N-30D 1 index.txt AXP INDEX FUNDS AXP(SM) S&P 500 Index Fund AXP(SM) Mid Cap Index Fund AXP(SM)Total Stock Market Index Fund AXP(SM)International Equity Index Fund AXP(SM) Nasdaq 100 Index(R) Fund 2000 SEMIANNUAL REPORT American Express(R) Funds (icon of) ticker tape machine AMERICAN EXPRESS (R) CONTENTS From the Chairman 3 From the Portfolio Managers 4 Fund Facts 6 The 10 Largest Holdings 11 Financial Statements 16 Notes to Financial Statements 23 Investments in Securities 38 (picture of) Arne H. Carlson Arne H. Carlson Chairman of the board From the Chairman The financial markets have always had their ups and downs, but in recent months volatility has become more frequent and intense. While no one can say with certainty what the markets will do, American Express Financial Corporation, the Fund's investment manager, expects economic growth to continue this year, accompanied by a modest rise in long-term interest rates. But no matter what transpires, this is a great time to take a close look at your goals and investments. We encourage you to: o Consult a professional investment advisor who can help you cut through mountains of data. o Set financial goals that extend beyond those achievable through retirement plans of your employer. o Learn as much as you can about your current investments. The portfolio managers' letter that follows provides a review of the Fund's investment strategies and performance. The semiannual report contains other valuable information as well. The Fund's prospectus describes its investment objectives and how it intends to achieve those objectives. As experienced investors know, information is vital to making good investment decisions. So, take a moment and decide again whether the Fund's investment objectives and management style fit with your other investments to help you reach your financial goals. And make it a practice on a regular basis to assess your investment options. On behalf of the Board, Arne H. Carlson From the Portfolio Managers AXP S&P 500 Index Fund The Fund's Class D shares generated a total return of 2.95% during the first half of the fiscal year -- February through July 2000. The period got off to a very good start, as stocks rallied sharply into early March. At that point, concerns about higher interest rates and potentially higher inflation sent the market into a several-week slide. Stocks managed to make up some of the lost ground over the summer, though, as investors began to anticipate an end to the upturn in interest rates. AXP Mid Cap Index Fund The Fund's Class D shares generated a total return of 13.48% during the first half of the fiscal year -- February through July 2000. Amid increasing concerns about the effect of higher interest rates and potentially higher inflation on large-cap stocks, investors sought out mid-caps, reasoning that their comparatively low valuations would make them less vulnerable to a negative environment. Ultimately, mid-caps outperformed both small- and large-cap stocks for the six months. AXP Total Stock Market Index Fund The Fund's Class D shares generated a total return of 1.39% during the first half of the fiscal year -- February through July 2000. Stocks mounted a sharp, several-week advance at the outset of the period. The following months proved to be a struggle, though, as increasing concerns about higher interest rates and potentially higher inflation kept the market off balance much of the time. For the entire period, mid-capitalization stocks fared best, easily outperforming their small- and large-cap counterparts. AXP International Equity Index Fund The Fund's Class D shares generated a loss of 2.58% during the first half of the fiscal year -- February through July 2000. On the whole, European markets, which comprised 60% of the Fund's investments and include the United Kingdom, Germany, France and Italy, made modest progress over the six months. Detracting from performance was a continued decline in the value of the euro. Japan, the Fund's largest country exposure (about 28%), produced negative results, partly because of a slump in the value of the yen. AXP Nasdaq 100 Index Fund The Fund's Class D shares generated a total return of 0.53% during the first half of the fiscal year -- February through July 2000. It was a highly volatile period for the Fund, as a remarkable run-up through mid-March was followed by a steep decline through late May. The up-and-down performance was driven by technology-related stocks, which did an about-face when investors became concerned that higher interest rates and potentially higher inflation made their sky-high stock prices no longer sustainable. The stocks managed to recover the lost ground by period-end, however. James M. Johnson, Jr. Portfolio Manager AXP S&P 500 Index Fund AXP Mid Cap Index Fund AXP Total Stock Market Index Fund AXP Nasdaq 100 Index Fund Adele Kohler Portfolio Manager AXP International Equity Index Fund Fund Facts AXP S&P 500 Index Fund Class D -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $5.58 Jan. 31, 2000 $5.42 Increase $0.16 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* +2.95%** Class E -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $5.59 Jan. 31, 2000 $5.42 Increase $0.17 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* +3.14%** * Returns do not include sales load. The prospectus discusses the effec of sales charges, if any, on the various classes. ** The total return is a hypothetical investment in the Fund with all distributions reinvested. AXP Mid Cap Index Fund Class D -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $6.48 Jan. 31, 2000 $5.71 Increase $0.77 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* +13.48%** Class E -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $6.49 Jan. 31, 2000 $5.71 Increase $0.78 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital ga $ -- Total distribut $ -- Total return* +13.66%** * Returns do not include sales load. The prospectus discusses the effect of sales charges, if any, on the various classes. ** The total return is a hypothetical investment in the Fund with all distributions reinvested. AXP Total Stock Market Index Fund Class D -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $5.84 Jan. 31, 2000 $5.76 Increase $0.08 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* +1.39%** Class E -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $5.84 Jan. 31, 2000 $5.76 Increase $0.08 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* +1.39%** * Returns do not include sales load. The prospectus discusses the effect of sales charges, if any, on the various classes. ** The total return is a hypothetical investment in the Fund with all distributions reinvested. AXP International Equity Index Fund Class D -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $5.28 Jan. 31 2000 $5.42 Decrease $0.14 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* -2.58%** Class E -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $5.29 Jan. 31, 2000 $5.42 Decrease $0.13 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* -2.40%** * Returns do not include sales load. The prospectus discusses the effect of sales charges, if any, on the various classes. ** The total return is a hypothetical investment in the Fund with all distributions reinvested. AXP Nasdaq 100 Index Fund Class D -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $7.56 Jan. 31, 2000 $7.52 Increase $0.04 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gain $ -- Total distributions $ -- Total return* +0.53%** Class E -- 6-month performance (All figures per share) Net asset value (NAV) July 31, 2000 $7.57 Jan. 31, 2000 $7.52 Increase $0.05 Distributions -- Feb. 1, 2000 - July 31, 2000 From income $ -- From capital gains $ -- Total distributions $ -- Total return* +0.67%** * Returns do not include sales load. The prospectus discusses the effect of sales charges, if any, on the various classes. ** The total return is a hypothetical investment in the Fund with all distributions reinvested. The 10 Largest Holdings AXP S&P 500 Index Fund Percent Value (of net assets) (as of July 31, 2000) Standard & Poor's Depositary Receipts 3.99% $1,181,521 General Electric 3.90 1,154,720 Cisco Systems 3.49 1,032,865 Intel 3.43 1,014,599 Microsoft 2.82 833,630 Exxon Mobil 2.14 631,920 Pfizer 2.08 615,953 Wal-Mart Stores 1.88 555,637 Citigroup 1.83 540,367 Nortel Networks 1.69 499,949 For further detail about these holdings, please refer to the section entitled "Investments in Securities." The 10 holdings listed here make up 27.25% of net assets (icon of) pie chart AXP Mid Cap Index Fund Percent Value (of net assets) (as of July 31, 2000) S&P Mid-Cap 400 Depositary Receipts 2.30% $379,799 Univision Communications Cl A 1.42 234,460 Vitesse Semiconductor 1.24 204,274 Dynegy Cl A 1.19 196,768 Jabil Circuit 1.06 174,468 Calpine 1.01 166,938 Forest Laboratories 1.01 166,064 Rational Software 1.01 165,852 Millennium Pharmaceuticals 0.98 161,796 Stryker 0.93 153,673 For further details about these holdings, please refer to the section entitled "Investments in Securities." The 10 holdings listed here make up 12.15% of net assets (icon of) pie chart AXP Total Stock Market Index Fund Percent Value (of net assets) (as of July 31, 2000) General Electric 3.22% $868,110 Cisco Systems 2.88 777,004 Intel 2.83 762,685 Microsoft 2.32 626,706 Exxon Mobil 1.76 475,039 Pfizer 1.72 463,075 Wal-Mart Stores 1.55 418,238 Citigroup 1.51 406,721 Oracle 1.35 364,057 American Intl Group 1.28 345,663 For further detail about these holdings, please refer to the section entitled "Investments in Securities." The 10 holdings listed here make up 20.42% of net assets (icon of) pie chart AXP International Equity Index Fund Percent Value (of net assets) (as of July 31, 2000) Vodafone AirTouch (United Kingdom) 2.77% $633,461 Nokia (Finland) 2.26 515,672 BP Amoco (United Kingdom) 2.05 468,825 Toyota Motor (Japan) 1.67 381,103 Nippon Telegraph & Telephone (Japan) 1.52 346,699 Ericsson (LM) Cl B (Sweden) 1.47 335,717 Royal Dutch Petroleum (Netherlands) 1.34 305,533 France Telecom (France) 1.30 296,586 Deutsche Telekom (Germany) 1.29 294,195 HSBC Holdings (United Kingdom) 1.18 268,807 For further detail about these holdings, please refer to the section entitled "Investments in Securities." The 10 holdings listed here make up 16.85% of net assets (icon of) pie chart AXP Nasdaq 100 Index Fund Percent Value (of net assets) (as of July 31, 2000) Cisco Systems 7.66% $3,695,778 Intel 7.35 3,543,223 Microsoft 5.93 2,861,544 JDS Uniphase 4.92 2,373,012 Oracle 4.18 2,013,897 Nasdaq-100 Shares 3.45 1,665,075 Sun Microsystems 3.42 1,649,043 QUALCOMM 2.72 1,313,491 Nextel Communications Cl A 2.44 1,178,267 Dell Computer 1.96 947,073 For further detail about these holdings, please refer to the section entitled "Investments in Securities." The 10 holdings listed here make up 44.03% of net assets (icon of) pie chart
Financial Statements Statements of assets and liabilities AXP Market Advantage Series, Inc. AXP AXP AXP S&P 500 Mid Cap Total Index Index Stock Market July 31, 2000 (Unaudited) Fund Fund Index Fund Assets Investments in securities, at value (Note 1) (identified cost $28,521,480, $15,056,408 and $23,999,680) $29,558,081 $16,474,679 $26,946,729 Cash in bank on demand deposit 330,372 227,189 118,623 Expense receivable from AEFC -- 3,659 22,908 Capital shares receivable 100,547 9,490 840 Dividends and accrued interest receivable 18,061 11,579 15,569 Receivable for investment securities sold 51,390 146,070 687 ------ ------- --- Total assets 30,058,451 16,872,666 27,105,356 ---------- ---------- ---------- Liabilities Capital shares payable 17,750 -- -- Payable for investment securities purchased 366,067 357,850 107,109 Accrued investment management services fee 584 349 670 Accrued distribution fee 314 137 187 Accrued transfer agency fee 171 33 27 Accrued administrative services fee 195 107 246 Other accrued expenses 94,935 26,854 34,444 ------ ------ ------ Total liabilities 480,016 385,330 142,683 ------- ------- ------- Net assets applicable to outstanding capital stock $29,578,435 $16,487,336 $26,962,673 =========== =========== =========== Represented by Capital stock -- $.01 par value (Note 1) $ 52,997 $ 25,431 $ 46,154 Additional paid-in capital 28,226,508 13,335,287 23,588,220 Undistributed net investment income 85,710 53,873 69,298 Accumulated net realized gain (loss) 176,619 1,654,474 311,952 Unrealized appreciation (depreciation) on investments 1,036,601 1,418,271 2,947,049 --------- --------- --------- Total-- representing net assets applicable to outstanding capital stock $29,578,435 $16,487,336 $26,962,673 =========== =========== =========== Net assets applicable to outstanding shares: Class D $15,271,084 $ 6,770,720 $ 9,018,874 Class E $14,307,351 $ 9,716,616 $17,943,799 Shares outstanding: Class D shares 2,738,618 1,045,292 1,545,422 Class E shares 2,561,038 1,497,781 3,070,009 Net asset value per share of outstanding capital stock: Class D $ 5.58 $ 6.48 $ 5.84 Class E $ 5.59 $ 6.49 $ 5.84 See accompanying notes to financial statements.
Statements of assets and liabilities AXP Market Advantage Series, Inc. AXP AXP International Nasdaq Equity 100 July 31, 2000 (Unaudited) Index Fund Index Fund Assets Investments in securities, at value (Note 1) (identified cost $21,835,850 and $46,189,356) $22,532,659 $48,158,161 Cash in bank on demand deposit 310,032 264,792 Expense receivable from AEFC -- 2,685 Capital shares receivable 8,240 177,101 Dividends and accrued interest receivable 32,482 479 Receivable for investment securities sold 14,066 212,585 Other prepaid assets 4,179 -- ----- -------- Total assets 22,901,658 48,815,803 ---------- ---------- Liabilities Capital shares payable -- 78,633 Unrealized depreciation on foreign currency contracts held, at value (Notes 1 and 6) 12,081 -- Payable for investment securities purchased 10,524 462,369 Accrued investment management services fee 10,247 1,527 Accrued distribution fee 3,283 601 Accrued transfer agency fee -- 406 Accrued administrative services fee -- 241 Other accrued expenses 36,087 38,349 ------ ------ Total liabilities 72,222 582,126 ------ ------- Net assets applicable to outstanding capital stock $22,829,436 $48,233,677 =========== =========== Represented by Capital stock -- $.01 par value (Note 1) $ 43,197 $ 63,790 Additional paid-in capital 21,683,950 45,171,234 Undistributed (excess of distributions over) net investment income 183,669 (124,438) Accumulated net realized gain (loss) 260,601 1,154,286 Unrealized appreciation (depreciation) on investments (Notes 5 and 6) 658,019 1,968,805 ------- --------- Total-- representing net assets applicable to outstanding capital stock $22,829,436 $48,233,677 =========== =========== Net assets applicable to outstanding shares: Class D $ 7,475,272 $28,952,124 Class E $15,354,164 $19,281,553 Shares outstanding: Class D shares 1,416,288 3,831,436 Class E shares 2,903,412 2,547,573 Net asset value per share of outstanding capital stock Class D $ 5.28 $ 7.56 Class E $ 5.29 $ 7.57 See accompanying notes to financial statements.
Statements of operations AXP Market Advantage Series, Inc. AXP AXP AXP S&P 500 Mid Cap Total Index Index Stock Market Six months ended July 31, 2000 (Unaudited) Fund Fund Index Fund Investment income Income: Dividends $144,095 $ 85,605 $142,245 Interest 996 -- -- Less foreign taxes withheld -- -- (4) ------- ------ -- Total income 145,091 85,605 142,241 ------- ------ ------- Expenses (Note 2): Investment management services fee 29,949 19,028 39,400 Distribution fee--Class D 15,969 6,799 10,740 Transfer agency fee 6,905 1,275 1,121 Administrative services fees and expenses 10,782 5,855 11,717 Compensation of board members 1,694 -- 4,436 Custodian fees 37,449 25,153 37,904 Printing and postage 1,504 3,093 4,987 Registration fees 18,290 18,984 14,526 Licensing fees 42,080 8,617 12,622 Audit fees 6,500 6,500 7,250 Other 6,572 1,449 12,010 ----- ----- ------ Total expenses 177,694 96,753 156,713 Less expenses reimbursed by AEFC (Note 2) (112,808) (56,566) (81,276) -------- ------- ------- Total net expenses 64,886 40,187 75,437 ------ ------ ------ Investment income (loss)-- net 80,205 45,418 66,804 ------ ------ ------ Realized and unrealized gain (loss) -- net Net realized gain (loss) on security transactions (Note 3) 188,825 1,414,226 263,587 Net change in unrealized appreciation (depreciation) on investments 305,712 247,410 (32,576) ------- ------- ------- Net gain (loss) on investments 494,537 1,661,636 231,011 ------- --------- ------- Net increase (decrease) in net assets resulting from operations $574,742 $1,707,054 $297,815 ======== ========== ======== See accompanying notes to financial statements.
Statements of operations AXP Market Advantage Series, Inc. AXP AXP International Nasdaq Equity 100 Six months ended July 31, 2000 (Unaudited) Index Fund Index Fund Investment income Income: Dividends $ 211,209 $ 6,226 Interest 24,707 11,507 Less foreign taxes withheld (6,472) (161) ------ ---- Total income 229,444 17,572 ------- ------ Expenses (Note 2): Investment management services fee 57,822 79,135 Distribution fee--Class D 9,177 29,845 Transfer agency fee 776 16,828 Administrative services fees and expenses 11,564 10,614 Compensation of board members 4,436 4,436 Custodian fees 4,658 30,845 Printing and postage 4,028 4,867 Registration fees 17,537 28,381 Licensing fee 2,493 1,999 Audit fees 7,500 6,500 Other 4,637 3,511 ----- ----- Total expenses 124,628 216,961 Less expenses reimbursed by AEFC (Note 2) (41,331) (74,951) ------- ------- Total net expenses 83,297 142,010 ------ ------- Investment income (loss)-- net 146,147 (124,438) ------- -------- Realized and unrealized gain (loss) -- net Net realized gain (loss) on: Security transactions (Note 3) 124,111 924,628 Futures contracts 94,844 -- Foreign currency transactions (90,520) -- ------- ------- Net realized gain (loss) on investments 128,435 924,628 Net change in unrealized appreciation (depreciation) on investments (851,236) (3,197,778) -------- ---------- Net gain (loss) on investments (722,801) (2,273,150) -------- ---------- Net increase (decrease) in net assets resulting from operations $(576,654) $(2,397,588) ========= =========== See accompanying notes to financial statements.
Statements of changes in net assets AXP Market Advantage Series, Inc. AXP S&P 500 Index Fund AXP Mid Cap Index Fund For the For the July 31, 2000 period from July 31, 2000 period from Six months ended Oct. 25, 1999* Six months ended Oct. 25, 1999* (Unaudited) to Jan. 31, 2000 (Unaudited) to Jan. 31, 2000 Operations and distributions Investment income (loss)-- net $ 80,205 $ 24,872 $ 45,418 $ 24,032 Net realized gain (loss) on security transactions 188,825 (10,672) 1,414,226 247,671 Net change in unrealized appreciation (depreciation) on investments 305,712 591,911 247,410 1,032,789 ------- ------- ------- --------- Net increase (decrease) in net assets resulting from operations 574,742 606,111 1,707,054 1,304,492 ------- ------- --------- --------- Distributions to shareholders from: Net investment income Class D -- (7,957) -- (5,860) Class E -- (15,647) -- (16,180) Net realized gain Class D -- (614) -- (2,300) Class E -- (1,011) -- (5,107) ------ ------ Total distributions -- (25,229) -- (29,447) ------- ------- Capital share transactions (Note 4) Proceeds from sales Class D shares (Note 2) 10,724,929 4,014,584 2,289,402 585,403 Class E shares 5,602,817 1,871,463 439,345 149,059 Reinvestment of distributions at net asset value Class D shares -- 6,839 -- 8,025 Class E shares -- 16,658 -- 21,287 Payments for redemptions Class D shares (2,894,147) (38,105) (113,112) (11,070) Class E shares (Note 2) (932,896) (92,637) (7,621) -- -------- ------- ------ ------- Increase (decrease) in net assets from share transactions 12,500,703 5,778,802 2,608,014 752,704 ---------- --------- --------- ------- Total increase (decrease) in net assets 13,075,445 6,359,684 4,315,068 2,027,749 Net assets at beginning of period (Note 1) 16,502,990 10,143,306 12,172,268 10,144,519 ---------- ---------- ---------- ---------- Net assets at end of period $29,578,435 $16,502,990 $16,487,336 $12,172,268 =========== =========== =========== =========== Undistributed net investment income$ 85,710 $ 5,505 $ 53,873 $ 8,455 ----------- ----------- ----------- ----------- * When shares became publicly available. See accompanying notes to financial statements.
Statements of changes in net assets AXP Market Advantage Series,Inc. AXP Total Stock Market Index Fund AXP International Equity Index Fund For the For the July 31, 2000 period from July 31, 2000 period from Six months ended Oct. 25, 1999* Six months ended Oct. 25, 1999* (Unaudited) to Jan. 31, 2000 (Unaudited) to Jan. 31, 2000 Operations and distributions Investment income (loss)-- net $ 66,804 $ 36,067 $ 146,147 $ 18,367 Net realized gain (loss) on investments 263,587 47,889 128,435 157,134 Net change in unrealized appreciation (depreciation) on investments (32,576) 2,215,879 (851,236) 1,509,255 ------- --------- -------- --------- Net increase (decrease) in net assets resulting from operations 297,815 2,299,835 (576,654) 1,684,756 ------- --------- -------- --------- Distributions to shareholders from: Net investment income Class D -- (10,479) -- -- Class E -- (30,026) -- -- Net realized gain Class D -- -- -- (7,690) Class E -- -- -- (17,627) ------- Total distributions -- (40,505) -- (25,317) ------- ------- Capital share transactions (Note 4) Proceeds from sales Class D shares (Note 2) 1,499,779 623,511 1,421,545 398,295 Class E shares 1,382,450 222,739 395,901 212,199 Reinvestment of distributions at net asset value Class D shares -- 10,141 -- 7,577 Class E shares -- 30,026 -- 17,627 Payments for redemptions Class D shares (72,287) (17,179) (643,131) (15,342) Class E shares (Note 2) (44,656) (150) (27,753) (22,927) ------- ---- ------- ------- Increase (decrease) in net assets from share transactions 2,765,286 869,088 1,146,562 597,429 --------- ------- --------- ------- Total increase (decrease) in net assets 3,063,101 3,128,418 569,908 2,256,868 Net assets at beginning of period (Note 1) 23,899,572 20,771,154 22,259,528 20,002,660 ---------- ---------- ---------- ---------- Net assets at end of period $26,962,673 $23,899,572 $22,829,436 $22,259,528 =========== =========== =========== =========== Undistributed net investment income $ 69,298 $ 2,494 $ 183,669 $ 37,522 ----------- ----------- ----------- ----------- * When shares became publicly available. See accompanying notes to financial statements.
Statements of changes in net assets AXP Market Advantage Series, Inc. AXP Nasdaq 100 Index Fund For the July 31, 2000 period from Six months ended Oct. 25, 1999* (Unaudited) to Jan. 31, 2000 Operations and distributions Investment income (loss) -- net $ (124,438) $ (23,029) Net realized gain (loss) on investments 924,628 249,890 Net change in unrealized appreciation (depreciation) on investments (3,197,778) 4,641,157 ---------- --------- Net increase (decrease) in net assets resulting from operations (2,397,588) 4,868,018 ---------- --------- Capital share transactions (Note 4) Proceeds from sales Class D shares (Note 2) 21,764,878 6,357,030 Class E shares 8,087,530 2,173,520 Payments for redemptions Class D shares (2,034,212) (109,117) Class E shares (Note 2) (904,326) (100,279) -------- -------- Increase (decrease) in net assets from share transactions 26,913,870 8,321,154 ---------- --------- Total increase (decrease) in net assets 24,516,282 13,189,172 Net assets at beginning of period (Note 1) 23,717,395 10,528,223 ---------- ---------- Net assets at end of period $48,233,677 $23,717,395 =========== =========== * When shares became publicly available. See accompanying notes to financial statements.
Notes to Financial Statements AXP Market Advantage Series, Inc. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Each Fund is a series of AXP Market Advantage Series, Inc. and is registered under the Investment Company Act of 1940 (as amended) as a non-diversified, open-end management investment company. AXP Market Advantage Series, Inc. has 10 billion authorized shares of capital stock that can be allocated among the separate series as designated by the board. Shares of the Funds were offered to the public on Oct. 25, 1999 (when they became publicly available). Prior to this date, American Express Financial Corporation (AEFC) purchased the following shares of capital stock, which represented the initial capital in each Fund at $5.00 per share: Fund Number of shares Class D Class E AXP S&P 500 Index Fund 600,000 1,400,000 AXP Mid Cap Index Fund 600,000 1,400,000 AXP Total Stock Market Index Fund 1,200,000 2,800,000 AXP International Equity Index Fund 1,200,000 2,800,000 AXP Nasdaq 100 Index Fund 600,000 1,400,000 Theprimary investments of each Fund are as follows: AXP S&P 500 Index Fund invests in common stocks included in the Standard & Poor's 500 Composite Stock Price Index (S&P 500). AXP Mid Cap Index Fund invests in common stocks included in the Standard & Poor's MidCap 400 Index (S&P MidCap 400). AXP Total Stock Market Index Fund invests in common stocks included in the Wilshire 5000 Total Market Index (Wilshire 5000). AXP International Equity Index Fund invests in common stocks included in the Morgan Stanley Capital International Europe, Australasia, Far East (EAFE) Index. AXP Nasdaq 100 Index Fund invests in common stocks included in the Nasdaq 100 Index. While the Funds may track its index closely, it is typically unable to match the performance of the index exactly, primarily due to fund operating expenses and transaction costs. Each Fund offers Class D and Class E shares and are sold without a sales charge. All classes of shares have identical voting, dividend and liquidation rights. The distribution fee (class specific expense) differs among classes. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. The Fund's significant accounting policies are summarized below: Use of estimates Preparing financial statements that conform to accounting principles generally accepted in the United States of America requires management to make estimates (e.g., on assets and liabilities) that could differ from actual results. Valuation of securities All securities are valued at the close of each business day. Securities traded on national securities exchanges or included in national market systems are valued at the last quoted sale price. Debt securities are generally traded in the over-the-counter market and are valued at a price that reflects fair value as quoted by dealers in these securities or by an independent pricing service. Securities for which market quotations are not readily available are valued at fair value according to methods selected in good faith by the board. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates; those maturing in 60 days or less are valued at amortized cost. Option transactions As part of its indexing strategies, the Funds may buy and sell put and call options and write covered call options on portfolio securities as well as write cash-secured put options. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The Funds also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts are valued daily at the closing prices on their primary exchanges and unrealized appreciation or depreciation is recorded. Each Fund will realize a gain or loss when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option or the cost of a security for a purchased put or call option is adjusted by the amount of the premium received or paid. Foreign currency translations and foreign currency contracts Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars. Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized security gains or losses is reflected as a component of such gains or losses. In the statement of operations, net realized gains or losses from foreign currency transactions, if any, may arise from sales of foreign currency, closed forward contracts, exchange gains or losses realized between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Funds may enter into foreign currency exchange contracts for operational purposes and to protect against adverse exchange rate fluctuation. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Funds and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. The Funds are subject to the credit risk that the other party will not complete its contract obligations. Futures transactions As part of its indexing strategies, the Funds may buy and sell futures contracts traded on any U.S. or foreign exchange. The Funds also may buy and write put and call options on these futures contracts. Risks of entering into futures contracts and related options include the possibility of an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Funds are required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Funds recognize a realized gain or loss when the contract is closed or expires. Federal taxes Each Fund's policy is to comply with all sections of the Internal Revenue Code that apply to regulated investment companies and to distribute substantially all of its taxable income to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes. Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of deferred losses on certain futures contracts and losses deferred due to "wash sale" transactions. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Dividends to shareholders An annual dividend from net investment income, declared and paid at the end of the calendar year, when available, is reinvested in additional shares of each Fund at net asset value or payable in cash. Capital gains, when available, are distributed along with the income dividend. Other Security transactions are accounted for on the date securities are purchased or sold. Dividend income is recognized on the ex-dividend date and interest income, including level-yield amortization of premium and discount, is accrued daily. 2. EXPENSES AND SALES CHARGES Each Fund has agreements with AEFC to manage its portfolio and provide administrative services. Under an Investment Management Services Agreement, AEFC determines which securities will be purchased, held or sold. The management fee is a percentage of each Fund's average daily net assets in reducing percentages as follows: Fund Percentage Range AXP S&P 500 Index Fund 0.24% to 0.21% AXP Mid Cap Index Fund 0.26% to 0.23% AXP Total Stock Market Index Fund 0.30% to 0.26% AXP International Equity Index Fund 0.50% to 0.46% AXP Nasdaq 100 Index Fund 0.38% to 0.34% AEFC has a Sub-investment Advisory Agreement with State Street Global Advisors for AXP International Equity Index Fund. Under an Administrative Services Agreement, each Fund pays AEFC a fee for administration and accounting services at a percentage of the Fund's average daily net assets in reducing percentages as follows: Fund Percentage Range AXP S&P 500 Index Fund 0.080% to 0.065% AXP Mid Cap Index Fund 0.080% to 0.065% AXP Total Stock Market Index Fund 0.110% to 0.090% AXP International Equity Index Fund 0.100% to 0.080% AXP Nasdaq 100 Index Fund 0.060% to 0.040% A minor portion of additional administrative service expenses paid by each Fund are consultants' fees and fund office expenses. Under this agreement, each Fund also pays taxes, audit and certain legal fees, registration fees for shares, compensation of board members, corporate filing fees and any other expenses properly payable by each Fund and approved by the board. Under a separate Transfer Agency Agreement, American Express Client Service Corporation (AECSC) maintains shareholder accounts and records. Each Fund pays AECSC an annual fee per shareholder account for this service as follows: o Class D $19 o Class E $19 Each Fund has agreements with American Express Financial Advisors Inc. (the Distributor) for distribution and shareholder services. Under a Plan and Agreement of Distribution, each Fund pays a distribution fee at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class D shares. The Advisor and the Transfer Agent have contractually obligated themselves to waive certain fees and to absorb certain other Fund expenses until Jan. 31, 2001. Under this agreement, total expenses for Class D will not exceed 0.64% for AXP S&P 500 Index Fund, 0.70% for AXP Mid Cap Index Fund, 0.74% for AXP Total Stock Market Index Fund, 0.89% for AXP International Equity Index Fund, and 0.79% for AXP Nasdaq 100 Index Fund. Total expenses for Class E will not exceed 0.39% for AXP S&P 500 Index Fund, 0.45% for AXP Mid Cap Index Fund, 0.49% for AXP Total Stock Market Index Fund, 0.64% for AXP International Equity Index Fund, and 0.54% for AXP Nasdaq 100 Index Fund. 3. SECURITIES TRANSACTIONS For the six months ended July 31, 2000, cost of purchases and proceeds from sales (other than short-term obligations) aggregated for each Fund are as follows: Fund Purchases Proceeds AXP S&P 500 Index Fund $28,129,944 $15,345,272 AXP Mid Cap Index Fund 11,452,840 8,861,013 AXP Total Stock Market Index Fund 6,676,342 3,838,897 AXP International Equity Index Fund 2,952,300 802,781 AXP Nasdaq 100 Index Fund 53,656,721 26,737,000 Realized gains and losses are determined on an identified cost basis. 4. CAPITAL SHARE TRANSACTIONS Transactions in shares of capital stock for the periods indicated are as follows: AXP S&P 500 Index Fund Six months ended July 31, 2000 Class D Class E Sold 1,920,391 1,004,238 Issued for reinvested distributions -- -- Redeemed (502,008) (165,856) -------- -------- Net increase (decrease) 1,418,383 838,382 From Oct. 25, 1999* to Jan. 31, 2000 Class D Class E Sold 725,932 336,139 Issued for reinvested distributions 1,206 2,933 Redeemed (6,903) (16,416) ------ ------- Net increase (decrease) 720,235 322,656 AXP Mid Cap Index Fund Six months ended July 31, 2000 Class D Class E Sold 363,143 69,381 Issued for reinvested distributions -- -- Redeemed (18,771) (1,163) ------- ------ Net increase (decrease) 344,372 68,218 From Oct. 25, 1999* to Jan. 31, 2000 Class D Class E Sold 101,424 25,880 Issued for reinvested distributions 1,388 3,683 Redeemed (1,892) -- ------ ------ Net increase (decrease) 100,920 29,563 * When shares became publicly available. AXP Total Stock Market Index Fund Six months ended July 31, 2000 Class D Class E Sold 251,489 234,599 Issued for reinvested distributions -- -- Redeemed (12,236) (7,723) ------- ------ Net increase (decrease) 239,253 226,876 From Oct. 25, 1999* to Jan. 31, 2000 Class D Class E Sold 107,366 38,120 Issued for reinvested distributions 1,702 5,038 Redeemed (2,899) (25) ------ --- Net increase (decrease) 106,169 43,133 AXP International Equity Index Fund Six months ended July 31, 2000 Class D Class E Sold 260,639 71,490 Issued for reinvested distributions -- -- Redeemed (115,509) (5,026) -------- ------ Net increase (decrease) 145,130 66,464 From Oct. 25, 1999* to Jan. 31, 2000 Class D Class E Sold 72,742 38,018 Issued for reinvested distributions 1,341 3,115 Redeemed (2,925) (4,185) ------ ------ Net increase (decrease) 71,158 36,948 * When shares became publicly available. AXP Nasdaq 100 Index Fund Six months ended July 31, 2000 Class D Class E Sold 2,607,842 977,738 Issued for reinvested distributions -- -- Redeemed (245,233) (114,730) -------- -------- Net increase (decrease) 2,362,609 863,008 From Oct. 25, 1999* to Jan. 31, 2000 Class D Class E Sold 882,474 298,249 Issued for reinvested distributions -- -- Redeemed (13,647) (13,684) ------- ------- Net increase (decrease) 868,827 284,565 * When shares became publicly available. 5. STOCK INDEX FUTURES CONTRACTS Investments in securities as of July 31, 2000, included securities that were valued and pledged as collateral to cover initial margin deposits. The market value of this collateral and open futures contracts is as follows: Open Notional Net Market purchase market unrealized value (sale) value gain (loss) Fund of collateral contracts on futures on futures AXP International Equity Index Fund $61,781 20 $917,390 $(20,378) See "Summary of significant accounting policies." 6. FOREIGN CURRENCY CONTRACTS As of July 31, 2000, AXP International Equity Index Fund has foreign currency exchange contracts that obligate it to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying financial statements. See "Summary of significant accounting policies." The terms of the open contracts are as follows: Exchange date Currency to Currency to Unrealized Unrealized be delivered be received appreciation depreciation Oct. 4, 2000 229,750 247,000 $-- $5,591 U.S. Dollar European Monetary Unit Oct. 4, 2000 46,508 50,000 -- 282 U.S. Dollar European Monetary Unit Oct. 4, 2000 50,413 87,000 -- 1,008 U.S. Dollar Australian Dollar Oct. 4, 2000 211,374 22,907,000 -- 4,322 U.S. Dollar Japanese Yen Oct. 4, 2000 79,492 53,000 -- 878 U.S. Dollar British Pound Total $-- $12,081 7. BANK BORROWINGS Each Fund has a revolving credit agreement with U.S. Bank, N.A., whereby each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each Fund must have asset coverage for borrowings not to exceed the aggregate of 333% of advances equal to or less than five business days plus 367% of advances over five business days. The agreement, which enables each Fund to participate with other American Express mutual funds, permits borrowings up to $200 million, collectively. Interest is charged to each Fund based on its borrowings at a rate equal to the Federal Funds Rate plus 0.30% or the Eurodollar Rate (Reserve Adjusted) plus 0.20%. Borrowings are payable up to 90 days after such loan is executed. Each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.05% per annum. Each Fund had no borrowings outstanding during the six months ended July 31, 2000.
FINANCIAL HIGHLIGHTS The tables below show certain important financial information for evaluating each Fund's results. AXP S&P 500 Index Fund Fiscal period ended Jan. 31, Per share income and capital changesa Class D Class E 2000b 2000c 2000b 2000c Net asset value, beginning of period $5.42 $5.07 $5.42 $5.07 Income from investment operations: Net investment income (loss) .01 .01 .02 .01 Net gains (losses) (both realized and unrealized) .15 .35 .15 .35 Total from investment operations .16 .36 .17 .36 Less distributions: Dividends from net investment income -- (.01) -- (.01) Net asset value, end of period $5.58 $5.42 $5.59 $5.42 Ratios/supplemental data Net assets, end of period (in millions) $15 $7 $14 $9 Ratio of expenses to average daily net assetse .64%d,f .64%d,f .39%d,f .39%d,f Ratio of net investment income (loss) to average daily net assets .51%d .52%d .77%d .83%d Portfolio turnover rate (excluding short-term securities) 62% 37% 62% 37% Total return 2.95% 7.72% 3.14% 7.75% a For a share outstanding throughout the period. Rounded to the nearest cent. b Six months ended July 31, 2000 (Unaudited). c For the period from Oct. 25, 1999 (when shares became publicly available) to Jan. 31, 2000. d Adjusted to an annual basis. e Expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances. f AEFC reimbursed each Fund for certain expenses. Had AEFC not done so, the annual ratios of expense would have been 1.53% and 4.00% for Class D and 1.30% and 3.70% for Class E for the six months ended July 31, 2000 and for the period ended Jan. 31, 2000, respectively.
AXP Mid Cap Index Fund Fiscal period ended Jan. 31, Per share income and capital changesa Class D Class E 2000b 2000c 2000b 2000c Net asset value, beginning of period $5.71 $5.07 $5.71 $5.07 Income from investment operations: Net investment income (loss) .02 .01 .03 .02 Net gains (losses) (both realized and unrealized) .75 .64 .75 .64 Total from investment operations .77 .65 .78 .66 Less distributions: Dividends from net investment income -- (.01) -- (.02) Net asset value, end of period $6.48 $5.71 $6.49 $5.71 Ratios/supplemental data Net assets, end of period (in millions) $7 $4 $10 $8 Ratio of expenses to average daily net assetse .70%d,f .69%d,f .45%d,f .45%d,f Ratio of net investment income (loss) to average daily net assets .46%d .59%d .71%d .83%d Portfolio turnover rate (excluding short-term securities) 61% 16% 61% 16% Total return 13.48% 12.87% 13.66% 12.92% a For a share outstanding throughout the period. Rounded to the nearest cent. b Six months ended July 31, 2000 (Unaudited). c For the period from Oct. 25, 1999 (when shares became publicly available) to Jan. 31, 2000. d Adjusted to an annual basis. e Expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances. f AEFC reimbursed each Fund for certain expenses. Had AEFC not done so, the annual ratios of expense would have been 1.47% and 2.22% for Class D and 1.19% and 1.96% for Class E for the six months ended July 31, 2000 and for the period ended Jan. 31, 2000, respectively.
AXP Total Stock Market Index Fund Fiscal period ended Jan. 31, Per share income and capital changesa Class D Class E 2000b 2000c 2000b 2000c Net asset value, beginning of period $5.76 $5.19 $5.76 $5.19 Income from investment operations: Net investment income (loss) .01 .01 .02 .01 Net gains (losses) (both realized and unrealized) .07 .57 .06 .57 Total from investment operations .08 .58 .08 .58 Less distributions: Dividends from net investment income -- (.01) -- (.01) Net asset value, end of period $5.84 $5.76 $5.84 $5.76 Ratios/supplemental data Net assets, end of period (in millions) $9 $8 $18 $16 Ratio of expenses to average daily net assetse .74%d,f .74%d,f .49%d,f .49%d,f Ratio of net investment income (loss) to average daily net assets .34%d .39%d .59%d .64%d Portfolio turnover rate (excluding short-term securities) 15% 4% 15% 4% Total return 1.39% 11.57% 1.39% 11.61% a For a share outstanding throughout the period. Rounded to the nearest cent. b Six months ended July 31, 2000 (Unaudited). c For the period from Oct. 25, 1999 (when shares became publicly available) to Jan. 31, 2000. d Adjusted to an annual basis. e Expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances. f AEFC reimbursed each Fund for certain expenses. Had AEFC not done so, the annual ratios of expense would have been 1.37% and 1.52% for Class D and 1.10% and 1.27% for Class E for the six months ended July 31, 2000 and for the period ended Jan. 31, 2000, respectively.
AXP International Equity Index Fund Fiscal period ended Jan. 31, Per share income and capital changesa Class D Class E 2000b 2000c 2000b 2000c Net asset value, beginning of period $5.42 $5.00 $5.42 $5.00 Income from investment operations: Net investment income (loss) .03 -- .03 .01 Net gains (losses) (both realized and unrealized)(.17) .43 (.16) .42 Total from investment operations (.14) .43 (.13) .43 Less distributions: Distributions from realized gains -- (.01) -- (.01) Net asset value, end of period $5.28 $5.42 $5.29 $5.42 Ratios/supplemental data Net assets, end of period (in millions) $7 $7 $15 $15 Ratio of expenses to average daily net assetse .89%d,f .89%d,f .64%d,f .64%d,f Ratio of net investment income (loss) to average daily net assets 1.09%d .13%d 1.34%d .39%d Portfolio turnover rate (excluding short-term securities) 4% 4% 4% 4% Total return (2.58%) 8.09% (2.40%) 8.09% a For a share outstanding throughout the period. Rounded to the nearest cent. b Six months ended July 31, 2000 (Unaudited). c For the period from Oct. 25, 1999 (when shares became publicly available) to Jan. 31, 2000. d Adjusted to an annual basis. e Expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances. f AEFC reimbursed each Fund for certain expenses. Had AEFC not done so, the annual ratios of expense would have been 1.25% and 1.62% for Class D and .99% and 1.37% for Class E for the six months ended July 31, 2000 and for the period ended Jan. 31, 2000, respectively.
AXP Nasdaq 100 Index Fund Fiscal period ended Jan. 31, Per share income and capital changesa Class D Class E 2000b 2000c 2000b 2000c Net asset value, beginning of period $7.52 $5.26 $7.52 $5.26 Income from investment operations: Net investment income (loss) (.02) (.01) (.01) (.01) Net gains (losses) (both realized and unrealized) .06 2.27 .06 2.27 Total from investment operations .04 2.26 .05 2.26 Net asset value, end of period $7.56 $7.52 $7.57 $7.52 Ratios/supplemental data Net assets, end of period (in millions) $29 $11 $19 $13 Ratio of expenses to average daily net assetse .79%d,f .79%d,f .53%d,f .54%d,f Ratio of net investment income (loss) to average daily net assets (.71%)d (.67%)d (.45%)d (.41%)d Portfolio turnover rate (excluding short-term securities) 66% 51% 66% 51% Total return .53% 42.97% .67% 42.97% a For a share outstanding throughout the period. Rounded to the nearest cent. b Six months ended July 31, 2000 (Unaudited). c For the period from Oct. 25, 1999 (when shares became publicly available) to Jan. 31, 2000. d Adjusted to an annual basis. e Expense ratio is based on total expenses of the Fund before reduction of earnings credits on cash balances. f AEFC reimbursed each Fund for certain expenses. Had AEFC not done so, the annual ratios of expense would have been 1.15% and 1.82% for Class D and .89% and 1.54% for Class E for the six months ended July 31, 2000 and for the period ended Jan. 31, 2000, respectively.
Investments in Securities AXP S&P 500 Index Fund July 31, 2000 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (99.9%) Issuer Shares Value(a) Aerospace & defense (1.1%) Boeing 2,059 $100,890 General Dynamics 456 25,736 Goodrich (BF) 243 8,672 Honeywell Intl 1,812 60,928 Lockheed Martin 909 25,566 Northrop Grumman 158 11,228 Raytheon Cl B 771 18,697 Rockwell Intl 426 14,937 United Technologies 1,068 62,344 Total 328,998 Airlines (0.2%) AMR 340(b) 11,241 Delta Air Lines 277 14,871 Southwest Airlines 1,125 26,579 US Airways Group 151(b) 5,927 Total 58,618 Automotive & related (1.0%) Cooper Tire & Rubber 167 1,868 Cummins Engine 94 3,008 Dana 345 7,913 Delphi Automotive Systems 1,278 18,930 Eaton 164 11,121 Ford Motor 2,735 127,349 General Motors 1,213 69,066 Genuine Parts 401 8,045 Goodyear Tire & Rubber 355 7,078 Johnson Controls 194 10,076 Navistar Intl 140(b) 4,996 PACCAR 173 7,709 Snap-On 132 3,985 TRW 280 12,583 Visteon 295 4,131 Total 297,858 Banks and savings & loans (4.7%) AmSouth Bancorporation 892 14,997 Bank of America 3,760 178,130 Bank of New York 1,674 78,364 Bank One 2,603 82,808 BB&T 890 22,194 Charter One Financial 476 10,264 Chase Manhattan 2,807 139,473 Comerica 355 18,105 Fifth Third Bancorp 1,054 43,543 First Union 2,225 57,433 Firstar 2,201 43,470 FleetBoston Financial 2,044 73,201 Golden West Financial 358 16,468 Huntington Bancshares 553 8,680 KeyCorp 986 17,317 Mellon Financial 1,114 41,984 Morgan (JP) 368 49,128 Natl City 1,375 24,406 Northern Trust 505 37,812 Old Kent Financial 310 8,331 PNC Financial Services Group 658 33,476 Regions Financial 501 9,989 SLM Holding 355 15,287 Southtrust 381 9,382 State Street 365 36,637 Summit Bancorp 399 9,800 SunTrust Banks 686 32,842 Synovus Financial 641 11,538 U.S. Bancorp 1,706 32,734 Union Planters 307 8,807 Wachovia 460 25,300 Washington Mutual 1,242 39,899 Wells Fargo 3,655 150,997 Total 1,382,796 Beverages & tobacco (2.5%) Anheuser-Busch 1,025 82,513 Brown-Forman Cl B 155 7,750 Coca-Cola 5,617 344,391 Coca-Cola Enterprises 954 18,305 Coors (Adolph) Cl B 83 5,229 Fortune Brands 359 8,078 PepsiCo 3,270 149,807 Philip Morris 5,188 130,997 UST 368 5,336 Total 752,406 Building materials & construction (0.3%) Armstrong Holdings 91 1,456 Centex 134 3,208 Fluor 173 5,158 Georgia-Pacific Group 387 9,602 Kaufman & Broad Home 109 2,132 Louisiana-Pacific 236 2,286 Masco 1,018 20,106 Owens-Corning 125 688 Potlatch 65 2,234 Pulte 93 2,133 Sherwin-Williams 371 7,721 Temple-Inland 118 5,126 Vulcan Materials 229 9,804 Weyerhaeuser 528 24,123 Total 95,777 Chemicals (1.1%) Air Products & Chemicals 520 17,355 Allied Waste Inds 428(b) 3,986 Dow Chemical 1,536 44,160 Du Pont (EI) de Nemours 2,377 107,707 Eastman Checmical 174 8,156 Ecolab 294 10,529 Engelhard 289 5,220 FMC 68(b) 4,097 Grace (WR) 153(b) 1,511 Great Lakes Chemical 123 3,613 Hercules 243 3,630 Millipore 105 6,602 Pall 280 5,810 PPG Inds 395 16,072 Praxair 357 14,124 Rohm & Haas 493 12,818 Sigma-Aldrich 193 5,259 Union Carbide 306 13,713 Waste Management 1,410 26,349 Total 310,711 Communications equipment & services (5.6%) ADC Telecommunications 1,532(b) 64,248 Andrew Corp 183(b) 5,158 Corning 626 146,445 JDS Uniphase 2,120(b) 250,425 Lucent Technologies 7,389 323,269 Motorola 4,884 161,477 Nortel Networks 6,722(c) 499,949 QUALCOMM 1,682(b) 109,225 Scientific-Atlanta 362 27,874 Tellabs 930(b) 60,450 Total 1,648,520 Computer software & services (5.1%) Adobe Systems 272 31,144 BMC Software 554(b) 10,457 Citrix Systems 420(b) 6,405 Computer Associates Intl 1,336 33,150 Compuware 818(b) 6,544 Microsoft 11,941(b) 833,630 Novell 747(b) 7,190 Oracle 6,441(b) 484,283 Parametric Technology 626(b) 6,260 PeopleSoft 626(b) 13,655 Siebel Systems 453(b) 65,685 Total 1,498,403 Computers & office equipment (13.7%) Adaptec 235(b) 5,816 America Online 5,213(b) 277,918 Apple Computer 740(b) 37,601 Autodesk 132 2,855 Automatic Data Processing 1,424 70,577 Cabletron Systems 413(b) 10,790 Ceridian 329(b) 7,485 Cisco Systems 15,784(b) 1,032,865 Compaq Computer 3,853 108,125 Computer Sciences 380(b) 23,750 Comverse Technology 347(b) 30,449 Dell Computer 5,843(b) 256,727 Electronic Data Systems 1,057 45,451 EMC 4,924(b) 419,155 Equifax 320 7,560 First Data 935 43,068 Gateway 731(b) 40,342 Hewlett-Packard 2,270 247,856 Intl Business Machines 4,022 452,223 Lexmark Intl Group Cl A 293(b) 13,203 Mercury Interactive 181(b) 17,967 NCR 215(b) 7,619 Network Appliance 691(b) 59,556 Palm 1,281(b) 49,959 Pitney Bowes 584 20,221 SABRE Holdings Cl A 292 7,136 Sanmina 335(b) 31,113 Sapient 134(b) 15,243 Seagate Technology 516(b) 26,155 Solectron 1,353(b) 54,543 Sun Microsystems 3,600(b) 379,574 Unisys 708(b) 6,947 Veritas Software 887(b) 90,419 Yahoo! 1,233(b) 158,672 Total 4,058,940 Electronics (6.9%) Advanced Micro Devices 348(b) 25,034 Agilent Technologies 1,026(b) 41,810 Altera 452(b) 44,381 American Power Conversion 440(b) 11,193 Analog Devices 803(b) 53,701 Applied Materials 1,833(b) 139,078 Broadcom Cl A 487(b) 109,209 Conexant Systems 493(b) 15,776 Intel 15,200 1,014,599 KLA-Tencor 422(b) 22,472 Linear Technology 706 39,007 LSI Logic 697(b) 23,611 Maxim Integrated Products 642(b) 42,412 Micron Technology 1,259(b) 102,609 Molex 445 20,936 Natl Semiconductor 401(b) 14,511 Novellus Systems 297(b) $16,019 PerkinElmer 112 7,161 Tektronix 109 6,704 Teradyne 393(b) 24,906 Texas Instruments 3,714 217,964 Thomas & Betts 131 2,555 Xilinx 729(b) 54,721 Total 2,050,369 Energy (4.5%) Amerada Hess 206 12,463 Anadarko Petroleum 551 26,357 Apache 276 13,731 Ashland 160 5,270 Burlington Resources 488 15,921 Chevron 1,480 116,920 Conoco Cl B 1,417 32,680 Exxon Mobil 7,899 631,920 FirstEnergy 523 13,337 Kerr-McGee 213 11,688 Occidental Petroleum 837 16,949 Phillips Petroleum 576 29,268 Royal Dutch Petroleum 4,866(c) 283,445 Sunoco 200 4,875 Texaco 1,253 61,945 Tosco 328 8,692 Unocal 551 16,668 USX-Marathon Group 708 17,213 Total 1,319,342 Energy equipment & services (0.7%) Baker Hughes 750 25,969 Halliburton 1,008 46,494 McDermott Intl 136 1,012 Rowan Companies 213(b) 5,378 Schlumberger 1,292 95,527 Transocean Sedco Forex 478 23,661 Total 198,041 Financial services (5.9%) American Express 3,032 171,877 Associates First Capital Cl A 1,653 43,288 Bear Stearns Companies 250 13,469 Capital One Financial 444 26,030 CIT Group Cl A 597 11,045 Citigroup 7,658 540,367 Countrywide Credit Inds 257 9,043 Fannie Mae 2,285 113,964 Franklin Resources 552 19,803 Freddie Mac 1,578 62,232 H&R Block 223 7,136 Household Intl 1,074 47,860 Lehman Brothers Holdings 275 30,903 MBNA 1,820 60,743 Merrill Lynch 881 113,869 MGIC Investment 240 13,635 Morgan Stanley, Dean Witter, Discover & Co 2,569 234,421 Paine Webber Group 331 22,922 Paychex 844 38,590 Providian Financial 324 33,028 Schwab (Charles) 3,090 111,626 T.Rowe Price Associates 274 11,200 Total 1,737,051 Food (1.2%) Archer-Daniels-Midland 1,366 12,806 Bestfoods 622 43,306 Campbell Soup 959 25,414 ConAgra 1,117 22,829 General Mills 661 22,722 Heinz (HJ) 799 31,910 Hershey Foods 311 14,384 Kellogg 921 23,888 Nabisco Group Holdings 741 19,637 Quaker Oats 297 19,973 Ralston-Ralston Purina Group 696 14,051 Sara Lee 1,973 36,376 SUPERVALU 298 5,271 Sysco 756 29,768 Wrigley (Wm) Jr 258 19,608 Total 341,943 Furniture & appliances (0.1%) Black & Decker 193 7,177 Briggs & Stratton 50 1,759 Leggett & Platt 446 7,806 Maytag 177 5,996 Stanley Works 198 5,185 Whirlpool 165 7,126 Total 35,049 Health care (10.0%) Abbott Laboratories 3,516 146,354 Allergan 294 19,680 ALZA 233(b) 15,087 American Home Products 2,960 157,065 Amgen 2,330(b) 151,304 Bard (CR) 114 5,707 Bausch & Lomb 120 7,463 Baxter Intl 659 51,237 Becton, Dickinson & Co 573 14,468 Biogen 336(b) 17,808 Biomet 269 12,038 Boston Scientific 925(b) 15,320 Bristol-Myers Squibb 4,476 222,122 Guidant 696(b) 39,237 Johnson & Johnson 3,157 293,797 Lilly (Eli) 2,563 266,231 Mallinckrodt 152 6,954 MedImmune 458(b) 27,251 Medtronic 2,716 138,686 Merck & Co 5,217 373,993 PE Corp-PE Biosystems Group 473 41,240 Pfizer 14,283 615,953 Pharmacia 2,881 157,735 Schering-Plough 3,323 143,512 St. Jude Medical 190(b) 7,838 Watson Pharmaceuticals 219(b) 12,100 Total 2,960,180 Health care services (0.7%) Aetna 319 17,705 Cardinal Health 624 45,864 HCA-The Healthcare Co 1,265 43,010 HEALTHSOUTH 874(b) 5,189 Humana 380(b) 2,779 IMS Health 674 12,174 Manor Care 232(b) 2,291 McKesson HBOC 639 15,536 Quintiles Transnational 261(b) 4,094 Tenet Healthcare 710(b) 21,611 UnitedHealth Group 368 30,107 Wellpoint Health Networks 140(b) 12,206 Total 212,566 Household products (1.7%) Alberto-Culver Cl B 126 3,827 Avon Products 538 21,352 Clorox 532 21,978 Colgate-Palmolive 1,309 72,895 Gillette 2,368 69,116 Intl Flavors/Fragrances 233 6,233 Kimberly-Clark 1,261 72,429 Newell Rubbermaid 604 16,270 Procter & Gamble 2,968 168,805 Tupperware 130 2,527 Unilever 1,297(c) 57,392 Total 512,824 Industrial equipment & services (0.4%) Caterpillar 790 26,909 Cooper Inds 211 6,765 Deere & Co 531 20,477 Illinois Tool Works 685 39,217 Ingersoll-Rand 367 14,405 Parker-Hannifin 254 9,033 Thermo Electron 391(b) 8,113 Timken 138 2,458 Total 127,377 Insurance (3.1%) AFLAC 603 31,318 Allstate 1,689 46,553 American General 564 37,612 American Intl Group 5,247 460,096 Aon 581 20,916 Chubb 397 29,378 CIGNA 369 36,854 Cincinnati Financial 364 13,741 Conseco 738 5,812 Hartford Financial Services Group 487 31,290 Jefferson-Pilot 233 14,213 Lincoln Natl 435 18,977 Loews 223 13,993 Marsh & McLennan 612 74,664 MBIA 223 12,418 Progressive Corp 166 11,164 SAFECO 289 6,665 St. Paul Companies 481 21,374 Torchmark 290 7,214 UnumProvident 546 12,558 Total 906,810 Leisure time & entertainment (2.6%) Brunswick 199 3,744 Carnival Cl A 1,371 25,621 Disney (Walt) 4,715 182,412 Harley-Davidson 689 30,919 Harrah's Entertainment 277(b) 6,942 Hasbro 390 4,436 Mattel 966 10,686 Seagram 991(c) 55,558 Time Warner 2,986 228,989 Viacom Cl B 3,461(b) 229,507 Total 778,814 Media (1.2%) American Greetings Cl A 146 2,482 Clear Channel Communications 769(b) 58,588 Comcast Special Cl A 2,036(b) 69,255 Deluxe 164 3,526 Donnelley (RR) & Sons 276 6,141 Dow Jones 201 13,253 Dun & Bradstreet 367 10,849 Gannett 604 32,541 Harcourt General 163 8,996 Interpublic Group of Companies 685 27,443 Knight-Ridder 176 9,174 McGraw-Hill Companies 441 26,212 Meredith 114 3,627 New York Times Cl A 385 15,857 Omnicom Group 403 34,255 Tribune 699 22,718 Young & Rubicam 164 9,266 Total 354,183 Metals (0.5%) Alcan Aluminium 496(c) 16,275 Alcoa 1,961 59,319 Allegheny Technologies 188 3,889 Avery Dennison 254 13,780 Barrick Gold 898(c) 14,312 Bethlehem Steel 299(b) 1,383 Freeport-McMoRan Copper & Gold Cl B 363(b) 3,267 Homestake Mining 590 3,208 Inco 412(b,c) 6,051 Newmont Mining 381 6,763 Nucor 192 7,248 Phelps Dodge 178 7,242 Placer Dome 743(c) 6,316 USX-U.S. Steel Group 200 3,588 Worthington Inds 195 2,060 Total 154,701 Miscellaneous (4.1%) Convergys 348(b) 15,682 Standard & Poor's Depositary Receipts 8,266 1,181,521 Stilwell Financial 506(b) 22,296 Total 1,219,499 Multi-industry conglomerates (5.6%) Cendant 1,636(b) 20,961 Crane 137 3,014 Danaher 321 16,351 Dover 461 21,120 Eastman Kodak 702 38,522 Emerson Electric 968 59,109 General Electric 22,449 1,154,720 Grainger (WW) 213 6,763 ITT Inds 199 6,542 Minnesota Mining & Mfg 898 80,876 Natl Service Inds 92 1,880 Polaroid 101 1,831 Textron 327 18,659 Tyco Intl 3,831(c) 204,959 Xerox 1,512 22,491 Total 1,657,798 Paper & packaging (0.3%) Ball 67 2,324 Bemis 120 4,125 Boise Cascade 129 3,564 Crown Cork & Seal 290 4,042 Fort James 466 14,242 Intl Paper 1,093 37,164 Mead 233 5,912 Owens-Illinois 332(b) 4,420 Pactiv 383(b) 3,543 Sealed Air 190(b) 9,571 Westvaco 228 6,256 Willamette Inds 251 7,608 Total 102,771 Restaurants & lodging (0.5%) Darden Restaurants 280 4,568 Hilton Hotels 835 8,559 Marriott Intl Cl A 543 21,720 McDonald's 3,032 95,507 Starbucks 416(b) 15,600 Tricorn Global Restaurants 334(b) 8,079 Wendy's Intl 258 4,370 Total 158,403 Retail (5.3%) Albertson's 962 29,040 AutoZone 303(b) 6,931 Bed Bath & Beyond 318(b) 11,706 Best Buy 464(b) 33,756 Circuit City Stores-Circuit City Group 461 10,574 Consolidated Stores 251(b) 2,996 Costco Wholesale 1,014(b) 33,018 CVS 886 34,942 Dillard's Cl A 212 2,902 Dollar General 747 13,731 Federated Dept Stores 486(b) 11,694 Gap 1,931 69,154 Great Atlantic & Pacific Tea 87 1,251 Home Depot 5,250 271,688 K mart 1,091(b) 7,637 Kohl's 740(b) 41,995 Kroger 1,895(b) 39,203 Limited 975 19,927 Longs Drug Stores 89 1,802 Lowe's Companies 868 36,619 May Dept Stores 755 17,931 Nordstrom 305 5,338 Office Depot 717(b) 4,481 Penney (JC) 592 9,546 RadioShack 423 23,847 Safeway 1,126(b) 50,740 Sears, Roebuck 799 23,870 Staples 1,099(b) 15,180 Target 2,070 60,030 Tiffany 330 11,303 TJX Companies 680 11,390 Toys "R" Us 490(b) 8,085 Wal-Mart Stores 10,114 555,637 Walgreen 2,287 71,326 Winn-Dixie Stores 327 4,680 Total 1,553,950 Textiles & apparel (0.1%) Liz Claiborne 123 4,797 Nike Cl B 620 27,125 Reebok Intl 128(b) 2,160 Russell 73 1,437 Springs Inds Cl A 40 1,290 VF 259 5,698 Total 42,507 Transportation (0.4%) Burlington Northern Santa Fe 971 23,729 CSX 495 12,282 FedEx 658(b) 26,074 Norfolk Southern 869 16,185 Ryder System 134 2,797 Union Pacific 562 24,271 Total 105,338 Utilities -- electric (1.7%) AES 967(b) 51,675 Ameren 311 11,254 American Electric Power 730 23,953 Cinergy 360 9,360 CMS Energy 249 6,365 Consolidated Edison 480 14,550 Constellation Energy Group 339 11,293 CP&L Energy 362 12,104 Dominion Resources 540 24,536 DTE Energy 323 10,134 Duke Energy 834 51,447 Edison Intl 754 14,844 Entergy 521 14,132 Florida Progress 224 10,976 FPL Group 404 19,493 GPU 275 7,288 New Century Energies 264 9,026 Niagara Mohawk Holdings 391(b) 5,205 Northern States Power 357 7,876 PECO Energy 384 16,392 PG&E 875 22,641 Pinnacle West Capital 192 7,596 PPL 327 8,829 Public Service Enterprise Group 490 16,476 Reliant Energy 671 22,479 Sempra Energy 463 8,681 Southern Co 1,471 35,948 TXU 598 18,688 Unicom 403 16,548 Total 489,789 Utilities -- gas (0.8%) Coastal 486 28,067 Columbia Energy Group 183 12,490 Eastern Enterprises 61 3,820 El Paso Energy 525 25,397 Enron 1,662 122,365 NICOR 105 3,642 ONEOK 66 1,761 Peoples Energy 80 2,535 Williams Companies 1,003 41,875 Total 241,952 Utilities -- telephone (6.3%) ALLTEL 716 44,124 AT&T 8,515 263,420 BellSouth 4,270 169,999 CenturyTel 318 9,321 Global Crossing 2,010(b,c) 48,868 Nextel Communications Cl A 1,721(b) 96,268 Qwest Communications Intl 3,700(b) 173,669 SBC Communications 7,719 328,540 Sprint 1,990 70,894 Sprint PCS 2,077(b) 114,754 Verizon 6,173 290,131 WorldCom 6,498(b) 253,809 Total 1,863,797 Total common stocks (Cost: $28,521,480) $29,558,081 Total investments in securities (Cost: $28,521,480)(d) $29,558,081
AXPS&P 500 Index Fund Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. As of July 31, 2000, the value of foreign securities represented 4.03% of net assets. (d) At July 31, 2000, the cost of securities for federal income tax purposes was approximately $28,521,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $3,359,000 Unrealized depreciation (2,322,000) ---------- Net unrealized appreciation $1,037,000
Investments in Securities AXP Mid Cap Index Fund July 31, 2000 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (99.9%) Issuer Shares Value(a) Aerospace & defense (1.0%) L-3 Communications Holdings 604(b) $35,561 Litton Inds 836(b) 41,329 Newport News Shipbuilding 569 22,973 Precision Castparts 452 28,900 Sequa Cl A 190(b) 8,111 Titan 986(b) 29,272 Total 166,146 Airlines (0.1%) Alaska Air Group 485(b) 13,307 Automotive & related (1.0%) Bandag 381 9,858 Borg-Warner Automotive 486 16,494 Federal-Mogul 1,295 11,817 Lear 1,214(b) 28,301 SPX 578(b) 82,763 Superior Inds Intl 479 14,400 Total 163,633 Banks and savings & loans (5.8%) Associated Banc-Corp 1,270 28,979 Astoria Financial 943 27,465 Banknorth Group 2,705 41,420 City Natl 872 31,992 Compass Bancshares 2,216 40,304 Dime Bancorp 2,052 33,089 First Security 3,607 51,850 First Tennessee Natl 2,388 43,581 First Virginia Banks 871 34,568 FirstMerit 1,624 33,901 GreenPoint Financial 1,894 44,508 Hibernia Cl A 2,934 32,091 Keystone Financial 898 20,430 Marshall & Ilsley 1,911 86,472 Mercantile Bankshares 1,250 39,766 Natl Commerce Bancorporation 3,731 65,292 North Fork Bancorporation 3,191 49,260 Pacific Century Financial 1,458 20,321 Provident Financial Group 895 22,151 Roslyn Bancorp 1,224 22,797 Sovereign Bancorp 4,147 29,159 TCF Financial 1,485 43,715 Webster Financial 976 21,838 Westamerica Bancorporation 666 18,482 Zions Bancorp 1,574 68,862 Total 952,293 Beverages & tobacco (0.6%) RJ Reynolds Tobacco Holdings 1,899 53,884 Universal 518 11,493 Whitman 2,503 37,389 Total 102,766 Building materials & construction (2.5%) Alexander & Baldwin 763 19,218 American Financial Group 1,075 26,875 American Standard 1,290(b) 57,485 Carlisle Companies 555 25,114 Clayton Homes 2,534 20,589 Georgia-Pacific (Timber Group) 1,481 44,893 Granite Construction 501 12,087 Lennar 1,131 27,144 Martin Marietta Materials 859 36,239 Quanta Services 1,061(b) 48,540 Southdown 660 41,085 USG 860 25,263 Valspar 785 24,433 Total 408,965 Chemicals (2.0%) Airgas 1,277(b) 6,864 Albemarle 840 20,738 Cabot 1,232 39,423 Crompton 2,091 20,518 Cytec Inds 758(b) 23,688 Dexter 424 22,870 Ethyl 1,533 3,066 Ferro 636 14,787 Fuller (HB) 258 9,965 Georgia Gulf 575 9,380 Hanna (MA) 899 7,192 IMC Global 2,103 29,048 Lubrizol 986 21,076 Lyondell Chemical 2,159 30,225 NCH 99 3,774 Olin 828 12,989 RPM/Ohio 1,932 17,992 Schulman (A) 551 6,922 Solutia 2,002 28,654 Wellman 579 8,468 Total 337,639 Commercial finance (0.1%) Finova Group 1,125 11,742 Communications equipment & services (1.2%) Adtran 710(b) 42,733 ANTEC 692(b) 26,166 CommScope 937(b) 31,331 Polycom 650(b) 61,659 Powerwave Technologies 1,126(b) 39,058 Total 200,947 Computer software & services (2.3%) Electronic Arts 1,180(b) 104,356 Intuit 3,705(b) 125,970 Legato Systems 1,594(b) 15,492 Network Associates 2,548(b) 48,890 SunGard Data Systems 2,416(b) 79,879 Total 374,587 Computers & office equipment (9.7%) 3Com 6,444(b) 87,397 Acxiom 1,591(b) 33,908 Affiliated Computer Services Cl A 909(b) 40,962 Avocent 779(b) 34,775 Cadence Design Systems 4,512(b) 94,188 Cambridge Technology Partners 1,146(b) 10,780 CheckFree Holdings 1,063(b) 64,577 Comdisco 2,797 72,372 Concord EFS 3,900(b) 107,250 CSG Systems Intl 958(b) 50,954 DST Systems 1,153(b) 107,660 Fiserv 2,256(b) 125,912 Informix 5,150(b) 23,014 Keane 1,289(b) 26,425 Macromedia 906(b) 69,309 MarchFirst 2,697(b) 55,794 Mentor Graphics 1,161(b) 23,147 Navigant Consulting 758(b) 2,558 NOVA 1,278(b) 14,777 NVIDIA 1,144(b) 68,640 Policy Management Systems 653(b) 9,060 Quantum-DLT & Storage Systems 2,950(b) 34,663 Rational Software 1,630(b) 165,852 Reynolds & Reynolds Cl A 1,407 23,479 Standard Register 502 6,432 Storage Technology 1,850(b) 23,819 Structural Dynamics Research 661(b) 9,585 Sybase 1,648(b) 39,758 Sykes Enterprises 784(b) 9,849 Symantec 1,091(b) 55,914 Synopsys 1,288(b) 41,941 Tech Data 958(b) 42,631 Transaction Systems Architects Cl A 605(b) 10,701 Veritas Software 1(b) 51 Wallace Computer Services 741 6,623 Total 1,594,757 Electronics (11.2%) Arrow Electronics 1,773(b) 58,620 Atmel 4,074(b) 121,965 Avnet 810 46,119 Burr-Brown 1,030(b) 78,151 Cirrus Logic 1,212(b) 23,483 Cypress Semiconductor 2,194(b) 81,864 Harris 1,270 43,498 Integrated Device Technology 1,718(b) 91,054 Jabil Circuit 3,485(b) 174,468 MagneTek 427(b) 3,389 Micrel 1,542(b) 77,196 Microchip Technology 1,436(b) 99,712 QLogic 1,350(b) 100,575 Sawtek 781(b) 41,588 SCI Systems 2,660(b) 122,028 Semtech 599(b) 48,032 Sensormatic Electronics 1,414(b) 18,294 Symbol Technologies 2,510 100,086 TranSwitch 739(b) 59,028 TriQuint Semiconductor 1,410(b) 54,021 Vishay Intertechnology 2,525(b) 78,117 Vitesse Semiconductor 3,426(b) 204,274 Waters 1,163(b) 137,961 Total 1,863,523 Energy (1.9%) Devon Energy 1,589 72,696 Grant Prideco 1,991(b) 40,069 Murphy Oil 827 49,827 Noble Affiliates 1,023 30,690 Pennzoil-Quaker State 1,439 17,988 Santa Fe Snyder 3,348(b) 33,480 Ultramar Diamond Shamrock 1,593 36,440 Valero Energy 1,028 26,664 Total 307,854 Energy equipment & services (4.8%) BJ Services 1,524(b) 88,964 ENSCO Intl 2,533 85,489 Global Marine 3,216(b) 91,053 Hanover Compressor 1,061(b) 36,207 Helmerich & Payne 913 29,216 Jacobs Engineering Group 481(b) 17,166 Nabors Inds 2,675(b) 111,346 Noble Drilling 2,454(b) 106,901 Pioneer Natural Resources 1,829(b) 19,662 Smith Intl 926(b) 66,093 Tidewater 1,112 35,723 Varco Intl 1,681(b) 29,005 Weatherford Intl 1,993(b) 79,845 Total 796,670 Financial services (2.4%) Allmerica Financial 986 58,297 E*TRADE Group 5,358(b) 80,370 Edwards (AG) 1,638 86,610 Investment Technology Group 568(b) 27,619 Legg Mason 1,154 60,008 Waddell & Reed Financial Cl A 1,508 49,387 Wilmington Trust 592 25,937 Total 388,228 Food (2.0%) Dean Foods 659 22,941 Dole Food 1,025 14,478 Dreyer's Grand Ice Cream 516 12,287 Flowers Inds 1,836 39,130 Hormel Foods 2,599 42,071 IBP 1,944 28,067 Interstate Bakeries 1,212 23,786 Intl Multifoods 344 5,999 Lance 531 5,177 McCormick 1,262 36,992 Smucker (JM) Cl A 520 9,360 Suiza Foods 533(b) 24,718 Tyson Foods Cl A 4,141 38,822 Universal Foods 912 17,784 Total 321,612 Furniture & appliances (0.7%) Furniture Brands Intl 907(b) 13,435 HON Inds 1,105 29,490 Miller (Herman) 1,445 45,337 Mohawk Inds 994(b) 26,527 Total 114,789 Health care (9.9%) Acuson 507(b) 6,242 Beckman Coulter 539 35,911 Carter-Wallace 826 17,656 Chiron 3,300(b) 138,188 DENTSPLY Intl 953 32,223 Forest Laboratories 1,552(b) 166,064 Genzyme (General Division) 1,558(b) 108,184 Gilead Sciences 818(b) 60,634 ICN Pharmaceuticals 1,459 34,742 IDEC Pharmaceuticals 816(b) 100,215 Incyte Genomics 584(b) 44,275 IVAX 2,864(b) 141,052 Millennium Pharmaceuticals 1,681(b) 161,796 MiniMed 583(b) 73,494 Mylan Laboratories 2,376 50,490 Quest Diagnostics 816(b) 82,365 Sepracor 1,340(b) 141,705 STERIS 1,239(b) 11,151 Stryker 3,579 153,673 Sybron Intl 1,920(b) 39,960 VISX 1,116(b) 28,109 Total 1,628,129 Health care services (2.7%) Apria Healthcare Group 961(b) 14,355 Bergen Brunswig Cl A 2,470 21,613 Covance 1,050(b) 11,944 Express Scripts Cl A 695(b) 44,654 First Health Group 877(b) 26,858 Foundation Health Systems Cl A 2,246(b) 32,707 Health Management Associates Cl A 4,580(b) 71,848 Hillenbrand Inds 1,152 36,864 Lincare Holdings 979(b) 26,188 Omnicare 1,692 16,391 Oxford Health Plans 1,509(b) 36,122 PacifiCare Health Systems 646(b) 41,990 PSS World Medical 1,304(b) 7,824 Quorum Health Group 1,308(b) 14,143 Stewart Enterprises Cl A 1,959 4,285 Trigon Healthcare 692(b) 36,676 Total 444,462 Household products (0.8%) Church & Dwight 700 12,338 Dial 1,742 22,102 Energizer Holdings 1,848(b) 44,583 Viad 1,721 44,853 Total 123,876 Industrial equipment & services (2.6%) AGCO 1,094 14,085 Albany Intl Cl A 561(b) 7,854 AMETEK 587 12,217 Blyth Inds 883 25,662 Cintas 3,076 129,789 Donaldson 842 16,156 Fastenal 697 43,040 Flowserve 687 10,649 Harsco 733 21,257 Kaydon 553 11,578 Kennametal 558 13,915 Minerals Technologies 378 18,120 Modine Mfg 538 14,526 Nordson 299 16,894 Ogden 911(b) 11,217 Tecumseh Products Cl A 356 12,638 Teleflex 700 25,375 Trinity Inds 720 13,860 UCAR Intl 828(b) 11,644 Total 430,476 Insurance (2.5%) Ambac Financial Group 1,283 82,674 Everest Re Group 841(c) 33,377 Horace Mann Educators 751 10,467 HSB Group 530 18,815 Ohio Casualty 1,103 9,806 Old Republic Intl 2,177 48,574 PMI Group 810 50,726 Protective Life 1,185 32,143 ReliaStar Financial 1,644 87,441 Unitrin 1,268 35,821 Total 409,844 Leisure time & entertainment (1.0%) Callaway Golf 1,411 17,726 GTECH Holdings 639(b) 13,060 Intl Game Technology 1,325(b) 39,336 Intl Speedway Cl A 975 31,017 Mandalay Resort Group 1,665(b) 40,688 Six Flags 1,445(b) 21,946 Total 163,773 Media (4.8%) Banta 462 8,922 Belo (AH) Cl A 2,183 42,159 Chris-Craft Inds 641(b) 42,867 Gartner Group Cl B 1,603(b) 17,733 Harte-Hanks 1,255 31,767 Hispanic Broadcasting 1,999(b) 76,087 Houghton Mifflin 580 27,478 Lee Enterprises 810 21,465 Media General Cl A 450 22,500 Reader's Digest Assn Cl A 1,933 73,092 Scholastic 312(b) 19,929 Univision Communications Cl A 1,887(b) 234,460 Valassis Communications 1,006(b) 33,827 Washington Post Cl B 174 83,520 Westwood One 2,062(b) 57,349 Total 793,155 Metals (0.3%) AK Steel Holdings 2,040 20,528 Carpenter Technology 403 12,342 Cleveland-Cliffs 196 4,863 MAXXAM 126(b) 2,685 Pittston Brink's Group 951 11,412 Ryerson Tull 455 4,010 Total 55,840 Miscellaneous (2.9%) ArvinMeritor 1,329 20,766 Edwards Lifesciences 1,067(b) 23,274 Federal Signal 832 16,536 Galileo Intl 1,679 32,321 Rollins 551 8,334 S&P Mid-Cap 400 Depositary Receipts 4,220 379,799 Total 481,030 Multi-industry conglomerates (3.1%) ACNielsen 1,058(b) 25,921 Apollo Group Cl A 1,382(b) 50,702 DeVry 1,278(b) 43,292 Diebold 1,307 37,004 Hubbell Cl B 1,149 27,720 Imation 656(b) 15,908 Kelly Services Cl A 655 15,188 Lancaster Colony 720 16,920 Manpower 1,395 53,969 Mark IV Inds 813 17,886 Modis Professional Services 1,771(b) 13,504 NCO Group 470(b) 11,633 Pentair 890 27,256 Robert Half Intl 3,262(b) 112,132 Ruddick 848 9,010 Stewart & Stevenson Services 514 7,774 Sylvan Learning Systems 768(b) 8,688 YORK Intl 698 19,413 Total 513,920 Paper & packaging (1.2%) Bowater 947 46,640 Chesapeake 295 7,725 Consolidated Papers 1,675 65,535 Glatfelter (PH) 777 7,867 Longview Fibre 949 11,388 Rayonier 502 20,425 Sonoco Products 1,827 34,370 Wausau-Mosinee Paper 944 8,555 Total 202,505 Restaurants & lodging (1.1%) Bob Evans Farms 678 10,848 Brinker Intl 1,198(b) 34,218 Buffets 763(b) 9,585 CBRL Group 1,072 12,730 Lone Star Steakhouse & Saloon 484 4,326 Outback Steakhouse 1,432(b) 32,847 Papa John's Intl 463(b) 11,025 Park Place Entertainment 5,581(b) 70,111 Total 185,690 Retail (3.2%) American Eagle Outfitters 856(b) 12,733 Barnes & Noble 1,203(b) 24,361 BJ's Wholesale Club 1,351(b) 40,446 Borders Group 1,427(b) 18,373 CDW Computer Centers 1,597(b) 76,955 Claire's Stores 940 15,863 Dollar Tree Stores 1,887(b) 80,315 Family Dollar Stores 3,143 53,038 Lands' End 553(b) 20,703 Neiman Marcus Group Cl A 897(b) 29,601 OfficeMax 2,070(b) 8,151 Payless ShoeSource 417(b) 21,528 Perrigo 1,347(b) 9,092 Ross Stores 1,630 25,061 Saks 2,627(b) 26,598 Sotheby's Holdings Cl A 1,081 20,269 Williams-Sonoma 1,035(b) 40,106 Total 523,193 Textiles & apparel (0.8%) Abercrombie & Fitch 1,873(b) 30,085 Jones Apparel Group 2,175(b) 49,753 Shaw Inds 2,365 30,302 Unifi 1,044(b) 11,810 Warnaco Group 977 4,030 WestPoint Stevens 907 10,884 Total 136,864 Transportation (1.3%) Airborne Freight 900 13,894 Arnold Inds 451 6,173 Atlas Air 688(b) 30,530 C.H. Robinson Worldwide 777 49,545 CNF Transportation 891 22,665 GATX 876 34,985 Hunt (JB) Transport Services 650 9,628 Overseas Shipbuilding Group 622 14,151 Swift Transportation 1,158(b) 18,745 Wisconsin Central Transportation 909(b) 11,533 Total 211,849 Utilities -- electric (7.6%) Allegheny Energy 2,029 63,659 Alliant Energy 1,451 38,179 American Water Works 1,796 43,553 Black Hills Corp 392 9,090 Calpine 2,343(b) 166,938 Cleco 412 15,193 CMP Group 595 17,329 Conectiv 1,661 27,510 DPL 2,427 58,551 DQE 1,244 46,106 Energy East 2,275 42,941 Hawaiian Electric Inds 593 18,828 Idacorp 691 25,567 IPALCO Enterprises 1,574 35,612 Kansas City Power & Light 1,137 27,146 LG&E Energy 2,382 57,764 Minnesota Power 1,359 28,964 Montana Power 1,939 56,110 NiSource 2,224 43,229 Northeast Utilities 2,728 60,356 NSTAR 1,028 41,634 OGE Energy 1,430 27,170 Potomac Electric Power 2,177 53,745 Public Service Co of New Mexico 726 13,159 Puget Sound Energy 1,565 35,506 SCANA 1,924 50,625 Sierra Pacific Resources 1,440 20,340 Teco Energy 2,301 50,478 UtiliCorp United 1,719 36,636 Wisconsin Energy 2,212 43,964 Total 1,255,882 Utilities -- gas (3.3%) AGL Resources 997 18,008 Dynegy Cl A 2,796 196,768 KeySpan 2,459 78,073 Kinder Morgan 2,097 71,298 MCN 1,573 34,016 Natl Fuel Gas 719 35,456 Ocean Energy 3,077(b) 37,309 Questar 1,469 28,646 Vectren 1,126 19,846 Washington Gas Light 853 21,005 Total 540,425 Utilities -- telephone (1.5%) BroadWing 3,922(b) 102,953 COMSAT 978 27,506 Telephone & Data Systems 1,112 123,849 Total 254,308 Total common stocks (Cost: $15,056,408) $16,474,679 Total investments in securities (Cost: $15,056,408)(d) $16,474,679 See accompanying notes to investments in securities.
AXP Mid Cap Index Fund Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. As of July 31, 2000, the value of foreign securities represented 0.20% of net assets. (d) At July 31, 2000, the cost of securities for federal income tax purposes was approximately $15,056,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $2,640,000 Unrealized depreciation (1,221,000) ---------- Net unrealized appreciation $1,419,000
Investments in Securities AXP Total Stock Market Index Fund July 31, 2000 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (99.9%) Issuer Shares Value(a) Aerospace & defense (1.1%) Alliant Techsystems 32(b) $2,264 Boeing 1,493 73,156 General Dynamics 310 17,496 General Motors Cl H 1,167(b) 30,196 Goodrich (BF) 171 6,103 Honeywell Intl 1,344 45,192 L-3 Communications Holdings 178(b) 10,480 Litton Inds 146(b) 7,218 Lockheed Martin 614 17,269 Newport News Shipbuilding 122 4,926 Northrop Grumman 108 7,675 Precision Castparts 66 4,220 Raytheon Cl B 525 12,731 Rockwell Intl 297 10,414 Titan 121(b) 3,592 United Technologies 798 46,582 Total 299,514 Airlines (0.2%) Alaska Air Group 52(b) 1,427 America West Holdings Cl B 110(b) 1,767 AMR 234(b) 7,737 Continental Airlines Cl B 113(b) 5,904 Delta Air Lines 218 11,704 Northwest Airlines Cl A 197(b) 6,575 SkyWest 93 4,150 Southwest Airlines 784 18,522 UAL 82 4,438 US Airways Group 124(b) 4,867 Total 67,091 Automotive & related (1.0%) American Axle & Mfg Holdings 144(b) 2,169 Avis Group Holdings 115(b) 2,573 Bandag 70 1,811 Borg-Warner Automotive 130 4,412 Central Parking 73 1,497 Cooper Tire & Rubber 118 1,320 CSK Auto 102(b) 867 Cummins Engine 95 3,040 Dana 258 5,918 Delphi Automotive Systems 878 13,005 Detroit Diesel 106 2,412 DollarThrifty Automotive Group 100(b) 1,881 Eaton 112 7,595 Federal-Mogul 230 2,099 Ford Motor 2,030 94,521 GenCorp 165 1,310 General Motors 940 53,520 Gentex 114(b) 2,594 Genuine Parts 278 5,577 Goodyear Tire & Rubber 243 4,845 Hayes Lemmerz Intl 86(b) 1,161 Hertz 63 1,981 Johnson Controls 133 6,908 Lear 205(b) 4,779 MascoTech 130 1,495 Navistar Intl 103(b) 3,676 O'Reilly Automotive 96(b) 1,386 PACCAR 122 5,437 Smith (AO) 70 1,129 Snap-On 196 5,917 SPX 48(b) 6,873 Superior Inds Intl 72 2,165 Tower Automotive 114(b) 1,389 TRW 188 8,448 United Rentals 224(b) 4,620 Visteon 266 3,721 Total 274,051 Banks and savings & loans (4.9%) Allied Capital 99 1,875 AMCORE Financial 92 1,478 AmSouth Bancorporation 612 10,289 Anchor Bancorp Wisconsin 122 2,013 Area Bancshares 76 1,558 Associated Banc-Corp 221 5,042 Astoria Financial 273 7,951 Bancorp South 117 1,777 BancWest 114 2,102 Bank of America 2,878 136,344 Bank of New York 1,218 57,018 Bank One 1,897 60,347 Bank United Cl A 60 2,186 Banknorth Group 359 5,497 BB&T 701 17,481 Capitol Federal Financial 203 2,474 Centura Banks 192 6,108 Charter One Financial 332 7,159 Chase Manhattan 2,100 104,343 Chittenden 68 1,764 Citizens Banking 147 2,940 City Natl 87 3,192 Colonial BancGroup 184 1,978 Comerica 243 12,393 Commerce Bancorp 50 2,597 Commerce Bancshares 97 3,183 Commercial Federal 103 1,828 Community First Bankshares 115 1,926 Compass Bancshares 177 3,219 CompuCredit 107(b) 3,157 CORUS Bankshares 74 2,165 Cullen/Frost Bankers 200 5,688 CVB Financial 100 1,575 Dime Bancorp 176 2,838 Downey Financial 94 3,290 E-Loan 102(b) 408 F&M Natl 74 1,785 F.B.N. 81 1,650 Fifth Third Bancorp 766 31,645 First Citizens BancShares Cl A 27 1,647 First Commonwealth Financial 146 1,414 First Financial Bancorp 96 1,656 First Midwest Bancorp 76 2,024 First Security 304 4,370 First Source 69 1,173 First Tennessee Natl 203 3,705 First Union 1,660 42,849 First United Bancshares 41 692 First Virginia Banks 78 3,096 Firstar 1,647 32,528 FirstBank 96 1,842 FirstMerit 429 8,955 FleetBoston Financial 1,514 54,220 Frontier Financial 85 1,498 Fulton Financial 253 5,440 Golden State Bancorp 206 3,940 Golden West Financial 258 11,868 GreenPoint Financial 170 3,995 Hancock Holding 51 1,658 Hibernia Cl A 386 4,222 Hudson City Bancorp 322 5,333 Hudson United Bancorp 72 1,719 Huntington Bancshares 394 6,178 Imperial Bancorp 105 1,785 Independence Community Bank 169(b) 2,282 Integra Bank 78 1,355 Intl Bancshares 55 1,733 Investors Financial Services 104 3,991 Irwin Financial 103 1,448 KeyCorp 698 12,259 Keystone Financial 86 1,957 M&T Bank 12 5,669 MAF Bancorp 95 1,894 Marshall & Ilsley 160 7,240 Mellon Financial 799 30,112 Mercantile Bankshares 108 3,436 Morgan (JP) 294 39,249 Natl City 961 17,058 Natl Commerce Bancorporation 347 6,073 Natl Penn Bancshares 80 1,720 Net.B@nk 94(b) 981 NextCard 222(b) 1,963 North Fork Bancorporation 320 4,940 Northern Trust 346 25,907 Old Kent Financial 194 5,214 Old Natl Bancorp 237 6,295 Pacific Capital Bancorp 60 1,515 Pacific Century Financial 201 2,801 Park Natl 21 1,856 People's Bank 99 1,955 PNC Financial Services Group 473 24,064 Popular 211 4,589 Provident Bankshares 100 1,350 Provident Financial Group 167 4,133 Queens County Bancorp 73 1,688 Regions Financial 348 6,938 Republic Bancorp 179 1,454 Republic Security Financial 237 1,022 Richmond County Financial 109 2,071 Riggs Natl 126 1,607 Roslyn Bancorp 239 4,451 S&T Bancorp 87 1,664 Santander BanCorp 129 1,564 Silicon Valley Bancshares 168(b) 7,361 Sky Financial Group 359 6,462 SLM Holding 250 10,766 South Financial Group 97 1,376 Southtrust 260 6,403 Southwest Bancorp of Texas 122(b) 3,195 Sovereign Bancorp 833 5,857 State Street 251 25,194 Staten Island Bancorp 105 1,890 Summit Bancorp 275 6,755 SunTrust Banks 543 25,996 Susquehanna Bancshares 129 1,919 Synovus Financial 422 7,596 TCF Financial 142 4,180 Trust Company of New Jersey 90 1,485 TrustCo Bank NY 136 1,649 Trustmark 112 2,198 U.S. Bancorp 1,200 23,025 UMB Financial 53 1,855 Union Planters 222 6,369 UnionBanCal 256 4,864 United Bankshares 83 1,572 United Community Financial 134 787 Valley Natl Bancorp 307 7,502 W Holding 142 1,385 Wachovia 314 17,270 Walter Inds 153(b) 1,673 Washington Federal 89 1,669 Washington Mutual 900 28,913 Webster Financial 78 1,745 Wells Fargo 2,871 118,607 Westamerica Bancorporation 65 1,804 Westcorp 128 1,664 WFS Financial 98(b) 1,519 Whitney Holding 54 2,008 Zions Bancorp 123 5,381 Total 1,327,462 Beverages & tobacco (2.2%) Anheuser-Busch 770 61,985 Beringer Wine Estates Holdings Cl B 54(b) 1,985 Brown-Forman Cl B 107 5,350 Canandaigua Wine Cl A 35(b) 1,728 Coca-Cola 4,222 258,860 Coca-Cola Bottling 37 1,628 Coca-Cola Enterprises 661 12,683 Coors (Adolph) Cl B 106 6,678 Fortune Brands 259 5,828 Pepsi Bottling Group 241 7,366 PepsiCo 2,454 112,423 Philip Morris 3,989 100,722 RJ Reynolds Tobacco Holdings 169 4,795 Universal 120 2,663 UST 271 3,930 Vector Group 42 651 Whitman 674 10,068 Total 599,343 Building materials & construction (0.6%) Alexander & Baldwin 110 2,771 American Financial Group 300 7,499 American Standard 110(b) 4,902 Armstrong Holdings 88 1,408 Carlisle Companies 66 2,987 Centex 115 2,753 Centex Construction Products 53 1,299 CIRCOR Intl 50 350 Clayton Homes 435 3,534 Dycom Inds 84(b) 3,591 Elcor 84 1,612 Fairfield Communities 170(b) 1,264 Fleetwood Enterprises 107 1,384 Florida Rock Inds 60 2,160 Fluor 118 3,518 Foster Wheeler 172 1,258 Georgia-Pacific (Timber Group) 129 3,910 Georgia-Pacific Group 267 6,625 Granite Construction 87 2,099 Horton (DR) 181 2,806 Hughes Supply 91 1,723 Huttig Building Products 23(b) 106 Insituform Technologies Cl A 89(b) 2,147 Johns Manville 269 3,463 Kaufman & Broad Home 94 1,839 Lafarge 198 4,455 Lennar 138 3,312 Lennox Intl 140 1,846 Louisiana-Pacific 315 3,052 Martin Marietta Materials 73 3,080 Masco 689 13,607 Morrison Knudsen 198(b) 1,906 NVR 40(b) 2,465 Owens-Corning 102 561 Potlatch 77 2,647 Pulte 99 2,271 Quanta Services 112(b) 5,124 Sherwin-Williams 263 5,474 Simpson Mfg 43(b) 2,107 Southdown 59 3,673 Temple-Inland 87 3,779 Texas Inds 54 1,752 Toll Brothers 113(b) 2,733 Tredegar 92 2,024 USG 77 2,262 Valspar 139 4,326 Vulcan Materials 156 6,679 Watts Inds Cl A 100 1,188 Weyerhaeuser 364 16,629 Total 163,960 Chemicals (1.2%) Air Products & Chemicals 357 11,915 Airgas 184(b) 989 Albemarle 103 2,543 Allied Waste Inds 939(b) 8,744 Azurix 182(b) 1,547 Cabot 207 6,624 Cambrex 80 3,615 Crompton 368 3,611 Cytec Inds 118(b) 3,688 Dexter 58 3,128 Dow Chemical 1,107 31,826 Du Pont (EI) de Nemours 1,755 79,524 Eastman Chemical 122 5,719 Ecolab 201 7,198 Engelhard 196 3,540 Ferro 100 2,325 FMC 155(b) 9,339 Fuller (HB) 34 1,313 Geon 77 1,266 Georgia Gulf 112 1,827 Grace (WR) 124(b) 1,225 Great Lakes Chemical 91 2,673 Hercules 165 2,465 IMC Global 314 4,337 Intl Specialty Products 224(b) 1,316 Ionics 63(b) 1,929 Lubrizol 137 2,928 Lyondell Chemical 279 3,906 Millennium Chemicals 208 3,224 Millipore 70 4,401 NL Inds 200 3,700 Olin 157 2,463 OM Group 53 2,514 Pall 193 4,005 Polymer Group 116 892 PPG Inds 270 10,986 Praxair 248 9,812 Republic Services 273(b) 4,573 Rohm & Haas 339 8,814 RPM/Ohio 171 1,592 Sigma-Aldrich 157 4,278 Solutia 548 7,843 Spartech 71 1,904 Tetra Tech 133(b) 3,333 Union Carbide 207 9,276 Valhi 311 3,402 Ventro 54(b) 651 Waste Management 963 17,996 Total 316,719 Commercial finance (--%) Finova Group 293 3,058 Communications equipment & services (4.8%) Adaptive Broadband 98(b) 3,534 ADC Telecommunications 1,154(b) 48,396 Adtran 61(b) 3,671 Advanced Fibre Communications 120(b) 5,145 Aether Systems 61(b) 10,153 Airnet Communications 49(b) 1,360 Allied Riser Communications 114(b) 1,169 American Tower Cl A 224 9,604 Andrew Corp 150(b) 4,228 ANTEC 199(b) 7,525 Aspect Communications 107(b) 1,966 C-COR.net 122(b) 3,225 CapRock Communications 100(b) 613 Carrier Access 95(b) 5,688 Centennial Cellular Cl A 447(b) 6,789 CIENA 235(b) 33,399 Com21 67(b) 1,173 Commonwealth Telephone Enterprises 131(b) 5,633 CommScope 79(b) 2,642 Copper Mountain Networks 72(b) 5,678 Corning 489 114,394 Covad Communications Group 226(b) 3,729 Digital Microwave 115(b) 3,127 Digitas 110(b) 2,489 Ditech Communications 52(b) 2,490 EchoStar Communications Cl A 377(b) 14,868 Efficient Networks 77(b) 4,837 Fairchild Semiconductor Intl Cl A 94(b) 3,325 Finisar 231(b) 6,136 Focal Communications 121(b) 4,492 Glenayre Technologies 212(b) 2,133 GoAmerica 371(b) 4,359 Harmonic 217(b) 5,113 Healtheon/WebMD 367(b) 4,886 iBasis 68(b) 1,224 IDT 88(b) 3,163 InterVoice-Brite 131(b) 835 JDS Uniphase 1,598(b) 188,763 Leap Wireless Intl 96(b) 6,084 Loral Space & Communications 1,217(b) 6,313 Lucent Technologies 5,555 243,030 MasTec 90(b) 2,987 Metricom 70(b) 2,463 Motient 170(b) 2,008 Motorola 3,612 119,421 Natural Microsystems 44(b) 4,903 Net2000 Communications 110(b) 1,045 Net2Phone 37(b) 994 Netro 102(b) 5,514 Next Level Communications 121(b) 10,858 NorthEast Optic Network 61(b) 2,566 NorthPoint Communications Group 189(b) 2,233 NTL 228(b) 10,274 Nucentrix Broadband Networks 119(b) 3,332 Osocpm Technologies 32(b) 1,824 P-COM 209(b) 1,267 Pac-West Telecomm 132(b) 2,525 Plantronics 36(b) 4,968 Polycom 51(b) 4,838 Powerwave Technologies 99(b) 3,434 Proxim 45(b) 3,423 QUALCOMM 1,240(b) 80,523 REMEC 195(b) 4,991 RF Micro Devices 123(b) 9,287 Rhythms NetConnections 344(b) 4,128 SBA Communications 73(b) 3,294 Scientific-Atlanta 238 18,326 SDL 124(b) 43,036 Sonus Networks 35(b) 6,525 Sycamore Networks 412(b) 50,805 Tekelec 132(b) 5,181 Telaxis Communications 52(b) 991 Tellabs 699(b) 45,435 Time Warner Telecom Cl A 87(b) 5,389 Tollgrade Communications 45(b) 4,724 Tritel Cl A 147(b) 4,575 Turnstone Systems 5(b) 639 UTStarcom 30(b) 763 VoiceStream Wireless 274(b) 35,141 Williams Communications Group 100(b) 2,700 World Access 162(b) 1,458 Total 1,306,169 Computer software & services (5.0%) Adobe Systems 190 21,755 Agile Software 111(b) 6,140 Ariba 403(b) 46,722 At Home Corp Series A 519(b) 7,266 BMC Software 372(b) 7,022 BroadVision 387(b) 14,006 Citrix Systems 274(b) 4,179 Computer Associates Intl 973 24,143 Compuware 555(b) 4,440 Digital Island 123(b) 3,529 Edwards (JD) & Co 516(b) 6,547 Electronic Arts 97(b) 8,578 i2 Technologies 340(b) 44,114 Internet Capital Group 46(b) 1,555 Intuit 290(b) 9,860 Legato Systems 400(b) 3,888 Lycos 176(b) 10,670 Microsoft 8,977(b) 626,706 MicroStrategy 52(b) 1,154 Network Associates 216(b) 4,145 Novell 521(b) 5,015 ONYX Software 56(b) 1,355 Oracle 4,842(b) 364,057 Parametric Technology 419(b) 4,190 PeopleSoft 378(b) 8,245 Phone.com 111(b) 8,866 RealNetworks 228(b) 9,676 S1 76(b) 1,933 Siebel Systems 341(b) 49,444 SunGard Data Systems 186(b) 6,150 Vignette 379(b) 12,849 WebMethods 48(b) 5,544 WebTrends 122(b) 3,668 Total 1,337,411 Computers & office equipment (15.3%) 3Com 556(b) 7,541 About.com 39(b) 1,204 Accrue Software 64(b) 1,480 Active Software 74(b) 4,218 Actuate 118(b) 5,812 Acxiom 132(b) 2,813 Adaptec 161(b) 3,985 Advanced Digital Information 139(b) 1,946 Advantage Learning Systems 121(b) 1,997 Advent Software 74(b) 4,181 Affiliated Computer Services Cl A 234(b) 10,545 Akamai Technologies 48(b) 3,785 Allaire 58(b) 1,790 Alteon WebSystems 59(b) 7,784 America Online 3,958(b) 211,010 American Management Systems 91(b) 2,281 AnswerThink Consulting Group 200(b) 3,363 Apple Computer 544(b) 27,641 AppNet 64(b) 2,120 Art Technology Group 98(b) 8,526 Artesyn Technologies 114(b) 3,876 ASK Jeeves 128(b) 2,320 Aspen Technology 142(b) 4,269 Autodesk 100 2,163 Automatic Data Processing 1,031 51,098 Avant! 143(b) 2,234 Avocent 132(b) 5,893 Aware 83(b) 3,268 Be Free 110(b) 564 BEA Systems 376(b) 16,192 BindView Development 150(b) 1,327 BISYS Group 47(b) 2,985 Black Box 72(b) 3,258 Breakaway Solutions 132(b) 3,680 Brio Technology 49(b) 368 Broadbase Software 112(b) 2,639 Brocade Communications Systems 185(b) 33,045 BSQUARE 100(b) 1,775 Cabletron Systems 271(b) 7,080 Cadence Design Systems 379(b) 7,912 Caldera Systems 120(b) 846 Calico Commerce 100(b) 981 Cambridge Technology Partners 155(b) 1,458 CareInsite 335(b) 5,528 Centillium Communications 25(b) 2,028 Ceridian 225(b) 5,119 CheckFree Holdings 84(b) 5,103 Ciber 138(b) 1,613 Cisco Systems 11,874(b) 777,004 Clarent 63(b) 2,701 Clarus 37(b) 1,369 CMGI 439(b) 16,627 CNET Networks 113(b) 3,383 Cognex 131(b) 6,427 Comdisco 238 6,158 Commerce One 266(b) 11,189 Compaq Computer 2,847 79,893 Complete Business Solutions 139(b) 1,772 Computer Sciences 281(b) 17,563 Comverse Technology 246(b) 21,587 Concord Communications 50(b) 1,375 Concord EFS 318(b) 8,745 Concurrent Computer 218(b) 2,684 Critical Path 96(b) 5,346 CSG Systems Intl 81(b) 4,308 Cyber-Care 133(b) 927 CyberSource 38(b) 328 Cysive 76(b) 1,824 Data Return 98(b) 2,511 Dell Computer 4,393(b) 193,016 Dendrite Intl 212(b) 5,747 Diamond Technology Partners 63(b) 5,611 Digital Insight 72(b) 2,255 Digital Lightwave 80(b) 6,995 Digital River 88(b) 589 drkoop.com 140(b) 162 DST Systems 99(b) 9,244 E.piphany 55(b) 5,118 EarthLink 359(b) 4,488 Echelon 53(b) 1,968 eGain Communications 92(b) 753 Electronic Data Systems 766 32,937 eMachines 440(b) 990 EMC 3,702(b) 315,132 Emulex 82(b) 4,100 Engage 641(b) 5,849 Entrust Technologies 84(b) 2,399 Equifax 224 5,292 Exchange Applications 90(b) 1,980 Exodus Communications 704(b) 31,283 Extended Systems 34(b) 2,157 Extreme Networks 76(b) 10,613 F5 Networks 88(b) 3,977 FactSet Research Systems 76 2,480 FileNet 117(b) 2,069 First Data 667 30,723 Fiserv 192(b) 10,716 Gadzoox Networks 138(b) 1,389 Gateway 549(b) 30,297 Globix 104(b) 2,444 go2net 132(b) 7,796 Great Plains Software 36(b) 842 Henry (Jack) & Associates 102 4,577 Hewlett-Packard 1,689 184,417 High Speed Access 86(b) 441 HNC Software 51(b) 2,250 homestore.com 104(b) 3,640 Hutchinson Technology 80(b) 1,190 Hyperion Solutions 87(b) 2,316 IBEAM Broadcasting 310(b) 3,817 IDX Systems 120(b) 1,808 iGate Capital 162(b) 1,529 IKON Office Solutions 579 2,352 Immersion 85(b) 1,732 INFOCURE 101(b) 502 Informatica 109(b) 8,720 InfoSpace 365(b) 12,319 Inktomi 175(b) 18,725 Insight Enterprises 63(b) 2,914 InsWeb 103(b) 142 Interliant 133(b) 2,261 Internet Security Systems 62(b) 4,580 internet.com 79(b) 1,501 InterWorld 49(b) 1,072 Interwoven 102(b) 6,585 Intl Business Machines 3,059 343,945 Iomega 1,016(b) 3,874 Iron Mountain 225(b) 7,875 ITXC 100(b) 1,813 IXL Enterprises 304(b) 5,396 Juniper Networks 522(b) 74,351 Juno Online Services 131(b) 1,187 Kana Communications 154(b) 5,660 Keane 111(b) 2,276 Keynote Systems 55(b) 2,087 Kronos 47(b) 1,610 Lexmark Intl Group Cl A 200(b) 9,013 LHS Group 129(b) 5,208 Liberate Technologies 128(b) 2,936 LifeMinders 62(b) 1,395 Liquid Audio 62(b) 574 LookSmart 131(b) 2,391 Loudeye Technologies 80(b) 1,145 Luminant Worldwide 67(b) 544 Macromedia 67(b) 5,126 Manugistics Group 107(b) 5,939 MarchFirst 186(b) 3,848 MatrixOne 116(b) 5,307 MAXIMUS 76(b) 1,815 Maxtor 348(b) 2,023 Media Metrix 40(b) 1,040 MedQuist 216(b) 4,644 Mentor Graphics 226(b) 4,506 Mercator Software 74(b) 1,517 Mercury Interactive 118(b) 11,713 Micromuse 60(b) 7,784 MICROS Systems 97(b) 2,207 Midway Games 120(b) 1,028 MMC Networks 72(b) 3,560 MTI Technology 136(b) 561 Natl Computer Systems 114 8,194 Natl Data 83 2,283 Natl Information Consortium 153(b) 1,186 Natl Instruments 118(b) 5,096 Navigant Consulting 66(b) 223 NCR 153(b) 5,422 Netcentives 83(b) 1,043 Netegrity 66(b) 5,214 NetIQ 40(b) 1,930 Netopia 48(b) 2,592 Netpliance 200(b) 1,475 NetRatings 157(b) 3,160 NetScout Systems 88(b) 1,254 Network Access Solutions 154(b) 1,540 Network Appliance 498(b) 42,920 NetZero 160(b) 845 New Era of Networks 84(b) 2,100 NOVA 114(b) 1,318 Nuace Communications 82(b) 11,511 NVIDIA 106(b) 6,360 Open Market 152(b) 998 Organic 183(b) 1,819 OTG Software 70(b) 2,336 Palm 885(b) 34,501 Paradyne Networks 69(b) 1,967 Pegasus Solutions 75(b) 764 Peregrine Systems 232(b) 5,786 Perot Systems Cl A 413(b) 3,717 Pervasive Software 55(b) 203 Pinnacle Systems 112(b) 858 Pitney Bowes 416 14,404 Policy Management Systems 100(b) 1,388 Portal Software 240(b) 12,086 Predictive Systems 76(b) 1,672 Primark 77(b) 2,883 Primus Knowledge Solutions 44(b) 1,172 Prodigy Communications Cl A 290(b) 2,320 Profit Recovery Group Intl 226(b) 2,091 Progress Software 122(b) 1,838 Project Software & Development 68(b) 1,199 Proxicom 106(b) 4,379 PSINet 338(b) 5,900 Puma Technology 92(b) 1,840 QRS 31(b) 570 Quantum-DLT & Storage Systems 733(b) 8,613 Quantum-Hard Disk Drive 337(b) 2,780 Quest Software 118(b) 5,576 Rare Medium Group 77(b) 967 Rational Software 135(b) 13,736 Razorfish Cl A 421(b) 7,631 Red Hat 234(b) 4,388 Redback Networks 254(b) 33,019 Remedy 69(b) 1,522 Reynolds & Reynolds Cl A 120 2,003 RSA Security 67(b) 4,246 S3 185(b) 1,896 SABRE Holdings Cl A 215 5,254 Safeguard Scientifics 162(b) 5,032 Sanchez Computer Associates 70(b) 1,466 SanDisk 103(b) 6,566 Sanmina 288(b) 26,748 Sapient 86(b) 9,783 SAVVIS Communications 229(b) 2,805 Scient 110(b) 5,129 SCM Microsystems 47(b) 2,426 SeaChange Intl 78(b) 1,644 Seagate Technology 346(b) 17,538 Silicon Graphics 1,043(b) 4,694 Silicon Storage Technology 101(b) 6,382 SilverStream Software 62(b) 2,364 Software.com 63(b) 6,355 Solectron 980(b) 39,505 SonicWALL 78(b) 6,767 Storage Technology 356(b) 4,584 Sun Microsystems 2,706(b) 285,313 Switchboard 90(b) 664 Sybase 182(b) 4,391 Sykes Enterprises 246(b) 3,090 Symantec 88(b) 4,510 Synopsys 110(b) 3,582 Tanning Technology 63(b) 1,166 Tech Data 182(b) 8,099 Technology Solutions 121(b) 605 TeleTech Holdings 152(b) 4,712 TenFold 82(b) 743 TheStreet.com 100(b) 550 TIBCO Software 322(b) 33,165 Total System Services 303 5,473 Transaction Systems Architects Cl A 77(b) 1,362 Tumbleweed Communications 63(b) 2,835 Ulticom 135(b) 4,523 Unisys 476(b) 4,671 USinternetworking 420(b) 6,668 VA Linux Systems 179(b) 5,683 Varian 115(b) 4,844 Verio 116(b) 6,315 VeriSign 329(b) 52,207 Veritas Software 653(b) 66,564 Verity 62(b) 2,259 VerticalNet 106(b) 5,062 VIA NET.WORKS 119(b) 1,993 Viant 217(b) 7,161 Visual Networks 76(b) 907 Vitria Technology 188(b) 8,883 WatchGuard Technologies 53(b) 2,600 Wave Systems Cl A 127(b) 2,294 Wind River Systems 103(b) 3,019 Wireless Facilities 89(b) 5,663 Xircom 130(b) 4,444 Yahoo! 927(b) 119,292 Zixit 61(b) 2,577 Total 4,144,729 Electronics (7.4%) Advanced Energy Inds 54(b) 2,430 Advanced Micro Devices 261(b) 18,776 Agilent Technologies 755(b) 30,766 Alpha Inds 78(b) 2,657 Altera 335(b) 32,892 American Power Conversion 299(b) 7,606 Amkor Technology 184(b) 5,060 Amphenol Cl A 86(b) 4,510 ANADIGICS 183(b) 4,838 Analog Devices 604(b) 40,392 Anaren Microwave 39(b) 2,830 Ancor Communications 84(b) 3,318 Anixter Intl 91(b) 2,645 Applied Materials 1,378(b) 104,555 Applied Micro Circuits 209(b) 31,192 Arrow Electronics 149(b) 4,926 Atmel 370(b) 11,077 ATMI 110(b) 2,833 Audiovox Cl A 81(b) 1,256 Avanex 22(b) 2,793 Avnet 73 4,156 AVX 268 6,415 Belden 49 1,231 Broadcom Cl A 368(b) 82,523 Brooks Automation 49(b) 2,432 Burr-Brown 87(b) 6,601 C&D Technologies 124 5,022 Cable Design Technologies 87(b) 3,067 Cirrus Logic 205(b) 3,972 Conexant Systems 340(b) 10,880 Credence Systems 86(b) 3,677 Cree 53(b) 5,959 CTS 98 4,496 Cymer 88(b) 3,993 Cypress Semiconductor 163(b) 6,082 Dallas Semiconductor 90 3,769 Dionex 44(b) 1,144 DSP Group 92(b) 3,858 DuPont Photomasks 40(b) 2,395 Electro Scientific Inds 82(b) 3,726 EMCOR 32(b) 2,200 ESS Technology 157(b) 2,649 Exar 69(b) 6,404 Foundry Networks 200(b) 16,363 GenRad 118(b) 1,003 GlobeSpan 114(b) 12,875 Harman Intl Inds 50 3,163 Harris 124 4,247 Helix Technology 55 1,788 Integrated Device Technology 138(b) 7,314 Integrated Electrical Services 41(b) 205 Intel 11,426 762,685 Intl Rectifier 115(b) 6,361 Jabil Circuit 324(b) 16,220 KEMET 140(b) 3,360 KLA-Tencor 274(b) 14,591 Kopin 122(b) 3,042 Kulicke & Soffa Inds 79(b) 3,565 Lam Research 180(b) 5,265 Lattice Semiconductor 74(b) 4,061 Linear Technology 528 29,172 LSI Logic 524(b) 17,751 LTX 129(b) 2,838 Maxim Integrated Products 467(b) 30,850 MEMC Electronic Materials 164(b) 2,737 Methode Electronics Cl A 114 5,180 Micrel 128(b) 6,408 Microchip Technology 118(b) 8,159 Micron Electronics 505(b) 5,334 Micron Technology 946(b) 77,098 MKS Instruments 100(b) 2,519 Molex 301 14,161 MRV Communications 98(b) 5,672 Natl Semiconductor 301(b) 10,892 Newport 59 5,775 Novellus Systems 183(b) 9,871 PerkinElmer 71 4,540 Photronics 68(b) 1,687 Pixelworks 79(b) 3,027 Plexus 68(b) 7,671 Power Integrations 80(b) 1,545 Power-One 57(b) 6,730 PRI Automation 56(b) 2,555 QLogic 112(b) 8,344 Quantum Effect Devices 61(b) 4,541 Rambus 148(b) 10,850 Sawtek 65(b) 3,461 SCI Systems 224(b) 10,276 Semtech 54(b) 4,330 Sensormatic Electronics 183(b) 2,368 Silicon Image 61(b) 3,233 Siliconix 57(b) 3,096 SLI 155 1,676 Spectra-Physics Lasers 56(b) 4,438 Symbol Technologies 205 8,174 Technitrol 59 6,505 Tektronix 73 4,490 Teradyne 266(b) 16,858 Texas Instruments 2,792 163,855 Thomas & Betts 178 3,471 Three-Five Systems 73(b) 1,912 TranSwitch 66(b) 5,312 Trimble Navigation 125(b) 5,406 TriQuint Semiconductor 128(b) 4,904 Varian Medical Systems 94(b) 4,042 Varian Semiconductor Equipment Associates 92(b) 4,468 Veeco Instruments 61(b) 4,804 Vicor 258(b) 10,755 Virata 68(b) 4,352 Vishay Intertechnology 198(b) 6,126 Vitesse Semiconductor 318(b) 18,961 Waters 95(b) 11,269 Xilinx 531(b) 39,857 Total 2,004,417 Energy (3.2%) Amerada Hess 141 8,531 Anadarko Petroleum 376 17,995 Apache 177 8,806 Arch Coal 201 1,583 Ashland 112 3,689 Atmos Energy 84 1,733 Barrett Resources 92(b) 2,559 BP Amoco ADR 1(c) 40 Brown (Tom) 121(b) 2,329 Buckeye Partners LP 77(d) 2,146 Burlington Resources 360 11,745 Cabot Oil & Gas Cl A 119 2,202 Chevron 1,103 87,136 Conoco Cl B 975 22,486 CONSOL Energy 247 4,245 Cross Timbers Oil 176 2,893 Devon Energy 124 5,673 EOG Resources 239 7,065 Exxon Mobil 5,938 475,039 FirstEnergy 364 9,282 Forest Oil 10(b) 129 Grant Prideco 289(b) 5,816 Houston Exploration 98(b) 2,156 Kerr-McGee 134 7,353 Mitchell Energy & Development Cl A 185 5,897 Murphy Oil 70 4,218 Newfield Exploration 113(b) 3,849 Noble Affiliates 204 6,120 Occidental Petroleum 542 10,976 Pennzoil-Quaker State 166 2,075 Phillips Petroleum 394 20,020 Pogo Producing 296 5,883 Rayovac 90(b) 2,244 Santa Fe Snyder 421(b) 4,210 Stone Energy 78(b) 3,744 Sunoco 141 3,437 Texaco 915 45,235 Tosco 237 6,281 Ultramar Diamond Shamrock 135 3,088 Unocal 377 11,404 USEC 212 928 USX-Marathon Group 480 11,670 Valero Energy 106 2,749 Vastar Resources 152 12,531 Vintage Petroleum 163 2,934 Total 862,124 Energy equipment & services (1.1%) Baker Hughes 511 17,693 BJ Services 110(b) 6,421 Cooper Cameron 83(b) 5,364 Diamond Offshore Drilling 211 7,926 Dril-Quip 75(b) 2,995 ENSCO Intl 213 7,189 Enterprise Products Partners LP 104(d) 2,399 Global Inds 278(b) 3,475 Global Marine 271(b) 7,673 Halliburton 745 34,363 Hanover Compressor 234(b) 7,985 Helmerich & Payne 175 5,600 Jacobs Engineering Group 58(b) 2,070 Lone Star Technologies 99(b) 4,034 Louis Dreyfus Natural Gas 274(b) 7,124 Marine Drilling 139(b) 3,023 McDermott Intl 110 818 Nabors Inds 249(b) 10,365 Natl-Oilwell 151(b) 4,983 Newpark Resources 330(b) 2,743 Noble Drilling 205(b) 8,930 Pioneer Natural Resources 205(b) 2,204 Pride Intl 326(b) 6,785 R&B Falcon 301(b) 6,001 Rowan Companies 136(b) 3,434 Santa Fe Intl 178 6,252 Schlumberger 971 71,793 SEACOR SMIT 66(b) 2,632 Smith Intl 77(b) 5,496 Tidewater 150 4,819 Transocean Sedco Forex 320 15,840 Varco Intl 308(b) 5,313 Weatherford Intl 165(b) 6,610 Total 290,352 Financial services (5.5%) Advanta Cl A 114 1,304 Affiliated Managers Group 82(b) 3,890 Alliance Capital Management Holding LP 266(d) 12,685 Allmerica Financial 84 4,967 American Express 2,279 129,190 AmeriCredit 146(b) 3,030 AmeriTrade Holding Cl A 246(b) 3,152 Apartment Investment & Management 101 4,886 Associates First Capital Cl A 1,236 32,368 Bear Stearns Companies 190 10,236 BOK Financial 96 1,758 Boston Properties 106 4,399 Capital One Financial 307 17,998 Catellus Development 268(b) 4,623 Chemical Financial 66 1,543 CIT Group Cl A 368 6,808 Citigroup 5,764 406,721 Countrywide Credit Inds 176 6,193 Dain Rauscher 43 2,916 Delphi Financial Group Cl A 68(b) 2,618 Donaldson, Lufkin & Jenrette - DLJ 196 10,106 Doral Financial 154 2,002 E*TRADE Group 449(b) 6,735 Eaton Vance 65 3,368 Edwards (AG) 146 7,720 Fannie Mae 1,723 85,934 Federated Investors Cl B 196 5,133 Forest City Enterprises Cl A 89 3,059 Franchise Finance Corp of America 94 2,256 Franklin Resources 392 14,063 Freddie Mac 1,150 45,353 Glenborough Realty Trust 139 2,763 Goldman Sachs Group 107 10,586 H&R Block 152 4,864 Heller Financial 95 2,280 Household Intl 807 35,962 IndyMac Bancorp 143 2,449 Investment Technology Group 91(b) 4,425 iStar Financial 185 3,804 Jefferies Group 101 2,702 Jones Lang LaSalle 46(b) 630 Kansas City Southern Inds 86 597 Knight Trading Group 180(b) 4,781 LaBranche 211(b) 4,299 Legg Mason 88 4,576 Lehman Brothers Holdings 186 20,902 LNR Property 108 2,194 MarketWatch.com 40(b) 695 MBNA 1,347 44,956 Merrill Lynch 662 85,563 MessageMedia 163(b) 571 Metris Companies 340 9,966 MGIC Investment 170 9,658 Morgan Keegan 119 2,365 Morgan Stanley, Dean Witter, Discover & Co 1,915 174,743 Neuberger Berman 124 6,154 Nvest LP 103 3,998 Paine Webber Group 226 15,651 Paychex 573 26,215 Providian Financial 220 22,426 Radian Group 139 8,462 Raymond James Financial 115 2,875 Schwab (Charles) 2,323 83,920 Security Capital Group Cl B 142(b) 2,547 SEI Investments 84 4,599 Spectrasite Holdings 181(b) 3,846 St. Joe 136 4,046 Student Loan 50 2,250 T.Rowe Price Associates 189 7,725 United Asset Mgmt 112 2,695 W.P. Carey & Co LLC 118(d) 2,058 Wilmington Trust 1 44 Total 1,482,856 Food (1.2%) Archer-Daniels-Midland 960 9,000 Bestfoods 434 30,216 Campbell Soup 675 17,888 ConAgra 759 15,512 Corn Products Intl 66 1,650 Dean Foods 154 5,361 Del Monte Foods 139(b) 1,008 Delta & Pine Land 75 1,875 Dole Food 112 1,582 Dreyer's Grand Ice Cream 114 2,715 Earthgrains 87 1,740 Flowers Inds 188 4,007 Fresh Del Monte Produce 209(b) 1,306 General Mills 476 16,363 Heinz (HJ) 557 22,245 Hershey Foods 217 10,036 Hormel Foods 226 3,658 IBP 149 2,152 Interstate Bakeries 109 2,139 Intl Home Foods 404(b) 8,737 Keebler Foods 130 5,736 Kellogg 630 16,341 McCormick 111 3,254 Michael Foods 80 1,920 Nabisco Group Holdings 507 13,436 Nabisco Holdings Cl A 107 5,658 Newhall Land & Farming LP 83(d) 2,272 Quaker Oats 208 13,988 Ralcorp Holdings 110(b) 1,519 Ralston-Ralston Purina Group 503 10,154 Sara Lee 1,542 28,430 Smithfield Foods 314(b) 8,929 Smucker (JM) Cl A 101 1,818 Suiza Foods 146(b) 6,771 SUPERVALU 216 3,821 Sysco 515 20,278 Tootsie Roll Inds 69 2,609 Tyson Foods Cl A 357 3,347 Universal Foods 100 1,950 Wrigley (Wm) Jr 181 13,756 Total 325,177 Furniture & appliances (0.2%) Black & Decker 135 5,020 Briggs & Stratton 36 1,267 Ethan Allen Interiors 180 4,590 Furniture Brands Intl 106(b) 1,570 HON Inds 202 5,391 Kimball Intl Cl B 125 1,891 La-Z-Boy 103 1,597 Lanier Worldwide 124(b) 85 Leggett & Platt 306 5,355 Maytag 136 4,607 Miller (Herman) 150 4,706 Mohawk Inds 216(b) 5,764 Stanley Works 138 3,614 Sunbeam 495(b) 1,361 Whirlpool 117 5,053 Total 51,871 Health care (9.9%) Abbott Laboratories 2,592 107,892 Aclara Biosciences 80(b) 3,360 Affymetrix 38(b) 5,189 Alexion Pharmaceuticals 11(b) 710 Alkermes 188(b) 6,228 Allergan 206 13,789 Alpharma Cl A 103 6,747 ALZA 158(b) 10,231 American Home Products 2,216 117,586 Amgen 1,734(b) 112,601 Andrx 98(b) 7,650 Arrow Intl 76 2,594 ArthoCare 74(b) 2,687 Bard (CR) 80 4,005 Barr Laboratories 105(b) 5,670 Bausch & Lomb 89 5,535 Baxter Intl 494 38,409 Beckman Coulter 98 6,529 Becton, Dickinson & Co 389 9,822 Bio-Technology General 208(b) 2,132 Biogen 234(b) 12,402 Biomatrix 88(b) 1,832 Biomet 175 7,831 Block Drug Cl A 54 2,167 Boston Scientific 643(b) 10,650 Bristol-Myers Squibb 3,334 165,449 Caliper Technologies 61(b) 3,355 Carter-Wallace 113 2,415 Celgene 189(b) 9,816 Cell Pathways 111(b) 2,886 Cephalon 133(b) 5,362 Chiron 281(b) 11,767 Coherent 63(b) 3,772 Conmed 78(b) 1,043 COR Therapeutics 63(b) 5,072 Corixa 78(b) 2,662 Cubist Pharmaceuticals 88(b) 3,971 CV Therapeutics 88(b) 5,115 CYTOGEN 242(b) 1,543 Datascope 52 1,963 DENTSPLY Intl 292 9,873 Diversa 12(b) 432 Dura Pharmaceuticals 155(b) 3,507 Enzo Biochem 80(b) 4,265 ENZON 70(b) 3,133 Forest Laboratories 130(b) 13,910 Genentech 130(b) 19,776 Genzyme (General Division) 130(b) 9,027 Gilead Sciences 65(b) 4,818 Guidant 518(b) 29,202 Haemonetics 108(b) 2,471 Human Genome Sciences 93(b) 11,236 ICN Pharmaceuticals 165 3,929 ICOS 91(b) 4,152 IDEC Pharmaceuticals 64(b) 7,860 IDEXX Laboratories 136(b) 3,298 IGEN Intl 77(b) 1,453 ImClone Systems 86(b) 6,289 Immunex 824(b) 41,767 Immunomedics 166(b) 2,843 Incyte Genomics 54(b) 4,094 Inhale Therapeutic Systems 73(b) 5,927 Invacare 90 2,081 Invitrogen 76(b) 4,769 IVAX 249(b) 12,263 Johnson & Johnson 2,373 220,836 Jones Pharma 106 3,465 King Pharmaceuticals 163(b) 4,910 Laboratory Corp America Holdings 36(b) 3,544 Lexicon Genetics 113(b) 3,857 Lilly (Eli) 1,927 200,166 Mallinckrodt 110 5,033 Maxygen 69(b) 4,278 Medarex 65(b) 4,737 Medicis Pharmaceutical Cl A 87(b) 4,894 MedImmune 324(b) 19,278 Medtronic 2,007 102,482 Mentor 84 1,512 Merck & Co 3,967 284,383 Millennium Pharmaceuticals 140(b) 13,475 MiniMed 48(b) 6,051 Mylan Laboratories 201 4,271 Myriad Genetics 39(b) 5,180 Nanogen 75(b) 1,988 PE Corp-PE Biosystems Group 356 31,039 Pfizer 10,738 463,075 Pharmacia 2,124 116,288 Pharmacopeia 63(b) 2,524 Pharmacyclics 57(b) 2,679 Priority Healthcare Cl B 81(b) 4,344 Protein Design Labs 30(b) 3,636 Quest Diagnostics 84(b) 8,479 ResMed 146(b) 4,052 SangStat Medical 83(b) 1,556 Schering-Plough 2,469 106,630 Sepracor 125(b) 13,219 Sequenom 61(b) 1,727 SICOR 444(b) 4,190 St. Jude Medical 132(b) 5,445 STERIS 166(b) 1,494 Stryker 302 12,967 Summit Technology 127(b) 2,381 SuperGen 82(b) 2,274 Sybron Intl 161(b) 3,351 Tanox 122(b) 5,856 Techne 62(b) 6,192 Transkaryotic Therapies 44(b) 1,166 Triangle Pharmaceuticals 121(b) 1,097 United Therapeutics 36(b) 3,528 Vertex Pharmaceuticals 65(b) 6,366 VISX 248(b) 6,247 Watson Pharmaceuticals 149(b) 8,232 Wesley Jessen VisionCare 64(b) 2,368 Total 2,669,556 Health care services (1.2%) Abgenix 136(b) 6,817 Aetna 219 12,155 Allscripts 105(b) 2,244 AmeriSource Health Cl A 330(b) 11,529 Apria Healthcare Group 158(b) 2,360 Aurora Biosciences 77(b) 6,199 Bergen Brunswig Cl A 836 7,315 Beverly Enterprises 516(b) 1,774 BioMarin Pharmaceutical 125(b) 2,344 Cardinal Health 473 34,765 Caremark Rx 1,239(b) 10,454 Celera Genomics 80(b) 6,950 Covance 206(b) 2,343 Cytyc 132(b) 6,336 Eclipsys 132(b) 1,485 Exelixis 126(b) 4,907 Express Scripts Cl A 60(b) 3,855 First Health Group 270(b) 8,269 Foundation Health Systems Cl A 376(b) 5,476 Gene Logic 68(b) 1,326 Gentiva Health Services 48(b) 381 HCA-The Healthcare Co 877 29,817 Health Management Associates Cl A 394(b) 6,181 HEALTHSOUTH 645(b) 3,830 Hillenbrand Inds 103 3,296 Humana 909(b) 6,647 Hyseq 38(b) 1,228 IMS Health 486 8,778 Lincare Holdings 144(b) 3,852 Manor Care 517(b) 5,105 McKesson HBOC 437 10,625 Medical Manager 183(b) 5,913 MedicaLogic/Medscape 126(b) 780 Neoforma.com 100(b) 425 Omnicare 278 2,693 Orthodontic Centers of America 125(b) 3,234 Oxford Health Plans 190(b) 4,548 PacifiCare Health Systems 71(b) 4,615 Patterson Dental 336(b) 8,904 PSS World Medical 296(b) 1,776 Quintiles Transnational 547(b) 8,581 Quorum Health Group 305(b) 3,298 Renal Care Group 105(b) 2,435 Service Corp Intl 1,466 3,757 Stewart Enterprises Cl A 398 871 Tenet Healthcare 483(b) 14,701 Trigon Healthcare 103(b) 5,459 UnitedHealth Group 270 22,089 Universal Health Services Cl B 82(b) 5,525 US Oncology 237(b) 1,185 Wellpoint Health Networks 102(b) 8,893 Total 328,325 Household products (1.4%) Alberto-Culver Cl B 171 5,194 Avon Products 405 16,073 Boyds Collection 158(b) 1,422 Clorox 367 15,162 Colgate-Palmolive 963 53,626 Dial 261 3,311 Energizer Holdings 167(b) 4,029 Estee Lauder Cl A 192 8,448 Gillette 1,774 51,779 Intl Flavors/Fragrances 165 4,414 Kimberly-Clark 909 52,211 Libbey 70 2,183 Newell Rubbermaid 438 11,799 Nu Skin Enterprises Cl A 37(b) 213 Playtex Products 523(b) 6,341 Procter & Gamble 2,211 125,750 Scotts Cl A 52(b) 1,697 ServiceMaster 485 4,517 Tupperware 387 7,522 Valence Technology 164(b) 2,450 Viad 151 3,935 Water Pik Technologies 14(b) 101 Yankee Candle 115(b) 2,401 Total 384,578 Industrial equipment & services (0.7%) AGCO 173 2,227 AMETEK 107 2,227 Applied Power Cl A 177 7,003 Astec Inds 78(b) 1,519 Asyst Technologies 64(b) 1,544 Blyth Inds 117 3,400 Caterpillar 553 18,836 Cintas 258 10,884 Cooper Inds 147 4,713 Deere & Co 363 13,997 Donaldson 197 3,780 Fastenal 73 4,508 Flowserve 127 1,969 Frontline Capital Group 103(b) 2,002 G & K Services Cl A 49 1,473 Graco 61 2,074 Harsco 75 2,175 IDEX 75 2,475 Illinois Tool Works 510 29,197 Ingersoll-Rand 257 10,087 JLG Inds 146 1,487 Kaydon 80 1,675 Kennametal 72 1,796 Lincoln Electric Holdings 97 1,467 Manitowoc 66 1,625 Milacron 113 1,624 Minerals Technologies 43 2,061 Modine Mfg 86 2,322 NACCO Inds Cl A 31 1,126 Nordson 44 2,486 Ogden 213(b) 2,623 Parker-Hannifin 169 6,010 Regal Beloit 97 1,564 Roper Inds 59 1,630 Tecumseh Products Cl A 45 1,598 Teleflex 65 2,356 Terex 67(b) 1,106 Thermo Electron 418(b) 8,682 Timken 114 2,031 Toro 54 1,627 Trinity Inds 71 1,367 UCAR Intl 93(b) 1,308 UNOVA 157(b) 1,246 Wabtec 121 1,218 WESCO Intl 146(b) 1,351 Total 179,476 Insurance (3.7%) AFLAC 413 21,450 Alfa 132 2,409 Alleghany 27 4,782 Allstate 1,326 36,548 Ambac Financial Group 109 7,024 American General 387 25,808 American Intl Group 3,942 345,663 American Natl Insurance 78 4,821 AmerUs Life Holdings Cl A 89 2,036 Aon 398 14,328 AXA Financial 697 26,660 Berkley (WR) 90 2,183 Berkshire Hathaway Cl A 2(b) 110,199 Berkshire Hathaway Cl B 18(b) 32,850 Blanch (EW) Holdings 34 963 Brown & Brown 60 2,880 Chubb 274 20,276 CIGNA 310 30,961 Cincinnati Financial 257 9,702 CNA Financial 286(b) 11,029 Commerce Group 92 2,553 Conseco 594 4,678 Crawford Cl B 167 2,077 Enhance Financial Services Group 113 1,787 Erie Indemnity Cl A 103 3,283 Fidelity Natl Financial 133 2,352 First American 163 2,537 Gallagher (Arthur J) 78 3,827 Great American Financial Resources 106 1,855 Hartford Financial Services Group 351 22,552 HCC Insurance Holdings 133 2,727 Hooper Holmes 154 1,887 Horace Mann Educators 78 1,087 HSB Group 59 2,095 Jefferson-Pilot 164 10,004 John Hancock Financial Services 522(b) 12,332 Leucadia Natl 95 2,535 Liberty 44 1,603 Liberty Financial Companies 97 2,134 Lincoln Natl 309 13,480 Loews 167 10,479 Markel 12(b) 1,856 Marsh & McLennan 441 53,801 MBIA 155 8,632 Medical Assurance 84(b) 1,008 Mercury General 277 7,237 MetLife 343(b) 7,203 MONY Group 80 2,860 Nationwide Financial Services Cl A 62 2,279 Ohio Casualty 131 1,165 Old Republic Intl 253 5,645 PMI Group 181 11,335 Progressive Corp 113 7,599 Protective Life 192 5,208 Reinsurance Group of America 89 2,831 ReliaStar Financial 134 7,127 SAFECO 204 4,705 St. Paul Companies 352 15,642 StanCorp Financial Group 93 3,209 Torchmark 207 5,149 Transatlantic Holdings 54 4,587 UICI 86(b) 688 Unitrin 113 3,192 UnumProvident 371 8,533 White Mountains Insurance Group 16 2,512 Total 994,439 Leisure time & entertainment (2.2%) ANC Rental 91(b) 620 Anchor Gaming 34(b) 1,842 Aztar 184(b) 2,806 Bally Total Fitness Holdings 83(b) 1,805 Boyd Gaming 110(b) 488 Brunswick 186 3,499 Callaway Golf 165 2,073 Carnival Cl A 954 17,828 Cedar Fair LP 198(d) 3,527 Disney (Walt) 3,479 134,594 Dover Downs Entertainment 139 1,599 Gaylord Entertainment 67 1,662 GTECH Holdings 96(b) 1,962 Handleman 142(b) 1,855 Harley-Davidson 474 21,271 Harrah's Entertainment 199(b) 4,987 Hasbro 303 3,447 Intl Game Technology 140(b) 4,156 Intl Speedway Cl A 82 2,609 Mandalay Resort Group 361(b) 8,822 Mattel 653 7,224 Metro-Goldwyn-Mayer 339(b) 8,496 Pinnacle Entertainment 118(b) 2,308 Polaris Inds 59 1,785 Royal Caribbean Cruises 263 5,227 SFX Entertainment Cl A 96(b) 4,416 Six Flags 252(b) 3,827 Speedway Motorsports 98(b) 2,254 SportsLine.com 77(b) 1,213 Station Casinos 118(b) 1,519 Time Warner 2,245 172,163 Vail Resorts 98(b) 1,740 Viacom Cl B 2,569(b) 170,357 Total 603,981 Media (2.4%) 4 Kids Entertainment 34(b) 646 ACTV 131(b) 1,957 Adelphia Communications Cl A 178(b) 6,275 American Greetings Cl A 189 3,213 AMFM 358(b) 25,574 Banta 85 1,642 Belo (AH) Cl A 184 3,554 BHC Communications Cl A 35 5,211 Cablevision Systems Cl A 202(b) 13,294 Catalina Marketing 29(b) 3,121 Central Newspapers Cl A 122 7,808 Charter Communications Cl A 528(b) 6,963 Chris-Craft Inds 53(b) 3,544 Circle.com 38(b) 119 Citadel Communications 182(b) 5,449 Clear Channel Communications 569(b) 43,350 Comcast Special Cl A 1,516(b) 51,567 Cox Communications Cl A 948(b) 35,016 Cox Radio Cl A 99(b) 2,388 Deluxe 118 2,537 Donnelley (RH) 109(b) 2,187 Donnelley (RR) & Sons 198 4,406 DoubleClick 190(b) 6,828 Dow Jones 141 9,297 Dun & Bradstreet 250 7,391 Emmis Communications Cl A 92(b) 3,318 Entercom Communications Cl A 108(b) 4,192 Fox Entertainment Group Cl A 281(b) 8,606 Gannett 435 23,435 Gartner Group Cl B 468(b) 5,177 Getty Images 98(b) 3,546 Grey Global Group 5 3,064 Harcourt General 111 6,126 Harland (John H) 105 1,404 Harte-Hanks 341 8,632 Hearst-Argyle Television Cl A 253(b) 4,823 Hispanic Broadcasting 160(b) 6,090 Hollinger Intl Cl A 194 3,153 Houghton Mifflin 112 5,306 Infinity Broadcasting Cl A 588(b) 20,726 Insight Communications 254(b) 3,112 Interpublic Group of Companies 515 20,631 Journal Register 147(b) 2,573 Knight-Ridder 126 6,568 Lamar Advertising 111(b) 5,064 Lee Enterprises 258 6,837 Macrovision 86(b) 6,493 McClatchy Cl A 215 7,297 McGraw-Hill Companies 306 18,188 Media General Cl A 52 2,600 Meredith 151 4,804 New York Times Cl A 271 11,162 Omnicom Group 276 23,459 On Command 113(b) 1,384 Paxson Communications Cl A 168(b) 1,743 Pegasus Communications 92(b) 3,887 Pixar 223(b) 7,457 Playboy Enterprises Cl B 86(b) 1,037 PRIMEDIA 226(b) 4,605 Radio One Cl A 44(b) 1,026 Reader's Digest Assn Cl A 167 6,315 Scholastic 42(b) 2,683 Scripps (EW) Cl A 122 6,024 Sinclair Broadcast Group Cl A 190(b) 2,078 Sirius Satellite Radio 74(b) 2,840 Snyder Communications 153(b) 3,863 TMP Worldwide 153(b) 11,016 Tribune 601 19,533 True North Communications 74 3,612 United Television 18 2,430 UnitedGlobalCom Cl A 126(b) 6,182 Univision Communications Cl A 158(b) 19,631 USA Networks 422(b) 8,888 Valassis Communications 261(b) 8,776 ValueVision Intl Cl A 71(b) 1,105 Washington Post Cl B 16 7,680 Westwood One 166(b) 4,617 Wiley (John) & Sons Cl A 120 2,625 Wink Communications 90(b) 2,205 Young & Rubicam 109 6,159 Young Broadcasting Cl A 42(b) 1,420 Ziff-Davis 161(b) 2,304 Zomax 114(b) 1,974 Total 634,822 Metals (0.4%) AK Steel Holdings 257 2,586 Alcoa 1,424 43,077 Allegheny Technologies 148 3,062 Avery Dennison 177 9,602 Battle Mountain Gold 89(b) 161 Bethlehem Steel 317(b) 1,466 Carpenter Technology 86 2,634 Cleveland-Cliffs 8 199 Commercial Metals 31 911 FreeMarkets 50(b) 2,403 Freeport-McMoRan Copper & Gold Cl B 276(b) 2,484 Homestake Mining 494 2,686 Kaiser Aluminum 286(b) 1,233 LTV 471 1,148 Meridian Gold 294(b,c) 1,746 Mueller Inds 110(b) 3,197 Newmont Mining 260 4,615 Nucor 136 5,134 Phelps Dodge 170 6,917 Pittston Brink's Group 103 1,236 Reliance Steel & Aluminum 99 2,079 Ryerson Tull 89 784 Steel Dynamics 134(b) 1,516 Stillwater Mining 85(b) 2,231 USX-U.S. Steel Group 137 2,457 Worthington Inds 255 2,693 Total 108,257 Miscellaneous (1.8%) 24/7 Media 49(b) 600 ABM Inds 80 2,080 AGENCY.COM 96(b) 2,070 ArvinMeritor 198 3,094 Aviva Petroleum 11,960(b) 3,797 Bluestone Software 70(b) 1,549 CacheFlow 52(b) 3,536 Capstone Turbine 125(b) 6,876 Champion Enterprises 246(b) 1,338 Choice One Communications 112(b) 3,164 Cobalt Networks 152(b) 6,935 Convergys 237(b) 10,679 Crossroads Systems 132(b) 602 Cumulus Media Cl A 68(b) 663 CuraGen 88(b) 3,053 Digex 39(b) 2,459 DigitalThink 70(b) 3,465 Dobson Communications Cl A 311(b) 6,803 Edwards Lifesciences 356(b) 7,764 eLoyalty 121(b) 1,796 Federal Signal 104 2,067 FirePond 53(b) 1,113 Galileo Intl 267 5,140 Inet Technologies 70(b) 3,290 Interdigital Communications 228(b) 4,104 Internap Network Services 200(b) 6,822 Intersil Holding 92(b) 5,273 InterTrust Technologies 360(b) 5,243 Intraware 67(b) 544 JNI 50(b) 2,134 John Nuveen Cl A 54 2,413 Lante 84(b) 1,591 Marimba 65(b) 1,166 MCK Communications 4(b) 73 Mediaplex 105(b) 952 MetaSolv Software 69(b) 3,252 MyPoints.com 150(b) 2,119 NaviSite 88(b) 3,570 Numerical Technologies 159(b) 7,412 Optical Cable 92(b) 2,450 Packeteer 63(b) 2,426 Philadelphia Suburban 91 2,019 Quintus 85(b) 1,009 Retek 231(b) 7,103 SCG Holding 233(b) 5,155 Software Technologies 172(b) 4,580 Standard & Poor's Depositary Receipts 1,884 269,293 StarMedia Network 150(b) 2,269 Stilwell Financial 344(b) 15,157 Tenneco Automotive 53 311 Terayon Communication Systems 98(b) 4,998 The Corporate Executive Board Co 51(b) 3,264 Titan Pharmaceuticals 123(b) 4,190 TiVo 68(b) 1,505 Trimeris 77(b) 4,399 Triton PCS Holdings Cl A 90(b) 4,517 Tularik 101(b) 2,689 Vicinity 103(b) 2,047 ViroPharma 41(b) 738 West Pharmaceutical Services 54 1,114 WorldGate Communications 87(b) 2,088 Xpedior 169(b) 2,208 Total 476,130 Multi-industry conglomerates (4.6%) ACNielsen 294(b) 7,203 Agribrands Intl 41(b) 1,538 Apollo Group Cl A 178(b) 6,530 Baldor Electric 107 1,966 Bell & Howell 61(b) 1,251 Brady Cl A 66 2,009 CDI 71(b) 1,411 Cendant 1,120(b) 14,350 Century Business Services 188(b) 388 ChoicePoint 109(b) 4,741 Corinthian Colleges 227(b) 7,654 Crane 261 5,742 Danaher 221 11,257 DeVry 353(b) 11,958 Diebold 215 6,087 Dover 324 14,843 Eastman Kodak 536 29,412 Electronics for Imaging 324(b) 7,067 Emerson Electric 724 44,208 F.Y.I. 60(b) 2,198 Fisher Scientific Intl 76(b) 1,891 General Electric 16,877 868,110 Grainger (WW) 145 4,604 HotJobs.com 75(b) 1,317 Hubbell Cl B 207 4,994 Imation 110(b) 2,668 ITT Educational Services 110(b) 2,090 ITT Inds 137 4,504 Kelly Services Cl A 72 1,670 Korn/Ferry Intl 91(b) 3,060 Lancaster Colony 109 2,562 Lason 57(b) 107 Mail-Well 153(b) 1,081 Manpower 119 4,604 Mark IV Inds 104 2,288 MemberWorks 60(b) 1,965 Minnesota Mining & Mfg 660 59,440 Modis Professional Services 541(b) 4,125 Natl Service Inds 64 1,308 NCO Group 42(b) 1,040 Pentair 75 2,297 Polaroid 96 1,740 Pre-Paid Legal Services 56(b) 1,712 Robert Half Intl 284(b) 9,763 Ruddick 125 1,328 Spherion 129(b) 2,467 Student Advantage 158(b) 1,343 Sylvan Learning Systems 123(b) 1,391 Symyx Technologies 88(b) 3,724 Teledyne Technologies 42(b) 837 Textron 233 13,296 Triarc Companies 102(b) 2,225 U.S. Inds 140 1,838 United Dominion Inds 94 1,545 Wesco Financial 18 4,068 Xerox 1,031 15,335 YORK Intl 79 2,197 Zebra Technologies Cl A 137(b) 6,996 Total 1,229,343 Paper & packaging (0.5%) AptarGroup 77 1,920 Ball 86 2,983 Bemis 89 3,059 Boise Cascade 197 5,442 Bowater 80 3,940 Caraustar Inds 82 1,107 Chesapeake 69 1,807 Consolidated Papers 141 5,517 Crown Cork & Seal 190 2,648 Fort James 344 10,514 Glatfelter (PH) 134 1,357 Greif Bros Cl A 144 3,654 Intl Paper 929 31,586 Longview Fibre 65 780 Mead 159 4,035 Owens-Illinois 242(b) 3,222 Packaging Corp of America 537(b) 6,108 Pactiv 356(b) 3,293 Rayonier 90 3,662 Sealed Air 130(b) 6,549 Smurfit-Stone Container 337(b) 4,191 Sonoco Products 158 2,972 Wausau-Mosinee Paper 174 1,577 Westvaco 156 4,280 Willamette Inds 173 5,244 Total 121,447 Real estate investment trust (0.8%) AMB Property 135 3,223 Archstone Communities Trust 217 5,628 AvalonBay Communities 101 4,760 Bradley Real Estate 113 2,430 Brandywine Realty Trust 122 2,676 BRE Properties Cl A 86 2,790 Cabot Industrial Trust 105 2,153 Camden Property Trust 76 2,375 CBL & Associates Properties 87 2,175 CenterPoint Properties 61 2,593 Chateau Communities 79 2,227 Chelsea GCA Realty 68 2,465 Colonial Properties Trust 80 2,215 Cousins Properties 62 2,705 Crescent Real Estate Equities 186 4,104 Developers Diversified Realty 144 2,268 Duke-Weeks Realty 182 4,459 Equity Office Properties Trust 512 15,615 Equity Residential Properties Trust 197 9,824 Essex Property Trust 61 3,004 FelCor Lodging Trust 129 2,822 First Industrial Realty Trust 84 2,688 Gables Residential Trust 83 2,257 General Growth Properties 105 3,557 Health Care 103 1,854 Health Care Property Investors 153 4,552 Healthcare Realty Trust 110 2,186 Highwoods Properties 96 2,592 Home Properties of New York 73 2,240 Hospitality Properties Trust 90 2,228 Host Marriott 355 3,949 HRPT Properties Trust 205 1,345 JDN Realty 106 1,113 Kilroy Realty 104 2,756 Kimco Realty 94 3,878 Koger Equity 131 2,219 Macerich 99 2,370 Manufactured Home Communities 88 2,112 Meditrust 250 625 MeriStar Hospitality 130 2,884 Mid-America Apartment Communities 87 2,061 Mills 74 1,351 Nationwide Health Properties 120 1,890 New Plan Excel Realty Trust 138 2,130 Pacific Gulf Properties 98 2,499 Pinnacle Holdings 105(b) 5,899 Post Properties 89 4,127 Prentiss Properties Trust 95 2,387 Prison Realty Trust 190(b) 523 ProLogis Trust 251 5,850 PS Business Parks 88 2,244 Public Storage 201 5,151 Realty Income 89 2,158 Reckson Associates Realty 104 2,730 Regency Realty 103 2,472 Rouse 221 5,759 Shurgard Storage Centers Cl A 84 2,006 Simon Property Group 265 6,922 SL Green Realty 104 3,088 Smith (Charles E) Residential Realty 59 2,607 Spieker Properties 99 5,117 Storage USA 72 2,192 Summit Properties 108 2,579 Sun Communities 63 1,992 Taubman Centers 182 2,048 United Dominion Realty Trust 186 2,139 Urban Shopping Centers 76 2,518 Vornado Realty Trust 134 5,243 Washington Real Estate Investment Trust 130 2,568 Weingarten Realty Investors 53 2,193 Westfield America 145 2,202 Total 224,561 Restaurants & lodging (0.7%) 21st Century Insurance Group 25 363 Applebee's Intl 61 1,353 Bob Evans Farms 130 2,080 Boca Resorts Cl A 199(b) 1,915 Brinker Intl 158(b) 4,513 CBRL Group 144 1,710 CEC Entertainment 63(b) 1,756 Cheesecake Factory (The) 112(b) 3,395 Choice Hotels Intl 139(b) 1,303 Darden Restaurants 205 3,344 Extended Stay America 260(b) 3,575 Hilton Hotels 788 8,077 Jack in the Box 77(b) 1,651 Marriott Intl Cl A 387 15,480 McDonald's 2,298 72,386 MGM Grand 194 6,972 Outback Steakhouse 117(b) 2,684 Papa John's Intl 47(b) 1,119 Park Place Entertainment 470(b) 5,904 Ruby Tuesday 210 2,586 Sodexho Marriott Services 114 1,931 Sonic 64(b) 1,948 Starbucks 283(b) 10,613 Starwood Hotels & Resorts Worldwide 277 9,453 Tricorn Global Restaurants 239(b) 5,781 Wendy's Intl 189 3,201 Wyndham Intl Cl A 727(b) 1,545 Total 176,638 Retail (5.2%) 7-Eleven 183(b) 2,299 99 Cents Only Stores 90(b) 3,876 Albertson's 654 19,743 Amazon.com 589(b) 17,744 American Eagle Outfitters 234(b) 3,481 AnnTaylor Stores 52(b) 1,469 AutoNation 729(b) 5,057 AutoZone 231(b) 5,284 Barnes & Noble 279(b) 5,650 barnesandnoble.com Cl A 105(b) 538 bebe stores 102(b) 1,014 Bed Bath & Beyond 217(b) 7,988 Best Buy 317(b) 23,062 Bindley Western Inds 153 4,026 BJ's Wholesale Club 115(b) 3,443 Borders Group 155(b) 1,996 BUY.COM 368(b) 1,541 Casey's General Stores 158 1,866 CDnow 145(b) 430 CDW Computer Centers 134(b) 6,457 Charming Shoppes 390(b) 2,194 Children's Place Retail Stores 76(b) 1,957 Circuit City Stores-Circuit City Group 312 7,157 Claire's Stores 125 2,109 Consolidated Stores 263(b) 3,140 Costco Wholesale 747(b) 24,324 CVS 609 24,017 Delhaize America Cl B 246 4,090 Dillard's Cl A 429 5,872 Dollar General 436 8,012 Dollar Tree Stores 144(b) 6,129 drugstore.com 66(b) 326 eBay 434(b) 21,700 eToys 179(b) 856 Expedia Cl A 86(b) 1,473 Family Dollar Stores 269 4,539 Federated Dept Stores 324(b) 7,796 Footstar 62(b) 1,953 Fossil 73(b) 1,332 Gap 1,393 49,886 GoTo.com 276(b) 4,451 Great Atlantic & Pacific Tea 67 963 Hannaford Bros 66 5,214 Hanover Direct 889(b) 889 Haverty Furniture Companies 78 902 Hollywood Entertainment 150(b) 1,369 Home Depot 3,947 204,256 Home Grocer.com 290(b) 1,568 Intimate Brands 774 13,497 K mart 768(b) 5,376 Kohl's 556(b) 31,553 Kroger 1,416(b) 29,294 Lands' End 147(b) 5,503 Limited 666 13,611 Linens `N Things 66(b) 1,976 Longs Drug Stores 76 1,539 Lowe's Companies 643 27,127 May Dept Stores 520 12,350 Men's Wearhouse 94(b) 2,438 Michaels Stores 62(b) 2,685 MP3.com 106(b) 1,047 NBTY 271(b) 1,728 Neiman Marcus Group Cl A 155(b) 5,115 Nordstrom 218 3,815 Office Depot 583(b) 3,644 OfficeMax 432(b) 1,701 Pacific Sunwear of California 72(b) 1,089 Payless ShoeSource 158(b) 8,157 Penney (JC) 410 6,611 Pep Boys - Manny, Moe & Jack 1 6 Perrigo 260(b) 1,755 Pier 1 Imports 337 4,023 priceline.com 287(b) 6,780 PurchasePro.com 55(b) 2,145 RadioShack 300 16,913 Regis 117 1,536 Rent-A-Center 112(b) 3,080 Rite Aid 1,124 4,847 Ross Stores 424 6,519 Russ Berrie 101 1,982 Safeway 855(b) 38,528 Saks 374(b) 3,787 SciQuest.com 82(b) 802 Sears, Roebuck 591 17,656 ShopKo Stores 78(b) 1,126 Sotheby's Holdings Cl A 141 2,644 Spiegel Cl A 833 5,831 Stamps.com 196(b) 980 Staples 723(b) 9,986 Sunglass Hut Intl 171(b) 1,240 Talbots 58 2,929 Target 1,556 45,123 Tiffany 218 7,467 TJX Companies 494 8,275 Too 60(b) 1,346 Toys "R" Us 385(b) 6,353 Trans World Entertainment 170(b) 2,051 Tuesday Morning 88(b) 855 United Stationers 90(b) 2,621 Value City Dept Stores 129(b) 1,129 Venator Group 267(b) 3,771 Wal-Mart Stores 7,613 418,238 Walgreen 1,691 52,737 Weis Markets 65 2,275 Whole Foods Market 62(b) 2,771 Wild Oats Markets 75(b) 759 Williams-Sonoma 261(b) 10,114 Winn-Dixie Stores 231 3,306 Zale 90(b) 3,364 Total 1,402,944 Textiles & apparel (0.3%) Abercrombie & Fitch 265(b) 4,257 Burlington Coat Factory Warehouse 4 47 Guess? 174(b) 2,371 Jones Apparel Group 190(b) 4,346 Kellwood 96 2,148 Kenneth Cole Productions Cl A 84(b) 3,628 Liz Claiborne 95 3,705 Nautica Enterprises 139(b) 1,512 Nike Cl B 437 19,118 Oakley 317(b) 4,596 Polo Ralph Lauren Cl A 114(b) 1,845 Reebok Intl 224(b) 3,780 Russell 135 2,658 Shaw Inds 214 2,742 Springs Inds Cl A 60 1,935 Timberland Cl A 104(b) 3,413 Unifi 175(b) 1,980 VF 185 4,070 Warnaco Group 121 499 WestPoint Stevens 100 1,200 Total 69,850 Transportation (0.5%) AMERCO 73(b) 1,442 American Freightways 108(b) 1,873 Atlas Air 99(b) 4,393 Burlington Northern Santa Fe 723 17,668 C.H. Robinson Worldwide 72 4,591 CNF Transportation 96 2,442 CSX 338 8,387 EGL 66(b) 1,893 Expeditors Intl of Washington 78 3,920 FedEx 462(b) 18,306 Florida East Coast Inds 59 2,478 Fritz Companies 51(b) 759 GATX 118 4,713 Hunt (JB) Transport Services 147 2,177 Norfolk Southern 592 11,026 Rollins Truck Leasing 205 1,461 Ryder System 245 5,114 Swift Transportation 163(b) 2,639 Union Pacific 385 16,627 United Parcel Service Cl B 168 9,870 USFreightways 55 1,526 Werner Enterprises 114 1,653 Wisconsin Central Transportation 152(b) 1,929 XTRA 49(b) 1,966 Yellow Corp 119(b) 1,911 Total 130,764 Utilities -- electric (1.9%) AES 736(b) 39,329 Allegheny Energy 179 5,616 Alliant Energy 122 3,210 Ameren 213 7,708 American Electric Power 499 16,372 American Water Works 150 3,638 Avista 115 2,156 Calpine 218(b) 15,532 CH Energy Group 52 1,697 Cinergy 247 6,422 Citizens Communications 405 6,784 Cleco 62 2,286 CMP Group 75 2,184 CMS Energy 184 4,704 Conectiv 392 6,493 Consolidated Edison 344 10,428 Constellation Energy Group 233 7,762 CP&L Energy 248 8,293 Dominion Resources 384 17,447 DPL 247 5,959 DQE 117 4,336 DTE Energy 226 7,091 Duke Energy 615 37,937 Edison Intl 540 10,631 Energy East 178 3,360 Entergy 384 10,416 Florida Progress 153 7,497 FPL Group 279 13,462 GPU 195 5,168 Hawaiian Electric Inds 58 1,842 Idacorp 67 2,479 IPALCO Enterprises 329 7,444 Kansas City Power & Light 284 6,781 LG&E Energy 202 4,899 MDU Resources Group 84 1,953 Minnesota Power 325 6,927 Montana Power 171 4,948 New Century Energies 179 6,120 Niagara Mohawk Holdings 291(b) 3,874 NiSource 194 3,771 Northeast Utilities 204 4,514 Northern States Power 240 5,295 NSTAR 98 3,969 OGE Energy 223 4,237 PECO Energy 290 12,379 PG&E 597 15,447 Pinnacle West Capital 132 5,222 Plug Power 83(b) 4,155 Potomac Electric Power 184 4,543 PPL 245 6,615 Public Service Co of New Mexico 113 2,048 Public Service Enterprise Group 341 11,466 Puget Sound Energy 131 2,972 Reliant Energy 460 15,410 RGS Energy Group 83 1,904 SCANA 237 6,236 Sempra Energy 374 7,013 Sierra Pacific Resources 121 1,709 Southern Co 1,062 25,952 Teco Energy 205 4,497 TXU 430 13,438 UIL Holdings 41 1,953 Unicom 338 13,879 UtiliCorp United 195 4,157 Western Resources 105 1,660 Wisconsin Energy 182 3,617 WPS Resources 71 2,143 Total 511,386 Utilities -- gas (1.0%) AGL Resources 118 2,131 Coastal 332 19,173 Columbia Energy Group 128 8,736 Dynegy Cl A 275 19,352 Eastern Enterprises 128 8,016 El Paso Energy 354 17,125 Enron 1,249 91,957 Equitable Resources 168 8,747 KeySpan 217 6,890 Kinder Morgan 175 5,950 MCN 133 2,876 Natl Fuel Gas 118 5,819 New Jersey Resources 50 2,000 NICOR 221 7,666 Northwest Natural Gas 77 1,781 Ocean Energy 459(b) 5,565 ONEOK 67 1,788 Peoples Energy 57 1,806 Piedmont Natural Gas 65 1,844 Questar 409 7,976 Teppco Partners LP 87(d) 2,224 UGI 88 1,975 Vectren 201 3,543 Washington Gas Light 78 1,921 Western Gas Resources 114 2,081 Williams Companies 754 31,479 Total 270,421 Utilities -- telephone (5.8%) Adelphia Business Solutions Cl A 209(b) 3,004 Alamosa PCS Holdings 182(b) 3,640 Allegiance Telecom 182(b) 10,140 ALLTEL 514 31,675 AT&T 6,331 195,878 BellSouth 3,163 125,927 BroadWing 335(b) 8,794 CenturyTel 217 6,361 COMSAT 218 6,131 Crown Castle Intl 218(b) 7,412 Cypress Communications 80(b) 390 DSL.net 274(b) 1,353 Global TeleSystems 265(b) 2,253 ICG Communications 126(b) 1,922 Illuminet Holdings 50(b) 2,103 Infonet Services Cl B 472(b) 6,638 Intermedia Communications 94(b) 1,657 ITC DeltaCom 296(b) 4,977 Latitude Communications 69(b) 336 Level 3 Communications 598(b) 40,926 McLeodUSA Cl A 876(b) 14,837 Metromedia Fiber Network Cl A 782(b) 27,370 MGC Communications 67(b) 3,015 Network Plus 167(b) 2,046 Nextel Communications Cl A 1,294(b) 72,383 NEXTLINK Communications Cl A 336(b) 11,112 PanAmSat 55(b) 1,873 Powertel 43(b) 3,865 Primus Telecommunications Group 99(b) 1,615 Qwest Communications Intl 2,767(b) 129,876 RCN 357(b) 7,765 SBC Communications 5,803 246,989 Sprint 1,495 53,259 Sprint PCS 1,561(b) 86,245 TALK.com 150(b) 769 TeleCorp PCS 129(b) 5,555 Telephone & Data Systems 96 10,692 Teligent Cl A 21(b) 407 United States Cellular 136(b) 9,248 Verizon 4,621 217,186 Viatel 208(b) 2,899 West TeleServices 172(b) 4,064 Western Wireless Cl A 77(b) 4,235 WinStar Communications 128(b) 3,857 WorldCom 4,884(b) 190,781 Total 1,573,460 Total common stocks (Cost: $23,999,680) $26,946,682 Other (--%) Issuer Shares Value(a) Sunbeam Warrants 83 $47 Total other (Cost: $--) $47 Total investments in securities (Cost: $23,999,680)(e) $26,946,729 See accompanying notes to investments in securities.
AXP Total Stock Market Index Fund Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. As of July 31, 2000, the value of foreign securities represented 0.01% of net assets. (d) The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. (e) At July 31, 2000, the cost of securities for federal income tax purposes was approximately $24,000,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $5,456,000 Unrealized depreciation (2,509,000) ---------- Net unrealized appreciation $2,947,000
Investments in Securities AXP International Equity Index Fund July 31, 2000 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (95.5%)(c) Issuer Shares Value(a) Australia (2.0%) Banks and savings & loans (0.5%) Commonwealth Bank of Australia 2,819 $45,369 Natl Australia Bank 3,020 43,295 Westpac Banking 3,707 26,327 Total 114,991 Beverages & tobacco (0.1%) British American Tobacco Australasia 321 1,953 Coca-Cola Amatil 2,216 4,183 Foster's Brewing Group 3,672 10,073 Total 16,209 Building materials & construction (0.1%) Boral 1,202(b) 1,496 CSR 2,208 5,689 James Hardie Inds 868 2,292 Leighton Holdings 558 1,890 Transurban Group 955(b) 2,129 Total 13,496 Chemicals (--%) Orica 577 2,487 Communications equipment & services (0.3%) Telstra 16,049 66,069 Computer software & services (--%) Computershare 997 4,520 Electronics (--%) ERG 396 2,210 Energy (--%) Origin Energy 1,202 1,205 Financial services (0.1%) General Property Trust 3,151 5,072 Lend Lease 1,072 12,923 Suncorp-Metway 437 2,214 Total 20,209 Food (--%) Goodman Fielder 2,792 2,037 Health care (--%) CSL 281 5,532 Faulding (FH) 340 1,663 Total 7,195 Health care services (--%) Mayne Nickless 732 1,572 Industrial equipment & services (0.1%) Brambles Inds 483 14,011 Insurance (0.1%) AMP 2,202 22,057 QBE Insurance Group 843 3,807 Total 25,864 Leisure time & entertainment (--%) Aristocrat Leisure 785(b) 2,636 TABCORP Holdings 649 3,570 Total 6,206 Media (0.2%) News Corp 4,158 50,316 Metals (0.3%) Broken Hill Proprietary 3,637 38,431 M.I.M. Holdings 3,659 2,182 Normandy Mining 3,661 2,099 North 1,622 4,207 Rio Tinto 617 9,232 WMC 2,441 10,915 Total 67,066 Miscellaneous (--%) Gandel Retail Trust 2,559 1,645 Mirvac Group 1,014 2,101 Stockland Trust Group 804 1,743 Westfield Trust 125(b) 237 Total 5,726 Multi-industry conglomerates (0.1%) Howard Smith 408 1,963 Pacific Dunlop 2,189 1,901 Southcorp 1,317 3,729 Wesfarmers 568 4,226 Total 11,819 Paper & packaging (--%) Amcor 1,360 4,384 Paperlinx 453(b) 913 Total 5,297 Retail (0.1%) Coles Myer 2,511 9,581 Westfield Trust 3,278 6,301 Woolworths 2,508 8,800 Total 24,682 Utilities -- gas (--%) Australian Gas Light 722 4,310 Santos 1,291 4,082 Total 8,392 Austria (0.1%) Banks and savings & loans (0.1%) Bank Austria 223 12,378 Beverages & tobacco (--%) Austria Tabakwerke 51 1,761 Building materials & construction (--%) Wienerberger Baustoffindustrie 162 3,603 Industrial equipment & services (--%) BWT 30 987 Insurance (--%) Generali Holding Vienna 18 3,136 Miscellaneous (--%) Flughafen Wien 37 1,251 Multi-industry conglomerates (--%) VA Technologie 35 1,748 Paper & packaging (--%) Mayr-Melnhof Karton 21 953 Transportation (--%) Austrian Airlines 65 855 Utilities -- electric (--%) Oesterreichiesche Elektrizitaetswirtschafts Cl A 72(b) 7,139 Utilities -- gas (--%) OMV 60 4,392 Belgium (0.7%) Automotive & related (--%) D'Ieteren 13 3,114 Banks and savings & loans (0.1%) KBC Bancassurance Holding 697 31,647 Chemicals (0.1%) Solvay 200 13,649 Electronics (--%) Barco 28 3,049 Financial services (0.2%) Fortis (B) 1,683 51,775 Food (--%) Colruyt 93 3,826 Delhaize "Le Lion" 100 6,042 Total 9,868 Health care (0.1%) UCB 340 12,665 Metals (--%) Union Miniere 58 2,134 Multi-industry conglomerates (0.1%) Groupe Bruxelles Lambert 50 13,353 Utilities -- electric (0.1%) Electrabel 123 28,049 Wire & cable (--%) Bekaert 51 2,587 Denmark (0.7%) Banks and savings & loans (0.1%) Den Danske Bank Group 120 14,166 Nordic Baltic Holding 1,501(b) 10,464 Total 24,630 Beverages & tobacco (--%) Carlsberg Cl A 100 3,405 Carlsberg Cl B 100 3,703 Total 7,108 Computer software & services (--%) Navision Software 100(b) 3,666 Electronics (--%) Vestas Wind Systems 200 8,699 Food (--%) Danisco 100 3,666 Health care (0.2%) Novo Nordisk 175 34,121 William Demant 200 6,934 Total 41,055 Industrial equipment & services (--%) FLS Inds Cl B 100 1,553 NKT Holding 20 4,772 Total 6,325 Insurance (--%) Topdanmark 100(b) 1,802 Miscellaneous (0.1%) Group 4 Falck 100 15,906 ISS 100(b) 7,083 Total 22,989 Transportation (0.2%) D/S 1912 Cl B 2 20,753 D/S Dampskibsselskabet Svendborg Cl B 2 29,202 Total 49,955 Utilities -- telephone (0.1%) Tele Danmark 500 30,756 Finland (2.7%) Beverages & tobacco (--%) Harwall 150 3,183 Building materials & construction (--%) Uponor 100 1,742 Chemicals (--%) Kemira 500 2,386 Communications equipment & services (0.3%) Sonera 1,700 66,948 Computers & office equipment (--%) Tietoenator 200 7,089 Electronics (2.3%) Nokia 11,640 515,672 Food (--%) Raisio Group 400 752 Health care (--%) Instrumentarium 100 2,595 Industrial equipment & services (--%) Kone 40 2,576 Metso 300(b) 3,266 Total 5,842 Insurance (--%) Sampo Insurance Cl A 100 3,994 Metals (--%) Outokumpu 500 4,865 Rautaruukki 500 2,131 Total 6,996 Paper & packaging (0.1%) UPM-Kymmene 600 14,790 Retail (--%) Kesko 200(b) 2,037 Metra Cl B 100 1,649 Stockmann Cl A 50 774 Stockmann Cl B 50 720 Total 5,180 France (11.1%) Aerospace & defense (0.1%) Thomson CSF 400 17,421 Zodiac 11 2,140 Total 19,561 Automotive & related (0.2%) Michelin (CGDE) Cl B 300 8,979 PSA Peugeot Citroen 104 21,143 Valeo 180 8,340 Total 38,462 Banks and savings & loans (0.7%) Banque Nationale de Paris 1,027 101,349 Societe Generale Cl A 940 58,359 Total 159,708 Beverages & tobacco (0.5%) LVMH 1,115 96,964 Pernod-Ricard 125 6,828 Total 103,792 Building materials & construction (0.5%) Bouygues 740 45,564 Compagnie de Saint-Gobain 199 29,227 Groupe GTM 33 3,379 Imerys 34 4,272 Lafarge 240 18,592 Technip 34 4,253 Total 105,287 Chemicals (0.1%) Air Liquide 207 26,374 Communications equipment & services (0.9%) Alcatel 2,693 198,633 Computers & office equipment (0.4%) Cap Gemini 277 54,389 Dassault Systemes 258 21,516 Societe BIC 120 6,227 Total 82,132 Electronics (0.7%) Sagem 86 24,018 Schneider Electric 368 25,114 STMicroelectronics 1,976 112,424 Total 161,556 Financial services (--%) CPR 27(b) 965 Societe Eurafrance 10 4,823 Total 5,788 Food (0.9%) Carrefour 1,586 116,688 Casino Guichard-Perrachon 180 18,647 Eridania Beghin-Say 59 5,511 Groupe Danone 328 49,267 Sodexho Alliance 73 11,493 Total 201,606 Furniture & appliances (--%) SEB 34 1,789 Health care (0.6%) L'Oreal 1,540 125,790 Health care services (1.0%) Aventis 1,775 136,679 Essilor Intl 23 6,835 Sanofi-Synthelabo 1,668(b) 88,949 Total 232,463 Industrial equipment & services (--%) Sidel 73 5,946 Insurance (0.6%) Axa 891 135,402 Leisure time & entertainment (--%) Club Mediterranee 40(b) 5,041 Media (0.2%) Canal Plus 286 45,318 Publicis 19 7,167 Total 52,485 Metals (--%) Pechiney Cl A 177 7,741 Miscellaneous (0.4%) Gecina 44 4,281 Nord-Est 30 729 Simco 50 3,243 Suez Lyonnaise des Eaux 453 73,624 Suez Lyonnaise des Eaux 200(b) 2 Unibail 34 4,946 Total 86,825 Multi-industry conglomerates (0.6%) Lagardere S.C.A. 313 20,259 Usinor 528 6,165 Vivendi 1,364 108,948 Total 135,372 Restaurants & lodging (0.1%) Accor 415 17,690 Retail (0.2%) Pinault-Printemps-Redoute 272 56,508 Textiles & apparel (--%) Chargeurs 15 846 Utilities -- gas (1.1%) Coflexip 41 4,863 Total Fina Cl B 1,694 250,994 Total 255,857 Utilities -- telephone (1.3%) France Telecom 2,338 296,586 Germany (8.1%) Airlines (0.1%) Deutsche Lufthansa 800 19,770 Automotive & related (0.7%) Continental 300 5,629 DaimlerChrysler 2,200 117,014 Volkswagen 700 29,967 Total 152,610 Banks and savings & loans (1.0%) Bayerische Hypo-und Vereinsbank 900 52,706 Deutsche Bank 1,350 118,401 Dresdner Bank 1,150 51,043 Total 222,150 Building materials & construction (0.1%) Bilfinger & Berger Bau 100 1,330 Buderus 100 1,649 Heidelberger Zement 100 6,218 Heidelberger Zement 32(b,d) -- Hochtief 200 5,189 Total 14,386 Chemicals (0.5%) BASF 1,400 57,404 Bayer 1,600 66,865 Total 124,269 Communications equipment & services (1.3%) Deutsche Telekom 6,670 294,195 Computers & office equipment (0.6%) SAP 735 142,002 Food (--%) Kamps 200 5,198 Health care services (0.3%) Fresenius Medical Care 200 16,309 Gehe 200 7,181 Merck 400 12,435 Schering 400 23,314 Total 59,239 Household products (0.1%) Beiersdorf 200 19,644 Industrial equipment & services (--%) Deutz 100(b) 415 FAG Kugelfischer Georg Schaefer 100 705 Total 1,120 Insurance (1.4%) Allianz 545 198,467 Muenchener Rueckversicherungs-Gesellschaft 374 123,721 Total 322,188 Media (0.1%) EM. TV & Merchandising 300 16,346 Miscellaneous (0.1%) Thyssen Krupp 1,100 18,786 WCM Beteiligungs & Grundbesitz 400 10,563 Total 29,349 Multi-industry conglomerates (1.4%) AGIV 100 1,018 Linde 200 8,766 MAN 300 8,261 Preussag 400 11,842 Siemens 1,300 200,809 Veba 1,700 92,152 Total 322,848 Retail (0.2%) Adidas-Salomon 100 5,291 Douglas Holding 100 3,049 Karstadtquelle 300 8,645 Metro 700 28,146 Total 45,131 Utilities -- electric (0.2%) RWE 1,000 34,980 Hong Kong (2.3%) Airlines (0.1%) Cathay Pacific Airways 8,000 16,824 Banks and savings & loans (0.2%) Bank of East Asia 3,200 7,263 Hang Seng Bank 4,300 44,526 Total 51,789 Communications equipment & services (0.3%) Cable & Wireless HKT 27,200 62,086 Computer software & services (0.1%) Pacific Century CyberWorks 12,000(b) 25,160 Electronics (0.1%) ASM Pacific Technology 1,000 3,591 Johnson Electric Holdings 2,000 19,427 QPL Intl Holdings 1,000(b) 949 Total 23,967 Leisure time & entertainment (--%) Hong Kong & Shanghai Hotels 2,500 1,411 Shangri-La Asia 4,000 4,283 Total 5,694 Media (--%) Oriental Press Group 4,800 671 South China Morning Post 4,000 2,821 Television Broadcasts 1,000 5,412 Total 8,904 Miscellaneous (0.4%) Hang Lung Development 3,000 2,308 Henderson Land Development 3,000 13,503 Hysan Development 2,000 2,539 New World Development 5,000 6,636 Sino Land 8,099 3,453 Sun Hung Kai Properties 5,000 39,753 Varitronix Intl 1,000 1,802 Wharf 5,000 10,708 Total 80,702 Multi-industry conglomerates (0.8%) Citic Pacific 5,000 26,737 Hopewell Holdings 2,000 846 Hutchison Whampoa 9,900 138,378 Swire Pacific Cl A 3,500 22,441 Total 188,402 Retail (--%) Esprit Holdings 3,000 2,770 Giordano Intl 2,000 2,834 Total 5,604 Textiles & apparel (0.1%) Li & Fung 3,000 14,926 Utilities -- electric (0.1%) CLP Holdings 4,500 20,312 Utilities -- gas (0.1%) Hong Kong & China Gas 11,100 13,024 Ireland (0.2%) Airlines (--%) Ryanair Holdings 774(b) 6,455 Banks and savings & loans (0.1%) Allied Irish Bank 1,862 15,183 Building materials & construction (0.1%) CRH 827 13,985 Financial services (--%) Irish Life & Permanent 684 4,880 Food (--%) Kerry Group Cl A 406 5,060 Media (--%) Independent News & Media 608 1,916 Multi-industry conglomerates (--%) DCC 189 1,664 Paper & packaging (--%) Jefferson Smurfit Group 2,555 4,593 Retail (--%) Waterford Wedgwood 1,580 1,610 Utilities -- telephone (0.1%) Eircom 5,212 12,315 Italy (4.2%) Airlines (--%) Alitalia 4,000 7,765 Automotive & related (0.2%) Fiat 1,000 25,445 Pirelli 5,000 13,019 Total 38,464 Banks and savings & loans (0.8%) Banca di Roma 12,000 13,566 Banca Intesa 13,463 55,360 Banca Popolare di Milano 500 3,572 San Paolo-IMI 3,250 55,111 UniCredito Italiano 12,000 58,488 Total 186,097 Broker dealers (0.1%) Mediobanca 1,500 14,803 Building materials & construction (--%) Italcementi 520 4,761 Communications equipment & services (0.9%) Olivetti 11,000(b) 36,694 Sirti 500 906 Telecom Italia Mobile 20,000 173,019 Total 210,619 Food (--%) La Rinascente 1,000 5,477 Parmalat Finanziaria 2,500 3,625 Total 9,102 Insurance (0.5%) Assicurazioni Generali 3,030 99,952 Riunione Adriatica di Sicurta 1,800 20,349 Societa Assicuratrice Industriale 250 4,608 Total 124,909 Media (0.2%) Mediaset 3,000 47,396 Mondadori (Arnoldo) Editore 500 6,130 Total 53,526 Miscellaneous (--%) Beni Stabili 3,000(b) 1,477 Immsi 1,000(b) 1,358 Total 2,835 Multi-industry conglomerates (--%) Snia 2,500 2,784 Restaurants & lodging (0.1%) Autogrill 1,000 11,768 Retail (--%) Bulgari 500 5,833 Textiles & apparel (--%) Benetton Group 4,000 8,099 Utilities -- electric (0.3%) Enel 18,000(b) 73,889 Utilities -- gas (0.5%) ENI 19,000 106,339 Italgas 2,000 8,710 Total 115,049 Utilities -- telephone (0.6%) Telecom Italia 11,000 128,318 Japan (23.5%) Airlines (0.1%) Japan Airlines 4,000 16,463 Automotive & related (2.7%) Autobacs Seven 100 2,939 Bridgestone 2,000 45,904 Denso 2,000 46,543 Honda Motor 2,000 73,008 NGK Spark Plug 1,000 16,126 Nissan Motor 9,000(b) 44,928 Toyota Motor 9,000 381,103 Total 610,551 Banks and savings & loans (2.0%) 77 Bank 1,000 7,255 Asahi Bank 6,000 21,026 Ashikaga Bank 1,000(b) 1,916 Bank of Fukuoka 1,000 5,749 Bank of Tokyo-Mitsubishi 11,000 111,330 Bank of Yokohama 3,000 11,471 Chuo Mitsui Trust & Banking 2,900 8,813 Daiwa Bank 5,000 11,316 Fuji Bank 8,000 51,690 Gunma Bank 1,000 4,837 Hokuriku Bank 2,000(b) 4,454 Industrial Bank of Japan 6,000 38,494 Joyo Bank 2,000 6,735 Mitsubishi Trust & Banking 3,000 18,672 Sakura Bank 9,000 52,155 Shizuoka Bank 2,000 16,044 Sumitomo Bank 7,000 71,165 Tokai Bank 5,000 22,268 Total 465,390 Beverages & tobacco (0.4%) Asahi Breweries 1,000 9,436 Japan Tobacco 50 37,874 Kirin Brewery 2,000 22,085 Sapporo Breweries 1,000 3,285 Takara Shuzo 1,000 19,895 Total 92,575 Building materials & construction (0.7%) Asahi Glass 3,000 28,746 Daikin Inds 1,000 20,943 Daiwa House Inds 1,000 6,343 Fujita 1,000(b) 374 Haseko 1,000(b) 356 Inax 1,000 5,293 Kajima 2,000 6,005 Kumagai Gumi 2,000 639 Nippon Sheet Glass 1,000 12,776 Nishimatsu Construction 1,000 3,623 Obayashi 2,000 7,848 Okumura 1,000 3,422 Penta-Ocean Construction 1,000 1,269 Sanwa Shutter 1,000 3,021 Sekisui House 2,000 17,778 Shimizu 2,000 5,330 Sumitomo Osaka Cement 1,000 4,390 Taiheiyo Cement 2,000 3,395 Taisei 2,000 2,738 Toda 1,000 4,426 Tostem 1,000 13,379 Total 152,094 Chemicals (0.7%) Asahi Chemical Inds 3,000 19,110 Daicel Chemicals Inds 1,000 2,546 Dainippon Ink & Chemicals 2,000 7,575 Denki Kagaku Kogyo Kabushiki Kaisha 1,000 3,304 Ishihara Sangyo Kaisha 1,000(b) 1,533 Kaneka 1,000 9,811 Mitsubishi Chemical 5,000 18,252 Mitsubishi Gas Chemical 1,000 2,820 Sekisui Chemical 1,000 3,650 Shin-Etsu Chemical 1,000 50,192 Showa Denko K.K. 2,000 2,793 Sumitomo Chemical 4,000 20,442 Tosoh 1,000 3,806 Ube Inds 2,000 4,454 Unitika 1,000(b) 648 Total 150,936 Communications equipment & services (1.5%) Nippon Telegraph & Telephone 290 346,699 Computers & office equipment (1.5%) Canon 2,000 89,070 CSK 200 5,165 Fuji Soft ABC 100 5,521 Fujitsu 5,000 140,542 Konami 200 14,036 Meitec 100 3,760 Softbank 900 75,153 Trans Cosmos 100 10,495 Total 343,742 Consumer finance -- personal loans (0.2%) ACOM 300 22,724 Takefuji 300 30,116 Total 52,840 Electronics (4.9%) Advantest 200 33,347 Casio Computer 1,000 10,869 Fanuc 500 47,957 Hirose Electric 100 12,776 Hitachi 8,000 95,641 Kyocera 400 57,421 Matsushita Electric 5,000 127,537 Minebea 1,000 11,225 Mitsubishi Electric 5,000 39,926 Murata Mfg 1,000 118,639 NEC 4,000 106,592 NGK Insulators 1,000 11,435 Omron 1,000 23,819 Rohm 300 78,712 Sanyo Electric 4,000 29,459 Sharp 3,000 44,900 Sony 2,000 183,800 Tohoku Electric Power 1,100 13,954 Toshiba 7,000 61,647 Yokogawa Electric 1,000 9,080 Total 1,118,736 Energy (--%) Arabian Oil 100(b) 309 Cosmo Oil 1,000 1,780 Total 2,089 Financial services (0.9%) Credit Saison 400 8,725 Daiwa Securities Group 3,000 32,689 Nichiei 100 1,060 Nippon Shinpan 1,000 2,008 Nomura Securities 5,000 97,876 Orient 1,000 4,006 Orix 220 28,409 Promise 300 20,561 Total 195,334 Food (0.3%) Ajinomoto 1,000 11,362 Meiji Milk Products 1,000 4,527 Meiji Seika Kaisha 1,000 5,932 Nichirei 1,000 3,386 Nippon Meat Packers 1,000 14,510 Nisshin Flour Milling 1,000 9,482 Nissin Food Products 300 7,693 Snow Brand Milk Products 1,000 4,417 Yamazaki Baking 1,000 8,478 Total 69,787 Health care (--%) Kanebo 1,000(b) 2,537 Health care services (1.4%) Chugai Pharmaceutical 1,000 18,188 Daiichi Pharmaceutical 1,000 22,176 Eisai 1,000 24,914 Kyowa Hakko Kogyo 1,000 8,131 Sankyo 1,000 23,454 Shionogi 1,000 16,336 Taisho Pharmaceutical 1,000 33,675 Takeda Chemical Inds 2,000 118,639 Yamanouchi Pharmaceutical 1,000 46,908 Total 312,421 Household products (0.2%) Kao 1,000 29,569 Shiseido 1,000 12,777 Toto 1,000 7,118 Total 49,464 Industrial equipment & services (0.8%) Amada 1,000 7,255 Brother Inds 1,000 2,400 Chiyoda 1,000(b) 894 Ebara 1,000 13,872 Fuji Machine Mfg 100 4,098 Hitachi Zosen 2,000 1,697 Ishikawajima-Harima Heavy Inds 3,000 4,545 Japan Energy 2,000 1,843 Japan Steel Works 1,000(b) 1,004 JGC 1,000 4,335 Kinden 1,000 5,996 Komatsu 2,000 11,134 Kubota 3,000 9,966 Marubeni 3,000 8,104 Mitsubishi Heavy Inds 8,000 29,641 Mitsui Engineering & Shipbuilding 2,000(b) 1,752 Nidec 200 15,076 Nippon Mitsubishi Oil 3,000 14,757 SMC 200 35,319 Sumitomo Heavy Inds 1,000(b) 2,409 Total 176,097 Industrial transportation (0.6%) Central Japan Railway 5 27,196 East Japan Railway 9 52,319 Kamigumi 1,000 4,837 Nippon Express 2,000 11,389 Tobu Railway 2,000 5,494 Tokyu 2,000 9,400 Yamato Transport 1,000 23,545 Total 134,180 Insurance (0.3%) Mitsui Marine & Fire Insurance 2,000 8,907 Sumitomo Marine & Fire Insurance 2,000 11,097 Tokio Marine & Fire Insurance 4,000 40,337 Total 60,341 Leisure time & entertainment (0.3%) Namco 100 2,838 Nintendo 300 49,226 Oriental Land 200 17,413 Sega Enterprises 300 3,751 Tokyotokeiba 1,000 1,186 Total 74,414 Media (0.2%) Asatsu-Dk 100 3,377 Dai Nippon Printing 2,000 34,314 Total 37,691 Metals (0.3%) Kawasaki Steel 7,000(b) 9,455 Mitsubishi Materials 3,000(b) 10,239 Mitsui Mining & Smelting 1,000 6,845 Nippon Light Metal 1,000 757 Nippon Steel 15,000 28,748 NSK 1,000 7,255 NTN 1,000 3,933 Sumitomo Metal Inds 1,000(b) 3,842 Sumitomo Metal Mining 8,000(b) 4,965 Total 76,039 Miscellaneous (1.5%) Benesse 200 10,039 Daito Trust Construction 300 5,144 Fuji Photo Film 1,000 37,143 Itochu 3,000(b) 12,649 Iwatani Intl 1,000 1,843 Konica 1,000 8,369 Mitsubishi 4,000 30,006 Mitsubishi Estate 3,000 29,815 Mitsui Fudosan 2,000 19,439 Nikon 1,000 28,017 Nippon Suisan Kaisha 1,000 1,679 Olympus Optical 1,000 17,230 OYO 100 1,217 Secom 1,000 62,330 Shimano 300 5,914 Sho-Bond 100 1,200 Sumitomo 2,000 17,887 Tokyo Tatemono 1,000 1,907 Toppan Printing 2,000 20,260 Toyo Seikan Kaisha 1,000 15,432 World 150 4,791 Total 332,311 Multi-industry conglomerates (0.1%) Kawasaki Heavy Inds 3,000 3,942 Mitsui 4,000 28,255 Total 32,197 Paper & packaging (0.2%) Mitsubishi Paper Mills 1,000 2,318 Nippon Paper Inds 2,000 14,603 Oji Paper 2,000 13,780 Uni-Charm 200 11,316 Total 42,017 Retail (0.7%) Aoyamma Trading 200 2,829 Citizen Watch 1,000 9,692 Daiei 2,000 5,622 Daimaru 1,000 2,875 Isetan 1,000 9,090 Ito-Yokado 1,000 59,592 Jusco 1,000 19,484 Marui 1,000 16,409 Mitsukoshi 1,000(b) 3,468 Mycal 1,000 2,920 Seiyu 1,000(b) 3,778 Shimachu 100 1,702 Shimamura 100 9,044 Takashimaya 1,000 6,963 Total 153,468 Textiles & apparel (0.2%) Gunze 1,000 3,285 Kuraray 1,000 9,291 Mitsubishi Rayon 1,000 2,564 Nisshinbo Inds 1,000 4,335 Nitto Boscki 1,000 1,259 Renown 1,000(b) 1,095 Teijin 2,000 8,195 Toray Inds 3,000 10,761 Toyobo 2,000 3,486 Total 44,271 Transportation (0.2%) Kawasaki Kisen Kaisha 1,000 1,780 Keihin Electric Express Railway 1,000 3,650 Kinki Nippon Railway 4,000 16,610 Nippon Yusen Kabushiki Kaisha 3,000 14,784 Total 36,824 Utilities -- electric (0.5%) Kansai Electric Power 2,200 36,982 Tokyo Electric Power 3,000 70,772 Total 107,754 Utilities -- gas (0.2%) Osaka Gas 6,000 15,113 Showa Shell Sekiyu K.K. 1,000 4,673 Teikoku Oil 1,000 3,267 Tokyo Gas 6,000 14,127 Total 37,180 Wire & cable (0.3%) Fujikura 1,000 6,014 Furukawa Electric 1,000 27,241 Sumitomo Electric Inds 2,000 32,380 Total 65,635 Netherlands (5.2%) Airlines (--%) KLM 131 3,490 Banks and savings & loans (1.1%) ABN AMRO Holding 3,508 85,133 ING Groep 2,323 155,284 Total 240,417 Beverages & tobacco (0.2%) Heineken 753 43,051 Building materials & construction (--%) Hollandsche Beton Groep 83 869 Chemicals (0.1%) Akzo Nobel 672 29,883 Communications equipment & services (0.4%) KPN 2,278 82,344 Computer software & services (0.1%) Baan 564(b) 1,479 Getronics 808 13,627 Total 15,106 Computers & office equipment (--%) Oce 197 2,875 Electronics (0.8%) ASM Lithography Holding 997(b) 38,570 Philips Electronics 3,259 147,611 Total 186,181 Food (0.5%) Koninklijke Ahold 1,777 48,525 Unilever 1,366 59,871 Total 108,396 Industrial equipment & services (--%) Stork 74 919 Industrial transportation (--%) Nedlloyd 56 1,038 Insurance (0.5%) Aegon 3,212 122,475 Media (0.1%) Elsevier 1,571 17,396 Wolters Kluwer 654 16,102 Total 33,498 Miscellaneous (--%) Buhrmann 232 7,052 Vedior 230 2,717 Total 9,769 Multi-industry conglomerates (--%) Hagemeyer 248 6,940 Transportation (0.1%) IHC Caland 65 3,132 Koninklijke Vopak 130(b) 2,915 TNT Post Group 1,147 28,197 Total 34,244 Utilities -- gas (1.3%) Royal Dutch Petroleum 5,152 305,533 New Zealand (0.1%) Beverages & tobacco (--%) Lion Nathan 1,279 2,876 Communications equipment & services (0.1%) Telecom Corp of New Zealand 2,886 9,336 Energy (--%) Fletcher Challenge Energy 565 1,758 Miscellaneous (--%) Auckland Intl Airport 691 898 Paper & packaging (--%) Carter Holt Harvey 4,053 3,554 Retail (--%) Warehouse Group 474 1,249 Utilities -- electric (--%) Contact Energy 1,411 1,718 Norway (0.3%) Airlines (--%) SAS Norge Cl B 135 1,128 Banks and savings & loans (0.1%) Christiania Bank Og Kreditkasse 1,300 6,928 DNB Holding 1,900 7,829 Total 14,757 Chemicals (--%) Dyno 100 2,258 Computers & office equipment (--%) Merkantildata 300 1,660 Energy (0.1%) Norsk Hydro 717 27,766 Energy equipment & services (--%) Petroleum Geo-Services 200(b) 3,285 Smedvig Cl A 135 2,576 Total 5,861 Industrial equipment & services (--%) Kvaerner 204(b) 2,971 Tomra Systems 200 5,261 Total 8,232 Insurance (--%) Storebrand 600(b) 4,573 Media (--%) Schibsted 200 3,884 Metals (--%) Elkem 135 2,545 Multi-industry conglomerates (0.1%) Orkla 535 10,208 Paper & packaging (--%) Norske Skogindustrier Cl A 100 3,048 Transportation (--%) Bergesen d.y. Cl A 135 2,690 Bergesen d.y. Cl B 35 640 Leif Hoegh 163 1,546 Total 4,876 Utilities -- electric (--%) Hafslund Cl A 270 1,403 Hafslund Cl B 270 844 Total 2,247 Portugal (0.4 %) Banks and savings & loans (0.1%) Banco Comercial Portugues 2,918 15,358 Banco Espirito Santo 300 5,148 Total 20,506 Building materials & construction (--%) Cimpor-Cimentos de Portugal 392 8,438 Financial services (--%) BPI 1,300 4,602 Food (--%) Jeronimo Martins 200 3,058 Miscellaneous (--%) Brisa-Auto Estradas de Portugal 875 7,913 Paper & packaging (--%) Portucel Industrial-Empresa Produtora de Celulose 193 1,214 Retail (--%) Sonae 1,383 2,320 Utilities -- electric (0.1%) Electricidade de Portugal 8,755 29,530 Utilities -- telephone (0.2%) Portugal Telecom 3,049 33,197 Singapore (0.9%) Airlines (0.1%) Singapore Airlines 3,000 30,279 Automotive & related (--%) Cycle & Carriage 1,000 2,307 Banks and savings & loans (0.3%) DBS Group Holdings 3,000 36,161 Oversea-Chinese Banking 3,000 21,800 United Overseas Bank 2,112 15,104 Total 73,065 Beverages & tobacco (--%) Fraser & Neave 1,000 3,864 Communications equipment & services (0.1%) Singapore Telecommunications 15,000 20,762 Electronics (0.2%) Chartered Semiconductor Mfg 3,000(b) 21,628 NatSteel Electronics 1,000 3,085 OMNI Inds 1,000 1,799 Venture Mfg 1,000 11,419 Total 37,931 Health care services (--%) Parkway Holdings 1,000 2,768 Industrial equipment & services (--%) Singapore Technologies Engineering 7,000 10,819 Leisure time & entertainment (--%) Hotel Properties 1,000 865 Media (0.1%) Singapore Press Holdings 1,000 17,013 Metals (--%) United Industrial 3,000 1,324 Miscellaneous (0.1%) City Developments 2,000 8,536 DBS Land 3,000 4,343 First Capital 1,000 957 United Overseas Land 1,000 917 Wing Tai Holdings 2,000 1,534 Total 16,287 Multi-industry conglomerates (--%) Keppel 2,000 4,429 Sembcorp Inds 4,000 4,337 Straits Trading 1,200 1,059 Total 9,825 Transportation (--%) Comfort Group 1,000 502 Neptune Orient Lines 3,000(b) 3,287 Total 3,789 Spain (2.8 %) Banks and savings & loans (0.9%) Banco Bilbao Vizcaya Argentaria 7,456 107,779 Banco Santander Central Hispano 9,919 102,389 Total 210,168 Beverages & tobacco (0.1%) Altadis 864 12,657 Building materials & construction (0.1%) ACS, Actividades de Construccion y Servicios 129 3,107 Autopistas, Concesionaria Espanola 654 5,126 Fomento de Construcciones y Contractas 283 5,048 Grupo Dragados 405 3,089 Portland Valderrivas 57 1,120 Total 17,490 Communications equipment & services (0.9%) Telefonica 10,256(b) 215,728 Financial Services (--%) Corporacion Financiera Alba 193 4,560 Food (--%) Azucarera Ebro Agricolas 156 1,814 Puleva 796(b) 1,217 Total 3,031 Industrial equipment & services (--%) Zardoya Otis 321 2,736 Insurance (--%) Corporacion Mapfre 142 2,118 Metals (--%) Acerinox 138 4,143 Asturiana de Zinc 105 948 Total 5,091 Miscellaneous (--%) Metrovacesa 122 2,035 Prosegur, CIA de Seguridad 157 2,034 Vallehermoso 304 1,817 Total 5,886 Multi-industry conglomerates (0.3%) Aguas de Barcelona 325 4,141 Repsol-YPF 2,933 55,714 Total 59,855 Restaurants & lodging (--%) Sol Melia 404(b) 4,331 Retail (--%) Cortefiel 92 2,097 TelePizza 505(b) 2,742 Total 4,839 Utilities -- electric (0.5%) Endesa 2,614 54,233 Gas Natural SDG Cl E 1,054 17,971 Iberdrola 2,226 25,680 Union Electrica Fenosa 717 12,889 Total 110,773 Sweden (3.1%) Automotive & related (0.1%) Volvo Cl A 300 5,365 Volvo Cl B 700 12,861 Total 18,226 Banks and savings & loans (0.5%) ForeningsSparbanken (Swedbank) 1,200 18,319 Nordic Baltic Holding 6,199 43,599 Skandinaviska Enskilda Banker Cl A 1,720 21,287 Svenska Handelsbanken Cl A 1,400 21,067 Svenska Handelsbanken Cl B 100 1,472 Total 105,744 Beverages & tobacco (--%) Swedish Match 743 2,358 Building materials & construction (--%) Skanska Cl B 300 9,945 Communications equipment & services (1.7%) Ericsson (LM) Cl B 17,200 335,717 NetCom Cl B 250(b) 15,675 Telia 3,400 29,288 Total 380,680 Computer software & services (--%) WM-Data 1,000 5,114 Energy equipment & services (--%) OM Gruppen 200 9,269 Furniture & appliances (0.1%) Electrolux Series B 800 11,908 Health care (--%) Gambro Cl A 500 4,061 Gambro Cl B 200 1,647 Total 5,708 Industrial equipment & services (0.1%) Atlas Copco Cl A 300 6,297 Atlas Copco Cl B 100 1,974 Sandvik 600 13,216 Total 21,487 Insurance (0.2%) Skandia Forsakrings 2,400 53,518 Metals (--%) SAPA 100 1,570 SKF Cl A 100 1,456 SKF Cl B 100 1,554 SSAB Svenskt Stal Series A 200 2,082 Total 6,662 Miscellaneous (0.1%) Diligentia 200(b) 1,963 Drott Cl B 300 3,271 Securitas Cl B 800 17,447 Total 22,681 Multi-industry conglomerates (--%) Trelleborg 200 1,396 Paper & packaging (0.1%) AssiDoman 200 3,097 Svenska Cellulosa Cl B 500 10,740 Total 13,837 Retail (0.2%) Hennes & Mauritz Cl B 1,875 38,131 Switzerland (6.2%) Airlines (--%) SAirGroup 30 5,150 Banks and savings & loans (1.3%) Credit Suisse Group 660 141,765 UBS 1,030 148,419 Total 290,184 Building materials & construction (0.1%) Holderbank Financiere Glarus 10 3,152 Holderbank Financiere Glarus Cl B 18 20,922 Total 24,074 Chemicals (0.1%) Lonza 20(b) 10,186 Sika Finanz 10 3,355 Total 13,541 Communications equipment & services (0.3%) Swisscom 180 59,963 Electronics (0.4%) ABB 710 84,654 Food (0.9%) Nestle 95 197,908 Health care (2.1%) Givaudan 22 6,413 Novartis 170 262,481 Roche Holding 22 209,163 Total 478,057 Industrial equipment & services (--%) Fischer (Georg) 10 2,996 Sulzer 10(b) 6,830 Total 9,826 Insurance (0.6%) Swiss Re 34 71,401 Zurich Allied 120 64,708 Total 136,109 Leisure time & entertainment (--%) Kuoni Reisen 16 6,567 Miscellaneous (0.2%) Adecco 40 32,690 SGS Societe Generale de Surveillance Holding 10 4,194 Total 36,884 Multi-industry conglomerates (0.1%) Alusuisse Lonza Group 20 13,756 Retail (0.1%) Swatch Group 40 11,516 Swatch Group Cl B 10 14,014 Valora Holding 10 2,678 Total 28,208 United Kingdom (19.7%) Aerospace & defense (0.2%) British Aerospace 6,942 46,787 Airlines (0.1%) British Airways 2,538 14,311 Automotive & related (--%) Lex Service 257 1,395 Banks and savings & loans (2.8%) Abbey Natl 3,340 37,467 Barclays 3,509 79,357 Halifax Group 5,272 41,295 HSBC Holdings 19,865 268,807 Lloyds TSB Group 12,859 114,783 Royal Bank of Scotland Group 6,087 95,906 Total 637,615 Beverages & tobacco (0.6%) British American Tobacco 5,115 30,643 Cadbury Schweppes 4,753 30,734 Diageo 8,032 70,493 Total 131,870 Building materials & construction (0.2%) AMEC 478 1,600 Balfour Beatty 935 1,386 Barratt Developments 509 1,689 Berkeley Group (The) 276 2,298 Blue Circle Inds 1,872 11,943 Caradon 1,018 2,569 Hanson 1,845 11,073 Hepworth 539 1,627 Jarvis 303 858 Pilkington 2,394 3,514 RMC Group 569 6,332 Taylor Woodrow 879 1,804 Wimpey (George) 813 1,339 Wolseley 1,347 6,905 Total 54,937 Chemicals (0.1%) BOC Group 1,123 16,651 Imperial Chemical Inds 1,721 12,359 Total 29,010 Communications equipment & services (3.7%) British Telecommunications 15,194 200,708 Vodafone AirTouch 143,375 633,461 Total 834,169 Computer software & services (0.3%) Logica 956 24,770 London Bridge Software Holdings 386 4,480 Misys 1,305 12,118 Sage Group (The) 3,029 25,359 Total 66,727 Computers & office equipment (0.1%) Psion 1,000 11,323 SEMA Group 1,053 15,912 Total 27,235 Electronics (0.8%) ARM Holdings 2,222(b) 25,175 Electrocomponents 1,019 11,484 FKI 1,243 4,398 Invensys 8,574 30,723 Marconi 6,288 101,474 Williams 1,717 9,380 Total 182,634 Energy (2.1%) BP Amoco 53,601 468,825 LASMO 2,929 5,747 Total 474,572 Financial services (0.3%) 3i Group 1,400 29,774 Amvescap 1,579 28,142 Provident Financial 573 7,153 Schroders 699 13,474 Total 78,543 Food (0.2%) Tate & Lyle 996 4,367 Unigate 526 2,011 Unilever 6,837 40,857 Total 47,235 Health care services (2.8%) AstraZeneca Group 4,185 180,265 Glaxo Wellcome 8,490 244,392 Nycomed Amersham 1,489 14,194 Smith & Nephew 2,628 15,193 SmithKline Beecham 13,190 169,890 SSL Intl 402 4,612 Total 628,546 Industrial equipment & services (0.2%) BBA Group 951 6,676 GKN 1,674 21,425 Smiths Inds 746 10,206 Total 38,307 Insurance (1.0%) Allied Zurich 3,697 47,840 CGNU 5,252 82,514 Legal & General Group 12,061 30,979 Prudential 4,581 62,503 Total 223,836 Leisure time & entertainment (0.3%) Airtours 1,124 4,958 Bass 2,050 21,706 Carlton Communications 1,453 17,083 Eidos 215(b) 1,349 EMI Group 1,800 16,714 Hilton Group 3,429 11,555 Rank Group 1,688 4,045 Total 77,410 Media (1.0%) British Sky Broadcasting Group 4,482 82,162 Independent News & Media 608 1,958 Pearson 1,459 39,944 Reed Intl 2,682 21,430 Reuters Group 3,328 63,750 WPP Group 1,802 24,438 Total 233,682 Metals (0.2%) Corus Group 7,377 9,308 Rio Tinto 2,495 40,058 Total 49,366 Miscellaneous (0.7%) Anglian Water 594 5,195 British Land 1,218 7,680 Canary Wharf Finance 1,609(b) 11,483 Capita Group 500 12,079 Celltech Group 615(b) 11,265 Dairy Crest 526(b) 515 De La Rue 418 2,420 Granada Compass 4,896(b) 60,125 Great Portland Estates 824 2,814 Hammerson 629 4,018 Land Securities 1,277 14,802 MEPC 766 6,637 Slough Estates 897 5,186 Thames Water 830 9,876 United Utilities 1,301 12,958 Total 167,053 Multi-industry conglomerates (0.2%) Hays 4,052 22,454 IMI 764 2,509 Johnson Matthey 476 6,694 Rentokil Initial 6,774 15,193 TI Group 1,190 6,443 Total 53,293 Paper & packaging (--%) Bunzl 992 5,780 Rexam 862 3,324 Total 9,104 Retail (0.8%) Boots 2,127 16,406 Dixon Group 3,904 17,103 Great Universal Stores 2,378 15,724 Kingfisher 3,257 27,317 Marks & Spencer 6,751 22,042 Sainsbury (J) 4,514 21,955 Tesco 15,932 52,494 Total 173,041 Textiles & apparel (--%) Coats Viyella 1,562 1,135 Transportation (0.3%) BAA 2,522 20,190 Ocean Group 698 11,959 Peninsular & Oriental Steam Navigation 1,520 12,270 Railtrack Group 1,179 17,958 Stagecoach Holdings 3,754 4,287 Total 66,664 Utilities -- electric (0.7%) BG Group 8,236 54,243 Centrica 9,396 31,804 Natl Grid Group 3,475 28,521 Natl Power 2,704 18,619 ScottishPower 4,291 35,989 Total 169,176 Total common stocks (Cost: $21,110,467) $21,791,507 Preferred stocks & other (0.3%) Issuer Shares Value(a) Australia AMP Rights 1,344(d) $-- News Corp 4,546 47,732 France Casino Guichard-Perrachon 38 2,549 Germany Dyckerhoff 100 2,252 RWE 200 5,600 Volkswagen 200 5,171 Italy Fiat 210 3,185 Portugal Banco Espirito Santo Rights 189 3,121 Sonae Rights 4,396 7,373 Total preferred stocks & other (Cost: $60,568) $76,983 Bond (--%) Issuer Coupon Principal Value(a) rate amount Insurance AMP (Australian Dollar) 12-20-49 7.00% 3,600 $1,965 Total bond (Cost: $2,611) $1,965 Short-term security (2.9%) Issuer Rate Shares Value(a) Investment company Bank of New York Cash Reserve Fund 5.18% 662,204 $662,204 Total short-term security (Cost: $662,204) $662,204 Total investments in securities (Cost: $21,835,850)(e) $22,532,659
Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements. Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in the currency indicated. (b) Non-income producing. (c) Partially pledged as initial margin deposit on the following open stock index futures purchase contracts (see Note 5 to the financial statements): Type of security Contracts All Ords Index 2 CAC 40 3 Eurx DAX 1 FTSE 100 2 Nikkei 300 9 OMX Cap Index 1 OMX Stock 2 (d) Negligible market value. (e) At July 31, 2000, the cost of securities for federal income tax purposes was approximately $21,836,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $2,570,000 Unrealized depreciation (1,873,000) ---------- Net unrealized appreciation $ 697,000
Investments in Securities AXP Nasdaq 100 Index Fund July 31, 2000 (Unaudited) (Percentages represent value of investments compared to net assets) Common stocks (99.8%) Issuer Shares Value(a) Airlines (0.1%) Northwest Airlines Cl A 1,581(b) $52,766 Automotive & related (0.2%) PACCAR 1,942 86,540 Chemicals (0.1%) Sigma-Aldrich 2,030 55,318 Communications equipment & services (16.5%) ADC Telecommunications 19,944(b) 836,402 CIENA 3,794(b) 539,222 EchoStar Communications Cl A 5,401(b) 213,002 Ericsson (LM) ADR Cl B 26,921(c) 528,325 JDS Uniphase 20,089(b) 2,373,012 NTL 6,343(b) 285,831 QUALCOMM 20,227(b) 1,313,491 RF Micro Devices 2,056(b) 155,228 SDL 1,994(b) 692,043 Tellabs 5,283(b) 343,395 VoiceStream Wireless 5,163(b) 662,155 Total 7,942,106 Computer software & services (17.0%) Adobe Systems 2,655 303,998 At Home Corp Series A 6,517(b) 91,238 BMC Software 4,208(b) 79,426 BroadVision 6,482(b) 234,567 Citrix Systems 4,978(b) 75,915 Compuware 5,033(b) 40,264 Electronic Arts 1,466(b) 129,649 i2 Technologies 4,711(b) 611,252 Intuit 5,750(b) 195,500 Legato Systems 2,141(b) 20,808 Lycos 3,085(b) 187,028 Microsoft 40,989(b) 2,861,544 Network Associates 3,259(b) 62,532 Novell 8,939(b) 86,038 Oracle 26,785(b) 2,013,897 Parametric Technology 8,487(b) 84,870 PeopleSoft 8,826(b) 192,517 RealNetworks 3,308(b) 140,383 Siebel Systems 5,297(b) 768,065 Total 8,179,491 Computers & office equipment (24.6%) 3Com 4,031(b) 54,670 Adaptec 1,939(b) 47,990 Apple Computer 10,274(b) 522,048 Cisco Systems 56,478(b) 3,695,778 CMGI 7,006(b) 265,352 CNET Networks 2,205(b) 66,012 Comverse Technology 3,656(b) 320,814 Concord EFS 5,421(b) 149,078 Dell Computer 21,555(b) 947,073 Fiserv 3,478(b) 194,116 Gemstar-TV Guide Intl 9,698(b) 589,760 Network Appliance 7,207(b) 621,153 Palm 1(b) 32 Sanmina 3,639(b) 337,972 Sun Microsystems 15,640(b) 1,649,043 Synopsys 1,839(b) 59,882 VeriSign 4,125(b) 654,586 Veritas Software 9,222(b) 940,068 Yahoo! 5,910(b) 760,543 Total 11,875,970 Electronics (19.1%) Altera 6,336(b) 622,116 American Power Conversion 5,766(b) 146,673 Applied Materials 9,451(b) 717,094 Applied Micro Circuits 3,205(b) 478,346 Atmel 3,765(b) 112,715 Conexant Systems 5,430(b) 173,760 Intel 53,082 3,543,223 KLA-Tencor 5,100(b) 271,575 Linear Technology 9,470 523,218 Maxim Integrated Products 8,963(b) 592,118 Microchip Technology 1,486(b) 103,184 Molex 2,187 102,892 PMC-Sierra 3,641(b,c) 705,899 QLogic 1,695(b) 126,278 Vitesse Semiconductor 4,034(b) 240,527 Xilinx 9,780(b) 734,110 Total 9,193,728 Financial services (0.8%) Paychex 7,978 364,994 Furniture & appliances (0.1%) Miller (Herman) 1,406 44,113 Health care (5.4%) Amgen 10,832(b) 703,403 Biogen 4,128(b) 218,784 Biomet 3,606 161,369 Chiron 5,688(b) 238,185 Genzyme (General Division) 2,407(b) 167,136 Immunex 15,540(b) 787,683 MedImmune 5,070(b) 301,665 VISX 1,577(b) 39,721 Total 2,617,946 Health care services (0.2%) PacifiCare Health Systems 729(b) 47,385 Quintiles Transnational 3,655(b) 57,338 Total 104,723 Industrial equipment & services (0.4%) Cintas 4,548 191,869 Media (1.2%) Adelphia Communications Cl A 2,752(b) 97,008 Comcast Special Cl A 9,701(b) 329,986 USA Networks 7,713(b) 162,455 Total 589,449 Miscellaneous (3.5%) Nasdaq-100 Shares 18,575(b) 1,665,075 Multi-industry conglomerates (0.1%) Apollo Group Cl A 1,592(b) 58,407 Paper & packaging (0.1%) Smurfit-Stone Container 5,406(b) 67,237 Restaurants & lodging (0.5%) Starbucks 5,839(b) 218,963 Retail (1.9%) Amazon.com 5,287(b) 159,271 Bed Bath & Beyond 4,301(b) 158,331 Costco Wholesale 5,326(b) 173,428 Dollar Tree Stores 2,121(b) 90,275 eBay 4,436(b) 221,799 Staples 7,160(b) 98,898 Total 902,002 Utilities -- telephone (8.2%) Global Crossing 21,437(b,c) 521,187 Level 3 Communications 5,750(b) 393,516 McLeodUSA Cl A 10,576(b) 179,131 Metromedia Fiber Network Cl A 11,821(b) 413,735 Nextel Communications Cl A 21,064(b) 1,178,267 NEXTLINK Communications Cl A 5,923(b) 195,829 PanAmSat 4,559(b) 155,291 WorldCom 23,309(b) 910,508 Total 3,947,464 Total common stocks (Cost: $46,189,356) $48,158,161 Total investments in securities (Cost: $46,189,356)(d) $48,158,161
Notes to investments in securities (a) Securities are valued by procedures described in Note 1 to the financial statements. (b) Non-income producing. (c) Foreign security values are stated in U.S. dollars. As of July 31, 2000, the value of foreign securities represented 3.64% of net assets. (d) At July 31, 2000, the cost of securities for federal income tax purposes was approximately $46,189,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was: Unrealized appreciation $7,627,000 Unrealized depreciation (5,658,000) ---------- Net unrealized appreciation $1,969,000 American Express(R) Funds AXP Index Funds TICKER SYMBOL 70100 AXP Financial Center AXP Nasdaq 100 Index Fund Minneapolis, MN 55474 Class D: INDDX Class E: AXIEX PRSRT STD AUTO U.S. POSTAGE PAID AMERICAN EXPRESS Distributed by American Express Financial Advisors Inc. Member NASD. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer. AMERICAN EXPRESS (R) S6436 A (9/00)