Federated Index Trust NCSR Certified annual shareholder report (management investment company)



                                  United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form N-CSR
   Certified Shareholder Report of Registered Management Investment Companies




                                    811-6061

                      (Investment Company Act File Number)


                              Federated Index Trust
         ---------------------------------------------------------------

               (Exact Name of Registrant as Specified in Charter)



                            Federated Investors Funds
                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7000


                                 (412) 288-1900
                         (Registrant's Telephone Number)


                           John W. McGonigle, Esquire
                            Federated Investors Tower
                               1001 Liberty Avenue
                       Pittsburgh, Pennsylvania 15222-3779
                     (Name and Address of Agent for Service)
                (Notices should be sent to the Agent for Service)






                        Date of Fiscal Year End: 10/31/04


              Date of Reporting Period: Fiscal year ended 10/31/04



Item 1.     Reports to Stockholders

Federated
World-Class Investment Manager

Federated Max-Cap Index Fund

A Portfolio of Federated Index Trust

ANNUAL SHAREHOLDER REPORT

October 31, 2004

Institutional Shares
Institutional Service Shares
Class C Shares
Class K Shares

FINANCIAL HIGHLIGHTS
SHAREHOLDER EXPENSE EXAMPLE
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
FINANCIAL STATEMENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
BOARD OF TRUSTEES AND TRUST OFFICERS
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
QUARTERLY PORTFOLIO SCHEDULE

Federated Investors 50 Years of Growth & Innovation

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2004		2003		2002		2001		2000
Net Asset Value, Beginning of Period	$21.29		$17.97		$21.51		$29.08		$28.09
Income From Investment Operations:
Net investment income	0.32		0.28		0.26		0.27		0.29
Net realized and unrealized gain (loss) on investments and futures contracts	1.63		3.31		(3.55	)	(7.56	)	1.23
TOTAL FROM INVESTMENT OPERATIONS	1.95		3.59		(3.29	)	(7.29	)	1.52
Less Distributions:
Distributions from net investment income	(0.31	)	(0.27	)	(0.25	)	(0.28	)	(0.28	)
Distributions from net realized gain on investments and futures contracts	- --		- --		- --		- --		(0.25	)
TOTAL DISTRIBUTIONS	(0.31	)	(0.27	)	(0.25	)	(0.28	)	(0.53	)
Net Asset Value, End of Period	$22.93		$21.29		$17.97		$21.51		$29.08
Total Return¹	9.21	%²	20.18	%³	(15.41	)%	(25.15	)%	5.40	%

Ratios to Average Net Assets:
Expenses	0.35	%	0.35	%	0.34	%	0.34	%	0.34	%
Net investment income	1.35	%	1.44	%	1.22	%	1.03	%	0.98	%
Expense waiver/reimbursement⁴	0.28	%	0.29	%	0.29	%	0.26	%	0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$705,040		$962,928		$906,710		$1,228,402		$2,021,341
Portfolio turnover	19	%	24	%	18	%	7	%	11	%

1 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized.

2 During the year, the Fund was reimbursed by the Manager, which had an impact of less than 0.01% on the total return. See Notes to Financial Statements (Note 5).

3 During the year, the Fund was reimbursed by the Sub-Manager for certain losses on investments, which had an impact of less than 0.01% on the total return. See Notes to Financial Statements (Note 5).

4 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)

Year Ended October 31	2004		2003		2002		2001		2000
Net Asset Value, Beginning of Period	$21.24		$17.93		$21.46		$29.01		$28.03
Income From Investment Operations:
Net investment income	0.23		0.21		0.19		0.18		0.19
Net realized and unrealized gain (loss) on investments and futures contracts	1.65		3.32		(3.53	)	(7.52	)	1.23
TOTAL FROM INVESTMENT OPERATIONS	1.88		3.53		(3.34	)	(7.34	)	1.42
Less Distributions:
Distributions from net investment income	(0.24	)	(0.22	)	(0.19	)	(0.21	)	(0.19	)
Distributions from net realized gain on investments and futures contracts	- --		- --		- --		- --		(0.25	)
TOTAL DISTRIBUTIONS	(0.24	)	(0.22	)	(0.19	)	(0.21	)	(0.44	)
Net Asset Value, End of Period	$22.88		$21.24		$17.93		$21.46		$29.01
Total Return¹	8.89	%²	19.84	%³	(15.67	)%	(25.39	)%	5.08	%

Ratios to Average Net Assets:
Expenses	0.65	%	0.65	%	0.64	%	0.64	%	0.64	%
Net investment income	1.05	%	1.14	%	0.92	%	0.73	%	0.67	%
Expense waiver/reimbursement⁴	0.28	%	0.29	%	0.29	%	0.26	%	0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$556,243		$605,437		$425,421		$578,776		$900,246
Portfolio turnover	19	%	24	%	18	%	7	%	11	%

2 During the year, the Fund was reimbursed by the Manager, which had an impact of less than 0.01% on the total return. See Notes to Financial Statements (Note 5).

4 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)

Year Ended October 31	2004		2003		2002		2001		2000
Net Asset Value, Beginning of Period	$21.18		$17.88		$21.40		$28.91		$27.96
Income From Investment Operations:
Net investment income (loss)	0.07		0.08		0.04		0.01		(0.00	)¹
Net realized and unrealized gain (loss) on investments and futures contracts	1.64		3.31		(3.52	)	(7.50	)	1.21
TOTAL FROM INVESTMENT OPERATIONS	1.71		3.39		(3.48	)	(7.49	)	1.21
Less Distributions:
Distributions from net investment income	(0.08	)	(0.09	)	(0.04	)	(0.02	)	(0.01	)
Distributions from net realized gain on investments and futures contracts	- --		- --		- --		- --		(0.25	)
TOTAL DISTRIBUTIONS	(0.08	)	(0.09	)	(0.04	)	(0.02	)	(0.26	)
Net Asset Value, End of Period	$22.81		$21.18		$17.88		$21.40		$28.91
Total Return²	8.07	%³	19.01	%⁴	(16.28	)%	(25.92	)%	4.35	%

Ratios to Average Net Assets:
Expenses	1.41	%	1.37	%	1.34	%	1.34	%	1.34	%
Net investment income (loss)	0.29	%	0.42	%	0.22	%	0.03	%	(0.03	)%
Expense waiver/reimbursement⁵	0.01	%	0.04	%	0.04	%	0.01	%	0.00	%⁶
Supplemental Data:
Net assets, end of period (000 omitted)	$102,614		$104,086		$88,070		$111,863		$142,999
Portfolio turnover	19	%	24	%	18	%	7	%	11	%

1 Represents less than $0.01.

2 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized.

3 During the year, the Fund was reimbursed by the Manager, which had an impact of less than 0.01% on the total return. See Notes to Financial Statements (Note 5).

4 During the year, the Fund was reimbursed by the Sub-Manager for certain losses on investments, which had an impact of less than 0.01% on the total return. See Notes to Financial Statements (Note 5).

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

6 Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class K Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended 10/31/2004		Period Ended 10/31/2003	¹
Net Asset Value, Beginning of Period	$21.27		$17.81
Income From Investment Operations:
Net investment income	0.14		0.10
Net realized and unrealized gain on investments and futures contracts	1.65		3.45
TOTAL FROM INVESTMENT OPERATIONS	1.79		3.55
Less Distributions:
Distributions from net investment income	(0.16	)	(0.09	)
Net Asset Value, End of Period	$22.90		$21.27
Total Return²	8.42	%³	19.99	%⁴

Ratios to Average Net Assets:
Expenses	1.10	%	1.09	%⁵
Net investment income	0.60	%	0.70	%⁵
Expense waiver/reimbursement⁶	0.01	%	0.04	%⁵
Supplemental Data:
Net assets, end of period (000 omitted)	$31,940		$16,228
Portfolio turnover	19	%	24	%⁷

1 Reflects operations for the period from April 8, 2003 (start of performance) to October 31, 2003.

3 During the year, the Fund was reimbursed by the Manager, which had an impact of 0.05% on the total return. See Notes to Financial Statements (Note 5).

5 Computed on an annualized basis.

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

7 Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2003.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2004 to October 31, 2004.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 5/1/2004	Ending Account Value 10/31/2004	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,028.80	$1.78
Institutional Service Shares	$1,000	$1,026.80	$3.31
Class C Shares	$1,000	$1,023.30	$7.17
Class K Shares	$1,000	$1,024.60	$5.60
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.38	$1.78
Institutional Service Shares	$1,000	$1,021.87	$3.30
Class C Shares	$1,000	$1,018.05	$7.15
Class K Shares	$1,000	$1,019.61	$5.58

1 Expenses are equal to the Fund's annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The annualized expense ratios are as follows:

Institutional Shares		0.35%
Institutional Service Shares		0.65%
Class C Shares		1.41%
Class K Shares		1.10%

Management's Discussion of Fund Performance

Federated Max-Cap Index Fund's Institutional, Institutional Service, Class C and Class K Shares produced total returns of 9.21%, 8.89%, 8.07%, and 8.42%, respectively, based on net asset value, for the reporting period ended October 31, 2004.¹ The fund's benchmark, the S&P 500 Index, (S&P 500),² closed at $1,130.20 with a total return of 9.42% for the reporting period.

The end of 2003 brought a significant rise in the S&P 500. For the two months ended December 31, 2003, the S&P 500 had a total return of 6.17%. The remainder of the reporting period showed flat to positive returns for the S&P 500.

Value stocks significantly outperformed growth stocks for the reporting period, with the S&P 500 Barra Value Index³ returning 14.46%, while the S&P 500 Barra Growth Index⁴ posted a return of 4.49%.

1 Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total return based on offering price (i.e., less any applicable sales charge) for Class C was 6.02%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. To view current to the most recent month-end performance and after-tax returns, visit our website at www.federatedinvestors.com "Products" section, or call 1-800-341-7400.

2 The S&P 500 is a market capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Indexes are unmanaged and investments cannot be made in the index.

3 The S&P 500/Barra Value Index is a market capitalization-weighted index of the stocks in the S&P 500 having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. Indexes are unmanaged and investments cannot be made in the index.

4 S&P 500/Barra Growth Index is a market capitalization-weighted index of stocks in the S&P 500 having the highest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. Indexes are unmanaged and investments cannot be made in the index.

Turning to sector performance, nine out of the ten sectors⁵ posted a positive return for the reporting period. The top sector performer was Energy, with a total return of 44.52%, followed by Utilities with a total return of 24.11% and Telecommunication Services with a total return of 21.13%. The worst performing sectors for the reporting period were Information Technology, Healthcare, and Consumer Staples with respective returns of (0.86)%, 1.76%, and 3.85%.

The enhanced index component of the fund contributed positively to the fund's performance during the reporting period. Contributions to performance were balanced between quantitative strategies involving the overweight and underweight of stocks relative to the S&P 500 and stock substitution strategies involving the purchasing of substitutes for benchmark stocks such as shares listed on another exchange or acquisition targets of benchmark companies. Additionally, the fund's successful management of certain index changes contributed positively to the fund's performance.

The fund utilized S&P 500 futures to provide equity exposure on the fund's cash balances. While over the long term, S&P 500 index futures should mirror the performance of the S&P 500 Index, pricing disparity can appear in the short term and the fund can benefit or be harmed by trading futures instead of stocks when money goes in and out of the fund. During the reporting period, the trading of futures contracts had a negligible impact on the fund.

Lastly, the total returns of the fund's shares reflect the impact of actual cash flows, transaction costs, and other expenses.

5 Sector classifications are based upon the classifications of the Standard & Poor's Global Industry Classification Standard (SPGIC).

GROWTH OF A $25,000 INVESTMENT - INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in the Federated Max-Cap Index Fund (Institutional Shares) (the "Fund") from October 31, 1994 to October 31, 2004, compared to the S&P 500.²

Average Annual Total Return for the Period Ended 10/31/2004
1 Year		9.21%
5 Years		(2.61)%
10 Years		10.57%

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For after-tax returns, visit www.federatedinvestors.com. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is not adjusted to reflect taxes, sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The index is unmanaged, and unlike the Fund, is not affected by cashflows.

GROWTH OF A $25,000 INVESTMENT - INSTITUTIONAL SERVICE SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in the Federated Max-Cap Index Fund (Institutional Service Shares) (the "Fund") from October 31, 1994 to October 31, 2004, compared to the S&P 500.²

Average Annual Total Return for the Period Ended 10/31/2004
1 Year		8.89%
5 Years		(2.91)%
10 Years		10.23%

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is not adjusted to reflect taxes, sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged, and unlike the Fund, is not affected by cashflows.

GROWTH OF A $10,000 INVESTMENT - CLASS C SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the Federated Max-Cap Index Fund (Class C Shares) (the "Fund") from November 10, 1997 (start of performance) to October 31, 2004, compared to the S&P 500.²

Average Annual Total Return for the Period Ended 10/31/2004³
1 Year		6.02%
5 Years		(3.80)%
Start of Performance (11/10/1997)		2.91%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% ($10,000 investments minus $100 sales charge = 9,900) A 1.00% contingent deferred sales charge would be applied on any redemption less than 1 year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

GROWTH OF A $10,000 INVESTMENT - CLASS K SHARES

The Fund's Class K Shares commenced operation on April 8, 2003. The Fund offers three other classes of shares, Institutional Shares, Institutional Service Shares and Class C Shares. For the period prior to commencement of operations of the Class K Shares, the performance information shown is for the Fund's Institutional Shares, adjusted to reflect the expenses of Class K Shares. The graph below illustrates the hypothetical investment of $10,000¹ in the Federated Max-Cap Index Fund (Class K Shares) (the "Fund") from October 31, 1994 to October 31, 2004, compared to the S&P 500.²

Average Annual Total Return for the Period Ended 10/31/2004
1 Year		8.42%
5 Years		(3.34)%
10 Years		9.74%

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

Portfolio of Investments Summary Table

At October 31, 2004, the Fund's sector composition¹ for its equity securities investments was follows:

Sector		Percentage of Total Net Assets
Financials		20.1%
Information Technology		15.8%
Healthcare		12.4%
Consumer Discretionary		11.3%
Industrials		11.3%
Consumer Staples		10.3%
Energy		7.2%
Telecommunication Services		3.2%
Materials		2.9%
Utilities		2.8%
TOTAL PERCENTAGE OF PORTFOLIO²		97.3%

1 Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Standard & Poor's Global Industry Classification Standard (SPGIC). Individual securities that are not included in the SPGIC are assigned to an index classification by the Fund's adviser.

2 The Fund purchases index futures contracts to efficiently manage cashflows 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. Taking into consideration these open index futures contracts, the Fund's total exposure to the S&P 500 Index is effectively 100%.

Portfolio of Investments

October 31, 2004

Shares					Value
			COMMON STOCKS--97.3%¹
			Consumer Discretionary--11.3%
	9,009		AMC Entertainment, Inc.	$	173,062
	42,290	²	AutoNation, Inc.		728,657
	10,630	²	AutoZone, Inc.		869,640
	38,614	²	Bed Bath & Beyond, Inc.		1,575,065
	41,040		Best Buy Co., Inc.		2,430,389
	15,421	²	Big Lots, Inc.		191,066
	13,741		Black & Decker Corp.		1,103,127
	7,406	²	Boca Resorts, Inc., Class A		175,522
	13,706		Boise Cascade Corp.		404,601
	12,499		Brunswick Corp.		586,453
	100	²	Cablevision Systems Corp., Class A		2,058
	7,421	²	Caesars Entertainment, Inc.		132,836
	81,270		Carnival Corp.		4,109,011
	14,286		Centex Corp.		742,015
	18,069		Circuit City Stores, Inc.		293,621
	85,757		Clear Channel Communications, Inc.		2,864,284
	19,400	²	Coach, Inc.		904,622
	286,819	²	Comcast Corp., Class A		8,461,161
	9,902		Cooper Tire & Rubber Co.		192,891
	10,133	²	Cox Communications, Inc., Class A		348,981
	20,028		Dana Corp.		298,617
	22,482		Darden Restaurants, Inc.		550,809
	61,652		Delphi Auto Systems Corp.		518,493
	12,216		Dillards, Inc., Class A		250,306
	38,728		Dollar General Corp.		745,514
	8,007		Dow Jones & Co.		354,310
	46,805		Eastman Kodak Co.		1,417,255
	19,160		Family Dollar Stores, Inc.		566,178
	23,241		Federated Department Stores, Inc.		1,172,508
	258,309		Ford Motor Co.		3,365,766
	19,849		Fortune Brands, Inc.		1,445,404
	33,880		Gannett Co., Inc.		2,810,346
	115,860		Gap (The), Inc.		2,314,883
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	60,225		General Motors Corp.	$	2,321,674
	24,367		Genuine Parts Co.		972,000
	54,008	²	Goodyear Tire & Rubber Co.		544,401
	37,620		Harley Davidson, Inc.		2,165,783
	12,644		Harrah's Entertainment, Inc.		739,927
	23,914		Hasbro, Inc.		423,039
	44,462		Hilton Hotels Corp.		884,794
	292,489		Home Depot, Inc.		12,015,448
	10,541	²	Information Holdings, Inc.		288,718
	44,636		International Game Technology		1,474,773
	41,619		Interpublic Group Cos., Inc.		510,249
	22,806		Johnson Controls, Inc.		1,307,924
	16,535		Jones Apparel Group, Inc.		583,686
	6,196		KB HOME		509,621
	8,797		Knight-Ridder, Inc.		602,858
	43,208	²	Kohl's Corp.		2,193,238
	26,751		Leggett and Platt, Inc.		752,506
	57,471		Limited, Inc.		1,424,131
	14,278		Liz Claiborne, Inc.		583,685
	99,107		Lowe's Cos., Inc.		5,577,742
	5,050		Mandalay Resort Group		347,440
	32,023		Marriott International, Inc., Class A		1,744,933
	48,561		Mattel, Inc.		850,303
	53,343		May Department Stores Co.		1,390,119
	8,278		Maytag Corp.		144,037
	158,800		McDonald's Corp.		4,629,020
	29,657		McGraw-Hill Cos., Inc.		2,557,916
	7,759		Meredith Corp.		380,191
	2,108	²	Metro-Goldwyn-Mayer, Inc.		24,917
	17,405		New York Times Co., Class A		697,070
	30,810		Newell Rubbermaid, Inc.		664,264
	39,235		Nike, Inc., Class B		3,190,198
	16,180		Nordstrom, Inc.		698,652
	40,853	²	Office Depot, Inc.		661,410
	25,326		Omnicom Group, Inc.		1,998,221
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	6,901	²	Orbitz, Inc., Class A	$	188,673
	35,690		Penney (J.C.) Co., Inc.		1,234,517
	15,092		Pulte Corp.		828,249
	22,885		Radioshack Corp.		684,948
	8,098		Reebok International Ltd.		299,626
	27,940		Sears, Roebuck & Co.		977,900
	17,123		Sherwin-Williams Co.		731,495
	8,103		Snap-On Tools Corp.		238,066
	11,113		Stanley Works		494,751
	59,660		Staples, Inc.		1,774,288
	49,984	²	Starbucks Corp.		2,643,154
	29,233		Starwood Hotels & Resorts Worldwide, Inc.		1,395,291
	65,742		TJX Cos., Inc.		1,576,493
	114,513		Target Corp.		5,727,940
	16,496		Tiffany & Co.		483,828
	585,177	²	Time Warner, Inc.		9,737,345
	26,342	²	Toys 'R' Us, Inc.		474,419
	42,447		Tribune Co.		1,833,710
	36,568	²	Univision Communications, Inc., Class A		1,132,145
	15,130		V.F. Corp.		814,448
	228,742		Viacom, Inc., Class B		8,346,796
	12,614		Visteon Corp.		89,686
	262,917		Walt Disney Co.		6,630,767
	1		Washington Post Co., Class B		915
	12,119		Wendy's International, Inc.		404,411
	8,742		Whirlpool Corp.		513,593
	37,140		Yum! Brands, Inc.		1,615,590
	84,400	²	eBay, Inc.		8,238,284
			TOTAL		157,065,667
			Consumer Staples--10.3%
	8,816		Alberto-Culver Co., Class B		395,486
	52,575		Albertsons, Inc.		1,199,236
	264,262		Altria Group, Inc.		12,806,137
	101,324		Anheuser-Busch Cos., Inc.		5,061,134
	87,374		Archer-Daniels-Midland Co.		1,692,434
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Staples--continued
	48,736		Avon Products, Inc.	$	1,927,509
	17,860		Brown-Forman Corp., Class B		801,914
	52,594		CVS Corp.		2,285,735
	55,490		Campbell Soup Co.		1,489,352
	24,773		Clorox Co.		1,352,606
	313,082		Coca-Cola Co.		12,729,914
	61,537		Coca-Cola Enterprises, Inc.		1,286,739
	65,940		Colgate-Palmolive Co.		2,942,243
	62,104		ConAgra, Inc.		1,639,546
	4,644		Coors Adolph Co., Class B		309,755
	69,204		Costco Wholesale Corp.		3,317,640
	6,170	²	Del Laboratories, Inc.		205,770
	40,455		General Mills, Inc.		1,790,134
	129,743		Gillette Co.		5,381,740
	45,502		Heinz (H.J.) Co.		1,653,998
	42,122		Hershey Foods Corp.		2,135,164
	52,507		Kellogg Co.		2,257,801
	63,786		Kimberly-Clark Corp.		3,806,111
	92,721		Kroger Co.		1,401,014
	19,000		McCormick & Co., Inc.		673,170
	199,445		PepsiCo, Inc.		9,888,483
	334,274		Procter & Gamble Co.		17,108,143
	15,400		Reynolds American, Inc.		1,060,444
	31,090		SUPERVALU, Inc.		916,844
	54,223	²	Safeway Inc.		989,028
	104,887		Sara Lee Corp.		2,441,769
	82,072		Sysco Corp.		2,648,463
	28,824		The Pepsi Bottling Group, Inc.		808,225
	22,977		UST, Inc.		945,733
	543,630		Wal-Mart Stores, Inc.		29,312,530
	128,396		Walgreen Co.		4,608,132
	7,434		Winn-Dixie Stores, Inc.		25,573
	30,246		Wrigley (Wm.), Jr. Co.		1,978,088
			TOTAL		143,273,737
Shares					Value
			COMMON STOCKS--continued¹
			Energy--7.2%
	17,887		Amerada-Hess Corp.	$	1,443,660
	25,810		Anadarko Petroleum Corp.		1,740,885
	40,172		Apache Corp.		2,036,720
	10,420		Ashland, Inc.		600,400
	19,800		BJ Services Co.		1,009,800
	47,381		Baker Hughes, Inc.		2,029,328
	52,420		Burlington Resources, Inc.		2,175,430
	273,574		ChevronTexaco Corp.		14,515,836
	87,596		ConocoPhillips		7,385,219
	36,968		Devon Energy Corp.		2,734,523
	15,203		EOG Resources, Inc.		1,011,912
	73,339		El Paso Corp.		655,651
	840,671		Exxon Mobil Corp.		41,377,827
	60,248		Halliburton Co.		2,231,586
	17,289		Kerr-McGee Corp.		1,023,855
	15,113		Kinder Morgan, Inc.		972,824
	40,377		Marathon Oil Corp.		1,538,767
	16,690	²	Nabors Industries Ltd.		819,812
	14,878	²	Noble Corp.		679,627
	48,951		Occidental Petroleum Corp.		2,732,934
	9,052		Rowan Companies, Inc.		231,098
	74,756		Schlumberger Ltd.		4,705,143
	2,300		Stelmar Shipping Ltd.		88,780
	18,760		Sunoco, Inc.		1,394,994
	41,290	²	Transocean Sedco Forex, Inc.		1,455,472
	34,126		Unocal Corp.		1,424,761
	40,800		Valero Energy Corp.		1,753,176
	53,861		Williams Cos., Inc.		673,801
			TOTAL		100,443,821
			Financials--20.1%
	30,774		AON Corp.		628,097
	45,000		Ace Ltd.		1,712,700
	66,882		Aflac, Inc.		2,399,726
	106,425		Allstate Corp.		5,117,978
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	14,173		Ambac Financial Group, Inc.	$	1,106,344
	161,495		American Express Co.		8,570,540
	333,232		American International Group, Inc.		20,230,515
	5,525	²	American Medical Security Group, Inc.		175,419
	50,852		Amsouth Bancorporation		1,341,984
	13,000		Apartment Investment & Management Co., Class A		476,970
	100		Archstone-Smith Trust		3,355
	70,885		BB&T Corp.		2,914,082
	523,336		Bank of America Corp.		23,440,219
	96,139		Bank of New York Co., Inc.		3,120,672
	12,534		Bear Stearns Cos., Inc.		1,187,597
	26,500		CIT Group, Inc.		1,070,600
	29,367		Capital One Financial Corp.		2,166,110
	23,495		Chubb Corp.		1,694,694
	24,489		Cincinnati Financial Corp.		1,022,416
	663,019		Citigroup, Inc.		29,418,153
	29,523		Comerica, Inc.		1,815,960
	80,642		Countrywide Financial Corp.		2,574,899
	100		Duke Realty Corp.		3,410
	66,600	²	E*Trade Group, Inc.		859,140
	63,667		Equity Office Properties Trust		1,790,316
	34,100		Equity Residential Properties Trust		1,137,235
	94,569		Federal Home Loan Mortgage Corp.		6,298,295
	125,716		Federal National Mortgage Association		8,818,977
	14,200		Federated Investors, Inc.		411,658
	73,307		Fifth Third Bancorp		3,605,971
	15,800		First Horizon National Corp.		683,824
	34,280		Franklin Resources, Inc.		2,078,054
	18,809		Golden West Financial Corp.		2,199,148
	61,600		Goldman Sachs Group, Inc.		6,060,208
	36,570		Hartford Financial Services Group, Inc.		2,138,614
	100		Hibernia Corp., Class A		2,900
	30,209		Huntington Bancshares, Inc.		723,506
	455,168		J.P. Morgan Chase & Co.		17,569,485
	31,392		Janus Capital Group, Inc.		478,728
	20,759		Jefferson-Pilot Corp.		1,002,452
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	50,479		KeyCorp	$	1,695,590
	100		Kimco Realty Corp.		5,455
	8,102		LNR Property Corp.		506,699
	37,003		Lehman Brothers Holdings, Inc.		3,039,796
	21,708		Lincoln National Corp.		950,810
	25,043		Loews Corp.		1,500,076
	19,600		M & T Bank Corp.		2,018,800
	20,931		MBIA Insurance Corp.		1,211,068
	159,597		MBNA Corp.		4,090,471
	9,664		MGIC Investment Corp.		621,492
	64,910		Marsh & McLennan Cos., Inc.		1,795,411
	30,600		Marshall & Ilsley Corp.		1,284,282
	49,417		Mellon Financial Corp.		1,428,151
	119,225		Merrill Lynch & Co., Inc.		6,430,997
	94,341		MetLife, Inc.		3,617,977
	19,917		Moody's Corp.		1,549,742
	139,456		Morgan Stanley		7,124,807
	86,466		National City Corp.		3,369,580
	36,456		North Fork Bancorp, Inc.		1,607,710
	26,269		Northern Trust Corp.		1,117,483
	33,796		PNC Financial Services Group		1,767,531
	21,600		Plum Creek Timber Co., Inc.		783,864
	3,895		Price Legacy Corp.		73,265
	33,100		Principal Financial Group		1,249,856
	8,800		Progressive Corp., OH		823,240
	24,600		Prologis Trust		958,908
	33,836	²	Providian Financial Corp.		526,150
	67,000		Prudential Financial, Inc.		3,113,490
	63,129		Regions Financial Corp.		2,214,565
	3,934		Riggs National Corp.		83,047
	4,930		Rouse Co.		328,831
	4,700		S&P Depositary Receipts Trust		532,040
	23,422		SAFECO Corp.		1,083,033
	56,640		SLM Corp.		2,563,526
	174,986		Schwab (Charles) Corp.		1,601,122
	24,200		Simon Property Group, Inc.		1,411,344
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	49,662		SouthTrust Corp.	$	2,163,773
	43,095		Sovereign Bancorp, Inc.		933,007
	41,662		State Street Corp.		1,876,873
	41,591		SunTrust Banks, Inc.		2,927,175
	35,455		Synovus Financial Corp.		964,021
	14,754		T. Rowe Price Group, Inc.		822,831
	68,949		The St. Paul Travelers Cos., Inc.		2,341,508
	16,437		Torchmark Corp.		887,927
	259,663		U.S. Bancorp		7,428,958
	57,753		UNUMProvident Corp.		788,906
	162,805		Wachovia Corp.		8,011,634
	111,525		Washington Mutual Bank FA		4,317,133
	215,449		Wells Fargo & Co.		12,866,614
	17,736		XL Capital Ltd.		1,285,860
	10,267		Zions Bancorp		679,367
	100		iStar Financial, Inc.		4,142
			TOTAL		280,430,889
			Healthcare--12.4%
	198,541		Abbott Laboratories		8,463,803
	21,876		Aetna, Inc.		2,078,220
	16,219		Allergan, Inc.		1,160,632
	20,892		AmerisourceBergen Corp.		1,149,896
	161,357	²	Amgen, Inc.		9,165,078
	17,163	²	Anthem, Inc.		1,379,905
	29,248		Applera Corp.		558,052
	14,504		Bard (C.R.), Inc.		823,827
	7,232		Bausch & Lomb, Inc.		440,863
	75,124		Baxter International, Inc.		2,310,814
	33,228		Becton, Dickinson & Co.		1,744,470
	42,734	²	Biogen Idec, Inc.		2,485,409
	34,004		Biomet, Inc.		1,587,307
	106,776	²	Boston Scientific Corp.		3,769,193
	246,825		Bristol-Myers Squibb Co.		5,783,110
	23,070		CIGNA Corp.		1,464,022
	61,308		Cardinal Health, Inc.		2,866,149
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	56,427	²	Caremark Rx, Inc.	$	1,691,117
	22,194	²	Chiron Corp.		719,529
	11,402	²	Endocardial Solutions, Inc.		129,185
	8,600	²	Express Scripts, Inc., Class A		550,400
	11,900		Fisher Scientific International, Inc.		682,584
	45,776	²	Forest Laboratories, Inc., Class A		2,041,610
	25,226	²	Genzyme Corp.		1,323,608
	61,914	²	Gilead Sciences, Inc.		2,144,082
	32,488		Guidant Corp.		2,164,351
	50,308		HCA - The Healthcare Corp.		1,847,813
	24,400		Health Management Association, Class A		504,104
	18,444	²	Hospira, Inc.		588,548
	34,031	²	Humana, Inc.		651,694
	32,873		IMS Health, Inc.		696,250
	8,265	²	Ilex Oncology, Inc.		208,691
	388,362		Johnson & Johnson		22,672,574
	30,884	²	King Pharmaceuticals, Inc.		336,944
	15,400	²	Laboratory Corporation of America Holdings		705,320
	144,266		Lilly (Eli) & Co.		7,921,646
	13,743		Manor Care, Inc.		449,946
	672	²	Mariner Health Care, Inc.		19,555
	41,966		McKesson HBOC, Inc.		1,118,814
	33,689	²	Medco Health Solutions, Inc.		1,142,394
	40,937	²	Medimmune, Inc.		1,163,430
	153,883		Medtronic, Inc.		7,864,960
	283,220		Merck & Co., Inc.		8,867,618
	6,277	²	Millipore Corp.		288,679
	30,750		Mylan Laboratories, Inc.		529,515
	100		Omnicare, Inc.		2,759
	30,107		PerkinElmer, Inc.		618,398
	966,520		Pfizer, Inc.		27,980,754
	11,996		Quest Diagnostic, Inc.		1,050,130
	191,732		Schering Plough Corp.		3,472,267
	6,179		Select Medical Corp.		106,217
	21,704		St. Jude Medical, Inc.		1,661,875
	58,502		Stryker Corp.		2,520,851
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	49,205	²	Tenet Healthcare Corp.	$	527,478
	21,653	²	Thermo Electron Corp.		627,937
	89,763		UnitedHealth Group, Inc.		6,498,841
	13,500	²	Waters Corp.		557,415
	15,183	²	Watson Pharmaceuticals, Inc.		425,579
	20,232	²	Wellpoint Health Networks, Inc.		1,975,857
	171,854		Wyeth		6,814,011
	31,494	²	Zimmer Holdings, Inc.		2,443,619
			TOTAL		173,539,699
			Industrials--11.3%
	99,852		3M Co.		7,745,520
	60,643	²	Allied Waste Industries, Inc.		494,847
	26,359		American Power Conversion Corp.		508,202
	25,300	²	American Standard Cos.		925,221
	19,600	²	Apollo Group, Inc., Class A		1,293,600
	12,342		Avery Dennison Corp.		750,887
	20,743		Block (H&R), Inc.		986,330
	115,105		Boeing Co.		5,743,740
	58,538		Burlington Northern Santa Fe		2,447,474
	29,132		CSX Corp.		1,063,318
	43,438		Caterpillar, Inc.		3,498,497
	147,963		Cendant Corp.		3,046,558
	19,337		Cintas Corp.		834,198
	12,857		Cooper Industries, LTD., Class A		821,562
	8,265		Crane Co.		230,346
	6,317		Cummins, Inc.		442,695
	44,940		Danaher Corp.		2,477,542
	30,986		Deere & Co.		1,852,343
	4,054	²	Delta Air Lines, Inc.		22,094
	7,615		Deluxe Corp.		290,055
	24,823		Donnelley (R.R.) & Sons Co.		780,683
	29,302		Dover Corp.		1,150,690
	19,454		Eaton Corp.		1,244,083
	52,752		Emerson Electric Co.		3,378,766
	20,016		Equifax, Inc.		523,418
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	42,568		FedEx Corp.	$	3,878,796
	7,756		Fluor Corp.		360,189
	20,558		General Dynamics Corp.		2,099,383
	1,376,236		General Electric Co.		46,957,172
	11,590		Goodrich (B.F.) Co.		357,320
	10,047		Grainger (W.W.), Inc.		588,654
	108,718		Honeywell International, Inc.		3,661,622
	11,196		ITT Industries, Inc.		908,443
	38,609		Illinois Tool Works, Inc.		3,562,839
	21,242		Ingersoll-Rand Co., Class A		1,453,802
	2,580	²	Invision Technologies, Inc.		119,144
	57,788		Lockheed Martin Corp.		3,183,541
	71,836		Masco Corp.		2,461,101
	11,468	²	Monster Worldwide, Inc.		321,677
	5,563		Navistar International Corp.		192,202
	52,353		Norfolk Southern Corp.		1,777,384
	37,000		Northrop Grumman Corp.		1,914,750
	20,996		PACCAR, Inc.		1,455,233
	13,189		Pall Corp.		341,068
	14,697		Parker-Hannifin Corp.		1,038,049
	33,103		Pitney Bowes, Inc.		1,448,256
	8,160	²	Power-One, Inc.		57,283
	55,855		Raytheon Co.		2,037,590
	22,194		Robert Half International, Inc.		588,807
	21,643		Rockwell Automation, Inc.		902,297
	25,343		Rockwell Collins		898,916
	8,386		Ryder Systems, Inc.		420,139
	97,646		Southwest Airlines Co.		1,539,877
	19,530		Textron, Inc.		1,330,970
	246,692		Tyco International Ltd.		7,684,456
	32,295		Union Pacific Corp.		2,033,616
	132,540		United Parcel Service, Inc.		10,494,517
	70,661		United Technologies Corp.		6,558,754
	73,424		Waste Management, Inc.		2,091,116
			TOTAL		157,271,632
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--15.8%
	92,622	²	ADC Telecommunications, Inc.	$	204,694
	29,955		Adobe Systems, Inc.		1,678,379
	10,623	²	Advanced Fibre Communications		165,931
	45,334	²	Advanced Micro Devices, Inc.		762,518
	12,800	²	Affiliated Computer Services, Inc., Class A		698,240
	62,259	²	Agilent Technologies, Inc.		1,560,211
	61,139	²	Altera Corp.		1,389,689
	45,624		Analog Devices, Inc.		1,836,822
	16,203	²	Andrew Corp.		226,518
	48,699	²	Apple Computer, Inc.		2,558,158
	212,410	²	Applied Materials, Inc.		3,419,801
	52,933	²	Applied Micro Circuits Corp.		192,676
	13,160		Autodesk, Inc.		694,190
	74,005		Automatic Data Processing, Inc.		3,211,077
	42,039	²	Avaya, Inc.		605,362
	45,124	²	BMC Software, Inc.		853,746
	38,511	²	Broadcom Corp.		1,041,723
	79,949	²	CIENA Corp.		197,474
	865,128	²	Cisco Systems, Inc.		16,619,109
	34,530	²	Citrix Systems, Inc.		833,209
	113	²	Computer Access Technology Corp.		677
	76,797		Computer Associates International, Inc.		2,128,045
	29,741	²	Computer Sciences Corp.		1,477,235
	95,770	²	Compuware Corp.		554,508
	20,625	²	Comverse Technology, Inc.		425,700
	21,225	²	Convergys Corp.		276,137
	138,600	²	Corning, Inc.		1,586,970
	326,099	²	Dell, Inc.		11,433,031
	4,528	²	Dupont Photomasks, Inc.		118,724
	307,628		EMC Corp. Mass		3,959,172
	37,900	²	Electronic Arts, Inc.		1,702,468
	63,580		Electronic Data Systems Corp.		1,352,347
	111,848		First Data Corp., Class		4,617,085
	21,667	²	Fiserv, Inc.		770,045
	46,778	²	Gateway, Inc.		273,651
	409,150		Hewlett-Packard Co.		7,634,739
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	214,143		IBM Corp.	$	19,219,334
	821,080		Intel Corp.		18,277,241
	2,397	²	Intercept Group, Inc.		45,040
	23,865	²	Intuit, Inc.		1,082,516
	172,442	²	JDS Uniphase Corp.		546,641
	19,585	²	Jabil Circuit, Inc.		476,111
	31,425	²	KLA-Tencor Corp.		1,430,780
	56,614	²	LSI Logic Corp.		257,594
	16,218	²	Lexmark International Group, Class A		1,347,878
	38,514		Linear Technology Corp.		1,458,910
	563,688	²	Lucent Technologies, Inc.		2,001,092
	40,641		Maxim Integrated Products, Inc.		1,787,798
	14,532	²	Mercury Interactive Corp.		631,125
	82,098		Micron Technology, Inc.		999,954
	1,392,818		Microsoft Corp.		38,984,976
	19,481		Molex, Inc.		576,053
	303,621		Motorola, Inc.		5,240,498
	11,737	²	NCR Corp.		661,380
	16,100	²	NVIDIA Corp.		232,967
	45,314	²	National Semiconductor Corp.		756,744
	5,127	²	NetSolve, Inc.		56,141
	9,696	²	Netegrity, Inc.		103,262
	41,961	²	Network Appliance, Inc.		1,026,786
	44,623	²	Novell, Inc.		320,839
	20,921	²	Novellus Systems, Inc.		542,063
	660,113	²	Oracle Corp.		8,357,031
	18,395	²	PMC-Sierra, Inc.		188,733
	33,083	²	Parametric Technology Corp.		171,701
	47,257		Paychex, Inc.		1,549,746
	47,378	²	Peoplesoft, Inc.		984,041
	9,666	²	Qlogic Corp.		314,145
	195,978		Qualcomm, Inc.		8,193,840
	16,186		Sabre Group Holdings, Inc.		348,161
	107,601	²	Sanmina-SCI Corp.		860,808
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	21,580		Scientific-Atlanta, Inc.	$	591,076
	58,682	²	Siebel Systems, Inc.		557,479
	94,005	²	Solectron Corp.		490,706
	487,886	²	Sun Microsystems, Inc.		2,210,124
	39,500	²	SunGard Data Systems, Inc.		1,046,355
	43,400	²	Symantec Corp.		2,471,196
	30,441		Symbol Technologies, Inc.		447,178
	20,556		Tektronix, Inc.		623,463
	50,934	²	Tellabs, Inc.		407,472
	23,801	²	Teradyne, Inc.		394,145
	223,591		Texas Instruments, Inc.		5,466,800
	38,322	²	Unisys Corp.		406,980
	55,265	²	Veritas Software Corp.		1,209,198
	98,822	²	Xerox Corp.		1,459,601
	35,912		Xilinx, Inc.		1,098,907
	172,088	²	Yahoo, Inc.		6,227,865
			TOTAL		221,200,535
			Materials--2.9%
	27,832		Air Products & Chemicals, Inc.		1,480,106
	110,048		Alcoa, Inc.		3,576,560
	12,645		Allegheny Technologies, Inc.		212,562
	17,144		Ball Corp.		683,188
	14,476		Bemis Co., Inc.		383,180
	118,937		Dow Chemical Co.		5,345,029
	126,606		Du Pont (E.I.) de Nemours & Co.		5,427,599
	5,896		Eastman Chemical Co.		279,883
	36,706		Ecolab, Inc.		1,242,498
	12,663		Engelhard Corp.		358,363
	25,111		Freeport-McMoRan Copper & Gold, Inc., Class B		909,520
	34,290		Georgia-Pacific Corp.		1,186,091
	4,955		Great Lakes Chemical Corp.		126,947
	14,458	²	Hercules, Inc.		206,460
	12,442		International Flavors & Fragrances, Inc.		485,860
	60,526		International Paper Co.		2,330,856
	16,382		Louisiana-Pacific Corp.		401,523
Shares					Value
			COMMON STOCKS--continued¹
			Materials--continued
	34,328		MeadWestvaco Corp.	$	1,082,362
	32,277		Monsanto Co.		1,379,842
	46,613		Newmont Mining Corp.		2,215,050
	18,134		Nucor Corp.		765,799
	20,842		PPG Industries, Inc.		1,328,678
	22,808	²	Pactiv Corp.		540,322
	9,666		Phelps Dodge Corp.		846,162
	40,390		Praxair, Inc.		1,704,458
	26,158		Rohm & Haas Co.		1,108,838
	10,225	²	Sealed Air Corp.		506,547
	12,680		Sigma-Aldrich Corp.		705,515
	7,362		Temple-Inland, Inc.		435,241
	12,110		United States Steel Corp.		444,679
	11,606		Vulcan Materials Co.		577,747
	31,920		Weyerhaeuser Co.		1,999,469
	12,163		Worthington Industries, Inc.		241,436
			TOTAL		40,518,370
			Telecommunication Services--3.2%
	91,167		AT&T Corp.		1,559,867
	41,246		Alltel Corp.		2,265,643
	239,002		BellSouth Corp.		6,374,183
	29,730		CenturyTel, Inc.		954,036
	34,238		Citizens Communications Co., Class B		458,789
	140,009	²	NEXTEL Communications, Inc., Class A		3,708,838
	219,772	²	Qwest Communications International, Inc.		751,620
	441,147		SBC Communications, Inc.		11,143,373
	148,877		Sprint Corp.		3,118,973
	365,574		Verizon Communications		14,293,943
			TOTAL		44,629,265
			Utilities--2.8%
	62,239	²	AES Corp.		678,405
	13,443	²	Allegheny Energy, Inc.		246,141
	22,657		Ameren Corp.		1,087,536
	53,704		American Electric Power Co., Inc.		1,768,473
	15,992	²	CMS Energy Corp.		149,685
Shares					Value
			COMMON STOCKS--continued¹
			Utilities--continued
	40,646	²	Calpine Corp.	$	101,209
	70,514		CenterPoint Energy, Inc.		741,102
	23,447		Cinergy Corp.		926,625
	29,141		Consolidated Edison Co.		1,266,176
	32,724		Constellation Energy Group		1,329,249
	22,467		DTE Energy Co.		959,566
	35,707		Dominion Resources, Inc.		2,296,674
	96,732		Duke Energy Corp.		2,372,836
	43,258	²	Dynegy, Inc.		213,262
	46,858		Edison International		1,429,169
	29,082		Entergy Corp.		1,900,800
	96,038		Exelon Corp.		3,805,026
	26,691		FPL Group, Inc.		1,839,010
	43,984		FirstEnergy Corp.		1,817,859
	21,656		KeySpan Corp.		865,157
	1,889		NICOR, Inc.		70,875
	4,931	²	NUI Corp.		66,371
	25,780		NiSource, Inc.		552,981
	56,036	²	P G & E Corp.		1,795,393
	17,387		PPL Corp.		904,124
	3,657		Peoples Energy Corp.		156,446
	11,618		Pinnacle West Capital Corp.		495,159
	25,507		Progress Energy, Inc.		1,053,439
	24,769		Public Service Enterprises Group, Inc.		1,054,912
	30,241		Sempra Energy		1,014,283
	97,186		Southern Co.		3,070,106
	20,488		TECO Energy, Inc.		286,832
	33,858		TXU Corp.		2,072,787
	1,281		Texas Genco Holdings, Inc.		59,823
	5,000		UniSource Energy Corp.		122,950
	100		Wisconsin Energy Corp.		3,264
	47,924		Xcel Energy, Inc.		819,500
			TOTAL		39,393,205
			TOTAL COMMON STOCKS (IDENTIFIED COST $656,724,225)		1,357,766,820
Principal Amount or Shares					Value
			CORPORATE BONDS--0.0%
			Healthcare--0.0%
$	250,000		Genzyme Corp., 1.250%, 12/1/2023	$	257,713
			Industrials--0.0%
	227,000		Tyco International Group, Company Guarantee, 3.125%, 1/15/2023		340,895
			TOTAL CORPORATE BONDS (IDENTIFIED COST $588,365)		598,608
			U.S. TREASURY--0.4%⁴
	5,350,000		United States Treasury Bill, 1/13/2005 (IDENTIFIED COST $5,327,280)		5,330,152
			PREFERRED STOCKS--0.1%
			Energy--0.1%
	7,585		Amerada-Hess Corp., Conv. Pfd. $3.50, Annual Dividend		555,601
	5,247		Valero Energy Corp., Conv. Pfd. $0.50, Annual Dividend		222,420
			TOTAL PREFERRED STOCKS (IDENTIFIED COST $706,893)		778,021
			MUTUAL FUND--2.3%
	32,292,023	³	Prime Value Obligations Fund, IS Shares (at net asset value)		32,292,023
			TOTAL INVESTMENTS--100.1% (IDENTIFIED COST $695,638,786)⁵		1,396,765,624
			OTHER ASSETS AND LIABILITIES - NET--(0.1)%		(928,268	)
			TOTAL NET ASSETS--100%	$	1,395,837,356

1 The Fund purchases index futures contracts to efficiently manage cashflows 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 $42,103,675 at October 31, 2004, which represents 3.0% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the index is 100.4%.

2 Non-income producing security.

3 Affiliated company.

4 Pledged as collateral 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 $742,767,083.

Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

October 31, 2004

Assets:
Total investments in securities, at value including $32,292,023 of investments in affiliated issuer (Note 5) (identified cost $695,638,786)			$	1,396,765,624
Cash				689,004
Income receivable				1,742,743
Receivable for investments sold				415,904
Receivable for shares sold				774,906
Receivable for daily variation margin				99,449
TOTAL ASSETS				1,400,487,630
Liabilities:
Payable for investments purchased	$	1,806,009
Payable for shares redeemed		2,349,255
Payable for transfer and dividend disbursing agent fees and expenses		159,392
Payable for distribution services fee (Note 5)		101,154
Payable for shareholder services fee (Note 5)		137,996
Accrued expenses		96,468
TOTAL LIABILITIES				4,650,274
Net assets for 60,949,483 shares outstanding			$	1,395,837,356
Net Assets Consist of:
Paid-in capital			$	828,062,751
Net unrealized appreciation of investments and futures contracts				701,990,722
Accumulated net realized loss on investments and futures contracts				(135,378,676	)
Undistributed net investment income				1,162,559
TOTAL NET ASSETS			$	1,395,837,356
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
Net asset value and offering price per share ($705,039,890 ÷ 30,746,919 shares outstanding), no par value, unlimited shares authorized				$22.93
Redemption proceeds per share				$22.93
Institutional Service Shares:
Net asset value and offering price per share ($556,242,724 ÷ 24,309,653 shares outstanding), no par value, unlimited shares authorized				$22.88
Redemption proceeds per share				$22.88
Class C Shares:
Net asset value per share ($102,614,354 ÷ 4,498,042 shares outstanding), no par value, unlimited shares authorized				$22.81
Offering price per share (100/99.00 of $22.81)¹				$23.04
Redemption proceeds per share (99.00/100 of $22.81)¹				$22.58
Class K Shares:
Net asset value and offering price per share ($31,940,388 ÷ 1,394,869 shares outstanding), no par value, unlimited shares authorized				$22.90
Redemption proceeds per share				$22.90

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

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended October 31, 2004

Investment Income:
Dividends (including $243,760 received from affiliated issuers (Note 5) and net of foreign taxes withheld of $146)			$	26,295,392
Interest				60,653
TOTAL INCOME				26,356,045
Expenses:
Management fee (Note 5)	$	4,640,389
Custodian fees		120,252
Transfer and dividend disbursing agent fees and expenses-- Institutional Shares (Note 5)		399,379
Transfer and dividend disbursing agent fees and expenses--Institutional Service Shares (Note 5)		307,211
Transfer and dividend disbursing agent fees and expenses--Class C Shares (Note 5)		87,815
Transfer and dividend disbursing agent fees and expenses--Class K Shares (Note 5)		70,905
Directors'/Trustees' fees		10,242
Auditing fees		18,473
Legal fees		2,667
Portfolio accounting fees (Note 5)		203,378
Distribution services fee--Institutional Service Shares (Note 5)		1,766,881
Distribution services fee--Class C Shares (Note 5)		800,476
Distribution services fee--Class K Shares (Note 5)		126,164
Shareholder services fee--Institutional Shares (Note 5)		2,064,683
Shareholder services fee--Institutional Service Shares (Note 5)		1,472,401
Shareholder services fee--Class C Shares (Note 5)		266,825
Share registration costs		79,774
Printing and postage		102,520
Insurance premiums		13,842
Miscellaneous		16,484
TOTAL EXPENSES		12,570,761

Statement of Operations - continued

Waivers and Reimbursements (Note 5):
Waiver/reimbursement of management fee	$	(147,365	)
Waiver of transfer and dividend disbursing agent fees and expenses--Institutional Shares		(26,802	)
Waiver of transfer and dividend disbursing agent fees and expenses--Institutional Service Shares		(19,585	)
Waiver of transfer and dividend disbursing agent fees and expenses--Class C Shares		(3,543	)
Waiver of transfer and dividend disbursing agent fees and expenses--Class K Shares		(838	)
Waiver of distribution services fee--Institutional Service Shares		(1,472,401	)
Waiver of shareholder services fee--Institutional Shares		(2,064,683	)
Reimbursement of transfer and dividend disbursing agent fees and expenses--Institutional Shares		(143,394	)
Reimbursement of transfer and dividend disbursing agent fees and expenses--Institutional Service Shares		(124,433	)
Reimbursement of other operating expenses		(17,043	)
TOTAL WAIVERS AND REIMBURSEMENTS				$	(4,020,087	)
Net expenses							$	8,550,674
Net investment income								17,805,371
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized gain on investments								57,605,078
Net realized gain on futures contracts								2,455,128
Net change in unrealized appreciation of investments and futures contracts								(19,869,812	)
Net increase due to reimbursement from Adviser (Note 5)								303,086
Net realized and unrealized gain on investments and futures contracts								40,493,480
Change in net assets resulting from operations							$	58,298,851

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended October 31		2004			2003
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	17,805,371		$	19,305,829
Net realized gain (loss) on investments and futures contracts		60,060,206			(52,316,678	)
Net change in unrealized appreciation/depreciation of investments and futures contracts		(19,869,812	)		326,324,575
Net increase due to reimbursement from Adviser (Note 5)		303,086			- --
Net increase due to reimbursement from sub-manager for certain losses on investments (Note 5)		- --			63,824
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		58,298,851			293,377,550
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(11,499,926	)		(12,867,273	)
Institutional Service Shares		(6,308,572	)		(6,062,846	)
Class C Shares		(366,992	)		(420,340	)
Class K Shares		(170,916	)		(2,169	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(18,346,406	)		(19,352,628	)
Share Transactions:
Proceeds from sale of shares		381,538,443			750,819,364
Net asset value of shares issued to shareholders in payment of distributions declared		13,373,777			13,826,809
Cost of shares redeemed		(727,706,734	)		(770,192,497	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(332,794,514	)		(5,546,324	)
Change in net assets		(292,842,069	)		268,478,598
Net Assets:
Beginning of period		1,688,679,425			1,420,200,827
End of period (including undistributed net investment income of $1,162,559 and $1,725,804, respectively)	$	1,395,837,356		$	1,688,679,425

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

October 31, 2004

1. ORGANIZATION

Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Max-Cap Index Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers four classes of shares: Institutional Shares, Institutional Service Shares, Class C Shares, and Class K Shares. 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.

2. 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) in the United States of America.

Investment Valuation

Listed equity securities are valued at the last sale price or official closing price reported on a national securities exchange. If unavailable, the security is generally valued at the mean between the last closing bid and asked prices. 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 accordance with procedures established by and under general supervision of the Board of Trustees (the "Trustees").

Repurchase Agreements

It is the policy of the Fund to require the custodian bank or broker 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, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that each class bears certain expenses unique to that class such as transfer and dividend disbursing agent, distribution and shareholder services fees. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income 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. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. For the year ended October 31, 2004, the Fund had realized gains on futures contracts of $2,455,128.

At October 31, 2004, the Fund had the following open futures contracts:

Expiration Date		Contracts to Receive		Position		Unrealized Appreciation
December 2004		149 S&P 500 Index Futures		Long		$863,884

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. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended October 31:	2004					2003
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	7,435,898		$	168,030,536		14,222,261		$	268,882,106
Shares issued to shareholders in payment of distributions declared	307,932			6,895,565		409,799			7,747,759
Shares redeemed	(22,234,530	)		(459,152,396	)	(19,858,394	)		(375,392,466	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(14,490,700	)	$	(284,226,295	)	(5,226,334	)	$	(98,762,601	)

Year Ended October 31	2004					2003
Institutional Service Shares:	Shares			Amount		Shares			Amount
Shares sold	7,733,530		$	174,152,856		24,647,126		$	442,683,372
Shares issued to shareholders in payment of distributions declared	268,130			6,001,388		303,016			5,721,673
Shares redeemed	(12,198,542	)		(241,170,302	)	(20,170,944	)		(371,595,388	)
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	(4,196,882	)	$	(61,016,058	)	4,779,198		$	76,809,657

Year Ended October 31:	2004					2003
Class C Shares:	Shares			Amount		Shares			Amount
Shares sold	833,007		$	18,607,614		1,201,789		$	22,954,235
Shares issued to shareholders in payment of distributions declared	13,698			305,909		18,914			355,209
Shares redeemed	(1,263,748	)		(22,154,174	)	(1,230,819	)		(22,994,810	)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(417,043	)	$	(3,240,651	)	(10,116	)	$	314,634

Year Ended October 31:	2004					2003¹
Class K Shares:	Shares			Amount		Shares			Amount
Shares sold	920,279		$	20,747,437		772,927		$	16,299,651
Shares issued to shareholders in payment of distributions declared	7,614			170,915		107			2,168
Shares redeemed	(296,072	)		(5,229,862	)	(9,986	)		(209,833	)
NET CHANGE RESULTING FROM CLASS K SHARE TRANSACTIONS	631,821		$	15,688,490		763,048		$	16,091,986
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(18,472,804	)	$	(332,794,514	)	305,796		$	(5,546,324	)

1 Reflects operations for the period from April 8, 2003 (start of performance) to October 31, 2003.

4. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due to deferral of losses from wash sales and litigation settlement reclasses.

For the year ended October 31, 2004, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income	Accumulated Net Realized Losses
- --	$(22,210)	$22,210

Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2004 and 2003, was as follows:

		2004		2003
Ordinary income¹		$18,346,406		$19,352,628

1 For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of October 31, 2004, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	1,162,560
Net unrealized appreciation	$	654,862,425
Capital loss carryforward	$	87,386,499

At October 31, 2004, the cost of investments for federal tax purposes was $742,767,083. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation from futures contracts was $653,998,541. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $664,558,868 and net unrealized depreciation from investments for those securities having an excess of cost over value of $10,560,327.

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable in part to differing treatments for discount accretion/premium amortization on fixed-income securities and the deferral of losses on wash sales.

At October 31, 2004, the Fund had a capital loss carryforward of $87,386,499 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year		Expiration Amount
2008		$ 4,496,010
2009		$ 38,257,525
2010		$20,026,527
2011		$24,606,437

5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Equity Management Company of Pennsylvania (FEMCOPA), the Fund's manager (the "Manager"), receives for its services an annual management fee equal to 0.30% of the Fund's average daily net assets. Prior to January 1, 2004, the Fund's manager was Federated Investment Management Company (FIMCO). The fee received by FIMCO was identical to that received FEMCOPA. FEMCOPA and FIMCO may voluntarily choose to waive any portion of their fees and/or reimburse certain operating expenses of the Fund. FEMCOPA and FIMCO can modify or terminate this voluntary waiver and/or reimbursement at any time at their sole discretion. For the year ended October 31, 2004, the fees paid to FEMCOPA and FIMCO were $3,671,608 and $821,416, respectively, after voluntary waiver, if applicable. Under the terms of a subadvisory contract between the Manager and Fund Asset Management L.P. doing business as Mercury Advisors, an indirect, wholly owned subsidiary of Merrill Lynch & Co., Inc. (the "Subadviser"), the Subadviser receives an annual fee from the Manager equal to 0.015% times 80% of the Fund's average daily net assets plus 0.150% times 20% of the Fund's average daily net assets.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Prime Value Obligations Fund, which is managed by the Fund's Manager or an affiliate of the Manager. The Manager has agreed to reimburse the Fund for certain investment management fees as a result of these transactions. Income distributions earned from investment in this fund are recorded as income in the accompanying financial statements and totaled $243,760 for the period.

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 daily net assets of the Fund's Institutional Service Shares, Class C Shares and Class K Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses according to the following schedule annually, to compensate FSC.

Share Class Name		Percentage of Average Daily Net Assets of Class
Institutional Service Shares		0.30%
Class C Shares		0.75%
Class K Shares		0.50%

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.

Sales Charges

For the year ended October 31, 2004, FSC retained $2,693 of contingent deferred sales charges relating to redemptions of Class C Shares. See "What Do Shares Cost? in the Prospectus.

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 the average daily net assets of the Fund's Institutional Shares, Institutional Service Shares, and Class C Shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

Prior to July 1, 2004, Federated Services Company (FServ), through its subsidiary FSSC, served as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC was based on the size, type and number of accounts and transactions made by shareholders. The fee paid to FSSC during the reporting period was $383,444, after voluntary waiver, if applicable.

Portfolio Accounting Fees

Prior to January 1, 2004, FServ maintained the Fund's accounting records for which it received a fee. The fee was based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses. The fee paid to FServ during the reporting period was $33,968, after voluntary waiver, if applicable.

Other

Federated has retained an outside law firm to perform an internal review of past mutual fund trading practices and report to a special investigative committee of Federated's Board. In conjunction with this review, the Independent Trustees of the Fund have retained a financial expert to assess the impact of these trading practices. In accordance with the findings of the financial expert, the Fund's Manager made a contribution to the Fund of $339,404, $19,275 of which was contributed subsequent to October 31, 2004. Of the total amount, $17,043 relates to the reimbursement of operating expenses for fees received by Federated from assets invested as a result of frequent trading arrangements; and $322,361 relates to a contribution to Paid-in Capital for detrimental impact to the Fund from frequent trading activity and detrimental impact on those Funds that may have resulted from orders incorrectly accepted by Federated employees after the Funds' closing times.

The Fund's former sub-manager, Deutsche Asset Management, Inc. made a voluntary contribution to the Fund of $63,824 for losses on investments inadvertently purchased that did not meet the investment guidelines of the fund.

General

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

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the year ended October 31, 2004, were as follows:

Purchases		$	289,009,052
Sales		$	571,986,584

7. LEGAL PROCEEDINGS

Beginning in October 2003, Federated Investors, Inc. and various subsidiaries thereof (including the advisers and distributor for various investment companies, collectively, "Federated"), along with various investment companies sponsored by Federated ("Funds") were named as defendants in several class action lawsuits now pending in the United States District Court for the District of Maryland seeking damages of unspecified amounts. The lawsuits were purportedly filed on behalf of people who purchased, owned and/or redeemed shares of Federated-sponsored mutual funds during specified periods beginning November 1, 1998. The suits are generally similar in alleging that Federated engaged in illegal and improper trading practices including market timing and late trading in concert with certain institutional traders, which allegedly caused financial injury to the mutual fund shareholders. Federated and various Funds have also been named as defendants in several additional lawsuits, the majority of which are now pending in the United States District Court for the Western District of Pennsylvania, alleging, among other things, excessive advisory and Rule 12b-1 fees, and seeking damages of unspecified amounts. The Board of the Funds has retained the law firm of Dickstein Shapiro Morin & Oshinsky LLP to represent the Funds in these lawsuits. Federated and the Funds, and their respective counsel, are reviewing the allegations and will respond appropriately. Additional lawsuits based upon similar allegations may be filed in the future. The potential impact of these recent lawsuits and future potential similar suits is uncertain. Although we do not believe that these lawsuits will have a material adverse effect on the Funds, there can be no assurance that these suits, the ongoing adverse publicity and/or other developments resulting from the regulatory investigations will not result in increased Fund redemptions, reduced sales of Fund shares, or other adverse consequences for the Funds.

8. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended October 31, 2004, 100.0% of total ordinary income (including short-term capital gain) distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended October 31, 2004, 98.7% qualify for the dividend received deduction available to corporate shareholders.

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED INDEX TRUST AND
SHAREHOLDERS OF FEDERATED MAX-CAP INDEX FUND

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Federated Max-Cap Index Fund (one of the portfolios constituting Federated Index Trust), (the "Trust"), as of October 31, 2004, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. Our procedures included confirmation of securities owned as of October 31, 2004, by correspondence with the custodian and brokers or other appropriate auditing procedures where replies from the brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Max-Cap Index Fund of Federated Index Trust at October 31, 2004, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Ernst & Young LLP

Boston, Massachusetts
December 10, 2004

Board of Trustees and Trust Officers

The Board is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Board member and the senior officers of the Fund. Where required, the tables separately list Board members who are "interested persons" of the Fund ( i.e. , "Interested" Board members) and those who are not ( i.e. , "Independent" Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. As of December 31, 2003, the Trust comprised 3 portfolios, and the Federated Fund Complex consisted of 44 investment companies (comprising 136 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Board member oversees all portfolios in the Federated Fund Complex and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about the Trust's Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: January 1990		Principal Occupations : Chairman and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: January 1990		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Passport Research, Ltd.; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: January 1990		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

* Family relationships and reasons for "interested" status: John F. Donahue is the father of J. Christopher Donahue; both are "interested" due to the positions they hold with Federated Investors, Inc. and its subsidiaries. Lawrence D. Ellis, M.D. is "interested" because his son-in-law is employed by the Fund's principal underwriter, Federated Securities Corp.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: October 1995		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: August 1991		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: February 1998		Principal Occupations : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: August 1991		Principal Occupation : Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing communications and technology) (prior to 9/1/00). Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue and Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: January 1990		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: February 1990		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.

Richard J. Thomas Birth Date: June 17, 1954 TREASURER Began serving: November 1998		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: February 1990		Principal Occupations : Vice Chairman or President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc.; and Director and Chief Executive Officer, Federated Securities Corp.

Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp., Federated Equity Management Company of Pennsylvania and Passport Research II, Ltd. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd.; Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: May 2004		John W. Harris is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

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.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's website. Go to http://www.federatedinvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's Internet site at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of the Federated Investors website at http://www.federatedinvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

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
Cusip 31420E809

29454 (12/04)

Federated is a registered mark of Federated Investors, Inc. 2004 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Mid-Cap Index Fund

A Portfolio of Federated Index Trust

ANNUAL SHAREHOLDER REPORT

October 31, 2004

Federated Investors 50 Years of Growth & Innovation

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2004		2003		2002		2001		2000
Net Asset Value, Beginning of Period	$18.22		$14.11		$15.26		$20.13		$17.63
Income From Investment Operations:
Net investment income	0.13		0.10		0.10		0.11		0.17
Net realized and unrealized gain (loss) on investments and futures contracts	1.75		4.12		(0.90	)	(2.51	)	4.71
TOTAL FROM INVESTMENT OPERATIONS	1.88		4.22		(0.80	)	(2.40	)	4.88
Less Distributions:
Distributions from net investment income	(0.12	)	(0.11	)	(0.10	)	(0.14	)	(0.16	)
Distributions from net realized gain on investments and futures contracts	(0.14	)	- --		(0.25	)	(2.33	)	(2.22	)
TOTAL DISTRIBUTIONS	(0.26	)	(0.11	)	(0.35	)	(2.47	)	(2.38	)
Net Asset Value, End of Period	$19.84		$18.22		$14.11		$15.26		$20.13
Total Return¹	10.38	%	30.04	%	(5.47	)%	(12.97	)%	30.40	%

Ratios to Average Net Assets:
Expenses	0.49	%	0.49	%	0.50	%	0.58	%	0.57	%
Net investment income	0.69	%	0.69	%	0.66	%	0.72	%	1.03	%
Expense waiver/reimbursement²	0.27	%	0.26	%	0.23	%	0.22	%	0.22	%
Supplemental Data:
Net assets, end of period (000 omitted)	$708,296		$564,618		$364,656		$304,982		$213,466
Portfolio turnover	16	%	11	%	40	%	30	%	38	%

1 Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized.

2 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

Shareholder Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2004 to October 31, 2004.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 5/1/2004	Ending Account Value 10/31/2004	Expenses Paid During Period¹
Actual	$1,000	$1,035.70	$2.51
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,022.67	$2.49

1 Expenses are equal to the Fund's annualized expense ratio of 0.49%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Management's Discussion of Fund Performance

The Federated Mid-Cap Index Fund produced a total return of 10.44% based on net asset value¹during the reporting period ended October 31, 2004. The fund's benchmark, the S&P MidCap 400 Index (S&P 400),² closed at 602.20 with a total return of 11.04% for the reporting period.

The end of 2003 and beginning of 2004 brought a significant rise in the S&P 400. For the two months ended December 31, 2003, the S&P 400 had a total return of 5.23%, followed by a total return of 5.07% for the first calendar quarter of 2004. The remaining portion of the reporting period showed flat to positive returns for the S&P 400.

Value outperformed growth during the reporting period, with the S&P MidCap 400/Barra Value Index³ returning 15.02% versus the S&P MidCap 400/ Barra Growth Index,⁴ which posted a return of 7.02%.

Turning to sector performance, nine out of ten sectors⁵ posted a positive return during the reporting period. The top performer was Energy with a return of 43.50%, followed by Materials and Financials with respective returns of 30.73% and 16.25%. The worst performers during the reporting period were Information Technology, Healthcare, and Telecommunication Services with respective returns of (10.41)%, 7.27% and 8.67%.

1 Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.federatedinvestors.com or call 1-800-341-7400. Differs from total return on page 1 due to adjusting entries made for financial statement purposes only.

2 S&P MidCap 400 Index is a market capitalization-weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. Indexes are unmanaged and investments cannot be made directly in an index.

3 S&P MidCap 400/Barra Value Index is a market capitalization-weighted index of the stocks in the S&P MidCap 400 Index having the lowest price to book ratios. The index consists of approximately half of the S&P MidCap 400 Index on a market capitalization basis. Indexes are unmanaged and investments cannot be made directly in an index.

4 S&P MidCap 400/Barra Growth Index is a market capitalization-weighted index of the stocks in the S&P MidCap 400 Index having the highest price to book ratios. The index consists of approximately half of the S&P MidCap 400 Index on a market capitalization basis. Indexes are unmanaged and investments cannot be made directly in an index.

5 Sector classifications are based upon the classifications of the Standard & Poor's Global Industry Classification Standard (SPGIC).

The S&P 400 incurred several composition name changes and the fund benefited from its trading strategy to adjust the portfolio's holdings accordingly.

The fund utilized S&P 400 futures to provide equity exposure on the fund's cash balances. While over the long-term S&P 400 futures should mirror the performance of the S&P 400, pricing disparity can appear in the short term and the fund can benefit from or be harmed by trading futures instead of stocks when money goes in and out of the fund. During the reporting period, the fund benefited from its trading of futures contracts.

In addition, the total return of the fund's shares reflects the negative impact of actual cash flows, transaction costs and other expenses.

GROWTH OF A $25,000 INVESTMENT

The graph below illustrates the hypothetical investment of $25,000¹ in the Federated Mid-Cap Index Fund (the "Fund") from October 31, 1994 to October 31, 2004 compared to the S&P 400.²

Average Annual Total Returns for the Period Ended 10/31/2004
1 Year	10.44%	³
5 Years	9.02%
10 Years	13.63%

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 400 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 400 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged, and unlike the Fund, is not affected by cashflows.

3 Differs from total return on page 1 due to adjusting entries made to the fund for financial statement purposes only.

Portfolio of Investments Summary Table

At October 31, 2004, the fund's sector composition¹ for its equity securities investments was as follows:

		Percentage of Total Net Assets
Consumer Discretionary		17.8%
Financials		17.7%
Information Technology		13.8%
Industrials		12.2%
Healthcare		9.6%
Energy		7.6%
Utilities		6.5%
Materials		4.3%
Consumer Staples		4.2%
Telecommunication Services		0.5%
TOTAL PERCENTAGE OF PORTFOLIO²		94.2%

1 Sector classifications are based upon, and individual portfolio securities are assigned to, the classifications categories of the Standard & Poor's Global Industry Classification Standard (SPGIC). Individual securities that are not included in the SPGIC are assigned to an index classification by the fund's adviser.

2 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. Taking into consideration these open index futures contracts, the fund's total exposure to the S&P Mid Cap 400 Index is effectively 100%.

Portfolio of Investments

October 31, 2004

Shares				Value
			COMMON STOCKS--94.2%¹
			Consumer Discretionary--17.8%
	47,810	²	99 Cents Only Stores	$	736,752
	64,126		Abercrombie & Fitch Co., Class A		2,512,457
	38,900	²	Aeropostale, Inc.		1,227,295
	48,981		American Eagle Outfitters, Inc.		2,002,343
	47,670		American Greetings Corp., Class A		1,260,871
	47,500	²	AnnTaylor Stores Corp.		1,066,850
	58,366		Applebee's International, Inc.		1,334,830
	44,713		ArvinMeritor, Inc.		834,345
	13,000		Bandag, Inc.		598,000
	46,550	²	Barnes & Noble, Inc.		1,548,719
	78,332		Belo (A.H.) Corp., Series A		1,821,219
	25,500		Blyth Industries, Inc.		766,785
	23,800		Bob Evans Farms, Inc.		567,392
	52,702		Borders Group, Inc.		1,201,079
	38,088		BorgWarner, Inc.		1,766,521
	57,827		Boyd Gaming Corp.		1,936,626
	63,794	²	Brinker International, Inc.		2,060,546
	32,944		CBRL Group, Inc.		1,194,549
	207,677	²	Caesars Entertainment, Inc.		3,717,418
	54,100		Callaway Golf Co.		564,263
	71,713	²	CarMax, Inc.		1,888,920
	35,200		Catalina Marketing Corp.		901,472
	34,982	²	Cheesecake Factory, Inc.		1,518,569
	59,238	²	Chicos Fas, Inc.		2,371,297
	65,188		Claire's Stores, Inc.		1,696,192
	155,533		D. R. Horton, Inc.		4,665,990
	78,332	²	Dollar Tree Stores, Inc.		2,263,795
	37,700	²	Emmis Communications, Corp., Class A		704,990
	34,769	²	Entercom Communication Corp.		1,154,331
	114,700		Foot Locker, Inc.		2,798,680
	37,944		Furniture Brands International, Inc.		827,559
	53,350		Gentex Corp.		1,761,084
Shares				Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	80,226		Gtech Holdings Corp.	$	1,898,949
	44,800		Harman International Industries, Inc.		5,384,064
	55,938		Harte-Hanks		1,439,844
	41,288	²	Hovnanian Enterprises, Inc., Class A		1,549,952
	34,731		International Speedway Corp., Class A		1,633,746
	43,225	²	Krispy Kreme Doughnuts, Inc.		458,185
	46,338		Lear Corp.		2,498,545
	30,456		Lee Enterprises, Inc.		1,410,722
	104,908		Lennar Corp., Class A		4,718,762
	45,625		Mandalay Resort Group		3,139,000
	16,050		Media General, Inc., Class A		935,715
	91,838		Michaels Stores, Inc.		2,672,486
	23,200		Modine Manufacturing Co.		712,472
	44,588	²	Mohawk Industries, Inc.		3,793,547
	32,206		Neiman-Marcus Group, Inc., Class A		1,959,091
	35,900	²	O'Reilly Automotive, Inc.		1,545,854
	50,400		Outback Steakhouse, Inc.		1,995,336
	54,000	²	Pacific Sunwear of California		1,265,760
	48,526	²	Payless ShoeSource, Inc.		461,482
	97,776		PetSmart, Inc.		3,126,876
	61,919		Pier 1 Imports, Inc.		1,111,446
	62,900		Readers Digest Association, Inc., Class A		885,632
	29,850		Regis Corp. Minnesota		1,277,580
	54,357	²	Rent-A-Center, Inc.		1,304,024
	101,225		Ross Stores, Inc.		2,659,181
	44,313		Ruby Tuesday, Inc.		1,094,531
	16,200		Ryland Group, Inc.		1,545,318
	95,299	²	Saks, Inc.		1,164,554
	26,681	²	Scholastic Corp.		808,968
	59,600	²	Six Flags, Inc.		300,384
	19,281		Superior Industries International, Inc.		525,793
	39,600		Thor Industries, Inc.		1,101,276
	24,300	²	Timberland Co., Class A		1,492,020
	50,550	²	Toll Brothers, Inc.		2,342,993
	42,560		Tupperware Corp.		710,326
Shares				Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	56,500	²	Urban Outfitters, Inc.	$	2,316,500
	33,362	²	Valassis Communications, Inc.		1,146,986
	6,388		Washington Post Co., Class B		5,845,020
	68,231	²	Westwood One, Inc.		1,574,771
	78,551	²	Williams-Sonoma, Inc.		2,998,292
			TOTAL		126,077,722
			Consumer Staples--4.2%
	48,663	²	BJ's Wholesale Club, Inc.		1,412,687
	41,605		Church and Dwight, Inc.		1,132,488
	72,201	²	Constellation Brands, Inc., Class A		2,832,445
	108,456	²	Dean Foods Co.		3,237,412
	52,470	²	Energizer Holdings, Inc.		2,436,182
	93,514		Hormel Foods Corp.		2,628,679
	22,549		Lancaster Colony Corp.		969,156
	92,851		PepsiAmericas, Inc.		1,880,233
	31,500		Ruddick Corp.		634,095
	76,207	²	Smithfield Foods, Inc.		1,846,496
	40,044		Smucker (J.M.) Co.		1,781,958
	35,519		Tootsie Roll Industries, Inc.		1,076,936
	237,873		Tyson Foods, Inc., Class A		3,449,159
	18,337		Universal Corp.		839,468
	41,719		Whole Foods Market, Inc.		3,397,178
			TOTAL		29,554,572
			Energy--7.6%
	37,706	²	Cooper Cameron Corp.		1,823,085
	102,488		ENSCO International, Inc.		3,131,008
	46,341	²	FMC Technologies, Inc.		1,400,888
	39,388	²	Forest Oil Corp.		1,201,334
	79,367	²	Grant Prideco, Inc.		1,631,786
	51,900	²	Hanover Compressor Co.		675,738
	34,057		Helmerich & Payne, Inc.		972,327
	62,475		Murphy Oil Corp.		4,999,250
	55,945	²	National-Oilwell, Inc.		1,885,906
	42,800	²	Newfield Exploration Co.		2,490,960
	39,544		Noble Energy, Inc.		2,293,552
Shares				Value
			COMMON STOCKS--continued¹
			Energy--continued
	27,113		Overseas Shipholding Group, Inc.	$	1,544,085
	115,688		Patterson-UTI Energy, Inc.		2,224,680
	100,551		Pioneer Natural Resources, Inc.		3,257,852
	52,049	²	Plains Exploration & Production Co.		1,301,225
	42,157		Pogo Producing Co.		1,932,898
	91,738	²	Pride International, Inc.		1,695,318
	72,001	²	Smith International, Inc.		4,181,818
	41,225		Tidewater, Inc.		1,275,089
	65,526	²	Varco International, Inc.		1,813,760
	91,060	²	Weatherford International Ltd.		4,758,796
	50,788		Western Gas Resources, Inc.		1,487,581
	176,612		XTO Energy, Inc.		5,895,309
			TOTAL		53,874,245
			Financials--17.7%
	55,457		AMB Property Corp.		2,079,637
	36,100	²	Allmerica Financial Corp.		1,086,610
	26,600		AmerUs Group Co.		1,111,348
	49,544		American Financial Group, Inc.		1,466,502
	105,276	²	Americredit Corp.		2,042,354
	88,522		Associated Banc Corp.		3,070,828
	53,001		Astoria Financial Corp.		2,071,809
	37,463		Bank of Hawaii Corp.		1,788,858
	116,976		Banknorth Group, Inc.		4,125,743
	57,150		Berkley, W. R. Corp.		2,442,591
	44,938		Brown & Brown		1,876,611
	33,794		City National Corp.		2,328,407
	83,482		Colonial BancGroup, Inc.		1,807,385
	52,638		Commerce Bancorp, Inc.		3,118,275
	83,132		Compass Bancshares, Inc.		3,971,216
	34,900		Cullen Frost Bankers, Inc.		1,710,100
	73,000		Developers Diversified Realty		3,051,400
	44,306		Eaton Vance Corp.		1,932,628
	55,306		Edwards(AG), Inc.		2,005,396
	38,157		Everest Re Group Ltd.		3,028,521
	115,463		Fidelity National Financial, Inc.		4,357,574
Shares				Value
			COMMON STOCKS--continued¹
			Financials--continued
	60,108		First American Financial Corp.	$	1,874,769
	57,531		FirstMerit Corp.		1,503,285
	33,325		GATX Corp.		909,106
	59,907		Gallagher (Arthur J.) & Co.		1,683,387
	36,938		Greater Bay Bancorp		1,154,128
	43,675		HCC Insurance Holdings, Inc.		1,297,148
	105,271		Hibernia Corp., Class A		3,052,859
	39,000		Highwoods Properties, Inc.		967,590
	28,800		Horace Mann Educators Corp.		489,600
	44,362		Hospitality Properties Trust		1,900,912
	56,798		Independence Community Bank		2,137,309
	41,831		IndyMac Bancorp, Inc.		1,349,468
	45,657		Investors Financial Services Corp.		1,757,338
	38,200		Jefferies Group, Inc.		1,532,966
	40,138	²	Labranche & Co. Inc.		284,578
	67,575		Legg Mason, Inc.		4,305,203
	46,519		Leucadia National Corp.		2,751,599
	57,150		Liberty Property Trust		2,317,433
	42,007		Mack-Cali Realty Corp.		1,855,449
	53,588		Mercantile Bankshares Corp.		2,611,879
	65,900		Moneygram International, Inc.		1,225,740
	67,900		New Plan Excel Realty Trust		1,776,264
	179,540		New York Community Bancorp, Inc.		3,296,354
	43,800	²	Ohio Casualty Corp.		914,544
	123,551		Old Republic International Corp.		2,884,916
	63,975		PMI Group, Inc.		2,483,510
	45,144		Protective Life Corp.		1,774,159
	62,182		Radian Group, Inc.		2,980,383
	47,000		Raymond James Financial, Inc.		1,226,700
	33,575		Rayonier, Inc.		1,591,455
	69,901		SEI Investments, Co.		2,515,737
	24,988	²	Silicon Valley Bancshares		999,770
	19,544		StanCorp Financial Group, Inc.		1,473,227
	96,114		TCF Financial Corp.		3,029,513
	88,527		United Dominion Realty Trust, Inc.		1,866,149
Shares				Value
			COMMON STOCKS--continued¹
			Financials--continued
	45,731		Unitrin, Inc.	$	1,974,665
	52,675		Waddell & Reed Financial, Inc., Class A		1,106,702
	53,061		Washington Federal, Inc.		1,354,117
	34,300		Webster Financial Corp. Waterbury		1,639,540
	20,500		WestAmerica Bancorp.		1,172,395
	45,119		Wilmington Trust Corp.		1,559,313
			TOTAL		125,054,952
			Healthcare--9.6%
	32,725	²	Apria Healthcare Group, Inc.		895,356
	71,716	²	Barr Laboratories, Inc.		2,700,107
	42,525		Beckman Coulter, Inc.		2,530,238
	38,100	²	Cephalon, Inc.		1,816,227
	43,769	²	Charles River Laboratories International, Inc.		2,047,952
	64,663	²	Community Health Systems, Inc.		1,734,262
	42,419	²	Covance, Inc.		1,684,883
	60,988	²	Coventry Healthcare, Inc.		2,494,409
	74,800	²	Cytyc Corp.		1,951,532
	54,563		Dentsply International, Inc.		2,837,822
	40,813	²	Edwards Lifesciences Corp.		1,394,988
	61,801	²	First Health Group Corp.		983,872
	76,484	²	Health Net, Inc.		1,855,502
	30,394	²	Henry Schein, Inc.		1,921,813
	41,525		Hillenbrand Industries, Inc.		2,067,115
	26,400	²	INAMED Corp.		1,403,160
	37,600	²	Invitrogen Corp.		2,177,040
	166,322	²	Ivax Corp.		3,010,428
	26,650	²	LifePoint Hospitals, Inc.		863,993
	67,794	²	Lincare Holdings, Inc.		2,492,107
	208,552	²	Millennium Pharmaceuticals, Inc.		2,707,005
	68,794		Omnicare, Inc.		1,898,026
	57,596	²	PacifiCare Health Systems, Inc.		2,051,570
	23,062	²	Par Pharmaceutical Cos., Inc.		909,796
	92,488	²	Patterson Cos., Inc.		3,468,300
	47,688		Perrigo Co.		866,968
	63,932	²	Protein Design Laboratories, Inc.		1,224,298
Shares				Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	46,950	²	Renal Care Group, Inc.	$	1,481,742
	59,857	²	Sepracor, Inc.		2,749,232
	44,600	²	Steris Corp.		924,558
	50,943	²	Triad Hospitals, Inc.		1,682,647
	39,669		Universal Health Services, Inc., Class B		1,648,644
	27,200	²	VCA Antech, Inc.		609,824
	31,400	²	VISX, Inc.		523,752
	57,800		Valeant Pharmaceuticals International		1,387,200
	93,726	²	Varian Medical Systems, Inc.		3,763,099
	23,369	²	Varian, Inc.		852,501
	53,227	²	Vertex Pharmaceuticals, Inc.		579,110
			TOTAL		68,191,078
			Industrials--12.2%
	60,857	²	AGCO Corp.		1,181,843
	45,512		AMETEK, Inc.		1,498,255
	67,700		Adesa, Inc.		1,364,155
	63,600	²	AirTran Holdings, Inc.		739,032
	18,300	²	Alaska Air Group, Inc.		482,022
	30,250		Alexander and Baldwin, Inc.		1,108,814
	25,300	²	Alliant Techsystems, Inc.		1,454,497
	18,281		Banta Corp.		743,671
	38,350		Brinks Co. (The)		1,231,035
	58,944		C.H. Robinson Worldwide, Inc.		3,179,439
	33,000		CNF Transportation, Inc.		1,444,740
	69,094	²	Career Education Corp.		2,167,479
	21,644		Carlisle Cos., Inc.		1,258,166
	59,683	²	ChoicePoint, Inc.		2,484,603
	60,782	²	Copart, Inc.		1,129,330
	62,076	²	Corinthian Colleges, Inc.		891,411
	47,444	²	DeVRY, Inc.		692,682
	59,576		Donaldson Co., Inc.		1,769,407
	48,006	²	Dun & Bradstreet Corp.		2,715,219
	32,806	²	Dycom Industries, Inc.		1,071,116
	49,357	²	Education Management Corp.		1,323,755
	71,413		Expeditors International Washington, Inc.		4,077,682
Shares				Value
			COMMON STOCKS--continued¹
			Industrials--continued
	52,356		Fastenal Co.	$	2,891,622
	35,526		Federal Signal Corp.		590,442
	34,938	²	Flowserve Corp.		753,962
	46,862		Graco, Inc.		1,612,053
	28,125		Granite Construction, Inc.		682,875
	39,288		HNI Corp.		1,587,235
	27,744		Harsco Corp.		1,344,197
	39,324		Hubbell, Inc., Class B		1,797,893
	53,788		Hunt (J.B.) Transportation Services, Inc.		2,197,778
	30,944	²	ITT Educational Services, Inc.		1,176,181
	38,851	²	Jacobs Engineering Group, Inc.		1,582,401
	70,726	²	Jet Blue Airways Corp.		1,559,508
	23,675		Kelly Services, Inc., Class A		637,213
	25,862		Kennametal, Inc.		1,203,359
	25,600	²	Korn/Ferry International		445,440
	73,188		L-3 Communications Holdings, Inc.		4,825,285
	30,656	²	Laureate Education, Inc.		1,202,328
	60,000		Manpower, Inc.		2,715,000
	50,432		Miller Herman, Inc.		1,164,979
	23,882		Nordson Corp.		836,348
	68,026		Pentair, Inc.		2,542,812
	42,400		Precision Castparts Corp.		2,544,000
	79,132	²	Quanta Services, Inc.		531,767
	104,814		Republic Services, Inc.		3,228,271
	30,750		Rollins, Inc.		810,263
	51,544		SPX Corp.		1,976,712
	6,200	²	Sequa Corp., Class A		334,676
	42,438	²	Sothebys Holdings, Inc., Class A		793,166
	29,969	²	Stericycle, Inc.		1,358,495
	54,482	²	Swift Transportation Co.		1,029,710
	13,300		Tecumseh Products Co., Class A		575,624
	26,762		Teleflex, Inc.		1,171,908
	40,986	²	Thomas & Betts Corp.		1,161,543
	31,750		Trinity Industries, Inc.		989,330
Shares				Value
			COMMON STOCKS--continued¹
			Industrials--continued
	52,169	²	United Rentals, Inc.	$	806,011
	53,631		Werner Enterprises, Inc.		1,136,977
	27,400		York International Corp.		872,416
			TOTAL		86,678,133
			Information Technology--13.8%
	260,041	²	3Com Corp.		1,076,570
	93,250	²	Activision, Inc.		1,350,260
	59,057		Acxiom Corp.		1,476,425
	53,750		Adtran, Inc.		1,161,000
	61,363	²	Advanced Fibre Communications		958,490
	22,400	²	Advent Software, Inc.		467,264
	56,900	²	Alliance Data Systems Corp.		2,405,732
	62,900	²	Amphenol Corp., Class A		2,159,357
	76,119	²	Arrow Electronics, Inc.		1,823,811
	41,538	²	Ascential Software Corp.		585,270
	321,004	²	Atmel Corp.		1,020,793
	80,445	²	Avnet, Inc.		1,364,347
	33,875	²	Avocent Corp.		1,205,950
	81,300	²	Bisys Group, Inc.		1,186,980
	57,657		CDW Corp.		3,576,464
	37,000	²	CSG Systems International, Inc.		621,970
	16,679	²	Cabot Microelectronics Corp.		600,944
	182,777	²	Cadence Design Systems, Inc.		2,273,746
	99,370	²	Ceridian Corp.		1,714,133
	42,775		Certegy, Inc.		1,512,096
	55,638	²	Checkfree Corp.		1,724,778
	87,600	²	Cognizant Technology Solutions Corp.		2,978,400
	41,144	²	CommScope, Inc.		741,003
	65,088	²	Credence Systems Corp.		491,414
	51,200	²	Cree, Inc.		1,766,912
	86,058	²	Cypress Semiconductor Corp.		906,191
	58,238	²	DST Systems, Inc.		2,611,974
	48,944		Diebold, Inc.		2,341,970
	48,832		Fair Isaac & Co., Inc.		1,474,726
	78,132	²	Fairchild Semiconductor International, Inc., Class A		1,122,757
Shares				Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	3,261	²	Gartner Group, Inc., Class A	$	38,806
	65,400	²	Gartner Group, Inc., Class B		759,294
	43,813		Harris Corp.		2,695,814
	58,408		Henry Jack & Associates, Inc.		1,088,725
	23,969		Imation Corp.		749,511
	49,038	²	Integrated Circuit System, Inc.		1,105,807
	69,958	²	Integrated Device Technology, Inc.		826,904
	44,631	²	International Rectifier Corp.		1,774,082
	92,313		Intersil Holding Corp.		1,506,548
	42,838	²	Keane, Inc.		677,269
	58,494	²	Kemet Corp.		453,913
	39,800	²	LTX Corp.		258,700
	92,138	²	Lam Research Corp.		2,398,352
	76,413	²	Lattice Semiconductor Corp.		379,773
	67,395	²	MPS Group, Inc.		709,669
	47,726	²	Macromedia, Inc.		1,295,284
	33,306	²	Macrovision Corp.		900,594
	111,882	²	McAfee, Inc.		2,707,544
	72,300	²	McData Corp., Class A		454,044
	47,319	²	Mentor Graphics Corp.		550,793
	63,713	²	Micrel, Inc.		715,497
	143,620		Microchip Technology, Inc.		4,344,505
	51,550		National Instruments Corp.		1,419,172
	26,600	²	Newport Corp.		300,314
	32,262		Plantronics, Inc.		1,403,397
	27,800	²	Plexus Corp.		344,442
	66,131	²	Polycom, Inc.		1,365,605
	70,500	²	Powerwave Technologies, Inc.		526,635
	109,459	²	Quantum Corp. - DLT & Storage Systems		293,350
	129,051	²	RF Micro Devices, Inc.		840,122
	41,651	²	RSA Security, Inc.		852,179
	37,700	²	Retek, Inc.		208,104
	44,238		Reynolds & Reynolds Co., Class A		1,088,697
	110,814	²	Sandisk Corp.		2,312,688
	51,150	²	Semtech Corp.		1,068,012
Shares				Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	35,625	²	Silicon Laboratories, Inc.	$	1,067,681
	77,479	²	Storage Technology Corp.		2,093,483
	65,575	²	Sybase, Inc.		1,038,052
	106,239	²	Synopsys, Inc.		1,725,321
	39,200	²	Tech Data Corp.		1,583,288
	48,344	²	Titan Corp.		717,425
	25,100	²	Transaction Systems Architects, Inc., Class A		411,515
	90,525	²	Triquint Semiconductor, Inc.		322,269
	78,100	²	UTStarcom, Inc.		1,337,072
	110,909	²	Vishay Intertechnology, Inc.		1,434,053
	55,200	²	Wind River Systems, Inc.		739,128
	48,384	²	Zebra Technologies Corp., Class A		2,563,868
			TOTAL		98,149,027
			Materials--4.3%
	47,644		Airgas, Inc.		1,172,042
	28,081		Albemarle Corp.		1,006,704
	41,600		Arch Coal, Inc.		1,352,832
	38,313		Bowater, Inc.		1,411,451
	42,200		Cabot Corp.		1,438,176
	76,399		Crompton Corp.		710,511
	26,226		Cytec Industries, Inc.		1,219,771
	24,181	²	FMC Corp.		1,060,337
	28,319		Ferro Corp.		596,681
	29,400		Glatfelter (P.H.) Co.		365,442
	34,500	²	Longview Fibre Co.		531,300
	36,800		Lubrizol Corp.		1,278,064
	120,177		Lyondell Chemical Co.		2,761,667
	31,445		Martin Marietta Materials		1,431,691
	14,700		Minerals Technologies, Inc.		883,470
	46,894		Olin Corp.		876,918
	73,251		Packaging Corp. of America		1,606,394
	44,113		Peabody Energy Corp.		2,813,527
	21,038		Potlatch Corp.		990,679
	78,469		RPM, Inc.		1,383,408
	22,100	²	Scotts Co.		1,419,262
Shares				Value
			COMMON STOCKS--continued¹
			Materials--continued
	33,975		Sensient Technologies Corp.	$	737,937
	65,523		Sonoco Products Co.		1,746,188
	34,688		Valspar Corp.		1,618,542
			TOTAL		30,412,994
			Telecommunication Services--0.5%
	156,890	²	Cincinnati Bell, Inc.		534,995
	38,688		Telephone and Data System, Inc.		2,897,731
			TOTAL		3,432,726
			Utilities--6.5%
	44,432		AGL Resources, Inc.		1,386,278
	72,513		Alliant Energy Corp.		1,912,893
	61,951		Aqua America, Inc.		1,354,249
	121,600	²	Aquila, Inc.		385,472
	21,969		Black Hills Corp.		647,207
	88,613		DPL, Inc.		1,914,041
	51,500		Duquesne Light Holdings, Inc.		883,740
	96,100		Energy East Corp.		2,421,720
	43,050		Equitable Resources, Inc.		2,380,665
	51,844		Great Plains Energy, Inc.		1,477,036
	58,324		Hawaiian Electric Industries, Inc.		1,635,405
	28,206		Idacorp, Inc.		873,822
	75,976		MDU Resources Group, Inc.		1,948,784
	36,188		NSTAR		1,790,220
	55,363		National Fuel Gas Co.		1,551,271
	86,845		Northeast Utilities Co.		1,678,714
	58,757		OGE Energy Corp.		1,490,665
	69,282		ONEOK, Inc.		1,858,143
	44,143		PNM Resources, Inc.		1,027,649
	125,957		Pepco Holdings, Inc.		2,595,974
	66,757		Puget Energy, Inc.		1,552,768
	56,088		Questar Corp.		2,692,224
	74,145		SCANA Corp.		2,750,780
	84,370	²	Sierra Pacific Resources		809,952
	48,504		Vectren Corp.		1,254,798
	30,500		WGL Holdings, Inc.		867,725
Shares or Principal Amount				Value
			COMMON STOCKS--continued¹
			Utilities--continued
	23,657		WPS Resources Corp.	$	1,123,708
	59,226		Westar Energy, Inc.		1,240,785
	81,145		Wisconsin Energy Corp.		2,648,573
			TOTAL		46,155,261
			TOTAL COMMON STOCKS (IDENTIFIED COST $561,023,667)		667,580,710
			U.S. TREASURY--0.9%
$	6,335,000	³	United States Treasury Bill, 1/13/2005 (IDENTIFIED COST $6,313,418)		6,311,497
			MUTUAL FUND--4.9%
	34,440,031	⁴	Prime Value Obligations Fund, IS Shares (AT NET ASSET VALUE)		34,440,031
			TOTAL INVESTMENTS--100.0% (IDENTIFIED COST $601,777,116)⁵		708,332,238
			OTHER ASSETS AND LIABILITIES - NET--0.0%		(36,568	)
			TOTAL NET ASSETS--100%	$	708,295,670

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 $40,689,000 at October 31, 2004, which represents 5.7% of total net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the index is 100.0%.

2 Non-income producing security.

3 Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.

4 Affiliated company.

5 The cost of investments for federal tax purposes amounts to $627,800,967.

Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

October 31, 2004

Assets:
Total investments in securities, at value including $34,440,031 of investments in affiliated issuer (Note 5) (identified cost $601,777,116)			$	708,332,238
Cash				157,860
Income receivable				371,436
Receivable for investments sold				4,584
Receivable for shares sold				523,995
Receivable for daily variation margin				155,250
TOTAL ASSETS				709,545,363
Liabilities:
Payable for investments purchased	$	474,902
Payable for shares redeemed		595,986
Payable for transfer and dividend disbursing agent fees and expenses		71,079
Payable for shareholder services fee (Note 5)		17,704
Accrued expenses		90,022
TOTAL LIABILITIES				1,249,693
Net assets for 35,696,137 shares outstanding			$	708,295,670
Net Assets Consist of:
Paid-in capital			$	599,567,402
Net unrealized appreciation of investments and futures contracts				107,168,372
Accumulated net realized gain on investments and futures contracts				1,016,912
Undistributed net investment income				542,984
TOTAL NET ASSETS			$	708,295,670
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$708,295,670 ÷ 35,696,137 shares outstanding, no par value, unlimited shares authorized				$19.84

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended October 31, 2004

Investment Income:
Dividends (including $470,597 received from affiliated issuer) (Note 5)							$	7,259,310
Interest								537,598
TOTAL INCOME								7,796,908
Expenses:
Management fee (Note 5)				$	2,635,452
Custodian fees					98,051
Transfer and dividend disbursing agent fees and expenses (Note 5)					381,009
Directors'/Trustees' fees					5,630
Auditing fees					15,262
Legal fees					15,905
Portfolio accounting fees (Note 5)					126,308
Shareholder services fee (Note 5)					1,647,157
Share registration costs					28,527
Printing and postage					50,000
Insurance premiums					8,549
Miscellaneous					19,665
TOTAL EXPENSES					5,031,515
Waivers and Reimbursement (Note 5):
Waiver/reimbursement of management fee	$	(307,165	)
Waiver of transfer and dividend disbursing agent fees and expenses		(14,140	)
Waiver of shareholder services fee		(1,449,499	)
TOTAL WAIVERS AND REIMBURSEMENT					(1,770,804	)
Net expenses								3,260,711
Net investment income								4,536,197
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized gain on investments								23,172,231
Net realized gain on futures contracts								7,224,185
Net change in unrealized appreciation of investments								27,210,946
Net change in unrealized appreciation of futures contracts								(1,154,220	)
Net realized and unrealized gain on investments and futures contracts								56,453,142
Change in net assets resulting from operations							$	60,989,339

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended October 31		2004			2003
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	4,536,197		$	3,021,667
Net realized gain on investments and futures contracts		30,396,416			3,195,421
Net change in unrealized appreciation/depreciation of investments and futures contracts		26,056,726			117,021,151
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		60,989,339			123,238,239
Distributions to Shareholders:
Distributions from net investment income		(4,092,053	)		(3,035,213	)
Distributions from net realized gain on investments and futures contracts		(4,326,757	)		- --
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(8,418,810	)		(3,035,213	)
Share Transactions:
Proceeds from sale of shares		240,507,438			239,367,794
Net asset value of shares issued to shareholders in payment of distributions declared		7,128,260			2,435,204
Cost of shares redeemed		(156,528,759	)		(162,043,634	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		91,106,939			79,759,364
Change in net assets		143,677,468			199,962,390
Net Assets:
Beginning of period		564,618,202			364,655,812
End of period (including undistributed net investment income of $542,984 and $212,578, respectively)	$	708,295,670		$	564,618,202

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

October 31, 2004

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Listed equity securities are valued at the last sale price or official closing 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 accordance with procedures established by and under general supervision of 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 the collateral at least equals the repurchase price to be paid under the repurchase agreement.

Investment Income, Expenses and Distributions

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

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 cash flows, 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 year ended October 31, 2004, the Fund had realized gains on futures contracts of $7,224,185.

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 October 31, 2004, the Fund had outstanding futures contracts as set forth below:

Expiration Date		Contracts to Receive		Position		Unrealized Appreciation
December 2004		135 S&P MidCap 400 Index Futures		Long		$613,250

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended October 31	2004		2003
Shares sold	12,438,325		15,623,342
Shares issued to shareholders in payment of distributions declared	378,297		160,665
Shares redeemed	(8,116,221	)	(10,638,602	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	4,700,401		5,145,405

4. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for dividend redesignations and discount accretion/premium amortization on debt securities.

For the year ended October 31, 2004, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income (Loss)	Accumulated Net Realized Gains (Losses)
$87,439	$(113,738)	$26,299

Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2004 and 2003 were as follows:

	2004	2003
Ordinary income¹	$5,724,792	$3,035,213
Long-term capital gains	$2,694,018	- --

1 For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of October 31, 2004, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	4,567,521
Undistributed long-term capital gain	$	23,629,476
Unrealized appreciation	$	81,144,521

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is due in part to differing treatments for the tax deferral of losses on wash sales and discount accretion/ premium amortization on debt securities.

At October 31, 2004, the cost of investments for federal tax purposes was $627,800,967. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation from futures contracts was $80,531,271. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $122,386,501 and net unrealized depreciation from investments for those securities having an excess of cost over value of $41,855,230.

5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Equity Management Company of Pennsylvania (FEMCOPA) the Fund's manager (the "Manager"), receives for its services an annual management fee equal to 0.40% of the Fund's average daily net assets. Prior to January 1, 2004, the Fund's Manager was Federated Investment Management Company (FIMCO). The fee received by FIMCO was identical to that received by FEMCOPA. FEMCOPA and FIMCO may voluntarily choose to waive any portion of their fees. FEMCOPA and FIMCO can modify or terminate this voluntary waiver at any time at their sole discretion. For the year ended October 31, 2004, the fees paid to FEMCOPA and FIMCO were $2,264,786 and $370,666, respectively, after voluntary waiver, if applicable. Under the terms of a subadvisory contract between the Manager and Fund Asset Management L.P. doing business as Mercury Advisors, an indirect, wholly owned subsidiary of Merrill Lynch & Co., Inc. (the "Subadvisor"), the Subadvisor receives an annual fee from the Manager equal to 0.030% 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 Fund's Manager or an affiliate of the Manager. The Manager has agreed to reimburse the Fund for certain management fees as a result of these transactions. Income distributions earned from investment in this Fund are recorded as income in the accompanying financial statements and totaled $470,597 for the period.

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 the 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

Prior to July 1, 2004, Federated Services Company (FServ) through its subsidiary FSSC, served as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC was based on the size, type and number of accounts and transactions made by shareholders. The fee paid to FSSC during the reporting period was $168,988, after voluntary waiver, if applicable.

Portfolio Accounting Fees

General

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

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the year ended October 31, 2004 were as follows:

Purchases		$	196,850,917
Sales		$	96,485,551

7. LEGAL PROCEEDINGS

Beginning in October 2003, Federated Investors, Inc. and various subsidiaries thereof (including the advisers and distributor for various investment companies, collectively, "Federated"), along with various investment companies sponsored by Federated (Funds) were named as defendants in several class action lawsuits now pending in the United States District Court for the District of Maryland seeking damages of unspecified amounts. The lawsuits were purportedly filed on behalf of people who purchased, owned and/or redeemed shares of Federated-sponsored mutual funds during specified periods beginning November 1, 1998. The suits are generally similar in alleging that Federated engaged in illegal and improper trading practices including market timing and late trading in concert with certain institutional traders, which allegedly caused financial injury to the mutual fund shareholders. Federated and various Funds have also been named as defendants in several additional lawsuits, the majority of which are now pending in the United States District Court for the Western District of Pennsylvania, alleging, among other things, excessive advisory and Rule 12b-1 fees, and seeking damages of unspecified amounts. The Board of the Funds has retained the law firm of Dickstein Shapiro Morin & Oshinsky LLP to represent the Funds in these lawsuits. Federated and the Funds, and their respective counsel, are reviewing the allegations and will respond appropriately. Additional lawsuits based upon similar allegations may be filed in the future. The potential impact of these recent lawsuits and future potential similar suits is uncertain. Although we do not believe that these lawsuits will have a material adverse effect on the Funds, there can be no assurance that these suits, the ongoing adverse publicity and/or other developments resulting from the regulatory investigations will not result in increased Fund redemptions, reduced sales of Fund shares, or other adverse consequences for the Funds.

8. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2004, the amount of long-term capital gain designated by the Fund was $2,694,018.

For the fiscal year ended October 31, 2004, 94.6% of total ordinary dividends paid by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended October 31, 2004, 82.6% qualify for the dividend received deduction available to corporate shareholders.

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED INDEX TRUST AND SHAREHOLDERS OF FEDERATED MID-CAP INDEX FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Federated Mid-Cap Index Fund (the "Fund") (one of the portfolios constituting the Federated Index Trust), as of October 31, 2004, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Mid-Cap Index Fund, a portfolio of Federated Index Trust, at October 31, 2004, the results of its operations for the year then ended, the changes in its net assets for each two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Ernst & Young LLP

Boston, Massachusetts
December 10, 2004

Board of Trustees and Trust Officers

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: January 1990		Principal Occupations : Chairman and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: January 1990		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Passport Research, Ltd.; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: January 1990		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: October 1995		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: August 1991		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: February 1998		Principal Occupations : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: August 1991		Principal Occupation : Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing communications and technology) (prior to 9/1/00). Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue and Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: January 1990		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: February 1990		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.

Richard J. Thomas Birth Date: June 17, 1954 TREASURER Began serving: November 1998		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: February 1990		Principal Occupations : Vice Chairman or President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc.; and Director and Chief Executive Officer, Federated Securities Corp.

Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp., Federated Equity Management Company of Pennsylvania and Passport Research II, Ltd. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd.; Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: May 2004		John W. Harris is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's Internet site. Go to http://www.federatedinvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's Internet site at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of the Federated Investors website at www.federatedinvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

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

29455 (12/04)

Federated is a registered mark of Federated Investors, Inc. 2004 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Mini-Cap Index Fund

A Portfolio of Federated Index Trust

ANNUAL SHAREHOLDER REPORT

October 31, 2004

Institutional Shares
Class C Shares

Federated Investors 50 Years of Growth & Innovation

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2004		2003		2002		2001		2000
Net Asset Value, Beginning of Period	$12.65		$ 8.95		$10.25		$13.99		$13.63
Income From Investment Operations:
Net investment income	0.02		0.04		0.05		0.06		0.12
Net realized and unrealized gain (loss) on investments and futures contracts	1.40		3.70		(1.30	)	(1.82	)	1.84
TOTAL FROM INVESTMENT OPERATIONS	1.42		3.74		(1.25	)	(1.76	)	1.96
Less Distributions:
Distributions from net investment income	(0.01	)	(0.04	)	(0.05	)	(0.08	)	(0.10	)
Distributions from net realized gain on investments and futures contracts	- --		- --		- --		(1.90	)	(1.50	)
TOTAL DISTRIBUTIONS	(0.01	)	(0.04	)	(0.05	)	(1.98	)	(1.60	)
Net Asset Value, End of Period	$14.06		$12.65		$ 8.95		$10.25		$13.99
Total Return¹	11.20	%²	41.96	%	(12.31	)%	(13.76	)%	15.14	%

Ratios to Average Net Assets:
Expenses	0.91	%	0.89	%	0.94	%	1.05	%	0.96	%
Net investment income	0.16	%	0.41	%	0.46	%	0.56	%	0.85	%
Expense waiver/reimbursement³	0.23	%	0.44	%	0.22	%	0.13	%	0.13	%
Supplemental Data:
Net assets, end of period (000 omitted)	$90,937		$89,785		$61,495		$82,393		$101,330
Portfolio turnover	27	%	48	%	75	%	56	%	56	%

2 During the period, the Fund was reimbursed by the manager, which had an impact of 0.24% on the total return. See Notes to Financial Statements (Note 5).

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)

Year Ended October 31	2004		2003		2002		2001		2000
Net Asset Value, Beginning of Period	$12.47		$ 8.85		$10.18		$13.91		$13.59
Income From Investment Operations:
Net investment income (loss)	(0.08	)	(0.03	)	(0.03	)	(0.03	)	(0.00	)¹
Net realized and unrealized gain (loss) on investments and futures contracts	1.34		3.65		(1.30	)	(1.80	)	1.82
TOTAL FROM INVESTMENT OPERATIONS	1.26		3.62		(1.33	)	(1.83	)	1.82
Less Distributions:
Distributions from net realized gain on investments and futures contracts	- --		- --		- --		(1.90	)	(1.50	)
Net Asset Value, End of Period	$13.73		$12.47		$ 8.85		$10.18		$13.91
Total Return²	10.10	%³	40.90	%	(13.06	)%	(14.39	)%	14.09	%

Ratios to Average Net Assets:
Expenses	1.79	%	1.77	%	1.82	%	1.93	%	1.84	%
Net investment income (loss)	(0.72	)%	(0.47	)%	(0.41	)%	(0.34	)%	(0.06	)%
Expense waiver/reimbursement⁴	0.10	%	0.31	%	0.09	%	- --		- --
Supplemental Data:
Net assets, end of period (000 omitted)	$10,473		$8,643		$5,302		$5,375		$6,236
Portfolio turnover	27	%	48	%	75	%	56	%	56	%

1 Represents less than $0.01 per share.

3 During the period, the Fund was reimbursed by the manager, which had an impact of 0.16% on the total return. See Notes to Financial Statements (Note 5).

4 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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees and/or shareholder service fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2004 to October 31, 2004.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 5/1/2004	Ending Account Value 10/31/2004	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,046.90	$4.68
Class C Shares	$1,000	$1,041.70	$9.19
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,020.56	$4.62
Class C Shares	$1,000	$1,016.14	$9.07

Institutional Shares		0.91%
Class C Shares		1.79%

Management's Discussion of Fund Performance

The Federated Mini-Cap Index Fund's Institutional Shares produced a total return of 11.20% while the fund's Class C Shares produced a total return of 10.10%, based on net asset value,¹ during the reporting period ended October 31, 2004. The fund's benchmark, the Russell 2000 Index (Russell 2000),² closed at 2,404.01 with a total return of 11.73% during the reporting period.

The end of 2003 and beginning of 2004 brought a significant rise in the Russell 2000. For the two months ended December 31, 2003, the Russell 2000 had a total return of 5.65%, followed by a total return of 6.26% for the first calendar quarter of 2004. The remaining portion of the reporting period showed flat to positive returns for the Russell 2000.

Growth underperformed value during the reporting period, with the Russell 2000 Growth Index³ returning 5.53% while the Russell 2000 Value Index⁴ posted a return of 17.99%.

Turning to sector performance, eight out of ten sectors⁵ posted a positive return for the reporting period. The top performer during the reporting period was Energy returning 60.46%, followed by Materials and Industrials up 33.58% and 15.10%, respectively. The worst performer during the reporting period was Information Technology with a return of (13.07)%, followed by Telecommunications and Healthcare with returns of (10.42)% and 4.68%, respectively.

1 Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance, visit www.federatedinvestors.com or call 1-800-341-7400.

2 Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. Indexes are unmanaged and investments cannot be made directly in an index.

3 Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price to book ratios and higher forecasted growth values. Indexes are unmanaged and investments cannot be made directly in an index.

4 Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price to book ratios and lower forecasted growth values. Indexes are unmanaged and investments cannot be made directly in an index.

5 Sector classifications are based upon the classifications of the Standard & Poor's Global Industry Classification Standard (SPGIC).

The fund utilized Russell 2000 futures to provide equity exposure on the fund's cash balances. While over the long-term Russell 2000 futures should mirror the performance of the Russell 2000, pricing disparity can appear in the short term and the fund can benefit from or be harmed by trading futures instead of stocks when money goes in and out of the fund. During the reporting period, the fund benefited from its trading of futures contracts.

The fund's performance was also positively affected by a one-time contribution to capital made by the fund's Adviser. Further information regarding this capital contribution, which is not expected to recur, can be found in Note 5 to the fund's Financial Statements. In addition, the total return of the fund's shares reflects the negative impact of actual cash flows, transaction costs and other expenses.

GROWTH OF $25,000 INVESTMENT - INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in the Federated Mini-Cap Index Fund (the "Fund") from October 31, 1994 to October 31, 2004 compared to the Russell 2000 Index (RUS2).²

Average Annual Total Returns for the Period Ended 10/31/2004
1 Year		11.20%
5 Years		6.57%
10 Years		8.62%

Performance data quoted represents past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For after-tax returns, visit www.federatedinvestors.com. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The RUS2 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The RUS2 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the fund, is not affected by cashflows. Investments cannot be made directly in an index.

GROWTH OF $10,000 INVESTMENT - CLASS C SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in the Federated Mini-Cap Index Fund (the "Fund") from November 10, 1997 (start of performance) to October 31, 2004 compared to the Russell 2000 Index (RUS2).²

Average Annual Total Returns³ for the Period Ended 10/31/2004
1 Year		7.98%
5 Years		5.45%
Start of Performance (11/10/1997)		3.17%

1 Represents a hypothetical investment of $10,000 in the Fund. A 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. Effective April 1, 2003, the Fund began to charge a maximum sales charge of 1.00%. The Fund's performance assumes the reinvestment of all dividends and distributions. The RUS2 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The RUS2 is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the fund, is not affected by cashflows. Investments cannot be made directly in an index.

3 Total returns quoted reflects all applicable sales charges and contingent deferred sales charges.

Portfolio of Investment Summary Table

At October 31, 2004, the Fund's sector composition¹ for its equity securities investments was as follows:

		Percentage of Total Net Assets
Financials		21.8%
Information Technology		17.1%
Consumer Discretionary		14.0%
Industrials		13.5%
Healthcare		12.1%
Materials		5.9%
Energy		5.2%
Utilities		3.2%
Consumer Staples		2.6%
Telecommunication Services		1.0%
TOTAL PERCENTAGE OF PORTFOLIO²		96.4%

Portfolio of Investments

October 31, 2004

Shares					Value
			COMMON STOCKS--96.4%¹
			Consumer Discretionary--14.0%
	600	²	1-800 CONTACTS, Inc.	$	9,864
	2,079	²	1-800-FLOWERS.COM, Inc.		16,788
	1,251	²	4 Kids Entertainment, Inc.		22,881
	4,500	²	99 Cents Only Stores		69,345
	1,400	²	A.C. Moore Arts & Crafts, Inc.		36,071
	3,225		ADVO, Inc.		103,039
	2,900	²	AMC Entertainment, Inc.		55,709
	3,586		Aaron Rents, Inc.		77,816
	1,600		Action Performance Cos., Inc.		14,800
	1,326		Advanced Marketing Services, Inc.		13,923
	5,200	²	Aeropostale, Inc.		164,060
	531	²	Aftermarket Technology Co.		7,641
	5,800	²	Alliance Gaming Corp.		53,650
	3,600	²	Alloy Online, Inc.		13,752
	500		Ambassadors Group, Inc.		15,622
	600	²	America's Car-Mart, Inc.		20,718
	5,900	²	American Greetings Corp., Class A		156,055
	1,300		Ameristar Casinos, Inc.		45,142
	2,182	²	Applica, Inc.		8,859
	2,400	²	Arbitron, Inc.		86,808
	1,729		Arctic Cat, Inc.		43,415
	2,440	²	Argosy Gaming Corp.		96,600
	6,500		ArvinMeritor, Inc.		121,290
	900	²	Asbury Automotive Group, Inc.		12,177
	400	²	Avatar Holdings, Inc.		17,492
	3,017	²	Aztar Corp.		93,376
	1,000	²	BJ's Restaurants, Inc.		15,325
	1,196		Bandag, Inc.		55,016
	1,000		Bassett Furniture Industries, Inc.		18,500
	493	²	Beasley Broadcast Group, Inc., Class A		8,100
	1,190		Beazer Homes USA, Inc.		130,638
	1,700	²	Big 5 Sporting Goods Corp.		43,163
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	700		Blair Corp.	$	21,910
	600	²	Blue Nile, Inc.		14,580
	1,200	²	Bluegreen Corp.		14,724
	2,700		Blyth Industries, Inc.		81,189
	3,563		Bob Evans Farms, Inc.		84,942
	2,036	²	Boca Resorts, Inc., Class A		48,253
	3,300	²	Bombay Co., Inc.		18,480
	1,000		Bon-Ton Stores, Inc.		12,000
	3,396		Boyd Gaming Corp.		113,732
	1,200		Brookfield Homes Corp.		31,080
	2,050	²	Brookstone, Inc.		39,278
	1,839		Brown Shoe Co., Inc.		50,205
	724		Buckle, Inc.		18,694
	600	²	Buffalo Wild Wings, Inc.		17,280
	1,600		Building Materials Holding Corp.		46,240
	1,756		Burlington Coat Factory Warehouse		38,755
	4,600		CBRL Group, Inc.		166,796
	3,450	²	CEC Entertainment, Inc.		131,169
	4,700	²	CKE Restaurants, Inc.		56,729
	4,394	²	CSK Auto Corp.		64,328
	678		CSS Industries, Inc.		20,916
	1,500	²	Cache, Inc.		23,542
	1,300	²	California Pizza Kitchen, Inc.		28,756
	5,900		Callaway Golf Co.		61,537
	500		Carmike Cinemas, Inc.		17,900
	300	²	Carter's, Inc.		9,438
	2,900	²	Casual Male Retail Group, Inc.		14,572
	4,900	²	Catalina Marketing Corp.		125,489
	1,825		Cato Corp., Class A		41,902
	6,598	²	Champion Enterprises, Inc.		71,852
	1,200	²	Charlotte Russe Holdings, Inc.		15,852
	10,771	²	Charming Shoppes, Inc.		82,183
	25,200	²	Charter Communications, Inc., Class A		63,504
	600		Cherokee, Inc.		17,070
	1,621	²	Children's Place Retail Stores, Inc.		50,040
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	3,525		Christopher & Banks Corp.	$	57,281
	585		Churchill Downs, Inc.		22,224
	1,000	²	Circle Group Holdings, Inc.		1,320
	1,325		Coachmen Industries, Inc.		19,173
	2,343	²	Coldwater Creek, Inc.		53,936
	3,556	²	Collins & Aikman Corp.		13,833
	200	²	Conn's, Inc.		3,064
	6,900		Cooper Tire & Rubber Co.		134,412
	1,300	²	Cosi, Inc.		6,675
	2,350	²	Cost Plus, Inc.		75,905
	600		Courier Corp.		26,100
	1,471	²	Crown Media Holdings, Inc., Class A		13,246
	4,218	²	Cumulus Media, Inc., Class A		68,542
	2,500	²	DHB Industries, Inc.		34,550
	1,200	²	Dave & Buster's, Inc.		21,300
	400		Deb Shops, Inc.		9,692
	600	²	Deckers Outdoor Corp.		22,716
	1,200	²	Department 56, Inc.		18,108
	2,800	²	Dick's Sporting Goods, Inc.		100,800
	400	²	Dominion Homes, Inc.		8,328
	1,250	²	Domino's Pizza, Inc.		20,500
	968		Dover Downs Gaming & Entertainment, Inc.		9,719
	1,469		Dover Motorsports, Inc.		6,978
	2,034	²	Dress Barn, Inc.		32,605
	1,000	²	Drew Industries, Inc.		31,350
	3,300	²	Drugstore.com, Inc.		10,494
	3,500	²	Emmis Communications, Corp., Class A		65,450
	400	²	Empire Resorts, Inc.		3,112
	4,000	²	Entravision Communications Corp.		32,200
	400		Escalade, Inc.		5,586
	3,100		Ethan Allen Interiors, Inc.		118,079
	2,200	²	Exide Corp.		32,626
	100	²	F.A.O., Inc.		4
	1,500		Finish Line, Inc., Class A		51,945
	500	²	Fisher Communications, Inc.		23,525
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	4,974	²	Fleetwood Enterprises, Inc.	$	62,623
	4,403		Freds, Inc.		77,185
	4,900		Furniture Brands International, Inc.		106,869
	1,600	²	GSI Commerce, Inc.		17,616
	1,296	²	Game Group PLC		44,245
	2,100	²	GameStop Corp.		41,139
	200	²	Gander Mountain, CO		3,891
	2,778	²	Gaylord Entertainment Co.		93,091
	2,054	²	Genesco, Inc.		52,582
	2,000		Goody's Family Clothing, Inc.		17,580
	14,200	²	Goodyear Tire & Rubber Co.		143,136
	4,200		Gray Television, Inc.		55,776
	99		Grey Global Group, Inc.		99,100
	1,745	²	Group 1 Automotive, Inc.		49,366
	1,145	²	Guess ?, Inc.		19,121
	1,697	²	Guitar Center, Inc.		75,737
	3,200	²	Gymboree Corp.		38,720
	2,600		Hancock Fabrics, Inc.		26,702
	2,229		Handleman Co.		47,946
	4,600	²	Harris Interactive, Inc.		31,280
	1,100	²	Hartmarx Corp.		9,196
	1,648		Haverty Furniture Cos., Inc.		27,818
	3,400	²	Hayes Lemmerz International, Inc.		28,288
	2,725	²	Hibbett Sporting Goods, Inc.		60,931
	6,300		Hollinger International, Inc.		112,455
	4,931	²	Hollywood Entertainment Corp.		47,929
	200		Hooker Furniture Corp.		4,432
	4,366	²	Hot Topic, Inc.		89,765
	1,895		IHOP Corp.		72,579
	1,092	²	Information Holdings, Inc.		29,910
	4,700	²	Insight Communication Co.		39,762
	5,196	²	Insight Enterprises, Inc.		96,412
	3,200	²	Interactive Data Corp.		63,136
	4,105	²	Interface, Inc.		35,672
	1,923	²	Isle of Capri Casinos, Inc.		43,556
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	2,050	²	J. Jill Group, Inc.	$	36,039
	3,043	²	JAKKS Pacific, Inc.		47,958
	3,437	²	Jack in the Box, Inc.		114,693
	2,950	²	Jarden Corp.		103,604
	1,740	²	Jo-Ann Stores, Inc.		42,908
	562	²	Jos A. Bank Clothiers, Inc.		17,838
	1,500		Journal Communications, Inc., Class A		24,180
	3,819	²	Journal Register Co.		71,797
	2,700		K-Swiss, Inc., Class A		67,500
	3,000	²	K2, Inc.		48,660
	2,439		Kellwood Co.		76,731
	869		Kenneth Cole Productions, Inc., Class A		23,028
	1,200	²	Keystone Automotive Industries, Inc.		21,630
	1,996		Kimball International, Inc., Class B		27,046
	1,600	²	Kirkland's, Inc.		13,944
	4,800	²	Krispy Kreme Doughnuts, Inc.		50,880
	1,000	²	LKQ Corp.		16,365
	17,568	²	La Quinta Properties, Inc.		141,422
	4,900		La-Z Boy Chair Co.		64,631
	2,100	²	Lakes Gaming, Inc.		24,612
	2,263		Landrys Seafood Restaurants, Inc.		61,282
	2,500	²	Leapfrog Enterprises, Inc.		30,500
	1,425	²	Levitt Corp.		33,986
	1,449		Libbey, Inc.		26,299
	1,490		Liberty Corp.		60,241
	750	²	Life Time Fitness, Inc.		17,475
	600		Lifetime Hoan Corp.		8,358
	2,200	²	Lin TV Corp., Class A		39,996
	4,182	²	Linens 'N Things, Inc.		100,703
	1,300		Lithia Motors, Inc., Class A		29,445
	1,058	²	Lodgenet Entertainment		14,336
	2,009		Lone Star Steakhouse & Saloon		48,437
	1,100		M/I Schottenstein Homes, Inc.		47,300
	3,100	²	MTR Gaming Group, Inc.		27,900
	2,200	²	Magna Entertainment Corp., Class A		12,386
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	1,817		Marcus Corp.	$	38,629
	800		Marine Products Corp.		14,600
	900	²	MarineMax, Inc.		22,680
	496	²	Martha Stewart Living Omnimedia		8,779
	5,900	²	Mediacom Communications Corp.		38,645
	2,931	²	Mens Wearhouse, Inc.		91,095
	1,000	²	Meritage Corp.		88,700
	1,889	²	Midas, Inc.		35,759
	2,321		Modine Manufacturing Co.		71,278
	2,479		Monaco Coach Corp.		44,002
	900	²	Monro Muffler Brake, Inc.		21,901
	1,400		Movado Group, Inc.		24,150
	3,275		Movie Gallery, Inc.		52,989
	2,700	²	Multimedia Games, Inc.		35,640
	436		National Presto Industries, Inc.		17,532
	2,600	²	Navarre Corp.		39,000
	1,300	²	Navigant International, Inc.		16,172
	1,700	²	Nexstar Broadcasting Group, Inc., Class A		12,393
	900		Noble International Ltd.		16,947
	2,221	²	O'Charleys, Inc.		34,470
	1,900		Oakley, Inc.		24,130
	1,500	²	Orbitz, Inc., Class A		41,010
	200	²	Orleans Homebuilders, Inc.		4,180
	1,159		OshKosh B'Gosh, Inc., Class A		21,047
	1,100	²	Overstock.com, Inc.		59,554
	1,300		Oxford Industries, Inc.		48,217
	2,110	²	P.F.Chang's China Bistro, Inc.		107,272
	1,100	²	PC Mall, Inc.		16,967
	1,243	²	Palm Harbor Homes, Inc.		18,633
	2,500	²	Panera Bread Co.		87,325
	1,553	²	Papa Johns International, Inc.		50,131
	1,100	²	Party City Corp.		16,104
	6,443	²	Paxson Communications Corp.		7,860
	6,000	²	Payless ShoeSource, Inc.		57,060
	3,420	²	Penn National Gaming, Inc.		142,033
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	5,356		Pep Boys-Manny Moe & Jack	$	76,162
	900	²	Perry Ellis International, Inc.		19,350
	1,700	²	PetMed Express, Inc.		9,256
	2,295		Phillips Van Heusen Corp.		52,303
	3,711	²	Pinnacle Entertainment, Inc.		54,552
	1,440	²	Playboy Enterprises, Inc., Class B		15,984
	2,250	²	Priceline.com, Inc.		44,865
	12,300	²	Primedia, Inc.		31,365
	2,216	²	ProQuest Co.		57,749
	100	²	Provide Commerce, Inc.		2,350
	817		Pulitzer, Inc.		43,072
	5,168	²	Quiksilver, Inc.		140,828
	2,157	²	R.H. Donnelley Corp.		117,017
	1,500	²	RC2 Corp.		41,790
	2,995	²	Rare Hospitality International, Inc.		82,991
	9,300		Readers Digest Association, Inc., Class A		130,944
	400	²	Reading International, Inc., Class A		3,324
	1,200	²	Red Robin Gourmet Burgers		50,052
	3,116	²	Regent Communications, Inc.		17,138
	2,553	²	Rent-Way, Inc.		20,016
	3,500	²	Restoration Hardware, Inc.		18,025
	700	²	Retail Ventures, Inc.		5,019
	1,070		Russ Berrie & Co., Inc.		22,309
	2,691		Russell Corp.		46,527
	3,954	²	Ryans Restaurant Group, Inc.		55,316
	5,838		SCP Pool Corp.		170,411
	1,461	²	Saga Communications, Inc., Class A		24,574
	933	²	Salem Communications Corp.		23,325
	976		Sauer-Danfoss, Inc.		17,666
	2,800	²	Scholastic Corp.		84,896
	5,400	²	Scientific Games Holdings Corp.		114,372
	3,200	²	Select Comfort Corp.		54,784
	800	²	Sharper Image Corp.		16,380
	700	²	Shoe Carnival, Inc.		8,379
	2,717	²	Shopko Stores, Inc.		46,841
	2,000	²	Shuffle Master, Inc.		84,180
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	4,631		Sinclair Broadcast Group, Inc.	$	32,417
	8,700	²	Six Flags, Inc.		43,848
	1,936	²	Skechers USA, Inc., Class A		21,373
	625		Skyline Corp.		25,050
	2,600		Sonic Automotive, Inc.		52,598
	5,919	²	Sonic Corp.		161,174
	2,700	²	Source Information Management Co.		27,216
	4,324	²	Spanish Broadcasting System, Inc.		43,759
	1,336		Speedway Motorsports, Inc.		44,222
	2,380	²	Sports Authority, Inc.		57,548
	1,000	²	Sports Resorts Int'l, Inc.		3,180
	1,600	²	Stage Stores, Inc.		57,616
	1,908	²	Stamps.com, Inc.		26,483
	1,200		Standard Motor Products, Inc.		18,288
	800		Stanley Furniture Co., Inc.		35,592
	2,161	²	Stein Mart, Inc.		35,916
	600	²	Steinway Musical Instruments		16,590
	1,070	²	Steven Madden Ltd.		17,131
	1,298	²	Stoneridge, Inc.		17,458
	300	²	Strattec Security Corp.		18,873
	4,119		Stride Rite Corp.		42,632
	1,952		Sturm Ruger & Co., Inc.		17,217
	1,100	²	Sunterra Corp.		11,715
	1,891		Superior Industries International, Inc.		51,568
	200	²	Systemax, Inc.		1,238
	2,000	²	TBC Corp.		44,460
	450		Technical Olympic USA, Inc.		11,381
	1,200	²	Tempur-Pedic International, Inc.		19,488
	4,300	²	Tenneco Automotive, Inc.		54,782
	2,663		The Nautilus Group, Inc.		52,328
	1,000	²	The Pantry, Inc.		22,990
	2,269	²	The Steak 'n Shake Co.		37,393
	900		Thomas Nelson, Inc.		19,926
	3,336		Thor Industries, Inc.		92,774
	5,631	²	TiVo, Inc.		37,868
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Discretionary--continued
	3,226	²	Too, Inc.	$	71,037
	7,536	²	Tower Automotive, Inc.		11,229
	3,200	²	Tractor Supply Co.		116,096
	2,214	²	Trans World Entertainment Corp.		22,981
	3,342		Triarc Cos., Inc., Class B		38,199
	2,308	²	Tuesday Morning Corp.		75,333
	3,796		Tupperware Corp.		63,355
	800		Unifirst Corp.		21,264
	1,717		United Auto Group, Inc.		46,359
	1,408	²	Universal Electronics, Inc.		25,048
	1,843	²	Vail Resorts, Inc.		36,971
	4,900	²	Valassis Communications, Inc.		168,462
	174		Value Line, Inc.		6,297
	1,767	²	Valuevision International, Inc., Class A		18,447
	12,100		Visteon Corp.		86,031
	3,100	²	WCI Communities, Inc.		73,160
	1,673	²	WESCO International, Inc.		41,959
	1,656	²	WMS Industries, Inc.		48,438
	4,300	²	Warnaco Group, Inc.		87,720
	1,300	²	West Marine, Inc.		31,889
	400	²	William Lyon Homes, Inc.		27,580
	2,424		Winnebago Industries, Inc.		76,114
	4,460		Wolverine World Wide, Inc.		135,762
	1,197		World Wrestling Entertainment, Inc.		14,843
	4,686	²	Yankee Candle Co., Inc., The		129,802
	2,226	²	Young Broadcasting, Inc., Class A		25,599
	5,000	²	Zale Corp.		142,600
	746		Bebe Stores, Inc.		23,029
			TOTAL		14,148,278
			Consumer Staples--2.6%
	300		Alico, Inc.		15,105
	943		American Italian Pasta Co., Class A		19,143
	100		Arden Group, Inc., Class A		9,769
	100	²	Aurora Foods, Inc.		0
	1,200		Cal-Maine Foods, Inc.		12,252
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Staples--continued
	5,254		Casey's General Stores, Inc.	$	93,521
	1,650	²	Central European Distribution Corp.		41,761
	1,200	²	Central Garden & Pet Co.		42,864
	1,500	²	Chattem, Inc.		50,190
	3,800	²	Chiquita Brands International		68,476
	342		Coca-Cola Bottling Co.		18,076
	3,448		Corn Products International, Inc.		169,642
	5,900	²	Darling International, Inc.		23,069
	420	²	Del Laboratories, Inc.		14,007
	3,154		Delta & Pine Land Co.		83,013
	4,200		Dimon, Inc.		24,444
	2,400	²	Elizabeth Arden, Inc.		57,552
	610		Farmer Brothers Co.		16,287
	3,350		Flowers Foods, Inc.		84,956
	2,347	²	Great Atlantic & Pacific Tea Co., Inc.		15,256
	2,866	²	Hain Celestial Group, Inc.		46,372
	800	²	Hansen Natural Corp.		21,200
	1,990		Ingles Markets, Inc., Class A		24,278
	500		Inter Parfums, Inc.		6,717
	600	²	J&J Snack Foods Corp.		26,538
	2,500		Lancaster Colony Corp.		107,450
	2,995		Lance, Inc.		50,556
	2,553		Longs Drug Stores Corp.		63,059
	1,000	²	M & F Worldwide Corp.		13,400
	1,200		MGP Ingredients, Inc.		9,918
	800		Mannatech, Inc.		13,640
	300	²	Maui Land & Pineapple Co., Inc.		9,780
	1,162	²	Mondavi Robert Corp., Class A		63,317
	1,200		Nash Finch Co.		37,032
	700	²	National Beverage Corp.		5,670
	1,700		Natures Sunshine Products, Inc.		25,721
	4,100	²	NeighborCare, Inc.		105,083
	4,907		Nu Skin Enterprises, Inc., Class A		94,901
	4,000	²	Pathmark Stores, Inc.		17,240
	1,100	²	Peet's Coffee & Tea, Inc.		28,039
	4,100	²	Performance Food Group Co.		95,366
Shares					Value
			COMMON STOCKS--continued¹
			Consumer Staples--continued
	3,025	²	Playtex Products, Inc.	$	18,967
	3,067	²	Ralcorp Holdings, Inc.		112,712
	3,219	²	Rayovac Corp.		80,185
	13,555	²	Revlon, Inc., Class A		32,939
	3,064		Ruddick Corp.		61,678
	800		Sanderson Farms, Inc.		25,992
	600	²	Sanfilippo (John B. & Sons), Inc.		10,818
	33		Seaboard Corp.		22,935
	1,169	²	Smart & Final, Inc.		17,278
	900		Standard Commercial Corp.		14,337
	4,300	²	Star Scientific, Inc.		23,650
	800	²	The Boston Beer Co., Inc., Class A		20,216
	3,348		Topps Co.		33,748
	1,300	²	USANA, Inc.		38,779
	3,872	²	United Natural Foods, Inc.		105,280
	2,688		Universal Corp.		123,057
	2,879		Vector Group Ltd.		44,509
	2,149		WD 40 Co.		60,741
	1,100		Weis Markets, Inc.		40,436
	2,928	²	Wild Oats Markets, Inc.		17,802
	7,700		Winn-Dixie Stores, Inc.		26,488
			TOTAL		2,657,207
			Energy--5.2%
	700	²	Atlas America, Inc.		17,979
	842	²	Atwood Oceanics, Inc.		40,374
	1,697		Berry Petroleum Co., Class A		64,741
	1,200	²	Brigham Exploration Co.		10,890
	3,084		Cabot Oil & Gas Corp., Class A		130,484
	3,378	²	Cal Dive International, Inc.		119,615
	1,700	²	Callon Petroleum Corp.		22,967
	1,168		Carbo Ceramics, Inc.		84,388
	2,100	²	Cheniere Energy, Inc.		52,164
	4,100	²	Cimarex Energy Co.		147,108
	400	²	Clayton Williams Energy, Inc.		8,164
	3,246	²	Comstock Resources, Inc.		71,412
	1,800	²	Delta Petroleum Corp.		25,794
Shares					Value
			COMMON STOCKS--continued¹
			Energy--continued
	5,159	²	Denbury Resources, Inc.	$	127,943
	581	²	Dril-Quip, Inc.		13,014
	1,500	²	Edge Petroleum Corp.		22,755
	1,900	²	Encore Aquisition Co.		62,035
	2,400	²	Energy Partners Ltd.		42,144
	2,000	²	FX Energy, Inc.		17,010
	4,800	²	Forest Oil Corp.		146,400
	3,217		Frontier Oil Corp.		79,074
	1,400	²	Giant Industries, Inc.		32,158
	9,700	²	Global Industries Ltd.		65,087
	17,398	²	Grey Wolf, Inc.		90,122
	1,239		Gulf Island Fabrication, Inc.		25,350
	1,400	²	Gulfmark Offshore, Inc.		26,971
	7,200	²	Hanover Compressor Co.		93,744
	3,400	²	Harvest Natural Resources, Inc.		51,408
	4,700		Helmerich & Payne, Inc.		134,185
	2,000		Holly Corp.		49,100
	1,900	²	Hydril Co.		83,581
	5,364	²	Input/Output, Inc.		37,494
	4,500	²	KCS Energy, Inc.		61,245
	3,600	²	KFX, Inc.		33,624
	12,200	²	Key Energy Group, Inc.		140,300
	2,668	²	Lone Star Technologies, Inc.		70,435
	600		Lufkin Industries, Inc.		21,246
	8,125	²	Magnum Hunter Resources, Inc.		98,312
	1,800	²	Matrix Services Co.		9,252
	4,003	²	Maverick Tube Corp.		105,559
	1,500	²	McMoRan Exploration Co.		20,790
	5,186	²	Meridian Resource Corp.		41,747
	5,200	²	Mission Resources Corp.		31,850
	1,591	²	NS Group, Inc.		30,245
	7,883	²	Newpark Resources, Inc.		42,805
	2,892	²	Oceaneering International, Inc.		102,811
	1,909	²	Offshore Logistics, Inc.		69,029
	2,300	²	Oil States International, Inc.		42,228
	2,506		Overseas Shipholding Group, Inc.		142,717
Shares					Value
			COMMON STOCKS--continued¹
			Energy--continued
	9,437	²	Parker Drilling Co.	$	36,804
	1,722		Penn Virginia Corp.		61,992
	2,000	²	Petroleum Development Corp.		70,440
	7,239	²	Plains Exploration & Production Co.		180,975
	2,800	²	Quicksilver Resources, Inc.		88,564
	961		RPC Energy Services, Inc.		19,941
	6,600		Range Resources Corp.		103,620
	2,500	²	Remington Oil & Gas Corp.		63,600
	1,400		Resource America, Inc., Class A		34,160
	1,706	²	SEACOR SMIT, Inc.		81,223
	500	²	Seabulk International, Inc.		5,625
	3,883	²	Southwestern Energy Co.		178,385
	2,310	²	Spinnaker Exploration Co.		73,735
	3,058		St. Mary Land & Exploration Co.		120,577
	1,631	²	Stone Energy Corp.		67,148
	5,019	²	Superior Energy Services, Inc.		64,695
	2,923	²	Swift Energy Co.		70,883
	3,800	²	Syntroleum Corp.		26,391
	6,120	²	Tesoro Petroleum Corp.		185,314
	2,700	²	Tetra Technologies, Inc.		80,838
	1,420	²	The Houston Exploration Co.		83,212
	500	²	Todco, Class A		8,485
	1,802	²	Transmontaigne, Co.		10,686
	3,538	²	Unit Corp.		131,224
	1,567	²	Universal Compression Holdings, Inc.		54,187
	2,959	²	Veritas DGC, Inc.		62,435
	5,234		Vintage Petroleum, Inc.		109,914
	3,000	²	W-H Energy Services, Inc.		61,050
	1,400	²	Whiting Petroleum Corp.		41,552
	1,100		World Fuel Services Corp.		37,532
			TOTAL		5,275,037
			Financials--21.8%
	1,058		1st Source Corp.		28,682
	2,100		21st Century Insurance Group		27,825
	900		ABC Bancorp		18,306
	1,200	²	ACE Cash Express, Inc.		31,212
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	500		ASTA Funding, Inc.	$	9,037
	3,300		Acadia Realty Trust		50,820
	1,600	²	Accredited Home Lenders Holding, Co.		57,728
	1,800		Advanta Corp., Class B		43,866
	2,650	²	Affiliated Managers Group		147,976
	550	²	Affirmative Insurance Holdings, Inc.		9,314
	2,300		Affordable Residential Communities		29,946
	1,096		Alabama National Bancorp		70,034
	219	²	Alexander's, Inc.		43,274
	1,750		Alexandria Real Estate Equities, Inc.		115,587
	3,062		Alfa Corp.		42,562
	2,580		Amcore Financial, Inc.		78,509
	4,300		AmerUs Group Co.		179,654
	700	²	American Campus Communities, Inc.		13,230
	1,200	²	American Equity Investment Life Holding Co.		11,784
	10,000		American Financial Realty Trust		147,000
	3,162		American Home Mortgage Investment Corp.		87,366
	1,000	²	American Medical Security Group, Inc.		31,750
	900	²	American Physicians Capital, Inc.		28,692
	660	²	AmericanWest Bancorp.		13,101
	2,388		Amli Residential Properties Trust		75,150
	1,905		Anchor Bancorp Wisconsin, Inc.		49,416
	5,000		Anthracite Capital, Inc.		57,900
	4,200		Anworth Mortgage Asset Corp.		42,966
	6,200	²	Apollo Investment Corp.		84,320
	200		Arbor Realty Trust, Inc.		4,180
	700	²	Archipelago Holdings, Inc.		11,949
	2,469	²	Argonaut Group, Inc.		45,701
	782		Arrow Financial Corp.		22,764
	900		Ashford Hospitality Trust		8,721
	200	²	BFC Financial Corp., Class A		2,065
	300		BKF Capital Group, Inc.		9,483
	773		Baldwin & Lyons, Inc., Class B		19,387
	289		BancFirst Corp.		18,797
	300		BancTrust Financial Group, Inc.		5,700
	7,200		Bancorpsouth, Inc.		171,288
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	1,290		Bank Granite Corp.	$	26,800
	7,235		Bank Mutual Corp.		88,846
	900		Bank of the Ozarks, Inc.		29,056
	3,700		BankAtlantic Bancorp, Inc., Class A		64,713
	2,900	²	BankUnited Financial Corp., Class A		86,275
	900		Banner Corp.		26,910
	1,773		Bedford Property Investors, Inc.		50,974
	500		Berkshire Hills Bancorp, Inc.		18,890
	600		Beverly Hills Bancorp, Inc.		6,072
	1,350	²	BioMed Realty Trust, Inc.		24,543
	3,300		Boston Private Financial Holdings		80,982
	3,934		Brandywine Realty Trust		115,738
	1,000		Bristol West Holdings, Inc.		17,200
	5,950		Brookline Bancorp, Inc.		92,165
	700		Bryn Mawr Bank Corp.		13,748
	1,350	²	CB Richard Ellis Services		34,965
	1,472	²	CNA Surety Corp.		17,325
	2,929		CRT Properties, Inc.		64,907
	3,440		CVB Financial Corp.		85,312
	700		Camden National Corp.		25,795
	3,572		Capital Automotive		115,233
	837		Capital City Bank Group, Inc.		32,735
	500		Capital Corp. of the West		23,025
	200	²	Capital Crossing Bank		5,500
	3,400	²	Capital Lease Funding, Inc.		37,230
	200		Capital Southwest Corp.		15,500
	200		Capital Trust, Inc.		5,854
	800		Capitol Bancorp Ltd.		24,552
	2,283		Capstead Mortgage Corp.		25,159
	4,100		CarrAmerica Realty Corp.		132,143
	1,625		Cascade Bancorp		32,906
	2,657		Cash America International, Inc.		67,222
	4,358		Cathay Bancorp, Inc.		171,705
	2,300		Cedar Shopping Centers, Inc.		31,119
	1,000		Center Financial Corp.		19,645
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	805	²	Central Coast Bancorp	$	17,895
	3,091		Central Pacific Financial Corp.		94,430
	700		Century Bancorp, Inc., Class A		21,966
	2,100	²	Ceres Group, Inc.		11,340
	200		Charter Financial Corp.		7,580
	4,060		Charter Municipal Mortgage Acceptance Co.		94,030
	2,268		Chemical Financial Corp.		84,664
	4,562		Chittenden Corp.		129,196
	4,200		Citizens Banking Corp.		137,550
	800		Citizens First Bancorp, Inc.		18,904
	2,782	²	Citizens, Inc., Class A		16,191
	688		City Bank Lynwood, WA		26,378
	2,100		City Holding Co.		72,765
	1,500	²	Clark, Inc.		19,440
	600		Clifton Savings Bancorp, Inc.		7,017
	1,225		CoBiz, Inc.		24,310
	1,189		Coastal Financial Corp.		17,615
	400		Cohen & Steers, Inc.		5,900
	450	²	Collegiate Funding Services		5,557
	1,584		Colonial Properties Trust		61,744
	500		Columbia Bancorp		15,560
	1,721		Columbia Banking Systems, Inc.		42,164
	2,289		Commerce Group, Inc.		115,846
	25		Commercial Bankshares, Inc.		882
	4,029		Commercial Capital Bancorp, Inc.		90,370
	4,574		Commercial Federal Corp.		127,203
	4,786		Commercial Net Lease Realty		92,035
	2,600		Community Bank System, Inc.		71,786
	971		Community Banks, Inc.		28,295
	4,001		Community First Bankshares, Inc.		128,912
	1,031		Community Trust Bancorp, Inc.		34,023
	1,467	²	CompuCredit Corp.		27,917
	300		Consolidated Tomoka Co.		10,947
	4,678		Cornerstone Realty Income Trust, Inc.		45,938
	3,600		Corporate Office Properties Trust		98,712
	1,000		Correctional Properties Trust		26,980
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	1,462		Corus Bankshares, Inc.	$	67,267
	3,400		Cousins Properties, Inc.		126,548
	1,962		Crawford & Co., Class B		13,283
	1,400	²	Danielson Holding Corp.		10,458
	2,575		Delphi Financial Group, Inc., Class A		105,240
	3,857		Dime Community Bancorp, Inc.		61,943
	1,300		Direct General Corp.		38,350
	400		Donegal Group, Inc., Class A		8,632
	1,806		Downey Financial Corp.		99,800
	100		EMC Insurance Group, Inc.		1,974
	5,374		East West Bancorp, Inc.		215,175
	1,987		EastGroup Properties, Inc.		70,399
	1,700	²	Education Lending Group, Inc.		27,055
	900	²	Encore Capital Group, Inc.		16,897
	2,532		Entertainment Properties Trust		101,027
	5,791		Equity Inns, Inc.		55,015
	2,968		Equity One, Inc.		62,298
	2,123		Essex Property Trust, Inc.		166,571
	500	²	Eurobancshares, Inc.		9,275
	1,100		Extra Space Storage, Inc.		15,246
	1,128		FBL Financial Group, Inc., Class A		29,226
	4,300		FNB Corp.		88,279
	600		FNB Corp.		16,536
	500	²	FPIC Insurance Group, Inc.		13,900
	604		Farmers Capital Bank Corp.		21,370
	800	²	Federal Agricultural Mortgage Association, Class C		15,736
	4,592	²	FelCor Lodging Trust, Inc.		53,359
	1,400		Fidelity Bankshares, Inc.		54,432
	1,629	²	Financial Federal Corp.		60,778
	800		Financial Institutions, Inc.		21,088
	1,100	²	First Acceptance Corp.		8,844
	3,200		First BanCorp		174,496
	700		First Bancorp, Inc.		26,383
	1,246		First Busey Corp.		23,630
	1,600	²	First Cash Financial Services, Inc.		37,728
	2,786		First Charter Corp.		71,127
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	567		First Citizens Bancshares, Inc., Class A	$	66,878
	6,525		First Commmonwealth Financial Corp.		94,743
	1,400		First Community Bancorp		58,758
	968		First Community Bancshares, Inc.		32,109
	1,916		First Federal Capital Corp.		63,803
	3,241		First Financial Bancorp		56,523
	1,308		First Financial Bankshares, Inc.		55,171
	1,288	²	First Financial Corp.		40,688
	1,172		First Financial Holdings, Inc.		35,594
	1,133		First Indiana Corp.		25,107
	4,400		First Industrial Realty Trust		169,840
	1,715		First Merchants Corp.		42,669
	4,400		First Midwest Bancorp, Inc.		153,604
	4,470		First National Bankshares of Florida		110,364
	8,690		First Niagara Financial Group, Inc.		121,139
	450		First Oak Brook Bancshares, Inc.		14,139
	1,200		First Place Financial Corp.		23,700
	1,300		First Republic Bank		62,660
	900		First State Bancorporation		31,770
	1,538	²	FirstFed Financial Corp.		79,053
	2,750		Flagstar Bancorp, Inc.		57,447
	1,625		Flushing Financial Corp.		31,314
	400	²	Franklin Bank Corp.		6,600
	1,496		Frontier Financial Corp.		57,589
	4,500		GATX Corp.		122,760
	250		GB&T Bancshares, Inc.		5,800
	622		Gabelli Asset Management, Inc., Class A		28,674
	3,007		Gables Residential Trust		109,755
	836		German American Bancorp		14,028
	1,600		Getty Realty Holding Corp.		44,992
	2,325		Glacier Bancorp, Inc.		73,586
	2,293		Glenborough Realty Trust, Inc.		48,153
	3,365		Glimcher Realty Trust		86,884
	500		Global Signal, Inc.		11,900
	4,810		Gold Banc Corp., Inc.		69,985
	3,000		Government Properties Trust, Inc.		30,090
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	500	²	Gramercy Capital Corp.	$	8,150
	763		Great American Financial Resources, Inc.		11,979
	1,000		Great Southern Bancorp, Inc.		33,370
	4,600		Greater Bay Bancorp		143,727
	1,000		Greenhill & Co., Inc.		22,490
	2,606		Hancock Holding Co.		82,480
	1,240		Hanmi Financial Corp.		37,671
	1,975		Harbor Florida Bancshares, Inc.		63,279
	1,954		Harleysville Group, Inc.		40,702
	2,491		Harleysville National Corp.		63,695
	1,600		Harris & Harris Group, Inc.		19,024
	4,000		Healthcare Realty Trust, Inc.		161,400
	950		Heartland Financial USA, Inc.		17,622
	2,400		Heritage Property Investment		73,416
	2,600	²	Highland Hospitality Corp.		29,640
	4,800		Highwoods Properties, Inc.		119,088
	2,896		Hilb Rogal & Hamilton Co.		91,803
	3,415		Home Properties of New York, Inc.		140,527
	1,950	²	Homebanc Corp.		16,965
	4,393		Horace Mann Educators Corp.		74,681
	1,000		Horizon Financial Corp.		19,600
	2,800		Hudson River Bancorp, Inc.		54,908
	6,200		IMPAC Mortgage Holdings, Inc.		140,182
	800	²	ITLA Capital Corp.		38,737
	800		Iberiabank Corp.		48,816
	32		Imperial Credit Industries, Inc., Warrants		0
	440		Independence Holdings Co.		8,356
	1,400		Independent Bank Corp.- Massachusetts		46,158
	2,121		Independent Bank Corp.- Michigan		57,628
	2,100		Infinity Property & Casualty		65,268
	4,401		Innkeepers USA Trust		60,954
	1,762		Integra Bank Corp.		38,623
	1,000		Interchange Financial Services Corp.		24,350
	4,200	²	Investment Technology Group, Inc.		64,680
	3,800		Investors Real Estate Trust		38,570
	1,607		Irwin Financial Corp.		40,063
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	2,983	²	Jones Lang LaSalle, Inc.	$	95,456
	2,500		KNBT Bancorp, Inc.		43,000
	355		Kansas City Life Insurance Co.		14,555
	3,096		Kilroy Realty Corp.		123,066
	950		Kite Realty Group Trust		12,540
	10,900	²	Knight Trading Group, Inc.		113,251
	2,300		Kramont Realty Trust		43,378
	1,800		LNR Property Corp.		112,572
	1,400		LTC Properties, Inc.		26,474
	2,620		LaSalle Hotel Properties		75,246
	4,800		Labranche & Co. Inc.		34,032
	1,272		Lakeland Bancorp, Inc.		21,090
	500		Lakeland Financial Corp.		17,770
	2,139		LandAmerica Financial Group, Inc.		104,704
	4,430		Lexington Corporate Properties Trust		99,409
	2,900		Luminent Mortgage Capital, Inc.		33,350
	3,121		MAF Bancorp, Inc.		133,797
	1,800		MB Financial, Inc.		76,932
	1,338		MBT Financial Corp.		27,014
	3,200		MCG Capital Corp.		56,864
	7,100		MFA Mortgage Investments, Inc.		59,924
	871		Macatawa Bank Corp.		23,743
	3,100		Maguire Properties, Inc.		81,065
	1,300		Main Street Banks, Inc.		38,168
	867		MainSource Financial Group, Inc.		18,684
	1,751		Manufactured Home Communities, Inc.		60,392
	100	²	Marlin Business Services, Inc.		1,762
	740		Mercantile Bancorporation, Inc.		27,839
	7,665	²	MeriStar Hospitality Corp.		44,764
	3,000		Metris Cos., Inc.		28,800
	1,681		Mid-American Apartment Communities, Inc.		66,114
	2,240		Mid-State Bancshares		60,099
	788		Midland Co.		21,772
	1,100		Midwest Banc Holdings, Inc.		22,836
	1,600		Mission West Properties, Inc.		15,840
	750	²	MortgageIT Holdings,. Inc.		10,950
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	200		NASB Financial, Inc.	$	8,000
	666		NBC Capital Corp.		17,582
	3,123		NBT Bancorp, Inc.		72,266
	2,500		Nara Bancorp, Inc.		47,775
	3,100		National Financial Partners Corp.		95,294
	2,121		National Health Investors, Inc.		60,682
	2,913		National Penn Bancshares, Inc.		77,078
	191	²	National Western Life Insurance Co., Class A		28,679
	6,301		Nationwide Health Properties, Inc.		142,214
	800	²	Navigators Group, Inc.		23,592
	400	²	Nelnet, Inc., Class A		7,764
	5,717		Net.B@nk, Inc.		53,054
	2,600		New Century Financial Corp.		143,390
	3,400		Newcastle Investment Corp.		104,074
	1,500		Northwest Bancorp, Inc.		35,700
	2,200		Novastar Financial, Inc.		95,216
	300		Nymagic, Inc.		6,090
	908		OceanFirst Financial Corp.		21,647
	3,505	²	Ocwen Financial Corp.		26,287
	6,719	²	Ohio Casualty Corp.		140,293
	6,200		Old National Bancorp		153,574
	1,298		Old Second Bancorp, Inc.		38,122
	839		Omega Financial Corp.		30,263
	3,700		Omega Healthcare Investors		41,699
	1,629		Oriental Financial Group		46,150
	1,500		Origen Financial, Inc.		11,287
	1,551		PFF Bancorp, Inc.		61,187
	3,219	²	PMA Capital Corp.		26,396
	1,329		PS Business Parks, Inc.		58,370
	4,289		Pacific Capital Bancorp		136,519
	1,300		Park National Corp.		168,870
	1,340		Parkway Properties, Inc.		68,045
	2,221		Partners Trust Financial Group, Inc.		22,610
	637		Peapack-Gladstone Financial Corp.		18,983
	900		Penn-America Group, Inc.		13,212
	400		PennFed Financial Services, Inc.		12,968
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	704		PennRock Financial Services Corp.	$	20,317
	2,896		Pennsylvania Real Estate Investment Trust		117,433
	1,145		Peoples Bancorp, Inc.		32,117
	800		Peoples Holding Co.		26,600
	1,668	²	Philadelphia Consolidated Holding Corp.		96,711
	8,900		Phoenix Companies, Inc.		93,895
	1,844	²	Piper Jaffray Cos., Inc.		80,638
	300	²	Placer Sierra Bancshares		7,200
	4,100		Post Properties, Inc.		131,569
	4,336		Prentiss Properties Trust		156,009
	1,953		Presidential Life Corp.		31,209
	2,050		Price Legacy Corp.		38,560
	2,100		PrivateBancorp, Inc.		67,935
	2,580	²	ProAssurance Corp.		92,080
	1,500		Prosperity Bancshares, Inc.		40,875
	3,072		Provident Bancorp, Inc.		37,125
	3,567		Provident Bankshares Corp.		123,882
	500		Provident Financial Holdings, Inc.		14,530
	6,630		Provident Financial Services, Inc.		119,340
	2,872		R&G Financial Corp., Class B		108,045
	2,400		RAIT Investment Trust		64,104
	2,010		RLI Corp.		76,440
	1,100		Ramco-Gershenson Properties		29,700
	3,700		Realty Income Corp.		177,563
	1,600		Redwood Trust, Inc.		96,256
	745		Republic Bancorp, Inc.		20,748
	6,251		Republic Bancorp, Inc.		104,454
	1,500	²	Rewards Network, Inc.		8,295
	1,020		Riggs National Corp.		21,532
	444		Royal Bancshares of Pennsylvania		11,899
	2,271		S & T Bancorp, Inc.		81,847
	1,100		S.Y. Bancorp, Inc.		24,970
	750		SCBT Financial Corp.		24,682
	1,442		SWS Group, Inc.		27,686
	500		Safety Insurance Group, Inc.		11,255
	1,200		Sanders Morris Harris Group, Inc.		17,184
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	1,319		Sandy Spring Bancorp, Inc.	$	45,611
	513		Santander BanCorp		14,313
	1,229		Saul Centers, Inc.		39,942
	1,120		Seacoast Banking Corp. of Florida		24,214
	300		Secutity Bank Corp.		10,575
	3,096		Selective Insurance Group, Inc.		120,992
	5,043		Senior Housing Properties Trust		94,607
	200	²	Signature Bank		5,894
	3,900	²	Silicon Valley Bancshares		156,039
	1,400		Simmons 1st National Corp., Class A		37,730
	300		Smithtown Bancorp, Inc.		8,899
	600		Southern Community Financial Corp.		6,855
	871		Southside Bancshares, Inc.		17,516
	1,100		Southwest Bancorp, Inc.		25,828
	7,390		Southwest Bancorp. of Texas, Inc.		173,222
	1,055		Sovran Self Storage, Inc.		41,219
	1,247		State Auto Financial Corp.		35,477
	761		State Bancorp, Inc.		17,503
	500		State Financial Services Corp., Class A		14,345
	1,270		Sterling Bancorp		36,652
	5,274		Sterling Bancshares, Inc.		74,733
	2,050		Sterling Financial Corp.		54,325
	2,339	²	Sterling Financial Corp.		87,876
	1,577		Stewart Information Services Corp.		66,896
	266		Stifel Financial Corp.		5,219
	1,050		Strategic Hotel Capital, Inc.		15,057
	1,000		Suffolk Bancorp		30,800
	2,665		Summit Properties, Inc.		80,829
	1,081	²	Sun Bancorp, Inc.		25,025
	1,466		Sun Communities, Inc.		56,983
	4,830		Susquehanna Bankshares, Inc.		120,122
	1,595		Tanger Factory Outlet Centers, Inc.		75,364
	125		Tarragon Corp.		1,689
	4,946		Taubman Centers, Inc.		141,950
	708	²	Tejon Ranch Co.		25,410
	1,600	²	Texas Capital Bancshares, Inc.		31,632
Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	4,280		Texas Regional Bancshares, Inc., Class A	$	136,660
	200	²	The Bancorp Bank		3,526
	100	²	The Enstar Group, Inc.		5,400
	300		The First of Long Island Corp.		13,203
	2,000		TierOne Corp.		44,560
	690		Tompkins County TrustCo., Inc.		31,567
	1,816		Town & Country Trust		50,158
	1,800	²	Tradestation Group, Inc.		11,142
	1,000		TriCo Bancshares		21,710
	867	²	Triad Guaranty, Inc.		47,260
	7,731		Trustco Bank Corp.		103,518
	4,400		Trustmark Corp.		138,732
	3,000	²	U.S.I. Holdings Corp.		29,145
	3,958		UICI		117,078
	1,450		UMB Financial Corp.		74,602
	3,000		US Restaurant Properties		53,160
	1,119		USB Holdings Co., Inc.		30,414
	4,664		Umpqua Holdings Corp.		116,040
	800		Union Bankshares Corp.		26,720
	3,500		United Bankshares, Inc.		128,345
	2,650		United Community Banks, Inc.		63,812
	2,492		United Community Financial Corp.		27,836
	700		United Fire & Casualty Co.		42,077
	400	²	United PanAm Financial Corp.		7,702
	2,500	²	Universal American Financial Corp.		30,400
	1,100		Universal Health Realty Trust, Inc.		34,562
	600		Univest Corp.		24,090
	2,260		Unizan Financial Corp.		60,071
	1,800		Urstadt Biddle Properties, Class A		28,980
	2,800		Vesta Insurance Group, Inc.		12,740
	1,125	²	Virginia Commerce Bancorp, Inc.		33,075
	700		Virginia Financial Group, Inc.		23,842
	600		WSFS Financial Corp.		32,583
	3,902		Washington Real Estate Investment Trust		122,718
	1,200		Washington Trust Bancorp		33,084
	3,375		Waypoint Financial Corp.		92,677

Shares					Value
			COMMON STOCKS--continued¹
			Financials--continued
	1,835		Wesbanco, Inc.	$	55,637
	1,470		West Bancorp., Inc.		24,659
	1,400		West Coast Bancorp		33,180
	3,000		WestAmerica Bancorp.		171,570
	602	²	Western Sierra Bancorp		21,534
	100		Westfield Financial, Inc.		2,433
	1,000		Wilshire Bancorp, Inc.		27,830
	2,200		Winston Hotels, Inc.		24,310
	2,199		Wintrust Financial Corp.		125,343
	2,100	²	World Acceptance Corp.		49,140
	1,300		Yardville National Bancorp		43,134
	979		Zenith National Insurance Corp.		40,208
	2,859	²	eSpeed, Inc., Class A		28,161
			TOTAL		22,134,204
			Healthcare--12.1%
	1,293	²	AMN Healthcare Services, Inc.		15,257
	1,500	²	Abaxis, Inc.		19,387
	8,600	²	Abgenix, Inc.		78,346
	1,100	²	Abiomed, Inc.		12,446
	2,100	²	Able Laboratories, Inc.		45,517
	4,400	²	Adolor Corp.		52,096
	2,700	²	Advanced Medical Optics, Inc.		105,570
	2,000	²	Advanced Neuromodulation Systems, Inc.		63,660
	200	²	Advancis Pharmaceutical Corp.		562
	1,600	²	Advisory Board Co.		52,128
	1,800	²	Aksys Ltd.		9,360
	2,694	²	Albany Molecular Research, Inc.		23,222
	3,900	²	Alderwoods Group, Inc.		39,507
	2,303	²	Alexion Pharmaceuticals, Inc.		41,097
	4,900	²	Align Technology, Inc.		50,837
	8,400	²	Alkermes, Inc.		103,908
	1,200	²	Alliance Imaging, Inc.		8,916
	2,521	²	Allscripts Healthcare Solutions, Inc.		23,433
	4,045		Alpharma, Inc., Class A		68,563
	600	²	Amedisys, Inc.		18,138
	500	²	America Service Group, Inc.		17,885
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	3,100	²	American Healthcorp, Inc.	$	93,558
	2,600	²	American Medical Systems Holdings, Inc.		96,460
	1	²	American Pharmaceutical Partners, Inc.		28
	2,300	²	Amerigroup Corp.		138,000
	3,300	²	Amsurg Corp.		77,187
	895		Analogic Corp.		38,078
	900	²	Animas Corp.		12,843
	3,334	²	Antigenics, Inc.		22,571
	6,800	²	Applera Corp.		87,176
	4,700	²	Apria Healthcare Group, Inc.		128,592
	4,902	²	Ariad Pharmaceutiacals, Inc.		27,794
	1,800	²	Array BioPharma, Inc.		12,582
	1,774		Arrow International, Inc.		50,674
	1,762	²	Arthrocare Corp.		54,287
	1,600	²	Aspect Medical Systems, Inc.		28,768
	4,200	²	AtheroGenics, Inc.		125,748
	1,900	²	Atrix Labs, Inc.		58,862
	7,000	²	Avant Immunotherapeutics, Inc.		13,090
	6,200	²	Axonyx, Inc.		38,378
	300	²	Barrier Therapeutics, Inc.		4,197
	1,300	²	Bentley Pharmaceuticals, Inc.		11,310
	10,046	²	Beverly Enterprises, Inc.		87,300
	1,600	²	Bio Rad Laboratories, Inc., Class A		83,232
	1,200	²	Bio-Reference Laboratories, Inc.		16,884
	2,400	²	BioCryst Pharmaceuticals, Inc.		12,660
	2,600		BioLase Technology, Inc.		17,732
	7,694	²	BioMarin Pharmaceutical, Inc.		31,776
	1,300	²	Bioenvision, Inc.		10,172
	1,103	²	Biosite Diagnostics, Inc.		53,837
	1,910	²	Bioveris Corp.		12,310
	1,853	²	Bone Care International, Inc.		42,554
	1,700	²	Bradley Pharmaceuticals, Inc.		28,152
	1,852	²	Bruker BioSciences Corp.		6,389
	2,702	²	CONMED Corp.		75,845
	2,900	²	CTI Molecular Imaging, Inc.		22,736
	3,657	²	CV Therapeutics, Inc.		61,182
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	1,100	²	CancerVax Corp.	$	9,405
	2,000	²	Candela Corp.		20,350
	400	²	Caraco Pharmaceutical Laboratories, Ltd.		3,232
	7,100	²	Cardiac Science, Inc.		12,070
	3,371	²	CardioDynamics International Corp.		12,186
	4,590	²	Cell Genesys, Inc.		30,110
	4,906	²	Cell Therapeutics, Inc.		30,417
	2,100	²	Centene Corp.		99,603
	3,900	²	Cepheid, Inc.		35,178
	2,600	²	Cerner Corp.		117,390
	1,163		Chemed Corp.		70,303
	2,200	²	Ciphergen Biosystems, Inc.		8,096
	704	²	Closure Medical Corp.		12,010
	600		Computer Programs & Systems, Inc.		12,621
	2,400	²	Conceptus, Inc.		20,556
	2,793	²	Connetics Corp.		75,076
	200	²	Corgentech, Inc.		3,814
	5,731	²	Corixa Corp.		22,781
	914	²	Corvel Corp.		23,897
	2,700	²	Cross Country Healthcare, Inc.		40,041
	4,738	²	Cubist Pharmaceuticals, Inc.		48,351
	4,000	²	CuraGen Corp.		19,720
	3,100	²	Curis, Inc.		11,563
	1,398	²	Cyberonics, Inc.		26,240
	2,600	²	Cypress Biosciences, Inc.		27,326
	2,100	²	Cytogen Corp.		20,706
	400	²	Cytokinetics, Inc.		3,600
	1,500	²	DJ Orthopedics, Inc.		25,575
	1,700	²	DOV Pharmaceutical, Inc.		28,016
	1,000	²	DUSA Pharmaceuticals, Inc.		11,660
	1,059		Datascope Corp.		34,375
	4,800	²	Decode Genetics, Inc.		33,600
	5,400	²	Dendreon Corp.		55,836
	3,583	²	Dendrite International, Inc.		52,491
	1,200	²	DepoMed, Inc.		5,370
	2,100		Diagnostic Products Corp.		92,715
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	1,496	²	Digene Corp.	$	37,624
	4,100	²	Discovery Laboratories, Inc.		27,921
	2,225	²	Diversa Corp.		19,179
	3,100	²	Durect Corp.		5,642
	3,200	²	Dyax Corp.		18,368
	300	²	E-Z-EM, Inc.		5,565
	2,100	²	EPIX Medical, Inc.		32,823
	3,494	²	Eclipsys Corp.		59,293
	2,300	²	Encore Medical Corp.		11,810
	5,084	²	Encysive Pharmaceuticals, Inc.		44,383
	1,700	²	Endocardial Solutions, Inc.		19,261
	2,409	²	Enzo Biochem, Inc.		42,610
	5,100	²	Enzon, Inc.		82,467
	600	²	Exactech, Inc.		10,332
	5,855	²	Exelixis, Inc.		52,109
	8,700	²	First Health Group Corp.		138,504
	2,500	²	First Horizon Pharmaceutical Corp.		61,450
	61,000		Five Star Quality Care, Inc., Rights		0
	100	²	GTX, Inc.		1,187
	3,900	²	Genaera Corp.		15,502
	7,200	²	Genelabs Technologies, Inc.		4,752
	700	²	Genencor International, Inc.		10,867
	1,850	²	Genesis Healthcare Corp.		56,758
	8,647	²	Genta, Inc.		21,617
	3,200	²	Gentiva Health Services, Inc.		54,288
	4,640	²	Geron Corp.		36,447
	4,330	²	Guilford Pharmaceuticals, Inc.		19,572
	1,864	²	Haemonetics Corp.		61,232
	2,900	²	Hanger Orthopedic Group, Inc.		18,705
	2,200	²	HealthExtras, Inc.		31,394
	1,900	²	Hollis-Eden Pharmaceuticals, Inc.		19,313
	1,900	²	Hologic, Inc.		38,152
	5,358		Hooper Holmes, Inc.		28,129
	12,100	²	Human Genome Sciences, Inc.		124,509
	1,500	²	I-Flow Corp.		20,760
	800	²	ICU Medical, Inc.		17,960
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	1,851	²	IDX Systems Corp.	$	62,073
	3,675	²	Ilex Oncology, Inc.		92,794
	2,200	²	Illumina, Inc.		14,190
	3,312	²	Immucor, Inc.		102,175
	3,845	²	Immunogen, Inc.		20,417
	4,263	²	Immunomedics, Inc.		12,150
	5,400	²	Impax Laboratories, Inc.		79,704
	3,500	²	InKine Pharmaceutical Co., Inc.		19,075
	7,200	²	Incyte Genomics, Inc.		74,880
	5,100	²	Indevus Pharmaceuticals, Inc.		34,145
	3,300	²	Inspire Pharmaceuticals, Inc.		51,678
	2,000	²	Integra Lifesciences Corp.		64,160
	3,048	²	InterMune, Inc.		39,533
	3,000	²	Intuitive Surgical, Inc.		87,540
	2,763		Invacare Corp.		127,595
	1,100	²	Inverness Medical Innovations, Inc.		22,748
	4,878	²	Isis Pharmaceuticals, Inc.		22,707
	2,600	²	Isolagen, Inc.		17,706
	300	²	Ista Pharmaceuticals, Inc.		2,937
	3,350	²	KV Pharmaceutical Co., Class A		66,732
	1,200	²	Kensey Nash Corp.		34,320
	1,800	²	Keryx Biopharmaceuticals, Inc.		20,934
	2,700	²	Kindred Healthcare, Inc.		65,070
	1,078	²	Kos Pharmaceuticals, Inc.		38,485
	1,900	²	Kosan Biosciences, Inc.		11,875
	2,200	²	Kyphon, Inc.		55,264
	1,300		LCA Vision, Inc.		38,240
	1,200	²	Labone, Inc.		36,000
	600	²	Lannett Co., Inc.		6,798
	1,700	²	Laserscope		46,002
	5,850	²	Lexicon Genetics, Inc.		38,084
	3,500	²	LifeCell Corp.		31,080
	4,000	²	LifePoint Hospitals, Inc.		129,680
	1,000	²	Lifeline Systems, Inc.		24,050
	6,953	²	Ligand Pharmaceuticals, Inc., Class B		61,986
	2,239	²	Luminex Corp.		17,464
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	2,500	²	Magellan Health Services, Inc.	$	93,500
	500	²	Mannkind Corp.		8,760
	100	²	Marshall Edwards, Inc.		759
	1,200	²	Matria Healthcare, Inc.		37,464
	2,992		Matthews International Corp., Class A		100,247
	3,600	²	Maxim Pharmaceuticals, Inc.		9,000
	2,107	²	Maxygen, Inc.		20,227
	500	²	MedCath Corp.		8,775
	8,700	²	Medarex, Inc.		66,207
	900	²	Medical Action Industries, Inc.		14,967
	1,100	²	Medical Staffing Network Holdings, Inc.		8,052
	4,700	²	Medicines Co.		125,208
	4,076		Mentor Corp.		141,845
	700	²	Merge Technologies, Inc.		12,576
	2,454	²	Merit Medical Systems, Inc.		25,399
	3,300	²	Microtek Medical Holdings, Inc.		12,210
	1,976		Mine Safety Appliances Co.		74,535
	1,771	²	Molecular Devices Corp.		35,447
	900	²	Molina Healthcare, Inc.		33,138
	700	²	Myogen, Inc.		6,069
	2,900	²	Myriad Genetics, Inc.		51,388
	3,721		NDCHealth Corp.		62,476
	3,439	²	NPS Pharmaceuticals, Inc.		58,738
	5,603	²	Nabi Biopharmaceuticals		77,602
	4,500	²	Nanogen, Inc.		17,910
	600		National Healthcare Corp.		17,868
	2,374	²	NeoPharm, Inc.		17,247
	1,700	²	Neurogen Corp.		12,147
	2,500	²	Northfield Laboratories, Inc.		34,250
	2,501	²	Noven Pharmaceuticals, Inc.		56,398
	1,300	²	NuVasive, Inc.		12,818
	1,100	²	Nutraceutical International Corp.		17,050
	3,566	²	Nuvelo, Inc.		32,736
	4,800	²	OCA, Inc.		19,824
	1,517	²	Ocular Sciences, Inc.		74,105
	4,175	²	Odyssey Healthcare, Inc.		32,231
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	1,900	²	Omnicell, Inc.	$	19,618
	3,200	²	Onyx Pharmaceuticals, Inc.		89,792
	1,525		Option Care, Inc.		20,039
	3,700	²	OraSure Technologies, Inc.		24,975
	4,400	²	OrthoLogic Corp.		27,148
	5,300	²	Orthovita, Inc.		23,320
	5,100	²	Oscient Pharmaceutical Corp.		17,289
	3,626		Owens & Minor, Inc.		94,965
	776	²	PDI, Inc.		22,201
	7,161	²	PSS World Medical, Inc.		80,669
	3,300	²	Pain Therapeutics, Inc.		22,935
	5,000	²	Palatin Technologies, Inc.		11,750
	900	²	Palomar Medical Technologies, Inc.		18,441
	3,200	²	Par Pharmaceutical Cos., Inc.		126,240
	3,205	²	Parexel International Corp.		61,696
	2,100	²	Pediatrix Medical Group		118,125
	2,200	²	Penwest Pharmaceuticals Co.		23,936
	443	²	Per-Se Technologies, Inc.		6,463
	11,813	²	Peregrine Pharmaceuticals, Inc.		15,239
	5,974		Perrigo Co.		108,607
	1,800	²	Pharmacyclics, Inc.		21,078
	1,400	²	Pharmion Corp.		64,330
	7,600	²	Pharmos Corp.		20,900
	2,754		PolyMedica Industries, Inc.		96,390
	1,900	²	Possis Corp.		21,052
	3,400	²	Pozen, Inc.		29,784
	5,461	²	Praecis Pharmaceuticals, Inc.		9,557
	3,200	²	Priority HealthCare Corp., Class B		57,792
	900	²	Progenics Pharmaceuticals, Inc.		13,442
	4,740	²	Province Heathcare Co.		101,626
	200	²	ProxyMed, Inc.		1,875
	1,300	²	Psychiatric Solutions, Inc.		33,085
	4,300	²	Quidel Corp.		24,252
	2,400	²	Regeneration Technologies, Inc.		18,600
	3,512	²	Regeneron Pharmaceuticals, Inc.		25,532
	1,899	²	RehabCare Group, Inc.		43,601
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	100	²	Renovis, Inc.	$	1,145
	1,200	²	Res-Care, Inc.		14,568
	656	²	Rigel Pharmaceuticals, Inc.		15,744
	1,000	²	SFBC International, Inc.		27,810
	3,850	²	Salix Pharmaceuticals Ltd.		61,716
	300	²	Santarus, Inc.		2,946
	4,600	²	SciClone Pharmaceuticals, Inc.		20,930
	2,400	²	Seattle Genetics, Inc.		14,544
	8,600		Select Medical Corp.		147,834
	2,900	²	Serologicals Corp.		68,585
	2,100	²	Sierra Health Services, Inc.		100,212
	2,900	²	Sola International, Inc.		55,622
	2,800	²	Sonic Innovations, Inc.		10,528
	1,487	²	SonoSight, Inc.		42,952
	700	²	Specialty Labratories, Inc.		6,797
	6,500	²	Steris Corp.		134,745
	10,060	²	Stewart Enterprises, Inc., Class A		71,627
	1,488	²	Sunrise Senior Living, Inc.		56,708
	4,626	²	SuperGen, Inc.		28,219
	832	²	SurModics, Inc.		22,339
	3,600	²	Sybron Dental Specialties, Inc.		117,252
	400	²	Symbion, Inc.		6,216
	2,300	²	Tanox, Inc.		36,110
	4,400	²	Techne Corp.		158,488
	4,800	²	Telik, Inc.		88,560
	1,800	²	Third Wave Technologies, Inc.		13,824
	3,430	²	Thoratec Laboratories Corp.		30,115
	3,403	²	Transkaryotic Therapies, Inc.		58,906
	2,300	²	TriPath Imaging, Inc.		15,801
	2,935	²	TriZetto Group, Inc.		19,958
	1,690	²	Trimeris, Inc.		19,452
	3,000	²	United Surgical Partners International, Inc.		105,030
	2,273	²	United Therapeutics Corp.		71,054
	1,900	²	Urologix, Inc.		9,310
	4,543	²	VISX, Inc.		75,777
	7,800		Valeant Pharmaceuticals International		187,200
Shares					Value
			COMMON STOCKS--continued¹
			Healthcare--continued
	3,260	²	Varian, Inc.	$	118,925
	974	²	Ventana Medical Systems		52,713
	2,200	²	Ventiv Health, Inc.		38,060
	7,600	²	Vertex Pharmaceuticals, Inc.		82,688
	2,900	²	Viasys Healthcare, Inc.		49,561
	4,800	²	Vicuron Pharmaceuticals, Inc.		67,296
	5,200	²	Vion Pharmaceuticals, Inc.		24,284
	1,200	²	VistaCare, Inc., Class A		18,600
	501		Vital Signs, Inc.		17,347
	218	²	WebMD Corp.		1,648
	500	²	Wellcare Group, Inc.		11,450
	2,784		West Pharmaceutical Services, Inc.		63,781
	1,900	²	Wilson Greatbatch Technology, Inc.		32,205
	2,500	²	Wright Medical Group, Inc.		64,575
	400		Young Innovations, Inc.		12,860
	4,000	²	Zila, Inc.		18,060
	894	²	Zoll Medical Corp.		28,608
	1,500	²	Zymogenetics, Inc.		28,335
	4,625	²	eResearch Technology, Inc.		54,066
			TOTAL		12,259,018
			Industrials--13.5%
	800	²	A.S.V., Inc.		28,960
	3,867	²	AAR Corp.		45,437
	3,504		ABM Industries, Inc.		72,708
	700	²	AMERCO		28,266
	800	²	Aaon, Inc.		11,760
	2,100		Aceto Corp.		33,096
	2,500	²	Actuant Corp.		99,175
	3,977		Acuity Brands, Inc.		105,510
	2,026	²	Administaff, Inc.		23,198
	7,894	²	AirTran Holdings, Inc.		91,728
	2,251	²	Alaska Air Group, Inc.		59,291
	2,456		Albany International Corp., Class A		73,729
	4,059		Alexander and Baldwin, Inc.		148,783
	3,300	²	America West Holdings Corp., Class B		15,114
	2,100	²	American Superconductor Corp.		24,266
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	1,000		American Woodmark Corp.	$	37,180
	800		Ameron, Inc.		27,064
	800		Angelica Corp.		19,200
	3,200		Apogee Enterprises, Inc.		40,992
	2,126		Applied Industrial Technologies, Inc.		79,087
	900		Applied Signal Technology, Inc.		27,261
	1,484		Arkansas Best Corp.		58,010
	2,620	²	Armor Holdings, Inc.		96,992
	4,238	²	Artesyn Technologies, Inc.		41,109
	300	²	Asset Acceptance Capital Corp.		5,468
	1,261	²	Astec Industries, Inc.		18,272
	783		Aura Systems, Inc., Warrants		0
	2,200	²	Aviall, Inc.		47,630
	3,700	²	BE Aerospace, Inc.		31,746
	3,076		Baldor Electric Co.		72,071
	2,600		Banta Corp.		105,768
	1,478		Barnes Group, Inc.		38,428
	3,255		Bowne & Co., Inc.		40,460
	1,687		Brady (W.H.) Co.		91,486
	1,273	²	Bright Horizons Family Solutions, Inc.		80,581
	650	²	Bucyrus International, Inc.		19,500
	2,329		C&D Technologies, Inc.		41,689
	1,351		CDI Corp.		22,292
	1,100		CIRCOR International, Inc.		20,845
	2,409		CLARCOR, Inc.		118,764
	6,200	²	Capstone Turbine Corp.		10,974
	1,100		Cascade Corp.		32,670
	2,009	²	Casella Waste Systems, Inc.		24,952
	2,000	²	Central Freight Lines, Inc.		11,180
	1,765		Central Parking Corp.		23,916
	5,959	²	Century Business Services, Inc.		26,398
	1,400	²	Ceradyne, Inc.		60,046
	600	²	Charles River Associates, Inc.		24,108
	1,545	²	CoStar Group, Inc.		62,372
	2,625	²	Coinstar, Inc.		67,804
	2,900	²	Comfort Systems USA, Inc.		20,097
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	550	²	Commercial Vehicle Group, Inc.	$	8,894
	1,100	²	Consolidated Graphics, Inc.		46,970
	5,700	²	Continental Airlines, Inc., Class B		52,896
	1,700	²	Cornell Corrections, Inc.		23,460
	3,697	²	Corrections Corp. of America		128,471
	900	²	Covenant Transport, Inc., Class A		15,584
	1,500		Cubic Corp.		33,000
	1,748	²	Cuno, Inc.		100,510
	1,932		Curtiss Wright Corp.		107,825
	1,821	²	DRS Technologies, Inc.		65,957
	12,000	²	Delta Air Lines, Inc.		65,400
	2,100	²	DiamondCluster International, Inc., Class A		25,589
	2,400	²	Dollar Thrifty Automotive Group		57,888
	700	²	Ducommun, Inc.		16,499
	1,100	²	Duratek, Inc.		22,248
	4,500	²	Dycom Industries, Inc.		146,925
	1,500		EDO Corp.		41,970
	3,842	²	EGL, Inc.		122,867
	1,383	²	ESCO Technologies, Inc.		96,533
	1,479	²	Electro Rent Corp.		16,764
	2,367		ElkCorp		66,631
	1,378	²	Emcor Group, Inc.		54,527
	1,900	²	EnPro Industries, Inc.		41,724
	1,650	²	Encore Wire Corp.		20,312
	800	²	EnerSys, Inc.		10,560
	1,775	²	Energy Conversion Devices, Inc.		29,882
	2,025		Engineered Support Systems, Inc.		97,281
	1,500		Ennis Business Forms, Inc.		30,345
	1,951	²	Esterline Technologies Corp.		61,652
	1,000	²	Exponent, Inc.		27,000
	3,200	²	ExpressJet Holdings, Inc.		35,584
	3,950	²	FTI Consulting, Inc.		74,102
	4,513		Federal Signal Corp.		75,006
	700	²	First Advantage Corp., Class A		11,676
	2,100	²	Flanders Corp.		17,252
	2,000		Florida East Coast Industries, Inc.		75,720
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	5,100	²	Flowserve Corp.	$	110,058
	4,238	²	Flyi, Inc.		5,933
	2,001	²	Forward Air Corp.		82,381
	1,440		Franklin Electronics, Inc.		55,267
	3,361	²	Frontier Airlines, Inc.		28,098
	3,940	²	Fuelcell Energy, Inc.		48,600
	1,655		G & K Services, Inc., Class A		65,025
	1,945	²	Gardner Denver, Inc.		58,311
	4,090	²	GenCorp, Inc.		56,851
	600	²	General Binding Corp.		8,565
	3,667	²	General Cable Corp.		45,104
	1,650	²	Genesee & Wyoming, Inc., Class A		41,778
	1,254	²	Genlyte Group, Inc.		92,244
	900	²	Geo Group, Inc.		18,009
	2,200		Gevity HR, Inc.		39,182
	2,700	²	Global Power Equipment Group		21,762
	900		Gorman Rupp Co.		19,530
	3,066		Granite Construction, Inc.		74,442
	200		Greenbrier Cos., Inc.		4,938
	900	²	Greg Manning Auctions, Inc.		8,969
	3,029	²	Griffon Corp.		67,395
	2,691		Harland (John H.) Co.		86,731
	1,400		Healthcare Services Group, Inc.		25,942
	4,500		Heartland Express, Inc.		92,070
	1,758		Heico Corp.		31,820
	2,022	²	Heidrick & Struggles International, Inc.		57,900
	1,500	²	Herley Industries, Inc.		26,355
	1,969	²	Hexcel Corp.		30,520
	400	²	Hub Group, Inc.		16,088
	1,300	²	Hudson Highland Group, Inc.		37,135
	4,687		IDEX Corp.		172,950
	1,074	²	II-VI, Inc.		36,774
	1,600	²	Imagistics International, Inc.		55,072
	200	²	Infrasource Services, Inc.		2,088
	900	²	Innovative Solutions and Support, Inc.		18,882
	2,792	²	Insituform Technologies, Inc., Class A		55,337
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	906	²	Insurance Automotive Auctions, Inc.	$	17,404
	3,103	²	Integrated Electrical Services		11,791
	2,742	²	Intermagnetics General Corp.		69,894
	1,100	²	Intersections, Inc.		14,735
	1,500	²	Invision Technologies, Inc.		69,270
	1,943	²	Ionics, Inc.		55,376
	4,563		JLG Industries, Inc.		76,111
	3,800		Jackson Hewitt Tax Service, Inc.		79,800
	7,078	²	Jacuzzi Brands, Inc.		61,225
	5,100		Joy Global, Inc.		172,329
	1,800	²	KForce Com, Inc.		19,062
	1,900	²	KVH Industries, Inc.		15,941
	1,228	²	Kadant, Inc.		22,165
	2,341		Kaman Corp., Class A		25,751
	6,300	²	Kansas City Southern Industries, Inc.		106,785
	2,668		Kaydon Corp.		78,973
	1,620		Kelly Services, Inc., Class A		43,602
	3,695		Kennametal, Inc.		171,928
	2,035	²	Kirby Corp.		85,470
	3,448	²	Knight Transportation, Inc.		80,994
	3,308	²	Korn/Ferry International		57,559
	1,800	²	LECG Corp.		32,922
	1,875		LSI Industries, Inc.		19,969
	4,270	²	Labor Ready, Inc.		61,275
	9,700	²	Laidlaw International, Inc.		161,699
	3,024	²	Landstar System, Inc.		205,451
	425		Lawson Products, Inc.		18,403
	1,500	²	Layne Christensen Co.		25,845
	1,526	²	Learning Tree International, Inc.		21,028
	4,160		Lennox International, Inc.		60,154
	3,420		Lincoln Electric Holdings		114,160
	1,072		Lindsay Manufacturing Co.		25,278
	2,425	²	MOOG, Inc., Class A		91,010
	600	²	MTC Technologies, Inc.		16,395
	2,500	²	Magnetek, Inc.		15,375
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	2,452		Manitowoc, Inc.	$	86,556
	400	²	Marten TransA Pittsburgh Christmas CarolA Pittsburgh Christmas Carolport Ltd.		7,324
	2,100	²	Mastec, Inc.		14,511
	756		McGrath Rentcorp.		29,431
	1,199	²	Medis Technologies Ltd.		15,431
	928	²	MemberWorks, Inc.		27,654
	2,447	²	Mercury Computer Systems, Inc.		61,799
	3,322	²	Mesa Air Group, Inc.		19,068
	2,500	²	Microvision, Inc.		13,300
	600		Middleby Corp.		29,417
	4,006		Milacron, Inc.		11,017
	1,811		Milacron, Inc., Rights		1,358
	1,076	²	Mobile Mini, Inc.		30,515
	3,581		Mueller Industries, Inc.		95,469
	414		NACCO Industries, Inc., Class A		38,692
	2,027	²	NCI Building System, Inc.		65,168
	2,427	²	NCO Group, Inc.		64,922
	4,339	²	Navigant Consulting, Inc.		107,911
	2,786		Nordson Corp.		97,566
	7,300	²	Northwest Airlines Corp., Class A		64,605
	300	²	NuCo2, Inc.		6,360
	1,550	²	Old Dominion Freight Lines, Inc.		43,439
	4,562	²	Orbital Sciences Corp.		47,217
	2,200		Overnite Corp.		71,192
	400	²	P.A.M. Transportation Services, Inc.		7,524
	766	²	PICO Holdings, Inc.		14,477
	3,837	²	PRG-Schultz International, Inc.		19,876
	3,100	²	Pacer International, Inc.		55,025
	970		Penn Engineering & Manufacturing Corp.		17,363
	1,200	²	Perini Corp.		18,960
	1,400	²	Pinnacle Airlines Corp.		15,176
	5,800	²	Plug Power, Inc.		34,713
	1,300	²	Portfolio Recovery Associates, Inc.		43,836
	600	²	Powell Industries, Inc.		9,672
	6,000	²	Power-One, Inc.		42,120
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	1,331	²	Pre-Paid Legal Services, Inc.	$	37,122
	1,500	²	Princeton Review (The), Inc.		8,708
	6,700	²	Quanta Services, Inc.		45,024
	900		Quixote Corp.		16,178
	3,100	²	RailAmerica, Inc.		34,379
	1,400		Raven Industries, Inc.		31,584
	2,498		Regal Beloit Corp.		58,453
	2,686		Reliance Steel & Aluminum Co.		92,184
	2,000	²	Resources Connection, Inc.		83,960
	1,047		Robbins & Myers, Inc.		21,830
	1,827		Rollins, Inc.		48,141
	1,901	²	SCS Transportation, Inc.		34,351
	800	²	SI International, Inc.		20,744
	4,300	²	SITEL Corp.		8,127
	1,474	²	SOURCECORP, Inc.		24,734
	800		Schawk, Inc.		13,296
	1,260	²	School Specialty, Inc.		51,559
	474	²	Sequa Corp., Class A		25,587
	5,900	²	Shaw Group, Inc.		71,921
	1,754		Simpson Manufacturing Co., Inc.		112,747
	5,500		SkyWest, Inc.		93,940
	1,804		Smith (A.O.) Corp.		47,878
	4,241	²	Sothebys Holdings, Inc., Class A		79,264
	6,265	²	Spherion Corp.		45,045
	1,630		Standard Register		17,311
	1,177		Standex International Corp.		30,826
	3,365		Stewart & Stevenson Services		57,205
	1,300		Strayer Education, Inc.		126,152
	4,600	²	Swift Transportation Co.		86,940
	500		Sypris Solutiions, Inc.		6,900
	900	²	TRC Cos., Inc.		15,678
	1,726		Tecumseh Products Co., Class A		74,701
	3,500	²	TeleTech Holdings, Inc.		35,000
	3,052	²	Teledyne Technologies, Inc.		78,040
	761		Tennant Co.		31,049
	4,662	²	Terex Corp.		177,156
Shares					Value
			COMMON STOCKS--continued¹
			Industrials--continued
	5,787	²	Tetra Tech, Inc.	$	76,041
	5,500	²	Thomas & Betts Corp.		155,870
	1,176		Thomas Industries, Inc.		39,749
	2,552		Toro Co.		174,174
	2,621		Tredegar Industries, Inc.		43,902
	1,029	²	Trex Co. Inc.		41,283
	3,936		Trinity Industries, Inc.		122,646
	1,510	²	Triumph Group, Inc.		51,884
	2,600	²	U.S.G. Corp.		58,214
	2,928	²	URS Corp.		80,813
	600	²	US Xpress Enterprises, Inc., Class A		12,270
	2,933		USF Corp.		105,119
	1,100	²	Ultralife Batteries, Inc.		12,144
	1,100		United Industrial Corp.		35,200
	4,000	²	United Rentals, Inc.		61,800
	3,193	²	United Stationers, Inc.		142,089
	1,638		Universal Forest Products, Inc.		60,074
	1,300	²	Universal Technical Institute, Inc.		42,653
	4,500	²	Valence Technology, Inc.		14,490
	1,364		Valmont Industries, Inc.		29,667
	1,766		Vicor Corp.		16,406
	774	²	Volt Information Science, Inc.		22,485
	2,572	²	Wabash National Corp.		63,220
	3,835		Wabtec Corp.		77,735
	2,451		Walter Industries, Inc.		41,692
	2,600	²	Washington Group International, Inc.		90,662
	4,486	²	Waste Connections, Inc.		141,399
	500	²	Water Pik Technologies, Inc.		7,830
	1,948		Watsco, Inc.		55,440
	3,000		Watson Wyatt & Co. Holdings		79,650
	2,280		Watts Industries, Inc., Class A		59,143
	4,400		Werner Enterprises, Inc.		93,280
	898		Woodward Governor Co.		54,374
	3,800		York International Corp.		120,992
			TOTAL		13,692,940
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--17.1%
	2,000	²	24/7 Media, Inc.	$	7,000
	2,800	²	AMIS Holdings, Inc.		42,560
	3,270	²	ATMI, Inc.		76,355
	2,832	²	Accelrys, Inc.		16,312
	3,251	²	Actel Corp.		49,318
	4,400	²	ActivCard Corp.		35,156
	3,700	²	Actuate Software Corp.		9,158
	10,200	²	Adaptec, Inc.		79,560
	700	²	Ade Corp.		10,745
	6,494	²	Advanced Digital Information Corp.		58,121
	1,969	²	Advanced Energy Industries, Inc.		19,414
	2,900	²	Advent Software, Inc.		60,494
	6,194	²	Aeroflex, Inc.		68,753
	4,900	²	Agile Software Corp.		41,846
	3,379		Agilysys, Inc.		57,747
	2,900	²	Airspan Networks, Inc.		17,777
	3,088	²	Alliance Semiconductor Corp.		10,654
	1,900	²	Altiris, Inc.		51,671
	2,180	²	Anaren Microwave, Inc.		26,694
	3,330	²	Anixter International, Inc.		128,671
	300	²	Ansoft Corp.		4,800
	3,700	²	AnswerThink Consulting Group, Inc.		14,856
	3,400	²	Ansys, Inc.		93,840
	2,500	²	Anteon International Corp.		98,250
	1,500	²	Applied Films Corp.		34,785
	6,479	²	Ariba, Inc.		99,453
	7,900	²	Arris Group, Inc.		36,735
	2,700	²	Artisan Components, Inc.		87,318
	6,625	²	Ascential Software Corp.		93,346
	4,000	²	Asiainfo Holdings, Inc.		18,800
	3,800	²	Aspect Communications Corp.		36,157
	5,179	²	Aspen Technology, Inc.		31,126
	4,448	²	Asyst Technologies, Inc.		23,819
	1,340	²	Atari, Inc.		2,010
	400	²	Atheros Communications		4,800
	2,198	²	Audiovox Corp., Class A		31,651
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	1,300	²	August Technology Corp.	$	10,134
	2,500	²	Authentidate Holding Corp.		17,375
	4,100	²	Autobytel.com, Inc.		28,536
	6,300	²	Avanex Corp.		17,325
	9,300	²	Axcelis Technologies, Inc.		79,980
	1,400		BEI Technologies, Inc.		41,846
	1,000		Bel Fuse, Inc.		33,550
	4,372	²	Belden CDT, Inc.		97,190
	3,828	²	Benchmark Electronics, Inc.		130,037
	11,300	²	Bisys Group, Inc.		164,980
	1,722		Black Box Corp.		67,640
	400	²	Blackboard Inc.		7,124
	1,100	²	Blue Coat Systems, Inc.		19,151
	7,520	²	Borland Software Corp.		77,005
	2,200	²	Brightpoint, Inc.		33,418
	24,300	²	Brocade Communications Systems, Inc.		164,997
	4,201	²	Brooks Automation, Inc.		62,511
	3,824	²	C-COR Electronics, Inc.		28,756
	3,008	²	CACI International, Inc., Class A		183,398
	738	²	CCC Information Service Group, Inc.		13,520
	35,300	²	CMG Information Services, Inc.		48,361
	11,900	²	CNET, Inc.		97,223
	5,500	²	CSG Systems International, Inc.		92,455
	3,350		CTS Corp.		44,254
	2,300	²	Cabot Microelectronics Corp.		82,869
	1,700	²	California Micro Devices Corp.		13,260
	2,200	²	Captaris, Inc.		10,120
	1,500	²	Carreker-Antinori, Inc.		13,545
	1,600	²	Carrier Access Corp.		14,144
	600	²	Catapult Communications Corp.		14,736
	3,532	²	Checkpoint Systems, Inc.		60,397
	200	²	Cherokee International Corp		1,380
	6,700	²	Chordiant Software, Inc.		16,482
	4,780	²	Ciber, Inc.		43,211
	7,700	²	Cirrus Logic, Inc.		38,885
	4,100		Cognex Corp.		104,960
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	2,844	²	Coherent, Inc.	$	68,626
	2,721		Cohu, Inc.		42,665
	5,400	²	CommScope, Inc.		97,254
	1,750	²	Comtech Telecommunications Corp.		47,968
	1,800	²	Concord Communications, Inc.		14,796
	2,400	²	Concur Technologies, Inc.		24,972
	2,300	²	Corillian Corp.		11,316
	1,500	²	Covansys Corp.		17,280
	8,000	²	Cray, Inc.		26,760
	9,040	²	Credence Systems Corp.		68,252
	1,300	²	CyberGuard Corp.		7,033
	1,000	²	Cyberoptics Corp.		10,900
	3,600	²	Cybersource Corp.		23,544
	4	²	CycleLogic, Inc.		0
	3,300	²	Cymer, Inc.		94,116
	2,000	²	DDI Corp.		7,880
	1,918	²	DSP Group, Inc.		38,034
	1,300	²	Daktronics, Inc.		32,084
	1,600	²	Digi International, Inc.		21,904
	1,583	²	Digimarc Corp.		14,690
	3,590	²	Digital Insight Corp.		56,219
	3,000	²	Digital River, Inc.		99,900
	1,500	²	Digital Theater Systems, Inc.		25,515
	4,867	²	Digitas, Inc.		43,803
	650	²	Diodes, Inc.		19,000
	2,101	²	Dionex Corp.		117,656
	2,800	²	Ditech Communications Corp.		64,232
	4,500	²	Dot Hill Systems Corp.		28,125
	10,600	²	DoubleClick, Inc.		67,416
	1,960	²	Dupont Photomasks, Inc.		51,391
	7,100	²	E.piphany, Inc.		31,098
	1,300	²	EPIQ Systems, Inc.		19,474
	3,684	²	ESS Technology, Inc.		24,093
	14,000	²	Eagle Broadband, Inc.		8,680
	13,000	²	EarthLink Network, Inc.		134,290
	2,600	²	Echelon Corp.		18,356
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	2,639	²	Electro Scientific Industries, Inc.	$	44,757
	4,700	²	Electronics for Imaging, Inc.		84,788
	1,789	²	Embarcadero Technologies, Inc.		14,545
	7,700	²	Emulex Corp.		80,927
	4,100	²	Entegris, Inc.		37,946
	19,700	²	Enterasys Networks, Inc.		27,580
	5,300	²	Entrust Technologies, Inc.		17,490
	4,000	²	Epicor Software Corp.		61,480
	800	²	Equinix, Inc.		30,152
	2,700	²	Euronet Worldwide, Inc.		61,884
	4,844	²	Exar Corp.		72,757
	950	²	Excel Technology, Inc.		23,959
	10,100	²	Extreme Networks, Inc.		59,085
	3,396	²	F5 Networks, Inc.		135,670
	2,231	²	FEI Co.		43,192
	2,200	²	FSI International, Inc.		10,263
	1,900		FactSet Research Systems		94,696
	2,473	²	FalconStor Software, Inc.		19,339
	1,300	²	Faro Technologies, Inc.		32,305
	3,537	²	Filenet Corp.		98,435
	1,700	²	FindWhat.com		34,085
	14,500	²	Finisar Corp.		21,315
	2,500	²	FormFactor, Inc.		58,625
	1,241	²	Forrester Research, Inc.		19,142
	5,641	²	Gartner Group, Inc., Class A		67,128
	800	²	Gartner Group, Inc., Class B		9,288
	20,800	²	Gateway, Inc.		121,680
	2,700	²	Genesis Microchip, Inc.		38,259
	2,200	²	Global Imaging Systems, Inc.		77,440
	250	²	Greenfield Online, Inc.		5,258
	6,700	²	Harmonic Lightwaves, Inc.		55,744
	3,051		Helix Technology Corp.		42,836
	1,040	²	Hewitt Associates, Inc.		29,151
	9,300	²	Homestore.com, Inc.		22,739
	2,160	²	Hutchinson Technology, Inc.		72,598
	4,500	²	Hypercom Corp.		29,160
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	3,692	²	Hyperion Solutions Corp.	$	148,160
	1,900	²	IGATE Capital Corp.		6,565
	400	²	INTAC International, Inc.		3,182
	1,744	²	IXYS Corp.		12,417
	9,264	²	Identix, Inc.		67,535
	3,300		Imation Corp.		103,191
	3,997	²	InFocus Corp.		25,741
	3,200	²	InfoSpace.com, Inc.		168,000
	3,024	²	InfoUSA, Inc.		31,676
	1,200	²	Infocrossing, Inc.		17,652
	8,000	²	Informatica Corp.		62,480
	9,900	²	Integrated Device Technology, Inc.		117,018
	3,665	²	Integrated Silicon Solution, Inc.		27,524
	2,280		Inter-Tel, Inc.		61,560
	500	²	InterVideo, Inc.		5,808
	2,172	²	Intercept Group, Inc.		40,812
	5,200	²	Interdigital Communications Corp.		82,680
	4,118	²	Intergraph Corp.		102,682
	19,800	²	Internap Network Services Corp.		15,246
	4,700	²	Internet Capital Group, Inc.		32,242
	3,800	²	Internet Security Systems, Inc.		82,688
	3,500	²	Intervoice, Inc.		43,330
	3,825	²	Interwoven, Inc.		34,693
	1,000	²	Intevac, Inc.		5,015
	1,600	²	Intrado, Inc.		21,664
	4,812	²	Iomega Corp.		22,135
	1,500	²	Itron, Inc.		31,410
	2,400	²	Ixia		30,648
	2,793	²	JDA Software Group, Inc.		31,365
	2,100	²	Jupitermedia Corp.		41,654
	350	²	Kanbay International, Inc.		8,362
	4,700	²	Keane, Inc.		74,307
	1,056		Keithley Instruments, Inc.		18,469
	8,100	²	Kemet Corp.		62,856
	1,418	²	Keynote Systems, Inc.		19,944
	100	²	Kintera, Inc.		957
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	2,100	²	Komag, Inc.	$	35,648
	6,600	²	Kopin Corp.		24,156
	3,215	²	Kronos, Inc.		157,696
	4,794	²	Kulicke & Soffa Industries		34,229
	6,131	²	LTX Corp.		39,852
	800		Landauer, Inc.		39,008
	1,600	²	LaserCard, Corp.		13,200
	10,600	²	Lattice Semiconductor Corp.		52,682
	4,600	²	Lawson Software Inc.		26,312
	400	²	LeCroy Corp.		6,732
	4,100	²	Lexar Media, Inc.		27,716
	4,100	²	Lionbridge Technologies, Inc.		19,229
	2,264	²	Littelfuse, Inc.		73,852
	9,200	²	LookSmart Ltd.		15,364
	2,300	²	MAPICS, Inc.		20,493
	1,763	²	MICROS Systems Corp.		104,229
	3,300	²	MIPS Technologies, Inc.		26,895
	3,000	²	MKS Instruments, Inc.		47,460
	9,858	²	MPS Group, Inc.		103,805
	1,858	²	MRO Software, Inc.		20,252
	9,890	²	MRV Communications, Inc.		34,318
	2,500	²	MSC Software Corp.		21,725
	2,300		MTS Systems Corp.		59,329
	4,600	²	Macrovision Corp.		124,384
	2,300	²	Magma Design Automation		29,831
	2,100	²	ManTech International Corp., Class A		45,402
	2,812	²	Manhattan Associates, Inc.		57,843
	6,100	²	Manugistics Group, Inc.		15,555
	1,600	²	Mapinfo Corp.		15,824
	500	²	Marketwatch.Com, Inc.		6,628
	4,518	²	MatrixOne, Inc.		25,753
	3,471	²	Mattson Technology, Inc.		29,122
	1,779	²	Maximus, Inc.		48,353
	700		Maxwell Technologies, Inc.		7,385
	11,000	²	McData Corp., Class A		69,080
	800	²	Measurement Specialties, Inc.		20,720
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	6,600	²	Mentor Graphics Corp.	$	76,824
	2,400	²	Merix Corp.		24,720
	3,286		Methode Electronics, Inc., Class A		44,131
	1,000	²	Metrologic Instruments, Inc.		18,650
	6,400	²	Micrel, Inc.		71,872
	737	²	MicroStrategy, Inc., Class A		44,205
	7,300	²	Micromuse, Inc.		31,317
	5,608	²	Microsemi Corp.		87,148
	3,600	²	Microtune, Inc.		15,876
	4,289	²	Midway Games, Inc.		40,617
	9,300	²	Mindspeed Technologies, Inc.		22,041
	1,900	²	Mobility Electronics, Inc.		13,338
	2,200	²	Monolithic System Technology, Inc.		9,702
	3,900	²	Mykrolis Corp.		40,989
	2,900	²	NIC, Inc.		12,209
	3,900	²	NMS Communications Corp.		17,024
	900	²	Neoforma, Inc.		6,210
	4,994	²	Net2Phone, Inc.		17,329
	5,500	²	NetIQ Corp.		69,740
	1,168	²	NetRatings, Inc.		22,028
	2,023	²	NetScout Systems, Inc.		13,311
	2,719	²	Netegrity, Inc.		28,957
	1,700	²	Netgear, Inc.		23,171
	3,200	²	Network Equipment Technologies, Inc.		27,296
	4,000	²	Newport Corp.		45,160
	2,100	²	Novatel Wireless, Inc.		43,575
	12,400	²	ON Semiconductor Corp.		44,640
	1,100	²	OPNET Technologies, Inc.		8,410
	1,300	²	OSI Systems, Inc.		22,633
	6,200	²	Omnivision Technologies, Inc.		98,580
	1,300	²	Open Solutions, Inc.		36,615
	6,033	²	Openwave Systems, Inc.		71,008
	10,000	²	Oplink Communications, Inc.		19,250
	5,000	²	Opsware, Inc.		27,050
	1,700	²	Optical Communication Products, Inc.		3,621
	1,300	²	Overland Storage, Inc.		18,733
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	652	²	PC Connections, Inc.	$	4,818
	1,981	²	PC-Tel, Inc.		15,274
	1,300	²	PDF Solutions, Inc.		16,900
	2,200	²	PLATO Learning, Inc.		19,591
	2,000	²	PLX Technology, Inc.		18,030
	3,061	²	Packeteer, Inc.		37,773
	3,939	²	PalmOne, Inc.		114,113
	1,810	²	PalmSource, Inc.		40,580
	2,900	²	Paradyne Networks, Inc.		11,107
	25,100	²	Parametric Technology Corp.		130,269
	1,692		Park Electrochemical Corp.		35,549
	3,352	²	Paxar Corp.		73,912
	880	²	Pec Solutions, Inc.		12,329
	2,923	²	Pegasus Systems, Inc.		30,428
	700	²	Pegasystems, Inc.		5,191
	2,084	²	Pericom Semiconductor Corp.		18,746
	7,100	²	Perot Systems Corp.		113,813
	1,599	²	Photon Dynamics, Inc.		29,262
	3,424	²	Photronics, Inc.		60,091
	6,814	²	Pinnacle Systems, Inc.		31,753
	3,741	²	Pixelworks, Inc.		42,236
	1,500	²	Planar Systems, Inc.		14,580
	4,058	²	Plexus Corp.		50,279
	4,900	²	Portal Software, Inc.		11,834
	2,892	²	Power Integrations, Inc.		61,889
	6,600	²	Powerwave Technologies, Inc.		49,302
	3,342	²	Presstek, Inc.		33,788
	5,200	²	Procurenet, Inc.		0
	3,314	²	Progress Software Corp.		65,816
	700		QAD, Inc.		5,348
	500	²	Quality Systems, Inc.		25,320
	16,700	²	Quantum Corp. - DLT & Storage Systems		44,756
	4,700	²	Quest Software, Inc.		68,949
	2,600	²	RAE Systems, Inc.		18,122
	5,771	²	REMEC, Inc.		31,798
	18,600	²	RF Micro Devices, Inc.		121,086
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	6,800	²	RSA Security, Inc.	$	139,128
	1,949	²	RadiSys Corp.		25,883
	10,400	²	RealNetworks, Inc.		50,440
	2,900	²	Redback Networks, Inc.		13,079
	679		Renaissance Learning, Inc.		12,915
	5,200	²	Retek, Inc.		28,704
	1,800	²	Rofin-Sinar Technologies, Inc.		53,946
	1,516	²	Rogers Corp.		65,067
	1,178	²	Rudolph Technologies, Inc.		17,764
	6,600	²	S1 Corp.		61,974
	2,096	²	SBS Technologies, Inc.		27,940
	2,758	²	SERENA Software, Inc.		48,927
	1,316	²	SPSS, Inc.		17,779
	1,100	²	SRA International, Inc.		59,136
	1,750		SS&C Technologies, Inc.		41,370
	11,200	²	Safeguard Scientifics, Inc.		18,704
	2,220	²	Safenet, Inc.		67,999
	700	²	Salesforce.com Inc.		14,224
	7,400	²	Sapient Corp.		59,570
	7,552	²	ScanSoft, Inc.		29,264
	1,300	²	ScanSource, Inc.		80,509
	2,903	²	SeaChange International, Inc.		49,467
	4,252	²	Secure Computing Corp.		33,357
	4,689	²	SeeBeyond Technology Corp.		14,700
	1,543	²	Semitool, Inc.		11,935
	700	²	SiRF Technology Holdings, Inc.		8,288
	2,300	²	Sigmatel Inc.		67,850
	24,394	²	Silicon Graphics, Inc.		31,468
	6,906	²	Silicon Image, Inc.		94,612
	7,600	²	Silicon Storage Technology		56,620
	500	²	Siliconix, Inc.		20,705
	800	²	SimpleTech, Inc.		4,296
	2,084	²	Sipex Corp.		11,941
	14,800	²	Skyworks Solutions, Inc.		131,572
	2,300	²	Sohu.com, Inc.		38,525
	1,800	²	Sonic Solutions		35,730
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	5,464	²	Sonicwall, Inc.	$	27,320
	3,400	²	Spatialight, Inc.		22,134
	1,927		SpectraLink Corp.		23,509
	300	²	Staktek Holdings, Inc.		1,065
	1,922	²	Standard Microsystems Corp.		42,322
	1,080		StarTek, Inc.		29,862
	2,800	²	Stellent, Inc.		20,104
	200	²	StorageNetworks, Inc.		0
	1,150	²	Stratasys, Inc.		33,672
	8,700	²	Stratex Networks, Inc.		15,791
	831	²	Supertex, Inc.		17,829
	4,500	²	Support.com, Inc.		22,815
	16,300	²	Sycamore Networks, Inc.		59,821
	2,300	²	Sykes Enterprises, Inc.		13,720
	4,200	²	Symmetricom, Inc.		35,658
	2,600	²	Synaptics, Inc.		82,264
	200	²	Synnex Corp.		3,946
	565		Syntel, Inc.		10,453
	3,333	²	THQ, Inc.		62,994
	100	²	TNS, Inc.		1,956
	3,700	²	TTM Technologies		34,651
	4,479	²	Take-Two Interactive Software, Inc.		147,628
	1,280		Talx Corp.		36,288
	2,200	²	Taser International, Inc.		89,980
	3,738	²	Technitrol, Inc.		61,004
	5,400	²	Tekelec, Inc.		120,528
	345		Tektronix, Inc.		10,464
	6,300	²	Terayon Communication Systems, Inc.		10,332
	25,300	²	Terremark Worldwide, Inc.		14,674
	2,100	²	Tessera Technologies, Inc.		58,653
	3,400	²	ThermoGenesis Corp.		18,989
	1,700	²	Tier Technologies, Inc., Class B		14,671
	100	²	TippingPoint Technologies, Inc.		2,812
	7,900	²	Titan Corp.		117,236
	1,100	²	TransAct Technologies, Inc.		27,522
	3,841	²	Transaction Systems Architects, Inc., Class A		62,973
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	13,900	²	Transmeta Corp.	$	29,051
	1,400	²	Trident Microsystems, Inc.		18,466
	5,232	²	Trimble Navigation Ltd.		150,106
	2,100	²	Tripath Technology, Inc.		2,709
	12,712	²	Triquint Semiconductor, Inc.		45,255
	3,700	²	Tumbleweed Communications Corp.		15,170
	3,400	²	Tyler Technologies, Inc.		29,648
	4,483	²	UNOVA, Inc.		68,814
	1,087	²	Ulticom, Inc.		18,686
	2,100	²	Ultimate Software Group, Inc.		27,017
	2,243	²	Ultratech Stepper, Inc.		38,176
	5,000	²	United Online, Inc.		46,950
	1,790	²	Universal Display Corp.		17,596
	7,400	²	ValueClick, Inc.		68,746
	3,446	²	Varian Semiconductor Equipment Associates, Inc.		119,266
	2,441	²	Veeco Instruments, Inc.		47,697
	1,000	²	Verint Systems, Inc.		38,880
	2,802	²	Verity, Inc.		36,202
	10,000	²	Verso Technologies, Inc.		5,200
	2,174	²	ViaSat, Inc.		41,067
	27,000	²	Vignette Corp.		29,970
	2,600	²	Viisage Technology, Inc.		18,798
	20,300	²	Vitesse Semiconductor Corp.		55,216
	1,600	²	WJ Communications, Inc.		3,152
	3,751	²	Watchguard Technologies, Inc.		14,929
	2,800	²	WebEx Communications, Inc.		61,600
	2,388	²	Websense, Inc.		96,881
	6,300	²	Westell Technologies, Inc., Class A		35,343
	6,600	²	Wind River Systems, Inc.		88,374
	2,600	²	Witness Systems, Inc.		40,456
	1,180		Woodhead Industries, Inc.		18,526
	1,906		X-Rite, Inc.		25,121
	14,600	²	Xybernaut Corp.		17,374
	4,225	²	Zhone Technologies, Inc.		10,816
	2,800		ZixIt Corp.		15,120
	4,493	²	Zoran Corp.		45,334
Shares					Value
			COMMON STOCKS--continued¹
			Information Technology--continued
	1,721	²	Zygo Corp.	$	17,511
	4,900	²	aQuantive, Inc.		43,855
	2,100	²	eCollege.com		19,257
	4,500	²	eFunds Corp.		88,605
	3,900	²	iPass, Inc.		22,425
	1,300	²	iPayment Holdings, Inc.		58,253
	1,800	²	iVillage, Inc.		9,225
	1,600	²	j2 Global Communications, Inc.		48,240
	5,300	²	webMethods, Inc.		36,729
			TOTAL		17,320,709
			Materials--5.9%
	10,200	²	AK Steel Holding Corp.		97,206
	1,966		AMCOL International Corp.		34,582
	5,600		Airgas, Inc.		137,760
	3,400		Albemarle Corp.		121,890
	8,500		Allegheny Technologies, Inc.		142,885
	500		American Vanguard Corp.		16,185
	500	²	Anchor Glass Container Corp.		4,300
	3,400		Aptargroup, Inc.		159,528
	2,093		Arch Chemicals, Inc.		59,337
	1,755	²	Brush Engineered Materials, Inc.		27,378
	2,790	²	Buckeye Technologies, Inc.		29,435
	3,751		Calgon Carbon Corp.		25,807
	2,465		Cambrex Corp.		55,142
	3,153	²	Caraustar Industries, Inc.		46,885
	2,157		Carpenter Technology Corp.		102,371
	1,870	²	Century Aluminium Co.		43,272
	1,529		Chesapeake Corp.		35,488
	920	²	Cleveland Cliffs, Inc.		67,068
	22,500	²	Coeur d'Alene Mines Corp.		111,375
	2,706		Commercial Metals Corp.		97,822
	1,000		Compass Minerals International, Inc.		21,420
	11,854		Crompton Corp.		110,242
	16,100	²	Crown Holdings, Inc.		182,735
	3,600		Cytec Industries, Inc.		167,436
	992		Deltic Timber Corp.		39,472
Shares					Value
			COMMON STOCKS--continued¹
			Materials--continued
	1,998		Eagle Materials, Inc.	$	138,082
	3,400	²	FMC Corp.		149,090
	3,901		Ferro Corp.		82,194
	2,636		Fuller (H.B.) Co.		70,908
	3,083		Georgia Gulf Corp.		139,567
	1,479		Gibraltar Steel Corp.		51,780
	2,957		Glatfelter (P.H.) Co.		36,756
	7,900	²	Grace (W.R.) & Co.		84,688
	9,418	²	GrafTech International Ltd.		87,211
	6,000	²	Graphic Packaging Corp.		41,160
	4,700		Great Lakes Chemical Corp.		120,414
	1,184		Greif Brothers Corp., Class A		49,195
	3,600	²	Headwaters, Inc.		113,400
	13,500	²	Hecla Mining Co.		90,990
	11,200	²	Hercules, Inc.		159,936
	2,000	²	Imco Recycling, Inc.		23,440
	678		Kronos Worldwide, Inc.		27,052
	4,820	²	Longview Fibre Co.		74,228
	2,572		MacDermid, Inc.		81,172
	2,100	²	Metal Management, Inc.		38,220
	1,700	²	Metals USA, Inc.		29,002
	6,716	²	Millennium Chemicals, Inc.		144,260
	1,963		Minerals Technologies, Inc.		117,976
	10,800	²	Mosaic Co./The		162,432
	2,259		Myers Industries, Inc.		24,013
	722		NL Industries, Inc.		14,404
	1,700		NN, Inc.		18,785
	1,100	²	Newmarket Corp.		24,651
	2,700	²	OM Group, Inc.		89,073
	1,200		Octel Corp.		23,160
	6,623		Olin Corp.		123,850
	3,468	²	Omnova Solutions, Inc.		18,172
	2,700	²	Oregon Steel Mills, Inc.		39,204
	8,542	²	Polyone Corp.		64,663
	1,488		Pope & Talbot, Inc.		22,439
	3,027		Potlatch Corp.		142,541
Shares					Value
			COMMON STOCKS--continued¹
			Materials--continued
	800		Quaker Chemical Corp.	$	18,064
	1,758		Quanex Corp.		89,131
	1,977	²	RTI International Metals		39,599
	2,404		Rock-Tenn Co.		37,382
	2,300		Royal Gold, Inc.		36,823
	2,167		Ryerson Tull, Inc.		35,365
	1,600		Schnitzer Steel Industries, Inc., Class A		45,200
	3,659		Schulman (A.), Inc.		72,631
	1,593		Schweitzer-Mauduit International, Inc.		50,275
	4,363		Sensient Technologies Corp.		94,764
	1,000		Silgan Holdings, Inc.		47,455
	2,347		Spartech Corp.		59,144
	4,056		Steel Dynamics, Inc.		134,659
	600		Steel Technologies, Inc.		14,376
	530		Stepan, Co.		12,773
	3,790	²	Stillwater Mining Co.		46,844
	2,901	²	Symyx Technologies, Inc.		70,973
	3,000	²	Terra Industries, Inc.		22,950
	2,306		Texas Industries, Inc.		117,445
	500	²	Titanium Metals Corp.		9,675
	1,000	²	U.S. Concrete, Inc.		7,000
	7,883		USEC, Inc.		76,150
	2,040		Valhi, Inc.		31,171
	4,295		Wausau-Mosinee Paper Corp.		67,174
	4,403		Wellman, Inc.		32,494
	500	²	Westlake Chemical Corp.		11,535
	300	²	Wheeling Pittsburgh Corp.		9,495
			TOTAL		5,945,676
			Telecommunication Services--1.0%
	3,000	²	AT Road, Inc.		18,900
	900	²	AirGate PCS, Inc.		20,318
	6,400	²	Alamosa Holdings, Inc.		64,224
	100	²	Alaska Communications Systems Holdings, Inc.		706
	1,600	²	Arch Wireless, Inc.		45,744
	1,900	²	Boston Communications Group, Inc.		17,290
	3,660	²	Broadwing Corp.		20,825
Shares					Value
			COMMON STOCKS--continued¹
			Telecommunication Services--continued
	1,740		CT Communications, Inc.	$	21,785
	827	²	Centennial Cellular Corp., Class A		5,160
	22,900	²	Cincinnati Bell, Inc.		78,089
	2,402	²	Commonwealth Telephone Enterprises, Inc.		109,603
	1,200		D & E Communications, Inc.		14,844
	9,800	²	Dobson Communications Corp., Class A		13,034
	1,000	²	EMS Technologies, Inc.		17,000
	4,276	²	General Communications, Inc., Class A		39,168
	1,357		Golden Telecom, Inc.		38,661
	300	²	ITC DeltaCom, Inc.		1,379
	5,800	²	Infonet Services Corp., Class B		10,556
	500	²	Metrocall Holdings, Inc.		32,423
	1,429		North Pittsburgh Systems, Inc.		29,466
	5,300	²	PTEK Holdings, Inc.		52,788
	4,795	²	Price Communications Corp.		76,384
	8,700	²	Primus Telecommunications Group, Inc.		16,617
	5,600	²	SBA Communications, Corp.		46,872
	600		Shenandoah Telecommunications Co.		15,984
	1,400		SureWest Communications		39,669
	3,566	²	TALK America Holdings, Inc.		20,291
	5,100	²	Time Warner Telecom, Inc.		26,112
	2,600	²	Triton PCS, Inc., Class A		6,318
	8,600	²	UbiquiTel, Inc.		48,762
	4,200	²	Wireless Facilities, Inc.		30,996
			TOTAL		979,968
			Utilities--3.2%
	1,579		American States Water Co.		38,843
	18,599	²	Aquila, Inc.		58,959
	5,809		Atmos Energy Corp.		149,930
	4,785		Avista Corp.		85,077
	3,500		Black Hills Corp.		103,110
	1,504		CH Energy Group, Inc.		67,124
	15,300	²	CMS Energy Corp.		143,208
	1,627		California Water Service Group		47,980
	41,500	²	Calpine Corp.		103,335
	1,652		Cascade Natural Gas Corp.		33,470
Shares					Value
			COMMON STOCKS--continued¹
			Utilities--continued
	1,200		Central VT Public Service Corp.	$	26,376
	4,480		Cleco Corp.		81,626
	750		Connecticut Water Service, Inc.		19,725
	7,100		Duquesne Light Holdings, Inc.		121,836
	4,415	²	El Paso Electric Co.		73,510
	2,961		Empire Distribution Electric Co.		61,707
	3,400		Energen Corp.		182,852
	900		EnergySouth, Inc.		24,363
	3,400		Idacorp, Inc.		105,332
	2,497		Laclede Group, Inc.		75,285
	1,842		MGE Energy, Inc.		58,373
	1,133		Middlesex Water Co.		20,252
	4,100		NICOR, Inc.		153,832
	335	²	NUI Corp.		4,509
	3,021		New Jersey Resources Corp.		124,193
	2,696		Northwest Natural Gas Co.		85,463
	2,471		Otter Tail Power Co.		63,925
	6,334		PNM Resources, Inc.		147,456
	3,500		Peoples Energy Corp.		149,730
	3,600		Piedmont Natural Gas, Inc.		163,908
	582		SJW Corp.		19,707
	10,466	²	Sierra Pacific Resources		100,474
	1,382		South Jersey Industries, Inc.		65,230
	6,398	²	Southern Union Co.		140,564
	3,178		Southwest Gas Corp.		77,639
	2,533		Southwest Water Co.		32,562
	1,465		UIL Holdings Corp.		74,246
	2,906		UniSource Energy Corp.		71,459
	4,500		WGL Holdings, Inc.		128,025
			TOTAL		3,285,195
			TOTAL COMMON STOCKS (IDENTIFIED COST $72,564,776)		97,698,232

Shares or Principal Amount					Value
			PREFERRED STOCKS--0.0%
			Healthcare--0.0%
	76		Genesis Health Ventures, Inc., Pfd. (IDENTIFIED COST $28,732)	$	0
			CORPORATE BONDS--0.0%
			Industrials--0.0%
$	30,438		Mueller Industries, Inc., Sub., 6.00%, 11/1/2014		30,210
	283		TIMCO Aviation Services, Sub. Note, 8.00%, 1/2/2007		16
			TOTAL CORPORATE BONDS (IDENTIFIED COST $21)		30,226
			U.S. TREASURY--1.0%
	1,020,000	³	United States Treasury Bill, 1/13/2005 (IDENTIFIED COST $1,016,525)		1,016,216
			MUTUAL FUND--0.0%
	900		Gladstone Capital Corp. (IDENTIFIED COST $16,245)		20,790
			REPURCHASE AGREEMENT--2.6%
	2,609,000		Interest in $1,100,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.89%, dated 10/29/2004 to be repurchased at $2,609,411 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2034, collateral market value $1,122,003,015 (AT AMORTIZED COST)		2,609,000
			TOTAL INVESTMENTS--100.0% (IDENTIFIED COST $76,235,299)⁴		101,374,464
			OTHER ASSETS AND LIABILITIES - NET--0.0%		35,540
			TOTAL NET ASSETS--100%	$	101,410,004

1 The Fund purchases index futures contracts to efficiently manage cashflows 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 $3,507,000 at October 31, 2004, which represents 3.5% of net assets. Taking into consideration these open index futures contracts, the Fund's effective total exposure to the index is 99.8%.

2 Non-income producing security.

3 Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.

4 The cost of investments for federal tax purposes amounts to $80,143,802.

Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

October 31, 2004

Assets:
Total investments in securities, at value (identified cost $76,235,299)			$	101,374,464
Cash				13,317
Income receivable				74,414
Receivable for investments sold				4,169
Receivable for shares sold				143,297
TOTAL ASSETS				101,609,661
Liabilities:
Payable for shares redeemed	$	90,992
Payable for daily variation margin		3,000
Payable for custodian fees		10,984
Payable for transfer and dividend disbursing agent fees and expenses		28,091
Payable for portfolio accounting fees		14,667
Payable for distribution services fee (Note 5)		6,551
Payable for shareholder services fee (Note 5)		11,406
Payable for printing and postage		33,966
TOTAL LIABILITIES				199,657
Net assets for 7,232,529 shares outstanding			$	101,410,004
Net Assets Consist of:
Paid-in capital			$	84,345,965
Net unrealized appreciation of investments and futures contracts				25,222,224
Accumulated net realized loss on investments and futures contracts				(8,193,430	)
Undistributed net investment income				35,245
TOTAL NET ASSETS			$	101,410,004
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
Net asset value, offering price and redemption proceeds per share ($90,936,619 ÷ 6,469,952 shares outstanding), no par value, unlimited shares authorized				$14.06
Class C Shares:
Net asset value per share ($10,473,385 ÷ 762,577 shares outstanding), no par value, unlimited shares authorized				$13.73
Offering price per share (100/99.00 of $13.73)¹				$13.87
Redemption proceeds per share (99.00/100 of $13.73)¹				$13.59

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

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended October 31, 2004

Investment Income:
Dividends (net of foreign taxes withheld of $385)							$	1,079,376
Interest								47,178
TOTAL INCOME								1,126,554
Expenses:
Management fee (Note 5)				$	523,524
Custodian fees					32,970
Transfer and dividend disbursing agent fees and expenses (Note 5)					97,234
Directors'/Trustees' fees					3,796
Auditing fees					15,502
Legal fees					7,573
Portfolio accounting fees (Note 5)					116,999
Distribution services fee--Class C Shares (Note 5)					73,585
Shareholder services fee--Institutional Shares (Note 5)					237,234
Shareholder services fee--Class C Shares (Note 5)					24,528
Share registration costs					32,192
Printing and postage					86,651
Insurance premiums					6,411
Miscellaneous					13,739
TOTAL EXPENSES					1,271,938
Waivers and Reimbursement (Note 5):
Waiver/reimbursement of management fee	$	(103,039	)
Waiver of transfer and dividend disbursing agent fees and expenses		(1,253	)
Waiver of shareholder services fee--Institutional Shares		(123,362	)
TOTAL WAIVERS AND REIMBURSEMENT					(227,654	)
Net expenses								1,044,284
Net investment income								82,270
Realized and Unrealized Gain on Investments and Futures Contracts:
Net realized gain on investments								7,358,599
Net realized gain on futures contracts								1,005,160
Net increase due to reimbursement from manager (Note 5)								173,364
Net change in unrealized appreciation of investments								2,111,167
Net change in unrealized appreciation of futures contracts								(124,429	)
Net realized and unrealized gain on investments and futures contracts								10,523,861
Change in net assets resulting from operations							$	10,606,131

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended October 31		2004			2003
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	82,270		$	273,397
Net realized gain (loss) on investments and futures contracts		8,363,759			(5,422	)
Net increase due to reimbursement from manager (Note 5)		173,364
Net change in unrealized appreciation/depreciation of investments and futures contracts		1,986,738			29,140,441
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		10,606,131			29,408,416
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(43,776	)		(305,638	)
Share Transactions:
Proceeds from sale of shares		44,465,217			61,110,038
Net asset value of shares issued to shareholders in payment of distributions declared		34,796			237,530
Cost of shares redeemed		(52,079,883	)		(58,820,244	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(7,579,870	)		2,527,324
Change in net assets		2,982,485			31,630,102
Net Assets:
Beginning of period		98,427,519			66,797,417
End of period (including undistributed net investment income of $35,245 and $985, respectively)	$	101,410,004		$	98,427,519

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

October 31, 2004

1. ORGANIZATION

Federated Index Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of three portfolios. The financial statements included herein are only those of Federated Mini-Cap Index Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Shares and Class C Shares. The investment objective of the Fund is to provide investment results that 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.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

It is the policy of the Fund to require the custodian bank or broker 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 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 the 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 Board of 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, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

When-Issued and Delayed Delivery Transactions

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 year ended October 31, 2004, the Fund had realized gains on future contracts of $1,005,160. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities.

At October 31, 2004, the Fund had outstanding futures contracts as set forth below:

Expiration Date		Contracts to Receive		Position		Unrealized Appreciation
December 2004		12 Russell 2000 Index Futures		Long		$83,059

Securities Lending

The Fund participates in a securities lending program providing for the lending of corporate bonds, equity and government securities to qualified brokers. Collateral for securities loaned is invested in an affiliated money market fund. Collateral is maintained at a minimum level of 102% of the market value of investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the securities lending agent, as a fee for its services under the program, and the Fund, according to agreed-upon rates. As of October 31, 2004, the Fund had no securities on loan.

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended October 31	2004					2003
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	3,025,520		$	40,986,860		5,635,137		$	58,946,656
Shares issued to shareholders in payment of distributions declared	2,630			34,796		24,716			237,530
Shares redeemed	(3,653,159	)		(49,526,193	)	(5,436,849	)		(57,638,908	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(625,009	)	$	(8,504,537	)	223,004		$	1,545,278


Year Ended October 31	2004					2003
Class C Shares:	Shares			Amount		Shares			Amount
Shares sold	260,248		$	3,478,357		214,095		$	2,163,382
Shares redeemed	(190,791	)		(2,553,690	)	(120,311	)		(1,181,336	)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	69,457		$	924,667		93,784		$	982,046
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(555,552	)	$	(7,579,870	)	316,788		$	2,527,324

4. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for adjustments to capital loss carryforward and discount accretion/ premium amortization on debt securities.

For the year ended October 31, 2004, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income	Accumulated Net Realized (Losses)
$(48,314)	$(4,234)	$52,548

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2004 and 2003 was as follows:

		2004		2003
Ordinary income¹		$43,776		$305,638

1 For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of October 31, 2004, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	35,245
Unrealized appreciation	$	21,313,721
Capital loss carryforward	$	4,201,868

At October 31, 2004, the cost of investments for federal tax purposes was $80,143,802. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation from future contracts was $21,230,662. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $27,655,122 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,424,460.

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable in part to differing treatments for the tax deferral of losses on wash sales and discount accretion/premium amortization on debt securities.

At October 31, 2004, the Fund had a capital loss carryforward of $4,201,868 will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year		Expiration Amount
2010		$3,021,527
2011		$1,180,341

5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Federated Equity Management Company of Pennsylvania (FEMCOPA), the Fund's manager (the "Manager"), receives for its services an annual management fee equal to 0.50% of the Fund's average daily net assets. Prior to January 1, 2004, the Fund's Manager was Federated Investment Management Company (FIMCO). The fee received by FIMCO was identical to that received by FEMCOPA. FEMCOPA and FIMCO may voluntarily choose to waive any portion of their fees. FEMCOPA and FIMCO can modify or terminate this voluntary waiver at any time at their sole discretion. For the year ended October 31, 2004, the fees paid to FEMCOPA and FIMCO were $353,509 and $66,976, respectively, after voluntary waiver, if applicable.

Under the terms of a subadvisory contract between the Manager and the Fund Asset Management L.P. doing business as Mercury Advisors, an indirect, wholly owned subsidiary of Merrill Lynch & Co., Inc. (the "Subadvisor"), the Subadvisor receives an annual fee from the Manager equal to 0.030% 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 Fund's Manager or an affiliate of the Manager. The Manager has agreed to reimburse the Fund for certain management fees as a result of these transactions. Income distributions earned from investment in this fund are recorded as income in the accompanying financial statements and totaled $8,641 for the period.

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 daily net assets of the Fund's Class C Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses of up to 0.75% of average daily net assets, 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.

Sales Charges

For the year ended October 31, 2004, FSC retained $3,311 of contingent deferred sales charges relating to redemptions of Class C Shares. See "What Do Shares Cost?" in the Prospectus.

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 the average daily net assets of the Fund's Institutional Shares and Class C Shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

Other

Federated has retained an outside law firm to perform an internal review of past mutual fund trading practices and report to a special investigative committee of Federated's Board. In conjunction with this review, the Independent Trustees of the Fund have retained a financial expert to assess the impact of these trading practices. In accordance with the findings of the financial expert, the Fund's Manager made a contribution to the Fund of $177,884, $4,520 of which was contributed subsequent to October 31, 2004. The total amount relates to a contribution to Paid-in Capital for detrimentral impact to the Fund from frequent trading activity and detrimental impact on those Funds that may have resulted from orders incorrectly accepted by Federated employees after the Funds' closing times.

General

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

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the year ended October 31, 2004, were as follows:

Purchases		$	26,993,220
Sales		$	30,325,562

7. LEGAL PROCEEDINGS

8. FEDERAL TAX INFORMATION (UNAUDITED)

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended October 31, 2004, 98.3% qualify for the dividend received deduction available to corporate shareholders.

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED INDEX TRUST AND SHAREHOLDERS OF FEDERATED MINI-CAP INDEX FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Federated Mini-Cap Index Fund (one of the portfolios constituting Federated Index Trust), (the "Trust"), as of October 31, 2004, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Mini-Cap Index Fund of Federated Index Trust at October 31, 2004, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Ernst & Young LLP

Boston, Massachusetts
December 10, 2004

Board of Trustees and Trust Officers

The Board is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Board member and the senior officers of the Fund. Where required, the tables separately list Board members who are "interested persons" of the Fund ( i.e. , "Interested" Board members) and those who are not ( i.e. , "Independent" Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. As of December 31, 2003, the Trust comprised three portfolios, and the Federated Fund Complex consisted of 44 investment companies (comprising 136 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Board member oversees all portfolios in the Federated Fund Complex and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about the Trust's Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: January 1990		Principal Occupations : Chairman and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: January 1990		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Passport Research, Ltd.; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: January 1990		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: October 1995		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: August 1991		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: February 1998		Principal Occupations : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: August 1991		Principal Occupation : Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing communications and technology) (prior to 9/1/00). Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue and Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: January 1990		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: February 1990		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.

Richard J. Thomas Birth Date: June 17, 1954 TREASURER Began serving: November 1998		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: February 1990		Principal Occupations : Vice Chairman or President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc.; and Director and Chief Executive Officer, Federated Securities Corp.

Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp., Federated Equity Management Company of Pennsylvania and Passport Research II, Ltd. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd.; Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: May 2004		John W. Harris is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's Internet site. Go to http://www.federatedinvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's Internet site at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of the Federated Investors website at www.federatedinvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

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

29456 (12/04)

Federated is a registered mark of Federated Investors, Inc. 2004 (c)Federated Investors, Inc.


Item 2.     Code of Ethics

(a)  As of the end of the period  covered by this  report,  the  registrant  has
     adopted  a code of  ethics  (the  "Section  406  Standards  for  Investment
     Companies  -  Ethical  Standards  for  Principal  Executive  and  Financial
     Officers") that applies to the registrant's Principal Executive Officer and
     Principal Financial Officer;  the registrant's  Principal Financial Officer
     also serves as the Principal Accounting Officer.

(c)  Not Applicable

(d)  Not Applicable

(e)  Not Applicable

f)(3)The registrant  hereby  undertakes to provide any person,  without  charge,
     upon request,  a copy of the code of ethics.  To request a copy of the code
     of ethics, contact the registrant at 1-800-341-7400,  and ask for a copy of
     the Section 406 Standards for Investment  Companies - Ethical Standards for
     Principal Executive and Financial Officers.


Item 3.     Audit Committee Financial Expert

The  registrant's  Board has  determined  that each member of the Board's  Audit
Committee is an "audit committee financial expert," and that each such member is
"independent,"  for purposes of this Item. The Audit  Committee  consists of the
following  Board members:  Thomas G. Bigley,  John T. Conroy,  Jr.,  Nicholas P.
Constantakis and Charles F. Mansfield, Jr.


Item 4.     Principal Accountant Fees and Services

            (a)   Audit Fees billed to the registrant for the two most recent fiscal years:

                  Fiscal year ended 2004 - $44,952

                  Fiscal year ended 2003 - $43,500



(b)         Audit-Related Fees billed to the registrant for the two most recent fiscal
years:

                  Fiscal year ended 2004 - $0

                  Fiscal year ended 2003 - $0

                  Transfer Agent Service Auditors Report

      Amount requiring approval of the registrant's audit committee pursuant to paragraph
      (c)(7)(ii) of Rule 2-01 of Regulation S-X, $16,500 and $0 respectively.  Fiscal year
      ended 2004 - Sarbanes Oxley sec. 302 procedures.



(c)          Tax Fees billed to the registrant for the two most recent fiscal years:

                  Fiscal year ended 2004 - $0

                  Fiscal year ended 2003 - $0

      Amount requiring approval of the registrant's audit committee pursuant to paragraph
      (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

      Analysis regarding the realignment of advisory companies.



(d)         All Other Fees billed to the registrant for the two most recent fiscal years:

                  Fiscal year ended 2004 - $0

                  Fiscal year ended 2003 - $0

      Amount requiring approval of the registrant's audit committee pursuant to paragraph
      (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.



(e)(1)      Audit Committee Policies regarding Pre-approval of Services.

     The Audit Committee is required to pre-approve audit and non-audit services
performed by the  independent  auditor in order to assure that the  provision of
such services do not impair the auditor's independence. Unless a type of service
to be provided by the independent auditor has received general pre-approval,  it
will require specific pre-approval by the Audit Committee. Any proposed services
exceeding  pre-approved  cost levels will require  specific  pre-approval by the
Audit Committee.

     Certain services have the general pre-approval of the Audit Committee.  The
term of the general  pre-approval  is 12 months  from the date of  pre-approval,
unless the Audit Committee  specifically  provides for a different  period.  The
Audit  Committee  will annually  review the services that may be provided by the
independent  auditor  without  obtaining  specific  pre-approval  from the Audit
Committee  and may  grant  general  pre-approval  for such  services.  The Audit
Committee  will revise the list of general  pre-approved  services  from time to
time, based on subsequent determinations.  The Audit Committee will not delegate
its  responsibilities  to  pre-approve  services  performed  by the  independent
auditor to management.

     The Audit Committee has delegated  pre-approval  authority to its Chairman.
The Chairman will report any  pre-approval  decisions to the Audit  Committee at
its next scheduled  meeting.  The Committee  will designate  another member with
such pre-approval authority when the Chairman is unavailable.



AUDIT SERVICES

     The annual Audit services  engagement terms and fees will be subject to the
specific  pre-approval of the Audit Committee.  The Audit Committee must approve
any changes in terms, conditions and fees resulting from changes in audit scope,
registered investment company (RIC) structure or other matters.

     In addition to the annual Audit services engagement  specifically  approved
by the Audit Committee,  the Audit Committee may grant general  pre-approval for
other Audit Services, which are those services that only the independent auditor
reasonably  can provide.  The Audit  Committee  has  pre-approved  certain Audit
services,  all other Audit  services must be  specifically  pre-approved  by the
Audit Committee.



AUDIT-RELATED SERVICES

     Audit-related   services  are  assurance  and  related  services  that  are
reasonably  related to the  performance  of the audit or review of the Company's
financial  statements  or that are  traditionally  performed by the  independent
auditor.  The Audit  Committee  believes  that the  provision  of  Audit-related
services does not impair the  independence of the auditor,  and has pre-approved
certain  Audit-related  services,  all  other  Audit-related  services  must  be
specifically pre-approved by the Audit Committee.



TAX SERVICES

     The Audit Committee  believes that the independent  auditor can provide Tax
services to the Company  such as tax  compliance,  tax  planning  and tax advice
without impairing the auditor's independence.  However, the Audit Committee will
not  permit the  retention  of the  independent  auditor  in  connection  with a
transaction  initially  recommended by the independent  auditor,  the purpose of
which may be tax  avoidance  and the tax treatment of which may not be supported
in the Internal  Revenue Code and related  regulations.  The Audit Committee has
pre-approved certain Tax services,  all Tax services involving large and complex
transactions must be specifically pre-approved by the Audit Committee.

ALL OTHER SERVICES

     With  respect to the  provision  of services  other than  audit,  review or
attest services the pre-approval requirement is waived if:



(1)  The aggregate amount of all such services provided constitutes no more than
     five percent of the total amount of revenues  paid by the  registrant,  the
     registrant's adviser (not including any sub-adviser whose role is primarily
     portfolio  management  and is  subcontracted  with or  overseen  by another
     investment  adviser),  and any entity controlling,  controlled by, or under
     common control with the investment  adviser that provides  ongoing services
     to the  registrant  to its  accountant  during the fiscal year in which the
     services are provided;

(2)  Such  services  were not  recognized by the  registrant,  the  registrant's
     adviser (not including any  sub-adviser  whose role is primarily  portfolio
     management  and is  subcontracted  with or overseen  by another  investment
     adviser),  and any  entity  controlling,  controlled  by,  or under  common
     control with the investment  adviser that provides  ongoing services to the
     registrant at the time of the engagement to be non-audit services; and

(3)  Such services are promptly  brought to the attention of the Audit Committee
     of the  issuer and  approved  prior to the  completion  of the audit by the
     Audit  Committee or by one or more members of the Audit  Committee  who are
     members of the board of directors to whom authority to grant such approvals
     has been delegated by the Audit Committee.


      The Audit Committee may grant general pre-approval to those permissible non-audit
services classified as All Other services that it believes are routine and recurring
services, and would not impair the independence of the auditor.



     The SEC's rules and relevant  guidance should be consulted to determine the
precise  definitions of prohibited  non-audit  services and the applicability of
exceptions to certain of the prohibitions.



PRE-APPROVAL FEE LEVELS

     Pre-approval  fee levels for all services to be provided by the independent
auditor  will be  established  annually  by the Audit  Committee.  Any  proposed
services exceeding these levels will require specific  pre-approval by the Audit
Committee.



PROCEDURES

     Requests or applications to provide services that require specific approval
by the Audit  Committee  will be  submitted  to the Audit  Committee by both the
independent  auditor  and  the  Principal  Accounting  Officer  and/or  Internal
Auditor,  and must include a joint  statement as to whether,  in their view, the
request  or  application   is  consistent   with  the  SEC's  rules  on  auditor
independence.





(e)(2)      Percentage of services identified in items 4(b) through 4(d) that were approved
by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X:

                  4(b)

                  Fiscal year ended 2004 - 0%

                  Fiscal year ended 2003 - 0%

            Percentage of services provided to the registrants investment adviser and any
            entity controlling, controlled by, or under common control with the investment
            adviser that provides ongoing services to the registrant that were approved by
            the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01
            of Regulation S-X, 0% and 0% respectively.



            4(c)

            Fiscal year ended 2004 - 0%

                  Fiscal year ended 2003 - 0%

            Percentage of services provided to the registrants investment adviser and any
            entity controlling, controlled by, or under common control with the investment
            adviser that provides ongoing services to the registrant that were approved by
            the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01
            of Regulation S-X, 0% and 0% respectively.



            4(d)

            Fiscal year ended 2004 - 0%

                  Fiscal year ended 2003 - 0%

            Percentage of services provided to the registrants investment adviser and any
            entity controlling, controlled by, or under common control with the investment
            adviser that provides ongoing services to the registrant that were approved by
            the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01
            of Regulation S-X, 0% and 0% respectively.



(f)   NA


(g)   Non-Audit Fees billed to the registrant, the registrant's investment adviser, and
      certain entities controlling, controlled by or under common control with the
      investment adviser:
            Fiscal year ended 2004 - $233,597

                  Fiscal year ended 2003 - $197,212



(h)         The registrant's Audit Committee has considered that the provision of non-audit
services that were rendered to the registrant's adviser (not including any sub-adviser
whose role is primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's independence.


Item 5.     Audit Committee of Listed Registrants

            Not Applicable

Item 6.     Schedule of Investments

            Not Applicable

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End
            Management Investment Companies

            Not Applicable

Item 8.     Portfolio Managers of Closed-End Management Investment Companies

            Not Applicable

Item 9.     Purchases of Equity Securities by Closed-End Management Investment
            Company and Affiliated Purchasers

            Not Applicable

Item 10.    Submission of Matters to a Vote of Security Holders

            Not Applicable

Item 11.    Controls and Procedures

(a)  The   registrant's   President  and  Treasurer   have  concluded  that  the
     registrant's  disclosure  controls  and  procedures  (as  defined  in  rule
     30a-3(c)  under the Act) are  effective  in design  and  operation  and are
     sufficient to form the basis of the certifications required by Rule 30a-(2)
     under the Act, based on their evaluation of these  disclosure  controls and
     procedures within 90 days of the filing date of this report on Form N-CSR.

(b)  There were no changes in the  registrant's  internal control over financial
     reporting  (as  defined  in rule  30a-3(d)  under the Act)  during the last
     fiscal half year (the  registrant's  second fiscal half year in the case of
     an annual report) that have materially  affected,  or are reasonably likely
     to materially  affect,  the  registrant's  internal  control over financial
     reporting.

Item 12.    Exhibits


SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant  Federated Index Trust

By          /S/ Richard J. Thomas, Principal Financial Officer
                            (insert name and title)

Date        December 22, 2004

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By          /S/ J. Christopher Donahue, Principal Executive Officer
Date        December 22, 2004


By          /S/ Richard J. Thomas, Principal Financial Officer
Date        December 22, 2004

Federated Index Trust N-CSRCertified annual shareholder report (management investment company)

FederatedWorld-Class Investment Manager

Federated Max-Cap Index Fund

ANNUAL SHAREHOLDER REPORT

Institutional SharesInstitutional Service SharesClass C SharesClass K Shares

Financial Highlights - Institutional Shares

Financial Highlights - Institutional Service Shares

Financial Highlights - Class C Shares

Financial Highlights - Class K Shares

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Management's Discussion of Fund Performance

GROWTH OF A $25,000 INVESTMENT - INSTITUTIONAL SHARES

GROWTH OF A $25,000 INVESTMENT - INSTITUTIONAL SERVICE SHARES

GROWTH OF A $10,000 INVESTMENT - CLASS C SHARES

GROWTH OF A $10,000 INVESTMENT - CLASS K SHARES

Portfolio of Investments Summary Table

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Operations - continued

Statement of Changes in Net Assets

Notes to Financial Statements

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

Premium and Discount Amortization

Federal Taxes

When-Issued and Delayed Delivery Transactions

Futures Contracts

Use of Estimates

Other

3. SHARES OF BENEFICIAL INTEREST

4. FEDERAL TAX INFORMATION

5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Distribution Services Fee

Sales Charges

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

Other

General

6. INVESTMENT TRANSACTIONS

7. LEGAL PROCEEDINGS

8. FEDERAL TAX INFORMATION (UNAUDITED)

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED INDEX TRUST ANDSHAREHOLDERS OF FEDERATED MAX-CAP INDEX FUND

Board of Trustees and Trust Officers

INTERESTED TRUSTEES BACKGROUND

INDEPENDENT TRUSTEES BACKGROUND

OFFICERS

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

QUARTERLY PORTFOLIO SCHEDULE

FederatedWorld-Class Investment Manager

FederatedWorld-Class Investment Manager

Federated Mid-Cap Index Fund

ANNUAL SHAREHOLDER REPORT

Financial Highlights

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Management's Discussion of Fund Performance

GROWTH OF A $25,000 INVESTMENT

Portfolio of Investments Summary Table

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Notes to Financial Statements

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

Investment Income, Expenses and Distributions

Premium and Discount Amortization

Federal Taxes

Federated
World-Class Investment Manager

Institutional Shares
Institutional Service Shares
Class C Shares
Class K Shares

TO THE BOARD OF TRUSTEES OF FEDERATED INDEX TRUST AND
SHAREHOLDERS OF FEDERATED MAX-CAP INDEX FUND

Federated
World-Class Investment Manager

Federated
World-Class Investment Manager

Federated
World-Class Investment Manager

Federated
World-Class Investment Manager

Institutional Shares
Class C Shares