SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
FINANCIAL STATEMENTS (UNAUDITED)
INCLUDING
STATEMENT OF INVESTMENTS
JUNE 30, 1996
- --------------------------------------------------------------------------------
As required by the Investment Company Act of 1940, CREF provides its
participants with this semi-annual report of the financial condition and
portfolio holdings of the Stock Account. CREF also provides a semi-annual report
to participants in the six other CREF accounts. Annual reports are also provided
each year toward the end of February.
- --------------------------------------------------------------------------------
[LOGO}
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
INDEX TO UNAUDITED FINANCIAL STATEMENTS
JUNE 30, 1996
- --------------------------------------------------------------------------------
PAGE
----
Statement of Assets and Liabilities........................................ 2
Statement of Operations.................................................... 3
Statements of Changes in Net Assets........................................ 4
Notes to Financial Statements.............................................. 5
Statement of Investments................................................... 10
-1-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Portfolio investments, at cost ............................................ $48,622,753,846
Net unrealized appreciation of portfolio investments....................... 27,800,752,263
---------------
Portfolio investments, at value............................................ 76,423,506,109
Cash....................................................................... 51,009,661
Dividends and interest receivable.......................................... 152,741,166
Receivable from securities transactions.................................... 344,357,752
Amounts due from TIAA...................................................... 22,759,351
---------------
TOTAL ASSETS 76,994,374,039
---------------
LIABILITIES
Deposits for securities loaned--Note 4..................................... 1,298,666,738
Due to banks--Note 4 ..................................................... 18,430,353
Payable for securities transactions........................................ 410,519,138
---------------
TOTAL LIABILITIES 1,727,616,229
---------------
NET ASSETS
Accumulation Fund ......................................................... 62,897,158,676
Annuity Fund............................................................... 12,369,599,134
-------------
TOTAL NET ASSETS $75,266,757,810
===============
NUMBER OF ACCUMULATION UNITS OUTSTANDING--Notes 5 and 6....................... 630,560,599
===========
NET ASSET VALUE, PER ACCUMULATION UNIT--Note 5 . ............................. $99.75
======
</TABLE>
See notes to financial statements.
-2-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
INVESTMENT INCOME
Income:
<S> <C>
Dividends.............................................................................. $ 755,485,242
Interest............................................................................... 36,749,687
--------------
TOTAL INCOME 792,234,929
--------------
Expenses--Note 3:
Investment ............................................................................ 30,024,650
Operating.............................................................................. 78,560,885
--------------
TOTAL EXPENSES 108,585,535
--------------
INVESTMENT INCOME--NET 683,649,394
--------------
REALIZED AND UNREALIZED GAIN ON TOTAL
INVESTMENTS--Note 4
Net realized gain (loss) on:
Portfolio investments................................................................ 3,478,140,823
Futures transactions................................................................. 5,899,228
Foreign currency transactions........................................................ (2,790,446)
--------------
Net realized gain 3,481,249,605
--------------
Net change in unrealized appreciation (depreciation) on:
Portfolio investments................................................................ 2,101,416,782
Futures transactions................................................................. 2,439,653
Translation of assets (other than portfolio investments) and liabilities in
foreign currencies ................................................................ (108,911)
--------------
Net change in unrealized appreciation 2,103,747,524
--------------
NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 5,584,997,129
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $6,268,646,523
==============
</TABLE>
See notes to financial statements.
-3-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1996 1995
-------------- ------------
(UNAUDITED)
<S> <C> <C>
FROM OPERATIONS
Investment income--net................................................ $ 683,649,394 $ 1,228,462,175
Net realized gain on total investments............................... 3,481,249,605 1,868,662,373
Net change in unrealized appreciation on
total investments.................................................. 2,103,747,524 13,323,134,706
--------------- ---------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 6,268,646,523 16,420,259,254
--------------- ---------------
FROM PARTICIPANT TRANSACTIONS
Premiums............................................................. 1,194,448,799 2,244,897,088
--------------- ----------------
Disbursements and transfers:
Net transfers to TIAA.............................................. 108,272,788 359,202,304
Net transfers to other CREF Accounts............................... 494,522,973 551,347,519
Annuity payments................................................... 482,455,720 853,948,681
Withdrawals and repurchases........................................ 434,839,633 690,669,089
Death benefits..................................................... 46,530,283 91,070,246
--------------- ---------------
TOTAL DISBURSEMENTS AND TRANSFERS, NET 1,566,621,397 2,546,237,839
--------------- ---------------
NET DECREASE IN NET ASSETS RESULTING
FROM PARTICIPANT TRANSACTIONS (372,172,598) (301,340,751)
--------------- ---------------
NET INCREASE IN NET ASSETS 5,896,473,925 16,118,918,503
NET ASSETS
Beginning of year.................................................... 69,370,283,885 53,251,365,382
--------------- ---------------
End of period........................................................ $75,266,757,810 $69,370,283,885
=============== ===============
</TABLE>
See notes to financial statements.
-4-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--ORGANIZATION
College Retirement Equities Fund ("CREF") was formed to aid and strengthen
nonprofit educational and research organizations by providing their employees
with variable retirement benefits.
CREF is registered with the Securities and Exchange Commission ("Commission")
under the Investment Company Act of 1940 as an open-end, diversified management
investment company. It consists of seven investment portfolios. The accompanying
financial statements are those of the Stock Account ("Account"), which invests
primarily in equity securities. The six other investment portfolios of CREF,
which are not included in these financial statements, include a Money Market
Account, which invests in money market instruments; a Bond Market Account, which
invests in a broad range of fixed-income securities; a Social Choice Account,
which invests in a diversified portfolio of equity and fixed-income securities
while giving special consideration to certain social criteria; a Global Equities
Account, which invests in equity securities of foreign and domestic companies; a
Growth Account, which invests in a diversified portfolio of equity securities
that present opportunities for growth; and an Equity Index Account, which
invests in a diversified portfolio of equity securities selected to track the
overall United States stock market.
TIAA-CREF Investment Management, Inc. ("Investment Management"), a subsidiary of
Teachers Insurance and Annuity Association of America ("TIAA"), a companion
organization, is registered with the Commission as an investment adviser and
provides investment advisory services for the CREF Accounts pursuant to an
Investment Management Services Agreement with CREF. TIAA-CREF Individual &
Institutional Services, Inc. ("Services"), a subsidiary of TIAA which is
registered with the Commission as a broker-dealer and is a member of the
National Association of Securities Dealers, Inc., provides administrative
services for the CREF Accounts and performs distribution functions for CREF's
certificates pursuant to a Principal Underwriting and Administrative Services
Agreement with CREF.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies consistently
followed by the Account, which are in conformity with generally accepted
accounting principles.
VALUATION OF INVESTMENTS: Securities listed or traded on any United States
national securities exchange are valued at the last sales price as of the close
of the principal securities exchange on which such securities are traded or, if
there is no sale, at the mean of the last bid and asked prices on such exchange.
Securities traded only in the over-the-counter market and quoted in the NASDAQ
National Market System are valued at the last sales price, or at the mean of the
last bid and asked prices if no sale is reported. All other over-the-counter
securities are valued at the mean of the last bid and asked prices, except for
bonds which are valued at the most recent bid price or the equivalent quoted
yield of such bonds. Short-term money market instruments are stated at market
value. Foreign investments are valued at the closing price in the principal
market where they are traded; local currencies are converted into U.S. dollars
as described below under Foreign Currency Transactions and Translation. Stock
index futures and options which are traded on commodities exchanges are valued
at the last sale price as of the close of such commodities exchanges. Portfolio
securities for which market quotations are not readily available are valued at
fair value as determined in good faith under the direction of the Finance
Committee of the Board of Trustees and in accordance with the responsibilities
of the Board as a whole.
ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the
date the securities are purchased or sold (trade date). Interest income is
recorded as earned and, for short-term money market instruments, includes
accrual of discount and amortization of premium. Dividend income is recorded on
the ex-dividend date or, for certain foreign securities, as soon as the Account
is informed of the ex-dividend date. Realized gains and losses on security
transactions are accounted for on the average cost basis.
-5-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--(CONTINUED)
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Foreign investments, bank
deposits and forward foreign currency contracts are valued in U.S. dollars,
based on the exchange rate at the end of the period. Investments traded in
foreign currencies are translated at exchange rates prevailing on the respective
dates traded. Income is translated at approximate rates prevailing when earned.
Asset and liability accounts that are denominated in a foreign currency are
adjusted to reflect the exchange rate at the end of the period. The cumulative
impact of changes in foreign exchange rates on portfolio investments sold during
the period is reflected in the net realized gain (loss) on portfolio
investments. The cumulative impact of changes in foreign exchange rates on
portfolio investments held at the end of the period is reflected in the net
change in unrealized appreciation (depreciation) on portfolio investments.
Currency gains and losses arising from the settlement of forward foreign
currency contracts, changes in exchange rates between the trade and settlement
dates of portfolio investment transactions, and changes in exchange rates
between the accrual and receipt dates for dividend and interest income are
recorded as net realized gains (losses) on foreign currency transactions. For
assets other than portfolio investments and liabilities, changes in foreign
exchange rates are reflected in the net change in unrealized appreciation
(depreciation) on translation of assets (other than portfolio investments) and
liabilities in foreign currencies.
SECURITIES LENDING: The Account has a program to lend portfolio securities to
qualified institutions. Such loans are secured by collateral at least equal to
102% of the market value of the securities loaned for United States securities
and 105% of the market value of securities loaned for foreign securities. The
Account continues to receive income on the securities loaned and receives
additional income from the lending transaction. Additionally, any change in the
market value of the securities loaned is recognized by the Account. Although
each transaction is collateralized, the Account would bear the risk of delay in
recovery of, or loss of rights in, the securities loaned should a borrower fail
to return the securities in a timely manner.
COVERED CALL OPTIONS WRITTEN: The Account writes (sells) covered call options to
provide protection against adverse movements in the price of securities in the
portfolio. When an option is written, an amount equal to the premium received is
recorded as a liability; the liability is adjusted on a daily basis to the
current market price of the option written and an unrealized gain or loss is
recorded. Premiums received from writing options which expire unexercised are
recognized as realized gains from option transactions on the expiration date.
Premiums received from writing options which are exercised are added to the
proceeds from the sale of the underlying securities in recognizing the net
realized gain or loss on portfolio investments. In writing options, it is
assumed that the option may be exercised at any time prior to the expiration of
the Account's obligation as a writer, and that in such circumstances the net
proceeds of the sale of the underlying securities pursuant to the call option
may be below the prevailing market value.
FUTURES CONTRACTS: The Account purchases futures contracts for the purpose of
acquiring a position in a security or group of securities which it intends to
purchase at a later date, or for cash management purposes to remain highly
invested in the equity markets while minimizing transaction costs. A financial
futures contract is an agreement between two parties to buy and sell a financial
instrument for a set price on a future date. Initial margin deposits are made
upon entering into futures contracts and can be either cash or securities.
During the period the futures contract is open, changes in the value of the
contract are recognized as unrealized gains or losses from futures transactions
by "marking-to-market" on a daily basis to reflect the market value of the
contract at the end of each day's trading.
Variation margin payments are received or made, depending upon whether
unrealized gains or losses are incurred. When the contract is closed, a realized
gain or loss from futures transactions is recorded, equal to the net variation
margin received or paid over the period of the contract. The contractual amounts
under futures contracts reflect the extent of the Account's exposure to
off-balance sheet risk. The credit risk to such contracts is limited to the
failure of the exchange or board of trade which acts as the counterparty to the
Account's futures transactions.
FORWARD FOREIGN CURRENCY CONTRACTS: The Account enters into forward foreign
currency contracts to purchase or sell foreign currency to accommodate foreign
investment transactions. Forward foreign currency contracts are
"marked-to-market" at the end of each day's trading. Daily changes in the value
of such contracts are reflected in the net change in unrealized appreciation
(depreciation) on translation of assets and liabilities in foreign currencies.
-6-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--(CONTINUED)
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES--(CONCLUDED)
When the contract is closed, payment is received or made and a realized gain or
loss on foreign currency transactions is recognized, equal to the difference
between the cost of the closing transaction and the basis in the contract. The
Account may also enter into a forward foreign currency contract to offset an
existing contract. Forward foreign currency contracts are entered into directly
with a counterparty and the Account is exposed to the risk of default of such
counterparty. The maximum potential loss from such risk is the aggregate face
value in U.S. dollars at the time the contract is opened. There is no daily
margin requirement for such contracts.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Account may
purchase securities on a when-issued or delayed delivery basis. In addition to
the normal market risks, this exposes the Account to the risk that the
transaction may not be consummated.
FEDERAL INCOME TAXES: CREF is a nonprofit educational organization exempt from
federal income taxation under the Internal Revenue Code ("Code"). Accordingly,
CREF is not a "Regulated Investment Company" under Subchapter M of the Code and
the net investment income and net realized capital gains of CREF's Accounts are
not taxable. Any nonpension related income is subject to federal income taxation
as unrelated business income; however, for the periods covered by these
financial statements there was no such income.
NOTE 3--MANAGEMENT AGREEMENTS
All services necessary for the operation of CREF's Accounts are provided, at
cost, by Investment Management and Services. Such services are provided in
accordance with an Investment Management Services Agreement between CREF and
Investment Management, and in accordance with a Principal Underwriting and
Administrative Services Agreement between CREF and Services (see Note 1).
Investment Management and Services receive management fee payments from the CREF
Accounts on a daily basis according to formulas established each year with the
objective of keeping the management fees as close as possible to each Account's
actual expenses. Any differences between actual expenses and the management fees
are adjusted quarterly.
-7-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--(CONTINUED)
NOTE 4--INVESTMENTS
At June 30, 1996, the value of securities loaned was $2,485,331,797 and
collateral received in connection therewith was comprised of cash of
$1,298,666,738, letters of credit of $692,945,000 and United States government
securities amounting to $626,354,557.
At June 30, 1996, the due to banks balance resulted from securities transactions
which were settled and paid by July 1, 1996.
At June 30, 1996, net unrealized appreciation of portfolio investments,
consisting of gross unrealized appreciation and gross unrealized depreciation,
was as follows:
Gross unrealized appreciation of portfolio investments....... $29,016,678,793
Gross unrealized depreciation of portfolio investments....... 1,215,926,530
---------------
NET UNREALIZED APPRECIATION OF PORTFOLIO INVESTMENTS........ .$27,800,752,263
===============
For the six months ended June 30, 1996, the Account engaged in transactions in
futures contracts in the Standard & Poor's 500 Index with the following results:
Futures contracts open at June 30, 1996, at cost................ $ -
Net unrealized appreciation..................................... $ -
-----------
Futures contracts open at June 30, 1996, at value............... $ -
===========
Net realized gain on futures contracts closed................... $ 5,899,228
Net change in unrealized appreciation........................... $ 2,439,653
Number of futures contracts open at June 30, 1996............... -
Average fair value of futures contracts based
on daily balances during the period.......................... $77,630,861
Companies in which the Account held 5% or more of the outstanding voting shares
are defined as "affiliated" in the Investment Company Act of 1940. At June 30,
1996, the total value of investments in affiliated companies was $588,407,311.
For the six months ended June 30, 1996, total dividend income and the net
realized gain relating to such investments were $5,812,318 and $103,755,130,
respectively.
Purchases and sales of portfolio securities, other than short-term money market
instruments, for the six months ended June 30, 1996, were as follows:
Purchases:
Unaffiliated issuers..................................... $6,346,652,471
Affiliated issuers....................................... 34,965,582
--------------
TOTAL PURCHASES $6,381,618,053
==============
Sales:
Unaffiliated issuers..................................... $7,668,269,914
Affiliated issuers....................................... 217,556,825
--------------
TOTAL SALES $7,885,826,739
==============
-8-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)--(CONCLUDED)
NOTE 5--CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of the Account
is presented below.
<TABLE>
<CAPTION>
SIX MONTHS FOR THE YEARS ENDED DECEMBER 31,
ENDED ----------------------------------------------------
JUNE 30,1996 1995 1994 1993 1992 1991
---------- ------ ------ ------ ------ ------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Per Accumulation Unit Data:
Investment income.............. $ 1.047 $ 1.885 $ 1.699 $ 1.606 $ 1.523 $ 1.552
Expenses....................... .144 .271 .223 .210 .181 .184
------- ------- ------- ------- ------- -------
Investment income--net.......... .903 1.614 1.476 1.396 1.342 1.368
Net realized and unrealized
gain (loss) on investments... 7.385 19.984 (1.557) 7.139 2.294 11.994
------- ------- ------- ------- ------- -------
Net increase (decrease) in
Accumulation Unit Value........ 8.288 21.598 (.081) 8.535 3.636 13.362
Accumulation Unit Value:
Beginning of year.............. 91.460 69.862 69.943 61.408 57.772 44.410
------- ------- ------- ------- ------- -------
End of period.................. $99.748 $91.460 $69.862 $69.943 $61.408 $57.772
======= ======= ======= ======= ======= =======
Total return..................... 9.06% 30.92% (0.12%) 13.90% 6.29% 30.09%
Ratios to Average Net Assets:
Expenses....................... 0.15% 0.34% 0.32% 0.32% 0.31% 0.36%
Investment income--net.......... 0.94% 2.00% 2.11% 2.14% 2.32% 2.65%
Portfolio turnover rate.......... 8.92% 16.25% 18.77% 22.93% 16.29% 22.47%
Thousands of Accumulation Units
outstanding at end of period... 630,561 632,803 637,435 642,528 645,564 640,298
</TABLE>
NOTE 6--ACCUMULATION UNITS:
Changes in the number of Accumulation Units outstanding were as follows:
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1996 1995
------------ -----------
(UNAUDITED)
<S> <C> <C>
Accumulation Units:
Credited for premiums................................. 12,402,199 27,995,571
Cancelled for transfers, disbursements and
amounts applied to the Annuity Fund................. (14,644,580) (32,627,261)
Outstanding:
Beginning of year................................... 632,802,980 637,434,670
----------- -----------
End of period....................................... 630,560,599 632,802,980
=========== ===========
</TABLE>
-9-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT (UNAUDITED)
JUNE 30, 1996
SUMMARY BY INDUSTRY
VALUE %
-------------- ----
BONDS
CORPORATE BONDS
AUTOMOTIVE & RELATED ................... $ 130,056 0.00%
BANKS .................................. 16,428,425 0.02
BROADCASTERS ........................... 7,882,725 0.01
CONGLOMERATES .......................... 113,001 0.00
ELECTRICAL EQUIPMENT ................... 176,401 0.00
ENVIRONMENTAL CONTROL .................. 4,568,232 0.01
FINANCIAL--MISCELLANEOUS ............... 2,005,920 0.00
HEALTHCARE--DRUGS ...................... 8,950,000 0.01
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY .................. 3,514,843 0.00
LEISURE TIME ........................... 638,560 0.00
METALS--STEEL .......................... 177,519 0.00
PETROLEUM--SERVICE ..................... 1,950,000 0.00
RETAIL--GENERAL MERCHANDISE ............ 10,584,173 0.02
TRUCKERS & SHIPPING .................... 3,738,334 0.01
UTILITIES--GAS & PIPELINE .............. 201,145 0.00
-------------- ------
TOTAL CORPORATE BONDS
(Cost $ 55,975,528) ................... 61,059,334 0.08
-------------- ------
GOVERNMENT BONDS
U.S. GOVERNMENT BONDS .................. 394,316 0.00
-------------- ------
TOTAL GOVERNMENT BONDS
(Cost $ 381,469) ...................... 394,316 0.00
-------------- ------
TOTAL BONDS
(Cost $ 56,356,997) ................... 61,453,650 0.08
-------------- ------
PREFERRED STOCK
AUTOMOTIVE & RELATED ................... 2,169,235 0.00
BANKS .................................. 2,879,552 0.00
BEVERAGES .............................. 942,510 0.00
BUSINESS SERVICES ...................... 17,531,465 0.02
CHEMICALS--MAJOR ....................... 3,336,771 0.01
CHEMICALS--SPECIALTY ................... 88,234 0.00
CONGLOMERATES .......................... 469,489 0.00
CONSTRUCTION--
MATERIALS & BUILDERS ................. 362,453 0.00
COSMETICS .............................. 23,387 0.00
FINANCIAL--MISCELLANEOUS ............... 79,825 0.00
FOODS .................................. 254,701 0.00
FOREST PRODUCTS ........................ 3,627,435 0.01
HEALTHCARE--OTHER ...................... 5,999,999 0.01
HEALTHCARE--SERVICE .................... 10,205,852 0.02
HOUSEHOLD--DURABLE GOODS ............... 257,125 0.00
HOUSEHOLD--PRODUCTS .................... 48,789 0.00
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY .................. 122,790 0.00
MACHINERY .............................. 1,320,166 0.00
METALS--NON-FERROUS .................... 70,112 0.00
METALS--STEEL .......................... 11,095,120 0.01
PAPER .................................. 65,650,000 0.09
PETROLEUM--
EXPLORATION & PRODUCTION ............. 156,319 0.00
PETROLEUM--INTEGRATED .................. 1,333,519 0.00
PUBLISHING--NEWSPAPER .................. 10,242,880 0.01
PUBLISHING--OTHER ...................... 11,245,700 0.02
RETAIL--GENERAL MERCHANDISE ............ 2,844,636 0.00
UTILITIES--ELECTRIC .................... 6,504,054 0.01
UTILITIES--GAS & PIPELINE .............. 808,703 0.00
UTILITIES--OTHER ....................... 89,757 0.00
UTILITIES--TELEPHONE ................... 27,271,966 0.04
-------------- ------
TOTAL PREFERRED STOCK
(Cost $ 141,458,550) ................... 187,032,544 0.25
-------------- ------
COMMON STOCK
AEROSPACE .............................. 932,585,643 1.24
AIR TRANSPORTATION ..................... 386,391,194 0.51
AUTOMOTIVE & RELATED ................... 1,830,415,712 2.43
BANKS .................................. 6,279,171,178 8.34
BEVERAGES .............................. 2,067,231,708 2.75
BROADCASTERS ........................... 625,968,119 0.83
BUSINESS SERVICES ...................... 1,021,884,003 1.36
CHEMICALS--MAJOR ....................... 1,586,764,420 2.11
CHEMICALS--SPECIALTY ................... 939,049,544 1.25
COMMUNICATION
EQUIPMENT & SERVICES ................. 1,591,374,387 2.11
COMPUTER SERVICE ....................... 2,072,436,168 2.75
CONGLOMERATES .......................... 1,719,995,112 2.29
CONSTRUCTION--
MATERIALS & BUILDERS ................. 893,493,139 1.19
CONTAINERS ............................. 91,814,390 0.12
COSMETICS .............................. 426,829,873 0.57
ELECTRICAL EQUIPMENT ................... 2,920,733,708 3.88
ELECTRICAL EQUIPMENT--
COMPONENTS DIVERSIFIED ............... 1,815,288,000 2.41
ELECTRICAL EQUIPMENT--
INSTRUMENTS .......................... 402,616,741 0.53
ENVIRONMENTAL CONTROL .................. 302,107,982 0.40
FINANCIAL--MISCELLANEOUS ............... 2,527,989,873 3.36
FOODS .................................. 1,518,875,843 2.02
FOREST PRODUCTS ........................ 449,927,384 0.60
HEALTHCARE--DRUGS ...................... 4,187,327,308 5.56
HEALTHCARE--HOSPITAL SUPPLY ............ 1,210,793,042 1.61
HEALTHCARE--OTHER ...................... 653,519,479 0.87
HEALTHCARE--SERVICE .................... 883,262,336 1.17
HOUSEHOLD--
CONSUMER ELECTRONICS ................. 222,201,012 0.30
HOUSEHOLD--DURABLE GOODS ............... 255,099,821 0.34
HOUSEHOLD--PRODUCTS .................... 1,098,881,567 1.46
INSURANCE--BROKERS & OTHER ............. 161,677,054 0.21
INSURANCE--LIFE ........................ 451,886,445 0.60
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY .................. 2,403,989,271 3.19
LEISURE TIME ........................... 1,112,596,384 1.48
MACHINERY .............................. 1,424,596,294 1.89
METALS--ALUMINIUM ...................... 180,785,052 0.24
METALS--GOLD ........................... 259,608,207 0.34
METALS--NON-FERROUS .................... 300,457,892 0.40
METALS--STEEL .......................... 421,467,749 0.56
MISCELLANEOUS
MATERIALS & COMMODITIES .............. 52,740,957 0.07
OFFICE EQUIPMENT ....................... 2,435,147,040 3.24
PAPER .................................. 742,741,073 0.99
PETROLEUM--
EXPLORATION & PRODUCTION ............. 640,027,063 0.85
PETROLEUM--INTEGRATED .................. 3,384,464,524 4.50
PETROLEUM--SERVICE ..................... 714,439,125 0.95
See notes to financial statements.
-10-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT (UNAUDITED)--(CONTINUED)
JUNE 30, 1996
SUMMARY BY INDUSTRY
VALUE %
-------------- ----
PHOTOGRAPHY ............................ $ 258,574,389 0.34%
PROPERTY--REAL ESTATE .................. 793,993,943 1.05
PUBLISHING--NEWSPAPER .................. 395,999,004 0.53
PUBLISHING--OTHER ...................... 578,638,943 0.77
RAILROAD ............................... 757,025,112 1.01
RESTAURANTS & HOTELS ................... 835,904,403 1.11
RETAIL--FOOD ........................... 544,543,440 0.72
RETAIL--GENERAL MERCHANDISE ............ 3,029,542,536 4.03
TEXTILE & APPAREL ...................... 368,584,121 0.49
TOBACCO ................................ 1,224,964,994 1.63
TRADING COMPANIES ...................... 153,113,933 0.20
TRUCKERS & SHIPPING .................... 229,791,358 0.31
UTILITIES--ELECTRIC .................... 2,930,705,127 3.89
UTILITIES--GAS & PIPELINE .............. 689,770,904 0.92
UTILITIES--OTHER ....................... 14,357,310 0.02
UTILITIES--TELEPHONE ................... 4,321,831,648 5.74
--------------- ------
TOTAL COMMON STOCK
(Cost $ 44,976,711,977) ................ 72,727,993,981 96.63
--------------- ------
SHORT TERM INVESTMENTS
BANK NOTES ............................. 200,780,603 0.27
BANKERS ACCEPTANCES .................... 99,014,908 0.13
CERTIFICATES OF DEPOSIT ................ 155,903,656 0.21
COMMERCIAL PAPER ....................... 2,191,077,775 2.91
GOVERNMENT AGENCIES .................... 453,709,628 0.60
MEDIUM TERM BONDS ...................... 101,544,567 0.14
VARIABLE RATE NOTES .................... 219,993,500 0.29
--------------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $ 3,423,226,322) ................. 3,422,024,637 4.55
--------------- ------
TIME DEPOSITS
(Cost $ 25,000,000) .................... 25,000,000 0.03
--------------- ------
ROUNDING ............................... 1,297 0.00
--------------- ------
TOTAL PORTFOLIO
(Cost $ 48,622,753,846) ................ 76,423,506,109 101.54
--------------- ------
OTHER ASSETS & LIABILITIES, NET ...... (1,156,748,299) (1.54)
--------------- ------
NET ASSETS ............................... $75,266,757,810 100.00%
=============== ======
See notes to financial statements.
-11-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT (UNAUDITED)
JUNE 30, 1996
SUMMARY BY COUNTRY
VALUE %
--------------- -------
DOMESTIC:
UNITED STATES ................ $61,167,609,751 80.04%
--------------- ------
TOTAL DOMESTIC ................. 61,167,609,751 80.04
--------------- ------
FOREIGN:
ARGENTINA .................... 16,743,550 0.02
AUSTRALIA .................... 386,257,531 0.51
AUSTRIA ...................... 10,467,344 0.01
BELGIUM ...................... 95,806,849 0.13
BRAZIL ....................... 40,257,666 0.05
CANADA ....................... 278,550,152 0.37
CHILE ........................ 59,442,488 0.08
CHINA ........................ 24,843,863 0.03
DENMARK ...................... 63,380,445 0.08
FINLAND ...................... 66,536,544 0.09
FRANCE ....................... 608,516,208 0.80
GERMANY ...................... 545,417,762 0.71
HONG KONG .................... 1,026,738,973 1.34
INDIA ........................ 14,130,200 0.02
INDONESIA .................... 123,011,870 0.16
IRELAND ...................... 5,226,972 0.01
ITALY ........................ 399,035,152 0.52
JAPAN ........................ 4,067,993,419 5.32
KOREA ........................ 86,642,626 0.11
LUXEMBOURG ................... 1,905,000 0.00
MALAYSIA ..................... 217,519,709 0.29
MEXICO ....................... 23,662,125 0.03
MISCELLANEOUS ................ 37,599,247 0.05
NETHERLANDS .................. 484,738,907 0.64
NEW ZEALAND .................. 201,171,889 0.26
NORWAY ....................... 47,411,831 0.06
PHILIPPINES .................. 23,976,870 0.03
PORTUGAL ..................... 10,907,297 0.02
SINGAPORE .................... 213,700,335 0.28
SOUTH AFRICA ................. 29,098,796 0.04
SPAIN ........................ 223,069,746 0.29
SWEDEN ....................... 231,592,777 0.30
SWITZERLAND .................. 507,458,042 0.66
THAILAND ..................... 112,269,531 0.15
UNITED KINGDOM 1,523,790,005 1.99
--------------- ------
TOTAL FOREIGN .................. 11,808,871,721 15.45
--------------- ------
SHORT TERM INVESTMENTS ......... 3,422,024,637 4.48
--------------- ------
TIME DEPOSITS .................. 25,000,000 0.03
--------------- ------
TOTAL PORTFOLIO ................ $76,423,506,109 100.00%
=============== ======
See notes to financial statements.
-12-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT (UNAUDITED)
JUNE 30, 1996
PRINCIPAL VALUE
--------- ------------
BONDS--0.08%
CORPORATE BONDS--0.08%
AUTOMOTIVE & RELATED--0.00%
MICHELIN S.A. CV
2,333(1) 2.500%, 01/01/01 ............. $ 130,056
------------
BANKS--0.02%
BANGKOK BANK PUBLIC CO LTD CV
6,000,000 3.250%, 03/03/04 ............. 6,870,000
BANK OF TOKYO CV
226,000,000(2) 6.100%, 03/31/97 ............. 4,079,675
SIAM COMMERCIAL BK CV
4,500,000 3.250%, 01/24/04 ............. 5,478,750
------------
16,428,425
------------
BROADCASTERS--0.01%
VIACOM INTERNATIONAL, INC
(SUBORDINATED DEB)
8,615,000 8.000%, 07/07/06 ............. 7,882,725
------------
CONGLOMERATES--0.00%
BRIERLEY INVESTMENTS LTD CV NOTE
129,875(3) 9.000%, 06/30/98 ............. 113,001
------------
ELECTRICAL EQUIPMENT--0.00%
OLIVETTI S.P.A. CV
255,000(4) 7.500%, 01/01/99 ............. 176,401
------------
ENVIRONMENTAL CONTROL--0.01%
WMX TECHNOLOGIES, INC
(SUBORDINATED CV NOTE)
4,979,000 2.000%, 01/24/05 ............. 4,568,232
------------
FINANCIAL--MISCELLANEOUS--0.00%
EVEREN CAPITAL CORP 13.5%
1,152,100 13.500%, 09/15/07 ............. 313,947
FINANCE ONE PUBLIC CO LTD
57,578(5) 3.750%, 03/15/01 ............. 1,691,973
------------
2,005,920
------------
HEALTHCARE--DRUGS--0.01%
IVAX CORP CV
10,000,000 6.500%, 11/15/01 ............. 8,950,000
------------
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY--0.00%
AXA S.A. CV
54,513(1) 4.500%, 01/01/99 ............. 3,478,338
CORPORACION MAPFRE CV
449(6) 8.500%, 02/27/99 ............. 36,505
------------
3,514,843
------------
LEISURE TIME--0.00%
SKIS ROSSIGNOL S.A. CV
1,250(1) 3.000%, 04/01/01 ............. 638,560
------------
METALS--STEEL--0.00%
#PREUSSAG AG. (W/W)
236(7) 5.750%, 05/17/01 ............. 177,519
------------
PETROLEUM--SERVICE--0.00%
FAR EAST LEVINGSTON
2,000,000 1.500%, 05/02/01 ............ 1,950,000
------------
RETAIL--GENERAL MERCHANDISE--0.02%
oCASTORAMA DUBOIS INVESTISSEMENT CV
1,799 3.150%, 01/01/03 ............. 419,323
GOLDLION CAPITAL CV
4,000,000 4.875%, 02/01/99 ............. 5,380,000
ROBINSON DEPARTMENT STORE
PUBLIC CO CV
4,410,000 3.250%, 07/27/00 .............. 4,784,850
------------
10,584,173
------------
TRUCKERS & SHIPPING--0.01%
YAMATO TRANSPORT CV
340,000,000(2) 1.700%, 09/30/02 .............. 3,738,334
------------
UTILITIES--GAS & PIPELINE--0.00%
LYONNAISE DES EAUX
1,812(1) 4.000%, 01/01/06 .............. 201,145
------------
TOTAL CORPORATE BONDS
(Cost $55,975,528) ............... 61,059,334
------------
GOVERNMENT BONDS--0.00%
U.S. TREASURY BOND
325,000 11.750%, 02/15/01 ............. 394,316
------------
TOTAL GOVERNMENT BONDS
(Cost $381,469) .................. 394,316
------------
TOTAL BONDS
(Cost $56,356,997)...... .......... 61,453,650
------------
- ----------------
(1) DENOMINATED IN FRENCH FRANCS
(2) DENOMINATED IN JAPANESE YEN
(3) DENOMINATED IN NEW ZEALAND DOLLARS
(4) DENOMINATED IN ITALIAN LIRE
(5) DENOMINATED IN THAILAND BAHTS
(6) DENOMINATED IN SPANISH PESATA
(7) DENOMINATED IN DEUTSCHE MARK
<PAGE>
SHARES
-------
PREFERRED STOCK--0.25%
AUTOMOTIVE & RELATED--0.00%
15,800 PIRELLI PNEUS S.A. ............... 29,897
7,800 VOLKSWAGENWERKE AG. .............. 2,139,338
------------
2,169,235
------------
BANKS--0.00%
2,710,000 BANCO ITAU S.A. .................. 1,101,138
2,900 BANK AUSTRIA AG. ................. 120,193
197,356,038 BRADESCO S.A. .................... 1,611,711
1,717,600 UNIBANCO S.A. .................... 46,510
------------
2,879,552
------------
BEVERAGES--0.00%
1,579,924 BRAHMA S.A. ...................... 942,510
------------
See notes to financial statements.
-13-
<PAGE>
SHARES VALUE
------ -----
BUSINESS SERVICES--0.02%
158,380 oPREMIER FARNELL PLC CV ADR ....... $ 4,038,690
91,000 SAP (VORZUG) AG. ................. 13,492,775
------------
17,531,465
------------
CHEMICALS--MAJOR--0.01%
170,000 COPENE-PETROQUIMICA
DO NORDESTE S.A. ................ 81,942
18,000 FRESENIUS VORZUG AG. ............. 3,254,829
------------
3,336,771
------------
CHEMICALS--SPECIALTY--0.00%
20,700,000 oFERTILIZANTES FOSFATADOS S.A. .... 88,234
------------
CONGLOMERATES--0.00%
26,194 TELEDYNE, INC SERIES E ........... 402,732
53,705 oTRAFALGAR HOUSE PLC 6% CV CUM .... 66,757
------------
469,489
------------
CONSTRUCTION--MATERIALS &
BUILDERS--0.00%
521,000 CIM ITAU S.A. .................... 147,359
1,500,000 DURATEX S.A. ..................... 64,834
582 oDYCKERHOFF ZEMENTWERKE AG. ....... 150,260
------------
362,453
------------
COSMETICS--0.00%
40 WELLA GROUP AG. .................. 23,387
------------
FINANCIAL--MISCELLANEOUS--0.00%
3,100 PHOENIX DUFF & PHELPS CORP ....... 79,825
------------
FOODS--0.00%
4,600,000 CEVAL ALIMENTOS .................. 47,873
57,361,445 PERDIGAO COMERCIO E INDUSTRIA .... 102,257
150,000 SADIA CONCORDIA S.A. ............. 104,571
------------
254,701
------------
FOREST PRODUCTS--0.01%
1,752,666 ARACRUZ CELULOSE S.A. ............ 3,264,103
173,750 KLABIN FABRICADORA S.A. .......... 219,761
1,670 KONINKLIJKE NV ................... 7,728
6,200,000 VOTORANTIM CELULOSE E PAPEL S.A. . 135,843
------------
3,627,435
------------
HEALTHCARE--OTHER--0.01%
5,454,545 oDARWIN MOLECULAR CORP SERIES B ... 5,999,999
HEALTHCARE--SERVICE--0.02%
374,080 FHP INTERNATIONAL CORP SERIES A CV 9,539,040
113,500 oMEDIQ, INC SERIES A .............. 666,812
------------
10,205,852
------------
HOUSEHOLD--DURABLE GOODS--0.00%
620,000 BRASMOTOR S.A. ................... 193,885
25,400,000 oREFRIGERACAO PARANA S.A. ......... 63,240
------------
257,125
------------
HOUSEHOLD--PRODUCTS--0.00%
2,300,000 BOMBRIL S.A. ..................... 48,789
------------
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY--0.00%
23,604 INTERNATIONALE NEDERLANDEN
GROEP NV ........................ 122,790
------------
MACHINERY--0.00%
1,100,000 BELGO MINEIRA S.A. ............... 70,112
6,300 oMAN AG. (NON-VTG) ................ 1,216,791
20,000 oPIRELLI CABOS S.A. ............... 33,263
------------
1,320,166
------------
METALS--NON-FERROUS--0.00%
8,800,000 oPARANAPANEMA S.A. ................ 70,112
------------
METALS--STEEL--0.01%
77,597,100 CIA ACOS ESPECIAIS ITABIR-ACESITA 224,885
231,000,000 COMPANHIA SIDERURGICA
DE TUBARAO S.A. ................. 3,680,909
175,000 oCONFAB INDUSTRIAL S.A. ........... 64,485
1,086,000 USINAS SIDERGIACAS DE MINAS GERAIS 1,146,459
308,632 VALE DO RIO DOCE CIA ............. 5,978,382
------------
11,095,120
------------
PAPER--0.09%
2,600,000 JAMES RIVER CORP OF VIRGINIA
SERIES P ....................... 65,650,000
------------
PETROLEUM--
EXPLORATION & PRODUCTION--0.00%
10,900,000 IPIRANGA S.A. .................... 156,319
------------
PETROLEUM--INTEGRATED--0.00%
10,842,000 PETROBRAS S.A. ................... 1,333,519
------------
PUBLISHING--NEWSPAPER--0.01%
2,076,786 NEWS CORP LTD (LTD-VTG) .......... 10,134,757
36,150 RURAL PRESS LTD .................. 108,123
------------
10,242,880
------------
PUBLISHING--OTHER--0.02%
210,200 HARCOURT GENERAL, INC
SERIES A $.64 .................. 11,245,700
------------
RETAIL--GENERAL MERCHANDISE--0.00%
50,800 oKMART CORP CV .................... 2,755,900
4,500,000 LOJAS AMERICANAS S.A. ............ 88,736
------------
2,844,636
------------
UTILITIES--ELECTRIC--0.01%
1,885,893 ELECTROBRAS S.A. SERIES B ........ 539,041
50,000 NORTHERN ELECTRIC PLC ............ 78,272
191,470 oRHEIN-WESTFALEN ELECTRIC AG.
(VORZUG) ........................ 5,886,741
------------
6,504,054
------------
UTILITIES--GAS & PIPELINE--0.00%
30,412,697 CEMIG S.A. ....................... 808,703
------------
UTILITIES--OTHER--0.00%
59,400 HYDER PLC ........................ 89,757
------------
UTILITIES--TELEPHONE--0.04%
240,468 oCELLULAR COMMUNICATIONS, INC CV .. 12,714,745
232,000 SPRINT CORP ...................... 9,338,000
72,590,224 TELEBRAS S.A. .................... 5,067,798
707,181 TELESP S.A. ...................... 151,423
------------
27,271,966
------------
TOTAL PREFERRED STOCK
(Cost $141,458,550) .............. 187,032,544
------------
COMMON STOCK--96.63%
AEROSPACE--1.24%
149,550 AAR CORP ......................... 3,047,081
195,225 oALLIANT TECHSYSTEMS, INC ......... 9,199,978
170,000 oASIA AIR SURVEY CO LTD ........... 1,766,874
See notes to financial statements.
-14-
<PAGE>
SHARES VALUE
------ -----
AEROSPACE--(continued)
214,588 oAVIALL, INC NEW ............................ $ 1,984,939
3,552,523 BOEING CO .................................. 309,513,566
2,429,968 BRITISH AEROSPACE PLC ...................... 36,888,435
7,134 oBRITISH AEROSPACE PLC WTS 11/15/00 ......... 51,433
572,600 COBHAM GROUP PLC ........................... 5,654,080
776,400 EG & G, INC ................................ 16,595,550
6,800 oFABBRICA ITALIANA APPARECCHIATURE .......... 22,079
330,300 FLIGHTSAFETY INTERNATIONAL, INC ............ 17,918,775
313,300 GENERAL DYNAMICS CORP ...................... 19,424,600
1,339,140 GENERAL MOTORS CORP (CLASS H) .............. 80,515,792
401,600 KAMAN CORP (CLASS A) ....................... 4,066,200
1,612,664 LOCKHEED MARTIN CORP ....................... 135,463,776
1,692,300 MCDONNELL DOUGLAS CORP ..................... 82,076,550
501,600 NORTHROP GRUMMAN CORP ...................... 34,171,500
465,200 oOEA, INC ................................... 17,445,000
342,400 oORBITAL SCIENCES CORP ...................... 5,564,000
231,750 PRECISION CASTPARTS CORP ................... 9,965,250
2,020,340 RAYTHEON CO ................................ 104,300,052
700 oROHR, INC .................................. 14,612
5,546,163 ROLLS ROYCE LTD ............................ 19,303,486
1,400 oSAGEM S.A .................................. 840,277
126,800 SMITHS INDUSTRIES PLC ...................... 1,387,033
8,512 oSOCIETE EUROPEENNE DE PROPULISIAN S.A ...... 983,750
47,300 SPAR AEROSPACE LTD ......................... 372,318
114,300 oTECH-SYM CORP .............................. 3,400,425
59,533 oTHOMSON-CSF ................................ 1,673,257
204,300 oWHITTAKER CORP ............................. 3,779,550
292,700 oWYMAN-GORDON CO ............................ 5,195,425
------------
932,585,643
------------
AIR TRANSPORTATION--0.51%
72,000 oAIR CANADA, INC ............................ 253,056
136,762 oAIR EXPRESS INTERNATIONAL CORP ............. 3,863,526
158,100 AIRBORNE FREIGHT CORP ...................... 4,110,600
311,000 oALASKA AIR GROUP, INC ...................... 8,513,625
1,300 ALL NIPPON AIRWAYS CO LTD .................. 13,985
5,000 oAMERICA WEST AIRLINES, INC (CLASS B) ....... 110,000
869,300 oAMR CORP ................................... 79,106,300
212,798 ATLANTIC SOUTHEAST AIRLINES, INC ........... 6,011,543
1,100 oAUSTRIAN AIRLINES .......................... 169,322
3,262,460 BRITISH AIRWAYS PLC ........................ 28,083,425
200 oCANADIAN AIRLINES CORP ..................... 468
4,000 oCANADIAN AIRLINES CORP WTS 4/22/99 ......... 102
6,185,000 CATHAY PACIFIC AIRWAYS LTD ................. 11,346,018
481,800 COMAIR HOLDINGS, INC ....................... 13,008,600
85,800 oCONTINENTAL AIRLINES, INC (CLASS B) ........ 5,298,150
553,243 DELTA AIRLINES, INC ........................ 45,919,169
446,800 oFEDERAL EXPRESS CORP ....................... 36,637,600
131,850 HARPER GROUP ............................... 2,571,075
2,940,721 oJAPAN AIRLINES CO LTD ...................... 23,780,960
22,983 oKLM (ROYAL DUTCH AIRLINES) ................. 735,132
202,087 KOREAN AIR LINES CO ........................ 4,709,374
38,899 oLUFTHANSA AG ............................... 5,494,209
286,000 oMALAYSIAN AIRLINE SYSTEM BERHAD ............ 911,192
110,400 oMALAYSIAN HELICOPTER SERVICES BERHAD ....... 161,929
22,080 oMALAYSIAN HELICOPTER SERVICES
BERHAD WTS 6/11/00 ........................ 10,087
574,000 oMESA AIRLINES, INC ......................... 6,816,250
393,500 oNORTHWEST AIRLINES CORP (CLASS A) .......... 15,543,250
12,800 SAS DANMARK AS ............................. 174,579
51,200 oSAS DANMARK AS RTS ......................... 39,280
428,000 oSINGAPORE INTERNATIONAL AIRLINES LTD (FR) .. 4,518,029
200 SKYWEST, INC ............................... 3,725
1,008,300 SOUTHWEST AIRLINES CO ...................... 29,366,737
4,735 oSWISS AIR TRANSPORT CO (REGD) .............. 4,581,035
897,000 oU.S. AIR GROUP, INC ........................ 16,146,000
489,320 oUAL CORP NEW ............................... 26,300,950
220,600 oVALUJET, INC ............................... 2,081,912
------------
386,391,194
------------
AUTOMOTIVE & RELATED--2.43%
479,100 oALLEN GROUP, INC ........................... 10,420,425
119,700 oAMERICREDIT CORP ........................... 1,870,312
407,100 APOGEE ENTERPRISES, INC .................... 13,943,175
117,400 ARVIN INDUSTRIES, INC ...................... 2,612,150
140,800 AUTOLIV AB ................................. 4,286,149
121,900 BANDAG, INC ................................ 5,851,200
199,100 BANDAG, INC (CLASS A) ...................... 9,332,812
167,239 BBA GROUP PLC .............................. 800,356
3,100 BEKAERT S.A ................................ 2,498,381
200 BORG-WARNER AUTOMOTIVE, INC ................ 7,900
247,000 BREED TECHNOLOGIES, INC .................... 5,526,625
100,000 BREMBO S.P.A ............................... 1,180,120
1,570,100 BRIDGESTONE CORP ........................... 29,917,517
2,885,379 CHRYSLER CORP .............................. 178,893,498
59,221 oCIA INTERAMERICA DE AUTOMO (RENAULT) ....... 412,162
36,980 CONTINENTAL AG ............................. 600,056
1,193,200 COOPER TIRE & RUBBER CO .................... 26,548,700
1,025,000 oCOWIE GROUP PLC ............................ 6,545,770
292,300 CUMMINS ENGINE CO, INC ..................... 11,801,612
1,162,000 CYCLE & CARRIAGE LTD ....................... 12,430,886
1,000,000 DAIHATSU MOTOR CO LTD ...................... 6,536,889
70,436 oDAIMLER BENZ AG ............................ 37,688,957
70,436 oDAIMLER BENZ AG. RTS ....................... 9,717
996,980 DANA CORP .................................. 30,906,380
324,100 DANAHER CORP ............................... 14,098,350
31,000 oDETROIT DIESEL CORP ........................ 600,625
312,400 DONALSON, INC .............................. 8,044,300
824,934 EATON CORP ................................. 48,361,755
544,900 ECHLIN, INC ................................ 20,638,087
90,000 EDARAN OTOMOBIL NASIONAL BERHAD ............ 862,019
70,000 EXEDY CORP ................................. 1,289,143
7,500 FABRICA DE AUTOMOVILES RENAULT S.A ......... 163,779
55,400 FEDERAL-MOGUL CORP ......................... 1,017,975
7,963,995 oFIAT S.P.A ................................. 26,663,614
699,998 oFIAT S.P.A. DI RISP ........................ 1,195,764
1,333,334 oFIAT S.P.A. (PRIV) ......................... 2,338,507
9,824,248 FORD MOTOR CO .............................. 318,060,029
719,835 GENCORP, INC ............................... 10,887,504
6,594,069 GENERAL MOTORS CORP ........................ 345,364,363
842,300 GENUINE PARTS CO ........................... 38,535,225
1,272,452 GOODYEAR TIRE & RUBBER CO .................. 61,395,809
482,525 GRACO, INC ................................. 9,771,131
147,964 GUEST KEEN NETTLEFOLDS LTD ................. 2,271,475
588,600 HARLEY DAVIDSON, INC ....................... 24,206,175
363,600 HAYES WHEELS INTERNATIONAL, INC ............ 11,544,300
1,417,000 HONDA MOTOR CO LTD ......................... 36,689,360
139,000 oINTERMET CORP .............................. 1,937,312
27,000 ICB SHIPPING AB SERIES B ................... 1,011,121
103,800 oKIRBY CORP ................................. 1,751,625
1,802,920 LAIRD GROUP PLC ............................ 13,082,431
159,800 oLEAR CORP .................................. 5,632,950
56,000 LEX SERVICE GROUP LTD ...................... 326,298
369,706 LUCAS INDUSTRIES PLC ....................... 1,301,127
340,000 oMICHELIN S.A. (CLASS B) .................... 16,615,981
1,780,000 MITSUBISHI MOTORS CO LTD ................... 15,579,129
480,000 MODINE MANUFACTURING CO .................... 12,720,000
1,052,900 oNAVISTAR INTERNATIONAL CORP ................ 10,397,387
See notes to financial statements.
-15-
<PAGE>
SHARES VALUE
------ -----
AUTOMOTIVE & RELATED--(Continued)
164,360 NGK INSULATORS LTD ......................... $ 1,843,118
1,189,337 NIPPON DENSO CO LTD ........................ 25,806,781
6,171,000 NISSAN MOTOR CORP LTD ...................... 54,741,959
322,000 PACCAR, INC ................................ 15,778,000
7,922 PENDRAGON PLC .............................. 40,866
205,000 PERUSAHAAN OTOMOBIL NASIONAL BERHAD ........ 1,117,299
81,634 oPEUGEOT S.A ................................ 10,925,133
4,914,999 PIRELLI S.P.A .............................. 8,219,746
42,100 POLARIS INDUSTRIES, INC .................... 1,436,662
2,600,000 oPT GADJAH TUNGGAL (FR) ..................... 1,285,700
2,500,000 oPT STEADY SAFE TRANSPORTATION (FR) ......... 3,117,500
5,100 oRENTERS CHOICE, INC ........................ 130,050
642,937 SAFETY-KLEEN CORP .......................... 11,251,397
50,000 SCANIA AB SERIES A ......................... 1,386,440
50,000 SCANIA AB SERIES B ......................... 1,390,207
1,702,400 oSHANGHAI FOREVER BICYCLES CO LTD SERIES B .. 214,502
557,375 SIMPSON INDUSTRIES, INC .................... 5,155,718
38,600 SMITH (A.O.) CORP .......................... 965,000
332,600 SNAP-ON, INC ............................... 15,756,925
476,050 SPARTAN MOTORS, INC ........................ 3,570,375
73,000 STANDARD MOTOR PRODUCTS, INC (CLASS A) ..... 1,304,875
73,943 STANDARD PRODUCTS CO ....................... 1,719,174
118,900 SUPERIOR INDUSTRIES INTERNATIONAL, INC ..... 3,150,850
237,653 T & N PLC .................................. 516,971
275,000 TAN CHONG MOTOR HOLDINGS BERHAD ............ 401,153
451,850 oTBC CORP ................................... 3,897,206
6,068,477 TOYOTA MOTOR CORP .......................... 151,594,075
122,000 TRANSPRO, INC .............................. 838,750
102,000 oUMW HOLDINGS BERHAD ........................ 363,803
25,000 VALEO S.A .................................. 1,337,821
34,740 VOLKSWAGEN AG .............................. 12,905,973
143,000 VOLVO AB SERIES A .......................... 3,264,840
627,380 VOLVO AB SERIES B FREE ..................... 14,276,471
245,250 WABASH NATIONAL CORP ....................... 4,353,187
200 oWBL CORP LTD ............................... 473
200,000 oZEXEL CORP ................................. 1,380,313
--------------
1,830,415,712
--------------
BANKS--8.34%
903,700 ABBEY NATIONAL PLC ......................... 7,596,554
573,415 ABN-AMRO HOLDINGS NV ....................... 30,770,244
72,616 ADVANCE BANK AUSTRALIA LTD ................. 301,783
279,509 ALLIED IRISH BANK .......................... 1,463,594
121,326 AMALGAMATED BANKS OF SOUTH AFRICA .......... 672,398
467,000 oAMMB HOLDINGS BERHAD ....................... 6,550,307
410,225 AMSOUTH BANCORP ............................ 14,819,378
125,750 ANCHOR BANCORP WISCONSIN, INC .............. 4,369,812
143,000 ARGENTARIA S.A ............................. 6,234,286
4,122,540 ASAHI BANK LTD ............................. 47,733,200
1,751,000 ASHIKAGA BANK LTD .......................... 11,062,959
9,000 ASSA ABLOY AB SERIES B ..................... 130,204
72,000 ASSOCIATED BANC-CORP ....................... 2,790,000
1,109,893 AUSTRALIAN & NEW ZEALAND
BANKING GROUP LTD ......................... 5,259,052
5,126,008 BANC ONE CORP .............................. 174,284,272
3,043,500 BANCA COMMERCIALE ITALIANA S.P.A ........... 6,111,834
115,000 BANCA POPOLARE DI BERGAMO .................. 1,750,783
750,000 BANCA POPOLARE MILANO ...................... 3,716,400
1,740,000 BANCO AMBROSIANO VENETO .................... 4,668,385
500,000 BANCO AMBROSIANO VENETO (RISP NCV) ......... 687,860
407,987 BANCO BILBAO VIZCAYA S.A. (REGD) ........... 16,514,012
72,973 BANCO CENTRALE HISPANOAMERICANO S.A ........ 1,485,393
44,000 BANCO DE EDWARDS (A) S.P.A. ADR ............ 924,000
128,654 oBANCO DE GALICIA BUENOS AIRES S.A SERIES A . 828,405
50,000 BANCO DE VALENCIA S.A. (REGD) .............. 783,799
102,665 oBANCO ESPANOL DE CREDITO S.A ............... 663,767
76,151 oBANCO FRANCES DEL RIO DE LA PLATA S.A. ..... 724,448
20,000 BANCO INTERCONTINENTAL ESPANOLA S.A. ....... 2,235,193
98,300 BANCO LATINO AMERICANO DE
EXPORTACIONES S.A. (CLASS E) ............. 5,529,375
41,000 oBANCO OHIGGINS ADR ......................... 989,125
10,625 BANCO POPULAR ESPANOLA S.A. (REGD) ......... 1,892,622
296,014 #BANCO SANTANDER S.A ........................ 13,805,506
261,250 BANCORP HAWAII, INC ........................ 9,405,000
23,800 BANK AUSTRIA AG ............................ 1,910,626
3,900,000 oBANK INTERNATIONAL INDONESIA (FR) .......... 19,285,500
2,780 oBANK OF AUSTRIA NEW ........................ 256,909
697,700 BANK OF AYUDHYA PUBLIC CO LTD (FR) ......... 3,378,619
99,425 #oBANK OF AYUDHYA PUBLIC CO LTD (FR) RTS ..... 227,033
1,228,569 BANK OF BOSTON CORP ........................ 60,814,165
440,994 BANK OF EAST ASIA LTD ...................... 1,612,258
369,864 BANK OF MELBOURNE LTD ...................... 2,154,287
353,000 BANK OF MONTREAL ........................... 8,633,079
1,860,018 BANK OF NEW YORK CO, INC ................... 95,325,922
226,797 BANK OF NOVA SCOTIA ........................ 5,513,405
7,000 BANK OF OKINAWA LTD ........................ 250,808
1,586,050 BANK OF TOKYO MITSUBISHI LTD ............... 36,728,445
2,684,103 BANK OF TOKYO MITSUBISHI LTD NEW ........... 62,400,965
466,586 BANK OF YOKOHAMA LTD ....................... 4,232,595
4,871,107 BANKAMERICA CORP ........................... 368,986,355
681,674 BANKERS TRUST .............................. 50,358,666
49,914 BANPONCE CORP NEW .......................... 2,246,130
50,714 BANQIE DE PARIBAS S.A ...................... 2,994,593
72,558 BANQUE NATIONALE DE PARIS .................. 2,546,712
200,100 BARCLAYS BANK OF ZIMBABWE LTD .............. 293,670
2,679,554 BARCLAYS PLC ............................... 32,183,785
2,301,329 BARNETT BANKS, INC ......................... 140,381,069
323,300 BAYBANKS, INC .............................. 34,835,575
455,680 BAYERISCHE HYPOTHEKEN-UND WECHSEL-BANK ..... 11,055,226
354,010 BAYERISCHE VEREINSBANK AG .................. 9,930,514
1,277,300 BOATMENS BANCSHARES, INC ................... 51,251,662
154,020 oCALIFORNIA FEDERAL BANK (GOODWILL CERT) .... 1,347,675
331,383 CANADIAN IMPERIAL BANK OF COMMERCE ......... 10,688,596
431,421 CAPITAL ONE FINANCIAL CORP ................. 12,295,498
132,700 CCB FINANCIAL CORP ......................... 6,800,875
448,725 CENTRAL FIDELITY BANKS, INC ................ 10,208,493
710,080 CHARTER ONE FINANCIAL, INC ................. 24,764,040
4,301,205 CHASE MANHATTAN CORP (NEW) ................. 303,772,603
100,164 oCHASE MANHATTAN CORP (NEW) WTS 6/30/96 ..... 3,831,273
2,031,045 CHIBA BANK LTD ............................. 17,887,458
600,798 CHO HUNG BANK CO LTD ....................... 6,296,663
57,400 CITFED BANCORP, INC ........................ 2,245,775
4,813,783 oCITICORP CO ............................... 397,738,820
120,600 CITIZENS BANCORP MARYLAND .................. 3,527,550
1,099,158 COMERICA, INC .............................. 49,049,925
2,954,000 COMMERCE ASSET HOLDINGS BERHAD ............. 17,994,130
325,666 oCOMMERCE ASSET HOLDINGS BERHAD
(TRUST RECEIPTS) 6/27/98 .................. 1,174,604
183,855 COMMERCE BANCORP, INC ...................... 4,320,592
987 COMMERCE BANCSHARES, INC ................... 33,681
See notes to financial statements.
-16-
<PAGE>
SHARES VALUE
------ -----
BANKS--(CONTINUED)
60,178 COMPAGNIE DE SUEZ S.A ...................... $ 2,201,022
392,500 COMPASS BANCSHARES, INC .................... 12,854,375
2,446,597 CORESTATES FINANCIAL CORP .................. 94,193,984
215,401 CREDIT COMMERCIAL DE FRANCE S.A ............ 9,982,850
8,264 CREDIT NATIONAL S.A ........................ 568,237
6,500 CREDITANSTALT-BANKVEREIN ................... 329,164
11,000 CREDITANSTALT-BAVKVEREIN (STAMM) ........... 728,013
3,144,000 CREDITO ITALIANO S.P.A ..................... 3,681,598
604,885 CRESTAR FINANCIAL CORP ..................... 32,285,736
247,878 CS HOLDINGS (REGD) ......................... 23,565,921
310,800 CULLEN FROST BANKERS, INC .................. 8,624,700
276,660 DAEGU BANK LTD ............................. 3,854,676
1,500,000 DAH SING FINANCIAL HOLDINGS LTD ............ 4,544,117
5,418,199 DAI-ICHI KANGO BANK LTD .................... 100,771,349
295,000 DAIWA BANK LTD ............................. 2,038,652
11,700 DAUPHIN DEPOSIT CORP ....................... 333,450
2,609,000 DCB HOLDINGS BERHAD ........................ 8,939,577
78,000 oDCB HOLDINGS BERHAD WTS 12/28/99 ........... 102,528
89,289 DEN DANSKE BANK AF 1871 .................... 5,982,522
15,600 DEPOSIT GUARANTY CORP ...................... 686,400
835,700 DEUTSCHE BANK AG ........................... 39,528,583
20,000 DEUTSCHE PFANDBRIEF-UND HYPOTHEKENBANK ..... 790,960
256,250 DEVELOPMENT BANK OF SINGAPORE LTD (FR) ..... 3,195,181
87,800 oDIME BANCORP, INC .......................... 1,141,400
595,240 DRESDNER BANK AG ........................... 14,957,255
519,675 FIFTH THIRD BANCORP ........................ 28,062,450
1,270,638 FIRST BANK SYSTEM, INC ..................... 73,697,004
2,917,313 FIRST CHICAGO NBD CORP ..................... 114,139,871
326,217 FIRST COMMERCE CORP ........................ 11,539,926
106,500 FIRST HAWAIIAN, INC ........................ 3,035,250
144,000 FIRST MIDWEST BANCORP, INC ................. 4,032,000
122,000 FIRST NATIONAL BANK HOLDINGS LTD ........... 880,382
487,761 FIRST OF AMERICA BANK CORP ................. 21,827,304
1,338,175 FIRST SECURITY CORP ........................ 32,116,200
1,092,200 FIRST TENNESSEE NATIONAL CORP .............. 33,448,625
3,196,883 FIRST UNION CORP ........................... 194,610,252
468,150 FIRST VIRGINIA BANKS, INC .................. 18,726,000
496,500 FIRSTAR CORP NEW ........................... 22,901,062
234,300 FIRSTMERIT CORP ............................ 7,439,025
2,658,240 FLEET FINANCIAL GROUP, INC (NEW) ........... 115,633,440
131,000 FORT WAYNE NATIONAL CORP ................... 4,192,000
5,117,882 FUJI BANK LTD .............................. 110,116,963
279 GENERALE DE BANQUE NPV VVPR STRIP .......... 231
22,410 GENERALE DE BANQUE S.A ..................... 7,885,988
339,000 oGRUPO FINANCIERO BANAMEX
ACCIVAL S.A. DE CV SERIES B ............... 704,833
159,506 oGRUPO FINANCIERO BANAMEX
ACCIVAL S.A. DE CV SERIES L ............... 315,644
682,000 oGRUPO FINANCIERO BANCOMER S.A. SERIES B .... 296,912
1,400,000 oGRUPO FINANCIERO PROBURSA SERIES B ......... 120,052
904,000 GUNMA BANK LTD ............................. 10,054,956
6,550,319 HANG SENG BANK LTD ......................... 66,004,341
384,000 HANIL BANK CO .............................. 3,787,776
222,583 HIBERNIA CORP (CLASS A) .................... 2,420,590
100,800 HIGO FAMILY BANK LTD ....................... 804,119
147,000 oHOKKAIDO BANK LTD .......................... 485,152
1,005,205 HOKURIKU BANK LTD .......................... 6,039,375
12,152,000 HONG KONG CHINESE BANK ..................... 3,885,423
462,820 oHOUSING & COMMERCIAL BANK, KOREA ........... 10,671,287
7,033,783 HSBC HOLDINGS LTD .......................... 106,313,955
360,589 HSBC HOLDINGS LTD (HONG KONG) .............. 5,524,392
1,549,074 HSBC HOLDINGS LTD (UNITED KINGDOM) ......... 24,262,067
1,047,677 HUNTINGTON BANCSHARES, INC ................. 25,013,288
191,592 oIMPERIAL BANCORP ........................... 4,598,208
100,400 oIMPERIAL CREDIT INDUSTRIES, INC ............ 3,037,100
4,075,250 INDUSTRIAL BANK OF JAPAN LTD ............... 101,059,027
1,269,000 INSTITUTO BANCARIO SAN PAOLO DI TURINO ..... 8,191,141
2,120,000 ISTITUTO MOBILIARE ITALIANO S.P.A .......... 17,692,672
513,000 IYO BANK LTD ............................... 3,961,436
1,843,914 JOYO BANK .................................. 13,969,911
2,455,319 KEYCORP (NEW) .............................. 95,143,611
456,911 KOOKMIN BANK ............................... 8,506,906
22,069 KREDIETBANK NV ............................. 6,614,300
2,000,000 KRUNG THAI BANK LTD (FR) ................... 9,133,840
6,484,937 LLOYDS TSB GROUP PLC ....................... 31,740,329
199,100 LONG ISLAND BANCORP, INC ................... 6,084,993
15,000 MAF BANCORP, INC ........................... 367,500
578,000 MAGNA GROUP, INC ........................... 13,872,000
448,500 MALAYAN BANKING BERHAD ..................... 4,313,705
1,725,000 oMALAYSIAN INDUSTRIAL
DEVELOPMENT FINANCE ....................... 2,668,413
1,270,400 oMALAYSIAN INDUSTRIAL
DEVELOPMENT FINANCE WTS 11/07/99 .......... 992,777
658,920 MARSHALL & ILSLEY CORP ..................... 18,285,030
898,800 oMEDIOBANCA S.P.A ........................... 5,704,881
1,557,168 MELLON BANK CORP ........................... 88,758,576
507,375 MERCANTILE BANCORP, INC .................... 22,578,187
167,710 MERCANTILE BANKSHARES CORP ................. 4,276,605
464,665 oMERITA LTD ................................. 970,113
144,000 oMETROPOLITAN BANK & TRUST .................. 4,039,701
8,000 MICHINOKU BANK LTD ......................... 66,007
2,799,200 MITSUBISHI TRUST & BANKING CORP ............ 47,212,566
2,002,700 MITSUI TRUST & BANKING CO LTD .............. 23,371,028
1,441,843 MORGAN (J.P.) & CO, INC .................... 122,015,963
4,069,561 NATIONAL AUSTRALIA BANK LTD ................ 37,637,029
354,000 NATIONAL BANK OF CANADA .................... 2,954,967
1,074,326 NATIONAL CITY CORP ......................... 37,735,700
3,058,432 NATIONSBANK CORP ........................... 252,702,944
60,263 NEDCOR LTD ................................. 911,493
118,700 NORTH FORK BANCORP, INC .................... 3,101,037
823,450 NORTHERN TRUST CORP ........................ 47,554,237
3,156,118 NORWEST CORP ............................... 110,069,615
523,425 OLD KENT FINANCIAL CORP .................... 20,479,003
2,191,200 OVERSEAS-CHINESE BANKING
CORP LTD (FR) ............................. 25,614,446
219,120 oOVERSEAS-CHINESE BANKING CORP LTD
(FR) RTS ................................... 1,754,201
45,200 oPEOPLES HERITAGE FINANCIAL
GROUP, INC ................................. 920,950
140,000 PHILIPPINE COMMERCIAL INTERNATIONAL BANK ... 1,750,002
121,000 oPHILIPPINE NATIONAL BANK ................... 2,020,518
2,984,964 PNC BANK CORP .............................. 88,802,679
108,450 PROVIDENT BANCORP, INC ..................... 3,822,862
103,110 PROVIDENT BANKSHARES CORP .................. 3,402,630
7,000,000 oPT BANK DAGANG NASIONAL INDONESIA (FR) ..... 5,869,500
500,000 PT BANK NISP (FR) .......................... 462,250
360,266 PUBLIC BANK BERHAD (FR) .................... 996,205
250,500 RCSB FINANCIAL, INC ........................ 6,481,687
631,052 REGIONS FINANCIAL CORP ..................... 29,501,681
327,250 REPUBLIC BANCORP, INC ...................... 3,599,750
450,625 REPUBLIC NEW YORK CORP ..................... 28,051,406
457,160 ROYAL BANK OF CANADA ....................... 10,962,865
343,854 ROYAL BANK OF SCOTLAND PLC ................. 2,634,002
6,460,300 SAKURA BANK LTD ............................ 71,856,237
See notes to financial statements.
-17-
<PAGE>
SHARES VALUE
------ -----
BANKS--(CONTINUED)
850 SANWA BANK LTD ............................. $ 15,731
158,000 SEVENTY-SEVEN (77) BANK LTD ................ 1,570,129
1,707,660 SHIZUOKA BANK LTD .......................... 21,951,918
1,309,823 SIGNET BANKING CORP ........................ 30,453,384
794,000 SKANDINAVISKA ENSKILDA BANKEN SERIES A ..... 6,341,757
88,000 SKANDINAVISKA ENSKILDA BANKEN
SERIES C FREE ............................. 653,796
113,020 SOCIETE GENERALE S.A ....................... 12,425,336
1,085,710 SOUTHERN NATIONAL CORP ..................... 34,471,292
729,330 SOUTHTRUST CORP ............................ 20,512,406
22,420 SOVEREIGN BANCORP, INC ..................... 224,200
432,500 ST. PAUL BANCORP, INC ...................... 9,947,500
50,000 STADSHYPOTEK AB SERIES A ................... 1,115,180
6,600 STANDARD BANK INVESTMENT CORP LTD .......... 259,092
1,433,552 STANDARD CHARTERED PLC ..................... 14,277,974
7,200 STANDARD FEDERAL BANCORP ................... 277,200
92,400 STAR BANC CORP ............................. 6,225,450
773,100 STATE STREET BOSTON CORP ................... 39,428,100
5,858,895 SUMITOMO BANK LTD .......................... 113,240,956
90,001 SUMITOMO TRUST & BANKING CO LTD ............ 1,230,808
775,821 SUMMIT BANCORP ............................. 27,250,712
2,054,080 SUNTRUST BANKS, INC ........................ 76,000,960
174,200 SVENSKA HANDELSBANKEN SERIES A ............. 3,635,893
209,500 SVENSKA HANDELSBANKEN SERIES B FREE ........ 4,151,671
124,307 SWISS BANK CORP (REGD) ..................... 24,529,688
14,795 oSWISS BANK CORP (REGD) WTS 6/30/00 ......... 48,461
69,850 SYNOVUS FINANCIAL CORP ..................... 1,510,506
687,000 TOHO BANK LTD .............................. 5,042,020
3,694,038 TOKAI BANK LTD ............................. 47,823,533
1,264,017 U.S. BANCORP ............................... 45,662,614
33,800 U.S. TRUST CORP NEW ........................ 1,706,900
85,500 UNI BANKDANMARK AS (CLASS A) ............... 3,964,868
35,286 UNION BANK OF SWITZERLAND (BR) ............. 34,533,294
4,545 UNION BANK OF SWITZERLAND (REGD) ........... 962,230
581,400 UNION PLANTERS CORP ........................ 17,660,025
406,890 UNITED OVERSEAS BANK LTD (FR) .............. 3,891,614
2,000,00 oUNITED OVERSEAS BANK LTD (FR) WTS 6/17/97 .. 7,934,819
288,000 UST CORP ................................... 4,284,000
1,434,880 WACHOVIA CORP (NEW) ........................ 62,776,000
1,918,453 WASHINGTON FEDERAL, INC .................... 39,328,286
1,477,500 WASHINGTON MUTUAL, INC ..................... 44,140,312
1,097,881 WELLS FARGO & CO ........................... 262,256,323
37,500 oWESTAMERICA BANCORP ........................ 1,884,375
5,077,409 WESTPAC BANKING CORP ....................... 22,499,893
75,100 WILMINGTON TRUST CORP ...................... 2,436,056
108,585 WING LUNG BANK LTD ......................... 628,439
411,000 YAMAGUCHI BANK LTD ......................... 6,969,581
566,000 YAMANASHI CHUO BANK LTD .................... 5,676,244
1,740,342 YASUDA TRUST & BANKING CO LTD .............. 10,995,621
83,800 ZIONS BANCORP .............................. 6,096,450
--------------
6,279,171,178
--------------
BEVERAGES--2.75%
2,446,022 ANHEUSER BUSCH COS, INC .................... 183,451,650
1,646,080 ARTHUR GUINESS & SONS PLC .................. 11,969,938
170,400 ASAHI BREWERIES LTD ........................ 1,988,527
1,463,600 BASS LTD ................................... 18,397,806
1,880 oBRAU UND BRUNNEN AG ........................ 196,373
471,300 BROWN FORMAN, INC (CLASS B) ................ 18,852,000
63,449 oCARLSBERG BREWERIES AS (CLASS A) ........... 3,731,966
23,581 oCARLSBERG BREWERIES AS (CLASS B) ........... 1,386,995
400,000 CARLSBERG BREWERY MALAYSIA BERHAD .......... 2,725,120
63,500 CHRISTIAN DIOR S.A ......................... 8,263,898
290,100 COCA COLA BOTTLING CO CONSOLIDATED ......... 10,226,025
22,568,298 COCA COLA CO ............................... 1,103,025,564
787,800 COCA COLA ENTERPRISES, INC ................. 27,277,575
197,099 COCA-COLA AMATIL LTD ....................... 2,192,080
73,000 COMPANIA CERVECERIAS UNIDAS S.A ADR ....... 1,715,500
206,400 COORS ADOLPH CO (CLASS B) .................. 3,689,400
337,000 DELTA CORP ................................. 861,263
46,700 oEL AGUILA S.A .............................. 291,370
216,000 FOMENTO ECONOMICO MEXICANO S.A .............
DE CV SERIES B ............................. 621,213
5,877,396 FOSTERS BREWING GROUP LTD .................. 10,131,155
708,000 FRASER & NEAVE LTD ......................... 7,323,271
1,874,966 GRAND METROPOLITAN PLC ..................... 12,439,885
290,500 GRUPO MODELO S.A. SERIES C ................. 1,360,519
1,000,000 GUINESS ANCHOR BERHAD ...................... 2,063,877
106,053 HEINEKEN NV ................................ 23,695,728
76,666 HERMES INTERNATIONAL S.A ................... 20,252,476
619,175 KIRIN BREWERY CO LTD ....................... 7,564,324
4,816,600 LION NATHAN LTD ............................ 12,572,438
155,501 LVMH MOET HENNESSY LOUIS VUITTON ........... 36,879,522
16,000 MOLSON CO LTD (CLASS A) .................... 258,914
1,000 MOLSON CO LTD (CLASS B) .................... 16,108
14,137,986 PEPSICO, INC ............................... 500,131,254
19,680 PERNOD-RICARD S.A .......................... 1,261,465
143,500 SAPPORO BREWERIES LTD ...................... 1,347,538
238,857 SCOTTISH & NEWCASTLE PLC ................... 2,445,786
222,400 SEAGRAMS CO LTD ............................ 7,450,242
335,700 SEAGRAMS CO LTD (U.S.) ..................... 11,287,912
80,706 SOUTH AFRICAN BREWERIES LTD ................ 2,366,851
21,000 VINA CONCHA Y TORO S.A. ADR ................ 388,500
363,000 YAKULT HONSHA CO LTD ....................... 5,129,680
--------------
2,067,231,708
--------------
BROADCASTERS--0.83%
39,000 ASATSU, INC ................................ 1,688,924
269,950 oASSOCIATED GROUP, INC (CLASS A) ............ 8,165,987
303,050 oASSOCIATED GROUP, INC (CLASS B) ............ 9,053,618
36,200 oAUDIOFINA .................................. 1,733,147
12,141 AUSTEREO LTD ............................... 19,494
98,500 oBHC COMMUNICATIONS, INC (CLASS A) .......... 9,628,375
2,200,000 oBRITISH SKY BROADCASTING GROUP PLC ......... 15,040,784
6,292 CANAL PLUS S.A ............................. 1,538,689
232,750 CARLTON COMMUNICATIONS PLC .................. 1,873,331
218,700 oCITICASTERS, INC ........................... 6,834,375
181,000 oCLEAR CHANNEL COMMUNICATIONS, INC .......... 14,909,875
707,800 COMCAST CORP (CLASS A) ..................... 13,005,825
1,050,168 COMCAST CORP (CLASS A) SPL ................. 19,428,108
36,338 oDATA BROADCASTING CORP ..................... 349,753
127,600 oEVERGREEN MEDIA CORP (CLASS A) ............. 5,454,900
527,105 GAYLORD ENTERTAINMENT CO ................... 14,890,716
677,600 HARTE-HANKS COMMUNICATIONS, INC ............ 18,803,400
302,457 oHERITAGE MEDIA CORP (CLASS A) NEW .......... 12,060,472
635,900 oINFINITY BROADCASTING CORP (CLASS A) ....... 19,077,000
120,000 oKATZ MEDIA GROUP, INC ...................... 1,725,000
303,300 oKING WORLD PRODUCTIONS, INC ................ 11,032,537
1,201,199 oLIBERTY MEDIA GROUP (CLASS A) .............. 31,831,773
289,569 oLIN TELEVISION CORP ........................ 10,424,484
48,000 METROPOLE TELEVISION S.A ................... 5,594,083
500 NIPPON TELEVISION NETWORK CORP ............. 154,989
See notes to financial statements.
-18-
<PAGE>
SHARES VALUE
------ -----
BROADCASTERS--(Continued)
32,000 NRJ S.A .................................... $ 4,226,640
210,300 oROGERS COMMUNICATIONS (CLASS B) ............ 1,971,032
550,000 SCOTTISH TELEVISION PLC .................... 5,460,830
609,565 oSCRIPPS (E.W.) CO (CLASS A) ................ 28,420,968
101,100 TCA CABLE TV, INC .......................... 3,058,275
67,200 oTELE METROPOLE, INC (CLASS B) .............. 804,510
5,815,197 oTELE-COMMUNICATIONS, INC (CLASS A) (NEW) ... 105,400,445
170,000 TELEVISION BROADCASTS LTD .................. 637,985
96,870 oTELEVISION FRANCAISE (TFI) ................. 11,063,767
1,308,350 TOKYO BROADCASTING SYSTEMS, INC ............ 23,140,760
638,400 TURNER BROADCASTING SYSTEMS, INC (CLASS A) . 17,236,800
385,700 TURNER BROADCASTING SYSTEMS, INC (CLASS B) . 10,606,750
346,000 UNITED TELEVISION, INC ..................... 33,908,000
469,487 oVIACOM, INC (CLASS A) ...................... 17,899,191
3,198,148 oVIACOM, INC (CLASS B) ...................... 124,328,003
246,144 oVIACOM, INC (CLASS B) WTS 7/07/97 .......... 153,840
147,686 oVIACOM, INC (CLASS B) WTS 7/07/99 .......... 359,984
194,800 oWESTWOOD ONE, INC .......................... 2,970,700
-------------
625,968,119
-------------
BUSINESS SERVICES--1.36%
206,700 oACCUSTAFF, INC ............................. 5,632,575
9,066 ADIA S.A. (BR) ............................. 2,274,284
236,100 ADIA S.A. ADR .............................. 7,437,150
503,430 ADVO, INC .................................. 5,223,086
16,150,000 oAEGIS GROUP PLC ............................ 13,174,281
10,000 oAFFILIATED COMPUTER SERVICES, INC .......... 470,000
90,900 oALLIANCE SEMICONDUCTOR CORP ................ 761,287
561,100 oALLWASTE, INC .............................. 2,595,087
24,000 oALTERNATIVE RESOURCES CORP ................. 882,000
361,300 oAMERICA ONLINE, INC ........................ 15,806,875
649,130 AMERICAN BUSINESS PRODUCTS, INC ............ 14,199,718
107,775 oAPOLLO GROUP, INC (CLASS A) ................ 3,017,700
99,200 oATRIA SOFTWARE, INC ........................ 4,960,000
538,500 AUTODESK, INC .............................. 16,087,687
45,455 oB.I.S. S.A ................................. 4,750,073
516,100 BANTA CORP ................................. 13,031,525
739,300 BLOCK (H&R), INC ........................... 24,119,662
790,500 oBOSTON LIFE SCIENCES, INC .................. 864,609
98,000 oCABLEVISION SYSTEMS CORP (CLASS A) ......... 4,532,500
668,000 oCALGENE, INC ............................... 4,425,500
60,000 oCAREER HORIZON, INC ........................ 2,100,000
180,400 oCATALINA MARKETING CORP .................... 16,506,600
540,700 oCHECKPOINT SYSTEMS, INC .................... 18,586,562
112,800 CHUBB SECURITY PLC ......................... 566,117
326,900 CINTAS CORP ................................ 17,489,150
70,000 oCOMPUTER HORIZONS CORP ..................... 2,765,000
535,600 oCOMPUTERVISION CORP ........................ 5,356,000
307,700 oCORPORATE EXPRESS, INC ..................... 12,308,000
229,200 oCORRECTIONS CORP OF AMERICA ................ 16,044,000
242,500 oCREDENCE SYSTEMS CORP ...................... 3,258,593
161,300 CROSS (A.T.) CO (CLASS A) .................. 2,863,075
720,600 DELUXE CORP ................................ 25,581,300
13,500 oDEVRY, INC ................................. 607,500
41,900 oDIALOGIC CORP .............................. 2,498,287
523,875 DIEBOLD, INC ............................... 25,276,968
84,300 oDOUBLETREE CORP ............................ 2,992,650
3,750 ECCO S.A ................................... 943,273
171,898 ELECTROCOMPONENTS PLC ...................... 1,020,303
438,550 ENNIS BUSINESS FORMS, INC .................. 4,988,506
28,000 ESSELTE AB SERIES B FREE ................... 571,755
8,100 FIRST INDUSTRIAL REALTY TRUST, INC ......... 190,350
8,400 FLUGHAFEN WIEN AG .......................... 576,716
505,000 oFORE SYSTEMS, INC .......................... 18,243,125
335,200 oFRANKLIN QUEST CO .......................... 6,955,400
38,300 oGATEWAY 2000, INC .......................... 1,302,200
622,040 GETRONICS NV ............................... 13,774,521
40,953 GUILBERT S.A ............................... 5,966,002
398,900 HARLAND (JOHN H.) CO ....................... 9,822,912
258,500 HENDERSON INVESTMENT LTD ................... 232,092
184,000 HUNT MANUFACTURING CO ...................... 2,737,000
631,950 IDEON GROUP, INC ........................... 8,531,325
259,900 oINFORMATION RESOURCES, INC ................. 3,183,775
25,300 oINSO CORP .................................. 1,325,087
167,500 oINTERIM SERVICES, INC ...................... 7,202,500
1,266,800 INTERPUBLIC GROUP OF COS, INC .............. 59,381,250
10,800 ISS INTERNATIONAL SERVICE SYSTEM
AS SERIES B ............................... 241,206
30,900 oITRON, INC ................................. 876,787
447,393 KELLY SERVICES, INC (CLASS A) .............. 13,086,245
40,000 oKOKUSAI KOGYO .............................. 554,313
74,600 LIBERTY PROPERTY TRUST CO .................. 1,482,675
304,300 MACNEAL-SCHWENDLER CORP .................... 2,282,250
221,600 oMAIL BOXES ETC ............................. 5,069,100
756,600 MANPOWER, INC .............................. 29,696,550
186,300 oMCAFEE ASSOCIATES, INC ..................... 9,128,700
45,000 oMERCURY INTERACTIVE CORP ................... 618,750
501,200 oMERISEL, INC ............................... 1,879,500
106,500 oMICRO WAREHOUSE, INC ....................... 2,130,000
1,297,500 MISYS PLC .................................. 15,684,911
169,708 MOORE CORP LTD ............................. 3,174,956
102,354 MOORE CORP LTD (U.S.) ...................... 1,931,931
118,200 oNASHUA CORP ................................ 1,507,050
52,470 oNATIONAL AUTO CREDIT, INC .................. 596,846
305,100 oNATIONAL EDUCATION CORP .................... 4,347,675
461,249 NATIONAL SERVICE INDUSTRIES, INC ........... 18,046,367
359,200 NEW ENGLAND BUSINESS SERVICES, INC ......... 7,004,400
53,600 NIPPON KANZAI .............................. 1,641,935
254,800 oNU KOTE HOLDING, INC (CLASS A) ............. 4,236,050
1,441,498 oOFFICE DEPOT, INC .......................... 29,370,521
500 oOIS OPTICAL IMAGING SYSTEMS, INC ........... 1,531
900,518 OLSTEN CORP ................................ 26,452,716
698,200 OMNICOM GROUP, INC ......................... 32,466,300
86,600 oOPTICAL DATA SYSTEMS, INC .................. 1,905,200
594,018 PAYCHEX, INC ............................... 28,587,116
166,200 PHH CORP ................................... 9,473,400
196,580 oPREMIER FARNELL PLC ADR .................... 4,103,607
170,000 oPRICER AB SERIES B ......................... 3,561,041
83,076 PROSEGUR COMPANIA DE SEGURIDAD S.A ......... 2,915,593
6,000 PUBLICITAS HOLDINGS S.A. (REGD) ............ 1,183,989
228,300 oQUARTERDECK CORP ........................... 2,140,312
6,000 oREMEDY CORP ................................ 438,000
171,450 RENTOKIL GROUP PLC ......................... 1,089,571
3,742,400 REUTERS HOLDINGS PLC ....................... 45,298,391
492,600 oROBERT HALF INTERNATIONAL, INC ............. 13,731,225
380,250 ROLLINS, INC ............................... 8,935,875
82,750 SAP AG ..................................... 12,258,657
28,000 SCRIBONA AB SERIES B FREE .................. 293,262
160,727 SECOM CO LTD ............................... 10,609,119
159,000 SECURITAS AB SERIES B FREE ................. 3,330,620
473,950 SENSORMATIC ELECTRONICS CORP ............... 7,760,931
838,250 SERVICE CORP INTERNATIONAL ................. 48,199,375
25,604 SLIGOS S.A ................................. 2,387,181
3,040 SOCIETE GENERAL DE SURVEILLANCE (BR) ....... 7,273,943
See notes to financial statements.
-19-
<PAGE>
SHARES VALUE
------ -----
BUSINESS SERVICES--(Continued)
330,300 oSOFTWARE PUBLISHING CORP ................... $ 949,612
1,166 SOPHUS BERENDSEN AS (CLASS A) .............. 155,055
50,150 SOPHUS BEREBDSEN AS (CLASS B) .............. 6,704,632
257,000 STANDARD REGISTER, INC ..................... 6,328,625
445,600 oSTRATACOM, INC ............................. 25,065,000
542,800 oSUNGARD DATA SYSTEMS, INC .................. 21,779,850
110,000 oTHERMOLASE CORP ............................ 2,997,500
68,800 TOKYO DOME CORP ............................ 1,386,221
122,300 TOKYO TOKEIBA CO LTD ....................... 547,469
70,000 TOTAL SYSTEM SERVICES, INC ................. 1,601,250
356,600 TRUE NORTH COMMUNICATIONS, INC ............. 7,934,350
320,800 oTSENG LABORATORIES, INC .................... 3,087,700
368,700 UNIFIRST CORP .............................. 7,788,787
254,700 oUNION CORP ................................. 5,030,325
36,248 oUNITED STATIONERS, INC ..................... 888,076
151,500 VALSPAR CORP ............................... 6,969,000
243,100 oVERIFONE, INC .............................. 10,270,975
298,000 oVOLT INFORMATION SCIENCES, INC ............. 13,261,000
117,400 WACKENHUT CORP SERIES A .................... 2,890,975
348,206 WACKENHUT CORP SERIES B .................... 6,398,285
236,300 WALLACE COMPUTER SERVICES, INC ............. 14,118,925
39,800 oWONDERWARE CORP ............................ 751,225
-------------
1,021,884,003
--------------
CHEMICALS--MAJOR--2.11%
56,900 AECI LTD ................................... 308,774
25,000 oAFRICAN OXYGEN LTD ......................... 90,636
31,000 AGA AB SERIES A FREE ....................... 551,260
43,500 AGA AB SERIES B FREE ....................... 747,321
788,800 AIR PRODUCTS & CHEMICALS, INC .............. 45,553,200
119,017 AKZO NOBEL NV .............................. 14,258,332
226,200 ARCO CHEMICAL CO ........................... 11,762,400
101,660 BASF AG .................................... 29,051,443
1,146,950 BAYER AG ................................... 40,499,653
1,304,075 BOC GROUP PLC .............................. 18,722,750
4,800 CLARIANT LTD ............................... 1,752,495
159,000 COURTAULDS PLC ............................. 1,049,980
3,771 DEGUSSA AG ................................. 1,280,039
2,358,700 DOW CHEMICAL CO ............................ 179,261,200
4,716,561 DU PONT (E.I.) DE NEMOURS & CO ............. 373,197,889
126,000 DU PONT CANADA, INC (CLASS A) .............. 2,901,588
11,000 DYNO INDUSTRIER AS ......................... 243,820
796,748 EASTMAN CHEMICAL CO ........................ 48,502,034
126,962 ENGLISH CHINA CLAYS PLC .................... 510,938
65,600 xoERCROS S.A ................................. 38,371
12,000 FRESENIUS AG ............................... 2,199,448
479,800 GOODRICH (B.F.) CO ......................... 17,932,525
808,800 HERCULES, INC .............................. 44,686,200
287,000 HOECHST AG ................................. 9,728,815
706,000 ICI AUSTRALIA LTD .......................... 6,190,415
2,045,342 IMPERIAL CHEMICAL INDUSTRY PLC ............. 25,043,052
43,808 IMPERIAL CHEMICAL INDUSTRY PLC ADR (NEW) ... 2,152,068
25,984 #LAIR LIQUIDE (REGD) ........................ 4,587,819
721,977 LILLY INDUSTRIES, INC (CLASS A) ............ 12,273,609
126,600 MISSISSIPPI CHEMICAL CORP .................. 2,532,000
5,809,433 MITSUBISHI CHEMICAL CORP ................... 26,800,087
1,859,500 MITSUBISHI GAS CHEMICAL CO, INC ............ 8,188,328
395,667 MITSUI TOATSU CHEMICALS, INC ............... 1,561,959
4,561,000 MONSANTO CO ................................ 148,232,500
8,510,000 oMONTEDISON S.P.A ........................... 4,943,731
1,380,000 oMONTEDISON S.P.A. WTS 1/19/97 .............. 89,076
56,000 oNAMHAE CHEMICAK CORP ....................... 2,830,968
343,000 NIPPON OIL & FATS CO LTD ................... 2,135,830
103,600 NIPPON SHOKUBAI KAGAK KOGYO CO LTD ......... 1,001,192
55,000 oOAK TECHNOLOGY, INC ........................ 515,625
199,900 OLIN CORP .................................. 17,841,075
3,074,800 PPG INDUSTRIES, INC ........................ 149,896,500
3,118,780 PRAXAIR, INC ............................... 131,768,455
58,400 oQUINTILES TRANSNATIONAL CORP ............... 3,839,800
200,000 oRHODIA-STER S.A. GDR ....................... 1,175,000
130,743 RHONE-POULENC S.A. (CLASS A) ............... 3,435,996
466,700 ROHM & HAAS CO ............................. 29,285,425
187,984 SASOL LTD .................................. 2,040,235
10,000 SEKISUI PLASTICS CO LTD .................... 61,083
5,191,000 oSHOWA DENKO K.K ............................ 15,996,305
13,045 SOLVAY ET CIE S.A .......................... 8,067,174
2,470,160 SUMITOMO CHEMICAL CO LTD ................... 11,778,194
420 TOSHIBA CHEMICAL CORP ...................... 4,518
746,000 UBE INDUSTRIES LTD ......................... 2,836,134
1,000 UCB S.A .................................... 1,871,990
2,403,480 UNION CARBIDE CORP ......................... 95,538,330
299,000,000 WHITE MARTINS S.A .......................... 419,868
69,134,000 YIZHENZ CHEMICAL FIBER CO (CLASS H) ........ 15,272,257
25,676 ZENECA GROUP PLC ADR ....................... 1,726,711
--------------
1,586,764.420
-------------
CHEMICALS--SPECIALTY--1.25%
780,500 oAIRGAS, INC ................................ 14,829,500
409,790 ALBEMARLE CORP ............................. 7,478,667
2,146,404 ASAHI CHEMICAL INDUSTRY CO LTD ............. 15,302,774
161,400 BETZ LABORATORIES, INC ..................... 7,081,425
163,200 CALGON CARBON CORP ......................... 2,203,200
179,400 CAMBREX CORP ............................... 9,171,825
221,800 CHEMED CORP ................................ 8,289,775
315,121 COMMERCIAL METALS CO ....................... 10,477,773
351,800 CROMPTON & KNOWLES CORP .................... 5,892,650
143,519 oCYTEC INDUSTRIES, INC ...................... 12,270,874
188,000 DAICEL CHEMICAL INDUSTRIES LTD ............. 1,156,947
1,057,380 DAINIPPON INK & CHEMICAL, INC .............. 5,417,755
202,000 DENKI KAGKU KOGYO .......................... 729,287
170,000 DEXTER CORP ................................ 5,057,500
120,360 oECOGEN, INC ................................ 571,710
568,800 ECOLAB, INC ................................ 18,770,400
1,169,255 ENGELHARD CORP ............................. 26,892,865
1,240,100 ETHYL CORP ................................. 11,935,962
321,000 oFERNZ CORP LTD ............................. 956,639
223,250 FERRO CORP ................................. 5,916,125
314,900 FIRST MISSISSIPPI CORP ..................... 7,006,525
238,400 FOSTER WHEELER CORP ........................ 10,698,200
111,543 FULLER (H.B.) CO ........................... 4,043,433
210,700 GEON CO .................................... 4,740,750
225,000 GEORGIA GULF CORP .......................... 6,581,250
837,300 oGRACE (W.R.) & CO .......................... 59,343,637
647,800 GREAT LAKES CHEMICAL CORP .................. 40,325,550
27,946 ICN PHARMACEUTICALS, INC (NEW) ............. 649,744
2,314,220 IMC GLOBAL, INC ............................ 87,072,527
51,500 oINTERNATIONAL SPECIALTY PRODUCTS, INC ...... 566,500
13,000 oISHIHARA SANGYO LTD ........................ 51,675
147,000 KANEKA CORP ................................ 987,726
613,000 KANSAI PAINT CO LTD ........................ 3,219,103
266,300 KUREHA CHEMICAL INDUSTRY CO LTD ............ 1,500,415
397,690 LAWTER INTERNATIONAL, INC .................. 4,971,125
120,237 LEARONAL, INC .............................. 3,005,925
412,800 LOCTITE CORP ............................... 19,195,200
518,200 LUBRIZOL CORP .............................. 15,740,325
430,500 LYONDELL PETROCHEMICAL CO .................. 10,385,812
4,102,550 MALLINCKRODT GROUP, INC .................... 159,486,631
76,450 oMCWHORTER TECHNOLOGIES, INC ................ 1,356,987
See notes to financial statements.
-20-
<PAGE>
SHARES VALUE
------ -----
CHEMICALS--SPECIALTY--(Continued)
1,000 oMETHANEX CORP .............................. $ 7,615
517,700 MILLIPORE CORP ............................. 21,678,687
2,018,700 MORTON INTERNATIONAL, INC .................. 75,196,575
657,300 oMYCOGEN CORP ............................... 9,859,500
479,800 NALCO CHEMICAL CORP ........................ 15,113,700
21,100 NCH CORP ................................... 1,355,675
2,377 NORIT NV ................................... 31,609
254,200 NOVA CORP .................................. 2,298,725
330,000 NOVA CORP (U.S.) ........................... 2,970,000
111,900 PENWEST LTD ................................ 2,014,200
150,500 PETROLITE CORP ............................. 4,731,343
46,000 POTASH CORP OF SASKATCHEWAN, INC ........... 3,065,093
400,000 POTASH CORP OF SASKATCHEWAN, INC (U.S.) .... 26,500,000
356,800 RAYCHEM CORP ............................... 25,645,000
200,000 oRIKEN VINYL INDUSTRY CO .................... 1,969,272
586,906 RPM, INC ................................... 9,170,406
404,977 SCHULMAN A, INC ............................ 9,921,936
431,300 oSEALED AIR CORP ............................ 14,502,462
443,920 SEKISUI CHEMICAL CO LTD .................... 5,423,272
534,664 SHIN-ETSU CHEMICAL CO LTD .................. 10,236,516
341,900 SIGMA ALDRICH CORP ......................... 18,291,650
244,600 oSTERLING CHEMICALS, INC .................... 2,843,475
130,000 oTAKASAGO INTERNATIONAL ..................... 964,760
268,300 THIOKOL CORP ............................... 10,597,850
518,000 oTOSOH CORP ................................. 2,299,909
452,695 TREDEGAR INDUSTRIES, INC ................... 13,694,023
123,300 WD-40 CO ................................... 5,795,100
246,800 WELLMAN, INC ............................... 5,768,950
466,700 WITCO CORP ................................. 16,042,812
455,052 ZERO CORP .................................. 9,726,736
--------------
939,049,544
--------------
COMMUNICATION EQUIPMENT
& SERVICES--2.11%
924,473 o360 COMMUNICIATIONS CO ..................... 22,187,352
3,771,779 o3COM CORP .................................. 172,558,889
6,214,815 oAIRTOUCH COMMUNICATIONS, INC ............... 175,568,523
162,500 ALLGON AB SERIES B FREE .................... 2,706,006
447,900 oAMTECH CORP ................................ 3,359,250
514,712 oANDREW CORP ................................ 27,665,770
123,100 oANTEC CORP ................................. 1,954,212
248,700 oARCH COMMUNICATIONS GROUP, INC ............. 4,632,037
710,900 oASCEND COMMUNICATIONS, INC ................. 39,988,125
1,000,000 oASIA SATELLITE TELECOM HOLDINGS ............ 2,964,818
292,000 oAVID TECHNOLOGIES, INC ..................... 5,402,000
268,250 oAYDIN CORP ................................. 3,621,375
689,893 oBRINKER INTERNATIONAL, INC ................. 10,348,395
54,500 oBROADBAND TECHNOLOGIES, INC ................ 1,757,625
11,200 BRUNCOR INC ................................ 212,403
125,600 oCABLE DESIGN TECHNOLOGIES CO ............... 4,113,400
535,000 oCABLETRON SYSTEMS, INC ..................... 36,714,375
402,800 oCALIFORNIA MICROWAVE, INC .................. 6,142,700
669,900 oCASCADE COMMUNICATIONS CORP ................ 45,553,200
39,000 oCELLSTAR CORP .............................. 341,250
168,401 oCELLULAR COMMUNICATIONS INTERNATIONAL, INC . 5,683,533
614,100 CENTURY TELEPHONE ENTERPRISES, INC ......... 19,574,437
6,730,500 oCISCO SYSTEMS, INC ......................... 381,114,562
294,300 oCOMPRESSION LABORATORIES, INC .............. 1,692,225
324,400 COMSAT CORP SERIES 1 ....................... 8,434,400
1,563,564 CORNING, INC ............................... 60,001,768
329,500 oDIGI INTERNATIONAL, INC .................... 8,814,125
241,300 oDIGITAL MICROWAVE CORP ..................... 4,011,612
986,688 oDSC COMMUNICATIONS CORP .................... 29,723,976
72,700 oDSP COMMUNICATIONS, INC .................... 3,734,962
247,000 oDYNATECH CORP .............................. 8,027,500
45,000 ERICSSON S.P.A ............................. 528,120
1,843,350 ERICSSON TELEFON (LM) AB SERIES B .......... 39,724,376
279,600 oGENERAL DATACOMM INDUSTRIES, INC ........... 3,774,600
894,000 oGEOTEK COMMUNICATIONS, INC ................. 12,236,625
494,575 HARRIS CORP ................................ 30,169,075
20 oINTELLICALL, INC ........................... 110
96,900 oINTERDIGITAL COMMUNICATIONS CORP ........... 823,650
473,422 oINTERNATIONAL DAIRY QUEEN, INC (CLASS A) ... 13,965,949
580 oKOREA MOBILE TELECOMMUNICATIONS CORP ....... 457,689
911,000 oLCI INTERNATIONAL, INC ..................... 28,582,625
41,600 oLG INFORMATION & COMMUNICATIONS ............ 4,718,937
4,201 oLG INFORMATION & COMMUNICATIONS (NEW) ...... 472,659
130,900 LUCENT TECHNOLOGIES, INC ................... 4,957,837
250,000 FILMES LUSOMUNDO (NON-VTG) (PREF SHS) ...... 1,994,375
249,800 oMACROMEDIA, INC ............................ 5,464,375
956,600 oMFS COMMUNICATIONS CO, INC ................. 35,992,075
110,724 oMILLICOM INTERNATIONAL CELLULAR S.A ........ 5,273,230
488,800 oMITEL CORP ................................. 3,238,300
63,750 NERA AS .................................... 2,031,259
9,500 oNETCOM ON-LINE COMMUNICATION SERVICE, INC .. 256,500
248,300 oNETWORK EQUIPMENT TECHNOLOGIES, INC ........ 5,276,375
483,200 oNEW WORLD COMMUNICATIONS GROUP, INC ........ 7,066,800
82,100 oNEWBRIDGE NETWORKS ......................... 5,365,323
393,900 oNOKIA AB SERIES A .......................... 14,497,495
288,000 NOKIA AB SERIES K .......................... 10,519,260
143,700 NORTHERN TELECOMMUNICATIONS LTD ............ 7,812,639
217,409 NORTHERN TELECOMMUNICATIONS LTD (U.S.) ..... 11,821,614
2,817,700 oNOVELL, INC ................................ 39,095,587
333,920 oOCTEL COMMUNICATIONS CORP .................. 6,594,920
1,000,000 oOMNIPOINT CORP ............................. 26,062,500
53,100 oP-COM, INC ................................. 1,672,650
725,500 oPAGING NETWORK, INC ........................ 17,412,000
98,400 oPAIRGAIN TECHNOLOGIES, INC ................. 6,100,800
443,200 oPICTURETEL CORP NEW ........................ 17,451,000
124,800 oPORTUGAL TELECOM S.A. ADR .................. 3,276,000
41,000 oPREMISYS COMMUNICATIONS, INC ............... 2,501,000
462,000 oQUALCOMM, INC .............................. 24,543,750
31,191 SAMSUNG ELECTRONICS CO ..................... 2,634,407
15,962 oSAMSUNG ELECTRONICS CO (NEW) ............... 1,300,923
568,600 SCIENTIFIC-ATLANTA, INC .................... 8,813,300
241,500 SIRTI S.P.A ................................ 1,550,961
812,300 oTECH DATA CORP ............................. 17,667,525
309,600 oTELCO SYSTEMS, INC ......................... 5,263,200
490,000 oTELEC DE SAO PAULO S.A ..................... 86,375
723,100 oTELLABS, INC ............................... 48,357,312
113,000 oVANGUARD CELLULAR SYSTEMS, INC ............. 2,457,750
78,800 VODAFONE GROUP PLC ADR ..................... 2,905,750
--------------
1,591,374,387
--------------
COMPUTER SERVICE--2.75%
37,800 o3DO CO ..................................... 401,625
88,000 oACXIOM CORP ................................ 3,003,000
382,600 oADAPTEC, INC ............................... 18,125,675
523,700 oADC TELECOMMUNICATIONS, INC ................ 23,566,500
See notes to financial statements.
-21-
<PAGE>
SHARES VALUE
------ -----
COMPUTER SERVICE--(Continued)
539,544 ADOBE SYSTEMS, INC ......................... $ 19,356,141
646,025 oAMERICAN MANAGEMENT SYSTEMS, INC ........... 18,896,231
238,000 oAMERICAN SOFTWARE, INC (CLASS A) ........... 1,100,750
361,100 oAUSPEX SYSTEMS, INC ........................ 5,416,500
2,682,300 AUTOMATIC DATA PROCESSING, INC ............. 103,603,837
200,000 oBAAN CO NV ................................. 6,842,412
137,900 oBANYAN SYSTEMS, INC ........................ 999,775
1,699,838 oBAY NETWORKS, INC .......................... 43,770,828
222,100 oBBN CORP ................................... 4,830,675
217,700 oBISYS GROUP, INC ........................... 8,218,175
514,900 oBMC SOFTWARE, INC .......................... 30,765,275
469,337 oBORLAND INTERNATIONAL, INC ................. 4,282,700
137,000 oBOSTON TECHNOLOGY, INC ..................... 2,311,875
189,900 oBRODERBUND SOFTWARE, INC ................... 6,124,275
275,600 oC-CUBE MICROSYSTEMS, INC ................... 9,094,800
632,637 oCADENCE DESIGN SYSTEMS, INC ................ 21,351,498
186,900 oCAMBRIDGE TECHNOLOGY PARTNERS, INC ......... 5,700,450
83,800 oCDW COMPUTER CENTERS, INC .................. 5,824,100
598,726 oCERIDIAN CORP .............................. 30,235,663
520,675 oCHEYENNE SOFTWARE, INC ..................... 10,022,993
542,400 oCOMPUSA, INC ............................... 18,509,400
2,941,225 COMPUTER ASSOCIATES INTERNATIONAL, INC ...... 209,562,281
454,000 oCOMPUTER SCIENCES CORP ..................... 33,936,500
40,000 oCOMPUTRON SOFTWARE, INC .................... 195,000
162,900 oCOMPUWARE CORP ............................. 6,434,550
234,980 oCONTINUM, INC .............................. 13,628,840
26,000 CSK CORP ................................... 772,756
204,300 oCYRIX CORP ................................. 3,524,175
50,000 oDASSAULT SYSTEMS S.A ....................... 1,565,566
111,400 oDAVIDSON & ASSOCIATES, INC ................. 3,342,000
200,300 oDST SYSTEMS, INC ........................... 6,409,600
434,000 oELECTRONIC ARTS, INC ....................... 11,609,500
3,706,444 oELECTRONIC DATA SYSTEMS CORP ............... 199,221,365
1,687,200 oEMC CORP ................................... 31,424,100
240,800 oEXABYTE CORP ............................... 3,145,450
1,245,134 FIRST DATA CORP ............................ 99,143,794
494,075 oFISERV, INC ................................ 14,822,250
201,000 oFRONTEC AB SERIES B ........................ 2,468,692
133,500 oFTP SOFTWARE, INC .......................... 1,101,375
51,100 oGROUP AXIME S.A ............................ 7,146,441
780,600 HBO & CO ................................... 52,885,650
26,000 oHYPERION SOFTWARE CORP ..................... 321,750
3,000 INES CORP .................................. 56,069
1,548,700 oINFORMIX CORP .............................. 34,845,750
16,175 oINTEGRATED SYSTEMS CONSULTING GROUP ........ 315,412
27,000 oINTEGRATED SYSTEMS, INC .................... 1,081,687
584,365 oINTERGRAPH CORP ............................ 7,085,425
500 oINTERSOLV, INC ............................. 4,625
209,200 oINTUIT, INC ................................ 9,884,700
221,100 oLANDMARK GRAPHICS CORP ..................... 4,256,175
108,000 oLOXLEY PUBLIC CO LTD (FR) .................. 1,598,736
242,000 oLOXLEY PUBLIC CO LTD (LR) .................. 3,582,355
284,100 oMARCAM CORP ................................ 3,409,200
84,500 oMEDIC COMPUTER SYSTEMS, INC ................ 6,855,062
492,200 oMENTOR GRAPHICS CORP ....................... 7,998,250
348,150 oMICROCHIP TECHNOLOGY, INC .................. 8,616,712
56,300 oMICRON ELECTRONICS, INC .................... 689,675
3,038,850 oMICROSOFT CORP ............................. 365,041,856
70,200 MIROKO JYOHO SERVICE CO, LTD ............... 1,472,030
238,950 NATIONAL COMPUTER SYSTEMS, INC ............. 5,107,556
270,242 NATIONAL DATA CORP ......................... 9,255,788
291,300 oNETMANAGE, INC ............................. 3,204,300
477,200 oNETWORK GENERAL CORP ....................... 10,259,800
167 NTT DATA COMMUNICATIONS SYSTEM CORP ........ 4,993,927
4,824,925 oORACLE CORP ................................ 190,282,979
1,109,300 oPARAMETRIC TECHNOLOGY CORP ................. 48,115,887
143,600 oPEOPLESOFT, INC ............................ 10,231,500
114,200 oPHYSICIAN COMPUTER NETWORK, INC ............ 1,320,437
266,500 oPLATINUM TECHNOLOGY, INC ................... 4,030,812
122,000 oPOLICY MANAGEMENT SYSTEMS CORP ............. 6,100,000
121,600 oPROGRESS SOFTWARE CORP ..................... 1,991,200
1,700,000 oPT MULTIPOLAR CO (FR) ...................... 968,575
5,100,000 oPT MULTIPOLAR CO (FR) RTS .................. 712,725
174,100 oQLOGIC CORP ................................ 1,741,000
94,000 oRATIONAL SOFTWARE CORP ..................... 5,052,500
416,100 oREAD-RITE CORP ............................. 5,877,412
644,800 REYNOLDS & REYNOLDS CO (CLASS A) ........... 34,335,600
96,250 oSAFEGUARD SCIENTIFICS, INC ................. 7,507,500
85,500 oSECURITY DYNAMICS TECHNOLOGIES, INC ........ 7,032,375
651,400 SEI CORP ................................... 13,760,825
518,700 SHARED MEDICAL SYSTEMS CORP ................ 33,326,475
172,600 oSHIVA CORP ................................. 13,808,000
142,200 oSIERRA ON-LINE, INC ........................ 6,239,025
452,800 oSILICONWARE PRECISION INDUSTRIES GDR ....... 3,565,800
262,200 oSOFTKEY INTERNATIONAL, INC ................. 4,965,412
258,934 oSTERLING SOFTWARE, INC ..................... 19,937,918
322,000 oSTRUCTURAL DYNAMICS RESEARCH CORP .......... 7,084,000
591,300 oSYBASE, INC ................................ 13,969,462
447,000 oSYMANTEC CORP .............................. 5,587,500
147,200 oSYNOPSYS, INC .............................. 5,851,200
554,312 SYSTEM SOFTWARE ASSOCIATES, INC ............ 9,423,304
274,700 oSYSTEMS & COMPUTER TECHNOLOGY CORP ......... 3,983,150
22,300 oSYSTEMSOFT CORP ............................ 1,048,100
7,440 oTAK WING INVESTMENT HOLDINGS WTS 10/31/96 .. 57
246,800 TELXON CORP ................................ 2,899,900
86,000 oTKC CORP ................................... 2,540,360
297,400 WIRELESS TELECOM GROUP, INC ................ 3,494,450
57,400 oZEBRA TECHNOLOGY CORP ...................... 1,018,850
--------------
2,072,436,168
--------------
CONGLOMERATES--2.29%
1,800 ACKERMANS & VAN HAAREN ..................... 302,774
19,340 oAGIV AG .................................... 368,453
902,100 ALCO STANDARD CORP ......................... 40,820,025
435,000 ALEXANDER & BALDWIN, INC ................... 10,494,375
5,824,304 ALLIED SIGNAL, INC ......................... 332,713,366
534,808 AMERICAN FINANCIAL GROUP, INC .............. 16,111,091
17,086 ANGLO AMERICAN INDUSTRIAL CORP ............. 686,516
20,600 ANGLOVAAL HOLDINGS LTD ..................... 777,761
62,000 oANGLOVAAL INSUDTRIES LTD ................... 303,521
71,500 oANIXTER INTERNATIONAL, INC ................. 1,063,562
3,160 oARTEMIS S.A ................................ 90,774
62,700 BARLOW LTD ................................. 655,160
30 oBERKSHIRE HATHAWAY, INC (CLASS A) .......... 921,000
641,800 BRADY (W.H.) CO (CLASS A) .................. 14,280,050
109,500 BRASCAN LTD (CLASS A) ...................... 2,036,537
19,426,198 BRIERLEY INVESTMENTS LTD ................... 18,366,265
5,293,437 BRIERLEY INVESTMENTS LTD (AUSTRALIA) ....... 4,916,427
4,293,808 BTR PLC .................................... 16,912,807
50,952 oBTR PLC WTS 10/18/96 ....................... 5,937
53,553 oBTR PLC WTS 11/30/97 ....................... 17,058
42,115 oBTR PLC WTS 11/26/98 ....................... 5,071
See notes to financial statements.
-22-
<PAGE>
SHARES VALUE
------ -----
CONGLOMERATES--(Continued)
825,000 oCHARTER PLC ................................ $ 11,895,892
3,146,600 oCOLTEC INDUSTRIES, INC ..................... 44,839,050
502,425 oCONCORD EFS, INC ........................... 17,836,087
2,377,760 COOKSON GROUP PLC .......................... 10,474,087
361,000 oCOPYTELE, INC .............................. 3,158,750
5,000 oCORPORACION FINANCIERE ALBA S.A ............ 415,686
214,911 CRANE CO ................................... 8,811,351
33,900 CURTISS WRIGHT CORP ........................ 1,830,600
92,000 DE BEERS CENTENARY AG. (UNITS) ............. 3,122,962
83,000 oDESC SOCIEDAD DE FOMENTO
INDUSTRIAL S.A. DE CV SERIES B ............ 447,849
1,729 oDESC SOCIEDAD DE FOMENTO
INDUSTRIAL S.A. DE CV SERIES C ............ 9,009
62,000 oDYNACTION S.A .............................. 1,758,251
8,800 oEST ASIATIQUE .............................. 178,535
70,000 oFABER GROUP BERHAD ......................... 74,339
43,000 GENCOR LTD ................................. 158,872
759,100 GENTING INTERNATIONAL LTD .................. 1,328,425
46,174 GEVAERT PHOTO-PRODUCTION NV ................ 3,087,572
42,360 GRANDE HOLDINGS LTD ........................ 17,511
32,435 GROUPE BRUXELLES LAMBERT S.A ............... 4,099,630
885 GROUPE BRUXELLES LAMBERT S.A. NPV
(VVPR) STRIP .............................. 254
2,655 oGROUPE BRUXELLES LAMBERT S.A. NPV
(VVPR) WTS 12/20/98 ....................... 24,405
238,546 GRUPO INDUSTRIAL ALFA S.A. SERIES A ........ 1,077,861
4,873,463 HANSON PLC ................................. 13,668,158
101,234 HANSON PLC ADR ............................. 1,442,584
207,721 oHANSON PLC WTS 9/30/97 ..................... 8,875
310,783 HARRISON & CROSSFIELD PLC .................. 656,736
27,700,500 HUTCHINSON WHAMPOA LTD ..................... 174,273,767
10,000 oIFIL FINANZIARIA DI PARTECIPAZIONI ......... 30,057
844,236 ITT INDUSTRIES, INC ........................ 21,211,429
3,065,500 JARDINE MATHESON HOLDINGS LTD .............. 22,531,424
340,914 JOHNSON CONTROLS, INC ...................... 23,693,523
1,030,000 KEPPEL CORP ................................ 8,610,695
750,000 oKEPPEL CORP WTS 6/30/97 .................... 3,241,231
20,000 oLAGARDERE GROUPE S.A ....................... 515,510
20,000 oLAGARDERE GROUPE S.A. WTS 6/30/97 .......... 13,596
168,000 LAND & GENERAL BERHAD ...................... 414,058
31,500 LION LAND BERHAD ........................... 35,220
403,188 oLITTON INDUSTRIES, INC ..................... 17,538,678
866,100 LOEWS CORP ................................. 68,313,637
3,173,535 LONRHO PLC ................................. 9,122,421
40,000,000 oLUKS INDUSTRIAL CO ......................... 4,443,998
540,000 MALAYAN UNITED INDUSTRIES BERHAD ........... 437,141
490,000 MALAYSIA MINING CORP BERHAD ................ 494,849
210,000 oMALAYSIA MINING CORP RTS ................... 28,613
94,183 MALBAK LTD ................................. 467,597
1,068,590 MARK IV INDUSTRIES, INC .................... 24,176,848
3,276,800 MINNESOTA MINING & MANUFACTURING CO ........ 226,099,200
307,000 oMULTI-PURPOSE HOLDINGS BERHAD .............. 494,585
116,418 MURRAY & ROBERTS HOLDINGS LTD .............. 465,080
130,000 NAMPAK LTD ................................. 537,350
3,000 NOMA INDUSTRIES LTD (CLASS A) .............. 8,676
2,678,812 PACIFIC DUNLOP LTD ......................... 6,030,289
499,511 oNOBLEZA-PICCARDO SDAD INDUSTRIAL
COMERCIAL Y FINANCIERA .................... 3,276,384
129,800 POWER CORP OF CANADA ....................... 2,052,924
71,448 PREMIER GROUP HOLDINGS LTD ................. 103,282
190,700 QUEBECOR, INC (CLASS B) .................... 2,981,213
1,288,800 ROCKWELL INTERNATIONAL CORP ................ 73,783,800
115,900 oSCHULLER CORP .............................. 1,202,462
1,151,400 SIME DARBY BERHAD .......................... 3,183,846
144,000 oSOCIEDAD COMERCIAL DEL PLATA S.A .......... 447,025
32,360,000 SOUTH CHINA HOLDINGS ....................... 6,688,734
52,046,000 SOUTH CHINA INDUSTRIES LTD ................. 6,858,086
1,897,824 SOUTHCORP HOLDINGS LTD ..................... 4,705,398
289,600 STANDEX INTERNATIONAL CORP ................. 8,253,600
2,640 SUPERFOS AS ................................ 245,667
676,000 SWIRE PACIFIC LTD (CLASS A) ................ 5,785,595
485,500 TELEDYNE, INC .............................. 17,538,687
618,800 TEXTRON, INC ............................... 49,426,650
39,099 TONGAAT HULETT GROUP LTD ................... 501,095
653,500 TRW, INC ................................... 58,733,312
2,587,600 TYCO INTERNATIONAL LTD ..................... 105,444,700
33,813 oU.S. INDUSTRIES, INC ....................... 815,738
1,080,000 UNITED INDUSTRIAL CORP ..................... 1,101,806
27,000 oUNITED INDUSTRIAL CORP WTS 7/05/99 ......... 9,755
994,800 UNITED TECHNOLOGIES CORP ................... 114,402,000
500,000 oWESTMONT INDUSTRIES BERHAD ................. 877,649
500,000 oWESTMONT INDUSTRIES BERHAD SERIES A (NEW) .. 829,558
1,291,446 WHITMAN CORP ............................... 31,156,134
241,600 WILLIAMS HOLDINGS PLC ...................... 1,272,599
2,460,000 YTL CORP BERHAD ............................ 12,816,080
--------------
1,719,995,112
--------------
CONSTRUCTION--
MATERIALS & BUILDERS--1.19%
600,000 oACP INDUSTRIES BERHAD ...................... 3,294,189
13,934 ADELAIDE BRIGHTON HOLDINGS LTD ............. 14,257
14,502 AKER AS SERIES A ........................... 277,915
2,978 AKER AS SERIES B ........................... 53,173
9,900 ALPHA LTD NPV .............................. 256,044
90,000 AMEC PLC ................................... 137,045
300,550 oAOKI CONSTRUCTION CO LTD ................... 1,115,226
114,700 APASCO S.A ................................. 635,540
398,600 ARMSTRONG WORLD INDUSTRIES, INC ............ 22,969,325
20,000 oASANO SLATE CO ............................. 73,847
192,700 oATKINSON (G.F.) CO OF CALIFORNIA ........... 2,601,450
153,400 oAVATAR HOLDINGS, INC ....................... 5,273,125
99,750 BARRATT DEVELOPMENTS LTD ................... 393,678
1,660 oBILFINGER & BERGER AG ...................... 700,118
296,822 BLUE CIRCLE INDUSTRIES PLC ................. 1,660,327
3,374,308 BORAL LTD .................................. 8,764,528
5,459 oBOUYGUES S.A ............................... 608,641
209,500 oBPB INDUSTRIES PLC ......................... 1,038,412
60,100 BUTLER MANUFACTURING CO .................... 2,028,375
417,400 CALMAT CO .................................. 7,565,375
123,228 CAMAS PLC .................................. 170,409
4,950,481 CARADON PLC ................................ 16,614,843
275,200 CARLISLE COS, INC .......................... 14,620,000
140,028 oCASTLE & COOKE, INC ........................ 2,240,448
30,000 CBR NV ..................................... 2,278,945
6,600 oCBR NV WTS 12/20/96 ........................ 16,010
487,700 oCDI CORP ................................... 16,459,875
500,000 oCEDAR GROUP, INC ........................... 1,578,125
22,358 oCEMENTERA ARGENTINA S.A .................... 104,110
208,062 CEMEX S.A. (CLASS A) (REGD) ................ 750,724
357,750 CEMEX S.A. (CLASS B) ....................... 1,413,535
159,120 CEMEX S.A. CPO ............................. 570,984
213,100 CENTEX CORP ................................ 6,632,737
1,148,300 oCHAMPION ENTERPRISES, INC .................. 23,970,762
605,000 CHICHIBU ONODA CEMENT CORP ................. 3,469,428
267,000 CHIYODA CORP ............................... 3,164,510
See notes to financial statements.
-23-
<PAGE>
SHARES VALUE
------ -----
CONSTRUCTION--
MATERIALS & BUILDERS--(Continued)
788,158 CLAYTON HOMES, INC ......................... $ 15,763,160
32,555 COLAS S.A .................................. 5,830,221
9,928 oCOSTAIN GROUP PLC .......................... 6,016
147,664 CRH PLC .................................... 1,489,067
82 CRISTALERIA ESPANOLA S.A ................... 5,141
2,724,250 CSR LTD .................................... 9,627,714
20,000 oCTI ENGINEERING CO LTD ..................... 692,892
323,082 DAITO TRUST CONSTRUCTION CO LTD ............ 4,830,683
1,090,000 DAIWA HOUSE INDUSTRY CO LTD ................ 16,893,801
587,900 DEBARTOLO REALTY CORP ...................... 9,479,887
738 oDLW AG ..................................... 63,512
2,799,900 oDMCI HOLDINGS, INC ......................... 2,003,748
26,586 DRAGADOS Y CONSTRUCCIONES S.A .............. 351,448
475,536 oDRAVO CORP ................................. 7,073,598
40,000 oEMPRESAS ICA SOCIEDAD CONTROLADORA S.A ..... 560,949
287,700 FASTENAL CO ................................ 12,514,950
350,500 FLEETWOOD ENTERPRISES, INC ................. 10,865,500
3,635,025 oFLETCHER CHALLENGE LTD (BUILDING DIVISION) . 7,097,513
214,500 FLORIDA ROCK INDUSTRIES, INC ............... 5,550,187
33,962 FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A .. 2,807,618
360 FORBO HOLDINGS AG. (REGD) .................. 152,432
1,726,300 FUJITA CORP ................................ 8,026,725
397,300 oGENLYTE GROUP, INC ......................... 3,079,075
182,100 GILBERT ASSOCIATES, INC (CLASS A) .......... 2,321,775
2,388 GLAVERBEL S.A .............................. 259,148
58 GLAVERBEL S.A. STRIP NPV (VVPR) ............ 9
212,100 GRANITE CONSTRUCTION, INC .................. 4,878,300
401,000 oHASEKO CORP ................................ 1,736,560
566,600 HAZAMA-GUMI LTD ............................ 2,474,366
1,570 oHEIDELBERGER ZEMENT AG ..................... 1,076,783
100,198 HEPWORTH PLC ............................... 449,937
7,007 HOCHTIEF AG ................................ 3,143,990
7,451 HOLDERBANK FINANCIERE GLARUS AG. (BR) ...... 5,952,700
1,300 HOLDERBANK FINANCIERE GLARUS AG. (REGD) .... 207,717
1,244 HOLLANDSCHE BETON GROEP NV (H.B.G.) ........ 238,305
101,000 HUME INDUSTRIES BERHAD ..................... 493,807
154,210 oHYUNDIA ENGINEERING & CONSTRUCTIONS CO ..... 6,407,749
37,231 oIMETAL S.A ................................. 5,279,149
325,000 oIMPREGILO S.P.A ............................ 345,397
157,853 INAX CORP .................................. 1,568,668
514,000 ITALCEMENTI S.P.A .......................... 4,122,074
340,000 ITALCEMENTI S.P.A. (S/S) ................... 1,072,931
9,000 oITALCEMENTI S.P.A. WTS 12/31/96 ............ 1,704
129,200 oJACOBS ENGINEERING GROUP, INC .............. 3,407,650
401,144 JAMES HARDIE INDUSTRIES LTD ................ 811,452
149,000 JAPAN FOUNDATION ENGINEERING CO ............ 2,852,709
191,970 JGC CONSTRUCTION CORP ...................... 2,520,274
84,700 JUSTIN INDUSTRIES, INC ..................... 1,111,687
2,461,756 KAJIMA CORP ................................ 25,361,527
249,797 KANDENKO CO, LTD ........................... 3,165,584
1,013,605 KAUFMAN & BROAD HOME CORP .................. 14,697,272
4,000,000 KEDAH CEMENT HOLDINGS ...................... 7,405,915
308,862 KINDEN CORP ................................ 4,899,657
26,000 KOMATSU CONSTRUCTION CO LTD ................ 161,188
124,000 KUMAGAI GUMI (HONG KONG) LTD ............... 111,332
1,189,279 KUMAGAI GUMI CO LTD ........................ 4,770,768
24,800 oKUMAGAI GUMI CO LTD WTS 06/30/98 ........... 3,780
266,353 LAFARGE CORP ............................... 5,393,648
29,896 LAFARGE S.A. (BR) .......................... 1,808,870
4,933 oLAFARGE S.A. (SPANISH CERTS) ............... 305,856
43,811 LAING (JOHN) (CLASS A) ..................... 196,732
77,500 LAPEYRE S.A ................................ 4,538,637
150,000 oLEGRIS S.A ................................. 6,876,060
9,768 LEIGHTON HOLDINGS LTD ...................... 34,597
817,700 LENNAR CORP ................................ 20,442,500
200,000 MAEDA CORP ................................. 1,987,506
231,000 MAEDA ROAD CONSTRUCTION CO LTD ............. 3,980,391
750,000 MALAYAN CEMENT BERHAD ...................... 1,803,388
138,515 MARLEY PLC ................................. 277,639
1,090,300 MASCO CORP ................................. 32,981,575
1,000 MATSUO BRIDGE CO LTD ....................... 6,855
27,000 MCALPINE (ALFRED) PLC ...................... 63,348
675,992 MEDUSA CORP ................................ 20,955,752
54,824 oMEYER INTERNATIONAL PLC .................... 324,556
286,484 MISAWA HOMES CO LTD ........................ 2,794,705
6,041,136 oNEW WORLD INFRASTRUCTURE ................... 12,877,098
158,000 NIHON CEMENT CO LTD ........................ 1,162,472
561,300 NIPPON HODO CO LTD ......................... 9,518,312
343,000 NISHIMATSU CONSTRUCTION CO LTD ............. 3,752,557
748,100 OAKWOOD HOMES CORP ......................... 15,429,562
875 OCP CONSTRUCCIONES S.A ..................... 22,417
1,041,320 OHBAYASHI-GUM LTD .......................... 9,408,271
101,280 OHKI CONSTRUCTION CO LTD ................... 632,508
98,000 oOKAMATO INDUSTRIES INC ..................... 616,491
362,740 OKUMURA CORP ............................... 3,029,304
115,500 ORIENTAL CONSTRUCTION CO ................... 1,927,014
504,400 oOWENS CORNING CO ........................... 21,689,200
210,000 PENTA OCEAN CONSTRUCTION CO LTD ............ 1,414,867
558,333 oPILECON ENGINEERING BERHAD WTS 7/06/99 ..... 199,140
3,813,264 PILKINGTON PLC ............................. 10,724,339
2,449,600 PIONEER INTERNATIONAL LTD .................. 7,133,896
62,700 PITTWAY CORP ............................... 2,758,800
251,419 PITTWAY CORP (CLASS A) ..................... 11,690,983
345,000 PLY-GEM INDUSTRIES, INC .................... 4,700,625
46,230 POHANG IRON & STEEL CO ..................... 2,901,380
18,088 PORTLAND VALDERRIVAS S.A ................... 1,184,973
2,400,000 oPT CITRA MARGA NUSAPHALA PERSADA (FR) ...... 3,663,600
2,762,000 PT SEMEN CIBINONG (FR) ..................... 5,285,087
1,880,000 oPT SEMEN GRESIK (FR) ....................... 5,476,910
582,648 PULTE CORP ................................. 15,585,834
217,140 REDLAND PLC ................................ 1,352,942
95,200 REPUBLIC GROUP, INC ........................ 1,356,600
853,250 RMC GROUP PLC .............................. 13,430,149
244,696 RUGBY GROUP PLC ............................ 418,229
331,000 RYLAND GROUP, INC .......................... 4,965,000
38,000 SANGETSU CO LTD ............................ 1,015,086
285,550 SANKYO ALUMINIUM INDUSTRY CO LTD ........... 1,671,356
152,000 SANWA SHUTTER CORP ......................... 1,427,357
36,900 EUROC INDUSTRIA AB SERIES A ................ 1,162,213
95,280 oSCHNEIDER S.A .............................. 4,996,914
1,335,850 SEKISUI HOUSE LTD .......................... 15,223,680
190,000 SEMAPA SOC INV E GESTAO - SGPS ............. 2,303,902
507,300 SHERWIN-WILLIAMS CO ........................ 23,589,450
2,285,000 SHIMIZU CORP ............................... 25,207,137
377,000 oSHOKUSEN JUTAKO ............................ 1,577,633
172,200 SKANSKA AB SERIES B FREE ................... 6,085,401
123,500 SKYLINE CORP ............................... 3,087,500
15,300 oSOLA INTERNATIONAL, INC .................... 439,875
34,993 ST. GOBAIN S.A ............................. 4,683,136
71,300 STARRETT (L.S.) CO (CLASS A) ............... 1,853,800
34,000 STARRETT (L.S.) CO (CLASS B) ............... 884,000
175,100 STONE & WEBSTER, INC ....................... 5,975,287
See notes to financial statements.
-24-
<PAGE>
SHARES VALUE
------ -----
CONSTRUCTION--
MATERIALS & BUILDERS--(Continued)
900 oSTRABAG BAU AG ............................. $ 77,453
70,495 SUMITOMO FORESTRY CO LTD ................... 1,047,605
862,000 SUMITOMO OSAKA CEMENT CO ................... 4,196,628
471,000 SUNGEI WAY HOLDINGS BERHAD ................. 2,208,429
34,000 SUZUNUI INDUSTRY CO LTD .................... 192,186
2,407,000 TAISEI CORP ................................ 17,072,913
750 TAKASHIMA & CO LTD ......................... 3,952
4,385,977 TARMAC PLC ................................. 7,564,573
5,276,750 TAYLOR WOODROW PLC ......................... 12,790,462
137,894 TEXAS INDUSTRIES, INC ...................... 9,462,975
177,000 oTIME ENGINEERING BERHAD .................... 482,346
88,500 oTIME ENGINEERING BERHAD RTS ................ 85,119
98,000 TOA CORP ................................... 672,779
398,000 TOSTEM CORP ................................ 11,720,268
445,790 TOTO LTD ................................... 6,706,041
14,000 oTOYO ENGINEERING CO ........................ 94,196
48,000 TOYO EXTERIOR CORP ......................... 1,120,296
210,000 oUNICEM S.P.A ............................... 1,533,504
12,450 UNILAND CEMENTERA S.A ...................... 480,632
266,100 oUNITED ENGINEERING BERHAD .................. 1,844,878
200,000 oURALITA S.A ................................ 1,871,760
116,400 oUSG CORP ................................... 3,244,650
360,600 VULCAN MATERIALS CO ........................ 21,410,625
656,400 WEBB DEL CORP .............................. 13,128,000
2,340 WIENERBERGER BAUSTOFF AG ................... 472,468
81,100 WILSON (CONNOLLY) HOLDINGS PLC ............. 206,661
146,000 WIMPEY (GEORGE) LTD ........................ 338,013
227,035 WOLSELEY PLC ............................... 1,605,089
-------------
893,493,139
-------------
CONTAINERS--0.12%
212,204 oALLTRISTA CORP ............................. 5,039,845
439,372 BALL CORP .................................. 12,631,945
97,300 CCL INDUSTRIES, INC (CLASS B) .............. 915,504
216,600 CLARCOR, INC ............................... 5,360,850
886,783 CROWN CORK & SEAL CO, INC .................. 39,905,235
35,000 FP CORP .................................... 1,139,169
275,400 oGAYLORD CONTAINER CO ....................... 2,151,562
617,500 oOWENS ILLINOIS, INC ........................ 9,880,000
440,500 oPLM AB ..................................... 7,169,401
110,000 SHIBUYA KOGYO .............................. 1,704,879
197,200 WEST CO, INC ............................... 5,916,000
-------------
91,814,390
-------------
COSMETICS--0.57%
19,500 ALBERTO CULVER CO (CLASS A) ................ 780,000
317,300 ALBERTO CULVER CO (CLASS B) ................ 14,714,787
1,559,032 AVON PRODUCTS, INC ......................... 70,351,319
4,180 oBEIERSDORF AG .............................. 4,119,038
410,200 CARTER WALLACE, INC ........................ 5,999,175
82,500 CARTER WALLACE, INC (CLASS B) .............. 1,206,562
29,691 oCLARINS S.A ................................ 4,561,815
3,737,938 GILLETTE CO ................................ 233,153,882
1,522,200 INTIMATE BRANDS, INC ....................... 34,820,325
638,700 INTERNATIONAL FLAVORS & FRAGRANCES, INC .... 30,418,087
166,900 oJAN BELL MARKETING, INC .................... 438,112
25,180 LOREAL S.A ................................. 8,358,613
238,900 OPTICAL COATING LABORATORIES, INC .......... 4,300,200
409,334 SHISEIDO & CO LTD .......................... 5,224,657
3,098 #oWINDMERE CORP WTS 1/19/98 .................. 17,426
637,400 WINDMERE-DURABLE HOLDING, INC .............. 8,365,875
-------------
426,829,873
-------------
ELECTRICAL EQUIPMENT--3.88%
882,723 ABB AB SERIES A ............................ $ 93,517,528
403,600 ABB AB SERIES B ............................ 42,636,586
109,520 ABB ASEA BROWN BOVERI LTD (BR) ............. 135,445,280
6,400 ABB ASEA BROWN BOVERI LTD (REGD) ........... 1,559,478
16,526,400 oACMA LTD ................................... 48,238,577
100,000 oADVANCED LIGHTING TECHNOLOGIES, INC ........ 1,750,000
129,910 ADVANTEST CORP ............................. 5,152,094
67,537 ALCATEL ALSTHOM CIE GEN .................... 5,890,125
29,000 ALVIS PLC .................................. 50,692
108,000 oAMCOL HOLDINGS LTD ......................... 238,724
875,300 oAMERICAN POWER CONVERSION CORP ............. 8,971,825
414,500 AMETEK, INC ................................ 9,015,375
38,500 oANADIGICS, INC ............................. 1,121,312
271,575 BALDOR ELECTRIC CO ......................... 6,110,437
11,876 BARCO INDUSTRIES NV ........................ 1,902,872
237,200 BELDEN, INC ................................ 7,116,000
147,345 BICC LTD ................................... 709,728
74,686 BOWTHORPE HOLDINGS PLC ..................... 522,211
1,327 CATENA CORP ................................ 17,421
150,000 oCMK CORP ................................... 2,502,616
1,020,000 oCOGENERATION PUBLIC CO LTD (FR) ............ 4,457,471
73,300 oCOMVERSE TECHNOLOGY, INC ................... 2,235,650
200,000 DAIWA INDUSTRIES LTD ....................... 2,133,378
65,674 DELTA PLC .................................. 358,175
1,273,500 DURACELL INTERNATIONAL, INC ................ 54,919,687
117,500 oELECTRO SCIENTIFIC INDUSTRIES, INC ......... 2,467,500
1,657,485 EMERSON ELECTRIC CO ........................ 149,795,206
206,894 oESCO ELECTRONICS CORP (TRUST RECEIPTS) ..... 2,353,419
72,900 EXIDE CORP ................................. 1,767,825
330 FUJITSU BUSINESS SYSTEMS LTD ............... 9,116
2,880,424 FUJITSU LTD ................................ 26,260,825
18,802,522 GENERAL ELECTRIC CO ........................ 1,626,418,153
2,186,336 oGENERAL ELECTRIC CO (UNITED KINGDOM) ....... 11,788,037
2,947,000 GENERAL SIGNAL CORP ........................ 111,617,625
326,700 GRAINGER (W.W.), INC ....................... 25,319,250
900 HITACHI ELECTRONICS LTD .................... 10,256
6,313,491 HITACHI LTD ................................ 58,711,299
193,000 HITACHI MAXELL LTD ......................... 4,029,440
1,040,400 HONEYWELL, INC ............................. 56,701,800
174,538 HUBBELL, INC (CLASS B) ..................... 11,563,142
427,500 JUNO LIGHTING, INC ......................... 7,267,500
32,500 KODENSHA CO LTD ............................ 349,636
156,666 oLEADER UNIVERSAL HOLDINGS BERHAD ........... 442,629
76,500 LEGRAND S.A ................................ 13,670,540
299,400 oMAGNETEK, INC .............................. 2,881,725
19,000 MARUWA CERAMIC CO LTD ...................... 1,489,717
20,000 oMIRAI INDUSTRY CO LTD ...................... 587,134
5,392,000 MITSUBISHI ELECTRIC CORP ................... 37,557,372
2,453,301 NIPPON ELECTRIC CORP (N.E.C.) .............. 26,616,426
2,000 NKT HOLDINGS AS ............................ 99,224
89,300 oOAK INDUSTRIES, INC (NEW) .................. 2,645,512
22,200 OXFORD INSTRUMENTS GROUP PLC ............... 170,402
500,125 OYL INDUSTRIES BERHAD ...................... 5,211,091
50,012 oOYL INDUSTRIES BERHAD RTS .................. 220,467
298,900 PACIFIC SCIENTIFIC CO ...................... 4,707,675
3,399,702 PHILIPS ELECTRONICS NV ..................... 110,535,110
114,228 RACAL ELECTRONICS PLC ...................... 541,336
49,397 REUNERT LTD ................................ 217,869
143,600 oSANMINA CORP ............................... 3,877,200
75,000 oSANSO ELECTRIC CO LTD ...................... 2,085,513
3,918,548 oSHANGHAI SHANGLING ELECTRIC CO SERIES B .... 2,068,993
See notes to financial statements.
-25-
<PAGE>
SHARES VALUE
------ -----
ELECTRICAL EQUIPMENT--(Continued)
774,010 SIEMENS AG ................................. $ 41,339,523
937,500 SUMITOMO ELECTRIC INDUSTRIES CO ............ 13,419,084
252,400 oSYMBOL TECHNOLOGIES, INC ................... 11,231,800
275,000 TB WOODS CORP .............................. 2,681,250
377,500 TECNOST S.P.A .............................. 626,400
403,000 THOMAS & BETTS CORP ........................ 15,112,500
213,430 TOKYO ELECTRON CO LTD ...................... 6,207,233
3,381,300 WESTINGHOUSE ELECTRIC CORP ................. 63,399,375
481,000 WOODHEAD INDUSTRIES, INC ................... 5,651,750
330,000 oYAMATAKE HONEYWELL CO LTD .................. 5,987,133
643,000 YOKOGAWA ELECTRIC CORP ..................... 6,448,454
-------------
2,920,733,708
-------------
ELECTRICAL EQUIPMENT--
COMPONENTS DIVERSIFIED--2.41%
824,450 oADVANCED MICRO DEVICES, INC ................ 11,233,131
385,500 oALTERA CORP ................................ 14,649,000
230,701 oAMERICAN ANNUITY GROUP, INC ................ 2,999,113
70,000 oAMERICAN SUPERCONDUCTOR CORP ............... 997,500
1,576,182 AMP, INC ................................... 63,244,302
164,500 oAMPHENOL CORP (CLASS A) .................... 3,783,500
826,700 oANALOG DEVICES, INC ........................ 21,080,850
5,700 oAPPLIED INNOVATION, INC .................... 61,987
953,682 oARROW ELECTRONICS, INC ..................... 41,127,536
88,000 ASTEC LTD .................................. 205,101
705,400 oATMEL CORP ................................. 21,250,175
275,950 AUGAT, INC ................................. 5,277,543
206,400 AVNET, INC ................................. 8,694,600
308,686 oBELL INDUSTRIES, INC ....................... 5,170,490
445,000 oBURR BROWN CORP ............................ 7,898,750
145,900 CAE, INC ................................... 1,212,538
335,900 oCHIPS & TECHNOLOGIES, INC .................. 3,275,025
462,500 oCIRRUS LOGIC, INC .......................... 8,093,750
290,400 CORE INDUSTRIES, INC ....................... 4,174,500
63,000 oCOREL CORP ................................. 645,822
78,996 CTS CORP ................................... 3,712,812
88,000 CUBIC CORP ................................. 2,871,000
95,394 oCYBERGUARD CORP ............................ 1,645,546
647,100 oCYPRESS SEMICONDUCTOR CORP ................. 7,765,200
310,900 DALLAS SEMICONDUCTOR CORP .................. 5,635,062
192,360 oDII GROUP, INC ............................. 4,905,180
269,500 oEXAR CORP .................................. 3,503,500
298,500 FISHER SCIENTIFIC INTERNATIONAL, INC ....... 11,193,750
1,240,600 oGENERAL INSTRUMENT CORP (NEW) .............. 35,822,325
42,000 GEWISS S.P.A ............................... 629,832
55,000 HELIX TECHNOLOGY CORP ...................... 2,131,250
53,511 HIROSE ELECTRIC CO LTD ..................... 3,302,810
40,000 HOGANAS AB SERIES B ........................ 1,398,496
251,000 oHOSIDEN CORP ............................... 2,608,738
153,631 HOYA CORP .................................. 4,958,314
30,400 oHUTCHINSON TECHNOLOGY, INC ................. 1,079,200
36,972,000 INNOVATIVE INTERNATIONAL HOLDINGS LTD ...... 13,134,728
731,000 oINTEGRATED DEVICE TECHNOLOGY, INC .......... 7,766,875
7,812,500 INTEL CORP ................................. 573,730,468
441,000 oINTERNATIONAL RECTIFIER CORP ............... 7,111,125
140,000 oJOHNSON ELECTRIC HOLDINGS LTD .............. 314,697
115,000 oKATSURAGAWA ELECTRIC CO .................... 1,383,960
90,000 oKDK ........................................ 894,377
492,000 oKEMET CORP ................................. 9,840,000
645,000 oKENT ELECTRONICS CORP ...................... 20,156,250
9,300 KEYENCE CORP ............................... 1,263,342
333,156 KYOCERA CORP ............................... 23,539,720
147,200 oLAM RESEARCH CORP .......................... 3,827,200
434,150 oLATTICE SEMICONDUCTOR ...................... 10,473,868
652,900 LINEAR TECHNOLOGY CO ....................... $ 19,587,000
1,100 oLINOTYPE-HELL AG ........................... 54,197
493,900 LOGICON, INC ............................... 14,755,262
1,069,000 oLSI LOGIC CORP ............................. 27,794,000
40,400 oMARSHALL INDUSTRIES, INC ................... 1,131,200
310,000 MATSUSHITA-KOTOBUKI ELECTRONICS INDUSTRIES . 8,083,132
1,210,400 oMAXIM INTEGRATED PRODUCTS .................. 33,059,050
164,150 METHODE ELECTRONICS, INC (CLASS A) ......... 2,790,550
1,309,500 MICRON TECHNOLOGY, INC ..................... 33,883,312
1,533,000 MINEBEA CO LTD ............................. 12,872,228
224,197 MOLEX, INC ................................. 7,118,254
266,210 MOLEX, INC (CLASS A) ....................... 7,819,918
4,937,000 MOTOROLA, INC .............................. 310,413,875
249,500 MURATA MANUFACTURING CO LTD ................ 9,439,969
950,550 oNATIONAL SEMICONDUCTOR CORP ................ 14,733,525
1,164,000 NGK SPARK PLUG CO LTD ...................... 12,946,869
950 NIHON DEMPA KOGYO CO LTD ................... 22,518
70,000 NITTO DENKO CORP ........................... 1,231,706
823,944 OMRON TATEISI ELECTRONICS CO ............... 17,502,721
36,000 PIONEER-STANDARD ELECTRONICS, INC .......... 477,000
140,000 oROGERS CORP ................................ 3,482,500
470,800 ROHM CO .................................... 31,076,133
471,900 oS3, INC .................................... 5,810,268
70,000 SAES GETTERS S.P.A ......................... 1,957,956
60,000 oSAES GETTERS S.P.A. ADR .................... 1,207,500
100,000 SGL CARBON AG .............................. 11,693,603
179,016 oSGS-THOMSON MICROELECTRONICS NV ............ 6,293,711
340,200 oSIERRA SEMICONDUCTOR CORP .................. 3,954,825
131,300 oSTANDARD MICROSYSTEMS CORP ................. 2,002,325
286,000 oSUWA INTERNATIONAL HOLDINGS LTD ............ 8,497
191,600 oSYMMETRICOM, INC ........................... 2,586,600
120,000 TAIYO YUDEN CO LTD ......................... 1,509,775
226,000 TDK CORP ................................... 13,475,290
1,648,400 TEXAS INSTRUMENTS, INC ..................... 82,213,950
242,500 oTRICORD SYSTEMS, INC ....................... 1,091,250
193,700 oTRIMBLE NAVIGATION LTD ..................... 3,728,725
45,800 oTRIQUINT SEMICONDUCTOR, INC ................ 950,350
545,500 oU.S. ROBOTICS CORP ......................... 46,640,250
249,200 oUNITRODE CORP .............................. 4,828,250
10,167 oUNITRODE CORP WTS 8/21/97 .................. 16,521
202,000 oVICOR CORP ................................. 4,696,500
441,971 oVISHAY INTERTECHNOLOGY, INC ................ 10,441,564
63,700 oVITESSE SEMICONDUCTOR CORP ................. 1,528,800
275,100 oVLSI TECHNOLOGY, INC ....................... 3,817,012
327,500 oWESTERN DIGITAL CORP ....................... 8,555,937
95,075 WYLE ELECTRONICS ........................... 3,149,359
789,500 oXILINX, INC ................................ 25,066,625
254,700 oZILOG, INC ................................. 6,112,800
--------------
1,815,288,000
--------------
ELECTRICAL EQUIPMENT--
INSTRUMENTS--0.53%
136,000 ALPS ELECTRIC CO LTD ....................... 1,649,082
220,900 ANALOGIC CORP .............................. 5,909,075
1,514,200 oAPPLIED MATERIALS, INC ..................... 46,183,100
233,000 oASAHI OPTICAL CO LTD ....................... 1,266,059
180,626 oAURA SYSTEMS, INC .......................... 643,480
166,887 BECKMAN INSTRUMENTS, INC NEW ............... 6,341,706
6,973 CANON SALES CO, INC ........................ 193,897
2,903,236 CANON, INC ................................. 60,348,869
353,660 CITIZEN WATCH CO LTD ....................... 2,943,802
198,700 oCOHERENT, INC .............................. 10,332,400
287,000 DAI NIPPON SCREEN MANUFACTURING CO LTD ..... 2,553,781
See notes to financial statements.
-26-
<PAGE>
SHARES VALUE
------ -----
ELECTRICAL EQUIPMENT--
INSTRUMENTS--(Continued)
268,019 DANIEL INDUSTRIES, INC ..................... $ 3,886,275
259,500 oDESTEC ENERGY, INC ......................... 3,308,625
132,600 oDIONEX CORP ................................ 4,276,350
193,200 oELECTROGLAS, INC ........................... 2,753,100
240,200 oELECTRONICS FOR IMAGING, INC ............... 16,663,875
8,000 oEPIC DESIGN TECHNOLOGY, INC ................ 202,000
182,700 oESTERLINE CORP ............................. 4,567,500
147,304 FLUKE CORP ................................. 5,947,399
1,178,711 FUJI PHOTO FILM CO LTD ..................... 37,182,226
60,000 HEUNG CHANG PRODUCTS CO .................... 3,292,110
494,600 oINPUT/OUTPUT, INC .......................... 16,012,675
28,000 oJEOL LTD ................................... 215,708
449,500 oKLA INSTRUMENT CORP ........................ 10,450,875
800,000 KONICA CORP ................................ 6,024,513
296,400 oKULICHE & SOFFA INDUSTRIES, INC ............ 4,334,850
1,215,300 oLORAL SPACE & COMMUNICATIONS LTD ........... 16,558,462
51,900 oLTX CORP ................................... 324,375
205,000 NIKON CORP ................................. 2,354,921
303,205 OLYMPUS OPTICAL CO LTD ..................... 3,040,751
352,853 PERKIN-ELMER CORP .......................... 17,025,157
473,863 RICOH CO LTD ............................... 5,011,442
63,000 SATO CORP .................................. 1,545,057
302,000 SEIKO CORP ................................. 2,835,934
294,700 oSILICON VALLEY GROUP, INC .................. 5,525,625
319,700 TEKTRONIX, INC ............................. 14,306,575
226,200 oTENCOR INSTRUMENTS ......................... 4,269,525
632,138 oTERADYNE, INC .............................. 10,904,380
88,593 oTHERMO INSTRUMENT SYSTEMS, INC ............. 2,857,124
32,000 oTHREE-FIVE SYSTEMS, INC .................... 324,000
2,707,800 TOPPAN PRINTING CO ......................... 39,499,220
135,950 VARIAN ASSOCIATES, INC ..................... 7,035,412
120,400 WATKINS-JOHNSON CO ......................... 3,295,950
449,400 X RITE, INC ................................ 6,853,350
94,908 YAMAHA CORP ................................ 1,566,149
--------------
402,616,741
--------------
ENVIRONMENTAL CONTROL--0.40%
279,837 oAIR & WATER TECHNOLOGIES CORP (CLASS A) .... 1,679,022
27,000 oALLIED WASTE INDUSTRIES, INC ............... 239,625
176,685 oAMERICAN ECOLOGY CORP ...................... 220,856
1,554,175 BROWNING FERRIS INDUSTRIES, INC ............ 45,071,075
463,240 oCLEAN HARBORS, INC ......................... 1,331,815
60,000 oDAISEKI CO LTD ............................. 1,652,000
12,974 oFLUOR DANIEL/GTI, INC ...................... 142,714
680,000 FSI HOLDINGS LTD ........................... 136,275
231,800 oHANDEX CORP ................................ 2,289,025
689,875 oINTERNATIONAL TECHNOLOGY CORP .............. 1,897,156
908,684 OGDEN CORP ................................. 16,469,897
227,200 oOHM CORP ................................... 1,590,400
3,000 oOMEGA ENVIRONMENTAL, INC ................... 6,562
477,400 oREPUBLIC INDUSTRIES, INC ................... 13,904,275
460,749 oROLLINS ENVIRONMENTAL SERVICES, INC ........ 1,785,402
232,900 oSANIFILL, INC .............................. 11,470,325
298,700 oTETRA TECHNOLOGIES, INC .................... 5,189,912
131,200 oU.S. FILTER CORP ........................... 4,559,200
832,742 oU.S.A. WASTE SERVICES, INC ................. 24,669,981
419,200 oUNITED WASTE SYSTEMS, INC .................. 13,519,200
262,400 oWESTON (ROY F.), INC (CLASS A) (NEW) ....... 1,246,400
1,402,632 WHEELABRATOR TECHNOLOGIES, INC (NEW) ....... 21,390,138
3,868,257 WMX TECHNOLOGIES, INC ...................... 126,685,416
464,700 oYORK RESEARCH CORP ......................... 4,937,437
5,335 #oYORK RESEARCH CORP (CLASS B) WTS ........... 23,874
--------------
302,107,982
--------------
FINANCIAL--MISCELLANEOUS--3.36%
22,000,000 oABOITIZ EQUITY VENTURES, INC ............... 4,114,510
252,200 ADVANTA CORP (CLASS A) ..................... 12,862,200
388,900 ADVANTA CORP (CLASS B) ..................... 17,597,725
157,500 oAMBAC, INC ................................. 8,209,687
4,234,699 AMERICAN EXPRESS CO ........................ 188,973,442
2,059,742 AMERICAN GENERAL CORP ...................... 74,923,115
60,500 oAMRESCO, INC ............................... 1,036,062
353,700 oASSOCIATES FIRST CAPITAL CORP .............. 13,307,962
280,600 ASTORIA FINANCIAL CORP ..................... 7,611,275
100 AVALON PROPERTIES, INC ..................... 2,175
1,900,000 BANCA FIDEURAM S.P.A ....................... 4,112,816
393,200 BANGKOK FIRST INVESTMENT &
TRUST PUBLIC CO LTD (FR) .................. 2,430,404
144,700 BAY VIEW CAPITAL CORP ...................... 4,919,800
6,300 BEACON PROPERTIES CORP ..................... 161,437
1,282,822 BEAR STEARNS COS, INC ...................... 30,306,669
550,900 BENEFICIAL CORP ............................ 30,919,262
1,540,200 oCAL FED BANCORP, INC ....................... 28,108,650
349,100 CAPSTEAD MORTGAGE CORP ..................... 9,731,162
607,100 CASH AMERICA INTERNATIONAL, INC ............ 3,946,150
702,850 oCATELLUS DEVELOPMENT CORP .................. 6,413,506
16,979 CETELEM S.A ................................ 3,815,767
26,700 CMAC INVESTMENT CORP ....................... 1,535,250
615,500 oCOAST SAVINGS FINANCIAL, INC ............... 20,157,625
3,600 COLLECTIVE BANCORP, INC .................... 85,050
387,825 COMDISCO, INC .............................. 10,325,840
64,872 COMPAGNIE BANCAIRE S.A ..................... 7,308,390
40,600 oCONTIFINANCIAL CORP ........................ 1,197,700
1,296,292 COUNTRYWIDE CREDIT INDUSTRIES, INC ......... 32,083,227
23,313 oCREDIT FONCIER DE FRANCE S.A ............... 151,697
51,000 CREDIT SAISON CO ........................... 1,232,162
627,500 CWM MORTGAGE HOLDINGS, INC ................. 10,667,500
2,233,108 DAIWA SECURITIES CO LTD .................... 28,706,536
1,396,186 DEAN WITTER DISCOVER & CO .................. 79,931,648
33,900 DEVELOPERS DIVERSIFIED REALTY CORP ......... 1,080,562
533 DUFF & PHELPS CREDIT RATING CO ............. 11,326
109,600 EATON VANCE CORP ........................... 3,973,000
476,700 EDWARDS (A.G.), INC ........................ 12,930,487
175,500 EQUITY RESIDENTIAL PROPERTIES TRUST CO ..... 5,769,562
1,157 oEURAFRANCE S.A ............................. 447,221
1,673,700 FEDERAL HOME LOAN MORTGAGE CORP ............ 143,101,350
10,515,100 FEDERAL NATIONAL MORTGAGE ASSOCIATION ...... 352,255,850
4,000,000 FINANCE ONE CO, LTD (FR) ................... 20,157,440
575,780 oFINANCE ONE CO, LTD (FR) WTS 3/15/99 ....... 2,878,894
341,100 FINOVA GROUP, INC .......................... 16,628,625
606,400 FIRST FINANCIAL CORP (WISCONSIN) ........... 13,644,000
3,500 FIRST HUNGARY FUND LTD (UNITS) ............. 3,746,085
1,598,400 oFIRST NIS REGIONAL (FULLY PD) .............. 16,783,200
444,300 FIRST USA, INC ............................. 24,436,500
102,924 FRANCHISE FINANCE CORP OF AMERICA .......... 2,367,252
418,100 FRANKLIN RESOURCES, INC .................... 25,504,100
447,200 oGARTNER GROUP, INC (CLASS A) (NEW) ......... 16,378,700
72,700 GENERAL GROWTH PROPERTIES, INC ............. 1,753,887
35,440 oGENTRA, INC ................................ 54,235
1,518,800 oGLENDALE FEDERAL SAVINGS BANK, INC (NEW) ... 27,528,250
85,400 GLIMCHER REALTY TRUST ...................... 1,441,125
1,115,000 GOLDEN WEST FINANCIAL CORP ................. 62,440,000
See notes to financial statements.
-27-
<PAGE>
SHARES VALUE
------ -----
FINANCIAL--MISCELLANEOUS--(Continued)
174,500 GREAT FINANCIAL CORP ....................... $ 4,515,187
2,802,373 GREAT WESTERN FINANCIAL CORP ............... 66,906,655
2,928,200 GREEN TREE FINANCIAL CORP .................. 91,506,250
3,273,900 H.F. AHMANSON & CO ......................... 88,395,300
4,800 oHANG LUNG DEVELOPMENT CO LTD WTS 10/31/97 .. 1,134
247,100 HEALTH AND RETIREMENT PROPERTY TRUST ....... 4,262,475
273,900 #oHEIZER CORP (LIQUIDATING TRUST) ............ 113,394
43,700 HIGHWOODS PROPERTIES, INC .................. 1,207,212
67,000 HITACHI CREDIT CORP ........................ 1,185,027
125,333 HONG LEONG CREDIT BERHAD ................... 592,685
809,909 HOUSEHOLD INTERNATIONAL, INC ............... 61,553,084
40,000 oIMPERIAL THRIFT & LOAN ASSOCIATION CO ...... 590,000
2,000 INCENTIVE AB SERIES A FREE ................. 106,394
800 INCENTIVE AB SERIES B FREE ................. 42,738
3,243,000 INVESCO MIM PLC ............................ 11,640,028
70,700 INVESCO PLC ADR ............................ 2,474,500
35,939 INVESTORS FINANCIAL SERVICES CORP .......... 835,581
52,600 INVESTORS GROUP INC ........................ 654,755
581,000 JACCS CO ................................... 5,291,680
720 JAPAN ASSOCIATED FINANCE CO ................ 84,022
911,242 LEHMAN BROTHERS HOLDINGS, INC .............. 22,553,239
215,000 oLG SECURITIES CO ........................... 3,896,896
1,425,000 LONDON FORFAITING CO PLC ................... 6,310,370
91,500 MARYLAND FEDERAL BANCORP ................... 2,699,250
600,000 oMBF CAPITAL BERHAD ......................... 827,154
1,765,275 MBNA CORP .................................. 50,310,337
460,600 oMEDAPHIS CORP .............................. 18,308,850
509,700 MEDITRUST CORP ............................. 17,011,237
11,895 oMERCAPITAL S.A ............................. 111,322
73,480 MERCURY ASSETS MANAGEMENT GROUP PLC ........ 1,101,771
922,200 MERCURY FINANCE CO ......................... 11,758,050
1,626,796 MERRILL LYNCH & CO, INC .................... 105,945,089
303,113 MERRY LAND & INVESTMENT CO, INC ............ 6,365,373
942,400 MORGAN STANLEY GROUP, INC .................. 46,295,400
1,600,000 NATIONAL FINANCE & SECURITIES
PUBLIC CO LTD (FR) ......................... 6,110,224
3,500,000 NAVA FINANCE & SECURITIES
PUBLIC CO LTD (FR) ........................ 9,438,957
72,531 NEW PLAN REALTY TRUST ...................... 1,532,217
150,000 oNEWCOURT CREDIT GROUP ...................... 3,695,905
600 NICE NICHIEI CO LTD ........................ 2,833
13,362 NICHIEI CO LTD (OTC) ....................... 889,295
372,000 NIKKO SECURITIES CO LTD .................... 4,171,574
385,000 NIPPON SHINPAN CO LTD ...................... 2,737,835
4,686,744 NOMURA SECURITIES CO LTD ................... 91,440,156
4,313 NPM HOLDINGS NV ............................ 170,549
114,900 oOLYMPIC FINANCIAL LTD ...................... 2,642,700
495,000 ORIENT CORP ................................ 3,249,298
27,187 ORIX CORP .................................. 1,006,327
112 ORREFORS KOSTA BODA AB ..................... 1,670
16,547 oPACIFIC CREST CAPITAL, INC ................. 148,923
608,300 PAINE WEBBER GROUP INC ..................... 14,447,125
73,500 PENNCORP FINANCIAL GROUP, INC .............. 2,333,625
250,000 PEREGRINE INVESTMENT HOLDINGS LTD .......... 360,105
25,000 oPEREGRINE INVESTMENT WTS 5/15/98 ........... 3,100
145,000 PERPETUAL PLC .............................. 5,339,633
885,000 oPHATRA THANAKIT CO LTD (FR) ................ 5,958,058
7,900 PHOENIX DUFF & PHELPS CORP ................. 59,250
190,000 oPHYSICIAN SUPPORT SYSTEMS, INC ............. 4,298,750
326,000 PIONEER GROUP, INC ......................... 8,720,500
55,000 PMI GROUP, INC ............................. 2,337,500
545,200 PRICE (T. ROWE) ASSOCIATES, INC ............ 16,764,900
191,000 PROMISE CO ................................. 9,403,273
1,525,694 PROVIDENT FINANCIAL PLC .................... 10,904,867
48,200 PUBLIC STORAGE, INC ........................ 994,125
97,162 QUICK & REILLY GROUP, INC .................. 3,157,765
10,100 RESOURCE MORTGAGE CAPITAL CORP ............. 227,250
283,600 RFS HOTEL INVESTORS, INC ................... 4,395,800
34,803 RIT CAPITAL PARTNERS PLC ................... 130,866
67,800 ROOSEVELT FINANCIAL GROUP, INC ............. 1,305,150
990,600 SALOMON, INC ............................... 43,586,400
79,760 SCHROEDERS LTD ............................. 1,679,266
1,043,900 SCHWAB (CHARLES) CORP ...................... 25,575,550
40,000 oSEACOR HOLDINGS, INC ....................... 1,790,000
327,100 SECURITY CAPITAL PACIFIC TRUST ............. 7,114,425
34,600 SPIEKER PROPERTIES, INC .................... 942,850
262,000 oSSANGYOUNG INVESTMENT & SECURITIES CO ...... 4,619,557
132,500 ST. FRANCIS CAPITAL CORP ................... 3,312,500
140,692 ST. JAMESS PLACE CAPITAL PLC ............... 264,514
221,900 STEWART INFORMATION SERVICES CORP .......... 4,465,737
1,600 STORAGE USA, INC ........................... 51,600
290,000 STUDENT LOAN CORP .......................... 10,440,000
1,255,050 STUDENT LOAN MARKETING ASSOCIATION ......... 92,873,700
710 oTAIPEI FUND IDR UNITS (REGD) ............... 6,177,000
656,800 TCF FINANCIAL CORP ......................... 21,838,600
444,075 THE MONEY STORE, INC ....................... 9,825,159
800 UNITED ASSET MANAGEMENT CORP ............... 19,600
417,700 UNITED COS FINANCIAL CORP .................. 14,201,800
299,498 UNITED DOMINION REALTY TRUST CO ............ 4,305,283
298,400 VALUE LINE, INC ............................ 10,145,600
90,150 WHITNEY HOLDING CORP ....................... 2,727,037
875,600 YAMAICHI SECURITIES CO LTD ................. 6,003,099
---------------
2,527,989,873
---------------
FOODS--2.02%
1,000 AARHUS OLIEFABRIK AS (CLASS A) ............. 53,703
1,700 AARHUS OLIEFABRIK AS (CLASS B) ............. 89,847
534,610 AJINOMOTO CO LTD ........................... 6,384,991
5,168,671 ARCHER DANIELS MIDLAND CO .................. 98,850,832
88,000 ARIAKE JAPAN CO LTD ........................ 3,321,505
36,000 ARNOTTS LTD ................................ 241,135
365,200 ASSOCIATED BRITISH FOODS PLC ............... 2,196,022
3,720 AULT FOODS LTD ............................. 44,263
62,749 BAGLEY S.A. (CLASS B) ...................... 158,977
700 BONGRAIN S.A ............................... 338,558
700 oBONGRAIN S.A. RTS .......................... 34,250
455,534 BRL HARDY LTD .............................. 831,837
1,726,228 BURNS PHILP & CO LTD ....................... 3,260,913
423,629 CADBURY SCHWEPPES LTD ...................... 3,350,414
920,500 CAMPBELL SOUP CO ........................... 64,895,250
995,173 CARDINAL HEALTH, INC ....................... 71,776,852
423,900 CHIQUITA BRANDS INTERNATIONAL, INC ......... 5,510,700
2,206,904 CONAGRA, INC ............................... 100,138,269
1,209,400 CPC INTERNATIONAL, INC ..................... 87,076,800
40,500 CULTOR OY SERIES 2 ......................... 2,074,640
67,000 oDANISCO AS ................................. 3,335,427
29,041 DANONE GROUP ............................... 4,394,257
422,550 DEAN FOODS CO .............................. 10,458,112
237,000 DEL MONTE ROYAL FOODS ...................... 284,585
445,984 DOLE FOOD, INC ............................. 19,177,312
323,700 DREYERS GRAND ICE CREAM, INC ............... 10,196,550
105,032 oEARTHGRAINS CO ............................. 3,439,798
9,331 oERIDANIA BEGHIN-SAY S.A ................... 1,460,829
284,000 EZAKI GLICO CO LTD ......................... 3,158,858
95,986 oFINANZIARIA AUTOGRILL S.P.A ................ 109,958
618,450 FLOWERS INDUSTRIES, INC .................... 9,972,506
See notes to financial statements.
-28-
<PAGE>
SHARES VALUE
------ -----
FOODS--(Continued)
1,869,700 GENERAL MILLS, INC ......................... $101,898,650
501,800 oGENERAL NUTRITION COS, INC ................. 8,781,500
162,600 GOLDEN ENTERPRISES, INC .................... 1,310,962
2,054,799 GOODMAN FIELDER LTD ........................ 2,086,358
153,000 GRUPO INDUSTRIAL BIMBO S.A. DE CV SERIES A . 708,482
366,000 GRUPO INDUSTRIAL MASECA S.A SERIES B ...... 382,416
2,653,850 HEINZ (H.J.) CO ............................ 80,610,693
625,000 HERDEZ S.A. SERIES B ....................... 210,257
393,948 HERSHEY FOODS CORP ......................... 28,905,934
100,000 HOHNEN OIL CO LTD .......................... 635,454
788,300 oHORMEL FOODS CORP .......................... 21,087,025
153,400 HOUSE FOODS CORP ........................... 2,908,979
61,500 HUTECH NORIN CO LTD ........................ 1,928,792
572,600 IBP, INC ................................... 15,818,075
408,800 oINTERNATIONAL DAIRY QUEEN, INC (CLASS A) ... 8,993,600
343,500 INTERNATIONAL MULTIFOODS CORP .............. 6,268,875
388,000 ITOHAM FOODS, INC .......................... 2,953,725
256,900 oJ & J SNACK FOODS CORP ..................... 2,954,350
399,115 KATOKICHI CO LTD ........................... 9,642,638
1,273,300 KELLOGG CO ................................. 93,269,225
1,000,000 KENTUCKY FRIED CHICKEN BERHAD .............. 5,410,165
65,000 KERRY GROUP (CLASS A) ...................... 676,679
103,301 oKIKKOMAN CORP .............................. 842,906
5,500 oKOIPE S.A .................................. 300,261
5,000 KORN-OG FODERSTOF KOMPAGNIET AS ............ 225,896
250,000 LA DORIA S.P.A ............................. 1,090,470
262,632 LANCE, INC ................................. 4,333,428
171,500 oLEDESMA S.A ................................ 245,588
4,119 MAPLE LEAF FOODS, INC ...................... 21,413
167,000 MARUDAI FOOD CO LTD ........................ 1,204,328
177,000 oMARUHA CORP ................................ 642,256
712,800 MCCORMICK & CO, INC ........................ 15,770,700
50,000 oMEFOS LTD .................................. 1,458,720
206,700 MEIJI MILK PRODUCTS CO LTD ................. 1,324,792
215,000 MEIJI SEIKA KAISHA LTD ..................... 1,330,945
252,675 MICHAEL FOODS, INC ......................... 2,937,346
115,000 oMIDWEST GRAIN PRODUCTS, INC ................ 1,495,000
34,779 MOLINOS RIO DE LA PLATA S.A. (CLASS B) ..... 365,691
130,900 NABISCO HOLDINGS CORP (CLASS A) ............ 4,630,587
80,800 oNATURES SUNSHINE PRODUCTS, INC ............. 2,060,400
79,000 oNBTY, INC .................................. 794,937
96,000 NESTLE MALAYSIA BERHAD ..................... 773,292
59,436 NESTLE S.A. (REGD) ......................... 67,854,911
132,000 NICHIREI CORP .............................. 944,703
200,000 NIPPON BEET SUGAR
MANUFACTURING CO LTD ...................... 1,092,216
401,200 NIPPON MEAT PACKERS, INC ................... 5,706,075
219,000 oNIPPON SUISAN KAISHA LTD ................... 932,422
184,000 NISSIN FOOD PRODUCTS CO LTD ................ 4,713,853
63,870 NUTRICIA NV ................................ 6,753,680
71,500 ORKLA AS SERIES A .......................... 3,763,976
7,748 ORKLA AS SERIES B .......................... 376,869
3,275,000 oPARMALAT FINANZIARIA ....................... 4,398,718
12,300 oPASCUAL HERMANOS S.A ....................... 8,057
2,638,555 PERDIGAO COMERICO E INDUSTRIA .............. 4,204
526,400 PIONEER-HI-BRED INTERNATIONAL, INC ......... 27,833,400
350,000 oPOWER PACIFIC LTD .......................... 22,038
2,000,000 oPT CHAROEN POKPHAND INDONESIA (FR) ......... 3,870,000
2,560,000 oPT INDOFOOD SUKSES MAKMUR (FR) ............. 11,558,400
435,739 oQ.P. CORP .................................. 4,210,990
1,070,732 QUAKER OATS CO ............................. 36,538,729
30,000 oRAISION TEHTAAT OY ......................... 1,788,594
604,943 oRALCORP HOLDINGS, INC ...................... 12,476,949
961,191 RALSTON PURINA GROUP ....................... 61,636,372
139,600 RICHFOOD HOLDINGS, INC ..................... 4,537,000
3,916,800 SARA LEE CORP .............................. 126,806,400
385,800 SAVANNAH FOODS & INDUSTRIES, INC ........... 4,967,175
169,000 SHINOBU FOOD PRODUCTS CO LTD ............... 1,109,356
22,000 SMITH (C.G) LTD ............................ 114,305
205,800 oSMITHFIELD FOODS, INC ...................... 5,196,450
107,531 SMITH'S FOOD & DRUG CENTERS, INC (CLASS B) . 2,567,302
105,400 SMUCKER, (J.M.) CO (CLASS A) ............... 2,068,475
199,400 SMUCKER, (J.M.) CO (CLASS B) ............... 3,713,825
870,950 SNOW BRAND MILK PRODUCTS CO ................ 5,915,636
325,100 oSPAGHETTI WAREHOUSE, INC ................... 1,747,412
2,812 ST. LOUIS S.A .............................. 746,655
163,000 TAKARA SHUZO CO LTD ........................ 1,664,399
158,193 TATE & LYLE PLC ............................ 1,125,765
208,200 TCBY ENTERPRISES, INC ...................... 884,850
28,000 TIGER OATS LTD ............................. 392,794
260,482 TOOTSIE ROLL INDUSTRIES, INC ............... 9,279,671
444,200 TYSON FOODS, INC ........................... 12,159,975
97,900 UNIGATE PLC ................................ 605,425
635,400 UNILEVER LTD ............................... 12,637,241
274,800 UNILEVER NV CERTIFICATES ................... 39,763,087
227,980 UNITED BISCUITS HOLDINGS PLC ............... 758,063
424,620 UNIVERSAL FOODS CORP ....................... 15,657,862
8,420 oVISCOFAN S.A ............................... 132,976
97,600 WESTON (GEORGE) LTD ........................ 3,373,155
490,900 WRIGLEY (WM) JR CO ......................... 24,790,450
373,800 WRIGLEY (WM) JR CO (CLASS B) ............... 18,876,900
119,300 oYAMAZAKI BAKING CO LTD ..................... 2,207,945
280,000 oYOMEISHU SEIZO CO LTD ...................... 2,680,398
--------------
1,518,875,843
--------------
FOREST PRODUCTS--0.60%
1,906,872 AMCOR LTD .................................. 12,982,775
350,000 ARACRUZ CELLULOSE S.A. ADR ................. 3,325,000
335,000 ARJO WIGGINS APPLETON PLC .................. 916,120
2,920,700 oASIA PACIFIC RESOURCES
INTERNATIONAL HOLDINGS (CLASS A) .......... 21,905,250
122,000 AVENOR, INC ................................ 1,974,225
19,000 #oBIRKA KRAFT ................................ 180,387
503,932 BOISE CASCADE CORP ......................... 18,456,509
64,632 CANFOR CORP ................................ 624,692
17,643,377 oCARTER HOLT HARVEY LTD ..................... 40,251,300
125,000 CARTIERE BURGO S.P.A ....................... 682,562
692,290 CHAMPION INTERNATIONAL CORP ................ 28,903,107
119,000 oCOLLINS & AIKMAN CORP ...................... 714,000
150,300 DOMTAR, INC ................................ 1,106,036
503,680 DOMTAR, INC (U.S.) ......................... 3,651,680
47,300 DONOHUE, INC (CLASS A) ..................... 619,952
69,174 oFIBREBOARD CORP (NEW) ...................... 1,910,931
33,000 FLETCHER CHALLENGE CANADA LTD (CLASS A) .... 447,023
3,395,025 oFLETCHER CHALLENGE LTD
ENERGY DIVISION ........................... 7,489,499
8,704,207 FLETCHER CHALLENGE LTD (FORESTS DIVISION) .. 10,793,486
824,300 GEORGIA-PACIFIC CORP ....................... 58,525,300
134,125 HOKUSHIN CO LTD ............................ 1,711,944
80,340 KONINKLIJKE KNP BT NV ...................... 1,924,959
19,000 oKORSNAS AB SERIES A ........................ 286,330
766,736 LOUISIANA PACIFIC CORP ..................... 16,964,034
48,400 MACMILLAN BLOEDEL LTD ...................... 641,458
30,000 MADERAS Y SINTETICOS S.A. ADR .............. 532,500
71,000 MO OCH DOMSJO AB SERIES B FREE ............. 1,818,949
See notes to financial statements.
-29-
<PAGE>
SHARES VALUE
------ -----
FOREST PRODUCTS--(Continued)
63,800 NORSKE SKOGINDUSTRIER SERIES A ............. $ 1,924,826
2,400 NORSKE SKOGINDUSTRIER SERIES B ............. 66,865
2,500 PAPIERWERKE WALDHOF- ASCHAFFENBURG AG ...... 313,690
33,400 POPE & TALBOT, INC ......................... 505,175
200,000 PORTUCEL INDUSTRIA EMPRESA ................. 1,280,229
277,900 POTLATCH CORP .............................. 10,872,837
506,184 RAYONIER, INC .............................. 19,234,992
7,000 oREPAP ENTERPRISES, INC 27,421
204,974 REXAM PLC .................................. 1,079,676
319,900 SCA AB SERIES B ............................ 6,580,518
402,136 SMURFIT (JEFFERSON) GROUP PLC .............. 1,087,219
113,000 oSTONE CONSOLIDATED CORP .................... 1,385,918
454,450 STORA KOPPARBERG BERGSLAGS
SERIES A FREE ............................. 5,992,491
75,550 STORA KOPPARBERG BERGSLAGS
SERIES B FREE .............................. 996,221
77,142 oTABLEROS DE FIBRAS S.A. SERIES B ........... 700,899
85,000 oTEMBEC, INC (CLASS A) ...................... 581,935
331,400 TJ INTERNATIONAL, INC ...................... 5,965,200
1,297,900 oUPM-KYMMENE OY ............................. 26,845,747
2,186,450 WEYERHAEUSER CO ............................ 92,924,125
541,536 WILLAMETTE INDUSTRIES, INC ................. 32,221,392
--------------
449,927,384
--------------
HEALTHCARE--DRUGS--5.56%
1,507,991 oAFFYMETRIX, INC ............................ 22,996,862
28,000 oAGOURON PHARMACEUTICALS, INC ............... 1,092,000
371,900 oALLIANCE PHARMACEUTICAL CORP ............... 6,136,350
22,900 oALPHA BETA TECHNOLOGY, INC ................. 203,237
686,000 oALZA CORP .................................. 18,779,250
5,705,102 AMERICAN HOME PRODUCTS CORP ................ 343,019,257
2,234,400 oAMGEN, INC ................................. 120,657,600
312,625 ARBOR DRUGS, INC ........................... 6,526,046
12,487 ARES-SERONO S.A. SERIES B .................. 10,973,629
1,830,080 ASTRA AB SERIES A FREE ..................... 80,807,364
144,400 ASTRA AB SERIES B FREE ..................... 6,288,952
73,600 oATHENA NEUROSCIENCES, INC .................. 1,260,400
265,000 BANYU PHARMACEUTICAL CO LTD ................ 3,744,807
289,642 BERGEN BRUNSWIG CORP (CLASS A) ............. 8,037,565
161,250 oBIO RAD LABORATORIES, INC (CLASS A) ........ 5,784,843
312,600 oBIO TECHNOLOGY GENERAL CORP ................ 2,598,487
17,000 oBIOCHEM PHARMACEUTICALS, INC ............... 637,951
329,700 oBIOGEN, INC ................................ 18,092,287
99,300 oBIOMIRA, INC ............................... 625,305
150,927 BLOCK DRUG, INC (CLASS A) .................. 6,338,934
4,847,240 BRISTOL MYERS SQUIBB CO .................... 436,251,600
523,800 xoCAMBRIDGE BIOTECH CORP ..................... 2,246,400
671,200 oCENTOCOR, INC .............................. 20,052,100
186,100 oCEPHALON, INC .............................. 3,675,475
712,767 oCHIRON CORP ................................ 69,851,166
326,180 CHUGAI PHARMACEUTICAL CO LTD ............... 3,181,947
12,000 CIBA-GEIGY AG. (BR) ........................ 14,552,999
32,519 CIBA-GEIGY AG. (REGD) ...................... 39,619,274
378,300 COLLAGEN CORP .............................. 7,234,987
700 oCOPLEY PHARMACEUTICAL, INC ................. 9,275
206,300 oCYGNUS, INC ................................ 3,146,075
524,982 oCYTOGEN CORP ............................... 4,757,649
115,468 DAIICHI PHARMACEUTICAL CO .................. 1,779,099
950 DAINIPPON PHARMACEUTICAL CO LTD ............ 10,220
357,270 oDR. REDDYS LABORATORIES LTD GDR ............ 3,572,700
95,800 oDURA PHARMACEUTICALS, INC .................. 5,364,800
743,641 EISAI CO LTD ............................... 14,034,134
241,577 ELF SANOFI S.A. ............................ 18,103,153
120,095 oENZO BIOCHEMICAL, INC ...................... 2,056,626
446,000 oFOREST LABORATORIES, INC ................... 17,226,750
615,000 FUJISAWA PHARMACUEUTICAL CO LTD ............ 6,447,998
40,500 oGENENTECH, INC ............................. 2,121,187
88,180 oGENETICS INSTITUTE, INC
(DEPOSITORY SHARES) ....................... 5,599,430
404,700 #oGENSET S.A. ................................ 23,189,514
309,281 oGENSIA, INC ................................ 1,565,735
291,900 oGENZYME CORP ............................... 14,667,975
35,302 oGENZYME CORP
(TISSUE REPAIR DIVISION) .................. 414,798
217,200 oGILEAD SCIENCES, INC ....................... 5,484,300
4,829,682 GLAXO WELLCOME PLC ......................... 65,025,278
13,410 HAFSLUND AS SERIES A ....................... 97,015
25,802 HAFSLUND AS SERIES B ....................... 162,836
171,500 oIMMUNE RESPONSE CORP ....................... 1,972,250
441,800 oIMMUNEX CORP (NEW) ......................... 6,019,525
638,600 oIMMUNOMEDICS, INC .......................... 5,907,050
285,200 oINTERNEURON PHARMACEUTICALS, INC ........... 8,556,000
69,900 oISIS PHARMACEUTICALS, INC .................. 1,310,625
1,752,859 IVAX CORP .................................. 27,826,636
25,555 KISSEI PHARMACEUTICALS CO LTD .............. 715,263
190,080 KYOWA HAKKO KOGYO .......................... 1,819,607
4,964,010 LILLY (ELI) & CO ........................... 322,660,650
308,300 oLIPOSOME CO, INC ........................... 5,780,625
447,200 #oMARTEK BIOSCIENCES CORP .................... 13,080,600
140,210 #oMARTEK BIOSCIENCES CORP WTS 5/18/98 ........ 2,711,661
23,500 oMATRIX PHARMACEUTICALS, INC ................ 423,000
504,000 MCKESSON CORP (NEW) ........................ 24,003,000
3,210 MEDEVA PLC ................................. 12,519
188,000 oMEDIMMUNE, INC ............................. 3,196,000
66,000 MERCK & CO KGAA ............................ 2,471,423
11,644,617 MERCK & CO, INC ............................ 752,533,373
75,000 oMILLENNIUM PHARMACEUTICALS, INC ............ 1,162,500
68,450 MOCHIDA PHARMACEUTICAL CO LTD .............. 892,403
210,550 oMOLECULAR BIOSYSTEMS, INC .................. 1,894,950
1,107,350 MYLAN LABORATORIES, INC .................... 19,101,787
38,900 oNEUROGEN CORP .............................. 1,001,675
198,472 oNEXSTAR PHARMACEUTICALS, INC ............... 4,416,002
308,700 oNORTH AMERICAN VACCINE, INC ................ 5,633,775
62,210 NOVO NORDISK AS (CLASS B) .................. 8,803,028
52,482 oNYCOMED SERIES A ........................... 755,330
25,802 oNYCOMED SERIES B ........................... 357,446
33,418 oNO PHARMACEUTICAL CO LTD ................... 1,148,613
5,303,300 PFIZER, INC ................................ 378,523,037
313,242 oPHARMACEUTICAL RESOURCES, INC .............. 1,566,210
3,465,685 PHARMACIA & UPJOHN, INC .................... 153,789,771
33,200 oPROTEIN DESIGN LABORATORIES, INC ........... 747,000
515,000 RANBAXY LABORATORIES LTD GDR ............... 10,557,500
230,000 oREGENERON PHARMACEUTICALS, INC ............. 3,996,250
244,300 oREPLIGEN CORP .............................. 251,934
308,500 RHONE-POULENC RORER, INC ................... 20,708,062
100,000 oRIBOZYME PHARMACEUTICALS, INC .............. 1,287,500
58,000 RIKEN VITAMIN CO LTD ....................... 872,496
230,700 oROBERTS PHARMACEUTICAL CORP ................ 4,642,837
1,780 ROCHE HOLDINGS AG. (BR) .................... 22,113,112
16,782 ROCHE HOLDINGS AG. (GENUSSCHEINE) .......... 127,973,231
75,231 ROUSSEL UCLAF S.A. ......................... 18,046,800
13,500 SANDOZ AG. (BR) ............................ 15,347,518
148,110 SANDOZ AG. (REGD) .......................... 169,325,942
671,713 SANKYO CO LTD .............................. 17,392,181
314,300 oSCHERER (R.P.) CORP ........................ 14,261,362
77,170 SCHERING AG. ............................... 5,612,087
3,650,456 SCHERING-PLOUGH CORP ....................... 229,066,114
782,550 oSCIOS, INC ................................. 5,184,393
See notes to financial statements.
-30-
<PAGE>
SHARES VALUE
------ -----
HEALTHCARE--DRUGS (continued)
213,600 oSEPRACOR, INC .............................. $ 3,204,000
537,800 oSEQUUS PHARMACEUTICALS, INC ................ 10,697,180
359,950 SHIONOGI & CO LTD .......................... 3,091,327
5,100 SMITHKLINE BEECHAM PLC ADR ................. 277,312
5,040,190 SMITHKLINE BEECHAM/BECKMAN LTD ............. 53,919,514
132,400 oSOMATOGEN, INC ............................. 1,870,150
211,800 oSYNCOR INTERNATIONAL CORP (NEW) ............ 2,753,400
40,375 SYNTHELABO S.A. ............................ 3,411,443
139,700 TAISHO PHARMACEUTICAL CO LTD ............... 3,018,538
1,083,100 TAKEDA CHEMICAL INDUSTRY LTD ............... 19,156,768
377,702 TANABE SEIYAKU CO LTD ...................... 2,947,643
1,000 TEIKOKU HORMONE MANUFACTURING .............. 14,131
407,000 TERUMO CORP ................................ 5,157,760
543,250 oTHERMEDICS, INC ............................ 13,581,250
290,928 oU.S. BIOSCIENCE, INC ....................... 3,963,894
65,100 oVERTEX PHARMACEUTICALS, INC ................ 1,977,412
2,185,800 WARNER-LAMBERT CO .......................... 120,219,000
487,600 oWATSON PHARMACEUTICALS, INC ................ 18,467,850
427,303 oXOMA CORP .................................. 2,884,295
471,485 YAMANOUCHI PHARMACEUTICAL CO ............... 10,230,498
1,020,092 ZENECA GROUP PLC ........................... 22,554,819
--------------
4,187,327,308
--------------
HEALTHCARE--HOSPITAL SUPPLY--1.61%
7,219,688 ABBOTT LABORATORIES CO ..................... 314,056,428
614,172 BARD (C.R.), INC ........................... 20,881,848
2,514,766 BAXTER INTERNATIONAL, INC .................. 118,822,693
631,406 BECTON DICKINSON & CO ...................... 50,670,331
700 oCNS, INC ................................... 16,975
356,600 DENTSPLY INTERNATIONAL, INC (NEW) .......... 15,155,500
1,459,313 GUIDANT CORP ............................... 71,871,165
32,900 oGULF SOUTH MEDICAL SUPPLY, INC ............. 1,283,100
26,800 oHAEMONETICS CORP ........................... 489,100
159,423 oHEALTHDYNE TECHNOLOGIES, INC ............... 2,072,499
19,400 HOGY MEDICAL CO ............................ 1,052,375
294,800 oIMMUCOR, INC ............................... 3,537,600
123,000 oISOLYSER CO, INC ........................... 1,476,000
11,429,854 JOHNSON & JOHNSON CO ....................... 565,777,773
110,000 oNOBEL BIOCARE AB ........................... 2,038,971
396,412 OWENS & MINOR, INC NEW ..................... 4,608,289
252,550 oPATTERSON DENTAL CO ........................ 9,154,937
224,900 oPHYSICIAN SALES & SERVICE, INC ............. 5,453,825
4,050 oRADIOMETER AS (CLASS B) .................... 251,333
160,500 oTECNOL MEDICAL PRODUCTS, INC ............... 3,089,625
434,200 U.S. SURGICAL CORP ......................... 13,460,200
325,400 oVENTRITEX, INC ............................. 5,572,475
--------------
1,210,793,042
--------------
HEALTHCARE--OTHER--0.87%
61,900 oACCESS HEALTH, INC ......................... 2,924,775
300,800 oACUSON CORP ................................ 4,812,800
210,860 oADVANCED TECHNOLOGY
LABORATORIES, INC ......................... 7,696,390
89,200 oADVANCED TISSUE SCIENCE CO ................. 1,438,350
623,650 ALLERGAN, INC .............................. 24,478,262
71,800 oAMERICAN DRUG CO ........................... 22,437
71,800 oAMERICAN DRUG CO WTS 8/05/96 ............... 718
169,600 oAMERICAN MEDICAL RESPONSE, INC ............. 5,978,400
150,500 oAPPLIED BIOSCIENCE
INTERNATIONAL, INC ........................ 1,580,250
247,100 ARROW INTERNATIONAL, INC ................... 6,671,700
216,433 oBALLARD MEDICAL PRODUCTS CO ................ 4,139,281
665,200 BAUSCH & LOMB, INC ......................... 28,271,000
161,373 oBEC GROUP, INC ............................. 706,006
976,700 oBIOMET, INC ................................ 14,040,062
400,100 oBIOWHITTAKER, INC .......................... 3,375,843
937,178 oBOSTON SCIENTIFIC CORP ..................... 42,173,010
2,119,741 oCAREMARK INTERNATIONAL, INC ................ 53,523,460
203,900 oCIRCON CORP ................................ 2,395,825
133,812 oCORAM HEALTHCARE CORP ...................... 551,974
345,800 oCOVENTRY CORP .............................. 5,446,350
101,500 oDATASCOPE CORP ............................. 1,801,625
192,100 DIAGNOSTIC PRODUCTS CORP ................... 7,395,850
181,300 oE-Z-EM, INC (CLASS A) ...................... 2,243,587
213,429 oE-Z-EM, INC (CLASS B) ...................... 2,414,415
784,996 oENZON, INC ................................. 2,747,486
102,963 oEPITOPE, INC ............................... 1,608,796
8,600 oESSILOR INTERNATIONAL ...................... 2,435,523
45,000 FUKUDA DENSHI CO ........................... 1,152,844
136,800 oGENESIS HEALTH VENTURES, INC ............... 4,292,100
284,700 HILLENBRAND INDUSTRIES, INC ................ 10,605,075
185,100 oHUMAN GENOME SCIENCES, INC ................. 6,802,425
412,200 oIDEXX LABORATORIES, INC .................... 16,178,850
30,000 #oINTERNATIONAL HYDRON (LIQUIDATING TRUST) ... 600
81,600 KINETIC CONCEPTS, INC ...................... 1,264,800
143,760 KURAYA CORP ................................ 2,503,360
2,975,000 LONDON INTERNATIONAL GROUP PLC ............. 7,003,170
14,677 #oLYNX THERAPEUTICS, INC ..................... 124,754
165,700 oMEDCO RESEARCH, INC ........................ 1,636,287
1,991,872 MEDTRONIC, INC ............................. 111,544,832
531,400 MENTOR CORP ................................ 13,550,700
32,600 oMYRIAD GENETICS, INC ....................... 815,000
342,408 oNELLCOR PURITAN BENNETT, INC ............... 16,606,788
200,000 oNEOPATH, INC ............................... 5,050,000
924,200 oOXFORD HEALTH PLANS, INC ................... 38,007,725
927,926 PALL CORP .................................. 22,386,214
214,400 oPHYSICIAN RELIANCE NETWORK, INC ............ 4,770,400
60,000 oPIGEON CORP ................................ 1,411,311
142,200 oQUANTUM HEALTH RESOURCES, INC .............. 2,417,400
194,000 oRESEARCH MEDICAL, INC ...................... 4,292,250
16,000 SAGAMI RUBBER INDUSTRIES CO LTD ............ 113,488
200,000 oSEQUANA THERAPEUTICS, INC .................. 3,100,000
386,360 oSPACELABS MEDICAL, INC ..................... 8,982,870
710,095 oST. JUDE MEDICAL, INC ...................... 23,788,182
264,672 oSTERIS CORP ................................ 8,469,504
1,078,200 STEWART ENTERPRISES, INC (CLASS A) ......... 33,693,750
605,200 oSTRYKER CORP ............................... 13,768,300
521,000 oSUMMIT TECHNOLOGY, INC ..................... 7,294,000
196,879 SUN-S, INC ................................. 2,028,288
108,300 oSUNRISE MEDICAL, INC ....................... 2,084,775
756,800 oSYBRON INTERNATIONAL CORP .................. 18,920,000
212,600 oSYNETIC, INC ............................... 7,866,200
73,700 oTARGET THERAPEUTICS, INC ................... 3,021,700
190,900 oTEVA PHARMACEUTICALS INDUSTRIES LTD ADR .... 7,230,337
137,400 oTHERMO CARDIOSYSTEMS, INC .................. 6,148,650
75,500 oTHERMOTREX CORP ............................ 3,718,375
--------------
653,519,479
--------------
HEALTHCARE--SERVICE--1.17%
195,200 ADAC LABORATORIES, INC NEW ................. 4,440,800
629,000 oAMERISOURCE HEALTH CORP (CLASS A) .......... 20,914,250
667,300 oAPRIA HEALTHCARE GROUP, INC ................ 20,936,537
761,961 oBEVERLY ENTERPRISES CO ..................... 9,143,532
220,300 oCERNER CORP ................................ 4,708,912
163,900 oCOASTAL PHYSICIAN GROUP, INC ............... 1,126,812
3,880,133 COLUMBIA/HCA HEALTHCARE CORP ............... 207,102,098
76,200 oCOMMUNITY HEALTH SYSTEMS, INC .............. 3,943,350
399,162 oCOMMUNITY PSYCHIATRIC CENTERS .............. 3,792,039
6,000 oEXTENDICARE (MULTI-VTG) .................... 74,906
64,000 oEXTENDICARE (SUB-VTG)(CLASS A) ............. 775,572
See notes to financial statements.
-31-
<PAGE>
SHARES VALUE
------ -----
HEALTHCARE--SERVICE--(Continued)
98,464 oFHP INTERNATIONAL CORP ..................... $ 2,695,452
526,350 oFOUNDATION HEALTH CORP ..................... 18,882,806
303,200 oFOXMEYER HEALTH CORP ....................... 4,510,100
320,900 oGMIS, INC .................................. 3,850,800
319,000 oHEALTH CARE & RETIREMENT CORP .............. 7,576,250
771,900 oHEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) NEW ............................. 15,630,975
15,300 oHEALTH MANAGEMENT SYSTEMS, INC ............. 485,775
273,000 oHEALTH SYSTEMS INTERNATIONAL, INC .......... 7,405,125
397,127 oHEALTHCARE COMPARE CO ...................... 19,359,941
245,000 oHEALTHDYNE INFORMATION ENTERPRISES ......... 1,240,312
626,100 oHEALTHSOURCE, INC .......................... 10,956,750
1,125,525 oHEALTHSOUTH CORP ........................... 40,518,900
337,319 oHORIZON/CMS HEALTHCARE CORP ................ 4,342,982
1,787,232 oHUMANA, INC ................................ 31,946,772
200 oI-STAT CORP ................................ 3,775
195,200 oINTEGRATED HEALTH SERVICES, INC ............ 4,636,000
200 oINTEGRATED SILICON SOLUTION, INC ........... 2,300
208,400 INVACARE CORP .............................. 4,897,400
358,560 oLABORATORY CORP OF AMERICA HOLDINGS ........ 2,689,200
75,098 oLABORATORY CORP OF AMERICA
HOLDINGS WTS 4/28/00 ...................... 37,549
574,600 oLINCARE HOLDINGS, INC ...................... 22,553,050
53,200 oLIVING CENTERS OF AMERICA, INC ............. 1,828,750
97,300 oMAGELLAN HEALTH SERVICES, INC .............. 2,091,950
442,950 MANOR CARE, INC ............................ 17,441,156
29,000 oMARINER HEALTH GROUP, INC .................. 532,875
496,100 oMATRIA HEALTHCARE, INC ..................... 4,216,850
57,000 oMAXICARE HEALTH PLANS, INC ................. 1,075,875
239,881 oMEDPARTNERS/MULLIKIN, INC .................. 5,007,515
1,478,100 oMID ATLANTIC MEDICAL SERVICES, INC ......... 21,062,925
73,868 MORRISON FRESH COOKING, INC ................ 387,807
98,490 MORRISON HEALTH CARE, INC .................. 1,378,860
92,400 oMULTICARE COS, INC ......................... 1,755,600
32,600 NICHII GAKKAN CO ........................... 1,694,120
251,100 oNOVACARE, INC .............................. 1,914,637
650,200 OMNICARE, INC .............................. 17,230,300
531,670 oORNDA HEALTHCORP ........................... 12,760,080
61,600 oORTHODONTIC CENTERS OF AMERICA, INC ........ 1,632,400
812,000 oOWEN HEALTHCARE, INC ....................... 11,266,500
230,446 oPACIFICARE HEALTH SYSTEMS, (CLASS A) ....... 15,209,436
47,246 oPACIFICARE HEALTH SYSTEMS, INC (CLASS B) ... 3,200,916
314,887 oPHYCOR, INC ................................ 11,965,706
261,600 oPHYSICIAN CORP OF AMERICA .................. 3,466,200
56,500 oPHYSICIANS HEALTH SERVICES, INC (CLASS A) .. 1,285,375
80,400 oRENAL TREATMENT CENTERS, INC ............... 2,311,500
52,100 oROTECH MEDICAL CORP ........................ 1,015,950
218,700 oSAFEGUARD HEALTH ENTERPRISES, INC .......... 3,963,937
9,900 oSUN HEALTHCARE GROUP, INC .................. 141,075
500,000 oSUNQUEST INFORMATION SYSTEMS, INC .......... 7,500,000
1,340,528 oTENET HEALTHCARE CORP ...................... 28,653,786
15,289 oTRANSPORT HOLDINGS, INC (CLASS A) .......... 703,294
1,465,445 U.S. HEALTHCARE, INC ....................... 80,599,475
1,496,194 UNITED HEALTHCARE CORP ..................... 75,557,797
601,132 oVALUE HEALTH, INC .......................... 14,201,743
766,988 oVENCOR, INC ................................ 23,393,134
54,700 oVISX, INC .................................. 1,866,637
97,500 VITAL SIGNS, INC ........................... 1,998,750
498,133 oVIVRA, INC ................................. 16,376,122
172,553 oWELLPOINT HEALTH NETWORKS, INC ............. 5,392,281
--------------
883,262,336
--------------
HOUSEHOLD--
CONSUMER ELECTRONICS--0.30%
456,000 CASIO COMPUTER CO LTD ...................... 4,365,219
1,155 FUJI DENKI REIKI CO LTD .................... 14,742
286,580 oHARMAN INTERNATIONAL INDUSTRIES, INC ....... 14,114,065
4,585,854 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ...... 85,290,831
60,335 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ADR .. 11,222,310
164,582 PIONEER ELECTRONIC CORP .................... 3,916,289
3,504,400 SANYO ELECTRIC CO LTD ...................... 21,374,292
1,031,120 SHARP CORP ................................. 18,049,384
819,220 SONY CORP .................................. 53,850,255
207,800 SUN TELEVISION & APPLIANCES, INC ........... 753,275
116,000 oUNIDEN CORP ............................... 2,379,537
460 VICTOR CO OF JAPAN LTD ..................... 6,584
566,122 oZENITH ELECTRONICS CORP .................... 6,864,229
--------------
222,201,012
--------------
HOUSEHOLD--DURABLE GOODS--0.34%
154,862 BASSETT FURNITURE INDUSTRIES, INC .......... 4,142,558
664,500 BLACK & DECKER CORP ........................ 25,666,312
701,800 CERAMCO CORP LTD ........................... 884,677
171,200 DYNAMICS CORP OF AMERICA ................... 4,558,200
91,674 ELECTROLUX AB SERIES B ..................... 4,607,393
1,559,157 EMAIL LTD .................................. 4,049,801
174,800 FEDDERS CORP ............................... 1,245,450
152,950 FEDDERS CORP (CLASS A) ..................... 898,581
1,452,738 oFISHER & PAYKEL INDUSTRIES LTD ............. 4,657,867
1,083,800 oGENTEX CORP ................................ 21,134,100
65,500 oINDUSTRIE NATUZZI S.P.A. ADR ............... 3,356,875
237,567 oLADD FURNITURE, INC ........................ 2,375,670
855,200 LEGGETT & PLATT, INC ....................... 23,731,800
1,161,903 MAYTAG CO .................................. 24,254,725
29,400 NATIONAL PRESTO INDUSTRIES, INC ............ 1,117,200
1,561,362 NEWELL COS, INC ............................ 47,816,711
47,670 RINNAI CORP ................................ 1,129,979
939,600 SHAW INDUSTRIES, INC ....................... 12,332,250
556,000 STANLEY WORKS CO ........................... 16,541,000
800,100 SUNBEAM CORP ............................... 11,801,475
645,000 TAKARA STANDARD CO ......................... 7,409,385
632,500 WHIRLPOOL CORP ............................. 31,387,812
--------------
255,099,821
--------------
HOUSEHOLD--PRODUCTS--1.46%
47,800 AMSTRAD PLC ................................ 141,858
44,000 AMWAY JAPAN CO ............................. 2,206,314
519,413 APTARGROUP, INC ............................ 15,712,243
43,500 ARMOR ALL PRODUCTS CORP .................... 647,062
11,636 BIC S.A. ................................... 1,652,180
133,400 CHURCH & DWIGHT CO, INC .................... 2,784,725
316,233 CLOROX CO .................................. 28,026,149
1,196,186 COLGATE PALMOLIVE CO ....................... 101,376,763
1,009,000 DIAL CORP .................................. 28,882,625
60,500 EKCO GROUP, INC ............................ 317,625
259,500 oFIRST ALERT, INC ........................... 1,038,000
285,600 FIRST BRANDS CORP .......................... 7,711,200
162,200 GENERAL HOUSEWARES CORP .................... 2,007,225
139,900 oGIBSON GREETINGS, INC ...................... 1,923,625
966,183 KAO CORP ................................... 13,036,861
376,453 LANCASTER COLONY CORP ...................... 14,069,930
1,662,916 LION CORP .................................. 9,975,809
707,296 NORITAKE CO LTD ............................ 7,351,196
460,600 oPERRIGO CO ................................. 5,181,750
See notes to financial statements.
-32-
<PAGE>
SHARES VALUE
------ -----
HOUSEHOLD--PRODUCTS--(Continued)
595,600 PREMARK INTERNATIONAL, INC ................. $ 11,018,600
8,500 oPRIPPS RINGNES AB .......................... 119,128
8,298,208 PROCTER & GAMBLE CO ........................ 752,025,100
1,206,100 RUBBERMAID, INC ............................ 32,866,225
370,300 oSCOTTS CO (CLASS A) ........................ 6,480,250
1,100 oSMH AG. (BR) ............................... 764,559
29,780 oSMH AG. (REGD) ............................. 4,651,263
166,900 STANHOME, INC .............................. 4,422,850
770,380 oSWEDISH MATCH CO ........................... 2,391,583
263,300 TAMBRANDS, INC ............................. 10,762,387
167,080 THOMAS INDUSTRIES, INC ..................... 3,195,405
595,600 oTUPPERWARE CORP ............................ 25,164,100
38,000 UNI CHARM CORP ............................. 976,977
--------------
1,098,881,567
--------------
INSURANCE--BROKERS & OTHER--0.21%
44,500 oABR INFORMATION SERVICES, INC .............. 2,236,125
20,000 ACE, LTD ................................... 940,000
418,800 ALEXANDER & ALEXANDER SERVICES, INC ........ 8,271,300
153,200 CRAWFORD & CO (CLASS A) .................... 2,604,400
126,000 CRAWFORD & CO (CLASS B) .................... 2,189,250
1,382,098 EQUIFAX, INC ............................... 36,280,072
493,000 GALLAGHER (ARTHUR J.) & CO ................. 15,776,000
432,600 JOHN ALDEN FINANCIAL CORP .................. 9,571,275
80,000 LIFE PARTNERS GROUP, INC ................... 1,820,000
596,560 MARSH & MCLENNAN COS, INC .................. 57,568,040
264,600 MBIA, INC .................................. 20,605,725
17,100 oQUORUM HEALTH GROUP, INC ................... 451,012
283,272 WILLIS CORROON GROUP PLC ADR ............... 3,363,855
--------------
161,677,054
--------------
INSURANCE--LIFE--0.60%
277,800 AMERICAN NATIONAL INSURANCE CO ............. 18,057,000
808,700 AON CORP ................................... 41,041,525
417,800 ARGONAUT GROUP, INC ........................ 13,056,250
175,200 oASSURANCES GENERALES DE FRANCE ............. 4,743,875
150,700 BERKLEY (W.R.) CORP ........................ 6,291,725
309,700 CONSECO, INC ............................... 12,388,000
329,100 EQUITABLE COS, INC ......................... 8,186,362
159,400 EQUITABLE IOWAS COS (NEW) .................. 5,658,700
433,106 FIRST COLONY CORP .......................... 13,426,286
128,821 IRISH LIFE PLC ............................. 510,413
632,950 JEFFERSON-PILOT CORP ....................... 32,676,043
1,857,862 LEGAL & GENERAL GROUP PLC .................. 19,312,330
73,588 LIBERTY LIFE ASSOCIATION OF AFICA LTD ...... 2,357,770
375,000 oMEDIOLANUM S.P.A. .......................... 3,728,625
18,000 METROPOLITAN LIFE LTD ...................... 261,863
28,300 PROTECTIVE LIFE CORP ....................... 994,037
376,975 PROVIDENT COMPANIES, INC ................... 13,948,075
839,100 PROVIDIAN CORP ............................. 35,976,412
3,235,924 PRUDENTIAL CORP PLC ........................ 20,413,593
2,826,500 PT LIPPO LIFE INSURANCE (FR) ............... 3,646,185
449,478 RELIANCE GROUP HOLDINGS, INC ............... 3,371,085
555,500 RELIASTAR FINANCIAL CORP ................... 23,955,937
268,384 SEAFIELD CAPITAL CORP ...................... 10,064,400
498,137 SUNAMERICA, INC ............................ 28,144,740
1,032,850 TORCHMARK CORP ............................. 45,187,187
1,000,300 UNUM CORP .................................. 62,268,675
333,150 USLIFE CORP ................................ 10,952,306
41,600 VESTA INSURANCE GROUP, INC ................. 1,388,400
291,512 WASHINGTON NATIONAL CORP ................... 7,506,434
129,100 WESTERN NATIONAL CORP ...................... 2,372,212
--------------
451,886,445
--------------
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY--3.19%
307,200 o20TH CENTURY INDUSTRIES .................... $ 5,107,200
1,800 oAACHENER & MUNCHENER BERTEIL (REGD) ........ 1,324,399
2,007,650 oAETNA LIFE & CASUALTY CO ................... 143,546,975
2,072,023 AFLAC, INC ................................. 61,901,687
9,300 oAGF UNION-FENIX ............................ 72,893
16,966 oALLEANZA ASSICURAZIONI (S/S) NON CV ........ 109,843
129,807 oALLEGHANY CORP (DELAWARE) .................. 24,922,944
31,182 oALLIANZ AG. (REGD) ......................... 53,977,521
600 ALLMERICA PROPERTY & CASUALTY COS, INC ..... 16,200
5,197,553 ALLSTATE CORP .............................. 237,138,355
705,300 AMERICAN BANKERS INSURANCE GROUP, INC ...... 30,768,712
3,352,484 AMERICAN INTERNATIONAL GROUP, INC .......... 330,638,734
122,500 AMERICAN RE CORP ........................... 5,497,187
1,932,075 oASSICURAZIONI GENERALI S.P.A. .............. 44,530,851
62,062 oASSICURAZIONI GENERALI S.P.A. WTS 4/30/01 .. 1,232,141
15,444 ASSUR STAD ROTTERDAM NV .................... 559,132
405,053 AXA S.A. ................................... 22,155,468
134,800 AYUDHYA INSURANCE CO LTD (FR) .............. 1,008,344
19,000 CHIYODA FIRE & MARINE INSURANCE CO LTD ..... 111,728
2,677,200 CHUBB CORP ................................. 133,525,350
770,578 CIGNA CORP ................................. 90,831,881
298,487 CINCINNATI FINANCIAL CORP .................. 17,125,691
420,200 oCNA FINANCIAL CORP ......................... 43,280,600
1,202 oCOLONIA KONZERN AG. (REGD) ................. 971,265
1,266,525 COMMERICAL UNION ASSURANCE CO LTD .......... 11,413,973
7,625 CORPORACION MAPFRE S.A. .................... 388,916
2,900 ERSTE ALLGEMEINE VERSICHERUNGS AG. ......... 859,492
119,000 EVEREST RE HOLDINGS, INC ................... 3,079,125
123,830 oFAI INSURANCES LTD ......................... 65,302
166,744 FIRST AMERICAN FINANCIAL CORP .............. 5,627,610
407,400 FOREMOST CORP OF AMERICA ................... 23,119,950
1,312 oFORTIS AG. NPV (STRIP VVPR) ................ 753
57,156 FORTIS AG. ................................. 7,543,502
917,880 FREMONT GENERAL CORP ....................... 21,111,240
5,428 oGEFION FINANCE CORP ........................ 101,794
188,000 GENERAL ACCIDENT PLC ....................... 1,907,507
876,500 GENERAL REINSURANCE CORP ................... 133,447,125
5,520 oGROUPE DES ASSURANCES NATIONALE ............ 147,963
384,506 GUARDIAN ROYAL EXCHANGE ASSURANCE PLC ...... 1,481,664
211,800 HARTFORD STEAM BOILER & INSURANCE CO ....... 10,404,675
11,700 HCC INSURANCE HOLDINGS, INC ................ 263,250
85,331 oHIGHLANDS INSURANCE GROUP, INC ............. 1,599,956
439,783 HIH WINTERHUR INTERNATIONAL HOLDINGS LTD ... 830,767
900 HORACE MANN EDUCATORS CORP ................. 28,575
1,221,898 ING GROEP NV ............................... 36,435,031
11,100,000 oINSTITUTO NAZIONALE DELLE ASSICURAZION ..... 16,537,002
268,300 oINSURANCE AUTO AUCTIONS, INC ............... 2,683,000
610,949 oINTERNATIONALE NEDERLANDEN GROEP NV ........ 9,305,607
1,046,136 ITT HARTFORD GROUP, INC .................... 55,706,742
50,000 KOA FIRE & MARINE INSURANCE CO LTD ......... 324,109
248,740 LAWYERS TITLE CORP ......................... 4,477,320
1,121,400 LINCOLN NATIONAL CORP ...................... 51,864,750
3,602,000 MALAYSIA ASSURANCE ALLIANCE BERHAD ......... 19,054,362
See notes to financial statements.
-33-
<PAGE>
SHARES VALUE
------ -----
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY--(Continued)
29,298 MAPFRE VIDA S.A. ........................... $ 1,645,164
23,500 MERCURY GENERAL CORP NEW ................... 1,028,125
214,300 MGIC INVESTMENT CORP ....................... 12,027,587
20,000 MID OCEAN LTD .............................. 820,000
28,500 MILANO ASSICURAZIONI ....................... 88,264
7,125 MILANO ASSICURAZIONI DI RISP ............... 11,381
804,300 MITSUI TAISHO MARINE & FIRE CO LTD ......... 6,386,871
10,276 oMUNCHENER RUECKVERSICHERUNGS-
GESELLSCHAFT (REGD) (P/P) ................. 21,197,375
364 oMUNCHENER RUECKVERSICHERUNGS-
GESELLSCHAFT (REGD) (P/P) WTS 3/13/98 ..... 45,912
773,600 NAC RE CORP ................................ 25,915,600
190,050 NICHIDO FIRE & MARINE INSURANCE CO LTD ..... 1,467,584
2,838,650 NIPPON FIRE & MARINE INSURANCE CO LTD ...... 18,504,180
429,500 OHIO CASUALTY CORP ......................... 14,925,125
767,690 oOLD REPUBLIC INTERNATIONAL CORP ............ 16,505,335
689,006 ORION CAPITAL CORP ......................... 35,139,306
4,800,000 PACIFIC & ORIENT BERHAD .................... 13,465,300
497,250 PROGRESSIVE CORP ........................... 22,997,812
409,001 QBE INSURANCE GROUP LTD .................... 2,430,531
458,919 oRAS S.P.A. ................................. 4,741,064
19,600 oRAS S.P.A. WTS 12/31/97 .................... 74,374
812,593 ROYAL INSURANCE PLC ........................ 5,025,175
19,000 ROYALE BELGE VIE ACCIDENTS ................. 3,699,296
1,191,900 SAFECO CORP ................................ 42,163,462
200,000 oSAI S.P.A. ................................. 1,910,360
6,000 SAMPO INSURANCE CO SERIES A ................ 347,387
24,139 SCHWEIZERISCHE RUCKVERSICHERUNG (REGD) ..... 24,781,174
231,489 SEDGWICK GROUP LTD ......................... 496,368
595,500 SELECTIVE INSURANCE GROUP, INC ............. 19,353,750
171,833 SKANDIA (FORSAKRING) SERIE FRIA ............ 4,544,613
901,740 ST. PAUL COS, INC NOTES .................... 48,243,090
2,423,365 SUMITOMO MARINE & FIRE INSURANCE CO ........ 21,099,596
3,202,822 TOKIO MARINE & FIRE INSURANCE CO LTD ....... 42,632,187
604,900 TRANSAMERICA CORP .......................... 48,996,900
4,487,721 TRAVELERS GROUP, INC ....................... 204,752,270
513,000 oUNI-STOREBRAND AS SERIES A ................. 2,305,764
125,000 oUNION DES ASSURANCES DE PARIS S.A. ......... 2,537,246
59,950 UNION DES ASSURANCES FEDERALES ............. 7,394,338
57,400 oUNITED INSURANCE COS, INC .................. 1,305,850
539,000 UNITRIN, INC ............................... 25,333,000
513,200 USF&G CORP ................................. 8,403,650
170,750 WILLIS CORROON GROUP PLC ................... 413,885
68,520 ZURICH INSURANCE CO (REGD) ................. 18,666,857
--------------
2,403,989,271
--------------
LEISURE TIME--1.48%
128,500 oACCLAIM ENTERTAINMENT, INC ................. 1,236,812
134,750 oAMC ENTERTAINMENT, INC ..................... 3,756,156
902,200 ARCTCO, INC ................................ 11,277,500
213,800 oARGOSY GAMING CORP ......................... 1,576,775
96,100 oATARI CORP ................................. 552,575
500 AUTHENTIC FITNESS CORP ..................... 9,312
427,000 oAUTOTOTE CORP (CLASS A) .................... 880,687
268,200 oBALLY ENTERTAINMENT CORP ................... 7,375,500
67,050 oBALLY TOTAL FITNESS HOLDING CORP ........... 293,343
44,000 oBELL SPORTS CORP ........................... 319,000
99,791 oBERLITZ INTERNATIONAL, INC NEW ............. 2,120,558
1,112,900 BRUNSWICK CORP ............................. 22,258,000
502,200 CALLAWAY GOLF CO ........................... 16,698,150
1,056,400 CARNIVAL CORP (CLASS A) .................... 30,503,550
96,750 oCASINO AMERICA, INC ........................ 798,187
190,200 oCASINO MAGIC CORP .......................... 1,046,100
559 oCHRIS CRAFT INDUSTRIES, INC ................ 24,596
958,384 oCIRCUS CIRCUS ENTERPRISES, INC ............. 39,293,744
256,000 COACHMEN INDUSTRIES, INC ................... 8,960,000
7,507,410 DISNEY (WALT) CO ........................... 472,028,403
373,400 oGALOOB LEWIS TOYS, INC ..................... 10,548,550
55,118 GAUMONT S.A. ............................... 4,121,835
44,080 oGC COS, INC ................................ 1,641,980
236,500 GENTING BERHAD ............................. 1,848,172
462,227 oGRANADA GROUP LTD (CLASS A) ................ 6,190,955
486,800 oGRAND CASINOS, INC ......................... 12,535,100
328,500 oGTECH HOLDINGS CORP ........................ 9,731,812
901,200 oHARRAHS ENTERTAINMENT, INC ................. 25,458,900
695,476 HASBRO, INC ................................ 24,863,267
242,500 oHOLLYWOOD ENTERTAINMENT CORP ............... 3,758,750
219,500 oHOLLYWOOD PARK, INC ........................ 2,112,687
290,525 HUFFY CORP ................................. 3,740,509
1,122,088 INTERNATIONAL GAME TECHNOLOGY CO ........... 18,935,235
1,038,436 oITT CORP NEW ............................... 68,796,385
391,200 JOSTENS, INC ............................... 7,726,200
464,358 K2, INC .................................... 12,595,710
265,900 KIMBALL INTERNATIONAL, INC (CLASS B) ....... 7,345,487
36,000 KONAMI CO .................................. 1,201,255
800 KUONI REISEN HOLDING (REGD)(CLASS B) ....... 1,834,304
5,858,312 LADBROKE GROUP PLC ......................... 16,384,761
611,250 MAGNUM CORP BERHAD ......................... 1,033,732
2,182,358 MATTEL, INC ................................ 62,469,997
544,600 oMIRAGE RESORT, INC ......................... 29,408,400
49,800 NAMCO LTD .................................. 1,648,116
33,060 oNATIONAL LODGING CORP ...................... 528,960
88,000 NINTENDO CO LTD ............................ 6,546,735
268,100 OUTBOARD MARINE CORP ....................... 4,859,312
441,600 oPLAYERS INTERNATIONAL, INC ................. 4,305,600
347,600 oPRESIDENT CASINOS, INC ..................... 586,575
143,500 oPRIMADONNA RESORTS, INC .................... 3,300,500
2,778,005 RANK ORGANIZATION PLC ...................... 21,495,991
127,100 oREGAL CINEMAS, INC ......................... 5,814,825
2,500 oSALOMON S.A. ............................... 2,284,736
31,700 SANKYO CO LTD .............................. 1,213,837
63,700 oSCIENTIFIC GAMES HOLDINGS CORP ............. 1,847,300
170,012 SEGA ENTERPRISES LTD ....................... 7,935,996
356,000 SHIMANO, INC ............................... 6,361,477
37,300 SHOCHIKU CO LTD ............................ 428,480
28,400 SHOWBOAT, INC .............................. 855,550
12,000 oSKIS ROSSIGNOL S.A. ........................ 4,426,318
126,750 xoSLM INTERNATIONAL, INC ..................... 71,296
5,850 SONY MUSIC ENTERTAINMENT INC ............... 272,005
15,000 oSPEEDWAY MOTORSPORTS, INC .................. 384,375
288,500 oSPORTS & RECREATION, INC ................... 2,632,562
216,100 oSTATION CASINOS, INC ....................... 3,106,437
187,000 oSTRUM RUGER & CO, INC ...................... 8,695,500
1,090,349 THORN EMI LTD .............................. 30,393,665
51,754 TOHO CO LTD ................................ 9,153,719
511,100 WINNEBAGO INDUSTRIES, INC .................. 4,216,575
550,300 oWMS INDUSTRIES, INC ........................ 13,551,137
600,000 ZIMBABWE SUN LTD ........................... 212,551
40,601 oZODIAC S.A. ................................ 10,173,323
--------------
1,112,596,384
--------------
See notes to financial statements.
-34-
<PAGE>
SHARES VALUE
------ -----
MACHINERY--1.89%
229,200 ACME CLEVELAND CORP (NEW) .................. $ 6,876,000
187,600 AGCO CORP .................................. 5,205,900
50,600 AIDA ENGINEERING LTD ....................... 423,030
119,744 AMADA CO LTD ............................... 1,288,213
143,220 AMADA METRECS CO LTD ....................... 2,167,522
44,200 AMANO CORP ................................. 656,843
284,010 ATLAS COPCO AB SERIES A FREE ............... 5,285,837
24,500 ATLAS COPCO AB SERIES B FREE ............... 455,980
1,352,844 AUSTRALIAN NATIONAL INDUSTRIES LTD ......... 1,096,768
289,325 BEARINGS, INC (NEW) ........................ 7,811,775
539,135 oBJ SERVICES CO ............................. 18,937,116
21,700 oBJ SERVICES CO WTS 4/13/00 ................. 287,525
12,000 BOMBARDIER, INC (CLASS A) .................. 179,248
392,252 BOMBARDIER, INC (CLASS B) .................. 5,873,581
6,000 xoBREMER VULKAN AG. .......................... 19,314
383,772 BRIGGS & STRATTON CORP ..................... 15,782,623
378,000 BROTHERS INDUSTRIES LTD .................... 2,312,417
65,100 BW/IP HOLDING, INC ......................... 1,236,900
1,835,500 CATERPILLAR, INC ........................... 124,355,125
323,100 CINCINNATI MILACRON, INC ................... 7,754,400
402,700 oCOGNEX CORP ................................ 6,493,537
215,250 COMMERCIAL INTERTECH CORP .................. 5,542,687
33,000 CONSTRUCCIONES Y AUXILIAR DE
FERROCARRILES S.A. ........................ 1,255,950
269,398 oCOOPER CAMERON CORP ........................ 11,786,162
714,745 COOPER INDUSTRIES, INC ..................... 29,661,917
416,505 DAIFUKU CO LTD ............................. 6,379,423
390,000 DAIKIN INDUSTRIES LTD ...................... 4,266,756
381,000 oDANIELI & CO ............................... 2,558,643
3,820,973 DEERE & CO ................................. 152,838,920
24,200 DELTA & PINE LAND CO ....................... 1,022,450
41,000 DENYO CO LTD ............................... 568,171
837,100 DOVER CORP ................................. 38,611,237
123,800 DURIRON, INC ............................... 2,971,200
367,560 EBARA CORP ................................. 5,864,327
1,900 FAG KUGELFISCHER (GEORGE) SCHAFER & CO ..... 283,964
537,984 FANUC LTD .................................. 21,384,928
409,014 FEDERAL SIGNAL CORP ........................ 9,611,829
53,000 FINNING LTD ................................ 941,092
140 FISCHER (GEORGE) LTD (BR) .................. 161,620
28 FISCHER (GEORGE) LTD (REGD) ................ 6,352
253,503 FKI PLC .................................... 669,618
3,700 FLS INDUSTRIES AS (CLASS B) ................ 372,175
2,308,767 oFMC CORP NEW ............................... 150,647,046
172,800 oFSI INTERNATIONAL, INC ..................... 2,181,600
2,200 FUJI TEC CO ................................ 24,871
240,700 GATX CORP .................................. 11,613,775
292,000 GIDDINGS & LEWIS, INC ...................... 4,745,000
267,200 GOULDS PUMPS, INC .......................... 6,847,000
272,100 GREENFIELD INDUSTRIES, INC ................. 8,979,300
459,600 HARNISCHFEGER INDUSTRIES, INC .............. 15,281,700
199,900 HARSCO CORP ................................ 13,443,275
775,100 ILLINOIS TOOL WORKS, INC ................... 52,416,137
136,800 IMI PLC .................................... 751,399
943 oINDUSTRIE-WERKE KARLSRUHE AUGSBURG AG. ..... 193,902
915,000 INGERSOLL-RAND CO .......................... 40,031,250
118,000 oINTEGRATED PROCESS EQUIPMENT CORP .......... 2,448,500
26,000 oINTERVOICE, INC ............................ 516,750
400,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES ....... 1,951,038
56,600 JLG INDUSTRIES, INC ........................ 4,202,550
75,000 KALMAR INDUSTRIES AB ....................... 1,582,350
352,000 KATO SPRING WORKS CO LTD ................... 1,694,449
277,700 KAYDON CORP ................................ 11,941,100
501,428 KENNAMETAL, INC ............................ 17,048,552
191,317 KEYSTONE INTERNATIONAL, INC ................ 3,969,827
21,750 oKLOECKNER HUMBOLDT-DEUTZ AG. ............... 80,015
1,824,950 KOMATSU LTD ................................ 17,969,114
234,660 KOMORI CORP ................................ 5,990,306
279,000 KOYO SEIKO CO LTD .......................... 2,721,698
2,881,000 KUBOTA LTD ................................. 18,990,373
51,700 KURITA WATER INDUSTRIES LTD ................ 1,258,501
12,735 KVAERNER INDUSTRIER AS SERIES A ............ 538,091
3,935 KVAERNER INDUSTRIER AS SERIES B ............ 152,031
191,300 LAWSON PRODUCTS, INC ....................... 4,830,325
11,693 LINDE AG. .................................. 7,604,829
39,000 MADECO S.A. ADR ............................ 1,096,875
17,900 MAGNA INTERNATIONAL, INC ................... 825,730
153,130 MAKINO MILLING MACHINE CO LTD .............. 1,549,655
67,500 MAKITA ELECTRIC WORKS LTD .................. 1,095,407
15,800 oMAN AG. (STAMM) ............................ 3,931,836
208,900 MANITOWOC, INC ............................. 7,494,287
71,102 oMANNESMANN AG. ............................. 24,569,476
125,300 MEASUREX CORP .............................. 3,665,025
11,000 METRA CO SERIES B .......................... 492,455
98,700 MINE SAFETY APPLIANCE CO ................... 4,046,700
8,019,000 MITSUBISHI HEAVY INDUSTRIES LTD ............ 69,673,089
125,000 MIURA KOGYO ................................ 2,119,702
298,700 oMOLTEN METAL TECHNOLOGY, INC ............... 8,811,650
150,000 MORI SEIKI CO LTD .......................... 3,008,610
414,600 NEWPORT CORP ............................... 4,094,175
131,000 oNIIGATA ENGINEERING CO ..................... 498,034
5,000 NIKKO CO LTD ............................... 39,704
150,680 NIPPON SHARYO LTD .......................... 1,497,387
44,000 NITTO KOHKI CO LTD ......................... 2,005,740
196,800 NORDSON CORP ............................... 11,119,200
218,500 oNOVELLUS SYSTEMS, INC ...................... 7,866,000
647,600 NSK LTD .................................... 4,894,556
435,700 NTN TOYO BEARING CO LTD .................... 3,078,514
445,900 oOKUMA CORP ................................. 4,959,629
748,400 PARKER-HANNIFIN CORP ....................... 31,713,450
25,236,000 POKPHAND (C.P.) CO LTD ..................... 10,024,924
850,000 POWERSCREEN INTL PLC ....................... 6,022,528
90 oRHEINELEKTRA AG. ........................... 80,942
149,000 ROPER INDUSTRIES, INC NEW .................. 7,263,750
500 SAKAI HEAVY INDUSTRIES LTD ................. 5,242
242,000 SANDEN CORP ................................ 1,848,891
58 SCHINDLER HOLDINGS LTD (PT CERT) ........... 61,628
460 SCHINDLER HOLDINGS LTD (REGD) .............. 485,099
518 oSCHINDLER HOLDINGS LTD WTS 12/16/96 ........ 931
87,000 SEMBAWANG CORP ............................. 431,455
720 SHIN NIPPON MACHINERY CO LTD ............... 4,923
47,923 SIDEL S.A. ................................. 12,184,846
392,926 SMITH (HOWARD) LTD ......................... 2,443,249
140,900 STEWART & STEVENSON SERVICES, INC .......... 3,205,475
17,257 STORK NV ................................... 495,367
64,894 oSTRATTEC SECURITY CORP ..................... 1,151,868
5,775 SULZER WINTERTHUR AG. (PT CERT) ............ 3,460,291
840 SULZER WINTERTHUR AG. (REGD) ............... 539,553
249,760 oSUMITOMO HEAVY INDUSTRIES LTD .............. 1,090,712
547,600 SUNDSTRAND CORP ............................ 20,055,850
20,000 SVENSKA KULLAGERFABRIKEN AB SERIES A FREE .. 464,156
27,000 SVENSKA KULLAGERFABRIKEN AB SERIES B FREE .. 640,851
185,000 TAKUMA CO .................................. 2,799,830
166,600 TECUMSEH PRODUCTS CO (CLASS A) ............. 8,954,750
31,600 TECUMSEH PRODUCTS CO (CLASS B) ............. 1,643,200
259,150 TELEFLEX, INC .............................. 12,374,412
See notes to financial statements.
-35-
<PAGE>
SHARES VALUE
------ -----
MACHINERY--(Continued)
226,000 TENNANT CO ................................. $ 5,876,000
902,080 oTHERMO ELECTRON CORP ....................... 37,549,080
193,927 TI GROUP PLC ............................... 1,621,121
435,943 TIMKEN CO .................................. 16,892,791
226,250 TOMRA SYSTEMS AS ........................... 2,298,514
244,550 TORO CO .................................... 8,100,718
61,600 TOYO KANETSU K.K. .......................... 313,376
410,000 TOYODA MACHINE WORKS LTD ................... 4,410,804
360,250 TOYOTA AUTOMATIC LOOM WORKS LTD ............ 7,192,834
2,542,000 TRACTORS MALAYSIA HOLDINGS BERHAD .......... 5,052,822
107,700 TRIMAS CORP ................................ 2,517,487
712,100 TRINITY INDUSTRIES, INC .................... 24,211,400
296,000 TRINOVA CORP ............................... 9,879,000
331,000 TSUBAKIMOTO CHAIN CO ....................... 2,254,242
200 TSUBAKIMOTO MACHINERY & ENGINE CO LTD ...... 1,232
281,000 TSUGAMI CORP ............................... 1,470,517
97,100 oULTRATECH STEPPER, INC ..................... 1,820,625
6,000 VA TECHNOLOGIE AG. (BR) .................... 734,827
183,800 VALMET OY SERIES A ......................... 3,105,460
476,300 oVARITY CORP NEW ............................ 22,921,937
131,000 VICKERS PLC ................................ 492,585
592,300 WATTS INDUSTRIES, INC (CLASS A) ............ 11,031,587
1,150 YOKOHAMA RUBBER CO LTD ..................... 7,202
417,100 YORK INTERNATIONAL CORP .................... 21,584,925
24,958 ZARDOYA OTIS S.A. .......................... 2,388,324
24,958 oZARDOYA-OTIS S.A. RTS ...................... 236,496
233,400 ZURN INDUSTRIES, INC ....................... 4,843,050
--------------
1,424,596,294
--------------
METALS--ALUMINIUM--0.24%
513,600 oACX TECHNOLOGIES, INC ...................... 10,207,800
235,100 ALCAN ALUMINIUM CO LTD ..................... 7,152,670
35,065 ALCAN ALUMINIUM CO LTD (U.S.) .............. 1,069,482
537,097 oALUMAX, INC ................................ 16,314,321
886,800 ALUMINUM CO OF AMERICA ..................... 50,880,150
583 ALUSUISSE LONZA HOLDINGS AG. (BR) .......... 479,739
79,262 ALUSUISSE LONZA HOLDINGS AG. (REGD) ........ 65,413,115
123,600 INTERNATIONAL ALUMINUM CORP ................ 3,120,900
83,300 oKAISER ALUMINUN CORP ....................... 916,300
428,290 REYNOLDS METALS CO ......................... 22,324,616
83,440 TOYO SEIKAN KAISHA LTD ..................... 2,905,959
--------------
180,785,052
--------------
METALS--GOLD--0.34%
4,000 AGNICO EAGLE MINES LTD ..................... 65,168
503,501 oAMAX GOLD, INC ............................. 2,769,255
60,000 BARRICK GOLD CORP (U.S.) ................... 1,627,500
331,979 BARRICK GOLD CORP .......................... 9,006,237
1,182,650 BATTLE MOUNTAIN GOLD CO .................... 8,574,212
63,200 BEATRIX MINES LTD .......................... 507,146
37,000 CAMBIOR, INC ............................... 489,016
102,200 COEUR DALENE MINES CORP .................... 1,877,925
161,000 oDELTA GOLD NL .............................. 411,850
35,000 oDOMINION MINING LTD ........................ 20,385
31,700 DRIEFONTEIN CONSOLIDATED LTD ............... 424,569
45,000 ECHO BAY MINES LTD ......................... 481,071
294,800 ECHO BAY MINES LTD (U.S.) .................. 3,169,100
633,528 FREEPORT MCMORAN COPPER & GOLD, INC
(CLASS A) ................................. 18,926,649
778,464 FREEPORT-MCMORAN COPPER & GOLD INC,
(CLASS B) ................................. 24,813,540
33,000 FREESTATE CONSOLIDATED GOLDMINES LTD ....... 310,529
340,135 oGETCHELL GOLD CORP ......................... 11,224,455
17,300 GOLD FIELD OF SOUTH AFRICA LTD ............. 523,334
41,000 GOLD MINES OF KALGOORLIE LTD ............... 44,856
102,000 oGOLDEN KNIGHT RESOURCES, INC ............... 631,104
6,222 oGOLDFIELDS LTD ............................. 14,202
123,200 HARTEBEESTFONTEIN GOLD MINING CO LTD ....... 415,360
1,132,650 HOMESTAKE MINING CO ........................ 19,396,631
11,300 JOHNNIES INDUSTRIAL CORP LTD ............... 140,907
23,300 KLOOF GOLD MINING CO LTD ................... 220,597
628,233 oNEWCREST MINING LTD ........................ 2,521,859
127,400 NEWMONT GOLD CO ............................ 6,417,775
1,615,682 NEWMONT MINING CORP ........................ 79,774,298
13,000 oPEGASUS GOLD, INC .......................... 159,441
150,800 PLACER DOME, INC ........................... 3,605,197
65,548 PLACER DOME, INC (U.S.) .................... 1,564,958
3,500 PLUTONIC RESOURCES LTD ..................... 17,906
16,000 oRANDFONTEIN ESTATES GOLD MINING ............ 97,910
230,000 oRAYROCK YELLOWKNIFE RESOURCES, INC ......... 1,448,341
3,943,376 SANTA FE PACIFIC GOLD CORP ................. 55,700,186
4,700 SOUTHVAAL HOLDINGS LTD ..................... 168,225
60,000 TERRA MINING AB ............................ 1,148,334
4,500 oVAAL REEFS EXPLORATION & MINING CO LTD ..... 367,335
16,753 WESTERN AREAS GOLD MINING CO ............... 261,130
7,300 WESTERN DEEP LEVELS LTD .................... 269,714
--------------
259,608,207
--------------
METALS--NON-FERROUS--0.40%
86,200 ABERFOYLE LTD .............................. 244,252
23,100 AMCOL INTERNATIONAL CORP ................... 349,387
254,600 ASARCO, INC ................................ 7,033,325
218,400 ASHLAND COAL, INC .......................... 5,678,400
893,000 ASHTON MINING LTD .......................... 1,265,184
385,000 BANPU PUBLIC CO LTD (FR) REGD .............. 10,731,474
195,000 BMC INDUSTRIES, INC ........................ 5,606,250
390,800 BRUSH WELLMAN, INC ......................... 7,425,200
70,300 CAMECO CORP ................................ 3,309,869
20,000 oCOLEMAN CO, INC ............................ 847,500
32,000 COMINCO LTD ................................ 692,391
1,030,771 CRA LTD .................................... 15,869,416
826,094 CYPRUS AMAX MINERALS CO .................... 18,690,376
202,754 ERAMET ..................................... 13,646,117
147,869 FREEPORT MCMORAN, INC ...................... 5,249,349
768,000 FUJIKURA LTD ............................... 6,357,685
335,000 FURUKAWA ELECTRIC CO LTD ................... 2,000,497
187,398 GREEN (A.P.) INDUSTRIES, INC ............... 3,794,809
269,000 oGRUPO MEXICO S.A. SERIES B ................. 800,256
938,600 oHECLA MINING CO ............................ 6,570,200
97 HITACHI CABLE LTD .......................... 811
88,236 HULLAS DEL COTO CORTES ..................... 1,637,803
8,300 IMPALA PLATINUM HOLDINGS LTD ............... 119,310
35,000 INCO LTD ................................... 1,126,345
87,060 INCO LTD CO (U.S.) ......................... 2,807,685
89,209 JOHNSON MATTHEY PLC ........................ 862,172
315,384 MAPCO, INC ................................. 17,779,773
750,000 MCKECHNIE PLC .............................. 5,372,263
4,959,414 MIM HOLDINGS LTD ........................... 6,401,829
1,520,000 MITSUBISHI MATERIALS CORP .................. 8,259,272
523,000 MITSUI MINING & SMELTING CO LTD ............ 2,136,149
91,700 oMUELLER INDUSTRIES, INC .................... 3,805,550
1,422,000 NIKKO KYODO CO ............................. 5,276,500
133,000 oNIPPON DENKO CO LTD ........................ 711,773
213,380 NIPPON LIGHT METAL CO LTD .................. 1,210,029
320,800 NORANDA, INC ............................... 6,565,392
See notes to financial statements.
-36-
<PAGE>
SHARES VALUE
------ -----
METALS--NON-FERROUS--(Continued)
2,015,903 NORTH LTD .................................. $ 5,791,517
27,400 OGLEBAY NORTON CO .......................... 1,253,550
282,100 oOREGON METALLURICAL CORP ................... 8,321,950
102,500 OUTOKUMPU OY SERIES A ...................... 1,720,795
49,800 PENN VIRGINIA CORP ......................... 1,743,000
559,400 PHELPS DODGE CORP .......................... 34,892,575
397,900 PITTSTON BRINKS GROUP CO ................... 11,588,837
1,539,265 QCT RESOURCES LTD .......................... 2,035,413
747,478 RGC LTD .................................... 3,618,290
55,000 RIO ALGOM LTD .............................. 1,067,217
150,000 RTC CORP PLC (BR) .......................... 2,221,157
287,688 RTZ CORP PLC (REGD) ........................ 4,260,001
24,387 RUSTENBERG PLATINUM HOLDINGS LTD ........... 380,122
94,000 SOCIEDAD QUIMICA Y MINERA DE CHILE ADR ..... 5,099,500
45,000 oSTILLWATER MINING CO ....................... 1,063,125
121,000 STRAITS TRADING CO ......................... 317,180
761,400 SUMITOMO METAL MINING CO LTD ............... 6,587,657
353,054 oSUNSHINE MINING & REFINING CO .............. 441,317
1,977 oSUNSHINE MINING & REFINING CO WTS 3/03/99 .. 1,112
122,800 TECK CORP LTD (CLASS B) .................... 2,517,682
34,880 TRELLEBORG AB SERIES B FREE ................ 436,282
27,000 oUNION MINIERE GROUP S.A. ................... 2,094,139
67,000 oVIRIDIAN INC ............................... 883,063
3,055,844 WMC LTD .................................... 21,887,818
--------------
300,457,892
--------------
METALS--STEEL--0.56%
44,770 ACERINOX S.A. .............................. 4,675,268
134,000 oACINDAR S.A. (CLASS B) ..................... 106,679
242,831 oACME METALS, INC ........................... 4,128,127
235,700 AK STEEL HOLDINGS CORP ..................... 9,221,762
87,100 ALLEGHENY LUDLUM CORP ...................... 1,644,012
504,000 AMSTEEL CORP BERHAD ........................ 379,721
84,000 oAMSTEEL CORP BERHAD WTS 5/19/00 ............ 30,296
20,500 oARBED S.A. ................................. 2,345,733
1,155,300 oBETHLEHEM STEEL CORP ....................... 13,719,187
362,000 BINDURA NICKEL CORP LTD .................... 476,317
364,700 BIRMINGHAM STEEL CORP ...................... 5,971,962
4,400 BOHLER-UDDEHOLM (BR) ....................... 340,903
1,641,000 BRITISH STEEL PLC .......................... 4,194,397
170,900 CARPENTER TECHNOLOGY CORP .................. 5,468,800
65,781 CLEVELAND CLIFFS, INC ...................... 2,573,681
108,000 CO STEEL, INC .............................. 1,783,260
58,000 COMPANHIA SIDERURGICA DE TUBARAO S.A. ADR .. 1,232,500
25,200,000 COMPANHIA SIDERURGICA NACIONAL S.A. ........ 642,485
22,000 CONSOLIDATED METALLURGICAL INDUSTRIES LTD .. 66,551
174,000 DAIDO STEEL CO LTD ......................... 859,806
190,000 DOFASCO, INC ............................... 2,796,367
6,000 ELKEM AS ................................... 82,658
34,000 oFLACK S.P.A. ............................... 127,244
367,100 oFANSTEEL, INC .............................. 2,294,375
630 oGRUPO SIDEK S.A. DE CV SERIES L ............ 207
752,962 HANNA (M.A.) CO ............................ 15,718,081
50,000 INCHON IRON & STEEL CO LTD ................. 1,387,125
42,943 oINCHON IRON & STEEL CO LTD (NEW) ........... 1,117,217
337,000 INLAND STEEL INDUSTRIES, INC ............... 6,613,625
33,200 IPSCO, INC ................................. 777,915
1,657,678 ISCOR LTD .................................. 1,297,661
1,000 oIVACO, INC (CLASS A) ....................... 2,233
190,700 J & L SPECIALTY STEEL, INC ................. 2,836,662
352,000 oJAPAN METALS & CHEMICALS CO ................ 1,861,326
990,000 oJAPAN STEEL WORKS LTD ...................... 3,249,298
3,419,360 KAWASAKI STEEL CORP ........................ 12,313,850
65,000 oKITAGAWA INDUSTRIES CO ..................... 2,773,391
2,276,620 oKOBE STEEL LTD ............................. 6,538,122
615,500 LTV CORP NEW ............................... 7,001,312
87,800 LUKENS, INC ................................ 2,096,225
422,945 oMATERIAL SCIENCES CORP ..................... 7,295,801
161,000 oMITSUBISHI STEEL MANUFACTURING CO LTD ...... 942,351
108,750 NATIONAL IRON & STEEL MILLS LTD ............ 215,727
10,513,000 NIPPON STEEL CORP .......................... 36,038,479
8,324,920 oNKK CORP ................................... 25,198,234
785,300 NUCOR CORP ................................. 39,755,812
179,800 OREGON STEEL MILLS, INC .................... 2,472,250
12,050 PREUSSAG AKTIEGESELLSCHAFT AG. ............. 3,047,727
124,800 QUANEX CORP ................................ 2,948,400
500,000 RAUTARUUKKI SERIES K ....................... 3,626,692
100,000 oREPUBLIC ENGINEERED STEELS, INC ............ 350,000
198,400 ROUGE STEEL CO (CLASS A) ................... 4,265,600
52,000 SAMANCOR LTD ............................... 675,441
60,500 SANDVIK AB SERIES B FREE ................... 1,394,954
170,000 SVENSKT STAL AB SERIES B ................... 2,203,234
43,000 oSTELCO, INC (CLASS A) ...................... 193,636
80 SUMIKIN BUSSAN KAISHA LTD .................. 412
6,026,080 SUMITOMO METAL INDUSTRIES LTD .............. 18,459,763
24,490 THYSSEN AG. ................................ 4,474,228
300,000 TOKYO STEEL MANUFACTURING CO LTD ........... 5,880,465
150,000 USINAS SIDERUGICAS DE MINAS GERAIS ADR ..... 1,622,250
5,556,390 oUSINOR SACILOR S.A. ........................ 80,135,621
773,664 USX-US STEEL GROUP, INC .................... 21,952,716
60,000 VOEST-ALPINE STAHL AG. ..................... 2,027,496
167,600 oWOLVERINE TUBE, INC ........................ 5,866,000
785,512 WORTHINGTON INDUSTRIES, INC ................ 16,397,563
413,000 YODOGAWA STEEL WORKS LTD ................... 3,151,573
950 YOKOGAWA BRIDGE CORP ....................... 12,991
120,000 ZIMBABWE ALLOYS LTD ........................ 115,992
--------------
421,467,749
--------------
MISCELLANEOUS MATERIALS
&COMMODITIES--0.07%
7,281 ANGLO AMERICAN COAL CORP LTD ............... 527,937
1,309,050 ASAHI GLASS CO LTD ......................... 15,634,337
120,000 oDAISHINKU CORP ............................. 1,312,848
900,000 GOLDEN HOPE PLANTATIONS BERHAD ............. 1,399,429
600,000 HIGHLANDS & LOWLANDS BERHAD ................ 1,062,796
4,000,000 oINDUSTRIAL OXYGEN, INC BERHAD .............. 5,546,421
1,766,000 ISLAND & PENINSULAR BERHAD ................. 4,989,495
2,400,000 KUALA LUMPUR KEPONG BERHAD ................. 6,059,385
438,000 LA GIOVANNI CRESPI S.P.A. .................. 1,799,128
100,000 oNICHIHA CORP ............................... 2,023,974
940,000 NIPPON SHEET GLASS CO LTD .................. 4,602,079
125,000 oNITTA CORP ................................. 2,336,231
120,000 PERLIS PLANTATIONS BERHAD .................. 461,667
306,233 PG INDUSTRIES ZIMBABWE LTD ................. 161,175
11,735 oPLASTIC OMNIUM S.A. ........................ 1,021,168
96,000 PRESTIGE PROPERTY HOLDINGS LTD ............. 15,254
48,000 VIDR SMARINA S.A. .......................... 188,825
66,000 VIDRALA S.A. ............................... 3,345,771
1,000,000 WANKIE COLLIERY CO LTD ..................... 253,037
--------------
52,740,957
--------------
OFFICE EQUIPMENT--3.24%
695,800 oAMDAHL CORP ................................ 7,479,850
928,500 oAPPLE COMPUTER, INC ........................ 19,498,500
437,333 oAPPLIED MAGNETICS CORP ..................... 4,591,996
See notes to financial statements.
-37-
<PAGE>
SHARES VALUE
------ -----
OFFICE EQUIPMENT--(Continued)
105,300 oASPECT TELECOMMUNICATIONS CORP ............. $ 5,212,350
308,041 oAST RESEARCH, INC .......................... 2,079,276
352,588 AVERY DENNISON CORP ........................ 19,348,266
2,300,500 oCOMPAQ COMPUTER CORP ....................... 113,299,625
356,550 oCONTROL DATA SYSTEMS, INC .................. 7,621,256
504,600 oCRAY COMPUTER CORP ......................... 1,009
65,216 xoCRAY RESEARCH, INC ......................... 1,573,336
58,000 DANKA BUSINESS SYSTEMS ADR ................. 1,696,500
531,300 oDATA GENERAL CORP .......................... 6,906,900
642,400 oDELL COMPUTER CORP ......................... 32,682,100
10,000 DIAMOND LEASE CO LTD ....................... 135,843
2,580,900 oDIGITAL EQUIPMENT CORP ..................... 116,140,500
224,200 oDREXLER TECHNOLOGY CORP .................... 3,419,050
174,100 oEMULEX CORP NEW ............................ 2,546,212
133,400 oEVANS & SUTHERLAND COMPUTER CORP ........... 2,834,750
168,200 oFILENET CORP ............................... 6,139,300
371,775 GERBER SCIENTIFIC, INC ..................... 5,994,871
3,493,404 HEWLETT-PACKARD CO ......................... 348,030,373
215,400 HON INDUSTRIES, INC ........................ 6,138,900
22,200 oIN FOCUS SYSTEMS, INC ...................... 538,350
7,347,200 INTERNATIONAL BUSINESS MACHINES CORP ....... 727,372,800
962,600 oIOMEGA CORP ................................ 27,915,400
163,000 KOKUYO CO LTD .............................. 4,502,795
423,100 oKOMAG, INC ................................. 11,159,262
32,000 oMICROCOM, INC .............................. 404,000
25,600 oMICROS SYSTEMS, INC ........................ 713,600
308,300 MILLER (HERMAN), INC ....................... 9,441,687
75,395 OCE VAN DER GRINTEN NV ..................... 7,985,597
3,282,896 PITNEY BOWES, INC .......................... 156,758,284
472,400 oQMS, INC ................................... 2,598,200
517,800 oQUANTUM CORP ............................... 7,572,825
356,900 oSCI SYSTEMS, INC ........................... 14,499,062
921,618 oSEAGATE TECHNOLOGY, INC .................... 41,472,810
526,900 oSEQUENT COMPUTER SYSTEMS, INC .............. 7,113,150
257,700 SHELBY WILLIAMS INDUSTRIES, INC ............ 2,834,700
1,501,788 oSILICON GRAPHICS, INC ...................... 36,042,912
295,500 xoSMITH CORONA CORP .......................... 14,775
510,800 oSOLECTRON CORP ............................. 19,346,550
391,923 oSTORAGE TECHNOLOGY CORP .................... 14,991,054
181,450 oSTRATUS COMPUTER, INC ...................... 5,262,050
512,000 oSTREAMLOGIC CORP ........................... 1,856,000
1,636,900 oSUN MICROSYSTEMS, INC ...................... 96,372,487
1,092,900 oTANDEM COMPUTERS, INC ...................... 13,524,637
1,643,200 oUNISYS CORP ................................ 11,707,800
950,100 oVIKING OFFICE PRODUCTS, INC ................ 29,809,387
491,608 oWANG LABORATORIES, INC ..................... 9,279,101
8,610,972 XEROX CORP ................................. 460,687,002
--------------
2,435,147,040
--------------
PAPER--0.99%
85,900 ALBANY INTERNATIONAL CORP (CLASS A) NEW .... 1,943,487
190,500 oBED BATH & BEYOND, INC ..................... 5,095,875
525,900 BEMIS, INC ................................. 18,406,500
317,643 BOWATER, INC ............................... 11,951,317
557,800 CARAUSTAR INDUSTRIES, INC .................. 14,781,700
264,600 CHESAPEAKE CORP ............................ 6,945,750
327,600 CONSOLIDATED PAPERS, INC ................... 17,035,200
74,305 oCROWN VANTAGE, INC ......................... 1,077,422
98,000 oDAISHOWA PAPER MANUFACTURING CO ............ 754,978
825,000 FINE ART DEVELOPMENTS PLC .................. 6,691,439
7,270,050 oFLETCHER CHALLENGE LTD (PAPER DIVISION) .... 14,045,605
281,100 oFORT HOWARD CORP ........................... 5,586,862
336,700 GLATFELTER (P.H.) CO ....................... 6,186,862
239,000 HONSHU PAPER CO LTD ........................ 1,693,054
2,138,263 INTERNATIONAL PAPER CO ..................... 78,848,448
570,850 JAMES RIVER CORP OF VIRGINIA ............... 15,056,168
367,300 oJEFFERSON SMURFIT CORP ..................... 3,994,387
3,944,973 KIMBERLY-CLARK CORP ........................ 304,749,164
105,000 KIMBERLY CLARK DE MEXICO S.A. DE CV SERIES A 1,918,533
675,900 LONGVIEW FIBRE CO .......................... 11,490,300
537,154 MEAD CORP .................................. 27,864,863
758,900 MITSUBISHI PAPER MILLS LTD ................. 4,739,440
319,733 MOSINEE PAPER MILLS CORP ................... 8,552,857
683,500 NEW OJI PAPER CO LTD ....................... 5,894,970
1,261,000 NIPPON PAPER INDUSTRIES CO ................. 7,875,127
498,300 PENTAIR, INC ............................... 14,949,000
3,062,000 oPT FAJAR SURYA WISEA (FR) .................. 1,415,409
41,300 SAPPI LTD .................................. 456,822
274,000 oSETTSU CORP ................................ 954,258
507,700 oSHOREWOOD PACKAGING CORP ................... 7,805,887
917,965 SONOCO PRODUCTS CO ......................... 26,047,256
7,900 ST. JOE CORP ............................... 509,550
754,649 STONE CONTAINER CORP ....................... 10,376,423
551,214 TEMPLE-INLAND, INC ......................... 25,769,254
531,800 UNION CAMP CORP ............................ 25,925,250
477,628 WAUSAU PAPER MILLS CO ...................... 9,433,153
1,202,293 WESTVACO CORP .............................. 35,918,503
--------------
742,741,073
--------------
PETROLEUM--
EXPLORATION & PRODUCTION--0.85%
759,800 AMERADA HESS CORP .......................... 40,744,275
502,264 ANADARKO PETROLEUM CORP .................... 29,131,312
248,742 oANDERSON EXPLORATION LTD ................... 2,367,756
3,925,888 APACHE CORP ................................ 129,063,568
530,600 ASHLAND, INC ............................... 21,025,025
184,970 ASTRA CIA AREGENTINA S.A. SERIES B ......... 438,993
411,560 oBARNETT RESOURCES CORP ..................... 12,243,910
25,200 oBENTON OIL & GAS CO ........................ 554,400
1,092,431 BURLINGTON RESOURCES, INC .................. 46,974,533
74,000 CALTEX AUSTRALIA LTD ....................... 297,051
81,000 oCANADIAN NATURAL RESOURCES LTD ............. 1,509,445
107,300 oCHESAPEAKE ENERGY CORP ..................... 9,643,587
56,000 oCORIMON S.A. ADR ........................... 36,897
103,400 DEVON ENERGY CORP .......................... 2,533,300
12,116 ENGEN LTD .................................. 82,535
721,000 ENRON OIL & GAS CO ......................... 20,097,875
1,700,000 oENTERPRISE OIL PLC ......................... 12,150,716
488,480 oEQUITY OIL CO .............................. 2,350,810
1,900 oGLOBAL NATURAL RESOURCES, INC .............. 31,112
33,298 HARDY OIL & GAS PLC ........................ 129,863
116,800 KCS ENERGY, INC ............................ 3,358,000
362,700 KERR-MCGEE CORP ............................ 22,079,362
402,870 LONDON & SCOTTISH MARINE OIL PLC ........... 1,101,723
329,400 LOUISIANA LAND & EXPLORATION CO ............ 18,981,675
214,800 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 4,134,900
304,700 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS B) 5,789,300
100,000 oMORGAN HYDROCARBON, INC .................... 296,551
461,980 MURPHY OIL CORP ............................ 20,962,342
657,700 NOBLE AFFILIATES, INC ...................... 24,828,175
25,400 oNORTHSTAR ENERGY CORP ...................... 246,430
841,016 NOVUS PETROLEUM LTD ........................ 1,224,632
3,000 oNUMAC ENERGY, INC .......................... 13,729
500 oOCELOT ENERGY (CLASS B) .................... 3,295
981,300 oORYX ENERGY CO ............................. 15,946,125
See notes to financial statements.
-38-
<PAGE>
SHARES VALUE
------ -----
PETROLEUM--EXPLORATION
& PRODUCTION--(Continued)
232,000 PARKER & PARSLEY PETROLEUM CO .............. $ 6,438,000
415,400 PENNZOIL CO ................................ 19,212,250
101,000 PETRO-CANADA (VARIABLE-VTG) ................ 1,253,532
82,800 oPOCO PETROLEUM LTD ......................... 633,565
436,300 POGO PRODUCING CO .......................... 16,633,937
92,100 RANGER OIL LTD ............................. 674,379
106,100 oRENAISSANCE ENERGY LTD ..................... 2,796,806
363,500 oRIGEL ENERGY CORP (U.S.) ................... 3,510,046
97,000 SAGA PETROLEUM AS SERIES A ................. 1,425,902
3,822,810 oSANTA FE ENERGY RESOURCES, INC ............. 45,395,868
1,300 oSCEPTRE RESOURCES LTD ...................... 8,995
324,300 oSEAGULL ENERGY CORP ........................ 8,107,500
319,274 SOUTHDOWN INC .............................. 7,502,939
104,015 oTALISMAN ENERGY, INC ....................... 2,418,155
617,482 oTEJAS GAS CORP ............................. 21,457,499
431,415 oTESORO PETROLEUM CORP ...................... 4,961,272
317,392 TOTAL PETROLEUM (NORTH AMERICA) LTD ........ 3,094,572
322,835 oTRITON ENERGY LTD .......................... 15,697,851
682,600 UNION TEXAS PETROLEUM HOLDINGS, INC ........ 13,310,700
153,700 oUNITED MERIDIAN CORP ....................... 5,533,200
86,000 VINTAGE PETROLEUM, INC ..................... 2,193,000
13,700 oWASCANA ENERGY, INC ........................ 130,409
429,000 WISER OIL CO ............................... 5,416,125
6,500,000 ZHENHAI REFINING & CHEMICAL CO LTD SERIES H 1,847,359
--------------
640,027,063
--------------
PETROLEUM--INTEGRATED--4.50%
31,000 ALBERTA ENERGY LTD ......................... 584,498
4,340,400 AMOCO CORP ................................. 314,136,450
19,200 oARABIAN OIL CO LTD ......................... 897,988
1,420,215 ATLANTIC RICHFIELD CO ...................... 168,295,477
6,736,784 BRITISH PETROLEUM PLC ...................... 59,089,686
12,413 BRITISH PETROLEUM PLC ADR .................. 1,326,639
5,504,006 BROKEN HILL PROPRIETARY CO LTD ............. 76,116,808
88,175 BURMAH CASTROL PLC ......................... 1,396,094
319,000 CANADIAN OCCIDENTAL PETROLEUM LTD .......... 5,360,655
5,455,100 CHEVRON CORP ............................... 321,850,900
165,000 oCOMPANIA ESPANOLA DE PETROLEOS S.A. ........ 5,539,824
2,179,000 COSMO OIL CO LTD ........................... 13,469,109
539,778 DIAMOND SHAMROCK, INC ...................... 15,586,089
15,650,000 ENTE NAZIONALE IDROCARBURI S.P.A. .......... 78,008,051
110,000 ESSO MALAYSIA BERHAD ....................... 308,579
11,350,777 EXXON CORP ................................. 986,098,751
50,000 oFORCENERGY GAS EXPLORATION, INC ............ 943,750
434,038 GETTY PETROLEUM CORP ....................... 6,510,570
29,461 oGULF CANADA RESOURCES LTD .................. 148,847
235,654 IMPERIAL OIL LTD ........................... 9,938,980
15,000 KANTO NATURAL GAS DEVELOPMENT CO LTD ....... 120,481
100 oLYNX ENERGY SERVICES CORP (CLASS B) ........ 708
420,000 MITSUBISHI OIL CO LTD ...................... 3,580,245
3,903,499 MOBIL CORP ................................. 437,679,825
786,300 NIPPON OIL CO LTD .......................... 5,326,341
76,000 NORCEN ENERGY RESOURCES LTD ................ 1,332,795
380,277 NORSK HYDRO AS ............................. 18,614,097
4,821,847 OCCIDENTAL PETROLEUM CORP .................. 119,340,713
10,125 OMV AKTIENGESELLS .......................... 1,025,475
32,277 PETROFINA S.A. ............................. 10,209,453
1,638 oPETROFINA S.A. WTS 6/03/97 ................. 16,625
2,793,317 PHILLIPS PETROLEUM CO ...................... 116,970,149
394,500 QUAKER STATE OIL REFINING CORP ............. 5,917,500
414,674 REPSOL S.A. ................................ 14,407,659
998,400 ROYAL DUTCH PETROLEUM CO ................... 154,175,866
270,000 ROYAL DUTCH PETROLEUM CO ADR ............... 41,512,500
1,901,328 SANTOS LTD ................................. 6,584,755
124,000 SHELL REFINERY BERHAD ...................... 350,338
220,000 SHOWA SHELL SEKIYU K.K. .................... 2,286,543
116,247 SOCIETE NATIONALE ELF AQUITAINE ............ 8,548,674
653,242 SUN CO, INC ................................ 19,842,225
116,000 SUNCOR, INC ................................ 3,660,832
445,000 TEIKOKU OIL CO LTD ......................... 3,050,912
2,362,700 TEXACO, INC ................................ 198,171,462
1,680 TONEN CORP ................................. 24,659
406,377 TOTAL S.A. ................................. 30,137,101
108,032 TOTAL S.A. ADR ............................. 4,010,688
1,817,305 UNOCAL CORP ................................ 61,334,043
2,218,621 USX-MARATHON GROUP, INC (NEW) .............. 44,649,747
281,100 WOODSIDE PETROLEUM LTD ..................... 1,690,379
71,000 YPF SOCIEDAD ANONIMA (CLASS D) ............. 1,599,739
119,300 YPF SOCIEDAD ANONIMA (CLASS D) ADR ......... 2,684,250
--------------
3,384,464,524
--------------
PETROLEUM--SERVICE--0.95%
923,080 BAKER HUGHES, INC .......................... 30,346,255
1,926,600 CABOT CORP ................................. 47,201,700
75,600 CAMCO INTERNATIONAL, INC ................... 2,560,950
185,495 oCLIFFS DRILLING CO ......................... 6,306,830
1,302,700 oDIAMOND OFFSHORE DRILLING, INC ............. 74,579,575
1,390,320 DRESSER INDUSTRIES, INC .................... 41,014,440
733,150 oENSCO INTERNATIONAL, INC ................... 23,827,375
3,658,000 FAR EAST LEVINGSTON-SHIP BUILDING LTD ...... 20,214,235
646,000 FLUOR CORP ................................. 42,232,250
460,920 oGLOBAL INDUSTRIAL TECHNOLOGIES, INC ........ 7,374,720
33,000 oGLOBAL INDUSTRIES LTD ...................... 981,750
1,442,300 oGLOBAL MARINE, INC NEW ..................... 20,011,912
809,517 HALLIBURTON CO ............................. 44,928,193
233,600 HELMERICH & PAYNE, INC ..................... 8,555,600
284,000 IHC CALAND NV .............................. 13,975,393
11,768 KONINKLIJKE PAKHOED HOLDINGS NV ............ 306,781
178,900 oMATRIX SERVICE CO .......................... 1,185,212
108,900 MCDERMOTT INTERNATIONAL, INC ............... 2,273,287
83,061 oMCMORAN OIL & GAS CO ....................... 218,035
988,000 oNABORS INDUSTRIES, INC ..................... 16,055,000
1,445,579 oNOBLE DRILLING CORP ........................ 20,057,408
527,800 oOCEANEERING INTERNATIONAL, INC ............. 7,982,975
990,400 oPARKER DRILLING CO ......................... 5,694,800
93,500 oPETROLEUM GEO-SERVICES ..................... 2,676,944
523,969 oPOOL ENERGY SERVICES CO .................... 6,222,131
624,600 oPRIDE PETROLEUM SERVICES, INC .............. 8,900,550
517,400 oREADING & BATES CORP ....................... 11,447,475
744,200 oROWAN COS, INC ............................. 10,976,950
384,700 oRPC, INC ................................... 4,424,050
1,640,000 SAIPEM AG. ................................. 6,896,856
804,030 SCHLUMBERGER LTD ........................... 67,739,527
1,221,428 SMEDVIG AS ................................. 28,295,617
758,100 oSMITH INTERNATIONAL, INC ................... 22,837,762
141,100 SONAT OFFSHORE DRILLING, INC ............... 7,125,550
70,000 TECHNIP S.A. ............................... 6,444,850
506,300 TIDEWATER, INC ............................. 22,213,912
351,272 TOSCO CORP ................................. 17,651,418
295,135 oTRANSOCEAN DRILLING AS ..................... 7,654,827
163,200 ULTRAMAR CORP .............................. 4,732,800
474,900 oVARCO INTERNATIONAL, INC ................... 8,607,562
108,500 VASTAR RESOURCES, INC ...................... 4,055,187
342,701 oWEATHERFORD ENTERRA, INC ................... 10,281,030
298,188 oWESTERN ATLAS, INC ......................... 17,369,451
--------------
714,439,125
--------------
See notes to financial statements.
-39-
<PAGE>
SHARES VALUE
------ -----
PHOTOGRAPHY--0.34%
263,700 CPI CORP ................................... $ 4,351,050
2,780,896 EASTMAN KODAK CO ........................... 216,214,664
227,500 NORITSU KOKI CO LTD ........................ 11,490,610
367,608 POLAROID CORP .............................. 16,772,115
151,100 oPRESSTEK, INC .............................. 9,745,950
--------------
258,574,389
--------------
PROPERTY--REAL ESTATE--1.05%
2,400,000 oAYALA LAND, INC (CLASS B) .................. 4,305,350
2,449,600 BRITISH LAND PLC ........................... 16,100,177
23,336,508 CHEUNG KONG HOLDINGS LTD ................... 168,072,319
665,408 CHINESE ESTATES LTD ........................ 593,133
303,840 oCITY DEVELOPMENT LTD ....................... 2,367,863
27,726 oCITY DEVELOPMENT LTD WTS 7/18/98 ........... 161,072
2,454 oCOMPAGNIE IMMOBILIERE DE BELGIQUE .......... 169,969
183,000 CRESCENT REAL ESTATE EQUITIES, INC ......... 6,725,250
500 DAIBIRU CORP ............................... 6,655
694,000 DAIKYO, INC ................................ 5,156,666
1,025,000 DBS LAND LTD ............................... 3,514,699
6,122,500 oFILINVEST LAND, INC ........................ 2,512,098
260,418 GENERAL PROPERTY TRUST ..................... 446,845
130,640 GREAT PORTLAND ESTATES PLC ................. 330,871
116,120 HAMMERSON PLC .............................. 654,950
498,000 HANG LUNG DEVELOPMENT CO LTD ............... 936,068
6,566,000 HENDERSON LAND DEVELOPMENT CO LTD .......... 48,985,587
16,334,998 HON KWOK LAND INVESTMENT CO LTD ............ 5,697,683
240 HONG KONG LAND HOLDINGS LTD ................ 540
1,898,571 HOPEWELL HOLDINGS LTD ...................... 1,030,128
158,500 oHOTEL PROPERTIES LTD ....................... 280,729
400,000 HYSAN DEVELOPMENT CO LTD ................... 1,224,683
20,000 oHYSAN DEVELOPMENT CO LTD WTS 4/30/98 ....... 10,593
2,000,000 IOI PROPERTIES BERHAD ...................... 6,291,822
96,707 oIRSA S.A. .................................. 324,422
55,000 JAPAN INDUSTRIAL LAND DEVELOPMENT .......... 1,719,922
189,050 KIMCO REALTY CORP .......................... 5,340,662
123,000,00 oLAI SUN DEVELOPMENT CO LTD ................. 25,106,007
380,000 LAND & HOUSE CO LTD (FR) ................... 4,308,652
212,300 LAND SECURITIES PLC ........................ 2,055,100
170,000 oLANDMARKS HOLDINGS BERHAD .................. 228,910
6,900,000 LARUT CONSOLIDATED BERHAD .................. 9,954,704
624,270 LEND LEASE CORP LTD ........................ 9,581,576
163,320 MEPC PLC ................................... 1,030,292
4,249,750 MITSUBISHI ESTATE CO LTD ................... 58,504,905
2,094,072 MITSUI FUDOSAN CO LTD ...................... 28,255,648
23,682,877 NEW WORLD DEVELOPMENT CO LTD ............... 109,835,911
39,000 OSAKA STADIUM CO LTD ....................... 369,785
1,644,000 PT JAYA REAL PROPERTY (FR) ................. 5,301,900
7,670,000 RYODEN DEVELOPMENT LTD ..................... 1,951,987
25,805 SCHRODERS PROPERTY FUND .................... 44,887
5,000 oSEFIMEG S.A. ............................... 337,975
500,000 SELANGOR PROPERTIES BERHAD ................. 609,144
10,785 oSIMCO (REGD) ............................... 995,062
480 oSIMCO (REGD) NEW ........................... 40,090
1,385,000 SINGAPORE LAND LTD ......................... 9,370,702
4,009,900 SLOUGH ESTATES PLC ......................... 13,707,281
4,654 oSTOCKLAND TRUST (UNITS) NEW ................ 10,256
115,499 STOCKLAND TRUST GROUP (UNITS) .............. 263,636
178,200 STRAITS STEAMSHIP CO LTD ................... 595,893
44,550 oSTRAITS STEAMSHIP WTS 12/12/00 ............. 55,865
861,000 SUMITOMO REALTY & DEVELOPMENT CO LTD ....... 6,805,721
10,976,659 SUN HUNG KAI PROPERTIES LTD ................ 110,960,899
14,256,394 TAI CHEUNG HOLDINGS LTD .................... 11,879,136
74,400 TAK WING INVESTMENT HOLDINGS LTD ........... 10,284
623,800 TAUBMAN CENTERS, INC ....................... 6,939,775
14,414,625 TIAN AN CHINA INVESTMENTS CO LTD ........... 1,955,276
21,000 oTOKYO TATEMONO CO .......................... 135,743
953,600 oTOLL BROTHERS, INC ......................... 15,615,200
637 oTRIZEC CORP LTD WTS 7/25/99 ................ 536
1,500 UNIBAIL S.A. ............................... 149,758
5,000,000 UNITED OVERSEAS LAND LTD ................... 8,784,978
228,196 VALLEHERMOSO S.A. .......................... 4,502,642
27,800 WASHINGTON REAL ESTATE INVESTMENT TRUST .... 465,650
746,700 WEINGARTEN REALTY INVESTORS, INC ........... 28,934,625
15,400 WELLSFORD RESIDENTIAL PROPERTY TRUST ....... 346,500
1,510,663 WESTFIELD TRUST (UNITS) .................... 2,722,908
65,581 oWESTFIELD TRUST (UNITS) NEW ................ 115,626
7,878,200 WHARF HOLDINGS LTD ......................... 28,191,762
--------------
793,993,943
--------------
PUBLISHING--NEWSPAPER--0.53%
19,655 oAGENCE HAVAS ............................... 1,607,280
521,040 AUSTRALIAN PROVINCIAL NEWSPAPER HOLDINGS ... 955,557
659,500 BELO (A.H.) CORP SERIES A .................. 24,566,375
180,400 BELO (A.H.) CORP SERIES B .................. 6,719,900
190,600 CENTRAL NEWSPAPERS, INC (CLASS A) .......... 7,147,500
473,389 oCOX COMMUNICATIONS, INC (CLASS A) NEW ...... 10,237,037
200 DOW JONES & CO, INC ........................ 8,350
419,700 DOW JONES & CO, INC (CLASS B) .............. 17,522,475
1,124,000 EMAP PLC ................................... 12,330,086
20,000 oEXEL LTD ................................... 1,410,000
968,200 GANNETT CO, INC ............................ 68,500,150
70,000 GTC TRANSCONTINENTAL GROUP LTD (CLASS A) ... 567,657
323,200 KNIGHT-RIDDER, INC ......................... 23,432,000
357,900 MEDIA GENERAL, INC (CLASS A) ............... 13,331,775
738,116 NEW YORK TIMES CO (CLASS A) ................ 24,081,034
5,875,915 NEWS CORP LTD .............................. 33,345,764
152,400 NEWS CORP LTD ADR (LTD-VTG) ................ 3,067,050
42,950,000 ORIENTAL PRESS GROUP LTD ................... 23,026,435
225,600 PEARSON PLC ................................ 2,327,567
72,300 RURAL PRESS LTD ............................ 231,043
137,280 SINGAPORE PRESS HOLDINGS LTD (FR) .......... 2,694,052
134,359 TIMES MIRROR CO (SERIES A) NEW ............. 5,844,616
762,159 TIMES MIRROR CO (SERIES C) NEW ............. 33,153,916
721,200 TRIBUNE CO NEW ............................. 52,377,150
240,000 oVALASSIS COMMUNICATIONS, INC ............... 4,440,000
64,800 WASHINGTON POST CO (CLASS B) ............... 20,995,200
312,850 WILSON & HORTON LTD ........................ 2,079,035
--------------
395,999,004
--------------
PUBLISHING--OTHER--0.77%
38,500 oAMERICAN BUSINESS INFORMATION, INC ......... 702,625
651,300 AMERICAN GREETINGS CORP (CLASS A) .......... 17,829,337
369,500 BOWNE & CO, INC ............................ 7,620,937
960,964 DAI NIPPON PRINTING CO LTD ................. 18,573,550
90,152 DE LA RUE CO PLC ........................... 833,465
996,900 DONNELLEY (R.R.) & SONS CO ................. 34,766,887
1,637,139 DUN & BRADSTREET CORP ...................... 102,321,187
1,868,500 ELSEVIER UTIGEVERSMIJ NV ................... 28,350,406
55,858 FILIPACCHI MEDIAS S.A. ..................... 11,283,794
5,714 oFILIPACCHI MEDIAS S.A. WTS 9/30/96 ......... 333,186
41,700 GAKKEN CO LTD .............................. 308,705
287,700 oGOLDEN BOOKS FAMILY ENTERTAINMENT, INC ..... 3,452,400
80,000 GRUPO ANAYA S.A. ........................... 1,466,212
See notes to financial statements.
-40-
<PAGE>
SHARES VALUE
------ -----
PUBLISHING--OTHER--(Continued)
347,108 HARCOURT GENERAL, INC ...................... $ 17,355,400
141,100 HOUGHTON MIFFLIN CO ........................ 7,019,725
628,700 LEE ENTERPRISES, INC ....................... 14,853,037
14,400 LEE ENTERPRISES, INC (CLASS B) ............. 340,200
94,100 oMARVEL ENTERTAINMENT GROUP, INC ............ 882,187
934,200 MCGRAW HILL COS, INC ....................... 42,739,650
116,500 oMEREDITH CORP .............................. 4,863,875
164,600 MEREDITH CORP (CLASS B) .................... 6,872,050
195,000 MONDADORI (ARNOLDO) EDITORE S.P.A. ......... 1,474,824
191,550 PLENUM PUBLISHING CORP ..................... 6,704,250
375,900 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VTG) ....................... 15,975,750
230,110 REED INTERNATIONAL PLC ..................... 3,850,758
260,100 oSCHOLASTIC CORP ............................ 16,126,200
3,316,000 SOUTH CHINA MORNING POST ................... 2,270,418
31,000 SOUTHAM, INC ............................... 365,453
143,750 THOMAS NELSON, INC ......................... 1,922,656
928,100 THOMSON CORP ............................... 14,678,885
4,221,424 TIME WARNER, INC ........................... 165,690,892
428,000 VERENIGDE NEDERLANDSE UITGEVERSBED ......... 6,644,404
142,587 WOLTERS KLUWER NV .......................... 16,196,611
74,000 oWOONG JIN PUBLISHING CO .................... 3,969,027
--------------
578,638,943
--------------
RAILROAD--1.01%
1,115,328 BURLINGTON NORTHERN SANTA FE CORP .......... 90,202,152
374,700 CANADIAN PACIFIC LTD ....................... 8,203,504
210,300 CANADIAN PACIFIC LTD (U.S.) ................ 4,626,600
725,100 CONRAIL, INC ............................... 48,128,512
4,409,072 CSX CORP ................................... 212,737,724
2,760 EAST JAPAN RAILWAY CO ...................... 14,468,679
76,600 FLORIDA EAST COAST INDUSTRIES, INC ......... 6,357,800
367,377 oHANKYU CORP ................................ 2,150,299
316,650 ILLINOIS CENTRAL CORP SERIES A ............. 8,984,943
610,400 KANSAS CITY SOUTHERN INDUSTRIES, INC ....... 26,170,900
217,446 KEIHIN ELECTRIC EXPRESS RAILWAY ............ 1,286,613
650 KEIO TEITO ELECTRIC RAILWAY CO LTD ......... 3,851
933,781 KINKI NIPPON RAILWAY CO LTD ................ 6,716,979
336,861 NAGOYA RAILROAD CO LTD ..................... 1,716,779
176,150 NANKAI ELECTRIC RAILWAY CO ................. 1,116,141
2,189,160 NIPPON EXPRESS CO LTD ...................... 21,355,671
1,256,212 NORFOLK SOUTHERN CORP ...................... 106,463,967
312,378 ODAKYU ELECTRIC RAILWAY CO LTD ............. 2,101,787
1,185,400 SAGAMI RAILWAY CO .......................... 5,468,489
571,000 oSOUTHERN PACIFIC RAIL CORP ................. 14,275,000
950,000 oSTAGECOACH HOLDINGS PLC .................... 6,421,078
365,369 TOBU RAILWAY CO LTD ........................ 2,395,038
992,149 TOKYU CORP ................................. 7,552,927
1,874,965 UNION PACIFIC CORP ......................... 131,013,179
30,000 oUNION SWITCH & SIGNAL, INC ................. 255,000
826,200 oWISCONSIN CENTRAL TRANSIT CORP ............. 26,851,500
--------------
757,025,112
--------------
RESTAURANTS & HOTELS--1.11%
10,032 ACCOR S.A. ................................. 1,402,996
379,000 APPLE SOUTH, INC ........................... 10,138,250
317,950 oAPPLEBEES INTERNATIONAL, INC ............... 10,293,631
810,900 oAZTAR CORP ................................. 9,325,350
430,282 BOB EVANS FARMS, INC ....................... 7,314,794
440,500 oBOSTON CHICKEN, INC ........................ 14,316,250
695,200 oBUFFETS, INC ............................... 8,516,200
288,172 oCKE RESTAURANTS, INC ....................... 7,348,386
2,652 CLUB MEDITERRANEE S.A. ..................... 237,471
855,000 COMPASS GROUP PLC .......................... 7,824,859
408,125 CRACKER BARREL OLD COUNTRY STORE, INC ...... 9,897,031
1,839,900 DARDEN RESTAURANTS, INC .................... 19,778,925
19,700 oDAVE & BUSTERS, INC ........................ 526,975
11,600 FELCOR SUITE HOTELS, INC ................... 353,800
195,177 FRISCHS RESTAURANTS, INC ................... 2,268,932
51,995 FUJITA KANKO, INC .......................... 1,042,884
17,149 GENKI SUSHI CO ............................. 378,360
45,000 oGROUPE PARTOUCHE S.A. ...................... 5,025,934
162,000 HARBOUR CENTRE DEVELOPMENT LTD ............. 219,745
957,600 oHFS, INC ................................... 67,032,000
288,200 HILTON HOTELS CORP ......................... 32,422,500
313,000 HONG KONG & SHANGHAI HOTELS LTD ............ 533,744
1,134,800 oHOST MARRIOTT CORP ......................... 14,894,250
226,380 oHOST MARRIOTT SERVICES CORP ................ 1,641,255
16,600 KERSAF INVESTMENT LTD ...................... 170,197
756,300 LA QUINTA INNS, INC ........................ 25,336,050
194,500 oLONE STAR STEAKHOUSE SALOON, INC ........... 7,342,375
422,450 LUBYS CAFETERIA, INC ....................... 9,927,575
1,165,700 MARRIOTT INTERNATIONAL, INC ................ 62,656,375
6,475,800 MCDONALDS CORP ............................. 302,743,650
200,000 oMIRAMAR HOTEL & INVESTMENT CO LTD .......... 441,816
3 MOS FOOD SERVICES, INC ..................... 73
322,700 oNPC INTERNATIONAL, INC ..................... 3,267,337
111,600 oOUTBACK STEAKHOUSE, INC .................... 3,848,456
50,000 OVERSEAS UNION ENTERPRISES LTD ............. 272,759
20,000 oOVERSEAS UNION ENTERPRISES LTD WTS 7/20/98 . 36,556
501,668 PICCADILLY CAFETERIAS, INC ................. 5,267,514
14,100 oPRIME HOSPITALITY CORP ..................... 232,650
355,550 oPROMUS HOTEL CORP .......................... 10,533,168
3,500 QUICK RESTAURANTS S.A. ..................... 346,310
443,000 RESORTS WORLD BERHAD ....................... 2,538,730
261,400 oRIO HOTEL & CASINO, INC .................... 4,019,025
141,336 RUBY TUESDAY, INC .......................... 3,197,727
668,250 oRYANS FAMILY STEAK HOUSES, INC ............. 6,181,312
110,475 SBARRO, INC ................................ 2,775,684
600,000 SHANGRI-LA ASIA LTD ........................ 841,000
2,703 SHANGRI-LA HOTELS BERHAD ................... 2,805
426,850 oSHONEYS, INC ............................... 4,641,993
435,200 oSHOWBIZ PIZZA TIME, INC (NEW) .............. 6,854,400
247,100 SKYLARK CO LTD ............................. 5,203,992
2,933 SODEXHO S.A. ............................... 1,301,201
229,750 oSONIC CORP ................................. 5,571,437
185,000 SUN INTERNATIONAL SOUTH AFRICA ............. 198,648
1,314,900 SYSCO CORP ................................. 45,035,325
1,107,000 oTPI ENTERPRISES, INC ....................... 3,978,281
318,100 oVICORP RESTAURANTS, INC .................... 3,896,725
4,000,469 WENDYS INTERNATIONAL, INC .................. 74,508,735
--------------
835,904,403
--------------
RETAIL--FOOD--0.72%
179,201 AHOLD NV ................................... 9,710,656
1,617,400 ALBERTSONS, INC ............................ 66,919,925
1,296,616 AMERICAN STORES CO (NEW) ................... 53,485,410
3,293,957 ARGYLL GROUP PLC ........................... 17,759,981
7,600,000 ASDA GROUP PLC ............................. 13,757,345
4,878 oBRUNOS, INC ................................ 67,682
80,752 CARREFOUR SUPERMARCHE S.A. ................. 45,236,081
16,256 CASINO GUICHARD-PERRACHON S.A. ............. 670,979
11,500 oCASINO GUICHARD-PERRACHON S.A. RTS ........ 17,869
30,000 CENTROS COMERCIALES CONTINENTE S.A. ........ 711,268
109,000 CENTROS COMERCIALES PRYCA S.A. ............. 2,720,291
300,000 #oCOLCOM HOLDINGS LTD ........................ 65,283
2,350 oCOLRUYT S.A. ............................... 787,576
See notes to financial statements.
-41-
<PAGE>
SHARES VALUE
------ -----
RETAIL--FOOD--(Continued)
151,500 DELCHAMPS, INC ............................. $ 3,673,875
54,750 DELHAIZE FRERES NV ......................... 2,752,329
40,772 DOCKS DE FRANCE S.A. ....................... 8,632,268
269,038 FLEMING COS, INC ........................... 3,867,421
1,099,050 FOOD LION, INC (CLASS A) ................... 8,723,709
1,596,450 FOOD LION, INC (CLASS B) ................... 12,372,487
484,300 GIANT FOOD, INC (CLASS A) .................. 17,374,262
211,200 GREAT ATLANTIC & PACIFIC TEA CO, INC ....... 6,943,200
551,000 HANNAFORD BROTHERS, INC .................... 17,976,375
1,026,204 oKROGER CO .................................. 40,535,058
245,000 MARUETSU, INC .............................. 2,206,861
234,700 NASH-FINCH CO .............................. 3,755,200
49,500 OSHAWA GROUP LTD (CLASS A) ................. 752,086
38,800 oPRIMISTERES REYNOIRD S.A. .................. 3,029,662
9,300 PROMODES S.A. .............................. 2,680,731
18,574 oPROVIGO, INC ............................... 100,642
125,926 oQUALITY FOOD CENTERS, INC .................. 3,242,594
880,300 RUDDICK CORP ............................... 10,783,675
314,437 oRYKOFF-SEXTON, INC ......................... 4,520,031
1,772,400 oSAFEWAY, INC NEW ........................... 58,489,200
781,478 SAINSBURY (J) PLC .......................... 4,602,047
74,300 oSCOTTS HOSPITALITY, INC .................... 696,375
904 SEIYO FOOD SYSTEMS ......................... 9,725
459,524 xoSIZZLER INTERNATIONAL, INC ................. 1,436,012
1,310,600 oSOUTHLAND CORP ............................. 3,972,756
320,500 oSTARBUCKS CORP ............................. 9,054,125
423,000 oSTOP & SHOP COS, INC NEW ................... 14,117,625
509,100 SUPER FOOD SERVICES, INC ................... 4,836,450
733,700 SUPERVALU, INC ............................. 23,111,550
837,585 TESCO PLC .................................. 3,826,232
60,500,000 oTINGYI HOLDINGS CORP ....................... 16,608,475
299,400 oVONS COS, INC .............................. 11,190,075
156,500 WEIS MARKETS, INC .......................... 5,105,812
612,132 WINN DIXIE STORES, INC ..................... 21,654,169
--------------
544,543,440
--------------
RETAIL--GENERAL MERCHANDISE--4.03%
387,500 o50-OFF STORES, INC ......................... 363,281
120,000 ADIDAS AG. ................................. 10,082,776
113,000 AOYAMA TRADING CO LTD ...................... 2,956,734
1,386,000 oAPPLIED INTERNATIONAL HOLDINGS LTD ......... 123,545
277,200 oAPPLIED INTERNATIONAL HOLDINGS LTD
WTS 12/30/99 .............................. 13,428
201,900 oAPS HOLDING CORP ........................... 4,441,800
112,942 oARGOS PLC 5/7 (P/P) ........................ 1,309,150
157,000 oASICS CORP ................................. 572,547
5,749 ASKO DEUTSCHE KAUFHAUS AG. ................. 4,248,867
1,265,400 oAUTOZONE, INC .............................. 43,972,650
14,000 oBABY SUPERSTORE, INC ....................... 231,000
181,500 oBARNES & NOBLE, INC ........................ 6,511,312
1,650 BAZAR DE LHOTEL DE VILLE ................... 174,989
48,533 oBEN FRANKLIN RETAIL STORES, INC ............ 54,599
616,300 oBEST BUY, INC .............................. 14,097,862
930 BEST DENKI CO LTD .......................... 13,905
387,500 BIG B, INC ................................. 3,681,250
111,200 BLAIR CORP ................................. 2,627,100
522,112 oBOMBAY, INC ................................ 3,263,200
419,800 BOOTS CO LTD ............................... 3,776,731
188,300 oBORDERS GROUP, INC ......................... 6,072,675
229,700 BROWN GROUP, INC ........................... 3,991,037
125,000 BULGARI S.P.A. ............................. 1,996,750
372,887 oBURLINGTON COAT FACTORY WAREHOUSE CORP ..... 3,915,313
4,850,000 BURTON GROUP ............................... 11,718,371
229,500 xoCALDOR CORP ................................ 602,437
160,000 CANADIAN TIRE, INC (CLASS A) ............... 2,026,798
655,000 CARPETRIGHT PLC ............................ 5,709,515
132,547 oCARSON PIRIE SCOTT & CO .................... 3,545,632
782,700 CASEYS GENERAL STORES, INC ................. 15,556,162
44,998 CASTORAMA DUBOIS INVESTISSEMENTS S.A. ...... 8,862,731
5,300,000 oCHAIFA HOLDINGS LTD ........................ 1,420,723
926,300 oCHARMING SHOPPES, INC ...................... 6,541,993
40 CHIYODA CO ................................. 937
834,000 oCIFRA S.A. DE CV SERIES B .................. 1,208,088
394,000 oCIFRA S.A. DE CV SERIES C .................. 562,411
3,101,600 CIRCUIT CITY STORES, INC ................... 112,045,300
322,300 CLAIRES STORES, INC ........................ 8,903,537
72,412 CLAIRES STORES, INC (CLASS A) .............. 2,000,381
547,000 xoCLOTHESTIME, INC ........................... 547,000
3,274,583 COLES MYER LTD ............................. 11,907,700
968 COMPTOIRS MODERNES ......................... 436,590
563,200 oCONSOLIDATED STORES CORP ................... 20,697,600
575,000 oCONTROLADORA COMERCIAL MEXICANA S.A.
SERIES B .................................. 538,587
45,000 CORTEFIEL S.A. ............................. 1,026,543
1,676,385 oCUC INTERNATIONAL, INC ..................... 59,511,667
23,200 oCYRK, INC .................................. 316,100
1,182,550 DAIEI, INC ................................. 14,231,327
124,500 DAIICHI CORP ............................... 3,609,511
399,380 DAIMARU, INC ............................... 2,792,760
24,600 DART GROUP CORP (CLASS A) .................. 2,189,400
815,215 DAYTON HUDSON CORP ......................... 84,069,046
220,500 DEB SHOPS, INC ............................. 1,102,500
10,928,000 oDICKSON CONCEPTS LTD ....................... 13,976,271
2,612,300 DILLARD DEPARTMENT STORES (CLASS A) ........ 95,348,950
1,960,431 DIXONS GROUP PLC ........................... 16,113,962
769,106 DOLLAR GENERAL CORP ........................ 22,496,350
12,000 DOUGLAS HOLDINGS AG. ....................... 478,518
435,400 oDRESS BARN, INC ............................ 4,571,700
162,300 DUTY FREE INTERNATIONAL, INC ............... 2,475,075
114 oDYLEX LTD .................................. 242
38 oDYLEX LTD WTS 5/31/98 ...................... 10
671,500 oECKERD CORP ................................ 15,192,687
92,100 xoEDISON BROTHERS STORES, INC ................ 207,225
263,900 oEGGHEAD, INC ............................... 2,935,887
56,700 oETHAN ALLEN INTERIORS, INC ................. 1,403,325
219,300 oFABRI-CENTERS OF AMERICA (CLASS A) ......... 3,618,450
245,800 oFABRI-CENTERS OF AMERICA (CLASS B) ......... 3,717,725
366,200 FAMILY DOLLAR STORES, INC .................. 6,362,725
611,777 FAYS, INC .................................. 4,817,743
1,163,049 oFEDERATED DEPARTMENT STORES, INC ........... 39,689,047
609,200 FINGERHUT COS, INC ......................... 9,518,750
38,500 oFURNITURE BRANDS INTERNATIONAL, INC ........ 423,500
1,670,500 GAP, INC ................................... 53,664,812
585,000 oGEORGETOWN HOLDINGS BERHAD ................. 1,144,069
12,606,000 GOLDLION HOLDINGS CO LTD ................... 10,829,649
501,200 oGOOD GUYS, INC ............................. 4,385,500
310,300 oGOTTSCHALKS, INC ........................... 2,094,525
92,400 GRANDOPTICAL PHOTOSERVICE S.A. ............. 11,899,314
2,402,400 GREAT UNIVERSAL STORES PLC ................. 24,412,833
428,600 oGYMBOREE CORP .............................. 13,072,300
560,000 HALLENSTEIN GLASSON HOLDINGS ............... 1,055,054
270,678 HANCOCK FABRICS, INC ....................... 2,977,458
191,275 oHANDLEMAN CO ............................... 1,315,015
266,700 HANKYU DEPARTMENT STORES, INC .............. 3,501,365
274,375 oHANOVER DIRECT, INC ........................ 377,265
172,515 HECHINGER CO (CLASS A) ..................... 754,753
166,225 HECHINGER CO (CLASS B) ..................... 1,018,128
427,287 HEILIG MEYERS CO ........................... 10,254,888
See notes to financial statements.
-42-
<PAGE>
SHARES VALUE
------ -----
RETAIL--GENERAL MERCHANDISE--(Continued)
61,200 HENNES & MAURITZ AB SERIES B ............... $ 5,672,046
61,771 HOMAC CORP ................................. 1,424,810
4,430,833 HOME DEPOT, INC ............................ 239,264,982
474,400 oHOME SHOPPING NETWORK, INC ................. 5,692,800
251,400 xoHOUSE OF FABRICS, INC ...................... 47,137
131,200 oIAMA LTD ................................... 294,312
217,800 oINTELLIGENT ELECTRONICS, INC ............... 1,851,300
94,000 ISETAN CO .................................. 1,422,616
749,248 ITO-YOKADO CO LTD .......................... 45,152,209
270,000 IZUMIYA CO LTD ............................. 5,415,498
96,050 JACOBSON STORES, INC ....................... 1,140,593
12,500,000 oJOYCE BOUTIQUE HOLDINGS .................... 4,198,545
636,350 JUSCO CO LTD ............................... 20,827,754
3,815,200 oK MART CORP ................................ 47,213,100
9,600 oKARSTADT AG. ............................... 3,881,750
11,000 KAUFHOF HOLDING AG. ........................ 4,160,951
37,000 KESKO CO ................................... 547,899
1,226,685 KINGFISHER PLC ............................. 12,331,969
639,400 oKOHLS CORP ................................. 23,418,025
205,600 oLANDS END, INC ............................. 5,088,600
31,000 LAOX CO LTD ................................ 740,482
147,000 oLECHTERS, INC .............................. 955,500
1,910,805 LIMITED, INC ............................... 41,082,307
50,700 LOBLAW COS LTD ............................. 410,218
238,321 LONGS DRUG STORES CORP ..................... 10,635,074
1,347,700 LOWES COS, INC ............................. 48,685,662
190,490 oLURIA (L.) & SON, INC ...................... 833,393
240,800 oMAC FRUGALS BARGAINS CLOSE-OUT, INC ........ 4,274,200
4,976,400 MARKS & SPENCER PLC ........................ 36,380,614
596,853 MARUI CO LTD ............................... 13,222,866
2,245,570 MAY DEPARTMENT STORES CO ................... 98,243,687
913,200 MELVILLE CORP .............................. 36,984,600
75,600 oMENS WAREHOUSE, INC ........................ 2,438,100
271,400 MERCANTILE STORES CO, INC .................. 15,910,825
2,737 MERKUR HOLDINGS AG. (REGD) ................. 575,082
136,100 oMEYER (FRED), INC .......................... 3,997,937
88,400 oMICHAELS STORES, INC ....................... 1,502,800
58,500 oMICROAGE, INC .............................. 797,062
37,000 oMINISTOP CO, LTD ........................... 985,000
836,900 MITSUKOSHI LTD ............................. 8,927,120
12,000 MIZUNO CORP ................................ 112,686
11,900 oMOVIE GALLERY, INC ......................... 249,900
183,669 MR MAX CORP ................................ 3,349,020
503,500 oMUSICLAND STORES CORP ...................... 1,636,375
272,849 oNEIMAN-MARCUS GROUP, INC ................... 7,366,923
1,977,600 NEXT PLC ................................... 17,299,835
113,400 NICHII CO LTD .............................. 1,881,639
4,520 NISSEN CO LTD .............................. 67,994
1,411,000 NORDSTROM, INC ............................. 62,789,500
294,200 oOFFICEMAX, INC ............................. 7,024,025
11,624 OPSM PROTECTOR LTD ......................... 20,585
20,000 oOTSUKA KAGU ................................ 1,347,492
21,594,000 PACIFIC CONCORD HOLDINGS ................... 4,965,563
346,923 oPAYLESS SHOESOURCE, INC .................... 11,014,805
1,812,900 PENNEY, (J.C.) CO, INC ..................... 95,177,250
569,400 PEP BOYS- MANNY, MOE, & JACK CO ............ 19,359,600
43,900 oPEPKOR LTD ................................. 212,885
183,600 oPETRIE STORES CORP (LIQUIDATING TRUST) ..... 504,900
348,250 oPETSMART, INC .............................. 16,628,937
22,600 PICKN PAY STORES LTD ....................... 78,542
482,161 PIER 1 IMPORTS, INC ........................ 7,172,144
11,038 oPINAULT-PRINTEMPS-REDOUTE S.A. ............. 3,861,362
96,000 PLAYMATES TOYS HOLDINGS LTD ................ 23,315
76,000 POLYGRAM NV ................................ 4,487,872
1,930,535 oPRICE/COSTCO, INC .......................... 41,747,819
141,200 oPROFFITTS, INC ............................. 5,012,600
4,606,500 oPT MATAHARI PUTRA PRIMA (FR) ............... 8,418,378
857,300 oREVCO (D.S.), INC NEW ...................... 20,468,037
240,884 oREX STORES CORP ............................ 3,703,591
30,750 oREXALL SUNDOWN, INC ........................ 830,250
65,000 RINASCENTE S.P.A. .......................... 465,120
3,250 oRINASCENTE S.P.A. WTS 12/31/99 ............. 2,644
921,058 RITE AID CORP .............................. 27,401,475
1,024,000 ROBINSON & CO LTD .......................... 4,352,815
2,476,100 ROBINSON DEPARTMENT STORE (FR) ............. 5,897,785
432,200 ROSS STORES, INC ........................... 15,018,950
1,571,800 oROUSE CO ................................... 40,670,325
2,400 ROYAL CO LTD ............................... 46,824
42,650 RUSS BERRIE & CO, INC ...................... 783,693
651,100 SEARS PLC .................................. 1,001,562
3,149,400 SEARS ROEBUCK & CO ......................... 153,139,575
449,430 SEIYU LTD .................................. 5,695,460
81,500 SENSHUKAI CO LTD ........................... 1,374,615
569,112 oSERVICE MERCHANDISE, INC ................... 3,201,255
715,234 SEVEN-ELEVEN JAPAN CO LTD .................. 45,580,310
216,000 SHIMACHU CO ................................ 6,400,134
57,500 SHIMAMAURA CO LTD .......................... 2,526,776
510,200 SOTHEBYS HOLDINGS, INC (CLASS A) ........... 7,397,900
1,162,668 oSTAPLES, INC ............................... 22,672,026
206,000 oSTEIN MART, INC ............................ 3,759,500
1,355,000 STOREHOUSE PLC ............................. 6,821,492
146,735 STRAWBRIDGE & CLOTHIER (CLASS A) ........... 2,384,443
487,700 STRIDE RITE CORP ........................... 4,023,525
476,500 oSUNGLASS HUT INTERNATIONAL, INC ............ 11,614,687
249,400 oSYMS CORP .................................. 1,839,325
1,159,000 TAKASHIMAYA CO LTD ......................... 17,963,225
134,200 TALBOTS, INC ............................... 4,344,725
701,501 TANDY CORP ................................. 33,233,609
62,700 TIFFANY & CO NEW ........................... 4,577,100
32,600 oTIMBERLAND CO .............................. 757,950
697,580 TJX COS, INC NEW ........................... 23,543,325
373,900 oTOPPS, INC ................................. 2,103,187
2,478,150 oTOYS R US, INC ............................. 70,627,275
126,000 oTRANS WORLD ENTERTAINMENT CORP ............. 858,375
300,000 UNY CO LTD ................................. 5,935,167
200,000 oVENDOME LUXURY GROUP PLC (UNITS) ........... 1,852,129
173,626 oVENTURE STORES, INC ........................ 1,128,569
387,650 oWABAN, INC ................................. 9,255,143
14,792,676 WAL-MART STORES, INC ....................... 375,364,153
2,066,300 WALGREEN CO ................................ 69,221,050
430,575 oWILLIAMS-SONOMA, INC ....................... 10,172,334
1,279,800 oWOOLWORTH CORP ............................. 28,795,500
12,000 XEBIO CO LTD ............................... 449,650
211,300 oZALE CORP .................................. 3,565,687
--------------
3,029,542,536
--------------
TEXTILE & APPAREL--0.49%
92,855 oALGODONERA DE SAN ANTINIO S.A. ............. 749,522
145,000 oALPARAGATAS S.A. INDUSTRIAL Y COMERCIAL .... 108,902
130,400 ANGELICA CORP .............................. 3,080,700
182,900 oANN TAYLOR STORES CORP ..................... 3,703,725
200 ATSUGI NYLON CO ............................ 1,030
195,000 BENETTON GROUP S.P.A. ...................... 2,517,372
518,900 CATO CORP (CLASS A) NEW .................... 3,113,400
60,130 oCHARGEURS INTERNATIONAL S.A. ............... 2,687,473
527,800 CML GROUP, INC ............................. 2,243,150
289,800 COATS VIYELLA PLC .......................... 774,500
135,200 oCONE MILLS CORP ............................ 1,521,000
See notes to financial statements.
-43-
<PAGE>
SHARES VALUE
------ -----
TEXTILE & APAPAREL--(Continued)
42,000 COURTAULDS TEXTILES PLC .................... $ 234,281
90,674 DAWSON INTERNATIONAL PLC ................... 115,529
74,500 oDE RIGO S.P.A. ADR ......................... 1,704,187
43,700 DOMINION TEXTILES, INC ..................... 233,587
17 ESCADA AG. (STAMM) ......................... 3,065
109,500 FAB INDUSTRIES, INC ........................ 2,983,875
122,100 oFIELDCREST CANNON, INC ..................... 2,396,212
14,000 FILA HOLDING S.P.A. ADR .................... 1,207,500
615,200 oFRUIT OF THE LOOM, INC (CLASS A) ........... 15,687,600
315,200 G & K SERVICES, INC (CLASS A) .............. 8,983,200
120,900 oGENESCO, INC ............................... 936,975
107,000 oGUCCI GROUP NV ADR ......................... 6,901,500
272,705 GUILFORD MILLS, INC ........................ 6,817,625
277,200 oHARTMARX CORP .............................. 1,732,500
2,000,000 IINER MONGOLIA ERDOS CASHMERE CO LTD ....... 972,000
144,300 oJUST FOR FEET INC .......................... 7,629,862
369,420 oKANEBO LTD ................................. 1,101,336
528,450 KELLWOOD CO ................................ 9,710,268
309,000 KURABO INDUSTRIES LTD ...................... 1,233,913
132,250 KURARAY CO LTD ............................. 1,483,039
672,800 LIZ CLAIBORNE, INC ......................... 23,295,700
22,000 MARZOTTO & FIGLI S.P.A. .................... 137,558
15,000 oMOHAWK INDUSTRIES, INC ..................... 266,250
241,500 oNAUTICA ENTERPRISES, INC ................... 6,943,125
506,600 NIKE, INC (CLASS B) ........................ 52,053,150
209,700 oNINE WEST GROUP, INC ....................... 10,720,912
152,000 NISSHINBO INDUSTRY, INC .................... 1,496,646
85,000 ONWARD KASHIYMA CO LTD ..................... 1,387,151
141,500 OSHKOSH B'GOSH, INC (CLASS A) .............. 2,547,000
161,500 OXFORD INDUSTRIES, INC ..................... 2,604,187
41,600 oPARAGON TRADE BRANDS, INC .................. 894,400
60,130 oPATHE SA ................................... 14,108,946
454,788 PHILLIPS-VAN HEUSEN CORP ................... 5,798,547
1,000,000 PT INDO RAMA SYNTHETICS (FR) ............... 2,537,000
784,600 REEBOK INTERNATIONAL LTD ................... 26,382,175
382,228 oRENOWN, INC ................................ 1,529,815
417,400 RUSSELL CORP ............................... 11,530,675
888 SALAMANDER AG. ............................. 113,756
282,000 oSANRIO CO LTD .............................. 3,265,162
259,000 SPRING INDUSTRIES, INC ..................... 13,079,500
12,000 oST. JOHN KNITS, INC ........................ 535,500
476,000 TEIJIN LTD ................................. 2,582,116
510,600 TOKYO STYLE CO LTD ......................... 8,891,317
575,000 TORAY INDUSTRIES, INC ...................... 3,963,159
301,000 TOYOBO CO LTD .............................. 1,127,873
109,900 oTULTEX CORP ................................ 522,025
615,325 UNIFI, INC ................................. 17,306,015
513,000 oUNITIKA LTD ................................ 1,548,093
523,600 VF CORP .................................... 31,219,650
28,100 WARNACO GROUP, INC (CLASS A) ............... 723,575
362,800 oWESTPOINT STEVENS, INC ..................... 8,661,850
2,593,000 oWING TAI HOLDINGS .......................... 5,511,157
320,750 WOLVERINE WORLD WIDE, INC .................. 10,424,375
46,500 oWORLD CO LTD ............................... 2,051,872
2,100,000 ZIMBABWE SPINNERS & WEAVERS ................ 255,061
--------------
368,584,121
--------------
TOBACCO--1.63%
1,459,800 AMERICAN BRANDS, INC ....................... 66,238,425
6,631,161 B.A.T. INDUSTRIES LTD ...................... 51,620,524
1,500 oCIE FINANCIERE RICHEMONT AG. (UNITS A) ..... 2,372,771
727,550 DIMON, INC ................................. 13,459,675
287,800 EMPRESAS LA MODERN SERIES A NPV ............ 1,289,023
266,500 IMASCO LTD ................................. 5,444,349
35,328 NOBLEZA-PICCARDO S.A. (CLASS B) ............ 134,434
8,604,900 PHILIP MORRIS COS, INC ..................... 894,909,600
1,600,000 oPT HANJAYA MANDALA SAMPOERNA (FR) .......... 18,232,000
3,000,000 R.J. REYNOLDS BERHAD ....................... 8,836,603
148,700 REMBRANDT GROUP LTD ........................ 1,397,548
2,496,846 RJR NABISCO HOLDINGS CORP .................. 77,402,226
171,620 oROTHMANS HOLDINGS LTD ...................... 959,082
117,000 ROTHMANS OF PALL MALL BERHAD ............... 1,230,812
287,090 SCHWEITZER-MAUDUIT INTERNATIONAL, INC ...... 8,074,406
22,000 SEITA S.A. ................................. 1,008,488
73,478 SOUZA CRUZ S.A. ............................ 640,307
246,071 oSTANDARD COMMERCIAL CORP ................... 2,952,852
15,000 TABACALERA S.A. SERIES A (REGD) ............ 754,553
700,000 TSL LTD .................................... 240,891
401,800 UNIVERSAL CORP ............................. 10,647,700
1,667,700 UST, INC ................................... 57,118,725
--------------
1,224,964,994
--------------
TRADING COMPANIES--0.20%
65,000 INCHCAPE BERHAD ............................ 207,226
6,116,350 ITOCHU CORP ................................ 42,714,276
685,540 IWATANI & CO LTD ........................... 3,968,793
3,407,950 MARUBENI CORP .............................. 18,642,168
3,308,000 MITSUBISHI CORP ............................ 43,429,011
3,569,664 MITSUI & CO LTD ............................ 32,316,814
26,000 oNAGASE & CO ................................ 246,523
800 RYOSAN CO LTD .............................. 20,640
330,195 STELUX HOLDINGS INTERNATIONAL LTD .......... 73,795
1,293,310 SUMITOMO CORP .............................. 11,484,538
968 TACHIBANA SHOKAI LTD ....................... 10,149
--------------
153,113,933
--------------
TRUCKERS & SHIPPING--0.31%
320 ACTINOR SHIPPING AS ........................ 8,127
6,000 AISIN SEIKI CO LTD ......................... 90,258
467,000 oAMERICAN FREIGHTWAYS CORP .................. 5,195,375
535,806 APL LTD .................................... 13,997,931
699,500 ARNOLD INDUSTRIES, INC ..................... 9,967,875
72,400 BERGESEN AS SERIES A ....................... 1,504,482
691,652 BRAMBLES INDUSTRIES LTD .................... 9,624,979
207,400 CALIBER SYSTEM, INC ........................ 7,051,600
306 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ....... 6,938,520
294 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ..... 9,598,644
595,000 oDUAL INVESTMENT (NON-VTG) SERIES B ......... 5,907,333
329,087 oHEARTLAND EXPRESS, INC ..................... 8,803,077
221,850 HUNT (J.B.) TRANSPORT SERVICES, INC ........ 4,631,118
45,000 JURONG SHIPYARD LTD ........................ 227,948
101,000 KAMIGUMI CO LTD ............................ 920,817
1,124,000 oKAWASAKI KISEN KAISHA LTD .................. 3,791,577
9,000 KON NEDLLOYD NV ............................ 207,205
6,000 LAIDLAW, INC (CLASS A) ..................... 61,067
340,000 LAIDLAW, INC (CLASS B) ..................... 3,448,047
362,300 oLANDSTAR SYSTEM, INC ....................... 10,506,700
1,000 oLAURITZEN J. HOLDINGS (CLASS B) ............ 115,079
98,000 oM.S. CARRIERS, INC ......................... 2,009,000
476,000 MALAYSIAN INTERNATIONAL SHIPPING CO (FR) ... 1,478,377
125,900 MITSUBISHI WAREHOUSE & TRANSPORTATION CO LTD 2,249,747
342,960 oMITSUI ENGINEERING & SHIP BUILDING CO LTD .. 1,044,339
1,557,080 oMITSUI OSK LINES LTD ....................... 5,366,049
1,043,000 MITSUI SOKO ................................ 9,413,940
595,000 oMOSVOLD SHIPPING LTD ....................... 641,105
See notes to financial statements.
-44-
<PAGE>
SHARES VALUE
------ -----
TRUCKERS & SHIPPING--(Continued)
17,142 oNCL HOLDINGS AS ............................ $ 39,051
199,000 NEPTUNE ORIENT LINES LTD ................... 208,657
498,840 NIPPON YUSEN K.K. .......................... 2,883,384
64,720 OCEAN GROUP PLC ............................ 459,568
1,175,300 oOMI, INC ................................... 10,136,962
449,660 OVERSEAS SHIPHOLDING GROUP, INC ............ 8,150,087
641,000 PARK MAY BERHAD ............................ 1,361,478
244,512 PENINSULAR & ORIENTAL STEAM NAVIGATION CO .. 1,846,424
210,650 PITTSTON BURLINGTON GROUP CO ............... 4,555,306
116,750 ROADWAY EXPRESS, INC ....................... 1,649,093
771,552 RYDER SYSTEMS, INC ......................... 21,699,900
122,000 SAFMARINE & RENNIES HOLDINGS LTD ........... 359,196
1,005,000 SEINO TRANSPORTATION CO LTD ................ 15,851,272
249,000 SENKO CO LTD ............................... 1,541,420
300 SHURGARD STORAGE CENTERS, INC .............. 7,575
37,254 oSOCIETE ANOMYNE DE GERANCE & D'ARMENENT .... 1,099,899
273,200 oSWIFT TRANSPORTATION CO, INC ............... 5,224,950
2,235,000 oTNT FINANCE LTD ............................ 2,515,610
61,700 TRANSPORTATION DEVELOPMENT GROUP PLC ....... 188,862
32,000 TRANSPORT MARITIMA MEXICO SERIES L ......... 237,677
32,824 TRENCOR LTD ................................ 174,333
524,100 WERNER ENTERPRISES, INC .................... 13,626,600
9,500 XTRA CORP .................................. 420,375
697,006 YAMATO TRANSPORT CO LTD .................... 8,197,438
192,900 oYELLOW CORP ................................ 2,555,925
--------------
229,791,358
--------------
UTILITIES--ELECTRIC--3.89%
60,200 oAES CORP ................................... 1,700,650
1,402,600 ALLEGHENY POWER SYSTEMS, INC ............... 43,305,275
1,576,497 AMERICAN ELECTRIC POWER CO, INC ............ 67,198,184
1,041,900 ATLANTIC ENERGY, INC ....................... 19,014,675
1,150,524 BALTIMORE GAS & ELECTRIC CO ................ 32,646,118
395,350 BLACK HILLS CORP ........................... 9,834,331
715,986 BOSTON EDISON CO ........................... 18,257,643
1,248,536 CAROLINA POWER & LIGHT CO .................. 47,444,368
1,759,659 CENTERIOR ENERGY CORP ...................... 12,977,485
1,608,300 CENTRAL & SOUTH WEST CORP .................. 46,640,700
66,800 CENTRAL HUDSON GAS & ELECTRIC CORP ......... 2,087,500
1,134,364 CENTRAL LOUISIANA ELECTRIC, INC ............ 30,202,441
297,938 CENTRAL MAINE POWER CO ..................... 4,320,101
66,000 CHILECTRA S.A. ADR ......................... 3,663,000
78,200 CHILGENER S.A. ADR ......................... 1,876,800
860,400 CHINA LIGHT & POWER CO LTD ................. 3,901,422
57,200 CILCORP, INC ............................... 2,445,300
1,301,398 CINERGY CORP ............................... 41,644,736
434,909 CIPSCO, INC ................................ 16,798,360
339,861 oCITIZENS UTILITIES CO (CLASS B) ............ 3,950,884
2,303,900 CMS ENERGY CORP ............................ 71,132,912
2,986,800 CONSOLIDATED EDISON CO OF NEW YORK, INC .... 87,363,900
22,488,075 CONSOLIDATED ELECTRIC POWER ASIA LTD ....... 37,185,849
638,600 DELMARVA POWER & LIGHT CO .................. 13,410,600
1,293,500 DOMINION RESOURCES, INC .................... 51,740,000
629,550 DPL, INC ................................... 15,345,281
840,093 DQE, INC ................................... 23,102,557
1,459,318 DTE ENERGY CO .............................. 45,056,443
1,568,600 DUKE POWER CO .............................. 80,390,750
86,240 EAST MIDLANDS ELECTRICITY PLC .............. 698,138
527,100 EASTERN UTILITIES ASSOCIATION CO ........... 10,344,337
4,273,910 EDISON INTERNATIONAL CO .................... 75,327,663
2,089,000 EDISON ..................................... 12,598,759
42,714 xoEL PASO ELECTRIC CO ........................ 256,284
79,451 ELECTRABEL NV .............................. 17,066,721
2,000 ELECTRABEL S.A. VVPR STRIP ................. 2,042
9,977,766 ELECTROBRAS S.A. ........................... 2,682,997
514,840 EMPRESA NACIONAL DE ELECTRIDAD S.A. ........ 32,081,744
270,000 EMPRESA NACIONAL DE ELECTRIDAD S.A. ADR .... 5,805,000
129,000 ENERSIS S.A. ADR ........................... 3,999,000
868,290 ENOVA CORP ................................. 20,079,206
2,008,704 ENTERGY CORP NEW ........................... 56,996,976
634,339 FLORIDA PROGRESS CORP ...................... 22,043,280
1,318,248 FPL GROUP, INC ............................. 60,639,408
1,412,000 GENERAL PUBLIC UTILITIES CORP .............. 49,773,000
382,491 HAWAIIAN ELECTRIC INDUSTRIES, INC .......... 13,578,430
25 oHONG KONG ELECTRIC CO LTD .................. 76
2,812,900 HOUSTON INDUSTRIES, INC .................... 69,267,662
250,000 oHUANENG POWER INTERNATIONAL, INC
SERIES N ADR .............................. 4,468,750
2,077,397 IBERDROLA 1 S.A. ........................... 21,305,129
481,200 IDAHO POWER CO ............................. 14,977,350
1,401,952 ILLINOVA CORP .............................. 40,306,120
691,500 IPALCO ENTERPRISES, INC .................... 18,151,875
1,500,914 KANSAI ELECTRIC POWER CO, INC .............. 34,346,420
582,834 KANSAS CITY POWER & LIGHT CO ............... 16,027,935
257,000 KOREA ELECTRIC POWER CORP .................. 8,809,291
18,300 KU ENERGY CORP ............................. 546,712
78,857 LONDON ELECTRICITY PLC ..................... 767,025
1,024,600 LONG ISLAND LIGHTING CO .................... 17,162,050
777,200 LOUISVILLE GAS & ELECTRIC ENERGY CORP ...... 17,778,450
307,820 oMANILA ELECTRIC CO SERIES B ................ 3,230,940
113,500 MDU RESOURCES GROUP, INC ................... 2,440,250
8,927 oMELCO INTERNATIONAL DEVELOPMENT ............ 2,479
74,900 MIDAMERICAN ENERGY CO ...................... 1,292,025
405,402 MINNESOTA POWER & LIGHT CO ................. 11,756,658
1,361,206 MONTANA POWER CO ........................... 30,286,833
686,795 NATIONAL GRID GROUP PLC .................... 1,819,477
2,958,900 oNATIONAL POWER PLC ......................... 23,907,201
1,736,900 NEVADA POWER CO ............................ 38,211,800
646,743 NEW ENGLAND ELECTRIC SYSTEMS CO ............ 23,525,276
980,686 NEW YORK STATE ELECTRIC & GAS CORP ......... 23,904,221
1,110,000 oNIAGARA MOHAWK POWER CORP .................. 8,602,500
639,379 NIPSCO INDUSTRIES, INC ..................... 25,735,004
682,700 NORTHEAST UTILITIES CO ..................... 9,131,112
44,231 NORTHERN ELECTRIC PLC ...................... 391,738
588,200 NORTHERN STATES POWER CO ................... 29,042,375
1,930,492 OHIO EDISON CO ............................. 42,229,512
835,329 OKLAHOMA GAS & ELECTRIC CO ................. 33,099,911
189,900 ORANGE & ROCKLAND UTILITY, INC ............. 6,978,825
12,000 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG. 915,734
4,412,540 PACIFIC GAS & ELECTRIC CO .................. 102,591,555
2,131,300 PACIFICORP ................................. 47,421,425
4,698,702 oPAUL F LUZ S.A. ............................ 430,515
2,182,100 PECO ENERGY CO ............................. 56,734,600
920,800 PINNACLE WEST CAPITAL CORP ................. 27,969,300
1,323,000 PORTLAND GENERAL CORP ...................... 40,847,625
634,700 POTOMAC ELECTRIC POWER CO .................. 16,819,550
800,000 POWERGEN PLC ............................... 5,854,718
1,022,772 PP&L RESOURCES, INC ........................ 24,162,988
1,118,692 PUBLIC SERVICE CO OF COLORADO .............. 41,111,931
1,453,662 PUBLIC SERVICE CO OF NEW MEXICO ............ 29,800,071
2,304,246 PUBLIC SERVICE ENTERPRISE GROUP, INC ....... 63,078,734
1,086,903 PUGET SOUND POWER & LIGHT CO ............... 26,357,397
See notes to financial statements.
-45-
<PAGE>
SHARES VALUE
------ -----
UTILITIES--ELECTRIC--(Continued)
533,920 oRHEIN-WESTFALEN ELECTRIC AG.(STAMM) ........ $ 20,799,803
700 ROCHESTER GAS & ELECTRIC CORP .............. 15,050
670,900 SCANA CORP ................................. 18,869,062
391,200 SCOTTISH POWER PLC ......................... 1,847,853
560,503 SEVILLANA DE ELECTRICIDAD .................. 5,158,208
178,544 SHUN TAK ENTERPRISES CORP LTD .............. 109,560
87,500 SIERRA PACIFIC RESOURCES ................... 2,220,312
4,840,762 SOUTHERN CO ................................ 119,203,764
55,800 SOUTHERN ELECTRICITY PLC ................... 619,052
447,083 SOUTHWESTERN PUBLIC SERVICE CO ............. 14,586,082
1,038,952 TECO ENERGY, INC ........................... 26,233,538
1,200,000 TENAGA NASIONAL BERHAD ..................... 5,049,487
1,662,407 TEXAS UTILITIES CO ......................... 71,067,899
931,603 TOHOKU ELECTRIC POWER CO, INC .............. 20,808,890
632,574 TOKYO ELECTRIC POWER CO, INC ............... 16,032,752
19,638 TRACTEBEL NV ............................... 8,038,782
66,000 TRANSALTA CORP ............................. 712,821
18,120 oTUCSON ELECTRIC POWER CO. .................. 244,620
2,450,270 UNICOM CORP ................................ 68,301,276
807,300 UNION ELECTRIC CO .......................... 32,493,825
100,000 UNION ELECTRICA FENOSA S.A. ................ 642,637
183,400 UNITED ILLUMINATING CO ..................... 6,854,575
1,583,765 UTILICORP UNITED, INC ...................... 43,751,508
839,230 VEBA AG. ................................... 44,585,823
24,346 oVIAG AG. ................................... 9,708,332
797,400 WASHINGTON WATER POWER CO .................. 14,851,575
819,129 WESTERN RESOURCES, INC ..................... 24,471,478
815,681 WISCONSIN ENERGY CORP ...................... 23,552,788
626,000 WPL HOLDINGS INC ........................... 20,579,750
856,400 WPS RESOURCES CORP ......................... 27,083,650
--------------
2,930,705,127
--------------
UTILITIES--GAS & PIPELINE--0.92%
91,000 AGL RESOURCES, INC ......................... 1,717,625
276,500 oAMERICAN STANDARD COS, INC ................. 9,124,500
309,076 ATMOS ENERGY CORP .......................... 9,465,452
4,220,400 BRITISH GAS CORP PLC ....................... 11,803,783
352,350 BROOKLYN UNION GAS CO ...................... 9,601,537
785,100 CABOT OIL & GAS CORP (CLASS A) ............. 13,641,112
64,200 oCALENERGY, INC ............................. 1,637,100
87,000 CALOR GROUP PLC ............................ 328,488
754,037 COASTAL CORP ............................... 31,481,044
412,700 COLUMBIA GAS SYSTEMS, INC .................. 21,511,987
673,200 CONSOLIDATED NATURAL GAS CO ................ 35,174,700
213,338 EASTERN ENTERPRISES CO ..................... 7,093,488
303,645 EL PASO NATURAL GAS CO NEW ................. 11,690,332
6,287 oENERGIA E INDUSTRIAS ARAGONESAS S.A. ....... 30,939
1,761,300 ENRON CORP ................................. 71,993,137
633,200 ENSERCH CORP ............................... 13,772,100
490,675 EQUITABLE RESOURCES, INC ................... 13,861,568
65,041 GAS NATURAL SDG S.A. ....................... 13,645,153
48,032 oGENERALE DES EAUX .......................... 5,364,570
1,405,936 HONG KONG & CHINA GAS CO LTD ............... 2,234,015
117,161 oHONG KONG & CHINA GAS CO LTD WTS 11/30/97 .. 30,649
260,300 oIONICS, INC ................................ 12,234,100
2,097 IPL ENERGY, INC ............................ 52,666
77,181 IPL ENERGY, INC (U.S.) ..................... 1,948,820
1,990,000 oITALGAS S.P.A. ............................. 7,428,073
21,753 LYONNAISE DES EAUX S.A. .................... 2,077,148
770,376 MCN CORP ................................... 18,777,915
119,000 NATIONAL FUEL GAS CO ....................... 4,284,000
68,200 NEW JERSEY RESOURCES CORP .................. 1,960,750
601,640 NICOR, INC ................................. 17,071,535
18,500 NORAM ENERGY CORP .......................... 201,187
11,600 NORTHWEST NATURAL GAS CO ................... 406,000
223,802 ONEOK, INC ................................. 5,595,050
1,038,925 OSAKA GAS CO LTD ........................... 3,798,223
811,740 PACIFIC ENTERPRISES, INC ................... 24,047,797
1,456,383 PANENERGY CORP ............................. 47,878,591
289,215 PEOPLES ENERGY CORP ........................ 9,688,702
9,000 PRIMAGAZ ................................... 998,194
521,456 oPRIMARK CORP ............................... 17,012,502
654,640 QUESTAR CORP ............................... 22,257,760
678,700 SONAT, INC ................................. 30,541,500
30,500 SOUTHWESTERN ENERGY CO ..................... 430,812
1,547,688 TENNECO, INC ............................... 79,125,549
1,152,766 TOKYO GAS CO LTD ........................... 4,203,907
258,600 TRANS CANADA PIPELINES LTD ................. 3,834,406
15,000 TRANS CANADA PIPELINES LTD (U.S.) .......... 221,250
133,000 TRANSPORTADORA DE GAS DEL SUR S.A. SERIES B 320,979
324 UGI CORP NEW ............................... 7,128
428,300 VALERO ENERGY CORP ......................... 10,707,500
29,800 WASHINGTON ENERGY CO ....................... 588,550
643,600 WASHINGTON GAS LIGHT CO .................... 14,159,200
115,000 WESTCOAST ENERGY, INC ...................... 1,713,589
61,600 WESTERN GAS RESOURCES, INC ................. 1,001,000
988,465 WILLIAMS COS, INC .......................... 48,929,017
508,700 YANKEE ENERGY SYSTEMS, INC ................. 11,064,225
--------------
689,770,904
--------------
UTILITIES--OTHER--0.02%
81,948 AGUAS DE BARCELONA S.A. .................... 3,042,175
1,638 oAGUAS DE BARCELONA S.A. NEW ................ 60,807
109,000 oANGLIAN WATER PLC .......................... 1,004,329
439,936 oAUTOPISTAS CONCESIONARIA ESPANOLA S.A. ..... 5,112,280
57,000 oHYDER PLC .................................. 632,365
79,625 oSOUTHERN WATER PLC ......................... 1,239,687
186,471 THAMES WATER PLC ........................... 1,642,818
192,701 UNITED UTILITIES PLC ....................... 1,622,849
--------------
14,357,310
--------------
UTILITIES--TELEPHONE--5.74%
36,600 oADTRAN, INC ................................ 2,594,025
1,438,474 ALLTEL CORP ................................ 44,233,075
131,300 oAMERICAN MOBILE SATELLITE CORP ............. 2,035,150
5,043,248 AMERITECH CORP NEW ......................... 299,442,850
14,259,503 AT & T CORP ................................ 884,089,186
442,100 BCE, INC ................................... 17,399,771
15,621 BCE, INC (U.S.) ............................ 617,029
3,884,144 BELL ATLANTIC CORP ......................... 247,614,180
8,863,210 BELLSOUTH CORP ............................. 375,578,523
10,897,410 oBRITISH TELECOMMUNICATIONS PLC ............. 58,586,088
16,500 oC-TEC CORP ................................. 490,875
3,692,775 CABLE & WIRELESS PLC ....................... 24,443,171
285,883 oCELLULAR COMMUNICATIONS OF PUERTO RICO, INC 9,291,197
371,100 CINCINNATI BELL, INC ....................... 19,343,587
15,500 oCOMMNET CELLULAR, INC ...................... 465,000
339,900 COMPANIA TELECOM DE CHILE S.A. ADR ......... 33,352,687
1,026 DDI CORP ................................... 8,942,464
1,718,900 FRONTIER CORP .............................. 52,641,312
661,337 oGLENAYRE TECHNOLOGIES, INC ................. 33,066,850
2,650 GN STORE NORD AS ........................... 234,932
8,758,912 GTE CORP ................................... 391,961,312
400 HONG KONG TELECOMMUNICATIONS LTD ........... 718
921,600 KONINKLIJKE PTT NEDERLAND .................. 34,877,183
757,100 LINCOLN TELECOMMUNICATIONS CO .............. 12,397,512
See notes to financial statements.
-46-
<PAGE>
SHARES VALUE
------ -----
UTILITIES--TELEPHONE--(Continued)
6,147,300 MCI COMMUNICATIONS CORP .................... $157,524,562
537,700 oMOBILE TELECOMMUNICATIONS TECHNOLOGIES CORP 7,863,862
884,900 oNEXTEL COMMUNICATIONS, INC (CLASS A) ....... 16,868,406
356 NIPPON TELEGRAPH & TELEPHONE CORP .......... 2,635,469
3,870,444 NYNEX CORP ................................. 183,846,090
3,893,215 PACIFIC TELESIS GROUP CO ................... 131,396,006
100,000 PHILIPPINE LONG DISTANCE TELEPHONE CO ADR .. 5,812,500
204,000 PORTUGAL TELECOM S.A. ...................... 5,328,791
8,736,980 SBC COMMUNICATIONS, INC .................... 430,296,265
611,900 SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORP 25,699,800
3,188,219 SPRINT CORP ................................ 133,905,198
540,000 STET-SOCIETA FINANSIARIA TELEFONICA ........ 1,417,122
210,000 STET-SOCIETA FINANZIARIA TELEFONICA ........ 709,245
276,000 oTECHNOLOGY RESOURCES INDUSTRIES BERHAD ..... 962,288
5,575,000 TELCOM ITALIA MOBILE DRNC .................. 7,596,941
17,345,026 TELECOM ITALIA MOBILE S.P.A. ............... 38,733,177
205,900 TELE DANMARK AS (CLASS B) .................. 10,355,526
1,680,000 oTELEBRAS S.A. .............................. 98,715
18,100,760 TELECOM CORP OF NEW ZEALAND ................ 75,893,083
17,215,026 TELECOM ITALIA S.P.A. ...................... 36,983,728
5,425,000 TELECOM ITALIA S.P.A. DI RISP .............. 9,355,629
1,505,441 TELEFONICA DE ARGENTINA S.A. (CLASS B) ..... 4,462,352
2,102,959 TELEFONICA DE ESPANA S.A. .................. 38,706,306
4,085,500 TELEFONOS DE MEXICO S.A. SERIES L .......... 6,920,550
1,509,000 TELEKOM MALAYSIA BERHAD .................... 13,425,145
312,485 TELEPHONE & DATA SYSTEMS, INC .............. 14,061,825
56,000 TELUS CORP ................................. 754,484
1,000,000 oTHAI TELEPHONE & TELECOM LTD (FR) .......... 2,145,665
92,100 oU.S. LONG DISTANCE CORP .................... 3,269,550
4,180,646 U.S. WEST COMMUNICATIONS GROUP, INC ........ 133,258,091
3,920,046 oU.S. WEST MEDIA GROUP, INC ................. 71,540,839
2,285,801 VODAFONE GROUP PLC ......................... 8,506,267
3,391,413 oWORLDCOM, INC .............................. 187,799,494
--------------
4,321,831,648
--------------
TOTAL COMMON STOCK
(Cost $44,976,711,977) ...................... 72,727,993,981
--------------
PRINCIPAL
---------
SHORT TERM INVESTMENTS--4.55%
BANK NOTES--0.27%
BANK OF AMERICA
$25,000,000 5.420%, 11/21/96 ........................... 24,968,722
FIRST NATIONAL BANK OF CHICAGO
20,000,000 5.510%, 11/07/96 ........................... 19,986,362
20,000,000 5.450%, 11/25/96 ........................... 19,979,106
NATIONS BANK OF TEXAS
25,000,000 5.420%, 08/09/96 ........................... 24,999,282
NATIONSBANK SOUTH
25,000,000 5.350%, 07/03/96 ........................... 24,999,167
15,000,000 5.430%, 11/13/96 ........................... 14,983,810
17,000,000 5.530%, 12/09/96 ........................... 16,980,016
NATIONSBANK, N.A.
29,000,000 5.430%, 10/15/96 ........................... 28,978,325
25,000,000 5.660%, 04/30/97 ........................... 24,905,813
--------------
200,780,603
--------------
BANKERS ACCEPTANCES--0.13%
BANK OF BOSTON
5,000,000 5.310%, 10/08/96 ........................... 4,924,408
BANK OF MONTREAL
$10,000,000 5.300%, 07/05/96 ........................... 9,992,211
8,000,000 5.300%, 08/05/96 ........................... 7,956,417
5,000,000 5.300%, 08/29/96 ........................... 4,954,369
27,000,000 5.280%, 09/19/96 ........................... 26,664,922
DEUTSCHE BANK
10,000,000 5.360%, 11/25/96 ........................... 9,775,460
NATIONS BANK OF TEXAS
5,000,000 5.370%, 08/20/96 ........................... 4,961,888
5,000,000 5.300%, 11/22/96 ........................... 4,889,997
NATIONSBANK SOUTH
13,000,000 5.350%, 07/19/96 ........................... 12,963,216
WACHOVIA BANK OF NORTH CAROLINA
12,000,000 5.290%, 08/07/96 ........................... 11,932,020
--------------
99,014,908
--------------
CERTIFICATES OF DEPOSIT--0.21%
CANADIAN IMPERIAL BANK OF COMMERCE
25,000,000 5.300%, 08/28/96 ........................... 24,991,817
FIRST ALABAMA BANK
15,000,000 5.370%, 08/05/96 ........................... 14,998,856
MELLON BANK, N.A.
25,000,000 5.400%, 10/22/96 ........................... 24,983,912
NATIONSBANK, N.A.
16,000,000 5.400%, 08/12/96 ........................... 15,999,083
ROYAL BANK OF CANADA
35,000,000 5.395%, 10/22/96 ........................... 34,976,928
30,000,000 5.420%, 10/24/96 ........................... 29,982,088
SOCIETE GENERALE
10,000,000 5.850%, 05/08/97 ........................... 9,970,972
--------------
155,903,656
--------------
COMMERCIAL PAPER--2.91%
AT & T CORP
35,000,000 5.250%, 07/09/96 ........................... 34,951,068
AT & T CAPITAL CORP
35,000,000 5.320%, 08/06/96 ........................... 34,802,559
ABBOTT LABORATORIES
25,000,000 5.300%, 07/22/96 ........................... 24,916,028
AMERICAN BRANDS, INC
15,000,000 # 5.280%, 07/29/96 ........................... 14,933,616
AMERICAN EXPRESS CREDIT CORP
5,500,000 5.300%, 07/01/96 ........................... 5,499,071
40,000,000 5.300%, 07/03/96 ........................... 39,981,001
50,000,000 5.270%, 08/26/96 ........................... 49,564,763
AMERICAN HOME PRODUCTS
20,000,000 # 5.350%, 07/12/96 ........................... 19,962,388
22,500,000 # 5.300%, 07/17/96 ........................... 22,440,956
17,000,000 # 5.400%, 07/24/96 ........................... 16,937,203
15,000,000 # 5.400%, 08/14/96 ........................... 14,896,008
AMRO NORTH AMERICA FINANCE, INC
20,000,000 5.300%, 11/12/96 ........................... 19,584,232
15,000,000 5.360%, 12/06/96 ........................... 14,628,800
ARIZONA PUBLIC SERVICE CO
15,000,000 5.480%, 07/09/96 ........................... 14,978,670
12,200,000 5.520%, 07/11/96 ........................... 12,178,849
ASSET SECURITIZATION COOPERATIVE CORP
10,000,000 # 5.300%, 07/18/96 ........................... 9,972,500
18,000,000 # 5.410%, 09/18/96 ........................... 17,779,090
ASSOCIATES CORP OF NORTH AMERICA
25,000,000 5.270%, 07/25/96 ........................... 24,904,569
BANKERS TRUST NEW YORK CORP
25,000,000 5.290%, 10/25/96 ........................... 24,549,527
BENEFICIAL CORP
25,000,000 5.260%, 07/22/96 ........................... 24,915,973
See notes to financial statements.
-47-
<PAGE>
PRINCIPAL VALUE
--------- -----
COMMERCIAL PAPER--(Continued)
BETA FINANCE CORP
$18,000,000 # 5.270%, 07/26/96 ........................... $17,928,550
6,500,000 # 5.420%, 09/13/96 ........................... 6,425,213
6,500,000 # 5.300%, 10/25/96 ........................... 6,382,880
BURLINGTON NORTHERN SANTA FE
19,500,000 # 5.470%, 07/24/96 ........................... 19,427,340
CANADIAN IMPERIAL HOLDINGS, INC
30,000,000 5.320%, 08/02/96 ........................... 29,849,032
CATERPILLAR FINANCIAL SERVICES CORP
20,000,000 5.300%, 10/03/96 ........................... 19,707,344
CIESCO LP
40,000,000 5.350%, 07/03/96 ........................... 39,981,112
9,000,000 5.285%, 07/22/96 ........................... 8,969,762
5,000,000 5.280%, 07/23/96 ........................... 4,982,438
25,312,000 5.270%, 08/02/96 ........................... 25,184,553
11,000,000 5.300%, 08/23/96 ........................... 10,909,298
CIT GROUP HOLDINGS INC
17,300,000 5.290%, 07/15/96 ........................... 17,260,315
COCA-COLA ENTERPRISES, INC
25,000,000 # 5.420%, 08/08/96 ........................... 24,851,500
25,000,000 # 5.410%, 08/13/96 ........................... 24,832,138
25,000,000 5.410%, 08/19/96 ........................... 24,809,263
COLUMBIA/HCA HEALTHCARE CORP
35,000,000 # 5.500%, 07/11/96 ........................... 34,939,283
30,000,000 # 5.550%, 08/05/96 ........................... 29,832,550
10,000,000 # 5.570%, 08/19/96 ........................... 9,922,350
COMMERZBANK U.S. FINANCE, INC
26,000,000 5.260%, 07/01/96 ........................... 25,995,551
CONAGRA, INC
20,000,000 5.570%, 07/23/96 ........................... 19,928,688
COOPER INDUSTRIES, INC
40,000,000 5.600%, 07/01/96 ........................... 39,993,676
CORPORATE ASSET FUNDING CORP, INC
30,000,000 5.330%, 07/16/96 ........................... 29,926,683
24,000,000 5.270%, 08/01/96 ........................... 23,882,812
8,000,000 5.250%, 10/25/96 ........................... 7,855,830
CSX CORP
5,500,000 5.460%, 07/16/96 ........................... 5,486,263
DAYTON HUDSON CORP
20,000,000 5.480%, 07/08/96 ........................... 19,974,700
21,000,000 5.500%, 07/10/96 ........................... 20,966,867
14,000,000 5.470%, 07/19/96 ........................... 13,958,684
EASTMAN CHEMICAL CO
10,000,000 5.540%, 07/08/96 ........................... 9,987,383
15,000,000 5.460%, 07/25/96 ........................... 14,941,775
EL PASO NATURAL GAS CO
11,500,000 5.700%, 07/01/96 ........................... 11,498,198
GENERAL ELECTRIC CAPITAL CORP
20,000,000 5.340%, 08/09/96 ........................... 19,878,067
20,000,000 5.360%, 10/07/96 ........................... 19,695,099
11,150,000 5.480%, 11/14/96 ........................... 10,914,889
GENERAL MOTORS ACCEPTANCE CORP
16,700,000 5.310%, 08/26/96 ........................... 16,553,300
8,000,000 5.500%, 02/04/96 ........................... 7,802,810
GOLDMAN SACHS GROUP, LP
30,000,000 5.370%, 07/10/96 ........................... 29,953,651
30,000,000 5.330%, 08/30/96 ........................... 29,720,658
30,000,000 5.370%, 10/15/96 ........................... 29,505,733
GTE CORP
30,000,000 5.500%, 07/05/96 ........................... 29,976,148
13,390,000 5.450%, 07/12/96 ........................... 13,364,633
HAWAIIAN ELECTRIC CO, INC
4,500,000 5.650%, 07/01/96 ........................... 4,499,282
12,250,000 5.500%, 07/16/96 ........................... 12,219,565
HEINZ (H.J.) CO
$ 9,000,000 5.350%, 07/22/96 ........................... 8,969,795
10,000,000 5.350%, 07/24/96 ........................... 9,963,394
HEWLETT PACKARD CO
42,000,000 5.380%, 09/24/96 ........................... 41,445,834
HOUSEHOLD FINANCE CORP
25,000,000 5.270%, 07/25/96 ........................... 24,904,569
IBM CREDIT CORP
25,000,000 5.270%, 07/19/96 ........................... 24,927,401
MORGAN (J.P.) & CO
15,000,000 5.300%, 11/13/96 ........................... 14,685,866
MCCORMICK & CO, INC
15,000,000 5.310%, 07/11/96 ........................... 14,974,471
MCI COMMUNICATIONS CORP
35,000,000 5.310%, 07/10/96 ........................... 34,945,809
23,245,000 5.300%, 07/12/96 ........................... 23,201,853
MCKENNA TRIANGLE NATIONAL CORP
25,000,000 # 5.270%, 07/17/96 ........................... 24,935,014
20,000,000 # 5.270%, 07/19/96 ........................... 19,941,921
25,000,000 # 5.260%, 08/12/96 ........................... 24,836,055
MORGAN STANLEY GROUP, INC
22,000,000 5.600%, 07/01/96 ........................... 21,996,651
25,000,000 5.310%, 07/11/96 ........................... 24,957,452
20,000,000 5.300%, 07/15/96 ........................... 19,954,132
30,000,000 5.300%, 07/18/96 ........................... 29,917,501
NATIONAL RURAL UTILITIES COOP FINANCE
17,000,000 5.270%, 07/10/96 ........................... 16,973,641
NATIONSBANK CORP
25,000,000 5.200%, 07/08/96 ........................... 24,968,758
10,000,000 5.300%, 07/09/96 ........................... 9,986,047
NEW YORK STATE ELECTRIC & GAS CORP
13,000,000 # 5.550%, 07/08/96 ........................... 12,983,606
NORTHERN STATES POWER CO
10,000,000 5.300%, 07/30/96 ........................... 9,954,233
PHILIP MORRIS COS, INC
50,000,000 5.280%, 07/02/96 ........................... 49,983,886
25,000,000 5.370%, 09/18/96 ........................... 24,693,125
POTLATCH CORP
7,000,000 5.480%, 07/01/96 ........................... 6,998,818
PRAXAIR, INC
15,000,000 5.450%, 07/16/96 ........................... 14,962,691
QUAKER OATS CO
12,000,000 5.500%, 07/02/96 ........................... 11,996,119
23,500,000 5.570%, 07/09/96 ........................... 23,466,701
20,000,000 5.550%, 07/09/96 ........................... 19,971,638
SMITH BARNEY INC
10,000,000 5.320%, 07/01/96 ........................... 9,998,322
SOUTHWESTERN BELL CAPITAL CORP
10,000,000 5.270%, 07/30/96 ........................... 9,954,216
10,500,000 5.260%, 10/15/96 ........................... 10,326,942
TEXAS UTILITIES ELECTRIC CO
50,000,000 5.600%, 07/01/96 ........................... 49,991,890
25,000,000 5.600%, 07/01/96 ........................... 24,995,945
THE STANLEY WORKS
7,000,000 5.420%, 07/30/96 ........................... 6,968,010
12,000,000 5.290%, 08/08/96 ........................... 11,928,633
UNION OIL CO OF CALIFORNIA
15,000,000 # 5.470%, 07/12/96 ........................... 14,971,600
WALT DISNEY CO
32,000,000 5.240%, 08/23/96 ........................... 31,736,035
20,000,000 # 5.230%, 12/24/96 ........................... 19,448,923
20,000,000 # 5.230%, 12/27/96 ........................... 19,435,545
WESTERN RESOURCES CO
25,000,000 5.450%, 07/09/96 ........................... 24,964,409
See notes to financial statements.
-48-
<PAGE>
PRINCIPAL VALUE
--------- -----
COMMERCIAL PAPER--(Continued)
WHIRLPOOL FINANCE
$33,500,000 5.350%, 08/07/96 ........................... $ 33,304,119
40,000,000 5.400%, 08/23/96 ........................... 39,667,288
XEROX CORP
25,000,000 5.350%, 08/12/96 ........................... 24,836,180
--------------
2,191,077,775
--------------
GOVERNMENT AGENCIES--0.60%
FEDERAL HOME LOAN BANK
20,000,000 5.250%, 09/04/96 ........................... 19,805,611
7,000,000 5.300%, 09/11/96 ........................... 6,924,769
21,000,000 5.320%, 09/18/96 ........................... 20,752,690
35,830,000 5.230%, 10/21/96 ........................... 35,232,644
FEDERAL HOME LOAN MORTGAGE CORP
17,754,000 5.285%, 07/15/96 ........................... 17,715,030
22,000,000 5.250%, 08/05/96 ........................... 21,883,804
15,320,000 5.300%, 08/06/96 ........................... 15,236,880
25,000,000 5.300%, 08/08/96 ........................... 24,857,028
33,000,000 5.240%, 08/13/96 ........................... 32,786,965
24,316,000 5.210%, 08/26/96 ........................... 24,112,624
49,800,000 5.200%, 08/27/96 ........................... 49,376,146
23,896,000 5.330%, 09/06/96 ........................... 23,656,813
9,000,000 5.340%, 09/13/96 ........................... 8,900,645
50,000,000 5.340%, 09/16/96 ........................... 49,425,942
24,000,000 5.320%, 09/20/96 ........................... 23,710,292
FEDERAL NATIONAL MORTGAGE ASSOCIATION
25,000,000 5.270%, 07/19/96 ........................... 24,930,464
30,000,000 5.320%, 09/11/96 ........................... 29,677,615
25,000,000 5.090%, 09/13/96 ........................... 24,723,666
--------------
` 453,709,628
--------------
MEDIUM TERM BONDS--0.14%
BENEFICIAL CORP
10,000,000 6.030%, 07/01/97 ........................... 10,006,018
BETA FINANCE CORP (THE)
25,000,000 5.900%, 05/12/97 ........................... 24,985,000
CIT GROUP HOLDINGS INC
5,000,000 8.750%, 07/01/97 ........................... 5,132,807
FEDERAL HOME LOAN MORTGAGE CORP
20,000,000 5.470%, 04/01/97 ........................... 19,930,152
GENERAL MOTORS ACCEPTANCE CORP
30,000,000 8.125%, 01/27/97 ........................... 30,419,397
NORDSTROM CREDIT INC
11,000,000 8.050%, 08/28/96 ........................... 11,071,193
--------------
101,544,567
--------------
VARIABLE RATE NOTES--0.29%
AMERICAN EXPRESS CENTURION BANK
25,000,000 5.466%, 05/16/97 ........................... 24,990,000
20,000,000 5.450%, 06/27/97 ........................... 19,992,000
BETA FINANCE CORP
25,000,000 # 5.456%, 05/15/97 ........................... 24,987,500
CIT GROUP HOLDINGS INC
15,000,000 5.592%, 02/28/97 ........................... 15,012,000
FORD MOTOR CREDIT CO
15,000,000 5.813%, 09/15/96 ........................... 14,998,500
20,000,000 5.638%, 02/18/97 ........................... 20,026,000
GENERAL MOTORS ACCEPTANCE CORP
20,000,000 5.650%, 06/02/97 ........................... 20,000,000
HOUSEHOLD FINANCE CORP
25,000,000 5.472%, 05/23/97 ........................... 24,992,500
MERRILL LYNCH & CO, INC
20,000,000 5.713%, 06/16/97 ........................... 20,000,000
PHH CORP
$25,000,000 5.465%, 06/11/97 ........................... 24,995,000
STUDENT LOAN MARKETING ASSOCIATION
10,000,000 5.370%, 10/04/96 ........................... 10,000,000
--------------
219,993,500
--------------
TOTAL SHORT TERM INVESTMENTS
(Cost $ 3,423,226,322) ........................ 3,422,024,637
TIME DEPOSITS--0.03%
CANADIAN IMPERIAL BANK OF COMMERCE
25,000,000 5.500%, 07/01/96 ........................... 25,000,000
--------------
TOTAL TIME DEPOSITS
(Cost $ 25,000,000) ........................... 25,000,000
--------------
ROUNDING ..................................... 1,297
--------------
TOTAL PORTFOLIO
(Cost $ 48,622,753,846) ....................... $76,423,506,109
===============
- ----------------
o NON-INCOME PRODUCING
x IN BANKRUPTCY
# RESTRICTED
See notes to financial statements.
-49-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES -- STOCK ACCOUNT (UNAUDITED)
JANUARY 1, 1996 -- JUNE 30, 1996
<TABLE>
<CAPTION>
PURCHASES SALES SHARES AT VALUE AT
VALUE AT ---------- ----------- REALIZED DIVIDEND JUNE 30, JUNE 30,
ISSUE DECEMBER 31, 1995 COST PROCEEDS GAIN (LOSS) INCOME 1996 1996
----- ----------------- ---------- ----------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ACMA LTD $ 54,912,778 -- -- -- -- 16,526,400 $ 48,238,577
ACMA LANDIS HOLDINGS LTD 933,240 -- $ 643,765 $(1,777,403) $ 51,824 * *
##AFFYMETRIX, INC ** $22,621,095 1,230 -- -- 1,507,991 22,996,862
AFFYMETRIX, INC SERIES A
SR CV 6,428,565 -- 14,620,695 9,620,700 -- * *
~APACHE CORP 115,819,596 -- 5,445 899 274,826 * *
AYDIN CORP 4,486,831 -- 416,937 (112,238) -- 268,250 3,621,375
CENTRAL LOUISIANA
ELECTRIC, INC ** 6,082,584 -- -- 436,730 226,200 30,202,441
DARWIN MOLECULAR CORP
SERIES B ** 5,999,999 -- -- -- 5,454,545 5,999,999
DUPLEX PRODUCTS, INC 3,540,062 -- 770,349 (685,745) -- * *
FMC CORP (NEW) 160,458,368 48,576 4,678,536 1,302,379 -- 2,308,767 150,647,046
GENERAL SIGNAL CORP 100,122,925 -- 5,339,321 725,679 1,459,440 2,947,000 111,617,625
#+GENSET S.A. ** -- -- -- -- 404,700 23,189,514
GRACE (W.R.) & CO 427,905,362 -- 177,809,344 92,087,269 799,325 * *
INNOVATIVE INTERNATIONAL
HOLDINGS LTD 10,878,030 -- -- -- 229,521 36,972,000 13,134,728
LUKS INDUSTRIAL CO 5,122,186 -- 1,173,385 (1,342,133) -- * *
MALLINCKRODT GROUP, INC 156,203,343 54,590 7,867,241 3,259,063 1,271,728 4,102,550 159,486,631
NEWPORT CORP 3,596,125 -- 200,840 (208,889) -- * *
PICCADILLY CAFETERIA 6,242,108 158,738 1,661,726 (141,359) 79,891 * *
SOUTH CHINA HOLDINGS LTD 6,989,094 -- -- -- 334,501 32,360,000 6,688,734
SOUTH CHINA INDUSTRIES LTD 6,394,504 -- -- -- 840,614 52,046,000 6,858,086
SPAGHETTI WAREHOUSE 1,625,500 -- -- -- -- 325,100 1,747,412
STEWART INFORMATION
SERVICES CORP 7,316,450 -- 2,368,011 1,026,908 33,918 * *
TPI ENTERPRISES, INC 3,459,375 -- -- -- -- 1,107,000 3,978,281
-------------- ----------- ------------ ------------ ---------- ------------
TOTAL AFFILIATED TRANSACTIONS $1,082,434,442 $34,965,582 $217,556,825 $103,755,130 $5,812,318 $588,407,311
============== =========== ============ ============ ========== ============
**Not an Affiliate as of December 31, 1995
*Not an Affiliate as of June 30, 1996
+Stock Split
##Series A shares converted to common shares
company went public.
#Outstanding shares previously unavailable.
~Shares outstanding increased
</TABLE>
See notes to financial statements.
-50-
<PAGE>
- ---------- | COLLEGE RETIREMENT EQUITIES FUND
CREF | 730 Third Avenue
| New York, NY 10017-3206
- ---------- | 212/490-9000
[LOGO] Printed on recycled paper
SCAR--01S--6/96
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 1
<NAME> STOCK ACCOUNT
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 48,622,753,846
<INVESTMENTS-AT-VALUE> 76,423,506,109
<RECEIVABLES> 519,858,269
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 51,009,661
<TOTAL-ASSETS> 76,994,374,039
<PAYABLE-FOR-SECURITIES> 410,519,138
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,317,097,091
<TOTAL-LIABILITIES> 1,727,616,229
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 630,560,599
<SHARES-COMMON-PRIOR> 632,802,980
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 75,266,757,810
<DIVIDEND-INCOME> 755,485,242
<INTEREST-INCOME> 36,749,687
<OTHER-INCOME> 0
<EXPENSES-NET> (108,585,535)
<NET-INVESTMENT-INCOME> 683,649,394
<REALIZED-GAINS-CURRENT> 3,481,249,605
<APPREC-INCREASE-CURRENT> 2,103,747,524
<NET-CHANGE-FROM-OPS> 6,268,646,523
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,402,199
<NUMBER-OF-SHARES-REDEEMED> (14,644,580)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,896,473,925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30,024,650
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 108,585,535
<AVERAGE-NET-ASSETS> 72,771,774,251
<PER-SHARE-NAV-BEGIN> 91.460
<PER-SHARE-NII> .903
<PER-SHARE-GAIN-APPREC> 7.385
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 99.748
<EXPENSE-RATIO> .150
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
