-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Mn+9hgMpKV6yHhwPHF9tTgwbX7H01+E6ogWbIbHmPPSwV1HlIJCfSC2qUZI4JFFs cM4p32FHK+VTRKewxfODmg== 0000893220-97-001470.txt : 20040420 0000893220-97-001470.hdr.sgml : 20040420 19970826140100 ACCESSION NUMBER: 0000893220-97-001470 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970826 DATE AS OF CHANGE: 19970827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD BALANCED INDEX FUND INC CENTRAL INDEX KEY: 0000889519 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-58431 FILM NUMBER: 97669757 BUSINESS ADDRESS: STREET 1: P O BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BALANCED INDEX FUND INC DATE OF NAME CHANGE: 19920715 N-30D 1 VANGUARD BALANCED INDEX FUND SEMI ANNUAL 1997 1 VANGUARD BALANCED INDEX FUND Semiannual Report June 30, 1997 [PHOTO] [THE VANGUARD GROUP LOGO] 2 [PHOTO] THE VANGUARD GROUP: LINKING TRADITION AND INNOVATION At Vanguard, we treasure our rich nautical heritage--even as we steer our course toward the twenty-first century. Our Report cover reflects that blending of tradition and innovation, of past, present, and future. The montage includes a bronze medallion with a likeness of our namesake, HMS Vanguard (Lord Nelson's flagship at The Battle of the Nile); a clock built circa 1816 in Scotland, featuring a portrait of Nelson; and several views of our recently completed campus, which is steeped in nautical imagery--from our buildings named after Nelson's warships (Victory, Majestic, and Goliath are three shown), to our artwork and ornamental compass rose. CONTENTS A Message To Our Shareholders 1 The Markets In Perspective 3 Performance Summary 5 Financial Statements 6 Directors And Officers INSIDE BACK COVER All comparative mutual fund data are from Lipper Analytical Services, Inc. or Morningstar unless otherwise noted. 3 [PHOTO] FELLOW SHAREHOLDER, During the first six months of Vanguard Balanced Index Fund's 1997 fiscal year, the U.S. stock market continued its amazing climb while bonds ambled along at a deliberate pace. In this environment, our Fund provided a solid total return of +11.6%, reflecting the terrific performance of stocks and the modest returns from bonds. Our Fund's return during the half-year was comfortably ahead of that of the average balanced mutual fund, but trailed by a tiny margin the return of our target composite index, a benchmark comprising two unmanaged market indexes in a 60%/40% ratio of stocks to bonds. Those indexes are the Wilshire 5000 Equity Index, which reflects the entire U.S. stock market, and the Lehman Brothers Aggregate Bond Index, a good measure of the entire U.S. bond market. The adjacent table summarizes our results.
- ------------------------------------------------------- TOTAL RETURN SIX MONTHS ENDED JUNE 30, 1997 - ------------------------------------------------------- Vanguard Balanced Index Fund +11.6% - ------------------------------------------------------- Average Balanced Fund +10.2% - ------------------------------------------------------- Balanced Composite Index* +11.7% - ------------------------------------------------------- Wilshire 5000 Index +17.6% Lehman Aggregate Bond Index + 3.1 - -------------------------------------------------------
*Made up of two unmanaged benchmarks, weighted 60% Wilshire 5000 Index and 40% Lehman Aggregate Bond Index. Our Fund's return is based on an increase in net asset value from $13.92 per share on December 31, 1996, to $15.25 per share on June 30, 1997, with the latter figure adjusted for dividends totaling $0.20 per share paid from net investment income and a distribution of $0.075 per share paid from net realized capital gains. The Fund's annualized dividend yield as of June 30 was 3.55%. THE PERIOD IN REVIEW A nearly perfect climate for common stocks--strong economic growth, rising corporate profits, and decelerating inflation--prevailed during the six months ended June 30. While the market's rising tide lifted all boats, large-capitalization stocks rose the most. The advance was not without incident: The Standard & Poor's 500 Composite Stock Price Index endured a decline of nearly -10% during the seven weeks following February 18, when the Index reached a record high. However, that drop was quickly aborted and by early May the market had resumed its ascent into record territory. Jitters about interest rates and inflation were the apparent causes of the brief slide. Although the Federal Reserve Board raised its target for short-term interest rates by a quarter-point to 5.50% on March 25, short-term interest rates ended the period where they began it (5.17% for three-month U.S. Treasury bills). Longer-term rates were up only slightly (less than one-quarter percentage point) on balance during the first half of 1997. The stock market's strong rebound in the second quarter stemmed from a combination of factors, including strong corporate earnings reports, a lessening of inflation fears, and an easing in interest rates. One indication of the bias toward large-cap stocks during the period is that the +17.6% return on the Wilshire 5000 Index--the benchmark for the stock portion of 1 4 Vanguard Balanced Index Fund--was well below the +20.6% return of the S&P 500 Index, which comprises 500 of the market's biggest stocks. The "non-S&P 500" stocks were up but +10.6%, roughly one-half the gain in the widely followed 500 Index. The story was much different in bonds, however, as slightly higher interest rates made for lackluster returns from fixed-income investments. The small rise in rates during the period nicked the total returns for many bond funds. The Lehman Aggregate Bond Index achieved a total return of +3.1% for the half-year, consisting of an income return of +3.5%, reduced by a -0.4% capital return. Our Fund's performance advantage of +1.4 percentage points over the average balanced mutual fund is largely explained by our lower expenses. Our expense ratio (expenses as a percentage of average net assets) amounts to 0.20%, compared with about 1.30% for our average competitor. During the six months, our Core Management Group and Fixed Income Group continued to do a superb job of keeping the Fund in line with its performance benchmark. Our return was just a hair behind the Composite Index, which, of course, does not incur advisory fees, operating expenses, and portfolio transaction costs that all mutual funds incur. Over the past twelve months, our Fund enjoyed a +20.8% return, well above what one should expect from any mutual fund, especially a relatively conservative one. Simply put, the U.S. stock market has been providing extraordinary returns. The +29.3% return posted by the Wilshire 5000 Index over the past twelve months is more than double its +14.0% annualized return during the ten years ended June 30, 1997. On the other hand, the Lehman Aggregate Bond Index's return of +8.2% over the past twelve months is close to the annual average return of +8.8% it achieved over the past ten years. IN SUMMARY The extraordinary bull market for U.S. stocks that began almost 15 years ago has amply demonstrated the rewards of long-term investing. Risk, the inseparable companion of reward, may not be so apparent after such a period. Yet investors disregard risk at their peril. So we hope that the sizable, sudden fluctuations in the stock market during the first half of 1997 reinforced two key messages that we have repeatedly stressed in these Reports to you. The first message, of course, concerns the importance of holding a balanced portfolio of stock funds, bond funds, and money market funds in proportions appropriate to your financial situation, tolerance for risk, and investment objectives. By making it easier to ride out episodes of market volatility, a balanced portfolio helps investors to adhere to our second message: Always "stay the course" toward your long-term investment goals. /s/ JOHN C. BOGLE /s/ JOHN J. BRENNAN John C. Bogle John J. Brennan Chairman of the Board President July 22, 1997 2 5 [PHOTO] THE MARKETS IN PERSPECTIVE SIX MONTHS ENDED JUNE 30, 1997 U.S. EQUITY MARKETS As the economy continued to grow while the rate of inflation did not, a robust market provided solid gains to investors in U.S. common stocks during the first half of 1997. The best performers were primarily larger-capitalization issues, although the small-company indexes exhibited some strength in the final two months of the period. Over the half-year, the Standard & Poor's 500 Composite Stock Price Index gained 20.6%, fueled by a 10.8% boost since the end of April. Reflecting the gains among smaller companies, the Russell 2000 Index posted a 10.2% increase for the six-month period, driven by an 11.1% jump in May and a 4.3% rise in June. It was particularly noteworthy that the recent small-cap gains were led by small growth stocks, the worst segment of the U.S. market during the past 12 months. This group has surged 17.6% since the end of March, although at the half-year's end it still lagged the S&P 500 Index by a sizable margin (5.2% versus 20.6%). Stocks benefited from the continued strength of corporate earnings, which rose some 15% during the past year, and from a widespread confidence reflected in increased price/earnings ratios. The strength in earnings, the expectation that income will continue to increase at an attractive pace, and the further conviction that inflation is not a problem helped stocks to continue to produce solid gains in the fiscal period. What's more, earnings have shown not only good strength but remarkable consistency in beating the consensus forecasts of Wall Street analysts.
- ---------------------------------------------------------------- TOTAL RETURNS PERIODS ENDED JUNE 30, 1997 ----------------------------- 6 MONTHS 1 YEAR 5 YEARS* - ---------------------------------------------------------------- EQUITY S&P 500 Index 20.6% 34.7% 19.8% Russell 2000 Index 10.2 16.3 17.9 MSCI EAFE Index 11.4 13.2 13.2 - ---------------------------------------------------------------- FIXED-INCOME Lehman Aggregate Bond Index 3.1% 8.2% 7.1% Lehman 10-Year Municipal Bond Index 3.3 8.3 7.4 Salomon Brothers Three-Month U.S. Treasury Bill Index 2.6 5.3 4.5 - ---------------------------------------------------------------- OTHER Consumer Price Index 1.1% 2.3% 2.7% - ----------------------------------------------------------------
*Average annual. The strongest gains in the S&P 500 Index during the past six months came from the health-care sector (up 31.4%) and the consumer-staples sector (up 23.9%). By contrast, numerous uncertainties for utilities caused the issues in that sector to lag the broad market, although, on an absolute basis, their 8.2% return over six months is quite good. U.S. FIXED-INCOME MARKETS The modest rise in interest rates during the past six months reflects the economy's underlying momentum. The 10-year U.S. Treasury's yield increased from 6.42% at the end of December to 6.97% by the middle of April. In the following weeks, economic reports indicated a slowing in economic growth and further reduced fears of an increase in inflation. This news helped interest rates fall to 6.50% by the end of June. 3 6 Fueled by robust consumer spending, the U.S. economy expanded at a remarkable 5.8% rate in the first three months of 1997. Reflecting the vibrant economy, the nation's unemployment rate stood at 5.0% in June. Strong economic growth and tight labor markets have often led to rising inflation because of increased demand for goods and services. With this in mind, the Federal Reserve raised its federal funds interest rate target by 0.25% on March 25 in a "preemptive" strike against mounting inflationary pressures. Observed price increases have been subdued in recent months, however. Wholesale prices have fallen in each of the first six months of 1997, and so far this year consumer prices have risen at a slower pace than last year. With interest rates very close to year-end levels, bond investors have fared reasonably well during the past six months, as illustrated by the 3.1% return of the Lehman Brothers Aggregate Bond Index. Investors who favored shorter-maturity and lower-quality issues achieved somewhat better returns. Mortgage-backed securities continued to perform well because refinancing activity has been reduced to historically low levels as interest rates have risen. Municipal issues also tended to perform better than their taxable counterparts. INTERNATIONAL EQUITY MARKETS International investors received fairly good returns over the past six months. As measured by the broad Morgan Stanley Capital International Europe, Australasia, Far East Index, foreign markets gained 11.4%. The period saw two major developments. First, the Japanese stock market moved sharply higher in the spring, returning 11.1% in May and 7.5% in June to U.S. investors. Better tone in the economy, plus strong earnings reported by export-oriented companies benefiting from the weak yen, gave Japan a long-awaited boost. For the six months, the Japanese market is up 9.2%. The competitive benefits of a weak currency relative to the dollar extended to Germany, where the export-driven capital goods and chemical manufacturers gained; overall, the German market rose 17.0% during the six-month period. Arguably the biggest news came from the French elections at the end of May. The new government is considered to be less friendly toward the austerity measures needed to meet the eligibility requirements for the European Monetary Union (EMU) in 1999. The French elections also had a broad impact across the continent. Although most investors appear to agree that the elections won't jeopardize the continent's move toward the EMU, the timing and intensity of the fiscal measures are now less certain. For the six months, Europe gained 24.8% in local currencies, which a strong dollar trimmed to 14.4% for U.S. investors. 4 7 PERFORMANCE SUMMARY All of the data on this page represent past performance, which cannot be used to predict future returns that may be achieved by the Fund. Note, too, that both share price and return can fluctuate widely so that an investment in the Fund could lose money.
BALANCED INDEX FUND TOTAL INVESTMENT RETURNS: NOVEMBER 9, 1992-JUNE 30, 1997 - ------------------------------------------ COMPOSITE BALANCED INDEX FUND INDEX* FISCAL CAPITAL INCOME TOTAL TOTAL YEAR RETURN RETURN RETURN RETURN - ------------------------------------------ 1992 2.9% 0.8% 3.7% 3.8% 1993 6.1 3.9 10.0 10.7 1994 -5.2 3.6 -1.6 -1.2 1995 24.0 4.6 28.6 29.0 1996 10.0 3.9 13.9 14.0 1997** 10.1 1.5 11.6 11.7 - ------------------------------------------
*60% Wilshire 5000 Index, 40% Lehman Aggregate Bond Index. **Six months ended June 30, 1997. See Financial Highlights table on page 34 for dividend and capital gains information since the Fund's inception.
AVERAGE ANNUAL TOTAL RETURNS: PERIODS ENDED JUNE 30, 1997 - --------------------------------------------------------------------------------------- SINCE INCEPTION INCEPTION ------------------------- DATE 1 YEAR CAPITAL INCOME TOTAL - --------------------------------------------------------------------------------------- Balanced Index Fund* 11/9/92 20.72% 9.97% 3.99% 13.96% - ---------------------------------------------------------------------------------------
*Performance figures are adjusted for the $10 annual account maintenance fee. 5 8 [PHOTO] FINANCIAL STATEMENTS JUNE 30, 1997 (unaudited) STATEMENT OF NET ASSETS This Statement provides a detailed list of the Fund's holdings, including each security's market value on the last day of the reporting period. Securities are grouped and subtotaled by asset type (common stocks, bonds, etc.). The Fund's Wilshire 5000 Index common stocks are listed alphabetically; corporate bonds are subtotaled by industry sector and reported separately from U.S. and foreign government bonds. Other assets are added to, and liabilities are subtracted from, the value of Total Investments to calculate the Fund's Net Assets. Finally, Net Assets are divided by the outstanding shares of the Fund to arrive at its share price, or Net Asset Value (NAV) Per Share. At the end of the Statement of Net Assets, you will find a table displaying the composition of the Fund's net assets on both a dollar and per-share basis. Because all income and any realized gains must be distributed to shareholders each year, the bulk of net assets consists of Paid in Capital (money invested by shareholders). The amounts shown for Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the sums the Fund had available to distribute to shareholders as income dividends or capital gains as of the statement date. Any Accumulated Net Realized Losses, and any cumulative excess of distributions over net income or net realized gains, will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the Fund's investments and their cost, and reflects the gains (losses) that would be realized if the Fund were to sell all of its investments at their statement-date values.
- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- COMMON STOCKS (57.5%)(1) - -------------------------------------------------------------------------- AAR Corp. 5,200 $ 168 - - ABC Rail Products Corp. 1,800 31 - - ABR Information Services, Inc. 1,600 46 - - ACC Corp. 1,800 56 - - ADC Telecommunications, Inc. 8,000 267 - - AER Energy Resources, Inc. 2,800 7 - - AES Corp. 4,707 333 AFLAC, Inc. 8,887 420 AGCO Corp. 3,400 122 AGL Resources Inc. 3,800 78 AK Steel Corp. 1,600 71 - - AMBI, Inc. 4,400 10 - - AML Communications, Inc. 4,050 12 - - AMR Corp. 5,800 536 - - APAC Teleservices, Inc. 2,500 49 APL Ltd. 2,800 87 ARCO Chemical Co. 6,200 295 AT&T Corp. 103,600 3,632 AVX Corp. 4,700 127 - - Aavid Thermal Technologies 800 16 Aames Financial Corp. 1,800 33 Abbott Laboratories 50,700 3,384 - - Access Health Marketing, Inc. 1,100 27 - - Acclaim Entertainment Inc. 5,800 24 - - AccuStaff, Inc. 19,954 473 The Ackerley Group, Inc. 4,600 52 - - Acme Metals, Inc. 2,300 39 - - ACNielson Corp. 3,366 66 - - Action Performance Cos., Inc. 2,532 61 - - Active Voice Corp. 2,500 29 - - Acuson Corp. 4,200 97 - - Acxiom Corp. 3,200 66 ADAC Laboratories 4,000 94 - - Adaptec, Inc. 6,800 236 Adobe Systems, Inc. 4,000 140 - - Adtran, Inc. 2,100 52 - - Advance Paradigm, Inc. 2,000 37 - - Advanced Fibre Communications 1,800 109 - - Advanced Polymer Systems 8,200 63 - - Advanced Technology Laboratories, Inc. 2,400 103 - - Advanced Tissue Sciences Inc. 5,800 75 - - ADVO, Inc. 4,300 70 Aeroquip-Vickers Inc. 1,700 80 - - Advanced Micro Devices, Inc. 11,200 403 Aegon NV ARS 2,650 186 Advanta Corp. Class A 2,650 97 - - Aerovox, Inc. 900 4 Aetna Inc. 9,621 985 Aetna Inc. 6.25% Pfd. Series C 674 63 Affiliated Community Bancorp 2,125 50 - - Affiliated Computer Services, Inc. 2,200 62 - - Affymetrix, Inc. 2,800 97 - - Agouron Pharmaceuticals, Inc. 900 73 H.F. Ahmanson & Co. 6,300 271 - - Aid Auto Stores, Inc. 200 1 Air Express International Corp. 2,700 107 Air Products & Chemicals, Inc. 7,100 577 Airborne Freight Corp. 2,700 113 - - Airgas, Inc. 3,400 67 - - Airsensors Inc. 300 2 - - AirTouch Communications, Inc. 31,900 873 AirTouch Communications, Inc. 4.25% Pfd. Series C 581 28
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- AirTouch Communications, Inc. 6.00% Cvt. Pfd. 905 $ 26 - - Air and Water Technologies Corp. Class A 1,500 4 - - Alanco Environmental Resources Corp. 13,900 11 Albemarle Corp. 3,150 66 Alberto-Culver Co. Class A 2,800 65 Alberto-Culver Co. Class B 3,400 95 Albertson's, Inc. 15,500 566 Alex Brown, Inc. 1,050 74 Alexander & Baldwin, Inc. 2,800 73 - - Alexander's, Inc. 277 19 Alfa Corp. 5,200 73 - - All American Semiconductor, Inc. 1,000 1 - - Alleghany Corp. 534 116 Allegheny Power System, Inc. 7,100 189 Allegheny Teledyne Inc. 10,675 288 Allegiance Corp. 3,200 87 - - Allen Telecom, Inc. 3,600 75 Allergan, Inc. 3,800 121 - - Alliance Entertainment 10,400 3 - - Alliance Pharmaceutical Corp. 4,798 48 - - Alliance Semiconductor Corp. 2,500 20 - - Alliant Techsystems, Inc. 1,400 77 Allied Capital Commercial Corp. 3,800 92 Allied Capital Lending Corp. 4,800 71 - - Allied Digital Technologies Corp. 1,500 3 - - Allied Holdings, Inc. 5,400 59 AlliedSignal Inc. 18,000 1,512 Allmerica Financial Corp. 3,100 124 Allmerica Property & Casualty Cos. 3,600 118 Allstate Corp. 28,226 2,061 ALLTEL Corp. 12,100 404 - - Allwaste, Inc. 5,900 56 - - Altera Corp. 6,400 323 - - Altris Software, Inc. 4,300 27 - - Alumax, Inc. 3,350 127 Aluminum Co. of America 11,100 837 - - Alyn Corp. 600 7 - - ALZA Corp. 5,200 151 - - Amax Gold, Inc. 10,006 61 AMBAC, Inc. 2,300 176 Amcast Industrial Corp. 1,904 48 - - Amdahl Corp. 6,100 53 Amerada Hess Corp. 5,800 322 - - Amerco Inc. 1,100 33 - - America Online, Inc. 6,000 334 - - America West Holdings Corp. Class B 6,800 99 American Annuity Group Inc. 1,500 27 American Bancorp (West Virginia) 400 13 American Bankers Insurance Group 1,700 107 - - American Business Information, Inc. 3,784 81 - - American Coin Merchandising, Inc. 1,700 18 American Electric Power Co., Inc. 11,600 487 - - American Exploration Co. 2,600 38 American Express Co. 30,084 2,241 American Financial Group, Inc. 3,800 161 - - American Freightways 5,796 91 American General Corp. 15,324 732 American General Hospitality Corp. REIT 2,100 52 American Greetings Corp. Class A 4,600 170 American Health Properties, Inc. 4,000 100 American Health Properties Psychiatric Group 300 5 American Heritage Life Investment Corp. 2,400 79 American Home Products Corp. 41,600 3,182 American International Group, Inc. 30,600 4,571 American List Corp. 632 19 - - American Management Systems, Inc. 2,200 59 - - American Media Class A 9,700 68 American National Insurance Co. 1,400 123 - - American Oncology Resources, Inc. 2,600 44 - - American Power Conversion Corp. 5,800 110 - - American Standard Cos., Inc. 4,800 215 - - American States Financial Corp. 3,400 156 American Stores Co. 9,300 459 - - American Wagering, Inc. 2,300 24 American Water Works Co., Inc. 5,900 126 Ameron International Corp. 1,400 79 - - AmeriSource Health Corp. 1,100 55 - - Ames Department Stores, Inc. 7,000 68 AmeriGas Partners, LP 2,500 61 Ameritech Corp. 35,900 2,439 Ametek, Inc. 400 9 Amgen, Inc. 16,900 982 Amoco Corp. 33,400 2,904 AMP, Inc. 13,492 563 - - Ampal-American Israel Corp. 12,000 72 Ampco-Pittsburgh Corp. 2,200 32 - - Ampex Corp. Class A 5,300 31 AmSouth Bancorp 4,800 181 AmVestors Financial Corp. 3,100 58 Anadarko Petroleum Corp. 3,800 228 - - Analog Devices, Inc. 9,266 246 Analogic Corp. 2,600 89 Anchor Bancorp Wisconsin Inc. 1,000 49 - - Anchor Gaming 2,000 95 - - Andrea Radio Corp. 1,300 16 - - Andrew Corp. 5,588 157 Angelica Corp. 2,200 38 Anheuser-Busch Cos., Inc. 31,700 1,329 - - Anixter International Inc. 3,500 60 - - AnnTaylor Stores Corp. 3,400 66 Aon Corp. 10,350 536 Apache Corp. 7,700 250 - - Apogee, Inc. 1,600 7 Apogee Enterprises, Inc. 3,000 64 - - Apollo Group, Inc. Class A 2,700 95 - - Apple Computer, Inc. 7,700 109 Apple South, Inc. 4,500 69 Applebee's International, Inc. 1,900 51 - - Apria Healthcare 4,200 74 - - Applied Magnetics Corp. 1,600 36 - - Applied Materials, Inc. 12,100 856 - - Applied Microsystems Corp. 1,900 16 Applied Power, Inc. 2,600 134 - - Applix, Inc. 1,400 9 Aquarion Co. 1,800 49 - - Aquila Biopharmaceuticals, Inc. 701 3
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- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- Arbor Drugs, Inc. 5,250 $ 105 - - Arbor Software Corp. 2,100 74 - - Arcadia Financial Ltd. 4,400 40 Archer-Daniels-Midland Co. 33,744 793 Argonaut Group, Inc. 2,800 83 - - Argosy Gaming Co. 1,100 4 - - Armco, Inc. 17,500 68 Armstrong World Industries Inc. 2,600 191 Arnold Industries, Inc. 3,600 62 - - Arrhythmia Research Technology, Inc. 7,000 15 - - Arrow Electronics, Inc. 3,937 209 Arrow Financial Corp. 1,650 45 Arrow International, Inc. 1,500 44 - - Arterial Vascular Engineering, Inc. 1,800 58 - - Artra Group Inc. 16,500 73 - - Artisoft, Inc. 4,200 10 Arvin Industries, Inc. 2,800 76 ASA Holdings Inc. 3,400 97 ASARCO, Inc. 2,100 64 - - Ascend Communications, Inc. 8,500 334 - - Ascent Entertainment Group, Inc. 1,075 10 Ashland Inc. 4,200 195 Ashland Coal Inc. 1,000 28 - - Aspect Telecommunications Corp. 2,600 57 - - Aspen Technologies, Inc. 2,600 98 Associated Banc-Corp. 1,320 52 - - Associated Group, Inc. 1,204 48 Associates First Capital Corp. 5,400 300 Astoria Financial Corp. 1,300 62 - - Asyst Technologies, Inc. 1,278 56 - - Atlanta Sosnoff Capital 3,200 35 Atlantic Energy, Inc. 4,600 77 - - Atlantic Gulf Communities Corp. 1,500 10 Atlantic Richfield Co. 20,600 1,452 - - Atlantic Tele-Network, Inc. 2,200 27 - - Atlas Air, Inc. 2,600 90 - - Atmel Corp. 6,100 171 Atmos Energy Corp. 2,100 50 - - Atwood Oceanics, Inc. 1,133 76 - - Auspex Systems, Inc. 1,600 15 Autodesk, Inc. 3,820 146 - - AutoBond Acceptance Corp. 2,000 9 Automatic Data Processing, Inc. 18,600 874 - - AutoZone Inc. 9,600 226 Avalon Properties, Inc. REIT 1,900 54 - - Avant! Corp. 2,700 87 - - Avatar Holding, Inc. 2,000 68 - - Avatex Corp. 3,900 5 Avery Dennison Corp. 6,700 269 - - Aviall Inc. 7,775 109 Avnet, Inc. 2,800 161 Avon Products, Inc. 8,500 600 - - BA Merchant Services, Inc. Class A 4,100 78 BB&T Corp. 6,700 301 - - BDM International, Inc. 1,800 41 BHC Communications, Inc. Class A 1,500 179 - - BISYS Group, Inc. 1,600 67 - - BJ Services Co. 2,313 124 - - BJ Services Co. Warrants Exp. 4/13/00 787 23 BMC Industries, Inc. 2,237 77 - - BRC Holdings Inc. 1,000 38 BRE Properties Inc. Class A REIT 1,956 49 BSB Bancorp, Inc. 4,154 157 - - BMC Software, Inc. 6,200 344 BW/IP Inc. 3,000 61 Badger Paper Mills, Inc. 3,200 26 Baker Hughes, Inc. 10,100 391 J. Baker, Inc. 600 5 Baldor Electric Co. 1,500 44 Ball Corp. 1,800 54 Ballard Medical Products 3,500 70 Baltimore Gas & Electric Co. 8,900 237 Banc One Corp. 38,718 1,875 - - Banctec, Inc. 2,300 60 Bandag, Inc. 1,400 69 Bangor Hydro-Electric Co. 4,600 26 The Bank of New York Co., Inc. 24,900 1,083 Bank United Corp. Class A 1,800 69 BankAtlantic Bancorp, Inc. Class A 3,477 49 BankAtlantic Bancorp, Inc. Class B 5,792 82 BankAmerica Corp. 45,716 2,951 BankBoston Corp. 10,420 751 Bankers Trust New York Corp. 5,300 461 Bank North Group 1,100 51 - - Banner Aerospace 9,000 80 Banta Corp. 1,800 49 - - Banyan Systems, Inc. 4,100 9 C.R. Bard, Inc. 3,100 112 - - Barnes & Noble, Inc. 2,024 87 Barnett Banks, Inc. 13,252 696 - - Barr Labs Inc. 7,350 323 - - Barra, Inc. 1,800 59 - - Barrett Resources Corp. 1,800 54 - - Base Ten Systems Class A 8,000 79 Bassett Furniture Industries, Inc. 1,800 52 Battle Mountain Gold Co. Class A 12,200 69 Bausch & Lomb, Inc. 3,300 155 Baxter International, Inc. 19,199 1,003 Bay Apartment Communities, Inc. REIT 2,100 78 - - Bay Networks, Inc. 12,645 336 - - BE Avionics Inc. 3,200 101 Beacon Properties Corp. REIT 2,900 97 Bear Stearns Co., Inc. 7,270 248 Beckman Instruments Inc. 1,732 83 Becton, Dickinson & Co. 7,700 390 - - Bed Bath & Beyond, Inc. 4,148 126 - - Bel Fuse, Inc. 6,900 92 - - Belco Oil & Gas Corp. 1,900 41 Belden Inc. 1,000 34 Bell Atlantic Corp. 27,800 2,109 - - Bell Sports Corp. 700 5 BellSouth Corp. 64,400 2,986 - - Belmont Homes, Inc. 4,800 33 A. H. Belo Corp. Class A 3,624 151 Bemis Co., Inc. 3,100 134 - - Benchmark Microelectronics, Inc. 3,200 56 Beneficial Corp. 3,500 249 - - Bentley Pharmaceuticals, Inc. 2,200 8 Bergen Brunswig Corp. Class A 3,050 85 W.R. Berkley Corp. 1,200 70 - - Berkshire Hathaway Class A 90 4,248 - - Berlitz International, Inc. 2,101 52
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- - - Bertucci's Holding Corp. 5,239 $ 36 - - Best Buy Co., Inc. 5,900 88 - - Bethlehem Steel Corp. 6,500 68 BetzDearborn Inc. 1,500 99 - - Beverly Enterprises, Inc. 8,600 140 - - Big Flower Press Holdings, Inc. 3,100 64 - - Biotechnology General 4,300 58 - - Biogen, Inc. 4,400 149 Biomet, Inc. 9,000 168 Birmingham Steel Corp. 2,350 36 - - Bitwise Designs, Inc. 2,900 9 Black & Decker Corp. 6,100 227 Blair Corp. 2,700 39 E.W. Blanch Holdings, Inc. 2,400 64 Block Drug Co. Class A 1,067 46 H & R Block, Inc. 6,400 206 Blount International, Inc. 5,800 247 Blyth Industries, Inc. 2,550 86 Bob Evans Farms, Inc. 4,500 76 The Boeing Co. 45,682 2,424 Boise Cascade Corp. 2,500 88 - - Boise Cascade Office Products Corp. 4,400 75 Borders Group, Inc. 4,000 96 Borg-Warner Automotive, Inc. 1,400 76 - - Borland International, Inc. 3,000 21 - - Boston Beer Co., Inc. Class A 2,300 23 - - Boston Chicken, Inc. 4,000 56 Boston Edison Co. 2,200 58 - - Boston Scientific Corp. 14,401 885 Bowater Inc. 3,400 157 Bowne & Co., Inc. 3,100 108 - - Boyd Gaming Corp. 5,800 33 - - Boyds Wheels, Inc. 1,000 4 W.H. Brady Class A 2,400 69 Breed Technological Inc. 3,200 74 Briggs & Stratton Corp. 1,500 75 - - Brinker International, Inc. 3,600 51 - - Bristol Hotel Co. 2,700 104 Bristol-Myers Squibb Co. 64,200 5,200 - - Brite Voice Systems, Inc. 2,814 22 - - BroadVision, Inc. 1,600 11 - - Broderbund Software, Inc. 2,512 62 Brooklyn Union Gas Co. 2,450 70 - - Brooks Fiber Properties, Inc. 1,800 61 - - Brothers Gourmet Coffees, Inc. 500 1 Brown-Forman Corp. Class B 4,100 200 Browning-Ferris Industries, Inc. 13,500 449 Brunswick Corp. 5,800 181 - - Buffets Inc. 3,800 32 - - Burlington Coat Factory Warehouse Corp. 4,200 82 - - Burlington Industries, Inc. 5,703 68 Burlington Northern Santa Fe Corp. 9,740 875 Burlington Resources, Inc. 7,500 331 - - Burr-Brown Corp. 3,000 103 CB Bancshares Inc./Hawaii 1,300 46 CBT Corp. 1,100 24 CCB Financial Corp. 2,100 153 - - C-Cube Microsystems, Inc. 2,300 40 - - CDI Corp. 2,200 92 - - CDW Computer Centers, Inc. 1,300 69 - - CFI ProServices, Inc. 1,831 34 CIGNA Corp. 4,700 834 CIPSCO, Inc. 1,600 58 CKE Restaurants Inc. 2,100 66 CMAC Investment Corp. 4,574 218 - - CMG Information Services, Inc. 1,900 25 CML Group, Inc. 2,700 5 CMS Energy Corp. 5,700 201 - - CNA Financial Corp. 4,000 422 CNB Bancshares, Inc. 2,000 81 CNF Transportation Inc. 2,600 84 CPB, Inc. 1,100 40 CPC International, Inc. 9,100 840 CPI Corp. 2,900 61 CSX Corp. 13,500 749 - - C-TEC Corp. 1,800 62 CTG Resources Inc. 3,400 75 - - CUC International, Inc. 26,123 674 CVS Corp. 10,336 530 CWM Mortgage Holdings Inc. 2,700 65 - - Cabletron Systems, Inc. 9,310 263 - - Cable Design Technologies 5,000 147 Cabot Corp. 3,800 108 Cabot Oil & Gas Corp. Class A 3,900 69 - - Cadence Design Systems, Inc. 7,030 235 - - Cadiz Land Co., Inc. 2,500 13 Cadmus Communications 2,700 42 - - Caldor Corp. 800 1 - - CalEnergy Co. 3,900 148 Calgon Carbon Corp. 7,300 101 Caliber System Inc. 2,000 74 - - California Amplifier, Inc. 2,000 9 - - California Culinary Academy Inc. 11,100 89 Cali Realty Corp. REIT 1,900 65 - - California Federal Bank Goodwill Participation Certificates 200 3 - - California Federal Bank-Secondary Contingent Litigation Recovery Participation Interests 650 11 - - California Microwave, Inc. 2,700 38 Callaway Golf Co. 4,000 142 CAM Designs, Inc. 9,900 47 - - Cambridge Technology Partners 2,700 86 Camco International, Inc. 4,870 267 - - Cameron Ashley Building Products 3,392 48 Campbell Soup Co. 29,764 1,488 - - Canandaigua Wine Co., Inc. Class A 3,392 115 Capital One Financial Corp. 3,933 148 - - Capital Pacific Holdings, Inc. 700 2 Capital Re Corp. 3,600 193 Capitol Bancorp Ltd. 5,280 91 CapMAC Holdings Inc. 2,200 74 Capsure Holdings 2,610 34 Capstead Mortgage Corp. 2,250 55 Caraustar Industries, Inc. 4,000 138 Cardinal Bancshares, Inc. 496 27 Cardinal Health, Inc. 6,966 399 Carlisle Co., Inc. 2,000 70 - - Carmike Cinemas, Inc. Class A 2,511 82 Carnival Corp. Class A 18,700 771 Carolina Power & Light Co. 9,300 334 CarrAmerica Realty Corp. REIT 3,200 92 Carter-Wallace, Inc. 2,100 37
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- -------------------------------------------------------------------------- MARKET VALUE* TOTAL STOCK MARKET PORTFOLIO SHARES (000) - -------------------------------------------------------------------------- - - Cascade Communications Corp. 5,400 $ 149 Case Corp. 4,300 296 - - Casino Magic Corp. 3,900 5 - - Castle & Cooke Inc. 1,366 23 - - Catalina Marketing Corp. 1,140 55 - - Catellus Development Corp. 3,400 62 Caterpillar, Inc. 13,000 1,396 - - Catherines Stores 3,400 13 Cato Corp. Class A 1,200 6 - - CellPro, Inc. 3,400 21 - - Cellular Communications International Inc. 1,400 46 - - Cellular Technical Services Co. 1,600 15 - - Cellularvision USA, Inc. 4,700 37 - - Centennial Technologies, Inc. 2,400 5 Centerior Energy Corp. 7,500 84 Centex Corp. 1,700 69 - - Centigram Communications 600 8 - - Centocor, Inc. 4,252 132 Central & South West Corp. 13,500 287 Central Fidelity Banks, Inc. 3,000 106 Central Louisiana Electric Co. 2,300 65 Central Maine Power Co. 4,200 52 Central Newspapers Inc. 1,400 100 Central Parking Corp. 1,800 63 Centura Banks, Inc. 3,400 156 - - Centura Software Corp. 600 1 - - Century Communications Corp. Class A 11,897 65 Century Telephone Enterprises, Inc. 3,150 106 - - Ceridian Corp. 5,300 224 - - Chalone Wine Group Ltd. 1,960 22 - - Champion Enterprises, Inc. 3,000 45 Champion International Corp. 5,900 326 - - Chantal Pharmaceutical Corp. 4,500 5 Charter One Financial 3,615 195 - - Charming Shoppes, Inc. 9,100 48 - - Chartwell Leisure Corp 2,657 35 Chase Manhattan Corp. 28,772 2,793 - - Checkers Drive-In Restaurant 5,400 8 - - Checkfree Corp. 2,500 44 Checkpoint Systems, Inc. 2,000 32 Chelsea GCA Realty, Inc. REIT 500 19 Chemed Corp. 2,100 79 Chemical Finance 2,216 78 Chesapeake Corp. of Virginia 1,700 57 Chesapeake Energy Corp. 4,200 41 Chevron Corp. 42,600 3,150 - - Chic By H.I.S., Inc. 6,020 40 - - Chicago Miniature Lamp, Inc. 900 23 - - Children's Discovery Centers Of America, Inc. 400 3 Chiquita Brands International, Inc. 3,300 45 - - Chiron Corp. 10,504 219 - - Choice Hotels Corp. Inc. 3,200 54 - - Chris-Craft Industries, Inc. 2,760 133 - - Christiana Cos., Inc. 2,300 92 - - Chromcraft Revington, Inc. 2,500 72 Chrysler Corp. 46,244 1,517 The Chubb Corp. 11,100 742 Church & Dwight, Inc. 2,500 67 Churchill Downs, Inc. 1,100 42 - - Ciber, Inc. 2,000 68 - - Cidco, Inc. 1,600 22 - - CIENA Corp. 5,400 254 Cilcorp, Inc. 2,100 86 Cincinnati Bell, Inc. 8,600 271 Cincinnati Financial Corp. 3,471 275 Cincinnati Milacron, Inc. 3,300 86 CINergy Corp. 9,762 340 Cintas Corp. 3,000 206 Circle International Group, Inc. 1,000 27 Circuit City Stores, Inc. 6,000 213 - - Cirrus Logic 2,900 31 - - Cisco Systems, Inc. 42,900 2,881 - - Circus Circus Enterprises Inc. 6,100 150 Citicorp 30,300 3,653 Citizens Corp. 1,900 52 - - Citizens Utilities Co. Class A 11,194 105 - - Citizens Utilities Co. Class B 2,670 21 - - Citrix Systems, Inc. 1,600 70 City Holding Co. 2,795 93 City National Corp. 2,600 63 - - Cityscape Financial Corp. 1,900 38 Claire's Stores, Inc. 2,850 50 Clarcor Inc. 2,000 50 - - Clarify, Inc. 1,200 14 Clayton Homes Inc. 5,882 84 - - Clear Channel Communications 4,600 283 - - Cliffs Drilling Co. 3,298 120 - - Clintrials Research, Inc. 3,900 48 The Clorox Co. 3,300 436 Coachmen Industries, Inc. 3,104 53 - - Coast Savings Financial, Inc. 3,300 150 Coastal Corp. 6,800 362 - - Coastal Physician Group, Inc. 1,800 3 Coca-Cola Bottling Co. 1,700 82 The Coca-Cola Co. 159,500 10,766 Coca-Cola Enterprises, Inc. 25,800 593 - - Coeur D'Alene Mines Corp. 3,500 45 - - Cognex Corp. 1,600 43 Cognizant Corp. 11,900 482 - - Coherent Communications Systems Corp. 4,400 109 - - Coherent, Inc. 1,300 58 - - Coin Bill Validator Inc. 100 2 - - Coleman Inc. 4,268 74 Collective Bancorp, Inc. 2,750 124 Colgate-Palmolive Co. 19,200 1,253 - - Collins & Aikman Corp. 6,400 64 Colonial BancGroup, Inc. 2,021 49 Colonial Gas Co. 1,800 38 - - Colorado Casino Resorts, Inc. 5,600 9 - - Coltec Inc. 3,500 68 Columbia Gas Systems, Inc. 3,300 215 Columbia/HCA Healthcare Corp. 42,659 1,677 ComAir Holdings, Inc. 2,600 72 Comcast Corp. Class A 6,600 138 Comcast Corp. Class A Special 13,359 285 - - Comdial Corp. 1,800 15 Comdisco, Inc. 4,500 117 Comerica, Inc. 7,100 483 Commerce Bancshares, Inc. 1,890 86 Commerce Group, Inc. 2,300 57 Commercial Federal Corp. 3,306 123 Commercial Metals Co. 1,200 39
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- - - CommNet Cellular Inc. 1,600 $ 56 Commonwealth Energy Systems 2,600 62 Community First Bankshares 2,600 99 - - Compaq Computer Corp. 17,200 1,707 Compass Bancshares Inc. 3,900 131 CompuServe Corp. 4,900 53 Computer Associates International, Inc. 23,275 1,296 - - CompUSA, Inc. 9,300 200 Computer Data Systems, Inc. 1,200 36 - - Computer Sciences Corp. 4,627 334 Computer Task Group, Inc. 4,600 171 - - Computervision Corp. 6,600 31 - - Compuware Corp. 5,000 239 COMSAT Corp. 2,200 52 - - Comverse Technology, Inc. 1,300 68 ConAgra, Inc. 15,000 962 - - Comshare 553 7 - - Concord EFS, Inc. 5,368 140 - - Conmed Corp. 4,406 75 Connecticut Energy Corp. 1,400 34 Connecticut Water Services, Inc. 1,500 43 Conseco Inc. 20,961 776 - - Consolidated Delivery & Logistics, Inc. 2,800 7 Consolidated Edison Co. of New York, Inc. 15,000 442 - - Consolidated Freightways Corp. 1,300 21 Consolidated Natural Gas Co. 6,700 361 Consolidated Papers 2,500 135 - - Consolidated Stores, Inc. 5,125 178 - - ContiFinancial Corp. 2,400 88 - - Continental Airlines, Inc. Class B 7,400 259 - - Continental Information Systems Corp. 300 1 Continental Mortgage & Equity Trust 150 2 - - Continucare Corp. 2,100 12 - - Control Data Corp. 1,926 28 - - Converse Inc. 1,866 41 - - Cooper Cameron Corp. 3,000 140 Cooper Industries, Inc. 7,000 348 Cooper Tire & Rubber Co. 5,200 114 Adolph Coors Co. Class B 2,800 74 - - Coram Healthcare Corp. 1,523 4 - - COREStaff, Inc. 3,150 85 CoreStates Financial Corp. 15,112 812 Corning, Inc. 15,300 851 - - Corporate Express, Inc. 7,050 102 - - Correctional Services Corp. 2,400 28 - - Corrections Corp. of America 4,200 167 - - Cort Business Services Corp. 2,700 80 - - CorVel Corp. 1,200 35 - - Costco Cos., Inc. 13,386 440 Countrywide Credit Industries, Inc. 7,747 242 - - Covance, Inc. 3,525 68 - - Coventry Corp. 3,345 51 - - Cox Communications Class A 17,414 418 Cracker Barrel Old Country Stores, Inc. 3,800 100 Crane Co. 2,400 100 Crawford & Co. Class B 1,950 32 - - Credit Acceptance Corp. 2,700 35 - - Cree Research, Inc. 2,352 29 Crescent Real Estate, Inc. REIT 4,600 146 - - Crescent Operating Inc. 460 6 Crestar Financial Corp. 6,903 268 Crompton & Knowles Corp. 4,300 96 Cross Timbers Oil Co. 3,150 61 Crown American Realty Trust REIT 6,300 58 - - Crown Books Corp. 3,163 34 Crown Cork & Seal Co., Inc. 8,200 438 Crown Crafts, Inc. 5,500 58 - - Crown Vantage, Inc. 5,680 42 - - Cryomedical Sciences 17,500 7 Cullen/Frost Bankers, Inc. 1,400 59 - - Culligan Water Technologies 1,200 54 Cummins Engine Co., Inc. 2,500 176 - - Curative Health Services Inc. 1,800 52 Curtiss-Wright Corp. 1,000 58 - - Custom Chrome 2,000 32 - - Cyberguard Corp. 1,700 15 - - Cybex Corp. 1,900 34 - - Cygnus Inc. 2,588 45 - - Cypress Semiconductor Corp. 4,000 58 - - Cypros Pharmaceuticals Corp. 9,750 43 Cyprus Amax Minerals Co. 5,550 136 - - Cytec Industries, Inc. 3,342 125 - - DBT Online Inc. 500 27 - - DH Technology, Inc. 2,200 35 - - DII Group, Inc. 3,100 137 DPL, Inc. 5,900 145 DQE Inc. 4,250 120 - - DSC Communications Corp. 7,500 167 - - DSP Communications, Inc. 2,600 29 - - DSP Group Inc. 3,300 49 - - DST Systems, Inc. 2,600 87 DT Industries, Inc. 1,800 64 DTE Energy Co. 8,900 246 - - Daisytek International Corp. 1,000 39 - - Dal-Tile International Inc. 3,300 61 Dana Corp. 6,300 239 Danaher Corp. 3,700 188 Damen Financial Corp 3,200 45 Darden Restaurants Inc. 8,300 75 - - Darling International, Inc. 2,200 57 - - Data Broadcasting Corp. 8,214 40 - - Data General Corp. 5,700 148 - - Data Race, Inc. 6,778 86 - - Dataware Technologies, Inc. 200 1 Dauphin Deposit Bank & Trust 2,200 98 - - Davel Communications Group, Inc. 2,157 38 - - Dave & Busters 1,785 48 - - Davox Corp. 1,950 70 Dayton-Hudson Corp. 13,400 713 Dean Foods Corp. 3,200 129 Deere & Co. 16,400 900 DEKALB Genetics Corp. Class B 1,100 88 - - Dell Computer Corp. 11,900 1,397 Delmarva Power & Light Co. 3,000 57 Delta & Pine Land Co. 1,665 59 Delta Air Lines, Inc. 4,800 394 Deltic Timber Corp. 742 22 Deluxe Corp. 4,900 167 - - Dendrite International, Inc. 1,400 23 DENTSPLY International 1,400 69
11 14
- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- - - Department 56 Inc. 3,405 $ 76 Deposit Guaranty Corp. 7,800 246 - - DePuy, Inc. 6,100 140 - - Designer Holdings Ltd. 2,800 29 - - Designs, Inc. 5,750 27 - - Detroit Diesel Corp. 3,100 74 Developers Diversified Realty Corp. REIT 1,300 52 Devon Energy Corp. 3,567 131 - - Devon Group, Inc. 100 4 - - Devry, Inc. 2,200 59 Dexter Corp. 2,800 90 Diagnostic Products Corp. 2,800 88 Dial Corp. 5,000 78 - - Dialogic Corp. 1,000 27 - - Diamond Multimedia Systems, Inc. 5,000 36 - - Diamond Offshore Drilling, Inc. 4,900 383 - - Diamond Technology Partners Inc. 181 2 Diebold, Inc. 4,400 172 - - Digital Equipment Corp. 9,200 326 Dillard's Inc. 6,600 229 Dime Bancorp, Inc. 6,329 111 Dimon Inc. 2,500 66 - - Dionex Corp. 2,000 102 The Walt Disney Co. 43,100 3,459 Dole Food Co. 3,700 158 Dollar General Corp. 6,683 251 - - Dollar Tree Stores, Inc. 1,600 81 Dominion Resources, Inc. 11,500 421 Donaldson Co., Inc. 1,600 61 Donaldson, Lufkin & Jenrette, Inc. 3,800 227 R.R. Donnelley & Sons Co. 9,000 330 Donnelly Corp. 1,000 17 - - Doubletree Corp. 1,839 76 Dover Corp. 7,300 449 Dow Chemical Co. 15,400 1,342 Dow Jones & Co., Inc. 5,700 229 - - Dravo Corp. 3,000 33 Dresser Industries, Inc. 10,700 399 - - Drexler Technology Corp. 1,600 17 Dreyer's Grand Ice Cream, Inc. 1,700 66 - - Drug Emporium, Inc. 5,028 25 E.I. du Pont de Nemours & Co. 73,400 4,615 Duke Energy Corp. 22,613 1,084 Duke Realty Investments, Inc. REIT 2,000 81 The Dun & Bradstreet Corp. 10,100 265 - - DuPont Photomasks, Inc. 1,600 86 - - Dura Pharmaceuticals, Inc. 2,200 88 Durco International Inc. 3,350 99 Dynamics Corp. of America 1,200 75 - - Dynatech Corp. 2,900 104 EG & G, Inc. 2,800 63 - - EMC Corp. 15,300 597 - - ENSCO International, Inc. 4,112 217 - - ESC Medical Systems Ltd. 2,200 56 - - ESSEF Corp. 1,760 42 - - ESS Technology, Inc. 3,700 50 - - ETEC Systems, Inc. 1,400 60 - - EVI Inc. 2,600 109 - - Eagle Finance Corp. 3,600 7 - - Eagle USA Airfreight, Inc. 2,000 54 Earthgrains Co. 512 34 Eastern Enterprises 2,500 87 Eastern Utilities Associates 2,400 44 Eastman Chemical Co. 5,050 321 Eastman Kodak Co. 21,200 1,627 Eaton Corp. 5,500 480 Eaton Vance Corp. 1,000 28 - - Echelon International Corp., Inc. 2,180 50 Echlin, Inc. 3,400 122 Echo Bay Mines Ltd. 7,100 41 - - EchoStar Communications Corp. 1,800 28 - - Ecogen, Inc. 1,900 7 Ecolab, Inc. 3,700 177 - - Edison Brothers Stores, Inc. 15,223 19 Edison International 27,600 687 - - Edisto Resources Corp. 6,600 61 - - Education Alternatives, Inc. 3,600 16 - - Education Management Corp. 2,200 57 - - Educational Medical, Inc. 3,100 27 A.G. Edwards & Sons, Inc. 3,925 168 - - Einstein/Noah Bagel Corp. 1,800 21 El Paso Natural Gas 4,448 245 - - Elan Corp. PLC ADR 3,488 158 Elcor Corp. 3,800 106 - - Electric Fuel Corp. 1,800 12 - - Electromagnetic Sciences, Inc. 1,600 28 - - Electronic Arts Inc. 3,000 101 Electronic Data Systems Corp. 30,900 1,267 - - Electronic Retailing Systems International, Inc. 6,200 36 - - Electronics for Imaging, Inc. 2,800 132 - - Eltron International Inc. 1,300 39 Emerson Electric Co. 28,500 1,569 - - Emmis Broadcasting Corp. Class A 1,300 57 - - Employee Solutions, Inc. 3,200 18 - - Emulex Corp. 1,700 26 - - Energy Conversion Devices, Inc. 2,000 26 Energen Corp. 700 24 Energy West Inc. 5,200 44 Engelhard Corp. 9,000 188 Enova Corp. 6,800 164 Enron Corp. 16,400 669 Enron Oil & Gas Co. 9,800 178 ENSERCH Corp. 6,300 140 Enron Global Power & Pipelines L.L.C. 4,300 143 Entergy Corp. 14,754 404 - - Envirometrics, Inc. 3,800 1 - - Envirotest Systems Corp. Class A 10,800 28 - - Epitope Inc. 2,300 18 Equifax, Inc. 9,200 342 The Equitable Cos. 11,400 379 Equitable of Iowa Co. 1,900 106 Equitable Resources, Inc. 3,200 91 Equity Residential Properties Trust REIT 4,981 237 Erie Indemnity Co. Class A 500 20 Essex Property Trust, Inc. REIT 2,366 76 Ethan Allen Interiors Inc. 920 52 Ethyl Corp. 6,300 58 Everest Reinsurance Holdings, Inc. 2,700 107 - - Evergreen Media Corp. 2,200 98 - - Exabyte Corp. 3,200 41 Excel Industries, Inc. 700 14 Excel Realty Trust, Inc. REIT 1,800 47
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- - - EXCEL Communications, Inc. 6,300 $ 181 Executive Risk, Inc. 1,467 76 - - Exide Corp. 2,600 57 Exide Electronics Group, Inc. 5,462 64 - - Express Scripts 2,700 112 - - Extended Stay America, Inc. 6,593 104 Exxon Corp. 158,200 9,729 - - EZCORP, Inc. 300 3 FAC Realty Inc. REIT 4,300 27 F & M Bancorp 1,433 39 FFY Financial Corp. 4,600 120 - - FLIR Systems, Inc. 1,100 17 - - FMC Corp. 2,400 191 FPL Group, Inc. 11,700 539 - - FTP Software, Inc. 4,600 23 Fair Issac & Co. 1,700 76 - - Fairfield Communities, Inc. 5,800 195 - - Falcon Drilling Co., Inc. 12,900 743 Family Dollar Stores, Inc. 5,100 139 Fannie Mae 70,000 3,054 Farmer Brothers, Inc. 1,000 128 - - Farm Family Holdings, Inc. 1,500 42 Farrel Corp. 10,800 37 - - Fastcomm Communications Corp. 2,500 18 Fastenal Co. 2,400 117 - - Faulding Inc. 7,200 89 - - Federal Express Corp. 7,400 427 Federal Home Loan Mortgage Corp. 45,400 1,561 Federal-Mogul Corp. 2,500 88 Federal Realty Investment Trust REIT 2,200 59 Federal Signal Corp. 2,733 69 - - Federated Department Stores 13,200 459 Felcor Suite Hotels, Inc. REIT 1,500 56 Ferro Corp. 1,400 52 - - Fibreboard Corp. 1,400 77 Fifth Third Bancorp 7,400 607 - - Figgie International Inc. Class A 2,700 37 - - Filene's Basement Corp. 8,895 59 FINA Inc. 1,600 102 - - Financial Industries Corp. 5,000 62 Financial Security Assurance Holdings Ltd. 1,900 74 Fingerhut Co. 2,400 42 FINOVA Group, Inc. 1,500 115 - - First Alert, Inc. 8,000 24 First American Financial Corp. 1,400 55 1st Bancorp (Indiana) 3,197 98 First American Corp. (Tenn.) 4,400 169 First American Bank Corp. 5,850 268 First Bancorp of Ohio 2,100 101 - - First Bank of Philadelphia 1,000 4 First Bank System, Inc. 8,685 741 First Brands Corp. 3,800 87 First Chicago NBD Corp. 20,293 1,228 First Citizens BancShares Class A 700 62 First Commerce Bancshares Inc. Class A 300 7 First Commerce Bancshares Inc. Class B 4,000 92 First Commerce Corp. 2,312 102 First Commercial Corp. 1,900 78 First Data Corp. 28,466 1,251 First Empire State Corp. 400 135 - - First Federal Financial Corp. 2,166 67 First Financial Caribbean Corp. 1,600 51 First Financial Holdings, Inc. 1,400 45 First Financial Savings Assn. 1,500 44 First Hawaiian, Inc. 1,600 55 First Industrial Realty Trust REIT 1,900 56 First Michigan Bank Corp. 4,171 126 First Midwest Bancorp 3,250 103 First Palm Beach Bancorp 2,000 68 First Security Corp. 6,675 183 First Source Corp. 4,012 109 - - First USA Paymentech, Inc. 1,700 49 First Tennessee National Corp. 4,200 202 First Union Corp. 18,089 1,673 First Union Real Estate 5,700 81 First Virginia Banks, Inc. 1,700 103 First Western Bancorp 700 26 Firstar Corp. 9,600 293 FirstBank Puerto Rico 2,000 52 FIRSTPLUS Financial Group 1,800 61 - - FIserv, Inc. 2,800 125 Fisher Scientific International Inc. 2,000 95 Fleet Financial Group, Inc. 16,802 1,063 Fleetwood Enterprises, Inc. 4,100 122 Fleming Cos., Inc. 4,600 83 Florida East Coast Railway Co. 600 67 - - Florida Panthers Holdings, Inc. 3,500 84 Florida Progress Corp. 5,700 178 Florida Rock Industries, Inc. 2,900 118 - - Florsheim Group Inc. 933 12 Flowers Industries, Inc. 4,500 76 Fluor Corp. 5,200 287 Flushing Financial Corp. 2,400 53 - - Foamex International, Inc. 2,900 38 - - Fonar Corp. 8,000 24 Food Lion Inc. Class A 28,900 207 - - Foodmaker, Inc. 2,300 38 - - Foothill Independent Bancorp. 1,210 16 - - Footstar Inc. 2,984 78 - - Forcenergy Inc. 3,000 91 Ford Motor Co. 77,200 2,914 - - FORE Systems, Inc. 6,000 82 - - Foreland Corp. 566 2 Foremost Corp. of America 1,500 90 Forest City Enterprise Class A 1,400 67 - - Forest Laboratories, Inc. 2,500 104 - - Forest Oil Corp. 3,300 48 - - Fort Howard Corp. 4,600 233 Fort Thomas Financial Corp. 600 6 Fort Wayne National Corp. 1,300 61 - - Forte Software, Inc. 1,900 26 Fortune Brands, Inc. 11,000 410 Foster Wheeler Corp. 3,500 142 - - Foundation Health Systems Class A 7,540 229 - - Fourth Shift Corp. 12,600 60 Franchise Finance Corp. of America REIT 2,400 63 Franklin Electric, Inc. 1,000 49 Franklin Resources Corp. 7,850 570 Freeport-McMoRan, Inc. 1,366 39
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- -------------------------------------------------------------------------- MARKET VALUE* TOTAL STOCK MARKET PORTFOLIO SHARES (000) - -------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc. Class A 3,348 $ 98 Freeport-McMoRan Copper & Gold Inc. Class B 8,654 269 Fremont General Corp. 1,500 60 - - Fresenius Medical Care AG ADR 5,874 171 - - Fresh Choice, Inc. 5,100 19 - - Fritz Cos., Inc. 4,100 40 Frontier Corp. 9,300 185 - - Fruit of the Loom, Inc. 4,800 149 - - Fuisz Technologies Ltd. 4,600 41 H.B. Fuller Co. 1,500 83 Fulton Financial Corp. 990 27 Fund American Enterprise Holding Co. 400 42 - - Furniture Brands International Inc. 5,600 109 - - Fusion Systems 1,500 59 G & L Realty Corp. 304 5 GATX Corp. 1,000 58 - - GC Cos. 1,930 88 GPU Inc. 7,800 280 - - GRC International, Inc. 1,500 8 - - GSE Systems, Inc. 600 4 - - GT Interactive Software Corp. 7,500 89 GTE Corp. 62,800 2,755 - - Gadzooks, Inc. 1,800 35 Gainsco, Inc. 4,300 40 - - Arthur J. Gallagher & Co. 2,000 76 Gallaher Group PLC ADR 11,000 203 Gannett Co., Inc. 9,900 978 The Gap, Inc. 17,600 684 - - Garden Botanika, Inc. 4,500 26 - - Garden Fresh Restaurant Corp. 4,400 52 - - Gardner Denver Machinery, Inc. 3,864 113 - - Gargoyles, Inc. 3,200 27 - - Gartner Group, Inc. Class A 5,700 205 - - Gateway 2000 Inc. 10,800 350 - - Gaylord Container Corp. 6,300 48 Gaylord Entertainment Co. Class A 5,951 137 - - GelTex Pharmaceuticals, Inc. 1,900 38 - - Gemstar International Group Ltd. 1,516 28 GenCorp, Inc. 6,100 141 - - Genentech, Inc. 7,500 442 General Binding Corp. 1,828 53 General Dynamics Corp. 3,700 278 General Electric Co. 212,600 13,899 General Growth Properties Inc. REIT 1,600 54 - - General Instrument Corp. 8,400 210 - - General Magic, Inc. 3,300 7 General Mills, Inc. 10,375 676 General Motors Corp. 49,201 2,740 General Motors Corp. Class H 6,400 370 - - General Nutrition Cos., Inc. 5,300 148 General Re Corp. 5,268 959 General Signal Corp. 3,100 135 - - Genesco, Inc. 9,750 138 - - Gentex Corp. 2,976 58 - - Genesis Health Ventures Inc. 1,500 51 - - Geneva Steel Class A 3,000 8 - - Genome Therapeutics Corp. 2,000 17 - - Gensia Sicor Inc. 6,600 29 Genuine Parts Co. 11,250 381 Geon Co. 3,200 65 - - Genzyme Corp. 4,300 119 Georgia Gulf Corp. 1,800 52 Georgia-Pacific Corp. 5,800 495 - - Geoworks 1,700 10 - - Getchell Gold Corp. 1,700 60 - - Giant Cement Holding, Inc. 1,400 26 Giant Food, Inc. Class A 3,100 101 Giant Industries, Inc. 6,800 108 Giddings & Lewis, Inc. 3,100 65 - - Gilead Sciences, Inc. 3,400 94 Gillette Co. 36,208 3,431 P.H. Glatfelter Co. 2,600 52 - - Glenayre Technologies, Inc. 3,300 54 - - Glendale Federal 2,700 71 - - Global DirectMail Corp. 2,100 55 - - Global Industrial Technologies, Inc. 2,800 57 - - Global Industries, Ltd. 2,300 54 - - Global Marine, Inc. 10,900 253 - - Global Village Communication 700 2 Golden West Financial Corp. 3,700 259 - - The Good Guys, Inc. 4,800 28 The BFGoodrich Co. 2,800 121 The Goodyear Tire & Rubber Co. 9,600 608 - - E. Gottschalk & Co., Inc. 4,700 39 W.R. Grace & Co. 5,600 309 Graco, Inc. 3,100 93 W.W. Grainger, Inc. 3,200 250 - - GranCare Inc. 3,100 34 - - Grand Casinos, Inc. 4,650 69 Graphic Industries, Inc. 4,400 58 Great Atlantic & Pacific Tea Co., Inc. 2,300 63 Great Lakes Chemical Corp. 3,700 194 Great Western Financial Corp. 8,800 473 Green Mountain Power Corp. 1,900 45 Green Tree Financial Corp. 8,500 303 Greenfield Industries, Inc. 2,800 76 Green Point Financial Corp. 2,800 186 Grief Brothers Corp. Class A 2,700 74 - - GTech Holdings Corp. 2,600 84 Guidant Corp. 4,783 407 - - Gulf South Medical Supply, Inc. 1,900 37 - - Gulfstream Aerospace Corp. 4,500 133 - - Gymboree Corp. 1,500 36 HBO & Co. 5,987 412 HCC Insurance Holdings, Inc. 3,700 99 - - HCIA, Inc. 1,700 57 HF Financial Corp. 6,000 128 - - HFS Inc. 10,510 610 - - HMN Financial, Inc. 3,000 69 - - HMT Technology Corp. 2,700 35 - - HNC Software, Inc. 1,000 38 HRE Properties 2,000 36 - - HS Resources Inc. 4,500 64 HSB Group Inc. 900 48 - - HSN Inc. 6,910 216 - - Haemonetics Corp. 4,500 86 Halliburton Co. 8,000 634 - - Halter Marine Group, Inc. 713 17 - - Handleman Co. 2,900 18 M.A. Hanna Co. 3,100 89 Hannaford Brothers Co. 2,200 78
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- - - Harbinger Corp. 3,450 $ 97 Harcourt General, Inc. 4,600 219 John H. Harland Co. 1,600 37 Harley-Davidson, Inc. 4,700 225 Harleysville National Corp. 1,470 46 Harman International Industries, Inc. 1,100 46 Harnischfeger Industries Inc. 3,100 129 - - Harrah's Entertainment, Inc. 5,500 99 Harris Corp. 2,500 210 - - Harry's Farmers Market, Inc. 200 1 Harsco Corp. 2,600 105 Harte-Hanks Communications Co. 2,200 65 Hartford Financial Services Group Inc. 7,500 621 - - Hartmarx Corp. 12,600 104 Harveys Casino Resorts 1,800 32 Hasbro, Inc. 7,500 213 - - Hauser, Inc. 8,800 48 Haven Bancorp, Inc. 1,500 56 Hawaiian Electric Industries Inc. 2,300 89 - - Hayes Wheels International, Inc. 2,420 77 Health Care Properties Investors 2,300 81 - - HEALTHSOUTH Corp. 22,020 549 - - HealthCare COMPARE Corp. 1,800 94 - - Healthcare & Retirement Corp. 2,800 93 - - Heartstream, Inc. 2,600 22 Health and Retirement Properties Trust 4,000 75 - - Health Management Associates Class A 5,987 171 - - Health Management Systems, Inc. 1,953 9 - - Heartland Express, Inc. 4,058 95 - - Hechinger Co. Class A 2,000 4 HEICO Corp. 1,400 31 Heilig-Meyers Co. 4,600 90 H.J. Heinz Co. 23,500 1,084 Helmerich & Payne, Inc. 1,500 86 Herbalife International, Inc. 1,900 31 Hercules, Inc. 6,600 316 - - Heritage Media Corp. Class A 2,200 42 Hershey Foods Corp. 9,400 520 Hewlett-Packard Co. 66,000 3,696 Hibernia Corp. Class A 7,900 110 - - Highlands Insurance Group 2,630 53 Highwood Properties, Inc. REIT 1,900 61 Hilb, Rogal and Hamilton Co. 500 9 Hillenbrand Industries, Inc. 4,300 204 - - Hills Stores Co. 5,165 18 Hilton Hotels Corp. 15,000 398 Hollinger International, Inc. 5,100 57 Holly Corp. 400 10 - - Hollywood Entertainment Corp. 2,300 53 - - Hollywood Park, Inc. 1,000 15 - - Hologic, Inc. 700 19 Home Bancorp 1,400 29 - - Home Health Corp. of America 3,000 29 Home Depot, Inc. 30,533 2,105 Homestake Mining Co. 11,200 146 - - Homestead Village, Inc. REIT 2,639 47 - - Homestead Village, Inc. REIT Warrants Exp. 10/29/97 295 3 HON Industries, Inc. 1,800 80 Honeywell, Inc. 7,800 592 Horace Mann Educators Corp. 1,400 69 - - Horizon/CMS Healthcare Corp. 5,377 108 Horizon Financial Corp. 1,035 17 Hormel Foods Corp. 4,500 121 - - Host Marriott Corp. 12,600 224 - - Host Marriott Services Corp. 6,120 72 Hospitality Properties Trust REIT 1,600 49 Houghton Mifflin Co. 600 40 - - House of Fabrics, Inc. 283 1 Household International, Inc. 6,000 705 Houston Industries, Inc. 14,900 319 - - Hovnanian Enterprises Class A 9,300 59 Hubbell Inc. Class B 3,750 165 Hudson Foods Inc. Class A 3,100 51 Hughes Supply, Inc. 1,800 72 - - Humana, Inc. 9,400 217 - - Human Genome Sciences, Inc. 1,200 40 Hunt Manufacturing Co. 3,500 66 J.B. Hunt Transport Services, Inc. 2,000 30 Huntington Bancshares Inc. 9,235 272 - - Hutchinson Technology, Inc. 4,200 102 - - Hyperion Software Corp. 3,452 77 IBP, Inc. 5,700 133 ICH Corp. 315 1 ICN Pharmaceuticals, Inc. 2,529 73 - - IDEC Pharmaceuticals Corp. 2,200 54 - - IDX Systems Corp. 2,100 73 - - IEC Electronics Corp. 1,082 15 IES Industries, Inc. 1,800 53 - - I-Flow Corp. 2,300 9 - - IGI, Inc. 6,710 29 - - IHOP Corp. 1,600 49 IMC Global Inc. 5,560 195 IRT Property Co. REIT 3,000 35 - - I-STAT Corp. 3,300 57 - - ITT Corp. 7,500 458 ITT Industries, Inc. 7,300 188 - - IXC Communications, Inc. 1,900 50 Idaho Power Co. 2,200 69 - - IDEX Corp. 1,650 54 - - IDEXX Laboratories 2,200 27 IKON Office Solutions 8,300 207 Illinois Central Corp. 3,300 115 - - Identix, Inc. 8,400 95 Illinois Tool Works, Inc. 15,200 759 Illinova Corp. 4,300 95 - - Imation Corp. 2,440 64 - - ImClone Systems, Inc. 7,800 48 - - Immucor Inc. 2,754 28 - - Immunex Corp. 2,600 94 - - ImmuLogic Pharmaceutical Corp. 3,900 12 - - Immune Response 4,500 35 - - Imo Industries, Inc. 1,200 7 - - Impath, Inc. 1,700 47 - - Imperial Credit 1,200 25 - - Immunomedics Inc. 7,900 36 - - Inacom Corp. 3,600 112 - - INCYTE Pharmaceuticals, Inc. 1,900 125 Indiana Energy, Inc. 2,400 59 Industrial Scientific Corp. 2,700 52 - - Informix Corp. 8,300 75 Ingersoll-Rand Co. 6,800 420
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- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- - - Information Resources, Inc. 3,706 $ 53 Ingles Markets, Inc. 3,000 49 Inland Steel Industries, Inc. 4,300 112 - - Input/Output, Inc. 2,300 42 - - Insilco Corp. 2,600 97 - - Insituform Technologies Class A 3,000 19 - - INSO Corp. 1,700 35 Innkeepers USA Trust REIT 3,300 50 - - Insurance Auto Auctions, Inc. 3,400 32 - - Insignia Financial Group 3,600 65 - - Integrated Device Technology Inc. 7,400 78 Integrated Health Services, Inc. 4,000 154 - - Integrated Process Equipment Corp. 1,976 50 - - Integrated Silicon Solution, Inc. 800 6 - - Integrated Systems, Inc. 1,300 15 Intel Corp. 53,800 7,618 - - Intelidata Technologies Corp. 4,400 21 - - Intelligent Electronics Inc. 1,100 3 - - Intelligent Medical Imaging, Inc. 4,800 32 - - Intensiva Healthcare Corp. 4,300 34 - - Inter-Tel, Inc. 2,600 56 Intercargo Corp. 5,400 64 - - Intercel, Inc. 3,900 54 Interface, Inc. 1,800 40 - - Interdigital Communications Corp. 7,200 40 - - Intergraph Corp. 7,300 62 - - Interim Services, Inc. 1,150 51 - - Interleaf, Inc. 7,800 11 - - Intermedia Communications Inc. 2,100 68 - - International Assets Holding Corp. 1,800 6 International Business Machines Corp. 67,800 6,115 - - International Dairy Queen, Inc. Class A 2,800 67 - - International Family Entertainment, Inc. Class B 2,700 93 International Flavors & Fragrances, Inc. 7,100 359 International Game Technology 7,400 131 - - International Lottery & Totalizator Systems Inc. 8,800 18 - - International Murex Technologies Corp. 1,000 9 - - International Network Services 1,900 49 International Paper Co. 19,132 929 - - International Rectifier Corp. 3,500 65 International Shipholding Corp. 3,375 58 - - International Specialty Products, Inc. 4,600 65 - - International Technology 6,275 48 - - Interneuron Pharmaceutical, Inc. 1,900 38 Interpool, Inc. 4,500 66 Interpublic Group of Cos., Inc. 6,000 368 - - Intersolv 4,800 45 Interstate Bakeries 4,300 255 - - Interstate Hotels Co. 1,800 53 Intimate Brands, Inc. 16,100 338 - - Intuit, Inc. 2,500 57 Invacare Corp. 2,400 56 - - Invision Technologies, Inc. 2,400 29 Investors Financial Services Corp. 279 13 Investors Financial Services Corp. Class A 53 3 - - Iomega Corp. 14,350 285 - - Ionics, Inc. 1,300 59 IPALCO Enterprises, Inc. 2,200 69 Irvine Apartment Communities, Inc. REIT 800 24 Irwin Financial Corp. 2,800 82 - - ISIS Pharmaceuticals, Inc. 2,100 31 - - Itron, Inc. 600 15 - - i2 Technologies, Inc 1,600 49 - - IVAX Corp. 6,900 77 JLG Industries, Inc. 3,000 41 - - JP Foodservice, Inc. 900 26 JP Realty Inc. REIT 600 16 JSB Financial 1,300 57 - - Jabil Circuit, Inc. 1,800 151 Jackpot Enterprises, Inc. 5,500 63 - - Jacobs Engineering Group Inc. 3,800 102 - - Jacor Communications, Inc. 1,800 69 James River Corp. 5,600 207 - - Jan Bell Marketing Inc. 1,200 3 - - Jayhawk Acceptance Corp. 5,000 8 Jefferson-Pilot Corp. 4,050 283 Jefferson Savings Bancorp, Inc. 200 6 - - Jefferson Smurfit Corp. 5,800 94 John Nuveen Co. Class A 2,100 66 Johns Manville Corp. 8,800 104 Johnson & Johnson 85,206 5,485 Johnson Controls, Inc. 5,300 218 - - Johnstown America Industries 5,800 35 - - Jones Apparel Group, Inc. 3,100 148 Jones Medical Industries, Inc. 1,500 71 Jostens Inc. 4,900 131 - - JumboSports Inc. 5,600 21 - - Just for Feet, Inc. 1,650 29 - - Just Like Home, Inc. 2,400 5 Justin Industries, Inc. 1,600 21 - - KLA-Tencor Corp. 5,700 278 - - Kmart Corp. 29,800 365 KN Energy, Inc. 1,828 77 - - K-III Communications Corp. 6,200 74 K2 Inc. 3,964 126 K U Energy Corp. 3,700 126 - - K-V Pharmaceutical Co. Class A 6,900 114 - - Kaiser Aluminum & Chemical Corp. 6,600 81 Kaneb Pipeline Partners, LP 1,020 29 - - Kaneb Services, Inc. 12,384 46 Kansas City Life Insurance Co. 800 64 Kansas City Power & Light Co. 3,200 91 Kansas City Southern Industries, Inc. 2,000 129 Katy Industries, Inc. 2,100 31 Kaufman & Broad Home Corp. 4,200 74 Kaydon Corp. 2,200 109 - - Keane, Inc. 1,600 83 Kellogg Co. 13,500 1,156 Kellwood Co. 3,100 86 Kelly Services, Inc. Class A 3,700 116 - - KEMET Corp. 2,400 60 Kennametal, Inc. 3,400 146 - - Kennedy-Wilson, Inc. 280 4 - - Kensey Nash Corp. 3,600 40 - - Kent Electronics Corp. 4,400 161 Kerr-McGee Corp. 2,800 177
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- KeyCorp 14,184 $ 793 - - Keystone Consolidated Industries, Inc. 3,600 39 Keystone Financial, Inc. 6,561 205 Keystone International, Inc. 3,600 125 Kimball International, Inc. Class B 1,300 52 Kimberly-Clark Corp. 36,056 1,794 Kimco Realty Corp. REIT 2,200 70 Kinetic Concepts, Inc. 10,000 181 King World Productions, Inc. 2,100 74 - - Kleer-Vu Industries Inc. 6,960 1 Knight-Ridder, Inc. 5,900 289 Koger Equity, Inc. REIT 3,000 55 - - Kohls Corp. 4,600 244 - - Komag, Inc. 3,200 53 - - The Kroger Co. 15,600 452 Kuhlman Corp. 4,700 152 - - LCI International, Inc. 4,674 102 LG&E Energy Corp. 3,400 75 LSI Industries Inc. 2,264 30 - - LSI Logic Corp. 9,000 288 LTC Properties, Inc. 3,100 56 LTV Corp. 4,900 70 - - LTX Corp. 9,300 60 La Quinta Inns Inc. 4,500 98 La-Z-Boy Inc. 900 32 - - Laboratory Corp. of America 15,624 41 - - Ladd Furniture Inc. 1,266 18 Lafarge Corp. 3,000 74 - - Laidlaw Environmental Services, Inc. 2,800 8 - - LAM Research Corp. 1,400 52 Lancaster Colony Corp. 1,788 86 Lance, Inc. 1,800 34 - - Lancer Corp. 2,535 63 Landauer, Inc. 1,600 37 Landmark Bancshare, Inc. 4,900 99 - - Lands' End, Inc. 4,000 119 - - Landry's Seafood Restaurants, Inc. 1,300 30 - - Landstar System 1,900 54 - - Lattice Semiconductor Corp. 1,300 73 Estee Lauder Cos. Class A 3,700 186 Lawter International Inc. 5,300 67 - - Layne Christensen Co. 9,500 208 - - Lazare Kaplan International, Inc. 3,100 52 - - Lear Corp. 4,100 182 - - Learning Co., Inc. 2,400 23 - - Lechters Corp. 4,000 17 Lee Enterprises, Inc. 2,800 74 Leggett & Platt, Inc. 5,200 224 Legg Mason Inc. 1,200 65 Lehman Brothers Holdings, Inc. 6,160 249 Lennar Corp. 1,800 57 Leucadia National Corp. 3,700 114 - - Level 8 Systems Inc. 6,900 113 Leviathan Gas Pipeline Co. 3,200 78 - - Lexmark International Group, Inc. Class A 3,500 106 Liberty Corp. 2,800 114 Liberty Financial Cos., Inc. 1,700 85 Liberty Property Trust REIT 2,900 72 - - Life USA Holding, Inc. 1,400 20 Life Re Corp. 1,500 70 - - Lifecore Biomedical Inc. 1,400 19 Lillian Vernon Corp. 2,200 37 Eli Lilly & Co. 35,078 3,834 Lilly Industries Inc. Class A 4,200 85 The Limited, Inc. 16,581 336 - - Lin Television 1,300 57 - - Lincare Holdings Inc. 1,700 73 Lincoln Electric Co. Class A 1,100 42 Lincoln National Corp. 6,400 412 Lindsay Manufacturing Co. 500 16 Linear Technology Corp. 4,400 227 - - Liposome Co., Inc. 1,100 10 Litchfield Financial Corp. 3,831 64 - - Littelfuse, Inc. 2,600 73 - - Litton Industries, Inc. 2,600 126 Liz Claiborne, Inc. 4,300 200 Lockheed Martin Corp. 12,270 1,271 Loews Corp. 7,400 741 - - Logan's Roadhouse, Inc. 2,900 70 Logicon, Inc. 1,500 80 - - Lone Star Steakhouse & Saloon 2,400 63 Long Island Bancorp, Inc. 1,500 54 Long Island Lighting Co. 7,400 170 Longs Drug Stores, Inc. 2,600 68 Longview Fibre Co. 3,000 50 - - Loral Space & Communications 12,200 183 - - Louis Dreyfus Natural Gas Corp. 3,600 59 Louisiana Land & Exploration Co. 2,000 114 Louisiana-Pacific Corp. 5,900 125 Lowe's Cos., Inc. 11,100 412 Lubrizol Corp. 3,700 155 Luby's Cafeterias, Inc. 2,800 56 Lucent Technologies, Inc. 40,471 2,916 Lukens, Inc. 2,900 55 - - Lumisys, Inc. 2,900 18 Lycos, Inc. 4,519 58 - - Lydall, Inc. 3,200 68 Lyondell Petrochemical Co. 4,500 98 MAF Bancorp, Inc. 1,300 55 - - MAI Systems Corp. 4,100 17 MBIA, Inc. 2,700 305 MBNA Corp. 20,550 753 MCI Communications Corp. 44,500 1,704 MCN Corp. 4,200 129 - - MEMC Electronic Materials, Inc. 2,300 75 MFB Corp. 2,000 39 MGIC Investment Corp. 7,600 364 - - MGM Grand Inc. 3,500 130 ML Bancorp Inc. 1,200 23 - - MK Gold Co. 10,700 18 MMI Cos., Inc. 1,800 47 MTS Systems Corp. 2,010 60 - - MacFrugal's Bargains- Close-outs, Inc. 1,700 46 MacDermid, Inc. 1,200 55 The Macerich Co. REIT 2,300 64 - - Macromedia 3,100 27 Madison Gas & Electric Co. 3,100 64 Mafco Consolidated Group Inc. 1,500 50 - - Magellan Health Services, Inc. 4,300 127 Magna Group 4,152 144 - - Mail-Well, Inc. 2,850 81 Mainstreet Bankgroup, Inc. 3,000 81
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- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- Mallinckrodt, Inc. 4,800 $ 182 Manitowac Co., Inc. 2,100 98 Manor Care Inc. 3,200 104 Manpower Inc. 4,600 205 Mapco Inc. 3,600 113 - - Marcam Corp. 3,400 50 - - Marine Drilling Co., Inc. 2,800 55 Mark IV Industries, Inc. 4,242 102 - - Markel Corp. 800 102 - - Marquette Medical Systems Inc. 1,996 44 Marsh & McLennan Cos., Inc. 10,400 742 Marshall & Ilsley Corp. 5,144 209 Marriott International 7,900 485 - - Marshall Industries 1,000 37 Martin Marietta Materials, Inc. 5,210 169 - - Marvel Entertainment Group 7,240 17 Masco Corp. 9,900 413 MascoTech Inc. 2,600 54 - - Mastec Inc. 1,650 78 - - Material Sciences Corp. 400 6 - - MathSoft, Inc. 2,000 6 - - Matria Healthcare, Inc. 12,400 49 Mattel, Inc. 20,560 696 - - Mattson Technology, Inc. 4,400 46 - - Maxim Integrated Products, Inc. 4,500 256 - - Maxim Pharmaceuticals, Inc. 1,000 10 May Department Stores Co. 15,400 728 - - Maxicare Health Plans Inc. 1,700 38 - - Maxxam Inc. 900 42 Maverick Tube Corp. 4,200 159 Maytag Corp. 6,000 157 - - McAfee Associates, Inc. 2,906 183 McClatchy Newspapers, Inc. 1,875 55 McCormick & Co., Inc. 4,100 104 McDermott International, Inc. 4,500 131 - - J Ray McDermott SA 2,200 59 McDonald's Corp. 44,300 2,140 McDonnell Douglas Corp. 13,600 932 The McGraw-Hill Cos. 6,100 359 McKesson Corp. 2,600 202 - - McLeod, Inc. 1,900 64 - - McMoRan Oil and Gas 1,700 6 The Mead Corp. 2,900 181 - - Medaphis Corp. 7,100 72 - - Medar, Inc. 3,642 18 - - MedCath Inc. 4,200 63 - - Medco Research, Inc. 5,100 49 Medford Savings Bank 1,200 35 Media General, Inc. Class A 10,600 424 - - Medic Computer Systems, Inc. 1,400 31 - - Medical Assurance, Inc. 1,484 60 - - Medicis Pharmaceutical Corp. 2,475 123 - - Medical Graphics Corp. 9,700 38 Meditrust 3,400 136 - - MedPartners Inc. 10,224 221 - - Medplus, Inc. 3,300 24 Medtronic, Inc. 15,253 1,235 Mellon Bank Corp. 16,672 752 - - Men's Wearhouse, Inc. 2,300 73 Mentor Corp. 3,604 107 - - Mentor Graphics Corp. 5,900 55 Mercantile Bancorp, Inc. 6,083 370 Mercantile Bankshares Corp. 3,100 124 Mercantile Stores Co., Inc. 2,100 132 Merck & Co., Inc. 76,909 7,960 Mercury Finance Co. 9,399 23 Mercury General Corp. 3,600 262 Meredith Corp. 3,300 96 - - Merisel, Inc. 4,200 8 Merrill Lynch & Co., Inc. 21,000 1,252 Merry Land & Investment Co., Inc. REIT 2,200 48 - - Mesa Air Group Inc. 1,500 8 - - MetaCreations Corp. 1,797 20 Methode Electronics, Inc. Class A 6,849 135 - - Metra Biosystems, Inc. 3,400 16 Metris Cos., Inc. 2,400 79 - - Metrocall, Inc. 900 4 - - Metromail Corp. 3,300 82 - - Metromedia International Group, Inc. 3,900 49 - - Metzler Group, Inc. 1,700 55 - - Fred Meyer, Inc. 1,400 72 Michael Foods Group, Inc. 7,900 148 - - Micrion Corp. 2,000 34 - - MICROS Systems, Inc. 1,100 46 - - Microsoft Corp. 78,500 9,928 Mid Am Inc. 5,954 109 - - Microchip Technology, Inc. 3,000 89 - - Micro Warehouse Inc. 1,800 31 - - Micrografx, Inc. 600 4 - - Micron Electronics, Inc. 5,000 89 - - Micron Technology, Inc. 12,800 511 - - Microwave Power Devices, Inc. 4,700 23 Mid-America Realty Investments 7,200 70 - - Mid Atlantic Realty Trust 3,650 41 Mid Atlantic Medical Services, Inc. 5,700 89 Mid-Iowa Financial Corp. 12,000 110 MidAmerican Energy Co. 6,500 113 - - Midway Games Inc. 4,900 105 Millenium Chemicals, Inc. 4,600 105 Herman Miller, Inc. 2,800 100 - - Miller Industries, Inc. 2,300 37 Millipore Corp. 2,600 114 - - Milwaukee Land Co. 5,500 54 Mine Safety Appliances Co. 1,200 74 Minerals Technologies, Inc. 1,200 45 Minnesota Mining & Manufacturing Co. 26,600 2,713 Minnesota Power & Light Co. 2,500 76 - - Mirage Resorts, Inc. 11,300 285 Mississippi Chemical Corp. 1,000 21 Mitchell Energy & Development Corp. Class A 2,200 45 - - Mizar Inc. 1,000 4 Mobil Corp. 50,000 3,494 - - Mobile Telecommunications Technologies Corp. 2,700 39 - - MobileMedia Corp. 3,000 1 - - Mobley Environmental Services, Inc, Class A 6,600 2 Modine Manufacturing Co. 2,538 76 - - Mohawk Industries, Inc. 3,700 84 - - Molecular Biosystems, Inc. 3,097 28 Molex, Inc. 7,570 277 - - Molten Metal Technology 1,000 5
18 21
- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- The Money Store 3,000 $ 86 Monsanto Co. 37,400 1,611 Montana Power Co. 2,800 65 Monterey Resources, Inc. 3,300 49 J.P. Morgan & Co., Inc. 11,800 1,232 Morgan Stanley, Dean Witter, Discover and Co. 36,020 1,551 Morrison Fresh Cooking Inc. 1,437 7 Morrison Health Care Inc. 3,316 53 Morton International, Inc. 9,100 275 - - Mortons Restaurant Group 2,456 49 Mosinee Paper Corp. 2,100 51 Motorola, Inc. 37,700 2,865 - - Mueller Industries Inc. 2,100 92 - - MTL, Inc. 1,452 34 - - Multicare Cos., Inc. 3,300 90 Multigraphics Inc. 1,600 3 Murphy Oil Corp. 2,600 127 - - Mycogen Corp. 1,900 37 Myers Industries, Inc. 2,600 44 Mylan Laboratories, Inc. 6,650 98 NAC Re Corp. 2,400 116 NCH Corp. 1,000 63 - - NCI Building Systems, Inc. 1,300 42 - - NCO Group, Inc. 2,700 79 - - NCR Corp. 12,281 365 - - NFO Research Inc. 2,797 71 NGC Corp. 9,300 144 - - NHP, Inc. 2,300 51 NIPSCO Industries, Inc. 4,200 174 N L Industries, Inc. 5,500 80 - - NTL Inc. 2,667 66 NUI Corp. 400 9 Nabisco Holdings Corp. Class A 2,800 112 - - Nabors Industries, Inc. 6,100 153 NACCO Industries, Inc. Class A 991 56 Nalco Chemical Co. 3,800 147 Nash-Finch Co. 1,900 42 - - Nashua Corp. 2,586 28 National Bankcorp of Alaska Inc. 1,200 102 - - National City Bancorporation 880 19 National City Corp. 14,100 740 National Community Bancorp 3,100 69 National Data Corp. 1,600 69 National Fuel Gas Co. 1,900 80 National Health Investors REIT 1,300 51 - - National Instruments Corp. 1,400 49 - - National Medical Financial Services Corp. 9,400 26 - - National Patent Development Corp. 11,040 86 National Presto Industries, Inc. 2,200 89 - - National Processing, Inc. 3,100 32 - - National Semiconductor Corp. 8,300 254 National Service Industries, Inc. 2,800 136 - - National Steel Corp. Class B 3,200 54 - - National Western Life Insurance Co. Class A 200 18 NationsBank Corp. 50,868 3,281 Nationwide Health Properties, Inc. 2,300 51 - - Navigators Group, Inc. 2,000 35 Natural Wonders 4,300 17 - - Nautica Enterprises Inc. 2,500 66 - - Navistar International Corp. 4,000 69 Neiman Marcus Group Inc. 2,300 60 - - Nellcor Puritan Bennett, Inc. 3,508 64 Thomas Nelson, Inc. 4,750 66 - - Neoprobe Corp. 6,300 88 - - NETCOM On-Line Communication Services, Inc. 1,600 24 - - Netframe Systems Inc. 14,800 14 - - NetManage, Inc. 3,800 11 - - Netscape Communications Corp. 2,600 83 - - Network General Corp. 2,600 39 - - Neurogen Corp. 680 15 Nevada Power Co. 2,300 49 New England Electric System 3,600 133 New Jersey Resources Corp. 2,000 63 - - New Mexico & Arizona Land Co. 2,521 36 New Plan Realty Trust REIT 3,500 77 New York Bancorp Inc. 2,200 76 New York State Electric & Gas Corp. 3,700 77 New York Times Co. Class A 6,000 297 Newell Co. 9,900 392 - - Newfield Exploration Co. 2,200 44 Newmont Gold Co. 7,100 284 Newmont Mining Corp. 9,042 353 Newport News Shipbuilding Inc. 2,040 40 - - NEXTEL Communications 14,563 275 - - NeXstar Pharmaceuticals Inc. 6,812 96 - - Niagara Mohawk Power Corp. 8,700 74 NICOR, Inc. 3,100 111 NIKE, Inc. Class B 18,300 1,068 - - Nine West Group, Inc. 2,100 80 - - 99 Cents Only Stores 1,100 33 Noble Affiliates, Inc. 3,400 132 - - Noble Drilling Corp. 7,300 165 - - Noodle Kidoodle Inc. 5,000 18 NorAm Energy Corp. 9,300 142 - - Nord Resources Corp. 8,100 25 Nordson Corp. 1,700 110 Nordstrom, Inc. 4,800 236 Norfolk Southern Corp. 8,000 806 Norrell Corp. 2,400 79 - - Nortek, Inc. 2,500 60 North American Mortgage Co. 2,700 64 - - North American Vaccine, Inc. 2,739 53 North Fork Bancorporation, Inc. 10,204 218 Northeast Utilities 6,700 64 Northern States Power Co. 4,000 207 Northern Trust Corp. 6,900 334 Northrop Grumman Corp. 3,700 325 - - Northwest Airlines Corp. Class A 6,000 219 Northwest Natural Gas Co. 2,450 64 Northwest Savings Bank 5,800 91 Norwest Corp. 23,580 1,326 - - Nova Corp. (Georgia) 1,700 44 - - NovaCare, Inc. 7,100 99 - - Nu-Kote Holding, Inc. Class A 4,600 12 - - Novavax, Inc. 6,110 25 - - Novell, Inc. 20,000 138 - - Novellus Systems, Inc. 2,300 198 Nucor Corp. 5,500 311 - - Nuevo Energy Co. 1,700 70 Numerex Corp. 500 3
19 22
- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- - - nVIEW Corp. 3,300 $ 7 NYNEX Corp. 28,000 1,614 OEA, Inc. 1,300 51 OGE Energy Corp. 2,600 118 - - OHM Corp. 5,700 48 - - OIS Optical Imaging Systems, Inc. 6,100 15 - - Oak Technology, Inc. 2,900 28 - - Oakley, Inc. 7,000 98 Oakwood Homes Corp. 4,100 98 - - Object Design, Inc. 5,400 46 - - Objective Systems Integrators, Inc. 1,700 15 Occidental Petroleum Corp. 21,000 526 - - OccuSystems, Inc. 2,400 70 - - Ocean Energy Inc. 1,200 56 - - Oceaneering International, Inc. 2,810 52 - - Octel Communications Corp. 3,000 70 Ocwen Financial Corp. 1,700 55 - - Office Depot, Inc. 8,925 173 - - OfficeMax Inc. 7,200 104 - - Offshore Logistics, Inc. 4,000 77 Ogden Corp. 3,200 70 Ohio Casualty Corp. 1,600 70 Ohio Edison Co. 8,700 190 - - Old Dominion Freight Line, Inc. 4,000 56 Old Kent Financial Corp. 2,431 131 Old National Bancorp 1,575 70 Old Republic International Corp. 5,050 153 - - Olicom AS 347 5 - - Olicom AS Warrants Exp. 6/12/00 140 1 Olin Corp. 2,800 109 Olsten Corp. 3,950 77 Omnicare, Inc. 4,600 144 Omnicom Group Inc. 5,000 308 - - Omega Health Systems, Inc. 5,700 41 Omega Healthcare Investors, Inc. 2,400 78 - - Omnipoint Corp. 3,200 53 - - On Assignment, Inc. 1,200 47 - - ONCOR Inc. 8,369 33 One Valley Bancorp of West Virginia Inc. 1,500 63 ONEOK, Inc. 1,700 55 - - Ontrak Systems, Inc. 2,000 60 - - Optical Cable Corp. 2,600 31 - - Oracle Corp. 43,925 2,211 Orange & Rockland Utilities, Inc. 2,500 84 Orange-Co, Inc. 3,600 28 - - Oravax, Inc. 2,600 7 Oregon Metallurgical Corp. 2,100 59 - - Organogenesis, Inc. 5,938 116 Oregon Steel Mills, Inc. 1,600 32 Orion Capital Corp. 900 66 - - Orthodontic Centers of America, Inc. 2,700 49 - - Oryx Energy Co. 6,000 127 Oshkosh Truck Corp. 2,900 42 - - Osicom Technologies, Inc. 4,042 26 Otter Tail Power Co. 2,098 68 - - Outback Steakhouse 2,200 53 - - Outdoor Systems, Inc. 2,400 92 Overseas Shipholding Group Inc. 1,900 37 Owens Corning 2,800 121 - - Owens-Illinois, Inc. 7,400 229 - - Oxford Health Plan 4,700 337 - - Oxigene, Inc. 1,000 35 - - PDT, Inc. 1,600 58 PECO Energy Corp. 13,000 273 PG&E Corp. 25,500 618 - - PHP Healthcare Corp. 2,800 37 - - PICO Holdings Inc. 7,014 32 - - PMC Sierra Inc. 3,466 91 The PMI Group Inc. 2,200 137 - - PMT Services Inc 1,900 29 PNC Bank Corp. 21,035 876 PP&L Resources Inc. 10,400 207 PPG Industries, Inc. 11,700 680 - - PRI Automation, Inc. 4,400 167 PXRE Corp. 2,000 62 PACCAR, Inc. 4,450 207 Pacific Century Financial Corp. 2,250 104 Pacific Chemical Inc. 70 1 Pacific Enterprises 4,700 158 PacifiCare Health Systems Inc. Class A 712 43 - - PacifiCare Health Systems Inc. Class B 1,868 119 PacifiCorp 18,900 416 - - Paging Network, Inc. 5,900 52 PaineWebber Group, Inc. 5,600 196 - - Pairgain Technologies, Inc. 3,600 56 Pall Corp. 7,066 164 - - PanAmSat Corp. 1,035 30 - - Papa John's International, Inc. 1,800 66 - - Parametric Technology Corp. 7,800 332 - - Park-Ohio Industries, Inc. 4,400 66 Parker & Parsley Petroleum Co. 3,800 134 Parker Hannifin Corp. 4,800 291 - - ParkerVision, Inc. 400 8 Parkway Properties Inc. 2,800 75 - - PathoGenesis Corp. 1,800 52 Patriot American Hospitality, Inc. REIT 2,600 66 Paychex, Inc. 6,713 258 - - Payless ShoeSource, Inc. 2,080 114 - - PEC Israel Economic Corp. 4,000 96 - - Pediatrix Medical Group, Inc. 1,600 73 - - Pegasystems Inc. 1,700 53 - - The Penn Traffic Co. 4,000 32 Penn Virginia Corp. 1,000 50 Penncorp Financial Group Inc. 1,700 65 J.C. Penney Co., Inc. 16,105 840 Pennsylvania Enterprises Inc. 1,966 50 Pennzoil Co. 2,700 207 Pentair, Inc. 3,700 122 Peoples Bank of Bridgeport 3,600 94 - - People's Choice TV Corp. 2,200 3 Peoples Energy Corp. 2,100 79 Peoples First 3,935 113 Peoples Heritage Financial Group Inc. 2,600 98 - - PeopleSoft Inc. 6,600 348 Pep Boys (Manny, Moe & Jack) 3,200 109 PepsiCo, Inc. 99,400 3,734 - - Perclose, Inc. 1,200 30 - - Performance Food Group Co. 450 10 Perkin-Elmer Corp. 2,800 223 - - Perrigo Co. 6,900 87
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- - - PerSeptive Biosystems, Inc. 650 $ 4 - - Personnel Group of America, Inc. 2,800 81 - - Pete's Brewing Co. 600 4 - - Petrocorp, Inc. 4,822 42 Petroleum Heat & Power Co. 9,600 26 Petrolite Corp. 1,900 118 - - PETsMART, Inc. 7,248 83 Pfizer, Inc. 40,900 4,888 - - Pharmaceutical Markets 6,100 66 - - Pharmacopeia, Inc. 2,100 27 Phelps Dodge Corp. 4,200 358 - - Philadelphia Consolidated Holding Corp. 1,800 60 Philip Morris Cos., Inc. 156,600 6,949 Phillips Petroleum Co. 16,800 735 Phillips-Van Heusen Corp. 1,200 18 - - Phoenix Network, Inc. 4,400 16 - - Photronics Labs Inc. 1,500 71 - - PhyCor, Inc. 3,250 112 Physician Corp. of America 1,800 11 - - Physician Reliance Network, Inc. 4,500 42 - - Physician Sales & Service, Inc. 2,900 55 - - Physio-Control International Corp. 2,400 36 - - PictureTel Corp. 2,800 27 Piedmont Natural Gas, Inc. 1,800 46 Pier 1 Imports Inc. 6,205 164 Pinnacle Bancorp Group Inc. 1,800 38 - - Pinnacle Micro Inc. 4,450 5 Pinnacle West Capital Corp. 4,800 144 Pioneer Group Inc. 2,700 62 Pioneer Hi-Bred International, Inc. 5,300 424 Pioneer Standard Electronics Inc. 7,200 98 Piper Jaffray Cos., Inc. 3,000 62 Pitney Bowes, Inc. 9,500 660 - - Pittencrieff Communications, Inc. 6,331 34 Pittston Brink's Group 2,500 75 Pittston Burlington Group 2,450 69 Pittway Corp. Class A 1,300 65 - - Pixar, Inc. 3,200 50 - - Pizza Inn, Inc. 9,200 37 - - Plains Resources 1,917 28 - - Planet Hollywood International, Inc. Class A 5,600 128 - - Planet Polymer Technology, Inc. 5,200 15 - - Plantronics, Inc. 1,300 65 - - Platinum Software Co. 2,274 24 - - PLATINUM technology, Inc. 3,600 48 - - Playtex Products, Inc. 6,900 65 Plenum Publishing Corp. 1,100 42 Ply-Gem Industries, Inc. 400 7 Poe & Brown, Inc. 2,900 105 Pogo Producing Co. 4,600 178 Polaris Industries, Inc. 1,700 55 Polaroid Corp. 2,300 128 - - Policy Management Systems Corp. 2,900 136 Popular Inc. 4,100 165 Portland General Electric Co. 3,200 127 Post Properties, Inc. REIT 1,300 53 Potash Corp. of Saskatchewan, Inc. 354 27 Potlatch Corp. 1,800 81 Potomac Electric Power Co. 6,700 155 Praxair, Inc. 9,600 538 Precision Castparts Corp. 1,300 78 - - Precision Response Corp. 2,000 33 Premark International, Inc. 3,300 88 Premier Farnell PLC ADR 1,645 26 Premier Farnell PLC $1.35 Cvt. Pfd. ADR 1,326 30 - - Premisys Communications, Inc. 1,500 24 Prentiss Properties Trust REIT 2,400 62 - - Presstek, Inc 700 61 T. Rowe Price 3,400 176 Price REIT, Inc. 700 25 - - Primadonna Resorts, Inc. 2,200 43 - - Primark Corp. 5,300 141 - - Prime Hospitality Corp. 2,300 45 - - Prime Service, Inc. 1,700 54 Primex Technologies, Inc. 280 6 Procter & Gamble Co. 43,300 6,116 - - Proffitt's, Inc. 1,200 53 - - Progress Software Corp. 2,800 45 Progressive Corp. of Ohio 4,600 400 - - Project Software & Development, Inc. 1,400 20 - - Promus Hotel Corp. 2,700 105 Protective Life Corp. 1,800 90 - - Proteon Inc. 2,600 5 - - Provident American Corp. 2,800 14 Provident Cos., Inc. 4,840 259 - - Provident Financial Group 2,200 94 Providian Financial Corp. 6,100 196 - - Proxim, Inc. 1,800 44 - - Proxymed Pharmacy, Inc. 2,900 28 Public Service Co. of Colorado 4,200 174 Public Service Co. of New Mexico 2,300 41 Public Service Co. of North Carolina, Inc. 1,600 31 Public Service Enterprise Group Inc. 14,800 370 Public Storage Properties XI Class A 100 2 Public Storage, Inc. REIT 5,819 170 - - Pudgie's Chicken, Inc. 7,100 9 Puerto Rican Cement Co., Inc. 2,900 94 Puget Sound Energy Inc. 6,180 164 Pulitzer Publishing Co. 1,333 71 Pulte Corp. 1,600 55 - - Pure Atria Software Corp. 2,481 35 - - QLogic Corp. 1,473 37 Quaker Chemical Corp. 2,300 40 The Quaker Oats Co. 8,700 390 - - QUALCOMM, Inc. 4,200 214 - - Quality Food Centers Inc. 1,600 61 - - Quality Systems, Inc. 2,400 17 - - Quantum Corp. 8,400 171 - - Quest Diagnostics Inc. 1,762 36 Questar Corp. 2,000 81 Quick & Reilly Group, Inc. 5,001 116 - - QuickResponse Services, Inc. 1,100 39 - - Quiksilver, Inc. 2,900 92 - - Quickturn Design Systems, Inc. 5,800 69 - - Quintel Entertainment, Inc. 800 13 - - Quintiles Transnational Corp. 2,000 139 - - Quorum Health Group, Inc. 2,600 93 RFS Hotel Investors, Inc. REIT 4,100 74 RJR Nabisco Holdings Corp. 17,499 577
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- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- R.L.I. Corp. 2,625 $ 96 RPM Inc. (Ohio) 3,625 67 - - Racotek, Inc. 7,000 15 - - RailTex, Inc. 994 18 - - Rainbow Technologies, Inc. 4,000 74 - - Rainforest Cafe, Inc. 2,350 59 - - Ralcorp Holdings, Inc. 3,533 52 Ralston-Ralston Purina Group 6,815 560 - - Ramtron International Corp. 6,100 37 - - Raptor Systems, Inc. 3,100 35 - - Rare Hospitality International Inc. 4,600 57 - - Raster Graphics, Inc. 600 4 - - Rational Software Corp. 2,430 41 Raychem Corp. 2,900 216 Rayonier Inc. 1,800 76 Raytheon Co. 15,200 775 - - Read-Rite Corp. 3,800 79 Reader's Digest Assn., Inc. Class A 6,100 175 - - Reading & Bates Corp. 5,100 136 - - Recovery Engineering, Inc. 4,600 76 - - Red Brick Systems, Inc. 2,700 20 Redwood Trust, Inc. 1,200 56 Reebok International Ltd. 3,413 160 - - Regal Cinemas, Inc. 1,800 59 Regions Financial Corp. 9,436 299 Regis Corp. 4,140 97 - - Regent Assisted Living, Inc. 1,500 8 Reinsurance Group of America, Inc. 1,000 58 Reliance Acceptance Group Inc. 1,000 5 Reliance Bancorp, Inc. 2,000 59 Reliance Group Holdings 7,000 83 Reliastar Financial Corp. 2,385 174 - - Remedy Corp. 2,400 96 Renal Treatment Centers, Inc. 1,000 27 - - Republic Industries, Inc. 16,530 407 Republic New York Corp. 3,600 387 - - ReSound Corp. 5,200 30 - - Retirement Care Associates, Inc. 8,268 102 - - Revlon, Inc. 1,300 67 - - Rexall Sundown, Inc. 1,800 70 Reynolds & Reynolds Class A 5,300 83 Reynolds Metals Co. 4,100 292 Rhone-Poulenc Rorer, Inc. 8,400 763 Richfood Holdings, Inc. 8,850 230 Riggs National Corp. 1,900 39 - - Right Management Consultants 2,000 23 - - Rio Hotel and Casino, Inc. 3,000 45 Rite Aid Corp. 7,575 378 Roadway Express Inc. 1,000 23 - - Robert Half International, Inc. 5,100 240 Rochester Gas and Electric Corp. 1,900 40 - - Rochester Medical Corp. 2,300 32 Rockwell International Corp. 14,000 826 - - Rockshox, Inc. 4,600 80 - - Rogers Corp. 2,100 74 Rohm & Haas Co. 3,800 342 - - Rohr, Inc. 4,000 88 Rollins, Inc. 3,600 72 Rollins Truck Leasing 6,750 100 - - Ronson Corp. 2,400 6 Roosevelt Financial Group 2,500 56 Roper Industries Inc. 3,236 168 Ross Stores, Inc. 3,000 98 - - Ross Technology, Inc. 2,800 6 Rouse Co. 4,300 127 - - Rowan Cos., Inc. 5,100 144 - - Royal Appliance Manufacturing Co. 6,014 51 Royal Caribbean Cruises, Ltd. 7,900 276 Rubbermaid, Inc. 8,900 265 - - Ruby Tuesday, Inc. 2,875 65 Ruddick Corp. 4,300 71 Russell Corp. 2,200 65 - - Rutherford-Moran Oil Corp. 1,700 40 - - Ryan's Family Steak Houses, Inc. 8,000 68 Ryder System, Inc. 5,300 175 SBC Communications Inc. 65,195 4,034 - - SCI Systems, Inc. 1,600 102 - - SDL, Inc. 2,500 48 SEI Corp. 2,400 58 Semco Energy Inc. 3,068 53 - - SMC Corp. 1,200 10 - - SPS Technologies, Inc. 824 58 - - SPS Transaction Services 1,400 26 - - S3, Inc. 2,800 31 SAFECO Corp. 8,100 378 - - Safeguard Scientifics, Inc. 1,806 57 Safety-Kleen Corp. 3,500 59 - - Safeway, Inc. 17,205 794 - - Saga Communications, Inc. 3,468 64 St. Francis Capital Corp. 1,200 45 St. Joe Corp. 1,600 134 St. John Knits, Inc. 1,700 92 - - St. Jude Medical, Inc. 6,100 238 St. Mary Land & Exploration Co. 2,372 83 St. Paul Bancorp, Inc. 3,691 123 St. Paul Cos., Inc. 5,200 397 - - Saks Holdings, Inc. 3,700 93 Salient 3 Communications Class A 2,500 31 Salomon, Inc. 7,000 389 - - Samsonite Corp. 1,300 57 - - Sanchez Computer Associates, Inc. 181 2 - - SanDisk Corp. 3,400 50 - - John B. Sanfilippo & Son, Inc. 5,600 39 - - Sanmina Corp. 1,100 69 - - Santa Fe Energy Resources, Inc. 5,400 79 Santa Monica Bank 500 11 Sara Lee Corp. 30,800 1,282 - - Satcon Technology Corp. 3,007 29 Savannah Foods & Industries, Inc. 4,800 84 - - Sawtek Inc. 1,300 44 Sbarro, Inc. 2,300 64 SCANA Corp. 6,600 164 - - Henry Schein, Inc. 2,100 65 - - R. P. Scherer Corp. 1,400 72 - - Scherer Health 3,200 7 Schering-Plough Corp. 47,000 2,250 Schlumberger Ltd. 15,600 1,950 Schnitzer Steel Industries, Inc. Class A 2,000 59 - - Scholastic Corp. 900 31 - - Schuler Homes Inc. 2,200 13 A. Schulman Inc. 1,900 47 Charles Schwab Corp. 10,800 439 Schweitzer-Mauduit International, Inc. 1,850 69
22 25
- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- - - Sciclone Pharmaceuticals 800 $ 4 Scientific-Atlanta, Inc. 4,000 88 - - Scientific Games Holdings Corp. 3,200 66 - - Scios, Inc. 2,300 14 - - Scopus Technology, Inc. 3,600 80 - - The Score Board, Inc. 16,500 16 - - Scotts Co. 3,800 110 E.W. Scripps Co. 4,800 200 Seacoast Banking Corp. of Florida Class A 3,200 96 - - SEACOR SMIT Inc. 800 42 - - Seagate Technology 15,368 541 - - Seagull Energy Corp. 3,804 67 - - Sealed Air Corp. 2,700 128 Sears, Roebuck & Co. 24,900 1,338 - - Seattle FilmWorks, Inc. 3,375 40 Security Capital Corp. 1,300 123 Security Capital Atlantic Inc. 2,300 55 Security Capital Industrial Trust REIT 5,823 125 Security Capital Pacific Inc. REIT 4,900 112 Security Connecticut Corp. 1,200 66 - - Security Dynamics Technologies, Inc. 2,400 88 - - Security First Network Bank 1,547 11 Sensormatic Electronics Corp. 3,500 45 - - Sepracor Inc. 4,700 121 - - Sequa Corp. Class A 1,456 82 - - Sequent Computer Systems, Inc. 4,100 86 - - SEQUUS Pharmaceuticals, Inc. 4,600 29 Service Corp. International 15,100 496 - - Service Merchandise Co., Inc. 13,200 40 Shared Medical Systems Corp. 1,437 77 Shaw Industries, Inc. 7,000 74 Sherwin-Williams Co. 10,200 315 - - Shiva Corp. 1,600 17 - - Shoe Carnival, Inc. 650 6 - - Shoney's Inc. 8,295 49 - - Shorewood Packaging 2,500 57 - - ShowBiz Pizza Time, Inc. 3,700 98 Showboat, Inc. 3,600 63 - - Shuffle Master, Inc. 2,833 23 Shurgard Storage Centers, Inc. Class A REIT 1,800 50 - - Siebel Systems, Inc. 2,200 71 Sierra Pacific Resources 1,800 58 Sigma-Aldrich Corp. 6,200 217 - - Signal Technology Corp. 4,147 26 Signet Banking Corp. 3,833 138 SIG Corp. 2,550 65 - - Silicon Gaming, Inc. 600 8 - - Silicon Graphics, Inc. 10,204 153 - - Silicon Valley Bancshares 2,000 91 - - Silicon Valley Research, Inc. 3,100 3 Simon DeBartolo Group, Inc. REIT 5,684 182 Simulation Sciences, Inc. 3,000 45 - - SITEL Corp. 4,400 91 Sizzlers Property Investors, Inc. 4,100 42 - - Sizzler International 13,700 40 - - SmarTalk Teleservices, Inc. 3,000 47 - - Smith Corona Corp. Warrants Exp. 2/28/99 620 1 A.O. Smith Corp. 1,500 53 - - Smith International, Inc. 2,400 146 - - Smithfield Foods, Inc. 2,500 154 - - Smith's Food & Drug Centers, Inc. Class B 1,966 105 - - Snyder Communications, Inc. 2,000 54 Snap-On Inc. 3,950 156 - - Software Spectrum, Inc. 2,400 31 - - Sofamor Danek Group, Inc. 1,100 50 - - Sola International, Inc. 1,500 50 - - Solectron Corp. 3,500 245 Somerset Group, Inc. 5,156 77 Sonat, Inc. 5,300 272 Sonoco Products 5,000 152 Sotheby's Holdings Class A 3,300 56 Southdown, Inc. 2,700 118 Southern Co. 42,800 936 Southern New England Telecommunications Corp. 4,300 167 - - Southern Union Co. 5,630 129 - - Southland Corp. 22,300 75 SouthTrust Corp. 6,448 267 Southwest Airlines Co. 8,950 232 Southwest Bancshares, Inc. 1,776 38 Southwest Gas Corp. 3,600 72 Southwestern Energy Co. 1,600 21 Southwestern Public Service Co. 2,600 102 Sovereign Bancorp, Inc. 2,910 44 Sovran Self Storage, Inc. REIT 2,200 64 - - SpaceLabs Medical, Inc. 2,500 64 - - Spacetec IMC Corp. 4,200 14 Spartan Motors, Inc. 5,800 45 - - SpectraLink Corp. 8,600 49 - - SpecTran Corp. 4,200 81 - - Spectranetics Corp. 2,900 9 - - Spectrum Holobyte 2,000 10 - - Speedfam International, Inc. 700 25 - - Speedway Motorsports, Inc. 2,600 57 - - Spelling Entertainment 9,900 68 - - Spiegel, Inc. Class A 8,500 57 Spieker Properties, Inc. REIT 2,800 99 - - Splash Technology Holdings, Inc. 2,800 101 Springs Industries Inc. Class A 1,200 63 Sprint Corp. 27,340 1,439 - - Spyglass, Inc. 3,000 25 - - Stac, Inc. 2,670 10 - - Standard Commercial Tobacco Co. 4,363 76 Standard Financial, Inc. 1,500 37 - - Standard Microsystem 4,300 38 Standard Motor Products, Inc. 3,300 45 Standard Products Co. 3,700 93 The Standard Register Co. 1,100 34 Stanhome, Inc. 2,300 76 The Stanley Works 5,500 220 - - Staodynamics Inc. 8,300 12 - - Staples, Inc. 9,825 228 Star Banc Corp. 5,400 228 - - Starbucks Corp. 4,800 187 L. S. Starrett Co. Class A 1,400 45 - - Starter Corp. 8,200 37 Starwood Lodging Trust REIT 2,400 102 State Street Corp. 10,000 463
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- -------------------------------------------------------------------------- MARKET VALUE* BALANCED INDEX FUND SHARES (000) - -------------------------------------------------------------------------- - - Station Casinos, Inc. 5,900 $ 49 - - Steel Dynamics, Inc. 3,100 78 - - Stein Mart, Inc. 1,500 45 - - STERIS Corp. 2,054 77 - - Sterling Commerce, Inc. 5,607 184 - - Sterling Software, Inc. 2,200 69 Stewart & Stevenson Services, Inc. 3,000 78 Stewart Enterprises, Inc. Class A 2,250 94 Stone Container Corp. 5,700 82 - - Stone Energy Corp. 2,300 63 - - Storage Technology Corp. 3,796 169 Storage USA, Inc. REIT 1,000 38 - - Strategic Distribution, Inc. 5,800 22 - - Stratosphere Corp. 6,100 2 - - Strattec Strategy Corp. 2,100 43 - - Stratus Computer, Inc. 2,300 115 Stride Rite Corp. 6,600 85 Stryker Corp. 6,300 221 Student Loan Marketing Assn. 3,500 445 Student Loan Corp. 1,200 51 Sullivan Dental Products, Inc. 1,000 18 Sumitomo Bank of California 2,700 79 - - Summit Care Corp. 4,100 56 Summit Bancorp 6,313 316 Sun Co., Inc. 4,337 134 - - Sun Microsystems, Inc. 22,800 849 SunAmerica Inc. 7,200 351 - - Sun Healthcare Group, Inc. 3,800 79 Sunbeam Corp. 4,900 185 Sundstrand Corp. 3,600 194 - - SunGard Data Systems, Inc. 2,700 126 - - Sunglass Hut International, Inc. 5,300 34 - - Sunrise Medical, Inc. 3,500 53 SunTrust Banks, Inc. 14,200 782 - - SuperGen, Inc. 600 9 Superior Industries International, Inc. 1,400 37 Superior Surgical Manufacturing Co., Inc. 5,900 69 SuperValu Inc. 3,500 121 - - Supreme International Corp. 2,100 33 Susquehanna Bancshares, Inc. 1,300 51 - - Swift Transportation Co., Inc. 1,800 54 - - Sybase, Inc. 3,840 57 - - Sybron International Corp. 6,004 239 - - Sykes Enterprises, Inc. 1,800 47 - - Sylvan Learning Systems, Inc. 850 29 - - Symantec Corp. 3,000 59 Symbol Technologies, Inc. 1,950 66 - - Syms Corp. 2,500 25 - - Synagro Technologies Inc. 4,100 10 Synalloy Corp. 2,000 35 - - Syncor International Corp. 2,300 24 - - Synopsys, Inc. 3,049 113 - - Synetic, Inc. 1,100 41 Synovus Financial Corp. 10,725 296 Sysco Corp. 10,600 387 - - TBC Corp. 7,800 66 TCA Cable Television, Inc. 2,500 94 TCF Financial Corp. 2,278 112 - - TCI Satellite Entertainment, Inc. Class A 3,804 30 TECO Energy, Inc. 7,200 184 - - Tessco Technologies, Inc. 300 7 TIG Holdings, Inc. 3,500 109 TJX Cos., Inc. 10,000 264 TNP Enterprises, Inc. 1,700 39 - - TRO Learning, Inc. 3,600 32 TRW, Inc. 7,900 449 - - TST Impreso, Inc. 200 3 Tab Products 9,100 90 - - Talbert Medical Management Holdings 179 8 Talbots Inc. 1,800 61 Tambrands, Inc. 2,200 110 - - Tandem Computers, Inc. 5,700 115 Tandy Corp. 3,400 190 Tanger Factory Outlet Centers, Inc. 1,289 35 Tappan Zee Financial, Inc. 700 12 - - Tatham Offshore, Inc. 6,300 3 Taubman Co. REIT 6,900 91 - - Tech Data Corp. 2,500 79 - - Tech-Sym Corp. 1,998 67 - - Techne 3,800 114 - - Technical Chemicals and Products, Inc. 4,200 40 - - Technology Solutions Co. 6,000 237 - - Tecnol Medical Products Inc. 5,400 119 Tecumseh Products Co. Class A 2,200 132 Tecumseh Products Co. Class B 1,000 56 - - Telco Systems, Inc. 1,900 17 - - Tejas Gas Corp. 1,175 46 - - Tekelec 2,700 95 Tektronix, Inc. 1,600 96 - - Tel-Save Holdings, Inc. 3,600 55 - - Tele-Communications, Inc. Class A 42,542 631 - - Tele-Communications International, Inc. Series A 6,500 100 - - Tele-Communications Liberty Media Group Class A 6,448 153 Teleflex Inc. 2,074 65 Telephone & Data Systems, Inc. 3,500 133 - - TeleSpectrum Worldwide Inc. 2,900 20 - - Tellabs, Inc. 10,800 603 Telxon Corp. 1,800 32 - - Telular Corp. 6,400 22 Temple-Inland Inc. 3,100 167 - - Teletech Holdings Inc. 11,400 299 - - Tenet Healthcare Corp. 18,840 557 Tenneco, Inc. 11,000 497 - - Teradyne, Inc. 4,800 188 Terra Industries, Inc. 4,900 57 Texaco Inc. 16,800 1,827 Texas Industries, Inc. 2,800 74 Texas Instruments, Inc. 11,800 992 Texas Regional Bancshares, Inc. 1,400 58 Texas Utilities Co. 13,893 478 Textron, Inc. 11,200 743 - - Theragenics Corp. 3,558 81 - - Thermedics Detection Inc. 430 5 - - Thermo Cardiosystems Inc. 1,800 47 - - Thermo Electron Corp. 8,962 308 - - Thermo Fibertek, Inc. 5,550 57 - - Thermo Instrument Systems, Inc. 6,025 185 - - Thermo TerraTech, Inc. 4,100 47 - - Thermo VolTek 5,050 35
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- - - ThermoLase Corp. 2,200 $ 31 - - Thermotrex Corp. 2,000 50 - - Thermedics, Inc. 4,300 67 Thiokol Corp. 1,100 77 Thomas & Betts Corp. 3,300 173 - - Thompson PBE, Inc. 900 5 Thornburg Mortgage Asset Corp. 3,600 77 - - 3Com Corp. 20,425 918 - - 3DO Co. 4,800 17 - - 360 Communications Co. 7,346 126 Tidewater, Inc. 3,400 150 Tiffany & Co. 2,100 97 Timberline Software Corp. 3,717 34 Time Warner, Inc. 36,100 1,742 Times Mirror Co. 2,876 89 Times Mirror Co. Class A 6,400 354 The Timken Co. 3,200 114 Titan International, Inc. 3,000 53 - - Titanium Metals Corp. 2,000 63 - - Todd Shipyards Corp. 4,753 20 Todhunter International, Inc. 4,200 31 - - Toll Brothers, Inc. 6,100 112 Tootsie Roll Industries, Inc. 1,273 57 - - The Topps Co., Inc. 9,400 40 Torch Energy Royalty Trust 3,100 33 Torchmark Corp. 4,400 314 The Toro Co. 2,600 98 Tosco Corp. 9,300 278 - - Total Containment 2,100 5 Total Petroleum (North America) Ltd. 2,800 28 - - Total Renal Care Holdings, Inc. 1,800 72 Total System Services, Inc. 7,600 185 Town & Country Trust REIT 4,300 66 - - Toy Biz 2,600 21 - - Toys R Us, Inc. 18,440 645 - - Tractor Supply Co. 2,700 48 - - Trak Auto Corp. 1,200 14 - - TransAct Technologies Inc. 2,900 40 - - Trans World Gaming Corp. 2,200 1 - - Transaction Systems Architects, Inc. 1,400 48 Transamerica Corp. 4,000 374 Transatlantic Holdings 1,200 119 Transocean Offshore, Inc. 3,000 218 TransPro Inc. 900 8 - - TransTexas Gas Corp. 4,500 71 - - Transworld Healthcare Inc. 374 4 Travelers Group Inc. 40,702 2,567 Travelers Property Casualty Corp. 3,800 152 Tredegar Industries Inc. 3,900 216 - - Tremont Corp. 1,142 50 Trenwick Group Inc. 1,650 62 - - Triangle Pacific Corp. 2,500 79 - - Trident Microsystems, Inc. 1,800 20 Triad Guaranty, Inc. 1,800 82 - - Triarc Cos., Inc. Class A 2,000 41 Tribune Co. 7,600 365 TriMas Corp. 2,400 68 Trinity Industries, Inc. 2,050 65 - - TriQuint Semiconductor, Inc. 4,200 144 True North Communications 3,600 89 - - Trump Hotels & Casino Resorts, Inc. 4,100 44 Trustco Bank 3,000 64 Trustmark Corp. 2,200 62 - - Tucson Electric Power Co. 2,100 30 Tupperware Corp. 3,300 120 20th Century Industries of CA 3,800 80 Tyco International Ltd. 10,650 741 - - Tyler Corp. 12,500 26 Tyson Foods, Inc. 13,500 257 - - UAL Corp. 3,700 265 - - UCAR International, Inc. 2,700 124 UGI Corp. Holding Co. 2,100 46 - - UICI 2,700 79 UMB Financial Corp. 1,260 55 UNR Industries, Inc. 9,000 61 UNUM Corp. 9,000 378 - - USA Waste Service 9,550 369 UST Inc. 11,800 327 USF&G Corp. 7,200 173 - - USG Corp. 2,700 99 USX Delhi Group 4,800 63 USX-Marathon Group 17,700 511 USX-U.S. Steel Group 4,900 172 - - Ultrafem, Inc. 1,800 25 Ultramar Diamond Shamrock Corp. 5,036 164 Unifi, Inc. 3,200 120 Uniforce Services Inc. 600 11 Unicom Corp. 12,900 287 Union Camp Corp. 4,300 215 Union Carbide Corp. 8,200 386 Union Electric Co. 6,500 245 Union Pacific Corp. 15,673 1,105 Union Pacific Resources Group, Inc. 15,281 380 Union Planters Corp. 3,600 187 Union Texas Petroleum Holdings, Inc. 5,200 109 UnionBanCal Corp. 2,500 180 - - Uniphase Corp. 1,000 58 - - Uniroyal Technology Corp. 6,900 27 Unisource Worldwide, Inc. 7,750 124 - - Unisys Corp. 8,700 66 - - Unit Corp. 16,900 176 United Asset Management Corp. 3,200 91 United Carolina Bancshare Corp. 1,200 62 United Cos. Finance Corp. 1,700 48 United Dominion Industries Ltd. 4,100 101 United Dominion Realty Trust REIT 5,500 78 United Healthcare Corp. 11,415 594 United Illuminating Co. 2,300 71 - - United International Holdings, Inc. Class A 4,400 45 - - United Leisure Corp. 1,800 1 - - United Meridian Corp. 2,100 63 United National Bancorp 1,000 40 - - United Natural Foods, Inc. 2,800 58 - - United Payors & United Providers, Inc. 2,900 39 - - United States Can Co. 4,291 61 - - US Airways Group Inc. 3,700 130 US Bancorp, Inc. 700 38
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- -------------------------------------------------------------------------- MARKET VALUE* TOTAL STOCK MARKET PORTFOLIO SHARES (000) - -------------------------------------------------------------------------- U.S. Bancorp 10,115 $ 649 - - U.S. Bioscience 5,050 49 - - U.S. Cellular Corp. 4,900 145 - - U.S. Filter Corp. 4,300 117 - - U.S. Home Corp. 2,100 56 - - U.S. Industries, Inc. 3,100 110 - - U.S. Office Products Co. 3,800 116 - - U.S. Satellite Broadcasting Co., Inc. Class A 5,200 43 U.S. Surgical Corp. 3,600 134 U S WEST Communications Group 30,400 1,146 - - U S WEST Media Group 39,700 804 U. S.Trust Corp. 2,098 98 United Technologies Corp. 15,000 1,245 United Television, Inc. 1,487 146 - - United Waste Systems, Inc. 2,100 86 United Wisconsin Services, Inc. 800 27 Unitrin, Inc. 2,400 147 - - Unitrode Corp. 3,589 181 Universal Corp. 1,800 57 - - Universal Electronics, Inc. 2,900 20 Universal Foods Corp. 1,500 57 - - Universal Health Services Class B 1,700 65 Unocal Corp. 16,100 625 - - Uranium Resources, Inc. 2,600 15 - - UroQuest Medical Corp. 6,800 43 - - USDATA Corp., Inc. 2,497 9 UtiliCorp United, Inc. 3,200 93 VF Corp. 4,100 347 - - VLSI Technology, Inc. 3,000 71 - - Valassis Communications, Inc. 2,600 62 Valhi, Inc. 6,900 56 - - Valence Technology 1,000 9 Valero Energy Corp. 2,600 94 Valley National Bancorp 2,325 63 - - ValuJet Inc. 3,000 21 Valspar Corp. 2,200 65 - - Value City Department Stores, Inc. 5,200 42 - - Value Health, Inc. 2,471 50 Value Line, Inc. 2,600 114 - - Vanguard Cellular Systems, Inc. Class A 4,300 59 - - Vanstar Corp. 2,400 34 - - Vantive Corp. 1,500 43 Varian Associates, Inc. 2,000 109 - - Vasomedical, Inc. 8,900 15 Vastar Resources, Inc. 6,100 214 - - Vencor, Inc. 4,000 169 - - Venture Stores, Inc. 5,637 13 - - Verilink Corp. 1,700 18 - - Verity, Inc. 2,900 16 - - Versant Object Technology Corp. 2,800 17 - - Vertex Industries, Inc. 6,700 5 - - Vertex Pharmaceuticals, Inc. 1,400 53 Vesta Insurance Group, Inc. 800 35 - - Veterinary Centers of America, Inc. 1,740 21 - - Viacom Inc. Class A 1,040 31 - - Viacom Inc. Class B 21,522 646 Viad Corp. 7,000 135 - - VIASOFT, Inc. 1,000 51 - - Vicor Corp. 2,500 56 - - Vicorp Restaurants, Inc. 2,600 32 - - Video Lottery 500 3 - - Viewlogic Systems, Inc. 2,909 43 - - Viisage Technology, Inc. 4,500 80 - - Viking Office Products 4,900 93 - - VideoLan Technologies, Inc. 2,500 2 Vintage Petroleum, Inc. 1,100 34 - - Vishay Intertechnology, Inc. 3,020 87 - - VISIX Inc. 2,729 65 - - Vitalink Pharmacy Services, Inc. 1,366 26 - - Vitesse Semiconductor Corp. 3,300 108 - - Vivus, Inc. 2,200 53 - - VMARK Software, Inc. 3,602 28 - - Volt Information Sciences Inc. 600 30 Vornado Realty Trust REIT 1,500 108 Vulcan Materials Co. 2,100 165 WD-40 Co. 1,800 109 - - WFS Financial, Inc. 1,210 20 - - WHG Resorts & Casino Inc. 600 7 - - WHX Corp. 6,000 46 Wicor, Inc. 1,800 70 - - WMS Industries, Inc. 2,400 60 WPL Holdings, Inc. 1,500 42 WPS Resources Corp. 2,579 69 - - WSFS Financial Corp. 2,400 33 - - Waban, Inc. 3,900 126 Wabash National Corp. 2,550 71 Wachovia Corp. 10,500 612 - - Wackenhut Corp. 2,008 48 Wackenhut Corrections Corp. 2,400 70 - - Wainwright Bank & Trust Co. 200 2 Wal-Mart Stores, Inc. 147,000 4,970 Walbro Corp. 2,400 48 Walgreen Co. 15,800 847 - - Walker Interactive Systems, Inc. 4,300 60 - - Wall Data Inc. 3,404 90 Wallace Computer Services, Inc. 2,900 87 - - Wang Laboratories, Inc. 2,300 49 Warnaco Group 2,900 92 Warner-Lambert Co. 17,300 2,150 Washington Federal Inc. 5,097 131 Washington Gas Light Corp. 2,600 65 Washington Mutual, Inc. 7,900 472 Washington National Corp. 2,100 60 Washington Post Co. Class B 700 279 Washington REIT 4,500 80 Washington Water Power Co. 2,800 55 Waste Management Inc. 29,064 934 - - Waters Corp. 1,700 61 Watkins-Johnson Co. 1,600 49 - - Watson Pharmaceuticals, Inc. 2,300 97 Wausau Paper Mills Co. 2,186 42 Waverly, Inc. 3,382 72 - - Weatherford Enterra Inc. 3,025 116 - - Webco Industries, Inc. 1,400 9 Weingarten Realty Investors REIT 1,500 63 - - Weirton Steel 13,700 41 Weis Markets, Inc. 2,400 69 - - Wellcare Management Group, Inc. 4,000 19 Wellman, Inc. 1,700 30 - - Wellpoint Health Networks Inc. Class A 4,168 191 Wells Fargo & Co. 5,918 1,595 - - Wellsford Real Properties Inc. 713 8 Wendy's International, Inc. 7,400 192
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- -------------------------------------------------------------------------- MARKET VALUE* SHARES (000) - -------------------------------------------------------------------------- Werner Enterprises, Inc. 5,550 $ 108 Wesco Financial Corp. 600 195 - - West TeleServices Corp. 4,000 59 - - Western Atlas, Inc. 3,500 256 - - Western Digital Corp. 5,200 164 Western Investment Real Estate Trust REIT 7,000 97 Western National Corp. 3,700 99 - - Western Pacific Airlines, Inc. 700 4 Western Resources, Inc. 4,000 130 Westinghouse Air Brake Co. 2,200 44 Westinghouse Electric Corp. 48,123 1,113 - - Westpoint Stevens, Inc. 1,900 74 Westvaco Corp. 6,250 196 - - WetSeal, Inc. Class A 2,400 76 Weyerhaeuser Co. 12,600 655 Wheelabrator Technologies, Inc. 9,300 144 Whirlpool Corp. 4,400 240 - - White River 700 49 Whitman Corp. 5,800 139 Whitney Holdings 2,705 115 - - Whole Foods Market, Inc. 3,100 102 Willamette Industries, Inc. 3,400 238 Williams Cos., Inc. 10,007 438 - - Clayton Williams Energy, Inc. 5,700 66 - - Williams Sonoma, Inc. 2,692 115 Wilmington Trust Corp. 2,100 96 - - Wind River Systems 2,400 92 Windmere-Durable Holdings Inc. 2,700 44 Winn-Dixie Stores, Inc. 8,900 332 - - Winslow Furniture Co. 6,700 73 - - Winter Sports Inc. 3,625 43 - - Wireless One, Inc. 2,200 6 - - Wisconsin Central Transportation Corp. 2,700 100 Wisconsin Energy Corp. 6,800 169 Wiser Oil Co. 400 7 Witco Chemical Corp. 3,000 114 Wolohan Lumber Co. 4,222 51 Wolverine World Wide, Inc. 5,250 159 - - Wonderware Corp. 1,100 16 - - Woolworth Corp. 7,800 187 - - World Acceptance Corp. 800 5 - - World Color Press, Inc. 2,000 48 - - WorldCom, Inc. 55,235 1,766 Worthington Foods 1,000 24 Worthington Industries, Inc. 5,050 93 Wrigley, (Wm.) Jr. Co. 7,400 496 Wyle Electronics 2,900 115 - - Wyman-Gordon Corp. 2,600 70 Xerox Corp. 20,700 1,633 - - Xiox Corp. 1,900 10 - - Xilinx, Inc. 4,500 221 XTRA Corp. 1,000 44 - - Xylan Corp. 4,100 70 - - Yahoo!, Inc. 1,700 60 York International Corp. 2,300 106 - - York Research Corp. 5,900 45 - - Young Broadcasting Inc. 1,600 52 - - Zebra Technologies Class A 2,700 76 - - Zenith Electronics Corp. 3,400 40 Zenith National Insurance Corp. 2,100 57 - - Zilog Inc. 3,500 67 Zions Bancorp 6,000 225 Zurich Reinsurance Centre Holdings, Inc. 2,200 87 Zurn Industries, Inc. 1,900 55 - -------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $371,646) 589,165 - --------------------------------------------------------------------------
- -------------------------------------------------------------------------- FACE AMOUNT (000) - -------------------------------------------------------------------------- U.S. GOVERNMENT & AGENCY OBLIGATIONS (27.7%) - -------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES (15.1%) U.S. Treasury Bonds 7.25%, 8/15/22 325 $ 339 8.00%, 11/15/21 770 871 8.125%, 8/15/19 19,255 21,967 8.125%, 5/15/21 160 183 8.125%, 8/15/21 7,725 8,848 8.50%, 2/15/20 2,705 3,205 8.75%, 5/15/17 5,365 6,456 8.75%, 5/15/20 1,275 1,548 8.875%, 8/15/17 2,425 2,953 8.875%, 2/15/19 750 918 9.125%, 5/15/18 1,935 2,417 10.00%, 5/15/10 590 710 10.375%, 11/15/09 5,515 6,700 10.375%, 11/15/12 1,775 2,254 13.875%, 5/15/11 200 296 14.00%, 11/15/11 2,865 4,317 U.S. Treasury Notes 3.375%, 1/15/07 (Inflation Indexed Note) 1,163 1,135 5.125%, 11/30/98 2,800 2,769 5.50%, 11/15/98 5,675 5,641 5.625%, 11/30/98 7,250 7,218 5.75%, 10/31/00 275 271 6.25%, 7/31/98 3,000 3,013 6.25%, 5/31/00 150 150 6.25%, 4/30/01 800 798 6.25%, 1/31/02 14,750 14,669 6.25%, 2/15/03 800 793 6.375%, 5/15/99 9,050 9,096 6.375%, 3/31/01 2,575 2,579 6.625%, 3/31/02 550 555 6.75%, 6/30/99 3,700 3,746 6.875%, 5/15/06 4,550 4,644 7.00%, 4/15/99 2,900 2,947 7.00%, 7/15/06 6,645 6,838 7.25%, 5/15/04 3,070 3,199 7.50%, 11/15/01 2,040 2,126 7.75%, 11/30/99 4,900 5,071 7.75%, 2/15/01 275 288 7.875%, 8/15/01 500 527 8.00%, 8/15/99 2,585 2,680 8.75%, 8/15/00 8,625 9,224 9.125%, 5/15/99 550 579 -------- 154,538 -------- AGENCY BONDS AND NOTES (0.6%) Federal Home Loan Mortgage Corp. 6.785%, 3/1/06 675 656 7.09%, 6/1/05 400 397
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- -------------------------------------------------------------------------- FACE MARKET AMOUNT VALUE* BALANCED INDEX FUND (000) (000) - -------------------------------------------------------------------------- Federal National Mortgage Assn. 4.95%, 9/30/98 $ 1,250 $ 1,234 5.35%, 8/12/98 1,250 1,242 5.80%, 12/10/03 1,200 1,150 6.25%, 8/12/03 850 824 7.55%, 6/10/04 850 857 MTN 8.625%, 10/18/21 100 105 -------- 6,465 -------- MORTGAGE OBLIGATIONS (12.0%) Federal Home Loan Mortgage Corp. 5.50%, 9/1/98-1/1/09 371 364 6.00%, 12/1/98-4/1/26 3,515 3,409 6.50%, 1/1/98-6/1/27 8,985 8,763 7.00%, 1/1/98-4/1/27 11,457 11,344 7.50%, 9/1/97-4/1/27 9,913 10,002 8.00%, 7/1/97-7/1/27 5,710 5,861 8.50%, 11/1/06-1/1/27 1,891 1,970 9.00%, 4/1/05-10/1/26 1,031 1,091 9.50%, 8/1/03-4/1/25 948 1,018 10.00%, 3/1/17-4/1/25 318 346 Federal National Mortgage Assn. 5.50%, 1/1/01-11/1/08 143 138 6.00%, 8/1/00-2/1/26 2,837 2,735 6.50%, 3/1/00-3/1/27 8,782 8,523 7.00%, 5/1/00-5/1/27 12,532 12,379 7.50%, 4/1/99-5/1/27 9,270 9,336 8.00%, 5/1/99-12/1/26 5,837 5,988 8.50%, 10/1/04-10/1/26 2,643 2,748 9.00%, 9/1/04-8/1/26 1,605 1,693 9.50%, 4/1/05-2/1/25 653 704 10.00%, 7/1/05-8/1/21 162 177 10.50%, 8/1/20 40 44 Government National Mortgage Assn. 6.00%, 3/15/09-5/15/26 737 700 6.50%, 9/15/08-5/15/26 3,199 3,089 7.00%, 5/15/08-3/15/27 7,164 7,073 7.50%, 5/15/08-6/15/27 8,040 8,095 8.00%, 4/15/02-3/15/27 7,582 7,787 8.50%, 7/15/01-1/15/27 2,703 2,824 9.00%, 2/15/04-6/15/27 2,641 2,810 9.50%, 9/15/18-12/15/25 1,065 1,153 10.00%, 10/15/17-2/15/26 566 622 10.50%, 9/15/15-9/15/19 107 119 11.00%, 7/15/13-12/15/15 71 79 12.00%, 2/15/14 63 72 -------- 123,056 -------- - -------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (COST $282,829) 284,059 - -------------------------------------------------------------------------- CORPORATE BONDS (10.2%) - -------------------------------------------------------------------------- ASSET-BACKED (1.6%) Chase Manhattan Credit Card Master Trust 7.40%, 5/15/00 138 138 Discover Card Master Trust 5.40%, 11/16/01 3,000 2,975 First Chicago Master Trust 6.25%, 8/15/99 567 567 First Deposit Master Trust 5.75%, 6/15/01 2,500 2,502 6.05%, 8/15/02 2,500 2,504 MBNA Master Credit Card Trust 6.20%, 8/15/99 567 567 Sears Credit Card Master Trust 7.25%, 7/16/01 333 335 8.10%, 6/15/04 2,500 2,610 Standard Credit Card Master Trust 5.90%, 2/7/01 1,000 995 6.80%, 4/7/01 500 504 7.875%, 1/7/00 2,500 2,557 -------- 16,254 -------- FINANCE (3.3%) American Express Credit Corp. 8.50%, 6/15/99 175 182 American General Finance Corp. 5.875%, 7/1/00 450 441 8.00%, 2/15/00 1,000 1,033 Associates Corp. 6.25%, 3/15/99 500 500 7.50%, 4/15/02 350 360 AVCO Financial Services 5.50%, 5/1/98 500 499 BankAmerica Corp. 7.50%, 10/15/02 200 206 10.00%, 2/1/03 200 228 Bear Stearns Co. 6.625%, 1/15/04 300 293 Camden Property Trust 7.00%, 11/15/06 750 727 Chrysler Finance Corp. 5.375%, 10/15/98 500 496 5.625%, 1/15/99 1,425 1,413 CIT Group Holdings 6.625%, 6/15/05 350 341 CoreStates Capital Corp. 6.625%, 3/15/05 700 680 Countrywide Funding MTN 7.31%, 8/28/00 400 407 First Chicago Corp. 11.25%, 2/20/01 400 457 First Union Corp. 8.125%, 6/24/02 500 526 Fleet Financial Group, Inc. 6.875%, 3/1/03 400 398 7.125%, 4/15/06 500 497 Ford Motor Credit Corp. 8.20%, 2/15/02 600 631 General Motors Acceptance Corp. 7.125%, 6/1/99 500 507 9.625%, 12/15/01 600 663 Great Western Finance 6.125%, 6/15/98 1,400 1,401 6.375%, 7/1/00 1,000 992 Household Finance Corp. 7.65%, 5/15/07 350 361 Lehman Brothers Holdings 6.90%, 1/29/01 2,200 2,203 Mellon Financial Corp. 6.50%, 12/1/97 200 201 7.625%, 11/15/99 350 359
28 31
- -------------------------------------------------------------------------- FACE MARKET AMOUNT VALUE* (000) (000) - -------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 6.50%, 4/1/01 $ 2,000 $ 1,987 8.30%, 11/1/02 125 133 9.00%, 5/1/98 250 256 NCNB Corp. 9.50%, 6/1/04 275 311 NationsBank Corp. 6.50%, 3/15/06 300 288 7.00%, 9/15/01 1,500 1,513 NationsBank Texas 6.75%, 8/15/00 1,200 1,206 Orion Capital Corp. 7.25%, 7/15/05 1,000 992 PaineWebber Group, Inc. 7.00%, 3/1/00 750 755 Republic New York Corp. 7.75%, 5/15/02 500 519 7.75%, 5/15/09 300 314 Salomon, Inc. 6.70%, 12/1/98 1,500 1,508 Sears Roebuck Acceptance Corp. 6.125%, 1/15/06 350 329 6.75%, 9/15/05 400 392 Security Capital Pacific Trust 8.05%, 4/1/17 350 360 Smith Barney Holdings, Inc. 5.875%, 2/1/01 700 681 6.875%, 6/15/05 200 196 7.98%, 3/1/00 1,300 1,343 SunTrust Banks, Inc. 7.375%, 7/1/06 600 610 Travelers/Aetna Property Casualty Corp. 7.75%, 4/15/26 450 455 United Dominion Realty Trust, Inc. 7.25%, 1/15/07 700 700 USF&G Corp. 8.375%, 6/15/01 1,000 1,049 U S WEST Financial MTN 8.85%, 9/20/99 500 524 Wells Fargo & Co. 6.875%, 4/1/06 600 590 -------- 34,013 -------- INDUSTRIAL (4.2%) Anheuser-Busch Cos., Inc. 7.10%, 6/15/07 1,100 1,103 7.375%, 7/1/23 125 121 8.625%, 12/1/16 86 90 Applied Materials, Inc. 8.00%, 9/1/04 125 131 Archer-Daniels-Midland Co. 8.875%, 4/15/11 295 342 Auburn Hills 12.00%, 5/1/20 175 261 Black & Decker Corp. 6.625%, 11/15/00 1,000 995 7.50%, 4/1/03 1,000 1,019 Bowater, Inc. 9.375%, 12/15/21 500 591 Burlington Northern Santa Fe Corp. 6.375%, 12/15/05 150 143 6.875%, 2/15/16 500 469 7.00%, 12/15/25 100 93 CSX Corp. 8.625%, 5/15/22 100 110 Chrysler Corp. 7.45%, 2/1/2097 300 292 Conrail Corp. 9.75%, 6/15/20 120 147 Cyprus Minerals 6.625%, 10/15/05 600 576 Deere & Co. 8.50%, 1/9/22 100 111 Delta Airlines, Inc. (Equipment Trust Certificates) 8.54%, 1/2/07 398 422 Eastman Chemical Co. 6.375%, 1/15/04 300 291 7.25%, 1/15/24 450 431 Ford Capital BV 9.00%, 8/15/98 600 619 9.50%, 6/1/10 100 119 Fortune Brands 7.875%, 1/15/23 100 103 Gannett Co. 5.85%, 5/1/00 1,000 982 General Motors Corp. 9.625%, 12/1/00 2,950 3,215 W.R. Grace & Co. 7.40%, 2/1/00 1,350 1,376 8.00%, 8/15/04 550 576 International Business Machines Corp. 7.125%, 12/1/2096 425 402 International Paper Co. 7.875%, 8/1/06 100 105 Kroger Co. 8.15%, 7/15/06 500 530 Lockheed Martin Corp. 6.85%, 5/15/01 1,500 1,501 7.70%, 6/15/08 1,300 1,354 May Department Stores Co. 9.75%, 5/16/04 120 145 McDonald's Corp. 6.75%, 2/15/03 300 298 MedPartners Inc. 7.375%, 10/1/06 300 301 Mobil Corp. 7.625%, 2/23/33 175 171 ESOP 9.17%, 2/29/00 629 654 News America Holdings 7.50%, 3/1/00 1,000 1,019 8.50%, 2/15/05 700 746 9.125%, 10/15/99 3,500 3,682 Noranda, Inc. 7.50%, 7/15/03 500 511 Norfolk Southern Corp. 6.875%, 5/1/01 2,250 2,263 7.70%, 5/15/17 100 102 7.90%, 5/15/2097 100 103 Northrop Grumman Corp. 7.00%, 3/1/06 500 492 9.375%, 10/15/24 650 719 Occidental Petroleum Corp. 8.50%, 11/9/01 1,200 1,264 8.50%, 9/15/04 500 515
29 32
- -------------------------------------------------------------------------- FACE MARKET AMOUNT VALUE* TOTAL STOCK MARKET PORTFOLIO (000) (000) - -------------------------------------------------------------------------- J.C. Penney & Co., Inc. 6.875%, 6/15/99 $ 750 $ 757 7.125%, 11/15/23 100 94 9.05%, 3/1/01 300 323 Philip Morris Cos., Inc. 8.25%, 10/15/03 200 211 Phillips Petroleum Co. 9.00%, 6/1/01 1,000 1,073 Praxair, Inc. 6.25%, 6/30/00 1,250 1,235 6.75%, 3/1/03 1,000 992 6.90%, 11/1/06 350 347 Quaker State Corp. 6.625%, 10/15/05 600 579 Seagate Technology, Inc. 7.45%, 3/1/37 675 676 Sears, Roebuck & Co. 6.50%, 6/15/00 1,400 1,396 Tenneco, Inc. 10.075%, 2/1/01 850 938 Texaco Capital Corp. 7.50%, 3/1/43 150 147 8.875%, 9/1/21 100 116 Texas Instruments Inc. 6.125%, 2/1/06 600 566 Union Carbide Corp. 6.75%, 4/1/03 500 495 7.75%, 10/1/2096 100 100 7.875%, 4/1/23 200 204 Union Oil of California 6.375%, 2/1/04 150 145 9.125%, 2/15/06 160 181 Union Pacific Corp. 8.625%, 5/15/22 225 241 Whirlpool Corp. 9.00%, 3/1/03 200 219 -------- 42,640 -------- UTILITIES (1.1%) Alabama Power Co. 8.75%, 12/1/21 168 174 Arizona Public Service Co. 7.25%, 8/1/23 400 377 AT&T Corp. 8.35%, 1/15/25 210 219 Baltimore Gas & Electric Co. 8.375%, 8/15/01 800 847 Carolina Power & Light Co. 6.875%, 8/15/23 275 252 Coastal Corp. 7.75%, 10/15/35 750 750 Consolidated Edison Co. of New York, Inc. 6.625%, 2/1/02 1,000 994 Enron Corp. 7.125%, 5/15/07 300 299 9.65%, 5/15/01 400 437 GTE Corp. 7.83%, 5/1/23 500 496 Houston Lighting & Power Co. 8.75%, 3/1/22 150 159 Illinois Power Co. 7.50%, 7/15/25 500 474 MCI Communications Corp. 7.50%, 8/20/04 450 466 7.75%, 3/23/25 350 350 Michigan Bell Telephone Co. 7.50%, 2/15/23 175 172 New England Telephone & Telegraph Co. 9.00%, 8/1/31 1,000 1,082 New York Telephone Co. 7.00%, 8/15/25 200 185 Northern Telecom Ltd. 6.875%, 9/1/23 500 463 Pacific Bell Telephone Co. 7.25%, 7/1/02 275 281 Southern Bell Telephone Co. 7.625%, 3/15/13 550 540 Southwestern Bell Telephone Co. 7.25%, 7/15/25 400 383 7.625%, 10/1/13 175 172 7.625%, 3/1/23 725 717 Texas Utilities Co. 7.875%, 3/1/23 225 223 8.125%, 2/1/02 400 421 Union Electric Power Co. 7.65%, 7/15/03 250 260 Virginia Electric & Power Co. 6.625%, 4/1/03 250 248 -------- 11,441 - -------------------------------------------------------------------------- TOTAL CORPORATE BONDS (COST $104,461) 104,348 - -------------------------------------------------------------------------- FOREIGN & INTERNATIONAL AGENCY BONDS (U.S. DOLLAR-DENOMINATED)(1.5%) - -------------------------------------------------------------------------- Asian Development Bank 9.125%, 6/1/00 500 535 Bank of Nova Scotia 6.875%, 5/1/03 250 249 Province of British Columbia 7.00%, 1/15/03 230 233 British Columbia Hydro 12.50%, 9/1/13 500 554 Finland Global Bond 7.875%, 7/28/04 850 905 Grand Metropolitan Investment Corp. 9.00%, 8/15/11 250 290 Hanson Overseas 7.375%, 1/15/03 600 611 Inter-American Development Bank 8.50%, 3/15/11 175 199 KFW International Finance, Inc. 7.20%, 3/15/14 300 301 7.625%, 2/15/04 400 418 8.85%, 6/15/99 550 576 Korean Development Bank 6.625%, 11/21/03 850 827 7.25%, 5/15/06 750 745 Province of Manitoba 7.75%, 2/1/02 825 859 8.75%, 5/15/01 300 321 9.50%, 10/1/00 160 173 9.625%, 12/1/18 400 497
30 33
- -------------------------------------------------------------------------- FACE MARKET AMOUNT VALUE* (000) (000) - -------------------------------------------------------------------------- National Westminster Bancorp Inc. 9.375%, 11/15/03 $ 500 $ 562 Province of New Brunswick 8.75%, 5/1/22 400 463 New Zealand Government 8.75%, 12/15/06 200 227 Province of Newfoundland 7.32%, 10/13/23 600 581 Noranda, Inc. 8.625%, 7/15/02 550 588 Province of Ontario 7.375%, 1/27/03 175 180 7.75%, 6/4/02 275 288 Republic of Portugal 5.75%, 10/8/03 1,000 954 Province of Saskatchewan 8.00%, 7/15/04 1,600 1,697 Kingdom of Thailand 8.25%, 3/15/02 1,200 1,259 - -------------------------------------------------------------------------- TOTAL FOREIGN & INTERNATIONAL AGENCY BONDS (COST $15,188) 15,092 - -------------------------------------------------------------------------- TEMPORARY CASH INVESTMENTS (2.8%) - -------------------------------------------------------------------------- U.S. TREASURY BILLS (2) 5.08%, 7/1/97 400 400 (2) 5.21%, 7/24/97 1,000 997 REPURCHASE AGREEMENT Collateralized by U.S. Government Obligations in a Pooled Cash Account 5.93%, 7/1/97 26,779 26,779 - -------------------------------------------------------------------------- TOTAL TEMPORARY CASH INVESTMENTS (COST $28,175) 28,176 - -------------------------------------------------------------------------- TOTAL INVESTMENTS (99.7%) (COST $802,299) 1,020,840 - -------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES (0.3%) - -------------------------------------------------------------------------- Other Assets--Notes B and E 19,918 Liabilities--Note E (16,573) -------- 3,345 - -------------------------------------------------------------------------- NET ASSETS (100%) - -------------------------------------------------------------------------- Applicable to 67,169,353 outstanding $.001 par value shares (authorized 1,000,000,000 shares) $1,024,185 ========================================================================== NET ASSET VALUE PER SHARE $15.25 ==========================================================================
* See Note A in Notes to Financial Statements. - - Non-Income Producing Security. (1) The combined market value of common stocks and S&P 500 Index futures contracts, S&P Midcap 400 Index futures contracts, and Russell 2000 Index futures contracts represents 60.0% of net assets. (2) Securities with an aggregate value of $1,397,000 have been segregated as initial margin for open futures contracts. ADR--American Depository Receipt. ARS--American Registered Share. MTN--Medium-Term Note. REIT--Real Estate Investment Trust.
- -------------------------------------------------------------------------- AT JUNE 30, 1997, NET ASSETS CONSISTED OF: - -------------------------------------------------------------------------- AMOUNT PER (000) SHARE - -------------------------------------------------------------------------- Paid in Capital $794,366 $11.83 Undistributed Net Investment Income 5,327 .08 Accumulated Net Realized Gains 5,969 .09 Unrealized Appreciation (Depreciation)--Note D Investment Securities 218,541 3.25 Futures Contracts (18) -- - -------------------------------------------------------------------------- NET ASSETS $1,024,185 $15.25 ==========================================================================
31 34 STATEMENT OF OPERATIONS This Statement shows dividend and interest income earned by the Fund during the reporting period, and details the operating expenses charged to the Fund. These expenses directly reduce the amount of investment income available to pay to shareholders as dividends. This Statement also shows any Net Gain (Loss) realized on the sale of investments, and the increase or decrease in the Unrealized Appreciation (Depreciation) on investments during the period. If the Fund invested in futures contracts during the period, the results of these investments are shown separately.
- ------------------------------------------------------------------------------------ BALANCED INDEX FUND SIX MONTHS ENDED JUNE 30, 1997 (000) - ------------------------------------------------------------------------------------ INVESTMENT INCOME INCOME Dividends $ 4,408 Interest 13,019 ---------- Total Income 17,427 ---------- EXPENSES The Vanguard Group--Note B Investment Advisory Services 38 Management and Administrative 603 Marketing and Distribution 125 Taxes (other than income taxes) 33 Custodian Fees 54 Auditing Fees 4 Shareholders' Reports 47 Annual Meeting and Proxy Costs 1 Directors' Fees and Expenses 1 ---------- Total Expenses 906 - ------------------------------------------------------------------------------------- NET INVESTMENT INCOME 16,521 - ------------------------------------------------------------------------------------- REALIZED NET GAIN Investment Securities Sold 88 Futures Contracts 4,307 - ------------------------------------------------------------------------------------- REALIZED NET GAIN 4,395 - ------------------------------------------------------------------------------------- CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) Investment Securities 82,114 Futures Contracts (311) - ------------------------------------------------------------------------------------- CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) 81,803 - ------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $102,719 =====================================================================================
32 35 STATEMENT OF CHANGES IN NET ASSETS This Statement shows how the Fund's total net assets changed during the two most recent reporting periods. The Operations section summarizes information that is detailed in the Statement of Operations. The amounts shown as Distributions to shareholders from the Fund's net income and capital gains may not match the amounts shown in the Operations section, because distributions are determined on a tax basis and may be made in a period different from the one in which the income was earned or the gains were realized on the financial statements. The Capital Share Transactions section shows the amount shareholders invested in the Fund, either by purchasing shares or by reinvesting distributions, as well as the amounts redeemed. The corresponding numbers of Shares Issued and Redeemed are shown at the end of the Statement.
- -------------------------------------------------------------------------------------- BALANCED INDEX FUND ---------------------------- SIX MONTHS YEAR ENDED ENDED JUN. 30, 1997 DEC. 31, 1996 (000) (000) - -------------------------------------------------------------------------------------- INCREASE IN NET ASSETS OPERATIONS Net Investment Income $ 16,521 $ 24,683 Realized Net Gain 4,395 18,388 Change in Unrealized Appreciation (Depreciation) 81,803 46,006 ---------------------------- Net Increase in Net Assets Resulting from Operations 102,719 89,077 ---------------------------- DISTRIBUTIONS Net Investment Income (12,905) (26,003) Realized Capital Gain (4,696) (6,552) ---------------------------- Total Distributions (17,601) (32,555) ---------------------------- NET EQUALIZATION CREDITS--Note A 622 1,844 ---------------------------- CAPITAL SHARE TRANSACTIONS(1) Issued 173,085 335,694 Issued in Lieu of Cash Distributions 16,446 30,251 Redeemed (77,329) (188,183) ---------------------------- Net Increase from Capital Share Transactions 112,202 177,762 - -------------------------------------------------------------------------------------- Total Increase 197,942 236,128 - -------------------------------------------------------------------------------------- NET ASSETS Beginning of Period 826,243 590,115 ---------------------------- End of Period $1,024,185 $826,243 ====================================================================================== (1)Shares Issued (Redeemed) Issued 12,085 25,404 Issued in Lieu of Cash Distributions 1,135 2,219 Redeemed (5,417) (14,458) ---------------------------- Net Increase in Shares Outstanding 7,803 13,165 ======================================================================================
33 36 FINANCIAL HIGHLIGHTS This table summarizes the Fund's investment results and distributions to shareholders on a per-share basis. It also presents the Fund's Total Return and shows net investment income and expenses as percentages of average net assets. These data will help you assess: the variability of the Fund's net income and total returns from year to year; the relative contributions of net income and capital gains to the Fund's total return; how much it costs to operate the Fund; and the extent to which the Fund tends to distribute capital gains. The table also shows the Portfolio Turnover Rate, a measure of trading activity. A turnover rate of 100% means that the average security is held in the Fund for one year. Finally, the table lists the Fund's Average Commission Rate Paid, a disclosure required by the SEC beginning in 1996. This rate is calculated by dividing total commissions paid on portfolio securities by the total number of shares purchased and sold on which commissions were charged.
- --------------------------------------------------------------------------------------------------------------------- BALANCED INDEX FUND YEAR ENDED DECEMBER 31, SEP. 28* TO FOR A SHARE OUTSTANDING SIX MONTHS ENDED ---------------------------------------------------- THROUGHOUT EACH PERIOD JUNE 30, 1997 1996 1995 1994 1993 DEC. 31, 1992 - --------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $13.92 $12.77 $10.34 $10.91 $10.31 $10.00 - --------------------------------------------------------------------------------------------------------------------- INVESTMENT OPERATIONS Net Investment Income .260 .50 .45 .41 .39 .08 Net Realized and Unrealized Gain (Loss) on Investments 1.345 1.26 2.48 (.58) .63 .31 ------------------------------------------------------------------------ Total from Investment Operations 1.605 1.76 2.93 (.17) 1.02 .39 ------------------------------------------------------------------------ DISTRIBUTIONS Dividends from Net Investment Income (.200) (.49) (.45) (.40) (.39) (.08) Distributions from Realized Capital Gains (.075) (.12) (.05) -- (.03) -- ------------------------------------------------------------------------ Total Distributions (.275) (.61) (.50) (.40) (.42) (.08) - --------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $15.25 $13.92 $12.77 $10.34 $10.91 $10.31 ===================================================================================================================== TOTAL RETURN** 11.64% 13.95% 28.64% -1.56% 10.00% 3.69% ===================================================================================================================== RATIOS/SUPPLEMENTAL DATA Net Assets, End of Period (Millions) $1,024 $826 $590 $403 $367 $109 Ratio of Total Expenses to Average Net Assets 0.20%+ 0.20% 0.20% 0.20% 0.20% 0.22%+ Ratio of Net Investment Income to Average Net Assets 3.62%+ 3.69% 3.85% 3.86% 3.53% 3.76%+ Portfolio Turnover Rate 15%+ 37%++ 16% 16% 25% 17% Average Commission Rate Paid $.0208 $.0226 N/A N/A N/A N/A - ---------------------------------------------------------------------------------------------------------------------
*Commencement of operations. **Total return figures do not reflect the annual account maintenance fee of $10. Subscription period for the Fund was from September 28, 1992, to November 8, 1992, during which time all assets were held in money market instruments. Performance measurement begins on November 9, 1992. +Annualized. ++Fund turnover rate excluding in-kind redemptions was 30%. 34 37 NOTES TO FINANCIAL STATEMENTS Vanguard Balanced Index Fund is registered under the Investment Company Act of 1940 as a diversified open-end investment company, or mutual fund. Certain of the Fund's investments are in corporate debt instruments; the issuers' abilities to meet their obligations may be affected by economic developments in their respective industries. A. The following significant accounting policies conform to generally accepted accounting principles for mutual funds. The Fund consistently follows such policies in preparing its financial statements. 1. SECURITY VALUATION: Securities listed on an exchange are valued at the latest quoted sales prices as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date; securities not traded on the valuation date and securities not listed on an exchange are valued at the mean of the latest quoted bid and asked prices. Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. 2. FEDERAL INCOME TAXES: The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements. 3. EQUALIZATION: The Fund follows the accounting practice known as "equalization," under which a portion of the price of capital shares issued and redeemed, equivalent to undistributed net investment income per share on the date of the transaction, is credited or charged to undistributed income. As a result, undistributed income per share is unaffected by capital share transactions. 4. REPURCHASE AGREEMENTS: The Fund, along with other members of The Vanguard Group, transfers uninvested cash balances into a Pooled Cash Account, which is invested in repurchase agreements secured by U.S. government securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. 5. FUTURES: The Fund uses S&P 500 Index futures contracts, S&P Midcap 400 Index futures contracts, and Russell 2000 Index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The Fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between the changes in market values of stocks held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses). 6. DISTRIBUTIONS. Distributions to shareholders are recorded on the ex-dividend date. 7. OTHER: Dividend income is recorded on the ex-dividend date. Security transactions are accounted for on the date the securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of specific securities sold. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 35 38 B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the Fund under methods approved by the board of directors. At June 30, 1997, the Fund had contributed capital of $75,000 to Vanguard (included in Other Assets), representing 0.4% of Vanguard's capitalization. The Fund's directors and officers are also directors and officers of Vanguard. C. During the six months ended June 30, 1997, the Fund purchased $62,054,000 of investment securities and sold $20,380,000 of investment securities other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $127,783,000 and $47,831,000, respectively. D. At June 30, 1997, net unrealized appreciation of investment securities for financial reporting and federal income tax purposes was $218,541,000, consisting of unrealized gains of $237,824,000 on securities that had risen in value since their purchase and $19,283,000 in unrealized losses on securities that had fallen in value since their purchase. At June 30, 1997, the aggregate settlement value of open futures contracts expiring in September 1997, and the related unrealized appreciation (depreciation) were:
--------------------------------------------------------------------- (000) ------------------------------- AGGREGATE UNREALIZED NUMBER OF SETTLEMENT APPRECIATION FUTURES CONTRACTS LONG CONTRACTS VALUE (DEPRECIATION) --------------------------------------------------------------------- S&P 500 Index 40 17,805 (54) S&P Midcap 400 Index 39 5,647 27 Russell 2000 Index 9 1,795 9 ---------------------------------------------------------------------
E. The market value of securities on loan to broker/dealers at June 30, 1997, was $6,494,000, for which the Fund held cash collateral of $6,816,000. 36 39 DIRECTORS AND OFFICERS JOHN C. BOGLE, Chairman of the Board and Director of The Vanguard Group, Inc. and of each of the investment companies in The Vanguard Group. JOHN J. BRENNAN, President, Chief Executive Officer, and Director of The Vanguard Group, Inc. and of each of the investment companies in The Vanguard Group. ROBERT E. CAWTHORN, Chairman Emeritus and Director of Rhone-Poulenc Rorer, Inc.; Managing Director of Global Health Care Partners/DLJ Merchant Banking Partners; Director of Sun Company, Inc. and Westinghouse Electric Corp. BARBARA BARNES HAUPTFUHRER, Director of The Great Atlantic and Pacific Tea Co., Ikon Business Solutions, Inc., Raytheon Co., Knight-Ridder, Inc., and Massachusetts Mutual Life Insurance Co.; Trustee Emerita of Wellesley College. BRUCE K. MACLAURY, President Emeritus of The Brookings Institution; Director of American Express Bank Ltd., The St. Paul Companies, Inc., and National Steel Corp. BURTON G. MALKIEL, Chemical Bank Chairman's Professor of Economics, Princeton University; Director of Prudential Insurance Co. of America, Amdahl Corp., Baker Fentress & Co., The Jeffrey Co., and Southern New England Communications Co. ALFRED M. RANKIN, JR., Chairman, President, and Chief Executive Officer of NACCO Industries, Inc.; Director of NACCO Industries, The BFGoodrich Co., and The Standard Products Co. JOHN C. SAWHILL, President and Chief Executive Officer of The Nature Conservancy; formerly, Director and Senior Partner of McKinsey & Co. and President of New York University; Director of Pacific Gas and Electric Co., Procter & Gamble Co., and NACCO Industries. JAMES O. WELCH, JR., Retired Chairman of Nabisco Brands, Inc.; retired Vice Chairman and Director of RJR Nabisco; Director of TECO Energy, Inc. and Kmart Corp. J. LAWRENCE WILSON, Chairman and Chief Executive Officer of Rohm & Haas Co.; Director of Cummins Engine Co.; Trustee of Vanderbilt University. OTHER FUND OFFICERS RAYMOND J. KLAPINSKY, Secretary; Senior Vice President and Secretary of The Vanguard Group, Inc.; Secretary of each of the investment companies in The Vanguard Group. RICHARD F. HYLAND, Treasurer; Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies in The Vanguard Group. KAREN E. WEST, Controller; Principal of The Vanguard Group, Inc.; Controller of each of the investment companies in The Vanguard Group. OTHER VANGUARD OFFICERS ROBERT A. DISTEFANO, Senior Vice President, Information Technology. JAMES H. GATELY, Senior Vice President, Individual Investor Group. IAN A. MACKINNON, Senior Vice President, Fixed Income Group. F. WILLIAM MCNABB III, Senior Vice President, Institutional Investor Group. RALPH K. PACKARD, Senior Vice President and Chief Financial Officer. [THE VANGUARD GROUP LOGO] Please send your comments to us at: Post Office Box 2600, Valley Forge, Pennsylvania 19482 Fund Information: 1-800-662-7447 Individual Account Services: 1-800-662-2739 Institutional Investor Services: 1-800-523-1036 http://www.vanguard.com online@vanguard.com All Vanguard funds are offered by prospectus only. Prospectuses contain more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Prospectuses can be obtained directly from The Vanguard Group. (C) 1997 Vanguard Marketing Corporation, Distributor 40 [PHOTO] THE VANGUARD FAMILY OF FUNDS EQUITY AND BALANCED FUNDS GROWTH AND INCOME FUNDS Vanguard/Windsor Fund Vanguard/Windsor II Vanguard Equity Income Fund Vanguard Growth and Income Portfolio Vanguard Selected Value Portfolio Vanguard/Trustees' Equity-U.S. Portfolio Vanguard Convertible Securities Fund BALANCED FUNDS Vanguard/Wellington Fund Vanguard/Wellesley Income Fund Vanguard STAR Portfolio Vanguard Asset Allocation Fund Vanguard LifeStrategy Portfolios GROWTH FUNDS Vanguard/Morgan Growth Fund Vanguard/PRIMECAP Fund Vanguard U.S. Growth Portfolio AGGRESSIVE GROWTH FUNDS Vanguard Explorer Fund Vanguard Specialized Portfolios Vanguard Horizon Fund INTERNATIONAL FUNDS Vanguard International Growth Portfolio Vanguard International Value Portfolio INDEX FUNDS Vanguard Index Trust Vanguard Tax-Managed Fund Vanguard Balanced Index Fund Vanguard Bond Index Fund Vanguard International Equity Index Fund Vanguard Total International Portfolio FIXED-INCOME FUNDS MONEY MARKET FUNDS Vanguard Money Market Reserves Vanguard Treasury Money Market Portfolio Vanguard Admiral Funds INCOME FUNDS Vanguard Fixed Income Securities Fund Vanguard Admiral Funds Vanguard Preferred Stock Fund TAX-EXEMPT MONEY MARKET FUNDS Vanguard Municipal Bond Fund Vanguard State Tax-Free Funds (CA, NJ, OH, PA) TAX-EXEMPT INCOME FUNDS Vanguard Municipal Bond Fund Vanguard State Tax-Free Funds (CA, FL, NJ, NY, OH, PA) Q022-6/97 -----END PRIVACY-ENHANCED MESSAGE-----