18,729 |
|
2,169 |
2 |
On2.com, Inc. |
|
|
4,945 |
|
909 |
2 |
Onvia.com, Inc. |
|
|
2,386 |
|
3,783 |
2 |
Open Market, Inc. |
|
|
12,531 |
|
774 |
2 |
Opus360 Corp. |
|
|
1,258 |
|
1,076 |
2 |
Osicom Technologies, Inc. |
|
|
34,432 |
|
8,236 |
2 |
P-COM, Inc. |
|
|
46,328 |
|
1,381 |
2 |
PC-Tel, Inc. |
|
|
23,822 |
|
1,658 |
2 |
PLX Technology, Inc. |
|
|
39,792 |
|
2,213 |
2 |
PRI Automation, Inc. |
|
|
50,069 |
|
1,348 |
2 |
Packard BioScience Co. |
|
|
21,737 |
|
1,761 |
2 |
Packeteer, Inc. |
|
|
43,805 |
|
1,757 |
2 |
Paradyne Networks, Inc. |
|
|
7,028 |
|
380 |
2 |
Pec Solutions, Inc. |
|
|
2,613 |
|
2,184 |
2 |
Pericom Semiconductor Corp. |
|
|
57,876 |
|
6,185 |
2 |
Perot Systems Corp. |
|
|
61,463 |
|
1,119 |
2 |
Persistance Software, Inc. |
|
|
13,148 |
|
2,132 |
2 |
Pharmacopedia, Inc. |
|
|
38,909 |
|
2,578 |
2 |
Phoenix Technology, Ltd. |
|
|
41,409 |
|
1,199 |
2 |
Photon Dynamics, Inc. |
|
|
43,164 |
|
2,624 |
2 |
Photronics, Inc. |
|
|
59,204 |
|
4,914 |
2 |
Pinnacle Systems, Inc. |
|
|
62,039 |
|
3,379 |
|
Pioneer Standard Electronics, Inc. |
|
|
46,884 |
|
641 |
2 |
Pixelworks, Inc. |
|
|
21,353 |
|
5,174 |
2 |
Plantronics, Inc. |
|
|
236,064 |
|
4,774 |
|
Polaroid Corp. |
|
|
48,038 |
|
2,892 |
2 |
Power Integrations, Inc. |
|
|
38,861 |
|
485 |
2 |
Predictive Systems, Inc. |
|
|
6,729 |
|
444 |
2 |
Preview Systems, Inc. |
|
|
2,248 |
|
1,328 |
2 |
Primus Knowledge Solutions, Inc. |
|
|
10,790 |
|
1,590 |
2 |
ProBusiness Services, Inc. |
|
|
51,973 |
|
561 |
2 |
Procom Technology, Inc. |
|
|
12,728 |
|
2,187 |
2 |
Prodigy Communications Corp. |
|
|
9,568 |
|
3,614 |
2 |
Progress Software Corp. |
|
|
57,146 |
|
1,458 |
2 |
Project Software & Development, Inc. |
|
|
18,954 |
|
2,698 |
2 |
Proxim, Inc. |
|
|
163,566 |
|
3,464 |
2 |
Puma Technology, Inc. |
|
|
46,981 |
|
2,278 |
2 |
PurchasePro.com, Inc. |
|
|
61,506 |
|
1,316 |
2 |
QRS Corp. |
|
|
11,104 |
|
8,434 |
2 |
Quantum Corp. - Hard Disk Drive |
|
|
96,464 |
|
2,137 |
2 |
QuickLogic Corp. |
|
|
18,966 |
|
1,863 |
2 |
Quintus Corp. |
|
|
13,914 |
|
2,368 |
2 |
Quokka Sports, Inc. |
|
|
7,252 |
|
3,971 |
2 |
REMEC, Inc. |
|
|
118,385 |
|
1,549 |
2 |
RadiSys Corp. |
|
|
41,049 |
|
1,752 |
2 |
Radiant Systems, Inc. |
|
|
32,303 |
|
2,262 |
2 |
Rainbow Technologies, Inc. |
|
|
56,267 |
|
1,575 |
2 |
Ramp Networks, Inc. |
|
|
2,953 |
|
3,057 |
2 |
Rare Medium Group, Inc. |
|
|
14,139 |
|
1,172 |
2 |
Razorfish, Inc. |
|
|
5,274 |
|
2,777 |
2 |
Remedy Corp. |
|
|
47,556 |
|
5,045 |
2 |
Retek, Inc. |
|
|
198,962 |
|
6,542 |
2 |
Rhythms NetConnections, Inc. |
|
|
14,311 |
|
3,770 |
2 |
Robotic Vision Systems, Inc. |
|
|
20,617 |
|
578 |
2 |
Rudolph Technologies, Inc. |
|
|
22,542 |
|
9,759 |
2 |
S3, Inc. |
|
|
88,136 |
|
3,168 |
2 |
SAGA Systems, Inc. |
|
|
17,028 |
|
1,196 |
2 |
SBS Technologies, Inc. |
|
|
30,797 |
|
1,427 |
2 |
SCM Microsystems, Inc. |
|
|
54,226 |
|
1,658 |
2 |
SERENA Software, Inc. |
|
|
84,351 |
|
916 |
2 |
SPSS, Inc. |
|
|
20,610 |
|
1,528 |
2 |
SVI Holdings, Inc. |
|
|
6,937 |
|
447 |
2 |
Saba Software, Inc. |
|
|
10,477 |
|
1,570 |
2 |
Sagent Technology, Inc. |
|
|
4,023 |
|
1,545 |
2 |
SalesLogix Corp. |
|
|
14,195 |
|
1,425 |
2 |
Sanchez Computer Associates |
|
|
22,889 |
|
1,792 |
2 |
Savvis Communication Corp. |
|
|
6,944 |
|
2,101 |
2 |
SciQuest.com, Inc. |
|
|
9,389 |
|
411 |
2 |
Scientific Learning Corp. |
|
|
2,299 |
|
1,803 |
2 |
SeaChange International, Inc. |
|
|
39,666 |
|
2,652 |
2 |
Secure Computing Corp. |
|
|
60,996 |
|
495 |
2 |
Selectica, Inc. |
|
|
13,056 |
|
1,643 |
2 |
Semitool, Inc. |
|
|
21,462 |
|
600 |
2 |
Sequenom, Inc. |
|
|
19,425 |
|
467 |
2 |
Sequoia Software Corp. |
|
|
2,335 |
|
20,094 |
2 |
Silicon Graphics, Inc. |
|
|
90,423 |
|
3,406 |
2 |
Silicon Image, Inc. |
|
|
40,021 |
|
3,574 |
2 |
Silicon Valley Group, Inc. |
|
|
117,719 |
|
1,218 |
2 |
SilverStream Software, Inc. |
|
|
27,405 |
|
51 |
2 |
Simione Central Holdings, Inc. |
|
|
172 |
|
2,384 |
2 |
Sipex Corp. |
|
|
93,870 |
|
509 |
2 |
Siti-Sites.com, Inc. |
|
|
97 |
|
650 |
2 |
SmartDisk Corp. |
|
|
3,331 |
|
378 |
2 |
SmartServ Online, Inc. |
|
|
7,324 |
|
3,082 |
2 |
SoftNet Systems, Inc. |
|
|
14,254 |
|
489 |
2 |
Software Technologies Corp. |
|
|
8,313 |
|
3,074 |
|
Somera Communications |
|
|
34,583 |
|
1,089 |
2 |
Sonic Foundry, Inc. |
|
|
6,942 |
|
2,464 |
2 |
Sonicwall, Inc. |
|
|
36,806 |
|
1,227 |
2 |
SpectraLink Corp. |
|
|
9,126 |
|
2,681 |
2 |
SpeedFam-IPEC, Inc. |
|
|
25,470 |
|
1,927 |
2 |
Sportsline USA, Inc. |
|
|
16,500 |
|
1,522 |
2 |
Standard Microsystems Corp. |
|
|
36,528 |
|
390 |
|
Stanford Microdevices, Inc. |
|
|
9,774 |
|
4,928 |
2 |
StarBase Corp. |
|
|
25,102 |
|
3,940 |
2 |
Starmedia Network, Inc. |
|
|
24,133 |
|
10,037 |
2 |
Storage Technology Corp. |
|
|
97,861 |
|
3,829 |
2 |
Structural Dynamics Research Corp. |
|
|
39,487 |
|
831 |
2 |
Supertex, Inc. |
|
|
23,580 |
|
2,500 |
2 |
Sykes Enterprises, Inc. |
|
|
13,438 |
|
2,465 |
2 |
Symmetricom, Inc. |
|
|
31,422 |
|
565 |
2 |
Syntel, Inc. |
|
|
5,332 |
|
3,494 |
2 |
Systems & Computer Technology Corp. |
|
|
50,445 |
|
2,022 |
2 |
THQ, Inc. |
|
|
41,451 |
|
2,879 |
2 |
Take-Two Interactive Software, Inc. |
|
|
35,808 |
|
1,366 |
2 |
Tanning Technology Corp. |
|
|
7,364 |
|
4,682 |
2 |
Technology Solutions Corp. |
|
|
11,120 |
|
1,746 |
2 |
TelCom Semiconductor, Inc. |
|
|
24,553 |
|
387 |
2 |
Telaxis Communications Corp. |
|
|
1,729 |
|
1,180 |
2 |
Telocity, Inc. |
|
|
3,393 |
|
1,702 |
|
Telxon Corp. |
|
|
38,189 |
|
1,464 |
2 |
TenFold Corp. |
|
|
6,314 |
|
1,238 |
2 |
Therma-Wave, Inc. |
|
|
25,379 |
|
1,302 |
2 |
Tollgrade Communications, Inc. |
|
|
124,667 |
|
3,541 |
2 |
Transaction Systems Architects, Inc., Class A |
|
|
47,804 |
|
1,617 |
2 |
Travelocity.com, Inc. |
|
|
22,840 |
|
1,435 |
2 |
TriZetto Group, Inc. |
|
|
28,700 |
|
1,812 |
2 |
Tricord Systems, Inc. |
|
|
29,898 |
|
2,488 |
2 |
Trimble Navigation Ltd. |
|
|
59,090 |
|
1,020 |
2 |
Tumbleweed Communications Corp. |
|
|
17,468 |
|
1,640 |
2 |
Tut Systems, Inc. |
|
|
54,530 |
|
1,844 |
2 |
U.S. Interactive, Inc. |
|
|
1,844 |
|
1,357 |
2 |
U.S. Wireless Corp. |
|
|
20,864 |
|
4,583 |
2 |
UNOVA, Inc. |
|
|
22,056 |
|
487 |
2 |
Ulticom, Inc. |
|
|
23,254 |
|
2,243 |
2 |
Ultratech Stepper, Inc. |
|
|
52,711 |
|
522 |
2 |
Unigraphics Solutions, Inc. |
|
|
9,592 |
|
1,390 |
2 |
Universal Display Corp. |
|
|
23,978 |
|
326 |
2 |
Uproar Ltd. |
|
|
672 |
|
1,307 |
2 |
VASCO Data Security International, Inc. |
|
|
16,583 |
|
1,609 |
2 |
VIA NET.WORKS, Inc. |
|
|
11,917 |
|
452 |
2 |
ValueClick, Inc. |
|
|
1,893 |
|
3,446 |
2 |
Varian Semiconductor Equipment Associates, Inc. |
|
|
79,258 |
|
3,460 |
2 |
Varian, Inc. |
|
|
106,611 |
|
2,541 |
2 |
Veeco Instruments, Inc. |
|
|
168,222 |
|
3,102 |
2 |
Verity, Inc. |
|
|
72,897 |
|
379 |
2 |
Versata, Inc. |
|
|
6,254 |
|
3,023 |
2 |
Vertel Corp. |
|
|
16,060 |
|
1,209 |
2 |
Vertex Interactive, Inc. |
|
|
18,135 |
|
1,924 |
2 |
ViaLink Co. |
|
|
13,829 |
|
1,674 |
2 |
ViaSat, Inc. |
|
|
36,828 |
|
1,232 |
2 |
Viador, Inc. |
|
|
5,698 |
|
4,089 |
2 |
Viant Corp. |
|
|
24,278 |
|
3,295 |
2 |
Visual Networks, Inc. |
|
|
12,150 |
|
778 |
2 |
Vyyo, Inc. |
|
|
17,213 |
|
2,073 |
2 |
WESCO International, Inc. |
|
|
17,361 |
|
1,251 |
2 |
Watchguard Technologies, Inc. |
|
|
62,550 |
|
4,905 |
2 |
Wave Systems Corp. |
|
|
56,714 |
|
1,430 |
2 |
WebTrends Corp. |
|
|
45,961 |
|
388 |
2 |
Websense, Inc. |
|
|
6,984 |
|
2,973 |
2 |
Westell Technologies, Inc., Class A |
|
|
16,352 |
|
17,065 |
2 |
Western Digital Corp. |
|
|
102,390 |
|
1,589 |
2 |
White Electronic Designs Corp. |
|
|
15,195 |
|
2,357 |
2 |
Wink Communications, Inc. |
|
|
24,159 |
|
6,572 |
2 |
World Access, Inc. |
|
|
32,039 |
|
1,390 |
2 |
WorldGate Communications, Inc. |
|
|
25,976 |
|
1,806 |
|
X-Rite, Inc. |
|
|
12,191 |
|
2,827 |
2 |
Xircom, Inc. |
|
|
39,931 |
|
909 |
2 |
Xpedior, Inc. |
|
|
1,704 |
|
3,447 |
2 |
Xybernaut Corp. |
|
|
16,266 |
|
2,731 |
2 |
Zebra Technologies Corp., Class A |
|
|
119,652 |
|
1,739 |
2 |
Zoran Corp. |
|
|
87,167 |
|
1,421 |
2 |
Zygo Corp. |
|
|
70,340 |
|
4,219 |
2 |
e-MedSoft.com |
|
|
6,329 |
|
553 |
2 |
eBenX, Inc. |
|
|
6,601 |
|
2,577 |
2 |
eGain Communications Corp. |
|
|
16,751 |
|
4,970 |
2 |
eLoyalty Corp. |
|
|
47,836 |
|
2,123 |
2 |
eMachines, Inc. |
|
|
2,189 |
|
2,721 |
2 |
eXcelon Corp. |
|
|
22,108 |
|
2,166 |
2 |
iVillage, Inc. |
|
|
5,144 |
|
4,438 |
2 |
iXL Enterprises, Inc. |
|
|
11,372 |
|
|
|||||
|
|
|
TOTAL |
|
|
18,529,824 |
|
|
|||||
|
|
|
Transportation--1.8% |
|
|
|
|
6,194 |
2 |
AirTran Holdings, Inc. |
|
|
27,486 |
|
5,166 |
|
Airborne Freight Corp. |
|
|
52,306 |
|
2,651 |
2 |
Alaska Air Group, Inc. |
|
|
68,760 |
|
4,259 |
|
Alexander and Baldwin, Inc. |
|
|
106,209 |
|
3,553 |
2 |
America West Holdings Corp., Class B |
|
|
35,308 |
|
1,048 |
2 |
American Classic Voyages |
|
|
14,476 |
|
2,371 |
2 |
American Freightways Corp. |
|
|
38,232 |
|
1,684 |
2 |
Arkansas Best Corp. |
|
|
26,944 |
|
2,135 |
|
Arnold Industries, Inc. |
|
|
37,496 |
|
1,819 |
2 |
Atlantic Coast Airlines Holdings |
|
|
65,029 |
|
1,670 |
2 |
Atlas Air, Inc. |
|
|
60,538 |
|
5,220 |
|
CNF Transportation, Inc. |
|
|
139,309 |
|
1,017 |
2 |
Cheap Tickets, Inc. |
|
|
10,806 |
|
5,200 |
2 |
Cyber-Care, Inc. |
|
|
25,513 |
|
2,942 |
2 |
EGL, Inc. |
|
|
83,847 |
|
674 |
2 |
Expedia, Inc. |
|
|
8,636 |
|
1,501 |
2 |
Forward Air Corp. |
|
|
61,729 |
|
2,208 |
2 |
Fritz Companies, Inc. |
|
|
17,940 |
|
1,874 |
2 |
Frontier Airlines, Inc. |
|
|
44,039 |
|
1,593 |
2 |
Heartland Express, Inc. |
|
|
27,678 |
|
615 |
2 |
Hotel Reservations Network, Inc., Class A |
|
|
21,525 |
|
1,849 |
|
Hunt (J.B.) Transportation Services, Inc. |
|
|
24,153 |
|
2,635 |
2 |
Kirby Corp. |
|
|
48,583 |
|
722 |
2 |
Knight Transportation, Inc. |
|
|
11,462 |
|
956 |
2 |
Landstar System, Inc. |
|
|
45,171 |
|
933 |
2 |
M.S. Carriers, Inc. |
|
|
14,578 |
|
3,422 |
2 |
Mesa Air Group, Inc. |
|
|
20,104 |
|
1,271 |
2 |
Mesaba Holdings, Inc. |
|
|
13,743 |
|
1,535 |
2 |
Midwest Express Holdings, Inc. |
|
|
29,165 |
|
2,706 |
|
Overseas Shipholding Group, Inc. |
|
|
64,944 |
|
1,461 |
|
RPC Energy Services, Inc. |
|
|
18,171 |
|
1,284 |
|
Roadway Express, Inc. |
|
|
26,402 |
|
5,026 |
|
Rollins Truck Leasing Corp. |
|
|
26,387 |
|
6,362 |
|
Ryder Systems, Inc. |
|
|
125,650 |
|
2,549 |
|
SkyWest, Inc. |
|
|
128,725 |
|
4,594 |
2 |
Swift Transportation Co. |
|
|
65,465 |
|
2,632 |
2 |
Trico Marine Services, Inc. |
|
|
43,757 |
|
2,833 |
|
USFreightways Corp. |
|
|
72,950 |
|
2,956 |
|
Werner Enterprises, Inc. |
|
|
41,384 |
|
2,935 |
|
Westinghouse Air Brake, Co. |
|
|
29,717 |
|
5,279 |
2 |
Wisconsin Central Transportation Corp. |
|
|
67,637 |
|
2,603 |
2 |
Yellow Corp. |
|
|
46,854 |
|
|
|||||
|
|
|
TOTAL |
|
|
1,938,808 |
|
|
|||||
|
|
|
Utilities--4.0% |
|
|
|
|
5,768 |
|
AGL Resources, Inc. |
|
|
117,523 |
|
7,939 |
|
Allete |
|
|
171,185 |
|
1,053 |
|
American States Water Co. |
|
|
32,840 |
|
3,409 |
|
Atmos Energy Corp. |
|
|
78,833 |
|
4,985 |
|
Avista Corp. |
|
|
111,851 |
|
4,082 |
2 |
Azurix Corp. |
|
|
25,513 |
|
2,436 |
|
Black Hills Corp. |
|
|
76,125 |
|
1,804 |
|
CH Energy Group, Inc. |
|
|
71,033 |
|
1,427 |
|
California Water Service Group |
|
|
38,440 |
|
1,152 |
|
Cascade Natural Gas Corp. |
|
|
21,240 |
|
2,440 |
|
Cleco Corp. |
|
|
116,053 |
|
9,412 |
|
Conectiv, Inc. |
|
|
168,828 |
|
937 |
|
E'Town Corp. |
|
|
63,130 |
|
5,815 |
2 |
El Paso Electric Co. |
|
|
69,722 |
|
1,861 |
|
Empire Distribution Electric Co. |
|
|
51,526 |
|
2,868 |
|
Energen Corp. |
|
|
82,097 |
|
316 |
|
EnergyNorth, Inc. |
|
|
19,355 |
|
3,481 |
|
Hawaiian Electric Industries, Inc. |
|
|
114,655 |
|
3,981 |
|
Idacorp, Inc. |
|
|
196,313 |
|
6,593 |
|
Kansas City Power And Light Co. |
|
|
158,644 |
|
1,997 |
|
Laclede Gas Co. |
|
|
43,684 |
|
6,722 |
|
MDU Resources Group, Inc. |
|
|
196,619 |
|
1,742 |
|
Madison Gas & Electric Co. |
|
|
37,889 |
|
1,149 |
|
Midcoast Energy Resources, Inc. |
|
|
23,267 |
|
1,335 |
|
NUI Corp. |
|
|
41,635 |
|
1,881 |
|
New Jersey Resources Corp. |
|
|
75,122 |
|
2,696 |
|
Northwest Natural Gas Co. |
|
|
63,188 |
|
2,500 |
|
Northwestern Corp. |
|
|
55,313 |
|
8,313 |
|
OGE Energy Corp. |
|
|
170,936 |
Shares or |
|
|
|
|
Value |
|
|
3,079 |
|
ONEOK, Inc. |
|
|
122,005 |
|
2,571 |
|
Otter Tail Power Co. |
|
|
57,044 |
|
3,760 |
|
Peoples Energy Corp. |
|
|
129,250 |
|
3,669 |
|
Philadelphia Suburban Corp. |
|
|
85,992 |
|
3,356 |
|
Piedmont Natural Gas, Inc. |
|
|
102,358 |
|
3,723 |
|
Public Service Co. New Mexico |
|
|
102,615 |
|
3,779 |
|
RGS Energy Group, Inc. |
|
|
111,481 |
|
194 |
|
SJW Corp. |
|
|
23,062 |
|
1,907 |
|
Semco Energy, Inc. |
|
|
29,559 |
|
8,366 |
|
Sierra Pacific Resources |
|
|
143,791 |
|
1,182 |
|
South Jersey Industries, Inc. |
|
|
34,426 |
|
3,368 |
2 |
Southern Union Co. |
|
|
63,361 |
|
3,378 |
|
Southwest Gas Corp. |
|
|
70,516 |
|
2,683 |
|
Southwestern Energy Co. |
|
|
21,464 |
|
2,888 |
|
UGI Corp. |
|
|
66,966 |
|
1,565 |
|
UIL Holdings Corp. |
|
|
73,262 |
|
3,206 |
|
UniSource Energy Corp. |
|
|
47,890 |
|
6,537 |
|
Vectren Corp. |
|
|
151,168 |
|
2,822 |
|
WPS Resources Corp. |
|
|
90,833 |
|
4,925 |
|
Washington Gas Light Co. |
|
|
125,588 |
|
2,087 |
|
Western Gas Resources, Inc. |
|
|
45,784 |
|
7,435 |
|
Western Resources, Inc. |
|
|
158,923 |
|
|
|||||
|
|
|
TOTAL |
|
|
4,349,897 |
|
|
|||||
|
|
|
TOTAL COMMON STOCKS (IDENTIFIED COST $89,633,388) |
|
|
96,407,000 |
|
|
|||||
|
|
|
PREFERRED STOCKS--0.0% |
|
|
|
|
|
|
Consumer Staples--0.0% |
|
|
|
|
1 |
|
Corrections Corp. America, Conv. Pfd., Series B, $6.75 |
|
|
11 |
|
|
|
TOTAL PREFERRED STOCKS (IDENTIFIED COST $12) |
|
|
11 |
|
|
|
SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.6%3
|
|
|
|
$ |
700,000 |
|
United States Treasury Bill, 1/18/2001 (IDENTIFIED COST $691,006) |
|
|
691,006 |
|
|
|
MUTUAL FUND--13.4%
|
|
|
|
|
14,393,655 |
|
Prime Value Obligations Fund, IS Shares (AT NET ASSET VALUE) |
|
$ |
14,393,655 |
|
|
|||||
|
|
|
TOTAL INVESTMENTS (IDENTIFIED COST $104,718,061)4 |
|
$ |
111,491,672 |
|
|
1 The Fund purchases Index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Index and minimizing trading costs. The total market value of open Index futures contracts is $10,010,000 at October 31, 2000, which represents 9.3% of net assets. Taking into consideration these open Index futures contracts, the Fund's effective total exposure to the Index is 98.9%.
2 Non-income producing security.
3 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.
4 The cost of investments for federal tax purposes amounts to $106,725,961. The net unrealized appreciation of investments on a federal tax basis amounts to $4,765,711 which is comprised of $23,421,233 appreciation and $18,655,522 depreciation at October 31, 2000.
Note: The categories of investments are shown as a percentage of net assets ($107,565,819) at October 31, 2000.
The following acronyms are used throughout this portfolio:
ADR |
--American Depositary Receipt |
|
REIT |
--Real Estate Investment Trust |
See Notes which are an integral part of the Financial Statements
</R>
<R>
Assets: | ||||||
Total investments in securities, at value (identified cost $104,718,061and tax cost $106,725,961) | $ | 111,491,672 | ||||
Cash | 1,426,534 | |||||
Income receivable | 63,656 | |||||
Receivable for investments sold | 581,935 | |||||
Receivable for shares sold | 1,344,773 | |||||
Receivable for daily variation margin | 269,085 | |||||
|
|
|||||
TOTAL ASSETS | 115,177,655 | |||||
|
|
|||||
Liabilities: | ||||||
Payable for investments purchased | $ | 7,475,455 | ||||
Payable for shares redeemed | 135,511 | |||||
Accrued expenses | 870 | |||||
|
|
|||||
TOTAL LIABILITIES | 7,611,836 | |||||
|
|
|||||
Net Assets for 7,690,593 shares outstanding | $ | 107,565,819 | ||||
|
|
|||||
Net Assets Consist of: | ||||||
Paid in capital | $ | 88,498,807 | ||||
Net unrealized appreciation of investments and futures contracts | 6,020,867 | |||||
Accumulated net realized gain on investments and futures contracts | 12,868,294 | |||||
Undistributed net investment income | 177,851 | |||||
|
|
|||||
TOTAL NET ASSETS | $ | 107,565,819 | ||||
|
|
|||||
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||||||
Institutional Shares: | ||||||
Net Asset Value, Offering Price and Redemption Proceeds Per Share ($101,329,662 ÷ 7,242,290 shares outstanding) | $13.99 | |||||
|
|
|||||
Class C Shares: | ||||||
Net Asset Value and Offering Price Per Share ($6,236,157 ÷ 448,303 shares outstanding) | $13.91 | |||||
|
|
|||||
Redemption Proceeds Per Share (99.00/100 of $13.91)1 | $13.77 | |||||
|
|
1 See "What do Shares Cost?" in the Prospectus.
See Notes which are an integral part of the Financial Statements
Investment Income: | ||||||||||||
Dividends (net of foreign taxes withheld of $680) | $ | 1,352,451 | ||||||||||
Interest | 584,908 | |||||||||||
|
|
|
||||||||||
TOTAL INCOME | 1,937,359 | |||||||||||
|
|
|
||||||||||
Expenses: | ||||||||||||
Management fee | $ | 535,355 | ||||||||||
Custodian fees | 45,164 | |||||||||||
Transfer and dividend disbursing agent fees and expenses | 98,133 | |||||||||||
Directors'/Trustees' fees | 4,485 | |||||||||||
Auditing fees | 12,199 | |||||||||||
Legal fees | 3,008 | |||||||||||
Portfolio accounting fees | 97,463 | |||||||||||
Distribution services fee--Class C Shares | 41,778 | |||||||||||
Shareholder services fee--Institutional Shares | 253,751 | |||||||||||
Shareholder services fee--Class C Shares | 13,926 | |||||||||||
Share registration costs | 36,445 | |||||||||||
Printing and postage | 56,306 | |||||||||||
Insurance premiums | 1,321 | |||||||||||
Miscellaneous | 5,722 | |||||||||||
TOTAL EXPENSES | 1,205,056 | |||||||||||
|
|
|
||||||||||
Waivers and Reimbursements: | ||||||||||||
Waiver of shareholder services fee--Institutional Shares | $ | (131,951 | ) | |||||||||
Reimbursement of management fee | (334 | ) | ||||||||||
|
|
|
||||||||||
TOTAL WAIVERS AND EXPENSE REDUCTIONS | (132,285 | ) | ||||||||||
|
|
|
||||||||||
Net expenses | 1,072,771 | |||||||||||
Net investment income | 864,588 | |||||||||||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | ||||||||||||
Net realized gain on investments and futures contracts | 19,585,195 | |||||||||||
Net change in unrealized depreciation of investments and futures contracts | (3,942,494 | ) | ||||||||||
Net realized and unrealized gain on investments and futures contracts | 15,642,701 | |||||||||||
|
|
|
||||||||||
Change In Net Assets Resulting From Operations | $ | 16,507,289 | ||||||||||
|
|
|
See Notes which are an integral part of the Financial Statements
Year Ended October 31 | 2000 | 1999 | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income | $ | 864,588 | $ | 863,552 | ||||
Net realized gain (loss) on investments and futures contracts ($19,685,980 and $11,177,834, respectively, as computed for federal tax purposes) | 19,585,195 | 10,152,390 | ||||||
Net change in unrealized appreciation/depreciation of investments and futures contracts | (3,942,494 | ) | 3,230,965 | |||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 16,507,289 | 14,246,907 | ||||||
|
|
|
|
|
|
|||
Distributions to Shareholders: | ||||||||
Distributions from net investment income | ||||||||
Institutional Shares | (686,737 | ) | (962,809 | ) | ||||
Class C Shares | -- | (1,640 | ) | |||||
Distributions from net realized gains on investments and futures contracts | ||||||||
Institutional Shares | (10,712,667 | ) | (7,701,941 | ) | ||||
Class C Shares | (449,824 | ) | (77,652 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,849,228 | ) | (8,744,042 | ) | ||||
|
|
|
|
|
|
|||
Share Transactions: | ||||||||
Proceeds from sale of shares | 258,138,689 | 247,992,067 | ||||||
Net asset value of shares issued to shareholders in payment of distributions declared | 7,694,804 | 5,642,185 | ||||||
Cost of shares redeemed | (264,412,200 | ) | (277,245,957 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,421,293 | (23,611,705 | ) | |||||
|
|
|
|
|
|
|||
Change in net assets | 6,079,354 | (18,108,840 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 101,486,465 | 119,595,305 | ||||||
End of period (including undistributed net investment income of $177,851 and $0, respectively) | $ | 107,565,819 | $ | 101,486,465 | ||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Mini-Cap Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Shares and Class C Shares. The investment objective of the Fund is to provide investment results that generally correspond to the aggregate price and dividend performance of approximately 2,000 publicly traded common stocks that are ranked in terms of capitalization below the top 1,000 stocks that comprise the large and mid-range capitalization sector of the United States equity market. This group of stocks is known as the Russell 2000® Index.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for tax equalization accounting. The following reclassifications have been made to the financial statements.
Increase (Decrease) | ||
Paid In capital | Accumulated net realized gain on investments and futures contracts |
|
$5,500,000 | $(5,500,000) |
Net investment income, net realized gains/losses, and net assets were not affected by this reclassification.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary. Withholding taxes on foreign interest and dividends have been provided for in accordance with the applicable country's tax rules and rates.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the fiscal year ended October 31, 2000, the Fund had realized gains on future contracts of $2,047,768. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.
At October 31, 2000, the Fund had outstanding futures contracts as set forth below:
Expiration Date | Contracts to Receive | Position | Unrealized Depreciation |
|||
December 2000 | 40 Russell 2000 Index Futures | Long | $(752,744) |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Institutional Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 17,100,852 | $ | 247,960,454 | 17,708,794 | $ | 240,783,432 | ||||||||
Shares issued to shareholders in payment of distributions declared | 549,532 | 7,271,075 | 436,951 | 5,570,929 | ||||||||||
Shares redeemed | (17,543,527 | ) | (255,740,183 | ) | (20,110,830 | ) | (273,043,177 | ) | ||||||
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 106,857 | $ | (508,654 | ) | (1,965,085 | ) | $ | (26,688,816 | ) | |||||
Year Ended October 31 | 2000 | 1999 | ||||||||||||
Class C Shares: | Shares | Amount | Shares | Amount | ||||||||||
Shares sold | 701,709 | $ | 10,178,235 | 536,474 | $ | 7,208,635 | ||||||||
Shares issued to shareholders in payment of distributions declared | 32,345 | 423,729 | 5,613 | 71,256 | ||||||||||
Shares redeemed | (598,643 | ) | (8,672,017 | ) | (313,903 | ) | (4,202,780 | ) | ||||||
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 135,411 | $ | 1,929,947 | 228,184 | $ | 3,077,111 | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 242,268 | $ | 1,421,293 | (1,736,901 | ) | $ | (23,611,705 | ) |
Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.50% of the Fund's average daily net assets. Under the terms of a sub-management agreement between the Manager and Northern Trust Quantitative Advisors, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.065% of the Fund's average daily net assets.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain investment management fees as a result of these transactions.
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Class C Shares. The Plan provides that the Fund may incur distribution expenses up to 0.75% of the average daily net assets of Class C Shares annually, to compensate FSC.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the fiscal year ended October 31, 2000, were as follows:
Purchases | $ | 54,098,030 | |
Sales | $ | 59,184,064 |
We have audited the accompanying statement of assets and liabilities, including the portfolios of investments of the Federated Mini-Cap Fund (one of the portfolios constituting the Federated Index Trust) as of October 31, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. Our procedures included confirmation of securities owned as of October 31, 2000, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Mini-Cap Fund of the Federated Index Trust at October 31, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States.
/s/Ernst & Young LLP
December 15, 2000
Boston, Massachusetts
A Statement of Additional Information (SAI) dated December 31, 2000, is incorporated by reference into this prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI Annual and Semi-Annual Reports to shareholders as they become available. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. To obtain the SAI, Annual Report, Semi-Annual Report and other information without charge, and to make inquiries, call your investment professional or the Fund at 1-800-341-7400.
You can obtain information about the Fund (including the SAI) by writing to or visiting the SEC's Public Reference Room in Washington, DC. You may also access Fund information from the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can purchase copies of this information by contacting the SEC by email at [email protected] or by writing to the SEC's Public Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for information on the Public Reference Room's operations and copying fees.
</R>
FEDERATED World-Class Investment Manager®
Federated Mini-Cap Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
Investment Company Act File No. 811-6061
Cusip 31420E304
<R>
2062305A (12/00)
</R>
Federated is a registered mark of Federated Investors, Inc.
2000 ©Federated Investors, Inc.
FEDERATED World-Class Investment Manager®
A Portfolio of Federated Index Trust
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</R>
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A mutual fund seeking to provide investment results generally corresponding to the aggregate price and dividend performance of publicly traded common stocks comprising the Russell 2000® Index (Index).
</R>
The Fund is neither affiliated with nor promoted, sponsored or endorsed by the Frank Russell Company. Frank Russell's only relationship to the Fund is the licensing of the use of the Index. Frank Russell Company is the owner of the trademarks and copyrights relating to the Index. The Russell 2000® Index is a trademark/service mark of the Frank Russell Company. RussellTM is a trademark of the Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and Frank Russell Company makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
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Risk/Return Summary | 1 | |
What are the Fund's Fees and Expenses? | 3 | |
What are the Fund's Investment Strategies? | 4 | |
What are the Principal Securities in Which the Fund Invests? | 4 | |
What are the Specific Risks of Investing in the Fund? | 5 | |
What do Shares Cost? | 6 | |
How is the Fund Sold? | 7 | |
How to Purchase Shares | 8 | |
How to Redeem and Exchange Shares | 10 | |
Account and Share Information | 13 | |
Who Manages the Fund? | 14 | |
Financial Information | 15 | |
Report of Ernst &Young LLP, Independent Auditors | 77 |
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The Fund's investment objective is to provide investment results that generally correspond to the aggregate price and dividend performance of the approximately 2,000 publicly traded common stocks that are ranked in terms of capitalization below the top 1,000 stocks that comprise the large and mid-range capitalization sector of the United States equity market. This group of stocks is known as the Russell 2000® Index. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this prospectus.
The Fund invests at least 80% of its assets in the small capitalization common stocks comprising the Index.
All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:
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The Shares offered by this prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.
[Graphic Representation Omitted--See Appendix]
The bar chart shows the Fund's Class C Shares total return on a calendar year-end basis.
The total return displayed for the Fund does not reflect the payment of any sales charges or recurring shareholder account fees. If these charges or fees had been included, the return shown would have been lower.
The Fund's total return for the nine-month period from January 1, 2000 to September 30, 2000 was 1.82%.
Within the period shown in the chart, the Fund's Class C Shares highest quarterly return was 17.80% (quarter ended December 31, 1999). Its lowest quarterly return was (20.80%) (quarter ended September 30, 1998).
The following table represents the Fund's Class C Shares Average Annual Total Returns, reduced to reflect applicable sales charges, for the calendar periods ended December 31, 1999. The table shows the Fund's Class C Shares total returns averaged over a period of years relative to the Russell 2000® Index, a broad based market index. Total returns for the index shown do not reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. Indexes are unmanaged, and it is not possible to invest directly in an index.
Calendar Period | Class C Shares | Russell 2000 | ||
1 Year | 16.75% | 21.26% | ||
Start of Performance1 | 5.41% | 8.41% |
1 The Fund's Class C Shares start of performance date was November 10, 1997.
Past performance is no guarantee of future results. This information provides you with historical performance information so that you can analyze whether the Fund's investment risks are balanced by its potential returns.
This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class C Shares.
Shareholder Fees | ||
Fees Paid Directly From Your Investment | ||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | None | |
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) | 1.00% | |
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) | None | |
Redemption Fee (as a percentage of amount redeemed, if applicable) | None | |
Exchange Fee | None | |
Annual Fund Operating Expenses | ||
Expenses That are Deducted From Fund Assets (as a percentage of average net assets) | ||
Management Fee | 0.50% | |
Distribution (12b-1) Fee | 0.75% | |
Shareholder Services Fee | 0.25% | |
Other Expenses | 0.34% | |
Total Annual Fund Operating Expenses | 1.84% |
This Example is intended to help you compare the cost of investing in the Fund's Class C Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund's Class C Shares for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that the Fund's Class C Shares operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year | 3 Years | 5 Years | 10 Years | |||||
---|---|---|---|---|---|---|---|---|
Expenses assuming redemption | $287 | $579 | $996 | $2,159 | ||||
Expenses assuming no redemption | $187 | $579 | $996 | $2,159 |
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The Fund pursues its investment objective by investing in the stocks of the Index in the same weights as the Index. This is called a "full replication" strategy. Market capitalization is determined by multiplying the number of outstanding shares by the current market price per share. As of September 30, 2000, the capitalization range of the issuers comprising the Index was $9,000,000 to $5,583,000,000. As of the same date, the weighted median market capitalization of the Fund was $894,000,000.
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The Fund purchases Index futures contracts in order to more closely track the performance of the Index, while maintaining cash equivalent positions as necessary for the Fund's operations.
Equity securities represent a share of an issuer's earnings and assets, after the issuer pays its liabilities. The Fund cannot predict the income it will receive from equity securities because issuers generally have discretion as to the payment of any dividends or distributions. However, equity securities offer greater potential for appreciation than many other types of securities, because their value increases directly with the value of the issuer's business. The following describes the types of equity securities in which the Fund may invest.
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Common stocks are the most prevalent type of equity security. Common stocks receive the issuer's earnings after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.
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You can purchase, redeem or exchange Shares any day the New York Stock Exchange (NYSE) is open. When the Fund receives your transaction request in proper form (as described in this prospectus) it is processed at the next calculated net asset value (NAV). The Fund does not charge a front-end sales charge. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open.
The Fund generally values equity securities according to the last sale price in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market).
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Futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option.
The following table summarizes the minimum required investment amount and the maximum sales charge, if any, that you will pay on an investment in the Fund. Keep in mind that investment professionals may charge you fees for their services in connection with your Share transactions.
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Shares Offered | Minimum Initial/Subsequent Investment Amounts1 |
Maximum Sales Charge | ||||
Front-End Sales Charge |
Contingent Deferred Sales Charge2 |
|||||
Class C | $1,500/$100 | None | 1.00% |
</R>
1 The minimum initial and subsequent investment amounts for retirement plans are $250 and $100, respectively. The minimum subsequent investment amounts for Systematic Investment Programs is $50. Investment professionals may impose higher or lower minimum investment requirements on their customers than those imposed by the Fund.
2 See "Sales Charge When You Redeem."
Your redemption proceeds may be reduced by a sales charge, commonly referred to as a contingent deferred sales charge (CDSC).
Class C Shares: |
You will pay a 1% CDSC if you redeem Shares within one year of the purchase date. |
You will not be charged a CDSC when redeeming Shares:
To keep the sales charge as low as possible, the Fund redeems your Shares in this order:
The CDSC is then calculated using the share price at the time of purchase or redemption, whichever is lower.
The Fund offers two share classes: Institutional Shares and Class C Shares, each representing interests in a single portfolio of securities. This prospectus relates only to Class C Shares. Each share class has different expenses, which affect their performance. Contact your investment professional or call 1-800-341-7400 for more information concerning the other class.
The Fund's Distributor, Federated Securities Corp., markets the Shares described in this prospectus to institutions acting on behalf of their customers or to individuals, directly or through investment professionals. When the Distributor receives marketing fees, it may pay some or all of them to investment professionals. The Distributor and its affiliates may pay out of their assets other amounts (including items of material value) to investment professionals for marketing and servicing Shares. The Distributor is a subsidiary of Federated Investors, Inc. (Federated).
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The Fund has adopted a Rule 12b-1 Plan, which allows it to pay marketing fees to the Distributor and investment professionals for the sale, distribution and customer servicing of the Fund's Class C Shares. Because these Shares pay marketing fees on an ongoing basis, your investment cost may be higher over time than other shares with different marketing fees.
</R>
You may purchase Shares through an investment professional or directly from the Fund. The Fund reserves the right to reject any request to purchase Shares.
Investment professionals should send payments according to the instructions in the sections "By Wire" or "By Check."
In order to maximize the Fund's ability to track the Index, investors are urged to transmit purchase requests prior to 2:00 p.m. (Eastern time).
You will become the owner of Shares and your Shares will be priced at the next calculated NAV after the Fund receives your wire or your check. If your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred by the Fund or Federated Shareholder Services Company, the Fund's transfer agent.
An institution may establish an account and place an order by calling the Fund and the Shares will be priced at the next calculated NAV after the Fund receives the order.
Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer Number or Group Number
Nominee/Institution Name
Fund Name and Number and Account Number
You cannot purchase Shares by wire on holidays when wire transfers are restricted.
Make your check payable to The Federated Funds, note your account number on the check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
If you send your check by a private courier or overnight delivery service that requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will not accept third-party checks (checks originally payable to someone other than you or The Federated Funds).
You may purchase Shares through an exchange from the same Share class of another Federated Fund. You must meet the minimum initial investment requirement for purchasing Shares and both accounts must have identical registrations.
Once you have opened an account, you may automatically purchase additional Shares on a regular basis by completing the Systematic Investment Program (SIP) section of the New Account Form or by contacting the Fund or your investment professional. The minimum investment amount for SIPs is $50.
Once you have opened an account, you may purchase additional Shares through a depository institution that is an ACH member. This purchase option can be established by completing the appropriate sections of the New Account Form.
You may purchase Shares as retirement investments (such as qualified plans and IRAs or transfer or rollover of assets). Call your investment professional or the Fund for information on retirement investments. We suggest that you discuss retirement investments with your tax adviser. You may be subject to an annual IRA account fee.
You should redeem or exchange Shares:
Submit your redemption or exchange request to your investment professional by the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption amount you will receive is based upon the next calculated NAV after the Fund receives the order from your investment professional.
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You may redeem or exchange Shares by simply calling the Fund at 1-800-341-7400. If you call before the end of regular trading on the NYSE (normally 4:00 p.m. Eastern time) you will receive a redemption amount based on that day's NAV.
</R>
You may redeem or exchange Shares by mailing a written request to the Fund.
You will receive a redemption amount based on the next calculated NAV after the Fund receives your written request in proper form.
Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317
All requests must include:
Call your investment professional or the Fund if you need special instructions.
Signatures must be guaranteed if:
A signature guarantee is designed to protect your account from fraud. Obtain a signature guarantee from a bank or trust company, savings association, credit union or broker, dealer, or securities exchange member.A notary public cannot provide a signature guarantee.
Your redemption proceeds will be mailed by check to your address of record. The following payment options are available if you complete the appropriate section of the New Account Form or an Account Service Options Form. These payment options require a signature guarantee if they were not established when the account was opened:
Although the Fund intends to pay Share redemptions in cash, it reserves the right to pay the redemption price in whole or in part by a distribution of the Fund's portfolio securities.
Redemption proceeds normally are wired or mailed within one business day after receiving a request in proper form. Payment may be delayed up to seven days:
You will not accrue interest or dividends on uncashed checks from the Fund if those checks are undeliverable and returned to the Fund.
In the absence of your specific instructions, 10% of the value of your redemption from a retirement account in the Fund may be withheld for taxes. This withholding only applies to certain types of retirement accounts.
You may exchange Shares of the Fund into Shares of the same class of another Federated Fund. To do this, you must:
An exchange is treated as a redemption and a subsequent purchase, and is a taxable transaction.
The Fund may modify or terminate the exchange privilege at any time. The Fund's management or investment adviser may determine from the amount, frequency and pattern of exchanges that a shareholder is engaged in excessive trading that is detrimental to the Fund and other shareholders. If this occurs, the Fund may terminate the availability of exchanges to that shareholder and may bar that shareholder from purchasing other Federated Funds.
You may automatically redeem or exchange Shares in a minimum amount of $100 on a regular basis. Complete the appropriate section of the New Account Form or an Account Service Options Form or contact your investment professional or the Fund. Your account value must meet the minimum initial investment amount at the time the program is established. This program may reduce, and eventually deplete, your account. Payments should not be considered yield or income.
The Fund will record your telephone instructions. If the Fund does not follow reasonable procedures, it may be liable for losses due to unauthorized or fraudulent telephone instructions.
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The Fund no longer issues share certificates. If you are redeeming or exchanging Shares represented by certificates previously issued by the Fund, you must return the certificates with your written redemption or exchange request. For your protection, send your certificates by registered or certified mail, but do not endorse them.
</R>
You will receive confirmation of purchases and redemptions. In addition, you will receive periodic statements reporting all account activity, including dividends and capital gains paid.
The Fund declares and pays any dividends quarterly to shareholders. Dividends are paid to all shareholders invested in the Fund on the record date. The record date is the date on which a shareholder must officially own Shares in order to earn a dividend.
In addition, the Fund pays any capital gains at least annually. Your dividends and capital gains distributions will be automatically reinvested in additional Shares without a sales charge, unless you elect cash payments.
If you purchase Shares just before a Fund declares a dividend or capital gain distribution, you will pay the full price for the Shares and then receive a portion of the price back in the form of a taxable distribution, whether or not you reinvest the distribution in Shares. Therefore, you should consider the tax implications of purchasing Shares shortly before the Fund declares a dividend or capital gain. Contact your investment professional or the Fund for information concerning when dividends and capital gains will be paid.
Due to the high cost of maintaining accounts with low balances, accounts may be closed if redemptions cause the account balance to fall below the minimum initial investment amount. Before an account is closed, you will be notified and allowed 30 days to purchase additional Shares to meet the minimum.
The Fund sends an annual statement of your account activity to assist you in completing your federal, state and local tax returns. Fund distributions of dividends and capital gains are taxable to you whether paid in cash or reinvested in the Fund. Dividends are taxable as ordinary income; capital gains are taxable at different rates depending upon the length of time the Fund holds its assets.
Fund distributions are expected to be both dividends and capital gains. Redemptions are taxable sales. Please consult your tax adviser regarding your federal, state, and local tax liability.
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The Board of Trustees governs the Fund. The Board selects and oversees the Manager, Federated Investment Management Company. The Manager, in turn, oversees the management of the Fund's assets by the Sub-Manager, Northern Trust Quantitative Advisors, Inc. The Manager's responsibilities include selecting the Sub-Manager and continued review and evaluation of the Sub-Manager's performance. The Manager's address is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.
The Manager has delegated daily management of the Fund's assets to the Sub-Manager, who is paid by the Manager and not by the Fund, based on net assets under management. The Sub-Manager develops, maintains and runs the computer program designed to determine which securities are purchased and sold to replicate the composition of the Index. The Sub-Manager has complete discretion, subject to the Manager's oversight, to purchase and sell portfolio securities for the Fund. The Sub-Manager's address is 50 South LaSalle Street, Chicago, IL 60675. The Sub-Manager is a subsidiary of the Northern Trust Company and is an investment adviser primarily to corporate defined benefit and defined contribution plans as well as public pension funds and tax-exempt foundations and endowments. These plans have as of September 30, 2000, placed approximately $72.6 billion in assets with the Sub-Manager. Since 1973, the Sub-Manager has developed and managed a family of equity and bond index funds in which some 681 nationwide non- financial institution clients invest. In total, the Sub-Manager manages 77 commingled/common trust funds. The Northern Trust Company is a subsidiary of Northern Trust Corporation, a bank holding company and one of the nation's largest trust institutions with subsidiaries located across the United States and in several other countries. As of September 30, 2000, total assets of Northern Trust Corporation were $34.8 billion and subsidiaries of Northern Trust Corporation held trust assets under administration of $1.7 trillion.
The Adviser, Sub-Adviser and other subsidiaries of Federated advise approximately 176 mutual funds and separate accounts, which totaled approximately $125 billion in assets as of December 31, 1999. Federated was established in 1955 and is one of the largest mutual fund investment managers in the United States with approximately 1,900 employees. More than 4,000 investment professionals make Federated Funds available to their customers.
The Adviser receives an annual investment advisory fee of 0.50% of the Fund's average daily net assets. The Adviser may voluntarily waive a portion of its fee or reimburse the Fund for certain operating expenses.
</R>
<R>
The Financial Highlights will help you understand the Fund's financial performance for its past five fiscal years, or since inception, if the life of the Fund is shorter. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of any dividends and capital gains.
This information has been audited by Ernst & Young LLP, whose report, along with the Fund's audited financial statements, is included in the Annual Report.
(For a Share Outstanding Throughout Each Period)
Year Ended | Period Ended 10/31/98 |
1 | |||||||
2000 | 1999 | ||||||||
Net Asset Value, Beginning of Period | $13.59 | $13.00 | $16.75 | ||||||
Income From Investment Operations: | |||||||||
Net investment income (net operating loss)2 | (0.00 | ) | (0.00 | ) | 0.00 | ||||
Net realized and unrealized gain (loss) on investments and futures contracts | 1.82 | 1.42 | (2.25 | ) | |||||
|
|
|
|
|
|
||||
TOTAL FROM INVESTMENT OPERATIONS | 1.82 | 1.42 | (2.25 | ) | |||||
|
|
|
|
|
|
||||
Less Distributions: | |||||||||
Distributions from net investment income | -- | (0.01 | ) | (0.04 | ) | ||||
Distributions from net realized gain on investments and futures contracts | (1.50 | ) | (0.82 | ) | (1.46 | ) | |||
|
|
|
|
|
|
||||
TOTAL DISTRIBUTIONS | (1.50 | ) | (0.83 | ) | (1.50 | ) | |||
|
|
|
|
|
|
||||
Net Asset Value, End of Period | $13.91 | $13.59 | $13.00 | ||||||
|
|
|
|
|
|
||||
Total Return3 | 14.09 | % | 11.44 | % | (14.47 | %) | |||
|
|
|
|
|
|
||||
Ratios to Average Net Assets: | |||||||||
Expenses | 1.84 | % | 1.81 | % | 1.72 % | 4 | |||
|
|
|
|
|
|
||||
Net investment income (net operating loss) | (0.06 | %) | (0.09 | %) | 0.00 % | 4 | |||
|
|
|
|
|
|
||||
Supplemental Data: | |||||||||
Net assets, end of period (000 omitted) | $6,236 | $4,252 | $1,101 | ||||||
|
|
|
|
|
|
||||
Portfolio turnover | 56 | % | 47 | % | 48 | % | |||
|
|
|
|
|
|
1 Reflects operations for the period from November 10, 1997 (date of initial public investment) to October 31, 1998.
2 Less than $0.01 per share.
3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
See Notes which are an integral part of the Financial Statements
Shares |
|
|
|
|
Value |
|
---|---|---|---|---|---|---|
|
|
|
COMMON STOCKS--89.6%1 |
|
|
|
|
|
|
Basic Material--4.7% |
|
|
|
|
8,893 |
|
AK Steel Holding Corp. |
|
$ |
82,260 |
|
2,470 |
2 |
ATMI, Inc. |
|
|
46,621 |
|
5,321 |
2 |
Airgas, Inc. |
|
|
35,917 |
|
2,575 |
|
Albemarle Corp. |
|
|
59,708 |
|
1,993 |
|
Arch Chemicals, Inc. |
|
|
38,739 |
|
1,791 |
|
Arch Coal, Inc. |
|
|
19,477 |
|
14,022 |
|
Battle Mountain Gold Co. |
|
|
19,280 |
|
14,052 |
2 |
Bethlehem Steel Corp. |
|
|
40,400 |
|
2,890 |
2 |
Buckeye Technologies, Inc. |
|
|
49,491 |
|
685 |
2 |
Bush Boake Allen, Inc. |
|
|
33,137 |
|
2,709 |
|
CONSOL Energy, Inc. |
|
|
45,884 |
|
652 |
2 |
CSS Industries, Inc. |
|
|
13,529 |
|
2,472 |
2 |
Cabot Microelectronics Corp. |
|
|
109,232 |
|
3,761 |
2 |
Cadiz, Inc. |
|
|
39,961 |
|
3,651 |
|
Calgon Carbon Corp. |
|
|
21,450 |
|
2,665 |
|
Cambrex Corp. |
|
|
106,433 |
|
2,753 |
|
Caraustar Industries, Inc. |
|
|
27,702 |
|
568 |
|
Carbo Ceramics, Inc. |
|
|
17,005 |
|
1,957 |
|
Carpenter Technology Corp. |
|
|
60,667 |
|
798 |
|
Centex Construction Products, Inc. |
|
|
20,698 |
|
1,615 |
|
ChemFirst, Inc. |
|
|
37,145 |
|
1,629 |
|
Chesapeake Corp. |
|
|
31,969 |
|
1,120 |
|
Cleveland Cliffs, Inc. |
|
|
23,100 |
|
1,453 |
|
Commercial Metals Corp. |
|
|
39,594 |
|
3,748 |
|
Corn Products International, Inc. |
|
|
94,169 |
|
12,154 |
|
Crompton Corp. |
|
|
97,232 |
|
566 |
|
Curtiss Wright Corp. |
|
|
26,673 |
|
4,333 |
2 |
Cytec Industries, Inc. |
|
|
150,030 |
|
4,054 |
|
Delta & Pine Land Co. |
|
|
99,070 |
|
1,092 |
|
Deltic Timber Corp. |
|
|
21,226 |
|
825 |
2 |
Diversa Corp. |
|
|
20,986 |
|
3,093 |
2 |
Earthshell Corp. |
|
|
9,666 |
|
6,636 |
|
Ethyl Corp. |
|
|
13,272 |
|
3,701 |
|
Ferro Corp. |
|
|
75,871 |
|
1,964 |
|
Florida Rock Industries, Inc. |
|
|
76,351 |
13,494 |
|
Freeport-McMoRan Copper & Gold, Inc., Class B |
|
|
107,109 |
|
|
1,468 |
|
Fuller (H.B.) Co. |
|
|
49,637 |
|
5,756 |
2 |
Gaylord Container Corp. |
|
|
12,591 |
|
671 |
|
Gentek, Inc. |
|
|
11,197 |
|
3,383 |
|
Georgia Gulf Corp. |
|
|
45,248 |
|
779 |
|
Gibraltar Steel Corp. |
|
|
9,786 |
|
2,757 | Glatfelter (P.H.) Co. | 28,776 | |||
|
6,519 | 2 | Grace (W.R.) & Co. | 24,854 | ||
|
4,835 | Great Lakes Chemical Corp. | 161,368 | |||
|
1,384 | Greif Brothers Corp., Class A | 44,288 | |||
|
2,993 | 2 | International Fibercom, Inc. | 38,535 | ||
|
1,503 | International Specialty Products, Inc. | 9,394 | |||
|
3,082 | 2 | Kaiser Aluminum Corp. | 15,603 | ||
|
10,716 | LTV Corp. | 12,725 | |||
|
2,463 | Lilly Industries, Inc., Class A | 73,890 | |||
|
2,468 | 2 | Lone Star Technologies, Inc. | 99,090 | ||
|
5,520 | Longview Fibre Co. | 75,210 | |||
|
11,116 | Louisiana-Pacific Corp. | 94,486 | |||
|
5,611 | Lubrizol Corp. | 121,689 | |||
|
1,062 | 2 | MCSI, Inc. | 30,533 | ||
|
1,872 | MacDermid, Inc. | 40,248 | |||
|
4,928 | 2 | Mail-Well, Inc. | 24,332 | ||
|
1,446 | Matthews International Corp., Class A | 39,042 | |||
|
1,903 | 2 | Maverick Tube Corp. | 29,615 | ||
|
1,705 | 2 | McMoRan Exploration Co. | 20,375 | ||
|
6,816 | Millennium Chemicals, Inc. | 109,908 | |||
|
2,163 | Minerals Technologies, Inc. | 67,729 | |||
|
2,222 | NL Industries, Inc. | 52,495 | |||
|
1,791 | 2 | NS Group, Inc. | 15,313 | ||
|
2,117 | National Steel Corp., Class B | 6,219 | |||
|
1,009 | 2 | Nortek, Inc. | 18,982 | ||
|
2,573 | OM Group, Inc. | 119,001 | |||
|
3,863 |
|
Olin Corp. |
|
|
68,568 |
|
3,668 |
|
Omnova Solutions, Inc. |
|
|
20,633 |
|
230 |
2 |
Optical Cable Corp. |
|
|
3,666 |
|
4,934 |
2 |
Packaging Corp. of America |
|
|
72,468 |
|
18,085 |
2 |
Pactiv Corp. |
|
|
189,893 |
|
3,025 |
2 |
Playtex Products, Inc. |
|
|
30,628 |
10,342 |
|
Polyone Corp. |
|
|
81,443 |
|
|
1,488 |
|
Pope & Talbot, Inc. |
|
|
23,157 |
|
3,027 |
|
Potlatch Corp. |
|
|
101,405 |
|
1,458 |
|
Quanex Corp. |
|
|
28,887 |
|
10,916 |
|
RPM, Inc. |
|
|
97,562 |
|
2,904 |
|
Rayonier, Inc. |
|
|
102,185 |
|
1,304 |
|
Rock-Tenn Co. |
|
|
11,655 |
|
3,159 |
|
Schulman (A.), Inc. |
|
|
34,552 |
|
1,314 |
2 |
Seminis, Inc., Class A |
|
|
1,150 |
|
11,177 |
|
Solutia, Inc. |
|
|
142,507 |
|
2,707 |
|
Southern Peru Copper Corp. |
|
|
37,729 |
|
4,556 |
2 |
Steel Dynamics, Inc. |
|
|
54,672 |
|
4,066 |
2 |
Stillwater Mining Co. |
|
|
117,914 |
|
2,206 |
|
Texas Industries, Inc. |
|
|
51,427 |
|
629 |
2 |
Trex Co. Inc. |
|
|
23,509 |
|
559 |
|
U.S. Aggregates, Inc. |
|
|
7,826 |
|
4,818 |
2 |
UCAR International, Inc. |
|
|
39,749 |
|
8,583 |
|
USEC, Inc. |
|
|
43,988 |
|
2,988 |
|
Universal Corp. |
|
|
83,664 |
|
875 |
|
Valhi, Inc. |
|
|
10,773 |
|
3,939 |
|
Valspar Corp. |
|
|
107,574 |
|
3,451 |
|
Walter Industries, Inc. |
|
|
25,667 |
|
5,495 |
|
Wausau-Mosinee Paper Corp. |
|
|
48,081 |
|
3,409 |
2 |
Weirton Steel Corp. |
|
|
8,096 |
|
7,537 |
|
Worthington Industries, Inc. |
|
|
72,073 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
5,056,314 |
|
|
|
|
|||
|
|
|
Capital Goods--9.1% |
|
|
|
|
2,867 |
|
AAR Corp. |
|
|
34,225 |
|
1,217 |
2 |
ACT Manufacturing, Inc. |
|
|
40,009 |
|
6,373 |
|
AGCO Corp. |
|
|
72,493 |
|
2,966 |
|
AMCOL International Corp. |
|
|
21,874 |
|
3,445 |
|
AMETEK, Inc. |
|
|
74,929 |
|
4,122 |
|
Actuant Corp. |
|
|
14,942 |
|
1,269 |
2 |
Advanced Energy Industries, Inc. |
|
|
21,890 |
|
1,624 |
2 |
Advanced Lighting Technologies, Inc. |
|
|
19,386 |
|
1,856 |
|
Albany International Corp., Class A |
|
|
19,952 |
|
950 |
2 |
Alliant Techsystems, Inc. |
|
|
85,441 |
|
376 |
2 |
American Technical Ceramics Corp. |
|
|
5,753 |
1,140 |
2 |
Anaren Microwave, Inc. |
|
|
118,560 |
|
|
3,823 |
|
Aptargroup, Inc. |
|
|
79,088 |
|
1,186 |
2 |
Arguss Holdings, Inc. |
|
|
14,825 |
|
3,438 |
2 |
Artesyn Technologies, Inc. |
|
|
139,669 |
|
1,661 |
2 |
Astec Industries, Inc. |
|
|
17,129 |
|
2,576 |
|
Baldor Electric Co. |
|
|
51,198 |
|
3,129 |
|
Ball Corp. |
|
|
109,906 |
|
1,778 |
|
Barnes Group, Inc. |
|
|
34,226 |
|
900 |
|
Bel Fuse, Inc. |
|
|
36,112 |
|
2,613 |
|
Belden, Inc. |
|
|
67,775 |
|
2,052 |
2 |
Benchmark Electronics, Inc. |
|
|
82,593 |
|
2,022 |
2 |
Black Box Corp. |
|
|
133,199 |
|
441 |
2 |
Blount International, Inc. |
|
|
3,528 |
|
1,887 |
|
Brady (W.H.) Co. |
|
|
58,497 |
|
2,323 |
|
Briggs & Stratton Corp. |
|
|
82,902 |
|
1,755 |
|
Brush Engineered Materials, Inc. |
|
|
35,868 |
|
2,829 |
|
C&D Technologies, Inc. |
|
|
167,265 |
|
2,924 |
2 |
C-COR Electronics, Inc. |
|
|
45,688 |
|
2,609 |
|
CLARCOR, Inc. |
|
|
49,897 |
|
2,950 |
|
CTS Corp. |
|
|
126,666 |
|
3,180 |
|
Carlisle Cos., Inc. |
|
|
132,368 |
|
2,009 |
2 |
Casella Waste Systems, Inc. |
|
|
17,453 |
|
1,270 |
|
Century Aluminium Co. |
|
|
11,112 |
|
3,032 |
2 |
Checkpoint System, Inc. |
|
|
24,066 |
|
2,121 |
|
Cohu, Inc. |
|
|
33,538 |
|
2,125 |
2 |
Coinstar, Inc. |
|
|
28,023 |
|
1,291 |
|
Columbus McKinnon Corp. |
|
|
17,267 |
|
3,061 |
2 |
Comfort Systems USA, Inc. |
|
|
8,992 |
|
600 |
|
Cubic Corp. |
|
|
16,425 |
|
4,451 |
|
Cummins Engine Co., Inc. |
|
|
151,334 |
|
1,748 |
2 |
Cuno, Inc. |
|
|
44,355 |
|
1,177 |
2 |
DDI Corp. |
|
|
47,006 |
|
2,235 |
2 |
Delco-Remy International, Inc. |
|
|
14,947 |
|
2,301 |
2 |
Dionex Corp. |
|
|
74,639 |
|
4,230 |
|
Donaldson Company, Inc. |
|
|
95,704 |
|
560 |
2 |
Dupont Photomasks, Inc. |
|
|
31,430 |
|
1,183 |
2 |
ESCO Technologies, Inc. |
|
|
21,516 |
|
2,839 |
2 |
Electro Scientific Industries, Inc. |
|
|
99,188 |
|
2,619 |
2 |
Emagin Corp. |
|
|
22,654 |
|
978 |
2 |
EMCOR Group, Inc. |
|
|
25,367 |
|
6,693 |
2 |
Encompass Services Corp. |
|
|
30,537 |
|
1,275 |
2 |
Energy Conversion Devices, Inc. |
|
|
41,278 |
|
1,851 |
2 |
Esterline Technologies Corp. |
|
|
41,300 |
|
950 |
2 |
Excel Technology, Inc. |
|
|
23,750 |
|
2,029 |
|
Exide Corp. |
|
|
20,417 |
|
4,813 |
|
Federal Signal Corp. |
|
|
112,504 |
|
4,317 |
|
Fisher Scientific International, Inc. |
|
|
165,935 |
|
3,963 |
|
Flowserve Corp. |
|
|
79,755 |
|
4,049 |
|
Foster Wheeler Corp. |
|
|
29,861 |
|
410 |
|
Franklin Electronics, Inc. |
|
|
27,931 |
|
1,345 |
2 |
Gardner Denver, Inc. |
|
|
24,714 |
|
3,590 |
|
GenCorp, Inc. |
|
|
30,066 |
|
3,167 |
|
General Cable Corp. |
|
|
19,002 |
|
1,254 |
2 |
Genlyte Group, Inc. |
|
|
32,447 |
|
2,132 |
|
Graco, Inc. |
|
|
76,619 |
|
2,011 |
|
Granite Construction, Inc. |
|
|
45,876 |
|
2,781 |
2 |
Griffon Corp. |
|
|
21,205 |
|
5,697 |
|
HON Industries, Inc. |
|
|
137,084 |
|
3,740 |
|
Harman International Industries, Inc. |
|
|
179,520 |
|
4,303 |
|
Harsco Corp. |
|
|
86,867 |
|
858 |
|
Heico Corp. |
|
|
10,350 |
|
947 |
2 |
Horizon Offshore, Inc. |
|
|
13,021 |
|
1,306 |
2 |
Hypercom Corp. |
|
|
8,979 |
|
3,225 |
|
IDEX Corp. |
|
|
104,006 |
|
1,992 |
2 |
Insituform Technologies, Inc., Class A |
|
|
71,089 |
|
3,503 |
2 |
Integrated Electrical Services |
|
|
24,083 |
|
1,743 |
2 |
Ionics, Inc. |
|
|
36,494 |
|
4,263 |
|
JLG Industries, Inc. |
|
|
59,416 |
|
2,442 |
2 |
Jacobs Engineering Group, Inc. |
|
|
101,038 |
|
2,441 |
|
Kaman Corp., Class A |
|
|
35,395 |
|
3,168 |
|
Kaydon Corp. |
|
|
69,498 |
|
3,295 |
|
Kennametal, Inc. |
|
|
96,791 |
|
3,296 |
|
Kimball International, Inc., Class B |
|
|
51,294 |
|
1,084 |
2 |
LCC International, Inc., Class A |
|
|
16,260 |
|
525 |
|
Lawson Products, Inc. |
|
|
14,241 |
|
3,720 |
|
Lincoln Electric Holdings, Inc. |
|
|
63,937 |
|
1,272 |
|
Lindsay Manufacturing Co. |
|
|
26,712 |
|
2,164 |
2 |
Littlelfuse, Inc. |
|
|
62,756 |
|
800 |
2 |
MOOG, Inc., Class A |
|
|
23,300 |
|
2,026 |
2 |
Magnetek, Inc. |
|
|
22,033 |
|
2,652 |
|
Manitowoc, Inc. |
|
|
72,101 |
|
2,700 |
|
Metals USA, Inc. |
|
|
7,594 |
|
4,085 |
2 |
Mettler Toledo International, Inc., ADR |
|
|
190,718 |
|
3,706 |
|
Milacron, Inc. |
|
|
59,064 |
|
976 |
2 |
Mobile Mini, Inc. |
|
|
19,459 |
|
3,681 |
2 |
Mueller Industries, Inc. |
|
|
85,813 |
|
1,766 |
|
Myers Industries, Inc. |
|
|
23,399 |
|
714 |
|
NACCO Industries, Inc., Class A |
|
|
27,177 |
|
4,377 |
|
National Service Industries, Inc. |
|
|
89,455 |
|
1,291 |
|
New England Business Service, Inc. |
|
|
22,431 |
|
7,383 |
2 |
Newpark Resources, Inc. |
|
|
66,447 |
|
3,067 |
|
Newport News Shipbuilding, Inc. |
|
|
150,858 |
|
2,986 |
|
Nordson Corp. |
|
|
85,661 |
|
3,962 |
2 |
Orbital Sciences Corp. |
|
|
31,448 |
|
1,579 |
|
OshKosh Truck Corp., Class B |
|
|
64,936 |
|
995 |
|
Park Electrochemical Corp. |
|
|
65,732 |
|
891 |
2 |
Parkervision, Inc. |
|
|
49,673 |
|
4,152 |
2 |
Paxar Corp. |
|
|
33,994 |
|
685 |
|
Penn Engineering & Manufacturing Corp. |
|
|
25,902 |
|
4,258 |
2 |
Plexus Corp. |
|
|
268,520 |
|
5,266 |
|
Precision Castparts Corp. |
|
|
198,791 |
|
2,942 |
2 |
Presstek, Inc. |
|
|
46,336 |
|
987 |
|
Primex Technologies, Inc. |
|
|
28,931 |
|
1,977 |
|
RTI International Metals |
|
|
28,666 |
|
2,919 |
2 |
Rayovac Corp. |
|
|
43,055 |
|
2,198 |
|
Regal Beloit Corp. |
|
|
36,816 |
|
2,086 |
|
Reliance Steel & Aluminum Co. |
|
|
49,542 |
|
847 |
|
Robbins & Myers, Inc. |
|
|
20,487 |
|
1,616 |
2 |
Rogers Corp. |
|
|
57,772 |
|
3,277 |
|
Roper Industries, Inc. |
|
|
114,695 |
|
2,467 |
|
Ryerson Tull, Inc. |
|
|
18,502 |
|
2,865 |
2 |
SBA Communications, Corp. |
|
|
143,608 |
|
1,846 |
|
SLI, Inc. |
|
|
15,229 |
|
1,307 |
2 |
SPS Technologies, Inc. |
|
|
67,474 |
|
821 |
2 |
SatCon Technology Corp. |
|
|
20,935 |
|
2,076 |
|
Sauer-Danposs, Inc. |
|
|
15,700 |
|
1,300 |
|
Scott Technologies, Inc. |
|
|
29,900 |
|
7,517 |
|
Sensormatic Electronics Corp. |
|
|
135,306 |
|
674 |
2 |
Sequa Corp., Class A |
|
|
24,854 |
|
1,767 |
2 |
Shaw Group, Inc. |
|
|
144,010 |
|
2,204 |
|
Smith (A.O.) Corp. |
|
|
31,131 |
|
1,647 |
|
Spartech Corp. |
|
|
25,426 |
|
1,209 |
2 |
Specialty Equipment Cos., Inc. |
|
|
36,648 |
|
337 |
2 |
Spectra-Physics Lasers, Inc. |
|
|
11,900 |
|
1,330 |
|
Standard Register |
|
|
15,960 |
|
1,177 |
|
Standex International Corp. |
|
|
21,554 |
|
1,503 |
2 |
Stericycle, Inc. |
|
|
48,660 |
|
2,965 |
|
Stewart & Stevenson Services |
|
|
71,160 |
|
1,298 |
2 |
Stoneridge, Inc. |
|
|
12,655 |
|
1,026 |
|
Superior Telecom, Inc. |
|
|
5,066 |
|
1,219 |
|
Technitrol, Inc. |
|
|
135,157 |
|
1,726 |
|
Tecumseh Products Co., Class A |
|
|
68,824 |
|
3,252 |
2 |
Teledyne Technologies, Inc. |
|
|
81,503 |
|
4,029 |
|
Teleflex, Inc. |
|
|
139,252 |
|
961 |
|
Tennant Co. |
|
|
41,803 |
|
2,762 |
2 |
Terex Corp. |
|
|
34,007 |
|
640 |
2 |
Thermo Fibertek, Inc. |
|
|
2,640 |
|
1,676 |
|
Thomas Industries, Inc. |
|
|
35,196 |
|
2,313 |
2 |
Three-Five Systems, Inc. |
|
|
79,798 |
|
5,230 |
|
Timken Co. |
|
|
73,547 |
|
2,721 |
|
Tredegar Industries, Inc. |
|
|
51,869 |
|
4,036 |
|
Trinity Industries, Inc. |
|
|
97,116 |
|
1,210 |
2 |
Triumph Group, Inc. |
|
|
41,140 |
|
1,428 |
|
URS Corp. |
|
|
18,296 |
|
1,510 |
2 |
Uniroyal Technology Corp. |
|
|
15,383 |
|
3,493 |
2 |
United Stationers, Inc. |
|
|
105,008 |
|
1,508 |
2 |
Universal Electronics, Inc. |
|
|
27,709 |
|
3,164 |
2 |
Valence Technology, Inc. |
|
|
44,098 |
|
1,564 |
|
Valmont Industries, Inc. |
|
|
31,866 |
|
4,654 |
2 |
Viasystems Group, Inc. |
|
|
66,029 |
|
2,066 |
2 |
Vicor Corp. |
|
|
111,564 |
|
2,456 |
2 |
WMS Industries, Inc. |
|
|
54,646 |
|
2,272 |
|
Wabash National Corp. |
|
|
18,176 |
|
3,969 |
|
Wallace Computer Services, Inc. |
|
|
57,550 |
|
3,490 |
2 |
Washington Group International, Inc. |
|
|
36,645 |
|
2,091 |
2 |
Waste Connections, Inc. |
|
|
53,451 |
|
2,148 |
|
Watsco, Inc. |
|
|
20,234 |
|
1,780 |
|
Watts Industries, Inc., Class A |
|
|
19,914 |
|
1,092 |
|
West Pharmaceutical Services, Inc. |
|
|
24,024 |
|
893 |
2 |
Wolverine Tube, Inc. |
|
|
12,167 |
|
1,180 |
|
Woodhead Industries, Inc. |
|
|
25,960 |
|
898 |
|
Woodward Governor Co. |
|
|
40,214 |
|
1,586 |
2 |
Yankee Candle Co. |
|
|
23,294 |
|
4,022 |
|
York International Corp. |
|
|
109,348 |
|
1,776 |
|
ZixIt Corp. |
|
|
43,401 |
|
2,985 |
2 |
Zomax Optical Media, Inc. |
|
|
18,097 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
9,740,307 |
|
|
|
|
|||
|
|
|
Communication Services--1.3% |
|
|
|
|
2,990 |
2 |
Adelphia Business Solutions, Inc. |
|
|
18,687 |
|
2,710 |
2 |
Advanced Radio Telecom Corp. |
|
|
10,671 |
|
972 |
2 |
AirGate PCS, Inc. |
|
|
37,786 |
|
1,093 |
2 |
Alamosa PCS Holdings, Inc. |
|
|
16,600 |
|
1,066 |
2 |
Alaska Communications Systems Holdings, Inc. |
|
|
7,262 |
|
5,574 |
2 |
Allied Riser Communications Corp. |
|
|
17,767 |
|
6,205 |
2 |
American TeleSource International, Inc. |
|
|
9,307 |
|
5,810 |
2 |
Arch Wireless, Inc. |
|
|
17,430 |
|
1,447 |
|
CFW Communications Co. |
|
|
28,759 |
|
1,740 |
|
CT Communications, Inc. |
|
|
34,909 |
|
4,084 |
2 |
CapRock Communications Corp. |
|
|
29,098 |
|
984 |
2 |
Choice One Communications, Inc. |
|
|
10,639 |
|
1,102 |
2 |
Commonwealth Telephone Enterprises, Inc. |
|
|
38,157 |
|
1,094 |
2 |
Cypress Communications, Inc. |
|
|
2,940 |
|
972 |
2 |
Deltathree.com, Inc. |
|
|
2,916 |
|
5,670 |
2 |
e.spire Communications, Inc. |
|
|
15,592 |
|
1,038 |
2 |
FiberNet Telecom Group, Inc. |
|
|
11,094 |
|
1,099 |
2 |
FirstWorld Communications, Inc., Class B |
|
|
1,648 |
|
4,476 |
2 |
General Communications, Inc., Class A |
|
|
34,969 |
|
957 |
2 |
Golden Telecom, Inc. |
|
|
14,833 |
|
1,514 |
|
Hickory Tech Corp. |
|
|
34,443 |
|
1,134 |
2 |
iBasis, Inc. |
|
|
8,788 |
|
5,525 |
2 |
ICG Communications, Inc. |
|
|
2,417 |
|
2,487 |
2 |
IDT Corp. |
|
|
88,910 |
|
5,500 |
2 |
ITC DeltaCom, Inc. |
|
|
44,516 |
|
685 |
2 |
ITXC Corp. |
|
|
7,235 |
|
2,390 |
2 |
Illuminet Holdings, Inc. |
|
|
57,547 |
|
5,379 |
2 |
Intermedia Communications, Inc. |
|
|
119,010 |
|
2,812 |
2 |
Leap Wireless International, Inc. |
|
|
139,897 |
|
8,185 |
2 |
MetroCall, Inc. |
|
|
10,487 |
|
5,028 |
2 |
Mpower Communications Corp. |
|
|
32,682 |
|
603 |
2 |
Neon Communications, Inc. |
|
|
7,274 |
|
1,162 |
2 |
Net2000 Communications, Inc. |
|
|
6,972 |
|
1,094 |
2 |
Net2Phone, Inc. |
|
|
20,307 |
|
1,138 |
2 |
Network Plus Corp. |
|
|
8,962 |
|
1,629 |
|
North Pittsburgh Systems, Inc. |
|
|
19,344 |
|
1,871 |
2 |
Pac-West Telecomm, Inc. |
|
|
16,254 |
|
4,834 |
2 |
Price Communications Corp. |
|
|
104,535 |
|
2,888 |
2 |
Primus Telecommunications Group, Inc. |
|
|
14,620 |
|
1,014 |
2 |
Rural Cellular Corp. |
|
|
54,502 |
|
7,499 |
2 |
Talk.com, Inc. |
|
|
23,200 |
|
1,945 |
2 |
Teligent AB, Class A |
|
|
14,770 |
|
13,316 |
2 |
Terremark Worldwide, Inc. |
|
|
35,021 |
|
1,032 |
2 |
US LEC Corp., Class A |
|
|
6,192 |
|
5,363 |
2 |
Viatel, Inc. |
|
|
51,619 |
|
4,916 |
2 |
WebLink Wireless, Inc. |
|
|
39,021 |
|
3,718 |
2 |
WorldPages.com, Inc. |
|
|
9,527 |
|
668 |
2 |
Z-Tel Technologies, Inc. |
|
|
5,803 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
1,344,919 |
|
|
|
|
|||
|
|
|
Consumer Cyclicals--14.1% |
|
|
|
|
879 |
2 |
1-800-FLOWERS.COM, Inc. |
|
|
3,434 |
|
951 |
2 |
4 Kids Entertainment, Inc. |
|
|
13,730 |
|
1,251 |
2 |
99 Cents Only Stores |
|
|
28,069 |
|
5,703 |
2 |
ACNielsen Corp. |
|
|
136,516 |
|
1,850 |
2 |
ADVO, Inc. |
|
|
68,103 |
|
920 |
2 |
AMERCO |
|
|
18,630 |
|
2,528 |
2 |
APAC Customer Services, Inc. |
|
|
13,588 |
|
1,861 |
|
Aaron Rents, Inc. |
|
|
31,172 |
|
9,866 |
2 |
Abercrombie & Fitch Co., Class A |
|
|
232,468 |
|
1,199 |
|
Ackerley Communications, Inc. |
|
|
12,440 |
|
1,926 |
2 |
Administaff, Inc. |
|
|
68,373 |
|
851 |
|
Advanced Marketing Services, Inc. |
|
|
15,318 |
|
969 |
2 |
American Axle & Manufacturing Holdings, Inc. |
|
|
12,052 |
|
2,321 |
2 |
American Eagle Outfitters, Inc. |
|
|
79,929 |
|
6,842 |
|
American Greetings Corp., Class A |
|
|
124,439 |
|
3,099 |
2 |
Ames Department Stores, Inc. |
|
|
12,202 |
|
670 |
2 |
Anchor Gaming |
|
|
56,908 |
|
2,717 |
2 |
Ann Taylor Stores Corp. |
|
|
81,510 |
|
2,126 |
|
Applied Industrial Technologies, Inc. |
|
|
36,009 |
|
1,929 |
|
Arctic Cat, Inc. |
|
|
24,715 |
|
2,140 |
2 |
Argosy Gaming Corp. |
|
|
34,775 |
|
1,820 |
2 |
Armor Holdings, Inc. |
|
|
28,324 |
|
4,095 |
|
Armstrong Holdings, Inc. |
|
|
11,773 |
|
7,590 |
|
ArvinMeritor, Inc. |
|
|
127,132 |
|
551 |
2 |
Avenue A, Inc. |
|
|
2,342 |
|
2,292 |
2 |
Avis Group Holdings, Inc. |
|
|
68,473 |
|
3,917 |
2 |
Aztar Corp. |
|
|
59,245 |
|
2,569 |
2 |
Bally Total Fitness Holding Corp. |
|
|
64,064 |
|
1,196 |
|
Bandag, Inc. |
|
|
42,682 |
|
5,371 |
2 |
Barnes & Noble, Inc. |
|
|
101,378 |
|
1,115 |
2 |
Barnesandnoble.com, Inc. |
|
|
4,355 |
|
3,668 |
|
Blyth Industries, Inc. |
|
|
95,368 |
|
2,836 |
2 |
Boca Resorts, Inc., Class A |
|
|
38,463 |
|
8,344 |
2 |
Borders Group, Inc. |
|
|
115,773 |
|
2,525 |
|
Borg-Warner Automotive, Inc. |
|
|
95,319 |
|
3,996 |
2 |
Boyd Gaming Corp. |
|
|
15,734 |
|
923 |
2 |
Braun Consulting, Inc. |
|
|
6,951 |
|
1,273 |
2 |
Bright Horizons Family Solutions, Inc. |
|
|
31,825 |
|
1,939 |
|
Brown Shoe Co., Inc. |
|
|
19,026 |
|
824 |
2 |
Buckle, Inc. |
|
|
13,853 |
|
1,856 |
|
Burlington Coat Factory Warehouse |
|
|
29,232 |
|
893 |
|
Bush Industries, Inc., Class A |
|
|
10,381 |
|
1,503 |
2 |
Buy.com, Inc. |
|
|
3,241 |
|
2,143 |
2 |
CB Richard Ellis Services |
|
|
26,787 |
|
667 |
|
CPI Corp. |
|
|
13,465 |
|
1,994 |
2 |
CSK Auto Corp. |
|
|
6,979 |
|
8,017 |
|
Callaway Golf Co. |
|
|
128,272 |
|
1,954 |
2 |
Career Education Corp. |
|
|
75,595 |
|
4,654 |
|
Casey's General Stores, Inc. |
|
|
58,175 |
|
11,273 |
2 |
Catellus Development Corp. |
|
|
205,028 |
|
1,425 |
|
Cato Corp., Class A |
|
|
17,100 |
|
6,254 |
|
Centex Corp. |
|
|
231,398 |
|
1,593 |
2 |
Central Garden & Pet Co. |
|
|
12,644 |
|
1,265 |
|
Central Parking Corp. |
|
|
24,272 |
|
2,662 |
2 |
Cerner Corp. |
|
|
164,878 |
|
4,998 |
2 |
Champion Enterprises, Inc. |
|
|
19,367 |
|
1,183 |
2 |
Championship Auto Racing Teams, Inc. |
|
|
29,427 |
|
10,071 |
2 |
Charming Shoppes, Inc. |
|
|
61,685 |
|
963 |
|
Chemed Corp. |
|
|
31,659 |
|
1,469 |
2 |
Chicos Fas, Inc. |
|
|
47,559 |
|
1,821 |
2 |
Children's Place Retail Stores, Inc. |
|
|
47,232 |
|
5,580 |
2 |
Choice Hotels International, Inc. |
|
|
65,565 |
|
918 |
|
Churchill Downs, Inc. |
|
|
25,704 |
|
4,360 |
|
Claire's Stores, Inc. |
|
|
87,745 |
|
10,518 |
|
Clayton Homes, Inc. |
|
|
96,634 |
|
1,525 |
|
Coachmen Industries, Inc. |
|
|
12,772 |
|
239 |
2 |
Coldwater Creek, Inc. |
|
|
7,095 |
|
6,591 |
2 |
Collins & Aikman Corp. |
|
|
31,307 |
|
711 |
2 |
Columbia Sportswear Co. |
|
|
30,395 |
|
485 |
|
CompX International, Inc. |
|
|
5,790 |
|
6,727 |
|
Cooper Tire & Rubber Co. |
|
|
73,577 |
|
308 |
2 |
CoorsTek, Inc. |
|
|
9,009 |
|
3,887 |
2 |
Copart, Inc. |
|
|
58,548 |
|
496 |
2 |
Corinthian Colleges, Inc. |
|
|
34,286 |
|
2,020 |
2 |
Corporate Executive Board Co. |
|
|
93,172 |
|
2,250 |
2 |
Cost Plus, Inc. |
|
|
63,000 |
|
1,519 |
2 |
Crestline Capital Corp. |
|
|
31,709 |
|
704 |
2 |
Crossmann Communities, Inc. |
|
|
12,628 |
|
5,160 |
|
D. R. Horton, Inc. |
|
|
95,460 |
|
5,819 |
2 |
Dal-Tile International, Inc. |
|
|
72,010 |
|
2,206 |
2 |
Diamond Technology Partners, Class A |
|
|
98,443 |
|
797 |
2 |
Digital Impact, Inc. |
|
|
4,334 |
|
7,144 |
2 |
Digital Island, Inc. |
|
|
90,193 |
|
510 |
2 |
DigitalThink, Inc. |
|
|
17,970 |
|
967 |
2 |
Digitas, Inc. |
|
|
11,544 |
|
9,410 |
|
Dillards, Inc., Class A |
|
|
98,805 |
|
1,329 |
2 |
Direct Focus, Inc. |
|
|
59,118 |
|
2,600 |
2 |
Dollar Thrifty Automotive Group |
|
|
39,975 |
|
1,369 |
|
Dover Downs Entertainment |
|
|
16,086 |
|
1,517 |
2 |
Dress Barn, Inc. |
|
|
38,020 |
|
2,214 |
2 |
Drugstore.Com, Inc. |
|
|
5,812 |
|
1,253 |
2 |
Dura Automotive Systems, Inc. |
|
|
10,572 |
|
1,550 |
2 |
Edison Schools, Inc. |
|
|
42,528 |
|
2,137 |
2 |
Education Management Corp. |
|
|
66,247 |
|
2,067 |
|
Elcor Corp. |
|
|
32,168 |
|
1,479 |
2 |
Electro Rent Corp. |
|
|
20,244 |
|
596 |
2 |
Electronics Boutique PLC |
|
|
9,313 |
|
474 |
2 |
Envision Development Corp. |
|
|
1,718 |
|
4,165 |
|
Ethan Allen Interiors, Inc. |
|
|
121,826 |
|
6,164 |
2 |
eToys, Inc. |
|
|
23,115 |
|
7,548 |
2 |
Extended Stay America, Inc. |
|
|
92,935 |
|
1,374 |
2 |
F.Y.I., Inc. |
|
|
55,132 |
|
1,383 |
2 |
Factory 2-U Stores, Inc. |
|
|
44,170 |
|
4,511 |
2 |
Fairfield Communities, Inc. |
|
|
57,233 |
|
2,834 |
|
Fedders Corp. |
|
|
12,044 |
|
7,513 |
|
Federal-Mogul Corp. |
|
|
24,417 |
|
3,474 |
|
Fleetwood Enterprises, Inc. |
|
|
45,813 |
|
1,949 |
2 |
Footstar, Inc. |
|
|
69,920 |
|
1,706 |
|
Forest City Enterprises, Inc., Class A |
|
|
63,122 |
|
1,241 |
2 |
Forrester Research, Inc. |
|
|
50,959 |
|
1,551 |
2 |
Fossil, Inc. |
|
|
20,260 |
|
937 |
|
Freds, Inc. |
|
|
19,794 |
|
5,302 |
2 |
Furniture Brands International, Inc. |
|
|
89,471 |
|
2,155 |
|
G & K Services, Inc., Class A |
|
|
59,532 |
|
232 |
2 |
Gaiam, Inc. |
|
|
3,741 |
|
7,721 |
2 |
Gartner Group, Inc., Class A |
|
|
73,349 |
|
2,254 |
2 |
Genesco, Inc. |
|
|
40,008 |
|
62 |
|
Grey Global Group, Inc. |
|
|
34,720 |
|
1,645 |
2 |
Group 1 Automotive, Inc. |
|
|
16,347 |
|
3,714 |
2 |
Gtech Holdings Corp. |
|
|
64,299 |
|
745 |
2 |
Guess?, Inc. |
|
|
5,541 |
|
2,397 |
2 |
Guitar Center, Inc. |
|
|
31,760 |
|
6,142 |
2 |
HA-LO Industries, Inc. |
|
|
23,800 |
|
2,729 |
|
Handleman Co. |
|
|
26,949 |
|
15,843 |
2 |
Hanover Direct, Inc. |
|
|
8,912 |
|
1,748 |
|
Haverty Furniture Cos., Inc. |
|
|
19,665 |
|
1,805 |
2 |
Hayes Lemmerz International, Inc. |
|
|
19,742 |
|
1,969 |
2 |
Hexcel Corporation |
|
|
21,536 |
|
4,240 |
|
Hollinger International, Inc. |
|
|
65,455 |
|
1,665 |
2 |
Hollywood.com, Inc. |
|
|
12,592 |
|
915 |
2 |
Hot Topic, Inc. |
|
|
31,339 |
|
2,842 |
|
Houghton Mifflin Co. |
|
|
104,621 |
|
2,546 |
|
Hughes Supply, Inc. |
|
|
47,738 |
|
472 |
2 |
IMPCO Technologies, Inc. |
|
|
9,292 |
|
1,550 |
2 |
ITT Educational Services, Inc. |
|
|
24,412 |
|
1,010 |
2 |
Igen, Inc. |
|
|
25,124 |
|
2,924 |
2 |
InfoUSA, Inc. |
|
|
9,503 |
|
992 |
2 |
Information Holdings, Inc. |
|
|
25,854 |
|
3,496 |
2 |
Insight Enterprises, Inc. |
|
|
113,620 |
|
1,913 |
2 |
Insignia Financial Group, Inc. |
|
|
18,532 |
|
906 |
2 |
Insurance Automotive Auctions, Inc. |
|
|
10,872 |
|
4,046 |
2 |
Intelidata Technologies Corp. |
|
|
21,621 |
|
5,645 |
2 |
Interdigital Communications Corp. |
|
|
61,742 |
|
4,905 |
|
Interface, Inc. |
|
|
44,758 |
|
1,308 |
|
Interpool, Inc. |
|
|
16,840 |
|
2,954 |
2 |
Intertan, Inc. |
|
|
32,679 |
|
2,723 |
2 |
Isle of Capri Casinos, Inc. |
|
|
29,953 |
|
2,043 |
2 |
JAKKS Pacific, Inc. |
|
|
18,004 |
|
3,283 |
2 |
Jones Lang LaSalle, Inc. |
|
|
41,858 |
|
4,819 |
2 |
Journal Register Co. |
|
|
85,838 |
|
2,039 |
2 |
Jupiter Media Metrix, Inc. |
|
|
27,781 |
|
5,081 |
|
Kaufman & Broad Homes Corp. |
|
|
151,160 |
|
2,539 |
|
Kellwood Co. |
|
|
49,352 |
|
769 |
2 |
Kenneth Cole Productions, Inc., Class A |
|
|
34,941 |
|
2,105 |
2 |
Key3Media Group, Inc. |
|
|
19,997 |
|
2,421 |
|
LNR Property Corp. |
|
|
52,354 |
|
6,473 |
|
La-Z Boy Chair Co. |
|
|
101,950 |
|
3,216 |
|
Lancaster Colony Corp. |
|
|
75,978 |
|
1,460 |
2 |
Lands' End, Inc. |
|
|
37,449 |
|
6,896 |
2 |
Lear Corp. |
|
|
187,916 |
|
1,126 |
2 |
Learning Tree International, Inc. |
|
|
50,951 |
|
4,703 |
|
Lee Enterprises, Inc. |
|
|
129,920 |
|
5,071 |
|
Lennar Corp. |
|
|
162,906 |
|
4,260 |
|
Lennox International, Inc. |
|
|
33,814 |
|
1,186 |
2 |
LifeMinders, Inc. |
|
|
13,787 |
|
4,282 |
2 |
Linens 'N Things, Inc. |
|
|
131,671 |
|
2,246 |
|
M.D.C. Holdings, Inc. |
|
|
61,484 |
|
880 |
2 |
META Group, Inc. |
|
|
8,470 |
|
4,159 |
2 |
MIPS Technologies, Inc. |
|
|
166,880 |
|
612 |
2 |
Management Network Group, Inc. |
|
|
8,071 |
|
2,317 |
|
Marcus Corp. |
|
|
32,872 |
|
996 |
2 |
Martha Stewart Living Omnimedia, Class A |
|
|
24,962 |
|
3,900 |
|
Mascotech, Inc. |
|
|
65,081 |
|
1,975 |
|
McClatchy, Co., Class A |
|
|
75,050 |
|
956 |
|
McGrath Rentcorp. |
|
|
16,491 |
|
2,068 |
|
Media General, Inc., Class A |
|
|
78,584 |
|
1,327 |
2 |
Mediaplex, Inc. |
|
|
2,861 |
|
1,028 |
2 |
MemberWorks, Inc. |
|
|
35,337 |
|
3,431 |
2 |
Mens Wearhouse, Inc. |
|
|
100,357 |
|
3,959 |
|
Meredith Corp. |
|
|
125,698 |
|
3,765 |
|
MeriStar Hospitality Corp. |
|
|
72,006 |
|
7,513 |
2 |
Metromedia International Group, Inc. |
|
|
27,948 |
|
3,171 |
2 |
Michaels Stores, Inc. |
|
|
77,095 |
|
1,689 |
|
Midas, Inc. |
|
|
23,435 |
|
3,089 |
2 |
Midway Games, Inc. |
|
|
23,940 |
|
1,085 |
2 |
Modem Media. Poppe Tyson, Inc. |
|
|
6,374 |
|
2,321 |
|
Modine Manufacturing Co. |
|
|
61,216 |
|
4,380 |
2 |
Mohawk Industries, Inc. |
|
|
95,539 |
|
1,686 |
2 |
Monaco Coach Corp. |
|
|
28,767 |
|
2,888 |
2 |
Musicland Stores, Inc. |
|
|
23,465 |
|
2,559 |
2 |
MyPoints.com, Inc. |
|
|
5,758 |
|
227 |
|
NCH Corp. |
|
|
8,853 |
|
1,927 |
2 |
NCI Building System, Inc. |
|
|
29,989 |
|
2,027 |
2 |
NCO Group, Inc. |
|
|
44,341 |
|
977 |
2 |
NVR, Inc. |
|
|
101,022 |
|
3,913 |
2 |
NationsRent, Inc. |
|
|
8,804 |
|
2,968 |
2 |
Nautica Enterprise, Inc. |
|
|
37,471 |
|
3,939 |
2 |
Navigant Consulting, Inc. |
|
|
15,017 |
|
3,873 |
|
Neiman-Marcus Group, Inc., Class A |
|
|
143,785 |
|
323 |
2 |
NetCreations, Inc. |
|
|
2,412 |
|
368 |
2 |
NetRatings, Inc. |
|
|
6,624 |
|
2,494 |
2 |
Netcentives, Inc. |
|
|
17,770 |
|
3,161 |
|
Network Commerce, Inc. |
|
|
9,384 |
|
3,798 |
2 |
O'Reilly Automotive, Inc. |
|
|
68,364 |
|
12,033 |
2 |
Officemax, Inc. |
|
|
34,595 |
|
5,312 |
|
Ogden Corp. |
|
|
73,040 |
|
651 |
2 |
Organic, Inc. |
|
|
2,116 |
|
1,159 |
|
OshKosh B'Gosh, Inc., Class A |
|
|
18,544 |
|
5,443 |
|
Owens Corning |
|
|
7,484 |
|
552 |
2 |
PC Connections, Inc. |
|
|
15,051 |
|
3,412 |
2 |
Pacific Sunwear of California |
|
|
69,946 |
|
1,943 |
2 |
Palm Harbor Homes, Inc. |
|
|
28,416 |
|
2,319 |
2 |
Payless ShoeSource, Inc. |
|
|
134,357 |
|
2,623 |
2 |
Pegasus Systems, Inc. |
|
|
44,755 |
|
860 |
2 |
Penn National Gaming, Inc. |
|
|
15,050 |
|
2,222 |
|
Penton Media, Inc. |
|
|
67,910 |
|
4,956 |
|
Pep Boys-Manny Moe & Jack |
|
|
22,302 |
|
3,143 |
2 |
Per-Se Technologies, Inc. |
|
|
13,849 |
|
11,858 |
2 |
PetSmart, Inc. |
|
|
52,620 |
|
2,195 |
|
Phillips Van Heusen Corp. |
|
|
26,066 |
|
10,302 |
|
Pier 1 Imports, Inc. |
|
|
136,501 |
|
2,011 |
|
Pinnacle Entertainment, Inc. |
|
|
45,876 |
|
5,529 |
|
Pittston Brink's Group |
|
|
87,773 |
|
2,140 |
2 |
Playboy Enterprises, Inc., Class B |
|
|
27,686 |
|
2,577 |
|
Polaris Industries, Inc., Class A |
|
|
89,551 |
|
5,695 |
2 |
Polo Ralph Lauren Corp., Class A |
|
|
111,764 |
|
1,077 |
2 |
PolyMedica Corp. |
|
|
61,928 |
|
2,171 |
|
Polymer Group, Inc. |
|
|
13,297 |
|
2,021 |
2 |
Prepaid Legal Services, Inc. |
|
|
88,671 |
|
257 |
2 |
Pricesmart, Inc. |
|
|
9,235 |
|
4,771 |
2 |
Prime Hospitality Corp. |
|
|
45,325 |
|
1,446 |
2 |
Private Media Group, Inc. |
|
|
12,517 |
|
476 |
2 |
Professional Detailing, Inc. |
|
|
42,185 |
|
4,437 |
2 |
Profit Recovery Group International, Inc. |
|
|
23,849 |
|
2,169 |
2 |
Prosofttraining.com |
|
|
15,183 |
|
2,072 |
2 |
Protection One, Inc. |
|
|
2,978 |
|
917 |
|
Pulitzer, Inc. |
|
|
37,551 |
|
3,220 |
|
Pulte Corp. |
|
|
107,266 |
|
2,434 |
2 |
Quiksilver, Inc. |
|
|
46,550 |
|
3,357 |
|
R.H. Donnelley Corp. |
|
|
75,952 |
|
4,742 |
2 |
Reebok International Ltd. |
|
|
102,249 |
|
3,671 |
|
Regis Corp. Minnesota |
|
|
55,524 |
|
568 |
2 |
Register.com, Inc. |
|
|
3,976 |
|
1,802 |
2 |
Rent-A-Center, Inc. |
|
|
52,596 |
|
2,353 |
2 |
Rent-Way, Inc. |
|
|
11,912 |
|
1,818 |
|
Rollins, Inc. |
|
|
32,838 |
|
1,070 |
|
Russ Berrie & Co., Inc. |
|
|
24,276 |
|
2,891 |
|
Russell Corp. |
|
|
46,256 |
|
1,343 |
|
Ryland Group, Inc. |
|
|
43,312 |
|
1,597 |
2 |
SCP Pool Corp. |
|
|
41,322 |
|
4,953 |
2 |
SITEL Corp. |
|
|
13,930 |
|
1,553 |
2 |
Scholastic Corp. |
|
|
124,240 |
|
1,860 |
2 |
School Specialty, Inc. |
|
|
28,597 |
|
1,669 |
2 |
Scotts Co. |
|
|
59,667 |
|
29,004 |
|
Service Corp. International |
|
|
67,072 |
|
3,017 |
|
Shopko Stores, Inc. |
|
|
19,233 |
|
877 |
2 |
Simpson Manufacturing Co., Inc. |
|
|
37,382 |
|
1,536 |
2 |
Skechers USA, Inc., Class A |
|
|
23,328 |
|
725 |
|
Skyline Corp. |
|
|
15,723 |
|
6,276 |
|
Snap-On, Inc. |
|
|
160,430 |
|
2,051 |
2 |
Sonic Automotive, Inc. |
|
|
18,331 |
|
4,441 |
|
Sothebys Holdings, Inc., Class A |
|
|
120,740 |
|
1,073 |
2 |
Source Information Management Co. |
|
|
5,901 |
|
1,536 |
2 |
Speedway Motorsports, Inc. |
|
|
26,784 |
|
1,631 |
|
Spiegel, Inc., Class A |
|
|
11,315 |
|
1,328 |
|
Springs Industries, Inc., Class A |
|
|
31,291 |
|
3,217 |
2 |
Stamps.com, Inc. |
|
|
12,667 |
|
2,563 |
|
Standard Pacific Corp. |
|
|
48,056 |
|
780 |
2 |
StarTek, Inc. |
|
|
19,841 |
|
3,620 |
2 |
Station Casinos, Inc. |
|
|
58,372 |
|
2,861 |
2 |
Stein Mart, Inc. |
|
|
44,345 |
|
1,070 |
2 |
Steven Madden Ltd. |
|
|
10,198 |
|
9,860 |
|
Stewart Enterprises, Inc., Class A |
|
|
20,952 |
|
700 |
2 |
Stockwalk.com Group, Inc. |
|
|
2,362 |
|
792 |
|
Strayer Education, Inc. |
|
|
19,057 |
|
4,619 |
|
Stride Rite Corp. |
|
|
24,827 |
|
2,052 |
|
Sturm Ruger & Co., Inc. |
|
|
17,314 |
|
8,232 |
|
Sunbeam Corp. |
|
|
7,717 |
|
3,979 |
2 |
Sunglass Hut International, Inc. |
|
|
30,837 |
|
1,988 |
2 |
Sunrise Assisted Living, Inc. |
|
|
46,469 |
|
4,719 |
2 |
Superior Energy Services, Inc. |
|
|
42,471 |
|
1,991 |
|
Superior Industries International, Inc. |
|
|
67,818 |
|
666 |
2 |
SurModics, Inc. |
|
|
34,965 |
|
588 |
2 |
Switchboard, Inc. |
|
|
3,822 |
|
3,360 |
2 |
Sylvan Learning Systems, Inc. |
|
|
51,870 |
|
1,091 |
2 |
Systemax, Inc. |
|
|
2,591 |
|
3,735 |
|
Tenneco Automotive, Inc. |
|
|
16,107 |
|
6,332 |
2 |
The Boyds Collection, Ltd. |
|
|
50,260 |
|
759 |
|
Thor Industries, Inc. |
|
|
15,180 |
|
1,886 |
2 |
Timberland Co., Class A |
|
|
97,365 |
|
2,161 |
2 |
Toll Brothers, Inc. |
|
|
70,232 |
|
3,226 |
2 |
Too, Inc. |
|
|
73,996 |
|
1,176 |
|
Toro Co. |
|
|
41,160 |
|
4,336 |
2 |
Tower Automotive, Inc. |
|
|
47,696 |
|
2,625 |
2 |
Trammell Crow Co. |
|
|
35,109 |
|
3,314 |
2 |
Trans World Entertainment Corp. |
|
|
28,169 |
|
435 |
2 |
Trendwest Resorts, Inc. |
|
|
8,238 |
|
1,108 |
2 |
Tuesday Morning Corp. |
|
|
4,847 |
|
1,697 |
2 |
Tweeter Home Entertainment Group, Inc. |
|
|
40,834 |
|
8,178 |
|
U.S. Industries, Inc. |
|
|
72,580 |
|
899 |
2 |
Ultimate Electronics, Inc. |
|
|
32,476 |
|
5,815 |
|
Unifi, Inc. |
|
|
50,518 |
|
517 |
2 |
United Auto Group, Inc. |
|
|
4,136 |
|
3,497 |
2 |
United Rentals, Inc. |
|
|
75,185 |
|
1,262 |
2 |
Universal Access, Inc. |
|
|
18,457 |
|
867 |
2 |
Universal Compression Holdings, Inc. |
|
|
25,035 |
|
1,138 |
|
Universal Forest Products, Inc. |
|
|
15,363 |
|
1,643 |
2 |
Vail Resorts, Inc. |
|
|
34,811 |
|
1,669 |
2 |
Value City Department Stores, Inc. |
|
|
13,561 |
|
4,067 |
2 |
Valuevision International, Inc., Class A |
|
|
82,357 |
|
1,380 |
2 |
Vans, Inc. |
|
|
17,854 |
|
14,706 |
2 |
Venator Group, Inc. |
|
|
207,722 |
|
1,680 |
2 |
Ventiv Health, Inc. |
|
|
18,060 |
|
2,280 |
2 |
Ventro Corp. |
|
|
10,972 |
|
767 |
2 |
Vicinity Corp. |
|
|
8,053 |
|
1,349 |
|
WD 40 Co. |
|
|
29,509 |
|
967 |
|
Wackenhut Corp., Class A |
|
|
12,208 |
|
5,569 |
|
Warnaco Group, Inc., Class A |
|
|
14,619 |
|
1,760 |
|
Webb (Del E.) Corp. |
|
|
47,300 |
|
3,403 |
|
Wellman, Inc. |
|
|
51,045 |
|
3,572 |
|
WestPoint Stevens, Inc. |
|
|
25,674 |
|
1,299 |
2 |
Whitehall Jewellers, Inc. |
|
|
10,392 |
|
4,815 |
|
Wiley (John) & Sons, Inc., Class A |
|
|
98,407 |
|
1,042 |
2 |
Wilsons The Leather Experts, Inc. |
|
|
15,956 |
|
1,412 |
|
Winnebago Industries, Inc. |
|
|
16,238 |
|
4,760 |
|
Wolverine World Wide, Inc. |
|
|
51,467 |
|
1,820 |
2 |
Women.com Networks, Inc. |
|
|
2,673 |
|
1,689 |
2 |
Xceed, Inc. |
|
|
1,320 |
|
1,249 |
|
Xtra Corp. |
|
|
56,829 |
|
3,756 |
2 |
Zale Corp. |
|
|
127,234 |
|
231 |
2 |
bebe stores, Inc. |
|
|
3,523 |
|
6,620 |
2 |
eGlobe, Inc. |
|
|
2,689 |
|
1,111 |
2 |
i Beam Broadcasting Corp. |
|
|
6,249 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
15,198,375 |
|
|
|
|
|||
|
|
|
Consumer Staples--6.2% |
|
|
|
|
1,752 |
|
ABM Industries, Inc. |
|
|
48,946 |
|
1,052 |
2 |
Acme Communications, Inc. |
|
|
6,443 |
|
1,062 |
2 |
Agribrands International, Inc. |
|
|
46,197 |
|
3,823 |
|
Alberto-Culver Co., Class B |
|
|
128,309 |
|
2,021 |
2 |
Allscripts Pharmaceuticals, Inc. |
|
|
24,252 |
|
5,475 |
2 |
AmeriSource Health Corp., Class A |
|
|
237,820 |
|
1,943 |
2 |
American Italian Pasta Co., Class A |
|
|
38,981 |
|
2,572 |
|
Applebee's International, Inc. |
|
|
77,682 |
|
2,482 |
|
Applica, Inc. |
|
|
12,565 |
|
1,875 |
2 |
Aurora Foods, Inc. |
|
|
5,273 |
|
2,700 |
|
Banta Corp. |
|
|
62,269 |
|
893 |
2 |
Beasley Broadcast Group, Inc., Class A |
|
|
7,367 |
|
14,305 |
|
Bergen Brunswig Corp., Class A |
|
|
129,639 |
|
2,689 |
|
Bindley Western Industries, Inc. |
|
|
96,636 |
|
1,011 |
|
Block Drug, Inc., Class A |
|
|
52,888 |
|
3,763 |
|
Bob Evans Farms, Inc. |
|
|
70,791 |
|
3,755 |
|
Bowne & Co., Inc. |
|
|
31,448 |
|
783 |
2 |
Buca, Inc. |
|
|
12,234 |
|
6,082 |
|
CBRL Group, Inc. |
|
|
108,716 |
|
1,151 |
2 |
CDI Corp. |
|
|
18,272 |
|
2,849 |
2 |
CEC Entertainment, Inc. |
|
|
90,812 |
|
22,511 |
2 |
Caremark Rx, Inc. |
|
|
281,387 |
|
2,115 |
|
Carter Wallace, Inc. |
|
|
58,030 |
|
2,812 |
2 |
Cheesecake Factory, Inc. |
|
|
124,607 |
|
3,944 |
|
Chiquita Brands International |
|
|
7,641 |
|
4,029 |
|
Church and Dwight, Inc. |
|
|
79,573 |
|
3,905 |
2 |
Citadel Communications Corp. |
|
|
47,348 |
|
142 |
|
Coca-Cola Bottling Co. |
|
|
5,112 |
|
3,414 |
2 |
Computer Horizons Corp. |
|
|
17,070 |
|
2,569 |
2 |
Consolidated Products, Inc. |
|
|
19,428 |
|
1,523 |
2 |
Constellation Brands, Inc., Class A |
|
|
74,246 |
|
1,071 |
2 |
Crown Media Holdings, Inc., Class A |
|
|
14,860 |
|
3,748 |
2 |
Cumulus Media, Inc., Class A |
|
|
23,425 |
|
3,819 |
|
Dean Foods Co. |
|
|
122,208 |
|
5,571 |
2 |
Del Monte Foods Co. |
|
|
33,774 |
|
9,132 |
|
Dial Corp. |
|
|
102,164 |
|
4,849 |
|
Dole Food, Inc. |
|
|
58,491 |
|
1,731 |
|
Dreyers Grand Ice Cream, Inc. |
|
|
42,626 |
|
1,867 |
2 |
Duane Reade, Inc. |
|
|
54,493 |
|
4,537 |
|
Earthgrains Co. |
|
|
91,874 |
|
81 |
|
Farmer Brothers Co. |
|
|
15,800 |
|
4,237 |
|
Fleming Cos., Inc. |
|
|
60,112 |
|
628 |
2 |
GC Cos., Inc. |
|
|
1,491 |
|
1,878 |
|
Gaylord Entertainment Co. |
|
|
44,602 |
|
1,847 |
|
Great Atlantic & Pacific Tea Co., Inc. |
|
|
18,470 |
|
3,066 |
2 |
Hain Celestial Group, Inc. |
|
|
121,682 |
|
951 |
2 |
Hall, Kinion & Associates, Inc. |
|
|
25,142 |
|
2,991 |
|
Harland (John H.) Co. |
|
|
41,500 |
|
2,022 |
2 |
Heidrick & Struggles International, Inc. |
|
|
124,985 |
|
2,463 |
2 |
Henry Schein, Inc. |
|
|
60,036 |
|
1,328 |
|
Herbalife International, Inc., Class A |
|
|
11,205 |
|
3,431 |
2 |
Hollywood Entertainment Corp. |
|
|
10,507 |
|
2,095 |
2 |
IHOP Corp. |
|
|
44,257 |
|
440 |
2 |
Infogrames, Inc. |
|
|
4,840 |
|
1,090 |
|
Ingles Markets, Inc., Class A |
|
|
10,764 |
|
4,137 |
2 |
Insight Communication Co. |
|
|
57,401 |
|
1,816 |
|
International Multifoods Corp. |
|
|
30,758 |
|
3,868 |
|
Interstate Bakeries Corp. |
|
|
54,152 |
|
2,135 |
2 |
Ivex Packaging Corp. |
|
|
20,950 |
|
4,037 |
2 |
Jack in the Box, Inc. |
|
|
98,906 |
|
3,979 |
2 |
KForcecom, Inc. |
|
|
16,165 |
|
1,820 |
|
Kelly Services, Inc., Class A |
|
|
40,381 |
|
4,008 |
2 |
Korn/Ferry International |
|
|
140,280 |
|
285 |
2 |
Krispy Kreme Doughnuts, Inc. |
|
|
28,090 |
|
3,570 |
2 |
Labor Ready, Inc. |
|
|
10,710 |
|
2,695 |
|
Lance, Inc. |
|
|
27,118 |
|
2,363 |
|
Landrys Seafood Restaurants, Inc. |
|
|
19,052 |
|
1,649 |
|
Libbey, Inc. |
|
|
44,935 |
|
229 |
2 |
Liberty Livewire Corp. |
|
|
4,809 |
|
292 |
|
Liqui Box Corp. |
|
|
10,457 |
|
2,709 |
|
Lone Star Steakhouse & Saloon |
|
|
22,857 |
|
3,153 |
|
Longs Drug Stores Corp. |
|
|
68,972 |
|
2,434 |
|
Luby's Cafeterias, Inc. |
|
|
14,300 |
|
2,102 |
2 |
Mediacom Communications Corp. |
|
|
35,734 |
|
1,300 |
|
Michael Foods, Inc. |
|
|
35,019 |
|
9,658 |
2 |
Modis Professional Services, Inc. |
|
|
39,839 |
|
862 |
2 |
Mondavi (Robert) Corp., Class A |
|
|
39,005 |
|
1,415 |
|
Morrison Management Specialists, Inc. |
|
|
47,402 |
|
6,030 |
2 |
NBTY, Inc. |
|
|
39,195 |
|
976 |
2 |
NPC International, Inc. |
|
|
10,858 |
|
436 |
|
National Presto Industries, Inc. |
|
|
13,243 |
|
4,807 |
2 |
Nu Skin Asia Pacific, Inc., Class A |
|
|
26,138 |
|
941 |
2 |
Nucentrix Broadbank Networks, Inc. |
|
|
21,290 |
|
1,521 |
2 |
O'Charleys, Inc. |
|
|
22,245 |
|
2,264 |
2 |
On Assignment, Inc. |
|
|
57,024 |
|
907 |
2 |
On Command Corp. |
|
|
9,523 |
|
1,413 |
|
Oneida Ltd. |
|
|
15,013 |
|
3,526 |
|
Owens & Minor, Inc. |
|
|
53,331 |
|
705 |
2 |
P. F. Chang's China Bistro, Inc. |
|
|
28,905 |
|
7,561 |
2 |
PSS World Medical, Inc. |
|
|
22,683 |
|
1,953 |
2 |
Papa Johns International, Inc. |
|
|
49,069 |
|
3,543 |
2 |
Paxson Communications Corp. |
|
|
40,302 |
|
2,639 |
|
PepsiAmericas, Inc. |
|
|
9,566 |
|
1,371 |
2 |
Performance Food Group Co. |
|
|
55,525 |
|
6,574 |
2 |
Perrigo Co. |
|
|
43,553 |
|
1,744 |
|
Pilgrim's Pride Corp. |
|
|
11,772 |
|
1,167 |
2 |
Priority HealthCare Corp., Class B |
|
|
62,726 |
|
5,200 |
2 |
Procurenet, Inc. |
|
|
780 |
|
2,967 |
2 |
Ralcorp Holdings, Inc. |
|
|
41,723 |
|
1,797 |
2 |
Rare Hospitality International, Inc. |
|
|
41,780 |
|
1,716 |
2 |
Regent Communications, Inc. |
|
|
10,296 |
|
888 |
2 |
Revlon, Inc., Class A |
|
|
5,161 |
|
780 |
2 |
Rica Foods, Inc. |
|
|
11,895 |
|
767 |
|
Riviana Foods, Inc. |
|
|
13,039 |
|
6,560 |
|
Ruby Tuesday, Inc. |
|
|
88,970 |
|
3,164 |
|
Ruddick Corp. |
|
|
41,527 |
|
3,503 |
2 |
Ryan's Family Steak Houses, Inc. |
|
|
29,338 |
|
709 |
2 |
Saga Communications, Inc., Class A |
|
|
11,698 |
|
2,533 |
2 |
Salem Communications Corp. |
|
|
30,396 |
|
1,013 |
2 |
Salton, Inc. |
|
|
23,172 |
|
1,493 |
|
Schweitzer-Mauduit International, Inc. |
|
|
24,168 |
|
33 |
|
Seaboard Corp. |
|
|
5,775 |
|
4,831 |
2 |
Sinclair Broadcast Group, Inc. |
|
|
44,536 |
|
3,606 |
2 |
Sirius Satellite Radio, Inc. |
|
|
181,201 |
|
1,269 |
|
Smart & Final, Inc. |
|
|
8,724 |
|
5,822 |
2 |
Smithfield Foods, Inc. |
|
|
167,019 |
|
2,291 |
2 |
Smucker (J.M.) Co. |
|
|
50,975 |
|
3,497 |
|
Sodexho Marriott Services, Inc. |
|
|
64,257 |
|
1,906 |
2 |
Sonic Corp. |
|
|
69,569 |
|
3,224 |
2 |
Spanish Broadcasting System, Inc. |
|
|
29,016 |
|
6,265 |
2 |
Spherion Corp. |
|
|
74,397 |
|
2,068 |
2 |
Star Scientific, Inc. |
|
|
8,207 |
|
630 |
|
Stepan, Co. |
|
|
12,206 |
|
2,965 |
2 |
Suiza Foods Corp. |
|
|
137,317 |
|
708 |
|
Tejon Ranch Co. |
|
|
15,930 |
|
3,770 |
2 |
Tetra Tech, Inc. |
|
|
131,007 |
|
1,631 |
2 |
TiVo, Inc. |
|
|
21,305 |
|
4,548 |
2 |
Topps Co. |
|
|
41,074 |
|
1,321 |
2 |
Triarc Companies, Inc., Class A |
|
|
32,942 |
|
6,196 |
|
Tupperware Corp. |
|
|
106,106 |
|
936 |
2 |
United Natural Foods, Inc. |
|
|
11,758 |
|
380 |
|
United Television, Inc. |
|
|
50,920 |
|
4,763 |
|
Universal Foods Corp. |
|
|
94,069 |
|
1,313 |
|
Vector Group Ltd. |
|
|
18,300 |
|
874 |
2 |
Volt Information Science, Inc. |
|
|
19,009 |
|
2,800 |
2 |
Whole Foods Market, Inc. |
|
|
129,500 |
|
2,028 |
2 |
Wild Oats Markets, Inc. |
|
|
12,802 |
|
1,297 |
2 |
World Wrestling Federation Entertainment, Inc. |
|
|
19,617 |
|
1,255 |
2 |
XM Satellite Radio Holdings, Inc., Class A |
|
|
36,395 |
|
1,326 |
2 |
Young Broadcasting, Inc., Class A |
|
|
32,901 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
6,661,320 |
|
|
|
|
|||
|
|
|
Energy--2.7% |
|
|
|
|
942 |
2 |
Atwood Oceanics, Inc. |
|
|
31,616 |
|
3,132 |
2 |
Barrett Resources Corp. |
|
|
113,926 |
|
1,499 |
2 |
Basin Exploration, Inc. |
|
|
29,699 |
|
1,656 |
2 |
Belco Oil & Gas Corp. |
|
|
15,111 |
|
1,897 |
|
Berry Petroleum Co., Class A |
|
|
32,605 |
|
3,120 |
2 |
Brown (Tom), Inc. |
|
|
71,370 |
|
2,784 |
|
Cabot Oil & Gas Corp., Class A |
|
|
54,636 |
|
1,239 |
2 |
Cal Dive International, Inc. |
|
|
61,640 |
|
639 |
2 |
Callon Petroleum Corp. |
|
|
9,745 |
|
12,221 |
|
Chesapeake Energy Corp. |
|
|
68,743 |
|
519 |
2 |
Clayton Williams Energy, Inc. |
|
|
14,435 |
|
2,046 |
2 |
Comstock Resources, Inc. |
|
|
21,227 |
|
7,376 |
|
Cross Timbers Oil Co. |
|
|
138,761 |
|
1,759 |
2 |
Denbury Resources, Inc. |
|
|
12,093 |
|
981 |
2 |
Dril-Quip, Inc. |
|
|
32,373 |
|
3,057 |
|
EEX Corp. |
|
|
14,330 |
|
1,080 |
2 |
EpicEdge, Inc. |
|
|
1,282 |
|
1,305 |
2 |
Evergreen Resources, Inc. |
|
|
35,887 |
|
1,450 |
2 |
Forcenergy, Inc. |
|
|
31,537 |
|
3,509 |
2 |
Forest Oil Corp. |
|
|
48,468 |
|
3,641 |
2 |
Friede Goldman International, Inc. |
|
|
20,936 |
|
2,917 |
2 |
Frontier Oil Corp. |
|
|
23,154 |
|
19,098 |
2 |
Grey Wolf, Inc. |
|
|
88,328 |
|
839 |
2 |
Gulf Island Fabrication, Inc. |
|
|
10,959 |
|
1,705 |
2 |
HS Resources, Inc. |
|
|
53,068 |
|
4,164 |
2 |
Input/Output, Inc. |
|
|
35,134 |
|
1,212 |
2 |
Key Production Co. |
|
|
26,664 |
|
10,162 |
2 |
Key Energy Group, Inc. |
|
|
91,458 |
|
2,270 |
2 |
Louis Dreyfus Natural Gas Corp. |
|
|
72,782 |
|
1,686 |
2 |
Meridian Resource Corp. |
|
|
11,697 |
|
2,145 |
|
Mitchell Energy & Development Corp., Class A |
|
|
98,670 |
|
1,656 |
2 |
Nuevo Energy Co. |
|
|
30,015 |
|
2,192 |
2 |
Oceaneering International, Inc. |
|
|
30,825 |
|
2,209 |
2 |
Offshore Logistics, Inc. |
|
|
38,105 |
|
8,037 |
2 |
Parker Drilling Co. |
|
|
48,222 |
|
1,264 |
|
Patina Oil & Gas Corp. |
|
|
22,199 |
|
3,622 |
2 |
Patterson Energy, Inc. |
|
|
101,869 |
|
761 |
|
Penn Virginia Corp. |
|
|
20,166 |
|
1,668 |
2 |
Pennaco Energy, Inc. |
|
|
20,746 |
|
8,361 |
|
Pennzoil-Quaker State Co. |
|
|
98,242 |
|
10,584 |
|
Pioneer Natural Resources, Inc. |
|
|
138,253 |
|
1,728 |
2 |
Plains Resources, Inc. |
|
|
33,048 |
|
4,343 |
|
Pogo Producing Co. |
|
|
108,575 |
|
660 |
2 |
Prima Energy Corp. |
|
|
29,329 |
|
350 |
2 |
Prize Energy Corp. |
|
|
5,862 |
|
5,360 |
2 |
Pure Resources, Inc. |
|
|
88,440 |
|
1,806 |
2 |
SEACOR SMIT, Inc. |
|
|
75,626 |
|
1,940 |
2 |
Seitel, Inc. |
|
|
29,100 |
|
1,010 |
2 |
Spinnaker Exploration Co. |
|
|
30,552 |
|
2,958 |
|
St. Mary Land & Exploration Co. |
|
|
69,328 |
|
1,776 |
2 |
Stone Energy Corp. |
|
|
90,931 |
|
2,123 |
2 |
Swift Energy Co. |
|
|
68,997 |
|
3,320 |
2 |
Tesoro Petroleum Corp. |
|
|
34,445 |
|
920 |
2 |
The Houston Exploration Co. |
|
|
20,700 |
|
2,802 |
2 |
Transmontaigne, Co. |
|
|
10,858 |
|
2,978 |
2 |
UTI Energy Corp. |
|
|
59,746 |
|
3,438 |
2 |
Unit Corp. |
|
|
45,768 |
|
3,259 |
2 |
Veritas DGC, Inc. |
|
|
97,770 |
|
5,234 |
|
Vintage Petroleum, Inc. |
|
|
110,568 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
2,930,619 |
|
|
|
|
|||
|
|
|
Financials--16.9% |
|
|
|
|
1,203 |
|
1st Source Corp. |
|
|
18,872 |
|
1,668 |
2 |
Acacia Research Corp. |
|
|
53,063 |
|
2,273 |
|
Advanta Corp., Class A |
|
|
23,298 |
|
2,334 |
2 |
Affiliated Managers Group |
|
|
140,332 |
|
896 |
|
Alabama National Bancorp |
|
|
17,416 |
|
319 |
2 |
Alexander's, Inc. |
|
|
24,384 |
|
1,350 |
|
Alexandria Real Estate Equities, Inc. |
|
|
45,731 |
|
4,131 |
|
Alfa Corp. |
|
|
79,522 |
|
461 |
2 |
Alleghany Corp. |
|
|
88,598 |
|
8,096 |
|
Allied Capital Corp. |
|
|
166,980 |
|
2,880 |
|
Amcore Financial, Inc. |
|
|
56,520 |
|
2,276 |
|
American Capital Strategies Ltd. |
|
|
50,214 |
|
3,049 |
|
American Financial Holdings, Inc. |
|
|
54,501 |
|
1,890 |
|
American Industrial Properties REIT |
|
|
23,389 |
|
1,076 |
|
American National Insurance Co. |
|
|
72,899 |
|
8,313 |
2 |
Americredit Corp. |
|
|
223,412 |
|
1,588 |
|
Amli Residential Properties Trust |
|
|
36,722 |
|
2,000 |
2 |
Ampal-American Israel Corp., Class A |
|
|
16,000 |
|
2,505 |
|
Anchor Bancorp Wisconsin, Inc. |
|
|
38,671 |
|
709 |
|
Andover Bancorp, Inc. |
|
|
21,270 |
|
6,360 |
|
Arden Realty Group, Inc. |
|
|
152,640 |
|
998 |
|
Area Bancshares Corp. |
|
|
20,833 |
|
1,869 |
|
Argonaut Group, Inc. |
|
|
32,123 |
|
4,200 |
|
Associates First Capital Corp. |
|
|
88 |
|
4,890 |
|
Astoria Financial Corp. |
|
|
183,375 |
|
1,100 |
2 |
BOK Financial Corp. |
|
|
20,900 |
|
4,864 |
|
BRE Properties, Inc., Class A |
|
|
153,824 |
|
981 |
|
BSB Bancorp, Inc. |
|
|
14,224 |
|
1,788 |
|
BT Financial Corp. |
|
|
34,978 |
|
1,219 |
|
Baldwin & Lyons, Inc., Class B |
|
|
23,085 |
|
489 |
|
BancFirst Corp. |
|
|
17,726 |
|
8,981 |
|
Bancorpsouth, Inc. |
|
|
117,314 |
|
1,192 |
|
Bank Granite Corp. |
|
|
27,714 |
|
3,488 |
|
Bank United Corp., Class A |
|
|
197,726 |
|
2,400 |
|
BankAtlantic Bancorp, Inc., Class A |
|
|
9,600 |
|
2,985 |
|
Bay View Capital Corp. |
|
|
24,253 |
|
1,973 |
|
Bedford Property Investors, Inc. |
|
|
38,843 |
|
1,860 |
|
Berkley, (W. R.) Corp. |
|
|
63,356 |
|
1,915 |
2 |
Blackrock, Inc. |
|
|
81,627 |
|
1,370 |
|
Blanch, E. W. Holdings, Inc. |
|
|
25,859 |
|
1,831 |
|
Boykin Lodging Co. |
|
|
16,593 |
|
3,634 |
|
Brandywine Realty Trust |
|
|
69,500 |
|
1,557 |
|
Brenton Banks, Inc. |
|
|
19,268 |
|
1,335 |
|
Brookline Bancorp, Inc. |
|
|
14,435 |
|
2,352 |
|
Brown & Brown, Inc. |
|
|
76,440 |
|
3,477 |
|
Burnham Pacific Properties, Inc. |
|
|
18,906 |
|
2,664 |
|
CBL & Associates Properties, Inc. |
|
|
61,605 |
|
1,772 |
|
CNA Surety Corp. |
|
|
20,599 |
|
784 |
|
CPB, Inc. |
|
|
19,796 |
|
1,849 |
|
CVB Financial Corp. |
|
|
30,855 |
|
4,367 |
|
Cabot Industrial Trust |
|
|
82,427 |
|
4,037 |
|
Camden Property Trust |
|
|
115,559 |
|
2,172 |
|
Capital Automotive |
|
|
27,998 |
|
470 |
|
Capital City Bank Group, Inc. |
|
|
9,224 |
|
3,655 |
|
Capital Federal Financial |
|
|
52,997 |
|
1,867 |
|
Capstead Mortgage Corp. |
|
|
17,853 |
|
2,757 |
|
Cash America International, Inc. |
|
|
14,302 |
|
961 |
|
Cathay Bancorp, Inc. |
|
|
47,389 |
|
2,176 |
|
CenterPoint Properties Corp. |
|
|
96,696 |
|
1,164 |
|
Century South Banks, Inc. |
|
|
21,388 |
|
2,160 |
|
Charter Municipal Mortgage Acceptance Co. |
|
|
29,138 |
|
2,243 |
|
Chateau Communities, Inc. |
|
|
63,084 |
|
1,717 |
|
Chelsea GCA Realty, Inc. |
|
|
55,373 |
|
1,535 |
|
Chemical Financial Corp. |
|
|
32,811 |
|
2,811 |
|
Chittenden Corp. |
|
|
74,667 |
|
5,036 |
|
Citizens Banking Corp. |
|
|
119,920 |
|
988 |
|
City Bank Lynwood, WA |
|
|
23,218 |
|
10,461 |
|
Colonial BancGroup, Inc. |
|
|
92,188 |
|
2,284 |
|
Colonial Properties Trust |
|
|
56,101 |
|
3,315 |
|
Commerce Bancorp, Inc. |
|
|
200,765 |
|
2,689 |
|
Commerce Group, Inc. |
|
|
68,738 |
|
5,974 |
|
Commercial Federal Corp. |
|
|
104,545 |
|
3,186 |
|
Commercial Net Lease Realty |
|
|
32,258 |
|
5,401 |
|
Community First Bankshares, Inc. |
|
|
83,715 |
|
1,267 |
2 |
CompuCredit Corp. |
|
|
39,119 |
|
4,178 |
|
Cornerstone Realty Income Trust, Inc. |
|
|
43,869 |
|
11,973 |
2 |
Corrections Corp. of America |
|
|
9,728 |
|
981 |
|
Corus Bankshares, Inc. |
|
|
38,933 |
|
576 |
2 |
Corvel Corp. |
|
|
18,252 |
|
4,179 |
|
Cousins Properties, Inc. |
|
|
108,654 |
|
3,762 |
|
Crawford & Co., Class B |
|
|
47,025 |
|
1,725 |
2 |
Credit Acceptance Corp. |
|
|
10,566 |
|
5,583 |
|
Cullen Frost Bankers, Inc. |
|
|
185,984 |
|
2,223 |
2 |
DLJdirect, Inc. |
|
|
11,254 |
|
1,026 |
2 |
DVI, Inc. |
|
|
17,185 |
|
1,420 |
|
Dain Rauscher Corp. |
|
|
133,214 |
|
7,373 |
2 |
Data Broadcasting Corp. |
|
|
32,487 |
|
1,617 |
2 |
Delphi Financial Group, Inc., Class A |
|
|
59,829 |
|
5,856 |
|
Developers Diversified Realty |
|
|
69,906 |
|
1,303 |
|
Dime Community Bancorp, Inc. |
|
|
28,910 |
|
3,510 |
|
Doral Financial Corp. |
|
|
62,741 |
|
2,221 |
|
Downey Financial Corp. |
|
|
106,053 |
|
1,249 |
2 |
E-LOAN, Inc. |
|
|
3,591 |
|
959 |
2 |
Espeed, Inc., Class A |
|
|
20,139 |
|
2,437 |
|
East West Bancorp, Inc. |
|
|
46,151 |
|
1,687 |
|
EastGroup Properties, Inc. |
|
|
34,373 |
|
3,128 |
|
Eaton Vance Corp. |
|
|
155,813 |
|
2,883 |
|
Enhance Financial Services Group, Inc. |
|
|
33,515 |
|
1,632 |
|
Entertainment Properties Trust |
|
|
18,054 |
|
3,891 |
|
Equity Inns, Inc. |
|
|
24,076 |
|
1,923 |
|
Essex Property Trust, Inc. |
|
|
99,996 |
|
1,211 |
|
F & M Bancorp |
|
|
24,674 |
|
2,667 |
|
F & M National Corp. |
|
|
69,009 |
|
1,228 |
|
FBL Financial Group, Inc., Class A |
|
|
19,725 |
|
2,384 |
|
FNB Corp. |
|
|
51,256 |
|
704 |
|
Farmers Capital Bank Corp. |
|
|
24,464 |
|
4,245 |
|
Federal Realty Investment Trust |
|
|
81,716 |
|
4,992 |
|
FelCor Lodging Trust, Inc. |
|
|
109,512 |
|
5,665 |
|
Fidelity National Financial, Inc. |
|
|
139,147 |
|
1,129 |
2 |
Financial Federal Corp. |
|
|
23,921 |
|
6,536 |
|
Finova Group, Inc. |
|
|
16,748 |
|
5,824 |
|
First American Financial Corp. |
|
|
121,940 |
|
964 |
|
First Busey Corp. |
|
|
17,653 |
|
3,286 |
|
First Charter Corp. |
|
|
50,728 |
|
667 |
|
First Citizens Bancshares, Inc., Class A |
|
|
49,358 |
|
6,231 |
|
First Commmonwealth Financial Corp. |
|
|
61,921 |
|
1,616 |
|
First Federal Capital Corp. |
|
|
18,988 |
|
3,763 |
|
First Financial Bancorp |
|
|
58,326 |
|
1,050 |
|
First Financial Bankshares, Inc. |
|
|
32,287 |
|
744 |
|
First Financial Corp. |
|
|
21,204 |
|
1,372 |
|
First Financial Holdings, Inc. |
|
|
23,152 |
|
987 |
|
First Indiana Corp. |
|
|
22,701 |
|
4,088 |
|
First Industrial Realty Trust |
|
|
126,217 |
|
1,211 |
|
First Merchants Corp. |
|
|
27,853 |
|
4,417 |
|
First Midwest Bancorp, Inc. |
|
|
110,701 |
|
1,269 |
|
First Niagra Financial Group, Inc. |
|
|
11,500 |
|
3,733 |
|
First Sentinel Bancorp, Inc. |
|
|
34,647 |
|
870 |
|
First Washington Realty Trust, Inc. |
|
|
21,967 |
|
1,838 |
2 |
FirstFed Financial Corp. |
|
|
46,869 |
|
2,224 |
|
Firstbank Corp. |
|
|
51,013 |
|
5,964 |
|
Franchise Finance Corp. of America |
|
|
121,144 |
|
6,233 |
|
Fremont General Corp. |
|
|
22,595 |
|
2,567 |
2 |
Friedman, Billings, Ramsey Group, Inc., Class A |
|
|
20,536 |
|
1,596 |
|
Frontier Financial Corp. |
|
|
29,925 |
|
2,807 |
2 |
Frontline Capital Group |
|
|
40,000 |
|
7,893 |
|
Fulton Financial Corp. |
|
|
172,659 |
|
1,122 |
|
GBC Bancorp |
|
|
35,764 |
|
622 |
2 |
Gabelli Asset Management, Inc., Class A |
|
|
22,392 |
|
2,507 |
|
Gables Residential Trust |
|
|
63,928 |
|
4,043 |
|
Gallagher (Arthur J.) & Co. |
|
|
255,214 |
|
3,093 |
|
Glenborough Realty Trust, Inc. |
|
|
49,681 |
|
2,565 |
|
Glimcher Realty Trust |
|
|
33,345 |
|
2,269 |
|
GlobalNet Financial.com, Inc. |
|
|
10,210 |
|
3,110 |
|
Gold Banc Corp., Inc. |
|
|
14,384 |
|
784 |
|
Great American Financial Resources, Inc. |
|
|
13,916 |
|
1,762 |
|
Great Lakes REIT, Inc. |
|
|
29,844 |
|
4,194 |
|
Greater Bay Bancorp |
|
|
136,567 |
|
4,407 |
|
HCC Insurance Holdings, Inc. |
|
|
84,008 |
|
14,061 |
|
HRPT Properties Trust |
|
|
90,518 |
|
3,063 |
|
HSB Group, Inc. |
|
|
121,180 |
|
969 |
|
Hancock Holding Co. |
|
|
30,160 |
|
2,375 |
|
Harbor Florida Bancshares, Inc. |
|
|
29,094 |
|
466 |
2 |
Harbor Global Co. Ltd. |
|
|
1,878 |
|
1,454 |
|
Harleysville Group, Inc. |
|
|
33,533 |
|
997 |
|
Harleysville National Corp. |
|
|
30,649 |
|
5,108 |
|
Health Care Property Investors, Inc. |
|
|
150,047 |
|
3,021 |
|
Health Care REIT, Inc. |
|
|
53,434 |
|
4,320 |
|
Healthcare Realty Trust, Inc. |
|
|
86,130 |
|
6,269 |
|
Highwoods Properties, Inc. |
|
|
135,567 |
|
1,348 |
|
Hilb Rogal & Hamilton Co. |
|
|
53,414 |
|
2,215 |
|
Home Properties of New York, Inc. |
|
|
60,220 |
|
4,293 |
|
Horace Mann Educators Corp. |
|
|
72,176 |
|
5,416 |
|
Hospitality Properties Trust |
|
|
116,782 |
|
5,128 |
|
Hudson United Bancorp |
|
|
114,739 |
|
6,952 |
|
INMC Mortgage Holdings, Inc. |
|
|
145,123 |
|
3,332 |
|
IRT Property Co. |
|
|
27,281 |
|
3,850 |
2 |
Imperial Bancorp |
|
|
93,603 |
|
6,972 |
|
Independence Community Bank |
|
|
102,401 |
|
1,300 |
|
Independent Bank Corp. |
|
|
13,975 |
|
3,701 |
|
Innkeepers USA Trust |
|
|
37,704 |
|
1,862 |
|
Integra Bank Corp. |
|
|
48,063 |
|
872 |
2 |
Intercept Group, Inc. |
|
|
23,598 |
|
1,684 |
|
International Bancshares Corp. |
|
|
60,308 |
|
2,921 |
|
Investment Technology Group, Inc. |
|
|
105,156 |
|
3,174 |
|
Investors Financial Services Corp. |
|
|
227,536 |
|
1,107 |
|
Irwin Financial Corp. |
|
|
17,089 |
|
3,423 |
|
JDN Realty Corp. |
|
|
37,439 |
|
1,272 |
|
JP Realty, Inc. |
|
|
20,352 |
|
2,625 |
|
Jefferies Group, Inc. |
|
|
71,531 |
|
740 |
|
John Nuveen & Co., Inc., Class A |
|
|
35,335 |
|
755 |
|
Kansas City Life Insurance Co. |
|
|
24,490 |
|
2,796 |
|
Kilroy Realty Corp. |
|
|
72,871 |
|
2,829 |
|
Koger Equity, Inc. |
|
|
45,087 |
|
1,120 |
|
LaSalle Hotel Properties |
|
|
16,100 |
|
3,917 |
2 |
LaBranche & Co., Inc. |
|
|
155,211 |
|
1,039 |
|
LandAmerica Financial Group, Inc. |
|
|
30,650 |
|
4,006 |
|
Leucadia National Corp. |
|
|
99,649 |
|
1,830 |
|
Lexington Corporate Properties Trust |
|
|
20,473 |
|
1,690 |
|
Liberty Corp. |
|
|
58,516 |
|
1,502 |
|
Liberty Financial Cos., Inc. |
|
|
40,554 |
|
2,452 |
|
MAF Bancorp, Inc. |
|
|
58,848 |
|
3,391 |
|
Macerich Co. (The) |
|
|
66,548 |
|
1,951 |
|
Manufactured Home Communities, Inc. |
|
|
48,531 |
|
646 |
2 |
Markel Corp. |
|
|
93,589 |
|
1,167 |
|
Medallion Financial Corp. |
|
|
17,943 |
|
1,980 |
2 |
Medical Assurance, Inc. |
|
|
27,472 |
|
15,268 |
|
Meditrust Corp. |
|
|
41,987 |
|
2,005 |
|
Merchants New York Bancorp, Inc. |
|
|
41,604 |
|
2,846 |
|
Mercury General Corp. |
|
|
104,235 |
|
6,436 |
|
Metris Cos., Inc. |
|
|
208,365 |
|
908 |
|
Mid American Bancorp |
|
|
22,586 |
|
1,881 |
|
Mid-American Apartment Communities, Inc. |
|
|
41,382 |
|
1,170 |
|
Mid-State Bancshares |
|
|
34,515 |
|
494 |
|
Midland Co. |
|
|
14,388 |
|
1,674 |
|
Mills Corp. |
|
|
28,563 |
|
698 |
|
Mississippi Valley Bancshares, Inc. |
|
|
18,366 |
|
2,299 |
|
Morgan Keegan, Inc. |
|
|
45,836 |
|
2,523 |
|
NBT Bancorp, Inc. |
|
|
37,845 |
|
1,332 |
2 |
National Discount Brokers Group, Inc. |
|
|
64,852 |
|
1,481 |
|
National Golf Properties, Inc. |
|
|
29,435 |
|
2,621 |
|
National Health Investors, Inc. |
|
|
16,381 |
|
1,882 |
|
National Penn Bancshares, Inc. |
|
|
39,992 |
|
648 |
2 |
National Processing, Inc. |
|
|
10,246 |
|
191 |
2 |
National Western Life Insurance Co., Class A |
|
|
16,903 |
|
4,901 |
|
Nationwide Health Properties, Inc. |
|
|
73,209 |
|
2,517 |
2 |
Net.B@nk, Inc. |
|
|
21,866 |
|
9,345 |
|
New Plan Excel Realty Trust |
|
|
115,060 |
|
3,468 |
2 |
NextCard, Inc. |
|
|
26,443 |
|
1,500 |
|
Northwest Bancorp, Inc. |
|
|
11,156 |
|
1,239 |
|
OceanFirst Financial Corp. |
|
|
25,942 |
|
3,805 |
2 |
Ocwen Financial Corp. |
|
|
22,354 |
|
6,419 |
|
Ohio Casualty Corp. |
|
|
53,960 |
|
939 |
|
Omega Financial Corp. |
|
|
27,114 |
|
1,184 |
|
Oriental Financial Group |
|
|
14,504 |
|
1,351 |
|
PFF Bancorp, Inc. |
|
|
24,993 |
|
1,466 |
2 |
PICO Holdings, Inc. |
|
|
18,875 |
|
1,819 |
|
PMA Capital Corp. |
|
|
29,786 |
|
2,429 |
|
PS Business Parks, Inc. |
|
|
63,761 |
|
2,638 |
|
Pacific Capital Bancorp |
|
|
70,566 |
|
1,954 |
|
Pacific Gulf Properties, Inc. |
|
|
51,903 |
|
1,514 |
|
Pacific Northwest Bancorp |
|
|
20,250 |
|
946 |
|
Pan Pacific Retail Properties, Inc. |
|
|
19,334 |
|
1,004 |
|
Park National Corp. |
|
|
96,007 |
|
1,040 |
|
Parkway Properties, Inc. |
|
|
29,770 |
|
1,269 |
|
Pennsylvania Real Estate Investment Trust |
|
|
21,811 |
|
2,925 |
|
Peoples Bank Bridgeport |
|
|
59,231 |
|
668 |
2 |
Philadelphia Consolidated Holding Corp. |
|
|
14,905 |
|
4,815 |
|
Phoenix Investment Partners Ltd. |
|
|
75,234 |
|
1,708 |
|
Premier National Bancorp, Inc. |
|
|
35,014 |
|
3,836 |
|
Prentiss Properties Trust |
|
|
97,339 |
|
2,153 |
|
Presidential Life Corp. |
|
|
31,353 |
|
1,005 |
|
Prime Group Realty Trust |
|
|
14,949 |
|
2,991 |
|
Provident Bankshares Corp. |
|
|
56,642 |
|
2,386 |
|
Provident Financial Group, Inc. |
|
|
72,176 |
|
1,772 |
|
Queens County Bancorp, Inc. |
|
|
49,616 |
|
1,115 |
|
R&G Financial Corp., Class B |
|
|
10,941 |
|
2,631 |
|
RFS Hotel Investors, Inc. |
|
|
33,874 |
|
855 |
|
RLI Corp. |
|
|
33,452 |
|
4,241 |
|
Raymond James Financial, Inc. |
|
|
143,399 |
|
2,843 |
|
Realty Income Corp. |
|
|
65,389 |
|
5,888 |
|
Reckson Associates Realty Corp. |
|
|
133,216 |
|
3,338 |
|
Regency Realty Corp. |
|
|
75,105 |
|
6,990 |
|
Reliance Group Holdings, Inc. |
|
|
437 |
|
4,805 |
|
Republic Bancorp, Inc. |
|
|
45,647 |
|
5,242 |
|
Republic Security Financial Corp. |
|
|
35,547 |
|
2,923 |
|
Richmond County Financial Corp. |
|
|
68,690 |
|
2,020 |
|
Riggs National Corp. |
|
|
22,725 |
|
1,278 |
2 |
Risk Capital Holdings, Inc. |
|
|
19,809 |
|
6,947 |
|
Roslyn Bancorp, Inc. |
|
|
150,663 |
|
2,871 |
|
S & T Bancorp, Inc. |
|
|
54,190 |
|
994 |
|
SCPIE Holdings, Inc. |
|
|
18,886 |
|
2,363 |
|
SL Green Realty Corp. |
|
|
63,358 |
|
381 |
|
SLM Corp. |
|
|
20,384 |
|
1,013 |
|
Sandy Spring Bancorp, Inc. |
|
|
22,413 |
|
889 |
|
Santander BanCorp |
|
|
13,557 |
|
1,129 |
|
Saul Centers, Inc. |
|
|
17,288 |
|
2,724 |
|
Seacoast Financial Services Corp. |
|
|
28,942 |
|
3,504 |
2 |
Security Capital Group, Inc. |
|
|
66,795 |
|
2,796 |
|
Selective Insurance Group, Inc. |
|
|
48,231 |
|
1,343 |
|
Senior Housing Properties Trust |
|
|
12,507 |
|
3,178 |
|
Shurgard Storage Centers, Inc., Class A |
|
|
72,101 |
|
4,524 |
2 |
Silicon Valley Bancshares |
|
|
209,235 |
|
9,034 |
|
Sky Financial Group, Inc. |
|
|
150,187 |
|
2,298 |
|
Smith (Charles E.) Residential Realty, Inc. |
|
|
101,112 |
|
4,598 |
|
South Financial Group, Inc. |
|
|
46,842 |
|
2,995 |
2 |
Southwest Bancorp. of Texas, Inc. |
|
|
109,317 |
|
1,711 |
|
Southwest Securities Group, Inc. |
|
|
48,336 |
|
1,255 |
|
Sovran Self Storage, Inc. |
|
|
23,688 |
|
3,420 |
|
StanCorp Financial Group, Inc. |
|
|
139,365 |
|
1,247 |
|
State Auto Financial Corp. |
|
|
16,834 |
|
3,903 |
|
Staten Island Bancorp, Inc. |
|
|
75,377 |
|
2,783 |
|
Sterling Bancshares, Inc. |
|
|
47,833 |
|
1,077 |
|
Stewart Information Services Corp. |
|
|
16,963 |
|
2,835 |
|
Storage USA, Inc. |
|
|
79,203 |
|
2,665 |
|
Summit Properties, Inc. |
|
|
63,960 |
|
1,866 |
|
Sun Communities, Inc. |
|
|
56,680 |
|
4,139 |
|
Susquehanna Bankshares, Inc. |
|
|
58,463 |
|
595 |
|
Tanger Factory Outlet Centers, Inc. |
|
|
12,495 |
|
3,646 |
|
Taubman Centers, Inc. |
|
|
39,878 |
|
1,583 |
|
Texas Regional Bancshares, Inc., Class A |
|
|
47,292 |
|
1,745 |
|
The Trust Company of New Jersey |
|
|
25,084 |
|
1,716 |
|
Town & Country Trust |
|
|
31,746 |
|
1,467 |
2 |
Triad Guaranty, Inc. |
|
|
42,635 |
|
6,602 |
|
Trustco Bank Corp. |
|
|
79,223 |
|
6,551 |
|
Trustmark Corp. |
|
|
124,469 |
|
1,765 |
|
Tucker Anthony Sutro Corp. |
|
|
40,816 |
|
990 |
|
UCBH Holdings, Inc. |
|
|
36,011 |
|
3,958 |
2 |
UICI |
|
|
29,438 |
|
1,729 |
|
UMB Financial Corp. |
|
|
58,570 |
|
1,092 |
|
USB Holdings Co., Inc. |
|
|
13,582 |
|
3,689 |
|
United Bankshares, Inc. |
|
|
71,935 |
|
3,572 |
|
United Community Financial Corp. |
|
|
25,004 |
|
11,020 |
|
United Dominion Realty Trust, Inc. |
|
|
115,710 |
|
1,616 |
|
United National Bancorp |
|
|
28,684 |
|
1,075 |
|
Urban Shopping Centers, Inc. |
|
|
51,533 |
|
174 |
|
Value Line, Inc. |
|
|
6,068 |
|
6,425 |
2 |
Ventas, Inc. |
|
|
32,125 |
|
2,931 |
|
W Holding Co., Inc. |
|
|
27,112 |
|
961 |
|
WFS Financial, Inc. |
|
|
15,136 |
|
5,504 |
|
Washington Federal, Inc. |
|
|
122,808 |
|
3,802 |
|
Washington Real Estate Investment Trust |
|
|
76,040 |
|
5,360 |
|
Webster Financial Corp. Waterbury |
|
|
130,650 |
|
2,846 |
|
Weingarten Realty Investors |
|
|
119,354 |
|
2,035 |
|
Wesbanco, Inc. |
|
|
47,187 |
|
3,953 |
|
WestAmerica Bancorporation |
|
|
142,061 |
|
1,047 |
|
Westcorp, Inc. |
|
|
16,229 |
|
1,847 |
|
Western Properties Trust |
|
|
23,434 |
|
3,051 |
|
Westfield America, Inc. |
|
|
42,714 |
|
2,451 |
|
Whitney Holding Corp. |
|
|
90,534 |
|
7,743 |
2 |
Wit Soundview Group, Inc. |
|
|
55,169 |
|
16,023 |
2 |
Wyndham International, Inc., Class A |
|
|
26,037 |
|
979 |
|
Zenith National Insurance Corp. |
|
|
22,272 |
|
579 |
2 |
ePlus, Inc. |
|
|
8,459 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
18,130,545 |
|
|
|
|
|||
|
|
|
Health Care--11.6% |
|
|
|
|
2,256 |
|
ADAC Laboratories |
|
|
29,328 |
|
2,312 |
2 |
ATS Medical, Inc. |
|
|
42,339 |
|
1,594 |
2 |
Abiomed, Inc. |
|
|
46,226 |
|
1,219 |
2 |
Accredo Health, Inc. |
|
|
52,722 |
|
2,176 |
2 |
Acuson Corp. |
|
|
49,640 |
|
1,993 |
2 |
Advance Paradigm, Inc. |
|
|
97,408 |
|
6,397 |
2 |
Advanced Tissue Sciences, Inc., Class A |
|
|
45,579 |
|
1,794 |
2 |
Albany Molecular Research, Inc. |
|
|
104,276 |
|
1,303 |
2 |
Alexion Pharmaceuticals, Inc. |
|
|
134,698 |
|
5,383 |
2 |
Alliance Pharmaceutical Corp. |
|
|
76,035 |
|
552 |
2 |
Allos Therapeutics, Inc. |
|
|
5,934 |
|
2,645 |
|
Alpharma, Inc., Class A |
|
|
102,659 |
|
2,355 |
2 |
AmeriPath, Inc. |
|
|
42,243 |
|
2,121 |
2 |
American Superconductor Corp. |
|
|
101,278 |
|
6,020 |
2 |
Amylin Pharmaceuticals, Inc. |
|
|
60,953 |
|
434 |
2 |
Antigenics, Inc. |
|
|
6,483 |
|
1,493 |
2 |
Aphton Corp. |
|
|
44,790 |
|
4,156 |
2 |
Apria Healthcare Group, Inc. |
|
|
83,120 |
|
1,956 |
2 |
Aradigm Corp. |
|
|
43,277 |
|
2,502 |
2 |
Ariad Pharmaceutiacals, Inc. |
|
|
22,831 |
|
1,187 |
|
Arrow International, Inc. |
|
|
47,851 |
|
2,062 |
2 |
Arthrocare Corp. |
|
|
46,782 |
|
410 |
2 |
Aspect Medical Systems, Inc. |
|
|
3,639 |
|
5,263 |
2 |
Avant Immunotherapeutics, Inc. |
|
|
44,407 |
|
1,575 |
2 |
Avigen, Inc. |
|
|
61,031 |
|
1,934 |
2 |
Aviron |
|
|
126,435 |
|
529 |
2 |
Bacou U.S.A., Inc. |
|
|
13,225 |
|
2,202 |
2 |
Barr Laboratories, Inc. |
|
|
139,001 |
|
10,746 |
2 |
Beverly Enterprises, Inc. |
|
|
53,730 |
|
5,857 |
2 |
Bio-Technology General Corp. |
|
|
61,499 |
|
1,315 |
2 |
BioCryst Pharmaceuticals, Inc. |
|
|
11,999 |
|
1,794 |
2 |
BioMarin Pharmaceutical, Inc. |
|
|
23,322 |
|
1,602 |
2 |
Biomatrix, Inc. |
|
|
30,638 |
|
1,481 |
2 |
Biopure Corp. |
|
|
30,453 |
|
1,503 |
2 |
Biosite Diagnostics, Inc. |
|
|
33,066 |
|
753 |
2 |
Bone Care International, Inc. |
|
|
18,543 |
|
1,568 |
2 |
CONMED Corp. |
|
|
23,030 |
|
1,657 |
2 |
CV Therapeutics, Inc. |
|
|
130,489 |
|
2,971 |
2 |
CardioDynamics International Corp. |
|
|
15,598 |
|
3,278 |
2 |
Catalytica, Inc. |
|
|
44,048 |
|
3,590 |
2 |
Cell Genesys, Inc. |
|
|
82,794 |
|
2,318 |
2 |
Cell Pathways, Inc. |
|
|
17,675 |
|
3,106 |
2 |
Cell Therapeutics, Inc. |
|
|
207,762 |
|
5,230 |
2 |
Celsion Corp. |
|
|
10,460 |
|
952 |
2 |
Cerus Corp. |
|
|
53,193 |
|
704 |
2 |
Closure Medical Corp. |
|
|
17,072 |
|
795 |
2 |
Collateral Therapeutics, Inc. |
|
|
20,099 |
|
2,588 |
2 |
Columbia Laboratories, Inc. |
|
|
15,852 |
|
3,193 |
2 |
Connetics Corp. |
|
|
16,713 |
|
1,543 |
|
Cooper Companies, Inc. |
|
|
55,162 |
|
2,203 |
2 |
Corixa Corp. |
|
|
98,034 |
|
1,823 |
2 |
Coulter Pharmaceutical, Inc. |
|
|
69,844 |
|
6,143 |
2 |
Covance, Inc. |
|
|
52,983 |
|
6,275 |
2 |
Coventry Health Care, Inc. |
|
|
114,519 |
|
1,109 |
2 |
Cryolife, Inc. |
|
|
44,152 |
|
2,938 |
2 |
Cubist Pharmaceuticals, Inc. |
|
|
126,242 |
|
2,651 |
2 |
CuraGen Corp. |
|
|
171,321 |
|
1,798 |
2 |
Cyberonics, Inc. |
|
|
41,804 |
|
2,481 |
2 |
Cygnus, Inc. |
|
|
22,174 |
|
7,727 |
2 |
Cytogen Corp. |
|
|
44,430 |
|
1,490 |
2 |
DUSA Pharmaceuticals, Inc. |
|
|
38,926 |
|
7,771 |
2 |
DaVita, Inc. |
|
|
87,424 |
|
1,259 |
|
Datascope Corp. |
|
|
43,593 |
|
1,168 |
|
Diagnostic Products Corp. |
|
|
53,290 |
|
2,618 |
2 |
Diametrics Medical, Inc. |
|
|
21,599 |
|
1,096 |
2 |
Digene Corp. |
|
|
35,569 |
|
4,723 |
2 |
Dura Pharmaceuticals, Inc. |
|
|
162,648 |
|
6,247 |
2 |
Edwards Lifesciences Corp. |
|
|
83,944 |
|
1,558 |
2 |
Emisphere Technologies, Inc. |
|
|
39,437 |
|
1,051 |
2 |
Endocare, Inc. |
|
|
18,590 |
|
1,553 |
2 |
Entremed, Inc. |
|
|
48,337 |
|
2,424 |
2 |
Enzo Biochem, Inc. |
|
|
93,324 |
|
4,365 |
2 |
Enzon, Inc. |
|
|
311,006 |
|
1,055 |
2 |
Exelixis, Inc. |
|
|
23,276 |
|
11,047 |
2 |
Foundation Health Systems, Inc., Class A |
|
|
223,011 |
|
1,120 |
2 |
Fuelcell Energy, Inc. |
|
|
85,750 |
|
1,789 |
2 |
Geltex Pharmaceuticals, Inc. |
|
|
88,779 |
|
2,723 |
2 |
Gene Logic, Inc. |
|
|
59,395 |
|
2,361 |
2 |
Genome Therapeutics Corp. |
|
|
35,267 |
|
1,947 |
2 |
Genta, Inc. |
|
|
15,698 |
|
1,800 |
2 |
Gentiva Health Services, Inc. |
|
|
21,263 |
|
1,971 |
2 |
Genzyme Transgenics Corp. |
|
|
42,253 |
|
2,340 |
2 |
Geron Corp. |
|
|
54,990 |
|
1,000 |
2 |
Gliatech, Inc. |
|
|
6,438 |
|
2,530 |
2 |
Guilford Pharmaceuticals, Inc. |
|
|
62,459 |
|
2,664 |
2 |
Haemonetics Corp. |
|
|
62,604 |
|
6,958 |
|
Hooper Holmes, Inc. |
|
|
66,031 |
|
16,691 |
2 |
Humana, Inc. |
|
|
202,378 |
|
1,033 |
2 |
Hyseq, Inc. |
|
|
30,022 |
|
1,736 |
2 |
I-Stat Corp. |
|
|
34,069 |
|
3,676 |
2 |
IDEXX Laboratories, Inc. |
|
|
88,224 |
|
1,325 |
2 |
INAMED Corp. |
|
|
37,100 |
|
2,675 |
2 |
Ilex Oncology, Inc. |
|
|
96,969 |
|
9,943 |
2 |
Imatron, Inc. |
|
|
21,440 |
|
2,546 |
2 |
Immune Response Corp. |
|
|
15,435 |
|
3,645 |
2 |
Immunogen, Inc. |
|
|
125,297 |
|
3,363 |
2 |
Immunomedics, Inc. |
|
|
77,769 |
|
1,664 |
2 |
Impath, Inc. |
|
|
125,840 |
|
3,468 |
2 |
Inhale Therapeutic Systems, Inc. |
|
|
172,533 |
|
748 |
2 |
Intermune Pharmaceuticals, Inc. |
|
|
37,400 |
|
817 |
2 |
IntraBiotics Pharmaceuticals, Inc. |
|
|
12,153 |
|
2,563 |
|
Invacare Corp. |
|
|
73,046 |
|
3,497 |
2 |
Invitrogen Corp. |
|
|
265,991 |
|
4,078 |
2 |
Isis Pharmaceuticals, Inc. |
|
|
42,054 |
|
1,946 |
2 |
KV Pharmaceutical Co., Class B |
|
|
75,894 |
|
1,078 |
2 |
Kos Pharmaceuticals, Inc. |
|
|
21,358 |
|
1,828 |
2 |
Laboratory Corporation of America Holdings |
|
|
246,552 |
|
1,050 |
2 |
Lexicon Genetics, Inc. |
|
|
21,263 |
|
3,381 |
2 |
LifePoint Hospitals, Inc. |
|
|
131,014 |
|
5,653 |
2 |
Ligand Pharmaceuticals, Inc., Class B |
|
|
84,088 |
|
4,391 |
2 |
Lincare Holdings, Inc. |
|
|
184,696 |
|
1,040 |
2 |
Lynx Therapeutic, Inc. |
|
|
18,200 |
|
1,762 |
2 |
MGI PHARMA, Inc. |
|
|
49,336 |
|
8,553 |
2 |
Manor Care, Inc. |
|
|
142,728 |
|
1,866 |
2 |
Martek Biosciences Corp. |
|
|
40,119 |
|
2,693 |
2 |
Matrix Pharmaceuticals, Inc. |
|
|
38,712 |
|
2,409 |
2 |
Maxim Pharmaceuticals, Inc. |
|
|
106,899 |
|
1,179 |
2 |
Maximus, Inc. |
|
|
28,959 |
|
807 |
2 |
Maxygen, Inc. |
|
|
32,482 |
|
3,052 |
2 |
Medicis Pharmaceutical Corp., Class A |
|
|
224,704 |
|
2,288 |
|
Mentor Corp. |
|
|
40,326 |
|
1,214 |
2 |
Microvision, Inc. |
|
|
41,352 |
|
4,619 |
2 |
Mid Atlantic Medical Services, Inc. |
|
|
78,523 |
|
992 |
|
Mine Safety Appliances Co. |
|
|
20,832 |
|
1,524 |
2 |
Miravant Medical Technologies |
|
|
23,051 |
|
2,046 |
2 |
Myriad Genetics, Inc. |
|
|
245,520 |
|
3,803 |
2 |
NABI, Inc. |
|
|
23,234 |
|
2,272 |
2 |
NEORX Corp. |
|
|
36,920 |
|
2,139 |
2 |
NPS Pharmaceuticals, Inc. |
|
|
91,710 |
|
1,566 |
2 |
Nanogen, Inc. |
|
|
24,273 |
|
1,231 |
2 |
Neose Technologies, Inc. |
|
|
44,547 |
|
2,118 |
2 |
Neurocrine Biosciences, Inc. |
|
|
82,073 |
|
1,483 |
2 |
Neurogen Corp. |
|
|
46,622 |
|
812 |
2 |
Nexell Therapeutics, Inc. |
|
|
5,798 |
|
2,001 |
2 |
Noven Pharmaceuticals, Inc. |
|
|
89,170 |
|
1,749 |
2 |
Novoste Corp. |
|
|
44,162 |
|
519 |
2 |
ORATEC Interventions, Inc. |
|
|
5,190 |
|
2,526 |
2 |
OSI Pharmaceuticals, Inc. |
|
|
181,872 |
|
2,439 |
2 |
Oakley, Inc. |
|
|
51,219 |
|
1,717 |
2 |
Ocular Sciences, Inc. |
|
|
21,248 |
|
9,773 |
|
Omnicare, Inc. |
|
|
171,028 |
|
672 |
2 |
Orchid Biosciences, Inc. |
|
|
13,734 |
|
3,624 |
2 |
Organogenesis, Inc. |
|
|
45,445 |
|
4,374 |
2 |
Orthodontic Centers of America, Inc. |
|
|
145,982 |
|
545 |
2 |
Paradigm Genetics, Inc. |
|
|
8,652 |
|
2,605 |
2 |
Parexel International Corp. |
|
|
22,794 |
|
1,960 |
2 |
Pharmaceutical Product Development, Inc. |
|
|
61,373 |
|
1,720 |
2 |
Pharmacyclics, Inc. |
|
|
92,558 |
|
1,017 |
2 |
Photogen Technologies, Inc. |
|
|
4,577 |
|
861 |
2 |
Praecis Pharmaceuticals, Inc. |
|
|
21,848 |
|
3,227 |
2 |
Province Heathcare Co. |
|
|
135,937 |
|
7,627 |
2 |
Quorum Health Group, Inc. |
|
|
102,011 |
|
2,012 |
2 |
Regeneron Pharmaceuticals, Inc. |
|
|
53,821 |
|
1,399 |
2 |
RehabCare Group, Inc. |
|
|
60,419 |
|
4,799 |
2 |
Renal Care Group, Inc. |
|
|
112,777 |
|
2,044 |
2 |
Res-Care, Inc. |
|
|
11,242 |
|
3,332 |
2 |
ResMed, Inc. |
|
|
84,966 |
|
1,056 |
2 |
Research Frontiers, Inc. |
|
|
20,328 |
|
3,542 |
2 |
Respironics, Inc. |
|
|
69,512 |
|
950 |
2 |
Ribozyme Pharmaceuticals, Inc. |
|
|
20,128 |
|
436 |
2 |
RightCHOICE Managed Care, Inc., Class A |
|
|
12,045 |
|
4,719 |
2 |
SICOR, Inc. |
|
|
60,462 |
|
1,703 |
2 |
SangStat Medical Corp. |
|
|
17,030 |
|
3,391 |
2 |
SciClone Pharmaceuticals, Inc. |
|
|
27,340 |
|
406 |
2 |
Sonic Innovations, Inc. |
|
|
1,954 |
|
987 |
2 |
SonoSight, Inc. |
|
|
12,584 |
|
1,325 |
2 |
Staar Surgical Co. |
|
|
20,869 |
|
7,226 |
2 |
Steris Corp. |
|
|
108,390 |
|
5,119 |
2 |
Sunrise Technologies International, Inc. |
|
|
36,953 |
|
2,726 |
2 |
SuperGen, Inc. |
|
|
35,097 |
|
1,861 |
2 |
Superconductor Technologies, Inc. |
|
|
18,843 |
|
2,201 |
2 |
Symyx Technologies, Inc. |
|
|
103,860 |
|
2,000 |
2 |
Syncor International Corp. |
|
|
51,375 |
|
3,499 |
2 |
Syntroleum Corp. |
|
|
68,231 |
|
2,834 |
2 |
Targeted Genetics Corp. |
|
|
28,340 |
|
8,913 |
2 |
Techniclone Corp. |
|
|
21,447 |
|
4,384 |
2 |
Texas Biotechnology Corp. |
|
|
64,664 |
|
2,793 |
2 |
Theragenics Corp. |
|
|
13,092 |
|
1,669 |
2 |
Thermo Cardiosystems, Inc. |
|
|
13,665 |
|
1,620 |
2 |
Thoratec Laboratories Corp. |
|
|
19,744 |
|
2,487 |
2 |
Titan Pharmaceuticals, Inc. |
|
|
104,653 |
|
2,103 |
2 |
Transkaryotic Therapies, Inc. |
|
|
78,337 |
|
3,639 |
2 |
Triad Hospitals, Inc. |
|
|
100,982 |
|
3,515 |
2 |
Triangle Pharmaceuticals, Inc. |
|
|
29,548 |
|
1,690 |
2 |
Trimeris, Inc. |
|
|
119,568 |
|
1,145 |
2 |
Tularik, Inc. |
|
|
36,354 |
|
2,232 |
2 |
Twinlab Corp. |
|
|
11,718 |
|
7,754 |
2 |
US Oncology, Inc. |
|
|
41,678 |
|
1,573 |
|
United Therapeutics Corp. |
|
|
84,156 |
|
5,643 |
2 |
VISX, Inc. |
|
|
120,972 |
|
3,165 |
2 |
Valentis, Inc. |
|
|
27,298 |
|
3,373 |
|
Varian Medical Systems, Inc. |
|
|
164,855 |
|
5,328 |
2 |
Vasomedical, Inc. |
|
|
20,313 |
|
858 |
2 |
VaxGen, Inc. |
|
|
23,541 |
|
1,074 |
2 |
Ventana Medical Systems, Inc. |
|
|
28,193 |
|
2,087 |
2 |
Vical, Inc. |
|
|
44,349 |
|
601 |
|
Vital Signs, Inc. |
|
|
18,706 |
|
3,467 |
2 |
Vivus, Inc. |
|
|
11,268 |
|
894 |
2 |
Zoll Medical Corp. |
|
|
44,309 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
12,526,072 |
|
|
|
|
|||
|
|
|
Technology--17.2% |
|
|
|
|
2,462 |
2 |
24/7 Media, Inc. |
|
|
12,772 |
|
3,525 |
2 |
3DFX Interactive, Inc. |
|
|
14,981 |
|
2,824 |
2 |
3DO Co. |
|
|
8,649 |
|
3,465 |
2 |
ACTV, Inc. |
|
|
34,109 |
|
667 |
2 |
AGENCY.COM, Inc. |
|
|
7,004 |
|
2,658 |
2 |
AVT Corp. |
|
|
16,696 |
|
1,963 |
2 |
AXT, Inc. |
|
|
75,576 |
|
1,497 |
2 |
About.com, Inc. |
|
|
35,928 |
|
2,546 |
2 |
Accrue Software, Inc. |
|
|
11,775 |
|
1,061 |
2 |
Aclara Biosciences, Inc. |
|
|
18,965 |
|
2,351 |
2 |
Actel Corp. |
|
|
86,105 |
|
6,062 |
2 |
Actuate Software Corp. |
|
|
170,873 |
|
3,964 |
2 |
Adaptive Broadband Corp. |
|
|
63,672 |
|
1,010 |
2 |
Ade Corp. |
|
|
18,054 |
|
1,003 |
2 |
Adept Technology, Inc. |
|
|
27,959 |
|
5,494 |
2 |
Advanced Digital Information Corp. |
|
|
71,422 |
|
979 |
2 |
Advantage Learning Systems, Inc. |
|
|
29,064 |
|
2,769 |
2 |
Advent Software, Inc. |
|
|
165,621 |
|
3,047 |
2 |
Aeroflex, Inc. |
|
|
181,297 |
|
628 |
2 |
Airnet Communications Corp. |
|
|
9,557 |
|
2,455 |
2 |
Allaire Corp. |
|
|
17,952 |
|
2,958 |
2 |
Allen Telecom, Inc. |
|
|
55,278 |
|
2,688 |
2 |
Alliance Semiconductor Corp. |
|
|
53,760 |
|
3,133 |
2 |
Anadigics, Inc. |
|
|
70,101 |
|
695 |
|
Analogic Corp. |
|
|
24,542 |
|
2,171 |
|
Analysts International Corp. |
|
|
13,569 |
|
2,330 |
2 |
Anixter International, Inc. |
|
|
56,503 |
|
3,560 |
2 |
AnswerThink Consulting Group, Inc. |
|
|
58,295 |
|
1,258 |
2 |
Aperian, Inc. |
|
|
4,403 |
|
1 |
2 |
Applied Micro Circuits Corp. |
|
|
110 |
|
1,080 |
2 |
Applied Science & Technology, Inc. |
|
|
15,525 |
|
708 |
2 |
AppliedTheory Corp. |
|
|
3,363 |
|
1,036 |
2 |
AremisSoft Corp. |
|
|
44,289 |
|
2,157 |
2 |
Ask Jeeves, Inc. |
|
|
28,041 |
|
3,179 |
2 |
Aspen Technology, Inc. |
|
|
131,332 |
|
3,448 |
2 |
Asyst Technologies, Inc. |
|
|
51,720 |
|
1,698 |
2 |
Audiovox Corp., Class A |
|
|
23,241 |
|
2,173 |
2 |
Aurora Bioscences, Inc. |
|
|
132,417 |
|
4,212 |
2 |
Avant! Corp. |
|
|
70,814 |
|
2,497 |
2 |
Avid Technology, Inc. |
|
|
34,646 |
|
4,594 |
2 |
Avocent Corp. |
|
|
325,887 |
|
1,786 |
2 |
Aware, Inc. |
|
|
55,254 |
|
3,040 |
2 |
Axent Technologies, Inc. |
|
|
58,330 |
|
1,166 |
2 |
BARRA, Inc. |
|
|
71,272 |
|
1,278 |
2 |
BSQUAR Corp. |
|
|
19,969 |
|
2,518 |
2 |
Be Free, Inc. |
|
|
9,915 |
|
1,616 |
2 |
Bell & Howell Co. |
|
|
30,704 |
|
4,530 |
2 |
Billing Information Concepts Corp. |
|
|
13,590 |
|
4,023 |
2 |
BindView Development Corp. |
|
|
31,430 |
|
870 |
2 |
Bio Rad Laboratories, Inc., Class A |
|
|
26,013 |
|
1,445 |
2 |
Bluestone Software, Inc. |
|
|
31,068 |
|
891 |
2 |
Bottomline Technologies, Inc. |
|
|
31,241 |
|
1,357 |
2 |
Breakaway Solutions, Inc. |
|
|
7,803 |
|
5,533 |
2 |
Brightpoint, Inc. |
|
|
36,829 |
|
1,397 |
2 |
Brio Technology, Inc. |
|
|
11,438 |
|
3,362 |
2 |
Broadbase Software, Inc. |
|
|
36,142 |
|
105 |
|
Brokat Aktiengesellschaft sponsored ADR |
|
|
2,205 |
|
1,784 |
2 |
Brooks Automation, Inc. |
|
|
47,276 |
|
1,263 |
2 |
Brooktrout Technology, Inc. |
|
|
18,235 |
|
466 |
2 |
C-Bridge Internet Solutions, Inc. |
|
|
6,874 |
|
4,764 |
2 |
C-Cube Microsystems, Inc. |
|
|
92,898 |
|
1,054 |
2 |
CACI International, Inc., Class A |
|
|
21,739 |
|
675 |
2 |
CAIS Internet, Inc. |
|
|
2,848 |
|
2,420 |
2 |
CCC Information Service Group, Inc. |
|
|
16,638 |
|
1,698 |
2 |
CTC Communications Group, Inc. |
|
|
16,396 |
|
4,619 |
2 |
Cable Design Technologies, Class A |
|
|
106,526 |
|
547 |
2 |
Caldera Systems, Inc. |
|
|
1,915 |
|
1,847 |
2 |
Calico Commerce, Inc. |
|
|
5,656 |
|
1,438 |
2 |
California Amplifier, Inc. |
|
|
35,950 |
|
520 |
2 |
Caliper Technologies Corp. |
|
|
29,315 |
|
5,684 |
2 |
Cambridge Technology Partners, Inc. |
|
|
22,026 |
|
498 |
2 |
Caminus Corp. |
|
|
15,687 |
|
1,028 |
2 |
Carreker-Antinori, Inc. |
|
|
19,018 |
|
1,015 |
2 |
Carrier Access Corp. |
|
|
12,688 |
|
1,291 |
2 |
Celeritek, Inc. |
|
|
42,684 |
|
827 |
2 |
Centennial Cellular Corp., Class A |
|
|
16,127 |
|
467 |
2 |
Centillium Communications, Inc. |
|
|
17,739 |
|
7,859 |
2 |
Century Business Services, Inc. |
|
|
8,841 |
|
507 |
|
Chordiant Software, Inc. |
|
|
3,090 |
|
1,550 |
2 |
ChromaVision Medical Systems, Inc. |
|
|
7,363 |
|
4,880 |
2 |
Ciber, Inc. |
|
|
38,125 |
|
5,982 |
2 |
Cirrus Logic, Inc. |
|
|
257,974 |
|
2,333 |
2 |
Clarent Corp. |
|
|
72,469 |
|
1,640 |
2 |
Clarus Corp. |
|
|
16,400 |
|
974 |
2 |
Click2learn.com, Inc. |
|
|
14,123 |
|
1,245 |
2 |
CoStar Group, Inc. |
|
|
38,906 |
|
2,253 |
2 |
Cobalt Networks, Inc. |
|
|
124,197 |
|
675 |
2 |
Cognizant Technology Solutions Corp. |
|
|
27,675 |
|
2,844 |
2 |
Coherent, Inc. |
|
|
99,007 |
|
2,382 |
2 |
Com21, Inc. |
|
|
25,755 |
|
2,567 |
2 |
Complete Business Solutions, Inc. |
|
|
26,633 |
|
2,583 |
2 |
Computer Network Technology |
|
|
78,499 |
|
2,277 |
2 |
Concord Camera Corp. |
|
|
70,445 |
|
1,750 |
2 |
Concord Communications, Inc. |
|
|
13,563 |
|
5,742 |
2 |
Concurrent Computer Corp. |
|
|
101,203 |
|
1,327 |
|
Convergent Communication, Inc. |
|
|
5,640 |
|
380 |
2 |
Coolsavings.com, Inc. |
|
|
499 |
|
454 |
2 |
Corillian Corp. |
|
|
6,470 |
|
1,881 |
2 |
Corsair Communications, Inc. |
|
|
11,404 |
|
954 |
2 |
Crossroads Systems, Inc. |
|
|
6,618 |
|
741 |
2 |
Cyberoptics Corp. |
|
|
17,414 |
|
2,000 |
2 |
Cybersource Corp. |
|
|
11,000 |
|
2,278 |
2 |
Cylink Corp. |
|
|
9,610 |
|
3,064 |
2 |
Cymer, Inc. |
|
|
76,600 |
|
702 |
2 |
Cysive, Inc. |
|
|
5,572 |
|
1,102 |
2 |
DSET Corp. |
|
|
6,268 |
|
3,008 |
2 |
DSL.net, Inc. |
|
|
7,896 |
|
2,818 |
2 |
DSP Group, Inc. |
|
|
79,961 |
|
1,030 |
2 |
Daleen Technolgies, Inc. |
|
|
10,268 |
|
1,290 |
2 |
Data Return Corp. |
|
|
14,835 |
|
1,746 |
2 |
Datastream Systems, Inc. |
|
|
21,389 |
|
1,080 |
2 |
Davox Corp. |
|
|
10,530 |
|
905 |
2 |
Deltek Systems, Inc. |
|
|
5,996 |
|
3,283 |
2 |
Dendrite International, Inc. |
|
|
71,405 |
|
883 |
2 |
Digimarc Corp. |
|
|
13,190 |
|
2,996 |
2 |
Digital Courier Technologies, Inc. |
|
|
8,707 |
|
2,190 |
2 |
Digital Insight Corp. |
|
|
42,294 |
|
2,034 |
2 |
Digital River, Inc. |
|
|
13,285 |
|
1,709 |
2 |
Documentum, Inc. |
|
|
145,265 |
|
1,156 |
2 |
Dot Hill Systems Corp. |
|
|
3,974 |
|
2,590 |
2 |
EMCORE Corp. |
|
|
106,190 |
|
2,984 |
2 |
ESS Technology, Inc. |
|
|
46,252 |
|
3,894 |
2 |
Eclipsys Corp. |
|
|
96,133 |
|
2,261 |
2 |
Elantec Semiconductor, Inc. |
|
|
251,536 |
|
964 |
2 |
Electric Lightwave, Inc., Class A |
|
|
5,543 |
|
2,166 |
2 |
Electroglas, Inc. |
|
|
30,459 |
|
489 |
2 |
Embarcadero Technologies, Inc. |
|
|
29,554 |
|
726 |
2 |
Emerg Interactive, Inc., Class A |
|
|
8,122 |
|
2,520 |
2 |
Epresence, Inc. |
|
|
17,798 |
|
484 |
2 |
Eprise Corp. |
|
|
1,452 |
|
4,044 |
2 |
Exar Corp. |
|
|
180,716 |
|
1,245 |
2 |
Excalibur Technologies Corp. |
|
|
73,299 |
|
3,332 |
2 |
Exchange Applications, Inc. |
|
|
10,673 |
|
796 |
2 |
Extended Systems, Inc. |
|
|
31,044 |
|
491 |
2 |
Extensity, Inc. |
|
|
6,260 |
|
1,796 |
2 |
F5 Networks, Inc. |
|
|
55,676 |
|
1,531 |
2 |
FEI Co. |
|
|
36,266 |
|
2,690 |
2 |
FSI International, Inc. |
|
|
25,051 |
|
2,115 |
|
FactSet Research Systems |
|
|
80,095 |
|
1,183 |
|
Fair Isaac & Co., Inc. |
|
|
48,503 |
|
3,637 |
2 |
Filenet Corp. |
|
|
96,381 |
|
564 |
2 |
Firepond, Inc. |
|
|
4,512 |
|
1,950 |
2 |
First Consulting Group, Inc. |
|
|
13,041 |
|
4,165 |
2 |
Futurelink Corp. |
|
|
7,549 |
|
516 |
2 |
GRIC Communications, Inc. |
|
|
2,580 |
|
1,086 |
|
Gadzoox Networks, Inc. |
|
|
4,005 |
|
1,443 |
2 |
Gasonics International Corp. |
|
|
29,491 |
|
2,862 |
2 |
GenRad, Inc. |
|
|
26,116 |
|
3,757 |
2 |
General Semiconductor, Inc. |
|
|
42,971 |
|
108 |
2 |
Genomic Solutions, Inc. |
|
|
1,512 |
|
1,547 |
2 |
Geoworks Corp. |
|
|
7,590 |
|
2,064 |
|
Gerber Scientific, Inc. |
|
|
16,512 |
|
6,815 |
2 |
Glenayre Technologies, Inc. |
|
|
56,224 |
|
1,887 |
2 |
Globix Corp. |
|
|
19,106 |
|
1,144 |
2 |
GoAmerica, Inc. |
|
|
11,941 |
|
2,744 |
2 |
GoTo.com, Inc. |
|
|
38,931 |
|
1,365 |
2 |
Great Plains Software, Inc. |
|
|
53,150 |
|
3,475 |
2 |
HNC Software |
|
|
70,586 |
|
2,351 |
|
Helix Technology Corp. |
|
|
65,534 |
|
750 |
2 |
Hi/fn, Inc. |
|
|
46,313 |
|
3,416 |
2 |
High Speed Access Corp. |
|
|
10,035 |
|
1,920 |
2 |
HotJobs.com Ltd. |
|
|
30,000 |
|
2,660 |
2 |
Hutchinson Technology, Inc. |
|
|
58,354 |
|
3,492 |
2 |
Hyperion Solutions Corp. |
|
|
48,888 |
|
890 |
2 |
IBIS Technology Corp. |
|
|
33,709 |
|
1,651 |
2 |
IDX Systems Corp. |
|
|
52,832 |
|
974 |
2 |
II-VI, Inc. |
|
|
20,150 |
|
1,232 |
2 |
IMPSAT Fiber Networks, Inc. |
|
|
14,784 |
|
2,275 |
2 |
IMRglobal Corp. |
|
|
18,769 |
|
544 |
2 |
IXYS Corp. |
|
|
13,770 |
|
2,864 |
2 |
Identix, Inc. |
|
|
41,242 |
|
15,514 |
|
Ikon Office Solutions, Inc. |
|
|
50,421 |
|
3,803 |
2 |
Imation Corp. |
|
|
75,347 |
|
1,404 |
2 |
Immersion Corp. |
|
|
13,865 |
|
3,997 |
2 |
InFocus Corp. |
|
|
176,617 |
|
1,497 |
2 |
Indus International, Inc. |
|
|
6,082 |
|
2,770 |
2 |
Informatica Corp. |
|
|
261,765 |
|
2,258 |
2 |
Information Architects Corp. |
|
|
8,468 |
|
179 |
2 |
Inforte Corp. |
|
|
5,482 |
|
5,820 |
2 |
Inprise Corp. |
|
|
37,103 |
|
1,309 |
2 |
Integrated Circuit System, Inc. |
|
|
17,835 |
|
2,765 |
2 |
Integrated Silicon Solution, Inc. |
|
|
36,982 |
|
8,111 |
2 |
Intelect Communications, Inc. |
|
|
9,125 |
|
2,180 |
|
Inter-Tel, Inc. |
|
|
25,206 |
|
510 |
2 |
Interactive Intelligence, Inc. |
|
|
18,615 |
|
4,687 |
2 |
Intergraph Corp. |
|
|
29,294 |
|
5,116 |
2 |
Interliant, Inc. |
|
|
30,696 |
|
955 |
|
Interlink Electronics, Inc. |
|
|
21,368 |
|
913 |
2 |
Interlogix, Inc. |
|
|
11,241 |
|
5,101 |
2 |
Internet Pictures Corp. |
|
|
10,919 |
|
1,165 |
2 |
Internet.com Corp. |
|
|
24,247 |
|
6,806 |
2 |
Intertrust Technologies Corp. |
|
|
68,060 |
|
3,454 |
2 |
Intervoice, Inc. |
|
|
33,784 |
|
2,042 |
2 |
Interworld Corp. |
|
|
4,467 |
|
3,720 |
2 |
Interwoven, Inc. |
|
|
374,790 |
|
1,774 |
2 |
IntraNet Solutions, Inc. |
|
|
82,491 |
|
1,660 |
2 |
Intraware, Inc. |
|
|
12,139 |
|
1,633 |
2 |
Intrusion.com, Inc. |
|
|
16,738 |
|
28,863 |
2 |
Iomega Corp. |
|
|
141,717 |
|
5,870 |
2 |
J.D. Edwards & Co. |
|
|
151,886 |
|
2,193 |
2 |
JDA Software Group, Inc. |
|
|
33,032 |
|
678 |
2 |
JNI Corp. |
|
|
60,384 |
|
2,046 |
2 |
Juno Online Services, Inc. |
|
|
5,435 |
|
956 |
|
Keithley Instruments, Inc. |
|
|
51,146 |
|
2,999 |
2 |
Kent Electronics Corp. |
|
|
55,856 |
|
1,718 |
2 |
Keynote Systems, Inc. |
|
|
41,232 |
|
1,318 |
2 |
Kronos, Inc. |
|
|
48,025 |
|
5,094 |
2 |
Kulicke & Soffa Industries |
|
|
74,818 |
|
5,031 |
2 |
LTX Corp. |
|
|
70,434 |
|
1,554 |
2 |
Lante Corp. |
|
|
5,730 |
|
1,319 |
2 |
Latitude Communications, Inc. |
|
|
7,584 |
|
9,258 |
2 |
Legato Systems, Inc. |
|
|
82,454 |
|
642 |
2 |
Level 8 Systems, Inc. |
|
|
6,179 |
|
1,817 |
2 |
Lightbridge, Inc. |
|
|
19,419 |
|
1,528 |
2 |
Lightpath Technologies, Inc. |
|
|
41,638 |
|
876 |
2 |
Lightspan, Inc. |
|
|
2,026 |
|
469 |
2 |
LivePerson, Inc. |
|
|
1,085 |
|
1,258 |
2 |
Lodgenet Entertainment |
|
|
22,094 |
|
4,341 |
2 |
LookSmart Ltd. |
|
|
30,658 |
|
505 |
2 |
Loudeye Technologies, Inc. |
|
|
1,925 |
|
539 |
2 |
Luminex Corp. |
|
|
14,620 |
|
1,014 |
2 |
MCX Communications, Inc. |
|
|
15,844 |
|
3,568 |
2 |
MEMC Electronic Materials |
|
|
35,457 |
|
1,863 |
2 |
MICROS Systems Corp. |
|
|
36,794 |
|
579 |
2 |
MKS Instruments, Inc. |
|
|
10,639 |
|
2,141 |
2 |
MP3.com, Inc. |
|
|
7,560 |
|
5,331 |
2 |
MRV Communications, Inc. |
|
|
210,575 |
|
3,432 |
2 |
MTI Technology Corp. |
|
|
17,804 |
|
4,518 |
2 |
Mail.com, Inc. |
|
|
14,684 |
|
512 |
2 |
Manhattan Associates, Inc. |
|
|
32,776 |
|
2,474 |
2 |
Manugistics Group, Inc. |
|
|
281,881 |
|
1,505 |
2 |
Mapinfo Corp. |
|
|
49,195 |
|
1,557 |
2 |
Marimba, Inc. |
|
|
9,245 |
|
400 |
|
Marketwatch.Com, Inc. |
|
|
1,875 |
|
3,783 |
2 |
Mastech Corp. |
|
|
19,151 |
|
618 |
2 |
MatrixOne, Inc. |
|
|
18,347 |
|
1,671 |
2 |
Mattson Technology, Inc. |
|
|
19,634 |
|
6,731 |
2 |
Maxtor Corp. |
|
|
52,586 |
|
682 |
2 |
McAfee.com, Corp. |
|
|
4,689 |
|
897 |
2 |
Meade Instruments Corp. |
|
|
16,426 |
|
2,500 |
2 |
Mechanical Technology, Inc. |
|
|
18,750 |
|
1,092 |
2 |
Media 100, Inc. |
|
|
10,784 |
|
1,087 |
2 |
MedicaLogic, Inc. |
|
|
4,416 |
|
1,585 |
2 |
Medquist, Inc. |
|
|
17,831 |
|
6,825 |
2 |
Mentor Graphics Corp. |
|
|
159,961 |
|
2,642 |
2 |
Mercator Software, Inc. |
|
|
12,054 |
|
2,247 |
2 |
Mercury Computer Systems, Inc. |
|
|
69,657 |
|
2,380 |
2 |
MetaCreations Corp. |
|
|
23,800 |
|
1,010 |
2 |
Metasolv Software, Inc. |
|
|
12,562 |
|
696 |
2 |
Metawave Communications Corp. |
|
|
9,222 |
|
3,786 |
|
Methode Electronics, Inc., Class A |
|
|
142,448 |
|
2,197 |
2 |
Metricom, Inc. |
|
|
38,997 |
|
2,799 |
2 |
MicroStrategy, Inc. |
|
|
67,001 |
|
3,737 |
2 |
Micron Electronics, Inc. |
|
|
29,546 |
|
1,102 |
2 |
Microsemi Corp. |
|
|
44,080 |
|
1,671 |
2 |
Molecular Devices Corp. |
|
|
114,255 |
|
3,581 |
2 |
Motient Corp. |
|
|
43,420 |
|
1,782 |
2 |
Multex.com, Inc. |
|
|
23,055 |
|
3,788 |
2 |
Mynd Corp. |
|
|
48,297 |
|
3,805 |
2 |
NBC Internet, Inc., Class A |
|
|
23,543 |
|
681 |
2 |
NETsilicon, Inc. |
|
|
9,662 |
|
980 |
2 |
NHancement Technologies, Inc. |
|
|
24,745 |
|
3,758 |
2 |
NX Networks, Inc. |
|
|
10,687 |
|
2,300 |
2 |
NYFIX, Inc. |
|
|
90,850 |
|
523 |
2 |
Nanometrics, Inc. |
|
|
12,029 |
|
3,521 |
|
National Data Corp. |
|
|
134,238 |
|
1,832 |
2 |
National Information Consortium, Inc. |
|
|
6,183 |
|
3,846 |
2 |
Natural Microsystems Corp. |
|
|
173,791 |
|
1,484 |
2 |
Neoforma.com, Inc. |
|
|
2,551 |
|
463 |
2 |
Neon Systems, Inc. |
|
|
3,270 |
|
1,432 |
2 |
Net Perceptions, Inc. |
|
|
4,744 |
|
498 |
2 |
Net.Genesis Corp. |
|
|
1,743 |
|
516 |
2 |
NetGuru, Inc. |
|
|
2,580 |
|
2,562 |
2 |
NetIQ Corp. |
|
|
220,652 |
|
1,179 |
2 |
NetObjects, Inc. |
|
|
3,463 |
|
1,523 |
2 |
NetScout Systems, Inc. |
|
|
28,461 |
|
666 |
2 |
NetSolve, Inc. |
|
|
4,995 |
|
3,884 |
2 |
NetZero, Inc. |
|
|
5,705 |
|
2,819 |
2 |
Netegrity, Inc. |
|
|
219,882 |
|
5,636 |
2 |
Netmanage, Inc. |
|
|
7,221 |
|
1,562 |
2 |
Netopia, Inc. |
|
|
16,987 |
|
806 |
2 |
Netpliance, Inc. |
|
|
1,461 |
|
3,643 |
2 |
Netro Corp. |
|
|
79,463 |
|
335 |
2 |
Netsol International, Inc. |
|
|
2,973 |
|
1,760 |
2 |
Network Access Solutions Corp. |
|
|
4,785 |
|
2,339 |
2 |
Network Equipment Technologies, Inc. |
|
|
22,221 |
|
1,573 |
2 |
Network Peripherals, Inc. |
|
|
17,106 |
|
2,704 |
2 |
New Era of Networks, Inc. |
|
|
42,081 |
|
993 |
2 |
Niku Corp. |
|
|
15,640 |
|
1,445 |
2 |
Novadigm, Inc. |
|
|
14,450 |
|
518 |
2 |
Nuance Communications, Inc. |
|
|
44,678 |
|
637 |
2 |
Numerical Technologies, Inc. |
|
|
13,059 |
|
2,233 |
2 |
ONYX Software Corp. |
|
|
35,449 |
|
585 |
2 |
OTG Software, Inc. |
|
|
18,428 |
|
4,710 |
2 |
Oak Technology, Inc. |
|
|
132,174 |
|
2,081 |
2 |
Objective Systems Integrator |
|
|
18,729 |
|
2,169 |
2 |
On2.com, Inc. |
|
|
4,945 |
|
909 |
2 |
Onvia.com, Inc. |
|
|
2,386 |
|
3,783 |
2 |
Open Market, Inc. |
|
|
12,531 |
|
774 |
2 |
Opus360 Corp. |
|
|
1,258 |
|
1,076 |
2 |
Osicom Technologies, Inc. |
|
|
34,432 |
|
8,236 |
2 |
P-COM, Inc. |
|
|
46,328 |
|
1,381 |
2 |
PC-Tel, Inc. |
|
|
23,822 |
|
1,658 |
2 |
PLX Technology, Inc. |
|
|
39,792 |
|
2,213 |
2 |
PRI Automation, Inc. |
|
|
50,069 |
|
1,348 |
2 |
Packard BioScience Co. |
|
|
21,737 |
|
1,761 |
2 |
Packeteer, Inc. |
|
|
43,805 |
|
1,757 |
2 |
Paradyne Networks, Inc. |
|
|
7,028 |
|
380 |
2 |
Pec Solutions, Inc. |
|
|
2,613 |
|
2,184 |
2 |
Pericom Semiconductor Corp. |
|
|
57,876 |
|
6,185 |
2 |
Perot Systems Corp. |
|
|
61,463 |
|
1,119 |
2 |
Persistance Software, Inc. |
|
|
13,148 |
|
2,132 |
2 |
Pharmacopedia, Inc. |
|
|
38,909 |
|
2,578 |
2 |
Phoenix Technology, Ltd. |
|
|
41,409 |
|
1,199 |
2 |
Photon Dynamics, Inc. |
|
|
43,164 |
|
2,624 |
2 |
Photronics, Inc. |
|
|
59,204 |
|
4,914 |
2 |
Pinnacle Systems, Inc. |
|
|
62,039 |
|
3,379 |
|
Pioneer Standard Electronics, Inc. |
|
|
46,884 |
|
641 |
2 |
Pixelworks, Inc. |
|
|
21,353 |
|
5,174 |
2 |
Plantronics, Inc. |
|
|
236,064 |
|
4,774 |
|
Polaroid Corp. |
|
|
48,038 |
|
2,892 |
2 |
Power Integrations, Inc. |
|
|
38,861 |
|
485 |
2 |
Predictive Systems, Inc. |
|
|
6,729 |
|
444 |
2 |
Preview Systems, Inc. |
|
|
2,248 |
|
1,328 |
2 |
Primus Knowledge Solutions, Inc. |
|
|
10,790 |
|
1,590 |
2 |
ProBusiness Services, Inc. |
|
|
51,973 |
|
561 |
2 |
Procom Technology, Inc. |
|
|
12,728 |
|
2,187 |
2 |
Prodigy Communications Corp. |
|
|
9,568 |
|
3,614 |
2 |
Progress Software Corp. |
|
|
57,146 |
|
1,458 |
2 |
Project Software & Development, Inc. |
|
|
18,954 |
|
2,698 |
2 |
Proxim, Inc. |
|
|
163,566 |
|
3,464 |
2 |
Puma Technology, Inc. |
|
|
46,981 |
|
2,278 |
2 |
PurchasePro.com, Inc. |
|
|
61,506 |
|
1,316 |
2 |
QRS Corp. |
|
|
11,104 |
|
8,434 |
2 |
Quantum Corp. - Hard Disk Drive |
|
|
96,464 |
|
2,137 |
2 |
QuickLogic Corp. |
|
|
18,966 |
|
1,863 |
2 |
Quintus Corp. |
|
|
13,914 |
|
2,368 |
2 |
Quokka Sports, Inc. |
|
|
7,252 |
|
3,971 |
2 |
REMEC, Inc. |
|
|
118,385 |
|
1,549 |
2 |
RadiSys Corp. |
|
|
41,049 |
|
1,752 |
2 |
Radiant Systems, Inc. |
|
|
32,303 |
|
2,262 |
2 |
Rainbow Technologies, Inc. |
|
|
56,267 |
|
1,575 |
2 |
Ramp Networks, Inc. |
|
|
2,953 |
|
3,057 |
2 |
Rare Medium Group, Inc. |
|
|
14,139 |
|
1,172 |
2 |
Razorfish, Inc. |
|
|
5,274 |
|
2,777 |
2 |
Remedy Corp. |
|
|
47,556 |
|
5,045 |
2 |
Retek, Inc. |
|
|
198,962 |
|
6,542 |
2 |
Rhythms NetConnections, Inc. |
|
|
14,311 |
|
3,770 |
2 |
Robotic Vision Systems, Inc. |
|
|
20,617 |
|
578 |
2 |
Rudolph Technologies, Inc. |
|
|
22,542 |
|
9,759 |
2 |
S3, Inc. |
|
|
88,136 |
|
3,168 |
2 |
SAGA Systems, Inc. |
|
|
17,028 |
|
1,196 |
2 |
SBS Technologies, Inc. |
|
|
30,797 |
|
1,427 |
2 |
SCM Microsystems, Inc. |
|
|
54,226 |
|
1,658 |
2 |
SERENA Software, Inc. |
|
|
84,351 |
|
916 |
2 |
SPSS, Inc. |
|
|
20,610 |
|
1,528 |
2 |
SVI Holdings, Inc. |
|
|
6,937 |
|
447 |
2 |
Saba Software, Inc. |
|
|
10,477 |
|
1,570 |
2 |
Sagent Technology, Inc. |
|
|
4,023 |
|
1,545 |
2 |
SalesLogix Corp. |
|
|
14,195 |
|
1,425 |
2 |
Sanchez Computer Associates |
|
|
22,889 |
|
1,792 |
2 |
Savvis Communication Corp. |
|
|
6,944 |
|
2,101 |
2 |
SciQuest.com, Inc. |
|
|
9,389 |
|
411 |
2 |
Scientific Learning Corp. |
|
|
2,299 |
|
1,803 |
2 |
SeaChange International, Inc. |
|
|
39,666 |
|
2,652 |
2 |
Secure Computing Corp. |
|
|
60,996 |
|
495 |
2 |
Selectica, Inc. |
|
|
13,056 |
|
1,643 |
2 |
Semitool, Inc. |
|
|
21,462 |
|
600 |
2 |
Sequenom, Inc. |
|
|
19,425 |
|
467 |
2 |
Sequoia Software Corp. |
|
|
2,335 |
|
20,094 |
2 |
Silicon Graphics, Inc. |
|
|
90,423 |
|
3,406 |
2 |
Silicon Image, Inc. |
|
|
40,021 |
|
3,574 |
2 |
Silicon Valley Group, Inc. |
|
|
117,719 |
|
1,218 |
2 |
SilverStream Software, Inc. |
|
|
27,405 |
|
51 |
2 |
Simione Central Holdings, Inc. |
|
|
172 |
|
2,384 |
2 |
Sipex Corp. |
|
|
93,870 |
|
509 |
2 |
Siti-Sites.com, Inc. |
|
|
97 |
|
650 |
2 |
SmartDisk Corp. |
|
|
3,331 |
|
378 |
2 |
SmartServ Online, Inc. |
|
|
7,324 |
|
3,082 |
2 |
SoftNet Systems, Inc. |
|
|
14,254 |
|
489 |
2 |
Software Technologies Corp. |
|
|
8,313 |
|
3,074 |
|
Somera Communications |
|
|
34,583 |
|
1,089 |
2 |
Sonic Foundry, Inc. |
|
|
6,942 |
|
2,464 |
2 |
Sonicwall, Inc. |
|
|
36,806 |
|
1,227 |
2 |
SpectraLink Corp. |
|
|
9,126 |
|
2,681 |
2 |
SpeedFam-IPEC, Inc. |
|
|
25,470 |
|
1,927 |
2 |
Sportsline USA, Inc. |
|
|
16,500 |
|
1,522 |
2 |
Standard Microsystems Corp. |
|
|
36,528 |
|
390 |
|
Stanford Microdevices, Inc. |
|
|
9,774 |
|
4,928 |
2 |
StarBase Corp. |
|
|
25,102 |
|
3,940 |
2 |
Starmedia Network, Inc. |
|
|
24,133 |
|
10,037 |
2 |
Storage Technology Corp. |
|
|
97,861 |
|
3,829 |
2 |
Structural Dynamics Research Corp. |
|
|
39,487 |
|
831 |
2 |
Supertex, Inc. |
|
|
23,580 |
|
2,500 |
2 |
Sykes Enterprises, Inc. |
|
|
13,438 |
|
2,465 |
2 |
Symmetricom, Inc. |
|
|
31,422 |
|
565 |
2 |
Syntel, Inc. |
|
|
5,332 |
|
3,494 |
2 |
Systems & Computer Technology Corp. |
|
|
50,445 |
|
2,022 |
2 |
THQ, Inc. |
|
|
41,451 |
|
2,879 |
2 |
Take-Two Interactive Software, Inc. |
|
|
35,808 |
|
1,366 |
2 |
Tanning Technology Corp. |
|
|
7,364 |
|
4,682 |
2 |
Technology Solutions Corp. |
|
|
11,120 |
|
1,746 |
2 |
TelCom Semiconductor, Inc. |
|
|
24,553 |
|
387 |
2 |
Telaxis Communications Corp. |
|
|
1,729 |
|
1,180 |
2 |
Telocity, Inc. |
|
|
3,393 |
|
1,702 |
|
Telxon Corp. |
|
|
38,189 |
|
1,464 |
2 |
TenFold Corp. |
|
|
6,314 |
|
1,238 |
2 |
Therma-Wave, Inc. |
|
|
25,379 |
|
1,302 |
2 |
Tollgrade Communications, Inc. |
|
|
124,667 |
|
3,541 |
2 |
Transaction Systems Architects, Inc., Class A |
|
|
47,804 |
|
1,617 |
2 |
Travelocity.com, Inc. |
|
|
22,840 |
|
1,435 |
2 |
TriZetto Group, Inc. |
|
|
28,700 |
|
1,812 |
2 |
Tricord Systems, Inc. |
|
|
29,898 |
|
2,488 |
2 |
Trimble Navigation Ltd. |
|
|
59,090 |
|
1,020 |
2 |
Tumbleweed Communications Corp. |
|
|
17,468 |
|
1,640 |
2 |
Tut Systems, Inc. |
|
|
54,530 |
|
1,844 |
2 |
U.S. Interactive, Inc. |
|
|
1,844 |
|
1,357 |
2 |
U.S. Wireless Corp. |
|
|
20,864 |
|
4,583 |
2 |
UNOVA, Inc. |
|
|
22,056 |
|
487 |
2 |
Ulticom, Inc. |
|
|
23,254 |
|
2,243 |
2 |
Ultratech Stepper, Inc. |
|
|
52,711 |
|
522 |
2 |
Unigraphics Solutions, Inc. |
|
|
9,592 |
|
1,390 |
2 |
Universal Display Corp. |
|
|
23,978 |
|
326 |
2 |
Uproar Ltd. |
|
|
672 |
|
1,307 |
2 |
VASCO Data Security International, Inc. |
|
|
16,583 |
|
1,609 |
2 |
VIA NET.WORKS, Inc. |
|
|
11,917 |
|
452 |
2 |
ValueClick, Inc. |
|
|
1,893 |
|
3,446 |
2 |
Varian Semiconductor Equipment Associates, Inc. |
|
|
79,258 |
|
3,460 |
2 |
Varian, Inc. |
|
|
106,611 |
|
2,541 |
2 |
Veeco Instruments, Inc. |
|
|
168,222 |
|
3,102 |
2 |
Verity, Inc. |
|
|
72,897 |
|
379 |
2 |
Versata, Inc. |
|
|
6,254 |
|
3,023 |
2 |
Vertel Corp. |
|
|
16,060 |
|
1,209 |
2 |
Vertex Interactive, Inc. |
|
|
18,135 |
|
1,924 |
2 |
ViaLink Co. |
|
|
13,829 |
|
1,674 |
2 |
ViaSat, Inc. |
|
|
36,828 |
|
1,232 |
2 |
Viador, Inc. |
|
|
5,698 |
|
4,089 |
2 |
Viant Corp. |
|
|
24,278 |
|
3,295 |
2 |
Visual Networks, Inc. |
|
|
12,150 |
|
778 |
2 |
Vyyo, Inc. |
|
|
17,213 |
|
2,073 |
2 |
WESCO International, Inc. |
|
|
17,361 |
|
1,251 |
2 |
Watchguard Technologies, Inc. |
|
|
62,550 |
|
4,905 |
2 |
Wave Systems Corp. |
|
|
56,714 |
|
1,430 |
2 |
WebTrends Corp. |
|
|
45,961 |
|
388 |
2 |
Websense, Inc. |
|
|
6,984 |
|
2,973 |
2 |
Westell Technologies, Inc., Class A |
|
|
16,352 |
|
17,065 |
2 |
Western Digital Corp. |
|
|
102,390 |
|
1,589 |
2 |
White Electronic Designs Corp. |
|
|
15,195 |
|
2,357 |
2 |
Wink Communications, Inc. |
|
|
24,159 |
|
6,572 |
2 |
World Access, Inc. |
|
|
32,039 |
|
1,390 |
2 |
WorldGate Communications, Inc. |
|
|
25,976 |
|
1,806 |
|
X-Rite, Inc. |
|
|
12,191 |
|
2,827 |
2 |
Xircom, Inc. |
|
|
39,931 |
|
909 |
2 |
Xpedior, Inc. |
|
|
1,704 |
|
3,447 |
2 |
Xybernaut Corp. |
|
|
16,266 |
|
2,731 |
2 |
Zebra Technologies Corp., Class A |
|
|
119,652 |
|
1,739 |
2 |
Zoran Corp. |
|
|
87,167 |
|
1,421 |
2 |
Zygo Corp. |
|
|
70,340 |
|
4,219 |
2 |
e-MedSoft.com |
|
|
6,329 |
|
553 |
2 |
eBenX, Inc. |
|
|
6,601 |
|
2,577 |
2 |
eGain Communications Corp. |
|
|
16,751 |
|
4,970 |
2 |
eLoyalty Corp. |
|
|
47,836 |
|
2,123 |
2 |
eMachines, Inc. |
|
|
2,189 |
|
2,721 |
2 |
eXcelon Corp. |
|
|
22,108 |
|
2,166 |
2 |
iVillage, Inc. |
|
|
5,144 |
|
4,438 |
2 |
iXL Enterprises, Inc. |
|
|
11,372 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
18,529,824 |
|
|
|
|
|||
|
|
|
Transportation--1.8% |
|
|
|
|
6,194 |
2 |
AirTran Holdings, Inc. |
|
|
27,486 |
|
5,166 |
|
Airborne Freight Corp. |
|
|
52,306 |
|
2,651 |
2 |
Alaska Air Group, Inc. |
|
|
68,760 |
|
4,259 |
|
Alexander and Baldwin, Inc. |
|
|
106,209 |
|
3,553 |
2 |
America West Holdings Corp., Class B |
|
|
35,308 |
|
1,048 |
2 |
American Classic Voyages |
|
|
14,476 |
|
2,371 |
2 |
American Freightways Corp. |
|
|
38,232 |
|
1,684 |
2 |
Arkansas Best Corp. |
|
|
26,944 |
|
2,135 |
|
Arnold Industries, Inc. |
|
|
37,496 |
|
1,819 |
2 |
Atlantic Coast Airlines Holdings |
|
|
65,029 |
|
1,670 |
2 |
Atlas Air, Inc. |
|
|
60,538 |
|
5,220 |
|
CNF Transportation, Inc. |
|
|
139,309 |
|
1,017 |
2 |
Cheap Tickets, Inc. |
|
|
10,806 |
|
5,200 |
2 |
Cyber-Care, Inc. |
|
|
25,513 |
|
2,942 |
2 |
EGL, Inc. |
|
|
83,847 |
|
674 |
2 |
Expedia, Inc. |
|
|
8,636 |
|
1,501 |
2 |
Forward Air Corp. |
|
|
61,729 |
|
2,208 |
2 |
Fritz Companies, Inc. |
|
|
17,940 |
|
1,874 |
2 |
Frontier Airlines, Inc. |
|
|
44,039 |
|
1,593 |
2 |
Heartland Express, Inc. |
|
|
27,678 |
|
615 |
2 |
Hotel Reservations Network, Inc., Class A |
|
|
21,525 |
|
1,849 |
|
Hunt (J.B.) Transportation Services, Inc. |
|
|
24,153 |
|
2,635 |
2 |
Kirby Corp. |
|
|
48,583 |
|
722 |
2 |
Knight Transportation, Inc. |
|
|
11,462 |
|
956 |
2 |
Landstar System, Inc. |
|
|
45,171 |
|
933 |
2 |
M.S. Carriers, Inc. |
|
|
14,578 |
|
3,422 |
2 |
Mesa Air Group, Inc. |
|
|
20,104 |
|
1,271 |
2 |
Mesaba Holdings, Inc. |
|
|
13,743 |
|
1,535 |
2 |
Midwest Express Holdings, Inc. |
|
|
29,165 |
|
2,706 |
|
Overseas Shipholding Group, Inc. |
|
|
64,944 |
|
1,461 |
|
RPC Energy Services, Inc. |
|
|
18,171 |
|
1,284 |
|
Roadway Express, Inc. |
|
|
26,402 |
|
5,026 |
|
Rollins Truck Leasing Corp. |
|
|
26,387 |
|
6,362 |
|
Ryder Systems, Inc. |
|
|
125,650 |
|
2,549 |
|
SkyWest, Inc. |
|
|
128,725 |
|
4,594 |
2 |
Swift Transportation Co. |
|
|
65,465 |
|
2,632 |
2 |
Trico Marine Services, Inc. |
|
|
43,757 |
|
2,833 |
|
USFreightways Corp. |
|
|
72,950 |
|
2,956 |
|
Werner Enterprises, Inc. |
|
|
41,384 |
|
2,935 |
|
Westinghouse Air Brake, Co. |
|
|
29,717 |
|
5,279 |
2 |
Wisconsin Central Transportation Corp. |
|
|
67,637 |
|
2,603 |
2 |
Yellow Corp. |
|
|
46,854 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
1,938,808 |
|
|
|
|
|||
|
|
|
Utilities--4.0% |
|
|
|
|
5,768 |
|
AGL Resources, Inc. |
|
|
117,523 |
|
7,939 |
|
Allete |
|
|
171,185 |
|
1,053 |
|
American States Water Co. |
|
|
32,840 |
|
3,409 |
|
Atmos Energy Corp. |
|
|
78,833 |
|
4,985 |
|
Avista Corp. |
|
|
111,851 |
|
4,082 |
2 |
Azurix Corp. |
|
|
25,513 |
|
2,436 |
|
Black Hills Corp. |
|
|
76,125 |
|
1,804 |
|
CH Energy Group, Inc. |
|
|
71,033 |
|
1,427 |
|
California Water Service Group |
|
|
38,440 |
|
1,152 |
|
Cascade Natural Gas Corp. |
|
|
21,240 |
|
2,440 |
|
Cleco Corp. |
|
|
116,053 |
|
9,412 |
|
Conectiv, Inc. |
|
|
168,828 |
|
937 |
|
E'Town Corp. |
|
|
63,130 |
|
5,815 |
2 |
El Paso Electric Co. |
|
|
69,722 |
|
1,861 |
|
Empire Distribution Electric Co. |
|
|
51,526 |
|
2,868 |
|
Energen Corp. |
|
|
82,097 |
|
316 |
|
EnergyNorth, Inc. |
|
|
19,355 |
|
3,481 |
|
Hawaiian Electric Industries, Inc. |
|
|
114,655 |
|
3,981 |
|
Idacorp, Inc. |
|
|
196,313 |
|
6,593 |
|
Kansas City Power And Light Co. |
|
|
158,644 |
|
1,997 |
|
Laclede Gas Co. |
|
|
43,684 |
|
6,722 |
|
MDU Resources Group, Inc. |
|
|
196,619 |
|
1,742 |
|
Madison Gas & Electric Co. |
|
|
37,889 |
|
1,149 |
|
Midcoast Energy Resources, Inc. |
|
|
23,267 |
|
1,335 |
|
NUI Corp. |
|
|
41,635 |
|
1,881 |
|
New Jersey Resources Corp. |
|
|
75,122 |
|
2,696 |
|
Northwest Natural Gas Co. |
|
|
63,188 |
|
2,500 |
|
Northwestern Corp. |
|
|
55,313 |
|
8,313 |
|
OGE Energy Corp. |
|
|
170,936 |
|
3,079 |
|
ONEOK, Inc. |
|
|
122,005 |
|
2,571 |
|
Otter Tail Power Co. |
|
|
57,044 |
|
3,760 |
|
Peoples Energy Corp. |
|
|
129,250 |
|
3,669 |
|
Philadelphia Suburban Corp. |
|
|
85,992 |
|
3,356 |
|
Piedmont Natural Gas, Inc. |
|
|
102,358 |
|
3,723 |
|
Public Service Co. New Mexico |
|
|
102,615 |
|
3,779 |
|
RGS Energy Group, Inc. |
|
|
111,481 |
|
194 |
|
SJW Corp. |
|
|
23,062 |
|
1,907 |
|
Semco Energy, Inc. |
|
|
29,559 |
|
8,366 |
|
Sierra Pacific Resources |
|
|
143,791 |
|
1,182 |
|
South Jersey Industries, Inc. |
|
|
34,426 |
|
3,368 |
2 |
Southern Union Co. |
|
|
63,361 |
|
3,378 |
|
Southwest Gas Corp. |
|
|
70,516 |
|
2,683 |
|
Southwestern Energy Co. |
|
|
21,464 |
|
2,888 |
|
UGI Corp. |
|
|
66,966 |
|
1,565 |
|
UIL Holdings Corp. |
|
|
73,262 |
|
3,206 |
|
UniSource Energy Corp. |
|
|
47,890 |
|
6,537 |
|
Vectren Corp. |
|
|
151,168 |
|
2,822 |
|
WPS Resources Corp. |
|
|
90,833 |
|
4,925 |
|
Washington Gas Light Co. |
|
|
125,588 |
|
2,087 |
|
Western Gas Resources, Inc. |
|
|
45,784 |
|
7,435 |
|
Western Resources, Inc. |
|
|
158,923 |
|
|
|
|
|||
|
|
|
TOTAL |
|
|
4,349,897 |
|
|
|
|
|||
|
|
|
TOTAL COMMON STOCKS (IDENTIFIED COST $89,633,388) |
|
|
96,407,000 |
|
|
|
|
|||
|
|
|
PREFERRED STOCKS--0.0% |
|
|
|
|
|
|
Consumer Staples--0.0% |
|
|
|
|
1 |
|
Corrections Corp. America, Conv. Pfd., Series B, $6.75 |
|
|
11 |
|
|
|
|
|||
|
|
|
TOTAL PREFERRED STOCKS (IDENTIFIED COST $12) |
|
|
11 |
|
|
|
|
|||
Principal |
|
|
|
|
Value |
|
|
|
|
SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.6%3 |
|
|
|
$ |
700,000 |
|
United States Treasury Bill, 1/18/2001 (IDENTIFIED COST $691,006) |
|
$ |
691,006 |
|
|
|
|
|||
|
|
|
MUTUAL FUND--13.4% |
|
|
|
|
14,393,655 |
|
Prime Value Obligations Fund, IS Shares (AT NET ASSET VALUE) |
|
|
14,393,655 |
|
|
|
|
|||
|
|
|
Total Investments (identified cost $104,718,061)4 |
|
$ |
111,491,672 |
|
|
|
|
</R>
<R>
1 The Fund purchases Index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Index and minimizing trading costs. The total market value of open Index futures contracts is $10,010,000 at October 31, 2000, which represents 9.3% of net assets. Taking into consideration these open Index futures contracts, the Fund's effective total exposure to the Index is 98.9%.
2 Non-income producing security.
3 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.
4 The cost of investments for federal tax purposes amounts to $106,725,961. The net unrealized appreciation of investments on a federal tax basis amounts to $4,765,711 which is comprised of $23,421,233 appreciation and $18,655,522 depreciation at October 31, 2000.
Note: The categories of investments are shown as a percentage of net assets ($107,565,819) at October 31, 2000.
The following acronyms are used throughout this portfolio:
</R>
ADR | --American Depositary Receipt |
REIT | --Real Estate Investment Trust |
<R>
See Notes which are an integral part of the Financial Statements
Assets: | ||||||
Total investments in securities, at value (identified cost $104,718,061 and tax cost $106,725,961) | $ | 111,491,672 | ||||
Cash | 1,426,534 | |||||
Income receivable | 63,656 | |||||
Receivable for investments sold | 581,935 | |||||
Receivable for shares sold | 1,344,773 | |||||
Receivable for daily variation margin | 269,085 | |||||
|
|
|||||
TOTAL ASSETS | 115,177,655 | |||||
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|
|||||
Liabilities: | ||||||
Payable for investments purchased | $ | 7,475,455 | ||||
Payable for shares redeemed | 135,511 | |||||
Accrued expenses | 870 | |||||
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|
|||||
TOTAL LIABILITIES | 7,611,836 | |||||
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|
|||||
Net Assets for 7,690,593 shares outstanding | $ | 107,565,819 | ||||
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|||||
Net Assets Consist of: | ||||||
Paid in capital | $ | 88,498,807 | ||||
Net unrealized appreciation of investments and futures contracts | 6,020,867 | |||||
Accumulated net realized gain on investments and futures contracts | 12,868,294 | |||||
Undistributed net investment income | 177,851 | |||||
|
|
|||||
TOTAL NET ASSETS | $ | 107,565,819 | ||||
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Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||||||
Institutional Shares: | ||||||
Net Asset Value, Offering Price and
Redemption Proceeds Per Share ($101,329,662÷7,242,290 shares outstanding) |
$13.99 | |||||
|
|
|||||
Class C Shares: | ||||||
Net Asset Value and Offering Price
Per Share ($6,236,157 ÷ 448,303 shares outstanding) |
$13.91 | |||||
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|
|||||
Redemption Proceeds Per Share (99.00/100 of $13.91)1 | $13.77 | |||||
|
|
1 See "What do Shares Cost?" in the Prospectus.
See Notes which are an integral part of the Financial Statements
Investment Income: | ||||||||||||
Dividends (net of foreign taxes withheld of $680) | $ | 1,352,451 | ||||||||||
Interest | 584,908 | |||||||||||
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|
||||||||||
TOTAL INCOME | 1,937,359 | |||||||||||
|
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|
||||||||||
Expenses: | ||||||||||||
Management fee | $ | 535,355 | ||||||||||
Custodian fees | 45,164 | |||||||||||
Transfer and dividend disbursing agent fees and expenses | 98,133 | |||||||||||
Directors'/Trustees' fees | 4,485 | |||||||||||
Auditing fees | 12,199 | |||||||||||
Legal fees | 3,008 | |||||||||||
Portfolio accounting fees | 97,463 | |||||||||||
Distribution services fee--Class C Shares | 41,778 | |||||||||||
Shareholder services fee--Institutional Shares | 253,751 | |||||||||||
Shareholder services fee--Class C Shares | 13,926 | |||||||||||
Share registration costs | 36,445 | |||||||||||
Printing and postage | 56,306 | |||||||||||
Insurance premiums | 1,321 | |||||||||||
Miscellaneous | 5,722 | |||||||||||
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|
||||||||||
TOTAL EXPENSES | 1,205,056 | |||||||||||
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||||||||||
Waivers and Reimbursements: | ||||||||||||
Waiver of shareholder services fee--Institutional Shares | $ | (131,951 | ) | |||||||||
Reimbursement of management fee | (334 | ) | ||||||||||
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|
|
||||||||||
TOTAL WAIVERS AND EXPENSE REDUCTIONS | (132,285 | ) | ||||||||||
|
|
|
||||||||||
Net expenses | 1,072,771 | |||||||||||
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|
||||||||||
Net investment income | 864,588 | |||||||||||
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|
|
||||||||||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: |
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|
|
|
|
|
||||||
Net realized gain on investments and futures contracts | 19,585,195 | |||||||||||
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|
||||||||||
Net change in unrealized depreciation of investments and futures contracts |
(3,942,494 | ) | ||||||||||
|
|
|
||||||||||
Net realized and unrealized gain on investments and futures contracts |
15,642,701 | |||||||||||
|
|
|
||||||||||
Change in net assets resulting from operations | $ | 16,507,289 | ||||||||||
|
|
|
See Notes which are an integral part of the Financial Statements
Year Ended October 31 | 2000 | 1999 | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income |
$ | 864,588 | $ | 863,552 | ||||
Net realized gain (loss) on investments and futures contracts ($19,685,980 and $11,177,834, respectively, as computed for federal tax purposes) |
19,585,195 | 10,152,390 | ||||||
Net change in unrealized appreciation/depreciation of investments and futures contracts |
(3,942,494 | ) | 3,230,965 | |||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS |
16,507,289 | 14,246,907 | ||||||
|
|
|
|
|
|
|||
Distributions to Shareholders: | ||||||||
Distributions from net investment income |
||||||||
Institutional Shares |
(686,737 | ) | (962,809 | ) | ||||
Class C Shares |
-- | (1,640 | ) | |||||
Distributions from net realized gains on investments and futures contracts |
||||||||
Institutional Shares |
(10,712,667 | ) | (7,701,941 | ) | ||||
Class C Shares |
(449,824 | ) | (77,652 | ) | ||||
|
|
|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(11,849,228 | ) | (8,744,042 | ) | ||||
|
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|
|
|
|
|||
Share Transactions: | ||||||||
Proceeds from sale of shares |
258,138,689 | 247,992,067 | ||||||
Net asset value of shares issued to shareholders in payment of distributions declared |
7,694,804 | 5,642,185 | ||||||
Cost of shares redeemed |
(264,412,200 | ) | (277,245,957 | ) | ||||
|
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|
|
|
|
|||
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
1,421,293 | (23,611,705 | ) | |||||
|
|
|
|
|
|
|||
Change in net assets |
6,079,354 | (18,108,840 | ) | |||||
|
|
|
|
|
|
|||
Net Assets: | ||||||||
Beginning of period |
101,486,465 | 119,595,305 | ||||||
|
|
|
|
|
|
|||
End of period (including undistributed net investment income of $177,851 and $0, respectively) | $ | 107,565,819 | $ | 101,486,465 | ||||
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|
See Notes which are an integral part of the Financial Statements
Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Mini-Cap Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Shares and Class C Shares. The investment objective of the Fund is to provide investment results that generally correspond to the aggregate price and dividend performance of approximately 2,000 publicly traded common stocks that are ranked in terms of capitalization below the top 1,000 stocks that comprise the large and mid-range capitalization sector of the United States equity market. This group of stocks is known as the Russell 2000® Index.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for tax equalization accounting. The following reclassifications have been made to the financial statements.
Increase (Decrease) |
||
---|---|---|
Paid In capital | Accumulated net realized gain on investments and futures contracts |
|
$5,500,000 | $(5,500,000) |
Net investment income, net realized gains/losses, and net assets were not affected by this reclassification.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary. Withholding taxes on foreign interest and dividends have been provided for in accordance with the applicable country's tax rules and rates.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the fiscal year ended October 31, 2000, the Fund had realized gains on future contracts of $2,047,768. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.
At October 31, 2000, the Fund had outstanding futures contracts as set forth below:
Expiration Date | Contracts to Receive | Position | Unrealized Depreciation |
|||
December 2000 | 40 Russell 2000 Index Futures | Long | $(752,744) |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
Year Ended October 31 |
2000 |
|
1999 |
|
||||||||||
Institutional Shares: |
|
Shares |
|
|
|
Amount |
|
|
Shares |
|
|
|
Amount |
|
Shares sold |
17,100,852 | $ | 247,960,454 | 17,708,794 | $ | 240,783,432 | ||||||||
Shares issued to shareholders in payment of distributions declared |
549,532 | 7,271,075 | 436,951 | 5,570,929 | ||||||||||
Shares redeemed |
(17,543,527 | ) | (255,740,183 | ) | (20,110,830 | ) | (273,043,177 | ) | ||||||
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|
|
|
|
|
|
|
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|
|||||
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
106,857 | $ | (508,654 | ) | (1,965,085 | ) | $ | (26,688,816 | ) | |||||
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Year Ended October 31 |
2000 |
|
1999 |
|
||||||||||
Class C Shares: |
|
Shares |
|
|
|
Amount |
|
|
Shares |
|
|
|
Amount |
|
Shares sold |
701,709 | $ | 10,178,235 | 536,474 | $ | 7,208,635 | ||||||||
Shares issued to shareholders in payment of distributions declared |
32,345 | 423,729 | 5,613 | 71,256 | ||||||||||
Shares redeemed |
(598,643 | ) | (8,672,017 | ) | (313,903 | ) | (4,202,780 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS |
135,411 | $ | 1,929,947 | 228,184 | $ | 3,077,111 | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 242,268 | $ | 1,421,293 | (1,736,901 | ) | $ | (23,611,705 | ) | ||||||
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Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.50% of the Fund's average daily net assets. Under the terms of a sub-management agreement between the Manager and Northern Trust Quantitative Advisors, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.065% of the Fund's average daily net assets.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain investment management fees as a result of these transactions.
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Class C Shares. The Plan provides that the Fund may incur distribution expenses up to 0.75% of the average daily net assets of Class C Shares annually, to compensate FSC.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the fiscal year ended October 31, 2000, were as follows:
Purchases | $ | 54,098,030 | |
Sales | $ | 59,184,064 |
We have audited the accompanying statement of assets and liabilities, including the portfolios of investments of the Federated Mini-Cap Fund (one of the portfolios constituting the Federated Index Trust) as of October 31, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. Our procedures included confirmation of securities owned as of October 31, 2000, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from the brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Mini-Cap Fund of the Federated Index Trust at October 31, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 15, 2000
A Statement of Additional Information (SAI) dated December 31, 2000, is incorporated by reference into this prospectus. Additional information about the Fund and its investments is contained in the Fund's SAI, Annual and Semi-Annual Reports to shareholders as they become available. The Annual Report's Management's Discussion of Fund Performance discusses market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. To obtain the SAI, Annual Report, Semiannual Report and other information without charge, and to make inquiries, call your investment professional or the Fund at 1-800-341-7400.
You can obtain information about the Fund (including the SAI) by writing to or visiting the SEC's Public Reference Room in Washington, DC. You may also access Fund information from the EDGAR Database on the SEC's Internet site at http://www.sec.gov. You can purchase copies of this information by contacting the SEC by email at publicinfo@sec.gov or by writing to the SEC's Public Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for information on the Public Reference Room's operations and copying fees.
</R>
FEDERATED World-Class Investment Manager®
<R>
Federated Mini-Cap Fund
</R>
Federated Investors Fund
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
Investment Company Act File No. 811-6061
Cusip 31420E601
<R>
G01169-01 (12/00)
</R>
Federated is a registered mark of Federated Investors, Inc.
2000 (c)Federated Investors, Inc.
FEDERATED World-Class Investment Manager®
Annual Report For Fiscal Year Ended October 31, 2000
The fund's total return for Institutional, Institutional Service, and Class C Shares for the 12 months ended October 31, 2000 were 5.40%, 5.08%, and 4.35%, respectively, based on net asset value.1 The target Index (Standard and Poor's 500 Index)2 had a total return of 6.07% during the period. Share class performance varied from the Index due to transaction costs, administrative expenses, and holdings of stock index futures contracts, which are held to enhance fund liquidity.
During the last 12 months, the U.S. stock market was characterized by unusual volatility, driven by several developments including; a loss of investor confidence in Internet stocks, lower earnings and growth expectations for major technology firms, a surge in oil and other energy prices, a slowing U.S. economy, and unsettled U.S. presidential election. Despite these factors, the market showed resiliency as investors moved to sectors such as utilities, healthcare, and consumer staples which reported growing earnings.
Marking a reversal from the last several years, large-cap stocks under-performed mid-cap and small-cap stocks as investors moved away from many "mega-cap" or "nifty-fifty" type stocks whose prices had been bid up aggressively over the last few years.
During the last 12 months the strongest performing sectors were utilities, health care, and transportation while communications services, consumer cyclicals, and basic materials were the worst performing sectors in the Index.
1 Performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns for the period, based on offering price (i.e., less any applicable sales charge), for Institutional, Institutional Service and Class C Shares were 5.40%, 5.08% and 3.35%, respectively.
2 The index is unmanaged.
[Graphic Representation Omitted--See Appendix]
Average Annual Total Return for the Period Ended October 31, 2000 | ||
---|---|---|
1 Year | 5.40% | |
5 Years | 21.13% | |
10 Years | 18.97% | |
Start of Performance (7/11/90) | 16.72% |
The graph above illustrates the hypothetical investment of $25,0001 in the Federated Max-Cap Fund (Institutional Shares) (the "Fund") from October 31, 1990 to October 31, 2000, compared to the Standard & Poor's 500 Index (S&P 500).2
Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
This report must be preceded or accompanied by the Fund's prospectus dated December 31, 2000, and, together with financial statements contained therein, constitute the Fund's annual report.
1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged.
[Graphic Representation Omitted--See Appendix]
Average Annual Total Return for the Period Ended October 31, 2000 | ||
---|---|---|
1 Year | 5.08% | |
5 Years | 20.78% | |
Start of Performance (9/7/93) | 18.61% |
The graph above illustrates the hypothetical investment of $25,0001 in the Federated Max-Cap Fund (Institutional Service Shares) (the "Fund") from September 7, 1993 (start of performance) to October 31, 2000, compared to the Standard and Poor's 500 Index (S&P 500).2
Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
This report must be preceded or accompanied by the Fund's prospectus dated December 31, 2000, and, together with financial statements contained therein, constitute the Fund's annual report.
1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged.
[Graphic Representation Omitted--See Appendix]
Average Annual Total Return for the Period Ended October 31, 20001 | ||
1 Year | 3.35% | |
Start of Performance (11/10/97) | 15.78% |
The graph above illustrates the hypothetical investment of $10,0002 in the Federated Max-Cap Fund (Class C Shares) (the "Fund") from November 10, 1997 (start of performance) to October 31, 2000, compared to the Standard and Poor's 500 Index (S&P 500).3
Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
This report must be preceded or accompanied by the Fund's prospectus dated December 31, 2000, and, together with financial statements contained therein, constitute the Fund's annual report.
1 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.
2 Represents a hypothetical investment of $10,000 in the Fund. A 1.00% contingent deferred sales charge would be applied on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
3 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged.
FEDERATED World-Class Investment Manager®
Federated Max-Cap Fund
Federated Investors Funds
5800 Corporate
Drive
Pittsburgh, PA
157237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
Cusip 31420E106
Cusip 31420E403
Cusip 31420E502
006685A (12/00)
Federated is a registered mark of Federated Investors, Inc.
2000©
Federated Investors, Inc.
FEDERATED World-Class Investement Manager®
Annual Report For Fiscal Year Ended October 31, 2000
The fund's total return for the 12 months ended October 31, 2000 was 30.40%. The target Index (Standard and Poor's MidCap 400 Index) had a total return of 31.64% during the period. Fund performance varied from the Index due to transaction costs, administrative expenses, and holdings of stock index futures contracts, which are held to enhance fund liquidity.
During the last 12 months, the U.S. stock market was characterized by unusual volatility, driven by several developments including; a loss of investor confidence in internet stocks, lower earnings and growth expectations for major technology firms, a surge in oil and other energy prices, a slowing U.S. economy, and unsettled U.S. presidential election. Despite these factors, the market showed resiliency as investors moved to sectors such as utilities, healthcare, and consumer staples which reported growing earnings.
Marking a reversal from the last several years, large-cap stocks under-performed mid-cap and small-cap stocks as investors moved away from many "mega-cap" or "nifty-fifty" type stocks whose prices had been bid up aggressively over the last few years.
During the last 12 months the strongest performing sectors were health care, energy, and utilities while communications services, financials, and basic materials were the worst performing sectors in the Index.
[Graphic Representation Omitted--See Appendix]
Average Annual Total Return for the Period Ended October 31, 2000 | ||
---|---|---|
1 Year | 30.40% | |
5 Year | 20.41% | |
Start of Performance (11/5/92) | 17.57% |
The graph above illustrates the hypothetical investment of $25,0001 in the Federated Mid-Cap Fund (the "Fund") from November 5, 1992 (start of performance) to October 31, 2000 compared to the Standard and Poor's MidCap 400 Index (S&P 400).2
Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
This report must be preceded or accompanied by the Fund's prospectus dated December 31, 2000, and together with financial statements contained therein, constitutes the Fund's annual report.
1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 400 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The S&P 400 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. This index is unmanaged.
FEDERATED World-Class Investment Manager®
Federated Mid-Cap Fund
Federated Investors Funds
5800 Corporate
Drive
Pittsburgh, PA
15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
Cusip 31420E205
006686A (12/00)
Federated is a registered mark of Federated Investors, Inc.
2000©
Federated Investors, Inc.
FEDERATED World-Class Investment Manager®
Annual Report For Fiscal Year Ended October 31, 2000
The fund's total return for Institutional and Class C Shares for the 12 months ending October 31, 2000 was 15.14% and 14.09% respectively. The Russell 2000® Index, the Fund's target Index (Index) had a total return of 21.26% during the period. Share class performance varied from the Index due to transaction costs, administrative expenses, and holdings of stock index futures contracts, which are held to enhance fund liquidity. It is important to note that transaction costs for small company stocks are much higher than that for large company stocks due to illiquidity factors, i.e., there are sometimes very few buyers and sellers of small company stocks.
During the last 12 months, the U.S. stock market was characterized by unusual volatility, driven by several developments including; a loss of investor confidence in Internet stocks, lower earnings and growth expectations for major technology firms, a surge in oil and other energy prices, a slowing U.S. economy, and unsettled U.S. presidential election. Despite these factors, the market showed resiliency as investors moved to sectors such as utilities, healthcare, consumer staples which reported growing earnings.
Marking a reversal from the last several years, large-cap stocks under-performed mid-cap and small-cap stocks as investors moved away from many "mega-cap" or "nifty-fifty" type stocks whose prices had been bid up aggressively over the last few years.
During the last 12 months the strongest performing sectors were health care, energy, and financial services while technology, consumer cyclicals, and basic materials were among the worst performing sectors in the Index.
[Graphic Representation Omitted--See Appendix]
Average Annual Total Return For The Period Ended October 31, 2000 | ||
1 Year | 15.14% | |
5 Years | 10.46% | |
Start of Performance (8/11/92) | 11.47% |
The graph above illustrates the hypothetical investment of $25,0001 in the Federated Mini-Cap Fund (the "Fund") from August 11, 1992 (start of performance) to October 31, 2000 compared to the Russell 2000® Index (RUS2).2
Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
This report must be preceded or accompanied by the Fund's prospectus dated December 31, 2000, and, together with financial statements contained therein, constitutes the Fund's annual report.
1 The Fund's performance assumes the reinvestment of all dividends and distributions. The RUS2 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The RUS2 is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. This index is unmanaged.
[Graphic Representation Omitted--See Appendix]
Average Annual Total Return For The Period Ended October 31, 20001 | ||
1 Year | 13.09% | |
Start of Performance (11/10/97) | 2.86% |
The graph above illustrates the hypothetical investment of $10,0002 in the Federated Mini-Cap Fund (the "Fund") from November 10, 1997 (start of performance) to October 31, 2000 compared to the Russell 2000® Index (RUS2).3
Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
This report must be preceded or accompanied by the Fund's prospectus dated December 31, 2000, and, together with financial statements contained therein, constitutes the Fund's annual report.
1 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.
2 Represents a hypothetical investment of $10,000 in the Fund. A 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The RUS2 has been adjusted to reflect reinvestment of dividends on securities in the index.
3 The RUS2 is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. This index is unmanaged.
FEDERATED World-Class Investment Manager®
Federated Mini-Cap Fund
Federated Investors Funds
5800 Corporate
Drive
Pittsburgh, PA
15237-7400
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor
Cusip 31420E304
Cusip 31420E601
006683 (12/00)
Federated is a registered mark of Federated Investors, Inc.
2000© Federated Investors, Inc.
APPENDIX
RISK/RETURN BAR CHART
Federated Max-Cap Fund (Institutional Shares)
The graphic presentation displayed here consists of a bar chart representing the annual total returns of Federated Max Cap Fund's Institutional Shares as of the calendar year-end for each of nine years.
The 'y' axis reflects the "% Total Return" beginning with "0" and increasing in increments of 10% up to 40%.
The 'x' axis represents calculation periods from the earliest first full calendar year-end of the Fund's start of business through the calendar year ended December 31, 1999. The light gray shaded chart features nine distinct vertical bars, each shaded in charcoal, and each visually representing by height the total return percentages for the calendar year stated directly at its base. The calculated total return percentage for the Fund's Institutional Shares for each calendar year is stated directly at the top of each respective bar, for the calendar years 1991 through 1999. The percentages noted are: 30.01%, 7.22%, 9.52%, 1.22%, 36.63%, 22.75%, 32.69%, 28.27% and 20.42%
APPENDIX
RISK/RETURN BAR CHART
Federated Max-Cap Fund (Institutional Service Shares)
The graphic presentation displayed here consists of a bar chart representing the annual total returns of Federated Max-Cap Fund's Institutional Service Shares as of the calendar year-end for each of six years.
The 'y' axis reflects the "% Total Return" beginning with "0" and increasing in increments of 10% up to 40%.
The 'x' axis represents calculation periods from the earliest first full calendar year-end of the Fund's start of business through the calendar year ended December 31, 1999. The light gray shaded chart features six distinct vertical bars, each shaded in charcoal, and each visually representing by height the total return percentages for the calendar year stated directly at its base. The calculated total return percentage for the Fund's Institutional Service Shares for each calendar year is stated directly at the top of each respective bar, for the calendar years 1994 through 1999. The percentages noted are: 0.94%, 36.30%, 22.26%, 32.32%, 27.85%, and 20.06%.
APPENDIX
RISK/RETURN BAR CHART
Federated Max-Cap Fund (Class C Shares)
The graphic presentation displayed here consists of a bar chart representing the annual total returns of Federated Max-Cap Fund's Class C Shares as of the calendar year-end for each of two years.
The 'y' axis reflects the "% Total Return" beginning with "0" and increasing in increments of 5% up to 30%.
The 'x' axis represents calculation periods from the earliest first full calendar year-end of the Fund's start of business through the calendar year ended December 31, 1999. The light gray shaded chart features two distinct vertical bars, each shaded in charcoal, and each visually representing by height the total return percentages for the calendar year stated directly at its base. The calculated total return percentage for the Fund's Class C Shares for each calendar year is stated directly at the top of each respective bar, for the calendar years 1998 through 1999. The percentages noted are: 26.98% and 19.26%.
APPENDIX
RISK/RETURN BAR CHART
Federated Mid-Cap Fund
The graphic presentation displayed here consists of a bar chart representing the annual total returns of Federated Mid-Cap Fund's Shares as of the calendar year-end for each of seven years.
The 'y' axis reflects the "% Total Return" beginning with "-5" and increasing in increments of 5% up to 35%.
The 'x' axis represents calculation periods from the earliest first full calendar year-end of the Fund's start of business through the calendar year ended December 31, 1999. The light gray shaded chart features seven distinct vertical bars, each shaded in charcoal, and each visually representing by height the total return percentages for the calendar year stated directly at its base. The calculated total return percentage for the Fund's Shares for each calendar year is stated directly at the top of each respective bar, for the calendar years 1993 through 1999. The percentages noted are: 11.21%, (4.29%), 29.02%, 18.27%, 31.05%, 18.10%, and 13.88%.
APPENDIX
RISK/RETURN BAR CHART
Federated Mini-Cap Fund (Institutional Shares)
The graphic presentation displayed here consists of a bar chart representing the annual total returns of Federated Mini-Cap Fund (Institutional Shares) (the "Fund") as of the calendar year-end for each of seven years.
The 'y' axis reflects the "% Total Return" beginning with "-5" and increasing in increments of 5% up to 30%.
The 'x' axis represents calculation periods from the earliest first full year-end of the Fund's start of business through the calendar year ended 1999. The light gray shaded chart features seven distinct vertical bars, each shaded in charcoal, and each visually representing by height the total return percentages for the calendar year stated directly at its base. The calculated total return percentage for the Fund for each calendar year is stated directly at the top of each respective bar, for the calendar years 1993 through 1999. The percentages noted are: 15.29%, -2.84%, 26.34%, 15.31%, 20.36%, -4.34%, and 18.87%.
APPENDIX
RISK/RETURN BAR CHART
Federated Mini-Cap Fund (Class C Shares)
The graphic presentation displayed here consists of a bar chart representing the annual total returns of Federated Mini-Cap Fund (Class C Shares) (the "Fund") as of the calendar year-end for each of two years.
The 'y' axis reflects the "% Total Return" beginning with "-10" and increasing in increments of 5% up to 20%.
The 'x' axis represents calculation periods from the earliest first full calendar year-end of the Fund's start of business through the calendar year ended 1999. The light gray shaded chart features two distinct vertical bars, each shaded in charcoal, and each visually representing by height the total return percentages for the calendar year stated directly at its base. The calculated total return percentage for the Fund for each calendar year is stated directly at the top of each respective bar, for the calendar years 1998 through 1999. The percentages noted are: -4.95% and 17.75%.
APPENDIX
GROWTH OF $25,000 INVESTED LINE GRAPH
Federated Max-Cap Fund (Institutional Shares)
The graphic presentation here displayed consists of a line graph. The corresponding components of the line graph are listed underneath. The Institutional Shares of Federated Max-Cap Fund (the "Fund") are represented by a solid line. The Standard and Poor's 500 Index (S&P 500) is represented by a dotted line. The line graph is a visual representation of a comparison of change in value of a $25,000 hypothetical investment in the Institutional Shares of the Fund and the S&P 500. The "x" axis reflects computation periods from 10/31/90 to 10/31/00. The "y" axis reflects the cost of the investment. The right margin reflects the ending value of the hypothetical investment in the Fund's Institutional Shares as compared to the S&P 500. The ending values were $142,060 and $147,635, respectively.
GROWTH OF $25,000 INVESTED LINE GRAPH
Federated Max-Cap Fund (Institutional Service Shares)
The graphic presentation here displayed consists of a line graph. The corresponding components of the line graph are listed underneath. The Institutional Service Shares of Federated Max-Cap Fund (the "Fund") are represented by a solid line. The Standard and Poor's 500 Index (S&P 500) is represented by a dotted line. The line graph is a visual representation of a comparison of change in value of a $25,000 hypothetical investment in the Institutional Service Shares of the Fund, the and the S&P 500. The "x" axis reflects computation periods from 9/7/93 to 10/31/00. The "y" axis reflects the cost of the investment. The right margin reflects the ending value of the hypothetical investment in the Fund's Institutional Service Shares as compared to the S&P 500. The ending values were $84,716 and $89,035, respectively.
GROWTH OF $10,000 INVESTED LINE GRAPH
Federated Max-Cap Fund (Class C Shares)
The graphic presentation here displayed consists of a line graph. The corresponding components of the line graph are listed underneath. The Class C Shares of Federated Max-Cap Fund (the "Fund") are represented by a solid line. The Standard and Poor's 500 Index (S&P 500) is represented by a dotted line. The line graph is a visual representation of a comparison of change in value of a $10,000 hypothetical investment in the Class C Shares of the Fund and the S&P 500. The "x" axis reflects computation periods from 11/10/97 to 10/31/00. The "y" axis reflects the cost of the investment. The right margin reflects the ending value of the hypothetical investment in the Fund's Class C Shares as compared to the S&P 500. The ending values were $15,464, and $16,027, respectively.
APPENDIX
GROWTH OF $25,000 INVESTED LINE GRAPH
Federated Mid-Cap Fund
The graphic presentation here displayed consists of a line graph. The corresponding components of the line graph are listed underneath. Shares of Federated Mid-Cap Fund (the "Fund") are represented by a solid line. The Standard and Poor's MidCap400 Index (S&P 400) is represented by a dotted line. The line graph is a visual representation of a comparison of change in value of a $25,000 hypothetical investment in the Fund and the S&P 400. The "x" axis reflects computation periods from 11/5/92 to 10/31/00. The "y" axis reflects the cost of the investment. The right margin reflects the ending value of the hypothetical investment in the Fund's Shares as compared to the S&P 400. The ending values were $91,096 and $99344, respectively.
APPENDIX
GROWTH OF $25,000 INVESTED LINE GRAPH
Federated Mini-Cap Fund (Institutional Shares)
The graphic presentation here displayed consists of a line graph. The corresponding components of the line graph are listed underneath. The Shares of Federated Mini-Cap Fund (Institutional Shares) (the "Fund") are represented by a solid line. The Russell 2000® Index ("RUS2") is represented by a dotted line. The line graph is a visual representation of a comparison of change in value of a $25,000 hypothetical investment in the Shares of the Fund, and RUS2. The "x" axis reflects computation periods from 8/11/92 (start of performance) to 10/31/00. The "y" axis reflects the cost of the investment. The right margin reflects the ending value of the hypothetical investment in the Fund's Shares as compared to the RUS2. The ending values were $61,054 and $72,458, respectively.
APPENDIX
GROWTH OF $10,000 INVESTED LINE GRAPH
Federated Mini-Cap Fund (Class C Shares)
The graphic presentation here displayed consists of a line graph. The corresponding components of the line graph are listed underneath. The Shares of Federated Mini-Cap Fund (Class C Shares) (the "Fund") are represented by a solid line. The Russell 2000® Index ("RUS2") is represented by a dotted line. The line graph is a visual representation of a comparison of change in value of a $10,000 hypothetical investment in the Shares of the Fund and RUS2. The "x" axis reflects computation periods from 11/10/97 (start of performance) to 10/31/00. The "y" axis reflects the cost of the investment. The right margin reflects the ending value of the hypothetical investment in the Fund's Shares as compared to the RUS2. The ending values were $10,875 and $11,835, respectively.
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