SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
Certified annual shareholder report of registered management investment companies filed on Form
N-CSR
Filing Date: 2003-07-02 | Period of Report: 2003-04-30
SEC Accession No. 0001056288-03-000449
(HTML Version on secdatabase.com)
FILER
FEDERATED INDEX TRUST
CIK:861469| IRS No.: 256343882 | State of Incorp.:MA | Fiscal Year End: 1031
Type: N-CSR | Act: 40 | File No.: 811-06061 | Film No.: 03772258
Mailing Address
FEDERATED INVESTORS
TOWER
PITTSBURG PA 15222-3779
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Business Address
FEDERATED INVESTORS
TOWER
PITTSBURGH PA 15222-3779
8003417400
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-6061
(Investment Company Act File Number)
Federated Index Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, Pennsylvania 15237-7000
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/03
Date of Reporting Period: Six months ended 4/30/03
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Item 1.
Reports to Stockholders
Federated Investors
World-Class Investment Manager
Federated Max-Cap Index Fund
A Portfolio of Federated Index Trust
SEMI-ANNUAL SHAREHOLDER REPORT
April 30, 2003
FINANCIAL HIGHLIGHTS
FINANCIAL STATEMENTS
NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE
Financial Highlights--Institutional Shares
(For a Share Outstanding Throughout Each Period)
Six
Months
Ended
(unaudited)
Net Asset Value, Beginning of
Period
Year Ended October 31,
4/30/2003
2002
2001
2000
1999
1998
$17.97
$21.51
$29.08
$28.09
$22.91
$19.70
0.13
0.26
0.27
0.29
0.31
0.31
Income From Investment
Operations:
Net investment income
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Net realized and unrealized gain
(loss) on investments and
futures contracts
0.61
(3.55 )
(7.56 )
1.23
5.38
3.83
TOTAL FROM INVESTMENT
OPERATIONS
0.74
(3.29 )
(7.29 )
1.52
5.69
4.14
(0.13 )
(0.25 )
(0.28 )
(0.28 )
(0.29 )
(0.31 )
(0.25 )
(0.22 )
(0.62 )
(0.53 )
(0.51 )
(0.93 )
Less Distributions:
Distributions from net
investment income
Distributions from net realized
gain on investments and futures
contracts
TOTAL DISTRIBUTIONS
Net Asset Value, End of
Period
--
(0.13 )
(0.25 )
--
(0.28 )
$17.97
$21.51
4.18 %
(15.41 )%
(25.15 )%
5.40 %
25.11 %
21.56 %
Expenses
0.35 %2
0.34 %
0.34 %
0.34 %
0.32 %
0.31 %
Net investment income
1.48 %2
1.22 %
1.03 %
0.98 %
1.18 %
1.40 %
Expense waiver/reimbursement3
0.30 %2
0.29 %
0.26 %
0.25 %
0.28 %
0.27 %
Total Return1
$18.58
--
$29.08
$28.09
$22.91
Ratios to Average Net Assets:
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Supplemental Data:
Net assets, end of period (000
omitted)
$895,641
Portfolio turnover
$906,710
13 %
$1,228,402
18 %
$2,021,341
7%
$2,003,590
11 %
$1,445,175
3%
3%
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)
Year Ended October 31,
4/30/2003
2002
2001
2000
1999
1998
$17.93
$21.46
$29.01
$28.03
$22.86
$19.66
Net investment income
0.10
0.19
0.18
0.19
0.23
0.25
Net realized and unrealized gain (loss)
on investments and futures contracts
0.62
(3.53 )
(7.52 )
1.23
5.37
3.82
TOTAL FROM INVESTMENT
OPERATIONS
0.72
(3.34 )
(7.34 )
1.42
5.60
4.07
Net Asset Value, Beginning of Period
Income From Investment
Operations:
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Less Distributions:
Distributions from net investment
income
Distributions from net realized gain on
investments and futures contracts
TOTAL DISTRIBUTIONS
Net Asset Value, End of Period
(0.11 )
--
(0.11 )
--
(0.19 )
(0.21 )
--
(0.21 )
(0.19 )
(0.21 )
(0.25 )
(0.25 )
(0.22 )
(0.62 )
(0.44 )
(0.43 )
(0.87 )
$17.93
$21.46
4.04 %
(15.67 )%
(25.39 )%
5.08 %
24.76 %
21.21 %
Expenses
0.65 %2
0.64 %
0.64 %
0.64 %
0.62 %
0.61 %
Net investment income
1.18 %2
0.92 %
0.73 %
0.67 %
0.88 %
1.09 %
Expense waiver/reimbursement3
0.30 %2
0.29 %
0.26 %
0.25 %
0.28 %
0.27 %
Total Return1
$18.54
(0.19 )
$29.01
$28.03
$22.86
Ratios to Average Net Assets:
Supplemental Data:
Net assets, end of period (000 omitted)
Portfolio turnover
$565,324
13 %
$425,421
18 %
$578,776
7%
$900,246
11 %
$726,976
$477,760
3%
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.
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3%
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)
Year Ended October 31,
1998 1
4/30/2003
2002
2001
2000
1999
$17.88
$21.40
$28.91
$27.96
$22.82
$19.81
Net investment income (loss)
0.04
0.04
0.01
(0.00 )2
0.07
0.12
Net realized and unrealized gain (loss)
on investments and futures contracts
0.62
(3.52 )
(7.50 )
1.21
5.35
3.66
TOTAL FROM INVESTMENT
OPERATIONS
0.66
(3.48 )
(7.49 )
1.21
5.42
3.78
(0.05 )
(0.04 )
(0.02 )
(0.01 )
(0.06 )
(0.15 )
(0.25 )
(0.22 )
(0.62 )
(0.26 )
(0.28 )
(0.77 )
Net Asset Value, Beginning of
Period
Income From Investment
Operations:
Less Distributions:
Distributions from net investment
income
Distributions from net realized gain on
investments and futures contracts
TOTAL DISTRIBUTIONS
--
(0.05 )
--
(0.04 )
--
(0.02 )
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Net Asset Value, End of Period
$17.88
$21.40
3.68 %
(16.28 )%
(25.92 )%
4.35 %
23.94 %
Expenses
1.35 %4
1.34 %
1.34 %
1.34 %
1.32 %
1.32 %4
Net investment income (loss)
0.48 %4
0.22 %
0.03 %
(0.03 )%
0.18 %
0.35 %4
Expense waiver/reimbursement6
0.05 %4
0.04 %
0.01 %
0.00 %5
0.03 %
0.02 %4
Total Return3
$18.49
$28.91
$27.96
$22.82
19.57 %
Ratios to Average Net Assets:
Supplemental Data:
Net assets, end of period (000 omitted)
Portfolio turnover
$86,771
13 %
$88,070
18 %
$111,863
7%
$142,999
11 %
$96,251
3%
$15,784
3%
1 Reflects operations for the period from November 10, 1997 (date of initial public investment) to October 31, 1998.
2 Represents less than $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.
5 Represents less than 0.01%.
6 This voluntary expense decrease is reflected in both the expense and the net investment income (loss) ratios shown
above.
See Notes which are an integral part of the Financial Statements
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Financial Highlights--Class K Shares
(For a Share Outstanding Throughout the Period)
Period
Ended 1
(unaudited)
4/30/2003
Net Asset Value, Beginning of Period
$17.79
Income From Investment Operations:
Net investment income
0.01
Net realized and unrealized gain on investments and futures contracts
0.78
TOTAL FROM INVESTMENT OPERATIONS
0.79
Net Asset Value, End of Period
Total Return2
$18.58
4.44 %
Ratios to Average Net Assets:
Expenses
1.09 %3
Net investment income
0.74 %3
Expense waiver/reimbursement4
0.05 %3
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Supplemental Data:
Net assets, end of period (000 omitted)
$0 5
Portfolio turnover
13 %6
1 Reflects operations for the period from April 8, 2003 (start of performance) to April 30, 2003.
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 Represents less than $1,000.
6 Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the six months ended April
30, 2003.
See Notes which are an integral part of the Financial Statements
Portfolio of Investments
April 30, 2003 (unaudited)
Shares
Value
COMMON STOCKS--96.6%1
Consumer Discretionary--13.8%
833,277
2
11,364
2,3 American
52,490
2
AOL Time Warner, Inc.
Greetings Corp., Class A
AutoNation, Inc.
$
11,399,229
165,460
726,986
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18,530
2
AutoZone, Inc.
1,497,409
57,114
2
Bed Bath & Beyond, Inc.
2,256,574
45,440
2,3 Best
20,121
2
Buy Co., Inc.
1,571,315
Big Lots, Inc.
251,915
13,941
Black & Decker Corp.
575,066
15,799
Brunswick Corp.
344,892
100,703
Carnival Corp.
8,170
3
2,778,395
Carnival PLC, ADR
202,621
12,593
Centex Corp.
831,390
36,569
Circuit City Stores, Inc.
209,540
125,357
2
Clear Channel Communications, Inc.
405,219
2
Comcast Corp., Class A
13,202
64,504
Cooper Tire & Rubber Co.
2,3 Costco
Wholesale Corp.
4,902,712
12,930,538
185,884
2,233,773
26,328
Dana Corp.
244,587
24,082
Darden Restaurants, Inc.
421,676
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79,952
Delphi Auto Systems Corp.
671,597
15,216
Dillards, Inc., Class A
212,720
Dollar General Corp.
771,027
11,507
Dow Jones & Co.
455,677
41,205
Eastman Kodak Co.
1,232,441
30,060
Family Dollar Stores, Inc.
1,027,751
37,541
Federated Department Stores, Inc.
1,149,505
Ford Motor Co.
3,916,153
25,949
Fortune Brands, Inc.
1,255,932
46,580
Gannett Co., Inc.
3,527,038
153,960
Gap (The), Inc.
2,560,355
General Motors Corp.
4,395,396
53,028
380,209
121,925
3
3
3
24,767
41,908
Genuine Parts Co.
2,3 Goodyear
52,720
22,444
791,801
Tire & Rubber Co.
Harley Davidson, Inc.
2
239,714
2,342,877
Harrah's Entertainment, Inc.
Shares
884,069
Value
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COMMON STOCKS--continued1
Consumer Discretionary--continued
24,614
65,762
Hasbro, Inc.
3
421,589
Hilton Hotels Corp.
2,3 International
54,219
3
15,503
11,859,298
Game Technology
Interpublic Group Cos., Inc.
Johnson Controls, Inc.
2,3 Jones
393,824
875,950
Home Depot, Inc.
17,784
29,435
$
1,534,759
618,097
1,274,967
Apparel Group, Inc.
839,486
10,396
KB HOME
512,211
14,297
Knight-Ridder, Inc.
922,871
58,708
2
33,951
92,346
3,334,614
Leggett and Platt, Inc.
3
15,878
141,907
Kohl's Corp.
701,088
Limited, Inc.
1,342,711
Liz Claiborne, Inc.
3
516,511
Lowe's Cos., Inc.
6,228,298
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33,523
3
Marriott International, Inc., Class A
1,203,811
100,161
Mattel, Inc.
2,177,500
50,043
May Department Stores Co.
1,081,930
18,078
Maytag Corp.
221,400
McDonald's Corp.
3,785,940
33,657
McGraw-Hill Cos., Inc.
1,965,232
8,459
3
376,745
Meredith Corp.
365,598
26,305
New York Times Co., Class A
1,220,026
46,610
Newell Rubbermaid, Inc.
1,420,673
Nike, Inc., Class B
2,480,312
46,335
3
19,180
Nordstrom, Inc.
332,389
753,941
59,553
2
Office Depot, Inc.
34,526
3
Omnicom Group, Inc.
2,137,159
37,690
Penney (J.C.) Co., Inc.
642,991
8,596
Pulte Corp.
498,482
26,485
Radioshack Corp.
627,959
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10,398
2
Reebok International Ltd.
79,340
3
Sears, Roebuck & Co.
2,248,496
26,123
Sherwin-Williams Co.
728,309
10,103
Snap-On Tools Corp.
296,523
15,413
Stanley Works
370,374
93,560
2,3 Staples,
71,784
2
35,333
322,962
Inc.
1,781,382
Starbucks Corp.
1,686,206
Starwood Hotels & Resorts Worldwide, Inc.
948,338
Shares
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
92,042
158,313
TJX Cos., Inc.
3
25,296
44,142
53,047
2
$
Target Corp.
1,771,809
5,293,987
Tiffany & Co.
701,711
Toys `R' Us, Inc.
452,456
Tribune Co.
2,598,242
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10,202
40,467
Tupperware Corp.
2,3 Univision
19,230
308,642
Communications, Inc., Class A
V.F. Corp.
2
23,314
778,430
141,400
756,508
Viacom, Inc., Class B
13,398,149
Visteon Corp.
3
1,225,341
163,431
Wal-Mart Stores, Inc.
43,841,178
360,917
Walt Disney Co.
16,619
Wendy's International, Inc.
482,616
11,842
Whirlpool Corp.
633,429
51,640
2
48,700
2,3 eBay,
6,734,711
Yum! Brands, Inc.
1,275,508
Inc.
4,517,899
TOTAL
213,560,353
Consumer Staples--8.5%
12,611
66,075
365,462
Alberto-Culver Co., Class B
3
Albertsons, Inc.
621,470
1,312,250
Altria Group, Inc.
11,241,611
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149,424
Anheuser-Busch Cos., Inc.
7,453,269
113,874
Archer-Daniels-Midland Co.
1,261,724
41,068
Avon Products, Inc.
2,388,926
10,630
Brown-Forman Corp., Class B
69,394
CVS Corp.
1,680,029
813,620
71,390
3
Campbell Soup Co.
1,572,722
38,873
3
Clorox Co.
1,757,837
435,582
Coca-Cola Co.
78,237
Coca-Cola Enterprises, Inc.
1,524,839
107,640
Colgate-Palmolive Co.
6,153,779
93,504
ConAgra, Inc.
1,963,584
5,044
Coors Adolph Co., Class B
82,055
3
17,597,513
270,005
General Mills, Inc.
3,701,501
184,143
Gillette Co.
5,607,154
74,802
Heinz (H.J.) Co.
2,235,084
22,161
Hershey Foods Corp.
1,446,005
71,207
Kellogg Co.
2,331,317
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Shares
Value
COMMON STOCKS--continued1
Consumer Staples--continued
89,786
143,021
Kimberly-Clark Corp.
2
$
Kroger Co.
4,468,649
2,045,200
19,500
McCormick & Co., Inc.
483,405
302,445
PepsiCo, Inc.
13,089,820
227,287
Procter & Gamble Co.
20,421,737
15,700
R.J. Reynolds Tobacco Holdings, Inc.
442,269
22,990
SUPERVALU, Inc.
378,645
76,923
2
Safeway, Inc.
1,278,460
135,987
3
Sara Lee Corp.
2,281,862
114,472
Sysco Corp.
3,288,781
39,524
The Pepsi Bottling Group, Inc.
811,823
29,877
UST, Inc.
936,046
181,296
3
Walgreen Co.
5,594,795
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20,334
3
39,846
Winn-Dixie Stores, Inc.
254,785
Wrigley (Wm.), Jr. Co.
2,259,667
TOTAL
130,970,183
Energy--5.7%
15,987
Amerada-Hess Corp.
46,210
Anadarko Petroleum Corp.
2,051,724
28,136
Apache Corp.
1,610,786
44,520
Ashland, Inc.
1,320,018
27,200
2
721,813
BJ Services Co.
993,072
58,681
Baker Hughes, Inc.
1,643,068
38,010
Burlington Resources, Inc.
1,760,243
187,087
ChevronTexaco Corp.
117,896
ConocoPhillips
5,930,169
Devon Energy Corp.
1,816,819
20,403
EOG Resources, Inc.
762,664
1,186,571
Exxon Mobil Corp.
75,948
Halliburton Co.
38,451
3
11,750,934
41,767,299
1,626,047
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14,489
Kerr-McGee Corp.
54,877
Marathon Oil Corp.
25,090
2,3 Nabors
28,978
2
96,851
13,052
610,132
1,249,549
Industries Ltd.
983,528
Noble Corp.
896,869
Occidental Petroleum Corp.
2,3 Rowan
2,891,002
Companies, Inc.
82,356
Schlumberger Ltd.
19,160
Sunoco Inc.
267,566
3,453,187
712,944
Shares
Value
COMMON STOCKS--continued1
Energy--continued
100,490
2
45,026
Transocean Sedco Forex, Inc.
Unocal Corp.
$
1,914,335
1,247,220
TOTAL
87,980,988
Financials--19.7%
51,174
3
AON Corp.
1,134,016
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46,000
3
Ace Ltd.
1,521,680
114,982
Aflac, Inc.
3,761,061
147,825
Allstate Corp.
5,586,307
20,473
Ambac Financial Group, Inc.
1,194,600
229,095
American Express Co.
8,673,537
458,932
American International Group, Inc.
101,952
Amsouth Bancorporation
13,400
Apartment Investment & Management Co., Class A
83,685
3
26,595,109
2,146,090
505,984
BB&T Corp.
2,728,131
202,965
Bank One Corp.
7,316,888
276,361
Bank of America Corp.
108,439
Bank of New York Co., Inc.
13,534
Bear Stearns Cos., Inc.
31,367
3
39,490
20,464,532
2,868,212
904,613
Capital One Financial Corp.
1,313,336
Charter One Financial, Inc.
1,147,185
24,295
3
Chubb Corp.
1,284,963
28,795
3
Cincinnati Financial Corp.
1,061,096
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912,319
Citigroup, Inc.
35,808,521
30,423
Comerica, Inc.
1,323,705
17,886
Countrywide Financial Corp.
1,209,094
94,167
Equity Office Properties Trust
2,445,517
Equity Residential Properties Trust
1,220,361
139,334
Federal Home Loan Mortgage Corp.
8,067,439
174,316
Federal National Mortgage Association
20,400
Federated Investors, Inc.
100,707
Fifth Third Bancorp
4,963,848
25,600
First Tennessee National Corp.
1,121,280
182,872
FleetBoston Financial Corp.
4,849,765
45,280
Franklin Resources, Inc.
1,579,366
26,709
Golden West Financial Corp.
2,014,393
77,400
Goldman Sachs Group, Inc.
5,874,660
61,070
Hartford Financial Services Group, Inc.
2,489,213
41,509
Huntington Bancshares, Inc.
47,100
3
Shares
12,618,735
556,716
807,765
Value
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COMMON STOCKS--continued1
Financials--continued
312,528
J.P. Morgan Chase & Co.
38,492
Janus Capital Group, Inc.
535,039
20,559
Jefferson-Pilot Corp.
824,210
50,081
John Hancock Financial Services, Inc.
1,453,351
73,779
KeyCorp
1,778,812
43,104
Lehman Brothers Holdings, Inc.
2,714,259
30,708
Lincoln National Corp.
32,843
Loews Corp.
20,831
3
$
9,172,697
981,428
1,355,431
MBIA Insurance Corp.
931,146
186,097
MBNA Corp.
3,517,233
17,964
MGIC Investment Corp.
76,010
Marsh & McLennan Cos., Inc.
3,624,157
38,200
Marshall & Ilsley Corp.
1,123,844
60,817
Mellon Financial Corp.
1,608,610
150,725
Merrill Lynch & Co., Inc.
6,187,261
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816,643
99,041
Metropolitan Life Insurance Co.
2,845,448
26,317
Moody's Corp.
1,270,848
194,656
Morgan Stanley
8,710,856
106,567
National City Corp.
3,192,747
28,400
North Fork Bancorp, Inc.
29,569
Northern Trust Corp.
1,037,872
68,412
PNC Financial Services Group
3,003,287
26,000
Plum Creek Timber Co., Inc.
58,600
Principal Financial Group
1,705,260
30,679
Progressive Corp., OH
2,086,172
59,436
2
Providian Financial Corp.
919,024
604,760
438,043
80,000
Prudential Financial
2,557,600
38,535
Regions Financial Corp.
1,299,015
30,522
SAFECO Corp.
1,175,402
26,680
SLM Corporation
2,988,160
189,986
Schwab (Charles) Corp.
1,639,579
33,000
Simon Property Group, Inc.
1,211,760
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60,261
SouthTrust Corp.
1,618,671
39,677
St. Paul Cos., Inc.
1,362,508
State Street Corp.
1,974,361
SunTrust Banks, Inc.
2,826,153
56,362
3
49,391
52,455
3
Synovus Financial Corp.
1,021,299
47,854
3
T. Rowe Price Group, Inc.
1,460,504
Shares
Value
COMMON STOCKS--continued1
Financials--continued
16,737
Torchmark Corp.
170,045
Travelers Property Casualty Corp., Class B
2,763,231
333,763
U.S. Bancorp
7,392,850
42,653
UNUMProvident Corp.
490,510
34,685
Union Planters Corp.
989,910
237,249
Wachovia Corp.
9,065,284
Washington Mutual, Inc.
6,518,488
165,025
296,649
3
$
Wells Fargo & Co.
648,559
14,316,281
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19,236
16,067
XL Capital Ltd.
3
1,583,123
Zions Bancorp
791,621
TOTAL
305,291,025
Healthcare--14.4%
254,041
Abbott Laboratories
10,321,686
35,876
Aetna US Healthcare
1,786,625
Allergan, Inc.
1,601,419
22,796
3
15,192
AmerisourceBergen Corp.
878,857
228,157
2
Amgen, Inc.
13,988,306
19,963
2
Anthem, Inc.
1,370,260
36,248
Applera Corp.
635,427
8,952
Bard (C.R.), Inc.
567,378
Bausch & Lomb, Inc.
328,113
9,332
3
100,524
Baxter International, Inc.
2,312,052
45,328
Becton, Dickinson & Co.
1,604,611
25,878
2,3 Biogen,
Inc.
983,105
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45,804
Biomet, Inc.
1,395,190
Boston Scientific Corp.
3,183,031
337,525
Bristol-Myers Squibb Co.
8,620,389
22,870
CIGNA Corp.
1,196,101
Cardinal Health, Inc.
4,339,922
73,938
2
78,508
3
32,794
2,3 Chiron
65,576
2
Forest Laboratories, Inc., Class A
3,391,591
30,300
2
Genzyme Corp.
1,220,484
68,588
2
Guidant Corp.
2,674,246
72,708
HCA - The Healthcare Corp.
2,333,927
41,500
Health Management Association, Class A
707,990
Humana, Inc.
553,948
42,373
IMS Health, Inc.
652,544
523,162
Johnson & Johnson
50,131
2
Corp.
1,338,979
29,485,410
Shares
Value
COMMON STOCKS--continued1
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Healthcare--continued
42,561
2
200,166
13,443
2
51,466
King Pharmaceuticals, Inc.
$
536,694
Lilly (Eli) & Co.
12,774,594
Manor Care, Inc.
261,466
McKesson HBOC, Inc.
1,427,667
56,037
2,3 Medimmune,
213,283
3
Medtronic, Inc.
10,182,130
399,020
3
Merck & Co., Inc.
23,214,984
8,377
2
Millipore Corp.
1,415,820
Inc.
1,976,425
286,075
Pfizer, Inc.
43,536,465
29,396
2
Quest Diagnostic, Inc.
20,198
2
Quintiles Transnational Corp.
255,332
30,904
2
34,551
116,205
2
1,756,411
283,782
Schering Plough Corp.
4,621,509
St. Jude Medical, Inc.
1,621,224
Stryker Corp.
2,315,263
Tenet Healthcare Corp.
1,724,482
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53,018
UnitedHealth Group, Inc.
21,772
2
Watson Pharmaceuticals, Inc.
25,932
2
Wellpoint Health Networks, Inc.
233,654
33,994
Wyeth
2
4,884,548
632,912
1,969,276
10,170,959
Zimmer Holdings, Inc.
1,594,319
TOTAL
223,242,776
Industrials--11.3%
68,076
3M Co.
8,580,299
28,443
2
33,959
2,3 American
12,900
2
American Standard Cos.
32,500
2
Apollo Group, Inc., Class A
1,761,468
108,705
Automatic Data Processing, Inc.
3,655,749
19,142
Avery Dennison Corp.
1,014,717
46,443
Block (H&R), Inc.
1,793,629
146,405
Boeing Co.
3,993,928
Allied Waste Industries, Inc.
Power Conversion Corp.
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236,077
529,081
918,351
88,038
Burlington Northern Santa Fe
2,479,150
37,832
CSX Corp.
1,209,867
75,238
3
Caterpillar, Inc.
3,957,519
188,063
2
Cendant Corp.
2,685,540
Cintas Corp.
1,078,328
1,249,347
30,037
90,336
2
Concord EFS, Inc.
24,225
2
Convergys Corp.
392,930
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
16,257
Cooper Industries, Inc., Class A
10,265
Crane Co.
200,475
7,117
Cummins Engine Co., Inc.
192,942
28,220
3
$
603,135
Danaher Corp.
1,946,616
42,186
Deere & Co.
1,857,450
28,694
Delta Air Lines, Inc.
366,996
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10,815
Deluxe Corp.
475,968
25,093
Donnelley (R.R.) & Sons Co.
505,875
28,702
Dover Corp.
824,895
12,327
Eaton Corp.
1,011,677
73,452
Emerson Electric Co.
3,724,016
24,616
Equifax, Inc.
36,167
2,3 FIserv,
570,845
Inc.
1,064,756
54,568
FedEx Corp.
3,267,532
128,108
First Data Corp., Class
5,025,677
13,956
Fluor Corp.
35,058
General Dynamics Corp.
1,765,036
General Electric Co.
51,980,310
20,690
Goodrich (B.F.) Co.
291,108
16,047
Grainger (W.W.), Inc.
740,569
148,018
Honeywell International, Inc.
3,493,225
Hudson Highland Group, Inc.
1
04
15,996
2
482,459
ITT Industries, Inc.
2,176,050
932,567
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67,809
Illinois Tool Works, Inc.
4,338,420
29,942
Ingersoll-Rand Co., Class A
1,319,843
93,488
Lockheed Martin Corp.
4,679,074
69,736
Masco Corp.
1,469,338
42,183
2
McDermott International, Inc.
137,095
9,863
2
Navistar International Corp.
275,178
67,553
Norfolk Southern Corp.
1,432,799
25,750
Northrop Grumman Corp.
2,264,713
PACCAR, Inc.
1,432,856
24,531
3
21,689
Pall Corp.
458,072
16,697
Parker-Hannifin Corp.
679,234
69,357
3
69,703
11,160
70,655
2
Paychex, Inc.
2,159,777
Pitney Bowes, Inc.
2,447,272
Power-One, Inc.
65,286
Raytheon Co.
2,114,704
Shares
Value
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COMMON STOCKS--continued1
Industrials--continued
30,394
2
Robert Half International, Inc.
$
494,814
26,043
Rockwell Collins
556,799
32,243
Rockwell International Corp.
735,140
10,886
Ryder Systems, Inc.
270,408
532,912
25,486
2
Sabre Group Holdings, Inc.
130,846
3
Southwest Airlines Co.
15,468
2
TMP Worldwide, Inc.
259,398
Textron, Inc.
714,543
24,230
2,088,302
10,001
2
Thomas & Betts Corp.
158,116
347,692
3
Tyco International Ltd.
5,423,995
44,195
Union Pacific Corp.
2,630,486
187,540
United Parcel Service, Inc.
11,649,985
82,561
United Technologies Corp.
5,103,095
106,024
Waste Management, Inc.
2,302,841
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TOTAL
175,465,619
Information Technology--14.4%
140,822
2
40,155
ADC Telecommunications, Inc.
Adobe System, Inc.
336,283
1,387,757
48,234
2
65,959
2,3 Agilent
66,639
2
Altera Corp.
1,053,563
66,824
2
Analog Devices, Inc.
2,213,211
13,703
2,3 Andrew
62,299
2
281,210
2,3 Applied
42,633
2
16,260
Advanced Micro Devices, Inc.
Technologies, Inc.
358,861
1,056,663
Corp.
105,102
Apple Computer, Inc.
884,646
Materials, Inc.
4,105,666
Applied Micro Circuits Corp.
190,996
Autodesk, Inc.
253,006
63,239
2
Avaya, Inc.
246,632
52,724
2
BMC Software, Inc.
786,642
39,011
2,3 Broadcom
Corp.
697,907
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60,649
2
CIENA Corp.
295,361
1,258,428 2,3 Cisco Systems, Inc.
18,926,757
35,030
2,3 Citrix
98,597
3
Computer Associates International, Inc.
1,601,215
33,641
2
Computer Sciences Corp.
1,108,471
54,370
2
Compuware Corp.
32,825
2,3 Comverse
162,300
2,3 Corning,
Systems, Inc.
664,169
238,684
Technology, Inc.
429,023
Inc.
879,666
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
454,599
2
Dell Computer Corp.
383,086
2
EMC Corp. Mass
20,300
2,3 Electronic
87,880
56,178
$
13,142,457
3,482,252
Arts, Inc.
1,203,181
3
Electronic Data Systems Corp.
1,595,022
2
Gateway, Inc.
161,793
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535,050
Hewlett-Packard Co.
8,721,315
1,176,580
Intel Corp.
21,649,072
298,343
International Business Machines Corp.
25,329,321
50,865
2,3 Intuit,
245,842
2
27,985
2,3 Jabil
26,725
2,3 KLA-Tencor
64,514
2
LSI Logic Corp.
21,918
2
Lexmark International Group, Class A
1,633,110
Linear Technology Corp.
1,985,955
Lucent Technologies, Inc.
1,193,198
Maxim Integrated Products, Inc.
2,311,863
57,614
662,888
2
58,841
Inc.
1,972,545
JDS Uniphase Corp.
794,070
Circuit, Inc.
523,320
Corp.
1,095,725
345,795
12,132
2
Mercury Interactive Corp.
411,760
85,498
2
Micron Technology, Inc.
726,733
1,886,118
Microsoft Corp.
26,981
Molex, Inc.
48,228,037
629,737
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462,521
Motorola, Inc.
3,658,541
13,537
2
NCR Corp.
296,731
21,600
2
NVIDIA Corp.
308,232
31,507
2
National Semiconductor Corp.
590,126
47,361
2,3 Network
64,623
2
Novell, Inc.
177,713
21,021
2
Novellus Systems, Inc.
589,429
925,813
2
Oracle Corp.
23,595
2
PMC-Sierra, Inc.
194,659
46,283
2
Parametric Technology Corp.
152,734
56,078
2
Peoplesoft, Inc.
842,852
PerkinElmer, Inc.
283,662
Qlogic Corp.
579,172
28,595
13,166
2
137,389
Appliance, Inc.
628,954
10,998,658
Qualcomm, Inc.
4,381,335
144,501
2
Sanmina-SCI Corp.
693,605
21,780
3
Scientific-Atlanta, Inc.
353,925
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85,682
2,3 Siebel
Systems, Inc.
742,863
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
143,405
2
Solectron Corp.
541,786
2
Sun Microsystems, Inc.
1,787,894
53,100
2
SunGuard Data Systems, Inc.
1,141,650
25,100
2
Symantec Corp.
1,103,145
39,741
$
457,462
Symbol Technologies, Inc.
434,369
15,156
2
Tektronix, Inc.
284,478
71,585
2
Tellabs, Inc.
442,395
31,801
2
Teradyne, Inc.
368,892
333,391
3
Texas Instruments, Inc.
6,164,400
28,853
2
Thermo Electron Corp.
524,259
57,322
2
Unisys Corp.
596,149
95,665
2
Veritas Software Corp.
2,105,587
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22,700
2
Waters Corp.
129,722
2
Xerox Corp.
1,279,059
58,712
2
Xilinx, Inc.
1,589,334
120,499
2,3 Yahoo,
545,027
Inc.
2,985,965
TOTAL
222,239,798
Materials--2.6%
32,232
Air Products & Chemicals, Inc.
1,388,232
119,348
Alcoa, Inc.
2,736,650
14,345
Allegheny Technologies, Inc.
13,722
Ball Corp.
770,628
9,338
Bemis Co., Inc.
426,373
8,106
Boise Cascade Corp.
186,195
142,137
Dow Chemical Co.
4,639,352
173,406
Du Pont (E.I.) de Nemours & Co.
7,374,957
17,496
Eastman Chemical Co.
22,703
Ecolab, Inc.
59,532
534,153
1,159,896
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22,263
3
Engelhard Corp.
546,557
20,911
3
Freeport-McMoRan Copper & Gold, Inc., Class B
361,969
35,090
Georgia-Pacific Corp.
541,790
8,655
Great Lakes Chemical Corp.
212,567
Hercules, Inc.
153,854
16,442
International Flavors & Fragrances, Inc.
522,527
83,626
International Paper Co.
2,989,630
15,158
2
17,882
2
Louisiana-Pacific Corp.
144,487
39,928
3
MeadWestvaco Corp.
941,902
Monsanto Co.
892,220
51,277
Shares
Value
COMMON STOCKS--continued1
Materials--continued
58,813
Newmont Mining Corp.
15,867
Nucor Corp.
27,442
PPG Industries, Inc.
$
1,589,127
648,167
1,331,211
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27,508
2
15,466
2,3 Phelps
Pactiv Corp.
564,464
Dodge Corp.
482,385
28,195
Praxair, Inc.
1,637,566
38,458
Rohm & Haas Co.
1,273,344
11,825
2,3 Sealed
Air Corp.
506,701
10,180
Sigma-Aldrich Corp.
507,168
7,462
Temple-Inland, Inc.
338,029
18,210
United States Steel Corp.
260,767
Vulcan Materials Co.
619,179
17,706
3
55,320
Weyerhaeuser Co.
2,743,319
12,363
Worthington Industries, Inc.
TOTAL
166,035
39,250,933
Telecommunication Services--3.5%
109,267
471,865
75,446
AT&T Corp.
2,3 AT&T
1,863,002
Wireless Services, Inc.
Alltel Corp.
3,048,248
3,535,400
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294,202
BellSouth Corp.
7,499,209
32,630
3
CenturyTel, Inc.
960,954
40,638
2
Citizens Communications Co., Class B
444,173
136,136
2,3 NEXTEL
426,872
2
582,347
Communications, Inc., Class A
Qwest Communications International, Inc.
SBC Communications, Inc.
157,001
3
Sprint Corp.
140,352
2
Sprint PCS Group
480,974
2,013,451
1,609,307
13,603,626
1,807,082
491,232
Verizon Communications
17,978,808
TOTAL
54,854,492
Utilities--2.7%
78,139
2
22,243
2,3 Allegheny
21,757
AES Corp.
469,615
Energy, Inc.
184,617
Ameren Corp.
66,004
3
24,692
2,3 CMS
891,602
American Electric Power Co., Inc.
Energy Corp.
1,741,186
153,831
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54,446
2,3 Calpine
Corp.
292,375
54,314
CenterPoint Energy, Inc.
429,081
29,247
Cinergy Corp.
998,493
Shares
Value
COMMON STOCKS--continued1
Utilities--continued
37,341
3
Consolidated Edison Co.
$
1,451,445
28,524
Constellation Energy Group
835,183
23,667
DTE Energy Co.
954,253
53,607
Dominion Resources, Inc.
3,172,462
Duke Energy Corp.
2,728,772
155,132
3
53,558
Dynegy, Inc.
63,958
2,3 Edison
86,239
3
235,655
International
933,147
El Paso Corp.
646,792
38,682
Entergy Corp.
1,802,968
56,319
Exelon Corp.
2,987,160
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31,891
FPL Group, Inc.
1,941,205
58,784
FirstEnergy Corp.
1,982,784
27,456
KeySpan Corp.
929,935
21,113
Kinder Morgan, Inc.
992,733
58,136
2
Mirant Corp.
192,430
7,489
3
NICOR, Inc.
225,119
34,180
3
NiSource, Inc.
646,002
70,336
2,3 P
G & E Corp.
1,053,633
32,287
PPL Corp.
6,157
Peoples Energy Corp.
239,199
Pinnacle West Capital Corp.
425,814
12,818
3
1,168,789
33,507
Progress Energy, Inc.
1,399,922
38,769
Public Service Enterprises Group, Inc.
1,491,443
44,241
3
Sempra Energy
1,187,428
153,886
3
Southern Co.
4,476,544
25,288
3
TECO Energy, Inc.
272,857
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45,558
3
92,561
56,124
3
TXU Corp.
907,515
Williams Cos., Inc. (The)
643,299
Xcel Energy, Inc.
758,796
TOTAL
41,844,084
TOTAL COMMON STOCKS (IDENTIFIED COST $987,649,995)
1,494,700,251
Principal
Amount
or Shares
Value
U.S. TREASURY--0.4%5
$ 5,850,000
United States Treasury Bill, 7/17/2003 (identified cost $5,835,275)
$
5,836,428
MUTUAL FUNDS--7.4%
45,556,052
Prime Value Obligations Fund, Class IS
45,556,052
69,010,834
Prime Value Obligations Fund, Class IS (held as collateral for securities lending)
69,010,834
TOTAL MUTAL FUNDS (AT NET ASSET VALUE)
TOTAL INVESTMENTS--104.4% (IDENTIFIED COST $1,108,052,156)6
OTHER ASSETS AND LIABILITIES - NET--(4.4)%
TOTAL NET ASSETS--100%
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114,566,886
1,615,103,565
(67,367,102 )
$ 1,547,736,463
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 $53,133,800 at
April 30, 2003, which represents 3.4% of total 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 Certain shares are temporarily on loan to unaffiliated broker/dealers.
4 Represents less than one share.
5 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.
6 The cost of investments for federal tax purposes amounts to $1,108,052,156.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2003.
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, 2003 (unaudited)
Assets:
Total investments in securities, at value including $66,277,754 of securities
loaned (identified cost $1,108,052,156)
Cash
$ 1,615,103,565
979,725
Income receivable
1,553,874
Receivable for investments sold
35,793
Receivable for shares sold
1,440,750
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TOTAL ASSETS
1,619,113,707
Liabilities:
Payable for investments purchased
$
Payable for shares redeemed
126,805
1,987,736
Payable on collateral due to broker
69,010,834
Accrued expenses
251,869
TOTAL LIABILITIES
71,377,244
Net assets for 83,373,866 shares outstanding
$ 1,547,736,463
Net Assets Consist of:
Paid in capital
$ 1,221,372,871
Net unrealized appreciation of investments and futures contracts
Accumulated net realized loss on investments and futures contracts
Undistributed net investment income
508,577,924
(183,562,152 )
1,347,820
TOTAL NET ASSETS
$ 1,547,736,463
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
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Net asset value and offering price per share ($895,641,220 ÷ 48,195,581 shares
outstanding)
$18.58
Redemption proceeds per share
$18.58
Institutional Service Shares:
Net asset value and offering price per share $565,323,647 ÷ 30,486,479 shares
outstanding
$18.54
Redemption proceeds per share
$18.54
Class C Shares:
Net asset value per share ($86,771,335 ÷ 4,691,792 shares outstanding)
$18.49
Offering price per share (100/99.00 of $18.49)1
$18.68
Redemption proceeds per share (99.00/100 of $18.49)1
$18.31
Class K Shares:
Net asset value and offering price per share ($260.61 ÷ 14.024 shares outstanding
$18.58
Redemption proceeds per share
$18.58
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, 2003 (unaudited)
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Investment Income:
Dividends
$ 12,490,684
Interest (including income on securities loaned of $105,811)
325,544
TOTAL INCOME
12,816,228
Expenses:
Management fee
$ 2,108,417
Custodian fees
62,623
Transfer and dividend disbursing agent fees and expenses-Institutional Shares
268,384
Transfer and dividend disbursing agent fees and expenses-Institutional Service Shares
139,322
Transfer and dividend disbursing agent fees and expenses--Class
C Shares
Transfer and dividend disbursing agent fees and expenses--Class
K Shares
29,329
0 1
Directors'/Trustees' fees
8,279
Auditing fees
6,942
Legal fees
2,367
Portfolio accounting fees
88,408
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Distribution services fee--Institutional Service Shares
680,165
Distribution services fee--Class C Shares
317,184
0 1
Distribution services fee--Class K Shares
Shareholder services fee--Institutional Shares
1,084,482
Shareholder services fee--Institutional Service Shares
566,804
Shareholder services fee--Class C Shares
105,728
Share registration costs
36,974
Printing and postage
51,856
Insurance premiums
1,384
Miscellaneous
6,573
TOTAL EXPENSES
5,565,221
Waivers And Reimbursement:
Waiver of management fee
$ (362,650 )
Waiver of transfer and dividend disbursing agent fees and
expenses
Waiver of distribution services fee--Institutional Service Shares
Waiver of shareholder services fee-Institutional Shares
(11,843 )
(566,804 )
(1,084,482 )
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Reimbursement of management fee
(2,911 )
TOTAL WAIVERS AND REIMBURSEMENT
(2,028,690 )
Net expenses
3,536,531
Net investment income
9,279,697
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized loss on investments
(39,606,191 )
Net realized loss on future contracts
(932,924 )
Net change in unrealized appreciation of investments and futures
contracts
98,689,507
Net increase due to reimbursements from sub-manager for
certain losses on investments
63,824
Net realized and unrealized gain on investments and futures
contracts
58,214,216
Change in net assets resulting from operations
$ 67,493,913
1 Amount represents less than $1.
See Notes which are an integral part of the Financial Statements
Statement of Changes in Net Assets
Six Months
Ended
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Year Ended
10/31/2002
(unaudited)
4/30/2003
Increase (Decrease) in Net Assets
Operations:
Net investment income
$
Net realized loss on investments and futures contracts
Net change in unrealized appreciation/depreciation of investments and
futures contracts
Net increase due to reimbursements from sub-manager for certain losses on
investments
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
9,279,697
$
18,969,912
(40,539,115 )
(52,055,054 )
98,689,507
(231,122,406 )
63,824
67,493,913
--
(264,207,548 )
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares
(6,527,114 )
(13,543,574 )
Institutional Service Shares
(2,957,807 )
(4,824,801 )
(219,559 )
(201,421 )
(9,704,480 )
(18,569,796 )
Class C Shares
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO
SHAREHOLDERS
Share Transactions:
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Proceeds from sale of shares
Net asset value of shares issued to shareholders in payment of distributions
declared
Cost of shares redeemed
CHANGE IN NET ASSETS RESULTING FROM SHARE
TRANSACTIONS
Change in net assets
503,620,016
546,629,146
6,812,450
12,178,872
(440,686,263 )
(774,869,659 )
69,746,203
(216,061,641 )
127,535,636
(498,838,985 )
Net Assets:
Beginning of period
End of period (including undistributed net investment income of $1,347,820
and $1,772,603, respectively)
1,420,200,827
1,919,039,812
$ 1,547,736,463
$ 1,420,200,827
See Notes which are an integral part of the Financial Statements
Notes to Financial Statements
April 30, 2003 (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 Index 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 four classes of shares:
Institutional Shares, Institutional Service Shares, Class C Shares, and Class K Shares. Effective April 8, 2003, the Fund
added Class K Shares. The investment objective of the Fund is to provide investment results that generally correspond
to the aggregate price and dividend performance of publicly-traded common stocks comprising the Standard & Poor's
500 Composite Stock Price Index.
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 ("GAAP").
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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. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which
no quotations are readily available are valued at fair value as determined in good faith using methods approved by the
Board of Trustees (the "Trustees").
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 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
Interest income and expenses are accrued daily. 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 transfer and dividend disbursing agent, 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.
Premium and Discount Amortization
All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes.
Federal Taxes
It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to
distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is
necessary.
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.
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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 months ended April 30, 2003, the Fund had realized losses on
futures contracts of $932,924.
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, 2003, the Fund had outstanding futures contracts as set forth below:
Expiration Date Contracts to Receive
June 2003
Position
232 S&P 500 Index Futures Long
Unrealized
Appreciation
$1,526,515
Securities Lending
The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and
government securities to qualified brokers. Collateral for securities loaned is invested in an affiliated money market
fund. Collateral is maintained at a minimum level of 102% of the market value on investments loaned, plus interest, if
applicable. Earnings on collateral are allocated between the custodian securities lending agent, as a fee for its services
under the program, and the Fund, according to agreed-upon rates.
As of April 30, 2003, securities subject to this type of arrangement and related collateral were as follows:
Market Value of Securities Loaned
$66,277,754
Market Value of Collateral
$69,010,834
Use of Estimates
The preparation of financial statements in conformity with GAAP 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.
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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
4/30/2003
Institutional Shares:
Shares
Shares sold
8,143,947
$ 146,138,532
14,188,299
$ 284,289,685
216,853
3,856,491
372,258
7,610,990
Shares issued to shareholders in payment of
distributions declared
Shares redeemed
NET CHANGE RESULTING FROM
INSTITUTIONAL SHARE
TRANSACTIONS
Amount
Year Ended
10/31/2002
Shares
(10,629,172 )
(190,174,620 )
(21,213,018 )
(435,881,119 )
(2,268,372 )
$ (40,179,597 )
(6,652,461 )
$ (143,980,444 )
Six Months Ended
4/30/2003
Institutional Service Shares:
Shares
Shares sold
Shares issued to shareholders in payment of
distributions declared
Shares redeemed
Amount
Amount
Year Ended
10/31/2002
Shares
Amount
19,980,948
$ 348,636,861
10,990,773
$ 230,571,516
156,473
2,770,798
216,124
4,399,518
(13,378,279 )
(237,388,023 )
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(14,452,023 )
(301,626,281 )
NET CHANGE RESULTING FROM
INSTITUTIONAL SERVICE SHARE
TRANSACTIONS
6,759,142
$ 114,019,636
(3,245,126 )
Six Months Ended
4/30/2003
Class C Shares:
Shares
Shares sold
Shares issued to shareholders in payment of
distributions declared
Year Ended
10/31/2002
Amount
496,347
$
(740,216 )
NET CHANGE RESULTING FROM
CLASS C SHARE TRANSACTIONS
(233,409 )
$
Shares
1,516,165
$ 31,767,945
185,161
8,706
168,364
(13,123,618 )
(1,827,851 )
(4,094,084 )
(302,980 )
Period Ended
4/30/20031
Class K Shares:
Shares sold
Shares redeemed
NET CHANGE RESULTING FROM
CLASS K SHARE TRANSACTIONS
Shares
Amount
14
$
--
14
250
(2 )
$
Amount
8,844,373
10,460
Shares redeemed
$ (66,655,247 )
248
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(37,362,259 )
$
(5,425,950 )
NET CHANGE RESULTING FROM
SHARE TRANSACTIONS
4,257,375
$ 69,746,203
(10,200,567 )
$ (216,061,641 )
1 Reflects operations for the period from April 8, 2003 (start of performance) to April 30, 2003.
FEDERAL TAX INFORMATION
At April 30, 2003, the cost of investments for federal tax purposes was $1,108,052,156. The net unrealized appreciation
of investments for federal tax purposes was $507,051,409. This consists of net unrealized appreciation from
investments for those securities having an excess of value over cost of $624,943,834 and net unrealized depreciation
from investments for those securities having an excess of cost over value of $117,892,425.
At October 31, 2002, the Fund had a capital loss carryforward of $107,480,442, which will reduce the Fund's taxable
income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will
reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any
liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:
Expiration Year
Expiration Amount
2008
$49,445,607
2009
$38,257,525
2010
$19,777,310
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
investment management fee equal to 0.30% of the Fund's average daily net assets. 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. Under the terms of a sub-management agreement between the Manager and Fund Asset Management
L.P., doing business as Mercury Advisors, an indirect, wholly owned subsidiary of Merrill Lynch & Co., Inc. (the
"Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.015% times 80% of the Fund's
average daily net assets plus 0.150% times 20% of the Fund's average daily net assets. Prior to March 27, 2003, the
sub-manager was Deutsche Asset Management, Inc.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime
Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain investment
management fees as a result of these transactions.
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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's Institutional Shares, Institutional Service
Shares and Class C Shares 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.
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, Class C Shares and
Class K 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%
Class K Shares
0.50%
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. 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.
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 long-term U.S. government securities and short-term obligations (and inkind contributions), for the six months ended April 30, 2003, were as follows:
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Purchases
$ 218,701,662
Sales
$ 180,556,651
OTHER
The Fund's former sub-manager, Deutsche Asset Management, Inc. made a voluntary contribution to the Fund of
$63,824 for losses on investments inadvertently purchased that did not meet the investment guidelines of the Fund.
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.
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain
documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as
permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of
Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or
information statements. Shareholders must give their written consent to participate in the householding program. The
Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the
same last name, or believed to be members of the same family, reside at the same street address or receive mail at the
same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins
"householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire
to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted
implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.
Federated Investors
World-Class Investment Manager
Federated Max-Cap Index Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact
Federated Securities Corp., Distributor
Cusip 31420E106
Cusip 31420E403
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Cusip 31420E502
Cusip 31420E809
Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.
2052905 (6/03)
Federated Investors
World-Class Investment Manager
Federated Mid-Cap Index Fund
A Portfolio of Federated Index Trust
SEMI-ANNUAL SHAREHOLDER REPORT
April 30, 2003
FINANCIAL HIGHLIGHTS
FINANCIAL STATEMENTS
NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE
Financial Highlights
(For a Share Outstanding Throughout Each Period)
Six
Months
Ended
(unaudited)
Net Asset Value, Beginning of Period
Year Ended October 31,
4/30/2003
2002
2001
2000
1999
1998
$14.11
$15.26
$20.13
$17.63
$16.53
$17.17
Income From Investment Operations:
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Net investment income
0.05
0.10
0.11
0.17
0.16
0.20
Net realized and unrealized gain (loss)
on investments and futures contracts
0.47
(0.90 )
(2.51 )
4.71
2.92
0.74
TOTAL FROM INVESTMENT
OPERATIONS
0.52
(0.80 )
(2.40 )
4.88
3.08
0.94
(0.06 )
(0.10 )
(0.14 )
(0.16 )
(0.15 )
(0.20 )
(0.25 )
(2.33 )
(2.22 )
(1.83 )
(1.38 )
(0.35 )
(2.47 )
(2.38 )
(1.98 )
(1.58 )
Less Distributions:
Distributions from net investment
income
Distributions from net realized gain on
investments and futures contracts
TOTAL DISTRIBUTIONS
Net Asset Value, End of Period
Total Return1
--
(0.06 )
$14.57
$14.11
$15.26
$20.13
$17.63
$16.53
3.67 %
(5.47 )%
(12.97 )%
30.40 %
20.23 %
5.73 %
Expenses
0.49 %2
0.50 %
0.58 %
0.57 %
0.60 %
0.61 %
Net investment income
0.76 %2
0.66 %
0.72 %
1.03 %
0.98 %
1.12 %
Expense waiver/reimbursement3
0.28 %2
0.23 %
0.22 %
0.22 %
0.22 %
0.28 %
Ratios to Average Net Assets:
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Supplemental Data:
Net assets, end of period (000 omitted)
$411,788
Portfolio turnover
$364,656
8%
40 %
$304,982
30 %
$213,466
$110,100
38 %
$83,630
40 %
25 %
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
Portfolio of Investments
April 30, 2003 (unaudited)
Shares
Value
COMMON STOCKS--94.5%1
Consumer Discretionary--16.4%
37,366
2,3 99
52,100
2
Abercrombie & Fitch Co., Class A
38,250
2
American Eagle Outfitters, Inc.
669,375
29,500
3
Applebee's International, Inc.
808,300
36,200
3
ArvinMeritor, Inc.
572,684
37,400
2,3 BJ's
Cents Only Stores
$
Wholesale Club, Inc.
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1,100,802
1,713,048
528,088
10,200
36,000
Bandag, Inc.
2,3 Barnes
60,100
24,700
355,470
& Noble, Inc.
709,200
Belo (A.H.) Corp., Series A
3
18,800
1,352,851
Blyth Industries, Inc.
651,586
Bob Evans Farms, Inc.
476,956
42,400
2
Borders Group, Inc.
678,400
14,300
3
Borg-Warner Automotive, Inc.
838,981
51,912
2
Brinker International, Inc.
26,550
3
CBRL Group, Inc.
44,800
2
CDW Computer Centers, Inc.
40,500
3
Callaway Golf Co.
55,000
2,3 CarMax,
29,000
2
27,000
2,3 Cheesecake
45,300
2,3 Chicos
26,050
1,648,206
846,414
1,910,272
564,165
Inc.
1,163,250
Catalina Marketing Corp.
Factory, Inc.
Fas, Inc.
517,070
852,930
1,102,602
Claire's Stores, Inc.
677,039
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72,495
Clayton Homes, Inc.
47,400
2
49,200
2,3 Copart,
78,150
899,663
Coach, Inc.
2,062,374
Inc.
415,248
D. R. Horton, Inc.
1,852,155
Dollar Tree Stores, Inc.
1,549,905
60,900
2
28,400
2,3 Emmis
26,600
2
Communications, Corp., Class A
538,748
Entercom Communication Corp.
1,292,494
Shares
Value
COMMON STOCKS--continued1
50,000
2
25,500
Extended Stay America, Inc.
Federal Signal Corp.
30,000
2,3 Furniture
40,600
2,3 Gentex
30,500
$
593,000
440,640
Brands International, Inc.
712,500
Corp.
1,226,120
2
Gtech Holdings Corp.
1,026,935
48,600
3
Harte-Hanks
58,100
2
Hispanic Broadcasting Corp.
874,800
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1,490,265
28,400
3
International Speedway Corp., Class A
29,600
2
Krispy Kreme Doughnuts, Inc.
35,100
2
Lear Corp.
23,600
3
Lee Enterprises, Inc.
38,060
3
Lennar Corp., Class A
25,800
2,3 Macrovision
35,100
2
12,400
35,800
1,394,874
846,532
2,064,374
Corp.
455,886
927,342
Media General, Inc., Class A
681,504
Stores, Inc.
1,118,392
Modine Manufacturing Co.
35,400
2,3 Mohawk
25,600
2,3 Neiman-Marcus
40,400
961,408
Mandalay Resort Group
2,3 Michaels
18,000
1,116,404
Industries, Inc.
Group, Inc., Class A
363,600
1,963,638
820,480
Outback Steakhouse, Inc.
1,443,896
1,193,376
160,400
2
Park Place Entertainment Corp.
36,069
2
Payless ShoeSource, Inc.
73,500
2,3 PetSmart,
Inc.
572,054
1,112,055
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49,400
Pier 1 Imports, Inc.
916,864
52,200
Readers Digest Association, Inc., Class A
626,400
41,500
Ross Stores, Inc.
34,100
Ruby Tuesday, Inc.
671,770
Saks, Inc.
683,207
76,336
2
20,900
2,3 Scholastic
49,400
2,3 Six
14,700
1,572,850
Corp.
593,769
Flags, Inc.
290,472
Superior Industries International, Inc.
581,532
Timberland Co., Class A
984,803
19,700
2
37,500
2,3 Toll
29,100
2
Unifi, Inc.
173,145
40,900
2
United Rentals, Inc.
421,270
5,100
Brothers, Inc.
871,875
Washington Post Co., Class B
3,717,900
56,600
2
Westwood One, Inc.
1,975,340
61,900
2
Williams-Sonoma, Inc.
1,601,972
TOTAL
67,431,520
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Value
COMMON STOCKS--continued1
Consumer Staples--4.8%
21,300
3
Church and Dwight, Inc.
48,200
2
Constellation Brands, Inc., Class A
48,666
2,3 Dean
50,700
Foods Co.
$
670,311
1,292,242
2,118,431
Dial Corp.
1,056,081
18,600
3
Dreyers Grand Ice Cream, Inc.
1,188,168
46,625
2
Energizer Holdings, Inc.
1,343,733
74,000
3
Hormel Foods Corp.
1,702,740
23,600
Interstate Bakeries Corp.
247,092
19,449
Lancaster Colony Corp.
831,056
Longs Drug Stores Corp.
315,996
20,400
3
80,200
PepsiAmericas, Inc.
24,800
Ruddick Corp.
330,088
Sensient Technologies Corp.
559,130
25,300
3
1,001,698
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58,400
2
Smithfield Foods, Inc.
26,418
3
Smucker (J.M.) Co.
958,445
28,342
3
Tootsie Roll Industries, Inc.
821,351
188,227
3
Tyson Foods, Inc., Class A
13,700
30,700
1,144,640
Universal Corp.
2,3 Whole
1,812,626
534,985
Foods Market, Inc.
TOTAL
1,822,352
19,751,165
Energy--6.6%
29,000
2
79,500
Cooper Cameron Corp.
1,387,940
ENSCO International, Inc.
2,019,300
34,828
2
25,100
2,3 Forest
64,566
2
Grant Prideco, Inc.
736,698
35,500
2
Hanover Compressor Co.
298,555
26,700
3
Helmerich & Payne, Inc.
686,991
49,300
FMC Technologies, Inc.
Oil Corp.
655,463
521,578
Murphy Oil Corp.
2,053,345
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44,900
2
30,600
National-Oilwell, Inc.
942,451
Noble Energy, Inc.
1,015,920
18,400
3
Overseas Shipholding Group, Inc.
42,200
2
Patterson-UTI Energy, Inc.
1,396,398
62,400
2
Pioneer Natural Resources, Inc.
1,492,608
346,104
Shares
Value
COMMON STOCKS--continued1
Energy--continued
32,500
Pogo Producing Co.
71,700
2,3 Pride
54,200
2,3 Smith
32,300
3
60,300
International, Inc.
International, Inc.
Tidewater, Inc.
2
69,466
2,3 Weatherford
1,287,000
1,112,784
1,927,352
868,870
Valero Energy Corp.
51,682
17,600
$
2,216,025
Varco International, Inc.
International Ltd.
Western Gas Resources, Inc.
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909,086
2,794,617
645,568
96,600
XTO Energy, Inc.
1,883,700
TOTAL
27,198,353
Financials--19.2%
44,100
AMB Property Corp.
1,203,930
28,200
2
Allmerica Financial Corp.
431,460
20,800
3
AmerUs Group Co.
544,752
American Financial Group, Inc.
816,224
36,800
82,800
2,3 Americredit
Corp.
562,212
39,815
Associated Banc Corp.
1,391,136
46,500
Astoria Financial Corp.
1,163,430
32,400
Bank of Hawaii Corp.
1,067,904
86,100
Banknorth Group, Inc.
2,056,068
23,700
Berkley, W. R. Corp.
1,100,628
Brown & Brown
1,319,913
26,600
City National Corp.
1,095,122
66,000
Colonial BancGroup, Inc.
36,900
3
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840,180
36,000
3
68,400
192,900
Commerce Bancorp, Inc.
1,464,120
Compass Bancshares, Inc.
2,306,448
2,3 E*Trade
Group, Inc.
1,060,950
37,000
Eaton Vance Corp.
1,102,600
42,087
Edwards (AG), Inc.
1,255,455
29,200
Everest Re Group Ltd.
2,033,780
55,470
Fidelity National Financial, Inc.
1,908,168
38,500
First American Financial Corp.
1,020,250
38,250
First Virginia Bank, Inc.
1,562,513
45,100
FirstMerit Corp.
924,550
Shares
Value
COMMON STOCKS--continued1
Financials--continued
26,100
3
47,000
27,500
52,100
GATX Corp
$
Gallagher (Arthur J.) & Co.
3
Greater Bay Bancorp
491,724
1,174,530
440,000
Greenpoint Financial Corp.
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2,488,296
33,200
HCC Insurance Holdings, Inc.
84,100
Hibernia Corp., Class A
913,000
1,523,892
21,800
3
Horace Mann Educators Corp.
321,986
33,400
3
Hospitality Properties Trust
962,254
30,500
Independence Community Bank
797,575
29,400
IndyMac Bancorp, Inc.
655,032
25,549
2
Investment Technology Group, Inc.
365,095
34,400
3
Investors Financial Services Corp.
750,264
31,800
3
Labranche & Co. Inc.
527,244
34,600
3
Legg Mason, Inc.
1,878,780
31,000
Leucadia National Corp.
1,181,100
40,700
Liberty Property Trust
1,273,503
63,239
M & T Bank Corp.
5,341,798
30,700
3
36,750
25,000
Mack-Cali Realty Corp.
Mercantile Bankshares Corp.
3
Mony Group, Inc.
968,892
1,408,995
580,750
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109,450
National Commerce Financial Corp.
2,226,213
37,200
Neuberger Berman, Inc.
1,142,040
51,700
3
New Plan Excel Realty Trust
1,032,966
57,200
3
New York Community Bancorp, Inc.
1,985,984
32,400
2,3 Ohio
Casualty Corp.
405,810
64,300
Old Republic International Corp.
1,967,580
48,200
PMI Group, Inc.
1,485,524
36,600
Protective Life Corp.
1,051,518
26,000
3
49,900
41,950
Radian Group, Inc.
3
56,600
20,700
139,400
Provident Financial Group, Inc.
2
614,900
1,981,030
Roslyn Bancorp, Inc.
800,406
SEI Investments, Co.
1,490,278
Silicon Valley Bancshares
Sovereign Bancorp, Inc.
Shares
483,966
2,153,730
Value
COMMON STOCKS--continued1
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Financials--continued
15,700
StanCorp Financial Group, Inc.
39,500
TCF Financial Corp.
57,100
3
$
843,090
1,564,200
United Dominion Realty Trust, Inc.
952,999
Unitrin, Inc.
892,031
Waddell & Reed Financial, Inc., Class A
856,000
24,500
Webster Financial Corp. Waterbury
919,730
17,900
WestAmerica Bancorp.
771,490
35,000
Wilmington Trust Corp.
941,850
36,100
42,800
3
TOTAL
78,839,838
Healthcare--12.6%
48,000
2,3 AdvancePCS
57,000
2
Apogent Technologies, Inc.
979,260
29,300
2
Apria Healthcare Group, Inc.
687,085
35,300
2,3 Barr
33,200
3
1,442,880
Laboratories, Inc.
1,962,680
Beckman Coulter, Inc.
1,290,484
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24,100
2,3 Charles
54,900
2
31,900
2,3 Covance,
Inc.
32,000
2,3 Coventry
Health Care, Inc.
61,800
2,3 Cytyc
41,800
River Laboratories International, Inc.
Community Health Systems, Inc.
654,315
1,043,100
565,587
Corp.
1,306,240
815,760
Dentsply International, Inc.
1,565,410
Edwards Lifesciences Corp.
923,840
32,000
2
41,600
2,3 Express
50,600
2
First Health Group Corp.
1,267,530
104,900
2
Gilead Sciences, Inc.
4,840,086
66,040
2
Health Net, Inc.
1,722,984
23,500
2
Henry Schein, Inc.
1,014,025
32,900
Hillenbrand Industries, Inc.
1,641,710
44,700
ICN Pharmaceuticals, Inc.
81,600
2,3 IDEC
103,825
2,3 Ivax
Scripts, Inc., Class A
Pharmaceuticals Corp.
Corp.
2,452,736
391,125
2,672,400
1,668,468
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21,100
2,3 LifePoint
56,400
2
154,592
2,3 Millennium
Hospitals, Inc.
411,872
Lincare Holdings, Inc.
1,712,868
Pharmaceuticals, Inc.
1,700,512
Shares
Value
COMMON STOCKS--continued1
Healthcare--continued
98,000
Mylan Laboratories, Inc.
$
2,770,460
50,300
3
Omnicare, Inc.
1,333,956
44,700
2
Oxford Health Plans, Inc.
1,308,369
19,098
2,3 PacifiCare
36,400
2,3 Patterson
293
2
37,000
Health Systems, Inc.
Dental Co.
608,080
1,462,188
Per-Se Technologies, Inc., Warrants
3
Perrigo Co.
568,320
Pharmaceutical Resources, Inc.
769,125
17,500
2
47,500
2,3 Protein
62,500
2,3 SICOR,
Design Laboratories, Inc.
Inc.
471,675
1,120,625
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44,900
2
Sepracor, Inc.
859,835
37,000
2
Steris Corp.
839,900
39,880
2
Triad Hospitals, Inc.
877,759
32,300
2,3 Universal
27,500
2,3 VISX,
36,300
2
Varian Medical Systems, Inc.
40,800
2
Vertex Pharmaceuticals, Inc.
Health Services, Inc., Class B
Inc.
1,249,041
430,650
TOTAL
1,955,118
492,456
51,850,517
Industrials--12.3%
40,000
2
AGCO Corp.
728,400
17,600
AMETEK, Inc.
663,520
25,800
Airborne, Inc.
512,388
14,100
2,3 Alaska
22,000
3
Alexander and Baldwin, Inc.
45,600
3
Allete
13,450
Air Group, Inc.
251,403
587,620
1,083,456
Banta Corp.
417,622
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64,200
2,3 Bisys
45,100
Group, Inc.
1,083,696
C.H. Robinson Worldwide, Inc.
1,659,229
26,300
3
CNF Transportation, Inc.
797,942
27,500
2
CSG Systems International, Inc.
289,575
24,600
2
Career Education Corp.
16,300
1,479,198
Carlisle Cos., Inc.
79,200
2,3 Ceridian
35,400
2
739,368
Corp.
1,104,840
Certegy, Inc.
884,646
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
42,000
2,3 Checkfree
45,233
2
23,100
2,3 Corinthian
63,800
2
37,300
2,3 DeVRY,
Corp.
$
ChoicePoint, Inc.
1,157,940
1,595,820
Colleges, Inc.
DST Systems, Inc.
1,057,749
1,958,660
Inc.
863,122
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23,400
Donaldson Co., Inc.
934,128
39,600
2,3 Dun
25,500
2,3 Dycom
25,100
2,3 EGL,
18,800
2,3 Education
55,500
3
Expeditors International Washington, Inc.
2,017,925
40,500
3
Fastenal Co.
1,400,895
29,500
2,3 Flowserve
22,025
3
& Bradstreet Corp.
Industries, Inc.
1,496,880
281,520
Inc.
402,604
Management Corp.
Corp.
917,816
455,480
Granite Construction, Inc.
370,020
31,500
HON Industries, Inc.
931,770
21,600
Harsco Corp.
744,552
31,580
Hubbell, Inc., Class B
20,900
2,3 Hunt
29,000
2,3 Jacobs
18,975
18,700
3
1,013,718
(J.B.) Transportation Services, Inc.
Engineering Group, Inc.
722,095
1,193,350
Kelly Services, Inc., Class A
439,271
Kennametal, Inc.
588,863
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20,200
2
50,400
2,3 L-3
40,900
39,900
Korn/Ferry International
Communications Holdings, Inc.
Manpower, Inc.
3
138,976
2,237,760
1,344,792
Miller Herman, Inc.
697,851
17,900
Nordson Corp.
452,154
26,300
Pentair, Inc.
29,000
Pittston Brink's Group
369,750
1,013,602
27,900
3
Precision Castparts Corp.
772,551
33,700
2
Quanta Services, Inc.
116,265
87,400
2
Republic Services, Inc.
23,850
3
Rollins, Inc.
42,900
2
SPX Corp.
5,700
2
Sequa Corp., Class A
1,875,604
577,647
1,450,020
175,332
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
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32,800
2,3 Sothebys
44,600
2,3 Swift
21,500
2,3 Sylvan
Holdings, Inc., Class A
Transportation Co.
Learning Systems, Inc.
$
288,312
808,152
377,110
9,900
Tecumseh Products Co., Class A
398,376
21,000
Teleflex, Inc.
806,190
Trinity Industries, Inc.
404,648
24,450
3
28,100
2,3 Valassis
Communications, Inc.
747,460
47,000
Viad Corp.
945,170
22,300
Wallace Computer Services, Inc.
582,699
34,000
Werner Enterprises, Inc.
768,060
21,000
York International Corp.
501,900
TOTAL
50,677,462
Information Technology--11.4%
193,400
2
3Com Corp.
35,800
2
Activision, Inc.
547,740
47,600
2
Acxiom Corp.
664,496
1,005,680
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19,800
2,3 Adtran,
44,900
2
17,500
2,3 Advent
70,500
2,3 Affiliated
53,350
2
Arrow Electronics, Inc.
900,548
125,600
2
Ascential Software Corp.
482,304
242,600
2
Atmel Corp.
446,384
63,700
2
Avnet, Inc.
812,175
24,000
2
Avocent Corp.
710,880
12,942
2,3 Cabot
143,500
2
31,600
2,3 CommScope,
33,400
2
38,800
2,3 Cree
66,000
2
38,493
Inc.
801,504
Advanced Fibre Communications
Software, Inc.
686,970
220,325
Computer Services, Inc., Class A
3,362,850
Microelectronics Corp.
559,353
Cadence Design Systems, Inc.
1,640,205
Inc.
270,812
Credence Systems Corp.
Research, Inc.
237,140
774,060
Cypress Semiconductor Corp.
Diebold, Inc.
575,520
1,538,950
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26,400
Fair Isaac & Co., Inc.
62,400
2,3 Fairchild
44,100
2,3 Gartner
1,374,912
Semiconductor International, Inc., Class A
740,688
Group, Inc., Class B
345,744
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
35,400
Harris Corp.
$
1,011,024
46,800
3
Henry Jack & Associates, Inc.
609,804
18,800
2
Imation Corp.
644,840
21,300
2
InFocus Corp.
95,637
55,000
2
Integrated Device Technology, Inc.
568,150
34,100
2
International Rectifier Corp.
771,342
26,400
2
Internet Security Systems, Inc.
346,368
73,000
2
Intersil Holding Corp.
38,200
2
Keane, Inc.
368,248
46,000
2
KEMET Corp.
421,820
1,350,500
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26,300
2,3 LTX
67,400
2
59,900
2,3 Lattice
Semiconductor Corp.
519,932
61,900
2,3 Legato
Systems, Inc.
366,448
54,700
2
MPS Group, Inc.
369,225
32,200
2
Macromedia, Inc.
406,042
60,500
2,3 McData
35,500
48,900
Corp.
177,525
Lam Research Corp.
979,322
Corp., Class A
640,090
2
Mentor Graphics Corp.
369,910
2
Micrel, Inc.
572,619
108,387
Microchip Technology, Inc.
2,253,366
27,200
2,3 National
Instruments Corp.
872,576
83,450
2,3 Network
Associates, Inc.
953,834
20,800
2
31,100
2,3 Overture
24,000
2
22,400
2,3 Plexus
Newport Corp.
268,757
Services, Inc.
332,770
Plantronics, Inc.
444,000
Corp.
228,032
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53,100
2,3 Polycom,
35,600
2
84,300
2,3 Quantum
97,400
2,3 RF
30,800
2
30,400
2,3 Retek,
37,100
Inc.
521,442
Powerwave Technologies, Inc.
143,112
Corp. - DLT & Storage Systems
290,835
Micro Devices, Inc.
462,650
RSA Security, Inc.
295,372
Inc.
190,000
Reynolds & Reynolds Co., Class A
36,800
2,3 Sandisk
39,300
2,3 Semtech
1,068,851
Corp.
890,560
Corp.
624,870
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
27,200
2
Silicon Laboratories, Inc.
56,760
2
Storage Technology Corp.
50,500
2
Sybase, Inc.
40,300
2,3 Synopsys,
$
773,840
1,403,107
646,400
Inc.
1,960,192
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30,100
2,3 Tech
41,600
2
Titan Corp.
334,048
18,900
2
Transaction Systems Architects, Inc., Class A
131,355
66,668
2
Triquint Semiconductor, Inc.
234,005
18,100
2,3 Varian,
85,202
2
Vishay Intertechnology, Inc.
39,200
2
Wind River Systems, Inc.
Data Corp.
722,400
Inc.
572,141
TOTAL
1,065,025
129,752
47,101,378
Materials--4.2%
57,800
2
38,200
2,3 Airgas,
22,175
3
Albemarle Corp.
598,725
28,000
3
Arch Coal, Inc.
506,240
29,500
3
Bowater, Inc.
32,800
3
Cabot Corp.
914,136
12,100
3
Carpenter Technology Corp.
158,026
AK Steel Holding Corp.
Inc.
168,776
772,786
1,148,435
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60,699
Crompton Corp.
20,900
2,3 Cytec
18,700
2
389,688
Industries, Inc.
669,009
FMC Corp.
338,844
21,550
Ferro Corp.
509,442
23,300
Glatfelter (P.H.) Co.
266,785
61,300
IMC Global, Inc.
555,378
27,200
Longview Fibre Co.
207,536
27,500
Lubrizol Corp.
869,275
85,300
Lyondell Chemical Co.
26,000
Martin Marietta Materials
768,820
10,800
Minerals Technologies, Inc.
477,900
554,472
1,241,115
30,600
3
Olin Corp.
55,700
2
Packaging Corp. of America
27,900
3
Peabody Energy Corp.
1,047,717
783,990
Shares
Value
COMMON STOCKS--continued1
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Materials--continued
15,200
3
Potlatch Corp.
61,250
3
RPM, Inc.
757,050
14,800
3
Rayonier, Inc.
745,328
$
362,520
8,000
Solutia, Inc.
10,880
51,573
Sonoco Products Co.
1,126,870
26,700
Valspar Corp.
1,153,173
27,467
Wausau-Mosinee Paper Corp.
TOTAL
292,249
17,395,165
Telecommunication Services--0.6%
116,800
2
29,100
2,3 Price
31,300
3
BroadWing, Inc.
540,784
Communications Corp.
355,311
Telephone and Data System, Inc.
1,348,717
TOTAL
2,244,812
Utilities--6.4%
33,000
AGL Resources, Inc.
849,090
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48,900
3
Alliant Energy Corp.
858,684
96,800
Aquila, Inc.
269,104
14,400
Black Hills Corp.
410,112
67,500
DPL, Inc.
934,200
DQE, Inc.
539,920
39,700
3
77,200
33,300
3
36,400
Energy East Corp.
1,406,584
Equitable Resources, Inc.
1,279,386
Great Plains Energy, Inc.
952,588
19,500
3
Hawaiian Electric Industries, Inc.
806,325
20,300
3
Idacorp, Inc.
519,477
38,200
3
MDU Resources Group, Inc.
1,136,832
28,300
NSTAR
1,222,560
42,800
National Fuel Gas Co.
1,004,088
72,400
Northeast Utilities Co.
1,080,208
41,800
3
OGE Energy Corp.
750,310
38,600
3
ONEOK, Inc.
732,242
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21,000
PNM Resources, Inc.
465,990
1,499,711
87,294
3
Pepco Holdings, Inc.
36,200
3
Philadelphia Suburban Corp.
819,930
Shares or
Principal
Amount
Value
COMMON STOCKS--continued1
Utilities--continued
49,500
Puget Energy, Inc.
43,700
Questar Corp.
1,319,740
59,100
SCANA Corp.
1,875,834
55,312
2,3 Sierra
$
Pacific Resources
1,045,440
204,101
36,166
Vectren Corp.
840,860
25,900
WGL Holdings, Inc.
698,782
17,000
WPS Resources Corp.
685,100
Westar Energy, Inc.
535,686
38,100
61,700
3
Wisconsin Energy Corp.
TOTAL
1,624,561
26,367,445
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TOTAL COMMON STOCKS (IDENTIFIED COST $402,842,567)
388,857,655
U.S. TREASURY--0.3%4
$ 1,335,000
United States Treasury Bill, 7/17/2003 (IDENTIFIED COST $1,331,658)
1,331,903
MUTUAL FUNDS--17.6%
21,759,911
Prime Value Obligations Fund, Class IS
21,759,911
50,753,728
Prime Value Obligations Fund, Class IS (held as collateral for securities lending)
50,753,728
TOTAL MUTUAL FUNDS (AT NET ASSET VALUE)
72,513,639
TOTAL INVESTMENTS--112.4% (IDENTIFIED COST $476,687,864)5
462,703,197
OTHER ASSETS AND LIABILITIES - NET--(12.4%)
(50,915,528)
TOTAL NET ASSETS--100%
$ 411,787,669
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
$21,498,750 at April 30, 2003, which represents 5.2% of total 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 Certain shares are temporarily on loan to unaffiliated broker/dealers.
4 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 $476,687,864.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2003.
See Notes which are an integral part of the Financial Statements
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Statement of Assets and Liabilities
April 30, 2003 (unaudited)
Assets:
Total investments in securities, at value including $48,794,285 of securities
loaned (identified cost $476,687,864)
$ 462,703,197
Cash
206,042
Income receivable
235,970
Receivable for investments sold
33,885
Receivable for shares sold
722,474
Receivable for daily variation margin
110,250
Prepaid expenses
58,874
TOTAL ASSETS
464,070,692
Liabilities:
Payable for investments purchased
$
Payable for shares redeemed
899,360
590,961
Payable on collateral due to broker
50,753,728
Accrued expenses
38,974
TOTAL LIABILITIES
52,283,023
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Net assets for 28,270,676 shares outstanding
$ 411,787,669
Net Assets Consist of:
Paid in capital
$ 457,307,443
Net unrealized depreciation of investments and futures contracts
(12,889,345 )
Accumulated net realized loss on investments and futures contracts
(32,755,681 )
Undistributed net investment income
125,252
TOTAL NET ASSETS
$ 411,787,669
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$411,787,669 ÷ 28,270,676 shares outstanding
$14.57
See Notes which are an integral part of the Financial Statements
Statement of Operations
Six Months Ended April 30, 2003 (unaudited)
Investment Income:
Dividends
$ 2,240,804
Interest (including income on securities loaned of $47,121)
TOTAL INCOME
107,507
2,348,311
Expenses:
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Management fee
$ 752,386
Custodian fees
30,740
Transfer and dividend disbursing agent fees and expenses
77,891
Directors'/Trustees' fees
3,624
Auditing fees
7,282
Legal fees
3,577
Portfolio accounting fees
53,353
Shareholder services fee
470,241
Share registration costs
14,091
Printing and postage
28,687
Insurance premiums
762
Miscellaneous
856
TOTAL EXPENSES
1,443,490
Waivers and Reimbursement:
Waiver of management fee
Waiver of shareholder services fee
Reimbursement of management fee
$ (104,267 )
(413,812 )
(1,383 )
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TOTAL WAIVERS AND REIMBURSEMENT
(519,462 )
Net expenses
924,028
Net investment income
1,424,283
Realized and Unrealized Gain (Loss) on Investments and
Futures Contracts:
Net realized loss on investments
(4,224,155 )
Net realized loss on future contracts
(364,823 )
Net change in unrealized depreciation of investments and futures
contracts
17,632,549
Net realized and unrealized gain on investments and futures
contracts
13,043,571
Change in net assets resulting from operations
$ 14,467,854
See Notes which are an integral part of the Financial Statements
Statement of Changes in Net Assets
Six Months
Ended
(unaudited)
4/30/2003
Increase (Decrease) in Net Assets
Operations:
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Year Ended
10/31/2002
Net investment income
$
1,424,283
$
2,576,544
Net realized loss on investments and futures contracts
(4,588,978 )
(28,139,086 )
Net change in unrealized appreciation/depreciation of investments and futures
contracts
17,632,549
(8,467,072 )
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
14,467,854
(34,029,614 )
Distributions to Shareholders:
Distributions from net investment income
Distributions from net realized gain on investments and future contracts
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO
SHAREHOLDERS
(1,530,042 )
--
(1,530,042 )
(2,513,096 )
(5,133,807 )
(7,646,903 )
Share Transactions:
Proceeds from sale of shares
Net asset value of shares issued to shareholders in payment of distributions
declared
Cost of shares redeemed
108,446,717
385,841,158
1,209,089
6,180,568
(75,461,761 )
(290,671,702 )
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS
34,194,045
101,350,024
Change in net assets
47,131,857
59,673,507
Net Assets:
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Beginning of period
End of period (including undistributed net investment income of $125,252 and
$231,011, respectively)
364,655,812
304,982,305
$ 411,787,669
$ 364,655,812
See Notes which are an integral part of the Financial Statements
Notes to Financial Statements
April 30, 2003 (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 Index 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 Standard & Poor's Mid-Cap 400 Index.
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 ("GAAP").
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. Investments in other open-ended regulated investment companies are valued at net asset value. Securities for
which no quotations are readily available are valued at fair value as determined in good faith using methods approved
by the Board of Trustees (the "Trustees").
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 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
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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
Interest income and expenses are accrued daily. 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.
Premium and Discount Amortization
All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes.
Federal Taxes
It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to
distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is
necessary.
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 months ended April 30, 2003 the Fund had a realized loss on futures
contracts of $364,823.
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, 2003, the Fund had outstanding futures contracts as set forth below:
Expiration Date Contracts to Receive
June 2003
Position
98 S&P Mid Cap 400 Index Futures Long
Unrealized
Appreciation
$1,095,322
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Securities Lending
The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and
government securities to qualified brokers. Collateral for securities loaned is invested in an affiliated money market
fund. Collateral is maintained at a minimum level of 102% of the market value on investments loaned, plus interest, if
applicable. Earnings on collateral are allocated between the custodian securities lending agent, as a fee for its services
under the program, and the Fund, according to agreed-upon rates.
At April 30, 2003, securities subject to this type of arrangement and related collateral were as follows:
Market Value of Securities Loaned
Market Value of Collateral
$48,794,285
$50,753,728
Use of Estimates
The preparation of financial statements in conformity with GAAP 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:
Shares sold
Shares issued to shareholders in payment of distributions declared
Shares redeemed
NET CHANGE RESULTING FROM SHARE TRANSACTIONS
Six Months
Ended
4/30/2003
Year Ended
10/31/2002
7,732,691
23,488,605
86,597
387,416
(5,398,943 )
(18,013,884 )
2,420,345
5,862,137
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FEDERAL TAX INFORMATION
At April 30, 2003, the cost of investments for federal tax purposes was $476,687,864. The net unrealized depreciation
of investments for federal tax purposes was $13,984,667. This consists of net unrealized appreciation from investments
for those securities having an excess of value over cost of $45,008,071 and net unrealized depreciation from
investments for those securities having an excess of cost over value of $58,992,738.
At October 31, 2002, the Fund had a capital loss carryforward of $451,040, which will reduce the Fund's taxable
income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will
reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any
liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2010.
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
investment management fee equal to 0.40% of the Fund's average daily net assets. 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. Under the terms of a sub-management agreement between the Manager and Fund Asset Management
L.P., doing business as Mercury Advisors, an indirect, wholly owned subsidiary of Merrill Lynch & Co., Inc. (the
"Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.030% of the Fund's average
daily net assets. Prior to March 27, 2003, the sub-manager was Deutsche Asset Management, Inc.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime
Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain investment
management fees as a result of these transactions.
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.
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INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S government securities and short-term obligations (and inkind contributions), for the six months ended April 30, 2003 were as follows:
Purchases $53,758,060
Sales
$30,000,094
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.
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain
documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as
permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of
Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or
information statements. Shareholders must give their written consent to participate in the householding program. The
Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the
same last name, or believed to be members of the same family, reside at the same street address or receive mail at the
same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins
"householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire
to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted
implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.
Federated Investors
World-Class Investment Manager
Federated Mid-Cap Index Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact
Federated Securities Corp., Distributor
Cusip 31420E205
Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.
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3042108 (6/03)
Federated Investors
World-Class Investment Manager
Federated Mini-Cap Index Fund
A Portfolio of Federated Index Trust
SEMI-ANNUAL SHAREHOLDER REPORT
April 30, 2003
FINANCIAL HIGHLIGHTS
FINANCIAL STATEMENTS
NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE
Financial Highlights -- Institutional Shares
(For a Share Outstanding Throughout Each Period)
Six
Months
Ended
(unaudited)
Net Asset Value, Beginning of Period
Year Ended October 31,
4/30/2003
2002
2001
2000
1999
1998
$8.95
$10.25
$13.99
$13.63
$13.02
$16.68
0.03
0.05
0.06
0.12
0.11
0.13
Income From Investment
Operations:
Net investment income
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Net realized and unrealized gain (loss)
on investments and futures contracts
0.60
(1.30 )
(1.82 )
1.84
1.43
(2.19 )
TOTAL FROM INVESTMENT
OPERATIONS
0.63
(1.25 )
(1.76 )
1.96
1.54
(2.06 )
(0.03 )
(0.05 )
(0.10 )
(0.11 )
(0.14 )
(1.90 )
(1.50 )
(0.82 )
(1.46 )
(1.98 )
(1.60 )
(0.93 )
(1.60 )
Less Distributions:
Distributions from net investment
income
Distributions from net realized gain on
investments and futures contracts
--
TOTAL DISTRIBUTIONS
(0.03 )
Net Asset Value, End of Period
$9.55
--
(0.05 )
(0.08)
$ 8.95
$10.25
7.06 %
(12.31 )%
(13.76 )%
15.14 %
12.43 %
(13.46 )%
Expenses
0.91 %2
0.94 %
1.05 %
0.96 %
0.93 %
0.82 %
Net investment income
0.63 %2
0.46 %
0.56 %
0.85 %
0.79 %
0.80 %
Expense waiver/reimbursement3
0.51 %2
0.22 %
0.13 %
0.13 %
0.13 %
0.13 %
Total Return1
$13.99
$13.63
$13.02
Ratios to Average Net Assets:
Supplemental Data:
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Net assets, end of period (000 omitted)
$69,936
Portfolio turnover
$61,495
5%
75 %
$82,393
56 %
$101,330
56 %
$97,235
47 %
$118,494
48 %
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)
Net Asset Value, Beginning of
Period
Year Ended October 31,
4/30/2003
2002
2001
2000
1999
$8.85
$10.18
$13.91
$13.59
$13.00
1998 1
$16.75
Income From Investment
Operations:
Net investment income (net operating
loss)
(0.01 )
(0.03 )
(0.03 )
(0.00 )2
(0.00 )2
Net realized and unrealized gain
(loss) on investments and futures
contracts
0.61
(1.30 )
(1.80 )
1.82
1.42
(2.25 )
TOTAL FROM INVESTMENT
OPERATIONS
0.60
(1.33 )
(1.83 )
1.82
1.42
(2.25 )
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0.00 2
Less Distributions:
Distributions from net investment
income
--
--
Distributions from net realized gain
on investments and futures contracts
--
--
(1.90 )
TOTAL DISTRIBUTIONS
--
--
(1.90 )
$9.45
$8.85
Net Asset Value, End of Period
Total Return3
--
$10.18
--
(0.01 )
(0.04 )
(1.50 )
(0.82 )
(1.46 )
(1.50 )
(0.83 )
(1.50 )
$13.91
$13.59
$13.00
6.78 %
(13.06 )%
(14.39 )%
14.09 %
11.44 %
(14.47 )%
1.79 %4
1.82 %
1.93 %
1.84 %
1.81 %
1.72 %4
(0.25 )%4
(0.41 )%
(0.34 )%
(0.06 )%
(0.09 )%
0.00 %4
0.38 %4
0.09 %
--
--
--
--
$5,375
$6,236
$4,252
$1,101
Ratios to Average Net Assets:
Expenses
Net investment income (net operating
loss)
Expense waiver/reimbursement5
Supplemental Data:
Net assets, end of period (000
omitted)
Portfolio turnover
$6,047
5%
$5,302
75 %
56 %
56 %
47 %
48 %
1 Reflects operations for the period from November 10, 1997 (date of initial public investment) to October 31, 1998.
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2 Represents less than $0.01 per share.
3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
5 This voluntary expense decrease is reflected in both the expense and the net investment income (net operating loss)
ratios shown above.
See Notes which are an integral part of the Financial Statements
Portfolio of Investments
April 30, 2003 (unaudited)
Shares
Value
COMMON STOCKS--93.1%1
Consumer Discretionary--12.9%
1,579
2
1-800-FLOWERS.COM, Inc.
1,151
2
4 Kids Entertainment, Inc.
1,500
2,3 A.C.
2,050
2
1,500
2,3 AFC
3,300
2
AMC Entertainment, Inc.
31,614
3,328
2
APAC Customer Services, Inc.
10,450
Aaron Rents, Inc.
34,888
1,561
Moore Arts & Crafts, Inc.
ADVO, Inc.
$ 12,064
17,725
25,845
80,606
Enterprises, Inc.
23,700
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900
2
Acme Communications, Inc.
6,255
1,700
Action Performance Cos., Inc.
31,433
1,526
Advanced Marketing Services, Inc.
17,976
1,400
2,3 Aeropostale,
Inc.
25,200
800
2,3 Aftermarket
Technology Co.
8,528
4,700
2
3,800
2,3 Alloy
600
2
1,400
2,3 Ameristar
4,975
2,3 Ann
Alliance Gaming Corp.
75,059
Online, Inc.
22,990
Ambassadors Group, Inc.
7,530
Casinos, Inc.
Taylor Stores Corp.
18,984
117,708
1,782
Applica, Inc.
9,355
1,629
Arctic Cat, Inc.
29,680
2,740
2
Argosy Gaming Corp.
55,814
700
2
Asbury Automotive Group, Inc.
6,475
529
2
Ascent Media Group, Inc.
645
3,817
2
Aztar Corp.
54,354
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3,769
2,3 Bally
Total Fitness Holding Corp.
23,933
1,196
Bandag, Inc.
41,681
1,100
Bassett Furniture Industries, Inc.
13,519
793
2
Beasley Broadcast Group, Inc., Class A
8,858
1,290
2
Beazer Homes USA, Inc.
90,622
631
2
bebe stores, Inc.
9,579
400
2
Benihana, Inc., Class A
3,816
900
Blair Corp.
19,665
3,868
Blyth Industries, Inc.
102,038
4,363
3
Bob Evans Farms, Inc.
110,689
3,136
2
Boca Resorts, Inc., Class A
38,886
Shares
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
3,700
2
Bombay Co., Inc.
3,496
2
Boyd Gaming Corp.
$ 31,080
49,818
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1,200
2
1,939
Brookstone, Inc.
19,800
Brown Shoe Co., Inc.
56,677
1,983
2,3 Buca,
724
2
Inc.
11,402
Buckle, Inc.
13,032
1,700
Building Materials Holding Corp.
21,097
1,956
Burlington Coat Factory Warehouse
34,719
Bush Industries, Inc., Class A
2,277
893
2
5,600
2,3 CKE
3,094
2
452
Restaurants, Inc.
30,632
CSK Auto Corp.
31,713
CSS Industries, Inc.
16,358
Cache, Inc.
1,626
200
2
1,600
2,3 California
200
2
Carmike Cinemas, Inc.
3,942
1,625
3
Cato Corp., Class A
33,312
5,698
2
Champion Enterprises, Inc.
13,789
1,283
2
Championship Auto Racing Teams, Inc.
4,593
Pizza Kitchen, Inc.
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32,256
800
2,3 Champps
Entertainment, Inc.
4,184
800
2,3 Charlotte
Russe Holdings, Inc.
7,552
12,771
2,3 Charming
1,500
2,3 Checkers
500
2
1,600
2,3 Chicago
1,321
2
Children's Place Retail Stores, Inc.
20,079
2,280
2
Choice Hotels International, Inc.
55,632
2,650
2,3 Christopher
685
4,760
3
1,625
Shoppes, Inc.
60,024
Drive-In Restaurant, Inc.
9,105
Cherokee, Inc.
8,240
Pizza & Brewery, Inc.
& Banks Corp.
13,712
66,674
Churchill Downs, Inc.
25,304
Claire's Stores, Inc.
123,712
Coachmen Industries, Inc.
20,556
708
2,3 Coldwater
1,000
2
2,656
2,3 Collins
3,177
2
Creek, Inc.
6,903
Cole National Corp., Class A
& Aikman Corp.
Concord Camera Corp.
8,720
11,076
17,855
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2,150
2,3 Cost
400
Plus, Inc.
66,070
Courier Corp.
19,560
1,900
2,3 Cross
2,971
2,3 Crown
Media Marketing Corp.
Media Holdings, Inc., Class A
361
12,033
Shares
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
700
2
Culp, Inc.
1,700
2
DHB Industries, Inc.
6,715
1,200
2
Dave & Buster's, Inc.
10,896
Deb Shops, Inc.
7,620
dELiA*s Corp., Class A
1,700
400
5,000
2
1,200
2,3 Department
200
2
$ 3,640
56, Inc.
14,160
Dominion Homes, Inc.
3,440
1,568
Dover Downs Gaming & Entertainment, Inc.
15,586
1,669
Dover Motorsports, Inc.
5,591
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2,834
2,3 Dress
2,800
2,3 Drugstore.com,
1,653
2
Dura Automotive Systems, Inc.
13,305
300
2
Escalade, Inc.
3,867
187
2
F.A.O., Inc.
670
1,383
2,3 Factory
5,713
3
Federal Signal Corp.
98,721
2,200
2
Finish Line, Inc., Class A
37,070
600
2
Finlay Enterprises, Inc.
7,944
500
2
Fisher Communications, Inc.
22,170
3,874
2,3 Fleetwood
3,300
2,3 Foamex
2,449
2
Footstar, Inc.
22,653
2,476
2
Fossil, Inc.
45,261
2,369
3
Freds, Inc.
76,874
Friedmans, Inc., Class A
20,700
1,800
Barn, Inc.
42,567
Inc.
11,480
2-U Stores, Inc.
Enterprises, Inc.
International, Inc.
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6,901
19,525
3,234
2,300
2,3 GSI
900
2,3 Gaiam,
1,200
2,3 Galyan's
1,096
2,3 Game
800
2,3 Gart
2,378
2
Gaylord Entertainment Co.
49,486
2,254
2
Genesco, Inc.
33,810
1,900
2
Goody's Family Clothing, Inc.
9,348
1,000
3
Gray Television, Inc., Class A
12,750
Grey Global Group, Inc.
40,347
62
Commerce, Inc.
6,716
Inc.
3,960
Trading Co.
18,204
Group PLC
20,495
Sports Co.
18,744
2,045
2,3 Group
845
2
Guess ?, Inc.
3,405
1,697
2
Guitar Center, Inc.
39,303
1 Automotive, Inc.
Shares
56,258
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
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Please Consider the Environment Before Printing This Document
2,700
2,3 Gymboree
1,900
Corp.
Hancock Fabrics, Inc.
2,729
2,3 Handleman
4,300
2
1,648
900
$ 45,117
2
4,700
Co.
46,257
Harris Interactive, Inc.
20,597
Haverty Furniture Cos., Inc.
23,154
Hibbett Sporting Goods, Inc.
24,444
Hollinger International, Inc.
43,710
Hollywood Entertainment Corp.
107,050
6,031
2
3,544
2,3 Hot
1,700
2,3 Hovnanian
2,646
29,640
Topic, Inc.
86,651
Enterprises, Inc., Class A
67,660
Hughes Supply, Inc.
74,273
IHOP Corp.
57,729
2,195
3
1,172
2,3 IMPCO
1,092
2
4,800
2,3 Insight
4,496
2
Technologies, Inc.
Information Holdings, Inc.
Communication Co.
Insight Enterprises, Inc.
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3,387
19,001
65,904
33,900
4,805
2
2,500
Interface, Inc.
17,298
Intermet Corp.
9,300
Intertan, Inc.
16,634
2,754
2
1,623
2,3 Isle
2,050
2
J. Jill Group, Inc.
29,418
2,743
2
JAKKS Pacific, Inc.
35,659
4,037
2
Jack in the Box, Inc.
71,859
1,600
2,3 Jo-Ann
700
2,3 Johnson
3,019
2
Journal Register Co.
53,466
1,500
3
K Swiss, Inc., Class A
44,595
3,400
2
K2, Inc.
32,402
2,839
3
Kellwood Co.
84,091
869
2,3 Kenneth
1,100
2
3,696
of Capri Casinos, Inc.
Stores, Inc.
20,953
41,600
Outdoors, Inc., Class A
Cole Productions, Inc., Class A
7,154
20,030
Keystone Automotive Industries, Inc.
20,119
Kimball International, Inc., Class B
59,099
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2,363
Landrys Seafood Restaurants, Inc.
44,188
1,649
Libbey, Inc.
37,070
1,790
Liberty Corp.
79,064
4,082
2
Linens `N Things, Inc.
86,498
1,200
2
Lithia Motors, Inc., Class A
15,936
1,358
2
Lodgenet Entertainment
14,123
Shares
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
1,909
2,334
Lone Star Steakhouse & Saloon
2,3 Luby's,
2,096
Inc.
$ 40,032
5,438
M.D.C. Holdings, Inc.
96,626
1,300
3
M/I Schottenstein Homes, Inc.
44,408
2,700
2
MTR Gaming Group, Inc.
21,870
4,500
2
Macrovision Corp.
79,515
4,900
2,3 Magna
Entertainment Corp., Class A
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Please Consider the Environment Before Printing This Document
23,765
2,117
Marcus Corp.
30,061
600
Marine Products Corp.
6,000
700
2
MarineMax, Inc.
8,057
1,096
2
Martha Stewart Living Omnimedia
9,513
3,300
2,3 Marvel
1,500
2
6,200
2,3 Mediacom
3,331
2
Mens Wearhouse, Inc.
55,461
1,000
2
Meritage Corp.
38,150
300
2
Mestek, Inc.
5,457
889
2
Midas, Inc.
7,156
3,589
2,3 Midway
3,121
Enterprises, Inc.
55,572
Maxwell Shoe Co., Inc., Class A
18,255
Communications Corp.
Games, Inc.
61,938
11,305
Modine Manufacturing Co.
63,044
Modtech Holdings, Inc.
11,340
1,400
2
2,579
2,3 Monaco
300
2
Coach Corp.
34,868
Monarch Casino & Resort, Inc.
2,586
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900
2
500
2,3 Mossimo,
400
2
1,000
Monro Muffler Brake, Inc.
Inc.
2,020
Mothers Work, Inc.
10,036
Movado Group, Inc.
20,500
Movie Gallery, Inc.
34,671
1,875
2
1,200
2,3 Multimedia
536
20,160
Games, Inc.
30,228
National Presto Industries, Inc.
15,866
3,268
2
Nautica Enterprise, Inc.
37,190
1,300
2
Navigant International, Inc.
14,027
700
2,3 NetFlix,
2,021
2
O' Charleys, Inc.
40,905
2,800
2
Oakley, Inc.
29,400
12,833
2
Officemax, Inc.
72,506
1,513
Oneida Ltd.
16,688
1,159
OshKosh B'Gosh, Inc., Class A
35,210
Inc.
16,030
Shares
Value
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Please Consider the Environment Before Printing This Document
COMMON STOCKS--continued1
Consumer Discretionary--continued
500
2,3 Overstock.com,
600
3
1,810
2,3 P.
952
2
PC Connections, Inc.
6,702
5,068
2
Pacific Sunwear of California
115,702
1,943
2,3 Palm
2,500
2,3 Panera
1,453
2,3 Papa
1,191
2,3 Parkervision,
1,000
2
Party City Corp.
9,870
3,943
2
Paxson Communications Corp.
13,643
7,500
2
Payless ShoeSource, Inc.
118,950
3,420
2,3 Penn
2,922
2,3 Penton
Inc.
$ 4,000
Oxford Industries, Inc.
20,100
F. Chang's China Bistro, Inc.
Harbor Homes, Inc.
Bread Co.
75,839
32,526
85,075
Johns International, Inc.
Inc.
34,552
11,827
National Gaming, Inc.
Media, Inc.
66,793
1,256
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5,356
Pep Boys-Manny Moe & Jack
45,847
2,495
Phillips Van Heusen Corp.
33,134
Pinnacle Entertainment, Inc.
14,477
2,711
2
1,440
2,3 Playboy
1,400
2
14,100
2,3 Priceline.com,
457
2
Pricesmart, Inc.
7,243
4,971
2
Prime Hospitality Corp.
33,107
15,400
2
Primedia, Inc.
40,040
1,546
2,3 Private
1,816
2,3 ProQuest
1,217
Enterprises, Inc., Class B
Pomeroy Computer Resources
Inc.
13,997
10,150
31,302
Media Group, Inc.
2,488
Co.
45,545
Pulitzer, Inc.
56,749
1,300
3
Quaker Fabric Corp.
8,151
2,534
2
Quiksilver, Inc.
82,608
3,257
2
R.H. Donnelley Corp.
97,254
1,100
2
RC2 Corp.
17,468
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2,297
2,3 Rare
5,000
2
Raytech Corp.
38,550
2,916
2
Regent Communications, Inc.
17,467
Regis Corp. Minnesota
143,661
Rent-Way, Inc.
12,168
5,071
Hospitality International, Inc.
2,753
2
2,300
2,3 Restoration
800
2,3 Rex
970
Hardware, Inc.
Stores Corp.
66,912
9,200
8,584
Russ Berrie & Co., Inc.
31,894
Shares
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
2,691
Russell Corp.
4,854
2
2,195
2,3 SCP
10,059
2,3 SONICblue,
1,661
2
$ 51,452
Ryan's Family Steak Houses, Inc.
Pool Corp.
60,141
72,457
Inc.
101
Saga Communications, Inc., Class A
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33,552
1,033
2,3 Salem
713
2,3 Salton,
1,076
Communications Corp.
21,755
Inc.
9,126
Sauer-Danfoss, Inc.
9,749
1,860
2,3 School
5,500
2,3 Scientific
900
2,3 Sharper
800
2
Shoe Carnival, Inc.
11,640
3,700
2
Shop At Home, Inc.
10,175
3,117
2,3 Shopko
Stores, Inc.
37,498
1,900
2,3 Shuffle
Master, Inc.
43,510
3,631
2
Sinclair Broadcast Group, Inc.
38,489
92,206
2
Sirius Satellite Radio, Inc.
68,232
1,936
2,3 Skechers
925
Specialty, Inc.
34,540
Games Holdings Corp.
Image Corp.
35,860
17,811
USA, Inc., Class A
13,126
Skyline Corp.
27,380
4,013
2
Sonic Corp.
108,391
4,324
2
Spanish Broadcasting System, Inc.
33,165
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1,500
Spartan Motors, Inc.
14,040
1,436
Speedway Motorsports, Inc.
34,909
Sports Authority, Inc.
31,931
3,700
2
2,700
2,3 Sports
2,200
2
Stage Stores, Inc.
46,024
4,117
2
Stamps.com, Inc.
18,156
700
Standard Motor Products, Inc.
8,085
3,563
Standard Pacific Corp.
107,781
800
Stanley Furniture Co., Inc.
19,792
600
Starrett (L.S.) Co., Class A
8,478
Resorts Int'l, Inc.
18,657
3,820
2,3 Station
2,461
2
Stein Mart, Inc.
13,462
600
2
Steinway Musical Instruments
8,460
970
2
Steven Madden Ltd.
17,188
1,498
2
Stoneridge, Inc.
16,178
500
2
Strattec Security Corp.
24,905
Casinos, Inc.
82,550
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Please Consider the Environment Before Printing This Document
4,419
Stride Rite Corp.
38,931
Shares
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
2,152
Sturm Ruger & Co., Inc.
$ 19,153
2,291
3
1,800
2,3 TBC
200
2
Technical Olympic USA, Inc.
3,892
4,300
2
Tenneco Automotive, Inc.
16,813
2,532
2,3 The
3,063
3
The Nautilus Group, Inc.
38,900
2,669
2
The Steak n Shake Co.
30,880
900
2,3 Thomas
1,618
3
2,431
2,3 TiVo,
3,826
2
Superior Industries International, Inc.
Corp.
90,632
28,800
Boyds Collection Ltd.
Nelson, Inc.
12,685
8,325
Thor Industries, Inc.
51,744
Inc.
14,464
Too, Inc.
71,011
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Please Consider the Environment Before Printing This Document
2,752
3
Toro Co.
102,677
6,636
2
Tower Automotive, Inc.
18,581
1,500
2,3 Tractor
2,414
2
Trans World Entertainment Corp.
8,690
1,521
2
Triarc Cos., Inc.
42,132
900
2,3 Tropical
908
2
Tuesday Morning Corp.
21,229
6,196
3
Tupperware Corp.
85,877
2,397
2
Tweeter Home Entertainment Group, Inc.
13,807
1,399
2
Ultimate Electronics, Inc.
11,822
5,515
2
Unifi, Inc.
32,814
Unifirst Corp.
13,160
800
1,817
2,3 United
1,708
2
800
2,3 Urban
843
2
Supply Co.
63,525
Sportswear International Corp.
Auto Group, Inc.
Universal Electronics, Inc.
Outfitters, Inc.
4,716
30,980
17,866
23,856
Vail Resorts, Inc.
10,116
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Please Consider the Environment Before Printing This Document
174
Value Line, Inc.
2,167
2,3 Valuevision
2,180
2
400
8,427
International, Inc., Class A
27,499
Vans, Inc.
10,202
Virco Manufacturing Corp.
3,880
700
2
WCI Communities, Inc.
9,681
2,073
2
WESCO International, Inc.
8,997
2,456
2
WMS Industries, Inc.
33,131
Wellman, Inc.
40,074
3,503
1,300
2,3 West
2,775
2,3 Wet
Marine, Inc.
21,242
Seal, Inc., Class A
28,305
Shares
Value
COMMON STOCKS--continued1
Consumer Discretionary--continued
1,300
2
500
2,3 William
1,942
2
Whitehall Jewellers, Inc.
$ 11,791
Lyon Homes, Inc.
14,020
Wilsons The Leather Experts, Inc.
9,613
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Please Consider the Environment Before Printing This Document
1,312
3
4,560
Winnebago Industries, Inc.
48,570
Wolverine World Wide, Inc.
84,086
1,197
2
World Wrestling Entertainment, Inc.
10,869
15,723
2
Wyndham International, Inc., Class A
3,145
7,555
2,3 XM
2,986
2,3 Yankee
1,526
2,3 Young
Satellite Radio Holdings, Inc., Class A
Candle Co., Inc., The
Broadcasting, Inc., Class A
TOTAL
73,057
65,423
25,652
9,822,958
Consumer Staples--3.1%
2,400
2
7-Eleven, Inc.
21,576
300
3
Alico, Inc.
7,269
1,843
2,3 American
200
2
Arden Group, Inc., Class A
11,824
3,187
2
Aurora Foods, Inc.
1,721
200
3
Bridgford Foods Corp.
1,450
6,161
2
Cadiz, Inc.
770
Italian Pasta Co., Class A
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Please Consider the Environment Before Printing This Document
81,276
4,254
3
1,800
2,3 Central
1,300
2
Chattem, Inc.
17,771
4,200
2
Chiquita Brands International
56,490
142
Coca-Cola Bottling Co.
7,201
4,048
Corn Products International, Inc.
120,954
Del Laboratories, Inc.
9,264
Casey's General Stores, Inc.
400
2
20,700
2,3 Del
4,054
3
4,500
Garden & Pet Co.
Monte Foods Co.
55,089
43,614
164,565
Delta & Pine Land Co.
94,296
Dimon, Inc.
29,520
2,367
2,3 Duane
1,600
2,3 Elizabeth
Reade, Inc.
31,836
Arden, Inc.
20,320
81
Farmer Brothers Co.
26,345
2,400
Flowers Foods, Inc.
67,920
2,247
2,3 Great
Atlantic & Pacific Tea Co., Inc.
13,707
600
2,3 Green
Mountain Coffee, Inc.
10,350
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2,766
2,3 Hain
700
2
990
Celestial Group, Inc.
47,741
Horizon Organic Holding Corp.
9,660
Ingles Markets, Inc., Class A
9,771
Shares
Value
COMMON STOCKS--continued1
Consumer Staples--continued
200
1,716
Inter Parfums, Inc.
2
4,868
700
2
2,695
$ 1,410
International Multifoods Corp.
32,861
Interstate Bakeries Corp.
50,968
J&J Snack Foods Corp.
21,924
Lance, Inc.
19,943
3,453
3
Longs Drug Stores Corp.
53,487
300
2
Maui Land & Pineapple Co., Inc.
6,258
1,062
2,3 Mondavi
1,500
2
Monterey Pasta Co.
5,265
4,530
2
NBTY, Inc.
70,215
Robert Corp., Class A
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26,061
1,400
3
Nash Finch Co.
17,500
400
2
National Beverage Corp.
5,600
1,200
Natures Sunshine Products, Inc.
11,364
4,907
Nu Skin Enterprises, Inc., Class A
44,163
3,700
2,3 Pathmark
1,200
2
1,000
2,3 Penn
1,644
Stores, Inc.
25,863
Peet's Coffee & Tea, Inc.
20,412
Traffic Co.
1,180
3
Pilgrim's Pride Corp.
14,303
3,025
2
Playtex Products, Inc.
22,234
3,267
2
Ralcorp Holdings, Inc.
81,348
3,519
2
Rayovac Corp.
36,598
788
2,3 Revlon,
Inc., Class A
2,537
567
Riviana Foods, Inc.
14,776
3,464
Ruddick Corp.
46,106
800
Sanderson Farms, Inc.
15,168
1,593
Schweitzer-Mauduit International, Inc.
34,871
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33
Seaboard Corp.
6,864
1,200
2
Seminis, Inc., Class A
3,924
4,763
3
Sensient Technologies Corp.
105,262
1,269
2
Smart & Final, Inc.
5,596
5,204
3
Smucker (J.M.) Co.
188,801
Standard Commercial Corp.
25,616
1,600
800
3
Tasty Baking Co.
7,160
1,200
2
The Boston Beer Co., Inc., Class A
15,576
4,048
2
Topps Co.
37,687
2,336
2,3 United
2,988
2,412
3
Natural Foods, Inc.
68,188
Universal Corp.
116,681
Vector Group Ltd.
27,014
Shares
Value
COMMON STOCKS--continued1
Consumer Staples--continued
700
2
Virbac Corp.
$ 3,990
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1,949
WD 40 Co.
51,551
1,200
Weis Markets, Inc.
38,352
Wild Oats Markets, Inc.
27,353
TOTAL
2,374,330
2,528
2
Energy--3.8%
2,000
2
3TEC Energy Corp.
30,900
942
2
Atwood Oceanics, Inc.
24,539
1,697
Berry Petroleum Co., Class A
26,320
3,184
Cabot Oil & Gas Corp., Class A
78,008
4,378
2,3 Cal
1,168
Dive International, Inc.
70,486
Carbo Ceramics, Inc.
43,940
19,321
3
Chesapeake Energy Corp.
155,727
2,546
2
Comstock Resources, Inc.
28,261
2,659
2,3 Denbury
681
2
Dril-Quip, Inc.
10,474
800
2
Encore Aquisition Co.
13,792
Resources, Inc.
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28,185
2,300
2,3 Energy
2,105
2,3 Evergreen
2,917
3
Frontier Oil Corp.
49,356
7,400
2
Global Industries Ltd.
32,856
18,398
2
Grey Wolf, Inc.
74,512
1,139
2
Gulf Island Fabrication, Inc.
19,067
1,500
2,3 Gulfmark
5,400
2
Hanover Compressor Co.
45,414
3,800
2
Harvest Natural Resources, Inc.
19,380
Holly Corp.
28,490
Horizon Offshore, Inc.
7,145
1,000
1,947
2
1,500
2,3 Hydril
4,964
Partners Ltd.
22,724
Resources, Inc.
Offshore, Inc.
100,093
19,800
Co.
35,715
2
Input/Output, Inc.
15,438
12,362
2
Key Energy Group, Inc.
124,485
3,368
2,3 Lone
500
Star Technologies, Inc.
Lufkin Industries, Inc.
71,503
11,090
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5,325
2,3 Magnum
4,203
2
3,486
2,3 Meridian
1,000
2
NATCO Group, Inc., Class A
5,850
1,791
2
NS Group, Inc.
13,522
Hunter Resources, Inc.
Maverick Tube Corp.
29,980
74,771
Resource Corp.
Shares
3,835
Value
COMMON STOCKS--continued1
Energy--continued
8,083
2
1,956
2,3 Nuevo
2,592
2
Oceaneering International, Inc.
58,476
2,009
2
Offshore Logistics, Inc.
38,171
1,700
2
Oil States International, Inc.
19,346
3,006
3
Overseas Shipholding Group, Inc.
56,543
8,537
2
Parker Drilling Co.
16,733
Patina Oil & Gas Corp.
90,814
2,630
Newpark Resources, Inc.
Energy Co.
$ 37,909
26,210
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1,161
PennVirginia Corp.
45,233
300
2
Petroleum Helicopters, Inc.
7,629
4,100
2
PetroQuest Energy, Inc.
6,232
2,628
2,3 Plains
2,628
2
1,140
1,100
Exploration & Production Co.
Plains Resources, Inc.
31,851
Prima Energy Corp.
22,379
2,3 Quicksilver
1,161
Resources, Inc.
25,432
RPC Energy Services, Inc.
12,643
Range Resources Corp.
32,505
5,500
2
2,200
2,3 Remington
1,600
21,891
Oil & Gas Corp.
34,474
Resource America, Inc., Class A
13,296
1,906
2
SEACOR SMIT, Inc.
68,273
2,510
2
Spinnaker Exploration Co.
53,714
3,058
3
St. Mary Land & Exploration Co.
78,346
2,331
2
Stone Energy Corp.
81,888
5,319
2
Superior Energy Services, Inc.
48,137
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2,523
2
Swift Energy Co.
20,991
2,199
2
Syntroleum Corp.
5,190
7,220
2,3 Tesoro
1,400
2,3 Tetra
2,700
2
The Exploration Co. of Delaware
8,127
1,120
2
The Houston Exploration Co.
31,326
4,120
2
Tom Brown, Inc.
101,022
1,802
2
Transmontaigne, Co.
7,839
2,532
2
Trico Marine Services, Inc.
5,013
4,738
2
Unit Corp.
92,865
1,767
2
Universal Compression Holdings, Inc.
32,053
3,359
2
Veritas DGC, Inc.
23,009
Vintage Petroleum, Inc.
57,057
W-H Energy Services, Inc.
54,000
5,834
3,000
2
Petroleum Corp.
56,099
Technologies, Inc.
37,240
Shares
Value
COMMON STOCKS--continued1
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Energy--continued
2,287
2,559
Western Gas Resources, Inc.
2,3 Westport
Resources Corp.
TOTAL
$ 83,887
53,330
2,912,831
Financials--21.5%
1,458
1st Source Corp.
19,319
700
ABC Bancorp
9,870
2,000
Acadia Realty Trust
18,100
2,400
Advanta Corp., Class B
18,936
996
Alabama National Bancorp
45,896
219
2,3 Alexander's,
Inc.
16,046
2,050
Alexandria Real Estate Equities, Inc.
86,715
3,862
Alfa Corp.
49,858
1,800
Allegiant Bancorp, Inc.
30,978
Amcore Financial, Inc.
62,766
2,680
3
21,200
2,3 AmeriTrade
5,976
3
Holding Corp.
American Capital Strategies Ltd.
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106,424
144,978
1,300
American Home Mortgage Holdings, Inc.
15,860
700
2
American Medical Security Group, Inc.
11,900
400
3
American National Bankshares, Inc.
9,804
1,200
2
American Physicians Capital, Inc.
27,252
1,488
3
Amli Residential Properties Trust
33,688
2,305
Anchor Bancorp Wisconsin, Inc.
53,361
5,100
Anthracite Capital, Inc.
60,435
2,400
Anworth Mortgage Asset Corp.
33,552
2,900
3
Apex Mortgage Capital, Inc.
18,966
2,369
2
Argonaut Group, Inc.
23,880
986
Arrow Financial Corp.
28,486
1,600
Associated Estates Realty Corp.
9,616
Avatar Holdings, Inc.
12,440
700
BKF Capital Group, Inc.
11,865
881
BSB Bancorp, Inc.
21,276
1,073
Baldwin & Lyons, Inc., Class B
24,679
500
2
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1,200
Banc Corp.
6,900
389
BancFirst Corp.
19,384
1,490
Bank Granite Corp.
25,866
1,100
Bank Mutual Corp.
32,747
400
Bank of the Ozarks, Inc.
13,600
4,600
BankAtlantic Bancorp, Inc., Class A
52,992
Shares
Value
COMMON STOCKS--continued1
Financials--continued
2,700
2
1,200
BankUnited Financial Corp., Class A
$ 51,003
Banner Corp.
19,908
BayView Capital Corp.
39,451
1,573
Bedford Property Investors, Inc.
41,920
500
Berkshire Hills Bancorp, Inc.
13,200
2,500
Boston Private Financial Holdings
47,125
300
BostonFed Bancorp, Inc.
7,875
2,831
Boykin Lodging Co.
23,243
6,885
2
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2,934
Brandywine Realty Trust
65,428
7,150
Brookline Bancorp, Inc.
95,595
200
Bryn Mawr Bank Corp.
7,150
500
CB Bancshares, Inc.
33,990
2,364
CBL & Associates Properties, Inc.
100,352
900
CCBT Financial Cos., Inc.
20,358
1,900
CFS Bancorp, Inc.
26,619
1,572
2
CNA Surety Corp.
14,431
1,868
3
CPB, Inc.
47,541
3,691
CVB Financial Corp.
74,927
300
California First National Bancorp
2,964
700
Camden National Corp.
17,745
Capital Automotive
84,712
670
Capital City Bank Group, Inc.
25,815
800
Capitol Bancorp Ltd.
16,993
Capstead Mortgage Corp.
16,506
Cascade Bancorp
28,532
3,272
1,483
1,800
3
3
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2,757
Cash America International, Inc.
28,287
1,722
Cathay Bancorp, Inc.
74,907
Central Coast Bancorp
14,065
Century Bancorp, Inc., Class A
5,164
823
2
200
2,200
2
Ceres Group, Inc.
5,192
200
3
Charter Financial Corp.
6,260
5,160
Charter Municipal Mortgage Acceptance Co.
98,298
2,443
Chateau Communities, Inc.
52,818
3,434
Chelsea Property Group, Inc.
136,192
2,568
Chemical Financial Corp.
75,628
Chittenden Corp.
112,257
Citizens First Bancorp, Inc.
31,125
4,150
1,500
2,600
3
2,3 Citizens,
Inc., Class A
16,432
Shares
Value
COMMON STOCKS--continued1
Financials--continued
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1,188
City Bank Lynwood, WA
1,900
City Holding Co.
1,600
2,3 Clark/Bardes,
$ 28,322
54,359
Inc.
18,720
750
CoBiz, Inc.
10,560
700
Coastal Bancorp, Inc.
21,028
600
Coastal Financial Corp.
7,659
1,584
Colonial Properties Trust
53,872
400
Columbia Bancorp
10,256
1,920
Columbia Banking Systems, Inc.
29,606
2,689
Commerce Group, Inc.
99,654
5,374
Commercial Federal Corp.
115,648
Commercial Net Lease Realty
64,414
1,300
Community Bank System, Inc.
45,045
772
Community Banks, Inc.
22,381
4,901
Community First Bankshares, Inc.
131,940
1,210
Community Trust Bancorp, Inc.
32,573
3,986
1,967
3
2,3 CompuCredit
Corp.
14,890
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1,300
Connecticut Bancshares, Inc.
55,535
5,078
Cornerstone Realty Income Trust, Inc.
35,648
Corporate Office Properties Trust
22,875
Correctional Properties Trust
30,870
Corrections Corp. America
65,811
Corus Bankshares, Inc.
55,224
1,500
3
1,400
3,097
2
1,281
3,362
3
Crawford & Co., Class B
16,575
1,325
2
Credit Acceptance Corp.
10,229
Crown American Realty Trust
38,836
DVI, Inc.
12,067
1,417
Delphi Financial Group, Inc., Class A
62,419
2,805
Dime Community Bancorp, Inc.
64,683
100
EMC Insurance Group, Inc.
1,913
East West Bancorp, Inc.
99,417
1,587
EastGroup Properties, Inc.
41,230
1,832
Entertainment Properties Trust
49,372
3,800
1,326
2,937
2
3
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4,491
Equity Inns, Inc.
30,135
3,468
3
Equity One, Inc.
55,107
1,723
3
Essex Property Trust, Inc.
94,713
1,700
2
Euronet Services, Inc., ADR
14,960
F & M Bancorp
53,406
1,111
Shares
Value
COMMON STOCKS--continued1
Financials--continued
1,228
FBL Financial Group, Inc., Class A
500
FNB Corp.
1,200
2,3 FPIC
704
900
5,192
2,200
3
14,650
Insurance Group, Inc.
11,712
Farmers Capital Bank Corp.
23,134
2,3 Federal
4,745
$ 24,658
Agricultural Mortgage Association, Class C
21,330
Federal Realty Investment Trust
146,241
FelCor Lodging Trust, Inc.
36,811
Fidelity Bankshares, Inc.
46,662
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1,329
2
Financial Federal Corp.
29,770
700
Financial Industries Corp.
10,416
900
Financial Institutions, Inc.
19,773
3,636
First BanCorp
112,243
700
First Bancorp, Inc.
18,060
964
First Busey Corp.
22,856
3,386
First Charter Corp.
58,815
667
First Citizens Bancshares, Inc., Class A
64,872
7,331
First Commmonwealth Financial Corp.
88,558
1,400
First Community Bancorp
41,706
880
First Community Bancshares, Inc.
28,943
300
First Defiance Financial Corp.
5,889
1,000
First Essex Bancorp, Inc.
34,999
2,016
First Federal Capital Corp.
38,102
3,941
First Financial Bancorp
61,795
1,287
First Financial Bankshares, Inc.
51,504
744
First Financial Corp.
37,944
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1,472
First Financial Holdings, Inc.
39,625
1,233
First Indiana Corp.
20,566
1,429
First Merchants Corp.
34,024
750
First National Corp.
19,388
3,106
First Niagara Financial Group, Inc.
37,738
300
First Oak Brook Bancshares, Inc.
9,270
1,700
First Place Financial Corp.
27,217
First Republic Bank
27,610
2,633
First Sentinel Bancorp, Inc.
39,808
200
First South Bancorp, Inc.
6,516
1,000
First State Bancorporation
24,510
700
FirstFed America Bancorp, Inc.
21,560
1,100
1,838
2
2,3 FirstFed
Financial Corp.
Shares
59,717
Value
COMMON STOCKS--continued1
Financials--continued
1,825
Flagstar Bancorp, Inc.
$ 60,408
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1,550
Flushing Financial Corp.
29,605
100
Franklin Financial Corp.
2,966
Fremont General Corp.
60,213
9,897
Friedman, Billings, Ramsey Group, Inc., Class A
108,669
1,796
Frontier Financial Corp.
48,654
822
GBC Bancorp
22,580
6,433
722
3
2,3 Gabelli
Asset Management, Inc., Class A
22,570
2,707
Gables Residential Trust
76,825
992
German American Bancorp
17,320
1,700
Getty Realty Holding Corp.
33,813
1,600
Glacier Bancorp, Inc.
44,640
1,693
Glenborough Realty Trust, Inc.
28,070
3,265
Glimcher Realty Trust
67,455
4,310
Gold Banc Corp., Inc.
37,928
584
Great American Financial Resources, Inc.
8,264
1,462
Great Lakes REIT, Inc.
21,579
600
Great Southern Bancorp, Inc.
22,770
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16,161
HRPT Properties Trust
145,934
Hancock Holding Co.
79,323
800
Hanmi Financial Corp.
13,360
2,375
Harbor Florida Bancshares, Inc.
63,246
Harleysville Group, Inc.
76,794
Harleysville National Corp.
55,412
Hawthorne Financial Corp.
21,560
Health Care REIT, Inc.
140,101
1,753
3,254
3
3
2,091
700
2
4,921
2,100
2,3 HealthExtras,
Inc.
9,345
5,220
Healthcare Realty Trust, Inc.
143,707
1,800
Heritage Property Investment
45,720
Hilb Rogal & Hamilton Co.
131,393
2,915
Home Properties of New York, Inc.
101,238
3,893
Horace Mann Educators Corp.
57,500
1,600
Hudson River Bancorp, Inc.
39,328
1,640
Humboldt Bancorp
21,271
4,900
IMPAC Mortgage Holdings, Inc.
65,268
3,696
3
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500
2
ITLA Capital Corp.
17,875
1,000
3
Iberiabank Corp.
43,550
2,200
2
IDine Rewards Network, Inc.
21,450
Shares
Value
COMMON STOCKS--continued1
Financials--continued
32
2
Imperial Credit Industries, Inc., Warrants
$0
200
Independence Holdings Co.
3,900
1,600
Independent Bank Corp.- Massachusetts
32,448
2,529
Independent Bank Corp.- Michigan
60,266
2,701
Innkeepers USA Trust
20,366
2,113
2,3 Insignia
Financial Group, Inc.
23,454
2,162
Integra Bank Corp.
36,819
600
Interchange Financial Services Corp.
10,710
2,493
International Bancshares Corp.
109,218
3,000
Investors Real Estate Trust
29,400
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1,707
3
2,125
3,383
2
555
Irwin Financial Corp.
40,456
Jefferies Group, Inc.
82,493
Jones Lang LaSalle, Inc.
50,982
Kansas City Life Insurance Co.
22,577
1,600
3
Keystone Property Trust
27,520
3,296
3
Kilroy Realty Corp.
81,807
9,100
2,3 Knight
Trading Group, Inc.
46,046
2,129
Koger Equity, Inc.
34,064
2,000
Kramont Realty Trust
30,600
2,721
3
LNR Property Corp.
95,834
700
3
LSB Bancshares, Inc.
12,250
LTC Properties, Inc.
8,470
1,100
15,168
2
La Quinta Properties, Inc.
51,420
2,320
3
LaSalle Hotel Properties
32,457
1,212
3
Lakeland Bancorp, Inc.
19,162
Lakeland Financial Corp.
7,863
300
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2,239
LandAmerica Financial Group, Inc.
91,956
2,730
3
Lexington Corporate Properties Trust
47,065
2,100
2
Local Financial Corp.
31,500
2,552
MAF Bancorp, Inc.
86,156
800
MASSBANK Corp.
24,663
1,300
MB Financial, Inc.
48,841
MCG Capital Corp.
26,875
4,800
MFA Mortgage Investments, Inc.
44,976
500
Macatawa Bank Corp.
12,800
4,991
Macerich Co. (The)
164,703
Main Street Banks, Inc.
21,140
MainSource Financial Group, Inc.
10,031
2,500
1,000
415
3
3
Shares
Value
COMMON STOCKS--continued1
Financials--continued
1,351
Manufactured Home Communities, Inc.
200
Merchants Bancshares, Inc.
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$ 43,286
4,670
4,465
MeriStar Hospitality Corp.
18,574
Metris Cos., Inc.
12,996
1,381
Mid-American Apartment Communities, Inc.
35,492
1,900
Mid-Atlantic Realty Trust
35,207
2,640
Mid-State Bancshares
48,576
788
Midland Co.
16,067
Midwest Banc Holdings, Inc.
16,191
2,674
Mills Corp.
85,461
1,600
Mission West Properties, Inc.
15,776
200
NASB Financial, Inc.
4,903
666
NBC Capital Corp.
16,384
3,223
NBT Bancorp, Inc.
58,626
700
Nara Bancorp, Inc.
10,319
2,221
National Health Investors, Inc.
36,091
300
National Health Realty, Inc.
4,551
2,020
National Penn Bancshares, Inc.
60,095
National Western Life Insurance Co., Class A
28,841
3,600
900
291
3
3
2
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5,401
400
Nationwide Health Properties, Inc.
2,3 Navigators
5,717
Group, Inc.
75,614
10,740
Net.B@nk, Inc.
57,056
New Century Financial Corp.
62,611
Northwest Bancorp, Inc.
21,190
Novastar Financial, Inc.
51,540
300
Nymagic, Inc.
6,600
1,508
OceanFirst Financial Corp.
33,447
1,700
3
1,300
1,200
3
4,105
2
Ocwen Financial Corp.
14,696
2,200
3
Odyssey Re Holdings Corp.
46,200
6,119
2,3 Ohio
Casualty Corp.
76,640
799
Old Second Bancorp, Inc.
31,680
839
Omega Financial Corp.
29,390
Omega Healthcare Investors
3,836
1,490
Oriental Financial Group
36,654
1,251
PFF Bancorp, Inc.
42,146
1,400
2
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1,066
2
PICO Holdings, Inc.
14,828
3,319
3
PMA Capital Corp.
28,344
PS Business Parks, Inc.
35,123
1,129
Shares
Value
COMMON STOCKS--continued1
Financials--continued
3,817
2,214
Pacific Capital Bancorp
3
$ 124,476
Pacific Northwest Bancorp
62,346
1,000
Pacific Union Bank
13,000
4,312
Pan Pacific Retail Properties, Inc.
168,685
300
Parkvale Financial Corp.
6,825
840
Parkway Properties, Inc.
32,441
800
Partners Trust Financial Group, Inc.
15,760
600
Peapack-Gladstone Financial Corp.
17,256
600
PennFed Financial Services, Inc.
16,170
640
PennRock Financial Services Corp.
18,976
Pennsylvania Real Estate Investment Trust
44,795
1,569
3
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900
3
600
1,868
Peoples Bancorp, Inc.
20,745
Peoples Holding Co.
26,250
2,3 Philadelphia
Consolidated Holding Corp.
72,871
700
Port Financial Corp.
37,590
3,700
Post Properties, Inc.
95,312
3,936
Prentiss Properties Trust
108,240
2,253
Presidential Life Corp.
18,204
Price Legacy Corp.
3,640
PrivateBancorp, Inc.
12,010
ProAssurance Corp.
66,796
1,800
Prosperity Bancshares, Inc.
31,716
300
Provident Bancorp, Inc.
9,870
3,115
Provident Bankshares Corp.
79,121
Quaker City Bancorp, Inc.
33,265
1,715
R&G Financial Corp., Class B
46,442
1,700
RAIT Investment Trust
38,250
1,300
2
500
2,580
900
2
2
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3,131
3
RFS Hotel Investors, Inc.
33,627
1,910
RLI Corp.
56,441
1,300
Ramco-Gershenson Properties
29,705
3,943
Realty Income Corp.
148,257
1,200
Redwood Trust, Inc.
39,888
700
Republic Bancorp, Inc.
9,142
Republic Bancorp, Inc.
84,448
800
Republic Bancshares, Inc.
17,128
1,620
Riggs National Corp.
22,421
436
Royal Bancshares of Pennsylvania
8,873
S & T Bancorp, Inc.
79,096
6,501
2,871
3
3
Shares
Value
COMMON STOCKS--continued1
Financials--continued
600
2,863
S.Y. Bancorp, Inc.
3
$ 22,440
SL Green Realty Corp.
92,274
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1,542
3
SWS Group, Inc.
25,551
1,919
Sandy Spring Bancorp, Inc.
60,832
867
Santander BanCorp
12,398
1,129
Saul Centers, Inc.
26,633
Saxon Capital, Inc.
45,725
1,700
Seacoast Banking Corp. of Florida
31,416
2,624
Seacoast Financial Services Corp.
49,515
900
Second Bancorp, Inc.
21,375
2,896
Selective Insurance Group, Inc.
72,661
4,943
Senior Housing Properties Trust
61,689
3,678
Shurgard Storage Centers, Inc., Class A
120,160
700
Simmons 1st National Corp., Class A
26,348
3,100
2
2,800
3
Sizeler Property Investment, Inc.
27,720
7,943
2
Soundview Technology Group, Inc.
12,391
5,498
South Financial Group, Inc.
134,701
400
Southwest Bancorp, Inc.
9,632
3,295
2,3 Southwest
Bancorp of Texas, Inc.
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111,964
1,355
Sovran Self Storage, Inc.
39,783
1,300
St. Francis Capital Corp.
32,617
1,247
State Auto Financial Corp.
23,444
500
State Bancorp, Inc.
9,390
6,606
Staten Island Bancorp, Inc.
113,359
1,176
Sterling Bancorp
32,128
4,174
Sterling Bancshares, Inc.
49,696
Sterling Financial Corp.
26,279
Sterling Financial Corp.
43,290
Stewart Information Services Corp.
50,078
Suffolk Bancorp
40,872
Summit Bancshares, Inc.
6,861
Summit Properties, Inc.
45,692
1,100
2
1,800
1,877
2
1,300
300
3
2,365
525
2
Sun Bancorp, Inc.
8,421
200
3
Sun Bancorp, Inc.
4,068
1,666
Sun Communities, Inc.
64,208
500
Superior Financial Corp.
9,520
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5,139
595
3
Susquehanna Bankshares, Inc.
116,912
Tanger Factory Outlet Centers, Inc.
19,159
Shares
Value
COMMON STOCKS--continued1
Financials--continued
3,146
708
Taubman Centers, Inc.
2
$ 55,086
Tejon Ranch Co.
19,661
3,020
Texas Regional Bancshares, Inc., Class A
109,626
200
The First of Long Island Corp.
6,818
2,445
The Trust Co. of New Jersey
68,509
5,700
Thornburg Mortgage Asset Co.
127,680
700
Tompkins County Trust Co., Inc.
32,200
2,316
Town & Country Trust
51,600
3,425
2
Trammell Crow Co.
29,798
100
2
Transcontinental Realty Investors, Inc.
1,800
TriCo Bancshares
7,359
300
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867
2,3 Triad
920
3
8,531
Guaranty, Inc.
34,541
Troy Financial Corp.
24,868
Trustco Bank Corp.
88,978
4,360
3
UCBH Holdings, Inc.
110,918
4,258
2
UICI
50,670
1,850
UMB Financial Corp.
73,168
3,200
US Restaurant Properties
46,848
1,201
USB Holdings Co., Inc.
19,817
3,524
Umpqua Holdings Corp.
69,247
700
Union Bankshares Corp.
18,844
4,489
United Bankshares, Inc.
129,642
1,900
United Community Banks, Inc.
48,146
3,172
United Community Financial Corp.
28,992
United Fire & Casualty Co.
22,526
United National Bancorp
46,853
Universal American Financial Corp.
18,073
700
3
1,816
3,100
2
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1,200
Universal Health Realty Trust, Inc.
31,380
3,060
Unizan Financial Corp.
53,305
1,500
Urstadt Biddle Properties, Class A
18,300
7,625
Ventas, Inc.
99,125
3,800
Vesta Insurance Group, Inc.
9,690
700
Virginia Financial Group, Inc.
21,910
4,696
W Holding Co., Inc.
92,464
WFS Financial, Inc.
17,282
1,100
WSFS Financial Corp.
37,840
300
Warwick Community Bancorp
9,090
4,002
Washington Real Estate Investment Trust
104,612
761
2
Shares
Value
COMMON STOCKS--continued1
Financials--continued
1,200
Washington Trust Bancorp
4,600
Waypoint Financial Corp.
83,950
Wellsford Real Properties
6,280
400
2
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$ 24,636
2,335
Wesbanco, Inc.
58,209
1,600
West Coast Bancorp
24,880
1,347
Westcorp, Inc.
28,556
100
Westfield Financial, Inc.
1,715
300
Willow Grove Bancorp, Inc.
4,512
1,400
Winston Hotels, Inc.
10,780
1,899
3
Wintrust Financial Corp.
57,730
1,200
2
World Acceptance Corp.
13,008
Yardville National Bancorp
20,042
Zenith National Insurance Corp.
22,634
TOTAL
16,294,298
1,100
879
3
Healthcare--11.9%
700
2,3 1-800
6,300
2
2,050
2,3 aaiPharma,
8,800
2,3 Abgenix,
CONTACTS, Inc.
AVANIR Pharmaceuticals, Class A
Inc.
15,057
9,072
23,165
Inc.
83,600
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1,594
2,3 Abiomed,
3,700
2,3 Adolor
1,000
2,3 Advanced
700
2
2,800
2,3 Aksys
Ltd.
21,812
1,500
2,3 Alaris
Medical, Inc.
14,325
2,494
2,3 Albany
4,400
2
2,103
2,3 Alexion
3,600
2,3 Align
6,300
2,3 Alkermes,
1,400
2
2,500
2,3 Allos
3,245
3
1,350
2,3 American
Healthcorp, Inc.
33,331
2,200
2,3 American
Medical Systems Holdings, Inc.
34,914
Inc.
6,440
Corp.
51,763
Neuromodulation Systems, Inc.
Advisory Board Co.
41,870
25,634
Molecular Research, Inc.
Alderwoods Group, Inc.
Pharmaceuticals, Inc.
Technology, Inc.
28,781
21,428
27,739
27,000
Inc.
62,874
Alliance Imaging, Inc.
5,978
Therapeutics, Inc.
Alpharma, Inc., Class A
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4,700
60,519
1,000
2,3 American
1,100
2
2,400
2,3 Amsurg
Pharmaceutical Partners, Inc.
Amerigroup Corp.
23,350
32,032
Corp.
62,328
Shares
Value
COMMON STOCKS--continued1
Healthcare--continued
8,020
2,3 Amylin
2,634
2,3 Antigenics,
2,793
2,3 Aphton
7,700
2
1,800
2,3 Applied
4,556
2,3 Apria
2,300
2
2,200
2,3 Arena
3,902
2
2,200
2,3 Array
Pharmaceuticals, Inc.
Inc.
$ 153,583
25,919
Corp.
9,329
Applera Corp.
80,850
Molecular Evolution
Healthcare Group, Inc.
ArQule, Inc.
6,066
106,838
9,062
Pharmaceuticals, Inc.
Ariad Pharmaceutiacals, Inc.
BioPharma, Inc.
14,256
7,921
4,972
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987
Arrow International, Inc.
42,105
Arthrocare Corp.
37,619
2,462
2
3,500
2,3 AtheroGenics,
2,300
2,3 Atrix
2,275
2,3 Avigen,
1,300
2
Bentley Pharmaceuticals, Inc.
11,609
10,746
2
Beverly Enterprises, Inc.
20,525
1,840
2
Bio Rad Laboratories, Inc., Class A
86,020
1,200
2,3 Bio-Reference
6,457
2
4,594
2,3 BioMarin
400
2
2,481
2,3 Biopure
1,303
2,3 Biosite
1,053
2
Bone Care International, Inc.
8,171
1,100
2
Bradley Pharmaceuticals, Inc.
15,851
Inc.
31,850
Labs, Inc.
40,388
Inc.
6,893
Laboratories, Inc.
Bio-Technology General Corp.
Pharmaceutical, Inc.
BioReliance Corp.
5,640
22,341
50,442
7,972
Corp.
8,683
Diagnostics, Inc.
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55,612
194
2,3 BriteSmile,
400
2
1,600
2,3 Bruker
3,302
2
CONMED Corp.
57,521
3,057
2
CV Therapeutics, Inc.
61,079
2,720
2,3 Caliper
700
2
Cantel Medical Corp.
9,555
6,100
2
Cardiac Science, Inc.
14,396
3,971
2
CardioDynamics International Corp.
10,960
3,890
2,3 Cell
Genesys, Inc.
34,699
3,706
2,3 Cell
Therapeutics, Inc.
33,354
700
2,3 Centene
Inc.
3,234
Bruker AXS, Inc.
824
Daltonics, Inc.
5,456
Technologies Corp.
Corp.
9,275
22,424
Shares
Value
COMMON STOCKS--continued1
Healthcare--continued
3,100
2,3 Cepheid,
Inc.
$ 11,656
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1,652
2,3 Cerus
1,400
2
1,600
2,3 Cima
2,200
2,3 Ciphergen
504
2
Closure Medical Corp.
9,097
1,100
2
Cobalt Corp.
18,095
2,688
2,3 Columbia
300
2
2,000
2,3 Conceptus,
3,593
Corp.
13,381
Cholestech Corp.
16,170
Labs, Inc.
38,640
Biosystems, Inc.
Laboratories, Inc.
Computer Programs & Systems, Inc.
10,758
13,279
5,793
Inc.
20,860
2
Connetics Corp.
60,686
3,386
3
Cooper Companies, Inc.
94,469
5,431
2,3 Corixa
714
2
7,043
2,3 Covance,
3,600
2
2,013
2,3 Cryolife,
Corp.
38,940
Corvel Corp.
22,348
Inc.
124,872
Cross Country, Inc.
40,788
Inc.
15,299
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3,138
2,3 Cubist
4,700
2
1,300
2,3 Curative
2,398
2,3 Cyberonics,
1,600
600
Pharmaceuticals, Inc.
CuraGen Corp.
21,902
Health Services, Inc.
Inc.
1,259
16,250
54,746
D & K Healthcare Resources, Inc.
2,3 DJ
28,964
Orthopedics, Inc.
21,008
3,138
Datascope Corp.
36,006
3,900
2
Decode Genetics, Inc.
8,190
1,100
2
Deltagen, Inc.
407
1,396
2
Digene Corp.
26,538
1,700
2
Discovery Partners International
5,508
3,125
2,3 Diversa
2,700
2,3 Durect
600
2,3 Dynacq
1,300
2
EPIX Medical, Inc.
12,415
3,994
2
Eclipsys Corp.
35,986
Corp.
32,313
Corp.
7,911
International, Inc.
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7,722
800
2,3 Embrex,
2,300
2
Endo Pharmaceuticals Holdings, Inc.
37,996
1,300
2
Endocardial Solutions, Inc.
4,407
2,566
2
Enzo Biochem, Inc.
38,413
4,800
2,3 Enzon,
Inc.
7,160
Inc.
65,856
Shares
Value
COMMON STOCKS--continued1
Healthcare--continued
1,100
2
950
2,3 eResearch
3,500
Eon Labs, Inc.
$ 33,704
Technology, Inc.
28,310
2
Esperion Therapeutics, Inc.
39,900
1,400
2
Exact Sciences Corp.
13,356
5,055
2,3 Exelixis,
2,500
2
First Horizon Pharmaceutical Corp.
6,770
61,000
2
Five Star Quality Care, Inc., Rights
0
2,923
2
Gene Logic, Inc.
19,321
Inc.
43,064
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1,000
2
Genencor International, Inc.
11,050
3,100
2
Genesis Health Ventures, Inc.
46,376
4,747
2,3 Genta,
2,500
2
Gentiva Health Services, Inc.
22,850
4,200
2
Genzyme Corp.
8,274
2,740
2,3 Geron
2,630
2,3 Guilford
1,964
2
2,100
2,3 Hanger
2,100
2
Harvard Bioscience, Inc.
7,119
900
2
HealthTronics Surgical Services, Inc.
7,209
2,300
2
Hologic, Inc.
20,700
Hooper Holmes, Inc.
36,046
5,958
Inc.
35,508
Corp.
12,686
Pharmaceuticals, Inc.
Haemonetics Corp.
12,808
34,822
Orthopedic Group, Inc.
21,651
1,300
2,3 ICU
3,576
2
IDEXX Laboratories, Inc.
139,464
2,051
2
IDX Systems Corp.
30,088
Medical, Inc.
41,314
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1,425
2,3 INAMED
1,810
2,3 Igen,
3,575
2
Ilex Oncology, Inc.
47,869
2,500
2
Illumina, Inc.
4,975
5,800
2
Imclone Systems, Inc.
105,792
1,250
2,3 Immucor,
4,845
2
Immunogen, Inc.
14,680
4,563
3
Immunomedics, Inc.
17,933
1,764
2,3 Impath,
2,900
2,3 Impax
7,500
2
Incyte Genomics, Inc.
25,875
4,700
2
Indevus Pharmaceuticals, Inc.
17,390
2,000
2,3 Integra
2,848
2,3 InterMune,
Corp.
53,138
Inc.
65,794
Inc.
25,663
Inc.
25,931
Laboratories, Inc.
Lifesciences Corp.
Inc.
17,052
53,380
57,900
Shares
Value
COMMON STOCKS--continued1
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Healthcare--continued
2,200
2,3 Interpore
3,600
2,3 Intuitive
2,863
3
1,100
2,3 Inverness
5,578
2,3 Isis
2,500
2
1,600
2,3 Kendle
1,000
2
1,400
2,3 Kindred
678
2,3 Kos
2,300
2,3 Kosan
600
2
Kyphon, Inc.
5,664
5,200
2
La Jolla Pharmaceutical Co.
11,492
700
2
Labone, Inc.
13,195
600
2,3 Lannett
International, Inc.
Surgical, Inc.
$ 19,602
22,464
Invacare Corp.
91,473
Medical Innovations, Inc.
Pharmaceuticals, Inc.
KV Pharmaceutical Co., Class A
International, Inc.
Kensey Nash Corp.
20,350
30,846
56,225
7,824
21,770
Healthcare, Inc.
Pharmaceuticals, Inc.
Biosciences, Inc.
Co., Inc.
20,860
13,831
15,042
8,796
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3,650
2
1,000
2,3 Lifecore
500
2
5,753
2,3 Ligand
2,139
2
2,762
2,3 MGI
PHARMA, Inc.
39,883
2,800
2,3 MIM
Corp.
20,496
2,566
2,3 Martek
Biosciences Corp.
87,321
1,000
2,3 Matria
Healthcare, Inc.
12,480
2,992
Lexicon Genetics, Inc.
18,250
Biomedical, Inc.
Lifeline Systems, Inc.
3,810
12,055
Pharmaceuticals, Inc., Class B
Luminex Corp.
51,202
13,048
Matthews International Corp., Class A
70,492
Maxygen, Inc.
26,297
3,207
2
1,000
2,3 Med-Design
700
2,3 MedCath
600
2,3 MedSource
8,200
2,3 Medarex,
800
2
Corp.
4,160
Corp.
3,143
Technologies, Inc.
Inc.
1,680
34,194
Medical Staffing Network Holdings, Inc.
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5,992
2,700
2
4,576
1,400
Medicines Co.
55,485
Mentor Corp.
84,702
2,3 Merit
1,092
Medical Systems, Inc.
27,426
Mine Safety Appliances Co.
41,758
Molecular Devices Corp.
23,481
1,871
2
3,000
2,3 Myriad
3,521
3
Genetics, Inc.
35,760
NDCHealth Corp.
67,779
Shares
Value
COMMON STOCKS--continued1
Healthcare--continued
3,339
2,3 NPS
3,700
2
NaPro BioTherapeutics, Inc.
2,109
4,303
2
Nabi Biopharmaceuticals
26,937
1,100
2,3 Nastech
1,000
2
National Healthcare Corp.
18,700
6,200
2
Nektar Therapeutics
49,724
Pharmaceuticals, Inc.
Pharmaceutical Co.
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$ 63,608
8,602
1,370
2,3 NeoPharm,
1,331
2,3 Neose
3,218
2,3 Neurocrine
1,383
2
Neurogen Corp.
5,352
2,301
2
Noven Pharmaceuticals, Inc.
22,159
4,100
2,3 OSI
2,117
2,3 Ocular
1,950
2,3 Odyssey
1,400
2,3 Omnicell,
1,700
2
1,725
2,3 Option
3,200
2
OraSure Technologies, Inc.
20,480
3,300
2
OrthoLogic Corp.
11,154
Owens & Minor, Inc.
69,304
3,726
Inc.
20,002
Technologies, Inc.
Biosciences, Inc.
Pharmaceuticals, Inc.
Sciences, Inc.
10,595
145,615
86,100
30,697
Healthcare, Inc.
Inc.
50,388
8,280
Onyx Pharmaceuticals, Inc.
Care, Inc.
15,198
16,094
976
2
PDI, Inc.
10,882
7,861
2
PSS World Medical, Inc.
47,245
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4,100
2,3 PacifiCare
2,200
2,3 Pain
2,805
Health Systems, Inc.
130,544
Therapeutics, Inc.
7,084
2
Parexel International Corp.
36,241
2,500
2
Pediatrix Medical Group
79,675
1,700
2
Penwest Pharmaceuticals Co.
30,991
3,643
2,3 Per-Se
12,913
2,3 Peregrine
6,774
3
Perrigo Co.
104,049
2,000
2
Pharmaceutical Resources, Inc.
87,900
2,632
2,3 Pharmacopedia,
1,177
3
PolyMedica Industries, Inc.
43,843
2,000
2
Possis Corp.
38,400
2,400
2,3 Pozen,
5,661
2
Praecis Pharmaceuticals, Inc.
24,795
1,500
2
Prime Medical Services, Inc.
7,725
2,700
2,3 Priority
Technologies, Inc.
Pharmaceuticals, Inc.
Inc.
31,803
7,619
23,451
Inc.
10,896
HealthCare Corp., Class B
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61,560
Shares
Value
COMMON STOCKS--continued1
Healthcare--continued
800
2,3 Progenics
10,000
2
5,340
2,3 Province
400
2,3 ProxyMed,
800
2,3 Q-Med,
2,700
2
Quidel Corp.
13,770
2,200
2
Radiologix, Inc.
6,380
3,812
2,3 Regeneron
Pharmaceuticals, Inc.
24,130
1,799
2,3 RehabCare
Group, Inc.
31,447
2,400
2
3,400
2,3 ResMed,
3,942
2,3 Respironics,
2,700
2
Pharmaceuticals, Inc.
Protein Design Laboratories, Inc.
Heathcare Co.
Inc.
$ 7,904
99,300
53,400
3,400
Inc.
4,816
Res-Care, Inc.
7,368
Inc.
124,712
Inc.
151,452
Rigel Pharmaceuticals, Inc.
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2,349
1,400
2,3 Rita
2,100
2
2,903
2,3 SangStat
1,800
2
Sangamo BioSciences, Inc.
5,094
1,800
2
Seattle Genetics, Inc.
4,698
1,900
2
Select Medical Corp.
32,148
7,800
2,3 Sepracor,
4,200
2
Sequenom, Inc.
8,484
2,400
2
Serologicals Corp.
22,152
32,900
2
Service Corp. International
111,202
2,800
2,3 Sierra
2,400
2
Sola International, Inc.
33,624
1,100
2
Sonic Innovations, Inc.
4,048
1,687
2
SonoSight, Inc.
27,329
700
2,3 Specialty
10,760
2
Medical Systems, Inc.
Salix Pharmaceuticals, Ltd.
Medical Corp.
Inc.
4,004
23,667
36,578
149,370
Health Services, Inc.
Labratories, Inc.
Stewart Enterprises, Inc., Class A
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46,480
6,020
31,527
1,988
2,3 Sunrise
3,526
2,3 SuperGen,
1,632
2,3 SurModics,
4,200
2
2,600
2,3 Tanox,
Inc.
41,080
4,900
2,3 Techne
Corp.
108,829
3,800
2,3 Telik,
5,584
2
Texas Biotechnology Corp.
10,777
3,193
2
Theragenics Corp.
14,273
Assisted Living, Inc.
Inc.
53,676
13,716
Inc.
59,307
Sybron Dental Specialties, Inc.
Inc.
85,470
49,970
Shares
Value
COMMON STOCKS--continued1
Healthcare--continued
2,600
2,3 Therasense,
5,530
2,3 Thoratec
3,303
2,3 Transkaryotic
2,700
2
Inc.
$ 20,566
Laboratories Corp.
Therapies, Inc.
TriPath Imaging, Inc.
76,038
19,821
10,719
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1,690
2,3 Trimeris,
1,000
2,3 Tripos,
4,645
2
Tularik, Inc.
25,408
1,050
2
U.S. Physical Therapy, Inc.
12,054
8,054
2,3 US
1,800
2
1,873
2,3 United
1,600
2,3 Urologix,
2,400
2
5,343
2,3 VISX,
1,374
2,3 Ventana
2,900
2
2,487
2,3 Vical,
3,900
2,3 Vicuron
601
3
Vital Signs, Inc.
17,129
4,200
2
VitalWorks, Inc.
14,700
Inc.
75,019
Inc.
5,150
Oncology, Inc.
57,828
United Surgical Partners International, Inc.
Therapeutics Corp.
Inc.
33,354
33,618
3,008
VCA Antech, Inc.
40,294
Inc.
83,671
Medical Systems
Viasys Healthcare, Inc.
31,478
46,980
Inc.
6,964
Pharmaceuticals, Inc.
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45,825
4,000
2,3 Vivus,
1,392
3
2,300
2,3 Wilson
2,700
2
1,900
2,3 Wright
400
2
Young Innovations, Inc.
8,900
994
2
Zoll Medical Corp.
32,106
1,100
2,3 Zymogenetics,
Inc.
17,840
West Pharmaceutical Services, Inc.
Greatbatch Technology, Inc.
Women First HealthCare, Inc.
Medical Group, Inc.
33,199
75,417
2,403
36,062
Inc.
12,430
TOTAL
9,042,796
Industrials--13.6%
1,100
2
3D Systems Corp.
5,566
2,867
2
AAR Corp.
11,124
4,104
3
ABM Industries, Inc.
56,840
1,120
2,3 AMERCO
8,378
3,945
3
AMETEK, Inc.
148,726
200
2
ATA Holdings Corp.
806
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1,000
2
3,700
2,3 Active
Aaon, Inc.
14,000
Power, Inc.
5,069
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
1,000
2,3 Actuant
4,577
Corp.
$ 37,100
Acuity Brands, Inc.
69,708
2,126
2
Administaff, Inc.
13,585
6,794
2
Aeroflex, Inc.
36,552
6,994
2,3 AirTran
Holdings, Inc.
54,903
5,366
Airborne, Inc.
106,569
500
Alamo Group, Inc.
5,875
2,651
2,3 AlaskaAir
2,656
3
Albany International Corp., Class A
63,053
5,059
3
Alexander and Baldwin, Inc.
135,126
2,421
2,3 American
Group, Inc.
47,267
Superconductor Corp.
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8,837
600
3
American Woodmark Corp.
28,770
900
Angelica Corp.
15,111
3,500
Apogee Enterprises, Inc.
36,190
2,126
Applied Industrial Technologies, Inc.
39,310
3,300
2
Arbitron, Inc.
112,398
2,384
3
Arkansas Best Corp.
60,434
2,620
2,3 Armor
1,661
2,3 Astec
2,100
2,3 AstroPower,
4,538
2,3 Atlantic
1,970
2
Atlas Air, Inc.
3,073
783
2
Aura Systems, Inc., Warrants
0
Aviall, Inc.
16,400
2,000
Holdings, Inc.
31,571
Industries, Inc.
13,587
Inc.
6,216
Coast Airlines
37,892
3,900
2,3 BE
500
2
Baker Michael Corp.
4,380
3,376
3
Baldor Electric Co.
75,082
Aerospace, Inc.
7,020
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2,700
Banta Corp.
83,835
1,478
Barnes Group, Inc.
31,097
2,513
Belden, Inc.
29,880
3,655
Bowne & Co., Inc.
41,228
1,987
Brady (W.H.) Co.
66,584
2,623
3
Briggs & Stratton Corp.
118,402
1,073
2
Bright Horizons Family Solutions, Inc.
32,222
500
Butler Manufacturing Co.
8,190
2,829
C&D Technologies, Inc.
37,626
1,420
2
CCC Information Service Group, Inc.
23,643
1,351
2
CDI Corp.
37,733
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
1,000
CIRCOR International, Inc.
3,009
CLARCOR, Inc.
112,567
667
CPI Corp.
8,904
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$ 16,350
7,900
2
Capstone Turbine Corp.
6,320
3,680
Carlisle Cos., Inc.
166,925
1,400
Cascade Corp.
21,280
Casella Waste Systems, Inc.
15,413
Central Parking Corp.
19,650
1,809
2
1,965
8,659
2
Century Business Services, Inc.
24,418
800
2
Charles River Associates, Inc.
17,312
Chemed Corp.
37,056
1,063
1,445
2,3 CoStar
2,525
2,3 Coinstar,
1,200
2
4,000
2,3 Comfort
385
Group, Inc.
32,166
Inc.
46,182
Columbus McKinnon Corp.
Systems USA, Inc.
1,848
7,880
CompX International, Inc.
1,937
1,500
2
Consolidated Graphics, Inc.
28,650
4,284
2
Corinthian Colleges, Inc.
196,164
1,700
2
Cornell Corrections, Inc.
18,275
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4,320
2
Corporate Executive Board Co.
177,077
900
2
Covenant Transport, Inc., Class A
16,433
Cubic Corp.
36,841
1,900
1,748
2,3 Cuno,
1,166
3
2,400
2,3 DRS
2,000
2,3 Daisytek
2,406
2
DiamondCluster International, Inc., Class A
4,595
2,101
2
Dionex Corp.
72,298
2,700
2
Dollar Thrifty Automotive Group
44,307
500
2
Drew Industries, Inc.
7,550
800
2
Ducommun, Inc.
9,720
5,300
2,3 Dycom
1,700
Inc.
62,648
Curtiss Wright Corp.
70,252
Technologies, Inc.
International Corp.
Industries, Inc.
67,224
1,320
58,512
EDO Corp.
32,045
3,842
2
EGL, Inc.
61,626
1,283
2
ESCO Technologies, Inc.
50,306
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5,100
2,3 EFunds
1,479
2
2,067
Corp.
46,665
Electro Rent Corp.
14,760
ElkCorp
41,857
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
1,678
2
Emcor Group, Inc.
85,695
1,400
2
Encore Wire Corp.
12,040
1,675
2,3 Energy
Conversion Devices, Inc.
15,963
1,350
Engineered Support Systems, Inc.
46,886
1,900
Ennis Business Forms, Inc.
23,750
2,459
2
eSpeed, Inc., Class A
32,090
2,251
2
Esterline Technologies Corp.
39,955
3,300
2
ExpressJet Holdings, Inc.
38,115
5,300
2
Exult, Inc.
38,107
2,700
2,3 FTI
Consulting, Inc.
122,175
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2,250
2
First Consulting Group, Inc.
11,318
2,700
3
Florida East Coast Industries, Inc.
69,795
1,300
2
Flow International Corp.
1,521
1,201
2,3 Forward
720
Air Corp.
30,217
Franklin Electronics, Inc.
37,318
3,661
2,3 Frontier
Airlines, Inc.
22,149
4,040
2,3 Fuelcell
Energy, Inc.
24,886
G & K Services, Inc., Class A
58,896
2,155
1,745
2
Gardner Denver, Inc.
34,603
3,390
3
GenCorp, Inc.
25,764
600
2
General Binding Corp.
4,800
3,667
2
General Cable Corp.
16,502
1,300
2
Genesee & Wyoming, Inc., Class A
22,490
1,354
2
Genlyte Group, Inc.
51,073
2,500
2,3 Global
800
Power Equipment Group
Gorman Rupp Co.
14,975
16,000
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3,766
3
Granite Construction, Inc.
63,269
2,929
2
Griffon Corp.
39,893
1,000
2,3 Hall,
3,191
Kinion & Associates, Inc.
1,750
Harland (John H.) Co.
76,424
3,100
2
Headwaters, Inc.
50,840
900
2
Healthcare Services Group, Inc.
11,880
3,600
2,3 Heartland
1,458
3
95
Express, Inc.
82,800
Heico Corp.
10,818
Heico Corp., Class A
579
2,022
2,3 Heidrick
1,500
2
Herley Industries, Inc.
24,242
2,469
2
Hexcel Corp.
9,530
& Struggles International, Inc.
Shares
28,308
Value
COMMON STOCKS--continued1
Industrials--continued
2,449
2
Hunt (J.B.) Transportation Services, Inc.
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$ 84,613
400
2
ICT Group, Inc.
3,064
3,425
3
IDEX Corp.
109,086
1,174
2
II-VI, Inc.
22,823
4,800
2
ITT Educational Services, Inc.
141,600
2,000
2
Imagistics International, Inc.
43,040
3,224
2
InfoUSA, Inc.
17,023
3,000
2
Information Resources, Inc.
7,050
2,792
2,3 Insituform
1,106
2
800
2,3 Integrated
3,603
2
1,972
2,3 Intercept
808
Technologies, Inc., Class A
Insurance Automotive Auctions, Inc.
Defense Technologies, Inc.
Integrated Electrical Services
Group, Inc.
44,532
13,383
11,416
20,537
14,179
Interpool, Inc.
12,314
Intrado, Inc.
17,714
1,700
2
1,300
2,3 Invision
1,943
2,3 Ionics,
Technologies, Inc.
Inc.
30,888
36,917
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4,663
JLG Industries, Inc.
25,367
5,500
2
Joy Global, Inc.
68,035
2,616
2
KForce Com, Inc.
10,412
1,428
2
Kadant, Inc.
23,205
Kaman Corp., Class A
24,434
Kansas City Southern Industries, Inc.
77,490
3,368
Kaydon Corp.
75,106
1,820
Kelly Services, Inc., Class A
42,133
2,441
7,000
2
3,795
3
Kennametal, Inc.
119,505
2,035
2
Kirby Corp.
53,236
2,599
2,3 Knight
4,208
2
3,100
2,3 Kroll,
Inc.
69,130
4,470
2,3 Labor
Ready, Inc.
28,832
900
2,3 Ladish
900
Transportation, Inc.
Korn/Ferry International
Co., Inc.
62,636
28,951
4,283
Landauer, Inc.
34,515
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1,712
2
525
Landstar System, Inc.
106,367
Lawson Products, Inc.
14,175
1,126
2,3 Learning
4,660
3
Lennox International, Inc.
69,248
3,421
2
Lightbridge, Inc.
24,460
Tree International, Inc.
16,473
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
3,720
Lincoln Electric Holdings
$ 71,457
1,072
Lindsay Manufacturing Co.
23,316
1,700
2
Lydall, Inc.
16,150
1,650
2
MOOG, Inc., Class A
52,470
2,126
2
Magnetek, Inc.
4,592
2,928
2
Mail-Well, Inc.
8,257
Manitowoc, Inc.
54,907
Mastec, Inc.
5,232
2,952
2,400
2
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1,256
McGrath Rentcorp.
31,086
1,099
2,3 Medis
1,085
2
1,128
2,3 MemberWorks,
2,447
2
Mercury Computer Systems, Inc.
51,387
3,822
2
Mesa Air Group, Inc.
20,562
1,171
2
Mesaba Holdings, Inc.
7,248
1,335
2,3 Midwest
1,906
3
1,376
2,3 Mobile
3,081
2
614
Technologies Ltd.
Medquist, Inc.
8,604
20,604
Inc.
24,737
Express Holdings, Inc.
Milacron, Inc.
3,898
9,949
Mini, Inc.
21,823
Mueller Industries, Inc.
78,720
NACCO Industries, Inc., Class A
32,235
2,027
2
NCI Building System, Inc.
32,635
2,027
2
NCO Group, Inc.
33,952
4,739
2
Navigant Consulting, Inc.
35,590
New England Business Service, Inc.
35,401
1,391
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2,386
3
Nordson Corp.
60,270
2,264
2
On Assignment, Inc.
10,867
5,062
2,3 Orbital
1,679
Sciences Corp.
28,246
OshKosh Truck Corp.
94,024
P.A.M. Transportation Services, Inc.
7,125
300
2
4,237
2,3 PRG-Schultz
3,452
2,3 Paxar
2,923
2
1,270
International, Inc.
Corp.
27,032
35,659
Pegasus Systems, Inc.
34,784
Penn Engineering & Manufacturing Corp.
16,980
1,800
2,3 Plug
1,000
Power, Inc.
9,144
2
Powell Industries, Inc.
13,950
6,000
2
Power-One, Inc.
35,100
1,421
2,3 Prepaid
1,700
2
Legal Services, Inc.
Princeton Review (The), Inc.
Shares
32,768
8,959
Value
COMMON STOCKS--continued1
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Industrials--continued
2,490
2,3 ProBusiness
800
2
Protection One, Inc.
1,192
3,100
2
Proton Energy Systems, Inc.
8,215
6,000
2
Quanta Services, Inc.
20,700
Quixote Corp.
20,064
1,100
1,300
2,3 RMH
3,100
2
2,498
Services, Inc.
Teleservices, Inc.
$ 35,084
7,072
RailAmerica, Inc.
22,785
Regal Beloit Corp.
42,841
2,586
3
Reliance Steel & Aluminum Co.
43,962
600
2
RemedyTemp, Inc., Class A
7,020
2,300
2,3 Resources
1,873
2
Right Management Consultants
23,413
1,284
3
Roadway Express, Inc.
47,585
Robbins & Myers, Inc.
17,998
Rollins, Inc.
63,626
1,047
2,627
3
Connection, Inc.
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50,140
1,901
2
SCS Transportation, Inc.
22,774
5,953
2
SITEL Corp.
7,739
1,674
2
SOURCECORP, Inc.
26,449
1,307
2
SPS Technologies, Inc.
34,479
Schawk, Inc.
9,045
900
674
2
Sequa Corp., Class A
20,732
1,654
2
Simpson Manufacturing Co., Inc.
58,088
1,804
3
Smith (A.O.) Corp.
53,795
4,941
2,3 Sothebys
6,465
2
Holdings, Inc., Class A
43,431
Spherion Corp.
28,123
1,930
Standard Register
33,350
1,077
Standex International Corp.
22,735
3,806
2,3 Stericycle,
Inc.
149,538
3,165
Stewart & Stevenson Services
42,443
1,092
Strayer Education, Inc.
71,024
Sylvan Learning Systems, Inc.
65,950
3,760
2
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272
2
1,000
2,3 TRC
1,926
3
Tecumseh Products Co., Class A
77,502
4,300
2
TeleTech Holdings, Inc.
17,544
Tennant Co.
31,723
961
TIMCO Aviation Services, Warrants
Cos., Inc.
0
11,390
4,762
2,3 Terex
Corp.
78,811
5,587
2,3 Tetra
Tech, Inc.
86,599
Shares
Value
COMMON STOCKS--continued1
Industrials--continued
4,800
2
1,576
Thomas & Betts Corp.
$ 75,888
Thomas Industries, Inc.
42,394
Tredegar Industries, Inc.
36,278
2,821
3
729
2,3 Trex
3,936
3
Trinity Industries, Inc.
65,141
1,510
2
Triumph Group, Inc.
39,683
Co. Inc.
29,904
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8,178
2
4,100
2,3 U.S.G.
5,183
2
UNOVA, Inc.
38,147
2,728
2
URS Corp.
38,738
500
2
US Xpress Enterprises, Inc., Class A
4,625
USFreightways Corp.
89,322
United Defense Industries, Inc.
61,050
United Industrial Corp.
13,610
United Stationers, Inc.
97,406
1,538
Universal Forest Products, Inc.
27,069
1,464
Valmont Industries, Inc.
28,284
3,133
2,500
2
1,000
3,593
2
U.S. Industries, Inc.
38,846
Corp.
28,741
2,166
2
Vicor Corp.
14,556
874
2
Volt Information Science, Inc.
11,563
3,072
2
Wabash National Corp.
28,815
Wabtec Corp.
45,791
Wackenhut Corrections Corp.
9,900
3,735
900
2
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4,369
Wallace Computer Services, Inc.
114,162
2,951
Walter Industries, Inc.
29,953
3,091
2,3 Waste
Connections, Inc.
103,981
1,000
2,3 Water
Pik Technologies, Inc.
7,650
1,848
Watsco, Inc.
28,626
Watson Wyatt & Co. Holdings
44,880
1,680
Watts Industries, Inc., Class A
27,468
4,641
Werner Enterprises, Inc.
104,840
Woodward Governor Co.
40,648
World Fuel Services Corp.
19,278
Yellow Corp.
85,520
TOTAL
10,365,317
2,200
1,098
2
3
900
3,203
2
Information Technology--17.0%
2,970
2,3 ATMI,
2,263
2
2,304
2,3 Acacia
Inc.
62,664
AXT, Inc.
3,440
Research Corp.
2,373
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Value
COMMON STOCKS--continued1
Information Technology--continued
1,286
2,3 Acacia
7,600
2,3 Acclaim
2,551
2,3 Actel
5,362
2
Actuate Software Corp.
9,759
1,010
2
Ade Corp.
6,110
2,300
2,3 Adtran,
7,194
2,3 Advanced
Digital Information Corp.
57,696
1,869
2,3 Advanced
Energy Industries, Inc.
17,961
500
2,3 Advanced
Power Technology, Inc.
1,970
4,200
2
Agile Software Corp.
29,148
10,700
2
Akamai Technologies, Inc.
25,894
3,258
2,3 Allen
2,788
2
Research Corp.
$ 2,535
Entertainment, Inc.
Corp.
3,572
50,535
Inc.
93,104
Telecom, Inc.
44,081
Alliance Semiconductor Corp.
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10,539
3,021
2
700
2,3 Altiris,
4,300
2
3,333
2,3 Anadigics,
795
Allscripts Healthcare Solutions, Inc.
Inc.
8,308
11,410
American Management System, Inc.
Inc.
52,890
6,933
Analogic Corp.
37,961
Anaren Microwave, Inc.
20,850
2,780
2
3,430
2,3 Anixter
5,560
2
1,800
2,3 Ansys,
1,700
2
1,300
2,3 Applied
3,700
2,3 aQuantive,
1,772
2
AremisSoft Corp.
0
29,800
2
Ariba, Inc.
97,148
7,300
2
Arris Group, Inc.
28,477
3,238
2
Artesyn Technologies, Inc.
13,567
International, Inc.
AnswerThink Consulting Group, Inc.
Inc.
78,821
10,842
47,610
Anteon International Corp.
Films Corp.
40,256
28,275
Inc.
24,235
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1,800
2
Artisan Components, Inc.
35,586
27,700
2
Ascential Software Corp.
106,368
3,400
2
Asiainfo Holdings, Inc.
14,756
6,200
2
Aspect Communications Corp.
21,762
4,679
2,3 Aspen
4,248
2
Asyst Technologies, Inc.
20,263
2,098
2
Audiovox Corp., Class A
15,106
900
2,3 August
6,900
2
Technology, Inc.
Technology Corp.
Avanex Corp.
15,628
3,447
6,072
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
2,797
2,3 Avid
4,794
2,3 Avocent
11,000
2
1,799
2,3 BARRA,
Technology, Inc.
$ 76,834
Corp.
141,998
Axcelis Technologies, Inc.
Inc.
62,480
58,737
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1,200
BEI Technologies, Inc.
10,272
1,100
Bel Fuse, Inc.
21,670
2,200
2
Bell Microproducts, Inc.
10,076
2,552
2
Benchmark Electronics, Inc.
66,224
2,222
3
Black Box Corp.
70,548
7,820
2,3 Borland
4,101
2,3 Brooks
3,824
2
3,208
2,3 CACI
13,900
2
CNET, Inc.
50,457
3,250
3
CTS Corp.
27,137
4,919
2,3 Cable
Design Technologies, Class A
33,990
2,600
2,3 Cabot
Microelectronics Corp.
112,372
2,128
2
600
2,3 Catapult
3,267
2
Software Corp.
70,927
Automation, Inc.
34,735
C-COR Electronics, Inc.
13,040
International, Inc., Class A
Carreker-Antinori, Inc.
112,055
8,001
Communications Corp.
Centillium Communications, Inc.
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5,310
18,916
3,532
2,3 Checkpoint
5,400
2,3 ChipPAC,
Inc.
29,160
3,907
2,3 Chordiant
Software, Inc.
4,141
6,180
2
Ciber, Inc.
33,557
8,700
2
Cirrus Logic, Inc.
23,664
3,833
2
Clarent Corp.
19
3,900
2
Cognex Corp.
85,371
6,525
2,3 Cognizant
Technology Solutions Corp.
117,189
3,444
2,3 Coherent,
Inc.
79,212
2,321
3
5,700
2,3 CommScope,
2,400
2
Compucom System, Inc.
9,120
3,200
2
Computer Horizons Corp.
13,408
2,983
2,3 Computer
1,900
2,3 Concord
7,442
2
Systems, Inc.
Cohu, Inc.
47,152
41,801
Inc.
48,849
Network Technology
16,884
Communications, Inc.
23,997
Concurrent Computer Corp.
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15,182
2,567
2,3 Covansys
6,400
2,3 Cray,
Corp.
6,161
Inc.
48,320
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
6,740
2,3 Credence
8,200
2,3 Cree
4
2
CycleLogic, Inc.
1
3,018
2
DSP Group, Inc.
63,076
1,700
2
Daktronics, Inc.
23,885
2,046
2
Datastream Systems, Inc.
17,882
3,483
2,3 Dendrite
983
2,3 Digimarc
3,290
2,3 Digital
Insight Corp.
53,166
3,000
2,3 Digital
River, Inc.
50,160
867
2
Systems Corp.
Research, Inc.
$ 47,854
163,590
International, Inc.
Corp.
35,666
12,623
Digitas, Inc.
3,468
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900
2,3 DocuCorp
5,318
2,3 Documentum,
13,600
2
1,100
2,3 Drexler
Technology, Corp.
17,534
1,360
2,3 Dupont
Photomasks, Inc.
25,282
900
2
Dynamics Research Corp.
8,838
6,900
2
E.piphany, Inc.
30,705
3,190
2,3 EMCORE
1,200
2
3,484
2,3 ESS
14,400
2,3 EarthLink
3,000
2,3 Echelon
3,039
2,3 Electro
2,466
2,3 Electroglas,
6,100
2,3 Electronics
889
2,3 Embarcadero
International, Inc.
Inc.
3,933
97,798
DoubleClick, Inc.
116,960
Corp.
5,742
EPIQ Systems, Inc.
24,780
Technology, Inc.
24,109
Network, Inc.
Corp.
99,216
39,300
Scientific Industries, Inc.
40,814
Inc.
3,354
for Imaging, Inc.
117,120
Technologies, Inc.
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6,099
5,100
2,3 Entegris,
18,000
2
Enterasys Networks, Inc.
43,200
5,200
2
Entrust Technologies, Inc.
13,052
1,600
2
eUniverse, Inc.
6,144
4,344
2
Exar Corp.
64,074
950
2
Excel Technology, Inc.
21,774
11,600
2,3 Extreme
2,496
2
2,731
2,3 FEI
1,700
2,3 FLIR
3,190
2
Inc.
58,497
Networks, Inc.
F5 Networks, Inc.
49,068
34,345
Co.
49,950
Systems, Inc.
88,536
FSI International, Inc.
7,528
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
2,315
3
3,873
2,3 FalconStor
FactSet Research Systems
Software, Inc.
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$ 80,562
15,376
1,683
2,3 Fidelity
3,937
2,3 Filenet
Corp.
60,590
14,700
2,3 Finisar
Corp.
13,671
1,541
2
9,600
2,3 Foundry
4,600
2
FreeMarkets, Inc.
29,992
9,221
2
Gartner Group, Inc., Class A
73,215
3,400
2
Genesis Microchip, Inc.
58,344
1,100
2,3 Global
12,436
2,3 GlobespanVirata,
4,400
2,3 Handspring,
6,900
2
Harmonic Lightwaves, Inc.
23,943
2,951
3
Helix Technology Corp.
33,996
7,900
2
Homestore.com, Inc.
6,636
2,860
2,3 Hutchinson
4,000
2
National Information Solutions, Inc.
Forrester Research, Inc.
Networks, Inc.
Imaging Systems, Inc.
Inc.
29,537
23,855
104,448
20,350
75,487
Inc.
2,728
Technology, Inc.
Hypercom Corp.
67,610
18,680
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3,892
2,3 Hyperion
5,000
2
I-many, Inc.
4,500
2,000
2
IGATE Capital Corp.
5,380
1,644
2,3 IXYS
9,764
2,3 Identix,
3,903
Solutions Corp.
Corp.
110,066
11,672
Inc.
47,844
Imation Corp.
133,873
4,297
2
InFocus Corp.
19,294
1,200
2
Inet Technologies, Inc.
9,624
940
2
Infogrames Entertainment
4,033
6,400
2,3 Informatica
800
2,3 Inforte
800
2
Inrange Technologies Corp.
1,824
1,000
2
Integral Systems, Inc.
19,450
2,965
2
Integrated Silicon Solution, Inc.
9,636
1,980
3
Inter-Tel, Inc.
32,571
6,145
2,3 Interdigital
Corp.
41,792
Corp.
5,120
Communications Corp.
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138,447
5,487
2
Intergraph Corp.
111,935
14,437
2
Interland, Inc.
10,828
1,628
2,3 Intermagnetics
4,300
2,3 Internet
General Corp.
Security Systems, Inc.
31,632
56,416
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
11,700
2
Interwoven, Inc.
5,712
2
Iomega Corp.
2,300
2,3 Itron,
2,500
2,3 Ixia
15,225
3,293
2
37,079
600
2,3 j2
6,200
2
656
2,418
2
$ 22,113
53,122
Inc.
46,046
JDA Software Group, Inc.
Global Communications, Inc.
17,718
Keane, Inc.
59,768
Keithley Instruments, Inc.
8,003
Keynote Systems, Inc.
22,802
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7,700
2
Kopin Corp.
37,037
2,177
2
Kronos, Inc.
99,315
5,494
2,3 Kulicke
1,600
& Soffa Industries
LSI Industries, Inc.
5,031
2,3 LTX
9,600
2,3 Lattice
1,900
2,3 Lawson
1,100
2
9,716
2,3 Legato
800
2,3 LendingTree,
4,200
28,514
16,720
Corp.
33,959
Semiconductor Corp.
Software Inc.
83,328
9,633
LeCroy Corp.
11,154
Systems, Inc.
57,519
Inc.
11,336
2
Lexar Media, Inc.
20,370
2,164
2
Littlelfuse, Inc.
42,328
8,000
2
LookSmart Ltd.
26,960
1,800
2
MAPICS, Inc.
10,800
6,368
2,3 MEMC
1,863
2
Electronic Materials
MICROS Systems Corp.
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75,524
46,631
4,359
2,3 MIPS
10,558
2
MPS Group, Inc.
71,267
2,058
2
MRO Software, Inc.
17,637
10,590
2
MRV Communications, Inc.
14,614
2,800
2
MSC Software Corp.
17,304
MTS Systems Corp.
28,844
Magma Design Automation
33,000
2,300
Technologies, Inc.
2,200
2
900
2,3 ManTech
2,212
2,3 Manhattan
1,600
2
6,600
2,3 Manugistics
2,005
2,3 Mapinfo
5,218
2,3 MatrixOne,
International Corp., Class A
Associates, Inc.
Manufacturers' Services Ltd.
Group, Inc.
Corp.
8,631
14,040
53,508
6,160
21,318
10,125
Inc.
18,263
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
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2,471
2,3 Mattson
1,879
2,3 Maximus,
22,500
2,3 Maxtor
7,100
2,3 McData
7,400
2
1,500
2,3 Merix
3,710
2
3,786
Technology, Inc.
Inc.
$ 8,253
45,284
Corp.
123,750
Corp., Class A
75,118
Mentor Graphics Corp.
77,108
Corp.
6,615
Metasolv, Inc.
4,897
Methode Electronics, Inc., Class A
39,753
8,400
2
Micromuse, Inc.
54,944
3,404
2
Microsemi Corp.
39,929
4,800
2
Microtune, Inc.
8,592
2,000
2
Monolithic System Technology, Inc.
12,000
4,400
2
Mykrolis Corp.
35,288
500
2,3 NASSDA
2,400
2
NIC, Inc.
4,920
2,900
2
NYFIX, Inc.
13,920
Corp.
2,930
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823
2,3 Nanometrics,
800
2,3 Neoforma,
2,094
2
4,500
2,3 NetIQ
868
2
NetRatings, Inc.
5,477
2,323
2
NetScout Systems, Inc.
6,063
3,219
2,3 Netegrity,
3,043
2
1,100
2,3 Netscreen
7,800
2
New Focus, Inc.
25,740
4,200
2
Newport Corp.
54,268
1,445
2,3 Novadigm,
40,830
2
Novell, Inc.
112,283
2,200
2
Nu Horizons Electronics Corp.
11,218
3,418
2,3 Nuance
3,800
2
Inc.
3,983
Inc.
8,720
Net2Phone, Inc.
8,585
Corp.
62,010
Inc.
15,258
Netro Corp.
8,794
Technologies Inc.
Inc.
22,308
3,250
Communications, Inc.
ON Semiconductor Corp.
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12,476
5,168
5,633
2
ONYX Software Corp.
3,380
1,400
2
OPNET Technologies, Inc.
9,842
1,000
2,3 OSI
6,610
2
2,300
2,3 Omnivision
19,500
2
Systems, Inc.
15,130
Oak Technology, Inc.
32,191
Technologies, Inc.
Openwave Systems, Inc.
55,844
33,735
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
12,400
2
Oplink Communications, Inc.
2,000
2
Optical Communication Products, Inc.
2,200
1,000
2
Overland Storage, Inc.
17,690
5,744
2
Overture Services, Inc.
61,461
2,481
2
PC-Tel, Inc.
22,776
1,200
2
PDF Solutions, Inc.
8,880
1,865
2
PLATO Learning, Inc.
8,672
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$ 11,532
1,658
2,3 PLX
2,661
2,3 Packeteer,
3,340
2,3 Palm,
2,700
2
Paradyne Networks, Inc.
3,240
29,200
2
Parametric Technology Corp.
96,360
Park Electrochemical Corp.
33,753
1,892
Technology, Inc.
4,609
Inc.
34,806
Inc.
32,031
880
2,3 Pec
700
2
Pegasystems, Inc.
4,781
2,184
2
Pericom Semiconductor Corp.
18,520
3,078
2
Phoenix Technology, Ltd.
13,943
1,899
2,3 Photon
3,124
2,3 Photronics,
7,014
2,3 Pinnacle
3,679
Solutions, Inc.
12,998
Dynamics, Inc.
41,588
Inc.
39,269
Systems, Inc.
66,282
Pioneer Standard Electronics, Inc.
3,741
2,3 Pixelworks,
1,700
2
Inc.
35,650
27,870
Planar Systems, Inc.
29,903
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4,174
2,3 Plantronics,
4,658
2,3 Plexus
13,500
2
2,792
2,3 Power
7,400
2,3 Powerwave
1,900
2,3 PracticeWorks,
3,542
2
Presstek, Inc.
17,710
5,200
2
Procurenet, Inc.
0
3,414
2,3 Progress
13,978
2
1,816
2,3 QRS
16,100
2,3 Quantum
4,100
2,3 Quest
2,000
2
6,371
2,3 REMEC,
Inc.
77,219
Corp.
47,418
Portal Software, Inc.
16,875
Integrations, Inc.
Technologies, Inc.
Inc.
61,793
29,748
22,363
Software Corp.
Proxim, Inc., Class A
66,539
9,505
Corp.
9,443
Corp. - DLT & Storage Systems
Software, Inc.
55,545
43,870
Quovadx, Inc.
5,400
Inc.
31,536
Shares
Value
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COMMON STOCKS--continued1
Information Technology--continued
5,000
2
RSA Security, Inc.
1,849
2
RadiSys Corp.
15,643
1,852
2
Radiant Systems, Inc.
11,723
2,662
2
Rainbow Technologies, Inc.
23,852
5,100
2
Raindance Communications, Inc.
15,402
9,400
2
Rambus, Inc.
134,420
2,660
2
Read-Rite Corp.
2,155
13,000
2
Red Hat, Inc.
78,000
16,500
2
Redback Networks, Inc.
8,743
3,568
2
Register.Com, Inc.
20,338
1,179
2,3 Renaissance
1,156
2,3 Research
6,000
2,3 Retek,
700
3
$ 47,950
Learning, Inc.
Frontiers, Inc.
Inc.
22,460
8,196
37,500
Richardson Electronics, Ltd.
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5,530
14,500
2
Riverstone Networks, Inc.
17,835
1,716
2
Rogers Corp.
56,800
3,277
3
Roper Industries, Inc.
100,243
2,400
2,3 Roxio,
1,178
2,3 Rudolph
7,900
2
S1 Corp.
34,760
1,596
2
SBS Technologies, Inc.
13,071
2,027
2,3 SCM
1,858
2
SERENA Software, Inc.
29,282
1,316
2
SPSS, Inc.
16,292
600
2
SRA International, Inc.
14,190
900
2
SS&C Technologies, Inc.
12,446
13,100
2
Safeguard Scientifics, Inc.
22,925
1,425
2,3 Sanchez
Computer Associates
7,054
6,800
2,3 Sandisk
Corp.
164,560
8,900
2
Inc.
12,600
Technologies, Inc.
Microsystems, Inc.
Sapient Corp.
17,800
7,743
16,910
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5,800
2,3 ScanSoft,
1,200
2,3 ScanSource,
2,603
2,3 SeaChange
3,452
2,3 Secure
6,089
2
SeeBeyond Technology Corp.
14,614
1,743
2
Semitool, Inc.
7,983
21,194
2
Silicon Graphics, Inc.
22,890
6,806
2,3 Silicon
Inc.
29,986
Inc.
23,892
International, Inc.
Computing Corp.
Image, Inc.
20,954
19,780
40,700
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
2,900
2,3 Silicon
9,200
2
Silicon Storage Technology
28,980
600
2
Siliconix, Inc.
16,950
1,300
2
SimpleTech, Inc.
3,640
3,084
2,3 Sipex
Laboratories, Inc.
Corp.
$ 82,505
10,393
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15,300
2,3 Skyworks
3,774
2,3 Somera
6,064
2
Sonicwall, Inc.
21,648
20,700
2
Sonus Networks, Inc.
66,240
1,827
2
SpectraLink Corp.
14,287
3,200
2
Speechworks International, Inc.
13,920
1,622
2
Standard Microsystems Corp.
20,535
1,180
2
StarTek, Inc.
32,639
7,300
2,3 StorageNetworks,
9,200
2
821
2,3 Stratos
200
2
Suntron Corp.
484
1,131
2
Supertex, Inc.
18,039
7,500
2,3 Surebeam
17,800
2,600
Solutions, Inc.
Communications, Inc.
Inc.
81,855
4,227
8,176
Stratex Networks, Inc.
22,632
Lightwave, Inc.
3,103
Corp.
21,600
2
Sycamore Networks, Inc.
57,494
2
Sykes Enterprises, Inc.
11,804
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600
2
Synaptics, Inc.
4,596
1,300
2
Synplicity, Inc.
4,576
565
2
Syntel, Inc.
8,475
Sypris Solutions, Inc.
4,510
Systems & Computer Technology Corp.
24,335
500
3,394
2
4,433
2,3 THQ,
1,700
2
4,579
2,3 Take-Two
1,480
3
Talx Corp.
18,826
4,438
2
Technitrol, Inc.
70,076
5,200
2
Tekelec, Inc.
55,952
3,352
2
Teledyne Technologies, Inc.
47,196
7,500
2
Tellium, Inc.
4,650
7,100
2
Terayon Communication Systems, Inc.
13,490
2,938
2
Therma-Wave, Inc.
1,528
2,413
2,3 Three-Five
Inc.
62,638
TTM Technologies
8,007
Interactive Software, Inc.
Systems, Inc.
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103,028
12,306
8,900
2
Tibco Software, Inc.
43,877
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
1,600
2
1,402
2,3 Tollgrade
3,541
2
Transaction Systems Architects, Inc., Class A
24,610
12,800
2
Transmeta Corp.
12,160
3,335
2
TriZetto Group, Inc.
18,009
1,200
2,3 Trikon
3,288
2,3 Trimble
14,812
2
Triquint Semiconductor, Inc.
51,990
4,500
2
Turnstone Systems, Inc.
11,250
3,400
2
Tyler Technologies, Inc.
13,430
1,287
2,3 Ulticom,
2,743
2
Tier Technologies, Inc., Class B
Communications, Inc.
Technologies, Inc.
Navigation Ltd.
$ 10,560
20,343
3,372
83,022
Inc.
9,331
Ultratech Stepper, Inc.
38,868
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2,300
2,3 United
2,090
2,3 Universal
7,300
2
ValueClick, Inc.
29,565
3,446
2
Varian Semiconductor Equipment Associates, Inc.
79,430
3,260
2
Varian, Inc.
103,049
3,700
2
Vastera, Inc.
17,686
2,941
2,3 Veeco
500
2
2,502
2,3 Verity,
Inc.
41,358
2,074
2,3 ViaSat,
Inc.
22,067
5,480
2,3 Viewpoint
26,300
2
Vignette Corp.
54,178
1,500
2
Virage Logic Corp.
6,540
22,700
2
Vitesse Semiconductor Corp.
70,620
9,000
2
Vitria Technology, Inc.
7,470
3,151
2
Watchguard Technologies, Inc.
13,864
Online, Inc.
51,428
Display Corp.
Instruments, Inc.
Verint Systems, Inc.
20,461
47,321
9,826
Corp.
4,379
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2,600
2,3 WebEx
2,388
2,3 Websense,
5,100
2,3 WebMethods,
21,665
2,3 Western
2,100
Communications, Inc.
Inc.
26,780
34,077
Inc.
51,306
Digital Corp.
202,134
2
White Electronic Designs Corp.
16,443
8,000
2
Wind River Systems, Inc.
26,480
1,600
2,3 Witness
1,080
Systems, Inc.
5,504
Woodhead Industries, Inc.
12,960
1,906
3
X-Rite, Inc.
19,422
2,600
2
Xicor, Inc.
15,470
Shares
Value
COMMON STOCKS--continued1
Information Technology--continued
3,885
2
3,158
2,3 Zoran
1,821
2
Zomax Optical Media, Inc.
$ 12,976
Corp.
56,181
Zygo Corp.
13,603
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TOTAL
12,887,477
Materials--4.3%
400
2,3 AEP
2,066
Industries, Inc.
2,836
AMCOL International Corp.
12,603
6,421
2,3 Airgas,
400
3
Ameron, Inc.
26,880
2,193
3
Arch Chemicals, Inc.
46,777
Arch Coal, Inc.
90,400
5,000
Inc.
129,897
2,255
2
Brush Engineered Materials, Inc.
11,951
2,790
2
Buckeye Technologies, Inc.
14,787
Calgon Carbon Corp.
22,190
4,351
2,465
3
Cambrex Corp.
42,891
2,853
2
Caraustar Industries, Inc.
19,629
Carpenter Technology Corp.
28,170
2,157
700
698
2,3 Castle
(A.M.) & Co.
3,234
Centex Construction Products, Inc.
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26,978
1,670
2
Century Aluminium Co.
11,105
Chesapeake Corp.
27,461
Cleveland Cliffs, Inc.
18,360
2,606
Commercial Metals Corp.
40,289
12,654
Crompton Corp.
81,239
1,529
1,020
2
18,000
2
Crown Holdings, Inc.
95,400
4,433
2
Cytec Industries, Inc.
141,900
Deltic Timber Corp.
26,710
1,092
7,093
2,3 Earthshell
3,400
2
Corp.
2,553
FMC Corp.
61,608
3,701
Ferro Corp.
87,492
2,396
Florida Rock Industries, Inc.
91,048
3,436
Fuller (H.B.) Co.
84,285
3,083
Georgia Gulf Corp.
69,676
1,179
Gibraltar Steel Corp.
20,397
1,057
Glatfelter (P.H.) Co.
12,103
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7,200
2
Grace (W.R.) & Co.
18,864
6,318
2
GrafTech International Ltd.
25,398
2,600
2
Graphic Packaging International Corp.
13,078
Shares
Value
COMMON STOCKS--continued1
Materials--continued
4,100
3
1,384
Great Lakes Chemical Corp.
$ 100,696
Greif Brothers Corp., Class A
28,303
10,100
2
Hecla Mining Co.
37,774
1,200
2
Imco Recycling, Inc.
8,280
1,200
2,3 Jarden
400
2,3 Liquidmetal
5,620
Corp.
35,400
Technologies
1,820
Longview Fibre Co.
42,881
Louisiana-Pacific Corp.
94,665
2,872
MacDermid, Inc.
65,281
7,000
Massey Energy Co.
73,010
11,716
2
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1,200
2,3 Material
7,516
3
Millennium Chemicals, Inc.
104,548
2,263
3
Minerals Technologies, Inc.
100,138
Myers Industries, Inc.
20,351
2,027
Sciences Corp.
9,660
922
3
NL Industries, Inc.
16,043
1,200
3
NN, Inc.
12,840
600
2
Northwest Pipe Co.
6,426
1,100
Octel Corp.
16,280
5,623
Olin Corp.
101,889
4,368
2
Omnova Solutions, Inc.
15,506
2,700
2
Oregon Steel Mills, Inc.
6,750
Penford Corp.
10,792
Polyone Corp.
40,850
Pope & Talbot, Inc.
27,750
Potlatch Corp.
81,734
Quaker Chemical Corp.
17,880
800
8,842
2
2,088
3,427
800
3
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1,758
Quanex Corp.
50,560
RTI International Metals
22,998
1,100
Roanoke Electric Corp.
7,601
1,204
Rock-Tenn Co.
16,134
Royal Gold, Inc.
27,132
2,467
Ryerson Tull, Inc.
18,527
400
Schnitzer Steel Industries, Inc., Class A
11,476
2,277
1,700
2
3
3,659
3
Schulman (A.), Inc.
59,858
1,300
2
Silgan Holdings, Inc.
34,606
11,800
Solutia, Inc.
16,048
1,907
Southern Peru Copper Corp.
29,825
1,647
Spartech Corp.
35,658
Shares
Value
COMMON STOCKS--continued1
Materials--continued
3,856
2
Steel Dynamics, Inc.
$ 46,658
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630
Stepan, Co.
15,662
Stillwater Mining Co.
14,218
5,266
2
2,601
2,3 Symyx
4,100
2
Technologies, Inc.
40,628
Terra Industries, Inc.
6,355
Texas Industries, Inc.
45,520
U.S. Concrete, Inc.
7,896
8,883
USEC, Inc.
49,745
2,740
Valhi, Inc.
31,373
3,995
Wausau-Mosinee Paper Corp.
42,507
8,037
Worthington Industries, Inc.
107,937
TOTAL
3,224,658
2,306
2,100
2
Telecommunication Services--1.2%
2,400
2,3 AT
4,200
2
966
2,3 Alaska
11,600
2,3 Allegiance
Road, Inc.
15,384
Aether Systems, Inc.
15,204
Communications Systems Holdings, Inc.
Telecom, Inc.
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2,347
2,970
18,200
2,3 American
1,600
2
Boston Communications Group, Inc.
28,944
21,600
2
BroadWing, Inc.
100,008
CT Communications, Inc.
20,237
2,040
Tower Systems Corp.
120,848
827
2,3 Centennial
1,202
2,3 Commonwealth
23,100
2
Crown Castle International Corp.
147,147
1,200
2
EMS Technologies, Inc.
14,580
4,576
2
General Communications, Inc., Class A
28,330
1,557
2
Golden Telecom, Inc.
26,407
Hickory Tech Corp.
14,428
1,514
Cellular Corp., Class A
Telephone Enterprises, Inc.
1,580
47,780
2,285
2
ITXC Corp.
3,770
6,300
2
Infonet Services Corp., Class B
8,127
2,000
2,3 Metro
One Telecommunications
12,940
7,500
2,3 Nextel
Partners, Inc., Class A
43,575
1,629
North Pittsburgh Systems, Inc.
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22,496
5,200
2,3 PTEK
5,334
2
6,800
2,3 RCN
300
1,500
3
Holdings, Inc.
23,192
Price Communications Corp.
65,128
Corp.
5,644
Shenandoah Telecommunications Co.
13,239
SureWest Communications
39,765
Shares
Value
COMMON STOCKS--continued1
Telecommunication Services--continued
2,766
2,3 TALK
5,000
2
2,400
2,3 Triton
10,500
2,3 US
8,700
2
UbiquiTel, Inc.
5,655
6,200
2
Western Wireless Corp., Class A
37,944
2,800
2,3 Wireless
America Holdings, Inc.
Time Warner Telecom, Inc.
PCS, Inc., Class A
Unwired, Inc., Class A
Facilities, Inc.
$ 24,313
18,000
6,840
1,575
19,488
TOTAL
937,885
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Utilities--3.8%
6,968
AGL Resources, Inc.
179,287
1,679
American States Water Co.
43,385
Atmos Energy Corp.
111,827
Avista Corp.
61,339
4,909
3
5,185
3,200
3
Black Hills Corp.
91,136
1,804
3
CH Energy Group, Inc.
75,858
1,627
California Water Service Group
44,498
1,252
Cascade Natural Gas Corp.
23,876
1,200
Central VT Public Service Corp.
21,228
Cleco Corp.
70,200
Connecticut Water Service, Inc.
21,675
DQE, Inc.
118,320
4,680
3
850
8,700
3
5,115
2,3 El
Paso Electric Co.
58,004
2,461
Empire Distribution Electric Co.
48,432
4,268
Energen Corp.
139,990
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400
EnergySouth, Inc.
10,756
2,097
Laclede Group, Inc.
50,538
1,642
MGE Energy, Inc.
47,436
850
Middlesex Water Co.
19,091
NUI Corp.
24,411
2,921
New Jersey Resources Corp.
100,044
2,796
Northwest Natural Gas Co.
72,221
1,735
3
5,000
3
Northwestern Corp.
12,100
7,058
3
ONEOK, Inc.
133,890
Otter Tail Power Co.
73,185
2,671
4,023
3
PNM Resources, Inc.
89,270
3,356
3
Piedmont Natural Gas, Inc.
125,380
SJW Corp.
16,393
Semco Energy, Inc.
10,998
194
2,007
3
Shares or
Principal
Amount
Value
COMMON STOCKS--continued1
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Utilities--continued
11,466
2,3 Sierra
1,382
3
Pacific Resources
$ 42,310
South Jersey Industries, Inc.
48,342
Southern Union Co.
62,105
Southwest Gas Corp.
74,279
Southwest Water Co.
12,810
Southwestern Energy Co.
37,042
5,082
UGI Corp.
160,591
1,565
UIL Holdings Corp.
56,512
3,106
UniSource Energy Corp.
55,380
400
Unitil Corp.
9,608
5,825
WGL Holdings, Inc.
157,159
3,922
WPS Resources Corp.
158,057
Westar Energy, Inc.
94,202
TOTAL
2,863,165
TOTAL COMMON STOCKS (IDENTIFIED COST $64,077,331)
70,725,715
4,452
3,578
3
1,050
2,783
6,700
2
3
CORPORATE BONDS--0.0%
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Industrials--0.0%
$ 262
2
TIMCO Aviation Services, Sub. Note, 8.00%, 1/2/2007
1
Information Technology--0.0%
1,188
MicroStrategy, Inc., Unsecd. Note, Series A, 7.50%, 6/24/2007
942
TOTAL CORPORATE BONDS (IDENTIFIED COST $0)
943
Shares
Value
PREFERRED STOCKS--0.0%
Health Care--0.0%
76
2
Genesis Health Ventures, Inc., Pfd. (IDENTIFIED COST $28,732)
$0
U.S. TREASURY--0.8%4
620,000
U.S. Treasury Bill, 7/17/2003 (IDENTIFIED COST $618,485)
618,562
MUTUAL FUNDS--30.1%
1,000
Gladstone Capital Corp.
18,320
4,930,810
Prime Value Obligations Fund, Class IS
4,930,810
17,933,742
Prime Value Obligations Fund, Class IS
(held as collateral for securities lending)
17,933,742
TOTAL MUTUAL FUNDS
(IDENTIFIED COST $22,882,602)
22,882,872
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TOTAL INVESTMENTS--124.0%
(IDENTIFIED COST $87,607,150)5
94,228,092
OTHER ASSETS AND LIABILITIES -- NET--(24.0)%
(18,245,525)
TOTAL NET ASSETS--100%
$ 75,982,567
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
$4,983,125 at April 30, 2003, which represents 6.6% of net assets. Taking into consideration these open index futures
contracts, the Fund's effective total exposure to the index is 99.6%.
2 Non-income producing security.
3 Certain shares are temporarily on loan to unaffiliated broker/dealers.
4 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 $87,607,150.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2003.
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, 2003 (unaudited)
Assets:
Total investments in securities, at value including $17,119,118 of securities loaned
(identified cost $87,607,150)
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$ 94,228,092
Cash
43,628
Income receivable
56,898
Receivable for investments sold
245,340
Receivable for shares sold
80,314
Receivable for daily variation margin
39,375
TOTAL ASSETS
94,693,647
Liabilities:
Payable for investments purchased
$
Payable for shares redeemed
109,133
623,187
Payable on collateral due to broker
17,933,742
Accrued expenses
45,018
TOTAL LIABILITIES
18,711,080
Net assets for 7,960,558 shares outstanding
$ 75,982,567
Net Assets Consist of:
Paid in capital
$ 87,820,464
Net unrealized appreciation of investments and futures contracts
Accumulated net realized loss on investments and futures contracts
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6,868,929
(18,721,760 )
Undistributed net investment income
14,934
TOTAL NET ASSETS
$ 75,982,567
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
Net asset value, offering price and redemption proceeds per share ($69,935,699 ÷
7,320,413 shares outstanding)
$9.55
Class C Shares:
Net asset value and offering price per share ($6,046,868 ÷ 640,145 shares
outstanding)
$9.45
Offering price per share (100/99.00 of $9.45)1
$9.55
Redemption proceeds per share (99.00/100 of $9.45)1
$9.36
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, 2003 (unaudited)
Investment Income:
Dividends (net of foreign taxes withheld of $227)
Interest (including income on securities loaned of $12,187)
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$
503,426
24,697
TOTAL INCOME
528,123
Expenses:
Management fee
$ 170,745
Custodian fees
61,627
Transfer and dividend disbursing agent fees and expenses
45,186
Directors'/Trustees' fees
1,995
Auditing fees
7,019
Legal fees
2,062
Portfolio accounting fees
53,140
Distribution services fee--Class C Shares
20,831
Shareholder services fee--Institutional Shares
78,429
Shareholder services fee--Class C Shares
6,944
Share registration costs
17,984
Printing and postage
40,197
Insurance premiums
704
Miscellaneous
346
TOTAL EXPENSES
507,209
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Waivers and Reimbursement:
Waiver of management fee
$ (129,298 )
Waiver of shareholder services fee--Institutional Shares
Reimbursement of management fee
(40,783 )
(267 )
TOTAL WAIVERS AND REIMBURSEMENT
(170,348 )
Net expenses
336,861
Net investment income
191,262
Realized and Unrealized Gain (Loss) on Investments and Futures
Contracts:
Net realized loss on investments
(2,176,429 )
Net realized gain on futures contracts
78,238
Net change in unrealized depreciation of investments and futures
contracts
7,006,859
Net realized and unrealized gain on investments and futures contracts
4,908,668
Change in net assets resulting from operations
See Notes which are an integral part of the Financial Statements
Statement of Changes in Net Assets
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$ 5,099,930
Six Months
Ended
(unaudited)
4/30/2003
Year Ended
10/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income
$
Net realized loss on investments and futures contracts
191,262
$
425,154
(2,098,191 )
(14,913,760 )
Net change in unrealized appreciation/depreciation of investments and futures
contracts
7,006,859
1,675,269
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
5,099,930
(12,813,337 )
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares
(209,554 )
(421,312 )
Share Transactions:
Proceeds from sale of shares
Net asset value of shares issued to shareholders in payment of distributions
declared
Cost of shares redeemed
19,949,199
92,151,376
160,175
348,540
(15,814,600 )
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS
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4,294,774
(100,236,188 )
(7,736,272 )
Change in net assets
9,185,150
(20,970,921 )
66,797,417
87,768,338
$ 75,982,567
$ 66,797,417
Net Assets:
Beginning of period
End of period (including undistributed net investment income of $14,934 and
$33,226, respectively)
See Notes which are an integral part of the Financial Statements
Notes to Financial Statements
April 30, 2003 (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 Index 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 the approximately 2,000 publicly traded
common stocks that are ranked in terms of capitalization below the top 1,000 stocks that comprise the large and midrange capitalization sector of the United States equity market. This group of stocks is known as the Russell 2000 ®
Index.
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 ("GAAP").
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. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which
no quotations are readily available are valued at fair value as determined in good faith using methods approved by the
Board of Trustees (the "Trustees").
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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 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
Interest income and expenses are accrued daily. 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.
Premium and Discount Amortization
All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes.
Federal Taxes
It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to
distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is
necessary.
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 months ended April 30, 2003, the Fund had realized gain on future
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contracts of $78,238. 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, 2003, the Fund had outstanding futures contracts as set forth below:
Expiration Date Contracts to Receive
June 2003
Position
25 Russell 2000 Index Futures Long
Unrealized
Appreciation
247,987
Securities Lending
The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and
government securities to qualified brokers. Collateral for securities loaned is invested in an affiliated money market
fund. Collateral is maintained at a minimum level of 102% of the market value on investments loaned, plus interest, if
applicable. Earnings on collateral are allocated between the custodian securities lending agent, as a fee for its services
under the program, and the Fund, according to agreed-upon rates.
As of April 30, 2003, securities subject to this type of arrangement and related collateral were as follows:
Market Value of Market Value
Securities Loaned of Collateral
$17,119,118
$17,933,742
Use of Estimates
The preparation of financial statements in conformity with GAAP 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) for each class of shares.
Transactions in shares were as follows:
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Six Months Ended
4/30/2003
Institutional Shares:
Shares
Shares sold
Shares issued to shareholders in payment of
distributions declared
Shares redeemed
Amount
8,039,749
$ 89,498,691
17,732
160,175
32,037
348,540
448,456
(15,182,965 )
$ 3,909,786
Shares
Shares sold
112,155
Shares redeemed
(71,346 )
NET CHANGE RESULTING FROM CLASS C
SHARE TRANSACTIONS
NET CHANGE RESULTING FROM SHARE
TRANSACTIONS
Amount
$ 18,932,576
Six Months Ended
4/30/2003
Class C Shares:
Shares
2,106,148
(1,675,424 )
NET CHANGE RESULTING FROM
INSTITUTIONAL SHARE TRANSACTIONS
Year Ended
10/31/2002
40,809
489,265
Amount
$ 1,016,623
$
(9,238,628 )
(98,304,575 )
(1,166,842 )
$ (8,457,344 )
Year Ended
10/31/2002
Shares
243,443
(631,635 )
(172,345 )
384,988
71,098
$ 4,294,774
(1,095,744 )
Amount
$ 2,652,685
(1,931,613 )
$
721,072
$ (7,736,272 )
FEDERAL TAX INFORMATION
At April 30, 2003, the cost of investments for federal tax purposes was $87,607,150. The net unrealized appreciation of
investments for federal tax purposes was $6,620,942. This consists of net unrealized appreciation from investments for
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those securities having an excess of value over cost of $21,483,922 and net unrealized depreciation from investments
for those securities having an excess of cost over value of $14,862,980.
At October 31, 2002, the Fund had a capital loss carryforward of $10,219,136 which will reduce the Fund's taxable
income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will
reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any
liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:
Expiration Year Expiration Amount
2009
$1,591,631
2010
$ 8,627,505
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
investment management fee equal to 0.50% of the Fund's average daily net assets. 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. Under the terms of a sub-management agreement between the Manager and Fund Asset Management
L.P., doing business as Mercury Advisors, an indirect, wholly owned subsidiary of Merrill Lynch & Co., Inc. (the
"Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.030% of the Fund's average
daily net assets.
Prior to March 27, 2003, the sub-manager was Deutsche Asset Management, Inc.
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime
Value Obligations Fund, which is managed by the Fund's Manager. The Manager has agreed to reimburse certain
investment adviser fees as a result of these transactions.
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
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
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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 long-term U.S. government securities and short-term obligations (and inkind contributions), for the six months ended April 30, 2003, were as follows:
Purchases $ 4,206,949
Sales
$ 3,106,781
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.
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain
documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as
permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of
Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or
information statements. Shareholders must give their written consent to participate in the householding program. The
Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the
same last name, or believed to be members of the same family, reside at the same street address or receive mail at the
same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins
"householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire
to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted
implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.
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Federated Investors
World-Class Investment Manager
Federated Mini-Cap Index Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact
Federated Securities Corp., Distributor
Cusip 31420E304
Cusip 31420E601
Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.
3052012 (6/03)
Item 2.
Code of Ethics
Not Applicable
Item 3.
Audit Committee Financial Expert
Not Applicable
Item 4.
Principal Accountant Fees and Services
Not Applicable
Items 5-6
[Reserved]
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies
Not Applicable
Item 8.
[Reserved]
Item 9.
Controls and Procedures
(a)
The
registrant's
President and Treasurer
have concluded that the
registrant's disclosure controls and procedures (as defined in rule 30a-2
under the Investment Company Act of 1940 (the "Act")) are effective in
design and operation and are sufficient to form the basis of the
certifications required by Rule 30a-2 under the Act, based on their
evaluation of these disclosure controls and procedures within 90 days of
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the filing date of this report on Form N-CSR.
(b)
There were no significant changes in the registrant's internal controls, or
the internal controls of its service providers, or in other factors that
could significantly affect these controls subsequent to the date of their
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
Item 10.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant
Federated Index Trust
By
Date
/S/ Richard J. Thomas, Principal Financial Officer
June 24, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By
/S/ J. Christopher Donahue, Principal Executive Officer
Date
June 25, 2003
By
/S/ Richard J. Thomas, Principal Financial Officer
Date
June 24, 2003
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N-CSR Item 10 - Exhibits: Certifications EX-99.CERT
I, J. Christopher Donahue, certify that:
1.
I have reviewed this report on Form N-CSR of Federated Index Trust on
behalf of: Federated Max-Cap Index Fund, Federated Mid-Cap Index Fund,
Federated Mini-Cap Index Fund ("registrant");
2.
Based on my knowledge, this report does not contain any untrue statements
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3.
Based on my knowledge, the financial statements and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;
4.
The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in rule 30a-2(c) under the Investment Company Act of 1940) for the
registrant and have:
5.
a.
designed such disclosure controls and procedures to ensure that
material information relating to the registrant,
including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b.
evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this report (the "Evaluation Date"); and
c.
presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of
the Evaluation Date;
The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the
equivalent functions):
a.
all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize, and report financial data and have
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identified for the registrant's
internal controls; and
b.
6.
auditors any material
weaknesses in
any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
The registrant's other certifying officers and I have indicated in this
report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
Date: June 25, 2003
/S/ J. Christopher Donahue
President - Principal Executive Officer
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N-CSR Item 10 - Exhibits: Certifications EX-99.CERT
I, Richard J. Thomas, certify that:
1.
I have reviewed this report on Form N-CSR of Federated Index Trust on
behalf of: Federated Max-Cap Index Fund, Federated Mid-Cap Index Fund,
Federated Mini-Cap Index Fund ("registrant");
2.
Based on my knowledge, this report does not contain any untrue statements
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3.
Based on my knowledge, the financial statements and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;
4.
The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in rule 30a-2(c) under the Investment Company Act of 1940) for the
registrant and have:
5.
a.
designed such disclosure controls and procedures to ensure that
material information relating to the registrant,
including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b.
evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this report (the "Evaluation Date"); and
c.
presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of
the Evaluation Date;
The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the
equivalent functions):
a.
all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize, and report financial data and have
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identified for the registrant's
internal controls; and
b.
6.
auditors any material
weaknesses in
any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
The registrant's other certifying officers and I have indicated in this
report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
Date: June 24, 2003
/S/ Richard J. Thomas
Treasurer - Principal Financial Officer
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N-CSR Item 10 - Exhibits: Certifications EX-99.906CERT
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C.ss. 1350, the undersigned officers of Federated Index Trust
on behalf of Federated Max-Cap Index Fund, Federated Mid-Cap Index Fund,
Federated Mini-Cap Index Fund (the "Registrant"), hereby certify, to the best of
our knowledge, that the Registrant's Report on Form N-CSR for the period ended
4/30/03 (the "Report") fully complies with the requirements of Section 13(a) or
15(d), as applicable, of the Securities and Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Registrant.
Dated: June 25, 2003
/s/ J. Christopher Donahue
Title: President, Principal Executive Officer
Dated: June 24, 2003
/s/ Richard J. Thomas
Title: Treasurer, Principal Financial Officer
This certification is being furnished solely pursuant to 18 U.S.C.ss. 1350 and
is not being filed as part of the Report or as a separate disclosure document.
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