ANNUAL REPORT
================================================================================
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
AUDITED FINANCIAL STATEMENTS
INCLUDING
STATEMENT OF INVESTMENTS
DECEMBER 31, 1997
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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 seven other CREF
accounts. Semi-annual reports are also provided each year toward the
end of August.
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[CREF LOGO]
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
INDEX TO AUDITED FINANCIAL STATEMENTS
DECEMBER 31, 1997
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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.................................................. 67
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<PAGE>
[CREF LOGO]
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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
Accounts, and the internal Auditor regularly reports to the Audit Committee of
the CREF Board of Trustees.
The accompanying financial statements for 1997 have been audited by the
independent auditing firm of Ernst & Young 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
Ernst & Young 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 the 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/
--------------------------------
Chairman, President and
Chief Executive Officer
/s/
--------------------------------
Executive Vice President and
Principal Accounting Officer
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<PAGE>
ERNST & YOUNG LLP 787 Seventh Avenue Phone 212-773-3000
New York, New York 10019
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, 1997, and the related statements of
operations and changes in net assets for the year 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 audit. The
statement of changes in net assets for the year ended December 31, 1996 and the
condensed financial information for the year then ended and periods prior
thereto were audited by other auditors, whose report dated February 6, 1997
expressed an unqualified opinion on the statement and condensed financial
information.
We conducted our audit 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, 1997, by correspondence with
the custodians and brokers. 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
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Stock Account of CREF at
December 31, 1997, the results of its operations, and the changes in its net
assets for the year then ended in conformity with generally accepted accounting
principles.
/s/ ERNST & YOUNG LLP
---------------------
ERNST & YOUNG LLP
February 6, 1998
Ernst & Young LLP is a member of Ernst & Young International, Inc.
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
(AMOUNTS IN THOUSANDS, EXCEPT PER ACCUMULATION UNIT AMOUNTS)
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Portfolio investments, at cost .......................................... $ 58,653,834
Net unrealized appreciation of portfolio investments..................... 42,899,277
-------------
Portfolio investments, at value.......................................... 101,553,111
Cash..................................................................... 109,682
Dividends and interest receivable........................................ 158,629
Receivable from securities transactions.................................. 375,685
Amounts due from TIAA.................................................... 8,535
-------------
TOTAL ASSETS 102,205,642
-------------
LIABILITIES
Deposits for securities loaned--Note 4 .................................. 2,432,022
Payable for securities transactions...................................... 224,218
-------------
TOTAL LIABILITIES 2,656,240
-------------
NET ASSETS
Accumulation Fund........................................................ 82,469,703
Annuity Fund............................................................. 17,079,699
-------------
TOTAL NET ASSETS $ 99,549,402
=============
THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--Notes 5 and 6................. 597,531
=======
NET ASSET VALUE, PER ACCUMULATION UNIT--Note 5............................. $138.02
=======
</TABLE>
See notes to financial statements.
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<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
(AMOUNTS IN THOUSANDS)
INVESTMENT INCOME
Income:
<S> <C>
Interest................................................................................. $ 156,232
Dividends................................................................................ 1,545,278
-----------
TOTAL INCOME 1,701,510
-----------
Expenses--Note 3:
Investment............................................................................... 78,248
Operating................................................................................ 206,220
-----------
TOTAL EXPENSES 284,468
-----------
INVESTMENT INCOME--NET 1,417,042
-----------
REALIZED AND UNREALIZED GAIN ON TOTAL
INVESTMENTS--Note 4
Net realized gain (loss) on:
Portfolio investments................................................................ 8,254,801
Futures transactions................................................................. 6,829
Foreign currency transactions........................................................ (8,455)
-----------
Net realized gain 8,253,175
-----------
Net change in unrealized appreciation on:
Portfolio investments................................................................ 11,434,159
Translation of assets (other than portfolio investments)
and liabilities denominated in foreign currencies.................................. (1,711)
-----------
Net change in unrealized appreciation 11,432,448
-----------
NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 19,685,623
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $21,102,665
===========
</TABLE>
See notes to financial statements.
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<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
YEARS ENDED DECEMBER 31,
-------------------------
1997 1996
----- ----
FROM OPERATIONS
<S> <C> <C>
Investment income--net............................................... $ 1,417,042 $ 1,364,402
Net realized gain on total investments............................... 8,253,175 6,232,549
Net change in unrealized appreciation
on total investments............................................... 11,432,448 5,768,438
----------- -----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 21,102,665 13,365,389
----------- -----------
FROM PARTICIPANT TRANSACTIONS
Premiums............................................................. 2,507,501 2,394,187
----------- -----------
Disbursements and transfers:
Net transfers to TIAA.............................................. 742,005 365,945
Net transfers to other CREF Accounts............................... 1,916,205 1,277,299
Annuity payments................................................... 1,294,165 1,105,209
Withdrawals and repurchases........................................ 1,305,554 938,057
Death benefits..................................................... 149,280 96,905
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TOTAL DISBURSEMENTS AND TRANSFERS, NET 5,407,209 3,783,415
----------- -----------
NET DECREASE IN NET ASSETS RESULTING
FROM PARTICIPANT TRANSACTIONS (2,899,708) (1,389,228)
----------- -----------
NET INCREASE IN NET ASSETS 18,202,957 11,976,161
NET ASSETS
Beginning of year.................................................. 81,346,445 69,370,284
----------- -----------
End of year........................................................ $99,549,402 $81,346,445
=========== ===========
</TABLE>
See notes to financial statements.
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<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 eight investment portfolios. The accompanying
financial statements are those of the Stock Account ("Account"), which invests
primarily in equity securities. The seven other investment portfolios of CREF,
which are not included in these financial statements, include the Money Market
Account, which invests in money market instruments; the Bond Market Account,
which invests in a broad range of fixed-income securities; the Social Choice
Account, which invests in a diversified portfolio of equity and fixed-income
securities while giving special consideration to certain social criteria; the
Global Equities Account, which invests in equity securities of foreign and
domestic companies; the Growth Account, which invests in a diversified portfolio
of equity securities that present opportunities for growth; the Equity Index
Account, which invests in a diversified portfolio of equity securities selected
to track the overall United States stock market; and the Inflation-Linked Bond
Account, which invests primarily in inflation-indexed bonds.
TIAA-CREF Investment Management, Inc. ("Investment Management"), a subsidiary of
Teachers Insurance and Annuity Association of America ("TIAA"), a companion
organization, is registered with the Commission as an investment adviser and
provides investment advisory services for the CREF Accounts pursuant to an
Investment Management Services Agreement with CREF. Investment Management was
converted into a limited liability corporation effective January 1, 1998.
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 preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and related disclosures. Actual results may differ from those
estimates. 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 foreign currency contracts are valued in U.S. dollars,
based on the exchange rate at the end of the period. Investments traded in
foreign
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS---(CONTINUED)
NOTE 2-- SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
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 translated
at the prevailing exchange rate at the end of the period. The cumulative impact
of changes in foreign exchange rates on portfolio investments sold during the
period is reflected in the net realized gain (loss) on portfolio investments.
The cumulative impact of changes in foreign exchange rates on portfolio
investments held at the end of the period is reflected in the net change in
unrealized appreciation (depreciation) on portfolio investments. Currency gains
and losses arising from the settlement of forward foreign currency contracts,
changes in exchange rates between the trade and settlement dates of portfolio
investment transactions, and changes in exchange rates between the accrual and
receipt dates for dividend and interest income are recorded as net realized
gains (losses) on foreign currency transactions. For assets other than portfolio
investments and liabilities, changes in foreign exchange rates are reflected in
the net change in unrealized appreciation (depreciation) on translation of
assets (other than portfolio investments) and liabilities denominated in foreign
currencies.
SECURITIES LENDING: The Account has a program to lend portfolio securities to
qualified institutions. Such loans are secured by collateral at least equal to
102% of the market value of the securities loaned for United States securities
and 105% of the market value of securities loaned for foreign securities. The
Account continues to receive income on the securities loaned and receives
additional income from the lending transaction. Additionally, any change in the
market value of the securities loaned is recognized by the Account. Although
each transaction is collateralized, the Account would bear the risk of delay in
recovery of, or loss of rights in, the securities loaned should a borrower fail
to return the securities in a timely manner.
COVERED CALL OPTIONS WRITTEN: The Account writes (sells) covered call options to
provide protection against adverse movements in the price of securities in the
portfolio. When an option is written, an amount equal to the premium received is
recorded as a liability; the liability is adjusted on a daily basis to the
current market price of the option written and an unrealized gain or loss is
recorded. Premiums received from writing options which expire unexercised are
recognized as realized gains from option transactions on the expiration date.
Premiums received from writing options which are exercised are added to the
proceeds from the sale of the underlying securities in recognizing the net
realized gain or loss on portfolio investments. In writing options, it is
assumed that the option may be exercised at any time prior to the expiration of
the Account's obligation as a writer, and that in such circumstances the net
proceeds of the sale of the underlying securities pursuant to the call option
may be below the prevailing market value.
FUTURES CONTRACTS: The Account purchases futures contracts for the purpose of
acquiring a position in a security or group of securities which it intends to
purchase at a later date, or for cash management purposes to remain highly
invested in the equity markets while minimizing transaction costs. The Account
sells futures contracts for the purpose of offsetting changes in market value
while withdrawing from a specific market. A financial futures contract is an
agreement between two parties to buy and sell a financial instrument for a set
price on a future date. Initial margin deposits are made upon entering into
futures contracts and can be either cash or securities. During the period the
futures contract is open, changes in the value of the contract are recognized as
unrealized gains or losses from futures transactions by "marking-to-market" on a
daily basis to reflect the market value of the contract at the end of each day's
trading.
Variation margin payments are received or made, depending upon whether
unrealized gains or losses are incurred. When the contract is closed, a realized
gain or loss from futures transactions is recorded, equal to the net variation
margin received or paid over the period of the contract. The contractual amounts
under futures contracts reflect the extent of the Account's exposure to
off-balance sheet risk. The credit risk to such contracts is limited to the
failure of the exchange or board of trade which acts as the counterparty to the
Account's futures transactions.
FORWARD FOREIGN CURRENCY CONTRACTS: The Account enters into forward foreign
currency contracts to purchase or sell foreign currency to accommodate foreign
investment transactions. Forward foreign currency contracts are
"marked-to-market" at the end of each day's trading. Daily changes in the value
of such contracts are reflected in the net change in unrealized appreciation
(depreciation) on translation of assets and liabilities denominated in foreign
currencies. When the contract is closed, payment is received or made and a
realized gain or loss on foreign currency transactions is recognized, equal to
the difference between the cost of the closing transaction and the basis in the
contract. The
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS---(CONTINUED)
NOTE 2-- SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
Account may also enter into a forward foreign currency contract to offset an
existing contract. Forward foreign currency contracts are entered into directly
with a counterparty and the Account is exposed to the risk of default of such
counterparty. The maximum potential loss from such risk is the aggregate face
value in U.S. dollars at the time the contract is opened. There is no daily
margin requirement for such contracts.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Account may
purchase securities on a when-issued or delayed delivery basis. In addition to
the normal market risks, this exposes the Account to the risk that the
transaction may not be consummated.
RESTRICTED SECURITIES: Restricted securities held by the Account may not be sold
except in exempt transactions or in a public offering registered under the
Securities Act of 1933. The risk of investing in such securities is generally
greater than the risk of investing in securities which are widely held and
publicly traded.
FEDERAL INCOME TAXES: CREF is a nonprofit educational organization and, through
December 31, 1997, was exempt from federal income taxation under the Internal
Revenue Code ("Code"). Accordingly, CREF was 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 were not taxable to the organization.
Any nonpension related income was subject to federal income taxation as
unrelated business income; however, for the periods covered by these financial
statements there was no such income.
Effective January 1, 1998, as a result of recent legislation, CREF will no
longer be exempt from federal income tax under Section 501(a) of the Code.
Management believes that CREF should incur no material federal income tax
liability as a result of this change since CREF expects that for tax purposes
its Accumulation and Annuity Funds for participants will be treated as life
insurance reserves; therefore, any increase in such reserves will be deductible.
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.
NOTE 4--INVESTMENTS
At December 31, 1997, the value of securities loaned was $4,879,888,986 and
collateral received in connection therewith was comprised of cash of
$2,432,022,009, letters of credit of $2,039,651,878 and United States government
securities amounting to $626,344,854.
At December 31, 1997, net unrealized appreciation of portfolio investments,
consisting of gross unrealized appreciation and gross unrealized depreciation,
was as follows:
<TABLE>
<CAPTION>
<S> <C>
Gross unrealized appreciation of portfolio investments............ $45,327,486,594
Gross unrealized depreciation of portfolio investments............ 2,428,210,043
---------------
NET UNREALIZED APPRECIATION OF PORTFOLIO INVESTMENTS $42,899,276,551
===============
</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, 1997, the total value of investments in affiliated companies was
$622,192,071. For the year ended December 31, 1997, total dividend income and
the net realized gains relating to such investments were $6,907,075 and
$36,235,276, respectively.
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS---(CONTINUED)
NOTE 4--INVESTMENTS--(CONTINUED)
Purchases and sales of portfolio securities, other than short-term money market
instruments, for the year ended December 31, 1997, were as follows:
<TABLE>
<CAPTION>
Purchases:
<S> <C>
Unaffiliated issuers........................................... $20,412,215,734
Affiliated issuers............................................. 164,508,545
---------------
TOTAL PURCHASES $20,576,724,279
===============
Sales:
Unaffiliated issuers........................................... $21,060,988,293
Affiliated issuers............................................. 113,121,503
---------------
TOTAL SALES $21,174,109,796
===============
</TABLE>
NOTE 5--CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of the Account
is presented below.
<TABLE>
<CAPTION>
FOR THE YEARS ENDED DECEMBER 31,
---------------------------------------------------------------
1997 1996 1995 1994 1993
------ ------ ------ ------ ------
Per Accumulation Unit Data:
<S> <C> <C> <C> <C> <C>
Investment income.................... $ 2.317 $ 2.114 $ 1.885 $ 1.699 $ 1.606
Expenses............................. .387 .304 .271 .223 .210
-------- -------- -------- --------- --------
Investment income--net............... 1.930 1.810 1.614 1.476 1.396
Net realized and unrealized
gain (loss) on investments....... 26.864 15.953 19.984 (1.557) 7.139
-------- -------- -------- --------- --------
Net increase (decrease) in
Accumulation Unit Value............ 28.794 17.763 21.598 (.081) 8.535
Accumulation Unit Value:
Beginning of year.................. 109.223 91.460 69.862 69.943 61.408
-------- -------- -------- -------- --------
End of year........................ $138.017 $109.223 $ 91.460 $69.862 $ 69.943
======== ======== ======== ======== ========
Total return........................... 26.36% 19.42% 30.92% (0.12%) 13.90%
Ratios to Average Net Assets:
Expenses............................. 0.31% 0.31% 0.34% 0.32% 0.32%
Investment income--net............... 1.55% 1.82% 2.00% 2.11% 2.14%
Portfolio turnover rate................ 23.25% 19.57% 16.25% 18.77% 22.93%
Thousands of Accumulation Units
outstanding at end of year........... 597,531 620,498 632,803 637,435 642,528
</TABLE>
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
NOTES TO FINANCIAL STATEMENTS---(CONTINUED)
NOTE 6--ACCUMULATION UNITS
Changes in the number of Accumulation Units outstanding were as follows:
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
--------------------------------
1997 1996
------ ------
Accumulation Units:
<S> <C> <C>
Credited for premiums................................................... 20,134,412 24,089,810
Cancelled for transfers, disbursements and
amounts applied to the Annuity Fund................................... (43,101,543) (36,394,455)
Outstanding:
Beginning of year..................................................... 620,498,335 632,802,980
----------- -----------
End of year........................................................... 597,531,204 620,498,335
=========== ===========
</TABLE>
NOTE 7--LINE OF CREDIT
The Stock, Social Choice, Global Equities, Growth, Equity Index and
Inflation-Linked Bond Accounts share in a $2 billion unsecured revolving credit
facility for temporary or emergency purposes, including, without limitation, the
funding of participant redemptions that otherwise might require the untimely
disposition of securities. An annual commitment fee is charged for this
facility, which is allocated among the participating Accounts. Interest
associated with any borrowing under the credit facility will be charged to the
participating Accounts at rates which are based on the Federal Funds Rate in
effect during the time of the borrowing. For the year ended December 31, 1997,
there were no borrowings under the line of credit.
-11-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
-------- ----
BONDS
CORPORATE BONDS
COMPUTER AND DATA PROCESSING
SERVICES ................................ $ 161 0.00%
HOLDING OFFICES ........................... 136 0.00
HOUSEHOLD AUDIO AND VIDEO EQUIPMENT ....... 10,850 0.01
LIFE INSURANCE ............................ 41 0.00
METALS AND MINERALS, EXCEPT
PETROLEUM ............................... 103 0.00
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES ..................... 20 0.00
MISCELLANEOUS BUSINESS SERVICES ........... 226 0.00
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES ............................ 154 0.00
MOTOR VEHICLES AND EQUIPMENT .............. 243 0.00
RADIO AND TELEVISION BROADCASTING ......... 8,658 0.01
SANITARY SERVICES ......................... 4,245 0.01
SUBDIVIDERS AND DEVELOPERS ................ 378 0.00
TRUCKING AND COURIER SERVICES,
EXCEPT AIR 4,179 0.00
-------- ----
TOTAL CORPORATE BONDS
(COST $25,230) ........................... 29,394 0.03
-------- ----
GOVERNMENT BONDS
GOVERNMENT BONDS ......................... 381 0.00
-------- ----
TOTAL GOVERNMENT BONDS
(COST $381) 381 0.00
-------- ----
TOTAL BONDS
(COST $25,611) ............................. 29,775 0.03
-------- ----
PREFERRED STOCK
AIRCRAFT AND PARTS ......................... 258 0.00
BEVERAGES .................................. 1,166 0.00
BLAST FURNACE AND BASIC
STEEL PRODUCTS ........................... 2,504 0.00
COMMERCIAL BANKS ........................... 5,307 0.01
COMMUNICATIONS EQUIPMENT ................... 282 0.00
CONSTRUCTION AND RELATED MACHINERY ......... 3,601 0.00
DEPARTMENT STORES .......................... 21 0.00
ELECTRIC SERVICES .......................... 23,393 0.03
ELECTRICAL INDUSTRIAL APPARATUS ............ 145 0.00
FATS AND OILS .............................. 62 0.00
FIRE, MARINE, AND CASUALTY INSURANCE ....... 354 0.00
GENERAL INDUSTRIAL MACHINERY ............... 175 0.00
HEALTH AND ALLIED SERVICES, NEC ............ 1,256 0.00
INDUSTRIAL INORGANIC CHEMICALS ............. 139 0.00
INDUSTRIAL ORGANIC CHEMICALS ............... 2,714 0.00
INSURANCE AGENTS, BROKERS, AND
SERVICE .................................. 3,796 0.00
LIFE INSURANCE ............................. 7,820 0.01
LIVESTOCK, EXCEPT DAIRY AND POULTRY ........ 63 0.00
LUMBER AND OTHER BUILDING MATERIALS ........ 279 0.00
MEDICAL INSTRUMENTS AND SUPPLIES ........... 59 0.00
MEDICAL SERVICE AND HEALTH INSURANCE ....... 4,255 0.01
MISCELLANEOUS BUSINESS SERVICES ............ 36,329 0.04
MISCELLANEOUS CHEMICAL PRODUCTS ............ 87 0.00
MISCELLANEOUS CONVERTED PAPER
PRODUCTS ................................. 39 0.00
MISCELLANEOUS FABRICATED TEXTILE
PRODUCTS ................................. 270 0.00
VALUE %
-------- ----
MISCELLANEOUS PLASTICS PRODUCTS, NEC ....... $ 185 0.00%
MISCELLANEOUS WOOD PRODUCTS ................ 452 0.00
MOTION PICTURE PRODUCTION AND
SERVICES ................................. 1,869 0.00
MOTION PICTURE THEATERS .................... 12,402 0.01
MOTOR VEHICLES AND EQUIPMENT ............... 1,062 0.00
NEWSPAPERS ................................. 17,106 0.02
OIL AND GAS FIELD SERVICES ................. 2,427 0.00
PETROLEUM REFINING ......................... 52 0.00
RESIDENTIAL BUILDING CONSTRUCTION .......... 114 0.00
SECURITY AND COMMODITY SERVICES ............ 89 0.00
SOAP, CLEANERS, AND TOILET GOODS ........... 30 0.00
TELEPHONE COMMUNICATIONS ................... 18,424 0.02
WATER SUPPLY ............................... 117 0.00
WOMEN'S AND MISSES' OUTERWEAR .............. 102 0.00
-------- ----
TOTAL PREFERRED STOCK
(COST $98,289) ............................. 148,805 0.15
-------- ----
COMMON STOCK
ACCOUNTING, AUDITING, AND
BOOKKEEPING .............................. 2,301 0.00
ADVERTISING ................................ 179,356 0.18
AGRICULTURAL CHEMICALS ..................... 209,726 0.21
AIR TRANSPORTATION, NONSCHEDULED ........... 2,623 0.00
AIR TRANSPORTATION, SCHEDULED .............. 584,909 0.59
AIRCRAFT AND PARTS ......................... 1,264,934 1.27
AIRPORTS, FLYING FIELDS, AND SERVICES ...... 10,595 0.01
APPAREL, PIECE GOODS, AND NOTIONS .......... 52,726 0.05
ASPHALT PAVING AND ROOFING MATERIALS ....... 89 0.00
AUTO AND HOME SUPPLY STORES ................ 20,063 0.02
AUTOMOTIVE RENTALS, NO DRIVERS ............. 40,606 0.04
AUTOMOTIVE SERVICES, EXCEPT REPAIR ......... 10,617 0.01
BAKERY PRODUCTS ............................ 145,486 0.15
BEAUTY SHOPS ............................... 1,972 0.00
BEVERAGES .................................. 2,522,102 2.53
BITUMINOUS COAL AND LIGNITE MINING ......... 7,803 0.01
BLANKBOOKS AND BOOKBINDING ................. 29,752 0.03
BLAST FURNACE AND BASIC
STEEL PRODUCTS ........................... 342,180 0.34
BOAT DEALERS ............................... 286 0.00
BOOKS ...................................... 80,417 0.08
BROADWOVEN FABRIC MILLS, COTTON ............ 25,331 0.03
BROADWOVEN FABRIC MILLS, MANMADE ........... 18,192 0.02
BROADWOVEN FABRIC MILLS, WOOL .............. 752 0.00
BUS TERMINAL AND SERVICE FACILITIES ........ 49,065 0.05
BUSINESS CREDIT INSTITUTIONS ............... 70,267 0.07
CABLE AND OTHER PAY TV SERVICES ............ 328,119 0.33
CARPENTRY AND FLOOR WORK ................... 5,168 0.01
CARPETS AND RUGS ........................... 17,705 0.02
CASH GRAINS ................................ 12,782 0.01
CEMENT, HYDRAULIC .......................... 43,415 0.04
CHEMICAL AND FERTILIZER MINERALS ........... 7,708 0.01
CHEMICALS AND ALLIED PRODUCTS .............. 12,676 0.01
CHEWING AND SMOKING TOBACCO ................ 74,496 0.07
CHILDREN'S AND INFANTS' WEAR STORES ........ 11,604 0.01
CIGARETTES ................................. 1,034,428 1.04
CIGARS ..................................... 25,962 0.03
CLAY, CERAMIC, AND REFRACTORY
MINERALS ................................. 550 0.00
COLLEGES AND UNIVERSITIES .................. 130 0.00
See notes to financial statements.
-12-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
---------- ----
COMBINATION UTILITY SERVICES ............ $1,104,182 1.11%
COMMERCIAL BANKS ........................ 8,961,022 9.00
COMMERCIAL PRINTING ..................... 57,365 0.06
COMMERCIAL SPORTS ....................... 3,065 0.00
COMMUNICATIONS EQUIPMENT ................ 1,423,616 1.43
COMMUNICATIONS SERVICES, NEC ............ 49,647 0.05
COMPUTER AND DATA
PROCESSING SERVICES ................... 3,007,921 3.02
COMPUTER AND OFFICE EQUIPMENT ........... 3,815,658 3.83
CONCRETE, GYPSUM, AND PLASTER
PRODUCTS .............................. 65,105 0.07
CONCRETE WORK ........................... 250 0.00
CONSTRUCTION AND RELATED MACHINERY ...... 319,057 0.32
COPPER ORES ............................. 19,972 0.02
CREDIT REPORTING AND COLLECTION ......... 278,329 0.28
CRUSHED AND BROKEN STONE ................ 47,482 0.05
CUTLERY, HANDTOOLS, AND HARDWARE ........ 773,119 0.78
DAIRY PRODUCTS .......................... 82,810 0.08
DEEP SEA DOMESTIC TRANSPORTATION OF
FREIGHT ............................... 4,877 0.00
DEEP SEA FOREIGN TRANSPORTATION OF
FREIGHT ............................... 87,783 0.09
DEPARTMENT STORES ....................... 1,431,151 1.44
DRUG STORES AND PROPRIETARY STORES ...... 326,998 0.33
DRUGS ................................... 6,808,733 6.84
DRUGS, PROPRIETARIES, AND SUNDRIES ...... 419,678 0.42
EATING AND DRINKING PLACES .............. 600,920 0.60
ELECTRIC DISTRIBUTION EQUIPMENT ......... 537,332 0.54
ELECTRIC LIGHTING AND
WIRING EQUIPMENT ...................... 109,616 0.11
ELECTRIC SERVICES ....................... 2,408,986 2.42
ELECTRICAL GOODS ........................ 132,573 0.13
ELECTRICAL INDUSTRIAL APPARATUS ......... 997,129 1.00
ELECTRICAL WORK ......................... 2,324 0.00
ELECTRONIC COMPONENTS
AND ACCESSORIES ....................... 2,295,463 2.31
ENGINEERING AND ARCHITECTURAL
SERVICES .............................. 12,747 0.01
ENGINES AND TURBINES .................... 104,188 0.10
FABRICATED RUBBER PRODUCTS, NEC ......... 35,425 0.04
FABRICATED STRUCTURAL METAL PRODUCTS .... 44,319 0.04
FAMILY CLOTHING STORES .................. 130,101 0.13
FARM AND GARDEN MACHINERY ............... 188,802 0.19
FARM-PRODUCT RAW MATERIALS .............. 34,480 0.03
FATS AND OILS ........................... 507 0.00
FEDERAL AND FEDERALLY-SPONSORED
CREDIT AGENCIES ....................... 996,983 1.00
FERROALLOY ORES, EXCEPT VANADIUM ........ 7,808 0.01
FIELD CROPS, EXCEPT CASH GRAINS ......... 115 0.00
FINANCE SERVICES ........................ 20,015 0.02
FIRE, MARINE, AND CASUALTY INSURANCE .... 1,421,771 1.43
FLAT GLASS .............................. 121,897 0.12
FOOTWEAR EXCEPT, RUBBER ................. 31,132 0.03
FOREIGN BANKS, BRANCHES AND
AGENCIES .............................. 214,842 0.22
FOREST PRODUCTS ......................... 7,868 0.01
FORESTRY SERVICES ....................... 2,410 0.00
FREIGHT TRANSPORTATION ARRANGEMENT ...... 23,101 0.02
VALUE %
---------- ----
FUNERAL SERVICE AND CREMATORIES ......... $ 81,708 0.08%
FURNITURE AND HOME FURNISHINGS .......... 2,532 0.00
FURNITURE AND HOME
FURNISHINGS STORES .................... 62,923 0.06
GAS PRODUCTION AND DISTRIBUTION ......... 461,097 0.46
GENERAL INDUSTRIAL MACHINERY ............ 1,139,520 1.14
GLASS AND GLASSWARE, PRESSED
OR BLOWN .............................. 143,637 0.14
GOLD AND SILVER ORES .................... 179,239 0.18
GRAIN MILL PRODUCTS ..................... 702,906 0.71
GREETING CARDS .......................... 37,653 0.04
GROCERIES AND RELATED PRODUCTS .......... 189,130 0.19
GROCERY STORES .......................... 534,328 0.54
GUIDED MISSILES, SPACE VEHICLES AND
PARTS ................................. 255,049 0.26
HANDBAGS AND PERSONAL LEATHER GOODS ..... 1,968 0.00
HARDWARE, PLUMBING AND HEATING
EQUIPMENT ............................. 13,002 0.01
HEALTH AND ALLIED SERVICES, NEC ......... 222,916 0.22
HEAVY CONSTRUCTION, EXCEPT HIGHWAY ...... 84,694 0.09
HIGHWAY AND STREET CONSTRUCTION ......... 7,709 0.01
HOLDING OFFICES ......................... 558,368 0.56
HOME HEALTH CARE SERVICES ............... 7,770 0.01
HORTICULTURAL SPECIALTIES ............... 46,825 0.05
HOSE, BELTING, GASKETS AND
PACKING ............................... 99 0.00
HOSPITALS ............................... 361,702 0.36
HOTELS AND MOTELS ....................... 516,039 0.52
HOUSEHOLD APPLIANCE STORES .............. 47,685 0.05
HOUSEHOLD APPLIANCES .................... 2,471,181 2.48
HOUSEHOLD AUDIO AND VIDEO EQUIPMENT ..... 165,876 0.17
HOUSEHOLD FURNITURE ..................... 46,258 0.05
INDUSTRIAL INORGANIC CHEMICALS .......... 424,615 0.43
INDUSTRIAL MACHINERY, NEC ............... 10,325 0.01
INDUSTRIAL ORGANIC CHEMICALS ............ 415,213 0.42
INSURANCE AGENTS, BROKERS, AND
SERVICE ............................... 305,795 0.31
INSURANCE CARRIERS, NEC ................. 69,137 0.07
INTERNATIONAL AFFAIRS ................... 1,766 0.00
INVESTMENT OFFICES ...................... 38,053 0.04
IRON AND STEEL FOUNDRIES ................ 69,451 0.07
IRON ORES ............................... 7,130 0.01
JEWELRY, SILVERWARE, AND PLATED WARE .... 29,889 0.03
JOB TRAINING AND RELATED SERVICES ....... 336 0.00
KNITTING MILLS .......................... 19,597 0.02
LANDSCAPE AND HORTICULTURAL SERVICES .... 8,819 0.01
LAUNDRY, CLEANING, AND GARMENT
SERVICES .............................. 65,081 0.07
LEAD AND ZINC ORES ...................... 5,820 0.01
LEATHER TANNING AND FINISHING ........... 14,575 0.01
LEGAL SERVICES .......................... 1,764 0.00
LIFE INSURANCE .......................... 2,569,461 2.58
LOCAL AND SUBURBAN TRANSPORTATION ....... 32,428 0.03
LOGGING ................................. 19,673 0.02
LUGGAGE ................................. 7,856 0.01
LUMBER AND CONSTRUCTION MATERIALS ....... 47,968 0.05
LUMBER AND OTHER BUILDING MATERIALS ..... 434,194 0.44
MACHINERY, EQUIPMENT, AND SUPPLIES ...... 31,937 0.03
See notes to financial statements.
-13-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
---------- ----
MAILING, REPRODUCTION AND
STENOGRAPHIC SERVICES ................. $ 10,258 0.01%
MANAGEMENT AND PUBLIC RELATIONS ......... 50,834 0.05
MANIFOLD BUSINESS FORMS ................. 27,117 0.03
MEASURING AND CONTROLLING DEVICES ....... 420,219 0.42
MEAT PRODUCTS ........................... 200,475 0.20
MEDICAL AND DENTAL LABORATORIES ......... 5,237 0.01
MEDICAL INSTRUMENTS AND SUPPLIES ........ 1,479,543 1.49
MEDICAL SERVICE AND HEALTH INSURANCE .... 180,918 0.18
MEN'S AND BOYS' CLOTHING STORES ......... 13,067 0.01
MEN'S AND BOYS' FURNISHINGS ............. 87,299 0.09
MEN'S AND BOYS' SUITS AND COATS ......... 26,365 0.03
METAL CANS AND SHIPPING CONTAINERS ...... 60,709 0.06
METAL FORGINGS AND STAMPINGS ............ 197,904 0.20
METAL MINING SERVICES ................... 159 0.00
METAL SERVICES, NEC ..................... 4,777 0.00
METALS AND MINERALS,
EXCEPT PETROLEUM ...................... 12,200 0.01
METALWORKING MACHINERY .................. 81,315 0.08
MILLWORK, PLYWOOD AND STRUCTURAL
MEMBERS ............................... 5,098 0.01
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES ................... 109,404 0.11
MISCELLANEOUS APPAREL AND
ACCESSORY STORES ...................... 81,619 0.08
MISCELLANEOUS APPAREL AND
ACCESSORIES ........................... 20,517 0.02
MISCELLANEOUS BUSINESS SERVICES ......... 387,459 0.39
MISCELLANEOUS CHEMICAL PRODUCTS ......... 203,141 0.20
MISCELLANEOUS CONVERTED PAPER
PRODUCTS .............................. 543,413 0.55
MISCELLANEOUS DURABLE GOODS ............. 132,338 0.13
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES .......................... 37,317 0.04
MISCELLANEOUS EQUIPMENT RENTAL AND
LEASING ............................... 10,329 0.01
MISCELLANEOUS FABRICATED METAL
PRODUCTS .............................. 135,177 0.14
MISCELLANEOUS FABRICATED TEXTILE
PRODUCTS .............................. 47,475 0.05
MISCELLANEOUS FOOD AND KINDRED
PRODUCTS .............................. 236,760 0.24
MISCELLANEOUS FOOD STORES ............... 30,759 0.03
MISCELLANEOUS FURNITURE AND
FIXTURES .............................. 4,173 0.00
MISCELLANEOUS GENERAL MERCHANDISE
STORES ................................ 40,758 0.04
MISCELLANEOUS INVESTING ................. 565,063 0.57
MISCELLANEOUS MANUFACTURES .............. 99,312 0.10
MISCELLANEOUS METAL ORES ................ 102,555 0.10
MISCELLANEOUS NONDURABLE GOODS .......... 9,328 0.01
MISCELLANEOUS NONMETALLIC MINERAL
PRODUCTS .............................. 319,472 0.32
MISCELLANEOUS NONMETALLIC MINERALS ...... 2,604 0.00
MISCELLANEOUS PERSONAL SERVICES ......... 28,385 0.03
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS .............................. 479,658 0.48
MISCELLANEOUS PLASTICS PRODUCTS, NEC .... 628,318 0.63
VALUE %
---------- ----
MISCELLANEOUS PRIMARY METAL
PRODUCTS .............................. $ 3,462 0.00%
MISCELLANEOUS PUBLISHING ................ 16,676 0.02
MISCELLANEOUS SHOPPING GOOD STORES ...... 279,686 0.28
MISCELLANEOUS TEXTILE GOODS ............. 13,266 0.01
MISCELLANEOUS TRANSPORTATION
EQUIPMENT ............................. 11,289 0.01
MISCELLANEOUS WOOD PRODUCTS ............. 49,122 0.05
MOBILE HOME DEALERS ..................... 17,075 0.02
MORTGAGE BANKERS AND BROKERS ............ 401,963 0.40
MOTION PICTURE PRODUCTION AND
SERVICES .............................. 661,319 0.66
MOTION PICTURE THEATERS ................. 18,638 0.02
MOTOR VEHICLES AND EQUIPMENT ............ 2,054,201 2.06
MOTOR VEHICLES, PARTS, AND SUPPLIES ..... 37,989 0.04
MOTORCYCLES, BICYCLES, AND PARTS ........ 47,698 0.05
NATURAL GAS LIQUIDS ..................... 99,641 0.10
NEW AND USED CAR DEALERS ................ 55,975 0.06
NEWSPAPERS .............................. 586,099 0.59
NONFERROUS FOUNDRIES (CASTINGS) ......... 10,346 0.01
NONFERROUS ROLLING AND DRAWING .......... 55,075 0.06
NONRESIDENTIAL BUILDING
CONSTRUCTION .......................... 27,710 0.03
NONSTORE RETAILERS ...................... 259,132 0.26
NURSING AND PERSONAL CARE FACILITIES .... 65,008 0.07
OFFICE FURNITURE ........................ 49,713 0.05
OFFICES AND CLINICS OF MEDICAL
DOCTORS ............................... 33,141 0.03
OFFICES AND CLINICS OF DENTISTS ......... 2,499 0.00
OFFICES OF OTHER HEALTH
PRACTITIONERS ......................... 3,190 0.00
OIL AND GAS EXTRACTION .................. 3,567,390 3.58
OIL AND GAS FIELD SERVICES .............. 785,405 0.79
OPERATIVE BUILDERS ...................... 64,858 0.07
OPHTHALMIC GOODS ........................ 31,466 0.03
ORDNANCE AND ACCESSORIES, NEC ........... 13,952 0.01
PAINT, GLASS, AND WALLPAPER STORES ...... 3,927 0.00
PAINTS AND ALLIED PRODUCTS .............. 69,083 0.07
PAPER AND PAPER PRODUCTS ................ 108,955 0.11
PAPER MILLS ............................. 226,559 0.23
PAPERBOARD CONTAINERS AND BOXES ......... 19,563 0.02
PAPERBOARD MILLS ........................ 95,580 0.10
PASSENGER TRANSPORTATION
ARRANGEMENT ........................... 384,165 0.39
PENS, PENCILS, OFFICE, AND ART SUPPLIES . 5,284 0.01
PENSION, HEALTH, AND WELFARE FUNDS ...... 5,075 0.01
PERIODICALS ............................. 318,696 0.32
PERSONAL CREDIT INSTITUTIONS ............ 227,743 0.23
PERSONNEL SUPPLY SERVICES ............... 240,912 0.24
PETROLEUM AND PETROLEUM PRODUCTS ........ 86,024 0.09
PETROLEUM REFINING ...................... 1,533,285 1.54
PHOTOGRAPHIC EQUIPMENT AND SUPPLIES ..... 669,599 0.67
PHOTOGRAPHIC STUDIOS, PORTRAIT .......... 3,617 0.00
PIPELINES, EXCEPT NATURAL GAS ........... 24,298 0.02
PLASTICS MATERIALS AND SYNTHETICS ....... 837,394 0.84
PLUMBING AND HEATING, EXCEPT ELECTRIC ... 47,339 0.05
PLUMBING, HEATING, AIR-CONDITIONING ..... 963 0.00
POTTERY AND RELATED PRODUCTS ............ 1,307 0.00
See notes to financial statements.
-14-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
---------- ----
POULTRY AND EGGS ...................... $ 30,993 0.03%
PRESERVED FRUITS AND VEGETABLES ....... 559,572 0.56
PRIMARY NONFERROUS METALS ............. 225,086 0.23
PRODUCERS, ORCHESTRAS, ENTERTAINERS ... 90,401 0.09
PRODUCTS OF PURCHASED GLASS ........... 25,233 0.03
PROFESSIONAL AND COMMERCIAL
EQUIPMENT ........................... 66,306 0.07
PULP MILLS ............................ 11,705 0.01
RADIO AND TELEVISION BROADCASTING ..... 274,152 0.28
RADIO, TELEVISION, AND COMPUTER
STORES .............................. 159,047 0.16
RAILROAD EQUIPMENT .................... 87 0.00
RAILROADS ............................. 636,342 0.64
REAL ESTATE AGENTS AND MANAGERS ....... 83,005 0.08
REAL ESTATE OPERATORS AND LESSORS ..... 67,478 0.07
REFRIGERATION AND SERVICE MACHINERY ... 88,831 0.09
RENTAL OF RAILROAD CARS ............... 14,026 0.01
RESEARCH AND TESTING SERVICES ......... 310,112 0.31
RESIDENTIAL BUILDING CONSTRUCTION ..... 230,557 0.23
RESIDENTIAL CARE ...................... 644 0.00
RETAIL NURSERIES AND GARDEN STORES .... 4,389 0.00
RETAIL STORES, NEC .................... 9,975 0.01
ROOMING AND BOARDING HOUSES ........... 552 0.00
RUBBER AND PLASTICS FOOTWEAR .......... 777 0.00
SAND AND GRAVEL ....................... 8,006 0.01
SANITARY SERVICES ..................... 444,947 0.45
SAVINGS INSTITUTIONS .................. 926,062 0.93
SAWMILLS AND PLANING MILLS ............ 222,614 0.22
SCHOOLS AND EDUCATIONAL SERVICES,
NEC ................................. 25,544 0.03
SCREW MACHINE PRODUCTS, BOLTS, ETC. ... 33,767 0.03
SEARCH AND NAVIGATION EQUIPMENT ....... 185,103 0.19
SECONDARY NONFERROUS METALS ........... 16 0.00
SECURITY AND COMMODITY SERVICES ....... 219,225 0.22
SECURITY BROKERS AND DEALERS .......... 1,027,737 1.03
SERVICES TO BUILDINGS ................. 1,472 0.00
SHIP, BOAT BUILDING AND REPAIRING ..... 31,257 0.03
SHOE STORES ........................... 54,554 0.05
SOAP, CLEANERS, AND TOILET GOODS ...... 1,547,959 1.56
SOCIAL SERVICES, NEC .................. 17,915 0.02
SPECIAL INDUSTRY MACHINERY ............ 225,048 0.23
STRUCTURAL CLAY PRODUCTS .............. 4,258 0.00
SUBDIVIDERS AND DEVELOPERS ............ 192,480 0.19
SUGAR AND CONFECTIONERY PRODUCTS ...... 133,477 0.13
SURETY INSURANCE ...................... 77,692 0.08
VALUE %
---------- ----
TELEGRAPH AND OTHER COMMUNICATIONS .... $ 2,710 0.00%
TELEPHONE COMMUNICATIONS .............. 7,253,395 7.29
TIRES AND INNER TUBES ................. 167,603 0.17
TITLE INSURANCE ....................... 55,320 0.06
TOYS AND SPORTING GOODS ............... 145,553 0.15
TRUCKING AND COURIER SERVICES,
EXCEPT AIR .......................... 70,547 0.07
USED MERCHANDISE STORES ............... 2,244 0.00
VARIETY STORES ........................ 179,432 0.18
VETERINARY SERVICES ................... 648 0.00
VIDEO TAPE RENTAL ..................... 1,563 0.00
VOCATIONAL SCHOOLS .................... 3,298 0.00
WATCHES, CLOCKS, WATCHCASES AND
PARTS ............................... 271 0.00
WATER SUPPLY .......................... 11,716 0.01
WATER TRANSPORTATION OF FREIGHT, NEC .. 1,978 0.00
WATER TRANSPORTATION OF PASSENGERS .... 42 0.00
WATER TRANSPORTATION SERVICES ......... 33,334 0.03
WATER WELL DRILLING ................... 13 0.00
WOMEN'S ACCESSORY AND SPECIALTY
STORES .............................. 116,938 0.12
WOMEN'S AND CHILDREN'S
UNDERGARMENTS ....................... 5,670 0.01
WOMEN'S AND MISSES' OUTERWEAR ......... 36,386 0.04
WOMEN'S CLOTHING STORES ............... 27,877 0.03
WOOD BUILDINGS AND MOBILE HOMES ....... 17,018 0.02
YARN AND THREAD MILLS ................. 25,195 0.03
------------ ------
TOTAL COMMON STOCK
(COST $54,723,006) .................... 97,568,598 98.01
------------ ------
SHORT TERM INVESTMENTS
BANK NOTES ............................ 135,966 0.14
BANKERS ACCEPTANCES ................... 8,477 0.01
CERTIFICATES OF DEPOSIT ............... 467,425 0.47
COMMERCIAL PAPER ...................... 2,171,810 2.18
EURO CERTIFICATES OF DEPOSIT .......... 45,002 0.04
MEDIUM TERM BONDS ..................... 65,336 0.07
OTHER AGENCIES ........................ 73,997 0.07
U.S. GOVERNMENT AND AGENCIES .......... 534,062 0.54
VARIABLE RATE NOTES ................... 303,858 0.30
------------ ------
TOTAL SHORT TERM INVESTMENTS
(COST $3,806,928) ..................... 3,805,933 3.82
------------ ------
TOTAL PORTFOLIO
(COST $58,653,834) .................... 101,553,111 102.01
------------ ------
OTHER ASSETS & LIABILITIES, NET ... (2,003,709) (2.01)
------------ ------
NET ASSETS $ 99,549,402 100.00%
============ ======
See notes to financial statements.
-15-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1997
SUMMARY BY COUNTRY
VALUE
(000) %
------------ ------
DOMESTIC:
UNITED STATES .............. $ 84,605,720 83.31%
------------ ------
TOTAL DOMESTIC ............... 84,605,720 83.31
------------ ------
FOREIGN:
ARGENTINA .................. 23,962 0.03
AUSTRALIA .................. 472,346 0.47
AUSTRIA .................... 13,794 0.01
BELGIUM .................... 136,279 0.13
BRAZIL ..................... 34,974 0.03
CANADA ..................... 539,868 0.53
CHILE ...................... 74,674 0.07
DENMARK .................... 110,382 0.11
FINLAND .................... 102,938 0.10
FRANCE ..................... 716,049 0.71
GERMANY .................... 1,280,461 1.26
HONG KONG .................. 279,969 0.28
INDIA ...................... 4,168 0.00
INDONESIA .................. 8,983 0.01
IRELAND .................... 10,868 0.01
ITALY ...................... 620,490 0.61
JAPAN ...................... 2,895,733 2.85
KOREA ...................... 3,887 0.00
MALAYSIA ................... 43,487 0.04
MEXICO ..................... 28,257 0.03
MISCELLANEOUS .............. 42,758 0.04
NETHERLANDS ................ 884,593 0.87
NEW ZEALAND ................ 112,285 0.11
NORWAY ..................... 124,199 0.12
PHILIPPINES ................ 4,071 0.00
PORTUGAL ................... 58,581 0.06
SINGAPORE .................. 75,952 0.08
SOUTH AFRICA ............... 26,540 0.03
SPAIN ...................... 415,469 0.41
SWEDEN ..................... 495,283 0.49
SWITZERLAND ................ 766,796 0.76
THAILAND ................... 1,670 0.00
UNITED KINGDOM ............. 2,731,692 2.69
------------ ------
TOTAL FOREIGN ................ 13,141,458 12.94
------------ ------
TOTAL SHORT TERM ............. 3,805,933 3.75
------------ ------
TOTAL PORTFOLIO .............. $101,553,111 100.00%
============ ======
See notes to financial statements.
-16-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--STOCK ACCOUNT
DECEMBER 31, 1997
VALUE
PRINCIPAL (000)
--------- -----------
BONDS--0.03%
CORPORATE BONDS--0.03%
COMPUTER AND DATA PROCESSING
SERVICES--0.00%
VIGLEN TECHNOLOGY (CV LOAN STK)
$ 47,800(4) #o0.500%, 01/01/00 ................ $ 161
-----------
HOLDING OFFICES--0.00%
BRIERLEY INVESTMENTS LTD CV NOTE
129,875(5) 9.000%, 06/30/98 ................ 84
VALUE REALISATION TRUST (CV LOAN STK)
24,621 1.400%, 09/30/06 ................ 52
-----------
136
-----------
HOUSEHOLD AUDIO AND VIDEO
EQUIPMENT--0.01%
SONY CORP
950,000,000(7) 1.400%, 03/31/05 ................ 10,850
-----------
LIFE INSURANCE--0.00%
LIBLIFE INTERNATIONAL CV
35,000(2) 6.500%, 09/30/04 ................ 41
-----------
METALS AND MINERALS,
EXCEPT PETROLEUM--0.00%
PREUSSAG AG
126(3) 5.750%, 05/17/01 ................ 103
-----------
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES--0.00%
MULTI PURPOSE ICULS
307,000 3.000%, 12/31/02 ................ 20
-----------
MISCELLANEOUS BUSINESS
SERVICES--0.00%
SUEZ LYON DES EAUX
1,812(1) 4.000%, 01/01/06 ................ 226
-----------
MISCELLANEOUS ELECTRICAL
EQUIPMENT AND SUPPLIES--0.00%
OLIVETTI S.P.A. CV
255,000(6) 7.500%, 01/01/99 ................ 154
-----------
MOTOR VEHICLES AND EQUIPMENT--0.00%
DAIMLER BENZ
314(3) 4.125%, 07/05/03 ................ 243
-----------
RADIO AND TELEVISION
BROADCASTING--0.01%
VIACOM INTERNATIONAL, INC
(SUBORDINATED DEB)
8,615,000 8.000%, 07/07/06 ................ 8,658
-----------
SANITARY SERVICES--0.01%
WMX TECHNOLOGIES, INC
(SUBORDINATED CV NOTE)
4,979,000 2.000%, 01/24/05 ................ 4,245
-----------
SUBDIVIDERS AND DEVELOPERS--0.00%
AXA S.A. CV
4,722(1) 4.500%, 01/01/99 ................ 378
-----------
TRUCKING AND COURIER SERVICES,
EXCEPT AIR--0.00%
YAMATO TRANSPORT CV
340,000,000(7) 1.700%, 09/30/02 ................ 4,179
-----------
TOTAL CORPORATE BONDS
(COST $25,230) ..................... 29,394
-----------
GOVERNMENT BONDS--0.00%
GOVERNMENT BONDS--0.00%
U.S. TREASURY BOND
$ 325,000 11.750%, 02/15/01 ............... $ 381
-----------
TOTAL GOVERNMENT BONDS
(COST $381) ........................ 381
-----------
TOTAL BONDS
(COST $25,611) ...................... 29,775
-----------
- --------------------------------------------
(1) Denominated in French Francs
(2) Denominated in South African Rand
(3) Denominated in German Deutsche Marks
(4) Denominated in British Pounds
(5) Denominated in New Zealand Dollars
(6) Denominated in Italian Lire
(7) Denominated in Japanese Yen
SHARES
-----------
PREFERRED STOCK--0.15%
AIRCRAFT AND PARTS--0.00%
16,600 oRHEINMETALL AG .................... 258
-----------
BEVERAGES--0.00%
1,734,924 BRAHMA S.A ........................ 1,166
-----------
BLAST FURNACE AND BASIC
STEEL PRODUCTS--0.00%
175,000 CONFAB INDUSTRIAL S.A. ............ 310
1,600,000 MET GERDAU S.A. ................... 48
59,300 USINAS SIDERGIACAS DE MINAS GERAIS. 351
89,232 VALE DO RIO DOCE CIA .............. 1,795
-----------
2,504
-----------
COMMERCIAL BANKS--0.01%
3,252,000 BANCO ITAU S.A. ................... 1,748
9,906,000 oBANESPA S.A. SERV TECNICOS E ADMIN. 404
2,900 BANK AUSTRIA AG ................... 138
210,456,038 oBRADESCO S.A. ..................... 2,074
22,887,600 UNIBANCO S.A. ..................... 943
-----------
5,307
-----------
COMMUNICATIONS EQUIPMENT--0.00%
8,800,000 ERICSSON TELECOMMUNICATIONS S.A. .. 282
-----------
CONSTRUCTION AND RELATED
MACHINERY--0.00%
395 oBARDELLA S.A. ..................... 42
16,000 KSB AG ............................ 3,559
-----------
3,601
-----------
DEPARTMENT STORES--0.00%
4,500,000 oLOJAS AMERICANAS S.A. ............. 21
-----------
ELECTRIC SERVICES--0.03%
86,744,697 CEMIG S.A. ........................ 3,769
27,304 CIA PAULISTA DE FORCA & LUZ ....... 3
23,122,930 ELECTROBRAS S.A. SERIES B ......... 1,181
2,200,000 oELETRICIDADE SAO PAULO S.A. ....... 414
426,470 RHEIN-WESTFALEN ELECTRIC AG ....... 18,026
-----------
23,393
-----------
See notes to financial statements.
-17-
<PAGE>
VALUE
SHARES (000)
------ ----------
ELECTRICAL INDUSTRIAL
APPARATUS--0.00%
1,100,000 BELGO MINEIRA S.A. ................ $ 52
152,000 WEG S.A. .......................... 93
-----------
145
-----------
FATS AND OILS--0.00%
8,000,000 CEVAL ALIMENTOS ................... 62
-----------
FIRE, MARINE, AND CASUALTY
INSURANCE--0.00%
2,500 AXA COLONIA KONZERN AG ............ 239
23,604 INTERNATIONALE NEDERLANDEN
GROEP NV ......................... 115
-----------
354
-----------
GENERAL INDUSTRIAL
MACHINERY--0.00%
9,400 oCAFAP S.A. ........................ 27
20,000 PIRELLI CABOS S.A. ................ 83
25,800 PIRELLI PNEUS S.A. ................ 65
-----------
175
-----------
HEALTH AND ALLIED SERVICES,
NEC--0.00%
113,500 oMEDIQ, INC SERIES A ............... 1,256
-----------
INDUSTRIAL INORGANIC
CHEMICALS--0.00%
212,000 SADIA CONCORDIA S.A. ............. 139
. -----------
INDUSTRIAL ORGANIC
CHEMICALS--0.00%
43,000 HENKEL KGAA ....................... 2,714
-----------
INSURANCE AGENTS, BROKERS, AND
SERVICE--0.00%
15,000 MARSCHOLLER LAUT UND
PARTNER-VO PREFERENCE ............. 3,796
-----------
LIFE INSURANCE--0.01%
109,372 AETNA, INC 6.25% (CLASS C) ....... 7,820
-----------
LIVESTOCK, EXCEPT DAIRY AND
POULTRY--0.00%
48,044,045 PERDIAGO S.A. ..................... 63
-----------
LUMBER AND OTHER BUILDING
MATERIALS--0.00%
521,000 CIM ITAU S.A. ..................... 100
679 DYCKERHOFF ZEMENTWERKE AG ......... 179
-----------
279
-----------
MEDICAL INSTRUMENTS AND
SUPPLIES--0.00%
837,300 oFRESENIUS MEDICAL CARE (CLASS D)... 59
-----------
MEDICAL SERVICE AND HEALTH
INSURANCE--0.01%
187,040 PACIFICARE HEALTH SYSTEMS
CV SERIES A ....................... 4,255
-----------
MISCELLANEOUS BUSINESS
SERVICES--0.04%
111,000 SAP AG ............................ 36,329
-----------
MISCELLANEOUS CHEMICAL
PRODUCTS--0.00%
20,700,000 FERTILIZANTES FOSFATADOS S.A. .... 87
-----------
MISCELLANEOUS CONVERTED PAPER
PRODUCTS--0.00%
70,750 KLABIN FABRICADORA S.A. ........... 32
1,670 KONINKLIJKE NV .................... 7
-----------
39
-----------
VALUE
SHARES (000)
------ -------
MISCELLANEOUS FABRICATED TEXTILE
PRODUCTS--0.00%
752,400 oCOTEMINAS CIA TEC ................. $ 270
-----------
MISCELLANEOUS PLASTICS
PRODUCTS, NEC--0.00%
12,120,000 IPIRANGA S.A. .................... 185
-----------
MISCELLANEOUS WOOD PRODUCTS--0.00%
197,866 ARACRUZ CELULOSE S.A. ............ 273
9,300,000 VOTORANTIM CELULOSE E PAPEL S.A. . 179
-----------
452
-----------
MOTION PICTURE PRODUCTION AND
SERVICES--0.00%
40,000 oPROSIEBEN MEDIA AG ................ 1,869
-----------
MOTION PICTURE THEATERS--0.01%
210,200 HARCOURT GENERAL, INC SERIES A ... 12,402
-----------
MOTOR VEHICLES AND
EQUIPMENT--0.00%
900 MAN AG (NON-VOTE) ................ 203
2,000 VOLKSWAGENWERKE AG ............... 859
----------
1,062
-----------
NEWSPAPERS--0.02%
3,437,002 NEWS CORP LTD (LTD-VOTE) ......... 17,007
36,150 RURAL PRESS LTD .................. 99
----------
17,106
----------
OIL AND GAS FIELD SERVICES--0.00%
10,377,000 PETROBRAS S.A. ................... 2,427
----------
PETROLEUM REFINING--0.00%
170,000 COPENE-PETROQUIMICA
DO NORDESTE S.A. ................. 52
----------
RESIDENTIAL BUILDING
CONSTRUCTION--0.00%
2,900,000 DURATEX S.A. ..................... 114
----------
SECURITY AND COMMODITY
SERVICES--0.00%
3,100 PHOENIX DUFF & PHELPS CORP ....... 89
----------
SOAP, CLEANERS, AND TOILET
GOODS--0.00%
40 WELLA GROUP AG ................... 30
----------
TELEPHONE COMMUNICATIONS--0.02%
136,025 AIRTOUCH COMMUNICATIONS, INC
CV (CLASS B) ..................... 4,846
87,358 AIRTOUCH COMMUNICATIONS, INC
CV (CLASS C) ..................... 5,443
70,035,524 TELEBRAS S.A. .................... 7,988
550,635 TELESP S.A. ...................... 147
----------
18,424
----------
WATER SUPPLY--0.00%
59,400 HYDER PLC ........................ 117
----------
WOMEN'S AND MISSES'
OUTERWEAR--0.00%
900 oESCADA AG ......................... 102
----------
TOTAL PREFERRED STOCK
(COST $98,289) ..................... 148,805
----------
See notes to financial statements.
-18-
<PAGE>
VALUE
SHARES (000)
------ ----------
COMMON STOCK--98.01%
ACCOUNTING, AUDITING, AND
BOOKKEEPING--0.00%
5,000 oPROFIT RECOVERY GROUP
INTERNATIONAL ..........................$ 89
144,500 TKC CORP ................................ 2,212
---------
2,301
---------
ADVERTISING--0.18%
500 ACKERLEY GROUP, INC ..................... 8
320,500 oCATALINA MARKETING CORP ................. 14,823
1,388,000 INTERPUBLIC GROUP OF COS, INC ........... 69,140
1,590,000 OMNICOM GROUP, INC ...................... 67,376
1,600 oOUTDOOR SYSTEMS, INC .................... 61
283,200 TRUE NORTH COMMUNICATIONS, INC .......... 7,009
31,600 oUNIVERSAL OUTDOOR HOLDINGS, INC ......... 1,643
103,000 oVALASSIS COMMUNICATIONS, INC ............ 3,811
3,492,000 WPP GROUP PLC ........................... 15,485
---------
179,356
---------
AGRICULTURAL CHEMICALS--0.21%
14,651 AGRIUM, INC ............................. 178
120,360 oECOGEN, INC ............................. 233
2,195,667 +oFMC CORP ................................ 147,796
34,331 oFREEPORT MCMORAN SULPHUR, INC ........... 403
1,220,942 IMC GLOBAL, INC ......................... 39,986
54,155 oIMC GLOBAL, INC WTS 12/22/00 ............ 210
90,200 KEMIRA OY ............................... 853
246,877 MISSISSIPPI CHEMICAL CORP ............... 4,506
430,759 oMYCOGEN CORP ............................ 8,077
247,400 oSCOTTS CO (CLASS A) ..................... 7,484
---------
209,726
---------
AIR TRANSPORTATION,
NONSCHEDULED--0.00%
110,400 MALAYSIAN HELICOPTER
SERVICES BERHAD ....................... 14
22,080 oMALAYSIAN HELICOPTER WTS 06/11/00....... 1
122,000 oOFFSHORE LOGISTICS, INC ................ 2,608
---------
2,623
---------
AIR TRANSPORTATION,
SCHEDULED--0.59%
1,968,700 oAIR CANADA, INC ........................ 20,291
176,793 AIR EXPRESS INTERNATIONAL CORP ......... 5,392
388,000 AIR NEW ZEALAND LTD (CLASS B) .......... 777
2,000 oAIRNET SYSTEMS, INC .................... 43
262,200 oALASKA AIR GROUP, INC .................. 10,160
1,170 ALL NIPPON AIRWAYS CO LTD .............. 4
534,900 oAMERICA WEST HOLDINGS CORP
(CLASS B) ............................. 9,963
967,500 oAMR CORP ............................... 124,324
1,049,498 ASA HOLDINGS, INC ...................... 29,845
87,000 oATLAS AIR, INC ......................... 2,088
15,900 oAUSTRIAN AIRLINES/OEST LUFTV AG ........ 338
610,181 BRITISH AIRWAYS PLC .................... 5,989
200 oCANADIAN AIRLINES CORP ................. 0
4,000 oCANADIAN AIRLINES CORP WTS 04/22/99..... 0
2,464,800 CATHAY PACIFIC AIRWAYS LTD ............. 2,004
1,875,600 COMAIR HOLDINGS, INC ................... 45,249
275,300 oCONTINENTAL AIRLINES, INC (CLASS B)..... 13,249
510,943 DELTA AIRLINES, INC .................... 60,802
1,083,890 oDEUTSCHE LUFTHANSA AG (REGD) ........... 20,797
972,000 oFEDERAL EXPRESS CORP ................... 59,353
2,262,400 oJAPAN AIRLINES CO LTD .................. 6,177
51,083 KLM (ROYAL DUTCH AIRLINES) NV .......... 1,890
VALUE
SHARES (000)
------ ----------
616,000 MALAYSIAN AIRLINE SYSTEM BERHAD .......$ 494
500 oMIDWEST EXPRESS HOLDINGS, INC ......... 19
501,300 oNORTHWEST AIRLINES CORP (CLASS A)...... 24,000
241,350 PITTSTON BURLINGTON GROUP CO .......... 6,335
977,757 QUANTAS AIRWAYS LTD ................... 1,730
280,000 oRYANAIR HOLDINGS PLC ADR .............. 7,035
3,320 oSAIR GROUP ............................ 4,552
34,188 SAS DANMARK AS ........................ 499
771,000 SINGAPORE INTERNATIONAL
AIRLINES LTD (FR) ..................... 5,033
200 SKYWEST, INC .......................... 6
1,189,500 SOUTHWEST AIRLINES CO ................. 29,291
921,200 SWIRE PACIFIC LTD (CLASS A) ........... 5,053
575,720 oUAL CORP .............................. 53,254
432,000 oUS AIRWAYS GROUP, INC ................. 27,000
30,500 oVIRGIN EXPRESS HOLDINGS ............... 1,873
---------
584,909
---------
AIRCRAFT AND PARTS--1.27%
194,600 oAIRTRAN HOLDINGS, INC .................. 778
9,394,408 ALLIED SIGNAL, INC ..................... 365,795
289,298 oBE AEROSPACE, INC ...................... 7,739
8,825,154 BOEING CO .............................. 431,881
74,700 BREED TECHNOLOGIES, INC ................ 1,363
1,514,404 BRITISH AEROSPACE PLC .................. 43,382
7,134 oBRITISH AEROSPACE PLC WTS 11/15/00 ..... 142
65,800 CURTISS WRIGHT CORP .................... 2,389
7,400 oDUCOMMUN, INC .......................... 259
6,800 oFABBRICA ITALIANA APPARECCHIATURE ...... 23
256,700 oGULFSTREAM AEROSPACE CORP .............. 7,508
52,500 oHONG KONG AIRCRAFT
ENGINEERING CO LTD ..................... 132
364,600 KAMAN CORP (CLASS A) ................... 5,970
642,675 NORTHROP GRUMMAN CORP .................. 73,908
240,100 OEA, INC ............................... 6,948
11,300 oRHEINMETALL AG ......................... 220
10,174,795 ROLLS ROYCE LTD ........................ 38,506
1,900 oSEQUA CORP (CLASS A) ................... 124
303,584 SMITHS INDUSTRIES PLC .................. 4,323
96,700 oSPAR AEROSPACE LTD ..................... 608
798,900 TEXTRON, INC ........................... 49,931
75,706 THOMSON-CSF ............................ 2,387
3,029,950 UNITED TECHNOLOGIES CORP ............... 220,618
---------
1,264,934
---------
AIRPORTS, FLYING FIELDS, AND
SERVICES--0.01%
208,688 oAVIALL, INC ............................ 3,117
13,958 #SODEXHO ALLIANCE S.A. .................. 7,478
---------
10,595
---------
APPAREL, PIECE GOODS, AND
NOTIONS--0.05%
230,024 BURLINGTON COAT FACTORY
WAREHOUSE CORP ........................ 3,781
313,700 oGENESCO, INC ........................... 4,000
7,300 oKENNETH COLE PRODUCTIONS, INC .......... 117
727,600 NIKE, INC (CLASS B) .................... 28,558
554,310 oREEBOK INTERNATIONAL LTD ............... 15,971
1,888 oSALAMANDER AG .......................... 299
---------
52,726
---------
ASPHALT PAVING AND ROOFING
MATERIALS--0.00%
3,700 oELCOR CORP ............................. 89
---------
See notes to financial statements.
-19-
<PAGE>
VALUE
SHARES (000)
------ ----------
AUTO AND HOME SUPPLY
STORES--0.02%
10,000 oAUTOBACS SEVEN CO LTD ................ $ 288
239,700 CANADIAN TIRE, INC (CLASS A) ......... 5,142
2,900 oDISCOUNT AUTO PARTS, INC ............. 55
610,600 PEP BOYS MANNY, MOE, & JACK CO ....... 14,578
-----------
20,063
-----------
AUTOMOTIVE RENTALS,
NO DRIVERS--0.04%
97,000 oBUDGET GROUP, INC .................... 3,353
702,000 oDOLLAR THRIFTY AUTOMOTIVE ............ 14,391
49,600 HERTZ CORP (CLASS A) ................. 1,996
44,880 IMPERIAL HOLDINGS LTD ................ 521
52,470 oNATIONAL AUTO CREDIT, INC ............ 279
123,200 oRENTERS CHOICE, INC .................. 2,526
2,800 ROLLINS TRUCK LEASING CORP ........... 50
507,352 RYDER SYSTEM, INC .................... 16,616
14,900 XTRA CORP ............................ 874
-----------
40,606
-----------
AUTOMOTIVE SERVICES,
EXCEPT REPAIR--0.01%
202,700 BORG-WARNER AUTOMOTIVE, INC .......... 10,540
178,000 oCOMFORT GROUP LTD .................... 77
-----------
10,617
-----------
BAKERY PRODUCTS--0.15%
559,425 ASSOCIATED BRITISH FOODS PLC ......... 4,796
62,749 BAGLEY S.A. (CLASS B) ................ 119
3,196,753 GOODMAN FIELDER LTD .................. 5,083
392,600 INTERSTATE BAKERIES CORP ............. 14,673
256,900 oJ & J SNACK FOODS CORP ............... 4,207
218,832 LANCE, INC ........................... 5,758
2,078,600 NABISCO HOLDINGS CORP (CLASS A) ...... 100,682
86,000 ORKLA AS SERIES A .................... 7,407
7,748 ORKLA AS SERIES B .................... 603
238,175 UNITED BISCUITS HOLDINGS PLC ......... 878
131,000 YAMAZAKI BAKING CO LTD ............... 1,280
-----------
145,486
-----------
BEAUTY SHOPS--0.00%
78,500 REGIS CORP ........................... 1,972
-----------
BEVERAGES--2.53%
4,272,044 ANHEUSER BUSCH COS, INC .............. 187,970
483,000 ASAHI BREWERIES LTD .................. 7,058
654,023 BASS LTD ............................. 10,073
4,680 oBRAU UND BRUNNEN AG .................. 468
410,300 BROWN FORMAN, INC (CLASS B) .......... 22,669
200 oBUSH BOAKE ALLEN, INC ................ 5
687,576 CADBURY SCHWEPPES LTD ................ 6,845
23,809 CARLSBERG BREWERIES AS (CLASS A) ..... 1,288
11,781 CARLSBERG BREWERIES AS (CLASS B) ..... 633
975,000 CARLSBERG BREWERIES
MALAYSIA BERHAD ...................... 3,131
229,222 COCA COLA AMATIL LTD ................. 1,713
277,600 COCA COLA BOTTLING CO
CONSOLIDATED ......................... 19,154
19,266,298 COCA COLA CO ......................... 1,283,617
1,499,500 COCA COLA ENTERPRISES, INC ........... 53,326
132,800 COMPANIA CERVECERIAS
UNIDAS S.A. ADR ...................... 3,901
266,600 COORS (ADOLPH) CO (CLASS B) .......... 8,864
52,000 COTT CORP ............................ 436
8,245,695 DIAGEO PLC ........................... 75,774
40,700 EMBOTELLADORA ANDINA ADR (CLASS B) ... 791
VALUE
SHARES (000)
------ ----------
156,500 FOMENTO ECONOMICO MEXICANO
S.A. DE CV SERIES B ................. $ 1,246
934,200 FORTUNE BRANDS, INC .................. 34,624
5,954,858 FOSTERS BREWING GROUP LTD ............ 11,330
145,800 FRASER & NEAVE LTD ................... 632
105,000 oGRUPO CONTINENTAL S.A ................ 376
216,500 GRUPO MODELO S.A. SERIES C ........... 1,829
77,600 GUINESS ANCHOR BERHAD ................ 96
119,753 HEINEKEN NV .......................... 20,852
159,998 HERMES INTERNATIONAL S.A ............. 11,170
150 oHOLSTEN BRAUEREI AG .................. 30
539,200 oITOEN LTD ............................ 14,307
2,874,000 KIRIN BREWERY CO LTD ................. 20,999
1,930,930 LION NATHAN LTD ...................... 4,328
157,351 LVMH MOET HENNESSY
LOUIS VUITTON ........................ 26,129
105,000 oMIDWEST GRAIN PRODUCTS, INC .......... 1,313
45,500 MOLSON CO LTD (CLASS A) .............. 812
1,000 MOLSON CO LTD (CLASS B) .............. 18
17,939,236 PEPSICO, INC ......................... 653,661
350,000 xPOWER PACIFIC LTD .................... 0
159,150 SAPPORO BREWERIES LTD ................ 502
373,729 SCOTTISH & NEWCASTLE PLC ............. 4,594
250,300 SEAGRAMS CO LTD ...................... 8,089
241,400 SEAGRAMS CO LTD (U.S.) ............... 7,800
83,399 SOUTH AFRICAN BREWERIES LTD .......... 2,056
6,102 SOUTH AFRICAN BREWERIES LTD (U.S.) ... 150
1,808,091 SOUTHCORP LTD ........................ 5,985
88,000 TAKARA SHUZO CO LTD .................. 328
11,700 oUNICER-UNIAO CERVEJEIRA, S.A ......... 165
38,200 VINA CONCHA Y TORO S.A. ADR .......... 965
-----------
2,522,102
-----------
BITUMINOUS COAL AND
LIGNITE MINING--0.01%
5,497 ANGLO AMERICAN COAL CORP LTD ......... 256
192,200 ASHLAND COAL, INC .................... 5,261
593,000 WANKIE COLLIERY CO LTD ............... 129
132,200 ZEIGLER COAL HOLDINGS CO ............. 2,157
-----------
7,803
-----------
BLANKBOOKS AND
BOOKBINDING--0.03%
200 oDAY RUNNER, INC ...................... 8
667,400 DELUXE CORP .......................... 23,025
305,400 oFRANKLIN COVEY CO .................... 6,719
-----------
29,752
-----------
BLAST FURNACE AND BASIC
STEEL PRODUCTS--0.34%
6,910 ACERINOX S.A ......................... 1,023
239,531 oACME METALS, INC ..................... 2,365
691,600 AK STEEL HOLDINGS CORP ............... 12,233
818,087 ALLEGHENY TELEDYNE, INC .............. 21,168
872,000 AMSTEEL CORP BERHAD .................. 152
84,000 oAMSTEEL CORP BERHAD WTS 05/19/00 ..... 5
176,900 oARMCO, INC ........................... 873
55,000 oB.U.S. BERZELIUS UMWELT-SERVICE AG ... 734
1,299,200 oBETHLEHEM STEEL CORP ................. 11,206
355,900 BIRMINGHAM STEEL CORP ................ 5,605
1,413,246 BRITISH STEEL PLC .................... 3,064
123,200 CARPENTER TECHNOLOGY CORP ............ 5,921
156,200 CO STEEL, INC ........................ 2,074
17,200,000 COMPANIA SIDERURGICA
NACIONAL S.A ......................... 478
See notes to financial statements.
-20-
<PAGE>
VALUE
SHARES (000)
------ ----------
BLAST FURNACE AND BASIC
STEEL PRODUCTS--(CONTINUED)
22,000 CONSOLIDATED METALLURGICAL
INDUSTRIES LTD ....................... $ 30
1,470,000 DAIDO STEEL CO LTD ................... 1,854
128,800 DOFASCO, INC ......................... 2,070
56,600 FLACK S.P.A .......................... 259
250,000 oFOSTER (LB) CO (CLASS A) ............. 1,234
43,000 FRIED KRUPP AG HOESCH KRUPP .......... 7,916
272,000 oGRUPO SIMEC, S.A. DE C.V. SERIES B ... 71
23,920 oHOOGOVENS NEN STAALIADRIEREN NV ...... 980
828,600 INLAND STEEL INDUSTRIES, INC ......... 14,190
33,200 IPSCO, INC ........................... 1,288
1,000 IVACO, INC (CLASS A) ................. 3
275,700 J & L SPECIALTY STEEL, INC ........... 2,774
3,808,000 KAWASAKI STEEL CORP .................. 5,213
236,100 oLONE STAR TECHNOLOGIES, INC .......... 6,699
588,900 LTV CORP ............................. 5,742
97,700 LUKENS, INC .......................... 2,791
155,800 oMAVERICK TUBE CORP ................... 3,944
58,000 oMITSUBISHI STEEL MANUFACTURING
CO LTD .............................. 58
198,450 NATIONAL IRON & STEEL MILLS LTD ...... 269
223,200 oNATIONAL STEEL CORP (CLASS B) ........ 2,581
47,000 NIPPON DENKO CO LTD .................. 41
7,543,000 NIPPON STEEL CORP .................... 11,197
6,920,200 NKK CORP ............................. 5,535
340,600 NUCOR CORP ........................... 16,455
156,400 OREGON STEEL MILLS, INC .............. 3,333
102,100 POHANG IRON & STEEL CO LTD ........... 2,765
35,000 oPROMET BERHAD ........................ 3
196,100 QUANEX CORP .......................... 5,515
186,900 ROUGE INDUSTRIES, INC (CLASS A) ...... 2,266
60,500 SANDVIK AB SERIES B FREE ............. 1,731
7,900 oSTEEL DYNAMICS, INC .................. 126
8,725,000 SUMITOMO METAL INDUSTRIES LTD ........ 11,206
390,088 TEXAS INDUSTRIES, INC ................ 17,554
182,400 TOKYO STEEL MANUFACTURING CO LTD ..... 619
3,275,621 USX-MARATHON GROUP, INC .............. 110,552
591,864 USX-US STEEL GROUP, INC .............. 18,496
479,912 WORTHINGTON INDUSTRIES, INC .......... 7,919
-----------
342,180
-----------
BOAT DEALERS--0.00%
12,800 oWEST MARINE, INC ...................... 286
-----------
BOOKS--0.08%
362,900 BANTA CORP ........................... 9,798
192,500 oGOLDEN BOOKS FAMILY
ENTERTAINMENT, INC .................. 1,985
24,812 GRUPO ANAYA S.A ...................... 456
184,100 HOUGHTON MIFFLIN CO .................. 7,065
544,600 MCGRAW HILL COS, INC ................. 40,300
47,700 NASIONALE PERS BEPERK SERIES N ....... 392
191,550 +PLENUM PUBLISHING CORP ............... 8,859
257,800 oSCHOLASTIC CORP ...................... 9,668
159,550 THOMAS NELSON, INC ................... 1,845
900 WILEY (JOHN) & SONS, INC (CLASS A) ... 49
-----------
80,417
-----------
BROADWOVEN FABRIC MILLS,
COTTON--0.03%
322,400 oBURLINGTON INDUSTRIES, INC ........... 4,453
121,100 oCONE MILLS CORP ...................... 939
10,200 CULP, INC ............................ 204
9,300 oGALEY & LORD, INC .................... 166
1,755,000 oNITTO BOSEKI CO LTD .................. 4,414
VALUE
SHARES (000)
------ ----------
600 oTRIARC COS, INC ...................... $ 16
320,400 oWESTPOINT STEVENS, INC ............... 15,139
-----------
25,331
-----------
BROADWOVEN FABRIC MILLS,
MANMADE--0.02%
179,700 ALBANY INTERNATIONAL CORP
(CLASS A) ........................... 4,133
136,000 oCOLLINS & AIKMAN CORP ................ 1,173
23,900 CONFECCOES GUARARAPES S.A ............ 89
129,000 MITSUBISHI RAYON CO LTD .............. 317
240,000 SPRING INDUSTRIES, INC ............... 12,480
-----------
18,192
-----------
BROADWOVEN FABRIC MILLS,
WOOL--0.00%
12,570 CHARGEURS S.A. ....................... 752
-----------
BUS TERMINAL AND SERVICE
FACILITIES--0.05%
4,001,136 oNEW WORLD INFRASTUCTURE LTD .......... 9,011
2,901,446 STAGECOACH HOLDINGS PLC .............. 40,054
-----------
49,065
-----------
BUSINESS CREDIT INSTITUTIONS--0.07%
306,300 oARCADIA FINANCIAL LTD ................ 2,278
380,800 ASSOCIATES FIRST CAPITAL CORP ........ 27,084
149,721 CAPITAL ONE FINANCIAL CORP ........... 8,113
466,600 FINOVA GROUP, INC .................... 23,184
1,425,000 LONDON FORFAITING CO PLC ............. 8,324
16,547 oPACIFIC CREST CAPITAL, INC ........... 302
38,300 TOTAL SYSTEM SERVICES, INC ........... 948
3,000 oWFS FINANCIAL, INC ................... 34
-----------
70,267
-----------
CABLE AND OTHER PAY TV
SERVICES--0.33%
158,566 oASCENT ENTERTAINMENT GROUP, INC ...... 1,645
3,600 oBET HOLDINGS, INC (CLASS A) .......... 197
9,125 oCABLE MICHIGAN, INC .................. 209
145,200 oCABLEVISION SYSTEMS CORP (CLASS A) ... 13,903
706,800 COMCAST CORP (CLASS A) ............... 22,529
2,028,335 COMCAST CORP (CLASS A) SPECIAL ....... 64,019
621,689 oCOX COMMUNICATIONS, INC
(CLASS A) ........................... 24,906
213,000 oGENERAL CABLE PLC ADR ................ 1,464
143,650 oMASTEC, INC .......................... 3,286
272,842 oPANAMSAT CORP ........................ 11,766
131,600 oROGERS COMMUNICATIONS, INC
(CLASS B) ........................... 635
150,500 TCA CABLE TV, INC .................... 6,923
696,349 oTCI SATELLITE ENTERTAINMENT
(CLASS A) ........................... 4,787
4,078,430 oTELE-COMMUNICATIONS, INC
(CLASS A) ........................... 113,941
2,020,967 oTELECOM-TCI VENTURES GROUP
(CLASS A) 57,219
24,000 oUNITED VIDEO SATELLITE GROUP, INC .... 690
-----------
328,119
-----------
CARPENTRY AND FLOOR WORK--0.01%
221,100 GEON CO .............................. 5,168
-----------
CARPETS AND RUGS--0.02%
1,523,000 SHAW INDUSTRIES, INC ................. 17,705
-----------
CASH GRAINS--0.01%
133,400 DEKALB GENETICS CORP (CLASS B) ....... 5,236
247,409 DELTA & PINE LAND CO ................. 7,546
-----------
12,782
-----------
See notes to financial statements.
-21-
<PAGE>
VALUE
SHARES (000)
------ ----------
CEMENT, HYDRAULIC--0.04%
95,000 APASCO S.A ...........................$ 652
7,500 CENTEX CONSTRUCTION PRODUCTS, INC .... 226
241,009 CRH PLC .............................. 2,796
22,500 oGIANT CEMENT HOLDING, INC ............ 520
40,000 ITALCEMENTI S.P.A. (S/S) ............. 120
44,420 oLAFARGE S.A. (BR) .................... 2,916
30,768 #LAFARGE S.A. (REGD) .................. 2,020
5,060 LAFARGE S.A. (SPANISH CERT) .......... 329
352,792 MEDUSA CORP .......................... 14,751
272,774 SOUTHDOWN, INC ....................... 16,094
2,371,000 SUMITOMO OSAKA CEMENT CO LTD ......... 2,991
-----------
43,415
-----------
CHEMICAL AND FERTILIZER
MINERALS--0.01%
84,200 POTASH CORP OF SASKATCHEWAN, INC ..... 7,004
8,476 POTASH CORP OF SASKATCHEWAN, INC
(U.S.) .............................. 704
-----------
7,708
-----------
CHEMICALS AND ALLIED
PRODUCTS--0.01%
65,600 oERCROS S.A ........................... 64
4,000 MYERS INDUSTRIES, INC ................ 68
70,000 SAES GETTERS S.P.A ................... 1,125
175,000 SKW TROSTBERG AG ..................... 5,557
513,500 URALITA S.A .......................... 5,862
-----------
12,676
-----------
CHEWING AND SMOKING
TOBACCO--0.07%
2,016,800 UST, INC ............................. 74,496
-----------
CHILDREN'S AND INFANTS' WEAR
STORES--0.01%
423,900 oGYMBOREE CORP ........................ 11,604
-----------
CIGARETTES--1.04%
2,200,000 GALLAHER GROUP PLC ................... 11,692
1,133,700 GALLAHER GROUP PLC ADR ............... 24,233
298,000 GRUPO CARSO S.A. DE CV SERIES A ...... 1,989
382,200 IMASCO LTD ........................... 13,487
21,319,000 PHILIP MORRIS COS, INC ............... 966,017
67,000 R.J. REYNOLDS BERHAD ................. 109
256,300 ROTHMANS OF PALL MALL BERHAD ......... 1,992
184,000 TABACALERA S.A. SERIES A (REGD) ...... 14,909
-----------
1,034,428
-----------
CIGARS--0.03%
2,131,557 B.A.T. INDUSTRIES LTD ................ 19,448
600 oCONSOLIDATED CIGAR HOLDINGS, INC ..... 17
122,800 oEMPRESAS LA MODERN SERIES A NPV ...... 670
41,400 oGENERAL CIGAR HOLDINGS, INC (CLASS A). 882
24,928 NOBLEZA-PICCARDO S.A. (CLASS B) ...... 112
248,345 ROTHMANS HOLDINGS LTD ................ 1,311
81,196 SEITA S.A ............................ 2,915
75,278 SOUZA CRUZ S.A ....................... 607
-----------
25,962
-----------
CLAY, CERAMIC, AND REFRACTORY
MINERALS--0.00%
34,650 AMCOL INTERNATIONAL CORP ............. 550
-----------
COLLEGES AND UNIVERSITIES--0.00%
4,200 oEDUCATION MANAGEMENT CORP ............ 130
-----------
VALUE
SHARES (000)
------ ----------
COMBINATION UTILITY SERVICES--1.11%
1,801,724 BALTIMORE GAS & ELECTRIC CO ..........$ 61,371
300,000 BERLINER KRAFT-UND LICHT (BEWAG) AG .. 9,076
110,700 CENTRAL HUDSON GAS & ELECTRIC CORP ... 4,857
150,895 CENTRAL MAINE POWER CO ............... 2,301
8,700 CILCORP, INC ......................... 425
292,409 CIPSCO, INC .......................... 12,939
433,783 oCITIZENS UTILITIES CO (CLASS B) ...... 4,175
2,303,100 CONSOLIDATED EDISON CO OF
NEW YORK, INC ....................... 94,427
487,400 DELMARVA POWER & LIGHT CO ............ 11,241
6,737,310 EDISON INTERNATIONAL CO .............. 183,171
98,607 ELECTRABEL NV ........................ 22,808
2,521,290 ENOVA CORP ........................... 68,232
369,600 IPALCO ENTERPRISES, INC .............. 15,500
436,834 KANSAS CITY POWER & LIGHT CO ......... 12,914
1,920 LAHMEYER AG .......................... 77
1,347,500 LONG ISLAND LIGHTING CO .............. 40,593
7,000 oMADISON GAS & ELECTRIC CO ............ 161
461,500 MIDAMERICAN ENERGY HOLDINGS CO ....... 10,153
379,386 MONTANA POWER CO ..................... 12,069
1,824,560 NEW CENTURY ENERGIES, INC ............ 87,465
839,386 NEW YORK STATE ELECTRIC & GAS CORP ... 29,798
1,764,500 oNIAGARA MOHAWK POWER CORP ............ 18,527
572,379 NIPSCO INDUSTRIES, INC ............... 28,297
423,900 NORTHERN STATES POWER CO ............. 24,692
7,900 oNORTHWESTERN PUBLIC SERVICE CO ....... 182
48,900 ORANGE & ROCKLAND UTILITY, INC ....... 2,277
2,079,100 PACIFICORP ........................... 56,785
2,386,400 PECO ENERGY CO ....................... 57,870
454,862 PUBLIC SERVICE CO OF NEW MEXICO ...... 10,775
2,214,446 PUBLIC SERVICE ENTERPRISE GROUP, INC . 70,170
372,200 ROCHESTER GAS & ELECTRIC CORP ........ 12,655
692,700 SCANA CORP ........................... 20,738
1,000,100 SIERRA PACIFIC RESOURCES ............. 37,504
630,700 UNION ELECTRIC CO .................... 27,278
293,632 UTILICORP UNITED, INC ................ 11,397
881,700 WASHINGTON WATER POWER CO ............ 21,436
461,529 WESTERN RESOURCES, INC ............... 19,846
-----------
1,104,182
-----------
COMMERCIAL BANKS--9.00%
2,766,190 ABN-AMRO HOLDINGS NV ................. 53,897
193,799 ABSA GROUP LTD ....................... 1,115
415,095 ALLIED IRISH BANK .................... 4,013
25,300 ALLIED IRISH BANKS PLC (SPONSORED ADR) 1,467
2,000 AMCORE FINANCIAL, INC ................ 50
582,737 AMSOUTH BANCORP ...................... 31,650
277,200 oAPPLIED INTERNATIONAL HOLDINGS LTD
WTS 12/30/99 ........................ 5
174,900 ARGENTARIA S.A ....................... 10,638
3,031,486 ASAHI BANK LTD ....................... 12,357
544,000 ASHIKAGA BANK LTD .................... 879
793,973 ASSOCIATED BANC CORP ................. 43,768
321,808 AUSTRALIAN & NEW ZEALAND
BANKING GROUP LTD ................... 2,126
6,514,702 BANC ONE CORP ........................ 353,830
2,501,690 BANCA COMMERCIALE ITALIANA S.P.A ..... 8,708
700,000 BANCA FIDEURAM S.P.A ................. 3,069
1,152,200 BANCA POPOLARE DI MILANO ............. 7,239
528,670 BANCO AMBROSIANO VENETO S.P.A ........ 2,026
1,717,161 BANCO BILBAO VIZCAYA S.A. (REGD) ..... 55,543
175,546 BANCO CENTRALE
HISPANOAMERICANO S.A ................ 4,273
38,600 BANCO DE A. EDWARDS S.P.A. ADR ....... 656
See notes to financial statements.
-22-
<PAGE>
VALUE
SHARES (000)
------ ----------
COMMERCIAL BANKS--(CONTINUED)
197,448 BANCO DE GALICIA BUENOS
AIRES S.A. SERIES A .................$ 1,264
4,000 BANCO DE GALICIA Y BUENOS AIRES ADR .. 103
102,665 oBANCO ESPANOL DE CREDITO S.A ......... 1,010
129,261 BANCO FRANCES DEL RIO DE
LA PLATA S.A ........................ 1,200
165,000 BANCO INTERCONTINENTAL
ESPANOLA S.A ........................ 9,353
1,536,542 BANCO SANTANDER S.A .................. 51,314
125,000 BANCO SANTIAGO ADR ................... 2,781
4,000 BANCORPSOUTH, INC .................... 189
1,308,990 BANK OF EAST ASIA LTD ................ 3,066
2,770,736 BANK OF NEW YORK CO, INC ............. 160,183
7,000 BANK OF OKINAWA LTD .................. 121
1,409,000 BANK OF YOKOHAMA LTD ................. 3,728
8,797,914 BANKAMERICA CORP ..................... 642,248
1,656,300 BANKBOSTON CORP ...................... 155,589
1,593,218 BANKERS TRUST NEW YORK CORP .......... 179,137
305,251 BANQUE DE PARIBAS S.A ................ 26,537
166,188 BANQUE NATIONALE DE PARIS ............ 8,837
1,672,637 BARCLAYS PLC ......................... 44,447
3,328,958 BARNETT BANKS, INC ................... 239,269
197,200 BAYERISCHE HYPOTHEKEN-UND
WECHSEL-BANK ........................ 9,629
1,027,210 BAYERISCHE VEREINSBANK AG ............ 67,239
1,155,976 BB&T CORP ............................ 74,055
2,300 oCAPITAL BANCORP/MIAMI, FLORIDA ....... 133
164,600 CCB FINANCIAL CORP ................... 17,695
38,500 CENTURA BANKS, INC ................... 2,657
4,302,175 CHASE MANHATTAN CORP ................. 471,088
1,484,540 CHIBA BANK LTD ....................... 4,624
11,050 oCHITTENDEN CORP ...................... 387
5,208,083 CITICORP CO .......................... 658,497
11,500 CITIZENS BANKING CORP
(MICHIGAN) .......................... 397
252,500 CITY NATIONAL CORP ................... 9,327
12,200 oCNB BANCSHARES, INC .................. 588
69,300 COLONIAL BANCGROUP, INC .............. 2,387
1,249,758 COMERICA, INC ........................ 112,791
222,147 COMMERCE BANCORP, INC ................ 11,329
92,507 COMMERCE BANCSHARES, INC ............. 6,267
114,000 COMMERZBANK AG ....................... 4,489
50,600 oCOMMUNITY FIRST
BANKSHARES, INC ..................... 2,694
4,000 oCOMMUNITY TRUST BANCORP, INC ......... 125
787,900 COMPASS BANCSHARES, INC .............. 34,471
2,198,398 CORESTATES FINANCIAL CORP ............ 176,009
2,100 CORUS BANKSHARES, INC ................ 83
115,076 CREDIT COMMERCIAL DE
FRANCE S.A .......................... 7,890
6,500 CREDITANSTALT-BANKVEREIN ............. 364
15,800 CREDITANSTALT-BAVKVEREIN (STAMM) ..... 1,012
5,350,660 CREDITO ITALIANO S.P.A ............... 16,520
1,069,234 CRESTAR FINANCIAL CORP ............... 60,946
327,300 CULLEN FROST BANKERS, INC ............ 19,863
100,189 DEN DANSKE BANK AF 1871 .............. 13,359
118,300 DEPOSIT GUARANTY ..................... 6,728
1,161,800 DEUTSCHE BANK AG ..................... 82,058
380,250 DEVELOPMENT BANK OF
SINGAPORE LTD (FR) .................. 3,250
1,166,840 DRESDNER BANK AG ..................... 53,861
3,100 F & M NATIONAL CORP .................. 106
787,762 FIFTH THIRD BANCORP .................. 64,400
249,052 FIRST AMERICAN CORP .................. 12,390
VALUE
SHARES (000)
------ ----------
2,923,713 FIRST CHICAGO NBD CORP ...............$ 244,130
1,300 FIRST CITIZENS BANCSHARES, INC
(CLASS A) ........................... 135
289,642 FIRST COMMERCE CORP .................. 19,478
38,489 FIRST COMMERCIAL CORP ................ 2,256
4,700 FIRST COMMONWEALTH FINANCIAL CORP .... 165
900 FIRST EMPIRE STATE CORP .............. 419
2,200 FIRST FINANCIAL BANCORP .............. 106
201,500 FIRST HAWAIIAN, INC .................. 8,010
189,800 FIRST MIDWEST BANCORP, INC ........... 8,304
145,000 FIRST NATIONAL BANK HOLDINGS LTD ..... 1,289
530,758 FIRST OF AMERICA BANK CORP ........... 40,935
30,200 oFIRST REPUBLIC BANK .................. 965
1,301,012 FIRST SECURITY CORP .................. 54,480
640,500 FIRST TENNESSEE NATIONAL CORP ........ 42,753
565,125 FIRST VIRGINIA BANKS, INC ............ 29,210
2,600 oFIRST WESTERN BANCORP, INC ........... 74
1,166,100 FIRSTAR CORP ......................... 49,486
2,000 oFIRSTBANK OF ILLINOIS CO ............. 74
2,200 FIRSTBANK PUERTO RICO ................ 75
468,600 FIRSTMERIT CORP ...................... 13,297
4,781,940 FLEET FINANCIAL GROUP, INC ........... 358,347
222,685 FRANCHISE FINANCE CORP OF AMERICA .... 6,012
4,603,334 FUJI BANK LTD ........................ 18,693
1,400 GBC BANCORP .......................... 89
922 oGENERALE DE BANQUE NPV STRIP VVPR .... 0
28,751 GENERALE DE BANQUE S.A ............... 12,513
479,000 oGENTRA, INC .......................... 1,757
44,600 GREENPOINT FINANCIAL CORP ............ 3,236
110,000 oGRUPO FINANCIERO BANAMEX
ACCIVAL S.A. DE CV SERIES B ......... 327
159,506 oGRUPO FINANCIERO BANAMEX
ACCIVAL S.A. DE CV SERIES L ......... 412
703,000 GUNMA BANK LTD ...................... 4,596
1,177,259 HANG SENG BANK LTD .................. 11,357
14,500 oHERITAGE FINANCIAL SERVICES, INC ..... 421
200,000 HIGO FAMILY BANK LTD ................. 1,015
147,000 oHOKKAIDO BANK LTD .................... 155
1,338,000 HOKURIKU BANK LTD .................... 1,749
1,405,781 HSBC HOLDINGS PLC .................... 34,835
2,529,776 HSBC HOLDINGS PLC (HONG KONG) ........ 62,358
1,613,202 HSBC HOLDINGS LTD (UNITED KINGDOM) ... 41,700
186,211 HUBCO, INC ........................... 7,286
1,130,988 HUNTINGTON BANCSHARES, INC ........... 40,716
672,211 oIMPERIAL BANCORP ..................... 33,148
3,854,223 INDUSTRIAL BANK OF JAPAN LTD ......... 27,568
2,133,920 INSTITUTO BANCARIO SAN
PAOLO DI TURINO ..................... 20,412
21,900 INVESTEC GROUP LTD ................... 842
35,939 INVESTORS FINANCIAL SERVICES CORP .... 1,653
1,541,730 ISTITUTO MOBILIARE ITALIANO S.P.A .... 18,325
1,358,305 JOYO BANK ............................ 4,805
2,285,319 KEYCORP .............................. 161,829
84,532 KEYSTONE FINANCIAL, INC .............. 3,402
10,029,799 LLOYDS TSB GROUP PLC ................. 129,714
633,000 MAGNA GROUP, INC ..................... 28,960
3,300 oMAINSTREET BANKGROUP, INC ............ 92
615,100 MALAYAN BANKING BERHAD ............... 1,786
651,658 MARSHALL & ILSLEY CORP ............... 40,484
2,831,843 MBNA CORP ............................ 77,345
2,269,936 MELLON BANK CORP ..................... 137,615
879,088 MERCANTILE BANCORP, INC .............. 54,064
260,139 MERCANTILE BANKSHARES CORP ........... 10,178
691,665 MERITA LTD ........................... 3,785
96,000 METROPOLITAN BANK & TRUST CO ......... 656
8,000 MICHINOKU BANK LTD ................... 42
See notes to financial statements.
-23-
<PAGE>
VALUE
SHARES (000)
------ ----------
COMMERCIAL BANKS--(CONTINUED)
6,300 oMID-AM, INC .......................... $ 162
1,967,000 MITSUBISHI TRUST & BANKING CORP ...... 19,818
2,047,000 MITSUI TRUST & BANKING CO LTD ........ 3,983
1,778,943 MORGAN (J.P.) & CO, INC .............. 200,798
8,507 NATEXIS S.A .......................... 496
4,359,852 NATIONAL AUSTRALIA BANK LTD .......... 60,880
500 NATIONAL BANCORP OF ALASKA, INC ...... 63
2,600 NATIONAL CITY BANCSHARES, INC ........ 116
1,520,468 NATIONAL CITY CORP ................... 99,971
44,900 NATIONAL COMMERCE BANCORP ............ 1,583
6,434,968 NATIONSBANK CORP ..................... 391,326
3,000 oNBT BANCORP, INC ..................... 81
999,400 NORTH FORK BANCORP, INC .............. 33,542
1,392,043 NORTHERN TRUST CORP .................. 97,095
5,450,936 NORWEST CORP ......................... 210,542
849,502 OLD KENT FINANCIAL CORP .............. 33,662
2,000 OLD NATIONAL BANCORP ................. 97
136,400 ONBANCORP, INC ....................... 9,616
33,150 ONE VALLEY BANCORP, INC .............. 1,285
2,451,384 OVERSEAS-CHINESE BANKING
CORP LTD (FR) ........................ 14,257
941,100 PACIFIC CENTURY FINANCIAL CORP ....... 23,292
2,800 oPEOPLES FIRST CORP ................... 109
429,810 PEOPLES HERITAGE FINANCIAL
GROUP, INC .......................... 19,771
264,000 PHILIPPINE COMMERCIAL
INTERNATIONAL BANK .................. 761
200,000 oPHILIPPINE NATIONAL BANK ............. 446
3,252,164 PNC BANK CORP ........................ 185,577
193,229 POPULAR, INC ......................... 9,565
113,965 PROVIDENT BANKSHARES CORP ............ 7,280
39,400 oPROVIDENT FINANCIAL GROUP ............ 1,911
598 PT BANK DANAMON (FR) ................. 0
1,920,424 PUBLIC BANK BERHAD (FR) .............. 661
233,599 oPUBLIC BANK BERHAD (LR) .............. 73
1,309,904 REGIONS FINANCIAL CORP ............... 55,262
6,900 RELIANCE BANCORP, INC ................ 253
416,212 REPUBLIC BANCORP, INC ................ 8,897
603,425 REPUBLIC NEW YORK CORP ............... 68,904
904,600 RHB CAPITAL BERHAD ................... 437
78,000 oRHB CAPITAL BERHAD WTS 12/28/99 ...... 11
30,000 RIGGS NATIONAL CORP .................. 806
554,005 ROYAL BANK OF CANADA ................. 29,266
712,680 ROYAL BANK OF SCOTLAND PLC ........... 9,123
4,674,000 SAKURA BANK LTD ...................... 13,409
765 SANWA BANK LTD ....................... 8
336,000 SEVENTY-SEVEN (77) BANK LTD .......... 2,403
905,000 SHIZUOKA BANK LTD .................... 9,744
7,100 oSILICON VALLEY BANCSHARES ............ 399
251,933 SKANDIA FORSAKRINGS AB ............... 11,891
88,000 SKANDINAVISKA ENSKILDA BANKEN
SERIES C FREE ....................... 1,037
929,570 SKANDINAVISKA ENSKILDA BANKEN
SERIES A ............................ 11,774
118,048 SOCIETE GENERALE S.A ................. 16,090
1,328,130 SOUTHTRUST CORP ...................... 84,253
500 oSOUTHWEST BANCORP OF TEXAS, INC ...... 16
265,900 STAR BANC CORP ....................... 15,256
1,253,500 STATE STREET CORP .................... 72,938
19,600 oSTERLING BANCSHARES, INC ............. 397
5,484,550 SUMITOMO BANK LTD .................... 62,851
900 SUMITOMO BANK OF CALIFORNIA .......... 49
1,532,259 SUMMIT BANCORP ....................... 81,593
VALUE
SHARES (000)
------ ----------
1,340,080 SUNTRUST BANKS, INC ..................$ 95,648
2,100 SUSQUEHANNA BANCSHARES, INC .......... 80
249,100 SVENSKA HANDELSBANKEN SERIES A ....... 8,618
209,500 SVENSKA HANDELSBANKEN SERIES B
FREE ................................ 6,746
125,406 oSWISS BANK CORP (REGD) ............... 39,034
3,730 oSWISS BANK CORP (REGD) WTS 06/30/00 .. 52
335,575 SYNOVUS FINANCIAL CORP ............... 10,990
3,400 oTEXAS REGIONAL BANCSHRS, INC
(CLASS A) ........................... 104
2,591,609 TOKAI BANK LTD ....................... 12,119
59,100 TORONTO DOMINION BANK ................ 2,222
30,700 TRANS FINANCIAL, INC ................. 1,193
5,900 TRUSTCO BANK CORP .................... 161
54,000 TRUSTMARK CORP ....................... 2,498
1,942,910 U.S. BANCORP ......................... 217,484
72,969 U.S. TRUST CORP ...................... 4,570
4,545 UBS REGISTERED ....................... 1,312
2,665 UMB FINANCIAL CORP ................... 145
103,300 UNI BANKDANMARK AS (CLASS A) ......... 7,588
44,751 UNION BANK OF SWITZERLAND (BR) ....... 64,798
663,672 UNION PLANTERS CORP .................. 45,088
3,500 UNIONBANCAL CORP ..................... 376
686,890 UNITED OVERSEAS BANK LTD (FR) ........ 3,812
2,200 USBANCORP, INC ....................... 161
4,000 VALLEY NATIONAL BANCORP .............. 157
14,900 VERMONT FINANCIAL SERVICES CORP ...... 415
1,361,112 WACHOVIA CORP ........................ 110,420
705,181 WELLS FARGO & CO ..................... 239,365
1,000 oWESBANCO, INC ........................ 30
115,000 WESTAMERICA BANCORP .................. 11,759
2,000 oWESTERNBANK PUERTO RICO .............. 48
5,855,242 WESTPAC BANKING CORP ................. 37,451
101,250 WHITNEY HOLDINGS CORP ................ 5,771
82,000 WILMINGTON TRUST CORP ................ 5,115
249,302 WING LUNG BANK LTD ................... 1,194
372,000 YAMAGUCHI BANK LTD ................... 4,578
2,946,000 YASUDA TRUST & BANKING CO LTD ........ 2,945
303,600 ZIONS BANCORP ........................ 13,776
-----------
8,961,022
-----------
COMMERCIAL PRINTING--0.06%
489,830 AMERICAN BUSINESS PRODUCTS, INC ...... 10,593
22,300 oAPPLIED GRAPHICS TECHNOLOGIES, INC ... 1,187
75,900 oBIG FLOWER HOLDINGS, INC ............. 1,831
253,100 BOWNE & CO, INC ...................... 10,092
83,400 oCONSOLIDATED GRAPHICS, INC ........... 3,889
550,100 DONNELLEY (R.R.) & SONS CO ........... 20,491
374,600 HARLAND (JOHN H.) CO ................. 7,867
16,400 MERRILL CORP ......................... 381
466,000 oTOPPS, INC ........................... 1,034
-----------
57,365
-----------
COMMERCIAL SPORTS--0.00%
8,100 oCYRK, INC ............................ 78
9,800 oFLORIDA PANTHERS HOLDINGS, INC ....... 169
128,100 oHOLLYWOOD PARK, INC .................. 2,818
-----------
3,065
-----------
COMMUNICATIONS EQUIPMENT--1.43%
4,169,799 o3COM CORP ............................ 145,682
1,831,000 oADC TELECOMMUNICATIONS, INC .......... 76,444
359,000 oADVANCED FIBRE COMMUNICATIONS ........ 10,456
568,400 ALIANT COMMUNICATIONS, INC ........... 17,834
325,000 ALLGON AB SERIES B FREE .............. 4,383
13,125 #AMER SATELLITE NETWORK WTS 06/30/99 .. 0
343,800 oAMTECH CORP .......................... 1,375
See notes to financial statements.
-24-
<PAGE>
VALUE
SHARES (000)
------ ----------
COMMUNICATIONS EQUIPMENT--(CONTINUED)
647,518 oANDREW CORP .......................... $ 15,540
107,800 oANTEC CORP ........................... 1,684
381,500 oASPECT TELECOMMUNICATIONS CORP ....... 7,964
228,672 oASSOCIATED GROUP, INC (CLASS A) ...... 6,774
606,100 oASSOCIATED GROUP, INC (CLASS B) ...... 17,653
254,650 oAYDIN CORP ........................... 3,008
20,992 BETACOM PLC .......................... 11
161,300 oBILLING INFORMATION CONCEPTS CORP .... 7,742
165,600 oBOSTON TECHNOLOGY, INC ............... 4,161
13,080,660 BRITISH TELECOMMUNICATIONS PLC ....... 103,256
15,892,715 CABLE & WIRELESS PLC ................. 139,771
290,000 oCALIFORNIA MICROWAVE, INC ............ 5,619
366 oCHYRON CORP .......................... 2
69,500 oCIDCO, INC ........................... 1,355
606,400 oCIENA CORP ........................... 37,066
14,300 oCOHERENT COMMUNICATIONS
SYSTEMS CORP ........................ 399
130,000 CUBIC CORP ........................... 4,258
96,800 oDAVOX CORP ........................... 3,158
1,000 oDIGITAL LIGHTWAVE, INC ............... 13
489,600 oDIGITAL MICROWAVE CORP ............... 7,099
663,788 oDSC COMMUNICATIONS CORP .............. 15,931
387,500 oDSP COMMUNICATIONS, INC .............. 4,650
600,000 oELCOTEQ NETWORK CORP (CLASS A) ....... 7,547
50,000 oERICSSON S.P.A ....................... 2,185
845,000 oERICSSON TELEFON (LM) SERIES B ADR ... 31,530
42,135 oEXCEL COMMUNICATIONS, INC ............ 611
175,214 FEDERAL SIGNAL CORP .................. 3,789
259,500 oFIRST ALERT, INC ..................... 551
319,200 oGENERAL DATACOMM INDUSTRIES, INC ..... 1,496
870,000 oGEOTEK COMMUNICATIONS, INC ........... 1,332
140,737 oGLENAYRE TECHNOLOGIES, INC ........... 1,390
1,041,750 HARRIS CORP .......................... 47,790
8,046,148 HONG KONG TELECOMMUNICATIONS LTD ..... 16,563
125,600 INTER-TEL, INC ....................... 2,434
96,900 oINTERDIGITAL COMMUNICATIONS CORP ..... 297
751,936 oITT CORP ............................. 62,317
1,211,536 ITT INDUSTRIES, INC .................. 38,012
21,200 oLORAL SPACE & COMMUNICATIONS LTD ..... 454
350,000 LOXLEY PUBLIC CO LTD (FR) ............ 44
4,800 oMITEL CORP ........................... 37
4,207,800 MOTOROLA, INC ........................ 240,108
105,000 oNATURAL MICROSYSTEMS CORP ............ 4,883
122,300 oNETWORK EQUIPMENT
TECHNOLOGIES, INC ................... 1,789
312,500 oNEWBRIDGE NETWORKS CORP .............. 10,898
217,800 oNEWBRIDGE NETWORKS CORP (U.S.) ....... 7,617
810,200 oNEXTLEVEL SYSTEMS, INC ............... 14,482
94,300 NOKIA AB SERIES A ADR ................ 6,601
369,400 NOKIA AB SERIES K .................... 26,455
192,600 NORTHERN TELECOMMUNICATIONS LTD ...... 17,112
199,109 NORTHERN TELECOMMUNICATIONS
LTD (U.S.) .......................... 17,721
393,900 OY NOKIA AB SERIES A ................. 27,993
406,400 oP-COM, INC ........................... 7,010
429,500 oPAIRGAIN TECHNOLOGIES, INC ........... 8,322
366,700 oPICTURETEL CORP ...................... 2,384
62,700 PITTWAY CORP ......................... 4,322
242,719 PITTWAY CORP (CLASS A) ............... 16,899
100 oPLANTRONICS, INC ..................... 4
70,880 PLESSEY CORP LTD ..................... 74
VALUE
SHARES (000)
------ ----------
85,400 oPOWERWAVE TECHNOLOGIES, INC .......... $ 1,436
240,600 oPREMISYS COMMUNICATIONS, INC ......... 6,286
2,130,600 oPRICELLULAR CORP (CLASS A) ........... 22,238
837,300 SCIENTIFIC-ATLANTA, INC .............. 14,025
110,100 oSHIVA CORP ........................... 943
148,526 SK TELECOM CO LTD ADR ................ 965
19,400 oSPECTRIAN CORP ....................... 373
311,700 SYMBOL TECHNOLOGIES, INC ............. 11,767
308,600 oSYMMETRICOM, INC ..................... 3,587
74,000 oTCSI CORP ............................ 592
52,200 oTEKELEC .............................. 1,592
124,600 oTELCO SYSTEMS, INC ................... 1,207
87,900 oTELE-COMMUNICATIONS
INTERNATIONAL (CLASS A) ............. 1,582
11,185,160 TELECOM CORP OF NEW ZEALAND .......... 54,235
1,632,500 TELEKOM MALAYSIA BERHAD .............. 4,823
201,600 TELXON CORP .......................... 4,813
8,000 oTRANSACTION NETWORK SERVICES, INC .... 138
18,600 oUS SATELLITE BROADCASTING, INC
(CLASS A) ........................... 148
2,038,244 VODAFONE GROUP PLC ................... 14,874
95,056 oVTEL CORP ............................ 582
20,800 oWESTELL TECHNOLOGIES, INC
(CLASS A) ........................... 265
35,600 oXYLAN CORP ........................... 538
13,200 oYURIE SYSTEMS, INC ................... 266
-----------
1,423,616
-----------
COMMUNICATIONS SERVICES,
NEC--0.05%
131,300 oAMERICAN MOBILE SATELLITE CORP ....... 919
760,000 ASIA SATELLITE TELECOM HOLDINGS LTD .. 1,300
914,900 BCE, INC ............................. 30,463
43,842 BCE, INC (U.S.) ...................... 1,460
15,500 oCOMMNET CELLULAR, INC ................ 551
244,000 COMSAT CORP SERIES 1 ................. 5,917
152,912 oDIMENSION DATA HOLDINGS LTD .......... 660
91,800 oMCLEODUSA, INC (CLASS A) ............. 2,938
1,000 NIPPON COMSYS CORP ................... 12
150,000 oSMARTALK TELESERVICES, INC ........... 3,413
60,800 WPL HOLDINGS, INC .................... 2,014
-----------
49,647
-----------
COMPUTER AND DATA PROCESSING
SERVICES--3.02%
20,700 o3DO CO ............................... 45
128,100 oACCLAIM ENTERTAINMENT, INC ........... 464
7,700 oACTIVISION, INC ...................... 138
345,100 oACXIOM CORP .......................... 6,643
553,244 ADOBE SYSTEMS, INC ................... 22,821
152,200 oAFFILIATED COMPUTER SERVICES, INC
(CLASS A) ........................... 4,005
991,180 oAFFYMETRIX, INC ...................... 30,850
485,300 oAMERICA ONLINE, INC .................. 43,283
450,525 oAMERICAN MANAGEMENT SYSTEMS, INC ..... 8,785
173,900 oAMERICAN SOFTWARE, INC (CLASS A) ..... 1,598
36,000 ANALYSTS INTERNATIONAL CORP .......... 1,242
30,000 oASPECT DEVELOPMENT, INC .............. 1,560
201,600 oASPEN TECHNOLOGY, INC ................ 6,905
66,754 oATOS S.A ............................. 8,611
590,500 AUTODESK, INC ........................ 21,849
2,524,000 AUTOMATIC DATA PROCESSING, INC ....... 154,911
254,300 oAVANT CORP ........................... 4,260
400,000 oBAAN CO NV ........................... 13,101
82,500 oBANYAN SYSTEMS, INC .................. 242
236,000 oBISYS GROUP, INC ..................... 7,847
See notes to financial statements.
-25-
<PAGE>
VALUE
SHARES (000)
------ ----------
COMPUTER AND DATA PROCESSING
SERVICES--(CONTINUED)
890,400 oBMC SOFTWARE, INC .................... $ 58,433
103,437 oBORLAND INTERNATIONAL, INC ........... 756
41,512 oBRODERBUND SOFTWARE, INC ............. 1,064
1,824,674 oCADENCE DESIGN SYSTEMS, INC .......... 44,705
266,800 oCAMBRIDGE TECHNOLOGY
PARTNERS, INC ....................... 11,106
2,000,000 oCAPITA GROUP PLC ..................... 12,143
10,100 oCCC INFORMATION SERVICES
GROUP, INC .......................... 199
896,800 oCELLNET DATA SYSTEMS, INC ............ 6,950
791,926 oCERIDIAN CORP ........................ 36,280
186,800 oCERNER CORP .......................... 3,946
221,200 oCHECKPOINT SYSTEMS, INC .............. 3,871
122,829 oCHOICEPOINT, INC ..................... 5,865
92,000 oCIBER, INC ........................... 5,336
281,200 oCIRRUS LOGIC, INC .................... 2,988
320,390 oCITRIX SYSTEMS, INC .................. 24,350
1,000 oCLAREMONT TECHNOLOGY GROUP, INC ...... 19
24,200 oCLARIFY, INC ......................... 281
543,287 COMDISCO, INC ........................ 18,166
9,000 oCOMPLETE BUSINESS SOLUTIONS, INC ..... 392
4,500 oCOMPUSERVE CORP ...................... 55
6,326,008 COMPUTER ASSOCIATES
INTERNATIONAL, INC .................. 334,488
275,100 oCOMPUTER HORIZONS CORP ............... 12,517
12,700 oCOMPUTER MANAGEMENT SCIENCES, INC .... 243
761,834 oCOMPUTER SCIENCES CORP ............... 63,613
106,400 COMPUTER TASK GROUP, INC ............. 3,784
734,100 oCOMPUTERVISION CORP .................. 2,799
1,410,800 oCOMPUWARE CORP ....................... 45,146
63,000 oCOREL CORP ........................... 101
292,650 oCORESTAFF, INC ....................... 7,755
144,000 oCSG SYSTEMS INTERNATIONAL, INC ....... 5,760
160,900 CSK CORP ............................. 4,133
72,594 oCYBERGUARD CORP ...................... 408
141,600 oCYBERMEDIA, INC ...................... 2,133
100,000 DASSAULT SYSTEMS S.A ................. 3,050
4,500 oDATA TRANSMISSION NETWORK CORP ....... 126
82,500 oDIALOGIC CORP ........................ 3,609
250,000 oDIGI INTERNATIONAL, INC .............. 4,250
15,400 oDOCUMENTUM, INC ...................... 649
62,500 oDST SYSTEMS, INC ..................... 2,668
122,600 oE TRADE GROUP, INC ................... 2,820
232,300 oELECTRONIC ARTS, INC ................. 8,784
2,169,044 ELECTRONIC DATA SYSTEMS CORP ......... 95,302
589,400 oELECTRONICS FOR IMAGING, INC ......... 9,799
123,529 oENVOY CORP ........................... 3,598
142,000 oFILENET CORP ......................... 4,278
3,350,168 FIRST DATA CORP ...................... 97,992
513,875 oFISERV, INC .......................... 25,244
359,600 oFORE SYSTEMS, INC .................... 5,484
91,900 oFORTE SOFTWARE, INC .................. 701
299,500 oGT INTERACTIVE SOFTWARE CORP ......... 1,909
300,100 oGTECH HOLDINGS CORP .................. 9,584
124,600 oHARBINGER CORP ....................... 3,504
2,328,356 HBO & CO ............................. 111,761
93,700 oHCIA, INC ............................ 1,113
88,900 oHEALTH MANAGEMENT SYSTEMS, INC ....... 528
232,400 oHEALTHDYNE INFORMATION
ENTERPRISES ......................... 414
133,700 oHNC SOFTWARE ......................... 5,749
47,200 oHYPERION SOFTWARE CORP ............... 1,687
31,000 oI2 TECHNOLOGIES, INC ................. 1,635
VALUE
SHARES (000)
------ ----------
15,700 oIKOS SYSTEMS, INC .................... $ 96
15,100 oIMNET SYSTEMS, INC ................... 245
2,000 oINDUSTRI-MATEMATIK
INTERNATIONAL CORP .................. 59
550,000 oINDUSTRIAL & FINANCIAL SYSTEMS AB .... 3,812
3,000 INES CORP ............................ 23
234,000 oINFORMATION RESOURCES, INC ........... 3,130
36,800 oINSO CORP ............................ 426
16,175 oINTEGRATED SYSTEMS
CONSULTING GROUP .................... 180
137,600 oINTEGRATED SYSTEMS, INC .............. 1,892
3,400 oINTERNATIONAL NETWORK SERVICES ....... 79
54,700 oINTERSOLV, INC ....................... 1,108
26,000 oINTERVOICE, INC ...................... 195
119,200 oINTUIT, INC .......................... 4,917
40,500 oITRON, INC ........................... 729
617,000 JBA HOLDINGS PLC ..................... 10,441
39,900 oJDA SOFTWARE GROUP, INC .............. 1,397
96,100 oJTS CORP ............................. 24
331,700 oKEANE, INC ........................... 13,475
28,900 oKONAMI CO LTD ........................ 713
200,394 oLANDSTAR SYSTEM, INC ................. 5,285
378,400 oLEARNING CO, INC ..................... 6,078
107,800 oLEGATO SYSTEMS, INC .................. 4,743
3,600 oLHS GROUP, INC ....................... 215
116,400 oLYCOS, INC ........................... 4,816
304,300 oMACNEAL-SCHWENDLER CORP .............. 2,929
217,900 oMACROMEDIA, INC ...................... 1,811
183,276 oMANUGISTICS GROUP, INC ............... 8,179
180,500 oMAPICS, INC .......................... 1,963
133,300 oMARCAM SOLUTIONS CORP ................ 966
12,800 oMEDQUIST, INC ........................ 445
459,400 MEITEC CORP .......................... 12,967
560,100 oMENTOR GRAPHICS CORP ................. 5,426
123,100 oMERCURY INTERACTIVE CORP ............. 3,293
50,000 oMERKANTILDATA ASA .................... 1,723
390,000 oMICRO FOCUS GROUP PLC ................ 15,353
6,055,100 oMICROSOFT CORP ....................... 782,622
12,500 oMIDWAY GAMES, INC .................... 227
1,001,644 MISYS PLC ............................ 30,160
398,342 NATIONAL DATA CORP ................... 14,390
1,650 oNATIONAL INSTRUMENTS CORP ............ 48
2,000 oNETCOM ON-LINE COMMUNICATIONS
SERVICE, INC ........................ 48
253,700 oNETMANAGE, INC ....................... 714
131,691 oNETSCAPE COMMUNICATIONS CORP ......... 3,210
727,120 oNETWORKS ASSOCIATES, INC ............. 38,446
1,176,900 oNOVELL, INC .......................... 8,827
252 NTT DATA COMMUNICATIONS
SYSTEM CORP ......................... 13,625
64,000 oODS NETWORKS, INC .................... 412
5,000 oOPEN MARKET, INC ..................... 48
6,580,737 oORACLE CORP .......................... 146,833
1,183,700 oPARAMETRIC TECHNOLOGY CORP ........... 56,078
331,102 PAYCHEX, INC ......................... 16,762
36,000 oPEGASYSTEMS, INC ..................... 727
1,181,600 oPEOPLESOFT, INC ...................... 46,082
7,000 oPHOENIX TECHNOLOGIES LTD ............. 85
167,500 oPHYSICIAN COMPUTER NETWORK, INC ...... 670
801,600 oPLATINUM TECHNOLOGY, INC ............. 22,645
152,200 oPOLICY MANAGEMENT SYSTEMS CORP ....... 10,587
113,700 oPROGRESS SOFTWARE CORP ............... 2,459
27,700 oPROJECT SOFTWARE &
DEVELOPMENT, INC .................... 651
179,900 oPROTEIN DESIGN LABORATORIES, INC ..... 7,196
See notes to financial statements.
-26-
<PAGE>
VALUE
SHARES (000)
------ ----------
COMPUTER AND DATA PROCESSING
SERVICES--(CONTINUED)
14,800 oPSINET, INC .......................... $ 76
191,100 oQUARTERDECK CORP ..................... 311
220,900 oREMEDY CORP .......................... 4,639
18,000 oSAPIENT CORP ......................... 1,103
43,200 oSCOPUS TECHNOLOGY, INC ............... 518
391,700 oSECURITY DYNAMICS
TECHNOLOGIES, INC ................... 14,003
301,000 SHARED MEDICAL SYSTEMS CORP .......... 19,866
84,044 oSIEBEL SYSTEMS, INC .................. 3,514
88,536 oSOFTWARE PUBLISHING CORP
HOLDINGS, INC ........................ 64
362,233 oSTERLING COMMERCE, INC ............... 13,923
223,634 oSTERLING SOFTWARE, INC ............... 9,169
76,900 oSTRUCTURAL DYNAMICS
RESEARCH CORP ....................... 1,730
1,068,000 oSUNGARD DATA SYSTEMS, INC ............ 33,108
26,600 oSUNQUEST INFORMATION
SYSTEMS, INC ........................ 259
394,100 oSYBASE, INC .......................... 5,246
45,500 oSYKES ENTERPRISES, INC ............... 887
382,700 oSYMANTEC CORP ........................ 8,395
225,167 oSYNOPSYS, INC ........................ 8,050
198,064 oSYSTEM SOFTWARE ASSOCIATES, INC ...... 1,733
226,066 oSYSTEMS & COMPUTER
TECHNOLOGY CORP ..................... 11,219
117,300 oSYSTEMSOFT CORP ...................... 748
211,800 oTECHNOLOGY SOLUTIONS CO .............. 5,586
20,300 TRANS COSMOS ......................... 358
343,100 oTRANSACTION SYSTEM
ARCHITECTURE ........................ 13,038
287,600 oUSCS INTERNATIONAL, INC .............. 4,889
255,000 oVANSTAR CORP ......................... 2,885
99,300 oVANTIVE CORP ......................... 2,507
169,318 oVERITAS SOFTWARE CORP ................ 8,635
137,100 oVIASOFT, INC ......................... 5,792
254,900 oVISIO CORP ........................... 9,782
191,200 oWIND RIVER SYSTEMS, INC .............. 7,588
252,000 oYAHOO,INC ............................ 17,451
156,400 oZILOG, INC ........................... 2,981
-----------
3,007,921
-----------
COMPUTER AND OFFICE
EQUIPMENT--3.83%
146,624 oADTRAN, INC .......................... 4,032
185,900 ANALOGIC CORP ........................ 7,064
22,500 oAPEX PC SOLUTIONS, INC ............... 498
1,243,500 oAPPLE COMPUTER, INC .................. 16,321
3,585,850 oASCEND COMMUNICATIONS, INC ........... 87,853
150,000 oASICS CORP ........................... 102
168,200 oAUSPEX SYSTEMS, INC .................. 1,682
58,800 oBANCTEC, INC ......................... 1,577
1,248,638 oBAY NETWORKS, INC .................... 31,918
28,700 oBELL & HOWELL CO ..................... 694
14,400 oBROADBAND TECHNOLOGIES, INC .......... 59
615,400 oCABLETRON SYSTEMS, INC ............... 9,231
10,175,025 oCISCO SYSTEMS, INC ................... 567,258
6,166,020 COMPAQ COMPUTER CORP ................. 347,995
418,300 oCOMVERSE TECHNOLOGY, INC ............. 16,314
699,637 oCONCORD EFS, INC ..................... 17,403
361,000 oCOPYTELE, INC ........................ 1,264
504,600 xoCRAY COMPUTER CORP ................... 1
626,100 oDATA GENERAL CORP .................... 10,918
VALUE
SHARES (000)
------ ----------
2,426,075 oDELL COMPUTER CORP ................... $ 203,790
102,000 oDIAMOND MULTIMEDIA SYSTEMS, INC ...... 905
318,462 DIEBOLD, INC ......................... 16,122
1,653,300 oDIGITAL EQUIPMENT CORP ............... 61,172
116,200 oDYNATECH CORP ........................ 5,447
4,061,100 oEMC CORP ............................. 111,426
62,100 oEMULEX CORP .......................... 854
33,800 oENCAD, INC ........................... 930
175,094 oESCO ELECTRONICS CORP
(TRUST RECEIPTS) .................... 2,955
133,400 oEVANS & SUTHERLAND COMPUTER CORP ..... 3,869
67,000 oEXABYTE CORP ......................... 431
3,294,000 FUJITSU LTD .......................... 35,468
278,700 oGATEWAY 2000, INC .................... 9,093
414,175 GERBER SCIENTIFIC, INC ............... 8,232
7,537,208 HEWLETT-PACKARD CO ................... 471,076
214,100 oHMT TECHNOLOGY CORP .................. 2,783
98,200 HUNT CORP ............................ 2,326
50,810 oIMATION CORP ......................... 813
23,200 oIN FOCUS SYSTEMS, INC ................ 705
77,865 oINTERGRAPH CORP ...................... 779
10,498,300 INTERNATIONAL BUSINESS
MACHINES CORP ...................... 1,097,728
1,788,500 oIOMEGA CORP .......................... 22,244
5,000 oKRONOS, INC .......................... 154
709,400 oLEXMARK INTERNATIONAL GROUP
(CLASS A) ........................... 26,957
485,188 oLITTON INDUSTRIES, INC ............... 27,898
321,075 oMICROCHIP TECHNOLOGY, INC ............ 9,632
148,300 oMICRON ELECTRONICS, INC .............. 1,353
28,500 oMICROS SYSTEMS, INC .................. 1,283
25,900 oMICROTOUCH SYSTEMS, INC .............. 408
110,800 oNASHUA CORP .......................... 1,302
244,750 NATIONAL COMPUTER SYSTEMS, INC ....... 8,627
342,237 oNCR CORP ............................. 9,518
152,700 oNEOMAGIC CORP ........................ 1,947
246,400 oNETWORK APPLIANCE, INC ............... 8,747
202,500 NIDEC CORP ........................... 8,566
1,930,896 PITNEY BOWES, INC .................... 173,660
52,103 oQLOGIC CORP .......................... 1,537
884,900 oQUANTUM CORP ......................... 17,753
84,623 oRATIONAL SOFTWARE CORP ............... 963
1,151,500 REYNOLDS & REYNOLDS CO (CLASS A) ..... 21,231
200,600 oSAFEGUARD SCIENTIFICS, INC ........... 6,294
650,336 oSEAGATE TECHNOLOGY, INC .............. 12,519
513,800 oSEQUENT COMPUTER SYSTEMS, INC ........ 10,276
1,780,104 oSILICON GRAPHICS, INC ................ 22,140
14,775 oSMITH CORONA WTS 02/28/99 ............ 15
1,014,100 oSOLECTRON CORP ....................... 42,149
356,723 oSTORAGE TECHNOLOGY CORP .............. 22,095
72,050 oSTRATUS COMPUTER, INC ................ 2,724
3,794,000 oSUN MICROSYSTEMS, INC ................ 151,286
27,200 oTHREE-FIVE SYSTEMS, INC .............. 449
242,500 oTRICORD SYSTEMS, INC ................. 121
297,600 oTSENG LABORATORIES, INC .............. 409
2,082,600 oUNISYS CORP .......................... 28,896
49,100 oVIDEOSERVER, INC ..................... 779
47,800 oVIGLEN TECHNOLOGY PLC ................ 31
380,108 oWANG LABORATORIES, INC ............... 8,410
6,773 oWANG LABORATORIES, INC WTS 07/02/01 .. 47
176,400 oWESTERN DIGITAL CORP ................. 2,833
130,900 oXIRCOM, INC .......................... 1,317
-----------
3,815,658
-----------
See notes to financial statements.
-27-
<PAGE>
VALUE
SHARES (000)
------ ----------
CONCRETE, GYPSUM, AND
PLASTER PRODUCTS--0.07%
250,141 AGGREGATE INDUSTRIES PLC .............$ 211
3,573 AKER RGI ASA ......................... 58
47,800 oAKER RGI ASA SERIES A ............... 862
150,789 CIMENTOS DE PORTUGAL ................. 3,956
196,236 oDRAVO CORP ........................... 2,159
429,100 FLORIDA ROCK INDUSTRIES, INC ......... 9,762
10,061 HOLDERBANK FINANCIERE
GLARUS AG (REGD) .................... 7,372
128,000 HUME INDUSTRIES BERHAD ............... 134
394,698 LAFARGE CORP ......................... 11,668
45,600 LONE STAR INDUSTRIES, INC ............ 2,423
123,420 REPUBLIC GROUP, INC .................. 2,021
190,000 SEMAPA SOC INV E GESTAO-SGPS ......... 4,635
12,450 UNILAND CEMENTERA S.A ................ 739
389,900 oUSG CORP ............................. 19,105
-----------
65,105
-----------
CONCRETE WORK--0.00%
330,000 PORTLAND HOLDINGS LTD ................ 250
-----------
CONSTRUCTION AND RELATED
MACHINERY--0.32%
782,350 BAKER HUGHES, INC .................... 34,130
58,200 CAMCO INTERNATIONAL, INC ............. 3,707
1,300 oCASCADE CORP ......................... 22
3,674,300 CATERPILLAR, INC ..................... 178,433
985,600 DOVER CORP ........................... 35,605
465,200 oEVI, INC ............................. 24,074
324,620 oGLOBAL INDUSTRIAL
TECHNOLOGIES, INC ................... 5,498
291,200 HARNISCHFEGER INDUSTRIES, INC ........ 10,283
344,900 JLG INDUSTRIES, INC .................. 4,872
80,000 KCI KONESCRANES INTERNATIONAL ........ 2,644
8,000 oKSB AG ............................... 1,797
24,800 oKUMAGAI GUMI (HONG KONG) LTD
WTS 06/30/98 ......................... 2
177,375 MANITOWOC, INC ....................... 5,765
35,800 OMNIQUIP INTERNATIONAL, INC .......... 714
4,900 oTEREX CORP ........................... 115
226,250 TOMRA SYSTEMS AS ..................... 5,064
8,800 VA TECHNOLOGIE AG (BR) ............... 1,334
215,400 oVARCO INTERNATIONAL, INC ............. 4,618
3,266 ZARDOYA OTIS S.A ..................... 380
-----------
319,057
-----------
COPPER ORES--0.02%
1,676,573 oBOUGAINVILLE COPPER LTD .............. 513
777,094 CYPRUS AMAX MINERALS CO .............. 11,948
372,800 NORANDA, INC ......................... 6,408
79,000 OUTOKUMPU OY SERIES A ................ 965
10,300 oSOUTHERN PERU COPPER CORP ............ 138
-----------
19,972
-----------
CREDIT REPORTING AND
COLLECTION--0.28%
2,700 ACKERMANS & VAN HAAREN ............... 751
423,079 oACNEILSEN CORP ....................... 10,313
332,740 oAGIV AG .............................. 6,292
3,160 oARTEMIS S.A .......................... 86
3,052,998 BTR PLC .............................. 9,369
42,115 oBTR PLC WTS 11/26/98 ................. 1
2,024,539 COGNIZANT CORP ....................... 90,219
8,300 CORPORACION FINANCIERE ALBA S.A ...... 874
VALUE
SHARES (000)
------ ----------
3,318,956 CSR LTD ..............................$ 11,246
90,152 DE LA RUE CO PLC ..................... 587
1,503,439 DUN & BRADSTREET CORP ................ 46,513
42,360 GRANDE HOLDINGS LTD .................. 13
8,472 oGRANDE HOLDINGS WTS 10/15/00 ......... 1
41,435 GROUPE BRUXELLES LAMBERT S.A ......... 5,994
1,155 oGROUPE BRUXELLES LAMBERT S.A.
NPV WTS 12/20/98 .................... 30
459,583 HARRISON & CROSSFIELD PLC ............ 1,059
62,000 oHAW PAR CORP LTD ..................... 80
2,482,400 ITOCHU CORP .......................... 3,914
249,000 IZUMIYA CO LTD ....................... 1,630
44,550 oSTRAITS STEAMSHIP WTS 12/12/00 ....... 10
35,150 LAGARDERE S.C.A ...................... 1,163
109,220 LAIRD GROUP PLC ...................... 797
801,131 LONRHO PLC ........................... 1,226
1,364,000 MALAYAN UNITED INDUSTRIES
BERHAD .............................. 238
2,672,900 MARUBENI CORP ........................ 4,708
96,090 METRA CO SERIES B .................... 2,259
3,483,428 PEARSON PLC .......................... 45,280
282,700 oPMT SERVICES, INC .................... 3,922
1,905,900 SIME DARBY BERHAD .................... 1,831
141,330 SOCIEDAD COMERCIAL DEL PLATA S.A ..... 223
32,360,000 +SOUTH CHINA HOLDINGS LTD ............. 7,517
1,170,000 SUMITOMO CORP ........................ 6,569
1,171,200 SUNGEI WAY HOLDINGS BERHAD ........... 379
1,213,000 TOKYU CORP ........................... 4,702
252,300 oUNION CORP ........................... 7,932
1,533,000 UNITED INDUSTRIAL CORP ............... 600
27,000 oUNITED INDUSTRIAL CORP
WTS 07/05/99 ........................ 1
-----------
278,329
-----------
CRUSHED AND BROKEN
STONE--0.05%
459,307 MARTIN MARIETTA MATERIALS, INC ....... 16,793
300,500 VULCAN MATERIALS CO .................. 30,689
-----------
47,482
-----------
CUTLERY, HANDTOOLS, AND
HARDWARE--0.78%
2,300 oAMERICAN SAFETY RAZOR CO ............. 46
6,616,772 GILLETTE CO .......................... 664,572
19,000 KITAGAWA INDUSTRIES CO LTD ........... 132
700 oSIMPSON MANUFACTURING CO, INC ........ 23
491,800 SNAP-ON, INC ......................... 21,455
1,841,400 STANLEY WORKS CO ..................... 86,891
-----------
773,119
-----------
DAIRY PRODUCTS--0.08%
1,373 BONGRAIN S.A ......................... 580
36,342 DANONE GROUP ......................... 6,494
308,350 DEAN FOODS CO ........................ 18,347
463,844 DREYERS GRAND ICE CREAM, INC ......... 11,190
120,000 MEIJI MILK PRODUCTS CO LTD ........... 312
282,775 MICHAEL FOODS, INC ................... 6,893
113,700 NESTLE MALAYSIA BERHAD ............... 526
323,125 NUTRICIA NV .......................... 9,802
1,968,120 PARMALAT FINANZIARIA S.P.A ........... 2,818
795,000 SNOW BRAND MILK PRODUCTS CO .......... 2,146
244,850 UNIGATE PLC .......................... 2,423
2,479,800 UNILEVER LTD ......................... 21,279
-----------
82,810
-----------
See notes to financial statements.
-28-
<PAGE>
VALUE
SHARES (000)
------ ----------
DEEP SEA DOMESTIC TRANSPORTATION OF
FREIGHT--0.00%
189,400 oHVIDE MARINE, INC (CLASS A) ..........$ 4,877
-----------
DEEP SEA FOREIGN TRANSPORTATION OF
FREIGHT--0.09%
315,534 ALEXANDER & BALDWIN, INC ............. 8,618
35,200 oBERGESEN D.Y. AS (CLASS B) ........... 821
354 DAMPSKIBSSELSKABET AF 1912
(CLASS B) ........................... 16,337
327 DAMPSKIBSSELSKABET SVENDBORG
(CLASS B) ........................... 21,490
691,200 oFRONTLINE LTD ........................ 2,794
1,071,000 KAMIGUMI CO LTD ...................... 3,180
933,000 oKAWASAKI KISEN KAISHA LTD ............ 1,134
58,000 KEPPEL FELS LTD ...................... 162
14,000 KONINKLIJKE NEDLLOYD GROEP NV ........ 318
20,400 LEIF HOEGH & CO ...................... 415
1,101,000 MALAYSIAN INTERNATIONAL
SHIPPING CO (FR) .................... 1,612
110,800 oMALAYSIAN INTERNATIONAL
SHIPPING CO (LR) ..................... 142
2,503,000 oMITSUI OSK LINES LTD ................. 3,484
139,842 oNCL HOLDINGS AS ...................... 501
41,642 oNCL HOLDINGS AS RTS .................. 0
199,000 NEPTUNE ORIENT LINES LTD ............. 79
890,800 NIPPON YUSEN KABUSHIKI KAISHA ........ 2,453
110,120 OCEAN GROUP PLC ...................... 1,071
780,200 oOMI, INC ............................. 7,168
387,860 OVERSEAS SHIPHOLDING GROUP, INC ...... 8,460
317,730 PENINSULAR & ORIENTAL
STEAM NAVIGATION CO ................. 3,654
323,000 TRANSPORTATION DEVELOPMENT
GROUP PLC ........................... 1,090
16,000 oTRANSPORT MARITIMA MEXICO
SERIES L ............................ 123
85,600 oTRICO MARINE SERVICES, INC ........... 2,515
13,300 oUNITOR AS ............................ 162
-----------
87,783
-----------
DEPARTMENT STORES--1.44%
10,500 oAMES DEPARTMENT STORES, INC .......... 184
292,956 ARGOS PLC (P/P) ...................... 2,656
688,501 BOOTS CO LTD ......................... 10,003
229,500 xoCALDOR CORP .......................... 72
46,550 CARREFOUR SUPERMARCHE S.A ............ 24,296
134,847 oCARSON PIRIE SCOTT & CO .............. 6,759
216,000 CIFRA S.A. DE CV SERIES C ............ 482
3,479,879 COLES MYER LTD ....................... 16,711
200,000 CORTEFIEL S.A ........................ 4,015
565,000 DAIEI, INC ........................... 2,347
396,000 DAIMARU, INC ......................... 938
1,587,200 DAVID JONES LTD ...................... 1,789
1,643,345 DAYTON HUDSON CORP ................... 110,926
77,850 DELHAIZE FRERES NV ................... 3,950
1,906,500 DILLARDS, INC (CLASS A) .............. 67,204
3,000,000 oDIXONS GROUP PLC ..................... 29,691
175,000 EL PUERTO DE LIVERPOOL S.A. (NON-VOTE) 260
1,785,349 oFEDERATED DEPARTMENT STORES, INC ..... 76,882
135,124 oFRED MEYER, INC ...................... 4,915
238,000 oGIORDANO INTERNATIONAL LTD ........... 82
310,300 oGOTTSCHALKS, INC ..................... 2,599
369,600 GRANDVISION S.A ...................... 15,212
671,457 GREAT UNIVERSAL STORES PLC ........... 8,286
221,000 HANKYU DEPARTMENT STORES, INC ........ 1,232
52,100 HUDSONS BAY CO ....................... 1,160
VALUE
SHARES (000)
------ ----------
174,000 ISETAN CO ............................$ 729
797,000 ITO-YOKADO CO LTD .................... 40,763
1,380 oJELMOLI HOLDING AG (BR) .............. 1,192
329,000 JUSCO CO LTD ......................... 4,656
3,800 KARSTADT AG .......................... 1,298
704,177 KINGFISHER PLC ....................... 9,825
415,900 oKOHLS CORP ........................... 28,333
5,388,635 MARKS & SPENCER PLC .................. 53,110
1,312,000 MARUI CO LTD ......................... 20,484
2,500,417 MAY DEPARTMENT STORES CO ............. 131,741
269,900 MERCANTILE STORES CO, INC ............ 16,430
185,358 METRO AG ............................. 6,649
222,000 MITSUKOSHI LTD ....................... 592
969,800 MYCAL CORP ........................... 8,130
224,049 oNEIMAN-MARCUS GROUP, INC ............ 6,777
1,986,457 NEXT PLC ............................. 22,618
2,296,917 PENNEY, (J.C.) CO, INC ............... 138,533
89,600 PICKN PAY STORES LTD ................. 131
16,438 PINAULT-PRINTEMPS-REDOUTE S.A ........ 8,774
456,300 oPROFFITTS, INC ....................... 12,976
20,680 PROMODES S.A ......................... 8,583
162,350 RINASCENTE S.P.A ..................... 1,213
3,250 oRINASCENTE S.P.A. WTS 12/31/99 ....... 4
476,100 ROBINSON DEPARTMENT STORE (FR) ....... 10
704,800 ROSS STORES, INC ..................... 25,637
2,000 ROYAL CO LTD ......................... 30
760,523 SEARS PLC ............................ 657
145,000 SEIYU LTD ............................ 459
164,440 SEVEN-ELEVEN JAPAN CO LTD ............ 11,686
185,100 SHIMACHU CO .......................... 2,918
4,000 oSTOCKMANN B FREE ..................... 250
146,735 oSTRAWBRIDGE & CLOTHIER ............... 921
612,000 TAKASHIMAYA CO LTD ................... 3,718
585,000 UNY CO LTD ........................... 8,054
14,782 VALORA HOLDINGS AG REGD .............. 3,121
11,600,576 WAL-MART STORES, INC ................. 457,498
-----------
1,431,151
-----------
DRUG STORES AND PROPRIETARY
STORES--0.33%
531,555 ARBOR DRUGS, INC ..................... 9,834
2,697,379 CVS CORP ............................. 172,801
458,342 LONGS DRUG STORES CORP ............... 14,724
116,560 MINISTOP CO LTD ...................... 3,021
457,363 oRITE AID CORP ........................ 26,841
149,000 oSYNCOR INTERNATIONAL CORP ............ 2,403
3,443 oVITALINK PHARMACY SERVICES, INC ...... 83
3,100,900 WALGREEN CO .......................... 97,291
-----------
326,998
-----------
DRUGS--6.84%
6,221,288 ABBOTT LABORATORIES CO ............... 407,883
137,917 AKZO NOBEL NV ........................ 23,783
249,300 oALKERMES, INC ........................ 4,955
677,993 ALLEGIANCE CORP ...................... 24,026
744,250 ALLERGAN, INC ........................ 24,979
320,200 oALLIANCE PHARMACEUTICAL CORP ......... 2,321
22,900 oALPHA BETA TECHNOLOGY, INC ........... 59
5,600,102 AMERICAN HOME PRODUCTS CORP .......... 428,408
70,000 oAMYLIN PHARMACEUTICALS, INC .......... 381
102,549 oAQUILA BIOPHARMACEUTICALS, INC ....... 429
2,000 oARRIS PHARMACEUTICAL CORP ............ 17
21,300 oBARR LABORATORIES, INC ............... 727
1,760,637 BAXTER INTERNATIONAL, INC ............ 88,802
1,259,450 BAYER AG ............................. 47,069
76,900 BEIERSDORF AG ........................ 3,336
See notes to financial statements.
-29-
<PAGE>
VALUE
SHARES (000)
------ ----------
DRUGS--(CONTINUED)
427,800 oBIO-TECHNOLOGY GENERAL CORP .......... $ 4,599
34,000 oBIOCHEM PHARMACEUTICALS, INC ......... 691
981,200 oBIOGEN, INC .......................... 35,691
99,300 oBIOMIRA, INC ......................... 215
295,000 oBIORA AB ............................. 3,049
149,508 BLOCK DRUG, INC (CLASS A) ............ 6,466
79,050 oBOSTON LIFE SCIENCES, INC ............ 180
9,227,480 BRISTOL MYERS SQUIBB CO .............. 873,150
174,500 CARTER WALLACE, INC .................. 2,945
82,500 CARTER WALLACE, INC (CLASS B) ........ 1,392
302,567 oCENTOCOR, INC ........................ 10,060
4,409,968 oCHIRON CORP .......................... 74,969
2,416,417 oCHIROSCIENCE GROUP PLC ............... 8,787
700 oCOPLEY PHARMACEUTICAL, INC ........... 4
57,600 oCOR THERAPEUTICS, INC ................ 1,296
718,616 oCOVANCE, INC ......................... 14,282
5,000 oCREATIVE BIOMOLECULES, INC ........... 37
29,695 oCRESCENDO PHARMACEUTICALS
CORP ................................ 343
318,300 oDURA PHARMACEUTICALS, INC ............ 14,602
171,065 ELF SANOFI S.A ....................... 19,051
612,496 oENZON, INC ........................... 3,369
45,603 oFDM PHARMA ........................... 1,364
320,100 oFOREST LABORATORIES, INC ............. 15,785
4,000 oFUISZ TECHNOLOGIES LTD ............... 34
100 oGENENTECH, INC ....................... 6
282,081 oGENSIA SICOR, INC .................... 1,640
861,700 oGENZYME CORP (GENERAL DIVISION) ...... 23,912
59,077 oGENZYME CORP
(TISSUE REPAIR DIVISION) ............ 406
345,900 oGILEAD SCIENCES, INC ................. 13,231
7,757,804 GLAXO WELLCOME PLC ................... 183,556
46,410 HAFSLUND AS SERIES A ................. 283
25,802 HAFSLUND AS SERIES B ................. 123
239,986 ICN PHARMACEUTICALS, INC ............. 11,714
337,600 oIDEXX LABORATORIES, INC .............. 5,381
277,600 oIMMUCOR, INC ......................... 2,394
452,300 oIMMUNOMEDICS, INC .................... 1,640
128,700 oINTERNATIONAL SPECIALTY
PRODUCTS, INC ....................... 1,922
252,000 oINTERNEURON PHARMACEUTICALS, INC ..... 2,394
644,159 oIVAX CORP ............................ 4,348
293,400 JONES MEDICAL INDUSTRIES, INC ........ 11,223
153,000 KAKEN PHARMACEUTICAL CO LTD .......... 302
117,490 KISSEI PHARMACEUTICALS CO LTD ........ 1,699
25,000 LABORATORIO CHILE ADR ................ 556
3,500 oLIGAND PHARMACEUTICALS CO
(CLASS A) ........................... 45
8,388,720 LILLY (ELI) & CO ..................... 584,065
5,555,050 +MALLINCKRODT, INC .................... 211,092
725,944 MARK IV INDUSTRIES, INC .............. 15,880
577,200 +oMARTEK BIOSCIENCES CORP .............. 4,762
140,210 #MARTEK BIOSCIENCES CORP
WTS 05/18/98 ........................ 0
19,500 oMATRIX PHARMACEUTICALS, INC .......... 67
83,200 MDS, INC (CLASS B) ................... 1,916
25,268 oMEDICIS PHARMACEUTICAL CORP
(CLASS A) ........................... 1,292
1,380,681 oMEDPARTNERS, INC ..................... 30,893
113,500 MERCK & CO KGAA ...................... 3,693
10,421,417 MERCK & CO, INC ...................... 1,107,276
1,631,950 MYLAN LABORATORIES, INC .............. 34,169
VALUE
SHARES (000)
------ ----------
38,900 oNEUROGEN CORP ........................ $ 525
282,872 oNEXSTAR PHARMACEUTICALS, INC ......... 3,218
170,500 oNORTH AMERICAN VACCINE, INC .......... 4,252
26,300 NOVARTIS AG (BR) ..................... 42,824
111,578 NOVARTIS AG (REGD) ................... 181,297
140,320 NOVO NORDISK AS (CLASS B) ............ 20,083
181,200 oPAREXEL INTERNATIONAL CORP ........... 6,704
13,300 oPATHOGENESIS CORP .................... 494
676,200 oPERRIGO CO ........................... 9,044
12,606,300 PFIZER, INC .......................... 939,957
163,412 oPHARMACEUTICAL PRODUCT
DEVELOPMENT ......................... 2,512
313,242 oPHARMACEUTICAL RESOURCES, INC ........ 470
4,943,785 PHARMACIA & UPJOHN, INC .............. 181,066
228,200 oQUINTILES TRANSNATIONAL CORP ......... 8,729
100,000 oRIBOZYME PHARMACEUTICALS, INC ........ 800
8,000 RIKEN VITAMIN CO LTD ................. 58
195,000 oROBERTS PHARMACEUTICAL CORP .......... 1,865
1,369 ROCHE HOLDINGS AG (BR) ............... 21,118
12,297 ROCHE HOLDINGS AG (GENUSSCHEINE) ..... 122,287
113,100 oSANGSTAT MEDICAL CORP ................ 4,581
536,500 SANTEN PHARMACEUTICAL CO LTD ......... 6,189
103,270 SCHERING AG .......................... 9,965
6,231,012 SCHERING-PLOUGH CORP ................. 387,102
398,600 oSEPRACOR, INC ........................ 15,969
470,600 oSEQUUS PHARMACEUTICALS, INC .......... 3,500
13,000 oSEROLOGICALS CORP .................... 338
13,082,887 SMITHKLINE BEECHAM/BECKMAN LTD ....... 134,649
83,400 oSOMATOGEN, INC ....................... 370
1,000 TEIKOKU HORMONE MANUFACTURING ........ 5
89,400 oTWINLAB CORP ......................... 2,213
285,600 oVERTEX PHARMACEUTICALS, INC .......... 9,425
14,700 oVICAL, INC ........................... 176
1,914,400 WARNER-LAMBERT CO .................... 237,386
1,061,900 oWATSON PHARMACEUTICALS, INC .......... 34,445
180,003 oXOMA CORP ............................ 1,001
25,000 ZENECA GROUP PLC ADR ................. 2,700
-----------
6,808,733
-----------
DRUGS, PROPRIETARIES, AND
SUNDRIES--0.42%
71,800 oAMERICAN DRUG CO ..................... 6
71,800 oAMERICAN DRUG CO WTS 08/05/98 ........ 2
251,700 oAMERISOURCE HEALTH CORP
(CLASS A) ........................... 14,662
2,489,900 oAMGEN, INC ........................... 134,766
636,977 BERGEN BRUNSWIG CORP (CLASS A) ....... 26,833
83,900 BINDLEY WESTERN INDUSTRIES, INC ...... 2,590
2,450,529 CARDINAL HEALTH, INC ................. 184,096
293,523 F.H. FAULDING & CO LTD ............... 1,469
2,433 oHERBALIFE INTERNATIONAL, INC
(CLASS A) ........................... 51
4,866 oHERBALIFE INTERNATIONAL, INC
(CLASS B) ........................... 105
225,900 oIMMUNEX CORP ......................... 12,199
219,900 MCKESSON CORP ........................ 23,790
138,100 oNBTY, INC ............................ 4,609
445,100 oREXALL SUNDOWN, INC .................. 13,436
16,000 SAGAMI RUBBER INDUSTRIES CO LTD ...... 49
29,000 oSCHEIN (HENRY), INC .................. 1,015
-----------
419,678
-----------
See notes to financial statements.
-30-
<PAGE>
VALUE
SHARES (000)
------ ----------
EATING AND DRINKING PLACES--0.60%
35,102 ACCOR S.A ............................$ 6,529
452,200 APPLE SOUTH, INC ..................... 5,935
321,692 APPLEBEES INTERNATIONAL, INC ......... 5,811
65,270 oAUTOGRILL S.P.A ...................... 349
140,600 oBOSTON CHICKEN, INC .................. 905
1,015,293 oBRINKER INTERNATIONAL, INC ........... 16,245
697,000 oBUFFETS, INC ......................... 6,534
600,908 CKE RESTAURANTS, INC ................. 25,313
2,676 oCLUB MEDITERRANEE S.A ................ 189
22,725 oCONSOLIDATED PRODUCTS, INC ........... 372
592,725 CRACKER BARREL OLD
COUNTRY STORE, INC .................. 19,782
2,026,900 DARDEN RESTAURANTS, INC .............. 25,336
15,150 oDAVE & BUSTERS, INC .................. 341
18,800 oEINSTEIN/NOAH BAGEL CORP ............. 105
493,500 oFOODMAKER, INC ....................... 7,433
202,984 FRISCHS RESTAURANTS, INC ............. 2,715
68,000 FUJITA KANKO, INC .................... 732
857,283 HONG KONG & SHANGHAI HOTELS LTD ...... 708
26,083 oHONG KONG & SHANGHAI HOTELS LTD
WTS 12/10/98 ........................ 0
268,700 oINTERNATIONAL DAIRY QUEEN, INC
(CLASS A) ........................... 7,196
176,200 INTERNATIONAL MULTIFOODS CORP ........ 4,989
289,000 oLANDRYS SEAFOOD
RESTAURANTS, INC .................... 6,936
167,400 oLONE STAR STEAKHOUSE &
SALOON, INC ......................... 2,930
311,350 LUBYS CAFETERIA, INC ................. 5,468
4,685,300 MCDONALDS CORP ....................... 223,723
200,000 MIRAMAR HOTEL & INVESTMENT CO LTD .... 338
78,590 MORRISON HEALTH CARE, INC ............ 1,572
73,868 MORRISON RESTAURANTS, INC ............ 189
310,600 oNPC INTERNATIONAL, INC ............... 3,766
341,300 oOUTBACK STEAKHOUSE, INC .............. 9,812
50,000 OVERSEAS UNION ENTERPRISES LTD ....... 120
20,000 oOVERSEAS UNION ENTERPRISES LTD
WTS 07/20/98 ........................ 0
288,600 oPAPA JOHNS INTERNATIONAL, INC ........ 10,065
520,226 PICCADILLY CAFETERIAS, INC ........... 6,828
118,200 oPLANET HOLLYWOOD, INC (CLASS A) ...... 1,566
78,900 oRAINFOREST CAFE, INC ................. 2,604
15,600 oRARE HOSPITALITY
INTERNATIONAL, INC .................. 140
153,636 oRUBY TUESDAY, INC .................... 3,956
415,350 oRYANS FAMILY STEAK HOUSES, INC ....... 3,556
122,275 SBARRO, INC .......................... 3,217
3,300 oSCOTTS RESTAURANTS, INC .............. 12
627,500 SHANGRI-LA ASIA LTD .................. 530
359,878 oSHONEYS, INC ......................... 1,147
292,300 oSHOWBIZ PIZZA TIME, INC .............. 6,723
444,524 xoSIZZLER INTERNATIONAL, INC ........... 1,195
240,350 oSONIC CORP ........................... 6,760
207,100 oSPAGHETTI WAREHOUSE, INC ............. 1,191
145,400 TCBY ENTERPRISES, INC ................ 1,100
60,700 oTHE CHEESECAKE FACTORY CO ............ 1,851
1,107,000 +oTPI ENTERPRISES, INC ................. 3
1,383,748 oTRICON GLOBAL RESTAURANTS, INC ....... 40,215
318,100 oVICORP RESTAURANTS, INC .............. 5,567
4,584,769 WENDYS INTERNATIONAL, INC ............ 110,321
-----------
600,920
-----------
VALUE
SHARES (000)
------ ----------
ELECTRIC DISTRIBUTION
EQUIPMENT--0.54%
13,126,407 CBS CORP .............................$ 386,409
2,341,045 COOPER INDUSTRIES, INC ............... 114,711
6,100 oEMPRESA FABRIL DE MAQUINAS
ELECTRICAS .......................... 47
8,800 oLITTLEFUSE, INC ...................... 219
422,400 oMAGNETEK, INC ........................ 8,237
2,287,000 NIPPON ELECTRIC CORP (N.E.C.) ........ 24,449
109,800 oOAK INDUSTRIES, INC .................. 3,260
-----------
537,332
-----------
ELECTRIC LIGHTING AND WIRING
EQUIPMENT--0.11%
34,000 oCHICAGO MINIATURE LAMP, INC .......... 1,148
380,100 oGENLYTE GROUP, INC ................... 6,747
3,000 oHOLOPHANE CORP ....................... 74
7,500 oJPM CO ............................... 159
313,300 JUNO LIGHTING, INC ................... 5,483
51,900 PHILIPS ELECTRONICS NV (NY REGD) ..... 3,140
1,638,608 THOMAS & BETTS CORP .................. 77,424
335,870 THOMAS INDUSTRIES, INC ............... 6,633
11,600 VALMONT INDUSTRIES ................... 226
457,700 WOODHEAD INDUSTRIES, INC ............. 8,582
-----------
109,616
-----------
ELECTRIC SERVICES--2.42%
5,400,000 oABOITIZ EQUITY VENTURES, INC ......... 171
1,196,800 oAES CORP ............................. 55,801
821,200 ALLEGHENY ENERGY, INC ................ 26,689
1,059,697 AMERICAN ELECTRIC POWER CO, INC ...... 54,707
365,100 ATLANTIC ENERGY, INC ................. 7,736
383,150 BLACK HILLS CORP ..................... 13,506
274,486 BOSTON EDISON CO ..................... 10,396
1,660,200 oCALENERGY, INC ....................... 47,731
63,800 oCALPINE CORP ......................... 949
1,095,236 CAROLINA POWER & LIGHT CO ............ 46,479
2,171,400 CENTRAL & SOUTH WEST CORP ............ 58,764
425,664 CENTRAL LOUISIANA ELECTRIC, INC ...... 13,781
165,000 CHILECTRA S.A. ADR ................... 4,331
153,870 CHILGENER S.A. ADR ................... 3,770
1,647,120 CHINA LIGHT & POWER CO LTD ........... 9,141
4,268,702 CIA PAULISTA DE FORCA & LUZ .......... 562
904,298 CINERGY CORP ......................... 34,646
1,117,700 CMS ENERGY CORP ...................... 49,249
7,900 COMMONWEALTH ENERGY SYSTEM CO ........ 263
1,811,600 DOMINION RESOURCES, INC .............. 77,106
603,250 DPL, INC ............................. 17,343
732,393 DQE, INC ............................. 25,725
1,519,618 DTE ENERGY CO ........................ 52,712
2,192,898 DUKE ENERGY CORP ..................... 121,432
303,500 EASTERN UTILITIES ASSOCIATION CO ..... 7,967
278,050 EDPERBRASCAN CORP (CLASS A) .......... 5,052
231,614 oEL PASO ELECTRIC CO .................. 1,694
2,000 oELECTRABEL S.A. STRIP VVPR ........... 1
617,494 oELECTRICIDADE DE PORTUGAL S.A ........ 11,705
99,777,660 ELECTROBRAS S.A ...................... 4,962
4,500 EMPIRE DISTRICT ELECTRIC CO .......... 88
494,000 EMPRESA NACIONAL DE
ELECTRIDAD S.A. ADR ................. 8,738
2,398,560 ENDESA S.A ........................... 42,568
192,000 ENERSIS S.A. ADR ..................... 5,568
2,314,504 ENTERGY CORP ......................... 69,290
1,984,997 oFIRSTENERGY CORP ..................... 57,565
767,039 FLORIDA PROGRESS CORP ................ 30,106
807,148 FPL GROUP, INC ....................... 47,773
See notes to financial statements.
-31-
<PAGE>
VALUE
SHARES (000)
------ ----------
ELECTRICAL SERVICES--(CONTINUED)
275,000 FUJITSU DENSO ........................$ 3,024
1,416,500 GPU, INC ............................. 59,670
385 oGROUPE BRUX LAMBERT NPV
STRIP VVPR .......................... 0
382,491 HAWAIIAN ELECTRIC INDUSTRIES, INC .... 15,634
5,500,025 HONG KONG ELECTRIC CO LTD ............ 20,904
2,075,825 HOUSTON INDUSTRIES, INC .............. 55,399
976,200 IDAHO POWER CO ....................... 36,730
771,552 ILLINOVA CORP ........................ 20,784
6,200 INTERSTATE POWER CO .................. 232
1,387,400 KANSAI ELECTRIC POWER CO, INC ........ 23,582
31,200 KU ENERGY CORP ....................... 1,225
210,000 LIGHT SERVICOS DE ELETRICIDADE S.A ... 87
685,400 LOUISVILLE GAS & ELECTRIC
ENERGY CORP .......................... 16,964
369,402 MINNESOTA POWER & LIGHT CO ........... 16,092
976,953 NATIONAL GRID GROUP PLC .............. 4,666
952,263 NATIONAL POWER PLC ................... 9,440
2,039,400 NEVADA POWER CO ...................... 54,172
415,343 NEW ENGLAND ELECTRIC SYSTEMS CO ...... 17,756
509,300 NORTHEAST UTILITIES CO ............... 6,016
823,429 OGE ENERGY CORP ...................... 45,031
17,800 OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG ......... 1,885
3,636,946 PG&E CORP ............................ 110,700
1,337,800 PINNACLE WEST CAPITAL CORP ........... 56,689
674,000 POTOMAC ELECTRIC POWER CO ............ 17,398
1,488,314 POWERGEN PLC ......................... 19,469
2,277,872 PP&L RESOURCES, INC .................. 54,527
1,530,131 PUGET SOUND ENERGY, INC .............. 46,191
843,920 RHEIN-WESTFALEN ELECTRIC
AG (STAMM) .......................... 45,291
780,521 SCOTTISH POWER PLC ................... 6,890
20,188 SEVILLANA DE ELECTRICIDAD S.A ........ 189
214,146 SHUN TAK ENTERPRISES CORP LTD ........ 57
9,700 SIG CORP, INC ........................ 285
4,993,962 SOUTHERN CO .......................... 129,219
282,851 SOUTHERN ELECTRIC PLC ................ 2,262
912,452 TECO ENERGY, INC ..................... 25,663
1,896,000 TENAGA NASIONAL BERHAD ............... 4,043
2,860,202 TEXAS UTILITIES CO ................... 118,877
28,100 TNP ENTERPRISES, INC ................. 934
783,300 TOHOKU ELECTRIC POWER CO, INC ........ 11,928
2,070,374 TOKYO ELECTRIC POWER CO, INC ......... 37,897
231,550 TOKYO ELECTRON CO LTD ................ 7,444
121,190 TRACTEBEL NV ......................... 10,565
6,138 oTRACTEBEL NV PUT WTS 11/15/99 ........ 16
219,400 TRANSALTA CORP ....................... 3,457
403,720 oTUCSON ELECTRIC POWER CO ............. 7,317
16,024 UGI CORP ............................. 470
2,824,370 UNICOM CORP .......................... 86,849
278,300 UNION ELECTRICA FENOSA S.A ........... 2,666
206,400 UNITED ILLUMINATING CO ............... 9,482
1,204,830 VEBA AG .............................. 82,082
71,846 VIAG AG .............................. 38,718
902,981 WISCONSIN ENERGY CORP ................ 25,961
298,400 WPS RESOURCES CORP ................... 10,090
-----------
2,408,986
-----------
ELECTRICAL GOODS--0.13%
15,200 oACT MANUFACTURING, INC ............... 215
121,000 AIPHONE CO LTD ....................... 763
285,000 ANRITSU CORP ......................... 2,192
793,464 oARROW ELECTRONICS, INC ............... 25,738
45,900 oAVID TECHNOLOGIES, INC ............... 1,228
VALUE
SHARES (000)
------ ----------
253,200 AVNET, INC ...........................$ 16,711
331,623 oBELL INDUSTRIES, INC ................. 4,560
251,000 oCELLSTAR CORP ........................ 4,989
241,800 GRAINGER, INC ........................ 23,500
278,700 oHSN, INC ............................. 14,353
39,500 oHUGHES SUPPLY, INC ................... 1,380
389,600 oKENT ELECTRONICS CORP ................ 9,789
45,800 oMARSHALL INDUSTRIES, INC ............. 1,374
429,800 oOAK TECHNOLOGY, INC .................. 2,794
36,000 PIONEER-STANDARD ELECTRONICS, INC .... 549
316,169 oQUALCOMM, INC ........................ 15,967
67,397 REUNERT LTD .......................... 109
100,000 SANSO ELECTRIC CO LTD ................ 392
264,600 WINDMERE-DURABLE HOLDINGS, INC ....... 5,970
-----------
132,573
-----------
ELECTRICAL INDUSTRIAL
APPARATUS--1.00%
8,038,530 ABB AB SERIES A ...................... 95,231
58,000 ABB AB SERIES B ...................... 683
5,440,000 ACMA LTD ............................. 3,745
250,990 ALCATEL ALSTHOM CIE GEN .............. 31,916
118,000 ALPS ELECTRIC CO LTD ................. 1,116
29,000 ALVIS PLC ............................ 77
584,000 AMADA CO LTD ......................... 2,178
886,200 oAMERICAN POWER CONVERSION CORP ....... 20,936
245,400 AMETEK, INC .......................... 6,626
50,000 ASAHI OPTICAL CO LTD ................. 87
349,433 BALDOR ELECTRIC CO ................... 7,578
174,135 BICC LTD ............................. 493
1,394,000 CANON, INC ........................... 32,593
488,000 CASIO COMPUTER CO LTD ................ 3,513
1,000 CATENA CORP .......................... 3
611,000 CITIZEN WATCH CO LTD ................. 4,112
66,000 DAI NIPPON SCREEN
MANUFACTURING CO LTD ................ 305
265,053 ELECTROCOMPONENTS PLC ................ 1,971
2,925,370 EMERSON ELECTRIC CO .................. 165,101
2,084,100 ERICSSON TELEFON (LM) AB SERIES B .... 78,404
2,176,000 FUJIKURA LTD ......................... 14,460
83,000 HIROSE ELECTRIC CO LTD ............... 4,258
4,389,230 HITACHI LTD .......................... 31,395
369,000 HOYA CORP ............................ 11,636
28,000 JEOL LTD ............................. 89
969,000 KANDENKO CO LTD ...................... 4,963
32,000 KODENSHA CO LTD ...................... 130
127,000 KYUNDENKO CO LTD ..................... 644
21,685 LE CARBONE LORRAINE .................. 6,777
399,666 LEADER UNIVERSAL HOLDINGS BERHAD ..... 123
49,300 LEGRAND S.A .......................... 9,826
1,489,200 LEX SERVICE GROUP LTD ................ 11,431
155,000 MABUCHI MOTOR CO LTD ................. 7,904
2,690,000 MITSUBISHI ELECTRIC CORP ............. 6,910
384,000 MURATA MANUFACTURING CO LTD .......... 9,687
455,000 NGK INSULATORS LTD ................... 4,059
274,000 NIKON CORP ........................... 2,718
78 oNISSEN CO LTD ........................ 0
13,258 OCE NV ............................... 1,445
485,000 OLYMPUS OPTICAL CO LTD ............... 3,361
321,000 OMRON CORP ........................... 5,036
22,200 OXFORD INSTRUMENTS GROUP PLC ......... 106
238,900 PACIFIC SCIENTIFIC CO ................ 5,734
3,288,002 PHILIPS ELECTRONICS NV ............... 197,218
See notes to financial statements.
-32-
<PAGE>
VALUE
SHARES 000
------ ----------
ELECTRICAL INDUSTRIAL
APPARUTUS--(CONTINUED)
750,923 RICOH CO LTD .........................$ 9,356
321,000 ROHM CO .............................. 32,835
73,500 SGL CARBON AG ........................ 9,483
1,200,010 SIEMENS AG ........................... 71,076
152,700 STEWART & STEVENSON SERVICES, INC .... 3,894
2,190,500 SUMITOMO ELECTRIC INDUSTRIES CO ...... 29,988
132,000 TDK CORP ............................. 9,990
65,400 oTECH-SYM CORP ........................ 1,664
446,780 oTHERMO ELECTRON CORP ................. 19,882
17,300 oTUBOS DE ACERO DE MEXICO S.A ......... 362
67,200 oUCAR INTERNATIONAL, INC .............. 2,684
210,500 oVICOR CORP ........................... 5,710
130,100 oZOLTEK COS, INC ...................... 3,627
-----------
997,129
-----------
ELECTRICAL WORK--0.00%
152,400 oMEMC ELECTRONIC MATERIALS, INC ....... 2,324
-----------
ELECTRONIC COMPONENTS AND
ACCESSORIES--2.31%
60,500 oACTEL CORP ........................... 764
2,574,900 oADAPTEC, INC ......................... 95,593
27,500 oADE CORP ............................. 481
49,500 oADVANCED ENERGY INDUSTRIES, INC ...... 739
438,250 oADVANCED MICRO DEVICES, INC .......... 7,861
152,590 ADVANTEST CORP ....................... 8,684
6,000 AISIN SEIKI CO LTD ................... 62
32,800 oALLIANCE SEMICONDUCTOR CORP .......... 150
2,280,500 oALTERA CORP .......................... 75,542
1,254,582 AMP, INC ............................. 52,692
36,400 oANADIGICS, INC ....................... 1,097
890,766 oANALOG DEVICES, INC .................. 24,663
1,386,000 oAPPLIED INTERNATIONAL
HOLDINGS LTD ........................ 54
88,000 ASTEC LTD ............................ 154
553,100 oATMEL CORP ........................... 10,267
2,000 oATMI, INC ............................ 49
175,400 AVX CORP ............................. 3,234
13,376 BARCO INDUSTRIES NV .................. 2,455
9,900 oBENCHMARK ELECTRONICS, INC ........... 221
17,400 oBERG ELECTRICS CORP .................. 396
140,000 oBLACK BOX CORP ....................... 4,953
197,200 BMC INDUSTRIES, INC .................. 3,180
413,167 BOWTHORPE HOLDINGS PLC ............... 2,560
218,500 oCHIPS & TECHNOLOGIES, INC ............ 3,155
114,240 oCOHERENT, INC ........................ 4,013
224,749 oCOMPUTER PRODUCTS, INC ............... 5,085
671,756 CTS CORP ............................. 21,454
344,000 oCYPRESS SEMICONDUCTOR CORP ........... 2,924
418,700 DALLAS SEMICONDUCTOR CORP ............ 17,062
477,620 oDII GROUP, INC ....................... 13,015
37,600 #ELEC & ELTEK INTERNATIONAL CO LTD .... 172
10,600 oELTRON INTERNATIONAL, INC ............ 321
100,400 oESS TECHNOLOGY ....................... 762
174,100 oESTERLINE CORP ....................... 6,268
186,300 oEXAR CORP ............................ 3,074
20,700 oFEI CO ............................... 257
565,595 FKI PLC .............................. 1,787
3,461,977 GENERAL ELECTRIC CO
(UNITED KINGDOM) .................... 22,728
257,700 oGENERAL SEMICONDUCTOR, INC ........... 2,980
85,900 oHADCO CORP ........................... 3,887
VALUE
SHARES (000)
------ ----------
169,580 HARMAN INTERNATIONAL
INDUSTRIES, INC ..................... $ 7,197
539,500 oINTEGRATED DEVICE
TECHNOLOGY, INC ..................... 5,092
15,168,002 INTEL CORP ........................... 1,065,552
289,200 oINTERNATIONAL RECTIFIER CORP ......... 3,416
242,492 oJABIL CIRCUIT, INC ................... 9,639
539,000 oKEMET CORP ........................... 10,443
211,150 oLATTICE SEMICONDUCTOR CORP ........... 10,003
306,100 oLEVEL ONE COMMUNICATIONS, INC ........ 8,647
670,000 LINEAR TECHNOLOGY CO ................. 38,609
358,100 oLSI LOGIC CORP ....................... 7,072
2,829,000 oMAXIM INTEGRATED PRODUCTS ............ 97,601
415,550 METHODE ELECTRONICS, INC
(CLASS A) ........................... 6,753
79,200 oMICREL, INC .......................... 2,218
584,600 oMICRON TECHNOLOGY, INC ............... 15,200
300,000 MIMASU SEMICONDUCTOR INDUSTRY ........ 4,199
201,707 MOLEX, INC ........................... 6,480
415,952 MOLEX, INC (CLASS A) ................. 11,959
97,400 oMRV COMMUNICATIONS, INC .............. 2,325
2,085,798 oNATIONAL SEMICONDUCTOR CORP .......... 54,100
900 NIHON DEMPA KOGYO CO LTD ............. 7
65,700 oOBJECTIVE SYSTEMS
INTEGRATORS, INC .................... 550
78,800 oPLEXUS CORP .......................... 1,172
150,600 oPMC-SIERRA, INC ...................... 4,669
472,400 oQMS, INC ............................. 1,211
172,228 RACAL ELECTRONICS PLC ................ 751
24,600 oRADISYS CORP ......................... 916
21,800 oRAMBUS, INC .......................... 997
119,700 oREAD RITE CORP ....................... 1,885
7,500 oREMEC, INC ........................... 169
140,000 oROGERS CORP .......................... 5,723
241,300 oS3, INC .............................. 1,207
45,900 oSANDISK CORP ......................... 932
236,707 oSANMINA CORP ......................... 16,037
95,500 oSAWTEK, INC .......................... 2,519
617,300 oSCI SYSTEMS, INC ..................... 26,891
5,200 oSDL, INC ............................. 75
44,700 oSEMTECH CORP ......................... 1,749
130,016 oSGS-THOMSON MICROELECTRONICS NV ...... 8,050
349,000 oSILICON VALLEY GROUP, INC ............ 7,896
2,900 oSILICONIX, INC ....................... 125
237,720 oSILICONWARE PRECISION INDUSTRIES ..... 3,049
78,300 oSIPEX CORP ........................... 2,369
314,400 oSMART MODULAR TECHNOLOGIES, INC ...... 7,231
44,300 oSPEEDFAM INTERNATIONAL, INC .......... 1,174
47,100 oSTANDARD MICROSYSTEMS CORP ........... 409
23,900 oSUPERTEX, INC ........................ 260
286,000 oSUWA INTERNATIONAL HOLDINGS LTD ...... 11
57,200 oSUWA INTERNATIONAL HOLDINGS
WTS 10/15/99 ........................ 0
30,000 TECHNITROL, INC ...................... 900
2,806,386 TELECOM ITALIA RISP .................. 12,390
3,145,000 oTELLABS, INC ......................... 166,292
3,697,600 TEXAS INSTRUMENTS, INC ............... 166,392
145,000 TOWA CORP ............................ 3,022
40,700 oTRIDENT MICROSYSTEMS, INC ............ 369
1,000 oTRIQUINT SEMICONDUCTOR, INC .......... 20
365,534 oUNITRODE CORP ........................ 7,859
3,403,000 VENTURE MANUFACTURING
(SINGAPORE) LTD ..................... 9,492
581,904 oVISHAY INTERTECHNOLOGY, INC .......... 13,747
See notes to financial statements.
-33-
<PAGE>
VALUE
SHARES 000
------ ----------
ELECTRICAL COMPONENTS AND
ACCESSORIES--(CONTINUED)
101,900 oVISX, INC ............................ $ 2,255
426,150 oVITESSE SEMICONDUCTOR CORP ........... 16,087
249,900 oVLSI TECHNOLOGY, INC ................. 5,904
527,600 oXILINX, INC .......................... 18,499
468,000 YOKOGAWA ELECTRIC CORP ............... 2,901
-----------
2,295,463
-----------
ENGINEERING AND ARCHITECTURAL
SERVICES--0.01%
12,974 oFLUOR DANIEL GTI, INC ................ 123
152,400 oJACOBS ENGINEERING GROUP, INC ........ 3,867
3,000 oNICHOLS RESEARCH CORP ................ 75
31,600 OYO CORP ............................. 457
182,100 SALIENT 3 COMMUNICATIONS (CLASS A) ... 2,253
99,800 STONE & WEBSTER, INC ................. 4,678
11,400 oTETRA TECH, INC ...................... 228
262,400 oWESTON (ROY F.), INC (CLASS A) ....... 1,066
-----------
12,747
-----------
ENGINES AND TURBINES--0.10%
12,000 BOMBARDIER, INC (CLASS A) ............ 247
457,652 BOMBARDIER, INC (CLASS B) ............ 9,402
1,319,700 BRUNSWICK CORP ....................... 40,003
309,400 CUMMINS ENGINE CO, INC ............... 18,274
76,400 oDETROIT DIESEL CORP .................. 1,815
796,220 DRESSER INDUSTRIES, INC .............. 33,391
635,800 THAI ENGINE MANUFACTURING ............ 1,056
-----------
104,188
-----------
FABRICATED RUBBER PRODUCTS,
NEC--0.04%
356,000 CARLISLE COS, INC .................... 15,219
78,700 oFOAMEX INTERNATIONAL, INC ............ 856
444,235 GENCORP, INC ......................... 11,106
911,000 GOLDEN HOPE PLANTATIONS BERHAD ....... 1,053
73,943 STANDARD PRODUCTS CO ................. 1,895
178,000 WEST CO, INC ......................... 5,296
-----------
35,425
-----------
FABRICATED STRUCTURAL METAL
PRODUCTS--0.04%
60,100 BUTLER MANUFACTURING CO .............. 1,938
55,300 oGRIFFON CORP ......................... 809
123,600 INTERNATIONAL ALUMINUM CORP .......... 3,863
300,050 oMILLER INDUSTRIES, INC ............... 3,226
290,000 MIURA KOGYO .......................... 2,966
26,400 oNCI BUILDING SYSTEMS, INC ............ 937
122,000 TRANSPRO, INC ........................ 1,098
599,000 TRINITY INDUSTRIES, INC .............. 26,730
109,400 UNITED DOMINION INDUSTRIES LTD ....... 2,752
-----------
44,319
-----------
FAMILY CLOTHING STORES--0.13%
2,900 oBUCKLE, INC .......................... 99
11,700 oGADZOOKS, INC ........................ 246
3,277,850 GAP, INC ............................. 116,159
138,795 NORDSTROM, INC ....................... 8,380
3,800 oSAKS HOLDINGS, INC ................... 79
15,300 oSTAGE STORES, INC .................... 572
170,700 oSTEIN MART, INC ...................... 4,566
-----------
130,101
-----------
FARM AND GARDEN MACHINERY--0.19%
279,900 AGCO CORP ............................ 8,187
4,300 ALLIED PRODUCTS CORP ................. 103
408,300 CASE CORP ............................ 24,677
VALUE
SHARES (000)
------ ----------
2,277,073 DEERE & CO ...........................$ 132,782
113,650 oDEUTZ AG ............................. 834
900 oLINDSAY MANUFACTURING CO ............. 39
236,000 POKPHAND (C.P.) CO LTD ............... 37
3,134,444 TOMKINS PLC .......................... 14,647
175,850 TORO CO .............................. 7,496
-----------
188,802
-----------
FARM-PRODUCT RAW MATERIALS--0.03%
598,850 DIMON, INC ........................... 15,720
234,561 oSTANDARD COMMERCIAL CORP ............. 3,885
361,700 UNIVERSAL CORP ....................... 14,875
-----------
34,480
-----------
FATS AND OILS--0.00%
1,000 AARHUS OLIEFABRIK AS (CLASS A) ....... 45
1,700 AARHUS OLIEFABRIK AS (CLASS B) ....... 76
5,500 KOIPE S.A ............................ 386
625 oPPB OIL PALMS BERHAD ................. 0
-----------
507
-----------
FEDERAL AND FEDERALLY-SPONSORED
CREDIT AGENCIES--1.00%
10,091,300 FEDERAL NATIONAL MORTGAGE
ASSOCIATION ......................... 575,835
6,489,800 FREDDIE MAC .......................... 272,166
1,070,850 SLM HOLDING CORP ..................... 148,982
-----------
996,983
-----------
FERROALLOY ORES, EXCEPT
VANADIUM--0.01%
206,031 ERAMET ............................... 7,808
-----------
FIELD CROPS, EXCEPT CASH
GRAINS--0.00%
235,000 HIPPO VALLEY ESTATES LTD ............. 115
-----------
FINANCE SERVICES--0.02%
53,348 oALMANIJ NV ........................... 2,693
2,250,000 FIRST PACIFIC CO LTD ................. 1,089
85,000 oLOCAL FINANCIAL CORP ................. 988
17,000,000 REGENT PACIFIC GROUP LTD ............. 5,266
32,600 oSHOKOH FUND & CO ..................... 9,979
-----------
20,015
-----------
FIRE, MARINE, AND CASUALTY
INSURANCE--1.43%
3,600 oACCEPTANCE INSURANCE COS, INC ........ 87
9,300 AGF UNION-FENIX ...................... 103
17,100 oALFA CORP ............................ 295
472,520 ALLIANZ AG (REGD) .................... 122,460
317,000 ALLIED GROUP, INC .................... 9,074
5,059,953 ALLSTATE CORP ........................ 459,823
406,508 AMERICAN FINANCIAL GROUP, INC ........ 16,387
349,852 ARGONAUT GROUP, INC .................. 11,851
29,441 ASR VERZEKERINGSGROEP NV ............. 1,602
134,800 AYUDHYA INSURANCE CO LTD (FR) ........ 560
30 oBERKSHIRE HATHAWAY, INC (CLASS A) .... 1,380
2,300 CHARTWELL RE CORP .................... 78
19,950 CHIYODA FIRE & MARINE
INSURANCE CO LTD ..................... 60
77,720 COLONIA KONZERN AG (REGD) ............ 7,434
16,300 COMMERCE GROUP, INC .................. 532
400,172 COMMERICAL UNION
ASSURANCE CO LTD ..................... 5,913
16,556 CORPORACION MAPFRE S.A ............... 439
234,000 DAI-TOKYO FIRE & MARINE INSURANCE .... 806
8,700 ERIE INDEMNITY CO (CLASS A) .......... 257
128,578 FAI INSURANCES LTD ................... 45
See notes to financial statements.
-34-
<PAGE>
VALUE
SHARES 000
------ ----------
FIRE, MARINE, AND CASUALTY
INSURANCE--(CONTINUED)
378,100 oFOREMOST CORP OF AMERICA ............. $ 26,372
81,400 FRONTIER INSURANCE GROUP, INC ........ 1,862
4,900 GAINSCO, INC ......................... 42
5,428 GEFION FINANCE CORP .................. 102
14,352 oGROUPE DES ASSURANCES NATIONALE ...... 351
453,254 GUARDIAN ROYAL EXCHANGE
ASSURANCE PLC ....................... 2,424
3,000 xHAFNIA HOLDINGS AS (REGD) (CLASS A) .. 0
2,490 xHAFNIA HOLDINGS AS (REGD) (CLASS B) .. 0
44,800 HARLEYSVILLE GROUP, INC .............. 1,075
1,279,936 HARTFORD FINANCIAL SERVICES
GROUP, INC ............................ 119,754
120,600 HCC INSURANCE HOLDINGS, INC .......... 2,563
311,600 HORACE MANN EDUCATORS CORP ........... 8,861
187,400 HSB GROUP, INC ....................... 10,342
21,000 oIDRIS HYDRAULIC BERHAD ............... 3
10,000 IFIL FINANZIARIA DI PARTECIPAZIONI ... 36
1,787,147 ING GROEP NV ......................... 75,284
11,766,660 INSTITUTO NAZIONALE DELLE
ASSICURAZION ........................ 23,876
50,000 KOA FIRE & MARINE INSURANCE CO LTD ... 188
6,800 MEADOWBROOK INSURANCE GROUP .......... 177
43,300 MERCURY GENERAL CORP ................. 2,392
28,500 MILANO ASSICURAZIONI ................. 97
7,125 MILANO ASSICURAZIONI DI RISP ......... 13
722,050 MITSUI TAISHO MARINE & FIRE CO LTD ... 3,698
364 oMUNCHENER RUECKVERSICHERUNGS-
GESELLSCHAFT (REGD)
(P/P) WTS 03/13/98 .................. 213
286,300 NAC RE CORP .......................... 13,975
659,000 NICHIDO FIRE & MARINE INSURANCE
CO LTD .............................. 3,446
496,000 NIPPON FIRE & MARINE INSURANCE
CO LTD .............................. 1,865
396,600 NISSAN FIRE & MARINE INSURANCE ....... 1,211
4,000 oPHILADELPHIA CONSOLIDATED
HOLDINGS CORP ....................... 71
11,200 oPOHJOLA INSURANCE CO LTD
SERIES B ............................ 415
38,900 oPREVIDENTE (LA) ...................... 305
281,050 PROGRESSIVE CORP ..................... 33,691
3,300 oPXRE CORP ............................ 110
1,383,055 QBE INSURANCE GROUP LTD .............. 6,225
640,959 RAS S.P.A ............................ 6,294
3,500 RLI CORP ............................. 174
3,992,045 ROYAL & SUN ALLIANCE INSURANCE
GROUP PLC ........................... 40,068
1,354,100 SAFECO CORP .......................... 66,012
86,890 SAI S.P.A ............................ 969
24,485 SCHWEIZERISCHE RUCKVERSICHERUNG
(REGD) .............................. 45,861
1,735,540 ST. PAUL COS, INC .................... 142,423
532,300 oUNI-STOREBRAND AS SERIES A ........... 3,754
1,830,028 SUMITOMO MARINE & FIRE
INSURANCE CO ........................ 9,712
700,500 TIG HOLDINGS, INC .................... 23,248
4,000 TITAN HOLDINGS, INC .................. 87
3,605,000 TOKIO MARINE & FIRE INSURANCE
CO LTD .............................. 41,035
38,500 TRANSATLANTIC HOLDINGS, INC .......... 2,753
897,400 USF&G CORP ........................... 19,799
95,300 VESTA INSURANCE GROUP, INC ........... 5,658
70,622 ZURICH INSURANCE CO (REGD) ........... 33,699
-----------
1,421,771
-----------
VALUE
SHARES (000)
------ ----------
FLAT GLASS--0.12%
1,130,000 ASAHI GLASS CO LTD ...................$ 5,388
1,638,000 NIPPON SHEET GLASS CO LTD ............ 2,293
1,999,400 PPG INDUSTRIES, INC .................. 114,216
-----------
121,897
-----------
FOOTWEAR EXCEPT, RUBBER--0.03%
299,490 oFOOTSTAR, INC ........................ 8,049
151,400 JUSTIN INDUSTRIES, INC ............... 2,063
432,300 oNINE WEST GROUP, INC ................. 11,213
659,500 STRIDE RITE CORP ..................... 7,914
32,600 oTIMBERLAND CO ........................ 1,893
-----------
31,132
-----------
FOREIGN BANKS, BRANCHES AND
AGENCIES--0.22%
450,000 oBANCA POPOLARE DI BRESCIA ............ 4,203
32,440 oBANCO AMBROSIANO VENETO RISP
BD RTS .............................. 4
32,440 oBANCO AMBROSIANO VENETO RISP
NCV RTS ............................. 41
421,770 oBANCO AMBROSIANO VENETO RTS .......... 1,796
429,940 oBANCO AMBROSIANO VENETO S.P.A ........ 840
421,770 oBANCO AMRBOSIANO VENETO BDS RTS ...... 267
10,000,000 BANCO BRADESCO S.A ................... 99
8,998,047 #oBANCO BRADESCO S.A., PFD RTS ......... 32
427,551 #oBANCO BRADESCO S.A. RTS .............. 2
90,600 oBANCO COMERCIAL PORTUGUES
S.A. (REGD) ......................... 1,855
52,800 oBANCO ESPIRITO SANTO E COMERCIAL ..... 1,573
60,800 BANCO LATINO AMERICANO DE
EXPORTACIONES S.A. (CLASS E) ........ 2,516
36,300 BANCO TOTTA & ACORES S.A. (REGD) ..... 714
40,680 BANK AUSTRIA AG ...................... 2,058
392,300 BANK OF MONTREAL ..................... 17,366
359,972 BANK OF NOVA SCOTIA .................. 16,941
8,662,830 BANK OF TOKYO MITSUBISHI LTD ......... 119,926
47,100 oBPI-SGPS S.A. (REGD) ................. 1,146
702,259 CANADIAN IMPERIAL BANK OF
COMMERCE ............................ 21,886
374,900 oCHRISTIANIA BANK OG KREDITKASSE ...... 1,515
364,000 COMMONWEALTH BANK OF
AUSTRALIA LTD ....................... 4,174
1,500,000 DAO HENG BANK GROUP LTD .............. 3,746
10,032 oDRESDNER BANK WTS 04/30/02 ........... 179
200,000 oGRUPO FINANCIERO SERFIN (CLASS L) .... 189
269,300 NATIONAL BANK OF CANADA .............. 4,441
857,000 oNORDBANKEN HOLDING AB ................ 4,850
5,389,333 PT MODERN BANK (FR) .................. 221
320,070 #oPUBLIC BANK BERHAD (FR) RTS .......... 16
38,933 #oPUBLIC BANK BERHAD (LR) RTS .......... 2
19,500 oRHB SAKURA MERCHANT
BANKERS BERHAD ....................... 7
394,448 ST. GEORGE BANK LTD .................. 2,237
-----------
214,842
-----------
FOREST PRODUCTS--0.01%
8,700 oCORTICEIRA AMORIM S.A ................ 104
886,400 HIGHLANDS & LOWLANDS BERHAD .......... 906
3,196,800 KUALA LUMPUR KEPONG BERHAD ........... 6,858
-----------
7,868
-----------
FORESTRY SERVICES--0.00%
2,902,217 FLETCHER CHALLENGE LTD
(FORESTS DIVISION) .................. 2,410
-----------
See notes to financial statements.
-35-
<PAGE>
VALUE
SHARES 000
------ ----------
FREIGHT TRANSPORTATION
ARRANGEMENT--0.02%
214,800 AIRBORNE FREIGHT CORP ................$ 13,344
28,139 oBCR PARTICIPATIONS C.V.G. 05/19/99
(GUARANTEE CERT) .................... 4
72,400 BERGESEN AS SERIES A ................. 1,709
105,850 CIRCLE INTERNATIONAL GROUP, INC ...... 2,428
600 oDANZAS HOLDINGS AG (REGD) ............ 118
111,900 EXPEDITORS INTERNATIONAL OF
WASHINGTON .......................... 4,308
57,900 oFRITZ COS, INC ....................... 807
6,100 oKITTY HAWK, INC ...................... 117
1,000 oLAURITZEN J. HOLDINGS (CLASS B) ...... 84
44,300 TRENCOR LTD .......................... 182
-----------
23,101
-----------
FUNERAL SERVICE AND
CREMATORIES--0.08%
139,100 oEQUITY CORP INTERNATIONAL ............ 3,217
98,000 LOEWEN GROUP, INC .................... 2,520
1,382,300 SERVICE CORP INTERNATIONAL ........... 51,059
534,300 STEWART ENTERPRISES, INC (CLASS A) ... 24,912
-----------
81,708
-----------
FURNITURE AND
HOME FURNISHINGS--0.00%
60,500 oEKCO GROUP, INC ...................... 469
100,000 INDUSTRIE NATUZZI S.P.A. ADR ......... 2,063
-----------
2,532
-----------
FURNITURE AND HOME FURNISHINGS
STORES--0.06%
502,500 oBED BATH & BEYOND, INC ............... 19,346
517,412 oBOMBAY, INC .......................... 2,393
3,000,000 COURTS (SINGAPORE) LTD ............... 890
166,200 ETHAN ALLEN INTERIORS, INC ........... 6,409
25,000 oGARDEN RIDGE CORP .................... 356
337,387 HEILIG MEYERS CO ..................... 4,049
1,890 oHOUSE OF FABRICS, INC ................ 4
58,295 JD GROUP LTD ......................... 356
118,400 oLECHTERS, INC ........................ 599
6,200 oLINENS N THINGS, INC ................. 270
724,191 PIER 1 IMPORTS, INC .................. 16,385
283,375 oWILLIAMS-SONOMA, INC ................. 11,866
-----------
62,923
-----------
GAS PRODUCTION AND
DISTRIBUTION--0.46%
407,400 AGL RESOURCES, INC ................... 8,326
1,500 oAQUILA GAS PIPELINE CORP ............. 19
328,578 ATMOS ENERGY CORP .................... 9,939
12,000 BAY STATE GAS CO ..................... 446
100,000 CMS ENERGY CORP (CLASS G) ............ 2,713
774,437 COASTAL CORP ......................... 47,967
10,700 CONNECTICUT ENERGY CORP .............. 322
11,700 CTG RESOURCES, INC ................... 305
250,802 EL PASO NATURAL GAS CO ............... 16,678
7,800 ENERGEN CORP ......................... 310
408,875 EQUITABLE RESOURCES, INC ............. 14,464
215,464 GAS NATURAL SDG S.A .................. 11,168
7,498,441 HONG KONG & CHINA GAS CO LTD ......... 14,516
636,741 HYDER PLC ............................ 10,121
1,835,897 IBERDROLA S.A ........................ 24,151
31,400 INDIANA ENERGY, INC .................. 1,034
83,128 IPL ENERGY, INC ...................... 3,741
67,080 IPL ENERGY, INC (U.S.) ............... 3,065
524,440 ITALGAS S.P.A ........................ 2,167
172,000 IWATANI & CO LTD ..................... 306
VALUE
SHARES (000)
------ ----------
510,750 KEYSPAN ENERGY CORP ..................$ 18,802
14,200 KN ENERGY, INC ....................... 767
11,000 LACLEDE GAS CO ....................... 309
617,276 MCN ENERGY GROUP, INC ................ 24,923
17,600 MDU RESOURCES GROUP, INC ............. 557
815,600 NATIONAL FUEL GAS CO ................. 39,710
816,000 NGC CORP ............................. 14,280
410,640 NICOR, INC ........................... 17,324
80,700 NORTHWEST NATURAL GAS CO ............. 2,502
267,000 NOVA CORP ............................ 2,537
333,900 NOVA CORP (U.S.) ..................... 3,193
24,900 NUI CORP ............................. 714
177,171 ONEOK, INC ........................... 7,153
2,287,000 OSAKA GAS CO LTD ..................... 5,242
1,800 oPENNSYLVANIA ENTERPRISES, INC ........ 45
462,115 PEOPLES ENERGY CORP .................. 18,196
23,683 PIEDMONT NATURAL GAS CO, INC ......... 851
10,890 PRIMAGAZ ............................. 911
315,556 oPRIMARK CORP ......................... 12,839
1,300 oPUBLIC SERVICE CO OF NORTH CAROLINA .. 30
296,000 SONAT, INC ........................... 13,542
21,000 SOUTH JERSEY INDUSTRIES, INC ......... 637
16,700 SOUTHWEST GAS CORP ................... 312
248,594 TAYLOR WOODROW PLC ................... 730
2,361,000 TOKYO GAS CO LTD ..................... 5,375
250,581 TRANS CANADA PIPELINES LTD ........... 5,586
15,176 TRANS CANADA PIPELINES LTD (U.S.) .... 340
422,010 UNITED UTILITIES PLC ................. 5,451
569,600 WASHINGTON GAS LIGHT CO .............. 17,622
133,744 WESTCOAST ENERGY, INC ................ 3,084
75,100 WESTERN GAS RESOURCES, INC ........... 1,662
1,690,194 WILLIAMS COS, INC .................... 47,959
605,300 +YANKEE ENERGY SYSTEMS, INC ........... 16,154
-----------
461,097
-----------
GENERAL INDUSTRIAL
MACHINERY--1.14%
4,391 ABB AG (REGD) ........................ 1,111
63,946 ABB ASEA BROWN BOVERI LTD (BR) ....... 80,448
36,000 AIDA ENGINEERING LTD ................. 119
284,010 ATLAS COPCO AB SERIES A FREE ......... 8,483
63,170 ATLAS COPCO AB SERIES B FREE ......... 1,883
3,341,524 AUSTRALIAN NATIONAL
INDUSTRIES LTD ...................... 3,070
3,487,670 BBA GROUP PLC ........................ 23,414
3,200 BEKAERT S.A .......................... 1,904
244,000 oCHIYODA CORP ......................... 263
73,000 COBHAM GROUP PLC ..................... 1,005
2,258,700 oCOLTEC INDUSTRIES, INC ............... 52,374
4,000 COLUMBUS MCKINNON CORP ............... 97
8,854 CONSTRUCCIONES Y AUXILIAR DE
FERROCARRILES S.A. .................. 326
324,880 CONTINENTAL AG ....................... 7,173
190,650 oCUNO, INC ............................ 2,907
76,000 DAIFUKU CO LTD ....................... 371
213,000 DAIKIN INDUSTRIES LTD ................ 806
28,000 DANIELI & CO ......................... 193
109,374 DELTA PLC ............................ 473
249,400 DONALDSON CO, INC .................... 11,239
4,700 DT INDUSTRIES, INC ................... 160
228,000 EBARA CORP ........................... 2,420
8,800 oEST ASIATIQUE ........................ 80
381,820 FANUC LTD ............................ 14,507
362,000 FEDERAL-MOGUL CORP ................... 14,661
18,000 oFIGGIE INTERNATIONAL, INC (CLASS A). . 236
1,030 FISCHER (GEORGE) LTD (BR) ............ 1,412
See notes to financial statements.
-36-
<PAGE>
VALUE
SHARES 000
------ ----------
GENERAL INDUSTRIAL
MACHINERY--(CONTINUED)
28 FISCHER (GEORGE) LTD (REGD) ..........$ 7
519,972 FLOWSERVE CORP ....................... 14,527
25,700 FLS INDUSTRIES AS (CLASS B) .......... 613
1,050 oFRIEDRICH GROHE AG ................... 255
2,000 FUJI TEC CO LTD ...................... 11
3,265,100 +GENERAL SIGNAL CORP .................. 137,746
199,177 GKN PLC .............................. 4,087
364,025 GRACO, INC ........................... 13,583
160,700 HELIX TECHNOLOGY CORP ................ 3,134
613,000 HITACHI ZOSEN CORP ................... 985
113,000 IDEX CORP ............................ 3,941
2,043 INDUSTRIE-WERKE KARLSRUHE
AUGSBURG AG ......................... 481
1,797,600 INGERSOLL-RAND CO .................... 72,803
451,900 KAYDON CORP .......................... 14,743
439,900 KEPPEL CORP .......................... 1,264
30 KEYENCE CORP ......................... 4
1,531,000 KOMATSU LTD .......................... 7,713
1,800 oKONE CORP SERIES B ................... 218
5,000 KORN-OG FODERSTOF KOMPAGNIET AS ...... 139
246,000 KOYO SEIKO CO LTD .................... 988
1,514,000 KUBOTA CORP .......................... 4,006
64,000 KURITA WATER INDUSTRIES LTD .......... 655
25,335 KVAERNER INDUSTRIER AS SERIES A ...... 1,292
181,900 KYOCERA CORP ......................... 8,282
12,893 LINDE AG ............................. 7,873
324,000 MAKINO MILLING MACHINE CO LTD ........ 2,056
2,518,000 MINEBEA CO LTD ....................... 27,112
4,440,000 MITSUBISHI HEAVY INDUSTRIES LTD ...... 18,577
247,000 MORI SEIKI CO LTD .................... 2,565
423,000 oNIIGATA ENGINEERING CO LTD ........... 185
5,000 NIKKO CO LTD ......................... 10
59,000 NIPPON SHARYO LTD .................... 165
9,000 oNN BALL & ROLLER, INC ................ 80
151,172 NORDSON CORP ......................... 6,935
721,000 NSK LTD .............................. 1,802
469,000 NTN TOYO BEARING CO LTD .............. 1,089
53,000 OKUMA CORP ........................... 189
610,826 PALL CORP ............................ 12,636
217,166 oPRICER AB SERIES B ................... 4,023
378,300 ROPER INDUSTRIES, INC ................ 10,687
97,000 SANDEN CORP .......................... 418
58 SCHINDLER HOLDINGS LTD (PT CERT) ..... 61
1,280 SCHINDLER HOLDINGS LTD (REGD) ........ 1,377
87,000 SEMBAWANG CORP ....................... 186
61,692 SIDEL S.A ............................ 4,092
1,282 SOPHUS BERENDSEN AS (CLASS A) ........ 212
15,463 SOPHUS BERENDSEN AS (CLASS B) ........ 2,552
27,811 STORK NV ............................. 960
3,565 SULZER WINTERTHUR AG (REGD) .......... 2,263
1,145,000 SUMITOMO HEAVY INDUSTRIES LTD ........ 3,514
586,400 SUNDSTRAND CORP ...................... 29,540
20,000 SVENSKA KULLAGERFABRIKEN
AB SERIES A FREE ..................... 401
49,900 SVENSKA KULLAGERFABRIKEN
AB SERIES B .......................... 1,063
415,333 T & N PLC ............................ 1,736
45,000 TAIYO YUDEN CO LTD ................... 313
106,000 TAKUMA CO LTD ........................ 734
581,000 TECHNOLOGY RESOURCES
INDUSTRIES BERHAD ................... 343
223,502 TI GROUP PLC ......................... 1,714
VALUE
SHARES (000)
------ ----------
811,759 TIMKEN CO ............................$ 27,904
176,000 TOYO ENGINEERING CO .................. 127
99,000 TOYO EXTERIOR CORP ................... 651
61,000 TOYO KANETSU ......................... 35
409,900 TOYODA AUTOMATIC LOOM WORKS LTD ...... 7,566
57,580 TRELLEBORG AB SERIES B FREE .......... 726
99,000 TSUBAKIMOTO CHAIN CO ................. 358
32,000 oTSUGAMI CORP ......................... 27
9,427,184 TYCO INTERNATIONAL LTD ............... 424,812
210,000 UMW HOLDINGS BERHAD .................. 159
183,800 VALMET OY SERIES A ................... 2,538
190,736 VICKERS PLC .......................... 744
104,000 oVT HOLDING AS (CLASS B) .............. 3,797
550 YOKOHAMA RUBBER CO LTD ............... 1
-----------
1,139,520
-----------
GLASS AND GLASSWARE, PRESSED
OR BLOWN--0.14%
1,186,764 CORNING, INC ......................... 44,059
47,931 oDUPONT PHOTOMASKS, INC ............... 1,672
142,053 LANCASTER COLONY CORP ................ 8,008
121,100 LIBBEY, INC .......................... 4,587
546,600 OWENS CORNING CO ..................... 18,653
1,146,400 oOWENS ILLINOIS, INC .................. 43,492
271,000 SHIBUYA KOGYO ........................ 1,438
311,100 oSOLA INTERNATIONAL, INC .............. 10,111
132,000 VIDRALA S.A .......................... 5,898
43,000 VITRO S.A ............................ 189
423,300 VITRO S.A. ADR ....................... 5,530
-----------
143,637
-----------
GOLD AND SILVER ORES--0.18%
4,000 AGNICO EAGLE MINES LTD ............... 21
664,601 oAMAX GOLD, INC ....................... 1,537
590,479 BARRICK GOLD CORP .................... 10,996
60,000 BARRICK GOLD CORP (U.S.) ............. 1,118
1,094,750 BATTLE MOUNTAIN GOLD CO .............. 6,432
25,500 BEATRIX MINES LTD .................... 88
70,000 CAMBIOR, INC ......................... 413
38,700 oCOEUR DALENE MINES CORP .............. 348
35,000 oDOMINION MINING LTD .................. 9
17,500 oDOMINION MINING LTD WTS 12/31/98 ..... 0
45,000 ECHO BAY MINES LTD ................... 113
4,600 oECHO BAY MINES LTD (U.S.) ............ 11
1,441,500 oEUOR-NEVADA MINING CORP .............. 19,491
739,200 FRANCO-NEVADA MINING CORP LTD ........ 14,514
655,228 FREEPORT MCMORAN COPPER &
GOLD, INC (CLASS A) ................. 10,033
1,638,464 FREEPORT MCMORAN COPPER &
GOLD, INC (CLASS B) ................. 25,806
12,000 FREESTATE CONSOLIDATED
GOLDMINES LTD ....................... 55
218,935 oGETCHELL GOLD CORP ................... 5,254
102,000 oGOLDEN KNIGHT RESOURCES, INC ......... 241
6,222 GOLDFIELDS LTD ....................... 5
653,315 GREAT CENTRAL MINES LTD .............. 702
174,000 HJ JOEL GOLD MINING LTD .............. 86
986,050 HOMESTAKE MINING CO .................. 8,751
93,900 NEWMONT GOLD CO ...................... 2,799
2,108,670 NEWMONT MINING CORP .................. 61,942
3,245,909 NORMANDY MINING LTD .................. 3,151
13,000 oPEGASUS GOLD, INC .................... 8
233,800 PLACER DOME, INC ..................... 2,941
548 PLACER DOME, INC (U.S.) .............. 7
See notes to financial statements.
-37-
<PAGE>
VALUE
SHARES 000
------ ----------
GOLD AND SILVER ORES--(CONTINUED)
230,000 oRAYROCK YELLOWKNIFE
RESOURCES, INC ......................$ 836
4,700 SOUTHVAAL HOLDINGS LTD ............... 72
702,054 oSUNSHINE MINING & REFINING CO ........ 702
1,977 oSUNSHINE MINING & REFINING CO
WTS 03/03/99 ........................ 0
50,300 TECK CORP LTD (CLASS B) .............. 757
-----------
179,239
-----------
GRAIN MILL PRODUCTS--0.71%
5,885,462 ARCHER DANIELS MIDLAND CO ............ 127,641
1,620,400 CPC INTERNATIONAL, INC ............... 175,003
312,000 oEMPAQUES PONDEROSA S.A. SERIES B ..... 269
24,680 ERIDANIA BEGHIN-SAY S.A .............. 3,860
1,414,054 GENERAL MILLS, INC ................... 101,282
10,188 GLAVERBEL S.A ........................ 1,595
58 oGLAVERBEL STRIP NPV (VVPR) ........... 0
272,000 GRUPO INDUSTRIAL MASECA SERIES B ..... 271
9,055,000 IOI CORP ............................. 2,931
1,052,600 KELLOGG CO ........................... 52,235
12,000 MIZUNO CORP .......................... 36
153,938 MOLINOS RIO DE LA PLATA S.A. (CLASS B) 370
396,000 NITTO DENKO CORP ..................... 6,853
110,900 PENFORD CORP ......................... 3,882
336,750 PERLIS PLANTATIONS BERHAD ............ 476
96,000 PRESTIGE PROPERTY HOLDINGS LTD ....... 13
905,132 QUAKER OATS CO ....................... 47,746
542,743 oRALCORP HOLDINGS, INC ................ 9,193
1,747,891 RALSTON PURINA CO .................... 162,445
1,000 TONEN CORP ........................... 5
336,900 TOYO SEIKAN KAISHA LTD ............... 4,819
442,000 UBE INDUSTRIES LTD ................... 564
48,000 VIDR SMARINA S.A ..................... 91
52,820 VISCOFAN S.A ......................... 1,326
-----------
702,906
-----------
GREETING CARDS--0.04%
872,600 AMERICAN GREETINGS CORP (CLASS A) .... 34,140
160,600 oGIBSON GREETINGS, INC ................ 3,513
-----------
37,653
-----------
GROCERIES AND RELATED
PRODUCTS--0.19%
311,164 EARTHGRAINS CO ....................... 14,625
360,048 FLEMING COS, INC ..................... 4,838
1,013,175 FLOWERS INDUSTRIES, INC .............. 20,833
18,200 FOODCORP LTD ......................... 93
916,000 oGENERAL NUTRITION COS, INC ........... 31,144
66,000 HUTECH NORIN CO LTD .................. 507
209,848 oJP FOODSERVICE, INC .................. 7,751
1,700 LOBLAW COS LTD ....................... 31
208,100 NASH FINCH CO ........................ 3,954
67,200 OSHAWA GROUP LTD (CLASS A) ........... 1,174
20,400 oPERFORMANCE FOOD GROUP CO ............ 485
150,974 oPROVIGO, INC ......................... 918
4,105,000 oPT WICAKSANA OVERSEAS
INTERNATIONAL (LR) .................. 149
508,200 RICHFOOD HOLDINGS, INC ............... 14,357
2,700 SMART & FINAL, INC ................... 49
137,450 oSUIZA FOODS CORP ..................... 8,187
698,200 SUPERVALU, INC ....................... 29,237
1,105,100 SYSCO CORP ........................... 50,351
17,200 oUNITED NATURAL FOODS, INC ............ 447
-----------
189,130
-----------
VALUE
SHARES (000)
------ ----------
GROCERY STORES--0.54%
1,329,900 ALBERTSONS, INC ......................$ 63,004
4,175,932 AMERICAN STORES CO ................... 85,868
4,878 oBRUNOS, INC .......................... 10
739,544 oCIFRA SA DE CV (SERIES V) ............ 1,825
155,000 oCIRCLE K JAPAN CO LTD ................ 7,451
86,800 CULTOR OY SERIES 2 ................... 4,702
46,700 oEL AGUILA S.A ........................ 183
1,099,050 FOOD LION, INC (CLASS A) ............. 9,273
1,839,950 FOOD LION, INC (CLASS B) ............. 15,180
273,500 GIANT FOOD, INC (CLASS A) ............ 9,214
106,800 GREAT ATLANTIC & PACIFIC
TEA CO, INC ......................... 3,171
346,600 HANNAFORD BROTHERS, INC .............. 15,055
2,634,208 oKROGER CO ............................ 97,301
5,000 MARUETSU, INC ........................ 13
262,400 MEIKLES AFRICA LTD ................... 236
45,200 PICKN PAY STORES LTD SERIES N ........ 61
33,826 oQUALITY FOOD CENTERS, INC ............ 2,266
673,970 SAFEWAY PLC .......................... 3,826
2,461,943 oSAFEWAY, INC ......................... 155,718
1,607,390 SAINSBURY (J) PLC .................... 13,475
130,000 oSANTA ISABEL S.A. (SPONSORED ADR) .... 2,275
1,310,700 oSOUTHLAND CORP ....................... 2,785
60,000 oSUPERMERCADOS UNIMARC S.A ............
(SPONSORED ADR) ...................... 739
1,321,615 TESCO PLC ............................ 10,655
150,200 WEIS MARKETS, INC .................... 5,257
121,900 oWHOLE FOODS MARKET, INC .............. 6,232
357,632 WINN DIXIE STORES, INC ............... 15,624
320 YOSHINOYA D&C CO LTD ................. 2,929
-----------
534,328
-----------
GUIDED MISSILES, SPACE VEHICLES
AND PARTS--0.26%
1,690,931 LOCKHEED MARTIN CORP ................. 166,557
383,100 oORBITAL SCIENCES CORP ................ 11,397
1,444,400 TRW, INC ............................. 77,095
-----------
255,049
-----------
HANDBAGS AND PERSONAL
LEATHER GOODS--0.00%
47,000 GUCCI GROUP NV ADR ................... 1,968
-----------
HARDWARE, PLUMBING AND HEATING
EQUIPMENT--0.01%
6,500 oBARNETT, INC ......................... 143
330,500 FASTENAL CO .......................... 12,642
9,100 oWILMAR INDUSTRIES, INC ............... 217
-----------
13,002
-----------
HEALTH AND ALLIED SERVICES,
NEC--0.22%
203,300 oACCESS HEALTH, INC ................... 5,972
63,800 oAMERICAN HOMEPATIENT, INC ............ 1,499
34,500 oAMERICAN ONCOLOGY RESOURCES, INC ..... 552
89,000 oBUCKEYE TECHNOLOGIES, INC ............ 4,116
163,900 oCOASTAL PHYSICIAN GROUP, INC ......... 133
12,200 oEXPRESS SCRIPTS, INC ................. 732
3,021,181 oHEALTHSOUTH CORP ..................... 83,838
218,300 oLINCARE HOLDINGS, INC ................ 12,443
3,100 oMEDIQ, INC ........................... 34
299,800 oMID ATLANTIC MEDICAL SERVICES, INC ... 3,822
747,000 oNOVACARE, INC ........................ 9,758
809,800 OMNICARE, INC ........................ 25,104
536,034 oPHARMERICA, INC ...................... 5,561
28,900 oPRIME MEDICAL SERVICES, INC .......... 399
See notes to financial statements.
-38-
<PAGE>
VALUE
SHARES 000
------ ----------
HEALTH AND ALLIED SERVICES,
NEC--(CONTINUED)
25,700 oRENAL CARE GROUP, INC ................ $ 822
359,700 oRENAL TREATMENT CENTERS, INC ......... 12,994
291,784 oRESPONSE ONCOLOGY, INC ............... 2,444
1,060,494 UNITED HEALTHCARE CORP ............... 52,693
-----------
222,916
-----------
HEAVY CONSTRUCTION, EXCEPT
HIGHWAY--0.09%
176,700 xoATKINSON (G.F.) CO OF CALIFORNIA ..... 243
213,753 AUTOPISTAS CONCESIONARIA
ESPANOLA S.A ........................ 2,868
24,400 BILFINGER & BERGER AG ................ 757
3,467,169 BORAL LTD ............................ 8,766
5,800 BOUYGUES S.A ......................... 658
1,298,000 CHICHIBU ONODA CEMENT CORP ........... 2,396
1,698 COLAS S.A ............................ 244
9,000,000 oDMCI HOLDINGS, INC ................... 271
55,686 DRAGADOS Y CONSTRUCCIONES S.A ........ 1,186
235,200 EMPRESAS ICA SOCIEDAD
CONTROLADORA S.A. ................... 635
8,800 oENGIL-SGPS ........................... 86
425,200 FLUOR CORP ........................... 15,892
617,000 oGLOBAL INDUSTRIES LTD ................ 10,489
23,657 oGROUPE GTM ........................... 1,593
359,710 oIMPREGILO S.P.A ...................... 275
207,000 JGC CONSTRUCTION CORP ................ 438
555,000 KINDEN CORP .......................... 5,933
1,410,000 KUMAGAI GUMI CO LTD .................. 770
214,000 KUMAGAI GUMI CO (HONG KONG) LTD ...... 163
40,000 MAEDA ROAD CONSTRUCTION CO LTD ....... 160
154,200 oMATRIX SERVICE CO .................... 1,417
1,000 MATSUO BRIDGE CO LTD ................. 1
2,312,532 PIONEER INTERNATIONAL LTD ............ 6,314
355,112 SCHNEIDER S.A ........................ 19,290
1,405,000 SHIMIZU CORP ......................... 3,263
8,100 oSINGAPORE TECHNOLOGIES
INDUSTRIAL CORP ..................... 8
7,300 oSOCIEDADE DE CONSTRUCOES
SOARES DA COS ....................... 51
8,700 oSOMAGUE-SGPS S.A ..................... 91
900 oSTRABAG BAU AG ....................... 63
265,500 TIME ENGINEERING BERHAD .............. 68
66,000 TOMOE ENGINEERING CO LTD ............. 305
-----------
84,694
-----------
HIGHWAY AND STREET
CONSTRUCTION--0.01%
42,000 GOLDEN PLUS HOLDINGS BERHAD .......... 9
248,500 GRANITE CONSTRUCTION, INC ............ 5,716
43,200 HOCHTIEF AG .......................... 1,706
446,000 oSATO KOGYO ........................... 278
-----------
7,709
-----------
HOLDING OFFICES--0.56%
5,300 oAACHENER & MUNCHENER BETEIL (BR) ..... 575
39,400 AACHENER & MUNCHENER BETEIL (REGD) ... 4,306
599,300 AMBAC FINANCIAL GROUP, INC ........... 27,568
20,960 ANGLO AMERICAN INDUSTRIAL CORP ....... 507
67,235 ANGLO AMERICAN PLATINUM CORP LTD ..... 898
20,600 ANGLOVAAL HOLDINGS LTD ............... 258
194,170 ASTRA CIA AREGENTINA S.A. SERIES B ... 340
62,774 BARLOW LTD ........................... 533
5,600 BOHLER-UDDEHOLM AG (BR) .............. 328
14,811,635 BRIERLEY INVESTMENTS LTD ............. 10,579
259,541 BURNS PHILP & CO LTD ................. 41
208,062 oCEMEX S.A. (CLASS A) (REGD) .......... 942
VALUE
SHARES (000)
------ ----------
98,750 oCEMEX S.A. (CLASS B) ................. $ 524
159,120 oCEMEX S.A. DE CV-CPO ................. 721
2,520 CETELEM S.A .......................... 343
268,666 COMMERCE ASSET HOLDINGS
BERHAD .............................. 128
855,000 COMPASS GROUP PLC .................... 10,467
327,456 CREDIT SUISSE GROUP (REGD) ........... 50,737
1 #CRESTARAN INTERNATIONAL
INVESTMENT BV ....................... 0
296,800 DBS LAND LTD ......................... 454
111,400 DE BEERS CENTENARY AG (UNITS) ........ 2,266
782,845 DELTA CORP ........................... 530
91,000 DESC SOCIEDAD DE FOMENTO
INDUSTRIAL S.A. DE CV SERIES B ....... 862
10,000 DIAMOND LEASE CO LTD ................. 54
28,400 DOUGLAS HOLDINGS AG .................. 858
4,200 EA-GENERALI AG ....................... 1,102
1,157 EURAFRANCE S.A ....................... 471
895,800 EVEREST REINSURANCE HOLDINGS, INC .... 36,952
1,030 FORBO HOLDINGS AG (REGD) ............. 422
213,150 FORT WAYNE NATIONAL CORP ............. 9,805
1,050 FUJI DENKI REIKI CO LTD .............. 3
17,000 GENCOR LTD ........................... 28
732,000 oGRUPO FINANCIERO BANCOMER S.A.
SERIES B ............................ 470
176,551 GRUPO INDUSTRIAL ALFA S.A.
SERIES A ............................ 1,198
592,701 HANSON PLC ........................... 2,658
559,777 HIBERNIA CORP (CLASS A) .............. 10,531
7,649,400 HUTCHINSON WHAMPOA LTD ............... 47,978
76,000 INCHAPE MOTORS ....................... 117
1,648,055 KAO CORP ............................. 23,829
61,600 KESKO CO ............................. 975
25,769 KREDIETBANK NV ....................... 10,815
46,087 LAING (JOHN) (CLASS A) ............... 245
654,969 LEND LEASE CORP LTD .................. 12,803
31,500 LION LAND BERHAD ..................... 5
497,550 MEDIOBANCA S.P.A ..................... 3,912
163,320 MEPC PLC ............................. 1,369
183,660 MUENCHENER RUECKVER AG (REGD) ........ 69,252
116,418 MURRAY & ROBERTS HOLDINGS LTD ........ 176
97,000 NAMPAK LTD ........................... 291
76,979 NEDCOR LTD ........................... 1,708
258,400 NICHIEI CO LTD (KYOTO) ............... 27,624
341,000 ORIENT CORP .......................... 553
58,240 ORIENTAL HOLDINGS .................... 71
74,900 PEPKOR LTD ........................... 385
534,324 NOBLEZA-PICCARDO SDAD INDUSTRIAL
COMERCIAL Y FINANCIERA ............... 3,816
39,600 PERNOD-RICARD S.A .................... 2,330
186,600 POWER CORP OF CANADA ................. 6,676
276,735 PREMIER GROUP HOLDINGS LTD ........... 301
213,700 PROMISE CO LTD ....................... 11,899
260,725 PROVIDENT FINANCIAL PLC .............. 3,419
156,700 REMBRANDT GROUP LTD .................. 1,143
34,803 RIT CAPITAL PARTNERS PLC ............. 162
23,300 ROYALE BELGE VIE ACCIDENTS ........... 6,635
167,500 SAFMARINE & RENNIES HOLDINGS LTD ..... 306
997,196 SANKYO CO LTD ........................ 22,625
94,100 oSEACOR SMIT, INC ..................... 5,670
7,700 SEFIMEG S.A .......................... 384
460,200 SIGMA ALDRICH CORP ................... 18,293
11,744 SIMCO (REGD) ......................... 791
453,932 ST JAMES PLACE CAPITAL PLC ........... 1,262
330,195 STELUX HOLDINGS INTERNATIONAL LTD .... 26
66,039 oSTELUX HOLDINGS INTERNATIONAL
WTS 02/28/98 ........................ 0
See notes to financial statements.
-39-
<PAGE>
VALUE
SHARES 000
------ ----------
HOLDING OFFICES--(CONTINUED)
1,505,441 TELEFONICA DE ARGENTINA S.A.
(CLASS B) ........................... $ 5,647
1,208,688 TENNECO, INC ......................... 47,743
46,700 TIGER OATS LTD ....................... 645
34,100 TOHO CO LTD .......................... 3,645
25,025 TONGAAT HULETT GROUP LTD ............. 319
468,800 UST CORP ............................. 13,009
46,897 VALUE REAL'N TRUST ................... 79
162,367 WOLTERS KLUWER NV .................... 20,976
-----------
558,368
-----------
HOME HEALTH CARE SERVICES--0.01%
390,500 oAPRIA HEALTHCARE GROUP, INC .......... 5,247
30,012 oCORAM HEALTHCARE CORP ................ 101
333,900 oMATRIA HEALTHCARE, INC ............... 1,878
50,000 oMAXICARE HEALTH PLANS, INC ........... 544
-----------
7,770
-----------
HORTICULTURAL SPECIALTIES--0.05%
436,600 PIONEER-HI-BRED INTERNATIONAL, INC ... 46,825
-----------
HOSE, BELTING, GASKETS AND
PACKING--0.00%
3,100 WYNNS INTERNATIONAL, INC ............. 99
-----------
HOSPITALS--0.36%
4,915,599 COLUMBIA/HCA HEALTHCARE CORP ......... 145,625
1,806,800 oHEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) ........................... 45,622
1,313,332 oHUMANA, INC .......................... 27,252
13,000 oPARACELSUS HEALTHCARE CORP ........... 44
136,200 oPEDIATRIX MEDICAL GROUP, INC ......... 5,823
3,431,262 oTENET HEALTHCARE CORP ................ 113,661
376,300 oUNIVERSAL HEALTH SERVICES, INC ....... 18,956
193,088 oVENCOR, INC .......................... 4,719
-----------
361,702
-----------
HOTELS AND MOTELS--0.52%
303,200 oAVATEX CORP .......................... 569
334,400 oAZTAR CORP ........................... 2,090
1,650 BAZAR DE LHOTEL DE VILLE ............. 163
43,000 BERJAYA LAND BERHAD .................. 26
16,900 oBRISTOL HOTEL CO ..................... 491
40,300 oCAPSTAR HOTEL CO ..................... 1,383
51,250 oCASINO AMERICA, INC .................. 125
206,300 oCASINO MAGIC CORP .................... 239
6,976,671 oCENDANT CORP ......................... 239,823
533,650 oCHOICE HOTELS INTERNATIONAL, INC ..... 8,538
2,060,151 oCROWN LTD ............................ 913
749,145 oCROWN LTD RTS ........................ 63
513,100 oEXTENDED STAY AMERICA, INC ........... 6,382
70,000 oFABER GROUP BERHAD ................... 9
236,500 GENTING BERHAD ....................... 592
19,100 GENTING INTERNATIONAL PLC ............ 2
258,900 oGRAND CASINOS, INC ................... 3,528
162,000 HARBOUR CENTRE DEVELOPMENT LTD ....... 142
1,107,600 oHARRAHS ENTERTAINMENT, INC ........... 20,906
1,087,400 HILTON HOTELS CORP ................... 32,350
1,876,600 oHOST MARRIOTT CORP ................... 36,828
226,380 oHOST MARRIOTT SERVICES CORP .......... 3,367
4,600 oINTERSTATE HOTELS CO ................. 161
818,550 LA QUINTA INNS, INC .................. 15,808
190,000 LANDMARKS HOLDINGS BERHAD ............ 28
6,700 oMARCUS CORP .......................... 124
576,200 MARRIOTT INTERNATIONAL, INC .......... 39,902
376,100 oMGM GRAND, INC ....................... 13,563
128,700 oPRIMADONNA RESORTS, INC .............. 2,148
592,000 oPRIME HOSPITALITY CORP ............... 12,062
VALUE
SHARES (000)
------ ----------
974,568 oPROMUS HOTEL CORP .................... $ 40,932
567,488 RANK GROUP PLC ....................... 3,165
54,600 oRED ROOF INNS, INC ................... 836
1,598,000 REGAL HOTELS INTERNATIONAL LTD ....... 303
542,100 RESORTS WORLD BERHAD ................. 912
317,300 oRIO HOTEL & CASINO, INC .............. 6,663
2,703 SHANGRI-LA HOTELS BERHAD ............. 1
25,100 SHOWBOAT, INC ........................ 737
303,000 oSIGNATURE RESORTS, INC ............... 6,628
150,000 SOL MELIA S.A ........................ 6,003
165,800 oSTATION CASINOS, INC ................. 1,689
3,800 oSUBURBAN LODGES AMERICA, INC ......... 51
526,000 SUN INTERNATIONAL SOUTH AFRICA ....... 216
177,883 oSUNBURST HOSPITALITY CORP ............ 1,757
209,400 oTRUMP HOTEL & CASINO RESORT, INC ..... 1,400
24,400 oVAIL RESORTS, INC .................... 633
8,200 oVISTANA, INC ......................... 189
60,175 oWHG RESORTS & CASINO, INC ............ 1,339
1,654,666 ZIMBABWE SUN LTD ..................... 260
-----------
516,039
-----------
HOUSEHOLD APPLIANCE STORES--0.05%
571,600 AUSTRALIA GAS LIGHT CO ............... 3,985
1,037,400 SUNBEAM CORP ......................... 43,700
-----------
47,685
-----------
HOUSEHOLD APPLIANCES--2.48%
154,534 ELECTROLUX AB SERIES B ............... 10,731
1,713,178 EMAIL LTD ............................ 4,045
943,067 FISHER & PAYKEL INDUSTRIES LTD ....... 3,012
32,674,744 GENERAL ELECTRIC CO .................. 2,397,509
636,003 MAYTAG CO ............................ 23,731
29,400 NATIONAL PRESTO INDUSTRIES, INC ...... 1,163
657,000 TAKARA STANDARD CO ................... 3,234
503,800 WHIRLPOOL CORP ....................... 27,709
3,098 #oWINDMERE CORP WTS 01/19/98 ........... 47
-----------
2,471,181
-----------
HOUSEHOLD AUDIO AND VIDEO
EQUIPMENT--0.17%
110,000 AMANO CORP ........................... 846
42,700 BANG & OLUFSEN HOLDINGS A/S (CLASS B) 2,544
655,000 BROTHERS INDUSTRIES LTD .............. 1,501
91,000 oCREATIVE TECHNOLOGY LTD .............. 1,847
3,474,650 MATSUSHITA ELECTRIC
INDUSTRIAL CO LTD ................... 51,042
60,335 MATSUSHITA ELECTRIC INDUSTRIAL
CO LTD ADR .......................... 9,171
30,500 oMOULINEX ............................. 754
49,000 oNIMBUS CD INTERNATIONAL, INC ......... 527
167,250 PIONEER ELECTRONIC CORP .............. 2,586
32,000 oSANRIO CO LTD ........................ 169
3,170,000 SANYO ELECTRIC CO LTD ................ 8,289
1,048,000 SHARP CORP ........................... 7,238
829,098 SONY CORP ............................ 73,968
459,000 UNIDEN CORP .......................... 3,707
310,322 oZENITH ELECTRONICS CORP .............. 1,687
-----------
165,876
-----------
HOUSEHOLD FURNITURE--0.05%
133,162 BASSETT FURNITURE INDUSTRIES, INC .... 3,995
100 oBUSH INDUSTRIES, INC (CLASS A) ....... 3
676,000 oFURNITURE BRANDS INTERNATIONAL, INC .. 13,858
32,600 LA-Z-BOY, INC ........................ 1,406
178,567 oLADD FURNITURE, INC .................. 2,679
580,700 LEGGETT & PLATT, INC ................. 24,317
-----------
46,258
-----------
See notes to financial statements.
-40-
<PAGE>
VALUE
SHARES 000
------ ----------
INDUSTRIAL INORGANIC
CHEMICALS--0.43%
730,000 AIR PRODUCTS & CHEMICALS, INC ........$ 60,043
345,900 oAIRGAS, INC .......................... 4,843
373,590 ALBEMARLE CORP ....................... 8,919
163,200 CALGON CARBON CORP ................... 1,754
610,855 ENGELHARD CORP ....................... 10,614
7,200 GENERAL CHEMICAL GROUP, INC .......... 193
593,300 GEORGIA GULF CORP .................... 18,170
700,800 GRACE (W.R.) & CO .................... 56,371
722,900 GREAT LAKES CHEMICAL CORP ............ 32,440
27,700 GREENCORE GROUP PLC .................. 130
190,800 oKAISER ALUMINUM CORP ................. 1,681
24,400 KERRY GROUP (CLASS A) ................ 261
65,000 KERRY GROUP (CLASS A)
(UNITED KINGDOM) .................... 701
335,401 KONINKLIJKE AHOLD NV ................. 8,752
39,000 oMALAYSIAN OXYGEN BERHAD .............. 87
486,519 MILLENNIUM CHEMICAL, INC ............. 11,464
4,300 MINERALS TECHNOLOGIES, INC ........... 195
12,200 oNL INDUSTRIES, INC ................... 166
66,000 NORITAKE CO LTD ...................... 316
317,900 OLIN CORP ............................ 14,902
2,979,080 PRAXAIR, INC ......................... 134,059
94,000 SOCIEDAD QUIMICA Y MINERA
DE CHILE ADR ........................ 4,136
1,267,380 UNION CARBIDE CORP ................... 54,418
-----------
424,615
-----------
INDUSTRIAL MACHINERY, NEC--0.01%
15,100 APPLIED POWER, INC (CLASS A) ......... 1,042
201,650 COMMERCIAL INTERTECH CORP ............ 4,184
5,000 ROBBINS & MYERS, INC ................. 198
298,188 oUNOVA, INC ........................... 4,901
-----------
10,325
-----------
INDUSTRIAL ORGANIC
CHEMICALS--0.42%
31,000 AGA AB SERIES A FREE ................. 428
78,300 AGA AB SERIES B FREE ................. 1,036
42,000 ARCO CHEMICAL CO ..................... 1,961
161,250 oBIO-RAD LABORATORIES, INC (CLASS A) .. 4,213
7,011,567 BOC GROUP PLC ........................ 116,118
243,800 CROMPTON & KNOWLES CORP .............. 6,461
1,027,000 DAICEL CHEMICAL INDUSTRIES LTD ....... 1,343
831,000 DAINIPPON INK & CHEMICAL, INC ........ 2,109
290,310 DEGUSSA AG ........................... 14,531
842,300 ETHYL CORP ........................... 6,475
912,824 ICI AUSTRALIA LTD .................... 6,394
596,273 IMPERIAL CHEMICAL INDUSTRY PLC ....... 9,222
812,000 KANEKA CORP .......................... 3,678
766,000 KUREHA CHEMICAL INDUSTRY CO LTD ...... 1,579
21,695 LAIR LIQUIDE ......................... 3,397
20,115 #LAIR LIQUIDE (REGD) 1996 ............. 3,150
3,585 #LAIR LIQUIDE (REGD) 1998 ............. 561
5,060 #LAIR LIQUIDE (REGD) 1999 ............. 792
812,600 LUBRIZOL CORP ........................ 29,965
2,500 oMIRAVANT MEDICAL TECHNOLOGY .......... 100
4,232,000 MITSUBISHI CHEMICAL CORP ............. 6,087
614,000 MITSUBISHI GAS CHEMICAL CO, INC ...... 1,620
1,176,400 oMITSUI CHEMICAL CORP ................. 2,171
183,000 NIPPON SHOKUBAI KAGAK
KOGYO CO LTD ........................ 745
2,377 NORIT NV ............................. 36
385,677 NORSK HYDRO AS ....................... 18,807
10,000 OM GROUP, INC ........................ 366
VALUE
SHARES (000)
------ ----------
646,072 RHONE-POULENC S.A. (CLASS A) .........$ 28,953
158,177 oRHONE-POULENC WTS 11/05/01 ........... 544
615,400 ROHM & HAAS CO ....................... 58,925
337,000 SEKISUI CHEMICAL CO LTD .............. 1,718
504,745 SHIN-ETSU CHEMICAL CO LTD ............ 9,666
2,096,000 SHOWA DENKO K.K ...................... 1,838
498,090 oSNIA BDP S.P.A ....................... 513
136,350 SOLVAY ET CIE S.A .................... 8,575
2,154,000 SUMITOMO CHEMICAL CO LTD ............. 4,970
18,900 SUPERFOS AS .......................... 478
652,000 TERUMO CORP .......................... 9,628
5,000 TESSENDERLO CHEMIE NV ................ 277
418,000 oTOSOH CORP ........................... 704
280 UCB S.A .............................. 924
1,253,999 ZENECA GROUP PLC ..................... 44,155
-----------
415,213
-----------
INSURANCE AGENTS, BROKERS, AND
SERVICE--0.31%
680,431 ALLMERICA FINANCIAL CORP ............. 33,979
1,192,750 AON CORP ............................. 69,925
2,330,493 ASSICURAZIONI GENERALI S.P.A ......... 57,313
265,850 BERKLEY (W.R.) CORP .................. 11,664
4,600 oBLANCH (E.W.) HOLDINGS, INC .......... 158
229,800 CRAWFORD & CO (CLASS A) .............. 4,366
189,000 CRAWFORD & CO (CLASS B) .............. 3,863
15,950 oFAIRFAX FINANCIAL HOLDINGS LTD ....... 3,566
2,035 oFORTIS AG NPV (STRIP VVPR) ........... 0
331,000 GALLAGHER (ARTHUR J.) & CO ........... 11,399
1,891,643 GIO AUSTRALIAN HOLDINGS LTD .......... 4,835
894,396 HIH WINTERHUR INTERNATIONAL
HOLDINGS LTD ........................ 1,917
3,700 HILB, ROGAL & HAMILTON CO ............ 71
266,384 LAB HOLDINGS, INC .................... 6,193
20,500 MARSCHOLLEK LAUT UND PARTNER ......... 5,358
795,020 MARSH & MCLENNAN COS, INC ............ 59,279
1,700 MUENCHENER RUECK
GESELLSCHAFT AG (BR) ................ 392
1,106,722 SEDGWICK GROUP LTD ................... 2,568
1,032,400 SELECTIVE INSURANCE GROUP, INC ....... 27,875
439,750 WILLIS CORROON GROUP PLC ............. 1,074
-----------
305,795
-----------
INSURANCE CARRIERS, NEC--0.07%
778,600 MBIA, INC ............................ 52,020
549,700 WESTERN NATIONAL CORP ................ 16,285
11,248 WORMS CIE ............................ 832
-----------
69,137
-----------
INTERNATIONAL AFFAIRS--0.00%
13,150 CREDIT COMMUNAL HOLDINGS DEXIA ....... 1,766
-----------
INVESTMENT OFFICES--0.04%
3,620 oFIRST HUNGARY FUND LTD (CLASS A) ..... 5,708
1,598,400 oFIRST NIS REGIONAL FUND .............. 27,572
248,893 oFIRST RUSSIAN FRONTIERS PLC .......... 4,413
49,778 oFIRST RUSSIAN FRONTIERS SERIES A
WTS 06/03/01 ........................ 360
-----------
38,053
-----------
IRON AND STEEL FOUNDRIES--0.07%
19,000 oCITATION CORP ........................ 309
90,270 GERDAU METALURGICA S.A ............... 2
156,500 INTERMET CORP ........................ 2,739
316,000 oJAPAN STEEL WORKS LTD ................ 241
89,402 MANNESMANN AG ........................ 45,196
643,101 SIDERCA S.A. (CLASS A) ............... 1,788
63,190 THYSSEN AG ........................... 13,530
390,851 USINOR ............................... 5,646
-----------
69,451
-----------
See notes to financial statements.
-41-
<PAGE>
VALUE
SHARES 000
------ ----------
IRON ORES--0.01%
124,481 CLEVELAND CLIFFS, INC ................$ 5,703
34,800 OGLEBAY NORTON CO .................... 1,427
-----------
7,130
-----------
JEWELRY, SILVERWARE, AND
PLATED WARE--0.03%
192,800 BULGARI S.P.A ........................ 982
166,900 oJAN BELL MARKETING, INC .............. 417
670,200 JOSTENS, INC ......................... 15,456
15,300 oTAG HEUER INTERNATIONAL S.A .......... 1,332
324,500 TIFFANY & CO ......................... 11,702
-----------
29,889
-----------
JOB TRAINING AND RELATED
SERVICES--0.00%
64,800 oFIREARMS TRAINING SYSTEMS, INC ....... 336
-----------
KNITTING MILLS--0.02%
109,500 FAB INDUSTRIES, INC .................. 3,408
428,157 GUILFORD MILLS, INC .................. 11,721
111,700 ST. JOHN KNITS, INC .................. 4,468
-----------
19,597
-----------
LANDSCAPE AND HORTICULTURAL
SERVICES--0.01%
434,150 ROLLINS, INC ......................... 8,819
-----------
LAUNDRY, CLEANING, AND GARMENT
SERVICES--0.07%
125,300 ANGELICA CORP ........................ 2,835
279,700 CINTAS CORP .......................... 10,908
348,900 G & K SERVICES, INC (CLASS A) ........ 14,654
549,849 NATIONAL SERVICE INDUSTRIES, INC ..... 27,252
336,100 UNIFIRST CORP ........................ 9,432
-----------
65,081
-----------
LEAD AND ZINC ORES--0.01%
137,400 COMINCO LTD .......................... 2,098
753,900 oHECLA MINING CO ...................... 3,722
-----------
5,820
-----------
LEATHER TANNING AND FINISHING--0.01%
644,187 WOLVERINE WORLD WIDE, INC ............ 14,575
-----------
LEGAL SERVICES--0.00%
51,600 oPREPAID LEGAL SERVICES, INC .......... 1,764
-----------
LIFE INSURANCE--2.58%
244,000 20TH CENTURY INDUSTRIES .............. 6,344
243,934 AEGON N.V. ARS ....................... 21,863
1,672,721 AETNA, INC ........................... 118,031
320,000 ALLEANZA ASSICURAZIONI ............... 3,189
18,662 ALLEANZA ASSICURAZIONI (S/S) NON CV .. 121
576,800 AMERICAN BANKERS INSURANCE
GROUP, INC ........................... 26,497
2,366,149 AMERICAN GENERAL CORP ................ 127,920
800 oAMERICAN HERITAGE LIFE INVESTMENT
CORP ................................. 29
4,463,726 AMERICAN INTERNATIONAL
GROUP, INC .......................... 485,430
252,200 AMERICAN NATIONAL INSURANCE CO ....... 23,455
21,930 AMERUS LIFE HOLDINGS, INC (CLASS A) .. 809
1,716,100 CHUBB CORP ........................... 129,780
772,478 CIGNA CORP ........................... 133,687
299,447 CINCINNATI FINANCIAL CORP ............ 42,147
1,828,512 CONSECO, INC ......................... 83,083
8,500 oDELPHI FINANCIAL GROUP, INC .......... 383
VALUE
SHARES (000)
------ ----------
566,700 EQUITABLE COS, INC ...................$ 28,193
600 FBL FINANCIAL GROUP, INC (CLASS A) ... 24
421,680 FREMONT GENERAL CORP ................. 23,087
739,300 GENERAL REINSURANCE CORP ............. 156,732
69,000 HARTFORD LIFE, INC (CLASS A) ......... 3,127
82,631 oHIGHLANDS INSURANCE GROUP, INC ....... 2,345
177,599 IRISH LIFE PLC ....................... 1,008
744,450 JEFFERSON-PILOT CORP ................. 57,974
306,300 JOHN ALDEN FINANCIAL CORP ............ 7,351
682,999 LEGAL & GENERAL GROUP PLC ............ 5,900
12,500 LIBERTY CORP ......................... 584
2,700 LIBERTY FINANCIAL COS, INC ........... 102
77,874 LIBERTY LIFE ASSOCIATION OF AFRICA LTD 2,000
36,600 LIFE RE CORP ......................... 2,386
33,800 oLIFE USA HOLDING, INC ................ 570
896,500 LINCOLN NATIONAL CORP ................ 70,039
466,000 LOEWS CORP ........................... 49,454
1,806 MAPFRE VIDA S.A ...................... 64
260,000 MEDIOLANUM S.P.A ..................... 4,900
207,000 METROPOLITAN LIFE LTD ................ 585
300 NATIONWIDE FINANCIAL SERVICES, INC
(CLASS A) ........................... 11
386,400 OHIO CASUALTY CORP ................... 17,243
1,183,790 OLD REPUBLIC INTERNATIONAL CORP ...... 44,022
888,512 ORION CAPITAL CORP ................... 41,260
268,200 PENNCORP FINANCIAL GROUP, INC ........ 9,571
38,000 POWER FINANCIAL CORP ................. 1,328
18,600 PRESIDENTIAL LIFE CORP ............... 377
50,000 PROTECTIVE LIFE CORP ................. 2,988
421,350 oPROVIDENT COS, INC ................... 16,275
365,100 PROVIDIAN FINANCIAL CORP ............. 16,498
1,436,342 PRUDENTIAL CORP PLC .................. 16,697
5,550 REINSURANCE GROUP OF AMERICA, INC .... 236
537,778 RELIANCE GROUP HOLDINGS, INC ......... 7,596
1,072,937 RELIASTAR FINANCIAL CORP ............. 44,192
40,600 SAMPO INSURANCE CO SERIES A .......... 1,320
29,200 SOUTHERN LIFE ASSOCIATION LTD ........ 258
1,412,461 SUNAMERICA, INC ...................... 60,383
1,744,200 TORCHMARK CORP ....................... 73,365
9,731,345 TRAVELERS GROUP, INC ................. 524,276
123,400 oUICI ................................. 4,304
10,281 oUNION DES ASSURANCES FEDERALES ....... 1,350
1,227,000 UNUM CORP ............................ 66,718
-----------
2,569,461
-----------
LOCAL AND SUBURBAN
TRANSPORTATION--0.03%
6,720 EAST JAPAN RAILWAY CO ................ 30,442
453,010 NANKAI ELECTRIC RAILWAY CO ........... 1,986
-----------
32,428
-----------
LOGGING--0.02%
11,067,077 CARTER HOLT HARVEY LTD ............... 17,095
92,908 DELTIC TIMBER CORP ................... 2,543
189,000 LAND & GENERAL BERHAD ................ 35
-----------
19,673
-----------
LUGGAGE--0.01%
248,400 oSAMSONITE CORP ....................... 7,856
-----------
LUMBER AND CONSTRUCTION
MATERIALS--0.05%
577,700 GEORGIA PACIFIC CORP
(PACKAGING GROUP) ................... 35,095
557,800 oGEORGIA PACIFIC CORP (TIMBER GROUP) .. 12,655
16,000 oUNIVERSAL FOREST PRODUCTS, INC ....... 218
-----------
47,968
-----------
See notes to financial statements.
-42-
<PAGE>
VALUE
SHARES 000
------ ----------
LUMBER AND OTHER BUILDING
MATERIALS--0.44%
49,100 CBR NV ...............................$ 4,413
40,416 CORCEMAR S.A ......................... 196
58,000 DAITO TRUST CONSTRUCTION CO LTD ...... 356
325,200 oEAGLE HARDWARE & GARDEN, INC ......... 6,301
40,570 HEIDELBERGER ZEMENT AG ............... 2,888
5,848,499 HOME DEPOT, INC ...................... 344,330
85,000 oHONG LEONG INDUSTRIES BERHAD ......... 86
118,820 ITALCEMENTI S.P.A .................... 829
5,000 KEDAH CEMENT HOLDINGS BERHAD ......... 1
1,005,272 LEIGHTON HOLDINGS LTD ................ 3,511
1,173,400 LOWES COS, INC ....................... 55,957
137,500 MALAYAN CEMENT BERHAD ................ 94
28,000 oPAN-MALAYSIA CEMENT WORKS BERHAD ..... 11
18,088 PORTLAND VALDERRIVAS S.A ............. 1,626
127,550 SANKYO ALUMINIUM INDUSTRY CO LTD ..... 114
96,000 SANWA SHUTTER CORP ................... 484
47,700 EUROC INDUSTRIA AB SERIES A .......... 1,954
1,606,150 SEKISUI HOUSE LTD .................... 10,364
3,540 WIENERBERGER BAUSTOFF AG ............. 679
-----------
434,194
-----------
MACHINERY, EQUIPMENT, AND
SUPPLIES--0.03%
120,650 AAR CORP ............................. 4,675
378,237 APPLIED INDUSTRIAL TECHNOLOGIES, INC . 10,118
13,200 oAVIATION SALES CO .................... 497
193,772 BRIGGS & STRATTON CORP ............... 9,410
4,100 oFAIRCHILD CORP (CLASS A) ............. 102
8,600 oHIRSCH INTERNATIONAL CORP (CLASS A) .. 189
151,800 LAWSON PRODUCTS, INC ................. 4,516
100,000 OILES CORP ........................... 2,430
-----------
31,937
-----------
MAILING, REPRODUCTION AND
STENOGRAPHIC SERVICES--0.01%
1,000 oABACUS DIRECT CORP ................... 41
467,330 oADVO, INC ............................ 9,113
53,200 oAMERICAN BUSINESS INFORMATION, INC
(CLASS A) ........................... 559
53,200 oAMERICAN BUSINESS INFORMATION, INC
(CLASS B) ........................... 545
-----------
10,258
-----------
MANAGEMENT AND PUBLIC
RELATIONS--0.05%
173,300 oABR INFORMATION SERVICES, INC ........ 4,138
26,300 BLOUNT INTERNATIONAL, INC ............ 702
289,700 oCORRECTIONS CORP OF AMERICA .......... 10,737
418,300 oGARTNER GROUP, INC (CLASS A) ......... 15,582
436,600 oMEDAPHIS CORP ........................ 2,838
5,000 oMETZLER GROUP, INC ................... 201
82,000 NICHII GAKKAN CO ..................... 2,838
3,000 oTRANSITION SYSTEMS, INC .............. 66
65,600 oWACKENHUT CORRECTIONS CORP ........... 1,763
745,132 WHEELABRATOR TECHNOLOGIES, INC ....... 11,969
-----------
50,834
-----------
MANIFOLD BUSINESS FORMS--0.03%
410,050 ENNIS BUSINESS FORMS, INC ............ 3,793
120,708 MOORE CORP LTD ....................... 1,813
854 MOORE CORP LTD (U.S.) ................ 13
98,800 oNEW ENGLAND BUSINESS SERVICES, INC ... 3,335
186,500 STANDARD REGISTER, INC ............... 6,481
300,500 WALLACE COMPUTER SERVICES, INC ....... 11,682
-----------
27,117
-----------
VALUE
SHARES (000)
------ ----------
MEASURING AND CONTROLLING
DEVICES--0.42%
279,837 oAIR & WATER TECHNOLOGIES CORP
(CLASS A) ........................... $ 315
350,900 oALLEN TELECOM, INC ................... 6,470
89,987 BECKMAN INSTRUMENTS, INC ............. 3,599
360,200 oBURR BROWN CORP ...................... 11,571
303,300 oC-CUBE MICROSYSTEMS, INC ............. 4,948
30,800 oCELLPRO, INC ......................... 71
463,300 oCOGNEX CORP .......................... 12,625
53,000 COHU, INC ............................ 1,623
347,200 oCREDENCE SYSTEMS CORP ................ 10,286
100,396 oCYMER, INC ........................... 1,506
180,519 DANIEL INDUSTRIES, INC ............... 3,475
130,100 oDIONEX CORP .......................... 6,472
532,200 EG & G, INC .......................... 11,076
318,200 oELECTROGLAS, INC ..................... 4,912
336,700 FISHER SCIENTIFIC INTERNATIONAL, INC . 16,077
157,008 FLUKE CORP ........................... 4,092
77,900 oGENRAD, INC .......................... 2,352
26,800 oHAEMONETICS CORP ..................... 375
1,325,300 HONEYWELL, INC ....................... 90,783
341,656 IMI PLC .............................. 2,280
440,800 oINPUT/OUTPUT, INC .................... 13,086
120,200 oINTEGRATED CIRCUIT SYSTEMS, INC ...... 3,426
1,254,728 JOHNSON CONTROLS, INC ................ 59,913
501,400 oKLA-TENCOR CORP ...................... 19,367
7,200 oLECROY CORP .......................... 218
30,900 oLTX CORP ............................. 137
305,600 MILLIPORE CORP ....................... 10,371
1,800 MTS SYSTEMS CORP ..................... 68
343,100 NEWPORT CORP ......................... 4,825
3,095 xoOMEGA ENVIRONMENTAL, INC ............. 0
65,600 OPTICAL COATING LABORATORIES, INC .... 902
3,100 oPERCEPTRON, INC ...................... 67
124,953 PERKIN-ELMER CORP .................... 8,879
2,300 oROBOTIC VISION SYSTEMS, INC .......... 26
5,400 oROFIN-SINAR TECHNOLOGIES, INC ........ 65
695,622 SIEBE PLC ............................ 13,048
770,200 TEKTRONIX, INC ....................... 30,567
664,338 oTERADYNE, INC ........................ 21,259
110,741 oTHERMO INSTRUMENT SYSTEMS, INC ....... 3,814
475,300 oUNIPHASE CORP ........................ 19,666
103,400 oVEECO INSTRUMENTS, INC ............... 2,275
204,200 oWATERS CORP .......................... 7,683
234,500 X RITE, INC .......................... 4,280
73,000 oZYGO CORP ............................ 1,369
-----------
420,219
-----------
MEAT PRODUCTS--0.20%
420,582 BOB EVANS FARMS, INC ................. 9,305
556,100 CHIQUITA BRANDS INTERNATIONAL, INC ... 9,071
4,252,208 CONAGRA, INC ......................... 139,526
634,000 IBP, INC ............................. 13,274
1,108,000 ITOHAM FOODS, INC .................... 5,266
4,119 MAPLE LEAF FOODS, INC ................ 45
54,000 oMARUDAI FOOD CO LTD .................. 119
492,000 NIPPON MEAT PACKERS, INC ............. 6,735
2,638,555 PERDIGAO S.A ......................... 6
55,900 PILGRIMS PRIDE CORP .................. 870
66,700 SANDERSON FARMS, INC ................. 967
455,100 oSMITHFIELD FOODS, INC ................ 15,018
19,466 WORTHINGTON FOODS, INC ............... 273
-----------
200,475
-----------
See notes to financial statements.
-43-
<PAGE>
VALUE
SHARES 000
------ ----------
MEDICAL AND DENTAL
LABORATORIES--0.01%
4,000 oAPPLIED ANALYTICAL INDUSTRIES, INC ... $ 66
74,363 oEPITOPE, INC ......................... 372
54,500 oMEDICAL RESOURCES, INC ............... 511
51,750 oMOLECULAR BIOSYSTEMS, INC ............ 440
228,008 oQUEST DIAGNOSTICS, INC ............... 3,848
-----------
5,237
-----------
MEDICAL INSTRUMENTS AND
SUPPLIES--1.49%
127,100 oACUSON CORP .......................... 2,105
158,675 oADAC LABORATORIES, INC ............... 3,134
678,100 oALZA CORP ............................ 21,572
211,694 ARROW INTERNATIONAL, INC ............. 7,833
275,000 oARTERIAL VASCULAR ENGINEERING, INC ... 17,875
202,665 oATL ULTRASOUND, INC .................. 9,323
323,633 BALLARD MEDICAL PRODUCTS CO .......... 7,848
645,472 BARD (C.R.), INC ..................... 20,211
1,192,512 BECTON DICKINSON & CO ................ 59,626
1,274,800 BIOMET, INC .......................... 32,667
582,300 oBOSTON SCIENTIFIC CORP ............... 26,713
203,900 oCIRCON CORP .......................... 3,109
700 oCNS, INC ............................. 5
251,800 COLLAGEN CORP ........................ 5,256
20,700 oCONMED CORP .......................... 543
278,800 oCYGNUS, INC .......................... 5,541
2,500 oCYTYC CORP ........................... 62
164,700 oDATASCOPE CORP ....................... 4,262
535,900 DENTSPLY INTERNATIONAL, INC .......... 16,345
14,800 DEPUY, INC ........................... 426
144,700 DIAGNOSTIC PRODUCTS CORP ............. 4,015
181,300 oE-Z-EM, INC (CLASS A) ................ 1,337
225,270 oE-Z-EM, INC (CLASS B) ................ 1,577
529,637 oFRESENIUS MEDICAL CARE AG ADR ........ 11,520
119,000 FUKUDA DENSHI CO ..................... 1,217
1,177,626 GUIDANT CORP ......................... 73,307
159,423 oHEALTHDYNE TECHNOLOGIES, INC ......... 3,248
92,600 oHEARTPORT, INC ....................... 1,887
72,700 oHOLOGIC, INC ......................... 1,504
200 oI-STAT CORP .......................... 3
207,400 INVACARE CORP ........................ 4,511
105,200 oISOLYSER CO, INC ..................... 247
11,691,354 JOHNSON & JOHNSON CO ................. 770,168
19,900 oMARQUETTE MEDICAL SYSTEMS, INC
(CLASS A) ........................... 530
3,473,044 MEDTRONIC, INC ....................... 181,684
179,000 MENTOR CORP .......................... 6,534
350,300 oMILLENNIUM PHARMACEUTICALS, INC ...... 6,656
98,700 MINE SAFETY APPLIANCE CO ............. 6,465
1,000 oMINIMED, INC ......................... 39
8,724 oNYCOMED AMERSHAM PLC SERIES A ........ 328
21,015 oNYCOMED AMERSHAM PLC SERIES B ........ 764
5,700 oOEC MEDICAL SYSTEMS, INC ............. 114
7,500 oPHYSIO-CONTROL INTERNATIONAL CORP .... 119
6,650 RADIOMETER AS (CLASS B) .............. 270
52,600 oRESPIRONICS, INC ..................... 1,177
150,582 oSAFESKIN CORP ........................ 8,546
700 SANKYO CO LTD ........................ 10
250,600 oSOFAMOR DANEK GROUP, INC ............. 16,305
563,650 oST. JUDE MEDICAL, INC ................ 17,191
402,472 oSTERIS CORP .......................... 19,419
377,100 STRYKER CORP ......................... 14,047
404,800 oSUMMIT TECHNOLOGY, INC ............... 1,834
97,100 oSUNRISE MEDICAL, INC ................. 1,499
VALUE
SHARES (000)
------ ----------
648,700 oSYBRON INTERNATIONAL CORP ............ $ 30,448
347,050 oTHERMEDICS, INC ...................... 5,683
659,000 U.S. SURGICAL CORP ................... 19,317
301,150 VARIAN ASSOCIATES, INC ............... 15,227
97,500 VITAL SIGNS, INC ..................... 1,901
417,800 oVIVUS, INC ........................... 4,439
-----------
1,479,543
-----------
MEDICAL SERVICE AND HEALTH
INSURANCE--0.18%
872,823 AFLAC, INC ........................... 44,623
110,100 oCNA FINANCIAL CORP ................... 14,065
11,400 oCOMPANHIA DE SEGUROS
TRANQUILIDADE ....................... 274
6,000 oCOMPDENT CORP ........................ 122
259,200 oCONCENTRA MANAGED CARE, INC .......... 8,748
76,400 oCOVENTRY CORP ........................ 1,165
841,475 oFOUNDATION HEALTH SYSTEMS
(CLASS A) ........................... 18,828
351,300 oFPA MEDICAL MANAGEMENT, INC .......... 6,543
214,300 oOXFORD HEALTH PLANS, INC ............. 3,335
210,159 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS A) ........................... 10,560
163,158 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS B) ........................... 8,545
265,300 oPHYMATRIX CORP ....................... 4,178
24,700 oPHYSICIANS HEALTH SERVICES, INC
(CLASS A) 701
942,300 oQUORUM HEALTH GROUP, INC ............. 24,618
218,700 oSAFEGUARD HEALTH ENTERPRISES, INC .... 2,952
437,000 TRAVELERS PROPERTY CASUALTY CORP ..... 19,228
68,200 oTRIGON HEALTHCARE, INC ............... 1,782
10,700 UNITED WISCONSIN SERVICES, INC ....... 276
245,553 oWELLPOINT HEALTH NETWORKS, INC ....... 10,375
-----------
180,918
-----------
MEN'S AND BOYS' CLOTHING
STORES--0.01%
29,800 oABERCROMBIE & FITCH CO (CLASS A) ..... 931
122,200 oMENS WAREHOUSE, INC .................. 4,246
168,300 oPACIFIC SUNWEAR CALIFORNIA, INC ...... 4,975
245,500 oSYMS CORP ............................ 2,915
-----------
13,067
-----------
MEN'S AND BOYS'
FURNISHINGS--0.09%
500 AUTHENTIC FITNESS CORP ............... 9
685,500 oFRUIT OF THE LOOM, INC (CLASS A) ..... 17,566
151,300 oGUESS ?, INC ......................... 1,040
154,500 OSHKOSH B'GOSH, INC (CLASS A) ........ 5,099
265,388 PHILLIPS VAN HEUSEN CORP ............. 3,782
29,500 oQUIKSILVER, INC ...................... 844
495,700 RUSSELL CORP ......................... 13,167
3,000 oUNITOG CO ............................ 67
636,800 VF CORP .............................. 29,253
524,999 WARNACO GROUP, INC (CLASS A) ......... 16,472
-----------
87,299
-----------
MEN'S AND BOYS' SUITS AND
COATS--0.03%
114 oDYLEX LTD ............................ 1
38 oDYLEX LTD WTS 05/31/98 ............... 0
270,700 oHARTMARX CORP ........................ 2,064
343,350 KELLWOOD CO .......................... 10,301
111,100 MARZOTTO & FIGLI S.P.A ............... 1,390
725,000 ONWARD KASHIYMA CO LTD ............... 8,420
128,900 OXFORD INDUSTRIES, INC ............... 4,189
-----------
26,365
-----------
See notes to financial statements.
-44-
<PAGE>
VALUE
SHARES 000
------ ----------
METAL CANS AND SHIPPING
CONTAINERS--0.06%
212,204 oALLTRISTA CORP ....................... $ 6,021
134,024 BALL CORP ............................ 4,733
222,400 CLARCOR, INC ......................... 6,589
7,016 oCOLEP-COMPANHIA PORTUGUESA
DE EMBALAGE ......................... 99
784,483 CROWN CORK & SEAL CO, INC ............ 39,322
267,000 PLM AB ............................... 3,735
5,000 oSILGAN HOLDINGS, INC ................. 163
2,800 oU.S. CAN CORP ........................ 47
-----------
60,709
-----------
METAL FORGINGS AND
STAMPINGS--0.20%
162,200 GENERAL HOUSEWARES CORP .............. 1,703
266,100 oHEXCEL CORP .......................... 6,636
297,450 oMAGNETI MARELLI ...................... 509
158,700 MASCOTECH, INC ....................... 2,916
3,117,342 ROCKWELL INTERNATIONAL CORP .......... 162,881
117,200 oTOWER AUTOMOTIVE, INC ................ 4,930
378,500 oWYMAN-GORDON CO ...................... 7,428
367,952 ZERO CORP ............................ 10,901
-----------
197,904
-----------
METAL MINING SERVICES--0.00%
36,000 AVMIN LTD ............................ 43
15,096 JCI LIMITED .......................... 67
17,039 oMORRISON KNUDSEN CORP
WTS 03/11/03 ........................ 49
-----------
159
-----------
METAL SERVICES, NEC--0.00%
391,945 oMATERIAL SCIENCES CORP ............... 4,777
-----------
METALS AND MINERALS, EXCEPT
PETROLEUM--0.01%
304,921 COMMERCIAL METALS CO ................. 9,624
8,300 PREUSSAG AKTIEGESELLSCHAFT AG ........ 2,534
1,400 RELIANCE STEEL & ALUMINUM CO ......... 42
-----------
12,200
-----------
METALWORKING MACHINERY--0.08%
913,100 BLACK & DECKER CORP .................. 35,668
558,400 CINCINNATI MILACRON, INC ............. 14,484
277,031 KENNAMETAL, INC ...................... 14,354
5,000 LINCOLN ELECTRIC CO (CLASS A) ........ 180
108,000 MAKITA CORP .......................... 1,038
770,000 METAL MANUFACTURES LTD ............... 1,159
407,900 oMOHAWK INDUSTRIES, INC ............... 8,948
206,000 xoMOLTEN METAL TECHNOLOGY, INC ......... 19
131,400 NITTO KOHKI CO LTD ................... 1,435
3,700 oSPS TECHNOLOGIES, INC ................ 161
71,300 STARRETT (L.S.) CO (CLASS A) ......... 2,607
34,000 STARRETT (L.S.) CO (CLASS B) ......... 1,243
3,893 oWESTAIM CORP ......................... 19
-----------
81,315
-----------
MILLWORK, PLYWOOD AND STRUCTURAL
MEMBERS--0.01%
20,000 oAOKAM PERDANA BERHAD ................. 2
203,046 TJ INTERNATIONAL, INC ................ 5,025
2,100 oTRIANGLE PACIFIC CORP ................ 71
-----------
5,098
-----------
MISCELLANEOUS AMUSEMENT, RECREATION
SERVICES--0.11%
118,700 oANCHOR GAMING CO ..................... 6,618
186,500 oARGOSY GAMING CORP ................... 641
VALUE
SHARES (000)
------ ----------
29,050 oBALLY TOTAL FITNESS HOLDINGS CORP .... $ 635
21,100 oBOYD GAMING CORP ..................... 140
991,100 CARNIVAL CORP (CLASS A) .............. 54,882
521,084 oCIRCUS CIRCUS ENTERPRISES, INC ....... 10,682
210 oKUONI REISEN HOLDINGS (REGD) (CLASS B) 788
1,011,100 oMIRAGE RESORT, INC ................... 23,003
517,700 MULTI-PURPOSE HOLDINGS BERHAD ........ 133
73,446 oPREMIER PARKS, INC ................... 2,975
57,934 oPRESIDENT CASINOS, INC ............... 206
72,000 oSCIENTIFIC GAMES HOLDINGS CORP ....... 1,458
23,000 oSPEEDWAY MOTORSPORTS, INC ............ 571
2,453,600 oSYDNEY HARBOUR CASINO HOLDINGS LTD ... 2,326
926,400 TABCORP HOLDINGS LTD ................. 4,346
-----------
109,404
-----------
MISCELLANEOUS APPAREL AND ACCESSORY
STORES--0.08%
499,500 oCML GROUP, INC ....................... 1,655
96,050 oJACOBSON STORES, INC ................. 1,237
117,000 oNORTH FACE, INC ...................... 2,574
2,215,360 TJX COS, INC ......................... 76,153
-----------
81,619
-----------
MISCELLANEOUS APPAREL AND
ACCESSORIES--0.02%
1,200,000 oITTIERRE S.P.A ....................... 3,593
491,200 oNAUTICA ENTERPRISES, INC ............. 11,420
4,708,000 WING TAI HOLDINGS LTD ................ 5,504
-----------
20,517
-----------
MISCELLANEOUS BUSINESS
SERVICES--0.39%
8,916 ADECCO S.A. (BR) ..................... 2,589
2,446,000 ANTAH HOLDINGS BERHAD ................ 748
95,800 oAPAC TELESERVICES, INC ............... 1,293
9,000 ASSA ABLOY AB SERIES B ............... 238
13,100 oBORG-WARNER SECURITY CORP ............ 231
103,000 oCARIBINER INTERNATIONAL, INC ......... 4,584
426,346 CARLTON COMMUNICATIONS PLC ........... 3,283
397,000 oCHECKFREE CORP ....................... 10,719
145,491 COMPAGNIE GENERALE DES EAUX .......... 20,315
48,973 oCOMPAGNIE GENERALE DES EAUX
WTS 05/02/01 ........................ 33
1,033,662 DAI NIPPON PRINTING CO LTD ........... 19,477
221,000 DAIWA KOSHO LEASE CO LTD ............. 901
486,430 EDISON ............................... 2,946
1,264,198 EQUIFAX, INC ......................... 44,800
35,300 ESSELTE AB SERIES B FREE ............. 716
4,700 FAIR ISSAC & CO, INC ................. 157
10,800 FLUGHAFEN WIEN AG .................... 429
228,000 GAKKEN CO LTD ........................ 321
652,995 GETRONICS NV ......................... 20,808
251,553 oHEALTHCARE COMPARE CO ................ 12,861
258,500 HENDERSON INVESTMENT LTD ............. 204
1,690,000 HENDERSON LAND DEVELOPMENT
CO LTD .............................. 7,961
42,300 oINTERMEDIA COMMUNICATIONS, INC ....... 2,570
15,500 oISS INTERNATIONAL SERVICE SYSTEM
AS SERIES B ......................... 570
87,000 KOKUYO CO LTD ........................ 1,506
366,800 oMETROMEDIA INTERNATIONAL GROUP, INC .. 3,485
99,000 MITSUBISHI WAREHOUSE &
TRANSPORTATION CO LTD ............... 1,036
161,000 MITSUI SOKO CO LTD ................... 405
21,800 oNCO GROUP, INC ....................... 561
20,200 oNOVA CORP/GEORGIA .................... 505
895,700 oPAGING NETWORK, INC .................. 9,629
See notes to financial statements.
-45-
<PAGE>
VALUE
SHARES 000
------ ----------
MISCELLANEOUS BUSINESS
SERVICES--(CONTINUED)
3,500 oPAYMENTECH, INC ...................... $ 52
535,600 PITTSTON BRINKS GROUP CO ............. 21,558
349,700 oPLAYERS INTERNATIONAL, INC ........... 1,115
805,180 PROSEGUR COMPANIA DE
SEGURIDAD S.A. ...................... 8,083
1,287,040 REUTERS HOLDINGS PLC ................. 14,157
146,000 SAP AG ............................... 44,374
28,000 SCRIBONA AB SERIES B FREE ............ 312
62,000 oSEATTLE FILMWORKS, INC ............... 690
188,300 SECOM CO LTD ......................... 12,078
3,390,000 SECURICOR PLC ........................ 15,981
43,500 SECURITAS AB SERIES B FREE ........... 1,316
272,700 oSITEL CORP ........................... 2,488
1,698 SOCIETE GENERAL DE SURVEILLANCE (BR) . 3,260
414,000 SOTHEBYS HOLDINGS, INC (CLASS A) ..... 7,659
209,200 STEWART INFORMATION SERVICES CORP .... 6,067
80,048 LYONNAISE DES EAUX S.A ............... 8,862
2,640 oSURVEILLANCE S.A., SOCIETE DE ........ 968
179,750 oSYLVAN LEARNING SYSTEMS, INC ......... 7,010
30,500 oTELESPECTRUM WORLDWIDE, INC .......... 111
63,000 oTELETECH HOLDINGS, INC ............... 717
223,000 TOKYO DOME CORP ...................... 1,489
264,000 TOKYO TOKEIBA CO LTD ................. 341
1,547,000 TOPPAN PRINTING CO LTD ............... 20,227
817,800 VIAD CORP ............................ 15,794
79,100 WACKENHUT CORP SERIES A .............. 1,834
348,206 WACKENHUT CORP SERIES B .............. 7,356
3,500,261 WHARF HOLDINGS LTD ................... 7,679
-----------
387,459
-----------
MISCELLANEOUS CHEMICAL PRODUCTS--0.20%
1,627,000 ASAHI CHEMICAL INDUSTRY CO LTD ....... 5,531
98,700 BETZDEARBORN, INC .................... 6,027
822,400 CABOT CORP ........................... 22,719
554,057 oCYTEC INDUSTRIES, INC ................ 26,006
2,356 DESC S.A. DE CV SERIES C ............. 22
16,100 DYNO INDUSTRIER AS ................... 310
92,193 FULLER (H.B.) CO ..................... 4,564
300,000 KONISHI CO LTD ....................... 2,884
166,955 LEARONAL, INC ........................ 3,923
1,800 MACDERMID, INC ....................... 153
1,701,400 MORTON INTERNATIONAL, INC ............ 58,486
432,000 NAGASE & CO .......................... 1,263
239,600 NALCO CHEMICAL CORP .................. 9,479
543,000 NGK SPARK PLUG CO LTD ................ 3,090
276,900 oSCHERER (R.P.) CORP .................. 16,891
3,840 oSIKA FINANZ AG (BR) .................. 1,222
248,000 oSMITH INTERNATIONAL, INC ............. 15,221
312,000 THIOKOL CORP ......................... 25,350
-----------
203,141
-----------
MISCELLANEOUS CONVERTED PAPER
PRODUCTS--0.55%
23,800 oAMERICAN PAD & PAPER CO .............. 229
6,043,595 ARJO WIGGINS APPLETON PLC ............ 16,209
552,876 AVERY DENNISON CORP .................. 24,741
396,600 BEMIS, INC ........................... 17,475
35,000 BERJAYA GROUP BERHAD ................. 7
59,105 oCROWN VANTAGE, INC ................... 414
370,400 FIRST BRANDS CORP .................... 9,978
4,389,672 FORT JAMES CORP ...................... 167,905
386,500 KIMBERLY CLARK DE MEXICO S.A. DE CV
SERIES A ............................ 1,894
5,137,044 KIMBERLY-CLARK CORP .................. 253,320
66,050 KONINKLIJKE KNP BT NV ................ 1,521
VALUE
SHARES (000)
------ ----------
145,500 oMAIL-WELL, INC ....................... $ 5,893
2,200 oMAYR-MELNHOF KARTON AG ............... 118
112,586 MEYER INTERNATIONAL PLC .............. 710
189,525 oPAXAR CORP ........................... 2,807
266,400 oPLAYTEX PRODUCTS, INC ................ 2,731
81,179 SAPPI LTD ............................ 409
317,300 oSHOREWOOD PACKAGING CORP ............. 8,488
823,465 SONOCO PRODUCTS CO ................... 28,564
-----------
543,413
-----------
MISCELLANEOUS DURABLE GOODS--0.13%
38,533 xoBEN FRANKLIN RETAIL STORES, INC ...... 0
1,791,835 oCOSTCO COS, INC ...................... 79,961
59,000 DICKSON CONCEPTS
INTERNATIONAL LTD ................... 86
104,500 oHA-LO INDUSTRIES, INC ................ 2,717
174,375 oHANDLEMAN CO ......................... 1,210
76,000 #oINCHCAPE MARKETING SERVICES .......... 64
3,635,000 MITSUBISHI CORP ...................... 28,795
3,285,000 MITSUI & CO LTD ...................... 19,505
-----------
132,338
-----------
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES--0.04%
122,269 oAPPLIED MAGNETICS CORP ............... 1,360
15,600 C&D TECHNOLOGIES, INC ................ 753
174,100 CAE, INC ............................. 1,363
147,300 oDREXLER TECHNOLOGY CORP .............. 1,510
163,500 oELECTRO SCIENTIFIC INDUSTRIES, INC ... 6,213
280,700 EXIDE CORP ........................... 7,263
201,000 FUJI MACHINE MANUFACTURING CO ........ 4,870
116,670 oHUTCHINSON TECHNOLOGY, INC ........... 2,552
328,660 JOHNSON ELECTRIC HOLDINGS LTD ........ 946
263,900 oKOMAG, INC ........................... 3,926
1,350,820 LUCASVARITY PLC ...................... 4,790
3,000 NOMA INDUSTRIES LTD (CLASS A) ........ 10
1,589,700 oOLIVETTI GROUP S.P.A ................. 962
35,400 STANDARD MOTOR PRODUCTS, INC
(CLASS A) ........................... 799
-----------
37,317
-----------
MISCELLANEOUS EQUIPMENT RENTAL AND
LEASING--0.01%
4,000 oAARON RENTS, INC ..................... 78
429,000 oANIXTER INTERNATIONAL, INC ........... 7,079
10,100 oCORT BUSINESS SERVICES CORP .......... 402
51,800 oRENTAL SERVICE CORP .................. 1,272
303,543 THORN PLC ............................ 784
30,400 oUS RENTALS, INC ...................... 714
-----------
10,329
-----------
MISCELLANEOUS FABRICATED METAL
PRODUCTS--0.14%
406,800 AEROQUIP-VICKERS, INC ................ 19,959
2,100 oAMCAST INDUSTRIAL CORP ............... 48
442,566 CRANE CO ............................. 19,196
252,200 HARSCO CORP .......................... 10,876
526,788 ISCOR LTD ............................ 156
1,277,800 PARKER-HANNIFIN CORP ................. 58,619
338,200 POLARIS INDUSTRIES, INC .............. 10,336
55,500 SAMANCOR LTD ......................... 254
4,300 oSHAW GROUP, INC ...................... 99
47,600 SMC .................................. 4,210
318,600 STELCO, INC (CLASS A) ................ 2,104
249,300 WATTS INDUSTRIES, INC (CLASS A) ...... 7,058
205,600 oWHITTAKER CORP ....................... 2,262
-----------
135,177
-----------
See notes to financial statements.
-46-
<PAGE>
VALUE
SHARES 000
------ ----------
MISCELLANEOUS FABRICATED TEXTILE
PRODUCTS--0.05%
69,800 AOYAMA TRADING CO LTD ................$ 1,251
355,850 COATS VIYELLA PLC .................... 536
246,400 COURTAULDS PLC ....................... 1,206
240,000 COURTAULDS TEXTILES PLC .............. 1,408
93,191 DAWSON INTERNATIONAL PLC ............. 104
203,000 oKANEBO LTD ........................... 148
600,000 KURABO INDUSTRIES LTD ................ 646
2,119,000 KURARAY CO LTD ....................... 17,601
176,000 NISSHINBO INDUSTRY, INC .............. 744
59,400 oPARAGON TRADE BRANDS, INC ............ 765
27,722 PILLOWTEX CORP ....................... 967
17,601,800 oPT INDO RAMA SYNTHETIC (LR) .......... 7,849
500 SHIMAMAURA CO LTD .................... 9
1,720,000 TEIJIN LTD ........................... 3,611
2,161,000 TORAY INDUSTRIES, INC ................ 9,723
661,000 TOYOBO CO LTD ........................ 803
194,000 oUNITIKA LTD .......................... 104
-----------
47,475
-----------
MISCELLANEOUS FOOD AND KINDRED
PRODUCTS--0.24%
211,000 ARIAKE JAPAN CO LTD .................. 6,897
144,000 oASIA FOOD & PROPERTIES LTD ........... 22
10,800 oASIA FOOD & PROPERTIES
WTS 07/12/02 ........................ 1
522,839 BRL HARDY LTD ........................ 1,609
162,600 GOLDEN ENTERPRISES, INC .............. 1,098
100,000 GRUPO INDUSTRIAL BIMBO S.A. DE CV
SERIES A ............................ 949
323,000 HOUSE FOODS CORP ..................... 4,223
101,000 KATOKICHI CO LTD ..................... 1,251
124,000 MARUHA CORP .......................... 113
881,100 MCCORMICK & CO, INC (NON-VOTE) ....... 24,671
110,000 MEFOS LTD ............................ 770
66,351 NESTLE S.A. (REGD) ................... 99,577
1,089,000 oNIPPON SUISAN KAISHA LTD ............. 1,382
187,000 NISSIN FOOD PRODUCTS CO LTD .......... 3,409
12,300 oPASCUAL HERMANOS S.A ................. 4
69,233 SANTISTA ALIMENTOS S.A ............... 96
65,000 SKYLARK CO LTD ....................... 625
1,236,400 UNILEVER NV CERTIFICATES ............. 76,234
327,320 UNIVERSAL FOODS CORP ................. 13,829
-----------
236,760
-----------
MISCELLANEOUS FOOD STORES--0.03%
91,930 CASINO GUICHARD-PERRACHON S.A ........ 5,119
41,250 JERONIMO MARTINS SGPS S.A ............ 1,310
112,300 NATURES SUNSHINE PRODUCTS, INC ....... 2,920
23,800 oSONAE INVESTIMENTOS SGPS S.A ......... 964
532,800 oSTARBUCKS CORP ....................... 20,446
-----------
30,759
-----------
MISCELLANEOUS FURNITURE AND
FIXTURES--0.00%
252,900 SHELBY WILLIAMS INDUSTRIES, INC ...... 4,173
-----------
MISCELLANEOUS GENERAL MERCHANDISE
STORES--0.04%
378,575 CASEYS GENERAL STORES, INC ........... 9,606
845,746 DOLLAR GENERAL CORP .................. 30,658
215,876 SPECIALTY STORES LTD ................. 155
42,000 WOOLTRU LTD .......................... 147
61,000 WOOLTRU LTD (CLASS N) (NON-VOTE) ..... 192
-----------
40,758
-----------
VALUE
SHARES (000)
------ ----------
MISCELLANEOUS INVESTING--0.57%
11,900 ALEXANDRIA REAL ESTATE EQUITIES, INC .$ 376
27,400 ALLIED CAPITAL COMMERCIAL CORP ....... 911
7,600 AMBASSADOR APARTMENTS, INC ........... 156
32,400 AMERICAN GENERAL HOSPITALITY CORP .... 867
87,100 AMERICAN HEALTH PROPERTIES, INC ...... 2,401
20,000 AMLI RESIDENTIAL PROPERTIES TRUST .... 445
79,000 ANGLOVAAL INDUSTRIES LTD ............. 146
97,500 APARTMENT INVESTMENT &
MANAGEMENT CO ....................... 3,583
168,600 ARDEN REALTY GROUP, INC .............. 5,184
37,600 ASSOCIATED ESTATES REALTY CORP ....... 891
311,000 AVALON PROPERTIES, INC ............... 9,622
121,900 BAY APARTMENT COMMUNITIES, INC ....... 4,754
3,999,800 #oBB BIOVENTURES L.P. .................. 4,000
18,700 BEDFORD PROPERTY INVESTORS, INC ...... 409
71,400 BERKSHIRE REALTY CO, INC ............. 857
37,800 BOYKIN LODGING CO .................... 999
47,499 BRADLEY REAL ESTATE, INC ............. 997
167,900 BRE PROPERTIES, INC (CLASS A) ........ 4,722
35,500 BURNHAM PACIFIC PROPERTIES, INC ...... 544
29,100 oCAMBRIDGE SHOPPING CENTERS LTD ....... 293
94,500 CAMDEN PROPERTY TRUST ................ 2,930
957,436 CAPSTEAD MORTGAGE CORP ............... 19,089
205,000 CARRAMERICA REALTY CORP .............. 6,496
510,000 oCASTELLUM AB ......................... 5,078
72,000 CBL & ASSOCIATES PROPERTIES, INC ..... 1,778
46,900 CENTERPOINT PROPERTIES CORP .......... 1,647
24,500 CHARLES E. SMITH RESIDENTIAL REALTY .. 870
53,000 CHATEAU PROPERTIES, INC .............. 1,670
37,600 CHELSEA GCA REALTY, INC .............. 1,436
34,600 COLONIAL PROPERTIES TRUST ............ 1,042
28,800 COMMERCIAL NET LEASE REALTY, INC ..... 515
104,500 oCORNERSTONE PROPERTIES, INC .......... 2,005
24,700 COUSINS PROPERTIES, INC .............. 724
959,400 CRESCENT REAL ESTATE EQUITIES, INC ... 37,776
72,410 oCRESECENT OPERATING, INC ............. 1,774
82,600 CRIIMI MAE, INC ...................... 1,239
17,500 CROWN AMERICAN REALTY TRUST .......... 163
119,800 DEVELOPERS DIVERSIFIED REALTY CORP ... 4,582
298,630 DUKE REALTY INVESTMENTS, INC ......... 7,242
169,979 DYNEX CAPITAL, INC ................... 2,263
13,400 EASTGROUP PROPERTIES, INC ............ 290
42,289 oECHELON INTERNATIONAL CORP ........... 949
115,600 EQUITY INNS, INC ..................... 1,705
635,290 oEQUITY OFFICE PROPERTIES TRUST ....... 20,051
446,912 EQUITY RESIDENTIAL PROPERTIES
TRUST CO ............................ 22,597
19,700 ESSEX PROPERTY TRUST, INC ............ 690
58,500 EXCEL REALTY TRUST, INC .............. 1,843
138,100 FEDERAL REALTY INVESTMENT TRUST ...... 3,556
567,600 FELCOR SUITE HOTELS, INC ............. 20,150
345,800 FIRST INDUSTRIAL REALTY TRUST, INC ... 12,492
60,700 FIRST UNION REAL ESTATE INVESTMENTS .. 986
195,700 GENERAL GROWTH PROPERTIES, INC ....... 7,070
113,000 oGLENBOROUGH REALTY TRUST, INC ........ 3,348
153,900 GLIMCHER REALTY TRUST ................ 3,472
24,400 GREAT LAKES REIT, INC ................ 474
638,700 HEALTH AND RETIREMENT
PROPERTY TRUST ...................... 12,774
95,400 HEALTH CARE PROPERTY
INVESTORS, INC ...................... 3,607
64,177 HEALTH CARE REIT, INC ................ 1,805
60,000 HEALTHCARE REALTY TRUST, INC ......... 1,736
259,900 HIGHWOODS PROPERTIES, INC ............ 9,665
See notes to financial statements.
-47-
<PAGE>
VALUE
SHARES 000
------ ----------
MISCELLANEOUS INVESTING--(CONTINUED)
2,600 HOME PROPERTIES OF NEW YORK, INC .....$ 71
97,553 oHOMESTEAD VILLAGE, INC ............... 1,469
18,300 oHORIZON GROUP, INC ................... 200
143,000 HOSPITALITY PROPERTIES TRUST ......... 4,701
11,400 IMPERIAL CREDIT MORTGAGE HOLDINGS .... 204
963,240 INMC MORTGAGE HOLDINGS, INC .......... 22,576
81,200 INNKEEPERS USA TRUST ................. 1,259
47,100 IRT PROPERTY CO ...................... 556
14,200 IRVINE APARTMENT COMMUNITIES, INC .... 452
39,000 JDN REALTY CORP ...................... 1,263
75,000 JP REALTY, INC ....................... 1,945
178,200 KEPPEL LAND LTD ...................... 245
43,000 KILROY REALTY CORP ................... 1,236
303,150 KIMCO REALTY CORP .................... 10,686
1,400 KOGER EQUITY, INC .................... 31
298,500 LIBERTY PROPERTY TRUST CO ............ 8,526
495,100 LNR PROPERTY CORP .................... 11,697
33,700 LTC PROPERTIES, INC .................. 699
81,200 MACERICH CO .......................... 2,314
271,300 MACK-CALI REALTY CORP ................ 11,123
73,600 MANUFACTURED HOME
COMMUNITIES, INC .................... 1,987
866,644 oMEDITRUST CORP PAIRED ................ 31,741
8,927 MELCO INTERNATIONAL
DEVELOPMENT LTD ..................... 2
30,300 MERIDIAN INDUSTRIAL TRUST, INC ....... 773
361,456 MERRY LAND & INVESTMENT CO, INC ...... 8,268
28,800 MGI PROPERTIES, INC .................. 691
15,600 MID-AMERICA APARTMENT
COMMUNITIES, INC .................... 446
40,000 MILLS CORP ........................... 980
37,800 NATIONAL GOLF PROPERTIES, INC ........ 1,240
80,900 NATIONAL HEALTH INVESTORS, INC ....... 3,388
181,100 NATIONWIDE HEALTH PROPERTIES, INC .... 4,618
490,228 NEW PLAN REALTY TRUST ................ 12,501
26,000 OMEGA HEALTHCARE INVESTORS, INC ...... 1,004
33,600 PACIFIC GULF PROPERTIES, INC ......... 798
150,804 PATRIOT AMERICAN HOSPITALITY, INC .... 4,345
1,400 oPEC ISRAEL ECONOMIC CORP ............. 30
98,340 POST PROPERTIES, INC ................. 3,995
186,400 PRENTISS PROPERTIES TRUST ............ 5,208
18,300 PRICE ENTERPRISES, INC ............... 334
15,800 PRICE REIT, INC ...................... 647
4,575 oPRICESMART, INC ...................... 80
38,300 PRIME RETAIL, INC .................... 543
466,900 PUBLIC STORAGE, INC .................. 13,715
87,200 REALTY INCOME CORP ................... 2,218
156,100 RECKSON ASSOCIATES REALTY CORP ....... 3,961
193,400 REDWOOD TRUST, INC ................... 3,941
29,100 REGENCY REALTY CORP .................. 806
337,800 RFS HOTEL INVESTORS, INC ............. 6,735
5,900 SAUL CENTERS, INC .................... 107
61,225 SECURITY CAPITAL ATLANTIC, INC ....... 1,293
33,398 oSECURITY CAPITAL GROUP, INC
WTS 09/18/98 ........................ 175
25,500 SECURITY CAPITAL INDUSTRIAL TRUST .... 634
592,728 SECURITY CAPITAL PACIFIC TRUST ....... 14,374
98,900 SHURGARD STORAGE CENTERS, INC ........ 2,868
601,160 SIMON DEBARTOLO GROUP, INC ........... 19,650
1,781,012 SINO LAND CO ......................... 1,075
17,400 SOVRAN SELF STORAGE, INC ............. 564
264,100 SPIEKER PROPERTIES, INC .............. 11,323
15,100 STORAGE TRUST REALTY ................. 397
113,300 STORAGE USA, INC ..................... 4,525
52,000 SUMMIT PROPERTIES, INC ............... 1,099
VALUE
SHARES (000)
------ ----------
62,900 SUN COMMUNITIES, INC .................$ 2,260
21,700 SUNSTONE HOTEL INVESTORS, INC ........ 374
1,900 TANGER FACTORY OUTLET CENTERS, INC ... 58
615,600 TAUBMAN CENTERS, INC ................. 8,003
187,581 THORNBURG MORTGAGE ASSET CORP ........ 3,095
29,000 TOWN & COUNTRY TRUST ................. 513
54,700 TRINET CORPORATE REALTY TRUST, INC ... 2,116
792,151 UNITED DOMINION REALTY TRUST, INC .... 11,041
5,900 UNIVERSAL HEALTH REALTY
INCOME TRUST ........................ 129
18,700 URBAN SHOPPING CENTERS, INC .......... 652
161,100 VORNADO REALTY TRUST ................. 7,562
15,800 WALDEN RESIDENTIAL PROPERTIES, INC ... 403
66,800 WASHINGTON REAL ESTATE
INVESTMENT TRUST .................... 1,119
22,400 WEEKS CORP ........................... 717
5,425 oWELLSFORD REAL PROPERTIES, INC ....... 85
45,200 WESTFIELD AMERICA, INC ............... 768
7,600 WINSTON HOTELS, INC .................. 100
-----------
565,063
-----------
MISCELLANEOUS MANUFACTURES--0.10%
507,800 ARMSTRONG WORLD INDUSTRIES, INC ...... 37,958
432,574 oAUTOTOTE CORP (CLASS A) .............. 1,054
359,400 oBLYTH INDUSTRIES, INC ................ 10,760
618,900 BRADY (W.H.) CO (CLASS A) ............ 19,186
13,300 CCL INDUSTRIES, INC (CLASS B) ........ 158
1,738 oDLW AG ............................... 198
630,388 INTERNATIONAL GAME TECHNOLOGY CO ..... 15,917
1,700 oLYDALL, INC .......................... 33
3,402,378 PACIFIC DUNLOP LTD ................... 7,205
2,600 oRADEX HERAKLITH INDUSTRIEBETEIL AG ... 89
62,300 oSODAK GAMING, INC .................... 397
68,000 oVARITRONIX INTERNATIONAL LTD ......... 117
295,400 oWMS INDUSTRIES, INC .................. 6,240
-----------
99,312
-----------
MISCELLANEOUS METAL ORES--0.10%
86,200 ABERFOYLE LTD ........................ 140
134,000 oACINDAR S.A. (CLASS B) ............... 319
35,065 ALCAN ALUMINIUM CO LTD (U.S.) ........ 969
1,733 ALUSUISSE LONZA HOLDINGS AG (BR) ..... 1,655
7,095 ALUSUISSE LONZA HOLDINGS AG (REGD) ... 6,825
489,409 ASHTON MINING LTD .................... 430
164,800 CAMECO CORP .......................... 5,343
262,100 DELTA GOLD NL ........................ 276
33,500 ELKEM AS ............................. 445
711,000 FURUKAWA ELECTRIC CO LTD ............. 3,057
144,000 GRUPO MEXICO S.A. SERIES B ........... 536
88,236 HULLAS DEL COTO CORTES S.A ........... 1,853
5,746 IMETAL S.A ........................... 714
19,300 IMPALA PLATINUM HOLDINGS LTD ......... 184
110,000 INDUSTRIAS PENOLES S.A ............... 490
539,000 JAPAN ENERGY CORP .................... 510
376,109 JOHNSON MATTHEY PLC .................. 3,351
726,600 MALAYSIA MINING CORP BERHAD .......... 286
6,621,470 MIM HOLDINGS LTD ..................... 4,056
2,225,000 MITSUBISHI MATERIALS CORP ............ 3,594
2,508,000 MITSUI MINING & SMELTING CO LTD ...... 10,107
647,155 oNEWCREST MINING LTD .................. 704
1,549,000 NIPPON LIGHT METAL CO LTD ............ 2,264
2,298,051 NORTH LTD ............................ 6,053
52,500 PLUTONIC RESOURCES LTD ............... 146
1,950,426 QCT RESOURCES LTD .................... 1,576
289,292 RGC LTD .............................. 441
88,600 RIO ALGOM LTD ........................ 1,495
1,109,169 RIO TINTO LTD ........................ 12,939
150,000 RIO TINTO PLC (BR) ................... 1,814
See notes to financial statements.
-48-
<PAGE>
VALUE
SHARES 000
------ ----------
MISCELLANEOUS METAL ORES--(CONTINUED)
532,271 RIO TINTO PLC (REGD) .................$ 6,179
518,008 SMITH (HOWARD) LTD ................... 4,300
290,300 oSONS OF GWALIA NL .................... 662
46,000 oSTILLWATER MINING CO ................. 771
121,000 STRAITS TRADING CO ................... 144
577,000 SUMITOMO METAL MINING CO LTD ......... 1,908
39,300 oUNION MINIERE GROUP S.A .............. 2,726
1,300 VAAL REEFS EXPLORATION & MINING
CO LTD .............................. 52
3,798,213 WMC LTD .............................. 13,241
-----------
102,555
-----------
MISCELLANEOUS NONDURABLE
GOODS--0.01%
95,900 oDEPARTMENT 56, INC ................... 2,757
115,150 RUSS BERRIE & CO, INC ................ 3,023
1,062,380 SWEDISH MATCH CO ..................... 3,548
-----------
9,328
-----------
MISCELLANEOUS NONMETALLIC MINERAL
PRODUCTS--0.32%
1,114,200 CERAMCO CORP LTD ..................... 938
3,881,600 MINNESOTA MINING &
MANUFACTURING CO .................... 318,534
-----------
319,472
-----------
MISCELLANEOUS NONMETALLIC
MINERALS--0.00%
258,800 JOHNS MANVILLE CORP .................. 2,604
-----------
MISCELLANEOUS PERSONAL
SERVICES--0.03%
612,300 BLOCK (H&R), INC ..................... 27,439
90,100 oTHERMOLASE CORP ...................... 946
-----------
28,385
-----------
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS--0.48%
335,600 AMERADA HESS CORP .................... 18,416
29,531,580 ENTE NAZIONALE IDROCARBURI S.P.A ..... 167,650
4,777,726 oTEXACO, INC .......................... 259,789
216,500 oWD-40 CO ............................. 6,279
674,400 WITCO CORP ........................... 27,524
-----------
479,658
-----------
MISCELLANEOUS PLASTICS
PRODUCTS, NEC--0.63%
79,647 AFRICAN OXYGEN LTD ................... 214
384,413 APTARGROUP, INC ...................... 21,335
8,000 oBARMAG AG ............................ 1,735
34,000 CYDSA S.A. SERIES A .................. 97
1,010,000 DENKI KAGKU KOGYO .................... 1,530
2,168,900 DOW CHEMICAL CO ...................... 220,143
2,800 oFURON CO ............................. 58
219,750 MIRAI INDUSTRY CO LTD ................ 2,451
4,245,800 MONSANTO CO .......................... 178,324
839,600 PREMARK INTERNATIONAL, INC ........... 24,348
1,172,300 RAYCHEM CORP ......................... 50,482
931,000 RUBBERMAID, INC ...................... 23,275
417,677 SCHULMAN (A.), INC ................... 10,494
455,600 oSEALED AIR CORP ...................... 28,133
848,780 SOLUTIA, INC ......................... 22,652
2,900 SPARTECH CORP ........................ 44
236,200 oSYNETIC, INC ......................... 8,621
266,995 TREDEGAR INDUSTRIES, INC ............. 17,588
594,300 TUPPERWARE CORP ...................... 16,566
155,780 WHITE MARTINS S.A .................... 228
-----------
628,318
-----------
VALUE
SHARES (000)
------ ----------
MISCELLANEOUS PRIMARY METAL
PRODUCTS--0.00%
367,100 oFANSTEEL, INC ........................ $ 3,120
19,000 oSPECIAL METALS CORP .................. 342
-----------
3,462
-----------
MISCELLANEOUS PUBLISHING--0.02%
62,270 FILIPACCHI MEDIAS S.A ................ 12,938
36,900 oINDEPENDENT NEWSPAPERS PLC ........... 202
177,000 KOMORI CORP .......................... 2,641
1,272,000 SOUTH CHINA MORNING POST ............. 895
-----------
16,676
-----------
MISCELLANEOUS SHOPPING
GOOD STORES--0.28%
9,300 oAMAZON. COM, INC ..................... 560
305,100 oBARNES & NOBLE, INC .................. 10,183
802,900 oBORDERS GROUP, INC ................... 25,141
170,400 oFABRI-CENTERS OF AMERICA (CLASS A) ... 3,802
245,800 oFABRI-CENTERS OF AMERICA (CLASS B) ... 5,085
42,061 GUILBERT S.A ......................... 5,999
249,278 HANCOCK FABRICS, INC ................. 3,615
256,300 oJUMBOSPORTS, INC ..................... 384
74,900 oMICHAELS STORES, INC ................. 2,191
1,554,498 oOFFICE DEPOT, INC .................... 37,211
1,732,700 oOFFICEMAX, INC ....................... 24,691
96,000 PLAYMATES TOYS HOLDINGS LTD .......... 9
537,700 oTHE SPORTS AUTHORITY, INC ............ 7,931
4,588,741 oTOYS R US, INC ....................... 144,259
375,000 oZALE CORP ............................ 8,625
-----------
279,686
-----------
MISCELLANEOUS TEXTILE GOODS--0.01%
178,500 oGOLD ZACK AG ......................... 13,104
17,100 oPOLYMER GROUP, INC ................... 162
-----------
13,266
-----------
MISCELLANEOUS TRANSPORTATION
EQUIPMENT--0.01%
551,800 ARCTIC CAT, INC ...................... 5,346
139,700 FLEETWOOD ENTERPRISES, INC ........... 5,929
400 oTHOR INDUSTRIES, INC ................. 14
-----------
11,289
-----------
MISCELLANEOUS WOOD
PRODUCTS--0.05%
10,700 oABT BUILDING PRODUCTS CORP ........... 193
2,048,980 AMCOR LTD ............................ 9,012
85,970 CARTIERE BURGO S.P.A ................. 515
98,000 oDAISHOWA PAPER MANUFACTURING
CO LTD .............................. 543
110,000 JAYA TIASA HOLDINGS BERHAD ........... 202
73,300 MADERAS Y SINTETICOS S.A. ADR ........ 696
118,000 MITSUBISHI PAPER MILLS LTD ........... 166
16,000 MO OCH DOMSJO AB SERIES B FREE ....... 413
1,455,000 NIPPON PAPER INDUSTRIES CO ........... 5,729
22,500 NORSKE SKOGINDUSTRIER SERIES A ....... 653
2,400 NORSKE SKOGINDUSTRIER SERIES B ....... 65
1,310,666 OJI PAPER CO LTD ..................... 5,232
406,140 SCA AB SERIES B ...................... 9,137
88,000 oSETTSU CORP .......................... 45
1,643,371 STOCKLAND TRUST GROUP (UNITS) ........ 3,809
454,450 STORA KOPPARBERG BERGSLAGS
SERIES A FREE ....................... 5,727
122,250 STORA KOPPARBERG BERGSLAGS
SERIES B FREE ....................... 1,518
173,900 ZURN INDUSTRIES, INC ................. 5,467
-----------
49,122
-----------
See notes to financial statements.
-49-
<PAGE>
VALUE
SHARES 000
------ ----------
MOBILE HOME DEALERS--0.02%
514,500 OAKWOOD HOMES CORP ...................$ 17,075
-----------
MORTGAGE BANKERS AND
BROKERS--0.40%
190,700 AAMES FINANCIAL CORP ................. 2,467
273,800 AMMB HOLDINGS BERHAD ................. 179
150,000 oBHW HOLDINGS AG ...................... 2,461
99,400 oCITYSCAPE FINANCIAL CORP ............. 50
21,400 oCONTIFINANCIAL CORP .................. 539
611,095 COUNTRYWIDE CREDIT INDUSTRIES, INC ... 26,201
3,300 oDELTA FINANCIAL CORP ................. 44
5,277,934 FIRST UNION CORP ..................... 270,494
500 FUND AMERICAN ENTERPRISES
HOLDINGS, INC ....................... 61
1,026,800 GREEN TREE FINANCIAL CORP ............ 26,889
67,400 oHOMESIDE, INC ........................ 1,858
2,500 oIMC MORTGAGE CO ...................... 30
450,800 oIMPERIAL CREDIT INDUSTRIES, INC ...... 9,241
286,200 PMI GROUP, INC ....................... 20,696
291,748 PULTE CORP ........................... 12,199
2,625 RESOURCE BANCSHARES
MORTGAGE GROUP, INC ................. 43
285,700 RYLAND GROUP, INC .................... 6,714
946 SIRROM CAPITAL CORP .................. 49
700 oSOUTHERN PACIFIC FUNDING CORP ........ 9
283,000 UNITED COS FINANCIAL CORP ............ 4,387
268,504 UNITRIN, INC ......................... 17,352
-----------
401,963
-----------
MOTION PICTURE PRODUCTION AND
SERVICES--0.66%
5,974,110 DISNEY (WALT) CO ..................... 591,810
140,900 KING WORLD PRODUCTIONS, INC .......... 8,137
1,540,848 oLIBERTY MEDIA GROUP (CLASS A) ........ 55,856
250,000 FILMES LUSOMUNDO (NON-VOTE) .......... 2,291
94,600 oPIXAR, INC ........................... 2,046
29,500 oSPELLING ENTERTAINMENT GROUP, INC .... 207
266,000 TOEI CO .............................. 972
-----------
661,319
-----------
MOTION PICTURE THEATERS--0.02%
132,750 oAMC ENTERTAINMENT, INC ............... 2,954
44,080 oGC COS, INC .......................... 2,088
166,808 HARCOURT GENERAL, INC ................ 9,133
900 oMOVIE GALLERY, INC ................... 3
160,000 oREGAL CINEMAS, INC ................... 4,460
-----------
18,638
-----------
MOTOR VEHICLES AND EQUIPMENT--2.06%
135,200 ARVIN INDUSTRIES, INC ................ 4,504
843,374 AUTOLIV, INC ......................... 27,620
2,263,895 BRIDGESTONE CORP ..................... 49,275
4,222,558 CHRYSLER CORP ........................ 148,581
182,600 COACHMEN INDUSTRIES, INC ............. 3,937
61,000 oCONSORCIO G GRUPO DINA S.A. DE CV .... 83
236,000 CYCLE & CARRIAGE LTD ................. 973
1,062,060 DAIMLER BENZ AG ...................... 74,541
1,157,780 DANA CORP ............................ 54,995
192,700 DANAHER CORP ......................... 12,164
977,400 DENSO CORP ........................... 17,665
872,034 EATON CORP ........................... 77,829
341,200 ECHLIN, INC .......................... 12,347
600 EXCEL INDUSTRIES, INC ................ 11
355,000 EXEDY CORP ........................... 2,700
7,500 FABRICA DE AUTOMOVILES RENAULT S.A ... 185
VALUE
SHARES (000)
------ ----------
357,300 FAG KUGELFISCHER (GEORGE)
SCHAEFER AG .........................$ 4,719
7,126,884 FIAT S.P.A ........................... 20,754
366,667 FIAT S.P.A. (PRIV) ................... 560
296,997 FIAT S.P.A. DI RISP .................. 492
9,575,148 FORD MOTOR CO ........................ 466,190
1,022,755 FUTURIS CORP LTD ..................... 1,120
6,017,476 GENERAL MOTORS CORP .................. 364,809
1,626,640 GENERAL MOTORS CORP (CLASS H) ........ 60,084
89,120 oHAYES LEMMERZ INTERNATIONAL, INC ..... 2,495
1,944,000 HONDA MOTOR CO LTD ................... 71,617
1,193,000 ILLINOIS TOOL WORKS, INC ............. 71,729
1,604,300 oLEAR CORP ............................ 76,204
20,000 LUCASVARITY PLC ADR .................. 698
118,000 MAGNA INTERNATIONAL, INC ............. 7,388
5,000 MAN AG (STAMM) ....................... 1,449
2,537,947 MERITOR AUTOMOTIVE, INC .............. 53,456
203,870 MODINE MANUFACTURING CO .............. 6,957
726,900 oNAVISTAR INTERNATIONAL CORP .......... 18,036
3,394,000 NISSAN MOTOR CO LTD .................. 14,096
208,700 PACCAR, INC .......................... 10,957
7,922 PENDRAGON PLC ........................ 35
415,000 PERUSAHAAN OTOMOBIL NASIONAL
BERHAD .............................. 405
91,606 PEUGEOT S.A .......................... 11,557
160,000 PININFARINA S.P.A .................... 2,916
2,686,649 PIRELLI S.P.A ........................ 7,193
97,500 REGAL-BELOIT CORP .................... 2,882
51,771 RENAULT ARGENTINA S.A ................ 72
297,375 SIMPSON INDUSTRIES, INC .............. 3,494
87,200 SMITH (A.O.) CORP .................... 3,684
346,750 SPARTAN MOTORS, INC .................. 2,146
3,900 SPX CORP ............................. 269
64,894 oSTRATTEC SECURITY CORP ............... 1,655
119,000 SUPERIOR INDUSTRIES
INTERNATIONAL, INC .................. 3,191
493,000 TAN CHONG MOTOR HOLDINGS BERHAD ...... 215
500,000 oTATA ENGINEERNG &
LOCOMOTIVE CO LTD ................... 4,168
341,100 TELEFLEX, INC ........................ 12,877
6,366,880 TOYOTA MOTOR CORP .................... 183,139
150,512 VALEO S.A ............................ 10,213
47,340 VOLKSWAGEN AG ........................ 26,644
143,000 VOLVO AB SERIES A .................... 3,821
711,470 VOLVO AB SERIES B FREE ............... 19,099
274,150 WABASH NATIONAL CORP ................. 7,796
5,000 WALBRO CORP .......................... 67
399,100 WINNEBAGO INDUSTRIES, INC ............ 3,542
167,000 YAMAHA CORP .......................... 1,901
-----------
2,054,201
-----------
MOTOR VEHICLES, PARTS, AND
SUPPLIES--0.04%
155,700 oAPS HOLDING CORP ..................... 389
125,000 EDARAN OTOMOBIL NASIONAL BERHAD ...... 255
965,800 GENUINE PARTS CO ..................... 32,777
204,000 oINSURANCE AUTO AUCTIONS, INC ......... 2,346
43,503 MCCARTHY RETAIL LTD .................. 89
223,050 oTBC CORP ............................. 2,133
-----------
37,989
-----------
MOTORCYCLES, BICYCLES, AND
PARTS--0.05%
1,612,100 HARLEY DAVIDSON, INC ................. 44,131
264,225 HUFFY CORP ........................... 3,567
-----------
47,698
-----------
See notes to financial statements.
-50-
<PAGE>
VALUE
SHARES 000
------ ----------
NATURAL GAS LIQUIDS--0.10%
903,700 COLUMBIA GAS SYSTEMS, INC ............$ 70,997
74,100 NEW JERSEY RESOURCES CORP ............ 2,969
419,182 oTEJAS GAS CORP ....................... 25,675
-----------
99,641
-----------
NEW AND USED CAR DEALERS--0.06%
1,342,900 oAUTOZONE, INC ........................ 38,944
24,600 DART GROUP CORP (CLASS A) ............ 2,854
5,019,512 INCHCAPE PLC ......................... 13,338
98,700 oUGLY DUCKLING CORP ................... 839
-----------
55,975
-----------
NEWSPAPERS--0.59%
20,052 AGENCE HAVAS S.A ..................... 1,443
190,400 BELO (A.H.) CORP SERIES A ............ 10,686
180,400 BELO (A.H.) CORP SERIES B ............ 10,125
145,500 CENTRAL NEWSPAPERS, INC (CLASS A) .... 10,758
400 DOW JONES & CO, INC .................. 21
416,800 DOW JONES & CO, INC (CLASS B) ........ 22,377
2,050,150 ELSEVIER UTIGEVERSMIJ NV ............. 33,170
1,124,000 EMAP PLC ............................. 16,784
1,949,300 GANNETT CO, INC ...................... 120,491
415,400 HARTE-HANKS COMMUNICATIONS, INC ...... 15,422
5,100 HOLLINGER INTERNATIONAL, INC ......... 71
42,300 oJOURNAL REGISTER CO .................. 888
486,200 KNIGHT-RIDDER, INC ................... 25,282
414,800 LEE ENTERPRISES, INC ................. 12,263
14,400 LEE ENTERPRISES, INC (CLASS B) ....... 426
3,300 MCLATCHY NEWSPAPERS, INC
(CLASS A) ........................... 90
168,200 MEDIA GENERAL, INC (CLASS A) ......... 7,033
9,000 oNEW STRAITS TIMES PRESS BERHAD ....... 11
598,916 NEW YORK TIMES CO (CLASS A) .......... 39,603
6,333,056 NEWS CORP LTD ........................ 34,952
1,189,471 NEWS CORP LTD ADR (LTD-VOTE) ......... 23,641
1,546,000 ORIENTAL PRESS GROUP ................. 469
60,000 oORIENTAL PRESS GROUP WTS 02/10/98 .... 1
1,200 PULITZER PUBLISHING CO ............... 75
86,700 QUEBECOR, INC (CLASS B) .............. 1,557
72,300 RURAL PRESS LTD ...................... 207
382,265 SCRIPPS (E.W.) CO (CLASS A) .......... 18,516
172,280 SINGAPORE PRESS HOLDINGS LTD (FR) .... 2,157
191,200 SOUTHAM, INC ......................... 3,641
168,159 TIMES MIRROR CO SERIES A ............. 10,342
762,159 TIMES MIRROR CO SERIES C ............. 46,873
40,350 TORSTAR CORP (CLASS B) ............... 1,410
1,262,200 TRIBUNE CO ........................... 78,572
428,000 VERENIGDE NEDERLANDSE
UITGEVERSBED ........................ 12,076
50,700 WASHINGTON POST CO (CLASS B) ......... 24,666
-----------
586,099
-----------
NONFERROUS FOUNDRIES
(CASTINGS)--0.01%
293,500 STANDEX INTERNATIONAL CORP ........... 10,346
-----------
NONFERROUS ROLLING AND
DRAWING--0.06%
9,400 oAFC CABLE SYSTEMS, INC ............... 280
296,300 BELDEN, INC .......................... 10,445
239,000 oCABLE DESIGN TECHNOLOGIES CO ......... 9,291
4,500 CENTURY ALUMINUM CO .................. 61
3,000 oCHASE INDUSTRIES, INC ................ 77
VALUE
SHARES (000)
------ ----------
9,000 COMMONWEALTH INDUSTRIES, INC .........$ 131
510,533 oCOMMSCOPE, INC ....................... 6,860
38,600 oENCORE WIRE CORP ..................... 1,185
80,300 oESSEX INTERNATIONAL, INC ............. 2,389
91,100 oGENERAL CABLE CORP ................... 3,297
54,600 MADECO S.A. ADR ...................... 833
91,700 oMUELLER INDUSTRIES, INC .............. 5,410
3,900 NKT HOLDINGS AS ...................... 311
84,200 oOREGON METALLURICAL CORP ............. 2,810
222,500 oRMI TITANIUM CO ...................... 4,450
21,700 oSUPERIOR TELECOM, INC ................ 750
209,500 oWOLVERINE TUBE, INC .................. 6,495
-----------
55,075
-----------
NONRESIDENTIAL BUILDING
CONSTRUCTION--0.03%
2,465,525 FLETCHER CHALLENGE LTD
(BUILDING DIVISION) ................. 5,040
2,000,000 JARVIS PLC ........................... 13,097
233,360 SKANSKA AB SERIES B FREE ............. 9,573
-----------
27,710
-----------
NONSTORE RETAILERS--0.26%
111,200 BLAIR CORP ........................... 1,918
44,500 oBRYLANE, INC ......................... 2,192
112,700 oCDW COMPUTER CENTERS, INC ............ 5,874
400 oDELIA'S, INC ......................... 9
640,400 FINGERHUT COS, INC ................... 13,689
56,800 oGLOBAL DIRECTMAIL CORP ............... 983
274,375 oHANOVER DIRECT, INC .................. 806
260,700 oLANDS END, INC ....................... 9,141
190,490 xoLURIA (L.) & SON, INC ................ 1
155,700 oMICRO WAREHOUSE, INC ................. 2,170
8,900 oMSC INDUSTRIAL DIRECT CO
(CLASS A) ........................... 374
65,000 oNATIONAL MEDIA CORP .................. 211
4,450,700 SEARS ROEBUCK & CO ................... 201,394
569,112 oSERVICE MERCHANDISE, INC ............. 1,209
227,700 STANHOME, INC ........................ 5,849
610,300 oVIKING OFFICE PRODUCTS, INC .......... 13,312
-----------
259,132
-----------
NURSING AND PERSONAL CARE
FACILITIES--0.07%
929,361 oBEVERLY ENTERPRISES, INC ............. 12,082
6,000 oEXTENDICARE, INC (MULTI-VOTE) ........ 84
64,000 oEXTENDICARE, INC (SUB-VOTE)
(CLASS A) ........................... 872
373,600 oGENESIS HEALTH VENTURES, INC ......... 9,854
327,800 oHEALTH CARE & RETIREMENT CORP ........ 13,194
115,937 oLCA-VISION, INC ...................... 130
525,750 MANOR CARE, INC ...................... 18,401
334,400 oMARINER HEALTH GROUP, INC ............ 5,434
132,624 oPARAGON HEALTH NETWORK, INC .......... 2,594
54,800 oSUNRISE ASSISTED LIVING, INC ......... 2,363
-----------
65,008
-----------
OFFICE FURNITURE--0.05%
161,300 HON INDUSTRIES, INC .................. 9,517
401,796 KIMBALL INTERNATIONAL, INC
(CLASS B) ........................... 7,408
24,600 oKNOLL, INC ........................... 790
231,800 MILLER (HERMAN), INC ................. 12,648
642,319 U.S. INDUSTRIES, INC ................. 19,350
-----------
49,713
-----------
See notes to financial statements.
-51-
<PAGE>
VALUE
SHARES 000
------ ----------
OFFICES AND CLINICS OF
MEDICAL DOCTORS--0.03%
200 oINTEGRATED SILICON SOLUTION, INC ..... $ 2
331,200 oMAGELLAN HEALTH SERVICES, INC ........ 7,121
5,000 oNATIONAL SURGERY CENTERS, INC ........ 131
507,187 oPHYCOR, INC .......................... 13,694
300,100 oPHYSICIAN SALES & SERVICE, INC ....... 6,452
222,700 oPHYSICIANS RESOURCE GROUP, INC ....... 974
106,400 oSIERRA HEALTH SERVICES, INC .......... 3,578
43,233 oTOTAL RENAL CARE HOLDINGS, INC ....... 1,189
-----------
33,141
-----------
OFFICES AND CLINICS OF
DENTISTS--0.00%
150,300 oORTHODONTIC CENTERS OF
AMERICA, INC ........................ 2,499
-----------
OFFICES OF OTHER HEALTH
PRACTITIONERS--0.00%
305,600 oPHYSICIAN RELIANCE NETWORK, INC ...... 3,190
-----------
OIL AND GAS EXTRACTION--3.58%
225,000 oABACAN RESOURCE CORP ................. 351
115,000 ALBERTA ENERGY LTD ................... 2,230
4,273,500 AMOCO CORP ........................... 363,782
243,064 ANADARKO PETROLEUM CORP .............. 14,751
151,944 oANDERSON EXPLORATION LTD ............. 1,486
3,992,688 APACHE CORP .......................... 139,994
1,905,900 ASHLAND, INC ......................... 102,323
248,060 oBARNETT RESOURCES CORP ............... 7,504
19,300 BERRY PETROLEUM CO (CLASS A) ......... 337
3,795,000 BRITISH-BORNEO PETROLEUM
SYNDICATE PLC ....................... 26,413
101,700 oBROWN (TOM), INC ..................... 1,958
3,373,813 BURLINGTON RESOURCES, INC ............ 151,189
404,300 CABOT OIL & GAS CORP (CLASS A) ....... 7,859
159,694 oCANADIAN NATURAL RESOURCES LTD ....... 3,415
192,369 CANADIAN OCCIDENTAL
PETROLEUM LTD ...................... 4,348
3,091,896 oCENTRICA PLC ......................... 4,477
279,100 CHESAPEAKE ENERGY CORP ............... 2,111
196,800 oCOHO ENERGY, INC ..................... 1,796
810,800 CONSOLIDATED NATURAL GAS CO .......... 49,053
138,000 CROSS TIMBERS OIL CO ................. 3,441
282,400 DEVON ENERGY CORP .................... 10,872
532,284 oEEX CORP ............................. 4,824
888,200 ENRON OIL & GAS CO ................... 18,819
474,480 oEQUITY OIL CO ........................ 1,453
23,408,254 EXXON CORP ........................... 1,432,293
2,214,248 FLETCHER CHALLENGE LTD
(ENERGY DIVISION) ................... 7,753
117,200 oFORCENERGY GAS EXPLORATION, INC ...... 3,069
27,700 oFOREST OIL CORP ...................... 457
203,100 oGREY WOLF, INC ....................... 1,092
401,710 oGULF CANADA RESOURCES LTD ............ 2,807
199,600 HELMERICH & PAYNE, INC ............... 13,548
3,000 oHUGOTON ENERGY CORP .................. 28
352,988 IMPERIAL OIL LTD ..................... 22,692
215,500 KCS ENERGY, INC ...................... 4,472
486,700 KERR-MCGEE CORP ...................... 30,814
4,300 oLOUIS DREYFUS NATURAL GAS CORP ....... 80
212,844 oMCMORAN OIL & GAS CO ................. 685
587,700 oMETHANEX CORP ........................ 4,661
250,200 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS A) ..................... 7,350
VALUE
SHARES (000)
------ ----------
374,000 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS B) ...................... $ 10,893
8,633,598 MOBIL CORP ........................... 623,238
231,800 oNEW HORIZONS WORLDWIDE, INC .......... 3,332
223,500 oNEWFIELD EXPLORATION CO .............. 5,210
67,000 NOBLE AFFILIATES, INC ................ 2,362
269,600 NORCEN ENERGY RESOURCES LTD .......... 3,090
521,016 NOVUS PETROLEUM LTD .................. 1,358
175,900 oNUEVO ENERGY CO ...................... 7,168
3,000 oNUMAC ENERGY, INC .................... 12
3,068,747 OCCIDENTAL PETROLEUM CORP ............ 89,953
500 oOCELOT ENERGY, INC (CLASS B) ......... 3
1,356,200 oORYX ENERGY CO ....................... 34,583
45,407 PETROFINA S.A ........................ 16,759
104,200 oPETROLEUM GEO-SERVICES AS ............ 6,572
2,304,017 PHILLIPS PETROLEUM CO ................ 112,033
1,163,000 oPIONEER NATURAL RESOURCES CO ......... 33,654
2,900 oPLAINS RESOURCES, INC ................ 50
242,700 oPOCO PETROLEUM LTD ................... 2,162
101,700 POGO PRODUCING CO .................... 3,000
364,140 QUESTAR CORP ......................... 16,250
255,000 RANGER OIL LTD ....................... 1,737
90,950 oRENAISSANCE ENERGY LTD ............... 1,875
325,900 oRIGEL ENERGY CORP (U.S.) ............. 2,668
1,401,810 oSANTA FE ENERGY RESOURCES, INC ....... 15,770
44,504 oSEAGULL ENERGY CORP .................. 918
26,500 SNYDER OIL CORP ...................... 484
74,200 SOUTHWESTERN ENERGY CO ............... 955
37,700 ST MARY LAND & EXPLORATION CO ........ 1,320
2,000 oSTONE ENERGY CORP .................... 67
2,400 oSWIFT ENERGY CO ...................... 51
170,515 oTALISMAN ENERGY, INC ................. 5,213
4,000 oTRANSMONTAIGNE OIL CO ................ 60
35,600 oTRANSTEXAS GAS CORP .................. 527
7,535 oTRITON ENERGY LTD .................... 220
3,190,091 UNION PACIFIC RESOURCES
GROUP, INC .......................... 77,360
518,200 UNION TEXAS PETROLEUM
HOLDINGS, INC ....................... 10,785
125,600 oUNIT CORP ............................ 1,209
108,200 VASTAR RESOURCES, INC ................ 3,868
447,100 VINTAGE PETROLEUM, INC ............... 8,495
14,400 WICOR, INC ........................... 669
344,800 WISER OIL CO ......................... 4,870
-----------
3,567,390
-----------
OIL AND GAS FIELD SERVICES--0.79%
117,400 oBENTON OIL & GAS CO .................. 1,519
408,935 oBJ SERVICES CO ....................... 29,418
21,700 oBJ SERVICES CO WTS 04/13/00 .......... 997
1,848 oBUMI ARMADA BERHAD ................... 1
100,000 oCANADIAN 88 ENERGY CORP .............. 297
275,990 oCLIFFS DRILLING CO ................... 13,765
60,000 oDET SONDENJELDS-NORSKE (CLASS A) ..... 1,253
664,600 DIAMOND OFFSHORE DRILLING, INC ....... 31,984
66,000 ENGEN LTD ............................ 336
1,913,300 ENSCO INTERNATIONAL, INC ............. 64,096
515,000 oFALCON DRILLING CO, INC .............. 18,057
1,202,400 oGLOBAL MARINE, INC ................... 29,459
1,511,872 HALLIBURTON CO ....................... 78,523
13,800 oHELIKOPTER SERVICES GROUP ASA ........ 168
24,400 oHOUSTON EXPLORATION CO ............... 448
291,400 IHC CALAND NV ........................ 15,121
58,700 oKELLEY OIL & GAS CORP ................ 128
110,100 oKEY ENERGY GROUP, INC ................ 2,388
See notes to financial statements.
-52-
<PAGE>
VALUE
SHARES 000
------ ----------
OIL AND GAS FIELD SERVICES--(CONTINUED)
22,624 KONINKLIJKE PAKHOED HOLDINGS NV ...... $ 653
250,000 LOMAK PETROLEUM, INC ................. 4,063
637,300 oMARINE DRILLING CO, INC .............. 13,224
200 MCDERMOTT INTERNATIONAL, INC ......... 7
651,400 oNABORS INDUSTRIES, INC ............... 20,478
460,000 oNEWPARK RESOURCES, INC ............... 8,050
1,347,679 oNOBLE DRILLING CORP .................. 41,273
81,800 oOCEAN ENERGY, INC .................... 4,034
389,600 oOCEANEERING INTERNATIONAL, INC ....... 7,695
15,225 OMV AKTIENGESELLS AG ................. 2,106
513,000 OROGEN MINERALS LTD .................. 1,003
765,940 PACIFIC ENTERPRISES, INC ............. 28,818
302,200 oPARKER DRILLING CO ................... 3,683
80,200 oPATTERSON ENERGY, INC ................ 3,103
404,169 oPOOL ENERGY SERVICES CO .............. 8,993
315,500 oPRIDE INTERNATIONAL, INC ............. 7,966
301,000 oREADING & BATES CORP ................. 12,604
905,400 oROWAN COS, INC ....................... 27,615
718,900 RPC, INC ............................. 8,492
783,360 SCHLUMBERGER LTD ..................... 63,060
2,301,000 SHELL TRANSPORT & TRADING PLC ........ 16,715
2,489,828 +oSMEDVIG A/S SERIES A ................. 52,685
305,357 SMEDVIG A/S SERIES B ................. 6,420
96,960 TECHNIP S.A .......................... 10,234
552,069 TOTAL S.A ............................ 60,107
706,646 TRANSOCEAN OFFSHORE, INC ............. 33,450
405,700 oTUBOSCOPE, INC ....................... 9,762
103,100 oUNITED MERIDIAN CORP ................. 2,900
210,900 oVERITAS DGC, INC ..................... 8,331
474,401 oWEATHERFORD ENTERRA, INC ............. 20,755
123,888 oWESTERN ATLAS, INC ................... 9,168
-----------
785,405
-----------
OPERATIVE BUILDERS--0.07%
313,800 CENTEX CORP .......................... 19,750
130,800 oFAIRFIELD COMMUNITIES, INC ........... 5,788
410,700 HILLENBRAND INDUSTRIES, INC .......... 21,023
565,477 LENNAR CORP .......................... 12,193
72,000 STANDARD-PACIFIC CORP ................ 1,134
861,000 SUMITOMO REALTY &
DEVELOPMENT CO LTD .................. 4,966
100 oU.S. HOME CORP ....................... 4
-----------
64,858
-----------
OPHTHALMIC GOODS--0.03%
738,200 BAUSCH & LOMB, INC ................... 29,251
54,200 oCOOPER COS, INC ...................... 2,215
-----------
31,466
-----------
ORDNANCE AND ACCESSORIES,
NEC--0.01%
184,825 oALLIANT TECHSYSTEMS, INC ............. 10,304
33,400 oCOLEMAN CO, INC ...................... 536
168,800 STRUM, RUGER & CO, INC ............... 3,112
-----------
13,952
-----------
PAINT, GLASS, AND WALLPAPER
STORES--0.00%
330,700 APOGEE ENTERPRISES, INC .............. 3,927
-----------
PAINTS AND ALLIED
PRODUCTS--0.07%
2,100 oCIN-CORPARACAO INDUSTRIAL
DO NORTE S.A. ....................... 132
7,840 #oCORIMON C.A. S.A. ADR ................ 46
378,200 DEXTER CORP .......................... 16,334
VALUE
SHARES (000)
------ ----------
317,525 FERRO CORP ........................... $ 7,720
1,364,000 KANSAI PAINT CO LTD .................. 3,305
441,477 LILLY INDUSTRIES, INC (CLASS A) ...... 9,105
442,957 RPM, INC ............................. 6,755
678,900 SHERWIN-WILLIAMS CO .................. 18,839
214,800 VALSPAR CORP ......................... 6,847
-----------
69,083
-----------
PAPER AND PAPER PRODUCTS--0.11%
124,300 oBOISE CASCADE OFFICE
PRODUCTS CORP ....................... 1,857
1,500 oBT OFFICE PRODUCTS
INTERNATIONAL, INC .................. 12
566,400 oCORPORATE EXPRESS, INC ............... 7,292
11,900 oDAISYTEK INTERNATIONAL CORP .......... 414
1,353,000 IKON OFFICE SOLUTIONS, INC ........... 38,053
911,768 oSTAPLES, INC ......................... 25,302
1,175,547 oU.S. OFFICE PRODUCTS CO .............. 23,070
774,900 UNISOURCE WORLDWIDE, INC ............. 11,042
39,748 oUNITED STATIONERS, INC ............... 1,913
-----------
108,955
-----------
PAPER MILLS--0.23%
211,200 ABITIBI-CONSOLIDATED, INC ............ 2,944
92,700 AVENOR, INC .......................... 1,321
359,143 BOWATER, INC ......................... 15,959
164,000 oCELULOSA ARGENTINA S.A ............... 49
524,390 CHAMPION INTERNATIONAL CORP .......... 23,761
411,400 CONSOLIDATED PAPERS, INC ............. 21,958
244,500 DOMTAR, INC .......................... 1,700
39,300 DONOHUE, INC (CLASS A) ............... 713
220,000 oENSO OY SERIES R ..................... 1,705
4,618,396 FLETCHER CHALLENGE LTD
(PAPER DIVISION) .................... 6,034
349,000 GLATFELTER (P.H.) CO ................. 6,500
11,100 oINVESTIMENTOS PARTICIPACOES E
GESTAO ............................... 130
19,000 oKORSNAS AB SERIES A .................. 263
656,800 LONGVIEW FIBRE CO .................... 9,975
1,229,508 MEAD CORP ............................ 34,426
525,700 PENTAIR, INC ......................... 18,892
132,200 POTLATCH CORP ........................ 5,685
655,224 REXAM PLC ............................ 3,218
219,760 SCHWEITZER-MAUDUIT
INTERNATIONAL, INC .................. 8,186
579,079 SMURFIT (JEFFERSON) GROUP PLC ........ 1,610
2,161,000 SPICERS PAPER LTD .................... 2,394
299,000 UNION CAMP CORP ...................... 16,053
626,132 WAUSAU-MOSINEE PAPER CORP ............ 12,601
969,593 WESTVACO CORP ........................ 30,482
-----------
226,559
-----------
PAPERBOARD CONTAINERS AND
BOXES--0.02%
287,300 oACX TECHNOLOGIES, INC ................ 7,021
310,500 oGAYLORD CONTAINER CO ................. 1,785
53,000 oMALAYSIAN PACIFIC INDUSTRIES
BERHAD .............................. 127
1,018,449 oSTONE CONTAINER CORP ................. 10,630
-----------
19,563
-----------
PAPERBOARD MILLS--0.10%
403,500 CARAUSTAR INDUSTRIES, INC ............ 13,820
108,600 CHESAPEAKE CORP ...................... 3,733
138,080 DOMTAR, INC .......................... 958
1,705,263 INTERNATIONAL PAPER CO ............... 73,539
62,600 oJEFFERSON SMURFIT CORP ............... 884
See notes to financial statements.
-53-
<PAGE>
VALUE
SHARES 000
------ ----------
PAPERBOARD MILLS--(CONTINUED)
252,619 PORTUCEL INDUSTRIA EMPRESA ........... $ 1,543
3,000 oROCK-TENN CO (CLASS A) ............... 62
11,500 ST. JOE CORP ......................... 1,041
-----------
95,580
-----------
PASSENGER TRANSPORTATION
ARRANGEMENT--0.39%
1,825,000 oAIRTOURS PLC ......................... 37,085
3,503,799 AMERICAN EXPRESS CO .................. 312,714
527,700 oMESA AIR GROUP, INC .................. 2,606
1,099,900 oSABRE GROUP HOLDINGS, INC ............ 31,760
-----------
384,165
-----------
PENS, PENCILS, OFFICE, AND
ART SUPPLIES--0.01%
48,230 BIC S.A .............................. 3,522
159,100 CROSS (A.T.) CO (CLASS A) ............ 1,611
254,800 oNU KOTE HOLDINGS, INC (CLASS A) ...... 151
-----------
5,284
-----------
PENSION, HEALTH, AND WELFARE
FUNDS--0.01%
230,701 AMERICAN ANNUITY GROUP, INC .......... 5,075
-----------
PERIODICALS--0.32%
94,100 xoMARVEL ENTERTAINMENT GROUP, INC ...... 47
79,400 MEREDITH CORP ........................ 2,834
329,200 MEREDITH CORP (CLASS B) .............. 11,748
77,600 MONDADORI (ARNOLDO) EDITORE S.P.A .... 611
513,200 oPRIMEDIA, INC ........................ 6,479
567,900 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) ................ 13,417
924,750 THOMSON CORP ......................... 25,363
4,053,156 TIME WARNER, INC ..................... 251,296
259,800 oWORLD COLOR PRESS, INC ............... 6,901
-----------
318,696
-----------
PERSONAL CREDIT INSTITUTIONS--0.23%
528,500 ACOM CO LTD .......................... 29,266
182,300 ADVANTA CORP (CLASS A) ............... 4,785
388,900 ADVANTA CORP (CLASS B) ............... 9,868
481,500 oAMERICREDIT CORP ..................... 13,332
525,400 BENEFICIAL CORP ...................... 43,674
66,600 oCREDIT ACCEPTANCE CORP ............... 516
424,100 oFIRSTPLUS FINANCIAL GROUP, INC ....... 16,275
727,276 HOUSEHOLD INTERNATIONAL, INC ......... 92,773
31,600 LEUCADIA NATIONAL CORP ............... 1,090
1,182,600 oMERCURY FINANCE CO ................... 739
14,500 METRIS COS, INC ...................... 497
710,875 THE MONEY STORE, INC ................. 14,928
-----------
227,743
-----------
PERSONNEL SUPPLY SERVICES--0.24%
1,299,815 oACCUSTAFF, INC ....................... 29,896
2,544 ADECCO S.A ........................... 719
223,900 ADECCO S.A. ADR ...................... 7,906
1,100 oADMINSTAFF, INC ...................... 28
143,400 oALTERNATIVE RESOURCES CORP ........... 3,307
183,300 oCDI CORP ............................. 8,386
143,900 oEMPLOYEE SOLUTIONS, INC .............. 621
323,600 oINTERIM SERVICES, INC ................ 8,373
316,615 KELLY SERVICES, INC (CLASS A) ........ 9,498
694,900 MANPOWER, INC ........................ 24,495
2,012,162 NEWELL COS, INC ...................... 85,517
62,500 NORRELL CORP ......................... 1,242
396,694 OLSTEN CORP .......................... 5,950
21,300 oPERSONNEL GROUP OF AMERICA, INC ...... 703
100,000 oRANDSTAD HOLDINGS N.V ................ 3,764
VALUE
SHARES (000)
------ ----------
51,251 oREGISTRY, INC ........................ $ 2,351
830,850 oROBERT HALF INTERNATIONAL, INC ....... 33,234
28,600 oROMAC INTERNATIONAL, INC ............. 699
4,500 oSOURCE SERVICES CORP ................. 97
10,900 oSTAFFMARK, INC ....................... 345
255,800 oVOLT INFORMATION SCIENCES, INC ....... 13,781
----------
240,912
-----------
PETROLEUM AND PETROLEUM
PRODUCTS--0.09%
1,789,553 ENRON CORP ........................... 74,378
108,000 oHARKEN ENERGY CORP ................... 756
152,800 LYONDELL PETROCHEMICAL CO ............ 4,049
128,100 oNATIONAL-OILWELL, INC ................ 4,379
172,800 QUAKER STATE OIL REFINING CORP ....... 2,462
-----------
86,024
-----------
PETROLEUM REFINING--1.54%
19,200 ARABIAN OIL CO LTD ................... 292
2,936,230 ATLANTIC RICHFIELD CO ................ 235,265
9,724,134 BG PLC ............................... 43,840
8,965,735 BRITISH PETROLEUM PLC ................ 118,092
6,249,864 BROKEN HILL PROPRIETARY CO LTD ....... 58,032
140,630 BURMAH CASTROL PLC ................... 2,446
74,000 CALTEX AUSTRALIA LTD ................. 230
5,223,900 CHEVRON CORP ......................... 402,240
165,000 COMPANIA ESPANOLA DE
PETROLEOS S.A ....................... 4,980
1,493,000 COSMO OIL CO LTD ..................... 2,274
304,732 ELF AQUITANE S.A ..................... 35,457
110,000 ESSO MALAYSIA BERHAD ................. 123
4,761 oGEOPHYSIQUE
(COMPAGNIE GENERALE DE) ............. 609
434,038 oGETTY PETROLEUM MARKETING, INC ....... 2,347
434,038 GETTY REALTY CORP .................... 9,603
33,298 HARDY OIL & GAS PLC .................. 157
273,900 #oHEIZER CORP (LIQUIDATING TRUST) ...... 113
15,000 KANTO NATURAL GAS DEVELOPMENT
CO LTD .............................. 46
623,372 LONDON & SCOTTISH MARINE OIL PLC ..... 2,775
1,432,000 MITSUBISHI OIL CO LTD ................ 2,126
306,880 MURPHY OIL CORP ...................... 16,629
89,000 NIPPON OIL & FATS CO LTD ............. 150
1,619,200 NIPPON OIL CO LTD .................... 4,197
549,500 PENNZOIL CO .......................... 36,713
93,000 PETRO-CANADA (NON-RESIDENT) .......... 1,690
309,300 PETRO-CANADA (VARIABLE- VOTE) ........ 5,619
812,974 REPSOL S.A ........................... 34,670
4,582,170 ROYAL DUTCH PETROLEUM CO ............. 251,564
1,060,000 SAIPEM S.P.A ......................... 5,580
2,138,317 SANTOS LTD ........................... 8,806
186,484 SASOL LTD ............................ 1,950
150,000 SHELL REFINERY BERHAD ................ 235
195,688 oSLH CORP ............................. 10,959
850,942 SUN CO, INC .......................... 35,793
168,800 SUNCOR ENERGY, INC ................... 5,780
367,000 TEIKOKU OIL CO LTD ................... 960
389,815 oTESORO PETROLEUM CORP ................ 6,042
908,616 TOSCO CORP ........................... 34,357
133,000 TRANSPORTADORA DE GAS DEL
SUR S.A. SERIES B .................. 302
1,058,799 ULTRAMAR DIAMOND
SHAMROCK CORP ........................ 33,749
2,446,555 UNOCAL CORP .......................... 94,957
382,300 VALERO ENERGY CORP ................... 12,019
293,100 WOODSIDE PETROLEUM LTD ............... 2,066
See notes to financial statements.
-54-
<PAGE>
VALUE
SHARES 000
------ ----------
PETROLEUM REFINING--(CONTINUED)
82,000 YPF SOCIEDAD ANONIMA (CLASS D) ....... $ 2,764
137,100 YPF SOCIEDAD ANONIMA (CLASS D) ADR ... 4,687
----------
1,533,285
----------
PHOTOGRAPHIC EQUIPMENT AND
SUPPLIES--0.67%
3,104,996 EASTMAN KODAK CO ..................... 188,823
1,292,500 FUJI PHOTO FILM CO LTD ............... 49,703
400 NORITSU KOKI CO LTD .................. 10
900 oPANAVISION, INC ...................... 23
130,808 POLAROID CORP ........................ 6,369
5,753,372 XEROX CORP ........................... 424,671
-----------
669,599
-----------
PHOTOGRAPHIC STUDIOS,
PORTRAIT--0.00%
159,887 CPI CORP ............................. 3,617
-----------
PIPELINES, EXCEPT NATURAL
GAS--0.02%
525,368 MAPCO, INC ........................... 24,298
-----------
PLASTICS MATERIALS AND
SYNTHETICS--0.84%
1,318,200 BASF AG .............................. 46,736
262,700 CAMBREX CORP ......................... 12,084
29,400 oCARBIDE/GRAPHITE GROUP, INC .......... 992
10,814,222 DU PONT (E.I.) DE NEMOURS & CO ....... 649,529
12,000 DU PONT CANADA, INC (CLASS A) ........ 294
634,148 EASTMAN CHEMICAL CO .................. 37,771
380,262 HANNA (M.A.) CO ...................... 9,602
1,382,000 HERCULES, INC ........................ 69,186
353,690 LAWTER INTERNATIONAL, INC ............ 3,846
76,450 oMCWHORTER TECHNOLOGIES, INC .......... 1,969
9,664 oSOMMER-ALLIBERT ...................... 336
258,900 WELLMAN, INC ......................... 5,049
-----------
837,394
-----------
PLUMBING AND HEATING, EXCEPT
ELECTRIC--0.05%
930,200 MASCO CORP ........................... 47,324
2,900 ROHN INDUSTRIES, INC ................. 15
-----------
47,339
-----------
PLUMBING, HEATING, AIR-
CONDITIONING--0.00%
61,600 oAMERICAN RESIDENTIAL
SERVICES, INC ....................... 963
-----------
POTTERY AND RELATED
PRODUCTS--0.00%
442,501 CARADON PLC .......................... 1,307
-----------
POULTRY AND EGGS--0.03%
144,100 HUDSON FOODS, INC (CLASS A) .......... 2,963
1,367,300 TYSON FOODS, INC ..................... 28,030
-----------
30,993
-----------
PRESERVED FRUITS AND
VEGETABLES--0.56%
889,600 AJINOMOTO CO LTD ..................... 8,689
1,425,800 CAMPBELL SOUP CO ..................... 82,875
161,428 oCASTLE & COOKE, INC .................. 2,724
594,384 DOLE FOOD, INC ....................... 27,193
2,499,250 HEINZ (H.J.) CO ...................... 126,993
125,000 HERDEZ S.A. SERIES B ................. 105
383,300 HORMEL FOODS CORP .................... 12,553
55,000 KIKKOMAN CORP ........................ 280
560,000 NICHIREI CORP ........................ 1,206
VALUE
SHARES (000)
------ ----------
721,000 Q.P. CORP ............................ $ 4,408
2,054,846 RJR NABISCO HOLDINGS CORP ............ 77,057
3,144,100 SARA LEE CORP ........................ 177,052
96,100 SMUCKER, (J.M.) CO (CLASS A) ......... 2,270
199,400 SMUCKER, (J.M.) CO (CLASS B) ......... 4,586
1,211,746 WHITMAN CORP ......................... 31,581
----------
559,572
-----------
PRIMARY NONFERROUS METALS--0.23%
307,800 ALCAN ALUMINIUM CO LTD ............... 8,474
481,297 oALUMAX, INC .......................... 16,364
1,196,300 ALUMINUM CO OF AMERICA ............... 84,190
251,900 ASARCO, INC .......................... 5,652
85,000 oBILLITON PLC ......................... 218
338,100 BRUSH WELLMAN, INC ................... 8,283
14,187 oGRANGES AB ........................... 223
213,300 INCO LTD ............................. 3,622
151,160 INCO LTD (U.S.) ...................... 2,570
833,500 PHELPS DODGE CORP .................... 51,885
256,850 PRECISION CAST PARTS CORP ............ 15,491
383,390 REYNOLDS METALS CO ................... 23,003
177,000 oTITANIUM METALS CORP ................. 5,111
-----------
225,086
-----------
PRODUCERS, ORCHESTRAS,
ENTERTAINERS--0.09%
602,728 EMI GROUP PLC ........................ 5,199
557,191 GRANADA GROUP LTD (CLASS A) .......... 8,590
365,000 KONICA CORP .......................... 1,684
9,673,302 LADBROKE GROUP PLC ................... 42,019
1,072,950 MAGNUM CORP BERHAD ................... 645
155,000 NINTENDO CO LTD ...................... 15,259
47,100 SEGA ENTERPRISES LTD ................. 855
122,000 SHIMANO, INC ......................... 2,252
37,000 SHOCHIKU CO LTD ...................... 188
1,100 SMH AG (BR) .......................... 608
23,320 SMH AG (REGD) ........................ 3,150
800 SONY MUSIC ENTERTAINMENT, INC ........ 30
136,400 oWESTWOOD ONE, INC .................... 5,064
20,862 ZODIAC S.A ........................... 4,858
-----------
90,401
-----------
PRODUCTS OF PURCHASED GLASS--0.03%
82 CRISTALERIA ESPANOLA S.A ............. 6
485,300 oGENTEX CORP .......................... 13,042
284,200 oMEDIMMUNE, INC ....................... 12,185
-----------
25,233
-----------
PROFESSIONAL AND COMMERCIAL
EQUIPMENT--0.07%
161,373 oBEC GROUP, INC ....................... 958
365,500 oCHS ELECTRONICS, INC ................. 6,259
133,500 oFTP SOFTWARE, INC .................... 300
229,400 oGRAHAM-FIELD HEALTH PRODUCTS, INC .... 3,828
224,200 oGULF SOUTH MEDICAL SUPPLY, INC ....... 8,351
62,400 HOGY MEDICAL CO ...................... 1,900
70,900 oINGRAM MICRO, INC (CLASS A) .......... 2,065
114,800 oINTELLIGENT ELECTRONICS, INC ......... 639
212,300 oMERISEL, INC ......................... 929
389,012 OWENS & MINOR, INC ................... 5,641
174,850 oPATTERSON DENTAL CO .................. 7,912
58,900 oSPINE-TECH, INC ...................... 3,030
512,000 xoSTREAMLOGIC CORP ..................... 2
572,500 oTECH DATA CORP ....................... 22,256
29,200 oVWR SCIENTIFIC PRODUCTS CORP ......... 825
99,900 oWONDERWARE CORP ...................... 1,411
-----------
66,306
-----------
See notes to financial statements.
-55-
<PAGE>
VALUE
SHARES 000
------ ----------
PULP MILLS--0.01%
40,500 oEMPRESA NATIONAL DE CELULOSAS S.A .... $ 551
7,000 oREPAP ENTERPRISES, INC ............... 1
557,200 UPM-KYMMENE OY ....................... 11,153
-----------
11,705
-----------
RADIO AND TELEVISION
BROADCASTING--0.28%
130,900 oAMERICAN RADIO SYSTEMS CORP .......... 6,979
230 #oANTENA 3 DE TELEVISION GDS ........... 6,259
88,100 BHC COMMUNICATIONS, INC
(CLASS A) ........................... 11,475
949,709 BRITISH SKY BROADCASTING
GROUP PLC ........................... 7,094
55,795 CANAL PLUS S.A ....................... 10,378
308,650 oCHANCELLOR MEDIA CORP (CLASS A) ...... 23,033
575 oCHRIS CRAFT INDUSTRIES, INC .......... 30
307,900 oCLEAR CHANNEL COMMUNICATIONS, INC .... 24,459
4,900 oCOX RADIO, INC (CLASS A) ............. 197
13,000 oEMMIS BROADCASTING CORP
(CLASS A) ........................... 593
734 oEUROPE 1 COMMUNICATION ............... 161
145,068 GAYLORD ENTERTAINMENT CO ............. 4,633
5,700 oGRUPO TELEVISA S.A. DE CV
(PT CERT) ........................... 111
31,300 oHEFTEL BROADCASTING CORP
(CLASS A) ........................... 1,463
40,600 oJACOR COMMUNICATIONS, INC ............ 2,157
214,700 oJACOR COMMUNICATIONS, INC
WTS 09/18/01 ........................ 1,315
184,044 oLIN TELEVISION CORP .................. 10,030
3,343,284 MEDIASET S.P.A ....................... 16,444
25,200 oMIH HOLDINGS LTD ..................... 72
150 NIPPON TELEVISION NETWORK CORP ....... 44
32,000 NRJ S.A .............................. 4,457
4,430 PATHE S.A ............................ 860
623,295 REED INTERNATIONAL PLC ............... 6,076
2,300 oSFX BROADCASTING, INC (CLASS A) ...... 185
3,200 oTELE METROPOLE, INC (CLASS B) ........ 73
425,700 TELEVISION BROADCASTS LTD ............ 1,214
515,000 TOKYO BROADCASTING SYSTEMS, INC ...... 6,535
342,400 UNITED TELEVISION, INC ............... 35,567
6,600 oUNIVISION COMMUNICATIONS, INC ........ 461
454,487 oVIACOM, INC (CLASS A) ................ 18,577
1,765,665 oVIACOM, INC (CLASS B) ................ 73,165
147,686 oVIACOM, INC (CLASS B) WTS 07/07/99 ... 55
-----------
274,152
-----------
RADIO, TELEVISION, AND COMPUTER
STORES--0.16%
261,300 oBEST BUY, INC ........................ 9,635
1,304,169 CIRCUIT CITY STORES-CIRCUIT
CITY GROUP ......................... 46,380
124,600 oCOMPUCOM SYSTEMS, INC ................ 1,028
1,285,800 oCOMPUSA, INC ......................... 39,860
163,300 oEGGHEAD, INC ......................... 1,061
310,800 oGOOD GUYS, INC ....................... 2,370
47,800 oINACOM CORP .......................... 1,341
780,400 oINFORMIX CORP ........................ 3,707
90,700 oMICROAGE, INC ........................ 1,366
479,200 oMUSICLAND STORES CORP ................ 3,504
240,184 oREX STORES CORP ...................... 2,462
207,800 oSUN TELEVISION & APPLIANCES, INC ..... 416
1,066,102 TANDY CORP ........................... 41,112
248,000 oTRANS WORLD ENTERTAINMENT CORP ....... 4,805
-----------
159,047
-----------
VALUE
SHARES (000)
------ ----------
RAILROAD EQUIPMENT--0.00%
3,400 WESTINGHOUSE AIR BRAKE CO ............ $ 87
-----------
RAILROADS--0.64%
711,826 BRAMBLES INDUSTRIES LTD .............. 14,123
1,560,628 BURLINGTON NORTHERN SANTA FE CORP .... 145,041
451,000 CANADIAN PACIFIC LTD ................. 12,133
131,700 CANADIAN PACIFIC LTD (U.S.) .......... 3,589
2,355,272 CSX CORP ............................. 127,185
70,800 FLORIDA EAST COAST INDUSTRIES, INC ... 6,806
1,741,639 HANKYU CORP .......................... 8,184
32,500 IES INDUSTRIES, INC .................. 1,196
700,050 ILLINOIS CENTRAL CORP SERIES A ....... 23,845
578,300 KANSAS CITY SOUTHERN INDUSTRIES, INC . 18,361
216,000 KEIHIN ELECTRIC EXPRESS RAILWAY ...... 756
1,679,203 KINKI NIPPON RAILWAY CO LTD .......... 9,002
1,867,875 NAGOYA RAILROAD CO LTD ............... 6,436
1,660,000 NIPPON EXPRESS CO LTD ................ 8,299
2,256,836 NORFOLK SOUTHERN CORP ................ 69,539
660,000 ODAKYU ELECTRIC RAILWAY CO LTD ....... 2,863
180,000 oRAILTEX, INC ......................... 2,576
4,299,150 RAILTRACK GROUP PLC .................. 68,687
704,000 SEINO TRANSPORTATION CO LTD .......... 3,525
572,000 TOBU RAILWAY CO LTD .................. 1,795
1,182,099 UNION PACIFIC CORP ................... 73,807
609,000 oWISCONSIN CENTRAL TRANSIT CORP ....... 14,235
1,066,878 YAMATO TRANSPORT CO LTD .............. 14,359
-----------
636,342
-----------
REAL ESTATE AGENTS AND
MANAGERS--0.08%
5,000,000 oBELLE CORP ........................... 195
300,000 oBELLE CORP WTS 12/31/00 .............. 0
2,724,390 BRITISH LAND PLC ..................... 29,810
14,800 oCB COMMERCIAL REAL ESTATE SERVICES ... 476
88,200 oDILIGENTIA AB ........................ 1,178
105,273 oEVERGO CHINA HOLDINGS LTD ............ 4
1,500 FOREST CITY ENTERPRISES, INC
(CLASS A) .......................... 87
826,649 GENERAL PROPERTY TRUST ............... 1,465
31,200 oGRUBB & ELLIS CO ..................... 427
4,340,748 HOPEWELL HOLDINGS LTD ................ 1,081
374,112 LAND SECURITIES PLC .................. 6,033
1,958,000 MITSUBISHI ESTATE CO LTD ............. 21,384
3,938,074 NEW WORLD DEVELOPMENT CO LTD ......... 13,621
40,100 oROYAL LEPAGE LTD ..................... 84
2,437 SAGEM S.A ............................ 1,086
387,000 TOKYO TATEMONO CO LTD ................ 506
452,000 TOSTEM CORP .......................... 4,867
4,260 UNIBAIL S.A .......................... 426
1,500 oUNIBAIL S.A. (BR) .................... 150
13,200 oURBIS S.A ............................ 125
-----------
83,005
-----------
REAL ESTATE OPERATORS AND
LESSORS--0.07%
1,699,750 AYALA LAND, INC (CLASS B) ............ 682
20,000 oHYSAN DEVELOPMENT CO LTD
WTS 04/30/98 ........................ 0
6,485,000 #METRO PACIFIC CORP ................... 182
93,200 PENN VIRGINIA CORP ................... 2,749
1,096,200 ROUSE CO ............................. 35,901
1,080,000 SWIRE PACIFIC LTD (CLASS B) .......... 1,094
599,600 WEINGARTEN REALTY INVESTORS, INC ..... 26,870
-----------
67,478
-----------
See notes to financial statements.
-56-
<PAGE>
VALUE
SHARES 000
------ ----------
REFRIGERATION AND SERVICE
MACHINERY--0.09%
674,000 oAMERICAN STANDARD COS, INC ........... $ 25,823
14,100 oCHART INDUSTRIES, INC ................ 322
106,978 oCULLIGAN WATER TECHNOLOGIES, INC ..... 5,376
500,000 DAIWA INDUSTRIES LTD ................. 1,977
349,138 EASTERN ENTERPRISES CO ............... 15,711
174,800 FEDDERS CORP ......................... 1,093
152,950 FEDDERS CORP (CLASS A) ............... 937
3,900 SCOTSMAN INDUSTRIES, INC ............. 95
164,700 TECUMSEH PRODUCTS CO (CLASS A) ....... 8,029
31,600 TECUMSEH PRODUCTS CO (CLASS B) ....... 1,544
222,100 TENNANT CO ........................... 8,079
102,450 oU.S. FILTER CORP ..................... 3,067
424,100 YORK INTERNATIONAL CORP .............. 16,778
-----------
88,831
-----------
RENTAL OF RAILROAD CARS--0.01%
193,300 GATX CORP ............................ 14,026
-----------
RESEARCH AND TESTING
SERVICES--0.31%
379,100 oADVANCED TISSUE SCIENCE CO ........... 4,691
294,938 oAGOURON PHARMACEUTICALS, INC ......... 8,664
3,004,936 ASTRA AB SERIES A FREE ............... 52,073
385,066 ASTRA AB SERIES B FREE ............... 6,479
115,426 oAURA SYSTEMS, INC .................... 379
491,000 BANYU PHARMACEUTICAL CO LTD .......... 5,438
290,200 oCEPHALON, INC ........................ 3,301
779,000 CHUGAI PHARMACEUTICAL CO LTD ......... 4,014
85,500 oCLINTRIALS, INC ...................... 673
22,100 oCOLUMBIA LABORATORIES, INC ........... 351
51,200 oCURATIVE HEALTH SERVICES, INC ........ 1,555
524,982 oCYTOGEN CORP ......................... 853
430,000 DAIICHI PHARMACEUTICAL CO LTD ........ 4,861
374,036 EISAI CO LTD ......................... 5,725
154,269 oENZO BIOCHEMICAL, INC ................ 2,256
13,300 ESSILOR INTERNATIONAL ................ 3,979
241,700 oGENSET S.A ........................... 14,463
479,500 oHUMAN GENOME SCIENCES, INC ........... 19,060
126,300 oICOS CORP ............................ 2,313
20,100 oIDEC PHARMACEUTICALS CORP ............ 691
47,800 oIMMUNE RESPONSE CORP ................. 532
61,700 oINCYTE PHARMACEUTICALS, INC .......... 2,777
30,000 #oINTERNATIONAL HYDRON
(LIQUIDATING TRUST) .................. 1
115,900 oISIS PHARMACEUTICALS, INC ............ 1,427
222,000 KYOWA HAKKO KOGYO .................... 965
381,160 oLABORATORY CORP OF AMERICA
HOLDINGS ............................ 643
75,098 oLABORATORY CORP OF AMERICA
HOLDINGS WTS 04/28/00 ............... 2
1,518,000 LION CORP ............................ 4,507
283,400 oLIPOSOME CO, INC ..................... 1,311
38,224 LOREAL S.A ........................... 14,963
136,400 oMEDCO RESEARCH, INC .................. 1,910
125,000 oMYRIAD GENETICS, INC ................. 3,031
2,500 oNEOPATH, INC ......................... 33
51,400 oNEUREX CORP .......................... 713
126,300 oNEUROMEDICAL SYSTEMS, INC ............ 355
3,000 oNFO WORLDWIDE, INC ................... 63
138,100 oOHM CORP ............................. 1,053
500 oOIS OPTICAL IMAGING SYSTEMS, INC ..... 1
38,800 oPRIMISTERES REYNOIRD S.A ............. 1,277
130,000 oREGENERON PHARMACEUTICALS, INC ....... 1,113
244,300 oREPLIGEN CORP ........................ 191
644,950 oSCIOS, INC ........................... 6,450
VALUE
SHARES (000)
------ ----------
200,000 oSEQUANA THERAPEUTICS, INC ............ $ 2,200
457,000 SHIONOGI & CO LTD .................... 2,102
915,340 SHISEIDO & CO LTD .................... 12,531
293,260 oSPACELABS MEDICAL, INC ............... 5,572
40,375 SYNTHELABO S.A ....................... 5,047
441,000 TAISHO PHARMACEUTICAL CO LTD ......... 11,294
1,898,000 TAKEDA CHEMICAL INDUSTRIES LTD ....... 54,303
3,000 TEJON RANCH CO ....................... 73
164,800 oTHERMO CARDIOSYSTEMS, INC ............ 4,408
75,500 oTHERMOTREX CORP ...................... 1,670
4,500 oTRANSKARYOTIC THERAPIES, INC ......... 158
206,528 oU.S. BIOSCIENCE, INC ................. 1,872
75,800 UNI CHARM CORP ....................... 2,693
853,849 YAMANOUCHI PHARMACEUTICAL CO LTD ..... 18,387
315,035 oYORK RESEARCH CORP ................... 2,658
3,712 #oYORK RESEARCH CORP (CLASS C)
WTS 09/30/98 ........................ 7
-----------
310,112
-----------
RESIDENTIAL BUILDING
CONSTRUCTION--0.23%
203,500 ACS ACTIVIDADES CONS Y SERV .......... 4,927
3,500 oACS ACTIVIDADES CONS Y SERV RTS ...... 0
962,731 ADELAIDE BRIGHTON HOLDINGS LTD ....... 954
9,900 ALPHA LTD NPV ........................ 110
3,741,315 AMEC PLC ............................. 7,233
26,500 oAMERICAN HOMESTAR CORP ............... 437
958,000 oAOKI CONSTRUCTION CO LTD ............. 309
20,000 oASANO SLATE CO LTD ................... 15
445,950 BARRATT DEVELOPMENTS LTD ............. 1,699
6,336,968 BLUE CIRCLE INDUSTRIES PLC ........... 37,094
233,437 BPB PLC .............................. 1,298
648,697 CLAYTON HOMES, INC ................... 11,677
9,928 oCOSTAIN GROUP PLC .................... 4
1,970,000 DAIWA HOUSE INDUSTRY CO LTD .......... 10,454
132,000 oEKRAN BERHAD ......................... 93
328,054 ENGLISH CHINA CLAYS PLC .............. 1,452
153,848 FOMENTO CONSTRUCCIONES Y
CONTRATAS S.A ....................... 5,855
30,000 FUJITA CORP .......................... 11
175,000 oHASEKO CORP .......................... 90
230,000 HAZAMA-GUMI LTD ...................... 113
141,630 HEPWORTH PLC ......................... 512
12,440 HOLLANDSCHE BETON GROEP
NV (H.B.G.) ........................ 231
157,400 HORTON (D.R.), INC ................... 2,735
514,000 INAX CORP ............................ 1,498
1,214,000 JAMES HARDIE INDUSTRIES LTD .......... 3,538
1,429,000 KAJIMA CORP .......................... 3,616
759,805 KAUFMAN & BROAD HOME CORP ............ 17,048
26,000 KOMATSU CONSTRUCTION CO LTD .......... 30
334,449 MARLEY PLC ........................... 526
27,000 MCALPINE (ALFRED) PLC ................ 60
705,000 NIHON CEMENT CO LTD .................. 1,459
607,000 NISHIMATSU CONSTRUCTION CO LTD ....... 1,914
13,900 OASIS RESIDENTIAL, INC ............... 310
931,000 OBAYASHI CORP ........................ 3,179
101,000 OHKI CONSTRUCTION CO LTD ............. 132
575,000 OKUMURA CORP ......................... 1,371
1,100,000 PENTA OCEAN CONSTRUCTION CO LTD ...... 1,548
482,060 PILKINGTON PLC ....................... 1,015
241,542 REDLAND PLC .......................... 1,365
97,000 RMC GROUP PLC ........................ 1,369
583,016 RUGBY GROUP PLC ...................... 1,309
59,000 oSHOKUSAN JUTAKO SAGO ................. 24
52,046,000 +SOUTH CHINA INDUSTRIES LTD ........... 5,642
See notes to financial statements.
-57-
<PAGE>
VALUE
SHARES 000
------ ----------
RESIDENTIAL BUILDING
CONSTRUCTION--(CONTINUED)
150,750 ST. GOBAIN S.A ....................... $ 21,425
34,000 SUZUNUI INDUSTRY CO LTD .............. 58
2,366,000 TAISEI CORP .......................... 3,894
11,387,356 TARMAC PLC ........................... 21,454
76,000 TOA CORP ............................. 100
871,500 oTOLL BROTHERS, INC ................... 23,313
260,500 TOTO LTD ............................. 1,671
266,100 #UNITED ENGINEERING BERHAD ............ 221
133,500 oWALTER INDUSTRIES, INC ............... 2,753
411,718 WILLIAMS PLC ......................... 2,337
3,381,100 WILSON (CONNOLLY) HOLDINGS PLC ....... 8,679
4,082,500 WIMPEY (GEORGE) LTD .................. 7,120
290,018 WOLSELEY PLC ......................... 2,305
1,045 YOKOGAWA BRIDGE CORP ................. 3
718,000 YTL CORP BERHAD ...................... 968
-----------
230,557
-----------
RESIDENTIAL CARE--0.00%
22,200 oRES-CARE, INC 644
-----------
RETAIL NURSERIES AND GARDEN
STORES--0.00%
167,200 oCENTRAL GARDEN & PET CO .............. 4,389
-----------
RETAIL STORES, NEC--0.01%
140,000 oALDEASA S.A .......................... 2,967
74,600 oPETCO ANIMAL SUPPLIES, INC ........... 1,790
314,600 oPETSMART, INC ........................ 2,281
465,200 oSUNGLASS HUT INTERNATIONAL, INC ...... 2,937
-----------
9,975
-----------
ROOMING AND BOARDING
HOUSES--0.00%
33,060 oCHARTWELL LEISURE, INC ............... 552
-----------
RUBBER AND PLASTICS
FOOTWEAR--0.00%
2,200 oCONVERSE, INC ........................ 13
6,000,000 #oPT ARTHA GRAHA INVESTAMA
SENTRAL TBK (LR) ..................... 764
-----------
777
-----------
SAND AND GRAVEL--0.01%
287,200 CALMAT CO ............................ 8,006
-----------
SANITARY SERVICES--0.45%
674,200 oALLIED WASTE INDUSTRIES, INC ......... 15,717
176,685 oAMERICAN ECOLOGY CORP ................ 221
1,738,775 BROWNING FERRIS INDUSTRIES, INC ...... 64,335
463,240 oCLEAN HARBORS, INC ................... 724
96,000 DAISEKI CO LTD ....................... 997
124,268 oINTERNATIONAL TECHNOLOGY CORP ........ 932
285,949 oLAIDLAW ENVIRONMENTAL
SERVICES, INC ....................... 1,394
576,792 LAIDLAW, INC ......................... 7,859
442,584 OGDEN CORP ........................... 12,475
59,796 oPHILIP SERVICES CORP ................. 860
1,518,400 oREPUBLIC INDUSTRIES, INC ............. 35,398
60,000 oSANIX, INC ........................... 969
207,700 oTETRA TECHNOLOGIES, INC .............. 4,375
362,598 THAMES WATER PLC ..................... 5,435
2,113,505 oU.S.A. WASTE SERVICES, INC ........... 82,955
7,647,304 WASTE MANAGEMENT, INC ................ 210,301
-----------
444,947
-----------
VALUE
SHARES (000)
------ ----------
SAVINGS INSTITUTIONS--0.93%
20,700 ALBANK FINANCIAL CORP ................ $ 1,065
267,100 ANCHOR BANCORP WISCONSIN, INC ........ 9,716
364,100 ASTORIA FINANCIAL CORP ............... 20,299
77,600 BANK UNITED CORP (CLASS A) ........... 3,798
825,802 +BAY VIEW CAPITAL CORP ................ 29,935
78,400 oCALIFORNIA FEDERAL BANCORP ........... 2,234
154,020 oCALIFORNIA FEDERAL BANK
(GOODWILL CERT) ..................... 3,716
500 CFX CORP ............................. 15
1,440,295 CHARTER ONE FINANCIAL, INC ........... 90,919
312,600 CHEMFIRST, INC ....................... 8,831
138,100 CITFED BANCORP, INC .................. 5,386
695,100 oCOAST SAVINGS FINANCIAL, INC ......... 47,658
117,350 COMMERCIAL FEDERAL CORP .............. 4,173
1,213,900 DIME BANCORP, INC .................... 36,720
19,300 DOWNEY FINANCIAL CORP ................ 549
7,000 FIRST COLORADO BANCORP, INC .......... 166
21,700 oFIRSTFED FINANCIAL CORP .............. 841
1,147,100 oGOLDEN STATE BANCORP, INC ............ 42,873
581,400 GOLDEN WEST FINANCIAL CORP ........... 56,868
187,400 GREAT FINANCIAL CORP ................. 9,557
3,244,200 H.F. AHMANSON & CO ................... 217,159
8,000 IBS FINANCIAL CORP ................... 142
2,300 oJSB FINANCIAL, INC ................... 115
351,700 LONG ISLAND BANCORP, INC ............. 17,453
70,200 MAF BANCORP, INC ..................... 2,483
197,350 MARYLAND FEDERAL BANCORP ............. 6,907
1,200 NEW YORK BANCORP, INC ................ 48
30,100 oOCWEN FINANCIAL CORP ................. 766
800 ORIENTAL FINANCIAL GROUP ............. 24
90,650 PEOPLES BANK OF BRIDGEPORT CO ........ 3,445
2,900 ROSLYN BANCORP, INC .................. 67
1,093,144 SOVEREIGN BANCORP, INC ............... 22,683
139,500 ST. FRANCIS CAPITAL CORP ............. 7,045
720,437 ST. PAUL BANCORP, INC ................ 18,911
822,300 TCF FINANCIAL CORP ................... 27,907
732,348 WASHINGTON FEDERAL, INC .............. 23,023
3,101,542 WASHINGTON MUTUAL, INC ............... 197,917
64,300 WEBSTER FINANCIAL CORP ............... 4,276
18,600 oWSFS FINANCIAL CORP .................. 372
-----------
926,062
-----------
SAWMILLS AND PLANING MILLS--0.22%
543,432 BOISE CASCADE CORP ................... 16,439
77,000 oINTERNATIONAL FOREST PRODUCTS LTD .... 326
1,224,936 LOUISIANA PACIFIC CORP ............... 23,274
181,700 MACMILLAN BLOEDEL LTD ................ 1,885
755,736 PG INDUSTRIES ZIMBABWE LTD ........... 90
28,100 POPE & TALBOT, INC ................... 423
263,984 RAYONIER, INC ........................ 11,236
347,214 TEMPLE-INLAND, INC ................... 18,164
2,667,750 WEYERHAEUSER CO ...................... 130,886
617,972 WILLAMETTE INDUSTRIES, INC ........... 19,891
-----------
222,614
-----------
SCHOOLS AND EDUCATIONAL
SERVICES, NEC--0.03%
484,375 oAPOLLO GROUP, INC (CLASS A) .......... 22,887
99,791 oBERLITZ INTERNATIONAL, INC ........... 2,657
-----------
25,544
-----------
SCREW MACHINE PRODUCTS,
BOLTS, ETC.--0.03%
562,276 HUBBELL, INC (CLASS B) ............... 27,727
175,700 TRIMAS CORP .......................... 6,040
-----------
33,767
-----------
See notes to financial statements.
-58-
<PAGE>
VALUE
SHARES 000
------ ----------
SEARCH AND NAVIGATION
EQUIPMENT--0.19%
46,080 PRIMEX TECHNOLOGIES, INC ............. $ 1,555
1,267,497 RAYTHEON CO (CLASS A) ................ 62,503
2,037,040 RAYTHEON CO (CLASS B) ................ 102,871
315,450 SENSORMATIC ELECTRONICS CORP ......... 5,185
264,201 oTRACOR, INC .......................... 8,025
155,500 oTRIMBLE NAVIGATION LTD ............... 3,392
60,600 WATKINS-JOHNSON CO ................... 1,572
-----------
185,103
-----------
SECONDARY NONFERROUS
METALS--0.00%
1,000 IMCO RECYCLING, INC .................. 16
-----------
SECURITY AND COMMODITY
SERVICES--0.22%
475,300 oAMRESCO, INC ......................... 14,378
11,238 oDATA BROADCASTING CORP ............... 63
533 DUFF & PHELPS CREDIT RATING CO 22
206,500 EATON VANCE CORP ..................... 7,795
107,500 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD ......................... 5,187
402,900 FRANKLIN RESOURCES, INC .............. 35,027
6,800 FULTON FINANCIAL CORP ................ 221
132,700 oINSIGNIA FINANCIAL GROUP, INC ........ 3,052
90,000 oITLA CAPITAL CORP .................... 1,733
135,524 MERCURY ASSETS MANAGEMENT
GROUP PLC ........................... 3,775
25,000 oPEREGRINE INVESTMENT
WTS 05/15/98 .......................... 0
10,000 PHOENIX, DUFF & PHELPS CORP .......... 80
148,318 PIONEER GROUP, INC ................... 4,171
564,200 PRICE (T. ROWE) ASSOCIATES, INC ...... 35,474
363,412 SEI INVESTMENT CO .................... 15,263
751,200 TRANSAMERICA CORP .................... 80,003
80,200 UNITED ASSET MANAGEMENT CORP ......... 1,960
279,000 VALUE LINE, INC ...................... 11,021
-----------
219,225
-----------
SECURITY BROKERS AND
DEALERS--1.03%
1,058,552 ABBEY NATIONAL PLC ................... 18,271
2,760,000 AMVESCAP PLC ......................... 23,683
84,840 AMVESCAP PLC ADR ..................... 7,317
1,600,628 BEAR STEARNS COS, INC ................ 76,030
25,963 COMPAGNIE BANCAIRE S.A ............... 4,208
97,950 CREDIT SAISON CO LTD ................. 2,426
1,992,000 DAIWA SECURITIES CO LTD .............. 6,894
85,100 DONALDSON, LUFKIN, & JENRETTE, INC ... 6,765
1,752,850 EDWARDS (A.G.), INC .................. 69,676
224,746 EVEREN CAPITAL CORP .................. 10,675
76,727 FORTIS AG ............................ 16,008
1,300 oHAMBRECHT & QUIST GROUP .............. 47
162,932 HONG LEONG CREDIT BERHAD ............. 147
2,000 INCENTIVE AB SERIES A FREE ........... 180
800 INCENTIVE AB SERIES B FREE ........... 72
500 oINTERRA FINANCIAL, INC ............... 35
344,000 JACCS CO ............................. 2,117
120,000 JAPAN ASSOCIATED FINANCE CO .......... 4,292
1,400 oJEFFERIES GROUP, INC ................. 57
3,000 JOHN NUVEEN CO (CLASS A) ............. 105
33,066 oLEGG MASON, INC ...................... 1,850
1,374,342 LEHMAN BROTHERS HOLDINGS, INC ........ 70,091
120,000 oLONG BEACH FINANCIAL CORP ............ 1,395
600,000 MBF CAPITAL BERHAD ................... 139
11,895 oMERCAPITAL S.A ....................... 103
2,939,992 MERRILL LYNCH & CO, INC .............. 214,436
VALUE
SHARES (000)
------ ----------
362,700 MORGAN KEEGAN, INC ................... $ 9,181
4,103,612 MORGAN STANLEY,
DEAN WITTER, DISCOVER ................ 242,626
517,000 NIPPON SHINPAN CO LTD ................ 585
3,932,000 NOMURA SECURITIES CO LTD ............. 52,619
4,313 NPM HOLDINGS NV ...................... 160
73,700 ORIX CORP ............................ 5,158
1,938,800 PAINE WEBBER GROUP, INC .............. 67,010
517,000 PEREGRINE INVESTMENT HOLDINGS LTD .... 367
280,638 PIPER JAFFRAY COS, INC ............... 10,226
145,743 QUICK & REILLY GROUP, INC ............ 6,267
155,000 RASHID HUSSAIN BERHAD ................ 120
250,500 RAYMOND JAMES FINANCIAL CORP ......... 9,942
101,356 SCHROEDERS LTD ....................... 3,127
1,277,100 SCHWAB (CHARLES) CORP ................ 53,558
4,264,529 SUN HUNG KAI PROPERTIES LTD .......... 29,720
183,000 TA ENTERPRISE BERHAD ................. 37
1,901,000 xoYAMAICHI SECURITIES CO LTD ........... 15
-----------
1,027,737
-----------
SERVICES TO BUILDINGS--0.00%
4,800 oABM INDUSTRIES, INC .................. 147
93,600 NIPPON KANZAI CO LTD ................. 1,325
-----------
1,472
-----------
SHIP, BOAT BUILDING AND
REPAIRING--0.03%
4,000 oAVONDALE INDUSTRIES, INC ............. 119
6,000 xoBREMER VULKAN AG ..................... 5
156,000 GENERAL DYNAMICS CORP ................ 13,484
171,335 oHALTER MARINE GROUP, INC ............. 4,947
939,000 KAWASAKI HEAVY INDUSTRIES LTD ........ 1,459
3,935 KVAERNER INDUSTRIER AS SERIES B ...... 183
2,043,000 oMITSUI ENGINEERING & SHIP BUILDING
CO LTD .............................. 1,304
383,537 NEWPORT NEWS SHIPBUILDING, INC ....... 9,756
-----------
31,257
-----------
SHOE STORES--0.05%
129,000 ADIDAS AG ............................ 16,974
190,200 BROWN GROUP, INC ..................... 2,532
4,184 oEDISON BROTHERS STORES WTS 09/26/05 .. 5
81,700 oFINISH LINE, INC (CLASS A) ........... 1,072
225,850 oJUST FOR FEET, INC ................... 2,964
461,923 oPAYLESS SHOESOURCE, INC .............. 31,007
-----------
54,554
-----------
SOAP, CLEANERS, AND TOILET
GOODS--1.56%
315,000 oADERANS CO LTD ....................... 7,631
39,000 ALBERTO CULVER CO (CLASS A) .......... 1,053
265,300 ALBERTO CULVER CO (CLASS B) .......... 8,506
1,946,532 AVON PRODUCTS, INC ................... 119,468
220,000 oBENCKISER (CLASS B) .................. 9,105
148,700 CHEMED CORP .......................... 6,162
154,500 CHURCH & DWIGHT CO, INC .............. 4,336
470,466 CLOROX CO ............................ 37,196
2,050,772 COLGATE PALMOLIVE CO ................. 150,732
1,226,800 DIAL CORP ............................ 25,533
389,900 ECOLAB, INC .......................... 21,615
608,100 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ...................... 31,317
40,500 LAUDER (ESTEE) CO (CLASS A) .......... 2,083
21,100 NCH CORP ............................. 1,382
13,944,816 PROCTER & GAMBLE CO .................. 1,112,971
42,600 oREVLON, INC (CLASS A) ................ 1,504
5,000,000 SA SA INTERNATIONAL
HOLDINGS LTD ........................ 1,032
See notes to financial statements.
-59-
<PAGE>
VALUE
SHARES 000
------ ----------
SOAP, CLEANERS, AND TOILET
GOODS--(CONTINUED)
205,137 SAFETY-KLEEN CORP .................... $ 5,628
86,800 oUSA DETERGENTS, INC .................. 705
-----------
1,547,959
-----------
SOCIAL SERVICES, NEC--0.02%
333,362 INTEGRATED HEALTH SERVICES, INC ...... 10,397
388,000 oSUN HEALTHCARE GROUP, INC ............ 7,518
-----------
17,915
-----------
SPECIAL INDUSTRY MACHINERY--0.23%
3,392,800 oAPPLIED MATERIALS, INC ............... 102,208
106,900 oASYST TECHNOLOGIES, INC .............. 2,325
632,196 oCOOPER CAMERON CORP .................. 38,564
314,400 oETEC SYSTEMS, INC .................... 14,620
421,400 FOSTER WHEELER CORP .................. 11,404
180,500 oFSI INTERNATIONAL, INC ............... 2,121
309,900 oINTEGRATED PROCESS EQUIPMENT CORP .... 4,881
195,600 oIONICS, INC .......................... 7,653
228,900 oKULICHE & SOFFA INDUSTRIES, INC ...... 4,263
79,959 oLAM RESEARCH CORP .................... 2,339
387,134 oNOVELLUS SYSTEMS, INC ................ 12,509
75,700 oOAKLEY, INC .......................... 686
51,400 PHOTRONICS, INC ...................... 1,246
277,100 oPRESSTEK, INC ........................ 7,135
128,900 oPRI AUTOMATION, INC .................. 3,722
3,133 oRAUMA OY ............................. 49
5,000 oSAURER AG (REGD) ..................... 3,634
107,956 oULTRATECH STEPPER, INC ............... 2,146
119,100 oZEBRA TECHNOLOGY CORP ................ 3,543
-----------
225,048
-----------
STRUCTURAL CLAY PRODUCTS--0.00%
6,700 oDAL-TILE INTERNATIONAL, INC .......... 82
361,196 GREEN (A.P.) INDUSTRIES, INC ......... 4,176
-----------
4,258
-----------
SUBDIVIDERS AND DEVELOPERS--0.19%
153,400 oAVATAR HOLDINGS, INC ................. 4,362
502,761 AXA UAP .............................. 38,919
75,600 BROOKFIELD PROPERTIES CORP ........... 1,260
4,500,000 C & P HOMES, INC ..................... 266
984,950 oCATELLUS DEVELOPMENT CORP ........... 19,699
5,066,508 CHEUNG KONG HOLDINGS LTD ............. 33,184
1,841,513 CHINESE ESTATES LTD .................. 814
617,600 CITY DEVELOPMENT LTD ................. 2,859
27,726 oCITY DEVELOPMENT LTD WTS 07/18/98 .... 82
2,454 oCOMPAGNIE IMMOBILIERE DE
BELGIQUE S.A. ....................... 147
674,000 DAIKYO, INC .......................... 518
11,000,000 oFILINVEST LAND, INC .................. 441
27,000 FIRST CAPITAL CORP LTD ............... 25
151,542 GREAT PORTLAND ESTATES PLC ........... 598
129,157 HAMMERSON PLC ........................ 1,004
1,154,500 HANG LUNG DEVELOPMENT CO LTD ......... 1,624
240 HONG KONG LAND HOLDINGS LTD .......... 0
290,000 oHONG LEONG PROPERTIES BERHAD ......... 53
158,500 HOTEL PROPERTIES LTD ................. 103
954,600 HYSAN DEVELOPMENT CO LTD ............. 1,903
44,000 oIGB CORP BERHAD ...................... 10
5,800 oINMOBLIARIA METROPOLITANA S.A ........ 261
72,707 IRSA S.A ............................. 271
48,471 oIRSA S.A. RTS ........................ 20
104,000 oMALAYSIAN RESOURCES CORP BERHAD ...... 24
279,900 oMETROPLEX BERHAD ..................... 72
256,836 MISAWA HOMES CO LTD .................. 713
VALUE
SHARES (000)
------ ----------
2,445,000 MITSUI FUDOSAN CO LTD ................ $ 23,694
480,250 oMULPHA INTERNATIONAL BERHAD .......... 56
92,000 oMYCOM BERHAD ......................... 23
39,000 OSAKA STADIUM CO LTD ................. 92
4,607 oSALOMON S.A .......................... 397
996,971 SCHRODERS PROPERTY FUND .............. 1,541
500,000 SELANGOR PROPERTIES BERHAD ........... 153
1,385,000 SINGAPORE LAND LTD ................... 3,041
3,907,118 SLOUGH ESTATES PLC ................... 22,083
572,394 TAI CHEUNG HOLDINGS LTD .............. 227
74,400 TAK WING INVESTMENT HOLDINGS LTD ..... 7
14,880 #oTAK WING INVESTMENT WTS 12/31/98 ..... 0
637 oTRIZEC HAHN CORP WTS 07/25/99 ........ 3
377,000 UNITED OVERSEAS LAND LTD ............. 318
351,596 VALLEHERMOSO S.A ..................... 10,773
433,000 WEBB (DEL) CORP ...................... 11,258
4,858,372 WESTFIELD TRUST (UNITS) .............. 9,276
166,155 #oWESTFIELD TRUST (UNITS) NEW .......... 306
-----------
192,480
-----------
SUGAR AND CONFECTIONERY
PRODUCTS--0.13%
42,600 DANISCO AS ........................... 2,364
216,000 DEL MONTE ROYAL FOODS LTD ............ 141
520,700 EZAKI GLICO CO LTD ................... 3,376
566,296 HERSHEY FOODS CORP ................... 35,075
795,000 MEIJI SEIKA KAISHA LTD ............... 2,654
16,125,950 MONTEDISON S.P.A ..................... 14,503
274,000 NIPPON BEET SUGAR
MANUFACTURING CO LTD ................ 371
190,154 SAVANNAH FOODS & INDUSTRIES, INC ..... 3,577
321,159 TATE & LYLE PLC ...................... 2,653
244,022 TOOTSIE ROLL INDUSTRIES, INC ......... 15,251
103,200 WESTON (GEORGE) LTD .................. 8,798
188,200 WRIGLEY (WM) JR CO ................... 14,974
373,800 WRIGLEY (WM) JR CO (CLASS B) ......... 29,740
----------
133,477
-----------
SURETY INSURANCE--0.08%
287,600 oAMERIN CORP .......................... 8,053
21,500 CAPITAL RE CORP ...................... 1,334
28,800 CAPMAC HOLDINGS, INC ................. 1,001
190,200 CMAC INVESTMENT CORP ................. 11,483
6,000 oCNA SURETY CORP ...................... 93
28,000 ENHANCE FINANCIAL SERVICES
GROUP, INC .......................... 1,666
130,000 EXEL LTD ............................. 8,239
1,700 oMEDICAL ASSURANCE, INC ............... 48
685,700 MGIC INVESTMENT CORP ................. 45,599
300 MMI COS, INC ......................... 8
1,800 SCPIE HOLDINGS, INC .................. 52
4,000 oTRIAD GUARANTY, INC .................. 116
-----------
77,692
-----------
TELEGRAPH AND OTHER
COMMUNICATIONS--0.00%
620,337 oCABLE & WIRELESS
COMMUNICATIONS PLC .................. 2,710
-----------
2,710
-----------
TELEPHONE COMMUNICATIONS--7.29%
889,973 o360 COMMUNICATIONS CO ................ 17,966
48,250 oACC CORP ............................. 2,437
5,486,915 oAIRTOUCH COMMUNICATIONS, INC ......... 228,050
2,250,674 ALLTEL CORP .......................... 92,418
6,151,348 AMERITECH CORP ....................... 495,184
203,800 oARCH COMMUNICATIONS GROUP, INC ....... 1,044
See notes to financial statements.
-60-
<PAGE>
VALUE
SHARES 000
------ ----------
TELEPHONE COMMUNCIATIONS--(CONTINUED)
23,695,803 AT & T CORP .......................... $1,451,368
6,571,448 BELL ATLANTIC CORP ................... 598,002
8,578,310 BELLSOUTH CORP ....................... 483,066
520,000 oBRIGHTPOINT, INC ..................... 7,215
106,700 oBROOKS FIBER PROPERTIES, INC ......... 5,869
452,100 CABLE & WIRELESS PLC ADR ............. 12,291
37,701 oCELLULAR COMMUNICATIONS
INTERNATIONAL, INC .................. 1,763
3,500 oCENTENNIAL CELLULAR CORP
(CLASS A) ........................... 72
645,900 CENTURY TELEPHONE ENTERPRISES, INC ... 32,174
2,000 oCFW COMMINICATIONS CO ................ 45
1,136,000 CIA DE TELECOMMUNICACIONES
CHILE ADR ........................... 33,938
1,067,300 CINCINNATI BELL, INC ................. 33,086
650,000 oCOLT TELECOM GROUP PLC ............... 6,594
200,000 oCOLT TELECOM GROUP PLC ADR ........... 8,525
26,333 oCOMMONWEALTH TELEPHONE
ENTERPRISES ......................... 681
267,183 oCORECOMM, INC ........................ 2,705
4,300,700 DEUTSCHE TELEKOM AG .................. 80,963
4,400,000 oENERGIS PLC .......................... 18,389
475,000 oESPRIT TELECOM GROUP PLC ADR ......... 5,344
412,700 oFRANCE TELECOM S.A ................... 14,975
2,127,500 FRONTIER CORP ........................ 51,193
19,750 GN STORE NORD AS GN GREAT NORDIC ..... 332
8,218,512 GTE CORP ............................. 429,417
21,100 oHIGHWAYMASTER
COMMUNICATIONS, INC ................. 120
537,100 oICG COMMUNICATIONS, INC .............. 14,636
49,600 oIXC COMMUNICATIONS, INC .............. 1,556
623,730 KONINKLIJKE PTT NEDERLAND NV ......... 26,028
389,072 oLCI INTERNATIONAL, INC ............... 11,964
7,378,818 LUCENT TECHNOLOGIES, INC ............. 589,383
3,669,300 MCI COMMUNICATIONS CORP .............. 157,092
300,000 xoMIDCOM COMMUNICATIONS, INC ........... 5
723 oMILLICOM INTERNATIONAL
CELLULAR S.A. ....................... 27
676,000 oMOBILE TELECOMMUNICATIONS
TECHNOLOGIES CORP .................... 14,872
1,222,000 oNEXTEL COMMUNICATIONS, INC
(CLASS A) ........................... 31,772
19,994 NIPPON TELEGRAPH & TELEPHONE
CORP ................................ 172,227
322,522 oNTL, INC ............................. 8,990
1,266,500 oOMNIPOINT CORP ....................... 29,446
7,400 oPACIFIC GATEWAY EXCHANGE, INC ........ 398
18,200 oPAGEMART WIRELESS, INC (CLASS A) ..... 143
438,695 PORTUGAL TELECOM S.A ................. 20,377
142,900 oPREMIERE TECHNOLOGIES, INC ........... 3,948
36,500 oRCN CORP ............................. 1,250
125,000 oRSL COMMUNICATIONS LTD (CLASS A) ..... 2,750
11,528,726 SBC COMMUNICATIONS, INC .............. 844,479
5,052,200 SINGAPORE TELECOMMUNICATIONS LTD ..... 9,415
167,120 SIRTI S.P.A .......................... 1,012
597 SK TELECOM CO ........................ 157
625,400 SOUTHERN NEW ENGLAND
TELECOMMUNICATIONS CORP ............. 31,465
2,743,819 SPRINT CORP .......................... 160,856
111,700 oTEL-SAVE HOLDINGS, INC ............... 2,220
9,296,081 TELECOM ITALIA ....................... 59,456
23,052,696 TELECOM ITALIA MOBILE S.P.A .......... 97,353
234,200 TELE DANMARK AS (CLASS B) ............ 14,536
5,230,000 TELEBRAS S.A ......................... 532
VALUE
SHARES (000)
------ ----------
490,000 oTELEC DE SAO PAULO S.A ............... $ 112
50,000 oTELECEL-COMUNICACAOES PESSOAIS ....... 5,333
41,700 TELECOM ARGENTINA S.A ................ 300
2,482,359 TELEFONICA DE ESPANA S.A ............. 70,847
2,290,000 TELEFONOS DE MEXICO S.A. SERIES L .... 6,462
284,655 TELEPHONE & DATA SYSTEMS, INC ........ 13,254
60,900 oTELEPORT COMMUNICATIONS
GROUP, INC SERIES A ................. 3,342
2,810,606 oTELSTRA CORP LTD (P/P) ............... 5,934
115,700 TELUS CORP ........................... 2,563
44,500 oU.S. CELLULAR CORP ................... 1,380
3,472,346 U.S. WEST COMMUNICATIONS
GROUP, INC .......................... 156,690
3,667,646 oU.S. WEST MEDIA GROUP, INC ........... 105,903
140,700 oVANGUARD CELLULAR SYSTEMS, INC ....... 1,794
790,300 oVIATEL, INC .......................... 3,952
9,600 oWEST TELESERVICES CORP ............... 115
49,900 oWESTERN WIRELESS CORP (CLASS A) ...... 867
173,100 oWINSTAR COMMUNICATIONS, INC .......... 4,317
14,765,599 oWORLDCOM, INC ........................ 446,659
-----------
7,253,395
-----------
TIRES AND INNER TUBES--0.17%
500 BANDAG, INC .......................... 27
199,100 BANDAG, INC (CLASS A) ................ 9,532
171,300 COOPER TIRE & RUBBER CO .............. 4,175
736,850 GOODRICH (B.F.) CO ................... 30,533
1,633,652 GOODYEAR TIRE & RUBBER CO ............ 103,941
384,967 MICHELIN S.A. (CLASS B) .............. 19,389
300 TITAN INTERNATIONAL, INC ............. 6
-----------
167,603
-----------
TITLE INSURANCE--0.06%
129,451 oALLEGHANY CORP (DELAWARE) ............ 36,861
12,200 oFIDELITY NATIONAL FINANCIAL, INC ..... 380
158,744 FIRST AMERICAN FINANCIAL CORP ........ 11,727
202,040 LAWYERS TITLE CORP ................... 6,352
-----------
55,320
-----------
TOYS AND SPORTING GOODS--0.15%
16,600 oAMER GROUP LTD PLC SERIES A .......... 319
27,000 oBELL SPORTS CORP ..................... 228
836,800 CALLAWAY GOLF CO ..................... 23,901
37,300 oGALOOB TOYS, INC ..................... 380
1,357,864 HASBRO, INC .......................... 42,773
292,458 K2, INC .............................. 6,653
1,908,258 MATTEL, INC .......................... 71,083
7,400 NAMCO LTD ............................ 216
-----------
145,553
-----------
TRUCKING & COURIER SERVICES,
EXCEPT AIR--0.07%
323,700 oAMERICAN FREIGHTWAYS CORP ............ 3,197
444,900 ARNOLD INDUSTRIES, INC ............... 7,675
103,900 CALIBER SYSTEM, INC .................. 5,059
17,200 CNF TRANSPORTATION, INC .............. 660
103,550 oCONSOLIDATED FREIGHTWAYS CORP ........ 1,411
4,000 oCOVENANT TRANSPORT, INC (CLASS A) .... 61
232,807 oHEARTLAND EXPRESS, INC ............... 6,257
189,550 HUNT (J.B.) TRANSPORT SERVICES, INC .. 3,554
172,500 oM.S. CARRIERS, INC ................... 4,291
172,050 ROADWAY EXPRESS, INC ................. 3,807
221,500 oSWIFT TRANSPORTATION CO, INC ......... 7,171
326,400 USFREIGHTWAYS CORP ................... 10,608
389,872 WERNER ENTERPRISES, INC .............. 7,992
350,400 oYELLOW CORP .......................... 8,804
-----------
70,547
-----------
See notes to financial statements.
-61-
<PAGE>
VALUE
SHARES 000
------ ----------
USED MERCHANDISE STORES--0.00%
173,448 CASH AMERICA INTERNATIONAL, INC $ 2,244
-----------
VARIETY STORES--0.18%
366,650 oBJS WHOLESALE CLUB, INC .............. 11,504
1,920 CANON SALES CO, INC .................. 22
968 COMPTOIRS MODERNES ................... 496
567,368 oCONSOLIDATED STORES CORP ............. 24,929
357,000 oCONTROLADORA COMERCIAL MEX UBC ....... 466
354,250 oDOLLAR TREE STORES, INC .............. 14,657
370,450 FAMILY DOLLAR STORES, INC ............ 10,859
354,420 HENNES & MAURITZ AB SERIES B ......... 15,634
275,150 oHOMEBASE, INC ........................ 2,167
5,500 oINSTRUMENTARIUM GROUP SERIES B FREE .. 192
4,228,400 oK MART CORP .......................... 48,891
1,000 LAOX CO LTD .......................... 8
314,200 oMAC FRUGALS BARGAINS
CLOSE-OUTS, INC ..................... 12,921
53,000 METRO HOLDINGS LTD ................... 66
104,000 OKAMATO INDUSTRIES, INC .............. 184
11,624 OPSM PROTECTOR LTD ................... 29
1,228,800 ROBINSON & CO LTD .................... 4,376
70,500 oSHOPKO STORES, INC ................... 1,533
173,626 oVENTURE STORES, INC .................. 152
108,700 oWATERFORD WEDGWOOD PLC (UNITS) ....... 147
1,476,100 oWOOLWORTH CORP ....................... 30,076
88,580 oWOOLWORTHS HOLDINGS LTD .............. 123
-----------
179,432
-----------
VETERINARY SERVICES--0.00%
48,200 oVETERINARY CENTERS OF AMERICA, INC ... 648
-----------
VIDEO TAPE RENTAL--0.00%
147,100 oHOLLYWOOD ENTERTAINMENT CORP ......... 1,563
-----------
VOCATIONAL SCHOOLS--0.00%
21,900 oCOMPUTER LEARNING CENTERS, INC ....... 1,341
47,900 oDEVRY, INC ........................... 1,527
14,900 oLEARNING TREE INTERNATIONAL, INC ..... 430
-----------
3,298
-----------
WATCHES, CLOCKS, WATCHCASES AND
PARTS--0.00%
4,800 oFOSSIL, INC .......................... 120
43,000 SEIKO CORP ........................... 151
-----------
271
-----------
WATER SUPPLY--0.01%
26,400 oAGUAS DE BARCELONA S.A ............... 1,088
260,800 AMERICAN WATER WORKS CO, INC ......... 7,123
147,200 ANGLIAN WATER PLC .................... 1,962
700 oAQUARION CO .......................... 24
400 oCALIFORNIA WATER SERVICE CO .......... 24
2,600 ETOWN CORP ........................... 104
33,700 oPHILADELPHIA SUBURBAN CORP ........... 992
1,700 oSOUTHERN CALIFORNIA WATER CO ......... 43
18,200 UNITED WATER RESOURCES, INC .......... 356
-----------
11,716
-----------
WATER TRANSPORTATION OF
FREIGHT, NEC--0.00%
102,400 oKIRBY CORP ........................... 1,978
-----------
WATER TRANSPORTATION OF
PASSENGERS--0.00%
19,100 #oSTAR CRUISES ......................... 42
-----------
VALUE
SHARES (000)
------ ----------
WATER TRANSPORTATION
SERVICES--0.03%
604,700 TIDEWATER, INC .......................$ 33,334
-----------
WATER WELL DRILLING--0.00%
1,000 oLAYNE CHRISTENSEN CO ................. 13
-----------
WOMEN'S ACCESSORY AND SPECIALTY
STORES--0.12%
591,100 CLAIRES STORES, INC .................. 11,490
108,618 CLAIRES STORES, INC (CLASS A) ........ 2,111
39,700 oGOODYS FAMILY CLOTHING, INC .......... 1,079
4,010,105 LIMITED, INC ......................... 102,258
-----------
116,938
-----------
WOMEN'S AND CHILDREN'S
UNDERGARMENTS--0.01%
171,000 oDONNA KARAN INTERNATIONAL, INC ....... 2,202
426,000 GUNZE LTD ............................ 708
276,000 WACOAL CORP .......................... 2,760
----------
5,670
-----------
WOMEN'S AND MISSES'
OUTERWEAR--0.04%
118,750 BENETTON GROUP S.P.A ................. 1,946
17 ESCADA AG (STAMM) .................... 2
316,500 oJONES APPAREL GROUP, INC ............. 13,610
421,300 LIZ CLAIBORNE, INC ................... 17,616
1,053,100 oRENOWN, INC .......................... 445
105,000 TOKYO STYLE CO LTD ................... 953
30,000 oWOLFORD AG ........................... 1,814
-----------
36,386
-----------
WOMEN'S CLOTHING STORES--0.03%
142,600 oANN TAYLOR STORES CORP ............... 1,907
413,600 CATO CORP (CLASS A) .................. 3,671
394,900 oCHARMING SHOPPES, INC ................ 1,851
220,500 DEB SHOPS, INC ....................... 1,227
337,800 oDRESS BARN, INC ...................... 9,585
270,500 INTIMATE BRANDS, INC (CLASS A) ....... 6,509
189,100 oPAUL HARRIS STORES, INC .............. 1,903
183,600 oPETRIE STORES CORP
(LIQUIDATING TRUST) ................. 549
25,600 TALBOTS, INC ......................... 464
2,000 oURBAN OUTFITTERS, INC ................ 37
5,900 oWET SEAL, INC (CLASS A) .............. 174
-----------
27,877
-----------
WOOD BUILDINGS AND MOBILE
HOMES--0.02%
507,400 oCHAMPION ENTERPRISES, INC ............ 10,433
152,800 SKYLINE CORP ......................... 4,202
488,000 SUMITOMO FORESTRY CO LTD ............. 2,383
-----------
17,018
-----------
YARN AND THREAD MILLS--0.03%
591,000 RUDDICK CORP ......................... 10,306
109,900 oTULTEX CORP .......................... 446
356,325 UNIFI, INC ........................... 14,443
-----------
25,195
-----------
TOTAL COMMON STOCK
(COST $ 54,723,006) ................... 97,568,598
-----------
See notes to financial statements.
-62-
<PAGE>
VALUE
PRINCIPAL 000
--------- ----------
SHORT TERM INVESTMENTS--3.82%
BANK NOTES--0.14%
BANKBOSTON NA
$25,000,000 5.650%, 01/12/98 ....................$ 25,000
FCC NATIONAL BANK
36,000,000 5.660%, 01/26/98 .................... 35,995
FIRST NATIONAL BANK OF CHICAGO
25,000,000 5.890%, 08/26/98 .................... 24,987
MORGAN GUARANTY TRUST CO
50,000,000 5.850%, 03/16/98 .................... 49,984
-----------
135,966
-----------
BANKERS ACCEPTANCES--0.01%
BANK OF MONTREAL
8,500,000 5.520%, 01/15/98 .................... 8,477
-----------
CERTIFICATES OF DEPOSIT--0.47%
ABN AMRO BANK N.V.
17,000,000 5.890%, 03/06/98 .................... 16,998
25,000,000 5.710%, 10/09/98 .................... 24,961
BANK OF AMERICA
20,000,000 5.730%, 05/12/98 .................... 19,998
BANK OF NOVA SCOTIA
25,000,000 5.890%, 08/27/98 .................... 24,999
CREDIT AGRICOLE
25,000,000 5.670%, 03/27/98 .................... 24,993
CREDIT SUISSE
25,000,000 5.660%, 02/12/98 .................... 24,999
DEUTSCHE BANK
25,000,000 5.800%, 08/05/98 .................... 24,983
DRESDNER BANK
25,000,000 5.650%, 01/08/98 .................... 25,000
MORGAN GUARANTY TRUST CO
50,000,000 5.770%, 02/03/98 .................... 49,992
RABOBANK
25,000,000 5.690%, 03/30/98 .................... 24,994
REGIONS BANK (ALABAMA)
18,000,000 5.650%, 01/30/98 .................... 17,999
ROYAL BANK OF CANADA
12,500,000 5.770%, 01/27/98 .................... 12,498
25,000,000 6.050%, 06/10/98 .................... 25,011
SOCIETE GENERALE
25,000,000 6.350%, 04/15/98 .................... 25,026
SWISS BANK CORP
50,000,000 5.850%, 08/26/98 .................... 49,984
WESTDEUTSCHE LANDESBANK
25,000,000 5.840%, 01/05/98 .................... 25,001
25,000,000 5.650%, 01/21/98 .................... 24,998
25,000,000 5.850%, 08/20/98 .................... 24,991
-----------
467,425
-----------
COMMERCIAL PAPER--2.18%
AIRTOUCH COMMUNICATIONS, INC
13,000,000 7.000%, 01/02/98 .................... 12,996
AMERICAN EXPRESS CREDIT CORP
100,000,000 5.830%, 01/15/98 .................... 99,758
ASSET SECURITIZATION
COOPERATIVE CORP
15,000,000 ~ 5.600%, 02/20/98 .................... 14,875
VALUE
PRINCIPAL 000
--------- ----------
ASSOCIATES CORP OF NORTH AMERICA
$75,000,000 5.750%, 01/20/98 ....................$ 74,757
25,000,000 5.520%, 01/26/98 .................... 24,895
B.B.V. FINANCE (DELAWARE), INC
25,000,000 5.470%, 03/31/98 .................... 24,639
BANKERS TRUST NEW YORK CORP
21,500,000 5.480%, 01/21/98 .................... 21,427
14,000,000 5.500%, 01/21/98 .................... 13,952
25,000,000 5.540%, 01/21/98 .................... 24,915
16,000,000 5.520%, 02/17/98 .................... 15,875
25,000,000 5.550%, 04/08/98 .................... 24,611
25,000,000 5.690%, 06/09/98 .................... 24,371
BELL ATLANTIC FINANCIAL SERVICES, INC
5,000,000 5.770%, 01/22/98 .................... 4,982
BETA FINANCE, INC
17,500,000 ~ 5.480%, 02/02/98 .................... 17,407
BURLINGTON NORTHERN SANTA FE
50,000,000 ~ 6.400%, 01/05/98 .................... 49,960
CADES
25,000,000 5.520%, 04/09/98 .................... 24,607
CATERPILLAR FINANCIAL SERVICES CORP
15,700,000 5.600%, 01/06/98 .................... 15,685
CIESCO LP
40,000,000 ~ 5.770%, 01/15/98 .................... 39,903
COCA COLA ENTERPRISE
25,000,000 5.530%, 01/21/98 .................... 24,914
30,000,000 ~ 5.600%, 02/19/98 .................... 29,754
15,000,000 5.600%, 02/20/98 .................... 14,874
COLGATE-PALMOLIVE CO
24,700,000 5.600%, 02/04/98 .................... 24,560
COMMERCIAL CREDIT CO
25,000,000 5.540%, 01/22/98 .................... 24,911
5,000,000 5.720%, 02/05/98 .................... 4,971
CONAGRA, INC
14,000,000 6.850%, 01/05/98 .................... 13,989
COOPER INDUSTRIES, INC
24,000,000 6.400%, 01/05/98 .................... 23,981
CSX CORP
15,000,000 ~ 5.900%, 01/30/98 .................... 14,926
25,000,000 ~ 5.980%, 01/30/98 .................... 24,877
11,000,000 ~ 5.930%, 02/06/98 .................... 10,933
DELAWARE FUNDING CORP
35,984,000 ~ 5.550%, 01/07/98 .................... 35,945
27,985,000 ~ 5.850%, 01/15/98 .................... 27,917
DUPONT (E.I.) DE NEMOURS & CO
50,000,000 ~ 5.700%, 01/14/98 .................... 49,880
50,000,000 5.490%, 06/02/98 .................... 48,797
EL PASO NATURAL GAS CO
25,000,000 6.000%, 02/06/98 .................... 24,848
FORD MOTOR CREDIT CO
90,000,000 5.670%, 01/23/98 .................... 89,665
GENERAL ELECTRIC CAPITAL CORP
100,000,000 5.560%, 03/31/98 .................... 98,558
GENERAL MOTORS ACCEPTANCE CORP
25,000,000 5.570%, 01/15/98 .................... 24,939
10,000,000 5.510%, 02/04/98 .................... 9,943
20,000,000 5.580%, 05/11/98 .................... 19,584
See notes to financial statements.
-63-
<PAGE>
VALUE
PRINCIPAL 000
--------- ----------
COMMERCIAL PAPER--(CONTINUED)
GOLDMAN SACHS GROUP LP
$100,000,00 6.500%, 01/02/98 ....................$ 99,969
HOUSEHOLD FINANCE CORP
38,000,000 5.500%, 01/20/98 .................... 37,877
HOUSTON INDUSTRIES FINANCECO LP
50,000,000 ~ 6.110%, 01/05/98 .................... 49,960
25,000,000 ~ 6.050%, 01/15/98 .................... 24,938
IBM CREDIT CORP
25,000,000 5.720%, 02/06/98 .................... 24,850
INGERSOLL RAND CO
75,000,000 ~ 6.050%, 01/09/98 .................... 74,883
MERRILL LYNCH & CO, INC
16,000,000 5.530%, 02/09/98 .................... 15,897
14,250,000 5.650%, 02/13/98 .................... 14,149
25,000,000 5.550%, 03/27/98 .................... 24,655
MORGAN STANLEY DEAN WITTER
25,000,000 5.770%, 02/18/98 .................... 24,801
NATIONAL FUEL GAS CO
15,000,000 5.650%, 02/12/98 .................... 14,895
NATIONAL RURAL UTILITIES
COOP FINANCE
40,000,000 ~ 5.530%, 01/14/98 .................... 39,904
20,000,000 ~ 5.530%, 01/16/98 .................... 19,948
20,000,000 ~ 5.570%, 02/19/98 .................... 19,837
16,000,000 5.490%, 02/20/98 .................... 15,867
PARK AVENUE RECEIVABLES CORP
50,000,000 ~ 5.600%, 02/13/98 .................... 49,644
PRAXAIR, INC
12,000,000 6.010%, 01/16/98 .................... 11,968
23,000,000 5.970%, 01/29/98 .................... 22,890
40,000,000 5.990%, 01/29/98 .................... 39,809
PROCTOR & GAMBLE
31,000,000 5.560%, 03/06/98 .................... 30,672
SEARS ROEBUCK ACCEPTANCE CORP
25,000,000 5.510%, 02/02/98 .................... 24,867
SMITH BARNEY HOLDINGS
5,000,000 5.850%, 01/12/98 .................... 4,990
SONAT, INC
25,000,000 7.050%, 01/02/98 .................... 24,992
SWEDISH EXPORT CREDIT CORP
50,000,000 ~ 5.520%, 01/06/98 .................... 49,954
50,000,000 5.550%, 01/09/98 .................... 49,923
TEXAS UTILITIES CO
25,000,000 ~ 6.110%, 01/09/98 .................... 24,961
25,000,000 ~ 6.080%, 01/16/98 .................... 24,934
25,000,000 ~ 5.950%, 02/02/98 .................... 24,864
UBS FINANCE (DELAWARE), INC
20,000,000 6.750%, 01/02/98 .................... 19,994
WALT DISNEY CO
18,000,000 ~ 5.490%, 06/04/98 .................... 17,561
WHIRLPOOL FINANCE
75,000,000 7.000%, 01/02/98 .................... 74,976
----------
2,171,810
----------
VALUE
PRINCIPAL 000
--------- ----------
EURO CERTIFICATES OF DEPOSIT--0.04%
CREDIT AGRICOLE
$20,000,000 5.750%, 02/17/98 ....................$ 19,999
MORGAN GUARANTY TRUST CO
25,000,000 5.770%, 02/23/98 .................... 25,003
----------
45,002
----------
MEDIUM TERM BONDS--0.07%
BENEFICIAL CORP
8,300,000 9.125%, 02/15/98 .................... 8,333
FORD MOTOR CREDIT CO
7,000,000 6.250%, 02/26/98 .................... 7,003
INTERNATIONAL BUSINESS MACHINE CORP
50,000,000 5.670%, 01/28/98 .................... 50,000
----------
65,336
----------
OTHER AGENCIES--0.07%
INTERNATIONAL BANK FOR
RECONSTRUCTION
38,500,000 5.470%, 03/13/98 .................... 38,072
36,100,000 5.620%, 01/30/98 .................... 35,925
----------
73,997
----------
U.S. GOVERNMENT & AGENCIES--0.54%
FEDERAL FARM CREDIT BANK
25,000,000 5.450%, 03/03/98 .................... 24,991
FEDERAL HOME LOAN BANK
50,000,000 4.900%, 01/07/98 .................... 49,945
10,000,000 5.643%, 02/12/98 .................... 10,000
30,000,000 5.400%, 02/18/98 .................... 29,775
9,740,000 5.575%, 02/20/98 .................... 9,739
16,675,000 5.400%, 05/05/98 .................... 16,361
28,000,000 5.390%, 08/14/98 .................... 27,044
FEDERAL HOME LOAN MORTGAGE CORP
200,000,000 5.400%, 01/06/98 .................... 199,811
36,000,000 5.660%, 02/11/98 .................... 35,768
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
7,000,000 5.400%, 03/30/98 .................... 6,904
22,280,000 5.380%, 04/09/98 .................... 21,943
25,000,000 5.890%, 05/21/98 .................... 25,040
67,185,000 5.390%, 07/27/98 .................... 65,070
STUDENT LOAN MARKETING ASSOCIATION
12,000,000 5.400%, 06/30/98 .................... 11,671
----------
534,062
----------
VARIABLE RATE NOTES--0.30%
ABN AMRO BANK N.V.
29,000,000 6.165%, 05/13/98 .................... 28,986
BANC ONE COLUMBUS, N.A.
25,000,000 5.570%, 05/18/98 .................... 24,983
BANC ONE, DAYTON, N.A.
12,000,000 6.220%, 08/21/98 .................... 11,999
BANKERS TRUST NEW YORK CORP
25,000,000 6.180%, 05/13/98 .................... 24,988
HOUSEHOLD FINANCE CORP
25,000,000 5.876%, 06/03/98 .................... 24,998
IBM CREDIT CORP
25,000,000 5.745%, 09/15/98 .................... 24,988
KEY BANK OF NEW YORK
50,000,000 6.110%, 07/02/98 .................... 49,950
MORGAN STANLEY GROUP, INC
25,000,000 5.825%, 05/18/98 .................... 25,000
See notes to financial statements.
-64-
<PAGE>
VALUE
PRINCIPAL 000
--------- ----------
PNC BANK, NA
$25,000,000 6.000%, 06/05/98 .................$ 25,003
25,000,000 6.100%, 07/01/98 ................. 24,973
SEARS ROEBUCK ACCEPTANCE CORP
25,000,000 5.960%, 03/25/98 ................. 25,003
SOCIETE GENERALE
13,000,000 6.160%, 07/01/98 ................. 12,987
--------------
303,858
--------------
TOTAL SHORT TERM INVESTMENTS
(COST $3,806,928) ................... 3,805,933
--------------
TOTAL PORTFOLIO
(COST $58,653,834) ...................$ 101,553,111
==============
- ----------------
o Non-income producing
+ Affiliate holding
x In bankruptcy
~ Commercial Paper issued under the private placement exemption
under Section 4(2) of the Securities Act of 1993, as amended.
# Restricted Securities--Investment in securities not registered
under the Securities Act of 1933 or not publicly traded in
foreign markets. Additional information on each holdings is as
follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
- -------- ----------- -----------
AMER SATELLITE NETWORK
WTS 06/30/99 01/12/94 $ 0
ANTENA 3 DE TELEVISION GDS 12/12/96 5,982,300
BANCO BRADESCO S.A. RTS 12/22/97 1,136
BANCO BRADESCO S.A. PFD RTS 12/22/97 7,142
BB BIOVENTURES L.P. 05/08/97 3,999,800
CORIMON C.A. S.A. ADR 07/29/97 79,380
CRESTARAN INTERNATIONAL
INVESTMENT BV 09/30/94 0
ELEC & ELTEK INTERNATIONAL
INVESTMENT CO LTD 08/08/97 310,803
HEIZER CORP (LIQUIDATING TRUST) 11/19/91 0
INCHCAPE MARKETING SERVICES 12/26/97 40,671
INTERNATIONAL HYDRON (LIQUIDATING
TRUST) 12/07/92 0
LAIR LIQUIDE (REGD) VARIOUS 3,818,254
LAFARGE S.A. (REGD) 04/03/97 2,033,864
MARTEK BIOSCIENCES CORP
WTS 05/18/98 05/22/95 177,776
METRO PACIFIC CORP 08/13/97 706,687
PT ARTHA GRAHA INVESTAMA
SENTRAL (LR) 11/13/97 1,845,900
PUBLIC BANK BERHAD (FR) RTS 12/16/97 59,422
PUBLIC BANK BERHAD (LR) RTS 12/16/97 2,983
SODEXHO ALLIANCE S.A. 07/05/88 6,466,219
STAR CRUISES 12/10/97 34,971
TAK WING INVESTMENT WTS 12/31/98 06/17/97 147
UNITED ENGINEERING BERHAD 08/02/88 1,506,185
VIGLEN TECHNOLOGY (CV LOAN STK) 08/05/97 126,019
WESTFIELD TRUST (UNITS) NEW 08/28/91 9,082,719
WINDMERE CORP WTS 01/19/98 09/02/93 0
YORK RESEARCH CORP (CLASS C)
WTS 09/30/98 11/05/96 14,848
-----------
$36,297,226
-----------
See notes to financial statements.
-65-
<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES -- STOCK ACCOUNT
JANUARY 1, 1997 -- DECEMBER 31, 1997
VALUE AT SHARES AT VALUE AT
DECEMBER 31, PURCHASE SALES REALIZED DIVIDEND DECEMBER 31, DECEMBER 31,
ISSUE 1996 COST PROCEEDS GAIN (LOSS) INCOME 1997 1997
----- ------------- ------------ ------------ -------------- -------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ACMA LTD $ 35,680,364 -- $ 14,266,209 $ (1,231,682) -- * *
AFFYMETRIX, INC 30,442,568 $ 1,045,544 20,078,242 11,089,623 -- * *
BAY VIEW CAPITAL CORP ** 10,143,446 -- -- $ 148,456 825,802 $ 29,935,322
CENTRAL LOUISIANA ELECTRIC, INC 31,336,805 34,538 13,160,637 2,650,242 885,355 * *
FMC CORP 166,004,598 13,117,652 26,374,838 8,399,552 -- 2,195,657 147,795,834
GENERAL SIGNAL CORP 108,982,575 41,680,972 18,809,950 3,967,895 1,367,870 3,265,100 137,746,406
GENSET S.A. 18,994,144 -- 9,343,532 7,388,510 -- * *
MALLINCKRODT GROUP, INC 181,572,168 61,618,334 10,725,518 3,726,651 3,185,240 5,555,050 211,091,900
MARTEX BIOSCIENCES ** 348,750 -- -- -- 577,200 4,761,900
PICCADILLY CAFETERIA ** 62,543 102,432 (15,660) -- * *
~PLENUM PUBLISHING CORP ** ** -- -- 118,760 191,550 8,859,187
SMEDVIG A/S SERIES A ** 34,083,547 -- -- -- 2,469,828 52,684,750
SOUTH CHINA HOLDINGS LTD 8,199,788 -- -- -- 459,817 32,360,000 7,517,312
SOUTH CHINA INDUSTRIES LTD 7,401,472 -- -- -- 336,027 52,046,000 5,642,196
TPI ENTERPRISES, INC 103,781 -- 260,145 260,145 -- 1,107,000 3,321
YANKEE ENERGY SYSTEM ** 2,373,219 -- -- 405,550 605,300 16,153,943
------------ ----------- ---------- ----------- --------- -----------
$588,718,263 $ 164,508,545 $113,121,503 $ 36,235,276 $6,907,075 $622,192,071
============ =========== ============ ========== ========= ===========
** Not an Affiliate as of December 31, 1996
* Not an Affiliate as of December 31, 1997
~ Shares Outstanding Decreased
See notes to financial statements.
</TABLE>
-66-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
Participant Voting Results
December 31, 1997
CREF's annual meeting was held on November 10, 1997.
The annual meeting involved the election of trustees. The four trustees elected
to four-year terms at the annual meeting were:
Joyce A. Fecske: 28,480,710,596.27 (97.9%) votes were cast in favor, and
592,205,753.84 (2.1%) votes were withheld.
Edes P. Gilbert: 28,471,708,344.65 (97.9%) votes were cast in favor, and
601,208,005.46 (2.1%) votes were withheld.
Stephen A. Ross: 28,548,803,399.57 (98.2%) votes were cast in favor, and
524,112,950.54 (1.8%) votes were withheld.
Maceo K. Sloan: 28,503,276,499.51 (98.0%) votes were cast in favor, and
569,639,850.60 (2.0%) votes were withheld).
The other trustees currently in office are Robert H. Atwell, Elizabeth E.
Bailey, John H. Biggs, Gary P. Brinson, Stuart Tse Kong Ho, Nancy L. Jacob,
Marjorie Fine Knowles, Martin L. Leibowitz, Jay O. Light, Bevis Longstreth,
Robert M. Lovell, Jr., Eugene C. Sit, David K. Storrs, and Robert W. Vishny.
One shareholder proposal was submitted to a vote of CREF participants in the
Social Choice Account, recommending adoption of an additonal screen for the
account.
On this proposal, 136,860,178.52 (35.3%) votes were cast in favor,
215,479,099.19 (55.6%) votes were cast in opposition and 35,154,453.48
(9.1%) abstained. The proposal was defeated.
One shareholder proposal was submitted to a vote of CREF participants in
accounts with investments in tobacco manufacturers, asking CREF to divest its
investments in those companies.
For the Stock Account, 6,682,194,602.60 (27.2%) votes were cast in favor,
16,572,514,580.57 (67.3%) votes were cast in opposition and
1,361,033,104.75 (5.5%) abstained. The proposal was defeated.
For the Money Market Account, 221,387,284.06 (28.2%) votes were cast in
favor, 520,891,890.64 (66.4%) votes were cast in opposition and
42,146,814.74 (5.4%) abstained. The proposal was defeated.
For the Bond Market Account, 85,787,185.95 (29.7%) votes were cast in
favor, 188,830,276.55 (65.3%) votes were cast in opposition and
14,334,751.76 (5.0%) abstained. The proposal was defeated.
For the Global Equities Account, 393,616,992.12 (27.7%) votes were cast in
favor, 959,415,719.31 (67.6%) votes were cast in opposition and
65,873,882.54 (4.7%) abstained. The proposal was defeated.
For the Growth Account, 301,216,507.74 (27.8%) votes were cast in favor,
733,811,753.68 (67.8%) votes were cast in opposition and 47,323,637.81
(4.4%) abstained. The proposal was defeated.
For the Equity Index Account, 130,532,515.21 (29.6%) votes were cast in
favor, 291,004,882.41 (66.1%) votes were cast in opposition and
18,844,530.38 (4.3%) abstained. The proposal was defeated.
For the Inflation-Linked Bond Account, 882,139.87 (1.6%) votes were cast
in favor, 53,616,138.81 (98.1%) votes were cast in opposition and
163,427.42 (0.3%) abstained. The proposal was defeated.
Shareholders also ratified the election of Ernst & Young LLP as the independent
auditors for CREF for the fiscal year ending December 31, 1997.
28,338,862,134.56 (97.5%) votes were cast in favor, 253,277,471.08 (0.9%) votes
were cast in opposition and 480,776,744.47 (1.6%) abstained.
-67-
<PAGE>
[CREF LOGO] | COLLEGE RETIREMENT EQUITIES FUND
| 730 Third Avenue
| New York, NY 10017-3206
| 212/490-9000
CAR--01S-2/98
CAR--01S-2/98
Printed on recycled paper
