SEC Info - Activa Mutual Fund Trust - ‘N-30D’ for 12/31/02

SEC Info℠

Home

Help

Please Sign In

Activa Mutual Fund Trust – ‘N-30D’ for 12/31/02

On: Tuesday, 3/4/03, at 10:12am ET · Effective: 3/4/03 · For: 12/31/02 · Accession #: 891804-3-594 · File #: 811-02168

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/04/03  Activa Mutual Fund Trust          N-30D      12/31/02    1:110K                                   Kelvyn Press Inc/FA

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Activa Mutual Funds                                   46    269K 

N-30D 1st Page of 46 TOC ↑Top Previous Next ↓Bottom Just 1st
 
Logo: Activa                                                                    

Annual Report                                                                   
December 31, 2002                                                               

ACTIVA MONEY MARKET FUND                                                        
Sub-Adviser: JP Morgan Investment                                         
Management, Inc.                                                          

ACTIVA INTERMEDIATE BOND FUND                                                   
Sub-Adviser: McDonnell Investment                                         
Management, LLC                                                           

ACTIVA VALUE FUND                                                               
Sub-Adviser: Wellington Management, Co. LLP                               

ACTIVA GROWTH FUND                                                              
Sub-Adviser: State Street Research &                                      
Management Company                                                        

ACTIVA INTERNATIONAL FUND                                                       
Sub-Adviser: Nicholas-Applegate                                           
Capital Management                                                        

A selection of stock, bond, and money market funds, managed by professional     
advisers, which are designed to help investors meet their financial goals.      

Logo: Activa Mutual Funds                                                       

N-30D 2nd Page of 46 TOC 1st Previous Next ↓Bottom Just 2nd
ACTIVA Mutual Funds Annual Report                                               

Contents                                                                        

                                                                            Page

SHAREHOLDER LETTER                                                             1

ACTIVA MONEY MARKET FUND                                                       2

ACTIVA INTERMEDIATE BOND FUND                                                  3

ACTIVA VALUE FUND                                                              5

ACTIVA GROWTH FUND                                                             7

ACTIVA INTERNATIONAL FUND                                                      9

ACTIVA Officers and Trustees of the Fund                                      11

SCHEDULE OF INVESTMENTS                                                         

   Activa Money Market Fund                                                   13

   Activa Intermediate Bond Fund                                              14

   Activa Value Fund                                                          17

   Activa Growth Fund                                                         22

   Activa International Fund                                                  26

                                                                            Page

STATEMENT OF ASSETS AND LIABILITIES                                           32

STATEMENT OF OPERATIONS                                                       33

STATEMENT OF CHANGES IN NET ASSETS                                            34

NOTES TO FINANCIAL STATEMENTS                                                 36

FINANCIAL HIGHLIGHTS                                                          40

INDEPENDENT AUDITORS' REPORT                                                  44

Activa Mutual Funds                                                             
2905 Lucerne SE, Suite 200                                                      
Grand Rapids, Michigan 49546                                                    
(616) 787-6288 (800) 346-2670                                                   

www.activafunds.com                                                             

N-30D 3rd Page of 46 TOC 1st Previous Next ↓Bottom Just 3rd
ANNUAL REPORT                                                                   

DEAR SHAREHOLDER:                                                               

I am pleased to provide you with the Annual Report to Shareholders for the      
Activa Mutual Funds for the period ended December 31, 2002. The following pages 
include the sub-advisers' management discussions and performance reviews for the
Funds.                                                                          

For the third consecutive year the US stock market finished in negative         
territory. The decline in 2002 marked the first time since the 1930s that the US
stock market declined for three consecutive years. Unlike other declining       
periods, the negative returns in 2002 were spread across almost every sector of 
the market. The Dow Jones Industrial Average finished the year down 16.7%. The  
Standard and Poor's 500 Index and Nasdaq ended 2002 down 23.3% and 31%          
respectively.                                                                   

Nothing during the run up in the market during the 1990s prepared us for this   
magnitude of a decline. Corporate accounting scandals, airline bankruptcies, and
potential war with Iraq hung over Wall Street much of the year. Reports of an   
economy moving ahead but not accelerating, show consumers continuing to spend   
while corporations kept their spending, hiring and expansion plans in check.    

In these times of uncertainty we believe investors should try to focus on what  
they can control as opposed to what they cannot. Reviewing your portfolio's     
diversification and balancing strategies may help you reduce risk in your       
portfolio. Diversification works best when you choose investments that are not  
closely correlated with one another. Bond funds and money market funds, for     
example, are classic choices to diversify a stock portfolio. It is often        
necessary to rebalance your portfolio to ensure that the balance between stocks 
and bonds has not changed. For example, if you wanted to keep a mix of 50%      
stocks and 50% bonds you may discover that your current portfolio is more       
heavily weighted in bonds than you desire. This occurs in years where either    
one of the markets significantly outperforms the other as the bond market       
outperformed the stock market during 2002. You may wish to rebalance your       
portfolio back to your desired mix between stocks and bonds.                    

Also, remember to keep in mind your investment time horizon when creating or    
updating your investment portfolio. Although stocks have had negative returns   
for the last three years, over longer periods average returns on stock funds    
still outperform bond funds. Using techniques such as dollar cost averaging,    
investing a certain amount of money in the same fund at the same time each month
or quarter, may help you to pay a lower average cost per share, even though it  
does not guarantee a profit, and avoid the temptation of trying to predict the  
market low. Call an Activa Funds Shareholder Representative (1-800-346-2670) to 
further discuss dollar cost averaging and how you can establish an automatic    
investment program.                                                             

The Activa Funds were designed to provide for a well-diversified portfolio      
within one fund family. Our professional investment managers use a disciplined  
approach to managing the portfolios using extensive valuation measures. We have 
recently added additional investment calculators to our web-site to help you    
create a portfolio to meet your needs. Please visit our website at              
www.activafunds.com to read more about the Investment Managers of the Funds, and
how you can develop a diversified portfolio using the Activa Funds.             

We here at Activa funds thank you for your support of our Fund family and we    
will continue to make it our priority to bring you the highest level of quality 
and service.                                                                    

Sincerely,                                                                      

/s/ Allan D. Engel                                                              

Allan D. Engel                                                                  
President                                                                       

                                             Activa Mutual Funds Annual Report 1

N-30D 4th Page of 46 TOC 1st Previous Next ↓Bottom Just 4th
ACTIVA MONEY MARKET FUND -- JP Morgan Investment Management, Inc.               

The U.S. economic recovery, robust in the first quarter of 2002, faltered during
the spring. Fear and doubt overwhelmed the markets, due in part to weak economic
data, negative corporate headlines, the possibility of new terrorist attacks,   
and geopolitical tensions. Interest rates were volatile, credit spreads narrowed
and the yield curve steepened as investors tried to evaluate contradictory      
economic data and escalating geopolitical risk. The Federal Reserve Board left  
interest rates unchanged until November, when it lowered the federal funds rate 
by half-a-percent to 1.25%--a larger-than-expected decrease--and adopted a      
neutral bias.                                                                   

Fixed income activity throughout the period was characterized by volatility and 
a lack of liquidity. The Fed's easing bias led to a drop in interest rates,     
especially in the shorter maturities. As investors sought quality, Treasury     
yields rallied and the market value of many investment-grade bonds declined.    
Money markets became a safe haven for many investors concerned about the        
volatility in the equity and fixed income markets.                              

In 2001, the Fed's bias toward low interest rates drove down yields on          
short-term maturities. But as the economy showed strength during the first      
quarter of 2002, a rate increase seemed likely and interest rates rose.         

The Activa Money Market Fund returned 1.14% for the year ended December 31,     
2002. Early in 2002, we responded to the low interest rate environment by       
allowing the weighted average maturity (WAM) of the Fund to shorten. However, as
expectations of a Fed rate increase grew, we extended. When the market rallied  
in the spring, we defensively shortened maturities, extending again in May and  
June. During the summer, as the market suffered from a lack of relative value,  
we focused on maintaining flexibility. At each month end, we took advantage of  
seasonal funding pressures to add very short maturities.                        

The economy, which weakened in the spring, continued to struggle during the     
summer. Investors speculated that the Fed would cut interest rates later in the 
year. We prepared the Fund for two eases of a quarter-percent each and were     
well-positioned when the Fed eased rates by half-a-percent. Following the       
announcement, we maintained a longer WAM to take advantage of the positively    
sloped yield curve. Toward the end of December, we let our cash positions build,
shortening the WAM and giving us flexibility through year-end.                  

We expect the economy to grow slowly in 2003, notwithstanding the geopolitical  
risks. In the first half of the year, interest rates should remain low, but they
could edge higher in the second half. Given the current state of the economy and
the increasing probability of additional fiscal stimulus, we do not expect any  
more interest rate cuts. We may look to extend the WAM of the fund on any rise  
in interest rates.                                                              

2  ACTIVA Mutual Funds Annual Report                                            

N-30D 5th Page of 46 TOC 1st Previous Next ↓Bottom Just 5th
ACTIVA Intermediate Bond Fund -- McDonnell Investment Management, LLC           

As we entered 2002, the fixed income market was focused on the prospects for    
economic recovery and the likelihood of rising interest rates. As it turned out,
2002 was marked by economic uncertainty, corporate accounting concerns,         
financial disclosure problems, geopolitical risks and a weakening US dollar.    
These events contributed to a decline in US interest rates and to market        
participants favoring the stability and security of high quality fixed income   
securities. In addition, at the Federal Open Market Committee's November 2002   
meeting, the Federal Reserve Board reduced the Federal Funds rate from 1.75% to 
1.25%. The declining interest rate environment led to further steepening of the 
yield curve. The yield difference from 2 year treasuries to 30 year treasuries  
increased from 2.44% as of December 31, 2001 to 3.18% as of December 31, 2002.  
The 2-year treasury yield declined from 3.02% on December 31, 2001 to 1.60% on  
December 31, 2002 while the 30-year treasury yield decreased from 5.47% to 4.78%
over the same period.                                                           

The U.S. economy showed a sign of a subdued recovery as real Gross Domestic     
Product is expected to grow at nearly 3% for the 12 months ended December 31,   
2002. The keys to a sustained economic recovery will be for the continued       
restoration of confidence in the US capital markets, business investment growth,
improved trade balances and a reduction in the current geopolitical risks.      

The Lehman Brothers Aggregate Bond Index returned 10.27% for the twelve months  
ended December 31, 2002. For the same twelve month period, the treasury sector  
had the highest return of 11.79%. The lowest return for the period of 8.55% was 
generated by the asset-backed sector.                                           

The Fund generated total returns of 8.85% for the twelve months ended December  
31, 2002, underperforming the Lehman Brothers Aggregate Bond Index return of    
10.27%. As of December 31, 2002, the Activa Intermediate Bond Fund (the Fund)   
had a duration of approximately 3.9 years, which was comparable to the 3.9 year 
duration of the Fund's benchmark, the Lehman Brothers Aggregate Bond Index. With
respect to relative sector weightings, the Fund held overweight positions in the
asset and mortgage backed and corporate sectors, and an underweight position in 
the treasury sector. These sector weightings detracted from performance. We     
believe the relative yield premiums offered by these sectors remain attractive  
and present attractive total return opportunities.                              

The ongoing corporate accounting and financial disclosure concerns have weighed 
heavily on the economy and financial markets. A satisfactory resolution to these
problems and a restoration of confidence to the investing public will be a      
strong factor in the continuing economic recovery. The most recent statement    
from the Federal Reserve Board indicated the economic risks appear to be        
balanced between conditions that may generate economic weakness as well as      
economic strength.                                                              

We believe the first half of 2003 will continue to present challenges for       
fixed-income portfolios, particularly if economic strength emerges and interest 
rates begin to rise. However, an improved economic environment may lead to      
improved credit conditions and should present opportunities along the yield     
curve. We expect to continue to meet these challenges through appropriate risk  
management and our disciplined investment style.                                

                                             ACTIVA Mutual Funds Annual Report 3

N-30D 6th Page of 46 TOC 1st Previous Next ↓Bottom Just 6th
ACTIVA Intermediate Bond Fund continued                                         

                                            Average Annual Total Return*
                                           Periods ended December 31, 2002
                                          --------------------------------------
                                          One Year       Since Inception 8/30/99
Activa Intermediate Bond Fund               8.85%                 8.32%         
Lehman Bros. Aggregate Bond Index**        10.27%                 9.39%         

Line Chart:                                                                     
Year-by-Year Performance                                                        

Average Annual Return of the Activa Intermediate Bond Fund

 Growth of an assumed $10,000 investment in Activa Intermediate Bond Fund from
8/30/99 through 12/31/02: Includes all fees 

Date             Activa Intermediate Bond Fund      Lehman Bros. Aggregate Bond 
8/30/99          10000                              10000                       
1999             10063                              10104                       
2000             11053                              11279                       
2001             11991                              12229                       
2002             13052                              13485                       

*    The illustrations include recurring expenses incurred by all shareholder   
    accounts, and all ordinary income dividends and capital gain distributions
   reinvested at net asset value (without sales charge). No adjustments have
   been made for any income taxes payable by shareholders on ordinary income
dividends and capital gain distributions accepted in shares which are 
 payable by shareholders on Fund distributions or the redemption of Fund
   shares. Past performance is not predictive of future performance. Returns
    and net asset value fluctuate and an investor's shares, when redeemed, may
be worth more or less than their original investment. For additional  
  information, see the prospectus, Statement of Additional Information and
the Financial Highlights at the end of this report.                   

**   The Lehman Bros. Aggregate Bond Index represents an unmanaged total return 
Index and includes U.S. Treasury and agency obligations, U.S. dollar  
  denominated foreign obligations and U.S. investment grade corporate debt
and is not impacted by the Fund's operating expenses.                 

4  ACTIVA Mutual Funds Annual Report                                            

N-30D 7th Page of 46 TOC 1st Previous Next ↓Bottom Just 7th
ACTIVA Value Fund-- Wellington Management Co., LLP                              

Throughout 2002, stock prices and business news were not driven by traditional  
factors, such as economic activity and business expansion, but by a continued   
loss of confidence and persistent risk aversion. Equity markets experienced     
consistent volatility, with seemingly conflicting economic news and growing     
tension in the Middle East. The consumer was the mainstay of growth, helped by  
record "cash outs" from mortgage refinancing, partially offsetting the impact   
from higher unemployment. As anticipated, the year-end holiday season saw a     
deceleration in consumer spending and confidence. As the year drew to a close,  
corporate spending remained sluggish, although there are initial signs of       
improvement in areas like technology.                                           

Value stocks outperformed growth stocks by a wide margin in 2002, with the      
Russell 1000 Value Index down 15.52% versus the Russell 1000 Growth Index down  
27.89%. Every sector declined in 2002: Information Technology was the leading   
laggard while Consumer Staples posted the strongest return.                     

In this environment, the Activa Value Fund returned -17.87% for the 12 month    
period ended December 31, 2002 versus the -15.52% return for its benchmark, the 
Russell 1000 Value Index. While the Fund underperformed the benchmark for the   
2002 annual period, the Fund outperformed the benchmark for the last half of    
2002 (-9.4% for the Fund vs. -11.3% for the Russell 1000 Value Index) as well as
during the fourth quarter (10.1% for the Fund vs. 9.2 % for the benchmark).     

During the early period of 2002, the equity markets were quite mixed and the    
Fund was not immune to this volatility. Corporate scandals, mixed evidence      
surrounding a global economic recovery, tightening credit markets, and the      
on-going war on terrorism were all contributing factors to the markets          
diminished confidence during this early period. However, the Fund experienced a 
significant positive rebound in stock selection during the last half of the     
year. For the twelve-month period, stock selection in the Financials, Utilities,
and Information Technology sectors were the largest benchmark-relative          
contributors to performance, while holdings in the Industrials, Consumer        
Discretionary, and Consumer Staples sectors detracted from relative performance.

Our overweight position in Telecommunications holding Qwest Communications added
considerable value for the Fund for the year. We re-initiated a position in the 
stock in August after eliminating it during the first quarter. Within           
Financials, the Fund benefited significantly from its position in Golden West   
Financial. A leader in adjustable-rate mortgage lending, the stock was weak in  
the third quarter in light of a potential slowdown in the housing market. We    
kept our overweight position in the stock, given its attractive value and growth
prospects. In the Industrials sector, our exposure to Tyco had a negative impact
on the Fund for the year. This holding was eliminated during the second quarter 
of 2002, but was a detractor from performance for the year.                     

Within Utilities, we replaced our position in Dynegy in April with Exelon, one  
of the largest utility companies in the US. While Dynegy did detract from the   
year's performance, our exposure to Exelon did help offset that detraction.     
Exelon came under pressure during the third quarter on news of government       
concern over accounting treatment related to the merger that created the        
company. We maintained our overweight position and believed the company had     
appropriately accounted for the transaction. In late September, the government  
did rule in favor of Exelon and the Fund benefited significantly from our       
overweight.                                                                     

We expect 2003 to be a year of tempered recovery and look to the corporate      
sector to provide more thrust than the consumer. While the corporate healing    
process continues, we believe business spending is poised for recovery once we  
get any war with Iraq successfully behind us. Corporate profits are improving,  
capacity utilization, while still less-than-desired, is improving, inventories  
are very low, considerable balance sheet repair has already occurred with credit
expanding, and we think there are pent-up needs for IT spending. Gross Domestic 
Product is expected to gradually recover at a 2.5% to 3% pace. Finally, consumer
spending, unlike most recoveries, will likely remain sluggish given a           
slow-moving jobs recovery, decelerating wage gains, geopolitical concerns,      
higher energy prices and a likely end to the refinancing boom. With the prospect
of a dividend tax cut and the risk of a high price to earnings correction, 2003 
could continue to be very supportive of Value stocks.                           

                                             ACTIVA Mutual Funds Annual Report 5

N-30D 8th Page of 46 TOC 1st Previous Next ↓Bottom Just 8th
ACTIVA Value Fund continued                                                     

                                      Average Annual Total Return*
                                     Periods ended December 31, 2002
                                     -------------------------------------------
                                     One Year        Five Year          Ten Year
Activa Value Fund**                  -17.87%          -2.24%               6.26%
Russell 1000 Value Index***          -15.52%           1.16%              10.81%
S&P 500 Index****                    -22.09%          -0.58%               9.34%

Line Chart:                                                                     
Year-by-Year Performance                                                        

 Average Annual Return of the Activa Value Fund*

Growth of an assumed $10,000 investment in Activa Value Fund from 12/31/92
through 12/31/02

Date               Activa Value Fund         Russell 1000 Value         S&P 500 
1993               11085                     11812                      11006   
1994               10435                     11577                      11151   
1995               13623                     16017                      15336   
1996               16780                     19483                      18858   
1997               20555                     26337                      25148   
1998               22645                     30453                      32341   
1999               21127                     32691                      39145   
2000               24046                     34983                      35583   
2001               22351                     33028                      31349   
2002               18357                     27902                      24424   

*    The illustrations include recurring expenses incurred by all shareholder   
    accounts, and all ordinary income dividends and capital gain distributions
  reinvested at net asset value (without sales charge). Prior to 1998, the
Fund had a maximum sales charge of 3%. The prior sales charge is not  
   included in the performance illustrations. Performance prior to April 22,
    1998 does not reflect the Fund's 12b-1 fee of 0.25% which became effective
    on that date and was reduced to 0.15% on September 1, 1999. No adjustments
 have been made for any income taxes payable by shareholders on ordinary
  income dividends and capital gain distributions accepted in shares which
     are payable by shareholders on Fund distributions or the redemption of Fund
   shares. Past performance is not predictive of future performance. Returns
    and net asset value fluctuate and an investor's shares, when redeemed, may
be worth more or less than their original investment. For additional  
  information, see the prospectus, Statement of Additional Information and
the Financial Highlights at the end of this report.                   

**   Wellington Asset Management, LLP, became the Fund's sub-adviser on December
    30, 1999. Ark Asset Management was the Fund's sub-adviser from May 1, 1995
until December 30, 1999.                                              

***  The Russell 1000 Value Index represents a composite of value stocks        
    representative of the Fund's investment objectives and strategies which is
     compiled independently by the Frank Russell Company, and is not impacted by
the Fund's operating expenses.                                        

**** The Standard and Poor's 500 Stock Index represents an unmanaged index      
  generally representative of the U.S. stock market and is not impacted by
the Fund's operating expenses.                                        

6  ACTIVA Mutual Funds Annual Report                                            

N-30D 9th Page of 46 TOC 1st Previous Next ↓Bottom Just 9th
ACTIVA Growth Fund -- State Street Research & Management Company                

Investors were optimistic about the US economy and the stock market early in    
2002, but these hopes were dashed as accounting scandals and reports of         
corporate mismanagement began to undermine investor confidence early in the     
second quarter. Then, as the economy stalled and the nation's leaders talked    
seriously of war with Iraq, the stock market crumbled under the increasing      
weight of the bad news.                                                         

Despite continued action on the part of the Federal Reserve Board to stimulate  
the US economy through lower short-term interest rates--the lowest, in fact, in 
40 years--the US economy failed to gather enough steam to mount a meaningful    
recovery during the year. Consumers accounted for most of the single-digit      
growth, as they continued to spend on retail goods, housing and automobiles.    
However, business was a no-show, keeping a tight fist on hiring and spending.   
Job layoffs continued and the jobless rate moved to an eight-year high of 6.0%  
late in the year. The Russell 1000 Growth Index returned -27.89%, as all major  
sectors declined. A brief rally in the fourth quarter gave investors hope that  
the market had reached its bear-market bottom.                                  

Equity markets declined markedly for the third consecutive year, primarily due  
to corporate scandal, increased geopolitical risks and continued economic       
uncertainty. Within the Russell 1000 Growth Index, none of the major sectors    
posted positive returns, with Technology suffering the worst. In this           
environment, the portfolio lagged the index as weaker selection in the Financial
Services, Health Care and Conglomerates sectors offset relative gains in the    
Technology and Consumer Discretionary sectors. The Activa Growth Fund returned  
-33.69% for the year ended December 31, 2002, versus the Russell 1000 Growth    
Index return of -27.89%.                                                        

In the Consumer Discretionary sector, returns were buoyed by slot machine       
manufacturer International Game Technology, which posted positive returns as the
company continued to generate earnings in excess of forecasts despite the       
economic environment. Retailer Target also provided strong returns that         
benefited the portfolio. In Technology, software provider Intuit and PC         
manufacturer Dell posted relatively strong gains during the year. Our lack of   
exposure to many of the volatile securities, such as Sun Microsystems and       
Motorola, which experienced significant price depreciation, helped overall      
performance.                                                                    

Our stock selection in the Health Care sector was notably weak during the year. 
While the portfolio's biotech exposure, led by Amgen and Baxter International,  
was strong, several negative developments in our pharmaceutical holdings (Wyeth,
Sepracor and Andrx Group) caused their stock to decline significantly. The FDA  
surprised pharmaceutical company Sepracor and the market by not approving       
Soltara, its potential blockbuster allergy drug. Andrx and Wyeth sold off after 
missing their earnings estimates. However, we did profit from our position in   
Pharmacia, which gained during the year on news of its merger with Pfizer.      

In the Financial Services sector, Bank of New York and Capital One both turned  
in disappointing results. Capital One sold off in the third quarter due to      
concerns over the credit quality of its customers. The "Enron hangover" led     
investors to shift away from companies such as GE--which had carefully managed  
reported earnings--and Tyco with less-than-transparent financial statements. Our
position in diversified manufacturer Tyco also hurt portfolio performance.      
Tyco's stock bottomed out in February and we eliminated our position in March   
based on declining confidence in the company's management team and our growing  
concern about its ability to take advantage of the cyclical recovery.           

While we would expect modest and gradual improvement in the overall US economy  
going forward, macro-economic forecasts are not essential to our investment     
approach. We continue to look for high-quality companies with solid--or         
improving--growth, trading at reasonable valuations, irrespective of the broad  
economic environment.                                                           

As we enter 2003, we anticipate that the market will return to basics, with more
focus on fundamentals and less focus on the type of corporate misdeeds that     
plagued the market in 2002. With an increased emphasis on the quality and       
accuracy of corporate reporting, we feel the market will have an easier time    
distinguishing between fundamental strength and fundamental weakness.           

                                             ACTIVA Mutual Funds Annual Report 7

N-30D 10th Page of 46 TOC 1st Previous Next ↓Bottom Just 10th
ACTIVA Growth Fund continued                                                    

                                          Average Annual Total Return*
                                           Periods ended December 31, 2002
                                          --------------------------------------
                                          One Year       Since Inception 8/30/99
Activa Growth Fund                        -33.69%               -18.13%         
S&P 500 Index**                           -22.09%               -10.27%         
Russell 1000 Growth Index***              -27.89%               -14.54%         

Line Chart:                                                                     
Year-by-Year Performance                                                        
 Average Annual Return of the Activa Growth Fund

Growth of an assumed $10,000 investment in Activa Growth Fund from 8/30/99
through 12/31/02: Includes all fees 

Line Chart:                                                                     
                     Activa Growth Fund      S&P 500         Russell 1000 Growth
8/30/99              10000                   10000           10000              
1999                 11380                   11173           13316              
2000                 10136                   10155           10329              
2001                 7740                    8947            8219               
2002                 5132                    6970            5927               

*    The illustrations include recurring expenses incurred by all shareholder   
    accounts, and all ordinary income dividends and capital gain distributions
   reinvested at net asset value (without sales charge). No adjustments have
   been made for any income taxes payable by shareholders on ordinary income
dividends and capital gain distributions accepted in shares which are 
 payable by shareholders on Fund distributions or the redemption of Fund
   shares. Past performance is not predictive of future performance. Returns
    and net asset value fluctuate and an investor's shares, when redeemed, may
be worth more or less than their original investment. For additional  
  information, see the prospectus, Statement of Additional Information and
the Financial Highlights at the end of this report.                   

**   The Standard and Poor's 500 Stock Index represents an unmanaged index      
  generally representative of the U.S. stock market and is not impacted by
the Fund's operating expenses.                                        

***  The Russell 1000 Growth Index represents a composite of growth stocks      
    representative of the Fund's investment objectives and strategies which is
     compiled independently by the Frank Russell Company, and is not impacted by
the Fund's operating expenses.                                        

8  ACTIVA Mutual Funds Annual Report                                            

N-30D 11th Page of 46 TOC 1st Previous Next ↓Bottom Just 11th
ACTIVA International Fund -- Nicholas Applegate Capital Management              

The first nine months of 2002 were definitely challenging markets for equity    
investors characterized by a great deal of pessimism surrounding the prospects  
for the global economy, corporate profits, and corporate governance. The market 
declines put additional pressure on financial services companies, many of which 
suffered mightily from the stress of stretched liquidity ratios and forced      
capital raising activities.                                                     

In October and November, however, the market experienced a "junk bounce," in    
which low-quality stocks exhibiting low earnings growth, high price-to-earning  
ratios, poor year-to-date performance, and high betas (a measure of a stock's   
volatility relative to a benchmark) posted strong gains. In this environment,   
many of the high-quality stocks in the portfolio exhibiting solid or improving  
fundamentals were less rewarded. A more realistic mood returned in December. The
market began to exhibit greater rationality based on signs of stability in the  
fundamental data. The portfolio participated in the fourth-quarter rally,       
although the Fund's emphasis on companies with quality earnings growth prospects
led to underperformance of the benchmark.                                       

In 2002, the Activa International Equity portfolio returned -20.22%,            
underperforming the MSCI EAFE benchmark, which returned -15.94% for the year.   
Performance for 2002 can be dissected into three distinct periods: the first    
three quarters; the October and November market bounce of low-quality stocks;   
and December when returns reflected more realistic expectations. By style,      
international value stocks outperformed their growth counterparts in 2002. By   
size, international large-cap stocks generated greater returns than             
international small-cap equities. The top-performing names in the portfolio for 
the year included SAP, a provider of e-business software solutions; Infosys, an 
IT consulting company and Petro CDA. On a country basis, stock selection in     
Canada, Italy and Germany helped results. Technology was our weakest sector in  
terms of stock selection, particularly our Japanese technology stock selection. 
Stock and sector selection was strongest in Business Services, Financial        
Services, and Energy.                                                           

                                             ACTIVA Mutual Funds Annual Report 9

N-30D 12th Page of 46 TOC 1st Previous Next ↓Bottom Just 12th
ACTIVA International Fund continued                                             

                                          Average Annual Total Return*
                                           Periods ended December 31, 2002
                                          --------------------------------------
                                          One Year       Since Inception 8/30/99
Activa International Fund                 -20.22%               -14.13%         
MSCI EAFEIndex**                          -15.94%               -11.63%         
S&P 500Index***                           -22.09%               -10.27%         

Line Chart:                                                                     
Year-by-Year Performance                                                        

Average Annual Return of the Activa International Fund

 Growth of an assumed $10,000 investment in Activa International Fund from
8/30/99 through 12/31/02: Includes all fees 

Date            MSCI EAFE Index        S&P 500         Activa International Fund
8/30/99         10000                  10000           10000                    
1999            11823                  11173           14200                    
2000            10173                  10155           10605                    
2001            7882                   8947            7534                     
2002            6625                   6970            6011                     

*    The illustrations include recurring expenses incurred by all shareholder   
    accounts, and all ordinary income dividends and capital gain distributions
   reinvested at net asset value (without sales charge). No adjustments have
   been made for any income taxes payable by shareholders on ordinary income
dividends and capital gain distributions accepted in shares which are 
 payable by shareholders on Fund distributions or the redemption of Fund
   shares. Past performance is not predictive of future performance. Returns
    and net asset value fluctuate and an investor's shares, when redeemed, may
be worth more or less than their original investment. For additional  
  information, see the prospectus, Statement of Additional Information and
the Financial Highlights at the end of this report.                   

**   THE MSCI EAFE Index (Morgan Stanley Capital International Europe, Australia
and Far East Index) represents an unmanaged index of over 1000 foreign
   common stock prices and is not impacted by the Fund's operating expenses.

***  The Standard and Poor's 500 Stock Index represents an unmanaged index      
  generally representative of the U.S. stock market and is not impacted by
the Fund's operating expenses.                                        

10 ACTIVA Mutual Funds Annual Report                                            

N-30D 13th Page of 46 TOC 1st Previous Next ↓Bottom Just 13th
ACTIVA Officers and Trustees of the Fund                                        

The business affairs of the Fund are managed and under the direction of the     
Board of Trustees ("Board"). The following information as of December 31, 2002  
pertains to the Officers and Trustees of the Fund or the Advisor or both, and   
includes their principal occupation during the past five years and their        
compensation as Trustee:                                                        

                                                        [Enlarge/Download Table]

                                                                                                                 NUMBER OF          
                                                                                                                PORTFOLIOS   OTHER  
                                                                                                                  IN FUND  DIRECTOR-
                                                                TERM OF                                           COMPLEX     SHIPS 
         NAME AND                                            OFFICE/LENGTH        PRINCIPAL OCCUPATION         OVERSEEN BY   HELD BY
         ADDRESS            AGE      OFFICE HELD             OF TIME SERVED          LAST FIVE YEARS              DIRECTOR  DIRECTOR
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
Allan D. Engel*             50    Trustee, President,        Perpetual / 22    Vice President, Real Estate              5       None
2905 Lucerne SE,                  Secretary and                                Operations and Secretary-Activa                      
Suite 200                         Treasurer of the Fund;                       Holdings Corp. Formerly, Sr.                         
Grand Rapids, Michigan            President, and                               Manager, Investments and Real                        
49546                             Secretary of the                             Estate, Amway Corporation;                           
                                  Investment Adviser.                          Director, President and Secretary of                 
                                                                               Amway Management Company                             
                                                                               (1981-1999); Trustee, Vice President                 
                                                                               and Secretary, Amway Mutual Fund                     
                                                                               (1981-1999); Vice President and                      
                                                                               Assistant Treasurer, Activa Mutual                   
                                                                               Fund Trust (1999-2002).                              

James J. Rosloniec*         57    Trustee                    Perpetual / 22    President & Chief Operating              5       None
2905 Lucerne SE                                                                Officer, JVA Enterprises, LLC.                       
Suite 200                                                                      President, Chief Executive Officer                   
Grand Rapids, Michigan                                                         and Director, Activa Holdings Corp.                  
49546                                                                          Formerly, Vice President-Audit and                   
                                                                               Control, Amway Corporation (1991-                    
                                                                               2000); Director, Vice President and                  
                                                                               Treasurer of Amway Management                        
                                                                               Company (1984-1999); Trustee,                        
                                                                               President and Treasurer, Amway                       
                                                                               Mutual Fund, (1981-1999);                            
                                                                               President and Treasurer, Activa                      
                                                                               Mutual Fund Trust (1999-2002).                       

Joseph E. Victor, Jr.       55    Advisory Trustee of the    Perpetual /  2    President & Chief Executive Officer,     5       None
2905 Lucerne SE,                  Fund                                         Marker Net, Inc. (Crown                              
Suite 200                                                                      Independent Business Owner                           
Grand Rapids,                                                                  affiliated with Quixtar, Inc.)                       
Michigan 49546                                                                                                                      

Donald H. Johnson           72    Trustee of the Fund        Perpetual / 10    Retired, Former Vice President-          5       None
2905 Lucerne SE,                                                               Treasurer, SPX Corporation.                          
Suite 200                                                                                                                           
Grand Rapids,                                                                                                                       
Michigan 49546                                                                                                                      

Walter T. Jones             60    Trustee of the Fund        Perpetual / 11    Retired, Former Senior Vice              5       None
936 Sycamore Ave.                                                              President-Chief Financial Officer,                   
Holland, Michigan                                                              Prince Corporation.                                  
49424                                                                                                                               

Richard E. Wayman           68    Trustee of the Fund        Perpetual / 5     Retired, Former Finance Director,        5       None
24578 Rutherford                                                               Amway Corporation.                                   
Ramona, California                                                                                                                  
92065                                                                                                                               

                                            ACTIVA Mutual Funds Annual Report 11

N-30D 14th Page of 46 TOC 1st Previous Next ↓Bottom Just 14th
ACTIVA Officers and Trustees of the Fund continued                              

The following table summarizes Trustee compensation which was paid by Activa    
Asset Management LLC during the year ended December 31, 2002 pursuant to the    
Administration Agreement.                                                       

                                                        [Enlarge/Download Table]

                                            PENSION OR                                      
                                            RETIREMENT                                      
                                             BENEFITS                                       
                                            ACCRUED AS     ESTIMATED ANNUAL       TOTAL     
 NAME OF PERSON,             TRUSTEE          PART OF          BENEFITS       COMPENSATION  
    POSITION              COMPENSATION     FUND EXPENSES   UPON RETIREMENT  PAID TO TRUSTEES
--------------------------------------------------------------------------------------------
                                                                                            
Allan D. Engel*              $8,000             -0-               -0-            $8,000     
Trustee                                                                                     

James J. Rosloniec*          $8,000             -0-               -0-            $8,000     
Trustee                                                                                     

Joseph E. Victor, Jr.        $8,000             -0-               -0-            $8,000     
Advisory Trustee                                                                            

Donald H. Johnson            $8,000             -0-               -0-            $8,000     
Trustee                                                                                     

Walter T. Jones              $8,000             -0-               -0-            $8,000     
Trustee                                                                                     

Richard E. Wayman            $8,000             -0-               -0-            $8,000     
Trustee                                                                                     

*    Mssrs. Engel and Rosloniec are interested persons of the Fund. In addition,
Mr. Engel is an officer of the Fund, Investment Adviser and of Activa 
 Holdings Corp., which controls the Investment Adviser. Mr. Rosloniec is
also an officer of Activa Holdings Corp., and of JVA Enterprises, LLC,
which may be deemed to control Activa Holdings Corp.                  

The Officers serve without compensation from the Fund. Fees paid to all Trustees
during the year ended December 31, 2002, amounted to $48,000.                   

The Fund's Statement of Additional Information contains additional information  
about the Fund's Trustees. It is available, without charge, by writing or       
telephoning the Fund.                                                           

12 ACTIVA Mutual Funds Annual Report                                            

N-30D 15th Page of 46 TOC 1st Previous Next ↓Bottom Just 15th
Activa Schedule of Investments                                                  
MONEY MARKET FUND 12/31/02                                                      

                                                        [Enlarge/Download Table]

                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
CERTIFICATES OF DEPOSIT                                                     19.4%                               
     SAN PAOLO IMI BANK (INTERNATIONAL), 1.63%, 1/31/03                               1,000,000      $1,000,000 
     CREDIT AGRICOLE INDOSUEZ SA YCD, 2.715%, 4/15/03                                   500,000         499,951 
     BAYERISCHE LANDESBANK GIROZENTRALS, FRN, 1.76%, 6/24/03                          1,000,000         999,808 
     CREDIT AGRICOLE INDOSUEZ SA, FRN, 1.74%, 9/25/03                                 1,000,000         999,779 
     CREDIT SUISSE FIRST BOSTON (NEW YORK), FRN, 1.36%, 6/5/03                        1,000,000         999,827 
     LANDESBANK BADEN-WUERTTEMBERG YCD, FRN, 1.78%, 4/11/03                           1,000,000         999,860 
     UBS AG, 2.7%, 4/15/03                                                              500,000         499,958 
     WESTDEUTSCHE LANDESBANK GIROZENTRAL, FRN, 1.76%, 6/24/03                         1,000,000         999,808 
                                                                                                    ----------- 
                                                                                                      6,998,991 
                                                                                                    ----------- 

COMMERCIAL PAPER                                                            68.2%                               
     BANQUE GENERALE DU LUXEMBOURG S.A., DN, 1.74%, 2/6/03                              702,000         700,778 
     COMPASS SECURITIZATION, DN, 1.35%, 2/19/03                                       1,000,000         998,162 
     DEN NORSKE BANK, DN, 1.355%, 4/24/03                                             1,000,000         995,747 
     SPINTAB AB, DN, 1.66%, 2/7/03                                                    1,500,000       1,497,441 
     BCI FUNDING CORP., DN, 1.73%, 1/23/03                                            1,000,000         998,943 
     NORDDEUTSCHE LANDESBANK LUXEMBOURG, DN, 1.32%, 3/14/03                           1,500,000       1,496,040 
     BRADFORD & BINGLEY PLC, DN, 1.35%, 2/13/03                                       1,500,000       1,497,581 
     SWEDISH NATIONAL HOUSING FINANCE CO., DN, 1.36%, 2/19/03                         1,000,000         998,149 
     AMSTERDAM FUNDING CORP, DN, 1.32%, 2/6/03                                        1,500,000       1,498,020 
     ATLANTIS ONE FUNDING, DN, 1.77%, 3/12/03                                         1,000,000         996,558 
     EDISON ASSET SECURITIZATION LLC, DN, 1.72%, 3/3/03                               1,000,000         997,086 
     KITTY HAWK FUNDING CORP., DN, 1.36%, 1/29/03                                     1,000,000         998,942 
     K2 (USA) LLC, DN, 1.70%, 3/31/03                                                 1,000,000         995,797 
     MONTAUK FUNDING CORP, DN, 1.36%, 1/14/03                                         1,500,000       1,499,263 
     MORGAN STANLEY DEAN WITTER AUSTRALIA, DN, 1.81%, 1/17/03                         1,000,000         999,196 
     NEW CENTER ASSET TRUST SERIES, DN, 1.25%, 1/2/03                                 1,038,000       1,037,964 
     NEW CENTER ASSET TRUST SERIES, DN, 1.70%, 3/24/03                                1,000,000         996,128 
     SWISS RE FINANCIAL PRODUCTS CORPORATION, DN, 1.70%, 3/26/03                      1,500,000       1,494,050 
     FORTIS FUNDING LLC, DN, 1.69%, 2/18/03                                           1,000,000         997,747 
     WESTPAC CAPITAL CORP., DN, 1.38%, 5/22/03                                        1,500,000       1,491,893 
     BMW US CAPITAL CORP, DN, 1.35%, 1/9/03                                           1,500,000       1,499,550 
                                                                                                    ----------- 
                                                                                                     24,685,035 
                                                                                                    ----------- 

FEDERAL HOME LOAN BANK                                                       5.5%                               
     FEDERAL HOME LOAN BANK, 1.83%, 10/27/03                                          2,000,000       2,000,000 
                                                                                                    ----------- 

CORPORATE BONDS                                                              6.9%                               
     CITIGROUP INC., FRN, 1.98%, 5/30/03                                              1,000,000       1,000,327 
     CC USA INC., 2.38%, 2/3/03                                                       1,000,000       1,000,483 
     SALOMON SMITH BARNEY HOLDINGS INC., FRN, 5/7/03                                    500,000         500,375 
                                                                                                    ----------- 
                                                                                                      2,501,185 
                                                                                                    ----------- 

TOTAL SHORT TERM OBLIGATIONS - 100% (Cost $36,185,211)                                              $36,185,211 
                                                                                                    =========== 

                                            ACTIVA Mutual Funds Annual Report 13                                

The accompanying notes are an integral part of these financial statements.                                      

N-30D 16th Page of 46 TOC 1st Previous Next ↓Bottom Just 16th
                                                        [Enlarge/Download Table]
Activa Schedule of Investments                                                                                    
INTERMEDIATE BOND FUND - 12/31/02                                                                                 

                                                                              % OF      SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE         (NOTE 2)
---------------------                                                 ------------    -----------  -------------- 
                                                                                                                  
US TREASURY NOTES                                                            1.9%                                 
     US TREASURY NOTES, 6.5%, 11/15/26                                                    975,000     $ 1,187,101 
     US TREASURY NOTES, 5.75%, 8/15/10                                                    890,000       1,023,562 
     US TREASURY NOTES, 5.0%, 8/15/11                                                     600,000         658,126 
                                                                                                      ----------- 
                                                                                                        2,868,789 
                                                                                                      ----------- 

US TREASURY BONDS                                                            2.5%                                 
     US TREASURY BONDS, 8.125%, 8/15/19                                                 2,750,000       3,831,311 
                                                                                                      ----------- 

US TREASURY STRIPS - PRINCIPAL ONLY                                          0.7%                                 
     STRIP PRINC, 5/15/18                                                               2,340,000       1,085,432 
                                                                                                      ----------- 

FEDERAL HOME LOAN BANK                                                       2.0%                                 
     FEDERAL HOME LOAN BANK, 3.75%, 4/15/04                                             3,000,000       3,089,325 
                                                                                                      ----------- 

FEDERAL HOME LOAN MORTGAGE                                                  11.4%                                 
     FREDDIE MAC GOLD, 5.5%, 12/01/32                                                   3,250,000       3,318,570 
     FREDDIE MAC, 8.0%, 3/1/30                                                          1,270,888       1,363,422 
     FREDDIE MAC, 6.5%, 12/15/22                                                        2,500,000       2,637,489 
     FREDDIE MAC, 6.5%, 3/15/24                                                         3,000,000       3,079,410 
     FREDDIE MAC, 6.5%, 8/15/24                                                         4,000,000       4,108,040 
     FREDDIE MAC, 6.75%, 3/15/31                                                        2,615,000       3,138,000 
                                                                                                      ----------- 
                                                                                                       17,644,931 
                                                                                                      ----------- 

FEDERAL NATIONAL MORTGAGE ASSOCIATION                                       27.1%                                 
     FANNIE MAE, 6.625%, 9/15/09                                                        1,825,000       2,144,158 
     FANNIE MAE, 6.5%, 9/25/23                                                          5,000,000       5,094,677 
     FANNIE MAE, 6.5%, 9/18/24                                                          2,800,000       2,904,216 
     FANNIE MAE, 6.5%, 9/1/29                                                           1,328,401       1,384,433 
     FANNIE MAE, 6.0%, 4/1/14                                                             808,226         849,389 
     FANNIE MAE, 6.0%, 2/1/29                                                           2,043,604       2,121,507 
     FANNIE MAE, 6.0%, 1/1/29                                                           2,852,006       2,960,725 
     FANNIE MAE, 6.5%, 3/1/29                                                           1,484,887       1,548,915 
     FANNIE MAE, 6.5%, 3/1/29                                                           1,616,750       1,686,464 
     FANNIE MAE, 6.0%, 4/1/14                                                           1,598,265       1,679,169 
     FANNIE MAE, 6.5%, 10/1/31                                                          2,089,371       2,176,853 
     FANNIE MAE, 6.5%, 5/1/32                                                           2,422,347       2,524,058 
     FEDERAL NATIONAL CONVENTIONAL LOAN, 5.5%, 10/1/32                                  6,452,783       6,594,549 
     FANNIE MAE, 5.0%, 11/25/10                                                         4,878,221       5,033,277 
     FANNIE MAE, 5.5%, 8/25/20                                                          3,123,026       3,176,567 
                                                                                                      ----------- 
                                                                                                       41,878,957 
                                                                                                      ----------- 

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                     7.0%                                 
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.0%, 12/15/31                           2,328,626       2,428,291 
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 7.0%, 11/15/31                           2,375,961       2,519,493 
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.5%, 5/15/29                            3,050,150       3,206,470 
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 7.0%, 12/15/28                           1,194,903       1,269,202 
     GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 7.0%, 9/15/29                            1,341,109       1,423,253 
                                                                                                      ----------- 
                                                                                                       10,846,709 
                                                                                                      ----------- 

14 ACTIVA Mutual Funds Annual Report                                                                              

      The accompanying notes are an integral part of these financial statements.                                  

N-30D 17th Page of 46 TOC 1st Previous Next ↓Bottom Just 17th
ACTIVA Schedule of Investments continued                                                                          
INTERMEDIATE BOND FUND - 12/31/02                                                                                 

                                                                              % OF      SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE         (NOTE 2)
---------------------                                                 ------------    -----------  -------------- 
                                                                                                                  
CORPORATE BONDS - 44.4%                                                                                           
UNCLASSIFIED                                                                 2.9%                                 
     AT&T WIRELESS, 7.875%, 3/1/11                                                        850,000         855,775 
     ALLTEL CORP, 7.0%, 7/1/12                                                          1,750,000       2,020,382 
     ARAMARK SERVICES, INC., 7.0%, 7/15/06                                              1,550,000       1,650,750 
                                                                                                      ----------- 
                                                                                                        4,526,907 
                                                                                                      ----------- 

AUTOMOTIVE                                                                   1.0%                                 
     GENERAL MOTORS ACCEPT CORP., 6.125%, 8/28/07                                       1,500,000       1,519,323 
                                                                                                      ----------- 

BANKING                                                                      8.5%                                 
     BANK OF AMERICA CORP., 3.875%, 1/15/08                                             1,500,000       1,523,394 
     FIRST CHICAGO NBD, 7.0%, 10/16/06                                                  1,380,000       1,538,700 
     LEHMAN BROTHERS HOLDINGS, INC., 8.25%, 6/15/07                                     1,750,000       2,058,889 
     MELLON CAP II, 7.995%, 1/15/27                                                     2,040,000       2,259,594 
     NATIONAL AUSTRALIA BANK, 8.6%, 5/19/10                                               750,000         947,169 
     NATIONAL CITY BANK OF INDIANA, 4.88%, 7/20/07                                      1,200,000       1,272,725 
     NATIONAL WESTMINSTER BANK, 7.375%, 10/1/09                                           650,000         772,001 
     WELLS FARGO & CO., 5.9%, 5/21/06                                                   2,500,000       2,743,750 
                                                                                                      ----------- 
                                                                                                       13,116,222 
                                                                                                      ----------- 

DEFENSE                                                                      1.0%                                 
     UNITED TECHNOLOGIES CORPORATION, 6.1%, 5/15/12                                     1,385,000       1,551,373 
                                                                                                      ----------- 

ELECTRIC UTILITY                                                             2.5%                                 
     PECO ENERGY TRANSITION TRUST, 6.52%, 12/31/10                                      3,385,000       3,872,176 
                                                                                                      ----------- 

ENTERTAINMENT                                                                1.5%                                 
     VIACOM, 7.7%, 7/30/10                                                              2,000,000       2,379,594 
                                                                                                      ----------- 

FINANCIAL SERVICES                                                          14.0%                                 
     CIT GROUP, INC, 7.375%, 4/2/07                                                     1,800,000       1,964,169 
     CATERPILLAR FINANCIAL SERVICES, 4.875%, 6/15/07                                    2,000,000       2,129,540 
     CITIGROUP, INC., 7.25%, 10/1/10                                                    1,500,000       1,743,940 
     CITIBANK CREDIT CARD MASTER TRUST I, 6.65%, 11/15/06                               2,000,000       2,171,560 
     COUNTRYWIDE HOME LOAN, 5.5%, 2/1/07                                                2,500,000       2,656,810 
     DETROIT EDISON SECURITIZATION FUNDING LLC, 6.19%, 3/1/13                           2,035,000       2,284,406 
     INTERNATIONAL LEASE FIN, 5.25%, 5/3/04                                             3,000,000       3,090,000 
     PSE&G TRANSITION FUNDING LLC., 6.45%, 3/15/13                                      1,450,000       1,655,899 
     VANDERBILT MORTGAGE FINANCE, 7.82%, 11/7/17                                        3,565,000       3,885,473 
                                                                                                      ----------- 
                                                                                                       21,581,797 
                                                                                                      ----------- 

FOOD SERVICE                                                                 4.0%                                 
     ALBERTSON'S, INC, 7.5%, 2/15/11                                                    1,750,000       2,016,528 
     CONAGRA FOODS INC., 9.75%, 3/1/21                                                  1,550,000       2,187,438 
     KROGER COMPANY, 8.0%, 9/15/29                                                      1,650,000       1,955,534 
                                                                                                      ----------- 
                                                                                                        6,159,500 
                                                                                                      ----------- 

                                            ACTIVA Mutual Funds Annual Report 15                                  

The accompanying notes are an integral part of these financial statements.                                        

N-30D 18th Page of 46 TOC 1st Previous Next ↓Bottom Just 18th
Activa Schedule of Investments continued                                                                          
INTERMEDIATE BOND FUND - 12/31/02                                                                                 

                                                                              % OF      SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE         (NOTE 2)
---------------------                                                 ------------    -----------  -------------- 
                                                                                                                  
MULTI MEDIA                                                                     0.8%                              
     GANNETT CO. INC., 6.375%, 4/1/12                                                   1,075,000       1,223,685 
                                                                                                      ----------- 

OIL & EXPLOR PROD & SER                                                         4.5%                              
     CHEVRON CORP., 6.625%, 10/1/04                                                     2,000,000       2,153,758 
     CONOCO, INC., 6.95%, 4/15/29                                                       1,250,000       1,421,283 
     SUNCOR ENERGY, 7.15%, 2/1/32                                                       1,500,000       1,723,125 
     MARATHON OIL CORP., 9.375%, 2/15/12                                                1,260,000       1,584,824 
                                                                                                      ----------- 
                                                                                                        6,882,990 
                                                                                                      ----------- 

PHARMACEUTICALS                                                                 1.2%                              
     MERCK & CO., INC., 5.25%, 7/1/06                                                   1,750,000       1,892,412 
                                                                                                      ----------- 

TRANS-RAIL                                                                      1.3%                              
     UNION PACIFIC CO., 6.65%, 1/15/11                                                  1,750,000       1,974,052 
                                                                                                      ----------- 

TELECOMMUNICATIONS                                                              1.2%                              
     VERIZON NEW ENGLAND, INC., 6.5%, 9/15/11                                           1,700,000       1,880,856 
                                                                                                      ----------- 

TOTAL CORPORATE BONDS                                                                                  68,560,887 
                                                                                                      ----------- 

FOREIGN GOVERNMENT BONDS                                                        3.0%                              
     CANADA-GOVERNMENT, 6.375%, 11/30/04                                                1,480,000       1,602,100 
     ITALY-GOV BOND, 5.625%, 6/15/12                                                    2,700,000       2,965,032 
                                                                                                      ----------- 
                                                                                                        4,567,132 
                                                                                                      ----------- 

TOTAL FIXED INCOME - 100% (Cost $143,652,381)                                                        $154,373,473 
                                                                                                     ============ 

16 ACTIVA Mutual Funds Annual Report                                                                              

      The accompanying notes are an integral part of these financial statements.                                  


N-30D 19th Page of 46 TOC 1st Previous Next ↓Bottom Just 19th
                                                        [Enlarge/Download Table]
ACTIVA Schedule of Investments                                                                                      
VALUE FUND - 12/31/02                                                                                               

                                                                              % OF      SHARES OR             VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE           (NOTE 2)
---------------------                                                 ------------    -----------    -------------- 
                                                                                                                    
US TREASURY BILLS - 0.1%                                                     0.1%                                   
     U.S. TREASURY BILLS 1/9/03                                                            10,000  $          9,998 
     U.S. TREASURY BILLS 1/30/03                                                           10,000             9,991 
     U.S. TREASURY BILLS 3/6/03                                                            85,000            84,833 
                                                                                                        ----------- 
                                                                                                            104,822 
                                                                                                        ----------- 

TOTAL U.S. TREASURY BILLS (Cost $104,805)                                                                   104,822 
                                                                                                        ----------- 

COMMON STOCKS - 99.9%                                                                                               
ADVERTISING                                                                  0.2%                                   
     LAMAR ADVERTISING COMPANY                                                             *6,500           218,725 
                                                                                                        ----------- 

AEROSPACE                                                                    1.8%                                   
     BOEING CORP.                                                                           5,900           194,641 
     LOCKHEED MARTIN CORP.                                                                 15,100           872,025 
     NORTHROP GRUMMAN CORP.                                                                 3,500           339,500 
     UNITED TECHNOLOGIES                                                                    9,500           588,430 
                                                                                                          1,994,596 
                                                                                                        ----------- 

AIRLINES                                                                     0.1%                                   
     CONTINENTAL AIRLINES CLASS B                                                         *21,700           157,325 
                                                                                                        ----------- 

AUTOMOTIVE PARTS & EQUIPMENT                                                 2.0%                                   
     ITT INDUSTRIES, INC.                                                                  22,400         1,359,456 
     LEAR CORP.                                                                           *24,200           805,376 
                                                                                                        ----------- 
                                                                                                          2,164,832 
                                                                                                        ----------- 

BANKING                                                                     17.1%                                   
     BANK OF AMERICA CORP.                                                                 39,600         2,754,972 
     BANK OF NEW YORK, INC.                                                                13,500           323,460 
     BANK ONE CORP.                                                                        30,300         1,107,465 
     CITIGROUP, INC.                                                                      155,800         5,482,602 
     COMMERCE BANCSHARES, INC.                                                              9,087           357,028 
     HIBERNIA CORP. Cl. A                                                                  30,700           591,282 
     KEYCORP                                                                               56,300         1,415,382 
     PNC BANK CORP.                                                                        41,100         1,722,090 
     UNIONBANCAL CORPORATION                                                               50,200         1,971,354 
     WACHOVIA CORP.                                                                        45,600         1,661,664 
     WELLS FARGO COMPANY                                                                   29,500         1,382,665 
                                                                                                        ----------- 
                                                                                                         18,769,964 
                                                                                                        ----------- 

BEVERAGES - DOMESTIC                                                            1.4%                                
     CONSTELLATION BRANDS, INC.                                                           *24,600           583,266 
     PEPSICO, INC.                                                                         21,100           890,842 
                                                                                                        ----------- 
                                                                                                          1,474,108 
                                                                                                        ----------- 

                                            ACTIVA Mutual Funds Annual Report 17                                    

The accompanying notes are an integral part of these financial statements.                                          

N-30D 20th Page of 46 TOC 1st Previous Next ↓Bottom Just 20th
Activa Schedule of Investments continued                                                                            
VALUE FUND - 12/31/02                                                                                               

                                                                              % OF      SHARES OR             VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE           (NOTE 2)
---------------------                                                 ------------    -----------    -------------- 
                                                                                                                    
BROADCASTING                                                                 1.8%                                   
     LIBERTY MEDIA- A                                                                    *175,656         1,570,365 
     SCRIPPS CO. Cl. A                                                                      4,700           361,665 
                                                                                                        ----------- 
                                                                                                          1,932,030 
                                                                                                        ----------- 

CHEMICALS                                                                    2.8%                                   
     DOW CHEMICAL COMPANY                                                                  30,200           896,940 
     DU PONT E I DE NEMOURS                                                                28,100         1,191,440 
     ROHM & HAAS COMPANY                                                                   30,900         1,003,632 
                                                                                                        ----------- 
                                                                                                          3,092,012 
                                                                                                        ----------- 

COMMUNICATIONS EQUIPMENT                                                     0.9%                                   
     AGRE SYSTEMS, INC.-A                                                                 *26,100            37,584 
     COMCAST CORP. NEW CL. A SPECIAL                                                      *39,700           896,823 
                                                                                                        ----------- 
                                                                                                            934,407 
                                                                                                        ----------- 

COMMERCIAL SERVICES                                                          0.8%                                   
     CENDANT CORP.                                                                        *86,900           910,712 
                                                                                                        ----------- 

CONSUMER GOODS & SERVICES                                                    2.1%                                   
     ARAMARK CORP. - CL B                                                                 *31,700           744,950 
     GILLETTE CO.                                                                          32,000           971,520 
     KIMBERLY-CLARK CORP.                                                                  11,800           560,146 
                                                                                                        ----------- 
                                                                                                          2,276,616 
                                                                                                        ----------- 

COSMETICS                                                                    1.0%                                   
     ALBERTO-CULVER CO. -CLASS B                                                           20,600         1,038,240 
                                                                                                        ----------- 

ELECTRIC UTILITY                                                             6.7%                                   
     CINERGY CORP.                                                                         33,500         1,129,620 
     EXELON CORP.                                                                          39,737         2,096,921 
     FPL GROUP, INC.                                                                       30,000         1,803,900 
     FIRSTENERGY CORP.                                                                     30,200           995,694 
     PP&L CORPORATION                                                                      15,500           537,540 
     PINNACLE WEST CAPITAL CORP.                                                           21,700           739,753 
                                                                                                        ----------- 
                                                                                                          7,303,428 
                                                                                                        ----------- 

ELECTRICAL & ELECTRONIC                                                      0.0%                                   
     BROADCOM CORP. CL- A                                                                  *1,700            25,602 
                                                                                                        ----------- 

ELECTRONICS                                                                  0.5%                                   
     EMC CORP/MASS                                                                        *48,800           299,632 
     INTERSIL CORPORATION                                                                  *1,900            26,486 
     NATIONAL SEMICONDUCTOR CORP.                                                         *17,500           262,675 
                                                                                                            588,793 
                                                                                                        ----------- 

ENERGY                                                                       0.8%                                   
     SUNOCO, INC.                                                                          26,600           882,588 
                                                                                                        ----------- 

18 ACTIVA Mutual Funds Annual Report                                                                                

      The accompanying notes are an integral part of these financial statements.                                    

N-30D 21st Page of 46 TOC 1st Previous Next ↓Bottom Just 21st
Activa Schedule of Investments continued                                                                            
VALUE FUND - 12/31/02                                                                                               


                                                                              % OF      SHARES OR             VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE           (NOTE 2)
---------------------                                                 ------------    -----------    -------------- 
                                                                                                                    
ENTERTAINMENT                                                                0.7%                                   
     USA INTERACTIVE, INC.                                                                *31,900           731,148 
                                                                                                        ----------- 

ENVIRONMENTAL SERVICES                                                       0.6%                                   
     WASTE MANAGEMENT, INC.                                                                27,200           623,424 
                                                                                                        ----------- 

FINANCIAL SERVICES                                                           7.5%                                   
     CAPITAL ONE FINANCIAL                                                                 13,100           389,332 
     GOLDEN WEST FINANCIAL CORP.                                                           27,500         1,974,775 
     HOUSEHOLD INTERNATIONAL, INC.                                                         33,100           920,511 
     LEHMAN BROTHERS HOLDING                                                                4,100           218,489 
     MERRILL LYNCH & CO.                                                                   82,300         3,123,285 
     MORGAN STANLEY DEAN WITTER DISCOVERY                                                  40,000         1,596,800 
                                                                                                        ----------- 
                                                                                                          8,223,192 
                                                                                                        ----------- 

FOOD PROCESSING                                                              2.0%                                   
     GENERAL MILLS, INC.                                                                   46,300         2,173,785 
                                                                                                        ----------- 

HEALTH CARE                                                                  1.1%                                   
     HCA, INC.                                                                              5,700           236,550 
     MCKESSON HBOC, INC.                                                                   36,100           975,783 
                                                                                                        ----------- 
                                                                                                          1,212,333 
                                                                                                        ----------- 

HOTELS & LODGING                                                             0.6%                                   
     MGM MIRAGE, INC.                                                                     *19,200           633,024 
                                                                                                        ----------- 

INFORMATIONAL SERVICES                                                       1.1%                                   
     AOL TIME WARNER                                                                      *91,200         1,194,720 
                                                                                                        ----------- 

INSURANCE                                                                    7.0%                                   
     AMERICAN INTERNATIONAL GROUP                                                          32,950         1,906,157 
     MBIA, INC.                                                                            52,050         2,282,913 
     MARSH & MCLENNAN COMPANY                                                              24,500         1,132,145 
     ST. PAUL COMPANIES                                                                    41,400         1,409,670 
     XL CAPITAL LIMITED                                                                    11,500           888,375 
                                                                                                        ----------- 
                                                                                                          7,619,260 
                                                                                                        ----------- 

INVESTMENT COMPANY                                                           0.4%                                   
     LEGG MASON, INC.                                                                       7,900           383,466 
                                                                                                        ----------- 

MACHINERY & EQUIPMENT                                                        1.1%                                   
     CATERPILLAR, INC.                                                                     14,900           681,228 
     THERMO ELECTRON CORPORATION                                                          *28,300           569,396 
                                                                                                        ----------- 
                                                                                                          1,250,624 
                                                                                                        ----------- 

MANUFACTURING-CONSUMER GOODS                                                 0.6%                                   
     EASTMAN KODAK                                                                         13,800           483,552 
     MATTEL, INC.                                                                          11,500           220,225 
                                                                                                        ----------- 
                                                                                                            703,777 
                                                                                                        ----------- 

                                            ACTIVA Mutual Funds Annual Report 19                                    

The accompanying notes are an integral part of these financial statements.                                          

N-30D 22nd Page of 46 TOC 1st Previous Next ↓Bottom Just 22nd
Activa Schedule of Investments continued                                                                            
VALUE FUND - 12/31/02                                                                                               


                                                                              % OF      SHARES OR             VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE           (NOTE 2)
---------------------                                                 ------------    -----------    -------------- 
                                                                                                                    
MANUFACTURING - MISCELLANEOUS                                                1.7%                                   
     AMERICAN AXLE & MANUF. HLDS., INC.                                                   *14,300           334,906 
     JOHNSON CONTROLS, INC.                                                                 4,100           328,697 
     MASCO CORP.                                                                           57,900         1,218,795 
                                                                                                        ----------- 
                                                                                                          1,882,398 
                                                                                                        ----------- 

MEDICAL EQUIPMENT & SUPPLIES                                                 0.3%                                   
     BECTON DICKINSON & COMPANY                                                             9,100           279,279 
                                                                                                        ----------- 

METALS & MINING                                                              0.9%                                   
     ALCOA INCORPORATION                                                                   41,700           949,926 
                                                                                                        ----------- 

OFFICE/BUSINESS EQUIPMENT & SUPPLIES                                         3.6%                                   
     HEWLETT PACKARD                                                                      108,407         1,881,946 
     I.B.M.                                                                                23,400         1,813,500 
     XEROX CORP.                                                                          *32,200           259,210 
                                                                                                        ----------- 
                                                                                                          3,954,656 
                                                                                                        ----------- 

OIL/GAS - EQUIPMENT & SVCS                                                   2.3%                                   
     CONOCOPHILLIPS                                                                        36,376         1,760,235 
     AMERADA HESS CORP.                                                                    13,900           765,195 
                                                                                                        ----------- 
                                                                                                          2,525,430 
                                                                                                        ----------- 

OIL & GAS EXPLOR PROD & SER                                                  7.6%                                   
     CHEVRONTEXACO CORP.                                                                   20,400         1,356,192 
     EXXON MOBIL CORP.                                                                    103,400         3,612,796 
     HALLIBURTON CO.                                                                       26,100           488,331 
     ROYAL DUTCH PETRO-NY SHARES                                                           43,600         1,919,272 
     TOTAL FINA SA                                                                         12,700           908,050 
                                                                                                        ----------- 
                                                                                                          8,284,641 
                                                                                                        ----------- 

PAPER PRODUCTS                                                               1.4%                                   
     BOWATER, INC.                                                                         27,800         1,166,210 
     WEYERHAEUSER                                                                           6,900           339,549 
                                                                                                        ----------- 
                                                                                                          1,505,759 
                                                                                                        ----------- 

PHARMACEUTICALS                                                              3.3%                                   
     ABBOTT LABORATORIES                                                                   19,800           792,000 
     ELI LILLY & CO.                                                                       21,100         1,339,850 
     MONSANTO COMPANY                                                                       1,255            24,159 
     SCHERING-PLOUGH CORP.                                                                 70,800         1,571,760 
                                                                                                        ----------- 
                                                                                                          3,727,769 
                                                                                                        ----------- 

PRINTING & PUBLISHING                                                        0.9%                                   
     GANNETT COMPANY, INC.                                                                 12,900           926,220 
                                                                                                        ----------- 

RAILROADS                                                                    0.5%                                   
     CANADIAN NATIONAL RAILWAY                                                             14,100           585,996 
                                                                                                        ----------- 

20 ACTIVA Mutual Funds Annual Report                                                                                

      The accompanying notes are an integral part of these financial statements.                                    

N-30D 23rd Page of 46 TOC 1st Previous Next ↓Bottom Just 23rd
Activa Schedule of Investments continued                                                                            
VALUE FUND - 12/31/02                                                                                               

                                                                              % OF      SHARES OR             VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS      PAR VALUE           (NOTE 2)
---------------------                                                 ------------    -----------    -------------- 
                                                                                                                    
RESTAURANTS                                                                  0.8%                                   
     MCDONALDS CORP.                                                                       55,800           897,264 
                                                                                                        ----------- 

RETAIL STORES                                                                2.6%                                   
     CARMAX, INC.                                                                         *12,931           231,206 
     DILLARDS, INC. CLASS A                                                                28,300           448,838 
     GENERAL GROWTH PROPERTIES                                                             16,700           868,400 
     KIMCO REALTY CORPORATION                                                              31,250           957,500 
     ROSS STORES, INC.                                                                      9,600           406,944 
                                                                                                        ----------- 
                                                                                                          2,912,888 
                                                                                                        ----------- 

SHOES - LEATHER                                                              0.6%                                   
     NIKE INCORPORATED - CL B                                                              14,100           627,027 
                                                                                                        ----------- 

STORAGE                                                                      0.6%                                   
     PUBLIC STORAGE, INC.                                                                  20,700           668,817 
                                                                                                        ----------- 

TOBACCO                                                                      0.8%                                   
     PHILIP MORRIS COMPANIES, INC.                                                         21,000           851,130 
                                                                                                        ----------- 

TRANSPORTATION & SHIPPING                                                    0.6%                                   
     FEDEX CORPORATION                                                                     12,500           677,750 
                                                                                                        ----------- 

TELECOMMUNICATIONS                                                           8.3%                                   
     AT&T CORP NEW                                                                         27,820           726,380 
     BELL SOUTH                                                                            55,400         1,433,198 
     CITIZENS COMMUNICATIONS COMPANY                                                      *25,500           269,025 
     COMCAST CORP. NEW Cl. A                                                              *44,998         1,060,603 
     QWEST COMMUNICATIONS INT'l., INC.                                                   *355,700         1,778,500 
     SBC COMMUNICATIONS, INC.                                                              86,200         2,336,882 
     VERIZON COMMUNICATIONS                                                                42,200         1,635,250 
                                                                                                        ----------- 
                                                                                                          9,239,838 
                                                                                                        ----------- 

TELECOMMUNICATIONS-SERVICES AND EQUIPMENT                                    0.4%                                   
     LUCENT TECHNOLOGIES                                                                 *384,100           483,966 
                                                                                                        ----------- 

TOTAL COMMON STOCKS (Cost $118,957,912)                                                                 109,493,485 
                                                                                                        ----------- 

TOTAL INVESTMENTS - 100% (Cost $119,062,717)                                                           $109,598,307 
                                                                                                       ============ 

*Non-dividend producing as of December 31, 2002                                                                     

                                            ACTIVA Mutual Funds Annual Report 21                                    

The accompanying notes are an integral part of these financial statements.                                          


N-30D 24th Page of 46 TOC 1st Previous Next ↓Bottom Just 24th
                                                        [Enlarge/Download Table]
Activa Schedule of Investments                                                                                  
GROWTH FUND - 12/31/02                                                                                          

                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
COMMERCIAL PAPER - 0.4%                                                      0.4%                               
     AMERICAN EXPRESS CREDIT CORP., DN, 1.33%, 1/2/03                                   105,000     $   104,996 
                                                                                                    ----------- 

TOTAL COMMERCIAL PAPER (Cost $104,996)                                                                  104,996 
                                                                                                    ----------- 

COMMON STOCKS - 99.6%                                                                                           
AEROSPACE                                                                    1.5%                               
     LOCKHEED MARTIN CORP.                                                                5,930         342,458 
                                                                                                    ----------- 

BANKING                                                                      5.0%                               
     BANK OF NEW YORK, INC.                                                               9,480         227,141 
     CITIGROUP, INC.                                                                     12,410         436,708 
     MBNA CORPORATION                                                                    13,910         264,568 
     WELLS FARGO COMPANY                                                                  4,870         228,257 
                                                                                                    ----------- 
                                                                                                      1,156,674 
                                                                                                    ----------- 

BEVERAGES - FOREIGN                                                          1.4%                               
     THE PEPSI BOTTLING GROUP, INC.                                                      12,830         329,731 
                                                                                                    ----------- 

BEVERAGES - DOMESTIC                                                         2.2%                               
     PEPSICO, INC.                                                                       12,020         507,484 
                                                                                                    ----------- 

BROADCASTING                                                                 1.4%                               
     UNIVISION COMMUNICATIONS-A                                                         *13,480         330,260 
                                                                                                    ----------- 

CHEMICALS                                                                    1.6%                               
     AIR PRODUCTS & CHEMICALS                                                             8,430         360,383 
                                                                                                    ----------- 

COMMUNICATIONS EQUIPMENT                                                     0.2%                               
     CIENA CORP.                                                                        *10,000          51,400 
                                                                                                    ----------- 

COMPUTER SOFTWARE                                                            8.4%                               
     BMC SOFTWARE, INC.                                                                 *14,000         239,540 
     CDW COMPUTER CENTERS                                                                *2,400         105,240 
     MICROSOFT CORP.                                                                    *26,760       1,383,492 
     NETWORK ASSOCIATES, INC.                                                           *14,400         231,696 
                                                                                                    ----------- 
                                                                                                      1,959,968 
                                                                                                    ----------- 

COMPUTERS                                                                    7.9%                               
     CISCO SYSTEMS, INC.                                                                *30,510         399,681 
     DELL COMPUTER CORP.                                                                *26,880         718,771 
     INTEL CORP.                                                                         46,080         717,466 
                                                                                                    ----------- 
                                                                                                      1,835,918 
                                                                                                    ----------- 

CONSTRUCTION - FOREIGN                                                       0.4%                               
     ACCENTURE LTD.                                                                       5,380          96,786 
                                                                                                    ----------- 

22 ACTIVA Mutual Funds Annual Report                                                                            

      The accompanying notes are an integral part of these financial statements.                                

N-30D 25th Page of 46 TOC 1st Previous Next ↓Bottom Just 25th
Activa Schedule of Investments continued                                                                        
GROWTH FUND - 12/31/02                                                                                          


                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
CONSUMER GOODS & SERVICES                                                    2.7%                               
     COLGATE-PALMOLIVE                                                                   11,920         624,966 
                                                                                                    ----------- 

COSMETICS                                                                    1.7%                               
     AVON PRODUCTS, INC.                                                                  7,170         386,248 
                                                                                                    ----------- 

DRUGS                                                                        1.5%                               
     NOVARTIS AG - ADR                                                                    9,710         356,648 
                                                                                                    ----------- 

ELECTRICAL EQUIPMENT                                                         4.7%                               
     GENERAL ELECTRIC & CO.                                                              45,275       1,102,446 
                                                                                                    ----------- 

ELECTRONICS                                                                  3.8%                               
     ALTERA CORP.                                                                       *14,100         173,994 
     ANALOG DEVICES                                                                      *4,720         112,666 
     INTERNATIONAL GAME TECHNOLOGY                                                       *4,160         315,827 
     NOVELLUS SYSTEMS, INC.                                                             *10,160         285,293 
                                                                                                    ----------- 
                                                                                                        887,780 
                                                                                                    ----------- 

ENTERTAINMENT                                                                3.9%                               
     USA INTERACTIVE, INC.                                                              *22,000         504,240 
     VIACOM, INC. Cl B                                                                   *9,760         397,818 
                                                                                                    ----------- 
                                                                                                        902,058 
                                                                                                    ----------- 

FINANCIAL SERVICES                                                           2.5%                               
     AMERICAN EXPRESS COMPANY                                                             6,840         241,794 
     FANNIE MAE                                                                           5,080         326,796 
                                                                                                    ----------- 
                                                                                                        568,590 
                                                                                                    ----------- 

FOOD & BEVERAGE                                                              2.1%                               
     KRAFT FOODS, INC.-A                                                                 12,310         479,228 
                                                                                                    ----------- 

HEALTH CARE                                                                  1.6%                               
     HCA, INC.                                                                            9,140         379,310 
                                                                                                    ----------- 

HOTELS & LODGING                                                             0.5%                               
     MGM MIRAGE, INC.                                                                    *3,700         121,989 
                                                                                                    ----------- 

INFORMATIONAL SERVICES                                                       0.5%                               
     YAHOO!, INC.                                                                        *7,600         124,260 
                                                                                                    ----------- 

INSURANCE                                                                    4.1%                               
     AMERICAN INTERNATIONAL GROUP                                                         5,940         343,629 
     WELLPOINT HEALTH NETWORKS                                                           *3,400         241,944 
     XL CAPITAL LIMITED                                                                   4,600         355,350 
                                                                                                    ----------- 
                                                                                                        940,923 
                                                                                                    ----------- 

                                            ACTIVA Mutual Funds Annual Report 23                                

The accompanying notes are an integral part of these financial statements.                                      

N-30D 26th Page of 46 TOC 1st Previous Next ↓Bottom Just 26th
Activa Schedule of Investments continued                                                                        
GROWTH FUND - 12/31/02                                                                                          

                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
INVESTMENT COMPANY                                                           1.7%                               
     S&P 500 DEPOSITORY RECEIPT                                                           4,457         393,241 
                                                                                                    ----------- 

MANUFACTURING - MISCELLANEOUS                                                1.0%                               
     VARIAN MEDICAL SYSTEMS INCORPORATION                                                *4,530         224,688 
                                                                                                    ----------- 

MEDICAL EQUIPMENT & SUPPLIES                                                 6.0%                               
     ALLERGAN, INC.                                                                       1,000          57,620 
     ASTRAZENECA ADR                                                                      3,100         108,779 
     BOSTON SCIENTIFIC CORPORATION                                                       *8,690         369,499 
     FOREST LABORATORIES INCORPORATED                                                    *1,400         137,508 
     JOHNSON & JOHNSON                                                                   13,510         725,622 
                                                                                                    ----------- 
                                                                                                      1,399,028 
                                                                                                    ----------- 

MEDICAL SERVICES                                                             1.9%                               
     MEDTRONIC, INC.                                                                      9,500         433,200 
                                                                                                    ----------- 

METAL-ALUMINUM                                                               1.6%                               
     ANTHEM, INC.                                                                        *5,940         373,626 
                                                                                                    ----------- 

OFFICE/BUSINESS EQUIPMENT & SUPPLIES                                         1.8%                               
     HEWLETT PACKARD                                                                     10,260         178,114 
     I.B.M.                                                                               3,070         237,925 
                                                                                                    ----------- 
                                                                                                        416,039 
                                                                                                    ----------- 

OIL/GAS - EQUIPMENT & SVCS                                                   1.5%                               
     BJ SERVICES COMPANY                                                                 *5,400         174,474 
     NABORS INDUSTRIES LTD.                                                               4,800         169,296 
                                                                                                    ----------- 
                                                                                                        343,770 
                                                                                                    ----------- 

OIL & GAS EXPLOR PROD & SER                                                  2.7%                               
     BURLINGTON RESOURCES                                                                 4,200         179,130 
     OCEAN ENERGY, INC.                                                                  22,670         452,720 
                                                                                                    ----------- 
                                                                                                        631,850 
                                                                                                    ----------- 

PHARMACEUTICALS                                                             11.5%                               
     ALTANA AG CORPORATION                                                               *1,400          63,840 
     AMGEN, INC.                                                                        *17,850         862,869 
     ANDRX GROUP                                                                         *7,570         111,052 
     BIOGEN, INC.                                                                        *9,140         366,148 
     BRISTOL MYERS SQUIBB CO.                                                             9,900         229,185 
     CAREMARK RX, INC.                                                                   *7,540         122,525 
     PFIZER, INC.                                                                        10,785         329,698 
     PHARMACIA CORP.                                                                      8,535         356,763 
     ZIMMER HOLDINGS, INC.                                                               *5,270         218,810 
                                                                                                    ----------- 
                                                                                                      2,660,890 
                                                                                                    ----------- 

                                            24 ACTIVA Mutual Funds Annual Report                                

The accompanying notes are an integral part of these financial statements.                                      

N-30D 27th Page of 46 TOC 1st Previous Next ↓Bottom Just 27th
Activa Schedule of Investments continued                                                                        
GROWTH FUND - 12/31/02                                                                                          

                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
RESTAURANTS                                                                  0.4%                               
     DARDEN RESTAURANTS, INC.                                                             4,610          94,274 
                                                                                                    ----------- 

RETAIL STORES                                                                9.0%                               
     BEST BUY COMPANY, INC.                                                              *4,800         115,920 
     COACH, INC.                                                                         *2,260          74,399 
     GAP, INC.                                                                            4,700          72,944 
     HOME DEPOT, INC.                                                                    17,045         408,398 
     KOHL'S CORP.                                                                        *9,170         513,062 
     LOWE'S COMPANIES                                                                     5,600         210,000 
     TJX COMPANIES INCORPORATED                                                           6,110         119,267 
     WAL-MART STORES, INC.                                                               11,450         578,340 
                                                                                                    ----------- 
                                                                                                      2,092,330 
                                                                                                    ----------- 

TECHNOLOGY-SOFTWARE                                                          0.9%                               
     SAP AKTIENGESELLSCHAFT                                                              11,900         232,050 
                                                                                                    ----------- 

TOTAL COMMON STOCKS (Cost $24,998,449)                                                               23,140,494 
                                                                                                    ----------- 

TOTAL INVESTMENTS - 100% (Cost $25,103,445)                                                         $23,245,490 
                                                                                                    =========== 

*Non-dividend producing as of December 31, 2002                                                                 

                                            ACTIVA Mutual Funds Annual Report 25                                

The accompanying notes are an integral part of these financial statements.                                      


N-30D 28th Page of 46 TOC 1st Previous Next ↓Bottom Just 28th
                                                        [Enlarge/Download Table]

Activa Schedule of Investments                                                                                  
INTERNATIONAL FUND - 12/31/02                                                                                   

                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
COMMON STOCKS - 98.7%                                                                                           
AEROSPACE                                                                    0.5%                               
     FINMECCANICA SPA                                                                185,600     $   102,838    
                                                                                                 -----------    

APPAREL                                                                      0.7%                               
     HENNES & MAURITZ AB-B                                                             7,900         152,319    
                                                                                                 -----------    

BANKING                                                                      7.5%                               
     HSBC HOLDINGS                                                                    40,000         442,078    
     ROYAL BANK OF SCOTLAND                                                           14,236         341,028    
     BANK OF IRELAND (IRL)                                                            27,600         283,552    
     BANCO BILBAO                                                                     14,327         137,117    
     HAW PAR CORP LTD.                                                                  *940           1,767    
     UNITED OVERSEAS BANK LOCAL                                                       17,000         115,653    
     CREDIT SUISSE GROUP                                                               5,200         112,823    
     BANQUE NATIONALE DE PARIS                                                         3,700         150,768    
                                                                                                 -----------    
                                                                                                   1,584,786    
                                                                                                 -----------    

BANKING & FINANCIAL SERVICES                                                 5.7%                               
     SKANDINAVISKA ENSKILDA BAN-A                                                     32,900         273,748    
     BANCO POPULAR ESPANOL (ESP)                                                       5,400         220,834    
     SOCIETE GENERALE -A                                                               3,595         209,379    
     KOOKMIN BANK                                                                     *4,000         141,647    
     UBS AG- REGISTERED                                                               *3,000         145,802    
     DEXIA (BE)                                                                        8,100          99,196    
     HUF OTP BANK RT                                                                  12,600         123,864    
                                                                                                 -----------    
                                                                                                   1,214,470    
                                                                                                 -----------    

BEVERAGES - FOREIGN                                                          0.8%                               
     SIX CONTINENTS PLC                                                               22,000         177,797    
                                                                                                 -----------    

BREWERY                                                                      1.2%                               
     INTERBREW (BEL)                                                                  10,800         255,004    
                                                                                                 -----------    

BROADCASTING                                                                 1.7%                               
     BRITISH SKY BROADCASTING                                                        *19,100         196,487    
     MEDIA SET (ITL)                                                                  22,500         171,419    
                                                                                                 -----------    
                                                                                                     367,906    
                                                                                                 -----------    

BUILDING PRODUCTS                                                            1.3%                               
     CEMEX SA - SPONS ADR                                                              5,000         107,550    
     CRH PLC                                                                          13,400         165,228    
                                                                                                 -----------    
                                                                                                     272,778    
                                                                                                 -----------    

BUSINESS SERVICES                                                            0.6%                               
     VIVENDI UNIVERSAL (FFR)                                                           7,500         121,127    
                                                                                                 -----------    

                                           26  Activa Mutual Funds Annual Report                                

The accompanying notes are an integral part of these financial statements.                                      

N-30D 29th Page of 46 TOC 1st Previous Next ↓Bottom Just 29th
Activa Schedule of Investments continued                                        
INTERNATIONAL FUND - 12/31/02                                                   

                                                        [Enlarge/Download Table]


                                                                              % OF    SHARES OR         VALUE  
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE       (NOTE 2) 
---------------------                                                 ------------  -----------  --------------
                                                                                                               
CHEMICALS                                                                    3.9%                              
     SYNGENTA AG                                                                       3,000          173,682  
     DEGUSSA AG                                                                        3,300           82,766  
     LG CHEMICAL LTD. (KR)                                                            *4,130          141,375  
     SHIN ETSU CHEM.                                                                   4,600          150,788  
     NOVARTIS AG-REG                                                                   7,349          268,140  
                                                                                                  -----------  
                                                                                                      816,751  
                                                                                                  -----------  

COMMUNICATIONS EQUIPMENT                                                     0.3%                              
     TELUS CORPORATION                                                                 6,418           65,610  
                                                                                                  -----------  

COMPUTER SOFTWARE                                                            1.1%                              
     SAP AG                                                                            3,100          243,010  
                                                                                                  -----------  

CONSTRUCTION - FOREIGN                                                       0.6%                              
     TECHNIP-COFLEXIP SA                                                               1,900          135,981  
                                                                                                  -----------  

CONSUMER GOODS & SERVICES                                                    0.8%                              
     KINGFISHER PLC                                                                   48,000          171,937  
                                                                                                  -----------  

COSMETICS                                                                    1.9%                              
     L'OREAL (FFR)                                                                     2,100          159,881  
     KAO CORPORATION                                                                  11,000          241,468  
                                                                                                  -----------  
                                                                                                      401,349  
                                                                                                  -----------  

DATA PROCESSING & REPRODUCTION                                               1.1%                              
     CANON, INC.                                                                       6,000          226,005  
                                                                                                  -----------  

DIVERSIFIED                                                                  1.1%                              
     BILLITON PLC                                                                     43,624          232,989  
                                                                                                  -----------  

ELECTRIC UTILITY                                                             1.4%                              
     ENDESA S.A.                                                                       9,400          109,987  
     CLP HOLDINGS LIMITED                                                             48,500          195,284  
                                                                                                  -----------  
                                                                                                      305,271  
                                                                                                  -----------  

ELECTRICAL EQUIPMENT                                                         2.0%                              
     SAMSUNG ELECTRONICS - GDR 144A                                                    2,400          319,800  
     KEYENCE CORP.                                                                       600          104,407  
                                                                                                  -----------  
                                                                                                      424,207  
                                                                                                  -----------  

ELECTRONICS                                                                  4.1%                              
     DIXONS GROUP                                                                     24,800           57,892  
     KONINKLIJKE (ROYAL) PHILIPS ELECT. N.V. ADR                                       6,100          107,848  
     FANUC LTD.                                                                        4,900          216,778  
     LG ELECTRONICS, INC.                                                             *5,330          185,598  
     ROHM COMPANY LIMITED                                                                300           38,198  
     SONY CORPORATION                                                                  6,300          263,319  
                                                                                                  -----------  
                                                                                                      869,633  
                                                                                                  -----------  

                                          Activa Mutual Funds Annual Report  27                                

The accompanying notes are an integral part of these financial statements.                                     

N-30D 30th Page of 46 TOC 1st Previous Next ↓Bottom Just 30th
Activa Schedule of Investments continued                                        
INTERNATIONAL FUND - 12/31/02                                                   

                                                        [Enlarge/Download Table]

                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
ENERGY                                                                       1.1%                               
     SHELL TRANSPORT & TRADING                                                        34,700         228,482    
                                                                                                 -----------    

ENVIRONMENTAL SERVICES                                                       1.0%                               
     RENTOKIL INITIAL PLC                                                             58,000         205,423    
                                                                                                 -----------    

FINANCIAL SERVICES                                                           2.1%                               
     MAN GROUP PLC                                                                    17,000         242,757    
     ING GROUP                                                                        12,500         211,716    
                                                                                                 -----------    
                                                                                                     454,473    
                                                                                                 -----------    

FOOD PRODUCTS                                                                4.7%                               
     DIAGEO PLC                                                                       31,900         346,652    
     UNILEVER NV-CVA                                                                   6,900         423,952    
     NESTLE                                                                            1,100         233,095    
                                                                                                 -----------    
                                                                                                   1,003,699    
                                                                                                 -----------    

FOOD PROCESSING                                                              1.7%                               
     DANONE                                                                            2,600         349,786    
                                                                                                 -----------    

GAS & ELECTRIC UTILITY                                                       0.9%                               
     ORD GROUP                                                                        43,500         187,682    
                                                                                                 -----------    

GAS UTILITY                                                                  1.2%                               
     SNAM RETE GAS                                                                    71,900         245,219    
                                                                                                 -----------    

HOUSEWARES                                                                   0.6%                               
     ASAHI GLASS COMPANY                                                              19,000         116,399    
                                                                                                 -----------    

INSURANCE                                                                    2.7%                               
     PRUDENTIAL CORPORATION PLC                                                       17,700         125,094    
     RAS (ITL)                                                                         4,400          53,561    
     MILLEA HOLDINGS INC.                                                                *14         100,750    
     AXA                                                                              13,900         186,563    
     CONVERIUM HOLDING AG                                                              2,300         111,449    
                                                                                                 -----------    
                                                                                                     577,417    
                                                                                                 -----------    

MANUFACTURING-CAPITAL GOODS                                                  1.5%                               
     SMITHS INDUSTRIES PLC                                                            15,000         167,953    
     MAGNA INTERNATIONAL, INC. - CL A                                                  2,700         151,605    
                                                                                                 -----------    
                                                                                                     319,558    
                                                                                                 -----------    

MANUFACTURING - MISCELLANEOUS                                                0.7%                               
     BOC GROUP PLC                                                                    10,900         155,826    
                                                                                                 -----------    

MEDICAL EQUIPMENT & SUPPLIES                                                 2.2%                               
     SANOFI-SYNTHELABO SA (FFR)                                                        3,600         220,059    
     HOYA CORPORATION                                                                  3,500         245,092    
                                                                                                 -----------    
                                                                                                     465,151    
                                                                                                 -----------    

                                           28  Activa Mutual Funds Annual Report                                

The accompanying notes are an integral part of these financial statements.                                      

N-30D 31st Page of 46 TOC 1st Previous Next ↓Bottom Just 31st
Activa Schedule of Investments continued                                        
INTERNATIONAL FUND - 12/31/02                                                   

                                                        [Enlarge/Download Table]


                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
METALS & MINING                                                              0.9%                               
     PLACER DOME, INC.                                                                16,800         193,200    
                                                                                                 -----------    

NATURAL GAS UTILITY                                                          0.6%                               
     TOKYO GAS CO. LTD.                                                               40,000         125,390    
                                                                                                 -----------    

OIL/GAS - EQUIPMENT & SVCS                                                   0.4%                               
     NABORS INDUSTRIES LTD.                                                            2,400          84,648    
                                                                                                 -----------    

OIL & GAS EQUIPMENT/SERVICES                                                 0.4%                               
     NOBLE CORP.                                                                       2,400          84,360    
                                                                                                 -----------    

OIL & GAS EXPLOR PROD & SER                                                 10.7%                               
     PLC ADR                                                                           8,500         345,525    
     CENTRICA PLC                                                                     87,600         241,157    
     ENCANA CORP                                                                       8,200         253,194    
     TOTAL FINA ELF                                                                    2,248         321,067    
     ROYAL DUTCH PETROLEUM COMPANY                                                     5,700         250,927    
     ENTE NAZIONALE IDROC (ITL)                                                       23,700         376,793    
     PETRO-CANADA                                                                      1,900          58,823    
     SCHLUMBERGER LTD.                                                                 2,700         113,643    
     SUNCOR ENERGY                                                                     6,400         100,063    
     TALISMAN ENERGY, INC. ADR                                                         6,000         217,020    
                                                                                                 -----------    
                                                                                                   2,278,212    
                                                                                                 -----------    

PAPER PRODUCTS                                                               1.7%                               
     SVENSKA CELL                                                                      5,600         188,952    
     OJI PAPER CO.                                                                    42,000         180,501    
                                                                                                 -----------    
                                                                                                     369,453    
                                                                                                 -----------    

PETROLEUM-REFINING                                                           0.9%                               
     YUKOS OIL COMP ADR                                                                1,300         183,208    
                                                                                                 -----------    

PHARMACEUTICALS                                                              3.8%                               
     GLAXOSMITHKLINE PLC                                                               7,300         140,087    
     TAKEDA CHEMICAL INDUSTRIES                                                        6,600         275,858    
     SHOPPERS DRUG MART CORPORATION                                                   *7,700         119,560    
     TEVA PHARMACEUTICAL - SP ADR                                                      6,800         262,548    
                                                                                                 -----------    
                                                                                                     798,053    
                                                                                                 -----------    

PRINTING & PUBLISHING                                                        2.2%                               
     SINGAPORE PRESS HOLDINGS                                                         10,000         104,929    
     NIPPON PRINTING CO., LTD.                                                        16,000         177,029    
     NEWS CORP.                                                                       29,000         187,467    
                                                                                                 -----------    
                                                                                                     469,425    
                                                                                                 -----------    

RAILROADS                                                                    0.7%                               
     CANADIAN NATIONAL RAILWAY                                                         3,800         157,928    
                                                                                                 -----------    

                                          Activa Mutual Funds Annual Report  29                                 

The accompanying notes are an integral part of these financial statements.                                      

N-30D 32nd Page of 46 TOC 1st Previous Next ↓Bottom Just 32nd
Activa Schedule of Investments continued                                        
INTERNATIONAL FUND - 12/31/02                                                   

                                                        [Enlarge/Download Table]


                                                                              % OF    SHARES OR           VALUE 
 SECURITY DESCRIPTION                                                  INVESTMENTS    PAR VALUE         (NOTE 2)
---------------------                                                 ------------  -----------  -------------- 
                                                                                                                
RETAIL STORES                                                                1.7%                               
     WALMART DE MEXICO-SER C                                                          45,500          87,704    
     LOBLAW COMPANIES LIMITED                                                          4,200         142,260    
     WOOLWORTHS LTD.                                                                  19,338         124,137    
                                                                                                 -----------    
                                                                                                     354,101    
                                                                                                 -----------    

STEEL                                                                        1.9%                               
     NIPPON STEEL CORPORATION                                                        153,000         179,211    
     ARCELOR (LUX)                                                                    17,400         214,002    
                                                                                                 -----------    
                                                                                                     393,213    
                                                                                                 -----------    

TIRE & RUBBER                                                                0.7%                               
     BRIDGESTONE                                                                      12,000         148,648    
                                                                                                 -----------    

TOBACCO                                                                      1.1%                               
     GALLAHER GROUP                                                                   24,100         239,387    
                                                                                                 -----------    

TOYS                                                                         1.0%                               
     NINTENDO                                                                          2,200         205,595    
                                                                                                 -----------    

TRANSPORTATION & SHIPPING                                                    2.5%                               
     EXEL PLC (GB)                                                                    13,700         151,743    
     TNT POST GROUP NV                                                                 8,600         139,434    
     AUTOSTRADE SPA                                                                   12,100         120,374    
     YAMATO TRANSPORT CO., LTD.                                                        9,000         117,553    
                                                                                                 -----------    
                                                                                                     529,104    
                                                                                                 -----------    

TELECOMMUNICATIONS                                                           7.1%                               
     VODAFONE                                                                        195,500         356,438    
     HELLENIC TELECOM (GRD)                                                            6,000          66,112    
     FRANCE TELECOM                                                                    7,000         122,528    
     TELECOM ITALIA                                                                    9,956          50,254    
     TELECOM ITALIA SPA                                                               18,250         138,466    
     TELE DANMARK `B'                                                                  3,700          89,907    
     TELEFONICA DE ESPANA (ESP)                                                      *15,000         134,271    
     DEUTSCHE TELEKOM                                                                 13,800         176,967    
     CHINA MOBILE LIMITED                                                            *39,500          93,958    
     NOKIA OYJ- ADR                                                                   13,100         203,050    
     TELE NORTE LESTE PARTICIPACOES S.A. - ADR                                         9,800          72,030    
     TELUS CORPORATION                                                                   400           4,418    
                                                                                                 -----------    
                                                                                                   1,508,399    
                                                                                                 -----------    

TELECOMMUNICATIONS-SERVICES AND EQUIPMEN                                     0.7%                               
     SK TELECOM                                                                         *800         154,462    
                                                                                                 -----------    

WATER UTILITY                                                                1.0%                               
     VIVENDI ENVIRONNEMENT                                                            10,000         233,177    
                                                                                                 -----------    

                                          30  Activa Mutual Funds Annual Report                                 

The accompanying notes are an integral part of these financial statements.                                      

N-30D 33rd Page of 46 TOC 1st Previous Next ↓Bottom Just 33rd
Activa Schedule of Investments continued                                        
INTERNATIONAL FUND - 12/31/02                                                   

                                                        [Enlarge/Download Table]

                                                     % OF    SHARES OR             VALUE 
 SECURITY DESCRIPTION                         INVESTMENTS    PAR VALUE           (NOTE 2)
---------------------                        ------------  -----------    -------------- 
                                                                                         
TOTAL COMMON STOCKS (Cost $21,319,312)                                     20,960,846    
                                                                          -----------    

WARRANTS - 1.3%                                     1.3%                                 
     HYUNDAI MOTOR ELN UBSW                                  *5,300           124,020    
     INFOSYS TECH WARRANTS                                    1,500           149,250    
                                                                          -----------    
                                                                              273,270    
                                                                          -----------    

TOTAL WARRANTS (Cost $317,703)                                                273,270    
                                                                          -----------    

OPTIONS - 0.0%                                      0.0%                                 
     HONG KONG DOLLAR PUT EXPIRES 10/7/03                  *330,000             1,205    
                                                                          -----------    

TOTAL OPTIONS (Cost $1,881)                                                     1,205    

TOTAL INVESTMENTS - 100% (Cost $21,638,896)                             $  21,235,321    
                                                                        =============    

*Non-dividend producing as of December 31, 2002                                 

At December 31, 2002 the breakdown by country was:                              
                                       % OF MARKET                ACTUAL
COUNTRY                                       VALUE                MARKET VALUE 
--------                                   ----------              -------------
Australia                                      1.5%              $   311,604    
Barbados                                       0.4%                   84,648    
Belgium                                        1.7%                  354,201    
Brazil                                         0.3%                   72,030    
Canada                                         4.2%                  895,534    
Denmark                                        0.4%                   89,907    
Finland                                        1.0%                  203,050    
France                                        10.4%                2,210,317    
Germany                                        2.4%                  502,742    
Greece                                         0.3%                   66,112    
Hong Kong                                      1.4%                  289,242    
Hungary                                        0.6%                  123,865    
India                                          0.7%                  149,250    
Ireland                                        2.1%                  448,780    
Israel                                         1.2%                  262,548    
Italy                                          5.9%                1,258,924    
Japan                                         14.7%                3,112,986    
Republic of Korea                              5.0%                1,066,902    
Luxembourg                                     1.0%                  214,002    
Mexico                                         0.9%                  195,254    
Netherlands                                    5.3%                1,133,878    
Russian Federation                             0.9%                  183,208    
Singapore                                      1.1%                  222,349    
Spain                                          2.8%                  602,209    
Sweden                                         2.9%                  615,020    
Switzerland                                    4.9%                1,044,990    
United Kingdom                                22.4%                4,754,413    
United States                                  3.6%                  767,356    
                                           -----------            --------------
                                         100.0%             $ 21,235,321

                                           Activa Mutual Funds Annual Report  31

The accompanying notes are an integral part of these financial statements.      

N-30D 34th Page of 46 TOC 1st Previous Next ↓Bottom Just 34th
Activa Statement of Assets and Liabilities                                      

                                                        [Enlarge/Download Table]


                                       MONEY MARKET      INTERMEDIATE                                    INTERNATIONAL  
As of December 31, 2002                    FUND            BOND FUND       VALUE FUND     GROWTH FUND         FUND      
                                        -------------     -------------    -------------  -------------    -------------
                                                                                                                        
ASSETS                                                                                                                  
Investments at cost                       $36,185,211      $143,652,381     $119,062,717    $25,103,445      $21,638,896
                                        -------------     -------------    -------------  -------------    ------------ 
Investments at value                       36,185,211       154,373,473      109,598,307     23,245,490       21,235,321
Cash                                              637         8,336,248        2,180,938        159,374          784,595
Foreign currency held at value                                                                                          
     (cost $53,204)                               --                --               --             --            53,523
Receivables:                                                                                                            
     Investments sold                             --                --               --          44,864          192,266
     Investment income                         62,307         1,732,747          144,028         22,390           38,217
Other assets                                      --                --            14,260            --            19,342
                                        -------------     -------------    -------------  -------------    ------------ 
Total Assets                               36,248,155       164,442,468      111,937,533     23,472,118       22,323,264
                                        -------------     -------------    -------------  -------------    ------------ 

LIABILITIES                                                                                                             
Payables:                                                                                                               
     Investments purchased                        --                --               --          91,603           11,344
     Income payable                            23,988               --               --             --               -- 
     Advisory fees                             31,877           141,305          139,070         37,008           43,155
     Transfer agent fees                        1,906               279           41,145            957              519
     12b-1 fees                                   --             63,111           41,189          7,930            7,616
     Service fees                              13,662            63,111           41,721          7,930            7,616
Other liabilities                                 --                --               --             --               515
Accrued expenses                                7,476            11,866           16,638          7,292           15,440
                                        -------------     -------------    -------------  -------------    ------------ 
Total Liabilities                              78,909           279,672          279,763        152,720           86,205
                                        -------------     -------------    -------------  -------------    ------------ 

NET ASSETS                                $36,169,246      $164,162,796     $111,657,770    $23,319,398      $22,237,059
                                        =============     =============    =============  =============    ============ 

SHARES OUTSTANDING                         36,184,757        15,322,580       20,092,869      4,719,578        4,118,973
                                        =============     =============    =============  =============    ============ 

NET ASSET VALUE PER SHARE                       $1.00            $10.71                           $4.94           $5.40 

Class A based on net assets of                                                                                          
$110,168,624 and 19,825,720                                                                                             
shares outstanding                                                                $5.56                                 

Class R based on net assets of                                                                                          
$1,489,146 and 267,149                                                                                                  
shares outstanding                                                                $5.57                                 

                                          32  Activa Mutual Funds Annual Report                                         

The accompanying notes are an integral part of these financial statements.                                              


N-30D 35th Page of 46 TOC 1st Previous Next ↓Bottom Just 35th
Activa Statement of Operations                                                  
For the year ended December 31, 2002                                            

                                                        [Enlarge/Download Table]


                                       MONEY MARKET    INTERMEDIATE                                   INTERNATIONAL   
                                           FUND          BOND FUND     VALUE FUND      GROWTH FUND         FUND       
                                        -------------   -------------  -------------   -------------     ------------ 
                                                                                                                      
INVESTMENT INCOME                                                                                                     
Interest                                     $723,576     $10,124,337        $42,949          $4,066           $3,979 
Dividends                                         --              --       2,533,977         144,307          343,913 
Miscellaneous                                     371          45,450         65,533          14,439           22,813 
                                        -------------   -------------  -------------   -------------    ------------  
Total Investment Income                       723,947      10,169,787      2,642,459         162,812          370,705 
                                        -------------   -------------  -------------   -------------    ------------  

EXPENSES                                                                                                              
Advisory fees                                 134,275         568,571        620,508         127,157          160,019 
12b-1 fees                                        --          255,357        183,791          27,249           28,239 
Service fees                                   57,547         255,357        186,153          27,249           28,239 
Shareholder report                              4,033           1,809         57,140           2,829            2,225 
Fund accounting fees                           39,301          64,364         69,874          40,818           50,533 
Audit fees                                     17,453          17,453         17,453          17,453           17,453 
Custodian fees                                 12,194          20,295         41,901          13,148           62,923 
Insurance                                       1,774           2,314          2,548             460              617 
Legal fees                                     10,244           4,654         10,244          10,244           10,244 
Organization expense                              --              --          30,981             --               --  
Registration fees                               2,147           7,462          6,127           1,209            1,235 
Transfer agent fees                             7,762             932        167,486           3,975            2,130 
Transfer agent fees - Class R                     --              --           3,149             --                   
                                        -------------   -------------  -------------   -------------     ------------ 
Total Expenses                                286,730       1,198,568      1,397,355         271,791          363,857 
                                        -------------   -------------  -------------   -------------     ------------ 

Net Investment Income (Loss)                  437,217       8,971,219      1,245,104        (108,979)           6,848 
                                        -------------   -------------  -------------   -------------     ------------ 

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,                                                                 
     FOREIGN CURRENCY AND FUTURES CONTRACTS                                                                           
     Net realized gain (loss) from                                                                                    
        security transactions                      65          46,834    (15,367,755)     (5,632,335)      (3,281,032)
     Net realized gain (loss) from                                                                                    
        foreign currency transactions             --              --             --              --          (214,820)
     Net realized gain (loss) from                                                                                    
        futures contracts                         --              --        (455,027)            --               --  
     Changes in net unrealized                                                                                        
        appreciation or (depreciation)                                                                                
        of investments and                                                                                            
        foreign currency                          --        5,346,576    (10,474,281)     (1,564,826)        (495,338)
                                        -------------   -------------  -------------   -------------     ------------ 
Net Gain (Loss) from Investments,                                                                                     
     Foreign Currency and                                                                                             
     Futures Contracts                             65       5,393,410    (26,297,063)     (7,197,161)      (3,991,190)
                                        -------------   -------------  -------------   -------------     ------------ 

NET INCREASE (DECREASE) IN                                                                                            
     NET ASSETS RESULTING                                                                                             
     FROM OPERATIONS                         $437,282     $14,364,629   ($25,051,959)    ($7,306,140)     ($3,984,342)
                                        =============   =============  =============   ==============    ============ 


                                         Activa Mutual Funds Annual Report  33

The accompanying notes are an integral part of these financial statements.      

N-30D 36th Page of 46 TOC 1st Previous Next ↓Bottom Just 36th
Activa Statement of Changes in Net Assets                                       

                                                        [Enlarge/Download Table]


                                             MONEY MARKET FUND          INTERMEDIATE BOND FUND             VALUE FUND         
                                            YEAR           YEAR          YEAR           YEAR          YEAR           YEAR     
                                            ENDED          ENDED         ENDED          ENDED         ENDED          ENDED    
Increase (Decrease) in:                   12/31/02       12/31/01      12/31/02       12/31/01      12/31/02       12/31/01   
                                         -------------------------     -------------------------    ------------------------- 
                                                                                                                              
NET ASSETS FROM OPERATIONS                                                                                                    
Net investment income                       $437,217    $1,699,738     $8,971,219     $9,141,823    $1,245,104     $1,402,236 
Net realized gain (loss) on investments           65        (2,145)        46,834      2,403,219   (15,822,782)     5,313,527 
Net increase (decrease) in unrealized                                                                                         
     appreciation                                --            --       5,346,576      1,609,724   (10,474,281)   (18,298,536)
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
Net increase (decrease) in net assets                                                                                         
     resulting from operations               437,282     1,697,593     14,364,629     13,154,766   (25,051,959)   (11,582,773)

DISTRIBUTIONS TO SHAREHOLDERS                                                                                                 
Net investment income:                                                                                                        
     Class A                                (437,217)   (1,699,737)    (8,623,481)    (9,162,851)   (1,315,653)    (1,322,698)
     Class R                                     --            --             --             --        (19,018)       (15,143)
Net realized gain from investment transactions:                                                                               
     Class A                                     --            --        (636,140)      (878,030)          --             --  
     Class R                                     --            --             --             --            --             --  
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
Total distributions to shareholders         (437,217)   (1,699,737)    (9,259,621)   (10,040,881)   (1,334,671)    (1,337,841)

CAPITAL SHARE TRANSACTIONS                                                                                                    
Net proceeds from sale of shares:                                                                                             
     Class A                               4,054,824    25,674,793        202,874        196,360     1,566,536      1,313,765 
     Class R                                     --            --             --             --        911,704      1,481,110 
Net  asset value of shares issued to                                                                                          
shareholders in reinvestment of investment                                                                                    
income and realized gain from                                                                                                 
security transactions:                                                                                                        
     Class A                                 478,276     1,875,757      9,258,314     10,039,082     1,293,676      1,298,010 
     Class R                                     --            --             --             --         18,924         15,136 
Payment for shares redeemed:                                                                                                  
     Class A                             (10,039,054)  (33,909,579)   (17,262,296)      (147,575)   (7,465,393)   (19,696,617)
     Class R                                     --            --             --             --       (744,663)      (980,943)
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
Net increase (decrease) in net assets                                                                                         
derived from capital share transactions   (5,505,954)   (6,359,029)    (7,801,108)    10,087,867    (4,419,216)   (16,569,539)
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
Net Increase (Decrease) in Net Assets     (5,505,889)   (6,361,173)    (2,696,100)    13,201,752   (30,805,846)   (29,490,153)
Net Assets, beginning of year or period   41,675,135    48,036,308    166,858,896    153,657,144   142,463,616    171,953,769 
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
Net Assets, end of year or period        $36,169,246   $41,675,135   $164,162,796   $166,858,896  $111,657,770   $142,463,616 
                                         ===========   ===========    ===========    ===========   ===========    =========== 

NET ASSETS CONSIST OF:                                                                                                        
     Capital                             $36,184,757   $41,690,711   $153,058,541   $160,859,649  $148,468,047   $152,887,263 
     Undistributed net investment                                                                                             
        income (loss)                            --            --             --             --            --           1,855 
     Return of capital                           --            --         (27,963)       (23,940)      (87,712)           --  
     Undistributed net realized gain (loss)                                                                                   
        from investments                     (15,511)      (15,576)       411,125        648,671   (27,258,156)   (11,435,374)
     Unrealized appreciation (depreciation)                                                                                   
        of investments and foreign currency      --            --      10,721,093      5,374,516    (9,464,409)     1,009,872 
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
                                         $36,169,246   $41,675,135   $164,162,796   $166,858,896  $111,657,770   $142,463,616 
                                         ===========   ===========    ===========    ===========   ===========    =========== 

TRANSACTIONS IN FUND SHARES                                                                                                   
Shares sold:                                                                                                                  
     Class A                               4,054,824    25,674,793         19,253         18,852       263,062        187,425 
     Class R                                     --            --             --             --        150,410        206,760 
Reinvested distributions:                                                                                                     
     Class A                                 478,276     1,875,757        882,833        966,027       228,969        191,447 
     Class R                                     --            --             --             --          3,344          2,233 
Shares redeemed:                                                                                                              
     Class A                             (10,039,054)  (33,909,579)    (1,634,736)       (14,025)   (1,218,284)    (2,759,067)
     Class R                                     --            --             --             --       (125,705)      (144,023)
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
Net increase (decrease) in fund shares    (5,505,954)   (6,359,029)      (732,650)       970,854      (698,204)    (2,315,225)
Shares outstanding, beginning of                                                                                              
     year or period                       41,690,711    48,049,740     16,055,230     15,084,376    20,791,073     23,106,298 
                                         -----------   -----------    -----------    -----------   -----------    ----------- 
Shares outstanding, end of year or period 36,184,757    41,690,711     15,322,580     16,055,230    20,092,869     20,791,073 
                                         ===========   ===========    ===========    ===========   ===========    =========== 

                                           34 Activa Mutual Funds Annual Report                                               

The accompanying notes are an integral part of these financial statements.      

N-30D 37th Page of 46 TOC 1st Previous Next ↓Bottom Just 37th
Activa Statement of Changes in Net Assets continued                             

                                                        [Enlarge/Download Table]


                                                                              GROWTH FUND              INTERNATIONAL FUND     
                                                                         YEAR           YEAR          YEAR           YEAR     
                                                                         ENDED          ENDED         ENDED          ENDED    
                                                                       12/31/02       12/31/01      12/31/02       12/31/01   
Increase (Decrease) in:                                               -------------------------    -------------------------  
                                                                                                                              
NET ASSETS FROM OPERATIONS                                                                                                    
Net investment income                                                   ($108,979)     ($127,093)       $6,848       ($34,352)
Net realized gain (loss) on investments                                (5,632,335)    (5,774,725)   (3,495,852)    (8,185,531)
Net increase (decrease) in unrealized                                                                                         
     appreciation                                                      (1,564,826)      (601,723)     (495,338)       299,156 
                                                                      -----------    -----------   -----------    ----------- 
Net increase (decrease) in net assets                                                                                         
     resulting from operations                                         (7,306,140)    (6,503,541)   (3,984,342)    (7,920,727)

DISTRIBUTIONS TO SHAREHOLDERS Net investment income:                                                                          
     Class A                                                                  --             --         (4,878)           --  
     Class R                                                                  --             --            --             --  
Net realized gain from investment transactions:                                                                               
     Class A                                                                  --          (9,495)          --             --  
     Class R                                                                  --             --            --             --  
                                                                      -----------    -----------   -----------    ----------- 
Total distributions to shareholders                                           --          (9,495)       (4,878)           --  

CAPITAL SHARE TRANSACTIONS Net proceeds from sale of shares:                                                                  
     Class A                                                            9,999,838     11,063,699     6,960,282         36,209 
     Class R                                                                  --             --            --             --  
Net asset value of shares issued to shareholders                                                                              
 in reinvestment of investment                                                                                                
 income and realized gain from                                                                                                
 security transactions:                                                                                                       
     Class A                                                                  --           9,485         4,876            --  
     Class R                                                                  --             --            --             --  
Payment for shares redeemed:                                                                                                  
     Class A                                                             (286,547)   (11,309,291)     (197,964)       (56,419)
     Class R                                                                  --             --            --             --  
                                                                      -----------    -----------   -----------    ----------- 
Net increase (decrease) in net assets                                                                                         
     derived from capital share transactions                            9,713,291       (236,107)    6,767,194        (20,210)
                                                                      -----------    -----------   -----------    ----------- 
Net Increase (Decrease) in Net Assets                                   2,407,151     (6,749,143)    2,777,974     (7,940,937)
Net Assets, beginning of year or period                                20,912,247     27,661,390    19,459,085     27,400,022 
                                                                      -----------    -----------   -----------    ----------- 
Net Assets, end of year or period                                     $23,319,398    $20,912,247   $22,237,059    $19,459,085 
                                                                      ===========    ===========   ===========    =========== 

NET ASSETS CONSIST OF:                                                                                                        
     Capital                                                          $37,590,325    $27,877,035   $35,326,860    $28,559,666 
     Undistributed net investment                                                                                             
        income (loss)                                                    (428,590)      (319,611)     (755,913)      (543,024)
     Return of capital                                                        --             --            --             --  
     Undistributed net realized gain (loss)                                                                                   
        from investments                                              (11,984,382)    (6,352,048)  (11,934,188)    (8,653,156)
     Unrealized appreciation (depreciation)                                                                                   
        of investments and foreign currency                            (1,857,955)      (293,129)     (399,700)        95,599 
                                                                      -----------    -----------   -----------    ----------- 
                                                                      $23,319,398    $20,912,247   $22,237,059    $19,459,085 
                                                                      ===========    ===========   ===========    =========== 

TRANSACTIONS IN FUND SHARES                                                                                                   
Shares sold:                                                                                                                  
     Class A                                                            1,962,194      1,483,869     1,278,604          4,429 
     Class R                                                                  --             --            --             --  
Reinvested distributions:                                                                                                     
     Class A                                                                  --           1,285           906            --  
     Class R                                                                  --             --            --             --  
Shares redeemed:                                                                                                              
     Class A                                                              (49,382)    (1,512,997)      (33,404)        (6,933)
     Class R                                                                  --             --            --             --  
                                                                      -----------    -----------   -----------    ----------- 
Net increase (decrease) in fund shares                                  1,912,812        (27,843)    1,246,106         (2,504)
Shares outstanding, beginning of                                                                                              
        year or period                                                  2,806,766      2,834,609     2,872,867      2,875,371 
                                                                      -----------    -----------   -----------    ----------- 
Shares outstanding, end of year or period                               4,719,578      2,806,766     4,118,973      2,872,867 
                                                                      ===========    ===========   ===========    =========== 

                                        Activa Mutual Funds Annual Report  35                                                 

The accompanying notes are an integral part of these financial statements.                                                    

N-30D 38th Page of 46 TOC 1st Previous Next ↓Bottom Just 38th
Activa Notes to Financial Statements                                            

1. ORGANIZATION                                                                 

Activa Mutual Fund Trust (Trust) was organized as a Delaware business trust on  
February 2, 1998. The trust consists of five funds, each open-end management    
investment companies registered under the Investment Company Act of 1940. The   
funds are: the Activa Money Market Fund (Money Market Fund), the Activa         
Intermediate Bond Fund (Intermediate Bond Fund), the Activa Value Fund (Value   
Fund), the Activa Growth Fund (Growth Fund) and the Activa International Fund   
(International Fund) collectively referred to as the Funds. The Value Fund is   
the successor to Amway Mutual Fund.                                             

2. SIGNIFICANT ACCOUNTING POLICIES                                              

Investment Objectives                                                           

The Money Market Fund's investment objective is to seek a high level of current 
income as is consistent with preservation of capital and liquidity. The Money   
Market Fund invests in a broad spectrum of high quality U.S. dollar-denominated 
money market securities, with the average weighted maturity of the securities   
held not to exceed 90 days.                                                     

The Intermediate Bond Fund's investment objective is to seek a high level of    
current income as is consistent with moderate risk of capital and maintenance of
liquidity. The Intermediate Bond Fund invests primarily in investment-grade debt
securities, with average maturity of three to ten years.                        

The Value Fund's investment objective is to maximize long-term capital          
appreciation, and invests primarily in common stocks of large and medium size   
U.S. companies which are considered by the investment manager to be undervalued.

The Growth Fund seeks long-term growth of capital, and invests primarily in     
common stocks believed by the investment manager to have long-term growth       
potential.                                                                      

The International Fund seeks maximum long-term capital appreciation. The        
International Fund invests primarily in common stocks of large and medium size  
non-U.S. companies which are believed by the investment manager to have         
potential for above-average growth of earnings.                                 

Classes of Shares                                                               

The Value Fund offers two classes of shares (Class A and Class R). The Class R  
shares are offered to tax-exempt retirement and benefit plans of Alticor, Inc.  
and its affiliates, and are not subject to any sales charges or 12b-1           
distribution fees. Each share of Class A and Class R represents an equal        
proportionate interest in the Value Fund and, generally, will have identical    
voting, dividend, liquidation, and other rights and the same terms and          
conditions. Each class will have exclusive voting rights with respect to matters
affecting only that class. Each class bears different distribution, shareholder 
servicing and transfer agent expenses. Income, non-class specific expenses, and 
realized and unrealized gains or losses on investments are allocated to each    
class of shares based upon its relative net assets.                             

Security Valuation                                                              

Investments in securities listed or admitted to trading on a national securities
exchange are valued at their last reported sale price before the time of        
valuation. If a security is traded only in the over-the-counter market, or if no
sales have been reported for a listed security on that day, it is valued at the 
mean between the current closing bid and ask prices. Short-term securities      
maturing within 60 days are valued at amortized cost, which approximates fair   
value. Portfolio debt securities with remaining maturities greater than 60 days 
are valued by pricing agents approved by the Board of Trustees. Foreign         
securities are converted to U.S. dollars using exchange rates at the close of   
the New York Stock Exchange. Securities for which market quotations are not     
readily available, including any restricted securities (none at December 31,    
2002), and other assets of the Funds are valued at fair market value as         
determined by the Fund's Board of Trustees.                                     

Derivative Transactions                                                         

The Funds (except the Money Market Fund) may trade in derivative contracts to   
hedge portfolio holdings and for investment purposes. Hedging activities are    
intended to reduce various risks associated with fluctuations in foreign        
currency exchange rates. When entering into a forward currency contract, the    
fund agrees to receive or deliver a fixed quantity of foreign currency for an   
agreed-upon price on an agreed future date. These contracts are valued daily.   
The fund's net equity in the contracts is included as unrealized gains or losses
in the statement of assets and liabilities. This unrealized gain or loss is the 
difference between the forward foreign exchange rates at the dates of entry into
the contracts and the forward rates at the reporting date. The current year     
change in unrealized gains and losses and realized gains and                    

                                           36  Activa Mutual Funds Annual Report

N-30D 39th Page of 46 TOC 1st Previous Next ↓Bottom Just 39th
Activa Notes to Financial Statements continued                                  

losses are included in the statement of operations. These instruments involve   
market risk, credit risk, or both kinds of risk, in excess of the amount        
recognized in the statements of assets and liabilities. Risks arise from the    
possible inability of counter parties to meet the terms of their contracts and  
from movement in currency and security values and interest rates. There were no 
foreign currency contracts outstanding at December 31, 2002.                    

Security Transactions                                                           

Security transactions are accounted for on the trade date. Dividend income is   
recorded on the ex-dividend date. Interest income is recorded on the accrual    
basis. Original issue discounts are accreted and premium is amortized on debt   
securities to interest income over the life of a security with a corresponding  
adjustment in the cost basis. Realized gains and losses from security           
transactions and unrealized appreciation and depreciation of investments are    
reported on a specific identification basis. Dividends and distributions to     
shareholders are recorded by the Funds on the ex-dividend date.                 

Foreign Currency Translation                                                    

Investment securities and other assets and liabilities denominated in foreign   
currencies are translated into U.S. dollar amounts at date of valuation.        
Purchases and sales of investment securities and income and expense items       
denominated in foreign currencies are translated into U.S. dollar amounts on the
respective dates of such transactions.                                          

Net realized gains and losses from foreign currency and investment transactions 
disclosed in the Statement of Operations consist of net gains and losses on     
disposition of foreign currency, currency gains and losses realized between     
trade and settlement dates on security transactions, and the difference between 
the amount of net investment income accrued and the amount actually received in 
U.S. dollars. Net unrealized foreign exchange gains and losses arise from       
changes in fair values of assets and liabilities other than investments in      
securities at period end, resulting from changes in exchange rates. The effects 
of foreign currency exchange rates on foreign securities held are included in   
net realized and unrealized gain or loss on investments.                        

Futures Contracts                                                               

The Funds may use futures contracts to manage its exposure to the stock and bond
markets. Buying futures tends to increase the fund's exposure to the underlying 
instrument, while selling futures tends to decrease the fund's exposure to the  
underlying instrument or hedge other fund investments. Futures contracts        
involve, to varying degrees, risk of loss in excess of the futures variation    
margin reflected in the Statement of Assets and Liabilities. The underlying face
amount at value of any open futures contracts at period end is shown at the end 
of the schedule of investments. This amount reflects each contract's exposure to
the underlying instrument at period end. Losses may arise from changes in the   
value of the underlying instruments or if the counterparties do not perform     
under the contract's terms. Gains (losses) are realized upon the expiration or  
closing of the futures contracts. Futures contracts are valued at the settlement
price established each day by the board of trade or exchange on which they are  
traded. There were no futures contracts outstanding at December 31, 2002.       

Security Lending                                                                

The funds lend portfolio securities from time to time in order to earn          
additional income. The funds receive collateral in the form of U.S. Treasury    
obligations, letters of credit, and/or cash against the loaned securities, and  
maintain collateral in an amount not less than 100% of the market value of the  
loaned securities during the period of the loan. The market value of the loaned 
securities is determined at the close of business of the funds and any          
additional required collateral is delivered to the funds on the next business   
day. If the borrower defaults on its obligation to return the securities loaned 
because of insolvency or other reasons, the funds could experience delays and   
costs in recovering the securities loaned or in gaining access to the           
collateral. At December 31, 2002, the value of the securities loaned and the    
collateral received amounted to $19,390,068 and $19,833,300 respectively.       

Reorganization Costs                                                            

Reorganization costs incurred prior to June 30, 1998 in connection with the     
reorganization of Amway Mutual Fund and the issuance of Class R shares are being
amortized over a period of 60 months using the straight-line method in the Value
Fund.                                                                           

Federal Income Taxes                                                            

It is the Funds' policy to comply with the requirements of the Internal Revenue 
Code applicable to regulated investment                                         

                                           Activa Mutual Funds Annual Report  37

N-30D 40th Page of 46 TOC 1st Previous Next ↓Bottom Just 40th
Activa Notes to Financial Statements continued                                  

companies and to make distributions of income and capital gains sufficient to   
relieve it from substantially all federal income taxes.                         

Dividend Distributions                                                          

The Money Market Fund and Intermediate Bond Fund declare dividends daily and    
monthly respectively, and distribute dividends monthly, and capital gains (if   
any) are distributed annually. The Value Fund, Growth Fund and International    
Fund declare and distribute dividends and capital gains (if any) annually.      

Use of Estimates                                                                

The preparation of financial statements in conformity with generally accepted   
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the        
financial statements and the reported amounts of increases and decreases in net 
assets from operations during the reporting period. Actual results could differ 
from those estimates.                                                           

3. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES         

The funds have entered into investment advisory agreements with Activa Asset    
Management LLC (the Adviser), effective June 11, 1999. The funds employ the     
investment adviser to provide investment advice and manage on a regular basis   
the investment portfolios for the funds. Except when otherwise specifically     
directed by the Funds, the Investment Adviser will make investment decisions on 
behalf of the Funds and place all orders for the purchase and sale of portfolio 
securities for the Funds' accounts. The Adviser shall be permitted to enter into
an agreement with another advisory organization (sub-adviser), whereby the      
sub-adviser will provide all or part of the investment advice and services      
required to manage the Funds' investment portfolios as provided for in these    
agreements. In return for these services, the Funds pay the adviser an annual   
rate as follows:                                                                

FUND                 % OF AVERAGE NET ASSETS                                    
----                 -----------------------                                    
Money                Market .35% until assets total $500 million; when assets   
                  reach $500 million, .35% on first $100 million; .325% on
                     next $100 million; .30% on assets in excess of $200 million

FUND                 % OF AVERAGE NET ASSETS                                    
----                 -----------------------                                    
Intermediate Bond    .40% on first $50 million; .32% on next $100 million; .24% 
on assets in excess of $150 million   

Value                .50% on first $350 million; .45% on assets in excess of    
                $350 million; the minimum annual fee shall be $350,000
plus .20%                             

Growth               .70% on first $25 million; .65% on next $25 million; .60%  
on assets in excess of $50 million    

International        .85% on first $50 million; .75% on assets in excess of     
$50 million                           

As permitted by the above agreements, the Adviser has retained the following    
sub-advisers:                                                                   

FUND                 SUB-ADVISER                                                
----                 -----------                                                
Money Market         J.P. Morgan Investment                                     
Management, Inc.                      

Intermediate Bond    McDonnell Investment Management, LLC                       

Value                Wellington Management Company, LLP*                        

Growth               State Street Research &                                    
Management Company                    

International        Nicholas-Applegate Capital Management                      
*Wellington Management Company, LLP became sub-adviser for the Value Fund       
effective December 30, 1999. Prior to that agreement, sub-advisory services were
provided by Ark Asset Management Co., Inc.                                      

Pursuant to Rule 12b-1 under the Investment Company Act of 1940, the Money      
Market Fund, Value Fund, Intermediate Bond Fund, Growth Fund and International  
Fund have entered into a Plan and Agreement of Distribution with Activa Asset   
Management LLC. Under the terms of the agreement, Activa Asset Management LLC   
provides services in connection with distributing the Funds' shares (except     
Value Fund Class R). For these services rendered, the Funds compensate Activa   
Asset Management LLC monthly at a maximum annual rate of .25 of 1% of the       
average net assets of the Fund. For the year ended December 31, 2002 the Board  
of Trustees approved an annual rate of .15 of 1%, for all funds except the Money
Market Fund. Activa Asset Management LLC is not presently providing services    
under the distribution plan on behalf of the fund and is receiving no such      
compensation.                                                                   

                                         38  Activa Mutual Funds Annual Report

N-30D 41st Page of 46 TOC 1st Previous Next ↓Bottom Just 41st
Activa Notes to Financial Statements continued                                  

The Funds have a transfer agency and dividend disbursing agency agreement with  
Activa Asset Management LLC. Under these agreements, Activa Asset Management LLC
is the agent for transfer of the Funds' shares and disbursement of the Funds'   
distributions. For these services, The Money Market, Intermediate Bond, Value   
(Class A), Growth and International Funds pay a monthly fee based upon $1.167   
per account in existence during the month. The transfer agent is compensated by 
the Value Fund (Class R) at a monthly rate of 1/12 of .20% (.20% annually) of   
average net assets.                                                             

On June 11, 1999 the Trust entered into an administrative agreement with Activa 
Asset Management LLC. Under the terms of the agreement Activa Asset Management  
LLC will act as administrator for the Funds. As administrator of the Funds,     
Activa Asset Management LLC will furnish office space and office facilities,    
equipment and personnel, pay the fees of all Trustees of the Trust, as well as  
providing services relating to compliance, tax and financial service            
requirements. For these services, the administrator will be compensated         
quarterly by each fund at an annual rate of .15% of average daily net assets.   

On July 9, 1999 the Trust entered into a Fund Accounting Agreement with Bisys   
Fund Services Ohio, Inc. (Fund Accountant). As stated in the agreement, the Fund
Accountant is responsible for the maintenance of books and records, performance 
of daily accounting services, providing the Funds' management with monthly      
financial statements and certain information necessary for meeting compliance   
requirements. The Fund Accountant is compensated by each fund based upon an     
annual fee of $35,000 for assets up to $100 million; $50,000 for assets between 
$100 million and $1 billion; and $75,000 for assets in excess of $1 billion. In 
addition, each fund will pay the Fund Accountant an annual fee of $2,500 for    
portfolio accounting reports provided to investment adviser personnel through   
internet access.                                                                

Prior to June 11, 1999 the Value Fund had substantially the same agreements for 
all of the above services provided by Amway Management Company, the former      
Adviser, Transfer Agent, Distributor and Underwriter.                           

Two individuals which own (directly or indirectly) the majority of the shares   
outstanding of the Trust, also indirectly own 100% of the Adviser.              

4. INVESTMENT TRANSACTIONS                                                      
At December 31, 2002, the cost of investments owned by the Value Fund was       
$122,106,716 for federal income tax purposes. Aggregate gross unrealized        
appreciation on securities in which there was an excess of market value over tax
cost was $5,256,932. Aggregate gross unrealized depreciation on securities in   
which there was an excess of tax cost over market value was $17,765,340. Net    
unrealized depreciation for tax purposes was $12,508,408, at December 31, 2002. 

The unrealized appreciation (depreciation) at October 31, 2002 based upon cost  
of both long-term and short-term securities for the funds that have elected an  
October 31st year-end for federal income tax purposes were as follows:          

                                                Net     Cost for
                Gross         Gross      unrealized      federal
           unrealized    unrealized    appreciation   income tax
Fund             appreciation  depreciation   (depreciation)    purposes        
          -----------   -----------    -----------    ----------

Money Market      $       N/A    $     N/A      $      N/A    $  36,137,870     
Intermediate                                                                    
Bond             10,313,062         0.00      10,313,062      148,296,674   
Growth                449,387    3,728,038      (3,278,651)      37,070,265     
International         454,889    1,675,189      (1,220,300)      15,647,723     

5. SUBSEQUENT EVENTS                                                            

A certain class of Independent Business Owners of Alticor, Inc. received part of
its Emerald profit-sharing bonus in common stock shares of the Value Fund or    
Money Market Fund. On January 9, 2003, Alticor, Inc. purchased 11,148 Value Fund
shares valued at $65,213 (based upon the net asset value of $5.85 per share) and
1,582,369 Money Market Fund shares valued at $1,582,369 (based upon the net     
asset value of $1.00 per share) and transferred the shares to these Independent 
Business Owners.                                                                

On January 21, 2003, the Intermediate Bond Fund declared and paid a dividend of 
$.028141 per share, to shareholders of record on January 17, 2003. The amount   
distributed was $431,454.                                                       

                                         Activa Mutual Funds Annual Report  39

N-30D 42nd Page of 46 TOC 1st Previous Next ↓Bottom Just 42nd
ACTIVA Financial Highlights                                                     

                                                        [Enlarge/Download Table]


                                                                  Money Market Fund            
                                                    ----------------------------------------   
                                                    Year       Year       Year       Period    
                                                    Ended      Ended      Ended      Ended     
Per share outstanding for each year or period       12/31/02   12/31/01   12/31/00   12/31/99 2
                                                    --------   --------  ---------  ---------  
                                                                                               
Net Asset Value, Beginning of Period                   $1.00      $1.00      $1.00      $1.00  
Income from investment operations:                                                             
   Net investment income (loss)                         0.01       0.04       0.06       0.02  
   Net realized and unrealized                                                                 
   gains (losses) on securities                           --         --         --         --  
                                                    --------   --------  ---------  ---------  
Total from investment operations                        0.01       0.04       0.06       0.02  
Less Distributions:                                                                            
   Dividends from net investment income                 0.01       0.04       0.06       0.02  
   Dividends in excess of net investment income           --         --         --         --  
   Distributions from capital gains                       --         --         --         --  
                                                    --------   --------  ---------  ---------  
Total Distributions                                     0.01       0.04       0.06       0.02  
                                                    --------   --------- ---------  ---------  
Net Asset Value, End of Period                         $1.00      $1.00      $1.00      $1.00  
Total Return                                            1.14%      3.66%      5.96%      1.83% 
RATIOS AND SUPPLEMENTAL DATA                                                                   
Net assets, end of period                         36,169,246  41,675,135 48,036,308 122,058,717
Ratio of expenses to average net assets4                 0.7%       0.7%       0.6%       0.6% 
Ratio of net income (loss) to average net assets         1.1%       3.7%       5.8%       5.4% 
Portfolio turnover rate                                  N/A        N/A        N/A        N/A  


                                                        [Enlarge/Download Table]


                                                             Intermediate Bond Fund            
                                                --------------------------------------------   
                                                 Year         Year        Year        Period   
                                                 Ended        Ended       Ended       Ended    
Per share outstanding for each year or period    12/31/02     12/31/01    12/31/00    12/31/99 
                                                ---------    ---------    --------    -------- 
                                                                                               
Net Asset Value, Beginning of Period               $10.39       $10.19       $9.87     $10.00  
Income from investment operations:                                                             
   Net investment income (loss)                      0.53         0.59        0.62       0.19  
   Net realized and unrealized                                                                 
   gains (losses) on securities                      0.36         0.26        0.32      (0.13) 
                                                ---------    ---------    --------    -------- 
Total from investment operations                     0.89         0.85        0.94       0.06  
Less Distributions:                                                                            
   Dividends from net investment income              0.53         0.59        0.62       0.19  
   Dividends in excess of net investment income        --           --          --         --  
   Distributions from capital gains                  0.04         0.06          --         --  
                                                ---------    ---------    --------   --------  
Total Distributions                                  0.57         0.65        0.62       0.19  
                                                ---------    ---------    --------  ---------  
Net Asset Value, End of Period                     $10.71       $10.39      $10.19      $9.87  
Total Return                                        8.85%        8.49%       9.84%      0.63%  
RATIOS AND SUPPLEMENTAL DATA                                                                   
Net assets, end of period                     164,162,796  166,858,896  153,657,144 162,078,586
Ratio of expenses to average net assets 4            0.7%         0.7%        0.7%       0.7%  
Ratio of net income (loss) to average net assets     5.3%         5.7%        6.2%       5.7%  
Portfolio turnover rate                             52.3%        44.8%       39.9%      64.6%  


                                                        [Enlarge/Download Table]


                                                                            Value Fund - Class A                     
                                                      -------------------------------------------------------------- 
                                                         Year          Year         Year          Year          Year 
                                                        Ended         Ended        Ended         Ended          Ended
Per share outstanding for each year or period        12/31/02      12/31/01     12/31/00      12/31/99 3     12/31/98
                                                    ---------     ---------    ---------     ---------      ---------
                                                                                                                     
Net Asset Value, Beginning of Period                    $6.85         $7.44        $6.61         $7.18          $7.73
Income from investment operations:                                                                                   
   Net investment income (loss)                          0.07          0.06         0.08          0.09           0.08
   Net realized and unrealized                                                                                       
   gains (losses) on securities                         (1.29)        (0.59)        0.83         (0.57)          0.68
                                                    ---------      --------    ---------      --------      ---------
Total from investment operations                        (1.22)        (0.53)        0.91         (0.48)          0.76
Less Distributions:                                                                                                  
   Dividends from net investment income                  0.07          0.06         0.08          0.09           0.08
   Dividends in excess of net investment income            --            --           --            --             --
   Distributions from capital gains                        --            --           --            --           1.23
                                                    ---------      --------    ---------      --------      ---------
Total Distributions                                      0.07          0.06         0.08          0.09           1.31
                                                    ---------      --------    ---------      --------      ---------
Net Asset Value, End of Period                          $5.56         $6.85        $7.44         $6.61          $7.18
Total Return                                          -17.87%        -7.05%       13.82%        -6.70%         10.17%
RATIOS AND SUPPLEMENTAL DATA                                                                                         
Net assets, end of period                         110,168,624   140,823,782  170,658,789   178,437,477    179,820,020
Ratio of expenses to average net assets 4                1.1%          1.1%         1.1%          1.1%           1.0%
Ratio of net income (loss) to average net assets         1.0%          0.9%         1.1%          1.2%           1.0%
Portfolio turnover rate                                 84.9%         91.5%       113.9%        144.5%         101.1%


1       Period from August 30, 1999 (inception) to December 31, 1999            

2       Period from August 19, 1999 (inception) to December 31, 1999            

3       Effective December 30, 1999, Wellington Management Company, LLP entered 
into a Sub-Advisory Agreement with the Fund.                    

4       1999 ratio includes a one time organization expense.                    

5       The inception date for Value Fund - Class R was November 1, 1998        

                                       40-41 ACTIVA Mutual Funds Annual Report

N-30D 43rd Page of 46 TOC 1st Previous Next ↓Bottom Just 43rd
ACTIVA Financial Highlights continued                                           

                                                        [Enlarge/Download Table]

                                                                            Value Fund - Class R                            
                                                    ---------------------------------------------------------               
                                                        Year            Year            Year             Year        Year   
                                                       Ended           Ended           Ended            Ended       Ended   
Per share outstanding for each year or period       12/31/02        12/31/01        12/31/00         12/31/99 3   12/31/98 5
                                                    --------       ---------        --------         --------     --------  
                                                                                                                            
Net Asset Value, Beginning of Period                   $6.86           $7.44           $6.60            $7.16       $8.42   
Income from investment operations:                                                                                          
    Net investment income (loss)                        0.07            0.06            0.08             0.10        0.09   
    Net realized and unrealized gains                                                                                       
    (losses) on securities                             (1.29)          (0.58)           0.84            (0.56)      (0.02)  
                                                    --------       ---------        --------         --------    --------   
Total from investment operations                       (1.22)          (0.52)           0.92            (0.46)       0.07   
Less Distributions:                                                                                                         
     Dividends from net investment income               0.07            0.06            0.08             0.10        0.10   
     Dividends in excess of net investment income         --              --              --               --          --   
     Distributions from capital gains                     --              --              --               --        1.23   
                                                    --------       ---------        --------        ---------    --------   
Total Distributions                                     0.07            0.06            0.08             0.10        1.33   
                                                    --------       ---------        --------        ---------    --------   
Net Asset Value, End of Period                         $5.57           $6.86           $7.44            $6.60       $7.16   
Total Return                                         -17.76%          -6.92%          13.95%           -6.43%       7.08%   
Ratios and Supplemental Data                                                                                                
Net assets, end of period                          1,489,146       1,639,834       1,294,980          703,962     135,385   
Ratio of expenses to average net assets 4               1.0%            1.0%            1.0%             1.1%        1.0%   
Ratio of net income (loss) to average net assets        1.1%            1.0%            1.1%             1.3%        1.8%   
Portfolio turnover rate                                84.9%           91.5%          113.9%           144.5%      101.1%   

                                                        [Enlarge/Download Table]

                                                                          Growth Fund                               
                                                   -------------------------------------------------------          
                                                             Year            Year            Year           Period  
                                                            Ended           Ended           Ended            Ended  
Per share outstanding for each year or period            12/31/02        12/31/01        12/31/00         12/31/99 1
                                                         --------        --------        --------         --------  
                                                                                                                    
Net Asset Value, Beginning of Period                       $7.45           $9.76          $11.39            $10.00  
Income from investment operations:                                                                                  
    Net investment income (loss)                           (0.02)          (0.05)          (0.05)            (0.02) 
    Net realized and unrealized gains                                                                               
    (losses) on securities                                 (2.49)          (2.26)          (1.22)             1.41  
                                                       ---------       ---------       ---------          --------  
Total from investment operations                           (2.51)          (2.31)          (1.27)             1.39  
Less Distributions:                                                                                                 
     Dividends from net investment income                     --              --              --                --  
     Dividends in excess of net investment income             --              --              --                --  
     Distributions from capital gains                         --              --            0.36                --  
                                                       ---------       ---------       ---------          --------  
Total Distributions                                           --              --            0.36                --  
                                                       ---------       ---------       ---------          --------  
Net Asset Value, End of Period                             $4.94           $7.45           $9.76            $11.39  
Total Return                                             -33.69%         -23.63%         -11.01%            13.80%  
Ratios and Supplemental Data                                                                                        
Net assets, end of period                             23,319,398      20,912,247      27,661,390        33,494,414  
Ratio of expenses to average net assets 4                   1.4%            1.4%            1.3%              1.3%  
Ratio of net income (loss) to average net assets           -0.6%           -0.5%           -0.4%             -0.5%  
Portfolio turnover rate                                   143.0%          190.2%          111.9%             32.1%  

                                                        [Enlarge/Download Table]

                                                                      International Fund              
                                                             ---------------------------------------- 
                                                         Year         Year         Year         Year  
                                                        Ended        Ended        Ended        Ended  
Per share outstanding for each year or period        12/31/02     12/31/01     12/31/00     12/31/99 1
                                                     --------     --------     --------     --------  
                                                                                                      
Net Asset Value, Beginning of Period                    $6.77        $9.53       $14.20       $10.00  
Income from investment operations:                                                                    
    Net investment income (loss)                         0.00        (0.01)       (0.04)       (0.03) 
    Net realized and unrealized gains                                                                 
    (losses) on securities                              (1.37)       (2.75)       (3.59)        4.23  
                                                     --------     --------     --------     --------  
Total from investment operations                        (1.37)       (2.76)       (3.63)        4.20  
Less Distributions:                                                                                   
     Dividends from net investment income                  --           --           --           --  
     Dividends in excess of net investment income          --           --           --           --  
     Distributions from capital gains                      --           --         1.04           --  
                                                     --------      -------     --------     --------  
Total Distributions                                        --           --         1.04           --  
                                                     --------      -------     --------     --------  
Net Asset Value, End of Period                          $5.40        $6.77        $9.53       $14.20  
Total Return                                          -20.22%      -28.96%      -25.31%       42.00%  
Ratios and Supplemental Data                                                                          
Net assets, end of period                          22,237,059   19,459,085   27,400,022   41,359,176  
Ratio of expenses to average net assets 4                1.9%         1.7%         1.5%         1.4%  
Ratio of net income (loss) to average net assets         0.0%        -0.2%        -0.3%        -0.9%  
Portfolio turnover rate                                208.2%       231.5%       214.9%        87.6%  

1       Period from August 30, 1999 (inception) to December 31, 1999            

2       Period from August 19, 1999 (inception) to December 31, 1999            

3       Effective December 30, 1999, Wellington Management Company, LLP         
entered into a Sub-Advisory Agreement with the Fund.            

4       1999 ratio includes a one time organization expense.                    

5       The inception date for Value Fund - Class R was November 1, 1998        

                                         42-43 ACTIVA Mutual Funds Annual Report

N-30D 44th Page of 46 TOC 1st Previous Next ↓Bottom Just 44th
Activa Independent Auditors' Report                                             

To the Shareholders and Board of Trustees                                       
Activa Mutual Fund Trust                                                        
Grand Rapids, Michigan                                                          

We have audited the statements of assets and liabilities, including the         
schedules of investments, of Activa Mutual Fund Trust (comprising, respectively,
Money Market, Intermediate Bond, Value, Growth and International Funds) as of   
December 31, 2002, and the related statements of operations for the year then   
ended, the statements of changes in net assets for each of the two years in the 
period then ended, and the financial highlights for the periods indicated. These
financial statements and financial highlights are the responsibility of the     
Trust's management. Out responsibility is to express an opinion on these        
financial statements and financial highlights based on our audits.              

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and       
perform the audit to obtain reasonable assurance about whether the financial    
statements and financial highlights are free of material misstatement. An audit 
includes examining, on a test basis, evidence supporting the amounts and        
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 2002, by correspondence with the custodian. 
An audit also includes assessing the accounting principles used and significant 
estimates made by management, as well as evaluating the overall financial       
statement presentation. We believe that our audits provide a reasonable basis   
for our opinion.                                                                

In our opinion, the financial statements and financial highlights referred to   
above present fairly, in all material respects, the financial position of each  
of the respective funds constituting the Activa Mutual Fund Trust, as of        
December 31, 2002, the results of their operations for the year then ended, the 
changes in their net assets for each of the two years in the period then ended, 
and their financial highlights for each of the five years in the period then    
ended, in conformity with accounting principles generally accepted in the United
States of America.                                                              

/s/ BDO SEIDMAN, LLP                                                            
Grand Rapids, Michigan                                                          

January 27, 2003                                                                

                                           44  Activa Mutual Funds Annual Report

N-30D 45th Page of 46 TOC 1st Previous Next ↓Bottom Just 45th
 This page intentionally left blank.

N-30D Last Page of 46 TOC 1st Previous Next ↓Bottom Just 46th
Logo: Activa Mutual Funds                                                       

Activa Mutual Funds                                                             
2905 Lucerne SE, Suite 200                                                      
Grand Rapids, Michigan 49546                                                    
(616) 787-6288 (800) 346-2670                                                   
www.activafunds.com                                                             

                                                               Printed in U.S.A.

N-30D	1st Page of 46	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

N-30D	2nd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 2nd

N-30D	3rd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 3rd

N-30D	4th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 4th

N-30D	5th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 5th

N-30D	6th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 6th

N-30D	7th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 7th

N-30D	8th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 8th

N-30D	9th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 9th

N-30D	10th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 10th

N-30D	11th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 11th

N-30D	12th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 12th

N-30D	13th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 13th

N-30D	14th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 14th

N-30D	15th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 15th

N-30D	16th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 16th

N-30D	17th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 17th

N-30D	18th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 18th

N-30D	19th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 19th

N-30D	20th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 20th

N-30D	21st Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 21st

N-30D	22nd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 22nd

N-30D	23rd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 23rd

N-30D	24th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 24th

N-30D	25th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 25th

N-30D	26th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 26th

N-30D	27th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 27th

N-30D	28th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 28th

N-30D	29th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 29th

N-30D	30th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 30th

N-30D	31st Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 31st

N-30D	32nd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 32nd

N-30D	33rd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 33rd

N-30D	34th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 34th

N-30D	35th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 35th

N-30D	36th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 36th

N-30D	37th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 37th

N-30D	38th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 38th

N-30D	39th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 39th

N-30D	40th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 40th

N-30D	41st Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 41st

N-30D	42nd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 42nd

N-30D	43rd Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 43rd

N-30D	44th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 44th

N-30D	45th Page of 46	TOC	1st	Previous	Next	↓Bottom	Just 45th

Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30D’ Filing	Date	First	Last	Other Filings

Filed on / Effective on:	3/4/03			24F-2NT
	1/27/03	44
	1/21/03	41
	1/17/03	41
	1/9/03	41
For Period End:	12/31/02	1	44	24F-2NT, NSAR-B
	10/31/02	41
	12/31/01	5		24F-2NT, N-30D, NSAR-B
	12/31/99	42	43	24F-2NT, N-30D, NSAR-B
	12/30/99	8	43
	9/1/99	8
	8/30/99	42	43
	8/19/99	42	43
	7/9/99	41
	6/11/99	40	41
	11/1/98	42	43
	6/30/98	39		N-30D, NSAR-A
	4/22/98	8
	2/2/98	38
	5/1/95	8
				List all Filings

↑Top

Filing Submission 0000891804-03-000594 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Activa Mutual Fund Trust – ‘N-30D’ for 12/31/02

On: Tuesday, 3/4/03, at 10:12am ET · Effective: 3/4/03 · For: 12/31/02 · Accession #: 891804-3-594 · File #: 811-02168

Previous ‘N-30D’: ‘N-30D’ on 8/22/02 for 6/30/02 · Latest ‘N-30D’: This Filing

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1Filing Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents