Vanguard Index Funds – ‘N-30D’ for 12/31/93

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
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Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Vanguards Annual Report for Index Trust 1993         123±   567K 

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                                                                        VANGUARD
                                                                     INDEX TRUST

                                                                   ANNUAL REPORT
[PHOTO]               

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A BRAVE NEW WORLD FOR INVESTING 

With the clarity of hindsight, we can now see that the past two decades         
composed one of the great cycles in the history of the financial markets, as    
reflected in the chart below.                                                   

*      During the 1973-1982 decade, the nominal total returns (capital change   
     plus income) of stocks and bonds averaged only about +6% per year; cash
      reserves averaged more than +8% annually. However, high inflation rates,
     averaging 8.7% annually, devastated these nominal results. Real returns
     (nominal returns less the inflation rate) for each of these three major
asset classes were actually negative.                             

*      During the 1983-1992 decade, quite the opposite situation prevailed.     
     Nominal returns for stocks and bonds were close to their highest levels
    in history and forged well into double-digit territory. To make a good
    investment environment even better, inflation was tame (averaging 3.8%
annually), and real returns were solidly positive.                

[A TALE OF TWO DECADES CHART -- SEE EDGAR APPENDIX]   

This sharp contrast provides us with perspective for the decade that will end   
in the year 2002. Some investors will fear a recurrence of the returns of the   
first decade, while others will hope for a recurrence of the second; most will  
likely anticipate something in between. Whatever the case, there are two        
essential elements involved in considering your investment program in the light 
of today's circumstances.                                                       
First, the yield of each investment class at the start of a decade has
had an important relationship to its future return. Yields were low when 1973   
began, high when 1983 began, and are again low today. In fact, current income   
yields are remarkably close to the levels of 20 years ago, as shown in the      
following table.                                                                

                                                        [Enlarge/Download Table]

                                                          INCOME YIELDS (January 1)            
                                            ---------------------------------------------------
                                            1973                    1983                   1994
-----------------------------------------------------------------------------------------------
                                                                                               
STOCKS                                      2.7%                    4.9%                   2.7%
BONDS                                       5.8                    10.7                    6.0 
RESERVES                                    3.8                    10.5                    3.1 
-----------------------------------------------------------------------------------------------

But there is a second important element to consider: inflation. It got          
progressively worse during most of the first decade, but got progressively      
better in the second.                                                           

                                                        [Enlarge/Download Table]

                                            ---------------------------------------------------
                                            1973                    1981                   1993
-----------------------------------------------------------------------------------------------
                                                                                               
INFLATION                                   3.4%                   12.4%                   2.7%
-----------------------------------------------------------------------------------------------

Today's low yield levels suggest that more modest nominal returns are in        
prospect for the coming decade than in the 1980s; indeed, returns could         
gravitate                                                                       
                                              (Please turn to inside back cover)

VANGUARD INDEX TRUST PROVIDES FIVE "MARKET INDEX" PORTFOLIOS: 500 PORTFOLIO -   
EXTENDED MARKET PORTFOLIO - TOTAL STOCK MARKET PORTFOLIO - GROWTH PORTFOLIO -   
VALUE PORTFOLIO.  EACH PORTFOLIO IS DESIGNED TO MATCH THE PERFORMANCE OF ITS    
CORRESPONDING STOCK INDEX.                                                      

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CHAIRMAN'S LETTER                                                               
                                   [PHOTO]
Fellow Shareholder:                                                             

After all was said and done, the stock market enjoyed a good year in 1993. The  
Wilshire 5000 Index, encompassing essentially all U.S. common stocks, provided  
a total return of +11.3%; the better-known Standard & Poor's 500 Composite      
Stock Price Index, heavily weighted by blue-chip stocks with large market       
capitalizations, gained +10.1%.                                                 

    These aggregate statistics "conceal more than they reveal," as the
crosscurrents within the strong market tide were unusually diverse.  Stocks of  
medium and small companies did a good bit better, on balance, than their larger 
counterparts; and among large and small companies alike, value stocks left      
growth stocks virtually "in the dust."                                          

  The Portfolios of Vanguard Index Trust, each of which targets an
unmanaged stock index with the market capitalization and style characteristics  
of a particular market segment, "tracked" their respective indexes with a high  
degree of accuracy. This comparative table shows the total return (change in    
net asset value per share plus any capital gains distributions and income       
dividends, all of which are shown in detail in the table following this letter) 
for each Portfolio:                                                             

                                                                [Download Table]

------------------------------------------------------------------
                                              Total Return        
                                              ------------        
                                      Year Ended December 31, 1993
                                      ----------------------------
                                         Vanguard    Comparable   
                                         Portfolio     Index 1    
------------------------------------------------------------------
                                                                  
LARGE STOCKS                                                      
   500 PORTFOLIO                           + 9.9%      +10.1%     
   GROWTH PORTFOLIO                        + 1.5       + 1.7      
   VALUE PORTFOLIO                         +18.4       +18.6      
------------------------------------------------------------------
MEDIUM AND SMALL STOCKS                                           
   EXTENDED MARKET PORTFOLIO               +14.5%      +14.6%     
   SMALLCAP PORTFOLIO 2                    +18.7       +18.9      
------------------------------------------------------------------
ALL STOCKS                                                        
   TOTAL STOCK MARKET PORTFOLIO            +10.6%      +11.3%     
------------------------------------------------------------------

1    The respective indexes are: The Standard & Poor's 500 Index, the Standard  
& Poor's/BARRA Growth and Value Indexes, the Wilshire 4500 Index, the 
Russell 2000 Index, and the Wilshire 5000 Index.                      

2    The SmallCap Portfolio, which began index operations on September 11,      
1989, became a separate Portfolio of the Trust on January 28, 1994.   

Note: "Standard & Poor's," "S&P 500" and "500" are registered trademarks of     
Standard & Poor's Corporation; "Wilshire 4500" and "Wilshire 5000" are          
registered trademarks of Wilshire Associates.                                   

THE STOCK MARKET IN 1993                                                        

As noted at the outset, 1993 was a good year for stocks in the aggregate.       
Indeed, the +10.1% total return of the Standard & Poor's 500 Index was          
virtually identical to its long-term (since 1926) average annual total return   
of +10.3%. This 68-year historical span is by far the longest of any            
diversified stock market index.                                                 

During the year, the market's returns accumulated gradually and with  
relative consistency, inch-by-inch, step-by-step, month-by-month.  There were   
neither explosive rises nor plummeting declines. It is probably fair to say     
that such a steady course is the exception rather than the rule in market       
history. It remains a virtual certainty that most years will witness the kind   
of spasmodic market action--and hence the higher volatility and risk--that has  
been typical of the stock market in the past.                                   

   The precipitating factor in the market's advance almost certainly was the
decline in long-term interest rates. The yield on the long-term U.S. Treasury   
bond opened the year at 7.4%; within a few weeks, Treasury yields began to drop 
swiftly, resulting in a dramatic rally in bond prices. By the                   

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[CUMULATIVE PERFORMANCE 1989-1993 GRAPH -- SEE EDGAR APPENDIX]                  

beginning of March 1993, yields had fallen to 6.7%, reflected in a 9% increase  
in the price of the U.S. Treasury bond. The rally in prices continued apace     
--with a few interruptions--through the end of 1993, when the yield touched     
6.4%, engendering an additional 4% price gain.                                  

   This sharp rate decline seemed to be driven largely by two factors: (1) a
stubbornly weak economic recovery that encouraged the Federal Reserve to make   
ample credit available; and (2) continuing evidence that inflation remained     
under control. The U.S. Consumer Price Index (CPI) increased 2.7% during 1993,  
down from 2.9% in 1992. As a result, despite the decline in interest rates,     
"real" yields (nominal yields less the inflation rate) on long-term bonds       
remain at healthy levels.                                                       

Since one factor that investors consider in setting their asset       
allocations is the relative yield of stocks versus bonds, falling bond yields   
provided impetus to stock prices. During the year, the dividend yield on stocks 
declined from 2.8% to 2.7%, enough, in and of itself, to add some +5% to the    
price of the stocks in the Index. This upward revaluation, when added to a      
dividend yield that is extremely low by historical standards, accounted for the 
lion's share of the +10.1% total return achieved by the Standard & Poor's 500   
Index.                                                                          

 What was most interesting about 1993 was the extraordinary diversity of
returns in the various segments of the U.S. stock market, highlighted by two    
essential elements: (1) investment style, exemplified by large "value" stocks   
and large "growth" stocks; and (2) size of market capitalization, exemplified   
by large, medium, and small stocks.                                             

The first trend was the market's striking bias toward value           
stocks--usually defined as those with above-average dividend yields and below-  
average price-earnings ratios--over growth stocks--those that provide lower     
yields but presumably richer prospects for sustainable earnings growth. (The    
Standard & Poor's 500 Index is divided so that one-half of the market's         
capitalization is included in each category.) The disparity between the two     
groups' returns for the year was little short of astonishing: value stocks      
provided a return of +18.6%, while growth stocks provided a return of but       
+1.7%.                                                                          
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The second trend was that, while stocks of large companies did well,  
stocks of medium-sized companies did even better, and stocks of small companies 
did best of all. The returns, respectively, were +10.1%, +14.6%, and +18.9%.    
The single most important reason for these differences was that many large      
growth stocks, especially those in the medical and consumer products            
groups--the so-called "name brand" stocks--actually declined in value during    
the year, as health-care reform and the erosion of brand loyalty prompted       
increased price competition, with the attendant pressure on profit margins.     

  I should note that, based on the historical record, such dichotomies are
unlikely to persist over time. Indeed, over the past five years, as shown in    
the charts on page 2, relative strength among the market sectors has            
fluctuated, as first one group has excelled and then fallen out of favor, only  
to be replaced by another group, and so on. For the full period, the returns    
for each market segment have been reasonably consistent, in the range of +13.5% 
to +15.1% annually. These results suggest, once again, the value of broad       
diversification, and, for more focused investment programs, the importance of   
hewing to whatever investment course you have chosen.                           

VANGUARD INDEX TRUST IN 1993                                                    

As shown in the comparative table at the start of my letter, our Portfolios,    
almost across the board, did an exemplary job of "tracking" their respective    
market segments. The differences between our returns and the index returns were 
generally accounted for by our operating expense ratios (expenses as a          
percentage of average net assets), which average about 0.20% annually.          

The second major factor that influences our relative returns is our   
ability to execute portfolio transactions at minimal cost. Together, both       
operating expenses and transaction costs are required in the "real world." The  
indexes themselves, of course, operate in the "paper world," with no costs for  
portfolio changes, no capital inflows or outflows, no shareholder accounts to   
service, and no accounting for daily net asset values.                          

    Our total costs of investing, then, are simply a part of "doing business."
Nonetheless, we have maintained them at the lowest levels of any publicly       
available index fund. Other index mutual funds, try as they may, have proven    
unable to emulate our low-cost record. Largely because of our low costs, we     
have been consistently at the top of the index fund group in terms of total     
return. It is fair to say that we are regarded as setting the performance       
standard for the field.                                                         

 For our Portfolios that focus on stocks of medium-sized and small-sized
companies, another factor that may impair our results is "tracking error."      
Acquiring, say, all of the 5000 stocks that compose the Wilshire 5000 Index     
would be costly and inefficient. Thus, we use a sampling process known as       
"optimization," which results in our holding not 5000 stocks, but about 1600    
stocks in our Total Stock Market Portfolio. In essence, we have determined to   
own a slightly less-diversified list of stocks, endeavoring to select a sample  
which, in the aggregate, will replicate the return of the target index.         

The tracking error that results from our optimization strategy may be 
either positive or negative, although we should note that, among all of our     
Portfolios, the Total Stock Market Portfolio reflected by far the greatest      
tracking variation (about -0.5%) during 1993. Our experience has been that such 
variations will balance out and that each of our Portfolios will, before taking 
into account our modest level of operating expenses, track their indexes        
reasonably closely each year. Over the long-term, our objective is to maintain  
our tracking with a high degree of precision.                                   

A LONGER-TERM VIEW                                                              

At the conclusion of this letter, we have provided charts showing the returns   
of each Portfolio over its lifetime, compared with its appropriate target       
index. In the case of our original 500 Portfolio (founded in 1976), however, we 
have shown on page 4 its relative returns over the past decade to provide a     
longer-term perspective. In addition, we have                                   
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[CUMULATIVE PERFORMANCE DECEMBER 31, 1983, TO DECEMBER 31, 1993 GRAPH -- SEE    
EDGAR APPENDIX]                                                                 

shown the returns achieved by the average general equity mutual fund over this  
same ten-year period.                                                           

  With most of our Portfolios so "young," it seems appropriate to focus on
the ten-year record of our veteran 500 Portfolio. The chart above shows the     
remarkable success of a market index strategy over the past decade, as          
summarized in this table:                                                       

                                                                [Download Table]

----------------------------------------------------------------
                                              Total Return      
                                              ------------      
                                            Ten Years Ended     
                                           December 31, 1993    
                                           -----------------    
                                        Cumulative   Annual Rate
----------------------------------------------------------------
                                                                
VANGUARD 500 PORTFOLIO                   +289%         +14.6%   
AVERAGE GENERAL EQUITY FUND              +214          +12.1    
----------------------------------------------------------------
   INDEX ADVANTAGE                       + 75%        +  2.5%   
----------------------------------------------------------------

Impressively enough, our return surpassed the returns achieved by 262 of the    
320 general equity funds in operation throughout the period. This is a          
remarkable accomplishment since the comparison excludes funds in operation at   
the close of 1983 that have "given up the ghost"--usually as a result of poor   
relative performance--during the decade, a phenomenon known as "survivorship    
bias."                                                                          

It should go without saying that the Portfolio returns reflected in the   
table are merely history. Future returns of the 500 Portfolio--both on an       
absolute basis and relative to the average general equity fund--are             
unpredictable, and may be better or worse than those shown in the table.        

The advantage for our 500 Portfolio is by no means "magic." It simply     
reflects the fact that mutual fund managers in the aggregate tend to provide    
average performance (i.e., those who do well are counterbalanced by those who   
do not do well). If that was as far as it went, an index strategy would always  
provide returns equal to those of professional managers investing in comparable 
market segments. That is, their gross returns would be equal.                   

 The reason for the advantage is that an index strategy incurs substantially
lower costs, and thus engenders higher net returns. The average general equity  
mutual fund presently incurs annual operating costs of about 1.3% of assets,    
compared with 0.2% for the Vanguard Index Trust 500 Portfolio, giving us a      
"natural advantage" of +1.1%                                                    
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annually. What is more, the average general equity fund also engages in annual  
portfolio turnover at the rate of about 80% of assets, compared with 6% for our 
Portfolio. The impact of turnover on returns cannot be calculated with          
precision, but we would estimate that it reduces a manager's return relative to 
ours by as much as 1% per year.                                                 

In short, the documented advantage in annual return--2.5 percentage       
points--achieved by our 500 Portfolio over the past decade can be accounted for 
simply by our combination of lower operating expenses and lower portfolio       
turnover costs. Further, I would note that our advantage is in fact understated 
since we have ignored sales loads in our calculation of the returns achieved by 
the average general equity fund. The 500 Portfolio is a no-load (no sales       
charge) fund, while one-half of all general equity funds carry sales loads.     

A PERSPECTIVE ON INDEXING                                                       

Index funds do not perform in "lock-step-plus" with professional mutual fund    
managers. Sometimes, fund managers hold more speculative securities, which may  
enhance or detract from their returns. Sometimes they do not. Sometimes, fund   
managers make heavy use of international stocks, which are not included in the  
U.S. market's capitalization. In 1993, this difference had a positive effect on 
their funds' returns.  Sometimes, inevitably, such an emphasis will have a      
negative effect.                                                                

All things considered, the long-term record of indexing has proved its    
superiority over the average managed fund. A few funds, of course, do much      
better; a few do much worse. As shown in the chart below--updated from our 1992 
Annual Report--the performance over the past 15 years of an all-market          
strategy, using the Wilshire 5000 Index as the standard, indicates that, in an  
average year, the Index outpaced 56% of all general equity funds. The pattern   
is interesting:                                                                 

                                                                [Download Table]

--------------------------------------------------------
% of Funds Outpaced by Index*            Number of Years
--------------------------------------------------------
                                                        
LESS THAN 40%                                    1      
40% TO 50%                                       4      
50% TO 60%                                       4      
MORE THAN 60%                                    6      
--------------------------------------------------------
TOTAL YEARS                                     15      
--------------------------------------------------------

*The table ignores mutual fund sales charges, and thereby significantly         
underestimates the index advantage.                                             

In short, about one-half of the time (8 years), the Index results have been     
similar to those of managed funds. But in only one year (1982) was the Index    

[PERCENT OF GENERAL EQUITY FUNDS OUTPERFORMED BY WILSHIRE 5000 INDEX -- SEE     
EDGAR APPENDIX]                                                                 
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return significantly inferior, compared to six years when its relative returns  
were outstanding. These are not bad odds.                                       

There is one more advantage, just now being recognized, for an index  
strategy. Mutual fund returns are invariably calculated before taxes.  Since    
index funds engage in much lower portfolio turnover than actively managed       
funds, there is a strong (but by no means assured) tendency for index funds to  
realize and distribute only modest--if any--capital gains to shareholders.      
Since long-term capital gains are currently taxable at 28%, it is an advantage  
to defer their realization for as long as possible, so as to defer the payment  
of any capital gains taxes (or, if shares are held until death, to eliminate    
capital gains taxes entirely). Since mutual fund returns are reported before    
taxes, the index advantage, substantial as it has been, has been even greater   
when taxes are taken into consideration.                                        

A FEW FINAL THOUGHTS                                                            

One year ago, I cited a renowned stock market oracle who predicted that in 1993 
those who invest "in some form of indexing vehicle . . . are going to be        
disappointed."  With the year now history, I don't see that the prediction was  
borne out. The relative performance of the all- market (Wilshire 5000) index    
was within normal parameters, outpacing nearly one-half of mutual fund          
managers. In fairness, I should acknowledge that the better-recognized Standard 
& Poor's 500 Index, with its large-cap bias, outpaced "only" 40% of the         
managers. Nonetheless, I remain enthusiastic and confident about the long-run   
merits of indexing.                                                             

    That said, each of the Portfolios of Vanguard Index Trust is 100% invested
in common stocks. You should not lose sight of the fact that stocks, because    
they carry substantial short-term price volatility, involve significant risk.   
"The stock market giveth, and the stock market taketh away" is a biblical-like  
way of summarizing this risk. With stock yields at extremely low levels on an   
historical basis, it would be logical to assume that the risks involved in      
stocks today are higher than historical norms.                                  

   These comments are in no way intended to derogate the long-term merits of
investing in stocks--particularly with an index-oriented strategy. Rather, it   
is to suggest that you should at all times balance your stock position with a   
portion of bonds and short-term reserves that meets your own investment         
objectives and tolerance for risk. This advice was valid when I presented it to 
you one year ago. It is at least equally valid today. Indeed, it is a "strategy 
for the ages."                                                                  

Sincerely,                                                                      

/S/ JOHN C. BOGLE                                                               
---------------------                                                           
John C. Bogle                                                                   
Chairman of the Board                                                           

January 30, 1994                                                                

Note: Mutual fund data from Lipper Analytical Services, Inc.                    

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------------------------
                                              NET ASSET VALUE PER SHARE                                         
                                              -------------------------                 DIVIDENDS PER SHARE FROM
INDEX TRUST PORTFOLIO                 DECEMBER 31, 1992     DECEMBER 31, 1993            NET INVESTMENT INCOME* 
----------------------------------------------------------------------------------------------------------------
                                                                                                                
500   . . . . . . . . . . . . . . . .       $40.97               $43.83                          $1.13          
EXTENDED MARKET   . . . . . . . . . .        17.35                19.43                           0.23          
TOTAL STOCK MARKET  . . . . . . . . .        10.84                11.69                           0.26          
GROWTH  . . . . . . . . . . . . . . .        10.26                10.20                           0.21          
VALUE   . . . . . . . . . . . . . . .        10.30                11.74                           0.38          
----------------------------------------------------------------------------------------------------------------

*In addition, distributions from net realized capital gains were paid by the    
following Portfolios: 500 ($.03 per share), Extended Market ($.20 per share),   
Total Stock Market ($.03 per share), and Value ($.06 per share). In March 1994, 
the 500, Extended Market, and Value Portfolios will make distributions from net 
capital gains realized from 1993 operations, but taxable to shareholders in     
1994, of about $.08, $.14, and $.14 per share, respectively.                    
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TOTAL INVESTMENT RETURN                                                         

The table below illustrates the results of an investment in Vanguard Index      
Trust-500 Portfolio during the period from August 31, 1976, to December 31,     
1993, the lifetime of the Portfolio. During this period, stock prices           
fluctuated widely. The results shown should not be considered as a              
respresentation of the dividend income or capital gain or loss that may be      
realized from an investment made in the Portfolio today.                        

                                                        [Enlarge/Download Table]

--------------------------------------------------------------------------------------------------------------------  
                                                                                                 TOTAL INVESTMENT     
PERIOD                  PER SHARE DATA                                 YEAR-END VALUE                 RETURN          
--------------------------------------------------------------------------------------------------------------------  
                                                                                           Annual Percentage Change*  
                                                  Value with Income                          -------------------------
Year Ended   Net Asset    Income Capital Gains  Dividends & Capital        500   S&P 500            500     S&P 500   
December 31      Value Dividends Distributions           Reinvested  Portfolio     Index      Portfolio       Index   
--------------------------------------------------------------------------------------------------------------------  
                                                                                                                      
INITIAL (8/76)   $14.15        --          --               $14.15     $10,000  $10,000           --          --      
--------------------------------------------------------------------------------------------------------------------  
1976              14.73    $  .17          --                14.90      10.531   10,588         +  5.3%     +  5.9%   
--------------------------------------------------------------------------------------------------------------------  
1977              13.01       .57          --                13.73       9,705    9,827         -  7.8      -  7.2    
--------------------------------------------------------------------------------------------------------------------  
1978              13.11       .65          --                14.54      10,275   10,467         +  5.9      +  6.5    
--------------------------------------------------------------------------------------------------------------------  
1979              14.64       .75      $  .06                17.16      12,129   12,399         + 18.0      + 18.4    
--------------------------------------------------------------------------------------------------------------------  
1980              17.84       .83         .53                22.64      16,000   16,421         + 31.9      + 32.4    
--------------------------------------------------------------------------------------------------------------------  
1981              15.52       .83         .56                21.46      15,167   15,620         -  5.2      -  4.9    
--------------------------------------------------------------------------------------------------------------------  
1982              17.56       .83         .25                25.96      18,348   18,978         + 21.0      + 21.5    
--------------------------------------------------------------------------------------------------------------------  
1983              19.70       .87         .71                31.49      22,255   23,240         + 21.3      + 22.5    
--------------------------------------------------------------------------------------------------------------------  
1984              19.52       .88         .48                33.45      23,638   24,686         +  6.2      +  6.2    
--------------------------------------------------------------------------------------------------------------------  
1985              22.29       .91        1.61                43.89      31,019   32,497         + 31.2      + 31.6    
--------------------------------------------------------------------------------------------------------------------  
1986              24.27       .89        2.02                51.82      36,621   38,548         + 18.1      + 18.6    
--------------------------------------------------------------------------------------------------------------------  
1987              24.65       .69         .17                54.26      38,344   40,544         +  4.7      +  5.2    
--------------------------------------------------------------------------------------------------------------------  
1988              27.18      1.10         .32                63.06      44,564   47,233         + 16.2      + 16.5    
--------------------------------------------------------------------------------------------------------------------  
1989              33.64      1.20         .75                82.84      58,541   62,154         + 31.4      + 31.6    
--------------------------------------------------------------------------------------------------------------------  
1990              31.24      1.17         .10                80.08      56,595   60,215         -  3.3      -  3.1    
--------------------------------------------------------------------------------------------------------------------  
1991              39.32      1.15         .12               104.28      73,699   78,520         + 30.2      + 30.4    
--------------------------------------------------------------------------------------------------------------------  
1992              40.97      1.12         .10               112.02      79,170   84,496         +  7.4      +  7.6    
--------------------------------------------------------------------------------------------------------------------  
1993              43.83      1.13         .03               123.10      87,000   92,996         +  9.9      + 10.1    
--------------------------------------------------------------------------------------------------------------------  
LIFETIME                   $15.74       $7.81                           +770.0%  +830.0%        + 13.3%     + 13.7%   
--------------------------------------------------------------------------------------------------------------------  

*Adjusted to include reinvestment of income dividends and any capital gains     
distributions both for the Fund and the Index.                                  

Note: No adjustment has been made for income taxes payable by shareholders on   
reinvested income dividends and capital gains distributions.                    
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TOTAL INVESTMENT RETURN (continued)                                             

The table below illustrates the results of an investment in VANGUARD INDEX      
TRUST-EXTENDED MARKET PORTFOLIO during the period from December 21, 1987, to    
December 31, 1993, the lifetime of the Portfolio.  During this period, stock    
prices fluctuated widely. The results shown should not be considered as a       
representation of the dividend income or capital gain or loss that may be       
realized from an investment made in the Portfolio today.                        

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------------------
                                                                                                        TOTAL INVESTMENT     
PERIOD                    PER SHARE DATA                                    YEAR-END VALUE                    RETURN         
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                    Annual Percentage Change*
                                                 Value with Income                                  -------------------------
Year Ended   Net Asset    Income Capital Gains Dividends & Capital         Extended    Wilshire          Extended   Wilshire 
December 31      Value Dividends Distributions    Gains Reinvested Market Portfolio  4500 Index  Market Portfolio 4500 Index 
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
INITIAL (12/87)  $10.00        --          --               $14.15          $10,000    $10,000              --         --    
-----------------------------------------------------------------------------------------------------------------------------
1987               9.99        --          --                14.14            9,990     10,048            -  0.1%     + 0.5% 
-----------------------------------------------------------------------------------------------------------------------------
1988              11.60    $  .20      $  .16                16.93           11,963     12,112            + 19.7      +20.5  
-----------------------------------------------------------------------------------------------------------------------------
1989              13.92       .23         .23                21.01           14,845     15,012            + 24.1      +23.9  
-----------------------------------------------------------------------------------------------------------------------------
1990              11.48       .33         .16                18.06           12,760     12,976            - 14.0      -13.6  
-----------------------------------------------------------------------------------------------------------------------------
1991              15.82       .25         .20                25.61           18,100     18,615            + 41.8      +43.5  
-----------------------------------------------------------------------------------------------------------------------------
1992              17.35       .25         .18                28.80           20,357     20,824            + 12.5      +11.9  
-----------------------------------------------------------------------------------------------------------------------------
1993              19.43       .23         .20                32.97           23,307     23,858            + 14.5      +14.6  
-----------------------------------------------------------------------------------------------------------------------------
LIFETIME                    $1.49       $1.13                                +133.1%    +138.6%           + 15.1%     +15.5% 
-----------------------------------------------------------------------------------------------------------------------------

*Adjusted to include reinvestment of income dividends and any capital gains     
distributions both for the Fund and the Index.                                  

Note: No adjustment has been made for income taxes payable by shareholders on   
reinvested income dividends and capital gains distributions.                    

AVERAGE ANNUAL TOTAL RETURNS--THE AVERAGE ANNUAL TOTAL RETURNS FOR THE          
PORTFOLIOS (PERIODS ENDED DECEMBER 31, 1993) ARE AS FOLLOWS:                    

                                                                [Download Table]

PORTFOLIO (INCEPTION DATE)                  1 YEAR  5 YEARS  10 YEARS
--------------------------                  ------  -------  --------
                                                                     
500 PORTFOLIO (8/31/76)*                   + 9.84%  +14.27%   +14.56%
EXTENDED MARKET PORTFOLIO (12/21/87)**     +13.30   +13.98    +14.81 
TOTAL STOCK MARKET PORTFOLIO (4/27/92)***  +10.29   +12.43+    --    
GROWTH PORTFOLIO (11/2/92)*                + 1.42   + 3.99+    --    
VALUE PORTFOLIO (11/2/92)*                 +18.29   +19.23+    --    

THE 500 PORTFOLIO'S TOTAL RETURN FOR THE TEN-YEAR PERIOD INCLUDES A CAPITAL     
RETURN OF +10.75% AND AN INCOME RETURN OF +3.81%. ALL OF THE DATA REPRESENT     
PAST PERFORMANCE. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT    
WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE   
OR LESS THAN THEIR ORIGINAL COST.                                               

*PERFORMANCE FIGURES ARE ADJUSTED FOR THE ANNUAL ACCOUNT MAINTENANCE FEE OF 
$10.                                                                      

**PERFORMANCE FIGURES ARE ADJUSTED FOR THE 1% TRANSACTION FEE ON PURCHASES AND
THE ANNUAL ACCOUNT  MAINTENANCE FEE OF $10.                               

***PERFORMANCE FIGURES ARE ADJUSTED FOR THE .25% TRANSACTION FEE ON PURCHASES   
AND THE ANNUAL ACCOUNT  MAINTENANCE FEE OF $10.                           

+ ANNUALIZED RETURN SINCE INCEPTION.                                            
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CUMULATIVE PERFORMANCE                                                          

[EXTENDED MARKET PORTFOLIO -- SEE EDGAR APPENDIX]                               

[TOTAL STOCK MARKET PORTFOLIO -- SEE EDGAR APPENDIX]                            
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CUMULATIVE PERFORMANCE (continued)                                              

[GROWTH PORTFOLIO -- SEE EDGAR APPENDIX]                                        

[VALUE PORTFOLIO -- SEE EDGAR APPENDIX]                                         

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STATEMENT OF NET ASSETS                                                         
                                          FINANCIAL STATEMENTS
                                             December 31, 1993

                                                                [Download Table]

                                                                 Market
                                                                  Value
500 PORTFOLIO                                  Shares            (000)+
-----------------------------------------------------------------------
COMMON STOCKS                                                          
-----------------------------------------------------------------------
                                                                       
 General Electric Co.                       2,130,080        $  223,392
 Exxon Corp.                                3,100,727           195,346
 American Telephone & Telegraph Co.         3,372,265           177,044
 The Coca Cola Co.                          3,243,649           144,748
 Wal-Mart Stores, Inc.                      5,739,691           143,492
 Royal Dutch Petroleum Co.                  1,338,794           139,737
 Philip Morris Cos., Inc.                   2,189,113           122,043
 Merck & Co., Inc.                          3,202,404           110,083
 General Motors Corp.                       1,774,446            97,373
 Procter & Gamble Co.                       1,704,359            97,148
 GTE Corp.                                  2,359,760            82,592
 International Business Machines Corp.      1,444,504            81,614
 E.I. du Pont de Nemours & Co.              1,691,420            81,611
 PepsiCo, Inc.                              1,980,715            80,962
 Ford Motor Co.                             1,241,021            80,046
 Mobil Corp.                                  997,436            78,797
 Bristol-Myers Squibb Co.                   1,293,451            75,182
 Johnson & Johnson                          1,631,994            73,032
 BellSouth Corp.                            1,238,289            71,666
 Chevron Corp.                                813,171            70,848
 American International Group, Inc.           792,625            69,553
 Amoco Corp.                                1,240,866            65,611
 Intel Corp.                                1,038,791            64,405
 Bell Atlantic Corp.                        1,088,900            64,245
 Motorola, Inc.                               678,417            62,669
 Southwestern Bell Corp.                    1,496,880            62,121
 Abbott Laboratories, Inc.                  2,066,449            60,960
 Minnesota Mining & Manufacturing Co.         538,853            58,600
 The Walt Disney Co.                        1,336,279            56,959
 Pacific Telesis Group                      1,037,772            56,040
 Pfizer, Inc.                                 792,852            54,707
 Federal National Mortgage Assn.              681,700            53,513
 Ameritech Corp.                              679,561            52,156
 U.S. West Corp.                            1,097,871            50,365
 McDonald's Corp.                             881,591            50,251
 Hewlett-Packard Co.                          635,031            50,167
 American Home Products Corp.                 774,329            50,138
 Chrysler Corp.                               879,236            46,819
 Sears, Roebuck & Co.                         875,776            46,197
 Unilever NV                                  399,682            46,163
 Eastman Kodak Co.                            823,082            46,093
 Home Depot, Inc.                           1,118,203            44,169
 Eli Lilly & Co.                              730,808            43,392
 Atlantic Richfield Co.                       397,919            41,881
 Texaco, Inc.                                 646,336            41,769
 Time Warner, Inc.                            935,804            41,409
 BankAmerica Corp.                            892,412            41,386
 NYNEX Corp.                                1,030,729            41,358
 Dow Chemical Co.                             684,551            38,848
 Pacific Gas & Electric Co.                 1,080,463            37,951
 MCI Communications Corp.                   1,338,822            37,654
 American Express Co.                       1,212,269            37,429
 The Boeing Co.                               848,350            36,691
 Schlumberger Ltd.                            607,187            35,900
 Southern Co.                                 798,978            35,255
*Citicorp                                     938,492            34,490
 Emerson Electric Co.                         562,539            33,893
*Tele-Communications, Inc. Class A          1,122,715            33,822
 J.P. Morgan & Co., Inc.                      481,138            33,379
 Banc One Corp.                               851,739            33,324
 Schering-Plough Corp.                        482,021            33,018
 NationsBank, Inc.                            672,987            32,976
 Anheuser-Busch Co., Inc.                     670,469            32,937
 Gillette Co.                                 550,726            32,837
 Kellogg Co.                                  570,370            32,368
 Union Pacific Corp.                          511,882            32,057
 WMX Technologies Inc.                      1,204,779            31,776
 J.C. Penney Co., Inc.                        588,415            30,818
 Sara Lee Corp.                             1,212,544            30,314
*Toys R Us, Inc.                              728,064            29,760
 Sprint Corp.                                 851,531            29,591
 Allied-Signal, Inc.                          353,776            27,948
 The Dun & Bradstreet Corp.                   442,097            27,244
 ITT Corp.                                    297,148            27,115
*McCaw Cellular Communications, Inc.          514,931            25,875
 Campbell Soup Co.                            628,619            25,773
 Chemical Banking Corp.                       629,524            25,260
 Norfolk Southern Corp.                       346,793            24,449
 May Department Stores Co.                    620,462            24,431
 The Seagram Co. Ltd.                         930,695            24,314
 General Mills, Inc.                          397,473            24,146
 Colgate-Palmolive Co.                        386,352            24,099
 Texas Utilities Co.                          556,626            24,074
 Capital Cities/ABC, Inc.                      38,444            23,816
 Xerox Corp.                                  259,499            23,193
 Weyerhaeuser Co.                             511,999            22,848
 Warner-Lambert Co.                           337,691            22,794
 H.J. Heinz Co.                               631,571            22,658
 General Re Corp.                             211,628            22,644
 Caterpillar, Inc.                            253,847            22,592
 SCE Corp.                                  1,118,137            22,363
 Raytheon Co.                                 338,553            22,344
 Federal Home Loan Mortgage Corp.             447,906            22,339
 Tenneco, Inc.                                422,268            22,222
 Merrill Lynch & Co., Inc.                    523,813            22,000

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STATEMENT OF NET ASSETS (continued)                                             

                                                                [Download Table]

                                                                 Market
                                                                  Value
                                               Shares            (000)+
-----------------------------------------------------------------------
                                                                       
 Monsanto Co.                                 296,363       $    21,746
 Duke Power Co.                               511,646            21,681
 Kmart Corp.                                1,019,494            21,664
 CSX Corp.                                    259,880            21,050
 Gannett Co., Inc.                            366,341            20,973
-----------------------------------------------------------------------
TOTAL--100 LARGEST STOCKS                                     5,150,595
-----------------------------------------------------------------------
 International Paper Co.                      308,108            20,874
 Kimberly-Clark Corp.                         401,775            20,842
*Oracle Systems Corp.                         711,393            20,453
 Rockwell International Corp.                 550,490            20,437
 American Barrick Resources                   708,663            20,197
 Primerica Corp.                              517,384            20,113
 PPG Industries, Inc.                         265,001            20,107
 Automatic Data Processing, Inc.              350,558            19,368
 United Technologies Corp.                    312,124            19,352
 Northern Telecom Ltd.                        626,296            19,337
 Public Service Enterprise Group Inc.         603,658            19,317
 Dominion Resources, Inc.                     418,005            18,967
 Archer-Daniels-Midland Co.                   832,607            18,942
 Phillips Petroleum Co.                       652,300            18,917
 Consolidated Edison Co. of New York, Inc.    584,315            18,771
 FPL Group, Inc.                              468,795            18,342
 Wells Fargo & Co.                            139,248            18,015
 CPC International, Inc.                      375,180            17,868
 Norwest Corp.                                726,551            17,710
 First Union Corp.                            420,189            17,333
 Enron Corp.                                  596,833            17,308
 Blockbuster Entertainment Corp.              562,899            17,239
 The Goodyear Tire & Rubber Co.               374,706            17,143
 American Electric Power Co., Inc.            460,810            17,108
 The Chubb Corp.                              218,824            17,041
 PNC Bank Corp.                               584,690            16,956
 Albertson's, Inc.                            632,290            16,914
 Aetna Life and Casualty Co.                  278,743            16,829
 Baxter International, Inc.                   689,560            16,808
 Unocal Corp.                                 602,335            16,790
 American Brands, Inc.                        503,580            16,744
 Philadelphia Electric Co.                    552,504            16,713
*Amgen, Inc.                                  337,202            16,691
 Computer Associates International, Inc.      414,158            16,566
 AMP, Inc.                                    261,993            16,538
 Conagra, Inc.                                626,802            16,532
 Entergy Corp.                                457,404            16,467
 Pitney Bowes, Inc.                           394,213            16,311
 Bankers Trust New York Corp.                 203,878            16,132
*Novell, Inc.                                 781,807            16,125
 The Limited, Inc.                            906,462            15,523
 Deere & Co.                                  209,681            15,516
 The Chase Manhattan Corp.                    457,448            15,496
 American General Corp.                       541,087            15,489
 Houston Industries, Inc.                     324,880            15,472
 Georgia-Pacific Corp.                        224,042            15,403
 Aluminum Co. of America                      220,601            15,304
*Compaq Computer Corp.                        206,284            15,265
 Commonwealth Edison Co.                      533,222            15,064
 Marsh & McLennan, Inc.                       183,144            14,880
 Placer Dome Group, Inc.                      594,242            14,782
 Dean Witter Discover and Co.                 424,593            14,702
 Wachovia Corp.                               432,224            14,480
 UST, Inc.                                    518,596            14,391
 Texas Instruments, Inc.                      226,162            14,361
 The Gap, Inc.                                361,938            14,251
 Central & South West Corp.                   470,537            14,234
 Masco Corp.                                  381,636            14,121
 Corning, Inc.                                502,749            14,077
 Cooper Industries, Inc.                      285,242            14,048
 Suntrust Banks, Inc.                         310,124            13,956
 Rubbermaid, Inc.                             400,460            13,916
 Burlington Resources, Inc.                   325,373            13,788
 Sysco Corp.                                  461,059            13,486
 Pacificorp                                   695,962            13,397
 Conrail, Inc.                                198,620            13,283
 Great Lakes Chemical Corp.                   177,783            13,267
 Salomon, Inc.                                276,235            13,156
 Comcast Corp. Class A                        362,942            13,111
 ccidental Petroleum Corp.                    761,209            13,036
*Cisco Systems, Inc.                          202,100            13,035
 Burlington Northern, Inc.                    221,676            12,829
 Wm. Wrigley, Jr. Co.                         290,677            12,826
 Textron, Inc.                                220,178            12,825
*AMR Corp.                                    188,736            12,645
 Upjohn Co.                                   433,886            12,637
 Air Products & Chemicals, Inc.               284,971            12,610
 Walgreen Co.                                 307,361            12,563
 First Interstate Bancorp.                    194,364            12,464
 Columbia Healthcare Corp.                    373,489            12,419
 Westinghouse Electric Corp.                  876,725            12,384
 Carolina Power & Light Co.                   401,415            12,093
 R.R. Donnelley & Sons Co.                    386,314            12,024
 Quaker Oats Co.                              168,903            11,992
*CNA Financial Corp.                          154,360            11,963
 Hercules, Inc.                               105,859            11,962
 Dayton-Hudson Corp.                          178,446            11,911
 NBD Bancorp, Inc.                            401,072            11,832
 USX-Marathon Group                           715,666            11,808
 Medtronic, Inc.                              142,904            11,736
 Whirlpool Corp.                              175,917            11,698
 Genuine Parts Co.                            310,250            11,673
*Promus Co., Inc.                             255,003            11,666
 Alcan Aluminium Ltd.                         559,153            11,602
*Digital Equipment Corp.                      337,153            11,547
 Nucor Corp.                                  217,064            11,504

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                                                                [Download Table]

                                                                 Market
                                                                  Value
                                               Shares            (000)+
-----------------------------------------------------------------------
                                                                       
 Honeywell, Inc.                              335,456       $    11,489
 Fleet Financial Group, Inc.                  342,625            11,435
 Morton International, Inc.                   121,898            11,397
 Louisiana-Pacific Corp.                      273,987            11,302
-----------------------------------------------------------------------
TOTAL--200 LARGEST STOCKS                                     6,663,938
-----------------------------------------------------------------------
 CIGNA Corp.                                  179,741            11,279
 American Cyanamid Co.                        224,417            11,277
 The Travelers Corp.                          361,631            11,256
 CBS, Inc.                                     38,681            11,159
 Browning-Ferris Industries, Inc.             430,754            11,092
 TRW, Inc.                                    159,498            11,045
 Hershey Foods Corp.                          225,197            11,035
 Detroit Edison Co.                           367,247            11,017
 Illinois Tool Works, Inc.                    281,729            10,987
 Transamerica Corp.                           193,187            10,963
 Lowes Cos., Inc.                             184,045            10,905
 Consolidated Natural Gas Co.                 231,938            10,901
 The Times Mirror Co. Class A                 321,125            10,718
 H & R Block, Inc.                            262,932            10,714
 International Flavors & Fragrances, Inc.      94,189            10,714
 Dillard Department Stores Class A            281,608            10,701
 Melville Corp.                               262,979            10,684
 Lockheed Corp.                               155,586            10,619
 Martin Marietta Corp.                        237,952            10,589
 McDonnell Douglas Corp.                       98,123            10,499
*Price/Costco Inc.                            542,775            10,448
 Amerada Hess Corp.                           231,291            10,437
 Ralston - Ralston Purina Group               259,380            10,310
 Lincoln National Corp.                       234,548            10,203
 Santa Fe Pacific Corp.                       457,201            10,173
 Barnett Banks of Florida, Inc.               243,213            10,093
 Ingersoll-Rand Co.                           262,827            10,053
 Rohm & Haas Co.                              168,934            10,052
 Winn Dixie Stores, Inc.                      187,096            10,033
 The Tribune Co.                              166,610            10,017
 Union Electric Corp.                         255,031            10,010
 Newmont Mining Corp.                         170,826             9,844
*Federal Express Corp.                        137,456             9,742
 St. Paul Cos., Inc.                          105,489             9,481
 W.R. Grace & Co.                             232,634             9,451
 Capital Holding Corp.                        252,464             9,373
 Mattel, Inc.                                 334,810             9,249
*Crown Cork & Seal Co., Inc.                  220,324             9,226
 Baltimore Gas & Electric Co.                 362,618             9,201
 First Fidelity Bancorp.                      200,652             9,130
 Halliburton Co.                              284,923             9,082
 First Chicago Corp.                          207,774             8,986
*UAL Corp.                                     61,048             8,913
 Dow Jones & Co., Inc.                        248,200             8,873
 Eaton Corp.                                  174,113             8,793
 Nike, Inc. Class B                           188,880             8,759
 Syntex Corp.                                 551,715             8,758
 Avon Products, Inc.                          180,018             8,753
 Ohio Edison Co.                              380,998             8,668
 Dover Corp.                                  142,609             8,663
 Pioneer Hi Bred International                223,347             8,655
 Safeco Corp.                                 157,136             8,603
 Phelps Dodge Corp.                           175,638             8,562
 Apple Computer, Inc.                         290,044             8,484
 Union Carbide Corp.                          378,541             8,470
 Mellon Bank Corp.                            159,444             8,451
 Marriott International                       290,756             8,432
*DSC Communications Corp.                     137,277             8,425
 Woolworth Corp.                              329,359             8,357
 McGraw-Hill, Inc.                            123,302             8,338
 Union Camp Corp.                             174,314             8,302
 Fluor Corp.                                  204,705             8,291
 Torchmark Corp.                              184,036             8,282
 MBNA Corp.                                   247,232             8,251
 Knight-Ridder, Inc.                          136,510             8,156
 Newell Co.                                   196,624             7,939
 Hasbro, Inc.                                 218,896             7,935
 Sherwin-Williams Co.                         221,610             7,923
 Tandy Corp.                                  159,317             7,886
 Sun Co., Inc.                                265,886             7,810
 CoreStates Financial Corp.                   298,717             7,804
 Loral Corp.                                  206,651             7,801
 Inco Ltd.                                    290,069             7,796
 Champion International Corp.                 232,286             7,753
 Boatmen's Bancshares, Inc.                   258,758             7,730
 Household International, Inc.                233,964             7,633
 American Stores Co.                          177,185             7,619
 Scott Paper Co.                              184,851             7,602
 Bausch & Lomb, Inc.                          147,516             7,560
 Homestake Mining Co.                         342,684             7,539
 USX-U.S. Steel Group                         172,514             7,483
 Deluxe Corp.                                 206,411             7,482
*Sun Microsystems, Inc.                       255,054             7,428
 VF Corp.                                     160,958             7,424
 W.W. Grainger, Inc.                          127,783             7,348
 Clorox Co.                                   135,211             7,335
*Litton Industries, Inc.                      113,850             7,329
 Coastal Corp.                                260,032             7,313
 Hilton Hotels Corp.                          119,400             7,254
 Northern States Power Co. of Minnesota       166,726             7,190
 Niagara Mohawk Power Corp.                   354,596             7,181
 General Dynamics Corp.                        77,571             7,156
 Dresser Industries, Inc.                     343,514             7,128
 Alco Standard Corp.                          130,056             7,121
 Panhandle Eastern Corp.                      297,778             7,035
 Baker Hughes, Inc.                           350,572             7,011
 Temple-Inland Inc.                           137,942             6,949
 New York Times Co. Class A                   263,990             6,930

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STATEMENT OF NET ASSETS (continued)                                             

                                                                [Download Table]

                                                                 Market
                                                                  Value
                                               Shares            (000)+
-----------------------------------------------------------------------
                                                                       
 Harcourt General, Inc.                       191,048       $     6,925
 Dana Corp.                                   115,403             6,910
-----------------------------------------------------------------------
TOTAL--300 LARGEST STOCKS                                     7,553,187
-----------------------------------------------------------------------
 Delta Air Lines, Inc.                        124,989             6,828
 Reynolds Metals Co.                          149,478             6,783
 Becton, Dickinson & Co.                      188,533             6,764
 Nordstrom, Inc.                              204,834             6,708
 The Mead Corp.                               147,422             6,634
 Great Western Financial Corp.                328,412             6,568
 Nalco Chemical, Inc.                         172,326             6,462
 IMCERA Group, Inc.                           191,310             6,433
 SuperValu, Inc.                              177,332             6,428
 Premark International, Inc.                   79,532             6,382
 Reebok International Ltd.                    210,896             6,327
 Sonat, Inc.                                  217,104             6,269
 Williams Cos., Inc.                          256,712             6,257
 Golden West Financial Corp.                  159,792             6,232
 American Greetings Corp. Class A             184,459             6,225
 U.S. Bancorp                                 248,181             6,205
 Pennzoil Co.                                 114,513             6,098
 Bank of Boston Corp.                         263,334             6,057
 Interpublic Group of Cos., Inc.              187,757             6,008
 Brown-Forman Corp. Class B                    68,808             6,003
 Borden, Inc.                                 352,138             5,986
 Tyco International Ltd.                      115,711             5,974
*Lotus Development Corp.                      108,594             5,946
 Westvaco Corp.                               166,823             5,943
 Cyprus Amax                                  228,399             5,910
 Roadway Services, Inc.                        98,313             5,899
 Jefferson-Pilot Corp.                        125,671             5,891
 Englehard Corp.                              239,979             5,849
 Kerr-McGee Corp.                             129,018             5,822
 National Medical Enterprises, Inc.           414,271             5,800
 H.F. Ahmanson & Co.                          291,686             5,724
 Praxair, Inc.                                334,393             5,559
 Service Corp. International                  209,564             5,501
 McKesson Corp.                               100,595             5,432
*ALZA Corp.                                   193,604             5,421
*The Kroger Co.                               267,778             5,389
 Johnson Controls, Inc.                       100,839             5,357
 TJX Cos., Inc.                               183,223             5,336
 Pall Corp.                                   289,806             5,325
 Cooper Tire & Rubber Co.                     208,660             5,217
 Circuit City Stores, Inc.                    239,708             5,214
 Ethyl Corp.                                  295,806             5,177
*Unisys Corp.                                 406,629             5,134
 Paccar, Inc.                                  84,359             5,125
 Ashland Oil, Inc.                            149,794             5,112
 Shawmut National Corp.                       234,672             5,104
 Ryder System, Inc.                           191,274             5,069
 Pacific Enterprises                          209,560             4,977
 Cummins Engine Co., Inc.                      92,565             4,975
 The Stanley Works                            111,376             4,956
 Beneficial Corp.                             129,340             4,947
 Armstrong World Industries Inc.               92,762             4,940
 Gerber Products Co.                          173,098             4,912
 Echlin, Inc.                                 145,559             4,840
 Maytag Corp.                                 267,546             4,816
 Moore Corp. Ltd.                             248,495             4,752
*Owens-Corning Fiberglas Corp.                106,796             4,739
 The Dial Corp.                               117,232             4,733
*Bethlehem Steel Corp.                        227,343             4,632
 Liz Claiborne, Inc.                          203,077             4,620
 Parker Hannifin Corp.                        121,373             4,582
 Northrop Corp.                               122,090             4,563
 Pet, Inc.                                    260,050             4,551
 Harris Corp.                                  99,607             4,532
 Worthington Industries, Inc.                 225,545             4,511
*National Semiconductor Corp.                 277,024             4,467
 Whitman Corp.                                267,296             4,344
*Navistar International Corp.                 182,744             4,317
 Wendys International, Inc.                   247,853             4,306
 Brunswick Corp.                              237,559             4,276
 Avery Dennison Corp.                         145,125             4,263
*FMC Corp.                                     89,835             4,233
 Perkin-Elmer Corp.                           109,795             4,227
 Oryx Energy Co.                              242,031             4,175
*Computer Sciences Corp.                       41,830             4,162
 Black & Decker Corp.                         209,178             4,131
*Advanced Micro Devices, Inc.                 227,410             4,037
 General Signal Corp.                         117,395             4,035
 Snap-On Tools Corp.                          106,444             4,032
*Varity Corp.                                  89,281             3,995
 Pep Boys (Manny, Moe & Jack)                 152,049             3,991
 Polaroid Corp.                               116,855             3,944
 Raychem Corp.                                104,649             3,924
 James River Corp.                            203,843             3,924
 Giant Food, Inc. Class A                     149,147             3,841
 NICOR, Inc.                                  137,108             3,839
 Continental Corp.                            137,781             3,806
 PSI Resources, Inc.                          142,029             3,764
 Allergan, Inc.                               165,334             3,741
 E-Systems, Inc.                               84,403             3,661
 Teledyne Inc.                                138,509             3,601
 Echo Bay Mines Ltd.                          279,034             3,593
*King World Productions, Inc.                  93,024             3,570
 Ecolab, Inc.                                  78,715             3,542
 McDermott International, Inc.                132,785             3,519
 Manor Care Inc.                              143,589             3,500
 Rite Aid Corp.                               220,067             3,494
 Potlatch Corp.                                72,913             3,436
 Mercantile Stores Co., Inc.                   92,078             3,338
 Grumman Corp.                                 84,393             3,334
-----------------------------------------------------------------------
TOTAL--400 LARGEST STOCKS                                     8,052,014
-----------------------------------------------------------------------

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                                                                 Market
                                                                  Value
                                               Shares            (000)+
-----------------------------------------------------------------------
                                                                       
*Inland Steel Industries, Inc.                100,497      $      3,329
 Louisiana Land & Exploration Co.              82,767             3,321
 Centex Corp.                                  78,506             3,297
 C.R. Bard, Inc.                              129,910             3,280
 National Service Industries, Inc.            123,642             3,168
 United States Surgical Corp.                 140,235             3,155
 USF&G Corp.                                  211,987             3,127
 Scientific-Atlanta, Inc.                      93,061             3,071
*Tandem Computers, Inc.                       282,062             3,067
 St. Jude Medical, Inc.                       115,780             3,039
 Bemis Co., Inc.                              127,737             3,018
 Charming Shoppes, Inc.                       256,763             3,017
 Foster Wheeler Corp.                          89,046             2,983
 Briggs & Stratton Corp.                       36,134             2,981
*Biomet, Inc.                                 288,483             2,957
 Pittston Services Group                      101,281             2,925
 Russell Corp.                                102,380             2,892
*Columbia Gas Systems, Inc.                   126,024             2,820
 Millipore Corp.                               69,731             2,789
 Thomas & Betts Corp.                          47,216             2,762
 Fleetwood Enterprises, Inc.                  114,078             2,709
*Beverly Enterprises Inc.                     203,819             2,701
 ENSERCH Corp.                                165,737             2,693
 Autodesk, Inc.                                59,791             2,691
 Peoples Energy Corp.                          86,990             2,653
 EG & G, Inc.                                 142,953             2,627
 The Timkin Co.                                76,657             2,578
 The BF Goodrich Co.                           64,010             2,576
 Great Atlantic & Pacific Tea Co., Inc.        95,410             2,576
 Pulte Corp.                                   68,712             2,491
 Ogden Corp.                                  108,457             2,467
 Arkla, Inc.                                  304,856             2,401
 Asarco, Inc.                                 103,822             2,375
*Shoney's Inc.                                101,307             2,343
 Safety-Kleen Corp.                           143,963             2,339
 Fleming Cos., Inc.                            92,776             2,296
*Clark Equipment Co.                           43,400             2,273
 Ball Corp.                                    74,082             2,241
 Jostens Inc.                                 113,406             2,240
 Boise Cascade Corp.                           94,810             2,228
 Federal Paper Board Co., Inc.                104,679             2,224
 Trinova Corp.                                 70,745             2,220
 USLIFE Corp.                                  56,502             2,168
 Giddings & Lewis, Inc.                        84,914             2,144
*Ceridian Corp.                               110,302             2,096
*Consolidated Freightways, Inc.                88,190             2,084
 Kaufman & Broad Home Corp.                    86,674             2,059
 Stride Rite Corp.                            125,587             2,057
 Santa Fe Energy Resources Inc.               223,776             2,014
 Alexander & Alexander Services, Inc.         102,713             2,003
 Morrison-Knudsen Co., Inc.                    78,951             1,984
*USAir Group, Inc.                            147,339             1,897
*Rowan Cos., Inc.                             209,257             1,883
 Crane Co.                                     74,804             1,851
 Cincinnati Milacron, Inc.                     83,544             1,838
*Maxus Energy Corp.                           333,847             1,836
 Tektronix, Inc.                               76,344             1,794
 Yellow Corp.                                  69,995             1,741
 Helmerich & Payne, Inc.                       61,544             1,716
*Stone Container Corp.                        177,836             1,712
 Amdahl Corp.                                 284,941             1,710
 Bruno's Inc.                                 194,952             1,706
*Cray Research, Inc.                           65,609             1,681
 Longs Drug Stores, Inc.                       51,140             1,681
 John H. Harland Co.                           76,777             1,660
 Alberto-Culver Co. Class B                    71,688             1,658
 Springs Industries Inc. Class A               43,853             1,655
*Andrew Corp.                                  41,580             1,580
*Armco, Inc.                                  258,975             1,554
 Luby's Cafeterias, Inc.                       67,826             1,526
 Adolph Coors Co. Class B                      95,050             1,521
 Brown Group, Inc.                             43,765             1,515
 Community Psychiatric Centers                106,969             1,498
 Meredith Corp.                                36,942             1,478
 Eastern Enterprises                           56,479             1,440
 Harnischfeger Industries Inc.                 63,355             1,426
 Transco Energy Co.                           100,546             1,420
 Shared Medical Systems Corp.                  56,412             1,403
 Bassett Furniture Industries, Inc.            36,078             1,263
 Oneok, Inc.                                   66,481             1,255
*Intergraph Corp.                             114,442             1,202
*Ryan's Family Steak Houses, Inc.             133,352             1,200
 NACCO Industries, Inc. Class A                22,364             1,152
 Handleman Co.                                 83,263             1,103
 Outboard Marine Corp.                         49,047             1,097
*Bally Manufacturing Corp.                    116,771               993
 Rollins Environmental Services, Inc.         149,697               861
 Zurn Industries, Inc.                         31,036               850
*Data General Corp.                            87,133               817
 Oshkosh B Gosh, Inc. Class A                  36,356               709
 First Mississippi Corp.                       50,036               657
 SPX Corp.                                     34,612               614
*Zenith Electronics Corp.                      85,114               596
*National Intergroup, Inc.                     43,385               575
*Hartmarx Corp.                                79,497               556
 Skyline Corp.                                 28,145               556
*M/A-Com, Inc.                                 62,414               538
*N L Industries, Inc.                         115,355               519
*National Education Corp.                      73,427               459
*Fedders Corp.                                 50,457               322
*Genesco, Inc.                                 57,822               304
 Comcast Corp. Class A Special                  3,767               135

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STATEMENT OF NET ASSETS (continued)                                             

                                                                [Download Table]

                                                                 Market 
                                                                  Value 
                                                                 (000)+ 
----------------------------------------------------------------------- 
                                                                        
TOTAL COMMON STOCKS (99.7%)(1)                                          
 (Cost $7,011,642)                                           $8,248,276 
----------------------------------------------------------------------- 
TEMPORARY CASH INVESTMENTS (.3%)                                        
----------------------------------------------------------------------- 
                                                 Face                   
                                               Amount                   
                                                (000)                   
                                                -----                   
U.S. TREASURY BILL--Note D                                              
 3.06%, 3/24/94                                $2,000             1,986 
REPURCHASE AGREEMENT                                                    
 Collateralized by U.S. Government                                      
    Obligations in a Pooled Cash                                        
    Account 3.26%, 1/3/94                      23,290            23,290 
----------------------------------------------------------------------- 
TOTAL TEMPORARY CASH                                                    
 INVESTMENTS (Cost $25,276)                                      25,276 
----------------------------------------------------------------------- 
TOTAL INVESTMENTS (100%)                                                
 (Cost $7,036,918)                                            8,273,552 
----------------------------------------------------------------------- 
OTHER ASSETS AND LIABILITIES                                            
----------------------------------------------------------------------- 
 Other Assets--Notes B and E                                     85,075 
 Liabilities--Note E                                            (85,930)
                                                               -------- 
                                                                   (855)
----------------------------------------------------------------------- 
NET ASSETS (100%)                                                       
----------------------------------------------------------------------- 
 Applicable to 188,757,876 outstanding                                  
   shares of beneficial interest                                        
   (unlimited authorization)                                 $8,272,697 
----------------------------------------------------------------------- 
NET ASSET VALUE PER SHARE                                        $43.83 
======================================================================= 

+See Note A to Financial Statements.                                            
*Non-Income Producing Security.                                                 
(1)The combined market value of common stocks and Standard & Poor's 500 Index   
futures contracts represents 99.9% of net assets.                         

                                                                [Download Table]

-----------------------------------------------------------------------
AT DECEMBER 31, 1993, NET ASSETS CONSISTED OF:                         
-----------------------------------------------------------------------
                                               Amount               Per
                                                (000)             Share
                                                -----             -----
                                                                       
  Paid in Capital--Note G                  $7,013,150            $37.16
  Undistributed Net Investment Income           7,956               .04
  Accumulated Net Realized Gains--Note G       14,958               .08
  Unrealized Appreciation of Investments    1,236,633              6.55
-----------------------------------------------------------------------
NET ASSETS                                 $8,272,697            $43.83
-----------------------------------------------------------------------

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STATEMENT OF OPERATIONS                                                         

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                                                                                                  EXTENDED 
                                                          500 PORTFOLIO                   MARKET PORTFOLIO 
---------------------------------------------------------------------------------------------------------- 
                                                             Year Ended                         Year Ended 
                                                      December 31, 1993                  December 31, 1993 
                                                                  (000)                              (000) 
---------------------------------------------------------------------------------------------------------- 
                                                                                                           
INVESTMENT INCOME                                                                                          
INCOME                                                                                                     
  Dividends . . . . . . . . . . . . . . . .                    $213,809                            $11,584 
  Interest    . . . . . . . . . . . . . . .                       1,284                                440 
---------------------------------------------------------------------------------------------------------- 
            Total Income  . . . . . . . . .                     215,093                             12,024 
---------------------------------------------------------------------------------------------------------- 
EXPENSES                                                                                                   
  The Vanguard Group--Note B                                                                               
      Management and Administrative . . . .        $11,398                         $1,062                  
      Marketing and Distribution  . . . . .          2,026       13,424               163            1,225 
                                                     -----                            ---                  
  Taxes (other than income taxes)--Note A .                         285                                 25 
  Custodians' Fees  . . . . . . . . . . . .                         154                                 91 
  Auditing Fees . . . . . . . . . . . . . .                          22                                 10 
  Shareholders' Reports . . . . . . . . . .                         514                                 40 
  Annual Meeting and Proxy Costs  . . . . .                          95                                 10 
  Trustees' Fees and Expenses . . . . . . .                          24                                  2 
---------------------------------------------------------------------------------------------------------- 
            Total Expenses  . . . . . . . .                      14,518                              1,403 
---------------------------------------------------------------------------------------------------------- 
              Net Investment Income . . . .                     200,575                             10,621 
---------------------------------------------------------------------------------------------------------- 
REALIZED NET GAIN (LOSS)--Note C                                                                           
  Investment Securities Sold  . . . . . . .                     171,960                             15,131 
  Options Contracts . . . . . . . . . . . .                          --                               (125)
  Futures Contracts . . . . . . . . . . . .                       1,095                                796 
---------------------------------------------------------------------------------------------------------- 
              Realized Net Gain (Loss)  . .                     173,055                             15,802 
---------------------------------------------------------------------------------------------------------- 
CHANGE IN UNREALIZED APPRECIATION                                                                          
 (DEPRECIATION)--Notes C and D                                                                             
  Investment Securities . . . . . . . . . .                     339,300                             65,699 
  Options Contracts . . . . . . . . . . . .                          --                                 -- 
  Futures Contracts . . . . . . . . . . . .                         (21)                               (36)
---------------------------------------------------------------------------------------------------------- 
              Change in Unrealized Appreciation                                                            
                (Depreciation)  . . . . . .                     339,279                             65,663 
---------------------------------------------------------------------------------------------------------- 
              Net Increase in Net Assets Resulting                                                         
                from Operations . . . . . .                    $712,909                            $92,086 
========================================================================================================== 
The Statements of Net Assets for the Extended Market, Total Stock Market, Growth, and Value Portfolios, an 
integral part of the financial statements for each Portfolio, and the Report of Independent Accountants,   
are included as an insert to this Report.                                                                  

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STATEMENT OF OPERATIONS (continued)                                             

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                                                      TOTAL STOCK              GROWTH               VALUE 
                                                 MARKET PORTFOLIO           PORTFOLIO           PORTFOLIO 
----------------------------------------------------------------------------------------------------------
                                                       Year Ended          Year Ended          Year Ended 
                                                December 31, 1993   December 31, 1993   December 31, 1993 
                                                            (000)               (000)               (000) 
----------------------------------------------------------------------------------------------------------
                                                                                                          
INVESTMENT INCOME                                                                                         
  INCOME                                                                                                  
    Dividends . . . . . . . . . . . . . . . .             $10,073                $933              $3,940 
    Interest  . . . . . . . . . . . . . . . .                 381                  19                  86 
----------------------------------------------------------------------------------------------------------
        Total Income  . . . . . . . . . . . .              10,454                 952               4,026 
----------------------------------------------------------------------------------------------------------
  EXPENSES                                                                                                
    The Vanguard Group--Note B                                                                            
        Management and Administrative . . . .     $612                 $54               $165             
        Marketing and Distribution  . . . . .      109        721        9         63      20         185 
    Taxes (other than income taxes)--Note A .     ----         12      ---          1    ----           1 
    Custodians' Fees  . . . . . . . . . . . .                  49                   9                  30 
    Auditing Fees . . . . . . . . . . . . . .                   9                   8                   8 
    Shareholders' Reports . . . . . . . . . .                  34                   4                   6 
    Annual Meeting and Proxy Costs  . . . . .                   6                   1                   2 
    Trustees' Fees and Expenses . . . . . . .                   1                  --                  -- 
----------------------------------------------------------------------------------------------------------
        Total Expenses  . . . . . . . . . . .                 832                  86                 232 
----------------------------------------------------------------------------------------------------------
             Net Investment Income  . . . . .               9,622                 866               3,794 
----------------------------------------------------------------------------------------------------------
REALIZED NET GAIN (LOSS)--Note C                                                                          
    Investment Securities Sold  . . . . . . .                 402                (614)              3,321 
    Options Contracts . . . . . . . . . . . .                  --                  --                  -- 
    Futures Contracts . . . . . . . . . . . .                 653                  --                  -- 
----------------------------------------------------------------------------------------------------------
             Realized Net Gain (Loss) . . . .               1,055                (614)              3,321 
----------------------------------------------------------------------------------------------------------
CHANGE IN UNREALIZED APPRECIATION                                                                         
  (DEPRECIATION)--Notes C and D                                                                           
  Investment Securities . . . . . . . . . . .              31,293                 788               7,602 
  Options Contracts . . . . . . . . . . . . .                  --                  --                  -- 
  Futures Contracts . . . . . . . . . . . . .                 (11)                 --                  -- 
----------------------------------------------------------------------------------------------------------
             Change in Unrealized                                                                         
               Appreciation (Depreciation)  .              31,282                 788               7,602 
----------------------------------------------------------------------------------------------------------
             Net Increase in Net Assets                                                                   
               Resulting from Operations  . .             $41,959              $1,040             $14,717 
==========================================================================================================

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STATEMENT OF CHANGES IN NET ASSETS                                              

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                                                                                                        EXTENDED 
                                                             500 PORTFOLIO                      MARKET PORTFOLIO 
---------------------------------------------------------------------------------------------------------------- 
                                            YEAR ENDED          Year Ended         YEAR ENDED         Year Ended 
                                          DECEMBER 31,        December 31,       DECEMBER 31,       December 31, 
                                                  1993                1992               1993               1992 
                                                 (000)               (000)              (000)              (000) 
---------------------------------------------------------------------------------------------------------------- 
                                                                                                                 
INCREASE IN NET ASSETS                                                                                           
OPERATIONS                                                                                                       
  Net Investment Income . . . . . . . .    $   200,575         $   151,214          $  10,621         $    8,034 
  Realized Net Gain (Loss)--Note C  . .        173,055              91,877             15,802              3,702 
  Change in Unrealized Appreciation                                                                              
     (Depreciation)--Notes C and D  . .        339,279             196,750             65,663             45,576 
---------------------------------------------------------------------------------------------------------------- 
         Net Increase in Net Assets                                                                              
           Resulting from Operations  .        712,909             439,841             92,086             57,312 
---------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS (1)                                                                                                
  Net Investment Income . . . . . . . .       (205,138)           (161,732)           (10,600)            (8,231)
  Realized Net Gain . . . . . . . . . .         (5,173)            (15,688)            (9,116)            (5,451)
---------------------------------------------------------------------------------------------------------------- 
         Total Distributions  . . . . .       (210,311)           (177,420)           (19,716)           (13,682)
---------------------------------------------------------------------------------------------------------------- 
NET EQUALIZATION CREDITS--Note A  . . .          5,377              11,213                 --                 -- 
---------------------------------------------------------------------------------------------------------------- 
CAPITAL SHARE TRANSACTIONS (2)                                                                                   
  Issued      -- Regular  . . . . . . .      2,390,015           2,411,104            193,349            171,666 
              -- In Lieu of Cash                                                                                 
                   Distributions  . . .        186,995             157,427             17,892             12,038 
              -- Exchange . . . . . . .        415,159             464,202            195,523             53,215 
  Redeemed    -- Regular  . . . . . . .     (1,262,521)           (775,365)           (69,797)           (31,017)
              -- Exchange . . . . . . .       (512,215)           (329,048)           (66,211)           (37,055)
---------------------------------------------------------------------------------------------------------------- 
         Net Increase from                                                                                       
           Capital Share Transactions .      1,217,433           1,928,320            270,756            168,847 
---------------------------------------------------------------------------------------------------------------- 
         Total Increase . . . . . . . .      1,725,408           2,201,954            343,126            212,477 
---------------------------------------------------------------------------------------------------------------- 
NET ASSETS                                                                                                       
    Beginning of Period . . . . . . . .      6,547,289           4,345,335            584,845            372,368 
---------------------------------------------------------------------------------------------------------------- 
    End of Period (3) . . . . . . . . .     $8,272,697          $6,547,289           $927,971           $584,845 
================================================================================================================ 
  (1)Distributions Per Share                                                                                     
     Net Investment Income  . . . . . .     $     1.13          $     1.12       $        .23       $        .25 
     Realized Net Gain  . . . . . . . .     $      .03          $      .10       $        .20       $        .18 
---------------------------------------------------------------------------------------------------------------- 
  (2)Shares Issued and Redeemed                                                                                  
     Issued     . . . . . . . . . . . .         66,438              73,543             20,530             13,719 
     Issued in Lieu of Cash                                                                                      
         Distributions  . . . . . . . .          4,353               3,952                929                710 
     Redeemed . . . . . . . . . . . . .        (41,844)            (28,210)            (7,408)            (4,252)
---------------------------------------------------------------------------------------------------------------- 
                                                28,947              49,285             14,051             10,177 
---------------------------------------------------------------------------------------------------------------- 
  (3)Undistributed (Overdistributed)                                                                             
     Net Investment Income  . . . . . .     $    7,956           $   7,192        $      (147)       $      (168)
---------------------------------------------------------------------------------------------------------------- 

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STATEMENT OF CHANGES IN NET ASSETS (continued)                                  

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                                                               TOTAL STOCK                                       
                                                          MARKET PORTFOLIO                      GROWTH PORTFOLIO 
---------------------------------------------------------------------------------------------------------------- 
                                            YEAR ENDED         March 16 to         YEAR ENDED      November 2 to 
                                          DECEMBER 31,        December 31,       DECEMBER 31,       December 31, 
                                                  1993                1992               1993               1992 
                                                 (000)               (000)              (000)              (000) 
---------------------------------------------------------------------------------------------------------------- 
                                                                                                                 
INCREASE IN NET ASSETS                                                                                           
OPERATIONS                                                                                                       
  Net Investment Income . . . . . . . .     $    9,622          $    3,465          $     866         $       45 
  Realized Net Gain (Loss)--Note C  . .          1,055                 188               (614)                12 
  Change in Unrealized Appreciation                                                                              
    (Depreciation)--Notes C and D . . .         31,282              16,873                788                112 
---------------------------------------------------------------------------------------------------------------- 
         Net Increase in Net Assets                                                                              
           Resulting from Operations  .         41,959              20,526              1,040                169 
---------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS (1)                                                                                                
  Net Investment Income . . . . . . . .        (10,140)             (5,315)              (931)              (112)
  Realized Net Gain . . . . . . . . . .         (1,183)                 --                 --                 -- 
---------------------------------------------------------------------------------------------------------------- 
         Total Distributions  . . . . .        (11,323)             (5,315)              (931)              (112)
---------------------------------------------------------------------------------------------------------------- 
NET EQUALIZATION CREDITS--Note A  . . .            563               1,763                 56                 61 
---------------------------------------------------------------------------------------------------------------- 
CAPITAL SHARE TRANSACTIONS (2)                                                                                   
  Issued      -- Regular  . . . . . . .        242,858             167,165             33,148              9,463 
              -- In Lieu of Cash                                                                                 
                   Distributions  . . .          9,421               4,821                828                101 
              -- Exchange . . . . . . .         37,291             103,519             19,111             11,717 
  Redeemed    -- Regular  . . . . . . .        (33,241)             (6,232)            (7,457)               (19)
              -- Exchange . . . . . . .        (50,647)            (10,846)           (16,269)              (282)
---------------------------------------------------------------------------------------------------------------- 
         Net Increase from                                                                                       
           Capital Share Transactions .        205,682             258,427             29,361             20,980 
---------------------------------------------------------------------------------------------------------------- 
         Total Increase . . . . . . . .        236,881             275,401             29,526             21.098 
---------------------------------------------------------------------------------------------------------------- 
NET ASSETS                                                                                                       
  Beginning of Period . . . . . . . . .        275,401                  --             21,098                 -- 
---------------------------------------------------------------------------------------------------------------- 
  End of Period (3) . . . . . . . . . .       $512,282            $275,401            $50,624            $21,098 
================================================================================================================ 
  (1)Distributions Per Share                                                                                     
     Net Investment Income  . . . . . .   $        .26        $        .23         $      .21         $      .06 
     Realized Net Gain  . . . . . . . .   $        .03                  --                 --                 -- 
---------------------------------------------------------------------------------------------------------------- 
  (2)Shares Issued and Redeemed                                                                                  
     Issued     . . . . . . . . . . . .         25,030              26,620              5,217              2,076 
     Issued in Lieu of Cash                                                                                      
         Distributions  . . . . . . . .            829                 450                 83                 10 
     Redeemed . . . . . . . . . . . . .         (7,435)             (1,669)            (2,393)               (29)
---------------------------------------------------------------------------------------------------------------- 
                                                18,424              25,401              2,907              2,057 
---------------------------------------------------------------------------------------------------------------- 
  (3)Undistributed (Overdistributed)                                                                             
       Net Investment Income  . . . . .    $       (42)        $       (87)       $       (15)      $         (6)
---------------------------------------------------------------------------------------------------------------- 

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                                                        [Enlarge/Download Table]

                                                                               VALUE PORTFOLIO 
---------------------------------------------------------------------------------------------- 
                                                            YEAR ENDED           November 2 to 
                                                     DECEMBER 31, 1993       December 31, 1992 
                                                                 (000)                   (000) 
---------------------------------------------------------------------------------------------- 
                                                                                               
INCREASE IN NET ASSETS                                                                         
OPERATIONS                                                                                     
  Net Investment Income . . . . . . . . . . . . . . . . .   $    3,794              $       61 
  Realized Net Gain (Loss)--Note C  . . . . . . . . . . .        3,321                      14 
  Change in Unrealized Appreciation                                                            
    (Depreciation)--Note C  . . . . . . . . . . . . . . .        7,602                     385 
---------------------------------------------------------------------------------------------- 
         Net Increase in Net Assets                                                            
           Resulting From Operations  . . . . . . . . . .       14,717                     460 
---------------------------------------------------------------------------------------------- 
DISTRIBUTIONS (1)                                                                              
  Net Investment Income . . . . . . . . . . . . . . . . .       (4,753)                   (149)
  Realized Net Gain . . . . . . . . . . . . . . . . . . .         (941)                     -- 
---------------------------------------------------------------------------------------------- 
         Total Distributions  . . . . . . . . . . . . . .       (5,694)                   (149)
---------------------------------------------------------------------------------------------- 
NET EQUALIZATION CREDITS--Note A  . . . . . . . . . . . .          925                      93 
---------------------------------------------------------------------------------------------- 
CAPITAL SHARE TRANSACTIONS (2)                                                                 
     Issued   -- Regular  . . . . . . . . . . . . . . . .       97,039                  11,143 
              -- In Lieu of Cash Distributions  . . . . .        5,139                     133 
              -- Exchange . . . . . . . . . . . . . . . .       96,804                  12,413 
     Redeemed -- Regular  . . . . . . . . . . . . . . . .      (13,743)                    (60)
              -- Exchange . . . . . . . . . . . . . . . .      (28,619)                   (490)
---------------------------------------------------------------------------------------------- 
         Net Increase from Capital Share Transactions . .      156,620                  23,139 
---------------------------------------------------------------------------------------------- 
         Total Increase . . . . . . . . . . . . . . . . .      166,568                  23,543 
---------------------------------------------------------------------------------------------- 
NET ASSETS                                                                                     
  Beginning of Period . . . . . . . . . . . . . . . . . .       23,543                      -- 
---------------------------------------------------------------------------------------------- 
  End of Period (3) . . . . . . . . . . . . . . . . . . .     $190,111                 $23,543 
============================================================================================== 
  (1)Distributions Per Share                                                                   
     Net Investment Income  . . . . . . . . . . . . . . . $        .38              $      .07 
     Realized Net Gain  . . . . . . . . . . . . . . . . . $        .06                      -- 
---------------------------------------------------------------------------------------------- 
  (2)Shares Issued and Redeemed                                                                
     Issued     . . . . . . . . . . . . . . . . . . . . .       17,153                   2,328 
     Issued in Lieu of Cash Distributions . . . . . . . .          439                      13 
     Redeemed . . . . . . . . . . . . . . . . . . . . . .       (3,680)                    (55)
---------------------------------------------------------------------------------------------- 
                                                                13,912                   2,286 
---------------------------------------------------------------------------------------------- 
  (3)Undistributed (Overdistributed) Net Investment                                            
     Income  . . . . . . . . . . . . . . . . . . . . . . $         (29)            $         5 
---------------------------------------------------------------------------------------------- 

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FINANCIAL HIGHLIGHTS                                                            

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                                                                                    500 PORTFOLIO                      
---------------------------------------------------------------------------------------------------------------------- 
                                                                               Year Ended December 31,                 
                                                                               -----------------------                 
For a Share Outstanding Throughout Each Year                      1993        1992        1991        1990        1989 
---------------------------------------------------------------------------------------------------------------------- 
                                                                                                                       
NET ASSET VALUE, BEGINNING OF YEAR  . . . . . . . . . . .       $40.97      $39.32      $31.24      $33.64      $27.18 
                                                                ------      ------      ------      ------      ------ 
INVESTMENT OPERATIONS                                                                                                  
  Net Investment Income . . . . . . . . . . . . . . . . .         1.13        1.12        1.15        1.17        1.20 
  Net Realized and Unrealized Gain (Loss) on Investments          2.89        1.75        8.20      (2.30)        7.21 
                                                                  ----        ----        ----      ------        ---- 
     TOTAL FROM INVESTMENT OPERATIONS   . . . . . . . . .         4.02        2.87        9.35      (1.13)        8.41 
---------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS                                                                                                          
  Dividends from Net Investment Income  . . . . . . . . .        (1.13)      (1.12)      (1.15)      (1.17)      (1.20)
  Distributions from Realized Capital Gains . . . . . . .         (.03)       (.10)       (.12)       (.10)       (.75)
                                                                 -----       -----       -----       -----       ----- 
     TOTAL DISTRIBUTIONS  . . . . . . . . . . . . . . . .        (1.16)      (1.22)      (1.27)      (1.27)      (1.95)
---------------------------------------------------------------------------------------------------------------------- 
NET ASSET VALUE, END OF YEAR  . . . . . . . . . . . . . .       $43.83      $40.97      $39.32      $31.24      $33.64 
=======================================================================================================================
TOTAL RETURN*   . . . . . . . . . . . . . . . . . . . . .       +9.89%      +7.42%     +30.22%      -3.32%     +31.36% 
---------------------------------------------------------------------------------------------------------------------- 
RATIOS/SUPPLEMENTAL DATA                                                                                               
------------------------                                                                                               
Net Assets, End of Year (Millions)  . . . . . . . . . . .       $8,273      $6,547      $4,345      $2,173      $1,804 
Ratio of Expenses to Average Net Assets . . . . . . . . .         .19%        .19%        .20%        .22%        .21% 
Ratio of Net Investment Income to Average Net Assets  . .        2.65%       2.81%       3.07%       3.60%       3.62% 
Portfolio Turnover Rate . . . . . . . . . . . . . . . . .           6%+         4%+         5%+        23%+         8% 
---------------------------------------------------------------------------------------------------------------------- 

*Total return figures do not reflect the annual account maintenance fee of $10.                                        

+Portfolio turnover rates excluding in-kind redemptions were 2%, 1%, 1%, and 6%, respectively.                         

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                                                        [Enlarge/Download Table]

                                                                               Extended Market Portfolio               
---------------------------------------------------------------------------------------------------------------------- 
                                                                                Year Ended December 31,                
                                                                                -----------------------                
For a Share Outstanding Throughout Each Year                      1993        1992        1991        1990        1989 
---------------------------------------------------------------------------------------------------------------------- 
                                                                                                                       
NET ASSET VALUE, BEGINNING OF YEAR  . . . . . . . . . . .       $17.35      $15.82      $11.48      $13.92      $11.60 
                                                                ------      ------      ------      ------      ------ 
INVESTMENT OPERATIONS                                                                                                  
  Net Investment Income . . . . . . . . . . . . . . . . .          .23         .24         .25         .30         .26 
  Net Realized and Unrealized Gain (Loss) on Investments          2.28        1.72        4.54       (2.25)       2.52 
                                                                  ----        ----        ----      ------        ---- 
         TOTAL FROM INVESTMENT OPERATIONS   . . . . . . .         2.51        1.96        4.79       (1.95)       2.78 
---------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS                                                                                                          
  Dividends from Net Investment Income  . . . . . . . . .         (.23)       (.25)       (.25)       (.33)       (.23)
  Distributions from Realized Capital Gains . . . . . . .         (.20)       (.18)       (.20)       (.16)       (.23)
                                                                 -----       -----       -----       -----       ----- 
         TOTAL DISTRIBUTIONS  . . . . . . . . . . . . . .         (.43)       (.43)       (.45)       (.49)       (.46)
---------------------------------------------------------------------------------------------------------------------- 
NET ASSET VALUE, END OF YEAR  . . . . . . . . . . . . . .       $19.43      $17.35      $15.82      $11.48      $13.92 
====================================================================================================================== 
TOTAL RETURN*   . . . . . . . . . . . . . . . . . . . . .      +14.49%     +12.47%     +41.85%     -14.05%     +24.10% 
---------------------------------------------------------------------------------------------------------------------- 
RATIOS/SUPPLEMENTAL DATA                                                                                               
------------------------                                                                                               
Net Assets, End of Year (Millions)  . . . . . . . . . . .         $928        $585        $372        $179        $147 
Ratio of Expenses to Average Net Assets . . . . . . . . .         .20%        .20%        .19%        .23%        .23% 
Ratio of Net Investment Income to Average Net Assets  . .        1.48%       1.73%       2.14%       2.68%       2.92% 
Portfolio Turnover Rate . . . . . . . . . . . . . . . . .          13%          9%         11%          9%         14% 
---------------------------------------------------------------------------------------------------------------------- 

*Total return figures do not reflect the 1% transaction fee on purchases or the 
annual account maintenance fee of $10.                                          
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FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]


                                                                     TOTAL STOCK MARKET PORTFOLIO 
------------------------------------------------------------------------------------------------- 
                                                                  YEAR ENDED            March 16- 
For a Share Outstanding Throughout Each Period             DECEMBER 31, 1993    December 31, 1992 
------------------------------------------------------------------------------------------------- 
                                                                                                  
NET ASSET VALUE, BEGINNING OF PERIOD  . . . . . . . . . .             $10.84               $10.00 
INVESTMENT OPERATIONS                                                                             
  Net Investment Income . . . . . . . . . . . . . . . . .                .26                  .23 
  Net Realized and Unrealized Gain (Loss) on Investments.                .88                  .84 
     TOTAL FROM INVESTMENT OPERATIONS   . . . . . . . . .               1.14                 1.07 
------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS                                                                                     
  Dividends from Net Investment Income  . . . . . . . . .               (.26)                (.23)
  Distributions from Realized Capital Gains . . . . . . .               (.03)                  -- 
     TOTAL DISTRIBUTIONS  . . . . . . . . . . . . . . . .               (.29)                (.23)
------------------------------------------------------------------------------------------------- 
NET ASSET VALUE, END OF PERIOD  . . . . . . . . . . . . .             $11.69               $10.84 
==================================================================================================
TOTAL RETURN**  . . . . . . . . . . . . . . . . . . . . .            +10.62%              +10.41% 
------------------------------------------------------------------------------------------------- 
RATIOS/SUPPLEMENTAL DATA                                                                          
------------------------                                                                          
Net Assets, End of Period (Millions)  . . . . . . . . . .               $512                 $275 
Ratio of Expenses to Average Net Assets . . . . . . . . .               .20%                 .21%*
Ratio of Net Investment Income to Average Net Assets  . .              2.31%                2.42%*
Portfolio Turnover Rate . . . . . . . . . . . . . . . . .                 1%                   3% 
------------------------------------------------------------------------------------------------- 

*Annualized                                                                     

**Total return figures do not reflect the .25% transaction fee on purchases or  
the annual account maintenance fee of $10. Subscription period for the          
Portfolio was from March 16, 1992, to April 26, 1992, during which time all     
assets were held in money market instruments. Performance measurement begins on 
April 27, 1992.                                                                 
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                                                        [Enlarge/Download Table]

                                                                           GROWTH PORTFOLIO         
--------------------------------------------------------------------------------------------------- 
                                                                   YEAR ENDED           November 2- 
For a Share Outstanding Throughout Each Period              DECEMBER 31, 1993     December 31, 1992 
--------------------------------------------------------------------------------------------------- 
                                                                                                    
NET ASSET VALUE, BEGINNING OF PERIOD  . . . . . . . . . .              $10.26                $10.00 
                                                                       ------                ------ 
INVESTMENT OPERATIONS                                                                               
        Net Investment Income   . . . . . . . . . . . . .                 .21                   .06 
        Net Realized and Unrealized Gain (Loss) on Investments.          (.06)                  .26 
                                                                        -----                   --- 
          TOTAL FROM INVESTMENT OPERATIONS    . . . . . .                 .15                   .32 
--------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS                                                                                       
        Dividends from Net Investment Income  . . . . . .                (.21)                 (.06)
        Distributions from Realized Capital Gains   . . .                  --                    -- 
                                                                           --                    -- 
          TOTAL DISTRIBUTIONS   . . . . . . . . . . . . .                (.21)                 (.06)
--------------------------------------------------------------------------------------------------- 
NET ASSET VALUE, END OF PERIOD  . . . . . . . . . . . . .              $10.20                $10.26 
=================================================================================================== 
TOTAL RETURN**  . . . . . . . . . . . . . . . . . . . . .              +1.53%                +3.19% 
--------------------------------------------------------------------------------------------------- 
RATIOS/SUPPLEMENTAL DATA                                                                            
------------------------                                                                            
Net Assets, End of Period (Millions)  . . . . . . . . . .                 $51                   $21 
Ratio of Expenses to Average Net Assets . . . . . . . . .                .20%                   0%* 
Ratio of Net Investment Income to Average Net Assets  . .               2.10%                2.85%* 
Portfolio Turnover Rate . . . . . . . . . . . . . . . . .                 36%                    2% 
--------------------------------------------------------------------------------------------------- 

*Annualized                                                                     

**Total return figures do not reflect the annual account maintenance fee of     
$10.                                                                        
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FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]

                                                                       VALUE PORTFOLIO        
--------------------------------------------------------------------------------------------- 
                                                              YEAR ENDED          November 2- 
For a Share Outstanding Throughout Each Period         DECEMBER 31, 1993    December 31, 1992 
--------------------------------------------------------------------------------------------- 
                                                                                              
NET ASSET VALUE, BEGINNING OF PERIOD  . . . . . . . .             $10.30               $10.00 
                                                                  ------               ------ 
INVESTMENT OPERATIONS                                                                         
   Net Investment Income  . . . . . . . . . . . . . .  .              38                  .07 
   Net Realized and Unrealized Gain (Loss)                                                    
     on Investments . . . . . . . . . . . . . . . . .               1.50                  .30 
                                                                    ----                  --- 
         TOTAL FROM INVESTMENT OPERATIONS . . . . . .               1.88                  .37 
--------------------------------------------------------------------------------------------- 
DISTRIBUTIONS                                                                                 
   Dividends from Net Investment Income . . . . . . .               (.38)                (.07)
   Distributions from Realized Capital Gains  . . . .               (.06)                  -- 
                                                                    -----                -----
         TOTAL DISTRIBUTIONS  . . . . . . . . . . . .               (.44)                (.07)
--------------------------------------------------------------------------------------------- 
NET ASSET VALUE, END OF PERIOD  . . . . . . . . . . .             $11.74               $10.30 
============================================================================================= 
TOTAL RETURN**  . . . . . . . . . . . . . . . . . . .            +18.35%               +3.70% 
--------------------------------------------------------------------------------------------- 
RATIOS/SUPPLEMENTAL DATA                                                                      
------------------------                                                                      
Net Assets, End of Period (Millions)  . . . . . . . .               $190                  $24 
Ratio of Expenses to Average Net Assets . . . . . . .               .20%                  0%* 
Ratio of Net Investment Income to Average Net Assets               3.26%               3.46%* 
Portfolio Turnover Rate . . . . . . . . . . . . . . .                30%                   4% 
--------------------------------------------------------------------------------------------- 

*Annualized                                                                     

**Total return figures do not reflect the annual account maintenance fee of     
$10.                                                                        
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NOTES TO FINANCIAL STATEMENTS                                                   

Vanguard Index Trust is registered under the Investment Company Act of 1940 as  
a diversified open-end investment company, and consists of the 500, Extended    
Market, Total Stock Market, Growth and Value Portfolios.                        

A. The following significant accounting policies are in conformity with   
generally accepted accounting principles for investment companies.  Such  
policies are consistently followed by the Trust in the preparation of     
financial statements.                                                     

  1.    SECURITY VALUATION: Securities listed on an exchange are valued at the
 latest quoted sales prices as of 4:00 PM on the valuation date;
       securities not traded are valued at the mean of the latest quoted bid
   and asked prices. Unlisted securities held by the 500, Growth and
   Value Portfolios are valued at the latest quoted bid prices; such
securities held by the Extended Market and Total Stock Market 
      Portfolios are valued at the mean of the latest quoted bid and asked
       prices. Temporary cash investments are valued at amortized cost which
approximates market value.                                    

 2.    FEDERAL INCOME TAXES: Each Portfolio of the Trust 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 500, Total Stock Market, Growth and Value Portfolios
       follow 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 Portfolio
share sales or redemptions.                                   

4.    REPURCHASE AGREEMENTS: The Trust, along with other members of The   
   Vanguard Group of Investment Companies, transfers uninvested cash
      balances into a Pooled Cash Account, the daily aggregate of which is
invested in repurchase agreements secured by U.S. Government  
obligations. Securities pledged as collateral for repurchase  
     agreements are held by the Trust's custodian bank until maturity of
     each repurchase agreement. Provisions of each agreement ensure that
   the market value of this collateral is sufficient in the event of
      default; however, in the event of default or bankruptcy by the other
        party to the agreement, realization and/or retention of the collateral
may be subject to legal proceedings.                          

  5.    FUTURES AND OPTIONS: The Trust may utilize index futures contracts and
        options to a limited extent. The primary risks associated with the use
        of futures contracts and options are imperfect correlation between the
    change in market value of the securities held by the Trust and the
    prices of futures contracts and options, and the possibility of an
     illiquid market. Futures contracts and purchased options are valued
       based upon their quoted daily settlement prices. The premium received
      for a written option is recorded as an asset with an equal liability
which is marked to market based on the option's quoted daily  
     settlement price. Fluctuations in the value of such instruments are
   accounted for as unrealized appreciation (depreciation) until the
 contracts are closed, at which time realized gains (losses) are
    recognized. Unrealized appreciation (depreciation) related to open
     futures contracts and options is required to be treated as realized
gain (loss) for Federal income tax purposes.                  

6.    OTHER: Security transactions are accounted for on the date the      
      securities are purchased or sold. Costs used in determining realized
    gains and losses on the sale of investment securities are those of
specific securities sold. Dividend income and distributions to
shareholders are recorded on the ex-dividend date.            
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NOTES TO FINANCIAL STATEMENTS (continued)                                       

B. The Vanguard Group, Inc. furnishes at cost corporate management,       
administrative, marketing and distribution services. The costs of such    
services are allocated to the Trust under methods approved by the Board of
Trustees. At December 31, 1993, the Trust had contributed capital of      
$1,590,000 to Vanguard (included in Other Assets), representing 7.9% of   
Vanguard's capitalization. The Trust's officers and trustees are also     
officers and directors of Vanguard.                                       

C. During the year ended December 31, 1993, purchases and sales of        
investment securities other than U.S. Government securities and temporary 
cash investments were:                                                    

                                                                [Download Table]

-------------------------------------------------
                                  (000)          
                         ------------------------
Portfolio                Purchases          Sales
-------------------------------------------------
                                                 
500                     $1,666,855       $449,825
EXTENDED MARKET            346,537         88,769
TOTAL STOCK MARKET         209,456          5,738
GROWTH                      44,087         15,012
VALUE                      191,493         34,818
-------------------------------------------------

During the year ended December 31, 1993, the 500 Portfolio realized     
approximately $152,063,000 of net capital gains resulting from in-kind  
redemptions. Such gains are not taxable income to the Portfolio and     
therefore will not be distributed to shareholders. See Note G.          

At December 31, 1993, the Growth Portfolio had available a capital loss 
carryforward of $184,000 to offset future net capital gains through     
December 31, 2001.                                                      

  At December 31, 1993, unrealized appreciation of investment securities for
financial reporting and Federal income tax purposes was:                

                                                                [Download Table]

----------------------------------------------------------------------
                                                 (000)                
                          --------------------------------------------
                          Appreciated      Depreciated  Net Unrealized
Portfolio                  Securities       Securities    Appreciation
----------------------------------------------------------------------
                                                                      
500                        $1,514,952       $(278,318)      $1,236,634
EXTENDED MARKET               210,165         (46,997)         163,168
TOTAL STOCK MARKET             68,283         (20,202)          48,081
GROWTH                          3,393          (2,493)             900
VALUE                          11,848          (3,861)           7,987
----------------------------------------------------------------------

  D. At December 31, 1993, the aggregate settlement value of open Standard &
   Poor's 500 Index futures contracts (500 and Total Stock Market Portfolios),
  New York Stock Exchange Composite Index futures contracts (Extended Market
Portfolio), and Standard & Poor's Midcap 400 Index futures contracts    
(Extended Market and Total Stock Market Portfolios) expiring in March,  
1994, the related unrealized appreciation (depreciation), and the market
 value of securities deposited as initial margin for those contracts were:

                                                                [Download Table]

----------------------------------------------------------------------
                                                 (000)                
                          --------------------------------------------
                                                          Market Value
                            Aggregate       Unrealized   of Securities
                           Settlement     Appreciation    Deposited as
Portfolio                       Value   (Depreciation)  Initial Margin
----------------------------------------------------------------------
                                                                      
500                           $16,810             $(1)          $1,986
EXTENDED MARKET                16,233              102             298
TOTAL STOCK MARKET              7,665               74             397
----------------------------------------------------------------------

   E. The market value of securities on loan to broker/dealers at December 31,
1993, and cash collateral received with respect to such loans were:     

                                                                [Download Table]

------------------------------------------------------
                                      (000)           
                         -----------------------------
                         Market Value             Cash
                            of Loaned       Collateral
Portfolio                  Securities         Received
------------------------------------------------------
                                                      
500                            $3,101           $3,307
EXTENDED MARKET                20,894           22,322
TOTAL STOCK MARKET              2,309            2,538
------------------------------------------------------

     F. During the year ended December 31, 1993, the Extended Market Portfolio
  wrote the following options on the Wilshire 5000 Index and the Russell
2000 Index:                                                         

                                                                [Download Table]

------------------------------------------------------
                            Number of         Premiums
                            Contracts         Received
                              Written            (000)
------------------------------------------------------
                                                      
OPTIONS OPEN AT                                       
  DECEMBER 31, 1992                --              $--
OPTIONS WRITTEN                   370              131
OPTIONS CLOSED                  (280)             (95)
OPTIONS EXPIRED                  (90)             (36)
                                 ----             ----
OPTIONS OPEN AT                                       
  DECEMBER 31, 1993                --              $--
                                =====            =====
------------------------------------------------------

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  G. Effective in 1993, generally accepted accounting principles require
that differences between undistributed net investment income or     
    accumulated net realized gains for financial reporting and tax purposes,
     if permanent, be reclassified to/from paid in capital. In connection with
the adoption of this accounting method, the 500 Portfolio has       
  reclassified permanent book/tax differences of $486,275,000, primarily
representing prior and current years' realized gains on in-kind     
     redemptions, from accumulated net realized gains to paid in capital. This
reclassification has no effect on net assets or net asset values per
share.                                                              
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REPORT OF INDEPENDENT ACCOUNTANTS                                               

To the Shareholders and Board of Trustees                                       
Vanguard Index Trust                                                            
500 Portfolio                                                                   

In our opinion, the accompanying statement of net assets and the related        
statements of operations and of changes in net assets and the financial         
highlights present fairly, in all material respects, the financial position of  
the 500 Portfolio of Vanguard Index Trust (the "Fund") at December 31, 1993,    
the results of its operations, the changes in its net assets and the financial  
highlights for each of the respective periods presented, in conformity with     
generally accepted accounting principles. These financial statements and        
financial highlights (hereafter referred to as "financial statements") are the  
responsibility of the Fund's management; our responsibility is to express an    
opinion on these financial statements based on our audits. We conducted our     
audits of these financial statements in accordance with generally accepted      
auditing standards which require that we plan and perform the audit to obtain   
reasonable assurance about whether the financial statements are free of         
material misstatement. An audit includes examining, on a test basis, evidence   
supporting the amounts and disclosures in the financial statements, assessing   
the accounting principles used and significant estimates made by management,    
and evaluating the overall financial statement presentation. We believe that    
our audits, which included confirmation of securities by correspondence with    
the custodian and brokers and the application of alternative auditing           
procedures where confirmations from brokers were not received, provide a        
reasonable basis for the opinion expressed above.                               

PRICE WATERHOUSE                                                                

Thirty South Seventeenth Street                                                 
Philadelphia, Pennsylvania 19103                                                
January 24, 1994                                                                
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SPECIAL TAX INFORMATION                                                         

SPECIAL 1993 TAX INFORMATION (UNAUDITED)
FOR VANGUARD INDEX TRUST

Corporate shareholders should note that for the fiscal year ended December 31,  
1993, the percentage of investment income (i.e., dividend income plus           
short-term capital gains, where applicable) which qualifies for the             
intercorporate dividends received deduction is as follows:                      

                                                                [Download Table]
                                                    
500 Portfolio  . . . . . . . . . . . . .      100.0%
Extended Market Portfolio  . . . . . . .       83.8%
Total Stock Market Portfolio   . . . . .      100.0%
Growth Portfolio   . . . . . . . . . . .      100.0%
Value Portfolio  . . . . . . . . . . . .       63.5%

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TRUSTEES AND OFFICERS                                                           

JOHN C. BOGLE, Chairman and Chief Executive Officer                             
Chairman and Director of The Vanguard Group, Inc., and of each of the           
investment companies in The Vanguard Group.                                     

JOHN J. BRENNAN, President                                                      
President and Director of The Vanguard Group, Inc., and of each of the          
investment companies in The Vanguard Group.                                     

ROBERT E. CAWTHORN, Chairman and Chief Executive Officer of Rhone-Poulenc Rorer 
Inc.; Director of Sun Company, Inc. and Immune Response Corporation; Trustee of 
the Universal Health Realty Income Trust.                                       

BARBARA BARNES HAUPTFUHRER, Director of The Great Atlantic and Pacific Tea      
Company, Alco Standard Corp., Raytheon Company, Knight-Ridder, Inc., and        
Massachusetts Mutual Life Insurance Co.                                         

BRUCE K. MACLAURY, President of The Brookings Institution; Director of Dayton   
Hudson Corporation, American Express Bank Ltd., The St. Paul Companies, Inc.,   
and Scott Paper Company.                                                        

BURTON G. MALKIEL, Chemical Bank Chairman's Professor of Economics, Princeton   
University; Director of Prudential Insurance Co. of America, Amdahl             
Corporation, Baker Fentress & Co., and The Southern New England Telephone       
Company.                                                                        

ALFRED M. RANKIN, JR., President and Chief Executive Officer of NACCO           
Industries, Inc.; Director of NACCO Industries, The BFGoodrich Company, and The 
Standard Products Company.                                                      

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 Company  
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.             

J. LAWRENCE WILSON, Chairman and Director of Rohm & Haas Company; Director of   
Cummins Engine Company; Trustee of Vanderbilt University and the Culver         
Educational Foundation.                                                         

OTHER FUND OFFICERS                                                             

RICHARD F. HYLAND, Treasurer; Treasurer of The Vanguard Group, Inc., and of     
each of the investment companies in The Vanguard Group.                         

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.                                                                 

KAREN E. WEST, Controller; Vice President of The Vanguard Group, Inc.;          
Controller of each of the investment companies in The Vanguard Group.           

OTHER VANGUARD GROUP OFFICERS                                                   

JEREMY G. DUFFIELD                                                              
Senior Vice President                                                           
Planning & Development                                                          

JAMES H. GATELY                                                                 
Senior Vice President                                                           
Institutional                                                                   

IAN A. MACKINNON                                                                
Senior Vice President                                                           
Fixed Income Group                                                              

VINCENT S. MCCORMACK                                                            
Senior Vice President                                                           
Operations                                                                      

RALPH K. PACKARD                                                                
Senior Vice President                                                           
Chief Financial Officer                                                         
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STATEMENT OF NET ASSETS                                    FINANCIAL STATEMENTS 
                                                             December 31, 1993

                                                        [Enlarge/Download Table]

                                                                                        Market
                                                                                         Value
EXTENDED MARKET PORTFOLIO                                              Shares           (000)+
----------------------------------------------------------------------------------------------
COMMON STOCKS                                                                                 
----------------------------------------------------------------------------------------------
                                                                                              
   AAR Corp.                                                           20,000        $     290
   ADC Telecommunications, Inc.                                        17,200              613
   AES Corp.                                                           28,503              994
   AFLAC, Inc.                                                         61,988            1,767
*  ALC Communications                                                  17,500              503
   A.L. Laboratories, Inc.                                             13,100              183
   ARCO Chemical Co.                                                   58,300            2,521
*  The ASK Group, Inc.                                                 33,600              437
*  AST Research, Inc.                                                  33,400              760
*  Abex, Inc.                                                          21,800               65
*  Acceptance Insurance Cos. Inc.                                      32,200              390
   Acclaim Entertainment Inc.                                          23,000              489
*  Ace Cash Express, Inc.                                              22,200              236
   Aceto Corp.                                                         22,326              299
*  Acme Electric Corp.                                                 17,100              128
*  Acme Metals, Inc.                                                   21,900              389
   Actava Group Inc.                                                   43,600              327
*  Action Performance Cos., Inc.                                       44,550              153
*  Acuson Corp.                                                        36,338              441
   Adaptec, Inc.                                                       23,900              952
*  Addington Resources, Inc.                                           23,600              443
   ADIA Services, Inc.                                                 18,700              444
   Adobe Systems, Inc.                                                 27,100              600
*  Advanced Logic Research                                             25,700               92
*  Advanced Marketing Services                                          6,200               30
*  Advanced Polymer Systems                                            56,400              289
*  Advanced Surgical, Inc.                                             51,100              236
*  Advanced Technologies Laboratories, Inc.                            21,961              371
   ADVO, Inc.                                                          22,675              408
   Advanta Corp. Class A                                               23,400              772
*  Agency Rent-a-Car, Inc.                                             41,476              550
*  Air and Water Technologies Corp. Class A                            28,487              427
   Airborne Freight Corp.                                              19,100              671
   Airtran Corp.                                                       26,700              247
*  Alaska Air Group, Inc.                                              20,300              287
   Albany International Corp.                                          24,800              474
*  Aldus Corp.                                                         21,753              590
   Alex Brown & Sons, Inc.                                             21,020              520
   Alexander & Baldwin, Inc.                                           27,400              723
*  Alexander's, Inc.                                                    8,700              529
   Alleghany Corp.                                                      3,740              537
   Allegheny Ludlum Corp.                                              53,079            1,267
   Allegheny Power System, Inc.                                        67,200            1,781
   The Allen Group, Inc.                                               21,940              398
*  Alliance Pharmaceutical Corp.                                       44,200              359
   Allied Capital Commercial Corp.                                     40,700              677
*  Allied Products Corp.                                               68,300              854
   Allmerica Property & Casualty Cos.                                  12,300              803
   Allstate Corp.                                                      54,600            1,611
   ALLTEL Corp.                                                       111,594            3,292
*  Allwaste, Inc.                                                      64,846              292
   Aloette Cosmetics, Inc.                                             44,400              222
*  Altera Corp.                                                        21,400              700
   Amax Gold, Inc.                                                     45,537              313
   Ambac, Inc.                                                         20,978              881
   Amcast Industrial Corp.                                             17,200              363
   American Annuity Group Inc.                                         37,178              372
   American Maize Products Co. Class A                                 19,200              300
   American Maize Products Co. Class B                                  3,300               51
*  American Management Systems, Inc.                                   22,745              446
*  American Medical Holdings, Inc.                                     44,700              855
*  American Medical Response, Inc.                                     19,300              483
   American National Insurance Co.                                     16,350              852
   American Power Conversion Corp.                                     53,800            1,271
   American President Cos., Ltd.                                        8,227              471
   American Re Corp.                                                   28,600              812
*  American Science & Engineering, Inc.                                43,800              181
   American Software, Inc. Class A                                     46,050              282
*  American Travellers Corp.                                           39,600              480
   American Water Works Co., Inc.                                      18,913              567
*  Americredit Corp.                                                   56,800              440
   Ameron, Inc.                                                         9,500              342
   Ametek, Inc.                                                        26,100              333
   AMPCO-Pittsburgh Corp.                                              28,700              204
   Amre, Inc.                                                          35,700              120
*  Amrep Corp.                                                         64,600              493
*  Amsco International, Inc.                                           49,815              604
   Amsouth Bancorp                                                     25,826              807
   Amtech Corp.                                                        18,050              435
*  Amylin Pharmaceuticals, Inc.                                        31,900              407
*  Anacomp, Inc.                                                       53,300              213

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EXTENDED MARKET PORTFOLIO  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
TOTAL STOCK MARKET PORTFOLIO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
GROWTH PORTFOLIO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
VALUE PORTFOLIO  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

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   Anadarko Petroleum Corp.                                            34,500         $  1,565
*  Analog Devices, Inc.                                                28,731              708
   Anchor Bancorp Inc.                                                 32,900              405
*  Andros Analyzers                                                    18,000              286
   Angelica Corp.                                                      15,700              444
*  Ann Taylor Stores Corp.                                             40,000              990
*  Anthem Electronics, Inc.                                            14,486              418
   Anthony Industries, Inc.                                            20,677              331
   Aon Corp.                                                           39,868            1,929
   Apache Corp.                                                        37,000              865
   Apogee Enterprises, Inc.                                            28,200              451
   Applebee's International, Inc.                                      24,000              798
*  Applied Bioscience International, Inc.                              61,200              314
   Applied Materials, Inc.                                             48,100            1,876
   Aptargroup Inc.                                                     22,700              471
   Aquarion Co.                                                        13,059              372
   Arbor Drugs, Inc.                                                   21,300              437
   Argonaut Group, Inc.                                                15,019              464
*  Argosy Gaming Co.                                                   15,200              283
   Arkansas Best Corp.                                                 31,700              495
   Armor All Products Corp.                                            28,300              570
   Arnold Industries, Inc.                                             27,600              569
*  Arrow Electronics, Inc.                                             17,900              747
   Arrow International, Inc.                                           13,700              322
*  Artisoft, Inc.                                                      37,496              560
   Arvin Industries, Inc.                                              13,300              426
   Ashland Coal Inc.                                                   17,700              534
*  Associated Communication Corp. Class B                              23,100              650
   Astro-Med, Inc.                                                     16,750              186
*  Astrosystems, Inc.                                                   6,400               27
*  Atari Corp.                                                         73,500              423
*  Guy F. Atkinson Co. of California                                   30,100              256
   Atlanta Gas Light Co.                                               14,700              571
   Atlantic Energy, Inc.                                               32,300              703
   Atlantic Southeast Airlines Inc.                                    20,300              690
*  Atlas Corp.                                                         25,000              109
*  Atmel Corp.                                                         22,200              766
*  Atrix Laboratories, Inc.                                            44,823              261
*  Atwood Oceanics, Inc.                                               29,500              334
*  Aurora                                                              43,325              368
*  Autofinance Group Inc.                                              31,420              381
*  Autozone, Inc.                                                      42,800            2,450
*  Avatar Holding, Inc.                                                13,700              461
   Avnet, Inc.                                                         23,500              917
*  Aztar Corp.                                                         38,100              252
   BB&T Financial Corp.                                                18,641              618
   BHA Group Class A                                                   16,200              198
   BHC Communications, Inc. Class A                                    15,700            1,287
*  BJ Services Co.                                                     21,600              416
*  BMC Industries, Inc.                                                13,576              287
*  BMC Software, Inc.                                                  15,950              762
   BP Prudhoe Bay Royalty Trust                                        13,500              329
   BSB Bancorp, Inc.                                                   16,350              399
   BWIP Holding Inc. Class A                                           15,500              389
*  Back Yard Burgers, Inc.                                             37,600              219
   Badger Meter, Inc.                                                  10,900              209
   Bairnco Corp.                                                       14,800               57
   J. Baker, Inc.                                                      22,100              391
   Baldor Electric Co.                                                 18,350              525
   Baldwin & Lyons, Inc. Class B                                       22,500              349
   Ballard Medical Products                                            30,666              399
   Baltimore Bancorp.                                                  43,946              626
   Bancorp Hawaii, Inc.                                                17,499              717
   Bandag, Inc.                                                        16,162              895
   Bank of New York Co., Inc.                                          54,960            3,133
   Bank South Corp.                                                    43,240              665
   Bankers Life Holding Corp.                                          31,700              682
   BankWorcester Corp.                                                 18,500              607
   BanPonce Corp.                                                      19,522              610
   Banta Corp.                                                         12,250              443
   Barnwell Industries, Inc.                                           13,400              253
   Baroid Corp.                                                        56,900              469
*  Basin Exploration Inc.                                              23,100              258
   Battle Mountain Gold Co. Class A                                    48,600              492
   Baybanks, Inc.                                                      11,500              582
   Bear Stearns Co., Inc.                                              69,743            1,526
   Bearings, Inc.                                                      11,000              312
   Beauticontrol Cosmetics                                             34,450              478
   Beckman Instruments                                                 16,800              460
   Bed Bath and Beyond                                                 20,100              691
   Beeba's Creations, Inc.                                             39,914              279
   A. H. Belo Class A                                                  12,400              657
   Ben & Jerry's Homemade, Inc. Class A                                18,500              298
   Bergen Brunswig Corp. Class A                                       21,732              383
   W.R. Berkley Corp.                                                  11,300              390
*  Berkshire Hathaway                                                     678           11,068
*  Berlitz International Inc.                                          26,226              361
   Berry Petroleum Class A                                             42,800              423
   Best Buy, Inc.                                                      18,750              872
*  Best Power Technology, Inc.                                         20,700              331
   Betz Laboratories, Inc.                                             17,400              763
   BIC Corp.                                                           14,700              454
   Bindly Western Industries, Inc.                                     28,400              343
   Binks Manufacturing Co.                                             13,650              305
   Biocraft Laboratories                                               16,900              361
*  Biogen, Inc.                                                        19,669              787
*  Biomatrix, Inc.                                                     40,300              338
*  Bio-Rad Labs, Inc. Class A                                          16,500              165
*  Biotechnology General                                               67,500              350
*  Biowhittaker Inc.                                                   49,899              312

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*  Biospecifics Technology                                             33,000        $     210
   Birmingham Steel Corp.                                              20,250              562
   Blackrock Strategic Term Trust, Inc.                                34,800              339
   Blair Corp.                                                         11,000              462
   E. W. Blanch Holdings, Inc.                                         22,600              407
   Blessings Corp.                                                     14,350              346
*  Block Development                                                   55,200              112
   Block Drug Co. Class A                                              11,986              446
   Bob Evans Farms, Inc.                                               25,216              553
*  Bolt Beranek and Newman, Inc.                                       34,400              413
   Bombay Co.                                                          13,775              620
*  Borland International, Inc.                                         33,329              494
   Boston Bancorp                                                      10,600              376
   Boston Edison Co.                                                   27,800              827
*  Boston Scientific Corp.                                             60,100              751
*  Boston Technology, Inc.                                             47,500              401
   Bowater, Inc.                                                       21,796              501
   W.H. Brady Class A                                                   9,600              406
*  Breed Technological Inc.                                            37,000              569
   Brinker International, Inc.                                         27,409            1,261
   Brooke Group Ltd.                                                   25,800               48
   Brooklyn Union Gas Co.                                              26,650              730
   Brush Wellman, Inc.                                                 21,700              309
   Buffets Inc.                                                        28,900              741
*  Builders Transport, Inc.                                            22,800              363
   Burlington Coat Factory Warehouse Corp.                             24,150              552
*  Burlington Industries Corp.                                         40,800              632
   Burlington Resources Coal Seam Gas Royalty Trust                    17,100              387
*  Burnup & Sims, Inc.                                                 50,400              299
*  Burr-Brown Corp.                                                    40,600              269
   Bush Industries, Inc.                                               12,300              380
   CBI Industries, Inc.                                                22,159              673
   CCB Financial Corp.                                                 11,400              376
   CCP Insurance, Inc.                                                 16,300              454
*  C-Cor Electronics, Inc.                                             17,300              305
*  CII Financial, Inc.                                                 26,300              161
   CIPSCO, Inc.                                                        20,900              643
   CMAC Investment Corp.                                               15,500              430
   CML Group, Inc.                                                     30,150              712
   CMS Energy Corp.                                                    47,139            1,184
   CPI Corp.                                                           19,700              340
   CRS/Sirrine, Inc.                                                   30,300              311
*  C-TEC Corp.                                                         14,800              448
*  C-TEC Corp. Class B                                                 11,100              387
   CUC International, Inc.                                             64,362            2,317
*  Cabletron Systems, Inc.                                             16,733            1,882
*  Cablevision Systems Corp. Class B                                    9,600              655
   Cabot Corp.                                                         11,100              598
   Cabot Oil & Gas Corp.                                               33,264              703
*  Cadence Design Systems, Inc.                                        27,800              323
*  Caesars World, Inc.                                                 14,500              774
*  Calgene, Inc.                                                       42,100              550
   Calgon Carbon Corp.                                                 36,300              472
*  California Energy Co.                                               21,892              405
   California Federal Bank Class A                                     35,268              542
   Callaway Golf Co.                                                    9,400              502
   Calmat Co.                                                          23,500              496
*  Cambridge Biotech Corp.                                             33,900               86
*  Canandaigua Wine, Inc. Class A                                       9,000              282
*  Canandaigua Wine, Inc. Class B                                       6,375              199
   Capitol American Financial Corp.                                    28,200              606
   Capstead Mortgage Corp.                                              8,500              349
   Cardinal Distribution, Inc.                                         18,850              891
   Caremark International, Inc.                                        42,900              842
   Carlisle Co., Inc.                                                  12,800              427
*  Carmike Cinemas, Inc. Class A                                       16,300              293
   Carnival Cruise Lines, Inc.                                         84,964            4,025
   Carolina Freight Corp.                                              22,600              288
   Carpenter Technology Corp.                                           7,800              452
*  Carrington Labs Inc.                                                22,800              325
   Carter-Wallace, Inc.                                                27,900              596
   Casey's General Stores                                              19,000              463
   Cash America International Inc.                                     33,100              310
   Casino Magic Corp.                                                  15,100              202
   A.M. Castle & Co.                                                   20,350              351
*  Catalina Lighting, Inc.                                             11,100              100
*  Catellus Development Corp.                                         125,901              976
   Cato Corp. Class A                                                  17,600              352
*  Cellular Communications Series A                                     9,400              438
*  Celtrix Laboratories                                                55,500              611
*  Centerbank Connecticut                                              39,200              453
   Centerior Energy Corp.                                              86,700            1,138
*  Centex Telemanagement Inc.                                          51,500              254
*  Centocor, Inc.                                                      49,200              578
*  Central Cooperative Bank                                            27,100              263
   Central Fidelity Banks, Inc.                                        23,850              665
   Central Hudson Gas & Electric Corp.                                 19,600              595
   Central Louisiana Electric Co.                                      14,092              349
   Central Maine Power Co.                                             18,657              280
   Central Newspapers Inc.                                             14,750              409
*  Central Sprinkler Corp.                                             28,525              399
   Central Vermont Public Service Corp.                                20,500              431
   Century Communications Corp. Class A                                51,481              592
   Century Telephone Enterprises, Inc.                                 30,877              795
   Cerner Corp.                                                        17,000              731
*  Chalone Wine Group Ltd.                                             56,800              351
*  Chambers Development Co. Class A                                    48,100              192

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*  Chambers Development Co. Class B                                    20,500       $       81
   Chaparral Steel Co.                                                 34,900              353
   Charter One Financial                                               21,900              428
   Checkers Drive-In Restaurant                                        28,300              327
*  Checkpoint Systems, Inc.                                            23,700              261
   Chemed Corp.                                                        14,400              439
*  Chemical Fabrics Corp.                                              16,550              225
   Chemical Waste Management                                          126,700            1,045
   Chesapeake Corp. of Virginia                                        25,983              663
   Cheyenne Software, Inc.                                             14,400              398
*  Chicago Northwest                                                   26,100              653
   Chiquita Brands International, Inc.                                 40,665              468
*  Chiron Corp.                                                        19,162            1,605
   Chock Full O'Nuts Corp.                                             27,032              216
*  Cholestech Corp.                                                    38,000              235
   Chris-Craft Industries, Inc.                                        16,738              613
*  Christiana Cos., Inc.                                               16,200              431
   Church and Dwight, Inc.                                             12,700              359
   Cilcorp, Inc.                                                       14,500              544
   Cincinnati Bell, Inc.                                               37,900              682
   Cincinnati Financial Corp.                                          30,400            1,638
   Cincinnati Gas & Electric Co.                                       52,400            1,441
   Cintas Corp.                                                        27,900              942
*  Circa Pharmaceuticals Inc.                                          38,200              358
*  Circon Corp.                                                        22,057              254
   Circus Circus Enterprises Inc.                                      53,259            1,971
*  Cirrus Logic                                                        22,200              820
   Citizens Banking Corp.                                              18,900              463
   Citizens Corp.                                                      21,400              420
*  Citizens First Bancorp, Inc.                                        52,700              362
   Citizens Utilities Co. Class A                                     107,904            1,942
   City National Corp.                                                 63,025              473
   Clarcor Inc.                                                        17,900              378
   Clayton Homes Inc.                                                  33,983              824
*  Clean Harbors Inc.                                                  33,100              228
   Cleveland-Cliffs Iron Co.                                           13,900              520
*  The Clothestime, Inc.                                               39,000              312
   Coachmen Industries, Inc.                                           20,900              340
*  Coast Savings Financial, Inc.                                       33,600              479
   Coca Cola Enterprises, Inc.                                         77,362            1,180
*  Code Alarm, Inc.                                                    24,100              283
   Coeur D'Alene Mines Corp.                                           20,500              441
*  Coherent, Inc.                                                      29,223              376
*  Coleman Inc.                                                        16,000              448
*  Collagen Corp.                                                      14,903              408
   Collective Bancorporation Inc.                                      24,450              529
   Colonial Gas Co.                                                    16,771              373
*  Coltec Inc.                                                         42,500              797
   Comair Holdings, Inc.                                               22,600              520
   Comdisco, Inc.                                                      24,300              468
   Comerica, Inc.                                                      72,250            1,924
   Commerce Bancshares, Inc.                                           19,700              561
   Commerce Clearing House, Inc. Class A                                6,100              110
   Commerce Clearing House, Inc. Class B                               14,400              254
*  Commercial Federal Corp.                                            18,300              366
   Commercial Metals Co.                                               16,266              457
   Commonwealth Energy Systems                                         17,000              786
   Communications Systems, Inc.                                        16,300              214
   Community First Bankshares                                          23,258              294
   Compass Bancshares Inc.                                             21,700              472
*  CompUSA, Inc.                                                       27,900              558
   Computer Data Systems, Inc.                                         42,800              792
   Computer Horizons Corp.                                             10,950              129
*  Computer Outsourcing Services, Inc.                                 48,900              232
   Computer Task Group, Inc.                                           27,900              195
*  Compuware Corp.                                                     22,000              564
   Comsat Corp.                                                        23,200              690
*  Conmed Corp.                                                        17,100              182
*  Conner Peripherals, Inc.                                            48,393              708
   Conseco, Inc.                                                       15,400              855
   Consolidated Papers                                                 27,000            1,171
   Consolidated Products Inc.                                          11,252              114
*  Consolidated Stores, Inc.                                           28,241              561
*  Constellation Bancorp                                               32,000              338
*  Contel Cellular, Inc.                                               61,052              992
   Continental Bank Corp.                                              32,300              852
*  Continental Materials Corp.                                         33,500              268
*  Continental Medical Systems, Inc.                                   47,950              414
   Conversion Industries, Inc.                                         22,500              309
*  Convex Computer Corp.                                               50,300              277
   Copley Pharmaceutical, Inc.                                         11,017              435
*  Cordis Corp.                                                        15,500              765
   Core Industries, Inc.                                               19,400              289
*  Corrections Corp. of America                                        37,800              338
*  Cosmetic Center, Inc. Class A                                       25,100              467
*  Cosmetic Center, Inc. Class B                                        6,900              127
   Countrywide Credit Industries, Inc.                                 35,953              903
   Cracker Barrel Old Country Stores, Inc.                             35,333              972
*  Cragin Financial Corp.                                              28,900            1,077
*  Craig Corp.                                                         23,623              281
   Jenny Craig Inc.                                                    33,300              379
   Crawford & Co. Class B                                              22,300              354
*  Cray Computer Corp.                                                 42,200              103
*  Cree Research, Inc.                                                  5,400               78
   Crestar Financial Corp.                                             21,572              903
   Crompton & Knowles Corp.                                            30,300              667
   A.T. Cross Co. Class A                                              22,900              346
*  Crown Central Petroleum Corp. Class B                               15,900              225

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   Crown Crafts, Inc.                                                  19,140        $     337
*  Cruise America, Inc.                                                12,000               57
*  Crystal Brands, Inc.                                                27,600               21
   Cullen/Frost Bankers, Inc.                                          13,930              488
   Curtice-Burns Foods, Inc. Class A                                   24,700              327
   Curtiss-Wright Corp.                                                10,600              382
*  Custom Chrome                                                       28,400              639
*  Cypress Semiconductor Corp.                                         36,100              492
*  Cytogen Corp.                                                       49,900              296
   DPL, Inc.                                                           62,375            1,286
   DQE Inc.                                                            31,900            1,101
*  DRCA Medical Corp. of America                                       26,600               86
   Dames & Moore, Inc.                                                 27,600              490
   Danaher Corp.                                                       16,733              638
   Dart Group Corp. Class A                                             4,700              404
*  Datascope Corp.                                                     26,200              364
   Dauphin Deposit Bank & Trust                                        17,540              447
*  Davis Water and Waste Industry, Inc.                                44,200              271
   Dean Foods Corp.                                                    23,733              774
   Deb Shops, Inc.                                                     33,500              214
   Dekalb Genetics Corp. Class B                                       14,300              443
*  Dell Computer                                                       22,650              511
   Delmarva Power & Light Co.                                          35,500              839
   Delta & Pine Land Co.                                               21,100              367
   Delta Woodside                                                      28,300              315
   Deposit Guaranty Corp.                                              19,100              542
*  Desoto, Inc.                                                        29,500              229
*  Destec Energy Inc.                                                  36,001              518
*  Devcon International Corp.                                          13,200               81
   Devon Energy Corp.                                                  36,200              747
   Dexter Corp.                                                        24,700              580
   Diagnostic Products Corp.                                           21,300              397
*  Dial Page, Inc.                                                     20,500              805
   Diamond Shamrock, Inc.                                              18,100              439
*  Diagnostek, Inc.                                                    31,400              597
   Dibrell Brothers, Inc.                                              15,600              404
   Diebold, Inc.                                                       12,371              745
*  Digi International, Inc.                                            19,150              421
*  Digital Microwave Corp.                                             50,500            1,496
*  Digital Systems Inc.                                                18,700               67
*  Dime Savings Bank of New York                                       49,800              405
*  Dionex Corp.                                                         9,600              304
*  Discovery Zone, Inc.                                                21,900              465
*  Dr. Pepper/Seven Up Cos., Inc.                                      35,400              850
   Dole Food Co.                                                       35,800              958
   Dollar General Corp.                                                25,256              761
   Donaldson Co., Inc.                                                 14,350              635
   Donnelly Corp.                                                      11,750              226
   Douglas & Lomason                                                   19,800              339
   Downey Savings & Loan Assn.                                         21,600              429
*  Dravo Corp.                                                         30,461              339
*  The Dress Barn, Inc.                                                26,600              346
*  Drexler Technology Corp.                                            12,000               94
   Dreyer's Grand Ice Cream, Inc.                                      16,400              480
   Dreyfus Corp.                                                       22,300            1,004
*  Drug Emporium, Inc.                                                 60,030              289
   Duracell International, Inc.                                        67,775            2,431
   Duriron Co., Inc.                                                   18,800              435
   Duty Free International Inc.                                        15,626              311
*  EA Engineering Sciences and Technology Inc.                         21,800              297
   EMC Corp.                                                          103,500            1,708
*  Eagle Food                                                          26,900              161
*  Earth Technology USA                                                10,600               98
*  Easel Corp.                                                         27,300              122
   Eastern Utilities Associates                                        20,684              579
   Ecology and Environment, Inc.                                       20,500              320
   Edison Brothers Stores, Inc.                                        13,000              387
*  Edisto Resources Corp.                                             153,700            1,191
*  Editek Inc.                                                         46,700              163
   Edo Corp.                                                            9,900               66
   A.G. Edwards & Sons, Inc.                                           28,319              814
*  Egghead, Inc.                                                       43,100              385
*  El Paso Electric Co.                                                15,600               42
   El Paso Natural Gas                                                 22,032              793
*  Elcor Corp.                                                         17,800              329
*  Electrocon Automation                                               55,700              571
*  Electromagnetic Sciences, Inc.                                      16,900              139
   Electronic Arts                                                     27,900              840
*  Electronics for Imaging, Inc.                                       23,000              380
*  Eljer Industries, Inc.                                              37,600              249
   Empire District Electric Co.                                        19,728              409
*  Energy Conversion Devices, Inc.                                     34,500              377
*  Engineered Support Systems, Inc.                                    25,200               95
   Energy North, Inc.                                                  12,684              274
   Enron Oil & Gas Co.                                                 47,238            1,842
   Entergy                                                             29,365            1,057
*  Enterra Corp.                                                       23,594              484
*  Epitope Inc.                                                        34,400              701
*  Epitope Inc. Warrants Exp. 3/11/94                                     737                3
   Equifax, Inc.                                                       45,270            1,239
   The Equitable Cos.                                                  84,400            2,279
   Equitable of Iowa Co.                                               16,700              566
   Equitable Resources, Inc.                                           20,750              760
*  Equivest Finance, Inc.                                              43,300              235
   Essex County Gas Co.                                                 4,800              134
*  Esterline Technologies Corp.                                        30,700              234
*  Europa Cruises Corp.                                                20,000               23
*  Exabyte Corp.                                                       31,900              564
   Expeditors International of Washington, Inc.                        19,600              299
*  Ezcorp, Inc.                                                        26,800              419
*  FHP International Corp.                                             19,760              531

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   FMC Gold Co.                                                        76,500        $     402
*  Failure Group, Inc.                                                 49,400              247
*  Fairchild Corp.                                                     16,000               66
   Family Dollar Stores, Inc.                                          33,200              564
   Federal-Mogul Corp.                                                 17,700              513
   Federal Realty Investment Trust                                     17,100              428
   Federal Signal Corp.                                                21,403              599
*  Federated Stores                                                    73,900            1,533
   Ferro Corp.                                                         17,175              550
*  Fibreboard Corp.                                                    14,300              483
*  Fieldcrest Cannon, Inc.                                             16,200              399
   Fifth Third Bancorp                                                 35,250            1,820
   Figgie International Inc. Class A                                   22,100              300
*  Filene's Basement Corp.                                             36,000              387
   Fina Inc.                                                            8,600              591
   Fingerhut Co.                                                       28,646              806
   First Alabama Bancshares, Inc.                                      21,980              709
   First American Bank Corp.                                           34,670            1,361
   First American Corp. (Tenn.)                                        16,000              511
   First Bancorp of Ohio                                               24,500              628
   First Bank System, Inc.                                             67,582            2,078
   First Brands Co.                                                    12,900              445
   First Citizens Bancshares Class A                                   11,100              505
   First Colonial Bankshares                                           21,500              409
   First Colony Corp.                                                  29,000              736
   First Commerce Corp.                                                15,116              380
   First Data Corp.                                                    66,600            2,714
*  First Eastern Corp.                                                 24,200              610
   First Empire State Corp.                                             4,100              577
*  First Federal Financial                                             21,675              347
   First Financial Management                                          35,340            2,006
   First Financial Savings Assn.                                       34,800              579
   First Hawaiian, Inc.                                                18,800              463
   First Inter-Bancorp                                                 11,350              203
   First Security Corp.                                                23,675              616
   First Tennessee National Corp.                                      17,400              672
   First USA Inc.                                                      34,000            1,216
   First Virginia Banks, Inc.                                          19,842              650
*  First Western Finance Corp.                                         14,100              113
   Firstar Corp.                                                       38,700            1,190
   Firstfed Michigan Corp.                                             22,950              588
   Firstier Financial Inc.                                              6,523              325
*  Firstmiss Gold, Inc.                                                52,600              391
   Fiserv, Inc.                                                        24,250              473
   Flagstar Cos.                                                       43,700              415
   Fleet Mortgage Group                                                28,800              479
   Flexsteel Industry                                                  21,100              361
   Flightsafety International, Inc.                                    19,800              678
   Florida East Coast Railway Co.                                       9,500              623
   Florida Progress Corp.                                              52,900            1,779
   Florida Rock Industries, Inc.                                       14,500              430
   Flowers Industries, Inc.                                            23,000              440
   Fluke Corp.                                                         11,145              273
   Food Lion Inc. Class A                                             232,450            1,525
   Food Lion Inc. Class B                                              58,605              392
*  Foodarama Supermarkets, Inc.                                        17,100              246
   Foote, Cone & Belding Communications, Inc.                          11,400              547
   Foothill Group                                                      43,300              720
   Foremost Corp. of America                                           11,600              394
*  Forest City Enterprise Class A                                       8,700              357
*  Forest Laboratories, Inc.                                           26,408            1,258
*  Foundation Health Co.                                               18,000              558
   Fourth Financial Corp.                                              15,525              450
   Foxmeyer Corp.                                                      39,826              453
*  Frame Technology                                                    39,000              344
*  Franklin Electronic Publishers, Inc.                                26,100              336
   Franklin Resources Corp.                                            49,500            2,271
   Fredericks of Hollywood Class A                                     14,666               81
   Fredericks of Hollywood Class B                                     29,332              147
   Freeport McMoRan, Inc.                                              83,996            1,659
   Freeport McMoRan Copper & Gold Inc. Class A                         32,900              823
   Fremont General Corp.                                               19,950              494
*  Fretter, Inc. (New)                                                 11,628               49
   Frisch's Restaurants, Inc.                                          18,212              257
*  Fruit of the Loom, Inc.                                             45,212            1,091
   H.B. Fuller Co.                                                     16,450              588
   Fund American Enterprise Holding Co.                                 5,685              446
   G & K Services, Inc.                                                21,550              498
   GATX Corp.                                                          12,200              497
   GEICO Corp.                                                         42,100            2,163
   GFC Financial Corp.                                                 11,600              336
*  GNI Group Inc.                                                      28,400              220
   GWC Corp.                                                           22,400              381
   Gainsco, Inc.                                                       36,835              336
   Arthur J. Gallagher & Co.                                           21,400              776
*  Gander Mountain, Inc.                                               29,100              371
   Gateway Financial Corp.                                             30,100              350
   Gaylord Entertainment Class A                                       50,200            1,412
   Gencorp, Inc.                                                       26,000              371
*  Genentech Inc.                                                      68,617            3,465
   General Binding Corp.                                               29,600              451
*  General Instrument                                                  35,800            2,009
   General Motors Corp. Class E                                       140,500            4,110
   General Motors Corp. Class H                                        55,500            2,158
   General Nutrition Cos., Inc.                                        21,400              605
   General Public Utilities Corp.                                      69,300            2,140
*  Genetics Institute Depository Shares                                15,800              760
*  Geneva Steel Class A                                                37,700              641
*  Genlyte Group, Inc.                                                  8,700               33
   Genovese Drug Stores, Inc. Class A                                  23,648              304

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*  Genrad, Inc.                                                        49,200        $     308
*  Gensia Inc.                                                         16,000              392
   Gentex Corp.                                                        31,000            1,089
*  Genzyme Corp.                                                       14,209              394
*  Georgia Gulf Corp.                                                  23,098              517
   Gerber Scientific, Inc.                                             26,300              365
   Germantown Savings Bank                                             12,900              710
*  Gerrity Oil & Gas Corp.                                             20,900              243
*  Getty Petroleum Corp.                                               18,732              279
   Gibson Greetings, Inc.                                              22,700              478
*  Gilead Sciences, Inc.                                               39,100              464
*  Gitano Group, Inc.                                                   6,100               15
   P.H. Glatfelter Co.                                                 26,300              490
*  Glendale Federal                                                    12,648               90
*  Global Marine Inc.                                                  93,700              387
*  Glycomed, Inc.                                                      40,300              287
   Golden Enterprises Inc.                                             35,200              284
*  E. Gottschalk & Co., Inc.                                           32,700              262
   Goulds Pumps, Inc.                                                  18,391              460
   Graco, Inc.                                                         11,200              407
*  Graham-Field Health Products Inc.                                   56,900              270
   Graphic Industries, Inc.                                            47,700              397
*  Greater New York Savings Bank                                       40,700              295
   Green Mountain Power Corp.                                          12,361              383
   Green Tree Financial Corp.                                          19,900              955
*  Greenery Rehabilitation Inc.                                        31,300              153
*  Greenwich Pharmaceuticals, Inc.                                     44,900              123
   Greiner Engineering, Inc.                                           16,633              229
*  Grist Mill Co.                                                      26,550              123
*  Grossmans, Inc.                                                     18,800               58
   Grow Group, Inc.                                                    24,000              381
*  Gtech Holdings Corp.                                                25,500              835
   Guaranty National Corp.                                             21,800              382
   Guilford Mills, Inc.                                                19,650              462
*  Gundle Environmental Systems, Inc.                                  39,200              289
*  Hadco Corp.                                                         36,600              304
*  Haemonetics Corp.                                                   16,100              447
*  Hamburger Hamlet Restaurants                                        16,900              139
   Hancock Fabrics, Inc.                                               31,500              299
   Handy & Harman                                                      18,500              278
   M.A. Hanna Co.                                                      14,300              467
   Hannaford Brothers Co.                                              24,500              527
*  Hanover Direct, Inc.                                                72,800              446
   Harley-Davidson, Inc.                                               22,994            1,015
*  Harman International Industries, Inc.                               18,100              520
   Harper Group, Inc.                                                  23,900              421
   Harsco Corp.                                                        15,016              610
   Hartford Steam Boiler Inspection & Insurance Co.                    12,143              540
*  Hauser Chemical Research                                            38,100              310
   Hawaiian Electric Industries Inc.                                   15,935              572
   Healthcare & Retirement Corp.                                       20,400              454
*  Healthcare Compare Corp.                                            32,798              812
*  Healthcare Services Group, Inc.                                     37,300              436
*  HEALTHSOUTH Rehabilitation Corp.                                    31,876              805
*  Healthtrust Inc.                                                    47,600            1,267
*  Healthwise of America Inc.                                           2,170               55
   Health Care Properties Investors                                    16,000              434
   Health Equity Properties, Inc.                                      35,000              333
   Health Management Associates  Class A                               29,775              871
*  Health Professionals, Inc.                                          39,200               47
   Hechinger Co. Class A                                               52,700              511
*  Hecla Mining Co.                                                    43,300              503
*  Hector Communications Corp.                                         34,250              287
   Heico Corp.                                                         24,350              280
*  Heidemij NV                                                         18,901              178
   Heilig-Meyers Co.                                                   27,925            1,089
   Hein-Werner Corp.                                                   12,733               53
*  Helen of Troy Corp.                                                 19,500              297
   Helene Curtis, Inc.                                                 15,800              458
   Hibernia Corp. Class A                                              48,128              373
   Hillenbrand Industries, Inc.                                        41,900            1,744
*  Hitox Corp. of America                                              31,900              140
   Holly Corp.                                                         14,200              375
*  Hollywood Casino Corp.                                              28,800              374
*  Holnam, Inc.                                                        76,970              510
   Home Federal Financial Corp.                                        24,630              465
   Home Office Reference Laboratory Inc.                               21,000              394
   Home Shopping Network, Inc.                                         54,800              815
   Homeowners Group, Inc.                                              12,500               45
*  Hometown Buffet, Inc.                                               12,500              352
   Hon Industries, Inc.                                                18,800              519
   Horace Mann Educators Corp.                                         17,100              428
*  Horizon Healthcare Corp.                                            30,400              612
   George A. Hormel & Co.                                              45,800            1,013
   Horsehead Resource Development Co., Inc.                            46,000              147
*  Hospital Corp. of America  Class A                                 106,000            3,617
*  Hospital Staffing Services, Inc.                                    43,900               82
*  Hospitality Franchise Systems, Inc.                                 12,700              675
   Houghton Mifflin Co.                                                 8,800              428
*  House of Fabrics, Inc.                                              36,000              288
   Hubbell Inc. Class A                                                 2,000              105
   Hubbell Inc. Class B                                                16,251              880
   Hughes Supply, Inc.                                                 13,600              265
   Humana, Inc.                                                        95,900            1,690
   J.B. Hunt Transport Services, Inc.                                  22,350              522
   Huntington Bancshares Inc.                                          55,250            1,309

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   IBP, Inc.                                                           28,000        $     724
*  ICH Corp.                                                           64,800              332
*  ICOS Corp.                                                          56,500              314
   IDB Communications Group, Inc.                                       9,975              546
   IES Industries, Inc.                                                17,040              532
*  IGI, Inc.                                                           33,000              293
*  IHOP Corp.                                                          18,000              517
   IMC Fertilizer Group, Inc.                                          15,597              708
*  IMCO Recycling, Inc.                                                18,500              222
   Idaho Power Co.                                                     22,100              671
   Illinois Central Corp.                                              25,700              922
   Illinios Power Co.                                                  44,876              993
*  Image Business Systems Corp.                                        47,900              138
*  Image Entertainment, Inc.                                           46,000              259
*  Immulogic Pharmaceutical Corp.                                      39,700              526
*  Immune Response                                                     24,783              257
*  Immunex Corp.                                                       39,700              640
*  Immunomedics Inc.                                                   57,100              314
*  Imo Industries, Inc.                                                54,000              500
   Imperial Bancorp                                                    34,314              446
*  Inacom Corp.                                                        20,096              274
   Independence Bancorp, Inc.                                          16,398              609
   Indiana Energy, Inc.                                                39,000              848
*  Indressco Inc.                                                      34,900              541
   Infinity Broadcasting Corp.                                         12,500              378
*  Information Resources, Inc.                                         15,065              578
   Informix Corp.                                                      39,000              819
   Integon Corp.                                                       24,050              448
   Integra Financial Corp.                                             20,131              866
*  Integrated Device Technology Inc.                                   36,300              617
   Intelligent Electronics Inc.                                        31,686              871
*  Interco Co.                                                         29,000              377
   Interface, Inc.                                                     31,900              482
   Interface Systems Inc.                                              13,000               59
*  Interlink Electronics Inc.                                          36,800              462
   Intermet Corp.                                                      34,900              323
*  International Dairy Queen, Inc. Class A                             23,012              408
   International Game Technology                                       73,498            2,168
*  International Imaging Materials Inc.                                18,300              366
   International Multifoods Corp.                                      26,869              517
*  International Recovery Corp.                                        22,900              361
   International Specialty Products, Inc.                              61,000              412
*  Interspec Inc.                                                      26,700               83
   Intervoice, Inc.                                                    55,200              869
*  Invacare Corp.                                                      14,300              388
   Iowa-Illinois Gas & Electric Co.                                    17,400              428
   Ipalco Enterprises, Inc.                                            22,300              792
*  Isomedix Inc.                                                       19,100              370
*  Itel Corp.                                                          16,500              462
   Ivax Corp.                                                          41,400            1,190
*  J & J Snack Foods Corp.                                             16,500              340
*  JB's Restuarants Inc.                                               17,900              111
   JMC Group Inc.                                                      28,600              250
   JSB Financial                                                       17,499              407
   Jackpot Enterprises, Inc.                                           13,427              183
*  Jacobs Engineering Group Inc.                                       24,100              575
*  Jay Jacobs, Inc.                                                    12,100               36
*  Jamesway Corp.                                                      16,200               13
*  Jan Bell Marketing Inc.                                             34,350              322
   John Alden Financial Group                                          22,900              824
*  Jones Apparel Group, Inc.                                           24,100              720
   Justin Industries, Inc.                                             32,300              484
   KN Energy, Inc.                                                     19,050              491
   K U Energy Corp.                                                    22,600              655
*  K-V Pharmaceutical Co. Class A                                      29,400              287
*  K-V Pharmaceutical Co. Class B                                      12,200              116
   Kaiser Aluminum & Chemical Corp.                                    64,300              579
   Kaman Corp. Class A                                                 38,400              386
   Kansas City Power & Light Co.                                       37,300              858
   Kansas City Southern Industries, Inc.                               24,838            1,279
   Carl Karcher Enterprises, Inc.                                      39,400              414
   Kaydon Corp.                                                        19,500              400
   Kellwood Co.                                                        12,500              502
*  Kelly Oil Corp.                                                     33,300              318
   Kelly Services, Inc. Class A                                        21,737              600
*  Kemet Corp.                                                         27,200              422
   Kemper Corp.                                                        27,351              991
*  Kendall International Inc.                                          11,600              532
   Kennametal, Inc.                                                    12,454              554
*  Kent Electronics Corp.                                              12,100              345
*  Kentucky Medical Insurance Co.                                      32,811              213
*  Ketema, Inc.                                                        23,510              300
*  Key Tronic Corp.                                                    42,300              338
   Keycorp                                                             59,073            2,090
*  Keystone Consolidated Industries, Inc.                              27,750              284
   Keystone International Fund, Inc.                                   21,425              587
   Kimball International, Inc. Class B                                 13,300              412
   Kimco Realty Corp.                                                  11,900              418
*  Kimmins Environmental Service Corp.                                 15,050               36
*  Kinder Care Learning Centers Inc.                                   11,600              158
   Kinetic Concepts, Inc.                                              23,200               94
*  Kirby Corp.                                                         28,900              618
*  Kirschner Medical Corp.                                             22,300              151
   Knape & Vogt Manufacturing Co.                                      18,875              375
*  Knowledgeware, Inc.                                                 24,200              369
*  Kohls Corp.                                                         22,100            1,111
*  Komag, Inc.                                                         27,400              480
*  Kulicke & Soffa Industries, Inc.                                    18,100              252

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*  L.A. Gear Inc.                                                      29,500       $      288
   LDDS Communications, Inc.                                           35,423            1,718
   LG&E Energy Corp.                                                   19,750              800
   L & N Housing Corp.                                                 16,400              135
*  LSI Logic Corp.                                                     27,100              434
*  LTV Corp.                                                           62,523            1,008
*  LTX Corp.                                                           58,800              216
   La Quinta Inns Inc.                                                 21,600              761
   La-Z-Boy Chair Co.                                                  10,600              397
   Lafarge Corp.                                                       29,000              663
   Lakeland First Financial Group Inc.                                 28,341              524
   LAM Research Corp.                                                  13,550              439
   Lancaster Colony Corp.                                              13,433              613
   Lance, Inc.                                                         17,841              399
*  Landmark Graphics Corp.                                             23,000              423
   Lands' End, Inc.                                                    16,300              750
*  Larizza Industries, Inc.                                            39,900              314
*  Laser Precision Corp.                                               21,100              174
*  Laserscope                                                          16,100               90
   Lattice Semiconductor Corp.                                         30,300              496
   Lawson Products, Inc.                                               16,950              485
   Lawter International Inc.                                           25,454              347
   Lawyers Title Insurance Corp.                                       26,250              476
   Learonal Inc.                                                       24,100              380
*  Lechters Corp.                                                      22,900              283
   Lee Enterprises, Inc.                                               14,000              490
*  Legent Corp.                                                        20,053              456
   Leggett & Platt, Inc.                                               23,100            1,155
   Legg Mason Inc.                                                     17,800              443
   Lennar Corp.                                                        14,000              478
   Leucadia National Corp.                                             16,838              690
   Liberty Corp.                                                       11,800              286
   Liberty Media Corp. Class A                                         78,160            2,267
   Liberty National Bancorp Inc.                                       15,249              463
   Life Re Corp.                                                        9,000              183
   Lilly Industries Inc. Class A                                       23,592              566
*  Lin Broadcasting Corp.                                              30,268            3,333
   Lincoln Telecommunications Co.                                      17,200              630
   Linear Technology Corp.                                             21,702              844
*  Liposome Co., Inc.                                                  49,400              321
*  Littelfuse, Inc.                                                    17,800              454
*  Live Entertainment Inc.                                             20,400               48
   Loctite Corp.                                                       21,000              777
   Loews Corp.                                                         37,900            3,525
*  Lomas Financial Corp.                                               52,500              407
   Lone Star Steakhouse & Saloon                                       20,563              563
*  Lone Star Technologies, Inc.                                        45,400              352
   Long Island Lighting Co.                                            67,765            1,652
   Longview Fiber Co.                                                  30,270              685
   Lubrizol Corp.                                                      40,400            1,379
   Lukens, Inc.                                                         8,200              299
*  Lynx Therapeutic                                                     5,808                1
*  Lynx Therapeutic Pfd.                                                8,448                8
   Lyondell Petrochemical Co.                                          46,954              998
   MBIA, Inc.                                                          24,900            1,566
   MCN Corp.                                                           17,400              605
*  MDT Corp.                                                           56,900              306
   MDU Resources Group, Inc.                                           10,700              337
*  MFS Communications Co., Inc.                                        36,800            1,201
*  MGI Pharmaceutical, Inc.                                            42,700              619
   MGIC Investment Corp.                                               33,698              986
*  MGM Grand Inc.                                                      28,400            1,111
*  MNX Inc.                                                             5,200               62
*  M.S. Carriers Inc.                                                  17,100              359
*  MacFrugal's Bargains Close-Outs, Inc.                               33,100              650
   The MacNeal-Schwendler Corp.                                        25,400              340
*  Magma Copper Co. Class B                                            50,300              666
*  Magma Power Co.                                                     14,300              499
   Magna Group                                                         28,500              545
*  Magnatek                                                            23,900              356
   Maine Public Service Co.                                             7,100              184
*  Manpower Inc.                                                       44,000              775
   Manville Corp.                                                      72,300              606
   Mapco Inc.                                                          18,100            1,106
   Margaretten Financial Corp.                                         28,900              401
   Marion Merrell Dow, Inc.                                           161,574            2,908
   Mark IV Industries, Inc.                                            24,390              439
   Mark Twain Bancshares, Inc.                                         16,650              408
*  Marquest Medical Products Inc.                                      16,000               28
*  Marquette Electronics Class A                                       23,700              367
   Marshall & Ilsley Corp.                                             39,236              932
*  Marshall Industries                                                 10,386              519
   Marvel Entertainment Group                                          57,434            1,565
   Maryland Federal Bancorp                                            18,276              452
   Mascotech Inc.                                                      30,700              856
*  Maxtor Corp.                                                        65,000              353
*  Maxxam Inc.                                                         13,200              487
   Maybelline, Inc.                                                    30,600              715
   McClatchy Newspapers, Inc.                                          17,300              409
   McCormick & Co., Inc.                                               48,983            1,206
   Measurex Corp.                                                      18,600              367
   Medford Savings Bank                                                14,500              415
   Media General, Inc. Class A                                         24,500              720
*  Medical Care America                                                21,319              488
*  Medical Dynamics, Inc.                                              42,400              217
*  Medical Imaging Centers of America, Inc.                            36,800               26
*  Medical Technology Systems, Inc.                                    16,100              129
   Medicine Shoppe International, Inc.                                 16,750              325
*  Medimmune Inc.                                                      29,800              324
   Meditrust                                                           18,100              584
*  Megahertz Corp.                                                     36,200              511

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*  Menley & James Inc.                                                 19,300      $        27
   Men's Wearhouse, Inc.                                               16,800              544
   Mentor Corp.                                                        25,700              344
   Mentor Graphics Corp.                                               48,700              664
   Mercantile Bancorp, Inc.                                            13,700              618
   Mercantile Bankshares Corp.                                         26,650              513
   Mercury Finance Co.                                                 70,270            1,344
   Mercury General Corp.                                               16,400              496
   Meridian Bancorp, Inc.                                              34,869              996
*  Merisel, Inc.                                                       33,610              613
   Merrill Corp.                                                       13,000              351
   Merry-Go-Round Enterprises, Inc.                                    50,523              171
   Mesa Airlines, Inc.                                                 21,900              383
   Met-Pro Corp.                                                       21,922              299
   Metro Bancshares Inc.                                               24,525              402
   Metropolitan Financial Corp.                                        33,561              554
*  Fred Meyer, Inc.                                                    15,800              569
   Michael Foods, Inc.                                                 41,400              334
*  Michaels Stores, Inc.                                               18,300              657
   Michigan National Corp.                                              9,000              519
*  Microcom Corp.                                                      18,900               97
   Micron Technology Inc.                                              23,200            1,076
*  Micronics Computers, Inc.                                           47,200              283
*  Micropolis Corp.                                                    45,800              321
*  Microsoft Corp.                                                    169,847           13,694
*  Microtouch Systems, Inc.                                            27,600              373
   Mid-American Waste Systems, Inc.                                    28,900              238
   Mid-Iowa Financial Corp.                                             2,200               37
*  Midlantic Corp.                                                     31,600              808
   Midwest Grain Products                                              13,650              398
   Midwest Resources Inc.                                              31,397              565
   Herman Miller, Inc.                                                 14,771              451
*  Millicom, Inc. International                                        39,024              917
*  Milwaukee Land Co.                                                   2,300               15
   Minerals Technologies, Inc.                                         12,800              371
   Minnesota Power & Light Co.                                         18,100              593
   Mirage Resorts Inc.                                                 52,900            1,263
   Mitchell Energy & Development Corp. Class A                         32,000              696
*  Mobile Telecommunications Technologies Corp.                        21,300              519
   Modern Controls, Inc.                                               28,775              259
   Modine Manufacturing Co.                                            18,100              511
*  Molecular Biosystems, Inc.                                          20,100              374
   Molex, Inc.                                                         38,011            1,354
   The Money Store                                                     19,300              463
   Monk Austin, Inc.                                                   29,000              464
   Montana Power Co.                                                   31,400              809
   Morgan Stanley Group, Inc.                                          44,684            3,161
   Morrison Restaurants                                                22,425              589
   Mosinee Paper Corp.                                                  9,800              293
*  Motor Club of America                                               11,100               31
*  Mueller Indusries Inc.                                              14,500              515
*  Multimedia, Inc.                                                    21,703              746
   Murphy Oil Corp.                                                    26,530            1,061
   Myers Industries, Inc.                                              17,139              394
   Mylan Laboratories, Inc.                                            48,400            1,228
   NAC Re Corp.                                                        11,625              344
   NBB Bancorp, Inc.                                                   13,900              516
   NCH Corp.                                                            7,900              482
   N.S. Bancorp Inc.                                                   13,400              399
   NWNL Cos., Inc.                                                     17,000              544
   NYMAGIC, Inc.                                                       12,300              314
*  Nabors Industries, Inc.                                             38,700              305
   Nashua Corp.                                                        13,800              380
*  National Beverage Corp.                                              2,280               50
   National City Corp.                                                 97,406            2,386
   National Computer Systems, Inc.                                     28,500              324
   National Data Corp.                                                 23,100              390
   National Fuel & Gas Co.                                             21,700              738
   National Health Laboratories Inc.                                   54,500              777
*  National Pizza Corp. Class A                                        41,850              282
*  National Pizza Corp. Class B                                        36,750              225
*  National Presto Industries, Inc.                                     9,763              470
   National Re Holdings Corp.                                          10,200              316
*  National Record Mart, Inc.                                          34,800              244
*  National Steel Corp. Class B                                        21,200              254
*  Nationwide Cellular Service Inc.                                    25,200              332
   Nationwide Health Properties, Inc.                                  10,400              369
   Nautica Enterprises                                                 16,162              430
   Neiman Marcus Group Inc.                                            37,904              711
*  Nellcor Inc.                                                        16,300              399
*  Network Equipment Technologies                                      32,647              290
*  Network General Corp.                                               23,644              424
*  Network Systems Corp.                                               51,400              430
   Neutrogena Corp.                                                    25,500              516
   Nevada Power Co.                                                    23,452              566
   New England Business Service, Inc.                                  18,900              378
   New England Electric System                                         39,600            1,549
*  New Mexico & Arizona Land Co.                                       27,800              252
   New Plan Realty Trust                                               28,200              627
   New York State Electric & Gas Corp.                                 42,100            1,295
   Newcor, Inc.                                                        27,600              285
   Newhall Land & Farming Co.                                          38,600              618
   Newmont Gold Co.                                                    63,191            2,978
   Neworld Bancorp, Inc.                                               19,000              645
*  Nextel Communications                                               49,200            1,839
*  Nine West Group, Inc.                                               19,800              584
   Noble Affiliates, Inc.                                              29,400              779
   Nordson Corp.                                                       11,240              600
*  Nortek, Inc.                                                        23,552              212
   North American Mortgage                                             18,100              459
*  North Fork Bancorporation, Inc.                                     35,900              462

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   North Side Savings Bank                                             24,034      $       457
*  North Star Universal Inc.                                           40,400              192
*  Northeast Federal Corp.                                             14,113               62
   Northeast Utilities                                                 81,100            1,926
   Northern Indiana Public Service Co.                                 38,570            1,268
   Northern Trust Corp.                                                31,150            1,234
   Northwest Natural Gas Co.                                           16,400              558
   Northwestern Public Service Co.                                     13,800              397
*  NovaCare, Inc.                                                      29,712              453
*  Nutmeg Industries, Inc.                                             28,600              493
*  nVIEW Corp.                                                         47,549              193
   OEA, Inc.                                                           19,900              565
*  OHM Corp.                                                           27,600              321
*  O'Brien Environmental Energy Inc. Class A                           15,700               33
*  Oceaneering International, Inc.                                     29,400              401
*  Octel Communications Corp.                                          15,000              414
   Office Depot, Inc.                                                  54,450            1,831
*  Offshore Logistics, Inc.                                            26,000              356
*  Offshore Pipelines Inc.                                             20,000              315
*  Ogden Projects, Inc.                                                22,529              375
   Ohio Art Co.                                                         8,500              234
   Ohio Casualty Corp.                                                 10,728              685
   Oklahoma Gas & Electric Co.                                         24,300              899
   Old Kent Financial Corp.                                            24,000              720
   Old National Bancorp                                                10,502              411
   Old Republic International Corp.                                    30,774              696
   Olin Corp.                                                          11,200              553
   Olsten Corp.                                                        16,650              489
   Omnicom Group Inc.                                                  20,000              925
   Onbancorp Inc.                                                      12,300              432
   Oneida Ltd.                                                         23,989              330
   Oneita Industries                                                   23,733              172
   Optical Coating Laboratory, Inc.                                    40,566              256
*  Optical Radiation Corp.                                             19,800              299
   Orange & Rockland Utilities, Inc.                                    7,600              309
*  Orbital Sciences Corp.                                              25,200              510
*  Oregon Metallurgical Corp.                                          30,700              153
   Oregon Steel Mills, Inc.                                            23,300              585
*  O'Reilly Automotive, Inc.                                           14,100              405
   Oriole Homes Corp. Class B                                           7,500               85
*  Orthomet Inc.                                                       43,300              336
   O'Sullivan Corp.                                                    35,275              317
*  Outback Steakhouse                                                  16,100              618
   Overseas Shipholding Group Inc.                                     20,300              480
*  Owens-Illinois, Inc.                                                70,572              873
   Oxford Health Plan                                                  29,000            1,551
   PHH Corp.                                                           10,100              419
*  PS Group, Inc.                                                      21,000              281
*  Pacific Crest Capital Inc.                                           2,886               21
*  Pacific Nuclear Systems, Inc.                                       48,600              431
   Pacific Scientific Co.                                              17,900              396
   Pacific Telecom, Inc.                                               23,800              610
*  Pacificare Health Systems Inc. Class A                              14,700              553
*  Pacificare Health Systems Inc. Class B                               2,100               79
*  Pactel Corp.                                                        37,700              938
   Paging Network Inc.                                                 30,000              907
   PaineWebber Group, Inc.                                             29,850              806
   Parametric Technology Corp.                                         32,104            1,236
   Paramount Communications, Inc.                                      71,000            5,494
*  Park Communications, Inc.                                           25,050              520
*  Park-Ohio Industries, Inc.                                          24,500              314
   Parker & Parsley Petroleum Co.                                      16,100              398
*  Parker Drilling Co.                                                 71,600              394
   Paychex, Inc.                                                       17,250              599
   PCA International, Inc.                                             31,693              353
   Pegasus Gold                                                        20,500              451
   Penn Central Corp.                                                  27,100              877
   Penn Engineering & Manufacturing Co.                                 5,400              254
   Pennsylvania Enterprises Inc.                                       11,450              346
   Pennsylvania Power and Light Co.                                    89,498            2,416
   Pentair, Inc.                                                       11,154              364
   Penwest Ltd.                                                        18,609              433
   Peoples Bancorp of Worcester, Inc.                                  10,500              505
*  Peoples Heritage Financial Group Inc.                               33,800              401
*  Peoplesoft Inc.                                                     23,700              735
*  Perfumania Inc.                                                     14,300               88
*  Perini Corp.                                                        15,600              181
   Perrigo                                                             44,000            1,501
*  Perry Drug Stores Inc.                                              45,600              279
   Petrie Stores Corp.                                                 28,331              825
   Petroleum Heat & Power Co. Class B                                   4,300               86
   Petrolite Corp.                                                     13,400              456
*  Pharmaceutical Resources Inc.                                       30,600              513
   Phillips-Van Heusen Corp.                                           16,093              603
*  Photronics, Inc.                                                    23,000              362
   Physician Corp. of America                                          33,300              828
*  Picturetel Inc.                                                     24,100              449
*  Piedmont Management Inc.                                            20,600              330
   Piedmont Natural Gas, Inc.                                          16,200              328
   Pier 1 Imports Inc.                                                 35,077              342
   Pilgrim's Pride Corp.                                               34,100              234
   Pinnacle West Capital Corp.                                         51,500            1,152
   Pioneer Financial                                                   37,800              529
   Pioneer Financial Corp.                                             22,500              436
   Pioneer Standard Electronics Inc.                                   18,900              359
   Pittway Corp. Class A                                               10,000              322
   Plains Petroleum Co.                                                18,400              437

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*  Playboy Enterprises Inc. Class A                                    22,850         $    251
*  Playboy Enterprises Inc. Class B                                    13,450              175
   Plenum Publishing Corp.                                             13,600              350
*  Plexus Corp.                                                        21,650              338
   Ply-Gem Industries, Inc.                                            24,100              428
*  Pogo Producing Co.                                                  35,400              593
*  Policy Management Systems Corp.                                     13,964              433
*  Pool Energy Service Co.                                             34,967              269
   Pope & Talbot, Inc.                                                 19,000              546
   Portland General Electric Co.                                       29,500              605
   Potomac Electric Power Co.                                          67,900            1,816
*  Powersoft Corp.                                                     14,300              587
   Precision Castparts Corp.                                           17,200              499
   Premier Bancorp, Inc.                                               30,300              534
   Premier Industrial Corp.                                            50,847            1,424
   President Riverboat Casinos, Inc.                                   16,917              376
   Presidential Life Corp.                                             34,500              308
   Presidio Oil Co. Class A                                            18,100               37
   T. Rowe Price                                                       17,200              494
*  Primark Corp.                                                       30,700              345
   Prime Bancorp Inc.                                                  25,630              525
   Production Operators Corp.                                          15,400              416
   Progressive Corp. of Ohio                                           43,306            1,754
*  Pronet, Inc.                                                        22,100              282
   Property Trust of America                                           21,800              436
   Protective Life Corp.                                               13,900              612
*  Protein Design Labs                                                 27,600              674
   Provident Life & Accident Insurance Co. of America                  27,200              840
*  Providential Corp.                                                  33,200              178
   Public Service Co. of Colorado                                      36,251            1,165
*  Public Service Co. of New Mexico                                    24,220              272
   Puerto Rican Cement Co., Inc.                                       12,700              311
   Puget Sound Power & Light Co.                                       38,015              946
   Pulitzer Publishing Co.                                             14,980              537
   Puritan-Bennett Corp.                                               23,200              371
*  Pyramid Technology Corp.                                            26,400              386
*  Pyxis Corp.                                                         10,600              794
*  QMS, Inc.                                                           33,000              297
*  QVC Network, Inc.                                                   22,625              888
   Quaker State Corp.                                                  48,500              649
*  Qual-Med Inc.                                                       28,400              479
*  Qualcomm, Inc.                                                      15,000              799
   Quality Food Centers Inc.                                           12,124              303
   Quanex Corp.                                                        22,500              391
*  Quantum Corp.                                                       47,500              677
*  Quarterdeck Office Systems                                          39,900               90
   Questar Corp.                                                       24,815              819
*  Quincy Savings Banks                                                24,600              289
*  RJR Nabisco, Inc.                                                  677,047            4,316
   R.L.I. Corp.                                                        15,300              405
*  RPC Energy Services                                                 44,700              380
   RPM Inc. (Ohio)                                                     29,025              504
*  Rainbow Technologies, Inc.                                          16,600              309
*  Rasterops                                                           37,800              274
   Raymond James Financial, Inc.                                       25,350              421
*  Read-Right Corp.                                                    44,114              664
   Reader's Digest Assn., Inc. Class A                                 70,300            3,163
*  Reading & Bates Corp.                                               60,920              426
   Regal-Beloit Corp.                                                  15,900              419
*  Reliance Electric Co.                                               20,400              344
   Reliance Group Holdings                                             60,114              481
*  Rentrak Corp.                                                       48,900              281
   Republic New York Corp.                                             31,350            1,466
*  Republic Pictures Corp.                                             22,000              278
*  Research Industries Corp.                                           37,150              390
   Resource Mortgage Capital Corp.                                     28,500              816
   Response Technologies, Inc.                                         43,100               70
*  Revco Drug Stores, Inc.                                             30,500              442
   Rexall Sundown, Inc.                                                29,400              434
   Reynolds & Reynolds Class A                                         12,500              570
   Rhone-Poulenc Rorer, Inc.                                           83,204            3,037
*  Riedel Environmental                                                22,900               57
*  Riggs National Corp.                                                41,800              355
   Riverwood International Corp.                                       36,600              613
*  Robert Half International, Inc.                                     24,300              638
*  Rochester Community Savings Bank                                    28,100              434
   Rochester Gas and Electric Corp.                                    21,548              566
   Rochester Telephone Corp.                                           20,372              919
   Rockefeller Center Properties Inc.                                  53,700              362
*  Rogers Corp.                                                        24,100              630
*  Rohr, Inc.                                                          26,400              294
   Rollins, Inc.                                                       20,600              561
   Rollins Truck Leasing                                               26,650              510
   Roosevelt Financial Group                                            8,700              369
*  Ropak Corp.                                                         40,744              290
*  Ross Stores, Inc.                                                   29,200              383
*  The Rottlund Co.                                                    43,600              392
   Rouse Co.                                                           27,800              497
*  Royal Appliance Manufacturing Co.                                   53,600              301
*  Royal Grip, Inc.                                                    17,800              231
   Russ Berrie, Inc.                                                   33,100              505
   Rykoff-Sexton, Inc.                                                 19,525              427
   Ryland Group, Inc.                                                  20,000              400
*  SCI Systems, Inc.                                                   25,300              446
   SJW Corp.                                                            6,000              239
   SPI Pharmaceuticals                                                 31,057              454
*  SPS Transaction Services                                             8,300              500
*  Safeguard Health Enterprises, Inc.                                  35,300              481
   Safeguard Scientifics, Inc.                                         13,900              323
*  Safety First Inc.                                                   16,500              540
*  Safeway, Inc.                                                       60,228            1,280
   St. Ives Laboratories, Inc.                                         20,300              189

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   St. Joe Paper Co.                                                   17,800         $    901
   St. Paul Bancorp, Inc.                                              18,100              507
   Salant Corp.                                                         4,700               35
*  Salant Corp. Warrants Exp. 9/21/96                                   3,196                2
   San Diego Gas & Electric Co.                                        68,000            1,708
   Sanderson Farms, Inc.                                               23,700              361
*  Sanifill, Inc.                                                      24,200              526
   Savannah Foods & Industries, Inc.                                   29,100              404
   Sbarro, Inc.                                                        11,294              498
   Scana Corp.                                                         27,500            1,368
*  R. P. Scherer Corp.                                                 14,726              556
*  Scholastic Corp.                                                     8,700              375
   A. Schulman Inc.                                                    18,450              616
   Schult Home Corp.                                                   16,600              261
   Charles Schwab Corp.                                                33,989            1,100
*  Sci-Med Life Systems, Inc.                                           9,000              353
*  Scios Nova, Inc.                                                    45,800              464
   Scope Industries                                                     2,400               58
   E.W. Scripps Co. Class A                                            44,424            1,222
   Scripps Howard Broadcasting                                          6,100              497
   Seafield Capital Corp.                                              12,100              425
*  Seagate Technology                                                  40,342              961
   Seagull Energy Corp.                                                21,100              535
*  Sealed Air Corp.                                                    20,200              639
*  Secor Federal Savings Bank                                          14,250              316
*  The Seibels Bruce Group, Inc.                                       25,700               43
   Selective Insurance Group                                           16,000              484
*  Selfix, Inc.                                                        21,520              152
   Sensormatic Electronics Corp.                                       34,561            1,205
   Sequa Corp. Class A                                                 14,200              461
*  Sequent Computer Systems, Inc.                                      33,000              503
*  Service Merchandise Co., Inc.                                       59,387              594
   Shaw Industries, Inc.                                               86,100            2,185
   Shelby Williams Industries, Inc.                                    18,900              269
   Sholodge, Inc.                                                      27,250              634
   Shopko Stores, Inc.                                                 42,155              480
*  Shorewood Packaging                                                 35,200              493
*  Show Biz Pizza Time, Inc.                                           25,600              336
   Showboat, Inc.                                                      20,916              337
   Sierra Pacific Resources                                            16,600              340
*  Sierra Semiconductor                                                39,894              302
   Sigma Aldrich Corp.                                                 29,300            1,399
   Signet Banking Corp.                                                33,830            1,176
   Silicon Graphics, Inc.                                              77,080            1,908
   Sizzler International                                               29,625              270
*  Skybox International Inc.                                           26,800              164
   A.O. Smith Corp.                                                    21,500              769
*  Smith International, Inc.                                           55,300              484
*  Smithfield Foods, Inc.                                              26,600              495
   Smiths Food & Drug Class B                                          18,600              388
   J.M. Smucker Co. Class A                                            17,400              389
   J.M. Smucker Co. Class B                                             1,200               25
   Snapple Beverage Corp.                                              73,900            1,949
   Society Corp.                                                       70,450            2,096
*  Sofamor/Danek Group Inc.                                            15,000              499
*  Software Publishing Corp.                                           46,050              351
   Solectron Corp.                                                     23,400              664
   Sonoco Products                                                     53,600            1,166
   Sotheby's Holdings Class A                                          32,800              504
   South Jersey Industries, Inc.                                       16,884              401
*  Southdown, Inc.                                                     22,200              544
   Southern Indiana Gas & Electric                                     16,554              561
   Southern National Corp.                                             17,300              342
   Southern New England Telecom Corp.                                  38,600            1,394
*  Southern Pacific Rail Corp.                                         31,900              630
   Southern Union Co.                                                  13,349              354
*  Southland Corp.                                                    240,500            1,608
   Southtrust Corp.                                                    47,151              887
   Southwest Airlines Co.                                              81,739            3,065
   Southwest Gas Corp.                                                 29,700              475
   Southwestern Energy Co.                                             30,900              556
   Southwestern Public Service Co.                                     24,100              738
   Sovereign Bancorp, Inc.                                             38,080              505
*  Spaghetti Warehouse, Inc.                                           31,300              274
   Spartan Motors, Inc.                                                30,350              514
*  Spec's Music Inc.                                                   43,366              325
   Spelling Entertainment                                              55,100              551
   Spiegel, Inc. Class A                                               62,800            1,413
   Standard Federal Bank                                               18,000              540
   Standard Products Co.                                               17,650              618
   The Standard Register Co.                                           21,700              448
   Standex International Corp.                                         18,900              522
   Stanhome, Inc.                                                      11,500              390
   Staples, Inc.                                                       21,574              547
   Star Banc Corp.                                                     17,500              608
   Starbucks Corp.                                                     16,400              363
   L. S. Starrett Co. Class A                                          14,900              372
   L. S. Starrett Co. Class B                                             400               10
*  Starter Corp.                                                       15,800              275
   State Street Boston Corp.                                           45,500            1,701
   Sterling Chemicals, Inc.                                            47,100              188
*  Sterling Software, Inc.                                             17,300              491
   Stewart & Stevenson Services, Inc.                                  19,582            1,001
   Stewart Information Services Corp.                                  13,200              403
*  Stolt Nielson SA                                                    17,000              285
   Stone & Webster, Inc.                                               17,600              486
*  Stop & Shop Cos. Inc.                                               29,100              589
*  Storage Technology Corp.                                            25,345              802
*  Stratus Computer, Inc.                                              13,500              424
   Strawbridge & Clothier Class A                                      13,764              317
*  Structural Dynamics Research Corp.                                  32,300              553
   Stryker Corp.                                                       28,700              807

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   Student Loan Corp.                                                  25,100         $    474
   Student Loan Marketing Assn.                                        53,400            2,396
*  Submicron Systems Corp.                                             40,400              231
   Summit Bancorp                                                      27,080              569
*  Summit Technology, Inc.                                             20,500              433
   Sunamerica Inc.                                                     20,100              869
   Sunbeam Oster                                                       42,700              939
   Sundstrand Corp.                                                    21,700              911
*  Sungard Data Systems                                                11,400              472
   Super Food Services, Inc.                                           40,600              533
*  Supercuts, Inc.                                                     20,700              303
   Superior Industries International, Inc.                             18,319              788
   Surgical Care Affiliates, Inc.                                      21,700              336
*  Swift Energy Co.                                                    31,900              303
   Swift Transportation Co., Inc.                                      22,350              475
   Sybase, Inc.                                                        28,400            1,200
*  Sybron Corp.                                                        34,400            1,101
*  Symantec Corp.                                                      30,400              551
*  Symbol Technologies, Inc.                                           31,100              564
*  Synergen, Inc.                                                      30,650              354
*  Synopsys, Inc.                                                       8,863              399
   SynOptics Communications, Inc.                                      37,000            1,031
   Synovus Financial Corp.                                             40,500              754
*  Systemix, Inc.                                                      18,730              339
*  TBC Corp.                                                           40,875              501
   TCA Cable Television, Inc.                                          24,200              685
   TCBY Enterprises, Inc.                                              47,700              310
   TCF Financial Corp.                                                 11,200              381
   TECO Energy, Inc.                                                   70,500            1,595
*  TIE Communications, Inc.                                            11,000               81
   TIG Holdings, Inc.                                                  37,500              848
   TJ International, Inc.                                              20,700              621
   TNP Enterprises, Inc.                                               20,200              333
*  T.P.I. Enterprises, Inc.                                            34,000              340
   T Squared Medical                                                   23,600              186
*  Talley Industries, Inc.                                             38,100              224
   Tambrands, Inc.                                                     23,477            1,039
   Taubman Co.                                                         27,700              322
*  Tech Data Corp.                                                     19,200              691
*  Technical Communications Corp.                                      16,300              189
*  Technology Solutions Co.                                            38,000              328
   Tecumseh Products Co. Class A                                        6,400              293
   Tecumseh Products Co. Class B                                       12,800              590
   Tejas Gas Corp.                                                     11,887              594
   Tejon Ranch Co.                                                     20,400              301
   Teleflex Inc.                                                       12,300              455
   Telephone & Data Systems, Inc.                                      28,038            1,461
   Tellabs, Inc.                                                       19,150              900
   Telxon Corp.                                                        32,600              352
   Teradyne, Inc.                                                      21,200              588
   Terra Industries, Inc.                                              82,992              633
*  Tesoro Petroleum Corp.                                              47,900              263
   Texas Industries, Inc.                                              12,757              411
   Thermedics, Inc.                                                    42,000              635
   Thermo Electron Corp.                                               28,650            1,203
   Thermo Instrument Systems, Inc.                                     26,800              935
   Thiokol Corp.                                                       21,800              578
*  3 Com Corp.                                                         18,400              865
   Tidewater, Inc.                                                     32,000              640
   Tiffany & Co.                                                       17,366              554
*  Todd Shipyards Corp.                                                17,300               71
*  Tokos Medical                                                       54,978              282
   Tootsie Roll Industries, Inc.                                        6,353              451
   The Topps Co., Inc.                                                 58,540              413
   The Toro Co.                                                        13,900              389
   Tosco Corp.                                                         18,166              529
   Total Petroleum (North America) Ltd.                                52,800              587
   Total System Services, Inc.                                         18,800              493
   Transatlantic Holdings                                              13,700              718
   Transtechnology Corp.                                               25,000              275
*  Tremont Corp.                                                       46,895              322
*  Triarc Cos. Inc.                                                    24,400              610
*  Trimble Navigation Ltd.                                             36,400              330
*  Trimedyne, Inc.                                                     34,900              375
   Trinity Industries, Inc.                                            23,250            1,003
*  Triton Energy Corp.                                                 21,372              644
   Trustco Bank                                                        18,204              407
*  Tucson Electric Power Co.                                           90,000              337
*  Tuesday Morning, Inc.                                               16,600               95
   Tultex Corp.                                                        38,400              269
   Turner Broadcasting Class A                                         26,900              733
   Turner Broadcasting Class B                                         83,900            2,265
   20th Century Industries                                             30,500              835
   Tyco Toys, Inc.                                                     45,198              379
   Tyson Foods, Inc.                                                   86,407            2,063
   UGI Corp. Holding Co.                                               18,264              411
*  UNC, Inc.                                                           62,700              588
   UNUM Corp.                                                          47,900            2,515
*  URS Corp.                                                           29,050              163
   USLICO Corp.                                                        21,400              356
   Ultramar Corp.                                                      23,100              586
   Unifi, Inc.                                                         40,225            1,081
   Union Bank of San Francisco                                         20,523              518
*  Union Corp.                                                         26,800              338
   Union Planters Corp.                                                22,515              566
   Union Texas Petroleum Holdings                                      52,700            1,074
   United Asset Management Co.                                         13,400              548
   United Carolina Bancshare Corp.                                     20,500              448
   United Cos. Finance Corp.                                           26,994            1,073
   United Dominion Industries Ltd.                                     38,185              726
*  United Gaming, Inc.                                                 28,200              224
*  United Guardian, Inc.                                               42,800              179

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
   United Healthcare Corp.                                             45,768        $   3,473
   United Illuminating Co.                                              8,600              346
*  United International Holdings, Inc. Class A                          9,100              314
   United Jersey Bank Financial Corp.                                  31,300              743
   United Missouri Bancshares                                          14,489              547
*  United States Banknotes                                             51,400              328
   US Bancorp, Inc.                                                    13,800              335
*  U.S. Bioscience                                                     49,929              418
*  U.S. Energy Corp.                                                   36,530              142
   U.S. Healthcare, Inc.                                               64,934            3,734
*  U.S. Long Distance Corp.                                            25,000              356
   U.S. Shoe Corp.                                                     46,965              704
*  United States Cellular                                              33,400            1,169
   United States Trust Corp.                                           10,900              574
   United Stationers, Inc.                                             26,800              415
*  United Television, Inc.                                             18,200              764
   United Water Resources, Inc.                                        21,128              296
   Unitil Corp.                                                        16,900              330
   Unitrin Inc.                                                        30,870            1,331
   Universal Corp.                                                     21,200              543
   Universal Foods Corp.                                               15,062              484
*  Universal Health Services Class B                                   20,400              418
   Utilicorp United, Inc.                                              24,987              793
   VSB Bancorp, Inc.                                                    7,776              154
*  Vaalco Energy, Inc.                                                 53,400              320
   Valassis Communication                                              24,000              321
   Valero Energy Corp.                                                 25,800              545
   Valhi, Inc.                                                         91,300              445
   Valley Bancorp                                                      12,553              497
   Valley National Bancorp                                             13,525              320
   Valspar Corp.                                                       12,800              485
*  Value City Department Stores, Inc.                                  34,100              499
*  Value Health, Inc.                                                  34,796            1,096
*  Vanguard Cellular Systems, Inc. Class A                             14,758              428
*  Varco International, Inc.                                           56,100              337
   Varian Associates, Inc.                                             10,700              642
*  Vencor, Inc.                                                        20,050              599
   Venture Stores, Inc.                                                21,100              493
*  Verifone, Inc.                                                      25,000              481
   Versa Technology, Inc.                                              11,000              157
*  Vertex Communications Corp.                                         18,000              259
*  Vestar, Inc.                                                        31,700              204
*  Viacom International Class A                                        19,400              948
*  Viacom International Class B                                        51,800            2,325
*  Vicor Corp.                                                         26,700              621
*  Vicorp Restaurants, Inc.                                            14,400              268
*  Videocart, Inc.                                                     28,900                2
*  Viking Office Products                                              11,800              574
   Virco Manufacturing Corp.                                           14,054              102
   Virginia Beach Federal Financial Corp.                              11,850               87
   Vishay Intertechnology, Inc.                                        12,309              432
*  Vital Signs, Inc.                                                   19,564              284
*  Vons Cos., Inc.                                                     25,700              411
   Vornado Realty Trust                                                12,398              415
   Vulcan International Corp.                                           5,900              124
   Vulcan Materials Co.                                                21,800            1,022
*  WMS Industries, Inc.                                                14,400              414
   WPL Holdings, Inc.                                                  17,300              569
*  Waban, Inc.                                                         34,400              469
   Wackenhut Corp.                                                     24,700              321
*  Wainoco Oil Corp.                                                   47,700              185
   Wallace Computer Services, Inc.                                     13,400              454
*  Warnaco Group                                                       12,500              380
   Washington Energy Co.                                               27,432              497
   Washington Federal Savings & Loan Assn.                             21,264              553
   Washington Gas Light Corp.                                          12,601              520
   Seattle (WA) Mutual Savings Bank                                    34,685              832
   Washington National Corp.                                           18,171              438
   Washington Post Co. Class B                                          6,900            1,758
   Washington Real Estate Investment Trust                             15,800              324
   Washington Water Power Co.                                          31,300              587
   Watts Industries Class A                                            12,300              615
   Wausau Paper Mills Co.                                              12,599              496
*  Weatherford International, Inc.                                     27,900              296
   Del E. Webb Corp.                                                   29,000              464
   Webster Financial Corp.                                             19,580              443
   Weingarten Realty Investors                                         14,600              547
   Weis Markets, Inc.                                                  26,700              721
*  Wellfleet Communications                                            17,700            1,139
   Wellman, Inc.                                                       19,155              359
*  Wellpoint Health Networks, Inc. Class A                             58,700            1,820
   Werner Enterprises, Inc.                                            23,200              705
   Wesco Financial Corp.                                                4,058              526
   West Co., Inc.                                                      15,200              372
   West One Bancorp                                                    20,112              574
   Western Beef                                                        24,860              219
*  Western Digital Corp.                                               69,800              637
   Western Gas Resources, Inc.                                         15,100              495
*  Western Publishing Group, Inc.                                      36,500              698
   Western Resources, Inc.                                             36,386            1,269
*  Roy F. Weston, Inc.                                                 35,500              248
*  Westwood One, Inc.                                                  13,300              110
   Wetterau Properties, Inc.                                            3,600               72
   Wheelabrator Technologies                                          112,006            1,988
*  Wheeling Pittsburgh Corp.                                           31,850              545
*  White River                                                          2,842               97
*  Whittaker Corp.                                                     21,700              353
   John Wiley & Sons Class A                                            6,600              472
   Willamette Industries, Inc.                                         32,200            1,602

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
*  Willcox & Gibbs, Inc.                                               44,544       $      345
*  Clayton Williams Energy, Inc.                                       19,200              250
   Wilmington Trust Corp.                                              21,400              567
*  Windmere Corp.                                                      28,500              235
*  Windmere Corp. Warrants Exp. 1/19/98                                   297                1
*  Wisconsin Central Transportation Corp.                               9,700              571
   Wisconsin Energy Corp.                                              61,661            1,703
   Wisconsin Public Service Corp.                                      14,600              491
   Wiser Oil Co.                                                       26,200              458
   Witco Chemical Corp.                                                30,600              975
   Wolverine World Wide, Inc.                                          24,800              753
*  World Corp.                                                         10,100               57
*  Worldtex Inc.                                                       49,944              262
   Wyle Laboratories                                                   22,700              440
*  Wyman Gordon Corp.                                                  70,400              334
*  Xilinx, Inc.                                                        13,900              660
*  Xoma Corp.                                                          52,800              274
   Xtra Corp.                                                          10,600              506
*  Xylogics, Inc.                                                      16,600              268
   Yankee Energy Systems                                               16,777              413
   York International Corp.                                            21,800              768
   Zenith National Insurance Corp.                                     31,460              704
   Zions Bancorp.                                                      14,400              531
*  Zurich Reinsurance Centre Holdings, Inc.                            15,600              439
*  Zycad Corp.                                                         39,400              107
----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (97.8%)(1)                                                                
   (Cost $744,079)                                                                     907,247
----------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS (1.2%)                                                             
----------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                         Face                 
                                                                       Amount                 
                                                                        (000)                 
                                                                        -----                 
                                                                                              
U.S. TREASURY BILL--Note D                                                                    
   3.06%, 3/24/94                                                        $300              298
REPURCHASE AGREEMENT                                                                          
   Collateralized by U.S. Government                                                          
     Obligations in a Pooled Cash Account 3.47%, 1/3/94                10,777           10,777
----------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS                                                              
   (Cost $11,075)                                                                       11,075
----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (99.0%)                                                                     
   (Cost $755,154)                                                                     918,322
----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (1.0%)                                                           
----------------------------------------------------------------------------------------------
   Other Assets--Notes B and E                                                         $44,349
   Liabilities--Note E                                                                (34,700)
                                                                                      --------
                                                                                         9,649
----------------------------------------------------------------------------------------------
NET ASSETS (100%)                                                                             
----------------------------------------------------------------------------------------------
Applicable to 47,768,420 Outstanding                                                          
   Shares of Beneficial Interest (Unlimited authorization)                            $927,971
----------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE                                                               $19.43
==============================================================================================

+  See Note A to Financial Statements.                                      

(1)  The combined market value of common stocks, New York Stock Exchange        
    Composite Index futures  contracts, and Standard & Poor's Midcap 400 Index
futures contracts represents 99.5% of net assets.                     
*  Non-Income Producing Security.                                           

                                                        [Enlarge/Download Table]


----------------------------------------------------------------------------------------------
AT DECEMBER 31, 1993, NET ASSETS CONSISTED OF:                                                
----------------------------------------------------------------------------------------------
                                                                       Amount              Per
                                                                        (000)            Share
                                                                        -----            -----
                                                                                              
Paid in Capital                                                      $758,094           $15.87
Overdistributed Net Investment Income                                   (147)               --
Accumulated Net Realized Gains                                          6,754              .14
Unrealized Appreciation of Investments                                163,270             3.42
----------------------------------------------------------------------------------------------
NET ASSETS                                                           $927,971           $19.43
----------------------------------------------------------------------------------------------

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                                                                                        Market
                                                                                         Value
TOTAL STOCK MARKET PORTFOLIO                                           Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
COMMON STOCKS                                                                                 
----------------------------------------------------------------------------------------------
   ADC Telecommunications, Inc.                                         4,800          $   171
   AES Corp.                                                            5,260              183
   Aflac, Inc.                                                         11,286              322
   AGCO Corp.                                                           4,400              150
*  AMR Corp.                                                            8,093              542
   ARCO Chemical Co.                                                   10,200              441
*  ASK Computer Systems, Inc.                                           6,300               82
*  AST Research, Inc.                                                   6,200              141
   Abbott Laboratories, Inc.                                           88,929            2,623
*  Abex, Inc.                                                          13,279               40
*  Action Performance Cos., Inc.                                       30,400              104
*  Acuson Corp.                                                         6,512               79
   Adobe Systems, Inc.                                                  5,500              122
*  Advacare Inc.                                                       13,500               25
*  Advanced Magnetics, Inc.                                             6,000               74
*  Advanced Micro Devices, Inc.                                         9,260              164
*  Advanced Technologies Laboratories, Inc.                             3,839               65
*  Advanced Tissue Sciences Inc.                                        9,600               80
   Advanta Corp. Class A                                                4,050              134
   Aetna Life and Casualty Co.                                         11,950              721
*  Agency Rent-a-Car, Inc.                                              9,139              121
   H.F. Ahmanson & Co.                                                 12,123              238
*  Air and Water Technologies Corp. Class A                            15,400              231
   Air Products & Chemicals, Inc.                                      12,129              537
   Airborne Freight Corp.                                               4,000              141
   Alamo Group, Inc.                                                    5,100               79
   Alberto-Culver Co. Class B                                           5,123              118
   Albertson's, Inc.                                                   27,374              732
   Alco Standard Corp.                                                  5,153              282
*  Aldus Corp.                                                          5,047              137
   Alex Brown & Sons, Inc.                                              7,280              180
   Alexander & Alexander Services, Inc.                                 4,220               82
   Alexander & Baldwin, Inc.                                            4,600              121
*  Alexander's, Inc.                                                    1,600               97
   Alleghany Corp.                                                        979              140
   Allegheny Ludlum Corp.                                               7,400              177
   Allegheny Power System, Inc.                                        12,400              329
   Allergan, Inc.                                                       7,229              164
*  Alliance Entertainment                                              19,000              134
*  Alliance Pharmaceutical Corp.                                        6,700               54
*  Alliant Techsystems, Inc.                                            3,300               98
   Allied Capital Commercial Corp.                                      4,600               76
   Allied-Signal, Inc.                                                 15,197            1,201
   Allmerica Property & Casualty Cos.                                   2,200              144
   Allstate Corp.                                                      10,200              301
   ALLTEL Corp.                                                        20,100              593
*  Allwaste, Inc.                                                      17,200               77
*  Alumax, Inc.                                                         4,441               95
   Aluminum Co. of America                                              9,392              652
   ALZA Corp.                                                           7,731              216
   Amax Gold, Inc.                                                     16,593              114
   Ambac, Inc.                                                          3,522              148
   Amcast Industrial Corp.                                              3,400               72
   Amerada Hess Corp.                                                   9,980              450
   American Annuity Group Inc.                                         10,517              105
   Amdahl Corp.                                                        23,173              139
   American Brands, Inc.                                               21,797              725
   American Cyanamid Co.                                                9,527              479
   American Electric Power Co., Inc.                                   19,790              735
   American Express Co.                                                51,692            1,596
   American General Corp.                                              23,320              668
   American Greetings Corp. Class A                                     7,862              266
   American Health Properties, Inc.                                     3,800               95
   American Home Products Corp.                                        33,011            2,137
   American International Group, Inc.                                  33,848            2,970
   American List Corp.                                                  5,250               89
   American National Insurance Co.                                      2,900              151
   American Power Conversion Corp.                                      9,600              227
   American President Cos., Ltd. .                                      2,300              132
*  American Re Corp.                                                    5,300              150
   American Stores Co.                                                  7,645              329
   American Studios, Inc.                                               9,400               58
   American Telephone & Telegraph Co.                                 144,162            7,569
   Amerifed Financial Corp.                                             2,100               68
   Ameritech Corp.                                                     28,965            2,223
   Ametek, Inc.                                                         7,800               99
*  Amgen, Inc.                                                         14,360              713
   AMP, Inc.                                                           11,142              703
   Amoco Corp.                                                         53,030            2,804
*  Amphenol Corp.                                                      11,700              193
*  Amsco International, Inc.                                            6,985               85
   Amsouth Bancorp                                                      4,574              143
   Amtech Corp.                                                         3,375               81
*  Amylin Pharmaceuticals, Inc.                                         6,900               88
   Anadarko Petroleum Corp.                                             6,200              281
*  Analog Devices, Inc.                                                 7,069              174
   Anchor Bancorp Inc.                                                  6,700               82
   Andrew Corp.                                                         3,550              136
*  Andros Analyzers                                                     4,900               78
   Angelica Corp.                                                       2,700               76
   Anheuser-Busch Co., Inc.                                            28,880            1,419
*  Ann Taylor Stores Corp.                                              4,100              101
*  Anthem Electronics, Inc.                                             2,514               73
   Anthony Industries, Inc.                                             5,869               94
   Aon Corp.                                                            7,032              340
   Apache Corp.                                                        12,269              287
   Apple Computer, Inc.                                                12,655              372
*  Applied Bioscience International, Inc.                              10,300               53

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
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*  Applied Materials, Inc.                                              8,400          $   328
   Arbor Drugs, Inc.                                                    5,200              107
   Archer-Daniels-Midland Co.                                          36,507              831
   Argent Bank                                                          2,000               47
   Argonaut Group, Inc.                                                 4,081              126
   Arkla, Inc.                                                         11,754               93
*  Armco, Inc.                                                         17,296              104
   Armor All Products Corp.                                             5,200              105
   Armstrong World Industries Inc.                                      3,992              213
*  Arrow Electronics, Inc.                                              3,100              129
*  Artisoft, Inc.                                                       9,104              136
   Asarco, Inc.                                                         7,124              163
   Ashland Oil, Inc.                                                    6,171              211
*  Aspect Telecommunications                                            4,300              182
*  Associated Communication Corp. Class B                               6,200              174
   Atlanta Gas Light Co.                                                3,800              148
   Atlanta Sosnoff Capital                                              8,900               78
   Atlantic Energy, Inc.                                                5,300              115
   Atlantic Richfield Co.                                              16,951            1,784
   Atmos Energy Corp.                                                   2,500               69
*  Atwood Oceanics, Inc.                                                4,400               50
*  Aura Systems, Inc.                                                  22,500              171
   Autodesk, Inc.                                                       2,495              113
   Automatic Data Processing, Inc.                                     15,101              834
*  Autozone, Inc.                                                       7,700              441
   Avemco Corp.                                                         4,400               83
   Avery Dennison Corp.                                                 6,387              188
*  Aviall Inc.                                                          2,019               31
   Avnet, Inc.                                                          4,300              168
   Avon Products, Inc.                                                  7,765              378
   BHC Communications, Inc. Class A                                     2,800              230
*  BMC Industries, Inc.                                                 6,200              131
*  BMC Software, Inc.                                                   2,600              124
*  BPI Packaging Technologies Inc.                                     25,900              173
   BP Prudhoe Bay Royalty Trust                                         6,100              149
   Badger Paper Mills, Inc.                                             9,300              119
   Baker Hughes, Inc.                                                  14,890              298
   Baldor Electric Co.                                                  4,100              117
*  Baldwin Technology Class A                                          11,900               60
   Ball Corp.                                                           4,301              130
   Ballard Medical Products                                             5,466               71
   Baltimore Gas & Electric Co.                                        15,253              387
   Banc One Corp.                                                      36,455            1,426
   Bancorp Hawaii, Inc.                                                 3,000              123
   Bandag, Inc.                                                         2,338              129
   Bandag, Inc. Class A                                                   538               28
   Bangor Hydro-Electric Co.                                            3,200               58
   Bank of Boston Corp.                                                11,589              267
   The Bank of New York Co., Inc.                                       9,743              555
   Bank North Group                                                     3,300               65
   BankAmerica Corp.                                                   37,918            1,758
   Bankers Corp.                                                        8,580              139
   Bankers Life Holding Corp.                                           6,900              148
   Bankers Trust New York Corp.                                         8,971              710
   BanPonce Corp.                                                       4,777              149
   C.R. Bard, Inc.                                                      5,218              132
*  Barefoot, Inc.                                                       2,800               96
   Barnes Group, Inc.                                                   2,700               84
   Barnett Banks of Florida, Inc.                                      10,646              442
*  Barr Labs Inc.                                                       5,500              109
   Bassett Furniture Industries, Inc.                                   2,863              102
   Battle Mountain Gold Co. Class A                                    16,600              168
   Bausch & Lomb, Inc.                                                  6,468              331
   Baxter International, Inc.                                          29,958              730
   Baybanks, Inc.                                                       2,700              137
   Bear Stearns Co., Inc.                                              12,311              269
   Beauticontrol Cosmetics                                              5,800               80
   Becton, Dickinson & Co.                                              8,361              300
   Bell Atlantic Corp.                                                 46,467            2,742
*  Bell Bancorp, Inc.                                                   1,800               85
   Bell Industries, Inc.                                                9,700              170
   BellSouth Corp.                                                     52,955            3,065
   A. H. Belo Class A                                                   3,200              170
   Bemis Co., Inc.                                                      5,401              128
   Beneficial Corp.                                                     5,306              203
   Bergen Brunswig Corp. Class A                                        7,049              124
*  Berkshire Hathaway                                                     123            2,008
   Berkshire Realty Co., Inc.                                          16,400              180
   Berlitz International, Inc.                                         11,928              164
   Berry Petroleum Class A                                              6,800               67
*  Bertucci's Holding Corp.                                             6,400              153
   Best Buy, Inc.                                                       4,050              188
*  BET Holdings Inc. Class A                                            4,700               93
*  Bethlehem Steel Corp.                                                9,382              191
   Betz Laboratories, Inc.                                              3,100              136
*  Beverly Enterprises Inc.                                            12,679              168
*  Biotechnology General                                               11,800               61
*  Biogen, Inc.                                                         4,900              196
*  Biomet, Inc.                                                        12,189              126
   Black & Decker Corp.                                                 8,741              173
*  Black Hawk Gaming & Development Co., Inc.                           11,300              122
   Blackrock Strategic Term Trust, Inc.                                22,100              215
   Block Drug Co. Class A                                               3,451              129
   H & R Block, Inc.                                                   11,356              463
   Blockbuster Entertainment Corp.                                     23,218              711
   Boatmen's Bancshares, Inc.                                          11,246              337
   Bob Evans Farms, Inc.                                                7,400              162
   Boddie Noell Restaurant                                              4,300               64
   The Boeing Co.                                                      36,414            1,575
   Boise Cascade Corp.                                                  6,138              144
*  Bolt Beranek and Newman, Inc.                                       12,000              144
   Borden, Inc.                                                        15,560              265
*  Borland International, Inc.                                          5,100               76

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
   Boston Edison Co.                                                    4,500          $   134
*  Boston Scientific Corp.                                             10,000              125
   Bowater, Inc.                                                        6,500              150
   Briggs & Stratton Corp.                                              2,314              191
   Brinker International, Inc.                                          4,783              220
   Bristol-Myers Squibb Co.                                            55,214            3,209
   Brooklyn Union Gas Co.                                               4,350              119
   Brown-Forman Corp. Class B                                           3,117              272
   Browning-Ferris Industries, Inc.                                    18,809              484
   Bruno's Inc.                                                        11,944              105
   Brunswick Corp.                                                     10,297              185
   Burlington Coat Factory Warehouse Corp.                              7,875              180
   Burlington Northern, Inc.                                            9,687              561
   Burlington Resources, Inc.                                          13,700              581
   Burnham Pacific Properties, Inc.                                     4,100               70
*  Business Records Corp.                                               3,500              116
   CBI Industries, Inc.                                                 5,891              179
   CBS, Inc.                                                            1,704              492
   CCP Insurance, Inc.                                                  4,700              131
   CFSB Bancorp, Inc.                                                   3,600               67
   CIGNA Corp.                                                          7,663              481
   CIPSCO, Inc.                                                         3,600              111
   CML Group, Inc.                                                      5,500              130
   CMS Energy Corp.                                                     8,461              213
   CPI Corp.                                                            4,500               78
*  CNA Financial Corp.                                                  6,733              522
   CPC International, Inc.                                             16,243              774
   CRI Liquidating REIT, Inc.                                           8,500               72
   CSX Corp.                                                           11,003              891
   CUC International, Inc.                                             11,650              419
*  Cabletron Systems, Inc.                                              2,967              334
   Cabot Corp.                                                          2,700              145
*  Cadence Design Systems, Inc.                                         8,300               96
   Cadmus Communications                                                6,700               95
*  Caesars World, Inc.                                                  3,800              203
*  Caldor Corp.                                                         3,100               79
   Calgon Carbon Corp.                                                  8,300              108
   California Federal Bank Class A                                     14,800              228
   Callaway Golf Co.                                                    2,500              133
   Campbell Soup Co.                                                   26,899            1,103
   Capital Bancorporation                                               3,700               72
   Capital Cities/ABC, Inc.                                             1,782            1,104
   Capital Holding Corp.                                               11,124              413
   Capital Re Corp.                                                     3,600               93
   Capitol American Financial Corp.                                     4,500               97
*  Capsure Holdings                                                     5,200               70
   Caraustar Industries Inc.                                            5,500               91
   Cardinal Distribution, Inc.                                          3,900              184
   Caremark International, Inc.                                         7,264              143
*  Carmike Cinemas, Inc. Class A                                        4,500               81
   Carnival Cruise Lines, Inc.                                         15,236              722
   Carolina Power & Light Co.                                          16,866              508
   Carpenter Technology Corp.                                           1,700               99
   Carter-Wallace, Inc.                                                 4,800              103
   Casino Magic Corp.                                                   5,600               75
*  Catalyst Semiconductor, Inc.                                        22,200              169
*  Catellus Development Corp.                                          13,700              106
   Caterpillar, Inc.                                                   10,799              961
*  Catherines Stores                                                    5,300               91
*  Cellular Communications Series A                                     1,700               79
*  Celtrix Laboratories                                                 7,000               77
*  Center Banks Inc.                                                    6,700               59
*  Centerior Energy Corp.                                              14,900              196
   Centex Corp.                                                         4,236              178
*  Centigram Communications                                             3,800              134
   Central & South West Corp.                                          20,502              620
   Central Fidelity Banks, Inc.                                         3,750              105
   Central Hudson Gas & Electric Corp.                                  3,300              100
   Central Jersey Bancorp                                               3,100               69
   Central Louisiana Electric Co.                                       3,908               97
   Central Newspapers Inc.                                              4,150              115
   Century Telephone Enterprises, Inc.                                  5,080              131
*  Ceridian Corp.                                                      12,235              232
*  Chalone Wine Group Ltd.                                             26,100              161
   Champion International Corp.                                         9,652              322
*  Chantal Pharmaceutical Corp.                                        10,100                9
   Charming Shoppes, Inc.                                              10,492              124
   Charter One Financial                                                4,200               82
   The Chase Manhattan Corp.                                           19,709              668
*  Checkers Drive-In Restaurant                                         8,550               99
   Chemed Corp.                                                         2,900               88
   Chemical Banking Corp.                                              27,054            1,086
   Chemical Waste Management                                           21,600              178
   Chesapeake Corp. of Virginia                                         4,717              120
   Chevron Corp.                                                       34,836            3,035
   Cheyenne Software, Inc.                                              4,350              120
*  Chic by H.I.S., Inc.                                                14,800              185
*  Chicago Northwest                                                    6,500              162
*  Chipcom Corp.                                                        1,300               65
   Chiquita Brands International, Inc.                                  9,135              105
*  Chiron Corp.                                                         3,328              279
   Chittenden Corp.                                                     3,875               70
   Chrysler Corp.                                                      37,420            1,993
   The Chubb Corp.                                                      9,481              738
   Church and Dwight, Inc.                                              4,600              130
   Churchill Downs, Inc.                                                1,400               74
   Cilcorp, Inc.                                                        5,200              195
   Cincinnati Bell, Inc.                                                6,700              121
   Cincinnati Financial Corp.                                           5,300              286
   Cincinnati Gas & Electric Co.                                        9,750              268
   Cintas Corp.                                                         5,000              169
*  Circa Pharmaceuticals Inc.                                           9,900               93
*  Circon Corp.                                                         5,400               62

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   Circuit City Stores, Inc.                                            9,936          $   216
   Circus Circus Enterprises Inc.                                       9,441              349
   Cisco Systems, Inc.                                                 13,164              851
*  Citicorp                                                            40,242            1,479
   Citizens Corp.                                                       5,800              114
*  Citizens First Bancorp, Inc.                                        11,400               78
   Citizens Utilities Co. Class A                                      19,681              354
   Clayton Homes Inc.                                                   6,312              153
   Clear Channel Communications                                         3,125              144
   Clorox Co.                                                           6,002              326
*  Coast Savings Financial, Inc.                                        5,300               76
*  Coastal Corp.                                                       11,516              324
*  Coastal Healthcare Group, Inc.                                       3,700              146
   Coca-Cola Bottling Co.                                               3,200              118
   The Coca-Cola Co.                                                  138,835            6,196
   Coca Cola Enterprises, Inc.                                         13,700              209
   Coeur D'Alene Mines Corp.                                            5,700              123
   Cognex Corp.                                                         5,600               81
   Collective Bancorporation Inc.                                       4,749              103
   Colgate-Palmolive Co.                                               16,451            1,026
*  Coltec Inc.                                                          7,400              139
*  Columbia First Federal Savings and Loan Assn.                        2,300               78
*  Columbia Gas Systems, Inc.                                           5,298              119
   Columbia Healthcare Corp.                                           16,108              536
   Comcast Corp. Class A                                               12,860              466
   Comcast Corp. Class A Special                                        2,980              107
   Comdisco, Inc.                                                       7,600              146
   Comerica, Inc.                                                      12,352              329
*  Commander Aircraft Co.                                              28,600              168
   Commerce Clearing House, Inc. Class A                                3,500               63
   Commerce Clearing House, Inc. Class B                                5,500               97
*  Commercial Federal Corp.                                             3,600               72
   Commercial Metals Co.                                                3,199               90
   Commonwealth Edison Co.                                             23,061              651
   Community Healthcare Systems                                         5,799              107
   Community Psychiatric Centers                                       15,063              211
*  Compaq Computer Corp.                                                8,660              641
*  CompUSA, Inc.                                                        5,200              104
   Computer Associates International, Inc.                             17,994              720
*  Computer Sciences Corp.                                              1,928              192
*  Compuware Corp.                                                      5,400              138
   Comsat Corp.                                                         4,000              119
   Conagra, Inc.                                                       26,783              706
*  Cone Mills Corp.                                                     5,900              100
   Connecticut Natural Gas Corp.                                        2,400               75
   Connecticut Water Services, Inc.                                     3,000               83
*  Conner Peripherals, Inc.                                             9,907              145
   Conrail, Inc.                                                        8,448              565
   Conseco, Inc.                                                        2,600              144
*  Consilium, Inc.                                                      6,700               60
   Consolidated Edison Co. of New York, Inc.                           24,896              800
   Consolidated Natural Gas Co.                                         9,985              469
   Consolidated Papers                                                  4,800              208
*  Consolidated Stores, Inc.                                            7,159              142
*  Contel Cellular, Inc.                                               10,748              175
   Continental Bank Corp.                                               5,300              140
   Continental Corp.                                                    5,764              159
*  Continuum Inc.                                                       3,800               73
*  Control Data Corp.                                                  17,533              178
*  Convex Computer Corp.                                               14,000               77
   Cooper Industries, Inc.                                             12,012              592
   Cooper Tire & Rubber Co.                                             8,852              221
*  Cordis Corp.                                                         3,400              168
   CoreStates Financial Corp.                                          12,594              329
   Corning, Inc.                                                       21,514              602
   Countrywide Credit Industries, Inc.                                  6,045              152
   Cracker Barrel Old Country Stores, Inc.                              6,054              166
*  Cragin Financial Corp.                                               3,500              130
*  Craig Corp.                                                          6,577               78
   Crane Co.                                                            4,948              122
*  Cray Research, Inc.                                                  5,109              131
*  Creative Technology                                                 28,300              205
   Credit Acceptance Corp.                                              5,550              135
*  Cree Research, Inc.                                                  9,000              130
   Crestar Financial Corp.                                              4,120              173
   Criimi Mae Inc.                                                      6,700               75
   Crompton & Knowles Corp.                                             5,000              110
*  Crosscom Corp.                                                       2,600               52
*  Crown Books Corp.                                                    3,100               69
*  Crown Cork & Seal Co., Inc.                                          9,335              391
   Crown Crafts, Inc.                                                   5,300               93
*  Cryomedical Sciences                                                11,600               45
   Cummins Engine Co., Inc.                                             3,666              197
*  Cygnus Therapeutic Systems                                          15,300              169
*  Cyprus Amax                                                          9,548              247
*  Cytrex Corp.                                                        16,300              101
   DPL, Inc.                                                           11,150              230
   DQE Inc.                                                             5,900              204
*  DSC Communications Corp.                                             5,651              347
   Dames & Moore, Inc.                                                  5,400               96
   Dana Corp.                                                           4,923              295
*  Data Race, Inc.                                                      4,300               39
   Dauphin Deposit Bank & Trust                                         4,820              123
   Dayton-Hudson Corp.                                                  7,494              500
   Dean Foods Corp.                                                     5,767              188
   Dean Witter Discover and Co.                                        18,250              632
   Deere & Co.                                                          8,864              656
*  Dell Computer                                                        6,500              147

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   Delmarva Power & Light Co.                                           5,800          $   137
*  Delphi Information Systems Inc.                                     31,100              152
   Delta Air Lines, Inc.                                                5,423              296
   Delta Queen Steamboat                                               10,000              174
   Deluxe Corp.                                                         8,936              324
*  Desoto, Inc.                                                        17,000              132
*  Destec Energy Inc.                                                   6,800               98
   Detroit Edison Co.                                                  15,696              471
   Dexter Corp.                                                         5,000              117
   Diagnostic Products Corp.                                            4,100               76
   The Dial Corp.                                                       4,812              194
   Dibrell Brothers, Inc.                                               3,500               91
   Diebold, Inc.                                                        3,029              182
*  Digi International, Inc.                                             3,600               79
*  Digital Equipment Corp.                                             13,984              479
   Dillard Department Stores Class A                                   11,850              450
   The Walt Disney Co.                                                 57,519            2,452
*  Dr. Pepper/Seven Up Cos., Inc.                                       6,000              144
   Dole Food Co.                                                        6,400              171
   Dollar General Corp.                                                 6,312              190
   Dominion Resources, Inc.                                            17,443              791
   R.R. Donnelley & Sons Co.                                           16,702              520
   Donnelly Corp.                                                       4,100               79
*  Dovatron International Inc.                                          5,857              159
   Dover Corp.                                                          5,971              363
   Dow Chemical Co.                                                    29,180            1,656
   Dow Jones & Co., Inc.                                               10,895              389
*  Dravo Corp.                                                          6,739               75
*  The Dress Barn, Inc.                                                 7,400               96
   Dresser Industries, Inc.                                            14,876              309
   Dreyfus Corp.                                                        3,700              166
*  Drug Emporium, Inc.                                                 33,370              161
   E.I. du Pont de Nemours & Co.                                       72,612            3,504
   Duke Power Co.                                                      22,111              937
   The Dun & Bradstreet Corp.                                          19,172            1,181
   Duracell International, Inc.                                        12,025              431
   Duriron Co., Inc.                                                    3,500               81
   Duty Free International Inc.                                         6,274              125
   EG & G, Inc.                                                         8,036              148
   EMC Corp.                                                           18,800              310
*  ESSEF Corp.                                                          5,000               66
   E-Systems, Inc.                                                      3,554              154
*  Easel Corp.                                                          9,200               41
   Eastern Enterprises                                                  4,077              104
   Eastern Utilities Associates                                         3,471               97
   Eastman Kodak Co.                                                   34,877            1,953
   Eaton Corp.                                                          7,396              373
   Echlin, Inc.                                                         6,042              201
   Echo Bay Mines Ltd.                                                 12,300              158
   Ecolab, Inc.                                                         3,246              146
   Edison Brothers Stores, Inc.                                         4,200              125
*  Edisto Resources Corp.                                              26,300              204
   Edo Corp.                                                           10,400               69
*  Education Alternatives, Inc.                                         4,300              147
   A.G. Edwards & Sons, Inc.                                            4,687              135
   El Paso Natural Gas                                                  3,849              139
   Elco Industries Inc.                                                 5,700              115
   Electronic Arts                                                      4,700              142
   Emerson Electric Co.                                                24,217            1,459
   Empire District Electric Co.                                         3,500               73
*  Empire of Carolina, Inc.                                            14,500               94
*  Emulex Corp.                                                        14,800               91
   Energen Corp.                                                        3,200               69
*  Energy Ventures Inc.                                                11,900              147
   Engelhard Corp.                                                     10,276              250
   Enquirer/Star Group Inc. Class A                                     4,800               91
   Enron Corp.                                                         25,782              748
   Enron Oil & Gas Co.                                                  8,662              338
   ENSERCH Corp.                                                        6,712              109
*  Entergy Corp.                                                       24,024              865
*  Enterra Corp.                                                        4,506               92
   Equifax, Inc.                                                        8,400              230
   The Equitable Cos.                                                  15,300              413
   Equitable of Iowa Co.                                                5,200              176
   Equitable Resources, Inc.                                            3,700              136
*  Ethan Allen Interiors Inc.                                           7,200              225
   Ethyl Corp.                                                         13,230              232
*  Exabyte Corp.                                                        7,200              127
   Expeditors International of Washington, Inc.                         5,400               82
*  Express Scripts                                                      2,100               97
*  Exstar Financial Corp.                                               5,800               57
   Exxon Corp.                                                        132,934            8,375
*  FHP International Corp.                                              5,700              153
*  FMC Corp.                                                            3,876              183
   FMC Gold Co.                                                        35,300              185
*  FM Properties Inc.                                                  33,900              157
   F.N.B. Corp.                                                         7,745              119
   FPL Group, Inc.                                                     20,134              788
   Fair Issac & Co.                                                     4,100               89
   Family Dollar Stores, Inc.                                           8,300              141
   Farm & Home Financial Corp.                                          3,450               91
   Farmer Brothers, Inc.                                                  500               69
   Fay's Drug Co.                                                      10,075               69
*  Fedders Corp.                                                       12,345               79
*  Federal Express Corp.                                                6,021              427
   Federal Home Loan Mortgage Corp.                                    19,408              968
   Federal-Mogul Corp.                                                  4,800              139
   Federal National Mortgage Assn.                                     29,096            2,284
   Federal Paper Board Co., Inc.                                        6,728              143
   Federal Signal Corp.                                                 5,297              148
*  Federated Stores                                                    14,000              290
   Ferro Corp.                                                          4,700              150
   Fifth Third Bancorp                                                  6,500              336

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*  50-Off Stores, Inc.                                                  7,400         $     52
   Figgie International Inc. Class A                                    4,500               61
   Figgie International Inc. Class B                                      900               13
*  Filene's Basement Corp.                                              9,800              105
*  Filenet Corp.                                                        6,900              150
   Fina Inc.                                                            2,200              151
   Fingerhut Co.                                                        7,654              215
   First Alabama Bancshares, Inc.                                       4,110              133
   First American Bank Corp.                                            6,000              236
   First American Corp. (Tenn.)                                         3,600              115
   First American Financial Corp.                                       3,300              115
   First Bancorp of Ohio                                                5,000              128
   First Bank System, Inc.                                             11,700              360
   First Chicago Corp.                                                  9,122              395
   First Citizens Bancshares Class A                                    2,000               91
   First Colonial Bankshares                                            3,800               72
   First Colony Corp.                                                   5,024              127
   First Commerce Corp.                                                 3,892               98
   First Commonwealth Financial Corp.                                   2,700               95
   First Data Corp.                                                    11,700              477
   First Empire State Corp.                                             1,100              155
*  First Federal Financial                                              4,200               67
   First Federal Savings Bank/Puerto Rico                              11,550              192
   First Fidelity Bancorp.                                              8,778              399
   First Financial Bancorp                                                880               48
   First Financial Savings Assn.                                        5,600               93
   First Financial Management                                           6,200              352
   First Hawaiian, Inc.                                                 5,100              126
   First Interstate Bancorp.                                            7,994              513
   First Michigan Bank Corp.                                            2,690               75
   First Midwest Bancorp                                                3,400               85
   First Security Corp.                                                 4,350              113
   First Tennessee National Corp.                                       3,800              147
   First Union Corp.                                                   17,875              737
   First Union Real Estate                                              6,600               64
   First USA Inc.                                                       6,100              218
   First Virginia Banks, Inc.                                           3,407              112
   First Western Bancorp                                                2,415               71
   Firstar Corp.                                                        6,700              206
   Firstfed Michigan Corp.                                              4,050              104
   Firstier Financial Inc.                                              2,200              109
   Fiserv, Inc.                                                         6,700              131
   Fleet Financial Group, Inc.                                         14,747              492
   Fleet Mortgage Group                                                 8,300              138
   Fleetwood Enterprises, Inc.                                          7,058              168
   Fleming Cos., Inc.                                                   3,936               97
   Flightsafety International, Inc.                                     3,800              130
   Florida Progress Corp.                                               9,450              318
   Flowers Industries, Inc.                                             6,100              117
   Fluor Corp.                                                          8,881              360
   Food Lion Inc. Class A                                              44,300              291
   Food Lion Inc. Class B                                               7,694               51
*  Foodmaker, Inc.                                                     19,300              188
   Ford Motor Co.                                                      52,537            3,389
   Foremost Corp. of America                                            2,500               85
*  Forest City Enterprise Class A                                       2,800              115
*  Forest Laboratories, Inc.                                            4,692              223
   Fort Wayne National Corp.                                            2,200               83
   Foster Wheeler Corp.                                                 5,479              184
*  Foundation Health Co.                                                5,000              155
   Fourth Financial Corp.                                               3,800              110
*  Frame Technology                                                    13,200              116
   Franklin Electric, Inc.                                              2,500               87
   Franklin Resources Corp.                                             8,900              408
   Freeport McMoRan, Inc.                                              14,800              292
   Freeport McMoRan Copper & Gold Inc. Class A                          5,300              132
   Fremont General Corp.                                                3,450               85
*  Fresh Choice, Inc.                                                   2,600               70
*  Fruehauf Trailer Corp.                                              10,000               45
*  Fruit of the Loom, Inc.                                              8,288              200
   Fulton Financial Corp.                                               4,510              101
   Fund American Enterprise Holding Co.                                 2,685              211
   GATX Corp.                                                           3,000              122
*  GC Cos.                                                                791               27
   GEICO Corp.                                                          7,600              390
   GFC Financial Corp.                                                  3,900              113
   GTE Corp.                                                          101,179            3,541
   Gainsco, Inc.                                                        7,444               68
   Arthur J. Gallagher & Co.                                            3,200              116
   Galveston-Houston Co.                                               13,200               53
   Gannett Co., Inc.                                                   15,782              904
   The Gap, Inc.                                                       15,774              621
   Gaylord Entertainment Class A                                        8,600              242
*  Genentech Inc.                                                      12,283              620
   General Binding Corp.                                                4,800               73
*  General Cable Corp.                                                 14,125               57
   General Dynamics Corp.                                               3,229              298
   General Electric Co.                                                91,344            9,580
*  General Instrument                                                   6,500              365
   General Mills, Inc.                                                 17,295            1,051
   General Motors Corp.                                                75,723            4,155
   General Motors Corp. Class E                                        25,100              734
   General Motors Corp. Class H                                        10,100              393
   General Nutrition Cos.,  Inc.                                        8,900              251
   General Public Utilities Corp.                                      12,600              389
   General Re Corp.                                                     9,139              978
   General Signal Corp.                                                 5,114              176
*  Gensia Inc.                                                          6,100              149
   Gentex Corp.                                                         5,400              190
   Genuine Parts Co.                                                   13,401              504

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*  Genzyme Corp.                                                        4,089          $   113
*  Georgia Gulf Corp.                                                  11,802              264
   Georgia-Pacific Corp.                                                9,498              653
   Gerber Products Co.                                                  7,632              217
   Giant Food, Inc. Class A                                             6,268              161
   Gibson Greetings, Inc.                                               4,100               86
   Giddings & Lewis, Inc.                                               5,900              150
*  Gilead Sciences, Inc.                                               14,800              176
   Gillette Co.                                                        23,692            1,413
*  Gitano Group, Inc.                                                  11,600               29
   P.H. Glatfelter Co.                                                  7,500              140
*  Global Natural Resources, Inc.                                      14,900              108
   Golden West Financial Corp.                                          6,576              256
   The BF Goodrich Co.                                                  2,900              117
   The Goodyear Tire & Rubber Co.                                      15,672              717
   Goody's Family Clothing                                              6,450               80
   Gorman-Rupp Co.                                                      2,550               66
   Goulds Pumps, Inc.                                                   3,709               93
   W.R. Grace & Co.                                                    10,076              409
   Graco, Inc.                                                          2,400               87
   W.W. Grainger, Inc.                                                  5,436              313
   Granite Construction Co.                                             3,700               92
   Great Atlantic & Pacific Tea Co., Inc.                               3,901              105
   Great Lakes Chemical Corp.                                           7,607              568
   Great Western Financial Corp.                                       14,253              285
   Green Mountain Power Corp.                                           1,900               59
   Green Tree Financial Corp.                                           3,500              168
*  Greyhound Lines, Inc.                                                3,500               40
*  Groundwater Technology, Inc.                                         5,100               71
   Grow Group, Inc.                                                     5,700               90
   Grumman Corp.                                                        3,462              137
*  Gtech Holdings Corp.                                                 4,300              141
   Guaranty National Corp.                                              3,300               58
   Guilford Mills, Inc.                                                 3,400               80
*  Gupta Corp.                                                         11,900              231
   HBO and Co.                                                          3,300              152
   Halliburton Co.                                                     12,142              387
*  Hamburger Hamlet Restaurants                                         7,600               63
   Hancock Fabrics, Inc.                                                8,600               82
   Handleman Co.                                                        8,861              117
   Hannaford Brothers Co.                                               6,200              133
   Harcourt General, Inc.                                               7,915              287
   John H. Harland Co.                                                  4,987              108
   Harley-Davidson, Inc.                                                4,006              177
   Harper Group, Inc.                                                   5,600               99
   Harris Corp.                                                         4,208              191
   Harsco Corp.                                                         3,584              146
   Hartford Steam Boiler Inspection & Insurance Co.                     2,057               92
   Hasbro, Inc.                                                         9,377              340
   Hawaiian Electric Industries Inc.                                    4,065              146
   Healthcare & Retirement Corp.                                        6,400              142
*  Healthcare Compare Corp.                                             6,800              168
*  Healthdyne, Inc.                                                     9,600               66
*  HEALTHSOUTH Rehabilitation Corp.                                     6,274              158
*  Healthtrust Inc.                                                     8,900              237
*  Healthwise of America Inc.                                             660               17
   Health and Rehabilitation Properties Trust                           7,100              105
   Health Care Properties Investors                                     4,400              119
   Health Care REIT, Inc.                                               3,000               69
*  Health Management Systems, Inc.                                      8,400              167
*  Health Professionals, Inc.                                           6,700                8
   Heartland Express, Inc.                                              3,041               75
   Hechinger Co. Class A                                                9,800               95
   Hechinger Co. Class B                                                5,118               50
*  Hecla Mining Co.                                                     9,000              105
   Heilig-Meyers Co.                                                    5,000              195
   H.J. Heinz Co.                                                      27,331              981
   Helmerich & Payne, Inc.                                              5,093              142
   Herbalife International of America, Inc.                             8,100              142
   Hercules, Inc.                                                       4,662              527
   Hershey Foods Corp.                                                  9,510              466
   Hewlett-Packard Co.                                                 26,932            2,128
   Hibernia Corp. Class A                                              13,822              107
   Hillenbrand Industries, Inc.                                         7,800              325
   Hilton Hotels Corp.                                                  4,988              303
   Hogan Systems, Inc.                                                  7,900               63
   Holly Corp.                                                          3,500               92
   Hollywood Park, Inc.                                                 2,100               63
*  Holnam, Inc.                                                        24,100              160
   Home Depot, Inc.                                                    48,060            1,898
*  Home Nutritional Services, Inc.                                     10,700               47
   Home Shopping Network, Inc.                                         10,500              156
   Homestake Mining Co.                                                14,881              327
   Honeywell, Inc.                                                     14,598              500
   Horace Mann Educators Corp.                                          4,300              108
   Horizon Bank                                                         3,700               60
   George A. Hormel & Co.                                               8,600              190
   Horsehead Resource Development Co., Inc.                            16,400               52
*  Hospital Corp. of America Class A                                   18,600              635
*  Hospitality Franchise Systems, Inc.                                  3,800              202
   Host Marriott                                                       12,524              114
   Household International, Inc.                                        9,708              317
   Houston Industries, Inc.                                            14,184              676
   Hubbell Inc. Class A                                                   700               37
   Hubbell Inc. Class B                                                 2,700              146
   Hudson Foods Inc. Class A                                            6,300               70
   Humana, Inc.                                                        16,346              288
*  Hungarian Teleconstruct Corp.                                        4,700               26
   Hunt Manufacturing Co.                                               4,600               72
   J.B. Hunt Transport Services, Inc.                                   5,700              133

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                                                                                        Market
                                                                                         Value
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   Huntington Bancshares Inc.                                           9,550          $   226
   IBP, Inc.                                                            7,200              186
   ICN Biomedicals Inc.                                                11,400               48
   IMC Fertilizer Group, Inc.                                           7,103              322
   IRT Property Co.                                                     7,100               76
*  I-STAT Corp.                                                         7,500              101
   ITT Corp.                                                           12,900            1,177
   Idaho Power Co.                                                      3,900              118
*  IDEX Corp.                                                           3,000              107
   IDEXX Corp.                                                          3,600              115
   Illinois Central Corp.                                               4,400              158
   Illinios Power Co.                                                   8,400              186
   Illinois Tool Works, Inc.                                           12,164              474
   IMCERA Group, Inc.                                                   8,096              272
*  Immucore Inc.                                                       16,800              101
*  Immulogic Pharmaceutical Corp.                                       8,100              107
*  Immune Response                                                      5,717               59
*  Immunomedics Inc.                                                    9,900               54
   Independence Bancorp, Inc.                                           3,161              117
*  Indressco Inc.                                                       8,191              127
   Infinity Broadcasting Corp.                                          6,075              184
   Informix Corp.                                                       6,600              139
*  Information Resources, Inc.                                          4,035              155
   Ingersoll-Rand Co.                                                  10,925              418
*  Innovative Gaming Corp.                                              9,050              148
*  Insituform Technologies Class A                                      5,400               68
*  Insurance Auto Auctions, Inc.                                        3,000              110
   Integon Corp.                                                        3,820               71
   Integra Financial Corp.                                              3,800              163
*  Integrated Device Technology Inc.                                    8,300              141
   Intel Corp.                                                         45,078            2,800
   Intelligent Electronics Inc.                                         7,114              196
   Intercontinental Bank                                                3,600               72
   Interface, Inc.                                                      6,500               98
*  Intergraph Corp.                                                     9,373               99
   International Business Machines Corp.                               61,206            3,458
*  International Dairy Queen, Inc. Class A                              5,588               99
*  International Dairy Queen, Inc. Class B                              2,300               42
*  International Family Entertainment Class B                           5,300              108
   International Flavors & Fragrances, Inc.                             4,137              471
   International Game Technology                                       13,202              389
*  International Jensen                                                 7,000               49
   International Multifoods Corp.                                       9,781              188
   International Paper Co.                                             13,157              891
   International Specialty Products, Inc.                              16,100              109
*  International Technology                                            13,800               52
*  International Totalizer Systems, Inc.                               13,200              205
*  Interneuron Pharmaceutical, Inc.                                     9,100               92
   Interpublic Group of Cos., Inc.                                      8,000              256
   Interstate Bakeries                                                  6,000               91
   Iowa National Bankshares                                             2,800               69
   Ipalco Enterprises, Inc.                                             3,900              138
   Irwin Financial Corp.                                                3,200               80
   ISCO, Inc.                                                           4,485               51
   IVAX Corp.                                                           7,200              207
   JMC Group Inc.                                                       5,200               45
   JSB Financial                                                        3,101               72
*  Jacobs Engineering Group Inc.                                        4,300              103
   James River Corp.                                                    8,541              164
   Jefferson-Pilot Corp.                                                5,543              260
   Johnson & Johnson                                                   69,870            3,127
   Johnson Controls, Inc.                                               4,412              234
*  Jones Apparel Group, Inc.                                            4,900              146
   Joslyn Manufacturing Co., Inc.                                       2,600               65
   Jostens Inc.                                                         7,340              145
*  Joy Technologies, Inc.                                               9,800              118
   Juno Lighting, Inc.                                                  5,300              109
   Justin Industries, Inc.                                              5,700               86
   Kmart Corp.                                                         43,653              928
   K U Energy Corp.                                                     3,800              110
*  Kaiser Aluminum & Chemical Corp.                                    11,900              107
*  Kaneb Services, Inc.                                                 8,000               23
   Kansas City Life Insurance Co.                                       1,400               69
   Kansas City Power & Light Co.                                        7,000              161
   Kansas City Southern Industries, Inc.                                4,462              230
   Kaufman & Broad Home Corp.                                           5,526              131
   Kaydon Corp.                                                         4,000               82
   Kellogg Co.                                                         24,765            1,405
   Kelly Services, Inc. Class A                                         5,675              157
   Kemper Corp.                                                         5,000              181
   Kerr-McGee Corp.                                                     5,279              238
   Keycorp                                                             10,676              378
   Keystone International Fund, Inc.                                    5,700              156
   Kimball International, Inc. Class B                                  4,100              127
   Kimberly-Clark Corp.                                                17,073              886
   Kinetic Concepts, Inc.                                              15,300               62
*  King World Productions, Inc.                                         3,800              146
   Knight-Ridder, Inc.                                                  6,035              361
*  Kohls Corp.                                                          4,000              201
*  Komag, Inc.                                                          5,100               89
*  The Kroger Co.                                                      11,217              226
*  LDDS Communications, Inc.                                            6,428              312
   LG&E Energy Corp.                                                    3,250              132
*  LSI Logic Corp.                                                      8,000              128
   LTC Properties, Inc.                                                 4,100               53

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   La Quinta Inns Inc.                                                  5,100          $   180
   Lafarge Corp.                                                        9,300              213
   Lake Shore Bancorp Inc.                                              2,875               83
   LAM Research Corp.                                                   4,350              141
   Lancaster Colony Corp.                                               3,799              173
   Lance, Inc.                                                          5,721              128
   Lands' End, Inc.                                                     3,700              170
   Lattice Semiconductor Corp.                                          6,350              104
   Lawter International Inc.                                            7,534              103
   Lee Enterprises, Inc.                                                4,300              151
*  Legent Corp.                                                         3,489               79
   Leggett & Platt, Inc.                                                4,300              215
   Lennar Corp.                                                         4,200              143
*  Leslie Fay Co.                                                      15,200               49
   Leucadia National Corp.                                              2,900              119
   Liberty Bankcorp Inc.                                                2,100               58
   Liberty Media Corp. Class A                                         14,200              412
   Liberty National Bancorp Inc.                                        4,250              129
   Life Re Corp.                                                        2,900               59
*  Lifecore Biomedical Inc.                                             7,300               72
   Eli Lilly & Co.                                                     31,140            1,849
   Lilly Industries Inc. Class A                                        4,912              118
   The Limited, Inc.                                                   38,351              657
*  Lin Broadcasting Corp.                                               5,432              598
*  Lincare Holdings Inc.                                                6,400              160
   Lincoln National Corp.                                              10,252              446
*  Lindsay Manufacturing Co.                                            2,900              102
   Linear Technology Corp.                                              5,198              202
*  Liposome Co., Inc.                                                  10,000               65
*  Liposome Technology, Inc.                                           10,100               90
*  Litton Industries, Inc.                                              4,969              320
   Liz Claiborne, Inc.                                                  8,374              191
   Lockheed Corp.                                                       6,629              452
   Loctite Corp.                                                        3,800              141
   Loews Corp.                                                          6,900              642
*  Lone Star Casino Corp.                                              26,200              115
   Lone Star Steakhouse & Saloon                                        5,500              151
   Long Island Lighting Co.                                            12,235              298
   Longview Fiber Co.                                                   7,730              175
   Loral Corp.                                                          8,992              339
*  Lotus Development Corp.                                              4,737              260
   Louisiana Land & Exploration Co.                                     3,599              144
   Louisiana-Pacific Corp.                                             11,600              478
   Lowes Cos., Inc.                                                     8,007              474
   Lubrizol Corp.                                                       7,300              249
*  L. Luria & Son, Inc.                                                 5,100               76
*  Lynx Therapeutic Pfd.                                                1,344                1
   Lyondell Petrochemical Co.                                           9,046              192
*  M/A-Com, Inc.                                                       10,787               93
   MBIA, Inc.                                                           4,500              283
   MBNA Corp.                                                          10,842              362
   MCI Communications Corp.                                            56,790            1,601
*  MFS Communications Co., Inc.                                         6,600              215
   MGIC Investment Corp.                                                5,902              173
*  MGM Grand Inc.                                                       5,200              203
*  MacFrugal's Bargains Close-Outs, Inc.                                5,700              112
   MacMillan Bloedel Ltd.                                               5,200               83
   Madison Gas & Electric Co.                                           2,600               88
*  Magma Power Co.                                                      3,600              126
   Manor Care Inc.                                                      8,551              208
*  Manpower Inc.                                                       11,200              197
   Manufactured Home Communities, Inc.                                  2,100               90
   Manville Corp.                                                      19,300              162
   Mapco Inc.                                                           3,100              189
*  Marcam Corp.                                                         3,900               37
   Marion Merrell Dow, Inc.                                            28,700              517
   Mark IV Industries, Inc.                                             5,958              107
   Marriott International                                              17,724              514
*  Marsh & McLennan, Inc.                                               7,917              643
*  Marshall Industries                                                  1,814               91
   Marshall & Ilsley Corp.                                              6,864              163
   Martin Marietta Corp.                                               10,108              450
   Marvel Entertainment Group                                          10,334              282
   Masco Corp.                                                         16,412              607
*  Mascotech Inc.                                                       9,400              262
*  Material Sciences Corp.                                              3,900               89
   Mattel, Inc.                                                        14,404              398
*  Maxicare Health Plans Inc.                                           6,900               67
*  Maxus Energy Corp.                                                  19,400              107
*  Maxxam Inc.                                                          2,600               96
   May Department Stores Co.                                           26,600            1,047
   Maytag Corp.                                                        11,936              215
*  McCaw Cellular Communications, Inc.                                 21,800            1,098
   McClatchy Newspapers, Inc.                                           5,300              125
   McCormick & Co., Inc.                                                8,717              215
   McDermott International, Inc.                                        5,502              146
   McDonald's Corp.                                                    37,810            2,155
   McDonnell Douglas Corp.                                              4,243              454
   McGraw-Hill, Inc.                                                    5,203              352
   McKesson Corp.                                                       4,203              227
   The Mead Corp.                                                       6,559              295
*  Medar, Inc.                                                          5,800               65
   Media General, Inc. Class A                                          5,000              147
*  Medical Care America                                                 7,145              163
*  Medimmune Inc.                                                       4,400               48
   Medtronic, Inc.                                                      6,216              510
*  Megafoods Stores, Inc.                                               5,100               55
   Mellon Bank Corp.                                                    6,893              365
   Melville Corp.                                                      11,070              450
*  Men's Wearhouse, Inc.                                                3,600              117
   Mercantile Bancorp, Inc.                                             2,400              108

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   Mercantile Bankshares Corp.                                          6,900          $   133
   Mercantile Stores Co., Inc.                                          3,790              137
   Merck & Co., Inc.                                                  135,784            4,668
   Mercury Finance Co.                                                 12,666              242
   Meridian Bancorp, Inc.                                               8,096              231
   Meridian Diagnostics, Inc.                                           5,618               48
   Merrill Lynch & Co., Inc.                                           22,548              947
   Mesa Airlines, Inc.                                                  6,000              105
   Michael Foods, Inc.                                                 10,000               81
   Michigan National Corp.                                              4,100              236
*  Microsoft Corp.                                                     29,997            2,419
*  Micro Warehouse Inc.                                                 6,800              281
*  Microdyne Corp.                                                     14,900               69
   Micron Technology Inc.                                               4,000              186
*  Microprose Inc.                                                      8,600               80
   Mid Am Inc.                                                          4,470               66
   Mid-American Waste Systems, Inc.                                     7,400               61
   Mid Atlantic Medical Services                                        6,900              176
   Mid Atlantic Realty Trust                                           15,400              141
   Middlesex Water Co.                                                  3,800               79
*  Midlantic Corp.                                                      5,300              135
   Midwest Resources Inc.                                               8,600              155
   Herman Miller, Inc.                                                  4,529              138
   Millipore Corp.                                                      4,419              177
*  Milwaukee Land Co.                                                   7,700               50
   Minerals Technologies, Inc.                                          4,300              125
   Minnesota Mining & Manufacturing Co.                                23,203            2,523
   Minnesota Power & Light Co.                                          4,100              134
   Mirage Resorts Inc.                                                  9,450              226
   Mitchell Energy & Development Corp. Class A                          6,200              135
*  Mitek Surgical Products, Inc.                                        2,800               62
   Mobil Corp.                                                         42,594            3,365
   Molex, Inc.                                                          6,450              230
   The Money Store                                                      4,100               98
   Monsanto Co.                                                        12,887              946
   Montana Power Co.                                                    5,200              134
   J.P. Morgan & Co., Inc.                                             20,728            1,438
*  Morgan Products Ltd.                                                 7,300               65
   Morgan Stanley Group, Inc.                                           7,916              560
   Morrison Restaurants                                                 6,375              167
   Morton International, Inc.                                           5,281              494
   Mosinee Paper Corp.                                                  3,200               96
   Motorola, Inc.                                                      29,132            2,691
   Mountaineer Bankshares                                               1,800               73
*  Multimedia, Inc.                                                     3,797              131
   Murphy Oil Corp.                                                     4,600              184
*  Musicland Stores Corp.                                               7,100              147
*  Mycogen Corp.                                                        5,300               56
   Mylan Laboratories, Inc.                                             8,100              206
   NAC Re Corp.                                                         3,200               95
   NBD Bancorp, Inc.                                                   17,407              514
   NCH Corp.                                                            1,700              104
*  NS Group Inc.                                                       11,600               77
   N.S. Bancorp Inc.                                                    2,100               62
   NYMAGIC, Inc.                                                        3,000               76
*  Nabors Industries, Inc.                                             12,100               95
   NACCO Industries, Inc. Class A                                       1,869               96
   Nalco Chemical, Inc.                                                 7,200              270
*  Namic U.S.A. Corp.                                                   7,800               81
   Nash-Finch Co.                                                       3,900               68
   Nashua Corp.                                                         2,300               63
   National City Bancorporation                                         4,950               71
   National City Corp.                                                 16,800              412
   National Fuel & Gas Co.                                              4,300              146
   National Health Investors Real Estate Investment Trust               3,200               89
   National Health Laboratories Inc.                                    8,900              127
*  National Intergroup, Inc.                                            9,862              131
   National Medical Enterprises, Inc.                                  17,185              241
*  National Pizza Corp. Class B                                         5,700               35
*  National Presto Industries, Inc.                                     1,737               84
   National Re Holdings Corp.                                           3,200               99
   National Rehabilitation Centers                                      5,400               49
*  National Semiconductor Corp.                                        12,218              197
   National Service Industries, Inc.                                    5,391              138
   NationsBank, Inc.                                                   28,823            1,412
*  Nationwide Cellular Service Inc.                                     7,100               94
   Nationwide Health Properties, Inc.                                   3,000              107
   Navistar International Corp.                                         4,816              114
   Neiman Marcus Group Inc.                                             7,396              139
*  Nellcor Inc.                                                         4,100              100
   Thomas Nelson, Inc.                                                  3,800               93
*  Network General Corp.                                                6,656              119
   Neurogen Corp.                                                       8,500               56
   Neutrogena Corp.                                                     6,155              125
   Nevada Power Co.                                                     5,648              136
   New England Electric System                                          6,700              262
   New Jersey Resources Corp.                                           3,800               98
*  New Mexico & Arizona Land Co.                                       17,000              154
   New Plan Realty Trust                                                5,000              111
   New York Bancorp Inc.                                                3,900               78
   New York State Electric & Gas Corp.                                  7,200              221
   New York Times Co. Class A                                          11,639              306
   Newell Co.                                                           8,597              347
   Newmont Gold Co.                                                    11,109              524
   Newmont Mining Corp.                                                 7,333              423
*  Nextel Communications                                                9,000              336
   Niagara Mohawk Power Corp.                                          15,496              314
*  Nichols Institute                                                    4,000               25
   NICOR, Inc.                                                          5,656              158
   Nike, Inc. Class B                                                   8,125              377
   Noble Affiliates, Inc.                                               6,100              162

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*  Noble Drilling Corp.                                                 8,900          $    79
*  Norand Corp.                                                         6,500              176
*  Nord Resources Corp.                                                10,000               49
   Nordson Corp.                                                        3,300              176
   Nordstrom, Inc.                                                      8,675              285
   Norfolk Southern Corp.                                              14,841            1,046
*  Nortek, Inc.                                                         9,300               84
   North American Mortgage                                              3,700               94
*  North American Vaccine, Inc.                                         7,400               81
*  North Fork Bancorporation, Inc.                                      8,400              108
   Northeast Utilities                                                 14,400              342
   Northern Indiana Public Service Co.                                  7,030              231
   Northern States Power Co. of Minnesota                               7,173              309
   Northern Trust Corp.                                                 5,500              218
   Northrop Corp.                                                       5,270              197
*  Northstar Health Services, Inc.                                     12,250              108
   Norwest Corp.                                                       30,858              752
*  NovaCare, Inc.                                                       9,588              146
*  Novell, Inc.                                                        32,352              671
*  Noxso Corp.                                                         16,600               92
   Nucor Corp.                                                          9,402              498
*  Nu-Kote Holding, Inc. Class A                                        8,200              167
   NYNEX Corp.                                                         44,400            1,782
   OEA, Inc.                                                            3,500               99
*  OHM Corp.                                                            7,100               83
*  O'Brien Environmental Energy Inc. Class A                           12,900               27
   Occidental Petroleum Corp.                                          32,555              558
*  Oceaneering International, Inc.                                      9,100              124
*  Octel Communications Corp.                                           4,200              116
   Office Depot, Inc.                                                   9,350              314
   Ogden Corp.                                                          5,838              133
*  Ogden Projects, Inc.                                                 7,271              121
   Ohio Casualty Corp.                                                  1,872              120
   Ohio Edison Co.                                                     16,401              373
   Oil-Dri Corp. of America                                             3,300               74
   Oklahoma Gas & Electric Co.                                          4,200              155
   Old Kent Financial Corp.                                             4,450              134
   Old Republic International Corp.                                     5,800              131
   Olin Corp.                                                           3,300              163
   Olsten Corp.                                                         4,650              137
   Omega Healthcare Investors, Inc.                                     3,000               76
   Omnicom Group Inc.                                                   3,800              176
*  Oncor Inc.                                                           9,900              102
   Oneita Industries                                                    6,430               47
   Oneok, Inc.                                                          4,809               91
   Oracle Systems Corp.                                                30,576              881
   Oregon Steel Mills, Inc.                                             4,500              113
   Oryx Energy Co.                                                     10,627              183
   Outboard Marine Corp.                                                4,252               95
   Overseas Shipholding Group Inc.                                      5,700              135
   Owens and Minor, Inc.                                                5,500              126
*  Owens-Corning Fiberglas Corp.                                        4,352              193
*  Owens-Illinois, Inc.                                                12,028              149
   Oxford Industries, Inc.                                              3,800               95
   PHH Corp.                                                            2,900              120
   PNC Bank Corp.                                                      24,802              719
   PPG Industries, Inc.                                                11,419              866
   PSI Resources, Inc.                                                  6,230              165
   Paccar, Inc.                                                         3,460              211
   Pacific Enterprises                                                  9,270              220
   Pacific Gas & Electric Co.                                          46,051            1,618
   Pacific Telecom, Inc.                                                6,100              156
   Pacific Telesis Group                                               44,472            2,401
*  Pacificare Health Systems Inc. Class A                               2,800              105
   Pacificorp                                                          29,738              572
   Paging Network Inc.                                                 10,600              321
   PaineWebber Group, Inc.                                              5,000              135
   Pall Corp.                                                          12,654              233
   Panhandle Eastern Corp.                                             12,944              306
   Parametric Technology Corp.                                          5,500              212
   Paramount Communications, Inc.                                      12,512              968
   Parker Hannifin Corp.                                                5,379              203
   Paychex, Inc.                                                        4,350              151
   Penn Central Bancorp, Inc.                                           1,600               64
   Penn Central Corp.                                                   5,900              191
   Penncorp Financial Group Inc.                                        4,600               90
   J.C. Penney Co., Inc.                                               25,306            1,325
   Pennsylvania Power and Light Co.                                    16,002              432
   Pentair, Inc.                                                        3,300              108
   Penwest Ltd.                                                         4,091               95
   Pennzoil Co.                                                         4,772              254
   Peoples Bancorp of Worcester, Inc.                                   2,100              101
   Peoples Bank of Bridgeport                                          18,800              167
   Peoples Energy Corp.                                                 3,771              115
   Pep Boys (Manny, Moe & Jack)                                         6,426              169
   PepsiCo, Inc.                                                       85,064            3,477
   Perkin-Elmer Corp.                                                   4,487              173
   Perrigo                                                              8,100              276
   Pet, Inc.                                                           11,193              196
   Petrie Stores Corp.                                                  5,369              156
*  Petro Union, Inc.                                                   35,900              116
   Petrolite Corp.                                                      2,900               99
   Pfizer, Inc.                                                        34,012            2,347
*  Pharmaceutical Markets                                               4,400               65
   Phelps Dodge Corp.                                                   7,558              368
   Philadelphia Electric Co.                                           23,722              718
   Philip Morris Cos., Inc.                                            93,750            5,227
   Phillips Petroleum Co.                                              27,535              799
   Phillips-Van Heusen Corp.                                            4,100              154
*  Picturetel Inc.                                                      5,000               93
   Piedmont Natural Gas, Inc.                                           4,600               93

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   Pinnacle Bancorp Group Inc.                                          1,100         $     38
   Pinnacle West Capital Corp.                                          9,200              206
   Pioneer Group Inc.                                                   5,000              127
   Pioneer Hi Bred International                                        9,666              376
   Piper Jaffray Inc.                                                   5,000               91
   Pitney Bowes, Inc.                                                  17,016              704
   Pitt Des Moines, Inc.                                                2,100               56
*  Plains Resources                                                    16,500              107
*  Plaza Home Mortgage Corp.                                            6,900               58
   Ply-Gem Industries, Inc.                                             7,300              130
*  Pogo Producing Co.                                                  12,900              216
   Polaroid Corp.                                                       4,792              162
*  Policy Management Systems Corp.                                      4,370              135
   Portland General Electric Co.                                        7,300              150
*  Potlatch Corp.                                                       2,928              138
   Potomac Electric Power Co.                                          12,400              332
   Praxair, Inc.                                                       14,731              245
   Precision Castparts Corp.                                            3,900              113
   Premark International, Inc.                                          3,345              268
*  Premier Anesthesia                                                   6,400               23
   Premier Industrial Corp.                                             8,982              251
*  Price/Costco Inc.                                                   23,550              455
   Price Real Estate Investment Trust, Inc.                             2,300               69
   T. Rowe Price                                                        5,200              150
*  Primedex Health Systems Inc.                                        14,100               34
   Primerica Corp.                                                     24,977              971
   Procter & Gamble Co.                                                72,956            4,158
   Progressive Corp. of Ohio                                            7,800              316
*  Promus Co., Inc.                                                    11,180              512
   Protective Life Corp.                                                2,700              119
*  Proteon Inc.                                                        11,400               69
   Provident Life & Accident Insurance Co. of America                   4,500              139
*  Proxymed Pharmacy, Inc.                                             11,300              107
   Public Service Co. of Colorado                                       6,200              199
*  Public Service Co. of New Mexico                                     8,680               98
   Public Service Enterprise Group Inc.                                26,119              836
   Public Storage Properties VI Series A                                2,900               66
   Puerto Rican Cement Co., Inc.                                        2,400               59
   Puget Sound Power & Light Co.                                        6,985              174
   Pulte Corp.                                                          4,708              171
*  Purepac Inc.                                                         7,400              123
*  QVC Network, Inc.                                                    4,100              161
   Quaker Chemical Corp.                                                4,100               67
   Quaker Oats Co.                                                      7,688              546
*  Qual-Med Inc.                                                        5,300               89
*  Qualcomm, Inc.                                                       2,600              138
   Quality Food Centers Inc.                                            3,900               98
*  Quantum Restaurant Group                                             5,700               70
   Questar Corp.                                                        4,485              148
*  RJR Nabisco, Inc.                                                  121,053              772
   Ralston-Continental Baking                                          15,734              132
   Ralston - Ralston Purina Group                                      11,172              444
   Raychem Corp.                                                        4,304              161
*  Raymond Corp.                                                        8,500              140
   Raymond James Financial, Inc.                                        5,250               87
   Raytheon Co.                                                        14,432              953
   Re Capital Corp.                                                     4,200               57
*  Read-Right Corp.                                                     8,386              126
   Reader's Digest Assn., Inc. Class A                                 11,100              500
   Reader's Digest Assn., Inc. Class B                                  1,500               64
*  Recovery Engineering, Inc.                                          11,700              143
   Reebok International Ltd.                                            9,132              274
*  Regis Corp.                                                          7,100               75
   Reliable Life Insurance Co. Class A                                  1,400               74
   Reliance Group Holdings                                             16,186              129
*  ReLife Inc. Class A                                                  6,100               99
   Republic New York Corp.                                              5,900              276
*  Republic Pictures Corp.                                              6,300               80
   Resource Mortgage Capital Corp.                                      3,700              106
   Reynolds & Reynolds Class A                                          3,600              164
   Reynolds Metals Co.                                                  6,587              299
   Rhone-Poulenc Rorer, Inc.                                           14,552              531
*  Riggs National Corp.                                                 8,900               76
   Rite Aid Corp.                                                       8,991              143
   Roadway Services, Inc.                                               4,117              248
   Rochester Gas and Electric Corp.                                     5,452              143
   Rochester Telephone Corp.                                            3,828              173
   Rockwell International Corp.                                        23,872              886
*  Rogers Corp.                                                         4,100              107
   Rohm & Haas Co.                                                      7,068              421
   Rollins, Inc.                                                        5,750              157
   Rollins Environmental Services, Inc.                                13,974               80
*  Rose's Stores, Inc.                                                  6,600                4
*  Rowan Cos., Inc.                                                    26,372              237
*  Royal Appliance Manufacturing Co.                                   10,800               61
*  Royal Grip, Inc.                                                     9,900              129
   Rubbermaid, Inc.                                                    17,046              592
   Russell Corp.                                                        4,150              117
   Ryder System, Inc.                                                   8,079              214
*  S&K Famous Brands Inc.                                               4,200               84
   SCE Corp.                                                           47,910              958
   SCOR U.S. Corp.                                                      5,600               73
   SEI Corp.                                                            5,600              145
*  S-K-I, Ltd.                                                          5,900               72
   SLM International Inc.                                               4,800              109
   SPS Technologies, Inc.                                               2,500               46
*  SPS Transaction Services                                             2,700              163
   Safecard Services, Inc.                                              8,000              151

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
   Safeco Corp.                                                         6,740          $   370
   Safeguard Scientifics, Inc.                                          6,000              140
   Safety-Kleen Corp.                                                   9,409              153
*  Safeway, Inc.                                                       10,672              227
*  St. Francis Capital Corp.                                            3,500               53
   St. Joe Paper Co.                                                    3,400              172
   St. Jude Medical, Inc.                                               4,773              126
   St. Mary Land & Exploration Co.                                      4,300               53
   St. Paul Cos., Inc.                                                  4,634              416
   Salomon, Inc.                                                       11,685              556
   San Diego Gas & Electric Co.                                        12,500              314
   Santa Anita Realty Enterprises                                       3,700               64
   Santa Fe Energy Resources Inc.                                      13,762              124
   Santa Fe Pacific Corp.                                              19,507              434
*  Santa Monica Bank (California)                                       5,300               39
   Sara Lee Corp.                                                      52,046            1,301
*  Satcon Technology Corp.                                              5,600               82
   Savannah Foods & Industries, Inc.                                    5,200               72
*  Savoy Pictures Entertainment Inc.                                    5,200              107
   Sbarro, Inc.                                                         2,606              115
   Scana Corp.                                                          4,700              234
*  R. P. Scherer Corp.                                                  6,674              252
   Schering-Plough Corp.                                               21,045            1,442
   Schlumberger Ltd.                                                   25,047            1,481
*  Scholastic Corp.                                                     2,900              125
*  Schuler Homes Inc.                                                   4,600              127
   A. Schulman Inc.                                                     4,500              150
   Charles Schwab Corp.                                                 5,811              188
*  Schwitzer, Inc.                                                      8,300               50
*  Sci-Med Life Systems, Inc.                                           2,400               94
   Scientific-Atlanta, Inc.                                             5,796              191
*  Scios Nova, Inc.                                                    12,100              123
   Scott Paper Co.                                                      8,123              334
*  Scotts Co.                                                           4,700               93
   E.W. Scripps Co. Class A                                             7,576              208
*  Seacor Holdings, Inc.                                                6,600              153
*  Seagate Technology                                                  13,058              311
   Seagull Energy Corp.                                                 5,800              147
   Sealright Co.                                                        5,300               82
   Sears, Roebuck & Co.                                                37,317            1,968
   Sensormatic Electronics Corp.                                        6,238              218
   Sequa Corp. Class A                                                  5,500              179
*  Sequent Computer Systems, Inc.                                       6,200               95
   Service Corp. International                                          8,536              224
*  Service Merchandise Co., Inc.                                       10,550              105
   Shaw Industries, Inc.                                               15,800              401
   Shawmut National Corp.                                              10,399              226
   Sherwin-Williams Co.                                                 9,289              332
*  Shoney's Inc.                                                        7,015              162
   Shopko Stores, Inc.                                                  7,145               81
   Showboat, Inc.                                                       3,784               61
*  Shuffle Master, Inc.                                                11,500              116
*  Sierra Semiconductor                                                 8,206               62
   Sigma Aldrich Corp.                                                  5,200              248
*  Signal Technology Corp.                                              6,800               40
   Signet Banking Corp.                                                 5,908              205
   Silicon Graphics, Inc.                                              13,600              337
   Simmons First National                                               2,600               71
   Sizzler International                                                7,725               70
   A.O. Smith Corp.                                                     3,600              129
   J.M. Smucker Co. Class B                                             2,500               53
   Snap-On Tools Corp.                                                  4,832              183
*  Snapple Beverage Corp.                                              13,100              346
   Society Corp.                                                       12,546              373
*  Sofamor/Danek Group Inc.                                             3,700              123
*  Software Etc. Stores Inc.                                            4,000               40
*  Software Publishing Corp.                                           11,000               84
*  Software Spectrum                                                    2,500               54
   Sonat, Inc.                                                          9,522              275
*  Sonic Corp.                                                          3,000               77
   Sonoco Products                                                      9,600              209
   Sotheby's Holdings Class A                                           9,800              151
*  Southdown, Inc.                                                      8,400              206
   Southern Co.                                                        34,309            1,514
   Southern California Water Co.                                        3,400               74
   Southern Indiana Gas & Electric                                      2,800               95
   Southern National Corp.                                              5,600              111
   Southern New England Telecom Corp.                                   6,600              238
*  Southland Corp.                                                     44,500              298
   Southtrust Corp.                                                     8,600              162
   Southwest Airlines Co.                                              14,661              550
   Southwest Gas Corp.                                                  4,500               72
   Southwestern Bell Corp.                                             64,338            2,670
   Southwestern Energy Co.                                              5,700              103
   Southwestern Public Service Co.                                      4,500              138
*  Spacelabs Medical                                                    4,139               99
*  Spaghetti Warehouse, Inc.                                            4,400               39
*  Specialty Chemical Resources, Inc.                                  22,400              154
*  Spectran Corp.                                                       5,100               58
*  Spectranetics                                                        9,300               16
   Spelling Entertainment                                              11,700              117
   Spiegel, Inc. Class A                                               10,800              243
   Springs Industries Inc. Class A                                      3,239              122
   Sprint Corp.                                                        36,584            1,271
   Standard Federal Bank                                                5,000              150
*  Standard Microsystem                                                 4,800              103
   Standard Motor Products, Inc.                                        4,300              113
   Standard Products Co.                                                3,000              105
   The Stanley Works                                                    4,752              211
   Staples, Inc.                                                        6,475              164
   Star Banc Corp.                                                      4,300              149
   L. S. Starrett Co. Class A                                           3,300               83
*  Starter Corp.                                                       10,000              174

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
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   State Auto Financial Corp.                                           5,800         $     75
   State Street Boston Corp.                                            8,300              310
   Stein Mart Inc.                                                      5,250              101
   Stephan Co.                                                          4,250               84
   Sterling Chemicals, Inc.                                            18,100               72
*  Sterling Software, Inc.                                              3,900              111
   Stewart & Stevenson Services, Inc.                                   3,718              190
*  Stone Container Corp.                                               14,612              141
*  Stop & Shop Cos. Inc.                                                6,700              136
   Storage Equities, Inc.                                               6,000               85
*  Storage Technology Corp.                                             4,355              138
*  Stratus Computer, Inc.                                               4,400              138
   Stride Rite Corp.                                                    8,484              139
   Stryker Corp.                                                        6,200              174
   Student Loan Marketing Assn.                                         9,500              426
   Styles On Video, Inc.                                               12,300              214
*  Sullivan Dental Products, Inc.                                       3,500               60
   Sumitomo Bank of California                                          2,500               62
*  Summit Technology, Inc.                                              3,500               74
   Sun Co., Inc.                                                       11,459              337
*  Sun Microsystems, Inc.                                              11,359              332
   Sunamerica Inc.                                                      4,700              203
   Sunbeam Oster                                                        8,700              191
   Sundstrand Corp.                                                     3,600              151
*  Sungard Data Systems                                                 3,300              137
*  Sunrise Medical, Inc.                                                4,300              129
   Suntrust Banks, Inc.                                                13,224              595
*  Supercuts, Inc.                                                      4,200               61
   Superior Industries International, Inc.                              4,650              200
   SuperValu, Inc.                                                      7,896              286
   Surgical Care Affiliates, Inc.                                       6,600              102
   Susquehanna Bankshares                                               3,000               83
*  Swing-n-Slide Corp.                                                  4,900               62
   Sybase, Inc.                                                         5,600              237
*  Symantec Corp.                                                       6,100              111
*  Symmetricom Inc.                                                     6,300               58
   Syms Corp.                                                           6,300               61
*  Synergen, Inc.                                                       8,300               96
   SynOptics Communications, Inc.                                       6,400              178
   Synovus Financial Corp.                                              9,500              177
   Syntex Corp.                                                        23,120              367
   Sysco Corp.                                                         19,866              581
   System Software Associates, Inc.                                     6,600              102
*  Systemed                                                            11,800               54
*  Systemix, Inc.                                                       4,620               84
*  TBC Corp.                                                            7,450               91
   TCA Cable Television, Inc.                                           4,300              122
   TCF Financial Corp.                                                  3,100              105
   TECO Energy, Inc.                                                   12,200              276
   TIG Holdings, Inc.                                                   6,400              145
   TJX Cos., Inc.                                                       8,084              235
   TNP Enterprises, Inc.                                                3,900               64
*  TRO Learning, Inc.                                                   6,200               50
   TRW, Inc.                                                            6,931              480
   T Squared Medical                                                   11,600               91
   Tambrands, Inc.                                                      4,223              187
*  Tandem Computers, Inc.                                              11,844              129
   Tandy Corp.                                                          6,800              337
   Taubman Co.                                                          8,500               99
*  Tech-Sym Corp.                                                       7,900              169
   Tejas Gas Corp.                                                      3,900              195
   Tektronix, Inc.                                                      5,533              130
*  Tele-Communications, Inc. Class A                                   41,792            1,262
*  Tele-Communications, Inc. Class B                                    4,200              140
   Teledyne Inc.                                                        6,236              162
   Telephone & Data Systems, Inc.                                       5,100              266
   Temple-Inland Inc.                                                   6,011              303
   Tenneco, Inc.                                                       18,363              966
*  Teradyne, Inc.                                                       6,000              167
   Texaco, Inc.                                                        27,528            1,779
   Texas Instruments, Inc.                                              9,663              614
   Texas Utilities Co.                                                 24,128            1,044
   Textron, Inc.                                                        9,176              535
*  Theragenics Corp.                                                    8,900               37
   Thermedics, Inc.                                                     8,850              134
   Thermo Electron Corp.                                                4,950              208
*  Thermo Fibertek Inc.                                                 6,900              110
   Thermo Instrument Systems, Inc.                                      4,850              169
   Thomas & Betts Corp.                                                 2,147              126
   Thor Industries, Inc.                                                3,900              100
*  3 Com Corp.                                                          7,500              353
   Tidewater, Inc.                                                      8,000              160
   Tiffany & Co.                                                        3,184              101
*  Timberline Software Corp.                                           23,800              173
   Time Warner, Inc.                                                   40,096            1,774
   The Times Mirror Co. Class A                                        13,711              458
   The Timkin Co.                                                       4,946              166
*  Toastmaster, Inc.                                                    8,300               54
*  Todd Shipyards Corp.                                                12,300               51
*  Tokos Medical                                                        8,600               44
*  Toll Brothers, Inc.                                                  7,600              130
   Tootsie Roll Industries, Inc.                                        1,736              123
   The Topps Co., Inc.                                                 11,197               79
   Torchmark Corp.                                                      7,785              350
   Tosco Corp.                                                          4,834              141
   Total System Services, Inc.                                          6,400              168
*  Toys R Us, Inc.                                                     31,174            1,274
*  Trak Auto Corp.                                                      4,900               60
   Transamerica Corp.                                                   8,304              471
   Transatlantic Holdings                                               2,500              131
   Transco Energy Co.                                                   7,441              105
*  Transworld Home Healthcare, Inc.                                    36,700              142
   The Travelers Corp.                                                 15,331              477

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
   Trenwick Group Inc.                                                  1,900         $     74
   The Tribune Co.                                                      6,999              421
*  Triconex, Inc.                                                       4,700               77
   Trimas Corp.                                                         6,000              146
*  Trimble Navigation Ltd.                                              8,600               78
   Trinity Industries, Inc.                                             4,050              175
*  Triton Energy Corp.                                                  3,500              105
   Trust Co. Bancorp                                                    4,800               71
*  Tucson Electric Power Co.                                            7,000               26
   Turner Broadcasting Class A                                          2,400               65
   Turner Broadcasting Class B                                         17,300              467
   20th Century Industries                                              5,300              145
   TYCO International Ltd.                                              5,070              262
   Tyco Toys, Inc.                                                      6,800               57
*  Tyler Corp.                                                         12,000               63
   Tyson Foods, Inc.                                                   15,746              376
*  UAL Corp.                                                            2,591              378
   UNR Industries, Inc.                                                13,400               89
   UNUM Corp.                                                           8,335              438
*  URS Corp.                                                           22,300              125
   USF&G Corp.                                                          8,563              126
   UST, Inc.                                                           22,616              628
   USX-Marathon Group                                                  30,382              501
   USX-U.S. Steel Group                                                 7,601              330
   Unifi, Inc.                                                          7,350              198
   Unifirst Corp.                                                       2,500               78
*  Unigene                                                              8,300               20
*  Unilab Corp.                                                        11,300               67
   Union Bank of San Francisco                                          5,700              144
   Union Camp Corp.                                                     7,545              359
   Union Carbide Corp.                                                 16,185              362
   Union Electric Corp.                                                10,903              428
   Union Pacific Corp.                                                 22,063            1,382
   Union Planters Corp.                                                 3,900               98
   Union Texas Petroleum Holdings                                       9,100              185
*  Unisys Corp.                                                        16,580              209
   United Healthcare Corp.                                              8,100              615
   United Illuminating Co.                                              2,500              101
   United Jersey Bank Financial Corp.                                   5,900              140
   United Missouri Bancshares                                           2,874              108
   United Postal Bancorp, Inc.                                          3,000               81
*  USAir Group, Inc.                                                    9,363              121
   U.S. Bancorp                                                        10,231              256
*  U.S. Bioscience                                                     19,274              161
   U.S. Healthcare, Inc.                                               11,290              649
   U.S. Shoe Corp.                                                     10,635              160
   U.S. West Corp.                                                     46,786            2,146
*  United States Cellular                                               5,800              203
   United States Surgical Corp.                                         5,562              125
   United Technologies Corp.                                           13,239              821
*  United Television, Inc.                                              2,600              109
*  United Waste Systems, Inc.                                          11,000              166
   United Wisconsin                                                     3,100               95
   Unitrin Inc.                                                         5,400              233
   Universal Corp.                                                      5,400              138
*  Universal Electronics, Inc.                                          2,900               58
   Universal Foods Corp.                                                4,413              142
*  Universal Health Services Class B                                    4,900              100
   Unocal Corp.                                                        25,844              720
   Upjohn Co.                                                          18,600              542
   USLIFE Corp.                                                         3,674              141
   Utilicorp United, Inc.                                               4,700              149
   VF Corp.                                                             6,807              314
*  VLSI Technology, Inc.                                               23,100              247
*  Vaalco Energy, Inc.                                                 27,600              166
   Valassis Communication                                               8,800              118
   Valero Energy Corp.                                                  6,500              137
   Valhi, Inc.                                                         21,200              103
   Valley Bancorp                                                       3,946              156
   Valspar Corp.                                                        3,600              136
*  Value City Department Stores, Inc.                                   6,400               94
*  Value Health, Inc.                                                   8,372              264
*  Value Merchants, Inc.                                               11,300                3
*  Vanguard Cellular Systems, Inc. Class A                              4,042              117
   Varian Associates, Inc.                                              2,900              174
*  Varity Corp.                                                         4,700              210
*  Vencor, Inc.                                                         4,300              128
   Venture Stores, Inc.                                                 5,100              119
*  Verifone, Inc.                                                       4,000               77
*  Vestar, Inc.                                                        12,600               81
*  Viacom International Class A                                         2,000               98
*  Viacom International Class B                                        11,100              498
*  Vicorp Restaurants, Inc.                                             3,600               67
*  Viewlogic Systems, Inc.                                              4,600              104
*  Viking Office Products                                               3,300              160
   Vintage Petroleum, Inc.                                              4,600               83
   Viratek, Inc.                                                        7,100               76
*  Visix Space Inc.                                                     6,900              110
*  Vons Cos., Inc.                                                      6,800              109
   Vornado Realty Trust                                                 5,400              181
   Vulcan Materials Co.                                                 3,700              173
*  WMS Industries, Inc.                                                 4,100              118
   WMX Technologies Inc.                                               51,645            1,362
   WPL Holdings, Inc.                                                   4,200              138
*  Waban, Inc.                                                          6,500               89
   Wachovia Corp.                                                      18,400              616
   Wackenhut Corp.                                                      4,100               53
   Wackenhut Corp. Class B                                              1,400               14
*  Wahlco Environmental                                                28,100              123
   Wal-Mart Stores, Inc.                                              246,298            6,157
   Walgreen Co.                                                        13,268              542
*  Warnaco Group                                                        3,600              109
   Warner-Lambert Co.                                                  14,688              991

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
   Washington Energy Co.                                                4,900         $     89
   Washington Federal Savings & Loan Assn.                              5,255              137
   Washington Gas Light Corp.                                           3,399              140
   Seattle (WA) Mutual Savings Bank                                     6,000              144
   Washington National Corp.                                            3,600               87
   Washington Post Co. Class B                                          1,300              331
   Washington Water Power Co.                                           8,000              150
   Watts Industries Class A                                             3,000              150
*  Weatherford International, Inc.                                     19,800              210
   Weis Markets, Inc.                                                   4,300              116
*  Wellcare Management Group, Inc.                                      8,200              195
*  Wellfleet Communications                                             3,300              212
   Wellman, Inc.                                                        5,745              108
*  Wellpoint Health Networks, Inc. Class A                             10,900              338
   Wells Fargo & Co.                                                    5,903              764
   Wellsford Residential Property Trust                                 2,900               75
   Wendys International, Inc.                                          10,264              178
   Werner Enterprises, Inc.                                             4,800              146
   Westbanco Inc.                                                       1,800               52
   Wesco Financial Corp.                                                1,142              148
   West One Bancorp                                                     4,888              140
   Westcorp, Inc.                                                       7,000               69
   Western Bank                                                         9,120              124
   Western Resources, Inc.                                              6,700              234
   Westinghouse Electric Corp.                                         38,114              538
   Westvaco Corp.                                                       6,852              244
   Weyerhaeuser Co.                                                    22,189              990
   Wheelabrator Technologies                                           20,062              356
   Whirlpool Corp.                                                      7,447              495
*  White River                                                          1,342               46
   Whitman Corp.                                                       11,238              183
   Wicor, Inc.                                                          3,300              104
   Willamette Industries, Inc.                                          5,700              284
   Williams Cos., Inc.                                                 11,312              276
*  Williams Sonoma, Inc.                                                4,800              197
   Wilmington Trust Corp.                                               5,500              146
   Winn Dixie Stores, Inc.                                              8,172              438
*  Wisconsin Central Transportation Corp.                               2,000              118
   Wisconsin Energy Corp.                                              11,338              313
   Witco Chemical Corp.                                                 5,400              172
   Wolohan Lumber Co.                                                   3,500               62
   Woolworth Corp.                                                     14,266              362
*  World Acceptance Corp.                                               7,500              145
*  World Corp.                                                         11,800               66
   Worthington Industries, Inc.                                        10,002              203
   Wm. Wrigley, Jr. Co.                                                12,324              544
*  Wyman Gordon Corp.                                                  20,300               96
   X-Rite Inc.                                                          3,800               82
   Xerox Corp.                                                         11,028              986
*  Xilinx, Inc.                                                         3,400              162
*  Xyplex, Inc.                                                         2,900               57
   Yellow Corp.                                                         5,147              129
   York International Corp.                                             3,800              134
   Zenith National Insurance Corp.                                      3,500               78
*  Zeos International                                                  11,300               35
*  Zoll Medical Corp.                                                   3,500              105
----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (98.3%)(1)                                                                
   (Cost $455,664)                                                                     503,745
----------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS (1.8%)                                                             
----------------------------------------------------------------------------------------------
                                                        [Enlarge/Download Table]

                                                                  Face Amount                  
                                                                        (000)                  
                                                                        -----                  
                                                                                               
U.S. TREASURY BILL--Note D                                                                     
   3.06%, 3/24/94                                                        $400              397 
REPURCHASE AGREEMENT                                                                           
   Collateralized by U.S. Government                                                           
   Obligations in a Pooled Cash Account 3.26%, 1/3/94                   8,832            8,832 
---------------------------------------------------------------------------------------------- 
TOTAL TEMPORARY CASH INVESTMENTS                                                               
   (Cost $9,229)                                                                         9,229 
---------------------------------------------------------------------------------------------- 
TOTAL INVESTMENTS (100.1%)                                                                     
   (Cost $464,893)                                                                     512,974 
---------------------------------------------------------------------------------------------- 
OTHER ASSETS AND LIABILITIES (-.1%)                                                            
---------------------------------------------------------------------------------------------- 
   Other Assets--Notes B and E                                                           6,029 
   Liabilities--Note E                                                                  (6,721)
                                                                                       ------- 
                                                                                         (692) 
---------------------------------------------------------------------------------------------- 
NET ASSETS (100%)                                                                              
---------------------------------------------------------------------------------------------- 
Applicable to 43,824,943 Outstanding                                                           
   Shares of Beneficial Interest (Unlimited authorization)                            $512,282 
---------------------------------------------------------------------------------------------- 
NET ASSET VALUE PER SHARE                                                               $11.69 
============================================================================================== 

+  See Note A to Financial Statements.                                      

(1) The combined market value of common stocks, Standard & Poor's 500 Index     
    futures contracts,  and Standard & Poor's Midcap 400 Index futures contracts
represents 99.8% of net assets.                                         

*  Non-Income Producing Security.                                           

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------
AT DECEMBER 31, 1993, NET ASSETS CONSISTED OF:                                                
----------------------------------------------------------------------------------------------
                                                                       Amount              Per
                                                                        (000)            Share
                                                                        -----            -----
                                                                                              
Paid in Capital                                                      $464,109           $10.59
Overdistributed Net Investment Income                                    (42)               --
Accumulated Net Realized Gains                                             60               --
Unrealized Appreciation of Investments                                 48,155             1.10
----------------------------------------------------------------------------------------------
NET ASSETS                                                           $512,282           $11.69
----------------------------------------------------------------------------------------------

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                                                                                        Market
                                                                                         Value
GROWTH PORFOLIO                                                        Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
COMMON STOCKS                                                                                 
----------------------------------------------------------------------------------------------
   General Electric Co.                                                26,107           $2,738
   American Telephone & Telegraph Co.                                  41,448            2,176
   The Coca Cola Co.                                                   39,886            1,780
   Wal-Mart Stores, Inc.                                               70,498            1,762
   Philip Morris Cos., Inc.                                            26,938            1,502
   Merck & Co., Inc.                                                   39,176            1,347
   Procter & Gamble Co.                                                21,028            1,199
   GTE Corp.                                                           28,876            1,011
   PepsiCo, Inc.                                                       24,266              992
   Bristol-Myers Squibb Co.                                            15,908              925
   Johnson & Johnson                                                   20,079              899
   Intel Corp.                                                         12,854              797
   Bell Atlantic Corp.                                                 13,200              779
   Motorola, Inc.                                                       8,292              766
   Southwestern Bell Corp.                                             18,200              755
   Abbott Laboratories, Inc.                                           25,284              746
   Minnesota Mining & Manufacturing Co.                                 6,648              723
   The Walt Disney Co.                                                 16,427              700
   Pacific Telesis Group                                               12,600              680
   Pfizer, Inc.                                                         9,775              674
   Federal National Mortgage Assn.                                      8,363              656
   McDonald's Corp.                                                    10,815              616
   American Home Products Corp.                                         9,518              616
   Unilever NV                                                          4,920              568
   Eastman Kodak Co.                                                   10,100              566
   Home Depot, Inc.                                                    13,757              543
   Eli Lilly & Co.                                                      9,045              537
   MCI Communications Corp.                                            16,476              463
   Schlumberger Ltd.                                                    7,556              447
   Emerson Electric Co.                                                 6,924              417
*  Tele-Communications, Inc. Class A                                   13,838              417
   Schering-Plough Corp.                                                5,909              405
   Gillette Co.                                                         6,784              404
   Anheuser-Busch Co., Inc.                                             8,226              404
   Kellogg Co.                                                          7,043              400
   Union Pacific Corp.                                                  6,344              397
   WMX Technologies Inc.                                               14,633              386
   J.C. Penney Co., Inc.                                                7,164              375
   Sara Lee Corp.                                                      14,800              370
   Sprint Corp.                                                        10,600              368
*  Toys R Us, Inc.                                                      8,968              367
   Allied-Signal, Inc.                                                  4,300              340
   The Dun & Bradstreet Corp.                                           5,465              337
*  McCaw Cellular Communications, Inc.                                  6,300              317
   Campbell Soup Co.                                                    7,631              313
   Capital Cities/ABC, Inc.                                               500              310
   Colgate-Palmolive Co.                                                4,801              299
   General Mills, Inc.                                                  4,908              298
   May Department Stores Co.                                            7,540              297
   Warner-Lambert Co.                                                   4,107              277
   H.J. Heinz Co.                                                       7,646              274
   Tenneco, Inc.                                                        5,100              268
   Kimberly-Clark Corp.                                                 5,006              260
   CSX Corp.                                                            3,200              259
   Gannett Co., Inc.                                                    4,465              256
   American Barrick Resources                                           8,800              251
*  Oracle Systems Corp.                                                 8,582              247
   PPG Industries, Inc.                                                 3,200              243
   Automatic Data Processing, Inc.                                      4,352              240
   Phillips Petroleum Co.                                               8,000              232
   CPC International, Inc.                                              4,591              219
   Enron Corp.                                                          7,220              209
*  Amgen, Inc.                                                          4,198              208
   Blockbuster Entertainment Corp.                                      6,779              208
   Computer Associates International, Inc.                              5,187              207
   Albertson's, Inc.                                                    7,674              205
   AMP, Inc.                                                            3,232              204
   Pitney Bowes, Inc.                                                   4,846              200
   Conagra, Inc.                                                        7,552              199
*  Novell, Inc.                                                         9,511              196
   The Limited, Inc.                                                   10,864              186
   Marsh & McLennan, Inc.                                               2,288              186
   Placer Dome Group, Inc.                                              7,300              182
   UST, Inc.                                                            6,426              178
   Texas Instruments, Inc.                                              2,800              178
   The Gap, Inc.                                                        4,503              177
   Rubbermaid, Inc.                                                     4,970              173
   Masco Corp.                                                          4,600              170
   Sysco Corp.                                                          5,794              169
   Great Lakes Chemical Corp.                                           2,208              165
   Comcast Corp. Class A                                                4,555              165
   Burlington Northern, Inc.                                            2,790              161
   Wm. Wrigley, Jr. Co.                                                 3,611              159
   Walgreen Co.                                                         3,717              152
   Quaker Oats Co.                                                      2,112              150
   Columbia Healthcare Corp.                                            4,500              150
*  Cisco Systems, Inc.                                                  2,300              148
*  Promus Co., Inc.                                                     3,167              145
   Genuine Parts Co.                                                    3,810              143
   Medtronic, Inc.                                                      1,741              143
   Nucor Corp.                                                          2,680              142
   Morton International, Inc.                                           1,500              140
   Browning-Ferris Industries, Inc.                                     5,446              140
   Illinois Tool Works, Inc.                                            3,518              137
   Louisiana-Pacific Corp.                                              3,300              136
   International Flavors & Fragrances, Inc.                             1,169              133
*  Price/Costco Inc.                                                    6,774              130
   Lowes Cos., Inc.                                                     2,200              130

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
   CBS, Inc.                                                              450         $    130
   H & R Block, Inc.                                                    3,174              129
   Ralston - Ralston Purina Group                                       3,147              125
   Santa Fe Pacific Corp.                                               5,400              120
   Winn Dixie Stores, Inc.                                              2,219              119
   The Tribune Co.                                                      1,978              119
   Newmont Mining Corp.                                                 2,060              119
*  Crown Cork & Seal Co., Inc.                                          2,798              117
*  UAL Corp.                                                              800              117
   Mattel, Inc.                                                         4,073              113
   Pioneer Hi Bred International                                        2,900              112
   Dover Corp.                                                          1,816              110
*  DSC Communications Corp.                                             1,776              109
   Avon Products, Inc.                                                  2,217              108
   Syntex Corp.                                                         6,726              107
   MBNA Corp.                                                           3,184              106
   Eaton Corp.                                                          2,100              106
   Torchmark Corp.                                                      2,347              106
   Fluor Corp.                                                          2,595              105
   McGraw-Hill, Inc.                                                    1,515              102
   Marriott International                                               3,508              102
   Newell Co.                                                           2,462               99
   Deluxe Corp.                                                         2,695               98
   Hasbro, Inc.                                                         2,680               97
   Sherwin-Williams Co.                                                 2,627               94
   Homestake Mining Co.                                                 4,200               92
   Bausch & Lomb, Inc.                                                  1,796               92
   Harcourt General, Inc.                                               2,470               90
   W.W. Grainger, Inc.                                                  1,527               88
   Clorox Co.                                                           1,614               88
   Nordstrom, Inc.                                                      2,500               82
   Premark International, Inc.                                          1,000               80
   IMCERA Group, Inc.                                                   2,300               77
   Nalco Chemical, Inc.                                                 2,014               76
   Reebok International Ltd.                                            2,495               75
   Interpublic Group of Cos., Inc.                                      2,280               73
*  Lotus Development Corp.                                              1,300               71
*  ALZA Corp.                                                           2,540               71
   Service Corp. International                                          2,700               71
*  The Kroger Co.                                                       3,521               71
   Praxair, Inc.                                                        4,118               68
   Englehard Corp.                                                      2,778               68
   Cooper Tire & Rubber Co.                                             2,701               68
   The Dial Corp.                                                       1,600               65
   TJX Cos., Inc.                                                       2,211               64
   Pall Corp.                                                           3,464               64
   McKesson Corp.                                                       1,169               63
*  Unisys Corp.                                                         4,900               62
   Circuit City Stores, Inc.                                            2,768               60
   Echlin, Inc.                                                         1,800               60
   Cummins Engine Co., Inc.                                             1,100               59
*  Navistar International Corp.                                         2,480               59
   Wendys International, Inc.                                           3,345               58
   Perkin-Elmer Corp.                                                   1,476               57
   Gerber Products Co.                                                  1,980               56
*  Owens-Corning Fiberglas Corp.                                        1,237               55
*  Varity Corp.                                                         1,200               54
*  FMC Corp.                                                            1,134               53
   Whitman Corp.                                                        3,246               53
   Pet, Inc.                                                            3,009               53
   Worthington Industries, Inc.                                         2,591               52
   General Signal Corp.                                                 1,500               52
   Pep Boys (Manny, Moe & Jack)                                         1,827               48
   Echo Bay Mines Ltd.                                                  3,700               48
   Teledyne Inc.                                                        1,700               44
   C.R. Bard, Inc.                                                      1,688               43
   Allergan, Inc.                                                       1,852               42
*  King World Productions, Inc.                                         1,085               42
   Louisiana Land & Exploration Co.                                     1,000               40
   Manor Care Inc.                                                      1,623               40
   Ecolab, Inc.                                                           868               39
*  Biomet, Inc.                                                         3,787               39
   Foster Wheeler Corp.                                                 1,100               37
   St. Jude Medical, Inc.                                               1,363               36
   Bemis Co., Inc.                                                      1,510               36
   Scientific-Atlanta, Inc.                                             1,072               35
   Charming Shoppes, Inc.                                               3,004               35
   Autodesk, Inc.                                                         750               34
   Briggs & Stratton Corp.                                                400               33
*  Shoney's Inc.                                                        1,353               31
*  Maxus Energy Corp.                                                   4,682               26
   Cincinnati Milacron, Inc.                                            1,100               24
   Alexander & Alexander Services, Inc.                                 1,213               24
   Stride Rite Corp.                                                    1,422               23
*  Ceridian Corp.                                                       1,200               23
   John H. Harland Co.                                                    946               20
   Crane Co.                                                              800               20
*  Andrew Corp.                                                           500               19
*  Armco, Inc.                                                          2,800               17
   Shared Medical Systems Corp.                                           500               12
*  N L Industries, Inc.                                                 2,100                9
*  Fedders Corp.                                                          100                1
----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (99.9%)                                                                   
   (Cost $49,703)                                                                       50,603
----------------------------------------------------------------------------------------------

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                                                                         Face           Market 
                                                                       Amount            Value 
                                                                        (000)           (000)+ 
---------------------------------------------------------------------------------------------- 
                                                                                               
TEMPORARY CASH INVESTMENT (.4%)                                                                
---------------------------------------------------------------------------------------------- 
REPURCHASE AGREEMENT                                                                           
   Collateralized by U.S. Government                                                           
   Obligations in a Pooled Cash Account 3.26%, 1/3/94                                          
   (Cost $185)                                                           $185             $185 
---------------------------------------------------------------------------------------------- 
TOTAL INVESTMENTS (100.3%)                                                                     
   (Cost $49,888)                                                                       50,788 
---------------------------------------------------------------------------------------------- 
OTHER ASSETS AND LIABILITIES (-.3%)                                                            
---------------------------------------------------------------------------------------------- 
   Accounts Receivable for Securities Sold                                               3,427 
   Other Assets--Note B                                                                    772 
   Accounts Payable for Securities Purchased                                            (4,221)
   Other Liabilities                                                                      (142)
                                                                                         ----- 
                                                                                          (164)
---------------------------------------------------------------------------------------------- 
NET ASSETS (100%)                                                                              
============================================================================================== 
Applicable to 4,964,135 Outstanding                                                            
   Shares of Beneficial Interest (Unlimited authorization)                             $50,624 
---------------------------------------------------------------------------------------------- 
NET ASSET VALUE PER SHARE                                                               $10.20 
============================================================================================== 

  + See Note A to Financial Statements.                                                        
  * Non-Income Producing Security.                                                             

---------------------------------------------------------------------------------------------- 
AT DECEMBER 31, 1993, NET ASSETS CONSISTED OF:                                                 
---------------------------------------------------------------------------------------------- 
                                                        [Enlarge/Download Table]

                                                                       Amount              Per 
                                                                        (000)            Share 
                                                                        -----            ----- 
                                                                                               
Paid in Capital                                                       $50,341           $10.14 
Overdistributed Net Investment Income                                     (15)              -- 
Accumulated Net Realized Losses                                          (602)            (.12)
Unrealized Appreciation of Investments                                    900              .18 
---------------------------------------------------------------------------------------------- 
NET ASSETS                                                            $50,624           $10.20 
---------------------------------------------------------------------------------------------- 

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                                                                                        Market
                                                                                         Value
VALUE PORTFOLIO                                                        Shares           (000)+
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COMMON STOCKS                                                                                 
----------------------------------------------------------------------------------------------
   Exxon Corp.                                                        142,991           $9,008
   Royal Dutch Petroleum Co.                                           61,712            6,441
   General Motors Corp.                                                81,817            4,490
   E.I. du Pont de Nemours & Co.                                       78,051            3,766
   International Business Machines Corp.                               66,648            3,766
   Ford Motor Co.                                                      57,253            3,693
   Mobil Corp.                                                         45,970            3,632
   BellSouth Corp.                                                     57,126            3,306
   Chevron Corp.                                                       37,545            3,271
   American International Group, Inc.                                  36,552            3,207
   Amoco Corp.                                                         57,254            3,027
   Ameritech Corp.                                                     31,301            2,402
   U.S. West Corp.                                                     50,633            2,323
   Hewlett-Packard Co.                                                 29,300            2,315
   Chrysler Corp.                                                      40,518            2,158
   Sears, Roebuck & Co.                                                40,369            2,129
   Atlantic Richfield Co.                                              18,400            1,937
   Texaco, Inc.                                                        29,819            1,927
   Time Warner, Inc.                                                   43,199            1,912
   BankAmerica Corp.                                                   41,163            1,909
   NYNEX Corp.                                                         47,512            1,906
   Dow Chemical Co.                                                    31,582            1,792
   Pacific Gas & Electric Co.                                          49,818            1,750
   American Express Co.                                                55,925            1,727
   The Boeing Co.                                                      39,127            1,692
   Southern Co.                                                        36,843            1,626
*  Citicorp                                                            43,246            1,589
   J.P. Morgan & Co., Inc.                                             22,202            1,540
   Banc One Corp.                                                      39,316            1,538
   NationsBank, Inc.                                                   31,060            1,522
   ITT Corp.                                                           13,718            1,252
   Chemical Banking Corp.                                              29,018            1,164
   Norfolk Southern Corp.                                              16,040            1,131
   The Seagram Co. Ltd.                                                42,914            1,121
   Texas Utilities Co.                                                 25,635            1,109
   Xerox Corp.                                                         11,957            1,069
   Weyerhaeuser Co.                                                    23,642            1,055
   General Re Corp.                                                     9,776            1,046
   Caterpillar, Inc.                                                   11,662            1,038
   SCE Corp.                                                           51,616            1,032
   Federal Home Loan Mortgage Corp.                                    20,691            1,032
   Raytheon Co.                                                        15,625            1,031
   Primerica Corp.                                                     26,242            1,020
   Merrill Lynch & Co., Inc.                                           24,208            1,017
   Monsanto Co.                                                        13,680            1,004
   Duke Power Co.                                                      23,572              999
   Kmart Corp.                                                         46,988              998
   International Paper Co.                                             14,222              964
   Rockwell International Corp.                                        25,375              942
   United Technologies Corp.                                           14,466              897
   Northern Telecom Ltd.                                               28,926              893
   Public Service Enterprise Group Inc.                                27,819              890
   Dominion Resources, Inc.                                            19,305              876
   Archer-Daniels-Midland Co.                                          38,378              873
   Consolidated Edison Co. of New York, Inc.                           26,977              867
   FPL Group, Inc.                                                     21,669              848
   Wells Fargo & Co.                                                    6,437              833
   Norwest Corp.                                                       33,498              817
   First Union Corp.                                                   19,349              798
   The Goodyear Tire & Rubber Co.                                      17,290              791
   American Electric Power Co., Inc.                                   21,236              788
   The Chubb Corp.                                                     10,121              788
   PNC Bank Corp.                                                      26,925              781
   Aetna Life and Casualty Co.                                         12,897              779
   Baxter International, Inc.                                          31,848              776
   Unocal Corp.                                                        27,800              775
   American Brands, Inc.                                               23,274              774
   Philadelphia Electric Co.                                           25,480              771
   Bankers Trust New York Corp.                                         9,373              742
   Entergy Corp.                                                       20,187              727
   Houston Industries, Inc.                                            15,018              715
   American General Corp.                                              24,974              715
   The Chase Manhattan Corp.                                           21,080              714
   Deere & Co.                                                          9,644              714
   Georgia-Pacific Corp.                                               10,320              709
*  Compaq Computer Corp.                                                9,551              707
   Aluminum Co. of America                                             10,147              704
   Commonwealth Edison Co.                                             24,604              695
   Dean Witter Discover and Co.                                        19,704              682
   Wachovia Corp.                                                      20,000              670
   Central & South West Corp.                                          21,662              655
   Corning, Inc.                                                       23,153              648
   Cooper Industries, Inc.                                             13,115              646
   Suntrust Banks, Inc.                                                14,300              643
   Burlington Resources, Inc.                                          15,000              636
   Pacificorp                                                          32,212              620
   Conrail, Inc.                                                        9,140              611
   Salomon, Inc.                                                       12,756              608
   Occidental Petroleum Corp.                                          35,123              601
   Textron, Inc.                                                       10,163              592
   Upjohn Co.                                                          20,033              583
   Air Products & Chemicals, Inc.                                      13,176              583
*  AMR Corp.                                                            8,670              581
   First Interstate Bancorp.                                            8,950              574
   Westinghouse Electric Corp.                                         40,488              572
   Carolina Power & Light Co.                                          18,562              559
*  CNA Financial Corp.                                                  7,146              554
   R.R. Donnelley & Sons Co.                                           17,768              553
   Hercules, Inc.                                                       4,874              551
   Dayton-Hudson Corp.                                                  8,224              549
   NBD Bancorp, Inc.                                                   18,538              547

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                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
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   USX-Marathon Group                                                  33,021          $   545
   Whirlpool Corp.                                                      8,152              542
   Alcan Aluminium Ltd.                                                25,933              538
*  Digital Equipment Corp.                                             15,519              532
   Honeywell, Inc.                                                     15,500              531
   Fleet Financial Group, Inc.                                         15,784              527
   American Cyanamid Co.                                               10,433              524
   CIGNA Corp.                                                          8,319              522
   The Travelers Corp.                                                 16,433              511
   TRW, Inc.                                                            7,370              510
   Hershey Foods Corp.                                                 10,400              510
   Detroit Edison Co.                                                  16,896              507
   Consolidated Natural Gas Co.                                        10,682              502
   Transamerica Corp.                                                   8,829              501
   The Times Mirror Co. Class A                                        14,924              498
   Melville Corp.                                                      12,135              493
   Dillard Department Stores Class A                                   12,968              493
   Lockheed Corp.                                                       7,216              492
   Martin Marietta Corp.                                               10,944              487
   Amerada Hess Corp.                                                  10,678              482
   McDonnell Douglas Corp.                                              4,486              480
   Lincoln National Corp.                                              10,800              470
   Barnett Banks of Florida, Inc.                                      11,254              467
   Rohm & Haas Co.                                                      7,836              466
   Union Electric Corp.                                                11,806              463
   Ingersoll-Rand Co.                                                  12,029              460
*  Federal Express Corp.                                                6,310              447
   W.R. Grace & Co.                                                    10,751              437
   St. Paul Cos., Inc.                                                  4,842              435
   Capital Holding Corp.                                               11,712              435
   Baltimore Gas & Electric Co.                                        16,717              424
   First Fidelity Bancorp.                                              9,158              417
   Halliburton Co.                                                     13,065              416
   First Chicago Corp.                                                  9,614              416
   Dow Jones & Co., Inc.                                               11,440              409
   Ohio Edison Co.                                                     17,744              404
   Nike, Inc. Class B                                                   8,701              404
   Mellon Bank Corp.                                                    7,415              393
   Phelps Dodge Corp.                                                   8,058              393
   Safeco Corp.                                                         7,160              392
   Apple Computer, Inc.                                                13,376              391
   Union Carbide Corp.                                                 17,307              387
   Woolworth Corp.                                                     15,011              381
   Union Camp Corp.                                                     7,956              379
   Knight-Ridder, Inc.                                                  6,324              378
   Loral Corp.                                                          9,622              363
   Inco Ltd.                                                           13,380              360
   Tandy Corp.                                                          7,262              359
   Sun Co., Inc.                                                       12,183              358
   Champion International Corp.                                        10,569              353
   Household International, Inc.                                       10,776              352
   American Stores Co.                                                  8,144              350
   Boatmen's Bancshares, Inc.                                          11,696              349
   Scott Paper Co.                                                      8,456              348
   CoreStates Financial Corp.                                          13,200              344
   V F Corp.                                                            7,443              343
   USX-U.S. Steel Group                                                 7,892              342
*  Sun Microsystems, Inc.                                              11,605              338
*  Litton Industries, Inc.                                              5,238              337
   Coastal Corp.                                                       11,954              336
   Hilton Hotels Corp.                                                  5,529              336
   Niagara Mohawk Power Corp.                                          16,529              335
   Northern States Power Co. of Minnesota                               7,736              334
   Dresser Industries, Inc.                                            16,054              333
   General Dynamics Corp.                                               3,597              332
   Alco Standard Corp.                                                  6,000              328
   Baker Hughes, Inc.                                                  16,262              325
   Panhandle Eastern Corp.                                             13,752              325
   Temple-Inland Inc.                                                   6,394              322
   New York Times Co. Class A                                          12,069              317
   Delta Air Lines, Inc.                                                5,774              315
   Becton, Dickinson & Co.                                              8,756              314
   Dana Corp.                                                           5,239              314
   Reynolds Metals Co.                                                  6,903              313
   The Mead Corp.                                                       6,763              304
   Great Western Financial Corp.                                       15,129              303
   SuperValu, Inc.                                                      8,073              293
   Williams Cos., Inc.                                                 11,912              290
   Sonat, Inc.                                                          9,974              288
   Golden West Financial Corp.                                          7,358              287
   U.S. Bancorp                                                        11,430              286
   Pennzoil Co.                                                         5,318              283
   American Greetings Corp. Class A                                     8,386              283
   Bank of Boston Corp.                                                12,168              280
   Borden, Inc.                                                        16,381              278
   TYCO International Ltd.                                              5,350              276
   Brown-Forman Corp. Class B                                           3,139              274
   Westvaco Corp.                                                       7,678              274
   Cyprus Amax                                                         10,532              272
   Jefferson-Pilot Corp.                                                5,799              272
   Roadway Services, Inc.                                               4,526              272
   National Medical Enterprises, Inc.                                  19,022              266
   Kerr-McGee Corp.                                                     5,844              264
   H.F. Ahmanson & Co.                                                 13,303              261
   Johnson Controls, Inc.                                               4,567              243
   Ethyl Corp.                                                         13,688              240
   Paccar, Inc.                                                         3,907              237
   Shawmut National Corp.                                              10,888              237
   Ashland Oil, Inc.                                                    6,806              232
   Ryder System, Inc.                                                   8,750              232
   Pacific Enterprises                                                  9,700              230
   Beneficial Corp.                                                     5,968              228
   The Stanley Works                                                    5,100              227

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                                                                                         Value
                                                                       Shares           (000)+
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   Maytag Corp.                                                        12,505         $    225
   Armstrong World Industries Inc.                                      4,207              224
   Moore Corp. Ltd.                                                    11,528              220
*  Bethlehem Steel Corp.                                               10,500              214
   Liz Claiborne, Inc.                                                  9,377              213
   Parker Hannifin Corp.                                                5,608              212
*  National Semiconductor Corp.                                        13,045              210
   Northrop Corp.                                                       5,615              210
   Harris Corp.                                                         4,487              204
   Brunswick Corp.                                                     11,212              202
   Avery Dennison Corp.                                                 6,668              196
*  Computer Sciences Corp.                                              1,943              193
   Black & Decker Corp.                                                 9,724              192
*  Advanced Micro Devices, Inc.                                        10,689              190
   Oryx Energy Co.                                                     10,959              189
   Snap-On Tools Corp.                                                  4,903              186
   Continental Corp.                                                    6,564              181
   Raychem Corp.                                                        4,800              180
   NICOR, Inc.                                                          6,422              180
   Polaroid Corp.                                                       5,252              177
   Giant Food, Inc. Class A                                             6,867              177
   James River Corp.                                                    9,167              176
   PSI Resources, Inc.                                                  6,459              171
   E-Systems, Inc.                                                      3,877              168
   McDermott International, Inc.                                        6,334              168
   Rite Aid Corp.                                                      10,423              165
*  Inland Steel Industries, Inc.                                        4,752              157
   Centex Corp.                                                         3,704              156
   Potlatch Corp.                                                       3,264              154
   Mercantile Stores Co., Inc.                                          4,193              152
   Grumman Corp.                                                        3,837              152
   United States Surgical Corp.                                         6,498              146
   USF&G Corp.                                                          9,835              145
   National Service Industries, Inc.                                    5,615              144
*  Tandem Computers, Inc.                                              12,829              139
   Russell Corp.                                                        4,932              139
   Pittston Services Group                                              4,600              133
   Thomas & Betts Corp.                                                 2,200              129
   ENSERCH Corp.                                                        7,883              128
*  Beverly Enterprises Inc.                                             9,667              128
   Millipore Corp.                                                      3,192              128
*  Columbia Gas Systems, Inc.                                           5,645              126
   Fleetwood Enterprises, Inc.                                          5,254              125
   EG & G, Inc.                                                         6,600              121
   The Timkin Co.                                                       3,588              121
   Peoples Energy Corp.                                                 3,898              119
   Great Atlantic & Pacific Tea Co., Inc.                               4,318              117
   The BF Goodrich Co.                                                  2,868              115
   Ogden Corp.                                                          5,053              115
   Pulte Corp.                                                          3,079              112
   Safety-Kleen Corp.                                                   6,805              111
*  Clark Equipment Co.                                                  2,100              110
   Arkla, Inc.                                                         13,864              109
   Trinova Corp.                                                        3,400              107
   Federal Paper Board Co., Inc.                                        5,011              106
   Asarco, Inc.                                                         4,623              106
   USLIFE Corp.                                                         2,754              106
   Fleming Cos., Inc.                                                   4,203              104
   Jostens Inc.                                                         5,207              103
   Ball Corp.                                                           3,293              100
   Giddings & Lewis, Inc.                                               3,878               98
   Boise Cascade Corp.                                                  4,161               98
   Kaufman & Broad Home Corp.                                           4,100               97
   Morrison-Knudsen Co., Inc.                                           3,800               95
   Santa Fe Energy Resources Inc.                                      10,592               95
*  Consolidated Freightways, Inc.                                       3,900               92
*  Rowan Cos., Inc.                                                    10,000               90
*  USAir Group, Inc.                                                    6,800               88
   Tektronix, Inc.                                                      3,600               85
   Helmerich & Payne, Inc.                                              3,000               84
   Bruno's Inc.                                                         9,508               83
   Amdahl Corp.                                                        13,169               79
*  Stone Container Corp.                                                8,167               79
*  Cray Research, Inc.                                                  3,000               77
   Yellow Corp.                                                         3,074               76
   Alberto-Culver Co. Class B                                           3,300               76
   Springs Industries Inc. Class A                                      2,000               75
   Longs Drug Stores, Inc.                                              2,249               74
   Brown Group, Inc.                                                    2,100               73
   Luby's Cafeterias, Inc.                                              3,100               70
   Eastern Enterprises                                                  2,700               69
   Adolph Coors Co. Class B                                             4,257               68
   Meredith Corp.                                                       1,700               68
   Transco Energy Co.                                                   4,800               68
   Harnischfeger Industries Inc.                                        3,000               67
   Community Psychiatric Centers                                        4,600               64
   Bassett Furniture Industries, Inc.                                   1,775               62
*  Ryan's Family Steak Houses, Inc.                                     6,500               59
   Oneok, Inc.                                                          3,000               57
   Outboard Marine Corp.                                                2,500               56
*  Intergraph Corp.                                                     5,200               55
   NACCO Industries, Inc. Class A                                       1,000               51
*  Bally Manufacturing Corp.                                            6,000               51
   Handleman Co.                                                        3,700               49
   Zurn Industries, Inc.                                                1,600               44
   Rollins Environmental Services, Inc.                                 6,237               36
*  Data General Corp.                                                   3,800               36
   Oshkosh B Gosh, Inc. Class A                                         1,800               35
   SPX Corp.                                                            1,900               34
   First Mississippi Corp.                                              2,200               29
*  Zenith Electronics Corp.                                             3,900               27
*  M/A-Com, Inc.                                                        2,900               25
*  National Intergroup, Inc.                                            1,800               24
   Skyline Corp.                                                        1,200               24

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                                                        [Enlarge/Download Table]

                                                                                        Market
                                                                                         Value
                                                                       Shares           (000)+
----------------------------------------------------------------------------------------------
                                                                                              
*  Hartmarx Corp.                                                       3,000        $      21
*  National Education Corp.                                             3,200               20
*  Genesco, Inc.                                                        2,000               10
----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (100.1%)                                                                  
   (Cost $182,370)                                                                     190,357
----------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENT (1.4%)                                                              
----------------------------------------------------------------------------------------------
                                                        [Enlarge/Download Table]

                                                                         Face                  
                                                                       Amount                  
                                                                        (000)                  
                                                                        -----                  
                                                                                               
REPURCHASE AGREEMENT                                                                           
   Collateralized by U.S. Government                                                           
   Obligations in a Pooled Cash Account 3.26%, 1/3/94                                          
   (Cost $2,699)                                                       $2,699            2,699 
---------------------------------------------------------------------------------------------- 
TOTAL INVESTMENTS (101.5%)                                                                     
   (Cost $185,069)                                                                     193,056 
---------------------------------------------------------------------------------------------- 
OTHER ASSETS AND LIABILITIES (-1.5%)                                                           
---------------------------------------------------------------------------------------------- 
   Accounts Receivable for Securities Sold                                              14,397 
   Other Assets--Note B                                                                  2,338 
   Accounts Payable for Securities Purchased                                           (18,781)
   Other Liabilities                                                                      (899)
                                                                                        ------ 
                                                                                        (2,945)
---------------------------------------------------------------------------------------------- 
NET ASSETS (100%)                                                                              
---------------------------------------------------------------------------------------------- 
   Applicable to 16,197,510 Outstanding                                                        
   Shares of Beneficial Interest                                                               
   (Unlimited authorization)                                                          $190,111 
---------------------------------------------------------------------------------------------- 
NET ASSET VALUE PER SHARE                                                               $11.74 
============================================================================================== 

 +  See Note A to Financial Statements.                                                        

 *  Non-Income Producing Security.                                                             

---------------------------------------------------------------------------------------------- 
AT DECEMBER 31, 1993, NET ASSETS CONSISTED OF:                                                 
---------------------------------------------------------------------------------------------- 
                                                        [Enlarge/Download Table]

                                                                       Amount              Per
                                                                        (000)            Share
                                                                        -----            -----
                                                                                              
Paid in Capital                                                      $179,759           $11.10
Overdistributed Net Investment Income                                     (29)              --
Accumulated Net Realized Gains                                          2,394              .15
Unrealized Appreciation of Investments                                  7,987              .49
----------------------------------------------------------------------------------------------
NET ASSETS                                                           $190,111           $11.74
----------------------------------------------------------------------------------------------

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REPORT OF INDEPENDENT ACCOUNTANTS                                               

To the Shareholders and Board of Trustees                                       
Vanguard Index Trust                                                            
Extended Market Portfolio, Total Stock Market Portfolio                         
Growth Portfolio and Value Portfolio                                            

In our opinion, the accompanying statements of net assets and the related       
statements of operations and of changes in net assets and the financial         
highlights appearing in the Vanguard Index Trust 1993 Annual Report present     
fairly, in all material respects, the financial position of the Extended Market 
Portfolio, Total Stock Market Portfolio, Growth Portfolio and Value Portfolio   
of Vanguard Index Trust (hereafter referred to as "the Fund") at December 31,   
1993, the results of each of their operations, the changes in each of their net 
assets and the financial highlights for each of the respective periods          
presented, in conformity with generally accepted accounting principles. These   
financial statements and financial highlights (hereafter referred to as         
"financial statements") are the responsibility of the Fund's management; our    
responsibility is to express an opinion on these financial statements based on  
our audits. We conducted our audits of these financial statements in accordance 
with generally accepted auditing standards which require that we plan and       
perform the audit to obtain reasonable assurance about whether the financial    
statements are free of material misstatement. An audit includes examining, on a 
test basis, evidence supporting the amounts and disclosures in the financial    
statements, assessing the accounting principles used and significant estimates  
made by management, and evaluating the overall financial statement              
presentation. We believe that our audits, which included confirmation of        
securities by correspondence with the custodians and brokers and the            
application of alternative auditing procedures where confirmations from brokers 
were not received, provide a reasonable basis for the opinion expressed above.  

PRICE WATERHOUSE                                                                

Thirty South Seventeenth Street                                                 
Philadelphia, Pennsylvania 19103                                                
January 24, 1994                                                                

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(Continued from inside front cover)                                             

toward those of the 1970s. However, the current level of inflation suggests     
that future real returns may prove to be satisfactory. Looking forward, the     
main risks to the investor are two: (1) that yields on financial assets will    
rise sharply, reducing the prices of stocks and bonds alike; and (2) that       
inflation, presently at moderate levels, will accelerate.                       

SOME COURSES OF ACTION                                                          
What, if any, present action should be taken by investors to deal with these    
two major risks? Should your allocation of assets among stock funds, bond       
funds, and money market funds be adjusted? Here are some reasonable courses of  
action to consider:                                                             

*   For long-term investors who have built a substantial balanced portfolio of  
 stock, bond, and money market funds, stay the course. Even if withdrawing
from the stock market proves to be justified, the next decision--when to
   return--will one day be required. "Being right twice" is no mean challenge.

*   For long-term investors gradually accumulating assets for, say, retirement, 
stay your present course. Continue to invest regularly. By doing so, you
buy more shares of a mutual fund when its price falls, and fewer shares 
when its price rises, virtually assuring a reasonable average cost.     

*   For risk-averse investors who are highly confident that stock prices are    
"too high," make only marginal--not "all or nothing"--changes in your   
 portfolio balance. Given the perils of predicting the future, any changes
should be limited to, say, 15 percentage points. That is, if your normal
  portfolio allocation is 60% in stock funds, it might be reduced to 45%; if
85%, to 70%.                                                            

*   For investors who simply must have more income, never lose sight of the     
 added principal risk involved in shifting from money market funds to bond
 funds. Long-term bond funds provide a generous and durable income stream,
   but their prices are highly volatile. Short-term and intermediate-term bond
funds offer a "middle way" of increasing income with more modest risk to
principal.                                                              

*   For investors who are tempted to find an "easy way" to higher returns,      
  never forget that risk and reward go hand in hand. Precipitously replacing
 certificates of deposit with broad-based common stock funds verges on the
  irrational. Funds investing in other securities markets--emerging nations,
 international stocks and bonds, and small U.S. companies--carry their own
 special risks. Generally, limit such alternative investments to, say, 20%
of your total portfolio.                                                

For all investors, be prepared for sharp interim swings in stock and bond       
prices. The central tenet of investing is "prices fluctuate," and sensible      
long-term investors simply must take such fluctuations in their stride.         
Successful investing is as much a function of your own discipline and           
equanimity as it is of the returns available in the securities markets.         

THREE ESSENTIAL PRINCIPLES                                                      
As we confront the brave new world of investing that may well lie ahead in the  
coming decade--and it is important to think in decade-length terms--we would    
underscore three caveats:                                                       

1.  Have "rational expectations" for future returns. At prices prevailing       
today, it seems highly unlikely that the returns enjoyed by investors in
the past decade will be repeated in the coming decade.                  

2.  Maintain a balanced portfolio consisting of stock, bond, and money market   
funds. Each asset class has its own risk and reward characteristics. By 
 allocating your resources among the three asset classes according to your
  own requirements, you can build a portfolio providing appropriate elements
of capital appreciation, capital conservation, and current income.      

3.  In balancing risk against reward, be sure to consider cost. Many mutual     
funds carry hefty sales charges or high expense ratios, or both.  Other 
   factors held equal, expenses reduce returns, dollar for dollar. Put another
  way, high-cost funds must select investments with higher prospective gross
returns--which entail higher risks--to match the net returns earned by  
low-cost funds.                                                         

This brief Annual Report essay can provide only an elementary look at the       
challenges investors face today. History can give us perspective, but it cannot 
give us performance. Famed British economist Lord Keynes had it right when he   
said, "the inevitable never happens. It is the unexpected always."              

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THE VANGUARD FAMILY OF FUNDS  

MONEY MARKET FUNDS                                                              
Vanguard Money Market Reserves                                                  

TAX-EXEMPT MONEY MARKET FUNDS                                                   
Vanguard Municipal Bond Fund                                                    
Money Market Portfolio                                                          
Vanguard State Tax-Free Funds                                                   
Money Market Portfolios (CA, NJ, OH, PA)                                        

TAX-EXEMPT INCOME FUNDS                                                         
Vanguard Municipal Bond Fund                                                    
Vanguard State Tax-Free Funds                                                   
Insured Long-Term Portfolios                                                    
(CA, FL, NJ, NY, OH, PA)                                                        

FIXED INCOME FUNDS                                                              
Vanguard Admiral Funds                                                          
Vanguard Bond Index Fund                                                        
Vanguard Fixed Income Securities Fund                                           
Vanguard Preferred Stock Fund                                                   

BALANCED FUNDS                                                                  
Vanguard Asset Allocation Fund                                                  
Vanguard Balanced Index Fund                                                    
Vanguard STAR Fund                                                              
Vanguard/Wellesley Income Fund                                                  
Vanguard/Wellington Fund                                                        

EQUITY FUNDS                                                                    

GROWTH AND INCOME FUNDS                                                         
Vanguard Convertible Securities Fund                                            
Vanguard Equity Income Fund                                                     
Vanguard Index Trust                                                            
Vanguard Quantitative Portfolios                                                
Vanguard/Trustees' Equity Fund U.S. Portfolio                                   
Vanguard/Windsor Fund                                                           
Vanguard/Windsor II                                                             

GROWTH FUNDS                                                                    
Vanguard/Morgan Growth Fund                                                     
Vanguard/PRIMECAP Fund                                                          
Vanguard U.S. Growth Portfolio                                                  

AGGRESSIVE GROWTH FUNDS                                                         
Vanguard Explorer Fund                                                          
Vanguard Small Capitalization Stock Fund                                        
Vanguard Specialized Portfolios                                                 

INTERNATIONAL FUNDS                                                             
Vanguard International Equity Index Fund                                        
Vanguard International Growth Portfolio                                         
Vanguard/Trustees' Equity Fund                                                  
International Portfolio                                                         

[VANGUARD GROUP LOGO]   

Vanguard Financial Center * Valley Forge, Pennsylvania 19482
New Account Information 1-(800) 662-7447  
Shareholder Account Services: 1-(800) 662-2739  

This Report has been prepared for shareholders and
may be distributed to others only if preceded or
accompanied by a current prospectus. All Funds in the 
Vanguard Family are offered by prospectus only. 

Q400-12/93

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EDGAR Appendix

 This appendix describes components of the printed version of this
report that do not translate into a format acceptable to the EDGAR system.      

     The cover of the printed version of this report features the flags of
The United States of America and Vanguard flying from a halyard.                

      A bar chart called "A Tale of Two Decades" appears on the inside front
cover. This chart illustrates Average Annual Total Return, in nominal and real  
terms, of Stocks, Bonds and Reserves (U.S. Treasury bills) for the two decades  
since 1973.                                                                     

     A running head featuring the Vanguard flag logo appears at the top of
pages one through 32 and one through 40.                                        

     A photograph of John C. Bogle appears at the upper-right of page one.

  A line chart of the Indexed Value (Standard & Poor's Growth Index,
Standard & Poor's 500 Index and Standard & Poor's Value Index) of the           
Index Trust for the Fiscal Years 1989 through 1993 appears at the upper-left    
of page two, nine and ten.                                                      

     Line charts illustrating cumulative performance of the Vanguard Index
Trust compared to (i) the S&P 500 Index and (ii) Average Growth and             
Income Funds for the Fiscal Years 1984 through 1993 appear on page              
four.                                                                           

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-30D’ Filing		Date		First		Last			Other Filings
		12/31/01		30					24F-2NT,  N-30D,  N-30D/A,  NSAR-B
Filed on:		3/7/94
		1/30/94		8
		1/28/94		3
		1/24/94		32		74
For Period End:		12/31/93		3		74			24F-2NT,  NSAR-B
		12/31/92		8		30
		4/27/92		26
		4/26/92		26
		3/16/92		26
									List all Filings