John Hancock Variable Insurance Trust – ‘N-30D’ for 12/31/02

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
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Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Manufacturers Investment Trust Potomac AR            275±  1.07M 

Document Table of Contents

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[MANULIFE FINANCIAL LOGO]                                                       

VENTURE(R) Variable Products                    

Audited Financial Statements    

Manufacturers Investment Trust  
Annual Report                   
December 31, 2002               

Venture Variable Annuities and Venture Variable Life Insurance Products         
Issued by The Manufacturers Life Insurance Company (U.S.A.)                     

0103: 1115001                                                                   

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MANUFACTURERS INVESTMENT TRUST ANNUAL REPORT                                    

PRESIDENT'S MESSAGE                                                             
--------------------------------------------------------------------------------

February 15, 2003                                                               

Dear Fellow Investors:                                                          

The financial statements that follow reflect operations for the 12 months ended 
December 31, 2002, for the Manufacturers Investment Trust (the Trust), the      
mutual fund that is the underlying investment vehicle for your variable annuity,
variable insurance product or retirement plan. The Trust's total net assets     
decreased slightly during this period, from $20.01 billion to $18.79 billion.   
Strong positive cash flow helped curb declining asset levels during a negative  
equity market period.                                                           

For the third straight year, the value of US equities declined while US Treasury
Bonds moved substantially higher. The S&P 500, a barometer of this country's    
largest companies, fell 22.1%. Not since the depression years from 1929 to 1932 
have stock prices been in such a protracted decline. In our view, confidence in 
equity ownership was shaken by a number of factors including corporate scandals,
anemic profit growth and significant investment writedowns particularly in      
telecommunications. Real Estate Investment Trusts (REITs), often valued for     
their diversification and high dividend payouts, were among the few types of    
equity securities to gain in value last year.                                   

By contrast, US fixed income markets accelerated upward as interest rates       
plummeted to 40-year lows. Within the Trust, the High Grade Bond Trust posted   
the best return at 10.9%. The Real Estate Securities Trust posted a modest      
positive return of 2.6%, strong in relation to the overall equity markets. REITs
along with fixed income often provide the type of diversification that is needed
to weather the equity market volatility that has characterized recent years.    
Diversification is the key. The portfolios in the Trust provide you with the    
tools for asset class diversification to help increase total returns and lower  
long-term volatility over time, the cornerstone of wise, long-term investing.   

Over the past year, US equity prices and economic activity have diverged. In    
spite of the equity market's downturn, the economy appears to be in a typical   
cyclical recovery pattern. The Federal Reserve continues its low interest rate  
policy, seriously committed to price stability in order to avoid the risk of    
Japanese-style deflation. The US consumer continues to spend, accounting for    
almost 80% of the 3.3% annual growth in US gross domestic product. And capital  
equipment spending, which showed its first up tick in two years, appears to have
turned the corner. Looking forward, there are ample reasons for equity investors
to stay invested:                                                               

 - Historically, equities have grown with the expanding US economy through
the ebb and flow of time;                                           

- Currently, reduced stock valuations provide an opportunity for better 
returns going forward; and                                          

 - Low interest rates and pent up corporate spending can drive the economy
forward as the year progresses.                                     

Although the equity markets have been challenging over the past several years,  
there is reason for optimism. More importantly, there will continue to be       
opportunities particularly among the diverse array of asset types and styles on 
this investment platform. We urge you to review your overall financial program  
regularly with your financial consultant to ensure that it continues to be      
structured to reflect your risk tolerance and to help you meet your goals. It   
may be the right time to reevaluate your mix of portfolios and increase your    
diversification among different asset classes.                                  

Thank you for choosing Manulife Financial. We look forward to continuing to earn
your trust as we serve your retirement, insurance and investment needs.         

Sincerely,                                                                      

/s/ James D. Gallagher                                                          
JAMES D. GALLAGHER                                                              
President                                                                       

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MANUFACTURERS INVESTMENT TRUST                                                  
INDEX TO ANNUAL REPORT                                                          

                                                                [Download Table]

                                                                          Page
                                                                          ----
                                                                              
Portfolio Performance and Manager's Commentary........................     ii 

Report of Independent Accountants.....................................      1 

Statements of Assets and Liabilities..................................      2 

Statements of Operations..............................................      6 

Statements of Changes in Net Assets...................................     10 

Financial Highlights..................................................     15 

Portfolio of Investments:                                                     

     Small-Mid Cap Growth Trust.......................................     22 
     Small-Mid Cap Trust..............................................     23 
     International Equity Select Trust................................     23 
     Select Growth Trust..............................................     24 
     Global Equity Select Trust.......................................     25 
     Real Estate Securities Trust.....................................     26 
     Core Value Trust.................................................     27 
     High Grade Bond Trust............................................     27 
     Money Market Trust...............................................     28 
     Small Cap Index Trust............................................     29 
     International Index Trust........................................     45 
     Mid Cap Index Trust..............................................     55 
     Total Stock Market Index Trust...................................     60 
     500 Index Trust..................................................     86 

Notes to Financial Statements.........................................     92 

Trustees and Officers Information.....................................     99 

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MANUFACTURERS INVESTMENT TRUST                                                  
PORTFOLIO PERFORMANCE AND MANAGER'S COMMENTARY                                  

 TRUST PERFORMANCE

In the following pages we have set forth information regarding the performance  
of each Portfolio of the Manufacturers Investment Trust (the "Trust"). There are
several ways to evaluate a Portfolio's historical performance. One can look at  
the total percentage change in value, the average annual percentage change or   
the growth of a hypothetical $10,000 investment. WITH RESPECT TO ALL PERFORMANCE
INFORMATION PRESENTED, IT IS IMPORTANT TO UNDERSTAND THAT PAST PERFORMANCE DOES 
NOT GUARANTEE FUTURE RESULTS. RETURN AND PRINCIPAL FLUCTUATE, AND SHARES, WHEN  
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.                   

PERFORMANCE TABLES

The Performance Tables show two types of total return information: CUMULATIVE   
AND AVERAGE ANNUAL TOTAL RETURNS. A CUMULATIVE TOTAL RETURN is an expression of 
a Portfolio's total change in share value in percentage terms over a set period 
of time -- one, five and ten years (or since the Portfolio's inception if less  
than the applicable period). An AVERAGE ANNUAL TOTAL RETURN takes the           
Portfolio's cumulative total return for a time period greater than one year and 
shows what would have happened if the Portfolio had performed at a constant rate
each year. THE TABLES SHOW ALL CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURNS, NET 
OF FEES AND EXPENSES OF THE TRUST, BUT DO NOT REFLECT THE INSURANCE (SEPARATE   
ACCOUNT) EXPENSES (INCLUDING A POSSIBLE CONTINGENT DEFERRED SALES CHARGE) OF THE
VARIABLE ANNUITY AND VARIABLE LIFE PRODUCTS THAT INVEST IN THE TRUST. IF THESE  
WERE INCLUDED, PERFORMANCE WOULD BE LOWER.                                      

GRAPH -- CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES

The performance graph for each Portfolio shows the change in value of a $10,000 
investment over the life or ten year period of each Portfolio, whichever is     
shorter. Each Portfolio's performance is compared with the performance of one or
more broad-based securities indices as a "benchmark." All performance           
information includes the reinvestment of dividends and capital gain             
distributions, as well as the deduction of ongoing management fees and Portfolio
operating expenses. The benchmarks used for comparison are unmanaged and include
reinvestment of dividends and capital gains distributions, if any, but do not   
reflect any fees or expenses. Portfolios that invest in multiple asset classes  
are compared with a customized benchmark. This benchmark is comprised of a set  
percentage allocation from each of the asset classes in which the Portfolio     
invests.                                                                        

PORTFOLIO MANAGER'S COMMENTARY

Finally, we have provided a commentary by each portfolio manager regarding each 
Portfolio's performance during the period ended December 31, 2002. The views    
expressed are those of the portfolio manager as of December 31, 2002, and are   
subject to change based on market and other conditions. Information about a     
Portfolio's holdings, asset allocation or country diversification is historical 
and is no indication of future portfolio composition, which will vary.          

"Standard & Poor's," "Standard & Poor's 500," "S&P 500," and "S&P MidCap 400    
Index" are trademarks of The McGraw-Hill Companies, Inc. "Russell 1000,"        
"Russell 2000," "Russell 3000," and "Russell Midcap" are trademarks of Frank    
Russell Company. "Wilshire 5000" is a trademark of Wilshire Associates. "Morgan 
Stanley European Australian Far East Free", "EAFE" and "MSCI" are trademarks of 
Morgan Stanley & Co. Incorporated." "Lehman Brothers" is a registered trademark 
of Lehman Brothers Inc. "Lipper" is a registered trademark of Reuters S.A. None 
of the Index Trusts are sponsored, endorsed, managed, advised, sold or promoted 
by any of these companies, and none of these companies make any representation  
regarding the advisability of investing in the Trust.                           

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SMALL-MID CAP GROWTH TRUST

                                                                [Download Table]
                                                                                  
INVESTMENT OBJECTIVE &  To seek long-term growth of capital by investing at least 
  POLICIES:             80% of its assets in securities of small to mid           
                        capitalization sized companies, currently defined as      
                        companies with $2 billion to $10 billion in market        
                        capitalization at the time of purchase by the portfolio.  
                        Portfolio securities are also selected by what Navellier  
                        believes are fast growing companies that offer innovative 
                        products, services or technologies, to a rapidly expanding
                        marketplace.                                              
SUBADVISER:             Navellier Management, Inc.                                
PORTFOLIO MANAGERS:     Alan Alpers and Louis Navellier                           
INCEPTION DATE:         July 16, 2001                                             

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[INTERNET TECHNOLIGIES TRUST]                                                   

                                                                [Download Table]

      SMALL-MID CAP GROWTH TRUST                           
               SERIES I           RUSSELL 2500 GROWTH INDEX
      --------------------------  -------------------------
                                                           
Jun.                                                       
2001            10000                       10000          
Jul.                                                       
2001             9840                        9263          
Aug.                                                       
2001             8960                        8647          
Sep.                                                       
2001             8080                        7293          
Oct.                                                       
2001             8064                        8012          
Nov.                                                       
2001             8576                        8704          
Dec.                                                       
2001             8904                        9182          
Jan.                                                       
2002             8544                        8789          
Feb.                                                       
2002             7952                        8246          
Mar.                                                       
2002             8040                        8910          
Apr.                                                       
2002             8016                        8615          
May                                                        
2002             7728                        8181          
Jun.                                                       
2002             7377                        7429          
Jul.                                                       
2002             6665                        6506          
Aug.                                                       
2002             6625                        6504          
Sep.                                                       
2002             6233                        6012          
Oct.                                                       
2002             6297                        6358          
Nov.                                                       
2002             6241                        6949          
Dec.                                                       
2002             5848                        7028          

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                     Average Annual Total Return  Cumulative Total Return
                                                        Since              Since         
Periods Ending December 31, 2002      1 Year          Inception          Inception       
                                                                                         
Russell 2500 Growth Index*           -29.10%           -22.04%            -29.72%        
Small-Mid Cap Growth Trust Series I  -34.32%           -30.75%            -41.52%        

 * All since inception returns for the indices begin on the month-end closest to
the actual inception date of the Trust.                                   
** Performance does not reflect any insurance related charges. If these charges 
   were reflected, performance would be lower. Past performance does not predict
   future results. Total return would have been lower had operating expenses not
been reduced.                                                             

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Small Mid Cap Growth Trust Series I returned
-34.32%, underperforming the -29.10% return of the Russell 2500 Growth Index.   

ENVIRONMENT: The U.S. equity markets experienced another difficult year in 2002.
The declines in equity prices were very broad-based. All sectors of the market  
were hit hard in 2002. Likewise, small, mid, and large capitalization stocks all
posted double-digit declines. Also experiencing double-digit losses were both   
growth and value sectors. Unfortunately, all major indices posted these large   
losses.                                                                         

The Portfolio held up fairly well in the decline (second and third quarter) with
holdings generally concentrated in more defensive growth sectors. Where the Fund
performed poorly was the 4th Quarter rebound, as it did not up-tick with the    
market in October and November. We believe that this rally was mainly led by    
short covering and will be short lived at best. Those stocks that performed the 
best during this rally were those that had performed the worst on the way down. 
It reminds us a great deal of 4th Quarter 2001.                                 

OUTLOOK: Our outlook for 2003 is a positive one. We believe that the economy is 
showing signs of life and the current administration seems to realize the       
importance of moving economic policy in the right direction. We expect some type
of tax legislation (dividend tax relief, capital gains tax cuts or the income   
tax cuts becoming permanent) to emerge sometime in the 1st quarter of 2003. This
would give a significant boost to the stock market.                             

The investment style of this portfolio has the benefit that traditionally, small
capitalization stocks have been the least correlated to the overall stock       
market. Small capitalization stocks may represent the best oasis in the upcoming
months, especially since many thinly traded small capitalization stocks are     
poised to surge on any significant increase in trading volume. Fundamentally,   
small capitalization stocks have weathered the economic downturn better than    
many large capitalization stock's but due to persistent stock market outflows,  
they have performed poorly due to liquidity concerns. We are confident that 2003
will end up as one of the strongest years ever for the fundamentally superior   
stocks that we favor.                                                           

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SMALL-MID CAP TRUST 

                                                                [Download Table]
                                                                                 
INVESTMENT OBJECTIVE  To achieve long-term capital appreciation, with dividend   
  & POLICIES:         income as a secondary consideration by investing at least  
                      80% of the portfolio's assets in small and mid cap         
                      companies. (Small and mid cap companies are companies whose
                      market cap does not exceed the market cap of the largest   
                      company included in the Russell 2500 Index at the time of  
                      purchase by the portfolio that Kayne Anderson Rudnick      
                      believes are of high quality.                              
SUBADVISER:           Kayne Anderson Rudnick Investment Management, LLC          
PORTFOLIO MANAGERS:   Sandi Gleason and Robert Schwarzkopf                       
INCEPTION DATE:       July 16, 2001                                              

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[SMALL-MID CAP TRUST]                                                           

                                                                [Download Table]

           SMALL-MID CAP TRUST SERIES I  RUSSELL 2500 INDEX
           ----------------------------  ------------------
                                                           
Jun.2001             10000.00                 10000.00     
Jul. 2001             9968.00                  9642.00     
Aug. 2001             9752.00                  9326.00     
Sep. 2001             8600.00                  8119.00     
Oct. 2001             8568.00                  8539.00     
Nov. 2001             9144.00                  9230.00     
Dec. 2001             9560.00                  9747.00     
Jan. 2002             9632.00                  9626.00     
Feb. 2002             9656.00                  9458.00     
Mar. 2002            10240.00                 10112.00     
Apr. 2002            10096.00                 10086.00     
May 2002             10032.00                  9791.00     
Jun. 2002             9176.00                  9239.00     
Jul. 2002             8328.00                  8136.00     
Aug. 2002             8617.00                  8161.00     
Sep. 2002             7864.00                  7514.00     
Oct. 2002             7761.00                  7759.00     
Nov. 2002             8241.00                  8393.00     
Dec. 2002             7880.00                  8310.00     

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                                               Average Annual Total Return           Cumulative Total Return
                                                                                   Since                      Since         
          Periods Ending December 31, 2002                      1 Year           Inception                  Inception       
                                                                                                                            
Russell 2500 Index*                                            -17.79%            -12.25%                    -16.90%        
Small-Mid Cap Trust Series I                                   -17.57%            -15.05%                    -21.20%        
Small-Mid Cap Trust Series II+++                                                                              -4.18%        
+++ Series II inception date: November 25, 2002.                                                                            
  * All since inception returns for the indices begin on the month-end closest to the actual inception date of the Trust.   
 ** Performance does not reflect any insurance related charges. If these charges were reflected, performance would be lower.
    Past performance does not predict future results. Total return would have been lower had operating expenses not been    
    reduced.                                                                                                                

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Small-Mid Cap Trust Series I returned       
-17.57%, outperforming the -17.79% return of the Russell 2500 Index.            

ENVIRONMENT: The threat of war along with the nagging uncertainty over the      
timing and degree of an economic pickup caused broad weakness in equities during
2002. Unprofitable companies, 19% of the Russell 2500 Index, produced the       
weakest returns. Fundamental risks to U.S. economic growth include continued    
sluggish corporate investment in capital goods, weakness in the labor markets,  
and slow global growth. Nonetheless, many positive fundamental factors          
exist -- moderate inflation, low interest rates, and more reasonable equity     
valuations. Although the economic growth rate is expected to remain moderate,   
recent data suggest that the U.S. has emerged from the recession. Corporate     
operating profits have risen from the trough in late 2001 and labor productivity
has continued to show gains.                                                    

The trust invests in high-quality companies, which contributed to it            
outperforming the index for the year and to its lower standard deviation and    
beta. Complete avoidance of unprofitable companies contributed the most to      
performance over the trailing year.                                             

OUTLOOK: We cannot predict the outcome of the highly visible security issues the
world currently faces. However, we believe that stock prices, to a large extent,
already reflect the risks associated with potential geopolitical events such as 
war and terrorist activities. We feel it is a time for investors to return to   
basics and take a longer-term view of the markets. We believe that superior     
growth, value, and quality characteristics are the sources of our superior      
long-term investment performance and lower risk profile.                        

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INTERNATIONAL EQUITY SELECT TRUST 

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To seek long-term capital appreciation by investing, under  
  POLICIES:             normal market conditions, at least 80% of the portfolios net
                        assets in equity securities, principally American Depository
                        Receipts and common stocks of relatively large non-U.S.     
                        companies. These companies will have market capitalizations 
                        in the range of the Morgan Stanley Capital International    
                        (MSCI) Europe, Australia and Far East Index. Lazard believes
                        these companies are undervalued based on their earnings,    
                        cash flow or asset values.                                  
SUBADVISER:             Lazard Asset Management                                     
PORTFOLIO MANAGERS:     Herbert W. Gullquist, John R. Reinsberg and Ronald Saba     
INCEPTION DATE:         July 16, 2001                                               

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[INTERNATIONAL EQUITY SELECT TRUST]                                             

                                                                [Download Table]

          INTERNATIONAL EQUITY SELECT TRUST                 
                      SERIES I               MSCI EAFE INDEX
          ---------------------------------  ---------------
                                                            
Jun.2001              10000.00                   10000.00   
Jul.2001              10072.00                    9819.00   
Aug.2001               9800.00                    9572.00   
Sep.2001               8888.00                    8605.00   
Oct.2001               9008.00                    8825.00   
Nov.2001               9424.00                    9151.00   
Dec.2001               9616.00                    9205.00   
Jan.2002               9168.00                    8717.00   
Feb.2002               9376.00                    8778.00   
Mar.2002               9816.00                    9258.00   
Apr.2002               9968.00                    9325.00   
May.2002               9936.00                    9451.00   
Jun.2002               9744.00                    9078.00   
Jul.2002               8712.00                    8183.00   
Aug.2002               8760.00                    8166.00   
Sep.2002               7848.00                    7291.00   
Oct.2002               8449.00                    7684.00   
Nov.2002               8665.00                    8033.00   
Dec.2002               8496.00                    7907.00   

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                                Average Annual Total Return  Cumulative Total Return
                                                                    Since             Since         
Periods Ending December 31, 2002                1 Year            Inception         Inception       
                                                                                                    
MSCI EAFE Index*                                -15.66%            -15.27%           -20.93%        
International Equity Select Trust Series I      -11.65%            -10.56%           -15.04%        
International Equity Select Trust Series II+++                                        -2.12%        

+++ Series II inception date: November 25, 2002.                                
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.                              
 ** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not   
predict future results. Total return would have been lower had operating
expenses not been reduced.                                              

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the International Equity Select Trust Series I  
returned -11.65%, outperforming the -15.66% return of the MSCI EAFE Index.      

ENVIRONMENT: International stocks declined for the third consecutive year in    
2002. The portfolio defended well in the decline, falling less than the overall 
market, although unable to avoid weakness entirely.                             

Concerns over terrorism, impending war and fall-out from U.S. accounting        
scandals weighed heavily on the markets. Adding to market anxiety were          
slower-than-expected economic growth worldwide and continued weakness in        
corporate spending and investment. European markets suffered additional setbacks
triggered by massive floods and the fact that insurers were forced to sell      
equities in an attempt to strengthen their balance sheets. The decline was very 
broad-based. U.S. stocks lagged behind other developed markets, but European    
markets and Japanese stocks still fell. The Technology and Telecommunications   
sectors continued to experience widespread selling. No market sectors were      
completely spared, but economically defensive sectors such as Consumer Staples  
outperformed the market. A fourth-quarter rally was led by groups that were     
weakest earlier in the year, including Technology and Telecommunications stocks,
and European insurers. However, the rebound began to fade in December.          

The portfolio's Consumer Staples holdings performed well and its valuations     
remain attractive because its earnings have been resilient. Our European energy 
holdings also performed well due to both their defensive characteristics and    
attractive relative valuations. However, our financial holdings slid in the wake
of economic turmoil in Latin America, capital markets weakness, and claims      
arising from the World Trade Center attack and the German floods. Technology    
holdings also experienced weakness.                                             

OUTLOOK: We are hopeful that the worst of the bear market is behind us in light 
of the magnitude and duration of this decline. Fortunately, the market weakness 
has created many buying opportunities for disciplined investors, and we continue
to seek to identify attractive relative value opportunities. During the year, we
were able to buy companies with long histories of high financial productivity at
very attractive valuations amid market volatility. We feel our holdings are well
positioned for an inevitable upturn.                                            

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SELECT GROWTH TRUST 

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To seek long-term growth of capital by investing primarily  
  POLICIES:             in large cap equity securities (securities of companies with
                        at least $2 billion in market capitalization). The portfolio
                        may also invest up to 20% of its assets in mid cap          
                        securities and in securities of any market capitalization   
                        that Roxbury believes may have prospects for significant    
                        appreciation in the price of the security (i.e. corporate   
                        restructurings).                                            
SUBADVISER:             Roxbury Capital Management, LLC                             
PORTFOLIO MANAGERS:     Anthony Browne, David Garza, David Kahn and Kevin Riley     
INCEPTION DATE:         July 16, 2001                                               

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[INTERNET TECHNOLIGIES TRUST]                                                   

                                                                [Download Table]

      SELECT GROWTH TRUST SERIES I  RUSSELL 1000 GROWTH INDEX
      ----------------------------  -------------------------
                                                             
Jun.                                                         
2001             10000                        10000          
Jul.                                                         
2001             10088                         9750          
Aug.                                                         
2001              9360                         8953          
Sep.                                                         
2001              8480                         8059          
Oct.                                                         
2001              8712                         8482          
Nov.                                                         
2001              9544                         9297          
Dec.                                                         
2001              9504                         9279          
Jan.                                                         
2002              9176                         9115          
Feb.                                                         
2002              8856                         8737          
Mar.                                                         
2002              9224                         9039          
Apr.                                                         
2002              8257                         8301          
May                                                          
2002              8113                         8101          
Jun.                                                         
2002              7441                         7351          
Jul.                                                         
2002              6977                         6947          
Aug.                                                         
2002              7025                         6968          
Sep.                                                         
2002              6305                         6245          
Oct.                                                         
2002              6785                         6818          
Nov.                                                         
2002              6977                         7188          
Dec.                                                         
2002              6592                         6863          

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                  Average Annual Total Return  Cumulative Total Return
                                                     Since              Since         
Periods Ending December 31, 2002   1 Year          Inception          Inception       
                                                                                      
Russell 1000 Growth Index*        -27.89%          -23.33%         -31.37%            
Select Growth Trust Series I      -30.64%          -24.83%         -34.08%            

 * All since inception returns for the indices begin on the month-end closest to
the actual inception date of the Trust.                                   
** Performance does not reflect any insurance related charges. If these charges 
   were reflected, performance would be lower. Past performance does not predict
   future results. Total return would have been lower had operating expenses not
been reduced.                                                             

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Select Growth Trust Series I returned       
-30.64%, underperforming the -27.89% return of the Russell 1000 Growth Index.   

ENVIRONMENT: Large cap growth was the second worst performing style during 2002,
while mid cap value was the best performer for the year. During the fourth      
quarter, our portfolio was overweight the Consumer Discretionary and Financial  
Services sectors versus the Index. We were also underweight the Consumer        
Staples, Health Care and Technology sectors versus our benchmark. Our stock     
selection and sector weight in Health Care contributed to our relative          
performance in the fourth quarter. Our weighting in Telecommunications and      
Information Technology detracted from returns, while stock selection in         
Industrials caused relative underperformance. The rally within the Information  
Technology and Telecommunications Services sectors was lead by stocks that had  
suffered the worst declines throughout the year. Many of these businesses       
continue to show negative earnings and revenue prospects.                       

OUTLOOK: We believe the drivers of equity performance are decidedly improved in 
2003. Following several years of both high productivity and dramatic cost       
reductions, we believe modest top-line revenue growth is being translated into  
real earnings power for high-quality companies. In the fourth quarter of 2002,  
companies in the S&P 500 Index will translate 4%-5% revenue growth into 13%-15% 
profit growth on a year-over-year basis. As offsets, the threat of an Iraqi     
confrontation, budget deficits and a stubborn job market should keep the equity 
risk premium at above-average levels. Every period has its concerns, however,   
and we believe the critical ingredients for a stronger market -- corporate      
earnings and investor confidence -- will respond positively.                    

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GLOBAL EQUITY SELECT TRUST

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To seek long-term capital appreciation by investing         
  POLICIES:             primarily in equity securities, including American and      
                        Global Depository Receipts and common stocks of relatively  
                        large U.S. and non-U.S. companies. These companies will have
                        market capitalizations in the range of the Morgan Stanley   
                        Capital International (MSCI) World Index. Lazard believes   
                        these companies are undervalued based on earnings, cash flow
                        or asset values.                                            
SUBADVISER:             Lazard Asset Management                                     
PORTFOLIO MANAGERS:     Herbert W. Gullquist, John R. Reinsberg and Ronald Saba     
INCEPTION DATE:         July 16, 2001                                               

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[INTERNET TECHNOLIGIES TRUST]                                                   

                                                                [Download Table]

      GLOBAL EQUITY SELECT TRUST SERIES I  MSCI WORLD INDEX
      -----------------------------------  ----------------
                                                           
Jun.                                                       
2001                 10000                      10000      
Jul.                                                       
2001                 10112                       9868      
Aug.                                                       
2001                  9864                       9396      
Sep.                                                       
2001                  9257                       8569      
Oct.                                                       
2001                  9289                       8735      
Nov.                                                       
2001                  9633                       9253      
Dec.                                                       
2001                  9761                       9312      
Jan.                                                       
2002                  9401                       9031      
Feb.                                                       
2002                  9569                       8954      
Mar.                                                       
2002                  9905                       9352      
Apr.                                                       
2002                  9761                       9037      
May                                                        
2002                  9801                       9058      
Jun.                                                       
2002                  9401                       8510      
Jul.                                                       
2002                  8617                       7794      
Aug.                                                       
2002                  8649                       7810      
Sep.                                                       
2002                  7785                       6952      
Oct.                                                       
2002                  8457                       7467      
Nov.                                                       
2002                  8649                       7871      
Dec.                                                       
2002                  8432                       7592      

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                     Average Annual Total Return  Cumulative Total Return
                                                        Since              Since         
Periods Ending December 31, 2002      1 Year          Inception          Inception       
                                                                                         
MSCI World Index*                    -19.54%          -17.67%         -24.08%            
Global Equity Select Trust Series I  -13.61%          -11.02%         -15.68%            

 * All since inception returns for the indices begin on the month-end closest to
the actual inception date of the Trust.                                   
** Performance does not reflect any insurance related charges. If these charges 
   were reflected, performance would be lower. Past performance does not predict
   future results. Total return would have been lower had operating expenses not
been reduced.                                                             

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Global Equity Select Trust Series I returned
-13.61%, outperforming the -19.54% return of the MSCI World Index.              

ENVIRONMENT: Global stocks declined for the third consecutive year in 2002. The 
portfolio defended well in the decline, falling less than the overall market,   
although unable to avoid weakness entirely.                                     

Concerns over terrorism, impending war and fall-out from U.S. accounting        
scandals weighed heavily on the markets. Adding to market anxiety were          
slower-than-expected economic growth worldwide and continued weakness in        
corporate spending and investment. European markets suffered additional setbacks
triggered by massive floods and the fact that insurers were forced to sell      
equities in an attempt to strengthen their balance sheets. The decline was very 
broad-based. U.S. stocks lagged behind other developed markets, but European    
markets and Japanese stocks still fell. The Technology and Telecommunications   
sectors continued to experience widespread selling. No market sectors were      
completely spared, but economically defensive sectors such as Consumer Staples  
outperformed the market. A fourth-quarter rally was led by groups that were     
weakest earlier in the year, including Technology and Telecommunications stocks,
and European insurers. However, the rebound began to fade in December.          

The portfolio's Consumer Staples holdings performed well and their valuations   
remain attractive because their earnings have been resilient. Our European      
energy holdings also performed well due to both their defensive characteristics 
and attractive relative valuations. However, our financial holdings slid in the 
wake of economic turmoil in Latin America, capital markets weakness, and claims 
arising from the World Trade Center attack and the German floods. Technology    
holdings also experienced weakness. However, we feel our holdings are well      
positioned for an inevitable upturn.                                            

OUTLOOK: We are hopeful that the worst of the bear market is behind us in light 
of the magnitude and duration of this decline. Fortunately, the market weakness 
has created many buying opportunities for disciplined investors, and we continue
to seek to identify attractive relative value opportunities. During the year, we
were able to buy companies with long histories of high financial productivity at
very attractive valuations amid market volatility.                              

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REAL ESTATE SECURITIES TRUST

                                                                [Download Table]
                                                                                   
INVESTMENT OBJECTIVE &  The portfolio invests, under normal market conditions, at  
  POLICIES:             least 80% of net assets (plus any borrowings for investment
                        purposes) in equity securities of real estate investment   
                        trusts ("REITS") and real estate companies. Equity         
                        securities include common stock, preferred stock and       
                        securities convertible into common stock.                  
SUBADVISER:             Deutsche Asset Management                                  
PORTFOLIO MANAGERS:     Karen Knudson, John F. Robertson, John W. Vojtick and Mark 
                        D. Zeisloft                                                
INCEPTION DATE:         April 30, 1987++                                           

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[REAL ESTATE TRUST]                                                             

                                                                [Download Table]

          REAL ESTATE TRUST SERIES I  WILSHIRE REAL ESTATE SECURITIES
          --------------------------  -------------------------------
                                                                     
Dec.1992           10000.00                       10000.00           
                   10415.00                       10695.00           
                   10696.00                       11213.00           
                   11712.00                       11965.00           
                   11241.00                       11287.00           
                   11049.00                       11109.00           
                   11309.00                       11400.00           
                   11486.00                       11632.00           
                   11843.00                       11874.00           
                   12418.00                       12414.00           
                   12378.00                       12064.00           
                   11769.00                       11538.00           
Dec.1993           12262.00                       11524.00           
                   12480.00                       11870.00           
                   13196.00                       12355.00           
                   12711.00                       11783.00           
                   12652.00                       11915.00           
                   12826.00                       12163.00           
                   12635.00                       11924.00           
                   12376.00                       11951.00           
                   12524.00                       11943.00           
                   12212.00                       11743.00           
                   11622.00                       11313.00           
                   11117.00                       10871.00           
Dec.1994           11923.00                       11713.00           
                   11551.00                       11335.00           
                   11785.00                       11690.00           
                   11740.00                       11758.00           
                   11740.00                       11673.00           
                   12204.00                       12059.00           
                   12619.00                       12269.00           
                   12845.00                       12467.00           
                   13191.00                       12619.00           
                   13333.00                       12851.00           
                   12992.00                       12453.00           
                   12986.00                       12582.00           
Dec.1995           13727.00                       13312.00           
                   13868.00                       13496.00           
                   13978.00                       13763.00           
                   13891.00                       13874.00           
                   13915.00                       13937.00           
                   14305.00                       14248.00           
                   14554.00                       14533.00           
                   14501.00                       14403.00           
                   15113.00                       15015.00           
                   15380.00                       15391.00           
                   15915.00                       15808.00           
                   16496.00                       16464.00           
Dec.1996           18489.00                       18221.00           
                   18435.00                       18481.00           
                   18446.00                       18492.00           
                   18522.00                       18555.00           
                   17868.00                       17956.00           
                   18435.00                       18491.00           
                   19449.00                       19408.00           
                   20038.00                       20047.00           
                   19777.00                       19898.00           
                   21642.00                       21860.00           
                   20966.00                       20931.00           
                   21358.00                       21352.00           
Dec.1997           21893.00                       21828.00           
                   21598.00                       21520.00           
                   21271.00                       21245.00           
                   21849.00                       21663.00           
                   21055.00                       20981.00           
                   20943.00                       20779.00           
                   20869.00                       20669.00           
                   19432.00                       19231.00           
                   17513.00                       17233.00           
                   18565.00                       18198.00           
                   18231.00                       17948.00           
                   18503.00                       18286.00           
Dec.1998           18293.00                       18024.00           
                   17748.00                       17633.00           
                   17438.00                       17494.00           
                   17191.00                       17399.00           
                   18892.00                       19254.00           
                   19206.00                       19580.00           
                   18722.00                       19247.00           
                   18031.00                       18510.00           
                   17743.00                       18232.00           
                   16986.00                       17410.00           
                   16738.00                       17086.00           
                   16359.00                       16818.00           
Dec.1999           16829.00                       17450.00           
                   16359.00                       17521.00           
                   15863.00                       17187.00           
                   16895.00                       17940.00           
                   17772.00                       19219.00           
                   18044.00                       19449.00           
                   18139.00                       20105.00           
                   19321.00                       21910.00           
                   19158.00                       21121.00           
                   19688.00                       21808.00           
                   19145.00                       20861.00           
                   19498.00                       21331.00           
Dec.2000           21156.00                       22813.00           
                   20979.00                       23041.00           
                   20490.00                       22562.00           
                   20381.00                       22580.00           
                   20880.00                       23118.00           
                   21091.00                       23765.00           
                   22216.00                       25051.00           
                   21681.00                       24550.00           
                   22300.00                       25406.00           
                   21147.00                       23900.00           
                   20388.00                       23006.00           
                   21344.00                       24497.00           
Dec.2001           21822.00                       25207.00           
                   21822.00                       25315.00           
                   22244.00                       25895.00           
                   23636.00                       27488.00           
                   23749.00                       27658.00           
                   24256.00                       27938.00           
                   24749.00                       28510.00           
                   23241.00                       26745.00           
                   23444.00                       26756.00           
                   22589.00                       25574.00           
                   21342.00                       24300.00           
                   22154.00                       25503.00           
Dec.2002           22386.00                       25875.00           

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                                                          Cumulative Total Return   
                                           Average Annual Total Return                       Since  
Periods Ending December 31, 2002           1 Year    5 Year    10 Year  5 Year   10 Year   Inception
                                                                                                    
Wilshire Real Estate Securities Index*     2.65%     3.46%      9.97%   18.54%   158.75%            
Morgan Stanley REIT Index*+                3.98%     3.36%        N/A   17.99%       N/A            
Real Estate Securities Trust Series I      2.58%     0.45%      8.39%    2.25%   123.86%            
Real Estate Securities Trust Series II+++                                                      3.05%

 + The Morgan Stanley REIT Index commenced on December 30, 1994, therefore the
10 year return period is not applicable for this index.                 
++ Current subadviser assignment became effective November 25, 2002.        
+++ Series II inception date: January 28, 2002                                  
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.                              
 ** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not   
predict future results.                                                 

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For 2002, the Real Estate Securities Trust Series I returned 2.58%,
underperforming the 2.65% return of the Wilshire Real Estate Securities Index.  

ENVIRONMENT: In 2002, REITs returned positive absolute returns for the third    
year in a row. The best performing REIT sectors were those that were linked to  
the strength of the consumer economy -- Regional Mall REITs had a total return  
of 25.3%, Shopping Centers rose 15.7% and a reasonably healthy Industrial sector
rose 17.2%. The Office and Apartment sectors were the poorest performers, with  
-5.4% and -5.8% returns respectively.                                           

Despite the Trust's overweight in the Office sector, positive stock selection   
helped us add value in that sector overall, as did our underweight in the Health
Care segment. In addition, the Trust's overweight and stock selection in the    
Regional Mall and Industrial sectors helped our performance during the year,    
while our underweight in the Shopping Center sector detracted from it.          

OUTLOOK: Over the long term, we believe REITs will continue to have the         
potential to provide returns as attractive as the overall equity market. With   
economic conditions expected to improve as we move through 2003, it is our      
expectation that real estate fundamentals will also improve. Given these        
expectations, the attractive valuation of REITs relative to the broader market, 
the REIT market's current income potential and a trading discount to underlying 
net asset value of 5%, we expect the REIT universe to deliver attractive total  
returns in 2003.                                                                

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CORE VALUE TRUST

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To seek long-term capital appreciation by investing the     
  POLICIES:             portfolio's assets, under normal market conditions,         
                        primarily in equity and equity-related securities of        
                        companies with market capitalizations greater than $1       
                        billion at the time of purchase. Rorer seeks to select      
                        securities for the portfolio it believes to be undervalued  
                        relative to the stock market in general.                    
SUBADVISER:             Rorer Asset Management, LLC                                 
PORTFOLIO MANAGERS:     James G. Hesser, Edward C. Rorer and Clifford B. Storms, Jr.
INCEPTION DATE:         July 16, 2001                                               

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[INTERNET TECHNOLIGIES TRUST]                                                   

                                                                [Download Table]

      CORE VALUE TRUST SERIES I  RUSSELL 1000 VALUE INDEX
      -------------------------  ------------------------
                                                         
Jun.                                                     
2001            10000                     10000          
Jul.                                                     
2001            10040                      9979          
Aug.                                                     
2001             9520                      9579          
Sep.                                                     
2001             9032                      8905          
Oct.                                                     
2001             9048                      8828          
Nov.                                                     
2001             9479                      9341          
Dec.                                                     
2001             9519                      9561          
Jan.                                                     
2002             9471                      9488          
Feb.                                                     
2002             9471                      9503          
Mar.                                                     
2002             9767                      9953          
Apr.                                                     
2002             9415                      9611          
May                                                      
2002             9287                      9659          
Jun.                                                     
2002             8702                      9105          
Jul.                                                     
2002             7972                      8258          
Aug.                                                     
2002             7908                      8321          
Sep.                                                     
2002             7211                      7396          
Oct.                                                     
2002             7748                      7943          
Nov.                                                     
2002             7957                      8444          
Dec.                                                     
2002             7537                      8094          

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                  Average Annual Total Return                         
                                                     Since     Cumulative Total Return
Periods Ending December 31, 2002   1 Year          Inception       Since Inception    
                                                                                      
Russell 1000 Value Index*         -15.52%          -13.86%         -19.06%            
Core Value Trust Series I         -20.82%          -17.60%         -24.63%            

 * All since inception returns for the indices begin on the month-end closest to
the actual inception date of the Trust.                                   
** Performance does not reflect any insurance related charges. If these charges 
   were reflected, performance would be lower. Past performance does not predict
   future results. Total return would have been lower had operating expenses not
been reduced.                                                             

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Core Value Trust Series I returned -20.82%, 
underperforming the -15.52% return of the Russell 1000 Value Index.             

ENVIRONMENT: The year 2002 marked the first time since 1939-1941 that the market
experienced losses for three consecutive years. Investor psychology remained    
downbeat amid escalating tensions with Iraq and North Korea, soft economic news,
the continued fallout from corporate malfeasance, and further declines in equity
values. The Trust's best performing sectors were Consumer Staples, Industrials, 
and Health Care while the Utilities, Technology and Discretionary sectors       
lagged.                                                                         

OUTLOOK: We begin 2003 with confrontation looming in Iraq, North Korea          
threatening to restart its nuclear weapons program, the risk of terrorism       
lingering, and uneven economic news. These uncertainties are weighing on        
confidence, acting as a headwind for the economy and market. Nonetheless, we    
remain confident that low interest rates, money supply growth, robust           
productivity, a positive turn in inventories, and favorable fiscal policy will  
promote continued economic growth. Furthermore, corporate earnings, the         
foundation of market performance, are now increasing at a reasonable pace.      
Consequently, the business cycle should also help accelerate growth. That is, as
profits improve, business investment, which has been depressed for a few years, 
and employment should both increase.                                            

Fortunately, a four-year streak of losses for stocks, albeit possible, seems    
unlikely, in our opinion. The only such period in the 20th century, 1929-1932,  
was marked by severely misguided fiscal and monetary policies, issues not       
present today. Furthermore, most of the uncertainties mentioned above are cast  
behind us, a major cloud will be lifted and investors will likely be more       
comfortable holding equities.                                                   

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HIGH GRADE BOND TRUST 

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To seek to maximize total return, consistent with the       
  POLICIES:             preservation of capital and prudent investment management by
                        investing at least 80%, under normal market conditions, in  
                        investment grade, fixed income securities of varying        
                        maturities.                                                 
SUBADVISER:             Allegiance Capital, Inc.                                    
PORTFOLIO MANAGERS:     William Mawhorter                                           
INCEPTION DATE:         July 16, 2001                                               

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[LINE GRAPH]                                                                    

                                                                [Download Table]

                                          LEHMAN BROTHERS AGGREGATE BOND
          HIGH GRADE BOND TRUST SERIES I              INDEX             
          ------------------------------  ------------------------------
                                                                        
Jun.2001              10000                           10000             
Jul.2001              10112                           10224             
Aug.2001              10224                           10342             
Sep.2001              10432                           10462             
Oct.2001              10696                           10680             
Nov.2001              10400                           10533             
Dec.2001              10321                           10465             
Jan.2002              10387                           10550             
Feb.2002              10511                           10652             
Mar.2002              10263                           10476             
Apr.2002              10495                           10679             
May2002               10553                           10770             
Jun.2002              10702                           10863             
Jul.2002              10958                           10995             
Aug.2002              11181                           11181             
Sep.2002              11463                           11362             
Oct.2002              11372                           11309             
Nov.2002              11173                           11306             
Dec.2002              11457                           11287             

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                       Average Annual Total Return  Cumulative Total Return
                                                           Since             Since         
Periods Ending December 31, 2002       1 Year            Inception         Inception       
                                                                                           
Lehman Brothers Aggregate Bond Index*  10.27%              8.92%             12.87%        
High Grade Bond Trust Series I         11.01%              9.76%             14.57%        
High Grade Bond Trust Series II+++                                            1.77%        

+++ Series II inception date: November 25, 2002.                                
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.                              
 ** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not   
predict future results. Total return would have been lower had operating
expenses not been reduced.                                              

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the High Grade Bond Trust Series I returned     
+11.01%, outperforming the +10.27% return of the Lehman Brothers Aggregate Bond 
Index.                                                                          

ENVIRONMENT: Interest rates rose early in the year, then declined through much  
of 2002, ending the year significantly lower, reaching their lowest levels in   
more than 40 years. Corporate bonds outperformed Treasuries during the first    
quarter. With the decline of the stock market, Treasuries outperformed corporate
bonds during the second and third quarters, only to lose to corporate bonds     
during the fourth quarter as stocks rallied. For the year, corporate bonds      
underperformed U.S. Treasuries. The Trust invests strictly in AAA securities,   
excluding all corporate bonds. This exclusion of corporate bonds, when coupled  
with the Trust's investment focus in intermediate maturity issues during the    
second and third quarters, and then to blanket across the yield curve during the
fourth quarter, enabled the Trust to provide a 2002 return above the benchmark. 

OUTLOOK: We believe the economy will continue to be weak. Business investment   
has not begun to rebound to a level needed for sustained economic growth,       
corporate profits are lackluster, and car and retail sales have weakened. The   
threat of war with Iraq, coupled with concerns about Venezuela and North Korea, 
hang over the political spectrum. U.S. and state-level deficits are rising, the 
U.S. balance of payments is at record negative levels, and deflation concerns   
are surfacing.                                                                  

We expect the 10-year Treasury to trade in a narrow yield range from 3 3/4 % to 
4 1/2/4 3/4% throughout 2003. We expect the bond market's return to be in a     
range of 4% to 6 1/2%. Corporate profit margins are expected to remain under    
pressure, and the stock market volatile without a sustained upward movement.    

Mortgage-Backed Securities are currently limited in our investments due to the  
high level of refinancing activity. As this level modulates, we will begin to   
add a significant Mortgage-Backed position to the portfolio to take advantage of
the very wide yield spread advantage of Mortgage-Backed issues to Treasuries.   

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SMALL CAP INDEX TRUST 

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To achieve the approximate aggregate total return of a small
  POLICIES:             cap U.S. domestic equity market index by attempting to track
                        the performance of the Russell 2000 Index.# The portfolio   
                        invests at least 80% of its net assets in (a) the common    
                        stocks that are included in the Russell 2000 Index and (b)  
                        securities (which may or may not be included in the Russell 
                        2000 Index) that MFC believes as a group will behave in a   
                        manner similar to the index.                                
SUBADVISER:             MFC Global Investment Management (U.S.A.) Limited           
PORTFOLIO MANAGERS:     Martin Ayow and Ram Brahmachari                             
INCEPTION DATE:         May 1, 2000                                                 

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[LINE GRAPH]

                                                                [Download Table]

           SMALL CAP INDEX TRUST SERIES I  RUSSELL 2000 INDEX
           ------------------------------  ------------------
                                                             
Apr. 2000             10000.00                  10000.00     
May. 2000              9168.00                   9186.00     
Jun. 2000             10000.00                   9987.00     
Jul. 2000              9728.00                   9665.00     
Aug. 2000             10375.00                  10403.00     
Sep. 2000             10112.00                  10097.00     
Oct. 2000              9656.00                   9647.00     
Nov. 2000              8704.00                   8656.00     
Dec. 2000              9362.00                   9400.00     
Jan. 2001              9826.00                   9889.00     
Feb. 2001              9187.00                   9241.00     
Mar. 2001              8740.00                   8789.00     
Apr. 2001              9412.00                   9476.00     
May 2001               9636.00                   9709.00     
Jun. 2001              9960.00                  10044.00     
Jul. 2001              9396.00                   9501.00     
Aug. 2001              9089.00                   9194.00     
Sep. 2001              7870.00                   7956.00     
Oct. 2001              8318.00                   8422.00     
Nov. 2001              8957.00                   9074.00     
Dec. 2001              9503.00                   9633.00     
Jan. 2002              9402.00                   9532.00     
Feb. 2002              9149.00                   9271.00     
Mar. 2002              9865.00                  10016.00     
Apr. 2002              9949.00                  10107.00     
May. 2002              9494.00                   9659.00     
Jun. 2002              9031.00                   9180.00     
Jul. 2002              7641.00                   7793.00     
Aug. 2002              7607.00                   7773.00     
Sep. 2002              7060.00                   7215.00     
Oct. 2002              7279.00                   7446.00     
Nov. 2002              7911.00                   8111.00     
Dec. 2002              7462.00                   7659.00     

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                    Average Annual Total Return  Cumulative Total Return
                                                        Since             Since         
Periods Ending December 31, 2002     1 Year           Inception         Inception       
                                                                                        
Russell 2000 Index                   -20.48%            -9.51%           -23.41%        
Small Cap Index Trust Series I       -21.47%           -10.39%           -25.38%        
Small Cap Index Trust Series II+++                                       -19.95%        

+++ Series II inception date: January 28, 2002                                  
** Performance does not reflect any insurance related charges. If these     
   charges were reflected, performance would be lower. Past performance does
not predict future results.                                           

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Small Cap Index Trust Series I returned     
-21.47%, compared to the -20.48% return of the Russell 2000 Index.              

ENVIRONMENT: There were signs early in 2002 that the U.S. economy was turning   
around. However, despite modest growth and declining unemployment claims,       
concerns regarding improper accounting and corporate scandals continued to drag 
the markets lower, until they reached a bottom in late October. The Federal     
Reserve kept rates constant for most of 2002, but in November, with consumer    
confidence at a 10-month low and growing concern about war, it cut rates by one 
half percent. The Fed signaled that further cuts are unlikely soon and changed  
its bias to neutral. Health Care and Consumer Discretionary were the strongest  
performers in the Russell 2000 Index, with returns of 10.95% and 8.68%,         
respectively. Producer Durables, Financial Services and Consumer Staples also   
made gains in 2002. Technology, Integrated Oils, Materials, Utilities and Energy
all had double-digit negative returns. The yearly rebalancing of the Index took 
place on June 28. The Index turnover was over 25%. The weighting of the         
Technology and Health Care sectors was increased, and the weighting of the      
Financial sector was reduced.                                                   

OUTLOOK: The prospect of a U.S.-led attack on Iraq and the persistent threat of 
terrorism are inhibiting spending by both consumers and businesses, and continue
to be near-term risks. On the positive side, real disposable income was up at   
year end, confidence indicators appear to have bottomed, and payroll employment 
turned positive mid year. These should all help boost consumer spending once the
war uncertainty has been settled. We expect earnings will improve in 2003 as    
profit margins improve, due in part to productivity enhancements. The federal   
stimulus plan that has been proposed includes eliminating the double taxation of
dividends on stocks. In fact, this is the biggest part of the plan, accounting  
for more than half its estimated cost. It seems certain that a meaningful       
stimulus plan will be passed in time to stimulate growth this year, and stocks  
will benefit accordingly.                                                       
---------------                                                                 

# "Standard & Poor's(R)," "Standard & Poor's 500(R)," and "S&P 500(R)," are     
trademarks of The McGraw-Hill Companies, Inc. "Russell 1000(R)," "Russell   
2000(R)," "Russell 3000(R)," and "Russell Midcap(R)" are trademarks of Frank
Russell Company. "Wilshire 5000(R)" is a trademark of Wilshire Associates.  
"Morgan Stanley European Australian Far East Free(R)," "EAFE(R)," and       
"MSCI(R)" are trademarks of Morgan Stanley & Co. Incorporated. "Lehman      
 Brothers(R)" is a registered trademark of Lehman Brothers Inc. "Lipper(R)" is
a registered trademark of Reuters S. A. None of the Index Trusts are        
sponsored, endorsed, managed, advised, sold or promoted by any of these     
companies, and none of these companies make any representation regarding the
advisability of investing in the Trust.                                     

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INTERNATIONAL INDEX TRUST 

                                                                [Download Table]
                                                                                 
INVESTMENT OBJECTIVE &  To achieve the approximate aggregate total return of a   
  POLICIES:             foreign equity market index by attempting to track the   
                        performance of the Morgan Stanley European Australian Far
                        East Free Index (the MSCI EAFE Index).# The portfolio    
                        invests at least 80% of its net assets in (a) the common 
                        stocks that are included in the MSCI EAFE Index and (b)  
                        securities (which may or may not be included in the MSCI 
                        EAFE Index) that MFC believes as a group will behave in a
                        manner similar to the index.                             
SUBADVISER:             MFC Global Investment Management (U.S.A.) Limited        
PORTFOLIO MANAGERS:     Martin Ayow and Ram Brahmachari                          
INCEPTION DATE:         May 1, 2000                                              

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
(LINE GRAPH)

                                                                [Download Table]

          INTERNATIONAL INDEX TRUST SERIES I  MSCI EAFE INDEX
          ----------------------------------  ---------------
                                                             
Apr-2000               10000.00                   10000.00   
May-2000                9784.00                    9681.00   
Jun-2000               10112.00                   10062.00   
Jul-2000                9704.00                    9642.00   
Aug-2000                9776.00                    9728.00   
Sep-2000                9320.00                    9256.00   
Oct-2000                9080.00                    9039.00   
Nov-2000                8712.00                    8702.00   
Dec-2000                9016.00                    9013.00   
Jan-2001                9000.00                    9009.00   
Feb-2001                8318.00                    8334.00   
Mar-2001                7726.00                    7783.00   
Apr-2001                8294.00                    8328.00   
May-2001                7994.00                    8041.00   
Jun-2001                7686.00                    7715.00   
Jul-2001                7531.00                    7576.00   
Aug-2001                7345.00                    7385.00   
Sep-2001                6598.00                    6639.00   
Oct-2001                6752.00                    6809.00   
Nov-2001                6963.00                    7060.00   
Dec-2001                6996.00                    7102.00   
Jan-2002                6610.00                    6725.00   
Feb-2002                6667.00                    6773.00   
Mar-2002                7037.00                    7143.00   
Apr-2002                7053.00                    7194.00   
May-2002                7136.00                    7292.00   
Jun-2002                6848.00                    7004.00   
Jul-2002                6175.00                    6313.00   
Aug-2002                6142.00                    6301.00   
Sep-2002                5477.00                    5625.00   
Oct-2002                5756.00                    5928.00   
Nov-2002                6011.00                    6198.00   
Dec-2002                5796.00                    6024.00   

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                        Average Annual Total Return  Cumulative Total Return
                                                            Since             Since         
Periods Ending December 31, 2002         1 Year           Inception         Inception       
                                                                                            
MSCI EAFE Index                         -15.66%            -17.30%           -39.76%        
International Index Trust Series I      -17.15%            -18.48%           -42.04%        
International Index Trust Series II+++                                       -13.35%        

+++ Series II inception date: January 28, 2002                                  
** Performance does not reflect any insurance related charges. If these     
   charges were reflected, performance would be lower. Past performance does
not predict future results. Total return would have been lower had    
operating expenses not been reduced.                                  

PORTFOLIO MANAGER'S COMMENTARY                  
PERFORMANCE: For the year 2002, the International Index Trust Series I returned 
-17.15%, compared to the -15.66% return of the MSCI EAFE Index.                 

ENVIRONMENT: All of the EAFE sectors had negative returns for 2002. Information 
Technology was the worst performer, followed by Telecommunications Services,    
Financials and Industrials, all of which had high double-digit losses. Consumer 
Discretionary and Health Care also returned double-digit losses, with           
single-digit losses for Utilities, Energy, Materials and Consumer Staples.      
Similarly, most countries in the Index declined over 2002. Germany was the worst
performer, losing about 35% in value. New Zealand was the best performer,       
followed by Austria. The MSCI EAFE Index was rebalanced on May 31, 2002, in the 
second and final stage of the free float adjustment, in which MSCI converted the
entire Index to 100% free float. MSCI rebalanced the Index again on November 29.
There were no significant country or sector weight changes.                     

OUTLOOK: The European Central Bank cut its benchmark interest rate by a half    
percentage point, to 2.75%, in December. The Bank of England held its rate      
steady at 4.0%. Both banks are expected to hold rates constant for the first two
quarters of 2003. Structural reforms of the Japanese economy will be positive   
for the equity markets in the long run, but deflationary pressure on corporate  
earnings will be a cause for concern in the near term.                          

---------------                                                                 
# "Standard & Poor's(R)," "Standard & Poor's 500(R)," and "S&P 500(R)," are     
trademarks of The McGraw-Hill Companies, Inc. "Russell 1000(R)," "Russell   
2000(R)," "Russell 3000(R)," and "Russell Midcap(R)" are trademarks of Frank
Russell Company. "Wilshire 5000(R)" is a trademark of Wilshire Associates.  
"Morgan Stanley European Australian Far East Free(R)," "EAFE(R)," and       
"MSCI(R)" are trademarks of Morgan Stanley & Co. Incorporated. "Lehman      
 Brothers(R)" is a registered trademark of Lehman Brothers Inc. "Lipper(R)" is
a registered trademark of Reuters S. A. None of the Index Trusts are        
sponsored, endorsed, managed, advised, sold or promoted by any of these     
companies, and none of these companies make any representation regarding the
advisability of investing in the Trust.                                     

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MID CAP INDEX TRUST 

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To achieve the approximate aggregate total return of a mid  
  POLICIES:             cap U.S. domestic equity market index by attempting to track
                        the performance of the S&P Mid Cap 400 Index#. The portfolio
                        invests at least 80% of its net assets in (a) the common    
                        stocks that are included in the S&P 400 Index and (b)       
                        securities (which may or may not be included in the S&P 400 
                        Index) that MFC believes as a group will behave in a manner 
                        similar to the index.                                       
SUBADVISER:             MFC Global Investment Management (U.S.A.) Limited           
PORTFOLIO MANAGERS:     Martin Ayow and Ram Brahmachari                             
INCEPTION DATE:         May 1, 2000                                                 

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[LINE GRAPH]

                                                                [Download Table]

           MID CAP INDEX TRUST SERIES I  S&P MIDCAP 400 INDEX
           ----------------------------  --------------------
                                                             
Apr. 2000            10000.00                  10000.00      
May 2000              9752.00                   9742.00      
Jun. 2000             9920.00                   9885.00      
Jul. 2000            10056.00                  10041.00      
Aug. 2000            11160.00                  11162.00      
Sep. 2000            11087.00                  11085.00      
Oct. 2000            10695.00                  10709.00      
Nov. 2000             9918.00                   9901.00      
Dec. 2000            10715.00                  10658.00      
Jan. 2001            10877.00                  10896.00      
Feb. 2001            10248.00                  10274.00      
Mar. 2001             9490.00                   9510.00      
Apr. 2001            10527.00                  10559.00      
May 2001             10764.00                  10805.00      
Jun. 2001            10715.00                  10762.00      
Jul. 2001            10552.00                  10602.00      
Aug. 2001            10209.00                  10255.00      
Sep. 2001             8944.00                   8979.00      
Oct. 2001             9336.00                   9376.00      
Nov. 2001            10021.00                  10074.00      
Dec. 2001            10529.00                  10595.00      
Jan. 2002            10470.60                  10540.00      
Feb. 2002            10479.00                  10553.00      
Mar. 2002            11217.80                  11307.00      
Apr. 2002            11144.90                  11254.00      
May. 2002            10956.50                  11064.00      
Jun. 2002            10151.20                  10254.00      
Jul. 2002             9157.42                   9261.00      
Aug. 2002             9198.63                   9308.00      
Sep. 2002             8450.78                   8558.00      
Oct. 2002             8812.48                   8929.00      
Nov. 2002             9321.84                   9445.00      
Dec. 2002             8932.18                   9057.00      

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                  Average Annual Total Return  Cumulative Total Return
                                                     Since              Since         
Periods Ending December 31, 2002   1 Year          Inception          Inception       
                                                                                      
S&P Mid Cap 400 Index             -14.51%            -3.64%             -9.43%        
Mid Cap Index Trust Series I      -15.16%            -4.14%            -10.67%        
Mid Cap Index Trust Series II+++                                       -15.07%        

+++ Series II inception date: January 28, 2002                                  
** Performance does not reflect any insurance related charges. If these     
   charges were reflected, performance would be lower. Past performance does
not predict future results.                                           

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Mid Cap Index Trust Series I returned       
-15.16%, underperforming the -14.51% return of the S&P 400 Index.               

ENVIRONMENT: There were signs early in 2002 that the U.S. economy was turning   
around. However, despite modest growth and declining unemployment claims,       
concerns regarding improper accounting and corporate scandals continued to drag 
the markets lower, until they reached a bottom in late October. The Federal     
Reserve kept rates constant for most of 2002, but in November, with consumer    
confidence at a 10-month low and growing concern about war, it cut rates by one 
half percent. The Fed signaled that further cuts are unlikely soon and changed  
its bias to neutral. In 2002, the S&P 400 Index's best-performing sectors were  
Energy and Consumer Staples, which returned 7.5% and 3.4%, respectively.        
Telecommunication Services and Information Technology were the worst sectors,   
with returns lower than -40%. Scheduled quarterly rebalancings of the Index     
occurred in each quarter of 2002, with no major consequences. More significant  
were the individual index changes that took place throughout the year.          

OUTLOOK: The prospect of a U.S.-led attack on Iraq and the persistent threat of 
terrorism are inhibiting spending by both consumers and businesses, and continue
to be near-term risks. On the positive side, real disposable income was up at   
year end, confidence indicators appear to have bottomed, and payroll employment 
turned positive mid year. These should all help boost consumer spending once the
war uncertainty has been settled. We expect earnings will improve in 2003 as    
profit margins improve, due in part to productivity enhancements. The federal   
stimulus plan that has been proposed includes eliminating the double taxation of
dividends on stocks. In fact, this is the biggest part of the plan, accounting  
for more than half its estimated cost. It seems certain that a meaningful       
stimulus plan will be passed in time to stimulate growth this year, and stocks  
will benefit accordingly.                                                       
---------------                                                                 

# "Standard & Poor's(R)," "Standard & Poor's 500(R)," and "S&P 500(R)" are      
trademarks of The McGraw-Hill Companies, Inc. "Russell 1000(R)," "Russell   
2000(R)," "Russell 3000(R)," and "Russell MidCap(R)" are trademarks of Frank
Russell Company. "Wilshire 5000(R)" is a trademark of Wilshire Associates.  
"Morgan Stanley European Australian Far East Free(R)," "EAFE(R)," and       
"MSCI(R)" are trademarks of Morgan Stanley & Co. Incorporated. "Lehman      
 Brothers(R)" is a registered trademark of Lehman Brothers Inc. "Lipper(R)" is
  a registered trademark of Reuters S.A. None of the Index Trusts are sponsored,
endorsed, managed, advised, sold or promoted by any of these companies, and 
 none of these companies make any representation regarding the advisability of
investing in the Trust.                                                     

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TOTAL STOCK MARKET INDEX TRUST

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To achieve the approximate aggregate total return of a broad
  POLICIES:             U.S. domestic equity market index by attempting to track the
                        performance of the Wilshire 5000 Index#. The portfolio      
                        invests at least 80% of its net assets in (a) the common    
                        stocks that are included in the Wilshire 5000 Index and (b) 
                        securities (which may or may not be included in the Wilshire
                        5000 Index) that MFC believes as a group will behave in a   
                        manner similar to the index.                                
SUBADVISER:             Manufacturers Adviser Corporation                           
PORTFOLIO MANAGERS:     Martin Ayow and Ram Brahmachari                             
INCEPTION DATE:         May 1, 2000                                                 

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[LINE GRAPH]

                                                                [Download Table]

                                TOTAL STOCK MARKET INDEX TRUST
           WILSHIRE 5000 INDEX             SERIES I           
           -------------------  ------------------------------
                                                              
Apr. 2000        10000.00                 10000.00            
May 2000          9519.00                  9480.00            
Jun. 2000         9939.00                  9960.00            
Jul. 2000         9736.00                  9744.00            
Aug. 2000        10443.00                 10431.00            
Sep. 2000         9955.00                  9952.00            
Oct. 2000         9744.00                  9768.00            
Nov. 2000         8775.00                  8840.00            
Dec. 2000         8931.00                  8996.00            
Jan. 2001         9273.00                  9326.00            
Feb. 2001         8394.00                  8438.00            
Mar. 2001         7829.00                  7873.00            
Apr. 2001         8473.00                  8519.00            
May 2001          8557.00                  8600.00            
Jun. 2001         8414.00                  8447.00            
Jul. 2001         8275.00                  8310.00            
Aug. 2001         7774.00                  7801.00            
Sep. 2001         7076.00                  7107.00            
Oct. 2001         7256.00                  7284.00            
Nov. 2001         7811.00                  7834.00            
Dec. 2001         7951.00                  7969.00            
Jan. 2002         7852.00                  7855.91            
Feb. 2002         7691.00                  7701.15            
Mar. 2002         8027.00                  8026.91            
Apr. 2002         7635.00                  7636.00            
May. 2002         7546.00                  7538.26            
Jun. 2002         7015.00                  7000.78            
Jul. 2002         6449.00                  6439.32            
Aug. 2002         6487.00                  6479.89            
Sep. 2002         5836.00                  5828.66            
Oct. 2002         6283.00                  6276.30            
Nov. 2002         6661.00                  6651.00            
Dec. 2002         6293.00                  6273.22            

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                             Average Annual Total Return  Cumulative Total Return
                                                                Since              Since         
Periods Ending December 31, 2002             1 Year           Inception          Inception       
                                                                                                 
Wilshire 5000 Index                          -17.34%           -15.93%            -37.07%        
Total Stock Market Index Trust Series I      -21.29%           -16.03%            -37.27%        
Total Stock Market Index Trust Series II+++                                       -20.36%        

+++ Series II inception date: January 28, 2002                                  
** Performance does not reflect any insurance related charges. If these     
   charges were reflected, performance would be lower. Past performance does
not predict future results.                                           

PORTFOLIO MANAGER'S COMMENTARY

PERFORMANCE: For the year 2002, the Total Stock Market Index Trust Series I     
returned -21.29%, underperforming the -17.34% return of the Wilshire 5000 Index.

ENVIRONMENT: After a recession that started in March 2001, there were signs in  
2002 that the U.S. economy was going to turn around. The year began with        
economic expansion fueled by soaring consumer confidence and subsequent         
spending. Despite modest growth and declining unemployment claims, however,     
concerns regarding improper accounting and corporate scandals continued to drag 
the markets lower, until they reached a bottom in late October. The Federal     
Reserve kept rates constant for most of 2002, but in November, with consumer    
confidence at a 10-month low and growing concern about war, it cut rates by a   
half percent. The Fed signaled that further cuts are unlikely soon and changed  
its bias to neutral. Technology and Utilities were the worst performing sectors,
with losses of more than 30% in 2002. Capital Goods, Consumer Durables,         
Materials & Services and Consumer Non-Durables also had double-digit losses for 
the year.                                                                       

OUTLOOK: The prospect of a U.S.-led attack on Iraq and the persistent threat of 
terrorism are inhibiting spending by both consumers and businesses, and continue
to be near-term risks. On the positive side, real disposable income was up at   
year end, confidence indicators appear to have bottomed, and payroll employment 
turned positive mid year. These should all help boost consumer spending once the
war uncertainty has been settled. We expect earnings will improve in 2003 as    
profit margins improve, due in part to productivity enhancements. The federal   
stimulus plan that has been proposed includes eliminating the double taxation of
dividends on stocks. In fact, this is the biggest part of the plan, accounting  
for more than half its estimated cost. It seems certain that a meaningful       
stimulus plan will be passed in time to stimulate growth this year, and stocks  
will benefit accordingly.                                                       
---------------                                                                 

# "Standard & Poor's(R)," "Standard & Poor's 500(R)," and "S&P 500(R)" are      
trademarks of The McGraw-Hill Companies, Inc. "Russell 1000(R)," "Russell   
2000(R)," "Russell 3000(R)," and "Russell Midcap(R)" are trademarks of Frank
Russell Company. "Wilshire 5000(R)" is a trademark of Wilshire Associates.  
"Morgan Stanley European Australian Far East Free(R)," "EAFE(R)," and       
"MSCI(R)" are trademarks of Morgan Stanley & Co. Incorporated. "Lehman      
 Brothers(R)" is a registered trademark of Lehman Brothers Inc. "Lipper(R)" is
a registered trademark of Reuters S. A. None of the Index Trusts are        
sponsored, endorsed, managed, advised, sold or promoted by any of these     
companies, and none of these companies make any representation regarding the
advisability of investing in the Trust.                                     

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500 INDEX TRUST 

                                                                [Download Table]
                                                                                    
INVESTMENT OBJECTIVE &  To achieve the approximate aggregate total return of a broad
  POLICIES:             U.S. domestic equity market index by attempting to track the
                        performance of the S&P 500 Index#. The Trust invests, under 
                        normal market conditions, at least 80% of its net assets in 
                        (a) the common stocks that are included in the S&P 500 Index
                        and (b) securities (which may or may not be included in the 
                        S&P 500 Index) that MFC believes as a group will behave in a
                        manner similar to the index.                                
SUBADVISER:             MFC Global Investment Management (U.S.A.) Limited           
PORTFOLIO MANAGERS:     Martin Ayow and Ram Brahmachari                             
INCEPTION DATE:         May 1, 2000                                                 

CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES 
[LINEGRAPH] 

                                                                [Download Table]

           500 INDEX TRUST SERIES I  S&P 500 INDEX
           ------------------------  -------------
                                                  
Apr. 2000          10000.00             10000.00  
May 2000            9680.00              9689.00  
Jun. 2000           9896.00              9928.00  
Jul. 2000           9743.00              9773.00  
Aug. 2000          10344.00             10380.00  
Sep. 2000           9800.00              9832.00  
Oct. 2000           9767.00              9790.00  
Nov. 2000           9000.00              9019.00  
Dec. 2000           9043.00              9063.00  
Jan. 2001           9356.00              9385.00  
Feb. 2001           8498.00              8529.00  
Mar. 2001           7961.00              7989.00  
Apr. 2001           8570.00              8610.00  
May. 2001           8626.00              8667.00  
Jun. 2001           8410.00              8457.00  
Jul. 2001           8321.00              8374.00  
Aug. 2001           7800.00              7850.00  
Sep. 2001           7167.00              7215.00  
Oct. 2001           7303.00              7353.00  
Nov. 2001           7856.00              7917.00  
Dec. 2001           7924.00              7987.00  
Jan. 2002           7802.00              7870.00  
Feb. 2002           7649.00              7719.00  
Mar. 2002           7932.00              8009.00  
Apr. 2002           7447.00              7523.00  
May. 2002           7390.00              7468.00  
Jun. 2002           6858.00              6936.00  
Jul. 2002           6317.00              6395.00  
Aug. 2002           6357.00              6437.00  
Sep. 2002           5662.00              5738.00  
Oct. 2002           6163.00              6243.00  
Nov. 2002           6526.00              6610.00  
Dec. 2002           6139.00              6221.00  

PERFORMANCE TABLE** 

                                                        [Enlarge/Download Table]

                                  Average Annual Total Return  Cumulative Total Return
                                                      Since             Since         
Periods Ending December 31, 2002  1 Year            Inception         Inception       
                                                                                      
S&P 500 Index                     -22.10%            -16.29%           -37.79%        
500 Index Trust Series I          -22.53%            -16.71%           -38.61%        
500 Index Trust Series II+++                                           -21.59%        

+++ Series II inception date: January 28, 2002                              
** Performance does not reflect any insurance related charges. If these     
   charges were reflected, performance would be lower. Past performance does
not predict future results.                                           

PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2002, the 500 Index Trust Series I returned -22.53%,  
compared to the -22.10% return of the S&P 500 Index.                            

ENVIRONMENT: There were signs early in 2002 that the U.S. economy was turning   
around. However, despite modest growth and declining unemployment claims,       
concerns about improper accounting and corporate scandals continued to drag the 
markets lower, until they reached a bottom in late October. The Federal Reserve 
kept rates constant for most of 2002, but in November, with consumer confidence 
at a 10-month low and growing concerns about war, it cut rates one-half percent.
The Fed signaled that further cuts are unlikely soon and changed its bias to    
neutral. All the sectors in the S&P 500 Index were down in 2002. Information    
Technology and Telecommunication Services were the worst-performing sectors,    
with losses in excess of 35%. The best-performing sectors were Materials and    
Consumer Staples, at -7.71% and -6.31%, respectively. Scheduled quarterly       
rebalancings of the S&P 500 Index occurred in each quarter of 2002. There were  
no major consequences. More significant were the individual index changes that  
took place during the year, including the deletion of all non-U.S. stocks.      

OUTLOOK: The prospect of a U.S.-led attack on Iraq and the persistent threat of 
terrorism are inhibiting spending by both consumers and businesses, and continue
to be near-term risks. On the positive side, real disposable income was up at   
year end, confidence indicators appear to have bottomed, and payroll employment 
turned positive mid year. These should all help boost consumer spending once the
war uncertainty has been settled. We expect earnings will improve in 2003 as    
profit margins improve, due in part to productivity enhancements. The federal   
stimulus plan that has been proposed includes eliminating the double taxation of
dividends on stocks. In fact, this is the biggest part of the plan, accounting  
for more than half its estimated cost. It seems certain that a meaningful       
stimulus plan will be passed in time to stimulate growth this year, and stocks  
will benefit accordingly.                                                       
---------------                                                                 

# "Standard & Poor's(R)," "Standard & Poor's 500(R)," and "S&P 500(R)" are      
trademarks of The McGraw-Hill Companies, Inc. "Russell 1000(R)," "Russell   
2000(R)," "Russell 3000(R)," and "Russell Midcap(R)" are trademarks of Frank
Russell Company. "Wilshire 5000(R)" is a trademark of Wilshire Associates.  
"Morgan Stanley European Australian Far East Free(R)," "EAFE(R)," and       
"MSCI(R)" are trademarks of Morgan Stanley & Co. Incorporated. "Lehman      
 Brothers(R)" is a registered trademark of Lehman Brothers Inc. "Lipper(R)" is
a registered trademark of Reuters S. A. None of the Index Trusts are        
sponsored, endorsed, managed, advised, sold or promoted by any of these     
companies, and none of these companies make any representation regarding the
advisability of investing in the Trust.                                     

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REPORT OF INDEPENDENT ACCOUNTANTS                                               

To the Board of Trustees and Shareholders of Manufacturers Investment Trust:    

In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of  
changes in net assets and the financial highlights present fairly, in all       
material respects, the financial position of 14 of the portfolios (identified in
Note 1) comprising Manufacturers Investment Trust at December 31, 2002, the     
results of each of their operations, the changes in each of their net assets and
the financial highlights for each of the fiscal periods presented in conformity 
with accounting principles generally accepted in the United States of America.  
These financial statements and financial highlights (hereafter referred to as   
"financial statements") are the responsibility of the Manufacturers Investment  
Trust's management; our responsibility is to express an opinion on these        
financial statements based on our audits. We conducted our audits of these      
financial statements in accordance with auditing standards generally accepted in
the United States of America, which require that we plan and perform the audit  
to obtain reasonable assurance about whether the financial statements are free  
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing   
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our    
audits, which included confirmation of securities at December 31, 2002 by       
correspondence with the custodian and brokers, provide a reasonable basis for   
our opinion.                                                                    

/s/ PricewaterhouseCoopers LLP                                                  
Boston, Massachusetts                                                           
February 21, 2003                                                               

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2002                        

                                                        [Enlarge/Download Table]

                                                     SMALL-MID     SMALL-MID     INTERNATIONAL     SELECT    
                                                    CAP GROWTH        CAP        EQUITY SELECT     GROWTH    
                                                       TRUST         TRUST          TRUST           TRUST    
                                                   ------------   ------------   -------------  ------------ 
                                                                                                             
ASSETS                                                                                                       
Investments in securities, at value                                                                          
      (See accompanying portfolio of investments)  $  2,165,901   $ 94,088,114   $ 62,074,692   $  2,477,657 
Repurchase agreements, at value                         158,000        318,000      3,969,000        182,000 
Cash                                                     11,224          6,676          4,737         11,057 
Receivables:                                                                                                 
      Investments sold                                   23,974             --             --             -- 
      Dividends and interest                                389         54,073          7,745          1,800 
      Foreign tax withholding reclaims                       --             --            980             -- 
      Due from adviser                                      169             --             --             -- 
Other assets                                                 19             24             25             24 
                                                   ------------   ------------   ------------   ------------ 
      TOTAL ASSETS                                    2,359,676     94,466,887     66,057,179      2,672,538 
                                                   ------------   ------------   ------------   ------------ 
LIABILITIES                                                                                                  
Payables:                                                                                                    
      Investments purchased                              46,561             --        483,357             -- 
      Fund shares redeemed                                   --        339,466        346,204             -- 
      Dividend and interest withholding tax                  --             --          1,116             -- 
      Other payables and accrued expenses                14,377         14,305         12,530         15,273 
      Collateral for securities lending                 450,338     19,318,624      7,440,954        486,895 
                                                   ------------   ------------   ------------   ------------ 
      TOTAL LIABILITIES                                 511,276     19,672,395      8,284,161        502,168 
                                                   ------------   ------------   ------------   ------------ 
NET ASSETS                                         $  1,848,400   $ 74,794,492   $ 57,773,018   $  2,170,370 
                                                   ============   ============   ============   ============ 
NET ASSETS CONSIST OF:                                                                                       
Undistributed net investment loss                            --             --   ($   238,490)            -- 
Accumulated undistributed net realized loss on                                                               
      investments, foreign currency                                                                          
      and forward foreign currency contracts       ($ 1,294,080)  ($   156,986)      (200,609)  ($   671,143)
Unrealized appreciation (depreciation) on:                                                                   
      Investments                                        45,197     (3,484,277)      (792,975)      (364,044)
      Foreign currency and forward foreign                                                                   
          currency contracts                                 --             --            227             -- 
Capital shares at par value of $.01                       2,527         75,932         54,418          2,635 
Additional paid-in capital                            3,094,756     78,359,823     58,950,447      3,202,922 
                                                   ------------   ------------   ------------   ------------ 
NET ASSETS                                         $  1,848,400   $ 74,794,492   $ 57,773,018   $  2,170,370 
                                                   ============   ============   ============   ============ 
Investments in securities, including repurchase                                                              
      agreements, at identified cost               $  2,278,704   $ 97,890,391   $ 66,836,667   $  3,023,701 
                                                   ------------   ------------   ------------   ------------ 
NET ASSET VALUES:                                                                                            
SERIES I SHARES:                                                                                             
Net Assets at value                                $  1,848,400   $ 63,945,161   $ 49,506,589   $  2,170,370 
                                                   ============   ============   ============   ============ 
Shares Outstanding                                      252,700      6,491,597      4,663,133        263,453 
                                                   ------------   ------------   ------------   ------------ 
Net asset value, offering and redemption                                                                     
       price per share                             $       7.31   $       9.85   $      10.62   $       8.24 
                                                   ============   ============   ============   ============ 
SERIES II SHARES:                                                                                            
Net Assets at value                                          --   $ 10,849,331   $  8,266,429             -- 
                                                   ============   ============   ============   ============ 
Shares Outstanding                                           --      1,101,629        778,696             -- 
                                                   ------------   ------------   ------------   ------------ 
Net asset value, offering and redemption                                                                     
        price per share                                      --   $       9.85   $      10.62             -- 
                                                   ============   ============   ============   ============ 

The accompany notes are an integral part of the financial statements. 

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2002                        

                                                        [Enlarge/Download Table]

                                                      GLOBAL        REAL ESTATE        CORE          HIGH GRADE 
                                                   EQUITY SELECT     SECURITIES        VALUE           BOND     
                                                       TRUST           TRUST           TRUST           TRUST    
                                                   -------------   -------------   -------------   -------------
                                                                                                                
ASSETS                                                                                                          
Investments in securities, at value                                                                             
      (See accompanying portfolio of investments)  $   2,703,014   $ 339,009,999   $   2,821,575   $ 114,023,468
Repurchase agreements, at value                          104,000      20,081,000         246,000       1,206,000
Cash                                                      12,510             764          12,473           8,347
Receivables:                                                                                                    
      Investments sold                                        --       2,197,337              --              --
      Fund shares sold                                        --         270,955              --         208,131
      Dividends and interest                               1,676       2,016,511           2,545         770,487
      Foreign tax withholding reclaims                       471              --              --              --
Other assets                                                  23           2,008              23              26
                                                   -------------   -------------   -------------   -------------
      TOTAL ASSETS                                     2,821,694     363,578,574       3,082,616     116,216,459
                                                   -------------   -------------   -------------   -------------
LIABILITIES                                                                                                     
Payables:                                                                                                       
      Investments purchased                                   --       4,381,611              --              --
      Fund shares redeemed                                    --              --               1              --
      Dividend and interest withholding tax                   33              --              --              --
      Other payables and accrued expenses                 17,059          35,854          16,778          18,825
      Collateral for securities lending                  246,482       7,342,500         574,674      23,591,444
                                                   -------------   -------------   -------------   -------------
      TOTAL LIABILITIES                                  263,574      11,759,965         591,453      23,610,269
                                                   -------------   -------------   -------------   -------------
NET ASSETS                                         $   2,558,120   $ 351,818,609   $   2,491,163   $  92,606,190
                                                   =============   =============   =============   =============
NET ASSETS CONSIST OF:                                                                                          
Undistributed net investment income (loss)         $          83   $  12,116,374   $           1   $       1,065
Accumulated undistributed net realized gain                                                                     
      (loss) on investments, foreign currency                                                                   
      and forward foreign currency contracts            (173,474)    (18,103,361)       (492,541)         36,890
Unrealized appreciation (depreciation) on:                                                                      
      Investments                                       (317,375)      2,351,597        (286,709)      1,351,806
      Foreign currency and forward foreign                                                                      
          currency contracts                                  76              --              --              --
Capital shares at par value of $.01                        2,455         227,873           2,664          67,250
Additional paid-in capital                             3,046,355     355,226,126       3,267,748      91,149,179
                                                   -------------   -------------   -------------   -------------
NET ASSETS                                         $   2,558,120   $ 351,818,609   $   2,491,163   $  92,606,190
                                                   =============   =============   =============   =============
Investments in securities, including repurchase                                                                 
      agreements, at identified cost               $   3,124,389   $ 356,739,402   $   3,354,284   $ 113,877,662
                                                   -------------   -------------   -------------   -------------
NET ASSET VALUES:                                                                                               
SERIES I SHARES:                                                                                                
Net Assets at value                                $   2,558,120   $ 303,069,717   $   2,491,163   $  77,952,978
                                                   =============   =============   =============   =============
Shares Outstanding                                       245,484      19,627,880         266,439       5,660,824
                                                   -------------   -------------   -------------   -------------
Net asset value, offering and redemption                                                                        
      price per share                              $       10.42   $       15.44   $        9.35   $       13.77
                                                   =============   =============   =============   =============
SERIES II SHARES:                                                                                               
Net Assets at value                                           --   $  48,748,892              --   $  14,653,212
                                                   =============   =============   =============   =============
Shares Outstanding                                            --       3,159,446              --       1,064,186
                                                   -------------   -------------   -------------   -------------
Net asset value, offering and redemption                                                                        
      price per share                                         --   $       15.43              --   $       13.77
                                                   =============   =============   =============   =============

The accompany notes are an integral part of the financial statements. 

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2002                        

                                                        [Enlarge/Download Table]

                                                         MONEY          SMALL CAP      INTERNATIONAL       MID CAP    
                                                         MARKET           INDEX            INDEX            INDEX     
                                                         TRUST            TRUST            TRUST            TRUST     
                                                     --------------  --------------   --------------   -------------- 
                                                                                                                      
ASSETS                                                                                                                
Investments in securities, at value                                                                                   
      (See accompanying portfolio of investments)    $1,615,794,268  $   77,070,054   $   60,445,056   $  109,660,603 
Repurchase agreements, at value                           7,690,000          42,000           25,000           63,000 
Cash                                                            442             444           11,467            2,786 
Foreign currency                                                 --              --          333,904               -- 
Receivables:                                                                                                          
      Investments sold                                           --              --            1,540               -- 
      Fund shares sold                                           --         300,780               --               -- 
      Variation margin for open futures contracts                --           3,193           42,539           24,388 
      Dividends and interest                                    214          87,543           53,749           66,954 
      Foreign tax withholding reclaims                           --              --           20,712               -- 
Other assets                                                 10,598             460              420              653 
                                                     --------------  --------------   --------------   -------------- 
      TOTAL ASSETS                                    1,623,495,522      77,504,474       60,934,387      109,818,384 
                                                     --------------  --------------   --------------   -------------- 
LIABILITIES                                                                                                           
Payables:                                                                                                             
      Fund shares redeemed                                5,820,834              --          227,739           20,084 
      Dividend and interest withholding tax                      --              33            5,420               -- 
      Other payables and accrued expenses                   187,387           7,707            7,129           10,595 
      Collateral for securities lending                          --       8,621,958        4,680,864        9,695,538 
                                                     --------------  --------------   --------------   -------------- 
      TOTAL LIABILITIES                                   6,008,221       8,629,698        4,921,152        9,726,217 
                                                     --------------  --------------   --------------   -------------- 
NET ASSETS                                           $1,617,487,301  $   68,874,776   $   56,013,235   $  100,092,167 
                                                     ==============  ==============   ==============   ============== 
NET ASSETS CONSIST OF:                                                                                                
Undistributed net investment income (loss)                       --  $       66,653   ($     113,818)  $       10,612 
Accumulated undistributed net realized loss on                                                                        
      investments, futures, foreign currency                                                                          
      and forward foreign currency contracts                     --     (11,715,768)      (5,857,736)      (1,372,441)
Unrealized appreciation (depreciation) on:                                                                            
      Investments                                                --      (8,983,013)     (22,434,697)     (18,398,050)
      Futures contracts                                          --        (189,914)           1,436          (31,532)
      Foreign currency and forward foreign                                                                            
           currency contracts                                    --              --           14,837               -- 
Capital shares at par value of $.01                  $    1,617,487          78,429           80,431           92,536 
Additional paid-in capital                            1,615,869,814      89,618,389       84,322,782      119,791,042 
                                                     --------------  --------------   --------------   -------------- 
NET ASSETS                                           $1,617,487,301  $   68,874,776   $   56,013,235   $  100,092,167 
                                                     ==============  ==============   ==============   ============== 
Investments in securities, including repurchase                                                                       
      agreements, at identified cost                 $1,623,484,268  $   86,095,067   $   82,904,753   $  128,121,954 
                                                     --------------  --------------   --------------   -------------- 
Investments in foreign currency, at identified cost              --              --   $      323,261               -- 
                                                     ==============  ==============   ==============   ============== 
NET ASSET VALUES:                                                                                                     
SERIES I SHARES:                                                                                                      
Net Assets at value                                  $1,415,873,967  $   59,161,170   $   50,675,302   $   87,282,449 
                                                     ==============  ==============   ==============   ============== 
Shares Outstanding                                      141,587,388       6,736,141        7,276,144        8,068,060 
                                                     --------------  --------------   --------------   -------------- 
Net asset value, offering and redemption                                                                              
      price per share                                $        10.00  $         8.78   $         6.96   $        10.82 
                                                     ==============  ==============   ==============   ============== 
SERIES II SHARES:                                                                                                     
Net Assets at value                                  $  201,613,334  $    9,713,606   $    5,337,933   $   12,809,718 
                                                     ==============  ==============   ==============   ============== 
Shares Outstanding                                       20,161,333       1,106,756          766,938        1,185,500 
                                                     --------------  --------------   --------------   -------------- 
Net asset value, offering and redemption                                                                              
      price per share                                $        10.00  $         8.78   $         6.96   $        10.81 
                                                     ==============  ==============   ==============   ============== 

The accompany notes are an integral part of the financial statements. 

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2002                        

                                                        [Enlarge/Download Table]

                                                     TOTAL STOCK           500       
                                                     MARKET INDEX         INDEX      
                                                        TRUST             TRUST      
                                                   ---------------   --------------- 
                                                                                     
ASSETS                                                                               
Investments in securities, at value                                                  
      (See accompanying portfolio of investments)  $    67,732,208   $   747,699,588 
Repurchase agreements, at value                              9,000            55,000 
Cash                                                           711               408 
Receivables:                                                                         
      Investments sold                                       1,250                -- 
      Variation margin for open futures contracts            9,286            35,526 
      Dividends and interest                                90,645         1,100,400 
Other assets                                                   601             6,192 
                                                   ---------------   --------------- 
      TOTAL ASSETS                                      67,843,701       748,897,114 
                                                   ---------------   --------------- 
LIABILITIES                                                                          
Payables:                                                                            
      Fund shares redeemed                                  67,733         7,694,942 
      Other payables and accrued expenses                    8,955            86,182 
      Collateral for securities lending                  1,634,645        24,435,693 
                                                   ---------------   --------------- 
      TOTAL LIABILITIES                                  1,711,333        32,216,817 
                                                   ---------------   --------------- 
NET ASSETS                                         $    66,132,368   $   716,680,297 
                                                   ===============   =============== 
Net assets consist of:                                                               
Undistributed net investment income                $        19,763   $     7,736,698 
Accumulated undistributed net realized loss on                                       
      investments and futures contracts                 (3,218,592)      (38,683,095)
Unrealized depreciation on:                                                          
      Investments                                      (28,366,803)     (290,275,456)
      Futures contracts                                    (73,579)         (338,106)
Capital shares at par value of $.01                         86,658           943,105 
Additional paid-in capital                              97,684,921     1,037,297,151 
                                                   ---------------   --------------- 
NET ASSETS                                         $    66,132,368   $   716,680,297 
                                                   ===============   =============== 
Investments in securities, including                                                 
      repurchase agreements, at identified cost    $    96,108,011   $ 1,038,030,044 
                                                   ===============   =============== 
NET ASSET VALUES:                                                                    
SERIES I SHARES:                                                                     
Net Assets at value                                $    59,969,816   $   678,413,666 
                                                   ===============   =============== 
Shares Outstanding                                       7,856,802        89,269,464 
                                                   ---------------   --------------- 
Net asset value, offering and redemption                                             
      price per share                              $          7.63   $          7.60 
                                                   ===============   =============== 
SERIES II SHARES:                                                                    
Net Assets at value                                $     6,162,552   $    38,266,631 
                                                   ===============   =============== 
Shares Outstanding                                         808,986         5,041,054 
                                                   ---------------   --------------- 
Net asset value, offering and redemption                                             
      price per share                              $          7.62   $          7.59 
                                                   ===============   =============== 

The accompany notes are an integral part of the financial statements. 

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2002                 

                                                        [Enlarge/Download Table]

                                                         SMALL-MID     SMALL-MID    INTERNATIONAL    SELECT    
                                                         CAP GROWTH       CAP       EQUITY SELECT    GROWTH    
                                                           TRUST         TRUST          TRUST        TRUST     
                                                        -----------   -----------   -------------  ----------- 
                                                                                                               
Investment Income:                                                                                             
      Interest                                          $     1,344   $    26,736    $    11,413   $     1,231 
      Dividends                                              12,571        80,982         75,150        18,311 
      Securities lending                                      1,109           839          2,557         1,061 
      Less: Foreign taxes withheld                               --            --         (8,806)           -- 
                                                        -----------   -----------    -----------   ----------- 
      Total income                                           15,024       108,557         80,314        20,603 
                                                        -----------   -----------    -----------   ----------- 
Expenses:                                                                                                      
      Investment adviser fee (Note 4)                        17,743        92,013         73,387        19,368 
      Distribution fee for Series I (Note 5)                  3,327        13,163         11,192         3,632 
      Distribution fee for Series II (Note 5)                    --         3,185          2,426            -- 
      Custodian fee                                          53,020        53,850         57,004        52,367 
      Fund administration fees (Note 4)                         344           411            404           377 
      Printing and postage fees                               2,204         2,551          2,557         2,384 
      Audit and legal fees                                   10,492        13,612         13,324        11,830 
      Registration and filing fees                               38            47             46            41 
      Trustees fees and expenses (Note 6)                        38            47             46            41 
      Miscellaneous                                              58            65             60            55 
                                                        -----------   -----------    -----------   ----------- 
      Expenses before reimbursement by investment                                                              
         adviser                                             87,264       178,944        160,446        90,095 
      Less reimbursement of expenses by investment                                                             
         adviser (Note 4)                                   (63,976)      (60,898)       (61,313)      (64,674)
                                                        -----------   -----------    -----------   ----------- 
      Total expenses                                         23,288       118,046         99,133        25,421 
                                                        -----------   -----------    -----------   ----------- 
Net investment loss                                          (8,264)       (9,489)       (18,819)       (4,818)
                                                        -----------   -----------    -----------   ----------- 
Realized and unrealized loss on investments, foreign                                                           
      currency and forward foreign currency contracts:                                                         
Net realized loss on:                                                                                          
      Investment transactions                              (706,786)      (86,830)      (185,009)     (511,522)
      Foreign currency and forward foreign currency                                                            
         contracts                                               --            --       (240,210)           -- 
Change in unrealized appreciation (depreciation) on:                                                           
      Investments                                          (217,958)   (3,423,192)      (717,522)     (378,040)
      Translation of foreign currency and forward                                                              
         foreign currency contracts                              --            --            219            -- 
                                                        -----------   -----------    -----------   ----------- 
      Net loss on investments, futures contracts,                                                              
        foreign currency and forward foreign                                                                   
        currency contracts                                 (924,744)   (3,510,022)    (1,142,522)     (889,562)
                                                        -----------   -----------    -----------   ----------- 
Net decrease in net assets resulting from operations    ($  933,008)  ($3,519,511)   ($1,161,341)  ($  894,380)
                                                        ===========   ===========    ===========   =========== 

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2002                 

                                                        [Enlarge/Download Table]

                                                         GLOBAL      REAL ESTATE        CORE        HIGH GRADE  
                                                      EQUITY SELECT   SECURITIES        VALUE          BOND     
                                                          TRUST         TRUST           TRUST         TRUST     
                                                      ------------   ------------   ------------   ------------ 
                                                                                                                
Investment Income:                                                                                              
      Interest                                        $      1,293   $    120,209   $      3,777   $    515,192 
      Dividends                                             64,430     17,972,329         35,676             -- 
      Securities lending                                     1,364         25,187          1,118          1,577 
      Less: Foreign taxes withheld                          (4,858)       (17,949)            --             -- 
                                                      ------------   ------------   ------------   ------------ 
      Total income                                          62,229     18,099,776         40,571        516,769 
                                                      ------------   ------------   ------------   ------------ 
Expenses:                                                                                                       
      Investment adviser fee (Note 4)                       24,651      1,851,450         21,594         69,790 
      Distribution fee for Series I (Note 5)                 4,108        419,911          4,049         16,105 
      Distribution fee for Series II (Note 5)                   --         47,801             --          4,315 
      Custodian fee                                         56,406         83,287         53,433         64,435 
      Fund administration fees (Note 4)                        406         29,833            403            474 
      Printing and postage fees                              2,575         20,021          2,548          3,017 
      Audit and legal fees                                  13,219         16,202         13,103         16,622 
      Registration and filing fees                              46          4,502             46             57 
      Trustees fees and expenses (Note 6)                       48          4,131             47             56 
      Miscellaneous                                             60          5,426             62            285 
                                                      ------------   ------------   ------------   ------------ 
      Expenses before reimbursement by investment                                                               
         adviser                                           101,519      2,482,564         95,285        175,156 
      Less reimbursement of expenses by investment                                                              
         adviser (Note 4)                                  (68,651)            --        (66,942)       (72,976)
                                                      ------------   ------------   ------------   ------------ 
      Total expenses                                        32,868      2,482,564         28,343        102,180 
                                                      ------------   ------------   ------------   ------------ 
Net investment income                                       29,361     15,617,212         12,228        414,589 
                                                      ------------   ------------   ------------   ------------ 
Realized and unrealized gain (loss) on investments,                                                             
      foreign currency and forward foreign                                                                      
      currency contracts:                                                                                       
Net realized gain (loss) on:                                                                                    
      Investment transactions                             (173,474)    (5,249,849)      (365,793)       185,172 
      Foreign currency and forward foreign                                                                      
          currency contracts                                  (253)            --             --             -- 
Change in unrealized appreciation (depreciation) on:                                                            
      Investments                                         (257,540)    (9,128,919)      (265,154)     1,349,499 
      Translation of foreign currency and forward                                                               
          foreign currency contracts                            70             --             --             -- 
                                                      ------------   ------------   ------------   ------------ 
      Net gain (loss) on investments, foreign                                                                   
          currency and forward foreign                                                                          
          currency contracts                              (431,197)   (14,378,768)      (630,947)     1,534,671 
                                                      ------------   ------------   ------------   ------------ 
Net increase (decrease) in net assets resulting                                                                 
      from operations                                 ($   401,836)  $  1,238,444   ($   618,719)  $  1,949,260 
                                                      ============   ============   ============   ============ 

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2002                 

                                                        [Enlarge/Download Table]

                                                          MONEY        SMALL CAP    INTERNATIONAL    MID CAP    
                                                          MARKET        INDEX          INDEX          INDEX     
                                                          TRUST         TRUST          TRUST          TRUST     
                                                       ------------  ------------   ------------   ------------ 
                                                                                                                
Investment Income:                                                                                              
      Interest                                         $ 27,352,847  $    176,604   $     55,624   $     90,195 
      Dividends                                                  --       783,378      1,181,873        926,747 
      Securities lending                                         --        33,836         37,479         19,761 
      Less: Foreign taxes withheld                               --          (380)      (125,138)            -- 
                                                       ------------  ------------   ------------   ------------ 
      Total income                                       27,352,847       993,438      1,149,838      1,036,703 
                                                       ------------  ------------   ------------   ------------ 
Expenses:                                                                                                       
      Investment adviser fee (Note 4)                     5,570,401       226,496        213,457        333,250 
      Distribution fee for Series I (Note 5)              2,278,013        86,458         77,429        127,613 
      Distribution fee for Series II (Note 5)               255,038         9,662          6,106         13,269 
      Custodian fee                                         267,329        18,000         18,000         18,000 
      Fund administration fees (Note 4)                     208,989         7,844          7,334         10,903 
      Printing and postage fees                             157,708         6,136          5,760          8,554 
      Audit and legal fees                                  106,865         3,993          3,683          5,695 
      Registration and filing fees                           25,886           967            874          1,411 
      Trustees fees and expenses (Note 6)                    25,663           979            896          1,402 
      Miscellaneous                                          25,189         1,521          1,142          1,912 
                                                       ------------  ------------   ------------   ------------ 
      Expenses before reimbursement by investment                                                               
         adviser                                          8,921,081       362,056        334,681        522,009 
      Less reimbursement of expenses by investment                                                              
         adviser (Note 4)                                        --            --        (11,006)            -- 
                                                       ------------  ------------   ------------   ------------ 
      Total expenses                                      8,921,081       362,056        323,675        522,009 
                                                       ------------  ------------   ------------   ------------ 
Net investment income                                    18,431,766       631,382        826,163        514,694 
                                                       ------------  ------------   ------------   ------------ 
Realized and unrealized loss on investments, futures,                                                           
      foreign currency and forward foreign                                                                      
      currency contracts:                                                                                       
Net realized gain (loss) on:                                                                                    
      Investment transactions                                    --    (2,746,240)    (1,983,107)       124,569 
      Futures contracts                                          --    (3,429,672)      (239,982)    (1,124,813)
      Foreign currency and forward foreign currency                                                             
          contracts                                              --            --       (113,669)            -- 
Change in unrealized appreciation (depreciation) on:                                                            
      Investments                                                --   (10,382,393)    (8,120,544)   (18,180,112)
      Futures contracts                                          --      (289,510)       (16,157)       (73,042)
      Translation of foreign currency and forward                                                               
         foreign currency contracts                              --            --         14,426             -- 
                                                       ------------  ------------   ------------   ------------ 
      Net loss on investments, futures contracts,                                                               
       foreign currency and forward foreign                                                                     
       currency contracts                                        --   (16,847,815)   (10,459,033)   (19,253,398)
                                                       ------------  ------------   ------------   ------------ 
Net increase (decrease) in net assets resulting                                                                 
      from operations                                  $ 18,431,766  ($16,216,433)  ($ 9,632,870)  ($18,738,704)
                                                       ============  ============   ============   ============ 

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2002                 

                                                                [Download Table]

                                                       TOTAL STOCK         500      
                                                       MARKET INDEX       INDEX     
                                                          TRUST           TRUST     
                                                      -------------   ------------- 
                                                                                    
Investment Income:                                                                  
      Interest                                        $      83,329   $     254,674 
      Dividends                                             979,448      11,774,741 
      Securities lending                                      7,478          40,645 
      Less: Foreign taxes withheld                             (151)        (31,299)
                                                      -------------   ------------- 
      Total income                                        1,070,104      12,038,761 
                                                      -------------   ------------- 
Expenses:                                                                           
      Investment adviser fee (Note 4)                       257,467       2,771,998 
      Distribution fee for Series I (Note 5)                100,509       1,093,432 
      Distribution fee for Series II (Note 5)                 5,782          35,856 
      Custodian fee                                          18,000          74,445 
      Fund administration fees (Note 4)                      10,108         108,726 
      Printing and postage fees                               7,747          83,827 
      Audit and legal fees                                    4,948          53,143 
      Registration and filing fees                            1,150          12,343 
      Trustees fees and expenses (Note 6)                     1,210          13,040 
      Miscellaneous                                           1,557          17,649 
                                                      -------------   ------------- 
      Total expenses                                        408,478       4,264,459 
                                                      -------------   ------------- 
Net investment income                                       661,626       7,774,302 
                                                      -------------   ------------- 
Realized and unrealized loss on investments,                                        
      futures, foreign currency and                                                 
      forward foreign currency contracts:                                           
Net realized loss on:                                                               
      Investment transactions                            (1,567,504)    (21,614,857)
      Futures contracts                                  (1,083,922)     (5,959,220)
Change in unrealized depreciation on:                                               
      Investments                                       (14,544,211)   (170,991,162)
      Futures contracts                                     (99,885)       (382,534)
                                                      -------------   ------------- 
      Net loss on investments, futures contracts,                                   
       foreign currency and forward foreign                                         
       currency contracts                               (17,295,522)   (198,947,773)
                                                      -------------   ------------- 
Net decrease in net assets resulting from operations  ($ 16,633,896)  ($191,173,471)
                                                      =============   ============= 

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]

                                                        SMALL-MID                    SMALL-MID                 INTERNATIONAL        
                                                       CAP GROWTH                       CAP                    EQUITY SELECT        
                                                          TRUST                        TRUST                       TRUST            
                                               --------------------------   --------------------------   -------------------------- 
                                                  YEAR        7/16/2001*        YEAR       7/16/2001*        YEAR       7/16/2001*  
                                                  ENDED           TO            ENDED           TO           ENDED          TO      
                                               12/31/2002     12/31/2001     12/31/2002    12/31/2001     12/31/2002    12/31/2001  
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
                                                                                                                                    
Increase (decrease) in net assets:                                                                                                  
Operations:                                                                                                                         
Net investment income (loss)                   ($    8,264)  ($     3,480)  ($     9,489)  $       144   ($    18,819)  $       833 
Net realized loss on:                                                                                                               
      Investment transactions                     (706,786)      (588,201)       (86,830)      (70,156)      (185,009)      (15,600)
      Futures contracts                                 --             --             --            --             --       (24,217)
      Foreign currency and forward foreign                                                                                          
        currency contracts                              --             --             --            --       (240,210)           -- 
Change in unrealized appreciation                                                                                                   
  (depreciation) on:                                                                                                                
      Investments                                 (217,958)       263,155     (3,423,192)      (61,085)      (717,522)      (75,453)
      Foreign currency and forward foreign                                                                                          
        currency contracts                              --             --             --            --            219             8 
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
Net (decrease) in net assets resulting from                                                                                         
  operations                                      (933,008)      (328,526)    (3,519,511)     (131,097)    (1,161,341)     (114,429)
Distribution to shareholders from:                                                                                                  
      Net investment income                                                                                                         
            Series I                                    --             --             (4)         (140)            --            -- 
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
      Total distributions                               --             --             (4)         (140)            --            -- 
Capital Shares Transactions@:                                                                                                       
      Series I                                                                                                                      
            Net proceeds from sales of shares      109,392      3,006,754     69,191,701     3,021,226     52,830,578     3,011,499 
            Reinvestment of distributions               --             --              4           140             --            -- 
            Cost of shares redeemed                 (6,212)            --     (5,006,913)         (267)    (5,138,829)          (70)
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
      Total Series I transactions                  103,180      3,006,754     64,184,792     3,021,099     47,691,749     3,011,429 
      Series II                                                                                                                     
            Net proceeds from sales of shares           --             --     11,268,974            --      8,379,920            -- 
            Cost of shares redeemed                     --             --        (29,621)           --        (34,310)           -- 
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
      Total Series II transactions                      --             --     11,239,353            --      8,345,610            -- 
Net increase in net assets from capital                                                                                             
      share transactions                           103,180      3,006,754     75,424,145     3,021,099     56,037,359     3,011,429 
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
Increase (decrease) in net assets                 (829,828)     2,678,228     71,904,630     2,889,862     54,876,018     2,897,000 
Net assets at beginning of period                2,678,228             --      2,889,862            --      2,897,000            -- 
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
Net assets at end of period                    $ 1,848,400   $  2,678,228   $ 74,794,492   $ 2,889,862   $ 57,773,018   $ 2,897,000 
                                               ===========   ============   ============   ===========   ============   =========== 

@  Capital Shares Issued and Redeemed:                                                                                              
      Series I                                                                                                                      
           Shares sold                              12,845        240,612      6,745,951       241,929      4,907,682       240,975 
           Reinvestment of distributions                --             --             --            12             --            -- 
           Shares redeemed                            (757)            --       (496,271)          (24)      (485,519)           (6)
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
      Net increase                                  12,088        240,612      6,249,680       241,917      4,422,163       240,969 
                                               ===========   ============   ============   ===========   ============   =========== 
      Series II                                                                                                                     
           Shares sold                                  --             --      1,104,516            --        781,906            -- 
           Shares redeemed                              --             --         (2,887)           --         (3,210)           -- 
                                               -----------   ------------   ------------   -----------   ------------   ----------- 
      Net increase                                      --             --      1,101,629            --        778,696            -- 
                                               ===========   ============   ============   ===========   ============   =========== 

* Commencement of operations                                                    

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]

                                                         SELECT                       GLOBAL                   REAL ESTATE          
                                                         GROWTH                   EQUITY SELECT                 SECURITIES          
                                                          TRUST                       TRUST                        TRUST            
                                               -------------------------   --------------------------   --------------------------- 
                                                  YEAR       7/16/2001*       YEAR        7/16/2001*        YEAR           YEAR     
                                                  ENDED          TO           ENDED           TO            ENDED          ENDED    
                                               12/31/2002    12/31/2001     12/31/2002    12/31/2001     12/31/2002     12/31/2001  
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
                                                                                                                                    
Increase (decrease) in net assets:                                                                                                  
Operations:                                                                                                                         
Net investment income (loss)                    $    4,818)  $        89   $     29,361   $     5,215   $ 15,617,212   $ 10,979,206 
Net realized gain (loss) on:                                                                                                        
      Investment transactions                     (511,522)     (159,621)      (173,474)           --     (5,249,849)    18,144,221 
      Foreign currency and forward foreign                                                                                          
        currency contracts                              --            --           (253)      (16,537)            --             -- 
Change in unrealized appreciation                                                                                                   
  (depreciation) on:                                                                                                                
      Investments                                 (378,040)       13,996       (257,540)      (59,835)    (9,128,919)   (22,629,568)
      Foreign currency and forward foreign                                                                                          
        currency contracts                              --            --             70             6             --             -- 
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
Net increase (decrease) in net assets                                                                                               
  resulting from operations                       (894,380)     (145,536)      (401,836)      (71,151)     1,238,444      6,493,859 
Distribution to shareholders from:                                                                                                  
      Net investment income                                                                                                         
            Series I                                   (89)           --        (28,944)           --     (8,221,598)    (8,304,834)
            Series II                                   --            --             --            --        (16,358)            -- 
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
            Total distributions                        (89)           --        (28,944)           --     (8,237,956)    (8,304,834)
Capital Shares Transactions @ :                                                                                                     
      Series I                                                                                                                      
            Net proceeds from sales of shares      194,505     3,028,752         22,152     3,011,989    132,094,233    118,301,794 
            Reinvestment of distributions               89            --         28,944            --      8,221,598      8,304,834 
            Cost of shares redeemed                (12,729)         (242)        (2,692)         (342)   (51,566,669)  (161,517,778)
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
      Total Series I transactions                  181,865     3,028,510         48,404     3,011,647     88,749,162    (34,911,150)
      Series II                                                                                                                     
            Net proceeds from sales of shares           --            --             --            --     52,666,454             -- 
            Reinvestment of distributions               --            --             --            --         16,358             -- 
            Cost of shares redeemed                     --            --             --            --     (3,533,107)            -- 
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
      Total Series II transactions                      --            --             --            --     49,149,705             -- 
Net increase (decrease) in net assets from                                                                                          
      capital share transactions                   181,865     3,028,510         48,404     3,011,647    137,898,867    (34,911,150)
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
Increase (decrease) in net assets                 (712,604)    2,882,974       (382,376)    2,940,496    130,899,355    (36,722,125)
Net assets at beginning of period                2,882,974            --      2,940,496            --    220,919,254    257,641,379 
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
Net assets at end of period                    $ 2,170,370   $ 2,882,974   $  2,558,120   $ 2,940,496   $351,818,609   $220,919,254 
                                               ===========   ===========   ============   ===========   ============   ============ 
@  Capital Shares Issued and Redeemed:                                                                                              
      Series I                                                                                                                      
           Shares sold                              22,266       242,620          1,863       241,102      8,231,649      7,745,194 
           Reinvestment of distributions                 8            --          2,791            --        487,639        577,125 
           Shares redeemed                          (1,420)          (21)          (243)          (29)    (3,329,430)   (10,633,885)
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
      Net increase (decrease)                       20,854       242,599          4,411       241,073      5,389,858     (2,311,566)
                                               ===========   ===========   ============   ===========   ============   ============ 
      Series II                                                                                                                     
           Shares sold                                  --            --             --            --      3,373,332             -- 
           Reinvestment of distributions                --            --             --            --            971             -- 
           Shares redeemed                              --            --             --            --       (214,857)            -- 
                                               -----------   -----------   ------------   -----------   ------------   ------------ 
      Net increase                                      --            --             --            --      3,159,446             -- 
                                               ===========   ===========   ============   ===========   ============   ============ 

* Commencement of operations                                                    

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]

                                                     CORE                     HIGH                           MONEY                 
                                                     VALUE                  GRADE BOND                       MARKET                
                                                     TRUST                    TRUST                          TRUST                 
                                           -----------------------   ------------------------   ---------------------------------- 
                                              YEAR      7/16/2001*       YEAR      7/16/2001*        YEAR               YEAR       
                                              ENDED         TO           ENDED         TO            ENDED              ENDED      
                                           12/31/2002   12/31/2001   12/31/2002    12/31/2001     12/31/2002          12/31/2001   
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
                                                                                                                                   
Increase in net assets:                                                                                                            
Operations:                                                                                                                        
Net investment income                      $   12,228   $    7,612   $   414,589   $   64,298   $    18,431,766    $    41,278,170 
Net realized gain (loss) on:                                                                                                       
      Investment transactions                (365,793)    (126,748)      185,172       27,025                --                 -- 
Change in unrealized appreciation                                                                                                  
  (depreciation) on:                                                                                                               
      Investments                            (265,154)     (21,555)    1,349,499        3,479                --                 -- 
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
Net increase (decrease) in net assets                                                                                              
  resulting from operations                  (618,719)    (140,691)    1,949,260       94,802        18,431,766         41,278,170 
Distribution to shareholders from:                                                                                                 
      Net investment income                                                                                                        
            Series I                          (12,665)      (7,185)     (372,010)     (65,358)      (17,770,003)       (41,278,170)
            Series II                              --           --       (67,179)          --          (661,763)                -- 
      Net realized short term gains on                                                                                             
        investments                                                                                                                
            Series I                               --           --       (83,763)     (40,211)               --                 -- 
            Series II                              --           --       (15,439)          --                --                 -- 
      Net realized long term gains on                                                                                              
        investments                                                                                                                
            Series I                               --           --        (9,753)          --                --                 -- 
            Series II                              --           --        (1,798)          --                --                 -- 
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
      Total distributions                     (12,665)      (7,185)     (549,942)    (105,569)      (18,431,766)       (41,278,170)
Capital Shares Transactions @ :                                                                                                    
      Series I                                                                                                                     
            Net proceeds from sales of                                                                                             
              shares                          220,570    3,047,135    82,486,925    3,162,162     2,430,559,232      3,125,325,639 
            Reinvestment of distributions      12,665        7,185       465,526      105,569        17,770,003         41,278,170 
            Cost of shares redeemed           (16,567)        (565)   (9,491,065)      (3,150)   (2,517,148,825)    (2,632,065,627)
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
      Total Series I transactions             216,668    3,053,755    73,461,386    3,264,581       (68,819,590)       534,538,182 
      Series II                                                                                                                    
            Net proceeds from sales of                                                                                             
              shares                               --           --    14,473,900           --       540,453,529                 -- 
            Reinvestment of distributions          --           --        84,416           --           661,763                 -- 
            Cost of shares redeemed                --           --       (66,644)          --      (339,501,956)                -- 
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
      Total Series II transactions                 --           --    14,491,672           --       201,613,336                 -- 
Net increase in net assets from capital                                                                                            
      share transactions                      216,668    3,053,755    87,953,058    3,264,581       132,793,746        534,538,182 
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
Increase (decrease) in net assets            (414,716)   2,905,879    89,352,376    3,253,814       132,793,746        534,538,182 
Net assets at beginning of period           2,905,879           --     3,253,814           --     1,484,693,555        950,155,373 
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
Net assets at end of period                $2,491,163   $2,905,879   $92,606,190   $3,253,814   $ 1,617,487,301    $ 1,484,693,555 
                                           ==========   ==========   ===========   ==========   ===============    =============== 
@  Capital Shares Issued and Redeemed:                                                                                             
      Series I                                                                                                                     
           Shares sold                         21,954      244,212     6,061,733      252,537       243,055,924        312,532,569 
           Reinvestment of distributions        1,346          602        33,760        8,507         1,777,000          4,127,817 
           Shares redeemed                     (1,626)         (49)     (695,472)        (241)     (251,714,882)      (263,206,563)
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
      Net increase (decrease)                  21,674      244,765     5,400,021      260,803        (6,881,958)        53,453,823 
                                           ==========   ==========   ===========   ==========   ===============    =============== 
      Series II                                                                                                                    
           Shares sold                             --           --     1,062,895           --        54,045,353                 -- 
           Reinvestment of distributions           --           --         6,122           --            66,176                 -- 
           Shares redeemed                         --           --        (4,831)          --       (33,950,196)                -- 
                                           ----------   ----------   -----------   ----------   ---------------    --------------- 
      Net increase                                 --           --     1,064,186           --        20,161,333                 -- 
                                           ==========   ==========   ===========   ==========   ===============    =============== 

* Commencement of operations                                                    

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]

                                                    SMALL CAP                   INTERNATIONAL                    MID CAP            
                                                      INDEX                         INDEX                         INDEX             
                                                      TRUST                         TRUST                         TRUST             
                                           ---------------------------   ---------------------------   ---------------------------- 
                                               YEAR           YEAR           YEAR           YEAR           YEAR           YEAR      
                                               ENDED          ENDED          ENDED          ENDED          ENDED          ENDED     
                                            12/31/2002     12/31/2001     12/31/2002     12/31/2001     12/31/2002     12/31/2001   
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
                                                                                                                                    
Increase in net assets:                                                                                                             
Operations:                                                                                                                         
Net investment income                      $    631,382   $    775,084   $    826,163   $    592,499   $    514,694   $     369,509 
Net realized gain (loss) on:                                                                                                        
      Investment transactions                (2,746,240)       493,907     (1,983,107)    (2,805,241)       124,569         204,824 
      Futures contracts                      (3,429,672)      (910,347)      (239,982)      (437,019)    (1,124,813)       (455,007)
      Foreign currency and forward                                                                                                  
        foreign currency contracts                   --             --       (113,669)       (21,842)            --              -- 
Change in unrealized appreciation                                                                                                   
  (depreciation) on:                                                                                                                
      Investments                           (10,382,393)        26,146     (8,120,544)    (9,145,454)   (18,180,112)       (677,510)
      Futures contracts                        (289,510)      (302,121)       (16,157)         6,632        (73,042)         99,837 
      Foreign currency and forward                                                                                                  
        foreign currency contracts                   --             --         14,426           (943)            --              -- 
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
Net increase (decrease) in net assets                                                                                               
  resulting from operations                 (16,216,433)        82,669     (9,632,870)   (11,811,368)   (18,738,704)       (458,347)
Distribution to shareholders from:                                                                                                  
      Net investment income                                                                                                         
            Series I                           (515,816)      (769,668)      (705,675)      (577,137)      (447,875)       (367,723)
            Series II                           (87,905)            --        (75,519)            --        (69,140)             -- 
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
      Total distributions                      (603,721)      (769,668)      (781,194)      (577,137)      (517,015)       (367,723)
Capital Shares Transactions @ :                                                                                                     
      Series I                                                                                                                      
            Net proceeds from sales of                                                                                              
              shares                         46,621,907     45,030,260     49,928,809     40,238,571     69,200,941      54,332,656 
            Reinvestment of distributions       515,816        769,668        705,675        577,137        447,875         367,723 
            Cost of shares redeemed         (21,891,507)   (29,657,937)   (39,434,094)   (27,934,014)   (21,778,079)    (27,684,432)
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
      Total Series I transactions            25,246,216     16,141,991     11,200,390     12,881,694     47,870,737      27,015,947 
      Series II                                                                                                                     
            Net proceeds from sales of                                                                                              
              shares                         10,242,709             --     20,465,229             --     13,295,081              -- 
            Reinvestment of distributions        87,905             --         75,519             --         69,140              -- 
            Cost of shares redeemed            (161,720)            --    (14,986,641)            --        (84,388)             -- 
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
      Total Series II transactions           10,168,894             --      5,554,107             --     13,279,833              -- 
Net increase in net assets from capital                                                                                             
      share transactions                     35,415,110     16,141,991     16,754,497     12,881,694     61,150,570      27,015,947 
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
Increase in net assets                       18,594,956     15,454,992      6,340,433        493,189     41,894,851      26,189,877 
Net assets at beginning of period            50,279,820     34,824,828     49,672,802     49,179,613     58,197,316      32,007,439 
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
Net assets at end of period                $ 68,874,776   $ 50,279,820   $ 56,013,235   $ 49,672,802   $100,092,167   $  58,197,316 
                                           ============   ============   ============   ============   ============   ============= 
@  Capital Shares Issued and Redeemed:                                                                                              
      Series I                                                                                                                      
           Shares sold                        4,370,521      4,045,272      6,569,236      4,201,000      5,383,063       4,291,835 
           Reinvestment of distributions         58,884         67,634        101,956         68,401         41,544          28,595 
           Shares redeemed                   (2,152,576)    (2,737,123)    (5,222,615)    (2,868,355)    (1,896,454)     (2,221,812)
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
      Net increase                            2,276,829      1,375,783      1,448,577      1,401,046      3,528,153       2,098,618 
                                           ============   ============   ============   ============   ============   ============= 
      Series II                                                                                                                     
           Shares sold                        1,113,434             --      2,771,740             --      1,186,158              -- 
           Reinvestment of distributions         10,035             --         10,929             --          6,432              -- 
           Shares redeemed                      (16,713)            --     (2,015,731)            --         (7,090)             -- 
                                           ------------   ------------   ------------   ------------   ------------   ------------- 
      Net increase                            1,106,756             --        766,938             --      1,185,500              -- 
                                           ============   ============   ============   ============   ============   ============= 

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

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MANUFACTURERS INVESTMENT TRUST                                                  
STATEMENTS OF CHANGES IN NET ASSETS                                             

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                                                    TOTAL STOCK                         500                
                                                   MARKET INDEX                        INDEX               
                                                       TRUST                           TRUST               
                                           ------------------------------   ------------------------------ 
                                               YEAR             YEAR            YEAR             YEAR      
                                               ENDED            ENDED           ENDED            ENDED     
                                            12/31/2002       12/31/2001      12/31/2002       12/31/2001   
                                           -------------    -------------   -------------    ------------- 
                                                                                                           
Increase (decrease) in net assets:                                                                         
Operations:                                                                                                
Net investment income                      $     661,626    $     592,594   $   7,774,302    $   5,901,867 
Net realized gain (loss) on:                                                                               
      Investment transactions                 (1,567,504)          74,977     (21,614,857)      (6,154,436)
      Futures contracts                       (1,083,922)        (641,501)     (5,959,220)      (3,005,324)
      Foreign currency and forward                                                                         
        foreign currency contracts                    --                5              --               -- 
Change in unrealized appreciation                                                                          
  (depreciation) on:                                                                                       
      Investments                            (14,544,211)      (7,613,386)   (170,991,162)     (88,649,161)
      Futures contracts                          (99,885)          90,732        (382,534)         884,058 
                                           -------------    -------------   -------------    ------------- 
Net decrease in net assets resulting from                                                                  
  operations                                 (16,633,896)      (7,496,579)   (191,173,471)     (91,022,996)
Distribution to shareholders from:                                                                         
      Net investment income                                                                                
            Series I                            (588,347)        (589,908)        (16,488)      (5,897,069)
            Series II                            (63,516)              --              (7)              -- 
                                           -------------    -------------   -------------    ------------- 
      Total distributions                       (651,863)        (589,908)        (16,495)      (5,897,069)
Capital Shares Transactions @ :                                                                            
      Series I                                                                                             
            Net proceeds from sales of                                                                     
              shares                          31,050,881       36,252,217     160,628,263      205,673,315 
            Reinvestment of distributions        588,347          589,908          16,488        5,897,069 
            Cost of shares redeemed          (28,316,936)     (11,488,949)    (64,842,556)     (22,355,290)
                                           -------------    -------------   -------------    ------------- 
      Total Series I transactions              3,322,292       25,353,176      95,802,195      189,215,094 
      Series II                                                                                            
            Net proceeds from sales of                                                                     
              shares                           6,585,604               --      42,734,245               -- 
            Reinvestment of distributions         63,516               --               7               -- 
            Cost of shares redeemed             (210,466)              --      (3,225,546)              -- 
                                           -------------    -------------   -------------    ------------- 
      Total Series II transactions             6,438,654               --      39,508,706               -- 
Net increase in net assets from capital                                                                    
      share transactions                       9,760,946       25,353,176     135,310,901      189,215,094 
                                           -------------    -------------   -------------    ------------- 
Increase (decrease) in net assets             (7,524,813)      17,266,689     (55,879,065)      92,295,029 
Net assets at beginning of period             73,657,181       56,390,492     772,559,362      680,264,333 
                                           -------------    -------------   -------------    ------------- 
Net assets at end of period                $  66,132,368    $  73,657,181   $ 716,680,297    $ 772,559,362 
                                           =============    =============   =============    ============= 
@  Capital Shares Issued and Redeemed:                                                                     
      Series I                                                                                             
           Shares sold                         3,557,679        3,582,140      18,529,081       20,121,337 
           Reinvestment of distributions          77,211           59,889           1,723          596,848 
           Shares redeemed                    (3,305,169)      (1,176,519)     (8,044,441)      (2,242,689)
                                           -------------    -------------   -------------    ------------- 
      Net increase                               329,721        2,465,510      10,486,363       18,475,496 
                                           =============    =============   =============    ============= 
      Series II                                                                                            
           Shares sold                           828,077               --       5,469,301               -- 
           Reinvestment of distributions           8,346               --               1               -- 
           Shares redeemed                       (27,437)              --        (428,248)              -- 
                                           -------------    -------------   -------------    ------------- 
      Net increase                               808,986               --       5,041,054               -- 
                                           =============    =============   =============    ============= 

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

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MANUFACTURERS INVESTMENT TRUST                                                  
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)            
------------------------------------------------------------------------------- 

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                                                                              SMALL-MID CAP GROWTH            
                                                                                     TRUST                    
                                                                         -----------------------------        
                                                                            YEAR          07/16/2001*         
                                                                            ENDED             TO              
                                                                         12/31/2002@      12/31/2001@         
                                                                         -----------      ------------        
                                                                                                              
NET  ASSET VALUE, BEGINNING OF PERIOD                                     $   11.13       $   12.50           

Income from investment operations:                                                                            
   Net investment loss                                                        (0.03)          (0.01)          
   Net realized and unrealized loss on investments and foreign currency                                       
   transactions                                                               (3.79)          (1.36)          
                                                                          ---------       ---------           
   Total from investment operations                                           (3.82)          (1.37)          
                                                                          ---------       ---------           
NET ASSET VALUE, END OF PERIOD                                            $    7.31       $   11.13           
                                                                          =========       =========           

   TOTAL RETURN (B)                                                          (34.32%)        (10.96%)+        

Net assets, end of period (000's)                                         $   1,848       $   2,678       ----
Ratio of expenses to average net assets                                        3.93%           3.18% (A)      
Ratio of expenses to average net assets after expense reductions               1.05%           1.05% (A)      
Ratio of net investment loss to average net assets                            (0.37%)         (0.29%)(A)      
Portfolio turnover rate                                                         226%            194% (A)      

================================================================================

                                                        [Enlarge/Download Table]

                                                                                         SMALL-MID CAP TRUST                
                                                                       --------------------------------------------------   
                                                                                   SERIES I                   SERIES II     
                                                                       --------------------------------     -------------   

                                                                           YEAR             07/16/2001*       11/25/2002*   
                                                                           ENDED                TO                TO        
                                                                        12/31/2002@        12/31/2001@       12/31/2002@    
                                                                        -----------        -----------       -----------    
                                                                                                                            
NET  ASSET VALUE, BEGINNING OF PERIOD                                    $    11.95         $   12.50        $    10.28     
Income from investment operations:                                                                                          
   Net investment income (loss)                                               (0.01)               -- #              -- #   
   Net realized and unrealized loss on investments and foreign currency                                                     
   transactions                                                               (2.09)            (0.55)            (0.43)    
                                                                         ----------         ---------        ----------     
   Total from investment operations                                           (2.10)            (0.55)            (0.43)    
                                                                         ----------         ---------        ----------     
Less distributions:                                                                                                         

   Dividends from net investment income                                          -- #              -- #              --     
                                                                         ----------         ---------        ----------     
   Total distributions                                                           --                --                --     
                                                                         ----------         ---------        ----------     
NET ASSET VALUE, END OF PERIOD                                           $     9.85         $   11.95        $     9.85     
                                                                         ==========         =========        ==========     
   TOTAL RETURN (C)                                                          (17.57%)           (4.40%)+          (4.18%)+  
Net assets, end of period (000's)                                        $   63,945         $   2,890        $   10,849     
Ratio of expenses to average net assets                                        1.83%             3.09% (A)         2.03% (A)
Ratio of expenses to average net assets after expense reductions               1.20%             1.20% (A)         1.40% (A)
Ratio of net investment income (loss) to average net assets                   (0.09%)            0.01% (A)        (0.18%)(A)
Portfolio turnover rate                                                           6%             33%   (A)            6% (A)

@     Net investment income has been calculated using the average shares method.

*     Commencement of operations # Amount is less than $.01 per share.          

+     Not Annualized                                                            

(A)   Annualized                                                                

(B)   The total return for the year ended December 31, 2002 and the period ended
    December 31, 2001 would have been lower, had operating expenses not been
reduced. had operating expenses not been reduced.                   

(C)   The total return for the year ended December 31, 2002 and for the period  
      ended December 31, 2001 for Series I and for the period ended December 31,
    2002 for Series II would have been lower had operating expenses not been
reduced.                                                            

The accompanying notes are an intergral part of the financial statements

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MANUFACTURERS INVESTMENT TRUST                                                  
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)            
--------------------------------------------------------------------------------

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                                                                              INTERNATIONAL EQUITY SELECT TRUST          
                                                                         ---------------------------------------------   
                                                                                   SERIES I                SERIES II     
                                                                         ---------------------------      ------------   

                                                                            YEAR         07/16/2001*      11/25/2002*    
                                                                            ENDED           TO              TO           
                                                                         12/31/2002@    12/31/2001@       12/31/2002@    
                                                                         -----------    -----------       -----------    

                                                                                                                         
NET  ASSET VALUE, BEGINNING OF PERIOD                                    $    12.02       $   12.50        $   10.85     
Income from investment operations:                                                                                       
   Net investment income (loss)                                               (0.02)             -- #          (0.01)    
   Net realized and unrealized loss on investments and foreign currency                                                  
   transactions                                                               (1.38)          (0.48)           (0.22)    
                                                                         ----------       ---------        ---------     
   Total from investment operations                                           (1.40)          (0.48)           (0.23)    
                                                                         ----------       ---------        ---------     
NET ASSET VALUE, END OF PERIOD                                           $    10.62       $   12.02        $   10.62     
                                                                         ==========       =========        =========     
   TOTAL RETURN (B)                                                          (11.65%)         (3.84%)+         (2.12%)+  
Net assets, end of period (000's)                                        $   49,507       $   2,897        $   8,266     
Ratio of expenses to average net assets                                        1.95%           3.27% (A)        2.15% (A)
Ratio of expenses to average net assets after expense reductions               1.20%           1.20% (A)        1.40% (A)
Ratio of net investment income (loss) to average net assets                   (0.15%)          0.06% (A)       (1.12%)(A)
Portfolio turnover rate                                                           5%              7% (A)           5% (A)

                                                        [Enlarge/Download Table]

                                                                                  SELECT GROWTH          
                                                                                     TRUST               
                                                                         -----------------------------   
                                                                             YEAR          07/16/2001*   
                                                                            ENDED              TO        
                                                                         12/31/2002@       12/31/2001@   
                                                                         -----------       -----------   

                                                                                                         
NET  ASSET VALUE, BEGINNING OF PERIOD                                    $   11.88         $   12.50     
Income from investment operations:                                                                       
   Net investment income (loss)                                              (0.02)              -- #    
   Net realized and unrealized loss on investments and foreign currency                                  
   transactions                                                              (3.62)            (0.62)    
                                                                         ---------         ---------     
   Total from investment operations                                          (3.64)            (0.62)    
                                                                         ---------         ---------     
Less distributions:                                                                                      
   Dividends from net investment income                                         -- #              --     
                                                                         ---------         ---------     
   Total distributions                                                          --                --     
                                                                         ---------         ---------     
NET ASSET VALUE, END OF PERIOD                                           $    8.24         $   11.88     
                                                                         =========         =========     
   TOTAL RETURN (B)                                                         (30.64%)           (4.96%)+  
Net assets, end of period (000's)                                        $   2,170         $   2,883     
Ratio of expenses to average net assets                                       3.72%             3.05% (A)
Ratio of expenses to average net assets after expense reductions              1.05%             1.05% (A)
Ratio of net investment income (loss) to average net assets                  (0.20%)            0.01% (A)
Portfolio turnover rate                                                         49%               54% (A)

@     Net investment income has been calculated using the average shares method.

*     Commencement of operations                                                

#     Amount is less than $.01 per share.                                       

+     Not Annualized                                                            

(A)   Annualized                                                                

(B)   The total return for the year ended December 31, 2002 and the period ended
    December 31, 2001 would have been lower, had operating expenses not been
reduced. had operating expenses not been reduced.                   

(C)   The total return for the year ended December 31, 2002 and for the period  
      ended December 31, 2001 for Series I and for the period ended December 31,
    2002 for Series II would have been lower had operating expenses not been
reduced.                                                            

The accompanying notes are an intergral part of the financial statements

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MANUFACTURERS INVESTMENT TRUST                                                  
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)            

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                                                                                            GLOBAL EQUITY SELECT    
                                                                                                   TRUST            
                                                                                         ---------------------------
                                                                                             YEAR        07/16/2001*
                                                                                            ENDED             TO    
                                                                                         12/31/2002@     12/31/2001@
                                                                                         -----------     -----------
                                                                                                                    
NET ASSET VALUE, BEGINNING OF PERIOD                                                     $   12.20       $   12.50  
Income from investment operations:                                                                                  
      Net investment income                                                                   0.12            0.02  
      Net realized and unrealized loss on investments and foreign currency transactions      (1.78)          (0.32) 
                                                                                         ---------       ---------  
      Total from investment operations                                                       (1.66)          (0.30) 
Less distributions:                                                                      ---------       ---------  
      Dividends from net investment income                                                   (0.12)             --  
                                                                                         ---------       ---------  
      Total distributions                                                                    (0.12)             --  
                                                                                         ---------       ---------  
NET ASSET VALUE, END OF PERIOD                                                           $   10.42       $   12.20  
                                                                                         =========       =========  
      TOTAL RETURN (B)                                                                     (13.61%)       (2.40%)+  
Net assets, end of period (000's)                                                        $   2,558      $   2,940   
Ratio of expenses to average net assets                                                      3.71%        3.19%(A)  
Ratio of expenses to average net assets after expense reductions                             1.20%        1.20%(A)  
Ratio of net investment income (loss) to average net assets                                  1.07%        0.39%(A)  
Portfolio turnover rate                                                                        18%           0%(A)  

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                                                                        REAL ESTATE SECURITIES TRUST                         
                                                -----------------------------------------------------------------------------
                                                                            SERIES I                               SERIES II 
                                                --------------------------------------------------------------   ------------

                                                                     YEARS ENDED DECEMBER 31,                     1/28/2002* 
                                                ------------------------------------------------------------           TO    
                                                  2002@        2001@        2000@        1999         1998        12/31/2002@
                                                --------     --------     --------     --------     --------     ------------
                                                                                                                             
NET ASSET VALUE, BEGINNING OF PERIOD            $  15.52     $  15.57     $  12.89     $  14.76     $  20.07     $    15.44  
Income from investment operations:                                                                                           
      Net investment income                         0.83         0.75         0.67         0.78         0.78           0.85  
      Net realized and unrealized gain (loss)                                                                                
       on investments and foreign                                                                                            
      currency transactions                        (0.38)       (0.30)        2.53        (1.94)       (3.72)         (0.33) 
                                                --------     --------     --------     --------     --------     ----------  
      Total from investment operations              0.45         0.45         3.20        (1.16)       (2.94)          0.52  
Less distributions:                             --------     --------     --------     --------     --------     ----------  

      Dividends from net investment income         (0.53)       (0.50)       (0.52)       (0.71)       (0.53)         (0.53) 
      Distributions from capital gains                --           --           --           --        (1.84)            --  
                                                --------     --------     --------     --------     --------     ----------  
      Total distributions                          (0.53)       (0.50)       (0.52)       (0.71)       (2.37)         (0.53) 
                                                --------     --------     --------     --------     --------     ----------  
NET ASSET VALUE, END OF PERIOD                  $  15.44     $  15.52     $  15.57     $  12.89     $  14.76     $    15.43  
                                                ========     ========     ========     ========     ========     ==========  
      TOTAL RETURN                                 2.58%        3.15%       25.71%       (8.00%)     (16.44%)         3.05%+ 
Net assets, end of period (000's)              $303,070     $220,919     $257,641     $196,756     $161,832     $   48,749   
Ratio of expenses to average net assets            0.84%        0.83%        0.76%        0.77%        0.76%          1.04%  
Ratio of expenses to average net assets                                                                                      
 after expense reductions                          5.28%        4.96%        4.89%        5.88%        5.57%          6.03%  
Portfolio turnover rate                              74%         116%         147%         201%         122%            74%  

@     Net investment income has been calculated using the average shares method.

*     Commencement of operations                                                

+     Not Annualized                                                            

(A)   Annualized                                                                

(B)   The total return for the year ended December 31, 2002 and for the period  
     ended December 31, 2001 would have been lower, had operating expenses not
been reduced.                                                       

The accompanying notes are an integral part of the financial statements.  
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MANUFACTURERS INVESTMENT TRUST                                                  
FINANCIAL HIGHLIGHTS (For A Share Outstanding Throughout The Period)            

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                                                                           CORE VALUE        
                                                                              TRUST          
                                                                   --------------------------
                                                                        YEAR      07/16/2001*
                                                                       ENDED           TO    
                                                                    12/31/2002@   12/31/2001@
                                                                    -----------   -----------

                                                                                             
NET ASSET VALUE, BEGINNING OF PERIOD                               $   11.87     $   12.50   
Income from investment operations:                                                           
      Net investment income                                             0.05          0.03   
      Net realized and unrealized loss on investments and foreign                            
      currency transactions                                            (2.52)        (0.63)  
                                                                   ---------     ---------   
      Total from investment operations                                 (2.47)        (0.60)  
Less distributions:                                                ---------     ---------   
      Dividends from net investment income                             (0.05)        (0.03)  
                                                                   ---------     ---------   
      Total distributions                                              (0.05)        (0.03)  
                                                                   ---------     ---------   
NET ASSET VALUE, END OF PERIOD                                     $    9.35     $   11.87   
                                                                   =========     =========   
      TOTAL RETURN (C)                                               (20.82%)       (4.81%)+ 
Net assets, end of period (000's)                                  $   2,491     $   2,906   
Ratio of expenses to average net assets                                3.53%       3.10%(A)  
Ratio of expenses to average net assets after expense reductions       1.05%       1.05%(A)  
Ratio of net investment income  to average net assets                  0.45%       0.58%(A)  
Portfolio turnover rate                                                  51%         35%(A)  

                                                        [Enlarge/Download Table]

                                                                             HIGH GRADE BOND TRUST            
                                                                   ----------------------------------------   
                                                                            SERIES I              SERIES II   
                                                                   -------------------------     -----------  
                                                                      YEAR       07/16/2001*     11/25/2002*  
                                                                      ENDED          TO              TO       
                                                                   12/31/2002@   12/31/2001@     12/31/2002@  
                                                                   -----------   -----------     -----------  

                                                                                                              
NET ASSET VALUE, BEGINNING OF PERIOD                               $    12.48     $    12.50      $    13.61  
Income from investment operations:                                                                            
      Net investment income                                              0.48           0.26            0.04  
      Net realized and unrealized gain on investments and foreign                                             
      currency transactions                                              0.90           0.14            0.20  
                                                                   ----------     ----------      ----------  
      Total from investment operations                                   1.38           0.40            0.24  
Less distributions:                                                ----------     ----------      ----------  

      Dividends from net investment income                              (0.07)         (0.26)          (0.06) 
      Distributions from capital gains                                  (0.02)         (0.16)          (0.02) 
                                                                   ----------     ----------      ----------  
      Total distributions                                               (0.09)         (0.42)          (0.08) 
                                                                   ----------     ----------      ----------  
NET ASSET VALUE, END OF PERIOD                                     $    13.77     $    12.48      $    13.77  
                                                                   ==========     ==========      ==========  
      TOTAL RETURN (B)                                                 11.01%          3.21%+          1.77%+ 
Net assets, end of period (000's)                                  $   77,953     $    3,254     $    14,653  
Ratio of expenses to average net assets                                 1.44%        2.72%(A)          1.64%  
Ratio of expenses to average net assets after expense reductions        0.85%        0.85%(A)          1.05%  
Ratio of net investment income (loss) to average net assets             3.65%        4.44%(A)         3.37%(A)
Portfolio turnover rate                                                  290%         353%(A)          290%(A)

@     Net investment income has been calculated using the average shares method.

*     Commencement of operations                                                

+     Not Annualized                                                            

(A)   Annualized                                                                

(B)   The total return for the year ended December 31, 2002 and for the period  
     ended December 31, 2001 would have been lower, had operating expenses not
been reduced. had operating expenses not been reduced.              

(C)   The total return for the year ended December 31, 2002 and for the period  
      ended December 31, 2001 for Series I and for the period ended December 31,
    2002 for Series II would have been lower had operating expenses not been
reduced.                                                            

The accompanying notes are an integral part of the financial statements.
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MANUFACTURERS INVESTMENT TRUST                                                  
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)            

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                                                                               MONEY MARKET TRUST                                  
                                             ----------------------------------------------------------------------------------    
                                                                            SERIES I                                  SERIES II    
                                             ---------------------------------------------------------------------   ----------    
                                                                    YEARS ENDED DECEMBER 31,                         1/28/2002*    
                                             ---------------------------------------------------------------------       TO        
                                                2002@          2001@          2000@          1999          1998      12/31/2002@   
                                             ----------     ----------     ----------     ----------    ----------   ----------    
                                                                                                                                   
NET  ASSET VALUE, BEGINNING OF PERIOD        $    10.00     $    10.00     $    10.00     $    10.00    $    10.00   $    10.00    
Income from investment operations:                                                                                                 
       Net investment income                       0.12           0.34           0.57           0.45          0.50         0.08    
                                             ----------     ----------     ----------     ----------    ----------   ----------    
Less distributions:                                                                                                                
       Dividends from net investment income       (0.12)         (0.34)         (0.57)         (0.45)        (0.50)       (0.08)   
                                             ----------     ----------     ----------     ----------    ----------   ----------    
NET ASSET VALUE, END OF PERIOD               $    10.00     $    10.00     $    10.00     $    10.00    $    10.00   $    10.00    
                                             ==========     ==========     ==========     ==========    ==========   ==========    
       Total return                                1.18%          3.59%          5.88%          4.60%         5.03%        0.89%+  
Net assets, end of period (000's)            $1,415,874     $1,484,694     $  950,155     $1,084,859    $  609,837   $  201,613    
Ratio of expenses to average net assets            0.55%(A)       0.55%          0.54%          0.55%         0.55%        0.75%(A)
Ratio of net investment income  to average                                                                                         
  net assets                                       1.17%          3.38%          5.71%          4.54%         4.94%        0.91%(A)

                                                        [Enlarge/Download Table]

                                                                      SMALL CAP INDEX TRUST                         
                                               ------------------------------------------------------------------   
                                                                  SERIES I                             SERIES II    
                                               ----------------------------------------------         -----------   
                                                       YEARS ENDED                                                  
                                                       DECEMBER 31,                 5/1/2000*         1/28/2002*    
                                               ----------------------------            TO                 TO        
                                                 2002@              2001@          12/31/2000@        12/31/2002@   
                                               ----------        ----------        ----------         ----------    
                                                                                                                    
NET  ASSET VALUE, BEGINNING OF PERIOD          $    11.28        $    11.29        $    12.50         $    11.07    
Income from investment operations:                                                                                  
       Net investment income                         0.10              0.20              0.46               0.07    
       Net realized and unrealized loss on                                                                          
         investments and foreign currency                                                                           
         transactions                               (2.52)            (0.03)            (1.26)             (2.28)   
                                               ----------        ----------        ----------         ----------    
       Total from investment operations             (2.42)             0.17             (0.80)             (2.21)   
                                               ----------        ----------        ----------         ----------    
Less distributions:                                                                                                 
       Dividends from net investment income            --             (0.18)            (0.41)                --    
       Distributions from capital gains             (0.08)               --                --              (0.08)   
                                               ----------        ----------        ----------         ----------    
       Total distributions                          (0.08)            (0.18)            (0.41)             (0.08)   
                                               ----------        ----------        ----------         ----------    
NET ASSET VALUE, END OF PERIOD                 $     8.78        $    11.28        $    11.29         $     8.78    
                                               ==========        ==========        ==========         ==========    
       Total return (B)                            (21.47%)            1.50%            (6.38%)+          (19.95%)+ 
Net assets, end of period (000's)              $   59,161        $   50,280        $   34,825         $    9,714    
Ratio of expenses to average net assets              0.59%             0.60%             0.65%(A)           0.79%(A)
Ratio of expenses to average net assets after                                                                       
  expense reductions                                 0.59%             0.60%             0.60%(A)           0.79%(A)
Ratio of net investment income  to average                                                                          
  net assets                                         1.05%             1.87%             5.63%(A)           0.87%(A)
Portfolio turnover rate                                57%               32%                1%(A)             57%(A)

@     Net investment income has been calculated using the average shares method.

*     Commencement of operations                                                

+     Not Annualized                                                            

(A)   Annualized                                                                

(B)   The total return for year ended December 31, 2001 and the period ended    
December 31, 2000 would have been lower for Series I, had operating 
expenses not been reduced.                                          

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

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MANUFACTURERS INVESTMENT TRUST                                                  
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)            

                                                        [Enlarge/Download Table]

                                                                      INTERNATIONAL INDEX TRUST                     
                                             -------------------------------------------------------------------    
                                                                 SERIES I                              SERIES II    
                                             ----------------------------------------------           ----------    
                                                     YEARS ENDED                                                    
                                                     DECEMBER 31,                 5/1/2000*           1/28/2002*    
                                             ----------------------------             TO                  TO        
                                                2002@             2001@          12/31/2000@          12/3/2002@    
                                             ----------        ----------        ----------           ----------    
                                                                                                                    
NET  ASSET VALUE, BEGINNING OF PERIOD        $     8.52        $    11.11        $    12.50           $     8.15    
Income from investment operations:                                                                                  
       Net investment income                       0.12              0.12              0.09                 0.05    
       Net realized and unrealized loss on                                                                          
         investments and foreign currency                                                                           
         transactions                             (1.58)            (2.61)            (1.32)               (1.14)   
                                             ----------        ----------        ----------           ----------    
       Total from investment operations           (1.46)            (2.49)            (1.23)               (1.09)   
                                             ----------        ----------        ----------           ----------    
Less distributions:                                                                                                 
       Dividends from net investment income       (0.10)            (0.10)            (0.16)               (0.10)   
                                             ----------        ----------        ----------           ----------    
NET ASSET VALUE, END OF PERIOD               $     6.96        $     8.52        $    11.11           $     6.96    
                                             ==========        ==========        ==========           ==========    
        Total return (B)                         (17.15%)          (22.41%)           (9.84%)+            (13.35%)+ 
Net assets, end of period (000's)            $   50,675        $   49,673        $   49,180           $    5,338    
Ratio of expenses to average net assets            0.62%             0.62%             0.65%(A)             0.82%(A)
Ratio of expenses to average net assets                                                                             
  after expense reductions                         0.60%             0.60%             0.60%(A)             0.80%(A)
Ratio of net investment income (loss) to                                                                            
  average net assets                               1.57%             1.25%             1.17%(A)             0.81%(A)
Portfolio turnover rate                               7%               12%                8%(A)                7%(A)

                                                        [Enlarge/Download Table]

                                                                          MID CAP INDEX TRUST                          
                                                -------------------------------------------------------------------    
                                                                    SERIES I                              SERIES II    
                                                ----------------------------------------------           ----------    
                                                        YEARS ENDED                                                    
                                                        DECEMBER 31,                 5/1/2000*            1/28/2002*   
                                                ----------------------------             TO                  TO        
                                                   2002@             2001@          12/31/2000@          12/31/2002@   
                                                ----------        ----------        ----------           ----------    
                                                                                                                       
NET  ASSET VALUE, BEGINNING OF PERIOD           $    12.82        $    13.11        $    12.50           $    12.80    
Income from investment operations:                                                                                     
       Net investment income                          0.07              0.11              0.10                 0.05    
       Net realized and unrealized gain (loss)                                                                         
         on investments and foreign currency                                                                           
         transactions                                (2.01)            (0.32)             0.77                (1.98)   
                                                ----------        ----------        ----------           ----------    
       Total from investment operations              (1.94)            (0.21)             0.87                (1.93)   
                                                ----------        ----------        ----------           ----------    
Less distributions:                                                                                                    
       Dividends from net investment income          (0.06)            (0.08)            (0.08)                (.06)   
       Distributions from capital gains                 --                --             (0.18)                  --    
                                                ----------        ----------        ----------           ----------    
       Total distributions                           (0.06)            (0.08)            (0.26)               (0.06)   
                                                ----------        ----------        ----------           ----------    
NET ASSET VALUE, END OF PERIOD                  $    10.82        $    12.82        $    13.11           $    10.81    
                                                ==========        ==========        ==========           ==========    
        TOTAL RETURN (C)                            (15.16%)           (1.73%)            7.15%+             (15.07%)+ 
Net assets, end of period (000's)               $   87,282        $   58,197        $   32,007           $   12,810    
Ratio of expenses to average net assets               0.58%             0.60%             0.69%(A)             0.78%(A)
Ratio of expenses to average net assets after                                                                          
  expense reductions                                  0.58%             0.60%             0.60%(A)             0.78%(A)
Ratio of net investment income (loss) to                                                                               
  average net assets                                  0.58%             0.85%             1.17%(A)             0.46%(A)
Portfolio turnover rate                                 20%               19%               49%(A)               20%(A)

@     Net investment income has been calculated using the average shares method.

*     Commencement of operations                                                

#     Amount is less than $.01 per share.                                       

+     Not Annualized                                                            

(A)   Annualized                                                                

(B)   The total return for the year ended December 31, 2002 and for the period  
     ended December 31, 2001 would have been lower, had operating expenses not
been reduced.                                                       

(C)   The total return for the year ended December 31, 2002 and for the period  
      ended December 31, 2001 for Series I and for the period ended December 31,
    2002 for Series II would have been lower had operating expenses not been
reduced.                                                            

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

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MANUFACTURERS INVESTMENT TRUST                                                  
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)            

                                                        [Enlarge/Download Table]

                                                                 TOTAL STOCK MARKET INDEX TRUST                     
                                             -------------------------------------------------------------------    
                                                                SERIES I                               SERIES II    
                                             ----------------------------------------------           ----------    
                                                     YEARS ENDED                                                    
                                                     DECEMBER 31,                 5/1/2000*            1/28/2002*   
                                             ----------------------------            TO                   TO        
                                                2002@             2001@          12/31/2000@           6/30/2002@   
                                             ----------        ----------        ----------           ----------    
                                                                                                                    
NET  ASSET VALUE, BEGINNING OF PERIOD        $     9.79        $    11.14        $    12.50           $     9.67    
Income from investment operations:                                                                                  
       Net investment income                       0.08              0.09              0.08                 0.07    
       Net realized and unrealized loss on                                                                          
         investments and foreign currency                                                                           
         transactions                             (2.16)            (1.36)            (1.33)               (2.04)   
                                             ----------        ----------        ----------           ----------    
       Total from investment operations           (2.08)            (1.27)            (1.25)               (1.97)   
                                             ----------        ----------        ----------           ----------    
Less distributions:                                                                                                 
       Dividends from net investment income       (0.08)            (0.08)            (0.06)               (0.08)   
       Distributions from capital gains              --                --             (0.05)                  --    
                                             ----------        ----------        ----------           ----------    
       Total distributions                        (0.08)            (0.08)            (0.11)               (0.08)   
                                             ----------        ----------        ----------           ----------    
NET ASSET VALUE, END OF PERIOD               $     7.63        $     9.79        $    11.14           $     7.62    
                                             ==========        ==========        ==========           ==========    
        Total return (B)                         (21.29%)          (11.41%)          (10.04%)+            (20.36)%+ 
Net assets, end of period (000's)            $   59,970        $   73,657        $   56,390           $    6,163    
Ratio of expenses to average net assets            0.59%             0.59%             0.62%(A)             0.79%(A)
Ratio of expenses to average net assets                                                                             
  after expense reductions                         0.59%             0.59%             0.60%(A)             0.79%(A)
Ratio of net investment income to                                                                                   
  average net assets                               0.96%             0.93%             0.93%(A)             0.98%(A)
Portfolio turnover rate                               4%                5%               16%(A)                4%(A)

                                                        [Enlarge/Download Table]

                                                                            500 INDEX TRUST                                
                                                -----------------------------------------------------------------------    
                                                                    SERIES I                                 SERIES II     
                                                -------------------------------------------------           -----------    
                                                        YEARS ENDED                                                        
                                                        DECEMBER 31,                   5/1/2000*            1/28/2002*     
                                                ------------------------------            TO                     TO        
                                                   2002@              2001@           12/31/2000@           12/31/2002@    
                                                -----------        -----------        -----------           -----------    
                                                                                                                           
NET  ASSET VALUE, BEGINNING OF PERIOD           $      9.81        $     11.28        $     12.50           $      9.68    
Income from investment operations:                                                                                         
       Net investment income                           0.09               0.09               0.09                  0.08    
       Net realized and unrealized gain (loss)                                                                             
         on investments and foreign currency                                                                               
         transactions                                 (2.30)             (1.48)             (1.29)                (2.17)   
                                                -----------        -----------        -----------           -----------    
       Total from investment operations               (2.21)             (1.39)             (1.20)                (2.09)   
                                                -----------        -----------        -----------           -----------    
Less distributions:                                                                                                        
       Dividends from net investment income              -#              (0.08)             (0.02)                   -#    
                                                -----------        -----------        -----------           -----------    
       Total distributions                               --              (0.08)             (0.02)                   --    
                                                -----------        -----------        -----------           -----------    
NET ASSET VALUE, END OF PERIOD                  $      7.60        $      9.81        $     11.28           $      7.59    
                                                ===========        ===========        ===========           ===========    
        TOTAL RETURN                                 (22.53%)           (12.37%)            (9.57%)+             (21.59%)+ 
Net assets, end of period (000's)               $   678,414        $   772,559        $   680,264           $    38,267    
Ratio of expenses to average net assets                0.57%              0.57%              0.55%(A)              0.77%(A)
Ratio of net investment income (loss)                                                                                      
  to average net assets                                1.05%              0.84%              1.08%(A)              1.12%(A)
Portfolio turnover rate                                   6%                 1%                 6%(A)                 6%(A)

@     Net investment income has been calculated using the average shares method.

*     Commencement of operations                                                

#     Amount is less than $.01 per share.                                       

+     Not Annualized                                                            

(A)   Annualized                                                                

(B)   The total return for the year ended December 31, 2002 and the period ended
    December 31, 2001 would have been lower, had operating expenses not been
reduced.                                                            

(C)   The total return for the year ended December 31, 2002 for Series I and the
     period ended December 31, 2001 for Series I and for period ended December
   31, 2002 for Series II would have been lower had operating expenses not
been reduced.                                                       

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

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MANUFACTURERS INVESTMENT TRUST                                                  
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002                                    
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

SMALL-MID CAP GROWTH TRUST                                                      

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COMMON STOCK - 73.82%                                                           
APPAREL & TEXTILES - 4.72%                                                      
Coach, Inc. *                                              2,070     $    68,144
Kellwood Company                                             870          22,620
The Gymboree Corp. * (a)                                   1,185          18,794
                                                                     -----------
                                                                         109,558

BANKING - 1.02%                                                                 
Dime Community Bancorp, Inc.                               1,240          23,746
                                                                     -----------
BUSINESS SERVICES - 1.38%                                                       
FTI Consulting, Inc. * (a)                                   800          32,120
                                                                     -----------
CHEMICALS - 1.11%                                                               
Albemarle Corp.                                              910          25,890
                                                                     -----------
COLLEGES & UNIVERSITIES - 2.62%                                                 
Corinthian Colleges, Inc. * (a)                            1,610          60,955
                                                                     -----------
COMPUTERS & BUSINESS EQUIPMENT - 7.38%                                          
Cognizant Technology Solutions Corp., Class A * (a)          465          33,587
Hutchinson Technology, Inc. * (a)                          1,115          23,081
Intergraph Corp. *                                         1,560          27,706
Sandisk Corp. * (a)                                        2,665          54,099
Western Digital Corp. * (a)                                5,175          33,068
                                                                     -----------
                                                                         171,541

CONTAINERS & GLASS - 3.08%                                                      
Ball Corp.                                                 1,400          71,666
                                                                     -----------
CRUDE PETROLEUM & NATURAL GAS - 1.34%                                           
Patina Oil & Gas Corp.                                       980          31,017
                                                                     -----------
DOMESTIC OIL - 1.36%                                                            
XTO Energy, Inc.                                           1,280          31,616
                                                                     -----------
EDUCATIONAL SERVICES - 2.30%                                                    
Apollo Group, Inc., Class A * (a)                          1,215          53,460
                                                                     -----------
ELECTRICAL EQUIPMENT - 2.24%                                                    
American Power Conversion Corp. * (a)                      1,810          27,421
Energizer Holdings, Inc. *                                   880          24,552
                                                                     -----------
                                                                          51,973

ELECTRONICS - 1.60%                                                             
Zebra Technologies Corp., Class A * (a)                      650          37,245
                                                                     -----------

FINANCIAL SERVICES - 2.81%                                                      
Countrywide Financial Corp.                                  590          30,474
New Century Financial Corp. (a)                            1,370          34,784
                                                                     -----------
                                                                          65,258

FOOD & BEVERAGES - 0.99%                                                        
Sensient Technologies Corp. (a)                            1,020          22,919
                                                                     -----------
HEALTHCARE PRODUCTS - 1.79%                                                     
Varian Medical Systems, Inc. *                               840          41,664
                                                                     -----------
HOUSEHOLD PRODUCTS - 1.50%                                                      
Newell Rubbermaid, Inc.                                    1,150          34,879
                                                                     -----------
INSURANCE - 5.24%                                                               
Fidelity National Financial, Inc. (a)                        905          29,711
Hilb, Rogal and Hamilton Company (a)                         800          32,720
RenaissanceRe Holdings, Ltd.                               1,500          59,400
                                                                     -----------
                                                                         121,831

INTERNET RETAIL - 1.75%                                                         
Amazon.com, Inc. * (a)                                     2,150          40,613
                                                                     -----------
INTERNET SERVICE PROVIDER - 0.92%                                               
United Online, Inc. * (a)                                  1,335     $    21,281
                                                                     -----------
INTERNET SOFTWARE - 1.60%                                                       
Symantec Corp. *                                             915          37,067
                                                                     -----------
OFFICE FURNISHINGS & SUPPLIES - 2.55%                                           
Avery Dennison Corp.                                         970          59,248
                                                                     -----------
PHARMACEUTICALS - 2.98%                                                         
Amylin Pharmaceuticals, Inc. *                             2,710          43,739
Taro Pharmaceutical Industries, Ltd., Class A *              680          25,568
                                                                     -----------
                                                                          69,307

PUBLISHING - 1.33%                                                              
Meredith Corp. (a)                                           750          30,833
                                                                     -----------
RETAIL GROCERY - 1.21%                                                          
Whole Foods Market, Inc. * (a)                               535          28,211
                                                                     -----------
RETAIL TRADE - 7.53%                                                            
Pacific Sunwear of California, Inc. *                      1,350          23,881
PETsMART, Inc. *                                           3,100          53,103
Ross Stores, Inc.                                          1,700          72,063
Tractor Supply Company *                                     690          25,944
                                                                     -----------
                                                                         174,991

SEMICONDUCTORS - 1.03%                                                          
Integrated Circuit Systems, Inc. * (a)                     1,315          23,999
                                                                     -----------
SOFTWARE - 7.84%                                                                
Avid Technology, Inc. * (a)                                1,175          26,966
Electronic Arts, Inc. *                                      480          23,890
Imation Corp. *                                              785          27,538
Intuit, Inc. *                                             1,005          47,155
Pixar, Inc. * (a)                                            660          34,973
Take-Two Interactive Software, Inc. * (a)                    925          21,728
                                                                     -----------
                                                                         182,250

TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.98%                                 
InterDigital Communication Corp. * (a)                     1,560          22,714
                                                                     -----------
TRUCKING & FREIGHT - 1.62%                                                      
Expeditores International of Washington,                                        
   Inc.                                                    1,155          37,711
                                                                     -----------
TOTAL COMMON STOCK                                                              
(Cost: $1,670,366)                                                   $ 1,715,563
                                                                     -----------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
SHORT TERM INVESTMENTS - 19.38%                                                 
Navigator Securities Lending Trust, 1.43%            $   450,338     $   450,338
                                                                     -----------
REPURCHASE AGREEMENTS - 6.80%                                                   
Repurchase Agreement with State Street Corp.,                                   
   dated 12/31/2002 at 0.60%, to be repurchased                                 
   at $158,005 on 01/02/2003, collateralized by                                 
   $130,000 U.S. Treasury Bonds, 6.625% due                                     
   02/15/2027 (valued at $164,816, including                                    
   interest)                                         $   158,000     $   158,000
                                                                     -----------
TOTAL INVESTMENTS (SMALL-MID CAP GROWTH TRUST)                                  
(Cost: $2,278,704)                                                   $ 2,323,901
                                                                     ===========

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

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MANUFACTURERS INVESTMENT TRUST                                                  
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

SMALL-MID CAP TRUST                                                             

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COMMON STOCK - 75.28%                                                           
APPAREL & TEXTILES - 2.94%                                                      
Cintas Corp. (a)                                          60,650     $ 2,774,738
                                                                     -----------
AUTO SERVICES - 2.08%                                                           
Copart, Inc. * (a)                                       165,785       1,962,894
                                                                     -----------
BANKING - 5.17%                                                                 
National Commerce Financial Corp. (a)                    124,570       2,970,994
Washington Federal, Inc.                                  76,680       1,905,498
                                                                     -----------
                                                                       4,876,492

BUSINESS SERVICES - 5.45%                                                       
Catalina Marketing Corp. * (a)                           102,535       1,896,897
Certegy, Inc. * (a)                                       91,105       2,236,628
CSG Systems International, Inc. *                         74,265       1,013,717
                                                                     -----------
                                                                       5,147,242

CHEMICALS - 3.82%                                                               
Valspar Corp. (a)                                         81,585       3,604,425
                                                                     -----------

COMPUTERS & BUSINESS EQUIPMENT - 2.10%                                          
Henry, Jack & Associates, Inc. (a)                       164,875       1,985,095
                                                                     -----------
CONTAINERS & GLASS - 3.56%                                                      
Bemis Company, Inc. (a)                                   67,730       3,361,440
                                                                     -----------
DOMESTIC OIL - 3.03%                                                            
Devon Energy Corp. (a)                                    62,235       2,856,587
                                                                     -----------
ELECTRONICS - 5.91%                                                             
Teleflex, Inc.                                            58,920       2,527,079
Zebra Technologies Corp., Class A * (a)                   53,260       3,051,799
                                                                     -----------
                                                                       5,578,878

FINANCIAL SERVICES - 4.63%                                                      
Eaton Vance Corp. (a)                                     86,940       2,456,055
Equifax, Inc. (a)                                         82,945       1,919,347
                                                                     -----------
                                                                       4,375,402

FOOD & BEVERAGES - 1.34%                                                        
Tootsie Roll Industries, Inc. (a)                         41,274       1,266,286
                                                                     -----------
HEALTHCARE PRODUCTS - 2.10%                                                     
Diagnostic Products Corp.                                 51,440       1,986,613
                                                                     -----------
HEALTHCARE SERVICES - 6.49%                                                     
First Health Group Corp. * (a)                           114,685       2,792,580
IMS Health, Inc.                                         208,475       3,335,600
                                                                     -----------
                                                                       6,128,180

INDUSTRIAL MACHINERY - 1.96%                                                    
Donaldson Company, Inc. (a)                               51,400       1,850,400
                                                                     -----------
INSURANCE - 6.87%                                                               
Brown & Brown, Inc.                                       63,500       2,052,320
Cincinnati Financial Corp.                                59,940       2,250,747
Reinsurance Group of America, Inc. (a)                    80,645       2,183,867
                                                                     -----------
                                                                       6,486,934

PHARMACEUTICALS - 3.08%                                                         
King Pharmaceuticals, Inc. *                             168,950       2,904,251
                                                                     -----------
RETAIL TRADE - 5.54%                                                            
Regis Corp.                                               88,050     $ 2,288,420
Rent-A-Center, Inc. * (a)                                 58,850       2,939,557
                                                                     -----------
                                                                       5,227,977

SEMICONDUCTORS - 2.57%                                                          
Maxim Integrated Products, Inc. (a)                       73,390       2,424,806
                                                                     -----------
SOFTWARE - 3.11%                                                                
Fair Issac & Company, Inc. (a)                            68,832       2,939,126
                                                                     -----------
TRANSPORTATION - 3.53%                                                          
C. H. Robinson Worldwide, Inc. (a)                       106,790       3,331,848
                                                                     -----------
TOTAL COMMON STOCK                                                              
(Cost: $74,553,891)                                                  $71,069,614
                                                                     -----------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
SHORT TERM INVESTMENTS - 24.38%                                                 
Cargill, Inc.                                                                   
   1.20% due 01/02/2003                            $   700,000       $   699,976
Navigator Securities Lending Trust, 1.43%           19,318,624        19,318,624
UBS Americas, Inc.                                                              
   1.20% due 01/02/2003                              3,000,000         2,999,900
                                                                     -----------
                                                                     $23,018,500
                                                                     ===========

REPURCHASE AGREEMENTS - 0.34%                                                   
Repurchase Agreement with State Street Corp.,                                   
   dated 12/31/2002 at 0.60%, to be                                             
   repurchased at $318,011 on 01/02/2003,                                       
   collateralized by $265,000 U.S. Treasury                                     
   Bonds, 6.50% due 11/15/2026 (valued at                                       
   $326,613, including interest)                   $   318,000       $   318,000
                                                                     -----------
TOTAL INVESTMENTS (SMALL-MID CAP TRUST)                                         
(Cost: $97,890,391)                                                  $94,406,114
                                                                     ===========

INTERNATIONAL EQUITY SELECT TRUST                                               

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COMMON STOCK - 82.72%                                                           
DENMARK - 1.88%                                                                 
Danske Bank A/S                                         75,300       $ 1,243,635
                                                                     -----------
FINLAND - 2.48%                                                                 
Nokia AB Oyj                                           103,000         1,636,443
                                                                     -----------
FRANCE - 11.66%                                                                 
Aventis SA                                              34,000         1,846,969
AXA                                                    123,000         1,649,783
Societe Generale                                        32,500         1,891,592
TotalFinaElf SA, B Shares                               16,200         2,312,194
                                                                     -----------
                                                                       7,700,538

GERMANY - 0.20%                                                                 
Deutsche Bank AG NPV                                     1,300            59,849
Siemens AG NPV (a)                                       1,700            72,203
                                                                     -----------
                                                                         132,052

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

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MANUFACTURERS INVESTMENT TRUST                                                  
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
IRELAND - 2.80%                                                                 
Allied Irish Banks PLC                                   137,000     $ 1,847,620
                                                                     -----------
ITALY - 5.68%                                                                   
Eni SPA (a)                                              168,600       2,678,683
San Paolo-IMI SPA (a)                                    165,200       1,074,120
                                                                     -----------
                                                                       3,752,803

JAPAN - 5.53%                                                                   
Canon, Inc. (a)                                           47,200       1,776,558
Kao Corp.                                                 85,500       1,875,442
                                                                     -----------
                                                                       3,652,000

NETHERLANDS - 8.51%                                                             
ABN AMRO Holdings NV                                     108,300       1,769,486
Heineken NV                                               52,000       2,028,604
Royal Dutch Petroleum Company (a)                         41,500       1,825,707
                                                                     -----------
                                                                       5,623,797

SPAIN - 2.78%                                                                   
Endesa SA (a)                                            157,000       1,835,801
                                                                     -----------
SWITZERLAND - 11.89%                                                            
Compagnie Financiere Richemont AG *                       33,000         615,574
Nestle SA                                                 12,000       2,542,115
Novartis AG                                               65,100       2,374,590
UBS AG                                                    47,700       2,317,576
                                                                     -----------
                                                                       7,849,855

UNITED KINGDOM - 29.31%                                                         
AstraZeneca Group PLC                                     49,000       1,750,814
Barclays PLC                                             371,500       2,302,028
BP PLC                                                   283,800       1,950,434
Cadbury Schweppes PLC                                    370,400       2,307,134
Diageo PLC                                               228,500       2,482,453
GlaxoSmithKline PLC                                      129,000       2,474,896
HSBC Holdings PLC                                        209,000       2,309,286
Tesco PLC                                                391,500       1,222,431
Unilever PLC                                             269,100       2,559,718
                                                                     -----------
                                                                      19,359,194

TOTAL COMMON STOCK                                                              
(Cost: $55,426,713)                                                  $54,633,738
                                                                     -----------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
SHORT TERM INVESTMENTS - 11.27%                                                 
Navigator Securities Lending Trust, 1.43%            $ 7,440,954     $ 7,440,954
                                                                     -----------
REPURCHASE AGREEMENTS - 6.01%                                                   
Repurchase Agreement with State Street Corp.                                    
   dated 12/31/2002 at 0.60%, to be                                             
   repurchased at $3,969,132 on 01/02/2003,                                     
   collateralized by $2,665,000 U.S. Treasury                                   
   Bonds, 8.875% due 02/15/2019 (valued at                                      
   $4,051,173, including interest)                   $ 3,969,000     $ 3,969,000
                                                                     -----------
TOTAL INVESTMENTS (INTERNATIONAL EQUITY                                         
SELECT TRUST) (Cost: $66,836,667)                                    $66,043,692
                                                                     ===========

The Trust had the following five top industry concentrations at December 31,    
2002 (as a percentage of total value of investments):                           

                                                                [Download Table]
                                                                  
Financial Services                                          14.09%
Food & Beverages                                            11.27%
Drugs & Health Care                                          9.99%
Banking                                                      8.34%
Liquor                                                       6.83%

SELECT GROWTH TRUST                                                             

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COMMON STOCK - 74.85%                                                           
ADVERTISING - 1.70%                                                             
Omnicom Group, Inc. (a)                                      700     $    45,220
                                                                     -----------
AEROSPACE - 2.77%                                                               
Honeywell International, Inc. (a)                          1,325          31,800
Lockheed Martin Corp. (a)                                    725          41,869
                                                                     -----------
                                                                          73,669

BANKING - 3.03%                                                                 
Fifth Third Bancorp                                          675          39,521
Wells Fargo & Company                                        875          41,011
                                                                     -----------
                                                                          80,532

BIOTECHNOLOGY - 1.59%                                                           
Amgen, Inc. *                                                875          42,298
                                                                     -----------

BROADCASTING - 2.30%                                                            
Viacom, Inc., Class B * (a)                                1,500          61,140
                                                                     -----------

BUSINESS SERVICES - 1.40%                                                       
Automatic Data Processing, Inc.                              950          37,288
                                                                     -----------

CABLE AND TELEVISION - 2.38%                                                    
Comcast Corp.-Special Class A * (a)                        2,800          63,252
                                                                     -----------
COMPUTERS & BUSINESS EQUIPMENT - 4.87%                                          
Cisco Systems, Inc. *                                      4,275          56,002
Dell Computer Corp. *                                      2,750          73,535
                                                                     -----------
                                                                         129,537

COSMETICS & TOILETRIES - 1.82%                                                  
Colgate-Palmolive Company                                    925          48,498
                                                                     -----------
ELECTRICAL EQUIPMENT - 3.14%                                                    
General Electric Company                                   3,425          83,399
                                                                     -----------
FINANCIAL SERVICES - 8.35%                                                      
Capital One Financial Corp. (a)                              675          20,061
Citigroup, Inc.                                            1,850          65,101
Federal Home Loan Mortgage Corp. (a)                         850          50,193
State Street Corp. (a)                                     1,175          45,825
The Goldman Sachs Group, Inc.                                600          40,860
                                                                     -----------
                                                                         222,040

FOOD & BEVERAGES - 3.25%                                                        
Anheuser-Busch Companies, Inc.                               825          39,930
PepsiCo, Inc.                                              1,100          46,442
                                                                     -----------
                                                                          86,372

HEALTHCARE PRODUCTS - 6.62%                                                     
Guidant Corp. *                                            1,525          47,046
Johnson & Johnson                                            875          46,996
Medtronic, Inc.                                            1,800          82,080
                                                                     -----------
                                                                         176,122

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

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--------------------------------------------------------------------------------

                                                                [Download Table]


                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
HEALTHCARE SERVICES - 3.35%                                                     
HCA-The Healthcare Company (a)                             1,075     $    44,612
McKesson Corp.                                             1,650          44,600
                                                                     -----------
                                                                          89,212

INSURANCE - 3.80%                                                               
AFLAC, Inc.                                                1,025          30,873
American International Group, Inc.                         1,150          66,527
Travelers Property Casualty Corp., Class A * (a)              79           1,157
Travelers Property Casualty Corp., Class B * (a)             164           2,403
                                                                     -----------
                                                                         100,960

INTERNET SOFTWARE - 0.95%                                                       
Symantec Corp. * (a)                                         625          25,319
                                                                     -----------
PHARMACEUTICALS - 6.14%                                                         
Pfizer, Inc.                                               2,475          75,661
Pharmacia Corp.                                            1,025          42,845
Wyeth                                                      1,200          44,880
                                                                     -----------
                                                                         163,386

RETAIL TRADE - 5.91%                                                            
Costco Wholesale Corp. * (a)                               1,300          36,478
Home Depot, Inc.                                           2,225          53,311
The TJX Companies, Inc. (a)                                1,125          21,960
Wal-Mart Stores, Inc.                                        900          45,459
                                                                     -----------
                                                                         157,208

SEMICONDUCTORS - 2.44%                                                          
Analog Devices, Inc. *                                     1,200          28,644
Maxim Integrated Products, Inc.                            1,100          36,344
                                                                     -----------
                                                                          64,988

SOFTWARE - 4.78%                                                                
Microsoft Corp. *                                          1,700          87,890
Oracle Corp. *                                             3,625          39,150
                                                                     -----------
                                                                         127,040

TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.85%                                 
QUALCOMM, Inc. *                                             625          22,744
                                                                     -----------
TOYS, AMUSEMENTS & SPORTING GOODS - 1.57%                                       
Mattel, Inc.                                               2,175          41,651
                                                                     -----------
TRUCKING & FREIGHT - 1.84%                                                      
United Parcel Service, Inc., Class B                         775          48,887
                                                                     -----------
TOTAL COMMON STOCK                                                              
(Cost: $2,354,806)                                                   $ 1,990,762
                                                                     -----------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
SHORT TERM INVESTMENTS - 18.31%                                                 
Navigator Securities Lending Trust, 1.43%            $   486,895     $   486,895
                                                                     -----------
REPURCHASE AGREEMENTS - 6.84%                                                   
Repurchase Agreement with State Street Corp.,                                   
   dated 12/31/2002 at 0.60%, to be repurchased                                 
   at $182,006 on 01/02/2003, collateralized by                                 
   $140,000 U.S. Treasury Bonds, 10.375% due                                    
   11/15/2012 (valued at $189,271, including                                    
   interest)                                         $   182,000     $   182,000
                                                                     -----------
TOTAL INVESTMENTS   (SELECT GROWTH TRUST)                                       
(Cost: $3,023,701)                                                   $ 2,659,657
                                                                     ===========

GLOBAL EQUITY SELECT TRUST                                                      

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COMMON STOCK - 87.51%                                                           
FINLAND - 1.30%                                                                 
Nokia AB Oyj                                               2,300     $    36,542
                                                                     -----------
FRANCE - 8.16%                                                                  
Aventis SA                                                 1,200          65,187
Societe Generale                                           1,100          64,023
TotalFinaElf SA, B Shares                                    700          99,910
                                                                     -----------
                                                                         229,120

GERMANY - 3.29%                                                                 
Deutsche Bank AG NPV                                         900          41,434
Siemens AG NPV (a)                                         1,200          50,967
                                                                     -----------
                                                                          92,401

ITALY - 2.89%                                                                   
Eni SPA (a)                                                5,100          81,028
                                                                     -----------
JAPAN - 1.95%                                                                   
Kao Corp.                                                  2,500          54,837
                                                                     -----------
NETHERLANDS - 7.81%                                                             
ABN AMRO Holdings NV                                       5,200          84,961
Heineken NV                                                2,200          85,826
Royal Dutch Petroleum Company (a)                          1,100          48,392
                                                                     -----------
                                                                         219,179

SPAIN - 2.33%                                                                   
Endesa SA (a)                                              5,600          65,481
                                                                     -----------
SWITZERLAND - 6.53%                                                             
Nestle SA                                                    400          84,737
Novartis AG                                                2,700          98,485
                                                                     -----------
                                                                         183,222

UNITED KINGDOM - 15.71%                                                         
AstraZeneca Group PLC                                      1,300          46,450
Barclays PLC                                              10,400          64,444
Cadbury Schweppes PLC                                      9,100          56,682
Diageo PLC                                                 6,700          72,790
GlaxoSmithKline PLC                                        2,100          40,289
HSBC Holdings PLC                                          5,300          58,561
Unilever PLC                                              10,700         101,780
                                                                     -----------
                                                                         440,996

UNITED STATES - 37.54%                                                          
Bank of America Corp.                                      1,000          69,570
Bank One Corp.                                             2,000          73,100
Citigroup, Inc.                                            1,800          63,342
Eli Lilly & Company                                        1,130          71,755
Exxon Mobil Corp.                                          2,000          69,880
First Data Corp.                                           1,600          56,656
General Electric Company                                   2,000          48,700
International Business Machines Corp.                        900          69,750
Johnson & Johnson                                          1,700          91,307
Merck & Company, Inc.                                      1,400          79,254
SBC Communications, Inc.                                   2,100          56,931
The Coca-Cola Company                                      2,000          87,640
The Procter & Gamble Company                               1,100          94,534
Verizon Communications, Inc.                               1,800          69,750
Wells Fargo & Company                                      1,100          51,557
                                                                     -----------
                                                                       1,053,726

TOTAL COMMON STOCK                                                              
(Cost: $2,773,907)                                                   $ 2,456,532
                                                                     ---------- 

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
SHORT TERM INVESTMENTS - 8.78%                                                  
Navigator Securities Lending Trust, 1.43%            $   246,482     $   246,482
                                                                     -----------
REPURCHASE AGREEMENTS - 3.71%                                                   
Repurchase Agreement with State Street Corp.                                    
   dated 12/31/2002 at 0.60%, to be                                             
   repurchased at $104,003 on 01/02/2003,                                       
   collateralized by $90,000 U.S. Treasury                                      
   Bonds, 6.25% due 08/15/2023 (valued at                                       
   $108,506, including interest)                     $   104,000     $   104,000
                                                                     -----------
TOTAL INVESTMENTS   (GLOBAL EQUITY SELECT TRUST)                                
(Cost: $3,124,389)                                                   $ 2,807,014
                                                                     ===========

The Trust had the following five top industry concentrations at December 31,    
2002 (as a percentage of total value of investments):                           

                                                                [Download Table]
                                                                  
Banking                                                     12.23%
Food & Beverages                                            11.79%
Financial Services                                           8.78%
Drugs & Health Care                                          6.60%
Petroleum Services                                           6.05%

REAL ESTATE SECURITIES TRUST                                                    

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COMMON STOCK - 92.36%                                                           
HOTELS & RESTAURANTS - 5.44%                                                    

Hilton Hotels Corp.                                      612,500    $  7,784,875
RFS Hotel Investors, Inc., REIT                          166,700       1,810,362
Starwood Hotels & Resorts Worldwide, Inc.                418,700       9,939,938
                                                                    ------------
                                                                      19,535,175

REAL ESTATE - 86.92%                                                            
AMB Property Corp., REIT                                  88,600       2,424,096
Apartment Investment & Management Company, Class A,                             
   REIT                                                  152,700       5,723,196
Archstone-Smith Trust, REIT                              778,200      18,318,828
Arden Realty, Inc., REIT                                 465,600      10,313,040
Avalon Bay Communities, Inc., REIT                       226,900       8,880,866
Boston Properties, Inc., REIT                            381,500      14,062,090
BRE Properties, Inc., Class A, REIT                      424,000      13,228,800
Brookfield Properties Corp.                              558,800      11,287,760
Camden Property Trust, REIT                              107,675       3,553,275
CarrAmerica Realty Corp., REIT                           418,600      10,485,930
Catellus Development Corp. *                             264,200       5,244,370
CenterPoint Properties Corp., REIT                       101,100       5,777,865
Chelsea Property Group, Inc., REIT                       451,100      15,026,141
Developers Diversified Realty, REIT                      471,800      10,374,882
Equity Residential Properties Trust, REIT                910,800      22,387,464
Essex Property Trust, REIT                                90,700       4,612,095
Gables Residential Trust, REIT                            57,900       1,443,447
General Growth Properties, Inc., REIT                    402,000      20,904,000
Highwoods Properties, Inc.                               154,700       3,418,870
Home Properties of New York, Inc., REIT                   51,100       1,760,395
Kimco Realty Corp., REIT                                 163,800       5,018,832
Liberty Property Trust, REIT (a)                         222,500       7,106,650
Mack-California Realty Corp., REIT                       343,300      10,401,990
Pan Pacific Retail Properties, Inc., REIT                195,500       7,141,615

REAL ESTATE - 86.92%                                                            
Prologis Trust, REIT                                     975,200    $ 24,526,280
Rouse Company, REIT                                      203,400       6,447,780
Simon Property Group, Inc., REIT                         823,200      28,046,424
SL Green Realty Corp., REIT                              218,000       6,888,800
Taubman Centers, Inc., REIT                              254,200       4,125,666
Town & Country Trust , REIT                                6,300         132,930
Trizec Properties, Inc., REIT                            122,500       1,150,275
United Dominion Realty Trust, Inc., REIT                 666,200      10,899,032
Vornado Realty Trust, REIT                               296,200      11,018,640
                                                                     -----------
                                                                     312,132,324

TOTAL COMMON STOCK                                                              
(Cost: $329,315,902)                                                $331,667,499
                                                                    ------------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
SHORT TERM INVESTMENTS - 2.05%                                                  

Navigator Securities Lending Trust, 1.43%            $ 7,342,500    $  7,342,500
REPURCHASE AGREEMENTS - 5.59%                                                   
Repurchase Agreement with State Street                                          
   Corp., dated 12/31/2002 at 0.60%, to                                         
   be repurchased at $20,081,669 on                                             
   01/02/2003, collateralized by                                                
   $16,620,000 U.S. Treasury Bonds 6.5%                                         
   due 01/15/2026 (valued at $20,484,150                                        
   including interest)                                                          
                                                     $20,081,000    $ 20,081,000
                                                                    ------------
TOTAL INVESTMENTS   (REAL ESTATE SECURITIES TRUST)                              
(Cost: $356,739,402)                                                $359,090,999
                                                                    ============

CORE VALUE TRUST                                                                

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                

COMMON STOCK - 73.25%                                                           
AEROSPACE - 7.92%                                                               
Boeing Company                                             1,750     $    57,732
General Dynamics Corp. (a)                                   940          74,608
Raytheon Company (a)                                       2,410          74,107
United Technologies Corp.                                    590          36,545
                                                                     -----------
                                                                         242,992

AIR TRAVEL - 1.33%                                                              
Southwest Airlines Company (a)                             2,925          40,658
                                                                     -----------
BANKING - 3.35%                                                                 
Bank of America Corp.                                      1,475         102,616
                                                                     -----------
BROADCASTING - 3.45%                                                            
Viacom, Inc., Class B * (a)                                2,600         105,976
                                                                     -----------
CABLE AND TELEVISION - 2.74%                                                    
Comcast Corp.-Special Class A * (a)                        3,720          84,035
                                                                     -----------
CELLULAR COMMUNICATIONS - 1.67%                                                 
Nextel Communications, Inc., Class A * (a)                 4,440          51,282
                                                                     -----------
COMPUTERS & BUSINESS EQUIPMENT - 5.59%                                          
Cisco Systems, Inc. *                                      4,820          63,142
Hewlett-Packard Company                                    6,235         108,240
                                                                     -----------
                                                                         171,382

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COSMETICS & TOILETRIES - 2.10%                                                  
The Procter & Gamble Company                                 750         $64,455
                                                                     -----------
DRUGS & HEALTH CARE - 2.73%                                                     
Cardinal Health, Inc. (a)                                  1,415          83,754
                                                                     -----------
ELECTRICAL EQUIPMENT - 2.15%                                                    
General Electric Company                                   2,705          65,867
                                                                     -----------
FINANCIAL SERVICES - 7.58%                                                      
Citigroup, Inc.                                            2,085          73,371
MBNA Corp.                                                 5,600         106,512
State Street Corp. (a)                                     1,350          52,650
                                                                     -----------
                                                                         232,533

FOOD & BEVERAGES - 3.92%                                                        
PepsiCo, Inc.                                              2,850         120,327
                                                                     -----------
HEALTHCARE PRODUCTS - 2.89%                                                     
Johnson & Johnson                                          1,650          88,621
                                                                     -----------
HEALTHCARE SERVICES - 3.11%                                                     
HCA-The Healthcare Company (a)                             2,300          95,450
                                                                     -----------
INSURANCE - 6.50%                                                               
American International Group, Inc.                         1,250          72,313
Marsh & McLennan Companies, Inc.                           2,750         127,077
                                                                     -----------
                                                                         199,390

PETROLEUM SERVICES - 6.33%                                                      
ChevronTexaco Corp.                                          543          36,099
ConocoPhillips                                             1,750          84,682
Exxon Mobil Corp.                                          2,100          73,374
                                                                     -----------
                                                                         194,155

PHARMACEUTICALS - 3.23%                                                         
Pfizer, Inc.                                               1,600          48,912
Wyeth                                                      1,345          50,303
                                                                     -----------
                                                                          99,215

RETAIL TRADE - 3.75%                                                            
Costco Wholesale Corp. *                                   2,185          61,311
Target Corp.                                               1,790          53,700
                                                                     -----------
                                                                         115,011

SOFTWARE - 2.91%                                                                
Microsoft Corp. *                                          1,725          89,182
                                                                     -----------
TOTAL COMMON STOCK                                                              
(Cost: $2,533,610)                                                   $ 2,246,901
                                                                     -----------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
SHORT TERM INVESTMENTS - 18.73%                                                 
Navigator Securities Lending Trust, 1.43%            $   574,674     $   574,674
                                                                     -----------
REPURCHASE AGREEMENTS - 8.02%                                                   
Repurchase Agreement with State Street Corp.,                                   
   dated 12/31/2002 at 1.00%, to be repurchased                                 
   at $246,014 on 01/02/2003, collateralized by                                 
   $170,000 U.S. Treasury Bonds, 8.75% due                                      
   05/15/2020 (valued at $253,936, including                                    
   interest)                                         $   246,000     $   246,000
                                                                     -----------
TOTAL INVESTMENTS   (CORE VALUE TRUST)                                          
(Cost: $3,354,284)                                                              
                                                                     $ 3,067,575
                                                                     ===========

HIGH GRADE BOND TRUST                                                           

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
U.S. TREASURY OBLIGATIONS - 25.42%                                              
U.S. TREASURY BONDS - 17.74%                                                    
5.25% due 11/15/2028 (a)                             $ 6,614,000     $ 6,908,270
6.00% due 02/15/2026                                   7,199,000       8,249,888
7.50% due 11/15/2016                                   4,042,000       5,285,861
                                                                     -----------
                                                                      20,444,019

U.S. TREASURY NOTES - 7.68%                                                     
2.25% due 07/31/2004 (a)                               8,732,000       8,846,608
                                                                     -----------
TOTAL U.S. TREASURY OBLIGATIONS                                                 
(Cost: $28,802,243)                                                  $29,290,627
                                                                     -----------

U.S. GOVERNMENT AGENCY OBLIGATIONS - 37.92%                                     
FEDERAL HOME LOAN MORTGAGE CORPORATION - 8.28%                                  
2.875% due 09/15/2005 (a)                              9,362,000       9,541,170
                                                                     -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 29.64%                                  
2.875% due 10/15/2005 (a)                                 54,000          55,026
FRN 5.095% due 12/01/2011                                101,883         106,428
5.25% due 04/15/2007                                  13,982,000      15,307,298
5.50% due 12/01/2031 - 12/01/2032                     12,974,733      13,255,844
6.375% due 06/15/2009                                  4,690,000       5,426,832
                                                                     -----------
                                                                      34,151,429

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS                                        
(Cost: $43,090,800)                                                  $43,692,598
                                                                     -----------

ASSET BACKED SECURITIES - 15.14%                                                
AGRICULTURE - 0.27%                                                             
CNH Equipment Trust, Series 2001-B,                                             
   Class A4, 4.45% due 04/15/2007                                               
                                                         294,000         305,122
                                                                     -----------
AUTO SERVICES - 6.30%                                                           
Capital Auto Receivables Asset Trust,                                           
   Series 2002-3, Class A3, 3.58% due                                           
   10/16/2006                                          2,767,000       2,855,681
Carmax Auto Owner Trust, Series 2002-2,                                         
   Class A4, 3.34% due 02/15/2008                      1,144,000       1,165,986
Ford Credit Auto Owner Trust, Series                                            
   2002-A, Class A4A, FRN 4.36% due                                             
   09/15/2006                                          1,723,000       1,804,502
National City Auto Receivables Trust,                                           
   Series 2002-A, Class A4, 4.83% due                                           
   08/15/2009                                          1,042,000       1,102,062
Onyx Acceptance Auto Trust, Series                                              
   2002-A, Class A4, 4.60% due 10/15/2008                 94,000          99,322
   Series 2002-D, Class A4, 3.10% due                                           
   07/15/2009                                            233,000         235,925
                                                                     -----------
                                                                       7,263,478

ELECTRIC UTILITIES - 0.34%                                                      
CPL Transition Funding LLC, Series                                              
   2002-1, Class A5, 6.25% due 01/15/2017                                       
                                                         354,000         390,935
                                                                     -----------

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
ENERGY - 5.66%                                                                  
Comed Transitional Funding Trust, Series                                        
   1998-1, Class A6, 5.63% due 06/25/2009               $166,000    $    181,159
Detroit Edison Securitization Funding                                           
   LLC, Series 2001-1, Class A3, 5.875%                                         
   due 03/01/2010                                        816,000         900,929
   Series 2001-1, Class A6, 6.62% due                                           
   03/01/2016                                          2,367,000       2,699,743
PSE & G Transition Funding LLC, Series                                          
   2001-1, Class A8, 6.89% due 12/15/2017                                       
                                                       2,350,000       2,743,238
                                                                    ------------
                                                                       6,525,069

FINANCIAL SERVICES - 2.57%                                                      
WFS Financial 2002 1 Owner Trust, Series                                        
   2002-1, Class A4A, 4.87% due                                                 
   09/20/2009                                          2,808,000       2,964,195
                                                                    ------------
TOTAL ASSET BACKED SECURITIES                                                   
(Cost: $17,187,175)                                                 $17,448,799 
                                                                    ------------

SHORT TERM INVESTMENTS - 20.47%                                                 
Navigator Securities Lending Trust, 1.43%             23,591,444      23,591,444
                                                                    ------------
REPURCHASE AGREEMENTS - 1.05%                                                   
Repurchase Agreement with State Street Corp.,                                   
   dated 12/31/2002 at 0.60%, to be                                             
   repurchased at $1,206,040 on 01/02/2003,                                     
   collateralized by $1,115,000 U.S. Treasury                                   
   Notes, 4.875% due 02/15/2012 (valued at                                      
   $1,233,469, including interest)                     1,206,000       1,206,000
                                                                    ------------

TOTAL INVESTMENTS   (HIGH GRADE BOND TRUST)                                     
(Cost: $113,877,662)                                                $115,229,468
                                                                    ============

MONEY MARKET TRUST                                                              

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
U.S. TREASURY OBLIGATIONS - 16.78%                                              
U.S. TREASURY BILLS - 16.78%                                                    
1.18% due 05/01/2003                                 $25,000,000    $ 24,901,667
1.225% due 05/15/2003                                 20,000,000      19,908,805
1.23% due 04/10/2003                                  38,000,000      37,871,465
1.35% due 03/06/2003                                   7,200,000       7,182,720
1.56% due 01/23/2003 - 02/06/2003                     50,000,000      49,934,133
1.57% due 01/16/2003                                  20,000,000      19,986,917
1.58% due 03/13/2003                                  30,000,000      29,906,517
1.595% due 03/13/2003                                 30,000,000      29,905,629
1.61% due 03/06/2003                                  20,000,000      19,942,755
1.64% due 01/16/2003                                  32,800,000      32,777,587
                                                                    ------------
                                                                     272,318,195

TOTAL U.S. TREASURY OBLIGATIONS                                                 
(Cost: $272,318,195)                                                $272,318,195
                                                                    ------------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
U.S. GOVERNMENT AGENCY OBLIGATIONS - 66.65%                                     
FEDERAL HOME LOAN BANK - 22.83%                                                 
1.21% due 02/12/2003                                 $62,100,000  $   62,012,336
1.23% due 02/05/2003 - 02/19/2003                     39,395,000      39,332,723
1.235% due 02/12/2003                                 30,000,000      29,956,775
1.24% due 02/05/2003                                  10,000,000       9,987,944
1.25% due 03/05/2003                                  25,000,000      24,945,313
1.26% due 03/07/2003                                  25,000,000      24,943,125
1.27% due 02/19/2003                                  16,603,000      16,574,300
1.64% due 03/07/2003                                  20,000,000      19,940,778
1.645% due 01/24/2003                                 23,900,000      23,874,882
1.655% due 01/24/2003                                 26,249,000      26,221,245
1.42% due 02/07/2003                                  50,000,000      49,927,028
1.425% due 02/07/2003                                 43,100,000      43,036,876
                                                                  --------------
                                                                     370,753,325

FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.17%                                 
1.23% due 01/17/2003 - 04/03/2003                    142,386,000     142,068,267
1.26% due 02/13/2003                                  40,000,000      39,939,800
1.27% due 03/31/2003                                  30,000,000      29,905,808
1.273% due 03/20/2003                                 50,000,000      49,862,146
1.275% due 03/20/2003                                 25,000,000      24,930,938
1.43% due 01/30/2003                                  25,000,000      24,971,201
1.46% due 01/02/2003                                  39,400,000      39,398,402
1.65% due 01/16/2003                                  15,600,000      15,589,275
1.69% due 01/16/2003                                  17,000,000      16,988,029
1.27% due 03/20/2003                                  25,000,000      24,931,208
                                                                  --------------
                                                                     408,585,074

FEDERAL NATIONAL MORTGAGE ASSOCIATION - 18.65%                                  
1.235% due 03/07/2003                                 50,000,000      49,888,507
1.25% due 03/07/2003                                  45,000,000      44,898,438
1.27% due 02/05/2003                                  25,000,000      24,969,132
1.28% due 04/01/2003                                  40,000,000      39,872,000
1.58% due 01/22/2003                                  31,000,000      30,971,428
1.65% due 01/29/2003 - 03/19/2003                     75,000,000      74,791,458
1.67% due 03/05/2003                                  25,000,000      24,926,938
1.695% due 01/08/2003                                 12,422,000      12,417,906
                                                                  --------------
                                                                     302,735,807

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS                                        
(Cost: $1,082,074,206)                                            $1,082,074,206
                                                                  --------------

FOREIGN GOVERNMENT OBLIGATIONS - 3.08%                                          
GOVERNMENT OF CANADA - 3.08%                                                    
1.30% due 01/09/2003                                  50,000,000      49,985,556
                                                                  --------------

TOTAL FOREIGN GOVERNMENT OBLIGATIONS                                            
(Cost: $49,985,556)                                               $   49,985,556
                                                                  --------------

COMMERCIAL PAPER - 13.02%                                                       
AGRICULTURE - 2.15%                                                             
Cargill, Inc.,                                                                  
   1.30% due 01/10/2003                               35,000,000      34,988,625
                                                                  --------------

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                     PRINCIPAL                  
                                                       AMOUNT           VALUE   
                                                       ------           -----   
                                                                                
BANKING - 2.96%                                                                 
Bank Of Nova Scotia,                                                            
   1.30% due 01/07/2003                               $8,000,000      $7,998,267
Wells Fargo & Company,                                                          
   1.28% due 01/09/2003                               40,000,000      39,988,622
                                                                  --------------
                                                                      47,986,889

FINANCIAL SERVICES - 4.62%                                                      
State Street Boston Corp.,                                                      
   1.25% due 01/21/2003 (b)                           30,000,000      29,979,167
UBS Finance, Inc.,                                                              
   1.30% due 01/16/2003                               45,000,000      44,975,625
                                                                  --------------
                                                                      74,954,792

FOOD & BEVERAGES - 2.37%                                                        
The Coca-Cola Company,                                                          
   1.28% due 01/06/2003                               38,500,000      38,493,155
                                                                  --------------
PLASTICS - 0.92%                                                                
Bemis Company, Inc.,                                                            
   1.32% due 01/14/2003                               15,000,000      14,992,850
                                                                  --------------
TOTAL COMMERCIAL PAPER                                                          
(Cost: $211,416,311)                                                $211,416,311
                                                                    ------------

REPURCHASE AGREEMENTS - 0.47%                                                   
Repurchase Agreement with State Street                                          
   Corp., dated 12/31/2002 at 1.00%, to                                         
   be repurchased at $7,690,427 on                                              
   01/02/2003, collateralized by                                                
   $5,590,000 U.S. Treasury Bonds 7.625%                                        
   due 02/15/2025 (valued at $7,846,672                                         
   including interest)                                 7,690,000       7,690,000
                                                                  --------------
TOTAL INVESTMENTS   (MONEY MARKET TRUST)                                        
(Cost: $1,623,484,268)                                            $1,623,484,268
                                                                  ==============

SMALL CAP INDEX TRUST                                                           

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
COMMON STOCK - 75.93%                                                           
ADVERTISING - 0.16%                                                             
Avenue A., Inc. *                                          3,291     $     9,544
DoubleClick, Inc. *                                       11,592          65,611
Grey Global Group, Inc.                                       76          46,443
                                                                  --------------
                                                                         121,598

AEROSPACE - 0.70%                                                               
AAR Corp. *                                                3,875          19,956
Aeroflex, Inc. *                                           5,788          39,937
BE Aerospace, Inc. *                                       5,206          18,950
Curtiss Wright Corp.                                         971          61,969
DRS Technologies, Inc. *                                   1,534          48,060
EDO Corp.                                                  1,399          29,071
Esterline Technologies Corp. *                             1,923          33,980
GenCorp, Inc.                                              2,995          23,720
Heico Corp.                                                1,606          17,040
Integral Systems, Inc. *                                     930          18,647
Moog, Inc., Class A *                                      1,521          47,212
Orbital Sciences Corp., Class A * (a)                      4,755          20,066
Teledyne Technologies, Inc. *                              3,240     $    50,803
United Defense Industries, Inc. *                          1,997          46,530
Viasat, Inc. * (a)                                         2,224          25,665
Woodward Governor Company                                    814          35,409
                                                                  --------------
                                                                         537,015

AGRICULTURE - 0.12%                                                             
Cadiz, Inc. * (a)                                          3,146           1,731
Delta & Pine Land Company                                  3,642          74,333
Tejon Ranch Company *                                        653          19,394
                                                                  --------------
                                                                          95,458

AIR TRAVEL - 0.31%                                                              
Airtran Holdings, Inc. *                                   6,968          27,175
Alaska Air Group, Inc. *                                   2,278          49,318
Atlantic Coast Airlines Holdings, Inc. *                   4,260          51,248
Atlas Air, Inc. *                                          3,791           5,724
Aviall Inc. * (a)                                          2,440          19,642
ExpressJet Holdings, Inc. *                                3,251          33,323
Frontier Airlines, Inc. *                                  3,880          26,229
Mesa Air Group, Inc. *                                     3,542          14,416
UAL Corp. * (a)                                            6,704           9,587
                                                                  --------------
                                                                         236,662

APPAREL & TEXTILES - 1.07%                                                      
Angelica Corp.                                               950          19,617
Brown Shoe, Inc.                                           1,802          42,942
Finish Line, Inc. *                                        1,892          19,961
G & K Services, Class A                                    1,905          67,439
Interface, Inc., Class A                                   4,688          14,392
K-Swiss, Inc., Class A                                     1,248          27,094
Kellwood Company                                           2,569          66,794
Maxwell Shoe, Inc. *                                       1,701          19,766
Movado Group, Inc.                                         1,045          19,656
Nautica Enterprises, Inc. *                                2,586          28,730
Oakley, Inc. *                                             2,621          26,918
Oneida, Ltd.                                               1,509          16,644
Oshkosh B'Gosh, Inc., Class A                              1,222          34,277
Oxford Industries, Inc.                                      904          23,188
Phillips Van Heusen Corp.                                  2,393          27,663
Quiksilver, Inc. *                                         1,859          49,561
Russell Corp.                                              2,439          40,829
Skechers United States of America, Inc., Class A *         1,529          12,981
Stage Stores, Inc. *                                       2,146          45,152
Stride Rite Corp.                                          4,274          30,645
The Gymboree Corp. *                                       2,350          37,271
Unifi, Inc. *                                              5,324          27,951
Vans, Inc. *                                               2,994          17,006
Wellman, Inc.                                              3,292          44,409
Wolverine World Wide, Inc.                                 4,281          64,686
                                                                  --------------
                                                                         825,572

AUTO PARTS - 0.54%                                                              
Collins & Aikman Corp. *                                   2,385          10,613
CSK Auto Corp. * (a)                                       2,721          29,931
Federal Signal Corp.                                       4,503          87,448
Insurance Auto Auctions, Inc. *                            1,310          21,733
Keystone Automotive Industries, Inc. *                     1,304          19,586
Modine Manufacturing Company                               2,755          48,709
Raytech Corp. *                                            4,222          24,065
Sports Resorts International, Inc. * (a)                   3,161          18,555
Strattec Security Corp. *                                    342          16,396

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
AUTO PARTS - CONTINUED                                                          
Superior Industries International, Inc.                    2,083     $    86,153
TBC Corp. *                                                1,930          23,179
Tower Automotive, Inc. *                                   6,766          30,447
                                                                     -----------
                                                                         416,815

AUTO SERVICES - 0.09%                                                           
Dollar Thrifty Automotive Group, Inc. * (a)                2,441          51,627
Lithia Motors, Inc., Class A *                             1,168          18,326
                                                                     -----------
                                                                          69,953

AUTOMOBILES - 0.36%                                                             
Dura Automotive Systems, Inc. *                            1,600          16,064
Monaco Coach Corp. *                                       2,488          41,176
Monro Muffler Brake, Inc. *                                  584           9,870
Oshkosh Truck Corp., Class B                               1,434          88,191
Spartan Motors, Inc.                                       1,039          11,824
Tenneco Automotive, Inc. *                                 3,651          14,750
Thor Industries, Inc. (a)                                  1,490          51,301
United Auto Group, Inc. * (a)                              1,566          19,528
Wabash National Corp. * (a)                                2,856          23,933
                                                                     -----------
                                                                         276,637

BANKING - 7.82%                                                                 
1St Source Corp.                                           1,498          25,092
ABC Bancorp                                                1,767          22,883
Alabama National BanCorp                                     913          39,716
Allegiant Bancorp, Inc.                                    1,110          20,234
American Financial Holdings, Inc.                          2,089          62,419
American National Bankshares, Inc. (a)                       576          14,976
Anchor BanCorp Wisconsin, Inc.                             1,834          38,056
Arrow Financial Corp.                                        640          19,693
Banc Corp.                                                 2,494          19,353
Bancfirst Corp.                                              225          10,575
Bank Granite Corp.                                         1,366          23,905
Bank Mutual Corp.                                            995          23,014
Bank Of The Ozarks, Inc.                                     666          15,611
Bankatlantic Bancorp, Inc., Class A                        3,691          34,880
BankUnited Financial Corp., Class A *                      2,010          32,522
Banner Corp.                                               1,126          21,236
Bay View Capital Corp. *                                   7,040          40,480
Berkshire Hill Bancorp, Inc.                                 886          20,865
Boston Private Financial Holdings, Inc.                    1,690          33,563
Bostonfed Bancorp Inc.                                       462          12,335
Brookline Bancorp, Inc.                                    5,194          61,809
Bryn Mawr Bank Corp.                                         464          16,996
Bsb Bancorp Inc.                                           1,133          23,759
Camden National Corp.                                      1,006          24,345
Capital City Bank Group, Inc.                                685          26,845
Capitol Bancorp, Ltd.                                      1,014          23,525
Cascade Bancorp                                            1,575          21,767
Cathay Bancorp, Inc.                                       1,491          56,643
CB Bancshares, Inc.                                          415          17,646
CCBT Financial Companies, Inc.                             1,020          26,194
Central Coast Bancorp * (a)                                  922          18,219
Century Bancorp, Inc.                                        562          14,904
CFS Bancorp, Inc.                                          1,614          23,080
Chemical Financial Corp.                                   2,255          72,498
Chittenden Corp.                                           2,754          70,172
Citizens First Bancorp, Inc.                                 963          20,280
City Holding Company                                       1,477          41,725
CityBank                                                     775          19,181
Coastal Bancorp, Inc.                                        557          18,019
Coastal Financial Corp.                                    1,409          19,219
CoBiz, Inc.                                                  845         12,548 
Columbia Bancorp                                             949          20,906
Columbia Banking System, Inc. *                            1,614          20,353
Commercial Federal Corp.                                   4,195          97,953
Commonwealth Bancorp, Inc.                                   635          29,445
Community Banks, Inc.                                        669          18,531
Community First Bankshares, Inc.                           3,771          99,781
Community Trust Bancorp, Inc.                              1,410          35,447
Connecticut Bancshares, Inc.                                 893          34,336
Corus Bankshares, Inc.                                       765          33,400
CPB, Inc.                                                  1,252          34,367
CVB Financial Corp.                                        2,608          66,321
Digital Insight Corp. *                                    3,210          27,895
Dime Community Bancorp, Inc.                               2,269          43,451
East West Bancorp, Inc.                                    2,135          77,031
F & M Bancorp                                                987          31,584
Farmers Capital Bank Corp.                                   715          23,774
Fidelity Bankshares, Inc.                                  1,458          26,098
Financial Institutions, Inc.                                 655          19,231
First Bancorp                                                835          19,631
First Bancorp Puerto Rico                                  3,064          69,246
First Busey Corp.                                            607          13,997
First Citizens Bancshares, Inc.                              470          45,402
First Commonwealth Financial Corp.                         5,715          65,722
First Community Bancorp                                      829          27,300
First Community Bancshares, Inc.                             843          25,931
First Defiance Financial Corp.                             1,095          20,696
First Essex Bancorp, Inc.                                    721          24,081
First Federal Capital Corp.                                1,615          31,184
First Financial BanCorp                                    3,531          57,877
First Financial Bankshares, Inc.                           1,144          43,472
First Financial Corp.                                        674          32,777
First Indiana Corp.                                        1,185          21,946
First Merchants Corp.                                      1,280          29,171
First National Corp.                                         914          21,936
First Niagara Financial Group, Inc. (a)                      866          22,620
First Oak Brook Bancshares, Inc., Class A                    506          15,899
First of Long Island Corp.                                   474          17,301
First Place Financial Corp.                                1,371          22,800
First Sentinel Bancorp, Inc.                               2,535          36,479
First South Bancorp, Inc. (a)                                427          15,193
Firstfed America Bancorp, Inc.                               760          18,886
Flagstar Bancorp, Inc. (a)                                 1,285          27,756
FNB Corp. (a)                                                812          19,269
Frontier Financial Corp.                                   1,337          34,200
GBC Bancorp                                                  759          14,694
German American Bancorp                                    1,225          19,049
Glacier Bancorp, Inc.                                      1,619          38,161
Gold Banc Corporation, Inc. (a)                            3,388          33,612
Granite State Bankshares, Inc.                               497          21,714
Great Southern Bancorp, Inc. (a)                             549          20,176
Hancock Holding Company                                    1,196          53,401
Hanmi Financial Corp. * *                                    881          14,774
Harleysville National Corp.                                1,736          46,386
Hudson River Bancorp, Inc.                                 1,432          35,442
Humboldt Bancorp                                           1,448          15,204
Iberiabank Corp.                                             576          23,132
Independent Bank Corp. - MA                                1,093          24,920
Independent Bank Corp. - MI                                1,085          32,832
Integra Bank Corp.                                         1,757          31,310
Interchange Financial Services Corp.                       1,272          20,479
Irwin Financial Corp. (a)                                  1,534          25,311
Lakeland Bancorp, Inc. (a)                                 1,294          23,124
Lakeland Financial Corp.                                     682          15,993

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
BANKING - CONTINUED                                                             
Local Financial Corp. *                                    1,753     $    25,681
LSB Bancshares, Inc.                                       1,324          21,449
Macatawa Bank Corp.                                        1,073          21,299
MAF Bancorp, Inc.                                          1,646          55,849
Main Street Banks, Inc. (a)                                  943          18,106
MainSource Financial Group, Inc.                             838          20,119
MassBank Corp.                                               550          15,565
MB Financial, Inc.                                         1,049          36,495
Merchants Bancshares, Inc.                                   618          13,930
Mid-State Bancshares                                       2,209          36,276
Midwest Banc Holdings, Inc.                                  910          17,245
Nara Bancorp Inc.                                            566          11,756
National Penn Bancshares, Inc.                             1,677          44,520
NBC Capital Corp.                                            680          17,136
Net.B@nk, Inc. *                                           4,771          46,183
Northwest Bancorp, Inc.                                      829          12,261
Old Second Bancorp, Inc.                                     703          26,011
Omega Financial Corp.                                        778          27,891
Oriental Financial Group, Inc.                               969          23,818
Pacific Capital Bancorp                                    3,356          85,410
Pacific Northwest Bancorp                                  1,550          38,750
Pacific Union Bank *                                       1,538          17,702
Parkvale Financial Corp.                                     860          19,823
Peapack Gladstone Financial, Corp. (a)                       621          21,269
Pennrock Financial Services, Corp.                           775          21,506
Peoples Bancorp, Inc. (a)                                    749          19,174
Peoples Holding Company                                      582          23,717
PFF Bancorp, Inc.                                          1,125          35,156
Port Financial Corp.                                         460          20,525
PrivateBankcorp, Inc. (a)                                    366          13,853
Prosperity Bancshares, Inc.                                1,426          27,094
Provident Bankshares Corp.                                 2,189          50,590
Quaker City Bancorp, Inc. *                                  376          12,382
R & G Financial Corp., Class B                             1,450          33,713
Republic Bancorp, Inc.                                     5,410          63,676
Republic Bancorp, Inc., Class A                              918          10,346
Republic Bancshares, Inc. *                                  810          15,917
Riggs National Corp.                                       1,623          25,140
Royal Bancshares Pennsylvania, Inc., Class A                 696          14,894
S & T Bancorp, Inc.                                        2,378          59,571
S Y Bancorp, Inc. (a)                                        529          19,626
Sandy Spring Bancorp, Inc.                                 1,401          44,132
Seacoast Banking Corp. *                                     993          18,708
Second Bancorp, Inc.                                         674          17,861
Simmons 1St National Corp., Class A                          742          27,194
South Financial Group, Inc. (a)                            3,990          82,433
Southwest BanCorp of Texas, Inc. *                         2,799          80,639
Southwest Bancorp, Inc.                                      740          19,233
St. Francis Capital Corp.                                    767          17,963
State Bancorp, Inc.                                          983          17,694
Staten Islands Bancorp, Inc.                               5,159         103,902
Sterling Bancorp                                           1,196          31,479
Sterling Bancshares, Inc.                                  3,701          45,226
Sterling Financial Corp.                                   1,711          40,465
Sterling Financial Corp. *                                 1,101          20,721
Suffolk Bancorp                                              988          31,241
Summit Bankshares, Inc.                                    1,036          20,202
Sun Bancorp, Inc. (a)                                        714          13,053
Superior Financial Corp. *                                   875          16,075
Susquehanna Bancshares, Inc.                               3,700          77,112
Texas Regional Bancshares, Inc., Class A                   2,070          73,570
The Trust Company of New Jersey                            1,714          47,702
Tompkins Trustco, Inc.                                       676          29,812
Trico Bancshares                                             648          15,941
Troy Financial Corp. (a)                                     690     $    18,616
TrustCo Bank Corp.                                         7,018          75,654
U.S.B. Holding Company, Inc.                               1,204          21,311
UCBH Holdings, Inc.                                        1,576          66,901
Umpqua Holdings Corp. (a)                                  3,922          71,576
Union Bankshares Corp.                                       776          21,146
United Bankshares, Inc.                                    3,342          97,122
United Community Banks, Inc.                               1,676          40,844
United National Bancorp                                    1,648          37,986
Unizan Financial Corp.                                     2,083          41,139
Virginia Financial Group, Inc. (a)                           741          22,082
W Holding Company, Inc.                                    4,211          69,103
Warwick Community Bancorp                                    492          13,938
Washington Trust Bancorp, Inc.                             1,338          26,131
Waypoint Financial Corp.                                   3,125          55,625
Wesbanco, Inc. (a)                                         1,938          45,330
West Coast Bancorp                                         1,597          24,195
Wintrust Financial Corp. (a)                               1,480          46,354
Yardville National Bancorp                                   705          12,154
                                                                     -----------
                                                                       6,032,161

BIOTECHNOLOGY - 1.25%                                                           
Acacia Research Corp. * (a)                                1,174           4,273
Adolor Corp. * (a)                                         3,093          42,436
Applera Corp. - Celera Genomics Group *                    6,935          66,229
Arena Pharmaceuticals, Inc. *                              2,499          16,269
Biosite, Inc. * (a)                                        1,175          39,974
CIMA Laboratories, Inc. * (a)                              1,539          37,230
Covance, Inc. *                                            5,943         146,138
Exelixis, Inc. * (a)                                       4,682          37,456
Integra Lifesciences Holdings, Inc. *                      2,069          36,518
Intermune, Inc. * (a)                                      2,548          64,999
Kosan Biosciences, Inc. *                                  2,372          14,398
Lexicon Genetics, Inc. *                                   3,250          15,373
Medicines Company * (a)                                    2,473          39,617
Myriad Genetics, Inc. * (a)                                2,333          34,062
Neose Technologies, Inc. * (a)                             1,162          10,307
Neurocrine Biosciences, Inc. *                             2,698         123,191
Sangstat Medical Corp. *                                   2,590          29,267
Serologicals Corp. *                                       2,455          27,005
Tanox, Inc. * (a)                                          2,597          23,503
Telik, Inc. *                                              3,196          37,265
Transkaryotic Therapies, Inc. * (a)                        2,931          29,017
Trimeris, Inc. * (a)                                       1,413          60,886
Tularik, Inc. * (a)                                        4,255          31,742
                                                                     -----------
                                                                         967,155

BROADCASTING - 0.35%                                                            
Acacia Research Corp. * (a)                                2,104           5,071
Crown Media Holdings, Inc., Class A *                      2,960           6,690
Gray Television, Inc., Class A (a)                         1,328          15,737
LodgeNet Entertainment Corp. *                             1,613          17,227
Mediacom Communications Corp., Class A *                   5,740          50,569
Paxson Communications Corp. *                              3,477           7,163
Regent Communications, Inc. *                              2,392          14,137
Saga Communications, Inc., Class A *                       1,471          27,949
Salem Communications Corp., Class A *                        914          22,822
Sinclair Broadcast Group, Inc., Class A *                  2,724          31,680
Sirius Satellite Radio, Inc. * (a)                         5,586           3,575
Spanish Broadcasting Systems, Inc., Class A *              3,673          26,445
XM Satellite Radio Holdings, Inc., Class A * (a)           6,662          17,921
Young Broadcasting, Inc., Class A *                        1,747          23,008
                                                                     -----------
                                                                         269,994

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

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--------------------------------------------------------------------------------

                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
BUILDING MATERIALS & CONSTRUCTION - 0.80%                                       
Apogee Enterprises, Inc.                                   3,356     $    30,040
Butler Manufacturing Company                                 729          14,106
Dycom Industries, Inc. *                                   4,981          65,998
ElkCorp                                                    2,074          35,880
EMCOR Group, Inc. *                                        1,412          74,850
Griffon Corp. *                                            2,597          35,371
Haemonetics Corp. *                                        1,924          41,289
Hughes Supply, Inc.                                        2,375          64,885
Lennox International, Inc.                                 3,993          50,112
LSI Industries, Inc.                                       1,793          24,833
NCI Building Systems, Inc. *                               1,733          37,814
Nortek Holdings, Inc. *                                      708          32,391
Standard-Pacific Corp.                                     2,955          73,136
Trex Company, Inc. *                                         578          20,404
U.S. Concrete, Inc. *                                      2,601          14,228
                                                                     -----------
                                                                         615,337

BUSINESS SERVICES - 4.16%                                                       
ABM Industries, Inc.                                       3,903          60,496
Administaff, Inc. * (a)                                    2,418          14,508
Advanced Marketing Services, Inc.                          1,632          23,990
ADVO, Inc. *                                               1,748          57,387
American Management Systems, Inc. *                        4,039          48,428
Answerthink Consulting Group *                             5,373          13,432
Anteon International Corp. *                               1,641          39,384
Arbitron, Inc. *                                           2,962          99,227
Banta Corp.                                                2,350          73,484
Black Box Corp.                                            2,042          91,482
Bowne & Company, Inc.                                      3,448          41,204
Bright Horizons Family Solutions, Inc. *                   1,089          30,623
Central Parking Corp.                                      1,899          35,815
Charles River Associates, Inc. *                           1,196          16,935
Coinstar, Inc. *                                           2,307          52,254
Compucom Systems, Inc. *                                   2,960          16,606
Compucredit Corp. * (a)                                    1,850          13,080
Computer Horizons Corp. *                                  5,173          16,916
Cornell Corrections, Inc. *                                1,745          15,705
Corporate Executive Board Company *                        3,465         110,603
Costar Group, Inc. *                                       1,584          29,225
Digimarc Corp. * *                                         1,046          11,862
eFunds Corp. *                                             5,016          45,696
Electro Rent Corp. *                                       1,569          19,018
Ennis Business Forms Inc.                                  1,851          21,509
Entrust Technologies, Inc. *                               4,862          16,336
FactSet Research Systems, Inc.                             1,977          55,890
Fidelity National Information Solutions, Inc. * (a)        1,454          25,081
First Consulting Group *                                   2,110          12,154
Forrester Research, Inc. *                                 1,657          25,799
FTI Consulting, Inc. * (a)                                 2,093          84,034
Gartner Group, Inc., Class A * (a)                         8,228          75,698
GSI Commerce, Inc. * (a)                                   2,672           9,753
Healthcare Services Group Inc. *                           1,131          14,748
Heidrick & Struggles International, Inc. * (a)             1,677          24,602
Hooper Holmes, Inc.                                        5,044          30,970
Information Holdings, Inc. *                               1,243          19,291
Information Resources, Inc. *                              3,678           5,885
Insight Enterprises, Inc. *                                4,435          36,855
ITT Educational Services, Inc. *                           4,120          97,026
Kelly Services, Inc., Class A                              1,689          41,735
Kendle International, Inc. *                               1,431          12,594
Korn/Ferry International * (a)                             4,131          30,900
Kroll, Inc. *                                              2,618          49,951
Kronos, Inc. *                                             1,971          72,907
Labor Ready, Inc. *                                        4,126          26,489
Learning Tree International, Inc. * (a)                    1,249          17,111
Legato Systems, Inc. *                                     8,802          44,274
Lightbridge, Inc. *                                        3,367          20,707
MAXIMUS, Inc. * (a)                                        1,716          44,788
McGrath Rentcorp                                             972          22,589
MedQuist, Inc. *                                             852          17,262
Memberworks, Inc. *                                          824          14,816
MPS Group, Inc. *                                          9,083          50,320
Navigant Consulting Company *                              5,316          31,364
New England Business Service, Inc.                           984          24,010
On Assignment, Inc. *                                      2,211          18,838
Paxar Corp. *                                              3,147          46,418
Penton Media, Inc. *                                       1,839           1,251
Pre-Paid Legal Services, Inc. * (a)                        1,271          33,300
PRG-Shultz International, Inc. * (a)                       3,885          34,576
Probusiness Services, Inc. *                               2,396          23,960
Quest Software, Inc. * (a)                                 3,617          37,291
R.H. Donnelley Corp. *                                     2,574          75,444
Rent-Way, Inc. *                                           3,383          11,841
Resource America, Inc.                                     1,600          14,418
Resources Connection, Inc. *                               2,038          47,302
Right Management Consultants, Inc. *                       1,416          18,762
Rollins, Inc.                                              1,501          38,200
Sapient Corp. *                                            8,769          17,976
Scansource, Inc. * (a)                                       436          21,495
Seachange International, Inc. *                            3,023          18,591
Sonicwall, Inc. *                                          5,327          19,337
Sothebys Holdings, Inc., Class A *                         4,965          44,685
SOURCECORP, Inc. *                                         1,809          33,629
Spherion Corp. *                                           6,443          43,168
SRA International, Inc., Class A *                           458          12,407
StarTek, Inc. *                                            1,082          29,863
Surmodics, Inc. * (a)                                      1,294          37,112
Systems & Computer Technology Corp. *                      2,989          25,705
Teletech Holdings, Inc. *                                  3,959          28,742
TETRA Technologies, Inc. *                                 5,162          62,976
The InterCept Group, Inc. * (a)                            1,620          27,428
Tier Technologies Inc., Class B *                          1,485          23,760
URS Corp. *                                                2,262          32,188
Vastera, Inc. * (a)                                        3,943          22,282
Volt Information Sciences, Inc. *                            777          13,287
Wallace Computer Series, Inc.                              3,636          78,210
Water Pik Technology, Inc. *                               1,643          12,076
Watson Wyatt & Company Holdings, Class A *                 2,083          45,305
Websense, Inc. *                                           2,179          46,546
Wind River Systems, Inc. *                                 6,677          27,376
Wireless Facilities, Inc. *                                2,203          13,240
Zomax Optical Media, Inc. *                                3,987          16,945
                                                                     -----------
                                                                       3,210,738

CABLE AND TELEVISION - 0.08%                                                    
Insight Communications Company, Inc., Class A *            4,141          51,266
TiVo, Inc. * (a)                                           1,963          10,266
                                                                     -----------
                                                                          61,532

CELLULAR COMMUNICATIONS - 0.10%                                                 
AirGate PCS, Inc. * (a)                                    1,715           1,063
Alamosa Holdings, Inc. *                                   4,938           2,568
Nextel Partners, Inc., Class A *                           6,612          40,135
UbiquiTel, Inc. *                                          5,974           2,390
US Unwired, Inc., Class A *                                6,705           3,285
Western Wireless Corp., Class A * (a)                      5,617          29,770
                                                                     -----------
                                                                          79,211

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

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                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
CHEMICALS - 2.25%                                                               
A. Schulman, Inc.                                          3,007     $    55,960
Airgas, Inc. *                                             5,325          91,856
Albany Molecular Research, Inc. *                          2,260          33,428
AmCol International Corp.                                  2,977          17,267
Arch Chemicals, Inc.                                       2,056          37,522
Cabot Microelectronics Corp. * (a)                         2,176         102,707
Calgon Carbon Corp.                                        4,629          22,867
Cambrex Corp.                                              2,158          65,193
Crompton Corp.                                            11,560          68,782
Cytec Industries, Inc. *                                   3,691         100,690
Dionex Corp. *                                             1,729          51,369
Ferro Corp.                                                3,013          73,608
FMC Corp. *                                                2,837          77,507
Georgia Gulf Corp.                                         2,552          59,053
Great Lakes Chemical Corp.                                 3,488          83,293
H.B. Fuller Company                                        2,731          70,678
MacDermid, Inc.                                            2,488          56,851
Martek Biosciences Corp. * (a)                             2,135          53,717
Material Sciences Corp. *                                  1,064          13,768
Millennium Chemicals, Inc.                                 5,985          56,977
Minerals Technologies, Inc.                                2,026          87,422
Octel Corp.                                                1,026          16,211
Olin Corp.                                                 4,786          74,422
Omnova Solutions, Inc. *                                   5,318          21,432
Penford Corp.                                              1,338          18,852
Polyone Corp.                                              7,773          30,470
Quaker Chemical Corp.                                        755          17,516
Solutia, Inc.                                             10,657          38,685
Stepan Chemical Company                                      793          19,825
Techne Corp. * (a)                                         3,901         111,444
TETRA Technologies, Inc. *                                 1,372          29,320
Valhi, Inc.                                                1,758          14,591
W. R. Grace & Company *                                    8,127          15,929
WD-40 Company                                              1,669          44,095
                                                                     -----------
                                                                       1,733,307

COAL - 0.21%                                                                    
Arch Coal, Inc.                                            4,529          97,781
Massey Energy Corp.                                        6,247          60,721
                                                                     -----------
                                                                         158,502

COLLEGES & UNIVERSITIES - 0.18%                                                 
Corinthian Colleges, Inc. *                                3,616         136,902
                                                                     -----------
COMPUTERS & BUSINESS EQUIPMENT - 2.46%                                          
Advanced Digital Information Corp. *                       6,799          45,621
Aether Systems, Inc. * (a),                                5,696          21,417
Allen Telecom, Inc. * (a)                                  2,547          24,120
Applied Films Corp. * (a)                                  1,023          20,450
Benchmark Electronics, Inc. * (a)                          2,295          65,775
CACI International, Inc., Class A *                        2,723          97,048
Cognizant Technology Solutions Corp., Class                                     
   A * (a)                                                   836          60,384
Computer Network Technology Corp. * (a)                    2,534          17,991
Concurrent Computer Corp. *                                7,578          21,825
Cray, Inc. * (a)                                           5,065          38,849
Datastream Systems, Inc. *                                 2,471          15,814
Drexler Technology Corp. * (a)                             1,015          12,789
Echelon Corp. * (a)                                        2,605          29,202
EMS Technologies, Inc. *                                   1,195          18,655
Enterasys Networks, Inc. *                                12,026          18,761
Extreme Networks, Inc. *                                  10,593          34,639
Falconstor Software, Inc. * (a)                            4,389          17,029
FileNET Corp. *                                            3,559          43,420
FSI International, Inc. *                                  3,506          15,777
Helix Technology Corp.                                     2,936          32,883
Hutchinson Technology, Inc. *                              2,449          50,694
Infocus Corp. *                                            3,972          24,468
Intergraph Corp. *                                         4,479          79,547
Interland, Inc. *                                         11,717          15,232
Iomega Corp. *                                             5,393          42,335
Maxtor Corp. *                                            19,799         100,183
Mercury Computer Systems, Inc. *                           2,133          65,099
Metro One Telecomm, Inc. *                                 2,121          13,680
Micros Systems, Inc. *                                     1,810          40,580
Microtune, Inc. *                                          4,347          13,606
MTS Systems Corp.                                          2,452          24,569
NetScreen Technologies, Inc. * (a)                         1,224          20,612
Nuance Communications, Inc. *                              3,577           8,871
Overland Storage, Inc. *                                   1,211          17,658
Packeteer, Inc. *                                          2,105          14,440
Palm, Inc. * (a)                                           2,970          46,629
PEC Solutions, Inc. * (a)                                    826          24,697
Pinnacle Systems, Inc. *                                   5,922          80,598
Plexus Corp. *                                             4,292          37,684
QRS Corp. *                                                1,695          11,187
Quantum Corp. *                                           12,907          34,462
Radiant Systems, Inc. *                                    1,908          18,374
RadiSys Corp. *                                            1,745          13,925
Rainbow Technologies, Inc. *                               2,585          18,534
Redback Networks, Inc. * (a)                              10,065           8,455
Riverstone Networks, Inc. *                               12,334          26,148
Sandisk Corp. * (a)                                        5,824         118,227
SCM Microsystems, Inc. *                                   2,391          10,162
Silicon Storage Technology, Inc. *                         7,641          30,870
Spectralink Corp. *                                        1,927          13,836
Standard Microsystems Corp. *                              1,535          29,887
TALX Corp.                                                 1,466          18,941
Turnstone Systems, Inc. *                                  4,855          13,109
Universal Display Corp. * (a)                              1,903          15,015
Virage Logic Corp. * (a)                                   1,335          13,390
Western Digital Corp. *                                   19,052         121,742
Witness Systems, Inc. *                                    1,446           4,974
                                                                     -----------
                                                                       1,894,869

CONSTRUCTION MATERIALS - 0.87%                                                  
Ameron International Corp.                                   283          15,608
Applied Industrial Technologies, Inc.                      1,789          33,812
Centex Construction Products, Inc.                           562          19,754
Clarcor, Inc.                                              2,415          77,932
Comfort Systems USA, Inc. *                                5,298          17,748
Florida Rock Industries, Inc.                              1,765          67,158
Granite Construction, Inc.                                 3,223          49,957
Insituform Technologies, Inc., Class A *                   2,281          38,891
JLG Industries, Inc.                                       4,454          33,539
Regal Beloit Corp.                                         2,238          46,327
Roper Industries, Inc.                                     2,787         102,004
Simpson Manufacturing, Inc. *                              1,318          43,362
Standex International Corp.                                1,191          28,393
Trinity Industries, Inc. (a)                               3,525          66,834
USG Corp. * (a)                                            3,542          29,930
                                                                     -----------
                                                                         671,249

CONSTRUCTION & MINING EQUIPMENT - 0.25%                                         
Astec Industries, Inc. *                                   2,172          21,568
Carbo Ceramics, Inc.                                         950          32,015

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

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                                                                [Download Table]

                                                        SHARES          VALUE   
                                                        ------          -----   
                                                                                
CONSTRUCTION & MINING EQUIPMENT - CONTINUED                                     
CDI Corp. *                                                1,102     $    29,732
Dril-Quip, Inc. *                                            612          10,343
Kaman Corp., Class A                                       2,512          27,632
Parker Drilling Company *                                  9,869          21,909
RPC, Inc.                                                  1,324          15,358
W H Energy Services, Inc. *                                2,177          31,763
                                                                     -----------
                                                                         190,320

CONTAINERS & GLASS - 0.39%                                                      
Crown Cork & Seal, Inc. *                                 15,437         122,724
Earthshell Corp. * (a)                                     5,397           3,130
Greif Brothers Corp., Class A                              1,245          29,631
Jarden Corp. *                                             1,040          24,825
Longview Fibre Company *                                   5,056          36,555
Mobile Mini, Inc. * (a)                                    1,505          23,584
Silgan Holdings, Inc. *                                      943          23,273
West Pharmaceutical Services, Inc.                         1,523          37,161
                                                                     -----------
                                                                         300,883

COSMETICS & TOILETRIES - 0.14%                                                  
Chattem, Inc. *                                            1,114          22,893
Del Labs, Inc. *                                              21             422
Elizabeth Arden, Inc. * (a)                                1,219          18,041
Natures Sunshine Products, Inc.                            1,486          14,429
Nu Skin Enterprises, Inc., Class A                         4,599          55,050
                                                                     -----------
                                                                         110,835

CRUDE PETROLEUM & NATURAL GAS - 0.50%                                           
Cabot Oil & Gas Corp., Class A                             2,789          69,111
Evergreen Resources, Inc. *                                1,829          82,031
Harvest Natural Resources, Inc. *                          3,061          19,743
Hydril Company *                                           1,271          29,958
Key Energy Services, Inc. *                               10,845          97,280
Nuevo Energy Company *                                     1,973          21,900
Patina Oil & Gas Corp.                                     2,170          68,681
                                                                     -----------
                                                                         388,704

DOMESTIC OIL - 1.51%                                                            
3Tec Energy Corp. *                                        1,787          25,358
Berry Petroleum Company, Class A                           1,233          21,023
Chesapeake Energy Corp.                                   14,208         109,970
Comstock Resources, Inc. *                                 2,453          22,788
Denbury Resources, Inc. *                                  2,154          24,340
Encore Acquisition Company *                                 698          12,857
Energy Partners, Ltd. *                                    2,364          25,295
EnergySouth, Inc.                                            730          20,586
Frontier Oil Corp.                                         2,739          47,166
Grey Wolf, Inc. *                                         15,959          63,676
Holly Corp.                                                  990          21,631
Houston Exploration Company *                                889          27,203
Magnum Hunter Resources, Inc. *                            4,467          26,579
Maverick Tube Corp. *                                      3,632          47,325
Oil States International, Inc. *                           1,516          19,556
Petroquest Energy, Inc. *                                  3,303          13,707
Plains Exploration + Production Company *                  2,635          25,691
Plains Resources, Inc. *                                   2,635          31,225
Prima Energy Corp. *                                       1,121          25,066
Quicksilver Resources, Inc. *                              1,039          23,305
Range Resources Corp. *                                    5,977          32,276
Remington Oil Gas Corp. *                                  1,817          29,817
Spinnaker Exploration Company *                            2,360          52,038
St. Mary Land & Exploration Company                        2,556          63,900
Stone Energy Corp. *                                       1,903          63,484
Swift Energy Company *                                     2,593          25,074
Syntroleum Corp. *                                         1,825           3,157
Tom Brown, Inc. *                                          3,266          81,977
Unit Corp. *                                               3,912          72,568
Vintage Petroleum, Inc.                                    4,886          51,547
Westport Resources Corp. *                                 1,599          33,259
World Fuel Services Corp.                                    917          18,799
                                                                     -----------
                                                                       1,162,243

DRUGS & HEALTH CARE - 5.19%                                                     
Advanced Tissue Sciences, Inc. *                           4,749             195
Aksys, Ltd. * (a)                                          2,734          14,490
Alkermes, Inc. * (a)                                       5,743          36,009
ALPHARMA, Inc., Class A (a)                                2,765          32,931
American Healthways, Inc. * (a)                            1,190          20,825
AmeriPath, Inc. *                                          3,059          65,768
Amsurg Corp. * (a)                                         1,955          39,941
Antigenics, Inc. * (a)                                     2,421          24,791
Arqule, Inc. *                                             2,385           7,274
Arrow International, Inc.                                    931          37,864
Atherogenics, Inc. *                                       2,965          21,971
Atrix Labatories, Inc. * (a)                               2,258          34,635
Avigen, Inc. * (a)                                         2,604          14,869
Beverly Enterprises, Inc. *                               10,688          30,461
Bio Technology General Corp. *                             6,014          19,251
Bio-Rad Laboratories, Inc., Class A *                      1,692          65,480
Biomarin Pharmaceutical, Inc. *                            3,768          26,564
Bradley Pharmaceuticals Incorporated, Class A *              918          11,962
Cardia Science Inc. * (a)                                  7,443          16,449
Cardiodynamics International Corp. * (a)                   4,412          13,545
Cell Genesys, Inc. * (a)                                   3,495          38,973
Cell Therapeutics, Inc. * (a)                              3,315          24,100
Cepheid, Inc * (a)                                         3,151          16,064
Cerus Corp. * (a)                                          1,508          32,422
Chemed Corp.                                               1,012          35,774
Cobalt Corp. *                                             1,298          17,912
Columbia Laboratories, Inc. * (a)                          4,056          13,628
Conmed Corp. *                                             2,595          50,836
Cooper Company, Inc. (a)                                   4,084         102,182
Corixa Corp. * (a)                                         4,515          28,851
Curagen Corp. * (a)                                        5,186          24,115
Curative Health Services, Inc. * (a)                         958          16,526
CV Therapeutics, Inc. *                                    2,769          50,451
Cyberonics, Inc. *                                         2,174          40,002
D & K Wholesale Drug, Inc. (a)                             1,229          12,586
Datascope Corp.                                            1,314          32,589
Decode Genetics, Inc. * (a)                                4,448           8,229
Diversa Corp. *                                            2,638          23,874
Duane Reade, Inc. *                                        2,100          35,700
Endo Pharmaceutical Holdings, Inc. *                       2,065          15,898
Enzo Biochem, Inc. *                                       2,319          32,466
Enzon, Inc. * (a)                                          4,130          69,054
Eon Labs, Inc. *                                           1,161          21,955
Exact Sciences Corp. * (a)                                 1,320          14,296
Gene Logic, Inc. *                                         2,978          18,732
Genesis Health Ventures, Inc. *                            2,815          43,492
Genta, Inc. * (a)                                          4,209          32,367
Gentiva Health Services, Inc.                              2,544          22,413
Genzyme Corp.-Biosurgery Division *                        4,975          12,686
Geron Corp. * (a)                                          4,095          14,742
Hanger Orthopedic Group, Inc *                             1,875          24,656
Hologic, Inc. * (a)                                        2,085          25,458

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

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MANUFACTURERS INVESTMENT TRUST                                                  
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                   SHARES       VALUE   
                                                   ------       -----   
                                                                        
DRUGS & HEALTH CARE - CONTINUED                                         
IDEXX Laboratories, Inc. *                            3,150  $   103,477
IDX Systems Corp. * (a)                               1,428       24,319
IGEN International, Inc. * (a)                        1,660       71,131
ILEX Oncology, Inc. *                                 3,236       22,846
Illumina, Inc. *                                      3,096       10,434
ImClone Systems, Inc. * (a)                           5,202       55,250
Immucor Corp. *                                         919       18,610
Immunogen, Inc. * (a)                                 4,668       14,471
Immunomedics, Inc. *                                  4,560       21,067
Impax Laboratories, Inc. *                            2,917       11,697
Inhale Therapeutic Systems, Inc. * (a)                5,602       45,264
Interpore International, Inc. *                       2,657       17,005
Intuitive Surgical, Inc. * (a)                        3,114       19,182
Invacare Corp.                                        2,616       87,113
K-V Pharmaceutical Company, Class A *                 2,169       50,321
Kensey Nash Corp. * (a)                                 954       17,430
Landauer, Inc.                                          811       28,182
Lifeline Systems, Inc. *                                544       12,202
Louisiana Jolla Pharmaceutical Company *              4,439       28,853
Luminex Corp. * (a)                                   1,972        8,105
Magellan Health Services, Inc. *                      2,294          367
Maxygen, Inc. *                                       3,237       24,666
Medarex, Inc. *                                       7,290       28,795
Mentor Corp.                                          1,894       72,919
Meridian Medical Technologies, Inc. *                   427       18,959
Merit Medical Systems, Inc. *                         1,356       27,012
MGI Pharma, Inc. * (a)                                2,826       20,488
Mim Corp. * (a)                                       2,306       13,375
Molecular Devices Corp. *                             1,648       27,143
NaPro BioTherapeutics, Inc. * (a)                     2,133        1,450
NBTY, Inc. *                                          4,153       73,010
NDCHealth Corp.                                       3,148       62,645
NeoPharm, Inc. * (a)                                  1,196       12,127
Ocular Sciences, Inc. *                               1,752       27,191
Onyx Pharmaceuticals, Inc. *                          1,591        9,244
Orasure Technologies, Inc. * (a)                      2,396       13,058
OrthoLogic Corp. *                                    4,606       16,628
Owens & Minor, Inc. (a)                               3,296       54,120
Pacificare Health Systems, Inc. * (a)                 3,300       92,730
Parexel International Corp. *                         2,455       26,980
Penwest Pharmaceuticals Company * (a)                 1,556       16,494
Perrigo Company *                                     6,077       73,836
Pharmaceutical Resources, Inc. *                      1,728       51,494
Pharmacopeia, Inc. *                                  2,732       24,369
Polymedica Corp. * (a)                                  839       25,875
PracticeWorks, Inc. * (a)                             1,737       13,722
Praecis Pharmaceuticals, Inc. *                       6,854       22,275
Prime Hospitality Corp. *                             4,505       36,716
Prime Medical Services, Inc. *                        1,425       12,355
Protein Design Labs, Inc. *                           9,174       77,979
Rehabcare Group, Inc. * (a)                           1,580       30,146
Respironics, Inc. *                                   3,251       98,931
RLI Corp.                                             1,124       31,360
Scios, Inc. * (a)                                     4,442      144,720
Sepracor, Inc. * (a)                                  7,011       67,796
Sequenom, Inc. * (a)                                  4,199        7,558
Sola International, Inc. *                            2,362       30,706
SonoSight, Inc. *                                     1,643       21,474
Sunrise Assisted Living, Inc. * (a)                   1,811       45,076
Supergen, Inc. * (a)                                  3,190       11,580
Sybron Dental Specialties, Inc. *                     4,004       59,459
Syncor International Corp. *                          1,840       51,023
Theragenics Corp. *                                   3,629       14,625
United Surgical Partners International, Inc * (a)     1,619       25,290
US Oncology, Inc. *                                   6,733       58,375
US Physical Therapy, Inc. *                           1,434       15,989
Ventana Medical Systems, Inc. * (a)                   1,469       33,860
Versicor, Inc. * (a)                                  2,183       23,555
VISX, Inc. *                                          4,857       46,530
Vital Signs, Inc.                                       526       15,717
VitalWorks, Inc. *                                    5,160       19,866
Vivus, Inc. * (a)                                     3,917       14,610
                                                             -----------
                                                               4,001,531

EDUCATIONAL SERVICES - 0.17%                                            
Princeton Review, Inc. *                              1,795        8,885
Renaissance Learning, Inc. * (a)                      1,088       20,563
Strayer Education, Inc.                                 827       47,553
Sylvan Learning Systems, Inc. *                       3,352       54,973
                                                             -----------
                                                                 131,974

ELECTRICAL EQUIPMENT - 1.51%                                            
A.O. Smith Corp.                                      1,628       43,972
AMETEK, Inc.                                          3,126      120,320
Anaren Microwave, Inc. * (a)                          2,662       23,426
Anixter International, Inc. *                         2,994       69,610
Artesyn Technologies, Inc. *                          3,191       12,253
Artisan Components, Inc. *                            1,330       20,522
Audiovox Corp., Class A *                             1,699       17,569
Baldor Electric Company                               2,985       58,954
Bei Technologies Inc.                                 1,198       13,406
Belden, Inc.                                          2,198       33,454
C & D Technologies, Inc.                              2,474       43,716
C-COR.net Corp. *                                     3,854       12,795
Cable Design Technologies Corp. *                     4,914       28,993
Cohu, Inc.                                            2,033       29,885
Dupont Photomasks, Inc. *                             1,281       29,783
Electro Scientific Industries, Inc. *                 2,821       56,420
Encore Wire Corp. *                                   1,634       14,788
Excel Technology, Inc. *                                933       16,691
General Cable Corp.                                   4,713       17,909
Genlyte Group, Inc. *                                 1,059       32,998
Lecroy Corp. *                                        1,300       14,430
Littelfuse, Inc. *                                    2,166       36,519
Magnetek, Inc. *                                      1,970        8,747
Methode Electronics, Inc., Class A                    3,563       39,086
Penn Engineering & Manufacturing Corp.                1,476       15,719
Plug Power, Inc. * (a)                                2,352       10,560
Powell Industries, Inc. *                               571        9,752
Power-One, Inc. *                                     5,111       28,979
Rayovac Corp. *                                       3,191       42,536
SPS Technologies, Inc. *                              1,166       27,693
Thomas Industries, Inc.                               1,344       35,025
Universal Electronics, Inc. *                         1,799       17,522
Vicor Corp. *                                         1,863       15,372
W.H. Brady Company, Class A                           1,879       62,665
Watsco, Inc.                                          1,784       29,222
Wilson Greatbatch Technologies, Inc. *                1,996       58,283
Woodhead Industries, Inc.                             1,310       14,803
                                                             -----------
                                                               1,164,377

ELECTRIC UTILITIES - 1.41%                                              
Avista Corp.                                          4,770       55,141
Black Hills Corp.                                     2,639       69,986
Central Vermont Public Service Corp.                  1,493       27,292
CH Energy Group, Inc.                                 1,503       70,085
Cleco Corp.                                           3,979       55,706

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

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MANUFACTURERS INVESTMENT TRUST                                                  
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                    SHARES       VALUE   
                                                    ------       -----   
                                                                         
ELECTRIC UTILITIES - CONTINUED                                           
Connecticut Water Service, Inc.                          897  $    22,632
DQE, Inc.                                              6,449       98,283
El Paso Electric Company *                             4,558       50,138
Empire District Electric Company                       2,382       43,352
GrafTech International, Ltd. *                         6,483       38,639
MGE Energy, Inc.                                       1,350       36,141
Otter Tail Power Company                               2,552       68,649
PNM Resources, Inc.                                    3,458       82,369
Quanta Services, Inc. *                                3,403       11,910
Sierra Pacific Resources * (a)                        10,808       70,252
Uil Holding Corp. (a)                                  1,225       42,716
Unisource Energy Corp.                                 2,933       50,712
Unitil Corp.                                             981       24,329
Westar Energy, Inc.                                    5,670       56,133
WPS Resources Corp. (a)                                3,000      116,460
                                                              -----------
                                                                1,090,925

ELECTRONICS - 1.97%                                                      
Anadigics, Inc. * (a)                                  3,545        9,146
Analogic Corp.                                           657       33,039
AstroPower, Inc. * (a)                                 2,254       18,009
Bell Microproducts, Inc. *                             1,907       10,565
Checkpoint Systems, Inc. * (a)                         3,595       37,172
CTS Corp.                                              3,376       26,164
Cubic Corp.                                            1,633       30,096
Daktronics, Inc. *                                     1,756       23,495
DDI Corp. *                                            2,845          626
DSP Group, Inc. *                                      2,766       43,758
Electronics For Imaging, Inc. *                        5,231       85,061
Engineered Support Systems, Inc.                       1,293       47,401
FEI Company *                                          2,366       36,176
FLIR Systems, Inc. *                                   1,542       75,250
Foundry Networks, Inc. *                               8,588       60,460
Franklin Electric, Inc.                                  632       30,342
Herley Industries, Inc. * (a)                          1,203       20,942
Identix, Inc. * (a)                                    8,937       46,026
II-VI, Inc. *                                          1,448       23,255
Intermagnetics General Corp. *                         1,527       29,990
Intermediate Telephone, Inc.                           1,778       37,178
InVision Technologies, Inc. *                          1,063       28,021
Itron, Inc. *                                          2,104       40,334
Lexar Media, Inc. *                                    3,862       24,215
Lufkin Industries, Inc.                                  585       13,718
Mentor Graphics Corp. *                                6,585       51,758
Merix Corp. * (a)                                      1,207       10,139
Nu Horizons Electronics Corp. * *                      1,715        9,913
Osi Systems, Inc. * (a)                                  591       10,035
Park Electrochemical Corp.                             1,829       35,117
Photon Dynamics, Inc. * (a)                            1,728       39,398
Pixelworks, Inc. * (a)                                 3,337       19,355
Planar Systems Inc. *                                  1,331       27,459
Research Frontiers, Inc. * (a)                         1,474       12,293
Rogers Corp. *                                         1,520       33,820
SBS Technologies, Inc. *                               1,502       13,758
Sequa Corp., Class A *                                   696       27,221
Silicon Graphics, Inc. *                              15,047       17,003
Stoneridge, Inc. *                                     1,325       15,767
Supertex, Inc. *                                       1,226       18,255
Sycamore Networks, Inc. *                             17,024       49,199
Technitrol, Inc.                                       3,861       62,317
Thomas & Betts Corp. *                                 4,325       73,092
Trimble Navigation, Ltd. *                             2,630       32,849
United Industrial Corp.                                  964       15,424
Varian, Inc. *                                         2,974  $    85,324
X-Rite, Inc.                                           2,706       18,915
Zygo Corp. *                                           1,705       11,918
                                                              -----------
                                                                1,520,768

ENERGY - 0.20%                                                           
Energen Corp.                                          3,068       89,279
Fuelcell Energy, Inc. * (a)                            3,342       21,897
Headwaters, Inc. *                                     2,942       45,630
                                                              -----------
                                                                  156,806

FEDERAL AGRICULTURE MTG. CORP. - 0.03%                                   
Federal Agricultural Mortgage Corp., Class C * (a)       801       24,543
                                                              -----------

FINANCIAL SERVICES - 2.11%                                               
Actrade Financial Technologies, Ltd. * (a)               722           72
Advanta Corp., Class B                                 2,677       25,137
Amcore Financial, Inc.                                 2,213       48,022
Ameritrade Holding Corp. *                             9,688       54,834
BKF Capital Group, Inc. *                                725       12,796
Cash America International, Inc.                       2,267       21,582
Charter Municipal Mortgage Acceptance Company, SBI     3,659       63,557
Clark/Bardes, Inc. *                                   1,560       30,030
Community Bank Systems, Inc.                             926       29,030
Correctional Properties Trust                          1,103       23,935
Delphi Financial Group, Inc.                           1,226       46,539
DVI, Inc. *                                            1,454       10,978
Financial Federal Corp. *                              1,414       35,534
First Charter Corp.                                    3,131       56,358
First Financial Holdings, Inc.                         1,290       31,940
First Republic Bank *                                  1,168       23,348
First Street Bancorporation                              685       16,988
Firstfed Financial Corp. *                             1,594       46,146
Flushing Financial Corp.                               1,127       18,458
Friedman, Billings, Ramsey Group, Inc. * (a)           1,961       18,355
Harbor Florida Bancshares, Inc.                        2,124       47,832
Hawthorne Financial Corp. *                              764       21,805
Idine Rewards Network, Inc. * (a)                      1,847       19,615
Impac Mortgage Holdings, Inc.                          3,779       43,458
International Bancshares Corp.                         2,181       86,040
Investors Real Estate Trust, SBI                       3,384       33,772
ITLA Capital Corp. *                                     574       19,074
Jeffries Group, Inc.                                   1,779       74,665
Jones Lang Lasalle, Inc. *                             3,098       47,647
Keystone Property Trust Corp., REIT                    1,682       28,544
Knight Trading Group, Inc. *                           8,495       40,691
Metris Companies, Inc.                                 3,091        7,635
National Health Realty, Inc., REIT                     1,726       25,200
NBT Bancorp, Inc.                                      2,869       48,974
NCO Group, Inc. *                                      2,134       34,037
New Century Financial Corp. (a)                        1,677       42,579
Oceanfirst Financial Corp.                             1,082       24,291
Ocwen Financial Corp. *                                4,051       11,343
PennFed Financial Services, Inc.                         505       13,711
Saxon Capital, Inc. *                                  2,556       31,976
Seacoast Financial Services Corp.                      2,166       43,344
SWS Group, Inc. (a)                                    1,492       20,232
Thornburg Mortgage Asset Corp. (a)                     3,999       80,380
Triad Guaranty, Inc. *                                   715       26,355
UMB Financial Corp.                                    1,265       48,400
United Community Financial Corp.                       2,999       25,941
Westcorp, Inc.                                         1,228       25,788

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                               SHARES       VALUE   
                                               ------       -----   
                                                                    
FINANCIAL SERVICES - CONTINUED                                      
WFS Financial, Inc. *                               594  $    12,421
WSFS Financial Corp.                                738       24,332
                                                         -----------
                                                           1,623,721

FOOD & BEVERAGES - 1.51%                                            
Alico, Inc.                                         540       14,364
American Italian Pasta Company, Class A * (a)     1,548       55,697
Bob Evans Farms, Inc.                             3,202       74,767
Boston Beer Company, Inc. * *                     1,198       17,131
Chiquita Brands International, Inc. *             3,732       49,486
Corn Products International, Inc.                 3,279       98,796
Del Monte Foods Company *                         2,715       20,906
Farmer Brothers Company                              76       23,484
Fisher Communications, Inc. *                       445       23,460
Fleming Companies, Inc. (a)                       5,111       33,579
Flowers Foods, Inc.                               2,331       45,478
Hain Celestial Group, Inc. *                      2,330       35,416
Horizon Organic Holding Corp. *                   1,076       17,420
International Multifoods Corp. *                  1,671       35,409
Interstate Bakeries Corp.                         4,151       63,303
J & J Snack Foods Corp. *                           621       22,176
Lance, Inc.                                       2,787       32,995
Monterey Pasta Company *                          1,979        7,421
Peets Coffee & Tea, Inc. *                        1,267       17,903
Pilgrims Pride Corp. (a)                          1,667       13,669
Ralcorp Holdings, Inc. *                          2,810       70,643
Riviana Foods, Inc.                                 697       18,834
Robert Mondavi Corp., Class A *                     960       29,760
Sensient Technologies Corp.                       4,200       94,374
Tasty Baking Company                              1,588       13,816
The J.M. Smucker Company                          4,242      168,874
The Steak & Shake Company *                       2,823       28,230
Triarc Companies, Inc., Class A *                 1,349       35,398
                                                         -----------
                                                           1,162,789

FOREST PRODUCTS - 0.25%                                             
Caraustar Industries, Inc. *                      3,059       28,999
Deltic Timber Corp.                               1,180       31,506
Louisiana Pacific Corp. *                         9,976       80,407
Pope & Talbot, Inc.                               1,911       27,251
Universal Fast Products, Inc.                     1,317       28,080
                                                         -----------
                                                             196,243

FUNERAL SERVICES - 0.23%                                            
Alderwoods Group, Inc. *                          5,517       26,090
Service Corp. International *                    29,138       96,738
Stewart Enterprises, Inc., Class A *              9,517       53,019
                                                         -----------
                                                             175,847

FURNITURE & FIXTURES - 0.11%                                        
American Woodmark Corp.                             460       21,850
Kimball International, Inc., Class B              3,390       48,307
Stanley Furniture Company, Inc. *                   727       16,903
                                                         -----------
                                                              87,060

GAS & PIPELINE UTILITIES - 1.71%                                    
AGL Resources, Inc.                               5,005      121,621
American States Water Company                     1,539       35,628
Atmos Energy Corp.                                3,831       89,339
California Water Service Group                    1,484       35,096
Cascade Natural Gas Corp.                         1,188       23,760
Global Industries, Ltd. *                         6,817       28,427
Middlesex Water Company                             974  $    20,425
New Jersey Resources Corp.                        2,500       78,975
Northwest Natural Gas Company                     2,367       64,051
Northwestern Corp. (a)                            4,237       21,524
Nui Corp.                                         1,496       25,821
ONEOK, Inc.                                       5,234      100,493
Piedmont Natural Gas, Inc.                        2,599       91,875
Semco Energy, Inc.                                2,688       16,397
SJW Corp.                                           178       13,893
South Jersey Industries, Inc.                     1,115       36,817
Southern Union Company *                          4,174       68,871
Southwest Gas Corp.                               3,248       76,165
Southwest Water Company (a)                       1,451       19,227
Southwestern Energy Company *                     2,877       32,942
The Laclede Group, Inc.                           1,697       41,067
UGI Corp.                                         2,517       94,111
Western Gas Resources, Inc.                       1,888       69,573
WGL Holdings, Inc.                                4,635      110,869
                                                         -----------
                                                           1,316,967

GOLD - 0.04%                                                        
Royal Gold, Inc. (a)                              1,168       29,108
                                                         -----------

HEALTHCARE PRODUCTS - 0.63%                                         
Advanced Neuromodulation Systems, Inc. * (a)        883       30,993
Align Technology, Inc. * (a)                      4,739       13,085
American Medical Systems Holdings, Inc. *         2,063       33,441
Arthrocare Corp. * (a)                            2,428       23,916
Coherent, Inc. *                                  2,925       58,354
Conceptus, Inc. * (a)                             1,833       21,959
EPIX Medical, Inc. *                              1,409       10,187
Esperion Therapeutics, Inc. *                     3,899       27,714
INAMED Corp. *                                    1,171       36,067
Inverness Medical Innovations, Inc. * (a)           955       12,558
Priority Healthcare Corp., Class B *              2,543       58,998
Therasense, Inc. * (a)                            2,286       19,088
Thoratec Labs Corp. *                             5,332       40,683
Viasys Healthcare, Inc. *                         2,631       39,176
Wright Medical Group, Inc. * (a)                  1,815       31,688
Zoll Medical Corp. *                                854       30,462
                                                         -----------
                                                             488,369

HEALTHCARE SERVICES - 0.70%                                         
Apria Healthcare Group, Inc. *                    3,971       88,315
CorVel Corp. *                                      710       25,383
Cross Country, Inc. * (a)                         3,171       44,235
DIANON Systems, Inc. *                              761       36,307
Eclipsys Corp. *                                  4,017       21,491
IMPATH, Inc. * (a)                                1,734       34,195
Kindred Healthcare, Inc. *                        1,412       25,629
Medical Staffing Network Holdings, Inc. * (a)       667       10,672
National Healthcare Corp. *                         903       15,803
Odyssey Healthcare, Inc. *                        1,099       38,135
Pediatrix Medical Group, Inc. *                   2,155       86,329
Radiologix Inc. *                                 2,052        4,740
Select Medical Corp. *                            1,731       23,351
Sierra Health Services, Inc. *                    2,812       33,772
The Advisory Board Company *                        539       16,116
Unilab Corp. *                                    1,885       34,496
                                                         -----------
                                                             538,969

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                  SHARES       VALUE   
                                                  ------       -----   
                                                                       
HOLDINGS COMPANIES/CONGLOMERATES - 0.07%                               
Horace Mann Educators Corp.                          3,433  $    52,628
                                                            -----------

HOMEBUILDERS - 0.40%                                                   
Beazer Homes USA, Inc. *                             1,132       68,599
Champion Enterprises, Inc. * (a)                     4,914       14,005
Hovnanian Enterprises, Inc., Class A * (a)           1,283       40,671
M.D.C. Holdings, Inc.                                1,860       71,164
Meritage Corp. *                                       711       23,925
Palm Harbor Homes, Inc. * (a)                        1,865       32,582
Schottenstein Homes, Inc.                            1,071       29,774
Walter Industries, Inc.                              2,580       27,941
                                                            -----------
                                                                308,661

HOTELS & RESTAURANTS - 1.65%                                           
AFC Enterprises, Inc. *                              1,262       26,515
Alliance Gaming Corp. *                              4,041       68,818
Ameristar Casinos, Inc. * (a)                          984       13,874
Argosy Gaming Corp. *                                2,400       45,432
Aztar Corp. *                                        3,237       46,224
Boca Resorts, Inc., Class A *                        2,760       29,532
Boyd Gaming Corp. * (a)                              2,831       39,776
Buca, Inc. * (a)                                     1,986       16,524
California Pizza Kitchen, Inc. *                     1,301       32,785
Champps Entertainment, Inc. * (a)                    1,352       12,858
Choice Hotels, Inc. *                                1,989       45,150
CKE Restaurants, Inc. *                              5,897       25,357
Dover Downs Gaming & Entertainment, Inc.             1,048        9,526
Hollywood Casino Corp. *                             1,226       15,055
IHOP Corp. *                                         1,908       45,792
Jack In the Box, Inc. *                              3,304       57,126
La Quinta Corp. *                                   14,504       63,818
Landry's Restaurants, Inc.                           2,100       44,604
Lone Star Steakhouse & Saloon, Inc.                  1,749       33,826
Luby's Cafeterias, Inc. *                            4,129       12,015
Magna Entertainment Corp., Class A * (a)             4,752       29,462
Marcus Corp.                                         2,122       30,132
Mtr Gaming Group, Inc. *                             2,421       19,271
O'Charley's, Inc. *                                  1,700       34,901
P.F. Chang's China Bistro, Inc. * (a)                1,618       58,733
Panera Bread Company, Class A * (a)                  2,083       72,509
Papa Johns International, Inc. * (a)                 1,296       36,133
RARE Hospitality International, Inc. *               1,921       53,058
RFS Hotel Investors, Inc., REIT                      3,133       34,024
Ryan's Family Steak Houses, Inc. *                   4,387       49,793
Shuffle Master, Inc. * (a)                           1,731       33,080
Sonic Corp. *                                        3,599       73,744
Station Casinos, Inc. * (a)                          3,318       58,729
Wyndham International, Inc., Class A *              13,599        3,128
                                                            -----------
                                                              1,271,304

HOUSEHOLD APPLIANCES - 0.28%                                           
Bassett Furniture Industries, Inc.                   1,391       19,919
Foamex International, Inc. *                         4,621       14,602
Libbey, Inc.                                         1,678       43,628
LS Starrett Company                                  1,129       18,741
Mission West Properties, Inc.                        2,324       23,008
National Presto Industries,  Inc.                      547       16,071
The Toro Company                                     1,208       77,191
Vialta, Inc. *                                          19            6
Westpoint Stevens, Inc. * (a)                        3,195        1,885
                                                            -----------
                                                                215,051
HOUSEHOLD PRODUCTS - 0.42%                                             
Bel Fuse, Inc., Class B                              1,027  $    20,694
Blyth Industries, Inc.                               3,096       82,849
Boyds Collection, Ltd. *                             2,350       15,628
Central Garden & Pet Company *                       1,381       25,562
Department 56, Inc. *                                1,386       17,879
Graphic Packaging Intl Corp. *                       2,633       14,850
Martha Stewart Living Omnimedia, Inc., Class A *     1,025       10,117
Playtex Products, Inc. *                             2,817       27,832
Topps, Inc. *                                        3,633       31,607
Tupperware Corp.                                     4,901       73,907
                                                            -----------
                                                                320,925

INDUSTRIAL MACHINERY - 1.61%                                           
Alamo Group, Inc.                                      986       12,079
Albany International Corp., Class A                  2,512       51,898
Briggs & Stratton Corp.                              2,047       86,936
Cascade Corp.                                        1,018       16,237
Circor International, Inc.                           1,049       16,679
Cognex Corp. *                                       3,376       62,220
Energy Conversion Devices, Inc. *                    1,664       16,309
Gardner Denver, Inc. *                               1,585       32,176
Gorman Rupp Company                                    936       21,996
IDEX Corp.                                           2,594       84,824
Kadant, Inc. *                                       1,641       24,615
Kaydon Corp.                                         2,767       58,688
Kennametal, Inc.                                     3,222      111,095
Lindsay Manufacturing Company                        1,050       22,470
Manitowoc, Inc.                                      2,354       60,027
Milacron, Inc.                                       1,687       10,038
Mueller Industry, Inc. *                             2,792       76,082
NACCO  Industries, Inc., Class A                       611       26,743
NN, Inc.                                             1,725       17,233
Osmonics, Inc. *                                       883       14,958
Presstek, Inc. * (a)                                 3,525       16,250
Quixote Corp.                                          607       10,962
Roanoke Electric Steel Corp.                         1,363       12,949
Robbins & Myers, Inc.                                1,111       20,442
Semitool, Inc. *                                     2,192       13,612
Stewart & Stevenson Services, Inc.                   2,895       40,935
SureBeam Corp., Class A * (a)                        6,559       26,498
Tecumseh Products Company, Class A                   1,316       58,075
Tennant Company                                        937       30,546
Tredegar Industries, Inc.                            2,797       41,955
Triumph Group, Inc. *                                1,475       47,112
U.S. Industries, Inc. *                              8,060       21,198
UNOVA, Inc. *                                        4,572       27,432
Valmont Industries, Inc.                             1,221       23,687
Watts Industries, Inc., Class A                      1,650       25,971
                                                            -----------
                                                              1,240,927

INDUSTRIALS - 0.05%                                                    
Brooks-Pri Automation, Inc. *                        3,609       41,359
                                                            -----------

INSURANCE - 1.61%                                                      
Alfa Corp.                                           3,517       42,243
American Physicians Capital Inc. *                     996       18,735
AMERIGROUP Corp. *                                     902       27,340
Argonaut Group, Inc. (a)                             2,364       34,869
Baldwin & Lyons, Inc., Class B                         602       14,177
CenturyBusiness Services, Inc. *                     8,326       22,064
Citizens, Inc. Class A *                             2,224       16,680
CNA Surety Corp. *                                   2,170       17,035
Commerce Group, Inc.                                 2,287       85,740

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                    SHARES       VALUE   
                                                    ------       -----   
                                                                         
INSURANCE - CONTINUED                                                    
Crawford & Company, Class B (a)                        3,367  $    16,835
FBL Financial Group, Inc., Class A                     1,343       26,148
Financial Industries Corp.                             1,515       21,574
Fremont General Corp. (a)                              6,814       30,595
Harleysville Group, Inc.                               2,769       73,185
Hilb, Rogal and Hamilton Company                       3,041      124,377
Landamerica Financial Group, Inc.                      1,704       60,407
Liberty Corp.                                          1,533       59,480
Midland Company                                          754       14,326
National Western Life Insurance Company, Class A *       187       17,952
Navigators Group, Inc. *                                 412        9,455
Odyssey Re Holdings Corp.                              1,412       24,992
Ohio Casualty Corp. *                                  5,080       65,786
Philadelphia Consolidated Holding Corp. *              1,588       56,215
PMA Capital Corp., Class A (a)                         2,756       39,493
Presidential Life Corp.                                2,354       23,375
Proassurance Corp. *                                   2,296       48,216
Selective Insurance Group, Inc.                        2,549       64,184
State Auto Financial Corp.                             1,276       19,778
Stewart Information Services Corp. *                   1,594       34,096
UICI *                                                 3,997       62,153
United Fire & Casualty Company                           780       26,091
Universal American Financial Corp. *                   2,509       14,600
Vesta Insurance Group, Inc.                            3,708       10,197
Zenith National Insurance Corp.                          899       21,144
                                                              -----------
                                                                1,243,537

INTERNET CONTENT - 0.40%                                                 
Alloy, Inc. * (a)                                      3,509       38,424
CNET Networks, Inc. *                                 12,481       33,824
Harris Interactive, Inc. *                             5,052       14,903
Looksmart, Ltd. * (a)                                  8,351       20,711
NetFlix, Inc. * (a)                                    1,132       12,463
Overture Service, Inc. *                               4,933      134,720
ProQuest Company *                                     1,679       32,908
Safeguard Scientifics, Inc. *                         12,544       17,060
                                                              -----------
                                                                  305,013

INTERNET RETAIL - 0.10%                                                  
1-800-Flowers.com, Inc. *                              1,255        7,844
Freemarkets, Inc. * (a)                                4,179       26,908
Priceline.com, Inc. * (a)                             11,866       18,986
Stamps.com, Inc. *                                     4,933       23,037
                                                              -----------
                                                                   76,775

INTERNET SERVICE PROVIDER - 0.23%                                        
Earthlink, Inc. * (a)                                 13,083       71,302
eSPEED, Inc., Class A *                                2,264       38,354
Register.com, Inc. *                                   4,026       18,117
TriZetto Group, Inc. *                                 3,184       19,550
United Online, Inc. *                                  2,105       33,556
                                                              -----------
                                                                  180,879

INTERNET SOFTWARE - 0.97%                                                
Agile Software Corp. *                                 3,889       30,101
Akamai Technologies, Inc. * (a)                       10,694       18,501
Ariba, Inc. * (a)                                     26,497       65,713
Digital River, Inc. *                                  2,670       31,907
E.piphany, Inc. *                                      6,943       28,952
eResearch Technology, Inc. * (a)                         850       14,238
F5 Networks, Inc. * (a)                                2,099       22,543
Inktomi Corp. *                                        7,729  $    12,366
Internet Security Systems, Inc. *                      3,819       70,002
Interwoven, Inc. *                                    10,276       26,718
Keynote Systems, Inc. *                                2,773       21,408
Liberate Technologies, Inc. *                          9,622       13,759
Openwave Systems, Inc. *                              17,306       34,612
PC-Tel, Inc. *                                         2,993       20,293
Quovadx, Inc. *                                        4,396       10,638
Raindance Communications, Inc. *                       5,636       18,204
Retek, Inc. *                                          6,360       17,299
RSA Security, Inc. *                                   4,683       28,051
S1 Corp. *                                             7,439       33,178
Sonicblue, Inc. * (a)                                  5,912        2,660
TIBCO Software, Inc. *                                 8,299       51,288
ValueClick, Inc. * (a)                                 7,984       22,275
Verity, Inc. *                                         2,062       27,612
Vignette Corp. *                                      17,380       21,325
Vitria Technology, Inc. *                              5,000        3,750
Watchguard Technologies, Inc. *                        3,200       20,419
WebEx Communications, Inc. * (a)                       2,494       37,410
WebMethods, Inc. * (a)                                 4,748       39,029
                                                              -----------
                                                                  744,251

INVESTMENT COMPANIES - 0.19%                                             
American Capital Strategies, Ltd. (a)                  3,769       81,373
Gabelli Asset Management, Inc., Class A * (a)            622       18,685
Gladstone Capital Corp.                                1,186       19,533
MCG Capital Corp. (a)                                  2,344       25,175
                                                              -----------
                                                                  144,766

LEISURE TIME - 1.07%                                                     
4Kids Entertainment, Inc. * (a)                          971       21,440
Action Performance Companies, Inc. (a)                 1,631       30,989
AMC Entertainment, Inc. *                              2,889       25,568
Arctic Cat, Inc.                                       1,666       26,656
Bally Total Fitness Holding Corp. * (a)                3,405       24,141
Churchill Downs, Inc. (a)                                618       23,595
Concord Camera Corp. *                                 3,177       17,251
Gaylord Entertainment Company *                        2,111       43,486
Handleman Company *                                    2,686       30,889
Hollywood Entertainment Corp. *                        5,191       78,384
Isle of Capri Casinos, Inc. *                          1,326       17,556
K2, Inc. *                                             1,880       17,672
Marvel Enterprises, Inc. * (a)                         1,614       14,494
Movie Gallery, Inc. *                                  1,622       21,086
Multimedia Games, Inc. * (a)                           1,074       29,492
Navigant International Inc. *                          1,518       18,717
Parkervision, Inc. * (a)                               1,444       11,783
Penn National Gaming, Inc. *                           3,081       48,865
Pinnacle Entertainment, Inc. *                         2,625       18,191
Racing Champions Ertl Corp. *                            783       10,688
Scientific Games Corp., Class A *                      5,270       38,260
SCP Pool Corp. * (a)                                   1,769       51,655
Speedway Motorsports, Inc.                             1,418       36,556
Sturm Ruger & Company, Inc.                            1,977       18,920
The Nautilus Group, Inc. * (a)                         2,584       34,522
THQ, Inc. * (a)                                        3,845       50,946
Vail Resorts, Inc. * (a)                               1,093       16,581
West Marine, Inc. *                                    1,227       16,798
WMS Industries, Inc. *                                 2,219       33,241
                                                              -----------
                                                                  828,422

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                             SHARES       VALUE   
                                             ------       -----   
                                                                  
LIFE SCIENCES - 0.08%                                             
Incyte Pharmacuticals, Inc. *                   7,345  $    33,493
Symyx Technologies, Inc. *                      2,335       29,398
                                                       -----------
                                                            62,891

MANUFACTURING - 0.81%                                             
Aaon, Inc. *                                    1,089       20,070
Actuant Corp., Class A *                          866       40,226
Acuity Brands, Inc.                             4,259       57,667
Armor Holdings, Inc. *                          2,295       31,602
Barnes Group, Inc.                              1,180       24,013
Carlisle Companies, Inc.                        2,886      119,423
CoorsTek, Inc. *                                  951       24,298
Cuno, Inc. *                                    1,385       45,871
Esco Technologies, Inc. *                       1,084       40,108
Hexcel Corp. *                                  2,561        7,683
Joy Global, Inc. *                              4,748       53,462
Lydall, Inc. *                                  1,478       16,775
Mathews International Corp., Class A            2,610       58,284
Mine Safety Appliances Company                    892       28,767
Nordson Corp.                                   2,284       56,712
                                                       -----------
                                                           624,961

MEDICAL-HOSPITALS - 0.42%                                         
Centene Corp. *                                   414       13,906
ICU Medical, Inc. *                               996       37,151
Per-Se Technologies, Inc. *                     3,307       29,661
Possis Medical, Inc. *                          1,675       30,150
Province Healthcare Company * (a)               4,534       44,116
PSS World Medical, Inc. *                       7,466       51,067
ResMed, Inc. *                                  2,993       91,496
VCA Antech, Inc. *                              1,803       27,045
                                                       -----------
                                                           324,592

METAL & METAL PRODUCTS - 0.14%                                    
Commercial Metals Company                       2,197       35,679
Lawson Products, Inc. *                           474       14,685
Quanex Corp.                                    1,637       54,839
                                                       -----------
                                                           105,203

MINING - 0.42%                                                    
Brush Wellman, Inc. *                           2,262       12,441
Century Aluminum Company                        1,393       10,322
Cleveland-Cliffs, Inc. *                          908       18,024
Hecla Mining Company * (a)                      8,898       45,024
Lincoln Electric Holding, Inc.                  2,998       69,404
Oregon Steel Mills, Inc. *                      3,649       14,669
Penn Virginia Corp.                               803       29,189
RTI International Metals, Inc. *                2,452       24,765
Southern Peru Copper Corp.                      1,588       22,867
Stillwater Mining Company *                     4,578       24,492
USEC, Inc.                                      8,245       49,635
                                                       -----------
                                                           320,832

MOBILE HOMES - 0.16%                                              
Coachmen Industries, Inc.                       1,741       27,508
Fleetwood Enterprises, Inc. * (a)               3,265       25,630
Skyline Corp.                                     711       20,975
Winnebago Industries, Inc. (a)                  1,161       45,546
                                                       -----------
                                                           119,659
NEWSPAPERS - 0.06%                                                
Journal Register Company *                      2,751  $    48,913
                                                       -----------

OFFICE FURNISHINGS & SUPPLIES - 0.29%                             
Global Imaging Systems, Inc. *                  1,013       18,619
Imagistics International, Inc. *                1,440       28,800
Office Max, Inc. *                             11,870       59,350
The Standard Register Company                   1,877       33,786
United Stationers, Inc. *                       2,854       82,198
                                                       -----------
                                                           222,753

PAPER - 0.27%                                                     
Buckeye Technologies, Inc. *                    2,711       16,673
Caseys General Stores, Inc.                     3,662       44,713
Chesapeake Corp.                                1,589       28,364
Potlatch Corp.                                  2,691       64,261
Rock-Tenn Company, Class A                        953       12,846
Wausau-Mosinee Paper Corp.                      3,656       41,020
                                                       -----------
                                                           207,877

PETROLEUM SERVICES - 0.71%                                        
Atwood Oceanics, Inc. *                           827       24,893
Cal Dive International, Inc. *                  3,518       82,673
Gulfmark Offshore, Inc. *                       1,469       21,668
Hanover Compressor Company * (a)                4,972       45,643
Horizon Offshore, Inc. *                        1,429        7,116
Input/Output, Inc. *                            5,572       23,681
Lone Star Technologies, Inc. *                  3,148       46,874
Newpark Resources, Inc. * (a)                   7,904       34,382
Oceaneering International, Inc. *               2,278       56,358
SEACOR SMIT, Inc. *                             1,685       74,983
Superior Energy Services, Inc. *                4,747       38,925
Tesoro Petroleum Corp. *                        7,224       32,652
Universal Compression Holdings, Inc. *          1,639       31,354
Veritas DGC, Inc. * (a)                         3,828       30,241
                                                       -----------
                                                           551,443

PHARMACEUTICALS - 0.93%                                           
aaiPharma, Inc. * (a)                           1,350       18,927
Abgenix, Inc. *,                                7,853       57,877
Alexion Pharmaceuticals, Inc. * (a)             1,942       27,421
Allos Therapeutics, Inc. * (a)                  2,527       19,003
American Pharmaceutical Partners, Inc. *          981       17,462
Amylin Pharmaceuticals, Inc. *                  6,048       97,615
Array BioPharma, Inc. *                         1,833       10,173
Bentley Pharmaceuticals, Inc. *                 1,287       10,360
Connetics Corp. *                               2,797       33,620
Cubist Pharmaceuticals, Inc. * (a)              2,712       22,320
First Horizon Pharmaceutical Corp. *            2,335       17,461
Guilford Pharmaceuticals, Inc. *                3,383       13,464
Isis Pharmaceuticals, Inc. * (a)                4,672       30,789
Ligand Pharmaceuticals, Inc., Class B * (a)     4,978       26,732
Nabi Biopharmaceuticals *                       3,987       24,719
Noven Pharmaceuticals, Inc. *                   2,065       19,060
NPS Pharmaceuticals, Inc. * (a)                 2,828       71,181
OSI Pharmaceuticals, Inc. *                     3,696       60,614
Pozen, Inc. *                                   3,276       16,871
Regeneron Pharmaceuticals, Inc. * (a)           3,445       63,767
Salix Pharmaceuticals, Ltd. *                   2,117       14,798
Triangle Pharmaceuticals, Inc. * (a)            3,415       20,285
United Therapeutics Corp. * (a)                 1,587       26,503
                                                       -----------
                                                           721,022

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                SHARES       VALUE   
                                                ------       -----   
                                                                     
PHOTOGRAPHY - 0.02%                                                  
CPI Corp.                                          1,139  $    16,504
                                                          -----------

PLASTICS - 0.04%                                                     
Spartech Corp.                                     1,434       29,583
                                                          -----------

POLLUTION CONTROL - 0.14%                                            
Stericycle, Inc. *                                 3,291      106,559
                                                          -----------

PUBLISHING - 0.32%                                                   
Consolidated Graphics,  Inc. *                     1,096       24,386
Courier Corp.                                        357       16,365
Hollinger International, Inc., Class A             5,201       52,842
John H. Harland Company                            2,890       63,956
Mail-Well Holdings, Inc. *                         5,410       13,525
Playboy Enterprises, Inc., Class B * (a)           1,449       14,678
PRIMEDIA, Inc. *                                  13,844       28,519
Pulitzer, Inc.                                       798       35,870
                                                          -----------
                                                              250,141

RAILROADS & EQUIPMENT - 0.34%                                        
Florida East Coast Indiana, Inc.                   2,246       52,107
Genesee & Wyoming, Inc. *                          1,327       27,004
J.B. Hunt Transport Services, Inc. *               2,215       64,900
Kansas City Southern *                             5,963       71,556
Wabtec Corp.                                       3,314       46,529
                                                          -----------
                                                              262,096

REAL ESTATE - 5.36%                                                  
Aaron Rents, Inc., Class B                         1,280       28,006
Acadia Realty Trust, REIT                          2,799       20,769
Alexander's, Inc., REIT *                            279       18,009
Alexandria Real Estate Equities, Inc., REIT        1,733       73,826
Amli Residential Properties Trust, REIT *          1,370       29,154
Anthracite Capital, Inc., REIT (a)                 3,860       42,074
Anworth Mortgage Asset Corp., REIT                 1,983       24,926
Apex Mortgage Capital, Inc.                        3,256       21,294
Associated Estates Realty Corp., REIT              3,834       25,880
Avatar Holdings, Inc. *                              521       11,983
Bedford Property Investments, Inc.                 1,414       36,326
Boykin Lodging Company, REIT                       2,650       24,725
Brandywine Realty Trust, REIT                      2,713       59,171
Capital Automotive, REIT                           2,061       48,846
Capstead Mortage Corp., REIT                       1,175       28,964
CBL & Associates Properties, Inc., RIETS           1,675       67,084
Chateau Communities, Inc., REIT                    2,273       52,279
Chelsea Property Group, Inc., REIT                 2,495       83,108
Colonial Properties Trust SBI                      1,191       40,423
Commercial Net Lease Realty, REIT                  3,374       51,723
Cornerstone Realty Income Trust, Inc., REIT        5,232       41,647
Corporate Office Properties Trust, REIT            1,897       26,615
Corrections Corp. of America *                     2,719       46,631
Crown American Realty Trust, REIT                  3,397       31,252
EastGroup Properties, Inc., REIT                   1,528       38,964
Entertainment Properties Trust, REIT               1,388       32,646
Equity Inns, Inc., REIT                            4,932       29,691
Essex Property Trust, REIT                         1,350       68,648
FBR Asset Investment Corp.,                        1,646       55,799
Federal Realty Investment Trust, REIT              3,390       95,327
Felcor Lodging Trust, Inc., REIT                   4,765       54,512
Gables Residential Trust, REIT                     2,422       60,380
Getty Realty Corp., REIT                           1,475       27,951
Glenborough Realty Trust, Inc., REIT               1,561       27,817
Glimcher Realty Trust                              2,917       51,777
Great Lakes REIT, Inc., REIT                       1,489       24,792
Health Care REIT, Inc.                             3,444       93,160
Healthcare Realty Trust                            3,778      110,506
Heritage Property Investment Trust, Inc., REIT     1,801       44,971
Home Properties of New York, Inc., REIT            2,380       81,991
HRPT Properties Trust, REIT                       12,662      104,335
Innkeepers USA Trust, REIT                         2,806       21,494
Insignia Financial Group, Inc. *                   2,536       18,386
IRT Property Company                               3,032       35,990
JDN Realty Corp.                                   3,714       40,668
Kilroy Realty Corp., REIT                          2,482       57,210
Koger Equity, Inc.                                 1,942       30,295
Kramont Realty Trust, REIT                         2,226       32,611
LaSalle Hotel Properties, REIT                     1,865       26,110
Lexington Corporate Property Trust, REIT           2,354       37,429
LNR Property Corp.                                 2,122       75,119
LTC Properties, Inc., REIT                         2,827       18,997
Manufactured Home Communities, Inc.                1,352       40,060
MeriStar Hospitality Corp., REIT                   4,717       31,132
MFA Mortgage Investments, Inc., REIT               4,241       35,624
Mid-America Apartment Communities, Inc.            1,479       36,162
Mid-Atlantic Realty Trust, SBI                     1,868       32,503
National Health Investments, Inc., REIT            2,104       33,832
Nationwide Health Properties, Inc., REIT           4,543       67,827
Novastar Financial, Inc. (a)                         854       26,500
Pan Pacific Retail Properties, Inc., REIT          3,048      111,343
Parkway Properties, Inc.                             730       25,608
Pennsylvania Real Estate Investment SBI            1,230       31,980
Post Properties, Inc., REIT                        3,132       74,855
Prentiss Properties Trust, REIT                    2,801       79,212
PS Business Parks, Inc., REIT                        965       30,687
RAIT Investment Trust, REIT                        1,293       27,929
Ramco Gershenson Properties Trust, REIT            1,079       21,310
Realty Income Corp., REIT                          2,972      104,020
Redwood Trust, Inc., REIT                            946       26,204
Saul Centers, Inc.                                 1,072       25,514
Senior Housing Properties Trust, SBI               4,766       50,567
Shurgard Storage Centers, Inc., Class A            3,092       96,903
Sizeler Property Investors, Inc., REIT             2,605       24,200
SL Green Realty Corp., REIT                        2,357       74,481
Sovran Self Storage, Inc.                          1,239       35,138
Summit Properties, Inc.                            2,285       40,673
Sun Communities, Inc., REIT                        1,383       50,576
Tanger Factory Outlet Centers, Inc., REIT            646       20,026
Taubman Centers, Inc., REIT                        3,073       49,875
The Macerich Company, REIT                         2,889       88,837
The Mills Corp., REIT                              1,983       58,181
Town & Country Trust SBI                           1,752       36,967
Trammell Crow Company *                            3,382       30,438
United States Restaurant Properties, Inc.          2,450       34,496
Universal Health Realty Income Trust               1,115       29,269
Urstadt Biddle Properties, Inc.                    2,525       27,977
Ventas, Inc., REIT                                 5,809       66,513
Washington REIT,  REIT                             3,367       85,858
Wellsford Real Properties, Inc. *                    943       14,862
Winston Hotels, Inc., REIT                         3,381       26,372
                                                          -----------
                                                            4,136,802

RETAIL GROCERY - 0.30%                                               
7 Eleven, Inc. *                                   2,568       19,260
Ingles Markets, Inc.                               1,921       22,608
Pathmark Stores, Inc. *                            3,932       19,935

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                      SHARES       VALUE   
                                                      ------       -----   
                                                                           
RETAIL GROCERY - CONTINUED                                                 
Ruddick Corp.                                            3,105  $    42,507
The Great Atlantic & Pacific Tea Company, Inc. * (a)     2,611       21,045
United Natural Foods, Inc. *                             1,799       45,605
Weis Markets, Inc.                                       1,091       33,876
Wild Oats Markets, Inc. *                                2,592       26,749
                                                                -----------
                                                                    231,585

RETAIL TRADE - 2.81%                                                       
A C Moore Arts & Crafts, Inc. *                          1,337       16,993
Aeropostale, Inc. * (a)                                  1,128       11,923
AnnTaylor Stores Corp. *                                 4,207       85,907
Blair Corp.                                                965       22,504
Bombay Company, Inc. *                                   4,362       21,810
Brookstone, Inc. *                                         795       11,496
Buckle, Inc. *                                             787       14,166
Building Materials Holding Corp.                         1,073       15,344
Burlington Coat Factory Warehouse Corp.                  1,781       31,969
Cato Corp., Class A                                      1,378       29,751
Charming Shoppes, Inc. *                                11,911       49,788
Childrens Place Retail Stores, Inc. * (a)                1,205       12,821
Christopher & Banks Corp. *                              2,383       49,447
Claire's Stores, Inc.                                    4,178       92,208
Cole National Corp. Class A *                            1,101       12,551
Cost Plus, Inc. * (a)                                    1,816       52,065
Daisytek International Corp. *                           2,169       17,200
Delias Corp. *                                           3,290        1,480
Electronics Boutique Holdings Corp. * (a)                  968       15,304
Factory 2-U Stores, Inc. *                               3,307       11,280
Footstar, Inc. * (a)                                     2,730       19,001
Fossil, Inc. *                                           2,036       41,412
Fred's, Inc., Class A                                    2,191       56,309
Friedmans, Inc., Class A                                 1,682       14,600
Galyan's Trading, Inc. * (a)                             1,138       11,380
Gart Sports Company *                                      519       10,043
Genesco, Inc. *                                          2,029       37,800
Group 1 Automotive, Inc. *                               2,003       47,832
Guitar Center, Inc. * (a)                                1,352       22,389
Hancock Fabrics, Inc.                                    1,871       28,533
Haverty Furniture Companies, Inc.                        1,724       23,964
Hibbett Sporting Goods, Inc. *                             805       19,256
Hot Topic, Inc. * (a)                                    3,154       72,163
Intertan, Inc. *                                         2,988       21,364
J. Jill Group, Inc. *                                    1,884       26,338
Jo Ann Stores, Inc. * (a)                                1,314       30,183
Kenneth Cole Productions, Inc., Class A *                  693       14,068
Linens'n Things, Inc. *                                  3,673       83,010
Longs Drug Stores Corp.                                  2,955       61,287
Pacific Sunwear of California, Inc. *                    4,535       80,215
Payless ShoeSource, Inc. *                               2,160      111,175
Pep Boys-Manny, Moe & Jack                               4,740       54,984
Pricesmart, Inc. *                                         576       13,380
Regis Corp.                                              4,104      106,663
Restoration Hardware, Inc. * (a)                         1,680        8,417
School Specialty, Inc. *                                 1,487       29,710
Sharper Image Corp. * (a)                                  916       15,966
Shoe Carnival, Incorporated *                            1,098       15,384
Shopko Stores, Inc. * (a)                                2,990       37,225
Stein Mart, Inc. *                                       2,501       15,256
Steven Madden, Ltd. *                                    1,180       21,323
The Dress Barn, Inc. *                                   2,781       36,987
The Mens Wearhouse, Inc. * (a)                           3,179       54,520
The Sports Authority, Inc. *                             3,129       21,903
The Wet Seal, Inc., Class A *                            2,561       27,559
The Yankee Candle, Inc. *                                2,852       45,632
Too, Inc. *                                              3,380       79,498
Tractor Supply Company *                                 1,372       51,587
Tuesday Morning Corp. *                                  1,069       18,280
Tweeter Home Entertainment Group, Inc. *                 1,880       11,017
Ultimate Electronics, Inc. * (a)                         1,187       12,048
Unifirst Corp.                                             868       17,534
Urban Outfitters, Inc. *                                   773       18,220
Valuevision International, Inc., Class A *               1,856       27,803
Whitehall Jewellers, Inc. *                              1,373       13,043
Wilsons Leather Experts, Inc. *                          1,499        7,495
                                                                -----------
                                                                  2,169,763

SANITARY SERVICES - 0.21%                                                  
Casella Waste Systems, Inc., Class A *                   1,762       15,664
Ionics, Inc. * (a)                                       1,892       43,138
Waste Connections, Inc. * (a)                            2,635      101,737
                                                                -----------
                                                                    160,539

SEMICONDUCTORS - 2.22%                                                     
Actel Corp. *,                                           2,039       33,073
Advanced Energy Industries, Inc. * (a)                   1,619       20,594
Alliance Semiconductor Corp. *                           3,451       13,562
American Superconductor Corp. * (a)                      3,412       10,270
Asyst Technologies, Inc. * (a)                           4,149       30,495
ATMI, Inc. * (a)                                         2,689       49,800
Axcelis Technologies, Inc. *                             9,578       53,723
Caliper Technologies Corp. * (a)                         3,669       11,007
ChipPac, Inc., Class A *                                 5,783       20,530
Cirrus Logic, Inc. *                                     7,645       22,018
Credence Systems Corp. *                                 5,889       54,944
Cree, Inc. * (a)                                         7,114      116,314
ESS Technology, Inc. *                                   2,892       18,191
Exar Corp. *                                             3,918       48,583
Genesis Microchip, Inc. * (a)                            2,968       38,732
GlobespanVirata, Inc. *                                 11,729       51,725
Integrated Silicon Solution, Inc. *                      2,853       12,439
Intergrated Electrical Services, Inc. *                  3,755       14,457
Kopin Corp. *                                            7,710       30,223
Kulicke & Soffa Industries, Inc. *                       5,025       28,743
Lattice Semiconductor Corp. *                            8,519       74,712
LTX Corp. *                                              4,919       29,662
MEMC Electronic Materials, Inc. *                        5,580       42,241
Microsemi Corp. *                                        2,736       16,662
MIPS Technologies, Inc., Class A *                       4,205       12,741
Monolithic System Technology, Inc. * (a)                 1,929       23,302
Mykrolis Corp. *                                         3,952       28,850
Novellus Systems, Inc. *                                   607       17,045
Oak Technology, Inc. *                                   5,812       15,402
Omnivision Technologies, Inc. * (a)                      1,806       24,507
ParthusCeva, Inc. *                                        795        4,699
Pericom Semiconductor Corp. *                            2,204       18,315
Phoenix Technology, Ltd. *                               3,360       19,387
Photronics, Inc. *                                       2,980       40,826
Pioneer Standard Electronics, Inc. (a)                   3,435       31,533
Power Integrations, Inc. *                               2,418       41,106
Rambus, Inc. * (a)                                       8,282       55,572
Rudolph Technologies, Inc. * (a)                           886       16,976
Silicon Image, Inc. *                                    5,299       31,794
Silicon Laboratories, Inc. * (a)                         2,641       50,390
Siliconix, Inc. *                                          552       12,917
Sipex Corp. *                                            3,013       11,148

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                   SHARES       VALUE   
                                                   ------       -----   
                                                                        
SEMICONDUCTORS - CONTINUED                                              
Skyworks Solutions, Inc. * (a)                       13,134  $   113,215
Therma-Wave, Inc. *                                   1,925        2,021
Three-Five Systems, Inc. * (a)                        2,836       18,292
Triquint Semiconductor, Inc. *                       13,461       57,075
Ultratech Stepper, Inc. *                             2,687       26,437
Varian Semiconductor Equipment, Inc. *                2,918       69,335
Veeco Instruments, Inc. * (a)                         2,749       31,778
Vitesse Semiconductor Corp. *                        19,869       43,414
White Electronic Designs Corp. *                      1,804       13,801
Zoran Corp. * (a)                                     2,777       39,072
                                                             -----------
                                                               1,713,650

SOFTWARE - 2.66%                                                        
Actuate Corp. *                                       4,671        8,268
ANSYS, Inc. *                                         1,310       26,462
Ascential Software Corp. *                           25,327       60,785
AsiaInfo Holdings, Inc. * (a)                         2,975       18,861
Aspen Technology, Inc. * (a)                          4,198       11,880
Avid Technology, Inc. *                               2,645       60,703
Avocent Corp. *                                       4,167       92,591
BARRA, Inc. *                                         1,499       45,465
Borland Software Corp. *                              6,080       74,784
Carreker Corp. * (a)                                  2,469       11,185
CCC Information Services Group, Inc. *                1,352       23,998
CIBER, Inc. *                                         6,423       33,078
Concord Communications, Inc. *                        1,655       14,878
Dendrite International, Inc. *                        3,524       26,324
Documentum, Inc. *                                    4,097       64,159
Entegris, Inc. *                                      4,520       46,556
Epiq Systems, Inc. * (a)                                936       14,340
Exult, Inc. *                                         5,384       17,121
HPL Technologies, Inc. * (a)                            689           14
Hyperion Solutions Corp. *                            3,291       84,480
I Many, Inc. * (a)                                    5,359        7,610
Imation Corp. *                                       3,426      120,184
Informatica Corp. *                                   6,061       34,911
InfoUSA, Inc. *                                       3,444       17,117
Intertrust Technologies Corp. *                       7,897       33,404
JDA Software Group, Inc. *                            2,545       24,585
Keane, Inc. *                                         5,376       48,330
Macrovision Corp. *                                   3,994       64,064
Magma Design Automation, Inc. * (a)                   1,898       18,183
Manhattan Associates, Inc. *                          1,863       44,079
Mantech International Corp. *                           866       16,515
Manugistics Group, Inc. *                             5,613       13,471
MAPICS, Inc. *                                        1,594       11,078
Mapinfo Corp. *                                       1,500        8,325
Matrixone, Inc. *                                     4,517       19,423
McDATA Corp., Class A *                               6,504       46,178
MCSI, Inc. * (a)                                      2,654       12,607
Micromuse, Inc. *                                     7,261       27,737
Midway Games, Inc. * (a)                              2,729       11,380
MRO Software, Inc. *                                  1,949       23,671
MSC Software Corp. * (a)                              3,017       23,291
Netegrity, Inc. *                                     4,251       13,828
NetIQ Corp. * (a)                                     3,830       47,300
Novadigm, Inc. *                                      1,796        4,185
Novell, Inc. *                                       35,471      118,473
Numerical Technologies, Inc. *                        2,764        9,563
NYFIX, Inc. * (a)                                     2,985       13,433
Opnet Technologies Incorporated *                     1,170        9,455
Parametric Technology Corp. *                        25,747       64,882
PDF Solutions, Inc. * (a)                             1,351        9,362
Plato Learning, Inc. *                                2,215       13,157
Pomeroy Computer Resources, Inc. *                    1,265       14,800
Progress Software Corp. *                             3,267       42,308
Red Hat, Inc. *                                      10,997       64,992
Roxio, Inc. *                                         2,122       10,122
Scansoft, Inc. * (a)                                  5,635       29,302
Secure Computing Corp. * (a)                          2,993       19,185
Seebeyond Technology Corp. *                          5,560       13,511
Serena Software, Inc. *                               1,878       29,654
Speechworks International, Inc. *                     3,103        8,626
SPSS, Inc. *                                          1,221       17,082
Take-Two Interactive Software, Inc. *                 3,661       85,997
Transaction Systems Architects, Inc., Class A *       3,434       22,321
Tyler Technologies, Inc. *                            4,133       17,235
Viewpoint Corp. * (a)                                 3,615        6,760
                                                             -----------
                                                               2,047,608

STEEL - 0.44%                                                           
Carpenter Technology Corp.                            2,194       27,315
Gibraltor Steel Corp.                                   799       15,213
Intermet Corp.                                        3,160       13,272
Northwest Pipe Company *                                836       14,463
NS Group, Inc. *                                      2,550       16,626
Reliance Steel & Aluminum Company                     2,360       49,183
Ryerson Tull, Inc.                                    2,622       15,994
Steel Dynamics, Inc. *                                3,203       38,532
Texas Industries, Inc.                                2,008       48,794
Worthington Industries, Inc.                          6,478       98,725
                                                             -----------
                                                                 338,117

TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.35%                         
ADTRAN, Inc. *                                        2,097       68,991
American Tower Corp., Class A * (a)                  15,990       56,445
Arris Group, Inc. *                                   6,408       22,877
Aspect Communications, Inc. *                         6,447       18,309
Boston Communications Group, Inc. *                   1,195       15,188
Brightpoint, Inc. *                                       0            0
Commonwealth Telephone Enterprises, Inc., (CTE) *     1,115       39,962
Commscope, Inc. *                                     4,918       38,852
Crown Castle International Corp. *                   20,453       76,699
CT Communications, Inc.                               1,791       20,238
General Communication, Inc. *                         4,529       30,390
Golden Telecom, Inc. *                                1,350       17,077
Harmonic, Inc. *                                      7,444       17,121
Infonet Services Corp., Class B *                     5,514       10,918
InterDigital Communication Corp. * (a)                5,288       76,993
Intrado, Inc. *                                       1,735       17,003
J2 Global Communications, Inc. * (a)                    508        9,672
MRV Communications, Inc. *                            8,863        9,483
New Focus, Inc. *                                     7,218       27,717
Newport Corp. *                                       3,660       45,970
Paradyne Networks Corp. *                             2,252        2,883
Plantronics, Inc. * (a)                               3,746       56,677
Powerwave Technologies, Inc. *                        6,679       36,067
Price Communications Corp. *                          4,839       66,923
Proxim Corp., Class A *                               9,933        8,642
PTEK Holdings, Inc. *                                 4,860       21,384
REMEC, Inc. *                                         4,992       19,369
Shenandoah Telecommunications Company                   479       23,433
Sonus Networks, Inc. *                               13,389       13,389
Stratex Networks, Inc. *                              9,419       20,816
SureWest Communications (a)                           1,396       51,931
Tekelec *                                             4,749       49,627
Terayon Communication Systems, Inc. * (a)             8,516       17,458
Time Warner Telecom, Inc., Class A * (a)              5,021       10,594

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                     SHARES       VALUE   
                                                     ------       -----   
                                                                          
TELECOMMUNICATIONS EQUIPMENT & SERVICES - CONTINUED                       
Tollgrade Communications, Inc. * (a)                    1,443  $    16,926
Touch America Holdings, Inc. *                          8,168        3,186
                                                               -----------
                                                                 1,039,210

TELEPHONE - 0.19%                                                         
Broadwing, Inc. *                                      19,961       70,263
Dobson Communications Corp., Class A *                  1,677        3,706
Hickory Tech Corp.                                      1,782       16,982
North Pittsburgh Systems, Inc.                          1,787       24,359
RMH Teleservices, Inc. * (a)                            1,613       16,936
TALK America Holdings, Inc. * (a)                       2,528       14,157
                                                               -----------
                                                                   146,403

TIRES & RUBBER - 0.07%                                                    
Bandag, Inc.                                              958       37,056
Myers Indiana, Inc.                                     1,712       18,318
                                                               -----------
                                                                    55,374

TOBACCO - 0.24%                                                           
Dimon, Inc.                                             3,714       22,284
Schweitzer Mauduit International, Inc.                  1,216       29,792
Standard Commercial Corp.                                 981       17,756
Universal Corp.                                         2,362       87,300
Vector Group, Ltd. (a)                                  2,233       25,947
                                                               -----------
                                                                   183,079

TOYS, AMUSEMENTS & SPORTING GOODS - 0.09%                                 
Jakks Pacific, Inc. *                                   2,629       35,413
Russ Berrie & Company, Inc.                               948       32,023
                                                               -----------
                                                                    67,436

TRANSPORTATION - 0.48%                                                    
Airborne, Inc.                                          4,729       70,131
Alexander & Baldwin, Inc.                               3,876       99,962
Heartland Express, Inc. *                               3,050       69,878
Offshore Logistics, Inc. *                              1,788       39,193
Overseas Shipholding Group, Inc                         2,684       48,044
RailAmerica, Inc. * (a)                                 2,916       20,908
SCS Transportation, Inc. *                              1,896       18,789
                                                               -----------
                                                                   366,905

TRAVEL SERVICES - 0.03%                                                   
Pegasus Systems, Inc. *                                 2,605       26,128
                                                               -----------

TRUCKING & FREIGHT - 0.84%                                                
Arkansas Best Corp. *                                   2,138       55,547
Covenant Transport, Inc. *                                603       11,433
EGL, Inc. *                                             3,646       51,956
Forward Air Corp. *                                     1,106       21,467
Kirby Corp. *                                           1,753       48,015
Knight Transportation, Inc. *                           2,419       50,799
Landstar Systems, Inc. *                                1,522       88,824
Midwest Express Holdings, Inc. *                        1,866        9,983
Roadway Express, Inc.                                   1,086       39,976
Terex Corp. *                                           4,059       45,217
U.S. Freightways Corp.                                  2,548       73,255
Werner Enterprises, Inc.                                3,678       79,187
Yellow Corp. *                                          2,807       70,711
                                                               -----------
                                                                   646,370

TOTAL COMMON STOCK                                                        
(Cost: $67,535,158)                                            $58,552,145
                                                               -----------

                                                                [Download Table]

                                            PRINCIPAL              
                                             AMOUNT        VALUE   
                                             ------        -----   
                                                                   
SHORT TERM INVESTMENTS - 24.01%                                    
Federal Home Loan Bank                                             
  Consolidated Discount Note,                                      
  1.65% due 01/24/2003                     $ 3,600,000  $ 3,597,383
Navigator Securities Lending                                       
  Trust, 1.43%                               8,621,958    8,621,958
State Street Boston Corp.                                          
  1.20% due 01/02/2003 (b)                   5,400,000    5,399,820
U. S. Treasury Bills,                                              
   1.13% due 01/23/2003                        500,000      499,128
   1.13% due 03/06/2003 ****                   400,000       399195
   1.17% due 01/30/2003 ****                   400,000      399,620
                                                        -----------
                                                        $18,517,909

REPURCHASE AGREEMENTS - 0.06%                                      

Repurchase Agreement with                                          
  State Street Corp., dated                                        
  12/31/2002 at 1.00%, to be                                       
  repurchased at $42,002 on                                        
  01/02/2003, collateralized                                       
  by $35,000 U.S. Treasury                                         
  Bonds, 7.625% due                                                
  02/15/2025 (valued at                    $    42,000  $    42,000
  $49,129 including interest)                                      
                                                        -----------

TOTAL INVESTMENTS (SMALL CAP INDEX TRUST)                          
(Cost: $86,095,067)                                     $77,112,054
                                                        ===========

INTERNATIONAL INDEX TRUST                                                       

                                                                [Download Table]

                                     SHARES       VALUE   
                                     ------       -----   
                                                          
COMMON STOCK - 84.40%                                     
AUSTRALIA - 3.81%                                         
Alumina, Ltd.                           9,881  $    27,247
Amcor, Ltd.                             7,749       37,023
AMP Diversified Property Trust            569          836
AMP, Ltd.                              10,687       67,238
Ansell, Ltd. *                          2,243        9,467
Aristocrat Leisure, Ltd. (a)            2,388        6,289
Austrailia Gas Light Company, Ltd.      4,258       25,256
Australia & New Zealand Bank Group     14,611      142,658
Australian Stock Exchange, Ltd. (a)       957        6,145
BHP Billiton, Ltd.                     36,226      206,920
BHP Steel, Ltd. *                       6,601       11,998
Boral, Ltd.                             5,824       14,257
Brambles Industries, Ltd. (a)           9,477       25,066
BRL Hardy, Ltd. (a)                     1,352        5,364
BT Office Trust *                       6,720        5,672
Coca-Cola Amatil, Ltd.                  3,564       10,570
Cochlear, Ltd.                            563       12,350
Coles Myer, Ltd.                       10,404       36,886
Commonwealth Bank of Australia         12,265      186,357
Commonwealth Property Office Fund       8,742        5,756
Computershare, Ltd.                     3,053        3,178
CSL, Ltd. (a)                           1,512       18,379
CSR, Ltd.                               9,889       35,171
David Jones, Ltd. (a)                   2,251        1,368
Deutsche Office Trust                   6,793        4,549
Fosters Brewing Group                  20,341       51,511
Futuris Corp., Ltd.                     8,604        6,343

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                              SHARES       VALUE   
                                              ------       -----   
                                                                   
AUSTRALIA - CONTINUED                                              
Gandel Retail Trust *                           13,880  $    10,701
General Property Trust                          16,557       27,673
Goodman Fielder, Ltd.                           13,066       13,088
Harvey Norman Holding, Ltd.                      5,707        8,447
Iluka Resources, Ltd. *                          3,202        8,289
James Hardie Industries NV                       4,049       15,563
John Fairfax Holdings, Ltd.                      8,671       15,712
Leighton Holdings                                1,493        8,545
Lend Lease Corp.                                 4,246       23,225
M.I.M Holdings, Ltd.                            17,863       15,179
Macquarie Bank, Ltd.                             1,939       25,752
Macquarie Infrastructure Group                  19,095       34,386
Mayne Nickless, Ltd.                             7,433       13,636
Mirvac Group (a)                                 5,763       13,427
National Australia Bank, Ltd.                   15,100      269,796
Newcrest Mining, Ltd.                            2,619       10,612
News Corp., Ltd.                                14,019       90,568
NRMA Insurance Group, Ltd.                      15,927       24,558
OneSteel, Ltd.                                   2,567        2,600
Orica, Ltd.                                      3,066       18,117
Origin Energy, Ltd.                              6,909       14,425
PaperlinkX, Ltd.                                 3,400        9,739
Patrick Corp., Ltd.                              1,366       10,070
Publishing & Broadcasting, Ltd. (a)              1,113        5,418
QBE Insurance Group, Ltd. (a)                    5,889       27,009
Rio Tinto, Ltd.                                  3,051       58,290
Santos, Ltd.                                     4,408       14,933
Sonic Healthcare, Ltd.                           1,404        5,167
Sons Of Gwalia, Ltd.                               670          977
Southcorp, Ltd. (a)                              6,901       17,864
Stockland Trust Group                            8,471       22,977
Suncorp-Metway, Ltd.                             5,485       34,416
Tab, Ltd.                                        3,241        5,526
TABCORP Holdings, Ltd.                           3,954       23,697
Telstra Corp.                                   20,232       50,210
Transurban Group *                               5,224       11,818
Wesfarmers, Ltd.                                 3,770       56,434
Westfield Holdings, Ltd.                         3,692       27,945
Westfield Trust                                 19,693       38,455
Westpac Banking Corp., Ltd.                     17,321      134,027
WMC Resorces, Ltd. *                             9,881       23,465
Woodside Petroleum, Ltd.                         4,899       34,131
Woolworths, Ltd.                                10,340       66,335
                                                        -----------
                                                          2,307,056
AUSTRIA - 0.12%                                                    
Axis Vermoegensverwal Tungs *                       14            0
Bohler Uddeholm AG                                  43        1,990
Erste Bank AG                                      241       16,213
Flughafen Wien AG                                  119        3,993
Mayr-Melnhof Karton AG *                            68        5,027
Oesterreichische Elektrizitaets AG, Class A         30        2,553
OMV AG                                             129       12,660
RHI AG *                                            94          725
Telekom Austria AG *                             1,730       17,508
VA Technologie AG                                   71        1,154
Voest- Alpine Ag                                   184        4,467
Wienerberger Baustoffindustrie AG                  458        8,141
                                                        -----------
                                                             74,431

BELGIUM - 0.88%                                                    
Agfa Gevaert NV                                  1,076       23,978
Barco NV                                            70        3,667
Bekaert SA                                         127        5,747
Colruyt SA                                         110        6,056
Compagnie Maritime Belge SA                         42        2,260
Delhaize-Le Lion SA                                706  $    13,120
Dexia                                            6,319       78,394
Electrabel SA                                      305       74,046
Fortis                                           9,386      165,364
Goupe Bruxelles Lam                                622       25,446
Interbrew                                        1,447       34,143
KBC Bancassurance Holding NV                       831       26,484
Omega Pharma SA                                    134        3,839
SA D'Ieteren Trading NV *                           31        4,194
Solvay SA                                          383       26,389
UCB SA                                             955       30,045
Union Miniere SA *                                 145        6,254
                                                        -----------
                                                            529,426

DENMARK - 0.64%                                                    
AS Dampskibsselskabet Svendborg                      2       20,327
AS Det Ostasiatiske Kompagni *                     113        2,616
Bang & Olufsen AS - B Series                       100        2,019
Carlsberg AS, B Shares (a)                         200        8,794
Coloplast A/S, Class B (a)                         125        9,087
D/S 1912 (a)                                         3       21,047
Danisco AS                                         550       18,672
Danske Bank A/S                                  5,300       87,533
DSV,  De Sammernsluttede Vognmaend, Series B       200        4,856
FLS Industries AS, B Shares *                      200        1,595
GN Store Nord AS *                               1,823        5,327
Group 4 Falck                                      600       12,662
H. Lundbeck AS                                     638       16,931
ISS International AS *                             400       14,398
Kobenhavn Lufthavne                                 70        5,039
NEG Micon A/S *                                    200        3,374
NKT Holding                                        100        1,045
Novo Nordisk AS                                  2,577       74,391
Novozymes AS, B Shares                             726       15,167
Tele Danmark AS                                  1,350       32,777
Topdanmark AS *                                    200        5,788
Vestas Wind Systems A/S                          1,068       10,629
William Demant Holdings *                          500       10,764
                                                        -----------
                                                            384,838

FINLAND - 1.69%                                                    

Amer Group, Ltd.                                   100        3,660
Asko Oyj *                                         200        4,086
Fortum Corp.                                     2,800       18,352
Instrumentarium Corp.                              400       16,016
KCI Konecranes International                       200        4,885
Kesko Oyj                                          500        6,345
Kone Corp.                                         300        9,001
Metra Oyj, B Shares *                              600        7,563
Metso Oyj                                        1,300       14,042
Nokia AB Oyj                                    46,055      731,713
Orion, Series B                                    300        6,701
Outokumpu Oyj                                    1,100        9,575
Pohjola Group PLC                                  200        3,119
Rautaruukki Oyj                                    800        2,886
Sampo Oyj, A Shares                              2,700       20,528
Stora Enso Oyj                                   6,759       71,236
TietoEnator Oyj                                    681        9,284
UPM-Kymmene Oyj                                  2,500       80,225
                                                        -----------
                                                          1,019,217

FRANCE - 7.86%                                                     
Accor SA                                         1,868       56,536
Air France                                         657        6,366
Alcatel SA (a)                                  10,571       46,339
Alstom *                                         2,424       12,075

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

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                                                                [Download Table]

                                             SHARES       VALUE   
                                             ------       -----   
                                                                  
FRANCE - CONTINUED                                                
Altran Technologies (a)                           522  $     2,502
Atos Origin SA *                                  160        3,893
Autoroutes du Sud de la France *                  651       15,723
Aventis SA                                      6,564      356,574
AXA                                            13,412      179,893
BNP Paribas SA                                  7,785      317,013
Bouygues SA (a)                                 1,681       46,927
Business Objects SA *                             512        7,533
Cap Gemini SA (a)                               1,062       24,257
Carrefour (a)                                   5,187      230,802
Casino Guich Perrachon SA (a)                     253       18,771
Club Mediterranee SA * (a)                        101        2,426
Compagnie De Sanit Gobain                       3,008       88,199
Dassault Systemes SA (a)                          508       10,942
Essilor International                             886       36,469
European Aeronautic Defence & Space Company     2,687       27,756
France Telecom, ADS * (a)                       4,152       72,628
Groupe Danone                                   1,228      165,096
Imerys SA                                          47        5,934
L'Air Liquide SA                                1,000      131,821
L'Air Liquide SA *                                580       76,456
L'Oreal SA                                      3,313      252,063
Lafarge SA                                        494       37,197
Lafarge SA (a)                                    789       59,409
Lagardere S.C.A                                 1,282       52,043
LVMH Moet Hennessy                              2,157       88,559
Michelin (CGDE)-B                               1,349       46,487
Pechiney SA, Class A                              729       25,565
Pernod-Ricard SA *                                441       42,687
Peugoet SA (a)                                  1,535       62,555
Pinault-Printemps-Redoute (a)                     678       49,842
Publicis Groupe SA                                930       19,701
Renault Regie Nationale SA                      1,540       72,320
Sagem SA                                          128        8,658
Sanofi-Synthelabo SA (a)                        3,892      237,750
Schneider Electric SA *                         1,973       93,295
Societe BIC SA                                    286        9,853
Societe Generale                                2,888      168,090
Societe Generale d'Enterprises SA *               662       37,281
Societe Television Francaise 1 (a)              1,293       34,523
Sodexho Alliance                                  960       22,149
STMicroelectronics NV                           5,601      109,722
Suez SA (a)                                     7,839      135,971
Thales SA * (a)                                   612       16,193
Technip-Coflexop SA                               207       14,805
Thomson Multimedia *                            1,694       28,886
TotalFinaElf SA, B Shares                       6,180      882,059
Unibail SA                                        458       32,565
Valeo                                             720       22,576
Vivendi Universal SA (a)                        8,853      142,883
Zodiac SA                                         330        6,710
                                                       -----------
                                                         4,755,328

GERMANY - 4.86%                                                   
Adidas-Salomon AG                                 400       34,523
Aixtron AG (a)                                    607        2,896
Allianz AG Holding                              1,817      172,732
Altana AG                                         677       30,884
BASF AG                                         5,025      190,131
Bayer AG                                        6,755      144,867
Bayerische Hypo-Und Vereinsbank AG              3,455       55,146
Beiersdorf AG (a)                                 313       34,827
Boss Hugo AG (a)                                  500        5,259
Buderus AG                                        400        9,229
Continental AG *                                1,035       16,173
DaimlerChrysler AG                              8,216  $   252,883
Deutsche Bank AG NPV                            5,412      249,157
Deutsche Boerse AG                                564       22,570
Deutsche Lufthansa AG *                         1,690       15,561
Deutsche Post AG                                3,691       38,708
Deutsche Telekom AG *                          20,283      260,567
Douglas Holding AG (a)                            200        3,530
Epcos AG *                                        400        4,140
Fresenius Medical Care AG                          89        2,674
Fresenius Medical Care AG (a)                     396       16,387
Gehe AG (a)                                       223        8,676
Heidelberg Zement (a)                             252        9,382
Henkel Kgaa                                       586       37,210
Infineon Technologies AG *                      3,543       25,972
Karstadt Quelle AG                                360        6,229
Linde AG                                          800       29,364
MAN AG                                            965       13,308
Merck & Company, Inc.                             365        9,722
Metro AG                                        1,298       30,968
MLP AG (a)                                        400        3,943
Munchener Ruckversicherungs-Gesellschaft AG     1,030      123,138
Porsche AG (a)                                     82       34,053
ProSieben Sat.1 Media AG                          384        2,618
RWE AG                                          3,586       92,888
SAP AG                                          1,983      157,049
Schering AG                                     1,749       76,027
Siemens AG NPV (a)                              7,771      330,052
Thyssen Krupp AG                                3,484       38,912
TUI AG * (a)                                    1,300       22,031
VEBA AG                                         5,682      229,112
Volkswagen AG                                   2,193       79,895
WCM Beteilgungs & Grundbesitz AG *              1,700        4,457
Wella AG                                          179       10,700
                                                       -----------
                                                         2,938,550

GREECE - 0.30%                                                    
Alpha Bank                                      1,500       18,122
Attica Enterprises Holding SA                     700        1,821
Bank of Piraeus                                 1,600       10,135
Coca Cola Hell Bot                              1,000       13,864
Commercial Bank of Greece                         700       10,615
EFG Eurobank Ergas                              1,710       20,085
Folli-Follie SA                                   300        5,084
Greek Organization of Footbal Prognostics         500        5,264
Hellenic Petroleum SA                           1,200        6,947
Hellenic Technodomiki SA                          200        1,237
Interamerican SA                                  300        1,258
Intracom                                          500        2,244
National Bank Of Greece                         1,400       19,791
Ote Hellenic Telecom                            3,300       36,268
Panafon Hellenic Telecom SA *                   1,500        8,557
Public Power Corp.                                400        5,529
Techniki Olympiaki SA *                         1,400        4,816
Titan Cement Company                              200        7,668
Viohalco                                        1,130        4,503
                                                       -----------
                                                           183,808

HONG KONG - 1.36%                                                 
ASM Pacific Technology, Ltd.                    2,000        3,949
Bank of East Asia                              12,800       21,912
BOC Hong Kong Holdings, Ltd. * (a)             24,000       24,620
Cathay Pacific Airways, Ltd.                   10,000       13,656
Cheung Kong Holdings, Ltd. (a)                 15,000       97,614
Cheung Kong Infrastructure Holdings, Ltd.       4,000        6,847
CLP Holdings, Ltd.                             17,400       70,059
Esprit Holdings, Ltd.                           6,000       10,079

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

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                                                                [Download Table]

                                                  SHARES            VALUE
                                                  ------            -----
                                                                         
HONG KONG  - CONTINUED                                                   
Giordano International, Ltd.                      20,000           $7,822
Hang Lung Properties, Ltd. (a)                    10,000            9,681
Hang Seng Bank, Ltd.                               7,000           74,501
Henderson Land Development                         6,000           18,042
Hong Kong & China Gas Company, Ltd.               37,490           48,313
Hong Kong Electric Holdings, Ltd.                 14,000           53,048
Hong Kong Exchange & Clearing, Ltd.               12,000           15,080
Hutchison Whampoa, Ltd. *                         19,800          123,900
Hysan Development Company, Ltd. *                  6,000            4,424
Johnson Electronic Holdings, Ltd.                 11,500           12,682
Li & Fung, Ltd.                                   14,000           13,284
MTR Corp.                                         12,500           13,224
New World Development Company (a)                 12,000            5,963
Pacific Century CyberWorks, Ltd. * (a)            79,920           12,605
Shangri-La Asia, Ltd.                             12,000            7,925
Sino Land Company, Ltd. (a)                        8,000            2,565
South China Morning Post, Ltd.                    10,000            4,167
Sun Hung Kai Properties, Ltd.                     13,000           76,848
Swire Pacific, Ltd., Class A                       9,500           36,363
Television Broadcast, Ltd.                         3,000            9,463
Wharf Holdings                                    12,000           22,697
                                                                ---------
                                                                  821,333

IRELAND - 0.67%                                                          
Allied Irish Banks PLC-London                      6,070           83,262
Allied Irish Banks PLC                             2,605           35,132
Bank of Ireland-London                             3,388           34,784
Bank of Ireland                                    6,345           64,876
CRH PLC-London                                     3,888           48,112
CRH PLC                                              927           11,423
DCC PLC-GBP                                          400            4,120
DCC PLC                                              627            6,444
Eircom PLC                                        10,400           14,178
Elan Corp. *                                       3,127            6,723
Greencore Group PLC                                1,300            3,476
Independent News & Media                           4,779            7,192
Independent News & Media PLC                         520              845
Irish Life & Permanent PLC                         2,386           25,773
Jefferson Smurfit Group PLC - EUR                 37,656           13,853
Kerry Group                                          590            7,889
Kerry Group PLC                                      800           10,526
Ryanair Holdings PLC  - London *                   2,600           18,226
Ryanair Holdings PLC *                               534            3,780
Waterford Wedgewood                                  700              360
Waterford Wedgewood PLC                            8,769            4,234
                                                                ---------
                                                                  405,208

ITALY - 3.32%                                                            
Acea SPA (a)                                       1,153            5,103
Alitalia Linee * (a)                              24,620            6,248
Alleanza Assicuraz (a)                             4,770           36,117
Assicurazioni Generali SPA (a)                     9,922          203,942
Autogrill SPA * (a)                                1,005            7,820
Autostrade SPA (a)                                 7,938           78,917
Banca Fideuram SPA (a)                             2,806           13,183
Banca Monte dei Paschi Siena SPA                   6,840           16,104
Banca Naz Del Lavoro * (a)                        17,775           19,666
Banca Popolare di Milano * (a)                     4,533           16,495
Benetton Group SPA (a)                               321            2,861
Bulgari SPA (a)                                    1,750            8,295
Capitalia SPA * (a)                                9,539           12,184
e.Biscom *                                             9              258
Enel SPA (a)                                      20,451          106,377
Eni SPA (a)                                       27,222          432,498
Fiat SPA                                             680            2,981
Fiat SPA-RNC (a)                                   2,346           19,067
Fiat SPA-PFD (a)                                     849           $3,873
FinecoGroup SPA * (a)                             12,250            5,717
Gruppo Editoriale L'Espresso SPA (a)               1,900            6,197
IntesaBci SPA (a)                                 32,288           68,059
IntesaBci SPA - Non convertible                    9,735           16,028
Italcementi SPA (a)                                  589            5,930
Italgas SPA (a)                                    2,036           27,672
La Rinascente SPA (a)                              1,824            8,455
Luxottica Group SPA (a)                            1,394           18,376
Mediaset SPA (a)                                   5,553           42,278
Mediobanca SPA (a)                                 4,287           35,247
Mediolanum SPA (a)                                 1,517            7,811
Mondadori (Arnold) Editore SPA (a)                 1,400            8,662
Parmalat Finanziaria SPA (a)                       3,292            7,837
Pirelli SPA (a)                                   11,000           10,151
RAS SPA (a)                                        3,663           44,560
San Paolo-IMI SPA (a)                              8,536           55,500
Seat Pagine Gialle SPA * (a)                      52,531           35,753
Snam Rete Gas SPA (a)                              8,461           28,837
Snia Spa *                                         3,000              129
Snia SPA * (a)                                     3,000            5,710
Telecom Italia Mobile SPA (a)                     36,543          166,703
Telecom Italia SPA (a)                            22,898          173,615
Telecom Italia SPA-RNC * (a)                      20,045          101,112
Tiscali SPA * (a)                                  1,161            5,211
UniCredito Italiano SPA (a)                       33,304          133,068
                                                                ---------
                                                                2,010,607

JAPAN - 17.92%                                                           
Acom Company                                         720           23,644
Aderans Company, Ltd.                                400            8,926
Advantest Corp.                                      700           31,357
Aeon Credit Service Company, Ltd. * (a)              200            7,258
Aiful Corp.                                          450           16,900
Ajinomoto Company, Inc.                            6,000           62,597
All Nippon Airways Company, Ltd. *                 4,000            7,376
Alps Electric Company                              1,000           11,031
Amada Company, Ltd.                                2,000            5,456
Anritsu Corp. *                                    1,000            3,823
Aoyama Trading Company                               400            5,625
Ariake Japan Company, Ltd. (a)                       200            5,658
Asahi Breweries, Ltd. (a)                          4,000           26,204
Asahi Glass Company                                8,000           48,973
Asahi Kasei Corp.                                 12,000           29,707
ASATSU-DK, Inc.                                      300            5,317
Ashikaga Bank, Ltd. *                              9,000           10,382
Autobacs Seven Company                               200            4,084
Avex, Inc.                                           100            1,210
Banyu Pharmaceutical Company, Ltd.                 1,500           14,070
Bellsystem24, Inc.                                    50            9,755
Benesse Corp.                                        600            6,719
Bridgestone Corp. (a)                              6,000           74,267
Canon, Inc.                                        8,000          301,111
Capcom Company, Ltd. (a)                             300            4,514
Casio Computer Company, Ltd.                       2,000           11,132
Central Japan Railway Company                          9           56,004
Chichibu Onoda Cement *                            8,000           10,104
Chubu Electric Power Company, Inc. (a)             6,000          107,107
Chugai Pharmaceutical Company, Ltd.                2,600           24,739
Citizen Watch Company (a)                          3,000           13,363
Coca-Cola West Japan Company, Ltd. (a)               400            5,978
Credit Saison Company, Ltd.                        1,300           22,167
CSK Corp.                                            600           12,580
Dai Nippon Printing Company, Ltd.                  6,000           66,335
Daicel Chemical Industries, Ltd.                   2,000            5,642

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

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                                                                [Download Table]

                                                  SHARES            VALUE
                                                  ------            -----
                                                                         
JAPAN - CONTINUED                                                        
Daiei, Inc. * (a)                                  2,000           $2,172
Daifuku Company                                    1,000            2,998
Daiichi Pharmaceutical Company, Ltd.               2,300           32,982
Daikin Industries, Ltd.                            2,000           31,660
Daimaru, Inc.                                      2,000            5,962
Dainippon Ink & Chemicals, Inc.                    6,000            9,599
Dainippon Screen Manufacturing                     1,000            3,486
   Company, Ltd. *                                                       
Daito Trust Construction Company                     800           17,683
Daiwa House Industry Company, Ltd.                 4,000           22,499
Daiwa Securities Group, Inc.                      11,000           48,813
Denki Kagaku Kogyo Kabushiki Kaisha                3,000            6,543
Denso Corp. (a)                                    4,400           72,135
Dowa Mining Company, Ltd.                          2,000            8,420
East Japan Railway                                    31          153,747
Ebara Corp.                                        2,000            6,181
Eisai Company                                      2,200           49,368
Familymart Company, Ltd.                             600           11,746
Fanuc, Ltd.                                        1,000           44,207
Fast Retailing Company                               600           21,118
Fuji Electric Company, Ltd.                        5,000            8,715
Fuji Machine Manufacturers Company, Ltd.             300            2,829
Fuji Photo Film Company, Ltd.                      4,000          130,347
Fuji S Ware ABC                                      400            6,315
Fuji Television Network, Inc.                          2            8,050
Fujikura, Ltd.                                     4,000            9,498
Fujisawa Pharmaceutical Company, Ltd.              2,000           45,722
Fujitsu Support & Services, Inc.                     200            2,324
Fujitsu, Ltd. *                                   15,000           42,817
Furukawa Electric Company, Ltd.                    4,000            8,387
Gunma Bank (a)                                     4,000           17,380
Gunze, Ltd.                                        2,000            7,359
Hankyu Department Stores                           1,000            4,825
Hino Motors, Ltd. (a)                              2,000            6,854
Hirose Electric Company, Ltd.                        300           22,886
Hitachi Cable, Ltd.                                1,000            2,492
Hitachi Software Engineering Company, Ltd. (a)       200            4,547
Hitachi Zosen Corp. * (a)                          6,000            1,263
Hitachi, Ltd.                                     27,000          103,444
Hokuriku Bank * (a)                                4,000            5,389
Honda Motor Company                                6,100          225,488
House Food Corp.                                     400            3,776
Hoya Corp.                                         1,000           69,973
Isetan Company, Ltd.                               1,400            9,596
Ishihara Sangyo *                                  2,000            2,055
Ishikawajima Harima Heavy Industries Company,                            
   Ltd.                                            9,000            8,185
Ito-Yokado Company, Ltd. (a)                       3,000           88,414
Itochu Corp.                                      14,000           30,296
Itochu Techno-Science Corp. (a)                      300            6,353
ITOEN, Ltd.                                          200            6,770
Japan Airlines System Corp. * (a)                  8,000           17,043
Japan Tobacco, Inc.                                    7           46,800
JFE Holdings, Inc *                                4,650           56,422
JGC Corp.                                          2,000           11,182
JSR Corp.                                          2,000           20,074
Jusco Company *                                    2,200           52,055
Kajima Corp. (a)                                   7,000           15,620
Kaken Pharmaceutical Company, Ltd.                 1,000            4,151
Kamigumi Company                                   2,000            9,599
Kanebo * (a)                                       3,000            2,855
Kaneka Corp.                                       2,000           10,694
Kansai Electric Power Company                      6,600           99,645
Kao Corp.                                          6,000          131,610
Katokichi Company                                    300           $4,496
Kawasaki Heavy Industries, Ltd. *                 13,000           10,290
Kawasaki Kisen                                     3,000            5,153
Keihin Electric Express Railway Company, Ltd. (a)  4,000           18,188
Keio Electric Railway Company, Ltd.                5,000           26,482
Keyence Corp.                                        300           52,164
Kikkoman Corp.                                     2,000           13,860
Kinden Corp.                                       1,000            3,688
Kinki Nippon Railway *                            14,000           30,179
Kirin Brewery Company, Ltd. (a)                    7,000           44,502
Kokuyo Company, Ltd.                               1,000            8,311
Komatsu                                           10,000           32,587
Komori Corp.                                       1,000           10,163
Konami Company *                                     900           20,765
Konica Corp. (a)                                   2,000           14,500
Koyo Seiko Company                                 1,000            4,438
Kubota Corp.                                      10,000           27,114
Kuraray Company                                    4,000           24,789
Kurita Water Industries, Ltd.                      1,000           10,062
Kyocera Corp.                                      1,600           93,095
Kyowa Exeo Corp.                                   1,000            3,158
Kyowa Hakko Kogyo (a)                              3,000           12,428
Kyushu Electric Power                              3,500           51,162
Lawson, Inc. (a)                                     700           16,858
Mabuchi Motor Company, Ltd. (a)                      300           27,585
Makita Corp.                                       1,000            7,242
Marubeni Corp. (a)                                11,000           10,096
Marui Company, Ltd.                                3,000           29,353
Matsushita Electric Industrial Company, Ltd.      22,000          216,740
Matsushita Electric Works, Ltd.                    4,000           24,722
Meiji Milk Product                                 2,000            6,298
Meiji Seika Kaisha, Ltd.                           3,000            8,816
Meitec Corp.                                         400            9,768
Millea Holdings, Inc.                                 14          100,674
Minebea Company                                    3,000           10,433
Mitsubishi Chemical Corp.                         16,000           31,930
Mitsubishi Corp.                                  10,000           61,047
Mitsubishi Electric Corp. *                       17,000           39,222
Mitsubishi Estate Company, Ltd. (a)                9,000           68,508
Mitsubishi Gas Chemical Company, Inc.              3,000            4,168
Mitsubishi Heavy Industries, Ltd.                 28,000           68,373
Mitsubishi Logistc Corp.                           1,000            4,875
Mitsubishi Materials Corp. *                       8,000            8,757
Mitsubishi Paper Company *                         2,000            2,425
Mitsubishi Rayon Company, Ltd.                     4,000            9,128
Mitsubishi Tokyo Finance                              34          184,658
Mitsui & Company, Ltd.                            12,000           55,978
Mitsui Chemicals, Inc. (a)                         5,000           22,272
Mitsui Engineering & Shipbuilding Company,                               
   Ltd. * (a)                                      5,000            3,621
Mitsui Fudosan Company                             7,000           45,386
Mitsui Marine & Fire Insurance Company, Ltd. (a)  12,000           55,170
Mitsui Mining & Smelting Company, Ltd.             6,000           13,843
Mitsui O.S.K. Lines, Ltd.                          8,000           16,571
Mitsui Trust Holdings, Inc. (a)                    5,000            8,126
Mitsukoshi, Ltd. (a)                               3,000            6,239
Mitsumi Electric Company, Ltd. (a)                   500            4,551
Mizuho Holdings, Inc. *                               56           52,341
Mori Seiki Company                                   300            1,526
Murata Manufacturing Company, Ltd.                 2,200           86,140
Namco, Ltd.                                          300            5,022
NEC Corp. *                                       14,000           52,341
Net One Systems Company, Ltd.                          1            4,252
NGK Insulators, Ltd.                               3,000           16,369

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

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                                                                [Download Table]

                                                  SHARES            VALUE
                                                  ------            -----
                                                                         
NGK Spark Plug Company                             2,000          $12,934
Nichirei Corp.                                     2,000            5,608
Nidec Corp. (a)                                      300           18,693
Nikko Cordial Corp.                               12,000           40,418
Nikon Corp. * (a)                                  2,000           15,022
Nintendo Company, Ltd.                               900           84,043
Nippon COMSYS Corp.                                1,000            3,385
Nippon Express Company                             7,000           27,408
Nippon Kayaku Company, Ltd.                        1,000            3,713
Nippon Meat Packer                                 2,000           19,956
Nippon Mining Holdings, Inc.                       4,000            5,355
Nippon Mitsubishi Oil Corp.                       13,000           58,892
Nippon Sanso Corp.                                 2,000            6,063
Nippon Sheet Glass                                 3,000            5,381
Nippon Shokubai Company, Ltd.                      1,000            4,202
Nippon Steel Corp. *                              48,000           56,181
Nippon System Development Company, Ltd.              200            2,341
Nippon Telegraph & Telephone Corp.                    52          188,717
Nippon Unipac Holding                                  9           39,028
Nippon Yusen KK                                    8,000           26,945
Nishimatsu Construction Company, Ltd. (a)          2,000            5,877
Nissan Chemical Industries, Ltd.                   1,000            3,739
Nissan Motor Company                              21,700          169,200
Nisshin Flour Mill                                 2,000           13,304
Nisshinbo Industries, Inc.                         1,000            3,469
Nissin Food Products                                 800           17,851
Nitto Denko Corp.                                  1,300           36,999
Nomura Securities Company, Ltd.                   17,000          190,957
Noritake Company                                   1,000            2,846
NSK, Ltd. (a)                                      4,000           10,307
NTN Corp.                                          5,000           17,262
NTT Data Corp.                                        13           35,904
NTT DoCoMo, Inc.                                     170          313,489
Obayashi Corp.                                     6,000           13,338
Oji Paper Company                                  7,000           30,061
Oki Electric Industry Company, Ltd. *              4,000            6,467
Okumura Corp.                                      2,000            6,450
Olympus Optical Company                            2,000           32,570
Omron Corp.                                        2,000           29,471
Onward Kashiyama Company, Ltd.                     1,000            7,831
Oracle Corp. (a)                                     300            7,263
Oriental Land Company, Ltd.                          400           24,217
Orix Corp.                                           800           51,533
Osaka Gas Company                                 19,000           46,876
Paris Miki, Inc. (a)                                 300            4,221
Pioneer Electronic Corp.                           1,300           24,356
Promise Company, Ltd.                                700           24,933
Q.P. Corp.                                         1,000            7,915
Resona Holdings, Inc. * (a)                       37,000           20,251
Ricoh Company, Ltd.                                6,000           98,366
Rohm Company                                       1,000          127,231
Saizeriya Company, Ltd.                              260            3,849
Sanden Corp.                                       1,000            3,267
Sankyo Company                                     3,400           42,629
Sanrio Company *                                     400            1,987
Sanyo Electric Company                            14,000           36,426
Sapporo Breweries                                  2,000            3,301
Secom Company, Ltd.                                2,000           68,542
SEGA Enterprises * (a)                               900            8,867
Seino Transportation                               1,000            5,852
Seiyu, Ltd. * (a)                                  2,000            5,844
Sekisui Chemical Company, Ltd.                     5,000           12,925
Sekisui House, Ltd. (a)                            5,000           35,365
Seven Eleven Japan Company, Ltd.                   4,000          121,927
Sharp Corp.                                        9,000          $85,408
Shimachu Company, Ltd.                               600           12,125
Shimamura Company                                    200           12,732
Shimano, Inc. (a)                                    800           12,125
Shimizu Corp.                                      5,000           12,504
Shin-Etsu Chemical Company, Ltd.                   3,500          114,643
Shionogi & Company                                 3,000           42,388
Shiseido Company                                   3,000           38,978
Shizuoka Bank                                      6,000           38,649
Showa Denko KK *                                   9,000           11,443
Showa Shell Sekiyu (a)                             1,000            6,938
Skylark Company (a)                                  700            9,278
SMC Corp.                                            500           46,901
Snow Brand Milk *                                  1,000            1,448
SOFTBANK Corp. * (a)                               1,700           19,396
Sony Corp.                                         8,500          355,002
Stanley Electric                                   1,000           11,157
Sumitomo Bakelite Company, Ltd.                    1,000            4,126
Sumitomo Chemical Company, Ltd.                   10,000           39,491
Sumitomo Corp.                                     7,000           30,061
Sumitomo Electric Industries, Ltd.                 5,000           32,376
Sumitomo Forestry                                  1,000            5,524
Sumitomo Heavy Industries, Ltd. * (a)              3,000            1,667
Sumitomo Metal Industry *                         34,000           12,311
Sumitomo Metal Mining                              6,000           25,008
Sumitomo Mitsui Banking Corp. *                       34          106,214
Sumitomo Osaka Cement Company, Ltd.                2,000            2,627
Sumitomo Realty & Development Company,                                   
   Ltd. (a)                                        3,000           12,201
Sumitomo Trust & Banking Company                   8,000           32,401
Suruga Bank                                        2,000            7,865
Suzuken Company, Ltd.                                300            7,225
Taisei Corp. (a)                                   7,000           11,140
Taisho Pharm Company                               1,000           14,694
Taiyo Yuden Company                                1,000           10,593
Takara Shuzo Company                               2,000            8,707
Takashimaya Company                                2,000            7,831
Takeda Chemical Industries, Ltd.                   7,700          321,590
Takefuji Corp.                                       740           42,683
Takuma Company                                     1,000            5,389
TDK Corp.                                          1,100           44,274
Teijin, Ltd.                                       8,000           19,131
Teikoku Oil Company (a)                            2,000            7,982
Terumo Corp.                                       1,600           22,122
The 77th Bank, Ltd.                                3,000           12,277
The Bank of Fukuoka, Ltd. (a)                      5,000           20,040
The Bank of Yokohama, Ltd.                         9,000           35,542
The Chiba Bank, Ltd.                               5,000           15,914
The Joyo Bank, Ltd.  (a)                           7,000           19,451
THK Company, Ltd. (a)                                800            8,804
TIS, Inc. (a)                                        400            5,901
Tobu Railway Company                               7,000           18,567
Toda Corp.                                         2,000            3,351
Toho Company                                       1,200           11,509
Tohoku Electric Power *                            4,000           58,841
Tokyo Broadcasting Company                           400            5,025
Tokyo Electric Power Company                      11,000          208,867
Tokyo Electron, Ltd.                               1,400           63,304
Tokyo Gas Company                                 25,000           78,309
Tokyo Style Company, Ltd.                          1,000            8,471
Tokyu Corp.                                        9,000           31,677
TonenGeneral Sekiyu K.K. (a)                       3,000           19,704
Toppan Printing Company                            6,000           45,116
Toray Industries, Inc.                            12,000           25,463

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
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                                                                [Download Table]

                                                  SHARES            VALUE
                                                  ------            -----
                                                                         
Toshiba Corp. *                                   27,000          $84,574
Tosoh Corp.                                        5,000           12,041
Tostem Corp.                                       2,000           30,313
Toto, Ltd.                                         3,000           11,090
Toyo Seikan Kaisha                                 1,000           11,915
Toyobo Company                                     4,000            5,221
Toyoda Gosei (a)                                     600           11,266
Toyota Industries Corp. (a)                        1,300           19,539
Toyota Motor Corp.                                22,700          609,742
Trans Cosmos, Inc.                                   100            1,021
Trend Micro, Inc. * (a)                            1,000           17,093
UBE Industries                                     5,000            5,010
UFJ Holdings (a)                                      33           33,345
UNI Charm Corp.                                      400           15,864
Union Tool Company                                   100            2,535
UNY Company, Ltd.                                  2,000           19,552
Ushio, Inc.                                        1,000           10,946
Wacoal Corp.                                       1,000            7,705
West Japan Railway                                    10           35,450
World Company                                        300            5,760
Yakult Honsha Company                              1,000           11,384
Yamada Denki Company (a)                           1,000           21,093
Yamaha Corp. (a)                                   1,500           13,856
Yamaha Motor Company, Ltd.                         1,000            8,252
Yamanouchi Pharmaceutical Company, Ltd.            3,200           92,691
Yamato Transport Company, Ltd. (a)                 4,000           52,206
Yamazaki Baking Company                            1,000            5,600
Yasuda Fire & Marine Insurance *                   7,000           40,847
Yokogawa Electric Corp.                            2,000           12,412
                                                               ----------
                                                               10,835,955

LUXEMBOURG - 0.07%                                                       
Arcelor * (a)                                      3,426           42,108
                                                               ----------

NETHERLANDS - 4.68%                                                      
ABN AMRO Holdings NV                              13,642          222,893
Aegon NV                                          12,352          158,810
Akzo Nobel NV, ADS                                 2,807           88,988
ASML Holding NV *                                  4,382           36,579
Buhrmann NV                                        1,143            4,987
Elsevier NV *                                      6,128           74,868
Getronics NV *                                     1,907            1,160
Hagemeyer NV                                         849            6,143
Heineken NV                                        1,932           75,371
IHC Caland NV                                        255           13,451
ING Groep NV                                      16,180          273,863
Koninklijke (Royal) Philips Electronics NV        12,724          222,839
Koninklijke Ahold NV                               6,334           80,374
Koninllijke Luchtvaart Maatschappij NV               261            2,513
KPN NV *                                          17,149          111,502
Numico Kon NV                                      1,491           18,763
Oce-Van Der Grinten                                  972           10,703
Qiagen NV * (a)                                    1,803            9,170
Royal Dutch Petroleum Company                     20,602          906,343
Royal Vendex KBB NV *                                933           10,127
TNT Post Group NV *                                3,195           51,767
Unilever NV-CVA                                    5,539          340,102
Vedior NV                                            992            5,659
VNU NV                                             2,100           54,726
Wolters Kluwer                                     2,624           45,680
                                                               ----------
                                                                2,827,381

NEW ZEALAND - 0.16%                                                      
Auckland International Airport, Ltd. (a)           1,707            4,961
Carter Holt Harvey (a)                             9,831            9,009
Contact Energy (a)                                 3,264            6,786
Fisher & Paykel (a)                                  350           $1,732
Fisher & Paykel Appliances Holdings, Ltd. (a)        365            1,921
Fletcher Building (a)                              5,215            9,148
Fletcher Challenge Forests * (a)                     966              501
Independent Newspapers, Ltd. (a)                   3,217            5,138
Sky City Entertainment Group, Ltd. * (a)           1,668            7,066
Telecom Corp. of New Zealand, Ltd.                18,241           43,270
The Warehouse Group, Ltd. (a)                      1,694            6,493
                                                               ----------
                                                                   96,025

NORWAY - 0.41%                                                           
Bergesen d.y. ASA, A Shares (a)                      400            7,614
Den Norske Bank ASA                                3,700           17,393
Frontline, Ltd.                                      400            3,490
Gjensidige NOR ASA                                   450           14,730
Kvaerner ASA, Series A *                           4,600            2,454
Merkantildata ASA *                                3,000            2,250
Nera ASA *                                           700              757
Norsk Hydro AS                                     1,480           66,265
Norske Skogindustrier ASA                          1,050           14,838
Orkla SA                                           1,850           31,478
Schibsted ASA                                        400            4,153
Smedvig                                              200              810
Smedvig ASA, A shares                                700            3,331
Statoil ASA                                        4,000           33,742
Storebrand ASA *                                   1,600            5,999
Tandberg ASA * (a)                                 1,400            8,075
Telenor AS                                         4,900           18,724
Tomra Systems ASA                                  1,600           10,405
                                                               ----------
                                                                  246,508

PORTUGAL - 0.30%                                                         
Banco Comercial Portugues SA                      14,640           35,005
Banco Espirito Santo SA                            1,002           13,135
BPI-SGPS SA                                        3,350            7,659
Brisa Auto Estrada                                 2,769           15,332
Cimpor-Cimentos de Portugual SA                      508            8,524
Elec De Portugal                                  15,912           26,532
Jeronimo Martins SGPS *                              541            3,943
Portugal Telecom                                   9,046           62,137
PT Multimedia.com, SGPS, SA                          786            8,259
Sonae, S.G.P.S. SA *                               8,402            3,524
                                                               ----------
                                                                  184,050

SINGAPORE - 0.71%                                                        
CapitaLand, Ltd.                                   8,000            5,119
Chartered Semiconductor Manufacturing, Ltd. * (a)  7,000            2,865
City Developments, Ltd.                            5,000           11,991
Creative Technology, Ltd. (a)                        450            3,191
Cycle & Carriage, Ltd.                             1,000            1,960
Datacraft Asia, Ltd. *                             4,000            2,620
DBS Group Holdings, Ltd.                          11,000           69,755
Fraser & Neave, Ltd.                               1,800            8,094
Guocoland Ltd. * (a)                               2,000              819
Haw Par Corp., Ltd.                                1,490            2,800
Hotel Properties, Ltd.                             3,000            1,608
Keppel Corp., Ltd.                                 6,000           12,798
Keppel Land, Ltd.                                  7,000            3,914
NatSteel, Ltd. (a)                                 1,000            1,188
Neptune Orient Lines, Ltd. *                       7,000            3,713
OverSeas Union Enterprises, Ltd.                   1,000            3,372
Overseas-Chinese Banking Corp., Ltd.               9,000           50,068
Parkway Holdings, Ltd.                             6,000            2,612
SembCorp Industries, Ltd.                          9,000            4,073
SembCorp Logistics, Ltd.                           5,000            4,525
SembCorp Marine, Ltd.                              9,000            4,695
Singapore Airlines, Ltd.                           5,000           29,401

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

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                                                                [Download Table]

                                                  SHARES            VALUE
                                                  ------            -----
                                                                         
SINGAPORE - CONTINUED                                                    
Singapore Exchange, Ltd.                           8,000           $5,673
Singapore Land, Ltd.                               3,000            5,465
Singapore Press Holdings, Ltd.                     3,000           31,476
Singapore Technologies Engineering, Ltd.          11,000           10,463
Singapore Telecommunications, Ltd.                58,000           41,461
United Overseas Bank                              12,000           81,630
United Overseas Land, Ltd.                         3,000            2,784
Venture Corp., Ltd.                                2,000           16,026
Wing Tai Holdings                                  4,000            1,199
                                                                ---------
                                                                  427,358

SPAIN - 2.78%                                                            
Acciona SA                                           293           12,060
Acerinox SA                                          473           17,356
Acesa Infraestructuras Sa * (a)                    1,597              921
ACS, Actividades de Construccion y                                       
   Servicios SA (a)                                  362           11,636
Aguas De Barcelona (a)                               341            3,433
Altadis SA, Series A                               2,919           66,549
Amadeus Global Travel Distribution SA,                                   
   Series A                                        2,413            9,945
Autopistas Concesionaria Espanola SA *             1,597           18,088
Banco Bilbao Vizcaya SA                           29,389          281,081
Banco Santander Central, Hispano SA               41,362          283,681
Corporacion Mapfre SA                              1,026            8,317
Endesa SA (a)                                      8,668          101,355
Fomento de Construcciones SA (a)                     578           12,972
Gas Natural SDG SA                                 2,293           43,452
Grupo Dragados SA                                  1,344           22,833
Grupo Ferrovial SA                                   620           15,702
Iberdrola SA (a)                                   7,402          103,629
Iberia Lineas Aereas de Espana SA                  4,051            5,948
Inditex                                            2,016           47,590
Metrovacesa SA (a)                                   352            7,457
NH Hoteles S.A. *                                  1,118            9,602
Promotora de Informaciones SA                        585            3,810
Repsol-YPF SA (a)                                  8,815          116,478
Sol Melia SA (a)                                   1,043            4,124
Telefonica Publicidad e Informacion SA (a)         1,168            3,711
Telefonica SA                                     44,893          401,586
TelePizza SA * (a)                                 1,211              952
Terra Networks SA * (a)                            3,575           15,034
Union Electrica Fenosa SA                          2,249           29,599
Vallehermoso SA                                    1,386           14,390
Zeltia SA (a)                                      1,128            6,412
                                                                ---------
                                                                1,679,703

SWEDEN - 1.63%                                                           
Assa Abloy AB                                      2,800           32,045
Atlas Copco AB-A Shares                            1,100           21,509
Atlas Copco AB-B Shares                              700           12,440
Drott AB                                           1,100           12,273
Electrolux AB, Series B                            3,100           49,028
Eniro AB                                           1,400            8,857
Gambro AB, B Shares                                1,600            8,907
Hennes & Mauritz AB, Series B *                    4,725           91,304
Hoganas AB, B Shares                                 300            5,694
Holmen AB                                            400            9,731
Incentive AB, Series A *                           1,400            7,810
L.M. Ericsson Telefonaktiebolaget, Series B *    148,700          104,333
Modern Time Group AB, B Shares *                     350            2,838
Netcom Systems AB *                                  900           23,861
Nobel Biocare AB                                     150            9,748
Nordea AB                                         21,500           94,962
OM AB                                                750            3,589
Sandvik AB                                         2,100           46,981
Sapa AB * (a)                                        200           $3,681
SAS AB *                                           1,200            6,819
Securitas AB, Series B                             2,800           33,494
Skandia Foersaekrings AB                           7,600           20,281
Skandinaviska Enskilda Baken, Series A             4,400           36,692
Skanska AB                                         3,800           22,291
SKF AB-A Shares                                      100            2,594
SKF AB-B Shares                                      800           20,796
SSAB Svenskt Stal AB, Series A                       400            4,739
SSAB Svenskt Stal AB, Series B                       200            2,243
Svenska Cellulosa                                  1,700           57,488
Svenska Handelsbanken AB, A Shares                 5,200           69,381
Svenska Handelsbanken AB, B Shares                   400            5,107
Swedish Match AB                                   3,500           27,576
Telia AB (a)                                      17,900           67,532
Trelleborg AB                                        600            4,865
Volvo AB, A Shares                                 1,100           17,207
Volvo AB, B Shares                                 2,000           32,666
WM Data AB, B shares                               2,000            1,748
                                                                ---------
                                                                  983,110

SWITZERLAND - 6.86%                                                      
ABB, Ltd. *                                        8,537           24,257
Adecco SA                                          1,309           51,296
Ciba Specialty Chemicals Holding, Inc.               630           43,910
Clariant AG                                        1,531           24,463
Compagnie Financiere Richemont AG *                4,842           90,321
Credit Suisse Group                               11,405          247,379
Forbo Holdings AG                                     10            2,979
Georg Fischer AG                                      20            2,024
Givaudan AG                                           61           27,344
Holcim, Ltd.                                         283           51,358
Kudelski SA * (a)                                    280            3,796
Kuoni Reisen Holding *                                 5              944
Logitech International SA * (a)                      419           12,496
Lonza Group AG                                       436           26,480
Nestle SA                                          3,823          809,876
Novartis AG                                       26,533          967,819
Phonak Holding AG                                    332            3,120
PubliGroupe SA *                                      30            4,772
Roche Holding AG                                   6,771          471,684
Roche Holdings AG (a)                                482           60,986
Schindler Holding AG                                  45            8,768
Serono SA                                             70           37,503
Societe Generale de Surveillance Holding SA           41           12,332
Sulzer AG *                                           20            2,719
Sulzer Medica AG *                                   117           20,387
Swatch Group AG                                      747           12,638
Swatch Group AG, B shares                            318           26,441
Swiss Reinsurance Company                          3,067          201,126
Swisscom AG                                          264           76,446
Syngenta AG                                        1,008           58,340
Synthes-Stratec, Inc.                                 45           27,590
Tecan Group AG                                        79            2,599
UBS AG                                            12,167          591,152
Unaxis Holding AG                                    100            6,688
Valora Holding AG                                     46            8,813
Zurich Financial Services AG                       1,392          129,830
                                                                ---------
                                                                4,150,676

UNITED KINGDOM - 23.36%                                                  
3i Group PLC                                       5,546           49,541
Aegis Group PLC                                   13,367           16,835
Aggreko PLC                                        3,035            7,205
AMEC PLC                                           2,360            5,441
Amvescap                                           6,293           40,312

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

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                                                                [Download Table]

                                                  SHARES            VALUE
                                                  ------            -----
                                                                         
UNITED KINGDOM - CONTINUED                                               
ARM Holdings PLC *                                 9,350            7,223
Associated British Ports Holdings PLC              3,613           23,231
AstraZeneca Group PLC                             16,676          595,848
AWG PL *                                         885,144            1,282
AWG PLC *                                          1,773           12,371
BAA PLC                                           10,564           85,694
BAE Systems PLC                                   30,035           59,943
Barclays PLC                                      63,965          396,364
Barratt Developments                               2,168           13,644
Bass PLC *                                         8,590           69,404
BBA Group PLC                                      3,760           11,181
BG Group PLC                                      34,067          146,947
BHP Billiton PLC                                  23,030          122,969
BICC PLC *                                         4,029            9,370
BOC Group PLC *                                    4,744           67,803
Boots Company                                      8,252           77,830
BP PLC                                           217,303        1,493,429
BPB PLC                                            5,430           21,499
Brambles Industries, Ltd.                          7,071           17,299
British Airways *                                  5,454           11,851
British American Tobacco Australasia, Ltd.        15,776          157,554
British Land Company PLC                           5,298           38,543
British Sky Broadcasting Group PLC *              11,767          121,020
BT Group PLC                                      83,491          262,039
Bunzl PLC                                          4,105           25,107
Cable & Wireless PLC                              24,136           17,384
Cadbury Schweppes PLC                             19,645          122,364
Canary Wharf Group PLC *                           4,742           17,974
Capita Group                                       7,171           28,566
Caradon PLC *                                      2,012            3,552
Carlton Communciations PLC                         6,036           13,042
Celltech Group PLC *                               2,681           14,887
Centrica PLC                                      41,321          113,725
CGU PLC *                                         21,507          153,347
Chubb Corp.                                        6,921            9,775
Close Brothers Group PLC                           1,520           13,602
Compass Group PLC                                 21,718          115,352
Corus Group *                                     27,736           12,165
Daily Mail and General Trust                       2,733           25,579
De Lousiana Rue PLC                                1,732            8,112
Diageo PLC                                        30,580          332,225
Dixons Group                                      18,693           43,625
E D & F Manitoba Group *                           2,571           36,704
Electrocomponents PLC                              3,996           18,459
EMI Group PLC                                      7,470           16,712
FirstGroup PLC                                     4,187           15,870
FKI PLC                                            5,052            7,155
George Wimpey PLC                                  3,512           15,036
GKN PLC                                            6,777           21,897
GlaxoSmithKline PLC                               58,557        1,123,430
Granada Compass PLC                               28,607           36,719
Great Portland Estates PLC                         2,666            9,526
Great University Stores                            9,414           87,426
Hammerson PLC                                      2,998           22,824
Hanson PLC                                         6,766           30,056
Hanson PLC                                           387            1,742
Hays PLC                                          14,706           21,953
HBOS PLC                                          36,600          385,845
Hilton Group PLC                                  14,483           38,928
HSBC Holdings PLC                                 91,685        1,013,047
IMI PLC                                            3,259           13,769
Imperial Chemical Industries PLC                  12,044           44,585
Imperial Tobacco                                   7,029          119,354
International Power PLC *                          9,989           15,394
Invensys PLC                                      37,344           31,705
J. Sainsbury PLC                                  14,613           65,561
Johnson Matthey PLC                                1,958           25,211
Kidde PLC                                          5,279            6,011
Kingfisher PLC                                    24,882           89,106
Land Securities Group PLC                          4,324           54,632
Legal & General Group PLC                         62,686           96,857
Lloyds TSB Group PLC                              53,921          387,065
Logica PLC                                         7,628           18,416
Marks & Spencer Group, PLC                        22,176          112,431
Misys PLC                                          5,858           16,594
National Grid Group PLC                           30,034          220,671
Next Group                                         2,849           33,772
Nycomed Amersham PLC *                             6,764           60,530
Ocean Group *                                      2,959           32,766
P & O Princess Cruises PLC                         6,783           47,053
Pearson PLC                                        7,605           70,320
Pilkington PLC                                    11,203           10,458
Provident Financial PLC                            2,576           24,628
Prudential Corp.                                  19,067          134,722
Rank Group PLC                                     5,919           25,388
Reckitt & Colman                                   5,334          103,450
Reed Elsevier PLC                                 12,311          105,413
Rentokil Initial PLC                              18,572           65,762
Reuters Group PLC                                 14,335           40,953
Rexam PLC                                          4,082           27,857
Rio Tinto, Ltd.                                   10,295          205,466
RMC Group PLC                                      2,528           14,933
Rolls Royce                                       15,792           27,196
Royal & Sun Alliance                              15,542           30,205
Royal Bank of Scotland Group                      26,583          636,646
SABMiller PLC                                      7,217           51,284
Safeway                                           10,405           35,713
Schroders PLC                                      1,036            8,521
Scottish & Newcastle PLC                           7,723           57,614
Scottish Hydro                                     8,540           93,467
Scottish Power                                    18,194          106,152
Securicor Group PLC                                4,375            5,968
Serco Group PLC                                    4,450           10,968
Severn Trent PLC                                   3,295           36,805
Shell Transport & Trading Company PLC             93,858          617,854
Signet Group PLC                                  17,078           18,691
Slough Estates PLC                                 4,230           23,080
Smith & Nephew PLC                                 9,065           55,515
Smiths Industries PLC                              5,368           60,090
SSL International PLC                              1,739            7,172
Stagecoach Holdings PLC                            7,461            3,542
Tate & Lyle PLC                                    3,723           18,875
Taylor Woodrow PLC                                 5,265           14,363
Tesco PLC                                         67,453          210,617
The Peninsular & Oriental Steam Navigation                               
   Company                                         6,613           17,509
The Berkeley Group PLC                             1,243           11,924
The Sage Group PLC                                13,012           27,854
Unilever PLC                                      26,693          253,908
United Business Media PLC                          3,241           15,127
United Utilities PLC                               5,314           53,370
Vodafone Group PLC                               659,492        1,202,095
Whitbread & Company PLC                            2,856           24,868
Wolseley PLC                                       5,522           46,349
WPP Group PLC                                     10,975           83,817
Yorkshire Water PLC *                              3,456           23,585
                                                               ----------
                                                               14,128,961

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                  SHARES            VALUE
                                                  ------            -----
                                                                         
UNITED STATES - 0.01%                                                    
Gen-Probe, Inc. * (a)                                172            4,093
                                                              -----------

TOTAL COMMON STOCK                                                       
(Cost: $73,393,274)                                           $51,035,729
                                                              -----------

PREFERRED STOCK - 0.22%                                                  
AUSTRALIA - 0.16%                                                        
News Corp., Ltd. -  Limited Voting Shares         18,219           97,914
                                                              -----------

GERMANY - 0.06%                                                          
RWE AG                                               300            6,528
Volkswagen AG - Non Voting Preferred (a)             960           25,169
                                                              -----------
                                                                   31,697

NEW ZEALAND - 0.00%                                                      
Fletcher Challenge * (a)                           1,940              995
                                                              -----------

TOTAL PREFERRED STOCK                                                    
(Cost: $207,758)                                                 $130,606
                                                                 --------

RIGHTS - 0.00%                                                           
UNITED KINGDOM - 0.00%                                                   
TI Automotive, Ltd., A Shares *                    2,263                0
                                                              -----------

TOTAL RIGHTS                                                             
(Cost: $0)                                                             $0
                                                              -----------

                                                                [Download Table]

                                            PRINCIPAL AMOUNT     VALUE   
                                            ----------------     -----   
                                                                         
SHORT TERM INVESTMENTS - 15.34%                                          
Federal Home Loan Bank Consolidated                                      
   Discount Note, 1.65% due                                              
   01/24/2003                                   $700,000         $699,491
Navigator Securities Lending Trust, 1.43%      4,680,864        4,680,864

                                                                [Download Table]

                                            PRINCIPAL AMOUNT     VALUE   
                                            ----------------     -----   
                                                                         
SHORT TERM INVESTMENTS - 15.34%                                          
State Street Boston Corp.                                                
   1.20% due 01/02/2003 (b)                   $2,900,000       $2,899,904
U.S. Treasury Bills,                                                     
   1.17% due 01/30/2003 ****                     500,000          499,529
   1.20% due 03/06/2003 ****                     500,000          498,933
                                                              -----------
                                                               $9,278,721

REPURCHASE AGREEMENTS - 0.04%                                            
Repurchase Agreement with State                                          
   Street Corp. dated 12/31/2002 at                                      
   1.00%, to be repurchased at                                           
   $25,001 on 01/02/2003,                                                
   collateralized by $20,000 U.S.                                        
   Treasury Bonds, 7.625% due                                            
   02/15/2025 (valued at $28,074                                         
   including interest)                           $25,000          $25,000
                                                              -----------

TOTAL INVESTMENTS (INTERNATIONAL INDEX                                   
TRUST)(Cost: $82,904,753)                                     $60,470,056
                                                              ===========

The Trust had the following five top industry concentrations at December 31,    
2002 (as a percentage of total value of investments):                           

                                                                [Download Table]
                                                          
Financial Services                                  11.05%
Banking                                              8.86%
Drugs & Healthcare                                   7.28%
Petroleum Services                                   4.46%
Insurance                                            3.90%

MID CAP INDEX TRUST                                                             

                                                                [Download Table]

                                                  SHARES          VALUE  
                                                  ------          -----  
                                                                         
COMMON STOCK - 86.91%                                                    
AEROSPACE - 0.16%                                                        
Precision Castparts Corp.                          7,091         $171,957
                                                                ---------

AIR TRAVEL - 0.07%                                                       
Alaska Air Group, Inc. * (a)                       3,617           78,308
                                                                ---------

APPAREL & TEXTILES - 1.02%                                               
Coach, Inc. *                                     12,049          396,653
Mohawk Industries, Inc. *                          9,003          512,721
Timberland Company, Class A *                      5,002          178,121
Unifi, Inc. *                                      7,065           37,091
                                                                ---------
                                                                1,124,586

AUTO PARTS - 1.20%                                                       
Arvinmeritor, Inc.                                 9,216          153,631
BorgWarner, Inc.                                   3,647          183,882
Federal Signal Corp.                               6,456          125,376
Gentex Corp. * (a)                                10,321          326,556
Lear Corp. *                                       8,915          296,691
Modine Manufacturing Company                       4,573           80,851
Superior Industries International, Inc.            3,754          155,265
                                                                ---------
                                                                1,322,252

AUTO SERVICES - 0.24%                                                    
Copart, Inc. *                                    12,508          148,094
United Rentals, Inc. * (a)                        10,372          111,603
                                                                ---------
                                                                  259,697

BANKING - 8.00%                                                          
Associated Banc-Corp                              10,116          343,337
Astoria Financial Corp.                           11,815          320,777
Bank of Hawaii Corp.                               8,798          267,371
Banknorth Group, Inc.                             20,056          453,266
City National Corp.                                6,770          297,812
Colonial Bancgroup, Inc.                          16,764          199,995
Commerce Bancorp, Inc. (a)                         9,158          395,534
First Virginia Banks, Inc.                         9,730          362,248
FirstMerit Corp.                                  11,455          248,115
Greater Bay Bancorp (a)                            6,978          120,650
Greenpoint Financial Corp.                        13,247          598,500
Hibernia Corp., Class A                           21,375          411,683
Independence Community Bank Corp.                  7,756          196,847
Investors Financial Services Corp.                 8,764          240,046
M&T Bank Corp.                                    12,469          989,415
Mercantile Bankshares Corp.                        9,337          360,315
National Commerce Financial Corp.                 27,846          664,127
New York Community Bancorp, Inc.                  14,553          420,291
Provident Financial Group, Inc. (a)                6,608          172,006
Roslyn Bancorp, Inc.                              11,258          202,982
Silicon Valley Bancshares *                        5,833          106,452
Sovereign Bancorp, Inc.                           35,443          497,974
TCF Financial Corp.                               10,051          439,128
Westamerica BanCorp                                4,547          182,698
Wilmington Trust Corp.                             8,894          281,762
                                                                ---------
                                                                8,773,331

BIOTECHNOLOGY - 1.31%                                                    
Charles River Laboratories International,                                
   Inc. *                                          6,123          235,613
Covance, Inc. *                                    8,121          199,695
IDEC Pharmaceuticals Corp. *                      20,759          688,576
Millennium Pharmaceuticals, Inc. *                39,021          309,827
                                                                ---------
                                                                1,433,711

BROADCASTING - 1.49%                                                     
Belo Corp., Series A                              15,278          325,727
Emmis Communications Corp., Class A *              7,215          150,288
Entercom Communications Corp. *                    6,758          317,085

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

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--------------------------------------------------------------------------------

                                                                [Download Table]

                                                  SHARES          VALUE  
                                                  ------          -----  
                                                                         
BROADCASTING- CONTINUED                                                  
Hispanic Broadcasting Corp. *                     14,760         $303,318
Westwood One, Inc. *                              14,396          537,835
                                                                ---------
                                                                1,634,253

BUILDING MATERIALS & CONSTRUCTION - 0.69%                                
Dycom Industries, Inc. *                           6,491           86,006
Harsco Corp.                                       5,493          175,172
Jacobs Engineering Group, Inc. *                   7,381          262,764
RPM, Inc.                                         15,580          238,062
                                                                ---------
                                                                  762,004

BUSINESS SERVICES - 6.03%                                                
Acxiom Corp. * (a)                                12,106          186,190
Affiliated Computer Services, Inc., Class A *     17,931          944,067
Banta Corp.                                        3,437          107,475
BISYS Group, Inc. *                               16,315          259,409
Cadence Design Systems, Inc. *                    36,474          430,029
Catalina Marketing Corp. *                         7,380          136,530
Ceridian Corp. *                                  20,131          290,289
Certegy, Inc. *                                    8,967          220,140
ChoicePoint, Inc. *                               11,507          454,411
CSG Systems International, Inc. *                  6,992           95,441
DST Systems, Inc. *                               16,219          576,585
Dun & Bradstreet Corp. *                          10,086          347,866
Gartner Group, Inc., Class B *                    11,221          106,038
Harte-Hanks, Inc.                                 12,354          230,649
Kelly Services, Inc., Class A                      4,818          119,053
Korn/Ferry International * (a)                     4,969           37,168
Legato Systems, Inc. * (a)                        15,733           79,137
Manpower, Inc.                                    10,408          332,015
MPS Group, Inc. *                                 13,976           77,427
Reynolds & Reynolds Company, Class A               9,428          240,131
Rollins, Inc.                                      4,091          104,116
SEI Investment Company                            14,386          391,012
Sothebys Holdings, Inc., Class A *                 8,381           75,429
Sykes Enterprises, Inc. *                          5,308           17,410
The Titan Corp. *                                 10,582          110,053
Valassis Communications, Inc. *                    7,131          209,865
Viad Corp.                                        11,953          267,150
Wallace Computer Series, Inc.                      5,674          122,048
Wind River Systems, Inc. *                        11,038           45,256
                                                                ---------
                                                                6,612,389

CELLULAR COMMUNICATIONS - 0.49%                                          
RF Micro Devices, Inc. *                          22,946          168,194
Telephone & Data Systems, Inc.                     7,956          374,091
                                                                ---------
                                                                  542,285

CHEMICALS - 2.39%                                                        
A. Schulman, Inc.                                  4,014           74,701
Airgas, Inc. *                                     9,699          167,308
Albemarle Corp.                                    5,655          160,885
Cabot Corp.                                        8,327          220,999
Cabot Microelectronics Corp. * (a)                 3,301          155,807
Crompton Corp.                                    15,403           91,648
Cytec Industries, Inc. *                           5,315          144,993
Ferro Corp. (a)                                    5,478          133,828
FMC Corp. *                                        4,753          129,852
H.B. Fuller Company                                3,839           99,353
IMC Global, Inc.                                  15,579          166,228
Lubrizol Corp.                                     6,973          212,676
Lyondell Chemical Company                         21,665          273,846
Minerals Technologies, Inc. (a)                    2,730          117,799
Olin Corp. (a)                                     7,764          120,730
Solutia, Inc.                                     14,588           52,954
Valspar Corp.                                      6,795          300,203
                                                                ---------
                                                                2,623,810

COAL - 0.33%                                                             
Arch Coal, Inc.                                    7,099          153,268
Peabody Energy Corp.                               7,093          207,328
                                                                ---------
                                                                  360,596

COMPUTERS & BUSINESS EQUIPMENT - 2.04%                                   
3Com Corp. *                                      49,859          230,847
Diebold, Inc.                                      9,778          403,049
GTECH Holdings Corp. *                             7,740          215,636
Henry, Jack & Associates, Inc.                    11,872          142,939
Infocus Corp. * (a)                                5,161           31,792
National Instruments Corp. *                       6,919          224,798
Plexus Corp. *                                     5,834           51,222
Quantum Corp. *                                   21,674           57,870
Sandisk Corp. * (a)                                9,357          189,947
Storage Technology Corp. *                        14,448          309,476
Sybase, Inc. *                                    12,744          170,770
Tech Data Corp. *                                  7,655          206,379
                                                                ---------
                                                                2,234,725

CONSTRUCTION MATERIALS - 0.37%                                           
Granite Construction, Inc.                         5,614           87,017
Martin Marietta Materials, Inc.                    6,619          202,938
Trinity Industries, Inc. (a)                       6,211          117,761
                                                                ---------
                                                                  407,716

CONSTRUCTION & MINING EQUIPMENT - 0.22%                                  
National Oilwell, Inc. *                          10,989          240,000
                                                                ---------

CONTAINERS & GLASS - 0.56%                                               
Longview Fibre Company *                           7,113           51,427
Packaging Corp. of America *                      14,163          258,333
Sonoco Products Company                           13,095          300,268
                                                                ---------
                                                                  610,028

CRUDE PETROLEUM & NATURAL GAS - 1.92%                                    
FMC Technologies, Inc. *                           8,874          181,296
Helmerich & Payne, Inc.                            6,780          189,230
Ocean Energy, Inc.                                23,914          477,562
Patterson-UTI  Energy, Inc. *                     10,746          324,207
Pioneer Natural Resources Company *               15,872          400,768
Valero Energy Corp.                               14,454          533,931
                                                                ---------
                                                                2,106,994

DOMESTIC OIL - 1.30%                                                     
Forest Oil Corp. *                                 6,369          176,103
Murphy Oil Corp.                                  12,432          532,711
Noble Energy, Inc.                                 7,771          291,801
XTO Energy, Inc.                                  17,187          424,519
                                                                ---------
                                                                1,425,134

DRUGS & HEALTH CARE - 2.63%                                              
Apogent Technologies, Inc. *                      14,501          301,621
Beckman Coulter, Inc.                              8,444          249,267
Edwards Lifesciences Corp. *                       8,148          207,530
Health Net, Inc. *                                16,801          443,546
Henry Schein, Inc. *                               5,969          268,605
Hillenbrand Industries, Inc.                       8,369          404,306
Ivax Corp. *                                      26,389          320,099
Lifepoint Hospitals, Inc. * (a)                    5,361          160,460
Pacificare Health                                                        
  Systems, Inc. *(a)                               4,860          136,566

Perrigo Company *                                  9,512          115,571
Protein Design Labs, Inc. *                       12,064          102,544
Sepracor, Inc. * (a)                              11,402          110,257
VISX, Inc. *                                       7,004           67,098
                                                                ---------
                                                                2,887,470

EDUCATIONAL SERVICES - 0.62%                                             
Career Education Corp. *                           6,247          249,880
DeVry, Inc. * (a)                                  9,479          157,446
Education Management Corp. *                       4,786          179,954

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

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--------------------------------------------------------------------------------

                                                                [Download Table]

                                                  SHARES         VALUE   
                                                  ------         -----   
                                                                         
EDUCATIONAL SERVICES - CONTINUED                                         
Sylvan Learning Systems, Inc. * (a)                5,485          $89,954
                                                                ---------
                                                                  677,234

ELECTRICAL EQUIPMENT - 0.73%                                             
AMETEK, Inc.                                       4,480          172,435
Energizer Holdings, Inc. *                        12,305          343,310
Hubbell, Inc., Class B                             8,016          281,682
                                                                ---------
                                                                  797,427

ELECTRIC UTILITIES - 3.72%                                               
Allete, Inc.                                      11,592          262,907
Alliant Corp.                                     12,416          205,485
Black Hills Corp.                                  3,644           96,639
Cleco Corp.                                        6,375           89,250
DPL, Inc.                                         17,146          263,020
DQE, Inc.                                         10,068          153,436
GrafTech International, Ltd. *                     7,918           47,191
Great Plains Energy, Inc.                          9,264          211,960
Hawaiian Electric Industries, Inc.                 4,971          218,625
IDACORP, Inc.                                      5,127          127,303
Northeast Utilities                               18,408          279,249
NSTAR                                              7,196          319,431
OGE Energy Corp.                                  10,624          186,982
Pepco Holdings, Inc.                              22,201          430,477
PNM Resources, Inc.                                5,305          126,365
Puget Energy, Inc.                                12,581          277,411
Quanta Services, Inc. *                            9,129           31,952
Sierra Pacific Resources * (a)                    13,834           89,921
Westar Energy, Inc.                                9,661           95,644
Wisconsin Energy Corp.                            15,680          395,136
WPS Resources Corp. (a)                            4,332          168,168
                                                                ---------
                                                                4,076,552

ELECTRONICS - 1.78%                                                      
Arrow Electronics, Inc. *                         13,541          173,189
Avnet, Inc. *                                     16,189          175,327
FEI Company *                                      4,448           68,010
Kemet Corp. *                                     11,671          102,005
L-3 Communications Holdings, Inc. * (a)           12,814          575,477
Mentor Graphics Corp. *                            9,043           71,078
Polycom, Inc. *                                   13,484          128,368
Sequa Corp., Class A *                             1,437           56,201
Teleflex, Inc.                                     5,335          228,818
Varian, Inc. *                                     4,596          131,859
Vishay Intertechnology, Inc. *                    21,662          242,181
                                                                ---------
                                                                1,952,513

ENERGY - 0.62%                                                           
Energy East Corp.                                 19,648          434,024
MDU Resources Group, Inc.                          9,724          250,977
                                                                ---------
                                                                  685,001

FINANCIAL SERVICES - 3.54%                                               
A.G. Edwards, Inc.                                10,688          352,277
Americredit Corp. * (a)                           20,726          160,419
Arthur J. Gallagher & Company                     11,938          350,739
Compass Bancshares, Inc.                          17,394          543,910
E TRADE Group, Inc. *                             49,031          238,291
Eaton Vance Corp.                                  9,411          265,861
IndyMac Bancorp, Inc. *                            7,515          138,952
Investment Technology Group, Inc. *                6,498          145,295
LaBranche & Company, Inc. * (a)                    8,074          215,091
Legg Mason, Inc.                                   8,788          426,570
Leucadia National Corp.                            7,514          280,347
Metris Companies, Inc. (a)                         7,606           18,787
Neuberger Berman, Inc. (a)                         9,464          316,949
Waddell & Reed Financial, Inc., Class A           10,882          214,049
Webster Financial Corp.                            6,214          216,247
                                                                ---------
                                                                3,883,784

FOOD & BEVERAGES - 3.78%                                                 
Bob Evans Farms, Inc.                              4,795          111,963
Constellation Brands, Inc., Class A               12,250          290,448
   *                                                                     
Dean Foods Company *                              12,382          459,372
Dole Food, Inc.                                    7,621          248,292
Dreyers Grand Ice Cream, Inc. (a)                  4,740          336,350
Hormel Foods Corp.                                18,810          438,837
Interstate Bakeries Corp.                          5,990           91,348
McCormick & Company, Inc.                         18,984          440,429
PepsiAmericas, Inc.                               20,415          274,174
Sensient Technologies Corp.                        6,436          144,617
Smithfield Foods, Inc. *                          14,835          294,326
The J.M. Smucker Company                           6,725          267,722
Tootsie Roll Industries, Inc.                      6,994          214,576
Tyson Foods, Inc., Class A                        47,857          536,956
                                                                ---------
                                                                4,149,410

FOREST PRODUCTS - 0.15%                                                  
Rayonier, Inc.                                     3,754          169,869
                                                                ---------

FURNITURE & FIXTURES - 0.17%                                             
Furniture Brands International, Inc. *             7,633          182,047
                                                                ---------

GAS & PIPELINE UTILITIES - 2.58%                                         
AGL Resources, Inc.                                7,643          185,725
American Water Works Company, Inc. (a)            13,580          617,618
Aquila, Inc. *                                    25,270           44,728
Equitable Resources, Inc.                          8,483          297,244
National Fuel Gas Company (a)                     10,865          225,231
ONEOK, Inc.                                        8,199          157,421
Questar Corp.                                     11,112          309,136
SCANA Corp.                                       15,028          465,267
Vectren Corp.                                      9,200          211,600
Western Gas Resources, Inc. (a)                    4,481          165,125
WGL Holdings, Inc.                                 6,577          157,322
                                                                ---------
                                                                2,836,417

HEALTHCARE PRODUCTS - 2.03%                                              
Cytyc Corp. *                                     15,710          160,242
DENTSPLY International, Inc.                      10,629          395,399
Mylan Laboratories, Inc.                          16,614          579,828
Patterson Dental Company *                         9,254          404,770
STERIS Corp. *                                     9,415          228,314
Varian Medical Systems, Inc. *                     9,221          457,362
                                                                ---------
                                                                2,225,915

HEALTHCARE SERVICES - 2.34%                                              
Apria Healthcare Group, Inc. *                     7,447          165,621
Express Scripts, Inc., Class A * (a)              10,572          507,879
First Health Group Corp. *                        13,764          335,153
Lincare Holdings, Inc. *                          14,344          453,557
Omnicare, Inc.                                    12,791          304,810
Oxford Health Plans, Inc. *                       11,867          432,552
Universal Health Services, Inc., Class B *         8,215          370,497
                                                                ---------
                                                                2,570,069

HOLDINGS COMPANIES/CONGLOMERATES - 0.08%                                 
Horace Mann Educators Corp.                        5,549           85,066
                                                                ---------

HOMEBUILDERS - 0.93%                                                     
Clayton Homes, Inc. (a)                           18,438          224,575
D.R. Horton, Inc.                                 19,877          344,866
Lennar Corp. (a)                                   8,803          454,235
                                                                ---------
                                                                1,023,676

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

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--------------------------------------------------------------------------------

                                                                [Download Table]

                                                  SHARES         VALUE   
                                                  ------         -----   
                                                                         
HOTELS & RESTAURANTS - 2.16%                                             
Brinker International, Inc. *                     13,212         $426,087
CBRL Group, Inc.                                   6,749          203,347
Extended Stay America, Inc. *                     12,719          187,605
Krispy Kreme Doughnuts, Inc. * (a)                 7,523          254,052
Mandalay Resort Group *                            9,332          285,653
Outback Steakhouse, Inc.                          10,283          354,146
Papa Johns International, Inc. * (a)               2,561           71,401
Park Place Entertainment Corp. *                  40,767          342,443
The Cheesecake Factory, Inc. *                     6,874          248,495
                                                                ---------
                                                                2,373,229

HOUSEHOLD PRODUCTS - 0.54%                                               
Blyth Industries, Inc.                             6,285          168,186
Church & Dwight, Inc.                              5,411          164,657
Dial Corp.                                        12,900          262,773
                                                                ---------
                                                                  595,616

INDUSTRIAL MACHINERY - 1.30%                                             
AGCO Corp. *                                      10,176          224,890
Albany International Corp., Class A                4,387           90,635
Donaldson Company, Inc.                            5,952          214,272
Flowserve Corp. *                                  7,476          110,570
Grant Prideco, Inc. *                             16,748          194,947
Kaydon Corp.                                       4,135           87,703
Kennametal, Inc.                                   4,755          163,952
Pentair, Inc.                                      6,673          230,552
Tecumseh Products Company, Class A                 2,504          110,502
                                                                ---------
                                                                1,428,023

INDUSTRIALS - 0.35%                                                      
Fastenal Company (a)                              10,295          384,930
                                                                ---------

INSURANCE - 3.68%                                                        
Allmerica Financial Corp. (a)                      7,272           73,447
American Financial Group, Inc.                     9,364          216,028
Amerus Group Company (a)                           5,316          150,283
Brown & Brown, Inc.                                9,391          303,517
Everest Re Group, Ltd.                             6,899          381,515
Fidelity National Financial, Inc.                 12,968          425,739
HCC Insurance Holdings, Inc.                       8,450          207,870
Mony Group, Inc.                                   6,381          152,761
Ohio Casualty Corp. * (a)                          8,224          106,501
Old Republic International Corp.                  16,357          457,996
Protective Life Corp.                              9,315          256,349
Radian Group, Inc.                                12,681          471,099
Stancorp Financial Group, Inc.                     3,989          194,863
The PMI Group, Inc.                               12,246          367,870
Unitrin, Inc.                                      9,174          268,064
                                                                ---------
                                                                4,033,902

INTERNATIONAL OIL - 0.64%                                                
Weatherford International, Ltd. *                 17,653          704,884
                                                                ---------

INTERNET CONTENT - 0.20%                                                 
Overture Service, Inc. * (a)                       7,926          216,459
                                                                ---------

INTERNET SOFTWARE - 1.29%                                                
Internet Security Systems, Inc. *                  6,716          123,104
Macromedia, Inc. *                                 8,179           87,106
Networks Associates, Inc. *                       21,223          341,478
Retek, Inc. *                                      6,913           18,804
RSA Security, Inc. *                               7,915           47,411
Symantec Corp. *                                  19,627          795,090
                                                                ---------
                                                                1,412,993

LEISURE TIME - 0.44%                                                     
Callaway Golf Company                             10,296          136,422
International Speedway Corp., Class A              7,213          268,973
Six Flags, Inc. *                                 12,657           72,271
                                                                ---------
                                                                  477,666

LIFE SCIENCES - 0.04%                                                    
Incyte Pharmacuticals, Inc. *                      9,440           43,046
                                                                ---------

MANUFACTURING - 0.93%                                                    
Carlisle Companies, Inc.                           4,147          171,603
Lancaster Colony Corp.                             4,953          193,563
Nordson Corp.                                      4,545          112,853
SPX Corp. *                                       10,920          408,954
York International Corp.                           5,339          136,518
                                                                ---------
                                                                1,023,491

MEDICAL-HOSPITALS - 0.28%                                                
Triad Hospitals, Inc. *                           10,137          302,387
                                                                ---------

NEWSPAPERS - 1.05%                                                       
Lee Enterprises, Inc.                              6,008          201,388
Washington Post Company, Class B                   1,290          952,020
                                                                ---------
                                                                1,153,408

OFFICE FURNISHINGS & SUPPLIES - 0.38%                                    
HON Industries, Inc.                               7,995          226,098
Miller Herman, Inc.                               10,147          186,705
                                                                ---------
                                                                  412,803

PAPER - 0.51%                                                            
Bowater, Inc.                                      7,491          314,247
P.H. Glatfelter Company                            5,929           78,026
Potlatch Corp.                                     3,854           92,033
Wausau-Mosinee Paper Corp.                         7,022           78,787
                                                                ---------
                                                                  563,093

PETROLEUM SERVICES - 2.05%                                               
Cooper Cameron Corp. *                             7,374          367,373
ENSCO International, Inc.                         20,206          595,067
Hanover Compressor Company * (a)                   9,008           82,693
Pride International, Inc. *                       18,228          271,597
Smith International, Inc. *                       13,776          449,373
Tidewater, Inc.                                    8,213          255,424
Varco International, Inc. *                       13,139          228,619
                                                                ---------
                                                                2,250,146

PHARMACEUTICALS - 1.92%                                                  
AdvancePCS *                                      12,134          269,496
Barr Laboratories, Inc. * (a)                      5,949          387,221
Gilead Sciences, Inc. *                           26,683          907,222
ICN Pharmaceuticals, Inc. (a)                     11,341          123,730
SICOR, Inc. *                                     15,879          251,682
Vertex Pharmaceuticals, Inc. *                    10,354          164,111
                                                                ---------
                                                                2,103,462

POLLUTION CONTROL - 0.42%                                                
Republic Services, Inc., Class A *                22,228          466,343
                                                                ---------

PUBLISHING - 0.53%                                                       
Media General, Inc., Class A                       3,148          188,723
Readers Digest Association, Inc., Class A         13,266          200,316
Scholastic Corp. *                                 5,307          190,787
                                                                ---------
                                                                  579,826

RAILROADS & EQUIPMENT - 0.28%                                            
GATX Corp. (a)                                     6,633          151,365
J.B. Hunt Transport Services, Inc. *               5,324          155,993
                                                                ---------
                                                                  307,358

REAL ESTATE - 0.80%                                                      
Hospitality Properties Trust, SBI                  8,489          298,813
Liberty Property Trust, REIT (a)                  10,353          330,675
New Plan Excel Realty Trust, Inc.                 13,142          250,880
                                                                ---------
                                                                  880,368

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              
--------------------------------------------------------------------------------

                                                                [Download Table]

                                                  SHARES        VALUE    
                                                  ------        -----    
                                                                         
RETAIL GROCERY - 0.45%                                                   
Ruddick Corp.                                      6,308          $86,356
Whole Foods Market, Inc. *                         7,798          411,189
                                                              -----------
                                                                  497,545

RETAIL TRADE - 4.43%                                                     
99 Cents Only Stores *                             9,510          255,439
Abercrombie & Fitch Company, Class A *            13,244          270,972
American Eagle Outfitters, Inc. *  (a)             9,736          134,162
Barnes & Noble, Inc. *                             9,147          165,286
BJ's Wholesale Club, Inc. *                        9,507          173,978
Borders Group, Inc. *                             10,733          172,801
CarMax, Inc. * (a)                                13,978          249,927
CDW Computer Centers, Inc. *                      11,387          499,320
Claire's Stores, Inc.                              6,621          146,126
Dollar Tree Stores, Inc. *                        15,490          380,589
Longs Drug Stores Corp.                            5,199          107,827
Michael's Stores, Inc. *                           9,102          284,893
Payless ShoeSource, Inc. *                         3,073          158,167
PETsMART, Inc. *                                  18,707          320,451
Pier 1 Imports, Inc.                              12,565          237,855
Ross Stores, Inc.                                 10,555          447,427
Saks, Inc. *                                      19,405          227,815
The Neiman Marcus Group, Inc., Class A *           6,507          197,748
Williams-Sonoma, Inc. *                           15,736          427,232
                                                              -----------
                                                                4,858,015

SEMICONDUCTORS - 2.32%                                                   
Atmel Corp. *                                     63,133          140,787
Cirrus Logic, Inc. *                              10,949           31,533
Credence Systems Corp. *                           8,276           77,215
Cree, Inc. * (a)                                   9,873          161,423
Cypress Semiconductor Corp. *                     16,766           95,901
Fairchild Semiconductor Corp., Class A *          15,859          169,850
Integrated Device Technology, Inc. *              13,982          117,029
International Rectifier Corp. *                    8,660          159,864
Intersil Corp., Class A *                         18,557          258,685
Lam Research Corp. *                              17,002          183,622
Lattice Semiconductor Corp. *                     15,220          133,479
LTX Corp. *                                        6,955           41,939
Micrel, Inc. * (a)                                12,486          112,124
Microchip Technology, Inc.                        27,554          673,695
Semtech Corp. *                                    9,979          108,971
Triquint Semiconductor, Inc. *                    18,016           76,388
                                                              -----------
                                                                2,542,505

SOFTWARE - 1.41%                                                         
Activision, Inc. *                                 9,105          132,842
Advent Software, Inc. * (a)                        4,509           61,458
Ascential Software Corp. * (a)                    32,573           78,175
Avocent Corp. *                                    6,114          135,853
Checkfree Corp. * (a)                             10,677          170,843
Imation Corp. *                                    4,787          167,928
Keane, Inc. *                                      9,611           86,403
Macrovision Corp. *                                6,525          104,661
McDATA Corp., Class A * (a)                       15,371          109,134
Synopsys, Inc. *                                  10,263          473,637
Transaction Systems Architects, Inc., Class A *    4,648           30,212
                                                              -----------
                                                                1,551,146

STEEL - 0.14%                                                            
Alaska Steel Holding Corp. *                      14,609          116,872
Carpenter Technology Corp.                         3,155           39,280
                                                              -----------
                                                                  156,152

TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.88%                          
ADTRAN, Inc. *                                     5,053          166,244
Advanced Fibre Communications, Inc. *             11,396          190,085
Commscope, Inc. *                                  8,107           64,045
Harris Corp.                                       8,993          236,516
Newport Corp. *                                    5,241           65,827
Plantronics, Inc. * (a)                            6,027           91,189
Powerwave Technologies, Inc. *                     9,143           49,372
Price Communications Corp. *                       7,396          102,287
                                                              -----------
                                                                  965,565

TELEPHONE - 0.09%                                                        
Broadwing, Inc. *                                 29,649          104,364
                                                              -----------

TIRES & RUBBER - 0.09%                                                   
Bandag, Inc. (a)                                   2,598          100,491
                                                              -----------

TOBACCO - 0.12%                                                          
Universal Corp.                                    3,513          129,841
                                                              -----------

TRANSPORTATION - 0.62%                                                   
Airborne, Inc.                                     6,560           97,285
Alexander & Baldwin, Inc.                          5,583          143,985
C. H. Robinson Worldwide, Inc. (a)                11,459          357,521
Overseas Shipholding Group, Inc.                   4,678           83,736
                                                              -----------
                                                                  682,527

TRUCKING & FREIGHT - 1.04%                                               
CNF Transportation, Inc.                           6,679          222,010
EGL, Inc. *                                        6,430           91,628
Expeditores International of                                             
   Washington, Inc. (a)                           14,120          461,018
Pittston Brink's Group                             7,353          135,883
Swift Transportation, Inc. *                      11,390          228,005
                                                              -----------
                                                                1,138,544

TOTAL COMMON STOCK                                                       
(Cost: $113,764,705)                                          $95,366,354
                                                              -----------

                                                                [Download Table]

                                              PRINCIPAL                  
                                               AMOUNT           VALUE    
                                               ------           -----    
                                                                         
SHORT TERM INVESTMENTS - 13.03%                                          
Federal Home Loan Bank Consolidated                                      
   Discount Note, 1.65% due                                              
   01/24/2003                                 $1,000,000         $999,273
Navigator Securities Lending Trust, 1.43%      9,695,538        9,695,538
State Street Boston Corp.                                                
   1.20% due 01/02/2003 (b)                    3,100,000        3,099,897
U.S. Treasury Bills                                                      
   1.17% due 01/30/2003                          500,000          499,541
                                                             ------------
                                                              $14,294,249

REPURCHASE AGREEMENTS - 0.06%                                            
Repurchase Agreement with State                                          
   Street Corp., dated 12/31/2002                                        
   at 1.00%, to be repurchased at                                        
   $63,004 on 01/02/2003,                                                
   collateralized by $50,000 U.S.                                        
   Treasury Bonds 7.625% due                                             
   02/15/2025 (valued at $70,185                                         
   including interest)                           $63,000          $63,000
                                                             ------------

TOTAL INVESTMENTS   (MID CAP INDEX TRUST)                                
(Cost: $128,121,954)                                         $109,723,603
                                                             ============

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002                                    
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

TOTAL STOCK MARKET INDEX TRUST                                                  

                                                                [Download Table]

                                                            SHARES        VALUE 
                                                            ------        ----- 
                                                                                
COMMON STOCK - 90.64%                                                           
ADVERTISING - 0.21%                                                             
Avenue A., Inc. *                                             200       $    580
DoubleClick, Inc. *                                           687          3,888
Grey Global Group, Inc.                                         8          4,889
Lamar Advertising Company, Class A *                          553         18,609
Omnicom Group, Inc.                                         1,119         72,287
The Interpublic Group of Companies, Inc.                    2,675         37,664
TMP Worldwide, Inc. *                                         564          6,379
Ventiv Health, Inc. *                                         100            199
                                                                        --------
                                                                         144,495
AEROSPACE - 1.46%                                                               
AAR Corp. *                                                   100            515
Aeroflex, Inc. *                                              250          1,725
Alliant Techsystems, Inc. *                                   240         14,964
B.F. Goodrich Company                                         573         10,497
BE Aerospace, Inc. *                                          100            364
Boeing Company                                              5,052        166,665
Curtiss Wright Corp.                                           99          6,318
DRS Technologies, Inc. *                                      176          5,514
EDO Corp.                                                     318          6,608
Esterline Technologies Corp. *                                100          1,767
GenCorp, Inc.                                                 218          1,726
General Dynamics Corp.                                      1,207         95,800
Heico Corp., Class A                                          295          2,440
Honeywell International, Inc.                               4,928        118,272
Ladish, Inc. *                                                203          1,636
Lockheed Martin Corp.                                       2,736        158,004
Moog, Inc., Class A *                                         215          6,674
Northrop Grumman Corp.                                        655         63,535
Orbital Sciences Corp., Class A * (a)                         198            836
Precision Castparts Corp.                                     235          5,699
Raytheon Company                                            2,392         73,554
Rockwell Collins, Inc.                                      1,204         28,005
Teledyne Technologies, Inc. *                                 100          1,568
Textron, Inc.                                                 860         36,971
United Defense Industries, Inc. *                               8            186
United Technologies Corp.                                   2,805        173,742
Verdian Corp. *                                               158          3,372
Viasat, Inc. * (a)                                            116          1,339
Woodward Governor Company                                      45          1,957
                                                                        --------
                                                                         990,253
AGRICULTURE - 0.09%                                                             
Bunge, Ltd.                                                   667         16,048
Cadiz, Inc. * (a)                                             219            120
Delta & Pine Land Company                                     368          7,511
Fresh Del Monte Produce, Inc.                                 290          5,484
Lesco, Inc. *                                                 100          1,393
Monsanto Company                                            1,516         29,183
Tejon Ranch Company *                                          70          2,079
                                                                        --------
                                                                          61,818
AIR TRAVEL - 0.16%                                                              
Airtran Holdings, Inc. *                                      290          1,131
Alaska Air Group, Inc. *                                      100          2,165
America West Holding Corp., Class B *                         100            180
Atlantic Coast Airlines Holdings, Inc. *                      200          2,406
Atlas Air, Inc. *                                             149            225
Continental Airlines, Inc., Class B * (a)                     497          3,603
Delta Air Lines, Inc.                                         629          7,611
ExpressJet Holdings, Inc. *                                   291          2,983
Frontier Airlines, Inc. *                                     150          1,014
JetBlue Airways Corp. * (a)                                   221          5,954
Mesa Air Group, Inc. *                                        100            407
Mesaba Holdings, Inc. *                                       100            612
Northwest Airlines Corp., Class A * (a)                       430          3,156
SkyWest, Inc.                                                 521          6,810
Southwest Airlines Company                                  4,836         67,220
U.S. Airways Group, Inc. * (a)                                331             81
UAL Corp. * (a)                                               242            346
                                                                        --------
                                                                         105,904
APPAREL & TEXTILES - 0.39%                                                      
Angelica Corp.                                                100          2,065
Brown Shoe, Inc.                                              100          2,383
Cintas Corp.                                                  985         45,064
Coach, Inc. *                                                 666         21,925
Columbia Sportswear Company *                                 307         13,637
Cone Mills Corp. (a)                                          200            344
FAB Industries, Inc.                                          143          1,165
G & K Services, Class A                                       100          3,540
Goodys Family Clothing, Inc. *                                215            955
Guess, Inc. * (a)                                             162            679
Interface, Inc., Class A                                      200            614
Jones Apparel Group, Inc. *                                   827         29,309
K-Swiss, Inc., Class A                                         66          1,433
Kellwood Company                                              100          2,600
Liz Claiborne, Inc.                                           656         19,450
Mohawk Industries, Inc. *                                     444         25,286
Movado Group, Inc.                                            328          6,170
Nautica Enterprises, Inc. *                                   100          1,111
Oakley, Inc. *                                                291          2,989
Oneida, Ltd.                                                  100          1,103
Oshkosh B'Gosh, Inc., Class A                                 100          2,805
Oxford Industries, Inc.                                       100          2,565
Phillips Van Heusen Corp.                                     100          1,156
Polo Ralph Lauren Corp., Class A *                            375          8,160
Quiksilver, Inc. *                                            100          2,666
Reebok International, Ltd. *                                  366         10,760
Russell Corp.                                                 100          1,674
Stage Stores, Inc. *                                          275          5,786
Stride Rite Corp.                                             200          1,434
Superior Uniform Group, Inc.                                  161          1,995
The Gymboree Corp. *                                           96          1,522
Timberland Company, Class A *                                 200          7,122
Unifi, Inc. *                                                 200          1,050
V.F. Corp.                                                    672         24,226
Vans, Inc. *                                                  100            568
Wellco Enterprises, Inc.                                      126          1,424
Wellman, Inc.                                                 100          1,349
Weyco Group, Inc.                                              73          2,505
Wolverine World Wide, Inc.                                    159          2,402
                                                                        --------
                                                                         262,991
AUTO PARTS - 0.37%                                                              
Advance Auto Parts, Inc. *                                    242         11,834
Aftermarket Technology Corp. *                                150          2,175
American Axle & Manufacturing Holdings, Inc. *                170          3,981
Arvinmeritor, Inc.                                            607         10,119
AutoZone, Inc. *                                              619         43,732
BorgWarner, Inc.                                              100          5,042
Collins & Aikman Corp. *                                      206            917
CSK Auto Corp. * (a)                                          150          1,650
Dana Corp.                                                    975         11,466
Delphi Automotive Systems Corp.                             3,361         27,056
Eaton Corp.                                                   445         34,759
Exide Corp. * (a)                                             159             44
Federal Mogul Corp. * (a)                                     299             66
Federal Signal Corp.                                          188          3,651
Gentex Corp. *                                                446         14,111
Genuine Parts Company                                         928         28,582

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                          SHARES          VALUE 
                                                          ------          ----- 
                                                                                
AUTO PARTS - CONTINUED                                                          
Insurance Auto Auctions, Inc. *                              100        $  1,659
Lear Corp. *                                                 436          14,510
Magna International, Inc., Class A                            45           2,527
Modine Manufacturing Company                                 439           7,761
Raytech Corp. *                                              868           4,948
Sauer, Inc.                                                  275           2,172
Sports Resorts International, Inc. * (a)                     302           1,773
Standard Motor Products, Inc., Class A                       100           1,300
Superior Industries International, Inc.                      100           4,136
TBC Corp. *                                                  177           2,126
Tower Automotive, Inc. *                                     622           2,799
Visteon Corp.                                                760           5,290
Vulcan International Corp.                                    42           1,470
                                                                        --------
                                                                         251,656
AUTO SERVICES - 0.06%                                                           
AutoNation, Inc. *                                         1,903          23,902
Copart, Inc. *                                               580           6,867
Dollar Thrifty Automotive Group, Inc. *                      100           2,115
Midas, Inc. *                                                100             643
Miller Industries, Inc. *                                     40             136
Sonic Automatic, Inc. *                                      100           1,487
United Rentals, Inc. *                                       481           5,176
                                                                        --------
                                                                          40,326
AUTOMOBILES - 0.43%                                                             
Dura Automotive Systems, Inc. *                              100           1,004
Ford Motor Company                                        10,949         101,826
General Motors Corp.                                       3,322         122,449
Marine Products Corp.                                        102           1,005
Monaco Coach Corp. *                                         150           2,482
Monro Muffler Brake, Inc. *                                  100           1,690
O'Reilly Automotive, Inc. *                                  393           9,939
Oshkosh Truck Corp., Class B                                 100           6,150
PACCAR, Inc.                                                 646          29,800
Spartan Motors, Inc.                                         200           2,276
Tenneco Automotive, Inc. *                                   219             885
Thor Industries, Inc. (a)                                    122           4,200
United Auto Group, Inc. * (a)                                308           3,841
Wabash National Corp. * (a)                                  100             838
                                                                        --------
                                                                         288,385
BANKING - 6.51%                                                                 
1St Source Corp.                                             110           1,843
ABC Bancorp                                                  138           1,787
Alabama National BanCorp                                     100           4,350
Ameriana Bancorp                                             621           7,129
American National Bankshares, Inc. (a)                       100           2,600
Americanwest BanCorp *                                       121           1,891
AmSouth BanCorp                                            2,177          41,798
Anchor BanCorp Wisconsin, Inc.                                27             560
Associated Banc-Corp                                         453          15,375
Astoria Financial Corp.                                      460          12,489
Banc Corp.                                                   174           1,350
Bancorpsouth, Inc.                                           616          11,963
BancTrust Financial Group, Inc.                              675           7,425
Bank Mutual Corp.                                            255           5,898
Bank of America Corp.                                      9,079         631,626
Bank of Hawaii Corp.                                         456          13,858
Bank of New York, Inc.                                     4,378         104,897
Bank One Corp.                                             7,062         258,116
Bankatlantic Bancorp, Inc., Class A                          685           6,473
Banknorth Group, Inc.                                        858          19,391
BankUnited Financial Corp., Class A *                        394           6,375
Banner Corp.                                                 110           2,075
Bay View Capital Corp. *                                     887           5,100
BB&T Corp.                                                 2,837         104,941
Berkshire Hill Bancorp, Inc.                                 260           6,123
BOK Financial Corp. *                                        375          12,146
Boston Private Financial Holdings, Inc.                      100           1,986
Brookline Bancorp, Inc.                                       80             952
Camco Financial Corp.                                        135           1,918
Camden National Corp.                                        100           2,420
Capital City Bank Group, Inc.                                170           6,662
Capitol Bancorp, Ltd.                                        100           2,320
Capitol Federal Financial (a)                                419          12,067
Cathay Bancorp, Inc.                                          45           1,710
Cavalry BanCorp, Inc. (a)                                    229           3,050
Center Bancorp, Inc.                                         110           2,596
Charter Financial Corp.                                       56           1,741
Chemical Financial Corp.                                      70           2,251
Chester Valley Bancorp, Inc.                                 115           2,606
Chittenden Corp.                                             125           3,185
Citizens Banking Corp.                                       313           7,756
Citizens First Bancorp, Inc.                                 309           6,507
City Holding Company                                         100           2,825
City National Corp.                                          257          11,305
CNB Florida Bancshares, Inc.                                 394           6,272
Coastal Financial Corp.                                      150           2,046
CoBiz, Inc.                                                  150           2,228
Colonial Bancgroup, Inc.                                     783           9,341
Columbia Bancorp                                             100           2,203
Comerica, Inc.                                               952          41,164
Commerce Bancorp, Inc. (a)                                   346          14,944
Commerce Bancshares, Inc.                                    406          15,952
Commercial Bankshares, Inc.                                  121           4,187
Commercial Federal Corp.                                     200           4,670
Commonwealth Bancorp, Inc.                                   134           6,214
Community First Bankshares, Inc.                             325           8,599
Connecticut Bancshares, Inc.                                  22             846
Corus Bankshares, Inc.                                        85           3,711
Covest Bancshares, Inc,                                      227           6,361
CPB, Inc.                                                    226           6,204
Cullen Frost Bankers, Inc.                                   231           7,554
CVB Financial Corp.                                          137           3,484
Digital Insight Corp. *                                      365           3,172
Dime Community Bancorp, Inc.                                 225           4,309
Doral Financial Corp.                                        320           9,152
East West Bancorp, Inc.                                      100           3,608
EFC Bancorp, Inc.                                            211           3,851
ESB Financial Corp.                                          166           2,150
F & M Bancorp                                                100           3,200
F.M.S. Corp.                                                  95           1,263
FNB Corp. - NC                                               310           5,999
FNB Corp. - PA                                               202           5,561
FNB Corp. - VA                                               235           5,577
FFLC Bancorp, Inc.                                            67           1,981
Fidelity Bankshares, Inc.                                    241           4,314
Fifth Third Bancorp                                        3,503         205,101
Financial Institutions, Inc.                                 100           2,936
First Bancorp                                                224           5,266
First Bancorp Puerto Rico                                    379           8,565
First Bell Bancorp, Inc.                                     103           2,190
First Citizens Bancshares, Inc.                               49           4,733
First Commonwealth Financial Corp.                           200           2,300
First Defiance Financial Corp.                               100           1,890
First Federal Financial Corp.                                100           2,448
First Financial BanCorp                                      105           1,721
First Financial Bankshares, Inc.                              20             760
First M+F Corporation                                        228           6,327

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                           SHARES         VALUE 
                                                           ------         ----- 
                                                                                
BANKING - CONTINUED                                                             
First Midwest Bancorp, Inc.                                   377       $ 10,070
First Niagara Financial Group, Inc. (a)                       100          2,612
First Oak Brook Bancshares, Inc., Class A                     100          3,142
First Place Financial Corp.                                   103          1,713
First Securityfed Financial, Inc.                             100          2,429
First Sentinel Bancorp, Inc.                                  200          2,878
First Tennessee National Corp.                                662         23,792
First United Corp.                                            100          1,642
First Virginia Banks, Inc.                                    316         11,765
Firstfed America Bancorp, Inc.                                173          4,299
FirstMerit Corp.                                              548         11,870
Flag Financial Corp.                                          273          3,099
Flagstar Bancorp, Inc.                                        326          7,042
FleetBoston Financial Corp.                                 6,407        155,690
FNB Financial Services Corp.                                  200          3,426
Foothill Independent Bancorp                                  211          4,003
Franklin Financial Corp. (a)                                  269          6,168
Frontier Financial Corp.                                       23            588
Georgia Financial, Inc.                                       100          2,370
Glacier Bancorp, Inc.                                         110          2,593
Gold Banc Corporation, Inc.                                   200          1,984
Golden West Financial Corp.                                   851         61,110
Granite State Bankshares, Inc.                                100          4,369
Greater Bay Bancorp (a)                                       408          7,054
Greater Community Bancorp                                     384          6,144
Greenpoint Financial Corp.                                    577         26,069
Guaranty Federal Bancshares, Inc.                             100          1,552
Hancock Holding Company                                       140          6,251
Harleysville National Corp.                                   305          8,150
Heritage Financial Corp. (a)                                  100          1,781
HF Financial Corp.                                            100          1,430
Hibernia Corp., Class A                                       825         15,889
HMN Financial Inc.                                            356          5,991
Home Federal Bancorp                                          100          2,415
Horizon Financial Corp.                                       287          3,507
Hudson City Bancorp, Inc.                                   1,150         21,424
Hudson River Bancorp, Inc.                                    252          6,237
Hudson United Bancorp                                         194          6,033
Huntington Bancshares, Inc.                                 1,390         26,007
Iberiabank Corp.                                              100          4,016
Independence Community Bank Corp.                             445         11,294
Independent Bank Corp. - MA                                   100          2,280
Independent Bank Corp. - MI                                   115          3,480
Integra Bank Corp.                                            100          1,782
Investors Financial Services Corp.                            474         12,983
Irwin Financial Corp. (a)                                     100          1,650
KeyCorp                                                     2,495         62,724
Klamath First Bancorp, Inc.                                   139          2,232
Lakeland Financial Corp.                                      100          2,345
Liberty Bancorp.,  Inc.                                       235          6,213
Lincoln Bancorp                                               100          1,662
M&T Bank Corp.                                                485         38,485
MAF Bancorp, Inc.                                             173          5,870
Main Street Banks, Inc. (a)                                    20            384
MainSource Financial Group, Inc.                              116          2,773
Marshall & Ilsley Corp.                                     1,263         34,581
MB Financial, Inc.                                            100          3,479
Mercantile Bankshares Corp.                                   355         13,699
Merchants Bancshares, Inc.                                    150          3,381
Mid-State Bancshares                                           30            493
Mutualfirst Financial, Inc.                                   319          6,303
National City Corp.                                         3,590         98,079
National Commerce Financial Corp.                           1,358         32,388
National Penn Bancshares, Inc.                                113          3,011
Net.B@nk, Inc. *                                              441          4,269
New York Community Bancorp, Inc.                              680         19,638
Newmil Bancorp Inc.                                           322          6,424
North Fork BanCorp, Inc.                                      855         28,848
Northern States Financial Corp.                               227          6,297
Northern Trust Corp.                                        1,278         44,794
Northwest Bancorp, Inc.                                       200          2,958
Oak Hill Financial, Inc.                                      100          2,155
Old National Bancorp                                          464         11,275
PAB Bankshares, Inc. *                                        797          6,456
Pacific Capital Bancorp                                       133          3,385
Pamrapo Bancorp,  Inc.                                        359          6,100
Park National Corp.                                            56          5,533
Patriot Bank Corp.                                            100          1,537
Peapack Gladstone Financial, Corp.                            175          5,994
People's Bank Corp.                                           358          9,000
Popular, Inc.                                                 808         27,310
Progress Financial Corp. (a)                                  174          2,018
Prosperity Bancshares, Inc.                                   200          3,800
Provident Bancorp, Inc. (a)                                   100          3,105
Provident Bankshares Corp.                                    105          2,427
Provident Financial Group, Inc. (a)                           405         10,542
Quaker City Bancorp, Inc. *                                   125          4,116
R & G Financial Corp., Class B                                276          6,417
Republic Bancorp, Inc.                                        266          3,131
Republic Bancshares, Inc. *                                   100          1,965
Riggs National Corp.                                          100          1,549
Roslyn Bancorp, Inc.                                          580         10,457
Royal Bancshares Pennsylvania, Inc., Class A                  111          2,375
S & T Bancorp, Inc.                                           100          2,505
Sandy Spring Bancorp, Inc.                                    203          6,395
Santander Bancorp                                             481          6,253
Savannah Bancorp, Inc.                                        110          2,307
Shore Bancshares,  Inc. (a)                                   273          6,402
Silicon Valley Bancshares *                                   200          3,650
Sky Financial Group, Inc.                                     487          9,696
SNB Bancshares, Inc.                                          100          2,400
South Financial Group, Inc. (a)                               387          7,995
Southtrust Corp.                                            1,974         49,054
Southwest BanCorp of Texas, Inc. *                            339          9,767
Sovereign Bancorp, Inc.                                     1,357         19,066
State Bancorp, Inc.                                           118          2,124
Staten Islands Bancorp, Inc.                                  266          5,357
Sterling Bancorp                                               20            526
Sterling Bancshares, Inc.                                     200          2,444
Sterling Financial Corp.                                      116          2,743
Summit Bankshares, Inc.                                       100          1,950
SunTrust Banks, Inc.                                        1,679         95,569
Susquehanna Bancshares, Inc.                                  100          2,084
TCF Financial Corp.                                           437         19,093
Texas Regional Bancshares, Inc., Class A                      182          6,468
The Trust Company of New Jersey                                40          1,113
Trico Bancshares                                              100          2,460
Troy Financial Corp. (a)                                      105          2,833
TrustCo Bank Corp.                                            264          2,846
Trustmark Corp.                                               444         10,536
U.S.B. Holding Company, Inc.                                  110          1,947
UCBH Holdings, Inc.                                            26          1,104
Umpqua Holdings Corp.                                          66          1,205
Union Bankshares Corp.                                        100          2,725
Union Planters Corp.                                        1,060         29,828
UnionBanCal Corp.                                             870         34,165
United Bankshares, Inc.                                       350         10,171
United Community Banks, Inc.                                  248          6,044

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                          SHARES         VALUE  
                                                          ------         -----  
                                                                                
BANKING - CONTINUED                                                             
United National Bancorp                                      213      $    4,910
Unizan Financial Corp.                                       328           6,478
US Bancorp                                                11,610         246,364
Valley National Bancorp                                      562          14,820
Virginia Commerce Bancorp, Inc. *                             83           1,963
W Holding Company, Inc.                                      366           6,006
Wachovia Corp.                                             8,251         300,666
Wainwright Bank & Trust Company                              125           1,096
Warren Bancorp, Inc.                                         200           3,154
Warwick Community Bancorp                                     76           2,153
Washington Federal, Inc.                                     304           7,554
Washington Trust Bancorp, Inc.                               100           1,953
Waypoint Financial Corp.                                     308           5,482
Webfiancial Corp. *                                          134             363
Wells Fargo & Company                                     10,266         481,167
Wesbanco, Inc.                                               100           2,339
West Bank Corp.                                              538           7,371
West Coast Bancorp                                           110           1,667
West Essex Bancorp, Inc.                                     110           3,828
Westamerica BanCorp                                          275          11,049
Whitney Holding Corp.                                        150           5,000
Willow Grove Bancorp, Inc.                                   243           3,378
Wilmington Trust Corp.                                       400          12,672
Wintrust Financial Corp. (a)                                 103           3,226
WVS Financial Corp.                                           78           1,242
Yardville National Bancorp                                   100           1,724
Zions BanCorp                                                512          20,147
                                                                      ----------
                                                                       4,408,436
BIOTECHNOLOGY - 1.17%                                                           
Acacia Research Corp. * (a)                                   61             222
Adolor Corp. * (a)                                           245           3,361
Affymetrix, Inc. *                                           427           9,774
Amgen, Inc. *                                              7,683         371,396
Applera Corp. - Applied Biosystems Group                   1,383          24,258
Applera Corp. - Celera Genomics Group *                      377           3,600
Arena Pharmaceuticals, Inc. *                                250           1,628
Biogen, Inc. *                                               897          35,934
Biosite, Inc. * (a)                                          125           4,253
Cephalon, Inc. * (a)                                         380          18,494
Charles River Laboratories International, Inc. *             235           9,043
Chiron Corp. *                                             1,220          45,872
CIMA Laboratories, Inc. *                                    100           2,419
Covance, Inc. *                                              434          10,672
CTI Molecular Imaging, Inc. * (a)                            200           4,932
Exelixis, Inc. * (a)                                         390           3,120
Genentech, Inc. *                                          1,298          43,042
Genzyme Corp. *                                            1,230          36,371
Human Genome Sciences, Inc. *                                651           5,735
IDEC Pharmaceuticals Corp. *                                 930          30,848
Integra Lifesciences Holdings, Inc. *                        241           4,254
Intermune, Inc. * (a)                                        241           6,148
Invitrogen Corp. *                                           298           9,324
Lexicon Genetics, Inc. *                                     450           2,129
Medicines Company *                                          283           4,534
MedImmune, Inc. *                                          1,540          41,842
Millennium Pharmaceuticals, Inc. *                         1,743          13,839
Millipore Corp. *                                            402          13,668
Myriad Genetics, Inc. * (a)                                  170           2,482
Neose Technologies, Inc. * (a)                               120           1,064
Neurocrine Biosciences, Inc. * (a)                           238          10,867
Sangstat Medical Corp. *                                     100           1,130
Serologicals Corp. *                                         230           2,530
Tanox, Inc. * (a)                                            367           3,321
Telik, Inc. *                                                 91      $    1,061
Titan Pharmaceuticals, Inc. * (a)                            100             143
Transkaryotic Therapies, Inc. *                              264           2,614
Trimeris, Inc. * (a)                                         116           4,998
Tularik, Inc. * (a)                                          302           2,253
                                                                      ----------
                                                                         793,175
BROADCASTING - 1.45%                                                            
Acacia Research Corp. * (a)                                  110             265
Acme Communications, Inc. *                                  100             797
ACTV, Inc. *                                                 243             170
Belo Corp., Series A                                         773          16,480
Clear Channel Communications, Inc. *                       3,796         141,553
Cox Radio, Inc., Class A *                                   230           5,246
Crown Media Holdings, Inc., Class A * (a)                    871           1,968
Cumulus Media, Inc., Class A *                               542           8,060
EchoStar Communications Corp., Class A *                   1,484          33,034
Emmis Communications Corp., Class A *                        271           5,645
Entercom Communications Corp. *                              224          10,510
Entravision Communications Corp., Class A *                  298           2,974
Fox Entertainment Group, Inc., Class A *                   2,031          52,664
Gray Television, Inc., Class A                               630           7,466
Gray Television, Inc., Class B                               100             975
Hearst Argyle Television, Inc. *                             583          14,056
Hispanic Broadcasting Corp. *                                624          12,823
Liberty Media Corp., Series A *                           14,828         132,562
LodgeNet Entertainment Corp. *                               331           3,535
Mediacom Communications Corp., Class A *                     476           4,194
New Frontier Media, Inc. *                                   100             100
On Command Corp. *                                           100              68
Paxson Communications Corp. *                                880           1,813
Pegasus Communications Corp., Class A * (a)                  381             499
Radio One, Inc., Class A *                                   567           8,290
Radio Unica Corp. *                                          100              30
Regent Communications, Inc. *                                100             591
Saga Communications, Inc., Class A *                         125           2,375
Salem Communications Corp., Class A *                        251           6,267
Sinclair Broadcast Group, Inc., Class A *                    200           2,326
Sirius Satellite Radio, Inc. * (a)                           273             175
Spanish Broadcasting Systems, Inc., Class A *                100             720
UnitedGlobalCom, Inc., Class A *                             514           1,234
Univision Communications, Inc., Class A * (a)              1,468          35,966
Viacom, Inc., Class B * (a)                               10,682         435,398
Westwood One, Inc. *                                         729          27,235
XM Satellite Radio Holdings, Inc., Class A * (a)             481           1,294
Young Broadcasting, Inc., Class A *                           58             764
                                                                      ----------
                                                                         980,122
BUILDING MATERIALS & CONSTRUCTION - 0.25%                                       
American Standard Companies, Inc. *                          461          32,796
Apogee Enterprises, Inc.                                     200           1,790
Armstrong Holdings, Inc. * (a)                               100              37
Dycom Industries, Inc. *                                     578           7,659
ElkCorp                                                      100           1,730
EMCOR Group, Inc. *                                          127           6,732
Griffon Corp. *                                              225           3,065
Haemonetics Corp. *                                          100           2,146
Harsco Corp.                                                 325          10,364
Hughes Supply, Inc.                                          100           2,732
Jacobs Engineering Group, Inc. *                             264           9,398
Lennox International, Inc.                                   677           8,496
Masco Corp.                                                2,999          63,129
NCI Building Systems, Inc. *                                 100           2,182
Owens-Corning Corp. * (a)                                    200              84
RPM, Inc.                                                    872          13,324

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                             SHARES       VALUE 
                                                             ------       ----- 
                                                                                
BUILDING MATERIALS & CONSTRUCTION - CONTINUED                                   
Standard-Pacific Corp.                                         100      $  2,475
Trex Company, Inc. *                                            59         2,083
U.S. Concrete, Inc. *                                          152           831
WCI Commmunities, Inc. *                                        96           979
                                                                        --------
                                                                         172,032
BUSINESS SERVICES - 2.18%                                                       
ABM Industries, Inc.                                           200         3,100
Acxiom Corp. *                                                 380         5,844
Administaff, Inc. * (a)                                        223         1,338
Advanced Marketing Services, Inc.                              150         2,205
ADVO, Inc. *                                                   100         3,283
Affiliated Computer Services, Inc., Class A *                  814        42,857
Amerco * (a)                                                   100           442
American Management Systems, Inc. *                            162         1,942
AMR Corp. *                                                  1,600        10,560
Analysts International Corp. *                                 151           299
Answerthink Consulting Group *                                 166           415
Anteon International Corp. *                                   351         8,424
APAC Customer Services, Inc. *                                 296           693
Aramark Corp., Class B *                                       277         6,510
Arbitron, Inc. *                                               145         4,858
Automatic Data Processing, Inc.                              3,716       145,853
Banta Corp.                                                    100         3,127
BearingPoint, Inc. *                                         1,031         7,114
BISYS Group, Inc. *                                            656        10,430
Black Box Corp.                                                100         4,480
Bowne & Company, Inc.                                          158         1,888
Braun Consulting, Inc. * (a)                                   100            91
Bright Horizons Family Solutions, Inc. *                       100         2,812
Cadence Design Systems, Inc. *                               1,652        19,477
Catalina Marketing Corp. *                                     300         5,550
Cendant Corp. *                                              6,595        69,116
Central Parking Corp.                                          374         7,054
Ceridian Corp. *                                               727        10,483
Certegy, Inc. *                                                531        13,036
ChoicePoint, Inc. *                                            461        18,205
Coinstar, Inc. *                                               100         2,265
Comdisco Holding Company, Inc. *                               829            68
Compucredit Corp. * (a)                                        170         1,202
Computer Horizons Corp. *                                      157           513
Computer Sciences Corp. *                                    1,081        37,240
Computer Task Group, Inc. *                                    165           576
Concord EFS, Inc. *                                          3,292        51,816
Convergys Corp. *                                              948        14,362
Corporate Executive Board Company *                            349        11,140
Costar Group, Inc. *                                           100         1,845
CSG Systems International, Inc. *                              244         3,331
Deluxe Corp.                                                   371        15,619
DiamondCluster International, Inc., Class A *                  100           314
DST Systems, Inc. *                                            649        23,072
Dun & Bradstreet Corp. *                                       443        15,279
Edgewater Technology, Inc. *                                   100           472
eFunds Corp. *                                                 188         1,713
Electro Rent Corp. *                                           100         1,212
Electronic Data Systems Corp.                                3,001        55,308
Entrust Technologies, Inc. *                                   426         1,431
FactSet Research Systems, Inc.                                 140         3,958
Fidelity National Information Solutions, Inc. * (a)            345         5,951
First Consulting Group *                                       100           576
First Data Corp.                                             4,540       160,761
Fiserv, Inc. *                                               1,240        42,098
Fluor Corp.                                                    428        11,984
Forrester Research, Inc. *                                     100         1,557
Franklin Covey Company *                                       100      $    116
FTI Consulting, Inc. * (a)                                      78         3,132
Gartner Group, Inc., Class B *                                 359         3,393
Getty Images, Inc. *                                           335        10,234
Global Payments, Inc.                                          354        11,332
GSI Commerce, Inc. * (a)                                       414         1,511
Harte-Hanks, Inc.                                              746        13,928
Heidrick & Struggles International, Inc. *                     100         1,467
Hewitt Associates, Inc. *                                      194         6,148
Hollywood Media Corp. * (a)                                    100           100
Hooper Holmes, Inc.                                            619         3,801
ICT Group, Inc. *                                              299         3,465
Information Holdings, Inc. *                                   100         1,552
Information Resources, Inc. *                                  187           299
Insight Enterprises, Inc. *                                    461         3,831
Intelidata Technologies Corp. *                                259           233
Intelligroup, Inc. *                                           100            99
Intervoice, Inc. *                                             100           216
Iron Mountain, Inc. *                                          624        20,598
ITT Educational Services, Inc. *                               200         4,710
ITT Industries, Inc.                                           520        31,559
Kelly Services, Inc., Class A                                  359         8,871
Kforce.com, Inc. *                                             100           422
Korn/Ferry International * (a)                                 100           748
Kroll, Inc. *                                                  313         5,972
Kronos, Inc. *                                                 220         8,138
Labor Ready, Inc. *                                            100           642
Learning Tree International, Inc. * (a)                        100         1,370
Legato Systems, Inc. *                                         439         2,208
Lightbridge, Inc. *                                            159           978
Management Network Group, Inc. *                               100           150
Manpower, Inc.                                                 543        17,322
MAXIMUS, Inc. * (a)                                            100         2,610
McGrath Rentcorp                                               100         2,324
MedQuist, Inc. *                                               155         3,140
MPS Group, Inc. *                                            1,135         6,288
National Processing, Inc. *                                    417         6,693
Navigant Consulting Company *                                  100           590
NCR Corp. *                                                    608        14,434
New England Business Service, Inc.                             100         2,440
Niku Corp. *                                                    20            80
On Assignment, Inc. *                                          100           852
Paxar Corp. *                                                  221         3,260
Paychex, Inc.                                                2,158        60,208
PDI, Inc. *                                                    100         1,079
Pegasystems, Inc. *                                            173           884
PerkinElmer, Inc.                                              773         6,377
Pre-Paid Legal Services, Inc. * (a)                            100         2,620
PRG-Shultz International, Inc. *                               689         6,132
Probusiness Services, Inc. *                                   100         1,000
Protection One, Inc. * (a)                                     500         1,000
Quest Software, Inc. * (a)                                     477         4,918
R.H. Donnelley Corp. *                                         100         2,931
R.R. Donnelley & Sons Company                                  755        16,436
Rent-Way, Inc. *                                               100           350
Resource America, Inc.                                         100           901
Resources Connection, Inc. *                                   197         4,572
Reynolds & Reynolds Company, Class A                           356         9,067
Robert Half International, Inc. *                            1,119        18,027
Rollins, Inc.                                                  100         2,545
Sapient Corp. *                                                512         1,050
Scansource, Inc. * (a)                                          97         4,782
Seachange International, Inc. *                                100           615
SEI Investment Company                                         639        17,368

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                                          SHARES         VALUE  
                                                          ------         -----  
                                                                                
BUSINESS SERVICES - CONTINUED                                                   
Service Master Company                                     1,868      $   20,735
SITEL Corp. *                                                407             488
Sonicwall, Inc. * (a)                                        273             991
Sothebys Holdings, Inc., Class A *                           520           4,680
Source Information Management Company *                      100             423
SOURCECORP, Inc. *                                           137           2,547
Spherion Corp. *                                             200           1,340
SRA International, Inc., Class A *                           224           6,068
StarTek, Inc. *                                               33             911
SunGuard Data Systems, Inc. *                              1,873          44,128
Superior Consultant, Inc. *                                  100             264
Surmodics, Inc. * (a)                                         96           2,753
Sykes Enterprises, Inc. *                                    100             328
Syntel, Inc. *                                               204           4,286
Systems & Computer Technology Corp. *                        152           1,307
Tanning Technology Corp. *                                   100              76
Teletech Holdings, Inc. *                                    788           5,721
TETRA Technologies, Inc. *                                   692           8,442
The InterCept Group, Inc. *                                  100           1,693
The Titan Corp. *                                            340           3,536
Total Systems Services, Inc. (a)                           1,529          20,642
Track Data Corp. *                                           300             150
TRC Companies, Inc. * (a)                                    297           3,900
Unisys Corp. *                                             2,295          22,721
URS Corp. *                                                  100           1,423
Valassis Communications, Inc. *                              452          13,302
Vastera, Inc. * (a)                                          376           2,125
Viad Corp.                                                   633          14,148
Virco Manufacturing Company                                  162           1,652
Volt Information Sciences, Inc. *                             69           1,180
Wackenhut Corrections Corp. *                                100           1,111
Wallace Computer Series, Inc.                                408           8,776
Waste Holdings Inc. *                                         79             573
Water Pik Technology, Inc. *                                 125             919
Watson Wyatt & Company Holdings, Class A *                   340           7,395
Websense, Inc. *                                              85           1,816
West Corp. *                                                 518           8,599
Whitman Education Group, Inc. *                               96             733
Wind River Systems, Inc. *                                   479           1,964
Wireless Facilities, Inc. *                                  249           1,496
Workflow Management, Inc. *                                  100      $      213
                                                                      ----------
                                                                       1,476,822
CABLE AND TELEVISION - 1.20%                                                    
AOL Time Warner, Inc. *                                   26,935         352,848
Cablevision Systems New York Group, Class A                                     
   * (a)                                                   1,354          22,666
Charter Communications, Inc., Class A * (a)                1,554           1,834
Comcast Corp., Class A *                                  13,801         325,290
Cox Communications, Inc., Class A *                        3,508          99,627
Insight Communications Company, Inc., Class A *              319           3,949
Lin Tv Corp. *                                               276           6,721
McLeodUSA, Inc. * (a)                                        168             141
TiVo, Inc. * (a)                                             100             523
                                                                      ----------
                                                                         813,599
CELLULAR COMMUNICATIONS - 0.32%                                                 
AirGate PCS, Inc. * (a)                                      122              76
Alamosa Holdings, Inc. *                                     857             446
AT&T Wireless Services, Inc. *                            16,484          93,134
Leap Wireless International, Inc. * (a)                      294              44
Nextel Communications, Inc., Class A *                     5,558          64,195
Nextel Partners, Inc., Class A *                           1,067           6,477
RF Micro Devices, Inc. * (a)                                 965           7,073
Sprint Corp. (PCS Group), Series 1 * (a)                   5,715          25,032
Telephone & Data Systems, Inc.                               328      $   15,422
UbiquiTel, Inc. *                                            849             340
Western Wireless Corp., Class A * (a)                        335           1,775
                                                                      ----------
                                                                         214,014
CHEMICALS - 1.36%                                                               
A. Schulman, Inc.                                            198           3,685
Aceto Corp.                                                  185           2,954
Air Products & Chemicals, Inc.,                            1,429          61,090
Airgas, Inc. *                                               296           5,106
Albany Molecular Research, Inc. *                            312           4,615
Albemarle Corp.                                              180           5,121
AmCol International Corp.                                    273           1,583
Arch Chemicals, Inc.                                         100           1,825
Ashland, Inc.                                                458          13,067
Cabot Corp.                                                  283           7,511
Cabot Microelectronics Corp. * (a)                           236          11,139
Calgon Carbon Corp.                                          277           1,368
Cambrex Corp.                                                100           3,021
Crompton Corp.                                             1,047           6,230
Cytec Industries, Inc. *                                     159           4,338
Dionex Corp. *                                               100           2,971
Dow Chemical Company                                       5,629         167,181
E.I. Du Pont De Nemours & Company                          6,033         255,799
Eastman Chemical Company                                     464          17,061
Engelhard Corp.                                              693          15,489
Ethyl Corp. *                                                 60             389
Ferro Corp.                                                  181           4,422
FMC Corp. *                                                  174           4,754
Georgia Gulf Corp.                                           100           2,314
Great Lakes Chemical Corp.                                   194           4,633
H.B. Fuller Company                                          202           5,228
Hawkins, Inc.                                                718           6,455
Hercules, Inc. *                                             596           5,245
IMC Global, Inc.                                             685           7,309
Lubrizol Corp.                                               321           9,790
Lyondell Chemical Company                                    884          11,174
MacDermid, Inc.                                              369           8,432
Martek Biosciences Corp. * (a)                               100           2,516
Material Sciences Corp. * (a)                                151           1,954
Millennium Chemicals, Inc.                                   747           7,111
Minerals Technologies, Inc.                                  100           4,315
Mississippi Chemical Corp. *                                 230              74
Nl Industries, Inc.                                          198           3,366
Olin Corp.                                                   399           6,204
OM Group, Inc. *                                             201           1,383
Omnova Solutions, Inc. *                                     307           1,237
Penford Corp.                                                100           1,409
Polyone Corp.                                                970           3,802
PPG Industries, Inc.                                         961          48,194
Praxair, Inc.                                                990          57,192
Quaker Chemical Corp.                                        100           2,320
Rohm & Haas Company                                        1,291          41,932
Scotts Company, Class A *                                    125           6,130
Sigma-Aldrich Corp. (a)                                      465          22,645
Solutia, Inc.                                                426           1,546
Techne Corp. *                                               200           5,714
TETRA Technologies, Inc. *                                   100           2,137
Valence Technology, Inc. * (a)                               170             226
Valhi, Inc.                                                  506           4,200
Valspar Corp.                                                296          13,077
W. R. Grace & Company *                                    1,083           2,123
Waters Corp. *                                               902          19,646
WD-40 Company                                                100           2,642

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

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PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2002 - CONTINUED                        
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                             SHARES             VALUE  
                                             ------             -----  
                                                                       
CHEMICALS - CONTINUED                                                  
Zoltek Companies, Inc. *                        126                $277
                                                              ---------
                                                                924,671

COAL - 0.04%                                                           
Arch Coal, Inc.                                 477              10,298
Massey Energy Corp.                             315               3,062
Peabody Energy Corp.                            435              12,715
                                                              ---------
                                                                 26,075

COLLEGES & UNIVERSITIES - 0.01%                                        
Corinthian Colleges, Inc. *                     238               9,011

COMMERCIAL SERVICES - 0.06%                                            
Moody's Corp.                                   978              40,382

COMPUTERS & BUSINESS EQUIPMENT - 4.94%                                 
3Com Corp. *                                  2,011               9,311
ADE Corp. *                                     100                 597
Advanced Digital Information Corp. *            327               2,194
Aether Systems, Inc. *,                         213                 801
Allen Telecom, Inc. * (a)                       159               1,506
Apple Computer, Inc. *                        2,072              29,692
Avanex Corp. *                                  275                 288
Avici Systems, Inc. *                           104                 372
Benchmark Electronics, Inc. * (a)               100               2,866
Brocade Communications Systems, Inc. *        1,359               5,626
CACI International, Inc., Class A *             238               8,482
Cisco Systems, Inc. *                        44,162             578,522
Cognizant Technology Solutions                                         
  Corp., Class A * (a)                           35               2,528
Communication Intelligence Corp. *              300                 105
Computer Network Technology Corp. * (a)         100                 710
Concurrent Computer Corp. *                     642               1,849
Cray, Inc. *                                    880               6,750
Crossroads Systems, Inc. *                      100                  93
Datastream Systems, Inc. *                      100                 640
Dell Computer Corp. *                        15,640             418,214
Diebold, Inc.                                   403              16,612
Echelon Corp. * (a)                             160               1,794
eLoyalty Corp. * (a)                             23                  95
EMC Corp. *                                  13,457              82,626
Enterasys Networks, Inc. *                    1,207               1,883
Extreme Networks, Inc. *                        746               2,439
Falconstor Software, Inc. * (a)                 100                 388
FileNET Corp. *                                 477               5,819
FSI International, Inc. *                       169                 761
Gateway, Inc. *                               1,817               5,705
Gerber Scientific, Inc. *                       171                 694
GTECH Holdings Corp. *                          424              11,813
Handspring, Inc. * (a)                          546                 519
Helix Technology Corp.                          100               1,120
Henry, Jack & Associates, Inc.                  930              11,197
Hewlett-Packard Company                      18,389             319,233
Hutchinson Technology, Inc. *                   100               2,070
Hypercom Corp. *                                183                 683
Infocus Corp. *                                 151                 930
Ingram Micro, Inc., Class A *                 1,237              15,277
Intel Corp.                                  40,291             627,331
Intergraph Corp. *                              200               3,552
Interland, Inc. *                               414                 538
International Business Machines Corp.        10,225             792,438
Iomega Corp. *                                  215               1,688
Ixia *                                          237                 865
Lexmark International Group, Inc.,                                     
  Class A *                                     826              49,973
Maxtor Corp. *                                1,484               7,509
Mechanical Technology, Inc. *                   199                 332
Mercury Computer Systems, Inc. *                100               3,052
Metro One Telecomm, Inc. *                      141                 909
Micros Systems, Inc. *                          277               6,210
Microtune, Inc. *                               317                 992
MTS Systems Corp.                               169               1,693
National Instruments Corp. *                    421              13,678
Netro Corp. *                                   237                 647
Network Appliance, Inc. *                     1,927              19,270
New Horizons Worldwide, Inc. *                  100                 395
Nuance Communications, Inc. *                   111                 275
Oplink Communications, Inc. *                   670                 529
Packeteer, Inc. *                               100                 686
Palm, Inc. * (a)                                222               3,485
PEC Solutions, Inc. * (a)                       256               7,654
Perot Systems Corp., Class A *                  767               8,222
Pinnacle Systems, Inc. *                        631               8,588
Pitney Bowes, Inc.                            1,424              46,508
Plexus Corp. *                                  200               1,756
Quantum Corp. *                                 618               1,650
Radiant Systems, Inc. *                         100                 963
RadiSys Corp. *                                 405               3,232
Read Rite Corp. *                               683                 239
Redback Networks, Inc. * (a)                    666                 559
Riverstone Networks, Inc. *                     595               1,261
Robotic Vision Systems, Inc. *                  218                  52
Sandisk Corp. * (a)                             342               6,943
Silicon Storage Technology, Inc. *              360               1,454
Socket Communications, Inc. *                   179                 129
Spectralink Corp. *                             100                 718
Spectrasite Holdings, Inc. *                    638                  38
Standard Microsystems Corp. *                   100               1,947
Storage Technology Corp. *                      733              15,701
Sun Microsystems, Inc. *                     20,942              65,130
Sybase, Inc. *                                  894              11,980
Synaptics, Inc. *                               423               3,215
TALX Corp.                                      306               3,954
Tech Data Corp. *                               407              10,973
Tellium, Inc. *                                 470                 301
Transmeta Corp. *                               733                 858
Turnstone Systems, Inc. *                       200                 540
Universal Access Global Holdings,                                      
  Inc. *                                        430                  82
Universal Display Corp. * (a)                   100                 789
VA Linux Systems, Inc. * (a)                    215                 196
Virage Logic Corp. *                            107               1,073
Visual Networks, Inc. * (a)                     100                 145
Wave Systems Corp. * (a)                        236                 314
Western Digital Corp. *                       1,806              11,540
Witness Systems, Inc. *                         100                 344
WJ Communication, Inc. *                        256                 245
Xerox Corp. * (a)                             4,435              35,702
Xybernaut Corp. *                               224                 117
                                                              ---------
                                                              3,343,963

CONSTRUCTION MATERIALS - 0.19%                                         

Applied Industrial Technologies, Inc.           100               1,890
Centex Construction Products, Inc.              100               3,515
Clarcor, Inc.                                   148               4,776
Columbus McKinnon Corp. *                       100                 382
Comfort Systems USA, Inc. *                     260                 871
Florida Rock Industries, Inc.                   150               5,708
Forest City Enterprises, Inc.                   192               6,403
Granite Construction, Inc.                      150               2,325

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

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(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)                              

                                                                [Download Table]

                                             SHARES             VALUE  
                                             ------             -----  
                                                                       
CONSTRUCTION MATERIALS - CONTINUED                                     
Insituform Technologies, Inc., Class                                   
  A * (a)                                       100              $1,705
JLG Industries, Inc.                            171               1,288
Lafarge Corp.                                   428              14,060
Martin Marietta Materials, Inc.                 278               8,523
Noland Company                                  100               3,028
Regal Beloit Corp.                              100               2,070
Roper Industries, Inc.                          137               5,014
Shaw Group, Inc. * (a)                          166               2,731
Sherwin-Williams Company                        807              22,798
Simpson Manufacturing, Inc. *                   176               5,790
Standex International Corp.                     259               6,175
Trinity Industries, Inc. (a)                    346               6,560
USG Corp. * (a)                                 100                 845
Vulcan Materials Company                        557              20,887
                                                              ---------
                                                                127,344

CONSTRUCTION & MINING EQUIPMENT - 0.20%                                
Astec Industries, Inc. *                        100                 993
Buckeye Partners, LP                            193               7,411
Carbo Ceramics, Inc.                            150               5,055
Caterpillar, Inc.                             2,046              93,543
CDI Corp. *                                     100               2,698
Dril-Quip, Inc. *                               100               1,690
Gulf Islands Fabrication, Inc. *                100               1,625
Kaman Corp., Class A                            100               1,100
National Oilwell, Inc. *                        628              13,715
Parker Drilling Company *                       498               1,106
RPC, Inc.                                       238               2,761
W H Energy Services, Inc. *                     123               1,795
Williams Industies, Inc. *                      175                 595
                                                              ---------
                                                                134,087

CONTAINERS & GLASS - 0.23%                                             
Ball Corp.                                      306              15,664
Bemis Company, Inc.                             259              12,854
Crown Cork & Seal, Inc. *                     1,185               9,421
Earthshell Corp. * (a)                          511                 297
Greif Brothers Corp., Class A                   241               5,736
Interpool, Inc.                                 100               1,606
Longview Fibre Company *                        200               1,446
Mobile Mini, Inc. * (a)                         202               3,165
Owens-Illinois, Inc. *                        1,050              15,309
Packaging Corp. of America *                    413               7,533
Pactiv Corp. *                                1,056              23,084
Sealed Air Corp. *                              537              20,030
Silgan Holdings, Inc. *                         100               2,468
Smurfit-Stone Container Corp. *               1,298              19,978
Sonoco Products Company                         641              14,698
West Pharmaceutical Services, Inc.              100               2,440
                                                              ---------
                                                                155,729

COSMETICS & TOILETRIES - 1.98%                                         
Alberto Culver Company, Class B (a)             374              18,850
Avon Products, Inc.                           1,430              77,034
Colgate-Palmolive Company                     3,294             172,704
Estee Lauder Companies, Inc., Class A           679              17,926
Helen Troy, Ltd. *                              233               2,712
Intermediate Parfums, Inc.                      225               1,741
International Flavors &                                                
  Fragrances, Inc.                              621              21,797
Kimberly-Clark Corp.                          3,140             149,056
Nu Skin Enterprises, Inc., Class A              179               2,143
Revlon, Inc., Class A * (a)                     175                 535
The Gillette Company                          6,427             195,124
The Procter & Gamble Company                  7,908             679,614
                                                              ---------
                                                              1,339,236

CRUDE PETROLEUM & NATURAL GAS - 0.46%                                  
Apache Corp.                                    867             $49,410
Burlington Resources, Inc.                    1,206              51,436
Cabot Oil & Gas Corp., Class A                  338               8,376
Evergreen Resources, Inc. *                     100               4,485
FMC Technologies, Inc. *                        299               6,109
Helmerich & Payne, Inc.                         193               5,387
Key Energy Services, Inc. *                   1,016               9,114
Nuevo Energy Company *                          100               1,110
Occidental Petroleum Corp.                    2,229              63,415
Ocean Energy, Inc.                            1,152              23,005
Patina Oil & Gas Corp.                          125               3,956
Patterson-UTI  Energy, Inc. *                   593              17,891
Pioneer Natural Resources Company *             825              20,831
Sunoco, Inc.                                    416              13,803
TEPPCO Partners, LP                             326               9,046
Valero Energy Corp.                             580              21,425
                                                              ---------
                                                                308,799

DOMESTIC OIL - 0.76%                                                   
Amerada Hess Corp.                              540              29,727
Anadarko Petroleum Corp.                      1,440              68,976
Chesapeake Energy Corp.                         943               7,299
Cimarex Energy Company *                        202               3,616
Denbury Resources, Inc. *                       262               2,961
Devon Energy Corp.                              970              44,523
Encore Aquisition Company *                     348               6,410
Energy Partners, Ltd. *                         377               4,034
EnergySouth, Inc.                               100               2,820
Enterprise Products Partners LP               1,021              19,807
EOG Resources, Inc.                             692              27,625
Forest Oil Corp. *                              371              10,258
Frontier Oil Corp.                              100               1,722
Giant Industries, Inc. *                        100                 295
Grey Wolf, Inc. *                             2,309               9,213
Holly Corp.                                     200               4,370
Houston Exploration Company *                   100               3,060
Kerr-McGee Corp.                                531              23,523
Magnum Hunter Resources, Inc. *                 806               4,796
Marathon Oil Corp.                            1,912              40,706
Maverick Tube Corp. *                           547               7,127
McMoran Exploration Company * (a)               100                 510
Murphy Oil Corp.                                592              25,367
Noble Energy, Inc.                              348              13,067
Oil States International, Inc. *                522               6,734
Plains Exploration + Production                                        
  Company *                                     100                 975
Plains Resources, Inc. *                        100               1,185
Pogo Producing Company                          438              16,316
Prima Energy Corp. *                            257               5,747
Quicksilver Resources, Inc. *                   108               2,422
Range Resources Corp. *                       1,098               5,929
Remington Oil Gas Corp. *                       200               3,282
Seven Seas Petroleum, Inc. *                    274                   8
Spinnaker Exploration Company *                 357               7,872
St. Mary Land & Exploration Company                                    
  (a)                                           252               6,300
Stone Energy Corp. *                            139               4,637
Swift Energy Company *                          100                 967
Syntroleum Corp. *                              168                 291
Tom Brown, Inc. *                               152               3,815
Unit Corp. *                                    429               7,958
Unocal Corp.                                  1,390              42,506
Vintage Petroleum, Inc.                         566               5,971
Westport Resources Corp. *                      320               6,656
Williams Clayton Energy, Inc. *                 100               1,214
Wiser Oil Company *                             136                 468

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

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                                                                [Download Table]

                                             SHARES             VALUE  
                                             ------             -----  
                                                                       
DOMESTIC OIL - CONTINUED                                               
World Fuel Services Corp.                        58              $1,189
XTO Energy, Inc.                                794              19,612
                                                              ---------
                                                                513,866

DRUGS & HEALTH CARE - 1.20%                                            
1 800 Contacts * (a)                            256               7,058
Abiomed, Inc. * (a)                             362               1,318
Aclara Biosciences, Inc. *                      100                 210
Advanced Tissue Sciences, Inc. * (a)            321                  13
Alaris Med, Inc. *                            1,070               6,527
Alkermes, Inc. * (a)                            519               3,254
Alliance Imaging, Inc. *                        179                 949
ALPHARMA, Inc., Class A                         146               1,739
American Healthcorp, Inc. * (a)                 269               4,707
AmeriPath, Inc. *                               213               4,579
Amsurg Corp. *                                  180               3,677
Andrx Corp. *                                   363               5,325
Antigenics, Inc. * (a)                          684               7,004
Aphton Corp. * (a)                              100                 389
Apogent Technologies, Inc. *                    597              12,418
Aradigm Corp. * (a)                             100                 162
Ariad Pharmaceuticals, Inc. *                   100                 240
Arqule, Inc. *                                  246                 750
Arrow International, Inc.                       100               4,067
Atrix Labatories, Inc. * (a)                    276               4,234
Avant Immunotherapeutics, Inc. *                304                 345
Axonyx, Inc. *                                  100                  87
Beckman Coulter, Inc.                           297               8,767
Beverly Enterprises, Inc. *                     400               1,140
Bio Technology General Corp. *                  200                 640
Bio-Rad Laboratories, Inc., Class A *           216               8,359
Biomarin Pharmaceutical, Inc. * (a)             956               6,740
Biopure Corp., Class A * (a)                    100                 372
Britesmile, Inc. * (a)                          421                 139
Cardinal Health, Inc.                         2,774             164,193
Cardiodynamics International Corp. *            263                 807
Caremark Rx, Inc. *                           1,488              24,180
Cell Genesys, Inc. * (a)                        376               4,193
Cell Pathways, Inc. * (a)                       100                  41
Cell Therapeutics, Inc. * (a)                   142               1,032
Cerus Corp. *                                    98               2,107
Chromavision Medical Systems, Inc.                                     
  * (a)                                         164                 218
Closure Medical Corp. *                         100               1,048
Cobalt Corp. *                                  100               1,380
Columbia Laboratories, Inc. *                   156                 524
Conmed Corp. *                                  150               2,939
Cooper Company, Inc (a).                        210               5,254
Corixa Corp. * (a)                              200               1,278
Corvas International, Inc. *                    100                 155
Coventry Health Care, Inc. *                    268               7,780
Cryolife, Inc. * (a)                            150               1,025
Curagen Corp. * (a)                             271               1,260
Curis, Inc. *                                   145                 149
CV Therapeutics, Inc. * (a)                     100               1,822
Cyberonics, Inc. *                              100               1,840
Cygnus, Inc. * (a)                              100                  66
Datascope Corp.                                 124               3,075
Daxor Corp. *                                   100               1,480
Diametrics Medical, Inc. *                      221                 365
Digene Corp. *                                  147               1,685
Diversa Corp. *                                 669               6,054
Drugstore.com, Inc. *                           200                 480
Duane Reade, Inc. *                             100               1,700
Durect Corp. *                                  435                 879
eBenX, Inc. *                                   100                 476
Edwards Lifesciences Corp. *                    270               6,877
Embrex, Inc. * (a)                              100               1,113
Emisphere Technologies, Inc. * (a)              100                 348
Endo Pharmaceutical Holdings, Inc. *            922               7,098
Endocare, Inc. * (a)                            100                 344
Enzo Biochem, Inc. * (a)                        110               1,540
Enzon, Inc. * (a)                               198               3,311
Eon Labs, Inc. *                                203               3,839
Gen-Probe, Inc. *                               271               6,450
Gene Logic, Inc. *                              100                 629
Genelabs Technologies, Inc. *                   200                 340
Genencor International, Inc. * (a)              343               3,355
Genesis Health Ventures, Inc. *                 401               6,195
Genome Therapeutics Corp. * (a)                 100                 155
Genta, Inc. * (a)                               242               1,861
Gentiva Health Services, Inc.                   754               6,643
Geron Corp. * (a)                               100                 360
GTC Biotherapeutics, Inc. *                     100                 118
Health Net, Inc. *                              819              21,622
Hemispherx Biopharma, Inc. * (a)                186                 396
Henry Schein, Inc. *                            274              12,330
Hillenbrand Industries, Inc.                    393              18,986
Humana, Inc. *                                  979               9,790
I-STAT Corp. * (a)                              100                 400
ICOS Corp. * (a)                                516              12,080
IDEXX Laboratories, Inc. *                      281               9,231
IDX Systems Corp. * (a)                         100               1,703
IGEN International, Inc. * (a)                  100               4,285
ILEX Oncology, Inc. *                           100                 706
Illumina, Inc. *                                401               1,351
ImClone Systems, Inc. * (a)                     444               4,716
Immunogen, Inc. * (a)                           158                 490
Immunomedics, Inc. *                            215                 993
Impax Laboratories, Inc. *                      384               1,540
Inhale Therapeutic Systems, Inc. * (a)          200               1,616
International Specialty Products,                                      
  Inc. *                                        304               3,104
Intrabiotics Pharmaceuticals, Inc. *            100                  29
Intuitive Surgical, Inc. * (a)                  372               2,292
Invacare Corp.                                  233               7,759
Ivax Corp. *                                    990              12,009
K-V Pharmaceutical Company, Class A *           232               5,382
Kos Pharmaceuticals, Inc. * (a)                 100               1,900
Kyphon, Inc. *                                  729               6,226
Labone, Inc. *                                  100               1,772
Landauer, Inc.                                  100               3,475
Lifepoint Hospitals, Inc. *                     338              10,117
Luminex Corp. * (a)                             195                 801
Magellan Health Services, Inc. *                366                  59
Maxygen, Inc. *                                 457               3,482
Medarex, Inc. *                                 386               1,525
Mentor Corp.                                    100               3,850
MGI Pharma, Inc. * (a)                          100                 725
Mid-Atlantic Medical Services, Inc. *           200               6,480
Molecular Devices Corp. *                       103               1,696
Nanogen, Inc. *                                 100                 155
NaPro BioTherapeutics, Inc. *                   587                 399
NBTY, Inc. *                                    620              10,900
NDCHealth Corp.                                 257               5,114
NeoPharm, Inc. * (a)                            350               3,549
NeoRx Corp. * (a)                               100                  43
Neurogen Corp. *                                100                 363
Northfield Laboratories, Inc. * (a)             100                 344
Novoste Corp. *                                 166               1,199

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

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                                                                [Download Table]

                                             SHARES             VALUE  
                                             ------             -----  
                                                                       
DRUGS & HEALTH CARE - CONTINUED                                        

Ocular Sciences, Inc. *                         100              $1,552
Omega Healthcare Investors, REIT *              200                 748
Orasure Technologies, Inc. * (a)                438               2,387
Orthodontic Centers America, Inc. * (a)         353               3,851
Osteotech, Inc. *                               100                 644
Owens & Minor, Inc.                             165               2,709
Pacificare Health Systems, Inc. * (a)           315               8,851
Parexel International Corp. *                   100               1,099
Peregrine Pharmaceuticals, Inc. *               300                 234
Perrigo Company *                               301               3,657
Pharmaceutical Resources, Inc. *                150               4,470
Pharmacopeia, Inc. *                            100                 892
Pharmacyclics, Inc. *                           178                 635
Pharmos Corp. * (a)                             320                 336
Polymedica Corp. * (a)                          116               3,577
PracticeWorks, Inc. * (a)                        98                 774
Praecis Pharmaceuticals, Inc. *                 373               1,212
Prime Hospitality Corp. *                       200               1,630
Protein Design Labs, Inc. *                     572               4,862
Quidel Corp. *                                  234                 812
Quintiles Transnational Corp. *                 592               7,163
Rehabcare Group, Inc. * (a)                     113               2,156
Renal Care Group, Inc. *                        326              10,315
Resources Care, Inc. *                          100                 363
Respironics, Inc. *                             302               9,190
Ribozyme Pharmaceuticals, Inc. *                100                  24
RLI Corp.                                       246               6,863
SciClone Pharmaceuticals, Inc. * (a)            171                 544
Scios, Inc. * (a)                               389              12,674
Sepracor, Inc. * (a)                            436               4,216
Sequenom, Inc. *                                100                 180
Sola International, Inc. *                      379               4,927
STAAR Surgical Company *                        100                 367
Stryker Corp.                                 1,174              78,799
Sunrise Assisted Living, Inc. * (a)             100               2,489
Supergen, Inc. * (a)                            100                 363
Sybron Dental Specialties, Inc. *               356               5,287
Syncor International Corp. *                    183               5,075
Targeted Genetics Corp. *                       226                  90
Texas Biotechnology Corp. *                     207                 290
Theragenics Corp. *                             160                 645
Twinlab Corp. *                                 188                  19
United Surgical Partners                                               
  International, Inc * (a)                      293               4,577
US Oncology, Inc. *                             375               3,251
Valentis, Inc. *                                170                  37
Vasomedical, Inc. *                             310                 291
Vaxgen, Inc. * (a)                              100               1,931
Ventana Medical Systems, Inc. *                 168               3,872
Versicor, Inc. * (a)                            124               1,338
Vical, Inc. *                                   100                 347
VISX, Inc. *                                    253               2,424
Vital Signs, Inc.                               100               2,988
VitalWorks, Inc. *                              100                 385
Vivus, Inc. * (a)                               185                 690
Young Innovations, Inc. *                       150               3,491
Zevex International, Inc. *                      75                 143
Zila, Inc. * (a)                                295                 271
Zonagen, Inc. * (a)                             110                 108
Zymogenetics, Inc. *                            647               6,405
                                                              ---------
                                                                811,774

EDUCATIONAL SERVICES - 0.13%                                           
Apollo Group, Inc., Class A *                 1,068              46,992
Career Education Corp. *                        254              10,160
DeVry, Inc. *                                   377               6,262
Edison Schools, Inc., Class A * (a)             263                 426
Education Management Corp. *                    235               8,836
Leapfrog Enterprises, Inc. * (a)                233               5,860
Renaissance Learning, Inc. * (a)                153               2,892
Strayer Education, Inc.                         100               5,750
Sylvan Learning Systems, Inc. *                 200               3,280
                                                              ---------
                                                                 90,458

ELECTRICAL EQUIPMENT - 2.73%                                           
A.O. Smith Corp.                                100               2,701
Active Power, Inc. * (a)                        215                 383
American Power Conversion Corp. *             1,317              19,953
AMETEK, Inc.                                    154               5,927
Anaren Microwave, Inc. * (a)                    110                 968
Anixter International, Inc. *                   156               3,627
Artesyn Technologies, Inc. *                    159                 611
Audiovox Corp., Class A *                       100               1,034
AVX Corp.                                       946               9,271
Baldor Electric Company                         417               8,236
Belden, Inc.                                    100               1,522
C & D Technologies, Inc.                        329               5,813
C-COR.net Corp. *                               100                 332
Cable Design Technologies Corp. *               490               2,891
Capstone Turbine Corp. *                        328                 295
Catalytica Energy Systems, Inc. * (a)           332                 916
Cohu, Inc.                                      100               1,470
Cooper Industries, Ltd., Class A                557              20,303
Dupont Photomasks, Inc. *                        85               1,976
Electro Scientific Industries,                                         
  Inc. * (a)                                    100               2,000
Emerson Electric Company                      2,548             129,566
Energizer Holdings, Inc. *                      441              12,304
General Cable Corp.                             174                 661
General Electric Company                     60,158           1,464,847
Genlyte Group, Inc. *                           100               3,116
Hubbell, Inc., Class B                          435              15,286
Johnson Controls, Inc.                          509              40,807
Littelfuse, Inc. *                              100               1,686
Magnetek, Inc. *                                100                 444
Methode Electronics, Inc., Class A              100               1,097
Molex, Inc.                                   1,297              29,883
NCT Group, Inc. *                             1,000                  45
Plug Power, Inc. * (a)                          193                 867
Powell Industries, Inc. *                       100               1,708
Power-One, Inc. *                               300               1,701
Rayovac Corp. *                                 421               5,612
SLI, Inc. *                                   2,964                   3
SPS Technologies, Inc. *                        122               2,897
Symbol Technologies, Inc.                     1,956              16,078
Tektronix, Inc. *                               690              12,551
Thomas Industries, Inc.                         100               2,606
Twin Disc, Inc.                                 100               1,238
Universal Electronics, Inc. *                   100                 974
Vicor Corp. *                                   262               2,162
W.H. Brady Company, Class A                     100               3,335
Waters Instruments, Inc.                        147                 661
Watsco, Inc.                                    164               2,686
Wesco International, Inc. *                     164                 900
Wilson Greatbatch Technologies, Inc. *           91               2,657
Woodhead Industries, Inc.                        76                 859
                                                              ---------
                                                              1,849,466

ELECTRIC UTILITIES - 1.85%                                             
Allegheny Energy, Inc. *                        598               4,521
Allete, Inc.                                    542              12,293

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

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                                                                [Download Table]

                                             SHARES             VALUE  
                                             ------             -----  
                                                                       
ELECTRIC UTILITIES - CONTINUED                                         

Alliant Corp.                                   776              12,843
Ameren Corp.                                    846              35,168
American Electric Power, Inc.                 2,062              56,354
Avista Corp.                                    374               4,323
Baycorp Holdings, Ltd. *                        117               1,725
Black Hills Corp.                               318               8,433
CenterPoint Energy, Inc.                      1,708              14,518
Central Vermont Public Service Corp.            200               3,656
CH Energy Group, Inc.                           100               4,663
Cinergy Corp.                                   947              31,933
Cleco Corp.                                     200               2,800
CMS Energy Corp. (a)                            902               8,515
Connecticut Water Service, Inc.                   9                 227
Consol Energy, Inc. (a)                         383               6,618
Consolidated Edison, Inc.                     1,244              53,268
Constellation Energy Group, Inc.              1,029              28,627
Dominion Resources, Inc.                      1,786              98,051
DPL, Inc.                                       813              12,471
DQE, Inc.                                       522               7,955
DTE Energy Company                              849              39,394
Duke Energy Corp.                             5,369             104,910
Edison International *                        2,118              25,098
El Paso Electric Company *                      703               7,733
Empire District Electric Company                100               1,820
Exelon Corp.                                  1,929             101,793
FirstEnergy Corp.                             1,857              61,225
Florida Public Utilities Company                205               3,044
FPL Group, Inc.                               1,068              64,219
GrafTech International, Ltd. *                  682               4,065
Great Plains Energy, Inc.                       489              11,188
Green Mountain Power Corp.                      200               4,194
Hawaiian Electric Industries, Inc.              244              10,731
IDACORP, Inc.                                   236               5,860
MGE Energy, Inc.                                100               2,677
Northeast Utilities                             853              12,940
NSTAR                                           255              11,319
OGE Energy Corp.                                522               9,187
Otter Tail Power Company                        100               2,690
Pepco Holdings, Inc.                            828              16,055
PG&E Corp. *                                  2,344              32,582
Pinnacle West Capital Corp.                     476              16,227
PNM Resources, Inc.                             380               9,052
PPL Corp.                                       920              31,906
Public Service Enterprise Group, Inc.         1,263              40,542
Puget Energy, Inc.                              391               8,622
Quanta Services, Inc. *                         551               1,929
Reliant Resources, Inc. *                     1,559               4,989
Sierra Pacific Resources * (a)                  614               3,991
TECO Energy, Inc. (a)                         1,088              16,831
The AES Corp. *                               2,791               8,429
The Southern Company                          4,287             121,708
Uil Holding Corp.                               142               4,952
Unisource Energy Corp.                          457               7,902
Unitil Corp.                                    244               6,051
Westar Energy, Inc.                             276               2,732
Wisconsin Energy Corp.                          661              16,657
WPS Resources Corp. (a)                         262              10,171
                                                              ---------
                                                              1,254,377

ELECTRONICS - 0.68%                                                    
Adaptec, Inc. *,                                813               4,593
Agilent Technologies, Inc. *                  3,035              54,509
Amphenol Corp., Class A *                       222               8,436
Anadigics, Inc. * (a)                           100                 258
Analogic Corp.                                   42               2,112
Arrow Electronics, Inc. *                       503               6,433
AstroPower, Inc. * (a)                          258               2,061
Avnet, Inc. *                                   757               8,198
Checkpoint Systems, Inc. * (a)                  174               1,799
CTS Corp.                                       100                 775
Cubic Corp.                                     336               6,193
DDI Corp. *                                     405                  89
DSP Group, Inc. *                               100               1,582
Electronics For Imaging, Inc. *                 416               6,765
Engineered Support Systems, Inc.                 52               1,906
FEI Company *                                   260               3,975
Fisher Scientific International, Inc. *         258               7,761
FLIR Systems, Inc. *                            184               8,979
Foundry Networks, Inc. *                        784               5,519
Franklin Electric, Inc.                         134               6,433
General Motors Corp., Class H *               5,687              60,851
Glenayre Technologies, Inc. *                   322                 367
Harman International Industries, Inc.           236              14,042
Identix, Inc. * (a)                             353               1,818
Intermagnetics General Corp. * (a)              165               3,241
Intermediate Telephone, Inc.                    100               2,091
InVision Technologies, Inc. *                   182               4,798
Itron, Inc. *                                   207               3,968
Jabil Circuit, Inc. *                         1,072              19,210
Keithley Instruments, Inc.                       94               1,175
Kemet Corp. *                                   484               4,230
L-3 Communications Holdings, Inc. * (a)         498              22,365
Lexar Media, Inc. *                             912               5,718
Lufkin Industries, Inc.                         100               2,345
Mentor Graphics Corp. *                         259               2,036
Mirant Corp. *                                2,339               4,421
Park Electrochemical Corp.                      268               5,146
Pemstar, Inc. * (a)                             467               1,055
Photon Dynamics, Inc. *                         252               5,746
Pixelworks, Inc. *                              199               1,154
Polycom, Inc. *                                 581               5,531
Rockwell International Corp.                  1,014              21,000
Rogers Corp. *                                  228               5,073
Sanmina-SCI Corp. *                           4,429              19,886
Sequa Corp., Class A *                          114               4,459
Silicon Graphics, Inc. *                        818                 924
Solectron Corp. *                             5,070              17,999
Somera Communications, Inc. * (a)               275                 743
Stoneridge, Inc. *                              181               2,154
Sycamore Networks, Inc. *                     2,459               7,107
Technitrol, Inc.                                234               3,777
Technology Solutions Company *                  326                 355
Teleflex, Inc.                                  303              12,996
Thomas & Betts Corp. *                          431               7,284
Trimble Navigation, Ltd. *                      100               1,249
United Industrial Corp.                         184               2,944
Varian, Inc. *                                  145               4,160
Verisity, Ltd. *                                376               7,167
Vicon Industries, Inc. *                        256                 922
Video Display Corp. *                           101                 653
Viisage Technology, Inc. *                       94                 418
Vishay Intertechnology, Inc. *                  861               9,626
Vixel Corp. *                                   100                 200
Wells-Gardner Electronics Corp. * (a)           215                 355
Wireless Telecom Group, Inc.                    221                 424
X-Rite, Inc.                                    162               1,132
Xata Corp. * (a)                                126                 466
Xeta Corp. *                                     91                 286

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

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                                                                [Download Table]

                                             SHARES             VALUE  
                                             ------             -----  
                                                                       
ELECTRONICS - CONTINUED                                                
Zebra Technologies Corp., Class A *             259              14,841
Zygo Corp. *                                     73                 510
                                                              ---------
                                                                458,794

ENERGY - 0.39%                                                         
Calpine Corp. * (a)                           3,571              11,641
Energen Corp.                                   100               2,910
Energy East Corp.                               890              19,660
Entergy Corp.                                 1,245              56,760
Fuelcell Energy, Inc. * (a)                     164               1,074
Headwaters, Inc. *                              477               7,398
MDU Resources Group, Inc.                       489              12,621
Progress Energy, Inc.                         1,373              59,520
Sempra Energy                                 1,255              29,681
TXU Corp.                                     1,997              37,304
Xcel Energy, Inc. (a)                         2,587              28,457
                                                              ---------
                                                                267,026

FINANCIAL SERVICES - 7.19%                                             
A.G. Edwards, Inc.                              499              16,447
Ace Cash Express, Inc. *                        100                 917
Advanta Corp., Class A                          518               4,652
Aegis Realty, Inc.                              928              10,598
Alliance Capital Management Holding,                                   
  LP (a)                                        400              12,400
Ambac Financial Group, Inc.                     637              35,825
Amcore Financial, Inc.                          100               2,170
American Express Company,                     8,006             283,012
American Insured Mortgage, Ltd., LP,                                   
  Series 88                                   1,452               5,953
American Insured Mortgage, Series                                      
  86, LP                                      2,071               6,399
American Residential Investment Trust *         100                 398
Americredit Corp. * (a)                       1,430              11,068
Ameritrade Holding Corp. *                    1,818              10,290
Annaly Mortgage Management, Inc., REIT          423               7,952
Arthur J. Gallagher & Company                   494              14,514
Bear Stearns Companies, Inc.                    545              32,373
Blackrock, Inc., Class A *                       56               2,206
BNP Residential Properties, Inc.                876               8,891
BP Prudhoe Bay Royalty Trust (a)                100               1,476
Capital One Financial Corp. (a)               1,392              41,370
Cash America International, Inc.                154               1,466
Charles Schwab Corp.                          8,280              89,838
Charter Municipal Mortgage                                             
  Acceptance Company, SBI                       336               5,836
Charter One Financial, Inc.                   1,228              35,281
CIT Group, Inc.                               1,191              23,344
Citigroup, Inc.                              30,576           1,075,970
Citizens South Banking Corp.                    306               3,121
Clark/Bardes, Inc. *                             64               1,232
Compass Bancshares, Inc.                        630              19,700
Correctional Properties Trust                   200               4,340
Countrywide Financial Corp.                     687              35,484
Credit Acceptance Corp. *                       200               1,276
Cross Timbers Realty Trust                      100               1,950
Delphi Financial Group, Inc.                    100               3,796
Downey Financial Corp.                          105               4,095
DVI, Inc. *                                     100                 755
E TRADE Group, Inc. *                         2,097              10,191
Eaton Vance Corp.                               456              12,882
Equifax, Inc.                                   890              20,595
Equity One, Inc.                                242               3,231
Euronet Worldwide, Inc. * (a)                   430               3,229
Federal Agricultural Mortgage Corp.,                                   
  Class A *                                     214               4,323
Federal Home Loan Mortgage Corp.              4,177             246,652
Federal National Mortgage Association         5,996             385,723
Federated Investors, Inc., Class B              615              15,603
Fidelity Bancorp, Inc.                           75               2,250
Financial Federal Corp. *                       100               2,513
First Charter Corp.                             150               2,700
First Street Bancorporation                     100               2,480
Firstfed Financial Corp. *                      177               5,124
Franklin Resources, Inc.                      1,625              55,380
Fulton Financial Corp.                          445               7,859
H & R Block, Inc.                             1,058              42,532
Harbor Florida Bancshares, Inc.                  27                 608
Household International, Inc.                 2,803              77,951
Hugoton Royalty Trust SBI                       200               2,564
Humphrey Hospitality Trust *                    300                 588
Impac Mortgage Holdings, Inc.                   400               4,600
IndyMac Bancorp, Inc. *                         283               5,233
Interactive Data Corp. *                        447               6,146
International Bancshares Corp.                  167               6,588
Inveresk Research Group Inc. *                  317               6,841
Investment Technology Group, Inc. *             313               6,999
Investors Real Estate Trust, SBI                367               3,663
Istar Financial, Inc.                           653              18,317
ITLA Capital Corp. *                            100               3,323
J.P. Morgan Chase & Company                  11,973             287,352
Jameson Inns, Inc.                              300                 678
Jeffries Group, Inc.                             96               4,029
John Hancock Financial Services, Inc.         1,639              45,728
Jones Lang Lasalle, Inc. *                      100               1,538
Keystone Property Trust Corp., REIT             100               1,697
Knight Trading Group, Inc. *                    595               2,850
LaBranche & Company, Inc. * (a)                 494              13,160
Legg Mason, Inc.                                334              16,212
Lehman Brothers Holdings, Inc.                1,483              79,029
Leucadia National Corp.                         370              13,805
Liberte Investors, Inc.                         280               1,207
Malan Realty Investments, Inc. *                765               3,098
MBIA, Inc.                                      857              37,588
MBNA Corp.                                    7,663             145,750
Mellon Financial Corp.                        2,586              67,521
Merrill Lynch & Company, Inc.                 5,234             198,630
Metris Companies, Inc. (a)                      386                 953
Morgan Stanley Dean Witter & Company          6,623             264,390
National Health Realty, Inc., REIT              300               4,380
NBT Bancorp, Inc.                               120               2,048
NCO Group, Inc. *                               100               1,595
Neuberger Berman, Inc.                          349              11,688
New Century Equity Holdings *                   200                  52
New Century Financial Corp. (a)                  56               1,422
Ocwen Financial Corp. *                         200                 560
Philips International Realty Corp.            3,179               4,800
PMC Capital, Inc.                               159                 669
PNC Financial Services Group                  1,690              70,811
Providian Financial Corp. *                   1,500               9,735
Regions Financial Corp.                       1,185              39,532
Roberts Realty Investments, Inc. *              215               1,290
Saxon Capital, Inc. *                           469               5,867
Seacoast Financial Services Corp.                 4                  80
Siebert Financial Corp. *                       100                 218
SLM Corp.                                       939              97,525
SoundView Technology Group, Inc. *              497                 746
State Financial Services Corp., Class A          92               1,540
State Street Corp.                            1,936              75,504
Stilwell Financial, Inc.                      1,470              19,213
Student Loan Corp.                              139              13,594
Switchboard, Inc. *                             164                 490
SWS Group, Inc.                                 297               4,027

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

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                                                                [Download Table]

                                             SHARES             VALUE  
                                             ------             -----  
                                                                       
FINANCIAL SERVICES - CONTINUED                                         
Synovus Financial Corp.                       1,681             $32,611
T. Rowe Price Group, Inc.                       891              24,307
Tarragon Realty Investments, Inc. *             121               1,851
The Goldman Sachs Group, Inc.                 2,888             196,673
The John Nuveen Company, Class A                492              12,472
Thornburg Mortgage Asset Corp. (a)              100               2,010
Triad Guaranty, Inc. *                          100               3,686
UMB Financial Corp.                             176               6,734
United Community Financial Corp.                200               1,730
Waddell & Reed Financial, Inc., Class A         705              13,867
Washington Mutual, Inc.                       5,760             198,893
Webster Financial Corp.                         256               8,909
Wesco Financial Corp.                            41              12,708
Westcorp, Inc.                                  403               8,463
Westwood Holdings Group, Inc.                    74                 992
WFS Financial, Inc. *                           404               8,448
Willis Lease Finance Corp. *                     76                 384
World Acceptance Corp. *                        183               1,393
Ziegler Companies, Inc.                         100               1,440
                                                              ---------
                                                              4,873,255

FOOD & BEVERAGES - 3.74%                                               
Alico, Inc.                                     100               2,660
American Italian Pasta Company, Class                                  
  A * (a)                                       100               3,598
Anheuser-Busch Companies, Inc.                5,259             254,536
Archer-Daniels-Midland Company                3,761              46,636
Aurora Foods, Inc. * (a)                        373                 291
Bob Evans Farms, Inc.                           130               3,036
Bridgford Foods Corp.                           160               1,794
Campbell Soup Company                         2,580              60,553
Chalone Wine Group, Ltd. *                      731               6,023
Chiquita Brands International, Inc. *           201               2,665
Coca-Cola Bottling Company                       40               2,580
Coca-Cola Enterprises, Inc.                   2,704              58,731
ConAgra Foods, Inc.                           3,162              79,082
Constellation Brands, Inc., Class A *           425              10,077
Corn Products International, Inc.               269               8,105
Dean Foods Company *                            469              17,400
Del Monte Foods Company *                     1,116               8,593
Dole Food, Inc.                                 414              13,488
Dreyers Grand Ice Cream, Inc.                   189              13,411
Farmer Brothers Company                          21               6,489
Fisher Communications, Inc. *                   113               5,957
Fleming Companies, Inc. (a)                     157               1,031
Flowers Foods, Inc.                              90               1,756
General Mills, Inc.                           2,180             102,351
H.J. Heinz Company                            2,052              67,449
Hain Celestial Group, Inc. *                    354               5,381
Hershey Foods Corp.                             797              53,750
Hines Horticulture, Inc. *                      235                 682
Hormel Foods Corp.                              850              19,831
International Multifoods Corp. *                100               2,119
Interstate Bakeries Corp.                       200               3,050
J & J Snack Foods Corp. *                       172               6,142
Kellogg Company                               2,501              85,709
Kraft Foods, Inc., Class A                    1,660              64,624
Lance, Inc.                                     176               2,084
Maui Land & Pineapple, Inc. *                   100               1,584
McCormick & Company, Inc.                       722              16,750
National Beverage Corp. *                       167               2,555
Pepsi Bottling Group, Inc.                    1,661              42,688
PepsiAmericas, Inc.                             803              10,784
PepsiCo, Inc.                                10,724             452,767
Performance Food Group Company *                232               7,878
Pilgrims Pride Corp.                            184              $1,509
Ralcorp Holdings, Inc. *                        167               4,198
Sanderson Farms, Inc.                           100               2,091
Sara Lee Corp.                                4,733             106,540
Seabord Corp.                                    25               6,000
Sensient Technologies Corp.                     163               3,663
Smithfield Foods, Inc. *                        644              12,777
Starbucks Corp. *                             2,276              46,385
Tasty Baking Company                            100                 870
The Coca-Cola Company                        15,051             659,535
The J.M. Smucker Company                        319              12,699
The Steak & Shake Company *                     204               2,040
Tootsie Roll Industries, Inc.                   371              11,382
Triarc Companies, Inc., Class A *               100               2,624
Tyson Foods, Inc., Class A                    2,384              26,748
Vita Food Products, Inc. *                      281               1,138
Weider Nutrition International, Inc.,                                  
  Class A *                                     208                 302
William Wrigley Jr. Company                   1,353              74,253
Yocream International, Inc. *                   175               1,337
                                                              ---------
                                                              2,532,761

FOREST PRODUCTS - 0.12%                                                
Caraustar Industries, Inc. *                    100                 948
Louisiana Pacific Corp. *                       755               6,085
Pope & Talbot, Inc.                             100               1,426
Rayonier, Inc.                                  100               4,525
Universal Fast Products, Inc.                   100               2,132
Weyerhaeuser Company                          1,352              66,532
Wickes, Inc. *                                  113                  66
                                                              ---------
                                                                 81,714

FUNERAL SERVICES - 0.02%                                               
Service Corp. International *                 2,545               8,449
Stewart Enterprises, Inc., Class A *            424               2,362
                                                              ---------
                                                                 10,811

FURNITURE & FIXTURES - 0.09%                                           
Advanced Lighting Technologies, Inc. *          100                  33
American Woodmark Corp.                         116               5,510
Chromcraft Revington, Inc. *                    100               1,305
Ethan Allen Interiors, Inc.                     139               4,778
Furniture Brands International, Inc. *          220               5,247
Kimball International, Inc., Class B            241               3,434
La-Z-Boy, Inc.                                  506              12,134
Leggett & Platt, Inc.                         1,080              24,235
Steelcase, Inc.                                 100               1,096
                                                              ---------
                                                                 57,772

GAS & PIPELINE UTILITIES - 0.52%                                       
AGL Resources, Inc.                             416              10,109
American States Water Company                   259               5,996
American Water Works Company, Inc.              552              25,105
Aquila, Inc. *                                  942               1,667
Atmos Energy Corp.                               96               2,239
California Water Service Group                  100               2,365
Cascade Natural Gas Corp.                       100               2,000
Chesapeake Utilities Corp.                      100               1,830
Delta Natural Gas, Inc.                         127               2,729
Dynegy, Inc., Class A *                       1,939               2,288
El Paso Corp.                                 3,607              25,105
Equitable Resources, Inc.                       398              13,946
Global Industries, Ltd. *                     1,691               7,051
Inergy L P                                      214               5,992
KeySpan Corp.                                   735              25,901
Kinder Morgan, Inc.                             737              31,153
Kinder Morgan, Inc. *                           192               6,065

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

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--------------------------------------------------------------------------------

                                                                [Download Table]

                                              SHARES    VALUE  
                                              ------    -----  
                                                               
GAS & PIPELINE UTILITIES - CONTINUED                           

Middlesex Water Company                          296     $6,207
National Fuel Gas Company                        398      8,251
New Jersey Resources Corp.                        34      1,074
Nicor, Inc.                                      178      6,057
NiSource, Inc.                                 1,341     26,820
Northwest Natural Gas Company                     54      1,461
Northwestern Corp. (a)                           100        508
ONEOK, Inc.                                      200      3,840
Peoples Energy Corp.                             100      3,865
Philadelphia Suburban Corp.                      538     11,083
Piedmont Natural Gas, Inc.                       100      3,535
Questar Corp.                                    584     16,247
RGC Resources, Inc.                              395      7,268
SCANA Corp.                                      576     17,833
Semco Energy, Inc.                               100        610
SJW Corp.                                         78      6,088
Southern Union Company *                         212      3,498
Southwest Gas Corp.                              100      2,345
Southwest Water Company (a)                      138      1,823
Southwestern Energy Company *                    100      1,145
TC Pipelines, LP                                 100      2,605
The Laclede Group, Inc.                           24        581
Transmontaigne, Inc. *                           190        882
UGI Corp.                                        100      3,739
Ultra Petroleum Corp. *                          825      8,167
Valero, LP                                        26      1,032
Vectren Corp.                                    309      7,107
Western Gas Resources, Inc.                      263      9,692
WGL Holdings, Inc.                               360      8,611
Williams Companies, Inc.                       3,100      8,370
Williams Energy Partners, LP (a)                  27        876
                                                      ---------
                                                        352,761

GOLD - 0.02%                                                   

Meridian Gold, Inc. * (a)                        662     11,671
                                                      ---------

HEALTHCARE PRODUCTS - 3.41%                                    

Abbott Laboratories,                           9,439    377,560
Advanced Medical Optics, Inc. *                  173      2,071
Advanced Neuromodulation Systems, Inc. * (a)     198      6,950
Align Technology, Inc. *                         850      2,347
American Medical Systems Holdings, Inc. *        304      4,928
Arthrocare Corp. * (a)                           197      1,940
Bausch & Lomb, Inc. (a)                          400     14,400
Baxter International, Inc.                     3,645    102,060
Becton Dickinson & Company                     1,514     46,465
Biomet, Inc.                                   1,648     47,232
Boston Scientific Corp. *                      2,436    103,579
Bruker Daltonics, Inc. * (a)                     527      2,561
Coherent, Inc. *                                 100      1,995
Cytyc Corp. *                                    600      6,120
DENTSPLY International, Inc.                     546     20,311
Diagnostic Products Corp.                        200      7,724
EPIX Medical, Inc. *                             100        723
Guidant Corp. *                                1,811     55,869
INAMED Corp. *                                   100      3,080
Inverness Medical Innovations, Inc. * (a)         43        565
Johnson & Johnson                             18,017    967,693
LCA-Vision, Inc. *                                68        155
Medtronic, Inc.                                7,333    334,385
Mylan Laboratories, Inc.                         825     28,792
Patterson Dental Company *                       461     20,164
Priority Healthcare Corp., Class B *             200      4,640
St. Jude Medical, Inc. *                       1,161     46,115
STERIS Corp. *                                   551    $13,362
Therasense, Inc. * (a)                           299      2,497
Thoratec Labs Corp. *                            278      2,121
Varian Medical Systems, Inc. *                   451     22,370
Viasys Healthcare, Inc. *                        135      2,010
Wright Medical Group, Inc. *                     429      7,490
XOMA, Ltd. *                                     282      1,193
Zimmer Holdings, Inc. *                        1,125     46,710
Zoll Medical Corp. *                               8        285
                                                      ---------
                                                      2,308,462

HEALTHCARE SERVICES - 1.05%                                    

Accredo Health, Inc. *                           147      5,182
AMN Healthcare Services, Inc. * (a)              270      4,566
Apria Healthcare Group, Inc. *                   344      7,651
Cerner Corp. * (a)                               294      9,190
CorVel Corp. *                                    26        929
Cross Country, Inc. *                            254      3,543
DIANON Systems, Inc. *                           140      6,679
Eclipsys Corp. *                                 180        963
Express Scripts, Inc., Class A *                 500     24,020
First Health Group Corp. *                       474     11,542
HCA-The Healthcare Company                     3,120    129,480
HEALTHSOUTH Corp. *                            1,991      8,362
IMPATH, Inc. * (a)                               114      2,248
IMS Health, Inc.                               1,822     29,152
Kindred Healthcare, Inc. *                       143      2,596
Laboratory Corp. of America Holdings *         1,046     24,309
Lincare Holdings, Inc. *                         676     21,375
Manor Care, Inc. *                               610     11,352
McKesson Corp.                                 1,871     50,573
Medical Staffing Network Holdings, Inc. *        451      7,216
Odyssey Healthcare, Inc. *                       194      6,732
Omnicare, Inc.                                   664     15,823
Oxford Health Plans, Inc. *                      567     20,667
Pediatrix Medical Group, Inc. *                  166      6,650
Quest Diagnostics, Inc. *                        569     32,376
Select Medical Corp. *                           261      3,521
Specialty Laboratories, Inc. *                   144      1,391
The Advisory Board Company *                      52      1,555
Unilab Corp. *                                   212      3,880
UnitedHealth Group, Inc.                       1,824    152,304
Universal Health Services, Inc., Class B *       377     17,003
Weight Watchers International, Inc. *            628     28,869
Wellpoint Health Networks, Inc., Class A *       858     61,055
                                                      ---------
                                                        712,754

HOLDINGS COMPANIES/CONGLOMERATES - 1.04%                       

Berkshire Hathaway, Inc., Class A *                9    654,750
Horace Mann Educators Corp.                      336      5,151
Loews Corp.                                    1,079     47,972
                                                      ---------
                                                        707,873

HOMEBUILDERS - 0.19%                                           

Beazer Homes USA, Inc. *                          77      4,666
Centex Corp.                                     347     17,419
Champion Enterprises, Inc. * (a)                 200        570
Clayton Homes, Inc. (a)                          870     10,597
D.R. Horton, Inc.                                739     12,822
Hovnanian Enterprises, Inc., Class A *           100      3,170
KB HOME                                          318     13,626
Lennar Corp.                                     406     20,950
M.D.C. Holdings, Inc.                            121      4,629
Meritage Corp. *                                 197      6,629
NVR, Inc. *                                       35     11,392
Oakwood Homes Corp. *                             60         26

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

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                                                  SHARES  VALUE  
                                                  ------  -----  
                                                                 
HOMEBUILDERS- CONTINUED                                          

Palm Harbor Homes, Inc. * (a)                        100   $1,747
Ryland Group, Inc.                                   200    6,670
Toll Brothers, Inc. *                                548   11,070
Walter Industries, Inc.                              200    2,166
                                                          -------
                                                          128,149

HOTELS & RESTAURANTS - 0.88%                                     

AFC Enterprises, Inc. *                              252    5,295
Alliance Gaming Corp. *                              177    3,014
Ameristar Casinos, Inc. * (a)                        306    4,315
Angelo & Maxie's, Inc.                                33      112
Applebees International, Inc.                        225    5,218
Argosy Gaming Corp. *                                100    1,893
Aztar Corp. *                                        161    2,299
Boca Resorts, Inc., Class A *                        190    2,033
Boyd Gaming Corp. *                                  495    6,955
Brinker International, Inc. *                        678   21,865
Buca, Inc. * (a)                                     100      832
California Pizza Kitchen, Inc. *                      90    2,268
CBRL Group, Inc.                                     439   13,227
CEC Entertainment, Inc. *                            100    3,070
Choice Hotels, Inc. *                                216    4,903
CKE Restaurants, Inc. *                              248    1,066
Darden Restaurants, Inc.                             904   18,487
Dover Downs Gaming & Entertainment, Inc.             140    1,273
Extended Stay America, Inc. *                        427    6,298
Frischs Restaurants, Inc.                            100    2,075
Harrah's Entertainment, Inc. *                       567   22,453
Hilton Hotels Corp.                                2,081   26,450
Hollywood Casino Corp. *                             499    6,128
IHOP Corp. *                                         100    2,400
Jack In the Box, Inc. *                              311    5,377
Krispy Kreme Doughnuts, Inc. * (a)                   284    9,591
La Quinta Corp. *                                  2,061    9,068
Landry's Restaurants, Inc.                           100    2,124
Lone Star Steakhouse & Saloon, Inc.                  100    1,934
Mandalay Resort Group *                              317    9,703
Marcus Corp.                                         100    1,420
Marriott International, Inc., Class A              1,514   49,765
McDonalds Corp.                                    7,685  123,575
MGM Mirage *                                         969   31,948
Mtr Gaming Group, Inc. *                             473    3,765
O'Charley's, Inc. *                                  100    2,053
Outback Steakhouse, Inc.                             410   14,120
P.F. Chang's China Bistro, Inc. * (a)                103    3,739
Panera Bread Company, Class A * (a)                  200    6,962
Papa Johns International, Inc. * (a)                 100    2,788
Park Place Entertainment Corp. *                   1,389   11,668
RARE Hospitality International, Inc. *                82    2,265
Ruby Tuesday, Inc.                                   200    3,458
Ryan's Family Steak Houses, Inc. *                   150    1,703
Shuffle Master, Inc. * (a)                           225    4,300
Sonic Corp. *                                        225    4,610
Starwood Hotels & Resorts Worldwide, Inc.          1,157   27,467
Station Casinos, Inc. *                              222    3,929
The Cheesecake Factory, Inc. *                       405   14,641
Wendy's International, Inc.                          751   20,330
Westcoast Hospitality Corp. *                        784    4,390
Worldwide Restaurant Concepts, Inc. *                300      795
Wyndham International, Inc., Class A *               600      138
Wynn Resorts, Ltd. * (a)                             456    5,978
Yum! Brands, Inc. *                                1,936   46,890
                                                          -------
                                                          594,423

HOUSEHOLD APPLIANCES - 0.20%                                     

American Real Estate Partners, LP *                  520   $4,779
Bassett Furniture Industries, Inc.                   100    1,432
Black & Decker Corp.                                 538   23,075
Consolidated Tomoka Land Company                     100    1,925
Drew Industries, Inc. *                              168    2,696
Eastern Company                                      100    1,102
Flexsteel Industries, Inc.                            88    1,471
International Aluminum Corp.                         439    7,590
Libbey, Inc.                                         201    5,226
Lifetime Hoan Corp.                                  885    4,222
Maytag Corp.                                         589   16,787
Mission West Properties, Inc.                        717    7,098
National Presto Industries,  Inc.                    198    5,817
Technical Olympic Usa,  Inc. *                       445    6,591
The Stanley Works                                    511   17,670
The Toro Company                                      26    1,661
Transtechnology Corp. *                              100    1,048
Vialta, Inc. *                                         2        1
Westpoint Stevens, Inc. * (a)                        174      103
Whirlpool Corp.                                      461   24,073
Wilshire Oil Company *                               244      857
                                                          -------
                                                          135,224

HOUSEHOLD PRODUCTS - 0.28%                                       

Applica, Inc. *                                      100      500
Blyth Industries, Inc.                               400   10,704
Boyds Collection, Ltd. *                             200    1,330
Church & Dwight, Inc.                                159    4,838
Department 56, Inc. *                                100    1,290
Dial Corp.                                           494   10,063
Fortune Brands, Inc.                                 951   44,231
Graphic Packaging Intl Corp. *                       310    1,748
Martha Stewart Living Omnimedia, Inc., Class A *     100      987
Newell Rubbermaid, Inc.                            1,601   48,558
Playtex Products, Inc. *                             282    2,786
The Clorox Company                                 1,335   55,069
Topps, Inc. *                                        200    1,740
Tupperware Corp.                                     569    8,581
                                                          -------
                                                          192,425

INDUSTRIAL DEVELOPMENT/POLLUTION BONDS - 0.00%                   

Scope Industries (a)                                  29    2,537
                                                          -------

INDUSTRIAL MACHINERY - 0.58%                                     

AGCO Corp. *                                         585   12,929
Alamo Group, Inc.                                    100    1,225
Albany International Corp., Class A                  163    3,368
Ampco-Pittsburgh Corp.                               100    1,216
AptarGroup, Inc.                                     149    4,655
Briggs & Stratton Corp.                              100    4,247
Cascade Corp.                                        100    1,595
Circor International, Inc.                           100    1,590
Cognex Corp. *                                       339    6,248
Crane Company                                        256    5,102
Cummins, Inc. (a)                                    321    9,030
Deere & Company                                    1,353   62,035
Donaldson Company, Inc.                              181    6,516
Dover Corp.                                        1,217   35,488
Energy Conversion Devices, Inc. *                    333    3,264
EnPro Industries,  Inc. *                            114      456
Flow International Corp. *                           100      255
Flowserve Corp. *                                    381    5,635
Foster Wheeler, Ltd. * (a)                           200      232
Gardner Denver, Inc. *                               100    2,030
Graco, Inc.                                          225    6,446

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

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                                              SHARES  VALUE  
                                              ------  -----  
                                                             
INDUSTRIAL MACHINERY - CONTINUED                             

Grant Prideco, Inc. *                            643   $7,485
Hardinge Brothers, Inc.                          100      825
IDEX Corp. (a)                                   299    9,777
Ingersoll-Rand Company, Inc., Class A          1,041   44,825
Kadant, Inc. *                                   135    2,025
Kaydon Corp.                                     100   $2,121
Kennametal, Inc.                                 128    4,413
Lindsay Manufacturing Company                    100    2,140
Manitowoc, Inc.                                  100    2,550
Metropolitan Pro Corp.                           443    6,415
Milacron, Inc.                                   100      595
Mueller Industry, Inc. *                         132    3,597
NN, Inc.                                         161    1,608
Osmonics, Inc. *                                 173    2,931
Pall Corp.                                       927   15,462
Parker-Hannifin Corp.                            654   30,169
Pentair, Inc.                                    328   11,332
Presstek, Inc. *                                 168      774
Quixote Corp.                                    100    1,806
Roanoke Electric Steel Corp.                     100      950
Semitool, Inc. *                                 151      938
Stewart & Stevenson Services, Inc.               100    1,414
SureBeam Corp., Class A * (a)                    237      957
Tecumseh Products Company, Class A               113    4,987
Thermo Electron Corp. *                          925   18,611
Titan International, Inc.                        273      366
Tredegar Industries, Inc.                        156    2,340
Triumph Group, Inc. *                            110    3,513
U.S. Industries, Inc. *                          200      526
UNOVA, Inc. *                                    296    1,776
Valmont Industries, Inc.                         155    3,007
W.W. Grainger, Inc.                              560   28,868
Watts Industries, Inc., Class A                  161    2,534
Westerbeke Corp. *                               313      588
WSI Industries, Inc. *                           220      286
                                                      -------
                                                      396,073

INDUSTRIALS - 0.03%                                          

Brooks-Pri Automation, Inc. *                    207    2,372
Fastenal Company (a)                             548   20,490
                                                      -------
                                                       22,862

INSURANCE - 4.08%                                            

21St Century Insurance Group                     844   10,567
Aetna, Inc.                                      860   35,363
AFLAC, Inc.                                    3,043   91,655
Alfa Corp.                                       670    8,047
Allcity Insurance Company                        100       25
Alleghany Corp. *                                 41    7,277
Allmerica Financial Corp.                        354    3,575
American Financial Group, Inc.                   411    9,482
American Independence, Corp. *                   100      272
American International Group, Inc.            15,787  913,278
American National Insurance Company              167   13,697
AMERIGROUP Corp. *                                78    2,364
Amerus Group Company                             297    8,396
Anthem, Inc. *                                   827   52,018
Aon Corp.                                      1,919   36,250
Arch Cap Group, Ltd. *                           279    8,696
Argonaut Group, Inc. (a)                         100    1,475
Baldwin & Lyons, Inc., Class B                   100    2,355
Brown & Brown, Inc.                              356   11,506
CenturyBusiness Services, Inc. *                 514    1,362
Chubb Corp.                                    1,025   53,505
CIGNA Corp.                                      940   38,653
Cincinnati Financial Corp.                     1,025  $38,489
CNA Financial Corp. *                          1,246   31,898
CNA Surety Corp. *                               207    1,625
Commerce Group, Inc. (a)                         238    8,923
Conseco, Inc. *                                1,787       70
Crawford & Company, Class B (a)                  256    1,280
Donegal Group, Inc., Class B                      33      371
EMC Insurance Group, Inc.                        100    1,787
Erie Indemnity Company, Class A                  406   14,722
FBL Financial Group, Inc., Class A               100    1,947
Fidelity National Financial, Inc.                623   20,453
First American Financial Corp.                   499   11,078
Fremont General Corp. (a)                        293    1,316
Great American Financial Resources, Inc.         173    2,976
Harleysville Group, Inc.                         100    2,643
Hartford Financial Services Group, Inc.        1,471   66,827
HCC Insurance Holdings, Inc.                     481   11,833
Hilb, Rogal and Hamilton Company                  98    4,008
Independence Holding Company                     110    2,362
Jefferson-Pilot Corp.                            879   33,499
Kansas City Life Insurance Company               129    4,889
Landamerica Financial Group, Inc.                100    3,545
Liberty Corp. (a)                                100    3,880
Lincoln National Corp.                         1,105   34,896
Markel Corp. *                                    69   14,179
Marsh & McLennan Companies, Inc.               3,195  147,641
MEEMIC Holdings, Inc. *                          100    2,894
Mercury General Corp.                            398   14,957
MetLife, Inc.                                  4,289  115,975
MGIC Investment Corp.                            556   22,963
Midland Company                                  228    4,332
Mony Group, Inc. (a)                             448   10,725
Nationwide Financial Services, Inc., Class A     310    8,881
Navigators Group, Inc. *                         100    2,295
Odyssey Re Holdings Corp.                        292    5,168
Ohio Casualty Corp. *                            671    8,689
Old Republic International Corp.                 659   18,452
Philadelphia Consolidated Holding Corp. *        100    3,540
Phoenix Companies, Inc. (a)                      832    6,323
PICO Holdings, Inc. *                            100    1,343
PMA Capital Corp., Class A                       369    5,288
Presidential Life Corp.                          100      993
Principal Financial Group, Inc.                2,077   62,580
Proassurance Corp. *                             100    2,100
Progressive Corp.                              1,355   67,249
Protective Life Corp.                            381   10,485
Prudential Financial, Inc.                     3,486  110,646
Radian Group, Inc.                               653   24,259
Reinsurance Group of America, Inc.               238    6,445
SAFECO Corp.                                     742   25,725
Selective Insurance Group, Inc.                  100    2,518
St. Paul Companies, Inc.                       1,391   47,364
Stancorp Financial Group, Inc.                   116    5,667
State Auto Financial Corp.                       209    3,239
Stewart Information Services Corp. *             100    2,139
The Allstate Corp.                             4,180  154,618
The MIIX Group, Inc. (a)                         100      179
The PMI Group, Inc.                              532   15,981
Torchmark, Inc.                                  613   22,393
Transatlantic Holdings, Inc.                     288   19,210
Travelers Property Casualty Corp., Class B *   5,841   85,571
UICI *                                           200    3,110

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

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                                           SHARES    VALUE  
                                           ------    -----  
                                                            
INSURANCE - CONTINUED                                       

United Fire & Casualty Company                189     $6,322
United States I Holdings Corp. *              614      7,214
Unitrin, Inc.                                 432     12,623
Universal American Financial Corp. *          348      2,025
UNUMProvident Corp.                         1,479     25,942
Vesta Insurance Group, Inc.                   102        280
W.R. Berkley Corp.                            342     13,547
White Mountains Insurance Group, Ltd. (a)      41     13,243
Zenith National Insurance Corp.                86      2,023
                                                   ---------
                                                   2,764,470

INTERNATIONAL OIL - 0.05%                                   

Trico Marine Services, Inc. *                 100        333
Weatherford International, Ltd. *             845     33,741
                                                   ---------
                                                      34,074

INTERNET CONTENT - 0.14%                                    

Alloy, Inc. * (a)                             386      4,227
Ask Jeeves, Inc. * (a)                        100        256
CMGI, Inc. * (a)                            1,511      1,482
CNET Networks, Inc. *                       1,020      2,764
Critical Path, Inc. *                         200        102
DigitalThink, Inc. *                          100        175
Extensity, Inc. *                             100        174
I2 Technologies, Inc. *                     2,213      2,545
InfoSpace, Inc. *                             160      1,352
Internet Capital Group, Inc. * (a)          1,698        611
ITXC Corp. *                                  204        473
iVillage, Inc. *                              164        154
Jupitermedia Corp. *                          100        249
Looksmart, Ltd. *                             200        496
Multex.com, Inc. *                            100        420
Netratings, Inc. *                            465      3,348
Overture Service, Inc. *                      498     13,601
ProQuest Company *                            100      1,960
Safeguard Scientifics, Inc. *                 514        699
SportsLine.com, Inc. * (a)                    157        157
Yahoo!, Inc. *                              3,663     59,890
                                                   ---------
                                                      95,135

INTERNET RETAIL - 0.28%                                     

1-800-Flowers.com, Inc. *                     433      2,706
Amazon.com, Inc. * (a)                      2,336     44,127
eBay, Inc. *                                1,844    125,060
Freemarkets, Inc. *                           399      2,569
Priceline.com, Inc. *                       2,269      3,630
Sciquest.com, Inc. *                          100         45
Stamps.com, Inc. *                            246      1,149
Ticketmaster, Class B *                       603     12,796
                                                   ---------
                                                     192,082

INTERNET SERVICE PROVIDER - 0.03%                           

Blue Coat Systems, Inc. * (a)                  48        189
Commerce One, Inc. *                          291        800
Digitas, Inc. *                               288        996
Divine Inc., Class A *                         44         62
Earthlink, Inc. *                             872      4,752
eSPEED, Inc., Class A *                       276      4,676
High Speed Access Corp. *                     200        260
HomeStore.com, Inc. *                         647        550
Internap Network Services Corp. *             669        248
Neoforma, Inc. * (a)                           20        239
Rare Medium Group, Inc. *                      10          2
Register.com, Inc. *                          100        450
TriZetto Group, Inc. *                        163      1,001
United Online, Inc. * (a)                     460      7,333

INTERNET SERVICE PROVIDER - CONTINUED                       

VIA NET. WORKS, Inc. *                        276       $188
Worldgate Communications, Inc. *              100         42
                                                   ---------
                                                      21,788

INTERNET SOFTWARE - 0.22%                                   

Agile Software Corp. *                        331      2,562
Akamai Technologies, Inc. * (a)               454        785
Ariba, Inc. * (a)                           3,065      7,601
Art Technology Group, Inc. *                  293        363
Blue Martini Software, Inc. *                  77        223
BroadVision, Inc. * (a)                       134        457
Caldera International, Inc. *                  60         87
Centillium Communications, Inc. *             220        497
Chordiant Software, Inc. *                    262        377
Click Commerce, Inc. *                         91        184
Covad Communications Group, Inc. *            400        376
Cybersource Corp. *                           200        490
Digital Impact, Inc. *                        100        190
Digital River, Inc. *                         100      1,195
E.piphany, Inc. *                             350      1,460
Elcom International, Inc. *                   198         44
F5 Networks, Inc. *                           100      1,074
GRIC Communications, Inc. *                   100        244
Imanage, Inc. *                               100        320
Inktomi Corp. *                               534        854
Internet Security Systems, Inc. *             279      5,114
Interwoven, Inc. *                            454      1,180
Intraware, Inc. * (a)                         100        110
Juniper Networks, Inc. *                    2,670     18,156
Keynote Systems, Inc. *                       100        772
Liberate Technologies, Inc. * (a)             552        789
Liquid Audio, Inc. *                          100        246
Macromedia, Inc. *                            323      3,440
Marimba, Inc. *                               100        163
Net Perceptions, Inc. *                       100        138
Networks Associates, Inc. *                   858     13,805
Openwave Systems, Inc. *                      948      1,896
PC-Tel, Inc. *                                100        678
Persistence Software, Inc. *                  100         48
Portal Software, Inc. *                       742        600
Quovadx, Inc. *                               106        257
RealNetworks, Inc. *                        1,215      4,629
Retek, Inc. *                                 224        609
RSA Security, Inc. *                          295      1,767
S1 Corp. *                                    233      1,039
Sonicblue, Inc. * (a)                         406        183
Stellent, Inc. *                              100        444
Symantec Corp. *                              942     38,161
TIBCO Software, Inc. *                      1,355      8,374
Tumbleweed Communications Corp. *             100        155
ValueClick, Inc. *                            172        480
VeriSign, Inc. *                            1,410     11,308
Verity, Inc. *                                397      5,316
Vignette Corp. *                            1,301      1,596
Vitria Technology, Inc. *                     590        443
Watchguard Technologies, Inc. * (a)           100        638
WebEx Communications, Inc. * (a)              153      2,295
WebMethods, Inc. *                            216      1,776
                                                   ---------
                                                     145,988

INVESTMENT COMPANIES - 0.06%                                

Affiliated Managers Group, Inc. *,            100      5,030
Allied Capital Corp. (a)                      528     11,526
American Capital Strategies, Ltd. (a)         394      8,506
Atlanta/Sosnoff Capital Corp. * (a)           100      1,210

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

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                                                     SHARES  VALUE  
                                                     ------  -----  
                                                                    
INVESTMENT COMPANIES - CONTINUED                                    

Gabelli Asset Management, Inc., Class A * (a)           100   $3,004
MCG Capital Corp. (a)                                   375    4,028
Medallion Financial Corp.                               100      390
Raymond James Financial, Inc.                           283    8,371
Stifel Financial Corp.                                  100    1,114
                                                             -------
                                                              43,179

LEISURE TIME - 0.84%                                                

Action Performance Companies, Inc. (a)                  100    1,900
Ambassadors International, Inc. *                       100      899
Arctic Cat, Inc.                                        155    2,480
Bally Total Fitness Holding Corp. * (a)                 100      709
Blockbuster, Inc., Class A                              100    1,225
Brunswick Corp.                                         523   10,387
Callaway Golf Company                                   681    9,023
Carnival Corp., Class A                               3,508   87,525
Cedar Fair, LP (a)                                      136    3,210
Championship Auto Racing Team, Inc. *                   100      370
Churchill Downs, Inc. (a)                                37    1,413
Concord Camera Corp. *                                  100      543
Dover Motorsports, Inc.                                 200      930
Gaylord Entertainment Company *                         403    8,302
Gemstar TV Guide International, Inc. *                2,641    8,583
Handleman Company *                                     100    1,150
Hollywood Entertainment Corp. *                         521    7,867
International Game Technology *                         549   41,680
International Speedway Corp., Class A                   388   14,468
Isle of Capri Casinos, Inc. *                           160    2,118
Marval Enterprises, Inc. *                              200    1,796
Metro-Goldwyn-Mayer, Inc. *                           1,849   24,037
Movie Gallery, Inc. *                                    77    1,001
Multimedia Games, Inc. * (a)                            207    5,684
Penn National Gaming, Inc. *                            200    3,172
Pinnacle Entertainment, Inc. *                          100      693
Polaris Industries, Inc.                                100    5,860
Regal Entertainment Group, Class A                      235    5,034
Royal Caribbean Cruises, Ltd.                         1,136   18,971
Scientific Games Corp., Class A *                     1,036    7,521
SCP Pool Corp. *                                        250    7,300
Six Flags, Inc. *                                       454    2,592
Speedway Motorsports, Inc. (a)                          327    8,430
Sturm Ruger & Company, Inc.                              73      699
The Nautilus Group, Inc. * (a)                          177    2,365
The Walt Disney Company                              12,363  201,641
THQ, Inc. * (a)                                         150    1,987
USA Interactive *                                     2,482   56,887
Vail Resorts, Inc. *                                    100    1,517
West Marine, Inc. *                                     109    1,492
WMS Industries, Inc. * (a)                              474    7,101
                                                             -------
                                                             570,562

LIFE SCIENCES - 0.01%                                               

Incyte Pharmacuticals, Inc. *                           607    2,768
Symyx Technologies, Inc. *                              100    1,259
                                                             -------
                                                               4,027

LIQUOR - 0.06%                                                      

Adolph Coors Company, Class B                           137    8,391
Brown Forman Corp., Class B                             383   25,033
Todhunter International, Inc. * *                       580    5,713
                                                             -------
                                                              39,137

MANUFACTURING - 0.87%                                               

3M Company                                            2,360  290,988
A.T. Cross Company, Class A *                           200    1,070
Aaon, Inc. *                                            348    6,414
Actuant Corp., Class A *                                162   $7,525
Acuity Brands, Inc.                                     542    7,339
Armor Holdings, Inc. *                                  445    6,128
Barnes Group, Inc.                                      161    3,276
Blout International, Inc. * (a)                         271    1,032
Carlisle Companies, Inc.                                133    5,503
CoorsTek, Inc. *                                        210    5,365
Cuno, Inc. *                                            100    3,312
Danaher Corp.                                           884   58,079
Esco Technologies, Inc. *                               100    3,700
Fedders Corp.                                           220      623
Hexcel Corp. *                                          200      600
Illinois Tool Works, Inc.                             1,847  119,796
Joy Global, Inc. *                                      416    4,684
Lancaster Colony Corp.                                  149    5,823
Mathews International Corp., Class A                    285    6,364
Mine Safety Appliances Company                          188    6,063
Nordson Corp.                                           196    4,867
Snap-on, Inc.                                           408   11,469
SPX Corp. *                                             438   16,403
Stratos Lightwave, Inc. *                                53      233
TTM Technologies, Inc. *                                772    2,555
York International Corp.                                286    7,313
                                                             -------
                                                             586,524

MEDICAL-HOSPITALS - 0.23%                                           

C.R. Bard, Inc.                                         249   14,442
Centene Corp. *                                         191    6,416
Community Health Systems, Inc. *                        608   12,519
Cytogen Corp. *                                          39      127
Davita, Inc. *                                          292    7,204
Deltagen, Inc. *                                        697      335
Health Management Associates, Inc., Class A           1,456   26,062
ICU Medical, Inc. *                                      30    1,119
Indevus Pharmaceuticals, Inc. *                         835    1,786
Novavax, Inc. *                                         531    1,381
Per-Se Technologies, Inc. *                             605    5,426
Possis Medical, Inc. *                                  371    6,678
Province Healthcare Company * (a)                       225    2,189
PSS World Medical, Inc. *                               354    2,421
Psychemedics Corp.                                      343    3,200
ResMed, Inc. *                                          133    4,066
Tenet Healthcare Corp. *                              2,894   47,462
Triad Hospitals, Inc. *                                 429   12,797
VCA Antech, Inc. *                                       99    1,485
                                                             -------
                                                             157,115

METAL & METAL PRODUCTS - 0.20%                                      

Alcoa, Inc.                                           5,187  118,160
Amcast Industrial Corp. *                               100      170
Commercial Metals Company                               328    5,327
Quanex Corp.                                            100    3,350
Timken Company                                          516    9,855
Wolverine Tube, Inc. *                                  100      571
                                                             -------
                                                             137,433

MINING - 0.19%                                                      

A.M. Castle Company * (a)                               100      455
Alliance Resource Partners, LP (a)                      100    2,422
Brush Wellman, Inc. *                                   100      550
Century Aluminum Company                                100      741
Freeport-McMoRan Copper & Gold, Inc., Class B * (a)                 
                                                        843   14,146
Glamis Gold, Ltd. * (a)                                 604    6,849
Hecla Mining Company * (a)                            1,309    6,624
Lincoln Electric Holding, Inc.                          160    3,704

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

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                                             SHARES    VALUE  
                                             ------    -----  
                                                              
MINING - CONTINUED                                            

Newmont Mining Corp.                          2,346    $68,104
Phelps Dodge Corp. *                            532     16,838
Rouge Industries, Inc., Class A *               317        323
RTI International Metals, Inc. *                154      1,555
Shiloh Industries, Inc. *                       163        367
Stillwater Mining Company *                     156        835
Synalloy Corp. *                                161        676
Titanium Metals Corp. * (a)                     591      1,129
USEC, Inc.                                      647      3,895
Webco Industries, Inc. *                        198        653
Westmoreland Coal Company *                      54        635
                                                     ---------
                                                       130,501

MOBILE HOMES - 0.01%                                          

Coachmen Industries, Inc.                       100      1,580
Fleetwood Enterprises, Inc. * (a)               100        785
Winnebago Industries, Inc. (a)                  100      3,923
                                                     ---------
                                                         6,288

NEWSPAPERS - 0.21%                                            

Dow Jones & Company, Inc. (a)                   489     21,139
E.W. Scripps Company, Class A                   483     37,167
Journal Register Company *                      163      2,898
Knight-Ridder, Inc.                             510     32,258
Lee Enterprises, Inc.                           303     10,157
Washington Post Company, Class B                 54     39,852
                                                     ---------
                                                       143,471

OFFICE FURNISHINGS & SUPPLIES - 0.26%                         

Avery Dennison Corp.                            683     41,718
Falcon Products, Inc. *                         100        405
Global Imaging Systems, Inc. *                   48        882
HON Industries, Inc.                            412     11,651
Ikon Office Solutions, Inc.                   1,219      8,716
Imagistics International, Inc. *                100      2,000
Miller Herman, Inc.                             414      7,618
Office Depot, Inc. *                          1,924     28,398
Office Max, Inc. *                            1,587      7,935
Staples, Inc. *                               3,014     55,156
The Standard Register Company                   100      1,800
United Stationers, Inc. *                       273      7,863
                                                     ---------
                                                       174,142

PAPER - 0.35%                                                 

Boise Cascade Corp.                             406     10,239
Bowater, Inc.                                   287     12,040
Buckeye Technologies, Inc. *                    100        615
Caseys General Stores, Inc.                     200      2,442
Chesapeake Corp.                                100      1,785
FiberMark, Inc. *                               100        758
Georgia-Pacific Corp.                         1,696     27,407
International Paper Company                   2,939    102,777
MeadWestvaco Corp.                            1,104     27,280
P.H. Glatfelter Company                         100      1,316
Plum Creek Timber Company, Inc.                 964     22,750
Potlatch Corp.                                  351      8,382
Rock-Tenn Company, Class A                      161      2,170
Temple-Inland, Inc.                             265     11,875
US Timberlands Company *                      1,008      2,782
Wausau-Mosinee Paper Corp.                      200      2,244
                                                     ---------
                                                       236,862

PETROLEUM SERVICES - 3.91%                                    

Atwood Oceanics, Inc. *                         156      4,696
Baker Hughes, Inc.                            2,018     64,959
BJ Services Company *                           860     27,787
Cal Dive International, Inc. *                  187      4,395
ChevronTexaco Corp.                           6,465   $429,793
ConocoPhillips                                3,975    192,350
Cooper Cameron Corp. *                          229     11,409
Dawson Geophysical Company *                    176      1,021
Diamond Offshore Drilling, Inc.                 684     14,945
ENSCO International, Inc.                       727     21,410
Exxon Mobil Corp.                            40,861  1,427,683
GlobalSantaFe Corp.                           1,487     36,164
Halliburton Company                           2,755     51,546
Hanover Compressor Company * (a)                358      3,286
Input/Output, Inc. *                            272      1,156
Lone Star Technologies, Inc. *                  496      7,385
McDermott International, Inc. *                 369      1,616
Nabors Industries, Ltd. *                       928     32,731
Newfield Exploration Company *                  307     11,067
Newpark Resources, Inc. *                       391      1,701
Noble Corp. *                                   794     27,909
Oceaneering International, Inc. *               100      2,474
Premcor, Inc. *                                 250      5,558
Pride International, Inc. *                     743     11,071
Rowan Companies, Inc.                           425      9,647
Schlumberger, Ltd.                            3,419    143,906
SEACOR SMIT, Inc. *                             142      6,319
Smith International, Inc. *                     576     18,789
Superior Energy Services, Inc. *                316      2,591
Tesoro Petroleum Corp. *                        620      2,802
Tidewater, Inc.                                 366     11,383
Transocean, Inc.                              2,013     46,702
Universal Compression Holdings, Inc. *          113      2,162
Varco International, Inc. *                     392      6,821
Veritas DGC, Inc. *                             289      2,283
                                                     ---------
                                                     2,647,517

PHARMACEUTICALS - 5.69%                                       

aaiPharma, Inc. * (a)                           130      1,823
Abgenix, Inc. *,                                433      3,191
AdvancePCS *                                    603     13,393
Alexion Pharmaceuticals, Inc. *                 185      2,612
Allergan, Inc.                                  781     45,001
AmerisourceBergen Corp.                         607     32,966
Amylin Pharmaceuticals, Inc. *                  627     10,120
Array BioPharma, Inc. *                         466      2,586
Barr Laboratories, Inc. * (a)                   231     15,036
Biocryst Pharmaceuticals, Inc. *                100         96
Bristol-Myers Squibb Company                 11,688    270,577
Celgene Corp. * (a)                             415      8,910
Connetics Corp. *                               152      1,827
Cubist Pharmaceuticals, Inc. *                  242      1,992
Eli Lilly & Company                           6,785    430,847
First Horizon Pharmaceutical Corp. *            252      1,884
Forest Laboratories, Inc. *                   1,107    108,729
Gilead Sciences, Inc. *                       1,253     42,602
Glycogenesys, Inc. * (a)                        100         46
Guilford Pharmaceuticals, Inc. *                100        398
ICN Pharmaceuticals, Inc.                       448      4,888
Isis Pharmaceuticals, Inc. * (a)                201      1,325
King Pharmaceuticals, Inc. *                  1,683     28,931
Ligand Pharmaceuticals, Inc., Class B * (a)     200      1,074
Medicis Pharmaceutical Corp., Class A *         197      9,785
Merck & Company, Inc.                        13,595    769,613
Nabi Biopharmaceuticals *                       221      1,370
Noven Pharmaceuticals, Inc. *                   100        923
NPS Pharmaceuticals, Inc. * (a)                 242      6,091
OSI Pharmaceuticals, Inc. *                     150      2,460

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

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                                                           SHARES     VALUE  
                                                           ------     -----  
                                                                             
PHARMACEUTICALS -CONTINUED                                                   

Pfizer, Inc.                                               37,405  $1,143,471
Pharmaceutical Product Development, Inc. *                    410      12,001
Pharmacia Corp.                                             7,779     325,162
Regeneron Pharmaceuticals, Inc. * (a)                         161       2,980
Salix Pharmaceuticals, Ltd. *                                 417       2,915
Schering-Plough Corp.                                       9,032     200,510
SICOR, Inc. *                                                 864      13,694
Triangle Pharmaceuticals, Inc. *                              190       1,129
United Therapeutics Corp. * (a)                               100       1,670
Vertex Pharmaceuticals, Inc. *                                440       6,974
ViroPharma, Inc. * (a)                                        100         146
Watson Pharmaceuticals, Inc. *                                769      21,740
Women First Healthcare, Inc. * (a)                            119         543
Wyeth                                                       7,992     298,901
                                                                   ----------
                                                                    3,852,932

PHOTOGRAPHY - 0.09%                                                          

Eastman Kodak Company                                       1,724      60,409
                                                                   ----------

PLASTICS - 0.00%                                                             

Spartech Corp.                                                100       2,063
                                                                   ----------

POLLUTION CONTROL - 0.03%                                                    

Republic Services, Inc., Class A *                            807      16,931
Stericycle, Inc. *                                            200       6,476
                                                                   ----------
                                                                       23,407

PUBLISHING - 0.58%                                                           

American Greetings Corp., Class A * (a)                       529       8,358
Consolidated Graphics,  Inc. *                                272       6,052
Gannett Company, Inc.                                       1,595     114,521
Hollinger International, Inc., Class A                        568       5,771
John H. Harland Company                                       100       2,213
John Wiley & Son, Class A                                     461      11,069
Mail-Well Holdings, Inc. *                                    258         645
Mcclatchy Company, Class A                                    238      13,502
McGraw-Hill Companies, Inc.                                 1,127      68,116
Media General, Inc., Class A                                  100       5,995
Meredith Corp.                                                272      11,182
Playboy Enterprises, Inc., Class B * (a)                      100       1,013
PRIMEDIA, Inc. * (a)                                        1,120       2,307
Pulitzer, Inc.                                                 98       4,405
Readers Digest Association, Inc., Class A                     516       7,791
Scholastic Corp. *                                            182       6,543
The New York Times Company, Class A                           853      39,008
Tribune Company                                             1,884      85,647
Value Line, Inc.                                               21         912
                                                                   ----------
                                                                      395,050

RAILROADS & EQUIPMENT - 0.40%                                                

Burlington Northern Santa Fe Corp.                          2,324      60,447
CSX Corp.                                                   1,226      34,708
Florida East Coast Indiana, Inc. (a)                          247       5,730
GATX Corp.                                                    270       6,161
J.B. Hunt Transport Services, Inc. *                          365     $10,695
Kansas City Southern *                                        660       7,920
Norfolk Southern Corp.                                      2,453      49,036
PAM Transportation Services, Inc. *                           100       2,521
Union Pacific Corp.                                         1,483      88,787
Wabtec Corp.                                                  200       2,808
                                                                   ----------
                                                                      268,813

REAL ESTATE - 1.38%                                                          

Aaron Rents, Inc., Class A                                    151       3,428
Acadia Realty Trust, REIT                                     347       2,575
Alexander's, Inc., REIT *                                      21       1,356
Alexandria Real Estate Equities, Inc., REIT                   168      $7,157
AMB Property Corp., REIT                                      517      14,145
American Land Lease, Inc., REIT                               641       9,032
Anthracite Capital, Inc., REIT (a)                            567       6,180
Apartment Investment & Management Company, REIT,  Class A                    
                                                              465      17,428
Archstone-Smith Trust, REIT                                 1,109      26,106
Arden Realty, Inc., REIT                                      328       7,265
Associated Estates Realty Corp., REIT                       1,058       7,141
Atlantic Realty Trust, REIT                                   316       3,081
Avalon Bay Communities, Inc., REIT                            351      13,738
Avatar Holdings, Inc. *                                       100       2,300
Banyan Strategic Realty Trust, REIT                           300          84
Boston Properties, Inc., REIT                                 470      17,324
Boykin Lodging Company, REIT                                  100         933
Brandywine Realty Trust, REIT                                 341       7,437
BRE Properties, Inc., Class A, REIT                           111       3,463
BRT Realty Trust, REIT (a)                                    404       5,353
Burnham Pacific Properties, Inc., REIT                        289         220
California Coastal Communities, Inc. *                        200       1,106
Camden Property Trust, REIT                                   287       9,471
Capital Automotive, REIT                                      100       2,370
Capstead Mortage Corp., REIT                                   75       1,849
CarrAmerica Realty Corp., REIT                                352       8,818
Catellus Development Corp. *                                  408       8,099
CBL & Associates Properties, Inc., REIT                        51       2,043
Center Trust, Inc., REIT                                      200       1,560
CenterPoint Properties Corp., REIT                             97       5,544
Chateau Communities, Inc., REIT                               100       2,300
Chelsea Property Group, Inc., REIT                            270       8,994
Colonial Properties Trust SBI                                 181       6,143
Commercial Net Lease Realty, REIT                              91       1,395
Cornerstone Realty Income Trust, Inc., REIT                   200       1,592
Corporate Office Properties Trust, REIT                       200       2,806
Corrections Corp. of America *                                423       7,254
Cousins Properties, Inc., REIT                                411      10,152
Crescent Real Estate Equities Company, REIT                   638      10,616
Crown American Realty Trust, REIT                             400       3,680
Developers Diversified Realty, REIT                           210       4,618
Duke-Weeks Realty Investments, Inc., REIT                     853      21,709
EastGroup Properties, Inc., REIT                              100       2,550
Entertainment Properties Trust, REIT                          100       2,352
Equity Inns, Inc., REIT                                       300       1,806
Equity Office Properties Trust, REIT                        2,497      62,375
Equity Residential Properties Trust, REIT                   1,533      37,681
Essex Property Trust, REIT                                     76       3,865
FBR Asset Investment Corp., 144A                              174       5,899
Federal Realty Investment Trust, REIT                         163       4,584
Felcor Lodging Trust, Inc., REIT                              444       5,079
First Industrial Realty Trust, Inc., REIT                     100       2,800
First Union Real Estate Equity & Mortgage Investments         600       1,068
Gables Residential Trust, REIT                                232       5,784
General Growth Properties, Inc., REIT                         267      13,884
Getty Realty Corp., REIT                                      100       1,895
Glenborough Realty Trust, Inc., REIT                          348       6,201
Glimcher Realty Trust                                         339       6,017
Golf Trust America, Inc. *                                  1,197       1,616
Health Care Property Investors, Inc., REIT                    246       9,422
Health Care REIT, Inc.                                         30         811
Healthcare Realty Trust                                       210       6,142
Heritage Property Investment Trust, Inc., REIT                124       3,096
Highwoods Properties, Inc.                                    273       6,033
Home Properties of New York, Inc., REIT                       186       6,408

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

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                                                                [Download Table]

                                                      SHARES   VALUE 
                                                      ------   ----- 
                                                                     
REAL ESTATE - CONTINUED                                              

Hospitality Properties Trust, SBI                        282   $9,926
Host Marriott Corp., REIT *                            1,413   12,505
HRPT Properties Trust, REIT                              400    3,296
Innkeepers USA Trust, REIT                               200    1,532
Insignia Financial Group, Inc. *                         100     $725
IRT Property Company                                     200    2,374
JDN Realty Corp.                                         200    2,190
Kilroy Realty Corp., REIT                                100    2,305
Kimco Realty Corp., REIT                                 519   15,902
Koger Equity, Inc.                                       100    1,560
Kramont Realty Trust, REIT                               400    5,860
LaSalle Hotel Properties, REIT                           100    1,400
Lexington Corporate Property Trust, REIT                 200    3,180
Liberty Property Trust, REIT (a)                         392   12,520
LNR Property Corp.                                       100    3,540
LTC Properties, Inc., REIT                               200    1,344
Mack-California Realty Corp., REIT                       283    8,575
Manufactured Home Communities, Inc.                      206    6,104
MeriStar Hospitality Corp., REIT                         614    4,052
MFA Mortgage Investments, Inc., REIT                     200    1,680
Mid-Atlantic Realty Trust, SBI                           200    3,480
National Health Investments, Inc., REIT                  100    1,608
Nationwide Health Properties, Inc., REIT                 200    2,986
New Plan Excel Realty Trust, Inc.                        564   10,767
Newcastle Investment Corp.                               416    6,644
Newhall Land & Farming Company, ADR                      100    2,875
Pan Pacific Retail Properties, Inc., REIT                124    4,530
Parkway Properties, Inc.                                 175    6,139
Post Properties, Inc., REIT                              100    2,390
Prentiss Properties Trust, REIT                          100    2,828
Price Legacy Corp., REIT *                               253      708
Prime Group Realty Trust, REIT *                         100      461
Prologis Trust, REIT                                   1,065   26,785
PS Business Parks, Inc., REIT                            154    4,897
Public Storage, Inc., REIT                               638   20,614
Pulte Homes, Inc.                                        394   18,861
Ramco Gershenson Properties Trust, REIT                  200    3,950
Realty Income Corp., REIT                                127    4,445
Reckson Associates Realty Corp., REIT                    396    8,336
Redwood Trust, Inc., REIT                                100    2,770
Regency Centers Corp., REIT                              311   10,076
Rouse Company, REIT                                      449   14,233
Saul Centers, Inc.                                       100    2,380
Senior Housing Properties Trust, SBI                     200    2,122
Shurgard Storage Centers, Inc., Class A                  174    5,453
Simon Property Group, Inc., REIT                       1,074   36,591
Sizeler Property Investors, Inc., REIT                 1,055    9,801
SL Green Realty Corp., REIT                              100    3,160
Sovran Self Storage, Inc.                                100    2,836
Stratus Properties, Inc. *                               100      920
Summit Properties, Inc.                                  337    5,999
Sun Communities, Inc., REIT                              100    3,657
Tanger Factory Outlet Centers, Inc., REIT                100    3,100
Taubman Centers, Inc., REIT                              582    9,446
The Macerich Company, REIT                               269    8,272
The Mills Corp., REIT                                    100    2,934
The St. Joe Company                                      452   13,560
Trammell Crow Company *                                  184    1,656
Transcontinental Realty Investors, Inc., REIT *          100    1,764
Trizec Properties, Inc., REIT                          1,020    9,578
United Dominion Realty Trust, Inc., REIT                 679   11,108
United States Restaurant Properties, Inc.                436    6,139
Urstadt Biddle Properties, Inc.                          564    6,249
Ventas, Inc., REIT                                       300    3,435
Vornado Operating Company *                              149      $73
Vornado Realty Trust, REIT                               674   25,073
W. P. Carey & Company LLC                                250    6,187
Washington REIT,  REIT                                   100    2,550
Weingarten Realty Investors, REIT                        276   10,173
Wellsford Real Properties, Inc. *                        408    6,430
Winston Hotels, Inc., REIT                               200    1,560
                                                              -------
                                                              938,392

RETAIL GROCERY - 0.57%                                               

7 Eleven, Inc. *                                         439    3,292
Albertsons, Inc.                                       2,341   52,111
Arden Group, Inc. * *                                    104    6,294
Fresh Brands, Inc.                                       113    1,865
Ingles Markets, Inc.                                     102    1,200
Nash-Finch Company                                       100      773
Pathmark Stores, Inc. *                                  213    1,080
Ruddick Corp.                                            519    7,105
Safeway, Inc. *                                        2,575   60,152
Smart & Final, Inc. *                                    100      520
SUPERVALU, Inc.                                          742   12,250
Sysco Corp.                                            3,967  118,177
The Great Atlantic & Pacific Tea Company, Inc. * (a)     369    2,974
The Kroger Company *                                   4,785   73,928
United Natural Foods, Inc. *                             100    2,535
Weis Markets, Inc.                                       100    3,105
Whole Foods Market, Inc. *                               353   18,614
Wild Oats Markets, Inc. *                                100    1,032
Willamette Valley Vineyard, Inc. *                       498      747
Winn-Dixie Stores, Inc. (a)                            1,085   16,579
                                                              -------
                                                              384,333

RETAIL TRADE - 5.22%                                                 

99 Cents Only Stores *                                   470   12,624
Abercrombie & Fitch Company, Class A *                   534   10,926
Aeropostale, Inc. *                                      500    5,285
American Eagle Outfitters, Inc. *                        336    4,630
AnnTaylor Stores Corp. *                                 403    8,229
Barnes & Noble, Inc. *                                   495    8,945
Barnesandnoble.com, Inc., Class A * (a)                  249      286
Bebe Stores, Inc. * (a)                                  100    1,340
Bed Bath & Beyond, Inc. *                              1,825   63,017
Best Buy Company, Inc. *                               1,896   45,788
Big Lots, Inc. *                                         967   12,793
BJ's Wholesale Club, Inc. *                              351    6,423
Borders Group, Inc. *                                    531    8,549
Buckle, Inc. *                                           100    1,800
Burlington Coat Factory Warehouse Corp.                  185    3,321
CarMax, Inc. *                                           701   12,534
Cato Corp., Class A                                      100    2,159
CDW Computer Centers, Inc. *                             530   23,240
Charlotte Russe Holding, Inc. *                          100    1,061
Charming Shoppes, Inc. *                                 388    1,622
Chico's FAS, Inc. * (a)                                  450    8,509
Childrens Place Retail Stores, Inc. *                    100    1,064
Christopher & Banks Corp. *                               96    1,992
Circuit City Stores-Circuit City Group                 1,147    8,511
Claire's Stores, Inc.                                    429    9,468
Cost Plus, Inc. *                                        100    2,867
Costco Wholesale Corp. *                               2,857   80,167
CVS Corp.                                              2,272   56,732
Daisytek International Corp. *                           100      793
Dillard's, Inc., Class A                                 443    7,026
Dollar General Corp.                                   2,000   23,900

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

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                                                SHARES    VALUE  
                                                ------    -----  
                                                                 
RETAIL TRADE - CONTINUED                                         

Dollar Tree Stores, Inc. *                         740    $18,182
Electronics Boutique Holdings Corp. *              100      1,581
Family Dollar Stores, Inc.                       1,076     33,582
Federated Department Stores, Inc. *              1,308     37,618
Foot Locker, Inc.                                  960     10,080
Footstar, Inc. * (a)                               100        696
Fossil, Inc. * (a)                                 208      4,231
Fred's, Inc., Class A                              187      4,806
GameStop Corp. *                                   362      3,548
Genesco, Inc. *                                    100      1,863
Group 1 Automotive, Inc. *                         100      2,388
Guitar Center, Inc. * (a)                          100      1,656
Hanover Direct, Inc. *                             700        133
Haverty Furniture Companies, Inc.                  100      1,390
Home Depot, Inc.                                14,187    339,921
Hot Topic, Inc. * (a)                              250      5,720
J. C. Penney, Inc.                               1,652     38,013
Jo Ann Stores, Inc. * (a)                          245      5,628
Kenneth Cole Productions, Inc., Class A *          160      3,248
Kmart Corp. * (a)                                2,390        478
Kohl's Corp. *                                   1,989    111,285
Linens'n Things, Inc. *                            403      9,108
Longs Drug Stores Corp.                            134      2,779
Lowe's Companies, Inc.                           4,764    178,650
May Department Stores Company                    1,894     43,524
Michael's Stores, Inc. *                           470     14,711
MSC Industrial Direct Company, Inc., Class A *     165      2,929
Nordstrom, Inc.                                    864     16,390
Pacific Sunwear of California, Inc. *              485      8,571
Pantry, Inc. *                                     100        401
Payless ShoeSource, Inc. *                         100      5,147
PC Connection, Inc. *                              418      2,119
Pep Boys-Manny, Moe & Jack                         200      2,320
Petco Animal Supplies Inc. *                       258      6,047
PETsMART, Inc. *                                   718     12,299
Pier 1 Imports, Inc.                               735     13,914
RadioShack Corp.                                   979     18,346
Regis Corp.                                        388     10,084
Rent-A-Center, Inc. *                              243     12,138
Rite Aid Corp. * (a)                             2,536      6,213
Ross Stores, Inc.                                  486     20,602
Saks, Inc. *                                       834      9,791
School Specialty, Inc. * (a)                       100      1,998
Sears, Roebuck & Company                         1,832     43,876
Shopko Stores, Inc. *                              100      1,245
Stein Mart, Inc. *                                 200      1,220
Summit America Television, Inc. *                  100        267
Systemax, Inc. *                                   201        312
Talbots, Inc.                                      473     13,022
Target Corp.                                     5,468    164,040
The Dress Barn, Inc. *                             200      2,660
The Gap, Inc.                                    5,348     83,001
The Limited, Inc.                                3,184     44,353
The Mens Wearhouse, Inc. *                         161      2,761
The Neiman Marcus Group, Inc., Class A *           405     12,308
The TJX Companies, Inc.                          3,280     64,026
The Wet Seal, Inc., Class A *                      225      2,421
The Yankee Candle, Inc. *                          531      8,496
Tiffany & Company                                  828     19,797
Too, Inc. *                                        343      8,067
Toys R Us, Inc. *                                1,554     15,540
Tractor Supply Company *                           151      5,678
Transport World Entertainment Corp. * (a)          200        726
Tuesday Morning Corp. *                            160      2,736
Tweeter Home Entertainment Group, Inc. *           100       $586
Urban Outfitters, Inc. *                           100      2,357
Value City Department Stores, Inc. *               100        183
Valuevision International, Inc., Class A *         347      5,198
Wal-Mart Stores, Inc.                           26,886  1,358,012
Walgreen Company                                 6,254    182,554
Whitehall Jewellers, Inc. *                         74        703
Williams-Sonoma, Inc. *                            686     18,625
Wilsons Leather Experts, Inc. *                     98        490
Zale Corp. *                                       260      8,294
                                                        ---------
                                                        3,533,283

SANITARY SERVICES - 0.21%                                        

Allied Waste Industries, Inc. *                  1,249     12,490
Ecolab, Inc.                                       719     35,591
IMCO Recycling, Inc. *                             100        813
Ionics, Inc. * (a)                                 100      2,280
Waste Connections, Inc. * (a)                      100      3,861
Waste Management, Inc.                           3,720     85,262
                                                        ---------
                                                          140,297

SEMICONDUCTORS - 1.51%                                           

Actel Corp. *,                                     100      1,622
Advanced Energy Industries, Inc. * (a)             135      1,717
Advanced Micro Devices, Inc. * (a)               2,077     13,417
Agere Systems, Inc., Class A *                  11,852     17,067
Alliance Semiconductor Corp. *                     161        633
Altera Corp. *                                   2,296     28,310
American Superconductor Corp. * (a)                100        301
Amkor Technology, Inc. *                           932      4,436
Analog Devices, Inc. *                           2,282     54,471
Applied Materials, Inc. *                        9,979    130,026
Applied Micro Circuits Corp. *                   1,707      6,299
Asyst Technologies, Inc. *                         100        735
Atmel Corp. *                                    2,504      5,584
ATMI, Inc. * (a)                                   414      7,667
Axcelis Technologies, Inc. *                       864      4,846
AXT, Inc. *,                                       100        180
Broadcom Corp., Class A * (a)                    1,595     24,021
Caliper Technologies Corp. * (a)                   100        300
ChipPac, Inc., Class A *                           511      1,814
Cirrus Logic, Inc. *                               385      1,109
Conexant Systems, Inc. *                         1,530      2,463
Credence Systems Corp. *                           541      5,048
Cree, Inc. * (a)                                   375      6,131
Cymer, Inc. * (a)                                  214      6,902
Cypress Semiconductor Corp. *                      781      4,467
Electroglas, Inc. * (a)                            100        154
Emcore Corp. *                                     133        291
Emulex Corp. *                                     515      9,553
ESS Technology, Inc. *                             184      1,157
Exar Corp. *                                       200      2,480
Fairchild Semiconductor Corp., Class A *         1,060     11,353
Genus, Inc. * (a)                                  150        344
GlobespanVirata, Inc. *                          1,117      4,926
Integrated Circuit Systems, Inc. *                 326      5,950
Integrated Device Technology, Inc. *               695      5,817
Integrated Silicon Solution, Inc. *                100        436
Intergrated Electrical Services, Inc. *            200        770
International Rectifier Corp. *                    596     11,002
Intersil Corp., Class A *                          728     10,148
JNI Corp. *                                        100        277
KLA-Tencor Corp. *                               1,059     37,457
Kopin Corp. *                                      255      1,000
Kulicke & Soffa Industries, Inc. * (a)             200      1,144

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

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                                                   SHARES    VALUE  
                                                   ------    -----  
                                                                    
SEMICONDUCTORS - CONTINUED                                          

Lam Research Corp. *                                  845     $9,126
Lattice Semiconductor Corp. *                         671      5,885
Linear Technology Corp.                             1,801     46,322
LSI Logic Corp. *                                   2,296     13,248
LTX Corp. *                                           199      1,200
Mattson Technology, Inc. * (a)                        100        286
Maxim Integrated Products, Inc.                     2,019     66,708
MEMC Electronic Materials, Inc. *                   1,141      8,637
Micrel, Inc. *                                        575      5,164
Microchip Technology, Inc.                          1,222     29,878
Micron Technology, Inc. *                           3,471     33,808
Microsemi Corp. *                                     184      1,121
MIPS Technologies, Inc., Class A *                    170        515
MKS Instruments, Inc. *                               163      2,678
Monolithic System Technology, Inc. *                  344      4,156
Multilink Technology Corp. * (a)                       40        108
Mykrolis Corp. *                                      144      1,051
National Semiconductor Corp. *                      1,347     20,218
Novellus Systems, Inc. *                              904     25,384
NVIDIA Corp. * (a)                                  1,259     14,491
Oak Technology, Inc. *                                200        530
Omnivision Technologies, Inc. *                       364      4,939
ON Semiconductor Corp. *                            1,978      2,710
ParthusCeva, Inc. *                                    33        195
Pericom Semiconductor Corp. *                         417      3,465
Phoenix Technology, Ltd. *                            100        577
Photronics, Inc. *                                    100      1,370
Pioneer Standard Electronics, Inc. (a)                161      1,478
PLX Technology, Inc. *                                100        391
Power Integrations, Inc. *                            100      1,700
QLogic Corp. *                                        502     17,324
Quicklogic Corp. *                                    100        106
Rambus, Inc. * (a)                                    400      2,684
Rudolph Technologies, Inc. * (a)                      147      2,817
Semtech Corp. *                                       494      5,394
Silicon Image, Inc. * (a)                             272      1,632
Silicon Laboratories, Inc. * (a)                      210      4,007
Siliconix, Inc. *                                     135      3,159
Sipex Corp. *                                         100        370
Skyworks Solutions, Inc. * (a)                        734      6,327
Teradyne, Inc. *                                    1,474     19,177
Texas Instruments, Inc.                            10,329    155,038
Therma-Wave, Inc. *                                   100        105
Three-Five Systems, Inc. * (a)                        301      1,941
TranSwitch Corp. *                                    510        351
Triquint Semiconductor, Inc. *                        644      2,731
Ultratech Stepper, Inc. *                             100        984
Varian Semiconductor Equipment, Inc. *                385      9,148
Veeco Instruments, Inc. *                             100      1,156
Vitesse Semiconductor Corp. *                       1,320      2,884
White Electronic Designs Corp. *                      171      1,308
Xicor, Inc. *                                         100        373
Xilinx, Inc. *                                      1,977     40,726
Zoran Corp. *                                          96      1,351
                                                           ---------
                                                           1,022,257

SHIPBUILDING - 0.01%                                                

Maritrans, Inc.                                       200      2,700
Todd Shipyards Corp. *                                100      1,305
                                                           ---------
                                                               4,005

SOFTWARE - 4.04%                                                    

@Road, Inc. * (a)                                     924      3,816
Acclaim Entertainment, Inc. * (a)                   1,609      1,062
Activision, Inc. *                                    345      5,034
Actuate Corp. *                                       200       $354
Adobe Systems, Inc.                                 1,618     40,128
Advent Software, Inc. * (a)                           131      1,786
Allscripts Heathcare Solution, Inc. * (a)             100        239
America Online Latin America, Inc., Class A * (a)     733        271
ANSYS, Inc. *                                         100      2,020
Applied Digital Solutions, Inc. *                     200         82
Artisoft, Inc. *                                      100         41
Ascential Software Corp. *                          1,538      3,691
Aspen Technology, Inc. * (a)                          100        283
Autodesk, Inc.                                        816     11,669
Avid Technology, Inc. *                               100      2,295
Avocent Corp. *                                       209      4,644
Aware, Inc. *                                         100        218
BARRA, Inc. *                                         136      4,125
BEA Systems, Inc. *                                 2,814     32,277
Bindview Development Corp. *                          200        288
BMC Software, Inc. *                                1,503     25,716
Borland Software Corp. *                              366      4,502
Brio Technology, Inc. * (a)                           100        155
Bsquare Corp. *                                       100        126
Caminus Corp. *                                       100        234
Captaris, Inc. *                                      100        240
Carreker Corp. *                                      100        453
CCC Information Services Group, Inc. *                100      1,775
Checkfree Corp. * (a)                                 491      7,856
CIBER, Inc. *                                       1,209      6,226
Citrix Systems, Inc. *                              1,122     13,823
Computer Associates International, Inc.             3,643     49,180
Compuware Corp. *                                   2,025      9,720
Concord Communications, Inc. *                        345      3,102
Covansys Corp. *                                      100        376
Datatec Systems, Inc. *                               100        144
Dendrite International, Inc. *                        100        747
Digital Generation Systems, Inc. *                    410        439
Documentum, Inc. *                                    200      3,132
Electronic Arts, Inc. *                               884     43,997
Embarcadero Tech, Inc. *                              327      1,952
Entegris, Inc. *                                      715      7,364
Epicor Software Corp. *                               200        250
Epresence, Inc. *                                     154        299
Exult, Inc. * (a)                                     481      1,530
Fair Issac & Company, Inc.                            260     11,102
FairMarket, Inc. *                                    100        164
HPL Technologies, Inc. * (a)                          443          9
Hyperion Solutions Corp. *                            146      3,748
Igate Capital Corp. *                                 239        626
Imation Corp. *                                       317     11,120
Industries International, Inc. *                      191        313
Infogrames, Inc. *                                    357        632
Informatica Corp. *                                   372      2,143
InfoUSA, Inc. *                                       317      1,575
Intertrust Technologies Corp. *                       434      1,836
Intuit, Inc. *                                      1,353     63,483
J.D. Edwards & Company *                              558      6,294
JDA Software Group, Inc. *                            100        966
Kana Software, Inc. * (a)                              51        100
Keane, Inc. *                                         337      3,030
Lightspan, Inc. *                                     272        286
Macrovision Corp. *                                   290      4,652
Magma Design Automation, Inc. * (a)                   349      3,343
Manhattan Associates, Inc. *                          360      8,518
Manugistics Group, Inc. *                             291        698
Matrixone, Inc. *                                     197        847

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

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                                                   SHARES    VALUE  
                                                   ------    -----  
                                                                    
SOFTWARE - CONTINUED                                                

McDATA Corp., Class A *                               743     $5,275
MCSI, Inc. * (a)                                       27        128
Mercator Software, Inc. * (a)                         100         97
Mercury Interactive Corp. *                           472     13,995
Metasolv, Inc. *                                      100        137
Micromuse, Inc. *                                     317      1,211
Microsoft Corp. *                                  32,698  1,690,487
MicroStrategy, Inc. * (a)                              10        151
Midway Games, Inc. * (a)                              100        417
MRO Software, Inc. *                                  100      1,215
MSC Software Corp. *                                  100        772
Netegrity, Inc. *                                     150        488
NetIQ Corp. *                                         435      5,372
Netscout Systems, Inc. *                              100        435
NIC, Inc. *                                           292        420
NMS Communications Corp. * (a)                        280        538
Novell, Inc. *                                      3,861     12,896
Numerical Technologies, Inc. *                        210        727
NYFIX, Inc. * (a)                                     100        450
Onyx Software Corp. *                                 173        268
Oracle Corp. *                                     32,710    353,268
Parametric Technology Corp. *                       1,700      4,284
PDF Solutions, Inc. *                                 426      2,952
PeopleSoft, Inc. *                                  2,034     37,222
Peregrine Systems, Inc. *                           1,130         92
Pfsweb, Inc. *                                        181         76
Pixar, Inc. * (a)                                     362     19,182
Pomeroy Computer Resources, Inc. *                    100      1,170
Progress Software Corp. *                             436      5,646
Puma Technology, Inc. * (a)                           184        131
Rational Software Corp. *                           1,172     12,177
Red Hat, Inc. * (a)                                 1,585      9,367
Roxio, Inc. *                                          61        291
Saba Software, Inc. * (a)                             397        421
Sanchez Computer Associates, Inc. *                   100        288
Scansoft, Inc. * (a)                                1,214      6,313
Secure Computing Corp. * (a)                          100        641
Seebeyond Technology Corp. *                          312        758
Selectica, Inc. *                                     166        448
Serena Software, Inc. *                               168      2,653
Siebel Systems, Inc. *                              2,636     19,717
SkillSoft PLC *                                       374      1,029
Speechworks International, Inc. *                     266        739
SPSS, Inc. *                                           13        182
Storagenetworks, Inc. *                               124        144
Synavant, Inc. *                                       84         78
Synopsys, Inc. *                                      466     21,506
Take-Two Interactive Software, Inc. *                 366      8,597
TR Systems, Inc. *                                    100         55
Transaction Systems Architects, Inc., Class A *       100        650
Tyler Technologies, Inc. *                            200        834
Ulticom, Inc. *                                       326      2,442
Verint Systems,  Inc. *                               356      7,184
VERITAS Software Corp. *                            2,651     41,409
Viewpoint Corp. * (a)                                 184        344
Virage, Inc. *                                        119         83
WebMD Corp. * (a)                                   1,690     14,449
Wire One Technologies, Inc. * (a)                     166        463
Worldport Communications, Inc. *                      212        102
Xanser Corp. *                                        200        316
                                                           ---------
                                                           2,736,328

STEEL - 0.10%                                                       

Alaska Steel Holding Corp. *                          814      6,512
Allegheny Technologies, Inc.                          504     $3,140
Bethleham Steel Corp. *                               612         67
Carpenter Technology Corp.                            100      1,245
Gibraltor Steel Corp.                                 100      1,904
Intermet Corp.                                        100        420
NS Group, Inc. *                                      100        652
Nucor Corp.                                           481     19,865
Reliance Steel & Aluminum Company                     382      7,961
Ryerson Tull, Inc.                                    100        610
Steel Dynamics, Inc. *                                193      2,322
Texas Industries, Inc.                                100      2,430
United States Steel Corp.                             566      7,426
WHX Corp. * (a)                                        33         81
Worthington Industries, Inc.                          679     10,348
                                                           ---------
                                                              64,983

TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.91%                     

ADC Telecommunications, Inc. *                      4,286      8,958
ADTRAN, Inc. *                                        364     11,976
Advanced Fibre Communications, Inc. *                 514      8,574
Airnet Commerce Corp. *                               166         86
Alaska Communications Systems, Inc. *                 169        311
Allegiance Telecom, Inc. * (a)                        469        314
American Tower Corp., Class A * (a)                 1,094      3,862
Andrew Corp. *                                        493      5,068
Arris Group, Inc. *                                   637      2,274
Aspect Communications, Inc. *                         192        545
AT&T Latin America Corp. *                            241         51
Avaya, Inc. * (a)                                   2,615      6,407
Brightpoint, Inc. *                                    40        316
Carrier Access Corp. *                                100         40
CellStar Corp. *                                       40        228
Choice One Communications, Inc. *                     161         26
CIENA Corp. *                                       3,286     16,890
Citizens Communications Company *                   1,825     19,254
Commonwealth Telephone Enterprises, Inc., (CTE) *                   
                                                      100      3,584
Commscope, Inc. *                                     387      3,057
Comverse Technology, Inc. *                         1,438     14,409
Copper Mountain Networks, Inc. * (a)                   21         89
Corning, Inc. * (a)                                 7,591     25,126
Corvis Corp. *                                      1,625      1,154
Cosine Communications, Inc. *                          94        568
Crown Castle International Corp. *                  1,579      5,921
CT Communications, Inc.                               100      1,130
Digital Lightwave, Inc. *                             130        160
Ditech Communications Corp. * (a)                     100        218
Finisar Corp. * (a)                                   971        922
General Communication, Inc. *                         272      1,825
Harmonic, Inc. *                                      248        570
Harris Corp.                                          482     12,677
Ibasis, Inc. *                                        178         59
IDT Corp. *                                           100      1,729
Inet Technologies, Inc. *                             227      1,385
Infonet Services Corp., Class B *                   1,616      3,200
Inrange Technologies Corp. Class B * (a)              351        825
InterDigital Communication Corp. * (a)                454      6,610
Intrado, Inc. *                                       335      3,283
JDS Uniphase Corp. *                                8,406     20,763
Latitude Communications, Inc. *                       100        153
Level 3 Communications, Inc. * (a)                  2,792     13,681
Loral Space & Communications, Ltd. * (a)            2,419      1,040
Lucent Technologies, Inc. * (a)                    20,196     25,447
Mastec, Inc. *                                        150        442

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

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                                                     SHARES    VALUE  
                                                     ------    -----  
                                                                      
TELECOMMUNICATIONS EQUIPMENT & SERVICES - CONTINUED                   

MCK Communications, Inc. * (a)                          100       $109
Motorola, Inc.                                       14,182    122,674
MRV Communications, Inc. *                              660        706
Net2Phone, Inc. * (a)                                   100        405
Network Equipment Technologies, Inc. *                  194       $760
New Focus, Inc. *                                       338      1,298
Newport Corp. *                                         154      1,934
Next Level Communications, Inc., Class A *              361        292
Pac-West Telecomm, Inc. *                               182         91
PanAmSat Corp. *                                        819     11,990
Paradyne Networks Corp. *                               100        128
Plantronics, Inc. * (a)                                 293      4,433
Powerwave Technologies, Inc. *                          300      1,620
Price Communications Corp. *                            644      8,906
Proxim Corp., Class A *                               1,125        979
PTEK Holdings, Inc. *                                   200        880
QUALCOMM, Inc. *                                      4,726    171,979
RCN Corp. * (a)                                         401        213
REMEC, Inc. *                                           150        582
Savvis Communications Corp. *                           300        120
SBA Communications Corp. * (a)                          231         95
Scientific-Atlanta, Inc.                                858     10,176
Sonus Networks, Inc. *                                1,192      1,192
Stratex Networks, Inc. *                                295        652
Sunrise Telecom, Inc. *                                 411        727
SureWest Communications (a)                             129      4,799
Symmetricom, Inc. *                                     150        633
Tekelec *                                               264      2,759
Tellabs, Inc. *                                       3,074     22,348
Terayon Communication Systems, Inc. * (a)               306        627
Time Warner Telecom, Inc., Class A * (a)                181        382
TippingPoint Technologies, Inc. *                        14        133
Tollgrade Communications, Inc. * (a)                    226      2,651
Touch America Holdings, Inc. *                          543        212
Triton PCS Holdings, Inc., Class A *                    248        975
Tut Systems, Inc. * (a)                                 153        193
UTStarcom, Inc. *                                       200      3,966
Westell Technologies, Inc., Class A * (a)               100        120
                                                             ---------
                                                               617,946

TELEPHONE - 2.78%                                                     

Alltel Corp.                                          1,846     94,146
AT&T Corp.                                            4,639    121,124
Atlantic Tele-Network Inc.                              429      6,649
BellSouth Corp.                                      11,302    292,383
Broadwing, Inc. *                                     1,296      4,562
Centennial Communications Corp., Class A * (a)          403      1,052
CenturyTel, Inc.                                        882     25,913
D&E Communications, Inc.                                 95        794
Dobson Communications Corp., Class A *                  177        391
Hickory Tech Corp.                                      100        953
North Pittsburgh Systems, Inc.                          100      1,363
Qwest Communications International, Inc. *           10,607     53,035
SBC Communications, Inc.                             20,090    544,640
Sprint Corp. (FON Group)                              5,511     79,799
TALK America Holdings, Inc. * (a)                        66        370
U.S. Cellular Corp. * (a)                               516     12,910
Verizon Communications, Inc.                         16,500    639,375
Warwick Valley Telephone Company                         25      1,738
Z Telephone Technologies, Inc. * (a)                    100         81
                                                             ---------
                                                             1,881,278

TIRES & RUBBER - 0.03%                                                

Bandag, Inc.                                            100      3,868
Cooper Tire & Rubber Company                            563      8,636
Goodyear Tire &  Rubber Company (a)                   1,065     $7,253
Myers Indiana, Inc.                                     151      1,616
                                                             ---------
                                                                21,373

TOBACCO - 0.85%                                                       

Dimon, Inc.                                             729      4,374
Philip Morris Companies, Inc.                        12,703    514,853
R.J. Reynolds Tobacco Holdings, Inc.                    524     22,066
Universal Corp.                                         100      3,696
UST, Inc.                                               926     30,956
Vector Group, Ltd. (a)                                  115      1,336
                                                             ---------
                                                               577,281

TOYS, AMUSEMENTS & SPORTING GOODS - 0.20%                             

Hasbro, Inc.                                            974     11,249
Jakks Pacific, Inc. *                                   100      1,347
Mattel, Inc.                                          2,627     50,307
NIKE, Inc., Class B                                   1,608     71,508
Russ Berrie & Company, Inc.                             100      3,378
                                                             ---------
                                                               137,789

TRANSPORTATION - 0.21%                                                

Airborne, Inc.                                          563      8,349
Alexander & Baldwin, Inc.                               313      8,072
C. H. Robinson Worldwide, Inc.                          409     12,761
General Maritime Corp. * (a)                            545      4,060
Harley-Davidson, Inc.                                 1,852     85,563
Heartland Express, Inc. *                               471     10,791
Offshore Logistics, Inc. *                              100      2,192
Overseas Shipholding Group, Inc.                        279      4,994
Pacer International,  Inc. *                            527      7,009
RailAmerica, Inc. * (a)                                 100        717
SCS Transportation, Inc. *                               50        496
                                                             ---------
                                                               145,004

TRAVEL SERVICES - 0.05%                                               

Ambassadors Group, Inc. *                               100      1,294
Expedia, Inc., Class A *                                121      8,099
Hotels.com, Class A * (a)                               100      5,463
Pegasus Systems, Inc. *                                 100      1,003
Sabre Holdings, Inc. *                                  836     15,140
                                                             ---------
                                                                30,999

TRUCKING & FREIGHT - 0.96%                                            

Arkansas Best Corp. *                                   100      2,598
CNF Transportation, Inc.                                399     13,263
EGL, Inc. *                                             200      2,850
Expeditores International of Washington, Inc.           697     22,757
Fedex Corp.                                           1,760     95,427
First Aviation Services, Inc. *                         297      1,322
Forward Air Corp. *                                     100      1,941
Kirby Corp. *                                           100      2,739
Knight Transportation, Inc. *                           225      4,725
Landstar Systems, Inc. *                                150      8,754
Navistar International Corp. *                          370      8,995
OMI Corp. *                                             296      1,217
Pittston Brink's Group                                  381      7,041
Plains All American Pipeline, LP (a)                    361      8,808
Roadway Express, Inc.                                   100      3,681
Ryder Systems, Inc.                                     447     10,031
Swift Transportation, Inc. *                            526     10,529
Terex Corp. *                                           624      6,951
U.S. Freightways Corp.                                  100      2,875
United Parcel Service, Inc., Class B                  6,731    424,592
Werner Enterprises, Inc.                                280      6,028
Yellow Corp. *                                          100      2,519
                                                             ---------
                                                               649,643

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

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--------------------------------------------------------------------------------

                                                                [Download Table]
                                
TOTAL COMMON STOCK              
(Cost: $89,765,507)  $61,398,773
                     -----------

                                                                [Download Table]

                                                           SHARES  VALUE
                                                           ------  -----
                                                                        
WARRANTS - 0.00%                                                        

BANKING - 0.00%                                                         

Dime Bancorp, Inc. *, (Expiration date 11/22/2005; strike               
    price $0)                                               300      $36
                                                                     ---

TOTAL WARRANTS                                                          
(Cost: $105)                                                          36
                                                                     ---

                                                        [Enlarge/Download Table]

                                                              PRINCIPAL AMOUNT    VALUE  
                                                              ----------------    -----  
                                                                                         
SHORT TERM INVESTMENTS - 9.35%                                                           

Federal Home Loan Bank Consolidated Discount Note, 1.65% due                             
    01/24/2003                                                     $500,000      $499,471
Navigator Securities Lending Trust, 1.43%                         1,634,645     1,634,645
State Street Boston Corp.                                                                
    1.20% due 01/02/2003 (b)                                      3,700,000     3,699,877
U.S. Treasury Bills,                                                                     
   1.17% due 01/30/2003 ****                                        300,000       299,715
U.S. Treasury Bills,                                                                     
   1.17% due 01/30/2003 ****                                        100,000        99,881
   1.20% due 02/27/2003 ****                                        100,000        99,810
                                                                                ---------
                                                                                6,333,399

                                                        [Enlarge/Download Table]
                                                                                            
REPURCHASE AGREEMENTS - 0.01%                                                               

Repurchase Agreement with State Street Corp., dated 12/31/2002 at                           
    1.00%, to be repurchased at $9,001 on 01/02/2003,                                       
    collateralized by $10,000 U.S. Treasury Bonds 7.625% due                                
    02/15/2025 (valued at $14,037 including interest)                      9,000       9,000
                                                                                  ----------

TOTAL INVESTMENTS   (TOTAL STOCK MARKET INDEX TRUST)  (Cost: $96,108,011)         67,741,208
                                                                                  ==========

500 INDEX TRUST                                                                 

                                                                [Download Table]

                                                SHARES    VALUE   
                                                ------    -----   
                                                                  
COMMON STOCK - 93.90%                                             

ADVERTISING - 0.22%                                               

Omnicom Group, Inc.                             16,262   1,050,525
The Interpublic Group of Companies, Inc.        33,776     475,566
TMP Worldwide, Inc. *                            9,401     106,326
                                                        ----------
                                                         1,632,417

AEROSPACE - 1.87%                                                 

B.F. Goodrich Company                            9,862     180,672
Boeing Company                                  72,654   2,396,855
General Dynamics Corp.                          17,445   1,384,610
Honeywell International, Inc.                   71,018   1,704,432
Lockheed Martin Corp.                           39,464   2,279,046
Northrop Grumman Corp. (a)                      15,742   1,526,974
Raytheon Company                                35,103   1,079,417
Rockwell Collins, Inc.                          15,604     362,949
Textron, Inc.                                   11,988     515,364
United Technologies Corp.                       40,981   2,538,363
                                                        ----------
                                                        13,968,682

AGRICULTURE - 0.06%                                               

Monsanto Company                                23,072     444,136
                                                        ----------

AIR TRAVEL - 0.14%                                                

Delta Air Lines, Inc.                           10,478    $126,784
Southwest Airlines Company (a)                  67,157     933,482
                                                        ----------
                                                         1,060,266

APPAREL & TEXTILES - 0.25%                                        

Cintas Corp.                                    14,892     681,309
Jones Apparel Group, Inc. *                     11,090     393,030
Liz Claiborne, Inc.                              9,190     272,483
Reebok International, Ltd. *                     5,008     147,235
V.F. Corp.                                       9,423     339,699
                                                        ----------
                                                         1,833,756

AUTO PARTS - 0.29%                                                

AutoZone, Inc. *                                 8,507     601,020
Dana Corp.                                      12,630     148,529
Delphi Automotive Systems Corp.                 48,351     389,226
Eaton Corp.                                      6,214     485,375
Genuine Parts Company                           15,399     474,289
Visteon Corp.                                   11,090      77,186
                                                        ----------
                                                         2,175,625

AUTOMOBILES - 0.50%                                               

Ford Motor Company                             159,003   1,478,728
General Motors Corp.                            48,508   1,788,005
PACCAR, Inc. (a)                                 9,973     460,054
                                                        ----------
                                                         3,726,787

BANKING - 6.08%                                                   

AmSouth BanCorp                                 30,947     594,182
Bank of America Corp.                          129,630   9,018,359
Bank of New York, Inc.                          62,959   1,508,498
Bank One Corp.                                 100,898   3,687,822
BB&T Corp.                                      41,439   1,532,829
Comerica, Inc.                                  15,035     650,113
Fifth Third Bancorp                             50,021   2,928,730
First Tennessee National Corp.                  10,868     390,596
FleetBoston Financial Corp.                     90,914   2,209,210
Golden West Financial Corp.                     13,195     947,533
Huntington Bancshares, Inc.                     20,328     380,337
KeyCorp                                         36,546     918,766
Marshall & Ilsley Corp.                         18,855     516,250
National City Corp.                             53,000   1,447,960
North Fork BanCorp, Inc.                        13,919     469,627
Northern Trust Corp.                            19,034     667,142
Southtrust Corp.                                30,277     752,383
SunTrust Banks, Inc.                            24,495   1,394,255
Union Planters Corp.                            17,263     485,781
US Bancorp                                     165,831   3,518,934
Wachovia Corp.                                 117,829   4,293,689
Wells Fargo & Company                          146,435   6,863,408
Zions BanCorp                                    7,923     311,762
                                                        ----------
                                                        45,488,166

BIOTECHNOLOGY - 1.09%                                             

Amgen, Inc. *                                  111,379   5,384,061
Applera Corp. - Applied Biosystems Group        18,352     321,894
Biogen, Inc. *                                  12,769     511,526
Chiron Corp. * (a)                              16,251     611,038
Genzyme Corp. *                                 18,802     555,975
MedImmune, Inc. *                               21,981     597,224
Millipore Corp. *                                4,243     144,262
                                                        ----------
                                                         8,125,980

BROADCASTING - 1.16%                                              

Clear Channel Communications, Inc. *            53,043   1,977,973
Univision Communications, Inc., Class A * (a)   19,740     483,630
Viacom, Inc., Class B * (a)                    152,498   6,215,819
                                                        ----------
                                                         8,677,422

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

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                                                                [Download Table]

                                              SHARES     VALUE   
                                              ------     -----   
                                                                 
BUILDING MATERIALS & CONSTRUCTION - 0.18%                        

American Standard Companies, Inc. *             6,386    $454,300
Masco Corp.                                    42,491     894,436
                                                       ----------
                                                        1,348,736

BUSINESS SERVICES - 1.54%                                        

AMR Corp. * (a)                                13,140      86,724
Automatic Data Processing, Inc.                51,795   2,032,954
Cendant Corp. *                                90,490     948,335
Computer Sciences Corp. *                      15,079     519,472
Concord EFS, Inc. *                            43,786     689,192
Convergys Corp. *                              15,007     227,356
Deluxe Corp.                                    5,318     223,888
Electronic Data Systems Corp.                  41,025     756,091
First Data Corp.                               65,032   2,302,783
Fiserv, Inc. *                                 16,459     558,783
Fluor Corp.                                     6,809     190,652
ITT Industries, Inc.                            8,059     489,101
NCR Corp. *                                     8,491     201,576
Paychex, Inc.                                  32,655     911,074
PerkinElmer, Inc.                              10,474      86,410
R.R. Donnelley & Sons Company                   9,725     211,713
Robert Half International, Inc. *              15,284     246,225
SunGuard Data Systems, Inc. *                  24,726     582,545
Unisys Corp. *                                 27,905     276,259
                                                       ----------
                                                       11,541,133

CABLE AND TELEVISION - 1.31%                                     

AOL Time Warner, Inc. *                       387,080   5,070,748
Comcast Corp., Class A * (a)                  199,905   4,711,761
                                                       ----------
                                                        9,782,509

CELLULAR COMMUNICATIONS - 0.36%                                  

AT&T Wireless Services, Inc. *                234,663   1,325,846
Nextel Communications, Inc., Class A *         83,413     963,420
Sprint Corp. (PCS Group), Series 1 * (a)       85,426     374,166
                                                       ----------
                                                        2,663,432

CHEMICALS - 1.39%                                                

Air Products & Chemicals, Inc.,                19,799     846,407
Ashland, Inc.                                   6,058     172,835
Dow Chemical Company                           78,859   2,342,112
E.I. Du Pont De Nemours & Company              86,016   3,647,079
Eastman Chemical Company                        6,703     246,469
Engelhard Corp.                                11,026     246,431
Great Lakes Chemical Corp.                      4,265     101,848
Hercules, Inc. *                                9,232      81,242
PPG Industries, Inc.                           14,728     738,609
Praxair, Inc.                                  14,031     810,571
Rohm & Haas Company                            19,352     628,553
Sigma-Aldrich Corp. (a)                         6,230     303,401
Waters Corp. *                                 11,297     246,049
                                                       ----------
                                                       10,411,606

COMMERCIAL SERVICES - 0.07%                                      

Moody's Corp.                                  13,244     546,845
                                                       ----------

COMPUTERS & BUSINESS EQUIPMENT - 5.85%                           

Apple Computer, Inc. *                         31,641     453,416
Cisco Systems, Inc. *                         625,540   8,194,574
Dell Computer Corp. *                         224,189   5,994,814
EMC Corp. *                                   190,242   1,168,086
Gateway, Inc. *                                27,543      86,485
Hewlett-Packard Company                       264,182   4,586,200
Intel Corp.                                   573,544   8,930,080
International Business Machines Corp.         146,330  11,340,575
Lexmark International Group, Inc., Class A *   11,029     667,254
Network Appliance, Inc. * (a)                  28,878     288,780
Pitney Bowes, Inc.                             20,520    $670,183
Sun Microsystems, Inc. *                      269,460     838,021
Xerox Corp. * (a)                              64,010     515,280
                                                       ----------
                                                       43,733,748

CONSTRUCTION MATERIALS - 0.09%                                   

Sherwin-Williams Company                       13,104     370,188
Vulcan Materials Company (a)                    8,784     329,400
                                                       ----------
                                                          699,588

CONSTRUCTION & MINING EQUIPMENT - 0.18%                          

Caterpillar, Inc.                              29,754   1,360,353
                                                       ----------

CONTAINERS & GLASS - 0.14%                                       

Ball Corp.                                      4,808     246,121
Bemis Company, Inc.                             4,485     222,591
Pactiv Corp. *                                 13,539     295,962
Sealed Air Corp. *                              7,113     265,315
                                                       ----------
                                                        1,029,989

COSMETICS & TOILETRIES - 2.49%                                   

Alberto Culver Company, Class B (a)             4,968     250,387
Avon Products, Inc.                            20,491   1,103,850
Colgate-Palmolive Company                      46,564   2,441,351
International Flavors & Fragrances, Inc.        8,058     282,836
Kimberly-Clark Corp.                           44,432   2,109,187
The Gillette Company                           91,326   2,772,657
The Procter & Gamble Company                  112,516   9,669,625
                                                       ----------
                                                       18,629,893

CRUDE PETROLEUM & NATURAL GAS - 0.35%                            

Apache Corp.                                   12,573     716,535
Burlington Resources, Inc.                     17,570     749,361
Occidental Petroleum Corp.                     32,741     931,482
Sunoco, Inc.                                    6,463     214,442
                                                       ----------
                                                        2,611,820

DOMESTIC OIL - 0.55%                                             

Amerada Hess Corp.                              7,650     421,133
Anadarko Petroleum Corp.                       21,585   1,033,921
Devon Energy Corp.                             13,683     628,050
EOG Resources, Inc.                            10,000     399,200
Kerr-McGee Corp.                                8,650     383,195
Marathon Oil Corp.                             27,234     579,812
Unocal Corp.                                   22,180     678,264
                                                       ----------
                                                        4,123,575

DRUGS & HEALTH CARE - 0.49%                                      

Cardinal Health, Inc.                          38,278   2,265,675
Humana, Inc. *                                 14,346     143,460
Quintiles Transnational Corp. *                10,155     122,876
Stryker Corp.                                  17,103   1,147,953
                                                       ----------
                                                        3,679,964

EDUCATIONAL SERVICES - 0.09%                                     

Apollo Group, Inc., Class A *                  15,209     669,196
                                                       ----------

ELECTRICAL EQUIPMENT - 3.31%                                     

American Power Conversion Corp. *              16,614     251,702
Cooper Industries, Ltd., Class A                7,956     289,996
Emerson Electric Company                       36,420   1,851,957
General Electric Company                      861,772  20,984,148
Johnson Controls, Inc.                          7,782     623,883
Molex, Inc.                                    16,660     383,847
Power-One, Inc. * (a)                           6,705      38,017
Symbol Technologies, Inc.                      19,418     159,616
Tektronix, Inc. *                               7,800     141,882
                                                       ----------
                                                       24,725,048

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

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                                                                [Download Table]

                                       SHARES     VALUE   
                                       ------     -----   
                                                          
ELECTRIC UTILITIES - 1.97%                                

Allegheny Energy, Inc. *                10,937     $82,684
Ameren Corp.                            13,229     549,930
American Electric Power, Inc.           29,616     809,405
CenterPoint Energy, Inc. (a)            26,227     222,929
Cinergy Corp.                           14,705     495,853
CMS Energy Corp. (a)                    11,981     113,101
Consolidated Edison, Inc.               18,545     794,097
Constellation Energy Group, Inc.        14,160     393,931
Dominion Resources, Inc. (a)            26,542   1,457,156
DTE Energy Company                      14,584     676,698
Duke Energy Corp.                       77,015   1,504,873
Edison International *                  28,945     342,998
Exelon Corp.                            27,881   1,471,280
FirstEnergy Corp.                       25,932     854,978
FPL Group, Inc.                         15,732     945,965
PG&E Corp. *                            34,966     486,027
Pinnacle West Capital Corp.              7,751     264,232
PPL Corp.                               14,163     491,173
Public Service Enterprise Group, Inc.   19,161     615,068
TECO Energy, Inc. (a)                   15,125     233,984
The AES Corp. *                         49,369     149,094
The Southern Company                    61,742   1,752,855
                                                ----------
                                                14,708,311

ELECTRONICS - 0.27%                                       

Agilent Technologies, Inc. *            40,653     730,128
Jabil Circuit, Inc. *                   17,538     314,281
Mirant Corp. * (a)                      34,152      64,547
Rockwell International Corp.            15,996     331,277
Sanmina-SCI Corp. *                     47,772     214,496
Solectron Corp. * (a)                   69,788     247,748
Thomas & Betts Corp. *                   4,937      83,435
                                                ----------
                                                 1,985,912

ENERGY - 0.43%                                            

Calpine Corp. * (a)                     31,762     103,544
Entergy Corp.                           19,165     873,732
Progress Energy, Inc.                   20,445     886,291
Sempra Energy                           17,601     416,264
TXU Corp.                               27,866     520,537
Xcel Energy, Inc. (a)                   34,886     383,746
                                                ----------
                                                 3,184,114

FINANCIAL SERVICES - 8.39%                                

Ambac Financial Group, Inc.              9,086     510,997
American Express Company,              113,873   4,025,411
Bear Stearns Companies, Inc.             8,282     491,951
Capital One Financial Corp. (a)         19,382     576,033
Charles Schwab Corp.                   116,190   1,260,662
Charter One Financial, Inc.             19,505     560,379
Citigroup, Inc.                        444,783  15,651,914
Countrywide Financial Corp.             10,901     563,037
Equifax, Inc.                           12,308     284,807
Federal Home Loan Mortgage Corp.        60,249   3,557,703
Federal National Mortgage Association   86,174   5,543,573
Franklin Resources, Inc.                22,389     763,017
H & R Block, Inc.                       15,715     631,743
Household International, Inc.           40,987   1,139,848
J.P. Morgan Chase & Company            172,934   4,150,416
John Hancock Financial Services, Inc.   25,169     702,215
Lehman Brothers Holdings, Inc.          20,529   1,093,990
MBIA, Inc.                              12,603     552,768
MBNA Corp.                             110,586   2,103,346
Mellon Financial Corp.                  37,177     970,691
Merrill Lynch & Company, Inc.           74,826   2,839,647
Morgan Stanley Dean Witter & Company    93,960   3,750,883
PNC Financial Services Group            24,666  $1,033,505
Providian Financial Corp. *             25,379     164,710
Regions Financial Corp.                 19,060     635,842
SLM Corp.                               13,275   1,378,741
State Street Corp.                      28,169   1,098,591
Stilwell Financial, Inc.                19,884     259,884
Synovus Financial Corp. (a)             26,054     505,448
T. Rowe Price Group, Inc.               10,729     292,687
The Goldman Sachs Group, Inc.           41,322   2,814,028
Washington Mutual, Inc.                 82,029   2,832,461
                                                ----------
                                                62,740,928

FOOD & BEVERAGES - 4.19%                                  

Anheuser-Busch Companies, Inc.          74,115   3,587,166
Archer-Daniels-Midland Company          55,568     689,043
Campbell Soup Company (a)               35,743     838,888
Coca-Cola Enterprises, Inc.             38,890     844,691
ConAgra Foods, Inc.                     46,534   1,163,815
Del Monte Foods Company *               13,579     104,558
General Mills, Inc.                     31,830   1,494,419
H.J. Heinz Company                      30,407     999,478
Hershey Foods Corp.                     11,873     800,715
Kellogg Company                         35,440   1,214,529
Pepsi Bottling Group, Inc.              24,138     620,347
PepsiCo, Inc.                          149,561   6,314,465
Sara Lee Corp.                          67,797   1,526,111
Starbucks Corp. *                       33,723     687,275
The Coca-Cola Company                  214,722   9,409,118
William Wrigley Jr. Company             19,539   1,072,300
                                                ----------
                                                31,366,918

FOREST PRODUCTS - 0.13%                                   

Louisiana Pacific Corp. *                8,891      71,662
Weyerhaeuser Company                    19,044     937,155
                                                ----------
                                                 1,008,817

FURNITURE & FIXTURES - 0.05%                              

Leggett & Platt, Inc.                   16,696     374,658
                                                ----------

GAS & PIPELINE UTILITIES - 0.28%                          

Dynegy, Inc., Class A *                 30,692      36,216
El Paso Corp.                           51,735     360,076
KeySpan Corp.                           12,430     438,033
Kinder Morgan, Inc.                     10,547     445,822
Nicor, Inc.                              3,778     128,565
NiSource, Inc.                          21,485     429,700
Peoples Energy Corp. (a)                 3,129     120,936
Williams Companies, Inc.                43,806     118,276
                                                ----------
                                                 2,077,624

HEALTHCARE PRODUCTS - 4.09%                               

Abbott Laboratories,                   135,267   5,410,680
Bausch & Lomb, Inc. (a)                  4,559     164,124
Baxter International, Inc.              51,473   1,441,244
Becton Dickinson & Company              22,193     681,103
Biomet, Inc.                            22,379     641,382
Boston Scientific Corp. *               35,261   1,499,298
Guidant Corp. *                         26,629     821,505
Johnson & Johnson                      257,201  13,814,266
Medtronic, Inc.                        105,572   4,814,083
St. Jude Medical, Inc. *                15,448     613,595
Zimmer Holdings, Inc. *                 16,972     704,677
                                                ----------
                                                30,605,957

HEALTHCARE SERVICES - 0.91%                               

HCA-The Healthcare Company (a)          44,388   1,842,102
HEALTHSOUTH Corp. *                     33,382     140,204

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

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                                                                [Download Table]

                                                     SHARES     VALUE   
                                                     ------     -----   
                                                                        
HEALTHCARE SERVICES - CONTINUED                                         

IMS Health, Inc.                                      24,636    $394,176
Manor Care, Inc. *                                     8,675     161,442
McKesson Corp.                                        25,148     679,750
Quest Diagnostics, Inc. *                              8,532     485,471
UnitedHealth Group, Inc.                              26,334   2,198,889
Wellpoint Health Networks, Inc., Class A *            12,793     910,350
                                                              ----------
                                                               6,812,384

HOLDINGS COMPANIES/CONGLOMERATES - 0.10%                                

Loews Corp.                                           16,161     718,518
                                                              ----------

HOMEBUILDERS - 0.06%                                                    

Centex Corp.                                           5,306     266,361
KB HOME                                                4,062     174,057
                                                              ----------
                                                                 440,418

HOTELS & RESTAURANTS - 0.65%                                            

Darden Restaurants, Inc. (a)                          14,692     300,451
Harrah's Entertainment, Inc. *                         9,851     390,100
Hilton Hotels Corp.                                   33,133     421,120
Marriott International, Inc., Class A                 20,433     671,633
McDonalds Corp.                                      109,859   1,766,533
Starwood Hotels & Resorts Worldwide, Inc.             17,075     405,360
Wendy's International, Inc.                           10,252     277,522
Yum! Brands, Inc. *                                   25,460     616,641
                                                              ----------
                                                               4,849,360

HOUSEHOLD APPLIANCES - 0.14%                                            

Black & Decker Corp. (a)                               6,935     297,442
Maytag Corp.                                           6,740     192,090
The Stanley Works                                      7,666     265,090
Whirlpool Corp.                                        6,030     314,887
                                                              ----------
                                                               1,069,509

HOUSEHOLD PRODUCTS - 0.29%                                              

Fortune Brands, Inc.                                  12,903     600,118
Newell Rubbermaid, Inc.                               23,320     707,296
The Clorox Company                                    18,995     783,544
Tupperware Corp. (a)                                   4,943      74,540
                                                              ----------
                                                               2,165,498

INDUSTRIAL MACHINERY - 0.49%                                            

Crane Company                                          5,066     100,965
Cummins, Inc. (a)                                      3,505      98,596
Deere & Company                                       20,695     948,866
Dover Corp.                                           17,440     508,551
Ingersoll-Rand Company, Inc., Class A                 14,805     637,503
Pall Corp.                                            10,380     173,138
Parker-Hannifin Corp. (a)                             10,139     467,712
Thermo Electron Corp. *                               13,924     280,151
W.W. Grainger, Inc.                                    8,094     417,246
                                                              ----------
                                                               3,632,728

INSURANCE - 4.60%                                                       

ACE, Ltd.                                             22,902     671,945
Aetna, Inc.                                           13,030     535,794
AFLAC, Inc.                                           44,784   1,348,894
American International Group, Inc.                   225,871  13,066,637
Anthem, Inc. *                                        12,349     776,752
Aon Corp.                                             26,803     506,309
Chubb Corp.                                           14,910     778,302
CIGNA Corp.                                           12,074     496,483
Cincinnati Financial Corp.                            13,901     521,983
Hartford Financial Services Group, Inc.               22,069   1,002,595
Jefferson-Pilot Corp.                                 12,381     471,840
Lincoln National Corp.                                15,318     483,743
Marsh & McLennan Companies, Inc.                      46,477   2,147,702
MetLife, Inc.                                         60,826  $1,644,735
MGIC Investment Corp. (a)                              8,651     357,286
Principal Financial Group, Inc.                       29,067     875,789
Progressive Corp.                                     18,797     932,895
Prudential Financial, Inc.                            49,010   1,555,577
SAFECO Corp.                                          12,005     416,213
St. Paul Companies, Inc.                              19,583     666,801
The Allstate Corp.                                    60,759   2,247,475
Torchmark, Inc.                                       10,068     367,784
Travelers Property Casualty Corp., Class B *          86,802   1,271,649
UNUMProvident Corp.                                   20,876     366,165
XL Capital, Ltd., Class A                             11,801     911,627
                                                              ----------
                                                              34,422,975

INTERNET CONTENT - 0.11%                                                

Yahoo!, Inc. * (a)                                    51,526     842,450
                                                              ----------

INTERNET RETAIL - 0.24%                                                 

eBay, Inc. *                                          26,705   1,811,133
                                                              ----------

LEISURE TIME - 0.65%                                                    

Brunswick Corp.                                        7,753     153,974
Carnival Corp., Class A (a)                           50,764   1,266,562
International Game Technology *                        7,469     567,046
The Walt Disney Company                              176,873   2,884,799
                                                              ----------
                                                               4,872,381

LIQUOR - 0.08%                                                          

Adolph Coors Company, Class B                          3,127     191,529
Brown Forman Corp., Class B                            5,870     383,663
                                                              ----------
                                                                 575,192

MANUFACTURING - 1.32%                                                   

3M Company                                            33,770   4,163,841
Danaher Corp.                                         13,184     866,189
Illinois Tool Works, Inc.                             26,484   1,717,752
Snap-on, Inc.                                          4,920     138,301
Tyco International, Ltd.                             172,735   2,950,314
                                                              ----------
                                                               9,836,397

MEDICAL-HOSPITALS - 0.18%                                               

C.R. Bard, Inc.                                        4,469     259,202
Health Management Associates, Inc., Class A           20,796     372,248
Tenet Healthcare Corp. *                              42,677     699,903
                                                              ----------
                                                               1,331,353

METAL & METAL PRODUCTS - 0.22%                                          

Alcoa, Inc.                                           73,143   1,666,198
                                                              ----------

MINING - 0.19%                                                          

Freeport-McMoRan Copper & Gold, Inc., Class B * (a)                     
                                                      12,235     205,304
Newmont Mining Corp.                                  34,876   1,012,450
Phelps Dodge Corp. *                                   7,534     238,451
                                                              ----------
                                                               1,456,205

NEWSPAPERS - 0.10%                                                      

Dow Jones & Company, Inc.                              7,196     311,083
Knight-Ridder, Inc.                                    7,143     451,795
                                                              ----------
                                                                 762,878

OFFICE FURNISHINGS & SUPPLIES - 0.23%                                   

Avery Dennison Corp.                                   9,444     576,839
Office Depot, Inc. *                                  26,622     392,941
Staples, Inc. *                                       40,842     747,409
                                                              ----------
                                                               1,717,189

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

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                                                                [Download Table]

                                           SHARES     VALUE   
                                           ------     -----   
                                                              
PAPER - 0.39%                                                 

Boise Cascade Corp.                          4,937    $124,511
Georgia-Pacific Corp.                       21,626     349,476
International Paper Company                 41,709   1,458,564
MeadWestvaco Corp.                          17,208     425,210
Plum Creek Timber Company, Inc.             15,957     376,585
Temple-Inland, Inc. (a)                      4,613     206,708
                                                    ----------
                                                     2,941,054

PETROLEUM SERVICES - 4.71%                                    

Baker Hughes, Inc.                          28,900     930,291
BJ Services Company *                       13,442     434,311
ChevronTexaco Corp.                         92,488   6,148,602
ConocoPhillips                              58,470   2,829,363
Exxon Mobil Corp.                          582,614  20,356,533
Halliburton Company (a)                     38,242     715,508
McDermott International, Inc. *              5,245      22,973
Nabors Industries, Ltd. *                   12,637     445,707
Noble Corp. *                               11,812     415,192
Rowan Companies, Inc.                        7,954     180,556
Schlumberger, Ltd.                          50,040   2,106,184
Transocean, Inc.                            27,962     648,718
                                                    ----------
                                                    35,233,938

PHARMACEUTICALS - 7.02%                                       

Allergan, Inc.                              11,107     639,985
AmerisourceBergen Corp.                      9,281     504,051
Bristol-Myers Squibb Company               167,738   3,883,135
Eli Lilly & Company                         97,270   6,176,645
Forest Laboratories, Inc. *                 15,649   1,537,045
King Pharmaceuticals, Inc. *                21,204     364,497
Merck & Company, Inc.                      194,442  11,007,362
Pfizer, Inc.                               533,580  16,311,540
Pharmacia Corp.                            111,927   4,678,549
Schering-Plough Corp.                      126,961   2,818,534
Watson Pharmaceuticals, Inc. *               9,052     255,900
Wyeth                                      114,781   4,292,809
                                                    ----------
                                                    52,470,052

PHOTOGRAPHY - 0.12%                                           

Eastman Kodak Company                       25,348     888,194
                                                    ----------

PUBLISHING - 0.63%                                            

American Greetings Corp., Class A * (a)      5,414      85,541
Gannett Company, Inc.                       23,121   1,660,088
McGraw-Hill Companies, Inc.                 16,872   1,019,744
Meredith Corp.                               4,263     175,252
The New York Times Company, Class A         13,027     595,725
Tribune Company                             26,347   1,197,734
                                                    ----------
                                                     4,734,084

RAILROADS & EQUIPMENT - 0.45%                                 

Burlington Northern Santa Fe Corp.          32,832     853,960
CSX Corp.                                   18,611     526,877
Norfolk Southern Corp.                      33,939     678,441
Union Pacific Corp.                         21,880   1,309,956
                                                    ----------
                                                     3,369,234

REAL ESTATE - 0.30%                                           

Equity Office Properties Trust, REIT        35,757     893,210
Equity Residential Properties Trust, REIT   23,568     579,301
Pulte Homes, Inc.                            5,284     252,945
Simon Property Group, Inc., REIT            16,310     555,682
                                                    ----------
                                                     2,281,138

RETAIL GROCERY - 0.63%                                        

Albertsons, Inc. (a)                        32,775     729,571
Safeway, Inc. *                             38,142     890,997
SUPERVALU, Inc.                             11,325     186,976
Sysco Corp.                                 56,877  $1,694,366
The Kroger Company *                        66,860   1,032,987
Winn-Dixie Stores, Inc. (a)                 11,945     182,520
                                                    ----------
                                                     4,717,417

RETAIL TRADE - 5.87%                                          

Bed Bath & Beyond, Inc. *                   25,497     880,411
Best Buy Company, Inc. *                    27,610     666,782
Big Lots, Inc. *                            10,094     133,544
Circuit City Stores-Circuit City Group      18,222     135,207
Costco Wholesale Corp. *                    39,406   1,105,732
CVS Corp.                                   34,106     851,627
Dillard's, Inc., Class A                     7,119     112,907
Dollar General Corp. (a)                    28,566     341,364
Family Dollar Stores, Inc.                  14,898     464,967
Federated Department Stores, Inc. *         17,290     497,260
Home Depot, Inc.                           201,694   4,832,588
J. C. Penney, Inc.                          23,374     537,836
Kohl's Corp. *                              29,159   1,631,446
Lowe's Companies, Inc.                      67,552   2,533,200
May Department Stores Company               25,190     578,866
Nordstrom, Inc.                             11,425     216,732
RadioShack Corp. (a)                        14,784     277,052
Sears, Roebuck & Company                    27,575     660,421
Target Corp.                                78,604   2,358,120
The Gap, Inc.                               76,513   1,187,482
The Limited, Inc.                           45,629     635,612
The TJX Companies, Inc.                     45,449     887,165
Tiffany & Company                           12,411     296,747
Toys R Us, Inc. * (a)                       17,912     179,120
Wal-Mart Stores, Inc.                      382,230  19,306,437
Walgreen Company                            88,724   2,589,854
                                                    ----------
                                                    43,898,479

SANITARY SERVICES - 0.26%                                     

Allied Waste Industries, Inc. *             16,746     167,460
Ecolab, Inc.                                11,323     560,489
Waste Management, Inc.                      52,923   1,212,995
                                                    ----------
                                                     1,940,944

SEMICONDUCTORS - 1.44%                                        

Advanced Micro Devices, Inc. *              29,662     191,616
Altera Corp. *                              32,726     403,512
Analog Devices, Inc. *                      31,845     760,140
Applied Materials, Inc. *                  142,476   1,856,462
Applied Micro Circuits Corp. *              25,382      93,660
Broadcom Corp., Class A * (a)               24,111     363,112
KLA-Tencor Corp. * (a)                      16,221     573,737
Linear Technology Corp.                     27,153     698,375
LSI Logic Corp. *                           32,084     185,125
Maxim Integrated Products, Inc.             27,696     915,076
Micron Technology, Inc. *                   53,030     516,512
National Semiconductor Corp. * (a)          16,073     241,256
Novellus Systems, Inc. *                    12,966     364,085
NVIDIA Corp. * (a)                          13,063     150,355
PMC-Sierra, Inc. * (a)                      14,042      78,073
QLogic Corp. *                               8,270     285,398
Teradyne, Inc. *                            15,882     206,625
Texas Instruments, Inc.                    149,752   2,247,777
Xilinx, Inc. *                              29,463     606,938
                                                    ----------
                                                    10,737,834

SOFTWARE - 4.59%                                              

Adobe Systems, Inc.                         20,366     505,097
Autodesk, Inc.                               9,851     140,869
BMC Software, Inc. *                        20,740     354,861

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

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                                                                [Download Table]

                                                 SHARES      VALUE    
                                                 ------      -----    
                                                                      
SOFTWARE - CONTINUED                                                  

Citrix Systems, Inc. * (a)                        14,730      $181,474
Computer Associates International, Inc.           49,574       669,249
Compuware Corp. *                                 31,640       151,872
Electronic Arts, Inc. * (a)                       12,195       606,945
Intuit, Inc. *                                    17,728       831,798
Mercury Interactive Corp. *                        7,300       216,445
Microsoft Corp. *                                462,953    23,934,670
Novell, Inc. *                                    30,805       102,889
Oracle Corp. *                                   463,711     5,008,079
Parametric Technology Corp. *                     22,364        56,357
PeopleSoft, Inc. *                                27,498       503,214
Rational Software Corp. *                         16,339       169,762
Siebel Systems, Inc. *                            42,208       315,716
VERITAS Software Corp. * (a)                      35,997       562,273
                                                          ------------
                                                            34,311,570

STEEL - 0.07%                                                         

Allegheny Technologies, Inc.                       6,777        42,221
Nucor Corp.                                        6,747       278,651
United States Steel Corp.                          8,552       112,202
Worthington Industries, Inc.                       7,260       110,642
                                                          ------------
                                                               543,716

TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.87%                       

ADC Telecommunications, Inc. *                    67,178       140,402
Andrew Corp. * (a)                                 8,260        84,913
Avaya, Inc. * (a)                                 30,504        74,735
CIENA Corp. * (a)                                 36,454       187,374
Citizens Communications Company *                 25,288       266,788
Comverse Technology, Inc. *                       15,776       158,075
Corning, Inc. * (a)                               98,698       326,690
JDS Uniphase Corp. *                             122,261       301,985
Lucent Technologies, Inc. * (a)                  294,079       370,540
Motorola, Inc.                                   199,148     1,722,630
QUALCOMM, Inc. *                                  67,939     2,472,300
Scientific-Atlanta, Inc. (a)                      13,282       157,524
Tellabs, Inc. * (a)                               36,769       267,311
                                                          ------------
                                                             6,531,267

TELEPHONE - 3.54%                                                     

Alltel Corp.                                      26,917     1,372,767
AT&T Corp.                                        66,748     1,742,790
BellSouth Corp.                                  161,052     4,166,415
CenturyTel, Inc. (a)                              12,235       359,465
Qwest Communications International, Inc. * (a)   147,064       735,320
SBC Communications, Inc.                         287,501     7,794,152
Sprint Corp. (FON Group)                          77,648     1,124,343
Verizon Communications, Inc.                     236,908     9,180,185
                                                          ------------
                                                            26,475,437

TIRES & RUBBER - 0.03%                                                

Cooper Tire & Rubber Company                       6,366        97,655
Goodyear Tire &  Rubber Company (a)               15,114       102,926
                                                          ------------
                                                               200,581

TOBACCO - 1.08%                                                       

Philip Morris Companies, Inc.                    179,084     7,258,275
R.J. Reynolds Tobacco Holdings, Inc.               7,528       317,004
UST, Inc.                                         14,838       496,034
                                                          ------------
                                                             8,071,313

TOYS, AMUSEMENTS & SPORTING GOODS - 0.26%                             

Hasbro, Inc.                                      14,688       169,646
Mattel, Inc.                                      38,151       730,592
NIKE, Inc., Class B                               22,980     1,021,921
                                                          ------------
                                                             1,922,159

TRANSPORTATION - 0.16%                                                

Harley-Davidson, Inc.                             26,197    $1,210,301
                                                          ------------

TRAVEL SERVICES - 0.03%                                               

Sabre Holdings, Inc. *                            12,520       226,737
                                                          ------------

TRUCKING & FREIGHT - 1.04%                                            

Fedex Corp.                                       25,785     1,398,063
Navistar International Corp. *                     5,325       129,451
Ryder Systems, Inc.                                5,425       121,737
United Parcel Service, Inc., Class B              96,646     6,096,429
                                                          ------------
                                                             7,745,680

TOTAL COMMON STOCK                                                    
(Cost: $992,453,262)                                      $702,177,806
                                                          ------------

                                                        [Enlarge/Download Table]

                                                                   PRINCIPAL AMOUNT     VALUE    
                                                                   ----------------     -----    
                                                                                                 
SHORT TERM INVESTMENTS - 6.09%                                                                   

Federal Home Loan Bank Consolidated Discount Note, 1.27% due                                     
    03/07/2003                                                       5,000,000          4,988,535
Navigator Securities Lending Trust, 1.43%                           24,435,693         24,435,693
State Street Boston Corp.                                                                        
    1.20% due 01/02/2003 (b)                                        14,000,000         13,999,533
U.S. Treasury Bills                                                                              
    1.17% due 01/30/2003 ****                                        2,100,000          2,098,021
                                                                                     ------------
                                                                                      $45,521,782

REPURCHASE AGREEMENTS - 0.01%                                                                    

Repurchase Agreement with State Street Corp., dated 12/31/2002 at                                
    1.00%, to be repurchased at $55,003 on 01/02/2003,                                           
    collateralized by $40,000 U.S. Treasury Bonds, 7.625% due                                    
    02/15/2025 (valued at $56,148 including interest)                  $55,000            $55,000
                                                                                     ------------

TOTAL INVESTMENTS   (500 INDEX TRUST)  (Cost: $1,038,030,044)                        $747,754,588
                                                                                     ============

Key to Currency, Security Abbreviations and Legend                              

ADR   - American Depositary Receipts                                            

ADS   - American Depositary Shares                                              

GBP   - British Pound                                                           

REIT  - Real Estate Investment Trust                                            

SBI   - Shares Beneficial Interest                                              

TBA   - To Be Announced                                                         

*     - Non-Income producing                                                    

**    - Purchased on a forward commitment (Note 2)                              

***   - At December 31, 2002 a portion of this security was pledged to cover    
forward commitments purchased.                                  

****  - At December 31, 2002 a portion of this security was pledged to cover    
margin requirements for open futures contracts.                 

(a)   - At December 31, 2002 all or a portion of this security was out on loan. 

(b)   - Investment in an affiliate of the Trust's custodian bank.               

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

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NOTES TO FINANCIAL STATEMENTS - CONTINUED                                     
--------------------------------------------------------------------------------

1. ORGANIZATION OF THE TRUST. The Manufacturers Investment Trust (the "Trust")  
is a no-load, open-end management investment company organized as a             
Massachusetts business trust. It is a series company, which means that it has   
several portfolios, each with a stated investment objective, which it pursues   
through separate investment policies. The Trust currently offers sixty-seven    
separate investment Portfolios, fourteen of which are described here as follows:
The Small-Mid Cap Growth Trust ("Small-Mid Cap Growth "), the Small-Mid Cap     
Trust ("Small Mid Cap"), the International Equity Select Trust ("International  
Equity Select"), the Select Growth Trust ("Select Growth"), the Global Equity   
Select Trust ("Global Equity Select"), the Real Estate Securities Trust ("Real  
Estate Securities"), the Core Value Trust ("Core Value"), the High Grade Bond   
Trust ("High Grade Bond"), the Money Market Trust ("Money Market"), the Small   
Cap Index Trust ("Small Cap Index"), the International Index Trust              
("International Index"), the Mid Cap Index Trust ("Mid Cap Index"), the Total   
Stock Market Index Trust ("Total Stock Market Index") and the 500 Index Trust   
("500 Index"). Each of the Portfolios with the exception of Real Estate is      
diversified for purposes of the Investment Company Act of 1940, as amended.     

Shares of the Portfolios with the exception of Small-Mid Cap Growth, Small-Mid  
Cap, International Equity Select, Select Growth, Global Equity Select, Core     
Value and High Grade Bond are presently only offered to: Separate Accounts A, H,
I, L, M and N, which are separate accounts of The Manufacturers Life Insurance  
Conpany (U.S.A.) ("Manulife USA"), to Separate Accounts A and B, which are      
separate accounts of The Manufacturers Life Insurance Company of New York       
("Manulife New York") and in the case of certain Portfolios, to unregistered    
separate accounts issued by Manulife USA and Manulife New York. Shares of Small 
Mid-Cap Growth, Small-Mid Cap, International Equity Select, Select Growth,      
Global Equity Select, Core Value and High Grade Bond are presently offered only 
to Separate Account A, which is a separate account of Manulife USA. Manulife USA
and Manulife New York, are indirect wholly owned subsidiaries of The            
Manufacturers Life Insurance Company ("Manulife"), which in turn is a wholly    
owned subsidiary of Manulife Financial Corporation, a publicly traded company.  
Manulife Financial Corporation and its subsidiaries are known collectively as   
"Manulife Financial". Manulife New York is a wholly owned subsidiary of Manulife
USA.                                                                            

At December 31, 2002, of the Trust Portfolios noted above, Manulife USA owned   
seed money shares of 240,000, 240,008, 242,760, 241,830 and 3,747,545 in        
Small-Mid Cap Growth, Select Growth, Global Equity Select, Core Value and       
International Index, respectively.                                              

Manufacturers Securities Services, LLC ("MSS"), a Delaware limited liability    
company controlled by Manulife USA, serves as investment adviser for the Trust  
(See Note 4) and Manulife Financial Securities, LLC ("MFS") a Delaware limited  
liability company controlled by Manulife USA, serves as principal underwriter of
the variable contracts issued by Manulife USA and Manulife New York (See Note   
5).                                                                             

Effective January 28, 2002, the Trust offers two classes of shares, Series I    
shares and Series II shares for all portfolios with the exception of Small-Mid  
Cap Growth, Small-Mid Cap, International Equity Select, Select Growth, Global   
Equity Select, Core Value and High Grade Bond. Effective November 25, 2002,     
Series II shares were offered for Small-Mid Cap, International Equity Select and
High Grade Bond. Series I and Series II shares are the same, except for         
differences in the class expenses and voting rights with respect to its         
distributions plan (see Note 5). Prior to May 1, 2002, Series I was referred to 
as Class A and Series II was referred to as Class B.                            

CHANGE IN SUBADVISERS. Effective November 25, 2002, Cohen & Steers Capital      
Management, Inc. resigned as subadviser to Real Estate Securities. The Trustees,
including a majority of Trustees who are not interested persons of the Trust    
voted to approve Deutsche Asset Management, Inc. as subadviser to Real Estate   
Securities.                                                                     

2. SIGNIFICANT ACCOUNTING POLICIES. The policies described below are followed by
the Trust in the preparation of the financial statements.                       

SECURITY VALUATION. The net asset value of the shares of each portfolio is      
determined once daily as of the close of day-time trading of the New York Stock 
Exchange. Securities held by Money Market and short term instruments with       
remaining maturities of 60 days or less held by the other Portfolios of the     
Trust are valued at amortized cost, which approximates market value. All other  
securities held by the Portfolios, are valued at the last sale price as of the  
close of business on a principal securities exchange (domestic or foreign) or,  
lacking any sales, at the closing bid price. Securities traded only in the      
over-the-counter market are valued at the last bid price quoted by brokers      
making markets in the securities at the close of trading. Portfolio securities  
for which there are no such quotations, principally debt securities, are valued 
on the basis of the valuation provided by a pricing service, which utilizes both
dealer-supplied and electronic data processing techniques. Other assets and     
securities for which no such quotations are readily available are valued at     
their fair value as determined in good faith under consistently applied         
procedures established by and under the general supervision of the Board of     
Trustees. Generally, trading in non-U.S. securities is substantially completed  
each day at various times prior to the close of trading on the New York Stock   
Exchange. The values of such securities used in computing the net asset value of
a portfolio's shares are generally determined as of such times. Occasionally,   
events that affect the values of such securities may occur between the times at 
which they are generally determined and the close of the New York Stock Exchange
and would therefore not be reflected in the computation of a portfolio's net    
asset value. In such event, these securities will then be valued at their fair  
value as determined in good faith under consistently applied procedures         
established by and under the general supervision of the Board of Trustees.      

FOREIGN CURRENCY TRANSLATIONS. The accounting records of the Trust are          
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.   
dollars on the following basis:                                                 

         (i)      market value of securities, other assets and other liabilities
         at the current rate of exchange at period end of such
currencies against U.S. dollars; and        

        (ii)     purchases and sales of securities, income and expenses at the
           rate of exchange quoted on the respective dates of such
transactions.                               

Net realized gains and losses on foreign currency transactions represent net    
gains and losses from sales and maturities of foreign currency contracts,       
disposition of foreign currencies, the difference between the amount of net     
investment income accrued and the U.S. dollar amount actually received, and     
gains and losses between trade and settlement date on purchases and sales of    
securities.                                                                     

The effects of changes in foreign currency exchange rates on investments in     
securities are included with the net realized and unrealized gain or loss on    
investment securities.                                                          

FORWARD FOREIGN CURRENCY CONTRACTS. All portfolios with the exception of Money  
Market may purchase and sell forward foreign currency contracts in order to     
hedge a specific transaction or portfolio position. Forward foreign currency    
contracts are valued at forward foreign currency exchange rates and marked to   
market daily.                                                                   

The net U.S. dollar value of foreign currency underlying all contractual        
commitments held at the end of the period, the resulting net unrealized         
appreciation (depreciation) and related net receivable or payable amount are    
determined using forward foreign currency exchange rates supplied by a quotation
service. The Portfolios could be exposed to risks in excess of amounts          
recognized on the Statements of Assets and Liabilities if the counterparties to 
the contracts are unable to meet the terms of their contracts or if the value of
the forward foreign currency contract changes unfavorably.                      

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SIGNIFICANT ACCOUNTING POLICIES, CONTINUED                                      

Net realized gains (losses) on foreign currency and forward foreign currency    
contracts shown in the Statements of Operations, include net gains or losses    
realized by a Portfolio on contracts which have matured.                        

FUTURES. All Portfolios with the exception of Money Market may purchase and sell
financial futures contracts and options on those contracts. The Portfolios      
invest in contracts based on financial instruments such as U.S. Treasury Bonds  
or Notes or on securities indices such as the S&P 500 Index, in order to hedge  
against a decline in the value of securities owned by the Portfolios.           

When a Portfolio sells a futures contract based on a financial instrument, the  
Portfolio becomes obligated to deliver that kind of instrument at an agreed upon
date for a specified price. The Portfolio realizes a gain or loss depending on  
whether the price of an offsetting purchase is less or more than the price of   
the initial sale or on whether the price of an offsetting sale is more or less  
than the price of the initial purchase. The Portfolio could be exposed to risks 
if it could not close out futures positions because of an illiquid secondary    
market or the inability of counterparties to meet the terms of their contracts. 
Upon entering into futures contracts, the Portfolio is required to deposit with 
a broker an amount, termed the initial margin, which typically represents 5% of 
the purchase price indicated in the futures contract.                           

Payments to and from the broker, known as variation margin, are required to be  
made on a daily basis as the price of the futures contract fluctuates, making   
the long or short positions in the contract more or less valuable. If the       
position is closed out by taking an opposite position prior to the settlement   
date of the futures contract, a final determination of variation margin is made,
cash is required to be paid to or released by the broker, and the Portfolio     
realizes a gain or loss. Futures contracts are valued at the quoted daily       
settlement prices established by the exchange on which they trade.              

The following is a summary of open futures contracts December 31, 2002:         

                                                                [Download Table]

                                            PURCHASE OF FUTURE CONTRACTS         
                                            ----------------------------         
                                      NUMBER                                     
                                      OF OPEN         NOTIONAL        UNREALIZED 
                            DATE     CONTRACTS         AMOUNT         GAIN/(LOSS)
                            ----     ---------         ------         -----------
                                                                                 
SMALL CAP INDEX:                                                                 
Russell 2000 Index         Mar-2003          52      $10,153,107       ($189,914)
                                                                       ==========
INTERNATIONAL INDEX :                                                            
Hang Seng Index            Jan-2003           2         $119,086         ($6,813)
Australian Dollar          Mar-2003           5          277,400            (380)
Share Price Index 200      Mar-2003           6          253,660            1,851
British Pound              Mar-2003          13        1,301,788           27,672
Eurodollar                 Mar-2003          16        2,094,200           79,329
Japanese Yen               Mar-2003           9          950,288           32,909
MSCI Pan Euro Index        Mar-2003         229        3,477,404        (120,754)
Topix Index                Mar-2003          15        1,054,017         (12,378)
                                                                       ----------
                                                                           $1,436
                                                                       ==========
MID CAP INDEX:                                                                   
S&P Midcap 400 Index       Mar-2003          22       $4,728,900        ($31,532)
                                                                       ==========
TOTAL STOCK MARKET INDEX:                                                        
S&P 500 Index              Mar-2003          18       $3,955,050        ($62,026)
S&P Midcap 400 Index       Mar-2003           2          429,900          (3,839)
Russell 2000 Index         Mar-2003           2          383,200          (7,714)
                                                                       ----------
                                                                        ($73,579)
                                                                       ==========
500 INDEX:                                                                       
S&P 500 Index              Mar-2003         101      $22,192,225       ($338,106)
                                                                       ==========

PURCHASED AND WRITTEN OPTIONS. All Portfolios with the exception of Money Market
may purchase and sell put and call options on securities (whether or not it     
holds the securities in its portfolio) securities indices, currencies and       
futures contracts.                                                              

When a Portfolio writes a put or call option, an amount equal to the premium    
received by the Portfolio is recorded as a liability and is subsequently        
"marked-to-market" to reflect the current market value of the option written. If
an option expires or if the Portfolio enters into an offsetting purchase option,
the Portfolio realizes a gain (or loss if the cost of a offsetting purchase     
option exceeds the premium received when the option was written). If a written  
call option is exercised, the Portfolio realizes a gain or loss from the sale of
the underlying security with the proceeds of the sale increased by the premium  
originally received. If a written put option is exercised, the amount of the    
premium originally received reduces the cost of the security the Portfolio      
purchases upon exercise of the option.                                          

When a Portfolio purchases a put or call option, the premium paid by the        
Portfolio is included in the Portfolio of Investments and subsequently          
"marked-to-market" to reflect the current market value of the option. If the    
purchased option expires, the Portfolio realizes a loss in the amount of the    
cost of the option. If a Portfolio enters into a closing sale transaction, the  
Portfolio realizes a gain or loss, depending on whether proceeds from the       
closing sale transaction are greater or less than the original cost of the      
option. If a Portfolio exercises a call option, the cost of the securities      
acquired by exercising the call is increased by the premium paid to buy the     
call. If Portfolio exercises a put option, it realizes a gain or loss from the  
sale of the underlying security and the proceeds from such sale are decreased by
the premium originally paid. The Portfolios may use options to manage exposure  
to fluctuations in currency values. Writing puts and buying calls may increase  
the Portfolio's exposure to the underlying instrument. Buying puts and writing  
calls may decrease the Portfolio's exposure to the underlying instrument. Losses
may arise from changes in the value of the underlying instruments, if there is  
an illiquid secondary market for the contracts or if the counterparties do not  
perform under the terms of the contract.                                        

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SIGNIFICANT ACCOUNTING POLICIES, CONTINUED                                      

INTEREST RATE SWAPS. All Portfolios with the exception of Money Market may enter
into interest rate swaps. Interest rate swaps involve the exchange of           
commitments to pay or receive interest of one instrument for that of another    
instrument (for example, an exchange of floating rate payments for fixed rate   
payments with respect to a notional principal amount). Net periodic interest    
payments to be received or paid are accrued daily and are recorded as interest  
income. Interest rate swaps are marked-to-market daily based upon quotations    
from market makers and the change, if any, is recorded as unrealized            
appreciation or depreciation. Payments received or paid at the end of the       
agreement are recorded as realized gains or losses. A Portfolio could be exposed
to credit or market risk due to unfavorable changes in the fluctuation of       
interest rates, the possibility that there is no liquid market for these        
agreements or that the counterparty may default on its obligation to perform.   

FORWARD COMMITMENTS. All Portfolios may purchase or sell debt securities on a   
when issued or forward delivery basis, which means that the obligations will be 
delivered to the Portfolios of the Trust at a future date, which may be a month 
or more after the date of commitment, the price of the underlying securities and
the date when the securities will be delivered and paid for are fixed at the    
time the transaction is negotiated. The Portfolio may receive compensation for  
interest forgone in the purchase of forward delivery securities. With respect to
purchase commitments, each Portfolio identifies securities as segregated in its 
records with a value at least equal to the amount of the commitment. Losses may 
arise due to changes in the value of the underlying securities or if the        
counterparty does not perform under the contract, or if the issuer does not     
issue the securities due to political, economic, or other factors. The value of 
the securities underlying a forward commitment to purchase securities, and the  
subsequent fluctuations in their value, are taken into account when determining 
the Portfolio's net asset value starting on the day the Portfolio agrees to     
purchase the securities. The market values of the securities purchased on a     
forward delivery basis are identified in the portfolio of investments.          

SECURITIES LENDING. All Portfolios may lend securities in amounts up to 33 1/3% 
of its total non-cash assets to brokers, dealers and other financial            
institutions, provided such loans are callable at any time and are at all times 
fully secured by cash, cash equivalents or securities issued or guaranteed by   
the U.S. government or its agencies or instrumentalities, marked to market to   
the value of the loaned securities on a daily basis. The Portfolios may bear the
risk of delay in recovery of, or even of rights in, the securities loaned should
the borrower of the securities fail financially. Consequently, loans of         
Portfolio securities will only be made to firms deemed by the subadvisers to be 
creditworthy. The Portfolios receive compensation for lending their securities  
either in the form of fees or by retaining a portion of interest on the         
investment of any cash received as collateral.                                  

All collateral received will be in an amount equal to at least 100% of the      
market value of the loaned securities and is intended to be maintained at that  
level during the period of the loan. The market value of the loaned securities  
is determined at the close of business of the Portfolio and any additional      
required collateral is delivered to the Portfolio the next business day. During 
the loan period, the Portfolio continues to retain rights of ownership,         
including dividends and interest of the loaned securities. At December 31, 2002,
the value of securities loaned and cash collateral was as follows:              

                                                        [Enlarge/Download Table]

                               MARKET VALUE OF  VALUE OF CASH                             MARKET VALUE OF   VALUE OF CASH
                             SECURITIES LOANED   COLLATERAL                              SECURITIES LOANED    COLLATERAL 
                             -----------------   ----------                              -----------------    ---------- 
                                                                                                                         
Small-Mid Cap Growth               $435,592        $450,338    High Grade Bond              $23,115,749      $23,591,444 
Small-Mid Cap                    18,638,825      19,318,624    Small Cap Index                8,059,907        8,621,958 
International Equity Select       7,075,522       7,440,954    International Index            4,437,204        4,680,864 
Select Growth                       470,538         486,895    Mid Cap Index                  9,269,938        9,695,538 
Global Equity Select                234,461         246,482    Total Stock Market Index       1,509,984        1,635,137*
Real Estate Securities            7,106,650       7,342,500    500 Index                     23,102,656       24,435,693 
Core Value                          552,364         574,674                                                              

* Comprised of $1,634,645 and $492 of cash collateral and securities collateral,
respectively.                                                                   

MORTGAGE DOLLAR ROLLS. All Portfolios, with the exception of Money Market may   
enter into mortgage dollar rolls in which they sell mortgage securities for     
delivery currently and simultaneously contract to repurchase similar, but not   
identical, securities at the same price or lower price on an agreed upon date.  
The Portfolios receive compensation as consideration for entering into the      
commitment to repurchase. The compensation is the difference between the current
sale price and the lower forward price for the future purchase (often referred  
to as the "drop") as well as by the interest earned on the cash proceeds of the 
initial sale. A Portfolio may also be compensated by the receipt of a commitment
fee. The compensation is recorded as deferred income and amortized to income    
over the roll period. As the holder, the counterparty receives all principal and
interest payments, including prepayments, made with respect to the similar      
security. Mortgage dollar rolls may be renewed with a new sale and repurchase   
price with a cash settlement made at renewal without physical delivery of the   
securities subject to the contract.                                             

FEDERAL INCOME TAXES. The Portfolios' policy is to qualify as a regulated       
investment company under Subchapter M of the Internal Revenue Code, as amended, 
and to distribute substantially all of its taxable income to its shareholders.  
Accordingly, no federal income tax provision is required. Each Portfolio of the 
Trust is treated as a separate taxpayer for federal income tax purposes.        

DISTRIBUTION OF INCOME AND GAINS. Substantially all of the net investment income
of Money Market is declared as a dividend to shareholders of record as of the   
close of business each day and is reinvested daily. During any particular year, 
net realized gains from investment transactions of each Portfolio, in excess of 
available capital loss carryforwards of each Portfolio would be taxable to such 
Portfolio if not distributed. Therefore, each Portfolio of the Trust intends to 
distribute substantially all of its investment company taxable income and any   
net realized capital gains in order to avoid federal income tax. The Portfolios'
distributions are based on income amounts determined in accordance with federal 
income tax regulations. The character of distributions made during the year from
net investment income and net realized gains may differ for tax purposes due to 
various differences in recording net investment income and realized gains for   
financial statement and tax purposes.                                           

EXPENSE ALLOCATION. Expenses not directly attributable to a particular Portfolio
or class of shares are allocated based on the relative share of net assets of   
each Portfolio at the time the expense was incurred.                            

REPURCHASE AGREEMENTS. Each Portfolio of the Trust may enter into repurchase    
agreements. When a Portfolio enters into a repurchase agreement through its     
custodian, it receives delivery of securities, the amount of which at the time  
of purchase and each subsequent business day is required to be maintained at    
such a level that the market value is generally at least 102% of the repurchase 
amount. Each Portfolio will take constructive receipt of all securities         
underlying the repurchase agreements it has entered into until such agreements  
expire. If the seller defaults, a Portfolio would suffer a loss to the extent   
that proceeds from the sale of underlying securities were less than the         
repurchase amount.                                                              

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SIGNIFICANT ACCOUNTING POLICIES, CONTINUED                                      

CAPITAL ACCOUNTS. The Portfolios report the undistributed net investment income 
and accumulated undistributed net realized gain (loss) accounts on a basis      
approximating amounts available for future tax distributions (or to offset      
future taxable realized gains when a capital loss carryforward is available).   
Accordingly, each Portfolio of the Trust may periodically make reclassifications
among certain capital accounts without impacting its net asset value.           

OTHER. Investment security transactions are accounted for on a trade date basis.
Interest income is accrued as earned. Dividend income and distributions to      
shareholders are recorded on the ex-dividend date. Foreign dividends are        
recorded on the ex-date or as soon after the ex-date that the Portfolio is aware
of such dividends, net of all taxes. All original issue discounts are accreted  
for financial and tax reporting purposes. All discounts/premiums are            
accreted/amortized for financial reporting purposes. Non cash dividends are     
recorded at the fair market value of the securities received. The Portfolios use
the First In, First Out method for determining realized gain or loss on         
investments for both financial and federal income tax reporting purposes. The   
preparation of financial statements in conformity with generally accepted       
accounting principles in the United States of America 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 
income and expenses during the reporting period. Actual results may differ from 
these estimates.                                                                

3. PURCHASES AND SALES OF SECURITIES. The following summarizes the securities   
transactions (except for short-term investments) for the Portfolios (with the   
exception of Money Market) for the year ended December 31, 2002:                

                                                        [Enlarge/Download Table]

                                                PURCHASES                                 SALES            
                                                ---------                                 -----            
PORTFOLIO                          U.S. Government         Other Issues  U.S. Government       Other Issues
---------                          ---------------         ------------  ---------------       ------------
                                                                                                           
Small-Mid Cap Growth Trust                     --           $4,792,481                --        $4,656,571 
Small-Mid Cap Trust                            --           72,446,722                --           628,236 
International Equity Select Trust              --           53,204,948                --           451,775 
Select Growth Trust                            --            1,178,131                --         1,115,364 
Global Equity Select Trust                     --              569,097                --           477,527 
Real Estate Securities Trust                   --          345,270,249                --       206,942,566 
Core Value Trust                               --            1,491,919                --         1,267,011 
High Grade Bond Trust                $115,676,996           18,278,269       $46,072,223         2,135,338 
Small Cap Index Trust                          --           62,417,974                --        30,758,781 
International Index Trust                      --           18,152,367                --         3,717,879 
Mid Cap Index Trust                            --           77,235,134                --        16,995,660 
Total Stock Market Index Trust                 --           11,093,665                --         2,329,517 
500 Index Trust                                --          180,010,204                --        43,946,550 

At December 31, 2002, tax basis net unrealized appreciation (depreciation) was  
equal to the aggregate gross unrealized appreciation for all securities in which
there was an excess of market value over tax cost and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over   
market value as follows:                                                        

                                                        [Enlarge/Download Table]

                                             TAX BASIS NET                             
                                               UNREALIZED     TAX BASIS     TAX BASIS  
                                              APPRECIATION    UNREALIZED    UNREALIZED 
PORTFOLIO                    TAX BASIS COST  (DEPRECIATION)  APPRECIATION  DEPRECIATION
---------                    --------------  --------------  ------------  ------------
                                                                                       
Small-Mid Cap Growth            $2,278,704         $45,197      $141,623       $96,426 
Small-Mid Cap                   97,890,391     (3,484,277)       333,887     3,818,164 
International Equity Select     66,836,667       (792,975)     1,044,797     1,837,772 
Select Growth                    3,024,325       (364,668)        43,581       408,249 
Global Equity Select             3,124,389       (317,375)        76,212       393,587 
Real Estate Securities         357,650,099       1,440,900    12,749,330    11,308,430 
Core Value                       3,354,981       (287,406)        19,930       307,336 
High Grade Bond                113,884,848       1,344,620     1,351,806         7,186 
Small Cap Index                 87,147,870    (10,035,816)     3,574,254    13,610,070 
International Index             82,931,111    (22,461,055)     1,574,111    24,035,166 
Mid Cap Index                  128,143,562    (18,419,959)     4,925,944    23,345,903 
Total Stock Market Index        96,085,486    (28,344,278)     3,873,337    32,217,615 
500 Index                    1,039,804,791   (292,050,203)    29,172,324   321,222,527 

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MANUFACTURERS INVESTMENT TRUST                                                
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4. INVESTMENT ADVISORY AGREEMENTS. The Trust has entered into an Investment     
Advisory Agreement with MSS (the "Adviser"). The Adviser is responsible for     
managing the corporate and business affairs of the Trust and for selecting and  
compensating subadvisers to handle the investment and reinvestment of the assets
of each Portfolio of the Trust, subject to the supervision of the Trust's Board 
of Trustees. As compensation for its services, the Adviser receives an advisory 
fee from the Trust based on the average daily net assets of each Portfolio.     
Effective January 1, 2002, the Trust reduced its advisory fees and in certain   
portfolios implemented advisory fee breakpoints in conjunction with the adoption
of Distribution Plans (see Note 5). Advisory fees charged to each Portfolio were
as follows:                                                                     

                                                        [Enlarge/Download Table]

                                                                               BETWEEN                                    
                                                           BETWEEN          $200 MILLION          BETWEEN                 
                                         FIRST         $50 MILLION AND        AND $500         $500 MILLION    EXCESS OVER
                  PORTFOLIO           $50 MILLION       $200 MILLION           MILLION        AND $1 BILLION    $1 BILLION
----------------------------------  --------------  --------------------  ----------------  -----------------  ---------- 
                                                                                                                          
Small-Mid Cap.....................       0.950%            0.950%              0.950%             0.950%          0.950%  
Real Estate Securities *..........       0.600%            0.600%              0.600%             0.600%          0.600%  
Money Market......................       0.350%            0.350%              0.350%             0.350%          0.350%  
Small Cap Index...................       0.375%            0.375%              0.375%             0.375%          0.375%  
International Index ..............       0.400%            0.400%              0.400%             0.400%          0.400%  
Mid Cap Index ....................       0.375%            0.375%              0.375%             0.375%          0.375%  
Total Stock Market Index .........       0.375%            0.375%              0.375%             0.375%          0.375%  
500 Index ........................       0.375%            0.375%              0.375%             0.375%          0.375%  

                                                        [Enlarge/Download Table]

                                                                               BETWEEN                                      
                                                           BETWEEN          $250 MILLION          BETWEEN                   
                                         FIRST         $50 MILLION AND        AND $500         $500 MILLION     EXCESS OVER 
                  PORTFOLIO           $50 MILLION       $250 MILLION           MILLION        AND $1 BILLION     $1 BILLION 
----------------------------------  --------------  --------------------  ----------------  -----------------  -------------
                                                                                                                            
International Equity Select.......       0.900%            0.900%              0.850%             0.800%            0.800%  
Global Equity Select .............       0.900%            0.900%              0.850%             0.800%            0.800%  

                                                        [Enlarge/Download Table]

                                                                      BETWEEN                                
                                                      BETWEEN       $200 MILLION     BETWEEN                 
                                       FIRST      $100 MILLION AND    AND $500     $500 MILLION   EXCESS OVER
                  PORTFOLIO         $100 MILLION    $200 MILLION      MILLION     AND $1 BILLION  $1 BILLION 
----------------------------------  ------------    ------------      -------     --------------  ---------- 
                                                                                                             
Small-Mid Cap Growth..............    0.800%           0.750%          0.750%         0.750%         0.750%  
Select Growth.....................    0.800%           0.750%          0.750%         0.750%         0.750%  
Core Value .......................    0.800%           0.750%          0.750%         0.750%         0.750%  

                                                        [Enlarge/Download Table]

                                                                    BETWEEN                 
                                                     BETWEEN      $100 MILLION              
                                       FIRST     $50 MILLION AND    AND $250    EXCESS OVER 
                  PORTFOLIO         $50 MILLION    $100 MILLION     MILLION     $250 MILLION
----------------------------------  -----------    ------------     -------     ------------
                                                                                            
High Grade Bond...................     0.600%         0.550%         0.500%        0.450%   

* For the period November 25, 2002 to December 31, 2002. Prior to November 25,  
2002, advisory fees were 0.650% on assets up to $200 million and 0.600% on      
assets greater than $200 million.                                               

EXPENSE REIMBURSEMENT. Pursuant to the Advisory Agreement, the Adviser          
reimburses the Trust for expenses (excluding advisory fees, Rule 12b-1 fees,    
taxes, portfolio brokerage commissions, interest, litigation and indemnification
expenses and other extraordinary expenses not incurred in the ordinary course of
the Trust's business) incurred in excess, on an annualized basis, of 0.05% of   
the average annual net assets of International Index and 500 Index, 0.075% of   
the average daily net assets of Small Cap Index, Mid Cap Index and Total Stock  
Market Index, 0.10% of the average daily net assets of Small-Mid Cap Growth,    
Small-Mid Cap, Select Growth, Core Value and High Grade Bond, 0.15% of the      
average daily net assets of International Equity Select and Global Equity       
Select, and 0.50% of the average daily net assets of Real Estate Securities and 
Money Market.                                                                   

These voluntary expense reimbursements may be terminated by the Adviser at any  
time upon notice to the Trust.                                                  

FUND ADMINISTRATION FEES. The Advisory Agreement requires the Trust to reimburse
the Adviser for all expenses associated with providing the administrative,      
financial, accounting and recordkeeping services of the Trust including, the    
preparation of all tax returns, annual, semi-annual and periodic reports to     
shareholders and the preparation of all regulatory reports. Total expense       
incurred for the year ended December 31, 2002 was $386,556 of which $20,511     
remains payable to the Adviser at December 31, 2002.                            

5. DISTRIBUTION PLANS. In accordance with Rule 12b-1 of the Investment Company  
Act of 1940, the Board of Trustees have approved Distribution Plans (the        
"Plans") for both Series I shares and Series II shares. Series I shares of each 
portfolio are subject to a Rule 12b-1 fee of up to 0.15% of Series I shares     
average daily net assets. Series II shares of each portfolio (except Small-Mid  
Cap Growth, Select Growth, Global Equity Select and Core Value) are subject to a
Rule 12b-1 fee of up to 0.35% of Series II shares average daily net assets. Rule
12b-1 fees are paid to the Trust's Distributor, MFS, for distribution services  
pursuant to the Plans. The distributor may use Rule 12b-1 fees for any expenses 
relating to the distribution of the shares of the class, for any expenses       
relating to shareholder or administrative services for holders of the shares of 
the class (or owners of contracts funded in insurance company separate accounts 
that invest in the shares of the class) and for the payment of service fees.    

6. TRUSTEES' FEES. The Trust pays each Trustee who is not an employee of the    
Adviser or its affiliates a fee of $7,500 plus travel expenses for each Board of
Trustees meeting attended. The Trust also pays each Trustee who is not an       
employee of the Adviser or its affiliates an annual retainer of $55,000. Total  
expense incurred for the year ended December 31, 2002 was $47,644 of which $71  
remains payable at December 31, 2002.                                           

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MANUFACTURERS INVESTMENT TRUST                                                
NOTES TO FINANCIAL STATEMENTS - CONTINUED                                     
--------------------------------------------------------------------------------

7. FOREIGN SECURITIES. Investing in securities of foreign companies and foreign 
governments involves special risks and consideration not typically associated   
with investing in securities of domestic companies and the United States        
Government. These risks include revaluation of currencies and future adverse    
political and economic developments. Moreover, securities of foreign companies  
and foreign governments and their markets may be less liquid and their prices   
more volatile than the United States Government.                                

8. LINE OF CREDIT. All Portfolios with the exception of Money Market have       
entered into an agreement, which enables them to participate in a $100 million  
unsecured committed line of credit with State Street Corporation. Borrowings    
will be made solely to temporarily finance the repurchase of capital shares.    
Interest is charged to each participating Portfolio based on its borrowings at a
rate per annum equal to the Federal Funds rate plus 0.50%. In addition, a       
commitment fee of 0.09% per annum, payable at the end of each calendar quarter, 
based on the average daily-unused portion of the line of credit is charged to   
each participating portfolio on a prorated basis based on average net assets.   
For the year ended December 31, 2002, there were no borrowings on the line of   
credit.                                                                         

9. FEDERAL INCOME TAX INFORMATION. Because federal income tax regulations differ
from generally accepted accounting principles, income and capital gain          
distributions determined in accordance with tax regulations may differ from net 
investment income and realized gains recognized for financial reporting         
purposes. Accordingly, the composition of net assets for tax purposes differs   
from amounts reflected in the accompanying financial statements. These          
differences are primarily due to differing treatment for futures and options    
transactions, foreign currency transactions, paydowns, market discount on debt  
securities, losses deferred with respect to wash sales, investments in passive  
foreign investment companies and excise tax regulations.                        

The tax character of distributions paid (with the exception of Money Market)    
during 2002 was as follows:                                                     

                                                                [Download Table]

                                             LONG TERM                       
             PORTFOLIO    ORDINARY INCOME  CAPITAL GAINS  TOTAL DISTRIBUTIONS
             ---------    ---------------  -------------  -------------------
                                                                             
Small-Mid Cap                          $4            --                  $4  
Select Growth                          89            --                  89  
Global Equity Select               28,944            --              28,944  
Real Estate Securities          8,237,956            --           8,237,956  
Core Value                         12,665            --              12,665  
High Grade Bond                   538,391       $11,551             549,942  
Small Cap Index                   603,721            --             603,721  
International Index               781,194            --             781,194  
Mid Cap Index                     517,015            --             517,015  
Total Stock Market Index          651,863            --             651,863  
500 Index                          16,495            --              16,495  

The tax character of distributions paid (with the exception of Money Market)    
during 2001 was as follows:                                                     

                                                                [Download Table]

                                              LONG TERM                       
             PORTFOLIO    ORDINARY INCOME   CAPITAL GAINS  TOTAL DISTRIBUTIONS
             ---------    ---------------   -------------  -------------------
                                                                              
Small-Mid Cap                         $140             --                $140 
Real Estate Securities           8,304,834             --           8,304,834 
Core Value                           7,185             --               7,185 
High Grade Bond                    105,569             --             105,569 
Small Cap Index                    769,668             --             769,668 
International Index                577,137             --             577,137 
Mid Cap Index                      367,723             --             367,723 
Total Stock Market Index           589,908             --             589,908 
500 Index                        5,897,069             --           5,897,069 

The tax-basis components of distributable earnings at December 31, 2002 was as  
follows:                                                                        

                                                        [Enlarge/Download Table]

                                              UNDISTRIBUTED   UNREALIZED                  
                              UNDISTRIBUTED      REALIZED     APPRECIATION    CAPITAL LOSS
            PORTFOLIO        ORDINARY INCOME       GAIN      (DEPRECIATION)  CARRYFORWARDS
            ---------        ---------------       ----      --------------  -------------
                                                                                          
Small-Mid Cap Growth                     --          --          ($87,146)   ($1,161,737) 
Small-Mid Cap                            --          --        (3,580,960)       (60,303) 
International Equity Select              --          --        (1,031,238)      (200,609) 
Select Growth                            --          --          (364,668)      (670,519) 
Global Equity Select                    $83          --          (317,299)      (173,474) 
Real Estate Securities           11,173,118          --          1,413,684   (16,222,192) 
Core Value                                1          --          (287,406)      (491,844) 
High Grade Bond                      44,076          --          1,345,685             -- 
Small Cap Index                          --          --       (10,036,774)   (10,785,268) 
International Index                  13,069          --       (22,583,748)    (5,819,299) 
Mid Cap Index                            --          --       (18,419,659)    (1,371,754) 
Total Stock Market Index                 --          --       (28,347,496)    (3,291,715) 
500 Index                         7,726,669          --      (292,050,203)   (37,236,426) 

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MANUFACTURERS INVESTMENT TRUST                                                
NOTES TO FINANCIAL STATEMENTS - CONTINUED                                     
--------------------------------------------------------------------------------

10. CAPITAL LOSS CARRYFORWARDS. At December 31, 2002, capital loss carryforwards
available to offset future realized gains were approximately:                   

                                                                [Download Table]

                                              EXPIRATION YEAR                     
                                              ---------------                     

                PORTFOLIO         2007         2008              2009       2010  
                ---------         ----         ----              ----       ----  
                                                                                  
Small-Mid Cap Growth                  --          --          $497,000    $664,000
Small-Mid Cap Trust                   --          --            60,000          --
International Equity Select           --          --            16,000     185,000
Select Growth                         --          --           122,000     549,000
Global Equity Select                  --          --                --     173,000
Real Estates Securities      $14,161,000  $2,061,000                --          --
Core Value                            --          --            74,000     418,000
Small Cap Index                       --   2,210,000         3,267,000   5,308,000
International Index                   --     130,000           884,000   4,805,000
Mid Cap Index                         --          --           327,000   1,045,000
Total Stock Market Index              --          --           547,000   2,745,000
500 Index                             --     374,000         5,746,000  31,116,000

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MANUFACTURERS INVESTMENT TRUST                                                
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TRUSTEES AND OFFICERS INFORMATION (UNAUDITED). The Trustees of the Trust,       
together with information as to their principal occupations during the past five
years, are listed below. Each Trustee oversees all Trust portfolios. (currently,
there are 67 portfolios).                                                       

DISINTERESTED TRUSTEES

                                                        [Enlarge/Download Table]

                          POSITION WITH                            PRINCIPAL OCCUPATION                         
   NAME, ADDRESS AND AGE    THE TRUST                             DURING PAST FIVE YEARS                        
   ---------------------    ---------                             ----------------------                        
                                                                                                                
Don B. Allen                 Trustee     Senior Lecturer, William E. Simon Graduate School of Business          
73 Tremont Street         (since 1985)   Administration, University of Rochester.                               
Boston, MA  02108                                                                                               
Age: 74                                                                                                         

Charles L. Bardelis          Trustee     President and Executive Officer, Island Commuter Corp. (Marine         
73 Tremont Street         (since 1988)   Transport).                                                            
Boston, MA  02108                                                                                               
Age: 61                                                                                                         

Samuel Hoar                  Trustee     Senior Mediator, Arbitrator, Regional Manager, JAMS, LLC, August 1999  
73 Tremont Street         (since 1989)   to date; Senior Mediator, Arbitrator, Regional Director of Professional
Boston, MA  02108                        Services, J.A.M.S./Endispute, Inc.,       June 1994 to August 1999.    
Age: 75                                                                                                         

F. David Rolwing             Trustee     Former Chairman, President and CEO, Montgomery Mutual Insurance        
73 Tremont Street         (since 1997*)  Company, 1991 to 1999. (Retired 1999).                                 
Boston, MA  02108                                                                                               
Age: 68                                                                                                         

* Prior to 1997, Mr. Rolwing was a Trustee of Manulife Series Fund, Inc., which 
merged into the Trust on December 31, 1996.                                     

TRUSTEES AFFILIATED WITH THE TRUST AND OFFICERS OF THE TRUST

                                                        [Enlarge/Download Table]

                               POSITION WITH                               PRINCIPAL OCCUPATION                         
   NAME, ADDRESS AND AGE         THE TRUST                                DURING PAST FIVE YEARS                        
   ---------------------         ---------                                ----------------------                        
                                                                                                                        
John D. DesPrez III #     Trustee                President, The Manufacturers Life Insurance Company (U.S.A.), January  
73 Tremont Street                                1999 to date; Senior Vice President, US Annuities, Manulife Financial, 
Boston, MA  02108         (since 2000)           September 1996 to December, 1998; President, The Manufacturers Life    
Age: 46                                          Insurance Company of North America, September 1996 to December, 1998;  
                                                 Vice President, Mutual Funds, Manulife Financial, January 1995 to      
                                                 September 1996.                                                        

John D. Richardson #      Chairman of the Board  Retired; Former Senior Executive Vice President, U.S. Operations,      
200 Bloor Street East     of Trustees            Manulife Financial, January 1999 to March 2002 (Retired, March 2002);  
Toronto, Ontario, Canada                         Executive Vice President and General Manager, U.S. Operations, Manulife
M4W 1E5                   (since 1997)           Financial, January 1995 to January 1999.  Director of Manulife         
Age: 64                                          Financial Corporation, a publicly traded company and the ultimate      
                                                 parent of the adviser.                                                 

John R. Ostler*           Treasurer              Vice President and Chief Financial Officer, U.S. Operations, The       
200 Bloor Street East                            Manufacturers Life Insurance Company, October 1, 2000 to present; Vice 
Toronto, Ontario, Canada  (since 2000)           President and Corporate Actuary, The Manufacturers Life Insurance      
M4W 1E5                                          Company, March 1998 to September 2000; Vice President & CFO U.S.       
Age: 50                                          Individual Insurance, The Manufacturers Life Insurance Company, 1992 to
                                                 March 1998; Vice President, U.S. Insurance Products, The Manufacturers 
                                                 Life Insurance Company, 1990 - 1992; Assistant Vice President & Pricing
                                                 Actuary, U.S. Insurance, The Manufacturers Life Insurance Company,     
                                                 1988-1990.                                                             

James D. Gallagher*       President              Executive Vice President, The Manufacturers Life Insurance Company     
73 Tremont Street                                (U.S.A.), January 1996 to present; President, The Manufacturers Life   
Boston, MA  02108         (since 2001)           Insurance Company of New York, August 1999 to present; Vice President, 
Age: 48                                          Secretary and General Counsel, The Manufacturers Life Insurance Company
                                                 of North America, June 1994 to date.                                   

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MANUFACTURERS INVESTMENT TRUST                                                
NOTES TO FINANCIAL STATEMENTS - CONTINUED                                     
--------------------------------------------------------------------------------

TRUSTEES AFFILIATED WITH THE TRUST AND OFFICERS OF THE TRUST - CONTINUED

                                                        [Enlarge/Download Table]

                               POSITION WITH                            PRINCIPAL OCCUPATION                    
   NAME, ADDRESS AND AGE         THE TRUST                             DURING PAST FIVE YEARS                   
   ---------------------         ---------                             ----------------------                   
                                                                                                                
Andrew Corselli           Secretary           Assistant Vice President and Senior Counsel, U.S. Operations Law  
                                              Department, Manulife Financial, March 2001 to date; The Prudential
73 Tremont Street         (since 2002)        Insurance Company of America, Assistant General Counsel & Chief of
                                              Litigation, June 1988 to June, 2000                               
Boston, MA  02108                                                                                               

Age: 56                                                                                                         

# Trustee who is an "interested person," as defined in the 1940 Act, due to his 
position with Manulife Financial Corporation (or its affiliates), the ultimate  
controlling parent of the investment adviser.                                   

Because the Trust does not hold regular annual shareholders meetings, each      
Trustee holds office for an indefinite term until his successor is duly elected 
and qualified or until he dies, retires, resigns, is removed or becomes         
disqualified. None of the Trustees is a director of other complexes except as   
noted above.                                                                    

The Statement of Additional Information, a separate document with supplemental  
information not contained in the Prospectus, includes additional information on 
the Board of Trustees and can be obtained without charge by calling             
1-800-344-1029 or on the Securities and Exchange Commission ("SEC") Internet    
site at http://www.sec.gov.                                                     

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[MANULIFE LETTERHEAD]                                                           

MANAGEMENT OF THE TRUST                                                         

TRUSTEES                                                                        
John D. Richardson, Chairman of the Board                                       
Don B. Allen                                                                    
Charles L. Bardelis                                                             
John D. DesPrez, III_Samuel Hoar                                                
F. David Rolwing                                                                

OFFICERS                                                                        
James D. Gallagher, President                                                   
John R. Ostler, Treasurer                                                       
Gordon M. Shone, Assistant Treasurer                                            
Andrew Corselli, Secretary                                                      

INVESTMENT ADVISER                                                              
Manufacturers Securities Services, LLC                                          
Boston, Massachusetts                                                           

ISSUER OF VENTURE VARIABLE ANNUITIES                                            
The Manufacturers Life Insurance                                                
Company (U.S.A.)                                                                
PO Box 55230                                                                    
Boston, Massachusetts 02205-5230                                                
800-344-1029                                                                    

ISSUER OF VENTURE VARIABLE ANNUITIES AND VENTURE VARIABLE LIFE INSURANCE        
PRODUCTS                                                                        
The Manufacturers Life Insurance                                                
Company (U.S.A.)                                                                
200 Bloor Street East                                                           
Toronto, Ontario, Canada M4W1E5                                                 
800-827-4546                                                                    

PRINCIPAL UNDERWRITER OF VENTURE ANNUITIES                                      
Manulife Financial Securities LLC                                               
Boston, Massachusetts                                                           

PRINCIPAL UNDERWRITER OF VENTURE                                                
VARIABLE ANNUITIES AND VENTURE                                                  
VARIABLE LIFE INSURANCE PRODUCTS                                                
Manulife Financial Securities LLC                                               
Toronto, Ontario, Canada                                                        

PROMOTIONAL AGENT OF                                                            
VENTURE ANNUITIES                                                               
Manulife Wood Logan                                                             
Stamford, Connecticut                                                           

Manulife Financial and the block design are registered service marks and        
trademarks of The Manufacturers Life Insurance Company and are used by it and   
its affiliates, including Manulife Financial Corporation.                       

[MANULIFE LETTERHEAD]                                                           

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-30D’ Filing		Date		First		Last			Other Filings
Filed on / Effective on:		3/3/03							N-30D
		2/21/03		18
		2/15/03		2
For Period End:		12/31/02		1		112			24F-2NT,  N-30D,  NSAR-B
		11/25/02		6		110			497
		5/31/02		14
		5/1/02		106
		1/28/02		10		106
		1/1/02		110
		12/31/01		32		38			24F-2NT,  N-30D,  NSAR-B
		7/16/01		5		12			497
		12/31/00		36					24F-2NT,  N-30D,  NSAR-B
		10/1/00		113
		5/1/00		13		17
		12/31/96		113					24F-2NT,  N-30D,  NSAR-B
		12/30/94		10
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