FEDERATED INDEX TRUST, N-30D, 2000-07-05

FEDERATED INDEX TRUST
N-30D, 2000-07-05

Previous: BE AEROSPACE INC, 10-Q, EX-27, 2000-07-05

Next: BT INSTITUTIONAL FUNDS, N-30D, 2000-07-05

SEMI-ANNUAL REPORT

President's Message

Dear Shareholder:

I am pleased to present the Semi-Annual Report for Federated Mid-Cap Fund, a portfolio of Federated Index Trust, which covers the six-month period from November 1, 1999 through April 30, 2000. The report begins with an investment review, followed by the fund's portfolio and its financial statements.

As its name implies, Federated Mid-Cap Fund gives you a highly efficient way to pursue the performance of the mid-cap stock market. Stocks in the fund are weighted in the same proportion as the stocks that make up the Standard & Poor's Mid-Cap 400 Index. This unmanaged index consists of 400 common stocks issued by medium-sized domestic companies with a median market capitalization of $1.1 billion.¹

Over the six-month reporting period, the fund produced a total return of 20.64% through dividend income of $0.08 per share, capital gains of $2.22 per share and a $1.07 increase in net asset value.² On the last day of the reporting period, the fund's net assets totaled $144 million.

Thank you for putting your money to work in mid-cap stocks through the efficiency and professional management of Federated Mid-Cap Fund. As always, we invite your comments and suggestions.

Sincerely,

Glen R. Johnson

Glen R. Johnson
President
June 15, 2000

1 Federated Mid-Cap Fund seeks investment results that correspond to the aggregate price and total return performance of the Standard & Poor's Mid-Cap Index. "Standard & Poor's," "S&P," "S&P Mid-Cap 400 Index," "Standard & Poor's Mid-Cap 400 Index" are trademarks of Standard & Poor's Ratings Group (S&P) and have been licensed for use by Federated Securities Corp. The fund is neither affiliated with nor promoted, sponsored, sold, or endorsed by S&P. Its only relationship to the fund is the licensing of the use of the index. This index is unmanaged. Investments cannot be made in an index.

2 Past performance 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.

Investment Review

The fund's total return for the six months ended April 30, 2000 was 20.64%.¹ The fund's target index, the Standard & Poor's Mid-Cap 400 Index (the "Index") had a total return of 21.23% during the reporting 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.

The U.S. stock market rallied strongly in the latter part of 1999, but has been volatile in the early part of 2000. The wide divergence in price appreciation between "new economy" or technology-driven stocks, and "old economy" stocks, which became very apparent in late 1999, was corrected in early 2000 as many technology stock investors began to fear rising interest rates, increasing investor usage of margin debt (leverage) and a general speculation in Internet-related stocks.

Medium and small company stocks outperformed large company stocks during the last six months, making up for some of their lagging performance over the last 2-3 years. Growth-oriented stocks outperformed value-oriented stocks in late 1999, but value stocks have held up relatively well in early 2000 compared to growth stocks, which were more affected by market weakness.

During the last six months, health care, oil and gas drilling and independent power producers were among the strongest performing sectors, while iron and steel, banks and specialty metals were among the worst performing sectors in the Index.

1 Past performance 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.

Shareholder Meeting Results

A Special Meeting of Shareholders of Mid-Cap Fund (the "Fund"), a portfolio of Federated Index Trust (the "Trust"), was held on November 17, 1999. On September 20, 1999, the record date for shareholders voting at the meeting, there were 6,160,508 total outstanding shares of the Fund. The following items were approved by shareholders of the Fund and the results of their voting were as follows:

AGENDA ITEM 1

To elect four Trustees.¹

	For	Withheld Authority to Vote
Nicholas P. Constantakis	4,709,574	7,511
John F. Cunningham	4,710,986	6,099
Charles F. Mansfield, Jr.	4,711,494	5,591
John S. Walsh	4,710,533	6,552

1 The following Trustees continued their terms: John F. Donahue, Thomas G. Bigley, John T. Conroy, Jr., Lawrence D. Ellis, M.D., Peter E. Madden, John E. Murray, Jr., J.D., S.J.D., Marjorie P. Smuts and J. Christopher Donahue.

AGENDA ITEM 2

To amend the Fund's fundamental investment policy regarding diversification.

For		Against		Abstentions		Broker Non-Vote
4,299,176		25,235		31,197		361,477

AGENDA ITEM 3

To amend the Fund's fundamental investment policy regarding borrowing money and issuing senior securities.

For		Against		Abstentions		Broker Non-Vote
4,110,565		214,101		30,942		361,477

AGENDA ITEM 4

To amend the Fund's fundamental investment policy regarding investments in real estate.

For		Against		Abstentions		Broker Non-Vote
4,300,802		22,168		32,638		361,477

AGENDA ITEM 5

To amend the Fund's fundamental investment policy regarding investments in commodities.

For		Against		Abstentions		Broker Non-Vote
4,288,485		35,907		31,216		361,477

AGENDA ITEM 6

To amend the Fund's fundamental investment policy regarding underwriting securities.

For		Against		Abstentions		Broker Non-Vote
4,293,676		30,533		31,399		361,477

AGENDA ITEM 7

To amend the Fund's fundamental investment policy regarding lending by the Fund.

For		Against		Abstentions		Broker Non-Vote
4,083,807		239,585		32,216		361,477

AGENDA ITEM 8

To amend the Fund's fundamental investment policy regarding concentration of the Fund's investments in the securities of companies in the same industry.

For		Against		Abstentions		Broker Non-Vote
4,294,866		31,439		29,303		361,477

AGENDA ITEM 9

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding buying securities on margin.

For		Against		Abstentions		Broker Non-Vote
4,086,119		237,563		31,925		361,478

AGENDA ITEM 10

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding pledging assets.

For		Against		Abstentions		Broker Non-Vote
4,093,994		230,763		30,851		361,477

AGENDA ITEM 11

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding investing in restricted securities.

For		Against		Abstentions		Broker Non-Vote
4,091,593		234,676		29,339		361,477

AGENDA ITEM 12

To eliminate the Fund's fundamental investment policy on selling securities short.

For		Against		Abstentions		Broker Non-Vote
4,079,674		244,157		31,777		361,477

AGENDA ITEM 13

To require the approval of a majority of the outstanding voting securities of the Trust in the event of the sale or conveyance of the assets of the Trust to another trust or corporation.

For		Against		Abstentions		Broker Non-Vote
4,107,873		216,590		31,144		361,478

AGENDA ITEM 14

To permit the Board of Trustees to liquidate the assets of the Trust, or of its series or classes, and distribute the proceeds of such assets to the holders of such shares representing such interests, without seeking shareholder approval.

For		Against		Abstentions		Broker Non-Vote
4,020,719		306,102		28,787		361,477

Portfolio of Investments

APRIL 30, 2000 (UNAUDITED)

Shares					Value
			COMMON STOCKS--89.7%¹
			Basic Materials--4.1%
	15,600		AK Steel Holding Corp.	$	172,575
	9,800	²	Airgas, Inc.		57,575
	6,575		Albemarle Corp.		137,664
	7,300		Bowater, Inc.		401,500
	16,699		CK Witco Corp.		196,213
	9,400		Cabot Corp.		253,800
	3,100		Carpenter Technology Corp.		62,194
	2,500		Chesapeake Corp.		78,125
	1,600		Cleveland Cliffs, Inc.		39,300
	12,800		Consolidated Papers, Inc.		484,800
	5,900	²	Cytec Industries, Inc.		177,737
	3,200		Dexter Corp.		175,600
	11,700		Ethyl Corp.		36,562
	4,950		Ferro Corp.		113,231
	2,000		Fuller (H.B.) Co.		76,875
	4,400		Georgia Gulf Corp.		105,875
	11,700		Georgia-Pacific Corp.		271,294
	5,900		Glatfelter (P.H.) Co.		63,425
	6,900		Hanna (M.A.) Co.		79,350
	16,100		IMC Global, Inc.		248,544
	7,300		Longview Fibre Co.		93,075
	7,700		Lubrizol Corp.		197,313
	16,600		Lyondell Chemical Co.		305,025
	6,600		Martin Marietta Materials		349,800
	1,000	²	Maxxam, Inc.		27,000
	3,000		Minerals Technologies, Inc.		138,750
	6,300		Olin Corp.		111,825
	14,950		RPM, Inc.		151,369
	3,900		Rayonier, Inc.		183,056
	4,325		Schulman (A.), Inc.		55,684
	15,500		Solutia, Inc.		211,188
	14,373		Sonoco Products Co.		300,036
Shares					Value
			COMMON STOCKS--continued¹
			Basic Materials--continued
	5,100		Southdown, Inc.	$	296,438
	6,300	²	UCAR International, Inc.		83,081
	4,200		Universal Corp.		79,275
	7,267		Wausau-Mosinee Paper Corp.		88,112

			TOTAL		5,903,266

			Capital Goods--8.5%
	8,400		AGCO Corp.		99,750
	4,500		AMETEK, Inc.		92,531
	4,247		Albany International Corp., Class A		64,501
	27,100	²	American Power Conversion Corp.		956,969
	10,000	²	American Standard Cos.		410,000
	4,200		Carlisle Cos., Inc.		172,987
	5,200		Cordant Technologies, Inc.		294,450
	9,693		Diebold, Inc.		279,885
	6,500		Donaldson Company, Inc.		151,125
	6,500		Federal Signal Corp.		132,031
	5,300		Flowserve Corp.		74,863
	3,850		Granite Construction, Inc.		91,437
	8,500		HON Industries, Inc.		211,969
	5,600		Harsco Corp.		166,250
	8,900		Hillenbrand Industries, Inc.		268,112
	9,080		Hubbell, Inc., Class B		236,648
	24,500	²	Jabil Circuit, Inc.		1,002,969
	3,700	²	Jacobs Engineering Group, Inc.		115,856
	4,300		Kaydon Corp.		100,513
	4,300		Kennametal, Inc.		123,625
	3,300	²	Magnetek, Inc.		27,431
	11,100		Miller Herman, Inc.		303,863
	4,600		Newport News Shipbuilding, Inc.		153,525
	2,300		Nordson Corp.		102,781
	6,800		Pentair, Inc.		260,100
	3,450		Precision Castparts Corp.		144,038
	10,700		Reynolds & Reynolds Co., Class A		254,125
	3,440		Ryerson Tull, Inc.		42,570
	20,400	²	SCI Systems, Inc.		1,086,300
Shares					Value
			COMMON STOCKS--continued¹
			Capital Goods--continued
	4,400		SPX Corp.	$	483,450
	17,900	²	Sanmina Corp.		1,075,119
	10,800		Sensormatic Electronics Corp.		180,225
	1,500	²	Sequa Corp., Class A		73,875
	18,800		Shaw Industries, Inc.		297,275
	3,900		Standard Register		50,944
	3,900		Stewart & Stevenson Services, Inc.		47,044
	18,743		Symbol Technologies, Inc.		1,044,922
	2,800		Tecumseh Products Co., Class A		130,025
	5,300		Teleflex, Inc.		183,181
	5,550		Trinity Industries, Inc.		123,488
	11,868	²	Vishay Intertechnology, Inc.		995,429
	5,900		Wallace Computer Services, Inc.		64,531
	5,500		York International Corp.		132,688

			TOTAL		12,303,400

			Communication Services--1.7%
	30,400		Broadwing, Inc.		860,700
	7,500		Comsat Corp.		183,281
	2,800	²	Powerwave Technologies, Inc.		582,575
	8,700		Telephone and Data System, Inc.		887,400

			TOTAL		2,513,956

			Consumer Cyclicals--11.8%
	8,200	²	ACNielsen Corp.		189,112
	14,400	²	Abercrombie & Fitch Co., Class A		158,400
	12,200	²	Acxiom Corp.		329,400
	6,600	²	American Eagle Outfitters, Inc.		112,200
	10,700	²	Apollo Group, Inc., Class A		310,300
	3,600		Arvin Industries, Inc.		78,300
	10,300	²	BJ's Wholesale Club, Inc.		365,006
	3,100		Bandag, Inc.		74,012
	9,800	²	Barnes & Noble, Inc.		181,300
	16,700		Belo (A.H.) Corp., Series A		278,681
	6,800	²	Blyth Industries, Inc.		201,875
	10,900	²	Borders Group, Inc.		173,038
	3,800		Borg-Warner Automotive, Inc.		158,887
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Cyclicals--continued
	7,300	²	Burlington Industries, Inc.	$	31,938
	6,100	²	CDW Computer Centers, Inc.		634,400
	10,700		Callaway Golf Co.		177,887
	23,550		Cintas Corp.		933,169
	7,250		Claire's Stores, Inc.		133,672
	19,695		Clayton Homes, Inc.		187,102
	21,500	²	Convergys Corp.		946,000
	9,800	²	DeVRY, Inc.		233,362
	8,700	²	Dollar Tree Stores, Inc.		503,512
	24,300		Family Dollar Stores, Inc.		463,219
	5,300		Fastenal Co.		309,719
	10,400		Federal-Mogul Corp.		141,050
	6,900	²	Furniture Brands International, Inc.		128,944
	12,500	²	Gartner Group, Inc.		135,156
	4,900	²	Gtech Holdings Corp.		101,675
	9,700		Harte-Hanks		240,075
	4,400		Houghton Mifflin Co.		182,875
	10,600		International Game Technology		258,375
	7,500		International Speedway Corp., Class A		322,500
	17,203	²	Jones Apparel Group, Inc.		510,714
	5,549		Lancaster Colony Corp.		145,661
	4,200	²	Lands' End, Inc.		177,713
	9,400	²	Lear Corp.		281,413
	6,200		Lee Enterprises, Inc.		140,663
	12,800	²	Mandalay Resort Group		241,600
	6,250		Mark IV Industries, Inc.		132,422
	3,700		Media General, Inc., Class A		181,994
	8,800		Meritor Automotive, Inc.		132,000
	4,100		Modine Manufacturing Co.		90,456
	7,700	²	Mohawk Industries, Inc.		191,056
	800		NCH Corp.		34,600
	3,600	²	NCO Group, Inc.		123,750
	5,900	²	Navigant Consulting, Inc.		58,631
	6,900		Neiman-Marcus Group, Inc., Class A		177,675
	16,050	²	Officemax, Inc.		90,281
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Cyclicals--continued
	7,000		Ogden Corp.	$	68,688
	42,900	²	Park Place Entertainment Corp.		549,656
	3,123	²	Payless ShoeSource, Inc.		172,155
	7,000		Pittston Brink's Group		114,625
	11,000	²	Premier Parks, Inc.		237,188
	15,000		Readers Digest Association, Inc., Class A		480,000
	4,200		Rollins, Inc.		60,375
	12,500		Ross Stores, Inc.		259,375
	20,236	²	Saks, Inc.		231,449
	2,300	²	Scholastic Corp.		107,381
	8,300		Sothebys Holdings, Inc., Class A		137,469
	15,000		Stewart Enterprises, Inc., Class A		72,188
	3,800		Superior Industries International, Inc.		122,313
	7,200	²	Sylvan Learning Systems, Inc.		108,450
	7,300	²	Tech Data Corp.		306,144
	10,200		Tiffany & Co.		741,413
	7,000		USG Corp.		292,250
	8,300		Unifi, Inc.		84,556
	13,400		Viad Corp.		340,025
	7,800		Warnaco Group, Inc., Class A		82,875
	1,300		Washington Post Co., Class B		634,400
	4,800		Wellman, Inc.		102,600
	7,500		WestPoint Stevens, Inc.		140,625
	7,900	²	Williams-Sonoma, Inc.		273,538

			TOTAL		17,105,508

			Consumer Staples--7.6%
	3,750		Banta Corp.		73,359
	18,912		Bergen Brunswig Corp., Class A		94,560
	5,400		Bob Evans Farms, Inc.		70,537
	9,175	²	Brinker International, Inc.		292,453
	5,900	²	Buffets, Inc.		57,894
	8,250		CBRL Group, Inc.		114,469
	6,300		Carter Wallace, Inc.		140,175
	4,863	²	Chris Craft Industries, Inc.		298,771
	5,500		Church and Dwight, Inc.		98,312
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Staples--continued
	5,200		Dean Foods Co.	$	127,400
	14,800		Dial Corp.		206,275
	7,900		Dole Food, Inc.		138,744
	3,900		Dreyers Grand Ice Cream, Inc.		93,600
	14,200	²	Energizer Holdings, Inc.		242,287
	14,125		Flowers Industries, Inc.		215,405
	5,900		Hannaford Brothers Co.		427,012
	7,600	²	Hispanic Broadcasting Corp.		768,075
	20,100		Hormel Foods Corp.		306,525
	15,000		IBP, Inc.		247,500
	2,600		International Multifoods Corp.		33,313
	9,600		Interstate Bakeries Corp.		122,400
	5,075		Kelly Services, Inc., Class A		119,580
	4,200		Lance, Inc.		44,625
	4,700	²	Lone Star Steakhouse & Saloon		55,519
	10,700		Manpower, Inc.		377,844
	10,000		McCormick & Co., Inc.		311,875
	13,500	²	Modis Professional Services, Inc.		102,094
	10,600	²	Outback Steakhouse, Inc.		347,150
	10,000	²	PSS World Medical, Inc.		85,938
	4,300	²	Papa Johns International, Inc.		118,250
	10,300	²	Perrigo Co.		58,581
	15,400		R.J. Reynolds Tobacco Holdings, Inc.		319,550
	12,650	²	Robert Half International, Inc.		773,231
	6,500		Ruddick Corp.		74,344
	4,100		Smucker (J.M.) Co., Class A		65,600
	25,800	²	Starbucks Corp.		780,047
	4,400	²	Suiza Foods Corp.		171,325
	31,900		Tyson Foods, Inc., Class A		332,956
	7,000		Universal Foods Corp.		115,063
	14,300	²	Univision Communications, Inc., Class A		1,562,275
	7,900	²	Valassis Communications, Inc.		269,094
	15,600	²	Westwood One, Inc.		551,850
	19,900		Whitman Corp.		227,606

			TOTAL		11,033,463

Shares					Value
			COMMON STOCKS--continued¹
			Energy--6.3%
	10,700	²	BJ Services Co.	$	751,675
	8,900	²	Calpine Corp.		814,350
	12,100		Devon Energy Corp.		583,069
	19,300		ENSCO International, Inc.		640,519
	24,500	²	Global Marine, Inc.		588,000
	15,166	²	Grant Prideco, Inc.		291,946
	4,000	²	Hanover Compressor Co.		233,000
	7,000		Helmerich & Payne, Inc.		219,187
	6,300		Murphy Oil Corp.		371,700
	19,500	²	Nabors Industries, Inc.		769,031
	8,000		Noble Affiliates, Inc.		288,500
	18,500	²	Noble Drilling Corp.		738,844
	23,518	²	Ocean Energy, Inc.		304,264
	10,925		Pennzoil-Quaker State Co.		119,492
	14,100		Pioneer Natural Resources Company		145,406
	26,000	²	Santa Fe Snyder Corp.		238,875
	6,900	²	Smith International, Inc.		524,400
	7,800		Tidewater, Inc.		232,050
	12,150		Ultramar Diamond Shamrock Corp.		300,713
	7,800		Valero Energy Corp.		226,200
	9,200	²	Varco International, Inc.		115,000
	15,166		Weatherford International, Inc.		616,119

			TOTAL		9,112,340

			Financials--8.8%
	7,600		Allmerica Financial Corp.		411,350
	9,800		Ambac Financial Group, Inc.		470,400
	8,200		American Financial Group, Inc.		208,587
	9,050		Associated Banc Corp.		231,341
	7,700		Astoria Financial Corp.		212,231
	5,700		CCB Financial Corp.		225,506
	29,815		Charter One Financial, Inc.		605,617
	6,700		City National Corp.		246,644
	16,000		Compass Bancshares, Inc.		296,000
	15,600		Dime Bancorp, Inc.		292,500
	40,700	²	E*Trade Group, Inc.		875,050
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	12,587		Edwards (A.G.), Inc.	$	473,586
	6,600		Everest Reinsurance Holdings, Inc.		193,050
	8,600		Finova Group, Inc.		110,187
	27,525		First Security Corp.		388,791
	18,400		First Tennessee National Corp.		349,600
	7,000		First Virginia Banks, Inc.		255,500
	12,600		Firstmerit Corp.		206,325
	15,200		Greenpoint Financial Corp.		283,100
	4,100		HSB Group, Inc.		118,900
	22,600		Hibernia Corp., Class A		240,125
	5,800		Horace Mann Educators Corp.		84,462
	4,400		Investment Technology Group, Inc.		165,000
	6,900		Keystone Financial, Inc.		103,500
	8,100		Legg Mason, Inc.		306,281
	15,000		Marshall & Ilsley Corp.		696,563
	9,750		Mercantile Bankshares Corp.		277,875
	15,200		National Commerce Bancorporation		249,850
	24,850		North Fork Bancorporation, Inc.		402,259
	8,500		Ohio Casualty Corp.		141,313
	17,800		Old Republic International Corp.		253,650
	6,300		PMI Group, Inc.		305,156
	11,300		Pacific Century Financial Corp.		232,356
	9,100		Protective Life Corp.		216,694
	6,800		Provident Financial Group, Inc.		199,325
	12,500		Reliastar Financial Corp.		538,281
	30,900		Sovereign Bancorp, Inc.		212,438
	11,700		TCF Financial Corp.		273,488
	10,000		Unitrin, Inc.		337,500
	6,400		Webster Financial Corp.		136,800
	5,300		WestAmerica Bancorporation		132,831
	4,600		Wilmington Trust Corp.		212,175
	12,000		Zions Bancorporation		498,000

			TOTAL		12,670,187

Shares					Value
			COMMON STOCKS--continued¹
			Health Care--9.4%
	3,800	²	Acuson Corp.	$	46,787
	7,300	²	Apria Healthcare Group, Inc.		101,744
	4,100		Beckman Coulter, Inc.		265,731
	14,400	²	Beverly Enterprises, Inc.		48,600
	25,524	²	Chiron Corp.		1,154,961
	8,000	²	Covance, Inc.		73,500
	7,400		Dentsply International, Inc.		215,062
	8,200	²	Edwards Lifesciences Corp.		123,000
	5,400	²	Express Scripts, Inc., Class A		193,050
	6,900	²	First Health Group Corp.		210,019
	11,900	²	Forest Labratories, Inc., Class A		1,000,344
	17,240	²	Foundation Health Systems, Inc., Class A		173,477
	11,800	²	Genzyme Corp.		575,987
	6,200	²	Gilead Sciences, Inc.		335,962
	33,925	²	Health Management Association, Class A		540,680
	11,000		ICN Pharmaceuticals, Inc.		277,062
	4,000	²	Incyte Pharmaceuticals, Inc.		308,000
	22,300		Ivax Corp.		610,463
	7,600	²	Lincare Holdings, Inc.		231,800
	9,500	²	Medimmune, Inc.		1,519,406
	12,600	²	Millennium Pharmaceuticals, Inc.		1,000,125
	4,400	²	MiniMed, Inc.		540,925
	18,200		Mylan Laboratories, Inc.		516,425
	12,800		Omnicare, Inc.		194,400
	11,500	²	Oxford Health Plans, Inc.		218,500
	6,098	²	PacifiCare Health Systems, Inc.		313,666
	10,000	²	Quorum Health Group, Inc.		106,250
	9,300	²	Sepracor, Inc.		855,600
	9,500	²	Steris Corp.		85,500
	13,600		Stryker Corp.		977,500
	14,700	²	Sybron International Corp.		457,538
	5,500	²	Trigon Healthcare, Inc.		197,656
	9,100	²	VISX, Inc.		143,894

			TOTAL		13,613,614

Shares					Value
			COMMON STOCKS--continued¹
			Technology--21.9%
	5,600	²	Adtran, Inc.	$	378,350
	7,000	²	Affiliated Computer Services, Inc., Class A		231,875
	5,300	²	ANTEC Corp.		284,875
	13,550	²	Arrow Electronics, Inc.		593,659
	31,000	²	Atmel Corp.		1,517,062
	6,200		Avnet, Inc.		487,475
	7,300	²	CSG Systems International, Inc.		336,712
	34,300	²	Cadence Design Systems, Inc.		576,669
	8,500	²	Cambridge Technology Partners, Inc.		93,500
	7,700	²	Checkfree Holdings Corp.		391,256
	9,300	²	Cirrus Logic, Inc.		152,287
	21,450		Comdisco, Inc.		666,291
	28,900	²	Concord EFS, Inc.		646,637
	15,400	²	Cypress Semiconductor Corp.		799,837
	8,900	²	DST Systems, Inc.		660,269
	9,000	²	Electronic Arts, Inc.		544,500
	17,275	²	FIserv, Inc.		793,570
	9,700		Harris Corp.		313,431
	5,100	²	Imation Corp.		143,119
	37,900	²	Informix Corp.		416,900
	13,200	²	Integrated Device Technology, Inc.		634,425
	27,500	²	Intuit, Inc.		988,281
	10,100	²	Keane, Inc.		291,638
	4,600	²	L-3 Communications Holdings, Inc.		244,950
	12,000	²	Legato Systems, Inc.		155,250
	6,400	²	Litton Industries, Inc.		278,000
	6,900	²	Macromedia, Inc.		600,300
	39,100	²	Maxim Integrated Products, Inc.		2,534,169
	9,000	²	Mentor Graphics Corp.		118,125
	5,800	²	Micrel, Inc.		501,700
	10,750	²	Microchip Technology, Inc.		667,172
	10,400	²	NOVA Corp.		328,900
	4,300	²	NVIDIA Corp.		383,238
	19,550	²	Network Associates, Inc.		497,303
	17,600	²	Novellus Systems, Inc.		1,173,700
Shares					Value
			COMMON STOCKS--continued¹
			Technology--continued
	5,000	²	Policy Management System Corp.	$	66,250
	4,600	²	Polycom, Inc.		363,975
	10,300	²	Qlogic Corp.		1,033,219
	22,600	²	Quantum Corp. - DLT & Storage Systems		265,550
	12,500	²	Rational Software Corp.		1,064,063
	5,900	²	Sawtek, Inc.		282,094
	27,100	²	Siebel Systems, Inc.		3,329,913
	14,060	²	Storage Technology Corp.		182,780
	5,000	²	Structural Dynamics Research Corp.		66,875
	18,000	²	SunGuard Data Systems, Inc.		622,125
	11,500	²	Sybase, Inc.		232,156
	6,000	²	Sykes Enterprises, Inc.		120,000
	8,400	²	Symantec Corp.		524,475
	9,800	²	Synopsys, Inc.		411,600
	7,100	²	Titan Corp. (The)		304,856
	5,500	²	TranSwitch Corp.		484,344
	4,600	²	Transaction Systems Architects, Inc., Class A		75,038
	5,300	²	TriQuint Semiconductor, Inc.		544,906
	22,200	²	Vitesse Semiconductor Corp.		1,510,988
	8,800	²	Waters Corp.		833,800

			TOTAL		31,744,432

			Transportation--1.1%
	6,800		Airborne Freight Corp.		145,775
	3,700	²	Alaska Air Group, Inc.		106,375
	6,100		Alexander & Baldwin, Inc.		128,100
	3,500		Arnold Industries, Inc.		40,906
	5,800		C.H. Robinson Worldwide, Inc.		290,000
	6,800		CNF Transportation, Inc.		189,975
	6,900		GATX Corp.		246,675
	5,000		Hunt (J.B.) Transportation Services, Inc.		82,500
	4,700		Overseas Shipholding Group, Inc.		123,081
	9,100	²	Swift Transportation Co., Inc.		182,569
	7,200	²	Wisconsin Central Transportation Corp.		104,850

			TOTAL		1,640,806

Shares					Value
			COMMON STOCKS--continued¹
			Utilities--8.5%
	8,000		AGL Resources, Inc.	$	140,000
	15,500		Allegheny Energy, Inc.		470,812
	11,100		Alliant Energy Corp.		333,000
	13,600		American Water Works Co., Inc.		308,550
	3,000		Black Hills Corp.		68,812
	4,600		CMP Group, Inc.		133,112
	3,200		Cleco Corp.		110,200
	13,100		Conectiv, Inc.		232,525
	18,800		DPL, Inc.		437,100
	10,600		DQE, Inc.		405,450
	19,600		Dynegy, Inc.		1,282,575
	17,400		Energy East Corp.		363,225
	4,500		Hawaiian Electric Industries, Inc.		166,500
	5,300		Idacorp, Inc.		195,438
	12,100		Ipalco Enterprises, Inc.		247,294
	8,700		Kansas City Power & Light Co.		223,481
	18,800		KeySpan Corp.		552,250
	15,850		Kinder Morgan, Inc.		480,453
	18,300		LG&E Energy Corp.		426,619
	12,100		MCN Energy Group, Inc.		301,744
	10,300		Minnesota Power, Inc.		189,906
	15,500		Montana Power Co.		682,969
	8,500		NSTAR		374,531
	5,500		National Fuel Gas Co.		260,906
	17,600		NiSource, Inc.		325,600
	20,100		Northeast Utilities Co.		432,150
	11,000		OGE Energy Corp.		217,938
	16,700		Potomac Electric Power Co.		391,406
	5,700		Public Service Co. of New Mexico		102,600
	11,900		Puget Sound Energy, Inc.		282,625
	11,600		Questar Corp.		218,225
	14,600		SCANA Corp.		377,775
	11,012		Sierra Pacific Resources		166,557
	18,200		TECO Energy, Inc.		398,125
	13,100		Utilicorp United, Inc.		252,175
Shares or Principal Amount					Value
			COMMON STOCKS--continued¹
			Utilities--continued
	8,666	²	Vectren Corp.	$	174,403
	6,500		Washington Gas Light Co.		166,563
	16,600		Wisconsin Energy Corp.		354,825

			TOTAL		12,248,419

			TOTAL COMMON STOCKS (IDENTIFIED COST $110,452,944)		129,889,391

			SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.5%
$	800,000	³	United States Treasury Bill, 6/22/2000 (identified cost $793,396)		793,928

			REPURCHASE AGREEMENT--9.4%⁴
	13,585,000		Salomon Brothers, Inc., 5.85%, dated 4/28/2000, due 5/1/2000 (at amortized cost)		13,585,000

			TOTAL INVESTMENTS (IDENTIFIED COST $124,831,340)⁵	$	144,268,319

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 underlying face amount, at value, of open Index futures contracts is $14,723,875 at April 30, 2000, which represents 10.2% 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 repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio. The investment in the repurchase agreement is through participation in a joint account with other Federated Funds.

5 The cost of investments for federal tax purposes amounts to $124,831,340. The net unrealized appreciation of investments on a federal tax basis amounts to $19,436,979 which is comprised of $33,862,544 appreciation and $14,425,565 depreciation at April 30, 2000.

Note: The categories of investments are shown as a percentage of net assets ($144,777,841) at April 30, 2000.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

APRIL 30, 2000 (UNAUDITED)

Assets:
Total investments in securities, at value (identified and tax cost $124,831,340)	$	144,268,319
Cash		190,656
Income receivable		93,554
Receivable for shares sold		84,224
Receivable for daily variation margin		167,750

TOTAL ASSETS		144,804,503

Liabilities:
Accrued expenses		26,662

Net assets for 7,741,168 shares outstanding	$	144,777,841

Net Assets Consist of:
Paid-in capital	$	111,288,029
Net unrealized appreciation of investments and futures contracts		19,432,866
Accumulated net realized gain on investments and futures contracts		13,889,966
Accumulated undistributed net investment income		166,980

TOTAL NET ASSETS	$	144,777,841

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$144,777,841 ÷ 7,741,168 shares outstanding		$18.70

See Notes which are an integral part of the Financial Statements

Statement of Operations

SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)


Investment Income:
Dividends				$	652,841
Interest					419,509

TOTAL INCOME					1,072,350

Expenses:
Management fee	$	257,702
Custodian fees		8,009
Transfer and dividend disbursing agent fees and expenses		34,938
Directors'/Trustees' fees		2,128
Auditing fees		6,446
Legal fees		3,993
Portfolio accounting fees		26,445
Shareholder services fee		161,064
Share registration costs		14,237
Printing and postage		8,426
Insurance premiums		644
Miscellaneous		7,093

TOTAL EXPENSES		531,125

Waiver:
Waiver of shareholder services fee		(141,736	)

Net expenses					389,389

Net investment income					682,961

Realized and Unrealized Gain on Investments:
Net realized gain on investments and futures contracts					13,943,879
Net change in unrealized appreciation of investments and futures contracts					8,913,277

Net realized and unrealized gain on investments and futures contracts					22,857,156

Change in net assets resulting from operations				$	23,540,117

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) April 30, 2000			Year Ended October 31, 1999
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	682,961		$	991,350
Net realized gain on investments and futures contracts ($13,943,879 and $20,587,552 respectively, as computed for federal tax purposes)		13,943,879			21,373,554
Net change in unrealized appreciation of investments and futures contracts		8,913,277			(5,139,008	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		23,540,117			17,225,896

Distributions to Shareholders:
Distributions from net investment income		(655,913	)		(903,582	)
Distributions from net realized gains on investments and futures contracts		(15,616,630	)		(9,367,351	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(16,272,543	)		(10,270,933	)

Share Transactions:
Proceeds from sale of shares		61,474,726			65,142,694
Net asset value of shares issued to shareholders in payment of distributions declared		11,455,489			6,592,684
Cost of shares redeemed		(45,519,601	)		(52,220,271	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		27,410,614			19,515,107

Change in net assets		34,678,188			26,470,070

Net Assets:
Beginning of period		110,099,653			83,629,583

End of period (including accumulated undistributed net investment income of $166,980 and $139,932, respectively)	$	144,777,841		$	110,099,653

See Notes which are an integral part of the Financial Statements

Financial Highlights

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

	Six Months Ended (unaudited) April 30,			Year Ended October 31,
	2000			1999			1998			1997			1996			1995
Net Asset Value, Beginning of Period	$17.63			$16.53			$17.17			$13.75			$12.78			$11.02
Income From Investment Operations:
Net investment income	0.08			0.16			0.20			0.18			0.18			0.22
Net realized and unrealized gain on investments and futures contracts	3.29			2.92			0.74			4.00			1.73			1.93

TOTAL FROM INVESTMENT OPERATIONS	3.37			3.08			0.94			4.18			1.91			2.15

Less Distributions:
Distributions from net investment income	(0.08	)		(0.15	)		(0.20	)		(0.17	)		(0.20	)		(0.20	)
Distributions from net realized gain on investments and futures contracts	(2.22	)		(1.83	)		(1.38	)		(0.59	)		(0.74	)		(0.19	)

TOTAL DISTRIBUTIONS	(2.30	)		(1.98	)		(1.58	)		(0.76	)		(0.94	)		(0.39	)

Net Asset Value, End of Period	$18.70			$17.63			$16.53			$17.17			$13.75			$12.78

Total Return¹	20.64	%		20.23	%		5.73	%		31.83	%		15.80	%		20.12	%


Ratios to Average Net Assets:

Expenses	0.60	%²		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%

Net investment income	1.06	%²		0.98	%		1.12	%		1.19	%		1.31	%		1.89	%

Expense waiver/reimbursement³	0.22	%²		0.22	%		0.28	%		0.31	%		0.34	%		0.41	%

Supplemental Data:

Net assets, end of period (000 omitted)	$144,778		$110,100			$83,630			$73,874			$59,948			$62,580

Portfolio turnover	21	%		40	%		25	%		19	%		17	%		26	%

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

2 Computed on an annualized basis.

3 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

Notes to Financial Statements

APRIL 30, 2000 (UNAUDITED)

ORGANIZATION

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.

SIGNIFICANT ACCOUNTING POLICIES

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.

Investment Valuation

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.

Repurchase Agreements

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.

Investment Income, Expenses and Distributions

Federal Taxes

When-Issued and Delayed Delivery Transactions

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.

Futures Contracts

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 period ended April 30, 2000, the Fund had realized gains on futures contracts of $1,238,197.

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 April 30, 2000, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Depreciation
June 2000	61	Long	$(4,113)

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

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:

	Six Months Ended April 30, 2000		Year Ended October 31, 1999
Shares sold	3,423,396		3,819,553
Shares issued to shareholders in payment of distributions declared	679,298		419,466
Shares redeemed	(2,606,987	)	(3,052,195	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	1,495,707		1,186,824

MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual management fee equal to 0.40% 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 "SubManager"), the Sub-Manager receives an annual fee from the Manager equal to 0.035% of the Fund's average daily net assets.

Shareholder Services Fee

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.

Transfer and Dividend Disbursing Agent Fees and Expenses

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.

Portfolio Accounting Fees

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.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period ended April 30, 2000, were as follows:

Purchases	$	35,714,500

Sales	$	24,722,049

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

GLEN R. JOHNSON

President

J. CHRISTOPHER DONAHUE

Executive Vice President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

AMANDA J. REED

Assistant Secretary

Mutual funds are not bank deposits or obligations, are not 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. Investment in mutual funds involves investment risk, including the possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the fund's prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.

Federated
World-Class Investment Manager

SEMI-ANNUAL REPORT

Federated Mid-Cap Fund

SEMI-ANNUAL REPORT TO SHAREHOLDERS

APRIL 30, 2000

Federated
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

3042108 (6/00)

Federated is a registered mark of Federated Investors, Inc. 2000 ©Federated Investors, Inc.

SEMI-ANNUAL REPORT

President's Message

Dear Shareholder:

I am pleased to present the Semi-Annual Report for Federated Mini-Cap Fund, a portfolio of Federated Index Trust, which covers the six-month period from November 1, 1999 through April 30, 2000. The report begins with an investment review, followed by the fund's portfolio and its financial statements.

As its name implies, Federated Mini-Cap Fund gives you a highly efficient way to pursue the broad performance of the small-company stock market.¹ The fund is managed passively to closely mirror the Russell 2000® Index,² an unmanaged index consisting of the 2,000 common stocks that fall just below the top 1,000 large- and mid-cap stocks.

During the six-month reporting period, the fund produced a total return of 17.27% for Institutional Shares and 16.71% for Class C Shares.³ Institutional Shares paid dividend income distributions totaling $0.05 per share and capital gains distributions totaling $1.50 per share, while net asset value increased by $0.67. Class C Shares paid capital gains distributions totaling $1.50 per share, while net asset value increased by $0.64. The fund's net assets reached $111.2 million on the last day of the reporting period.

Thank you for putting your money to work in dynamic small-company stocks through the diversification and professional management of Federated Mini-Cap Fund. As always, we invite your comments and suggestions.

Sincerely,

Glen R. Johnson

Glen R. Johnson
President
June 15, 2000

1 Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.

2 The Russell 2000® Index is a trademark/service mark of the Frank Russell Company (FRC), and Russell^TM is a trademark of FRC. The fund is neither affiliated with nor promoted, sponsored, sold or endorsed by FRC. FRC's only relationship to the fund is the licensing of the use of the index. Investments cannot be made in an index.

3 Past performance 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.

Investment Review

The total returns for the fund's Institutional and Class C Shares for the six months ended April 30, 2000 were 17.27% and 16.71%, respectively.¹

The fund's target index, the Russell 2000 Index (the "Index"), had a total return of 18.71% during the reporting 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.

The U.S. stock market rallied strongly in the latter part of 1999, but has been volatile in the early part of 2000. The wide divergence in price appreciation between "new economy" or technology-driven stocks, and "old economy" stocks, which became very apparent in late 1999, was corrected in early 2000 as many technology stock investors began to fear rising interest rates, increasing investor usage of margin debt (leverage), and a general speculation in Internet-related stocks.

During the last six months, health care, energy and producer durables were among the strongest performing sectors, while integrated oil, consumer staples and financial services were among the worst performing sectors in the Index.

Shareholder Meeting Results

A Special Meeting of Shareholders of Mini-Cap Fund (the "Fund"), a portfolio of Federated Index Trust (the "Trust"), was held on November 17, 1999. On September 20, 1999, the record date for shareholders voting at the meeting, there were 7,481,949 total outstanding shares of the Fund. The following items were approved by shareholders of the Fund and the results of their voting were as follows:

AGENDA ITEM 1

To elect four Trustees.¹

	Shares Voted For	Shares Withheld
Nicholas P. Constantakis	4,639,702	10,562
John F. Cunningham	4,640,155	10,109
Charles F. Mansfield	4,640,155	10,109
John S. Walsh	4,639,226	11,038

AGENDA ITEM 2

To amend the Fund's fundamental investment policy regarding diversification.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,980,399

18,077

50,689

601,099

AGENDA ITEM 3

To amend the Fund's fundamental investment policy regarding borrowing money and issuing senior securities.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,943,878

52,902

52,386

601,098

AGENDA ITEM 4

To amend the Fund's fundamental investment policy regarding investments in real estate.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,971,857

14,662

62,646

601,099

AGENDA ITEM 5

To amend the Fund's fundamental investment policy regarding investments in commodities.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,973,969

24,678

50,518

601,099

AGENDA ITEM 6

To amend the Fund's fundamental investment policy regarding underwriting securities.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,978,952

17,683

52,530

601,099

AGENDA ITEM 7

To amend the Fund's fundamental investment policy regarding lending by the Fund.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,941,547

56,024

51,594

601,099

AGENDA ITEM 8

To amend the Fund's fundamental investment policy regarding concentration of the Fund's investments in the securities of companies in the same industry.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,981,292

18,890

48,984

601,098

AGENDA ITEM 9

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding buying securities on margin.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,942,018

55,437

51,710

601,099

AGENDA ITEM 10

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding pledging assets.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,939,130

56,714

53,321

601,099

AGENDA ITEM 11

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding investing in restricted securities.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,961,478

38,792

48,865

601,099

AGENDA ITEM 12

To eliminate the Fund's fundamental investment policy on selling securities short.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,951,264

45,595

52,307

601,098

AGENDA ITEM 13

To require the approval of a majority of the outstanding voting securities of the Trust in the event of the sale or conveyance of the assets of the Trust to another trust or corporation.

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,953,095

49,361

46,709

601,099

AGENDA ITEM 14

Shares
Voted For

Shares Voted
Against

Shares
Abstaining

Broker
Non-Vote

3,721,812

280,905

46,449

601,098

Portfolio of Investments

APRIL 30, 2000 (UNAUDITED)

Shares

Value

COMMON STOCKS--86.4%¹

Basic Materials--3.8%

1,500

ACX Technologies, Inc.

6,281

2,117

ATMI, Inc.

81,504

6,501

Airgas, Inc.

38,193

2,544

Albemarle Corp.

53,265

1,379

Alpine Group, Inc.

11,204

500

American Woodmark Corp.

10,062

2,300

Arch Chemicals, Inc.

45,425

1,800

Arch Coal, Inc.

9,675

13,600

Battle Mountain Gold Co.

28,050

13,674

Bethlehem Steel Corp.

73,498

2,644

Buckeye Technologies, Inc.

50,566

640

Bush Boake Allen, Inc.

19,120

12,033

CK Witco Corp.

141,388

2,400

CONSOL Energy, Inc.

24,900

648

CSS Industries, Inc.

12,676

3,700

Cadiz, Inc.

26,825

3,600

Calgon Carbon Corp.

22,725

2,429

Cambrex Corp.

99,589

2,700

Caraustar Industries, Inc.

41,006

500

Carbo Ceramics, Inc.

16,625

1,921

Carpenter Technology Corp.

38,540

1,200

Castle (A.M.) & Co.

14,700

900

Centex Construction Products, Inc.

27,787

1,889

ChemFirst, Inc.

36,599

2,217

Chesapeake Corp.

69,281

1,200

Cleveland Cliffs, Inc.

29,475

1,308

Commercial Metals Corp.

38,422

3,884

Corn Products International, Inc.

93,216

500

Curtiss Wright Corp.

17,812

4,462

Cytec Industries, Inc.

134,418

1,800

Daisytek International Corp.

22,050

4,012

Delta & Pine Land Co.

84,252

Shares

Value

COMMON STOCKS--continued¹

Basic Materials--continued

1,300

Deltic Timber Corp.

28,600

2,402

Dexter Corp.

131,810

4,750

Dimon, Inc.

11,281

2,800

Earthshell Corp.

9,100

2,000

Embrace Systems Corp.

3,500

6,600

Ethyl Corp.

20,625

3,700

Ferro Corp.

84,637

1,963

Florida Rock Industries, Inc.

63,552

1,400

Fuller (H.B.) Co.

53,812

5,700

Gaylord Container Corp.

29,212

1,589

Gentek, Inc.

21,352

2,200

Geon Co.

48,125

3,229

Georgia Gulf Corp.

77,698

800

Gibraltar Steel Corp.

13,800

2,700

Glatfelter (P.H.) Co.

29,025

6,901

Grace (W.R.) & Co.

89,713

1,400

Greif Brothers Corp., Class A

46,200

5,098

Hanna (M.A.) Co.

58,627

2,400

Hines Horticulture, Inc.

19,125

1,600

Imco Recycling, Inc.

16,500

2,444

International Fibercom, Inc.

44,450

1,600

International Specialty Products, Inc.

9,400

3,100

Kaiser Aluminum Corp.

13,175

10,600

LTV Corp.

37,762

2,450

Lilly Industries, Inc., Class A

26,644

2,355

Lone Star Technologies, Inc.

108,624

5,388

Longview Fibre Co.

68,697

1,600

MacDermid, Inc.

37,500

4,100

Mail-Well, Inc.

36,644

1,534

Matthews International Corp., Class A

35,282

1,853

Maverick Tube Corp.

52,810

452

Maxxam, Inc.

12,204

1,335

McMoRan Exploration Co.

17,689

1,000

Miami Computer Supply Corp.

20,922

1,960

Minerals Technologies, Inc.

90,650

Shares

Value

COMMON STOCKS--continued¹

Basic Materials--continued

2,769

Mississippi Chemical Corp.

21,287

2,300

NL Industries, Inc.

37,375

2,200

National Steel Corp., Class B

13,750

1,000

Nortek, Inc.

20,750

2,480

OM Group, Inc.

114,080

1,300

Octel Corp.

12,106

4,199

Olin Corp.

74,532

3,600

Omnova Solutions, Inc.

21,600

254

Optical Cable Corp.

6,318

2,700

Oregon Steel Mills

8,269

2,999

Playtex Products, Inc.

32,427

2,708

Potlatch Corp.

106,797

1,500

Quanex Corp.

24,562

2,895

Rayonier, Inc.

135,884

1,000

Republic Group, Inc.

11,437

1,350

Rock-Tenn Co.

12,403

900

Rouge Industries, Inc., Class A

5,119

3,215

Schulman (A.), Inc.

41,393

2,700

Southern Peru Copper Corp.

33,919

4,500

Steel Dynamics, Inc.

51,188

3,937

Stillwater Mining Co.

110,236

2,200

Texas Industries, Inc.

71,775

448

Trex Co. Inc.

18,004

4,701

UCAR International, Inc.

61,994

9,446

USEC, Inc.

44,278

3,230

Universal Corp.

60,966

2,200

Veterinary Centers of America

29,700

4,408

Walter Industries, Inc.

47,110

5,361

Wausau-Mosinee Paper Corp.

65,002

7,741

Worthington Industries, Inc.

95,795

TOTAL

4,277,932

Capital Goods--8.4%

1,000

A.S.V., Inc.

13,500

2,857

AAR Corp.

43,034

2,000

ABC Rail Products Corp.

22,250

Shares

Value

COMMON STOCKS--continued¹

Capital Goods--continued

348

AEP Industries, Inc.

7,308

6,208

AGCO Corp.

73,720

2,794

AMCOL International Corp.

45,752

3,400

AMETEK, Inc.

69,912

1,067

Advanced Energy Industries, Inc.

73,623

2,007

Albany International Corp., Class A

30,481

1,040

Alliant Techsystems, Inc.

72,410

700

Alltrista Corp.

14,875

3,376

Amphenol Corp., Class A

215,220

4,061

Applied Power, Inc., Class A

116,246

3,300

Aptargroup, Inc.

94,050

1,100

Arguss Holdings, Inc.

23,925

3,497

Artesyn Technologies, Inc.

84,802

1,530

Astec Industries, Inc.

38,441

1,900

Aviall, Inc.

11,637

1,100

Aviation Sales Co.

4,194

2,500

BE Aerospace, Inc.

18,437

2,900

BMC Industries, Inc.

14,500

3,369

Baldor Electric Co.

62,537

1,782

Barnes Group, Inc.

30,183

2,540

Belden, Inc.

75,406

1,544

Bell & Howell Co.

41,013

1,700

Benchmark Electronics, Inc.

68,319

2,000

Black Box Corp.

153,875

3,211

Blount International, Inc.

42,144

2,200

Brady (W.H.) Co.

64,625

1,700

Brush Wellman, Inc.

31,450

600

Butler Manufacturing Co.

14,137

1,330

C&D Technologies, Inc.

85,702

2,578

C-COR Electronics, Inc.

100,864

2,500

CLARCOR, Inc.

45,000

2,000

CMI Corp.

8,125

2,870

CTS Corp.

180,989

1,000

Casella Waste Systems, Inc.

7,437

1,750

Chart Industries, Inc.

5,797

Shares

Value

COMMON STOCKS--continued¹

Capital Goods--continued

3,000

Checkpoint System, Inc.

26,812

3,600

Cognex Corp.

204,750

2,100

Coinstar, Inc.

23,494

1,300

Columbus McKinnon Corp.

18,200

3,135

Comfort Systems USA, Inc.

21,553

600

Cubic Corp.

13,350

1,700

Cuno, Inc.

46,112

2,300

Delco-Remy International, Inc.

18,256

900

Detroit Diesel Corp.

13,950

2,301

Dionex Corp.

83,699

4,221

Donaldson Company, Inc.

98,138

500

Dupont Photomasks, Inc.

28,031

3,975

Dycom Industries, Inc.

206,700

2,740

Electro Scientific Industries, Inc.

172,791

900

Emcor Group, Inc.

20,137

6,286

Encompass Services Corp.

43,609

1,800

Esterline Technologies Corp.

22,050

2,000

Exide Corp.

19,250

1,688

Fairchild Corp., Class A

10,339

4,800

Federal Signal Corp.

97,500

4,176

Fisher Scientific International, Inc.

166,779

3,891

Flowserve Corp.

54,987

4,300

Foster Wheeler Corp.

39,506

461

Franklin Electronics, Inc.

32,789

1,350

Gardner Denver, Inc.

23,541

3,600

GenCorp, Inc.

36,225

600

General Binding Corp.

6,075

3,202

General Cable Corp.

24,615

1,300

Genlyte Group, Inc.

25,512

700

Global Imaging Systems, Inc.

5,119

1,512

Graco, Inc.

51,219

1,975

Granite Construction, Inc.

46,906

3,200

Griffon Corp.

21,600

1,400

HADCO Corp.

115,237

1,683

Harman International Industries, Inc.

110,026

Shares

Value

COMMON STOCKS--continued¹

Capital Goods--continued

1,000

Harmon Industries, Inc.

17,500

4,185

Harsco Corp.

124,242

500

Heico Corp.

7,375

5,308

Hussmann International, Inc.

73,648

1,300

Hypercom Corp.

19,012

3,100

IDEX Corp.

96,875

2,083

Insituform Technologies, Inc., Class A

69,911

3,000

Integrated Electrical Services

14,437

1,700

Ionics, Inc.

39,950

4,700

JLG Industries, Inc.

44,650

500

JLK Direct Distribution, Inc., Class A

4,406

2,300

Jacobs Engineering Group, Inc.

72,019

2,400

Kaman Corp., Class A

25,500

3,210

Kaydon Corp.

75,034

1,300

Kellstrom Industries, Inc.

5,261

3,988

Kemet Corp.

297,106

2,936

Kennametal, Inc.

84,410

3,400

Kimball International, Inc., Class B

47,600

1,100

LSI Industries, Inc.

19,662

600

Lawson Products, Inc.

14,475

3,905

Lincoln Electric Holdings

74,378

1,350

Lindsay Manufacturing Co.

24,131

2,039

Littlelfuse, Inc.

72,384

1,700

Lydall, Inc.

15,087

400

MOOG, Inc., Class A

9,425

2,817

MSC Industrial Direct Co.

39,438

2,531

Magnetek, Inc.

21,039

2,709

Manitowoc, Inc.

89,905

2,123

Mastec, Inc.

183,374

300

Mestek, Inc.

5,381

3,200

Metals USA, Inc.

22,800

4,020

Mettler Toledo International, Inc., ADR

138,690

3,859

Milacron, Inc.

70,427

4,200

Miller Industries, Inc.

14,437

3,400

Morrison Knudsen Corp.

31,237

Shares

Value

COMMON STOCKS--continued¹

Capital Goods--continued

3,646

Mueller Industries, Inc.

120,090

1,585

Myers Industries, Inc.

22,190

678

NACCO Industries, Inc., Class A

30,425

1,287

New England Business Service, Inc.

21,235

7,199

Newpark Resources, Inc.

59,392

3,238

Newport News Shipbuilding, Inc.

108,068

1,471

Nordson Corp.

65,735

3,901

Orbital Sciences Corp.

49,250

1,000

Park Electrochemical Corp.

25,625

202

Parker-Hannifin Corp.

9,413

700

Parkervision, Inc.

16,450

4,368

Paxar Corp.

44,499

451

Pitt-DesMoines, Inc.

10,824

1,839

Plexus Corp.

140,913

1,531

Power-One, Inc.

104,491

2,555

Precision Castparts Corp.

106,671

2,853

Presstek, Inc.

59,913

900

Primex Technologies, Inc.

19,800

5,248

Quanta Services, Inc.

243,704

1,600

RTI International Metals

16,900

1,200

Racing Champions Corp.

3,375

2,900

Rayovac Corp.

60,537

2,200

Regal Beloit Corp.

39,737

1,973

Reliance Steel & Aluminum Co.

45,379

800

Robbins & Myers, Inc.

19,500

800

Rogers Corp.

53,900

3,151

Roper Industries, Inc.

99,256

1,411

Ryerson Tull, Inc.

17,461

1,950

SLI, Inc.

27,787

1,319

SPS Technologies, Inc.

41,384

1,300

Sauer, Inc., ADR

11,294

1,533

Scott Technologies, Inc.

29,893

7,300

Sensormatic Electronics Corp.

121,819

1,100

Sequa Corp., Class A

54,175

1,200

Silgan Holdings, Inc.

15,450

Shares

Value

COMMON STOCKS--continued¹

Capital Goods--continued

2,200

Smith (A.O.) Corp.

45,237

1,600

Spartech Corp.

55,600

1,300

Specialty Equipment Cos., Inc.

26,812

1,304

Standard Register

17,033

1,200

Standex International Corp.

19,725

1,400

Stericycle, Inc.

29,400

3,000

Stewart & Stevenson Services

36,187

1,000

Stone & Webster, Inc.

13,187

1,300

Stoneridge, Inc.

17,144

1,068

Superior Telecom, Inc.

12,951

1,200

Technitrol, Inc.

81,600

943

Tennant Co.

32,828

2,600

Terex Corp.

40,625

2,400

The IT Group, Inc.

16,050

1,800

Thermedics, Inc.

14,850

600

Thermo Fibertek, Inc.

4,050

1,700

Thomas Industries, Inc.

34,212

5,262

Timken Co.

97,347

1,700

Titan International, Inc.

11,687

1,900

Titanium Metals Corp.

7,956

2,100

Tredegar Industries, Inc.

54,206

4,114

Trinity Industries, Inc.

91,536

1,200

Triumph Group, Inc.

32,250

1,000

U.S. Can Corp.

18,375

1,400

U.S. Liquids, Inc.

8,050

3,307

U.S. Plastic Lumber Corp.

14,468

1,300

URS Corp.

16,575

3,367

United Stationers, Inc.

112,374

2,500

Valence Technology, Inc.

38,594

1,819

Valmont Industries, Inc.

36,153

1,935

Vicor Corp.

50,310

616

Virco Manufacturing Corp.

6,391

2,400

WMS Industries, Inc.

21,000

2,250

Wabash National Corp.

32,766

4,100

Wallace Computer Services, Inc.

44,844

Shares

Value

COMMON STOCKS--continued¹

Capital Goods--continued

1,631

Waste Connections, Inc.

20,387

300

Waste Industries, Inc.

2,962

1,800

Watsco, Inc.

23,175

1,800

Watts Industries, Inc., Class A

24,075

1,323

West Pharmaceutical Services, Inc.

32,331

1,327

Wolverine Tube, Inc.

19,905

852

Woodward Governor Co.

18,797

1,600

ZixIt Corp.

59,100

1,128

Zomax Optical Media, Inc.

53,368

TOTAL

9,382,991

Communication Services--1.9%

1,562

Adelphia Business Solutions, Inc.

54,670

2,500

Advanced Radio Telecom Corp.

41,719

1,679

Aerial Communications, Inc.

74,191

1,361

CFW Communications Co.

52,398

1,956

CT Communications, Inc.

59,169

3,461

CapRock Communications Corp.

115,943

1,074

Commonwealth Telephone Enterprises, Inc.

52,156

5,300

e.spire Communications, Inc.

26,831

3,900

General Communications, Inc., Class A

19,500

4,958

ICG Communications, Inc.

147,500

2,100

IDT Corp.

66,412

5,050

ITC DeltaCom, Inc.

166,019

5,024

Intermedia Communications, Inc.

204,728

1,800

MGC Communications, Inc.

88,200

1,600

North Pittsburgh Systems, Inc.

20,800

540

NorthEast Optic Network, Inc.

30,240

1,500

Pacific Gateway Exchange, Inc.

9,469

10,000

Paging Network, Inc.

16,875

2,588

Powertel, Inc.

174,043

1,500

Powerwave Technologies, Inc.

312,094

4,525

Price Communications Corp.

91,631

2,984

Primus Telecommunications Group, Inc.

97,913

3,900

Star Telecommunications, Inc.

18,525

4,228

Talk.com, Inc.

41,223

Shares

Value

COMMON STOCKS--continued¹

Communication Services--continued

1,100

US LEC Corp., Class A

28,737

1,471

Viatel, Inc.

56,266

3,900

WebLink Wireless, Inc.

44,362

1,300

WorldPages.com, Inc.

8,531

TOTAL

2,120,145

Consumer Cyclicals--10.4%

1,253

99 Cents Only Stores

47,144

1,897

ADVO, Inc.

56,910

900

AMERCO

15,075

1,900

Aaron Rents, Inc.

27,550

1,226

Ackerley Communications, Inc.

15,938

1,600

Action Performance Cos., Inc.

14,800

2,200

Aftermarket Technology Co.

25,575

2,300

Alterra Healthcare Corp.

7,475

900

American Axle & Manufacturing Holdings, Inc.

13,500

1,800

American Retirement Corp.

13,500

3,038

Ames Department Stores, Inc.

54,494

734

Anchor Gaming

29,543

2,300

Ann Taylor Stores Corp.

47,581

3,000

Apogee Enterprises, Inc.

10,687

1,000

Applied Analytical Industries, Inc.

9,500

1,740

Applied Graphics Technologies, Inc.

9,189

2,183

Applied Industrial Technologies, Inc.

37,930

1,950

Arctic Cat, Inc.

19,622

2,017

Argosy Gaming Corp.

32,272

2,700

Arvin Industries, Inc.

58,725

2,300

Avis Rent A Car, Inc.

46,575

4,160

Aztar Corp.

49,660

2,500

Bally Total Fitness Holdings Corp.

55,937

1,300

Bandag, Inc.

31,037

3,100

Barnesandnoble.com, Inc.

33,906

1,300

Bassett Furniture Industries, Inc.

17,306

300

Berlitz International, Inc.

3,919

2,498

Beyond.com Corp.

5,464

3,200

Boca Resorts, Inc., Class A

28,600

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

3,900

Bombay Co., Inc.

14,137

8,143

Borders Group, Inc.

129,270

3,800

Boyd Gaming Corp.

19,237

1,300

Bright Horizons Family Solutions, Inc.

23,400

1,900

Brown Shoe Co., Inc.

19,475

836

Buckle, Inc.

10,711

2,700

Budget Group, Inc., Class A

12,656

1,940

Burlington Coat Factory Warehouse

29,100

5,600

Burlington Industries, Inc.

24,500

1,152

Burns International Services Corp.

12,528

1,000

Bush Industries, Inc., Class A

15,000

2,200

CB Richard Ellis Services

21,725

1,645

CDnow, Inc.

7,094

850

CPI Corp.

20,294

2,000

CSK Auto Corp.

21,000

7,931

Callaway Golf Co.

131,853

1,200

Capital Senior Living Corp.

3,075

1,100

CareMatrix Corp.

1,031

800

Career Education Corp.

30,250

1,200

Carriage Services, Inc.

4,725

5,499

Casey's General Stores, Inc.

64,270

1,400

Castle & Cooke, Inc.

25,375

1,600

Cato Corp., Class A

16,900

2,115

Central Garden & Pet Co.

22,207

1,283

Central Parking Corp.

32,877

2,745

Cerner Corp.

60,562

4,372

Champion Enterprises, Inc.

30,877

1,000

Championship Auto Racing Teams, Inc.

20,250

800

Charles River Associates, Inc.

16,250

10,284

Charming Shoppes, Inc.

69,417

938

Chemed Corp.

28,023

1,400

Chicos Fas, Inc.

25,112

1,800

Children's Place Retail Stores, Inc.

40,050

5,723

Choice Hotels International, Inc.

75,472

3,072

ChoicePoint, Inc.

116,736

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

900

Churchill Downs, Inc.

22,219

1,800

Coachmen Industries, Inc.

27,787

300

Coldwater Creek, Inc.

7,537

6,600

Collins & Aikman Corp.

43,725

900

Columbia Sportswear Co.

26,156

200

CompX International, Inc.

3,950

3,800

Copart, Inc.

65,550

500

Corinthian Colleges, Inc.

10,750

1,000

Cornell Corrections, Inc.

9,000

877

Corporate Executive Board Co.

51,524

2,100

Cost Plus, Inc.

64,181

500

Creative Computers, Inc.

3,844

500

Creditrust Corp.

781

1,928

Crestline Capital Corp.

33,137

800

Crossmann Communities, Inc.

12,950

1,500

Cyberian Outpost, Inc.

7,969

5,262

D. R. Horton, Inc.

68,077

5,700

Dal-Tile International, Inc.

55,575

1,700

Dan River, Inc., Class A

9,669

900

David's Bridal, Inc.

10,350

400

Deb Shops, Inc.

5,550

700

Delia's, Inc.

2,144

1,745

Department 56, Inc.

15,923

1,300

Diamond Technology Partners, Class A

102,862

900

Direct Focus, Inc.

29,475

1,000

Discount Auto Parts, Inc.

10,687

2,518

Dollar Thrifty Automotive Group

52,878

1,400

Donna Karan International, Inc.

9,450

1,400

Dover Downs Entertainment

17,150

1,635

Dress Barn, Inc.

32,087

484

Duff & Phelps Credit Rating

48,370

1,600

Dura Automotive Systems, Inc.

26,000

2,000

Education Management Corp.

32,750

2,156

Egghead.com, Inc.

10,039

2,040

Elcor Corp.

64,897

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

1,500

Electro Rent Corp.

16,500

574

Electronics Boutique PLC

9,327

1,405

Enesco Group, Inc.

6,322

4,300

Ethan Allen Interiors, Inc.

114,756

7,462

Extended Stay America, Inc.

66,692

1,200

F.Y.I., Inc.

32,175

1,300

Factory 2-U Stores, Inc.

43,469

4,700

Fairfield Communities, Inc.

42,594

2,250

Family Golf Centers, Inc.

844

300

Fatbrain.com, Inc.

1,566

3,200

Fedders Corp.

18,800

677

Fidelity Holdings, Inc.

4,104

1,800

Finish Line, Inc., Class A

19,012

3,500

Fleetwood Enterprises, Inc.

51,187

2,034

Footstar, Inc.

75,639

1,647

Forest City Enterprises, Inc., Class A

47,969

600

Forrester Research, Inc.

27,187

1,425

Fossil, Inc.

29,569

2,200

Franklin Covey Co.

20,075

4,889

Furniture Brands International, Inc.

91,363

1,986

G & K Services, Inc., Class A

48,657

2,400

Genesco, Inc.

31,050

3,053

Getty Images, Inc.

92,735

800

Getty Realty Corp.

9,800

533

Global Sports, Inc.

4,156

2,000

Goody's Family Clothing, Inc.

13,000

Grey Advertising, Inc.

30,236

1,600

Group 1 Automotive, Inc.

19,000

3,921

Gtech Holdings Corp.

81,361

768

Guess ?, Inc.

21,120

1,700

Guilford Mills, Inc.

14,025

2,301

Guitar Center, Inc.

31,351

2,300

Gymboree Corp.

8,337

4,350

HA-LO Industries, Inc.

31,809

3,000

Handleman Co.

36,000

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

12,600

Hanover Direct, Inc.

22,050

1,870

Haverty Furniture Cos., Inc.

21,037

1,900

Hayes Lemmerz International, Inc.

29,925

6,400

Heilig-Meyers Co.

19,600

1,609

Hexcel Corporation

13,676

3,600

Homebase, Inc.

7,425

2,500

Hughes Supply, Inc.

38,125

300

IDG Books Worldwide, Inc., Class A

3,019

1,575

ITT Educational Services, Inc.

28,153

1,038

Igen, Inc.

16,543

2,350

InfoUSA, Inc.

13,659

500

Information Holdings, Inc.

12,812

3,000

Information Resources, Inc.

18,937

2,138

Insight Enterprises, Inc.

89,395

1,866

Insignia Financial Group, Inc.

19,476

5,062

Interdigital Communications Corp.

104,720

4,400

Interface, Inc.

15,950

2,400

Intermet Corp.

17,700

1,350

Interpool, Inc.

9,872

1,046

Interpublic Group Cos., Inc.

42,868

2,956

Intertan, Inc.

40,830

1,571

JAKKS Pacific, Inc.

28,867

1,700

Jo-Ann Stores, Inc.

15,831

3,148

Jones Lang LaSalle, Inc.

50,171

3,479

Jostens, Inc.

85,888

4,851

Journal Register Co.

70,946

1,700

Justin Industries, Inc.

31,025

700

K Swiss, Inc., Class A

10,369

4,972

Kaufman & Broad Homes Corp.

95,711

2,890

Kellwood Co.

49,491

150

Kenneth Cole Productions, Inc., Class A

6,131

1,700

Keystone Automotive Industries, Inc.

10,625

1,200

Kroll-O'Gara Co.

9,225

2,613

LNR Property Corp.

56,343

5,446

La-Z Boy Chair Co.

85,434

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

800

Landauer, Inc.

14,700

1,400

Lands' End, Inc.

59,237

1,124

Learning Tree International, Inc.

53,882

4,608

Lee Enterprises, Inc.

104,544

4,886

Lennar Corp.

91,002

700

Lithia Motors, Inc., Class A

11,156

2,700

Lodgian, Inc.

8,269

2,327

M.D.C. Holdings, Inc.

44,358

1,232

MIPS Technologies, Inc.

35,574

2,800

Macrovision Corp.

136,850

500

MapQuest.com, Inc.

9,312

2,375

Marcus Corp.

25,383

4,855

Mark IV Industries, Inc.

102,865

1,899

Marketing Services Group, Inc.

13,174

900

Marvel Enterprises, Inc.

4,444

3,900

Mascotech, Inc.

45,094

929

McGrath Rentcorp.

14,893

367

Media Metrix, Inc.

11,790

1,271

MemberWorks, Inc.

41,049

2,652

Mens Wearhouse, Inc.

56,852

5,027

MeriStar Hospitality Corp.

99,283

5,542

Metromedia International Group, Inc.

27,710

2,901

Michaels Stores, Inc.

114,408

1,696

Midas, Inc.

42,930

3,077

Midway Games, Inc.

20,385

700

Mikasa, Inc.

6,869

649

Modem Media. Poppe Tyson, Inc.

9,492

2,323

Modine Manufacturing Co.

51,251

1,825

Monaco Coach Corp.

29,884

1,000

Movado Group

8,625

3,200

Musicland Stores, Inc.

24,000

273

NCH Corp.

11,807

1,916

NCI Building System, Inc.

36,643

1,254

NCO Group, Inc.

43,106

1,056

NVR, Inc.

65,736

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

2,600

National Equipment Services, Inc.

18,200

850

National RV Holdings, Inc.

10,412

4,300

NationsRent, Inc.

20,694

3,300

Nautica Enterprise, Inc.

37,125

3,873

Navigant Consulting, Inc.

38,488

1,200

Neff Corp.

5,400

1,100

Nextera Enterprises, Inc.

7,287

3,600

O'Reilly Automotive, Inc.

48,600

2,200

OEA, Inc.

22,000

5,000

Oakwood Homes Corp.

14,687

11,817

Officemax, Inc.

66,471

5,200

Ogden Corp.

51,025

1,300

OshKosh B'Gosh, Inc., Class A

20,962

1,503

OshKosh Truck Corp., Class B

47,344

700

Oxford Industries, Inc.

11,900

400

PC Connections, Inc.

19,150

2,887

Pacific Sunwear of California

98,338

1,909

Palm Harbor Homes, Inc.

31,498

2,220

Penton Media, Inc.

58,414

4,900

Pep Boys-Manny Moe & Jack

30,931

2,966

Per-Se Technologies, Inc.

20,206

11,645

PetSmart, Inc.

37,846

2,250

Petco Animal Supplies, Inc.

26,016

2,400

Phillips Van Heusen Corp.

20,250

10,080

Pier 1 Imports, Inc.

114,660

900

Pillowtex Corp.

4,725

2,450

Pinnacle Entertainment, Inc.

49,153

4,983

Pittston Brink's Group

81,597

2,100

Playboy Enterprises, Inc., Class B

33,862

2,544

Polaris Industries, Inc., Class A

77,910

2,200

Polymer Group, Inc.

25,575

2,012

Prepaid Legal Services, Inc.

64,384

2,084

Primark Corp.

56,268

5,095

Prime Hospitality Corp.

47,129

376

Professional Detailing, Inc.

10,152

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

3,734

Profit Recovery Group International, Inc.

65,578

2,100

Protection One, Inc.

2,494

800

Provant, Inc.

4,425

742

Pulitzer, Inc.

28,474

3,400

Pulte Corp.

73,100

2,200

Quiksilver, Inc.

41,525

3,490

R.H. Donnelley Corp.

69,800

4,900

Reebok International Ltd.

83,300

3,091

Regis Corp. Minnesota

36,126

1,800

Rent-A-Center, Inc.

36,675

1,799

Rent-Way, Inc.

46,662

1,400

Restoration Hardware, Inc.

5,425

1,800

Rollins, Inc.

25,875

1,100

Russ Berrie & Co., Inc.

20,487

2,888

Russell Corp.

56,677

1,487

Ryland Group, Inc.

29,926

1,048

SCP Pool Corp.

38,579

4,500

SITEL Corp.

30,937

950

Salton, Inc.

40,791

1,000

Schawk, Inc.

8,187

1,451

Scholastic Corp.

67,744

1,818

School Specialty, Inc.

33,860

1,914

Scotts Co.

69,143

2,000

Select Comfort Corp.

8,687

900

Shoe Carnival, Inc.

8,775

2,729

Shop At Home, Inc.

17,184

3,100

Shopko Stores, Inc.

55,412

1,900

Simpson Industries, Inc.

19,594

851

Simpson Manufacturing Co., Inc.

38,508

938

Skyline Corp.

19,112

1,000

Source Information Management Co.

14,750

1,700

Spiegel, Inc., Class A

14,025

1,100

Springs Industries, Inc., Class A

45,169

1,800

Staff Leasing, Inc.

6,750

900

Standard Motor Products, Inc.

10,069

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

2,700

Standard Pacific Corp.

27,169

744

StarTek, Inc.

38,223

700

Starrett (L.S.) Co., Class A

16,975

2,490

Station Casinos, Inc.

70,965

2,941

Stein Mart, Inc.

26,423

900

Steinway Musical Instruments

17,662

800

Strayer Education, Inc.

16,450

4,900

Stride Rite Corp.

41,344

2,100

Sturm Ruger & Co., Inc.

21,000

9,824

Sunbeam Corp.

34,384

4,267

Sunglass Hut International, Inc.

32,002

1,900

Sunrise Assisted Living, Inc.

29,925

3,800

Sunterra Corp.

7,837

2,051

Superior Industries International, Inc.

66,017

2,805

Syntroleum Corp.

55,048

3,800

Systemax, Inc.

29,212

1,200

Talbots, Inc.

60,675

600

Tarrant Apparel Group, Inc.

5,400

2,300

TeleTech Holdings, Inc.

75,037

3,500

Terra Industries, Inc.

9,625

5,597

The Boyds Collection, Ltd.

34,981

750

Thor Industries, Inc.

20,203

1,033

Timberland Co., Class A

71,664

2,200

Toll Brothers, Inc.

47,713

1,200

Toro Co.

36,900

4,189

Tower Automotive, Inc.

65,453

700

Tractor Supply Co.

11,550

2,500

Trammell Crow Co.

32,500

3,400

Trans World Entertainment Corp.

35,700

400

Trendwest Resorts, Inc.

9,300

500

Tropical Sportswear International Corp.

8,812

4,498

True North Communications, Inc.

185,261

801

Tuesday Morning Corp.

10,012

1,114

Tweeter Home Entertainment Group, Inc.

41,079

1,400

U.S. Franchise Systems, Inc., Class A

6,737

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

1,301

U.S. Home Corp.

46,592

3,900

U.S. Office Products Co.

7,434

200

UBid, Inc.

3,687

6,173

Unifi, Inc.

62,887

1,117

Unifirst Corp.

10,751

2,300

United Auto Group, Inc.

19,981

1,400

United Retail Group, Inc.

11,462

1,600

Universal Forest Products, Inc.

21,600

1,100

Urban Outfitters, Inc.

11,825

2,321

Vail Resorts, Inc.

37,426

400

Valley Media, Inc.

1,700

1,100

Value America, Inc.

2,062

1,500

Value City Department Stores, Inc.

15,281

3,897

Valuevision International, Inc., Class A

77,696

1,427

WD 40 Co.

28,451

1,400

Wackenhut Corp., Class A

18,462

1,600

Webb (Del E.) Corp.

23,900

3,538

Wellman, Inc.

75,625

2,200

Wellsford Real Properties

19,525

900

West Marine, Inc.

7,200

1,000

West TeleServices Corp.

21,125

1,130

Wet Seal, Inc., Class A

20,057

1,651

Whitehall Jewellers, Inc.

28,377

2,400

Windmere-Durable Holdings

38,550

1,500

Winnebago Industries, Inc.

25,500

4,302

Wolverine World Wide, Inc.

51,624

1,487

Wynns International, Inc.

20,632

1,317

Xceed, Inc.

18,109

1,375

Xtra Corp.

64,625

1,325

Youthstream Media Networks, Inc.

8,447

1,429

Ziff-Davis, Inc.

17,773

2,800

Ziff-Davis, Inc. -- ZD Net

27,475

300

bebe stores, Inc.

2,737

1,500

e4L, Inc.

2,062

Shares

Value

COMMON STOCKS--continued¹

Consumer Cyclicals--continued

6,700

eLot, Inc.

20,100

500

iTurf, Inc., Class A

2,344

TOTAL

11,544,825

Consumer Staples--5.6%

14,918

7-Eleven, Inc.

55,943

1,700

ABM Industries, Inc.

42,925

1,900

AMC Entertainment, Inc.

8,075

8,900

AMF Bowling, Inc.

17,244

939

Administaff, Inc.

37,795

3,500

Advantica Restaurant Group

4,813

1,100

Agribrands International, Inc.

41,181

5,100

AmeriSource Health Corp., Class A

102,000

1,900

American Italian Pasta Co., Class A

47,025

2,544

Applebee's International, Inc.

92,697

3,102

Ascent Entertainment Group, Inc.

47,499

1,900

Aurora Foods, Inc.

9,144

2,137

Avado Brands, Inc.

4,274

2,772

Banta Corp.

54,227

1,900

Beringer Wine Estates Holdings, Inc., Class B

68,637

2,814

Bindley Western Industries, Inc.

49,069

1,562

Block Drug, Inc., Class A

44,517

4,012

Bob Evans Farms, Inc.

52,407

3,900

Bowne & Co., Inc.

44,850

1,260

Brooke Group Ltd.

17,482

4,385

Buffets, Inc.

43,028

6,200

CBRL Group, Inc.

86,025

1,200

CDI Corp.

27,000

2,833

CEC Entertainment, Inc.

84,990

5,500

CKE Restaurants, Inc.

20,281

1,678

Canandaigua Wine Co., Inc., Class A

84,529

20,807

Caremark Rx, Inc.

132,645

1,000

Carmike Cinemas, Inc., Class A

5,750

2,238

Carter Wallace, Inc.

49,795

1,806

Cheesecake Factory, Inc.

73,933

4,400

Chiquita Brands International

17,050

4,042

Church and Dwight, Inc.

72,251

Shares

Value

COMMON STOCKS--continued¹

Consumer Staples--continued

2,361

Citadel Communications Corp.

92,227

132

Coca-Cola Bottling Co.

6,732

3,200

Computer Horizons Corp.

44,000

1,321

Consolidated Graphics, Inc.

15,604

2,482

Consolidated Products, Inc.

22,648

1,800

Cumulus Media, Inc., Class A

23,625

1,300

Dave & Buster's, Inc.

9,587

5,440

Del Monte Foods Co.

48,280

1,444

Dreyers Grand Ice Cream, Inc.

34,656

1,800

Duane Reade, Inc.

54,000

4,433

Earthgrains Co.

62,339

4,766

Emmis Communications Corp., Class A

202,555

2,468

Entercom Communication Corp.

104,890

Farmer Brothers Co.

16,110

4,100

Fleming Cos., Inc.

67,394

600

GC Cos., Inc.

19,500

1,900

Gaylord Entertainment Co.

45,481

834

General Cigar Holdings, Inc.

12,718

3,200

Grand Union Co.

5,400

1,400

Gray Communications

16,362

1,800

Great Atlantic & Pacific Tea Co., Inc.

32,962

1,882

Hain Food Group, Inc.

50,461

3,154

Harland (John H.) Co.

48,493

1,511

Heidrick & Struggles International, Inc.

54,396

2,500

Henry Schein, Inc.

34,961

1,333

Herbalife International, Inc., Class A

13,413

3,800

Herbalife International, Inc., Class B

32,775

3,300

Hollywood Entertainment Corp.

23,100

2,100

IHOP Corp.

34,125

3,454

Imperial Sugar Co.

5,613

1,000

Ingles Markets, Inc., Class A

10,000

5,737

Interim Services, Inc.

98,246

2,600

International Home Foods, Inc.

37,862

1,800

International Multifoods Corp.

23,062

2,200

Ivex Packaging Corp.

19,800

Shares

Value

COMMON STOCKS--continued¹

Consumer Staples--continued

641

J&J Snack Foods Corp.

10,216

4,278

Jack in the Box, Inc.

104,811

1,900

Kelly Services, Inc., Class A

44,769

2,300

Korn/Ferry International

60,950

3,800

Labor Ready, Inc.

34,437

2,600

Lance, Inc.

27,625

2,700

Landry's Seafood Restaurants, Inc.

23,287

1,700

Libbey, Inc.

51,850

300

Liqui Box Corp.

14,325

1,500

Loews Cineplex Entertainment Corp.

4,781

3,450

Lone Star Steakhouse & Saloon

40,753

2,400

Luby's Cafeterias, Inc.

21,600

3,573

Metamor Worldwide, Inc.

69,227

1,500

Michael Foods, Inc.

32,156

900

Mondavi (Robert) Corp., Class A

29,869

1,430

Morrison Management Specialists, Inc.

39,593

5,747

NBTY, Inc.

102,009

1,000

NPC International, Inc.

10,375

766

National Presto Industries, Inc.

26,427

1,474

Natures Sunshine Products, Inc.

12,529

1,500

O' Charleys, Inc.

19,031

2,328

On Assignment, Inc.

73,041

1,030

On Command Corp.

22,016

1,445

Oneida Ltd.

27,636

3,475

Owens & Minor, Inc.

41,700

600

P. F. Chang's China Bistro, Inc.

21,000

7,500

PSS World Medical, Inc.

64,453

2,350

Papa Johns International, Inc.

64,625

2,519

Patterson Dental Co.

121,227

3,100

Paxson Communications Corp.

25,381

1,144

Pegasus Communications Corp.

124,839

1,250

Performance Food Group Co.

32,969

6,431

Perrigo Co.

36,576

2,800

Personnel Group of America, Inc.

14,700

1,691

Pilgrim's Pride Corp.

12,577

Shares

Value

COMMON STOCKS--continued¹

Consumer Staples--continued

400

Priority HealthCare Corp., Class B

22,150

884

Radio One, Inc.

51,272

2,996

Ralcorp Holdings, Inc.

41,382

1,100

Rare Hospitality International, Inc.

34,031

3,920

Renaissance Worldwide, Inc.

14,700

800

Riviana Foods, Inc.

12,650

4,310

Romac International, Inc.

44,447

3,238

Ruby Tuesday, Inc.

67,796

3,200

Ruddick Corp.

36,600

3,771

Ryan's Family Steak Houses, Inc.

36,885

813

Saga Communications, Inc., Class A

16,463

600

Sanderson Farms, Inc.

4,350

1,600

Schweitzer-Mauduit International, Inc.

23,300

1,000

Scientific Games Holdings Corp.

18,500

Seaboard Corp.

6,840

2,700

Sinclair Broadcast Group, Inc.

21,094

1,697

Sirius Satellite Radio, Inc.

67,350

772

Smart & Final, Inc.

6,128

4,727

Smithfield Foods, Inc.

100,744

2,700

Smucker (J.M.) Co., Class A

43,200

1,905

Sonic Corp.

52,983

3,100

StaffMark, Inc.

20,344

603

Stepan, Co.

12,927

3,253

Suiza Foods Corp.

126,664

700

Tejon Ranch Co.

15,312

3,568

Tetra Tech, Inc.

84,071

4,600

Topps Co.

40,250

1,677

Triarc Companies, Inc., Class A

34,588

6,011

Tupperware Corp.

113,458

900

United Natural Foods, Inc.

13,612

400

United Television, Inc.

53,950

4,896

Universal Foods Corp.

80,478

3,000

Vlasic Foods International, Inc.

5,250

850

Volt Information Science, Inc.

29,378

1,100

Wackenhut Corrections Corp.

8,662

Shares

Value

COMMON STOCKS--continued¹

Consumer Staples--continued

7,159

Westwood One, Inc.

253,250

2,738

Whole Foods Market, Inc.

116,536

1,732

Wild Oats Markets, Inc.

22,949

1,000

Young Broadcasting, Inc., Class A

21,500

1,400

Zapata Corp.

5,600

TOTAL

6,207,462

Energy--3.0%

1,100

Atwood Oceanics, Inc.

66,687

2,970

Barrett Resources Corp.

94,297

1,489

Basin Exploration, Inc.

20,846

1,000

Belco Oil & Gas Corp.

8,812

1,900

Berry Petroleum Co., Class A

30,044

3,372

Brown (Tom), Inc.

64,068

2,400

Cabot Oil & Gas Corp., Class A

44,550

600

Cal Dive International, Inc.

29,850

8,184

Chesapeake Energy Corp.

30,690

5,085

Cross Timbers Oil Co.

73,415

958

Dril-Quip, Inc.

38,919

4,500

EEX Corp.

12,656

1,297

Evergreen Resources, Inc.

29,993

3,394

Forest Oil Corp.

37,970

3,067

Friede Goldman International, Inc.

18,977

6,351

Global Industries Ltd.

90,502

17,212

Grey Wolf, Inc.

69,924

1,700

HS Resources, Inc.

41,119

3,000

Hanover Compressor Co.

174,750

14,300

Harken Energy Corp.

9,831

5,161

Helmerich & Payne, Inc.

161,604

1,700

IRI International Corp.

13,281

4,800

Input/Output, Inc.

35,400

8,627

Key Energy Group, Inc.

84,113

2,030

Louis Dreyfus Natural Gas Corp.

56,840

5,962

Marine Drilling Cos., Inc.

155,012

2,792

Meridian Resource Corp.

10,121

2,146

Mitchell Energy & Development Corp., Class A

51,236

Shares

Value

COMMON STOCKS--continued¹

Energy--continued

5,090

National-Oilwell, Inc.

121,842

3,856

Newfield Exploration Co.

156,650

1,727

Nuevo Energy Co.

30,222

2,182

Oceaneering International, Inc.

37,639

2,200

Offshore Logistics, Inc.

26,675

6,900

Parker Drilling Co.

29,756

3,407

Patterson Energy, Inc.

96,248

8,130

Pennzoil-Quaker State Co.

88,922

10,458

Pioneer Natural Resources, Inc.

107,848

1,700

Plains Resources, Inc.

24,119

4,192

Pogo Producing Co.

107,420

6,299

Pride International, Inc.

142,515

1,176

SEACOR SMIT, Inc.

72,030

2,600

Seitel, Inc.

16,250

1,157

St. Mary Land & Exploration Co.

39,049

1,716

Stone Energy Corp.

81,081

2,037

Swift Energy Co.

41,631

3,400

Tesoro Petroleum Corp.

39,950

900

The Houston Exploration Co.

16,256

200

Thermo Ecotek Corp.

1,625

2,800

Transmontaigne, Co.

21,875

3,100

Tuboscope, Inc.

53,862

1,449

UTI Energy Corp.

50,353

5,139

Valero Energy Corp.

149,031

6,363

Varco International, Inc.

79,537

2,700

Veritas DGC, Inc.

64,800

4,626

Vintage Petroleum, Inc.

91,942

TOTAL

3,344,635

Financials--13.3%

1,195

1st Source Corp.

24,647

1,200

Acceptance Insurance Cos., Inc.

5,325

2,074

Advanta Corp., Class A

35,258

800

Advest Group, Inc.

15,650

2,407

Affiliated Managers Group

96,581

1,000

Alabama National Bancorp

20,000

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

352

Alexander's, Inc.

23,056

1,200

Alexandria Real Estate Equities, Inc.

38,400

4,133

Alfa Corp.

74,394

510

Alleghany Corp.

85,967

1,080

Alliance Bancorp

17,887

6,516

Allied Capital Corp.

121,768

2,947

Amcore Financial, Inc.

58,756

1,612

AmerUs Life Holdings, Inc., Class A

32,139

847

American Annuity Group, Inc.

14,134

1,900

American Industrial Properties REIT

23,750

7,803

Americredit Corp.

145,819

1,500

Amli Residential Properties Trust

34,125

5,200

Amresco, Inc.

4,550

2,634

Anchor Bancorp Wisconsin, Inc.

41,485

800

Anchor Financial Corp.

23,050

700

Andover Bancorp, Inc.

19,119

1,300

Area Bancshares Corp.

25,350

1,746

Argonaut Group, Inc.

29,900

1,800

Associated Estates Realty Corp.

14,962

4,200

Associates First Capital Corp.

378

1,180

BOK Financial Corp.

19,359

4,694

BRE Properties, Inc., Class A

131,139

851

BSB Bancorp, Inc.

16,807

1,740

BT Financial Corp.

29,906

1,400

Baldwin & Lyons, Inc., Class B

27,475

400

BancFirst Corp.

10,775

700

BancFirst Ohio Corp.

13,562

5,261

BancWest Corp.

96,342

880

Banco Santander Puerto Rico

10,780

5,920

Bancorpsouth, Inc.

91,390

1,195

Bank Granite Corp.

24,348

3,400

Bank United Corp., Class A

112,837

4,600

BankAtlantic Bancorp, Inc., Class B

27,600

2,470

Banknorth Group, Inc.

58,971

2,454

Bay View Capital Corp.

17,638

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

2,132

Bedford Property Investors, Inc.

37,576

1,773

Berkley, (W.R.) Corp.

37,455

1,400

Blanch, (E.W.) Holdings, Inc.

31,150

1,800

Boykin Lodging Co.

22,612

2,546

Bradley Real Estate, Inc.

45,987

3,675

Brandywine Realty Trust

63,853

1,729

Brenton Banks, Inc.

16,858

1,393

Brookline Bancorp, Inc.

13,146

1,117

Brown & Brown, Inc.

44,820

3,400

Burnham Pacific Properties, Inc.

25,075

2,400

CBL & Associates Properties, Inc.

56,250

2,038

CFS Bancorp, Inc.

17,960

1,724

CNA Surety Corp.

25,429

900

CPB, Inc.

22,387

1,550

CVB Financial Corp.

24,994

4,235

Cabot Industrial Trust

81,524

4,193

Camden Property Trust

118,976

2,300

Capital Automotive REIT

32,056

593

Capital City Bank Group, Inc.

11,415

9,536

Capital Federal Financial

92,976

5,734

Capstead Mortgage Corp.

21,144

2,670

Cash America International, Inc.

24,030

942

Cathay Bancorp, Inc.

42,861

2,113

Centennial Bancorp

20,470

2,400

Center Trust, Inc.

17,400

2,150

CenterPoint Properties Corp.

77,131

1,080

Century South Banks, Inc.

23,355

2,200

Charter Municipal Mortgage Acceptance Co.

26,262

2,210

Chateau Communities, Inc.

57,460

1,647

Chelsea GCA Realty, Inc.

53,733

1,472

Chemical Financial Corp.

40,480

2,940

Chittenden Corp.

78,094

4,225

Citizens Banking Corp.

75,522

1,833

City Holding Co.

24,287

2,717

Colonial Properties Trust

67,755

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

3,064

Commerce Bancorp, Inc.

121,602

2,664

Commerce Group, Inc.

78,588

3,200

Commercial Net Lease Realty

35,200

1,246

Commonwealth Bancorp

16,198

4,904

Community First Bankshares, Inc.

82,755

1,267

Community Trust Bancorp, Inc.

22,648

800

CompuCredit Corp.

26,250

4,078

Cornerstone Realty Income Trust, Inc.

41,545

1,000

Corus Bankshares, Inc.

24,922

2,533

Cousins Properties, Inc.

99,420

3,850

Crawford & Co., Class B

52,937

2,400

Credit Acceptance Corp.

12,600

2,400

Crown American Realty Trust

13,350

1,000

DVI, Inc.

13,875

1,300

Dain Rauscher Corp.

80,519

3,200

Data Broadcasting Corp.

15,700

1,588

Delphi Financial Group, Inc., Class A

45,754

6,231

Developers Diversified Realty

94,633

1,318

Dime Community Bancorp, Inc.

22,818

3,400

Doral Financial Corp.

40,587

2,128

Downey Financial Corp.

63,574

2,400

East West Bancorp, Inc.

30,000

1,700

EastGroup Properties, Inc.

35,381

3,138

Eaton Vance Corp.

132,777

2,821

Enhance Financial Services Group, Inc.

28,563

1,500

Entertainment Properties Trust

20,437

4,000

Equity Inns, Inc.

26,500

1,900

Essex Property Trust, Inc.

73,387

992

F & M Bancorp

20,088

2,425

F & M National Corp.

58,048

1,400

FBL Financial Group, Inc., Class A

21,700

1,106

FCNB Corp.

15,726

2,207

FNB Corp.

43,590

1,000

FPIC Insurance Group, Inc.

14,375

570

Farm Family Holdings, Inc.

16,245

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

667

Farmers Capital Bank Corp.

22,011

807

Federal Agricultural Mortgage Association, Class C

12,105

4,207

Federal Realty Investment Trust

89,399

5,300

FiNet.com, Inc.

4,637

1,150

Financial Federal Corp.

21,419

5,809

First American Financial Corp.

89,676

1,130

First Busey Corp.

21,752

1,641

First Charter Corp.

22,769

565

First Citizens Bancshares, Inc., Class A

35,666

600

First Commerce Bancshares, Inc., Class B

20,878

6,452

First Commmonwealth Financial Corp.

75,004

1,600

First Federal Capital Corp.

18,400

3,709

First Financial Bancorp

66,067

1,016

First Financial Bankshares, Inc.

27,432

657

First Financial Corp.

21,845

1,400

First Financial Holdings, Inc.

19,075

1,007

First Indiana Corp.

18,755

4,000

First Industrial Realty Trust

120,250

1,300

First Merchants Corp.

26,975

3,710

First Midwest Bancorp, Inc.

92,286

1,000

First Republic Bank

19,625

4,147

First Sentinel Bancorp, Inc.

31,102

2,700

First United Bancshares

44,381

1,181

First Washington Bancorp, Inc.

17,715

800

First Washington Realty Trust, Inc.

16,650

1,914

FirstFed Financial Corp.

23,925

2,436

Firstbank Corp.

43,087

800

Flagstar Bancorp, Inc.

10,800

2,400

Friedman, Billings, Ramsey Group, Inc., Class A

18,750

1,527

Frontier Financial Corp.

28,798

3,753

Frontier Insurance Group, Inc.

3,049

1,118

GBC Bancorp

31,164

2,653

Gables Residential Trust

63,672

3,800

Gallagher (Arthur J.) & Co.

141,550

900

Glacier Bancorp, Inc.

12,825

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

3,238

Glenborough Realty Trust, Inc.

47,760

2,500

Glimcher Realty Trust

34,375

800

Golf Trust of America, Inc.

13,800

1,723

Great Lakes REIT, Inc.

26,060

700

Great Southern Bancorp, Inc.

12,512

1,399

Greater Bay Bancorp

59,479

4,200

HCC Insurance Holdings, Inc.

49,350

3,036

HSB Group, Inc.

88,044

900

Hamilton Bancorp, Inc.

16,537

955

Hancock Holding Co.

33,067

1,323

Harbor Florida Bancshares, Inc.

13,891

1,400

Harleysville Group, Inc.

22,487

832

Harleysville National Corp.

24,336

945

Harris Financial, Inc.

5,965

5,250

Health Care Property Investors, Inc.

146,344

3,000

Health Care REIT, Inc.

47,812

1,000

HealthAxis, Inc.

5,250

4,170

Healthcare Realty Trust, Inc.

75,060

1,400

Hilb Rogal & Hamilton Co.

39,638

2,012

Home Properties of New York, Inc.

56,336

4,278

Horace Mann Educators Corp.

62,298

5,300

Hospitality Properties Trust

117,925

1,800

Hudson River Bancorp, Inc.

17,775

5,260

Hudson United Bancorp

118,679

7,445

INMC Mortgage Holdings, Inc.

97,250

1,250

INSpire Insurance Solutions, Inc.

3,750

3,500

IRT Property Co.

29,094

3,868

Imperial Bancorp

75,913

2,754

Imperial Credit Industries, Inc.

10,672

7,021

Independence Community Bank

82,497

1,300

Independent Bank Corp.

13,325

3,700

Innkeepers USA Trust

33,300

1,650

InterWest Bancorp, Inc.

26,400

1,299

International Bancshares Corp.

53,746

1,519

Investors Financial Services Corp.

123,988

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

1,127

Irwin Financial Corp.

19,089

3,550

JDN Realty Corp.

34,391

1,339

JP Realty, Inc.

24,018

2,220

Jefferies Group, Inc.

48,979

737

John Nuveen & Co., Inc., Class A

29,388

730

Kansas City Life Insurance Co.

19,801

2,900

Kilroy Realty Corp.

69,963

2,800

Koger Equity, Inc.

49,000

3,300

Konover Property Trust, Inc.

19,388

2,900

LTC Properties, Inc.

17,219

1,300

LaSalle Hotel Properties

19,663

1,458

LandAmerica Financial Group, Inc.

25,697

2,110

Leap Wireless International, Inc.

108,401

4,163

Leucadia National Corp.

97,050

1,800

Lexington Corporate Properties Trust

20,250

1,648

Liberty Corp.

54,075

1,400

Liberty Financial Cos., Inc.

26,250

2,200

Local Financial Corp.

17,738

2,569

MAF Bancorp, Inc.

48,169

1,500

MGI Properties, Inc.

3,469

3,144

Macerich Co. (The)

72,902

2,105

Manufactured Home Communities, Inc.

52,625

455

Markel Corp.

65,975

1,200

Medallion Financial Corp.

19,875

2,452

Medical Assurance, Inc.

32,489

2,000

Merchants New York Bancorp, Inc.

33,375

4,024

Metris Cos., Inc.

150,900

888

Mid American Bancorp

20,979

1,921

Mid-American Apartment Communities, Inc.

45,864

1,177

Mid-State Bancshares

30,896

500

Midland Co.

12,484

900

Midwest Banc Holdings, Inc.

12,713

1,600

Mills Corp.

28,800

651

Mississippi Valley Bancshares, Inc.

14,322

4,925

Mony Group, Inc.

152,367

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

2,979

Morgan Keegan, Inc.

47,478

1,870

NBT Bancorp, Inc.

19,752

1,541

National Bancorp Alaska, Inc.

57,017

1,846

National City Bancshares, Inc.

40,612

1,096

National Discount Brokers Group, Inc.

31,990

1,300

National Golf Properties, Inc.

24,863

2,600

National Health Investors, Inc.

31,200

1,860

National Penn Bancshares, Inc.

38,363

800

National Processing, Inc.

8,300

200

National Western Life Insurance Co., Class A

14,888

4,900

Nationwide Health Properties, Inc.

64,925

2,500

Net.B@nk, Inc.

25,938

1,000

New Century Financial Corp.

6,875

500

NextCard, Inc.

5,281

1,400

Niagara Bancorp, Inc.

13,913

1,500

Northwest Bancorp, Inc.

10,875

1,372

OceanFirst Financial Corp.

21,952

3,971

Ocwen Financial Corp.

28,790

6,264

Ohio Casualty Corp.

104,139

668

Old Kent Financial Corp.

20,139

914

Omega Financial Corp.

22,850

2,139

Omega Healthcare Investors

13,101

3,481

One Valley Bancorp West Virginia, Inc.

118,136

1,233

Oriental Financial Group

20,961

1,400

PFF Bancorp, Inc.

19,688

1,100

PICO Holdings, Inc.

11,550

1,824

PMA Capital Corp.

33,288

2,500

PS Business Parks, Inc.

55,625

2,556

Pacific Capital Bancorp

70,610

1,900

Pacific Gulf Properties, Inc.

40,850

900

Pan Pacific Retail Properties, Inc.

17,100

887

Park National Corp.

80,939

1,053

Parkway Properties, Inc.

31,590

600

Penn Treaty American Corp.

9,113

1,235

Pennsylvania Real Estate Investment Trust

21,304

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

600

Peoples Holding Co.

14,400

900

Philadelphia Consolidated Holding Corp.

13,838

4,600

Phoenix Investment Partners Ltd.

39,963

2,900

Pinnacle Holdings, Inc.

162,944

2,800

Pioneer Group, Inc.

78,400

1,760

Premier National Bancorp, Inc.

22,880

3,921

Prentiss Properties Trust

93,124

2,500

Presidential Life Corp.

39,805

900

Prime Group Realty Trust

13,331

4,635

Prime Retail, Inc.

7,532

990

Professionals Group, Inc.

17,511

2,859

Provident Bankshares Corp.

42,709

1,772

Queens County Bancorp, Inc.

35,994

1,100

R&G Financial Corp., Class B

9,488

2,600

RFS Hotel Investors, Inc.

31,525

837

RLI Corp.

26,889

3,788

Radiant Group, Inc.

192,951

4,210

Raymond James Financial, Inc.

84,726

2,797

Realty Income Corp.

61,010

4,207

Reckson Associates Realty Corp.

84,403

789

Redwood Trust, Inc.

11,588

3,683

Regency Realty Corp.

81,486

6,900

Reliance Group Holdings, Inc.

18,975

600

Republic Bancorp Inc., Class A

4,716

4,809

Republic Bancorp, Inc.

47,489

600

Republic Bancshares, Inc.

7,050

5,181

Republic Security Financial Corp.

28,819

2,300

Resource America, Inc., Class A

15,884

2,088

Resource Bancshares Mortgage Group, Inc.

10,440

3,201

Richmond County Financial Corp.

54,817

2,000

Riggs National Corp.

27,125

900

Risk Capital Holdings, Inc.

13,852

2,793

S & T Bancorp, Inc.

49,052

1,258

SCPIE Holdings, Inc.

37,190

2,256

SL Green Realty Corp.

57,951

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

400

SLM Corp.

16,000

1,000

Sandy Spring Bancorp, Inc.

23,750

1,100

Saul Centers, Inc.

16,981

2,800

Seacoast Financial Services Corp.

26,250

1,100

Second Bancorp, Inc.

18,769

4,203

Security Capital Group, Inc.

63,045

2,865

Selective Insurance Group, Inc.

54,256

1,025

Shoreline Financial Corp.

13,966

3,026

Shurgard Storage Centers, Inc., Class A

79,243

100

Siebert Financial Corp.

944

1,700

SierraCities, Inc.

10,200

2,037

Silicon Valley Bancshares

125,785

Simone Cent Holdings, Inc.

112

763

Simmons 1st National Corp., Class A

17,931

8,143

Sky Financial Group, Inc.

133,851

2,060

Smith (Charles E.) Residential Realty, Inc.

77,636

2,700

South Financial Group, Inc.

37,463

2,900

Southwest Bancorp. of Texas, Inc.

56,731

1,231

Southwest Securities Group, Inc.

50,625

1,300

Sovran Self Storage, Inc.

26,731

900

St. Francis Capital Corp.

12,769

1,500

StanCorp Financial Group, Inc.

43,688

1,446

State Auto Financial Corp.

14,460

4,130

Staten Island Bancorp, Inc.

70,984

2,710

Sterling Bancshares, Inc.

29,810

823

Sterling Financial Corp.

15,946

1,200

Stewart Information Services Corp.

17,100

2,924

Storage USA, Inc.

85,527

2,400

Summit Properties, Inc.

47,850

1,800

Sun Communities, Inc.

59,625

1,900

Superior National Insurance Group, Inc.

445

3,905

Susquehanna Bankshares, Inc.

53,938

600

Tanger Factory Outlet Centers, Inc.

13,050

3,600

Taubman Centers, Inc.

42,975

1,502

Texas Regional Bancshares, Inc., Class A

42,901

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

1,700

The Trust Company of New Jersey

32,725

700

Three Rivers Bancorp, Inc.

6,169

2,300

Thornburg Mortgage Asset Co.

20,125

1,700

Town & Country Trust

29,325

1,200

Track Data Corp.

2,513

1,100

Trenwick Group, Inc.

15,538

1,400

Triad Guaranty, Inc.

29,400

5,584

Trustco Bank Corp.

66,659

1,606

Tucker Anthony Sutro Corp.

26,901

4,000

UICI

17,500

1,794

UMB Financial Corp.

65,033

1,604

US Restaurant Properties

20,351

1,040

USB Holdings Co., Inc.

14,358

1,400

USBANCORP, Inc.

7,613

5,600

Unicapital Corp.

7,700

5,486

United Assets Management Corp.

98,748

4,455

United Bankshares, Inc.

97,175

3,600

United Community Financial Corp.

20,250

10,739

United Dominion Realty Trust, Inc.

107,390

716

United Fire & Casualty Co.

12,530

1,706

United National Bancorp

33,374

1,056

Urban Shopping Centers, Inc.

34,056

200

Value Line, Inc.

7,000

5,800

Ventas, Inc.

22,838

4,500

W Holding Co., Inc.

41,063

400

WFS Financial, Inc.

7,800

5,699

Washington Federal, Inc.

99,376

3,724

Washington Real Estate Investment Trust

59,817

3,956

Webster Financial Corp. Waterbury

84,560

2,800

Weingarten Realty Investors

113,400

218

Wells Fargo Co.

8,952

2,081

Wesbanco, Inc.

47,343

1,602

West Coast Bancorp

16,621

941

Westcorp, Inc.

12,998

1,800

Western Properties Trust

20,363

Shares

Value

COMMON STOCKS--continued¹

Financials--continued

3,013

Westfield America, Inc.

41,240

2,354

Whitney Holding Corp.

82,096

14,500

Wyndham International, Inc., Class A

29,906

1,000

Zenith National Insurance Corp.

24,500

TOTAL

14,857,422

Health Care--8.3%

1,884

Abgenix, Inc.

168,736

498

Accredo Health, Inc.

14,006

2,132

Acuson Corp.

26,250

2,000

Advance Paradigm, Inc.

25,000

1,800

Affymetrix, Inc.

243,113

1,300

Alaris Medical, Inc.

2,275

648

Albany Molecular Research, Inc.

28,431

1,300

Algos Pharmaceuticals Corp.

19,500

2,521

Alkermes, Inc.

134,243

2,000

Alpharma, Inc., Class A

77,250

2,200

AmeriPath, Inc.

17,188

1,600

American Superconductor Corp.

61,100

1,300

Anesta Corp.

24,538

5,426

Apria Healthcare Group, Inc.

75,625

1,200

Arrow International, Inc.

40,950

1,400

Aviron

33,688

500

Bacou U.S.A., Inc.

9,938

1,375

Barr Laboratories, Inc.

59,383

10,000

Beverly Enterprises, Inc.

33,750

5,500

Bio-Technology General Corp.

77,344

1,525

Biomatrix, Inc.

29,070

1,100

BriteSmile, Inc.

7,563

1,600

CONMED Corp.

41,800

6,013

Catalytica, Inc.

66,895

5,400

Celgene Corp.

254,138

2,099

Cell Pathways, Inc.

54,443

3,186

Cephalon, Inc.

179,213

1,000

Chattem, Inc.

12,750

1,438

Chirex, Inc.

24,446

Shares

Value

COMMON STOCKS--continued¹

Health Care--continued

655

Closure Medical Corp.

12,240

2,400

Columbia Laboratories, Inc.

22,650

1,451

Cooper Companies, Inc.

48,790

2,375

Cor Therapeutics, Inc.

180,945

1,557

Corixa Corp.

47,878

1,757

Coulter Pharmaceutical, Inc.

32,065

6,200

Covance, Inc.

56,963

6,174

Coventry Health Care, Inc.

65,599

1,900

Cyberonics, Inc.

38,713

2,299

Cygnus, Inc.

28,738

1,300

Datascope Corp.

43,063

1,200

Diagnostic Products Corp.

36,825

4,611

Dura Pharmaceuticals, Inc.

59,943

2,100

Duramed Pharmaceuticals, Inc.

9,909

1,900

Eclipse Surgical Technologies, Inc.

7,956

1,424

Entremed, Inc.

74,671

2,287

Enzo Biochem, Inc.

92,624

3,838

Enzon, Inc.

142,966

5,116

First Health Group Corp.

155,718

1,400

Geltex Pharmaceuticals, Inc.

22,313

4,587

Gilead Sciences, Inc.

248,558

1,000

Gliatech, Inc.

15,250

2,403

Guilford Pharmaceuticals, Inc.

41,752

2,699

Haemonetics Corp.

62,077

2,000

Hanger Orthopedic Group, Inc.

10,000

2,600

Hemispherx Biopharma, Inc.

20,150

6,000

Hooper Holmes, Inc.

104,250

4,837

Human Genome Sciences, Inc.

370,333

4,400

IDEC Pharmaceuticals Corp.

281,600

3,836

IDEXX Laboratories, Inc.

100,695

2,959

Imclone Systems, Inc.

269,269

822

Impath, Inc.

37,812

2,539

Incyte Pharmaceuticals, Inc.

195,503

1,419

Inhale Therapeutic Systems

87,801

2,500

Invacare Corp.

66,875

Shares

Value

COMMON STOCKS--continued¹

Health Care--continued

678

Invitrogen Corp.

42,290

3,202

Isis Pharmaceuticals, Inc.

35,622

5,716

Jones Pharma, Inc.

164,692

1,200

KV Pharmaceutical Co., Class B

31,500

2,878

King Pharmaceuticals, Inc.

142,101

3,034

LCA Vision, Inc.

10,998

6,800

Laboratory Corporation of America Holdings

40,375

2,600

Laser Vision Centers, Inc.

10,563

1,700

LaserSight, Inc.

8,500

3,200

LifePoint Hospitals, Inc.

54,800

4,692

Ligand Pharmaceuticals, Inc., Class B

61,876

4,100

Liposome Co., Inc.

71,750

2,200

Macrochem Corp.

13,888

3,400

Magellan Health Services, Inc.

12,750

600

Mannatech, Inc.

1,800

3,900

Matria Healthcare, Inc.

17,306

1,200

Maximus, Inc.

28,275

2,961

Medicis Pharmaceutical Corp., Class A

129,544

2,162

Mentor Corp.

38,240

4,738

Mid Atlantic Medical Services, Inc.

44,123

7,734

Millennium Pharmaceuticals, Inc.

613,886

329

Mine Safety Appliances Co.

21,385

1,500

NCS HealthCare, Inc., Class A

1,219

1,237

Neurogen Corp.

36,182

1,500

Novoste Corp.

61,500

3,100

Oakley, Inc.

35,650

1,700

Ocular Sciences, Inc.

28,156

3,232

Organogenesis, Inc.

36,966

4,220

Orthodontic Centers of America, Inc.

89,411

1,500

Osteotech, Inc.

10,688

2,700

Parexel International Corp.

24,300

1,700

Pathogenesis Corp.

36,125

1,600

Pediatrix Medical Group

13,200

1,951

Pharmaceutical Product Development, Inc.

32,801

1,800

Pharmaceutical Resources, Inc.

11,475

Shares

Value

COMMON STOCKS--continued¹

Health Care--continued

1,574

Pharmacyclics, Inc.

71,420

8,100

Phycor, Inc.

4,809

1,952

Protein Design Laboratories, Inc.

198,128

1,261

Province Heathcare Co.

36,411

4,220

Quest Diagnostic, Inc.

245,551

7,367

Quorum Health Group, Inc.

78,274

1,700

Regeneron Pharmaceuticals, Inc.

48,556

4,675

Renal Care Group, Inc.

104,311

2,050

Res-Care, Inc.

22,422

3,102

ResMed, Inc.

105,468

3,441

Respironics, Inc.

55,916

3,600

Rexall Sundown, Inc.

69,300

9,239

SICOR, Inc.

104,516

941

SafeScience, Inc.

8,940

1,600

SangStat Medical Corp.

46,000

500

Schein Pharmaceutical, Inc.

7,125

2,002

Serologicals Corp.

7,257

2,850

Sierra Health Services, Inc.

10,153

2,600

Sola International, Inc.

11,700

7,037

Steris Corp.

63,333

4,900

Summit Technology, Inc.

43,488

2,400

Sunrise Medical, Inc.

12,600

4,700

Sunrise Technologies International, Inc.

30,256

1,989

SuperGen, Inc.

65,886

1,000

Syncor International Corp.

41,250

2,100

Techne Corp.

149,363

2,800

Theragenics Corp.

27,825

1,625

Thermo Cardiosystems, Inc.

18,586

8,000

Total Renal Care Holdings, Inc.

23,000

2,074

Transkaryotic Therapies, Inc.

62,090

900

Trex Medical Corp.

2,475

3,532

Triad Hospitals, Inc.

60,706

3,401

Triangle Pharmaceuticals, Inc.

22,000

2,374

Twinlab Corp.

17,805

6,108

US Oncology, Inc.

20,996

Shares

Value

COMMON STOCKS--continued¹

Health Care--continued

3,200

Varian Medical Systems, Inc.

128,000

1,400

Ventana Medical Systems

39,463

2,674

Vertex Pharmaceuticals, Inc.

139,717

1,700

Vical, Inc.

30,600

700

Vital Signs, Inc.

14,000

1,800

Wesley Jessen VisionCare, Inc.

70,875

TOTAL

9,269,628

Technology--26.5%

1,527

24/7 Media, Inc.

29,967

2,200

3DFX Interactive, Inc.

22,825

1,000

ACT Networks, Inc.

12,375

3,772

ACTV, Inc.

68,368

2,500

AVT Corp.

27,656

414

About.com, Inc.

14,205

4,300

Acclaim Entertainment, Inc.

11,758

2,100

Actel Corp.

77,306

2,700

Activision, Inc.

16,875

2,563

Actuate Software Corp.

76,730

3,350

Adaptive Broadband Corp.

108,875

2,078

Adtran, Inc.

140,395

4,200

Advanced Digital Information Corp.

103,163

7,521

Advanced Fibre Communications

343,616

900

Advantage Learning Systems, Inc.

13,106

2,600

Advent Software, Inc.

136,500

1,900

Aeroflex, Inc.

70,775

568

Akamai Technologies, Inc.

56,132

1,400

Allaire Corp.

77,088

2,900

Allen Telecom, Inc.

51,475

2,600

Alliance Semiconductor Corp.

52,975

3,474

Alpha Industries, Inc.

180,648

4,382

American Management System, Inc.

162,134

325

American Satellite Network, Warrants

1,700

American Xtal Technology, Inc.

41,464

9,445

Amkor Technology, Inc.

577,916

4,300

Ampex, Inc., Class A

12,094

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

1,200

Anacomp, Inc.

14,550

2,795

Anadigics, Inc.

210,324

643

Analogic Corp.

26,162

2,300

Analysts International Corp.

25,588

2,856

Ancor Communications, Inc.

86,216

8,555

Andrew Corp.

251,838

2,700

Anicom, Inc.

12,825

2,200

Anixter International, Inc.

74,113

2,833

AnswerThink Consulting Group, Inc.

54,535

2,505

Antec Corp.

134,644

1,950

Apex, Inc.

57,647

500

AppliedTheory Corp.

5,500

2,500

Ashton Techonology Group, Inc.

11,875

4,951

Aspect Telecommunications Corp.

175,761

4,800

Aspect Development, Inc.

331,800

2,627

Aspen Technology, Inc.

92,930

3,119

Asyst Technologies, Inc.

166,867

2,800

Auspex Systems, Inc.

21,350

900

Autobytel.com, Inc.

5,316

700

Autoweb.com, Inc.

2,756

4,018

Avant! Corp.

72,324

2,318

Avid Technology, Inc.

31,873

1,700

Aware, Inc.

66,300

2,920

Axent Technologies, Inc.

58,765

1,150

BARRA, Inc.

48,444

2,600

Banyan Systems, Inc.

36,075

3,900

Billing Information Concepts Corp.

20,902

3,472

BindView Development Corp.

27,993

887

Bio Rad Laboratories, Inc., Class A

22,619

757

Bottomline Technologies, Inc.

27,252

5,566

Brightpoint, Inc.

65,748

1,879

Brio Technology, Inc.

46,505

17,407

Broadvision, Inc.

764,820

1,158

Brooks Automation, Inc.

103,858

1,128

Brooktrout Technology, Inc.

30,456

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

4,030

Burr Brown Corp.

274,544

4,231

C-Cube Microsystems, Inc.

271,842

965

CACI International, Inc., Class A

22,617

739

CAIS Internet, Inc.

9,792

2,283

CCC Information Services Group, Inc.

31,677

5,200

CHS Electronics, Inc.

442

1,350

CTC Communications Group, Inc.

45,563

2,950

Cable Design Technologies, Class A

101,038

5,400

Cambridge Technology Partners, Inc.

59,400

500

Careerbuilder, Inc.

1,438

1,000

Carrier Access Corp.

43,625

500

Catapult Communications Corp.

4,156

5,454

Celera Genomics Group

449,955

3,600

Cellstar Corp.

20,700

Centennial Technologies, Inc.

451

7,000

Century Business Services, Inc.

22,750

4,709

Ciber, Inc.

85,056

6,837

Cirrus Logic, Inc.

111,956

700

CoStar Group, Inc.

16,789

642

Cognizant Technology Solutions Corp.

29,452

2,567

Coherent, Inc.

148,405

2,068

Cohu, Inc.

78,713

1,778

Com21, Inc.

49,784

5,026

CommScope, Inc.

238,735

2,452

Complete Business Solutions, Inc.

56,090

5,100

Compucom System, Inc.

17,531

2,400

Computer Network Technology

38,700

1,700

Computer Task Group, Inc.

14,450

4,391

Concentric Network Corp.

191,009

1,496

Concord Communications, Inc.

41,888

1,426

Concur Technologies, Inc.

10,873

5,413

Concurrent Computer Corp.

54,130

1,400

Cotelligent, Inc.

9,013

2,232

Credence Systems Corp.

318,618

2,621

Cree Research, Inc.

381,356

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

1,841

Cybercash, Inc.

13,635

1,650

Cybex Computer Products Corp.

45,169

2,948

Cymer, Inc.

115,156

10,949

Cypress Semiconductor Corp.

568,664

3,753

Cytyc Corp.

167,947

1,000

DBT Online, Inc.

19,688

2,635

DSP Group, Inc.

187,414

6,127

Dallas Semiconductor Corp.

263,078

1,660

Datastream Systems, Inc.

23,240

3,163

Dendrite International, Inc.

72,354

1,600

Digital River, Inc.

24,000

7,090

Digtial Microwave Corp.

261,887

1,534

Documentum, Inc.

90,506

1,042

EMCORE Corp.

90,394

2,700

ESS Technology, Inc.

35,100

600

EarthWeb, Inc.

10,800

1,941

Echelon Corp.

63,204

3,644

Eclipsys Corp.

29,152

900

Electric Lightwave, Inc., Class A

19,856

2,100

Electroglas, Inc.

81,375

3,405

Emulex Corp.

154,502

1,300

Engineering Animation, Inc.

11,009

1,668

Entrust Technologies, Inc.

81,941

4,349

Epicor Software Corp.

17,396

1,833

Exar Corp.

146,955

1,200

Excalibur Technologies Corp.

42,600

2,444

Exchange Applications, Inc.

29,786

2,584

FSI International, Inc.

38,599

2,020

FactSet Research Systems

58,075

1,065

Fair Isaac & Co., Inc.

45,063

3,400

Filenet Corp.

99,875

1,700

First Consulting Group, Inc.

15,300

900

FlashNet Communications, Inc.

3,178

3,700

GT Interactive Software

7,631

2,800

GenRad, Inc.

20,825

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

3,200

General Semiconductor, Inc.

64,000

2,100

Gerber Scientific, Inc.

29,138

6,486

Glenayre Technologies, Inc.

85,534

Global Sources Ltd.

2,907

1,729

Globix Corp.

38,903

2,384

Go2Net, Inc.

141,848

1,043

Great Plains Software, Inc.

44,132

2,560

HNC Software

126,720

4,061

Harbinger Corp.

76,651

2,768

Harmonic Lightwaves, Inc.

204,313

1,100

HearMe, Inc.

8,027

2,329

Helix Technology Corp.

118,925

2,852

Henry Jack & Associates, Inc.

112,654

700

Hi/fn, Inc.

23,756

2,580

Hutchinson Technology, Inc.

32,895

3,338

Hyperion Solutions Corp.

101,235

1,500

IDX Systems Corp.

25,406

2,050

IMRglobal Corp.

26,394

871

IPC Information Systems, Inc.

145,457

2,664

ISS Group, Inc.

240,926

900

ITI Technologies, Inc.

23,119

2,400

Identix, Inc.

35,850

3,801

Imation Corp.

106,666

2,348

In Focus Systems, Inc.

70,293

4,448

Inacom Corp.

6,950

600

Inet Technologies, Inc.

25,875

3,037

InfoCure Corp.

27,713

1,778

Informatica Corp.

74,565

28,067

Informix Corp.

308,737

1,600

Innovex, Inc.

14,000

8,839

Integrated Device Technology, Inc.

424,824

2,161

Inter-Tel, Inc.

43,760

4,600

Intergraph Corp.

31,338

5,214

International Rectifier Corp.

256,138

3,344

Intervoice, Inc.

53,295

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

1,500

Intraware, Inc.

24,000

28,128

Iomega Corp.

100,206

2,200

JDA Software Group, Inc.

40,975

700

Juno Online Services, Inc.

6,956

591

Kana Communications, Inc.

25,153

2,927

Kent Electronics Corp.

85,432

7,000

Komag, Inc.

20,563

3,119

Kopin Corp.

241,528

1,225

Kronos, Inc.

39,353

2,457

Kulicke & Soffa Industries

192,414

4,440

LTX Corp.

203,130

12,337

Lam Research Corp.

565,960

1,970

Lason Holdings, Inc.

8,865

300

Latitude Communications, Inc.

4,350

4,747

Lattice Semiconductor Corp.

319,829

1,000

Launch Media, Inc.

10,438

4,657

Learn2.Com, Inc.

13,098

1,834

MAPICS, Inc.

12,150

3,466

MEMC Electronic Materials

60,222

1,700

MICROS Systems Corp.

68,425

700

MKS Instruments, Inc.

32,900

3,300

MMC Networks, Inc.

87,450

2,454

MRV Communications, Inc.

169,173

3,193

MTI Technology Corp.

49,492

2,000

MTS Systems Corp.

15,125

443

Manhattan Associates, Inc.

10,632

2,130

Manugistics Group, Inc.

91,191

300

Marketwatch.Com, Inc.

4,519

3,667

Mastech Corp.

110,010

7,119

Maxtor Corp.

84,983

1,000

Maxwell Technologies, Inc.

15,125

2,400

Mechanical Technology, Inc.

42,450

1,300

Mediconsult.com, Inc.

2,661

3,744

Medquist, Inc.

132,678

6,694

Mentor Graphics Corp.

87,859

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

1,600

Mercator Software, Inc.

58,900

2,132

Mercury Computer Systems, Inc.

81,949

7,999

Mercury Interactive Corp.

719,910

8,500

Merisel, Inc.

11,422

3,026

MessageMedia, Inc.

16,643

3,752

Methode Electronics, Inc., Class A

156,353

1,567

Metricom, Inc.

43,974

700

Metro Information Services, Inc.

9,538

3,000

Micrel, Inc.

259,500

8,041

MicroStrategy, Inc.

208,061

2,183

Micromuse, Inc.

214,207

3,700

Micron Electronics, Inc.

39,544

1,000

Molecular Devices Corp.

42,984

1,911

Motient Corp.

23,888

1,406

Multex.com, Inc.

28,559

1,200

NBC Internet, Inc., Class A

27,750

1,765

NVIDIA Corp.

157,306

3,337

National Computer Systems, Inc.

171,647

2,518

National Instruments Corp.

122,753

1,400

Navarre Corp.

3,763

2,700

NeoMagic Corp.

9,113

700

Neon Systems, Inc.

15,488

1,100

Net Perceptions, Inc.

21,313

600

NetObjects, Inc.

8,025

800

Netopia, Inc.

33,400

2,300

Network Equipment Technologies, Inc.

18,975

1,300

Network Peripherals, Inc.

36,400

1,400

ONYX Software Corp.

29,838

400

Omega Research, Inc.

1,275

1,300

OnHealth Network Co.

4,834

1,900

OneMain.com, Inc.

12,113

3,521

Open Market, Inc.

36,310

6,722

P-COM, Inc.

72,682

200

PC Order.com Inc.

3,225

1,352

PLX Technology, Inc.

44,532

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

2,066

PRI Automation, Inc.

165,022

4,900

PTEK Holdings, Inc.

24,806

7,100

Pairgain Technologies, Inc.

176,613

1,950

Pegasus Systems, Inc.

34,613

3,013

Pegasystems, Inc.

26,740

5,376

Peregrine Systems, Inc.

129,360

4,814

PerkinElmer, Inc.

263,567

1,636

Pervasive Software, Inc.

11,503

2,463

Phoenix Technology, Ltd.

48,336

2,247

Photronics, Inc.

74,853

4,300

PictureTel Corp.

18,275

4,057

Pinnacle Systems, Inc.

97,368

2,390

Pioneer Standard Electronics, Inc.

36,597

1,727

Plantronics, Inc.

152,840

4,642

Polaroid Corp.

93,710

3,709

Policy Management System Corp.

49,144

2,242

Polycom, Inc.

177,398

2,302

Power Integrations, Inc.

52,371

500

Private Business, Inc.

1,344

1,523

ProBusiness Services, Inc.

40,169

5,200

Procure Net, Inc.

780

3,238

Progress Software Corp.

64,760

1,362

Project Software & Development, Inc.

41,541

2,160

Proxicom, Inc.

73,845

1,243

Proxim, Inc.

95,633

1,900

ProxyMed, Inc.

3,088

2,267

PubliCARD, Inc.

13,744

1,149

QRS Corp.

37,917

2,400

QuadraMed Corp.

9,375

2,243

REMEC, Inc.

85,094

3,766

RSA Security, Inc.

221,017

500

RWD Technologies, Inc.

4,000

1,050

RadiSys Corp.

43,444

1,608

Radiant Systems, Inc.

29,949

4,134

Rare Medium Group, Inc.

85,005

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

1,500

Razorfish, Inc.

28,406

4,900

Read-Rite Corp.

14,700

2,633

Remedy Corp.

139,878

3,915

S1 Corp.

212,633

7,935

S3, Inc.

111,586

3,002

SAGA Systems, Inc.

55,912

1,314

SCM Microsystems, Inc.

103,970

1,350

SERENA Software, Inc.

29,531

800

SPSS, Inc.

22,800

1,100

SS&C Technologies, Inc.

4,813

2,600

SVI Holdings, Inc.

23,888

1,400

Sagent Technology, Inc.

11,113

361

SalesLogix Corp.

5,280

1,300

Sanchez Computer Associates

25,188

5,106

Sandisk Corp.

467,837

1,900

Santa Cruz Operation, Inc.

11,519

2,541

Sawtek, Inc.

121,492

3,324

Semtech Corp.

226,655

3,500

Silicon Valley Group, Inc.

99,750

600

Siliconix, Inc.

49,763

1,900

Sipex Corp.

43,463

509

Siti-Sites.com, Inc.

334

1,955

SoftNet Systems, Inc.

29,325

1,400

Source Media, Inc.

11,200

2,633

SpeedFam-IPEC, Inc.

41,634

1,700

Sportsline USA, Inc.

32,619

1,772

Spyglass, Inc.

93,916

3,725

Structural Dynamics Research Corp.

49,822

400

Sunquest Information Systems, Inc.

4,550

800

Superior Consultant Holdings Corp.

11,350

8,500

Sybase, Inc.

171,594

2,300

Sykes Enterprises, Inc.

46,000

500

Syntel, Inc.

5,563

3,357

Systems & Computer Technology Corp.

79,099

1,800

THQ, Inc.

27,900

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

4,400

Technology Solutions Corp.

28,875

2,873

Tekelec, Inc.

100,555

4,611

Tektronix, Inc.

266,862

1,300

Telescan, Inc.

12,838

500

TenFold Corp.

12,781

1,590

Terayon Communication Systems, Inc.

147,870

600

TheStreet.com, Inc.

3,788

1,100

Theglobe.com, Inc.

3,919

400

Thermo Optek Corp.

5,875

600

Thermoquest Corp.

10,088

5,251

Titan Corp.

225,465

1,400

Towne Services, Inc.

2,013

4,026

TranSwitch Corp.

354,540

3,403

Transaction Systems Architects, Inc., Class A

55,511

2,200

Trimble Navigation Ltd.

60,775

3,085

Triquint Semiconductor, Inc.

317,177

1,200

Tut Systems, Inc.

57,600

4,463

Tyler Technologies, Inc.

23,989

4,500

UNOVA, Inc.

63,000

2,286

USinternetworking, Inc.

56,864

2,229

Ultratech Stepper, Inc.

33,296

500

Unigraphics Solutions, Inc.

13,438

3,226

Varian Semiconductor Equipment Associates, Inc.

216,949

3,252

Varian, Inc.

118,292

1,021

Veeco Instruments, Inc.

63,430

3,240

Verity, Inc.

105,098

7,425

VerticalNet, Inc.

400,950

2,582

Visual Networks, Inc.

100,698

3,300

WESCO International, Inc.

30,525

4,196

Wave Systems Corp.

80,511

2,300

Wavo Corp.

5,894

1,375

WebTrends Corp.

45,117

1,800

Westell Technologies, Inc., Class A

51,188

13,458

Western Digital Corp.

93,365

5,473

Wind River Systems, Inc.

233,629

Shares

Value

COMMON STOCKS--continued¹

Technology--continued

4,719

World Access, Inc.

74,324

1,100

WorldGate Communications, Inc.

25,919

2,768

Xircom, Inc.

109,163

ZAP.com Corp.

172

2,558

Zebra Technologies Corp., Class A

145,806

900

eFax.com, Inc.

1,969

4,472

eLoyalty Corp.

73,509

400

eShare Technologies, Inc.

2,850

1,724

iVillage, Inc.

17,348

TOTAL

29,511,986

Transportation--2.1%

800

AHL Services, Inc.

7,750

6,000

AirTran Holdings, Inc.

25,500

5,071

Airborne Freight Corp.

108,710

2,600

Alaska Air Group, Inc.

74,750

4,496

Alexander and Baldwin, Inc.

94,416

3,446

America West Holdings Corp., Class B

50,398

900

American Classic Voyages

18,056

2,300

American Freightways Corp.

42,838

300

Amtran, Inc.

4,950

2,000

Arnold Industries, Inc.

23,375

1,203

Atlantic Coast Airlines Holdings

35,940

1,472

Atlas Air, Inc.

51,428

4,293

C.H. Robinson Worldwide, Inc.

214,650

1,000

Carey International, Inc.

9,250

400

Cheap Tickets, Inc.

4,400

1,300

Circle International Group, Inc.

34,531

2,200

Consolidated Freightways Corp.

13,750

800

Covenant Transport, Inc., Class A

10,550

1,603

EGL, Inc.

36,769

3,236

Florida East Coast Industries, Inc.

159,171

1,500

Forward Air Corp.

51,563

2,100

Fritz Companies, Inc.

20,213

1,800

Frontier Airlines, Inc.

27,450

1,845

Heartland Express, Inc.

31,134

Shares

Value

COMMON STOCKS--continued¹

Transportation--continued

700

Hub Group, Inc.

8,400

2,226

Hunt (J.B.) Transportation Services, Inc.

36,729

3,453

Iron Mountain, Inc.

120,855

2,559

Kirby Corp.

52,939

700

Knight Transportation, Inc.

12,863

994

Landstar System, Inc.

56,907

1,000

M.S. Carriers, Inc.

23,750

3,000

Mesa Air Group, Inc.

19,500

1,250

Mesaba Holdings, Inc.

15,625

1,500

Midwest Express Holdings, Inc.

37,969

2,619

Overseas Shipholding Group, Inc.

68,585

1,400

RPC Energy Services, Inc.

14,175

1,325

Roadway Express, Inc.

31,138

4,925

Rollins Truck Leasing Corp.

48,942

2,200

SkyWest, Inc.

92,675

3,850

Swift Transportation Co.

77,241

6,200

Trans World Airlines, Inc.

12,788

1,300

Travelocity.com, Inc.

22,913

700

US Xpress Enterprises, Inc., Class A

5,863

2,761

USFreightways Corp.

128,732

3,205

Werner Enterprises, Inc.

60,094

4,481

Westinghouse Air Brake, Co.

50,691

5,400

Wisconsin Central Transportation Corp.

78,638

2,600

Yellow Corp.

49,563

TOTAL

2,279,117

Utilities--3.1%

5,934

AGL Resources, Inc.

103,845

934

American States Water Co.

28,137

3,250

Atmos Energy Corp.

51,594

3,800

Avista Corp.

112,338

2,226

Black Hills Corp.

51,059

1,758

CH Energy Group, Inc.

57,904

3,383

CMP Group, Inc.

97,896

900

CTG Resources, Inc.

34,706

1,200

California Water Service Group

27,975

Shares

Value

COMMON STOCKS--continued¹

Utilities--continued

1,200

Cascade Natural Gas Corp.

19,350

466

Citizens Utilities Co., Class B

7,480

2,349

Cleco Corp.

80,894

900

E'Town Corp.

58,669

2,817

Eastern Enterprises

171,485

6,197

El Paso Electric Co.

68,554

1,800

Empire Distribution Electric Co.

38,813

2,800

Energen Corp.

51,285

3,444

Equitable Resources, Inc.

159,716

3,359

Hawaiian Electric Industries, Inc.

124,283

3,921

Idacorp, Inc.

144,587

1,968

Laclede Gas Co.

38,622

5,944

MDU Resources Group, Inc.

129,654

1,700

Madison Gas & Electric Co.

30,813

1,329

NUI Corp.

35,551

1,858

New Jersey Resources Corp.

74,785

2,612

Northwest Natural Gas Co.

57,464

2,409

Northwestern Corp.

55,407

3,295

ONEOK, Inc.

83,199

2,487

Otter Tail Power Co.

64,662

3,711

Philadelphia Suburban Corp.

89,064

3,238

Piedmont Natural Gas, Inc.

91,474

3,754

Public Service Co. New Mexico

67,572

3,780

RGS Energy Group, Inc.

88,830

212

SJW Corp.

24,539

1,832

Semco Energy, Inc.

23,816

8,176

Sierra Pacific Resources

123,662

824

South Jersey Industries, Inc.

22,042

3,749

Southern Union Co.

64,436

3,203

Southwest Gas Corp.

61,057

2,700

Southwestern Energy Co.

22,950

3,309

UGI Corp.

67,628

3,372

UniSource Energy Corp.

54,795

1,500

United Illuminating Co.

69,000

2,901

United Water Resources, Inc.

100,810

Shares or
Principal
Amount

Value

COMMON STOCKS--continued¹

Utilities--continued

6,390

Vectren Corp.

128,599

2,800

WPS Resources Corp.

83,650

4,845

Washington Gas Light Co.

124,153

1,600

Western Gas Resources, Inc.

26,700

TOTAL

3,395,504

TOTAL COMMON STOCKS (IDENTIFIED COST $74,710,643)

96,191,647

PREFERRED STOCK--0.0%

Health Care--0.0%

Genesis Health Ventures, Inc. (identified cost $28,732)

SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.6%³

700,000

United States Treasury Bill, 6/22/2000 (identified cost $694,222)

694,687

REPURCHASE AGREEMENT--12.4%⁴

13,765,000

Salomon Brothers, Inc., 5.85%, dated 4/28/2000, due 5/1/2000 (at amortized cost)

13,765,000

TOTAL INVESTMENTS (IDENTIFIED COST $89,198,597)⁵

110,651,334

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 $14,761,000 at April 30, 2000, which represents 13.3% of net assets. Taking into consideration these open Index futures contracts, the Fund's effective total exposure to the Index is 99.7%.

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.

5 The cost of investments for federal tax purposes amounts to $89,198,597. The net unrealized appreciation of investments on a federal tax basis amounts to $21,452,737 which is comprised of $36,677,936 appreciation and $15,225,199 depreciation at April 30, 2000.

Note: The categories of investments are shown as a percentage of net assets ($111,297,056) at April 30, 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

Statement of Assets and Liabilities

APRIL 30, 2000 (UNAUDITED)

Assets:

Investments in repurchase agreements

13,765,000

Investments in securities

96,886,334

Total investments in securities, at value (identified and tax cost $89,198,597)

110,651,334

Cash

152,198

Income receivable

63,256

Receivable for investments sold

193,698

Receivable for shares sold

83,531

Receivable for daily variation margin

199,287

TOTAL ASSETS

111,343,304

Liabilities:

Payable for investments purchased

7,049

Payable for shares redeemed

15,482

Accrued expenses

23,717

TOTAL LIABILITIES

46,248

Net assets for 7,785,615 shares outstanding

111,297,056

Net Assets Consist of:

Paid-in capital

84,484,324

Net unrealized appreciation of investments and futures contracts

21,638,273

Accumulated net realized gain on investments and futures contracts

5,013,363

Undistributed net investment income

161,096

TOTAL NET ASSETS

111,297,056

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Shares:

Net Asset Value and Offering Price Per Share
($105,586,950 ÷ 7,384,402 shares outstanding)

$14.30

Redemption Proceeds Per Share

$14.30

Class C Shares:

Net Asset Value and Offering Price Per Share
($5,710,106 ÷ 401,213 shares outstanding)

$14.23

Redemption Proceeds Per Share (99.00/100 of $14.23)¹

$14.09

1 See "What Do Shares Cost?" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)

Investment Income:

Dividends (net of foreign taxes withheld of $392)

745,635

Interest

320,089

TOTAL INCOME

1,065,724

Expenses:

Management fee

277,300

Custodian fees

24,741

Transfer and dividend disbursing agent fees and expenses

62,561

Directors'/Trustees' fees

1,921

Auditing fees

6,103

Legal fees

976

Portfolio accounting fees

43,324

Distribution services fee--Class C Shares

19,069

Shareholder services fee--Institutional Shares

132,294

Shareholder services fee--Class C Shares

6,356

Share registration costs

19,072

Printing and postage

29,600

Insurance premiums

549

Taxes

Miscellaneous

6,103

TOTAL EXPENSES

630,058

Waiver:

Waiver of shareholder services fee--Institutional Shares

(68,793

)

Net expenses

561,265

Net investment income

504,459

Realized and Unrealized Gain on Investments and Futures Contracts:

Net realized gain on investments and futures contracts

6,230,263

Net change in unrealized appreciation of investments and futures contracts

11,674,912

Net realized and unrealized gain on investments and futures contracts

17,905,175

Change in net assets resulting from operations

18,409,634

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
April 30,
2000

Year
Ended
October 31,
1999

Increase (Decrease) in Net Assets

Operations:

Net investment income

504,459

863,552

Net realized gain on investments and futures contracts ($6,230,263 and $11,177,834, respectively, as computed for federal tax purposes)

6,230,263

10,152,390

Net change in unrealized appreciation of investments and futures contracts

11,674,912

3,230,965

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS

18,409,634

14,246,907

Distributions to Shareholders:

Distributions from net investment income

Institutional Shares

(343,363

)

(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

(449,823

)

(77,652

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS
TO SHAREHOLDERS

(11,505,853

)

(8,744,042

)

Share Transactions:

Proceeds from sale of shares

162,857,270

247,992,067

Net asset value of shares issued to shareholders in payment of distributions declared

7,471,443

5,642,185

Cost of shares redeemed

(167,421,903

)

(277,245,957

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

2,906,810

(23,611,705

)

Change in net assets

9,810,591

(18,108,840

)

Net Assets:

Beginning of period

101,486,465

119,595,305

End of period (including undistributed net investment income of $161,096 and $0, respectively)

111,297,056

101,486,465

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Shares

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

Six Months
Ended
(unaudited)
April 30,

Year Ended October 31,

2000

1999

1998

1997

1996

1995

Net Asset Value, Beginning
of Period

$13.63

$13.02

$16.68

$14.39

$13.33

$11.65

Income From
Investment Operations:

Net investment income

0.07

0.11

0.13

0.15

0.16

0.15

Net realized and unrealized gain (loss) on investments and futures contracts

2.15

1.43

(2.19

)

3.51

1.78

1.74

TOTAL FROM
INVESTMENT OPERATIONS

2.22

1.54

(2.06

)

3.66

1.94

1.89

Less Distributions:

Distributions from net investment income

(0.05

)

(0.11

)

(0.14

)

(0.14

)

(0.16

)

(0.14

)

Distributions from net realized gain on investments and futures contracts

(1.50

)

(0.82

)

(1.46

)

(1.23

)

(0.72

)

(0.07

)

TOTAL DISTRIBUTIONS

(1.55

)

(0.93

)

(1.60

)

(1.37

)

(0.88

)

(0.21

)

Net Asset Value, End of Period

$14.30

$13.63

$13.02

$16.68

$14.39

$13.33

Total Return¹

17.27

12.43

(13.46

27.54

15.09

16.44

Ratios to Average Net Assets:

Expenses

0.97

%³

0.93

0.82

0.76

0.74

0.75

Net investment income

0.95

%³

0.79

0.80

0.96

1.14

1.23

Expense waiver/reimbursement²

0.13

%³

0.13

0.18

0.23

0.05

Supplemental Data:

Net assets, end of period (000 omitted)

$105,587

$97,235

$118,494

$150,470

$144,690

$132,399

Portfolio turnover

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.

3 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

Financial Highlights--Class C Shares

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

Six Months
Ended
(unaudited)
April 30,

Period Ended October 31,

2000

1999

1998

Net Asset Value, Beginning of Period

$13.59

$13.00

$16.75

Income From Investment Operations:

Net investment income²

0.00

Net realized and unrealized gain (loss) on investments and futures contracts

2.14

1.42

(2.25

)

TOTAL FROM INVESTMENT OPERATIONS

2.14

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

$14.23

$13.59

$13.00

Total Return³

16.71

11.44

(14.47

Ratios to Average Net Assets:

Expenses

1.85

%⁴

1.81

1.72

%⁴

Net investment income (net operating loss)

0.03

%⁴

(0.09

0.00

%⁴

Supplemental Data:

Net assets, end of period (000 omitted)

$5,710

$4,252

$1,101

Portfolio turnover

1 Reflects operations for the period from November 10, 1997 (date of initial public investment) to October 31, 1998.

2 Amount of investment income per share does not round to $0.01.

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

Notes to Financial Statements

APRIL 30, 2000 (UNAUDITED)

ORGANIZATION

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.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

Investment Income, Expenses and Distributions

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.

Federal Taxes

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. Witholding taxes on foreign interest and dividends have been provided for in accordance with the applicable country's tax rules and rates.

When-Issued and Delayed Delivery Transactions

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.

Futures Contracts

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 six-month period ended April 30, 2000, the Fund had realized gains on future contracts of $1,952,096. 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 April 30, 2000, the Fund had outstanding futures contracts as set forth below:

Expiration
Date

Contracts to
Receive

Position

Unrealized
Appreciation

June 2000

58 Russell 2000
Index Futures

Long

$185,536

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

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:

Six Months Ended
April 30, 2000

Year Ended
October 31, 1999

Institutional Shares:

Shares

Amount

Shares

Amount

Shares sold

10,945,405

160,228,232

17,708,794

240,783,432

Shares issued to shareholders in payment of distributions declared

534,132

7,047,792

436,951

5,570,929

Shares redeemed

(11,230,568

)

(165,666,480

)

(20,110,830

)

(273,043,177

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

248,969

1,609,544

(1,965,085

)

(26,688,816

)

Six Months Ended
April 30, 2000

Year Ended
October 31, 1999

Class C Shares:

Shares

Amount

Shares

Amount

Shares sold

177,316

2,629,038

536,474

7,208,635

Shares issued to shareholders in payment of distributions declared

32,340

423,651

5,613

71,256

Shares redeemed

(121,335

)

(1,755,423

)

(313,903

)

(4,202,780

)

NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS

88,321

1,297,266

228,184

3,077,111

NET CHANGE RESULTING FROM
SHARE TRANSACTIONS

337,290

2,906,810

(1,736,901

)

(23,611,705

)

MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual 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.

Distribution Services Fee

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.

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

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.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the six-month period ended April 30, 2000, were as follows:

Purchases	$	4,287,727

Sales	$	10,378,685

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

GLEN R. JOHNSON

President

J. CHRISTOPHER DONAHUE

Executive Vice President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

AMANDA J. REED

Assistant Secretary

Federated
World-Class Investment Manager

SEMI-ANNUAL REPORT

Federated Mini-Cap Fund

SEMI-ANNUAL REPORT TO SHAREHOLDERS

APRIL 30, 2000

Federated
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

Cusip 31420E304
Cusip 31420E601

3052012 (6/00)

SEMI-ANNUAL REPORT

President's Message

Dear Shareholder:

I am pleased to present the Semi-Annual Report for Federated Max-Cap Fund, a portfolio of Federated Index Trust, which covers the six-month period from November 1, 1999 through April 30, 2000. The report begins with an investment review, followed by the fund's portfolio and its financial statements.

Federated Max-Cap Fund gives you a highly efficient way to pursue the broad performance of the U.S. stock market. The fund is managed passively to closely mirror the Standard & Poor's 500 Index (S&P 500), a classic benchmark of overall stock market performance that includes 500 stocks in industry, transportation, finance and public utilities. Stocks in the fund's portfolio are generally weighted in the same proportions as stocks in the S&P 500.¹

During the six-month reporting period, the fund produced a positive total return of 6.81% for Institutional Shares, 6.64% for Institutional Service Shares and 6.26% for Class C Shares.² Institutional Shares paid dividend income distributions totaling $0.14 per share and capital gains distributions totaling $0.25 per share, while net asset value increased by $1.51. Institutional Service Shares paid dividend income distributions totaling $0.10 per share and capital gains distributions totaling $0.25 per share, while net asset value increased by $1.50. Class C Shares paid dividend income distributions totaling $0.01 per share and capital gains distributions totaling $0.25 per share, while net asset value increased by $1.48. The fund's net assets reached $3.1 billion on the last day of the reporting period.

Thank you for investing your money in the broad long-term growth potential of stocks through the diversification and professional management of Federated Max-Cap Fund. As always, we invite your comments and suggestions.

Sincerely,

Glen R. Johnson

Glen R. Johnson
President
June 15, 2000

1 Federated Max-Cap Fund seeks investment results that correspond to the aggregate price and total return performance of the Standard & Poor's Composite Stock Price Index. "Standard & Poor's," "S&P," "S&P 500," Standard & Poor's 500," and "500" are trademarks of Standard & Poor's Ratings Group (S&P) and have been licensed for use by Federated Securities Corp. The fund is neither affiliated with nor promoted, sponsored, sold, or endorsed by S&P. Its only relationship to the fund is the licensing of the use of the index. This index is unmanaged. Investments cannot be made in an index.

Investment Review

The total returns for the fund's Institutional, Institutional Service, and Class C Shares for the six months ended April 30, 2000 were 6.81%, 6.64% and 6.26%, respectively.¹ The fund's target index, the Standard & Poor's 500 Composite Stock Price Index (the "Index"), had a total return of 7.19% during the reporting 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 six months, electronic instruments, oil and gas drilling and electronic semi-conductors were among the strongest performing sectors, while life insurance, hotel-motel and containers were among the worst performing sectors in the Index.

Shareholder Meeting Results

A Special Meeting of Shareholders of Max-Cap Fund (the "Fund"), a portfolio of Federated Index Trust (the "Trust"), was held on November 17, 1999. On September 20, 1999, the record date for shareholders voting at the meeting, there were 99,070,625 total outstanding shares of the Fund. The following items were approved by shareholders of the Fund and the results of their voting were as follows:

AGENDA ITEM 1

To elect four Trustees:¹

	For	Withheld Authority to Vote
Nicholas P. Constantakis	66,872,722	371,212
John F. Cunningham	66,837,788	406,146
Charles F. Mansfield, Jr.	66,836,957	406,977
John S. Walsh	66,869,421	374,513

AGENDA ITEM 2

To amend the Fund's fundamental investment policy regarding diversification.

For		Against		Abstentions		Broker Non-Vote
57,424,333		485,216		453,789		8,012,860

AGENDA ITEM 3

To amend the Fund's fundamental investment policy regarding borrowing money and issuing senior securities.

For		Against		Abstentions		Broker Non-Vote
57,424,333		1,343,999		462,741		8,012,861

AGENDA ITEM 4

To amend the Fund's fundamental investment policy regarding investments in real estate.

For		Against		Abstentions		Broker Non-Vote
58,036,405		710,891		483,777		8,012,861

AGENDA ITEM 5

To amend the Fund's fundamental investment policy regarding investments in commodities.

For		Against		Abstentions		Broker Non-Vote
57,921,987		843,225		465,862		8,012,860

AGENDA ITEM 6

To amend the Fund's fundamental investment policy regarding underwriting securities.

For		Against		Abstentions		Broker Non-Vote
58,068,216		696,196		466,661		8,012,861

AGENDA ITEM 7

To amend the Fund's fundamental investment policy regarding lending by the Fund.

For		Against		Abstentions		Broker Non-Vote
57,195,339		1,564,149		471,585		8,012,861

AGENDA ITEM 8

To amend the Fund's fundamental investment policy regarding concentration of the Fund's investments in the securities of companies in the same industry.

For		Against		Abstentions		Broker Non-Vote
57,944,703		814,092		472,278		8,012,861

AGENDA ITEM 9

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding buying securities on margin.

For		Against		Abstentions		Broker Non-Vote
57,123,463		1,639,362		468,249		8,012,860

AGENDA ITEM 10

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding pledging assets.

For		Against		Abstentions		Broker Non-Vote
57,140,152		1,620,841		470,080		8,012,861

AGENDA ITEM 11

To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding investing in restricted securities.

For		Against		Abstentions		Broker Non-Vote
57,105,120		1,650,298		475,655		8,012,861

AGENDA ITEM 12

To eliminate the Fund's fundamental investment policy on selling securities short.

For		Against		Abstentions		Broker Non-Vote
57,069,699		1,694,066		467,308		8,012,861

AGENDA ITEM 13

To eliminate the Fund's fundamental investment policy on investing in issuers whose securities are owned by officers and Trustees.

For		Against		Abstentions		Broker Non-Vote
56,897,425		1,856,535		477,113		8,012,861

AGENDA ITEM 14

To require the approval of a majority of the outstanding voting securities of the Trust in the event of the sale or conveyance of the assets of the Trust to another trust or corporation.

For		Against		Abstentions		Broker Non-Vote
57,553,779		1,268,188		408,106		8,012,861

AGENDA ITEM 15

For		Against		Abstentions		Broker Non-Vote
55,141,352		3,647,999		441,722		8,012,861

Portfolio of Investments

APRIL 30, 2000 (UNAUDITED)

Shares				Value
			COMMON STOCKS-93.8%¹
			Basic Materials--2.1%
	54,000		Air Products & Chemicals, Inc.	$	1,677,375
	51,600		Alcan Aluminum, Ltd.		1,689,900
	86,600		Alcoa, Inc.		5,618,175
	21,996		Allegheny Technologies Inc.		532,032
	142,851		Archer-Daniels-Midland Co.		1,419,582
	92,800		Barrick Gold Corp.		1,560,200
	12,300		Bemis Co., Inc.		452,794
	31,900	²	Bethlehem Steel Corp.		171,463
	13,400		Boise Cascade Corp.		436,338
	22,600		Champion International Corp.		1,485,950
	51,600		Dow Chemical Co.		5,830,800
	245,781		Du Pont (E.I.) de Nemours & Co.		11,659,255
	18,425		Eastman Chemical Co.		963,858
	30,480		Ecolab, Inc.		1,190,625
	29,562		Engelhard Corp.		519,183
	7,200	²	FMC Corp.		418,950
	38,500		Freeport-McMoRan Copper & Gold, Inc., Class B		370,563
	40,200		Georgia-Pacific Corp.		1,477,350
	16,900	²	Grace (W.R.) & Co.		219,700
	13,500		Great Lakes Chemical Corp.		363,656
	24,700		Hercules, Inc.		384,394
	61,200		Homestake Mining Co.		367,200
	44,400		Inco Ltd.		693,750
	24,700		International Flavors & Fragrances, Inc.		850,606
	97,445		International Paper Co.		3,581,104
	25,000		Louisiana-Pacific Corp.		334,375
	24,200		Mead Corp.		842,463
	39,457		Newmont Mining Corp.		924,773
	20,500		Nucor Corp.		881,500
	40,900		PPG Industries, Inc.		2,223,938
	40,300	²	Pactiv Corp.		329,956
	19,007		Phelps Dodge Corp.		879,074
Shares				Value
			COMMON STOCKS-continued¹
			Basic Materials--continued
	76,600		Placer Dome, Inc.	$	622,375
	6,800		Potlatch Corp.		268,175
	37,400		Praxair, Inc.		1,661,963
	14,900		Reynolds Metals Co.		990,850
	51,473		Rohm & Haas Co.		1,833,726
	23,700		Sigma-Aldrich Corp.		696,188
	13,100		Temple-Inland, Inc.		656,638
	20,820		USX-U.S. Steel Group, Inc.		521,801
	31,500		Union Carbide Corp.		1,858,500
	23,500		Vulcan Materials Co.		1,029,594
	23,550		Westvaco Corp.		727,106
	55,300		Weyerhaeuser Co.		2,955,094
	26,200		Willamette Industries, Inc.		1,000,513
	20,950		Worthington Industries, Inc.		259,256

			TOTAL		65,432,661

			Capital Goods--8.1%
	45,800	²	Allied Waste Industries, Inc.		280,525
	26,500		Avery Dennison Corp.		1,739,063
	7,100		Ball Corp.		223,650
	204,408		Boeing Co.		8,112,443
	5,400		Briggs & Stratton Corp.		207,225
	83,700		Caterpillar, Inc.		3,300,919
	22,200		Cooper Industries, Inc.		761,738
	64,900		Corning, Inc.		12,817,750
	15,475		Crane Co.		415,891
	30,000		Crown Cork & Seal Co., Inc.		487,500
	9,700		Cummins Engine Co., Inc.		344,956
	33,500		Danaher Corp.		1,913,688
	55,100		Deere & Co.		2,224,663
	47,900		Dover Corp.		2,433,919
	17,300		Eaton Corp.		1,453,200
	101,400		Emerson Electric Co.		5,564,325
	17,900		Fluor Corp.		600,769
	47,240		General Dynamics Corp.		2,763,540
	772,000		General Electric Co.		121,397,000
Shares				Value
			COMMON STOCKS-continued¹
			Capital Goods--continued
	25,900		Goodrich (B.F.) Co.	$	825,563
	186,287		Honeywell International, Inc.		10,432,072
	20,700		ITT Industries, Inc.		653,344
	70,700		Illinois Tool Works, Inc.		4,529,219
	38,500		Ingersoll-Rand Co.		1,807,094
	20,100		Johnson Controls, Inc.		1,272,581
	93,176		Lockheed Martin Corp.		2,317,753
	14,500		McDermott International, Inc.		117,813
	8,700		Milacron, Inc.		158,775
	10,800		Millipore Corp.		774,225
	93,900		Minnesota Mining & Manufacturing Co.		8,122,350
	46,125		Molex, Inc.		2,533,992
	2,048		NACCO Industries, Inc., Class A		91,904
	9,600		National Service Industries, Inc.		206,400
	14,870	²	Navistar International Corp.		520,450
	16,400		Northrop Grumman, Corp.		1,162,350
	35,300	²	Owens-Illinois, Inc.		476,550
	18,380		PACCAR, Inc.		874,199
	29,133		Pall Corp.		650,030
	26,600		Parker-Hannifin Corp.		1,236,900
	62,400		Pitney Bowes, Inc.		2,550,600
	44,700		Rockwell International Corp.		1,760,063
	19,700	²	Sealed Air Corp.		1,095,813
	139,400	²	Solectron Corp.		6,525,663
	35,000		Textron, Inc.		2,167,813
	37,200	²	Thermo Electron Corp.		720,750
	14,000		Thomas & Betts Corp.		431,375
	15,200		Timken Co.		281,200
	397,868		Tyco International Ltd.		18,277,061
	111,800		United Technologies Corp.		6,952,563
	145,828		Waste Management, Inc.		2,315,020

			TOTAL		248,884,249

			Communication Services--7.5%
	751,872		AT&T Corp.		35,103,024
	73,900		Alltel Corp.		4,923,588
Shares				Value
			COMMON STOCKS-continued¹
			Communication Services--continued
	365,384		Bell Atlantic Corp.	$	21,649,002
	442,900		BellSouth Corp.		21,563,694
	32,900		CenturyTel, Inc.		806,050
	218,000		Comcast Corp., Class A		8,733,625
	228,700		GTE Corp.		15,494,425
	178,520	²	Global Crossing Ltd.		5,623,380
	667,846	²	MCI Worldcom, Inc.		30,345,230
	144,000	²	MediaOne Group, Inc.		10,890,000
	85,700	²	NEXTEL Communications, Inc., Class A		9,378,794
	802,626		SBC Communications, Inc.		35,165,052
	205,000		Sprint Corp.		12,607,500
	202,800	²	Sprint PCS Group		11,154,000
	118,855		U.S. West, Inc.		8,460,990

			TOTAL		231,898,354

			Consumer Cyclicals--7.8%
	15,200		American Greetings Corp., Class A		275,500
	9,800		Armstrong World Industries, Inc.		191,713
	32,500	²	AutoZone, Inc.		745,469
	33,000	²	Bed Bath & Beyond, Inc.		1,210,688
	48,100	²	Best Buy Co., Inc.		3,884,075
	20,400		Black & Decker Corp.		858,075
	23,100		Block (H&R), Inc.		965,869
	21,600		Brunswick Corp.		414,450
	145,130		Carnival Corp., Class A		3,610,109
	166,107	²	Cendant Corp.		2,564,277
	14,000		Centex Corp.		337,750
	47,800		Circuit City Stores, Inc.		2,811,238
	26,100	²	Consolidated Stores Corp.		324,619
	18,500		Cooper Tire & Rubber Co.		249,750
	104,600	²	Costco Wholesale Corp.		5,654,938
	38,745		Dana Corp.		1,176,879
	132,905		Delphi Auto Systems Corp.		2,541,808
	24,700		Dillards, Inc., Class A		344,256
	62,162		Dollar General Corp.		1,421,956
	21,100		Dow Jones & Co.		1,368,863
Shares				Value
			COMMON STOCKS-continued¹
			Consumer Cyclicals--continued
	37,900		Dun & Bradstreet Corp.	$	1,141,738
	49,400	²	Federated Department Stores, Inc.		1,679,600
	284,200		Ford Motor Co.		15,542,188
	65,600		Gannett Co., Inc.		4,190,200
	200,175		Gap (The), Inc.		7,356,431
	150,600		General Motors Corp.		14,099,925
	41,850		Genuine Parts Co.		1,098,563
	36,800		Goodyear Tire & Rubber Co.		1,016,600
	16,700		Harcourt General, Inc.		624,163
	71,200		Harley Davidson, Inc.		2,834,650
	30,250	²	Harrah's Entertainment, Inc.		622,016
	41,600		Hasbro, Inc.		663,000
	86,800		Hilton Hotels Corp.		737,800
	541,750		Home Depot, Inc.		30,371,861
	72,500		IMS Health, Inc.		1,237,031
	66,000		Interpublic Group Cos., Inc.		2,706,000
	7,852		Jostens, Inc.		193,846
	114,600	²	K Mart Corp.		931,125
	11,200		Kaufman & Broad Homes Corp.		215,600
	19,700		Knight-Ridder, Inc.		966,531
	76,800	²	Kohl's Corp.		3,686,400
	46,200		Leggett and Platt, Inc.		987,525
	50,590		Limited, Inc.		2,286,036
	13,900		Liz Claiborne, Inc.		643,744
	90,000		Lowe's Cos., Inc.		4,455,000
	58,500		Marriott International, Inc., Class A		1,872,000
	105,200		Masco Corp.		2,360,425
	99,025		Mattel, Inc.		1,213,056
	78,200		May Department Stores Co.		2,150,500
	19,900		Maytag Corp.		685,306
	46,100		McGraw-Hill Cos., Inc.		2,420,250
	12,100		Meredith Corp.		336,531
	45,500	²	Mirage Resorts, Inc.		927,063
	40,300		New York Times Co., Class A		1,659,856
	64,900		Nike, Inc., Class B		2,819,094
Shares				Value
			COMMON STOCKS-continued¹
			Consumer Cyclicals--continued
	31,700		Nordstrom, Inc.	$	881,656
	77,500	²	Office Depot, Inc.		818,594
	41,800		Omnicom Group, Inc.		3,806,413
	13,300		Owens Corning		241,894
	61,300		Penney (J.C.) Co., Inc.		846,706
	10,600		Pulte Corp.		227,900
	13,800	²	Reebok International Ltd.		234,600
	7,800		Russell Corp.		153,075
	88,900		Sears, Roebuck & Co.		3,255,963
	39,000		Sherwin-Williams Co.		970,125
	13,800		Snap-On Tools Corp.		364,838
	4,500		Springs Industries, Inc., Class A		184,781
	21,000		Stanley Works		619,500
	110,500	²	Staples, Inc.		2,106,406
	73,000		TJX Cos., Inc.		1,400,688
	28,600		TRW, Inc.		1,673,100
	45,460		Tandy Corp.		2,591,220
	103,100		Target Corp.		6,862,594
	14,100		Times Mirror Co., Class A		1,375,631
	56,500	²	Toys `R' Us, Inc.		861,625
	55,900		Tribune Co.		2,173,113
	27,800		V.F. Corp.		785,350
	1,047,900		Wal-Mart Stores, Inc.		58,027,463
	17,500		Whirlpool Corp.		1,139,688
	16,400		Young & Rubicam, Inc.		913,275

			TOTAL		240,200,134

			Consumer Staples--8.9%
	13,100		Alberto-Culver Co., Class B		309,488
	99,661		Albertsons, Inc.		3,245,211
	109,500		Anheuser-Busch Cos., Inc.		7,726,594
	57,000		Avon Products, Inc.		2,365,500
	65,600		BestFoods		3,296,400
	16,100		Brown-Forman Corp., Class B		878,456
	179,408		CBS Corp.		10,540,220
	92,200		CVS Corp.		4,010,700
Shares				Value
			COMMON STOCKS-continued¹
			Consumer Staples--continued
	100,300		Campbell Soup Co.	$	2,607,800
	66,150		Cardinal Health, Inc.		3,642,384
	79,600	²	Clear Channel Communications, Inc.		5,731,200
	55,600		Clorox Co.		2,043,300
	581,200		Coca-Cola Co.		27,352,725
	100,100		Coca-Cola Enterprises, Inc.		2,133,381
	137,100		Colgate-Palmolive Co.		7,831,838
	115,900		ConAgra, Inc.		2,187,613
	8,700		Coors Adolph Co., Class B		443,700
	30,200		Darden Restaurants, Inc.		556,813
	17,300		Deluxe Corp.		435,744
	487,000		Disney (Walt) Co.		21,093,188
	29,800		Donnelley (R.R.) & Sons Co.		633,250
	50,900		Fort James Corp.		1,218,419
	38,600		Fortune Brands, Inc.		965,000
	70,900		General Mills, Inc.		2,578,988
	252,400		Gillette Co.		9,338,800
	9,400		Great Atlantic & Pacific Tea Co., Inc.		172,138
	83,400		Heinz (H.J.) Co.		2,835,600
	32,600		Hershey Foods Corp.		1,479,225
	95,400		Kellogg Co.		2,331,338
	130,748		Kimberly-Clark Corp.		7,591,556
	196,300	²	Kroger Co., Inc.		3,643,819
	9,600		Longs Drug Stores Corp.		223,200
	318,600		McDonald's Corp.		12,146,625
	66,326		McKesson HBOC, Inc.		1,119,251
	76,700		Nabisco Group Holdings Corp.		987,513
	66,344		Newell Rubbermaid, Inc.		1,671,040
	342,500		PepsiCo, Inc.		12,565,469
	556,700		Philip Morris Cos., Inc.		12,177,813
	309,600		Procter & Gamble Co.		18,459,900
	31,500		Quaker Oats Co.		2,053,406
	71,000		Ralston Purina Co.		1,255,813
	60,900		Rite Aid Corp.		304,500
	119,700	²	Safeway, Inc.		5,281,763
Shares				Value
			COMMON STOCKS-continued¹
			Consumer Staples--continued
	213,800		Sara Lee Corp.	$	3,207,000
	102,000		Seagram Co. Ltd.		5,508,000
	32,800		SUPERVALU, Inc.		678,550
	77,600		Sysco Corp.		2,919,700
	302,680		Time Warner, Inc.		27,222,283
	35,530	²	Tricon Global Restaurants, Inc.		1,212,461
	13,600		Tupperware Corp.		256,700
	40,300		UST, Inc.		604,500
	134,472		Unilever N.V., ADR		6,126,898
	164,036	²	Viacom, Inc., Class B		8,919,458
	236,800		Walgreen Co.		6,660,000
	28,100		Wendy's International, Inc.		628,738
	34,400		Winn-Dixie Stores, Inc.		569,750
	27,200		Wrigley (Wm.), Jr. Co.		1,968,600

			TOTAL		275,949,319

			Energy--5.1%
	48,600	²	AES Corp.		4,370,963
	21,300		Amerada-Hess Corp.		1,355,213
	29,500		Anadarko Petroleum Corp.		1,281,406
	26,800		Apache Corp.		1,298,125
	16,700		Ashland, Inc.		569,888
	77,490		Baker Hughes, Inc.		2,465,151
	51,165		Burlington Resources, Inc.		2,011,424
	27,200		CMS Energy Corp.		516,800
	154,400		Chevron Corp.		13,143,300
	147,379		Conoco, Inc., Class B		3,666,053
	812,579		Exxon Mobil Corp.		63,127,231
	103,900		Halliburton Co.		4,591,081
	22,476		Kerr-McGee Corp.		1,163,133
	86,500		Occidental Petroleum Corp.		1,854,344
	59,600		Phillips Petroleum Co.		2,827,275
	20,500	²	Rowan Companies, Inc.		572,719
	504,500		Royal Dutch Petroleum Co., ADR		28,945,688
	129,400		Schlumberger Ltd.		9,907,188
	21,237		Sunoco, Inc.		643,747
Shares				Value
			COMMON STOCKS-continued¹
			Energy--continued
	130,100		Texaco, Inc.	$	6,439,950
	33,900		Tosco Corp.		1,086,919
	49,177		Transocean Sedco Forex, Inc.		2,311,296
	73,100		USX Marathon Group		1,704,144
	59,294		Union Pacific Resources Group, Inc.		1,137,704
	57,000		Unocal Corp.		1,841,813

			TOTAL		158,832,555

			Financials--12.0%
	60,375		AON Corp.		1,633,898
	33,655		Aetna, Inc.		1,947,783
	62,600		Aflac, Inc.		3,055,663
	189,510		Allstate Corp.		4,477,174
	105,300		American Express Co.		15,801,581
	58,130		American General Corp.		3,255,280
	364,316		American International Group, Inc.		39,960,911
	92,000		Amsouth Bancorporation		1,339,750
	171,332		Associates First Capital Corp., Class A		3,801,429
	81,700		BB&T Corp.		2,175,263
	269,886		Bank One Corporation		8,231,514
	401,692		Bank of America Corp.		19,682,908
	173,300		Bank of New York Co., Inc.		7,116,131
	26,656		Bear Stearns Cos., Inc.		1,142,887
	39,700		CIGNA Corp.		3,166,075
	46,400		Capital One Financial Corp.		2,030,000
	194,040		Chase Manhattan Corp.		13,983,008
	41,400		Chubb Corp.		2,634,075
	38,600		Cincinnati Financial Corp.		1,556,063
	793,275		Citigroup, Inc.		47,150,283
	36,750		Comerica, Inc.		1,557,281
	76,961		Conseco, Inc.		418,475
	26,700		Countrywide Credit Industries, Inc.		737,588
	241,200		Fannie Mae		14,547,375
	163,600		Federal Home Loan Mortgage Corp.		7,515,375
	72,600		Fifth Third Bancorp		4,582,875
	232,398		First Union Corp.		7,407,686
Shares				Value
			COMMON STOCKS-continued¹
			Financials--continued
	230,667		Firstar Corp.	$	5,737,842
	215,391		Fleet Boston Financial Corp.		7,632,923
	58,500		Franklin Resources, Inc.		1,886,625
	38,000		Golden West Financial Corp.		1,296,750
	52,100		Hartford Financial Services Group, Inc.		2,718,969
	110,659		Household International, Inc.		4,620,013
	53,860		Huntington Bancshares, Inc.		982,945
	40,700		J.P. Morgan & Co., Inc.		5,224,863
	24,637		Jefferson-Pilot Corp.		1,639,900
	105,200		KeyCorp		1,946,200
	28,200		Lehman Brothers Holdings, Inc.		2,314,163
	46,000		Lincoln National Corp.		1,601,375
	25,000		Loews Corp.		1,378,125
	23,400		MBIA Inc.		1,156,838
	188,627		MBNA Corp.		5,010,405
	24,900		MGIC Investment Corp.		1,190,531
	62,800		Marsh & McLennan Cos., Inc.		6,189,725
	119,700		Mellon Financial Corp.		3,845,363
	87,200		Merrill Lynch & Co., Inc.		8,888,950
	267,914		Morgan Stanley, Dean Witter & Co.		20,562,400
	145,100		National City Corp.		2,466,700
	28,800		Old Kent Financial Corp.		867,600
	69,200		PNC Bank Corp.		3,018,850
	33,600		PaineWebber Group, Inc.		1,474,200
	17,200		Progressive Corp., Ohio		1,125,525
	33,400		Providian Financial Corp.		2,941,288
	51,400		Regions Financial Corp.		1,050,488
	30,600		SAFECO Corp.		677,025
	37,400		SLM Holding Corp.		1,171,088
	192,950		Schwab (Charles) Corp.		8,586,275
	39,500		SouthTrust Corp.		943,063
	53,452		St. Paul Cos., Inc.		1,904,228
	37,600		State Street Corp.		3,642,500
	41,100		Summit Bancorp		1,042,913
	75,300		SunTrust Banks, Inc.		3,821,475
Shares				Value
			COMMON STOCKS-continued¹
			Financials--continued
	65,650		Synovus Financial Corp.	$	1,218,628
	28,200		T. Rowe Price Associates		1,075,125
	30,900		Torchmark Corp.		774,431
	177,265		U.S. Bancorp, Inc.		3,600,695
	56,514		UNUMProvident Corp.		960,738
	33,200		Union Planters Corp.		939,975
	47,700		Wachovia Corp.		2,990,194
	135,876		Washington Mutual, Inc.		3,473,330
	388,460		Wells Fargo Co.		15,951,139

			TOTAL		372,450,709

			Health Care--9.4%
	361,700		Abbott Laboratories		13,902,844
	30,900		Allergan, Inc.		1,819,238
	24,000	²	Alza Corp.		1,057,500
	307,200		American Home Products Corp.		17,260,800
	240,400	²	Amgen, Inc.		13,462,400
	12,000		Bard (C.R.), Inc.		522,750
	13,600		Bausch & Lomb, Inc.		821,100
	68,500		Baxter International, Inc.		4,461,063
	59,200		Becton, Dickinson & Co.		1,517,000
	35,400	²	Biogen, Inc.		2,081,963
	26,600		Biomet, Inc.		949,288
	97,600	²	Boston Scientific Corp.		2,586,400
	466,700		Bristol-Myers Squibb Co.		24,472,581
	132,507		Columbia/HCA Healthcare Corp.		3,768,168
	72,300		Guidant Corp.		4,148,213
	90,900	²	HEALTHSOUTH, Corp.		732,881
	39,400	²	Humana, Inc.		302,888
	327,400		Johnson & Johnson		27,010,500
	256,600		Lilly (Eli) & Co.		19,838,388
	16,100		Mallinckrodt, Inc.		432,688
	24,250	²	Manor Care, Inc.		289,484
	281,000		Medtronic, Inc.		14,594,438
	550,000		Merck & Co., Inc.		38,225,000
	910,900		Pfizer, Inc.		38,371,663
Shares				Value
			COMMON STOCKS-continued¹
			Health Care--continued
	294,426		Pharmacia Corp.	$	14,702,898
	27,000	²	Quintiles Transnational Corp.		386,438
	345,700		Schering Plough Corp.		13,936,031
	19,841	²	St. Jude Medical, Inc.		618,791
	73,400	²	Tenet Healthcare Corp.		1,871,700
	39,900		United Healthcare Corp.		2,660,831
	202,000		Warner-Lambert Co.		22,990,125
	22,600	²	Watson Pharmaceuticals, Inc.		1,015,588
	15,000	²	Wellpoint Health Networks, Inc.		1,106,250

			TOTAL		291,917,890

			Technology--30.0%
	80,500	²	3Com Corp.		3,174,719
	70,700	²	ADC Telecommunications, Inc.		4,295,025
	24,500	²	Adaptec, Inc.		661,500
	27,900		Adobe Systems, Inc.		3,374,156
	34,600	²	Advanced Micro Devices, Inc.		3,036,150
	47,000	²	Altera Corp.		4,805,750
	536,900	²	America Online, Inc.		32,113,331
	82,300	²	Analog Devices, Inc.		6,321,669
	18,962	²	Andrew Corp.		558,194
	38,000	²	Apple Computer, Inc.		4,714,375
	180,100	²	Applied Materials, Inc.		18,336,431
	14,600		Autodesk, Inc.		560,275
	148,300		Automatic Data Processing, Inc.		7,980,394
	57,500	²	BMC Software, Inc.		2,691,719
	42,900	²	Cabletron Systems, Inc.		981,338
	34,000	²	Ceridian Corp.		737,375
	1,610,000	²	Cisco Systems, Inc.		111,618,281
	42,200	²	Citrix Systems, Inc.		2,576,838
	398,561		Compaq Computer Corp.		11,657,909
	137,662		Computer Associates International, Inc.		7,683,260
	39,400	²	Computer Sciences Corp.		3,213,563
	84,800	²	Compuware Corp.		1,065,300
	36,000	²	Comverse Technology, Inc.		3,210,750
	50,500	²	Conexant Systems, Inc.		3,023,688
Shares				Value
			COMMON STOCKS-continued¹
			Technology--continued
	603,600	²	Dell Computer Corp.	$	30,255,450
	239,387	²	EMC Corp.		33,259,831
	74,300		Eastman Kodak Co.		4,156,156
	110,800		Electronic Data Systems Corp.		7,617,500
	33,300		Equifax, Inc.		813,769
	98,600		First Data Corp.,		4,800,588
	74,500	²	Gateway, Inc.		4,116,125
	22,000		Grainger (W.W.), Inc.		954,250
	236,500		Hewlett-Packard Co.		31,927,500
	36,200		Ikon Office Solutions, Inc.		212,675
	786,100		Intel Corp.		99,687,306
	424,100		International Business Machines Corp.		47,340,163
	43,200	²	KLA-Tencor Corp.		3,234,600
	70,000	²	LSI Logic Corp.		4,375,000
	30,100	²	Lexmark Intl. Group, Class A		3,551,800
	72,800		Linear Technology Corp.		4,158,700
	750,028		Lucent Technologies, Inc.		46,642,366
	63,600		Micron Technology, Inc.		8,856,300
	1,224,600	²	Microsoft Corp.		85,415,850
	166,845		Motorola, Inc.		19,864,983
	22,700	²	NCR Corp.		876,788
	40,400	²	National Semiconductor Corp.		2,454,300
	71,600	²	Network Appliance, Inc.		5,293,925
	339,720		Nortel Networks Corp.		38,473,290
	76,800	²	Novell, Inc.		1,507,200
	663,924	²	Oracle Corp.		53,072,425
	48,500		PE Corp.-PE Biosystems Group		2,910,000
	64,700	²	Parametric Technology Corp.		527,709
	58,150		Paychex, Inc.		3,060,144
	63,200	²	Peoplesoft, Inc.		880,850
	10,900		PE Corp.		596,775
	10,700		Polaroid Corp.		216,006
	173,300	²	Qualcomm, Inc.		18,792,219
	79,600		Raytheon Co., Class B		1,766,125
	30,499	²	Sabre Group Holdings, Inc.		1,065,559
Shares				Value
			COMMON STOCKS-continued¹
			Technology--continued
	37,200		Scientific-Atlanta, Inc.	$	2,420,325
	50,900	²	Seagate Technology, Inc.		2,586,356
	6,300		Shared Medical Systems Corp.		261,056
	43,300	²	Silicon Graphics, Inc.		311,219
	371,400	²	Sun Microsystems, Inc.		34,145,588
	11,100		Tektronix, Inc.		642,413
	94,700	²	Tellabs, Inc.		5,190,744
	40,200	²	Teradyne, Inc.		4,422,000
	191,300		Texas Instruments, Inc.		31,157,988
	73,100	²	Unisys Corp.		1,695,006
	90,900	²	Veritas Software Corp.		9,750,445
	156,300		Xerox Corp.		4,132,181
	75,600	²	Xilinx, Inc.		5,537,700
	123,900	²	Yahoo, Inc.		16,137,975

			TOTAL		929,517,213

			Transportation--0.6%
	34,800	²	AMR Corp.		1,185,375
	107,533		Burlington Northern Santa Fe		2,594,234
	51,400		CSX Corp.		1,076,188
	30,400		Delta Air Lines, Inc.		1,603,600
	68,180	²	FedEx Corp.		2,569,534
	26,000		Kansas City Southern Industries, Inc.		1,868,750
	89,900		Norfolk Southern Corp.		1,584,488
	15,100		Ryder Systems, Inc.		335,031
	118,725		Southwest Airlines Co.		2,574,848
	16,800	²	US Airways Group, Inc.		467,250
	58,500		Union Pacific Corp.		2,464,313

			TOTAL		18,323,611

			Utilities--2.3%
	32,300		Ameren Corp.		1,185,006
	45,700		American Electric Power Co., Inc.		1,673,763
	37,500		Carolina Power & Light Co.		1,371,094
	50,000		Central & SouthWest Corp.		1,084,375
	37,440		Cinergy Corp.		1,001,520
	50,300		Coastal Corp.		2,524,431
Shares				Value
			COMMON STOCKS-continued¹
			Utilities--continued
	19,150		Columbia Energy Group	$	1,201,663
	52,000		Consolidated Edison Co.		1,829,750
	35,150		Constellation Energy Group		1,162,147
	34,100		DTE Energy Co.		1,112,513
	56,009		Dominion Resources, Inc.		2,520,405
	86,072		Duke Energy Corp.		4,949,140
	5,600		Eastern Enterprises		340,900
	81,700		Edison International		1,557,406
	53,700		El Paso Energy Corp.		2,282,250
	168,400		Enron Corp.		11,735,375
	58,100		Entergy Corp.		1,477,919
	42,200		FPL Group, Inc.		1,906,913
	54,800		FirstEnergy Corp.		1,393,975
	23,100		Florida Progress Corp.		1,131,900
	29,000		GPU, Inc.		813,813
	11,100		NICOR, Inc.		376,013
	27,200		New Century Energies, Inc.		887,400
	44,100		Niagara Mohawk Holdings, Inc.		611,888
	36,400		Northern States Power Co.		793,975
	7,700		ONEOK, Inc.		194,425
	90,300		P G & E Corp.		2,342,156
	33,791		PPL Corp.		806,760
	43,700		Peco Energy Co.		1,821,744
	8,700		Peoples Energy Corp.		270,244
	19,900		Pinnacle West Capital Corp.		698,988
	51,400		Public Service Enterprises Group, Inc.		1,843,975
	69,551		Reliant Energy, Inc.		1,851,793
	48,057		Sempra Energy		892,058
	158,400		Southern Co.		3,950,100
	65,025		Texas Utilities Co.		2,190,530
	51,200		Unicom Corp.		2,035,200
	102,300		Williams Cos., Inc. (The)		3,817,015

			TOTAL		69,640,522

			TOTAL COMMON STOCKS (IDENTIFIED COST $1,545,964,860)		2,903,047,217

Principal Amount				Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.3%³
$	10,000,000		U.S. Treasury Bill, 6/22/2000 (identified cost $9,917,450)	$	9,924,100

			REPURCHASE AGREEMENT--5.7%⁴
	175,790,000		Salomon Brothers, Inc., 5.85%, dated 4/28/2000, due 5/1/2000 (at amortized cost)		175,790,000

			TOTAL INVESTMENTS (IDENTIFIED COST $1,731,672,310)⁵	$	3,088,761,317

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 $191,625,000 at April 30, 2000, which represents 6.2% of net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the index is 100.0%.

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.

5 The cost of investments for federal tax purposes amounts to $1,731,672,310. The net unrealized appreciation of investments on a federal tax basis amounts to $1,357,089,007 which is comprised of $1,455,668,384 appreciation and $98,579,377 depreciation at April 30, 2000.

Note: The categories of investments are shown as a percentage of net assets ($3,095,143,702) at April 30, 2000.

The following acronym is used throughout this portfolio:

ADR	--American Depositary Receipt

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

APRIL 30, 2000 (UNAUDITED)

Assets:
Total investments in securities, at value (identified and tax cost $1,731,672,310)			$	3,088,761,317
Cash				3,123,819
Income receivable				2,410,806
Receivable for investments sold				621,878
Receivable for shares sold				2,023,892

TOTAL ASSETS				3,096,941,712

Liabilities:
Payable for investments purchased	$	29,539
Payable for shares redeemed		197,661
Payable for daily variation margin		937,623
Accrued expenses		633,187

TOTAL LIABILITIES				1,798,010

Net assets for 104,648,950 shares outstanding			$	3,095,143,702

Net Assets Consist of:
Paid-in capital			$	1,763,810,138
Net unrealized appreciation of investments and futures contracts				1,354,661,561
Accumulated net realized loss on investments and futures contracts				(27,348,736	)
Accumulated undistributed net investment income				4,020,739

TOTAL NET ASSETS			$	3,095,143,702

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
Net Asset Value and Offering Price Per Share ($2,132,796,829 ÷ 72,050,559 shares outstanding)				$29.60

Redemption Proceeds Per Share				$29.60

Institutional Service Shares:
Net Asset Value and Offering Price Per Share ($835,158,002 ÷ 28,277,951 shares outstanding)				$29.53

Redemption Proceeds Per Share				$29.53

Class C Shares:
Net Asset Value and Offering Price Per Share ($127,188,871 ÷ 4,320,440 shares outstanding)				$29.44

Redemption Proceeds Per Share (99.00/100 of $29.44)¹				$29.15

1 See "What Do Shares Cost?" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)

Investment Income:
Dividends							$	16,287,277
Interest								4,430,256

TOTAL INCOME								20,717,533

Expenses:
Management fee				$	4,474,419
Custodian fees					76,345
Transfer and dividend disbursing agent fees and expenses					306,044
Directors'/Trustees' fees					10,302
Auditing fees					6,033
Legal fees					5,568
Portfolio accounting fees					84,513
Distribution services fee--Institutional Service Shares					1,183,334
Distribution services fee--Class C Shares					417,236
Shareholder services fee--Institutional Shares					2,603,492
Shareholder services fee--Institutional Service Shares					986,111
Shareholder services fee--Class C Shares					139,079
Share registration costs					151,211
Printing and postage					30,286
Insurance premiums					2,914
Miscellaneous					7,527

TOTAL EXPENSES					10,484,414

Waivers:
Waiver of management fee	$	(18,530	)
Waiver of distribution services fee--Institutional Service Shares		(867,778	)
Waiver of shareholder services fee--Institutional Shares		(2,603,492	)
Waiver of shareholder services fee--Institutional Service Shares		(118,333	)

TOTAL WAIVERS					(3,608,133	)

Net expenses								6,876,281

Net investment income								13,841,252

Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized loss on investments and futures contracts								(22,353,817	)
Net change in unrealized appreciation of investments and futures contracts								190,649,437

Net realized and unrealized gain on investments and futures contracts								168,295,620

Change in net assets resulting from operations							$	182,136,872

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) April 30, 2000			Year Ended October 31, 1999
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	13,841,252		$	27,142,924
Net realized gain (loss) on investments and futures contracts ($(22,353,817) and $26,799,393, respectively, as computed for federal tax purposes)		(22,353,817	)		27,327,240
Net change in unrealized appreciation of investments and futures contracts		190,649,437			454,485,986

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		182,136,872			508,956,150

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(10,352,773	)		(19,497,540	)
Institutional Service Shares		(2,779,772	)		(5,207,706	)
Class C Shares		(43,981	)		(111,070	)
Distributions from net realized gain on investments and futures contracts
Institutional Shares		(18,033,705	)		(13,803,989	)
Institutional Service Shares		(6,741,810	)		(4,665,973	)
Class C Shares		(866,737	)		(161,153	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(38,818,778	)		(43,447,431	)

Share Transactions:
Proceeds from sale of shares		969,054,037			1,456,300,443
Net asset value of shares issued to shareholders in payment of distributions declared		26,591,254			28,068,153
Cost of shares redeemed		(870,637,163	)		(1,061,778,792	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		125,008,128			422,589,804

Change in net assets		268,326,222			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 $4,020,739 and $3,356,013, respectively)	$	3,095,143,702		$	2,826,817,480

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Shares

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

	Six Months Ended (unaudited) April 30,			Year Ended October 31,
	2000			1999			1998			1997			1996			1995
Net Asset Value, Beginning of Period	$28.09			$22.91			$19.70			$15.49			$14.74			$12.02
Income From Investment Operations:
Net investment income	0.15			0.31			0.31			0.31			0.34			0.38
Net realized and unrealized gain on investments and futures contracts	1.75			5.38			3.83			4.47			2.80			2.70

TOTAL FROM INVESTMENT OPERATIONS	1.90			5.69			4.14			4.78			3.14			3.08

Less Distributions:
Distributions from net investment income	(0.14	)		(0.29	)		(0.31	)		(0.33	)		(0.36	)		(0.34	)
Distributions from net realized gain on investments and futures contracts	(0.25	)		(0.22	)		(0.62	)		(0.24	)		(2.03	)		(0.02	)

TOTAL DISTRIBUTIONS	(0.39	)		(0.51	)		(0.93	)		(0.57	)		(2.39	)		(0.36	)

Net Asset Value, End of Period	$29.60			$28.09			$22.91			$19.70			$15.49			$14.74

Total Return¹	6.81	%		25.11	%		21.56	%		31.51	%		23.71	%		26.00	%


Ratios to Average Net Assets:

Expenses	0.35	%²		0.32	%		0.31	%		0.31	%		0.31	%		0.31	%

Net investment income	1.05	%²		1.18	%		1.40	%		1.70	%		2.29	%		2.91	%

Expense waiver/reimbursement³	0.25	%²		0.28	%		0.27	%		0.30	%		0.31	%		0.33	%

Supplemental Data:

Net assets, end of period (000 omitted)	$2,132,797		$2,003,590			$1,445,175			$1,142,081			$900,131			$679,237

Portfolio turnover	5	%		3	%		3	%		16	%		3	%		57	%

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

2 Computed on an annualized basis.

3 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

Financial Highlights--Institutional Service Shares

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

	Six Months Ended (unaudited) April 30,			Year Ended October 31,
	2000			1999			1998			1997			1996			1995
Net Asset Value, Beginning of Period	$28.03			$22.86			$19.66			$15.47			$14.72			$12.02
Income From Investment Operations:
Net investment income	0.11			0.23			0.25			0.26			0.30			0.33
Net realized and unrealized gain on investments and futures contracts	1.74			5.37			3.82			4.45			2.79			2.69

TOTAL FROM INVESTMENT OPERATIONS	1.85			5.60			4.07			4.71			3.09			3.02

Less Distributions:
Distributions from net investment income	(0.10	)		(0.21	)		(0.25	)		(0.28	)		(0.31	)		(0.30	)
Distributions from net realized gain on investments and futures contracts	(0.25	)		(0.22	)		(0.62	)		(0.24	)		(2.03	)		(0.02	)

TOTAL DISTRIBUTIONS	(0.35	)		(0.43	)		(0.87	)		(0.52	)		(2.34	)		(0.32	)

Net Asset Value, End of Period	$29.53			$28.03			$22.86			$19.66			$15.47			$14.72

Total Return¹	6.64	%		24.76	%		21.21	%		31.07	%		23.39	%		25.52	%


Ratios to Average Net Assets:

Expenses	0.65	%²		0.62	%		0.61	%		0.62	%		0.61	%		0.61	%

Net investment income	0.74	%²		0.88	%		1.09	%		1.36	%		1.97	%		2.55	%

Expense waiver/reimbursement³	0.25	%²		0.28	%		0.27	%		0.30	%		0.31	%		0.33	%

Supplemental Data:

Net assets, end of period (000 omitted)	$835,158		$726,976			$477,760			$245,986			$58,741			$35,195

Portfolio turnover	5	%		3	%		3	%		16	%		3	%		57	%

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

2 Computed on an annualized basis.

3 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

Financial Highlights--Class C Shares

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

	Six Months Ended (unaudited) April 30,		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	0.01		0.07		0.12
Net realized and unrealized gain on investments and futures contracts	1.73		5.35		3.66

TOTAL FROM INVESTMENT OPERATIONS	1.74		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	$29.44		$27.96		$22.82

Total Return²	6.26	%	23.94	%	19.57	%


Ratios to Average Net Assets:

Expenses	1.35	%³	1.32	%	1.32	%³

Net investment income	0.04	%³	0.18	%	0.35	%³

Expense waiver/reimbursement⁴	0.00	%^{3, 5}	0.03	%	0.02	%³

Supplemental Data:

Net assets, end of period (000 omitted)	$127,189		$96,251		$15,784

Portfolio turnover	5	%	3	%	3	%

1 Reflects operations for the period from November 10, 1997 (date of initial public investment) to October 31, 1998.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

4 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.

5 Amount does not round to 0.01%.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

APRIL 30, 2000 (UNAUDITED)

ORGANIZATION

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.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuations

Repurchase Agreements

Investment Income, Expenses and Distributions

Federal Taxes

When-Issued and Delayed Delivery Transactions

Futures Contracts

The Fund purchases stock index futures contracts to manage cash flows, 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 period ended April 30, 2000, the Fund had realized losses on futures contracts of $4,083,142.

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 April 30, 2000, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Deliver/Receive	Position	Unrealized Depreciation
June 2000	525 S&P 500 Index Futures	Long	($2,427,446)

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

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:

	Six Months Ended April 30, 2000					Year Ended October 31, 1999
Institutional Shares:	Shares		Amount			Shares		Amount
Shares sold	20,393,731		$	594,923,198		34,438,353		$	914,112,968
Shares issued to shareholders in payment of distributions declared	584,830			17,154,080		755,144			18,919,768
Shares redeemed	(20,242,848	)		(582,823,214	)	(26,964,995	)		(715,289,313	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	735,713		$	29,254,064		8,228,502		$	217,743,423


	Six Months Ended April 30, 2000					Year Ended October 31, 1999
Institutional Service Shares:	Shares		Amount			Shares		Amount
Shares sold	11,032,687		$	322,358,317		16,555,183		$	439,185,232
Shares issued to shareholders in payment of distributions declared	296,518			8,667,408		356,733			8,891,933
Shares redeemed	(8,982,318	)		(260,758,170	)	(11,882,321	)		(316,985,650	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	2,346,887		$	70,267,555		5,029,595		$	131,091,515


	Six Months Ended April 30, 2000					Year Ended October 31, 1999
Class C Shares:	Shares		Amount			Shares		Amount
Shares sold	1,792,935		$	51,772,522		3,834,755		$	103,002,243
Shares issued to shareholders in payment of distributions declared	26,623			769,766		10,371			256,452
Shares redeemed	(941,104	)		(27,055,779	)	(1,094,794	)		(29,503,829	)

NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	878,454		$	25,486,509		2,750,332		$	73,754,866

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	3,961,054		$	125,008,128		16,008,429		$	422,589,804

MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual management fee equal to 0.30% of the Fund's average daily net assets. Under the terms of a submanagement agreement between the Manager and Northern Trust Quantitative Advisors, Inc. (the "SubManager"), 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.

Shareholder Services Fee

Distribution Services Fee

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%

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

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.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the period ended April 30, 2000, were as follows:

Purchases		$213,258,819
Sales		$137,014,926

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

GLEN R. JOHNSON

President

J. CHRISTOPHER DONAHUE

Executive Vice President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

AMANDA J. REED

Assistant Secretary

Federated
World-Class Investment Manager

SEMI-ANNUAL REPORT

Federated Max-Cap Fund

SEMI-ANNUAL REPORT TO SHAREHOLDERS

APRIL 30, 2000

Federated
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

Cusip 31420E106
Cusip 31420E403
Cusip 31420E502

2052905 (6/00)