ANNUAL REPORT
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
AUDITED FINANCIAL STATEMENTS
INCLUDING
STATEMENT OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
As required by the Investment Company Act of 1940, CREF provides its
participants with this year-end annual report of the financial
condition and portfolio holdings of the Stock Account. CREF also
provides an annual report to participants in the six other CREF
accounts. Semi-annual reports are also provided each year toward the
end of August.
- --------------------------------------------------------------------------------
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
INDEX TO AUDITED FINANCIAL STATEMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
Page
----
Report of Management Responsibility ...................................... 2
Report of Independent Auditors ........................................... 3
Audited Financial Statements:
Statement of Assets and Liabilities .................................... 4
Statement of Operations ................................................ 5
Statements of Changes in Net Assets .................................... 6
Notes to Financial Statements .......................................... 7
Statement of Investments ............................................... 12
Participant Voting Results ............................................... 50
-1-
<PAGE>
- --------------------------------------------------------------------------------
REPORT OF MANAGEMENT RESPONSIBILITY
To the Participants of
College Retirement Equities Fund:
The accompanying financial statements of the Stock Account of College Retirement
Equities Fund ("CREF") are the responsibility of management. They have been
prepared in accordance with generally accepted accounting principles and have
been presented fairly and objectively in accordance with such principles.
CREF has established and maintains a strong system of internal controls designed
to provide reasonable assurance that assets are properly safeguarded and
transactions are properly executed in accordance with management's
authorization, and to carry out the ongoing responsibilities of management for
reliable financial statements. In addition, CREF's internal audit personnel
provide a continuing review of the internal controls and operations of the CREF
Accounts, and the internal Auditor regularly reports to the Audit Committee of
the CREF Board of Trustees.
The accompanying financial statements have been audited by the independent
auditing firm of Deloitte & Touche LLP. The independent auditors' report, which
appears on the following page, expresses an independent opinion on the fairness
of presentation of these financial statements.
The Audit Committee of the CREF Board of Trustees, consisting of trustees who
are not officers of CREF, meets regularly with management, representatives of
Deloitte & Touche LLP and internal auditing personnel to review matters relating
to financial reporting, internal controls and auditing. In addition to the
annual audit of the financial statements of all CREF Accounts, the New York
State Insurance Department, other state insurance departments and the Securities
and Exchange Commission regularly examine the financial statements of the CREF
Accounts as part of their periodic corporate examinations.
/s/ John H. Biggs
--------------------------------
Chairman and
Chief Executive Officer
/s/ Thomas W. Jones
--------------------------------
Vice Chairman, President and
Chief Operating Officer
/s/ Richard L. Gibbs
--------------------------------
Executive Vice President and
Principal Accounting Officer
-2-
<PAGE>
Deloitte &
Touche LLP
- ------------ --------------------------------------------------------
[LOGO] Two World Financial Center Telephone: (212) 436-2000
New York, New York 10281-1414 Facsimile: (212) 436-5000
REPORT OF INDEPENDENT AUDITORS
To the Participants and Board of Trustees of
College Retirement Equities Fund:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of the Stock Account of College Retirement
Equities Fund ("CREF") as of December 31, 1995, the related statements of
operations for the year then ended and of changes in net assets for each of the
years in the two year period then ended. These financial statements are the
responsibility of CREF's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned at December 31, 1995, by correspondence with
the custodians and brokers; where replies were not received from brokers, we
performed other auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Stock Account of CREF at December 31,
1995, the results of its operations and the changes in its net assets for the
above-stated periods, in conformity with generally accepted accounting
principles.
/S/ Deloitte & Toche LLP
February 6, 1996
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
-3-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
<S> <C>
ASSETS
Portfolio investments, at cost ....................................... $44,503,997,087
Net unrealized appreciation of portfolio investments ................. 25,699,335,481
---------------
Portfolio investments, at value ...................................... 70,203,332,568
Cash ................................................................. 20,634,089
Dividends and interest receivable .................................... 134,438,595
Receivable from securities transactions .............................. 333,015,778
Amounts due from TIAA ................................................ 11,110,003
---------------
TOTAL ASSETS 70,702,531,033
---------------
LIABILITIES
Deposits for securities loaned-Note 4 ................................ 949,705,474
Due to banks-Note 4 ................................................. 7,012,994
Payable for securities transactions .................................. 375,528,680
---------------
TOTAL LIABILITIES 1,332,247,148
---------------
NET ASSETS
Accumulation Fund .................................................... 57,876,350,382
Annuity Fund ......................................................... 11,493,933,503
---------------
TOTAL NET ASSETS $69,370,283,885
===============
NUMBER OF ACCUMULATION UNITS OUTSTANDING-Notes 5 and 6 ................. 632,802,980
===============
NET ASSET VALUE, PER ACCUMULATION UNIT-Note 5 .......................... $91.46
======
See notes to financial statements.
</TABLE>
-4-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1995
INVESTMENT INCOME
Income:
Dividends ................................................ $ 1,397,091,722
Interest ................................................. 37,153,764
----------------
TOTAL INCOME 1,434,245,486
----------------
Expenses-Note 3:
Investment ............................................... 57,118,512
Operating ................................................ 149,045,228
----------------
TOTAL EXPENSES 206,163,740
Fees paid indirectly ..................................... (380,429)
----------------
NET EXPENSES 205,783,311
----------------
INVESTMENT INCOME-NET 1,228,462,175
----------------
REALIZED AND UNREALIZED GAIN ON TOTAL
INVESTMENTS-Note 4
Net realized gain on:
Portfolio investments .................................. 1,808,625,045
Futures transactions ................................... 57,150,217
Foreign currency transactions .......................... 2,887,111
----------------
Net realized gain 1,868,662,373
----------------
Net change in unrealized appreciation (depreciation) on:
Portfolio investments .................................. 13,327,950,415
Futures transactions ................................... (4,089,953)
Translation of assets (other than portfolio investments)
and liabilities in foreign currencies ................ (725,756)
----------------
Net change in unrealized appreciation 13,323,134,706
----------------
NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 15,191,797,079
----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 16,420,259,254
================
See notes to financial statements
-5-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Years Ended December 31,
---------------------------------
1995 1994
------------- -------------
FROM OPERATIONS
<S> <C> <C>
Investment income-net................................................ $ 1,228,462,175 $ 1,128,172,222
Net realized gain on total investments............................... 1,868,662,373 2,493,715,226
Net change in unrealized appreciation (depreciation) on
total investments.................................................. 13,323,134,706 (3,671,319,655)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 16,420,259,254 (49,432,207)
--------------- ---------------
FROM PARTICIPANT TRANSACTIONS
Premiums............................................................. 2,244,897,088 2,196,938,476
--------------- ---------------
Disbursements and transfers:
Net transfers to TIAA.............................................. 359,202,304 190,633,668
Net transfers to other CREF Accounts............................... 551,347,519 912,058,265
Annuity payments................................................... 853,948,681 771,379,292
Withdrawals and repurchases........................................ 690,669,089 561,624,079
Death benefits..................................................... 91,070,246 78,684,679
--------------- ---------------
TOTAL DISBURSEMENTS AND TRANSFERS, NET 2,546,237,839 2,514,379,983
--------------- ---------------
NET DECREASE IN NET ASSETS RESULTING
FROM PARTICIPANT TRANSACTIONS (301,340,751) (317,441,507)
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS 16,118,918,503 (366,873,714)
NET ASSETS
Beginning of year.................................................... 53,251,365,382 53,618,239,096
--------------- ---------------
End of year.......................................................... $69,370,283,885 $53,251,365,382
=============== ===============
</TABLE>
See notes to financial statements.
-6-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS
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 ("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.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Foreign investments, bank
deposits and forward 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 invest-ments 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
-7-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS--(Continued)
NOTE 2-SIGNIFICANT ACCOUNTING POLICIES-(Continued)
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 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. When
portfolio securities are loaned, the Account receives additional income on the
collateral and continues to receive income on the securities loaned.
Additionally, any change in the market value of the securities loaned is
recognized by the Account. The Account may bear the risk of delay in recovery
of, or loss of rights in, the securities loaned should a borrower of securities
fail financially.
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 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 CURRENCY CONTRACTS: The Account enters into forward currency contracts
to purchase or sell foreign currency to accommodate foreign investment
transactions. Forward 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. When the contract is closed,
payment is made or received 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 currency contract to offset an existing contract. Forward
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.
-8-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS--(Continued)
NOTE 2-SIGNIFICANT ACCOUNTING POLICIES-(Concluded)
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 years 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.
Investment Management and Services generally pay directly for all third-party
services provided for the benefit of the CREF Accounts. "Soft-dollar"
arrangements for brokerage and other services are generally not utilized by the
CREF Accounts. However, certain custodial fees are reduced based on the level of
average cash balances on deposit with a custodian bank during the period. The
amount by which custodial fees were reduced under these expense offset
agreements is reflected in the accompanying Statement of Operations as "Fees
paid indirectly".
NOTE 4--INVESTMENTS
At December 31, 1995, the value of securities loaned was $2,167,018,851 and
collateral received in connection therewith was comprised of cash of
$949,705,474, letters of credit of $1,021,490,000 and United States government
securities amounting to $321,864,708.
At December 31, 1995, the due to banks balance resulted from securities
transactions which were settled and paid by January 2, 1996.
At December 31, 1995, net unrealized appreciation of portfolio investments,
consisting of gross unrealized appreciation and gross unrealized depreciation,
was as follows:
<TABLE>
<S> <C>
Gross unrealized appreciation of portfolio investments............................. $26,984,535,296
Gross unrealized depreciation of portfolio investments............................. 1,285,199,815
---------------
NET UNREALIZED APPRECIATION OF PORTFOLIO INVESTMENTS............................... $25,699,335,481
===============
</TABLE>
During 1995 the Account engaged in transactions in futures contracts in the
Standard & Poor's 500 Index with the following results:
<TABLE>
<S> <C>
Futures contracts open at December 31, 1995, at cost............................... $ 237,450,653
Net unrealized depreciation........................................................ $ (2,439,653)
-------------
Futures contracts open at December 31, 1995, at value.............................. $ 235,011,000
=============
Net realized gain on futures contracts closed...................................... $ 57,150,217
Net change in unrealized depreciation.............................................. $ (4,089,953)
Number of futures contracts open at December 31, 1995.............................. 760
Average fair value of futures contracts based
o n daily balances during the year............................................... $ 197,448,378
</TABLE>
-9-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS--(Continued)
NOTE 4-INVESTMENTS-(Concluded)
For the year ended December 31, 1995, transactions in covered call options
written were as follows:
<TABLE>
Number of
Contracts Premiums
--------- ----------
<S> <C> <C>
Options outstanding at December 31, 1994..................................... -- --
Options written.............................................................. 4,300 $1,817,039
Options terminated in closing purchase transactions.......................... -- --
Options expired.............................................................. -- --
Options exercised............................................................ (4,300) (1,817,039)
-------- ----------
Options outstanding at December 31, 1995..................................... -- $ --
======== ==========
</TABLE>
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 December
31, 1995, the total value of investments in affiliated companies was
$1,082,434,442. For the year ended December 31, 1995, total dividend income and
the net realized loss relating to such investments were $18,417,571 and
$6,228,985, respectively.
During 1994, the Account sold its wholly-owned subsidiary, College Retirement
Equities Fund B.V., a foreign investment company. The effect of this transaction
on the accompanying Statement of Changes in Net Assets for the year ended
December 31, 1994 was to increase the net realized gain by $59,184,115 and
decrease the unrealized appreciation by $66,564,355.
Purchases and sales of portfolio securities, other than short-term money market
instruments, for the year ended December 31, 1995, were as follows:
Purchases:
Unaffiliated issuers ...................................... $11,003,225,763
Affiliated issuers ........................................ 83,766,725
---------------
TOTAL PURCHASES $11,086,992,488
===============
Sales:
Unaffiliated issuers ...................................... $ 9,737,788,620
Affiliated issuers ........................................ 118,400,761
---------------
TOTAL SALES $ 9,856,189,381
===============
-10-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS--(Concluded)
NOTE 5--CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of the Account
is presented below.
<TABLE>
For the Years Ended December 31,
----------------------------------------------------------------
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Per Accumulation Unit Data:
<S> <C> <C> <C> <C> <C>
Investment income.................... $ 1.885 $ 1.699 $ 1.606 $ 1.523 $ 1.552
Expenses............................. .271 .223 .210 .181 .184
------- ------- ------- ------- -------
Investment income--net............... 1.614 1.476 1.396 1.342 1.368
Net realized and unrealized
gain (loss) on investments......... 19.984 (1.557) 7.139 2.294 11.994
------- ------- ------- ------- -------
Net increase (decrease) in
Accumulation Unit Value.............. 21.598 (.081) 8.535 3.636 13.362
Accumulation Unit Value:
Beginning of year.................... 69.862 69.943 61.408 57.772 44.410
------- ------- ------- ------- -------
End of year.......................... $91.460 $69.862 $69.943 $61.408 $57.772
======= ======= ======= ======= =======
Ratios to Average Net Assets:
Expenses............................. 0.34% 0.32% 0.32% 0.31% 0.36%
Investment income--net............... 2.00% 2.11% 2.14% 2.32% 2.65%
Portfolio turnover rate................ 16.25% 18.77% 22.93% 16.29% 22.47%
Thousands of Accumulation Units
outstanding at end of year........... 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>
Years Ended December 31,
---------------------------
1995 1994
----------- -----------
<S> <C> <C>
Accumulation Units:
Credited for premiums ..................................................... 27,995,571 31,350,733
Cancelled for transfers, disbursements and
amounts applied to the Annuity Fund...................................... (32,627,261) (36,444,412)
Outstanding:
Beginning of year...................................................... 637,434,670 642,528,349
----------- -----------
End of year............................................................ 632,802,980 637,434,670
=========== ===========
</TABLE>
-11-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1995
SUMMARY BY INDUSTRY
VALUE %
-------------- ------
BONDS
CORPORATE BONDS
AUTOMOTIVE & RELATED .............. $ 125,988 0.00%
BANKS ............................. 32,419,664 0.05
BROADCASTERS ...................... 8,765,762 0.01
CONGLOMERATES ..................... 96,799 0.00
ELECTRICAL EQUIPMENT .............. 208,845 0.00
ENVIRONMENTAL CONTROL ............. 4,331,730 0.01
FINANCIAL--MISCELLANEOUS .......... 1,610,960 0.00
HEALTHCARE--DRUGS ................. 10,650,000 0.02
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY .............. 3,979,780 0.00
LEISURE TIME ...................... 595,797 0.00
RETAIL--GENERAL MERCHANDISE ....... 5,586,755 0.01
-------------- ------
TOTAL CORPORATE BONDS
(Cost $ 57,563,633) ............... 68,372,080 0.10
-------------- ------
GOVERNMENT BONDS
GOVERNMENT BONDS .................. 416,406 0.00
-------------- ------
TOTAL GOVERNMENT BONDS
(Cost $ 381,469) .................. 416,406 0.00
-------------- ------
TOTAL BONDS
(Cost $ 57,945,102) ................ 68,788,486 0.10
-------------- ------
PREFERRED STOCK
AUTOMOTIVE & RELATED .............. 1,916,003 0.00
BANKS ............................. 2,040,904 0.00
BEVERAGES ......................... 584,345 0.00
BUSINESS SERVICES ................. 12,886,894 0.02
CHEMICALS--MAJOR .................. 7,677,389 0.01
CHEMICALS--SPECIALTY .............. 61,759 0.00
COMMUNICATION
EQUIPMENT & SERVICES ............. 15,512,159 0.02
CONGLOMERATES ..................... 352,255 0.00
CONSTRUCTION--
MATERIALS & BUILDERS ............ 380,375 0.00
COSMETICS ......................... 21,574 0.00
FINANCIAL--MISCELLANEOUS .......... 351,327 0.00
FOODS ............................. 170,679 0.00
FOREST PRODUCTS ................... 3,054,198 0.00
HEALTHCARE--DRUGS ................. 10,028,565 0.02
HEALTHCARE--SERVICE ............... 10,470,630 0.02
HOUSEHOLD--DURABLE GOODS .......... 173,802 0.00
HOUSEHOLD--PRODUCTS ............... 34,547 0.00
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY ............. 125,300 0.00
MACHINERY ......................... 2,103,947 0.00
METALS--NON-FERROUS ............... 113,168 0.00
METALS--STEEL ..................... 10,375,626 0.02
PAPER ............................. 60,775,000 0.09
PETROLEUM--
EXPLORATION & PRODUCTION ......... 90,833 0.00
PETROLEUM--INTEGRATED ............. 720,783 0.00
PUBLISHING--NEWSPAPER ............. 9,753,113 0.02
PUBLISHING--OTHER ................. 9,537,825 0.01
RETAIL--GENERAL MERCHANDISE ....... 229,876 0.00
TOBACCO ........................... 36,547,875 0.05
UTILITIES--ELECTRIC ............... 6,294,566 0.01
UTILITIES--GAS & PIPELINE ......... 672,709 0.00
UTILITIES--OTHER .................. 100,524 0.00
UTILITIES--TELEPHONE .............. 24,378,409 0.04
-------------- ------
TOTAL PREFERRED STOCK
(Cost $ 188,357,421) ............... 227,536,959 0.33
-------------- ------
COMMON STOCK
AEROSPACE ......................... 843,359,652 1.22
AIR TRANSPORTATION ................ 340,819,556 0.49
AUTOMOTIVE & RELATED .............. 1,696,783,729 2.45
BANKS ............................. 6,051,719,663 8.72
BEVERAGES ......................... 1,741,777,584 2.51
BROADCASTERS ...................... 729,662,259 1.05
BUSINESS SERVICES ................. 885,475,021 1.28
CHEMICALS--MAJOR .................. 1,376,940,021 1.98
CHEMICALS--SPECIALTY .............. 1,344,687,582 1.94
COMMUNICATION
EQUIPMENT & SERVICES ............ 1,219,387,805 1.76
COMPUTER SERVICE .................. 1,795,776,188 2.58
CONGLOMERATES ..................... 1,676,088,544 2.42
CONSTRUCTION--
MATERIALS & BUILDERS ............ 882,766,461 1.27
CONTAINERS ........................ 75,244,668 0.11
COSMETICS ......................... 342,206,573 0.49
ELECTRICAL EQUIPMENT .............. 2,951,143,345 4.25
ELECTRICAL EQUIPMENT--
COMPONENTS DIVERSIFIED .......... 1,724,438,252 2.49
ELECTRICAL EQUIPMENT--
INSTRUMENTS ..................... 398,014,007 0.57
ENVIRONMENTAL CONTROL ............. 262,623,048 0.38
FINANCIAL--MISCELLANEOUS .......... 2,371,489,727 3.42
FOODS ............................. 1,499,894,992 2.16
FOREST PRODUCTS ................... 512,404,520 0.74
HEALTHCARE--DRUGS ................. 4,058,418,714 5.85
HEALTHCARE--HOSPITAL SUPPLY ....... 1,095,672,165 1.57
HEALTHCARE--OTHER ................. 695,365,287 1.00
HEALTHCARE--SERVICE ............... 956,658,487 1.38
HOUSEHOLD--
CONSUMER ELECTRONICS ............ 160,156,967 0.23
HOUSEHOLD--DURABLE GOODS .......... 250,805,572 0.36
HOUSEHOLD--PRODUCTS ............... 928,545,446 1.34
INSURANCE--BROKERS & OTHER ........ 211,899,872 0.31
INSURANCE--LIFE ................... 396,624,290 0.57
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY ............. 2,306,494,023 3.32
LEISURE TIME ...................... 900,966,490 1.30
MACHINERY ......................... 1,380,008,003 1.99
METALS--ALUMINIUM ................. 157,703,449 0.23
METALS--GOLD ...................... 284,203,042 0.41
METALS--NON-FERROUS ............... 324,075,541 0.46
METALS--STEEL ..................... 483,533,299 0.70
MISCELLANEOUS
MATERIALS & COMMODITIES ......... 32,611,425 0.05
OFFICE EQUIPMENT .................. 2,167,971,648 3.13
PAPER ............................. 719,122,257 1.04
PETROLEUM--
EXPLORATION & PRODUCTION ........ 603,478,584 0.86
PETROLEUM--INTEGRATED ............. 3,224,882,611 4.65
PETROLEUM--SERVICE ................ 517,352,220 0.75
PHOTOGRAPHY ....................... 250,187,529 0.36
See notes to financial statements.
-12-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1995
SUMMARY BY INDUSTRY
VALUE %
--------------- ------
PROPERTY--REAL ESTATE ............. $ 716,011,834 1.03%
PUBLISHING--NEWSPAPER ............. 359,025,231 0.52
PUBLISHING--OTHER ................. 657,714,947 0.95
RAILROAD .......................... 666,143,000 0.96
RESTAURANTS & HOTELS .............. 679,556,872 0.98
RETAIL--FOOD ...................... 461,478,178 0.67
RETAIL--GENERAL MERCHANDISE ....... 2,464,192,127 3.55
TEXTILE & APPAREL ................. 321,399,410 0.46
TOBACCO ........................... 1,259,904,559 1.82
TRADING COMPANIES ................. 142,212,450 0.21
TRUCKERS & SHIPPING ............... 214,242,932 0.31
UTILITIES--ELECTRIC ............... 2,816,740,775 4.06
UTILITIES--GAS & PIPELINE ......... 669,544,246 0.97
UTILITIES--OTHER .................. 31,544,421 0.05
UTILITIES--TELEPHONE .............. 4,314,688,457 6.21
--------------- ------
TOTAL COMMON STOCK
(Cost $ 42,954,305,341) ............ 68,603,839,557 98.89
--------------- ------
SHORT TERM INVESTMENTS
BANK NOTES ........................ 50,070,995 0.07
BANKERS ACCEPTANCES ............... 55,726,811 0.08
CERTIFICATES OF DEPOSIT ........... 75,014,065 0.11
COMMERCIAL PAPER .................. 905,541,855 1.31
EURO CERTIFICATES OF DEPOSIT ...... 20,005,248 0.02
GOVERNMENT AGENCIES ............... 23,883,903 0.03
MEDIUM TERM NOTES ................. 25,000,124 0.04
U.S. TREASURY NOTES ............... 52,945,405 0.08
VARIABLE RATE NOTES ............... 94,978,000 0.14
-------------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $ 1,303,389,223) ............. 1,303,166,406 1.88
--------------- ------
ROUNDING ......................... 1,160 0.00
--------------- ------
TOTAL PORTFOLIO
(Cost $ 44,503,997,087) ............ 70,203,332,568 101.20
OTHER ASSETS & LIABILITIES, NET .. (833,048,683) (1.20)
--------------- ------
NET ASSETS .......................... $69,370,283,885 100.00%
=============== ======
See notes to financial statements.
-13-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1995
SUMMARY BY COUNTRY
VALUE %
--------------- -------
DOMESTIC:
UNITED STATES .................. $57,100,996,851 81.33%
--------------- ------
TOTAL DOMESTIC ................... 57,100,996,851 81.33
--------------- ------
FOREIGN:
ARGENTINA ...................... 14,819,100 0.02
AUSTRALIA ...................... 380,879,601 0.54
AUSTRIA ........................ 14,449,675 0.02
BELGIUM ........................ 91,624,201 0.13
BRAZIL ......................... 36,890,258 0.05
CANADA ......................... 329,674,153 0.47
CHILE .......................... 48,157,712 0.07
CHINA .......................... 37,642,564 0.05
DENMARK ........................ 62,425,896 0.09
FINLAND ........................ 65,507,674 0.09
FRANCE ......................... 556,817,588 0.79
GERMANY ........................ 490,457,547 0.70
HONG KONG ...................... 1,036,978,787 1.48
INDIA .......................... 15,075,517 0.02
INDONESIA ...................... 34,823,295 0.05
IRELAND ........................ 4,548,942 0.01
ITALY .......................... 209,207,776 0.30
JAPAN .......................... 3,997,122,609 5.70
KOREA .......................... 104,330,466 0.15
MALAYSIA ....................... 197,212,107 0.28
MEXICO ......................... 26,520,468 0.04
MISCELLANEOUS .................. 31,714,965 0.05
NETHERLANDS .................... 616,025,088 0.88
NEW ZEALAND .................... 209,772,929 0.30
NORWAY ......................... 74,046,665 0.11
PHILIPPINES .................... 20,779,629 0.03
PORTUGAL ....................... 7,780,000 0.01
SINGAPORE ...................... 150,142,239 0.21
SOUTH AFRICA ................... 29,710,014 0.04
SPAIN .......................... 199,585,741 0.28
SWEDEN ......................... 295,888,124 0.42
SWITZERLAND .................... 721,646,454 1.03
THAILAND ....................... 78,296,324 0.11
UNITED KINGDOM ................. 1,608,615,203 2.29
--------------- ------
TOTAL FOREIGN 11,799,169,311 16.81
--------------- ------
SHORT TERM INVESTMENTS 1,303,166,406 1.86
--------------- ------
TOTAL PORTFOLIO $70,203,332,568 100.00%
=============== ======
See notes to financial statements.
-14-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1995
PAR
VALUE VALUE
-------- ---------
BONDS--0.10%
CORPORATE BONDS--0.10%
AUTOMOTIVE & RELATED--0.00%
MICHELIN S.A. CV
2,333(1) 2.500%, 01/01/01 ................ $ 125,988
----------
BANKS--0.05%
BANGKOK BANK PUBLIC CO LTD CV
5,000,000 3.250%, 03/03/04 ................ 5,325,000
BANK OF TOKYO CV
226,000,000(2) 6.100%, 03/31/97 ................ 3,956,664
MITSUBISHI BK CV
20,000,000 3.000%, 11/30/02 ................ 23,138,000
----------
32,419,664
----------
BROADCASTERS--0.01%
VIACOM INTERNATIONAL, INC
(SUBORDINATED DEB)
8,615,000 8.000%, 07/07/06 ................ 8,765,762
----------
CONGLOMERATES--0.00%
BRIERLEY INVESTMENTS LTD CV NOTES
129,875(3) 9.000%, 06/30/98 ................ 96,799
----------
ELECTRICAL EQUIPMENT--0.00%
OLIVETTI S.P.A. CV
255,000(4) 7.500%, 01/01/99 ................ 208,845
----------
ENVIRONMENTAL CONTROL--0.01%
WMX TECHNOLOGIES, INC
(SUBORDINATED CV NOTES)
4,979,000 2.000%, 01/24/05 ................ 4,331,730
----------
FINANCIAL--MISCELLANEOUS--0.00%
FINANCE ONE PUBLIC CO LTD
57,578(5) 3.750%, 03/15/01 ................ 1,610,960
----------
HEALTHCARE--DRUGS--0.02%
IVAX CORP CV
10,000,000 6.500%, 11/15/01 ................ 10,650,000
----------
INSURANCE--MULTI-LINE,
PROPERTY & CASUALTY--0.00%
AXA S.A. CV
20,729(1) 4.500%, 01/01/99 ................ 1,475,041
7,176(1) 6.000%, 01/01/01 ................ 2,504,739
----------
3,979,780
----------
LEISURE TIME--0.00%
SKIS ROSSIGNOL S.A. CV
1,250(1) 3.000%, 04/01/01 ................ 595,797
----------
RETAIL--GENERAL MERCHANDISE--0.01%
CARSON PIRIE SCOTT CO
(SUBORDINATED NOTES)
1,103,444 13.000%, 03/28/05 ............... 1,106,755
GOLDLION CAPITAL CV
4,000,000 4.875%, 02/01/99 ................ 4,480,000
----------
5,586,755
----------
TOTAL CORPORATE BONDS
(Cost $57,563,633) ................. 68,372,080
----------
GOVERNMENT BONDS--0.00%
U.S. GOVERNMENT BONDS--0.00%
U.S. TREASURY BOND
325,000 11.750%, 02/15/01 ............... 416,406
----------
TOTAL GOVERNMENT BONDS
(Cost $381,469) ..................... 416,406
TOTAL BONDS
(Cost $57,945,102) .................. 68,788,486
----------
----------------
(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
SHARES
-------
PREFERRED STOCK--0.33%
AUTOMOTIVE & RELATED--0.00%
15,800 PIRELLI PNEUS S.A. ................. 22,269
7,800 VOLKSWAGENWERKE AG. ................ 1,893,734
----------
1,916,003
----------
BANKS--0.00%
2,710,000 BANCO ITAU S.A. .................... 755,566
2,900 BANK AUSTRIA AG. ................... 138,800
127,270,692 BRADESCO S.A. ...................... 1,112,964
858,800 UNIBANCO S.A. ...................... 33,574
----------
2,040,904
----------
BEVERAGES--0.00%
1,419,924 BRAHMA S.A. ........................ 584,345
----------
BUSINESS SERVICES--0.02%
85,000 SAP (VORZUG) AG. ................... 12,886,894
----------
CHEMICALS--MAJOR--0.01%
170,000 COPENE-PETROQUIMICA DO NORDESTE S.A. 75,903
80,000 o FRESENIUS VORZUG AG ................ 7,601,486
----------
7,677,389
----------
CHEMICALS--SPECIALTY--0.00%
20,700,000 o FERTILIZANTES FOSFATADOS S.A. ..... 61,759
----------
COMMUNICATION--
EQUIPMENT & SERVICES--0.02%
393,900 NOKIA AB OY SERIES A ............... 15,512,159
----------
CONGLOMERATES--0.00%
21,329 TELEDYNE, INC SERIES E ............. 306,604
53,705 TRAFALGAR HOUSE PLC 6% CV .......... 45,651
----------
352,255
----------
CONSTRUCTION--MATERIALS &
BUILDERS--0.00%
661,000 CIM ITAU S.A. ...................... 157,769
2,800,000 DURATEX S.A. ....................... 97,366
582 DYCKERHOFF ZEMENTWERKE AG. ......... 125,240
----------
380,375
----------
See notes to financial statements.
-15-
<PAGE>
SHARES VALUE
------ -------
COSMETICS-0.00%
40 WELLA GROUP AG. .................... $ 21,574
----------
FINANCIAL-MISCELLANEOUS-0.00%
11,145 EVEREN CAPITAL CORP SERIES A ....... 273,052
3,100 PHOENIX DUFF & PHELPS CORP ......... 78,275
----------
351,327
----------
FOODS-0.00%
4,600,000 CEVAL ALIMENTOS .................... 52,530
57,361,445 o PERDIGAO COMERCIO E INDUSTRIA ...... 88,520
40,000 SADIA CONCORDIA S.A. ............... 29,629
----------
170,679
----------
FOREST PRODUCTS-0.00%
1,752,666 ARACRUZ CELULOSE S.A. .............. 2,740,795
173,750 KLABIN FABRICADORA S.A. ............ 157,304
5,510 KONINKLIJKE NV ..................... 28,527
6,200,000 VOTORANTIM CELULOSE E PAPEL S.A. ... 127,572
----------
3,054,198
----------
HEALTHCARE-DRUGS-0.02%
1,428,570 #+o AFFYMETRIX, INC
SERIES A SR CV .................... 6,428,565
800,000 #o AFFYMETRIX, INC
SERIES B CV ....................... 3,600,000
----------
10,028,565
----------
HEALTHCARE-SERVICE-0.02%
374,080 FHP INTERNATIONAL CORP SERIES A CV . 9,959,880
113,500 o MEDIQ, INC SERIES A ................ 510,750
----------
10,470,630
----------
HOUSEHOLD-DURABLE GOODS-0.00%
620,000 BRASMOTOR S.A. ..................... 123,107
25,400,000 REFRIGERACAO PARANA S.A. ........... 50,695
----------
173,802
----------
HOUSEHOLD-PRODUCTS-0.00%
2,300,000 BOMBRIL S.A. ....................... 34,547
----------
INSURANCE-MULTI-LINE,
PROPERTY & CASUALTY-0.00%
23,604 INTERNATIONALE
NEDERLANDEN GROEP NV ............. 125,300
----------
MACHINERY-0.00%
1,100,000 o BELGO MINEIRA S.A. ................. 61,676
5,000 o FAG KUGELFISCHER (GEORGE)
SCHAFER & CO ...................... 623,559
340,000 o IOCHE-MAXION PFD ................... 37,078
6,300 MAN AG. (NON-VTG) .................. 1,362,293
20,000 PIRELLI CABOS S.A. ................. 19,341
----------
2,103,947
----------
METALS-NON-FERROUS-0.00%
8,800,000 PARANAPANEMA S.A. .................. 113,168
----------
METALS-STEEL-0.02%
73,902,000 ACESITA PN ......................... 429,574
231,000,000 COMPANHIA SIDERURGICA DE
TUBARAO S.A. ...................... 3,762,069
175,000 o CONFAB INDUSTRIAL S.A. ............. 70,216
USINAS SIDERGIACAS DE MINAS GERAIS . 882,654
31,779,000 VALE DO RIO DOCE CIA ............... 5,231,113
----------
10,375,626
----------
PAPER-0.09%
2,600,000 JAMES RIVER CORP OF VIRGINIA
SERIES P ......................... 60,775,000
----------
PETROLEUM-EXPLORATION &
PRODUCTION-0.00%
10,900,000 IPIRANGA S.A. ...................... 90,833
----------
PETROLEUM-INTEGRATED-0.00%
8,442,000 PETROBRAS S.A. ..................... 720,783
----------
PUBLISHING-NEWSPAPER-0.02%
2,063,581 NEWS CORP LTD (LTD-VTG) ............ 9,655,765
36,150 o RURAL PRESS (LTD-VTG) .............. 97,348
----------
9,753,113
----------
PUBLISHING - OTHER-0.01%
210,200 HARCOURT GENERAL, INC SERIES A $.64 9,537,825
----------
RETAIL-GENERAL MERCHANDISE-0.00%
9,800,000 o LOJAS AMERICANAS S.A. .............. 229,876
----------
TOBACCO-0.05%
5,733,000 RJR NABISCO HOLDINGS CORP SERIES C . 36,547,875
----------
UTILITIES-ELECTRIC-0.01%
2,250,893 ELECTROBRAS S.A. SERIES B .......... 609,038
200,000 o NORTHERN ELECTRIC PLC .............. 334,585
19,147 RHEIN-WESTFALEN ELECTRIC AG.
(NON-VTG) ......................... 5,350,943
----------
6,294,566
----------
UTILITIES-GAS & PIPELINE-0.00%
30,412,697 CEMIG S.A. ......................... 672,709
----------
UTILITIES-OTHER-0.00%
59,400 o WELSH WATER ........................ 100,524
----------
UTILITIES-TELEPHONE-0.04%
240,468 o CELLULAR COMMUNICATIONS, INC CV .... 11,963,283
232,000 SPRINT CORP ........................ 8,816,000
72,590,224 TELEBRAS S.A. ...................... 3,495,086
707,181 TELESP S.A. ........................ 104,040
----------
24,378,409
----------
TOTAL PREFERRED STOCK
(Cost $188,357,421) ................227,536,959
----------
COMMON STOCK-98.89%
AEROSPACE-1.22%
179,350 AAR CORP ........................... 3,945,700
193,825 o ALLIANT TECHSYSTEMS, INC ........... 9,812,390
194,788 AVIALL, INC NEW .................... 1,826,137
3,640,923 BOEING CO .......................... 285,357,340
1,116,690 BRITISH AEROSPACE PLC .............. 13,818,169
22,737 o BRITISH AEROSPACE PLC WTS 11/15/00 . 110,140
516,100 EG & G, INC ........................ 12,515,425
6,800 o FABBRICA ITALIANA APPARECCHIATURE .. 23,519
326,300 FLIGHTSAFETY INTERNATIONAL, INC .... 16,396,575
312,200 GENERAL DYNAMICS CORP .............. 18,458,825
1,472,540 GENERAL MOTORS CORP (CLASS H) ...... 72,338,527
401,600 KAMAN CORP (CLASS A) ............... 4,467,800
1,598,064 LOCKHEED MARTIN CORP ............... 126,247,056
820,100 MCDONNELL DOUGLAS CORP ............. 75,449,200
429,200 NORTHROP GRUMMAN CORP .............. 27,468,800
485,900 OEA, INC ........................... 14,516,262
369,600 o ORBITAL SCIENCES CORP .............. 4,712,400
234,950 PRECISION CASTPARTS CORP ........... 9,339,262
2,503,940 RAYTHEON CO ........................ 118,311,165
700 o ROHR, INC .......................... 10,062
3,894,159 ROLLS ROYCE LTD .................... 11,427,074
1,400 SAGEM S.A. ......................... 787,240
126,800 SMITHS INDUSTRIES PLC .............. 1,252,091
8,512 SOCIETE EUROPEENNE DE PROPULISIAN
S.A................................ 581,332
48,800 SPAR AEROSPACE LTD ................. 742,430
110,300 o TECH-SYM CORP ...................... 3,515,812
59,533 THOMSON-CSF ........................ 1,328,094
210,400 o WHITTAKER CORP ..................... 4,576,200
See notes to financial statements.
16
<PAGE>
SHARES VALUE
------ -------
AEROSPACE-(Continued)
292,700 o WYMAN-GORDON CO .................... $ 4,024,625
-----------
843,359,652
-----------
AIR TRANSPORTATION-0.49%
72,000 o AIR CANADA, INC .................... 245,472
228,962 AIR EXPRESS INTERNATIONAL CORP ..... 5,266,126
602,000 AIR NEW ZEALAND LTD (CLASS B) ...... 2,046,655
325,300 AIRBORNE FREIGHT CORP .............. 8,661,112
434,000 o ALASKA AIRLINES GROUP, INC ......... 7,052,500
1,300 ALL NIPPON AIRWAYS CO LTD .......... 12,980
869,100 o AMR CORP ........................... 64,530,675
290,598 ATLANTIC SOUTHEAST AIRLINES, INC ... 6,247,857
1,100 o AUSTRIAN AIRLINES .................. 182,958
1,760,000 BRITISH AIRWAYS PLC ................ 12,733,804
200 o CANADIAN AIRLINES CORP ............. 491
4,000 o CANADIAN AIRLINES CORP WTS 4/22/99 . 73
1,185,000 CATHAY PACIFIC AIRWAYS LTD ......... 1,808,407
322,200 COMAIR HOLDINGS, INC ............... 8,659,125
85,200 o CONTINENTAL AIRLINES, INC (CLASS B) 3,706,200
3,200 DANSKE LUFTFARTSELSKAB ............. 279,465
707,343 DELTA AIRLINES, INC ................ 52,254,964
481,300 o FEDERAL EXPRESS CORP ............... 35,556,037
399,950 HARPER GROUP ....................... 7,099,112
2,467,721 o JAPAN AIRLINES CO LTD .............. 16,386,629
22,983 KLM (ROYAL DUTCH AIRLINES) ......... 808,583
114,757 o KOREAN AIR LINES ................... 4,023,472
13,899 LUFTHANSA AG. ...................... 1,917,874
286,000 MALAYSIAN AIRLINE SYSTEM BERHAD .... 929,303
110,400 MALAYSIAN HELICOPTER SERVICES
BERHAD ............................ 142,619
22,080 o MALAYSIAN HELICOPTER
SERVICES BERHAD WTS 6/11/00 ....... 8,957
642,000 o MESA AIRLINES, INC ................. 5,778,000
379,800 o NORTHWEST AIRLINES CORP (CLASS A) .. 19,369,800
428,000 SINGAPORE INTERNATIONAL
AIRLINES LTD (FR) ................. 3,994,063
21,300 SKYWEST, INC ....................... 274,237
1,213,800 SOUTHWEST AIRLINES CO .............. 28,220,850
5,000 o SWISS AIR TRANSPORT CO (REGD) ...... 3,649,951
833,200 o U.S. AIR GROUP, INC ................ 11,039,900
122,230 o UAL CORP NEW ....................... 21,818,055
247,000 o VALUJET, INC ....................... 6,113,250
-----------
340,819,556
-----------
AUTOMOTIVE & RELATED-2.45%
484,100 ALLEN GROUP, INC ................... 10,831,737
119,700 o AMERICREDIT CORP ................... 1,630,912
578,000 APOGEE ENTERPRISES, INC ............ 9,826,000
144,500 ARVIN INDUSTRIES, INC .............. 2,384,250
70,400 AUTOLIV AB ......................... 4,121,563
174,400 BANDAG, INC ........................ 9,439,400
199,100 BANDAG, INC (CLASS A) .............. 10,552,300
3,557,262 BBA GROUP PLC ...................... 15,989,099
2,800 BEKAERT S.A. ....................... 2,314,309
200 BORG-WARNER AUTOMOTIVE, INC ........ 6,400
246,100 BREED TECHNOLOGIES, INC ............ 4,552,850
215,000 o BREMBO S.P.A. ...................... 2,496,343
1,831,100 BRIDGESTONE CORP ................... 29,111,120
2,969,079 CHRYSLER CORP ...................... 164,412,749
59,221 o CIA INTERAMERICA DE AUTOMO
(RENAULT).......................... 307,979
36,980 CONTINENTAL AG. .................... 516,733
1,728,100 COOPER TIRE & RUBBER CO ............ 42,554,462
294,600 CUMMINS ENGINE CO, INC ............. 10,900,200
87,000 CYCLE & CARRIAGE LTD ............... 867,232
1,000,000 DAIHATSU MOTOR CO LTD .............. 5,351,088
70,436 DAIMLER BENZ AG. ................... 35,530,514
928,280 DANA CORP .......................... 27,152,190
320,300 DANAHER CORP ....................... 10,169,525
31,000 o DETROIT DIESEL CORP ................ 577,375
319,800 DONALSON, INC ...................... 8,034,975
815,734 EATON CORP ......................... 43,743,735
481,500 ECHLIN, INC ........................ 17,574,750
90,000 EDARAN OTOMOBIL NASIONAL ........... 677,038
7,500 FABRICA DE AUTOMOVILES RENAULT S.A. 124,263
55,400 FEDERAL-MOGUL CORP ................. 1,087,225
5,143,995 FIAT S.P.A. ........................ 16,722,098
1,333,334 FIAT S.P.A. (PRIV) ................. 2,436,001
269,998 FIAT S.P.A. DI RISP ................ 477,126
9,449,748 FORD MOTOR CO ...................... 274,042,692
737,235 GENCORP, INC ....................... 9,031,128
6,901,669 GENERAL MOTORS CORP ................ 364,925,748
1,045,800 GENUINE PARTS CO ................... 42,877,800
1,202,452 GOODYEAR TIRE & RUBBER CO .......... 54,561,259
323,350 GRACO, INC ......................... 9,862,175
948,600 GUEST KEEN NETTLEFOLDS LTD ......... 11,473,083
733,500 HARLEY DAVIDSON, INC ............... 21,088,125
366,000 HAYES WHEELS INTERNATIONAL, INC .... 9,378,750
1,387,000 HONDA MOTOR CO LTD ................. 28,639,081
51,000 INVESTOR AB SERIES B FREE .......... 1,685,279
103,800 o KIRBY CORP ......................... 1,686,750
962,920 LAIRD GROUP PLC .................... 5,785,764
159,800 o LEAR SEATING CORP .................. 4,634,200
56,000 LEX SERVICE GROUP LTD .............. 266,053
1,498,359 LUCAS INDUSTRIES PLC ............... 4,210,697
340,000 MICHELIN S.A. (CLASS B) ............ 13,577,748
1,780,000 MITSUBISHI MOTORS CO LTD ........... 14,511,724
501,000 MODINE MANUFACTURING CO ............ 12,024,000
1,046,300 o NAVISTAR INTERNATIONAL CORP ........ 10,986,150
164,360 NGK INSULATORS LTD ................. 1,641,105
346,337 NIPPON DENSO CO LTD ................ 6,479,764
6,171,000 NISSAN MOTOR CORP LTD .............. 47,438,587
354,300 PACCAR, INC ........................ 14,924,887
7,922 PENDRAGON PLC ...................... 33,455
81,634 PEUGEOT S.A. ....................... 10,783,262
2,214,999 o PIRELLI S.P.A. ..................... 2,860,671
34,800 POLARIS INDUSTRIES, INC ............ 1,022,250
205,000 PROTON ............................. 722,627
2,600,000 PT GADJAH TUNGGAL (FR) ............. 1,448,655
140,000 RENAULT ............................ 4,036,395
610,437 SAFETY-KLEEN CORP .................. 9,538,078
1,133,500 SHANGHAI AUOTMATIC
INSTRUMENT CO LTD SERIES B ........ 204,030
416,600 SHANGHAI DIESEL ENGINE CO LTD
SERIES B ......................... 154,142
8,659,600 SHANGHAI FOREVER BICYCLES CO LTD
SERIES B .......................... 1,246,982
545,875 SIMPSON INDUSTRIES, INC ............ 4,912,875
46,600 SMITH (A.O.) CORP .................. 966,950
379,700 SNAP-ON, INC ....................... 17,181,425
417,500 SOGEFI S.P.A. ...................... 885,079
462,650 SPARTAN MOTORS, INC ................ 5,089,150
71,100 STANDARD MOTOR PRODUCTS, INC
(CLASS A) ........................ 1,066,500
98,043 STANDARD PRODUCTS CO ............... 1,728,007
92,000 SUPERIOR INDUSTRIES INTERNATIONAL,
INC .............................. 2,426,500
20,000 SYLEA .............................. 1,447,704
237,653 T & N PLC .......................... 597,747
275,000 TAN CHONG MOTOR HOLDINGS BERHAD .... 271,859
462,850 o TBC CORP ........................... 3,992,081
6,056,477 TOYOTA MOTOR CORP .................. 128,578,158
122,000 TRANSPRO, INC ...................... 1,296,250
102,000 UMW HOLDINGS BERHAD ................ 273,178
25,000 VALEO .............................. 1,159,390
34,740 VOLKSWAGENWERKE AG. ................ 11,640,686
See notes to financial statements.
17
<PAGE>
SHARES VALUE
------ -------
AUTOMOTIVE & RELATED (Continued)
143,000 VOLVO AB SERIES A .................. $ 2,945,277
701,380 VOLVO AB SERIES B FREE ............. 14,392,951
255,050 WABASH NATIONAL CORP ............... 5,674,862
200 WBL CORP LTD ....................... 463
-------------
1,696,783,729
-------------
BANKS-8.72%
2,028,700 ABBEY NATIONAL PLC ................. 20,032,471
573,415 ABN-AMRO HOLDINGS NV ............... 26,147,220
40,049 ADVANCE BANK AUSTRALIA LTD ......... 321,162
279,509 ALLIED IRISH BANK .................. 1,523,219
119,854 AMALGAMATED BANKS OF SOUTH AFRICA .. 673,984
467,000 AMMB HOLDINGS BERHAD ............... 5,333,991
410,225 AMSOUTH BANCORP .................... 16,562,834
125,750 ANCHOR BANCORP WISCONSIN, INC ...... 4,511,281
243,000 ARGENTARIA S.A. .................... 10,015,245
4,679,540 ASAHI BANK ......................... 58,972,498
1,751,000 ASHIKAGA BANK ...................... 10,931,380
9,000 o ASSA ABLOY AB SERIES B ............. 84,196
72,000 ASSOCIATED BANC-CORP ............... 2,947,500
1,078,920 AUSTRALIAN & NEW ZEALAND
BANKING GROUP LTD ................. 5,064,460
5,771,505 BANC ONE CORP ...................... 217,874,313
1,843,500 BANCA COMMERCIALE ITALIANA S.P.A. .. 3,937,162
1,200,000 BANCA FIDEURAM S.P.A. .............. 1,387,260
220,000 o BANCA POPOLARE MILANO .............. 880,110
940,000 BANCO AMBROSIANO VENETO ............ 2,561,265
407,987 BANCO BILBAO VIZCAYA S.A. (REGD) ... 14,696,471
72,973 BANCO CENTRALE HISPANOAMERICANO S.A. 1,479,730
128,654 BANCO DE GALICIA
BUENOS AIRES S.A. SERIES A ......... 669,067
50,000 BANCO DE VALENCIA S.A. (REGD) ...... 700,655
102,665 o BANCO ESPANOL DE CREDITO S.A. ...... 710,864
76,151 BANCO FRANCES DEL RIO DE LA PLATA
S.A................................ 674,003
40,000 BANCO INTERCONTINENTAL ESPANOLA S.A. 3,890,696
75,000 BANCO LATINO AMERICANO
DE EXPORTACIONES S.A. (CLASS E) .. 3,487,500
36,250 BANCO POPULAR ESPANOLA S.A. (REGD) . 6,684,351
276,014 # BANCO SANTANDER S.A. ............... 13,855,866
261,250 BANCORP HAWAII, INC ................ 9,372,343
400,000 BANGKOK BANK PCL (FR) .............. 3,429,907
23,800 BANK AUSTRIA AG. ................... 1,923,739
1,494,750 BANK BALI (FR) ..................... 2,318,880
21,000 o BANK BALI (FR) WTS 8/29/00 ......... 9,177
1,212,888 BANK OF BOSTON CORP ................ 56,096,070
367,495 BANK OF EAST ASIA LTD .............. 1,318,895
358,131 BANK OF MELBOURNE LTD .............. 1,864,895
353,000 BANK OF MONTREAL ................... 8,023,320
1,873,918 BANK OF NEW YORK CO, INC ........... 91,353,502
222,111 BANK OF NOVA SCOTIA ................ 4,844,787
7,000 BANK OF OKINAWA LTD ................ 253,788
3,355,129 BANK OF TOKYO LTD .................. 58,869,563
466,586 BANK OF YOKOHAMA LTD ............... 3,822,006
595,300 BANK SOUTH CORP .................... 18,082,237
4,927,507 BANKAMERICA CORP ................... 319,056,078
671,974 BANKERS TRUST NEW YORK CORP ........ 44,686,271
49,247 BANPONCE CORP NEW .................. 1,908,321
72,558 BANQUE NATIONALE DE PARIS .......... 3,277,386
48,863 BANQUE PARIBAS ..................... 2,682,693
18,100 BARCLAYS BANK ...................... 16,995
3,087,889 BARCLAYS PLC ....................... 35,429,555
2,354,829 BARNETT BANKS, INC ................. 138,934,911
430,800 BAYBANKS, INC ...................... 42,326,100
305,680 BAYERISCHE HYPOTHEKEN-
UND-WECHSEL BANK .................. 7,720,491
354,010 BAYERISCHE VEREINSBANK AG. ......... 10,536,460
1,056,400 BOATMENS BANCSHARES, INC ........... 43,180,350
2,975,843 #o BRADESCO S.A. RTS .................. 4,898
154,020 o CALIFORNIA FEDERAL BANK
GOODWILL CERT ..................... 760,473
325,202 CANADIAN IMPERIAL BANK OF COMMERCE . 9,686,442
744,621 CAPITAL ONE FINANCIAL CORP ......... 17,777,826
132,700 CCB FINANCIAL CORP ................. 7,364,850
299,150 CENTRAL FIDELITY BANKS, INC ........ 9,572,800
660,080 CHARTER ONE FINANCIAL, INC ......... 20,214,950
1,674,160 CHASE MANHATTAN CORP ............... 101,495,950
100,164 o CHASE MANHATTAN CORP WTS 6/30/96 ... 2,616,784
2,560,079 CHEMICAL BANKING CORP .............. 150,404,641
2,243,045 CHIBA BANK LTD ..................... 20,221,992
673,000 o CHO HUNG BANK ...................... 7,833,497
57,400 CITFED BANCORP, INC ................ 1,980,300
3,757,083 CITICORP ........................... 252,663,831
120,600 CITIZENS BANCORP MARYLAND .......... 3,889,350
1,082,158 COMERICA, INC ...................... 43,421,589
2,954,000 COMMERCE ASSET HOLDINGS BERHAD ..... 14,892,167
325,666 o COMMERCE ASSET HOLDINGS BERHAD
(TRUST RECEIPTS) 6/27/98 .......... 840,139
175,100 COMMERCE BANCORP INC ............... 3,874,087
987 COMMERCE BANCSHARES, INC ........... 37,752
60,178 COMPAGNIE DE SUEZ .................. 2,485,625
392,500 COMPASS BANCSHARES, INC ............ 12,952,500
1,501,700 CORESTATES FINANCIAL CORP .......... 56,876,887
211,246 CREDIT COMMERCIAL DE FRANCE ........ 10,794,470
7,999 CREDIT NATIONAL S.A. ............... 588,823
6,500 CREDITANSTALT-BANKVEREIN ........... 334,339
11,000 CREDITANSTALT-BAVKVEREIN (STAMM) ... 610,589
2,044,000 CREDITO ITALIANO S.P.A. ............ 2,382,282
592,408 CRESTAR FINANCIAL CORP ............. 35,026,123
1 #o CRESTARAN INTERNATIONAL
INVESTMENT BV ..................... 0
279,278 CS HOLDINGS (REGAL) ................ 28,699,586
134,000 CULLEN FROST BANKERS, INC .......... 6,700,000
420,730 o DAEGU BANK LTD ..................... 6,182,459
1,500,000 DAH SING FINANCIAL HOLDINGS LTD .... 3,491,883
6,447,199 DAI-ICHI KANGO BANK LTD ............ 126,873,268
590,000 o DAIWA BANK LTD ..................... 4,775,749
11,700 DAUPHIN DEPOSIT CORP ............... 336,375
2,609,000 DCB HOLDINGS BERHAD ................ 7,604,020
78,000 o DCB HOLDINGS BERHAD WTS 12/28/99 ... 77,416
64,989 DEN DANSKE BANK AF 1871 ............ 4,491,293
7,600 DEPOSIT GUARANTY CORP .............. 338,200
835,700 DEUTSCHE BANK AG. .................. 39,685,995
20,000 o DEUTSCHE PFAND BRIES-UND-HYPOTHEKEN 778,313
256,250 DEVELOPMENT BANK OF SINGAPORE
LTD (FR) ......................... 3,188,407
72,300 o DIME BANCORP, INC .................. 840,487
595,240 DRESDNER BANK AG. .................. 15,927,972
355,450 FIFTH THIRD BANCORP ................ 26,036,712
499,500 FIRST AMERICAN BANK CORP ........... 22,165,312
1,550,708 FIRST BANK SYSTEM, INC ............. 76,953,884
2,941,913 FIRST CHICAGO NBD CORP ............. 116,205,563
384,594 FIRST COMMERCE CORP ................ 12,307,008
914,248 FIRST FIDELITY BANCORP NEW ......... 68,911,443
98,700 FIRST HAWAIIAN, INC ................ 2,961,000
936,777 FIRST INTERSTATE BANCORP ........... 127,870,060
104,000 FIRST NATIONAL BANK HOLDINGS LTD ... 955,699
758,050 FIRST SECURITY CORP ................ 29,184,925
521,900 FIRST TENNESSEE NATIONAL CORP ...... 31,574,950
1,997,400 FIRST UNION CORP ................... 111,105,375
472,150 FIRST VIRGINIA BANKS, INC .......... 19,712,262
550,700 FIRSTAR CORP NEW ................... 21,821,487
2,300 FIRSTIER FINANCIAL, INC ............ 101,200
234,300 FIRSTMERIT CORP .................... 7,029,000
2,534,368 FLEET FINANCIAL GROUP, INC NEW ..... 103,275,496
See notes to financial statements.
18
<PAGE>
SHARES VALUE
------ -------
BANKS-(Continued)
18,995 o FLEET FINANCIAL GROUP, INC NEW
WTS 1/18/96 ....................... $ 280,176
122,300 FOURTH FINANCIAL CORP .............. 5,006,656
5,499,882 FUJI BANK LTD ...................... 121,560,151
23,551 GENERALE DE BANQUE S.A. ............ 8,162,442
279 GENERALE DE BANQUE S.A. NPV (VVPR) . 99,067
39,000 o GRUPO FINANCIERO BANAMEX
ACCIVAL S.A. SERIES B ............. 65,396
144,987 GRUPO FINANCIERO BANAMEX
ACCIVAL S.A. SERIES L ............. 215,646
393,000 o GRUPO FINANCIERO BANCOMER S.A.
SERIES B .......................... 109,662
904,000 GUNMA BANK ......................... 9,727,347
6,550,319 HANG SENG BANK LTD ................. 58,664,874
28,310,000 o HANG SENG BANK WTS 11/1/96 ......... 6,041,151
384,000 o HANIL BANK ......................... 4,098,401
195,400 HIBERNIA CORP (CLASS A) ............ 2,100,550
100,800 HIGO FAMILY BANK ................... 811,038
147,000 HOKKAIDO BANK LTD .................. 498,756
1,005,205 HOKURIKU BANK LTD .................. 6,304,663
12,152,000 HONG KONG CHINESE BANK ............. 3,732,564
6,853,027 HSBC HOLDINGS LTD .................. 103,696,529
352,551 HSBC HOLDINGS LTD (HONG KONG) ...... 5,375,180
1,245,673 HSBC HOLDINGS LTD (UNITED KINGDOM) . 19,456,360
1,028,546 HUNTINGTON BANCSHARES, INC ......... 24,685,104
177,400 o IMPERIAL BANCORP ................... 4,346,300
4,131,250 INDUSTRIAL BANK OF JAPAN LTD ....... 125,351,296
250,000 INSTITUTO BANCARIO SAN PAOLO
DI TURINO ......................... 1,480,500
690,000 ISTITUTO MOBILIARE ITALIANO S.P.A. . 4,347,000
982,000 IYO BANK LTD ....................... 7,377,618
2,193,914 JOYO BANK .......................... 17,652,275
2,472,219 KEYCORP NEW ........................ 89,617,938
349,980 o KOOKMIN BANK ....................... 6,451,076
96,222 o KOOKMIN BANK NEW ................... 1,736,422
332,700 o KOREA FIRST BANK ................... 2,959,067
22,069 KREDIETBANK NV ..................... 6,029,055
5,697,684 LLOYDS TSB GROUP PLC ............... 29,325,233
192,500 o LONG ISLAND BANCORP, INC ........... 5,077,187
423,000 MAGNA GROUP, INC ................... 10,046,250
448,500 MALAYAN BANKING BERHAD ............. 3,780,190
1,725,000 MALAYSIAN INDUSTRIAL
DEVELOPMENT FINANCE ............... 2,296,377
575,000 o MALAYSIAN INDUSTRIAL
DEVELOPMENT FINANCE RTS ........... 199,291
1,270,400 o MALAYSIAN INDUSTRIAL
DEVELOPMENT FINANCE WTS 11/07/99 .. 655,464
658,920 MARSHALL & ILSLEY CORP ............. 17,131,920
698,800 MEDIOBANCA S.P.A. .................. 4,840,482
1,658,268 MELLON BANK CORP ................... 89,131,905
478,775 MERCANTILE BANCORP, INC ............ 22,023,650
154,700 MERCANTILE BANKSHARES CORP ......... 4,312,262
771,236 MERIDIAN BANCORP, INC .............. 35,862,474
8,000 MICHINOKU BANK LTD ................. 63,747
354,000 MIDLANTIC CORP ..................... 23,231,250
1,000 MITSUBISHI BANK LTD ................ 23,556
2,668,200 MITSUBISHI TRUST & BANKING CORP .... 44,488,712
2,002,700 MITSUI TRUST & BANKING CO LTD ...... 21,938,016
2,032,643 MORGAN (J.P.) & CO, INC ............ 163,119,600
115,800 N S BANCORP ........................ 4,487,250
4,869,943 NATIONAL AUSTRALIA BANK LTD ........ 43,835,281
354,000 NATIONAL BANK OF CANADA ............ 2,887,493
1,204,027 NATIONAL CITY CORP ................. 39,883,394
2,855,000 NATIONSBANK CORP ................... 198,779,375
44,602 NEDCOR LTD ......................... 770,793
10,000 o NORDBANKEN AB ...................... 173,522
64,600 o NORTH FORK BANCORP, INC ............ 1,631,150
598,450 NORTHERN TRUST CORP ................ 33,513,200
3,240,318 NORWEST CORP ....................... 106,930,494
494,500 OLD KENT FINANCIAL CORP ............ 20,336,312
2,191,200 OVERSEAS-CHINESE BANKING
CORP LTD (FR) ..................... 27,419,061
2,165,364 PNC BANK CORP ...................... 69,832,989
114,900 PREMIER BANCORP, INC ............... 2,685,787
72,300 PROVIDENT BANCORP, INC ............. 3,398,100
98,200 PROVIDENT BANKSHARES CORP .......... 2,896,900
321,000 PT BANK DANAMON (FR) ............... 420,831
400,000 o PT BANK NISP (FR) .................. 244,720
360,266 PUBLIC BANK BERHAD (FR) ............ 689,599
250,500 RCSB FINANCIAL, INC ................ 5,949,375
629,960 REGIONS FINANCIAL CORP ............. 27,088,280
327,250 REPUBLIC BANCORP, INC .............. 3,517,937
450,325 REPUBLIC NEW YORK CORP ............. 27,976,440
532,160 ROYAL BANK OF CANADA ............... 12,144,211
1,623,244 ROYAL BANK OF SCOTLAND PLC ......... 14,768,657
7,080,300 SAKURA BANK ........................ 89,913,720
500,850 SANWA BANK LTD ..................... 10,196,003
158,000 SEVENTY-SEVEN (77) BANK LTD ........ 1,450,474
1,895,660 SHIZUOKA BANK LTD .................. 23,889,486
1,234,008 SIGNET BANKING CORP ................ 29,307,690
757,000 SKANDINAVISKA ENSKILDA
BANKEN SERIES A ................... 6,282,263
88,000 SKANDINAVISKA ENSKILDA
BANKEN SERIES C FREE .............. 657,272
110,040 SOCIETE GENERALE S.A. .............. 13,612,959
1,082,545 SOUTHERN NATIONAL CORP ............. 28,416,806
723,630 SOUTHTRUST CORP .................... 18,543,018
400 o SOVEREIGN BANCORP, INC ............. 4,050
439,500 ST. PAUL BANCORP, INC .............. 11,207,250
6,600 STANDARD BANK INVESTMENT CORP LTD .. 316,829
92,400 STAR BANC CORP ..................... 5,497,800
789,800 STATE STREET BOSTON CORP ........... 35,541,000
6,457,895 SUMITOMO BANK LTD .................. 137,100,206
1,242,001 SUMITOMO TRUST & BANKING CO LTD .... 17,578,338
389,890 SUMMIT BANCORP ..................... 12,281,535
1,098,240 SUNTRUST BANKS, INC ................ 75,229,440
174,200 SVENSKA HANDELSBANKEN SERIES A ..... 3,627,311
238,500 SVENSKA HANDELSBANKEN SERIES B FREE 4,786,274
48,654 SWISS BANK CORP (BR) ............... 19,914,858
1,461 o SWISS BANK CORP (BR) WTS 6/30/98 ... 28,884
28,040 SWISS BANK CORP (REGD) ............. 5,738,609
6,900 SYNOVUS FINANCIAL CORP ............. 196,650
1,415,000 TOHO BANK LTD ...................... 10,219,172
3,809,038 TOKAI BANK LTD ..................... 53,171,732
1,653,217 U.S. BANCORP ....................... 55,589,421
33,800 U.S. TRUST CORP NEW ................ 1,681,550
429,200 UJB FINANCIAL CORP ................. 15,343,900
93,000 UNI BANKDANMARK AS (CLASS A) ....... 4,614,753
37,781 UNION BANK OF SWITZERLAND (BR) ..... 41,041,311
4,545 UNION BANK OF SWITZERLAND (REGD) ... 1,034,839
583,000 UNION PLANTERS CORP ................ 18,583,125
464,666 o UNITAS BANK FINLAND SERIES A ....... 1,177,128
406,890 UNITED OVERSEAS BANK LTD (FR) ...... 3,912,129
2,000,000 o UNITED OVERSEAS BANK LTD (FR)
WTS 6/17/97 ....................... 8,059,389
1,444,380 WACHOVIA CORP NEW .................. 66,080,385
1,757,049 WASHINGTON FEDERAL, INC ............ 45,024,380
1,468,200 WASHINGTON MUTUAL, INC ............. 42,394,275
See notes to financial statements.
19
<PAGE>
SHARES VALUE
------ -------
BANKS-(Continued)
585,154 WELLS FARGO & CO ................... $126,393,264
5,077,409 WESTPAC BANKING CORP ............... 22,511,423
75,100 WILMINGTON TRUST CORP .............. 2,318,712
90,488 WING LUNG BANK LTD ................. 506,727
620,000 YAMAGUCHI BANK LTD ................. 10,578,092
634,000 YAMANASHI CHUO BANK LTD ............ 6,330,375
2,340,342 YASUDA TRUST & BANKING CO LTD ...... 13,861,925
54,900 ZIONS BANCORP ...................... 4,405,725
-------------
6,051,719,663
-------------
BEVERAGES-2.51%
1,600,000 ALLIED DOMECQ PLC .................. 13,041,840
2,630,722 ANHEUSER BUSCH COS, INC ............ 175,929,533
2,121,080 ARTHUR GUINESS & SONS PLC .......... 15,609,714
180,400 ASAHI BREWERIES LTD ................ 2,133,533
1,216,600 BASS LTD ........................... 13,581,141
1,880 BRAU UND BRUNNEN AG. ............... 285,027
467,800 BROWN FORMAN, INC (CLASS B) ........ 17,074,700
366 BUENOS AIRES
EMBOTELLADORA S.A. (CLASS B) ...... 386,168
63,449 CARLSBERG BREWERIES AS (CLASS A) ... 3,549,108
23,581 CARLSBERG BREWERIES AS (CLASS B) ... 1,319,036
49,500 CHRISTIAN DIOR S.A. ................ 5,344,237
290,100 COCA COLA BOTTLING CO CONSOLIDATED . 10,153,500
11,782,799 COCA COLA CO ....................... 874,872,825
961,300 COCA COLA ENTERPRISES, INC ......... 25,714,775
195,566 COCA-COLA AMATIL LTD ............... 1,561,017
194,400 COORS ADOLPH CO (CLASS B) .......... 4,301,100
337,000 DELTA CORP ......................... 564,150
46,700 o EL AGUILA S.A. ..................... 286,786
395,000 FOMENTO ECONOMICO MEXICANO S.A.
DE CV SERIES B .................... 888,943
5,877,396 FOSTERS BREWING GROUP LTD .......... 9,662,550
90,000 FRASER & NEAVE LTD ................. 1,145,281
3,256,365 GRAND METROPOLITAN PLC ............. 23,459,061
478,800 o GRUPO MODELO S.A. SERIES C ......... 2,268,166
940,000 GUINESS ANCHOR BERHAD .............. 1,762,269
106,053 HEINEKEN NV ........................ 18,834,302
111,666 HERMES INTERNATIONAL S.A. .......... 21,006,581
78,000 KIRIN BEVERAGE CORP ................ 1,051,023
619,175 KIRIN BREWERY CO LTD ............... 7,322,784
4,816,600 LION NATHAN LTD .................... 11,494,189
180,501 LOUIS VUITTON-MOET HENNESSY ........ 37,646,653
16,000 MOLSON CO LTD (CLASS A) ............ 263,949
1,000 MOLSON CO LTD (CLASS B) ............ 16,680
7,236,893 PEPSICO, INC ....................... 404,361,396
19,680 PERNOD-RICARD S.A. ................. 1,119,914
143,500 SAPPORO BREWERIES LTD .............. 1,335,445
238,857 SCOTTISH & NEWCASTLE PLC ........... 2,273,306
249,900 SEAGRAMS CO LTD .................... 8,611,559
335,700 SEAGRAMS CO LTD (U.S.) ............. 11,623,612
80,706 SOUTH AFRICAN BREWERIES LTD ........ 2,955,495
21,000 VINA CONCHA Y TORO S.A. ADR ........ 378,000
482,000 YAKULT HONSHA CO LTD ............... 6,588,236
-------------
1,741,777,584
-------------
BROADCASTERS-1.05%
106,000 ASATSU, INC ........................ 4,459,627
303,050 o ASSOCIATED GROUP, INC (CLASS A) .... 5,720,068
303,050 o ASSOCIATED GROUP, INC (CLASS B) .... 5,757,950
998,456 AUSTEREO LTD ....................... 1,411,227
102,900 BHC COMMUNICATIONS, INC (CLASS A) .. 9,724,050
6,292 CANAL PLUS S.A. .................... 1,181,076
1,258,920 CAPITAL CITIES/ABC, INC ............ 155,319,255
221,700 CITICASTERS, INC ................... 5,237,662
174,700 o CLEAR CHANNEL COMMUNICATIONS, INC .. 7,708,637
707,800 COMCAST CORP (CLASS A) ............. 12,474,975
1,037,668 COMCAST CORP (CLASS A) SPL ......... 18,872,586
36,338 o DATA BROADCASTING CORP ............. 449,682
96,300 o EVERGREEN MEDIA CORP (CLASS A) ..... 3,081,600
501,405 GAYLORD ENTERTAINMENT CO ........... 13,913,988
682,500 HARTE-HANKS COMMUNICATIONS, INC .... 13,479,375
272,457 o HERITAGE MEDIA CORP (CLASS A) NEW .. 6,981,710
402,900 o INFINITY BROADCASTING CORP
(CLASS A).......................... 15,008,025
120,000 o KATZ MEDIA GROUP, INC .............. 2,115,000
377,600 o KING WORLD PRODUCTIONS, INC ........ 14,679,200
1,248,199 o LIBERTY MEDIA GROUP (CLASS A) ...... 33,545,348
289,569 o LIN TELEVISION CORP ................ 8,614,677
30,000 METROPOLE TELEVISION S.A. .......... 2,527,348
20,500 NIPPON TELEVISION NETWORK CORP ..... 5,484,865
61,000 o ROGERS COMMUNICATIONS (CLASS B) .... 682,051
671,665 SCRIPPS (E.W.) CO (CLASS A) ........ 26,446,809
61,500 TCA CABLE TV, INC .................. 1,698,937
67,200 TELE METROPOLE, INC (CLASS B) ...... 973,092
5,270,497 o TELE-COMMUNICATIONS, INC
(CLASS A) NEW ..................... 104,751,127
93,067 TELEVISION FRANCAISE (TFI) ......... 9,990,830
1,356,350 TOKYO BROADCASTING SYSTEMS, INC .... 22,352,376
638,400 TURNER BROADCASTING
SYSTEMS, INC (CLASS A) ............ 16,518,600
504,000 TURNER BROADCASTING
SYSTEMS, INC (CLASS B) ............ 13,104,000
62,400 TV4 AB SERIES A FREE ............... 1,082,779
346,000 UNITED TELEVISION, INC ............. 31,226,500
469,487 o VIACOM, INC (CLASS A) .............. 21,537,716
2,680,048 o VIACOM, INC (CLASS B) .............. 126,967,274
246,144 o VIACOM, INC (CLASS B) WTS 7/07/97 .. 707,664
147,686 o VIACOM, INC (CLASS B) WTS 7/07/99 .. 812,273
216,800 o WESTWOOD ONE, INC .................. 3,062,300
-------------
729,662,259
-------------
BUSINESS SERVICES-1.28%
68,900 o ACCUSTAFF, INC ..................... 3,031,600
2,816 o ADIA S.A. (BR) ..................... 460,074
241,600 o ADIA S.A. ADR ...................... 4,892,400
711,530 ADVO, INC .......................... 18,499,780
69,400 o ALLIANCE SEMICONDUCTOR CORP ........ 806,775
517,800 o ALLWASTE, INC ...................... 2,459,550
23,000 o ALTERNATIVE RESOURCES CORP ......... 695,750
322,600 o AMERICA ONLINE, INC ................ 12,097,500
652,430 AMERICAN BUSINESS PRODUCTS, INC .... 18,594,255
99,200 o ATRIA SOFTWARE INC ................. 3,881,200
537,500 AUTODESK, INC ...................... 18,409,375
343,400 BANTA CORP ......................... 15,109,600
1,631,000 BET PLC ............................ 3,216,009
960,200 BLOCK (H&R), INC ................... 38,888,100
789,500 o BOSTON LIFE SCIENCES, INC .......... 592,125
98,000 o CABLEVISION SYSTEMS CORP (CLASS A) . 5,316,500
673,000 o CALGENE, INC ....................... 3,112,625
421,400 CARLTON COMMUNICATIONS PLC ......... 6,320,206
180,900 o CATALINA MARKETING CORP ............ 11,351,475
272,800 o CHECKPOINT SYSTEMS, INC ............ 10,195,900
112,800 CHUBB SECURITY PLC ................. 557,799
357,400 CINTAS CORP ........................ 15,904,300
407,900 o COMPUTERVISION CORP ................ 6,271,462
172,900 o CORPORATE EXPRESS, INC ............. 5,208,612
204,100 o CORRECTIONS CORP OF AMERICA ........ 7,577,212
200,500 o CREDENCE SYSTEMS CORP .............. 4,586,437
161,300 CROSS (A.T.) CO (CLASS A) .......... 2,439,662
835,400 DELUXE CORP ........................ 24,226,600
13,500 o DEVRY, INC ......................... 364,500
41,900 o DIALOGIC CORP ...................... 1,613,150
382,250 DIEBOLD, INC ....................... 21,167,093
See notes to financial statements.
20
<PAGE>
SHARES VALUE
------ -------
BUSINESS SERVICES-(Continued)
84,300 o DOUBLETREE CORP .................... $ 2,212,875
435,700 +o DUPLEX PRODUCTS, INC ............... 3,540,062
58,250 ECCO S.A. .......................... 8,825,935
1,628,606 ELECTROCOMPONENTS PLC .............. 9,102,865
438,550 ENNIS BUSINESS FORMS, INC .......... 5,372,237
28,000 ESSELTE AB SERIES B FREE ........... 420,376
8,400 o FLUGHAFEN WIEN AG .................. 567,195
148,800 o FORE SYSTEMS, INC .................. 8,853,600
322,600 o FRANKLIN QUEST CO .................. 6,290,700
154,043 GETRONICS NV ....................... 7,206,797
24,600 o GROUNDWATER TECHNOLOGY, INC ........ 344,400
40,953 GUILBERT S.A. ...................... 4,815,042
491,900 HARLAND (JOHN H.) CO ............... 10,268,412
755,000 HAYS PLC ........................... 4,395,798
235,000 HENDERSON INVESTMENT LTD ........... 192,991
23,500 o HENDERSON INVESTMENT LTD
WTS 3/31/96 ....................... 361
296,100 HUNT MANUFACTURING CO .............. 5,144,737
630,950 IDEON GROUP, INC ................... 6,388,368
259,900 o INFORMATION RESOURCES, INC ......... 3,216,262
22,300 o INSO CORP .......................... 947,750
167,500 o INTERIM SERVICES, INC .............. 5,820,625
1,274,900 INTERPUBLIC GROUP OF COS, INC ...... 55,298,787
10,800 ISS INTERNATIONAL SERVICE SYSTEM
AS SERIES B ....................... 243,594
447,393 KELLY SERVICES, INC (CLASS A) ...... 12,415,155
33,600 LIBERTY PROPERTY TRUST ............. 697,200
304,300 MACNEAL-SCHWENDLER CORP ............ 4,868,800
221,600 o MAIL BOXES ETC ..................... 2,770,000
765,000 MANPOWER, INC ...................... 21,515,625
123,200 o MCAFEE ASSOCIATES, INC ............. 5,405,400
665,673 MERCURY ASSETS
MANAGEMENT GROUP PLC ............. 8,991,657
45,000 o MERCURY INTERACTIVE ................ 821,250
489,000 o MERISEL, INC ....................... 2,139,375
87,500 o MICRO WAREHOUSE, INC ............... 3,784,375
133,608 MOORE CORP LTD ..................... 2,510,233
125,554 MOORE CORP LTD (U.S.) .............. 2,338,443
120,100 NASHUA CORP ........................ 1,636,362
47,700 o NATIONAL AUTO CREDIT, INC .......... 775,125
308,600 o NATIONAL EDUCATION CORP ............ 2,507,375
469,249 NATIONAL SERVICE INDUSTRIES, INC ... 15,191,936
325,200 NEW ENGLAND BUSINESS SERVICES, INC . 7,113,750
254,800 o NU KOTE HOLDING, INC (CLASS A) ..... 4,331,600
1,551,598 o OFFICE DEPOT, INC .................. 30,644,060
567,979 OLSTEN CORP ........................ 22,435,170
614,000 OMNICOM GROUP, INC ................. 22,871,500
78,600 o OPTICAL DATA SYSTEMS, INC .......... 1,984,650
435,212 PAYCHEX, INC ....................... 21,706,198
166,200 PHH CORP ........................... 7,769,850
479,925 PREMIER INDUSTRIAL CORP NEW ........ 11,758,162
23,076 PROSEGUR COMPANIA DE SEGURIDAD S.A. 572,548
2,200 PUBLICITAS HOLDINGS S.A. (REGD) .... 2,150,864
188,300 o QUARTERDECK CORP ................... 5,178,250
700,000 RENTOKIL GROUP PLC ................. 3,640,847
3,093,400 REUTERS HOLDINGS PLC ............... 28,336,595
287,600 o ROBERT HALF INTERNATIONAL, INC ..... 12,043,250
404,550 ROLLINS, INC ....................... 8,950,668
40,750 SAP AG. ............................ 6,334,717
28,000 SCRIBONA AB SERIES B FREE .......... 299,967
264,727 SECOM CO LTD ....................... 18,425,772
9,000 SECURITAS AB SERIES B FREE ......... 427,770
542,150 SENSORMATIC ELECTRONICS CORP ....... 9,419,856
781,250 SERVICE CORP INTERNATIONAL ......... 34,375,000
25,604 SLIGOS ............................. 2,115,123
2,150 SOCIETE GENERAL DE SURVEILLANCE
(BR)............................... 4,278,698
330,300 o SOFTWARE PUBLISHING CORP ........... 1,094,118
1,166 SOPHUS BERENDSEN AS (CLASS A) ...... 131,285
54,950 SOPHUS BEREBDSEN AS (CLASS B) ...... 6,196,986
268,000 STANDARD REGISTER, INC ............. 5,393,500
217,500 o STRATACOM, INC ..................... 15,986,250
491,500 o SUNGARD DATA SYSTEMS, INC .......... 14,007,750
105,000 o THERMOLASE CORP .................... 2,716,875
2,900 o TIVOLI SYSTEMS, INC ................ 97,875
68,800 TOKYO DOME ......................... 1,180,496
122,300 TOKYO TOKEIBA CO LTD ............... 509,797
35,000 TOTAL SYSTEM SERVICES, INC ......... 1,067,500
355,500 TRUE NORTH COMMUNICATIONS, INC ..... 6,576,750
323,600 TSENG LABORATORIES, INC ............ 3,033,750
366,500 UNIFIRST CORP ...................... 6,597,000
254,700 o UNION CORP ......................... 4,711,950
36,248 UNITED STATIONERS, INC ............. 1,005,882
151,500 VALSPAR CORP ....................... 6,760,687
271,600 o VERIFONE, INC ...................... 7,774,550
298,000 o VOLT INFORMATION SCIENCES, INC ..... 8,120,500
117,700 WACKENHUT CORP SERIES A ............ 2,118,600
255,025 WACKENHUT CORP SERIES B ............ 3,952,887
236,300 WALLACE COMPUTER SERVICES, INC ..... 12,907,887
39,800 o WONDERWARE CORP .................... 681,575
------------
885,475,021
------------
CHEMICALS-MAJOR-1.98%
56,900 AECI LTD ........................... 343,382
31,000 AGA AB SERIES A FREE ............... 427,996
43,500 AGA AB SERIES B FREE ............... 600,575
1,028,300 AIR PRODUCTS & CHEMICALS, INC ...... 54,242,825
119,017 AKZO NOBEL NV ...................... 13,779,265
236,500 ARCO CHEMICAL CO ................... 11,499,812
79,960 BASF AG. ........................... 17,848,974
105,295 BAYER AG. .......................... 27,844,744
1,132,075 BOC GROUP PLC ...................... 15,836,513
87,000 CALOR GROUP PLC .................... 345,795
4,800 o CLARIANT LTD ....................... 1,576,778
159,000 COURTAULDS PLC ..................... 1,004,734
3,771 DEGUSSA AG. ........................ 1,259,372
2,395,600 DOW CHEMICAL CO .................... 168,590,350
4,482,661 DU PONT (E.I.) DE NEMOURS & CO ..... 313,225,937
126,000 DU PONT CANADA, INC (CLASS A) ...... 2,217,172
794,248 EASTMAN CHEMICAL CO ................ 49,739,781
126,962 ENGLISH CHINA CLAYS PLC ............ 624,874
32,800 xo ERCROS S.A. ........................ 23,251
32,800 o ERCROS S.A. RTS .................... 270
239,900 GOODRICH (B.F.) CO ................. 16,343,187
1,222,000 HERCULES, INC ...................... 68,890,250
28,700 HOECHST AG. ........................ 7,800,116
706,000 ICI AUSTRALIA LTD .................. 5,409,492
295,342 IMPERIAL CHEMICAL INDUSTRY PLC ..... 3,498,721
61,608 IMPERIAL CHEMICAL INDUSTRY PLC
ADR NEW ........................... 2,880,174
7,859 LAIR LIQUIDE ....................... 1,303,271
18,125 # LAIR LIQUIDE (REGD) ................ 3,005,698
818,477 LILLY INDUSTRIES, INC (CLASS A) .... 10,435,581
126,600 MISSISSIPPI CHEMICAL CORP .......... 2,943,450
7,556,433 MITSUBISHI CHEMICAL CORP ........... 36,772,534
1,859,500 MITSUBISHI GAS CHEMICAL CO, INC .... 8,382,086
338,667 MITSUI TOATSU CHEMICALS, INC ....... 1,362,460
1,022,900 MONSANTO CO ........................ 125,305,250
4,260,000 o MONTEDISON S.P.A. .................. 2,855,563
1,380,000 o MONTEDISON S.P.A. WTS 1/19/97 ...... 118,238
400,000 o MONTEFIBRE ORD ..................... 244,440
113,000 NIPPON OIL & FATS CO LTD ........... 614,531
82,600 NIPPON SHOKUBAI KAGAK KOGYO CO LTD . 808,731
See notes to financial statements.
21
<PAGE>
SHARES VALUE
------ -------
CHEMICALS-MAJOR-(Continued)
199,900 OLIN CORP .......................... $14,842,575
21,889 o POLIFIN LTD ........................ 35,125
3,088,500 PPG INDUSTRIES, INC ................ 141,298,875
1,406,980 PRAXAIR, INC ....................... 47,309,702
38,500 o QUINTILES TRANSNATIONAL CORP ....... 1,578,500
200,000 o RHODIA-STER S.A. GDR ............... 1,850,000
127,833 RHONE-POULENC S.A. (CLASS A) ....... 2,741,984
502,500 ROHM & HAAS CO ..................... 32,348,437
163,984 SASOL LTD .......................... 1,342,731
5,650,000 o SHOWA DENKO K.K. ................... 17,745,836
13,795 SOLVAY ET CIE S.A. ................. 7,488,126
2,470,160 SUMITOMO CHEMICAL CO LTD ........... 12,332,051
420 TOSHIBA CHEMICAL CORP .............. 3,485
514,000 o UBE INDUSTRIES LTD ................. 1,943,259
1,250 UCB NV ............................. 1,660,723
2,510,280 UNION CARBIDE CORP ................. 94,135,500
299,000,000 WHITE MARTINS S.A. .................. 298,384
69,134,000 YIZHENG CHEMICAL FIBER CO (CLASS H) 15,557,394
41,476 ZENECA GROUP PLC ADR ............... 2,421,161
-------------
1,376,940,021
-------------
CHEMICALS-SPECIALTY-1.94%
375,500 o AIRGAS, INC ........................ 12,485,375
478,200 ALBEMARLE CORP ..................... 9,265,125
2,798,404 ASAHI CHEMICAL INDUSTRY CO LTD ..... 21,430,905
161,400 BETZ LABORATORIES, INC ............. 6,617,400
163,200 CALGON CARBON CORP ................. 1,958,400
179,400 CAMBREX CORP ....................... 7,422,675
220,900 CHEMED CORP ........................ 8,587,487
308,121 COMMERCIAL METALS CO ............... 7,625,994
336,800 CROMPTON & KNOWLES CORP ............ 4,462,600
142,919 o CYTEC INDUSTRIES, INC .............. 8,914,572
1,749,000 DAICEL CHEMICAL INDUSTRIES LTD ..... 9,952,471
782,380 DAINIPPON INK & CHEMICAL, INC ...... 3,648,092
202,000 o DENKI KAGKU KOGYO .................. 734,320
170,000 DEXTER CORP ........................ 4,016,250
601,800 o ECOGEN, INC ........................ 865,087
704,800 ECOLAB, INC ........................ 21,144,000
1,167,555 ENGELHARD CORP ..................... 25,394,321
5,900,000 o ENTE NAZIONALE IDROCARBURI ......... 20,629,350
1,168,700 ETHYL CORP ......................... 14,608,750
223,650 FERRO CORP ......................... 5,199,862
314,600 FIRST MISSISSIPPI CORP ............. 8,336,900
315,700 FOSTER WHEELER CORP ................ 13,417,250
130,160 FULLER (H.B.) CO ................... 4,523,060
252,300 GEON CO ............................ 6,149,812
225,000 GEORGIA GULF CORP .................. 6,918,750
7,237,300 + GRACE (W.R.) & CO .................. 427,905,362
650,500 GREAT LAKES CHEMICAL CORP .......... 46,836,000
3,746 ICN PHARMACEUTICALS, INC NEW ....... 72,110
1,194,600 IMC GLOBAL, INC .................... 48,829,275
147,000 KANEKA CORP ........................ 927,686
539,000 KANSAI PAINT CO LTD ................ 2,508,031
97,300 KUREHA CHEMICAL INDUSTRY CO LTD .... 457,464
513,790 LAWTER INTERNATIONAL, INC .......... 5,972,808
120,237 LEARONAL, INC ...................... 2,765,451
491,400 LOCTITE CORP ....................... 23,341,500
529,900 LUBRIZOL CORP ...................... 14,770,962
454,000 LYONDELL PETROCHEMICAL CO .......... 10,385,250
4,294,250 + MALLINCKRODT GROUP, INC ............ 156,203,343
76,450 o MCWHORTER TECHNOLOGIES, INC ........ 1,127,637
1,000 o METHANEX CORP ...................... 7,331
606,600 MILLIPORE CORP ..................... 24,946,425
2,157,500 MORTON INTERNATIONAL, INC .......... 77,400,312
701,300 o MYCOGEN CORP ....................... 11,922,100
650,700 NALCO CHEMICAL CORP ................ 19,602,337
21,100 NCH CORP ........................... 1,218,525
2,331 NORIT NV ........................... 27,481
171,000 NOVA CORP .......................... 1,379,134
230,000 NOVA CORP (U.S.) ................... 1,840,000
111,900 PENWEST LTD ........................ 2,769,525
150,500 PETROLITE CORP ..................... 4,289,250
61,000 POTASH CORP OF SASKATCHEWAN, INC ... 4,327,115
400,000 POTASH CORP OF SASKATCHEWAN, INC
(U.S.) ............................ 28,350,000
363,600 RAYCHEM CORP ....................... 20,679,750
590,906 RPM, INC ........................... 9,749,949
20,000 o SAES GETTERS S.P.A. ................ 350,280
501,477 SCHULMAN A, INC .................... 11,283,232
433,200 o SEALED AIR CORP .................... 12,183,750
1,050,920 SEKISUI CHEMICAL CO LTD ............ 15,485,180
134,342 SHIN-ETSU CHEMICAL CO LTD .......... 2,786,946
340,900 SIGMA ALDRICH CORP ................. 16,874,550
244,600 o STERLING CHEMICALS, INC ............ 1,987,375
281,200 THIOKOL CORP ....................... 9,525,650
240,000 o TOSOH CORP ......................... 1,156,300
302,330 TREDEGAR INDUSTRIES, INC ........... 9,825,725
700,700 VIGORO CORP ........................ 43,268,225
123,300 WD-40 CO ........................... 5,055,300
246,900 WELLMAN, INC ....................... 5,616,975
546,000 WITCO CORP ......................... 15,970,500
473,052 ZERO CORP .......................... 8,396,673
-------------
1,344,687,582
-------------
COMMUNICATION EQUIPMENT &
SERVICES-1.76%
2,679,979 o 3COM CORP .......................... 124,954,020
6,128,915 o AIRTOUCH COMMUNICATIONS, INC ....... 173,141,848
162,500 ALLGON AB SERIES B FREE ............ 2,255,790
13,125 #o AMERICAN SATELLITE NETWORK
WTS 6/30/99 ....................... 0
447,900 AMTECH CORP ........................ 2,295,487
375,075 o ANDREW CORP ........................ 14,346,618
140,900 o ANTEC CORP ......................... 2,536,200
167,800 o ARCH COMMUNICATIONS GROUP, INC ..... 4,027,200
331,200 o ASCEND COMMUNICATIONS INC .......... 26,868,600
179,800 o AVID TECHNOLOGIES, INC ............. 3,416,200
296,650 +o AYDIN CORP ......................... 4,486,831
677,093 o BRINKER INTERNATIONAL, INC ......... 10,241,031
45,500 o BROADBAND TECHNOLOGIES, INC ........ 739,375
451,900 o CABLETRON SYSTEMS, INC ............. 36,603,900
421,900 o CALIFORNIA MICROWAVE, INC .......... 7,014,087
223,300 o CASCADE COMMUNICATIONS CORP ........ 19,036,325
39,000 o CELLSTAR CORP ...................... 1,014,000
180,801 o CELLULAR COMMUNICATIONS
INTERNATIONAL, INC ................ 7,729,242
715,800 CENTURY TELEPHONE ENTERPRISES, INC . 22,726,650
3,532,500 o CISCO SYSTEMS, INC ................. 263,612,812
324,800 o COMPRESSION LABORATORIES, INC ...... 2,030,000
324,400 COMSAT CORP SERIES 1 ............... 6,041,950
1,836,364 CORNING, INC ....................... 58,763,648
417,100 o DIGI INTERNATIONAL, INC ............ 7,924,900
216,500 o DIGITAL MICROWAVE CORP ............. 2,165,000
1,128,588 o DSC COMMUNICATIONS CORP ............ 41,616,682
32,400 o DSP COMMUNICATIONS, INC ............ 1,413,450
298,600 o DYNATECH CORP ...................... 5,076,200
45,000 ERICSSON S.P.A. .................... 567,000
1,990,350 ERICSSON TELFON (L.M.) AB SERIES B . 39,041,849
250,000 o FILMES LUSOMUNDO (NON-VTG) ......... 2,317,797
17,000 o FIREFOX COMMUNICATIONS, INC ........ 399,500
312,100 o GENERAL DATACOMM INDUSTRIES, INC ... 5,344,712
See notes to financial statements.
22
<PAGE>
SHARES VALUE
------ -------
COMMUNICATION EQUIPMENT &
SERVICES-(Continued)
894,000 o GEOTEK COMMUNICATIONS, INC ......... $ 5,643,375
529,175 HARRIS CORP ........................ 28,906,184
20 o INTELLICALL, INC ................... 75
92,400 o INTERDIGITAL COMMUNICATIONS CORP ... 681,450
473,422 o INTERNATIONAL CABLETEL, INC ........ 11,598,839
963,400 o LCI INTERNATIONAL, INC ............. 19,749,700
250,800 o MACROMEDIA, INC .................... 13,104,300
126,300 o MFS COMMUNICATIONS CO, INC ......... 6,725,475
70,724 o MILLICOM INTERNATIONAL CELLULAR S.A. 2,157,082
488,800 o MITEL CORP ......................... 3,177,200
85,000 o NERA AS ............................ 2,771,395
7,000 o NETCOM ON-LINE
COMMUNICATION SERVICES INC ........ 252,000
314,500 o NETWORK EQUIPMENT TECHNOLOGIES ..... 8,609,437
476,200 o NEW WORLD
COMMUNICATIONS GROUP, INC ......... 8,333,500
129,000 o NEWBRIDGE NETWORKS ................. 5,343,869
288,000 NOKIA AB SERIES SERIES K ........... 11,408,041
109,700 NORTHERN TELECOMMUNICATIONS LTD .... 4,695,169
199,409 NORTHERN TELECOMMUNICATIONS LTD
(U.S.) ............................ 8,574,587
3,045,600 o NOVELL, INC ........................ 43,399,800
157,960 o OCTEL COMMUNICATIONS CORP .......... 5,094,210
464,000 o PAGING NETWORK, INC ................ 11,310,000
40,000 o PAIRGAIN TECHNOLOGIES, INC ......... 2,190,000
468,800 o PICTURETEL CORP NEW ................ 20,217,000
472,800 o QUALCOMM, INC ...................... 20,330,400
54,838 o SAMSUNG ELECTRONICS CO ............. 9,966,751
19,243 o SAMSUNG ELECTRONICS CO NEW ......... 3,472,591
770,100 SCIENTIFIC-ATLANTA, INC ............ 11,551,500
267,500 SIRTI S.P.A. ....................... 1,503,243
1,010,200 o TECH DATA CORP ..................... 15,153,000
309,600 o TELCO SYSTEMS, INC ................. 3,289,500
490,000 o TELESP S.A. ........................ 70,828
759,200 o TELLABS, INC ....................... 28,090,400
112,000 o VANGUARD CELLULAR SYSTEMS, INC ..... 2,268,000
-------------
1,219,387,805
-------------
COMPUTER SERVICE-2.58%
31,800 o 3DO CO ............................. 318,000
310,000 o ACER INC GDR ....................... 4,030,000
79,500 o ACXIOM CORP ........................ 2,176,312
868,300 o ADAPTEC, INC ....................... 35,600,300
526,700 o ADC TELECOMMUNICATIONS, INC ........ 19,224,550
470,744 ADOBE SYSTEMS, INC ................. 29,186,128
542,350 o AMERICAN MANAGEMENT SYSTEMS, INC ... 16,270,500
238,000 o AMERICAN SOFTWARE, INC (CLASS A) ... 1,547,000
1,348,800 AUTOMATIC DATA PROCESSING, INC ..... 100,148,400
137,900 o BANYAN SYSTEMS, INC ................ 1,413,475
1,798,438 o BAY NETWORKS, INC .................. 73,960,762
324,000 o BBN CORP ........................... 13,324,500
217,700 o BISYS GROUP, INC ................... 6,694,275
489,800 o BMC SOFTWARE, INC .................. 20,938,950
382,737 o BORLAND INTERNATIONAL, INC ......... 6,315,160
137,000 o BOSTON TECHNOLOGY, INC ............. 1,746,750
202,700 o BRODERBUND SOFTWARE, INC ........... 12,314,025
385,058 o CADENCE DESIGN SYSTEMS, INC ........ 16,172,436
62,300 o CAMBRIDGE TECHNOLOGY
PARTNERS, INC ..................... 3,582,250
110,100 o CDW COMPUTER CENTERS, INC .......... 4,459,050
593,726 o CERIDIAN CORP ...................... 24,491,197
458,675 o CHEYENNE SOFTWARE, INC 11,982,884
35,300 o CHUNG HO COMPUTER CO ............... 3,549,132
67,200 o COMPUSA, INC ....................... 2,091,600
3,298,725 COMPUTER ASSOCIATES
INTERNATIONAL, INC ................ 187,614,984
468,900 o COMPUTER SCIENCES CORP ............. 32,940,225
40,000 o COMPUTRON SOFTWARE, INC ............ 720,000
23,000 o COMPUWARE CORP ..................... 425,500
151,300 o CONTINUM, INC ...................... 5,976,350
26,000 CSK ................................ 814,102
108,500 o CYRIX CORP ......................... 2,495,500
110,400 o DAVIDSON & ASSOCIATES, INC ......... 2,428,800
200,300 o DST SYSTEMS, INC ................... 5,708,550
562,900 o ELECTRONIC ARTS .................... 14,705,762
1,591,400 o EMC CORP ........................... 24,467,775
193,900 o EXABYTE CORP ....................... 2,835,787
1,169,534 FIRST DATA CORP .................... 78,212,586
610,575 o FISERV, INC ........................ 18,317,250
133,500 o FTP SOFTWARE, INC .................. 3,871,500
3,275,144 GENERAL MOTORS CORP (CLASS E) ...... 170,307,488
55,000 o GROUP AXIME S.A. ................... 4,239,851
709,380 HBO & CO ........................... 54,356,242
250,000 o HOGAN SYSTEMS, INC ................. 3,406,250
26,000 o HYPERION SOFTWARE CORP ............. 552,500
3,000 o INES CORP .......................... 54,964
586,365 o INTERGRAPH CORP .................... 9,235,248
4,500 o INTERSOLV INC ...................... 57,937
207,200 o INTUIT, INC ........................ 16,161,600
321,100 o LANDMARK GRAPHICS CORP ............. 7,465,575
283,100 o MARCAM CORP ........................ 4,317,275
78,000 o MEDIC COMPUTER SYSTEMS, INC ........ 4,719,000
448,300 o MENTOR GRAPHICS CORP ............... 8,181,475
246,750 o MICROCHIP TECHNOLOGY, INC .......... 9,006,375
55,300 o MICRON ELECTRONICS, INC ............ 594,475
2,953,250 o MICROSOFT CORP ..................... 259,147,687
70,200 MIROKU JYOHO SERVICES .............. 1,163,687
1,290,000 o MISYS PLC .......................... 11,416,267
238,950 NATIONAL COMPUTER SYSTEMS, INC ..... 4,510,181
258,300 NATIONAL DATA CORP ................. 6,392,925
249,100 o NETMANAGE, INC ..................... 5,791,575
225,500 o NETWORK GENERAL CORP ............... 7,526,062
3,002,350 o ORACLE CORP ........................ 127,224,581
655,200 o PARAMETRIC TECHNOLOGY CORP ......... 43,570,800
143,600 o PEOPLESOFT, INC .................... 6,174,800
186,200 o PLATINUM TECHNOLOGY, INC ........... 3,421,425
106,000 o POLICY MANAGEMENT SYSTEMS CORP ..... 5,048,250
142,400 o PROGRESS SOFTWARE CORP ............. 5,340,000
174,100 o QLOGIC CORP ........................ 1,327,512
1,349,100 o READ-RITE CORP ..................... 31,366,575
850,800 REYNOLDS & REYNOLDS CO (CLASS A) ... 33,074,850
97,150 o SAFEGUARD SCIENTIFICS INC .......... 4,808,925
797,500 o SAGE GROUP PLC ..................... 4,024,145
240,000 o SANTECH ............................ 1,063,608
25,400 o SECURITY DYNAMICS TECHNOLOGIES, INC 1,384,300
50,000 o SEER TECHNOLOGIES, INC ............. 625,000
651,400 SEI CORP ........................... 14,167,950
198,700 SHARED MEDICAL SYSTEMS CORP ........ 10,804,312
86,300 o SHIVA CORP ......................... 6,278,325
142,200 o SIERRA ON-LINE, INC ................ 4,088,250
283,000 o SILICONWARE PRECISION IND GDR ...... 4,669,500
153,600 o SOFTKEY INTERNATIONAL, INC ......... 3,552,000
316,034 o STERLING SOFTWARE, INC ............. 19,712,620
251,200 o STRUCTURAL DYNAMICS RESEARCH CORP .. 7,379,000
1,041,200 o SYBASE, INC ........................ 37,483,200
427,000 o SYMANTEC CORP ...................... 9,927,750
85,100 o SYNOPSYS, INC ...................... 3,233,800
538,612 SYSTEM SOFTWARE ASSOCIATES, INC .... 11,714,811
274,700 o SYSTEMS & COMPUTER TECHNOLOGY CORP . 5,459,662
7,440 o TAK WING INVESTMENT HOLDINGS
WTS 10/31/96 ...................... 216
See notes to financial statements.
23
<PAGE>
SHARES VALUE
------ -------
COMPUTER SERVICE-(Continued)
239,800 TELXON CORP ........................ $5,425,475
51,400 o ZEBRA TECHNOLOGY CORP .............. 1,747,600
-------------
1,795,776,188
-------------
CONGLOMERATES-2.42%
3,300 ACKERMANS & VAN HAAREN ............. 548,319
19,340 AGIV AG. ........................... 408,068
910,200 ALCO STANDARD CORP ................. 41,527,875
435,000 ALEXANDER & BALDWIN, INC ........... 10,005,000
5,954,804 ALLIED SIGNAL, INC ................. 282,853,190
53,250 AMER GROUP SERIES A ................ 832,682
532,608 AMERICAN FINANCIAL GROUP, INC ...... 16,311,120
15,486 ANGLO AMERICAN INDUSTRIAL CORP ..... 704,102
20,600 ANGLOVAAL HOLDINGS LTD ............. 881,525
62,000 ANGLOVAAL INDUSTRIES LTD ........... 467,700
3,160 ARTEMIS S.A. ....................... 132,069
94,000 AVIR FINANZARIA S.P.A. ............. 592,200
62,700 BARLOW LTD ......................... 894,363
30 o BERKSHIRE HATHAWAY, INC ............ 963,000
660,000 BRADY (W.H.) CO (CLASS A) .......... 17,820,000
109,500 BRASCAN LTD (CLASS A) .............. 1,926,828
21,726,198 BRIERLEY INVESTMENTS LTD ........... 17,187,551
5,293,437 BRIERLEY INVESTMENTS LTD
(AUSTRALIA)........................ 4,174,055
6,840,572 BTR LTD ............................ 34,942,011
53,058 o BTR LTD WTS 11/30/96 ............... 53,957
53,553 o BTR LTD WTS 11/30/97 ............... 56,539
42,115 o BTR LTD WTS 4/30/98 ................ 13,567
648,495 CHINA VANKE CO LTD SERIES B ........ 239,027
3,142,600 o COLTEC INDUSTRIES, INC ............. 36,532,725
334,950 o CONCORD EFS, INC ................... 14,151,637
1,062,650 COOKSON GROUP PLC .................. 5,048,603
180,500 o COPYTELE, INC ...................... 1,737,312
5,000 CORPORACION FINANCIERE ALBA S.A. ... 307,876
146,011 CRANE CO ........................... 5,384,155
33,900 CURTISS WRIGHT CORP ................ 1,822,125
76,000 DE BEERS CENTENARY LINK (UNITS) .... 2,303,663
139,000 o DESC SOCIEDAD DE FOMENTO
INDUSTRIAL S.A. DE CV SERIES B .... 510,539
62,000 o DYNACTION .......................... 1,153,664
8,800 o EST ASIATIQUE ...................... 176,253
350,000 o FABER GROUP BERHAD ................. 299,133
4,200 FIRST NATIONAL BANCORP GAINESVILLE . 134,400
19,100 GENTING INTERNATIONAL .............. 31,133
46,174 GEVAERT PHOTO-PRODUCTION NV ........ 2,902,550
42,360 GRANDE HOLDINGS LTD ................ 24,104
31,550 GROUPE BRUXELLES LAMBERT S.A. ...... 4,288,149
885 GROUPE BRUXELLES LAMBERT S.A.
NPV (VVPR) ....................... 121,488
2,655 o GROUPE BRUXELLES LAMBERT S.A.
NPV (VVPR) WTS 12/20/98 .......... 26,162
93,000 GRUPO INDUSTRIAL ALFA S.A. SERIES A 1,194,939
8,842,062 HANSON PLC ......................... 26,426,757
118,034 HANSON PLC ADR ..................... 1,800,018
207,721 o HANSON PLC WTS 9/30/97 ............. 18,544
310,783 HARRISON & CROSSFIELD PLC .......... 772,034
39,000,500 HUTCHINSON WHAMPOA LTD ............. 237,567,485
10,000 IFIL FINANZIARIA DI PARTECIPAZIONI . 30,744
1,038,436 ITT INDUSTRIES, INC ................ 24,922,464
727,984 JARDINE MATHESON HOLDINGS LTD ...... 4,986,690
340,914 JOHNSON CONTROLS, INC .............. 23,437,837
170,000 KEPPEL CORP ........................ 1,514,316
750,000 o KEPPEL CORP WTS 6/30/97 ............ 3,419,938
6,450,000 KINGBOARD CHEMICAL HOLDINGS LTD .... 1,317,991
20,000 LAGARDERE GROUPE ................... 368,060
20,000 o LAGARDERE GROUPE WTS 6/30/97 ....... 7,606
168,000 LAND & GENERAL BERHAD .............. 363,922
31,500 LION LAND BERHAD ................... 31,264
355,988 o LITTON INDUSTRIES, INC ............. 15,841,466
867,500 LOEWS CORP ......................... 67,990,312
3,000,852 LONRHO PLC ......................... 8,200,056
50,134,000 + LUKS INDUSTRIAL CO ................. 5,122,186
540,000 MALAYAN UNITED INDUSTRIES BERHAD ... 438,125
350,000 MALAYSIA MINING CORP BERHAD ........ 504,529
2,000,000 MALAYSIAN RESOURCES CORP BERHAD .... 3,213,864
92,183 MALBAK LTD ......................... 638,491
1,002,605 MARK IV INDUSTRIES, INC ............ 19,801,448
3,407,400 MINNESOTA MINING &
MANUFACTURING CO .................. 225,740,250
307,000 MULTI-PURPOSE HOLDINGS BERHAD ...... 449,799
102,118 MURRAY & ROBERTS HOLDINGS LTD ...... 721,311
130,000 NAMPAK LTD ......................... 722,123
442,046 NOBLEZA-PICCARDO SDAD INDUSTRIAL
COMERCIAL Y FINANCIERA ............ 2,343,078
3,000 NOMA INDUSTRIES LTD (CLASS A) ...... 11,547
2,678,812 PACIFIC DUNLOP LTD ................. 6,277,219
62,600 POWER CORP OF CANADA ............... 946,642
71,000 PREMIER GROUP HOLDINGS LTD ......... 116,856
161,000 QUEBECOR, INC (CLASS B) ............ 2,405,144
1,468,700 ROCKWELL INTERNATIONAL CORP ........ 77,657,512
250,000 o SASIB ORD .......................... 1,102,500
308,240 SHANGHAI OUTER GAOQIAO CO LTD
SERIES B .......................... 112,815
1,151,400 SIME DARBY BERHAD .................. 3,061,029
504,844 SKELLERUP GROUP LTD ................ 775,657
144,000 o SOCIEDAD COMERCIAL DEL PLATA S.A. .. 381,638
32,360,000 + SOUTH CHINA HOLDINGS ............... 6,989,094
52,046,000 + SOUTH CHINA INDUSTRIES LTD ......... 6,394,504
1,897,824 SOUTHCORP HOLDINGS LTD ............. 4,418,906
289,600 STANDEX INTERNATIONAL CORP ......... 9,484,400
20,640 SUPERFOS AS ........................ 1,806,276
1,926,000 SWIRE PACIFIC LTD (CLASS A) ........ 14,945,259
405,400 TELEDYNE, INC ...................... 10,388,375
703,200 TEXTRON, INC ....................... 47,466,000
33,812 TONGAAT HULETT GROUP LTD ........... 575,050
310,754 o TRAFALGAR HOUSE PLC ................ 133,887
636,500 TRW, INC ........................... 49,328,750
2,608,000 TYCO INTERNATIONAL LTD ............. 92,910,000
33,813 o U.S. INDUSTRIES, INC ............... 621,313
1,080,000 UNITED INDUSTRIAL CORP ............. 1,061,294
27,000 o UNITED INDUSTRIAL CORP WTS 7/05/99 . 9,925
1,115,500 UNITED TECHNOLOGIES CORP ........... 105,833,062
1,073,346 WHITMAN CORP ....................... 24,955,294
1,072,753 WILLIAMS HOLDINGS PLC .............. 5,463,024
1,596,000 YTL CORP BERHAD .................... 10,057,506
-------------
1,676,088,544
-------------
CONSTRUCTION-MATERIALS &
BUILDERS-1.27%
11,454,000 + ACME LANDIS HOLDINGS LTD ........... 933,240
600,000 ACP INDUSTRIES BERHAD .............. 2,575,818
950,158 ADELAIDE BRIGHTON HOLDINGS LTD ..... 848,187
224,202 AKER AS SERIES A ................... 2,980,788
2,978 AKER AS SERIES B ................... 36,293
90,000 AMEC PLC ........................... 131,349
9,900 ANGLO-ALPHA LTD .................... 388,342
300,550 o AOKI CONSTRUCTION CO LTD ........... 1,261,559
159,700 APASCO S.A. ........................ 654,967
404,100 ARMSTRONG WORLD INDUSTRIES, INC .... 25,054,200
20,000 ASANO SLATE CO ..................... 62,817
175,100 ATKINSON (GUY F.) CO OF CALIFORNIA . 1,751,000
153,400 o AVATAR HOLDINGS, INC ............... 5,369,000
329,800 BARRATT DEVELOPMENTS LTD ........... 1,264,757
1,660 BILFINGER & BERGER AG. ............. 629,763
See notes to financial statements.
24
<PAGE>
SHARES VALUE
------ -------
CONSTRUCTION-MATERIALS &
BUILDERS-(Continued)
2,206,822 BLUE CIRCLE INDUSTRIES PLC ......... $11,735,118
2,628,011 BORAL LTD .......................... 6,646,923
5,459 BOUYGUES S.A. ...................... 550,643
928,500 BPB INDUSTRIES PLC ................. 4,353,599
59,100 BUTLER MANUFACTURING CO ............ 2,319,675
416,600 CALMAT CO .......................... 7,602,950
123,228 CAMAS PLC .......................... 141,579
243,325 CARADON PLC ........................ 738,572
281,600 CARLISLE COS, INC .................. 11,369,600
88 CARPETS INTERNATIONAL THAILAND (FR) 384
140,028 o CASTLE & COOKE, INC ................ 2,345,469
6,500 CBR NV ............................. 2,633,797
7,100 o CBR NV WTS 12/20/96 ................ 41,253
537,100 o CDI CORP ........................... 9,667,800
159,120 o CEMENTOS MEXICANOS S.A. CPO ........ 526,614
208,062 CEMEX S.A. (CLASS A) (REGD) ....... 688,590
357,750 CEMEX S.A. (CLASS B) ............... 1,300,066
239,500 CENTEX CORP ........................ 8,322,625
638,200 o CHAMPION ENTERPRISES, INC .......... 19,704,425
598,000 CHICHIBU ONODA CEMENT CORP ......... 3,194,153
3,991,780 CHINA SOUTHERN GLASS SERIES B ...... 1,703,634
233,000 CHIYODA CORP ....................... 2,303,876
69,940 o CHONGGU HOUSING & CONSTRUCTION ..... 1,730,931
1,219,858 CLAYTON HOMES, INC ................. 26,074,464
32,555 COLAS S.A. ......................... 5,458,560
9,928 o COSTAIN GROUP PLC .................. 10,944
145,922 CRH PLC ............................ 1,101,074
82 o CRISTALERIA ESPANOLA S.A. .......... 4,596
2,724,250 CSR LTD ............................ 8,876,374
222,097 DAITO TRUST CONSTRUCTION CO LTD .... 2,626,670
1,451,000 DAIWA HOUSE INDUSTRY CO LTD ........ 23,912,189
189,900 DEBARTOLO REALTY CORP .............. 2,468,700
738 DLW AG. ............................ 111,888
23,626 o DONG-AH CONSTRUCTION
INDUSTRIES CO NEW ................. 807,028
26,586 DRAGADOS Y CONSTRUCCIONES S.A. ..... 349,541
485,236 o DRAVO CORP ......................... 5,822,832
30,000,000 o ENGINEERING & EQUIPMENT CORP ....... 1,738,454
36,900 EUROC INDUSTRIA AB SERIES A ........ 985,501
539,200 FASTENAL CO ........................ 22,781,200
350,500 FLEETWOOD ENTERPRISES, INC ......... 9,025,375
214,500 FLORIDA ROCK INDUSTRIES, INC ....... 6,274,125
33,962 FOMENTO DE CONSTRUCCIONES Y
CONTRATAS S.A. .................... 2,603,523
360 o FORBO HOLDINGS AG. (REGD) .......... 154,236
603,300 FUJITA CORP ........................ 2,725,349
397,300 o GENLYTE GROUP, INC ................. 2,681,775
176,200 GILBERT ASSOCIATES, INC (CLASS A) .. 2,202,500
2,388 GLAVERBEL S.A. ..................... 251,134
58 GLAVERBEL STRIP NPV (VVPR) ......... 9
138,800 GRANITE CONSTRUCTION, INC .......... 4,372,200
381,000 HASEKO CORP ........................ 1,540,153
566,600 HAZAMA-GUMI LTD .................... 2,416,752
1,570 HEIDELBERGER ZEMENT AG. ............ 987,215
100,198 HEPWORTH PLC ....................... 496,260
7,007 HOCHTIEF AG. ....................... 2,996,078
4,921 HOLDERBANK FINANCIERE
GLARUS AG. (BR) ................... 3,784,725
1,300 HOLDERBANK FINANCIERE
GLARUS AG. (REGD) ................. 199,965
1,244 HOLLANDSCHE BETON GROEP
NV (H.B.G.) ....................... 190,119
4,000,000 o HUAXIN CEMENT CO LTD SERIES B ...... 1,072,000
101,000 HUME INDUSTRIES BERHAD ............. 485,309
147,000 o HYUNDAI ENGINEERING &
CONSTRUCTION CO ................... 6,745,594
4,246 o HYUNDAI ENGINEERING &
CONSTRUCTION CO NEW ............... 191,558
37,231 IMETAL S.A. ........................ 4,453,558
325,000 o IMPREGILO S.P.A. ................... 274,365
97,853 INAX CORP .......................... 929,615
154,000 ITALCEMENTI S.P.A. ................. 921,690
9,000 o ITALCEMENTI S.P.A. WTS 12/31/96 .... 1,417
129,200 o JACOBS ENGINEERING GROUP, INC ...... 3,230,000
401,144 JAMES HARDIE INDUSTRIES LTD ........ 692,313
17,000 o JENNINGS INDUSTRIES LTD ............ 1,138
245,970 JGC CONSTRUCTION CORP .............. 2,599,032
53,700 JUSTIN INDUSTRIES, INC ............. 590,700
3,241,756 KAJIMA CORP ........................ 32,054,094
217,998 KANDENKO ........................... 2,726,121
1,132,105 KAUFMAN & BROAD HOME CORP .......... 16,840,061
4,000,000 KEDAH CEMENT HOLDINGS .............. 6,868,848
213,664 KINDEN CORP ........................ 3,645,415
26,000 KOMATSU CONSTRUCTION CO LTD ........ 122,241
313,000 KUMAGAI GUMI (HONG KONG) LTD ....... 226,687
804,279 KUMAGAI GUMI CO LTD ................ 3,235,622
263,555 LAFARGE CORP ....................... 4,941,656
29,896 LAFARGE S.A. (BR) .................. 1,928,674
4,933 LAFARGE S.A. (SPANISH CERTS) ....... 315,136
43,811 LAING (JOHN) (CLASS A) ............. 188,418
77,500 LAPEYRE ............................ 3,866,678
150,000 o LEGRIS S.A. ........................ 4,889,068
567,287 LEIGHTON HOLDINGS LTD .............. 1,477,016
821,000 LENNAR CORP ........................ 20,627,625
40,000 MAEDA ROAD CONSTRUCTION CO LTD ..... 740,621
750,000 MALAYAN CEMENT BERHAD .............. 1,429,697
135,689 MARLEY PLC ......................... 233,844
1,395,800 MASCO CORP ......................... 43,793,225
1,000 MATSUO BRIDGE CO LTD ............... 6,688
27,000 MCALPINE (ALFRED) PLC .............. 62,041
689,292 MEDUSA CORP ........................ 18,266,238
58,510 MEYER INTERNATIONAL PLC ............ 350,652
286,484 MISAWA HOMES CO LTD ................ 2,521,675
6,041,136 o NEW WORLD INFRASTRUCTURE ........... 11,563,152
139,000 NIHON CEMENT CO LTD ................ 929,751
406,300 NIPPON HODO CO LTD ................. 6,892,676
281,000 NISHIMATSU CONSTRUCTION CO LTD ..... 3,296,056
397,500 OAKWOOD HOMES CORP ................. 15,254,062
875 OCP CONSTRUCCIONES S.A. ............ 24,595
315,320 OHBAYASHI-GUM LTD .................. 2,506,503
101,280 OHKI CONSTRUCTION CO LTD ........... 696,102
324,740 OKUMURA CORP ....................... 2,959,147
105,000 ORIENTAL CONSTRUCTION .............. 2,239,314
503,400 o OWENS CORNING FIBERGLAS CORP NEW ... 22,590,075
135,000 PENTA OCEAN CONSTRUCTION CO LTD .... 1,046,952
558,333 o PILECON ENGINEERING BERHAD
WTS 7/06/99 ....................... 180,320
2,710,342 PILKINGTON PLC ..................... 8,500,315
677,585 o PILKINGTON PLC (FULLY PD) .......... 2,125,077
2,449,600 PIONEER INTERNATIONAL LTD .......... 6,323,233
41,800 PITTWAY CORP ....................... 2,774,475
167,613 PITTWAY CORP (CLASS A) ............. 11,355,780
331,100 PLY-GEM INDUSTRIES, INC ............ 5,380,375
26,630 o POHANG IRON & STEEL CO ............. 1,740,331
18,088 PORTLAND VALDERRIVAS S.A. .......... 1,140,610
550,000 o PT SEMEN GRESIK (FR) ............... 1,538,240
606,248 PULTE CORP ......................... 20,385,089
957,150 REDLAND PLC ........................ 5,780,816
See notes to financial statements.
25
<PAGE>
SHARES VALUE
------ -------
CONSTRUCTION-MATERIALS &
BUILDERS-(Continued)
95,200 REPUBLIC GROUP, INC ................ $ 1,332,800
659,250 RMC GROUP PLC ...................... 10,143,395
244,696 RUGBY GROUP PLC .................... 417,906
352,300 RYLAND GROUP, INC .................. 4,932,200
529,550 SANKYO ALUMINIUM INDUSTRY CO LTD ... 2,838,802
95,000 SANWA SHUTTER CORP ................. 689,776
45,280 o SCHNEIDER S.A. ..................... 1,549,917
1,748,850 SEKISUI HOUSE LTD .................. 22,378,424
190,000 o SEMAPA SOC INV E GESTAO-SGPS ....... 2,034,976
1,787,000 SHERWIN-WILLIAMS CO ................ 72,820,250
2,900,000 SHIMIZU CORP ....................... 29,518,230
65,000 o SHOKUSEN JUTAKO .................... 238,181
132,200 SKANSKA AB SERIES B FREE ........... 4,548,035
123,900 SKYLINE CORP ....................... 2,570,925
6,000 o SOLA INTERNATIONAL, INC ............ 151,500
34,993 ST. GOBAIN ......................... 3,820,929
71,300 STARRETT (L.S.) CO (CLASS A) ....... 1,844,887
34,000 STARRETT (L.S.) CO (CLASS B) ....... 879,750
175,700 STONE & WEBSTER, INC ............... 6,303,237
900 STRABAG BAU AG. .................... 160,658
509,495 SUMITOMO FORESTRY CO LTD ........... 7,803,690
407,000 SUMITOMO OSAKA CEMENT CO ........... 1,893,819
471,000 SUNGEI WAY HOLDINGS BERHAD ......... 1,697,381
34,000 SUZUNUI INDUSTRY CO LTD ............ 184,573
1,501,000 TAISEI CORP ........................ 10,025,428
750 TAKASHIMA & CO LTD ................. 3,373
1,685,977 TARMAC PLC ......................... 2,696,177
177,750 TAYLOR WOODROW PLC ................. 324,270
138,494 TEXAS INDUSTRIES, INC .............. 7,340,182
177,000 TIME ENGINEERING BERHAD ............ 411,303
76,000 TOA CORP ........................... 559,925
525,000 o TODA CONSTRUCTION CO ............... 4,554,968
93,000 TOSTEM CORP ........................ 3,092,289
138,790 TOTO LTD ........................... 1,937,419
21,000 TOYO EXTERIOR CORP ................. 517,077
210,000 o UNICEM S.P.A. ORD .................. 1,131,165
12,450 UNILAND CEMENTERA S.A. ............. 567,518
222,000 UNITED ENGINEERING BERHAD .......... 1,416,463
200,000 URALITA S.A. ....................... 1,813,460
48,200 o USG CORP ........................... 1,446,000
359,900 VULCAN MATERIALS CO ................ 20,739,237
6,252,000 WAI KEE HOLDINGS LTD ............... 784,307
2,180,400 o WAI KEE HOLDINGS LTD WTS 12/31/96 .. 14,381
670,100 WEBB DEL CORP ...................... 13,485,762
2,340 WIENERBERGER BAUSTOFF AG. .......... 464,719
373,100 WILSON (CONNOLLY) HOLDINGS PLC ..... 970,285
131,000 WIMPEY (GEORGE) LTD ................ 292,882
1,008,021 WOLSELEY PLC ....................... 7,058,390
-----------
882,766,461
-----------
CONTAINERS-0.11%
212,204 o ALLTRISTA CORP ..................... 3,819,672
437,796 BALL CORP .......................... 12,039,390
80 CARNAUDMETALBOX PLC ................ 3,649
41,838 CARNAUDMETALBOX S.A. ............... 1,916,308
97,300 CCL INDUSTRIES, INC (CLASS B) ...... 811,487
5,691,840 CHINA MERCHANT SHEKOU PORT
SERVICE CO LTD (CLASS B) .......... 2,061,135
216,600 CLACOR, INC ........................ 4,413,225
950,483 o CROWN CORK & SEAL CO, INC .......... 39,682,665
194,200 o GAYLORD CONTAINER CO ............... 1,565,737
299,600 o OWENS ILLINOIS, INC ................ 4,344,200
195,200 WEST CO, INC ....................... 4,587,200
----------
75,244,668
----------
COSMETICS-0.49%
19,500 ALBERTO CULVER CO (CLASS A) ........ 594,750
313,800 ALBERTO CULVER CO (CLASS B) ........ 10,786,875
763,616 AVON PRODUCTS, INC ................. 57,557,556
1,780 BEIERSDORF AG. ..................... 1,224,971
412,300 CARTER WALLACE, INC ................ 4,689,912
82,500 CARTER WALLACE, INC (CLASS B) ...... 938,437
29,691 CLARINS S.A. ....................... 2,829,158
3,928,038 GILLETTE CO ........................ 204,748,980
156,100 HELENE CURTIS INDUSTRIES, INC ...... 4,936,662
719,200 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ................... 34,521,600
166,900 o JAN BELL MARKETING, INC ............ 417,250
25,180 LOREAL ............................. 6,750,019
238,900 OPTICAL COATING LABORATORIES, INC .. 2,657,762
356,334 SHISEIDO & CO LTD .................. 4,248,791
744,400 WINDMERE CORP ...................... 5,303,850
3,098 #o WINDMERE CORP WTS 1/19/98 .......... 0
-----------
342,206,573
-----------
ELECTRICAL EQUIPMENT-4.25%
16,526,400 +ACMA LTD ........................... 54,912,778
290,000 o ADVANCED LIGHTING TECHNOLOGIES, INC. 2,900,000
118,100 ADVANTEST CORP ..................... 6,067,765
67,537 ALCATEL ALSTHOM .................... 5,830,510
121,000 ALPS ELECTRIC CO LTD ............... 1,395,839
29,000 ALVIS PLC .......................... 63,035
108,000 AMCOL HOLDINGS LTD ................. 297,773
881,300 o AMERICAN POWER CONVERSION CORP ..... 8,372,350
413,000 AMETEK, INC ........................ 7,743,750
1,147,800 AMSTRAD PLC ........................ 3,492,865
692,723 o ASEA AB SERIES A ................... 67,418,160
113,600 ASEA AB SERIES B ................... 11,073,079
271,575 BALDOR ELECTRIC CO ................. 5,465,446
11,076 BARCO NV ........................... 1,313,466
69,220 BBC BROWN, BOVERI & CIE AG. (BR) ... 80,607,259
13,900 BBC BROWN, BOVERI & CIE AG. (REGD) . 3,152,775
237,200 BELDEN, INC ........................ 6,107,900
147,345 BICC LTD ........................... 631,399
558,238 BOWTHORPE HOLDINGS PLC ............. 3,640,225
1,327 CATENA ............................. 18,009
72,300 o COMVERSE TECHNOLOGY, INC ........... 1,446,000
65,674 DELTA PLC .......................... 406,842
2,175,700 DURACELL INTERNATIONAL, INC ........ 112,592,475
117,500 o ELECTRO SCIENTIFIC INDUSTRIES, INC.. 3,436,875
1,958,385 EMERSON ELECTRIC CO ................ 160,097,973
206,894 o ESCO ELECTRONICS CORP
(TRUST RECEIPTS) .................. 1,939,631
625,000 EUROTHERM PLC ...................... 5,327,358
62,300 EXIDE CORP ......................... 2,858,012
330 FUJITSU BUSINESS SYSTEMS LTD ....... 8,701
3,543,424 FUJITSU LTD ........................ 39,502,445
21,085,622 GENERAL ELECTRIC CO ................ 1,518,164,784
6,759,506 GENERAL ELECTRIC CO
(UNITED KINGDOM)................... 37,256,572
3,092,600 + GENERAL SIGNAL CORP ................ 100,122,925
449,200 GRAINGER (W.W.), INC ............... 29,759,500
900 HITACHI ELECTRONICS LTD ............ 11,167
8,485,491 HITACHI LTD ........................ 85,548,683
1,200,100 HONEYWELL, INC ..................... 58,354,862
174,538 HUBBELL, INC (CLASS B) ............. 11,475,873
470,900 JUNO LIGHTING, INC ................. 7,534,400
25,000 KODENSHA CO LTD .................... 271,432
156,666 LEADER UNIVERSAL HOLDINGS BERHAD ... 357,882
73,000 LEGRAND S.A. ....................... 11,284,731
299,400 o MAGNETEK, INC ...................... 2,432,625
4,810,000 MITSUBISHI ELECTRIC CORP ........... 34,644,708
See notes to financial statements.
26
<PAGE>
SHARES VALUE
------ -------
ELECTRICAL EQUIPMENT-(Continued)
3,536,301 NIPPON ELECTRIC CORP (N.E.C.) ...... $43,193,936
2,000 NKT HOLDINGS ....................... 93,828
90,900 o OAK INDUSTRIES, INC NEW ............ 1,704,375
3,595,000 o OLIVETTI S.P.A. .................... 2,883,154
800,125 OYL INDUSTRIES BERHAD .............. 6,208,140
272,000 PACIFIC SCIENTIFIC CO .............. 6,732,000
6,070,702 PHILIPS ELECTRONICS NV ............. 219,637,257
1,214,681 RACAL ELECTRONICS PLC .............. 5,374,854
48,830 REUNERT LTD ........................ 334,865
71,800 o SANMINA CORP ....................... 3,724,625
6,325,490 SHANGHAI SHANGLING ELECTRIC CO
SERIES B .......................... 3,871,199
82,401 SIEMENS AG. ........................ 45,193,060
937,500 SUMITOMO ELECTRIC INDUSTRIES CO .... 11,269,275
310,700 o SYMBOL TECHNOLOGIES, INC ........... 12,272,650
900,000 TECNOST S.P.A. ..................... 1,474,200
253,800 THOMAS & BETTS CORP ................ 18,717,750
193,430 TOKYO ELECTRON CO LTD .............. 7,500,441
3,420,900 WESTINGHOUSE ELECTRIC CORP ......... 56,444,850
477,000 WOODHEAD INDUSTRIES, INC ........... 6,797,250
251,000 YOKOGAWA ELECTRIC .................. 2,374,797
-------------
2,951,143,345
-------------
ELECTRICAL EQUIPMENT-
COMPONENTS DIVERSIFIED-2.49%
788,750 o ADVANCED MICRO DEVICES, INC ........ 13,014,375
103,700 o ALANTEC CORP ....................... 6,040,525
431,300 o ALTERA CORP ........................ 21,457,175
230,701 AMERICAN ANNUITY GROUP, INC ........ 2,739,574
1,848,282 AMP, INC ........................... 70,927,821
153,300 o AMPHENOL CORP (CLASS A) ............ 3,717,525
555,600 o ANALOG DEVICES, INC ................ 19,654,350
14,400 o APPLIED INNOVATION, INC ............ 169,200
1,055,282 o ARROW ELECTRONICS, INC ............. 45,509,036
88,000 ASTEC LTD .......................... 156,439
496,800 o ATMEL CORP ......................... 11,115,900
250,850 AUGAT, INC ......................... 4,295,806
296,300 AVNET, INC ......................... 13,259,425
156,000 AVX CORP ........................... 4,134,000
293,987 o BELL INDUSTRIES, INC ............... 6,614,707
489,800 o BURR BROWN CORP .................... 12,489,900
145,900 CAE, INC ........................... 1,109,841
335,900 o CHIPS & TECHNOLOGIES, INC .......... 3,023,100
569,200 o CIRRUS LOGIC, INC .................. 11,241,700
290,400 CORE INDUSTRIES, INC ............... 3,738,900
63,000 o COREL CORP ......................... 819,891
78,996 CTS CORP ........................... 2,982,099
88,000 CUBIC CORP ......................... 2,508,000
590,200 o CYPRESS SEMICONDUCTOR CORP ......... 7,525,050
328,100 DALLAS SEMICONDUCTOR CORP .......... 6,808,075
246,160 o DOVATRON INTERNATIONAL, INC ........ 8,307,900
284,300 o EXAR CORP .......................... 4,193,425
323,500 FISHER SCIENTIFIC INTERNATIONAL,
INC................................ 10,796,812
250,168 FKI PLC ............................ 640,877
1,257,200 o GENERAL INSTRUMENT CORP NEW ........ 29,387,050
42,000 o GEWISS S.P.A. ...................... 529,200
23,798 o HARRIS COMPUTER SYSTEMS CORP ....... 321,273
55,000 HELIX TECHNOLOGY CORP .............. 2,172,500
15,511 HIROSE ELECTRIC CO LTD ............. 893,159
49,631 HOYA CORP .......................... 1,707,986
30,400 o HUTCHINSON TECHNOLOGY, INC ......... 1,284,400
36,972,000 + INNOVATIVE INTERNATIONAL
HOLDINGS LTD ...................... 10,878,030
756,600 o INTEGRATED DEVICE TECHNOLOGY, INC .. 9,741,225
7,821,700 INTEL CORP ......................... 443,881,475
372,600 o INTERNATIONAL RECTIFIER CORP ....... 9,315,000
140,000 JOHNSON ELECTRIC HOLDINGS LTD ...... 249,863
447,400 o KEMET CORP ......................... 10,681,675
373,500 o KENT ELECTRONICS CORP .............. 21,803,062
33,300 KEYENCE CORP ....................... 3,841,441
381,156 KYOCERA CORP ....................... 28,340,084
147,200 o LAM RESEARCH CORP .................. 6,734,400
435,150 o LATTICE SEMICONDUCTOR .............. 14,196,768
602,600 LINEAR TECHNOLOGY CO ............... 23,652,050
1,100 o LINOTYPE HELL AG. .................. 113,358
485,800 LOGICON, INC ....................... 13,359,500
1,088,400 o LSI LOGIC CORP ..................... 35,645,100
25,400 o MARSHALL INDUSTRIES, INC ........... 815,975
453,700 o MAXIM INTEGRATED PRODUCTS .......... 17,467,450
164,150 o METHODE ELECTRONICS, INC (CLASS A) . 2,339,137
1,947,500 MICRON TECHNOLOGY, INC ............. 77,169,687
1,533,000 MINEBEA CO LTD ..................... 12,869,541
220,897 MOLEX, INC ......................... 7,013,479
266,210 MOLEX, INC (CLASS A) ............... 8,152,681
5,204,400 MOTOROLA, INC ...................... 296,650,800
205,500 MURATA MANUFACTURING CO LTD ........ 7,570,044
981,850 o NATIONAL SEMICONDUCTOR CORP ........ 21,846,162
1,164,000 NGK SPARK PLUG CO LTD .............. 14,668,960
950 NIHON DEMPA KOGYO CO LTD ........... 21,273
273,000 NIPPON ELECTRIC GLASS CO LTD ....... 5,187,065
70,000 NITTO DENKO CORP ................... 1,085,728
197,000 o NOKIA CORP ADR A ................... 7,658,375
993,944 OMRON TATEISI ELECTRONICS CO ....... 22,931,997
62,200 OXFORD INSTRUMENTS GROUP PLC ....... 391,115
36,000 PIONEER-STANDARD ELECTRONICS, INC .. 477,000
140,000 o ROGERS CORP ........................ 3,045,000
358,800 ROHM ............................... 20,277,947
426,300 o S3, INC ............................ 7,513,537
92,000 o SGL CARBON AG. ..................... 7,134,777
179,016 o SGS-THOMSON MICROELECTRONICS NV .... 6,863,406
258,200 o SIERRA SEMICONDUCTOR CORP .......... 3,582,525
165,800 o STANDARD MICROSYSTEMS CORP ......... 2,735,700
286,000 o SUWA INTERNATIONAL HOLDINGS LTD .... 14,240
191,600 o SYMMETRICOM, INC ................... 2,634,500
45,000 TAIYO YUDEN CO LTD ................. 484,215
294,000 TDK CORP ........................... 15,019,689
1,602,300 TEXAS INSTRUMENTS, INC ............. 82,919,025
242,500 o TRICORD SYSTEMS, INC ............... 727,500
155,400 o TRIMBLE NAVIGATION LTD ............. 2,894,325
225,800 o U.S. ROBOTICS CORP ................. 19,813,950
249,600 o UNITRODE CORP ...................... 7,051,200
10,167 o UNITRODE CORP WTS 8/21/97 .......... 38,126
198,000 o VICOR CORP ......................... 3,960,000
453,992 o VISHAY INTERTECHNOLOGY, INC ........ 14,300,748
481,600 o VLSI TECHNOLOGY, INC ............... 8,729,000
253,800 o WESTERN DIGITAL CORP ............... 4,536,675
95,075 WYLE ELECTRONICS ................... 3,339,509
803,700 XILINX, INC ........................ 24,512,850
280,500 o ZILOG, INC ......................... 10,273,312
----------
1,724,438,252
----------
ELECTRICAL EQUIPMENT-
INSTRUMENTS-0.57%
220,900 ANALOGIC CORP ...................... 4,086,650
1,519,200 o APPLIED MATERIALS, INC ............. 59,818,500
190,000 o ASAHI OPTICAL CO LTD ............... 904,353
180,626 o AURA SYSTEMS, INC .................. 1,016,021
167,587 BECKMAN INSTRUMENTS, INC NEW ....... 5,928,390
138,123 CANON SALES CO, INC ................ 3,682,152
2,124,536 CANON, INC ......................... 38,513,121
122,660 CITIZEN WATCH CO LTD ............... 939,362
See notes to financial statements.
27
<PAGE>
SHARES VALUE
------ -------
ELECTRICAL EQUIPMENT-
INSTRUMENTS-(Continued)
241,100 o COHERENT, INC ...................... $ 9,764,550
263,000 o DAI NIPPON SCREEN
MANUFACTURING CO LTD .............. 2,309,866
263,319 DANIEL INDUSTRIES, INC ............. 3,752,295
260,600 o DESTEC ENERGY, INC ................. 3,583,250
66,300 o DIONEX CORP ........................ 3,762,525
193,200 o ELECTROGLAS, INC ................... 4,733,400
262,200 o ELECTRONICS FOR IMAGING, INC ....... 11,471,250
194,600 o ESTERLINE CORP ..................... 4,597,425
140,804 FLUKE CORP ......................... 5,315,351
1,454,711 FUJI PHOTO FILM CO LTD ............. 42,023,865
60,000 o HUNG CHANG PRODUCTS CO ............. 2,954,388
253,000 o INPUT/OUTPUT, INC .................. 14,610,750
28,000 o JEOL LTD ........................... 238,317
450,500 o KLA INSTRUMENT CORP ................ 11,741,156
608,000 KONIKA ............................. 4,408,676
552,200 o KULICHE & SOFFA INDUSTRIES, INC .... 12,838,650
1,152,900 LORAL CORP ......................... 40,783,837
51,900 o LTX CORP ........................... 473,587
391,000 NIKON CORP ......................... 5,306,495
94,205 OLYMPUS OPTICAL CO LTD ............. 913,223
359,653 PERKIN-ELMER CORP .................. 13,576,900
1,277,863 RICOH CO LTD ....................... 13,997,992
302,000 SEIKO CORP ......................... 2,678,743
425,000 o SILICON VALLEY GROUP, INC .......... 10,731,250
228,800 TEKTRONIX, INC ..................... 11,239,800
224,200 o TENCOR INSTRUMENTS ................. 5,464,875
684,038 o TERADYNE, INC ...................... 17,100,950
70,875 o THERMO INSTRUMENT SYSTEMS, INC ..... 2,392,031
32,000 o THREE-FIVE SYSTEMS, INC ............ 540,000
135,950 VARIAN ASSOCIATES, INC ............. 6,491,612
120,400 WATKINS-JOHNSON CO ................. 5,267,500
462,300 X RITE, INC ........................ 6,529,987
84,908 YAMAHA CORP ........................ 1,530,962
-----------
398,014,007
-----------
ENVIRONMENTAL CONTROL-0.38%
279,837 o AIR & WATER TECHNOLOGIES CORP
(CLASS A) ......................... 1,714,001
176,685 AMERICAN ECOLOGY CORP .............. 574,226
1,400,275 BROWNING FERRIS INDUSTRIES, INC .... 41,308,112
463,240 o CLEAN HARBORS, INC ................. 1,158,100
231,800 o HANDEX CORP ........................ 1,187,975
639,875 INTERNATIONAL TECHNOLOGY CORP ...... 1,679,671
827,984 OGDEN CORP ......................... 17,698,158
227,500 o OHM CORP ........................... 1,677,812
78,700 o OMEGA ENVIRONMENTAL, INC ........... 265,612
176,300 o REPUBLIC INDUSTRIES, INC ........... 6,368,837
460,749 o ROLLINS ENVIRONMENTAL SERVICES, INC 1,324,653
224,500 o SANIFILL, INC ...................... 7,492,687
286,700 o TETRA TECHNOLOGIES, INC ............ 4,981,412
128,100 o U.S. FILTER CORP ................... 3,410,662
222,542 o U.S.A. WASTE SERVICES, INC ......... 4,200,480
155,600 o UNITED WASTE SYSTEMS, INC .......... 5,796,100
401,600 o WESTERN WASTE INDUSTRIES ........... 10,993,800
262,400 o WESTON (ROY F.), INC (CLASS A) NEW . 1,344,800
1,417,432 WHEELABRATOR TECHNOLOGIES, INC NEW . 23,741,986
4,124,057 WMX TECHNOLOGIES, INC .............. 123,206,202
464,700 o YORK RESEARCH CORP ................. 2,497,762
5,335 #o YORK RESEARCH CORP (CLASS B) WTS ... 0
-----------
262,623,048
-----------
FINANCIAL-MISCELLANEOUS-3.42%
353,400 ADVANTA CORP (CLASS A) ............. 13,517,550
388,900 ADVANTA CORP (CLASS B) ............. 14,146,237
2,460,300 AHMANSON (H.F.) & CO ............... 65,197,950
157,200 AMBAC, INC ......................... 7,368,750
4,574,299 AMERICAN EXPRESS CO ................ 189,261,621
2,021,042 AMERICAN GENERAL CORP .............. 70,483,839
140,300 ASTORIA FINANCIAL CORP ............. 6,401,187
6,100 o AVALON PROPERTIES, INC ............. 131,150
393,200 BANGKOK FIRST INVESTMENT &
TRUST PUBLIC CO LTD (FR) ......... 3,402,817
144,700 BAY VIEW CAPITAL CORP .............. 4,123,950
1,220,736 BEAR STEARNS COS, INC .............. 24,262,128
549,800 BENEFICIAL CORP .................... 25,634,425
1,540,200 o CALIFORNIA FEDERAL BANK ............ 24,258,150
321,300 CAPSTEAD MORTGAGE CORP ............. 7,349,737
611,000 CASH AMERICA INTERNATIONAL, INC .... 3,360,500
674,350 o CATELLUS DEVELOPMENT CORP .......... 4,046,100
36,979 CETELEM ............................ 6,948,919
25,400 o CMAC INVESTMENT CORP ............... 1,117,600
1,531,608 CMIC FINANCE & SECURITIES
PUBLIC CO LTD (FR) ................ 4,864,141
589,600 o COAST SAVINGS FINANCIAL, INC ....... 20,414,900
387,825 COMDISCO, INC ...................... 8,774,540
63,706 COMPAGNIE BANCAIRE S.A. ............ 7,138,508
1,437,674 COUNTRYWIDE CREDIT INDUSTRIES, INC . 31,269,409
23,313 CREDIT FONCIER DE FRANCE (BR) ...... 337,503
51,000 CREDIT SAISON CO ................... 1,216,209
400,200 CWM MORTGAGE HOLDINGS INC .......... 6,803,400
3,133,108 DAIWA SECURITIES CO LTD ............ 47,988,311
1,714,686 DEAN WITTER DISCOVER & CO .......... 80,590,242
22,600 DEVELOPERS DIVERSIFIED REALTY CORP . 678,000
10,333 DUFF & PHELPS CREDIT RATING CO ..... 148,536
107,700 EATON VANCE CORP ................... 3,042,525
479,200 EDWARDS (A.G.), INC ................ 11,440,900
66,800 EQUITY RESIDENTIAL PROPERTY TRUST .. 2,045,750
1,102 EURAFRANCE ......................... 370,675
1,559,900 FEDERAL HOME LOAN MORTGAGE CORP .... 130,251,650
2,788,000 FEDERAL NATIONAL MORTGAGE
ASSOCIATION ....................... 346,060,500
4,000,000 FINANCE ONE CO, LTD (FR) ........... 23,342,424
575,780 o FINANCE ONE CO, LTD (FR) WTS
3/15/99............................ 3,702,884
475,000 FINOVA GROUP, INC .................. 22,918,750
543,800 FIRST FINANCIAL CORP (WISCONSIN) ... 12,507,400
3,500 FIRST HUNGARY FUND LTD (UNITS) ..... 3,746,085
1,598,400 o FIRST NIS REGION 2ND P/P ........... 9,590,400
423,700 FIRST USA, INC ..................... 18,801,687
424,000 FRANKLIN RESOURCES, INC ............ 21,359,000
223,600 o GARTNER GROUP, INC (CLASS A) NEW ... 10,704,850
54,000 GENBEL SOUTH AFRICA LTD ............ 165,162
22,500 GENERAL GROWTH PROPERTIES, INC ..... 466,875
35,440 o GENTRA, INC ........................ 34,559
1,518,800 o GLENDALE FEDERAL SAVINGS
BANK, INC NEW ..................... 26,579,000
85,400 GLIMCHER REALTY TRUST .............. 1,473,150
1,264,500 GOLDEN WEST FINANCIAL CORP ......... 69,863,625
3,171,540 GREAT WESTERN FINANCIAL CORP ....... 80,874,270
3,016,900 GREEN TREE FINANCIAL CORP .......... 79,570,737
4,800 o HANG LUNG DEVELOPMENT CO LTD
WTS 10/31/97 ...................... 720
104,800 HEALTH AND RETIREMENT
PROPERTY TRUST .................... 1,703,000
273,900 #o HEIZER CORP (LIQUIDATING TRUST) .... 113,394
43,700 HIGHWOODS PROPERTIES, INC .......... 1,234,525
67,000 HITACHI CREDIT CORP ................ 1,214,561
See notes to financial statements.
28
<PAGE>
SHARES VALUE
------ -------
FINANCIAL-MISCELLANEOUS-(Continued)
125,333 HONG LEONG CREDIT BERHAD ........... $ 621,975
820,068 HOUSEHOLD INTERNATIONAL, INC ....... 48,486,520
40,000 o IMPERIAL THRIFT AND LOAN
ASSOCIATION ....................... 490,000
2,000 INCENTIVE AB SERIES A FREE ......... 87,515
800 INCENTIVE AB SERIES B FREE ......... 35,006
200,000 o INVESCO PLC ADR .................... 7,750,000
30,145 o INVESTORS FINANCIAL SERVICES CORP .. 625,508
5,794 o INVESTORS FINANCIAL SERVICES CORP
(CLASS A) ......................... 120,225
61,000 JACCS CO ........................... 632,727
720 JAPAN ASSOCIATED FINANCE CO ........ 76,078
868,942 LEHMAN BROTHERS HOLDINGS, INC ...... 18,465,017
215,000 o LG SECURITIES ...................... 3,824,463
91,500 MARYLAND FEDERAL BANCORP ........... 2,745,000
600,000 MBF CAPITAL BERHAD ................. 607,325
1,385,250 MBNA CORP .......................... 51,081,093
426,600 o MEDAPHIS CORP ...................... 15,784,200
367,100 MEDITRUST CORP ..................... 12,802,612
11,895 o MERCAPITAL S.A. .................... 114,719
922,200 MERCURY FINANCE CO ................. 12,219,150
1,800,396 MERRILL LYNCH & CO, INC ............ 91,820,196
220,453 MERRY LAND & INVESTMENT CO, INC .... 5,208,202
483,400 MORGAN STANLEY GROUP, INC .......... 38,974,125
197,100 MULTI-CREDIT CORP OF THAILAND
PLC (FR)........................... 1,126,724
1,600,000 NATIONAL FINANCE & SECURITIES
PLC (FR)........................... 7,558,499
734,600 #o NATIONAL FINANCE & SECURITIES
PLC (FR) WTS 11/15/99 ............. 554,080
3,500,000 NAVA FINANCE & SECURITIES PLC (FR)
CO LTD (FR) ....................... 10,559,668
22,900 NEW PLAN REALTY TRUST .............. 500,937
600 NICE NICHIEI CO LTD ................ 2,367
34,362 NICHIEI CO LTD (OTC) ............... 2,564,910
1,600,000 NIKKO SECURITIES CO LTD ............ 20,628,832
385,000 NIPPON SHINPAN CO LTD .............. 2,911,108
4,972,744 NOMURA SECURITIES CO LTD ........... 108,463,005
4,313 NPM HOLDINGS NV .................... 158,734
68,200 o OLYMPIC FINANCIAL LTD .............. 1,108,250
141,000 ORIENT CORP ........................ 800,976
246,187 ORIX CORP .......................... 10,142,781
112 ORREFORS KOSTA BODA AB ............. 1,673
16,547 o PACIFIC CREST CAPITAL, INC ......... 119,965
568,300 PAINE WEBBER GROUP INC ............. 11,366,000
19,900 PENNCORP FINANCIAL GROUP, INC ...... 584,562
31,000 PHOENIX DUFF & PHELPS CORP ......... 213,125
261,400 PIONEER GROUP, INC ................. 7,123,150
55,000 PMI GROUP, INC ..................... 2,488,750
302,600 PRICE (T. ROWE) ASSOCIATES, INC .... 14,903,050
123,000 PROMISE CO ......................... 5,926,039
676,454 PROVIDENT FINANCIAL PLC ............ 8,601,649
30,000 PUBLIC STORAGE, INC ................ 570,000
97,162 QUICK & REILLY GROUP, INC .......... 1,991,821
34,803 RIT CAPITAL PARTNERS PLC ........... 114,014
977,300 SALOMON, INC ....................... 34,694,150
539,760 SCHROEDERS LTD ..................... 11,464,269
1,236,400 SCHWAB (CHARLES) CORP .............. 24,882,550
254,100 SECURITY CAPITAL PACIFIC TRUST ..... 5,018,475
37,000 SFFED CORP ......................... 1,172,437
25,600 SPIEKER PROPERTIES, INC ............ 643,200
262,000 o SSANGYOUNG INVESTMENT &
SECURITIES CO ..................... 4,728,052
132,500 ST. FRANCIS CAPITAL CORP ........... 3,080,625
140,692 ST. JAMESS PLACE CAPITAL ........... 226,083
50,000 o STADSHYPOTER AB SERIES A ........... 1,003,411
340,300 +STEWART INFORMATION SERVICES CORP .. 7,316,450
3,100 STORAGE USA, INC ................... 101,137
290,000 STUDENT LOAN CORP .................. 9,860,000
1,353,750 STUDENT LOAN MARKETING ASSOCIATION . 89,178,281
71 o TAIPEI FUND (CLASS B) IDR .......... 5,183,000
611,000 TCF FINANCIAL CORP ................. 20,239,375
403,675 THE MONEY STORE, INC ............... 6,307,421
1,400 UNITED ASSET MANAGEMENT CORP ....... 53,725
308,000 UNITED COS FINANCIAL CORP .......... 8,123,500
58,000 o UNITED DOMINION REALTY TRUST ....... 870,000
306,400 VALUE LINE, INC .................... 11,796,400
90,150 WHITNEY HOLDING CORP ............... 2,794,650
3,170,600 YAMAICHI SECURITIES CO LTD ......... 24,680,844
-------------
2,371,489,727
-------------
FOODS-2.16%
1,000 AARHUS OLIEFABRIK AS (CLASS A) ..... 57,740
1,700 AARHUS OLIEFABRIK AS (CLASS B) ..... 95,091
492,610 AJINOMOTO CO LTD ................... 5,491,665
5,402,571 ARCHER DANIELS MIDLAND CO .......... 97,246,278
36,000 ARNOTTS LTD ........................ 241,023
1,087,200 ASSOCIATED BRITISH FOODS PLC ....... 6,228,671
3,720 AULT FOODS LTD ..................... 41,253
56,820 BAGLEY S.A. (CLASS B) .............. 123,311
700 BONGRAIN S.A. ...................... 395,051
447,289 BRL HARDY LTD ...................... 715,387
1,233,349 BURNS PHILP & CO LTD ............... 2,761,639
22,000 o C.G. SMITH LTD ..................... 168,975
1,289,280 CADBURY SCHWEPPES LTD .............. 10,649,236
1,291,500 CAMPBELL SOUP CO ................... 77,490,000
479,314 CARDINAL HEALTH, INC ............... 26,242,441
419,600 CHIQUITA BRANDS INTERNATIONAL, INC . 5,769,500
2,140,304 CONAGRA, INC ....................... 88,287,540
1,221,000 CPC INTERNATIONAL, INC ............. 83,791,125
22,500 DANISCO AS ......................... 1,088,053
28,480 DANONE GROUP ....................... 4,705,415
422,650 DEAN FOODS CO ...................... 11,622,875
207,800 DEKALB GENETICS CORP (CLASS B) ..... 9,376,975
95,000 o DEL MONTE ROYAL FOODS .............. 131,600
420,084 DOLE FOOD, INC ..................... 14,702,940
326,500 DREYERS GRAND ICE CREAM, INC ....... 10,856,125
9,331 ERIDANIA BEGHIN SAY ................ 1,602,706
384,000 EZAKI GLICO CO LTD ................. 3,715,051
771,050 FLOWERS INDUSTRIES, INC ............ 9,348,981
1,541,300 GENERAL MILLS, INC ................. 89,010,075
471,400 o GENERAL NUTRITION COS, INC ......... 10,842,200
162,600 GOLDEN ENTERPRISES, INC ............ 1,321,125
1,941,340 GOODMAN FIELDER LTD ................ 1,949,619
210,000 GRUPO INDUSTRIAL BIMBO S.A.
DE CV SERIES A .................... 869,436
550,000 o GRUPO INDUSTRIAL MASECA SERIES B ... 335,496
2,869,350 HEINZ (H.J.) CO .................... 95,047,218
625,000 o HERDEZ S.A. SERIES B ............... 136,275
528,648 HERSHEY FOODS CORP ................. 34,362,120
100,000 HOHNEN OIL CO LTD .................. 558,374
787,700 HORMEL FOODS CORP .................. 19,397,112
153,400 HOUSE FOODS CORP ................... 2,765,930
268,800 IBP, INC ........................... 13,574,400
408,800 o INTERNATIONAL DAIRY QUEEN, INC
(CLASS A) ......................... 9,300,200
341,600 INTERNATIONAL MULTIFOODS CORP ...... 6,874,700
366,000 ITOHAM FOODS, INC .................. 2,767,443
261,900 o J & J SNACK FOODS CORP ............. 2,880,900
494,115 KATOKICHI CO LTD ................... 10,298,394
1,018,800 KELLOGG CO ......................... 78,702,300
65,000 o KERRY GROUP CLASS A ................ 504,595
See notes to financial statements.
29
<PAGE>
SHARES VALUE
------ -------
FOODS-(Continued)
88,301 KIKKOMAN CORP ...................... $ 650,552
5,500 KOIPE S.A. ......................... 321,889
5,000 KORN-OG FODERSTOF KOMPAGNIET AS .... 216,528
312,032 LANCE, INC ......................... 5,109,524
171,500 LEDESMA S.A. ....................... 219,541
4,119 MAPLE LEAF FOODS, INC .............. 18,497
57,000 MARUDAI FOOD CO LTD ................ 408,892
124,000 o MARUHA CORP ........................ 419,517
792,600 MCCORMICK & CO, INC ................ 19,121,475
129,700 MEIJI MILK PRODUCTS CO LTD ......... 777,018
183,000 MEIJI SEIKA KAISHA LTD ............. 1,103,429
252,675 MICHAEL FOODS, INC ................. 2,937,346
115,000 MIDWEST GRAIN PRODUCTS, INC ........ 1,610,000
30,679 MOLINOS RIO DE LA PLATA S.A.
(CLASS B).......................... 251,592
119,900 NABISCO HOLDINGS CORP (CLASS A) .... 3,911,737
53,500 o NBTY, INC .......................... 254,125
96,000 NESTLE MALAYSIA BERHAD ............. 703,269
60,120 NESTLE S.A. (REGD) ................. 66,666,462
132,000 NICHIREI CORP ...................... 857,337
149,000 NIPPON BEET SUGAR
MANUFACTURING CO LTD .............. 661,537
236,200 NIPPON MEAT PACKERS, INC ........... 3,434,584
122,000 o NIPPON SUISAN KAISHA LTD ........... 504,999
140,000 NISSIN FOOD PRODUCTS CO LTD ........ 3,284,327
83,350 NUTRICIA NV ........................ 6,748,688
89,500 ORKLA AS (CLASS A) ................. 4,462,167
7,748 ORKLA AS (CLASS B) ................. 370,347
475,000 PARMALAT FINANZIARIA ............... 412,366
12,300 o PASCUAL HERMANOS S.A. .............. 7,097
2,638,555 o PERDIGAO COMERICO E INDUSTRIA ...... 2,714
631,800 PIONEER-HI-BRED INTERNATIONAL, INC . 35,143,875
350,000 o POWER PACIFIC LTD................... 39,054
436,039 Q.P. CORP .......................... 3,800,038
1,230,132 QUAKER OATS CO ..................... 42,439,554
608,343 o RALCORP HOLDINGS, INC .............. 14,752,317
935,391 RALSTON PURINA GROUP ............... 58,345,013
125,500 RICHFOOD HOLDINGS, INC ............. 3,357,125
4,078,600 SARA LEE CORP ...................... 130,005,375
391,500 SAVANNAH FOODS & INDUSTRIES, INC ... 4,453,312
169,000 SHINOBU FOOD PRODUCTS CO LTD ....... 1,073,077
95,986 o SME-SOCIETA MERIDIONALE FINANZIARIA 196,228
194,600 o SMITHFIELD FOODS, INC .............. 6,178,550
232,400 SMITH'S FOOD & DRUG CENTERS, INC
(CLASS B) ......................... 5,868,100
191,700 SMUCKER, (J.M.) CO (CLASS A) ....... 4,217,400
199,400 SMUCKER, (J.M.) CO (CLASS B) ....... 3,838,450
894,950 SNOW BRAND MILK .................... 5,725,925
325,100 +o SPAGHETTI WAREHOUSE, INC ........... 1,625,500
2,812 ST. LOUIS .......................... 747,489
88,000 TAKARA SHUZO CO LTD ................ 841,982
154,335 TATE & LYLE PLC .................... 1,131,008
208,200 TCBY ENTERPRISES, INC .............. 832,800
28,000 TIGER OATS LTD ..................... 483,884
347,750 TOOTSIE ROLL INDUSTRIES, INC ....... 13,779,593
1,441,200 TYSON FOODS, INC ................... 37,651,350
97,900 UNIGATE PLC ........................ 624,718
1,335,400 UNILEVER LTD ....................... 27,430,315
274,800 UNILEVER NV CERTIFICATES ........... 38,654,706
227,980 UNITED BISCUITS HOLDINGS PLC ....... 906,142
423,420 UNIVERSAL FOODS CORP ............... 16,989,727
8,420 VISCOFAN S.A. ...................... 99,944
97,600 WESTON (GEORGE) LTD ................ 3,595,866
630,800 WRIGLEY (WM) JR CO ................. 33,117,000
373,800 WRIGLEY (WM) JR CO (CLASS B) ....... 19,624,500
92,300 YAMAZAKI BAKING CO LTD ............. 1,717,931
80,000 YOMEISHU SEIZO CO LTD .............. 715,029
-------------
1,499,894,992
-------------
FOREST PRODUCTS-0.74%
1,669,872 AMCOR LTD .......................... 11,801,068
350,000 o ARACRUZ CELLULOSE S.A. ADR ......... 2,712,500
335,000 ARJO WIGGINS APPLETON PLC .......... 858,199
2,920,700 o ASIA PACIFIC RESOURCES
INTERNATIONAL HOLDINGS (CLASS A) .. 13,873,325
122,000 AVENOR, INC ........................ 2,090,880
19,000 #o BIRKA KRAFT ........................ 180,614
673,732 BOISE CASCADE CORP ................. 23,327,970
64,632 CANFOR CORP ........................ 704,891
17,348,377 CARTER HOLT HARVEY LTD ............. 37,429,817
480,000 CARTIERE BURGO S.P.A. .............. 2,396,520
859,490 CHAMPION INTERNATIONAL CORP ........ 36,098,580
503,680 o DOMTAR, INC ........................ 3,840,560
150,300 o DOMTAR, INC ........................ 1,170,861
47,300 DONOHUE, INC (CLASS A) ............. 554,879
80,000 EMPRESA NATIONAL DE CELULOSAS S.A. . 1,299,096
69,174 o FIBREBOARD CORP NEW ................ 1,547,768
14,540,100 FLETCHER CHALLENGE LTD ............. 33,557,300
8,704,207 FLETCHER CHALLENGE LTD
(FORESTS DIVISION) ................ 12,405,966
33,000 FLETCHER CHALLENGE CANADA LTD
(CLASS A) ......................... 526,248
900,900 GEORGIA-PACIFIC CORP ............... 61,824,262
134,345 HOKUSHIN CO LTD .................... 1,601,878
80,340 KONINKLIJKE KNP BT NV .............. 2,064,753
19,000 o KORSNAS AB SERIES A ................ 272,354
436,000 KYMMENE OY ......................... 11,547,141
1,035,136 LOUISIANA PACIFIC CORP ............. 25,102,048
48,400 MACMILLAN BLOEDEL LTD .............. 598,834
30,000 o MADERAS Y SINTETICOS S.A. ADR ...... 585,000
54,000 MO OCH DOMSJO AB SERIES B FREE ..... 2,305,885
88,800 NORSKE SKOG INDUSTRIER (CLASS A) ... 2,614,196
2,400 o NORSKE SKOGINDUSTRIER (CLASS B) .... 66,475
2,500 o PAPIERWERKE WALDHOF-ASCHAFFENBURG .. 372,039
33,400 POPE & TALBOT, INC ................. 442,550
257,300 POTLATCH CORP ...................... 10,292,000
634,000 PT SUMALINDO LESTARI (FR) .......... 512,557
546,084 RAYONIER, INC ...................... 18,225,553
176,000 o REPAP ENTERPRISES INC. ............. 774,250
746,500 REPOLA (UPM) ....................... 14,097,231
204,974 REXAM PLC .......................... 1,126,578
345,900 SCA AB SERIES B .................... 5,375,828
396,000 SMURFIT (JEFFERSON) GROUP PLC ...... 940,689
113,000 o STONE CONSOLIDATED CORP ............ 1,449,887
553,450 STORA KOPPARBERG BERGSLAGS
SERIES A FREE ..................... 6,513,742
153,550 STORA KOPPARBERG BERGSLAGS
SERIES B FREE ..................... 1,841,935
77,142 TABLEROS DE FIBRAS S.A. SERIES B ... 852,081
85,000 o TEMBEC INC. CLASS A ................ 677,744
331,400 TJ INTERNATIONAL, INC .............. 6,130,900
25,000 UNIPAPEL S.A. ...................... 469,851
2,367,450 WEYERHAEUSER CO .................... 102,392,212
799,236 WILLAMETTE INDUSTRIES, INC ......... 44,957,025
-----------
512,404,520
-----------
HEALTHCARE-DRUGS-5.85%
372,900 o ALLIANCE PHARMACEUTICAL CORP ....... 5,080,762
22,900 o ALPHA BETA TECHNOLOGY, INC ......... 283,387
802,300 o ALZA CORP .......................... 19,856,925
2,861,201 AMERICAN HOME PRODUCTS CORP ........ 277,536,497
See notes to financial statements.
30
<PAGE>
SHARES VALUE
------ -------
HEALTHCARE-DRUGS-(Continued)
2,587,500 o AMGEN, INC ........................ $153,632,812
236,425 ARBOR DRUGS, INC ................... 4,964,925
12,487 ARES-SERONO S.A. SERIES B .......... 8,789,838
1,900,080 ASTRA AB SERIES A FREE ............. 75,975,809
169,900 ASTRA AB SERIES B FREE ............. 6,742,278
110,000 BANYU PHARMACEUTICAL CO LTD ........ 1,354,251
289,642 BERGEN BRUNSWIG CORP (CLASS A) ..... 7,204,844
107,500 o BIO RAD LABORATORIES, INC (CLASS A) 4,568,750
312,600 o BIO TECHNOLOGY GENERAL CORP ........ 1,426,237
17,000 o BIOCHEM PHARMACEUTICALS, INC ....... 682,418
378,900 o BIOGEN, INC ........................ 23,302,350
99,300 o BIOMIRA, INC ....................... 360,389
184,027 BLOCK DRUG, INC (CLASS A) .......... 6,394,938
4,801,640 BRISTOL MYERS SQUIBB CO ............ 412,340,835
523,800 xo CAMBRIDGE BIOTECH CORP ............. 229,162
119,100 o CELLPRO, INC ....................... 1,905,600
741,200 o CENTOCOR, INC ...................... 22,884,550
175,100 o CEPHALON, INC ...................... 7,135,325
762,067 o CHIRON CORP ........................ 84,208,403
326,180 CHUGAI PHARMACEUTICAL CO LTD ....... 3,127,207
12,000 CIBA-GEIGY AG. (BR) ................ 10,532,716
35,924 CIBA-GEIGY AG. (REGD) .............. 31,687,538
398,100 COLLAGEN CORP ...................... 8,409,862
9,700 o COPLEY PHARMACEUTICAL, INC ......... 133,375
204,300 o CYGNUS, INC ........................ 4,571,212
536,082 o CYTOGEN CORP ....................... 2,814,430
261,468 DAIICHI SEIYAKU .................... 3,725,966
950 DAINIPPON PHARMACEUTICAL CO LTD .... 9,034
357,270 DR. REDDYS LABORATORIES LTD GDR .... 2,458,017
55,100 o DURA PHARMACEUTICALS, INC .......... 1,914,725
527,373 EISAI CO LTD ....................... 9,253,360
32,577 ELF SANOFI S.A. .................... 2,090,975
124,095 o ENZO BIOCHEMICAL, INC. ............. 2,388,828
430,100 o FOREST LABORATORIES, INC ........... 19,462,025
615,000 FUJISAWA PHARMACUEUTICAL CO LTD .... 5,902,191
221,900 o GENENTECH, INC ..................... 11,760,700
88,180 o GENETICS INSTITUTE, INC
(DEPOSITORY SHARES) ............... 4,717,630
4,047 #o GENSET ............................. 4,965,134
303,450 o GENSIA, INC ........................ 1,593,112
267,900 o GENZYME CORP ....................... 16,710,262
35,302 o GENZYME CORP (TISSUE REPAIR
DIVISION).......................... 560,419
184,800 o GILEAD SCIENCES, INC ............... 5,913,600
6,361,682 GLAXO WELLCOME PLC ................. 90,375,899
97,482 HAFSLUND NYCOMED AS (CLASS A) ...... 2,553,493
25,802 HAFSLUND NYCOMED AS (CLASS B) ...... 655,451
171,500 o IMMUNE RESPONSE CORP ............... 953,968
548,300 o IMMUNEX CORP NEW ................... 9,046,950
607,600 o IMMUNOMEDICS, INC .................. 3,645,600
169,600 o INTERNEURON PHARMACEUTICALS, INC ... 4,324,800
1,737,659 IVAX CORP .......................... 49,523,281
24,050 KISSEI PHARMACEUTICALS CO LTD ...... 727,398
190,080 KYOWA HAKKO KOGYO .................. 1,794,727
4,591,810 LILLY (ELI) & CO ................... 258,289,312
310,300 o LIPOSOME CO, INC ................... 6,206,000
447,200 #o MARTEK BIOSCIENCES CORP ............ 11,291,800
140,210 #o MARTEK BIOSCIENCES CORP WTS 5/18/98 2,150,821
479,400 MCKESSON CORP NEW .................. 24,269,625
1,000,000 o MEDEVA PLC ......................... 4,160,968
188,000 o MEDIMMUNE, INC ..................... 3,760,000
102,400 o MEDISENSE, INC ..................... 3,238,400
66,000 o MERCK & CO KGAA DEMS ............... 2,697,549
13,771,077 MERCK & CO, INC .................... 905,448,312
68,450 MOCHIDA PHARMACEUTICAL CO LTD ...... 948,882
210,550 o MOLECULAR BIOSYSTEMS, INC .......... 1,447,531
1,114,450 MYLAN LABORATORIES, INC ............ 26,189,575
175,472 o NEXSTAR PHARMACEUTICALS, INC ....... 2,851,420
308,700 o NORTH AMERICAN VACCINE, INC ........ 4,360,387
67,410 NOVO NORDISK AS (CLASS B) .......... 9,244,229
33,418 ONO PHARMACEUTICAL CO LTD .......... 1,286,097
5,519,100 PFIZER, INC ........................ 347,703,300
313,242 o PHARMACEUTICAL RESOURCES, INC ...... 2,349,315
2,281,485 o PHARMACIA & UPJOHN, INC ............ 88,407,543
33,200 o PROTEIN DESIGN LABORATORIES, INC ... 767,750
515,000 RANBAXY LABORATORIES LTD GDR ....... 12,617,500
230,000 o REGENERON PHARMACEUTICALS, INC ..... 2,932,500
244,300 o REPLIGEN CORP ...................... 274,837
268,200 RHONE-POULENC RORER, INC ........... 14,281,650
8,000 RIKEN VITAMIN CO LTD ............... 124,858
370,500 o ROBERTS PHARMACEUTICAL CORP ........ 6,576,375
1,905 ROCHE HOLDINGS AG. (BR) ............ 26,736,544
12,735 ROCHE HOLDINGS AG. (GENUSSCHEINE) .. 100,987,957
14,648 ROCHE HOLDINGS AG. (GENUSSCHEINE)
(U.S.) ............................ 116,157,958
231 o ROUSSEL UCLAF S.A. ................. 39,204
150,000 ROUSSEL UCLAF S.A. ADR ............. 12,688,500
13,500 SANDOZ AG. (BR) .................... 12,459,369
47,720 SANDOZ AG. (REGD) .................. 43,792,740
456,713 SANKYO CO LTD ...................... 10,271,511
428 SANTEN PHARMACEUTICAL CO LTD ....... 9,708
309,500 o SCHERER (R.P.) CORP ................ 15,204,187
77,170 SCHERING AG. ....................... 5,123,642
3,772,956 SCHERING-PLOUGH CORP ............... 206,569,341
777,750 o SCIOS-NOVA, INC .................... 3,354,046
113,900 o SEPRACOR, INC ...................... 2,092,912
556,500 o SEQUUS PHARMACEUTICALS, INC ........ 7,930,125
359,950 SHIONOGI & CO LTD .................. 3,032,249
836,298 SMITHKLINE BEECHAM PLC (CLASS A) ... 9,218,897
49,800 SMITHKLINE BEECHAM PLC (UNITS) ADR . 2,763,900
4,182,500 SMITHKLINE BEECHAM/BECKMAN (UNITS) . 45,586,121
7,300 o SOMATOGEN, INC ..................... 137,787
211,800 o SYNCOR INTERNATIONAL CORP NEW ...... 1,429,650
40,375 SYNTHELABO ......................... 2,532,879
139,700 TAISHO PHARMACEUTICAL CO LTD ....... 2,762,673
1,665,100 TAKEDA CHEMICAL INDUSTRY LTD ....... 27,440,514
377,702 TANABE SEIYAKU CO LTD .............. 2,720,452
1,000 TEIKOKU HORMON ..................... 14,541
543,250 o THERMEDICS, INC .................... 15,075,187
634,856 o U.S. BIOSCIENCE, INC ............... 2,936,209
1,298,900 WARNER-LAMBERT CO .................. 126,155,662
424,400 o WATSON PHARMACEUTICALS, INC ........ 20,795,600
456,603 o XOMA CORP .......................... 1,598,110
471,485 YAMANOUCHI PHARMACEUTICAL CO ....... 10,146,677
1,634,092 ZENECA GROUP PLC ................... 31,612,156
-------------
4,058,418,714
-------------
HEALTHCARE-HOSPITAL SUPPLY-1.57%
7,212,388 ABBOTT LABORATORIES ................ 301,117,199
611,472 BARD (C.R.), INC ................... 19,719,972
2,639,566 BAXTER INTERNATIONAL, INC .......... 110,531,826
723,906 BECTON DICKINSON & CO .............. 54,292,950
276,600 o C-CUBE MICROSYSTEMS, INC ........... 17,287,500
9,200 o CNS, INC ........................... 139,150
352,600 DENTSPLY INTERNATIONAL, INC NEW .... 14,104,000
929,513 GUIDANT CORP ....................... 39,271,924
43,500 o HAEMONETICS CORP ................... 772,125
159,423 o HEALTHDYNE TECHNOLOGIES, INC ....... 1,833,364
294,800 o IMMUCOR, INC ....................... 2,726,900
51,000 o ISOLYSER CO, INC ................... 714,000
5,677,399 JOHNSON & JOHNSON .................. 486,127,289
424,512 OWENS & MINOR, INC NEW ............. 5,412,528
249,550 o PATTERSON DENTAL CO ................ 6,737,850
See notes to financial statements.
31
<PAGE>
SHARES VALUE
------ -------
HEALTHCARE-HOSPITAL SUPPLY
-(Continued)
405,000 o PHYSICIAN SALES & SERVICE, INC ..... $11,542,500
298,900 o PYXIS CORP ......................... 4,371,412
4,050 RADIOMETER AS (CLASS B) ............ 290,851
132,500 o TECNOL MEDICAL PRODUCTS, INC ....... 2,385,000
463,800 U.S. SURGICAL CORP ................. 9,913,725
367,200 o VENTRITEX, INC ..................... 6,380,100
----------
1,095,672,165
----------
HEALTHCARE-OTHER-1.00%
300,800 o ACUSON CORP ........................ 3,722,400
287,260 o ADVANCED TECHNOLOGY
LABORATORIES, INC ................. 7,037,870
9,800 o ADVANCED TISSUE SCIENCE CO ......... 99,225
625,550 ALLERGAN, INC ...................... 20,330,375
71,800 o AMERICAN DRUG CO ................... 26,925
71,800 o AMERICAN DRUG CO WTS 8/05/96 ....... 4,487
159,900 o AMERICAN MEDICAL RESPONSE, INC ..... 5,196,750
233,500 o AMSCO INTERNATIONAL, INC ........... 3,473,312
150,500 o APPLIED BIOSCIENCE INTERNATIONAL,
INC................................ 1,015,875
287,100 ARROW INTERNATIONAL, INC ........... 11,412,225
216,433 BALLARD MEDICAL PRODUCTS ........... 3,868,739
678,100 BAUSCH & LOMB, INC ................. 26,869,712
326,746 o BENSON EYECARE CORP ................ 2,940,714
432,900 o BIOCRAFT LABORATORIES, INC ......... 5,735,925
887,300 o BIOMET, INC ........................ 15,860,487
400,100 o BIOWHITTAKER, INC .................. 3,050,762
958,878 o BOSTON SCIENTIFIC CORP ............. 46,985,022
426,241 CAREMARK INTERNATIONAL, INC ........ 7,725,618
206,900 o CIRCON CORP ........................ 4,189,725
133,812 o CORAM HEALTHCARE CORP .............. 585,427
110,900 o CORDIS CORP ........................ 11,145,450
275,600 o COVENTRY CORP ...................... 5,684,250
174,000 o DATASCOPE CORP ..................... 4,176,000
191,900 DIAGNOSTIC PRODUCTS CORP ........... 7,268,212
181,300 o E-Z-EM, INC (CLASS A) .............. 1,767,675
201,933 o E-Z-EM, INC (CLASS B) .............. 1,943,605
784,996 o ENZON, INC ......................... 1,668,116
102,963 o EPITOPE, INC ....................... 1,698,889
8,600 ESSILOR INTERNATIONAL .............. 1,645,966
91,200 o GENESIS HEALTH VENTURES, INC ....... 3,328,800
60,000 o HEART TECHNOLOGY, INC .............. 1,972,500
531,000 HILLENBRAND INDUSTRIES, INC ........ 17,987,625
130,000 o HUMAN GENOME SCIENCES, INC ......... 4,972,500
545,000 o IDEXX LABORATORIES, INC ............ 25,615,000
1,329,300 o INFORMIX CORP ...................... 39,879,000
30,000 #o INTERNATIONAL HYDRON
(LIQUIDATING TRUST) ............... 600
58,400 KINETIC CONCEPTS, INC .............. 700,800
143,760 KURAYA CORP ........................ 2,146,158
2,975,000 o LONDON INTERNATIONAL GROUP PLC ..... 5,912,300
146,772 #o LYNX THERAPEUTICS, INC ............. 29,354
165,700 o MEDCO RESEARCH, INC ................ 1,719,137
2,065,172 MEDTRONIC, INC ..................... 115,391,485
617,400 MENTOR CORP ........................ 14,200,200
32,600 o MYRIAD GENETICS, INC ............... 1,063,575
393,108 o NELLCOR PURITAN BENNETT, INC ....... 22,800,264
536,600 o OXFORD HEALTH PLANS, INC ........... 39,641,325
1,131,926 PALL CORP .......................... 30,420,511
16,200 o PHYSICIAN RELIANCE NETWORK, INC .... 643,950
135,900 o QUANTUM HEALTH RESOURCES, INC ...... 1,333,518
194,000 o RESEARCH MEDICAL, INC .............. 5,238,000
16,000 SAGAMI RUBBER INDUSTRIES CO LTD .... 113,225
200,000 o SEQUANA THERAPEUTICS, INC .......... 4,675,000
383,860 o SPACELABS MEDICAL, INC ............. 11,035,975
745,650 o ST. JUDE MEDICAL, INC .............. 32,062,950
159,000 o STERIS CORP ........................ 5,127,750
725,400 STEWART ENTERPRISES, INC (CLASS A) . 26,839,800
337,600 STRYKER CORP ....................... 17,724,000
472,400 o SUMMIT TECHNOLOGY, INC ............. 15,943,500
196,879 SUN-S, INC ......................... 2,003,972
110,600 o SUNRISE MEDICAL, INC ............... 2,046,100
762,400 o SYBRON INTERNATIONAL CORP .......... 18,107,000
212,600 o SYNETIC, INC ....................... 6,191,975
35,800 o TARGET THERAPEUTICS, INC ........... 1,530,450
81,000 o THERMO CARDIOSYSTEMS, INC .......... 6,257,250
71,600 o THERMOTREX CORP .................... 3,580,000
-----------
695,365,287
-----------
HEALTHCARE-SERVICE-1.38%
195,200 ADAC LABORATORIES, INC NEW ......... 2,366,800
94,100 o AMERISOURCE HEALTH CORP (CLASS A) .. 3,105,300
1,066,500 o APRIA HEALTHCARE GROUP, INC ........ 30,128,625
768,161 o BEVERLY ENTERPRISES ................ 8,161,710
200,200 o CERNER CORP ........................ 4,104,100
163,900 o COASTAL PHYSICIAN GROUP, INC ....... 2,212,650
4,176,333 COLUMBIA/HCA HEALTHCARE CORP ....... 211,948,899
76,200 o COMMUNITY HEALTH SYSTEMS, INC ...... 2,714,625
465,262 o COMMUNITY PSYCHIATRIC CENTERS ...... 5,699,459
3,000 o EXTENDICARE, INC ................... 62,138
64,000 o EXTENDICARE, INC (CLASS A) ......... 680,402
225,764 o FHP INTERNATIONAL CORP ............. 6,434,274
492,650 o FOUNDATION HEALTH CORP ............. 21,183,950
303,200 o FOXMEYER HEALTH CORP ............... 8,110,600
362,900 o GMIS, INC .......................... 4,717,700
169,300 o HEALTH CARE & RETIREMENT CORP ...... 5,925,500
514,600 o HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) NEW ..................... 13,443,925
273,000 o HEALTH SYSTEMS INTERNATIONAL, INC .. 8,770,125
337,927 o HEALTHCARE COMPARE CO .............. 14,699,824
245,000 o HEALTHDYNE INFORMATION
ENTERPRISES ....................... 566,562
245,000 o HEALTHDYNE, INC .................... 2,113,125
770,600 o HEALTHSOURCE, INC .................. 27,741,600
384,900 o HEALTHSOUTH CORP ................... 11,210,212
58,457 o HEALTHWISE OF AMERICA, INC ......... 2,279,823
326,719 o HORIZON/CMS HEALTHCARE CORP ........ 8,249,654
1,822,032 o HUMANA, INC ........................ 49,878,126
2,200 o I-STAT CORP ........................ 71,500
193,100 INTEGRATED HEALTH SERVICES, INC .... 4,827,500
200 o INTEGRATED SILICON SOLUTION, INC ... 3,346
205,400 INVACARE CORP ...................... 5,186,350
331,560 o LABORATORY CORP OF
AMERICA HOLDINGS .................. 3,108,375
75,098 o LABORATORY CORP OF
AMERICA HOLDINGS
WTS 4/28/00 ....................... 51,629
570,600 o LINCARE HOLDINGS, INC .............. 14,265,000
60,200 o MAGELLAN HEALTH SERVICES, INC ...... 1,444,800
488,950 MANOR CARE, INC .................... 17,113,250
40,000 o MAXICARE HEALTH PLANS, INC ......... 1,075,000
1,800 o MEDPARTNERS/MULLIKIN, INC .......... 59,400
1,667,200 o MID ATLANTIC MEDICAL SERVICES, INC . 40,429,600
61,600 o MULTICARE COS, INC ................. 1,478,400
251,100 o NOVACARE, INC ...................... 1,286,887
412,400 OMNICARE, INC ...................... 18,454,900
528,270 o ORNDA HEALTHCORP ................... 12,282,277
845,000 o OWEN HEALTHCARE, INC ............... 23,343,125
419,000 o PACIFIC PHYSICIAN SERVICES, INC .... 7,542,000
230,446 o PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) ......................... 20,048,802
172,346 o PACIFICARE HEALTH SYSTEMS, INC
(CLASS B) ......................... 14,994,102
179,000 o PEDIATRIC SERVICES OF AMERICA, INC . 2,819,250
See notes to financial statements.
32
<PAGE>
SHARES VALUE
------ -------
HEALTHCARE-HOSPITAL SERVICE
-(Continued)
206,625 o PHYCOR, INC ........................ $10,447,476
409,400 o PHYSICIAN CORP OF AMERICA .......... 6,959,800
18,000 o PHYSICIANS HEALTH SERVICES, INC .... 666,000
40,200 o RENAL TREATMENT CENTERS, INC ....... 1,768,800
218,700 SAFEGUARD HEALTH ENTERPRISES, INC .. 2,542,387
359,650 SURGICAL CARE AFFILIATES, INC ...... 12,228,100
1,132,528 o TENET HEALTHCARE CORP .............. 23,499,956
251,100 o TOKOS MEDICAL CORP ................. 2,291,287
15,289 o TRANSPORT HOLDINGS, INC (CLASS A) .. 623,026
1,550,945 U.S. HEALTHCARE, INC ............... 72,118,942
1,683,544 UNITED HEALTHCARE CORP ............. 110,272,132
594,132 o VALUE HEALTH, INC .................. 16,338,630
745,988 o VENCOR, INC ........................ 24,244,610
97,500 VITAL SIGNS, INC ................... 2,571,562
612,133 o VIVRA, INC ......................... 15,379,841
258,700 o WELLPOINT HEALTH NETWORKS, INC
(CLASS A) ......................... 8,310,737
-----------
956,658,487
-----------
HOUSEHOLD-
CONSUMER ELECTRONICS-0.23%
309,000 CASIO COMPUTER CO LTD .............. 3,025,400
1,100 FUJI DENKI REIKI CO LTD ............ 14,715
211,680 HARMAN INTERNATIONAL INDUSTRIES,
INC................................ 8,493,660
4,162,854 MATSUSHITA ELECTRIC
INDUSTRIAL CO LTD ................. 67,795,907
60,335 MATSUSHITA ELECTRIC
INDUSTRIAL CO LTD ADR ............. 9,925,107
70,582 PIONEER ELECTRONIC CORP ............ 1,293,179
2,744,400 SANYO ELECTRIC CO LTD .............. 15,829,507
476,120 SHARP CORP ......................... 7,615,587
689,220 SONY CORP .......................... 41,357,238
207,800 SUN TELEVISION & APPLIANCES, INC ... 857,175
460 o VICTOR CO OF JAPAN LTD ............. 5,841
573,622 o ZENITH ELECTRONICS CORP ............ 3,943,651
-----------
160,156,967
-----------
HOUSEHOLD-DURABLE GOODS-0.36%
154,862 BASSETT FURNITURE INDUSTRIES, INC .. 3,600,541
717,800 BLACK & DECKER CORP ................ 25,302,450
701,800 CERAMCO CORP LTD ................... 821,317
171,200 DYNAMICS CORP OF AMERICA ........... 4,194,400
103,674 ELECTROLUX AB SERIES B ............. 4,262,790
728,768 EMAIL LTD .......................... 1,734,817
174,800 FEDDERS CORP ....................... 1,005,100
152,950 FEDDERS CORP (CLASS A) ............. 650,037
1,452,738 FISHER & PAYKEL INDUSTRIES LTD ..... 4,416,570
575,200 o GENTEX CORP ........................ 12,654,400
38,500 INDUSTRIE NATUZZI S.P.A. ADR ....... 1,746,937
241,567 LADD FURNITURE, INC ................ 3,170,566
1,006,600 LEGGETT & PLATT, INC ............... 24,410,050
1,225,303 MAYTAG CO .......................... 24,812,385
29,400 NATIONAL PRESTO INDUSTRIES, INC .... 1,168,650
1,681,862 NEWELL COS, INC .................... 43,518,179
47,670 RINNAI CORP ........................ 1,113,692
982,500 SHAW INDUSTRIES, INC ............... 14,491,875
480,200 STANLEY WORKS ...................... 24,730,300
890,500 SUNBEAM CORP ....................... 13,580,125
249,000 TAKARA STANDARD CO ................. 2,848,291
686,800 WHIRLPOOL CORP ..................... 36,572,100
-----------
250,805,572
-----------
HOUSEHOLD-PRODUCTS-1.34%
54,000 AMWAY JAPAN CO ..................... 2,282,355
209,413 APTARGROUP, INC .................... 7,826,810
37,400 ARMOR ALL PRODUCTS CORP ............ 677,875
11,636 BIC ................................ 1,184,894
8,500 #o BRANDED CONSUMER PRODUCTS SERIES B . $ 119,277
126,700 CHURCH & DWIGHT CO, INC ............ 2,343,950
476,633 CLOROX CO .......................... 34,138,838
1,418,086 COLGATE PALMOLIVE CO ............... 99,620,541
929,200 DIAL CORP .......................... 27,527,550
60,500 EKCO GROUP, INC .................... 355,437
259,500 o FIRST ALERT, INC ................... 2,238,187
224,900 FIRST BRANDS CORP .................. 10,710,862
162,200 GENERAL HOUSEWARES CORP ............ 1,398,975
105,000 o GIBSON GREETINGS, INC .............. 1,680,000
245,183 KAO CORP ........................... 3,042,309
375,453 LANCASTER COLONY CORP .............. 13,985,624
470,916 LION CORP .......................... 2,780,121
76,296 NORITAKE CO LTD .................... 650,120
443,200 o PERRIGO CO ......................... 5,263,000
586,800 PREMARK INTERNATIONAL, INC ......... 29,706,750
7,354,508 PROCTER & GAMBLE CO ................ 610,424,164
1,406,700 RUBBERMAID, INC .................... 35,870,850
344,200 o SCOTTS CO (CLASS A) ................ 6,668,875
3,222,540 SHANGHAI WINGSUNG
STATIONARY CO LTD SERIES B ........ 631,617
1,100 SMH AG. (BR) ....................... 659,598
36,570 SMH AG. (REGD) ..................... 4,798,877
165,800 STANHOME, INC ...................... 4,828,925
263,300 TAMBRANDS, INC ..................... 12,572,575
167,080 THOMAS INDUSTRIES, INC ............. 3,926,380
25,000 UNI CHARM CORP ..................... 630,110
-----------
928,545,446
-----------
INSURANCE-BROKERS & OTHER-0.31%
476,800 ALEXANDER & ALEXANDER SERVICES, INC 9,059,200
134,100 o CIS TECHNOLOGIES, INC .............. 435,825
153,200 CRAWFORD & CO (CLASS A) ............ 2,451,200
126,000 CRAWFORD & CO (CLASS B) ............ 2,047,500
1,588,698 EQUIFAX, INC ....................... 33,958,419
492,100 GALLAGHER (ARTHUR J.) & CO ......... 18,330,725
174,500 GREAT FINANCIAL CORP ............... 4,100,750
1,038,436 o ITT HARTFORD GROUP, INC ............ 50,234,341
443,400 JOHN ALDEN FINANCIAL CORP .......... 9,255,975
80,000 LIFE PARTNERS GROUP, INC ........... 1,090,000
646,160 MARSH & MCLENNAN COS, INC .......... 57,346,700
265,600 MBIA, INC .......................... 19,920,000
17,100 o QUORUM HEALTH GROUP, INC ........... 376,200
283,272 WILLIS CORROON GROUP PLC ADR ....... 3,293,037
-----------
211,899,872
-----------
INSURANCE-LIFE-0.57%
279,500 AMERICAN NATIONAL INSURANCE CO ..... 18,586,750
859,000 AON CORP ........................... 42,842,625
417,800 ARGONAUT GROUP, INC ................ 13,578,500
82,000 BERKLEY (W.R.) CORP ................ 4,407,500
103,100 CONSECO, INC ....................... 6,456,637
329,100 EQUITABLE COS, INC ................. 7,898,400
116,900 EQUITABLE IOWAS COS NEW ............ 3,755,412
371,106 FIRST COLONY CORP .................. 9,416,814
125,000 o IRISH LIFE PLC ..................... 479,365
633,450 JEFFERSON-PILOT CORP ............... 29,455,425
1,412,861 LEGAL & GENERAL GROUP PLC .......... 14,697,173
58,888 LIBERTY LIFE ASSOCIATION OF AFICA
LTD................................ 1,825,359
18,000 METROPOLITAN LIFE LTD .............. 281,443
24,600 PROTECTIVE LIFE CORP ............... 768,750
605,575 o PROVIDENT COS, INC ................. 20,513,853
950,600 PROVIDIAN CORP ..................... 38,736,950
3,240,722 PRUDENTIAL CORP PLC ................ 20,880,911
452,278 RELIANCE GROUP HOLDINGS, INC ....... 3,900,897
554,400 RELIASTAR FINANCIAL CORP ........... 24,601,500
268,384 SEAFIELD CAPITAL CORP .............. 9,125,056
See notes to financial statements.
33
<PAGE>
SHARES VALUE
------ -------
INSURANCE-LIFE-(Continued)
690,037 SUNAMERICA, INC .................... $32,776,757
1,031,750 TORCHMARK CORP ..................... 46,686,687
489,100 UNUM CORP .......................... 26,900,500
334,850 USLIFE CORP ........................ 10,003,643
291,308 WASHINGTON NATIONAL CORP ........... 8,047,383
-----------
396,624,290
-----------
INSURANCE-MULTI-LINE,
PROPERTY & CASUALTY-3.32%
313,400 o 20TH CENTURY INDUSTRIES ............ 6,228,825
1,800 AACHENER & MUNCHENER BERTEIL (REGD) 1,358,206
966,850 AETNA LIFE & CASUALTY CO ........... 66,954,362
1,577,382 AFLAC, INC ......................... 68,418,944
9,300 o AGF UNION-FENIX .................... 74,360
16,966 ALLEANZA ASSICURAZIONI (S/S) NON CV 119,177
127,262 o ALLEGHANY CORP (DELAWARE) .......... 25,197,876
31,182 ALLIANZ AG. (REGD) ................. 60,913,105
2,600 ALLMERICA PROPERTY &
CASUALTY COS, INC ................. 70,200
3,429,153 ALLSTATE CORP ...................... 141,023,917
710,300 AMERICAN BANKERS
INSURANCE GROUP, INC .............. 27,701,700
3,826,584 AMERICAN INTERNATIONAL GROUP, INC .. 353,959,020
59,000 AMERICAN RE CORP ................... 2,411,625
1,472,075 ASSICURAZIONI GENERALI S.P.A. ...... 35,658,808
112,062 o ASSICURAZIONI GENERALI S.P.A.
WTS 4/30/01 ....................... 2,400,368
15,295 ASSUR STAD ROTTERDAM NV ............ 456,054
317,283 AXA S.A. ........................... 21,409,539
134,800 AYUDHYA INSURANCE CO LTD (FR) ...... 877,611
427,357 C.E. HEATH INTERNATIONAL
HOLDINGS LTD ...................... 686,687
19,000 CHIYODA FIRE & MARINE
INSURANCE CO LTD .................. 108,669
1,413,300 CHUBB CORP ......................... 136,736,775
666,278 CIGNA CORP ......................... 68,793,203
284,274 CINCINNATI FINANCIAL CORP .......... 18,548,878
430,200 o CNA FINANCIAL CORP ................. 48,827,700
1,202 COLONIA KONZERN AG. (REGD) ......... 1,007,755
1,221,873 COMMERICAL UNION
ASSURANCE CO LTD .................. 11,913,662
36,383 CORPORACION MAPFRE S.A. ............ 2,036,355
2,900 ERSTE ALLGEMEINE
VERSICHERUNGS AG. ................. 869,660
162,792 FAI INSURANCES LTD ................. 88,403
161,644 FIRST AMERICAN FINANCIAL CORP ...... 4,323,977
407,400 FOREMOST CORP OF AMERICA ........... 20,675,550
54,484 FORTIS AG. ......................... 6,618,439
1,312 o FORTIS AG. NPV (VVPR) .............. 157,146
663,520 FREMONT GENERAL CORP ............... 24,384,360
5,428 o GEFION FINANCE CORP ................ 60,724
451,110 GEICO CORP ......................... 31,521,311
835,140 GENERAL ACCIDENT PLC ............... 8,441,115
1,562,800 GENERAL REINSURANCE CORP ........... 242,234,000
5,520 o GROUPE DES ASSURANCES NATIONALE .... 202,040
1,085,756 GUARDIAN ROYAL EXCHANGE
ASSURANCE PLC ..................... 4,652,655
3,000 x HAFNIA HOLDINGS AS (CLASS A) (REGD) 0
2,490 x HAFNIA HOLDINGS AS (CLASS B) (REGD) 0
211,800 HARTFORD STEAM BOILER &
INSURANCE CO ...................... 10,590,000
2,500,000 INSTITUTO NAZIONALE DELLE
ASSICURAZION ...................... 3,315,375
268,300 o INSURANCE AUTO AUCTIONS, INC ....... 2,884,225
600,231 INTERNATIONALE NEDERLANDEN
GROEP NV .......................... 40,137,684
335,890 KEMPER CORP ........................ 16,668,541
50,000 KOA FIRE & MARINE INSURANCE CO LTD . 306,330
248,740 LAWYERS TITLE CORP ................. 4,757,152
965,500 LINCOLN NATIONAL CORP .............. 51,895,625
2,506,000 MALAYSIA ASSURANCE ALLIANCE
BERHAD ............................ 11,350,536
29,298 MAPFRE VIDA ........................ 1,738,824
54,400 MERCURY GENERAL CORP NEW ........... 2,597,600
124,300 MGIC INVESTMENT CORP ............... 6,743,275
28,500 o MILANO ASSICURAZIONI ............... 95,071
7,125 o MILANO ASSICURAZIONI DI RISP ....... 11,221
327,300 MITSUI TAISHO MARINE & FIRE CO LTD . 2,335,214
10,276 MUNCHENER RUECKVERSICHERUNGS-
GESELLSCHAFT (REGD) (P/P) ......... 22,400,014
364 o MUNCHENER RUECKVERSICHERUNGS-
GESELLSCHAFT (REGD) (P/P)
WTS 3/13/98 ....................... 49,845
770,700 NAC RE CORP ........................ 27,745,200
181,000 NICHIDO FIRE & MARINE INSURANCE
CO LTD ............................ 1,456,329
3,158,650 NIPPON FIRE & MARINE INSURANCE
CO LTD ............................ 21,433,967
484,600 OHIO CASUALTY CORP ................. 18,778,250
501,260 OLD REPUBLIC INTERNATIONAL CORP .... 17,794,730
694,006 ORION CAPITAL CORP ................. 30,102,510
2,770,000 o PACIFIC & ORIENT BERHAD ............ 8,727,848
492,150 PROGRESSIVE CORP ................... 24,053,831
119,000 PRUDENTIAL REINSURANCE
HOLDINGS INC ...................... 2,781,625
403,150 QBE INSURANCE GROUP LTD ............ 1,865,398
417,200 RAS S.P.A. ......................... 4,742,875
19,600 o RAS S.P.A. WTS 12/31/97 ............ 81,126
812,593 ROYAL INSURANCE PLC ................ 4,819,433
16,650 ROYALE BELGE VIE ACCIDENTS ......... 3,332,269
1,209,000 SAFECO CORP ........................ 41,710,500
200,000 SAI S.P.A. ......................... 2,046,870
6,000 SAMPO INSURANCE CO SERIES A ........ 321,956
5,000 o SAMSUNG FIRE & MARINE INSURANCE .... 2,481,325
25,414 SCHWEIZERISCHE RUCKVERSICHERUNG
(REGD) ............................ 29,638,983
230 o SCHWEIZERISCHE RUCKVERSICHERUNG
(REGD) NEW ........................ 259,841
231,489 SEDGWICK GROUP LTD ................. 434,885
595,500 SELECTIVE INSURANCE GROUP, INC ..... 21,140,250
46,230 o SHINDONGAH FIRE & MARINE INSURANCE . 1,543,393
106,333 SKANDIA (FORSAKRING) SERIE FRIA .... 2,879,984
906,640 ST. PAUL COS, INC NOTES ............ 50,431,850
1,631,365 SUMITOMO MARINE & FIRE INSURANCE CO 13,410,655
500,000 SUN ALLIANCE GROUP PLC ............. 2,899,480
3,082,822 TOKIO MARINE & FIRE INSURANCE CO
LTD................................ 40,344,583
587,200 TRANSAMERICA CORP .................. 42,792,200
3,013,914 TRAVELERS GROUP, INC ............... 189,499,842
451,000 o UNI-STOREBRAND AS SERIES A ......... 2,498,370
80,000 o UNION DES ASSURANCES DE PARIS ...... 2,092,218
56,519 UNION DES ASSURANCES FEDERALES ..... 6,760,781
48,600 o UNITED INSURANCE COS, INC .......... 917,325
559,900 UNITRIN, INC ....................... 26,875,200
475,000 o USF&G CORP ......................... 8,015,625
730,750 WILLIS CORROON GROUP PLC ........... 1,599,733
73,990 ZURICH INSURANCE CO (REGD) ......... 22,183,490
-------------
2,306,494,023
-------------
LEISURE TIME-1.30%
190,900 o ACCLAIM ENTERTAINMENT, INC ......... 2,362,387
123,750 o AMC ENTERTAINMENT, INC ............. 2,892,656
464,358 ANTHONY INDUSTRIES, INC ............ 10,680,234
902,200 ARCTCO, INC ........................ 11,728,600
194,600 o ARGOSY GAMING CORP ................. 1,483,825
96,100 o ATARI CORP ......................... 132,137
410,000 o AUTOTOTE CORP (CLASS A) ............ 1,204,375
See notes to financial statements.
34
<PAGE>
SHARES VALUE
------ -------
LEISURE TIME-(Continued)
268,200 o BALLY ENTERTAINMENT CORP ........... $ 3,754,800
29,000 o BELL SPORTS CORP ................... 232,000
99,791 o BERLITZ INTERNATIONAL, INC NEW ..... 1,646,551
1,077,100 BRUNSWICK CORP ..................... 25,850,400
399,500 CALLAWAY GOLF CO ................... 9,038,687
1,049,400 CARNIVAL CORP (CLASS A) ............ 25,579,125
96,750 o CASINO AMERICA, INC ................ 592,593
153,800 o CASINO MAGIC CORP .................. 480,625
1,514 o CHRIS CRAFT INDUSTRIES, INC ........ 65,480
955,384 o CIRCUS CIRCUS ENTERPRISES, INC ..... 26,631,329
295,600 COACHMEN INDUSTRIES, INC ........... 6,429,300
118,300 o COBRA GOLF, INC .................... 4,214,437
405,000 o COMPASS GROUP PLC .................. 3,077,990
6,180,200 DISNEY (WALT) CO ................... 364,631,800
1,733,352 FORTE PLC .......................... 8,894,423
472,400 o GALOOB LEWIS TOYS, INC ............. 5,550,700
54,918 GAUMONT S.A. ....................... 3,537,299
44,080 o GC COS, INC ........................ 1,476,680
1,436,500 GENTING BERHAD ..................... 11,994,411
492,300 o GRAND CASINOS, INC ................. 11,445,975
303,000 o GTECH HOLDINGS CORP ................ 7,878,000
725,500 o HARRAHS ENTERTAINMENT, INC ......... 17,593,375
788,076 HASBRO, INC ........................ 24,430,356
169,000 HEIWA CORP ......................... 4,406,989
242,900 o HOLLYWOOD ENTERTAINMENT CORP ....... 2,034,287
219,500 o HOLLYWOOD PARK, INC ................ 2,208,718
337,125 HUFFY CORP ......................... 3,413,390
1,351,588 INTERNATIONAL GAME TECHNOLOGY ...... 14,698,519
1,038,436 o ITT CORP (NEW) ..................... 55,037,108
350,600 JOSTENS, INC ....................... 8,502,050
279,500 KIMBALL INTERNATIONAL, INC
(CLASS B).......................... 7,057,375
90 KOEI CO LTD ........................ 3,123
36,000 o KONAMI CO .......................... 1,005,073
2,155,073 LADBROKE GROUP PLC ................. 4,901,840
407,500 MAGNUM CORP BERHAD ................. 770,382
1,978,287 MATTEL, INC ........................ 60,832,325
459,200 o MIRAGE RESORT, INC ................. 15,842,400
112,800 NAMCO LTD .......................... 3,761,582
33,060 o NATIONAL GAMING CORP ............... 392,587
67,000 NINTENDO CO LTD .................... 5,098,559
270,600 OUTBOARD MARINE CORP ............... 5,513,475
535,800 o PLAYERS INTERNATIONAL, INC ......... 5,726,362
304,100 o PRESIDENT CASINOS, INC ............. 532,175
167,000 o PRIMADONNA RESORTS, INC ............ 2,463,250
1,903,005 RANK ORGANIZATION PLC .............. 13,768,461
102,600 o REGAL CINEMAS, INC ................. 3,052,350
31,700 SANKYO CO LTD ...................... 1,475,039
63,700 o SCIENTIFIC GAMES HOLDINGS CORP ..... 2,404,675
170,012 SEGA ENTERPRISES LTD ............... 9,394,149
54,000 SHIMANO, INC ....................... 952,726
37,300 SHOCHIKU CO LTD .................... 408,592
28,400 o SHOWBOAT, INC ...................... 749,050
12,000 SKIS ROSSIGNOL S.A. ................ 3,292,913
126,750 xo SLM INTERNATIONAL, INC ............. 138,632
87,850 SONY MUSIC ENTERTAINMENT ........... 4,598,736
288,500 o SPORTS & RECREATION, INC ........... 2,055,562
243,100 o STATION CASINOS, INC ............... 3,555,337
270,200 STRUM RUGER & CO, INC .............. 7,396,725
793,062 THORN EMI LTD ...................... 18,678,943
62,814 TOHO CO LTD ........................ 10,047,162
600 o TUCSON ELECTRIC POWER CO. .......... 1,950
511,100 WINNEBAGO INDUSTRIES, INC .......... 3,961,025
553,000 o WMS INDUSTRIES, INC ................ 9,055,375
40,116 ZODIAC S.A. ........................ 6,266,969
-----------
900,966,490
-----------
MACHINERY-1.99%
229,200 ACME CLEVELAND CORP NEW ............ 4,297,500
47,400 AGCO CORP .......................... 2,417,400
36,600 AIDA ENGINEERING LTD ............... 281,001
119,744 AMADA CO LTD ....................... 1,184,014
315,220 AMADA METRECS CO LTD ............... 5,041,975
38,200 AMANO CORP ......................... 481,404
84,000 # AMSTEEL CORP WTS 5/19/00 ........... 0
349,010 ATLAS COPCO AB SERIES A FREE ....... 5,371,500
24,500 ATLAS COPCO AB SERIES B FREE ....... 369,678
1,352,844 AUSTRALIAN NATIONAL INDUSTRIES LTD . 1,006,380
288,525 BEARINGS, INC NEW .................. 8,439,356
539,335 o BJ SERVICES CO ..................... 15,640,715
21,700 o BJ SERVICES CO WTS 4/13/00 ......... 165,462
12,000 BOMBARDIER, INC (CLASS A) .......... 160,569
392,252 BOMBARDIER, INC (CLASS B) .......... 5,176,728
6,000 o BREMER VULKAN AG. .................. 167,051
335,472 BRIGGS & STRATTON CORP ............. 14,551,098
166,000 BROTHERS INDUSTRIES LTD ............ 902,763
166,900 BW/IP, INC (CLASS A) ............... 2,753,850
1,860,600 CATERPILLAR, INC ................... 109,310,250
321,100 CINCINNATI MILACRON, INC ........... 8,428,875
99,600 COBHAM GROUP PLC ................... 728,349
594,400 o COGNEX CORP ........................ 20,655,400
215,250 COMMERCIAL INTERTECH CORP .......... 3,901,406
33,000 CONSTRUCCIONES Y AUXILIAR
DE FERROCARRILES S.A. ............. 1,169,681
284,298 o COOPER CAMERON CORP ................ 10,092,579
790,045 COOPER INDUSTRIES, INC ............. 29,034,153
515,505 DAIFUKU CO LTD ..................... 7,296,065
118,000 DAIKIN INDUSTRIES .................. 1,155,330
700,000 DANIELI & CO ....................... 4,410,000
4,659,773 DEERE & CO ......................... 164,256,998
41,000 DENYO CO LTD ....................... 468,995
7,046,000 DONGFANG ELECTRICAL
MACHINERY SERIES H ............... 1,890,848
1,199,600 DOVER CORP ......................... 44,235,250
45,700 DURIRON, INC ....................... 1,068,237
237,560 EBARA CORP ......................... 3,477,389
1,400 o FAG KUGELFISCHER (GEORGE)
SCHAFER & CO ...................... 180,954
537,984 FANUC LTD .......................... 23,312,019
409,014 FEDERAL SIGNAL CORP ................ 10,583,237
53,000 FINNING LTD ........................ 757,753
140 FISCHER (GEORGE) LTD (BR) .......... 182,497
28 FISCHER (GEORGE) LTD (REGD) ........ 7,056
3,700 FLS INDUSTRIES AS (CLASS B) ........ 287,080
2,372,767 +o FMC CORP NEW ....................... 160,458,368
157,800 o FSI INTERNATIONAL, INC ............. 3,195,450
2,200 FUJI TEC ........................... 23,246
288,500 GATX CORP .......................... 14,028,312
269,600 GIDDINGS & LEWIS, INC .............. 4,448,400
250,000 GOULDS PUMPS, INC .................. 6,250,000
253,700 GREENFIELD INDUSTRIES, INC ......... 7,928,125
7,000,000 HARBIN POWER EQUIPMENT CO
LTD SERIES H ...................... 1,032,045
341,800 HARNISCHFEGER INDUSTRIES, INC ...... 11,364,850
170,400 HARSCO CORP ........................ 9,904,500
370,000 o HITACHI CONSTRUCTION
MACHINERY CO LTD .................. 4,483,475
1,042,200 ILLINOIS TOOL WORKS, INC ........... 61,489,800
136,800 IMI PLC ............................ 697,719
943 INDUSTRIE-WERKE KARLSRUHE
AUGSBURG AG. ...................... 171,957
936,400 INGERSOLL-RAND CO .................. 32,891,050
118,000 o INTEGRATED PROCESS
EQUIPMENT CORP .................... 2,773,000
See notes to financial statements.
35
<PAGE>
SHARES VALUE
------ -------
MACHINERY-(Continued)
100,000 o IRO AB ............................. $ 1,131,667
400,000 ISHIKAWAJIMA-HARIMA
HEAVY INDUSTRIES .................. 1,686,756
10,100 o JLG INDUSTRIES, INC ................ 300,475
436,896 JOHNSON MATTHEY PLC ................ 3,547,638
97,000 KALMAR INDUSTRIES AB ............... 1,609,985
352,000 KATO SPRING WORKS CO LTD ........... 1,747,091
301,500 KAYDON CORP ........................ 9,158,062
500,077 KENNAMETAL, INC .................... 15,877,444
191,317 KEYSTONE INTERNATIONAL, INC ........ 3,826,340
21,750 o KLOECKNER HUMBOLDT-DEUTZ AG. ....... 133,572
1,645,950 KOMATSU LTD ........................ 13,562,463
577,660 KOMORI CORP ........................ 14,559,573
81,000 KOYO SEIKO CO LTD .................. 738,101
1,759,000 KUBOTA LTD ......................... 11,339,411
47,000 KURITA WATER INDUSTRIES LTD ........ 1,252,949
29,698 KVAERNER INDUSTRIER AS ............. 1,052,901
3,935 KVAERNER INDUSTRIER AS (CLASS B) ... 132,036
191,300 LAWSON PRODUCTS, INC ............... 4,686,850
11,693 LINDE AG. .......................... 6,837,872
39,000 o MADECO S.A. ADR .................... 1,053,000
17,900 MAGNA INTERNATIONAL, INC ........... 771,043
132,130 o MAKINO MILLING MACHINE CO LTD ...... 1,132,287
67,500 MAKITA ELECTRIC WORKS LTD .......... 1,079,669
15,800 MAN AG. (STAMM) .................... 4,283,102
209,900 MANITOWOC, INC ..................... 6,428,187
71,102 MANNESMANN AG. ..................... 22,687,280
125,300 MEASUREX CORP ...................... 3,539,725
11,000 o METRA SERIES B (LOHJA) ............. 453,456
98,700 MINE SAFETY APPLIANCE CO ........... 4,737,600
7,509,000 MITSUBISHI HEAVY INDUSTRIES LTD .... 59,908,018
292,700 o MOLTEN METAL TECHNOLOGY, INC ....... 9,549,337
150,000 MORI SEIKI CO LTD .................. 3,388,053
442,600 +NEWPORT CORP ....................... 3,596,125
131,000 o NIIGATA ENGINEERING CO ............. 413,991
5,000 NIKKO CO LTD ....................... 40,957
63,680 NIPPON SHARYO LTD .................. 614,227
196,800 NORDSON CORP ....................... 11,070,000
245,600 o NOVELLUS SYSTEMS, INC .............. 13,262,400
318,600 NSK LTD ............................ 2,316,381
1,085,700 NTN TOYO BEARING CO LTD ............ 7,262,095
445,900 o OKUMA CORP ......................... 4,171,265
743,800 PARKER-HANNIFIN CORP ............... 25,475,150
25,236,000 POKPHAND (C.P.) CO LTD ............. 10,117,614
90 RHEINELEKTRA AG. ................... 68,539
149,000 ROPER INDUSTRIES, INC NEW .......... 5,475,750
500 SAKAI HEAVY INDUSTRIES LTD ......... 3,344
58,000 SANDEN CORP ........................ 372,210
60 SCHINDLER HOLDINGS LTD (BR) ........ 302,424
58 SCHINDLER HOLDINGS LTD (PT CERT) ... 60,232
160 SCHINDLER HOLDINGS LTD (REGD) ...... 172,416
87,000 SEMBAWANG CORP ..................... 482,821
720 SHIN NIPPON MACHINERY CO LTD ....... 5,395
36,011 SIDEL .............................. 11,236,635
384,221 SMITH (HOWARD) LTD ................. 1,814,969
141,900 STEWART & STEVENSON SERVICES, INC .. 3,582,975
17,257 STORK NV ........................... 428,437
64,894 o STRATTEC SECURITY CORP ............. 1,151,868
525 SULZER WINTERTHUR AG. (PT CERT) .... 280,590
840 SULZER WINTERTHUR AG. (REGD) ....... 481,793
249,760 o SUMITOMO HEAVY INDUSTRIES LTD ...... 898,255
273,800 SUNDSTRAND CORP .................... 19,268,675
20,000 SVENSKA KULLAGERFABRIKEN AB
SERIES A FREE ..................... 378,731
27,000 SVENSKA KULLAGERFABRIKEN AB
SERIES B .......................... 517,398
126,000 o TAKUMA CO .......................... 1,722,236
149,500 TECUMSEH PRODUCTS CO (CLASS A) ..... 7,736,625
31,600 TECUMSEH PRODUCTS CO (CLASS B) ..... 1,651,100
254,350 TELEFLEX, INC ...................... 10,428,350
226,000 TENNANT CO ......................... 5,395,750
600,587 o THERMO ELECTRON CORP ............... 31,230,524
859,118 TI GROUP PLC ....................... 6,122,447
430,209 TIMKIN CO .......................... 16,455,494
226,250 o TOMRA SYSTEMS AS ................... 1,790,485
243,750 TORO CO ............................ 8,013,281
61,600 TOYO KANETSU K.K. .................. 315,892
410,000 o TOYODA MACHINE WORKS LTD ........... 3,954,667
120,250 TOYOTA AUTOMATIC LOOM WORKS LTD .... 2,156,551
2,542,000 TRACTORS MALAYSIA HOLDINGS BERHAD .. 3,644,302
80,600 TRIMAS CORP ........................ 1,521,325
428,700 TRINITY INDUSTRIES, INC ............ 13,504,050
299,300 TRINOVA CORP ....................... 8,567,462
79,000 TSUBAKIMOTO CHAIN CO ............... 475,577
200 TSUBAKIMOTO MACHINERY &
ENGINE CO LTD ..................... 1,207
281,000 TSUGAMI CORP ....................... 1,569,032
23,000 TUBEMAKERS OF AUSTRALIA LTD ........ 71,347
97,100 o ULTRATECH STEPPER, INC ............. 2,500,325
49,400 VALMET OY SERIES A ................. 1,240,062
459,800 o VARITY CORP NEW .................... 17,070,075
1,694,400 VICKERS PLC ........................ 6,682,042
654,600 WATTS INDUSTRIES, INC (CLASS A) .... 15,219,450
1,150 YOKOHAMA RUBBER CO LTD ............. 6,967
567,200 YORK INTERNATIONAL CORP ............ 26,658,400
24,958 ZARDOYA OTIS S.A. .................. 2,725,906
356,600 ZURN INDUSTRIES, INC ............... 7,622,325
-------------
1,380,008,003
-------------
METALS-ALUMINIUM-0.23%
619,400 o ACX TECHNOLOGIES, INC .............. 9,368,425
235,100 ALCAN ALUMINIUM CO LTD ............. 7,304,324
35,065 ALCAN ALUMINIUM CO LTD (U.S.) ...... 1,091,398
536,297 o ALUMAX, INC ........................ 16,424,095
889,500 ALUMINUM CO OF AMERICA ............. 47,032,312
583 ALUSUISSE LONZA HOLDINGS AG. (BR) .. 463,076
57,112 ALUSUISSE LONZA HOLDINGS AG.
(REGD) ............................ 45,363,998
123,600 INTERNATIONAL ALUMINUM CORP ........ 3,553,500
27,000 o KAISER ALUMINUN CORP ............... 351,000
428,290 REYNOLDS METALS CO ................. 24,251,921
83,440 TOYO SEIKAN KAISHA LTD ............. 2,499,400
-----------
157,703,449
-----------
METALS-GOLD-0.41%
4,000 AGNICO EAGLE MINES LTD ............. 50,223
503,501 o AMAX GOLD, INC ..................... 3,650,382
2,822,679 BARRICK GOLD CORP .................. 74,454,768
144,000 BARRICK GOLD CORP (U.S.) ........... 3,800,867
1,334,150 BATTLE MOUNTAIN GOLD CO ............ 11,340,275
63,200 BEATRIX MINES LTD .................. 567,768
37,000 CAMBIOR, INC ....................... 403,530
161,000 o DELTA GOLD NL ...................... 390,443
35,000 DOMINION MINING LTD ................ 18,225
31,700 DRIEFONTEIN CONSOLIDATED LTD ....... 402,174
45,000 ECHO BAY MINES LTD ................. 470,159
294,800 ECHO BAY MINES LTD (U.S.) .......... 3,058,550
152,035 o FIRSTMISS GOLD, INC ................ 3,382,778
561,628 FREEPORT MCMORAN COPPER
& GOLD, INC (CLASS A) ............. 15,725,584
778,464 FREEPORT-MCMORAN COPPER
& GOLD, INC (CLASS B) ............. 21,894,300
17,300 GOLD FIELD OF SOUTH AFRICA LTD ..... 517,268
See notes to financial statements.
36
<PAGE>
SHARES VALUE
------ -------
METALS-GOLD-(Continued)
41,000 GOLD MINES OF KALGOORLIE LTD ....... $ 38,124
102,000 o GOLDEN KNIGHT RESOURCES, INC ....... 588,936
6,222 o GOLDFIELDS LTD ..................... 15,644
63,200 HARTEBEESTFONTEIN GOLD
MINING CO LTD ..................... 159,495
1,158,750 HOMESTAKE MINING CO ................ 18,105,468
23,300 KLOOF GOLD MINING CO LTD ........... 223,700
628,233 NEWCREST MINING LTD ................ 2,645,158
124,900 NEWMONT GOLD CO .................... 5,464,375
757,382 NEWMONT MINING CORP ................ 34,271,535
13,000 o PEGASUS GOLD, INC .................. 181,098
224,800 PLACER DOME, INC ................... 5,439,111
134,148 PLACER DOME, INC (U.S.) ............ 3,236,320
230,000 o RAYROCK YELLOWKNIFE
RESOURCES, INC .................... 1,728,500
5,894,199 SANTE FE PACIFIC GOLD CORP ......... 71,467,162
4,700 o SOUTHVAAL HOLDINGS LTD ............. 130,215
8,000 o WESTERN AREAS GOLD MINING CO ....... 136,606
7,300 WESTERN DEEP LEVELS LTD ............ 244,301
-----------
284,203,042
-----------
METALS-NON-FERROUS-0.46%
86,200 ABERFOYLE LTD ...................... 189,166
23,100 AMCOL INTERNATIONAL CORP ........... 329,175
190,300 ASARCO, INC ........................ 6,089,600
221,000 ASHLAND COAL, INC .................. 4,723,875
893,000 ASHTON MINING LTD .................. 1,295,390
171,200 BMC INDUSTRIES, INC ................ 3,980,400
391,300 BRUSH WELLMAN, INC ................. 6,749,925
70,300 CAMECO CORP ........................ 2,615,827
32,000 COMINCO LTD ........................ 656,940
1,839,771 CRA LTD ............................ 27,016,275
748,894 CYPRUS AMAX MINERALS CO ............ 19,564,855
196,441 ERAMET ............................. 12,853,716
149,269 FREEPORT MCMORAN, INC .............. 5,522,953
182,000 FUJIKURA LTD ....................... 1,190,907
706,000 FURUKAWA ELECTRIC CO LTD ........... 3,456,201
187,398 GREEN (A.P.) INDUSTRIES, INC ....... 3,654,261
487,000 o GRUPO MEXICO S.A. SERIES B ......... 2,060,508
935,700 o HECLA MINING CO .................... 6,432,937
97 HITACHI CABLE LTD .................. 687
88,236 HULLAS DEL COTO CORTES ............. 1,013,897
17,300 IMPALA PLATINUM HOLDINGS LTD ....... 315,581
35,000 INCO LTD ........................... 1,157,985
87,060 INCO LTD (U.S.) .................... 2,894,745
907,200 o MAGMA COPPER CO .................... 25,288,200
281,684 MAPCO, INC ......................... 15,386,988
4,879,681 MIM HOLDINGS LTD ................... 6,751,790
1,446,000 MITSUBISHI MATERIALS ............... 7,499,375
298,000 o MITSUI MINING & SMELTING CO LTD .... 1,195,968
87,300 o MUELLER INDUSTRIES, INC ............ 2,553,525
1,222,000 NIKKO KYODO CO ..................... 4,098,739
50,000 NIPPON DENKO CO LTD ................ 189,517
213,380 NIPPON LIGHT METAL CO LTD .......... 1,224,555
320,800 NORANDA, INC ....................... 6,615,224
2,208,933 NORTH LTD .......................... 6,162,094
28,000 OGLEBAY NORTON CO .................. 1,043,000
285,600 o OREGON METALLURICAL CORP ........... 3,248,700
339,700 OUTOKUMPU OY SERIES A .............. 5,398,023
188,000 o OUTOKUMPU OY SERIES A WTS 6/28/96 .. 7,360
17,500 PALABORA MINING CO LTD ............. 273,625
49,800 PENN VIRGINIA CORP ................. 1,606,050
589,900 PHELPS DODGE CORP .................. 36,721,275
424,700 PITTSTON SERVICES GROUP ............ 13,324,962
1,539,265 QCT RESOURCES LTD .................. 1,729,039
741,489 RGC LTD ............................ 3,695,677
79,000 RIO ALGOM LTD ...................... 1,469,775
150,000 RIO TINTO ZINC CORP LTD PLC (BR) ... 2,196,152
1,560,693 RIO TINTO ZINC CORP LTD PLC (REGD) . 22,680,515
24,387 RUSTENBERG PLATINUM HOLDINGS LTD ... 401,377
67,000 o SHERRITT, INC ...................... 865,808
68,000 SOCIEDAD QUIMICA Y MINERA DE
CHILE ADR ......................... 3,196,000
121,000 STRAITS TRADING CO ................. 284,001
959,400 SUMITOMO METAL MINING CO LTD ....... 8,630,793
353,054 o SUNSHINE MINING & REFINING CO ...... 485,449
1,977 o SUNSHINE MINING & REFINING CO
WTS 3/03/99 ....................... 988
122,800 TECK CORP LTD (CLASS B) ............ 2,397,207
34,880 TRELLEBORG AB SERIES B FREE ........ 376,305
27,000 o UNION MINIERE ...................... 1,802,755
6,000 o VA TECHNOLOGIE AG BR ............... 762,616
3,227,844 WMC LTD ............................ 20,746,308
-----------
324,075,541
-----------
METALS-STEEL-0.70%
44,770 ACERINOX S.A. ...................... 4,528,109
134,000 o ACINDAR S.A. (CLASS B) ............. 95,149
242,831 o ACME METALS, INC ................... 3,460,341
224,700 AK STEEL HOLDING CORP .............. 7,695,975
126,500 ALLEGHENY LUDLUM CORP .............. 2,340,250
504,000 AMSTEEL CORP BERHAD ................ 375,171
22,500 o ARBED S.A. ......................... 2,415,906
133,700 AVESTA SHEFFIELD AB ................ 1,180,170
1,308,900 o BETHLEHEM STEEL CORP ............... 18,324,600
150,000 o BINDURA NICKEL ..................... 217,302
378,500 BIRMINGHAM STEEL CORP .............. 5,630,187
48,300 o BOHLER-UDDEHOLM (BR) ............... 3,693,029
1,641,000 BRITISH STEEL PLC .................. 4,146,571
124,700 CARPENTER TECHNOLOGY CORP .......... 5,128,287
117,450 CBI INDUSTRIES, INC ................ 3,861,168
94,081 CLEVELAND CLIFFS, INC .............. 3,857,321
108,000 CO STEEL, INC ...................... 1,949,924
143,000 COMPANHIA SIDERURGICA
DE TUBARAO S.A. ADR ............... 2,806,375
25,200,000 COMPANIA SIDERURGICA NACIONAL S.A. . 518,518
22,000 o CONSOLIDATED METALLURGICAL
INDUSTRIES LTD .................... 81,470
174,000 DAIDO STEEL CO LTD ................. 877,113
272,000 DOFASCO, INC ....................... 3,440,136
6,000 ELKEM AS ........................... 67,899
34,000 o FALCK ORD .......................... 75,505
367,100 FANSTEEL, INC ...................... 2,523,812
630 o GRUPO SIDEK S.A. DE CV SERIES L .... 388
280,000 o GRUPO SIMEC S.A. SERIES B .......... 96,301
617,175 HANNA (M.A.) CO .................... 17,280,900
100,000 o INCHON IRON & STEEL CO ............. 3,789,660
485,500 INLAND STEEL INDUSTRIES, INC ....... 12,198,187
33,200 IPSCO, INC ......................... 696,789
1,854,078 ISCOR LTD .......................... 1,668,188
1,000 o IVACO, INC (CLASS A) ............... 3,226
352,000 o JAPAN METALS & CHEMICALS CO ........ 1,938,179
990,000 o JAPAN STEEL WORKS LTD .............. 2,831,132
3,419,360 KAWASAKI STEEL CORP ................ 11,933,019
4,776,620 o KOBE STEEL LTD ..................... 14,771,152
800,400 o LTV CORP NEW ....................... 11,005,500
54,900 LUKENS, INC ........................ 1,578,375
425,945 o MATERIAL SCIENCES CORP ............. 6,335,931
148,000 o MITSUBISHI STEEL MANUFACTURING
CO LTD ............................ 774,744
108,750 NATIONAL IRON & STEEL MILLS LTD .... 222,958
12,763,000 NIPPON STEEL CORP .................. 43,798,480
10,644,920 o NKK CORP ........................... 28,687,335
878,800 NUCOR CORP ......................... 50,201,450
37
<PAGE>
SHARES VALUE
------ -------
METALS-STEEL-(Continued)
179,800 OREGON STEEL MILLS ................. $ 2,517,200
12,050 PREUSSAG AKTIEGESELLSCHAFT AG. ..... 3,375,989
124,800 QUANEX CORP ........................ 2,418,000
500,000 o RAUTARUUKKI SERIES K ............... 3,051,448
100,000 o REPUBLIC ENGINEERED STEELS, INC .... 462,500
198,400 ROUGE STEEL CO (CLASS A) ........... 4,712,000
6,770,200 o SAHAVIRIYA STEEL INDUSTRIES
PCL (FR)........................... 9,003,573
52,000 SAMANCOR LTD ....................... 656,151
64,500 SANDVIK AB SERIES B FREE ........... 1,133,817
170,000 SVENSKT STAL AB SERIES B ........... 1,718,625
43,000 STELCO, INC (CLASS A) .............. 189,163
80 SUMIKIN BUSSAN KAISHA LTD .......... 333
4,576,080 o SUMITOMO METAL INDUSTRIES LTD ...... 13,884,842
24,490 o THYSSEN AG. ........................ 4,458,952
300,000 TOKYO STEEL MANUFACTURING CO LTD ... 5,525,580
250,000 USINAS SIDERUGICAS DE MINAS
GERAIS ADR ........................ 2,043,750
5,556,390 o USINOR SACILOR ..................... 73,566,327
823,064 USX-U.S. STEEL GROUP ............... 25,309,218
115,000 o VOEST-ALPINE STAHL AG .............. 3,300,202
167,600 o WOLVERINE TUBE, INC ................ 6,285,000
989,612 WORTHINGTON INDUSTRIES, INC ........ 20,596,299
1,300,000 YODOGAWA STEEL WORKS LTD ........... 10,207,782
950 YOKOGAWA BRIDGE CORP ............... 14,366
-----------
483,533,299
-----------
MISCELLANEOUS MATERIALS &
COMMODITIES-0.05%
5,700 ANGLO AMERICAN COAL CORP LTD ....... 359,621
1,080,050 ASAHI GLASS CO LTD ................. 12,040,505
900,000 GOLDEN HOPE PLANTATIONS BERHAD ..... 1,502,954
600,000 HIGHLANDS & LOWLANDS BERHAD ........ 964,159
4,000,000 INDUSTRIAL OXYGEN, INC BERHAD ...... 3,922,805
1,669,000 ISLAND & PENINSULAR BERHAD ......... 4,009,808
1,600,000 KUALA LUMPUR KEPONG BERHAD ......... 5,072,865
179,000 NIPPON SHEET GLASS CO LTD .......... 779,116
120,000 PERLIS PLANTATIONS BERHAD .......... 375,738
11,735 PLASTIC OMNIUM S.A. ................ 806,248
96,000 PLAYMATES PROPERTIES HOLDINGS LTD .. 11,422
48,000 VIDR SMARINA S.A. .................. 162,963
66,000 VIDRALA S.A. ....................... 2,603,221
----------
32,611,425
----------
OFFICE EQUIPMENT-3.13%
945,200 o AMDAHL CORP ........................ 8,034,200
995,800 APPLE COMPUTER, INC ................ 31,741,125
443,633 o APPLIED MAGNETICS CORP ............. 8,262,664
89,300 o ASPECT TELECOMMUNICATIONS .......... 2,991,550
305,241 o AST RESEARCH, INC .................. 2,594,548
609,988 AVERY DENNISON CORP ................ 30,575,648
2,406,500 o COMPAQ COMPUTER CORP ............... 115,512,000
694,200 o CONNER PERIPHERALS, INC ............ 14,578,200
355,550 o CONTROL DATA SYSTEMS, INC .......... 6,977,668
504,600 xo CRAY COMPUTER CORP ................. 2,523
245,100 o CRAY RESEARCH, INC ................. 6,066,225
58,000 DANKA BUSINESS SYSTEMS ADR ......... 2,146,000
497,300 o DATA GENERAL CORP .................. 6,837,875
582,700 o DELL COMPUTER CORP ................. 20,175,987
10,000 DIAMOND LEASE CO LTD ............... 135,716
1,413,600 o DIGITAL EQUIPMENT CORP ............. 90,647,100
224,200 o DREXLER TECHNOLOGY CORP ............ 3,419,050
174,100 o EMULEX CORP NEW .................... 1,784,525
133,400 o EVANS & SUTHERLAND COMPUTER CORP ... 2,968,150
157,200 o FILENET CORP ....................... 7,388,400
396,475 GERBER SCIENTIFIC, INC ............. 6,442,718
3,428,104 HEWLETT-PACKARD CO ................. 287,103,710
194,300 HON INDUSTRIES, INC ................ 4,517,475
6,331,200 *INTERNATIONAL BUSINESS MACHINES
CORP ............................. 580,887,600
32,700 o IOMEGA CORPORATION ................. 1,590,037
191,000 KOKUYO CO LTD ...................... 4,443,729
350,200 o KOMAG, INC ......................... 16,152,975
6,500,000 LAMEX HOLDINGS ..................... 1,605,619
486,500 o MAXTOR CORP ........................ 3,223,062
425,000 o MICROPOLIS CORP .................... 1,593,750
25,600 o MICROS SYSTEMS, INC ................ 1,260,800
361,100 MILLER (HERMAN), INC ............... 10,833,000
9,395 OCE VAN DER GRINTEN NV ............. 571,986
4,429,296 PITNEY BOWES, INC .................. 208,176,912
472,400 o QMS, INC ........................... 2,125,800
373,200 o QUANTUM CORP ....................... 6,017,850
510,800 o SCI SYSTEMS, INC ................... 15,834,800
615,000 o SEAGATE TECHNOLOGY, INC ............ 29,212,500
869,600 o SEQUENT COMPUTER SYSTEMS, INC ...... 12,609,200
237,700 SHELBY WILLIAMS INDUSTRIES, INC .... 2,792,975
1,368,188 o SILICON GRAPHICS, INC .............. 37,625,170
295,500 x SMITH CORONA CORP .................. 32,321
621,300 o SOLECTRON CORP ..................... 27,414,862
453,323 o STORAGE TECHNOLOGY CORP ............ 10,823,086
144,900 o STRATUS COMPUTER, INC .............. 5,017,162
1,630,200 o SUN MICROSYSTEMS, INC .............. 74,377,875
1,115,100 o TANDEM COMPUTERS, INC .............. 11,847,937
1,501,800 o UNISYS CORP ........................ 8,447,625
720,900 o VIKING OFFICE PRODUCTS, INC ........ 33,521,850
533,908 o WANG LABORATORIES, INC ............. 8,876,220
2,847,824 XEROX CORP ......................... 390,151,888
-------------
2,167,971,648
-------------
PAPER-1.04%
77,900 ALBANY INTERNATIONAL CORP
(CLASS A) NEW ..................... 1,411,937
525,900 BEMIS, INC ......................... 13,476,187
310,043 BOWATER, INC ....................... 11,006,526
492,100 CARAUSTAR INDUSTRIES, INC .......... 9,842,000
252,100 CHESAPEAKE CORP .................... 7,468,462
258,700 CONSOLIDATED PAPERS, INC ........... 14,519,537
72,805 o CROWN VANTAGE, INC ................. 1,037,471
98,000 o DAISHOWA PAPER MANUFACTURING CO .... 760,009
269,600 FEDERAL PAPER BOARD CO, INC ........ 13,985,500
17,500 o FORT HOWARD CORP ................... 393,750
333,700 GLATFELTER (P.H.) CO ............... 5,714,612
143,000 HONSHU PAPER CO LTD ................ 876,104
2,258,164 INTERNATIONAL PAPER CO ............. 85,527,961
728,050 JAMES RIVER CORP OF VIRGINIA ....... 17,564,206
222,700 o JEFFERSON SMURFIT CORP ............. 2,115,650
3,703,873 KIMBERLY-CLARK CORP ................ 306,495,490
125,200 KIMBERLY CLARK DE MEXICO S.A.
DE CV SERIES A .................... 1,891,407
711,400 LONGVIEW FIBRE CO .................. 11,560,250
485,354 MEAD CORP .......................... 25,359,746
758,900 MITSUBISHI PAPER MILLS LTD ......... 4,568,558
243,100 MOSINEE PAPER MILLS CORP ........... 6,259,825
683,500 NEW OJI PAPER CO LTD ............... 6,188,542
1,244,000 NIPPON PAPER INDUSTRIES CO ......... 8,646,543
278,700 PENTAIR, INC ....................... 13,865,325
200,000 o PORTUCEL INDUSTRIA EMPRESA ......... 1,184,838
3,062,000 o PT FAJAR SURYA WISEA (FR) .......... 1,438,451
192,000 o RENGO CO LTD ....................... 1,284,261
45,900 SAPPI LTD .......................... 705,088
88,000 o SETTSU CORP ........................ 277,248
504,100 o SHOREWOOD PACKAGING CORP ........... 7,183,425
910,665 SONOCO PRODUCTS CO ................. 23,904,956
See notes to financial statements.
38
<PAGE>
SHARES VALUE
------ -------
PAPER-(Continued)
7,900 ST. JOE PAPER CO ................... $ 434,500
773,649 STONE CONTAINER CORP ............... 11,121,204
573,614 TEMPLE-INLAND, INC ................. 25,310,717
743,400 UNION CAMP CORP .................... 35,404,425
463,463 WAUSAU PAPER MILLS CO .............. 12,629,366
998,493 WESTVACO CORP ...................... 27,708,180
-----------
719,122,257
-----------
PETROLEUM-EXPLORATION
& PRODUCTION-0.86%
775,100 AMERADA HESS CORP .................. 41,080,300
509,164 ANADARKO PETROLEUM CORP ............ 27,558,501
248,742 o ANDERSON EXPLORATION LTD ........... 2,553,258
3,926,088 + APACHE CORP ........................ 115,819,596
782,500 ASHLAND, INC ....................... 27,485,312
184,970 ASTRA CIA AREGENTINA S.A. SERIES B . 342,228
358,460 o BARNETT RESOURCES CORP ............. 10,529,762
25,200 o BENTON OIL & GAS CO ................ 378,000
1,322,231 BURLINGTON RESOURCES, INC .......... 51,897,566
143,000 CALTEX AUSTRALIA LTD ............... 564,865
81,000 o CANADIAN NATURAL RESOURCES LTD ..... 1,187,771
46,800 o CHESAPEAKE ENERGY CORP ............. 1,556,100
56,000 o CORIMON S.A. ADR ................... 210,000
53,400 DEVON ENERGY CORP .................. 1,361,700
120,000 o DONGYANG NYLON ..................... 4,145,424
12,116 ENGEN LTD .......................... 91,397
800,300 ENRON OIL & GAS CO ................. 19,207,200
488,480 o EQUITY OIL CO ...................... 2,869,820
33,298 HARDY OIL & GAS PLC ................ 104,947
108,100 KCS ENERGY, INC .................... 1,621,500
457,700 KERR-MCGEE CORP .................... 29,063,950
402,870 LONDON & SCOTTISH MARINE OIL PLC ... 1,094,617
329,400 LOUISIANA LAND & EXPLORATION CO .... 14,123,025
214,800 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS A) .................... 3,973,800
304,700 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS B) .................... 5,713,125
100,000 o MORGAN HYDROCARBON, INC ............ 304,274
568,180 MURPHY OIL CORP .................... 23,579,470
741,200 NOBLE AFFILIATES, INC .............. 22,143,350
25,400 o NORTHSTAR ENERGY CORP .............. 260,723
827,000 o NOVUS PETROLEUM LIMITED ............ 996,632
3,000 o NUMAC ENERGY, INC .................. 13,197
500 o OCELOT ENERGY (CLASS B) ............ 3,665
844,100 o ORYX ENERGY CO ..................... 11,289,837
232,000 PARKER & PARSLEY PETROLEUM CO ...... 5,104,000
415,400 PENNZOIL CO ........................ 17,550,650
101,000 PETRO-CANADA ENTERPRISES ........... 1,166,325
525,300 POGO PRODUCING CO .................. 14,839,725
92,100 RANGER OIL LTD ..................... 573,979
34,000 o RENAISSANCE ENERGY LTD ............. 847,569
108,000 o RIGEL ENERGY CORP .................. 970,013
363,500 o RIGEL ENERGY CORP (U.S.) ........... 3,203,343
39,000 SAGA PETROLEUM AS SERIES A ......... 521,595
3,796,110 o SANTA FE ENERGY RESOURCES, INC ..... 36,537,558
1,300 o SCEPTRE RESOURCES LTD .............. 7,863
579,400 o SEAGULL ENERGY CORP ................ 12,891,650
374,174 o SOUTHDOWN, INC ..................... 7,296,393
104,015 o TALISMAN ENERGY, INC ............... 2,106,764
479,055 o TEJAS GAS CORP ..................... 25,330,033
660,915 o TESORO PETROLEUM CORP .............. 5,700,391
312,595 TOTAL PETROLEUM (NORTH AMERICA) LTD 3,047,801
388,135 o TRITON ENERGY CORP ................. 22,269,245
693,000 UNION TEXAS PETROLEUM
HOLDINGS, INC ..................... 13,426,875
26,800 o UNITED MERIDIAN CORP ............... 465,650
13,700 o WASCANA ENERGY, INC. ............... 129,325
429,000 WISER OIL CO ....................... 5,148,000
6,500,000 ZHENHAI REFINING & CHEMICAL CO LTD . 1,218,925
-----------
603,478,584
-----------
PETROLEUM-INTEGRATED-4.65%
31,000 ALBERTA ENERGY LTD ................. 497,195
5,536,000 AMOCO CORP ......................... 397,900,000
734,302 o AMPOLEX LTD ........................ 1,605,966
19,200 ARABIAN OIL CO LTD ................. 800,336
1,423,615 ATLANTIC RICHFIELD CO .............. 157,665,361
10,538,296 BRITISH PETROLEUM PLC .............. 88,189,877
12,300 BRITISH PETROLEUM PLC ADR .......... 1,256,137
5,260,106 BROKEN HILL PROPRIETARY CO LTD ..... 74,346,864
88,175 BURMAH CASTROL PLC ................. 1,278,650
159,500 CANADIAN OCCIDENTAL
PETROLEUM LTD ..................... 5,233,249
5,647,500 CHEVRON CORP ....................... 296,493,750
2,268,000 COSMO OIL CO LTD ................... 12,400,099
570,778 DIAMOND SHAMROCK, INC .............. 14,768,880
110,000 ESSO MALAYSIA BERHAD ............... 290,271
11,178,277 EXXON CORP ......................... 895,659,444
434,038 GETTY PETROLEUM CORP ............... 5,859,513
29,461 o GULF CANADA RESOURCES LTD .......... 121,503
265,254 IMPERIAL OIL LTD ................... 9,602,554
15,000 KANTO NATURAL GAS
DEVELOPMENT CO LTD ................ 115,600
100 o LYNX ENERGY SERVICES CORP
(CLASS B) ......................... 494
420,000 MITSUBISHI OIL CO LTD .............. 3,733,547
3,622,099 MOBIL CORP ......................... 405,675,088
851,300 NIPPON OIL CO LTD .................. 5,347,621
76,000 NORCEN ENERGY RESOURCES LTD ........ 1,142,313
426,777 NORSK HYDRO AS ..................... 17,967,802
5,775,047 OCCIDENTAL PETROLEUM CORP .......... 123,441,629
10,125 OMV AKTIENGESELLS .................. 879,727
30,977 PETROFINA S.A. ..................... 9,546,787
1,638 o PETROFINA S.A. WTS 6/03/97 ......... 20,036
3,388,317 PHILLIPS PETROLEUM CO .............. 115,626,317
493,100 QUAKER STATE OIL REFINING CORP ..... 6,225,387
564,674 REPSOL S.A. ........................ 18,502,065
991,900 ROYAL DUTCH PETROLEUM CO ........... 138,721,125
330,000 ROYAL DUTCH PETROLEUM CO ADR ....... 46,571,250
860,000 SAIPEM AG. ......................... 1,982,988
1,427,328 SANTOS LTD ......................... 4,172,831
124,000 SHELL REFINERY BERHAD .............. 358,960
116,247 SOCIETE NATIONALE ELF AQUITAINE .... 8,576,199
653,242 SUN CO, INC ........................ 17,882,499
116,000 SUNCOR, INC ........................ 3,635,899
113,000 TEIKOKU OIL CO LTD ................. 762,413
2,331,400 TEXACO, INC ........................ 183,014,900
1,680 TONEN CORP ......................... 24,591
406,377 TOTAL PETROLES ..................... 27,462,949
108,032 TOTAL S.A. ADR ..................... 3,673,088
2,142,056 UNOCAL CORP ........................ 62,387,381
2,357,521 USX-MARATHON GROUP, INC NEW ........ 45,971,659
568,100 WOODSIDE PETROLEUM LTD ............. 2,907,553
71,000 YPF SOCIEDAD ANONIMA (CLASS D) ..... 1,526,652
141,300 YPF SOCIEDAD ANONIMA (CLASS D) ADR . 3,055,612
-------------
3,224,882,611
-------------
See notes to financial statements.
39
<PAGE>
SHARES VALUE
------ -------
PETROLEUM-SERVICE-0.75%
1,117,780 BAKER HUGHES, INC .................. $27,245,887
848,500 CABOT CORP ......................... 45,712,937
63,900 CAMCO INTERNATIONAL, INC ........... 1,789,200
185,495 o CLIFFS DRILLING CO ................. 2,759,238
500,000 o DIAMOND OFFSHORE DRILLING, INC ..... 16,875,000
1,451,120 DRESSER INDUSTRIES, INC ............ 35,371,050
734,650 o ENSCO INTERNATIONAL, INC ........... 16,896,950
900,000 FAR EAST LEVINGSTON-
SHIP BUILDING LTD ................. 4,231,179
747,500 FLUOR CORP ......................... 49,335,000
423,220 o GLOBAL INDUSTRIAL
TECHNOLOGIES, INC ................. 7,988,277
1,283,900 o GLOBAL MARINE, INC NEW ............. 11,234,125
852,517 HALLIBURTON CO ..................... 43,158,673
238,600 HELMERICH & PAYNE, INC ............. 7,098,350
280,000 IHC CALAND NV ...................... 9,431,719
11,768 KONINKLIJKE PAKHOED HOLDINGS NV .... 323,728
178,900 o MATRIX SERVICE CO .................. 760,325
165,600 MCDERMOTT INTERNATIONAL, INC ....... 3,643,200
83,061 o MCMORAN OIL & GAS CO ............... 285,522
988,000 o NABORS INDUSTRIES, INC ............. 10,991,500
1,444,979 o NOBLE DRILLING CORP ................ 13,004,811
534,600 o OCEANEERING INTERNATIONAL, INC ..... 6,882,975
1,112,500 o PARKER DRILLING CO ................. 6,814,062
43,500 o PETROLEUM GEO-SERVICES ............. 1,080,939
519,969 o POOL ENERGY SERVICES CO ............ 4,939,705
734,700 o PRIDE PETROLEUM SERVICES, INC ...... 7,806,187
176,800 o READING & BATES CORP ............... 2,652,000
878,300 o ROWAN COS, INC ..................... 8,673,212
384,700 o RPC, INC ........................... 3,510,387
526,030 SCHLUMBERGER LTD ................... 36,427,577
1,221,428 SMEDVIG AS ......................... 24,745,154
911,600 o SMITH INTERNATIONAL, INC ........... 21,422,600
110,600 SONAT OFFSHORE DRILLING, INC ....... 4,949,350
70,000 TECHNIP S.A. ....................... 4,823,636
693,400 TIDEWATER, INC ..................... 21,842,100
288,300 TOSCO CORP ......................... 10,991,437
21,135 o TRANSOCEAN DRILLING AS ............. 366,293
59,300 ULTRAMAR CORP ...................... 1,526,975
395,500 o VARCO INTERNATIONAL, INC ........... 4,746,000
108,500 VASTAR RESOURCES, INC .............. 3,444,875
335,901 o WEATHERFORD ENTERRA, INC ........... 9,699,141
433,088 o WESTERN ATLAS, INC ................. 21,870,944
-----------
517,352,220
-----------
PHOTOGRAPHY-0.36%
10,000,000 CHINA HONG KONG PHOTO PRODUCTS ..... 5,658,143
263,700 CPI CORP ........................... 4,219,200
2,998,696 EASTMAN KODAK CO ................... 200,912,632
530,208 POLAROID CORP ...................... 25,118,604
151,100 o PRESSTEK, INC ...................... 14,278,950
-----------
250,187,529
-----------
PROPERTY-REAL ESTATE-1.03%
149,600 BRITISH LAND PLC ................... 884,944
28,936,508 CHEUNG KONG HOLDINGS LTD ........... 176,263,726
1,053,840 CITY DEVELOPMENT LTD ............... 7,673,777
27,726 o CITY DEVELOPMENT LTD WTS 7/18/98 ... 145,049
2,454 COMPAGNIE IMMOBILIERE DE BELGIQUE .. 183,445
183,000 CRESCENT REAL ESTATE EQUITIES, INC . 6,244,875
500 DAIBIRU CORP ....................... 5,670
424,000 DAIKYO, INC ........................ 3,164,897
2,475,000 DBS LAND LTD ....................... 8,363,737
260,418 GENERAL PROPERTY TRUST ............. 461,065
130,640 GREAT PORTLAND ESTATES PLC ......... 352,927
117,026 HAMMERSON PLC ...................... 640,473
498,000 HANG LUNG DEVELOPMENT CO LTD ....... 792,191
6,566,000 HENDERSON LAND DEVELOPMENT CO LTD .. 39,571,518
16,334,998 HON KWOK LAND INVESTMENT CO LTD .... 4,700,510
240 HONG KONG LAND HOLDINGS LTD ........ 444
1,898,571 HOPEWELL HOLDINGS LTD .............. 1,092,654
158,500 HOTEL PROPERTIES LTD ............... 245,397
400,000 HYSAN DEVELOPEMENT CO LTD .......... 1,057,911
2,000,000 IOI PROPERTIES BERHAD .............. 5,001,971
96,707 IRSA S.A. .......................... 243,726
50,000 o JAPAN INDUSTRIAL LAND DEVELOPMENT .. 1,929,106
13,650 KIMCO REALTY CORP .................. 371,962
212,300 LAND SECURITIES PLC ................ 2,033,736
170,000 LANDMARKS HOLDINGS BERHAD .......... 226,309
6,900,000 LARUT CONSOLIDATED BERHAD .......... 9,511,622
609,277 LEND LEASE CORP LTD ................ 8,838,202
163,320 MEPC PLC ........................... 1,001,604
3,819,750 MITSUBISHI ESTATE CO LTD ........... 47,766,966
2,313,072 MITSUI FUDOSAN CO LTD .............. 28,477,108
24,682,877 NEW WORLD DEVELOPMENT CO LTD ....... 107,577,537
12,038,000 o NEW WORLD DEVELOPMENT CO LTD
WTS 4/05/96 ....................... 21,951,761
39,000 OSAKA STADIUM CO LTD ............... 347,820
1,563,500 o PT JAYA REAL PROPERTY (FR) ......... 4,201,984
7,670,000 RYODEN DEVELOPMENT LTD ............. 1,636,723
23,750 SCHRODERS PROPERTY FUND ............ 38,868
5,000 SEFIMEG ............................ 332,276
500,000 SELANGOR PROPERTIES BERHAD ......... 478,535
10,785 SIMCO .............................. 1,025,462
480 o SIMCO (REGD) NEW ................... 43,601
400,000 SINO THAI ENGINEERING
& CONSTRUCTION CO (FR) ............ 2,937,652
159,900 SLOUGH ESTATES PLC ................. 543,691
4,499 o STOCKLAND TRUST (UNITS) NEW ........ 10,040
111,000 STOCKLAND TRUST GROUP (UNITS) ...... 255,975
178,200 STRAITS STEAMSHIP CO LTD ........... 602,189
400,000 o SUMITOMO REALTY & DEVELOPMENT CO
LTD................................ 2,830,648
15,073,159 SUN HUNG KAI PROPERTIES LTD ........ 123,299,333
16,456,394 TAI CHEUNG HOLDINGS LTD ............ 12,663,319
74,400 TAK WING INVESTMENT HOLDINGS LTD ... 11,161
623,800 TAUBMAN CENTERS, INC ............... 6,238,000
14,414,625 TIAN AN CHINA INVESTMENTS CO LTD ... 1,789,659
915,700 o TOLL BROTHERS, INC ................. 21,061,100
637 o TRIZEC CORP LTD WTS 7/25/99 ........ 663
1,500 UNIBAIL S.A. ....................... 155,198
5,000,000 UNITED OVERSEAS LAND LTD ........... 9,508,665
228,196 VALLEHERMOSO S.A. .................. 4,241,699
25,400 WASHINGTON REAL ESTATE
INVESTMENT TRUST .................. 403,225
752,200 WEINGARTEN REALTY INVESTORS, INC ... 28,583,600
15,400 WELLSFORD RESIDENTIAL
PROPERTY TRUST .................... 354,200
1,448,323 WESTFIELD TRUST (UNITS) ............ 2,607,326
62,340 o WESTFIELD TRUST (UNITS) NEW ........ 107,802
878,200 WHARF HOLDINGS LTD ................. 2,924,600
-----------
716,011,834
-----------
PUBLISHING-NEWSPAPER-0.52%
19,655 AGENCE HAVAS ....................... 1,561,387
510,000 o AUSTRALIAN PROVINCIAL
NEWSPAPER HOLDINGS ................ 815,686
662,600 BELO (A.H.) CORP SERIES A .......... 23,025,350
180,400 BELO (A.H.) CORP SERIES B .......... 6,268,900
210,900 CENTRAL NEWSPAPERS, INC
(CLASS A) ......................... 6,616,987
See notes to financial statements.
40
<PAGE>
SHARES VALUE
------ -------
PUBLISHING-NEWSPAPER-(Continued)
473,789 o COX COMMUNICATIONS, INC
(CLASS A) NEW ..................... $ 9,238,885
57,600 DOW JONES & CO, INC ................ 2,296,800
419,700 DOW JONES & CO, INC (CLASS B) ...... 16,735,537
7,970 EDIPRESSE S.A. (BR) ................ 2,147,127
1,371,200 GANNETT CO, INC .................... 84,157,400
70,000 GTC TRANSCONTINENTAL
GROUP LTD (CLASS A) ............... 551,726
435,900 KNIGHT-RIDDER, INC ................. 27,243,750
441,900 MEDIA GENERAL, INC (CLASS A) ....... 13,422,712
922,216 NEW YORK TIMES CO (CLASS A) ........ 27,320,649
5,266,848 NEWS CORP LTD ...................... 28,131,299
152,400 NEWS CORP LTD ADR (LTD-VTG) ........ 2,933,700
600,000 ORIENTAL PRESS GROUP LTD ........... 182,353
725,600 PEARSON PLC ........................ 7,029,775
72,300 RURAL PRESS LTD .................... 212,446
137,280 SINGAPORE PRESS HOLDINGS (FR) ...... 2,426,300
98,459 TIMES MIRROR CO (SERIES A) NEW ..... 3,335,298
762,159 TIMES MIRROR CO (SERIES C) NEW ..... 25,818,136
724,600 TRIBUNE CO NEW ..................... 44,291,175
249,000 o VALASSIS COMMUNICATIONS, INC ....... 4,357,500
60,400 WASHINGTON POST CO (CLASS B) ....... 17,032,800
312,850 WILSON & HORTON LTD ................ 1,871,553
-----------
359,025,231
-----------
PUBLISHING-OTHER-0.95%
37,500 o AMERICAN BUSINESS INFORMATION, INC . 726,562
652,300 AMERICAN GREETINGS CORP (CLASS A) .. 18,019,787
369,500 BOWNE & CO, INC .................... 7,390,000
280,800 CCH, INC (CLASS A) ................. 15,514,200
100,100 CCH, INC (CLASS B) (NON-VTG) ....... 5,518,012
988,964 DAI NIPPON PRINTING CO LTD ......... 16,777,279
92,233 DE LA RUE CO PLC ................... 932,238
1,141,900 DONNELLEY (R.R.) & SONS CO ......... 44,962,312
1,650,839 DUN & BRADSTREET CORP .............. 106,891,825
2,048,500 ELSEVIER UTIGEVERSMIJ NV ........... 27,345,686
53,267 FILIPACCHI MEDIAS .................. 8,539,272
5,714 o FILIPACCHI MEDIAS WTS 9/30/96 ...... 69,519
41,700 o GAKKEN CO LTD ...................... 274,883
80,000 GRUPO ANAYA S.A. ................... 1,754,110
382,108 HARCOURT GENERAL, INC .............. 16,000,772
183,500 HOUGHTON MIFFLIN CO ................ 7,890,500
624,200 LEE ENTERPRISES, INC ............... 14,356,600
14,400 LEE ENTERPRISES, INC (CLASS B) ..... 331,200
94,800 o MARVEL ENTERTAINMENT GROUP, INC .... 1,232,400
551,400 MCGRAW HILL COS, INC ............... 48,040,725
116,500 MEREDITH CORP ...................... 4,878,437
164,600 MEREDITH CORP (CLASS B) ............ 6,892,625
185,000 MONDADORI (ARNOLDO) EDITORE S.P.A. . 1,603,728
191,550 PLENUM PUBLISHING CORP ............. 7,470,450
375,900 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VTG) ............... 19,264,875
1,425,110 REED INTERNATIONAL PLC ............. 21,727,985
241,000 o SCHOLASTIC CORP .................... 18,737,750
350,000 SOUTH CHINA MORNING POST ........... 213,877
31,000 SOUTHAM, INC ....................... 329,569
143,750 THOMAS NELSON, INC ................. 1,868,750
928,100 THOMSON CORP ....................... 12,929,034
4,439,469 TIME WARNER, INC ................... 168,144,888
2,307,800 TOPPAN PRINTING CO ................. 30,425,665
42,800 VERENIGDE NEDERLANDSE
UITGEVERSBED ...................... 5,881,625
177,800 o WESTERN PUBLISHING GROUP, INC ...... 1,400,175
141,276 WOLTERS KLUWER NV .................. 13,377,632
-----------
657,714,947
-----------
RAILROAD-0.96%
971,128 BURLINGTON NORTHERN
SANTA FE CORP ..................... 75,747,984
374,700 CANADIAN PACIFIC LTD ............... 6,833,835
210,300 CANADIAN PACIFIC LTD (U.S.) ........ 3,811,687
717,100 CONRAIL, INC ....................... 50,197,000
3,846,322 CSX CORP ........................... 175,488,441
1,000 EAST JAPAN RAILWAY ................. 4,866,388
76,600 FLORIDA EAST COAST INDUSTRIES, INC . 5,227,950
367,377 o HANKYU CORP ........................ 2,012,164
212,700 ILLINOIS CENTRAL CORP SERIES A ..... 8,162,362
649,700 KANSAS CITY SOUTHERN
INDUSTRIES, INC ................... 29,723,775
211,200 KEIHIN ELECTRIC EXPRESS RAILWAY .... 1,267,323
650 KEIO TEITO ELECTRIC RAILWAY CO LTD . 3,786
650,729 KINKI NIPPON RAILWAY CO LTD ........ 4,920,370
336,861 NAGOYA RAILROAD CO LTD ............. 1,698,075
168,000 NANKAI ELECTRIC RAILWAY CO ......... 1,140,014
2,189,160 NIPPON EXPRESS CO LTD .............. 21,094,386
1,355,912 NORFOLK SOUTHERN CORP .............. 107,625,515
303,280 ODAKYU ELECTRIC RAILWAY CO LTD ..... 2,072,697
185,400 SAGAMI RAILWAY CO .................. 803,378
567,900 o SOUTHERN PACIFIC RAIL CORP ......... 13,629,600
366,209 TOBU RAILWAY CO LTD ................ 2,293,319
677,149 TOKYU CORP ......................... 4,785,361
1,889,165 UNION PACIFIC CORP ................. 124,684,890
30,000 o UNION SWITCH & SIGNAL, INC ......... 195,000
271,600 o WISCONSIN CENTRAL TRANSIT CORP ..... 17,857,700
-----------
666,143,000
-----------
RESTAURANTS & HOTELS-0.98%
10,032 ACCOR S.A. ......................... 1,300,538
378,000 APPLE SOUTH, INC ................... 8,127,000
270,350 APPLEBEES INTERNATIONAL, INC ....... 6,150,462
810,900 o AZTAR CORP ......................... 6,487,200
428,282 BOB EVANS FARMS, INC ............... 8,137,358
440,500 o BOSTON CHICKEN, INC ................ 14,151,062
809,200 o BUFFETS, INC ....................... 11,126,500
291,672 CKE RESTAURANTS, INC ............... 4,666,752
2,629 o CLUB MEDITERRANEE S.A. ............. 210,190
398,625 CRACKER BARREL OLD COUNTRY
STORE, INC ........................ 6,876,281
1,790,100 DARDEN RESTAURANTS, INC ............ 21,257,437
19,700 o DAVE & BUSTERS, INC ................ 238,862
170,177 FRISCHS RESTAURANTS, INC ........... 1,531,593
51,995 FUJITA KANKO, INC .................. 1,149,210
62,590 GENKI SUSHI CO ..................... 1,516,868
162,000 HARBOUR CENTRE DEVELOPMENT LTD ..... 187,514
449,300 o HFS INC ............................ 36,730,275
312,600 HILTON HOTELS CORP ................. 19,224,900
313,000 HONG KONG & SHANGHAI HOTELS LTD .... 453,375
1,131,900 o HOST MARRIOTT CORP ................. 14,997,675
31,000 KERSAF INVESTMENT LTD .............. 391,167
754,900 LA QUINTA INNS, INC ................ 20,665,387
163,900 o LONE STAR STEAKHOUSE SALOON, INC ... 6,289,662
421,650 LUBYS CAFETERIA, INC ............... 9,381,712
1,166,500 MARRIOTT INTERNATIONAL, INC ........ 44,618,625
6,610,500 MCDONALDS CORP ..................... 298,298,812
200,000 MIRAMAR HOTEL & INVESTMENT CO LTD .. 421,612
295,472 MORRISON RESTAURANTS, INC .......... 4,136,608
34 MOS FOOD SERVICES, INC ............. 870
322,700 o NPC INTERNATIONAL INC .............. 2,339,575
16,000 o OUTBACK STEAKHOUSE, INC ............ 574,000
50,000 OVERSEAS UNION ENTERPRISES LTD ..... 252,739
See notes to financial statements.
41
<PAGE>
SHARES VALUE
------ -------
RESTAURANTS & HOTELS-(Continued)
20,000 o OVERSEAS UNION ENTERPRISES LTD
WTS 7/20/98 ....................... $ 36,762
657,064 + PICCADILLY CAFETERIAS, INC ......... 6,242,108
352,550 o PROMUS HOTEL CORP .................. 7,844,237
7,000 QUICK RESTAURANTS S.A. ............. 655,285
1,971,000 RESORTS WORLD BERHAD ............... 10,557,546
262,900 o RIO HOTEL & CASINO, INC ............ 3,121,937
607,650 o RYANS FAMILY STEAK HOUSES, INC ..... 4,253,550
178,175 SBARRO, INC ........................ 3,830,762
2,703 SHANGRI-LA HOTELS BERHAD ........... 2,629
316,750 o SHONEYS, INC ....................... 3,246,687
243,800 o SHOWBIZ PIZZA TIME, INC NEW ........ 2,956,075
42,100 SKYLARK CO LTD ..................... 775,423
1,333 SODEXHO S.A. ....................... 392,499
229,750 o SONIC CORP ......................... 4,365,250
185,000 SUN INTERNATIONAL SOUTH AFRICA ..... 304,485
1,570,100 SYSCO CORP ......................... 51,028,250
1,107,000 +o TPI ENTERPRISES, INC ............... 3,459,375
319,100 o VICORP RESTAURANTS, INC ............ 3,111,225
1,010,869 WENDYS INTERNATIONAL, INC .......... 21,480,966
-----------
679,556,872
-----------
RETAIL-FOOD-0.67%
175,688 AHOLD NV ........................... 7,178,314
1,746,400 ALBERTSONS, INC .................... 57,412,900
1,327,016 AMERICAN STORES CO, NEW ............ 35,497,678
2,127,447 ARGYLL GROUP PLC ................... 11,230,452
2,600,000 o ASDA GROUP PLC ..................... 4,460,619
10,878 o BRUNOS, INC ........................ 114,219
61,168 CARREFOUR SUPERMARKETS ............. 37,159,813
16,256 CASINO GUICH-PERRACHON ............. 474,334
30,000 CENTROS COMERCIALES
CONTINENTE S.A. ................... 677,574
109,000 CENTROS COMERCIALES PRYCA S.A. ..... 2,286,649
2,350 COLRUYT S.A. ....................... 645,991
151,500 DELCHAMPS, INC ..................... 3,086,812
60,750 DELHAIZE FRERES NV ................. 2,530,738
2,300 DOCKS DE FRANCE, SA ................ 349,902
229,097 FLEMING COS, INC ................... 4,725,125
1,099,050 FOOD LION, INC (CLASS A) ........... 6,285,192
1,599,350 FOOD LION, INC (CLASS B) ........... 9,096,303
485,900 GIANT FOOD, INC (CLASS A) .......... 15,305,850
216,500 GREAT ATLANTIC & PACIFIC TEA CO,
INC................................ 4,979,500
512,900 HANNAFORD BROTHERS, INC ............ 12,630,162
988,504 o KROGER CO .......................... 37,068,900
5,000 MARUETSU, INC ...................... 40,714
234,700 NASH-FINCH CO ...................... 4,283,275
95,700 OSHAWA GROUP LTD (CLASS A) ......... 1,683,995
38,800 PRIMISTERES REYNOIRD S.A. .......... 2,657,805
9,300 PROMODES S.A. ...................... 2,188,793
18,574 o PROVIGO, INC ....................... 112,351
130,926 QUALITY FOOD CENTERS, INC .......... 2,880,372
822,800 RUDDICK CORP ....................... 9,462,200
305,937 RYKOFF-SEXTON, INC ................. 5,353,897
983,200 o SAFEWAY, INC NEW ................... 50,634,800
3,365,021 SAINSBURY (J) PLC .................. 20,532,409
62,600 SCOTTS HOSPITALITY, INC ............ 355,708
904 SEIYO FOOD SYSTEMS ................. 8,167
459,524 SIZZLER INTERNATIONAL, INC ......... 1,952,977
1,333,000 o SOUTHLAND CORP ..................... 4,415,562
213,300 o STARBUCKS CORP ..................... 4,479,300
502,700 o STOP & SHOP COS, INC NEW ........... 11,624,937
526,100 SUPER FOOD SERVICES, INC ........... 6,839,300
733,700 SUPERVALU, INC ..................... 23,111,550
4,041,260 TESCO PLC .......................... 18,635,147
355,200 o VONS COS, INC ...................... 10,034,400
156,500 WEIS MARKETS, INC .................. 4,421,125
612,132 WINN DIXIE STORES, INC ............. 22,572,367
-----------
461,478,178
-----------
RETAIL-GENERAL MERCHANDISE-3.55%
388,500 o 50-OFF STORES, INC ................. 364,218
70,000 o ADIDAS AG .......................... 3,712,012
29,000 AOYAMA TRADING CO LTD .............. 927,715
1,386,000 o APPLIED INTERNATIONAL HOLDINGS LTD . 127,267
277,200 o APPLIED INTERNATIONAL HOLDINGS LTD
WTS 12/30/99 ...................... 14,340
201,900 o APS HOLDING CORP ................... 4,542,750
767,010 ARGOS PLC .......................... 7,097,523
157,000 o ASICS CORP ......................... 480,938
5,749 ASKO DEUTSCHE KAUFHAUS AG. ......... 3,012,473
1,381,100 o AUTOZONE, INC ...................... 39,879,262
14,000 o BABY SUPERSTORE, INC ............... 798,000
207,200 o BARNES & NOBLE, INC ................ 6,008,800
1,650 BAZAR DE LHOTEL DE VILLE ........... 125,845
50,533 o BEN FRANKLIN RETAIL STORES, INC .... 138,965
410,400 o BEST BUY, INC ...................... 6,669,000
930 BEST DENKI CO LTD .................. 13,793
390,200 BIG B, INC ......................... 3,902,000
108,300 BLAIR CORP ......................... 3,424,987
652,012 o BOMBAY, INC ........................ 4,156,576
1,719,800 BOOTS CO LTD ....................... 15,647,146
213,800 o BORDERS GROUP, INC ................. 3,955,300
188,800 BROWN GROUP, INC ................... 2,690,400
373,987 o BURLINGTON COAT FACTORY
WAREHOUSE CORP .................... 3,833,366
2,639,615 BURTON GROUP ....................... 5,512,168
229,500 xo CALDOR CORP ........................ 745,875
218,000 CANADIAN TIRE, INC (CLASS A) ....... 2,377,558
550,000 o CARPETRIGHT PLC .................... 3,620,663
132,547 o CARSON PIRIE SCOTT & CO ............ 2,634,371
923,800 CASEYS GENERAL STORES, INC ......... 20,208,125
44,998 CASTORAMA-DUBOIS INVESTISSEMENTS ... 7,379,283
696,700 CHARMING SHOPPES, INC .............. 2,003,012
40 CHIYODA CO ......................... 930
1,600,000 o CIFRA S.A. DE CV SERIES B .......... 1,665,413
434,000 o CIFRA S.A. DE CV SERIES C .......... 439,351
1,796,700 CIRCUIT CITY STORES, INC ........... 49,633,837
287,800 CLAIRES STORES, INC ................ 5,072,475
48,275 CLAIRES STORES, INC (CLASS A) ...... 850,846
540,000 xo CLOTHESTIME, INC ................... 337,500
2,821,223 COLES MYER LTD ..................... 8,793,585
968 COMPTOIRS MODERNES ................. 314,716
477,900 o CONSOLIDATED STORES CORP ........... 10,394,325
575,000 o CONTROLADORA COMERCIAL
MEXICANA S.A. SERIES B ............ 380,597
45,000 CORTEFIEL S.A. ..................... 1,179,573
1,662,385 o CUC INTERNATIONAL, INC ............. 56,728,888
23,200 o CYRK, INC .......................... 226,200
1,141,550 DAIEI, INC ......................... 13,832,732
501,500 DAIICHI CORP ....................... 11,862,160
112,380 DAIMARU, INC ....................... 871,529
24,600 DART GROUP CORP (CLASS A) .......... 2,300,100
582,815 DAYTON HUDSON CORP ................. 43,711,125
35,000 o DE RIGO SPA ADR 144A ............... 796,250
220,500 DEB SHOPS, INC ..................... 757,968
6,731,000 DICKSON CONCEPTS LTD ............... 6,267,697
1,141,900 DILLARD DEPARTMENT STORES
(CLASS A) ......................... 32,544,150
1,510,431 DIXONS GROUP PLC ................... 10,459,124
535,485 DOLLAR GENERAL CORP ................ 11,111,313
12,000 DOUGLAS HOLDINGS AG. ............... 424,230
432,200 o DRESS BARN, INC .................... 4,267,975
See notes to financial statements.
42
<PAGE>
SHARES VALUE
------ -------
RETAIL-GENERAL MERCHANDISE
-(Continued)
162,300 DUTY FREE INTERNATIONAL, INC ....... $ 2,596,800
114 o DYLEX LTD .......................... 146
38 o DYLEX LTD WTS 5/31/98 .............. 8
348,700 o ECKERD CORP ........................ 15,560,737
98,500 x EDISON BROTHERS STORES, INC ........ 184,687
238,000 o EGGHEAD, INC ....................... 1,532,125
56,700 o ETHAN ALLEN INTERIORS, INC ......... 1,155,262
221,300 o FABRI-CENTERS OF AMERICA (CLASS A) . 2,932,225
245,800 o FABRI-CENTERS OF AMERICA (CLASS B) . 2,642,350
358,900 FAMILY DOLLAR STORES, INC .......... 4,934,875
611,777 FAYS, INC .......................... 4,588,327
1,011,849 o FEDERATED DEPARTMENT STORES, INC ... 27,825,847
692,200 FINGERHUT COS, INC ................. 9,604,275
60,009 FOSCHINI LTD ....................... 469,142
1,026,800 GAP, INC ........................... 43,125,600
585,000 GEORGETOWN HOLDINGS BERHAD ......... 861,717
11,830,000 GIORDANO HOLDINGS LTD .............. 10,097,749
16,606,000 o GOLDLION HOLDINGS CO LTD ........... 12,134,151
518,500 o GOOD GUYS, INC ..................... 4,666,500
278,300 o GOTTSCHALKS, INC ................... 1,461,075
30,000 GRAND OPTICAL-PHOTOSERVICE ......... 2,932,214
1,898,400 GREAT UNIVERSAL STORES PLC ......... 20,190,072
107,000 o GUCCI GROUP ADR .................... 4,159,625
295,500 o GYMBOREE CORP ...................... 6,094,687
560,000 HALLENSTEIN GLASSON HOLDINGS ....... 1,113,029
270,678 HANCOCK FABRICS, INC ............... 2,436,102
191,275 HANDLEMAN CO ....................... 1,099,831
75,700 HANKYU DEPARTMENT STORES, INC ...... 1,122,768
257,975 o HANOVER DIRECT, INC ................ 403,085
220,715 HECHINGER CO (CLASS A) ............. 965,628
166,225 HECHINGER CO (CLASS B) ............. 810,346
451,987 HEILIG MEYERS CO ................... 8,305,261
78,700 HENNES & MAURITZ AB SERIES B ....... 4,393,736
4,433,233 HOME DEPOT, INC .................... 212,241,029
475,300 o HOME SHOPPING NETWORK, INC ......... 4,277,700
251,400 xo HOUSE OF FABRICS, INC .............. 94,275
284,900 INTELLIGENT ELECTRONICS, INC ....... 1,709,400
800 o INTERCO, INC NEW ................... 7,200
94,000 ISETAN ............................. 1,549,101
145,671 ISHIGURO HOMA CORP ................. 2,584,206
749,248 ITO-YOKADO CO LTD .................. 46,194,016
96,050 JACOBSON STORES, INC ............... 864,450
12,500,000 JOYCE BOUTIQUE HOLDINGS ............ 2,909,902
357,350 JUSCO CO LTD ....................... 9,318,565
3,648,500 K MART CORP ........................ 26,451,625
14,600 KARSTADT AG. ....................... 5,967,306
11,000 KAUFHOF HOLDING AG. ................ 3,358,487
37,000 KESKO .............................. 460,987
1,226,685 KINGFISHER PLC ..................... 10,322,667
319,900 o KOHLS CORP ......................... 16,794,750
205,100 o LANDS END, INC ..................... 2,794,487
289,000 LAOX CO LTD ........................ 5,827,257
143,200 o LECHTERS, INC ...................... 921,850
2,470,500 LIMITED, INC ....................... 42,924,937
30,000 LOBLAW COS LTD ..................... 679,119
238,321 LONGS DRUG STORES CORP ............. 11,409,617
1,284,600 LOWES COS, INC ..................... 43,034,100
190,490 o LURIA (L.) & SON, INC .............. 976,261
240,800 o MAC FRUGALS BARGAINS
CLOSE-OUT, INC .................... 3,371,200
4,976,400 MARKS & SPENCER PLC ................ 34,768,613
221,853 MARUI CO LTD ....................... 4,623,882
235,000 o MATSUZAKAYA ........................ 2,984,297
2,201,070 MAY DEPARTMENT STORES CO ........... 92,995,207
1,030,500 MELVILLE CORP ...................... 31,687,875
75,600 o MENS WAREHOUSE, INC ................ 1,946,700
200,000 MERCANTILE STORES CO, INC .......... 9,250,000
1,637 MERKUR HOLDINGS AG. (REGD) ......... 359,920
140,200 o MEYER (FRED), INC .................. 3,154,500
129,200 o MICHAELS STORES, INC ............... 1,776,500
20,900 o MICROAGE, INC ...................... 169,812
479,900 MITSUKOSHI LTD ..................... 4,512,586
12,000 MIZUNO CORP ........................ 104,113
11,900 o MOVIE GALLERY, INC ................. 362,950
166,992 MR MAX CORP ........................ 3,221,452
506,000 o MUSICLAND STORES CORP .............. 2,150,500
274,249 NEIMAN-MARCUS GROUP, INC ........... 6,444,851
1,384,600 NEXT PLC ........................... 9,802,768
113,400 NICHII CO LTD ...................... 1,506,040
5,060 NISSEN CO LTD ...................... 118,704
2,109,000 NORDSTROM, INC ..................... 85,414,500
158,700 o OFFICEMAX, INC ..................... 3,550,912
209,390 OPSM PROTECTOR LTD ................. 327,106
37,844,000 PACIFIC CONCORD HOLDINGS ........... 5,628,475
1,822,900 PENNEY, (J.C.) CO, INC ............. 86,815,612
580,700 PEP BOYS-MANNY, MOE & JACK ......... 14,880,437
43,900 PEPKOR LTD ......................... 273,961
180,500 o PETRIE STORES CORP ................. 496,375
350,250 o PETSMART, INC ...................... 10,857,750
38,000 PICKN PAY STORES LTD ............... 152,187
585,961 PIER 1 IMPORTS, INC ................ 6,665,306
11,038 PINAULT PRINTEMPS REDOUTE .......... 2,205,116
96,000 PLAYMATES TOYS HOLDINGS LTD ........ 19,120
76,000 POLYGRAM NV ........................ 4,039,171
1,737,335 o PRICE/COSTCO, INC .................. 26,494,358
889,100 o REVCO (D.S.), INC NEW .............. 25,117,075
240,884 o REX STORES CORP .................... 4,275,691
740,958 RITE AID CORP ...................... 25,377,811
24,000 ROBINSON & CO LTD .................. 100,106
400,000 ROSS STORES, INC ................... 7,650,000
1,582,300 ROUSE CO ........................... 32,239,362
2,400 ROYAL CO LTD ....................... 39,086
42,650 RUSS BERRIE & CO, INC .............. 538,456
2,861,100 SEARS PLC .......................... 4,619,829
2,984,300 SEARS ROEBUCK & CO ................. 116,387,700
92,430 SEIYU LTD .......................... 1,146,901
81,500 SENSHUKAI CO LTD ................... 1,335,203
569,112 o SERVICE MERCHANDISE, INC ........... 2,845,560
677,486 SEVEN-ELEVEN JAPAN CO LTD .......... 47,811,758
5,084,560 SHANGHAI FRIENDSHIP & OVERSEAS
CHINESE CO LTD SERIES B ........... 2,521,941
20,000 SHIMACHU CO ........................ 641,742
101,500 SHIMAMAURA CO LTD .................. 3,925,924
503,700 SOTHEBYS HOLDINGS, INC (CLASS A) ... 7,177,725
887,912 o STAPLES, INC ....................... 21,642,855
211,000 o STEIN MART, INC .................... 2,321,000
1,930,000 STOREHOUSE PLC ..................... 9,948,439
146,735 STRAWBRIDGE & CLOTHIER (CLASS A) ... 3,521,640
489,600 STRIDE RITE CORP ................... 3,672,000
585,000 o SUNGLASS HUT INTERNATIONAL, INC .... 13,893,750
249,400 o SYMS CORP .......................... 1,870,500
1,159,000 TAKASHIMAYA CO LTD ................. 18,538,320
24,500 TALBOTS, INC ....................... 704,375
703,401 TANDY CORP ......................... 29,191,141
62,700 TIFFANY & CO NEW ................... 3,158,512
32,600 o TIMBERLAND CO ...................... 647,925
809,280 TJX COS, INC NEW ................... 15,275,160
375,900 o TOPPS, INC ......................... 1,926,487
2,627,750 o TOYS R US, INC ..................... 57,153,562
126,000 o TRANS WORLD ENTERTAINMENT CORP ..... 252,000
See notes to financial statements.
43
<PAGE>
SHARES VALUE
------ -------
RETAIL-GENERAL MERCHANDISE
-(Continued)
300,000 UNY CO LTD ......................... $ 5,641,908
161,626 VENTURE STORES, INC ................ 545,487
397,550 o WABAN, INC ......................... 7,454,062
15,123,376 WAL-MART STORES, INC ............... 338,385,538
2,270,800 WALGREEN CO ........................ 67,840,150
515,275 o WILLIAMS-SONOMA, INC ............... 9,532,587
39,769 WOOLTRU LTD ........................ 220,908
69,385 WOOLTRU LTD (CL.N) NON RST.V ....... 380,661
1,025,500 WOOLWORTH CORP ..................... 13,331,500
100,400 XEBIO CO LTD ....................... 3,552,463
87,000 o ZALE CORP .......................... 1,402,875
-------------
2,464,192,127
-------------
TEXTILE & APPAREL-0.46%
92,855 o ALGODONERA DE SAN ANTINIO S.A. ..... 587,830
130,400 ANGELICA CORP ...................... 2,673,200
157,800 o ANN TAYLOR STORES CORP ............. 1,617,450
200 ATSUGI NYLON CO .................... 924
245,000 BENETTON GROUP S.P.A. .............. 2,915,671
466,500 CATO CORP (CLASS A) NEW ............ 3,615,375
23,130 CHARGEURS S.A. ..................... 4,644,443
532,800 CML GROUP, INC ..................... 2,730,600
289,800 COATS VIYELLA PLC .................. 787,401
107,900 o CONE MILLS CORP .................... 1,213,875
42,000 COURTAULDS TEXTILES PLC ............ 232,144
90,674 DAWSON INTERNATIONAL PLC ........... 152,042
43,700 DOMINION TEXTILES, INC ............. 216,273
17 ESCADA AG. (STAMM) ................. 3,088
109,500 FAB INDUSTRIES, INC ................ 3,490,312
122,100 o FIELDCREST CANNON, INC ............. 2,029,912
523,400 o FRUIT OF THE LOOM, INC (CLASS A) ... 12,757,875
315,200 G & K SERVICES, INC (CLASS A) ...... 8,037,600
120,900 o GENESCO, INC ....................... 423,150
272,705 GUILFORD MILLS, INC ................ 5,556,364
277,200 o HARTMARX CORP ...................... 1,212,750
1,420,000 o INNER MONGOLIA ERDOS
CASHMERE CO, LTD .................. 531,080
144,300 o JUST FOR FEET INC .................. 5,158,725
202,420 o KANEBO LTD ......................... 502,338
587,850 KELLWOOD CO ........................ 11,977,443
172,000 o KOHAP LTD .......................... 2,239,250
111,000 KURABO INDUSTRIES LTD .............. 425,033
132,250 KURARAY CO LTD ..................... 1,448,695
756,300 LIZ CLAIBORNE, INC ................. 20,987,325
222,000 MARZOTTO & FIGLI S.P.A. ............ 1,327,271
120,750 o NAUTICA ENTERPRISES, INC ........... 5,282,812
608,300 NIKE, INC (CLASS B) ................ 42,352,887
401,200 o NINE WEST GROUP, INC ............... 15,045,000
93,000 NISSHINBO INDUSTRY, INC ............ 901,542
562,000 ONWARD KASHIYMA CO LTD ............. 9,152,687
141,500 OSHKOSH B GOSH, INC (CLASS A) ...... 2,476,250
161,600 OXFORD INDUSTRIES, INC ............. 2,706,800
40,400 o PARAGON TRADE BRANDS, INC .......... 944,350
536,588 PHILLIPS-VAN HEUSEN CORP ........... 5,298,806
1,000,000 PT INDO RAMA SYNTHETICS (FR) ....... 3,616,175
809,300 REEBOK INTERNATIONAL LTD ........... 22,862,725
114,228 o RENOWN, INC ........................ 397,530
455,300 RUSSELL CORP ....................... 12,634,575
888 SALAMANDER AG. ..................... 139,593
282,000 o SANRIO CO LTD ...................... 3,253,112
259,900 SPRING INDUSTRIES, INC ............. 10,753,362
6,000 o ST. JOHN KNITS, INC ................ 318,750
411,000 TEIJIN LTD ......................... 2,103,675
337,600 TOKYO STYLE CO LTD ................. 5,792,669
1,676,000 TORAY INDUSTRIES, INC .............. 11,048,057
892,000 TOYOBO CO LTD ...................... 3,208,054
109,900 o TULTEX CORP ........................ 453,337
714,325 UNIFI, INC ......................... 15,804,440
200,000 o UNITIKA LTD ........................ 608,783
523,800 VF CORP ............................ 27,630,450
186,000 o WESTPOINT STEVENS, INC ............. 3,731,625
400,950 WOLVERINE WORLD WIDE, INC .......... 12,629,925
150,000 ZUCCHI S.P.A. ...................... 756,000
-----------
321,399,410
-----------
TOBACCO-1.82%
1,621,600 AMERICAN BRANDS, INC ............... 72,363,900
5,683,797 B.A.T. INDUSTRIES LTD .............. 50,079,963
744,150 DIMON, INC ......................... 13,115,643
287,800 o EMPRESAS LA MODERNA A NPV .......... 1,109,366
500,000 o HM SAMPOERNA ....................... 5,200,300
314,000 IMASCO LTD ......................... 6,100,890
35,328 NOBLEZA-PICCARDO S.A. (CLASS B) .... 134,259
10,345,800 PHILIP MORRIS COS, INC ............. 936,294,900
5,733,000 R.J. REYNOLDS BERHAD ............... 13,209,162
54,700 REMBRANDT GROUP LTD ................ 525,168
2,477,946 RJR NABISCO HOLDINGS CORP .......... 76,506,582
171,620 ROTHMANS HOLDINGS LTD .............. 702,174
117,000 ROTHMANS OF PALL MALL BERHAD ....... 963,096
244,890 o SCHWEITZER-MAUDUIT
INTERNATIONAL, INC ................ 5,663,081
79,478 SOUZA CRUZ S.A. .................... 448,086
241,520 o STANDARD COMMERCIAL CORP ........... 2,385,010
15,000 TABACALERA S.A. SERIES A (REGD) .... 568,767
400,000 UNIVERSAL CORP ..................... 9,750,000
1,941,100 UST, INC ........................... 64,784,212
-------------
1,259,904,559
-------------
TRADING COMPANIES-0.21%
65,000 INCHCAPE BERHAD .................... 208,625
7,123,350 ITOCHU CORP ........................ 47,992,359
685,540 IWATANI & CO LTD ................... 3,655,093
3,407,950 MARUBENI CORP ...................... 18,467,497
2,753,000 MITSUBISHI CORP .................... 33,893,229
3,569,664 MITSUI & CO LTD .................... 31,351,516
800 RYOSAN CO LTD ...................... 22,024
330,195 STELUX HOLDINGS INTERNATIONAL LTD .. 84,553
641,310 SUMITOMO CORP ...................... 6,527,702
968 TACHIBANA SHOKAI LTD ............... 9,852
-----------
142,212,450
-----------
TRUCKERS & SHIPPING-0.31%
320 ACTINOR SHIPPING AS ................ 7,546
6,000 AISIN SEIKI CO LTD ................. 79,103
490,800 o AMERICAN FREIGHTWAYS CORP .......... 5,092,050
584,006 AMERICAN PRESIDENT COS LTD ......... 13,432,138
692,500 ARNOLD INDUSTRIES, INC ............. 12,032,187
72,400 BERGESEN AS SERIES A ............... 1,443,847
691,652 BRAMBLES INDUSTRIES LTD ............ 7,717,798
306 DAMPSKIBSSELSKABET AF 1912
(CLASS B) ......................... 5,852,751
331 DAMPSKIBSSELSKABET SVENDBORG
(CLASS B) ......................... 9,138,022
595,000 o DUAL INVESTMENT (NON-VTG) SERIES B . 4,331,986
329,087 o HEARTLAND EXPRESS, INC ............. 6,499,468
348,650 HUNT (J.B.) TRANSPORT SERVICES, INC 5,839,887
45,000 JURONG SHIPYARD LTD ................ 346,765
169,000 KAMIGUMI CO LTD .................... 1,623,541
1,124,000 o KAWASAKI KISEN KAISHA LTD .......... 3,573,906
9,000 KON NEDLLOYD NV .................... 204,353
6,000 LAIDLAW, INC (CLASS A) ............. 61,038
340,000 LAIDLAW, INC (CLASS B) ............. 3,427,672
393,700 o LANDSTAR SYSTEM, INC ............... 10,531,475
See notes to financial statements.
44
<PAGE>
SHARES VALUE
------ -------
TRUCKERS & SHIPPING-(Continued)
1,000 o LAURITZEN J. HOLDINGS (CLASS B) .... $ 110,068
85,500 o M.S. CARRIERS, INC ................. 1,710,000
476,000 MALAYSIAN INTERNATIONAL
SHIPPING CO (FR) .................. 1,246,711
71,900 MITSUBISHI WAREHOUSE &
TRANSPORTATION CO LTD ............. 1,122,167
342,960 MITSUI ENGINEERING & SHIP
BUILDING CO LTD ................... 954,175
473,080 o MITSUI OSK LINES LTD ............... 1,517,978
1,239,000 MITSUI SOKO ........................ 9,944,997
595,000 o MOSVOLD SHIPPING LTD ............... 452,033
17,142 o NCL HOLDINGS AS .................... 13,565
199,000 NEPTUNE ORIENT LINES LTD ........... 223,690
481,840 NIPPON YUSEN K.K. .................. 2,797,903
64,720 OCEAN GROUP PLC .................... 389,878
1,199,200 o OMI, INC ........................... 7,794,800
446,360 OVERSEAS SHIPHOLDING GROUP, INC .... 8,480,840
641,000 PARK MAY BERHAD .................... 1,312,800
244,512 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO ..................... 1,807,035
233,500 ROADWAY SERVICES, INC .............. 11,412,312
729,352 RYDER SYSTEMS, INC ................. 18,051,462
122,000 SAFMARINE & RENNIES HOLDINGS LTD ... 443,423
1,005,000 SEINO TRANSPORTATION CO LTD ........ 16,854,473
249,000 SENKO CO LTD ....................... 1,530,353
300 SHURGARD STORAGE CENTERS, INC ...... 8,100
37,254 SOCIETE ANOMYNE DE GERANCE
& D'ARMENENT ...................... 1,272,143
273,200 o SWIFT TRANSPORTATION CO, INC ....... 4,166,300
1,440,000 o TNT FINANCE LTD .................... 1,906,764
61,700 TRANSPORTATION DEVELOPMENT
GROUP PLC ......................... 179,137
79,824 TRENCOR LTD ........................ 416,035
511,100 WERNER ENTERPRISES, INC ............ 10,349,775
9,500 XTRA CORP .......................... 403,750
1,107,306 YAMATO TRANSPORT CO LTD ............ 13,203,095
236,900 YELLOW CORP ........................ 2,931,637
-----------
214,242,932
-----------
UTILITIES-ELECTRIC-4.06%
761,800 ALLEGHENY POWER .................... 21,806,525
1,547,597 AMERICAN ELECTRIC
POWER CO, INC ..................... 62,677,678
1,003,600 ATLANTIC ENERGY, INC ............... 19,319,300
1,182,524 BALTIMORE GAS & ELECTRIC CO ........ 33,701,934
395,350 BLACK HILLS CORP ................... 9,784,912
705,186 BOSTON EDISON CO ................... 20,802,987
1,405,436 CAROLINA POWER & LIGHT CO .......... 48,487,542
1,759,659 CENTERIOR ENERGY CORP .............. 15,616,973
1,892,600 CENTRAL & SOUTH WEST CORP .......... 52,756,225
60,900 CENTRAL HUDSON GAS
& ELECTRIC CORP ................... 1,880,287
448,464 CENTRAL LOUISIANA ELECTRIC, INC .... 12,052,470
299,238 CENTRAL MAINE POWER CO ............. 4,301,546
66,000 CHILECTRA S.A. ADR ................. 3,300,000
57,200 CHILGENER S.A. ADR ................. 1,430,000
860,400 CHINA LIGHT & POWER CO LTD ......... 3,961,378
1,493,398 CINERGY CORP ....................... 45,735,313
434,909 CIPSCO, INC ........................ 16,961,451
313,842 o CITIZENS UTILITIES CO (CLASS B) .... 3,962,255
1,925,300 CMS ENERGY CORP .................... 57,518,337
2,292,200 CONSOLIDATED EDISON CO
OF NEW YORK, INC .................. 73,350,400
22,488,075 CONSOLIDATED ELECTRIC
POWER ASIA LTD .................... 40,862,461
638,600 DELMARVA POWER & LIGHT CO .......... 14,528,150
1,458,518 DETROIT EDISON CO .................. 50,318,871
1,417,800 DOMINION RESOURCES, INC ............ 58,484,250
629,550 DPL, INC ........................... 15,581,362
973,193 DQE, INC ........................... 29,925,684
1,825,100 DUKE POWER CO ...................... 86,464,112
357,240 EAST MIDLANDS ELECTRICITY PLC ...... 3,699,520
515,200 EASTERN UTILITIES ASSOCIATES ....... 12,171,600
1,049,000 EDISON ............................. 4,520,350
843,500 xo EL PASO ELECTRIC CO ................ 286,790
75,451 ELECTRABEL NV ...................... 18,048,796
2,000 ELECTRABEL NV (VVPR) ............... 475,706
10,747,766 ELECTROBRAS S.A. ................... 2,908,090
488,000 EMPRESA NACIONAL
DE ELECTRIDAD S.A. ................ 27,635,152
172,000 EMPRESA NACIONAL
DE ELECTRIDAD S.A. ADR ............ 3,913,000
64,000 ENERSIS S.A. ADR ................... 1,824,000
2,135,404 ENTERGY CORP NEW ................... 62,460,567
634,339 FLORIDA PROGRESS CORP .............. 22,439,742
1,570,448 FPL GROUP, INC ..................... 72,829,526
1,509,600 GENERAL PUBLIC UTILITIES CORP ...... 51,326,400
382,491 HAWAIIAN ELECTRIC INDUSTRIES, INC .. 14,821,526
25 HONG KONG ELECTRIC CO LTD .......... 81
2,458,400 HOUSTON INDUSTRIES, INC ............ 59,616,200
250,000 o HUANENG POWER INTERNATIONAL, INC
SERIES N ADR ...................... 3,593,750
1,757,397 IBERDROLA 1 S.A. ................... 16,079,708
481,200 IDAHO POWER CO ..................... 14,436,000
1,390,852 ILLINOVA CORP ...................... 41,725,560
461,000 IPALCO ENTERPRISES, INC ............ 17,575,625
1,449,914 KANSAI ELECTRIC POWER CO, INC ...... 35,138,665
587,834 KANSAS CITY POWER & LIGHT CO ....... 15,357,163
309,000 o KOREA ELECTRIC POWER CORP .......... 12,267,670
19,000 KU ENERGY CORP ..................... 570,000
358,000 LONDON ELECTRICITY PLC ............. 3,190,468
1,034,600 LONG ISLAND LIGHTING CO ............ 16,941,575
388,600 LOUISVILLE GAS & ELECTRIC
ENERGY CORP ....................... 16,418,350
31,500 MIDAMERICAN ENERGY CO .............. 527,625
405,402 MINNESOTA POWER & LIGHT CO ......... 11,503,281
460,606 MONTANA POWER CO ................... 10,421,210
999,241 o NATIONAL GRID GROUP ................ 3,095,086
2,331,900 NATIONAL POWER PLC ................. 16,274,183
844,900 NEVADA POWER CO .................... 18,799,025
600,243 NEW ENGLAND ELECTRIC SYSTEMS CO .... 23,784,628
492,086 NEW YORK STATE ELECTRIC & GAS CORP . 12,732,725
1,492,300 NIAGARA MOHAWK POWER CORP .......... 14,363,387
644,979 NIPSCO INDUSTRIES, INC ............. 24,670,446
977,000 NORTHEAST UTILITIES CO ............. 23,814,375
176,923 NORTHERN ELECTRIC PLC .............. 1,722,310
585,200 NORTHERN STATES POWER CO ........... 28,747,950
1,794,792 OHIO EDISON CO ..................... 42,177,612
380,329 OKLAHOMA GAS & ELECTRIC CO ......... 16,354,147
12,000 OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. ...... 722,102
4,580,540 PACIFIC GAS & ELECTRIC CO .......... 129,972,822
2,141,500 PACIFICORP ......................... 45,506,875
4,698,702 PAUL F LUZ S.A. .................... 227,684
2,168,100 PECO ENERGY CO ..................... 65,314,012
957,400 PINNACLE WEST CAPITAL CORP ......... 27,525,250
750,900 PORTLAND GENERAL CORP .............. 21,869,962
634,700 POTOMAC ELECTRIC POWER CO .......... 16,660,875
1,045,672 PP&L RESOURCES, INC ................ 26,141,800
578,592 PUBLIC SERVICE CO OF COLORADO ...... 20,467,692
1,483,162 o PUBLIC SERVICE CO OF NEW MEXICO .... 26,140,730
See notes to financial statements.
45
<PAGE>
SHARES VALUE
------ -------
UTILITIES-ELECTRIC-(Continued)
2,296,046 PUBLIC SERVICE ENTERPRISE
GROUP, INC ........................ $70,316,408
319,903 PUGET SOUND POWER & LIGHT CO ....... 7,437,744
53,392 RHEIN-WESTFALEN ELECTRIC AG.
(STAMM) ........................... 19,397,651
700 ROCHESTER GAS & ELECTRIC CORP ...... 15,837
894,590 SAN DIEGO GAS & ELECTRIC CO ........ 21,246,512
677,900 SCANA CORP ......................... 19,404,887
5,002,310 SCE CORP ........................... 88,791,002
1,667,800 SCOTTISH POWER PLC ................. 9,580,877
104,000 SEEBOARD PLC ....................... 849,334
560,503 SEVILLANA DE ELECTRICIDAD .......... 4,352,253
178,544 SHUN TAK ENTERPRISES CORP LTD ...... 125,845
78,000 o SIERRA PACIFIC RESOURCES ........... 1,823,250
5,905,962 SOUTHERN CO ........................ 145,434,314
60,000 SOUTHERN ELECTRICITY PLC ........... 842,130
447,083 SOUTHWESTERN PUBLIC SERVICE CO ..... 14,641,968
1,843,252 TECO ENERGY, INC ................... 47,233,332
1,200,000 TENAGA NASIONAL BERHAD ............. 4,726,272
2,300,507 TEXAS UTILITIES CO ................. 94,608,350
636,603 TOHOKU ELECTRIC POWER CO, INC ...... 15,366,361
555,574 TOKYO ELECTRIC POWER CO, INC ....... 14,864,626
17,038 TRACTEBEL NV ....................... 7,178,784
66,000 TRANSALTA CORP ..................... 707,713
2,447,470 UNICOM CORP ........................ 80,154,642
858,400 UNION ELECTRIC CO .................. 35,838,200
100,000 UNION ELECTRICA FENOSA S.A. ........ 601,739
182,400 UNITED ILLUMINATING CO ............. 6,817,200
178,939 UTILICORP UNITED, INC .............. 5,256,333
797,230 VEBA AG. ........................... 33,921,147
24,346 VIAG AG. ........................... 9,780,590
84,700 WASHINGTON WATER POWER CO .......... 1,482,250
818,829 WESTERN RESOURCES, INC ............. 27,328,417
815,681 WISCONSIN ENERGY CORP .............. 24,980,230
419,200 WPS RESOURCES CORP ................. 14,252,800
-------------
2,816,740,775
-------------
UTILITIES-GAS & PIPELINE-0.97%
154,300 o AMERICAN STANDARD COS, INC ......... 4,320,400
25,600 ATLANTA GAS LIGHT CO ............... 505,600
302,494 ATMOS ENERGY CORP .................. 6,957,362
6,320,400 BRITISH GAS CORP PLC ............... 24,925,154
335,650 BROOKLYN UNION GAS CO .............. 9,817,762
794,700 CABOT OIL & GAS CORP (CLASS A) ..... 11,622,487
909,137 o COASTAL CORP ....................... 33,865,353
276,000 o COLUMBIA GAS SYSTEMS, INC .......... 12,109,500
760,200 CONSOLIDATED NATURAL GAS CO ........ 34,494,075
20 o DAE HAN CITY GAS ................... 1,031
217,338 EASTERN ENTERPRISES ................ 7,661,164
325,045 EL PASO NATURAL GAS CO NEW ......... 9,223,151
6,287 ENERGIA E INDUSTRIAS
ARAGONESAS S.A. ................... 23,994
2,013,000 ENRON CORP ......................... 76,745,625
633,200 ENSERCH CORP ....................... 10,289,500
493,075 EQUITABLE RESOURCES, INC ........... 15,408,593
75,041 GAS NATURAL SDG S.A. ............... 11,690,840
42,032 GENERALE DES EAUX .................. 4,201,909
1,171,614 HONG KONG & CHINA GAS CO LTD ....... 1,886,469
258,700 o IONICS, INC ........................ 11,253,450
2,032 IPL ENERGY, INC .................... 47,488
76,000 IPL ENERGY, INC (U.S.) ............. 1,767,000
1,540,000 ITALGAS S.P.A. ..................... 4,686,066
21,753 LYONNAISE DES EAUX-DUMEZ ........... 2,097,236
1,126,376 MCN CORP ........................... 26,188,242
119,000 NATIONAL FUEL GAS CO ............... 4,001,375
65,500 NEW JERSEY RESOURCES CORP .......... 1,973,187
561,940 NICOR, INC ......................... 15,453,350
11,600 NORTHWEST NATURAL GAS CO ........... 382,800
252,100 ONEOK, INC ......................... 5,766,787
1,538,925 OSAKA GAS CO LTD ................... 5,325,847
816,540 PACIFIC ENTERPRISES, INC ........... 23,067,255
1,509,183 PANHANDLE EASTERN CORP ............. 42,068,476
283,815 PEOPLES ENERGY CORP ................ 9,011,126
603,656 o PRIMARK CORP ....................... 18,109,680
654,840 QUESTAR CORP ....................... 21,937,140
922,800 SONAT, INC ......................... 32,874,750
30,500 SOUTHWESTERN ENERGY CO ............. 388,875
1,511,288 TENNECO, INC ....................... 74,997,667
1,152,766 TOKYO GAS CO LTD ................... 4,067,668
322,600 TRANS CANADA PIPELINES LTD ......... 4,464,461
15,000 TRANS CANADA PIPELINES LTD (U.S.) .. 206,250
2,286 UGI CORP NEW ....................... 47,434
373,800 VALERO ENERGY CORP ................. 9,158,100
29,800 WASHINGTON ENERGY CO ............... 555,025
641,600 WASHINGTON GAS LIGHT CO ............ 13,152,800
115,000 WESTCOAST ENERGY, INC .............. 1,686,341
61,600 WESTERN GAS RESOURCES, INC ......... 993,300
1,030,665 WILLIAMS COS, INC .................. 45,220,426
508,700 YANKEE ENERGY SYSTEMS, INC ......... 12,844,675
-----------
669,544,246
-----------
UTILITIES-OTHER-0.05%
81,948 AGUAS DE BARCELONA S.A. ............ 2,445,300
1,638 o AGUAS DE BARCELONA S.A. NEW ........ 48,337
521,100 ANGLIAN WATER PLC .................. 4,894,812
439,936 AUTOPISTAS CONCESIONARIA
ESPANOLA S.A. ..................... 5,004,421
713,424 NORTH WEST WATER PLC ............... 6,823,198
327,632 SOUTHERN WATER PLC ................. 3,499,728
717,619 THAMES WATER PLC ................... 6,261,664
213,333 WELSH WATER PLC .................... 2,566,961
----------
31,544,421
----------
UTILITIES TELEPHONE-6.21%
1,346,874 ALLTEL CORP ........................ 39,732,783
131,300 o AMERICAN MOBILE SATELLITE CORP ..... 4,021,062
5,060,448 AMERITECH CORP NEW ................. 298,566,432
14,340,503 AT & T CORP ........................ 928,547,569
442,100 BCE, INC ........................... 15,315,812
15,621 BCE, INC (U.S.) .................... 538,924
3,899,744 BELL ATLANTIC CORP ................. 260,795,380
8,891,810 BELLSOUTH CORP ..................... 386,793,735
10,897,410 BRITISH TELECOMMUNICATIONS PLC ..... 59,894,388
3,667,919 CABLE & WIRELESS PLC ............... 26,196,130
285,883 o CELLULAR COMMUNICATIONS OF
PUERTO RICO, INC .................. 7,933,253
584,100 CINCINNATI BELL, INC ............... 20,297,475
22,500 o COMMNET CELLULAR, INC .............. 649,687
391,900 COMPANIA TELECOM DE CHILE S.A. ADR . 32,478,712
1,976 DDI CORP ........................... 15,324,275
1,961,100 FRONTIER CORP ...................... 58,833,000
469,625 o GLENAYRE TECHNOLOGIES, INC ......... 29,234,156
2,650 GN STORE NORD ...................... 212,783
8,605,712 GTE CORP ........................... 378,651,328
4,600,000 HONG KONG TELECOMMUNICATIONS LTD ... 8,209,804
921,600 KONINKLIJKE PTT NEDERLAND .......... 33,515,841
110,000 o KOREA MOBILE TELECOMMUNUNICATIONS
CORP GDR .......................... 4,867,500
757,100 LINCOLN TELECOMMUNICATIONS CO ...... 15,993,737
6,307,500 MCI COMMUNICATIONS CORP ............ 164,783,437
748,100 o MOBILE TELECOMMUNICATIONS
TECHNOLOGIES CORP ................. 15,990,637
See notes to financial statements.
46
<PAGE>
SHARES VALUE
------ -------
UTILITIES TELEPHONE-(Continued)
686,500 o NEXTEL COMMUNICATIONS, INC
(CLASS A) ......................... $10,125,875
2,126 NIPPON TELEGRAPH & TELEPHONE CORP .. 17,208,885
3,844,444 NYNEX CORP ......................... 207,599,976
3,924,215 PACIFIC TELESIS GROUP .............. 131,951,729
351,800 PHILIPPINE LONG DISTANCE
TELEPHONE CO ADR .................. 19,041,175
119,000 o PORTUGAL TELECOM S.A. .............. 2,242,389
7,628,680 SBC COMMUNICATIONS, INC ............ 438,649,100
611,800 SOUTHERN NEW ENGLAND
TELECOMMUNICATIONS CORP ........... 24,319,050
3,047,919 SPRINT CORP ........................ 121,535,770
750,000 STET-SOCIETA FINANZIARIA TELEFONICA 2,121,525
276,000 o TECHNOLOGY RESOURCES
INDUSTRIES BERHAD .................. 815,281
1,175,000 o TELECOM ITALIA MOBILE DRNC ......... 1,236,217
12,145,026 o TELECOM ITALIA MOBILE S.P.A. ....... 21,385,569
235,400 TELE DANMARK AS (CLASS B) .......... 12,870,099
19,091,760 TELECOM CORP OF NEW ZEALAND ........ 82,382,471
12,215,026 TELECOM ITALIA S.P.A. .............. 19,007,801
1,525,000 TELECOM ITALIA S.P.A. DI RISP ...... 1,865,776
1,505,441 TELEFONICA DE ARGENTINA S.A.
(CLASS B) ......................... 4,065,097
1,637,959 TELEFONICA DE ESPANA S.A. .......... 22,682,849
5,680,500 TELEFONOS DE MEXICO S.A. SERIES L .. 9,112,402
1,509,000 TELEKOM MALAYSIA BERHAD ............ 11,767,708
318,030 TELEPHONE & DATA SYSTEMS, INC ...... 12,562,185
209,700 TELUS CORP ......................... 2,460,005
4,035,246 U.S. WEST COMMUNICATIONS GROUP ..... 144,260,044
3,971,146 o U.S. WEST MEDIA GROUP .............. 75,451,774
5,474,416 VODAFONE GROUP PLC ................. 19,591,527
2,581,513 o WORLDCOM, INC ...................... 90,998,338
-------------
4,314,688,457
-------------
TOTAL COMMON STOCK
(Cost $ 42,954,305,341) 68,603,839,557
PAR
VALUE
-----
SHORT TERM INVESTMENTS-1.88%
BANK NOTES-0.07%
NATIONAL BANK OF DETROIT
50,000,000 * 6.150%, 05/08/96 ................ 50,070,995
----------
BANKERS ACCEPTANCES-0.08%
CORE STATES BANK N.A./
PHILADELPHIA NATIONAL BANK
10,000,000 5.680%, 01/22/96 ................ 9,966,155
FIRST NATIONAL BANK OF CHICAGO
37,000,000 5.640%, 02/06/96 ................ 36,789,130
NATIONAL CITY BANK OF CLEVELAND
5,000,000 # 5.730%, 01/11/96 ................ 4,991,859
NATIONS BANK OF TEXAS
4,000,000 5.630%, 02/02/96 ................ 3,979,667
----------
55,726,811
----------
CERTIFICATES OF DEPOSIT-0.11%
CREDIT SUISSE
45,000,000 # 5.700%, 02/15/96 ................ 45,007,411
MELLON BANK, N.A.
15,000,000 5.700%, 02/29/96 ................ 15,003,723
NATIONAL WESTMINSTER BANK, U.S.A.
15,000,000 5.810%, 01/31/96 ................ 15,002,931
----------
75,014,065
----------
COMMERCIAL PAPER-1.31%
AMERICAN EXPRESS CREDIT CORP
35,000,000 5.580%, 03/22/96 ................ 34,551,884
ARIZONA PUBLIC SERVICE CO
45,600,000 6.000%, 02/09/96 ................ 45,298,129
B.B.V. FINANCE (DELAWARE) INC
11,000,000 5.680%, 02/05/96 ................ 10,935,429
CIESCO LP
49,000,000 5.650%, 02/09/96 ................ 48,680,382
CIT GROUP HOLDINGS, INC
5,000,000 5.680%, 02/09/96 ................ 4,967,394
25,000,000 5.350%, 04/02/96 ................ 24,645,243
COCA COLA CO
18,000,000 # 5.520%, 02/16/96 ................ 17,865,379
2,700,000 5.600%, 02/16/96 ................ 2,679,818
28,100,000 *# 5.520%, 03/11/96 ................ 27,782,688
COLUMBIA/HCA HEALTHCARE CORP
15,000,000 # 6.030%, 01/02/96 ................ 14,995,842
8,500,000 # 6.060%, 01/16/96 ................ 8,477,531
CONAGRA, INC
37,000,000 6.000%, 01/26/96 ................ 36,840,816
CORPORATE ASSET FUNDING CORP, INC
5,594,000 5.680%, 02/02/96 ................ 5,563,895
DILLARD INVESTMENT CO, INC
36,500,000 5.850%, 01/11/96 ................ 36,434,095
DUPONT (E.I.) DE NEMOURS & CO
40,150,000 5.820%, 01/12/96 ................ 40,070,861
ELI LILLY & CO
30,000,000 5.680%, 02/23/96 ................ 29,742,532
FORD MOTOR CREDIT CO
3,800,000 * 5.690%, 01/12/96 ................ 3,792,482
15,000,000 5.680%, 02/2/96 ................. 14,919,275
6,000,000 5.650%, 02/14/96 ................ 5,957,076
GENERAL ELECTRIC CAPITAL CORP
6,000,000 5.670%, 01/31/96 ................ 5,969,659
GENERAL MOTORS ACCEPTANCE CORP
12,000,000 5.730%, 02/02/96 ................ 11,934,870
GOLDMAN SACHS GROUP, LP
30,000,000 * 5.700%, 02/09/96 ................ 29,804,399
8,000,000 5.720%, 02/09/96 ................ 7,947,848
HOUSEHOLD FINANCE CORP
18,000,000 5.750%, 01/04/96 ................ 17,989,580
31,000,000 5.680%, 01/30/96 ................ 30,848,306
IBM CREDIT CORP
4,000,000 5.800%, 01/26/96 ................ 3,983,057
MCI COMMUNICATIONS CORP
7,000,000 5.480%, 03/26/96 ................ 6,905,966
MCKENNA TRIANGLE NATIONAL CORP
15,000,000 5.750%, 01/25/96 ................ 14,938,866
20,000,000 5.600%, 02/05/96 ................ 19,882,510
MERRILL LYNCH & CO, INC
10,000,000 5.630%, 02/29/96 ................ 9,904,616
MORGAN STANLEY GROUP, INC
25,000,000 5.550%, 02/22/96 ................ 24,789,235
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
29,000,000 5.670%, 01/26/96 ................ 28,876,958
NATIONSBANK CORP
21,000,000 5.650%, 02/15/96 ................ 20,846,430
PENNEY (J.C.) FUNDING CORP
45,000,000 * 5.660%, 02/9/96 ................. 44,706,498
PHH CORP
30,000,000 5.700%, 01/19/96 ................ 29,906,951
11,000,000 5.520%, 02/23/96 ................ 10,905,497
See notes to financial statements.
47
<PAGE>
PAR
VALUE VALUE
------ -------
COMMERCIAL PAPER-(Continued)
PHILIP MORRIS COS, INC
9,700,000 5.620%, 01/9/96 .................$ 9,685,541
25,000,000 5.550%, 01/26/96 ................ 24,893,763
ST. PAUL COS
49,500,000 5.880%, 01/02/96 ................ 49,486,524
SOUTHERN CALIFORNIA EDISON CO
30,000,000 5.470%, 03/26/96 ................ 29,596,982
TEXAS UTILITIES ELECTRIC CO
9,000,000 5.970%, 01/12/96 ................ 8,981,915
XEROX CORP
19,000,000 5.450%, 03/13/96 ................ 18,779,335
XEROX CREDIT CORP
30,000,000 * 5.620%, 02/16/96 ................ 29,775,798
-----------
905,541,855
-----------
EURO CERTIFICATES OF DEPOSIT-0.02%
ABBEY NATIONAL TREASURY SERVICES
20,000,000 *# 5.650%, 03/15/96 ................ 20,005,248
----------
GOVERNMENT AGENCIES-0.03%
FEDERAL HOME LOAN BANK
10,000,000 6.015%, 06/03/96 ................ 10,029,648
FEDERAL HOME LOAN MORTGAGE CORP
14,000,000 * 5.470%, 03/07/96 ................ 13,854,255
----------
23,883,903
----------
MEDIUM TERM NOTES-0.04%
MORGAN GUARANTY TRUST CO
25,000,000 6.080%, 05/16/96 ................ 25,000,124
----------
U.S. TREASURY NOTES-0.08%
U.S. TREASURY NOTES
20,000,000 4.000%, 01/31/96 ............... 19,972,060
18,000,000 4.625%, 02/29/96 ............... 17,980,382
15,000,000 5.125%, 03/31/96 ............... 14,992,963
----------
52,945,405
----------
VARIABLE RATE NOTES-0.14%
BOATMANS BANK KANSAS CITY
25,000,000 5.923%, 06/12/96 ................ 24,992,500
FEDERAL FARM CREDIT BANKS
5,000,000 5.800%, 05/06/96 ................ 5,001,500
FORD MOTOR CREDIT CO
15,000,000 6.012%, 09/15/96 ................ 14,997,000
GENERAL ELECTRIC CAPITAL CORP
10,000,000 * 5.650%, 05/15/96 ................ 9,996,000
GENERAL MOTORS ACCEPTANCE CORP
5,000,000 6.013%, 02/22/96 ................ 4,999,000
GOLDMAN SACHS GROUP, LP
10,000,000 # 6.107%, 02/15/96 ................ 9,997,000
PNC BANK, N.A.
10,000,000 5.937%, 03/14/96 ................ 9,998,000
WACHOVIA BANK OF NORTH CAROLINA
15,000,000 * 5.750%, 01/16/96 ................ 14,997,000
----------
94,978,000
----------
TOTAL SHORT TERM INVESTMENTS
(Cost $ 1,303,389,223)... 1,303,166,406
---------------
ROUNDING................ 1,160
TOTAL PORTFOLIO
(Cost $ 44,503,997,087).. $70,203,332,568
===============
________________
o NON-INCOME PRODUCING
+ AFFILIATE HOLDING
x IN BANKRUPTCY
# RESTRICTED
* ALL OR A PORTION OF THIS SECURITY HAS BEEN SEGREGATED BY THE CUSTODIAN TO
COVER MARGIN OR OTHER REQUIREMENTS ON OPEN FUTURES CONTRACTS, COVERED CALL
OPTIONS WRITTEN AND SECURITIES PURCHASED ON A DELAYED DELIVERY BASIS.
48
<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES - STOCK ACCOUNT
JANUARY 1, 1995 - DECEMBER 31, 1995
VALUE AT PURCHASES SALES
DECEMBER 31, ---------------- --------------------
ISSUE 1994 SHARES COST SHARES PROCEEDS
----- --------------- ------ ---- ------ --------
<S> <C> <C> <C> <C> <C>
+ ACMA LTD ............................ $ 45,166,467 2,754,400 - -
ACME LANDIS HOLDINGS LTD ............ 1,376,788 - - -
AFFYMETRIX INC, SERIES A SR CV ...... 4,999,995 - - -
APACHE CORP ......................... ** 695,000 $18,885,640 79,700 $2,391,126
~* ASIA PACIFIC RESOURCES INTERNATIONAL ** 1,350,000 10,125,000 - -
AYDIN CORP .......................... 3,706,237 - - 5,900 87,872
* CHAMPION TECHNOLOGY HOLDINGS ........ 24,915,791 2,590,000 474,786 122,325,139 10,563,409
* CLIFFS DRILLING CO .................. 2,621,366 - - 20,700 258,460
* CONTEL CELLULAR, INC ................ 12,947,550 - - 519,200 13,239,600
DUPLEX PRODUCTS, INC ................ 3,796,100 - - 10,900 91,858
FMC CORP NEW ........................ ** 568,400 41,268,813 - -
GENERAL SIGNAL CORP ................. 96,896,812 116,800 4,144,858 64,100 2,354,659
* GMIS, INC ........................... 10,598,250 - - 153,900 3,213,688
* GOLDTRON LTD ........................ 31,705,109 - - 23,130,000 19,289,630
GRACE (W.R.) & CO ................... 304,349,550 3,900 156,078 646,200 37,422,487
INNOVATIVE INTERNATIONAL HOLDINGS LTD 10,393,480 420,000 66,963 - -
* LAMEX HOLDINGS ...................... ** 3,172,000 1,421,116 4,646,000 1,309,211
* LENNAR CORP ......................... ** 91,200 1,536,704 72,500 1,412,983
* LINKFUL INTERNATIONAL HOLDINGS ...... 4,332,064 - - 49,290,000 3,673,859
LUKS INDUSTRIAL CO .................. 7,388,777 1,126,000 140,503 2,962,000 360,587
MALLINCKRODT GROUP, INC ............. 127,185,343 56,700 1,870,827 19,700 603,280
NEWPORT CORP ........................ 3,667,300 - - 30,600 249,256
~* OWEN HEALTHCARE, INC ................ ** 75,000 1,198,125 - -
* PARAGON TRADE BRANDS, INC ........... 8,209,700 - - 67,100 968,812
PICCADILLY CAFETERIAS, INC .......... 4,461,064 99,431 798,362 - -
* SAFEGUARD HEALTH ENTERPRISES, INC ... 2,161,725 - - 15,000 175,950
* SANTE FE PACIFIC GOLD CORP .......... 94,758,699 156,300 1,678,950 1,283,600 16,634,296
SOUTH CHINA HOLDINGS ................ 6,441,046 - - - -
SOUTH CHINA INDUSTRIES LTD .......... 6,856,142 - - 1,000,000 115,619
SPAGHETTI WAREHOUSE, INC ............ 1,591,687 - - 1,400 7,570
STEWART INFORMATION SERVICES CORP ... 5,953,200 - - 46,900 940,161
TPI ENTERPRISES, INC ................ 4,930,550 - - 165,400 849,794
* UNION CORP .......................... 4,218,500 - - 52,100 803,710
* WHITE MARTIN S.A .................... 834,861 - - 17,650,000 225,246
* WISER OIL CO ........................ 7,062,300 - - 63,900 830,111
* YANKEE ENERGY SYSTEMS, INC .......... 11,542,725 - - 15,500 327,527
------------- ----------- ------------
TOTAL AFFILIATED TRANSACTIONS ............. $ 855,069,178 $83,766,725 $118,400,761
============= =========== ============
REALIZED DIVIDEND
ISSUE GAIN (LOSS) INCOME
----- ----------- ----------
+ ACMA LTD ............................ - $ 893,939
ACME LANDIS HOLDINGS LTD ............ - 112,548
AFFYMETRIX INC, SERIES A SR CV ...... - -
APACHE CORP ......................... $ 579,720 549,652
~* ASIA PACIFIC RESOURCES INTERNATIONAL - -
AYDIN CORP .......................... (22,062) -
* CHAMPION TECHNOLOGY HOLDINGS ........ (19,562,450) -
* CLIFFS DRILLING CO .................. 23,733 -
* CONTEL CELLULAR, INC ................ 3,187,547 -
DUPLEX PRODUCTS, INC ................ (66,856) -
FMC CORP NEW ........................ - -
GENERAL SIGNAL CORP ................. 330,108 2,205,336
* GMIS, INC ........................... 1,308,690 -
* GOLDTRON LTD ........................ 1,327,812 240,056
GRACE (W.R.) & CO ................... 14,341,818 8,886,867
INNOVATIVE INTERNATIONAL HOLDINGS LTD - 658,849
* LAMEX HOLDINGS ...................... (16,867) -
* LENNAR CORP ......................... 691,041 66,734
* LINKFUL INTERNATIONAL HOLDINGS ...... (8,379,775) 127,438
LUKS INDUSTRIAL CO .................. (374,657) 64,810
MALLINCKRODT GROUP, INC ............. 135,154 2,464,041
NEWPORT CORP ........................ (252,251) 17,908
~* OWEN HEALTHCARE, INC ................ - -
* PARAGON TRADE BRANDS, INC ........... (1,131,058) -
PICCADILLY CAFETERIAS, INC .......... - 308,563
* SAFEGUARD HEALTH ENTERPRISES, INC ... 4,010 -
* SANTE FE PACIFIC GOLD CORP .......... 1,834,814 371,189
SOUTH CHINA HOLDINGS ................ - 418,394
SOUTH CHINA INDUSTRIES LTD .......... (57,999) 437,396
SPAGHETTI WAREHOUSE, INC ............ (11,298) -
STEWART INFORMATION SERVICES CORP ... 408,930 76,701
TPI ENTERPRISES, INC ................ (369,729) -
* UNION CORP .......................... (124,212) -
* WHITE MARTIN S.A .................... 67,924 -
* WISER OIL CO ........................ (152,192) 189,920
* YANKEE ENERGY SYSTEMS, INC .......... 51,120 327,230
------------- -------------
TOTAL AFFILIATED TRANSACTIONS ............. $ (6,228,985) $18,417.571
============= =============
</TABLE>
** Not an Affiliate as of January 1, 1995
* Not an Affiliate as of December 31, 1995
+ Stock Split
~ Shares outstanding increased
49
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
Participant Voting Results
December 31, 1995
--------------------------
CREF's annual meeting was held on November 13, 1995.
The annual meeting involved the election of trustees. The five trustees
elected to four-year terms at the annual meeting were:
Gary P. Brinson (21,305,622,077 (95.3%) votes were cast in favor,
1,029,004,469 (4.6%) votes were cast in opposition and 15,503,835 (0.1%)
abstained).
Nancy L. Jacob (21,341,155,654 (95.5%) votes were cast in favor,
993,470,892 (4.4%) votes were cast in opposition and 15,503,835 (0.1%)
abstained).
Martin L. Leibowitz (21,307,198,822 (95.3%) votes were cast in favor,
1,027,427,724 (4.6%) votes were cast in opposition and 15,503,835 (0.1%)
abstained).
Jay O. Light (21,314,334,602 (95.3%) votes were cast in favor,
1,020,291,943 (4.6%) votes were cast in opposition and 15,503,835 (0.1%)
abstained).
Eugene C. Sit (21,274,659,307 (95.2%) votes were cast in favor,
1,059,967,238 (4.7%) votes were cast in opposition and 15,503,835 (0.1%)
abstained).
The other trustees currently in office are Robert H. Atwell, Elizabeth E.
Bailey, John H. Biggs, Andrew F. Brimmer, Joyce A. Fecske, Edes P. Gilbert,
Stuart Tse Kong Ho, Thomas W. Jones, Marjorie Fine Knowles, Robert M. Lovell,
Jr., Robert C. Merton, Stephen A. Ross, Maceo K. Sloan, Harry K. Spindler, and
David K. Storrs.
One shareholder proposal was submitted to a vote of CREF Participants, asking
CREF to divest its holdings in tobacco manufacturers.
For the Stock Account, 3,912,404,083 (19.8%) votes were cast in favor,
14,594,030,288 (73.8%) votes were cast in opposition and 1,257,784,135
(6.4%) abstained. The proposal was defeated.
For the Global Equities Account, 226,245,897 (23.3%) votes were cast in
favor, 685,691,846 (70.4%) votes were cast in opposition and 61,318,545
(6.3%) abstained. The proposal was defeated.
For the Growth Account, 62,918,340 (20.7%) votes were cast in favor,
223,083,832 (73.6%) votes were cast in opposition and 17,389,817 (5.7%)
abstained. The proposal was defeated.
For the Equity Index Account, 18,247,591 (22.3%) votes were cast in favor,
58,982,001 (72.1%) votes were cast in opposition and 4,621,124 (5.6%)
abstained. The proposal was defeated.
Shareholders also ratified the election of Deloitte & Touche LLP as the
independent auditors for CREF for the fiscal year ending December 31, 1995.
21,504, 572,175 (96.2%) votes were cast in favor, 377,093,778 (1.7%) votes were
cast in opposition and 468,464,428 (2.1%) abstained.
50
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue
New York, NY 10017-3206
212/490-9000 [logo] Printed on recycled paper
