<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>g6636.txt
<DESCRIPTION>NUMERIC INVESTORS 2003 SAR
<TEXT>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
n/i NUMERIC INVESTORS
Emerging Growth Fund
n/i NUMERIC INVESTORS
Growth Fund
n/i NUMERIC INVESTORS
Mid Cap Fund
n/i NUMERIC INVESTORS
Small Cap Value Fund
Semi-Annual Report
February 28, 2003
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
ADVISER'S REPORT
March 31, 2003
Dear Shareholder:
We are pleased to provide you with a semi-annual report on the performance of
the n/i NUMERIC INVESTORS FAMILY OF FUNDS (the "Funds") for the period September
1, 2002 through February 28, 2003, the first half of our Funds' current fiscal
year.
The table below compares the returns of our four Funds with their benchmarks for
several time periods all ended on February 28, 2003.
<TABLE>
<CAPTION>
THREE YEARS FIVE YEARS AVERAGE
SIX MONTHS ONE YEAR (ANNUALIZED) (ANNUALIZED) ANNUAL
ENDED ENDED ENDED ENDED RETURN SINCE
FEBRUARY 28, 2003 FEBRUARY 28, 2003 FEBRUARY 28, 2003 FEBRUARY 28, 2003 INCEPTION*
----------------- ----------------- ----------------- ----------------- ------------
<S> <C> <C> <C> <C> <C>
EMERGING GROWTH FUND (4.23)% (12.39)% (9.29)% +5.00% +11.52%
Russell 2000 Growth Index (5.55)% (26.79)% (27.52)% (8.91)% (4.96)%
DIFFERENCE +1.32% +14.40% +18.23% +13.91% +16.48%
GROWTH FUND (5.62)% (18.24)% (19.14)% (1.94)% +3.33%
Russell 2500 Growth Index (4.38)% (24.58)% (25.98)% (5.39)% (1.45)%
DIFFERENCE (1.24)% +6.34% +6.84% +3.45% +4.78%
MID CAP FUND (8.02)% (18.25)% (6.62)% +0.55% +7.88%
S&P Midcap Index (7.79)% (18.67)% (3.09)% +4.00% +9.41%
Russell Mid Cap Index (5.29)% (17.61)% (7.36)% +0.37% +6.14%
DIFFERENCE (S&P MIDCAP) (0.23)% +0.42% (3.53)% (3.45)% (1.53%)
SMALL CAP VALUE FUND (8.87)% (9.14)% +22.98% N.A. +13.91%
Russell 2000 Value Index (8.50)% (18.40)% +4.08% N.A. +4.05%
DIFFERENCE (0.37)% +9.26% +18.90% N.A. +9.86%
<FN>
----------
*Inception Dates: June 3, 1996 for all Funds except n/i Small Cap Value Fund, which was launched on November 30, 1998.
</FN>
</TABLE>
Examining the first column, we observe that all of the Funds' returns and the
returns of their respective benchmarks were modestly negative over the most
recent six months. Furthermore, this was not a period in which our quantitative
investment processes were able to add value. Only one of our Funds (Emerging
Growth) was able to produce a return better than the return of its benchmark.
Clearly, the bear market has continued and we were unsuccessful in mitigating
its damage during this period.
1
<PAGE>
In the second column that covers the most recent year ended February 28th, we
observe negative absolute returns for our Funds and an even more severe
bear-market environment for the benchmarks. Returns for our Funds ranged from
-9.1% to -18.3% for the full year. Twelve-month losses FOR THE BENCHMARKS were
between -18.4% and -26.8%, indicating that all our Funds were successful in
mitigating the rate of market decline and producing positive excess returns.
The third column presents the annualized returns of our Funds versus their
benchmarks over the three-year period ended February 28th. This is an especially
poignant period to examine because just three years ago the market was within
ten days of reaching its all-time peak during the New Economy Bubble. We
scarcely need remind you of market conditions since the peak; suffice to say
that the two growth benchmarks we track have been declining at the rates of
26.0% and 27.5% PER YEAR over the past three years. Only the Russell 2000 Value
Index benchmark, containing small-cap value stocks, has produced a positive rate
of return during this difficult period. We believe the success of this Index was
due precisely to its being so out-of-favor, so boring, so "Old Economy" three
years ago when investors said "it was different this time". Over this three-year
period, three of our four Funds were able to generate excess returns relative to
their benchmarks, thus providing a cushion to our shareholders in a difficult
market environment. The ANNUALIZED rate of excess return for our Funds for this
period ranged from +18.2% for the Emerging Growth and +18.9% for Small Cap Value
to -3.5% for our Midcap Fund.
Since inception, three of our four Funds have generated positive excess returns
compared to their benchmarks.
Picking up on the previous paragraphs, this report will discuss two important
ingredients to successful long-term investing:
1. the value of preserving wealth in falling markets, and
2. the need to ignore (if not be contrary to) recent returns.
PRESERVING WEALTH IN A FALLING MARKET
Our Funds were not able to add value during the last six months because of
severe underperformance during October and November. Otherwise the period was
modestly successful. The lavender bars in Chart One plot the spread in returns
of each of our funds versus their benchmarks, for each of the last six months.
The black bar is the monthly total return of the S&P 500 Index, which we
selected as the most widely followed measure of broad market activity in the
United States.
2
<PAGE>
CHART ONE
MONTHLY EXCESS RETURN OF THE n/i MUTUAL FUNDS
VERSUS THE TOTAL RETURN OF THE S&P 500 INDEX
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
Midcap Fund Growth Fund Emerging Growth Fund Small Cap Value Fund
Excess Return Excess Return Excess Return Excess Return S&P Index Total Return
<S> <C> <C> <C> <C> <C>
2-Sep 0.21 2.38 1.63 -0.33 -10.87
2-Oct -2.33 -3.77 -3.27 -1.73 8.8
2-Nov -1.32 -5.31 -3.48 -4.87 5.88
2-Dec 1.28 2.59 3.09 3.45 -5.86
3-Jan 1.33 1.84 2.98 2.41 -2.62
3-Feb 0.32 0.16 -0.25 0.3 -1.5
</TABLE>
Note how each monthly cluster of lavender bars tends to point uniformly upward
or downward in each of the past six months, demonstrating that all of our Funds
tend to add or subtract value relative to their respective benchmarks at the
same time. This is because all of our mutual funds are managed using the same
family of quantitative stock-selection techniques and because the market tends
to reward or punish these techniques across the whole market.
Also note how the black bars, indicating the return of the market in each month,
point in the opposite direction to the cluster of lavender bars. When the market
went up, our excess returns were negative, and vice versa. Surely this has been
a helpful tendency over the past three years of a bear market when the market
went down more often than up. However one would not want to have such a tendency
over the very long-term, because markets (in the past at least) have tended to
go up more often than down.
Chart Two confirms that in the three years since the demise of the New Economy
Bubble, our Funds have tended to add value in falling markets and lose value in
rising markets. Each label represents a month's return on the S&P 500 Index and
the AVERAGE excess return of our four Funds in combination. Note how the cloud
of monthly labels has a negative slope, thus confirming that better market
returns have indeed been associated with less added value from our Funds.
3
<PAGE>
CHART TWO
AVERAGE MONTHLY EXCESS RETURNS OF THE n/i MUTUAL FUNDS
VERSUS THE TOTAL RETURN OF THE S&P 500 INDEX
(APRIL 2000 THROUGH FEBRUARY 2003)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
MONTHLY EXCESS RETURN MONTHLY TOTAL RETURN
OF THE FUND COMPOSITE (%) OF THE S&P 500 INDEX (%)
Apr-00 -3.18 3.365
May-00 -2.08 0.525
Jun-00 2.45 1.23
Jul-00 -1.56 0.4125
Aug-00 6.21 -0.32
Sep-00 -5.28 1.6925
Oct-00 -0.42 0.625
Nov-00 -7.89 -0.165
Dec-00 0.47 2.3475
Jan-03 3.57 -2.4225
Feb-03 -9.11 0.3375
Mar-03 -6.35 0.06
Apr-03 7.78 -0.09
May-03 0.67 0.6525
Jun-03 -2.44 0.5975
Jul-03 -0.98 1.8225
Aug-03 -6.26 0.96
Sep-03 -8.09 2.13
Oct-03 1.91 -0.93
Nov-03 7.67 -2.5925
Dec-03 0.88 -0.245
Jan-03 -1.46 3.4025
Feb-03 -1.93 2.095
Mar-03 3.77 -0.2675
Apr-03 -6.07 1.7025
May-03 -0.74 2.005
Jun-03 -7.12 1.9775
Jul-03 -7.8 1.6375
Aug-03 0.66 1.9625
Sep-03 -10.87 0.9725
Oct-03 8.8 -2.775
Nov-03 5.88 -3.745
Dec-03 -5.86 2.6025
Jan-03 -2.62 2.14
Feb-03 -1.5 0.1325
What do we make of this tendency to add more value in a falling market? Is this
a good thing? What causes it?
IS ADDING VALUE IN A FALLING MARKET AS VALUABLE AS ADDING VALUE IN A RISING
MARKET?
A simple thought experiment will reveal if adding value in a falling market is a
good thing.
What is often lost on investors is that a loss of a certain magnitude is far
more damaging to final wealth than a gain of the same magnitude is positive for
final wealth. During the latter 1990s, investors sought maximum growth and
appreciation as the growth indices were climbing at extraordinary rates. Leaving
aside the question of whether investors bought into this trend after it was
largely played out, were investors understanding the risks they were taking?
A popular demonstration of the magic of compounding is the question: "How would
you feel about an investment that went up 50% on day one and down 50% on day
two?" At first blush, this sounds like a wash, with zero return. Most
stock-market investors would prefer a zero return to the returns sustained in
recent years. First blush is absolutely the wrong conclusion however, because a
dollar invested climbs 50 cents to $1.50 at the end of day one but then drops 75
cents (50% of $1.50) in day two. Thus the investor is not even on the two trades
but has instead sustained a loss of 25% to his portfolio.
What about adding value on the decline but at the cost of underperformance
during a rising market? Instead of a 50% gain on day one an investment manager
can only earn 40% (thus under-performing by 10%), but during the second day the
manager only loses 40% (thus out-performing by 10%). Is the investor better off
with this manager even though the
4
<PAGE>
manager has not added value on average for the two periods? Surprisingly, the
answer is yes, because at the end of day two the investor has 84 cents
remaining. A 40% gain followed by a 40% loss is less costly than a 50% gain and
loss.
If you postulate that the investment manager under-performs by less (say 5%) in
the bull market than the 10% she outperforms in the bear market, then the
investor is further ahead with 87 cents remaining after day two. Conversely, if
she adds 10% in the bull market of day one but under-performs by 5% in the bear
market, the investor is worse off with only 72 cents remaining, even though the
manager added value on average over the two periods. This simple thought
experiment demonstrates how the ability to add value in a bear market is
generally more valuable than out-performance in a bull market.
Where this conclusion is vulnerable is during prolonged bull markets.
Historically, bull markets have been longer-lived than bear markets, so many
periods of persistent underperformance in a bull market may not leave the
investor ahead if bear markets are infrequent and if the market climbs on
average over long periods.
Numeric has been managing quantitative investment strategies since 1989. Most of
this period could be considered a bull market and most of our strategies were
successful at adding value most of the time. Thus we believe that our strategies
should normally be successful in rising markets as well as falling and we design
them with this explicit objective in mind. Of course, we must emphasize that
PRIOR RETURNS ARE NOT NECESSARILY INDICATIVE OF FUTURE SUCCESS and there is no
guarantee that we will be successful in adding value or earning positive
returns!
We perceive that the success of our strategies in recent years has been due to
market conditions that favored a rational-market strategy seeking attractive
valuations and favorable information flow. Three years ago, valuations were as
widely stretched as has ever been seen, with New Economy stocks selling at
prices completely disconnected from their earnings while Old Economy stocks
languished at bargain levels. Furthermore the market justified their lofty
valuations by assuming that New Economy stocks would be immune to the business
cycle. The reality has been somewhat different and prices have been correcting
for most of the past three years, consistent with more rational valuations and
the newly revealed information of business-cycle vulnerability (and occasionally
accounting excesses). At times the market has tried to rally in response to Fed
action or in an effort to "time the bottom". We believe these rallies have been
sparked by hope, not reality. Companies with the least attractive valuations and
information flow rally briefly, only to fall back in subsequent months. We
believe our models are based on rational investor action and will fail during
these speculative episodes, but rebound when reality is restored. Again however,
we re-emphasize that PAST SUCCESS DOES NOT INDICATE FUTURE SUCCESS.
In summary, we believe that adding value in bear markets is more valuable than
in bull markets. And we have expressed our conviction that we can be successful
in rising markets as well, provided that they are not driven by speculation.
A SUGGESTION ABOUT IGNORING RECENT RETURNS
Growth stocks and the New Economy have hurt investors so badly that no one wants
to be reminded of them. Tremendous (if only momentary) wealth has been destroyed
and investors' retirement and second-home plans have been deferred. You never
hear anyone bragging about a growth stock at a cocktail party anymore. Partially
because this is the asset class everyone wants to forget, we see evidence that
now may be the time to invest in it. This cautious forecast is not a market
timing call but rather a preference for growth stocks over value stocks. We
leave it to you to decide when the market will resume its climb.
5
<PAGE>
CHART THREE
THREE-YEAR TOTAL RETURNS OF THE RUSSELL INDICES
THROUGH FEBRUARY 28, 2003
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
GROWTH VALUE
RUSSELL TOP 200 -56% -19%
RUSSELL MIDCAP -59% 17%
RUSSELL 2000 -62% 16%
Chart Three displays the damage to growth stocks since the bursting of the New
Economy Bubble three years ago. The Chart plots returns to the Growth and Value
halves of the Russell Top 200, Russell Midcap, and Russell 2000 Indices to
differentiate returns across the largest, midcap, and small cap stocks.
Uniformly across all three capitalization strata, growth indices have declined
over 50% and dramatically under-performed their value-index siblings over the
past three years. Indeed the mid- and small-cap Value indices have actually
appreciated over this period.
Much of the differential in returns between the Growth and Value indices stems
from the extraordinary spread in valuations between these indices at the peak of
the Bubble. Chart Four plots the spread in price-earnings ratios between the
Russell 3000 Growth and Value Indices since the beginning of these indices in
March 1979. Note how the Growth Index has tended to sell at a price earnings
multiple of around 150% of the multiple of the Value Index, except during the
Bubble, when Growth stocks were briefly more than three times as expensive as
Value stocks. Since the Bubble burst and the Growth indices have collapsed, the
valuation spread has collapsed back to a normal range. There is no longer an
unusual valuation differential that the market must correct at the expense of
Growth stocks, as has been true for most of the past three years.
6
<PAGE>
CHART FOUR
THE PRICE OF GROWTH VERSUS VALUE
Ratio of Russell 3000 Growth & Value Index P/E Ratios through February 2003
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
RATIO OF THE CAPITALIZATION-WEIGHTED
AVERAGE P/E RATIOS
Mar-79 1.45
Jun-79 1.52
Sep-79 1.48
Dec-79 1.54
Mar-80 1.49
Jun-80 1.40
Sep-80 1.52
Dec-80 1.62
Mar-81 1.60
Jun-81 1.57
Sep-81 1.52
Dec-81 1.52
Mar-82 1.44
Jun-82 1.43
Sep-81 1.44
Dec-81 1.52
Mar-83 1.58
Jun-83 1.59
Sep-83 1.52
Dec-83 1.52
Mar-84 1.44
Jun-84 1.52
Sep-84 1.45
Dec-84 1.41
Mar-85 1.44
Jun-85 1.42
Sep-85 1.41
Dec-85 1.44
Mar-86 1.42
Jun-86 1.43
Sep-86 1.29
Dec-86 1.33
Jan-87 1.37
Feb-87 1.42
Mar-87 1.39
Apr-87 1.37
May-87 1.34
Jun-87 1.48
Jul-87 1.45
Aug-87 1.44
Sep-87 1.43
Oct-87 1.36
Nov-87 1.33
Dec-87 1.43
Jan-88 1.35
Feb-88 1.38
Mar-88 1.34
Apr-88 1.33
May-88 1.28
Jun-88 1.37
Jul-88 1.32
Aug-88 1.30
Sep-88 1.33
Oct-88 1.32
Nov-88 1.32
Dec-88 1.35
Jan-89 1.37
Feb-89 1.34
Mar-89 1.35
Apr-89 1.36
May-89 1.37
Jun-89 1.41
Jul-89 1.46
Aug-89 1.42
Sep-89 1.43
Oct-89 1.41
Nov-89 1.38
Dec-89 1.39
Jan-90 1.40
Feb-90 1.36
Mar-90 1.37
Apr-90 1.39
May-90 1.37
Jun-90 1.53
Jul-90 1.49
Aug-90 1.45
Sep-90 1.42
Oct-90 1.42
Nov-90 1.38
Dec-90 1.37
Jan-91 1.36
Feb-91 1.32
Mar-91 1.33
Apr-91 1.28
May-91 1.28
Jun-91 1.26
Jul-91 1.31
Aug-91 1.32
Sep-91 1.29
Oct-91 1.28
Nov-91 1.29
Dec-91 1.35
Jan-92 1.35
Feb-92 1.30
Mar-92 1.28
Apr-92 1.24
May-92 1.17
Jun-92 1.26
Jul-92 1.29
Aug-92 1.30
Sep-92 1.28
Oct-92 1.30
Nov-92 1.28
Dec-92 1.24
Jan-93 1.26
Feb-93 1.15
Mar-93 1.16
Apr-93 1.14
May-93 1.20
Jun-93 1.23
Jul-93 1.20
Aug-93 1.21
Sep-93 1.19
Oct-93 1.23
Nov-93 1.25
Dec-93 1.26
Jan-94 1.28
Feb-94 1.29
Mar-94 1.27
Apr-94 1.27
May-94 1.27
Jun-94 1.30
Jul-94 1.32
Aug-94 1.37
Sep-94 1.39
Oct-94 1.41
Nov-94 1.44
Dec-94 1.43
Jan-95 1.42
Feb-95 1.44
Mar-95 1.45
Apr-95 1.45
May-95 1.45
Jun-95 1.44
Jul-95 1.49
Aug-95 1.44
Sep-95 1.46
Oct-95 1.48
Nov-95 1.46
Dec-95 1.44
Jan-96 1.43
Feb-96 1.44
Mar-96 1.43
Apr-96 1.45
May-96 1.48
Jun-96 1.60
Jul-96 1.52
Aug-96 1.53
Sep-96 1.59
Oct-96 1.54
Nov-96 1.52
Dec-96 1.53
Jan-97 1.51
Feb-97 1.48
Mar-97 1.43
Apr-97 1.46
May-97 1.51
Jun-97 1.52
Jul-97 1.46
Aug-97 1.45
Sep-97 1.43
Oct-97 1.44
Nov-97 1.44
Dec-97 1.42
Jan-98 1.47
Feb-98 1.46
Mar-98 1.47
Apr-98 1.48
May-98 1.44
Jun-98 1.63
Jul-98 1.59
Aug-98 1.58
Sep-98 1.60
Oct-98 1.58
Nov-98 1.60
Dec-98 1.67
Jan-99 1.75
Feb-99 1.66
Mar-99 1.71
Apr-99 1.60
May-99 1.63
Jun-99 1.83
Jul-99 1.88
Aug-99 1.99
Sep-99 2.01
Oct-99 2.04
Nov-99 2.17
Dec-99 2.36
Jan-00 2.42
Feb-00 2.70
Mar-00 2.53
Apr-00 2.53
May-00 2.34
Jun-00 3.33
Jul-00 2.77
Aug-00 3.05
Sep-00 2.70
Oct-00 2.48
Nov-00 2.17
Dec-00 2.01
Jan-01 2.14
Feb-01 1.86
Mar-01 1.79
Apr-01 2.00
May-01 1.97
Jun-01 1.81
Jul-01 1.75
Aug-01 1.68
Sep-01 1.63
Oct-01 1.72
Nov-01 1.77
Dec-01 1.73
Jan-02 1.68
Feb-02 1.59
Mar-02 1.57
Apr-02 1.51
May-02 1.46
Jun-02 1.41
Jul-02 1.46
Aug-02 1.42
Sep-02 1.43
Oct-02 1.44
Nov-02 1.41
Dec-02 1.40
Jan-03 1.39
Feb-03 1.40
Using a price-earnings ratio to value a stock implies certainty to both the
price and the earnings. Whereas today's price is observable in the market,
forecast earnings that the market uses to set prices are not observable a year
in advance. Most of the time, realized earnings a year from now will be lower
than the current earnings forecast. Indeed one of the greatest shocks to the New
Economy hypothesis has been the disappointment in growth stock earnings.
Currently however, growth stocks enjoy much more favorable earnings revisions
than value stocks. Chart Five plots the huge disappointment to Growth stock
earnings as the abrupt down-spike in early 2002. And the chart also reveals how
strong growth-stock revisions have been compared to value-stock revisions in
recent months.
CHART FIVE
SPREAD BETWEEN GROWTH AND VALUE INDEX DIFFUSION INDICES
Russell 1000 Growth Index minus Russell 1000 Value Indices--
through late March 2003
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
3-MONTH AVERAGE SPREAD IN MONTHLY
DIFFUSION INDICES
Dec-86
Jan-87
Feb-87
Mar-87 3.68
Apr-87 4.01
May-87 3.88
Jun-87 4.70
Jul-87 7.02
Aug-87 8.95
Sep-87 7.82
Oct-87 5.97
Nov-87 2.82
Dec-87 2.80
Jan-88 3.49
Feb-88 4.09
Mar-88 5.87
Apr-88 5.11
May-88 6.62
Jun-88 5.24
Jul-88 4.91
Aug-88 3.91
Sep-88 3.98
Oct-88 3.49
Nov-88 1.78
Dec-88 0.92
Jan-89 1.32
Feb-89 2.15
Mar-89 2.58
Apr-89 2.19
May-89 2.04
Jun-89 1.09
Jul-89 2.15
Aug-89 2.59
Sep-89 3.43
Oct-89 4.43
Nov-89 5.16
Dec-89 5.32
Jan-90 3.38
Feb-90 3.30
Mar-90 2.83
Apr-90 3.89
May-90 5.11
Jun-90 5.90
Jul-90 6.79
Aug-90 5.60
Sep-90 6.03
Oct-90 5.36
Nov-90 5.73
Dec-90 4.87
Jan-91 4.23
Feb-91 3.77
Mar-91 4.91
Apr-91 4.80
May-91 3.39
Jun-91 2.44
Jul-91 2.01
Aug-91 1.13
Sep-91 0.56
Oct-91 0.29
Nov-91 -0.15
Dec-91 -0.15
Jan-92 -0.25
Feb-92 2.20
Mar-92 2.52
Apr-92 2.00
May-92 -0.58
Jun-92 -1.28
Jul-92 -0.32
Aug-92 1.83
Sep-92 3.76
Oct-92 4.45
Nov-92 5.71
Dec-92 4.06
Jan-93 2.85
Feb-93 0.52
Mar-93 -0.92
Apr-93 -2.95
May-93 -5.29
Jun-93 -5.63
Jul-93 -4.18
Aug-93 -5.62
Sep-93 -5.99
Oct-93 -6.82
Nov-93 -4.17
Dec-93 -2.33
Jan-94 -0.68
Feb-94 -0.22
Mar-94 -0.51
Apr-94 -0.70
May-94 0.65
Jun-94 0.30
Jul-94 0.72
Aug-94 0.09
Sep-94 0.70
Oct-94 0.03
Nov-94 1.05
Dec-94 1.83
Jan-95 2.34
Feb-95 0.62
Mar-95 -0.58
Apr-95 -0.66
May-95 1.27
Jun-95 1.87
Jul-95 3.69
Aug-95 4.32
Sep-95 4.81
Oct-95 2.16
Nov-95 0.17
Dec-95 -1.28
Jan-96 -0.28
Feb-96 0.74
Mar-96 1.03
Apr-96 0.30
May-96 -1.29
Jun-96 -1.39
Jul-96 -1.16
Aug-96 0.29
Sep-96 1.55
Oct-96 1.42
Nov-96 1.27
Dec-96 0.88
Jan-97 2.11
Feb-97 2.63
Mar-97 4.23
Apr-97 3.55
May-97 2.18
Jun-97 -0.83
Jul-97 2.13
Aug-97 5.83
Sep-97 7.00
Oct-97 4.15
Nov-97 2.52
Dec-97 1.36
Jan-98 1.71
Feb-98 0.98
Mar-98 1.32
Apr-98 0.65
May-98 2.00
Jun-98 3.09
Jul-98 6.13
Aug-98 6.91
Sep-98 7.32
Oct-98 7.04
Nov-98 6.39
Dec-98 10.08
Jan-99 10.10
Feb-99 10.79
Mar-99 8.95
Apr-99 5.71
May-99 1.61
Jun-99 -1.18
Jul-99 0.46
Aug-99 3.41
Sep-99 6.31
Oct-99 7.77
Nov-99 8.55
Dec-99 6.92
Jan-00 7.61
Feb-00 7.18
Mar-00 7.46
Apr-00 7.43
May-00 5.90
Jun-00 7.16
Jul-00 10.31
Aug-00 10.95
Sep-00 10.16
Oct-00 10.75
Nov-00 9.64
Dec-00 7.86
Jan-01 -0.24
Feb-01 -6.18
Mar-01 -12.01
Apr-01 -18.11
May-01 -15.08
Jun-01 -9.17
Jul-01 -1.56
Aug-01 0.61
Sep-01 1.72
Oct-01 3.12
Nov-01 4.75
Dec-01 3.09
Jan-02 -0.09
Feb-02 -1.74
Mar-02 -3.31
Apr-02 -5.16
May-02 -4.49
Jun-02 -3.67
Jul-02 -3.72
Aug-02 -1.77
Sep-02 2.28
Oct-02 9.98
Nov-02 11.61
Dec-02 11.24
Jan-03 11.30
Feb-03 10.12
Mar-03 9.61
-----------------------------
AVG = +2.54%; STD DEV = 5.37%
-----------------------------
7
<PAGE>
Because earnings revisions form trends that persist for a while, the current
trend suggests that realized earnings may be more disappointing for value stocks
than for growth stocks. If value stocks are no longer cheap when compared to
growth stocks and their earnings realizations prove especially disappointing,
one should expect growth stocks to outperform. We suspect that most investors
are avoiding growth stocks because of the pain they caused over the past three
years. We suspect that most investors would be wise to ignore the last three
years' returns and focus on present information.
IN CONCLUSION
As we write this letter in late March we are constantly distracted by the
enormity of the geopolitical news. Such news distracts the market from its basic
function of allocating capital from bad to better investment opportunities. Such
news also frightens investors and causes the stock market to have fewer buyers
than sellers. Distracting the market can cause our Funds to struggle in their
effort to add value versus their benchmarks because the market is not processing
information rationally. Frightening investors will depress the market. We
believe that such periods will pass and that our continued focus on investing
rationally and striving to add value versus our benchmarks will serve our
shareholders well over the long-term. Thank you for your continued business.
Sincerely,
/s/ LANGDON B. WHEELER
Langdon B. Wheeler, CFA
President & Chief Investment Officer
Numeric Investors L.P.(R)
8
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
COMMON STOCKS--96.0%
ADVERTISING--0.7%
21,700 Arbitron Inc.* ..................................... $ 676,389
-----------
AEROSPACE & DEFENSE--1.9%
10,800 Engineered Support Systems, Inc. ................... 389,988
27,900 MTC Technologies, Inc.* ............................ 507,780
31,600 Teledyne Technologies Inc.* ........................ 402,900
70,000 Titan Corp. (The)* ................................. 556,500
-----------
1,857,168
-----------
AIRLINES--1.2%
50,300 AirTran Holdings, Inc.* ............................ 299,285
39,264 Atlantic Coast Airlines Holdings, Inc.* ............ 247,363
59,900 ExpressJet Holdings, Inc.* ......................... 479,200
11,500 SkyWest, Inc. ...................................... 102,925
-----------
1,128,773
-----------
AUTOMOBILE PARTS & EQUIPMENT--0.5%
40,200 Aftermarket Technology Corp.* ...................... 455,868
-----------
BANKS--2.5%
19,700 First BanCorp. ..................................... 493,879
29,400 Gold Banc Corporation, Inc. ........................ 289,002
18,900 Independent Bank Corp. ............................. 402,003
3,800 International Bancshares Corp. ..................... 145,232
32,435 R&G Financial Corp., Class B ....................... 721,679
17,100 S&T Bancorp, Inc. .................................. 436,392
-----------
2,488,187
-----------
BIOTECH--2.4%
11,400 Adolor Corp.* ...................................... 144,666
16,900 Applera Corp. - Celera Genomics Group* ............. 139,425
2,400 Atrix Laboratories, Inc.* .......................... 28,296
18,800 BioMarin Pharmaceutical Inc.* ...................... 188,188
5,049 Martek Biosciences Corp.* .......................... 123,140
13,317 Neurocrine Biosciences, Inc.* ...................... 561,045
12,800 Regeneron Pharmaceuticals, Inc.* ................... 234,752
17,262 Scios Inc.* ........................................ 753,314
4,526 Trimeris, Inc.* .................................... 181,130
-----------
2,353,956
-----------
BUILDING SUPPLIES--0.5%
29,340 Building Materials Holding Corp. ................... 381,420
18,000 Culp, Inc.* ........................................ 108,000
-----------
489,420
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
CHEMICALS - SPECIALTY--1.2%
40,700 MacDermid, Inc. .................................... $ 892,958
19,400 Octel Corp. ........................................ 312,340
-----------
1,205,298
-----------
COMMERCIAL SERVICES--0.7%
12,500 McGrath Rentcorp ................................... 281,500
48,600 Sotheby's Holdings, Inc., Class A* ................. 404,838
-----------
686,338
-----------
COMPUTER COMPONENTS--0.6%
73,800 Maxtor Corp.* ...................................... 442,800
18,200 Western Digital Corp.* ............................. 147,966
-----------
590,766
-----------
COMPUTER NETWORKING PRODUCTS--2.1%
42,000 Avocent Corp.* ..................................... 1,168,440
42,940 NetScreen Technologies, Inc.* ...................... 838,618
-----------
2,007,058
-----------
COMPUTER PERIPHERALS--1.2%
81,000 Lexar Media, Inc.* ................................. 330,480
69,300 Pinnacle Systems, Inc.* ............................ 672,903
39,050 Sonic Solutions* ................................... 165,963
-----------
1,169,346
-----------
COMPUTER SERVICES--0.4%
29,300 Sykes Enterprises, Inc.* ........................... 101,964
14,594 Syntel, Inc.* ...................................... 276,556
-----------
378,520
-----------
COMPUTER SOFTWARE--5.8%
12,637 ANSYS, Inc.* ....................................... 300,255
2,975 Hyperion Solutions Corp.* .......................... 76,576
131,650 Micromuse Inc.* .................................... 767,520
78,000 Packeteer, Inc.* ................................... 701,220
28,700 Plumtree Software, Inc.* ........................... 99,015
84,400 Rainbow Technologies, Inc.* ........................ 694,612
47,100 Take-Two Interactive Software, Inc.* ............... 984,861
34,100 TALX Corp. ......................................... 417,384
38,401 Verint Systems Inc.* ............................... 658,577
57,526 Verity, Inc.* ...................................... 959,534
-----------
5,659,554
-----------
CONSUMER PRODUCTS--2.5%
20,900 Angelica Corp. ..................................... 377,245
21,500 Central Garden & Pet Co.* .......................... 492,350
13,900 Dial Corp. (The) ................................... 252,841
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
CONSUMER PRODUCTS--(CONTINUED)
58,900 Helen of Troy Ltd.* ................................ $ 771,001
7,600 Toro Co. (The) ..................................... 522,804
-----------
2,416,241
-----------
DATA PROCESSING--0.6%
12,800 BioReliance Corp.* ................................. 217,612
57,400 Transaction Systems Architects, Inc.,
Class A* ......................................... 327,754
-----------
545,366
-----------
ELECTRICAL EQUIPMENT--1.6%
17,600 A.O. Smith Corp. ................................... 453,728
31,100 Acuity Brands, Inc. ................................ 413,630
8,500 Anixter International Inc.* ........................ 199,325
18,800 Genlyte Group Inc. (The)* .......................... 531,288
-----------
1,597,971
-----------
ELECTRONIC COMPONENTS & ACCESSORIES--3.4%
13,100 AMETEK, Inc. ....................................... 432,038
91,800 Artesyn Technologies, Inc.* ........................ 322,218
36,851 Artisan Components, Inc.* .......................... 605,830
30,300 Benchmark Electronics, Inc.* ....................... 1,055,652
29,600 Daktronics, Inc.* .................................. 480,704
107,900 Pemstar Inc.* ...................................... 306,436
12,700 Signal Technology Corp.* ........................... 131,191
-----------
3,334,069
-----------
ELECTRONIC MEASUREMENTS - INSTRUMENTS--2.0%
14,419 Analogic Corp. ..................................... 655,055
36,000 II-VI Inc.* ........................................ 659,160
52,800 MTS Systems Corp. .................................. 602,448
-----------
1,916,663
-----------
FINANCIAL SERVICES--2.6%
73,100 American Home Mortgage Holdings, Inc. .............. 778,515
49,800 Cash America International, Inc. ................... 444,216
33,050 New Century Financial Corp. ........................ 880,122
39,000 Saxon Capital, Inc.* ............................... 429,390
-----------
2,532,243
-----------
FOOD & AGRICULTURE--3.0%
57,800 Chiquita Brands International, Inc.* ............... 556,614
129,400 Del Monte Foods Co.* ............................... 1,058,492
33,983 Fresh Del Monte Produce Inc. ....................... 616,451
16,400 Hain Celestial Group, Inc.* ........................ 236,488
22,800 Sanderson Farms, Inc. .............................. 438,695
-----------
2,906,740
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
HAZARDOUS WASTE MANAGEMENT--0.4%
31,000 Clean Harbors, Inc.* ............................... $ 403,930
-----------
HEALTH CARE--1.6%
28,200 AMERIGROUP Corp.* .................................. 724,458
70,648 Sierra Health Services, Inc.* ...................... 854,134
-----------
1,578,592
-----------
HOSPITALS--0.7%
23,100 Pediatrix Medical Group, Inc.* ..................... 652,575
-----------
HOTELS & MOTELS--0.7%
27,970 Choice Hotels International, Inc.* ................. 660,092
-----------
INSURANCE - PROPERTY & CASUALTY--1.2%
3,300 Arch Capital Group Ltd.* ........................... 103,158
13,596 Phildelphia Consolidated Holding Corp.* ............ 423,515
29,500 PXRE Group Ltd. .................................... 590,000
27,800 Vesta Insurance Group, Inc. ........................ 76,450
-----------
1,193,123
-----------
INTERNET CONTENT--2.2%
55,800 eUniverse, Inc.* ................................... 279,000
26,900 InfoSpace, Inc.* ................................... 312,040
27,300 NetFlix Inc.* ...................................... 467,103
60,800 S1 Corp.* .......................................... 313,728
54,500 United Online, Inc.* ............................... 777,170
-----------
2,149,041
-----------
LEISURE & ENTERTAINMENT--0.8%
39,600 Argosy Gaming Co.* ................................. 633,996
9,900 Marvel Enterprises, Inc.* .......................... 110,682
8,600 Pinnacle Entertainment, Inc.* ...................... 34,142
-----------
778,820
-----------
MANUFACTURING--3.8%
33,000 Albany International Corp., Class A ................ 730,620
17,800 Carlisle Companies Inc. ............................ 758,458
5,300 Curtiss-Wright Corp. ............................... 289,380
2,100 Franklin Electric Co., Inc. ........................ 102,963
22,900 Griffon Corp.* ..................................... 299,990
11,700 Jarden Corp.* ...................................... 313,677
10,700 Matthews International Corp., Class A .............. 243,757
4,200 Nordson Corp. ...................................... 100,506
13,900 Oshkosh Truck Corp. ................................ 849,290
-----------
3,688,641
-----------
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
MEDICAL & MEDICAL SERVICES--0.6%
77,700 Prime Medical Services, Inc.* ...................... $ 602,952
-----------
MEDICAL INSTRUMENTS & SUPPLIES--5.3%
20,700 Advanced Medical Optics, Inc.* ..................... 239,085
74,800 ALARIS Medical, Inc.* .............................. 655,248
8,300 Biosite Inc.* ...................................... 259,541
22,700 Dionex Corp.* ...................................... 754,094
41,800 Hanger Orthopedic Group, Inc.* ..................... 435,974
11,700 HealthTronics Surgical Services, Inc.* ............. 104,832
29,961 IDEXX Laboratories, Inc.* .......................... 1,092,378
29,700 Medical Action Industries Inc.* .................... 292,842
34,729 Merit Medical Systems, Inc.* ....................... 598,033
30,574 STERIS Corp.* ...................................... 771,994
-----------
5,204,021
-----------
MULTIMEDIA/PUBLISHING--0.9%
4,600 Courier Corp. ...................................... 209,806
16,100 Liberty Corp. (The) ................................ 632,086
11,000 Spanish Broadcasting System, Inc.,
Class A* ......................................... 66,990
-----------
908,882
-----------
OFFICE & BUSINESS EQUIPMENT--0.7%
39,437 Global Imaging Systems, Inc.* ...................... 729,979
-----------
OIL & GAS EQUIPMENT & SERVICES--2.9%
28,900 Gulf Island Fabrication, Inc.* ..................... 523,379
82,900 Input/Output, Inc.* ................................ 319,165
27,800 Key Energy Services, Inc.* ......................... 291,900
11,700 Lufkin Industries, Inc. ............................ 272,610
31,906 Offshore Logistics, Inc.* .......................... 588,985
72,700 Oil States International, Inc.* .................... 828,780
-----------
2,824,819
-----------
OIL & GAS FIELD EXPLORATION--1.3%
54,100 Harvest Natural Resources, Inc.* ................... 312,157
27,800 Swift Energy Co.* .................................. 258,818
69,000 Vintage Petroleum, Inc. ............................ 686,550
-----------
1,257,525
-----------
OIL REFINING--0.5%
100,300 Tesoro Petroleum Corp.* ............................ 536,605
-----------
PAPER & ALLIED PRODUCTS--0.3%
11,200 Schweitzer-Mauduit International, Inc. ............. 257,376
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
PHARMACEUTICALS--3.1%
45,000 Alpharma Inc., Class A ............................. $ 753,750
9,300 Amylin Pharmaceuticals, Inc.* ...................... 142,662
93,300 Endo Pharmaceuticals Holdings Inc.* ................ 929,268
14,100 Enzon Pharmaceuticals, Inc.* ....................... 176,955
37,100 Eon Labs, Inc.* .................................... 832,895
4,300 Pharmaceutical Resources, Inc.* .................... 161,035
-----------
2,996,565
-----------
PRINTING--0.8%
32,900 John H. Harland Co. ................................ 756,042
-----------
REAL ESTATE INVESTMENT TRUSTS--3.5%
16,600 CBL & Associates Properties, Inc. .................. 661,510
69,200 Crown American Realty Trust ........................ 662,936
22,400 Macerich Co. (The) ................................. 720,160
17,300 Mid-Atlantic Realty Trust .......................... 298,771
25,400 Mills Corp. (The) .................................. 743,712
2,900 Tanger Factory Outlet Centers, Inc. ................ 87,145
20,400 Ventas, Inc. ....................................... 244,800
-----------
3,419,034
-----------
RESIDENTIAL CONSTRUCTION--1.5%
28,600 Hovnanian Enterprises, Inc., Class A* .............. 938,938
19,792 M/I Schottenstein Homes, Inc. ...................... 512,613
-----------
1,451,551
-----------
RESTAURANTS--1.3%
35,700 Landry's Restaurants, Inc. ......................... 585,480
25,100 Triarc Companies, Inc.* ............................ 668,915
-----------
1,254,395
-----------
RETAIL - AUTOMOBILES--0.4%
50,700 Asbury Automotive Group Inc.* ...................... 372,645
-----------
RETAIL - DISCOUNT--0.7%
42,300 Tuesday Morning Corp.* ............................. 727,983
-----------
RETAIL - SPECIALTY--2.8%
19,700 Brookstone, Inc.* .................................. 287,620
15,500 Friedman's Inc., Class A ........................... 150,195
21,000 Jo-Ann Stores, Inc., Class A* ...................... 422,310
9,000 Mothers Work, Inc.* ................................ 259,830
28,307 Regis Corp. ........................................ 659,553
23,900 Select Comfort Corp.* .............................. 249,755
13,000 Shoe Carnival, Inc.* ............................... 165,230
51,000 ShopKo Stores, Inc.* ............................... 558,450
-----------
2,752,943
-----------
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
SAVINGS & LOAN ASSOCIATIONS--5.3%
40,368 Dime Community Bancshares .......................... $ 866,297
35,850 Doral Financial Corp. .............................. 1,161,898
9,800 Downey Financial Corp. ............................. 393,470
35,400 Flagstar Bancorp, Inc. ............................. 858,450
8,700 Flushing Financial Corp. ........................... 150,510
21,900 Hawthorne Financial Corp.* ......................... 662,475
14,056 MAF Bancorp, Inc. .................................. 479,310
30,450 Oriental Financial Group Inc. ...................... 647,063
-----------
5,219,473
-----------
SCHOOLS--2.8%
29,200 Corinthian Colleges, Inc.* ......................... 1,094,416
43,400 ITT Educational Services, Inc.* .................... 1,169,630
13,300 University of Phoenix Online* ...................... 497,154
-----------
2,761,200
-----------
SEMICONDUCTORS--3.4%
100,141 Bell Microproducts Inc.* ........................... 606,855
40,109 Brooks Automation, Inc.* ........................... 405,903
49,100 Celeritek, Inc.* ................................... 344,682
132,400 Cirrus Logic, Inc.* ................................ 346,888
26,900 Kopin Corp.* ....................................... 126,161
96,700 Mykrolis Corp.* .................................... 651,758
64,000 PLX Technology, Inc.* .............................. 206,080
20,600 RadiSys Corp.* ..................................... 138,638
48,400 Semitool, Inc.* .................................... 248,776
5,300 Varian Semiconductor Equipment
Associates, Inc.* ................................ 136,475
29,900 Vitesse Semiconductor Corp.* ....................... 67,574
-----------
3,279,790
-----------
SERVICES - EMPLOYMENT AGENCIES--1.6%
26,000 CDI Corp.* ......................................... 591,500
46,398 Right Management Consultants, Inc.* ................ 545,177
33,000 Volt Information Sciences, Inc.* ................... 376,200
-----------
1,512,877
-----------
SERVICES - MANAGEMENT CONSULTING--0.8%
20,700 Advisory Board Co. (The)* .......................... 677,925
15,200 PDI, Inc.* ......................................... 146,680
-----------
824,605
-----------
TELECOMMUNICATIONS--0.2%
109,100 Stratex Networks, Inc.* ............................ 221,473
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES--4.2%
44,600 Allen Telecom Inc.* ................................ $ 586,490
28,100 American Tower Corp., Class A* ..................... 131,789
21,100 Applied Signal Technology, Inc.* ................... 282,529
114,100 Arris Group Inc.* .................................. 547,680
35,700 Boston Communications Group, Inc.* ................. 456,246
53,721 Brightpoint, Inc.* ................................. 612,419
13,969 Commonwealth Telephone Enterprises, Inc.* .......... 527,470
57,200 Crown Castle International Corp.* .................. 221,936
29,500 Intervoice, Inc.* .................................. 50,150
23,781 Mercury Computer Systems, Inc.* .................... 720,564
-----------
4,137,273
-----------
TOBACCO--1.4%
90,300 DIMON Inc. ......................................... 552,636
47,460 Standard Commercial Corp. .......................... 797,328
-----------
1,349,964
-----------
TRANSPORTATION--0.5%
50,200 General Maritime Corp.* ............................ 441,760
-----------
UTILITIES--0.4%
9,500 UGI Corp. .......................................... 393,300
-----------
Total Common Stocks
(Cost $91,081,852) ............................... 93,695,780
-----------
PRINCIPAL
AMOUNT (000'S)
--------------
REPURCHASE AGREEMENTS--4.7%
$ 3,752 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $3,752,500)
1.30%, 03/03/03
(Cost $3,752,093) (Note 7) ...................... 3,752,093
842 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $841,744)
0.656%, 03/03/03
(Cost $841,698) (Note 6) ......................... 841,698
-----------
Total Repurchase Agreements
(Cost $4,593,791) ................................ 4,593,791
-----------
Total Investments -- 100.7%
(Cost $95,675,643) ............................................ 98,289,571
-----------
Liabilities in Excess of Other Assets--(0.7)% ................... (683,760)
-----------
Net Assets -- 100.0% ............................................ $97,605,811
===========
----------
* Non-income producing.
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
GROWTH FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
COMMON STOCKS--95.7%
ADVERTISING--0.4%
4,100 Arbitron Inc.* ..................................... $ 127,797
-----------
AEROSPACE & DEFENSE--2.1%
900 Engineered Support Systems, Inc. ................... 32,499
5,000 MTC Technologies, Inc.* ............................ 91,000
2,400 Teledyne Technologies Inc.* ........................ 30,600
32,800 Titan Corp. (The)* ................................. 260,760
11,300 United Defense Industries, Inc.* ................... 242,724
-----------
657,583
-----------
AIRLINES--1.0%
13,200 AirTran Holdings, Inc.* ............................ 78,540
11,400 Atlantic Coast Airlines Holdings, Inc.* ............ 71,820
16,100 ExpressJet Holdings, Inc.* ......................... 128,800
2,500 SkyWest, Inc. ...................................... 22,375
-----------
301,535
-----------
APPAREL--1.1%
4,800 Kellwood Co. ....................................... 122,880
10,900 Russell Corp. ...................................... 176,035
8,200 Tommy Hilfiger Corp.* .............................. 51,414
-----------
350,329
-----------
AUTOMOBILE PARTS & EQUIPMENT--1.1%
3,200 Aftermarket Technology Corp.* ...................... 36,288
9,700 American Axle & Manufacturing Holdings,
Inc.* ............................................ 229,405
11,200 Dura Automotive Systems, Inc.* ..................... 78,960
-----------
344,653
-----------
BIOTECH--2.0%
2,830 Affymetrix, Inc.* .................................. 74,712
3,800 Alkermes, Inc.* .................................... 30,172
3,200 BioMarin Pharmaceutical Inc.* ...................... 32,032
2,600 Cephalon, Inc.* .................................... 125,190
2,600 Charles River Laboratories International,
Inc.* ............................................ 77,766
1,200 Invitrogen Corp.* .................................. 37,248
2,895 Neurocrine Biosciences, Inc.* ...................... 121,966
2,300 Scios Inc.* ........................................ 100,372
1,200 Trimeris, Inc.* .................................... 48,024
-----------
647,482
-----------
BUILDING SUPPLIES--0.3%
4,500 Culp, Inc.* ........................................ 27,000
2,900 York International Corp. ........................... 62,060
-----------
89,060
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
CHEMICALS - SPECIALTY--0.4%
5,400 MacDermid, Inc. .................................... $ 118,476
-----------
COMMERCIAL SERVICES--0.6%
2,600 Expedia, Inc.* ..................................... 181,454
2,000 Sotheby's Holdings, Inc., Class A* ................. 16,660
-----------
198,114
-----------
COMPUTER COMPONENTS--0.4%
19,400 Maxtor Corp.* ...................................... 116,400
-----------
COMPUTER NETWORKING PRODUCTS--2.4%
11,400 Avocent Corp.* ..................................... 317,148
7,100 Emulex Corp.* ...................................... 127,587
5,200 Juniper Networks, Inc.* ............................ 46,748
14,200 NetScreen Technologies, Inc.* ...................... 277,326
-----------
768,809
-----------
COMPUTER PERIPHERALS--0.9%
26,800 Lexar Media, Inc.* ................................. 109,344
19,600 Pinnacle Systems, Inc.* ............................ 190,316
-----------
299,660
-----------
COMPUTER SERVICES--0.2%
3,500 Syntel, Inc.* ...................................... 66,325
-----------
COMPUTER SOFTWARE--6.3%
2,200 ANSYS, Inc.* ....................................... 52,272
5,400 BMC Software, Inc.* ................................ 104,760
44,578 Compuware Corp.* ................................... 164,493
1,187 Electronic Arts Inc.* .............................. 62,674
1,204 Hyperion Solutions Corp.* .......................... 30,991
1,900 Mercury Interactive Corp.* ......................... 61,750
42,548 Micromuse Inc.* .................................... 248,055
16,400 Packeteer, Inc.* ................................... 147,436
19,600 Sybase, Inc.* ...................................... 287,924
14,400 Take-Two Interactive Software, Inc.* ............... 301,104
10,900 TALX Corp. ......................................... 133,416
6,711 Verint Systems Inc.* ............................... 115,094
16,992 Verity, Inc.* ...................................... 283,426
-----------
1,993,395
-----------
CONSUMER PRODUCTS--2.0%
3,400 Angelica Corp. ..................................... 61,370
2,800 Central Garden & Pet Co.* .......................... 64,120
3,600 Department 56, Inc.* ............................... 39,600
5,500 Dial Corp. (The) ................................... 100,045
3,800 Scotts Co. (The), Class A* ......................... 191,330
2,500 Toro Co. (The) ..................................... 171,975
-----------
628,440
-----------
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
CONSUMER SERVICES--0.3%
26,400 Service Corporation International* ................. $ 81,048
-----------
DATA PROCESSING--0.5%
6,200 Alliance Data Systems Corp.* ....................... 102,920
2,200 Global Payments Inc. ............................... 61,468
-----------
164,388
-----------
ELECTRICAL EQUIPMENT--1.3%
6,200 A.O. Smith Corp. ................................... 159,836
8,100 Acuity Brands, Inc. ................................ 107,730
3,500 Anixter International Inc.* ........................ 82,075
1,700 Genlyte Group Inc. (The)* .......................... 48,042
-----------
397,683
-----------
ELECTRONIC COMPONENTS & ACCESSORIES--2.8%
5,300 AMETEK, Inc. ....................................... 174,794
4,305 Artisan Components, Inc.* .......................... 70,774
5,500 Avnet, Inc.* ....................................... 56,650
9,900 Benchmark Electronics, Inc.* ....................... 344,916
2,900 Daktronics, Inc.* .................................. 47,096
6,659 Marvell Technology Group Ltd.* ..................... 137,176
16,600 Sanmina-SCI Corp.* ................................. 71,380
-----------
902,786
-----------
ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.7%
5,100 Analogic Corp. ..................................... 231,693
-----------
FINANCIAL SERVICES--3.0%
12,300 American Home Mortgage Holdings, Inc. .............. 130,995
2,600 Federated Investors, Inc., Class B ................. 65,832
6,900 H&R Block, Inc. .................................... 279,933
9,100 IndyMac Bancorp, Inc. .............................. 173,810
10,680 New Century Financial Corp. ........................ 284,408
-----------
934,978
-----------
FOOD & AGRICULTURE--2.5%
7,300 Chiquita Brands International, Inc.* ............... 70,299
21,000 Del Monte Foods Co.* ............................... 171,780
13,100 Fresh Del Monte Produce Inc. ....................... 237,634
4,300 Hain Celestial Group, Inc.* ........................ 62,006
10,200 Ralcorp Holdings, Inc.* ............................ 260,610
-----------
802,329
-----------
HAZARDOUS WASTE MANAGEMENT--0.3%
6,700 Clean Harbors, Inc.* ............................... 87,301
-----------
HEALTH CARE--3.0%
9,008 AMERIGROUP Corp.* .................................. 231,416
5,457 First Health Group Corp.* .......................... 131,568
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
HEALTH CARE--(CONTINUED)
10,100 Mid Atlantic Medical Services, Inc.* ............... $ 361,075
20,000 Sierra Health Services, Inc.* ...................... 241,800
-----------
965,859
-----------
HOSPITALS--0.5%
5,800 Pediatrix Medical Group, Inc.* ..................... 163,850
-----------
HOTELS & MOTELS--0.4%
4,900 Choice Hotels International, Inc.* ................. 115,640
-----------
INSURANCE - PROPERTY & CASUALTY--1.4%
1,200 Arch Capital Group Ltd.* ........................... 37,512
4,900 Everest Re Group, Ltd. ............................. 261,660
3,450 W. R. Berkley Corp. ................................ 140,070
-----------
439,242
-----------
INTERNET CONTENT--1.9%
6,300 InfoSpace, Inc.* ................................... 73,080
5,563 Macromedia, Inc.* .................................. 88,118
4,800 NetFlix Inc.* ...................................... 82,128
22,000 S1 Corp.* .......................................... 113,520
16,700 United Online, Inc.* ............................... 238,142
-----------
594,988
-----------
INVESTMENT MANAGEMENT--0.8%
6,000 BlackRock, Inc.* ................................... 249,600
-----------
LEISURE & ENTERTAINMENT--1.8%
13,100 Argosy Gaming Co.* ................................. 209,731
800 Aztar Corp.* ....................................... 9,464
11,600 GTECH Holdings Corp.* .............................. 337,560
1,500 Marvel Enterprises, Inc.* .......................... 16,770
-----------
573,525
-----------
MANUFACTURING--4.4%
9,700 Albany International Corp., Class A ................ 214,758
4,300 AptarGroup, Inc. ................................... 130,290
5,200 Carlisle Companies Inc. ............................ 221,572
600 Curtiss-Wright Corp. ............................... 32,760
6,500 Griffon Corp.* ..................................... 85,150
3,300 Jarden Corp.* ...................................... 88,473
2,000 Matthews International Corp., Class A .............. 45,562
7,300 Modine Manufacturing Co. ........................... 111,909
1,400 Nordson Corp. ...................................... 33,502
4,900 Oshkosh Truck Corp. ................................ 299,390
2,900 Tecumseh Products Co., Class A ..................... 129,050
-----------
1,392,416
-----------
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
MEDICAL INSTRUMENTS & SUPPLIES--8.9%
3,000 Advanced Medical Optics, Inc.* ..................... $ 34,650
25,023 Cytyc Corp.* ....................................... 318,543
6,327 DENTSPLY International Inc. ........................ 220,686
2,600 Dionex Corp.* ...................................... 86,372
11,400 Edwards Lifesciences Corp.* ........................ 303,354
1,100 Fisher Scientific International Inc.* .............. 31,603
5,400 Hanger Orthopedic Group, Inc.* ..................... 56,322
9,400 IDEXX Laboratories, Inc.* .......................... 342,724
3,800 Laboratory Corporation of America
Holdings* ........................................ 105,526
9,875 Merit Medical Systems, Inc.* ....................... 170,047
6,600 St. Jude Medical, Inc.* ............................ 301,488
13,400 STERIS Corp.* ...................................... 338,350
9,800 Varian Medical Systems, Inc.* ...................... 495,390
-----------
2,805,055
-----------
METALS--0.5%
23,600 USEC Inc. .......................................... 142,308
-----------
MULTIMEDIA/PUBLISHING--0.4%
3,500 Liberty Corp. (The) ................................ 137,410
-----------
OFFICE & BUSINESS EQUIPMENT--1.2%
9,300 Global Imaging Systems, Inc.* ...................... 172,143
16,600 IKON Office Solutions, Inc. ........................ 116,366
9,400 Ingram Micro Inc., Class A* ........................ 97,384
-----------
385,893
-----------
OIL & GAS EQUIPMENT & SERVICES--1.9%
3,000 Key Energy Services, Inc.* ......................... 31,500
5,600 Kinder Morgan, Inc. ................................ 254,968
6,700 National-Oilwell, Inc.* ............................ 150,750
7,700 Offshore Logistics, Inc.* .......................... 142,142
1,100 Tidewater Inc. ..................................... 33,682
-----------
613,042
-----------
OIL & GAS FIELD EXPLORATION--1.5%
3,900 Cimarex Energy Co.* ................................ 77,532
10,200 Harvest Natural Resources, Inc.* ................... 58,854
1,400 Patterson-UTI Energy, Inc.* ........................ 46,396
8,200 Swift Energy Co.* .................................. 76,342
13,400 Vintage Petroleum, Inc. ............................ 133,330
3,700 Westport Resources Corp.* .......................... 76,553
-----------
469,007
-----------
OIL REFINING--0.5%
29,200 Tesoro Petroleum Corp.* ............................ 156,220
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
PAPER & ALLIED PRODUCTS--0.3%
12,500 Louisiana-Pacific Corp.* ........................... $ 108,875
-----------
PHARMACEUTICALS--3.4%
14,700 Alpharma Inc., Class A ............................. 246,225
3,000 Amylin Pharmaceuticals, Inc.* ...................... 46,020
14,300 Endo Pharmaceuticals Holdings Inc.* ................ 142,428
2,200 Enzon Pharmaceuticals, Inc.* ....................... 27,610
11,600 Eon Labs, Inc.* .................................... 260,420
10,111 Pharmaceutical Product Development,
Inc.* ............................................ 317,182
1,400 Pharmaceutical Resources, Inc.* .................... 52,430
-----------
1,092,315
-----------
PRINTING--0.7%
9,100 John H. Harland Co. ................................ 209,118
-----------
REAL ESTATE INVESTMENT TRUSTS--2.1%
2,500 CBL & Associates Properties, Inc. .................. 99,625
1,600 First Industrial Realty Trust, Inc. ................ 44,960
25,900 HRPT Properties Trust .............................. 220,409
3,600 Macerich Co. (The) ................................. 115,740
10,700 MeriStar Hospitality Corp. ......................... 28,569
3,100 Mills Corp. (The) .................................. 90,768
4,300 Ventas, Inc. ....................................... 51,600
-----------
651,671
-----------
RESIDENTIAL CONSTRUCTION--2.2%
5,300 Centex Corp. ....................................... 292,984
8,800 Hovnanian Enterprises, Inc., Class A* .............. 288,904
5,000 M/I Schottenstein Homes, Inc. ...................... 129,500
-----------
711,388
-----------
RESTAURANTS--1.0%
2,500 Applebee's International, Inc. ..................... 64,100
4,600 CBRL Group, Inc. ................................... 122,820
7,800 Landry's Restaurants, Inc. ......................... 127,920
-----------
314,840
-----------
RETAIL - AUTOMOBILES--0.2%
7,500 Asbury Automotive Group Inc.* ...................... 55,125
-----------
RETAIL - DISCOUNT--0.6%
11,900 Tuesday Morning Corp.* ............................. 204,799
-----------
RETAIL - SPECIALTY--5.2%
7,500 Abercrombie & Fitch Co., Class A* .................. 206,250
3,800 AutoZone, Inc.* .................................... 250,040
7,100 Brown Shoe Co., Inc. ............................... 192,694
7,500 Jo-Ann Stores, Inc., Class A* ...................... 150,825
2,500 Mothers Work, Inc.* ................................ 72,175
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
RETAIL - SPECIALTY--(CONTINUED)
8,211 PETsMART, Inc.* .................................... $ 122,755
9,748 Regis Corp. ........................................ 227,128
6,925 Ross Stores, Inc. .................................. 236,904
16,000 ShopKo Stores, Inc.* ............................... 175,200
-----------
1,633,971
-----------
SAVINGS & LOAN ASSOCIATIONS--6.7%
8,594 Dime Community Bancshares .......................... 184,427
14,100 Doral Financial Corp. .............................. 456,981
5,900 Downey Financial Corp. ............................. 236,885
7,100 FirstFed Financial Corp.* .......................... 213,000
11,900 Flagstar Bancorp, Inc. ............................. 288,575
6,700 GreenPoint Financial Corp. ......................... 284,616
8,967 Independence Community Bank Corp. .................. 232,963
2,500 MAF Bancorp, Inc. .................................. 85,250
1,400 New York Community Bancorp, Inc. ................... 40,054
4,732 Washington Federal, Inc. ........................... 105,050
-----------
2,127,801
-----------
SCHOOLS--2.6%
1,987 Apollo Group, Inc., Class A ........................ 92,078
9,200 Corinthian Colleges, Inc.* ......................... 344,816
10,500 ITT Educational Services, Inc.* .................... 282,975
3,029 University of Phoenix Online* ...................... 113,224
-----------
833,093
-----------
SEMICONDUCTORS--1.5%
12,176 Brooks Automation, Inc.* ........................... 123,221
31,450 Cirrus Logic, Inc.* ................................ 82,399
26,600 Mykrolis Corp.* .................................... 179,284
1,700 Varian Semiconductor Equipment
Associates, Inc.* ................................ 43,775
20,600 Vitesse Semiconductor Corp.* ....................... 46,556
-----------
475,235
-----------
SERVICES - EMPLOYMENT AGENCIES--1.0%
5,400 CDI Corp.* ......................................... 122,850
15,918 Right Management Consultants, Inc.* ................ 187,037
-----------
309,887
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
SERVICES - MANAGEMENT CONSULTING--0.5%
4,400 Advisory Board Co. (The)* .......................... $ 144,100
-----------
STEEL--0.7%
19,800 United States Steel Corp. .......................... 230,076
-----------
TELECOMMUNICATIONS EQUIPMENT & SERVICES--3.6%
15,100 ADC Telecommunications, Inc.* ...................... 33,824
9,600 American Tower Corp., Class A* ..................... 45,024
44,300 Arris Group Inc.* .................................. 212,640
1,300 Commonwealth Telephone Enterprises,
Inc.* ............................................ 49,088
19,600 Crown Castle International Corp.* .................. 76,048
9,600 Harris Corp. ....................................... 287,616
8,709 Mercury Computer Systems, Inc.* .................... 263,882
9,654 UTStarcom, Inc.* ................................... 175,510
-----------
1,143,632
-----------
TOBACCO--0.6%
6,500 Loews Corp. - Carolina Group ....................... 139,100
3,700 Standard Commercial Corp. .......................... 62,160
-----------
201,260
-----------
TRANSPORTATION--0.5%
600 Landstar System, Inc.* ............................. 32,472
4,900 Ryder System, Inc. ................................. 111,181
-----------
143,653
-----------
UTILITIES--0.2%
7,900 Reliant Resources, Inc.* ........................... 31,995
1,000 UGI Corp. .......................................... 41,400
-----------
73,395
-----------
WHOLESALE - DISTRIBUTION--0.4%
9,800 Handleman Co.* ..................................... 138,180
-----------
Total Common Stocks
(Cost $30,567,035) ............................... 30,316,733
-----------
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (000'S) (NOTE 1)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--4.6%
$ 1,120 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $1,120,546)
1.30%, 03/03/03
(Cost $1,120,425) (Note 7) ....................... $ 1,120,425
343 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $342,941)
0.656%, 03/03/03
(Cost $342,922) (Note 6) ......................... 342,922
-----------
Total Repurchase Agreements
(Cost $1,463,347) ................................ 1,463,347
-----------
Total Investments -- 100.3%
(Cost $32,030,382) ............................................ 31,780,080
-----------
Liabilities in Excess of Other Assets -- (0.3)% ................. (81,716)
-----------
Net Assets -- 100.0% ............................................ $31,698,364
===========
----------
* Non-income producing.
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
MID CAP FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
COMMON STOCKS--97.6%
AEROSPACE & DEFENSE--1.0%
10,000 United Defense Industries, Inc.* ................... $ 214,800
-----------
APPAREL--1.0%
6,300 V. F. Corp. ........................................ 213,255
-----------
AUTOMOBILE--0.7%
4,400 General Motors Corp. ............................... 148,588
-----------
AUTOMOBILE PARTS & EQUIPMENT--0.8%
29,600 Visteon Corp. ...................................... 187,960
-----------
BANKS--5.7%
5,800 Charter One Financial, Inc. ........................ 167,678
5,800 First Tennessee National Corp. ..................... 221,502
8,100 National City Corp. ................................ 223,722
2,400 Popular, Inc. ...................................... 81,336
6,200 SouthTrust Corp. ................................... 167,338
6,900 Union Planters Corp. ............................... 189,888
6,700 Washington Mutual, Inc. ............................ 231,351
-----------
1,282,815
-----------
BIOTECH--0.4%
2,100 Neurocrine Biosciences, Inc.* ...................... 88,473
-----------
BUILDING SUPPLIES--0.2%
1,900 York International Corp. ........................... 40,660
-----------
CHEMICALS - BASIC--0.5%
3,300 Eastman Chemical Co. ............................... 106,227
-----------
CHEMICALS - SPECIALTY--1.9%
2,800 Ashland Inc. ....................................... 77,868
15,400 RPM International, Inc. ............................ 154,000
7,500 Sherwin-Williams Co. (The) ......................... 200,250
-----------
432,118
-----------
COMMERCIAL SERVICES--0.5%
5,200 ARAMARK Corp., Class B* ............................ 114,140
-----------
COMPUTER COMPONENTS--0.5%
14,200 Western Digital Corp.* ............................. 115,446
-----------
COMPUTER NETWORKING PRODUCTS--3.6%
7,200 Avocent Corp.* ..................................... 200,304
27,100 EMC Corp.* ......................................... 200,269
3,600 Emulex Corp.* ...................................... 64,692
7,600 NetScreen Technologies, Inc.* ...................... 148,428
5,700 QLogic Corp.* ...................................... 201,837
-----------
815,530
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
COMPUTER PERIPHERALS--1.0%
3,700 Lexmark International, Inc.* ....................... $ 230,917
-----------
COMPUTER SOFTWARE--2.7%
1,900 Electronic Arts Inc.* .............................. 100,320
16,300 Siebel Systems, Inc.* .............................. 140,669
7,500 Symantec Corp.* .................................... 303,525
3,100 Take-Two Interactive Software, Inc.* ............... 64,821
-----------
609,335
-----------
CONSUMER PRODUCTS--2.8%
2,800 Black & Decker Corp. (The) ......................... 102,760
11,300 Dial Corp. (The) ................................... 205,547
5,100 Fortune Brands, Inc. ............................... 223,584
10,100 Owens-Illinois, Inc.* .............................. 90,900
-----------
622,791
-----------
DATA PROCESSING--0.4%
2,200 Affiliated Computer Services, Inc., Class A* ....... 98,626
-----------
ELECTRICAL EQUIPMENT--1.2%
9,100 Hubbell Inc., Class B .............................. 279,916
-----------
ELECTRONIC COMPONENTS & ACCESSORIES--0.3%
1,400 Jabil Circuit, Inc.* ............................... 23,254
2,287 Marvell Technology Group Ltd.* ..................... 47,113
-----------
70,367
-----------
ENERGY--1.3%
12,900 CONSOL Energy Inc. ................................. 229,620
4,100 TXU Corp. .......................................... 65,477
-----------
295,097
-----------
FINANCIAL SERVICES--2.4%
6,000 H&R Block, Inc. .................................... 243,420
9,400 IndyMac Bancorp, Inc. .............................. 179,540
3,000 MBIA Inc. .......................................... 114,390
-----------
537,350
-----------
FOOD & AGRICULTURE--4.6%
6,500 ConAgra Foods, Inc. ................................ 149,955
1,900 Dean Foods Co.* .................................... 80,123
26,900 Del Monte Foods Co.* ............................... 220,042
11,200 Fresh Del Monte Produce Inc. ....................... 203,168
5,000 General Mills, Inc. ................................ 214,350
8,800 Sara Lee Corp. ..................................... 174,240
-----------
1,041,878
-----------
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
MID CAP FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
HAZARDOUS WASTE MANAGEMENT--0.9%
5,400 Stericycle, Inc.* .................................. $ 191,322
-----------
HEALTH CARE--3.1%
2,100 CIGNA Corp. ........................................ 90,237
3,900 First Health Group Corp.* .......................... 94,029
3,300 Oxford Health Plans, Inc.* ......................... 92,400
2,000 UnitedHealth Group Inc. ............................ 165,800
3,600 WellPoint Health Networks Inc.* .................... 244,836
-----------
687,302
-----------
INSURANCE - HEALTH & LIFE--0.3%
4,700 UnumProvident Corp. ................................ 61,100
-----------
INSURANCE - PROPERTY & CASUALTY--2.4%
2,000 CNA Financial Corp.* ............................... 45,980
1,300 Everest Re Group, Ltd. ............................. 69,420
12,600 Old Republic International Corp. ................... 343,980
3,400 Travelers Property Casualty Corp., Class A ......... 53,210
1,400 Travelers Property Casualty Corp., Class B ......... 22,260
-----------
534,850
-----------
INVESTMENT MANAGEMENT--0.7%
3,700 BlackRock, Inc.* ................................... 153,920
-----------
LEISURE & ENTERTAINMENT--3.7%
10,300 GTECH Holdings Corp.* .............................. 299,730
2,000 International Game Technology* ..................... 157,160
11,900 Mattel, Inc. ....................................... 253,708
8,700 Royal Caribbean Cruises Ltd. ....................... 117,885
-----------
828,483
-----------
MANUFACTURING--2.3%
9,300 ArvinMeritor, Inc. ................................. 142,104
9,000 Lear Corp.* ........................................ 341,820
400 United Technologies Corp. .......................... 23,432
-----------
507,356
-----------
MEDICAL & MEDICAL SERVICES--0.3%
1,100 Express Scripts, Inc.* ............................. 56,892
-----------
MEDICAL INSTRUMENTS & SUPPLIES--7.8%
6,600 Becton, Dickinson & Co. ............................ 227,040
9,600 Cytyc Corp.* ....................................... 122,208
800 DENTSPLY International Inc. ........................ 27,904
900 Edwards Lifesciences Corp.* ........................ 23,949
5,500 Fisher Scientific International Inc.* .............. 158,015
3,200 Guidant Corp.* ..................................... 114,432
1,800 Henry Schein, Inc.* ................................ 72,000
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
MEDICAL INSTRUMENTS & SUPPLIES--(CONTINUED)
5,300 Hillenbrand Industries, Inc. ....................... $ 264,735
1,500 IDEXX Laboratories, Inc.* .......................... 54,690
3,200 Laboratory Corporation of America
Holdings* ........................................ 88,864
3,500 St. Jude Medical, Inc.* ............................ 159,880
9,000 STERIS Corp.* ...................................... 227,250
3,900 Varian Medical Systems, Inc.* ...................... 197,145
-----------
1,738,112
-----------
MULTIMEDIA/PUBLISHING--0.5%
4,500 Fox Entertainment Group, Inc., Class A* ............ 120,285
-----------
OFFICE & BUSINESS EQUIPMENT--1.9%
30,800 IKON Office Solutions, Inc. ........................ 215,908
20,600 Ingram Micro Inc., Class A* ........................ 213,416
-----------
429,324
-----------
OIL & GAS EQUIPMENT & SERVICES--2.7%
2,700 Kinder Morgan, Inc. ................................ 122,931
7,700 Questar Corp. ...................................... 214,676
7,200 Tidewater Inc. ..................................... 220,464
2,700 Varco International, Inc.* ......................... 51,192
-----------
609,263
-----------
OIL & GAS FIELD EXPLORATION--4.0%
4,100 Amerada Hess Corp. ................................. 182,573
4,300 ConocoPhillips ..................................... 218,010
10,100 Marathon Oil Corp. ................................. 233,209
2,800 Unocal Corp. ....................................... 73,780
6,200 Westport Resources Corp.* .......................... 128,278
2,000 XTO Energy, Inc. ................................... 50,420
-----------
886,270
-----------
OIL REFINING--1.2%
3,300 Sunoco, Inc. ....................................... 116,787
4,000 Valero Energy Corp. ................................ 156,040
-----------
272,827
-----------
PAPER & ALLIED PRODUCTS--0.4%
5,700 Georgia-Pacific Corp. .............................. 85,557
-----------
PHARMACEUTICALS--1.3%
2,000 Amylin Pharmaceuticals, Inc.* ...................... 30,680
1,900 Medicis Pharmaceutical Corp., Class A* ............. 88,540
5,500 Pharmaceutical Product Development,
Inc.* ............................................ 172,535
-----------
291,755
-----------
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
MID CAP FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
PHOTOGRAPHIC EQUIPMENT--0.5%
3,600 Eastman Kodak Co. .................................. $ 106,560
-----------
REAL ESTATE INVESTMENT TRUSTS--1.3%
1,800 Apartment Investment & Management Co. .............. 66,186
4,300 General Growth Properties, Inc., Class A ........... 224,761
-----------
290,947
-----------
RESIDENTIAL CONSTRUCTION--1.9%
5,500 KB HOME ............................................ 257,950
500 NVR, Inc.* ......................................... 165,975
-----------
423,925
-----------
RESTAURANTS--1.9%
7,100 Applebee's International, Inc. ..................... 182,044
8,900 CBRL Group, Inc. ................................... 237,630
-----------
419,674
-----------
RETAIL - SPECIALTY--4.4%
5,000 Abercrombie & Fitch Co., Class A* .................. 137,500
2,300 Advance Auto Parts, Inc.* .......................... 89,746
2,100 AutoZone, Inc.* .................................... 138,180
4,900 Rent-A-Center, Inc.* ............................... 244,755
6,100 Ross Stores, Inc. .................................. 208,681
3,700 Staples, Inc.* ..................................... 64,047
600 Timberland Co. (The), Class A* ..................... 23,040
3,000 Williams-Sonoma, Inc.* ............................. 69,840
-----------
975,789
-----------
SAVINGS & LOAN ASSOCIATIONS--8.0%
1,900 American Capital Strategies, Ltd. .................. 46,930
8,000 AmSouth Bancorp .................................... 164,800
7,800 Banknorth Group, Inc. .............................. 176,748
7,150 Doral Financial Corp. .............................. 231,731
4,200 GreenPoint Financial Corp. ......................... 178,416
3,700 Hibernia Corp., Class A ............................ 67,044
6,900 Independence Community Bank Corp. .................. 179,262
4,700 New York Community Bancorp, Inc. ................... 134,467
12,817 Roslyn Bancorp, Inc. ............................... 255,315
10,450 Washington Federal, Inc. ........................... 231,990
3,400 Webster Financial Corp. ............................ 121,040
-----------
1,787,743
-----------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
SEMICONDUCTORS--1.8%
5,200 Applied Materials, Inc.* ........................... $ 67,496
12,700 LSI Logic Corp.* ................................... 56,388
14,300 Micron Technology, Inc.* ........................... 114,257
6,000 Teradyne, Inc.* .................................... 69,540
5,700 Texas Instruments Inc. ............................. 95,475
-----------
403,156
-----------
STEEL--0.9%
17,900 United States Steel Corp. .......................... 207,998
-----------
TELECOMMUNICATIONS--0.8%
3,900 QUALCOMM Inc.* ..................................... 134,862
3,600 Sprint Corp. - Fon Group ........................... 45,720
-----------
180,582
-----------
TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.3%
4,800 ADTRAN, Inc.* ...................................... 154,512
7,300 Harris Corp. ....................................... 218,708
5,600 Nextel Communications, Inc., Class A* .............. 78,848
3,700 UTStarcom, Inc.* ................................... 67,266
-----------
519,334
-----------
TOBACCO--0.1%
1,400 Loews Corp. - Carolina Group ....................... 29,960
-----------
TRANSPORTATION--1.6%
3,600 Burlington Northern Santa Fe Corp. ................. 90,000
9,700 Ryder System, Inc. ................................. 220,093
800 Union Pacific Corp. ................................ 44,152
-----------
354,245
-----------
UTILITIES--4.5%
17,400 CenterPoint Energy, Inc. ........................... 80,910
5,700 DPL Inc. ........................................... 68,970
12,000 ONEOK, Inc. ........................................ 206,760
7,100 PG&E Corp.* ........................................ 90,525
6,600 Public Service Enterprise Group, Inc. .............. 228,558
16,600 TECO Energy, Inc. .................................. 183,928
2,700 UGI Corp. .......................................... 111,780
2,000 Wisconsin Energy Corp. ............................. 45,700
-----------
1,017,131
-----------
WHOLESALE - GROCERIES & GENERAL LINE--0.6%
10,100 SUPERVALU INC. ..................................... 140,592
-----------
Total Common Stocks
(Cost $22,993,489) ............................... 21,858,543
-----------
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
MID CAP FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (000'S) (NOTE 1)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--1.7%
$ 300 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $300,462)
1.30%, 03/03/03
(Cost $300,429) (Note 7) ......................... $ 300,429
82 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $82,211)
0.656%, 03/03/03
(Cost $82,206) (Note 6) .......................... 82,206
-----------
Total Repurchase Agreements
(Cost $382,635) .................................. 382,635
-----------
Total Investments -- 99.3%
(Cost $23,376,124) ............................................ 22,241,178
-----------
Other Assets in Excess of Liabilities -- 0.7% ................... 167,122
-----------
Net Assets -- 100.0% ............................................ $22,408,300
===========
----------
* Non-income producing.
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
COMMON STOCKS--97.7%
AEROSPACE & DEFENSE--1.7%
44,300 Armor Holdings, Inc.* .............................. $ 498,375
8,500 Kaman Corp., Class A ............................... 83,555
76,800 Titan Corp. (The)* ................................. 610,560
38,800 United Defense Industries, Inc.* ................... 833,424
------------
2,025,914
------------
AIRLINES--0.3%
51,200 ExpressJet Holdings, Inc.* ......................... 409,600
------------
APPAREL--0.7%
20,000 Kellwood Co. ....................................... 512,000
20,700 Russell Corp. ...................................... 334,305
------------
846,305
------------
AUTOMOBILE--0.2%
7,900 Thor Industries, Inc. .............................. 202,951
------------
AUTOMOBILE PARTS & EQUIPMENT--0.4%
67,500 Visteon Corp. ...................................... 428,625
------------
BANKS--3.2%
9,400 Community Bank System, Inc. ........................ 307,286
23,900 First BanCorp ...................................... 599,173
8,200 Frontier Financial Corp. ........................... 206,894
22,400 Independent Bank Corp. ............................. 476,448
37,200 Irwin Financial Corp. .............................. 673,320
70,700 R&G Financial Corp., Class B ....................... 1,573,075
------------
3,836,196
------------
BIOTECH--0.2%
9,800 Applera Corp. - Celera Genomics Group* ............. 80,850
72,800 ArQule Inc.* ....................................... 172,536
------------
253,386
------------
BUILDING SUPPLIES--0.5%
18,100 Building Materials Holding Corp. ................... 235,300
59,400 Culp, Inc.* ........................................ 356,400
------------
591,700
------------
CHEMICALS - BASIC--0.5%
9,500 Airgas, Inc.* ...................................... 166,250
41,000 Millennium Chemicals Inc. .......................... 447,720
------------
613,970
------------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
CHEMICALS - SPECIALTY--0.9%
7,400 MacDermid, Inc. .................................... $ 162,356
68,700 RPM International, Inc. ............................ 687,000
24,100 Wellman, Inc. ...................................... 255,701
------------
1,105,057
------------
COMMERCIAL SERVICES--0.2%
9,200 McGrath Rentcorp ................................... 207,184
------------
COMPUTER COMPONENTS--0.7%
72,900 Maxtor Corp.* ...................................... 437,400
47,900 Western Digital Corp.* ............................. 389,427
------------
826,827
------------
COMPUTER NETWORKING PRODUCTS--0.9%
29,300 Avocent Corp.* ..................................... 815,126
17,400 Overland Storage, Inc* ............................. 249,342
------------
1,064,468
------------
COMPUTER PERIPHERALS--0.3%
14,000 Hutchinson Technology Inc.* ........................ 302,960
------------
COMPUTER SERVICES--0.1%
23,900 Gartner, Inc., Class A* ............................ 174,948
------------
COMPUTER SOFTWARE--2.7%
19,700 ANSYS, Inc.* ....................................... 468,072
7,200 StarTek, Inc.* ..................................... 169,704
46,000 Sybase, Inc.* ...................................... 675,740
30,800 Take-Two Interactive Software, Inc.* ............... 644,028
104,100 TALX Corp. ......................................... 1,274,184
------------
3,231,728
------------
CONSUMER PRODUCTS--2.6%
21,500 Central Garden & Pet Co.* .......................... 492,350
44,700 Department 56, Inc.* ............................... 491,700
34,285 Helen of Troy Ltd.* ................................ 448,791
12,000 Scotts Co. (The), Class A* ......................... 604,200
5,800 Toro Co. (The) ..................................... 398,982
54,100 Tupperware Corp. ................................... 674,627
------------
3,110,650
------------
ELECTRICAL EQUIPMENT--2.9%
58,300 A.O. Smith Corp. ................................... 1,502,974
108,200 Acuity Brands, Inc. ................................ 1,439,060
19,700 Anixter International Inc.* ........................ 461,965
------------
3,403,999
------------
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
ELECTRONIC COMPONENTS & ACCESSORIES--1.0%
14,900 Avnet, Inc.* ....................................... $ 153,470
26,600 Benchmark Electronics, Inc.* ....................... 926,744
8,700 Daktronics, Inc.* .................................. 141,288
------------
1,221,502
------------
ELECTRONIC MEASUREMENTS - INSTRUMENTS--2.0%
28,600 Analogic Corp. ..................................... 1,299,298
55,141 MTS Systems Corp. .................................. 629,159
64,900 Zygo Corp. ......................................... 401,082
------------
2,329,539
------------
ENERGY--0.9%
57,100 CONSOL Energy Inc. ................................. 1,016,380
------------
FINANCIAL SERVICES--3.3%
44,627 American Home Mortgage Holdings, Inc. .............. 475,277
110,000 Cash America International, Inc. ................... 981,200
41,900 IndyMac Bancorp, Inc. .............................. 800,290
53,000 New Century Financial Corp. ........................ 1,411,390
22,000 Saxon Capital, Inc.* ............................... 242,220
------------
3,910,377
------------
FOOD & AGRICULTURE--3.4%
34,100 Chiquita Brands International, Inc.* ............... 328,383
14,900 Corn Products International, Inc. .................. 447,745
43,200 Del Monte Foods Co.* ............................... 353,376
77,600 Fresh Del Monte Produce Inc. ....................... 1,407,664
8,700 Hain Celestial Group, Inc.* ........................ 125,454
41,200 Ralcorp Holdings, Inc.* ............................ 1,052,660
15,038 Sanderson Farms, Inc. .............................. 289,346
------------
4,004,628
------------
HAZARDOUS WASTE MANAGEMENT--0.1%
13,000 Clean Harbors, Inc.* ............................... 169,390
------------
HEALTH CARE--1.1%
25,800 AMERIGROUP Corp.* .................................. 662,802
58,200 Sierra Health Services, Inc.* ...................... 703,638
------------
1,366,440
------------
HOTELS & MOTELS--0.8%
41,300 Choice Hotels International, Inc.* ................. 974,680
------------
INSURANCE - HEALTH & LIFE--1.2%
4,400 AmerUs Group Co. ................................... 115,412
6,000 Delphi Financial Group, Inc., Class A .............. 221,100
106,100 Phoenix Companies, Inc. (The) ...................... 825,458
28,600 UICI* .............................................. 287,430
------------
1,449,400
------------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
INSURANCE - PROPERTY & CASUALTY--2.1%
64,300 Allmerica Financial Corp. .......................... $ 909,845
6,500 Arch Capital Group Ltd.* ........................... 203,190
7,900 PMA Capital Corp., Class A ......................... 77,815
21,800 PXRE Group Ltd. .................................... 436,000
38,400 Stewart Information Services Corp.* ................ 883,200
------------
2,510,050
------------
LEISURE & ENTERTAINMENT--0.6%
24,100 GTECH Holdings Corp.* .............................. 701,310
------------
MACHINERY--0.1%
7,300 Stewart & Stevenson Services, Inc. ................. 70,664
------------
MANUFACTURING--6.3%
53,300 Albany International Corp., Class A ................ 1,180,062
20,000 Cascade Corp. ...................................... 283,600
19,600 Curtiss-Wright Corp. ............................... 1,070,160
25,300 Jarden Corp.* ...................................... 678,293
37,400 Matthews International Corp., Class A .............. 852,009
26,530 Oshkosh Truck Corp. ................................ 1,620,983
36,400 Tecumseh Products Co., Class A ..................... 1,619,800
13,800 Worthington Industries, Inc. ....................... 190,164
------------
7,495,071
------------
MEDICAL & MEDICAL SERVICES--0.6%
16,350 Kindred Healthcare, Inc.* .......................... 264,067
57,900 Prime Medical Services, Inc.* ...................... 449,304
------------
713,371
------------
MEDICAL INSTRUMENTS & SUPPLIES--1.1%
13,000 Advanced Medical Optics, Inc.* ..................... 150,150
25,940 CONMED Corp.* ...................................... 394,288
19,900 Edwards Lifesciences Corp.* ........................ 529,539
20,500 Hanger Orthopedic Group, Inc.* ..................... 213,815
------------
1,287,792
------------
METALS--0.1%
23,800 USEC Inc. .......................................... 143,514
------------
OFFICE & BUSINESS EQUIPMENT--1.7%
38,633 Global Imaging Systems, Inc.* ...................... 715,097
185,200 IKON Office Solutions, Inc. ........................ 1,298,252
------------
2,013,349
------------
OIL & GAS EQUIPMENT & SERVICES--0.8%
7,223 Offshore Logistics, Inc.* .......................... 133,337
73,500 Oil States International, Inc.* .................... 837,900
------------
971,237
------------
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
OIL & GAS FIELD EXPLORATION--3.0%
7,400 Evergreen Resources, Inc.* ......................... $ 333,592
8,100 Nuevo Energy Co.* .................................. 101,493
37,200 Patina Oil & Gas Corp. ............................. 1,238,016
3,200 Penn Virginia Corp. ................................ 118,432
10,400 Remington Oil & Gas Corp.* ......................... 196,248
35,800 Swift Energy Co.* .................................. 333,298
63,000 Vintage Petroleum, Inc. ............................ 626,850
32,800 Westport Resources Corp.* .......................... 678,632
------------
3,626,561
------------
OIL REFINING--0.1%
5,500 Holly Corp. ........................................ 122,375
2,800 Plains Resources Inc.* ............................. 31,892
------------
154,267
------------
PACKAGING--0.7%
39,100 Silgan Holdings Inc.* .............................. 794,512
------------
PAPER & ALLIED PRODUCTS--2.1%
26,600 Caraustar Industries, Inc.* ........................ 198,436
70,800 Louisiana-Pacific Corp.* ........................... 616,668
28,200 Rock-Tenn Co., Class A ............................. 365,190
56,300 Schweitzer-Mauduit International, Inc. ............. 1,293,774
------------
2,474,068
------------
PHARMACEUTICALS--1.9%
74,700 Alpharma Inc., Class A ............................. 1,251,225
104,200 ICN Pharmaceuticals, Inc. .......................... 1,002,404
------------
2,253,629
------------
PRINTING--0.4%
22,900 John H. Harland Co. ................................ 526,242
------------
REAL ESTATE INVESTMENT TRUSTS--10.0%
42,500 Boykin Lodging Co. ................................. 335,750
40,400 CBL & Associates Properties, Inc. .................. 1,609,940
41,600 Correctional Properties Trust ...................... 874,432
113,700 Crown American Realty Trust ........................ 1,089,246
41,800 Developers Diversified Realty Corp. ................ 973,940
16,500 Entertainment Properties Trust ..................... 409,200
34,700 First Industrial Realty Trust, Inc. ................ 975,070
8,200 Highwoods Properties, Inc. ......................... 172,282
162,700 HRPT Properties Trust .............................. 1,384,577
19,800 Macerich Co. (The) ................................. 636,570
137,600 MeriStar Hospitality Corp. ......................... 367,392
36,000 Mills Corp. (The) .................................. 1,054,080
17,900 Parkway Properties, Inc. ........................... 652,455
21,500 Tanger Factory Outlet Centers, Inc. ................ 646,075
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS--(CONTINUED)
21,700 Trizec Properties, Inc. ............................ $ 186,837
43,600 Ventas, Inc. ....................................... 523,200
------------
11,891,046
------------
RESIDENTIAL CONSTRUCTION--1.2%
24,200 Hovnanian Enterprises, Inc., Class A* .............. 794,486
23,500 M/I Schottenstein Homes, Inc. ...................... 608,650
------------
1,403,136
------------
RESTAURANTS--2.8%
35,763 Applebee's International, Inc. ..................... 916,964
44,169 CBRL Group, Inc. ................................... 1,179,312
75,000 Landry's Restaurants, Inc. ......................... 1,230,000
------------
3,326,276
------------
RETAIL - DISCOUNT--0.6%
41,300 Tuesday Morning Corp.* ............................. 710,773
------------
RETAIL - SPECIALTY--2.8%
33,900 Brown Shoe Co., Inc. ............................... 920,046
32,000 Jo-Ann Stores, Inc., Class A* ...................... 643,520
9,200 Jos. A. Bank Clothiers, Inc.* ...................... 212,520
39,900 ShopKo Stores, Inc.* ............................... 436,905
6,300 Timberland Co. (The), Class A* ..................... 241,920
43,000 World Fuel Services Corp. .......................... 860,000
------------
3,314,911
------------
SAVINGS & LOAN ASSOCIATIONS--9.3%
16,340 American Capital Strategies, Ltd. .................. 403,598
140,800 BankAtlantic Bancorp, Inc., Class A ................ 1,277,056
4,100 Dime Bancorp, Inc., Litigation Tracking
Warrants* ........................................ 492
59,515 Dime Community Bancshares .......................... 1,277,192
19,300 Downey Financial Corp. ............................. 774,895
4,300 First Niagara Financial Group, Inc. ................ 47,988
30,500 FirstFed Financial Corp.* .......................... 915,000
66,525 Flagstar Bancorp, Inc. ............................. 1,613,231
9,300 Hawthorne Financial Corp.* ......................... 281,325
4,700 Hudson United Bancorp .............................. 148,238
41,731 Independence Community Bank Corp. .................. 1,084,171
34,700 MAF Bancorp, Inc. .................................. 1,183,270
22,425 Oriental Financial Group Inc. ...................... 476,531
4,200 Roslyn Bancorp, Inc. ............................... 83,664
54,263 Washington Federal, Inc. ........................... 1,204,639
8,700 Webster Financial Corp. ............................ 309,720
------------
11,081,010
------------
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2003 (UNAUDITED)
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
SEMICONDUCTORS--1.8%
26,100 Bell Microproducts Inc.* ........................... $ 158,166
74,766 Brooks Automation, Inc.* ........................... 756,632
51,100 Cirrus Logic, Inc.* ................................ 133,882
24,200 Cree, Inc.* ........................................ 411,884
6,500 International Rectifier Corp.* ..................... 145,275
39,700 Mykrolis Corp.* .................................... 267,578
11,500 Varian Semiconductor Equipment
Associates, Inc.* ................................ 296,125
------------
2,169,542
------------
SERVICES - EMPLOYMENT AGENCIES--1.2%
31,900 CDI Corp.* ......................................... 725,725
60,350 Right Management Consultants, Inc.* ................ 709,112
------------
1,434,837
------------
STEEL--1.5%
33,904 Steel Technologies Inc. ............................ 360,739
118,400 United States Steel Corp. .......................... 1,375,808
------------
1,736,547
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.3%
11,200 ADTRAN, Inc.* ...................................... 360,528
36,300 Allen Telecom Inc.* ................................ 477,345
29,300 Applied Signal Technology, Inc.* ................... 392,327
5,000 Boston Communications Group, Inc.* ................. 63,900
62,400 Brightpoint, Inc.* ................................. 711,360
19,800 Commonwealth Telephone Enterprises,
Inc.* ............................................ 747,648
------------
2,753,108
------------
TOBACCO--0.3%
68,400 DIMON Inc. ......................................... 418,608
------------
TRANSPORTATION--2.2%
82,600 General Maritime Corp.* ............................ 726,880
13,850 Genesee & Wyoming Inc., Class A* ................... 211,905
24,200 Overseas Shipholding Group, Inc. ................... 385,748
57,400 Ryder System, Inc. ................................. 1,302,406
------------
2,626,939
------------
--------------------------------------------------------------------------------
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------
UTILITIES--6.4%
61,400 AGL Resources Inc. ................................. $ 1,360,010
40,200 Energen Corp. ...................................... 1,222,884
39,300 NUI Corp. .......................................... 595,788
104,500 ONEOK, Inc. ........................................ 1,800,535
43,100 Southwestern Energy Co.* ........................... 504,270
42,200 UGI Corp. .......................................... 1,747,080
10,200 UIL Holdings Corp. ................................. 335,580
------------
7,566,147
------------
WHOLESALE - DISTRIBUTION--0.9%
72,100 Handleman Co.* ..................................... 1,016,610
------------
Total Common Stocks
(Cost $118,648,573) .............................. 116,263,931
------------
PRINCIPAL
AMOUNT (000'S)
--------------
REPURCHASE AGREEMENTS--2.5%
$ 2,340 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $2,340,336)
1.30%, 03/03/03
(Cost $2,340,083) (Note 7) ....................... 2,340,083
557 Bear, Stearns & Co. Inc.
(Agreement dated 02/28/03 to be
repurchased at $557,246)
0.656%, 03/03/03
(Cost $557,216) (Note 6) ......................... 557,216
------------
Total Repurchase Agreements
(Cost $2,897,299) ................................ 2,897,299
------------
Total Investments -- 100.2%
(Cost $121,545,872) ........................................... 119,161,230
------------
Liabilities in Excess of Other Assets--(0.2)% ................... (198,168)
------------
Net Assets -- 100.0% ............................................ $118,963,062
============
----------
* Non-income producing.
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 2003 (UNAUDITED)
<TABLE>
<CAPTION>
EMERGING GROWTH GROWTH MID CAP SMALL CAP VALUE
FUND FUND FUND FUND
--------------- ------------ ----------- ---------------
<S> <C> <C> <C> <C>
ASSETS
Investments, at value (Cost -- $95,675,643,
$32,030,382, $23,376,124, $121,545,872,
respectively) ..................................... $ 98,289,571 $ 31,780,080 $22,241,178 $119,161,230
Receivable for investments sold ...................... 1,413,789 798,163 980,200 4,365,589
Receivable for Fund shares sold ...................... 36 9,000 100 603,091
Dividends and interest receivable .................... 68,949 21,801 34,037 168,521
Receivable from investment adviser ................... -- -- 2,925 --
Prepaid expenses and other assets .................... 11,795 7,726 7,642 24,702
------------ ------------ ----------- ------------
Total assets ...................................... 99,784,140 32,616,770 23,266,082 124,323,133
------------ ------------ ----------- ------------
LIABILITIES
Payable for investments purchased .................... 1,203,974 515,619 741,334 3,575,272
Payable upon return of securities loaned (Note 6) .... 841,698 342,922 82,206 557,216
Payable for Fund shares redeemed ..................... 6,702 -- -- 1,045,122
Investment advisory fee payable ...................... 56,262 24,095 -- 124,788
Accrued expenses and other liabilities ............... 69,693 35,770 34,242 57,673
------------ ------------ ----------- ------------
Total liabilities ................................. 2,178,329 918,406 857,782 5,360,071
------------ ------------ ----------- ------------
NET ASSETS
Capital stock, $0.001 par value ...................... 8,626 3,704 2,048 8,520
Additional paid-in capital ........................... 111,530,007 49,675,609 31,877,973 135,522,599
Undistributed net investment income/(loss) ........... (238,005) (180,559) 97,488 (82,758)
Accumulated net realized loss from
investments ....................................... (16,308,745) (17,550,088) (8,434,263) (14,100,657)
Net unrealized appreciation/(depreciation)
on investments .................................... 2,613,928 (250,302) (1,134,946) (2,384,642)
------------ ------------ ----------- ------------
Net assets applicable to shares outstanding .......... $ 97,605,811 $ 31,698,364 $22,408,300 $118,963,062
============ ============ =========== ============
Shares outstanding ...................................... 8,626,463 3,704,100 2,047,980 8,519,726
------------ ------------ ----------- ------------
Net asset value, offering and redemption price
per share ........................................... $11.31 $8.56 $10.94 $13.96
====== ===== ====== ======
</TABLE>
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBUARY 28, 2003 (UNAUDITED)
<TABLE>
<CAPTION>
EMERGING GROWTH GROWTH MID CAP SMALL CAP VALUE
FUND FUND FUND FUND
--------------- ----------- ----------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends* ........................................... $ 303,266 $ 101,442 $ 198,763 $ 951,919
Interest ............................................. 35,414 10,846 6,608 20,697
Securities lending ................................... 12,765 3,322 1,231 9,765
----------- ----------- ----------- ------------
Total investment income ........................... 351,445 115,610 206,602 982,381
----------- ----------- ----------- ------------
EXPENSES
Advisory fees ........................................ 356,340 214,568 50,567 790,146
Co-Administration fees ............................... 87,790 50,433 46,930 106,625
Administrative services fees ......................... 71,268 24,424 17,492 87,794
Transfer agent fees and expenses ..................... 29,919 23,999 23,999 30,364
Printing ............................................. 39,000 8,368 12,936 35,150
Federal and state registration fees .................. 8,651 5,819 6,928 15,427
Audit and legal fees ................................. 47,320 13,899 9,918 53,374
Custodian fees and expenses .......................... 16,654 4,885 3,498 22,659
Directors' fees and expenses ......................... 7,211 2,181 1,691 10,157
Other ................................................ 2,898 942 689 3,378
----------- ----------- ----------- ------------
Total expenses before waivers and
reimbursements, if any ......................... 667,051 349,518 174,648 1,155,074
Less: waivers and reimbursements, if any .......... (77,601) (53,349) (65,534) (89,935)
----------- ----------- ----------- ------------
Net expenses after waivers and
reimbursements, if any ......................... 589,450 296,169 109,114 1,065,139
----------- ----------- ----------- ------------
Net Investment Income/(Loss) ...................... (238,005) (180,559) 97,488 (82,758)
----------- ----------- ----------- ------------
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss from investments ................... (6,090,380) (2,939,680) (2,194,319) (13,263,070)
Net change in unrealized appreciation/(depreciation)
on investments .................................... 2,129,606 1,196,262 79,575 5,812
----------- ----------- ----------- ------------
Net realized and unrealized loss on
investments ....................................... (3,960,774) (1,743,418) (2,114,744) (13,257,258)
----------- ----------- ----------- ------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS ...................................... $(4,198,779) $(1,923,977) $(2,017,256) $(13,340,016)
=========== =========== =========== ============
<FN>
----------
* Net of foreign withholding taxes of $2,298, $310, $343 and $2,641 for the Emerging Growth Fund, Growth Fund, Mid Cap Fund and
Small Cap Value Fund, respectively.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EMERGING GROWTH GROWTH
FUND FUND
---------------------------------- ----------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED FISCAL SIX MONTHS ENDED FISCAL
FEBRUARY 28, 2003 YEAR ENDED FEBRUARY 28, 2003 YEAR ENDED
(UNAUDITED) AUGUST 31, 2002 (UNAUDITED) AUGUST 31, 2002
----------------- --------------- ----------------- ---------------
<S> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS:
Net investment income/(loss) ......................... $ (238,005) $ (833,120) $ (180,559) $ (359,234)
Net realized gain/(loss) from investments ............ (6,090,380) 635,625 (2,939,680) (2,221,509)
Net change in unrealized appreciation/(depreciation)
on investments .................................... 2,129,606 (8,936,144) 1,196,262 (2,217,432)
----------- ------------ ----------- -----------
Net increase/(decrease) in net assets resulting
from operations ................................... (4,198,779) (9,133,639) (1,923,977) (4,798,175)
----------- ------------ ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................ -- -- -- --
Net realized capital gains ........................... -- -- -- --
----------- ------------ ----------- -----------
Total dividends and distributions to shareholders .... -- -- -- --
----------- ------------ ----------- -----------
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS (NOTE 5) .................. 4,939,479 (33,927,799) (411,536) (1,098,115)
----------- ------------ ----------- -----------
Total increase/(decrease) in net assets .............. 740,700 (43,061,438) (2,335,513) (5,896,290)
NET ASSETS
Beginning of period .................................. 96,865,111 139,926,549 34,033,877 39,930,167
----------- ------------ ----------- -----------
End of period* ....................................... $97,605,811 $ 96,865,111 $31,698,364 $34,033,877
=========== ============ =========== ===========
<CAPTION>
MID CAP SMALL CAP VALUE
FUND FUND
---------------------------------- ----------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED FISCAL SIX MONTHS ENDED FISCAL
FEBRUARY 28, 2003 YEAR ENDED FEBRUARY 28, 2003 YEAR ENDED
(UNAUDITED) AUGUST 31, 2002 (UNAUDITED) AUGUST 31, 2002
----------------- --------------- ----------------- ---------------
<S> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS:
Net investment income/(loss) ......................... $ 97,488 $ 167,407 $ (82,758) $ (344,322)
Net realized gain/(loss) from investments ............ (2,194,319) (1,498,981) (13,263,070) 9,707,831
Net change in unrealized appreciation/(depreciation)
on investments .................................... 79,575 (1,234,846) 5,812 (4,975,947)
----------- ----------- ------------ ------------
Net increase/(decrease) in net assets resulting
from operations ................................... (2,017,256) (2,566,420) (13,340,016) 4,387,562
----------- ----------- ------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................ (167,268) (145,129) -- (38,820)
Net realized capital gains ........................... -- -- (10,075,786) (5,799,905)
----------- ----------- ------------ ------------
Total dividends and distributions to shareholders .... (167,268) (145,129) (10,075,786) (5,838,725)
----------- ----------- ------------ ------------
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS (NOTE 5) .................. (516,005) (3,377,823) 11,998,548 96,267,850
----------- ----------- ------------ ------------
Total increase/(decrease) in net assets .............. (2,700,529) (6,089,372) (11,417,254) 94,816,687
NET ASSETS
Beginning of period .................................. 25,108,829 31,198,201 130,380,316 35,563,629
----------- ----------- ------------ ------------
End of period* ....................................... $22,408,300 $25,108,829 $118,963,062 $130,380,316
=========== =========== ============ ============
<FN>
-----------
* Includes undistributed net investment income/(loss) as follows:
FOR THE FOR THE
SIX MONTHS ENDED FISCAL
FEBRUARY 28, 2003 YEAR ENDED
(UNAUDITED) AUGUST 31, 2002
----------------- ---------------
Emerging Growth Fund .................. $(238,005) --
Growth Fund ........................... (180,559) --
Mid Cap Fund .......................... 97,488 $167,268
Small Cap Value Fund .................. (82,758) --
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
28 & 29
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for each share
outstanding, total investment return, ratios to average net assets and other
supplemental data for the respective periods. This information has been derived
from information provided in the financial statements.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EMERGING GROWTH FUND
-----------------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE FISCAL YEARS ENDED AUGUST 31,
FEBRUARY 28, 2003 ---------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
----------------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ............... $ 11.81 $ 12.73 $ 20.99 $ 18.03 $ 12.52 $ 18.47
------- ------- ------- ------- ------- -------
Net investment loss ................................ (0.03) (0.10) (0.07) (0.10) (0.18) (0.07)
Net realized and unrealized gain/(loss) on
investments(1) .................................. (0.47) (0.82) (3.58) 7.39 6.72 (3.23)
------- ------- ------- ------- ------- -------
Net increase/(decrease) in net assets resulting
from operations ................................. (0.50) (0.92) (3.65) 7.29 6.54 (3.30)
------- ------- ------- ------- ------- -------
Distributions to shareholders from:
Net realized capital gains ......................... -- -- (4.61) (4.33) (1.03) (2.65)
------- ------- ------- ------- ------- -------
Net asset value, end of period ..................... $ 11.31 $ 11.81 $ 12.73 $ 20.99 $ 18.03 $ 12.52
======= ======= ======= ======= ======= =======
Total investment return(2) ......................... (4.23)% (7.23)% (20.16)% 54.42% 56.09% (20.74)%
======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) .......... $97,606 $96,865 $139,927 $134,533 $ 76,349 $99,266
Ratio of expenses to average net assets(3) ......... 1.24%(4) 1.12% 1.07% 1.00% 1.00% 1.00%
Ratio of expenses to average net assets
without waivers and expense
reimbursements, if any .......................... 1.40%(4) 1.26% 1.25% 1.28% 1.26% 1.23%
Ratio of net investment loss to average
net assets(3) ................................... (0.50)%(4) (0.75)% (0.67)% (0.55)% (0.46)% (0.41)%
Portfolio turnover rate ............................ 95.03% 216.40% 280.00% 297.08% 316.02% 408.70%
<CAPTION>
GROWTH FUND
------------------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE FISCAL YEARS ENDED AUGUST 31,
FEBRUARY 28, 2003 ---------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
----------------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ............... $ 9.07 $ 10.48 $ 23.69 $ 14.89 $ 9.75 $ 16.29
------- ------- ------- ------- ------- -------
Net investment loss ................................ (0.05) (0.10) (0.10) (0.12) (0.18) (0.07)
Net realized and unrealized gain/(loss) on
investments(1) .................................. (0.46) (1.31) (6.59) 9.29 5.33 (3.98)
------- ------- ------- ------- ------- -------
Net increase/(decrease) in net assets resulting
from operations ................................. (0.51) (1.41) (6.69) 9.17 5.15 (4.05)
------- ------- ------- ------- ------- -------
Distributions to shareholders from:
Net realized capital gains ......................... -- -- (6.52) (0.37) (0.01) (2.49)
------- ------- ------- ------- ------- -------
Net asset value, end of period ..................... $ 8.56 $ 9.07 $ 10.48 $ 23.69 $ 14.89 $ 9.75
======= ======= ======= ======= ======= =======
Total investment return(2) ......................... (5.62)% (13.45)% (36.45)% 63.11% 52.80% (29.03)%
======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) .......... $31,698 $34,034 $39,930 $79,520 $62,376 $77,840
Ratio of expenses to average net assets(3) ......... 1.82%(4) 1.35% 1.08% 1.00% 1.00% 1.00%
Ratio of expenses to average net assets
without waivers and expense
reimbursements, if any .......................... 2.15%(4) 1.54% 1.36% 1.32% 1.30% 1.24%
Ratio of net investment loss to average
net assets(3) ................................... (1.11)%(4) (0.96)% (0.70)% (0.59)% (0.45)% (0.50)%
Portfolio turnover rate ............................ 97.32% 241.28% 271.29% 228.69% 309.60% 338.40%
<FN>
-----------
(1) The amounts shown for a share outstanding throughout the respective periods are not in accord with the changes in the aggregate
gains and losses on investments during the respective periods because of the timing of the sales and repurchases of fund shares
in relation to fluctuating net asset values during the respective periods.
(2) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of
each period reported and includes reinvestment of dividends and distributions, if any. Total investment returns are not
annualized.
(3) Reflects waivers and expense reimbursements, if any.
(4) Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
30 & 31
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
FINANCIAL HIGHLIGHTS (CONCLUDED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for each share
outstanding, total investment return, ratios to average net assets and other
supplemental data for the respective periods. This information has been derived
from information provided in the financial statements.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP FUND
-----------------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE FISCAL YEARS ENDED AUGUST 31,
FEBRUARY 28, 2003 ---------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
----------------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ............... $ 11.98 $ 13.16 $ 19.22 $ 16.89 $ 13.30 $ 17.16
------- ------- ------- ------- ------- -------
Net investment income/(loss) ....................... 0.05 0.08 0.06 0.08 0.05 0.05
Net realized and unrealized gain/(loss) on
investments and futures transactions,
if any(1) ....................................... (1.01) (1.22) (2.98) 4.25 4.97 (1.24)
------- ------- ------- ------- ------- -------
Net increase/(decrease) in net assets resulting
from operations ................................. (0.96) (1.14) (2.92) 4.33 5.02 (1.19)
------- ------- ------- ------- ------- -------
Dividends and distributions to shareholders from:
Net investment income .............................. (0.08) (0.06) (0.08) (0.03) (0.06) (0.06)
Net realized capital gains ......................... -- -- (3.06) (1.97) (1.37) (2.61)
------- ------- ------- ------- ------- -------
Total dividends and distributions to shareholders .. (0.08) (0.06) (3.14) (2.00) (1.43) (2.67)
------- ------- ------- ------- ------- -------
Redemption fees (Note 5) ........................... -- 0.02 -- -- -- --
------- ------- ------- ------- ------- -------
Net asset value, end of period ..................... $ 10.94 $ 11.98 $ 13.16 $ 19.22 $ 16.89 $ 13.30
======= ======= ======= ======= ======= =======
Total investment return(2) ......................... (8.02)% (8.48)% (17.42)% 29.61% 41.61% (8.97)%
======= ======= ======= ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) .......... $22,408 $25,109 $31,198 $44,430 $49,156 $110,176
Ratio of expenses to average net assets(3) ......... 0.94%(4) 0.85% 0.91% 1.00% 1.00% 1.00%
Ratio of expenses to average net assets without
waivers and expense reimbursements, if any ...... 1.50%(4) 1.27% 1.39% 1.61% 1.33% 1.26%
Ratio of net investment income/(loss) to average
net assets(3) ................................... 0.84%(4) 0.59% 0.39% 0.40% 0.31% 0.36%
Portfolio turnover rate ............................ 102.01% 270.77% 318.28% 378.17% 384.71% 341.73%
<CAPTION>
SMALL CAP VALUE FUND
--------------------------------------------------------------------------------
FOR THE FOR THE PERIOD
SIX MONTHS ENDED FOR THE FISCAL YEARS ENDED AUGUST 31, NOVEMBER 30, 1998*
FEBRUARY 28, 2003 ------------------------------------- THROUGH
(UNAUDITED) 2002 2001 2000 AUGUST 31, 1999
----------------- -------- ------- ------- ------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ............... $ 16.86 $ 17.61 $ 12.91 $ 12.86 $ 12.00
------- -------- ------- ------- -------
Net investment income/(loss) ....................... (0.01) (0.05) 0.02 0.15 0.10
Net realized and unrealized gain/(loss) on
investments and futures transactions,
if any(1) ....................................... (1.52) 1.71 4.79 1.32 0.76
------- -------- ------- ------- -------
Net increase/(decrease) in net assets resulting
from operations ................................. (1.53) 1.66 4.81 1.47 0.86
------- -------- ------- ------- -------
Dividends and distributions to shareholders from:
Net investment income .............................. -- (0.02) (0.14) (0.10) --
Net realized capital gains ......................... (1.41) (2.58) -- (1.32) --
------- -------- ------- ------- -------
Total dividends and distributions to shareholders .. (1.41) (2.60) (0.14) (1.42) --
------- -------- ------- ------- -------
Redemption fees (Note 5) ........................... 0.04 0.19 0.03 -- --
------- -------- ------- ------- -------
Net asset value, end of period ..................... $ 13.96 $ 16.86 $ 17.61 $ 12.91 $ 12.86
======= ======== ======= ======= =======
Total investment return(2) ......................... (8.87)% 13.31% 37.97% 13.94% 7.17%
======= ======== ======= ======= =======
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) .......... $118,963 $130,380 $35,564 $13,481 $11,498
Ratio of expenses to average net assets(3) ......... 1.82%(4) 1.73% 1.67% 1.00% 1.00%(4)
Ratio of expenses to average net assets without
waivers and expense reimbursements, if any ...... 1.97%(4) 1.88% 2.14% 2.34% 2.59%(4)
Ratio of net investment income/(loss) to average
net assets(3) ................................... (0.14)%(4) (0.35)% 0.17% 1.35% 1.15%(4)
Portfolio turnover rate ............................ 118.24% 275.73% 277.28% 256.28% 212.55%
<FN>
-----------
* Commencement of operations.
(1) The amounts shown for a share outstanding throughout the respective periods are not in accord with the changes in the aggregate
gains and losses on investments during the respective periods because of the timing of the sales and repurchases of fund shares
in relation to fluctuating net asset values during the respective periods.
(2) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of
each period reported and includes reinvestment of dividends and distributions, if any. Total investment returns are not
annualized.
(3) Reflects waivers and expense reimbursements, if any.
(4) Annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
32 & 33
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The RBB Fund, Inc. ("RBB") was incorporated under the laws of the State of
Maryland on February 29, 1988, and is registered under the Investment Company
Act of 1940, as amended, (the "Investment Company Act") as an open-end
management investment company. RBB is a "series fund," which is a mutual fund
divided into separate portfolios. Each portfolio is treated as a separate entity
for certain matters under the Investment Company Act, and for other purposes,
and a shareholder of one portfolio is not deemed to be a shareholder of any
other portfolio. Currently RBB has fourteen investment portfolios, including the
n/i NUMERIC INVESTORS FAMILY OF FUNDS ("n/i numeric investors Family") which
consists of four diversified portfolios: n/i NUMERIC INVESTORS Emerging Growth
Fund ("Emerging Growth Fund"), n/i NUMERIC INVESTORS Growth Fund ("Growth
Fund"), n/i NUMERIC INVESTORS Mid Cap Fund ("Mid Cap Fund") and n/i NUMERIC
INVESTORS Small Cap Value Fund ("Small Cap Value Fund") (each a "Fund,"
collectively the "Funds").
RBB has authorized capital of thirty billion shares of common stock of which
21.073 billion are currently classified into ninety-five classes of Common
Stock. Each class represents an interest in an active or inactive RBB investment
portfolio. The active classes have been grouped into seven separate "families,"
all of which have begun investment operations.
USE OF ESTIMATES -- The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America,
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the period. Actual results could differ from those
estimates.
PORTFOLIO VALUATION -- The net asset value of each Fund is calculated as of the
close of regular trading on the NYSE on each business day. Each Fund's
securities are valued at the last reported sales price on the national
securities exchange or national securities market on which such shares are
primarily traded. If no sales are reported, and in the case of some securities
traded over-the-counter, portfolio securities are valued at the mean between the
last reported bid and asked prices. Securities for which market quotations are
not readily available are valued at fair market value as determined in good
faith by or under the direction of RBB's Board of Directors. With the approval
of RBB's Board of Directors, each Fund may use a pricing service, bank or
broker-dealer experienced in such matters to value its securities. Short-term
obligations with maturities of 60 days or less are valued at amortized cost,
which approximates market value.
REPURCHASE AGREEMENTS -- Each Fund has agreed to purchase securities from
financial institutions subject to the seller's agreement to repurchase them at
an agreed-upon time and price ("repurchase agreements"). The financial
institutions with whom each Fund enters into repurchase agreements are banks and
broker/dealers, which Numeric Investors L.P.(R) (the Funds' "Adviser" or
"Numeric") considers creditworthy. The seller under a repurchase agreement will
be required to maintain the value of the securities as collateral, subject to
the agreement at not less than the repurchase price plus accrued interest.
Numeric marks to market daily the value of the collateral, and, if necessary,
requires the seller to deposit additional collateral by the next business day,
so that the value of the collateral is not less than the repurchase price.
Default by or bankruptcy of the seller would, however, expose each Fund to
possible loss because of adverse market action or delays in connection with the
disposition of the underlying securities.
34
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME -- The Funds record security
transactions based on trade date. The cost of investments sold is determined by
use of the specific identification method for both financial reporting and
income tax purposes in determining realized gains and losses on investments.
Interest income is accrued when earned. Dividend income is recorded on the
ex-dividend date. Expenses incurred on behalf of a specific fund or fund family
are charged directly to the fund or fund family (in proportion to net assets).
Expenses incurred for all of the RBB families (such as director or professional
fees) are charged to all funds in proportion to their net assets of the RBB
Funds. Expenses and fees, including investment advisory and administration fees
are accrued daily and taken into account for the purpose of determining the net
asset value of the Funds.
DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income and
from net realized capital gains, if any, will be declared and recorded on the
ex-dividend date and paid at least annually to shareholders. Income and capital
gain distributions are determined in accordance with U.S. federal income tax
regulations, which may differ from accounting principles generally accepted in
the United States of America. These differences can include the treatment of
non-taxable dividends, expiring capital loss carryforwards, foreign currency
gain/loss, and losses deferred due to wash sales and excise tax regulations.
Permanent book and tax basis differences relating to shareholder distributions
will result in reclassifications within the composition of net assets.
U.S. TAX STATUS -- No provision is made for U.S. income taxes as it is each
Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under Subchapter M of the Internal
Revenue Code of 1986, as amended, and make the requisite distributions to its
shareholders which will be sufficient to relieve it from U.S. federal income and
all excise taxes.
2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Numeric serves as each Fund's investment adviser. Numeric is entitled to a
performance-based fee for its advisory services for the Growth, Mid Cap and
Small Cap Value Funds calculated at the end of each month using a basic fee of
0.85% of average daily net assets and a performance fee adjustment based on each
Fund's performance during the last rolling 12-month period. Each Fund's net
performance is compared with the performance of its benchmark index during that
same rolling 12-month period. When a Fund's performance is at least 5.00% better
than its benchmark, it would pay Numeric more than the basic fee. If a Fund did
not perform at least 4.00% better than its benchmark, Numeric would be paid less
than the basic fee. Each 1.00% of the difference in performance between a Fund
and its benchmark plus 4.00% during the performance period would result in a
0.10% adjustment to the basic fee. The maximum annualized performance adjustment
rate would be + or - 0.50% of average daily net assets which would be added to
or deducted from the basic fee.
Numeric is entitled to receive 0.75% of the Emerging Growth Fund's average daily
net assets, computed daily and payable monthly for its advisory services.
35
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Numeric has agreed that until December 31, 2003, it will waive its advisory fee
and/or reimburse expenses (other than brokerage commissions, extraordinary
items, interest and taxes) in an aggregate amount equal to the amount by which
the Growth, Mid Cap and/or Small Cap Value Funds' total other expenses (other
than investment advisory fees, expenses attributable to the Shareholder Services
Plan, brokerage commissions, extraordinary items, interest and taxes) exceed
0.50% of such Fund's average daily net assets. Numeric has agreed that until
December 31, 2003, it will limit the Emerging Growth Fund's total expenses to
the extent that such expenses, other than expenses attributable to the
Shareholder Services Plan, exceed 1.25% of average daily net assets.
As necessary, these limitations were effected in waivers of advisory fees and
reimbursements of expenses exceeding the advisory fee. For the six months ended
February 28, 2003, investment advisory fees, waivers and reimbursements of
expenses were as follows:
<TABLE>
<CAPTION>
TOTAL NET EXPENSE
FUND ADVISORY FEES WAIVERS ADVISORY FEES REIMBURSEMENT
---- ------------- -------- ------------- -------------
<S> <C> <C> <C> <C>
Emerging Growth Fund ............................... $356,340 $ (5,145) $351,195 --
Growth Fund ........................................ 214,568 (29,681) 184,887 --
Mid Cap Fund ....................................... 50,567 (44,270) 6,297 $3,604
Small Cap Value Fund ............................... 790,146 (678) 789,468 --
</TABLE>
The Funds will not pay Numeric at a later time for any amounts it may waive or
any amounts, which Numeric has assumed.
PFPC Inc. ("PFPC"), a wholly-owned subsidiary of PFPC Worldwide, Inc. and an
indirect wholly-owned subsidiary of The PNC Financial Services Group, and Bear
Stearns Funds Management Inc. ("BSFM"), a wholly-owned subsidiary of The Bear
Stearns Companies Inc., serve as co-administrators for each Fund. For providing
administrative services PFPC is entitled to receive a monthly fee equal to an
annual rate of 0.125% of each Fund's average daily net assets subject to a
minimum monthly fee of $6,250 per Fund. BSFM is entitled to receive a monthly
fee equal to an annual rate of 0.05% on the first $150 million and 0.02% of each
Fund's average daily net assets thereafter.
For the six months ended February 28, 2003, PFPC, at its discretion, voluntarily
agreed to waive a portion of its administration fees. During such period, PFPC's
co-administration fees and related waivers were as follows:
<TABLE>
<CAPTION>
TOTAL PFPC PFPC NET PFPC
FUND CO-ADMINISTRATION FEES WAIVERS CO-ADMINISTRATION FEES
---- ---------------------- -------- ----------------------
<S> <C> <C> <C>
Emerging Growth Fund .................................... $64,034 $(10,690) $53,344
Growth Fund ............................................. 42,292 (2,500) 39,792
Mid Cap Fund ............................................ 41,099 (2,500) 38,599
Small Cap Value Fund .................................... 77,360 (13,169) 64,191
</TABLE>
In addition, PFPC serves as each Fund's transfer and dividend disbursing agent.
For the six months ended February 28, 2003, transfer agency fees were $29,919,
$23,999, $23,999 and $30,364 for the Emerging Growth Fund, Growth Fund, Mid Cap
Fund and Small Cap Value Fund, respectively.
36
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
PFPC Distributors, Inc. ("PFPC Distributors"), a wholly-owned subsidiary of PFPC
Worldwide, Inc. and an indirect wholly-owned subsidiary of The PNC Financial
Services Group, Inc., provides certain administrative services to each Fund. As
compensation for such administrative services, PFPC Distributors received a
monthly fee equal to an annual rate of 0.15% of each Fund's average daily net
assets.
For the six months ended February 28, 2003, PFPC Distributors, at its
discretion, voluntarily agreed to waive a portion of its administrative services
fees for each Fund. During such period, administrative services fees were as
follows:
TOTAL
ADMINISTRATIVE NET ADMINISTRATIVE
FUND SERVICES FEES WAIVERS SERVICES FEES
---- -------------- -------- ------------------
Emerging Growth Fund ........ $71,268 $(61,766) $ 9,502
Growth Fund ................. 24,424 (21,168) 3,256
Mid Cap Fund ................ 17,492 (15,160) 2,332
Small Cap Value Fund ........ 87,794 (76,088) 11,706
3. SHAREHOLDER SERVICES PLAN
On January 22, 2003, the Board of Directors approved a Shareholder Services Plan
which permits the Funds to pay fees to certain Shareholder Organizations of up
to 0.25% of the average daily net assets of each Fund for which such Shareholder
Organizations provide services for the benefit of customers. The Shareholder
Services Plan will become effective March 1, 2003.
4. INVESTMENT IN SECURITIES
For the six months ended February 28, 2003, aggregate purchases and sales of
investment securities (excluding short-term investments) were as follows:
FUND PURCHASES SALES
---- ------------ ------------
Emerging Growth Fund ....................... $ 91,411,575 $ 86,934,099
Growth Fund ................................ 30,594,605 31,143,296
Mid Cap Fund ............................... 23,176,361 23,935,347
Small Cap Value Fund ....................... 140,244,395 137,499,738
37
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
5. CAPITAL SHARE TRANSACTIONS
As of February 28, 2003, each Fund has 50,000,000 shares of $0.001 par value
capital stock authorized.
Transactions in capital shares for the respective periods were as follows:
EMERGING GROWTH FUND
--------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2003 FISCAL YEAR ENDED
(UNAUDITED) AUGUST 31, 2002
---------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- ---------- ------------
Sales ...................... 628,322 $ 7,280,909 1,337,023 $ 17,701,165
Repurchases ................ (204,755) (2,341,430) (2,706,477) (35,503,100)
In-kind redemption ......... -- -- (1,423,289) (16,125,864)
-------- ----------- ---------- ------------
Net increase/(decrease) .... 423,567 $ 4,939,479 (2,792,743) $(33,927,799)
======== =========== ========== ============
GROWTH FUND
--------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2003 FISCAL YEAR ENDED
(UNAUDITED) AUGUST 31, 2002
---------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
------- --------- -------- -----------
Sales ...................... 44,482 $ 390,777 296,000 $ 2,616,826
Repurchases ................ (91,483) (802,313) (356,125) (3,714,941)
------- --------- -------- -----------
Net decrease ............... (47,001) $(411,536) (60,125) $(1,098,115)
======= ========= ======== ===========
MID CAP FUND
--------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2003 FISCAL YEAR ENDED
(UNAUDITED) AUGUST 31, 2002
---------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- -------- -----------
Sales ...................... 58,364 $ 667,192 480,281 $ 6,158,580
Repurchases ................ (120,529) (1,346,114) (766,504) (9,678,272)
Reinvestments .............. 14,677 162,917 11,764 141,869
-------- ----------- -------- -----------
Net decrease ............... (47,488) $ (516,005) (274,459) $(3,377,823)
======== =========== ======== ===========
38
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
SMALL CAP VALUE FUND
-------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2003 FISCAL YEAR ENDED
(UNAUDITED) AUGUST 31, 2002
------------------------ ------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
Sales ................ 2,782,121 $ 41,377,640 10,892,105 $187,038,373
Repurchases .......... (2,672,320) (38,859,723) (5,580,966) (96,476,291)
Reinvestments ........ 676,705 9,480,631 402,382 5,705,768
---------- ------------ ---------- ------------
Net increase ......... 786,506 $ 11,998,548 5,713,521 $ 96,267,850
========== ============ ========== ============
Effective August 12, 2002, there is a 2.00% redemption fee on shares redeemed
which have been held for less than one year on each of the Funds. For shares
purchased prior to August 12, 2002, there was a 1.50% redemption fee on shares
redeemed which have been held for less than one year on each of the Funds. For
the six months ended February 28, 2003, these fees amounted to $11,345, $359,
$5,031 and $344,827 for the Emerging Growth Fund, Growth Fund, Mid Cap Fund and
Small Cap Value Fund, respectively. The redemption fees are collected and
retained by each Fund for the benefit of the remaining shareholders and recorded
as additional paid-in capital.
6. SECURITIES LENDING
Loans of securities are required at all times to be secured by collateral equal
to at least 100% of the market value of the securities on loan. However, in the
event of default or bankruptcy by the other party to the agreement, realization
and/or retention of the collateral may be subject to legal proceedings. In the
event that the borrower fails to return securities, and collateral being
maintained by the lender is insufficient to cover the value of loaned
securities, the borrower is obligated to pay the amount of the shortfall (and
interest thereon) to the Funds. However, there can be no assurance the Funds can
recover this amount. The value of securities on loan to brokers and the related
collateral received at February 28, 2003, were as follows:
VALUE OF
FUND SECURITIES ON LOAN VALUE OF COLLATERAL
---- ------------------ -------------------
Emerging Growth Fund ............ $10,260,041 $10,452,070
Growth Fund ..................... 1,467,893 1,494,179
Mid Cap Fund .................... 903,761 922,491
Small Cap Value Fund ............ 6,661,105 6,783,269
Collateral received from securities out on loan to broker/dealers is in the form
of U.S. Treasury securities with any cash collateral received invested into
repurchase agreements with Bear, Stearns & Co. Inc., which in turn are
collateralized by various U.S. Treasury securities. The stated interest rate on
repurchase agreements is net of rebate paid to the borrower on securities
loaned.
39
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Collateral for repurchase agreements in connection with securities lending at
February 28, 2003 are listed below:
<TABLE>
<CAPTION>
EMERGING GROWTH FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Related Collateral:
United States Treasury Note ...................... $810 5.250% 05/15/04 $848,345 $12,285 $860,630
<CAPTION>
GROWTH FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Related Collateral:
United States Treasury Note ...................... $ 15 5.250% 05/15/04 $ 15,710 $ 227 $ 15,937
United States Treasury Bond ...................... 255 7.250 05/15/16 332,097 5,341 337,438
-------- ------- --------
$347,807 $ 5,568 $353,375
======== ======= ========
<CAPTION>
MID CAP FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Related Collateral:
United States Treasury Bond ...................... $ 65 7.250% 05/15/16 $ 84,652 $ 1,361 $ 86,013
<CAPTION>
SMALL CAP VALUE FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Related Collateral:
United States Treasury Bond ...................... $430 7.250% 05/15/16 $560,006 $ 9,006 $569,012
</TABLE>
40
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
7. COLLATERAL FOR REPURCHASE AGREEMENTS
Listed below is the collateral associated with the repurchase agreements with
Bear, Stearns & Co. Inc., outstanding at February 28, 2003:
<TABLE>
<CAPTION>
EMERGING GROWTH FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
United States Treasury Note ...................... $3,605 5.250% 05/15/04 $3,775,661 $54,675 $3,830,336
<CAPTION>
GROWTH FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
United States Treasury Bond ...................... $ 865 7.250% 05/15/16 $1,126,524 $18,117 $1,144,641
<CAPTION>
MID CAP FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
United States Treasury Bond ...................... $ 235 7.250% 05/15/16 $ 306,050 $ 4,922 $ 310,972
<CAPTION>
SMALL CAP VALUE FUND
----------------------------------------------------------------------------
PRINCIPAL
AMOUNT ACCRUED
ISSUER (000'S) INTEREST RATE MATURITY MARKET VALUE INTEREST TOTAL VALUE
------ --------- ------------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
United States Treasury Bond ...................... $1,805 7.250% 05/15/16 $2,350,724 $37,804 $2,388,528
</TABLE>
41
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
8. FEDERAL INCOME TAX INFORMATION
At February 28, 2003, Federal tax cost, aggregate gross unrealized appreciation
and depreciation of securities held by each Fund were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
FEDERAL TAX UNREALIZED UNREALIZED APPRECIATION/
FUND COST APPRECIATION DEPRECIATION DEPRECIATION
---- ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C>
Emerging Growth Fund ............................ $ 96,277,458 $7,752,178 $(5,740,065) $ 2,012,113
Growth Fund ..................................... 32,286,078 2,168,769 (2,674,767) (505,998)
Mid Cap Fund .................................... 23,669,152 794,939 (2,222,913) (1,427,974)
Small Cap Value Fund ............................ 122,821,539 4,907,286 (8,567,595) (3,660,309)
</TABLE>
As of August 31, 2002, the components of distributable earnings on a tax basis
were as follows:
UNDISTRIBUTED UNDISTRIBUTED
ORDINARY LONG-TERM
FUND INCOME GAINS
---- ------------- -------------
Emerging Growth Fund ..................... -- --
Growth Fund .............................. -- --
Mid Cap Fund ............................. $ 167,268 --
Small Cap Value Fund ..................... 8,972,231 $1,102,604
At August 31, 2002, the Funds had capital loss carryforwards available to offset
future capital gains through the indicated expiration dates:
EXPIRING AUGUST 31,
FUND 2009 2010
---- ---------- -----------
Emerging Growth Fund .................... $2,130,088 $ 7,204,921
Growth Fund ............................. 1,057,047 13,200,351
Mid Cap Fund ............................ 506,551 5,467,943
Small Cap Value Fund .................... -- --
Under Federal tax law, capital losses realized after October 31 may be deferred
and treated as having arisen on the first day of the following fiscal year. For
the fiscal year ended August 31, 2002, the Growth Fund incurred and elected to
defer post-October capital losses of $78,857. The differences between the book
and tax basis components of distributable earnings relate principally to the
timing of recognition of income and gains for U.S. federal income tax purposes.
Short-term and foreign currency gains are reported as ordinary income for
federal tax purposes.
42
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
EMERGING GROWTH FUND
GROWTH FUND
MID CAP FUND
SMALL CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONCLUDED)
The tax character of dividends and distributions paid during this semi-annual
period and the last two fiscal years was as follows:
ORDINARY LONG-TERM
FUND YEAR INCOME GAINS TOTAL
---- ---- ----------- ---------- -----------
Emerging Growth Fund
2003 -- -- --
2002 -- -- --
2001 $28,101,243 $1,335,389 $29,436,632
Growth Fund
2003 -- -- --
2002 -- -- --
2001 20,443,280 1,414,550 21,857,830
Mid Cap Fund
2003 167,268 -- 167,268
2002 145,129 -- 145,129
2001 7,191,628 -- 7,191,628
Small Cap Value Fund
2003 8,972,686 1,103,100 10,075,786
2002 4,929,706 909,019 5,838,725
2001 149,957 -- 149,957
43
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK.]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK.]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK.]
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
One Memorial Drive
Cambridge, MA 02142
1-800-numeric [686-3742]
http://www.numeric.com
INVESTMENT ADVISER
Numeric Investors L.P.(R)
One Memorial Drive
Cambridge, MA 02142
CO-ADMINISTRATORS
Bear Stearns Funds Management Inc.
383 Madison Avenue
New York, NY 10179
PFPC Inc.
Bellevue Corporate Center
400 Bellevue Parkway
Wilmington, DE 19809
DISTRIBUTOR
PFPC Distributors,Inc.
760 Moore Road
King of Prussia, PA 19406
CUSTODIAN
Custodial Trust Company
101 Carnegie Center
Princeton, NJ 08540
TRANSFER AGENT
PFPC Inc.
Bellevue Corporate Center
400 Bellevue Parkway
Wilmington, DE 19809
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
Two Commerce Square
Philadelphia, PA 19103
COUNSEL
Drinker Biddle & Reath LLP
One Logan Square
18th and Cherry Streets
Philadelphia, PA 19103
The financial information included herein is taken from the records of each Fund
without examination by independent accountants who do not express an opinion
thereon.
This report is submitted for the general information of the shareholders of each
Fund.It is not authorized for the distribution to prospective investors in each
Fund unless it is preceded or accompanied by a current prospectus which includes
details regarding each Fund's objectives, policies and other information. Total
investment return is based on historical results and is not intended to indicate
future performance. The total investment return and principal value of an
investment in each Fund will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than original cost.
<PAGE>
(LOGO)
n/i NUMERIC INVESTORS
FAMILY OF FUNDS
[GRAPHIC OMITTED]
One Memorial Drive
Cambridge, MA 02142
1-800-numeric [686-3742]
http://www.numeric.com
</TEXT>
</DOCUMENT>