Federated Investors
World-Class Investment Manager

Federated Mid-Cap Index Fund

(formerly, Federated Mid-Cap Fund)

A Portfolio of Federated Index Trust

SEMI-ANNUAL REPORT

April 30, 2002

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2002 (unaudited)

Shares				Value
			COMMON STOCKS--96.9%1
			Consumer Discretionary--15.1%
	33,666	2,3	99 Cents Only Stores	$	1,046,339
	48,100	2	Abercrombie & Fitch Co., Class A		1,443,000
	34,950	2,3	American Eagle Outfitters, Inc.		888,779
	32,500		ArvinMeritor, Inc.		1,030,250
	35,100	2	BJ's Wholesale Club, Inc.		1,566,513
	10,200	3	Bandag, Inc.		393,516
	32,700	2	Barnes & Noble, Inc.		988,194
	53,600		Belo (A.H.) Corp., Series A		1,252,096
	23,000		Blyth Industries, Inc.		684,250
	17,000		Bob Evans Farms, Inc.		516,800
	39,700	2	Borders Group, Inc.		925,407
	12,800		Borg-Warner Automotive, Inc.		799,744
	46,912	2	Brinker International, Inc.		1,615,649
	27,050		CBRL Group, Inc.		820,967
	43,000	2	CDW Computer Centers, Inc.		2,356,400
	37,900	3	Callaway Golf Co.		667,040
	14,800		Carlisle Cos., Inc.		599,252
	26,800	2	Catalina Marketing Corp.		940,412
	23,600	2	Cheesecake Factory, Inc. (The)		982,468
	23,750		Claire's Stores, Inc.		512,525
	66,995		Clayton Homes, Inc.		1,145,615
	21,500	2	Coach, Inc.		1,204,000
	44,100	2	Copart, Inc.		678,699
	70,750	3	D. R. Horton, Inc.		1,825,350
	54,700	2,3	Dollar Tree Stores, Inc.		2,086,258
	25,000	2	Emmis Communications, Corp., Class A		726,750
	23,800	2,3	Entercom Communication Corp.		1,243,550
	45,900	2	Extended Stay America, Inc.		766,530
	22,000		Federal Signal Corp.		506,000
	26,700	2	Furniture Brands International, Inc.		1,090,161
	36,500	2	Gentex Corp.		1,155,590
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	13,900	2	Gtech Holdings Corp.	$	832,749
	30,700		Harte-Hanks		986,084
	52,800	2	Hispanic Broadcasting Corp.		1,416,096
	25,900		International Speedway Corp., Class A		1,113,700
	17,949		Lancaster Colony Corp.		691,037
	14,500	2,3	Lands' End, Inc.		729,205
	31,300	2	Lear Corp.		1,609,133
	21,600		Lee Enterprises, Inc.		847,800
	31,200	3	Lennar Corp.		1,732,848
	24,700	2,3	Macrovision Corp.		549,081
	34,500	2,3	Mandalay Resort Group		1,237,170
	11,200		Media General, Inc., Class A		768,544
	31,900	2	Michaels Stores, Inc.		1,290,355
	16,200		Modine Manufacturing Co.		476,604
	31,900	2	Mohawk Industries, Inc.		2,052,127
	23,200	3	Neiman-Marcus Group, Inc., Class A		849,352
	37,300	2,3	Outback Steakhouse, Inc.		1,308,111
	10,900	2,3	Papa Johns International, Inc.		338,990
	147,300	2	Park Place Entertainment Corp.		1,811,790
	10,823	2	Payless ShoeSource, Inc.		633,578
	48,500		Readers Digest Association, Inc., Class A		1,154,300
	38,700		Ross Stores, Inc.		1,571,607
	69,036	2	Saks, Inc.		1,026,565
	17,300	2	Scholastic Corp.		877,629
	45,000		Six Flags, Inc.		823,500
	12,600		Superior Industries International, Inc.		649,782
	18,900	2,3	Timberland Co., Class A		771,120
	26,500		Unifi, Inc.		297,065
	35,700	2,3	United Rentals, Inc.		910,350
	4,600		Washington Post Co., Class B		2,906,280
	52,200		Westwood One, Inc.		1,879,200
	27,700	2,3	Williams-Sonoma, Inc.		1,595,797
			TOTAL		68,195,653
Shares				Value
			COMMON STOCKS--continued1
			Consumer Staples--4.7%
	19,000		Church and Dwight, Inc.	$	543,400
	42,366		Dean Foods Co.		1,568,389
	46,200		Dial Corp.		969,276
	27,200		Dole Food, Inc.		904,944
	17,500	3	Dreyers Grand Ice Cream, Inc.		816,550
	67,500		Hormel Foods Corp.		1,667,250
	24,800		Interstate Bakeries Corp.		612,560
	18,500		Longs Drug Stores Corp.		559,440
	67,500		McCormick & Co., Inc.		1,730,700
	38,725	3	Pennzoil-Quaker State Co.		836,847
	76,600		PepsiAmericas, Inc.		1,168,150
	45,600	3	R.J. Reynolds Tobacco Holdings, Inc.		3,155,520
	23,000		Ruddick Corp.		392,840
	23,200		Sensient Technologies Corp.		579,768
	54,300	2	Smithfield Foods, Inc.		1,145,730
	12,000	3	Smucker (J.M.) Co.		416,400
	25,597		Tootsie Roll Industries, Inc.		1,199,731
	172,227		Tyson Foods, Inc., Class A		2,414,623
	12,800		Universal Corp.		544,128
			TOTAL		21,226,246
			Energy--6.8%
	76,200	2	BJ Services Co.		2,799,588
	26,200	2,3	Cooper Cameron Corp.		1,436,808
	65,500	3	ENSCO International, Inc.		2,211,280
	31,100		Equitable Resources, Inc.		1,118,045
	31,528	2	FMC Technologies, Inc.		717,262
	22,900	2	Forest Oil Corp.		721,350
	53,166	2	Grant Prideco, Inc.		850,656
	30,700	2,3	Hanover Compressor Co.		578,695
	24,200		Helmerich & Payne, Inc.		997,282
	22,000	3	Murphy Oil Corp.		2,075,700
	39,400	2,3	National-Oilwell, Inc.		1,046,858
	27,500		Noble Affiliates, Inc.		1,073,875
	85,418		Ocean Energy, Inc.		1,827,945
	37,100	2	Patterson-UTI Energy, Inc.		1,187,200
	51,100	2	Pioneer Natural Resources, Co.		1,225,889
Shares				Value
			COMMON STOCKS--continued1
			Energy--continued
	64,700	2,3	Pride International, Inc.	$	1,202,773
	24,100	2	Smith International, Inc.		1,688,205
	29,500		Tidewater, Inc.		1,283,250
	51,700	3	Valero Energy Corp.		2,231,372
	46,682	2,3	Varco International, Inc.		956,514
	55,866	2,3	Weatherford International, Inc.		2,786,037
	16,400		Western Gas Resources, Inc.		632,384
			TOTAL		30,648,968
			Financials--18.4%
	25,800		Allmerica Financial Corp.		1,287,678
	33,300		American Financial Group, Inc.		988,677
	41,300	2,3	AmeriCredit Corp.		1,603,266
	35,126		Associated Banc Corp.		1,315,801
	44,900		Astoria Financial Corp.		1,440,841
	73,900		Banknorth Group, Inc.		1,950,221
	23,400	3	City National Corp.		1,292,850
	56,100		Colonial BancGroup, Inc.		897,600
	32,200	3	Commerce Bancorp, Inc.		1,590,358
	62,100		Compass Bancshares, Inc.		2,221,317
	24,700	2	Dime Bancorp, Inc., Warrants		3,705
	181,300	2,3	E*Trade Group, Inc.		1,367,002
	33,700	3	Eaton Vance Corp.		1,231,061
	38,787		Edwards (AG), Inc.		1,587,164
	24,900		Everest Re Group, Ltd.		1,690,710
	41,700		Fidelity National Financial, Inc.		1,286,445
	61,600		First Tennessee National Corp.		2,381,456
	23,300	3	First Virginia Bank, Inc.		1,333,459
	41,300		Firstmerit Corp.		1,172,920
	41,200		Gallagher (Arthur J.) & Co.		1,487,320
	66,100		Golden State Bancorp, Inc.		2,180,639
	24,400	3	Greater Bay Bancorp		817,156
	48,700		Greenpoint Financial Corp.		2,408,215
	29,600		HCC Insurance Holdings, Inc.		769,600
	77,400		Hibernia Corp., Class A		1,544,130
	19,600		Horace Mann Educators Corp.		469,420
	30,400		Hospitality Properties Trust		1,033,600
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	28,600		Independence Community Bank Corp.	$	932,074
	29,700	2,3	IndyMac Bancorp, Inc.		749,925
	23,649		Investment Technology Group, Inc.		1,087,854
	15,600	3	Investors Financial Services Corp.		1,148,784
	28,600	2,3	LaBranche & Co., Inc.		783,640
	32,500	3	Legg Mason, Inc.		1,632,800
	27,000		Leucadia National Corp.		984,150
	45,239	3	M & T Bank Corp.		3,862,506
	33,950		Mercantile Bankshares Corp.		1,397,382
	31,000	3	Metris Cos., Inc.		404,240
	23,200	3	Mony Group, Inc.		904,800
	99,050		National Commerce Financial Corp.		2,772,410
	34,200	3	Neuberger Berman, Inc.		1,485,990
	45,400	3	New Plan Excel Realty Trust		887,570
	49,800	3	New York Community Bancorp, Inc.		1,477,068
	79,050		North Fork Bancorporation, Inc.		3,052,911
	29,300	3	Ohio Casualty Corp.		566,076
	57,900		Old Republic International Corp.		1,924,017
	21,700		PMI Group, Inc.		1,760,304
	37,400	3	Pacific Century Financial Corp.		1,065,152
	33,300		Protective Life Corp.		1,060,938
	24,100		Provident Financial Group, Inc.		729,507
	45,600		Radian Group, Inc.		2,366,640
	42,750	3	Roslyn Bancorp, Inc.		984,105
	52,600	3	SEI Investments, Co.		1,772,094
	22,500	2,3	Silicon Valley Bancshares		718,875
	124,700	3	Sovereign Bancorp, Inc.		1,799,421
	14,500		StanCorp Financial Group, Inc.		848,250
	37,300		TCF Financial Corp.		1,941,465
	33,000		Unitrin, Inc.		1,375,110
	38,900	3	Waddell & Reed Financial, Inc., Class A		1,001,675
	24,100		Webster Financial Corp.		955,083
	16,900		WestAmerica Bancorporation		747,825
	15,900		Wilmington Trust Corp.		1,003,926
			TOTAL		83,537,178
Shares				Value
			COMMON STOCKS--continued1
			Health Care--11.3%
	51,800	2	Apogent Technologies, Inc.	$	1,201,760
	26,500	2	Apria Healthcare Group, Inc.		688,735
	21,000	2,3	Barr Laboratories, Inc.		1,399,650
	29,800		Beckman Coulter, Inc.		1,423,546
	29,600	2	Covance, Inc.		594,072
	59,200	2,3	Cytyc Corp.		930,032
	37,900		Dentsply International, Inc.		1,503,493
	29,100	2	Edwards Lifesciences Corp.		730,992
	38,500	2,3	Express Scripts, Inc., Class A		2,433,585
	48,500	2,3	First Health Group Corp.		1,406,500
	94,100	2,3	Gilead Sciences, Inc.		2,928,392
	60,140	2	Health Net, Inc.		1,783,151
	20,800	2	Henry Schein, Inc.		989,872
	30,500	3	Hillenbrand Industries, Inc.		1,970,300
	39,700	3	ICN Pharmaceuticals, Inc.		1,098,102
	74,200	2,3	IDEC Pharmaceuticals Corp.		4,077,290
	32,300	2,3	Incyte Genomics, Inc.		265,183
	96,025		Ivax Corp.		1,133,095
	19,100	2	LifePoint Hospitals, Inc.		802,200
	52,400	2	Lincare Holdings, Inc.		1,649,552
	136,192	2,3	Millennium Pharmaceuticals, Inc.		2,718,392
	61,300		Mylan Laboratories, Inc.		1,623,224
	45,500	3	Omnicare, Inc.		1,216,670
	42,600	2	Oxford Health Plans, Inc.		1,966,416
	16,798	2,3	PacifiCare Health Systems, Inc.		508,307
	32,900	2,3	Patterson Dental Co.		1,516,690
	35,700	2	Perrigo Co.		445,536
	42,800	2,3	Protein Design Labs, Inc.		768,688
	46,900	2,3	Quest Diagnostic, Inc.		4,311,517
	37,900	2,3	Sepracor, Inc.		479,814
	33,800	2	Steris Corp.		748,670
	35,080	2,3	Triad Hospitals, Inc.		1,473,360
	17,400	2	Trigon Healthcare, Inc.		1,751,484
	29,100	2	Universal Health Services, Inc., Class B		1,354,605
	26,900	2	VISX, Inc.		440,353
	36,500	2,3	Vertex Pharmaceuticals, Inc.		776,355
			TOTAL		51,109,583
Shares				Value
			COMMON STOCKS--continued1
			Industrials--13.6%
	35,000	3	AGCO Corp.	$	795,200
	16,000		AMETEK, Inc.		619,680
	23,400		Airborne, Inc.		485,316
	12,900	2,3	Alaska Air Group, Inc.		395,127
	15,347	2	Albany International Corp., Class A		386,437
	19,700		Alexander and Baldwin, Inc.		535,249
	34,900	2	American Standard Cos.		2,607,030
	85,125	2,3	Apollo Group, Inc., Class A		3,263,692
	18,900	2,3	Atlas Air Worldwide Holdings, Inc.		235,683
	12,050		Banta Corp.		453,080
	57,900	2,3	Bisys Group, Inc.		1,980,180
	41,100	3	C.H. Robinson Worldwide, Inc.		1,293,417
	23,800		CNF, Inc.		752,318
	25,800	2,3	CSG Systems International, Inc.		676,476
	71,200	2	Ceridian Corp.		1,586,336
	33,500	2	Certegy, Inc.		1,299,800
	37,600	2,3	CheckFree Corp.		765,536
	30,600	2	ChoicePoint, Inc.		1,696,464
	58,600	2	DST Systems, Inc.		2,896,012
	34,000	2	DeVRY, Inc.		900,660
	21,500		Donaldson Co., Inc.		927,725
	36,100	2	Dun & Bradstreet Corp.		1,390,211
	23,200	2,3	Dycom Industries, Inc.		351,016
	23,500	2	EGL, Inc.		403,025
	16,900	2	Education Management Corp.		728,728
	44,500	2	Energizer Holdings, Inc.		1,063,550
	25,100		Expeditors International of Washington, Inc.		1,452,537
	18,400	3	Fastenal Co.		1,538,976
	21,900	2,3	Flowserve Corp.		755,550
	23,700	3	GATX Corp.		758,874
	20,025		Granite Construction, Inc.		462,778
	28,500		HON Industries, Inc.		852,720
	19,500		Harsco Corp.		828,750
	28,680		Hubbell, Inc., Class B		987,452
	17,500	2,3	Hunt (J.B.) Transportation Services, Inc.		458,325
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	26,200	2	Jacobs Engineering Group, Inc.	$	1,033,852
	14,500		Kaydon Corp.		413,105
	17,475		Kelly Services, Inc., Class A		506,408
	15,100		Kennametal, Inc.		598,866
	18,500	2,3	Korn/Ferry International		194,250
	19,100	2,3	L-3 Communications Holdings, Inc.		2,440,598
	47,800	2	MPS Group, Inc.		430,200
	37,000	3	Manpower, Inc.		1,489,250
	36,800	3	Miller Herman, Inc.		899,024
	12,600	2,3	NCO Group, Inc.		350,784
	16,200		Nordson Corp.		501,876
	16,900		Overseas Shipholding Group, Inc.		385,996
	23,900		Pentair, Inc.		1,160,584
	293	2	Per-Se Technologies, Inc., Warrants-7/8/2003		44
	26,400		Pittston Brink's Group		726,528
	25,200		Precision Castparts Corp.		891,324
	29,600	2,3	Quanta Services, Inc.		496,096
	82,300	2	Republic Services, Inc.		1,629,540
	14,800		Rollins, Inc.		298,960
	19,600	3	SPX Corp.		2,639,140
	5,200	2,3	Sequa Corp., Class A		308,100
	29,800	2	Sothebys Holdings, Inc., Class A		439,252
	13,800		Stewart & Stevenson Services, Inc.		260,682
	41,500	2,3	Swift Transportation Co., Inc.		807,175
	18,900	2	Sylvan Learning Systems, Inc.		521,640
	9,000		Tecumseh Products Co., Class A		467,640
	18,900		Teleflex, Inc.		1,068,039
	21,350		Trinity Industries, Inc.		501,725
	26,000	2	Valassis Communications, Inc.		972,140
	43,300		Viad Corp.		1,319,784
	19,900		Wallace Computer Services, Inc.		432,825
	18,900		York International Corp.		688,149
			TOTAL		61,457,486
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--15.3%
	171,400	2	3Com Corp.	$	988,978
	26,400	2,3	Activision, Inc.		831,072
	42,400	2,3	Acxiom Corp.		705,112
	19,300	2,3	Adtran, Inc.		479,798
	39,900	2	Advanced Fibre Communications, Inc.		707,826
	16,400	2,3	Advent Software, Inc.		809,832
	63,900	2	Affiliated Computer Services, Inc., Class A		3,455,073
	48,550	2	Arrow Electronics, Inc.		1,281,720
	122,400	2	Ascential Software Corp.		421,056
	226,600	2,3	Atmel Corp.		2,039,400
	57,700		Avnet, Inc.		1,478,274
	21,700	2,3	Avocent Corp.		542,500
	11,742	2,3	Cabot Microelectronics Corp.		574,184
	119,000	2	Cadence Design Systems, Inc.		2,437,120
	40,100	2,3	Cirrus Logic, Inc.		487,215
	30,200	2	CommScope, Inc.		479,576
	29,300	2,3	Credence Systems Corp.		593,032
	35,300	2,3	Cree, Inc.		416,187
	58,500	2,3	Cypress Semiconductor Corp.		1,302,795
	13,000	2	DSP Group, Inc.		275,860
	34,693		Diebold, Inc.		1,312,089
	67,100	2	Electronic Arts, Inc.		3,962,255
	15,600	2,3	FEI Co.		412,308
	48,600	2,3	Fairchild Semiconductor Corp., Class A		1,309,284
	41,700	2	Gartner Group, Inc.		487,890
	32,200		Harris Corp.		1,165,962
	43,500		Henry (Jack) & Associates, Inc.		1,012,680
	17,000	2	Imation Corp.		511,530
	19,200	2	InFocus Corp.		248,448
	50,800	2	Integrated Device Technology, Inc.		1,424,432
	30,800	2,3	International Rectifier Corp.		1,420,496
	23,200	2	Internet Security Systems, Inc.		454,720
	41,800	2	KEMETCorp.		809,666
	36,700	2	Keane, Inc.		573,988
	23,600	2,3	LTX Corp.		500,556
	61,200	2,3	Lam Research Corp.		1,570,392
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	53,200	2	Lattice Semiconductor Corp.	$	630,420
	43,500	2,3	Legato Systems, Inc.		300,150
	19,400	2	MIPS Technologies, Inc., Class B		109,998
	28,600	2	Macromedia, Inc.		640,354
	54,700	2	McDATA Corp., Class A		371,413
	31,400	2	Mentor Graphics Corp.		606,020
	45,200	2,3	Micrel, Inc.		992,140
	64,725	2	Microchip Technology, Inc.		2,880,263
	24,900	2	National Instruments Corp.		956,907
	68,450	2,3	Network Associates, Inc.		1,214,988
	17,800	3	Newport Corp.		365,078
	22,700	2,3	Plantronics, Inc.		478,062
	20,400	2,3	Plexus Corp.		509,796
	48,500	2,3	Polycom, Inc.		1,000,070
	31,700	2,3	Powerwave Technologies, Inc.		378,498
	75,700	2	Quantum Corp. - DLT & Storage Systems		556,395
	81,400	2,3	RF Micro Devices, Inc.		1,416,360
	27,700	2,3	RSA Security, Inc.		168,970
	24,800	2,3	Retek, Inc.		585,255
	34,100		Reynolds & Reynolds Co., Class A		987,536
	33,200	2,3	SanDisk Corp.		543,152
	34,300	2,3	Semtech Corp.		1,096,914
	51,160	2	Storage Technology Corp.		1,052,873
	136,000	2	SunGuard Data Systems, Inc.		4,047,360
	48,100	2	Sybase, Inc.		676,286
	19,800	2	Sykes Enterprises, Inc.		203,544
	69,200	2,3	Symantec Corp.		2,450,372
	29,400	2,3	Synopsys, Inc.		1,326,234
	26,800	2	Tech Data Corp.		1,268,712
	36,900	2,3	Titan Corp. (The)		843,534
	17,500	2	Transaction Systems Architects, Inc., Class A		203,000
	63,368	2	TriQuint Semiconductor, Inc.		642,552
	77,502	2,3	Vishay Intertechnology, Inc.		1,704,269
	38,000	2,3	Wind River Systems, Inc.		413,820
			TOTAL		69,104,601
Shares				Value
			COMMON STOCKS--continued1
			Materials--4.3%
	52,500		AK Steel Holding Corp.	$	643,650
	34,200	2	Airgas, Inc.		563,958
	22,275		Albemarle Corp.		660,454
	25,500		Arch Coal, Inc.		566,100
	26,600		Bowater, Inc.		1,268,288
	30,300		Cabot Corp.		902,940
	10,700		Carpenter Technology Corp.		283,550
	54,999		Crompton Corp.		662,738
	19,300	2	Cytec Industries, Inc.		636,707
	15,200	2	FMC Corp.		588,240
	16,750	3	Ferro Corp.		474,360
	13,900		Fuller (H.B.) Co.		432,429
	21,000		Glatfelter (P.H.) Co.		368,130
	55,900		IMC Global, Inc.		704,340
	25,000		Longview Fibre Co.		251,250
	24,900		Lubrizol Corp.		858,552
	57,200		Lyondell Chemical Co.		845,416
	23,600		Martin Marietta Materials		919,456
	9,600		Minerals Technologies, Inc.		480,000
	21,000		Olin Corp.		382,410
	51,400	2	Packaging Corp. of America		1,015,150
	13,700	3	Potlatch Corp.		472,924
	54,750		RPM, Inc.		928,013
	13,300	3	Rayonier, Inc.		780,311
	14,225		Schulman (A.), Inc.		288,768
	51,200	3	Solutia, Inc.		428,032
	46,473		Sonoco Products Co.		1,343,070
	27,000	2	UCAR International, Inc.		351,000
	24,100		Valspar Corp.		1,109,805
	25,267		Wausau-Mosinee Paper Corp.		328,724
			TOTAL		19,538,765
			Telecommunication Services--0.8%
	107,900	3	Broadwing, Inc.		712,140
	27,000	2,3	Price Communications Corp.		453,870
	28,500		Telephone and Data System, Inc.		2,451,000
			TOTAL		3,617,010
Shares				Value
			COMMON STOCKS--continued1
			Utilities--6.6%
	27,100	3	AGL Resources, Inc.	$	648,774
	40,600	3	ALLETE		1,239,924
	42,300	3	Alliant Energy Corp.		1,194,975
	48,700		American Water Works Co., Inc.		2,128,190
	68,300	3	Aquila, Inc.		1,095,532
	12,900	3	Black Hills Corp.		449,694
	21,200	3	Cleco Corp.		525,336
	42,700		Conectiv, Inc.		1,064,938
	61,400		DPL, Inc.		1,597,628
	26,900	3	DQE, Inc.		525,088
	56,400		Energy East Corp.		1,240,236
	29,500	3	Great Plains Energy, Inc.		692,955
	17,900	3	Hawaiian Electric Industries, Inc.		845,596
	18,100	3	Idacorp, Inc.		684,904
	34,000	3	MDU Resources Group, Inc.		990,420
	25,600		NSTAR		1,172,480
	38,700	3	National Fuel Gas Co.		921,834
	67,800		Northeast Utilities Co.		1,356,000
	37,400	3	OGE Energy Corp.		884,510
	29,100		ONEOK, Inc.		636,126
	19,000		PNM Resources, Inc.		551,000
	52,300		Potomac Electric Power Co.		1,195,578
	42,200	2,3	Puget Energy, Inc.		874,806
	39,600		Questar Corp.		1,104,840
	51,000		SCANA Corp.		1,629,450
	50,812	3	Sierra Pacific Resources		360,257
	33,666		Vectren Corp.		839,630
	23,600	3	WGL Holdings, Inc.		639,560
	15,500	3	WPS Resources Corp.		645,575
	33,100	3	Western Resources, Inc.		575,609
	56,700	3	Wisconsin Energy Corp.		1,474,200
			TOTAL		29,785,645
			TOTAL COMMON STOCKS (IDENTIFIED COST $383,433,845)		438,221,135
Principal Amount or Shares				Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.2%4
$	740,000		U.S. Treasury Bill, 7/18/2002 (identified cost $737,339)	$	737,339
			MUTUAL FUND--1.5%
	6,935,849		Prime Value Obligations Fund, Class IS (at net asset value)		6,935,849
			TOTAL INVESTMENTS (IDENTIFIED COST $391,107,033)5	$	445,894,323

1 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and minimizing trading costs. The underlying face amount, at value, of open index futures contracts is $12,393,550 at April 30, 2002, which represents 2.7% of net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the index is 99.6%.

2 Non-income producing security.

3 Certain shares are temporarily on loan to unaffiliated broker/dealers.

4 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.

5 The cost of investments for federal tax purposes is $391,107,033. The net unrealized appreciation of investments on a federal tax basis amounts to $54,787,290, which is comprised $82,112,389 appreciation and $27,325,099 depreciation at April 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($452,283,378) at April 30, 2002.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2002 (unaudited)

Assets:
Total investments in securities, at value (identified cost $391,107,033)			$	445,894,323
Cash				484,744
Cash held as collateral for securities lending				109,374,826
Income receivable				232,069
Receivable for investments sold				4,993,060
Receivable for shares sold				665,435
Receivable for daily variation margin				192,050
TOTAL ASSETS				561,836,507
Liabilities:
Payable on collateral due to broker	$	109,374,826
Payable for shares redeemed		131,306
Accrued expenses		46,997
TOTAL LIABILITIES				109,553,129
Net assets for 25,274,025 shares outstanding			$	452,283,378
Net Assets Consist of:
Paid in capital			$	418,135,006
Net unrealized appreciation of investments and futures contracts				54,757,096
Accumulated net realized loss on investments and futures contracts				(20,692,303	)
Undistributed net investment income				83,579
TOTAL NET ASSETS			$	452,283,378
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$452,283,378 ÷ 25,274,025 shares outstanding				$17.90

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2002 (unaudited)

Investment Income:
Dividends							$	1,878,951
Interest								337,198
TOTAL INCOME								2,216,149
Expenses:
Management fee				$	768,045
Custodian fees					33,571
Transfer and dividend disbursing agent fees and expenses					36,659
Directors'/Trustees' fees					2,460
Auditing fees					5,957
Legal fees					5,675
Portfolio accounting fees					49,107
Shareholder services fee					480,028
Share registration costs					12,232
Printing and postage					3,432
Insurance premiums					654
Miscellaneous					282
TOTAL EXPENSES					1,398,102
Waiver and Reimbursement:
Waiver of shareholder services fee	$	(422,425	)
Reimbursement of management fee		(746	)
TOTAL WAIVER AND REIMBURSEMENT					(423,171	)
Net expenses								974,931
Net investment income								1,241,218
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized loss on investments								(17,752,078	)
Net realized gain on futures contracts								2,538,649
Net change in unrealized depreciation of investments and futures contracts								76,811,918
Net realized and unrealized gain on investments and futures contracts								61,598,489
Change in net assets resulting from operations							$	62,839,707

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2002			Year Ended 10/31/2001
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,241,218		$	1,764,605
Net realized gain (loss) on investments and futures contracts		(15,213,429	)		256,811
Net change in unrealized appreciation/depreciation of investments and futures contracts		76,811,918			(41,796,283	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		62,839,707			(39,774,867	)
Distributions to Shareholders:
Distributions from net investment income		(1,309,796	)		(1,923,693	)
Distributions from net realized gain of investments and futures contracts		(5,133,807	)		(25,153,529	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(6,443,603	)		(27,077,222	)
Share Transactions:
Proceeds from sale of shares		226,406,524			265,638,322
Net asset value of shares issued to shareholders in payment of distributions declared		5,270,515			21,362,029
Cost of shares redeemed		(140,772,070	)		(128,631,898	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		90,904,969			158,368,453
Change in net assets		147,301,073			91,516,364
Net Assets:
Beginning of period		304,982,305			213,465,941
End of period (including undistributed net investment income of $83,579 and $152,157, respectively)	$	452,283,378		$	304,982,305

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended October 31,
	4/30/2002			2001			2000			1999			1998			1997
Net Asset Value, Beginning of Period	$15.26			$20.13			$17.63			$16.53			$17.17			$13.75
Income From Investment Operations:
Net investment income	0.05			0.11			0.17			0.16			0.20			0.18
Net realized and unrealized gain (loss) on investments and futures contracts	2.90			(2.51	)		4.71			2.92			0.74			4.00
TOTAL FROM INVESTMENT OPERATIONS	2.95			(2.40	)		4.88			3.08			0.94			4.18
Less Distributions:
Distributions from net investment income	(0.06	)		(0.14	)		(0.16	)		(0.15	)		(0.20	)		(0.17	)
Distributions from net realized gain on investments and futures contracts	(0.25	)		(2.33	)		(2.22	)		(1.83	)		(1.38	)		(0.59	)
TOTAL DISTRIBUTIONS	(0.31	)		(2.47	)		(2.38	)		(1.98	)		(1.58	)		(0.76	)
Net Asset Value, End of Period	$17.90			$15.26			$20.13			$17.63			$16.53			$17.17
Total Return1	19.54	%		(12.97	)%		30.40	%		20.23	%		5.73	%		31.83	%
Ratios to Average Net Assets:
Expenses	0.51	%2		0.58	%		0.57	%		0.60	%		0.61	%		0.60	%
Net investment income	0.65	%2		0.72	%		1.03	%		0.98	%		1.12	%		1.19	%
Expense waiver/reimbursement3	0.22	%2		0.22	%		0.22	%		0.22	%		0.28	%		0.31	%
Supplemental Data:
Net assets, end of period (000 omitted)	$452,283		$304,982			$213,466			$110,100			$83,630			$73,874
Portfolio turnover	23	%		30	%		38	%		40	%		25	%		19	%

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

2 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

April 30, 2002 (unaudited)

ORGANIZATION

Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of four portfolios. The financial statements included herein are only those of Federated Mid-Cap Index Fund (formerly, Federated Mid-Cap Fund) (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide investment results generally corresponding to the aggregate price and dividend performance of publicly traded common stocks comprising the Standard & Poor's Mid-Cap 400 Index.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP").

Investment Valuation

Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-ended regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized for financial reporting purposes as required. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Futures Contracts

The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the six months ended April 30, 2002 the Fund had a realized gain on futures contracts of $2,538,649.

Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At April 30, 2002, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Depreciation
June 2002	46 S&P Mid Cap 400 Index Futures	Long	$30,194

Securities Lending

The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and government securities to qualified brokers. Collateral for securities loaned must be in cash or government securities. Collateral is maintained at a minimum level of 102% of the market value on investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the custodian, as a fee for its services under the program, and the Fund, according to agreed-upon rates.

At April 30, 2002, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Market Value of Collateral
$107,522,170	$109,374,826

Use of Estimates

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

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in shares were as follows:

	Six Months Ended 4/30/2002		Year Ended 10/31/2001
Shares sold	13,209,324		15,884,087
Shares issued to shareholders in payment of distributions declared	325,239		1,274,088
Shares redeemed	(8,248,732	)	(7,771,769	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	5,285,831		9,386,406

MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.40% of the Fund's average daily net assets. Under the terms of a sub-management agreement between the Manager and Deutsche Asset Management, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.035% of the Fund's average daily net assets.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain investment management fees as a result of these transactions.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

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

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the six month ended April 30, 2002, were as follows:

Purchases	$	181,309,541
Sales	$	84,829,195

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated
World-Class Investment Manager
Federated Mid-Cap Index Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact
Federated Securities Corp., Distributor

Cusip 31420E205

Federated is a registered mark of Federated Investors, Inc. 2002 ©Federated Investors, Inc.

3042108 (6/02)

Federated Investors
World-Class Investment Manager

Federated Mini-Cap Index Fund

(formerly, Federated Mini-Cap Fund)

A Portfolio of Federated Index Trust

SEMI-ANNUAL REPORT

April 30, 2002

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2002 (unaudited)

Shares				Value
			COMMON STOCKS--94.1%1
			Consumer Discretionary--17.2%
	1,879	2,3	1-800-FLOWERS.COM, Inc.	$	25,911
	1,451	2,3	4 Kids Entertainment, Inc.		24,957
	5,068	2,3	99 Cents Only Stores		157,513
	4,165	2,3	ACTV, Inc.		5,706
	2,450		ADVO, Inc.		106,085
	1,900	2	AFC Enterprises, Inc.		63,897
	4,500		AMC Entertainment, Inc.		65,250
	2,528	2	APAC Customer Services, Inc.		9,151
	1,661		Aaron Rents, Inc.		46,425
	2,699	2,3	Ackerley Group, Inc. (The)		45,370
	2,000	2	Action Performance Cos., Inc.		94,100
	2,326		Advanced Marketing Services, Inc.		56,405
	4,200	2,3	Alliance Gaming Corp.		62,496
	1,769	2	American Axle & Manufacturing Holdings, Inc.		58,377
	8,942	2,3	American Greetings Corp., Class A		158,720
	900	2	Ameristar Casinos, Inc.		28,044
	3,517	2,3	Ann Taylor Stores Corp.		152,884
	4,558	3	Applebee's International, Inc.		177,944
	1,882	3	Applica, Inc.		19,385
	1,726		Applied Industrial Technologies, Inc.		34,347
	3,229		Arctic Cat, Inc.		62,772
	3,040	2,3	Argosy Gaming Corp.		109,440
	9,590		ArvinMeritor, Inc.		304,003
	5,617	2	Aztar Corp.		130,708
	4,069	2,3	Bally Total Fitness Holding Corp.		88,908
	1,196	3	Bandag, Inc.		46,142
	1,100		Bassett Furniture Industries, Inc.		22,550
	793	2	Beasley Broadcast Group, Inc., Class A		13,084
	1,591	2,3	Beazer Homes USA, Inc.		140,774
	5,268	3	Blyth Industries, Inc.		156,723
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	5,863		Bob Evans Farms, Inc.	$	178,235
	3,336	2	Boca Resorts, Inc., Class A		46,871
	3,725		Borg-Warner Automotive, Inc.		232,738
	5,096	2	Boyd Gaming Corp.		77,969
	9,233	2	Brightpoint, Inc.		5,170
	1,839		Brown Shoe Co., Inc.		37,424
	2,583	2,3	Buca, Inc.		43,911
	624	2	Buckle, Inc.		14,570
	2,600	2	Building Materials Holding Corp.		39,026
	2,056		Burlington Coat Factory Warehouse		46,178
	893		Bush Industries, Inc., Class A		12,055
	7,882	3	CBRL Group, Inc.		239,219
	3,949	2,3	CEC Entertainment, Inc.		182,444
	5,194	2,3	CSK Auto Corp.		79,208
	452	2,3	CSS Industries, Inc.		15,594
	2,800	2,3	California Pizza Kitchen, Inc.		65,520
	5,080	3	Carlisle Cos., Inc.		205,689
	2,725		Cato Corp., Class A		69,760
	8,398	2	Champion Enterprises, Inc.		69,703
	2,183	2,3	Championship Auto Racing Teams, Inc.		30,016
	3,500	2,3	Charlotte Russe Holdings, Inc.		98,490
	17,271	2,3	Charming Shoppes, Inc.		149,221
	5,368	2,3	Cheesecake Factory, Inc.		223,470
	4,779	2,3	Chicos Fas, Inc.		172,426
	1,821	2,3	Children's Place Retail Stores, Inc.		63,043
	3,050	2,3	Christopher & Banks Corp.		113,368
	685		Churchill Downs, Inc.		25,345
	5,200	2,3	Circuit City Stores, Inc.		153,400
	5,760		Claire's Stores, Inc.		124,301
	2,625		Coachmen Industries, Inc.		48,562
	339	2	Coldwater Creek, Inc.		7,431
	1,000	2,3	Cole National Corp., Class A		19,000
	16,691	2,3	Collins & Aikman Corp.		131,859
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	4,377	2,3	Concord Camera Corp.	$	33,703
	8,827	3	Cooper Tire & Rubber Co.		218,910
	8,680	2	Copart, Inc.		133,585
	3,150	2,3	Cost Plus, Inc.		92,768
	2,619	2	Crestline Capital Corp.		88,627
	2,971	2	Crown Media Holdings, Inc., Class A		30,007
	4,948	2	Cumulus Media, Inc., Class A		92,676
	400		Deb Shops, Inc.		11,996
	3,700	2	Digital Generation Systems, Inc.		3,478
	9,410		Dillards, Inc., Class A		230,451
	4,163	2,3	Direct Focus, Inc.		186,086
	2,868	2,3	Dover Downs Entertainment, Inc.		33,416
	1,669		Dover Motorsports, Inc.		13,486
	2,017	2	Dress Barn, Inc.		60,510
	2,653	2	Dura Automotive Systems, Inc.		57,835
	1,196	2,3	Electronics Boutique PLC		34,014
	4,500	2	Engage, Inc.		1,035
	2,383	2	Factory 2-U Stores, Inc.		33,005
	2,897		Fedders Corp.		11,153
	7,513		Federal Signal Corp.		172,799
	3,200	2,3	Finish Line, Inc., Class A		64,864
	400		Fisher Communications, Inc.		18,676
	6,374	2,3	Fleetwood Enterprises, Inc.		68,011
	1,700		Foamex International, Inc.		14,346
	2,749	2,3	Footstar, Inc.		81,068
	2,351	2,3	Fossil, Inc.		65,240
	3,169		Freds, Inc.		123,353
	3,600		Friedmans, Inc., Class A		47,804
	8,002	2	Furniture Brands International, Inc.		326,722
	400		Garan, Inc.		25,800
	2,678	2	Gaylord Entertainment Co.		72,708
	2,854	2,3	Genesco, Inc.		79,484
	4,900	2	Getty Images, Inc.		170,569
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	2,000	2,3	Global Sports, Inc.	$	25,900
	1,000		Gray Communications System, Inc.		15,800
	162		Grey Global Group, Inc.		115,992
	2,245	2	Group 1 Automotive, Inc.		98,421
	3,814	2	Gtech Holdings Corp.		228,497
	845	2	Guess ?, Inc.		6,177
	3,097	2	Guitar Center, Inc.		61,135
	4,900	2,3	Gymboree Corp.		89,376
	3,000		Hancock Fabrics, Inc.		54,570
	4,529		Handleman Co.		57,971
	4,840		Harman International Industries, Inc.		285,802
	2,948		Haverty Furniture Cos., Inc.		55,717
	1,605	2,3	Hayes Lemmerz International, Inc.		257
	1,200	2,3	Hibbett Sporting Goods, Inc.		31,620
	2,000	2,3	Hollywood Casino Corp., Class A		30,540
	7,031	2,3	Hollywood Entertainment Corp.		145,120
	3,644	2,3	Hot Topic, Inc.		82,209
	2,100	2,3	Hovnanian Enterprises, Inc., Class A		63,924
	3,946		Hughes Supply, Inc.		164,627
	2,295	2	IHOP Corp.		83,423
	1,772	2,3	IMPCO Technologies, Inc.		23,266
	3,392	2	Information Holdings, Inc.		105,830
	6,496	2,3	Insight Enterprises, Inc.		169,546
	5,873	2	Interactive Data Corp.		102,484
	5,105		Interface, Inc.		41,095
	2,854	2	Intertan, Inc.		34,676
	3,523	2,3	Isle of Capri Casinos, Inc.		73,913
	1,900	2	J. Jill Group, Inc.		59,926
	2,343	2,3	JAKKS Pacific, Inc.		45,150
	5,137	2	Jack in the Box, Inc.		164,024
	4,419	2	Journal Register Co.		95,671
	1,200		K-Swiss, Inc., Class A		54,924
	1,900	2	K2, Inc.		15,580
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	5,881		KB HOME	$	293,168
	3,839	3	Kellwood Co.		104,613
	1,469	2,3	Kenneth Cole Productions, Inc., Class A		39,663
	3,005	2,3	Key3Media Group, Inc.		12,861
	4,196		Kimball International, Inc., Class B		71,332
	7,873		La-Z Boy Chair Co.		236,505
	4,716		Lancaster Colony Corp.		181,566
	2,763	3	Landrys Seafood Restaurants, Inc.		76,535
	1,560	3	Lands' End, Inc.		78,452
	6,903	3	Lee Enterprises, Inc.		270,943
	1,849		Libbey, Inc.		72,296
	2,190	3	Liberty Corp.		92,747
	529	2	Liberty Livewire Corp.		2,095
	5,082	2,3	Linens `N Things, Inc.		176,345
	1,800	2,3	Lithia Motors, Inc., Class A		50,760
	1,158	2	Lodgenet Entertainment		20,728
	3,509	3	Lone Star Steakhouse & Saloon, Inc.		68,426
	2,334	2	Luby's Cafeteria, Inc.		16,338
	2,496		M.D.C. Holdings, Inc.		126,048
	1,100	3	M/I Schottenstein Homes, Inc.		69,520
	3,600	2	MTR Gaming Group, Inc.		60,336
	4,500	2,3	Magna Entertainment Corp., Class A		36,900
	1,817		Marcus Corp.		31,434
	1,896	2,3	Martha Stewart Living Omnimedia, Class A		34,128
	4,592		Matthews International Corp., Class A		125,362
	2,168		Media General, Inc., Class A		148,768
	4,931	2,3	Mens Wearhouse, Inc.		121,401
	1,200	3	Meritage Corp.		53,760
	300	2	Mestek, Inc.		6,810
	7,713	2	Metromedia International Group, Inc.		463
	9,642	2	Michaels Stores, Inc.		390,019
	2,889	3	Midas, Inc.		42,468
	3,989	2,3	Midway Games, Inc.		54,450
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	4,821		Modine Manufacturing Co.	$	141,834
	3,079	2	Monaco Coach Corp.		88,429
	1,000		Movado Group, Inc.		22,800
	2,175	2,3	Movie Gallery, Inc.		43,652
	877	2,3	NVR, Inc.		324,271
	536		National Presto Industries, Inc.		17,929
	4,268	2,3	Nautica Enterprise, Inc.		61,417
	200	2	Newmark Homes Corp.		3,560
	3,121	2	O'Charleys, Inc.		78,836
	6,098	2	O'Reilly Automotive, Inc.		197,514
	17,533	2	Officemax, Inc.		110,107
	607	2	On Command Corp.		2,610
	1,413		Oneida Ltd.		25,999
	1,759		OshKosh B'Gosh, Inc., Class A		73,614
	600		Oxford Industries, Inc.		17,250
	1,205	2,3	P. F. Chang's China Bistro, Inc.		87,302
	952	2	PC Connections, Inc.		9,425
	4,012	2,3	Pacific Sunwear of California		100,220
	1,843	2	Palm Harbor Homes, Inc.		43,218
	1,300	2,3	Panera Bread Co.		87,191
	2,753	2,3	Papa Johns International, Inc.		85,618
	1,491	2,3	Parkervision, Inc.		33,786
	3,943	2	Paxson Communications Corp.		41,796
	9,900	2	Pegasus Communications Corp.		20,493
	1,760	2,3	Penn National Gaming, Inc.		67,654
	4,122	2	Penton Media, Inc.		27,205
	6,256	3	Pep Boys-Manny Moe & Jack		119,802
	14,258	2	PetSmart, Inc.		214,155
	2,695		Phillips Van Heusen Corp.		41,072
	13,602		Pier 1 Imports, Inc.		325,768
	1,911		Pinnacle Entertainment, Inc.		21,212
	1,340	2	Playboy Enterprises, Inc., Class B		17,594
	3,677	3	Polaris Industries, Inc., Class A		276,878
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	1,800	2,3	Pomeroy Computer Resources, Inc.	$	29,266
	14,300	2,3	Priceline.com, Inc.		72,201
	357	2	Pricesmart, Inc.		13,709
	7,371	2	Prime Hospitality Corp.		95,012
	1,546	2	Private Media Group, Inc.		9,663
	1,417		Pulitzer, Inc.		73,684
	2,700	2	Quaker Fabric Corp.		37,179
	2,834	2	Quiksilver, Inc.		69,150
	4,657	2	R.H. Donnelley Corp.		137,009
	3,797	2,3	Rare Hospitality International, Inc.		106,316
	1,900	2	Recoton Corp.		8,396
	3,916	2	Regent Communications, Inc.		29,879
	6,171		Regis Corp.		185,500
	902	2,3	Rent-A-Center, Inc.		54,391
	2,753	2,3	Rent-Way, Inc.		26,291
	9,660		Ruby Tuesday, Inc.		242,659
	970		Russ Berrie & Co., Inc.		35,405
	4,291		Russell Corp.		79,341
	5,303	2	Ryan's Family Steak Houses, Inc.		138,939
	1,843	3	Ryland Group, Inc.		202,730
	3,395	2,3	SCP Pool Corp.		107,588
	5,753	2	SITEL Corp.		15,706
	16,259	2,3	SONICblue, Inc.		31,705
	1,009	2	Saga Communications, Inc., Class A		28,232
	1,633	2,3	Salem Communications Corp.		39,976
	1,213	2,3	Salton, Inc.		20,803
	1,076		Sauer-Danfoss, Inc.		12,890
	4,606	2,3	Scholastic Corp.		233,662
	2,760	2	School Specialty, Inc.		78,301
	3,300	2	Scientific Games Holdings Corp.		32,901
	4,617	3	Shopko Stores, Inc.		96,172
	3,200	2,3	Shuffle Master, Inc.		73,280
	4,531	2,3	Sinclair Broadcast Group, Inc.		60,489
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	8,606	2,3	Sirius Satellite Radio, Inc.	$	38,641
	2,736	2,3	Skechers USA, Inc., Class A		63,612
	1,025	3	Skyline Corp.		36,900
	3,151	2	Sonic Automotive, Inc.		121,156
	5,313	2	Sonic Corp.		155,724
	6,324	2,3	Spanish Broadcasting System, Inc.		101,500
	2,236	2	Speedway Motorsports, Inc.		66,745
	1,531	2	Spiegel, Inc., Class A		2,159
	2,600	2,3	Sports Resorts Int'l, Inc.		19,318
	6,617	2	Stamps.com, Inc.		30,107
	700		Standard Motor Products, Inc.		11,550
	3,363	3	Standard Pacific Corp.		112,896
	1,300	2	Stanley Furniture Co., Inc.		46,995
	4,520	2,3	Station Casinos, Inc.		83,620
	2,761	2	Stein Mart, Inc.		32,580
	600	2	Steinway Musical Instruments, Inc.		13,440
	1,970	2,3	Steven Madden Ltd.		38,474
	1,298	2	Stoneridge, Inc.		18,821
	4,519	3	Stride Rite Corp.		39,767
	3,852		Sturm Ruger & Co., Inc.		53,543
	2,891	3	Superior Industries International, Inc.		149,089
	3,500	2	TBC Corp.		52,150
	6,732	2	The Boyds Collection Ltd.		53,654
	2,769		The Steak n Shake Co.		38,711
	1,259		Thor Industries, Inc.		74,596
	3,831	2,3	TiVo, Inc.		14,251
	6,322	2,3	Toll Brothers, Inc.		188,080
	4,426	2,3	Too, Inc.		133,444
	6,848	2,3	Topps Co.		70,055
	2,176		Toro Co.		126,208
	5,536	2,3	Tower Automotive, Inc.		81,213
	2,714	2,3	Trans World Entertainment Corp.		21,983
	1,521		Triarc Companies, Inc.		42,588
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	1,600	2,3	Tripath Technology, Inc.	$	2,848
	500	2	Tropical Sportswear International Corp.		13,800
	1,708	2	Tuesday Morning Corp.		45,518
	8,596		Tupperware Corp.		197,364
	2,597	2	Tweeter Home Entertainment Group, Inc.		42,876
	1,699	2	Ultimate Electronics, Inc.		49,101
	6,515	2	Unifi, Inc.		73,033
	1,410	2	Uniroyal Technology Corp.		689
	1,117	2	United Auto Group, Inc.		27,836
	11,500	2	UnitedGlobalCom, Inc., Class A		62,100
	2,808	2	Universal Electronics, Inc.		46,753
	1,400	2	Urban Outfitters, Inc.		42,336
	843	2,3	Vail Resorts, Inc.		16,059
	1,669	2	Value City Department Stores, Inc.		7,410
	174		Value Line, Inc.		8,312
	3,967	2	Valuevision International, Inc., Class A		74,937
	3,080	2,3	Vans, Inc.		37,514
	2,073	2	WESCO International, Inc.		14,822
	2,256	3	WMS Industries, Inc.		36,344
	4,735		Wabtec Corp.		72,398
	3,303		Wellman, Inc.		54,830
	2,472	2,3	WestPoint Stevens, Inc.		13,794
	2,250	2	Wet Seal, Inc., Class A		80,168
	6,215		Wiley (John) & Sons, Inc., Class A		165,319
	2,542	2	Wilsons The Leather Experts, Inc.		35,537
	1,712		Winnebago Industries, Inc.		79,950
	5,560		Wolverine World Wide, Inc.		100,191
	1,797	2,3	World Wrestling Federation Entertainment, Inc.		25,967
	15,723	2	Wyndham International, Inc., Class A		17,295
	1,855	2,3	XM Satellite Radio Holdings, Inc., Class A		21,351
	2,886	2,3	The Yankee Candle Co., Inc.,		63,319
	2,626	2	Young Broadcasting, Inc., Class A		59,321
Shares				Value
			COMMON STOCKS--continued1
			Consumer Discretionary--continued
	4,756	2	Zale Corp.	$	188,908
	1,031	2,3	bebe stores, Inc.		23,084
	5,300	2	dELiA*s Corp., Class A		34,927
			TOTAL		23,316,092
			Consumer Staples--3.7%
	2,300	2	7-Eleven, Inc.		21,022
	300		Alico, Inc.		8,700
	2,543	2,3	American Italian Pasta Co., Class A		126,489
	200	2	Arden Group, Inc., Class A		12,840
	2,475	2	Aurora Foods, Inc.		14,702
	1,400	2	BriteSmile, Inc.		7,280
	6,754		Casey's General Stores, Inc.		87,937
	5,729		Church and Dwight, Inc.		163,849
	142		Coca-Cola Bottling Co.		6,981
	5,448		Corn Products International, Inc.		180,329
	12,720	2	Dean Foods Co.		470,894
	2,471	2	Del Monte Foods Co.		26,143
	5,754	3	Delta & Pine Land Co.		111,973
	13,532		Dial Corp.		283,901
	4,900		Dimon, Inc.		37,730
	6,149		Dole Food, Inc.		204,577
	3,331	3	Dreyers Grand Ice Cream, Inc.		155,424
	1,767	2,3	Duane Reade, Inc.		56,102
	2,400	2,3	Elizabeth Arden, Inc.		28,536
	81		Farmer Brothers Co.		28,107
	5,837	3	Fleming Cos., Inc.		128,647
	3,600	2	Flowers Foods, Inc.		93,924
	3,047	2	Great Atlantic & Pacific Tea Co., Inc.		78,064
	1,200	2	Green Mountain Coffee, Inc.		29,520
	2,966	2,3	Hain Celestial Group, Inc.		54,367
	2,828		Herbalife International, Inc., Class A		53,873
	990		Ingles Markets, Inc., Class A		11,929
Shares				Value
			COMMON STOCKS--continued1
			Consumer Staples--continued
	2,616		International Multifoods Corp.	$	70,240
	4,268		Interstate Bakeries Corp.		105,420
	1,200	2	J&J Snack Foods Corp.		46,224
	2,395		Lance, Inc.		38,200
	5,053		Longs Drug Stores Corp.		152,803
	200		Maui Land & Pineapple Co., Inc.		4,280
	1,662	2	Mondavi Robert Corp., Class A		65,184
	6,030	2	NBTY, Inc.		103,595
	2,100		Nash Finch Co.		63,000
	400	2	National Beverage Corp.		5,940
	1,200		Natures Sunshine Products, Inc.		13,091
	5,607		Nu Skin Asia Pacific, Inc., Class A		78,498
	4,900	2,3	Pathmark Stores, Inc.		109,270
	12,261		Pennzoil-Quaker State Co.		264,960
	6,242	2	Performance Food Group Co.		225,087
	1,544		Pilgrim's Pride Corp.		20,998
	2,725	2	Playtex Products, Inc.		35,425
	5,167	2	Ralcorp Holdings, Inc.		144,676
	788	2,3	Revlon, Inc., Class A		4,019
	567		Riviana Foods, Inc.		13,432
	3,564		Ruddick Corp.		60,873
	1,200		Sanderson Farms, Inc.		30,684
	1,593		Schweitzer-Mauduit International, Inc.		45,002
	33		Seaboard Corp.		9,108
	7,063		Sensient Technologies Corp.		176,504
	1,269	2	Smart & Final, Inc.		11,611
	3,391	3	Smucker (J.M.) Co.		117,668
	3,100	2	Spartan Stores, Inc.		24,738
	1,000		Standard Commercial Corp.		20,650
	2,168	2	Star Scientific, Inc.		4,553
	708	2	Tejon Ranch Co.		23,364
	1,100	2,3	The Boston Beer Co., Inc., Class A		15,950
Shares				Value
			COMMON STOCKS--continued1
			Consumer Staples--continued
	1,936	2	United Natural Foods, Inc.	$	46,367
	4,388		Universal Corp.		186,534
	3,193	3	Vector Group Ltd.		67,532
	2,849		WD 40 Co.		77,892
	3,428	2	Wild Oats Markets, Inc.		37,639
			TOTAL		5,004,851
			Energy--3.2%
	2,500	2	3TEC Energy Corp.		44,675
	600	2	ATP Oil & Gas Corp.		2,340
	942	2	Atwood Oceanics, Inc.		43,285
	1,697		Berry Petroleum Co., Class A		28,849
	5,620	2	Brown Tom, Inc.		162,980
	4,784		Cabot Oil & Gas Corp., Class A		120,222
	5,578	2	Cal Dive International, Inc.		144,470
	2,939	2	Callon Petroleum Corp.		18,721
	1,468	3	Carbo Ceramics, Inc.		55,314
	19,621	3	Chesapeake Energy Corp.		167,760
	800	2	Chiles Offshore Corp.		20,896
	419	2	Clayton Williams Energy, Inc.		5,552
	4,246	2	Comstock Resources, Inc.		39,275
	1,959	2	Denbury Resources, Inc.		18,003
	681	2,3	Dril-Quip, Inc.		16,821
	3,257		EEX Corp.		6,449
	1,365	2,3	Emex Corp.		3,426
	700	2,3	Encore Aquisition Co.		11,620
	2,300	2	Energy Partners Ltd.		19,757
	2,305	2,3	Evergreen Resources, Inc.		103,149
	3,317		Frontier Oil Corp.		69,657
	18,898	2,3	Grey Wolf, Inc.		85,986
	839	2	Gulf Island Fabrication, Inc.		15,480
	1,100	2	Gulfmark Offshore, Inc.		48,884
	800		Holly Corp.		13,920
Shares				Value
			COMMON STOCKS--continued1
			Energy--continued
	3,147	2	Horizon Offshore, Inc.	$	31,155
	2,400	2	Hydril Co.		61,246
	5,464	2,3	Input/Output, Inc.		49,449
	2,600	2,3	KCS Energy, Inc.		9,568
	13,562	2	Key Energy Group, Inc.		164,778
	1,412	2,3	Key Production Co.		30,217
	3,368	2	Lone Star Technologies, Inc.		89,757
	500		Lufkin Industries, Inc.		14,535
	9,025	2	Magnum Hunter Resources, Inc.		66,695
	1,805	2	Magnum Hunter Resources, Inc., Warrants		1,679
	4,703	2	Maverick Tube Corp.		85,359
	1,305	2	McMoRan Exploration Co.		4,946
	3,586	2	Meridian Resource Corp.		16,065
	1,000	2	NATCO Group, Inc., Class A		8,200
	1,791	2	NS Group, Inc.		17,856
	10,183	2,3	Newpark Resources, Inc.		85,232
	2,556	2,3	Nuevo Energy Co.		40,129
	1,400	2	OSCA, Inc.		39,116
	3,992	2	Oceaneering International, Inc.		105,788
	3,409	3	Offshore Logistics, Inc.		68,862
	1,000	2,3	Oil States International, Inc.		10,750
	1,500	2,3	PYR Energy Corp.		2,115
	10,137	2	Parker Drilling Co.		43,386
	3,464	3	Patina Oil & Gas Corp.		125,397
	5,700	2	PetroQuest Energy, Inc.		38,703
	3,528	2	Plains Resources, Inc.		96,667
	2,040	2	Prima Energy Corp.		50,798
	1,391	2,3	Pure Resources, Inc.		32,828
	1,800	2	Quicksilver Resources, Inc.		43,920
	1,161		RPC Energy Services, Inc.		18,216
	5,300	2	Range Resources Corp.		30,634
	3,200	2	Remington Oil & Gas Corp.		65,120
	1,600		Resource America, Inc., Class A		18,016
Shares				Value
			COMMON STOCKS--continued1
			Energy--continued
	2,206	2,3	SEACOR SMIT, Inc.	$	106,109
	4,140	2,3	Seitel, Inc.		33,327
	2,610	2	Spinnaker Exploration Co.		111,839
	4,858	3	St. Mary Land & Exploration Co.		117,515
	2,831	2,3	Stone Energy Corp.		120,034
	5,719	2	Superior Energy Services, Inc.		63,824
	2,823	2	Swift Energy Co.		53,552
	2,199	2	Syntroleum Corp.		12,160
	6,820	2	Tesoro Petroleum Corp.		77,066
	2,400	2	Tetra Technologies, Inc.		68,736
	1,620	2	The Houston Exploration Co.		50,204
	1,602	2	Transmontaigne, Co.		8,603
	4,832	2	Trico Marine Services, Inc.		39,526
	6,238	2,3	Unit Corp.		121,766
	1,467	2	Universal Compression Holdings, Inc.		36,015
	4,859	2,3	Veritas DGC, Inc.		87,948
	6,934		Vintage Petroleum, Inc.		95,689
	3,700	2	W-H Energy Services, Inc.		95,275
	3,487	3	Western Gas Resources, Inc.		134,459
	3,859	2	Westport Resources Corp.		79,958
			TOTAL		4,348,278
			Financials--20.3%
	1,358		1st Source Corp.		32,118
	2,000		Acadia Realty Trust		13,860
	1,700	2,3	Actrade Financial Technologies Ltd.		28,288
	2,573		Advanta Corp., Class A		35,893
	3,134	2,3	Affiliated Managers Group, Inc.		199,322
	896		Alabama National Bancorp		35,392
	219	2	Alexander's, Inc.		14,684
	1,850		Alexandria Real Estate Equities, Inc.		84,545
	5,331		Alfa Corp.		171,072
	4,380		Amcore Financial, Inc.		105,116
	6,600	3	AmerUs Group Co.		248,688
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	5,376		American Capital Strategies Ltd.	$	172,408
	3,649		American Financial Holdings, Inc.		107,609
	2,300	2	American Physicians Capital, Inc.		41,400
	400	2	American Realty Investors, Inc.		3,668
	2,988		Amli Residential Properties Trust		75,895
	3,905		Anchor Bancorp Wisconsin, Inc.		85,910
	10,600		Annaly Mortgage Management, Inc.		192,920
	5,900		Anthracite Capital, Inc.		67,732
	2,969		Argonaut Group, Inc.		66,981
	630		Arrow Financial Corp.		19,184
	1,600		Associated Estates Realty Corp.		16,272
	500	2	Avatar Holdings, Inc.		13,500
	600		BKF Capital Group, Inc.		19,050
	2,330	2	BOK Financial Corp.		79,220
	7,764		BRE Properties, Inc., Class A		253,495
	881		BSB Bancorp, Inc.		26,368
	719		Baldwin & Lyons, Inc., Class B		19,765
	389		BancFirst Corp.		16,727
	13,581		Bancorpsouth, Inc.		297,424
	1,192		Bank Granite Corp.		29,692
	1,100		Bank Mutual Corp.		21,318
	6,200		BankAtlantic Bancorp, Inc., Class A		79,050
	3,800	2	BankUnited Financial Corp., Class A		60,762
	2,100		Banner Corp.		46,240
	8,285	3	Bay View Capital Corp.		57,995
	2,673		Bedford Property Investors, Inc.		70,941
	3,360		Berkley, (W. R.) Corp.		203,280
	3,200		Boston Private Financial Holdings, Inc.		85,920
	4,231		Boykin Lodging Co.		39,983
	4,634	3	Brandywine Realty Trust		110,706
	2,635		Brookline Bancorp, Inc.		65,480
	6,604	3	Brown & Brown		219,253
	2,377		Burnham Pacific Properties, Inc.		3,661
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	3,864	3	CBL & Associates Properties, Inc.	$	141,422
	900		CCBT Financial Cos., Inc.		22,941
	2,700		CFS Bancorp, Inc.		40,554
	1,572		CNA Surety Corp.		25,545
	784		CPB, Inc.		30,106
	2,953		CVB Financial Corp.		63,489
	6,461	2,3	Cadiz, Inc.		71,071
	6,037		Camden Property Trust		240,273
	3,672		Capital Automotive REIT		88,862
	670		Capital City Bank Group, Inc.		18,599
	4,055		Capital Federal Financial		103,321
	2,083	3	Capstead Mortgage Corp.		46,867
	2,357		Cash America International, Inc.		23,499
	861		Cathay Bancorp, Inc.		73,521
	2,105		Centennial Bancorp		16,756
	3,776	3	CenterPoint Properties Corp.		206,547
	749	2,3	Central Coast Bancorp		15,564
	7,360		Charter Municipal Mortgage Acceptance Co.		122,838
	3,543		Chateau Communities, Inc.		108,416
	1,917		Chelsea Property Group, Inc.		115,883
	2,746		Chemical Financial Corp.		88,144
	5,338		Chittenden Corp.		176,421
	7,536		Citizens Banking Corp.		250,195
	2,300	2	Citizens, Inc., Class A		29,969
	988		City Bank Lynwood, WA		26,745
	1,900	2	City Holding Co.		36,497
	2,000	2	Clark/Bardes, Inc.		47,200
	750	3	CoBiz, Inc.		13,395
	1,000		Coastal Bancorp, Inc.		31,370
	19,161		Colonial BancGroup, Inc.		306,576
	2,684	3	Colonial Properties Trust		97,644
	2,520	2	Columbia Banking Systems, Inc.		30,870
	3,689		Commerce Group, Inc.		148,888
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	7,674		Commercial Federal Corp.	$	225,616
	5,386		Commercial Net Lease Realty		81,813
	900	3	Commonwealth Bancorp		24,750
	2,300		Community Bank System, Inc.		77,625
	735		Community Banks, Inc.		20,102
	6,001		Community First Bankshares, Inc.		164,907
	1,100		Community Trust Bancorp, Inc.		28,522
	2,367	2,3	CompuCredit Corp.		18,463
	1,100		Connecticut Bancshares, Inc.		35,200
	4,878		Cornerstone Realty Income Trust, Inc.		54,390
	900		Corporate Office Properties Trust		12,141
	4,697	2,3	Corrections Corp. America		81,023
	1,781		Corus Bankshares, Inc.		89,511
	4,479		Cousins Properties, Inc.		120,933
	4,262	3	Crawford & Co., Class B		60,094
	1,325	2,3	Credit Acceptance Corp.		17,609
	2,200		Crown American Realty Trust		22,000
	1,226	2	DVI, Inc.		24,152
	2,417	3	Delphi Financial Group, Inc., Class A		103,931
	7,634		Developers Diversified Realty		168,711
	3,906		Dime Community Bancorp, Inc.		90,854
	6,110	3	Doral Financial Corp.		213,483
	2,921		Downey Financial Corp.		155,164
	3,937		East West Bancorp, Inc.		140,945
	1,587		EastGroup Properties, Inc.		39,596
	1,532		Entertainment Properties Trust		35,466
	6,791		Equity Inns, Inc.		54,600
	100		Equity One, Inc.		1,400
	1,723		Essex Property Trust, Inc.		89,596
	1,111		F & M Bancorp		31,996
	1,228		FBL Financial Group, Inc., Class A		24,683
	6,663		FNB Corp.		201,556
	704		Farmers Capital Bank Corp.		24,816
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	1,500	2,3	Federal Agricultural Mortgage Association, Class C	$	56,565
	6,345		Federal Realty Investment Trust		170,998
	3,692		FelCor Lodging Trust, Inc.		79,378
	2,900		Fidelity Bankshares, Inc.		62,205
	1,829	2,3	Financial Federal Corp.		64,326
	900		Financial Institutions, Inc.		31,095
	11,124	3	First American Financial Corp.		245,840
	2,524		First BanCorp		84,554
	700		First Bancorp, Inc.		17,325
	500	2	First Banks America, Inc.		19,810
	964		First Busey Corp.		20,726
	3,686		First Charter Corp.		74,089
	1,067		First Citizens Bancshares, Inc., Class A		116,516
	7,431		First Commonwealth Financial Corp.		99,947
	880		First Community Bancshares, Inc.		28,133
	1,400		First Essex Bancorp, Inc.		46,466
	3,616		First Federal Capital Corp.		72,931
	4,041		First Financial Bancorp		76,658
	1,087		First Financial Bankshares, Inc.		39,153
	744		First Financial Corp.		35,303
	1,372		First Financial Holdings, Inc.		40,720
	1,233	3	First Indiana Corp.		24,561
	6,588		First Industrial Realty Trust		221,818
	1,161		First Merchants Corp.		31,427
	8,146		First Midwest Bancorp, Inc.		247,883
	969		First Niagra Financial Group, Inc.		21,084
	2,800		First Place Financial Corp.		48,132
	1,300	2	First Republic Bank		43,030
	2,633		First Sentinel Bancorp, Inc.		38,731
	3,238		FirstFed Financial Corp.		92,607
	1,450		Flagstar Bancorp, Inc.		42,920
	2,550		Flushing Financial Corp.		47,506
	3,609		Forest City Enterprises, Inc., Class A		138,766
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	9,133	3	Fremont General Corp.	$	63,840
	2,467	2	Friedman, Billings, Ramsey Group, Inc., Class A		22,178
	2,996		Frontier Financial Corp.		83,885
	1,822		GBC Bancorp		58,668
	1,222	2	Gabelli Asset Management, Inc., Class A		47,658
	4,107	3	Gables Residential Trust		127,317
	945		German American Bancorp		16,443
	2,400		Getty Realty Holding Corp.		45,240
	1,400		Glacier Bancorp, Inc.		30,240
	3,493		Glenborough Realty Trust, Inc.		78,418
	4,665		Glimcher Realty Trust		90,734
	5,910		Gold Banc Corp., Inc.		59,100
	584		Great American Financial Resources, Inc.		10,419
	2,862		Great Lakes REIT, Inc.		46,364
	600	3	Great Southern Bancorp, Inc.		22,560
	8,040	3	Greater Bay Bancorp		269,260
	21,261		HRPT Properties Trust		184,545
	769	3	Hancock Holding Co.		43,433
	3,975		Harbor Florida Bancshares, Inc.		80,812
	4,154		Harleysville Group, Inc.		125,455
	1,992		Harleysville National Corp.		49,999
	5,721		Health Care REIT, Inc.		161,332
	6,820		Healthcare Realty Trust, Inc.		206,646
	7,669		Highwoods Properties, Inc.		215,652
	4,096		Hilb Rogal & Hamilton Co.		150,651
	2,415		Home Properties of New York, Inc.		86,988
	5,493		Horace Mann Educators Corp.		131,557
	1,600		Hudson River Bancorp, Inc.		38,990
	7,540		Hudson United Bancorp		239,320
	9,152	2	INMC Mortgage Holdings, Inc.		231,088
	3,032		IRT Property Co.		36,627
	600		Iberiabank Corp.		22,260
	32	2	Imperial Credit Industries, Inc., Warrants		2
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	9,472		Independence Community Bank	$	308,692
	1,200		Independent Bank Corp. - Massachusetts		29,940
	1,260		Independent Bank Corp. - Michigan		39,337
	4,501		Innkeepers USA Trust		51,626
	1,913	2	Insignia Financial Group, Inc.		20,909
	1,762		Integra Bank Corp.		38,797
	2,055		International Bancshares Corp.		103,880
	2,200		Investors Real Estate Trust		22,066
	2,507	3	Irwin Financial Corp.		48,260
	3,323		JDN Realty Corp.		42,102
	2,372		JP Realty, Inc.		62,597
	3,725	3	Jefferies Group, Inc.		173,175
	5,183	2	Jones Lang LaSalle, Inc.		115,892
	655		Kansas City Life Insurance Co.		26,429
	2,900		Keystone Property Trust		43,761
	3,496		Kilroy Realty Corp.		98,412
	2,729		Koger Equity, Inc.		49,995
	2,000		Kramont Realty Trust		28,400
	3,821		LNR Property Corp.		139,849
	19,768	2	La Quinta Properties, Inc.		157,749
	2,620		LaSalle Hotel Properties		41,920
	1,155		Lakeland Bancorp, Inc.		20,754
	2,939		LandAmerica Financial Group, Inc.		102,865
	1,930	3	Lexington Corporate Properties Trust		30,590
	3,700	2	Local Financial Corp.		61,901
	3,552		MAF Bancorp, Inc.		131,637
	2,500	2	MB Financial, Inc.		77,275
	5,291		Macerich Co. (The)		155,291
	1,000		Main Street Banks, Inc.		20,000
	2,651		Manufactured Home Communities, Inc.		89,127
	3,267		Medallion Financial Corp.		16,792
	600		Medford Bancorp, Inc.		16,530
	100	2	Meemic Holdings, Inc.		2,870
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	4,965		MeriStar Hospitality Corp.	$	87,136
	700		MicroFinancial, Inc.		6,440
	1,381		Mid-American Apartment Communities, Inc.		36,928
	1,300		Mid-Atlantic Realty Trust		20,800
	2,640		Mid-State Bancshares		52,879
	394		Midland Co.		18,479
	600		Midwest Banc Holdings, Inc.		16,650
	2,174	3	Mills Corp.		59,828
	3,000		Mission West Properties, Inc.		37,590
	598	3	Mississippi Valley Bancshares, Inc.		27,825
	500		NBC Capital Corp.		16,500
	2,523		NBT Bancorp, Inc.		45,515
	2,781	3	National Golf Properties, Inc.		20,941
	2,121		National Health Investors, Inc.		33,300
	1,924		National Penn Bancshares, Inc.		51,948
	291	2	National Western Life Insurance Co., Class A		34,920
	8,301		Nationwide Health Properties, Inc.		154,399
	4,317	2	Net.B@nk, Inc.		69,288
	2,000		New Century Financial Corp.		47,820
	12,846	3	New York Community Bancorp, Inc.		381,012
	1,300		Northwest Bancorp, Inc.		17,289
	300	2	Nymagic, Inc.		6,075
	1,739		OceanFirst Financial Corp.		55,439
	4,005	2	Ocwen Financial Corp.		30,038
	9,219	2,3	Ohio Casualty Corp.		178,111
	600		Old Second Bancorp, Inc.		25,182
	839		Omega Financial Corp.		27,544
	1,192		Oriental Financial Group		25,994
	1,851		PFF Bancorp, Inc.		60,713
	1,166	2	PICO Holdings, Inc.		19,356
	3,319		PMA Capital Corp.		79,556
	1,129		PS Business Parks, Inc.		40,588
	4,438		Pacific Capital Bancorp		156,972
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	2,554		Pacific Gulf Properties, Inc.	$	1,979
	1,414		Pacific Northwest Bancorp		39,675
	4,191		Pan Pacific Retail Properties, Inc.		132,813
	1,504		Park National Corp.		151,528
	840		Parkway Properties, Inc.		30,668
	600		PennFed Financial Services, Inc.		14,766
	1,269		Pennsylvania REIT		32,613
	600		Peoples Holding Co.		21,900
	2,068	2	Philadelphia Consolidated Holding Corp.		88,304
	6,100	2	Pinnacle Holdings, Inc.		305
	1,300		Port Financial Corp.		44,979
	5,000		Post Properties, Inc.		169,950
	5,236		Prentiss Properties Trust		161,007
	3,753		Presidential Life Corp.		93,450
	3,005		Prime Group Realty Trust		25,092
	2,680	2	ProAssurance Corp.		49,178
	1,400		Prosperity Bancshares, Inc.		46,130
	300		Provident Bancorp, Inc.		8,010
	4,615		Provident Bankshares Corp.		120,267
	400	2	Quaker City Bancorp, Inc.		15,104
	2,115		R&G Financial Corp., Class B		42,321
	4,731		RFS Hotel Investors, Inc.		71,817
	1,155		RLI Corp.		66,528
	6,341	3	Raymond James Financial, Inc.		212,043
	4,943		Realty Income Corp.		166,826
	4,488		Reckson Associates Realty Corp.		109,507
	1,700	3	Redwood Trust, Inc.		49,045
	3,738		Regency Centers Corp.		109,897
	8,483		Republic Bancorp, Inc.		125,548
	700		Republic Bancorp, Inc., Class A		8,225
	500	2	Republic Bancshares, Inc.		9,745
	1,700	2	ResortQuest International, Inc.		13,345
	2,920		Riggs National Corp.		48,560
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	424		Royal Bancshares of Pennsylvania, Inc.	$	8,480
	2,571		S & T Bancorp, Inc.		68,980
	600		S.Y. Bancorp, Inc.		23,400
	894		SCPIE Holdings, Inc.		12,024
	3,263	3	SL Green Realty Corp.		114,531
	2,342	3	SWS Group, Inc.		47,074
	2,119		Sandy Spring Bancorp, Inc.		71,389
	789		Santander BanCorp		15,977
	1,129		Saul Centers, Inc.		26,701
	400		Seacoast Banking Corp., Class A		19,700
	4,324		Seacoast Financial Services Corp.		92,534
	900		Second Bancorp, Inc.		24,300
	4,496		Selective Insurance Group, Inc.		134,880
	4,443		Senior Housing Properties Trust		63,935
	4,178		Shurgard Storage Centers, Inc., Class A		147,275
	6,624	3	Silicon Valley Bancshares		211,637
	700		Simmons 1st National Corp., Class A		24,129
	9,543	2	Soundview Technology Group, Inc.		21,185
	6,898		South Financial Group, Inc.		158,861
	4,495	2,3	Southwest Bancorp. of Texas, Inc.		157,460
	2,655		Sovran Self Storage, Inc.		81,774
	1,900		St. Francis Capital Corp.		46,645
	4,620		StanCorp Financial Group, Inc.		270,270
	1,247		State Auto Financial Corp.		20,350
	8,706		Staten Island Bancorp, Inc.		173,685
	1,580		Sterling Bancorp		52,140
	6,874		Sterling Bancshares, Inc.		94,036
	1,200		Sterling Financial Corp.		30,600
	1,977	2	Stewart Information Services Corp.		37,365
	1,200	3	Suffolk Bancorp		41,123
	4,865		Summit Properties, Inc.		113,841
	2,966		Sun Communities, Inc.		120,420
	6,539	3	Susquehanna Bankshares, Inc.		161,513
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	1,695		Tanger Factory Outlet Centers, Inc.	$	44,409
	5,746		Taubman Centers, Inc.		85,903
	2,731		Texas Regional Bancshares, Inc., Class A		136,550
	2,045		The Trust Company of New Jersey		52,045
	4,900	3	Thornburg Mortgage Asset Co.		103,586
	700		Tompkins County Trust Co., Inc.		31,500
	1,416	3	Town & Country Trust		31,860
	2,525	2	Trammell Crow Co.		35,148
	1,203	2,3	Trendwest Resorts, Inc.		29,534
	1,367	2	Triad Guaranty, Inc.		61,105
	420		Troy Financial Corp.		10,773
	11,831		Trustco Bank Corp.		153,093
	3,480		UCBH Holdings, Inc.		137,286
	6,458	2	UICI		132,389
	2,950		UMB Financial Corp.		141,072
	4,100		US Restaurant Properties, Inc.		57,318
	1,201		USB Holdings Co., Inc.		19,756
	1,500		Umpqua Holdings Corp.		24,225
	6,989	3	United Bankshares, Inc.		223,648
	3,172		United Community Financial Corp.		25,661
	17,720		United Dominion Realty Trust, Inc.		295,924
	700		United Fire & Casualty Co.		23,562
	3,016	3	United National Bancorp		69,425
	5,100	2	Universal American Financial Corp.		39,066
	2,000		Universal Health Realty Trust, Inc.		48,900
	4,260	3	Unizan Financial Corp.		88,821
	7,625	3	Ventas, Inc.		102,938
	5,800		Vesta Insurance Group, Inc.		26,506
	3,031		W Holding Co., Inc.		56,316
	1,961	2	WFS Financial, Inc.		61,085
	800		WSFS Financial Corp.		16,640
	5,151		Walter Industries, Inc.		69,539
	5,002	3	Washington REIT		140,556
Shares				Value
			COMMON STOCKS--continued1
			Financials--continued
	1,200		Washington Trust Bancorp	$	24,720
	6,300		Waypoint Financial Corp.		113,085
	7,319		Weingarten Realty Investors		260,556
	2,435		Wesbanco, Inc.		59,171
	1,600		West Coast Bancorp		23,952
	5,453		WestAmerica Bancorporation		241,295
	1,047		Westcorp, Inc.		31,400
	6,376		Whitney Holding Corp.		232,724
	1,400		Winston Hotels, Inc.		13,356
	2,398	3	Wintrust Financial Corp.		59,231
	1,200	2	World Acceptance Corp.		10,680
	879		Zenith National Insurance Corp.		26,985
	2,859	2,3	eSpeed, Inc., Class A		35,280
	381		USA Education, Inc.		37,090
			TOTAL		27,620,785
			Healthcare--10.2%
	1,600	2,3	1-800 CONTACTS, Inc.		17,440
	600	2	3 Dimentional Pharmaceuticals, Inc.		3,738
	4,512	2	ATS Medical, Inc.		8,618
	6,600	2	AVANIR Pharmaceuticals, Class A		18,150
	3,100	2,3	AVI BioPharma, Inc.		22,320
	2,694	2,3	Abiomed, Inc.		18,885
	2,604	2	Acacia Research Corp.		27,446
	3,678	2,3	Accredo Health, Inc.		238,077
	5,461	2	Aclara Biosciences, Inc.		13,543
	4,800	2	Adolor Corp.		66,000
	1,400	2,3	Advanced Neuromodulation Systems, Inc.		43,358
	8,597	2	Advanced Tissue Sciences, Inc., Class A		23,642
	4,000	2,3	Aksys Ltd.		26,000
	2,994	2,3	Albany Molecular Research, Inc.		72,604
	2,603	2	Alexion Pharmaceuticals, Inc.		48,103
	2,500	2,3	Align Technology, Inc.		9,625
	4,045	3	Alpharma, Inc., Class A		69,170
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	4,655	2,3	AmeriPath, Inc.	$	125,685
	2,150	2,3	American Healthways, Inc.		57,942
	5,300	2,3	American Medical Systems Holdings, Inc.		121,794
	3,500	2,3	Amsurg Corp.		101,500
	10,120	2,3	Amylin Pharmaceuticals, Inc.		96,039
	2,934	2,3	Antigenics, Inc.		34,504
	1,793	2	Aphton Corp.		17,679
	1,700	2	Applied Molecular Evolution, Inc.		12,716
	5,656	2,3	Apria Healthcare Group, Inc.		146,999
	2,900	2	ArQule, Inc.		27,550
	3,400	2,3	Arena Pharmaceuticals, Inc.		27,710
	5,102	2,3	Ariad Pharmaceuticals, Inc.		24,643
	2,800	2	Array BioPharma, Inc.		27,356
	1,987		Arrow International, Inc.		94,283
	2,562	2,3	Arthrocare Corp.		41,043
	1,310	2	Aspect Medical Systems, Inc.		13,100
	3,400	2,3	Atrix Labs, Inc.		81,464
	12,163	2	Avant Immunotherapeutics, Inc.		21,529
	3,275	2,3	Avigen, Inc.		36,254
	13,346	2,3	Beverly Enterprises, Inc.		114,776
	2,640	2	Bio Rad Laboratories, Inc., Class A		127,512
	8,157	2	Bio-Technology General Corp.		39,961
	5,494	2	BioMarin Pharmaceutical, Inc.		33,129
	300	2	BioSphere Medical, Inc.		1,785
	3,181	2,3	Biopure Corp.		28,470
	2,003	2,3	Biosite Diagnostics, Inc.		62,594
	953	2,3	Bone Care International, Inc.		9,530
	2,000	2	Boron, LePore & Associates, Inc.		23,800
	7,100	2	Bruker Daltonics, Inc.		53,037
	4,102	2	CONMED Corp.		110,754
	3,057	2,3	CV Therapeutics, Inc.		88,470
	3,720	2,3	Caliper Technologies Corp.		39,171
	5,171	2	CardioDynamics International Corp.		16,030
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	5,790	2,3	Cell Genesys, Inc.	$	82,276
	2,818	2,3	Cell Pathways, Inc.		9,694
	4,706	2,3	Cell Therapeutics, Inc.		58,449
	1,952	2,3	Cerus Corp.		99,962
	5,900	2,3	Charles River Laboratories International, Inc.		176,705
	1,800	2,3	Cima Labs, Inc.		35,946
	3,400	2	Ciphergen Biosystems, Inc.		20,978
	504	2,3	Closure Medical Corp.		7,515
	1,000		Cobalt Corp.		19,300
	2,588	2	Columbia Laboratories, Inc.		11,620
	6,600	2,3	Computerized Thermal Imaging, Inc.		5,280
	2,000	2,3	Conceptus, Inc.		36,180
	5,293	2,3	Connetics Corp.		63,463
	1,943	3	Cooper Companies, Inc.		102,979
	7,531	2	Corixa Corp.		41,345
	5,600	2	Corvas International		17,584
	714	2	Corvel Corp.		23,655
	8,443	2,3	Covance, Inc.		169,451
	9,375	2	Coventry Health Care, Inc.		295,312
	2,713	2,3	Cryolife, Inc.		79,952
	3,638	2,3	Cubist Pharmaceuticals, Inc.		50,859
	3,300	2	Curis, Inc.		4,620
	2,498	2	Cyberonics, Inc.		33,848
	7,281	2,3	Cygnus, Inc.		34,294
	8,927	2	Cytogen Corp.		14,997
	2,590	2	DUSA Pharmaceuticals, Inc.		10,230
	2,059	3	Datascope Corp.		64,756
	3,900	2,3	Decode Genetics, Inc., ADR		21,645
	1,100	2	Deltagen, Inc.		6,270
	3,700	2,3	Dendreon Corp.		16,021
	2,936	3	Diagnostic Products Corp.		140,869
	1,152	2,3	Dianon Systems, Inc.		75,571
	1,896	2	Digene Corp.		43,267
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	4,225	2	Diversa Corp.	$	46,475
	2,000	2	Durect Corp.		16,820
	2,000	2	Dyax Corp.		7,320
	1,200	2,3	Dynacq International, Inc.		20,028
	8,547	2	Edwards Lifesciences Corp.		214,701
	2,758	2,3	Emisphere Technologies, Inc.		42,253
	3,600	2,3	Endo Pharmaceuticals Holdings, Inc.		41,652
	2,251	2,3	Endocare, Inc.		43,197
	3,553	2,3	Entremed, Inc.		27,713
	2,966	2,3	Enzo Biochem, Inc.		53,685
	3,900	2	Esperion Therapeutics, Inc.		19,574
	400	2,3	Exact Sciences Corp.		4,724
	5,255	2,3	Exelixis, Inc.		52,024
	1,200	2	First Horizon Pharmaceutical Corp.		31,248
	1,200	2	GenStar Therapeutics Corp.		960
	1,900	2,3	Genaissance Pharmaceuticals, Inc.		4,313
	3,723	2,3	Gene Logic, Inc.		57,818
	4,200	2	Genelabs Technologies, Inc.		3,192
	1,000	2,3	Genencor International, Inc.		10,550
	3,261	2,3	Genome Therapeutics Corp.		12,780
	3,147	2,3	Genta, Inc.		42,286
	3,600	2	Gentiva Health Services, Inc.		97,560
	4,200	2	Genzyme Corp.		23,100
	1,500	2	Genzyme Molecular Oncology		5,776
	3,971	2	Genzyme Transgenics Corp.		11,039
	3,340	2,3	Geron Corp.		26,453
	4,630	2	Guilford Pharmaceuticals, Inc.		35,651
	2,664	2,3	Haemonetics Corp.		88,285
	1,900	2	Harvard Bioscience, Inc.		14,801
	3,400	2,3	HealthExtras, Inc.		15,674
	1,900	2,3	Hemispherx Biopharma, Inc.		7,410
	7,558		Hooper Holmes, Inc.		78,528
	1,833	2,3	Hyseq, Inc.		7,460
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	1,736	2	I-Stat Corp.	$	11,388
	1,700	2	ICU Medical, Inc.		64,617
	5,576	2,3	IDEXX Laboratories, Inc.		158,804
	2,525	2	INAMED Corp.		92,996
	1,910	2,3	Igen International, Inc.		78,998
	5,475	2	Ilex Oncology, Inc.		89,735
	1,900	2,3	Illumina, Inc.		15,960
	3,246	2	Immune Response Corp.		1,753
	6,245	2,3	Immunogen, Inc.		51,459
	5,663	2,3	Immunomedics, Inc.		74,525
	2,064	2,3	Impath, Inc.		48,855
	3,700	2	Impax Laboratories, Inc.		25,530
	3,500	2	InKine Pharmaceutical Co., Inc.		5,215
	9,300	2,3	Incyte Genomics, Inc.		76,353
	4,800	2	Indevus Pharmaceuticals, Inc.		32,784
	3,400	2	Insmed, Inc.		9,316
	3,800	2,3	Inspire Pharmaceuticals, Inc.		11,856
	2,300	2,3	Integra Lifesciences Corp.		44,850
	4,448	2,3	InterMune, Inc.		118,984
	3,900	2,3	Intuitive Surgical, Inc.		39,585
	2,763		Invacare Corp.		104,497
	5,678	2,3	Isis Pharmaceuticals, Inc.		71,883
	3,146	2,3	KV Pharmaceutical Co., Class B		99,414
	1,800	2	Kendle International, Inc.		30,582
	1,300	2,3	Keryx Biopharmaceuticals, Inc.		4,238
	1,078	2,3	Kos Pharmaceuticals, Inc.		28,028
	1,400	2	Kosan Biosciences, Inc.		11,200
	3,900	2	La Jolla Pharmaceutical Co.		28,353
	1,300	2	Large Scale Biology Corp.		3,457
	5,050	2	Lexicon Genetics, Inc.		40,400
	5,581	2	LifePoint Hospitals, Inc.		234,402
	7,053	2	Ligand Pharmaceuticals, Inc., Class B		109,815
	2,639	2,3	Luminex Corp.		16,916
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	3,762	2	MGI PHARMA, Inc.	$	27,387
	2,200	2,3	Macrochem Corp.		4,904
	4,300	2	Magellan Health Services, Inc.		32,035
	2,766	2,3	Martek Biosciences Corp.		79,993
	2,409	2,3	Maxim Pharmaceuticals, Inc.		11,729
	1,479	2,3	Maximus, Inc.		45,849
	4,307	2	Maxygen, Inc.		39,711
	1,600	2,3	Med-Design Corp.		22,400
	3,400	2,3	Medicines Co.		33,320
	3,588		Mentor Corp.		143,699
	7,619	2,3	Mid Atlantic Medical Services, Inc.		277,560
	1,192		Mine Safety Appliances Co.		53,402
	2,424	2,3	Miravant Medical Technologies		2,230
	1,571	2,3	Molecular Devices Corp.		28,042
	3,939	2,3	NPS Pharmaceuticals, Inc.		117,422
	4,600	2,3	NaPro BioTherapeutics, Inc.		31,970
	6,903	2	Nabi Biopharmaceuticals		43,351
	2,666	2	Nanogen, Inc.		8,795
	800	2	National Healthcare Corp.		14,200
	2,170	2,3	NeoPharm, Inc.		32,528
	1,831	2,3	Neose Technologies, Inc.		43,907
	3,918	2,3	Neurocrine Biosciences, Inc.		128,863
	1,283	2	Neurogen Corp.		15,139
	1,400	2,3	North American Scientific, Inc.		17,822
	2,300	2,3	Northfield Laboratories, Inc.		16,376
	2,500	2	Novavax, Inc.		12,500
	3,801	2	Noven Pharmaceuticals, Inc.		76,362
	2,749	2,3	Novoste Corp.		17,044
	3,017	2	Ocular Sciences, Inc.		90,359
	4,100	2	Onyx Pharmaceuticals, Inc.		32,595
	1,700	2,3	Option Care, Inc.		31,943
	4,300	2,3	OraSure Technologies, Inc.		31,476
	6,472	2	Orchid Biosciences, Inc.		14,950
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	3,124	2,3	Organogenesis, Inc.	$	1,500
	4,426	3	Owens & Minor, Inc.		91,574
	1,676	2,3	PDI, Inc.		28,827
	10,961	2	PSS World Medical, Inc.		108,514
	4,800	2,3	PacifiCare Health Systems, Inc.		145,248
	3,000	2	Pain Therapeutics, Inc.		30,150
	4,045	2	Paradigm Genetics, Inc.		7,321
	4,105	2,3	Parexel International Corp.		63,915
	2,900	2,3	Pediatrix Medical Group		136,271
	2,300	2	Penwest Pharmaceuticals Co.		45,954
	16,413	2	Peregrine Pharmaceuticals, Inc.		27,902
	10,174	2,3	Perrigo Co.		126,972
	2,400	3	Pharmaceutical Resources, Inc.		60,000
	4,032	2,3	Pharmacopedia, Inc.		46,771
	3,320	2,3	Pharmacyclics, Inc.		20,418
	5,600	2	Pharmos Corp.		5,712
	1,277	2,3	PolyMedica Industries, Inc.		49,752
	3,100	2	Possis Corp.		48,577
	2,000	2	Pozen, Inc.		9,820
	9,161	2	Praecis Pharmaceuticals, Inc.		32,796
	800	2	Progenics Pharmaceuticals, Inc.		11,160
	4,427	2,3	Province Heathcare Co.		170,484
	2,800	2,3	Regeneration Technologies, Inc.		18,900
	4,612	2,3	Regeneron Pharmaceuticals, Inc.		95,238
	1,999	2,3	RehabCare Group, Inc.		53,273
	7,899	2,3	Renal Care Group, Inc.		280,415
	4,542	2	Respironics, Inc.		148,932
	3,050	2,3	Ribozyme Pharmaceuticals, Inc.		4,270
	2,700	2	Rigel Pharmaceuticals, Inc.		12,582
	700	2,3	SRI/Surgical Express, Inc.		9,842
	3,203	2,3	SangStat Medical Corp.		74,630
	1,000	2	Sangamo BioSciences, Inc.		8,760
	6,291	2,3	SciClone Pharmaceuticals, Inc.		23,591
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	6,700	2,3	Scios, Inc.	$	207,231
	700	2	Seattle Genetics, Inc.		3,850
	2,200	2	Select Medical Corp.		33,110
	5,000	2	Sequenom, Inc.		29,450
	3,300	2,3	Serologicals Corp.		67,683
	4,400	2	Sierra Health Services, Inc.		85,800
	3,500	2	Sola International, Inc.		50,225
	1,687	2	SonoSight, Inc.		31,294
	1,700	2,3	Specialty Labratories, Inc.		15,130
	9,426	2	Steris Corp.		208,786
	16,460	2,3	Stewart Enterprises, Inc., Class A		98,925
	2,288	2,3	Sunrise Assisted Living, Inc.		61,799
	3,526	2	SuperGen, Inc.		19,146
	2,232	2,3	SurModics, Inc.		90,775
	6,000	2	Sybron Dental Specialties, Inc.		118,200
	3,100	2,3	Syncor International Corp.		96,906
	2,900	2,3	Tanox, Inc.		34,681
	3,834	2	Targeted Genetics Corp.		6,595
	6,200	2,3	Techne Corp.		165,478
	4,000	2,3	Telik, Inc.		41,600
	6,984	2	Texas Biotechnology Corp.		36,666
	3,193	2	Theragenics Corp.		28,673
	2,900	2	Third Wave Technologies, Inc.		9,135
	4,830	2,3	Thoratec Laboratories Corp.		39,654
	2,987	2	Titan Pharmaceuticals, Inc.		18,669
	2,000	2	Transgenomic, Inc.		12,098
	4,303	2	Transkaryotic Therapies, Inc.		171,518
	4,900	2	TriPath Imaging, Inc.		20,433
	5,215	2,3	Triangle Pharmaceuticals, Inc.		25,554
	2,690	2	Trimeris, Inc.		128,986
	3,745	2,3	Tularik, Inc.		43,068
	1,450	2,3	U.S. Physical Therapy, Inc.		25,825
	15,354	2	U.S. Oncology, Inc.		147,398
Shares				Value
			COMMON STOCKS--continued1
			Healthcare--continued
	2,873	2,3	United Therapeutics Corp.	$	34,447
	2,300	2,3	Urologix, Inc.		31,717
	500	2	V.I. Technologies, Inc.		2,650
	6,843	2	VISX, Inc.		112,020
	3,065	2	Valentis, Inc.		7,050
	5,928	2	Vasomedical, Inc.		15,591
	1,558	2,3	VaxGen, Inc.		14,209
	2,374	2	Ventana Medical Systems		53,937
	3,980	2	Ventiv Health, Inc.		6,846
	2,700	2	Versicor, Inc.		33,831
	3,487	2,3	Vical, Inc.		32,743
	2,700	2	Vion Pharmaceuticals, Inc.		5,589
	4,800	2	ViroPharma, Inc.		16,800
	1,101		Vital Signs, Inc.		42,389
	992		West Pharmaceutical Services, Inc.		27,776
	1,500	2,3	Wilson Greatbatch Technologies, Inc.		39,375
	1,094	2,3	Zoll Medical Corp.		41,594
	1,800	2,3	aaiPharma, Inc.		50,274
			TOTAL		13,785,332
			Industrials--14.9%
	1,700	2	3D Systems Corp.		23,137
	4,567	3	AAR Corp.		58,184
	3,252		ABM Industries, Inc.		124,552
	9,773	2	AGCO Corp.		222,043
	2,120	2	AMERCO		37,140
	5,145		AMETEK, Inc.		199,266
	6,200	2	Active Power, Inc.		26,040
	5,577	3	Acuity Brands, Inc.		103,453
	3,026	2,3	Administaff, Inc.		69,447
	2,769	2,3	Advanced Energy Industries, Inc.		96,361
	8,494	2,3	Aeroflex, Inc.		118,746
	9,094	2	AirTran Holdings, Inc.		50,835
	6,666	3	Airborne, Inc.		138,253
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	3,551	2,3	Alaska Air Group, Inc.	$	108,767
	2,656		Albany International Corp., Class A		66,878
	6,859		Alexander and Baldwin, Inc.		186,359
	3,112	2	Alliant Techsystems, Inc.		335,162
	2,600	2,3	Ambassadors International, Inc.		23,348
	6,653	2,3	America West Holdings Corp., Class B		25,880
	4,021	2,3	American Superconductor Corp.		31,042
	1,000		American Woodmark Corp.		67,500
	300	2	Amtran, Inc.		3,783
	5,200		Apogee Enterprises, Inc.		71,500
	4,000		Arbitron, Inc.		137,480
	3,684	2	Arkansas Best Corp.		88,969
	2,820	2,3	Armor Holdings, Inc.		71,487
	3,995	2,3	Armstrong World Industries, Inc.		13,943
	5,538	2	Artesyn Technologies, Inc.		43,030
	3,061	2	Astec Industries, Inc.		57,088
	1,600	2,3	AstroPower, Inc.		59,552
	6,238	2,3	Atlantic Coast Airlines Holdings, Inc.		136,300
	2,870	2,3	Atlas Air, Inc.		35,789
	783	2	Aura Systems, Inc., Warrants		0
	4,100		Aviall, Inc.		36,285
	4,700	2,3	BE Aerospace, Inc.		61,100
	2,800		BMC Industries, Inc.		4,368
	3,776		Baldor Electric Co.		89,491
	3,900		Banta Corp.		146,640
	1,778		Barnes Group, Inc.		45,730
	3,208	2	Beacon Power Corp.		1,251
	3,813		Belden, Inc.		91,283
	4,155		Bowne & Co., Inc.		66,064
	2,987		Brady (W.H.) Co.		109,025
	2,923	3	Briggs & Stratton Corp.		123,204
	1,873	2	Bright Horizons Family Solutions, Inc.		56,134
	500		Butler Manufacturing Co.		13,910
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	3,329		C&D Technologies, Inc.	$	76,567
	1,020	2	CCC Information Service Group, Inc.		11,475
	1,251	2	CDI Corp.		36,567
	900		CIRCOR International, Inc.		19,125
	2,909		CLARCOR, Inc.		93,961
	667		CPI Corp.		12,673
	6,108	2	Career Education Corp.		274,555
	3,609	2	Casella Waste Systems, Inc.		44,571
	3,500	2	Catalytica Energy Systems, Inc.		11,441
	2,865		Central Parking Corp.		75,407
	9,859	2	Century Business Services, Inc.		38,450
	1,063		Chemed Corp.		40,819
	4,680	2	Choice Hotels International, Inc.		122,476
	2,245	2	CoStar Group, Inc.		53,453
	3,525	2	Coinstar, Inc.		113,611
	385		CompX International, Inc.		5,371
	1,700	2	Consolidated Freightways Corp.		5,540
	1,000	2	Consolidated Graphics, Inc.		21,350
	1,508	2	CoorsTek, Inc.		59,249
	892	2,3	Corinthian Colleges, Inc.		52,530
	5,220	2	Corporate Executive Board Co.		198,360
	700	2	Covenant Transport, Inc., Class A		11,263
	1,000		Cubic Corp.		72,000
	2,548	2	Cuno, Inc.		89,792
	1,366	3	Curtiss Wright Corp.		104,144
	2,200	2	DRS Technologies, Inc.		101,750
	3,400	2	Daisytek International Corp.		54,162
	4,606	2,3	DiamondCluster International, Inc., Class A		58,036
	3,401	2	Dionex Corp.		83,767
	3,900	2	Dollar Thrifty Automotive Group, Inc.		91,650
	6,330		Donaldson Company, Inc.		273,139
	6,700	2,3	Dycom Industries, Inc.		101,371
	1,700	3	EDO Corp.		52,615
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	4,642	2	EGL, Inc.	$	79,610
	1,883	2	ESCO Technologies, Inc.		75,791
	4,900	2	EXE Technologies, Inc.		9,065
	3,150	2,3	Edison Schools, Inc.		16,159
	3,837	2	Education Management Corp.		165,451
	3,467		Elcor Corp.		93,540
	1,479	2	Electro Rent Corp.		19,922
	3,839	2	Electro Scientific Industries, Inc.		115,400
	1,378	2	Emcor Group, Inc.		83,851
	6,393	2	Encompass Services Corp.		11,380
	1,300	2	Encore Wire Corp.		21,346
	2,575	2	Energy Conversion Devices, Inc.		60,847
	1,200		Engineered Support Systems, Inc.		59,280
	3,451	2	Esterline Technologies Corp.		80,236
	1,900	2,3	FTI Consulting, Inc.		68,058
	3,215	3	FactSet Research Systems		111,978
	1,300		Fairchild Corp., Class A		5,538
	3,050	2	First Consulting Group, Inc.		27,450
	3,000	3	Florida East Coast Industries, Inc.		83,700
	1,300	2	Flow International Corp.		13,780
	6,463	2,3	Flowserve Corp.		222,973
	1,901	2,3	Forward Air Corp.		51,650
	4,961	2	Frontier Airlines, Inc.		76,647
	4,440	2,3	Fuelcell Energy, Inc.		75,924
	3,455		G & K Services, Inc., Class A		142,519
	1,745	2	Gardner Denver, Inc.		48,685
	5,590	3	GenCorp, Inc.		87,763
	4,167		General Cable Corp.		47,837
	2,254	2	Genlyte Group, Inc.		98,793
	4,956		Global Payments, Inc.		190,410
	800		Gorman Rupp Co.		21,440
	5,248		Graco, Inc.		234,900
	5,366		Granite Construction, Inc.		124,008
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	4,629	2	Griffon Corp.	$	88,877
	2,600	2,3	H Power Corp.		5,382
	4,891		Harland (John H.) Co.		147,219
	6,503		Harsco Corp.		276,377
	4,400	2	Headwaters, Inc.		78,320
	4,100	2	Heartland Express, Inc.		80,319
	1,158		Heico Corp.		19,512
	95		Heico Corp., Class A		1,368
	3,222	2	Heidrick & Struggles International, Inc.		66,631
	2,369		Hexcel Corp.		10,850
	2,049	2,3	Hunt (J.B.) Transportation Services, Inc.		53,663
	800	2	ICT Group, Inc.		19,960
	5,125	3	IDEX Corp.		184,295
	1,074	2	II-VI, Inc.		16,089
	3,250		ITT Educational Services, Inc.		164,612
	4,324	2	InfoUSA, Inc.		31,998
	3,000	2	Information Resources, Inc.		30,750
	1,900	2,3	Innovative Solutions and Support, Inc.		17,100
	4,092	2,3	Insituform Technologies, Inc., Class A		101,686
	2,606	2	Insurance Automotive Auctions, Inc.		50,661
	3,003	2	Integrated Electrical Services		15,766
	2,372	2,3	InterCept, Inc.		72,061
	1,408		Interpool, Inc.		29,850
	2,743	2,3	Ionics, Inc.		82,290
	7,163	3	JLG Industries, Inc.		117,903
	2,616	2	KForcecom, Inc.		13,551
	2,128	2	Kadant, Inc.		33,835
	2,441		Kaman Corp., Class A		43,816
	9,200		Kansas City Southern Industries, Inc.		147,200
	4,368		Kaydon Corp.		124,444
	3,020		Kelly Services, Inc., Class A		87,517
	5,095		Kennametal, Inc.		202,068
	2,335	2,3	Kirby Corp.		65,497
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	3,199	2	Knight Transportation, Inc.	$	64,652
	6,308	2,3	Korn/Ferry International		66,234
	2,800	2	Kroll, Inc.		51,912
	7,370	2	Labor Ready, Inc.		66,330
	900	2	Ladish Co., Inc.		9,314
	900	3	Landauer, Inc.		36,900
	1,356	2,3	Landstar System, Inc.		132,752
	525		Lawson Products, Inc.		16,826
	2,126	2,3	Learning Tree International, Inc.		51,449
	7,360		Lennox International, Inc.		110,400
	4,321	2	Lightbridge, Inc.		51,031
	5,320		Lincoln Electric Holdings, Inc.		151,088
	972		Lindsay Manufacturing Co.		23,814
	2,964	2	Littlelfuse, Inc.		79,761
	1,500	2	Lydall, Inc.		21,765
	200	2	Lynch Interactive Corp.		9,800
	3,662	2,3	MCSI, Inc.		53,026
	2,450	2	MOOG, Inc., Class A		83,790
	14,058	2	MPS Group, Inc.		126,522
	6,300		MSC Industrial Direct Co.		133,875
	2,026	2	Magnetek, Inc.		24,312
	2,928	2	Mail-Well, Inc.		18,329
	4,052	3	Manitowoc, Inc.		177,072
	1,600	2,3	Manufacturers' Services Ltd.		8,592
	4,400	2,3	Mastec, Inc.		34,232
	856		McGrath Rentcorp.		22,727
	900	2	Medis Technologies Ltd.		6,003
	1,785	2,3	Medquist, Inc.		51,551
	1,728	2	MemberWorks, Inc.		30,067
	2,547	2	Mercury Computer Systems, Inc.		73,736
	5,322	2	Mesa Air Group, Inc.		52,688
	1,071	2	Mesaba Holdings, Inc.		9,392
	2,414	2	Microvision, Inc.		26,675
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	1,235	2	Midwest Express Holdings, Inc.	$	24,700
	3,306		Milacron, Inc.		43,805
	3,600	2,3	Millennium Cell, Inc.		13,788
	2,376	2,3	Mobile Mini, Inc.		78,337
	4,181	2	Mueller Industries, Inc.		142,530
	714		NACCO Industries, Inc., Class A		52,550
	2,927	2	NCI Building System, Inc.		69,019
	2,427	2,3	NCO Group, Inc.		67,568
	4,521	3	NDCHealth Corp.		145,441
	1,200	2,3	Nanophase Technologies Corp.		6,468
	748	2	National Processing, Inc.		22,328
	2,594	3	National Service Industries, Inc.		26,459
	4,739	2,3	Navigant Consulting, Inc.		30,709
	2,700	2	Navigant International, Inc.		46,413
	1,191		New England Business Service, Inc.		33,348
	3,986		Nordson Corp.		123,486
	1,609	2,3	Nortek, Inc.		71,182
	3,764	2,3	On Assignment, Inc.		76,522
	6,062	2,3	Orbital Sciences Corp.		40,434
	2,779		OshKosh Truck Corp., Class B		158,181
	1,100	2	Osmonics, Inc.		15,400
	4,206		Overseas Shipholding Group, Inc.		96,065
	5,737	2,3	PRG-Schultz International, Inc.		78,712
	5,852	2	Paxar Corp.		97,728
	1,400	2	Peco II, Inc.		6,888
	4,223	2,3	Pegasus Systems, Inc.		81,800
	4,000	2,3	Pemstar, Inc.		28,800
	1,270		Penn Engineering & Manufacturing Corp.		24,765
	5,343	2	Per-Se Technologies, Inc.		67,108
	1,200	2	Perini Corp.		6,240
	7,829		Pittston Brink's Group		215,454
	1,821	2,3	Prepaid Legal Services, Inc.		53,282
	3,190	2	ProBusiness Services, Inc.		62,588
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	4,700	2,3	Proton Energy Systems, Inc.	$	23,782
	1,600		Quixote Corp.		31,120
	4,500	2	RailAmerica, Inc.		41,355
	3,819	2,3	Rayovac Corp.		60,760
	2,998		Regal Beloit Corp.		78,398
	3,386		Reliance Steel & Aluminum Co.		109,199
	900	2,3	Resources Connection, Inc.		23,886
	1,849	2,3	Right Management Consultants, Inc.		49,368
	2,184	3	Roadway Express, Inc.		66,612
	747		Robbins & Myers, Inc.		21,850
	1,518		Rollins, Inc.		30,664
	7,462		Ryder Systems, Inc.		211,622
	2,546	2	SLI, Inc.		1,298
	2,474	2,3	SOURCECORP, Inc.		74,220
	1,707	2	SPS Technologies, Inc.		66,778
	900		Schawk, Inc.		9,450
	374		Sequa Corp., Class A		22,160
	877	2	Simpson Manufacturing Co., Inc.		57,619
	1,004	3	Smith (A.O.) Corp.		31,224
	3,841	2,3	Sothebys Holdings, Inc., Class A		56,616
	9,065	2,3	Spherion Corp.		115,307
	1,430		Standard Register		45,760
	1,077		Standex International Corp.		27,916
	2,203	2,3	Stericycle, Inc.		148,769
	4,565		Stewart & Stevenson Services, Inc.		86,233
	692	3	Strayer Education, Inc.		39,174
	2,100	2,3	Surebeam Corp.		12,138
	8,110	2,3	Swift Transportation Co.		157,740
	4,160	2	Sylvan Learning Systems, Inc.		114,816
	1,500	2	TRC Cos., Inc.		34,200
	2,626		Tecumseh Products Co., Class A		136,447
	6,200	2,3	TeleTech Holdings, Inc.		75,950
	961		Tennant Co.		42,284
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	5,462	3	Terex Corp.	$	136,823
	7,887	2,3	Tetra Tech, Inc.		112,469
	9,500	2	Thomas & Betts Corp.		223,250
	1,776		Thomas Industries, Inc.		51,504
	8,130	3	Timken Co.		216,665
	1,721		Tredegar Industries, Inc.		39,497
	1,329	2,3	Trex Co. Inc.		37,478
	7,636	3	Trinity Industries, Inc.		179,446
	2,310	2,3	Triumph Group, Inc.		106,376
	8,478	2	U.S. Industries, Inc.		30,521
	5,100	2,3	U.S.G. Corp.		35,955
	5,583	2	UNOVA, Inc.		45,222
	2,528		URS Corp.		77,862
	3,633	3	USFreightways Corp.		121,524
	800		Unifirst Corp.		21,728
	2,500		United Industrial Corp.		63,250
	5,193		United Stationers, Inc.		202,579
	2,138	3	Universal Forest Products, Inc.		53,450
	6,464	2	Valence Technology, Inc.		14,932
	1,464		Valmont Industries, Inc.		30,290
	3,666	2	Vicor Corp.		50,811
	774	2	Volt Information Science, Inc.		17,570
	2,572	2	Wabash National Corp.		25,180
	1,667	2,3	Wackenhut Corp., Class A		54,994
	800	2	Wackenhut Corrections Corp.		12,120
	5,369		Wallace Computer Services, Inc.		116,776
	4,091	2,3	Waste Connections, Inc.		144,412
	3,348		Watsco, Inc.		60,565
	1,800	2	Watson Wyatt & Co. Holdings		47,250
	5,641		Werner Enterprises, Inc.		100,128
	893	2	Wolverine Tube, Inc.		8,216
	1,598		Woodward Governor Co.		109,990
Shares				Value
			COMMON STOCKS--continued1
			Industrials--continued
	4,403	2	Yellow Corp.	$	118,749
	5,422		York International Corp.		197,415
	6,400	2,3	eFunds Corp.		101,760
			TOTAL		20,300,624
			Information Technology--15.2%
	7,424	2,3	3DO Co.		5,270
	4,570	2,3	ATMI, Inc.		139,385
	3,863	2	AXT, Inc.		44,811
	11,100	2	Acclaim Entertainment, Inc.		59,496
	3,951	2	Actel Corp.		96,009
	5,100	2,3	Activision, Inc.		160,548
	7,062	2,3	Actuate Software Corp.		39,900
	15,400	2	Adaptec, Inc.		226,380
	910	2	Ade Corp.		11,920
	3,700	2	Adtran, Inc.		91,982
	8,494	2,3	Advanced Digital Information Corp.		76,446
	3,900	2	Agile Software Corp.		35,724
	9,600	2	Akamai Technologies, Inc.		21,984
	5,558	2,3	Allen Telecom, Inc.		36,627
	1,500	2	Alliance Fiber Optic Products, Inc.		1,440
	4,888	2	Alliance Semiconductor Corp.		52,106
	2,200	2,3	Alloy Online, Inc.		27,830
	3,521	2,3	Allscripts Healthcare Solutions, Inc.		21,302
	6,200	3	Alpha Industries, Inc.		75,950
	2,300	2,3	America Online Latin America, Inc., Class A		3,289
	6,900	2,3	American Management System, Inc.		157,872
	4,933	2,3	Anadigics, Inc.		50,021
	1,295	3	Analogic Corp.		64,569
	3,780	2,3	Anaren Microwave, Inc.		47,741
	13,100	2	Andrew Corp.		217,329
	3,630	2,3	Anixter International, Inc.		105,088
	1,300	2	Ansoft Corp.		14,703
	6,960	2	AnswerThink Consulting Group, Inc.		44,892
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	2,600	2	Ansys, Inc.	$	66,300
	900	2	Applied Innovation, Inc.		4,266
	1,772	2,3	AremisSoft Corp.		709
	6,900	2,3	Arris Group, Inc.		59,892
	10,700	2,3	Art Technology Group, Inc.		17,655
	2,400	2,3	Artisan Components, Inc.		35,376
	37,000	2	Ascential Software Corp.		127,280
	4,400	2,3	Asiainfo Holdings, Inc.		44,792
	8,800	2	Aspect Communications Corp.		42,152
	4,879	2,3	Aspen Technology, Inc.		66,110
	4,848	2,3	Asyst Technologies, Inc.		79,507
	1,798	2	Audiovox Corp., Class A		13,431
	1,400	2	August Technology Corp.		20,300
	4,700	2,3	Auspex Systems, Inc.		4,700
	3,600	2	Avanex Corp.		11,340
	5,412	2	Avant! Corp.		90,110
	10,600	2,3	Avici Systems, Inc.		20,246
	3,897	2	Avid Technology, Inc.		40,100
	7,294	2,3	Avocent Corp.		182,350
	3,986	2	Aware, Inc.		19,930
	2,099	2,3	BARRA, Inc.		103,670
	2,000		BEI Technologies, Inc.		39,220
	1,478	2	BSQUAR Corp.		5,038
	900		Bel Fuse, Inc.		24,156
	3,000	2	Bell Microproducts, Inc.		35,400
	2,652	2,3	Benchmark Electronics, Inc.		80,621
	2,722	2,3	Black Box Corp.		127,362
	6,800	2	Blue Martini Software, Inc.		7,480
	7,120	2,3	Borland Software Corp.		77,608
	923	2	Braun Consulting, Inc.		3,997
	1,897	2	Brio Technology, Inc.		4,077
	2,784	2,3	Brooks Automation, Inc.		99,250
	5,824	2,3	C-COR Electronics, Inc.		63,715
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	3,108	2	CACI International, Inc., Class A	$	93,781
	4,450	3	CTS Corp.		76,318
	6,619	2	Cable Design Technologies, Class A		83,201
	5,100	2	CacheFlow, Inc.		3,111
	2,098	2,3	Caminus Corp.		39,170
	3,428	2,3	Carreker-Antinori, Inc.		34,246
	1,115	2	Carrier Access Corp.		3,378
	1,000	2	Catapult Communications Corp.		25,060
	2,591	2,3	Celeritek, Inc.		26,687
	3,267	2,3	Centillium Communications, Inc.		37,963
	5,200	2,3	Centra Software, Inc.		16,120
	3,932	2,3	Checkpoint Systems, Inc.		67,827
	5,800	2	ChipPAC, Inc.		53,070
	5,307	2	Chordiant Software, Inc.		23,828
	6,480	2	Ciber, Inc.		45,360
	3,833	2	Clarent Corp.		1,073
	1,800	2	Click Commerce, Inc.		1,548
	5,300	2,3	Cognex Corp.		130,645
	875	2,3	Cognizant Technology Solutions Corp.		41,125
	4,644	2	Coherent, Inc.		142,106
	3,621	3	Cohu, Inc.		101,424
	7,200	2	CommScope, Inc.		114,336
	37,500	2	Commerce One, Inc.		41,625
	5,283	2,3	Computer Network Technology, Corp.		50,400
	8,242	2,3	Concurrent Computer Corp.		56,458
	2,145	2	Convera Corp.		8,406
	5,500	2	Copper Mountain Networks, Inc.		4,125
	4,454	2	Corillian Corp.		12,961
	9,000	2	Cosine Communications, Inc.		6,210
	3,567	2	Covansys Corp.		28,536
	8,440	2,3	Credence Systems Corp.		170,826
	3,654	2	Crossroads Systems, Inc.		11,360
	4,464	2,3	Cymer, Inc.		211,013
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	14,200	2	DMC Stratex Networks, Inc.	$	59,640
	4,118	2	DSP Group, Inc.		87,384
	1,400	2	Daktronics, Inc.		13,776
	3,046	2	Datastream Systems, Inc.		24,338
	5,283	2,3	Dendrite International, Inc.		70,000
	4,400	2	Digex, Inc.		3,652
	1,983	2	Digimarc Corp.		29,686
	3,890	2,3	Digital Insight Corp.		73,949
	3,180	2,3	Digital Lightwave, Inc.		13,197
	5,010	2	DigitalThink, Inc.		5,110
	867	2	Digitas, Inc.		4,266
	4,400	2	Ditech Communications Corp.		13,416
	10,000	2,3	Divine, Inc., Class A		2,800
	7,000	2,3	Docent, Inc.		15,400
	5,418	2,3	Documentum, Inc.		105,218
	560	2,3	Dupont Photomasks, Inc.		21,829
	500	2,3	Duraswitch Industries, Inc.		3,250
	8,300	2	E.piphany, Inc.		49,966
	4,190	2,3	EMCORE Corp.		37,082
	2,100	2	EPIQ Systems, Inc.		35,805
	4,284	2,3	ESS Technology, Inc.		68,415
	3,100	2,3	Echelon Corp.		48,980
	6,094	2	Eclipsys Corp.		97,571
	3,261	2,3	Elantec Semiconductor, Inc.		134,810
	3,766	2	Electroglas, Inc.		63,306
	7,600	2	Electronics for Imaging, Inc.		136,116
	1,889	2	Embarcadero Technologies, Inc.		20,779
	6,700	2	Entegris, Inc.		105,525
	6,300	2	Entrust Technologies, Inc.		26,397
	5,244	2	Exar Corp.		104,565
	850	2	Excel Technology, Inc.		21,837
	1,491	2	Extensity, Inc.		2,207
	2,496	2,3	F5 Networks, Inc.		32,498
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	2,031	2,3	FEI Co.	$	53,679
	1,600	2,3	FLIR Systems, Inc.		63,803
	4,890	2,3	FSI International, Inc.		58,338
	2,524	3	Fair Isaac & Co., Inc.		140,688
	5,773	2,3	FalconStor Software, Inc.		35,793
	3,300	2	FiberCore, Inc.		1,485
	4,737	2,3	Filenet Corp.		81,713
	8,617	3	Fisher Scientific International, Inc.		245,412
	2,441	2,3	Forrester Research, Inc.		44,548
	1,020		Franklin Electronics, Inc.		51,612
	4,300	2,3	FreeMarkets, Inc.		76,368
	10,821	2	Gartner Group, Inc., Class A		126,606
	15,100	2	Genuity, Inc., Class A		10,570
	1,864	2	Gerber Scientific, Inc.		8,388
	1,600	2,3	Global Imaging Systems, Inc.		30,526
	266	2	Globalscape, Inc.		59
	15,336	2,3	GlobespanVirata, Inc.		90,482
	4,875	2,3	HNC Software		93,210
	2,400	2,3	Handspring, Inc.		6,240
	7,800	2,3	Harmonic Lightwaves, Inc.		62,790
	4,351		Helix Technology Corp.		117,738
	2,050	2	Hi/fn, Inc.		21,730
	4,260	2,3	Hutchinson Technology, Inc.		76,297
	5,392	2	Hyperion Solutions Corp.		126,173
	7,000	2,3	I-Many, Inc.		39,200
	3,051	2,3	IDX Systems Corp.		52,691
	2,144	2,3	IXYS Corp.		18,095
	5,064	2,3	Identix, Inc.		38,233
	22,514	3	Ikon Office Solutions, Inc.		292,682
	5,403	2	Imation Corp.		162,576
	5,897	2,3	InFocus Corp.		76,307
	3,197	2	Indus International, Inc.		12,756
	1,000	2	Inet Technologies, Inc.		8,410
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	30,700	2	InfoSpace.com, Inc.	$	35,919
	1,540	2,3	Infogrames, Inc.		10,010
	17,100	2	Inktomi Corp.		39,672
	1,000	2,3	Integral Systems, Inc.		22,520
	3,709	2,3	Integrated Circuit System, Inc.		73,809
	4,765	2	Integrated Silicon Solution, Inc.		63,851
	8,046	2	Intelidata Technologies Corp.		14,885
	3,280	3	Inter-Tel, Inc.		67,273
	610	2	Interactive Intelligence, Inc.		2,440
	9,145	2	Interdigital Communications Corp.		103,796
	8,387	2	Intergraph Corp.		142,579
	10,837	2	Interland, Inc.		27,309
	2,328	2,3	Intermagnetics General Corp.		58,503
	15,500	2,3	Internap Network Services Corp.		8,990
	19,500	2	Internet Capital Group, Inc.		8,970
	7,806	2	Intertrust Technologies Corp.		10,616
	5,354	2	Intervoice, Inc.		23,558
	7,412	2	Iomega Corp.		93,391
	2,500	2,3	Itron, Inc.		89,125
	6,100	2,3	Ixia		52,460
	15,070	2	J.D. Edwards & Co.		167,277
	2,993	2	JDA Software Group, Inc.		90,508
	4,678	2,3	JNI Corp.		29,471
	2,813	2,3	Kana Software, Inc.		28,946
	7,400	3	Keane, Inc.		115,736
	556		Keithley Instruments, Inc.		10,675
	4,018	2	Keynote Systems, Inc.		36,684
	9,400	2,3	Kopin Corp.		74,636
	2,677	2	Kronos, Inc.		108,820
	6,894	2	Kulicke & Soffa Industries, Inc.		125,057
	2,800		LSI Industries, Inc.		55,636
	7,031	2,3	LTX Corp.		149,128
	6,000	2,3	Lantronix, Inc.		14,400
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	1,400	2	LeCroy Corp.	$	22,386
	12,858	2,3	Legato Systems, Inc.		88,720
	3,400	2	Lexar Media, Inc.		10,880
	17,100	2,3	Liberate Technologies, Inc.		87,039
	2,028	2	Lightpath Technologies, Inc.		3,448
	4,800	2,3	Loudcloud, Inc.		8,880
	5,568	2	MEMC Electronic Materials		45,101
	2,963	2	MICROS Systems Corp.		82,964
	6,759	2,3	MIPS Technologies, Inc.		41,230
	3,407	2	MKS Instruments, Inc.		115,463
	2,958	2	MRO Software, Inc.		42,773
	16,490	2	MRV Communications, Inc.		33,640
	3,800		MSC Software Corp.		46,626
	2,100		MTS Systems Corp.		22,050
	8,500	2	Macromedia, Inc.		190,315
	912	2	Management Network Group, Inc.		4,451
	2,012	2,3	Manhattan Associates, Inc.		63,539
	2,605	2	Mapinfo Corp.		28,733
	5,318	2	MatrixOne, Inc.		36,694
	5,571	2,3	Mattson Technology, Inc.		47,799
	1,900		Maxwell Technologies, Inc.		17,898
	1,182	2	McAfee.com, Corp.		15,780
	1,700	2	Measurement Specialties, Inc.		11,815
	2,000	2	Mechanical Technology, Inc.		5,740
	2,600	2	Merix Corp.		43,472
	2,910	2	Metasolv, Inc.		17,169
	3,996	2	Metawave Communications Corp.		1,558
	5,986		Methode Electronics, Inc., Class A		68,659
	1,100	2	Micro General Corp.		18,072
	6,399	2,3	MicroStrategy, Inc.		11,070
	3,804	3	Microsemi Corp.		50,403
	4,000	2,3	Microtune, Inc.		44,600
	1,200	2	Moldflow Corp.		12,684
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	3,982	2	Multex.com, Inc.	$	17,680
	6,646	2,3	NMS Communications Corp.		21,998
	4,300	2,3	NYFIX, Inc.		43,301
	1,623	2	Nanometrics, Inc.		30,723
	3,194	2	Net2Phone, Inc.		16,261
	5,800	2,3	NetIQ Corp.		130,094
	1,568	2	NetRatings, Inc.		21,670
	3,123	2	NetScout Systems, Inc.		28,451
	4,319	2,3	Netegrity, Inc.		33,040
	3,843	2	Netro Corp.		10,722
	9,500	2	New Focus, Inc.		28,025
	700	2	New Horizons Worldwide, Inc.		7,175
	4,900	2,3	Newport Corp.		100,499
	3,800	2	Next Level Communications, Inc.		3,724
	1,445	2	Novadigm, Inc.		9,754
	2,800	2,3	Novatel Wireless, Inc.		1,596
	56,130	2	Novell, Inc.		207,681
	2,600	2	Nu Horizons Electronics Corp.		24,180
	4,018	2	Nuance Communications, Inc.		22,501
	2,337	2,3	Numerical Technologies, Inc.		30,474
	4,500	2,3	ON Semiconductor Corp.		16,380
	6,833	2	ONYX Software Corp.		24,667
	800	2,3	OPNET Technologies, Inc.		6,280
	3,285	2,3	OTG Software, Inc.		23,816
	6,610	2,3	Oak Technology, Inc.		94,060
	17,200	2	Oplink Communications, Inc.		22,016
	230	2	Optical Cable Corp.		175
	2,000	2	Optical Communication Products, Inc.		4,560
	2,744	2,3	Overture Services, Inc.		93,817
	3,181	2,3	PC-Tel, Inc.		26,084
	2,865	2,3	PLATO Learning, Inc.		38,448
	3,558	2	PLX Technology, Inc.		26,472
	3,113	2,3	PRI Automation, Inc.		57,871
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	2,461	2	Packeteer, Inc.	$	17,227
	2,092		Park Electrochemical Corp.		63,283
	180	2	Pec Solutions, Inc.		4,230
	1,000	2	Performance Technologies, Inc.		6,650
	3,784	2	Pericom Semiconductor Corp.		53,998
	9,385	2,3	Perot Systems Corp.		167,053
	3,978	2	Phoenix Technology Ltd.		54,698
	2,399	2,3	Photon Dynamics, Inc.		116,208
	3,624	2,3	Photronics, Inc.		119,411
	9,514	2,3	Pinnacle Systems, Inc.		88,480
	4,879	3	Pioneer Standard Electronics, Inc.		71,331
	2,741	2	Pixelworks, Inc.		27,328
	2,100	2	Planar Systems, Inc.		52,269
	4,474	2,3	Plantronics, Inc.		94,222
	5,858	2,3	Plexus Corp.		146,391
	15,400	2	Portal Software, Inc.		22,792
	1,500	2	Powell Industries, Inc.		35,250
	3,392	2,3	Power Integrations, Inc.		71,741
	8,600	2,3	Powerwave Technologies, Inc.		102,684
	3,542	2	Presstek, Inc.		26,565
	2,216	2	ProQuest Co.		90,191
	5,200	2	ProcureNet, Inc.		0
	4,714	2	Progress Software Corp.		79,431
	20,777	2	Proxim, Inc.		63,370
	6,564	2	Puma Technology, Inc.		6,564
	2,316	2	QRS Corp.		25,939
	7,871	2,3	REMEC, Inc.		62,968
	1,800		ROHN Industries, Inc.		2,266
	2,749	2,3	RadiSys Corp.		40,328
	2,652	2	Radiant Systems, Inc.		29,199
	4,262	2	Rainbow Technologies, Inc.		36,099
	11,500	2,3	Rambus, Inc.		76,820
	17,400	2	Read-Rite Corp.		61,770
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	2,900	2	Red Hat, Inc.	$	13,311
	3,968	2	Register.Com, Inc.		33,411
	1,379	2,3	Renaissance Learning, Inc.		47,672
	1,556	2,3	Research Frontiers, Inc.		25,347
	500		Richardson Electronics Ltd.		5,875
	1,916	2	Rogers Corp.		64,378
	4,377	3	Roper Industries, Inc.		201,298
	3,100	2	Roxio, Inc.		65,875
	1,178	2,3	Rudolph Technologies, Inc.		35,929
	8,700	2	S1 Corp.		78,039
	8,665	2	SBA Communications, Corp.		25,033
	2,796	2	SBS Technologies, Inc.		35,621
	1,627	2	SCM Microsystems, Inc.		20,956
	1,958	2,3	SERENA Software, Inc.		26,923
	2,316	2	SPSS, Inc.		41,086
	4,547	2,3	Saba Software, Inc.		13,323
	16,300	2	Safeguard Scientifics, Inc.		42,706
	1,325	2	Sanchez Computer Associates, Inc.		8,162
	10,600	2,3	Sapient Corp.		51,728
	2,321	2,3	Satcon Technology Corp.		4,967
	1,000	2	ScanSource, Inc.		67,060
	3,403	2,3	SeaChange International, Inc.		37,875
	3,852	2,3	Secure Computing Corp.		48,420
	3,789	2	SeeBeyond Technology Corp.		13,034
	1,795	2	Selectica, Inc.		6,873
	1,543	2	Semitool, Inc.		21,818
	1,800	2	SignalSoft Corp.		2,106
	28,094	2	Silicon Graphics, Inc.		78,663
	9,206	2	Silicon Image, Inc.		88,838
	1,200	2,3	Silicon Laboratories, Inc.		35,472
	10,900	2	Silicon Storage Technology		108,128
	600	2	Siliconix, Inc.		19,008
	1,200	2	Simplex Solutions, Inc.		20,244
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	4,684	2,3	Sipex Corp.	$	45,856
	2,090	2,3	Sirenza Microdevices, Inc.		10,325
	1,200	2,3	SkillSoft Corp.		23,051
	5,074	2,3	Somera Communications, Inc.		36,279
	5,364	2,3	Sonicwall, Inc.		39,801
	2,676	2,3	Sorrento Networks Corp.		5,753
	2,927	2	SpectraLink Corp.		30,821
	11,100	2,3	SpectraSite Holdings, Inc.		4,440
	2,200	2,3	Spectrian Corp.		24,068
	4,600	2	Speechworks International, Inc.		22,540
	2,622	2	Standard Microsystems Corp.		64,370
	7,128	2,3	StarBase Corp.		2,424
	780	2	StarTek, Inc.		19,391
	4,040	2	Starmedia Network, Inc.		222
	3,574	2,3	Stellent, Inc.		18,835
	8,219	2	Stratos Lightwave, Inc.		22,684
	1,900	2	Sunrise Telecom, Inc.		6,821
	831	2	Supertex, Inc.		15,914
	3,900	2	Support.com, Inc.		13,182
	3,600	2	Sykes Enterprises, Inc.		37,008
	4,664	2	Symmetricom, Inc.		29,850
	1,800	2	Synplicity, Inc.		13,120
	565	2	Syntel, Inc.		8,193
	4,894	2	Systems & Computer Technology Corp.		76,102
	5,633	2,3	THQ, Inc.		197,493
	1,200	2	TTM Technologies		9,863
	5,279	2,3	Take-Two Interactive Software, Inc.		132,503
	2,280	3	Talx Corp.		37,164
	4,038	3	Technitrol, Inc.		102,565
	4,252	2	Teledyne Technologies, Inc.		72,284
	8,300	2,3	Terayon Communication Systems, Inc.		19,920
	2,738	2	Therma-Wave, Inc.		38,715
	2,613	2	Three-Five Systems, Inc.		36,582
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	8,900	2,3	Titan Corp.	$	203,454
	1,502	2,3	Tollgrade Communications, Inc.		30,205
	2,100	2	Tradestation Group, Inc.		3,003
	11,500	2	TranSwitch Corp.		19,205
	6,141	2	Transaction Systems Architects, Inc., Class A		71,236
	3,135	2	TriZetto Group, Inc.		36,993
	2,400	2	Trikon Technologies, Inc.		33,696
	4,388	2,3	Trimble Navigation Ltd.		72,797
	18,912	2	Triquint Semiconductor, Inc.		191,768
	5,100	2	Turnstone Systems, Inc.		18,615
	2,487	2,3	Ulticom, Inc.		14,300
	3,343	2	Ultratech Stepper, Inc.		57,065
	6,762	2	Universal Access Global Holdings, Inc.		5,815
	1,490	2,3	Universal Display Corp.		16,137
	5,600	2	VA Linux Systems, Inc.		7,280
	4,746	2	Varian Semiconductor Equipment Associates, Inc.		221,733
	5,060	2	Varian, Inc.		170,724
	2,900	2	Vastera, Inc.		16,066
	4,141	2,3	Veeco Instruments, Inc.		122,698
	4,402	2,3	Verity, Inc.		58,723
	7,000	2,3	VerticalNet, Inc.		2,870
	2,874	2,3	ViaSat, Inc.		30,551
	7,280	2,3	Viewpoint Corp.		43,680
	1,800	2,3	Virage Logic Corp.		32,400
	5,195	2,3	Visual Networks, Inc.		6,805
	10,900	2	Vitria Technology, Inc.		24,525
	1,500	2	WJ Communications, Inc.		4,200
	4,651	2	Watchguard Technologies, Inc.		29,906
	3,080		Watts Industries, Inc., Class A		56,087
	5,205	2,3	Wave Systems Corp.		10,722
	2,300	2,3	WebEx Communications, Inc.		39,629
	2,188	2	Websense, Inc.		58,441
	27,565	2	Western Digital Corp.		170,627
Shares				Value
			COMMON STOCKS--continued1
			Information Technology--continued
	2,400	2	Witness Systems, Inc.	$	18,886
	1,080		Woodhead Industries, Inc.		20,434
	1,806		X-Rite, Inc.		15,803
	2,900	2	Xanser Corp.		9,570
	4,100	2	Xicor, Inc.		41,000
	8,847	2,3	Xybernaut Corp.		10,439
	4,231	2	Zebra Technologies Corp., Class A		239,771
	3,176	3	ZixIt Corp.		15,753
	6,185	2,3	Zomax Optical Media, Inc.		35,564
	2,439	2,3	Zoran Corp.		88,316
	2,621	2,3	Zygo Corp.		44,845
	900	2	ftd.com, Inc.		5,445
	3,434	2	iBasis, Inc.		2,438
	3,300	2,3	webMethods, Inc.		49,104
			TOTAL		20,695,913
			Materials--5.1%
	200	3	AEP Industries, Inc.		6,220
	2,066		AMCOL International Corp.		12,603
	8,821	2	Airgas, Inc.		145,458
	4,475	3	Albemarle Corp.		132,684
	400		Ameron, Inc.		29,540
	5,423		Aptargroup, Inc.		201,464
	2,393		Arch Chemicals, Inc.		56,953
	8,458		Ball Corp.		402,178
	12,952	2	Bethlehem Steel Corp.		5,181
	3,055	2	Brush Engineered Materials, Inc.		39,409
	2,190	2	Buckeye Technologies, Inc.		24,068
	5,351		Calgon Carbon Corp.		48,159
	3,365		Cambrex Corp.		138,268
	5,053		Caraustar Industries, Inc.		57,099
	3,457	3	Carpenter Technology Corp.		91,610
	700		Castle (A.M.) & Co.		8,050
	698		Centex Construction Products, Inc.		30,628
Shares				Value
			COMMON STOCKS--continued1
			Materials--continued
	2,470	3	Century Aluminium Co.	$	37,445
	1,115		ChemFirst, Inc.		31,164
	2,929		Chesapeake Corp.		80,401
	1,820	2,3	Cleveland Cliffs, Inc.		49,140
	2,153		Commercial Metals Corp.		96,476
	18,254		Crompton Corp.		219,961
	17,500	2,3	Crown Cork & Seal Co., Inc.		197,050
	5,533	2	Cytec Industries, Inc.		182,534
	7,377	2,3	DDI Corp.		44,410
	992		Deltic Timber Corp.		33,232
	4,693	2	Earthshell Corp.		2,581
	3,900	2,3	Eden Bioscience Corp.		11,310
	4,701	3	Ferro Corp.		133,132
	3,196		Florida Rock Industries, Inc.		127,776
	4,736		Fuller (H.B.) Co.		147,337
	3,783		Georgia Gulf Corp.		83,339
	1,579		Gibraltar Steel Corp.		36,128
	2,057		Glatfelter (P.H.) Co.		36,059
	1,484		Greif Brothers Corp., Class A		52,712
	15,600		IMC Global, Inc.		196,560
	1,303		International Specialty Products, Inc.		12,053
	1,835	2	Ivex Packaging Corp.		42,205
	592		Liqui Box Corp.		39,575
	7,620	3	Longview Fibre Co.		76,581
	15,216	2	Louisiana-Pacific Corp.		178,027
	3,472	3	MacDermid, Inc.		76,384
	10,716		Millennium Chemicals, Inc.		146,273
	3,363		Minerals Technologies, Inc.		168,150
	1,722		Myers Industries, Inc.		31,168
	1,022		NL Industries, Inc.		16,965
	1,200		NN, Inc.		13,440
	1,000	2	Octel Corp.		22,550
	300	2	Oglebay Norton Co.		4,065
Shares				Value
			COMMON STOCKS--continued1
			Materials--continued
	6,563		Olin Corp.	$	119,512
	4,268	2	Omnova Solutions, Inc.		39,266
	2,700	2	Oregon Steel Mills, Inc.		19,926
	21,700	2	Owens-Illinois, Inc.		347,634
	1,561	3	Penn Virginia Corp.		59,786
	12,942		Polyone Corp.		157,116
	1,588		Pope & Talbot, Inc.		22,708
	4,827	3	Potlatch Corp.		166,628
	800		Quaker Chemical Corp.		18,400
	2,458	3	Quanex Corp.		88,488
	14,516		RPM, Inc.		246,046
	3,377	2	RTI International Metals		44,408
	4,604	3	Rayonier, Inc.		270,117
	1,100		Roanoke Electric Corp.		16,686
	2,404		Rock-Tenn Co.		36,733
	2,267		Ryerson Tull, Inc.		26,637
	5,159		Schulman (A.), Inc.		104,728
	2,369	2,3	Scotts Co.		113,025
	1,800	2	Silgan Holdings, Inc.		71,640
	2,907		Southern Peru Copper Corp.		42,006
	1,447	3	Spartech Corp.		38,693
	4,456	2,3	Steel Dynamics, Inc.		77,757
	630		Stepan, Co.		17,483
	5,266	2,3	Stillwater Mining Co.		92,418
	4,301	2,3	Symyx Technologies, Inc.		84,472
	4,000	2	Terra Industries, Inc.		10,720
	3,106	3	Texas Industries, Inc.		120,451
	4,400	2,3	Titanium Metals Corp.		17,160
	100		Tremont Corp.		2,948
	1,800	2	U.S. Concrete, Inc.		11,824
	8,518	2,3	UCAR International, Inc.		110,734
Shares				Value
			COMMON STOCKS--continued1
			Materials--continued
	10,283		USEC, Inc.	$	70,336
	5,895		Wausau-Mosinee Paper Corp.		76,694
	11,437		Worthington Industries, Inc.		169,268
			TOTAL		6,968,203
			Telecommunication Services--0.8%
	4,500	2	AT&T Latin America Corp., Class A		5,850
	4,300	2,3	Aether Systems, Inc.		14,319
	2,972	2,3	AirGate PCS, Inc.		42,500
	9,193	2,3	Alamosa PCS Holdings, Inc.		46,976
	966	2	Alaska Communications Systems Holdings, Inc.		6,182
	3,200	2	Boston Communications Group, Inc.		31,360
	1,640		CT Communications, Inc.		23,682
	827	2,3	Centennial Cellular Corp., Class A		2,398
	2,684	2,3	Choice One Communications, Inc.		4,563
	2,002	3	Commonwealth Telephone Enterprises, Inc.		75,776
	1,600		Conestoga Enterprises, Inc.		50,912
	5,700	2	Dobson Communications Corp., Class A		11,166
	45	2,3	Focal Communications Corp.		255
	251	2	Focal Communications Corp., Warrants		30
	6,976	2	General Communications, Inc., Class A		69,620
	957	2	Golden Telecom, Inc.		16,747
	1,314		Hickory Tech Corp.		22,048
	7,187	2	IDT Corp.		143,740
	1,632	2	IMPSAT Fiber Networks, Inc.		211
	3,700	2,3	ITC DeltaCom, Inc.		633
	3,885	2,3	ITXC Corp.		20,552
	2,300	2	Intrado, Inc.		42,757
	4,112	2,3	Leap Wireless International, Inc.		30,511
	2,000	2	Lexent, Inc.		6,500
	3,200	2	Metro One Telecommunications		56,960
Shares				Value
			COMMON STOCKS--continued1
			Telecommunication Services--continued
	31	2	Millicom International Cellular S.A.	$	133
	2,747	2,3	NTELOS, Inc.		7,692
	803	2,3	Neon Communications, Inc.		265
	1,629		North Pittsburgh Systems, Inc.		27,090
	1,900	2	OmniSky Corp.		0
	6,534	2	Price Communications Corp.		109,837
	6,800	2,3	RCN Corp.		9,656
	2,414	2	Rural Cellular Corp.		8,932
	15,716	2	Terremark Worldwide, Inc.		10,373
	13,300	2,3	Touch America Holdings, Inc.		45,087
	6,000	2	US Unwired, Inc., Class A		38,214
	10,200	2,3	UbiquiTel, Inc.		18,768
	4,100	2	Wireless Facilities, Inc.		18,532
			TOTAL		1,020,827
			Utilities--3.5%
	9,468	3	AGL Resources, Inc.		226,664
	1,053		American States Water Co.		40,962
	7,309		Atmos Energy Corp.		174,904
	7,385	3	Avista Corp.		118,086
	2,804	3	CH Energy Group, Inc.		144,098
	1,427		California Water Service Group		35,532
	1,152		Cascade Natural Gas Corp.		25,920
	1,200		Central VT Public Service Corp.		21,600
	6,880	3	Cleco Corp.		170,486
	750		Connecticut Water Service, Inc.		21,923
	9,000		DQE, Inc.		175,680
	6,815		El Paso Electric Co.		106,314
	1,861	3	Empire Distribution Electric Co.		39,993
	4,768		Energen Corp.		134,219
	5,881		Hawaiian Electric Industries, Inc.		277,818
	1,997		Laclede Group, Inc.		48,827
Shares				Value
			COMMON STOCKS--continued1
			Utilities--continued
	1,642		Madison Gas & Electric Co.	$	46,534
	750		Middlesex Water Co.		18,563
	2,835	3	NUI Corp.		75,978
	3,421		New Jersey Resources Corp.		109,472
	4,600	2	NewPower Holdings, Inc.		253
	4,696		Northwest Natural Gas Co.		133,366
	5,100	3	Northwestern Corp.		104,907
	8,258		ONEOK, Inc.		180,520
	3,071		Otter Tail Power Co.		104,414
	5,123		PNM Resources, Inc.		148,567
	5,760		Peoples Energy Corp.		224,640
	8,344		Philadelphia Suburban Corp.		201,090
	5,356		Piedmont Natural Gas, Inc.		199,511
	5,879	3	RGS Energy Group, Inc.		233,279
	194		SJW Corp.		16,393
	1,807	3	Semco Energy, Inc.		17,618
	17,666	3	Sierra Pacific Resources		125,252
	1,182		South Jersey Industries, Inc.		41,961
	4,136	3	Southern Union Co.		72,380
	4,778	3	Southwest Gas Corp.		118,256
	2,783	2	Southwestern Energy Co.		40,075
	4,688	3	UGI Corp.		147,672
	1,465	3	UIL Holdings Corp.		82,626
	5,006		UniSource Energy Corp.		101,021
	8,325	3	WGL Holdings, Inc.		225,608
	4,922	3	WPS Resources Corp.		205,001
			TOTAL		4,737,983
			TOTAL COMMON STOCKS (IDENTIFIED COST $109,759,340)		127,798,888
Shares or Principal Amount				Value
			PREFERRED STOCKS--0.0%
			Healthcare--0.0%
	76		Genesis Health Ventures, Inc. (identified cost $28,732)	$	0
			SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.4%4
$	575,000		United States Treasury Bill, 7/18/2002 (identified cost $572,938)		572,938
			MUTUAL FUND--5.0%
	6,802,377		Prime Value Obligations Fund, Class IS (at net asset value)		6,802,377
			TOTAL INVESTMENTS (IDENTIFIED COST $117,163,387)5	$	135,174,203

1 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and minimizing trading costs. The total market value of open index futures contracts is $7,156,800 at April 30, 2002, which represents 5.3% of net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the index is 99.3%.

2 Non-income producing security.

3 Certain shares are temporarily on loan to unaffiliated broker/dealers.

4 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.

5 The cost of investments for federal tax purposes amounts to $117,163,387. The net unrealized appreciation of investments on a federal tax basis amounts to $18,010,816 which is comprised of $37,330,071 appreciation and $19,319,255 depreciation at April 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($135,901,510) at April 30, 2002.

The following acronyms are used throughout this portfolio:

ADR	--American Depositary Receipt
REIT	--Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2002 (unaudited)

Assets:
Total investments in securities, at value (identified cost $117,163,387)			$	135,174,203
Cash				356,094
Cash held as collateral for securities lending				42,529,298
Income receivable				65,594
Receivable for investments sold				27,710
Receivable for shares sold				187,110
Receivable for daily variation margin				142,800
TOTAL ASSETS				178,482,809
Liabilities:
Payable for shares redeemed	$	7,371
Payable on collateral due to broker		42,529,298
Accrued expenses		44,630
TOTAL LIABILITIES				42,581,299
Net assets for 11,135,226 shares outstanding			$	135,901,510
Net Assets Consist of:
Paid in capital			$	126,561,575
Net unrealized appreciation of investments and futures contracts				18,192,382
Accumulated net realized loss on investments and futures contracts				(8,811,921	)
Distributions in excess of net investment income				(40,526	)
TOTAL NET ASSETS			$	135,901,510
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
Net asset value, offering price and redemption proceeds per share ($129,265,734 ÷ 10,586,717 shares outstanding)				$12.21
Class C Shares:
Net asset value, and offering price per share ($6,635,776 ÷ 548,509 shares outstanding)				$12.10
Redemption proceeds per share (99.00/100 of $12.10)1				$11.98

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

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2002 (unaudited)

Investment Income:
Dividends (net of foreign taxes withheld of $561)							$	628,612
Interest								128,852
TOTAL INCOME								757,464
Expenses:
Management fee				$	281,816
Custodian fees					33,168
Transfer and dividend disbursing agent fees and expenses					50,855
Directors'/Trustees' fees					2,402
Auditing fees					7,131
Legal fees					2,258
Portfolio accounting fees					56,316
Distribution services fee--Class C Shares					22,998
Shareholder services fee--Institutional Shares					133,242
Shareholder services fee--Class C Shares					7,666
Share registration costs					19,551
Printing and postage					27,849
Insurance premiums					681
Miscellaneous					994
TOTAL EXPENSES					646,927
Waiver and Reimbursement:
Waiver of shareholder services fee--Institutional Shares	$	(69,286	)
Reimbursement of management fee		(292	)
TOTAL WAIVER AND REIMBURSEMENT					(69,578	)
Net expenses								577,349
Net investment income								180,115
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized loss on investments								(2,353,812	)
Net realized gain on futures contracts								1,035,907
Net change in unrealized depreciation of investments and futures contracts								20,005,581
Net realized and unrealized gain on investments and futures contracts								18,687,676
Change in net assets resulting from operations							$	18,867,791

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 4/30/2002			Year Ended 10/31/2001
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	180,115		$	450,377
Net realized loss on investments and futures contracts		(1,317,905	)		(6,238,860	)
Net change in unrealized appreciation (depreciation) of investments and futures contracts		20,005,581			(7,834,066	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		18,867,791			(13,622,549	)
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(250,296	)		(589,552	)
Distributions from net realized gain on investments and futures contracts
Institutional Shares		--			(13,279,506	)
Class C Shares		--			(825,830	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(250,296	)		(14,694,888	)
Share Transactions:
Proceeds from sale of shares		69,786,055			97,045,987
Net asset value of shares issued to shareholders in payment of distributions declared		214,886			10,934,214
Cost of shares redeemed		(40,485,264	)		(99,460,245	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		29,515,677			8,519,956
Change in net assets		48,133,172			(19,797,481	)
Net Assets:
Beginning of period		87,768,338			107,565,819
End of period (including undistributed net investment income of $29,655 at October 31, 2001)	$	135,901,510		$	87,768,338

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended October 31,
	4/30/2002			2001			2000			1999			1998			1997
Net Asset Value, Beginning of Period	$10.25			$13.99			$13.63			$13.02			$16.68			$14.39
Income From Investment Operations:
Net investment income	0.02			0.06			0.12			0.11			0.13			0.15
Net realized and unrealized gain (loss) on investments and futures contracts	1.97			(1.82	)		1.84			1.43			(2.19	)		3.51
TOTAL FROM INVESTMENT OPERATIONS	1.99			(1.76	)		1.96			1.54			(2.06	)		3.66
Less Distributions:
Distributions from net investment income	(0.03	)		(0.08	)		(0.10	)		(0.11	)		(0.14	)		(0.14	)
Distributions from net realized gain on investments and futures contracts	--			(1.90	)		(1.50	)		(0.82	)		(1.46	)		(1.23	)
TOTAL DISTRIBUTIONS	(0.03	)		(1.98	)		(1.60	)		(0.93	)		(1.60	)		(1.37	)
Net Asset Value, End of Period	$12.21			$10.25			$13.99			$13.63			$13.02			$16.68
Total Return1	19.39	%		(13.76	)%		15.14	%		12.43	%		(13.46	)%		27.54	%
Ratios to Average Net Assets:
Expenses	0.98	%3		1.05	%		0.96	%		0.93	%		0.82	%		0.76	%
Net investment income	0.37	%3		0.56	%		0.85	%		0.79	%		0.80	%		0.96	%
Expense waiver/reimbursement2	0.13	%3		0.13	%		0.13	%		0.13	%		0.13	%		0.18	%
Supplemental Data:
Net assets, end of period (000 omitted)	$129,266		$82,393			$101,330			$97,235			$118,494			$150,470
Portfolio turnover	9	%		56	%		56	%		47	%		48	%		52	%

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

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

3 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Class C Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended October 31,							Period Ended
	4/30/2002			2001		2000		1999		10/31/1998	1
Net Asset Value, Beginning of Period	$10.18			$13.91		$13.59		$13.00		$16.75
Income From Investment Operations:
Net investment income (net operating loss)	(0.03	)		(0.03	)	(0.00	)2	(0.00	)2	0.00	2
Net realized and unrealized gain (loss) on investments and futures contracts	1.95			(1.80	)	1.82		1.42		(2.25	)
TOTAL FROM INVESTMENT OPERATIONS	1.92			(1.83	)	1.82		1.42		(2.25	)
Less Distributions:
Distributions from net investment income	--			--		--		(0.01	)	(0.04	)
Distributions from net realized gain on investments and futures contracts	--			(1.90	)	(1.50	)	(0.82	)	(1.46	)
TOTAL DISTRIBUTIONS	--			(1.90	)	(1.50	)	(0.83	)	(1.50	)
Net Asset Value, End of Period	$12.10			$10.18		$13.91		$13.59		$13.00
Total Return3	18.86	%		(14.39	)%	14.09	%	11.44	%	(14.47	)%
Ratios to Average Net Assets:
Expenses	1.86	%4		1.93	%	1.84	%	1.81	%	1.72	%4
Net investment income (net operating loss)	(0.51	)%4		(0.34	)%	(0.06	)%	(0.09	)%	0.00	%4
Supplemental Data:
Net assets, end of period (000 omitted)	$6,636			$5,375		$6,236		$4,252		$1,101
Portfolio turnover	9	%		56	%	56	%	47	%	48	%

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

2 Less than $0.01 per share.

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

4 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

April 30, 2002 (unaudited)

ORGANIZATION

Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Mini-Cap Index Fund (formerly, Federated Mini-Cap Fund) (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Shares and Class C Shares. The investment objective of the Fund is to provide investment results that generally correspond to the aggregate price and dividend performance of approximately 2,000 publicly traded common stocks that are ranked in terms of capitalization below the top 1,000 stocks that comprise the large and mid-range capitalization sector of the United States equity market. This group of stocks is known as the Russell 2000® Index.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP").

Investment Valuation

Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized for financial reporting purposes as required. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code, as amended (the "Code"), applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

At October 31, 2001, the Fund, for federal tax purposes, had a capital loss carryforward of $1,591,631, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2009.

When-Issued and Delayed Delivery Transactions

The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Futures Contracts

The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the six months ended April 30, 2002, the Fund had realized gain on future contracts of $1,035,907. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At April 30, 2002, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Appreciation
June 2002	28 Russell 2000 Index Futures	Long	$181,566

Securities Lending

The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and government securities to qualified brokers. Collateral for securities loaned must be in cash or government securities. Collateral is maintained at a minimum level of 102% of the market value on investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the custodian, as a fee for its services under the program, and the Fund, according to agreed-upon rates.

As of April 30, 2002, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Market Value of Collateral
$40,990,805	$42,529,298

Use of Estimates

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

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

	Six Months Ended 4/30/2002					Year Ended 10/31/2001
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	5,959,606		$	68,204,428		8,064,689		$	91,646,981
Shares issued to shareholders in payment of distributions declared	18,359			214,886		903,185			10,140,515
Shares redeemed	(3,430,047	)		(39,120,571	)	(8,171,365	)		(94,124,307	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	2,547,918		$	29,298,743		796,509		$	7,663,189
	Six Months Ended 4/30/2002					Year Ended 10/31/2001
Class C Shares:	Shares			Amount		Shares			Amount
Shares sold	136,782		$	1,581,627		475,017		$	5,399,006
Shares issued to shareholders in payment of distributions declared	--			--		71,120			793,699
Shares redeemed	(116,511	)		(1,364,693	)	(466,202	)		(5,335,938	)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	20,271		$	216,934		79,935		$	856,767
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	2,568,189		$	29,515,677		876,444		$	8,519,956

MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.50% of the Fund's average daily net assets. Under the terms of a sub-management agreement between the Manager and Deutche Asset Management, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.065% of the Fund's average daily net assets.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain investment adviser fees as a result of these transactions.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Class C Shares. The Plan provides that the Fund may incur distribution expenses up to 0.75% of the average daily net assets of Class C Shares annually, to compensate FSC.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

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

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term securities (and in-kind contributions), for the six months ended April 30, 2002 were as follows:

Purchases	$41,675,450
Sales	$ 9,705,735

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated
World-Class Investment Manager
Federated Mini-Cap Index Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact
Federated Securities Corp., Distributor

Cusip 31420E304
Cusip 31420E601

Federated is a registered mark of Federated Investors, Inc. 2002 ©Federated Investors, Inc.

3052012 (6/02)

Federated Investors
World-Class Investment Manager

Federated Max-Cap Index Fund

(formerly, Federated Max-Cap Fund)

A Portfolio of Federated Index Trust

SEMI-ANNUAL REPORT

April 30, 2002

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2002 (unaudited)

Shares				Value
			COMMON STOCKS --96.5%1
			Consumer Discretionary--13.2%
	805,177	2	AOL Time Warner, Inc.	$	15,314,467
	11,958	3	American Greetings Corp., Class A		212,254
	20,097	2	AutoZone, Inc.		1,527,372
	52,714	2	Bed Bath & Beyond, Inc.		1,959,379
	39,760	2,3	Best Buy Co., Inc.		2,956,156
	27,341	2	Big Lots, Inc.		422,692
	17,383		Black & Decker Corp.		846,204
	15,399	3	Brunswick Corp.		434,098
	113,414		Carnival Corp., Class A		3,777,820
	11,693	3	Centex Corp.		658,316
	33,381		Circuit City Stores, Inc.		719,694
	108,657	2	Clear Channel Communications, Inc.		5,101,446
	159,497	2,3	Comcast Corp., Class A		4,266,545
	13,402	3	Cooper Tire & Rubber Co.		332,370
	84,608		Costco Wholesale Corp.		3,401,242
	27,228		Dana Corp.		551,639
	22,455		Darden Restaurants, Inc.		895,954
	102,352		Delphi Corp.		1,591,574
	24,813		Dillards, Inc., Class A		607,670
	60,387		Dollar General Corp.		951,095
	17,957		Dow Jones & Co., Inc.		976,322
	57,110	3	Eastman Kodak Co.		1,839,513
	28,637	3	Family Dollar Stores, Inc.		990,840
	36,140	2	Federated Department Stores, Inc.		1,435,842
	329,215	3	Ford Motor Co.		5,267,440
	26,249		Fortune Brands, Inc.		1,371,773
	47,629		Gannett Co., Inc.		3,491,206
	160,460	3	Gap (The), Inc.		2,264,091
	102,020	3	General Motors Corp.		6,544,583
	34,028		Goodyear Tire & Rubber Co.		757,123
Shares				Value
			COMMON STOCKS --continued1
			Consumer Discretionary--continued
	56,255		Harley Davidson, Inc.	$	2,980,952
	23,195	2	Harrah's Entertainment, Inc.		1,140,266
	35,469		Hasbro, Inc.		566,795
	67,584		Hilton Hotels Corp.		1,105,674
	426,189		Home Depot, Inc.		19,762,384
	14,658	2	International Game Technology		922,721
	67,219		Interpublic Group Cos., Inc.		2,075,723
	15,603		Johnson Controls, Inc.		1,345,759
	24,717	2	Jones Apparel Group, Inc.		962,727
	14,091		KB Home		702,436
	13,397		Knight-Ridder, Inc.		897,599
	61,239	2	Kohl's Corp.		4,513,314
	34,051		Leggett and Platt, Inc.		895,541
	82,975		Limited, Inc.		1,589,801
	17,502	3	Liz Claiborne, Inc.		547,638
	140,549		Lowe's Cos., Inc.		5,943,817
	34,716		Marriott International, Inc., Class A		1,525,421
	82,614		Mattel, Inc.		1,705,153
	52,543		May Department Stores Co.		1,822,191
	16,965	3	Maytag Corp.		782,935
	234,090		McDonald's Corp.		6,648,156
	37,205		McGraw-Hill Cos., Inc.		2,380,748
	8,159		Meredith Corp.		349,368
	26,605		New York Times Co., Class A		1,238,729
	47,210		Newell Rubbermaid, Inc.		1,482,394
	38,153		Nike, Inc., Class B		2,034,699
	19,680		Nordstrom, Inc.		461,693
	63,816	2	Office Depot, Inc.		1,221,438
	33,726	3	Omnicom Group, Inc.		2,942,256
	38,190	3	Penney (J.C.) Co., Inc.		830,251
	8,796	3	Pulte Homes, Inc.		467,947
	27,192		RadioShack Corp.		848,390
	13,898	2,3	Reebok International Ltd.		384,280
Shares				Value
			COMMON STOCKS --continued1
			Consumer Discretionary--continued
	58,606		Sears, Roebuck & Co.	$	3,091,467
	26,123		Sherwin-Williams Co.		802,760
	8,903		Snap-on, Inc.		282,047
	14,313		Stanley Works		665,268
	95,060	2	Staples, Inc.		1,898,348
	73,684	2,3	Starbucks Corp.		1,681,469
	35,033	3	Starwood Hotels & Resorts Worldwide, Inc.		1,324,247
	49,465		TJX Cos., Inc.		2,155,685
	22,768	2,3	TMP Worldwide, Inc.		686,911
	22,641		TRW, Inc.		1,245,934
	152,416		Target Corp.		6,652,958
	25,895	3	Tiffany & Co.		1,029,326
	40,793	2	Toys `R' Us, Inc.		704,495
	53,283		Tribune Co.		2,353,510
	28,239	2	Tricon Global Restaurants, Inc.		1,780,751
	11,441	3	Tupperware Corp.		262,685
	40,367	2,3	Univision Communications, Inc., Class A		1,613,065
	23,745		V.F. Corp.		1,039,319
	323,690	2	Viacom, Inc., Class B		15,245,799
	24,014		Visteon Corp.		370,776
	810,830		Wal-Mart Stores, Inc.		45,292,964
	360,684		Walt Disney Co.		8,360,655
	17,613		Wendy's International, Inc.		658,726
	11,593	3	Whirlpool Corp.		868,895
			TOTAL		244,613,976
			Consumer Staples--9.4%
	8,311	3	Alberto-Culver Co., Class B		453,531
	72,475		Albertsons, Inc.		2,430,811
	160,683		Anheuser-Busch Cos., Inc.		8,516,199
	118,986		Archer-Daniels-Midland Co.		1,578,944
	45,368		Avon Products, Inc.		2,533,803
	10,146	3	Brown-Forman Corp., Class B		797,679
	55,594		CVS Corp.		1,861,287
Shares				Value
			COMMON STOCKS --continued1
			Consumer Staples--continued
	58,290		Campbell Soup Co.	$	1,609,387
	47,573		Clorox Co.		2,105,105
	451,782		Coca-Cola Co.		25,078,419
	86,837		Coca-Cola Enterprises, Inc.		1,703,742
	100,231		Colgate-Palmolive Co.		5,313,245
	101,316		ConAgra, Inc.		2,482,242
	5,800		Coors Adolph Co., Class B		387,730
	65,255	3	General Mills, Inc.		2,874,483
	192,315		Gillette Co.		6,823,336
	65,748		Heinz (H.J.) Co.		2,760,759
	26,591		Hershey Foods Corp.		1,808,188
	72,507		Kellogg Co.		2,604,451
	95,364		Kimberly-Clark Corp.		6,210,104
	149,521	2	Kroger Co.		3,404,593
	34,893		Loews Corp.		2,091,835
	50,224		Pepsi Bottling Group (The), Inc.		1,438,415
	318,245		PepsiCo, Inc.		16,516,916
	394,962		Philip Morris Cos., Inc.		21,497,782
	235,319		Procter & Gamble Co.		21,239,893
	91,175	2,3	Safeway, Inc.		3,824,791
	142,594		Sara Lee Corp.		3,020,141
	18,890		SUPERVALU, Inc.		566,700
	119,072		Sysco Corp.		3,454,279
	30,677	3	UST, Inc.		1,220,945
	103,809	3	Unilever N.V., ADR		6,716,442
	173,023		Walgreen Co.		6,535,079
	25,434	3	Winn-Dixie Stores, Inc.		441,280
	36,364		Wrigley (Wm.), Jr. Co.		2,000,020
			TOTAL		173,902,556
			Energy--6.7%
	18,557	3	Amerada-Hess Corp.		1,426,662
	45,431		Anadarko Petroleum Corp.		2,445,096
	20,020		Apache Corp.		1,167,767
Shares				Value
			COMMON STOCKS --continued1
			Energy--continued
	11,420		Ashland, Inc.	$	466,279
	60,181	3	Baker Hughes, Inc.		2,267,620
	36,706		Burlington Resources, Inc.		1,630,848
	186,647		ChevronTexaco Corp.		16,184,161
	113,325		Conoco, Inc.		3,178,766
	24,810	3	Devon Energy Corp.		1,223,381
	18,861	3	EOG Resources, Inc.		802,536
	1,244,671		Exxon Mobil Corp.		49,998,434
	82,148		Halliburton Co.		1,395,695
	18,318		Kerr-McGee Corp.		1,095,416
	46,408	3	Marathon Oil Corp.		1,348,616
	25,690	2,3	Nabors Industries, Inc.		1,170,180
	24,663	2	Noble Drilling Corp.		1,069,141
	71,997		Occidental Petroleum Corp.		2,069,914
	68,893		Phillips Petroleum Co.		4,120,490
	20,899	2	Rowan Companies, Inc.		530,417
	386,222		Royal Dutch Petroleum Co., ADR		20,183,962
	105,048		Schlumberger Ltd.		5,751,378
	12,460		Sunoco, Inc.		428,375
	62,290		Transocean Sedco Forex, Inc.		2,211,295
	44,026		Unocal Corp.		1,637,327
			TOTAL		123,803,756
			Financials--18.6%
	93,282		AFLAC, Inc.		2,789,132
	42,974		AON Corp.		1,535,461
	50,658	3	ACE, Ltd.		2,204,636
	129,925		Allstate Corp.		5,163,219
	21,673		Ambac Financial Group, Inc.		1,362,365
	242,199		American Express Co.		9,932,581
	470,533		American International Group, Inc.		32,523,241
	71,054		AmSouth Bancorporation		1,613,636
	80,958		BB&T Corp.		3,082,881
	212,181		Bank One Corp.		8,671,837
Shares				Value
			COMMON STOCKS --continued1
			Financials--continued
	287,020		Bank of America Corp.	$	20,803,210
	126,362		Bank of New York Co., Inc.		4,623,586
	21,400		Bear Stearns Cos., Inc.		1,325,516
	41,267		Capital One Financial Corp.		2,471,481
	39,515		Charter One Financial, Inc.		1,398,041
	24,295		Chubb Corp.		1,863,426
	28,495		Cincinnati Financial Corp.		1,335,276
	937,319		Citigroup, Inc.		40,585,913
	31,923		Comerica, Inc.		2,006,361
	62,937	2	Conseco, Inc.		234,755
	22,386		Countrywide Credit Industries, Inc.		1,045,650
	73,767		Equity Office Properties Trust		2,111,949
	47,797		Equity Residential Properties Trust		1,347,875
	128,534		Federal Home Loan Mortgage Corp.		8,399,697
	183,179		Federal National Mortgage Association		14,458,318
	105,981		Fifth Third Bancorp		7,269,237
	194,575		Fleet Boston Financial Corp.		6,868,497
	46,480		Franklin Resources, Inc.		1,947,512
	29,515		Golden West Financial Corp.		2,018,531
	43,985		Hartford Financial Services Group, Inc.		3,048,161
	85,533		Household International, Inc.		4,985,719
	47,654	3	Huntington Bancshares, Inc.		966,900
	360,428		J.P. Morgan Chase & Co.		12,651,023
	26,359		Jefferson-Pilot Corp.		1,320,059
	52,881		John Hancock Financial Services, Inc.		2,041,207
	80,879		KeyCorp		2,273,509
	40,440		Lehman Brothers Holdings, Inc.		2,385,960
	32,893		Lincoln National Corp.		1,575,575
	29,731		MBIA, Inc.		1,603,393
	156,783		MBNA Corp.		5,557,957
	20,791		MGIC Investment Corp.		1,483,646
	49,906		Marsh & McLennan Cos., Inc.		5,044,498
	18,750		Marshall & Ilsley Corp.		1,193,438
Shares				Value
			COMMON STOCKS --continued1
			Financials--continued
	79,617		Mellon Financial Corp.	$	3,006,338
	153,049		Merrill Lynch & Co., Inc.		6,418,875
	133,367		MetLife, Inc.		4,553,149
	27,317		Moody's Corp.		1,190,475
	199,856		Morgan Stanley, Dean Witter & Co.		9,537,128
	114,412		National City Corp.		3,569,654
	33,361		Northern Trust Corp.		1,772,136
	51,712		PNC Financial Services Group		2,851,917
	34,874		Plum Creek Timber Co., Inc. - REIT		1,061,913
	39,379		Progressive Corp., Ohio		2,264,293
	51,271		Providian Financial Corp.		364,024
	41,853		Regions Financial Corp.		1,467,785
	21,822		SAFECO Corp.		728,855
	247,818		Schwab (Charles) Corp.		2,822,647
	61,661		SouthTrust Corp.		1,645,115
	31,119		St. Paul Cos., Inc.		1,550,037
	58,155		State Street Corp.		2,972,302
	33,651		Stilwell Financial, Inc.		718,785
	51,891		SunTrust Banks, Inc.		3,527,550
	51,355		Synovus Financial Corp.		1,388,639
	17,648		T. Rowe Price Group, Inc.		618,915
	63,070	2	Tenet Healthcare Corp.		4,627,446
	21,483		Torchmark Corp.		878,440
	350,750		U.S. Bancorp		8,312,775
	49,118		UNUMProvident Corp.		1,387,092
	27,933	3	USA Education, Inc.		2,677,378
	27,057		Union Planters Corp.		1,355,826
	247,134		Wachovia Corp.		9,400,977
	179,025		Washington Mutual, Inc.		6,754,613
	308,048		Wells Fargo & Co.		15,756,655
	23,736	3	XL Capital Ltd.		2,239,492
	16,067	3	Zions Bancorporation		868,903
			TOTAL		345,414,994
Shares				Value
			COMMON STOCKS --continued1
			Healthcare--13.4%
	283,541		Abbott Laboratories	$	15,297,037
	26,301	2	Aetna, Inc.		1,251,928
	24,543		Allergan, Inc.		1,617,629
	13,092	2,3	AmerisourceBergen Corp.		1,014,630
	186,521	2	Amgen, Inc.		9,863,230
	39,596	3	Applera Corp. -- Applied Biosystems Group		677,884
	8,490		Bard (C.R.), Inc.		466,441
	8,432		Bausch & Lomb, Inc.		303,299
	109,824		Baxter International, Inc.		6,248,986
	45,528		Becton, Dickinson & Co.		1,692,276
	27,478	2	Biogen, Inc.		1,194,469
	48,904		Biomet, Inc.		1,380,560
	76,938	2	Boston Scientific Corp.		1,917,295
	349,025		Bristol-Myers Squibb Co.		10,051,920
	27,618		CIGNA Corp.		3,010,362
	73,306		Cardinal Health, Inc.		5,076,440
	37,030	2	Chiron Corp.		1,498,604
	35,667	2	Forest Labratories, Inc.		2,751,352
	39,500	2	Genzyme Corp.		1,617,130
	57,588	2	Guidant Corp.		2,165,309
	86,608	3	HCA, Inc.		4,138,996
	49,271	2,3	Health Management Associates, Class A		1,051,443
	79,111	2	HEALTHSOUTH, Corp.		1,194,576
	37,791	2	Humana, Inc.		617,883
	116,888	2	Immunex Corp.		3,172,340
	557,187		Johnson & Johnson		35,581,962
	45,794	2	King Pharmaceuticals, Inc.		1,435,184
	204,866		Lilly (Eli) & Co.		13,531,399
	22,731	2,3	Manor Care, Inc.		582,823
	51,666		McKesson HBOC, Inc.		2,086,790
	42,287	2	Medimmune, Inc.		1,412,386
	219,735		Medtronic, Inc.		9,819,957
	404,831		Merck & Co., Inc.		21,998,517
Shares				Value
			COMMON STOCKS --continued1
			Healthcare--continued
	1,144,178		Pfizer, Inc.	$	41,590,870
	222,873		Pharmacia Corp.		9,189,054
	31,159	2,3	Quintiles Transnational Corp.		442,458
	267,332		Schering Plough Corp.		7,298,164
	17,052	2	St. Jude Medical, Inc.		1,418,897
	34,851		Stryker Corp.		1,864,877
	57,909		UnitedHealth Group, Inc.		5,084,989
	23,410	2	Watson Pharmaceuticals, Inc.		575,886
	26,267	2	Wellpoint Health Networks, Inc.		1,972,126
	230,386		Wyeth		13,132,002
	28,944	2	Zimmer Holdings, Inc.		1,004,646
			TOTAL		249,295,006
			Industrials--10.3%
	70,818		3M Co.		8,908,904
	32,004	2,3	AMR Corp.		687,126
	36,943	2	Allied Waste Industries, Inc.		448,488
	41,968	2	American Power Conversion Corp.		539,289
	112,705		Automatic Data Processing, Inc.		5,729,922
	19,142		Avery Dennison Corp.		1,226,045
	33,143		Block (H&R), Inc.		1,329,697
	154,255		Boeing Co.		6,879,773
	68,138		Burlington Northern Santa Fe		1,873,114
	37,632	3	CSX Corp.		1,361,149
	62,838		Caterpillar, Inc.		3,432,212
	172,266	2,3	Cendant Corp.		3,099,065
	29,796		Cintas Corp.		1,542,539
	95,408	2	Concord EFS, Inc.		3,109,347
	34,425	2	Convergys Corp.		952,540
	19,186		Cooper Industries, Inc.		840,347
	9,109		Crane Co.		251,226
	6,511	3	Cummins, Inc.		277,043
	26,320	3	Danaher Corp.		1,883,986
	38,670		Deere & Co.		1,730,869
Shares				Value
			COMMON STOCKS --continued1
			Industrials--continued
	20,854		Delta Air Lines, Inc.	$	577,864
	14,631		Deluxe Corp.		642,008
	25,141		Donnelley (R.R.) & Sons Co.		803,506
	35,745		Dover Corp.		1,331,859
	12,127		Eaton Corp.		1,026,065
	76,050		Emerson Electric Co.		4,060,309
	27,835		Equifax, Inc.		760,452
	36,667	2	Fiserv, Inc.		1,630,215
	61,868	2	FedEx Corp.		3,196,720
	69,504		First Data Corp.		5,524,873
	14,356	3	Fluor Corp.		593,333
	36,399		General Dynamics Corp.		3,533,979
	1,806,836		General Electric Co.		57,005,676
	24,867		Genuine Parts Co.		858,160
	23,690	3	Goodrich (B.F.) Co.		756,185
	16,234		Grainger (W.W.), Inc.		910,240
	148,418		Honeywell International, Inc.		5,443,972
	53,921		IMS Health, Inc.		1,111,312
	16,707		ITT Industries, Inc.		1,167,151
	54,657		Illinois Tool Works, Inc.		3,940,770
	29,642		Ingersoll-Rand Co.		1,480,618
	80,311		Lockheed Martin Corp.		5,051,562
	87,347		Masco Corp.		2,454,451
	16,980	2	McDermott International, Inc.		271,171
	31,061	3	Molex, Inc.		1,044,271
	10,963	2,3	Navistar International Corp.		437,424
	70,211		Norfolk Southern Corp.		1,504,622
	16,894	3	Northrop Grumman, Corp.		2,038,430
	17,254	3	PACCAR, Inc.		1,233,143
	23,387	3	Pall Corp.		486,450
	21,395		Parker-Hannifin Corp.		1,068,680
	66,957		Paychex, Inc.		2,499,505
	44,915		Pitney Bowes, Inc.		1,890,922
Shares				Value
			COMMON STOCKS --continued1
			Industrials--continued
	21,002	2,3	Power-One, Inc.	$	175,577
	54,580		Raytheon Co.		2,308,734
	30,954	2	Robert Half International, Inc.		812,852
	34,543		Rockwell Collins		822,814
	33,343		Rockwell Automation, Inc.		715,874
	9,432		Ryder Systems, Inc.		267,492
	25,186	2	Sabre Group Holdings, Inc.		1,171,149
	139,789		Southwest Airlines Co.		2,545,558
	24,597		Textron, Inc.		1,209,680
	10,763	3	Thomas & Betts Corp.		252,931
	575		Timken Co.		15,324
	362,400		Tyco International Ltd.		6,686,280
	12,040	2,3	US Airways Group, Inc.		62,608
	46,756		Union Pacific Corp.		2,655,741
	86,052		United Technologies Corp.		6,038,269
	113,537		Waste Management, Inc.		2,990,565
			TOTAL		191,170,027
			Information Technology--14.9%
	149,122	2	ADC Telecommunications, Inc.		580,085
	34,155		Adobe System, Inc.		1,364,834
	68,887	2,3	Advanced Micro Devices, Inc.		770,157
	84,459	2,3	Agilent Technologies, Inc.		2,537,993
	69,939	2	Altera Corp.		1,437,946
	68,524	2	Analog Devices, Inc.		2,532,647
	20,503	2,3	Andrew Corp.		340,145
	68,099	2	Apple Computer, Inc.		1,652,763
	301,910	2	Applied Materials, Inc.		7,342,451
	60,372	2	Applied Micro Circuits Corp.		407,511
	31,317		Autodesk, Inc.		575,920
	53,831	2,3	Avaya, Inc.		330,522
	47,563	2	BMC Software, Inc.		687,761
	50,311	2,3	Broadcom Corp., Class A		1,735,729
	67,395	2,3	CIENA Corp.		504,789
Shares				Value
			COMMON STOCKS --continued1
			Information Technology--continued
	1,335,495	2	Cisco Systems, Inc.	$	19,565,002
	35,130	2	Citrix Systems, Inc.		407,508
	310,238		Compaq Computer Corp.		3,148,916
	111,220	3	Computer Associates International, Inc.		2,068,692
	32,841	2	Computer Sciences Corp.		1,472,919
	69,527	2	Compuware Corp.		545,092
	33,525	2	Comverse Technology, Inc.		403,306
	54,242	2,3	Conexant Systems, Inc.		553,268
	172,600	2,3	Corning, Inc.		1,154,694
	477,599	2	Dell Computer Corp.		12,579,958
	403,486	2	EMC Corp. Mass		3,687,862
	87,380		Electronic Data Systems Corp.		4,741,239
	66,102	2	Gateway, Inc.		362,239
	353,329		Hewlett-Packard Co.		6,041,926
	1,222,816		Intel Corp.		34,984,766
	313,543		International Business Machines Corp.		26,262,362
	39,065	2	Intuit, Inc.		1,530,567
	246,303	2	JDS Uniphase Corp.		1,068,955
	40,230	2,3	Jabil Circuit, Inc.		821,094
	35,425	2	KLA-Tencor Corp.		2,089,012
	69,186	2,3	LSI Logic Corp.		889,040
	25,418	2	Lexmark International Group, Class A		1,519,488
	52,787		Linear Technology Corp.		2,051,303
	624,188	2,3	Lucent Technologies, Inc.		2,871,265
	61,041	2	Maxim Integrated Products, Inc.		3,039,842
	15,532	2,3	Mercury Interactive Corp.		578,878
	110,505	3	Micron Technology, Inc.		2,618,969
	987,759	2	Microsoft Corp.		51,620,285
	11,177	2	Millipore Corp.		446,521
	405,135		Motorola, Inc.		6,239,079
	20,237	2	NCR Corp.		786,410
	26,200	2,3	NVIDIA Corp.		912,022
	35,107	2	National Semiconductor Corp.		1,106,573
Shares				Value
			COMMON STOCKS --continued1
			Information Technology--continued
	64,392	2	Network Appliance, Inc.	$	1,123,640
	583,312	2,3	Nortel Networks Corp.		1,983,261
	64,797	2	Novell, Inc.		239,749
	27,821	2,3	Novellus Systems, Inc.		1,318,715
	1,001,213	2	Oracle Corp.		10,052,179
	29,995	2,3	PMC-Sierra, Inc.		466,722
	105,527	2,3	Palm, Inc.		334,521
	49,383	2	Parametric Technology Corp.		199,507
	60,178	2	Peoplesoft, Inc.		1,394,324
	20,207		PerkinElmer, Inc.		258,650
	18,766	2,3	Qlogic Corp.		857,794
	139,689	2	Qualcomm, Inc.		4,213,020
	41,864	2,3	Rational Software Corp.		609,958
	95,445	2	Sanmina-SCI Corp.		992,628
	24,355	2,3	Sapient Corp.		118,852
	28,840	3	Scientific-Atlanta, Inc.		576,800
	84,582	2	Siebel Systems, Inc.		2,046,039
	131,414	2,3	Solectron Corp.		959,322
	591,386	2	Sun Microsystems, Inc.		4,837,537
	41,876		Symbol Technologies, Inc.		354,271
	20,916	2	Tektronix, Inc.		460,152
	75,013	2	Tellabs, Inc.		636,860
	35,601	2,3	Teradyne, Inc.		1,173,053
	317,823		Texas Instruments, Inc.		9,830,265
	36,614	2	Thermo Electron Corp.		692,005
	67,325	2	Unisys Corp.		908,888
	74,403	2	Veritas Software Corp.		2,108,581
	35,039	2	Vitesse Semiconductor Corp.		209,533
	23,700	2	Waters Corp.		638,715
	135,791	2,3	Xerox Corp.		1,201,750
	61,012	2	Xilinx, Inc.		2,303,813
	112,275	2	Yahoo!, Inc.		1,657,179
			TOTAL		275,728,588
Shares				Value
			COMMON STOCKS --continued1
			Materials--2.8%
	40,432		Air Products & Chemicals, Inc.	$	1,942,758
	57,003		Alcan, Inc.		2,088,020
	154,248		Alcoa, Inc.		5,249,059
	20,357	3	Allegheny Technologies, Inc.		343,626
	9,729		Ball Corp.		462,614
	98,608	3	Barrick Gold Corp.		1,979,063
	11,409	3	Bemis Co., Inc.		607,301
	9,357		Boise Cascade Corp.		316,922
	166,587		Dow Chemical Co.		5,297,467
	173,506		Du Pont (E.I.) de Nemours & Co.		7,721,017
	15,896	3	Eastman Chemical Co.		701,014
	22,226	3	Ecolab, Inc.		975,944
	22,163		Engelhard Corp.		674,198
	34,237	2,3	Freeport-McMoRan Copper & Gold, Inc., Class B		608,049
	40,170		Georgia-Pacific Corp.		1,164,127
	7,514	3	Great Lakes Chemical Corp.		193,410
	26,801	2,3	Hercules, Inc.		326,972
	33,249	2,3	Inco Ltd.		665,977
	16,042		International Flavors & Fragrances, Inc.		516,552
	86,335	3	International Paper Co.		3,576,859
	27,636		Louisiana-Pacific Corp.		323,341
	34,675	3	Mead Corp.		1,018,058
	70,413	3	Newmont Mining Corp.		2,007,475
	13,267	3	Nucor Corp.		775,456
	29,842		PPG Industries, Inc.		1,561,035
	33,666	2	Pactiv Corp.		695,876
	16,662	3	Phelps Dodge Corp.		596,500
	66,392	3	Placer Dome, Inc.		780,106
	28,395		Praxair, Inc.		1,621,355
	38,958		Rohm & Haas Co.		1,445,731
	17,125	2,3	Sealed Air Corp.		764,974
	12,180	3	Sigma-Aldrich Corp.		577,088
	8,151	3	Temple-Inland, Inc.		431,514
Shares				Value
			COMMON STOCKS --continued1
			Materials--continued
	16,110		United States Steel Corp.	$	290,624
	18,206		Vulcan Materials Co.		837,840
	39,320		Weyerhaeuser Co.		2,343,865
	15,463		Worthington Industries, Inc.		228,852
			TOTAL		51,710,639
			Telecommunication Services--4.0%
	679,561		AT&T Corp.		8,915,840
	474,970	2,3	AT&T Wireless Services, Inc.		4,250,981
	55,746		Alltel Corp.		2,759,427
	341,508		BellSouth Corp.		10,364,768
	20,430		CenturyTel, Inc.		565,911
	52,138	2,3	Citizens Communications Co.		483,319
	144,977	2,3	NEXTEL Communications, Inc., Class A		798,823
	304,244		Qwest Communications International, Inc.		1,530,347
	608,694		SBC Communications, Inc.		18,906,036
	170,948		Sprint Corp. (FON Group)		2,709,526
	180,752	2,3	Sprint Corp. (PCS Group)		2,026,230
	493,974		Verizon Communications		19,813,297
	538,074	2,3	WorldCom, Inc. -- WorldCom Group		1,333,885
			TOTAL		74,458,390
			Utilities--3.2%
	97,684	2,3	AES Corp.		783,426
	24,543		Allegheny Energy, Inc.		1,028,843
	21,957	3	Ameren Corp.		916,924
	57,669	3	American Electric Power Co., Inc.		2,641,240
	23,992	3	CMS Energy Corp.		464,485
	57,246	2,3	Calpine Corp.		629,706
	26,197		Cinergy Corp.		930,779
	31,799	3	Consolidated Edison, Inc.		1,386,118
	28,624	3	Constellation Energy Group		913,678
	28,987		DTE Energy Co.		1,314,271
	49,207	3	Dominion Resources, Inc.		3,268,329
	145,499	3	Duke Energy Corp.		5,576,977
Shares				Value
			COMMON STOCKS --continued1
			Utilities--continued
	62,730	3	Dynegy, Inc. -- Class A	$	1,129,140
	62,270	2	Edison International		1,130,200
	93,468		El Paso Corp.		3,738,720
	39,182		Entergy Corp.		1,818,045
	54,214		Exelon Corp.		2,943,820
	32,311		FPL Group, Inc.		2,051,425
	56,985	3	FirstEnergy Corp.		1,897,601
	24,056		KeySpan Corp.		849,177
	21,313	3	Kinder Morgan, Inc.		1,031,762
	79,910	2	Mirant Corp.		965,313
	8,089	3	NICOR, Inc.		378,403
	44,580	3	NiSource, Inc.		985,218
	70,736	2	P G & E Corp.		1,662,296
	23,975		PPL Corp.		913,687
	5,157	3	Peoples Energy Corp.		201,123
	15,962		Pinnacle West Capital Corp.		699,455
	40,328	3	Progress Energy, Inc.		2,092,620
	38,423		Public Service Enterprises Group, Inc.		1,780,906
	42,916		Reliant Energy, Inc.		1,089,208
	42,580	3	Sempra Energy		1,088,771
	125,286	3	Southern Co.		3,551,858
	24,418	3	TECO Energy, Inc.		679,797
	49,958	3	TXU Corp.		2,718,714
	95,191		Williams Cos., Inc. (The)		1,818,148
	63,398	3	Xcel Energy, Inc.		1,612,211
			TOTAL		58,682,394
			TOTAL COMMON STOCKS (IDENTIFIED COST $1,113,348,164)		1,788,780,326
Principal Amount or Shares				Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATION--0.3%4
$	4,480,000		United States Treasury Bill, 7/18/2002 (identified cost $4,463,933)	$	4,463,933
			MUTUAL FUND--3.1%
	57,971,367		Prime Value Obligations Fund, Class IS (at net asset value)		57,971,367
			TOTAL INVESTMENTS (IDENTIFIED COST $1,175,783,464)5	$	1,851,215,626

1 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and minimizing trading costs. The total market value of open index futures contracts is $66,247,800 at April 30, 2002, which represents 3.6% of net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the Index is 100.1%.

2 Non-income producing security.

3 Certain shares are temporarily on loan to unaffiliated broker/dealers.

4 Represents a security held as collateral which is used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.

5 The cost of investments for federal tax purposes amounts to $1,175,783,464. The net unrealized appreciation of investments on a federal tax basis amounts to $675,432,162 which is comprised of $831,497,753 appreciation and $156,065,591 depreciation at April 30, 2002.

Note: The categories of investments are shown as a percentage of net assets ($1,853,757,179) at April 30, 2002.

The following acronyms are used throughout this portfolio:

ADR	--American Depositary Receipt
REIT	--Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2002 (unaudited)

Assets:
Total investments in securities, at value (identified cost $1,175,783,464)			$	1,851,215,626
Cash				229,361
Cash held as collateral for securities lending				130,273,789
Income receivable				1,243,041
Receivable for investments sold				7,166,398
Receivable for shares sold				1,295,140
Receivable for daily variation margin				756,450
TOTAL ASSETS				1,992,179,805
Liabilities:
Payable for investments purchased	$	7,684,397
Payable for shares redeemed		133,723
Payable on collateral due to broker		130,273,789
Accrued expenses		330,717
TOTAL LIABILITIES				138,422,626
Net assets for 84,972,573 shares outstanding			$	1,853,757,179
Net Assets Consist of:
Paid in capital			$	1,281,166,476
Net unrealized appreciation of investments and futures contracts				670,260,996
Accumulated net realized loss on investments and futures contracts				(98,630,015	)
Undistributed net investment income				959,722
TOTAL NET ASSETS			$	1,853,757,179
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
Net asset value per share and offering price per share ($1,172,761,828 ÷ 53,703,479 shares outstanding)				$21.84
Redemption proceeds per share				$21.84
Institutional Service Shares:
Net asset value per share and offering price per share ($566,233,685 ÷ 25,986,434 shares outstanding)				$21.79
Redemption proceeds per share				$21.79
Class C Shares:
Net asset value per share and offering price per share ($114,761,666 ÷ 5,282,660 shares outstanding)				$21.72
Redemption proceeds per share (99.00/100 of $21.72)1				$21.50

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

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2002 (unaudited)

Investment Income:
Dividends (net of foreign taxes withheld of $11,844)							$	12,954,952
Interest								1,090,574
TOTAL INCOME								14,045,526
Expenses:
Management fee				$	2,969,971
Custodian fees					58,231
Transfer and dividend disbursing agent fees and expenses					598,598
Directors'/Trustees' fees					6,360
Auditing fees					6,847
Legal fees					2,393
Portfolio accounting fees					93,119
Distribution services fee--Institutional Service Shares					906,914
Distribution services fee--Class C Shares					446,257
Shareholder services fee--Institutional Shares					1,570,463
Shareholder services fee--Institutional Service Shares					755,761
Shareholder services fee--Class C Shares					148,752
Share registration costs					34,786
Printing and postage					21,082
Insurance premiums					2,923
Miscellaneous					5,777
TOTAL EXPENSES					7,628,234
Waivers and Reimbursement:
Waiver of management fee	$	(398,549	)
Waiver of transfer and dividend disbursing agent fees and expenses		(35,571	)
Waiver of distribution services fee--Institutional Service Shares		(755,761	)
Waiver of shareholder services fee--Institutional Shares		(1,570,462	)
Reimbursement of management fee		(3,614	)
TOTAL WAIVERS AND REIMBURSEMENT					(2,763,957	)
Net expenses								4,864,277
Net investment income								9,181,249
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized loss on investments								(1,227,113	)
Net realized gain on futures contracts								8,023,935
Net change in unrealized appreciation of investments and futures contracts								29,250,173
Net realized and unrealized gain on investments and futures contracts								36,046,995
Change in net assets resulting from operations							$	45,228,244

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2002			Year Ended 10/30/2001
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	9,181,249		$	21,545,349
Net realized gain (loss) on investments and futures contracts		6,796,822			(45,106,348	)
Net change in unrealized appreciation of investments and futures contracts		29,250,173			(688,253,085	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		45,228,244			(711,814,084	)
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(7,028,915	)		(17,755,992	)
Institutional Service Shares		(2,485,780	)		(5,957,748	)
Class C Shares		(79,319	)		(103,048	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(9,594,014	)		(23,816,788	)
Share Transactions:
Proceeds from sale of shares		270,166,904			853,341,820
Net asset value of shares issued to shareholders in payment of distributions declared		6,280,195			14,963,898
Cost of shares redeemed		(377,363,962	)		(1,278,220,554	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(100,916,863	)		(409,914,836	)
Change in net assets		(65,282,633	)		(1,145,545,708	)
Net Assets:
Beginning of period		1,919,039,812			3,064,585,520
End of period (including undistributed net investment income of $959,722 and $1,372,487, respectively)	$	1,853,757,179		$	1,919,039,812

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended October 31,
	4/30/2002			2001			2000			1999			1998			1997
Net Asset Value, Beginning of Period	$21.51			$29.08			$28.09			$22.91			$19.70			$15.49
Income From Investment Operations:
Net investment income	0.13			0.27			0.29			0.31			0.31			0.31
Net realized and unrealized gain (loss) on investments and futures contracts	0.33			(7.56	)		1.23			5.38			3.83			4.47
TOTAL FROM INVESTMENT OPERATIONS	0.46			(7.29	)		1.52			5.69			4.14			4.78
Less Distributions:
Distributions from net investment income	(0.13	)		(0.28	)		(0.28	)		(0.29	)		(0.31	)		(0.33	)
Distributions from net realized gain on investments and futures contracts	--			--			(0.25	)		(0.22	)		(0.62	)		(0.24	)
TOTAL DISTRIBUTIONS	(0.13	)		(0.28	)		(0.53	)		(0.51	)		(0.93	)		(0.57	)
Net Asset Value, End of Period	$21.84			$21.51			$29.08			$28.09			$22.91			$19.70
Total Return1	2.10	%		(25.15	)%		5.40	%		25.11	%		21.56	%		31.51	%
Ratios to Average Net Assets:
Expenses	0.34	%2		0.34	%		0.34	%		0.32	%		0.31	%		0.31	%
Net investment income	1.08	%2		1.03	%		0.98	%		1.18	%		1.40	%		1.70	%
Expense waiver/reimbursement3	0.29	%2		0.26	%		0.25	%		0.28	%		0.27	%		0.30	%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,172,762		$1,228,402			$2,021,341			$2,003,590			$1,445,175			$1,142,081
Portfolio turnover	6	%		7	%		11	%		3	%		3	%		16	%

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

2 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended October 31,
	4/30/2002			2001			2000			1999			1998			1997
Net Asset Value, Beginning of Period	$21.46			$29.01			$28.03			$22.86			$19.66			$15.47
Income From Investment Operations:
Net investment income	0.09			0.18			0.19			0.23			0.25			0.26
Net realized and unrealized gain (loss) on investments and futures contracts	0.33			(7.52	)		1.23			5.37			3.82			4.45
TOTAL FROM INVESTMENT OPERATIONS	0.42			(7.34	)		1.42			5.60			4.07			4.71
Less Distributions:
Distributions from net investment income	(0.09	)		(0.21	)		(0.19	)		(0.21	)		(0.25	)		(0.28	)
Distributions from net realized gain on investments and futures contracts	--			--			(0.25	)		(0.22	)		(0.62	)		(0.24	)
TOTAL DISTRIBUTIONS	(0.09	)		(0.21	)		(0.44	)		(0.43	)		(0.87	)		(0.52	)
Net Asset Value, End of Period	$21.79			$21.46			$29.01			$28.03			$22.86			$19.66
Total Return1	1.95	%		(25.39	)%		5.08	%		24.76	%		21.21	%		31.07	%
Ratios to Average Net Assets:
Expenses	0.64	%2		0.64	%		0.64	%		0.62	%		0.61	%		0.62	%
Net investment income	0.78	%2		0.73	%		0.67	%		0.88	%		1.09	%		1.36	%
Expense waiver/reimbursement3	0.29	%2		0.26	%		0.25	%		0.28	%		0.27	%		0.30	%
Supplemental Data:
Net assets, end of period (000 omitted)	$566,234		$578,776			$900,246			$726,976			$477,760			$245,986
Portfolio turnover	6	%		7	%		11	%		3	%		3	%		16	%

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

2 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Class C Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended October 31,
	4/30/2002			2001			2000			1999			1998	1
Net Asset Value, Beginning of Period	$21.40			$28.91			$27.96			$22.82			$19.81
Income From Investment Operations:
Net investment income (loss)	0.01			0.01			(0.00	)2		0.07			0.12
Net realized and unrealized gain (loss) on investments and futures contracts	0.33			(7.50	)		1.21			5.35			3.66
TOTAL FROM INVESTMENT OPERATIONS	0.34			(7.49	)		1.21			5.42			3.78
Less Distributions:
Distributions from net investment income	(0.02	)		(0.02	)		(0.01	)		(0.06	)		(0.15	)
Distributions from net realized gain on investments and futures contracts	--			--			(0.25	)		(0.22	)		(0.62	)
TOTAL DISTRIBUTIONS	(0.02	)		(0.02	)		(0.26	)		(0.28	)		(0.77	)
Net Asset Value, End of Period	$21.72			$21.40			$28.91			$27.96			$22.82
Total Return3	1.56	%		(25.92	)%		4.35	%		23.94	%		19.57	%
Ratios to Average Net Assets:
Expenses	1.34	%4		1.34	%		1.34	%		1.32	%		1.32	%4
Net investment income (loss)	0.08	%4		0.03	%		(0.03	)%		0.18	%		0.35	%4
Expense waiver/reimbursement6	0.04	%4		0.01	%		0.00	%5		0.03	%		0.02	%4
Supplemental Data:
Net assets, end of period (000 omitted)	$114,762		$111,863			$142,999			$96,251			$15,784
Portfolio turnover	6	%		7	%		11	%		3	%		3	%

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

2 Amount represents less than $0.01 per share

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

4 Computed on an annualized basis.

5 Amount represents less than 0.01%.

6 This voluntary expense decrease is reflected in both the expense and the net investment income (loss) ratios shown above.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

April 30, 2002 (unaudited)

ORGANIZATION

Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of four portfolios. The financial statements included herein are only those of Federated Max-Cap Index Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers three classes of shares: Institutional Shares, Institutional Service Shares and Class C Shares. The investment objective of the Fund is to provide investment results that generally correspond to the aggregate price and dividend performance of publicly traded common stocks comprising the Standard & Poor's 500 Composite Stock Price Index.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP").

Investment Valuation

Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's manager to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized for financial reporting purposes as required. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code, as amended (the "Code") applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

At October 31, 2001, the Fund, for federal tax purposes, had a capital loss carryforward of $87,936,372, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year	Expiration Amount
2008	$49,445,607
2009	38,490,765

When-Issued and Delayed Delivery Transactions

The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Futures Contracts

The Fund purchases stock index futures contracts to manage cashflows, enhance yield, and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the six months ended April 30, 2002, the Fund had realized gains on futures contracts of $8,023,935.

Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At April 30, 2002, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Depreciation
June 2002	246 S&P 500 Index Futures	Long	$(5,171,166)

Securities Lending

The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and government securities to qualified brokers. Collateral for securities loaned must be in cash or government securities. Collateral is maintained at a minimum level of 102% of the market value on investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the custodian, as a fee for its services under the program, and the Fund, according to agreed-upon rates.

As of April 30, 2002, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Market Value of Collateral
$124,569,562	$130,273,789

Use of Estimates

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

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

	Six Months Ended 4/30/2002					Year Ended 10/31/2001
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	5,195,982		$	119,324,944		18,635,028		$	471,784,073
Shares issued to shareholders in payment of distributions declared	171,353			3,954,423		399,068			9,584,157
Shares redeemed	(8,780,270	)		(202,283,212	)	(31,434,203	)		(797,723,483	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(3,412,935	)	$	(79,003,845	)	(12,400,107	)	$	(316,355,253	)
	Six Months Ended 4/30/2002					Year Ended 10/31/2001
Institutional Service Shares:	Shares			Amount		Shares			Amount
Shares sold	5,754,239		$	132,166,877		13,348,744		$	332,494,055
Shares issued to shareholders in payment of distributions declared	98,140			2,260,289		220,091			5,294,027
Shares redeemed	(6,838,408	)		(157,664,944	)	(17,629,930	)		(438,312,835	)
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	(986,029	)	$	(23,237,778	)	(4,061,095	)	$	(100,524,753	)
	Six Months Ended 4/30/2002					Year Ended 10/31/2001
Class C Shares:	Shares			Amount		Shares			Amount
Shares sold	816,669		$	18,675,083		1,973,434		$	49,063,692
Shares issued to shareholders in payment of distributions declared	2,849			65,483		3,489			85,714
Shares redeemed	(765,039	)		(17,415,806	)	(1,695,936	)		(42,184,236	)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	54,479		$	1,324,760		280,987		$	6,965,170
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(4,344,485	)	$	(100,916,863	)	(16,180,215	)	$	(409,914,836	)

MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Investment Management Company, the Fund's manager (the "Manager"), receives for its services an annual investment management fee equal to 0.30% of the Fund's average daily net assets. The Manager may voluntarily choose to waive any portion of its fee. The Manager can modify or terminate this voluntary waiver at any time at its sole discretion. Under the terms of a sub-management agreement between the Manager and Deutsche Asset Management, Inc. (the "Sub-Manager"), the Sub-Manager receives an annual fee from the Manager equal to 0.22% of the Fund's average daily net assets.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Manager. The Manager has agreed to reimburse certain investment management fees as a result of these transactions.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Institutional Service Shares and Class C Shares. The Plan provides that the Fund may incur distribution expenses according to the following schedule annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Share Class Name	Percentage of Average Daily Net Assets of Class
Institutional Service Shares	0.30%
Class C Shares	0.75%

Transfer and Dividend Disbursing Agent Fees and Expenses

Federated Services Company ("FServ"), through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

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

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities, short-term securities, (and in-kind contributions), for the six months ended April 30, 2002, were as follows:

Purchases	$	109,723,591
Sales	$	163,676,599

Purchases and sales of long-term U.S. government securities for the six months ended April 30, 2002, were as follows:

Purchases	$	575,319
Sales	$	1,180,307

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated
World-Class Investment Manager
Federated Max-Cap Index Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com
Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact
Federated Securities Corp., Distributor

Cusip 31420E106
Cusip 31420E403
Cusip 31420E502

Federated is a registered mark of Federated Investors, Inc. 2002 ©Federated Investors, Inc.

2052905 (6/02)