ANNUAL REPORT
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COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT GLOBAL EQUITIES ACCOUNT
BOND MARKET ACCOUNT GROWTH ACCOUNT
SOCIAL CHOICE ACCOUNT EQUITY INDEX ACCOUNT
INFLATION-LINKED BOND ACCOUNT
AUDITED FINANCIAL STATEMENTS
INCLUDING
STATEMENTS 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 Money Market, Bond Market, Social Choice, Global
Equities, Growth, Equity Index and Inflation-Linked Bond Accounts. CREF also
provides an annual report to participants in the Stock Account. Semi-annual
reports are also provided each year toward the end of August.
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[CREF LOGO]
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COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT GLOBAL EQUITIES ACCOUNT
BOND MARKET ACCOUNT GROWTH ACCOUNT
SOCIAL CHOICE ACCOUNT EQUITY INDEX ACCOUNT
INFLATION-LINKED BOND ACCOUNT
INDEX TO AUDITED FINANCIAL STATEMENTS
DECEMBER 31, 1997
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PAGE
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Report of Management Responsibility.................................. 2
Report of Independent Auditors....................................... 3
Audited Financial Statements:
Statements of Assets and Liabilities............................. 4
Statements of Operations......................................... 6
Statements of Changes in Net Assets.............................. 8
Notes to Financial Statements.................................... 10
Statements of Investments:
Money Market Account.......................................... 19
Bond Market Account........................................... 22
Social Choice Account......................................... 27
Global Equities Account....................................... 37
Growth Account................................................ 59
Equity Index Account.......................................... 80
Inflation-Linked Bond Account................................. 105
Participant Voting Results........................................... 106
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[CREF LOGO]
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REPORT OF MANAGEMENT RESPONSIBILITY
To the Participants of
College Retirement Equities Fund:
The accompanying financial statements of the Money Market, Bond Market, Social
Choice, Global Equities, Growth, Equity Index and Inflation-Linked Bond Accounts
of College Retirement Equities Fund ("CREF") are the responsibility of
management. They have been prepared in accordance with generally accepted
accounting principles and have been presented fairly and objectively in
accordance with such principles.
CREF has established and maintains a strong system of internal controls designed
to provide reasonable assurance that assets are properly safeguarded and
transactions are properly executed in accordance with management's
authorization, and to carry out the ongoing responsibilities of management for
reliable financial statements. In addition, CREF's internal audit personnel
provide a continuing review of the internal controls and operations of the CREF
Accounts, and the internal Auditor regularly reports to the Audit Committee of
the CREF Board of Trustees.
The accompanying financial statements 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.
--------------------------------
Chairman, President and
Chief Executive Officer
--------------------------------
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 statements of assets and liabilities, including
the statements of investments, of the Money Market, Bond Market, Social Choice,
Global Equities, Growth, Equity Index and Inflation-Linked Bond Accounts of
College Retirement Equities Fund ("CREF") as of December 31, 1997, and the
related statements of operations and changes in net assets of the Money Market,
Bond Market, Social Choice, Global Equities, Growth and Equity Index Accounts
for the year then ended and the related statements of operations and changes in
net assets of the Inflation-Linked Bond Account for the period January 13, 1997
(date established) to December 31, 1997. These financial statements are the
responsibility of CREF's management. Our responsibility is to express an opinion
on these financial statements based on our audits. The statements 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 these statements and condensed financial information.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned at December 31, 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
audits provide 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 Money Market, Bond Market,
Social Choice, Global Equities, Growth, Equity Index and Inflation-Linked Bond
Accounts of CREF at December 31, 1997, and the results of their operations and
changes in their net assets for the above stated periods in conformity with
generally accepted accounting principles.
/s/ ERNST & YOUNG LLP
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February 6, 1998
Ernst & Young LLP is a member of Ernst & Young International, Inc.
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
(AMOUNTS IN THOUSANDS, EXCEPT PER ACCUMULATION UNIT AMOUNTS)
<TABLE>
<CAPTION>
MONEY MARKET BOND MARKET
ACCOUNT ACCOUNT
-------------- ---------------
ASSETS
<S> <C> <C>
Portfolio investments, at cost................................................. $4,182,428 $1,666,549
Net unrealized appreciation (depreciation) of portfolio investments............ (1,040) 20,551
---------- ----------
Portfolio investments, at value................................................ 4,181,388 1,687,100
Cash........................................................................... 1,039 1,823
Dividends and interest receivable.............................................. 18,079 17,118
Receivable from securities transactions........................................ 471 167,994
Amounts due from TIAA.......................................................... 479 1,170
--------- ----------
TOTAL ASSETS 4,201,456 1,875,205
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LIABILITIES
Amounts due banks.............................................................. -- --
Deposits for securities loaned--Note 4......................................... -- --
Payable for securities transactions............................................ -- 334,840
---------- ----------
TOTAL LIABILITIES -- 334,840
---------- ----------
NET ASSETS
Accumulation Fund.............................................................. 4,056,700 1,526,188
Annuity Fund................................................................... 144,756 14,177
---------- ----------
TOTAL NET ASSETS $4,201,456 $1,540,365
========== ==========
THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--Notes 5 and 6....................... 233,116 31,654
======= ======
NET ASSET VALUE, PER ACCUMULATION UNIT--Note 5................................... $17.40 $48.21
====== ======
</TABLE>
See notes to financial statements.
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<PAGE>
<TABLE>
<CAPTION>
SOCIAL CHOICE GLOBAL EQUITIES GROWTH EQUITY INDEX INFLATION-LINKED
ACCOUNT ACCOUNT ACCOUNT ACCOUNT BOND ACCOUNT
------------- --------------- ---------- ---------- ------------
<C> <C> <C> <C> <C>
$ 1,756,844 $4,855,836 $3,825,057 $1,583,659 $93,524
669,548 728,975 854,472 469,726 201
----------- ---------- ---------- ---------- -------
2,426,392 5,584,811 4,679,529 2,053,385 93,725
321 17,576 854 118 --
14,002 5,337 4,775 2,711 1,562
123,368 14,549 11,560 -- 510
2,831 4,640 4,949 2,161 127
----------- ---------- ---------- ---------- -------
2,566,914 5,626,913 4,701,667 2,058,375 95,924
----------- ---------- ---------- ---------- -------
-- -- -- -- 344
-- 348,248 -- -- --
248,926 11,995 10,704 15,669 --
----------- ---------- ---------- ---------- -------
248,926 360,243 10,704 15,669 344
----------- ---------- ---------- ---------- -------
2,230,926 5,076,415 4,573,356 1,987,387 94,706
87,062 190,255 117,607 55,319 874
----------- ---------- ---------- ---------- -------
$ 2,317,988 $5,266,670 $4,690,963 $2,042,706 $95,580
=========== ========== ========== ========== =======
30,554 84,645 80,370 35,368 3,626
===== ====== ====== ====== =====
$73.02 $59.97 $56.90 $56.19 $26.12
====== ====== ====== ====== ======
</TABLE>
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<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS)
MONEY MARKET BOND MARKET
ACCOUNT ACCOUNT
------------ -------------
YEAR ENDED DECEMBER 31, 1997
--------------------------------------------
INVESTMENT INCOME
Income:
<S> <C> <C>
Interest....................................................................... $ 225,939 $ 78,222
Dividends...................................................................... -- 432
------------ ------------
TOTAL INCOME 225,939 78,654
------------ ------------
Expenses--Note 3:
Investment..................................................................... 1,884 796
Operating...................................................................... 9,042 2,628
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TOTAL EXPENSES 10,926 3,424
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INVESTMENT INCOME--NET 215,013 75,230
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REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS--Note 4 Net realized gain
(loss) on:
Portfolio investments........................................................ (17) 15,277
Futures transactions......................................................... -- --
Foreign currency transactions................................................ -- --
------------ ------------
Net realized gain (loss) (17) 15,277
------------ ------------
Net change in unrealized appreciation (depreciation) on:
Portfolio investments........................................................ 232 19,390
Futures transactions......................................................... -- --
Translation of assets (other than portfolio investments)
and liabilities denominated in foreign currencies.......................... -- --
------------ ------------
Net change in unrealized appreciation (depreciation) 232 19,390
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NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 215 34,667
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 215,228 $ 109,897
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</TABLE>
See notes to financial statements.
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<TABLE>
<CAPTION>
SOCIAL CHOICE GLOBAL EQUITIES GROWTH EQUITY INDEX INFLATION-LINKED
ACCOUNT ACCOUNT ACCOUNT ACCOUNT BOND ACCOUNT
------------- --------------- ------------- ----------- --------------------
JANUARY 13, 1997
DATE ESTABLISHED)
YEAR ENDED DECEMBER 31, 1997 TO DECEMBER 31, 1997
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<C> <C> <C> <C> <C>
$ 51,664 $ 9,773 $ 8,556 $ 1,103 $ 2,755
18,999 67,513 34,164 24,212 --
--------- --------- --------- --------- ---------
70,663 77,286 42,720 25,315 2,755
--------- --------- --------- --------- ---------
1,380 7,653 4,315 1,121 56
4,317 11,036 8,231 3,207 124
--------- --------- --------- --------- ---------
5,697 18,689 12,546 4,328 180
--------- --------- --------- --------- ---------
64,966 58,597 30,174 20,987 2,575
--------- --------- --------- --------- ---------
34,533 573,598 366,867 26,768 173
-- (12,832) 7,919 446 --
-- (431) (8) -- --
--------- --------- --------- --------- ---------
34,533 560,335 374,778 27,214 173
--------- --------- --------- --------- ---------
319,331 187,759 438,521 318,205 201
-- -- (806) (58) --
-- (492) (4) -- --
--------- --------- --------- --------- ---------
319,331 187,267 437,711 318,147 201
--------- --------- --------- --------- ---------
353,864 747,602 812,489 345,361 374
--------- --------- --------- --------- ---------
$ 418,830 $ 806,199 $ 842,663 $ 366,348 $ 2,949
========= ========= ========= ========= =========
</TABLE>
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
MONEY MARKET ACCOUNT BOND MARKET ACCOUNT SOCIAL CHOICE ACCOUNT
-------------------------- -------------------------- --------------------------
YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31,
-------------------------- -------------------------- --------------------------
1997 1996 1997 1996 1997 1996
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Investment income--net ................ $ 215,013 $ 170,635 $ 75,230 $ 61,573 $ 64,966 $ 48,433
Net realized gain (loss) on
total investments .................. (17) 4 15,277 (3,513) 34,533 11,910
Net change in unrealized
appreciation
(depreciation) on total
investments ........................ 232 (876) 19,390 (28,782) 319,331 140,409
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE
IN NET ASSETS
RESULTING FROM
OPERATIONS 215,228 169,763 109,897 29,278 418,830 200,752
----------- ----------- ----------- ----------- ----------- -----------
FROM PARTICIPANT
TRANSACTIONS
Premiums .............................. 347,966 318,965 143,544 132,033 280,886 228,714
----------- ----------- ----------- ----------- ----------- -----------
Disbursements and transfers:
Net transfers to (from)
TIAA ............................. 139,824 95,924 (5,786) (1,718) (7,155) (5,238)
Net transfers to (from)
other CREF Accounts .............. (344,269) (392,761) (320,553) (30,526) (75,436) (5,021)
Annuity payments .................... 20,937 17,725 3,572 2,012 6,924 4,694
Withdrawals and
repurchases ...................... 267,929 179,855 33,351 23,480 32,003 22,311
Death benefits ...................... 7,030 5,126 2,725 1,215 1,132 1,299
----------- ----------- ----------- ----------- ----------- -----------
TOTAL DISBURSEMENTS
AND TRANSFERS, NET 91,451 (94,131) (286,691) (5,537) (42,532) 18,045
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE
IN NET ASSETS
RESULTING FROM
PARTICIPANT
TRANSACTIONS 256,515 413,096 430,235 137,570 323,418 210,669
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE
IN NET ASSETS 471,743 582,859 540,132 166,848 742,248 411,421
NET ASSETS
Beginning of period ................... 3,729,713 3,146,854 1,000,233 833,385 1,575,740 1,164,319
----------- ----------- ----------- ----------- ----------- -----------
End of period ......................... $ 4,201,456 $ 3,729,713 $ 1,540,365 $ 1,000,233 $ 2,317,988 $ 1,575,740
=========== =========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
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<PAGE>
<TABLE>
<CAPTION>
INFLATION-LINKED
GLOBAL EQUITIES ACCOUNT GROWTH ACCOUNT EQUITY INDEX ACCOUNT BOND ACCOUNT
----------------------------- ----------------------------- ---------------------------- --------------------
YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, JANUARY 13, 1997
----------------------------- ----------------------------- ---------------------------- (DATE ESTABLISHED)
1997 1996 1997 1996 1997 1996 TO DECEMBER 31, 1997
------ ------ ------ ------ ------ ------ --------------------
<C> <C> <C> <C> <C> <C> <C>
$ 58,597 $ 46,685 $ 30,174 $ 18,664 $ 20,987 $ 12,450 $ 2,575
560,335 357,716 374,778 111,570 27,214 10,324 173
187,267 207,390 437,711 261,922 318,147 108,747 201
----------- ----------- ----------- ----------- ----------- ----------- -----------
806,199 611,791 842,663 392,156 366,348 131,521 2,949
----------- ----------- ----------- ----------- ----------- ----------- -----------
514,077 452,200 594,289 339,775 245,464 139,323 53,466
----------- ----------- ----------- ----------- ----------- ----------- -----------
(9,063) (22,447) (110,601) (48,596) (62,402) (30,323) (450)
144,157 (81,429) (802,560) (523,989) (478,493) (243,573) (39,051)
15,870 11,896 9,909 4,727 4,618 2,225 100
88,942 57,495 67,977 34,267 26,448 11,191 236
6,877 4,094 2,159 1,057 860 277 --
----------- ----------- ----------- ----------- ----------- ----------- -----------
246,783 (30,391) (833,116) (532,534) (508,969) (260,203) (39,165)
----------- ----------- ----------- ----------- ----------- ----------- -----------
267,294 482,591 1,427,405 872,309 754,433 399,526 92,631
----------- ----------- ----------- ----------- ----------- ----------- -----------
1,073,493 1,094,382 2,270,068 1,264,465 1,120,781 531,047 95,580
4,193,177 3,098,795 2,420,895 1,156,430 921,925 390,878 --
----------- ----------- ----------- ----------- ----------- ----------- -----------
$ 5,266,670 $ 4,193,177 $ 4,690,963 $ 2,420,895 $ 2,042,706 $ 921,925 $ 95,580
=========== =========== =========== =========== =========== =========== ===========
</TABLE>
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
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 ("Accounts"). The
accompanying financial statements are those of 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. The eighth investment portfolio of CREF,
the Stock Account, which invests primarily in equity securities, is not included
in these financial statements.
The Inflation-Linked Bond Account was established on January 13, 1997 with a
$50,000,000 investment by Teachers Insurance and Annuity Association of America
("TIAA"), a companion organization, which purchased 2,000,000 Accumulation Units
at the established $25.00 initial Accumulation Unit Value. On May 1, 1997, the
Inflation-Linked Bond Account was registered with the Commission under the
Securities Act of 1933 and the Investment Company Act of 1940 as an additional
series of CREF. On May 1, 1997, CREF began to offer Accumulation Units of the
Inflation-Linked Bond Account to participants other than TIAA. TIAA's
Accumulation Units share in the pro rata investment experience and are subject
to the same valuation procedures and expense deductions as all other
Accumulation Units in the Account. At December 31, 1997, TIAA's investment in
the Inflation-Linked Bond Account remained at 2,000,000 Accumulation Units, with
a total value of $52,236,800.
TIAA-CREF Investment Management, Inc. ("Investment Management"), a subsidiary of
TIAA, 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 Accounts, 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 or amortized cost, which approximates 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.
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS-(CONTINUED)
NOTE 2-SIGNIFICANT ACCOUNTING POLICIES-(CONTINUED)
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 Accounts
are 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 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 Accounts may 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. An 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 Accounts write (sell) 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
an 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 Accounts purchase futures contracts for the purpose of
acquiring a position in a security or group of securities which the Accounts
intend to purchase at a later date, or for cash management purposes to remain
highly invested in the equity markets while minimizing transaction costs. The
Accounts sell 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
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<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS-(CONTINUED)
NOTE 2-SIGNIFICANT ACCOUNTING POLICIES-(CONTINUED)
extent of an 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 Accounts may enter 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. An 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 an 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 Accounts
may purchase securities on a when-issued or delayed delivery basis. In addition
to the normal market risks, this exposes the Accounts to the risk that the
transaction may not be consummated.
RESTRICTED SECURITIES: Restricted securities held by the Accounts 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.
-12-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS-(CONTINUED)
NOTE 4--INVESTMENTS
At December 31, 1997, the value of Global Equities Account securities loaned was
$570,496,231 and collateral received in connection therewith was comprised of
cash of $348,248,066, letters of credit of $115,408,122 and United States
government securities amounting to $131,642,476.
At December 31, 1997, net unrealized appreciation (depreciation) of portfolio
investments, consisting of gross unrealized appreciation and gross unrealized
depreciation, were as follows:
<TABLE>
<CAPTION>
GROSS GROSS NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
APPRECIATION OF DEPRECIATION OF (DEPRECIATION) OF
PORTFOLIO PORTFOLIO PORTFOLIO
INVESTMENTS INVESTMENTS INVESTMENTS
--------------- --------------- -----------------
<S> <C> <C> <C>
Money Market Account...................... $ 115,245 $ 1,155,568 $ (1,040,323)
Bond Market Account....................... 21,639,034 1,088,155 20,550,879
Social Choice Account..................... 681,150,876 11,603,022 669,547,854
Global Equities Account................... 990,455,515 261,480,546 728,974,969
Growth Account............................ 946,938,531 92,466,113 854,472,418
Equity Index Account...................... 508,660,381 38,934,618 469,725,763
Inflation-Linked Bond Account............. 304,486 103,341 201,145
</TABLE>
At December 31, 1997, the Growth and Equity Index Accounts held 380 and 40 open
futures contracts, respectively, in the Standard & Poor's 500 Index, expiring in
March 1998, with an unrealized loss of $553,687 and $58,283, respectively.
-13-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS-(CONTINUED)
NOTE 4-INVESTMENTS-(CONCLUDED)
Companies in which any of the Accounts 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 the Global Equities Account's investments
in affiliated companies was $277,509,038. For the year ended December 31, 1997,
total dividend income and net realized loss relating to such investments of the
Global Equities Account were $4,655,610 and $6,738,577, respectively. For the
periods and CREF Accounts covered by these financial statements, there were no
other investments in affiliated companies.
Purchases and sales of portfolio securities, other than short-term money market
instruments, for the Bond Market, Social Choice, Global Equities, Growth and
Equity Index Accounts, for the year ended December 31, 1997 and for the
Inflation-Linked Bond Account for the period January 13, 1997 (date established)
to December 31, 1997, were as follows:
<TABLE>
<CAPTION>
BOND MARKET SOCIAL CHOICE GLOBAL EQUITIES
ACCOUNT ACCOUNT ACCOUNT
----------- ----------- -----------
Purchases:
<S> <C> <C> <C>
Unaffiliated issuers.......................... $4,976,520,065 $2,126,161,955 $4,963,579,210
Affiliated issuers............................ -- -- 64,566,933
-------------- -------------- --------------
TOTAL PURCHASES $4,976,520,065 $2,126,161,955 $5,028,146,143
============== ============== ==============
Sales:
Unaffiliated issuers.......................... $4,514,715,691 $1,747,680,411 $4,599,226,921
Affiliated issuers............................ -- -- 57,909,515
-------------- -------------- --------------
TOTAL SALES $4,514,715,691 $1,747,680,411 $4,657,136,436
============== ============== ==============
GROWTH EQUITY INDEX INFLATION-LINKED
ACCOUNT ACCOUNT BOND ACCOUNT
------------ ----------- ------------
Purchases:
Unaffiliated issuers.......................... $3,250,381,252 $801,423,785 $129,756,031
Affiliated issuers............................ -- -- --
-------------- ------------ ------------
TOTAL PURCHASES $3,250,381,252 $801,423,785 $129,756,031
============== ============ ============
Sales:
Unaffiliated issuers.......................... $1,862,978,512 $ 49,503,427 $ 36,403,953
Affiliated issuers............................ -- -- --
-------------- ------------ ------------
TOTAL SALES $1,862,978,512 $ 49,503,427 $ 36,403,953
============== ============ ============
</TABLE>
-14-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS-(CONTINUED)
NOTE 5--CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of each
Account is presented below.
<TABLE>
<CAPTION>
MONEY MARKET ACCOUNT
------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31,
------------------------------------------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------ ------- ------
Per Accumulation Unit Data:
<S> <C> <C> <C> <C> <C>
Investment income ..................... $ .953 $ .880 $ .910 $ .631 $ .464
Expenses .............................. .046 .049 .048 .041 .039
------------ ------------ ------------ ------------ ------------
Investment income--net ................ .907 .831 .862 .590 .425
Net realized and unrealized gain (loss)
on total investments ................ .001 (.003) .009 (.012) (.002)
------------ ------------ ------------ ------------ ------------
Net increase in
Accumulation Unit Value ........... .908 .828 .871 .578 .423
Accumulation Unit Value:
Beginning of year ................... 16.494 15.666 14.795 14.217 13.794
------------ ------------ ------------ ------------ ------------
End of year ......................... $ 17.402 $ 16.494 $ 15.666 $ 14.795 $ 14.217
============ ============ ============= ============ ============
Total return ............................ 5.51% 5.28% 5.88% 4.07% 3.07%
Ratios to Average Net Assets:
Expenses .............................. 0.27% 0.30% 0.32% 0.28% 0.27%
Investment income--net ................ 5.35% 5.16% 5.64% 4.03% 3.02%
Portfolio turnover rate ................. n/a n/a n/a n/a n/a
Thousands of Accumulation Units
outstanding at end of year ........... 233,116 218,292 193,181 183,135 174,073
BOND MARKET ACCOUNT
------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31,
------------------------------------------------------------------------------
1997 1996 1995 1994 1993
------- -------- -------- -------- --------
Per Accumulation Unit Data:
Investment income ..................... $ 3.081 $ 3.039 $ 2.863 $ 2.502 $ 2.348
Expenses .............................. .134 .126 .123 .108 .103
------------ ------------ ------------ ------------ ------------
Investment income--net ................ 2.947 2.913 2.740 2.394 2.245
Net realized and unrealized gain (loss)
on total investments ................ 1.266 (1.600) 3.722 (3.897) 1.606
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in
Accumulation Unit Value ........... 4.213 1.313 6.462 (1.503) 3.851
Accumulation Unit Value:
Beginning of year ................... 44.002 42.689 36.227 37.730 33.879
------------ ------------ ------------ ------------ ------------
End of year ......................... $ 48.215 $ 44.002 $ 42.689 $ 36.227 $ 37.730
============ ============ ============ ============ ============
Total return ............................ 9.57% 3.08% 17.84% (3.98%) 11.37%
Ratios to Average Net Assets:
Expenses .............................. 0.29% 0.30% 0.31% 0.29% 0.28%
Investment income--net ................ 6.44% 6.86% 6.93% 6.54% 6.18%
Portfolio turnover rate ................. 398.77% 145.27% 185.11% 161.46% 139.55%
Thousands of Accumulation Units
outstanding at end of year ............ 31,654 22,611 19,522 14,939 14,698
</TABLE>
-15-
<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
NOTE 5--CONDENSED FINANCIAL INFORMATION--(CONTINUED)
SOCIAL CHOICE ACCOUNT
--------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31,
--------------------------------------------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
Per Accumulation Unit Data:
<S> <C> <C> <C> <C> <C>
Investment income............................. $ 2.396 $ 2.068 $ 1.832 $ 1.621 $ 1.452
Expenses...................................... .193 .158 .144 .125 .117
------- ------- ------- ------- -------
Investment income--net........................ 2.203 1.910 1.688 1.496 1.335
Net realized and unrealized gain (loss)
on total investments........................ 12.223 5.968 9.863 (2.015) 2.082
------- ------- ------- ------- -------
Net increase (decrease) in
Accumulation Unit Value................... 14.426 7.878 11.551 (.519) 3.417
Accumulation Unit Value:
Beginning of year........................... 58.590 50.712 39.161 39.680 36.263
------- ------- ------- ------- -------
End of year................................. $73.016 $58.590 $50.712 $39.161 $39.680
======= ======= ======= ======= =======
Total return.................................... 24.62% 15.53% 29.49% (1.31%) 9.42%
Ratios to Average Net Assets:
Expenses...................................... 0.30% 0.30% 0.32% 0.32% 0.31%
Investment income--net........................ 3.37% 3.58% 3.75% 3.80% 3.52%
Portfolio turnover rate......................... 91.87% 40.93% 52.65% 49.06% 39.85%
Thousands of Accumulation Units
outstanding at end of year.................... 30,554 25,841 22,196 18,302 16,790
GLOBAL EQUITIES ACCOUNT
--------------------------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31,
--------------------------------------------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
Per Accumulation Unit Data:
Investment income............................. $ .848 $ .751 $ .727 $ .687 $ .487
Expenses...................................... .205 .167 .157 .134 .103
------- ------- ------- ------- -------
Investment income--net........................ .643 .584 .570 .553 .384
Net realized and unrealized gain (loss)
on total investments........................ 8.650 7.138 6.618 (.719) 9.021
------- ------- ------- ------- ------- -------
Net increase (decrease) in
Accumulation Unit Value.................. 9.293 7.722 7.188 (.166) 9.405
Accumulation Unit Value:
Beginning of year........................... 50.680 42.958 35.770 35.936 26.531
------- ------- ------- ------- -------
End of year................................. $59.973 $50.680 $42.958 $35.770 $35.936
======= ======= ======= ======= =======
Total return.................................... 18.34% 17.98% 20.09% (0.46%) 35.45%
Ratios to Average Net Assets:
Expenses...................................... 0.38% 0.37% 0.40% 0.41% 0.45%
Investment income--net........................ 1.19% 1.28% 1.47% 1.71% 1.67%
Portfolio turnover rate......................... 98.70% 88.84% 67.50% 51.63% 16.75%
Thousands of Accumulation Units
outstanding at end of year.................... 84,645 80,016 70,163 70,700 36,796
</TABLE>
-16-
<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS-(CONTINUED)
NOTE 5--CONDENSED FINANCIAL INFORMATION--(CONCLUDED)
GROWTH ACCOUNT
---------------------------------------------------------------------
APRIL 4, 1994
(DATE ESTABLISHED)
FOR THE YEARS ENDED DECEMBER 31, TO DECEMBER 31,
--------------------------------------------
1997 1996 1995 1994(1)
--------- --------- --------- -----------
Per Accumulation Unit Data:
<S> <C> <C> <C> <C>
Investment income.................................... $ .527 $ .484 $ .417 $ .398
Expenses............................................. .155 .119 .114 .084
------- ------- ------- -------
Investment income--net............................... .372 .365 .303 .314
Net realized and unrealized gain
on total investments............................... 12.219 8.638 8.891 .802
------- ------- ------- -------
Net increase in
Accumulation Unit Value......................... 12.591 9.003 9.194 1.116
Accumulation Unit Value:
Beginning of period ............................... 44.313 35.310 26.116 25.000
------- ------- ------- -------
End of period...................................... $56.904 $44.313 $35.310 $26.116
======= ======= ======= =======
Total return........................................... 28.41% 25.50% 35.20% 4.46%
Ratios to Average Net Assets:
Expenses............................................. 0.34% 0.35% 0.43% 0.33%
Investment income--net............................... 0.82% 1.07% 1.13% 1.21%
Portfolio turnover rate................................ 53.27% 38.51% 24.42% 12.29%
Thousands of Accumulation Units
outstanding at end of period......................... 80,370 53,201 32,375 10,446
</TABLE>
<TABLE>
<CAPTION>
INFLATION-LINKED
EQUITY INDEX ACCOUNT BOND ACCOUNT
---------------------------------------------------------- ------------
APRIL 4, 1994 JANUARY 13,
(DATE ESTABLISHED) 1997 (DATE
FOR THE YEARS ENDED DECEMBER 31, TO ESTABLISHED
------------------------------------- DECEMBER 31, TO DECEMBER 31,
1997 1996 1995 1994(1) 1997(1)
------- ------- ------- ------- -------
Per Accumulation Unit Data:
<S> <C> <C> <C> <C> <C>
Investment income............................. $ .826 $ .773 $ .755 $ .552 $ 1.031
Expenses...................................... .141 .106 .100 .072 .067
------- ------- ------- ------- -------
Investment income-net......................... .685 .667 .655 .480 .964
Net realized and unrealized gain
on total investments........................ 12.672 6.936 8.703 .393 .154
------- ------- ------- ------- -------
Net increase in Accumulation
Unit Value................................ 13.357 7.603 9.358 .873 1.118
Accumulation Unit Value:
Beginning of period ........................ 42.834 35.231 25.873 25.000 25.000
------- ------- ------- ------- -------
End of period............................... $56.191 $42.834 $35.231 $25.873 $26.118
======= ======= ======= ======= =======
Total return.................................... 31.18% 21.58% 36.17% 3.49% 4.47%
Ratios to Average Net Assets:
Expenses...................................... 0.30% 0.30% 0.34% 0.27% 0.25%
Investment income--net........................ 1.47% 1.87% 2.22% 1.83% 3.60%
Portfolio turnover rate......................... 3.50% 7.85% 8.31% 1.33% 63.56%
Thousands of Accumulation Units
outstanding at end of period.................. 35,368 20,725 10,911 2,716 3,626
(1) The percentages shown for this period are not annualized.
</TABLE>
-17-
<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
NOTES TO FINANCIAL STATEMENTS-(CONTINUED)
NOTE 6--ACCUMULATION UNITS
Changes in the number of Accumulation Units outstanding were as follows:
MONEY MARKET ACCOUNT BOND MARKET ACCOUNT SOCIAL CHOICE ACCOUNT
---------------------------- --------------------------- ---------------------------
YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31,
---------------------------- --------------------------- ---------------------------
1997 1996 1997 1996 1997 1996
---------- ----------- ---------- ---------- ---------- -----------
Accumulation Units:
<S> <C> <C> <C> <C> <C> <C>
Credited for premiums............ 20,510,609 19,834,908 3,137,486 3,106,394 4,236,125 4,247,359
Credited (cancelled) for
transfers, disbursements and
amounts applied to the
Annuity Fund................... (5,686,721) 5,275,300 5,905,434 (17,727) 476,429 (601,590)
Outstanding:
Beginning of year.............. 218,291,636 193,181,428 22,611,134 19,522,467 25,841,336 22,195,567
----------- ----------- ---------- ---------- ---------- ----------
End of year.................... 233,115,524 218,291,636 31,654,054 22,611,134 30,553,890 25,841,336
=========== =========== ========== ========== ========== ==========
GLOBAL EQUITIES ACCOUNT GROWTH ACCOUNT EQUITY INDEX ACCOUNT
---------------------------- --------------------------- --------------------------
YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31, YEARS ENDED DECEMBER 31,
---------------------------- --------------------------- --------------------------
1997 1996 1997 1996 1997 1996
----------- ---------- ---------- ---------- ---------- ---------
Accumulation Units:
Credited for premiums............ 9,103,302 9,768,800 11,408,929 8,540,579 4,863,305 3,588,285
Credited (cancelled) for
transfers, disbursements and
amounts applied to the
Annuity Fund................... (4,474,351) 84,205 15,760,341 12,284,736 9,780,337 6,225,770
Outstanding:
Beginning of year.............. 80,015,913 70,162,908 53,200,553 32,375,238 20,724,711 10,910,656
----------- ---------- ---------- ---------- ---------- ----------
End of year.................... 84,644,864 80,015,913 80,369,823 53,200,553 35,368,353 20,724,711
=========== ========== ========== ========== ========== ==========
</TABLE>
INFLATION-LINKED
BOND ACCOUNT
--------------------
JANUARY 13, 1997
(DATE ESTABLISHED)
TO DECEMBER 31, 1997
--------------------
Accumulation Units:
Credited for premiums............ 2,133,619
Credited for transfers,
disbursements and
amounts applied to the
Annuity Fund................... 1,492,416
Outstanding:
Beginning of period............ --
---------
End of period.................. 3,626,035
=========
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.
-18-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS-MONEY MARKET ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
---------- -----
SHORT TERM INVESTMENTS
BANK NOTES ............................... $ 29,843 0.71%
BANKERS ACCEPTANCES ...................... 132,697 3.16
CERTIFICATES OF DEPOSIT .................. 448,644 10.68
COMMERCIAL PAPER ......................... 2,676,200 63.70
EURO CERTIFICATES OF DEPOSIT ............. 24,990 0.59
MEDIUM TERM BONDS ........................ 56,514 1.35
U.S. GOVERNMENT & AGENCIES ............... 74,484 1.77
VARIABLE RATE NOTES ...................... 738,016 17.56
----------- ------
TOTAL SHORT TERM INVESTMENTS
(COST $4,182,428) ......................... 4,181,388 99.52
----------- ------
TOTAL PORTFOLIO
(COST $4,182,428) ......................... 4,181,388 99.52
----------- ------
OTHER ASSETS & LIABILITIES, NET ......... 20,068 0.48
----------- ------
NET ASSETS .................................. $ 4,201,456 100.00%
=========== ======
--------------------------------------
VALUE
PRINCIPAL (000)
--------- ------------
SHORT TERM INVESTMENTS--99.52%
BANK NOTES--0.71%
FIRST UNION CORP
$ 9,900,000 6.750%, 01/15/98 ...................... $ 9,903
NATIONAL BANK OF DETROIT
9,910,000 6.850%, 05/11/98 ...................... 9,948
NATIONSBANK, NA
10,000,000 5.830%, 12/29/98 ...................... 9,992
------------
29,843
------------
BANKERS ACCEPTANCES--3.16%
BANK OF MONTREAL
13,900,000 5.520%, 01/28/98 ...................... 13,838
12,000,000 5.560%, 02/17/98 ...................... 11,894
9,000,000 5.550%, 04/13/98 ...................... 8,835
5,000,000 5.690%, 05/11/98 ...................... 4,884
10,000,000 5.690%, 06/05/98 ...................... 9,725
CITIBANK, NA
3,767,824 5.650%, 01/22/98 ...................... 3,755
2,800,000 5.580%, 04/21/98 ...................... 2,752
4,000,000 5.630%, 04/28/98 ...................... 3,927
KEY BANK
6,500,000 5.630%, 04/09/98 ...................... 6,401
NATIONS BANK OF TEXAS
5,000,000 5.530%, 01/06/98 ...................... 4,996
5,000,000 5.530%, 01/09/98 ...................... 4,994
NATIONSBANK, NA
20,000,000 5.720%, 02/03/98 ...................... 19,895
RABOBANK
10,000,000 5.670%, 02/23/98 ...................... 9,900
ROYAL BANK OF CANADA
15,100,193 5.630%, 05/27/98 ...................... 14,709
TORONTO DOMINION
12,500,000 5.680%, 06/09/98 ...................... 12,192
------------
132,697
------------
CERTIFICATES OF DEPOSIT--10.68%
BANK OF AMERICA
30,000,000 5.670%, 01/30/98 ...................... 29,996
BANK OF NOVA SCOTIA
25,000,000 5.830%, 10/02/98 ...................... 24,983
BANKERS TRUST CO OF NEW YORK
VALUE
PRINCIPAL (000)
--------- ------------
$ 9,000,000 5.900%, 08/10/98 ..................... $ 8,997
BARCLAYS BANK, PLC
15,000,000 5.895%, 10/22/98 ..................... 14,999
CANADIAN IMPERIAL BANK OF COMMERCE
10,000,000 5.970%, 03/19/98 ..................... 10,000
20,000,000 5.950%, 06/29/98 ..................... 20,002
10,000,000 5.940%, 10/23/98 ..................... 10,003
COMMERZBANK
25,000,000 5.810%, 03/04/98 .................... 24,993
CREDIT AGRICOLE
10,000,000 6.000%, 12/09/98 .................... 10,013
DEUTSCHE BANK
50,000,000 5.950%, 06/16/98 .................... 50,003
DRESDNER BANK
15,000,000 5.760%, 07/31/98 .................... 14,986
MORGAN GUARANTY TRUST CO
34,700,000 6.022%, 03/25/98 .................... 34,704
10,000,000 5.870%, 08/06/98 .................... 9,995
NATIONAL WESTMINSTER BANK, PLC
10,000,000 5.650%, 01/20/98 .................... 9,999
15,000,000 5.790%, 07/28/98 .................... 14,989
RABOBANK
25,000,000 5.700%, 05/12/98 .................... 24,993
REGIONS BANK (ALABAMA)
6,000,000 5.650%, 01/30/98 .................... 5,999
24,000,000 5.720%, 04/24/98 .................... 23,990
20,000,000 6.000%, 06/25/98 .................... 20,007
ROYAL BANK OF CANADA
25,000,000 5.770%, 01/27/98 .................... 24,995
SOCIETE GENERALE
10,000,000 5.850%, 03/03/98 .................... 9,998
WESTDEUTSCHE LANDESBANK
50,000,000 6.000%, 01/08/98 .................... 50,000
------------
448,644
------------
COMMERCIAL PAPER--63.70%
AMERICAN HOME PRODUCTS
17,000,000 ~ 5.730%, 03/04/98 ................... 16,826
20,000,000 ~ 5.710%, 03/10/98 ................... 19,775
AMRO NORTH AMERICA FINANCE, INC
25,000,000 5.730%, 03/10/98 ................... 24,719
25,000,000 5.645%, 03/20/98 ................... 24,683
ASSET SECURITIZATION
COOPERATIVE CORP
25,000,000 ~ 5.620%, 01/27/98 ................... 24,894
6,000,000 ~ 5.700%, 01/27/98 ................... 5,975
25,000,000 ~ 5.600%, 02/18/98 ................... 24,801
11,694,000 ~ 5.670%, 02/20/98 ................... 11,597
36,689,000 ~ 5.680%, 02/26/98 ................... 36,346
6,000,000 ~ 5.710%, 03/17/98 ................... 5,927
ASSOCIATES CORP OF NORTH AMERICA
30,000,000 5.550%, 01/13/98 ................... 29,942
40,539,000 5.600%, 01/21/98 ................... 40,408
5,000,000 5.610%, 01/23/98 ................... 4,982
ATLANTIC RICHFIELD CO
50,000,000 5.750%, 01/29/98 ................... 49,776
B.B.V. FINANCE (DELAWARE), INC
20,000,000 5.560%, 03/25/98 ................... 19,731
See notes to financial statements.
-19-
<PAGE>
MONEY MARKET ACCOUNT (CONTINUED)
VALUE
PRINCIPAL (000)
--------- ------------
COMMERCIAL PAPER--(CONTINUED)
$10,000,000 5.580%, 05/01/98 ................... $ 9,808
BANKERS TRUST NEW YORK CORP
20,000,000 5.550%, 01/09/98 ................... 19,974
25,000,000 5.520%, 02/17/98 ................... 24,808
BELL ATLANTIC FINANCIAL SERVICES, INC
18,804,000 5.780%, 01/20/98 ................... 18,747
25,000,000 5.780%, 01/21/98 ................... 24,920
BETA FINANCE, INC
15,000,000 ~ 5.510%, 01/30/98 ................... 14,929
10,000,000 ~ 5.630%, 02/02/98 ................... 9,948
19,500,000 ~ 5.530%, 02/17/98 ................... 19,350
18,350,000 ~ 5.680%, 02/20/98 ................... 18,198
CADES
22,000,000 5.550%, 04/16/98 ................... 21,629
10,000,000 5.700%, 06/10/98 ................... 9,747
CANADIAN IMPERIAL HOLDINGS, INC
20,000,000 5.670%, 01/14/98 ................... 19,958
20,000,000 5.536%, 01/26/98 ................... 19,919
CATERPILLAR FINANCIAL SERVICES CORP
15,000,000 5.800%, 02/05/98 ................... 14,915
14,628,000 5.560%, 02/27/98 ................... 14,489
25,000,000 5.520%, 04/29/98 ................... 24,527
CHRYSLER FINANCIAL CORP
40,000,000 5.730%, 03/13/98 ................... 39,531
CIESCO LP
42,839,000 ~ 5.680%, 01/20/98 ................... 42,707
50,000,000 ~ 5.550%, 01/23/98 ................... 49,822
25,000,000 ~ 5.600%, 02/10/98 ................... 24,837
8,000,000 ~ 5.740%, 02/26/98 ................... 7,925
CIGNA CORP
5,000,000 5.600%, 02/23/98 ................... 4,956
20,000,000 5.570%, 02/24/98 ................... 19,822
25,000,000 5.650%, 03/09/98 ................... 24,723
6,000,000 5.730%, 03/12/98 ................... 5,931
2,056,000 5.600%, 04/28/98 ................... 2,017
CIT GROUP HOLDINGS, INC
38,000,000 5.550%, 01/26/98 ................... 37,845
20,000,000 5.550%, 04/02/98 ................... 19,708
9,960,000 5.580%, 04/24/98 ................... 9,780
6,300,000 5.570%, 05/04/98 ................... 6,176
COLGATE--PALMOLIVE CO
27,000,000 ~ 5.750%, 02/09/98 ................... 26,832
COMMERCIAL CREDIT CO
50,000,000 5.600%, 01/22/98 ................... 49,830
30,000,000 5.680%, 02/19/98 ................... 29,756
COOPER INDUSTRIES, INC
45,740,000 6.350%, 01/05/98 ................... 45,708
19,844,000 6.150%, 01/07/98 ................... 19,824
CORPORATE ASSET FUNDING CORP, INC
12,000,000 ~ 5.600%, 01/30/98 ................... 11,944
20,000,000 ~ 5.600%, 02/04/98 ................... 19,889
27,582,000 ~ 5.750%, 02/26/98 ................... 27,325
40,000,000 ~ 5.680%, 02/27/98 ................... 39,620
25,000,000 5.720%, 03/09/98 ................... 24,723
DELAWARE FUNDING CORP
8,000,000 ~ 5.550%, 01/16/98 ................... 7,981
18,000,000 ~ 5.570%, 01/23/98 ................... 17,936
25,251,000 ~ 5.720%, 01/26/98 ................... 25,148
5,601,000 ~ 5.730%, 01/28/98 ................... 5,576
11,233,000 ~ 5.700%, 02/12/98 ................... 11,156
25,000,000 ~ 5.720%, 02/12/98 ................... 24,829
25,439,000 ~ 5.700%, 03/20/98 ................... 25,117
DILLARD INVESTMENT CO, INC
4,600,000 ~ 6.000%, 01/06/98 ................... 4,596
VALUE
PRINCIPAL (000)
--------- ------------
$19,529,000 5.700%, 01/21/98 ................... $ 19,466
ENTERPRISE FUNDING CORP
15,000,000 ~ 5.660%, 01/05/98 ................... 14,991
12,000,000 ~ 5.800%, 02/06/98 ................... 11,929
13,673,000 ~ 5.770%, 02/18/98 ................... 13,564
FLORIDA POWER & LIGHT CO
2,370,000 5.850%, 01/20/98 ................... 2,363
27,198,000 5.850%, 01/28/98 ................... 27,079
25,699,000 5.850%, 01/29/98 ................... 25,584
FORD MOTOR CREDIT CO
17,280,000 5.710%, 01/05/98 ................... 17,269
35,000,000 5.700%, 02/23/98 ................... 34,695
35,000,000 5.700%, 02/24/98 ................... 34,689
27,345,000 5.690%, 03/06/98 ................... 27,056
GENERAL ELECTRIC CAPITAL CORP
30,000,000 5.590%, 02/27/98 ................... 29,715
21,000,000 5.670%, 03/18/98 ................... 20,741
25,000,000 5.500%, 06/30/98 ................... 24,284
GENERAL MOTORS ACCEPTANCE CORP
7,000,000 5.550%, 04/13/98 ................... 6,885
GENERAL SIGNAL CORP
5,100,000 ~ 6.000%, 01/13/98 ................... 5,090
7,905,000 ~ 6.000%, 01/20/98 ................... 7,880
10,000,000 ~ 6.200%, 01/22/98 ................... 9,964
GOLDMAN SACHS GROUP LP
25,000,000 5.650%, 02/25/98 ................... 24,771
34,000,000 5.720%, 03/04/98 ................... 33,651
11,205,000 5.720%, 03/13/98 ................... 11,074
7,033,000 5.700%, 04/17/98 ................... 6,913
28,858,000 5.680%, 04/28/98 ................... 28,317
20,000,000 5.650%, 06/08/98 ................... 19,500
HEINZ (H.J.) CO
19,000,000 5.750%, 02/12/98 ................... 18,873
HOUSEHOLD FINANCE CORP
10,900,000 5.550%, 02/06/98 ................... 10,836
10,606,000 5.550%, 02/09/98 ................... 10,539
J.P. MORGAN & CO
1,028,000 5.600%, 02/10/98 ................... 1,021
30,000,000 5.730%, 02/10/98 ................... 29,805
20,400,000 5.720%, 03/23/98 ................... 20,132
JOHN DEERE CAPITAL CORP
13,535,000 5.600%, 02/02/98 ................... 13,465
MCCORMICK & CO, INC
15,000,000 5.540%, 01/15/98 ................... 14,966
MCGRAW-HILL, INC
18,100,000 5.565%, 02/10/98 ................... 17,982
MERRILL LYNCH & CO, INC
21,000,000 5.760%, 03/02/98 ................... 20,791
32,613,000 5.570%, 04/07/98 ................... 32,110
15,000,000 5.560%, 05/04/98 ................... 14,704
8,000,000 5.600%, 05/29/98 ................... 7,811
11,000,000 5.570%, 07/31/98 ................... 10,628
MORGAN STANLEY DEAN WITTER
40,000,000 5.540%, 01/14/98 ................... 39,916
15,000,000 5.550%, 01/15/98 ................... 14,966
7,000,000 5.570%, 01/22/98 ................... 6,976
24,953,000 5.510%, 01/30/98 ................... 24,836
25,000,000 5.690%, 02/20/98 ................... 24,793
NATIONAL FUEL GAS CO
15,000,000 5.570%, 01/20/98 ................... 14,953
9,000,000 5.720%, 02/05/98 ................... 8,948
10,000,000 5.630%, 03/06/98 ................... 9,893
NATIONAL RURAL UTILITIES COOP FINANCE
19,006,000 5.540%, 02/17/98 ................... 18,860
10,000,000 5.650%, 03/12/98 ................... 9,884
See notes to financial statements.
-20-
<PAGE>
MONEY MARKET ACCOUNT (CONTINUED)
VALUE
PRINCIPAL (000)
--------- ------------
COMMERCIAL PAPER--(CONTINUED)
$20,000,000 5.670%, 03/13/98 ................... $ 19,766
10,000,000 5.650%, 03/24/98 ................... 9,867
25,000,000 5.650%, 03/27/98 ................... 24,655
24,602,000 5.700%, 04/06/98 ................... 24,227
18,000,000 5.690%, 04/20/98 ................... 17,685
NATIONSBANK CORP
25,000,000 5.550%, 01/21/98 ................... 24,919
25,000,000 5.730%, 03/02/98 ................... 24,752
25,000,000 5.730%, 03/11/98 ................... 24,715
PENNEY (J.C.) FUNDING CORP
25,000,000 5.500%, 01/16/98 ................... 24,939
8,555,000 5.590%, 02/03/98 ................... 8,509
PITNEY BOWES CREDIT CORP
15,000,000 5.500%, 01/09/98 ................... 14,981
20,000,000 5.510%, 01/12/98 ................... 19,964
SAINT PAUL CO
8,625,000 ~ 5.580%, 02/04/98 ................... 8,577
SEARS ROEBUCK ACCEPTANCE CORP
6,000,000 5.850%, 01/28/98 ................... 5,974
8,617,000 5.600%, 01/29/98 ................... 8,578
35,000,000 5.560%, 02/10/98 ................... 34,772
20,000,000 5.720%, 02/19/98 ................... 19,837
6,383,000 5.510%, 03/05/98 ................... 6,317
25,000,000 5.700%, 03/23/98 ................... 24,671
SMITH BARNEY HOLDINGS
40,000,000 5.690%, 03/05/98 ................... 39,583
SOUTHERN CALIFORNIA GAS CO
21,600,000 5.500%, 01/09/98 ................... 21,572
9,259,000 5.720%, 03/13/98 ................... 9,150
THE STANLEY WORKS
6,000,000 5.660%, 02/18/98 ................... 5,952
UBS FINANCE (DELAWARE), INC
20,000,000 6.400%, 01/06/98 ................... 19,982
XEROX CORP
4,850,000 5.630%, 01/13/98 ................... 4,841
XEROX CREDIT CORP
32,500,000 5.630%, 01/13/98 ................... 32,439
------------
2,676,200
------------
EURO CERTIFICATES OF DEPOSIT--0.59%
CREDIT AGRICOLE
25,000,000 5.690%, 02/20/98 ................... 24,990
------------
MEDIUM TERM BONDS--1.35%
BETA FINANCE, INC
10,000,000 6.355%, 05/05/98 ................... 10,018
15,000,000 5.900%, 07/24/98 ................... 14,999
15,000,000 6.000%, 10/09/98 ................... 15,000
CIT GROUP HOLDINGS, INC
6,500,000 5.875%, 11/09/98 ................... 6,497
PEPSICO, INC
10,000,000 6.125%, 01/15/98 ................... 10,000
------------
56,514
------------
U.S. GOVERNMENT & AGENCIES--1.77%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
50,000,000 5.450%, 01/28/98 ................... 49,789
25,000,000 5.420%, 03/20/98 ................... 24,695
------------
74,484
------------
VARIABLE RATE NOTES--17.56%
AMERICAN EXPRESS CENTURION BANK
10,000,000 6.060%, 06/25/98 ................... 10,005
30,000,000 5.940%, 12/15/98 ................... 30,000
25,000,000 5.960%, 01/04/99 ................... 24,998
ASSOCIATES CORP OF NORTH AMERICA
50,000,000 6.170%, 01/04/99 ................... 49,970
VALUE
PRINCIPAL (000)
--------- ------------
BANC ONE, DAYTON, NA
$55,000,000 5.570%, 02/05/98 ................... $ 54,997
BANKERS TRUST CO OF NEW YORK
5,000,000 6.170%, 07/13/98 ................... 4,997
BANKERS TRUST NEW YORK CORP
25,000,000 6.270%, 07/17/98 ................... 24,988
CATERPILLAR FINANCIAL SERVICES CORP
14,000,000 5.856%, 03/20/98 ................... 13,996
CHRYSLER FINANCIAL CORP
20,000,000 6.156%, 01/16/98 ................... 20,002
CORESTATES BANK
25,000,000 5.937%, 12/30/98 ................... 25,000
CORESTATES BANK NA/PHILADELPHIA
NATIONAL BANK
8,000,000 5.928%, 02/13/98 ................... 8,000
FCC NATIONAL BANK
20,000,000 6.270%, 04/15/98 ................... 20,004
FIRST BANK SYSTEM
25,000,000 5.880%, 04/10/98 ................... 24,993
FLEET FINANCIAL GROUP, INC
30,500,000 5.975%, 05/14/98 ................... 30,524
FORD MOTOR CREDIT CO
8,000,000 6.337%, 06/02/98 ................... 8,015
GENERAL ELECTRIC CAPITAL CORP
25,000,000 5.693%, 04/14/98 ................... 24,998
GENERAL MOTORS ACCEPTANCE CORP
18,000,000 6.128%, 02/02/98 ................... 18,018
13,000,000 6.075%, 05/26/98 ................... 13,014
23,500,000 5.786%, 09/21/98 ................... 23,488
HOUSEHOLD FINANCE CORP
25,000,000 5.876%, 06/03/98 ................... 24,998
25,000,000 6.030%, 09/15/98 ................... 25,003
JOHN DEERE CAPITAL CORP
5,000,000 5.718%, 10/08/98 ................... 5,000
MERRILL LYNCH & CO, INC
10,000,000 6.126%, 05/19/98 ................... 10,015
5,000,000 6.370%, 05/20/98 ................... 5,007
18,000,000 6.370%, 06/04/98 ................... 18,023
5,000,000 6.210%, 06/12/98 ................... 4,997
MORGAN GUARANTY TRUST CO
30,000,000 5.630%, 02/02/98 ................... 29,994
15,000,000 5.615%, 02/19/98 ................... 14,995
MORGAN STANLEY DEAN WITTER
10,000,000 6.000%, 08/17/98 ................... 10,001
NATIONS BANK OF TEXAS
23,000,000 6.270%, 01/09/98 ................... 23,001
PNC BANK, NA
5,000,000 6.020%, 09/25/98 ................... 5,000
SEARS ROEBUCK ACCEPTANCE CORP
25,000,000 5.960%, 03/25/98 ................... 25,003
SOCIETE GENERALE
13,000,000 6.160%, 01/15/98 ................... 12,998
34,000,000 6.155%, 09/08/98 ................... 33,976
SOUTHTRUST
5,000,000 5.920%, 05/11/98 ................... 5,000
45,000,000 5.940%, 05/11/98 ................... 44,996
10,000,000 5.968%, 09/17/98 ................... 10,002
------------
738,016
------------
TOTAL SHORT TERM INVESTMENTS
(COST $4,182,428)................... 4,181,388
------------
TOTAL PORTFOLIO
(COST $4,182,428)................... $ 4,181,388
============
- ---------------
~ Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
See notes to financial statements.
-21-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--BOND MARKET ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
--------- ------
BONDS
CORPORATE BONDS
AIR TRANSPORTATION, SCHEDULED ........... $ 11,645 0.76 %
ASSET BACKED ............................ 129,346 8.39
AUTOMOTIVE RENTALS, NO DRIVERS .......... 5,071 0.33
BAKERY PRODUCTS ......................... 10,016 0.65
BUSINESS CREDIT INSTITUTIONS ............ 45,406 2.94
CABLE AND OTHER PAY TV SERVICES ......... 9,477 0.62
CIGARETTES .............................. 1,215 0.08
COMBINATION UTILITY SERVICES ............ 4,163 0.27
COMMERCIAL BANKS ........................ 5,230 0.34
ELECTRIC SERVICES ....................... 19,463 1.26
FOREIGN BANKS, BRANCHES
AND AGENCIES ........................... 4,054 0.27
FUNERAL SERVICE AND CREMATORIES ......... 13,026 0.85
GAS PRODUCTION AND DISTRIBUTION ......... 5,792 0.38
GOLD AND SILVER ORES .................... 4,622 0.30
GRAIN MILL PRODUCTS ..................... 9,087 0.59
HOSPITALS ............................... 10,035 0.65
INSURANCE CARRIERS ...................... 15,504 1.01
MISCELLANEOUS INVESTING ................. 33,216 2.15
MISCELLANEOUS PUBLISHING ................ 7,636 0.50
MORTGAGE BANKERS AND BROKERS ............ 10,168 0.66
MOTOR VEHICLES AND EQUIPMENT ............ 8,503 0.55
NEWSPAPERS .............................. 11,116 0.72
OIL AND GAS EXTRACTION .................. 5,319 0.35
PERSONAL CREDIT INSTITUTIONS ............ 8,002 0.52
PETROLEUM REFINING ...................... 3,015 0.20
SAVINGS INSTITUTIONS .................... 19,748 1.28
SECURITY BROKERS AND DEALERS ............ 16,977 1.10
SURETY INSURANCE ........................ 5,057 0.32
TELEPHONE COMMUNICATIONS ................ 10,295 0.67
TOTAL CORPORATE BONDS
(COST $437,394) .......................... 442,204 28.71
---------- ------
GOVERNMENT BONDS
AGENCY SECURITIES ....................... 73,328 4.76
GOVERNMENT BONDS ........................ 964 0.06
MORTGAGE BACKED SECURITIES .............. 344,216 22.35
OTHER MORTGAGE BACKED SECURITIES ........ 5,134 0.33
U.S. TREASURY SECURITIES ................ 595,961 38.69
---------- ------
TOTAL GOVERNMENT BONDS
(COST $1,004,563) ........................ 1,019,603 66.19
---------- ------
TOTAL BONDS
(COST $1,441,957) ........................ 1,461,807 94.90
---------- ------
PREFERRED STOCK
FOREIGN BANKS, BRANCHES AND AGENCIES .... 5,465 0.35
REAL ESTATE AGENTS AND MANAGERS ......... 8,284 0.54
---------- ------
TOTAL PREFERRED STOCK
(COST $13,000) ........................... 13,749 0.89
---------- ------
SHORT TERM INVESTMENTS
COMMERCIAL PAPER ......................... 211,544 13.73
---------- ------
TOTAL SHORT TERM INVESTMENTS
(COST $211,592) .......................... 211,544 13.73
---------- ------
TOTAL PORTFOLIO
(COST $1,666,549) ........................ 1,687,100 109.52
---------- ------
OTHER ASSETS & LIABILITIES, NET ........ (146,735) (9.52)
---------- ------
NET ASSETS ................................. $1,540,365 100.00%
========== ======
=====================================
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
BONDS--94.90%
CORPORATE BONDS--28.71%
AIR TRANSPORTATION,
SCHEDULED--0.76%
DELTA AIRLINES, INC SERIES
1993-A2 (PASS-THRU TRUST)
$ 5,000,000 10.500%, 04/30/16 ............ BAA1 $ 6,514
NORTHWEST AIRLINES
CORP SERIES 97-1B
(PASS THRU CERT)
5,000,000 7.248%, 07/02/14 ............. BAA2 5,131
---------
11,645
---------
ASSET BACKED--8.39%
AAMES MORTGAGE TRUST
SERIES 1997-B (CLASS M1F)
5,000,000 7.130%, 06/15/27 ............. AA2 5,027
AAMES MORTGAGE TRUST
SERIES 1997-B (CLASS M2F)
5,000,000 7.380%, 06/15/27 ............. A2 5,047
AMRESCO RESIDENTIAL
SECURITIES MORTGAGE
LOAN TRUST SERIES
1997-2 (CLASS A3)
5,000,000 6.795%, 12/25/20 ............. AAA 5,018
BLOCK MORTGAGE FINANCE, INC
SERIES 1997-1 (CLASS A-2)
5,000,000 6.850%, 10/25/11 ............. AAA 5,026
CHASE COMMERCIAL
MORTGAGE SECURITIES CORP
SERIES 1997-2 (CLASS A2)
12,000,000 6.600%, 11/19/07 ............. AAA 12,113
CIT GROUP HOME EQUITY LOAN
TRUST SERIES 1997-1 (CLASS M1)
3,000,000 6.850%, 08/15/28 ............. AA2 2,989
CHASE CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS B)
19,000,000 6.450%, 04/15/03 ............. A2 19,113
CONTI MORTGAGE HOME EQUITY
LOAN TRUST SERIES 1997-1
(CLASS A3)
5,000,000 6.480%, 01/15/12 ............. AAA 4,994
DELTA FUNDING HOME EQUITY
LOAN TRUST SERIES 1997-2
5,000,000 7.240%, 06/25/29 ............. AA2 5,039
FIRST ALLIANCE MORTGAGE LOAN
TRUST SERIES 1997-3 (CLASS A1)
4,770,513 6.935%, 12/20/28 ............. AAA 4,799
GE CAPITAL MORTGAGE SERVICES,
INC SERIES 1997-HE3 (CLASS A6)
5,000,000 6.720%, 07/15/12 ............. AAA 5,052
GMAC COMMERCIAL MORTGAGE
SECURITIES, INC SERIES
1997-C1 (CLASS D)
10,000,000 6.997%, 07/15/29 ............. A2 10,152
GMAC COMMERCIAL MORTGAGE
SECURITIES, INC SERIES
1997-C2 (CLASS B)
5,000,000 6.703%, 04/20/29 ............. AA2 5,038
See notes to financial statements.
-22-
<PAGE>
BOND MARKET ACCOUNT (CONTINUED)
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -------
GMAC COMMERCIAL MORTGAGE
SECURITIES, INC SERIES
1997-C3 (CLASS A3)
$ 4,000,000 6.566%, 11/15/07 ............. AAA $ 4,030
GREEN TREE FINANCIAL CORP
SERIES 1993-3 (CLASS A-5)
5,000,000 5.750%, 10/15/18 ............. AA2 4,945
IMC HOME EQUITY LOAN TRUST
SERIES 1997-2 (CLASS A-2)
7,500,000 6.700%, 11/20/11 ............. AAA 7,511
NATIONSBANK AUTO GRANTOR
TRUST SERIES 1995-A
843,493 5.850%, 06/15/02 ............. AAA 841
RAILCAR LEASING (SR NOTE)
4,601,078 ^ 6.750%, 07/15/06 ............. AAA 4,659
STANDARD CREDIT CARD
MASTER TRUST SERIES
1991-6 (CLASS B)
4,225,000 8.350%, 01/07/00 ............. A2 4,306
THE MONEY STORE HOME EQUITY
TRUST SERIES 1997-D (CLASS AF7)
5,000,000 6.485%, 12/15/28 ............. AAA 5,006
TOYOTA AUTO RECEIVABLES
GRANTOR TRUST SERIES
1997-A (CLASS B)
3,601,685 6.600%, 04/15/02 ............. A2 3,617
VANDERBILT MORTGAGE &
FINANCE, INC SERIES 1997-A
(CLASS A-2)
5,000,000 6.525%, 12/07/28 ............. AAA 5,024
-------
129,346
-------
AUTOMOTIVE RENTALS,
NO DRIVERS--0.33%
ERAC USA FINANCE CO NOTE
5,000,000 ^ 6.950%, 03/01/04 ............. BAA2 5,071
-------
BAKERY PRODUCTS--0.65%
NABISCO, INC (PASS THRU CERT)
10,000,000 ^ 6.300%, 08/26/99 ............. BAA2 10,016
-------
BUSINESS CREDIT
INSTITUTIONS--2.94%
AT&T CAPITAL CORP
(MEDIUM TERM NOTE)
15,000,000 6.230%, 09/24/99 ............. BAA3 15,024
GATX CAPITAL CORP NOTE
10,000,000 6.500%, 11/01/00 ............. BAA2 10,050
HELLER FINANCIAL CO SERIES
^ 1997-1 (PASS THRU CERT)
10,000,000 6.350%, 08/15/99 ............... A2 10,040
MONEY STORE, INC DEB
5,000,000 7.950%, 12/01/07 ............. BA2 5,029
TRANSAMERICA CAPITAL CORP DEB
5,000,000 ^ 7.800%, 12/01/26 ............. A2 5,263
-------
45,406
-------
CABLE AND OTHER PAY
TV SERVICES--0.62%
o BELL CABLEMEDIA PLC (SR NOTE)
4,000,000 0.000%, 07/15/04 ............. BAA3 3,762
o VIDEOTRON HOLDINGS PLC
(SR NOTE)
6,000,000 0.000%, 07/01/04 ............. BAA3 5,715
-------
9,477
-------
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -------
CIGARETTES--0.08%
PHILIP MORRIS COS, INC NOTE
$ 1,200,000 7.375%, 02/15/99 ............. A2 $ 1,215
-------
COMBINATION UTILITY
SERVICES--0.27%
ARKLA, INC NOTE
4,000,000 8.875%, 07/15/99 ............. BAA3 4,163
-------
COMMERCIAL BANKS--0.34%
CHASE MANHATTAN CORP
(SUBORDINATED NOTE)
5,000,000 7.250%, 06/01/07 ............. A1 5,230
-------
ELECTRIC SERVICES--1.26%
CLEVELAND ELECTRIC
TOLEDO EDISON NOTE
5,000,000 7.190%, 07/01/00 ............. BA1 5,074
CMS ENERGY CORP (SR NOTE)
3,000,000 ^ 7.375%, 11/15/00 ............. BA3 3,004
EL PASO ELECTRIC CO
(FIRST MORTGAGE BOND)
1,000,000 7.250%, 02/01/99 ............. BA3 1,005
LONG ISLAND LIGHTING CO DEB
5,000,000 8.900%, 07/15/19 ............. BA3 5,320
PUGET SOUND ENERGY, INC
(SR NOTE)
5,000,000 7.020%, 12/01/27 ............. BAA1 5,060
-------
19,463
-------
FOREIGN BANKS, BRANCHES
AND AGENCIES--0.27%
ANDINA DE FOMENTO CORP DEB
4,000,000 7.250%, 03/01/07 ............. A3 4,054
-------
FUNERAL SERVICE AND
CREMATORIES--0.85%
LOEWEN GROUP, INC DEB
13,000,000 ^ 6.700%, 10/01/99 ............. BA1 13,026
-------
GAS PRODUCTION AND
DISTRIBUTION--0.38%
EL PASO NATURAL GAS DEB
2,500,000 7.500%, 11/15/26 ............. BAA2 2,678
TENNESSEE GAS PIPELINE DEB
3,000,000 7.000%, 03/15/27 ............. BAA3 3,114
-------
5,792
-------
GOLD AND SILVER ORES--0.30%
FREEPORT-MCMORAN
C & G (SR NOTE)
5,000,000 7.500%, 11/15/06 ............. BA1 4,622
-------
GRAIN MILL PRODUCTS--0.59%
ARCHER-DANIELS-MIDLAND DEB
5,000,000 6.750%, 12/15/27 ............. AA3 5,009
4,000,000 6.950%, 12/15/97 ............. AA3 4,078
-------
9,087
-------
HOSPITALS--0.65%
COLUMBIA/HCA HEALTHCARE
CORP NOTE
5,000,000 6.500%, 03/15/99 ............. BAA2 4,972
TENET HEALTHCARE CORP
(SR NOTE)
5,000,000 7.875%, 01/15/03 ............. BA1 5,063
-------
10,035
-------
See notes to financial statements.
-23-
<PAGE>
BOND MARKET ACCOUNT (CONTINUED)
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
INSURANCE CARRIERS--1.01%
ASSOCIATED P & C
HOLDINGS, INC (SR NOTE)
$ 5,000,000 6.750%, 07/15/03 ............. BAA3 $ 4,936
NEW ENGLAND MUTUAL LIFE
INSURANCE CO NOTE
5,000,000 ^ 7.875%, 02/15/24 ............. A1 5,519
SALOMON, INC (SR NOTE)
5,000,000 6.700%, 07/05/00 ............. A2 5,049
-------
15,504
-------
MISCELLANEOUS INVESTING--2.15%
CARRAMERICA REALTY CORP DEB
5,000,000 ^ 7.375%, 07/01/07 ............. BAA3 5,167
CRESCENT REAL ESTATE NOTE
10,200,000 ^ 6.625%, 09/15/02 ............. BAA3 10,189
FIRST INDUSTRIAL
(PASS-THRU ASSET TRUST)
3,000,000 ^ 7.375%, 05/15/04 ............. BAA2 3,136
HIGHWOODS EXERCISABLE NOTE
5,000,000 ^ 7.190%, 06/15/04 ............. BAA2 5,061
SIMON DEBARTOLO GROUP
(MEDIUM TERM NOTE)
5,000,000 7.125%, 09/20/07 ............. BAA1 5,131
SIMON DEBARTOLO GROUP
(GUARANTEE NOTE)
4,500,000 6.750%, 07/15/04 ............. BAA1 4,532
-------
33,216
-------
MISCELLANEOUS PUBLISHING--0.50%
TIME WARNER, INC DEB
7,500,000 7.250%, 10/15/17 ............. BA1 7,636
-------
MORTGAGE BANKERS AND
BROKERS--0.66%
HOMESIDE LENDING, INC
(MEDIUM TERM NOTE)
5,000,000 6.875%, 06/30/02 ............. BAA2 5,092
5,000,000 6.750%, 08/01/04 ............. BAA2 5,076
-------
10,168
-------
MOTOR VEHICLES AND
EQUIPMENT--0.55%
FORD MOTOR CO DEB
5,000,000 7.400%, 11/01/46 ............. A1 5,359
LOCKHEED MARTIN CORP
(GUARANTEE NOTE)
3,000,000 7.250%, 05/15/06 ............. A3 3,144
-------
8,503
-------
NEWSPAPERS--0.72%
BELO (A.H.) CORP (SR NOTE)
6,000,000 6.875%, 06/01/02 ............. BAA2 6,114
COX ENTERPRISES SERIES 1997-1
(PASS THRU CERT)
5,000,000 ^ 6.250%, 08/26/99 ............. BAA1 5,002
-------
11,116
-------
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -------
OIL AND GAS EXTRACTION--0.35%
PETROZUATA FINANCE, INC
SERIES B
$ 5,000,000 ^ 8.220%, 04/01/17 ............. BAA1 $ 5,319
-------
PERSONAL CREDIT
INSTITUTIONS--0.52%
HOUSEHOLD INTERNATIONAL
NETHERLANDS (SR NOTE)
3,000,000 6.125%, 03/01/03 ............. A3 2,949
MBNA CORP (SR NOTE)
5,000,000 6.875%, 10/01/99 ............. BAA2 5,053
-------
8,002
-------
PETROLEUM REFINING--0.20%
VALERO ENERGY DEB
3,000,000 ^ 6.750%, 12/15/02 ............. BAA2 3,015
-------
SAVINGS INSTITUTIONS--1.28%
GREENPOINT BANK (SR NOTE)
11,000,000 6.700%, 07/15/02 ............. BAA2 11,086
LONG ISLAND SAVINGS BANK
FSB (MEDIUM TERM NOTE)
4,500,000 7.000%, 06/13/02 ............. BAA3 4,592
NORTH FORK CAPITAL
(GUARANTEE NOTE)
4,000,000 8.000%, 12/15/27 ............. BAA3 4,070
-------
19,748
-------
SECURITY BROKERS AND
DEALERS--1.10%
DONALDSON LUFKIN &
JENRETTE, INC
(MEDIUM TERM NOTE)
5,000,000 6.900%, 10/01/07 ............. A3 5,149
LEHMAN BROTHERS
HOLDINGS, INC
(MEDIUM TERM NOTE)
6,450,000 6.900%, 01/29/01 ............. BAA1 6,551
LEHMAN BROTHERS HOLDINGS
NOTE
5,200,000 6.890%, 10/10/00 ............. BAA1 5,277
-------
16,977
-------
SURETY INSURANCE--0.32%
EXECUTIVE RISK (SR NOTE)
5,000,000 7.125%, 12/15/07 ............. BAA2 5,057
-------
TELEPHONE
COMMUNICATIONS--0.67%
TCI COMMUNICATIONS, INC
(SR NOTE)
5,000,000 6.375%, 09/15/99 ............. BA1 5,001
WORLDCOM, INC (SR NOTE)
5,000,000 9.375%, 01/15/04 ............. BA1 5,294
-------
10,295
-------
TOTAL CORPORATE BONDS
(COST $437,394)............. 442,204
-------
See notes to financial statements.
-24-
<PAGE>
BOND MARKET ACCOUNT (CONTINUED)
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
GOVERNMENT BONDS--66.19%
AGENCY SECURITIES--4.76%
FEDERAL HOME LOAN
BANK (FHLB)
$16,000,000 6.035%, 09/27/99 .......... AAA $ 16,052
FEDERAL HOME LOAN MORTGAGE
CORP (FHLMC)
3,000,000 7.100%, 04/10/07 .......... AAA 3,220
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
13,000,000 5.940%, 09/10/99 .......... AAA 13,028
10,000,000 5.970%, 10/02/00 .......... AAA 10,025
3,000,000 8.250%, 12/18/00 .......... 3,182
5,000,000 6.850%, 09/12/05 .......... 5,055
5,000,000 6.210%, 11/07/07 .......... 5,020
TENNESSEE VALLEY
AUTHORITY DEB
10,000,000 6.250%, 12/15/17 .......... AAA 9,981
US DEPT OF VETERNS (CLASS 2-1)
(MTGE PASS-THROUGH CERT)
7,500,000 7.500%, 09/15/17 .......... AAA 7,765
-------
73,328
-------
GOVERNMENT BONDS--0.06%
NEW YORK CITY TAX LIEN
SERIES 1996-1
(COLLECTIBLE BOND)
959,308 ^ 6.810%, 05/25/05 .......... AAA 964
-------
MORTGAGE BACKED
SECURITIES--22.35%
FEDERAL HOME LOAN
MORTGAGE CORP (FHLMC)
3,254,380 5.500%, 09/01/00 .......... 3,214
800,025 7.000%, 09/01/10 .......... 815
6,185,386 6.000%, 04/01/11 .......... 6,120
3,138,544 7.000%, 05/01/23 .......... 3,182
3,848,353 8.500%, 07/01/24 .......... 4,025
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
3,274,578 7.500%, 08/01/01 .......... 3,328
4,082,926 6.000%, 12/01/02 .......... 4,054
1,552,703 6.000%, 12/01/08 .......... 1,537
3,699,624 7.000%, 04/01/09 .......... 3,776
14,992,990 6.500%, 05/01/09 .......... 15,077
3,471,198 7.500%, 11/01/10 .......... 3,571
2,835,130 8.000%, 06/01/11 .......... 2931
813,973 8.000%, 07/01/11 .......... 841
12,408,883 7.000%, 01/01/12 .......... 12,612
1,890,176 6.500%, 02/01/16 .......... 1,877
965,170 6.500%, 03/01/16 .......... 958
1,804,994 6.500%, 04/01/16 .......... 1,794
9,566,278 8.000%, 03/01/23 .......... 9,963
12,543,735 8.500%, 12/01/24 .......... 13,163
4,703,283 9.000%, 11/01/25 .......... 5,015
19,000,000 @ 6.500%, 02/25/28 .......... 18,751
99,000,000 @ 7.000%, 02/25/28 .......... 99,619
48,000,000 @ 7.500%, 02/25/28 .......... 49,080
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION (GNMA)
$ 566,228 8.500%, 10/15/09 .......... $ 594
1,161,413 8.500%, 12/15/09 .......... 1,219
4,266,615 9.000%, 12/15/09 .......... 4,608
1,107,834 8.500%, 01/15/10 .......... 1,162
201,933 9.000%, 06/15/16 .......... 220
313,394 9.000%, 08/15/16 .......... 341
652,681 9.000%, 09/15/16 .......... 711
192,148 9.000%, 10/15/16 .......... 209
157,000 9.000%, 11/15/16 .......... 171
691,765 9.000%, 12/15/16 .......... 754
2,785,893 9.500%, 12/15/16 .......... 3,025
275,127 9.000%, 07/15/17 .......... 299
280,703 9.000%, 06/15/20 .......... 305
4,147,556 7.000%, 03/20/22 .......... 4,266
7,584,771 7.000%, 02/20/23 .......... 7,809
6,665,592 6.500%, 09/15/23 .......... 6,617
11,961,097 6.875%, 12/20/23 .......... 12,281
4,157,313 6.500%, 01/15/24 .......... 4,125
2,526,798 6.500%, 03/15/24 .......... 2,507
16,744,743 6.500%, 05/15/24 .......... 16,623
3,745,883 8.000%, 06/15/24 .......... 3,889
5,195,325 6.500%, 09/15/24 .......... 5,154
1,755,850 7.000%, 12/15/25 .......... 1,771
RESOLUTION TRUST CORP
SERIES 1992-8 (CLASS A-2)
(MTGE PASS-THROUGH CERT)
255,514 8.250%, 12/25/26 .......... AAA 253
-------
344,216
-------
OTHER MORTGAGE BACKED
SECURITIES--0.33%
EASTVIEW CREDIT CORP (CLASS A)
(COMMERCIAL MTGE PASS-THROUGH)
5,000,000 6.950%, 06/15/04 .......... 5,134
-------
U.S. TREASURY SECURITIES--38.69%
U.S. TREASURY BOND
13,000,000 10.375%, 11/15/09 ......... 16,254
7,400,000 12.000%, 08/15/13 ......... 10,903
58,000,000 7.500%, 11/15/16 .......... 67,697
34,300,000 7.625%, 11/15/22 .......... 41,299
46,000,000 6.875%, 08/15/25 .......... 51,290
U.S. TREASURY NOTE
50,000,000 5.625%, 10/31/99 .......... 49,953
5,500,000 5.625%, 11/30/99 .......... 5,495
11,000,000 7.750%, 01/31/00 .......... 11,440
4,000,000 7.125%, 02/29/00 .......... 4,116
4,000,000 6.375%, 05/15/00 .......... 4,060
35,000,000 8.750%, 08/15/00 .......... 37,559
38,000,000 5.625%, 02/28/01 .......... 37,899
8,500,000 6.625%, 07/31/01 .......... 8,739
35,000,000 6.500%, 08/31/01 .......... 35,869
25,000,000 7.500%, 11/15/01 .......... 26,504
61,200,000 6.625%, 04/30/02 .......... 63,208
52,000,000 6.250%, 06/30/02 .......... 53,032
4,000,000 5.750%, 11/30/02 .......... 4,003
26,000,000 6.500%, 08/15/05 .......... 27,129
30,000 6.125%, 08/15/07 .......... 31
5,000,000 8.125%, 08/15/21 .......... 6,307
See notes to financial statements.
-25-
<PAGE>
BOND MARKET ACCOUNT (CONTINUED)
VALUE
PRINCIPAL (000)
--------- -----
U.S. TREASURY SECURITIES--(CONTINUED)
U.S. TREASURY STRIP
$ 4,000,000 0.000%, 02/15/99 .......... $ 3,758
20,000,000 0.000%, 11/15/01 .......... 16,075
23,000,000 0.000%, 05/15/07 .......... 13,341
----------
595,961
----------
TOTAL GOVERNMENT BONDS
(COST $1,004,563)................. 1,019,603
----------
TOTAL BONDS
(COST $1,441,957).................. 1,461,807
----------
SHARES
------
PREFERRED STOCK--0.89%
FOREIGN BANKS, BRANCHES
AND AGENCIES--0.35%
NB CAPTIAL CORP NOTE
50,000 ^ 8.350%, 09/01/49 .......... 5,465
----------
REAL ESTATE AGENTS AND MANAGERS--0.54%
160,000 DUKE REALTY INVESTMENTS, INC ..... 8,284
----------
TOTAL PREFERRED STOCK
(COST $13,000) .................... 13,749
----------
PRINCIPAL
---------
SHORT TERM INVESTMENTS--13.73%
COMMERCIAL PAPER--13.73%
BURLINGTON NORTHERN SANTA FE
$ 3,000,000 ~* 7.000%, 01/02/98 .......... 2,999
CSX CORP
25,000,000 ~* 6.100%, 01/14/98 .......... 24,939
DUPONT (E.I.) DE NEMOURS & CO
5,350,000 5.750%, 01/05/98 .......... 5,346
EL PASO NATURAL GAS CO
13,363,000 6.050%, 01/14/98 .......... 13,330
HOUSTON INDUSTRIES
FINANCE CO LP
28,500,000 ~* 6.100%, 01/14/98 .......... 28,431
INGERSOLL RAND CO
31,000,000 * 6.050%, 01/14/98 .......... 30,924
LOCKHEED MARTIN
11,804,000 ^ 5.960%, 02/12/98 .......... 11,721
VALUE
PRINCIPAL (000)
--------- -----
POTLATCH CORP
$10,200,000 * 6.000%, 01/14/98 .......... $ 10,175
PRAXAIR, INC
19,000,000 * 6.050%, 01/14/98 .......... 18,954
PUBLIC SERVICE CO OF COLORADO
15,000,000 * 6.100%, 01/14/98 .......... 14,963
TEXAS UTILITIES CO
25,000,000 * 6.070%, 01/14/98 .......... 24,939
25,000,000 *^5.960%, 02/12/98 .......... 24,823
----------
211,544
----------
TOTAL SHORT TERM INVESTMENTS
(COST $211,592) ................... 211,544
----------
TOTAL PORTFOLIO
(COST $1,666,549) ................. $1,687,100
==========
- ------------------------
o Non-income producing
@ These securities were purchased on a delayed delivery basis.
* All or a portion of this security has been segregated by the Custodian to
cover margin or other requirements on open futures contracts, covered call
options written and securities purchased on a delayed delivery basis.
^ Security is exempt from registration under Rule 144A of the Securities Act of
1933 and may be resold in transactions exempt from registration normally to
qualified institutional buyers. At 12/31/97, the value of these securities
amounted to $136,458,934 or 8.86% of net assets.
~ Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
- ------------------------
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value of
investment in securities, is as follows:
MOODY'S RATINGS
AAA, AA, A 17.29%
BAA 13.05%
BA 4.11%
U.S. Government obligations represent 65.55% of the long term debt
portfolio value.
Moody's ratings are provided by Moody's Investors Services (Unaudited).
See notes to financial statements.
-26-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--SOCIAL CHOICE ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
------- -----
BONDS
CORPORATE BONDS
AIR TRANSPORTATION, SCHEDULED .......... $ 14,816 0.64%
ASSET BACKED ........................... 56,589 2.44
BLANKBOOKS AND BOOKBINDING ............. 1,064 0.04
BUSINESS CREDIT INSTITUTIONS ........... 4,995 0.21
CABLE AND OTHER PAY TV SERVICES ........ 3,627 0.16
COMMERCIAL BANKS ....................... 28,071 1.21
DEPARTMENT STORES ...................... 18,363 0.79
DRUGS .................................. 5,146 0.22
ELECTRIC SERVICES ...................... 14,965 0.64
FAMILY CLOTHING STORES ................. 5,169 0.22
FIRE, MARINE, AND CASUALTY INSURANCE ... 1,538 0.07
FUNERAL SERVICE AND CREMATORIES ........ 5,226 0.23
GAS PRODUCTION AND DISTRIBUTION ........ 15,907 0.69
GROCERY STORES ......................... 2,095 0.09
HOSPITALS .............................. 3,053 0.13
LIFE INSURANCE ......................... 5,222 0.23
MORTGAGE BANKERS AND BROKERS ........... 1,206 0.05
NEWSPAPERS ............................. 5,002 0.22
PERIODICALS ............................ 12,740 0.55
PERSONAL CREDIT INSTITUTIONS ........... 9,047 0.39
PETROLEUM REFINING ..................... 5,256 0.23
PRESERVED FRUITS AND VEGETABLES ........ 1,941 0.08
RADIO AND TELEVISION BROADCASTING ...... 206 0.01
RAILROADS .............................. 6,483 0.28
SECURITY BROKERS AND DEALERS ........... 15,215 0.66
TELEPHONE COMMUNICATIONS ............... 27,618 1.19
-------- -----
TOTAL CORPORATE BONDS
(COST $266,517) ........................ 270,560 11.67
-------- -----
GOVERNMENT BONDS
AGENCY SECURITIES ...................... 37,019 1.60
MORTGAGE BACKED SECURITIES ............. 241,351 10.41
U.S. TREASURY SECURITIES ............... 352,103 15.19
------- -----
TOTAL GOVERNMENT BONDS
(COST $615,630) ........................ 630,473 27.20
------- -----
TOTAL BONDS
(COST $882,147) ........................ 901,033 38.87
------- -----
COMMON STOCK
AIR TRANSPORTATION, SCHEDULED .......... 16,935 0.73
APPAREL, PIECE GOODS, AND NOTIONS ...... 4,757 0.21
AUTOMOTIVE RENTALS, NO DRIVERS ......... 111 0.01
BEVERAGES .............................. 36,466 1.57
BLANKBOOKS AND BOOKBINDING ............. 435 0.02
BLAST FURNACE AND BASIC
STEEL PRODUCTS ........................ 5,163 0.22
BOOKS .................................. 3,448 0.15
CABLE AND OTHER PAY TV SERVICES ........ 7,220 0.31
COMBINATION UTILITY SERVICES ........... 11,541 0.50
COMMERCIAL BANKS ....................... 134,347 5.80
COMMUNICATIONS EQUIPMENT ............... 732 0.03
COMPUTER AND DATA
PROCESSING SERVICES ................... 48,863 2.11
COMPUTER AND OFFICE EQUIPMENT .......... 78,418 3.38
CREDIT REPORTING AND COLLECTION ........ 7,028 0.30
DEPARTMENT STORES ...................... 26,444 1.14
DRUG STORES AND PROPRIETARY STORES ..... 275 0.01
VALUE %
------- -----
DRUGS .................................. $ 70,155 3.03%
DRUGS, PROPRIETARIES, AND SUNDRIES ..... 11,382 0.49
EATING AND DRINKING PLACES ............. 12,590 0.54
ELECTRIC LIGHTING AND
WIRING EQUIPMENT ...................... 1,006 0.04
ELECTRIC SERVICES ...................... 21,585 0.93
ELECTRICAL GOODS ....................... 4,827 0.21
ELECTRICAL INDUSTRIAL APPARATUS ........ 299 0.01
ELECTRONIC COMPONENTS
AND ACCESSORIES ....................... 31,776 1.37
ENGINES AND TURBINES ................... 6,332 0.27
FAMILY CLOTHING STORES ................. 1,132 0.05
FARM AND GARDEN MACHINERY .............. 6,193 0.27
FEDERAL AND FEDERALLY SPONSORED
CREDIT AGENCIES ....................... 32,256 1.39
FIRE, MARINE, AND CASUALTY INSURANCE ... 9,369 0.40
FUNERAL SERVICE AND CREMATORIES ........ 1,385 0.06
GAS PRODUCTION AND DISTRIBUTION ........ 19,878 0.86
GENERAL INDUSTRIAL MACHINERY ........... 8,767 0.38
GOLD AND SILVER ORES ................... 3,601 0.16
GRAIN MILL PRODUCTS .................... 30,439 1.31
GROCERIES AND RELATED PRODUCTS ......... 3,299 0.14
GROCERY STORES ......................... 6,551 0.28
HOLDING OFFICES ........................ 4,301 0.19
HOSPITALS .............................. 9,925 0.43
HOUSEHOLD APPLIANCES ................... 3,487 0.15
INDUSTRIAL INORGANIC CHEMICALS ......... 14,468 0.62
INDUSTRIAL MACHINERY, NEC .............. 809 0.03
INSURANCE AGENTS, BROKERS,
AND SERVICE ........................... 3,661 0.16
LIFE INSURANCE ......................... 55,397 2.39
LUMBER AND OTHER BUILDING MATERIALS .... 8,416 0.36
MEDICAL INSTRUMENTS AND SUPPLIES ....... 56,309 2.43
MEDICAL SERVICE AND HEALTH INSURANCE ... 447 0.02
MEN'S AND BOYS' FURNISHINGS ............ 671 0.03
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES ................... 113 0.00
MISCELLANEOUS CHEMICAL PRODUCTS ........ 14,518 0.63
MISCELLANEOUS CONVERTED
PAPER PRODUCTS ........................ 8,817 0.38
MISCELLANEOUS FOOD AND
KINDRED PRODUCTS ...................... 162 0.01
MISCELLANEOUS NONMETALLIC
MINERAL PRODUCTS ...................... 18,677 0.81
MISCELLANEOUS PETROLEUM AND
COAL PRODUCTS ......................... 1,328 0.06
MISCELLANEOUS PLASTICS PRODUCTS, NEC ... 5,374 0.23
MISCELLANEOUS SHOPPING GOOD STORES ..... 1,445 0.06
MISCELLANEOUS TRANSPORTATION
EQUIPMENT ............................. 509 0.02
MORTGAGE BANKERS AND BROKERS ........... 7,942 0.34
MOTION PICTURE PRODUCTION
AND SERVICES .......................... 21,125 0.91
MOTOR VEHICLES AND EQUIPMENT ........... 12,343 0.53
MOTOR VEHICLES, PARTS, AND SUPPLIES .... 6,511 0.28
NATURAL GAS LIQUIDS .................... 1,642 0.07
NEWSPAPERS ............................. 18,833 0.81
NONSTORE RETAILERS ..................... 4,742 0.20
See notes to financial statements.
-27-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--SOCIAL CHOICE ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY(CONTINUED)
(000)
VALUE %
----------- -------
OIL AND GAS EXTRACTION ................. $ 32,330 1.39%
OIL AND GAS FIELD SERVICES ............. 25,451 1.10
OPERATIVE BUILDERS ..................... 1,464 0.06
OPHTHALMIC GOODS ....................... 1,220 0.05
PAPER AND PAPER PRODUCTS ............... 1,795 0.08
PAPER MILLS ............................ 15,517 0.67
PASSENGER TRANSPORTATION
ARRANGEMENT ........................... 16,601 0.72
PERIODICALS ............................ 9,855 0.43
PERSONAL CREDIT INSTITUTIONS ........... 5,834 0.25
PERSONNEL SUPPLY SERVICES .............. 2,992 0.13
PETROLEUM AND PETROLEUM PRODUCTS ....... 2,767 0.12
PETROLEUM REFINING ..................... 6,096 0.26
PHOTOGRAPHIC EQUIPMENT AND SUPPLIES .... 9,883 0.43
PLASTICS MATERIALS AND SYNTHETICS ...... 1,155 0.05
PRESERVED FRUITS AND VEGETABLES ........ 27,147 1.17
PRIMARY NONFERROUS METALS .............. 2,999 0.13
RADIO AND TELEVISION BROADCASTING ...... 3,189 0.14
RADIO, TELEVISION, AND
COMPUTER STORES ....................... 77 0.00
RAILROADS .............................. 12,978 0.56
REAL ESTATE OPERATORS AND LESSORS ...... 6,913 0.30
SAVINGS INSTITUTIONS ................... 5,707 0.25
SEARCH AND NAVIGATION EQUIPMENT ........ 796 0.03
SECURITY AND COMMODITY SERVICES ........ 2,663 0.12
VALUE %
----------- -------
SECURITY BROKERS AND DEALERS ........... $ 26,760 1.16%
SOAP, CLEANERS, AND TOILET GOODS ....... 68,969 2.98
SPECIAL INDUSTRY MACHINERY ............. 2,899 0.13
SUGAR AND CONFECTIONERY PRODUCTS ....... 10,972 0.47
TELEPHONE COMMUNICATIONS ............... 123,718 5.34
TIRES AND INNER TUBES .................. 1,288 0.06
TOYS AND SPORTING GOODS ................ 6,612 0.28
TRUCKING AND COURIER SERVICES,
EXCEPT AIR ............................ 4,535 0.20
VARIETY STORES ......................... 2,810 0.12
WOMEN'S ACCESSORY AND
SPECIALTY STORES ...................... 429 0.02
WOMEN'S AND MISSES' OUTERWEAR .......... 657 0.03
---------- ------
TOTAL COMMON STOCK
(COST $741,361) ....................... 1,392,055 60.06
---------- ------
SHORT TERM INVESTMENTS
COMMERCIAL PAPER ..................... 133,304 5.75
---------- ------
TOTAL SHORT TERM INVESTMENTS
(COST $133,336) ....................... 133,304 5.75
---------- ------
TOTAL PORTFOLIO
(COST $1,756,844) ..................... 2,426,392 104.68
---------- ------
OTHER ASSETS & LIABILITIES, NET ..... (108,404) (4.68)
---------- ------
NET ASSETS ............................... $2,317,988 100.00%
========== ======
See notes to financial statements.
-28-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--SOCIAL CHOICE ACCOUNT
DECEMBER 31, 1997
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
BONDS--38.87%
CORPORATE BONDS--11.67%
AIR TRANSPORTATION, SCHEDULED--0.64%
DELTA AIRLINES, INC SERIES
1992-B1 (PASS-THRU CERT)
$2,498,262 8.270%, 09/23/07 ............ BAA1 $ 2,757
DELTA AIRLINES DEB
4,999,589 8.950%, 01/12/12 ............ BAA1 5,693
UNITED AIR LINES DEB
4,975,000 9.750%, 08/15/21 ............ BAA3 6,366
-------
14,816
-------
ASSET BACKED--2.44%
AMERICAN EXPRESS MASTER
TRUST SERIES 1994-2 (CLASS A)
3,125,000 7.600%, 08/15/02 ............ AAA 3,271
CHASE COMMERCIAL MORTGAGE
SECURITIES CORP SERIES
1997-2 (CLASS A2)
10,000,000 6.600%, 11/19/07 ............ AAA 10,094
CHASE CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS B)
8,000,000 6.450%, 04/15/03 ............ A2 8,048
CITIBANK CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS B)
3,000,000 6.700%, 02/15/04 ............ A2 3,052
EQCC HOME EQUITY LOAN TRUST
SERIES 1997-1 (CLASS A2)
5,000,000 6.610%, 06/15/06 ............ AAA 5,027
EQUICREDIT HOME EQUITY
LOAN TRUST SERIES 1996-3
(CLASS A4)
3,000,000 6.700%, 06/15/08 ............ AAA 3,004
FLEETWOOD CREDIT
GRANTOR TRUST SERIES 1993-B
(CLASS A)
2,953,807 4.950%, 08/15/08 ............ AAA 2,890
NATIONSCREDIT GRANTOR
TRUST SERIES 1997-2 (CLASS A1)
4,765,643 6.350%, 04/15/14 ............ AAA 4,786
NATIONSBANK AUTO OWNER
TRUST SERIES 1996-A (CLASS A2)
1,039,630 6.125%, 07/15/99 ............ AAA 1,040
NATIONSBANK CREDIT CARD
MASTER TRUST SERIES 1993-2
(CLASS B)
7,000,000 6.250%, 12/15/05 ............ A2 6,950
STANDARD CREDIT CARD MASTER
TRUST SERIES 1991-6 (CLASS B)
2,570,000 8.350%, 01/07/00 ............ A2 2,619
UCFCM SERIES 1997-2 (CLASS B1)
5,775,931 7.370%, 02/15/18 ............ BAA2 5,808
-------
56,589
-------
BLANKBOOKS AND
BOOKBINDING--0.04%
DELUXE CORP DEB
1,000,000 8.550%, 02/15/01 ............ A1 1,064
-------
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
BUSINESS CREDIT
INSTITUTIONS--0.21%
FINOVA CAPITAL CORP DEB
$5,000,000 ^ 6.125%, 11/01/99 ............ BAA1 $ 4,995
-------
CABLE AND OTHER PAY TV
SERVICES--0.16%
COX COMMUNICIATIONS, INC NOTE
(CLASS A)
3,500,000 8.700%, 06/15/99 ............ BAA2 3,627
-------
COMMERCIAL BANKS--1.21%
BANC ONE CORP
(MEDIUM TERM NOTE)
5,000,000 7.000%, 03/25/02 ............ AA3 5,128
BANKAMERICA CORP
(SUBORDINATED NOTE)
2,000,000 9.750%, 07/01/00 ............ A1 2,160
BANKERS TRUST NEW YORK
CORP NOTE
5,000,000 6.750%, 10/03/01 ............ A2 5,067
CHASE MANHATTAN CORP
(SUBORDINATED NOTE)
5,000,000 8.500%, 02/15/02 ............ A1 5,403
CHASE MANHATTAN BANK
(SR NOTE)
5,000,000 5.875%, 08/04/99 ............ AA2 4,981
WACH0VIA CAPITAL TRUST DEB
5,000,000 ^ 7.965%, 06/01/27 ............ AA3 5,332
-------
28,071
-------
DEPARTMENT STORES--0.79%
DILLIARD DEPARTMENT STORES,
INC NOTE
2,000,000 7.150%, 09/01/02 ............ A2 2,072
MAY DEPARTMENT STORES
CO NOTE
3,000,000 7.150%, 08/15/04 ............ A2 3,117
SEARS ROEBUCK ACCEPTANCE
CORP (MEDIUM TERM NOTE)
5,000,000 6.990%, 09/30/02 ............ A2 5,140
WAL-MART STORES, INC NOTE
5,500,000 8.625%, 04/01/01 ............ AA2 5,891
WAL-MART STORES, INC DEB
2,000,000 7.250%, 06/01/13 ............ AA2 2,143
-------
18,363
-------
DRUGS--0.22%
MERCK & CO, INC
(MEDIUM TERM NOTE)
5,000,000 5.760%, 05/03/37 ............ AAA 5,146
-------
ELECTRIC SERVICES--0.64%
IDAHO POWER CO
(FIRST MORTGAGE BOND)
9,000,000 8.650%, 01/01/00 ............ A2 9,432
PUGET SOUND POWER & LIGHT
CO (MEDIUM TERM NOTE)
5,000,000 8.060%, 06/19/06 ............ BAA1 5,533
-------
14,965
-------
See notes to financial statements.
-29-
<PAGE>
SOCIAL CHOICE ACCOUNT (CONTINUED)
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
FAMILY CLOTHING STORES--0.22%
GAP, INC NOTE
$5,000,000 6.900%, 09/15/07 ............ A2 $ 5,169
-------
FIRE, MARINE, AND CASUALTY
INSURANCE--0.07%
CHUBB CAPITAL CORP NOTE
1,500,000 6.875%, 02/01/03 ............ AA2 1,538
-------
FUNERAL SERVICE AND
CREMATORIES--0.23%
SERVICE CORP INTERNATIONAL
NOTE
5,000,000 7.375%, 04/15/04 ............ BAA1 5,226
-------
GAS PRODUCTION AND
DISTRIBUTION--0.69%
EL PASO NATURAL GAS CO NOTE
5,000,000 6.750%, 11/15/03 ............ BAA2 5,093
SONAT, INC NOTE
5,000,000 6.750%, 10/01/07 ............ A3 5,091
TEXAS GAS TRANSMISSION DEB
5,500,000 7.250%, 07/15/27 ............ BAA1 5,723
-------
15,907
-------
GROCERY STORES--0.09%
KROGER CO
(SUBORDINATED NOTE)
2,000,000 10.000%, 05/01/99 ........... BA2 2,095
-------
HOSPITALS--0.13%
TENET HEALTHCARE CORP
(SR NOTE)
3,000,000 8.000%, 01/15/05 ............ BA1 3,053
-------
LIFE INSURANCE--0.23%
HANCOCK (JOHN) MUTUAL
LIFE INSURANCE CO
(SURPLUS NOTE)
3,000,000 7.375%, 02/15/24 ............ A1 3,148
TRAVELERS CAPITAL CORP DEB
2,000,000 7.750%, 12/01/36 ............ AA3 2,074
-------
5,222
-------
MORTGAGE BANKERS AND
BROKERS--0.05%
FLEET MORTGAGE GROUP, INC
NOTE
1,200,000 6.500%, 09/15/99 ............ A2 1,206
-------
NEWSPAPERS--0.22%
COX ENTERPRISES SERIES
1997-1 (PASS THRU CERT)
5,000,000 ^ 6.250%, 08/26/99 ............ BAA1 5,002
-------
PERIODICALS--0.55%
TIME WARNER, INC
(PASS-THRU ASSET TRUST)
8,000,000 ^ 4.900%, 07/29/99 ............ BA1 7,841
TIME WARNER, INC
(PASS-THRU CERT)
5,000,000 ^ 6.100%, 12/30/01 ............ BA1 4,899
-------
12,740
-------
PERSONAL CREDIT
INSTITUTIONS--0.39%
CAPITAL ONE BANK (SR NOTE)
5,000,000 7.200%, 07/19/99 ............ BAA3 5,069
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
HOUSEHOLD INTERNATIONAL
NETHERLANDS BV (SR NOTE)
$4,000,000 5.250%, 10/15/98 ............ A3 $ 3,978
-------
9,047
-------
PETROLEUM REFINING--0.23%
LYONDELL PETROCHEMICAL
CO NOTE
5,000,000 10.000%, 06/01/99 ........... BAA3 5,256
-------
PRESERVED FRUITS AND
VEGETABLES--0.08%
CAMPBELL SOUP CO NOTE
2,000,000 5.625%, 09/15/03 ............ AA3 1,941
-------
RADIO AND TELEVISION
BROADCASTING--0.01%
VIACOM INTERNATIONAL, INC
(SUBORDINATED DEB)
205,000 8.000%, 07/07/06 ............ B1 206
-------
RAILROADS--0.28%
NORFOLK SOUTHERN
CORP NOTE
3,000,000 6.950%, 05/01/02 ............ BAA1 3,077
3,000,000 7.900%, 05/15/97 ............ BAA1 3,406
-------
6,483
-------
SECURITY BROKERS AND
DEALERS--0.66%
MERRILL LYNCH & CO NOTE
5,000,000 6.550%, 08/01/04 ............ AA3 5,044
MORGAN STANLEY
GROUP, INC (SR NOTE)
5,000,000 9.750%, 02/15/03 ............ A1 5,198
SALOMON SMITH BARNEY
HOLDINGS NOTE
5,000,000 6.375%, 10/01/04 ............ A2 4,973
-------
15,215
-------
TELEPHONE
COMMUNICATIONS--1.19%
NEW YORK TELEPHONE CO DEB
7,000,000 9.375%, 07/15/31 ............ A2 7,934
3,000,000 7.250%, 02/15/24 ............ A2 3,043
TCI COMMUNICATIONS, INC
(SR NOTE)
6,000,000 6.375%, 09/15/99 ............ BA1 6,001
US WEST CAPITAL FUNDING, INC
(GUARANTEED NOTE)
3,000,000 6.950%, 01/15/37 ............ BAA1 3,090
U.S. WEST COMMUNICATIONS,
INC NOTE
2,500,000 6.125%, 11/15/05 ............ AA3 2,466
U.S. WEST COMMUNICATIONS,
INC NOTE
5,000,000 6.625%, 09/15/05 ............ AA3 5,084
-------
27,618
-------
TOTAL CORPORATE BONDS
(COST $266,517) ............... 270,560
-------
See notes to financial statements.
-30-
<PAGE>
SOCIAL CHOICE ACCOUNT (CONTINUED)
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
GOVERNMENT BONDS--27.20%
AGENCY SECURITIES--1.60%
FEDERAL HOME LOAN MORTGAGE
CORP (FHLMC)
$ 5,000,000 7.090%, 11/24/06 $ 5,041
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
5,000,000 5.970%, 10/02/00 ............ AAA 5,013
2,000,000 6.375%, 10/13/00 ............ 2,000
1,000,000 8.250%, 12/18/00 ............ 1,061
1,000,000 7.400%, 07/01/04 ............ 1,076
9,000,000 7.875%, 02/24/05 ............ 9,944
8,000,000 5.800%, 02/22/06 ............ 7,864
5,000,000 6.210%, 11/07/07 ............ 5,020
-------
37,019
-------
MORTGAGE BACKED SECURITIES--10.41%
FEDERAL HOME LOAN MORTGAGE
CORP (FHLMC)
2,045,000 6.000%, 10/15/10 ............ 2,041
4,236,022 6.000%, 03/01/11 ............ 4,191
1,256,161 7.000%, 05/01/23 ............ 1,274
3,848,353 8.500%, 07/01/24 ............ 4,025
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
4,082,926 6.000%, 12/01/02 ............ 4,054
539,933 8.500%, 02/01/05 ............ 555
1,702,341 7.500%, 06/01/11 ............ 1,749
1,337,010 8.000%, 06/01/11 ............ 1,382
1,627,944 8.000%, 07/01/11 ............ 1,682
430,143 7.500%, 08/01/11 ............ 442
683,917 7.500%, 09/01/11 ............ 703
1,569,248 7.500%, 10/01/11 ............ 1,612
9,832,261 7.000%, 04/01/12 ............ 9,980
6,354,341 6.500%, 09/01/12 ............ 6,365
2,623,633 8.000%, 03/01/23 ............ 2,732
8,362,491 8.500%, 12/01/24 ............ 8,775
19,500,000 @ 6.500%, 02/25/28 ............ 19,244
65,500,000 @ 7.000%, 02/25/28 ............ 65,910
36,000,000 @ 7.500%, 02/25/28 ............ 36,811
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION (GNMA)
683,371 8.500%, 09/15/09 ............ 717
614,819 8.500%, 10/15/09 ............ 645
501,909 8.500%, 12/15/09 ............ 527
4,125,261 9.000%, 12/15/09 ............ 4,456
3,890,866 9.000%, 12/15/17 ............ 4,239
395,386 9.000%, 03/15/20 ............ 429
260,948 9.000%, 08/15/20 ............ 283
4,147,556 7.000%, 03/20/22 ............ 4,266
4,015,406 8.000%, 06/15/22 ............ 4,187
4,352,425 7.125%, 07/20/22 ............ 4,471
4,460,645 6.875%, 10/20/22 ............ 4,592
4,084,110 7.000%, 02/20/23 ............ 4,205
4,225,250 7.125%, 07/20/23 ............ 4,328
5,999,883 7.000%, 10/15/23 ............ 6,071
2,345,637 7.000%, 11/15/23 ............ 2,374
6,163,627 6.875%, 12/20/23 ............ 6,328
3,535,799 7.375%, 05/20/24 ............ 3,643
6,975,105 7.000%, 09/15/24 ............ 7,059
4,864,137 5.500%, 04/20/27 ............ 4,922
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
RESOLUTION TRUST CORP SERIES
1992-8 (CLASS A-2)
(MTGE PASS-THRU CERT)
$ 82,987 8.250%, 12/25/26 ............ AAA $ 82
-------
241,351
-------
U.S. TREASURY SECURITIES--15.19%
U.S. TREASURY BOND
15,400,000 12.000%, 08/15/13 ............ 22,691
34,000,000 7.500%, 11/15/16 ............ 39,684
31,000,000 8.500%, 02/15/20 ............ 40,300
6,000,000 7.625%, 11/15/22 ............ 7,224
29,000,000 6.875%, 08/15/25 ............ 32,335
U.S. TREASURY NOTE
18,000,000 6.750%, 05/31/99 ............ 18,264
20,000,000 6.875%, 07/31/99 ............ 20,356
22,500,000 7.750%, 01/31/00 ............ 23,400
32,500,000 * 6.250%, 05/31/00 ............ 32,906
23,000,000 6.375%, 03/31/01 ............ 23,431
4,000,000 6.500%, 08/31/01 ............ 4,099
31,500,000 7.500%, 11/15/01 ............ 33,395
39,000,000 6.625%, 04/30/02 ............ 40,280
5,000,000 5.750%, 08/15/03 ............ 5,003
8,500,000 6.125%, 08/15/07 ............ 8,735
-------
352,103
-------
TOTAL GOVERNMENT BONDS
(COST $615,630) ............... 630,473
-------
TOTAL BONDS
(COST $882,147) ................ 901,033
-------
SHARES
------
COMMON STOCK--60.06%
AIR TRANSPORTATION, SCHEDULED--0.73%
44,700 oAMR CORP ............................. 5,744
63,900 DELTA AIRLINES, INC .................. 7,604
66,375 SOUTHWEST AIRLINES CO ................ 1,634
20,300 oUAL CORP ............................ 1,878
1,200 oUS AIRWAYS GROUP, INC ................ 75
----------
16,935
----------
APPAREL, PIECE GOODS,
AND NOTIONS--0.21%
121,200 NIKE, INC (CLASS B) .................. 4,757
----------
AUTOMOTIVE RENTALS, NO DRIVERS--0.01%
3,400 RYDER SYSTEM, INC .................... 111
----------
BEVERAGES--1.57%
529,600 COCA COLA CO ......................... 35,285
33,200 COCA COLA ENTERPRISES, INC ........... 1,181
----------
36,466
----------
BLANKBOOKS AND BOOKBINDING--0.02%
12,600 DELUXE CORP .......................... 435
----------
BLAST FURNACE AND BASIC
STEEL PRODUCTS--0.22%
27,600 BIRMINGHAM STEEL CORP ................ 435
64,100 NUCOR CORP ........................... 3,097
98,850 WORTHINGTON INDUSTRIES, INC .......... 1,631
----------
5,163
----------
See notes to financial statements.
-31-
<PAGE>
SOCIAL CHOICE ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
BOOKS--0.15%
46,600 MCGRAW HILL COS, INC ................. $ 3,448
----------
CABLE AND OTHER PAY TV
SERVICES--0.31%
6,300 COMCAST CORP (CLASS A) ............... 201
18,150 COMCAST CORP (CLASS A) SPECIAL ....... 573
55,745 oCOX COMMUNICATIONS, INC
(CLASS A) ........................... 2,233
13,320 oTCI SATELLITE ENTERTAINMENT
(CLASS A) ........................... 92
93,394 oTELE-COMMUNICATIONS, INC
(CLASS A) ........................... 2,609
53,406 oTELECOM-TCI VENTURES GROUP
(CLASS A) ........................... 1,512
----------
7,220
----------
COMBINATION UTILITY SERVICES--0.50%
118,700 NIPSCO INDUSTRIES, INC ............... 5,868
207,700 PACIFICORP ........................... 5,673
----------
11,541
----------
COMMERCIAL BANKS--5.80%
165,265 BANC ONE CORP ........................ 8,976
80,800 BANK OF NEW YORK CO, INC ............. 4,671
226,200 BANKAMERICA CORP ..................... 16,513
13,600 BANKERS TRUST NEW YORK CORP .......... 1,529
39,800 BARNETT BANKS, INC ................... 2,861
101,800 CHASE MANHATTAN CORP ................. 11,147
121,191 CITICORP CO .......................... 15,323
38,200 CORESTATES FINANCIAL CORP ............ 3,058
82,140 FIRST CHICAGO NBD CORP ............... 6,859
55,167 FLEET FINANCIAL GROUP, INC ........... 4,134
12,800 KEYCORP .............................. 906
140,350 MBNA CORP ............................ 3,833
77,500 MORGAN (J.P.) & CO, INC .............. 8,748
179,672 NATIONSBANK CORP ..................... 10,926
209,600 NORWEST CORP ......................... 8,096
104,600 PNC BANK CORP ........................ 5,969
99,000 SUNTRUST BANKS, INC .................. 7,066
29,330 U.S. BANCORP ......................... 3,283
58,400 WACHOVIA CORP ........................ 4,738
16,824 WELLS FARGO & CO ..................... 5,711
----------
134,347
----------
COMMUNICATIONS EQUIPMENT--0.03%
24,200 oDSC COMMUNICATIONS CORP .............. 581
15,300 oGLENAYRE TECHNOLOGIES, INC ........... 151
----------
732
----------
COMPUTER AND DATA PROCESSING
SERVICES--2.11%
92,000 AUTOMATIC DATA
PROCESSING, INC ...................... 5,647
114,825 COMPUTER ASSOCIATES
INTERNATIONAL, INC ................... 6,071
247,600 oMICROSOFT CORP ....................... 32,002
82,200 oNOVELL, INC .......................... 617
202,862 oORACLE CORP .......................... 4,526
----------
48,863
----------
COMPUTER AND OFFICE
EQUIPMENT--3.38%
48,300 oAPPLE COMPUTER, INC .................. 634
191,850 oCISCO SYSTEMS, INC ................... 10,696
216,455 COMPAQ COMPUTER CORP ................. 12,216
10,462 DIEBOLD, INC ......................... 530
286,400 HEWLETT-PACKARD CO ................... 17,900
VALUE
SHARES (000)
------ ---------
7,840 oIMATION CORP ......................... $ 125
271,800 INTERNATIONAL BUSINESS
MACHINES CORP ........................ 28,420
54,900 PITNEY BOWES, INC .................... 4,938
74,200 oSUN MICROSYSTEMS, INC ............... 2,959
----------
78,418
----------
CREDIT REPORTING AND
COLLECTION--0.30%
32,900 oACNEILSEN CORP ....................... 802
98,700 COGNIZANT CORP ....................... 4,398
59,100 DUN & BRADSTREET CORP ................ 1,828
----------
7,028
----------
DEPARTMENT STORES--1.14%
1,000 oFEDERATED DEPARTMENT
STORES, INC ......................... 43
33,600 MAY DEPARTMENT STORES CO ............. 1,770
60,200 PENNEY, (J.C.) CO, INC ............... 3,631
532,500 WAL-MART STORES, INC ................. 21,000
----------
26,444
----------
DRUG STORES AND PROPRIETARY
STORES--0.01%
4,300 CVS CORP ............................. 275
----------
DRUGS--3.03%
44,700 ALLERGAN, INC ........................ 1,500
2,405 oCRESCENDO PHARMACEUTICALS CORP ....... 28
24,600 oFOREST LABORATORIES, INC ............. 1,213
36,800 oGENZYME CORP
(GENERAL DIVISION) .................. 1,021
3,588 oGENZYME CORP
(TISSUE REPAIR DIVISION) ............ 25
23,400 oIVAX CORP ............................ 158
54,500 MALLINCKRODT, INC .................... 2,071
4,410 MARK IV INDUSTRIES, INC .............. 96
374,000 MERCK & CO, INC ...................... 39,738
34,500 MYLAN LABORATORIES, INC .............. 722
379,600 SCHERING-PLOUGH CORP ................. 23,583
----------
70,155
----------
DRUGS, PROPRIETARIES, AND
SUNDRIES--0.49%
87,900 oAMGEN, INC ........................... 4,758
12,402 BERGEN BRUNSWIG CORP (CLASS A) ....... 522
56,400 MCKESSON CORP ........................ 6,102
----------
11,382
----------
EATING AND DRINKING PLACES--0.54%
102,200 DARDEN RESTAURANTS, INC .............. 1,278
236,900 MCDONALDS CORP ....................... 11,312
----------
12,590
----------
ELECTRIC LIGHTING AND
WIRING EQUIPMENT--0.04%
21,300 THOMAS & BETTS CORP .................. 1,006
----------
ELECTRIC SERVICES--0.93%
32,500 IDAHO POWER CO ....................... 1,223
104,700 LOUISVILLE GAS & ELECTRIC
ENERGY CORP ......................... 2,591
33,100 OGE ENERGY CORP ...................... 1,810
279,800 POTOMAC ELECTRIC POWER CO ............ 7,222
126,800 PUGET SOUND ENERGY, INC .............. 3,828
174,600 TECO ENERGY, INC ..................... 4,911
----------
21,585
----------
See notes to financial statements.
-32-
<PAGE>
SOCIAL CHOICE ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
ELECTRICAL GOODS--0.21%
24,400 AVNET, INC ........................... $ 1,610
33,100 GRAINGER (W.W.), INC ................. 3,217
----------
4,827
----------
ELECTRICAL INDUSTRIAL
APPARATUS--0.01%
13,800 BALDOR ELECTRIC CO ................... 299
----------
ELECTRONIC COMPONENTS AND
ACCESSORIES--1.37%
30,800 oADVANCED MICRO DEVICES, INC .......... 552
367,700 INTEL CORP ........................... 25,831
48,700 oMICRON TECHNOLOGY, INC ............... 1,266
35,770 MOLEX, INC ........................... 1,149
43,500 oNATIONAL SEMICONDUCTOR CORP .......... 1,128
78,296 oVISHAY INTERTECHNOLOGY, INC .......... 1,850
----------
31,776
----------
ENGINES AND TURBINES--0.27%
30,600 CUMMINS ENGINE CO, INC ............... 1,807
107,900 DRESSER INDUSTRIES, INC .............. 4,525
----------
6,332
----------
FAMILY CLOTHING STORES--0.05%
31,950 GAP, INC ............................. 1,132
----------
FARM AND GARDEN MACHINERY--0.27%
106,200 DEERE & CO ........................... 6,193
----------
FEDERAL AND FEDERALLY-
SPONSORED CREDIT AGENCIES--1.39%
372,600 FEDERAL NATIONAL
MORTGAGE ASSOCIATION ................ 21,261
191,200 FREDDIE MAC .......................... 8,018
21,400 SLM HOLDING CORP ..................... 2,977
----------
32,256
----------
FIRE, MARINE, AND
CASUALTY INSURANCE--0.40%
102,353 ALLSTATE CORP ........................ 9,301
1,400 SAFECO CORP .......................... 68
----------
9,369
----------
FUNERAL SERVICE AND
CREMATORIES--0.06%
37,500 SERVICE CORP INTERNATIONAL ........... 1,385
----------
GAS PRODUCTION AND
DISTRIBUTION--0.86%
33,400 EL PASO NATURAL GAS CO ............... 2,221
24,600 EQUITABLE RESOURCES, INC ............. 870
30,800 KEYSPAN ENERGY CORP .................. 1,134
18,800 MCN ENERGY GROUP, INC ................ 759
55,700 NICOR, INC ........................... 2,350
9,200 PEOPLES ENERGY CORP .................. 362
134,900 SONAT, INC ........................... 6,172
211,800 WILLIAMS COS, INC .................... 6,010
----------
19,878
----------
GENERAL INDUSTRIAL
MACHINERY--0.38%
23,500 FEDERAL-MOGUL CORP ................... 952
46,800 GRACO, INC ........................... 1,746
25,900 NORDSON CORP ......................... 1,188
30,238 TIMKEN CO ............................ 1,039
85,270 TYCO INTERNATIONAL LTD ............... 3,842
----------
8,767
----------
VALUE
SHARES (000)
------ ---------
GOLD AND SILVER ORES--0.16%
122,593 NEWMONT MINING CORP .................. $ 3,601
----------
GRAIN MILL PRODUCTS--1.31%
74,400 CPC INTERNATIONAL, INC ............... 8,035
102,000 GENERAL MILLS, INC ................... 7,306
183,600 KELLOGG CO ........................... 9,111
113,500 QUAKER OATS CO ....................... 5,987
----------
30,439
----------
GROCERIES AND RELATED
PRODUCTS--0.14%
72,400 SYSCO CORP ........................... 3,299
----------
GROCERY STORES--0.28%
88,300 ALBERTSONS, INC ...................... 4,183
47,600 AMERICAN STORES CO ................... 979
37,600 oKROGER CO ............................ 1,389
----------
6,551
----------
HOLDING OFFICES--0.19%
108,200 SIGMA ALDRICH CORP ................... 4,301
----------
HOSPITALS--0.43%
188,955 COLUMBIA/HCA HEALTHCARE CORP ......... 5,598
11,700 oHUMANA, INC .......................... 243
123,300 oTENET HEALTHCARE CORP ................ 4,084
----------
9,925
----------
HOUSEHOLD APPLIANCES--0.15%
63,400 WHIRLPOOL CORP ....................... 3,487
----------
INDUSTRIAL INORGANIC
CHEMICALS--0.62%
94,600 AIR PRODUCTS & CHEMICALS, INC ........ 7,781
148,600 PRAXAIR, INC ......................... 6,687
----------
14,468
----------
INDUSTRIAL MACHINERY,
NEC--0.03%
49,200 oUNOVA, INC ........................... 809
----------
INSURANCE AGENTS,
BROKERS, AND SERVICE--0.16%
49,100 MARSH & MCLENNAN COS, INC ............ 3,661
----------
LIFE INSURANCE--2.39%
289,545 AMERICAN INTERNATIONAL GROUP, INC .... 31,488
49,700 CHUBB CORP ........................... 3,759
9,300 CIGNA CORP ........................... 1,609
11,958 CONSECO, INC ......................... 543
14,900 GENERAL REINSURANCE CORP ............. 3,159
275,432 TRAVELERS GROUP, INC ................. 14,839
----------
55,397
----------
LUMBER AND OTHER
BUILDING MATERIALS--0.36%
142,950 HOME DEPOT, INC ...................... 8,416
----------
MEDICAL INSTRUMENTS AND
SUPPLIES--2.43%
48,100 oALZA CORP ............................ 1,530
6,680 oALZA CORP WTS 12/31/99 ............... 1
218,800 BECTON DICKINSON & CO ................ 10,940
6,500 BIOMET, INC .......................... 167
51,900 oBOSTON SCIENTIFIC CORP ............... 2,381
500,600 JOHNSON & JOHNSON CO ................. 32,977
151,400 MEDTRONIC, INC ....................... 7,920
12,900 oST. JUDE MEDICAL, INC ................ 393
----------
56,309
----------
See notes to financial statements.
-33-
<PAGE>
SOCIAL CHOICE ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ------
MEDICAL SERVICE AND
HEALTH INSURANCE--0.02%
3,500 oCNA FINANCIAL CORP ................... $ 447
----------
MEN'S AND BOYS'
FURNISHINGS--0.03%
14,600 VF CORP .............................. 671
----------
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES--0.00%
5,500 oCIRCUS CIRCUS ENTERPRISES, INC ....... 113
----------
MISCELLANEOUS CHEMICAL
PRODUCTS--0.63%
26,900 BETZDEARBORN, INC .................... 1,643
40,300 CABOT CORP ........................... 1,113
18,688 FULLER (H.B.) CO ..................... 925
70,700 NALCO CHEMICAL CORP .................. 2,797
131,000 oSMITH INTERNATIONAL, INC ............. 8,040
----------
14,518
----------
MISCELLANEOUS CONVERTED PAPER
PRODUCTS--0.38%
92,000 AVERY DENNISON CORP .................. 4,117
135,500 SONOCO PRODUCTS CO ................... 4,700
----------
8,817
----------
MISCELLANEOUS FOOD AND KINDRED
PRODUCTS--0.01%
5,800 MCCORMICK & CO, INC (NON-VOTE) ....... 162
----------
MISCELLANEOUS NONMETALLIC MINERAL
PRODUCTS--0.81%
227,600 MINNESOTA MINING &
MANUFACTURING CO .................... 18,677
----------
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS--0.06%
45,800 oWD-40 CO ............................. 1,328
----------
MISCELLANEOUS PLASTICS PRODUCTS,
NEC--0.23%
25,400 RAYCHEM CORP ......................... 1,094
90,300 RUBBERMAID, INC ...................... 2,258
80,462 SCHULMAN (A.), INC ................... 2,022
----------
5,374
----------
MISCELLANEOUS SHOPPING GOOD
STORES--0.06%
45,950 oTOYS R US, INC ....................... 1,445
----------
MISCELLANEOUS TRANSPORTATION
EQUIPMENT--0.02%
12,000 FLEETWOOD ENTERPRISES, INC ........... 509
----------
MORTGAGE BANKERS AND
BROKERS--0.34%
154,965 FIRST UNION CORP ..................... 7,942
----------
MOTION PICTURE PRODUCTION AND
SERVICES--0.91%
198,275 DISNEY (WALT) CO ..................... 19,642
40,912 oLIBERTY MEDIA GROUP (CLASS A) ........ 1,483
----------
21,125
----------
MOTOR VEHICLES AND
EQUIPMENT--0.53%
124,400 ECHLIN, INC .......................... 4,502
116,500 ILLINOIS TOOL WORKS, INC ............. 7,005
24,500 MODINE MANUFACTURING CO .............. 836
----------
12,343
----------
VALUE
SHARES (000)
------ ---------
MOTOR VEHICLES, PARTS, AND
SUPPLIES--0.28%
191,850 GENUINE PARTS CO ..................... $ 6,511
----------
NATURAL GAS LIQUIDS--0.07%
20,900 COLUMBIA GAS SYSTEMS, INC ............ 1,642
----------
NEWSPAPERS--0.81%
41,000 DOW JONES & CO, INC .................. 2,201
155,400 GANNETT CO, INC ...................... 9,606
11,300 KNIGHT-RIDDER, INC ................... 588
13,100 NEW YORK TIMES CO (CLASS A) .......... 866
90,600 TIMES MIRROR CO (CLASS A) ............ 5,572
----------
18,833
----------
NONSTORE RETAILERS--0.20%
104,800 SEARS ROEBUCK & CO ................... 4,742
----------
OIL AND GAS EXTRACTION--1.39%
75,700 ANADARKO PETROLEUM CORP .............. 4,594
96,500 APACHE CORP .......................... 3,384
147,400 CONSOLIDATED NATURAL GAS CO .......... 8,918
81,700 HELMERICH & PAYNE, INC ............... 5,545
60,200 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS B) ...................... 1,753
78,200 NOBLE AFFILIATES, INC ................ 2,757
164,400 oORYX ENERGY CO ....................... 4,192
105,500 oSANTA FE ENERGY RESOURCES, INC ....... 1,187
----------
32,330
----------
OIL AND GAS FIELD SERVICES--1.10%
63,000 oBJ SERVICES CO ....................... 4,532
50 ENSCO INTERNATIONAL, INC ............. 2
102,900 oNABORS INDUSTRIES, INC ............... 3,235
97,800 oNOBLE DRILLING CORP .................. 2,995
89,600 PACIFIC ENTERPRISES, INC ............. 3,371
192,700 oPARKER DRILLING CO ................... 2,349
123,900 oROWAN COS, INC ....................... 3,779
64,400 TRANSOCEAN OFFSHORE, INC ............. 3,103
47,658 oWEATHERFORD ENTERRA, INC ............. 2,085
----------
25,451
----------
OPERATIVE BUILDERS--0.06%
28,600 HILLENBRAND INDUSTRIES, INC .......... 1,464
----------
OPHTHALMIC GOODS--0.05%
30,800 BAUSCH & LOMB, INC ................... 1,220
----------
PAPER AND PAPER PRODUCTS--0.08%
50,900 IKON OFFICE SOLUTIONS, INC ........... 1,432
25,450 UNISOURCE WORLDWIDE, INC ............. 363
----------
1,795
----------
PAPER MILLS--0.67%
149,400 CONSOLIDATED PAPERS, INC ............. 7,974
140,500 UNION CAMP CORP ...................... 7,543
----------
15,517
----------
PASSENGER TRANSPORTATION
ARRANGEMENT--0.72%
186,000 AMERICAN EXPRESS CO .................. 16,601
----------
PERIODICALS--0.43%
158,948 TIME WARNER, INC ..................... 9,855
----------
PERSONAL CREDIT INSTITUTIONS--0.25%
7,500 BENEFICIAL CORP ...................... 623
40,853 HOUSEHOLD INTERNATIONAL, INC ......... 5,211
----------
5,834
----------
See notes to financial statements.
-34-
<PAGE>
SOCIAL CHOICE ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
PERSONNEL SUPPLY SERVICES--0.13%
70,400 NEWELL COS, INC ...................... $ 2,992
----------
PETROLEUM AND PETROLEUM
PRODUCTS--0.12%
104,400 LYONDELL PETROCHEMICAL CO ............ 2,767
----------
PETROLEUM REFINING--0.26%
112,500 MURPHY OIL CORP ...................... 6,096
----------
PHOTOGRAPHIC EQUIPMENT
AND SUPPLIES--0.43%
133,900 XEROX CORP ........................... 9,883
----------
PLASTICS MATERIALS AND
SYNTHETICS--0.05%
45,750 HANNA (M.A.) CO ...................... 1,155
----------
PRESERVED FRUITS AND
VEGETABLES--1.17%
246,100 CAMPBELL SOUP CO ..................... 14,305
202,050 HEINZ (H.J.) CO ...................... 10,267
98,800 WHITMAN CORP ......................... 2,575
----------
27,147
----------
PRIMARY NONFERROUS METALS--0.13%
88,200 oALUMAX, INC .......................... 2,999
----------
RADIO AND TELEVISION
BROADCASTING--0.14%
76,931 oVIACOM, INC (CLASS B) ................ 3,188
3,523 oVIACOM, INC (CLASS B) WTS 07/07/99 ... 1
----------
3,189
----------
RADIO, TELEVISION, AND
COMPUTER STORES--0.00%
2,000 TANDY CORP ........................... 77
----------
RAILROADS--0.56%
421,200 NORFOLK SOUTHERN CORP ................ 12,978
----------
REAL ESTATE OPERATORS
AND LESSORS--0.30%
20,600 ROUSE CO ............................. 675
139,200 WEINGARTEN REALTY INVESTORS, INC ..... 6,238
----------
6,913
----------
SAVINGS INSTITUTIONS--0.25%
12,800 H.F. AHMANSON & CO ................... 857
76,008 WASHINGTON MUTUAL, INC ............... 4,850
----------
5,707
----------
SEARCH AND NAVIGATION
EQUIPMENT--0.03%
48,400 SENSORMATIC ELECTRONICS CORP ......... 796
----------
SECURITY AND COMMODITY
SERVICES--0.12%
25,000 TRANSAMERICA CORP .................... 2,663
----------
SECURITY BROKERS AND DEALERS--1.16%
164,200 MERRILL LYNCH & CO, INC .............. 11,976
250,048 MORGAN STANLEY, DEAN WITTER,
DISCOVER ............................. 14,784
----------
26,760
----------
SOAP, CLEANERS, AND
TOILET GOODS--2.98%
68,600 AVON PRODUCTS, INC ................... 4,210
132,200 CLOROX CO ............................ 10,452
VALUE
SHARES (000)
------ ---------
147,800 COLGATE PALMOLIVE CO ................. $ 10,863
62,500 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ..................... 3,219
9,000 NCH CORP ............................. 590
496,600 PROCTER & GAMBLE CO .................. 39,635
----------
68,969
----------
SPECIAL INDUSTRY
MACHINERY--0.13%
94,400 oAPPLIED MATERIALS, INC ............... 2,844
1,400 oIONICS, INC .......................... 55
----------
2,899
----------
SUGAR AND CONFECTIONERY
PRODUCTS--0.47%
105,200 HERSHEY FOODS CORP ................... 6,516
56,000 WRIGLEY (WM) JR CO ................... 4,456
----------
10,972
----------
TELEPHONE COMMUNICATIONS--5.34%
15,900 o360 COMMUNICATIONS CO ................ 321
107,082 oAIRTOUCH COMMUNICATIONS, INC ......... 4,451
162,700 AMERITECH CORP ....................... 13,097
366,500 AT & T CORP .......................... 22,448
273,282 BELL ATLANTIC CORP ................... 24,869
335,000 BELLSOUTH CORP ....................... 18,865
100,100 MCI COMMUNICATIONS CORP .............. 4,286
262,439 SBC COMMUNICATIONS, INC .............. 19,224
71,500 SPRINT CORP .......................... 4,192
162,044 U.S. WEST COMMUNICATIONS GROUP, INC .. 7,312
161,144 oU.S. WEST MEDIA GROUP, INC ........... 4,653
----------
123,718
----------
TIRES AND INNER
TUBES--0.06%
24,100 BANDAG, INC .......................... 1,288
----------
TOYS AND SPORTING
GOODS--0.28%
60,100 HASBRO, INC .......................... 1,893
126,691 MATTEL, INC .......................... 4,719
----------
6,612
----------
TRUCKING AND COURIER
SERVICES, EXCEPT AIR--0.20%
74,400 ARNOLD INDUSTRIES, INC ............... 1,283
57,200 CALIBER SYSTEM, INC .................. 2,785
21,100 ROADWAY EXPRESS, INC ................. 467
----------
4,535
----------
VARIETY STORES--0.12%
148,600 oK MART CORP .......................... 1,718
53,600 oWOOLWORTH CORP ....................... 1,092
----------
2,810
----------
WOMEN'S ACCESSORY AND
SPECIALTY STORES--0.02%
16,806 LIMITED, INC ......................... 429
----------
WOMEN'S AND MISSES'
OUTERWEAR--0.03%
15,800 LIZ CLAIBORNE, INC ................... 657
----------
TOTAL COMMON STOCK
(COST $741,361)....................... 1,392,055
----------
See notes to financial statements.
-35-
<PAGE>
SOCIAL CHOICE ACCOUNT (CONTINUED)
VALUE
PRINCIPAL (000)
--------- ---------
SHORT TERM INVESTMENTS--5.75%
COMMERCIAL PAPER--5.75%
CONAGRA, INC
$36,870,000 * 6.000%, 01/14/98 ..................... $ 36,780
EL PASO NATURAL GAS CO
33,830,000 * 6.050%, 01/14/98 ..................... 33,748
NORFOLK SOUTHERN CORP
25,000,000 ~* 6.100%, 01/14/98 ..................... 24,939
11,471,000 ~* 6.030%, 02/12/98 ..................... 11,390
PRAXAIR, INC
21,000,000 ~* 6.050%, 01/14/98 ..................... 20,949
SONAT, INC
5,500,000 7.050%, 01/02/98 ..................... 5,498
----------
133,304
----------
TOTAL SHORT TERM INVESTMENTS
(COST $133,336) ......................... 133,304
----------
TOTAL PORTFOLIO
(COST $1,756,844) ....................... $2,426,392
==========
- ----------
o Non-income producing
@ These securities were purchased on a delayed delivery basis.
* All or a portion of this security has been segregated by the Custodian to
cover margin or other requirements on open futures contracts, covered call
options written and securities purchased on a delayed delivery basis.
^ Security is exempt from registration under Rule 144A of the Securities Act of
1933 and may be resold in transactions exempt from registration normally to
qualified institutional buyers. At 12/31/97, the value of these securities
amounted to $28,068,695 or 1.21% of net assets.
~ Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
- ----------
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value of
investment in securities, is as follows:
MOODY'S RATINGS
AAA, AA, A 19.52%
BAA 8.40%
BA 2.65%
B 0.02%
U.S. Government obligations represent 69.41% of the long term debt
portfolio value.
Moody's ratings are provided by Moody's Investors Services (Unaudited).
See notes to financial statements.
-36-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--GLOBAL EQUITIES ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
-------- ------
BONDS
CORPORATE BONDS
COMPUTERS, DATA
PROCESSING SERVICES ......................... $ 84 0.00%
FOREIGN BANKS, BRANCHES
AND AGENCIES ................................ 29 0.00
LIFE INSURANCE ............................... 12,493 0.24
METALS AND MINERALS,
EXCEPT PETROLEUM ............................ 92 0.00
RADIO AND TELEVISION BROADCASTING ............ 89 0.00
SUBDIVIDERS AND DEVELOPERS ................... 122 0.00
------ ----
TOTAL CORPORATE BONDS
(COST $14,204) ............................... 12,909 0.24
------ ----
TOTAL BONDS
(COST $14,204) ................................ 12,909 0.24
------ ----
PREFERRED STOCK
AIRCRAFT AND PARTS ........................... 140 0.00
CREDIT REPORTING AND COLLECTION .............. 1,770 0.03
ELECTRIC SERVICES ............................ 2,353 0.04
LIFE INSURANCE ............................... 73 0.00
MISCELLANEOUS, BUSINESS SERVICES ............. 2,508 0.05
MOTOR VEHICLES AND EQUIPMENT ................. 2,891 0.06
NEWSPAPERS ................................... 1,345 0.03
PERIODICALS .................................. 19,950 0.38
------ ----
TOTAL PREFERRED STOCK
(COST $25,040) .............................. 31,030 0.59
------ ----
COMMON STOCK
ADVERTISING ................................. 2,002 0.04
AGRICULTURAL CHEMICALS ...................... 930 0.02
AIR TRANSPORTATION, SCHEDULED ............... 15,024 0.29
AIRCRAFT AND PARTS .......................... 72,550 1.38
AIRPORTS, FLYING FIELDS, AND SERVICES ....... 80 0.00
APPAREL, PIECE GOODS, AND NOTIONS ........... 1,448 0.03
AUTO AND HOME SUPPLY STORES ................. 459 0.01
BAKERY PRODUCTS ............................. 1,559 0.03
BEVERAGES ................................... 26,518 0.50
BLANKBOOKS AND BOOKBINDING .................. 852 0.02
BLAST FURNACE AND BASIC
STEEL PRODUCTS ............................. 10,610 0.20
BROADWOVEN FABRIC MILLS, MANMADE ............ 347 0.01
BROADWOVEN FABRIC MILLS, WOOL ............... 177 0.00
BUS TERMINAL AND SERVICE FACILITIES ......... 4 0.00
CABLE AND OTHER PAY TV SERVICES ............. 2,175 0.04
CARPETS AND RUGS ............................ 501 0.01
CEMENT, HYDRAULIC ........................... 1,433 0.03
CHEMICAL AND FERTILIZER MINERALS ............ 1,098 0.02
CIGARETTES .................................. 49,999 0.95
CIGARS ...................................... 4,819 0.09
COMBINATION UTILITY SERVICES ................ 10,440 0.20
COMMERCIAL BANKS ............................ 222,985 4.23
COMMERCIAL PRINTING ......................... 210 0.00
COMMUNICATIONS EQUIPMENT .................... 77,191 1.47
COMMUNICATIONS SERVICES, NEC ................ 2,834 0.05
COMPUTER AND DATA
PROCESSING SERVICES ........................ 120,357 2.29
COMPUTER AND OFFICE EQUIPMENT ............... 178,735 3.39
CONCRETE, GYPSUM, AND
PLASTER PRODUCTS ........................... 1,343 0.03
CONSTRUCTION AND RELATED MACHINERY .......... 6,912 0.13
COPPER ORES ................................. 593 0.01
CREDIT REPORTING AND COLLECTION ............. 11,663 0.22
CRUSHED AND BROKEN STONE .................... 797 0.02
VALUE %
-------- ------
CUTLERY, HANDTOOLS, AND HARDWARE ............ $ 10,601 0.20%
DAIRY PRODUCTS .............................. 8,383 0.16
DEEP SEA FOREIGN TRANSPORTATION
OF FREIGHT ................................. 15,245 0.29
DEPARTMENT STORES ........................... 47,015 0.89
DRUG STORES AND PROPRIETARY
STORES ..................................... 882 0.02
DRUGS ....................................... 311,102 5.91
EATING AND DRINKING PLACES .................. 8,723 0.17
ELECTRIC DISTRIBUTION EQUIPMENT ............. 136,107 2.58
ELECTRIC LIGHTING AND
WIRING EQUIPMENT ........................... 25,652 0.49
ELECTRIC SERVICES ........................... 58,784 1.12
ELECTRICAL GOODS ............................ 1,078 0.02
ELECTRICAL INDUSTRIAL APPARATUS ............. 98,688 1.87
ELECTRONIC COMPONENTS
AND ACCESSORIES ............................ 200,025 3.80
ENGINEERING AND ARCHITECTURAL
SERVICES ................................... 201 0.00
ENGINES AND TURBINES ........................ 1,697 0.03
FABRICATED RUBBER PRODUCTS, NEC ............. 230 0.00
FABRICATED STRUCTURAL
METAL PRODUCTS ............................. 739 0.01
FAMILY CLOTHING STORES ...................... 1,340 0.03
FARM AND GARDEN MACHINERY ................... 467 0.01
FATS AND OILS ............................... 0 0.00
FEDERAL & FEDERALLY-SPONSORED
CREDIT AGENCIES ............................ 8,901 0.17
FINANCE SERVICES ............................ 40,099 0.76
FIRE, MARINE, AND CASUALTY INSURANCE ........ 44,074 0.84
FLAT GLASS .................................. 4,721 0.09
FOREIGN BANKS, BRANCHES
AND AGENCIES ............................... 22,677 0.43
FOREST PRODUCTS ............................. 296 0.01
FORESTRY SERVICES ........................... 172 0.00
FREIGHT TRANSPORTATION ARRANGEMENT .......... 12,981 0.25
FUNERAL SERVICE AND CREMATORIES ............. 41 0.00
GAS PRODUCTION AND DISTRIBUTION ............. 9,767 0.19
GENERAL INDUSTRIAL MACHINERY ................ 221,373 4.20
GLASS AND GLASSWARE,
PRESSED OR BLOWN ........................... 372 0.01
GOLD AND SILVER ORES ........................ 59,373 1.13
GRAIN MILL PRODUCTS ......................... 11,491 0.22
GROCERIES AND RELATED PRODUCTS .............. 2,297 0.04
GROCERY STORES .............................. 10,373 0.20
GUIDED MISSILES, SPACE VEHICLES
AND PARTS .................................. 2,108 0.04
HEALTH AND ALLIED SERVICES, NEC ............. 3,072 0.06
HEAVY CONSTRUCTION, EXCEPT HIGHWAY .......... 5,247 0.10
HIGHWAY AND STREET CONSTRUCTION ............. 458 0.01
HOLDING OFFICES ............................. 91,153 1.73
HORTICULTURAL SPECIALTIES ................... 21 0.00
HOSPITALS ................................... 3,388 0.06
HOTELS AND MOTELS ........................... 5,627 0.11
HOUSEHOLD APPLIANCE STORES .................. 508 0.01
HOUSEHOLD APPLIANCES ........................ 102,676 1.95
HOUSEHOLD AUDIO AND VIDEO EQUIPMENT ......... 88,657 1.68
INDUSTRIAL INORGANIC CHEMICALS .............. 4,087 0.08
INDUSTRIAL ORGANIC CHEMICALS ................ 25,893 0.49
INSURANCE AGENTS, BROKERS,
AND SERVICE ................................ 4,923 0.09
INSURANCE CARRIERS, NEC ..................... 1,784 0.03
IRON AND STEEL FOUNDRIES .................... 7,029 0.13
JEWELRY, SILVERWARE, AND PLATED WARE ........ 190 0.00
See notes to financial statements.
-37-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS-GLOBAL EQUITIES ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY(CONTINUED)
(000)
VALUE %
-------- ------
KNITTING MILLS .............................. $ 1,299 0.02%
LAUNDRY, CLEANING, AND
GARMENT SERVICES ............................ 724 0.01
LEAD AND ZINC ORES ........................... 150 0.00
LIFE INSURANCE ............................... 37,713 0.72
LOCAL AND SUBURBAN TRANSPORTATION ............ 7,398 0.14
LOGGING ...................................... 462 0.01
LUMBER AND CONSTRUCTION MATERIALS ............ 1,683 0.03
LUMBER AND OTHER BUILDING MATERIALS .......... 12,580 0.24
MANIFOLD BUSINESS FORMS ...................... 213 0.00
MEASURING AND CONTROLLING DEVICES ............ 12,682 0.24
MEAT PRODUCTS ................................ 5,481 0.10
MEDICAL AND DENTAL LABORATORIES .............. 1 0.00
MEDICAL INSTRUMENTS AND SUPPLIES ............. 41,419 0.79
MEDICAL SERVICE AND HEALTH INSURANCE ......... 851 0.02
MEN'S AND BOYS' FURNISHINGS .................. 1,893 0.04
MEN'S AND BOYS' SUITS AND COATS .............. 473 0.01
METAL CANS AND SHIPPING CONTAINERS ........... 776 0.01
METAL FORGINGS AND STAMPINGS ................. 3,162 0.06
METAL MINING SERVICES ........................ 3 0.00
METALS AND MINERALS,
EXCEPT PETROLEUM ............................ 767 0.01
METALWORKING MACHINERY ....................... 1,624 0.03
MISCELLANEOUS AMUSEMENT, RECREATION
SERVICES .................................... 193,476 3.67
MISCELLANEOUS APPAREL AND
ACCESSORY STORES ............................ 38 0.00
MISCELLANEOUS BUSINESS SERVICES .............. 53,057 1.01
MISCELLANEOUS CHEMICAL PRODUCTS .............. 1,518 0.03
MISCELLANEOUS CONVERTED
PAPER PRODUCTS .............................. 9,479 0.18
MISCELLANEOUS DURABLE GOODS .................. 7,050 0.13
MISCELLANEOUS ELECTRICAL
EQUIPMENT AND SUPPLIES ...................... 2,518 0.05
MISCELLANEOUS EQUIPMENT
RENTAL AND LEASING .......................... 379 0.01
MISCELLANEOUS FABRICATED
METAL PRODUCTS .............................. 2,551 0.05
MISCELLANEOUS FABRICATED
TEXTILE PRODUCTS ............................ 4,312 0.08
MISCELLANEOUS FOOD AND
KINDRED PRODUCTS ............................ 22,692 0.43
MISCELLANEOUS FOOD STORES .................... 1,810 0.03
MISCELLANEOUS INVESTING ...................... 2,156 0.04
MISCELLANEOUS MANUFACTURES ................... 1,935 0.04
MISCELLANEOUS METAL ORES ..................... 8,232 0.16
MISCELLANEOUS NONDURABLE GOODS ............... 145 0.00
MISCELLANEOUS NONMETALLIC
MINERAL PRODUCTS ............................ 2,682 0.05
MISCELLANEOUS PERSONAL SERVICES .............. 1,506 0.03
MISCELLANEOUS PETROLEUM
AND COAL PRODUCTS ........................... 66,225 1.26
MISCELLANEOUS PLASTICS PRODUCTS, NEC ......... 9,364 0.18
MISCELLANEOUS PUBLISHING ..................... 1,321 0.03
MISCELLANEOUS SHOPPING GOOD STORES ........... 2,899 0.06
MISCELLANEOUS WOOD PRODUCTS .................. 4,440 0.08
MORTGAGE BANKERS AND BROKERS ................. 6,650 0.13
MOTION PICTURE PRODUCTION
AND SERVICES ................................ 10,670 0.20
MOTOR VEHICLES AND EQUIPMENT ................. 80,851 1.54
MOTORCYCLES, BICYCLES, AND PARTS ............. 679 0.01
VALUE %
-------- ------
NATURAL GAS LIQUIDS .......................... $ 1,194 0.02%
NEWSPAPERS ................................... 10,471 0.20
NONFERROUS FOUNDRIES (CASTINGS) .............. 22 0.00
NONFERROUS ROLLING AND DRAWING ............... 215 0.00
NONRESIDENTIAL BUILDING CONSTRUCTION ......... 693 0.01
NONSTORE RETAILERS ........................... 3,000 0.06
NURSING AND PERSONAL CARE FACILITIES ......... 592 0.01
OFFICE FURNITURE ............................. 377 0.01
OIL AND GAS EXTRACTION ....................... 171,652 3.26
OIL AND GAS FIELD SERVICES ................... 186,523 3.54
OPERATIVE BUILDERS ........................... 604 0.01
PAINTS AND ALLIED PRODUCTS ................... 178 0.00
PAPER AND PAPER PRODUCTS ..................... 1,722 0.03
PAPER MILLS .................................. 4,259 0.08
PAPERBOARD CONTAINERS AND BOXES .............. 94 0.00
PAPERBOARD MILLS ............................. 448 0.01
PASSENGER TRANSPORTATION
ARRANGEMENT ................................. 58,046 1.10
PENS, PENCILS, OFFICE, AND ART SUPPLIES ...... 222 0.00
PERIODICALS .................................. 9,360 0.18
PERSONAL CREDIT INSTITUTIONS ................. 5,257 0.10
PERSONNEL SUPPLY SERVICES .................... 70,842 1.35
PETROLEUM AND PETROLEUM PRODUCTS ............. 948 0.02
PETROLEUM REFINING ........................... 148,709 2.82
PHOTOGRAPHIC EQUIPMENT AND SUPPLIES .......... 96,162 1.83
PLASTICS MATERIALS AND SYNTHETICS ............ 12,808 0.24
PLUMBING AND HEATING, EXCEPT ELECTRIC ........ 1,079 0.02
POTTERY AND RELATED PRODUCTS ................. 219 0.00
PRESERVED FRUITS AND VEGETABLES .............. 9,167 0.17
PRIMARY NONFERROUS METALS .................... 5,660 0.11
PRODUCERS, ORCHESTRAS, ENTERTAINERS .......... 103,474 1.97
PULP MILLS ................................... 877 0.02
RADIO AND TELEVISION BROADCASTING ............ 5,250 0.10
RADIO, TELEVISION, AND
COMPUTER STORES ............................. 355 0.01
RAILROADS .................................... 167,146 3.17
REAL ESTATE AGENTS AND MANAGERS .............. 7,648 0.15
REAL ESTATE OPERATORS AND LESSORS ............ 3 0.00
RESEARCH AND TESTING SERVICES ................ 22,905 0.43
RESIDENTIAL BUILDING CONSTRUCTION ............ 12,159 0.23
SANITARY SERVICES ............................ 81,715 1.55
SAVINGS INSTITUTIONS ......................... 38,207 0.73
SAWMILLS AND PLANING MILLS ................... 2,020 0.04
SEARCH AND NAVIGATION EQUIPMENT .............. 289 0.01
SECURITY AND COMMODITY SERVICES .............. 2,634 0.05
SECURITY BROKERS AND DEALERS ................. 21,568 0.41
SHIP, BOAT BUILDING AND REPAIRING ............ 1,290 0.02
SHOE STORES .................................. 80,078 1.52
SOAP, CLEANERS, AND TOILET GOODS ............. 16,146 0.31
SPECIAL INDUSTRY MACHINERY ................... 3,471 0.07
SUBDIVIDERS AND DEVELOPERS ................... 104,009 1.98
SUGAR AND CONFECTIONERY PRODUCTS ............. 2,764 0.05
SURETY INSURANCE ............................. 46,359 0.88
TELEPHONE COMMUNICATIONS ..................... 397,143 7.54
TIRES AND INNER TUBES ........................ 4,803 0.09
TOYS AND SPORTING GOODS ...................... 377 0.01
VARIETY STORES ............................... 3,894 0.07
WATCHES, CLOCKS, WATCHCASES
AND PARTS ................................... 14 0.00
WATER SUPPLY ................................. 606 0.01
WATER TRANSPORTATION SERVICES ................ 1,080 0.02
See notes to financial statements.
-38-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS-GLOBAL EQUITIES ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY (CONTINUED)
(000)
VALUE %
-------- ------
WOMEN'S ACCESSORY AND
SPECIALTY STORES ............................ $ 1,609 0.03%
WOMEN'S AND CHILDREN'S
UNDERGARMENTS ............................... 1,036 0.02
WOMEN'S AND MISSES' OUTERWEAR ................ 1,589 0.03
WOMEN'S CLOTHING STORES ...................... 31,702 0.60
YARN AND THREAD MILLS ........................ 125 0.00
--------- -----
TOTAL COMMON STOCK
(COST $4,419,937) ............................. 5,144,290 97.68
--------- -----
SHORT TERM INVESTMENTS
COMMERCIAL PAPER ............................. 84,832 1.61
OTHER AGENCIES ............................... 22,578 0.43
U.S. GOVERNMENT & AGENCIES ................... 289,172 5.49
---------- ------
TOTAL SHORT TERM INVESTMENTS
(COST $396,655) ............................... 396,582 7.53
---------- ------
TOTAL PORTFOLIO
(COST $4,855,836) ............................. 5,584,811 106.04
---------- ------
OTHER ASSETS & LIABILITIES, NET ............. (318,141) (6.04)
---------- ------
NET ASSETS ...................................... $5,266,670 100.00%
========== ======
See notes to financial statements.
-39-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--GLOBAL EQUITIES ACCOUNT
DECEMBER 31, 1997
SUMMARY BY COUNTRY
VALUE
(000) %
---------- ------
DOMESTIC:
UNITED STATES ...................... $2,656,122 47.56%
---------- ------
TOTAL DOMESTIC ........................ 2,656,122 47.56
---------- ------
FOREIGN:
AUSTRALIA .......................... 23,762 0.43
AUSTRIA ............................ 3,397 0.06
BELGIUM ............................ 11,160 0.20
CANADA ............................. 155,791 2.79
DENMARK ............................ 9,963 0.18
FINLAND ............................ 6,390 0.11
FRANCE ............................. 157,901 2.83
GERMANY ............................ 162,246 2.91
HONG KONG .......................... 25,415 0.46
IRELAND ............................ 3,759 0.07
ITALY .............................. 170,971 3.06
JAPAN .............................. 602,521 10.79
MALAYSIA ........................... 7,049 0.13
NETHERLANDS ........................ 236,340 4.23
NEW ZEALAND ........................ 2,695 0.05
NORWAY ............................. 81,131 1.45
PORTUGAL ........................... 4,731 0.08
SINGAPORE .......................... 7,521 0.13
SOUTH AFRICA ....................... 12,493 0.22
SPAIN .............................. 22,928 0.41
SWEDEN ............................. 103,671 1.86
SWITZERLAND ........................ 187,245 3.35
UNITED KINGDOM ..................... 533,027 9.54
---------- ------
TOTAL FOREIGN ......................... 2,532,107 45.34
---------- ------
TOTAL SHORT TERM ...................... 396,582 7.10
---------- ------
TOTAL PORTFOLIO ....................... $5,584,811 100.00%
========== ======
See notes to financial statements.
-40-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--GLOBAL EQUITIES ACCOUNT
DECEMBER 31, 1997
VALUE
PRINCIPAL (000)
----------- -----------
BONDS--0.24%
CORPORATE BONDS--0.24%
COMPUTER AND DATA PROCESSING
SERVICES--0.00%
#o VIGLEN TECHNOLOGY (CV LOAN STK)
$ 24,800(4) 0.500%, 01/01/00 ............. $ 84
-----------
FOREIGN BANKS, BRANCHES AND
AGENCIES--0.00%
DRESDNER BV
52(3) 5.500%, 04/30/04 ............. 29
-----------
LIFE INSURANCE--0.24%
LIBLIFE INTERNATIONAL CV
10,665,000(2) 6.500%, 09/30/04 ............. 12,493
-----------
METALS AND MINERALS,
EXCEPT PETROLEUM--0.00%
PREUSSAG AG (W/W)
113(3) 5.750%, 05/17/01 ............. 92
-----------
RADIO AND TELEVISION
BROADCASTING--0.00%
VIACOM INTERNATIONAL, INC
(SUBORDINATED DEB)
89,000 8.000%, 07/07/06 ............. 89
-----------
SUBDIVIDERS AND DEVELOPERS--0.00%
AXA S.A. CV
1,531(1) 4.500%, 01/01/99 ............. 122
-----------
TOTAL CORPORATE BONDS
(Cost $14,204)................... 12,909
-----------
TOTAL BONDS
(Cost $14,204) ................... 12,909
-----------
- --------
(1) Denominated in French Francs
(2) Denominated in South African Rand
(3) Denominated in German Deutsche Marks
(4) Denominated in British Pounds
SHARES
------
PREFERRED STOCK--0.59%
AIRCRAFT AND PARTS--0.00%
9,000 oRHEINMETALL AG ....................... 140
-----------
CREDIT REPORTING AND
COLLECTION--0.03%
24,900 NOKIA AB OY SERIES A ................. 1,770
-----------
ELECTRIC SERVICES--0.04%
55,670 RHEIN-WESTFALEN ELECTRIC AG .......... 2,353
-----------
LIFE INSURANCE--0.00%
1,014 AETNA, INC (CLASS C) ................. 73
-----------
MISCELLANEOUS BUSINESS
SERVICES--0.05%
7,662 SAP AG ............................... 2,508
-----------
MOTOR VEHICLES AND EQUIPMENT--0.06%
6,733 VOLKSWAGENWERKE AG ................... 2,891
-----------
VALUE
SHARES (000)
------ ----------
NEWSPAPERS--0.03%
271,744 NEWS CORP LTD (LTD-VOTE) ............. $ 1,345
-----------
PERIODICALS--0.38%
190,000 WORLDCOM, INC SERIES A ............... 19,950
-----------
TOTAL PREFERRED STOCK
(Cost $25,040) ...................... 31,030
-----------
COMMON STOCK--97.68%
ADVERTISING--0.04%
40,200 INTERPUBLIC GROUP OF COS, INC ........ 2,002
-----------
AGRICULTURAL CHEMICALS--0.02%
8,500 AGRIUM, INC .......................... 103
9,700 oFMC CORP ............................. 653
18,380 KEMIRA OY ............................ 174
-----------
930
-----------
AIR TRANSPORTATION,
SCHEDULED--0.29%
45,400 oAIR CANADA, INC ...................... 468
6,580 ALL NIPPON AIRWAYS CO LTD ............ 25
29,600 oAMR CORP ............................. 3,804
4,500 oAUSTRIAN AIRLINES/OEST LUFTV AG ...... 96
143,699 BRITISH AIRWAYS PLC .................. 1,410
4,800 DELTA AIRLINES, INC .................. 571
126,000 oDEUTSCHE LUFTHANSA AG (REGD) ......... 2,418
25,800 oFEDERAL EXPRESS CORP ................. 1,575
437,600 oJAPAN AIRLINES CO LTD ................ 1,195
12,300 KLM (ROYAL DUTCH AIRLINES) NV ........ 455
207,000 MALAYSIAN AIRLINE SYSTEM BERHAD ...... 166
360 oSAIR GROUP ........................... 494
14,600 SAS DANMARK AS ....................... 213
170,000 SINGAPORE INTERNATIONAL AIRLINES
LTD (FR) ............................. 1,110
15,950 SOUTHWEST AIRLINES CO ................ 393
10,400 SWIRE PACIFIC LTD (CLASS A) .......... 57
6,200 oUAL CORP ............................. 574
-----------
15,024
-----------
AIRCRAFT AND PARTS--1.38%
1,406,516 BOEING CO ............................ 68,831
69,552 BRITISH AEROSPACE PLC ................ 1,992
5,868 oBRITISH AEROSPACE PLC WTS 11/15/00 ... 117
3,200 oHONG KONG AIRCRAFT
ENGINEERING CO LTD .................. 8
66,733 SMITHS INDUSTRIES PLC ................ 950
4,200 oSPAR AEROSPACE LTD ................... 26
14 THOMSON-CSF .......................... 0
8,600 UNITED TECHNOLOGIES CORP ............. 626
-----------
72,550
-----------
AIRPORTS, FLYING FIELDS,
AND SERVICES--0.00%
149 # SODEXHO ALLIANCE S.A ............... 80
-----------
APPAREL, PIECE GOODS,
AND NOTIONS--0.03%
36,900 NIKE, INC (CLASS B) .................. 1,448
-----------
AUTO AND HOME SUPPLY STORES--0.01%
21,400 CANADIAN TIRE, INC (CLASS A) ......... 459
-----------
See notes to financial statements.
-41-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
BAKERY PRODUCTS--0.03%
35,794 ASSOCIATED BRITISH FOODS PLC ......... $ 307
389,928 GOODMAN FIELDER LTD .................. 620
6,000 ORKLA AS SERIES B .................... 517
2,176 UNITED BISCUITS HOLDINGS PLC ......... 8
11,000 YAMAZAKI BAKING CO LTD ............... 107
-----------
1,559
-----------
BEVERAGES--0.50%
2,250 ALLIED DOMECQ PLC .................... 20
75,700 ANHEUSER BUSCH COS, INC .............. 3,331
62,000 ASAHI BREWERIES LTD .................. 906
103,280 BASS LTD ............................. 1,591
784 oBRAU UND BRUNNEN AG .................. 78
229,593 CADBURY SCHWEPPES LTD ................ 2,286
8,700 CARLSBERG BREWERIES AS (CLASS A) ..... 471
41,377 COCA-COLA AMATIL LTD ................. 309
42,764 COCA COLA CO ......................... 2,849
580,264 DIAGEO PLC ........................... 5,332
564,300 FOSTERS BREWING GROUP LTD ............ 1,074
12,000 FRASER & NEAVE LTD ................... 52
7,300 HEINEKEN NV .......................... 1,271
204 oHOLSTEN BRAUEREI AG .................. 41
279,000 KIRIN BREWERY CO LTD ................. 2,038
99,100 LION NATHAN LTD ...................... 222
6,670 LVMH MOET HENNESSY LOUIS VUITTON ..... 1,108
8,700 MOLSON CO LTD (CLASS A) .............. 155
1,200 oOSTERREICHISCHE
BRAU-AKTIENGESELLSCHAF .............. 60
90 PEPSICO, INC ......................... 3
67,850 SAPPORO BREWERIES LTD ................ 214
124,069 SCOTTISH & NEWCASTLE PLC ............. 1,525
47,700 SEAGRAMS CO LTD ...................... 1,542
2,800 oUNICER-UNIAO CERVEJEIRA, S.A ......... 40
-----------
26,518
-----------
BLANKBOOKS AND
BOOKBINDING--0.02%
24,700 DELUXE CORP .......................... 852
-----------
BLAST FURNACE AND BASIC
STEEL PRODUCTS--0.20%
2,100 ACERINOX S.A ......................... 311
300 ALLEGHENY TELEDYNE, INC .............. 8
408,000 AMSTEEL CORP BERHAD .................. 71
37,000 oBETHLEHEM STEEL CORP ................. 319
510,735 BRITISH STEEL PLC .................... 1,107
189,000 DAIDO STEEL CO LTD ................... 238
9,100 DOFASCO, INC ......................... 146
5,400 oHOOGOVENS NEN STAALIADRIEREN NV ...... 221
23,000 oJAPAN METALS & CHEMICALS CO .......... 19
673,000 KAWASAKI STEEL CORP .................. 921
48,000 oKOBE STEEL LTD ....................... 39
1,404,000 NIPPON STEEL CORP .................... 2,084
1,242,000 NKK CORP ............................. 993
2,400 NUCOR CORP ........................... 116
837,000 SUMITOMO METAL INDUSTRIES LTD ........ 1,075
96,000 TOKYO STEEL MANUFACTURING CO LTD ..... 326
72,400 USX-MARATHON GROUP, INC .............. 2,444
5,500 USX-US STEEL GROUP, INC .............. 172
-----------
10,610
-----------
BROADWOVEN FABRIC MILLS,
MANMADE--0.01%
141,000 MITSUBISHI RAYON CO LTD .............. 347
-----------
BROADWOVEN FABRIC MILLS,
WOOL--0.00%
2,962 CHARGEURS S.A ........................ 177
-----------
VALUE
SHARES (000)
------ ----------
BUS TERMINAL AND SERVICE
FACILITIES--0.00%
1,770 oNEW WORLD INFRASTUCTURE LTD ..........$ 4
-----------
CABLE AND OTHER PAY TV
SERVICES--0.04%
19,400 oROGERS COMMUNICATIONS, INC
(CLASS B) ............................ 94
20 oTCI SATELLITE ENTERTAINMENT (CLASS A). 0
43,961 oTELE-COMMUNICATIONS, INC (CLASS A) ... 1,228
30,139 oTELECOM-TCI VENTURES GROUP
(CLASS A) ............................ 853
-----------
2,175
-----------
CARPETS AND RUGS--0.01%
43,100 SHAW INDUSTRIES, INC ................. 501
-----------
CEMENT, HYDRAULIC--0.03%
16,960 oLAFARGE S.A. (BR) .................... 1,113
254,000 SUMITOMO OSAKA CEMENT CO LTD ......... 320
-----------
1,433
-----------
CHEMICAL AND FERTILIZER
MINERALS--0.02%
13,200 POTASH CORP OF SASKATCHEWAN, INC ..... 1,098
-----------
CIGARETTES--0.95%
10 CIE FINANCIERE RICHEMONT AG
(UNITS A) ........................... 11
27,100 IMASCO LTD ........................... 956
1,052,100 PHILIP MORRIS COS, INC ............... 47,673
56,000 ROTHMANS OF PALL MALL BERHAD ......... 435
11,400 TABACALERA S.A. SERIES A (REGD) ...... 924
-----------
49,999
-----------
CIGARS--0.09%
446,883 B.A.T. INDUSTRIES LTD ................ 4,077
33,300 ROTHMANS HOLDINGS LTD ................ 176
15,760 SEITA S.A ............................ 566
-----------
4,819
-----------
COMBINATION UTILITY SERVICES--0.20%
47,100 BALTIMORE GAS & ELECTRIC CO .......... 1,604
73,000 CONSOLIDATED EDISON CO
OF NEW YORK, INC ..................... 2,993
8,300 ELECTRABEL NV ........................ 1,920
39,000 LONG ISLAND LIGHTING CO .............. 1,175
9,800 PACIFICORP ........................... 268
71,300 PECO ENERGY CO ....................... 1,729
23,700 PUBLIC SERVICE ENTERPRISE GROUP, INC . 751
-----------
10,440
-----------
COMMERCIAL BANKS--4.23%
198,128 ABN-AMRO HOLDINGS NV ................. 3,860
140,860 ALLIED IRISH BANKS PLC ............... 1,365
13,900 ARGENTARIA S.A ....................... 845
494,514 ASAHI BANK LTD ....................... 2,016
87,000 ASHIKAGA BANK LTD .................... 141
431 AUSTRALIAN & NEW ZEALAND
BANKING GROUP LTD .................... 3
95,301 BANC ONE CORP ........................ 5,176
248,000 BANCA COMMERCIALE ITALIANA S.P.A ..... 863
52,000 BANCA POPOLARE DI MILANO ............. 327
98,900 BANCO BILBAO VIZCAYA S.A. (REGD) ..... 3,199
8,900 BANCO CENTRALE
HISPANOAMERICANO S.A ................. 217
127,500 BANCO SANTANDER S.A .................. 4,258
15,700 BANK OF NEW YORK CO, INC ............. 908
89,000 BANK OF YOKOHAMA LTD ................. 235
92,414 BANKAMERICA CORP ..................... 6,746
See notes to financial statements.
-42-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
COMMERCIAL BANKS - (Continued)
43,788 BANKBOSTON CORP ...................... $ 4,113
28,800 BANKERS TRUST NEW YORK CORP .......... 3,238
28,672 BANQIE DE PARIBAS S.A ................ 2,493
41,310 BANQUE NATIONALE DE PARIS ............ 2,197
248,836 BARCLAYS PLC ......................... 6,612
47,600 BAYERISCHE VEREINSBANK AG ............ 3,116
318,460 CHIBA BANK LTD ....................... 992
200,834 CITICORP CO .......................... 25,393
15,500 COMERICA, INC ........................ 1,399
50 COMMERZBANK AG ....................... 2
1,700 CORESTATES FINANCIAL CORP ............ 136
6,900 CREDITANSTALT-BAVKVEREIN (STAMM) ..... 442
320,600 CREDITO ITALIANO S.P.A ............... 990
2,000 DAI-ICHI KANGO BANK LTD .............. 12
5,900 DEN DANSKE BANK AF 1871 .............. 787
95,530 DEUTSCHE BANK AG ..................... 6,747
60,000 DEVELOPMENT BANK OF
SINGAPORE LTD (FR) .................. 513
85,600 DRESDNER BANK AG ..................... 3,951
68,450 FIRST CHICAGO NBD CORP ............... 5,716
64,926 FLEET FINANCIAL GROUP, INC ........... 4,865
786,000 FUJI BANK LTD ........................ 3,192
2,300 GENERALE DE BANQUE S.A ............... 1,001
185,000 GUNMA BANK LTD ....................... 1,209
130,200 HANG SENG BANK LTD ................... 1,256
29,000 HIGO FAMILY BANK LTD ................. 147
253,000 HOKURIKU BANK LTD .................... 331
123,587 HSBC HOLDINGS PLC .................... 3,062
67,387 HSBC HOLDINGS PLC (HONG KONG) ........ 1,661
201,186 HSBC HOLDINGS LTD (UNITED KINGDOM) ... 5,201
566,297 INDUSTRIAL BANK OF JAPAN LTD ......... 4,051
129,500 INSTITUTO BANCARIO SAN
PAOLO DI TURINO ..................... 1,239
98,200 ISTITUTO MOBILIARE ITALIANO S.P.A .... 1,167
237,415 JOYO BANK ............................ 840
61,900 KEYCORP .............................. 4,383
695,051 LLOYDS TSB GROUP PLC ................. 8,989
158,900 MALAYAN BANKING BERHAD ............... 461
148,700 MBNA CORP ............................ 4,061
114,100 MERITA LTD ........................... 624
328,000 MITSUBISHI TRUST & BANKING CORP ...... 3,305
376,000 MITSUI TRUST & BANKING CO LTD ........ 732
43,330 MORGAN (J.P.) & CO, INC .............. 4,891
1,512 NATEXIS S.A .......................... 88
169,400 NATIONAL AUSTRALIA BANK LTD .......... 2,365
17,635 NATIONAL CITY CORP ................... 1,160
132,446 NATIONSBANK CORP ..................... 8,054
50,300 NORWEST CORP ......................... 1,943
107,781 OVERSEAS-CHINESE BANKING
CORP LTD (FR) ....................... 627
84,200 PNC BANK CORP ........................ 4,805
252,000 oPUBLIC BANK BERHAD (LR) .............. 78
233,000 RHB CAPITAL BERHAD ................... 113
47,900 ROYAL BANK OF CANADA ................. 2,530
180,080 ROYAL BANK OF SCOTLAND PLC ........... 2,305
953,000 SAKURA BANK LTD ...................... 2,734
4,235 SANWA BANK LTD ....................... 43
133,000 SEVENTY-SEVEN (77) BANK LTD .......... 951
161,000 SHIZUOKA BANK LTD .................... 1,734
16,300 SKANDIA FORSAKRINGS AB ............... 769
80,100 SKANDINAVISKA ENSKILDA
BANKEN SERIES A ..................... 1,015
20,203 SOCIETE GENERALE S.A ................. 2,754
762,200 SUMITOMO BANK LTD .................... 8,734
VALUE
SHARES (000)
------ ----------
33,800 SVENSKA HANDELSBANKEN SERIES A ....... $ 1,169
10,348 oSWISS BANK CORP (REGD) ............... 3,221
5,025 oSWISS BANK CORP (REGD) WTS 06/30/00 .. 71
505,000 TOKAI BANK LTD ....................... 2,361
15,500 U.S. BANCORP ......................... 1,735
11,750 UNI BANKDANMARK AS (CLASS A) ......... 863
5,519 UNION BANK OF SWITZERLAND (BR) ....... 7,991
128,000 UNITED OVERSEAS BANK LTD (FR) ........ 710
6,116 WELLS FARGO & CO ..................... 2,076
459,100 WESTPAC BANKING CORP ................. 2,936
60,600 WING LUNG BANK LTD ................... 290
55,000 YAMAGUCHI BANK LTD ................... 677
407,000 YASUDA TRUST & BANKING CO LTD ........ 407
-----------
222,985
-----------
COMMERCIAL PRINTING--0.00%
10,000 HARLAND (JOHN H.) CO ................. 210
-----------
COMMUNICATIONS EQUIPMENT--1.47%
10,891 BETACOM PLC .......................... 6
1,021,661 BRITISH TELECOMMUNICATIONS PLC ....... 8,065
292,274 CABLE & WIRELESS PLC ................. 2,570
1,700 oDSC COMMUNICATIONS CORP .............. 41
971,082 oGLOBALSTAR TELECOMMUNICATIONS LTD .... 47,704
25,600 HARRIS CORP .......................... 1,174
1,571,805 HONG KONG TELECOMMUNICATIONS LTD ..... 3,235
2,800 oITT CORP ............................. 232
38,700 ITT INDUSTRIES, INC .................. 1,214
47,174 MOTOROLA, INC ........................ 2,692
13,500 oNEWBRIDGE NETWORKS CORP .............. 472
18,100 NOKIA AB SERIES K .................... 1,296
40,000 NORTHERN TELECOMMUNICATIONS LTD ...... 3,554
253,400 TELECOM CORP OF NEW ZEALAND .......... 1,229
434,000 TELEKOM MALAYSIA BERHAD .............. 1,282
332,308 VODAFONE GROUP PLC ................... 2,425
-----------
77,191
-----------
COMMUNICATIONS SERVICES, NEC--0.05%
77,800 BCE, INC ............................. 2,590
6,200 BCE, INC (U.S.) ...................... 207
3,000 NIPPON COMSYS CORP ................... 37
-----------
2,834
-----------
COMPUTER AND DATA
PROCESSING SERVICES--2.29%
14,000 ADOBE SYSTEMS, INC ................... 578
21,800 oAMERICA ONLINE, INC .................. 1,944
14,100 AUTOMATIC DATA PROCESSING, INC ....... 865
17,500 oBMC SOFTWARE, INC .................... 1,148
1,559,475 COMPUTER ASSOCIATES
INTERNATIONAL, INC .................. 82,457
32,800 CSK CORP ............................. 843
68,600 ELECTRONIC DATA SYSTEMS CORP ......... 3,014
200 FIRST DATA CORP ...................... 6
63,600 HBO & CO ............................. 3,053
5,600 oKONAMI CO LTD ........................ 138
172,200 oMICROSOFT CORP ....................... 22,257
84,287 oORACLE CORP .......................... 1,881
12,100 oPARAMETRIC TECHNOLOGY CORP ........... 573
37,400 oPEOPLESOFT, INC ...................... 1,459
50 oSIEBEL SYSTEMS, INC .................. 2
7,900 TRANS COSMOS ......................... 139
-----------
120,357
-----------
COMPUTER AND
OFFICE EQUIPMENT--3.39%
600 oASCEND COMMUNICATIONS, INC ........... 15
See notes to financial statements.
-43-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
COMPUTER AND
OFFICE EQUIPTMENT - (Continued)
2,500 oBAY NETWORKS, INC .................... $ 64
794,550 oCISCO SYSTEMS, INC ................... 44,296
741,100 COMPAQ COMPUTER CORP ................. 41,826
29,200 oDIGITAL EQUIPMENT CORP ............... 1,080
87,600 oEMC CORP ............................. 2,404
462,000 FUJITSU LTD .......................... 4,975
153,452 HEWLETT-PACKARD CO ................... 9,591
538,380 INTERNATIONAL BUSINESS
MACHINES CORP ....................... 56,294
14,900 oLITTON INDUSTRIES, INC ............... 857
899,600 oSEAGATE TECHNOLOGY, INC .............. 17,317
24,800 oVIGLEN TECHNOLOGY PLC ................ 16
-----------
178,735
-----------
CONCRETE, GYPSUM, AND
PLASTER PRODUCTS--0.03%
6,400 oAKER RGI ASA SERIES A ................ 115
12,108 CIMENTOS DE PORTUGAL ................. 318
300 DYCKERHOFF AG ........................ 85
1,010 HOLDERBANK FINANCIERE
GLARUS AG (REGD) ..................... 825
-----------
1,343
-----------
CONSTRUCTION AND
RELATED MACHINERY--0.13%
37,400 BAKER HUGHES, INC .................... 1,632
99,900 CATERPILLAR, INC ..................... 4,851
1,400 DOVER CORP ........................... 51
20 oGLOBAL INDUSTRIAL TECHNOLOGIES, INC .. 0
2,400 VA TECHNOLOGIE AG (BR) ............... 364
36,000 VAN DER HORST LTD .................... 14
-----------
6,912
-----------
COPPER ORES--0.01%
19,200 CYPRUS AMAX MINERALS CO .............. 295
4,600 NORANDA, INC ......................... 79
17,900 OUTOKUMPU OY SERIES A ................ 219
-----------
593
-----------
CREDIT REPORTING AND
COLLECTION--0.22%
8,300 oAGIV AG .............................. 157
626,766 BTR PLC .............................. 1,923
5,147 oBTR PLC WTS 11/26/98 ................. 0
53,100 COGNIZANT CORP ....................... 2,366
102,200 CSR LTD .............................. 346
55 DE LA RUE CO PLC ..................... 0
3,600 GROUPE BRUXELLES LAMBERT S.A ......... 521
57,000 oHAW PAR CORP LTD ..................... 74
469,000 ITOCHU CORP .......................... 739
8,602 LAGARDERE S.C.A ...................... 285
8,100 LAIRD GROUP PLC ...................... 59
258,224 LONRHO PLC ........................... 395
333,000 MALAYAN UNITED INDUSTRIES BERHAD ..... 58
527,000 MARUBENI CORP ........................ 928
7,520 METRA CO SERIES B .................... 177
74,257 PEARSON PLC .......................... 965
6,000 oRENONG BERHAD ........................ 3
331,200 SIME DARBY BERHAD .................... 318
232,000 SUMITOMO CORP ........................ 1,303
240,000 TOKYU CORP ........................... 930
296,000 UNITED INDUSTRIAL CORP ............... 116
-----------
11,663
-----------
VALUE
SHARES (000)
------ ----------
CRUSHED AND BROKEN STONE--0.02%
7,800 VULCAN MATERIALS CO .................. $ 797
-----------
CUTLERY, HANDTOOLS, AND
HARDWARE--0.20%
101,600 GILLETTE CO .......................... 10,204
8,900 SNAP-ON, INC ......................... 388
200 STANLEY WORKS CO ..................... 9
-----------
10,601
-----------
DAIRY PRODUCTS--0.16%
600 BONGRAIN S.A ......................... 253
12,231 DANONE GROUP ......................... 2,186
49,000 MEIJI MILK PRODUCTS CO LTD ........... 127
26,000 NESTLE MALAYSIA BERHAD ............... 120
215,900 PARMALAT FINANZIARIA S.P.A ........... 309
159,000 SNOW BRAND MILK PRODUCTS CO .......... 429
81,060 UNIGATE PLC .......................... 802
484,414 UNILEVER LTD ......................... 4,157
-----------
8,383
-----------
DEEP SEA FOREIGN TRANSPORTATION
OF FREIGHT--0.29%
9,600 oBERGESEN D.Y. AS (CLASS B) ........... 224
708 oBONA SHIPHOLDING LTD ................. 7
36 DAMPSKIBSSELSKABET AF 1912 (CLASS B) . 1,661
26 DAMPSKIBSSELSKABET SVENDBORG
(CLASS B) ............................ 1,709
950,000 oFIRST OLSEN TANKERS LTD .............. 8,247
144,000 HAI SUN HUP GROUP LTD ................ 58
43,200 oHAI SUN HUP WTS 05/10/02 ............. 3
150,000 KAMIGUMI CO LTD ...................... 445
237,000 oKAWASAKI KISEN KAISHA LTD ............ 288
6,900 KONINKLIJKE NEDLLOYD GROEP NV ........ 157
4,500 LEIF HOEGH & CO ...................... 92
64,000 MALAYSIAN INTERNATIONAL
SHIPPING CO (FR) ..................... 94
468,000 oMITSUI OSK LINES LTD ................. 651
30,100 oNCL HOLDINGS AS ...................... 108
200 NEPTUNE ORIENT LINES LTD ............. 0
192,000 NIPPON YUSEN KABUSHIKI KAISHA ........ 529
67,801 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO ........................ 780
54,000 TRANSPORTATION DEVELOPMENT
GROUP PLC ............................ 182
800 oUNITOR AS ............................ 10
-----------
15,245
-----------
DEPARTMENT STORES--0.89%
90,400 ARGOS PLC 5/7 (P/P) .................. 820
109,000 BOOTS CO LTD ......................... 1,584
175 CARREFOUR SUPERMARCHE S.A ............ 91
210,300 COLES MYER LTD ....................... 1,010
12,000 DAIEI, INC ........................... 50
122,000 DAIMARU, INC ......................... 289
8,300 DELHAIZE FRERES NV ................... 421
206,000 oGIORDANO INTERNATIONAL LTD ........... 71
69,790 GREAT UNIVERSAL STORES PLC ........... 861
31,000 HANKYU DEPARTMENT STORES, INC ........ 173
1,600 HUDSONS BAY CO ....................... 36
6,000 ISETAN CO ............................ 25
106,000 ITO-YOKADO CO LTD .................... 5,421
230 oJELMOLI HOLDING AG (BR) .............. 199
58,000 JUSCO CO LTD ......................... 821
50 KARSTADT AG .......................... 17
164,370 KINGFISHER PLC ....................... 2,293
371,666 MARKS & SPENCER PLC .................. 3,663
See notes to financial statements.
-44-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
DEPARTMENT STORES - (Continued)
126,000 MARUI CO LTD ......................... $ 1,967
65,000 MAY DEPARTMENT STORES CO ............. 3,425
144,200 MYCAL CORP ........................... 1,209
60,042 NEXT PLC ............................. 684
66,900 PENNEY, (J.C.) CO, INC ............... 4,035
4,720 PINAULT-PRINTEMPS-REDOUTE S.A ........ 2,519
4,840 PROMODES S.A ......................... 2,009
35,320 RINASCENTE S.P.A ..................... 264
43 SEARS PLC ............................ 0
19,000 SEIYU LTD ............................ 60
14,300 SHIMACHU CO .......................... 225
3,800 oSTOCKMANN B FREE ..................... 237
142,000 TAKASHIMAYA CO LTD ................... 863
82,000 UNY CO LTD ........................... 1,129
267,358 WAL-MART STORES, INC ................. 10,544
-----------
47,015
-----------
DRUG STORES AND
PROPRIETARY STORES--0.02%
28,100 WALGREEN CO .......................... 882
-----------
DRUGS--5.91%
138,533 ABBOTT LABORATORIES CO ............... 9,083
10,500 AKZO NOBEL NV ........................ 1,811
122,664 AMERICAN HOME PRODUCTS CORP .......... 9,384
121,340 BAYER AG ............................. 4,535
138,426 BRISTOL MYERS SQUIBB CO .............. 13,099
685,000 oCHIRON CORP .......................... 11,645
250 ELF SANOFI S.A ....................... 28
494,496 GLAXO WELLCOME PLC ................... 11,700
37,000 KAKEN PHARMACEUTICAL CO LTD .......... 73
22,600 KISSEI PHARMACEUTICALS CO LTD ........ 327
128,324 LILLY (ELI) & CO ..................... 8,935
5,900 MALLINCKRODT, INC .................... 224
13,200 MDS INC, (CLASS B) ................... 304
59,717 oMEDPARTNERS, INC ..................... 1,336
22,230 MERCK & CO KGAA ...................... 723
194,582 MERCK & CO, INC ...................... 20,674
84,577 NOVARTIS AG (REGD) ................... 137,425
10,300 NOVO NORDISK AS (CLASS B) ............ 1,474
643,024 PFIZER, INC .......................... 47,945
50 ROCHE HOLDINGS AG (BR) ............... 771
1,005 ROCHE HOLDINGS AG (GENUSSCHEINE) ..... 9,994
17,500 SCHERING AG .......................... 1,689
117,100 SCHERING-PLOUGH CORP ................. 7,275
743,018 SMITHKLINE BEECHAM/BECKMAN LTD ....... 7,647
24,200 WARNER-LAMBERT CO .................... 3,001
-----------
311,102
-----------
EATING AND DRINKING PLACES--0.17%
11,733 ACCOR S.A ............................ 2,182
9,407 oAUTOGRILL S.P.A ...................... 50
19,800 CRACKER BARREL OLD COUNTRY
STORE, INC ........................... 661
49,000 DARDEN RESTAURANTS, INC .............. 613
5,000 FUJITA KANKO, INC .................... 54
282,000 HONG KONG & SHANGHAI HOTELS LTD ...... 233
95,166 MCDONALDS CORP ....................... 4,544
168,000 MIRAMAR HOTEL & INVESTMENT CO LTD .... 284
34,000 OVERSEAS UNION ENTERPRISES LTD ....... 82
5,800 oSCOTTS RESTAURANTS, INC .............. 20
9 oTRICON GLOBAL RESTAURANTS, INC ....... 0
-----------
8,723
-----------
VALUE
SHARES (000)
------ ----------
ELECTRIC DISTRIBUTION
EQUIPMENT--2.58%
4,425,000 CBS CORP ............................. $ 130,261
33,536 COOPER INDUSTRIES, INC ............... 1,643
1,500 oEMPRESA FABRIL DE MAQUINAS
ELECTRICAS .......................... 12
392,000 NIPPON ELECTRIC CORP (N.E.C.) ........ 4,191
-----------
136,107
-----------
ELECTRIC LIGHTING AND
WIRING EQUIPMENT--0.49%
424,000 PHILIPS ELECTRONICS NV (NY REGD) ..... 25,652
-----------
ELECTRIC SERVICES--1.12%
12,800 CAROLINA POWER & LIGHT CO ............ 543
62,200 CENTRAL & SOUTH WEST CORP ............ 1,683
409,000 CHINA LIGHT & POWER CO LTD ........... 2,270
100 CHUBU ELECTRIC POWER CO, INC ......... 2
59,700 DOMINION RESOURCES, INC .............. 2,541
46,800 DTE ENERGY CO ........................ 1,623
12,400 DUKE ENERGY CORP ..................... 687
11,100 EDPERBRASCAN CORP (CLASS A) .......... 202
10,950 oELECTRABEL S.A. STRIP VVPR ........... 4
51,850 oELECTRICIDADE DE PORTUGAL S.A ........ 983
76,808 ENDESA S.A ........................... 1,363
6,287 ENERGIA E INDUSTRIAS ARAGONESAS S.A .. 42
76,600 ENTERGY CORP ......................... 2,293
23,152 oFIRSTENERGY CORP ..................... 671
39,100 GPU, INC ............................. 1,647
89,100 HOUSTON INDUSTRIES, INC .............. 2,378
6,100 ILLINOVA CORP ........................ 164
268,300 KANSAI ELECTRIC POWER CO, INC ........ 4,560
152,008 NATIONAL GRID GROUP PLC .............. 726
267,099 NATIONAL POWER PLC ................... 2,648
1,500 NORTHEAST UTILITIES CO ............... 18
3,900 OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG ......... 413
2,100 POTOMAC ELECTRIC POWER CO ............ 54
53,500 PP&L RESOURCES, INC .................. 1,281
4,510 RHEIN-WESTFALEN
ELECTRIC AG (STAMM) ................. 242
182,522 SCOTTISH POWER PLC ................... 1,611
184,000 SHUN TAK ENTERPRISES CORP LTD ........ 49
22,200 SOUTHERN CO .......................... 574
9,800 SOUTHERN ELECTRIC PLC ................ 78
457,000 TENAGA NASIONAL BERHAD ............... 974
80,370 TEXAS UTILITIES CO ................... 3,340
178,000 TOHOKU ELECTRIC POWER CO, INC ........ 2,711
342,987 TOKYO ELECTRIC POWER CO, INC ......... 6,278
45,700 TOKYO ELECTRON CO LTD ................ 1,469
12,000 TRACTEBEL NV ......................... 1,046
600 oTRACTEBEL NV PUT WTS 11/15/99 ........ 2
43,500 TRANSALTA CORP ....................... 685
69,800 UNICOM CORP .......................... 2,146
98,400 UNION ELECTRICA FENOSA S.A ........... 943
73,550 VEBA AG .............................. 5,011
5,249 VIAG AG .............................. 2,829
-----------
58,784
-----------
ELECTRICAL GOODS--0.02%
9,600 AVNET, INC ........................... 634
8,800 oQUALCOMM, INC ........................ 444
-----------
1,078
-----------
See notes to financial statements.
-45-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
ELECTRICAL INDUSTRIAL
APPARATUS--1.87%
162,100 ABB AB SERIES B ...................... $ 1,910
28,787 ALCATEL ALSTHOM CIE GEN .............. 3,661
2,000 ALPS ELECTRIC CO LTD ................. 19
125,000 AMADA CO LTD ......................... 466
24,700 oAMERICAN POWER CONVERSION CORP ....... 584
6,000 ASAHI OPTICAL CO LTD ................. 10
60,336 BICC LTD ............................. 171
216,000 CANON, INC ........................... 5,050
57,000 CASIO COMPUTER CO LTD ................ 410
141,000 CITIZEN WATCH CO LTD ................. 949
30,517 ELECTROCOMPONENTS PLC ................ 227
1,304,500 ERICSSON TELEFON (LM) AB SERIES B .... 49,075
56,000 FUJIKURA LTD ......................... 372
15,600 HIROSE ELECTRIC CO LTD ............... 800
780,000 HITACHI LTD .......................... 5,579
3,000 HOYA CORP ............................ 95
88,000 KANDENKO CO LTD ...................... 451
38,000 KYUNDENKO CO LTD ..................... 193
418 LEGRAND S.A .......................... 83
44,978 LEX SERVICE GROUP LTD ................ 345
345,000 MITSUBISHI ELECTRIC CORP ............. 886
391,000 MURATA MANUFACTURING CO LTD .......... 9,864
69,000 NGK INSULATORS LTD ................... 616
74,000 NIKON CORP ........................... 734
2,900 OCE NV ............................... 316
130,000 OLYMPUS OPTICAL CO LTD ............... 901
59,000 OMRON CORP ........................... 926
7,430 OXFORD INSTRUMENTS GROUP PLC ......... 36
49,900 PHILIPS ELECTRONICS NV ............... 2,993
1,077 RICOH CO LTD ......................... 13
33,000 ROHM CO .............................. 3,376
85,640 SIEMENS AG ........................... 5,072
183,000 SUMITOMO ELECTRIC INDUSTRIES CO ...... 2,505
-----------
98,688
-----------
ELECTRONIC COMPONENTS
AND ACCESSORIES--3.80%
167,000 ADVANTEST CORP ....................... 9,505
403,900 oALTERA CORP .......................... 13,379
132,000 oASM LITHOGRAPHY HOLDINGS NV .......... 8,660
2,300 BARCO INDUSTRIES NV .................. 422
56,400 BOWTHORPE HOLDINGS PLC ............... 349
193,744 FKI PLC .............................. 612
384,081 GENERAL ELECTRIC CO
(UNITED KINGDOM) .................... 2,522
973,448 INTEL CORP ........................... 68,385
704,000 LINEAR TECHNOLOGY CO ................. 40,568
932,500 oMICRON TECHNOLOGY, INC ............... 24,245
511,500 oTELLABS, INC ......................... 27,046
83,600 TEXAS INSTRUMENTS, INC ............... 3,762
92,000 YOKOGAWA ELECTRIC CORP ............... 570
-----------
200,025
-----------
ENGINEERING AND ARCHITECTURAL
SERVICES--0.00%
13,900 OYO CORP ............................. 201
-----------
ENGINES AND TURBINES--0.03%
19,700 BOMBARDIER, INC (CLASS B) ............ 405
28,200 BRUNSWICK CORP ....................... 855
7,400 CUMMINS ENGINE CO, INC ............... 437
-----------
1,697
-----------
FABRICATED RUBBER
PRODUCTS, NEC--0.00%
199,000 GOLDEN HOPE PLANTATIONS BERHAD ....... 230
-----------
VALUE
SHARES (000)
------ ----------
FABRICATED STRUCTURAL
METAL PRODUCTS--0.01%
13,800 TRINITY INDUSTRIES, INC .............. $ 616
4,900 UNITED DOMINION INDUSTRIES LTD ....... 123
-----------
739
-----------
FAMILY CLOTHING STORES--0.03%
37,800 GAP, INC ............................. 1,340
-----------
FARM AND GARDEN MACHINERY--0.01%
5,400 CASE CORP ............................ 326
19,200 oDEUTZ AG ............................. 141
-----------
467
-----------
FATS AND OILS--0.00%
625 oPPB OIL PALMS BERHAD ................. 0
-----------
FEDERAL AND FEDERALLY-SPONSORED
CREDIT AGENCIES--0.17%
155,988 FEDERAL NATIONAL MORTGAGE
ASSOCIATION ......................... 8,901
-----------
FINANCE SERVICES--0.76%
131,000 oSHOKOH FUND & CO ..................... 40,099
-----------
FIRE, MARINE, AND CASUALTY
INSURANCE--0.84%
26,390 ALLIANZ AG (REGD) .................... 6,839
63,668 ALLSTATE CORP ........................ 5,786
5,270 ASR VERZEKERINGSGROEP NV ............. 287
7,300 COLONIA KONZERN AG (REGD) ............ 698
75,139 COMMERICAL UNION ASSURANCE CO LTD .... 1,110
38,100 HARTFORD FINANCIAL SERVICES
GROUP, INC ........................... 3,565
118,030 ING GROEP NV ......................... 4,972
580,400 INSTITUTO NAZIONALE DELLE
ASSICURAZION ......................... 1,178
43,000 MITSUI TAISHO MARINE & FIRE CO LTD ... 220
115 oMUNCHENER RUECKVERSICHERUNGS-
GESELLSCHAFT (REGD) (P/P)
WTS 03/13/98 ........................ 67
213,000 NICHIDO FIRE & MARINE INSURANCE
CO LTD .............................. 1,114
176,000 NIPPON FIRE & MARINE INSURANCE
CO LTD .............................. 662
4,300 oPOHJOLA INSURANCE CO LTD SERIES B .... 160
110,636 QBE INSURANCE GROUP LTD .............. 498
57,000 RAS S.P.A ............................ 560
305,383 ROYAL & SUN ALLIANCE INSURANCE
GROUP PLC ........................... 3,065
2,500 SAFECO CORP .......................... 122
11,400 SAI S.P.A ............................ 127
1,600 SCHWEIZERISCHE
RUCKVERSICHERUNG (REGD) ............. 2,997
9,300 ST. PAUL COS, INC .................... 763
40,600 oUNI-STOREBRAND AS SERIES A ........... 286
237,972 SUMITOMO MARINE & FIRE
INSURANCE CO ........................ 1,263
361,000 TOKIO MARINE & FIRE
INSURANCE CO LTD ..................... 4,109
35,800 USF&G CORP ........................... 790
5,943 ZURICH INSURANCE CO (REGD) ........... 2,836
-----------
44,074
-----------
FLAT GLASS--0.09%
248,000 ASAHI GLASS CO LTD ................... 1,183
197,000 NIPPON SHEET GLASS CO LTD ............ 276
57,100 PPG INDUSTRIES, INC .................. 3,262
-----------
4,721
-----------
See notes to financial statements.
-46-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
FOREIGN BANKS, BRANCHES AND
AGENCIES--0.43%
71,800 oBANCO AMRBOSIANO VENETO BDS RTS ...... $ 46
71,800 oBANCO AMBROSIANO VENETO RTS .......... 306
96,600 oBANCO AMBROSIANO VENETO S.P.A ........ 189
21,600 oBANCO COMERCIAL PORTUGUES S.A
(REGD) ............................... 442
12,600 oBANCO ESPIRITO SANTO E COMERCIAL ..... 375
8,700 BANCO TOTTA & ACORES S.A. (REGD) ..... 171
11,800 BANK AUSTRIA AG ...................... 597
52,500 BANK OF MONTREAL ..................... 2,324
9,796 BANK OF NOVA SCOTIA .................. 461
1,069,747 BANK OF TOKYO MITSUBISHI LTD ......... 14,809
11,200 oBPI-SGPS, S.A. (REGD) ................ 273
67,964 CANADIAN IMPERIAL BANK OF COMMERCE ... 2,118
69,000 oCHRISTIANIA BANK OG KREDITKASSE ...... 279
988 oDRESDNER BANK WTS 04/30/02 ........... 18
16,200 NATIONAL BANK OF CANADA .............. 267
42,000 #oPUBLIC BANK BERHAD (LR) RTS .......... 2
-----------
22,677
-----------
FOREST PRODUCTS--0.01%
2,100 oCORTICEIRA AMORIM S.A ................ 25
110,000 HIGHLANDS & LOWLANDS BERHAD .......... 112
74,000 KUALA LUMPUR KEPONG BERHAD ........... 159
-----------
296
-----------
FORESTRY SERVICES--0.00%
207,060 FLETCHER CHALLENGE LTD
(FORESTS DIVISION) .................. 172
-----------
FREIGHT TRANSPORTATION
ARRANGEMENT--0.25%
550,000 BERGESEN AS SERIES A ................. 12,981
-----------
FUNERAL SERVICE AND
CREMATORIES--0.00%
1,100 SERVICE CORP INTERNATIONAL ........... 41
-----------
GAS PRODUCTION AND
DISTRIBUTION--0.19%
10,200 COASTAL CORP ......................... 632
17,200 GAS NATURAL SDG S.A .................. 892
537,000 HONG KONG & CHINA GAS CO LTD ......... 1,040
26,322 HYDER PLC ............................ 418
159,274 IBERDROLA S.A ........................ 2,095
10,481 IPL ENERGY, INC ...................... 479
92,900 ITALGAS S.P.A ........................ 384
38,000 IWATANI & CO LTD ..................... 68
54,900 NOVA CORP ............................ 522
201,000 OSAKA GAS CO LTD ..................... 461
100 SONAT, INC ........................... 5
123,374 TAYLOR WOODROW PLC ................... 362
297,000 TOKYO GAS CO LTD ..................... 676
22,000 TRANS CANADA PIPELINES LTD ........... 490
52,182 UNITED UTILITIES PLC ................. 674
24,544 WESTCOAST ENERGY, INC ................ 566
100 WILLIAMS COS, INC .................... 3
-----------
9,767
-----------
GENERAL INDUSTRIAL
MACHINERY--4.20%
1,140 ABB ASEA BROWN BOVERI LTD (BR) ....... 1,434
26,700 ATLAS COPCO AB SERIES B FREE ......... 796
138,100 AUSTRALIAN NATIONAL INDUSTRIES LTD ... 127
200 BEKAERT S.A .......................... 119
30,000 oCHIYODA CORP ......................... 32
VALUE
SHARES (000)
------ ----------
10,700 COBHAM GROUP PLC ..................... $ 147
7,220 CONTINENTAL AG ....................... 159
49,000 DAIKIN INDUSTRIES LTD ................ 185
18,360 DELTA PLC ............................ 79
69,000 EBARA CORP ........................... 732
7,900 oEST ASIATIQUE ........................ 72
802,400 FANUC LTD ............................ 30,486
241 FISCHER (GEORGE) LTD (BR) ............ 330
21 FISCHER (GEORGE) LTD (REGD) .......... 6
4,000 FLS INDUSTRIES AS (CLASS B) .......... 95
16,200 GENERAL SIGNAL CORP .................. 683
20,216 GKN PLC .............................. 415
183,000 HITACHI ZOSEN CORP ................... 294
653 INDUSTRIE-WERKE KARLSRUHE
AUGSBURG AG ......................... 154
53,500 INGERSOLL-RAND CO .................... 2,167
53,500 KEPPEL CORP .......................... 154
258,220 KEYENCE CORP ......................... 38,329
267,000 KOMATSU LTD .......................... 1,345
1,700 oKONE CORP SERIES B ................... 206
59,000 KOYO SEIKO CO LTD .................... 237
336,000 KUBOTA CORP .......................... 889
7,500 KVAERNER INDUSTRIER AS SERIES A ...... 383
36,500 KYOCERA CORP ......................... 1,662
1,720 LINDE AG ............................. 1,050
36,000 MAKINO MILLING MACHINE CO LTD ........ 228
146,000 MINEBEA CO LTD ....................... 1,572
893,000 MITSUBISHI HEAVY INDUSTRIES LTD ...... 3,736
41,000 MORI SEIKI CO LTD .................... 426
99,000 oNIIGATA ENGINEERING CO LTD ........... 43
22,000 NIPPON SHARYO LTD .................... 61
158,000 NSK LTD .............................. 395
131,000 NTN TOYO BEARING CO LTD .............. 304
26,000 OKUMA CORP ........................... 93
21,000 SANDEN CORP .......................... 90
240 SCHINDLER HOLDINGS LTD (REGD) ........ 258
3,800 SOPHUS BERENDSEN AS (CLASS B) ........ 627
4,574 STORK NV ............................. 158
540 SULZER WINTERTHUR AG (REGD) .......... 343
152,000 SUMITOMO HEAVY INDUSTRIES LTD ........ 466
19,200 SUNDSTRAND CORP ...................... 967
15,600 SVENKA KULLAGERFABRIKEN AB SERIES B .. 332
137,226 T & N PLC ............................ 574
1,000 TAIYO YUDEN CO LTD ................... 7
31,000 TAKUMA CO LTD ........................ 215
165,000 TECHNOLOGY RESOURCES
INDUSTRIES BERHAD ................... 97
113,000 TOYO ENGINEERING CO .................. 82
16,000 TOYO EXTERIOR CORP ................... 105
73,100 TOYODA AUTOMATIC LOOM WORKS LTD ...... 1,349
13,900 TRELLEBORG AB SERIES B FREE .......... 175
28,000 TSUBAKIMOTO CHAIN CO ................. 101
5,000 oTSUGAMI CORP ......................... 4
2,788,360 TYCO INTERNATIONAL LTD ............... 125,650
88,000 UMW HOLDINGS BERHAD .................. 67
20,700 VICKERS PLC .......................... 81
-----------
221,373
-----------
GLASS AND GLASSWARE,
PRESSED OR BLOWN--0.01%
10,900 OWENS CORNING CO ..................... 372
-----------
GOLD AND SILVER ORES--1.13%
18,000 BARRICK GOLD CORP .................... 335
55,700 BARRICK GOLD CORP (U.S.) ............. 1,037
22,800 ECHO BAY MINES LTD ................... 57
See notes to financial statements.
-47-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
GOLD AND SILVER ORES - (Continued)
1,927,800 oEUOR-NEVADA MINING CORP .............. $ 26,066
1,512,800 FRANCO-NEVADA MINING CORP LTD ........ 29,704
4,500 FREEPORT MCMORAN COPPER &
GOLD, INC (CLASS A) ................. 69
8,700 FREEPORT MCMORAN COPPER &
GOLD, INC (CLASS B) ................. 137
70,467 GREAT CENTRAL MINES LTD .............. 76
50,400 NEWMONT MINING CORP .................. 1,481
24,100 PLACER DOME, INC ..................... 303
7,200 TECK CORP LTD (CLASS B) .............. 108
-----------
59,373
-----------
GRAIN MILL PRODUCTS--0.22%
180,005 ARCHER DANIELS MIDLAND CO ............ 3,904
7,946 ERIDANIA BEGHIN-SAY S.A .............. 1,243
19,000 GENERAL MILLS, INC ................... 1,361
1,000 GLAVERBEL S.A ........................ 157
73,000 IOI CORP ............................. 24
66,000 NITTO DENKO CORP ..................... 1,142
73,000 PERLIS PLANTATIONS BERHAD ............ 103
21,000 PRIMA LTD ............................ 39
43,600 QUAKER OATS CO ....................... 2,300
56 RALSTON PURINA CO .................... 5
73,600 TOYO SEIKAN KAISHA LTD ............... 1,053
29,000 UBE INDUSTRIES LTD ................... 37
4,900 VISCOFAN S.A ......................... 123
-----------
11,491
-----------
GROCERIES AND RELATED
PRODUCTS--0.04%
6,600 OSHAWA GROUP LTD (CLASS A) ........... 115
23,700 oPROVIGO, INC ......................... 144
19,300 SUPERVALU, INC ....................... 808
27,000 SYSCO CORP ........................... 1,230
-----------
2,297
-----------
GROCERY STORES--0.20%
4,600 ALBERTSONS, INC ...................... 218
80,500 AMERICAN STORES CO ................... 1,655
3,400 CULTOR OY SERIES 2 ................... 184
826 DAIRY FARM INTERNATIONAL
HOLDINGS LTD ........................ 1
8,700 oEL AGUILA S.A ........................ 34
74,600 oKROGER CO ............................ 2,756
109,974 SAFEWAY PLC .......................... 624
373,933 SAINSBURY (J) PLC .................... 3,135
219,060 TESCO PLC ............................ 1,766
-----------
10,373
-----------
GUIDED MISSILES, SPACE VEHICLES AND
PARTS--0.04%
39,500 TRW, INC ............................. 2,108
-----------
HEALTH AND ALLIED SERVICES,
NEC--0.06%
71,500 oHEALTHSOUTH CORP ..................... 1,984
21,900 UNITED HEALTHCARE CORP ............... 1,088
-----------
3,072
-----------
HEAVY CONSTRUCTION,
EXCEPT HIGHWAY--0.10%
8,700 AUTOPISTAS CONCESIONARIA
ESPANOLA S.A ......................... 117
1,190 BILFINGER & BERGER AG ................ 37
140,809 BORAL LTD ............................ 356
VALUE
SHARES (000)
------ ----------
328 BOUYGUES S.A ......................... $ 37
231,000 CHICHIBU ONODA CEMENT CORP ........... 426
2,100 oENGIL-SGPS ........................... 21
4,800 oGROUPE GTM ........................... 323
101,000 JGC CONSTRUCTION CORP ................ 214
62,000 KINDEN CORP .......................... 663
14,000 KUMAGAI GUMI CO (HONG KONG) LTD ...... 11
276,000 KUMAGAI GUMI CO LTD .................. 151
16,000 MAEDA ROAD CONSTRUCTION CO LTD ....... 64
53,300 PIONEER INTERNATIONAL LTD ............ 146
35,909 SCHNEIDER S.A ........................ 1,951
285,000 SHIMIZU CORP ......................... 662
1,700 oSOCIEDADE DE CONSTRUCOES
SOARES DA COS ....................... 12
2,100 oSOMAGUE-SGPS S.A ..................... 22
132,000 TIME ENGINEERING BERHAD .............. 34
-----------
5,247
-----------
HIGHWAY AND STREET
CONSTRUCTION--0.01%
49,000 GOLDEN PLUS HOLDINGS BERHAD .......... 11
9,930 HOCHTIEF AG .......................... 392
89,000 oSATO KOGYO ........................... 55
-----------
458
-----------
HOLDING OFFICES--1.73%
3,100 oAACHENER & MUNCHENER BETEIL (BR) ..... 336
8,350 AACHENER & MUNCHENER BETEIL (REGD) ... 913
1,600 BOHLER-UDDEHOLM AG (BR) .............. 94
355,200 BRIERLEY INVESTMENTS LTD ............. 254
5,106,200 COMPASS GROUP PLC .................... 62,509
29,337 CREDIT SUISSE GROUP (REGD) ........... 4,546
51,000 DBS LAND LTD ......................... 78
9,300 DOUGLAS HOLDINGS AG .................. 281
900 EA-GENERALI AG ....................... 236
80 EURAFRANCE S.A ....................... 33
430 FORBO HOLDINGS AG (REGD) ............. 176
90,899 HANSON PLC ........................... 408
675,000 HUTCHINSON WHAMPOA LTD ............... 4,234
33,000 INCHAPE MOTORS ....................... 51
160,000 KAO CORP ............................. 2,313
7,500 KESKO CO ............................. 119
2,200 KREDIETBANK NV ....................... 923
161,000 MALAYSIAN MOSAICS BERHAD ............. 58
75,700 MEDIOBANCA S.P.A ..................... 595
11,930 MUENCHENER RUECKVER AG (REGD) ........ 4,498
85,000 ORIENT CORP .......................... 138
65,600 ORIENTAL HOLDINGS BERHAD ............. 80
16,936 PERNOD-RICARD S.A .................... 997
9,200 POWER CORP OF CANADA ................. 329
92,051 PROVIDENT FINANCIAL PLC .............. 1,207
2,400 ROYALE BELGE VIE ACCIDENTS ........... 683
124,100 SANKYO CO LTD ........................ 2,816
99 SIMCO (REGD) ......................... 7
110,300 ST JAMES PLACE CAPITAL PLC ........... 307
6,810 TOHO CO LTD .......................... 728
9,336 WOLTERS KLUWER NV .................... 1,206
-----------
91,153
-----------
HORTICULTURAL SPECIALTIES--0.00%
200 PIONEER-HI-BRED INTERNATIONAL, INC ... 21
-----------
HOSPITALS--0.06%
77,300 COLUMBIA/HCA HEALTHCARE CORP ......... 2,290
52,900 oHUMANA, INC .......................... 1,098
-----------
3,388
-----------
See notes to financial statements.
-48-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
HOTELS AND MOTELS--0.11%
78,000 BERJAYA LAND BERHAD .................. $ 48
23,900 oCENDANT CORP ......................... 822
102,700 oCROWN LTD ............................ 46
37,345 oCROWN LTD RTS ........................ 3
8,000 GENTING BERHAD ....................... 20
32,250 oHARRAHS ENTERTAINMENT, INC ........... 609
37,700 HILTON HOTELS CORP ................... 1,122
65,500 oHOST MARRIOTT CORP ................... 1,285
122,000 LANDMARKS HOLDINGS BERHAD ............ 18
14,869 oPROMUS HOTEL CORP .................... 624
102,400 RANK GROUP PLC ....................... 571
1,030,800 REGAL HOTELS INTERNATIONAL LTD ....... 196
142,000 RESORTS WORLD BERHAD ................. 239
13,000 SHANGRI-LA HOTEL LTD ................. 24
-----------
5,627
-----------
HOUSEHOLD APPLIANCE STORES--0.01%
72,900 AUSTRALIA GAS LIGHT CO ............... 508
-----------
HOUSEHOLD APPLIANCES--1.95%
10,120 ELECTROLUX AB SERIES B ............... 703
85,024 EMAIL LTD ............................ 201
1,372,328 GENERAL ELECTRIC CO .................. 100,695
50,000 TAKARA STANDARD CO ................... 246
15,100 WHIRLPOOL CORP ....................... 831
-----------
102,676
-----------
HOUSEHOLD AUDIO AND
VIDEO EQUIPMENT--1.68%
35,000 AMANO CORP ........................... 269
3,100 BANG & OLUFSEN HOLDING A/S (CLASS B) . 185
173,000 BROTHERS INDUSTRIES LTD .............. 397
16,000 oCREATIVE TECHNOLOGY LTD .............. 325
526,000 MATSUSHITA ELECTRIC INDUSTRIAL
CO LTD .............................. 7,727
8,600 oMOULINEX ............................. 213
41,000 PIONEER ELECTRONIC CORP .............. 634
13,000 oSANRIO CO LTD ........................ 68
739,000 SANYO ELECTRIC CO LTD ................ 1,932
180,000 SHARP CORP ........................... 1,243
845,302 SONY CORP ............................ 75,414
31,000 UNIDEN CORP .......................... 250
-----------
88,657
-----------
INDUSTRIAL INORGANIC CHEMICALS--0.08%
17,400 GREENCORE GROUP PLC .................. 82
55,000 oISHIHARA SANGYO KAISHA LTD ........... 61
27,100 KERRY GROUP (CLASS A) ................ 290
75,823 KONINKLIJKE AHOLD NV ................. 1,979
39,000 UNION CARBIDE CORP ................... 1,675
-----------
4,087
-----------
INDUSTRIAL ORGANIC CHEMICALS--0.49%
13,600 AGA AB SERIES A FREE ................. 188
33,201 BOC GROUP PLC ........................ 550
228,000 DAICEL CHEMICAL INDUSTRIES LTD ....... 298
220,000 DAINIPPON INK & CHEMICAL, INC ........ 558
20,840 DEGUSSA AG ........................... 1,043
92,500 ICI AUSTRALIA LTD .................... 648
152,826 IMPERIAL CHEMICAL INDUSTRY PLC ....... 2,364
143,000 KANEKA CORP .......................... 648
96,000 KUREHA CHEMICAL INDUSTRY CO LTD ...... 198
9,569 LAIR LIQUIDE ......................... 1,498
1,389 #LAIR LIQUIDE (REGD) 1996 ............. 217
662 #LAIR LIQUIDE (REGD) 1998 ............. 104
VALUE
SHARES (000)
------ ----------
18,700 LUBRIZOL CORP ........................ $ 690
876,000 MITSUBISHI CHEMICAL CORP ............. 1,260
227,000 MITSUBISHI GAS CHEMICAL CO, INC ...... 599
1,000 oMITSUI CHEMICAL CORP ................. 2
11,000 NIPPON SHOKUBAI KAGAK KOGYO CO LTD ... 45
35,500 NORSK HYDRO AS ....................... 1,731
32,846 RHONE-POULENC S.A. (CLASS A) ......... 1,472
19,800 ROHM & HAAS CO ....................... 1,896
128,000 SEKISUI CHEMICAL CO LTD .............. 653
100,255 SHIN-ETSU CHEMICAL CO LTD ............ 1,920
108,100 oSNIA BDP S.P.A ....................... 111
13,150 SOLVAY ET CIE S.A .................... 827
356,000 SUMITOMO CHEMICAL CO LTD ............. 821
157,686 ZENECA GROUP PLC ..................... 5,552
-----------
25,893
-----------
INSURANCE AGENTS, BROKERS,
AND SERVICE--0.09%
13,700 AON CORP ............................. 803
129,122 ASSICURAZIONI GENERALI S.P.A ......... 3,175
1,200 oFAIRFAX FINANCIAL HOLDINGS LTD ....... 268
832 oFORTIS AG NPV (STRIP VVPR) ........... 0
108,900 GIO AUSTRALIAN HOLDINGS LTD .......... 278
172,000 SEDGWICK GROUP LTD ................... 399
-----------
4,923
-----------
INSURANCE CARRIERS, NEC--0.03%
26,700 MBIA, INC ............................ 1,784
-----------
IRON AND STEEL FOUNDRIES--0.13%
72,000 oJAPAN STEEL WORKS LTD ................ 55
6,939 MANNESMANN AG ........................ 3,508
89,700 SVENSKT STAL AB (SSAB) SERIES A ...... 1,470
4,184 THYSSEN AG ........................... 896
76,120 USINOR ............................... 1,100
-----------
7,029
-----------
JEWELRY, SILVERWARE, AND
PLATED WARE--0.00%
37,300 BULGARI S.P.A ........................ 190
-----------
KNITTING MILLS--0.02%
115,000 oCSP INTERNATIONAL INDUSTRIA
CALZE S.P.A. ........................ 1,299
-----------
LAUNDRY, CLEANING, AND
GARMENT SERVICES--0.01%
14,600 NATIONAL SERVICE INDUSTRIES, INC ..... 724
-----------
LEAD AND ZINC ORES--0.00%
9,800 COMINCO LTD .......................... 150
-----------
LIFE INSURANCE--0.72%
11 AEGON N.V ............................ 1
43 AETNA, INC ........................... 3
27 ALLEANZA ASSICURAZIONI (S/S) ......... 0
112,980 AMERICAN INTERNATIONAL GROUP, INC .... 12,287
23,800 CIGNA CORP ........................... 4,119
1,200 GENERAL REINSURANCE CORP ............. 254
52,100 IRISH LIFE ........................... 299
22,700 JEFFERSON-PILOT CORP ................. 1,768
237,435 LEGAL & GENERAL GROUP PLC ............ 2,051
208,816 PRUDENTIAL CORP PLC .................. 2,427
9,200 SAMPO INSURANCE CO SERIES A .......... 299
31,650 SUNAMERICA, INC ...................... 1,353
44,300 TORCHMARK CORP ....................... 1,863
203,979 TRAVELERS GROUP, INC ................. 10,989
-----------
37,713
-----------
See notes to financial statements.
-49-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
LOCAL AND SUBURBAN
TRANSPORTATION--0.14%
1,454 EAST JAPAN RAILWAY CO ................ $ 6,587
184,990 NANKAI ELECTRIC RAILWAY CO ........... 811
-----------
7,398
-----------
LOGGING--0.01%
299,300 CARTER HOLT HARVEY LTD ............... 462
-----------
LUMBER AND CONSTRUCTION
MATERIALS--0.03%
22,100 GEORGIA PACIFIC CORP
(PACKAGING GROUP) ................... 1,343
15,000 oGEORGIA-PACIFIC CORP (TIMBER GROUP) .. 340
-----------
1,683
-----------
LUMBER AND OTHER
BUILDING MATERIALS--0.24%
3,300 CBR NV ............................... 297
63,435 CRH PLC .............................. 743
15,075 HEIDELBERGER ZEMENT AG ............... 1,073
133,050 HOME DEPOT, INC ...................... 7,833
28,100 ITALCEMENTI S.P.A .................... 196
75,700 LEIGHTON HOLDINGS LTD ................ 264
69,000 MALAYAN CEMENT BERHAD ................ 47
140,000 oPAN-MALAYSIA CEMENT WORKS BERHAD ..... 54
38,000 SANKYO ALUMINIUM INDUSTRY CO LTD ..... 34
39,000 SANWA SHUTTER CORP ................... 197
5,065 EUROC INDUSTRIA AB SERIES A .......... 207
211,900 SEKISUI HOUSE LTD .................... 1,367
1,400 WIENERBERGER BAUSTOFF AG ............. 268
-----------
12,580
-----------
MANIFOLD BUSINESS FORMS--0.00%
14,200 MOORE CORP LTD ....................... 213
-----------
MEASURING AND CONTROLLING
DEVICES--0.24%
15,200 EG & G, INC .......................... 316
114,650 IMI PLC .............................. 765
27,100 JOHNSON CONTROLS, INC ................ 1,294
250,300 oKLA-TENCOR CORP ...................... 9,668
16,100 TEKTRONIX, INC ....................... 639
-----------
12,682
-----------
MEAT PRODUCTS--0.10%
105,500 CONAGRA, INC ......................... 3,462
105,000 ITOHAM FOODS, INC .................... 499
111,000 NIPPON MEAT PACKERS, INC ............. 1,520
-----------
5,481
-----------
MEDICAL AND DENTAL
LABORATORIES--0.00%
87 oQUEST DIAGNOSTICS, INC ............... 1
-----------
MEDICAL INSTRUMENTS
AND SUPPLIES--0.79%
1,200,333 +oADAC LABORATORIES, INC ............... 23,707
39,200 BECTON DICKINSON & CO ................ 1,960
217,338 JOHNSON & JOHNSON CO ................. 14,317
22,966 oNYCOMED AMERSHAM PLC SERIES B ........ 835
2,700 RADIOMETER AS (CLASS B) .............. 110
9,700 VARIAN ASSOCIATES, INC ............... 490
-----------
41,419
-----------
MEDICAL SERVICE AND
HEALTH INSURANCE--0.02%
700 AEGON NV ............................. 62
4,300 AFLAC, INC ........................... 220
2,700 oCOMPANHIA DE SEGUROS
TRANQUILIDADE ....................... 65
VALUE
SHARES (000)
------ ----------
16,800 oOXFORD HEALTH PLANS, INC ............. $ 261
3,800 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS A) ........................... 191
1,000 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS B) ........................... 52
-----------
851
-----------
MEN'S AND BOYS' FURNISHINGS--0.04%
23,700 oFRUIT OF THE LOOM, INC (CLASS A) ..... 607
28,000 VF CORP .............................. 1,286
-----------
1,893
-----------
MEN'S AND BOYS' SUITS AND COATS--0.01%
10,000 MARZOTTO & FIGLI S.P.A ............... 125
30,000 ONWARD KASHIYMA CO LTD ............... 348
-----------
473
-----------
METAL CANS AND SHIPPING
CONTAINERS--0.01%
1,673 oCOLEP-COMPANHIA PORTUGUESA
DE EMBALAGE ......................... 24
15,000 CROWN CORK & SEAL CO, INC ............ 752
-----------
776
-----------
METAL FORGINGS AND STAMPINGS--0.06%
58,300 oMAGNETI MARELLI ...................... 100
58,600 ROCKWELL INTERNATIONAL CORP .......... 3,062
-----------
3,162
-----------
METAL MINING SERVICES--0.00%
1,146 oMORRISON KNUDSEN CORP
WTS 03/11/03 ........................ 3
-----------
METALS AND MINERALS,
EXCEPT PETROLEUM--0.01%
2,513 PREUSSAG AKTIEGESELLSCHAFT AG ........ 767
-----------
METALWORKING MACHINERY--0.03%
30,000 BLACK & DECKER CORP .................. 1,172
13,000 CINCINNATI MILACRON, INC ............. 337
12,000 MAKITA CORP .......................... 115
-----------
1,624
-----------
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES--3.67%
3,480,800 CARNIVAL CORP (CLASS A) .............. 192,749
100 oKUONI REISEN HOLDING (REGD)
(CLASS B) ........................... 375
256,000 MULTI-PURPOSE HOLDINGS BERHAD ........ 66
128,300 oSYDNEY HARBOUR CASINO HOLDINGS LTD ... 122
34,900 TABCORP HOLDINGS LTD ................. 164
-----------
193,476
-----------
MISCELLANEOUS APPAREL AND
ACCESSORY STORES--0.00%
11,400 oCML GROUP, INC ....................... 38
-----------
MISCELLANEOUS BUSINESS
SERVICES--1.01%
930,000 ASSA ABLOY AB SERIES B ............... 24,614
187,710 CARLTON COMMUNICATIONS PLC ........... 1,445
33,012 COMPAGNIE GENERALE DES EAUX .......... 4,609
24,394 oCOMPAGNIE GENERALE DES EAUX
WTS 05/02/01 ........................ 17
210,000 DAI NIPPON PRINTING CO LTD ........... 3,957
92,000 DAIWA KOSHO LEASE CO LTD ............. 375
95,550 EDISON ............................... 579
3,100 FLUGHAFEN WIEN AG .................... 123
68,000 GAKKEN CO LTD ........................ 96
15,300 GETRONICS NV ......................... 488
5,000 KOKUYO CO LTD ........................ 87
See notes to financial statements.
-50-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
MISCELLANEOUS BUSINESS
SERVICES - (Continued)
8,000 MITSUBISHI WAREHOUSE &
TRANSPORTATION CO LTD ............... $ 84
40,000 MITSUI SOKO CO LTD ................... 101
13,400 PITTSTON BRINKS GROUP CO ............. 539
225,840 REUTERS HOLDINGS PLC ................. 2,484
11,728 SAP AG ............................... 3,565
33,700 SECOM CO LTD ......................... 2,162
9,500 SECURITAS AB SERIES B FREE ........... 287
24,460 LYONNAISE DES EAUX S.A ............... 2,708
1,000 oSURVEILLANCE S.A. SOCIETE DE ......... 367
45,000 TOKYO DOME CORP ...................... 300
39,000 TOKYO TOKEIBA CO LTD ................. 50
216,000 TOPPAN PRINTING CO LTD ............... 2,824
31,300 VIAD CORP ............................ 604
270,000 WHARF HOLDINGS LTD ................... 592
-----------
53,057
-----------
MISCELLANEOUS CHEMICAL PRODUCTS--0.03%
224,000 ASAHI CHEMICAL INDUSTRY CO LTD ....... 761
7,600 DYNO INDUSTRIER AS ................... 146
102,000 NAGASE & CO .......................... 298
17,000 NGK SPARK PLUG CO LTD ................ 97
680 oSIKA FINANZ AG (BR) .................. 216
-----------
1,518
-----------
MISCELLANEOUS CONVERTED PAPER
PRODUCTS--0.18%
209,569 ARJO WIGGINS APPLETON PLC ............ 562
145,000 BERJAYA GROUP BERHAD ................. 29
61,000 FORT JAMES CORP ...................... 2,333
122,800 KIMBERLY-CLARK CORP .................. 6,056
15,200 KONINKLIJKE KNP BT NV ................ 350
1,600 oMAYR-MELNHOF KARTON AG ............... 86
9,947 MEYER INTERNATIONAL PLC .............. 63
-----------
9,479
-----------
MISCELLANEOUS DURABLE GOODS--0.13%
41,400 oCOSTCO COS, INC ...................... 1,847
88,000 DICKSON CONCEPTS INTERNATIONAL LTD ... 128
33,000 #oINCHCAPE MARKETING SERVICES .......... 28
407,000 MITSUBISHI CORP ...................... 3,224
307,000 MITSUI & CO LTD ...................... 1,823
-----------
7,050
-----------
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES--0.05%
36,300 CAE, INC ............................. 284
135,600 JOHNSON ELECTRIC HOLDINGS LTD ........ 390
464,917 LUCASVARITY PLC ...................... 1,649
321,900 oOLIVETTI GROUP S.P.A ................. 195
-----------
2,518
-----------
MISCELLANEOUS EQUIPMENT RENTAL
AND LEASING--0.01%
146,758 THORN PLC ............................ 379
-----------
MISCELLANEOUS FABRICATED METAL
PRODUCTS--0.05%
36,150 PARKER-HANNIFIN CORP ................. 1,658
7,800 SMC .................................. 690
30,700 STELCO, INC (CLASS A) ................ 203
-----------
2,551
-----------
MISCELLANEOUS FABRICATED TEXTILE
PRODUCTS--0.08%
7,000 AOYAMA TRADING CO LTD ................ 125
7,400 COURTAULDS PLC ....................... 36
VALUE
SHARES (000)
------ ----------
42,990 COURTAULDS TEXTILES PLC .............. $ 252
41,212 DAWSON INTERNATIONAL PLC ............. 46
90 oDOLLFUS-MIEG & CIE S.A ............... 2
76,000 oKANEBO LTD ........................... 56
128,000 KURABO INDUSTRIES LTD ................ 138
87,000 KURARAY CO LTD ....................... 723
79,000 NISSHINBO INDUSTRY, INC .............. 334
307,000 TEIJIN LTD ........................... 645
427,000 TORAY INDUSTRIES, INC ................ 1,921
64,000 oUNITIKA LTD .......................... 34
-----------
4,312
-----------
MISCELLANEOUS FOOD AND KINDRED
PRODUCTS--0.43%
160,000 ARIAKE JAPAN CO LTD .................. 5,230
145,333 oASIA FOOD & PROPERTIES LTD ........... 23
10,900 oASIA FOOD & PROPERTIES WTS 07/12/02 .. 1
17,000 HOUSE FOODS CORP ..................... 222
36,000 KATOKICHI CO LTD ..................... 446
56,000 MARUHA CORP .......................... 51
6,759 NESTLE S.A. (REGD) ................... 10,144
201,000 oNIPPON SUISAN KAISHA LTD ............. 255
36,000 NISSIN FOOD PRODUCTS CO LTD .......... 656
10,000 SKYLARK CO LTD ....................... 96
90,300 UNILEVER NV CERTIFICATES ............. 5,568
-----------
22,692
-----------
MISCELLANEOUS FOOD STORES--0.03%
22,785 CASINO GUICHARD-PERRACHON S.A ........ 1,269
9,750 JERONIMO MARTINS SGPS S.A ............ 310
5,700 oSONAE INVESTIMENTOS SGPS S.A ......... 231
-----------
1,810
-----------
MISCELLANEOUS INVESTING--0.04%
9,600 CRESCENT REAL ESTATE EQUITIES, INC ... 378
440 oCRESECENT OPERATING, INC ............. 11
15,501 oEQUITY OFFICE PROPERTIES TRUST ....... 489
14,700 EQUITY RESIDENTIAL PROPERTIES
TRUST CO ............................. 743
37,100 MELCO INTERNATIONAL
DEVELOPMENT LTD ...................... 9
871,755 SINO LAND CO ......................... 526
-----------
2,156
-----------
MISCELLANEOUS MANUFACTURES--0.04%
13,100 ARMSTRONG WORLD INDUSTRIES, INC ...... 979
10,200 CCL INDUSTRIES, INC (CLASS B) ........ 121
311,600 PACIFIC DUNLOP LTD ................... 660
1,900 oRADEX HERAKLITH INDUSTRIEBETEIL AG ... 65
64,000 oVARITRONIX INTERNATIONAL LTD ......... 110
-----------
1,935
-----------
MISCELLANEOUS METAL ORES--0.16%
25,500 ABERFOYLE LTD ........................ 42
880 ALUSUISSE LONZA HOLDINGS AG (BR) ..... 840
133,000 FURUKAWA ELECTRIC CO LTD ............. 572
71,650 JOHNSON MATTHEY PLC .................. 638
540,966 MIM HOLDINGS LTD ..................... 331
479,000 MITSUBISHI MATERIALS CORP ............ 774
17,000 MITSUI MINING & SMELTING CO LTD ...... 69
252,000 NIPPON LIGHT METAL CO LTD ............ 368
233,932 NORTH LTD ............................ 616
190,700 QCT RESOURCES LTD .................... 154
37,400 RGC LTD .............................. 57
13,800 RIO ALGOM LTD ........................ 233
96,900 RIO TINTO LTD ........................ 1,130
36,050 RIO TINTO PLC (BR) ................... 436
90,430 RIO TINTO PLC (REGD) ................. 1,050
See notes to financial statements.
-51-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
MISCELLANEOUS METAL ORES-(Continued)
17,300 SMITH (HOWARD) LTD ................... $ 144
27,800 oSONS OF GWALIA NL .................... 63
58,300 STRAITS TRADING CO ................... 69
101,000 SUMITOMO METAL MINING CO LTD ......... 334
4,500 oUNION MINIERE GROUP S.A .............. 312
-----------
8,232
-----------
MISCELLANEOUS NONDURABLE
GOODS--0.00%
43,500 SWEDISH MATCH CO ..................... 145
-----------
MISCELLANEOUS NONMETALLIC MINERAL
PRODUCTS--0.05%
32,680 MINNESOTA MINING &
MANUFACTURING CO .................... 2,682
-----------
MISCELLANEOUS PERSONAL
SERVICES--0.03%
33,600 BLOCK (H&R), INC ..................... 1,506
-----------
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS--1.26%
11,665,500 ENTE NAZIONALE IDROCARBURI S.P.A ..... 66,225
-----------
MISCELLANEOUS PLASTICS PRODUCTS,
NEC--0.18%
70,000 DENKI KAGKU KOGYO .................... 106
52,002 DOW CHEMICAL CO ...................... 5,278
66,400 MONSANTO CO .......................... 2,789
27,600 RAYCHEM CORP ......................... 1,189
80 SOLUTIA, INC ......................... 2
-----------
9,364
-----------
MISCELLANEOUS PUBLISHING--0.03%
37,144 oINDEPENDENT NEWSPAPERS PLC ........... 204
48,000 KOMORI CORP .......................... 716
570,000 SOUTH CHINA MORNING POST ............. 401
-----------
1,321
-----------
MISCELLANEOUS SHOPPING GOOD
STORES--0.06%
92,200 oTOYS R US, INC ....................... 2,899
-----------
MISCELLANEOUS WOOD
PRODUCTS--0.08%
16,800 CARTIERE BURGO S.P.A ................. 101
73,000 JAYA TIASA HOLDINGS BERHAD ........... 134
180,929 JEFFERSON SMURFIT GROUP PLC .......... 511
32,000 MITSUBISHI PAPER MILLS LTD ........... 45
312,000 NIPPON PAPER INDUSTRIES CO ........... 1,229
4,400 NORSKE SKOGINDUSTRIER SERIES A ....... 128
271,666 OJI PAPER CO LTD ..................... 1,084
27,000 SCA AB SERIES B ...................... 607
9,600 STORA KOPPARBERG BERGSLAGS
SERIES A FREE ........................ 121
38,700 STORA KOPPARBERG BERGSLAGS
SERIES B FREE ........................ 480
-----------
4,440
-----------
MORTGAGE BANKERS
AND BROKERS--0.13%
116,000 AMMB HOLDINGS BERHAD ................. 76
89 COUNTRYWIDE CREDIT INDUSTRIES, INC ... 4
122,549 FIRST UNION CORP ..................... 6,281
6,900 PULTE CORP ........................... 289
-----------
6,650
-----------
MOTION PICTURE PRODUCTION
AND SERVICES--0.20%
103,921 DISNEY (WALT) CO ..................... 10,295
VALUE
SHARES (000)
------ ----------
3,500 oLIBERTY MEDIA GROUP (CLASS A) ........ $ 127
68,000 TOEI CO .............................. 248
-----------
10,670
-----------
MOTOR VEHICLES AND EQUIPMENT--1.54%
343,400 AUTOLIV, INC ......................... 11,246
70 BAYERISCHE MOTOREN WERKE AG .......... 52
199,105 BRIDGESTONE CORP ..................... 4,334
51,608 CHRYSLER CORP ........................ 1,816
73,000 CYCLE & CARRIAGE LTD ................. 301
38,410 DAIMLER BENZ AG ...................... 2,696
192,600 DENSO CORP ........................... 3,481
24,900 EATON CORP ........................... 2,222
16,920 FAG KUGELFISCHER (GEORGE)
SCHAEFER AG .......................... 223
664,290 FIAT S.P.A ........................... 1,934
91,767 GENERAL MOTORS CORP .................. 5,563
246,000 HONDA MOTOR CO LTD ................... 9,063
24,100 ILLINOIS TOOL WORKS, INC ............. 1,449
23,100 MAGNA INTERNATIONAL, INC ............. 1,446
12,300 oNAVISTAR INTERNATIONAL CORP .......... 305
664,000 NISSAN MOTOR CO LTD .................. 2,758
140,000 PERUSAHAAN OTOMOBIL NASIONAL
BERHAD ............................... 137
16,510 PEUGEOT S.A .......................... 2,083
275,200 PIRELLI S.P.A ........................ 737
138,000 TAN CHONG MOTOR HOLDINGS BERHAD ...... 60
927,000 TOYOTA MOTOR CORP .................... 26,665
63,300 VOLVO AB SERIES B FREE ............... 1,699
51,000 YAMAHA CORP .......................... 581
-----------
80,851
-----------
MOTORCYCLES, BICYCLES,
AND PARTS--0.01%
24,800 HARLEY DAVIDSON, INC ................. 679
-----------
NATURAL GAS LIQUIDS--0.02%
15,200 COLUMBIA GAS SYSTEMS, INC ............ 1,194
-----------
NEWSPAPERS--0.20%
586 AGENCE HAVAS S.A ..................... 42
4,100 DOW JONES & CO, INC .................. 220
92,000 ELSEVIER UTIGEVERSMIJ NV ............. 1,488
68,700 GANNETT CO, INC ...................... 4,247
57,000 oNEW STRAITS TIMES PRESS BERHAD ....... 71
174,706 NEWS CORP LTD ........................ 964
452,000 ORIENTAL PRESS GROUP ................. 137
3,700 QUEBECOR, INC (CLASS B) .............. 66
14,000 SINGAPORE PRESS HOLDINGS LTD (FR) .... 175
21,900 SOUTHAM, INC ......................... 417
3,100 TIMES MIRROR CO SERIES A ............. 191
39,400 TRIBUNE CO ........................... 2,453
-----------
10,471
-----------
NONFERROUS FOUNDRIES
(CASTINGS)--0.00%
558 PECHINEY S.A ......................... 22
-----------
NONFERROUS ROLLING AND
DRAWING--0.00%
2,700 NKT HOLDINGS AS ...................... 215
-----------
NONRESIDENTIAL BUILDING
CONSTRUCTION--0.01%
16,900 SKANSKA AB SERIES B FREE ............. 693
-----------
NONSTORE RETAILERS--0.06%
66,300 SEARS ROEBUCK & CO ................... 3,000
-----------
See notes to financial statements.
-52-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
NURSING AND PERSONAL CARE
FACILITIES--0.01%
8,000 oEXTENDICARE, INC (SUB-VOTE)(CLASS A) . $ 109
13,800 MANOR CARE, INC ...................... 483
-----------
592
-----------
OFFICE FURNITURE--0.01%
12,519 U.S. INDUSTRIES, INC ................. 377
-----------
OIL AND GAS EXTRACTION--3.26%
19,400 ALBERTA ENERGY LTD ................... 376
78,800 AMOCO CORP ........................... 6,708
534,000 APACHE CORP .......................... 18,723
7,275,000 BRITISH-BORNEO PETROLEUM
SYNDICATE PLC ....................... 50,634
26,900 oCANADIAN NATURAL RESOURCES LTD ....... 575
16,243 CANADIAN OCCIDENTAL PETROLEUM LTD .... 367
652,048 oCENTRICA PLC ......................... 944
22,200 CONSOLIDATED NATURAL GAS CO .......... 1,343
1,059,200 EXXON CORP ........................... 64,810
31,200 FLETCHER CHALLENGE LTD
(ENERGY DIVISION) ................... 109
8,200 oGULF CANADA RESOURCES LTD ............ 57
7,300 HELMERICH & PAYNE, INC ............... 495
32,000 IMPERIAL OIL LTD ..................... 2,057
59,200 oMETHANEX CORP ........................ 470
294,300 MOBIL CORP ........................... 21,245
31,400 NORCEN ENERGY RESOURCES LTD .......... 360
3,400 PETROFINA S.A ........................ 1,255
4,400 oPETROLEUM GEO-SERVICES AS ............ 278
42,500 oPOCO PETROLEUM LTD ................... 379
14,700 RANGER OIL LTD ....................... 100
12,000 oTALISMAN ENERGY, INC ................. 367
-----------
171,652
-----------
OIL AND GAS FIELD SERVICES--3.54%
950,600 oAKER MARTIME ASA ..................... 20,244
743,500 DIAMOND OFFSHORE DRILLING, INC ....... 35,781
55,400 oGLOBAL MARINE, INC ................... 1,357
8,700 HALLIBURTON CO ....................... 452
2,352,850 +IHC CALAND NV ........................ 122,093
4,775 KONINKLIJKE PAKHOED HOLDINGS NV ...... 138
15,500 MCDERMOTT INTERNATIONAL, INC ......... 568
4,000 OMV AKTIENGESELLS AG ................. 553
100 PACIFIC ENTERPRISES, INC ............. 4
5,500 TECHNIP S.A .......................... 581
43,650 TOTAL S.A ............................ 4,752
-----------
186,523
-----------
OPERATIVE BUILDERS--0.01%
9,600 CENTEX CORP .......................... 604
-----------
PAINTS AND ALLIED PRODUCTS--0.00%
500 oCIN-CORPARACAO INDUSTRIAL
DO NORTE S.A. ....................... 32
59,000 KANSAI PAINT CO LTD .................. 143
100 SHERWIN-WILLIAMS CO .................. 3
-----------
178
-----------
PAPER AND PAPER PRODUCTS--0.03%
41,200 IKON OFFICE SOLUTIONS, INC ........... 1,159
20,300 oSTAPLES, INC ......................... 563
-----------
1,722
-----------
PAPER MILLS--0.08%
50,000 ABITIBI-CONSOLIDATED, INC ............ 697
19,100 AVENOR, INC .......................... 272
12,000 CHAMPION INTERNATIONAL CORP .......... 544
16,600 DOMTAR, INC .......................... 115
VALUE
SHARES (000)
------ ----------
188,900 FLETCHER CHALLENGE LTD
(PAPER DIVISION) ..................... $ 247
2,700 oINVESTIMENTOS PARTICIPACOES
E GESTAO ............................ 32
33,900 MEAD CORP ............................ 949
74,526 REXAM PLC ............................ 366
33,000 WESTVACO CORP ........................ 1,037
-----------
4,259
-----------
PAPERBOARD CONTAINERS
AND BOXES--0.00%
39,000 oMALAYSIAN PACIFIC INDUSTRIES BERHAD .. 94
-----------
PAPERBOARD MILLS--0.01%
8,600 INTERNATIONAL PAPER CO ............... 371
12,544 PORTUCEL INDUSTRIA EMPRESA ........... 77
-----------
448
-----------
PASSENGER TRANSPORTATION
ARRANGEMENT--1.10%
2,665,000 oAIRTOURS PLC ......................... 54,155
43,600 AMERICAN EXPRESS CO .................. 3,891
-----------
58,046
-----------
PENS, PENCILS, OFFICE, AND
ART SUPPLIES--0.00%
3,038 BIC S.A .............................. 222
-----------
PERIODICALS--0.18%
16,000 MONDADORI (ARNOLDO) EDITORE S.P.A .... 126
34,300 READER'S DIGEST ASSOCIATION, INC
(CLASS A)(NON-VOTE) ................. 810
59,400 THOMSON CORP ......................... 1,629
109,600 TIME WARNER, INC ..................... 6,795
-----------
9,360
-----------
PERSONAL CREDIT INSTITUTIONS--0.10%
44,700 ACOM CO LTD .......................... 2,475
21,808 HOUSEHOLD INTERNATIONAL, INC ......... 2,782
-----------
5,257
-----------
PERSONNEL SUPPLY SERVICES--1.35%
9,348,000 +CORPORATE SERVICES GROUP PLC ......... 32,916
2,625,000 HAYS PLC ............................. 35,115
18,000 MANPOWER, INC ........................ 635
51,200 NEWELL COS, INC ...................... 2,176
-----------
70,842
-----------
PETROLEUM AND
PETROLEUM PRODUCTS--0.02%
22,800 ENRON CORP ........................... 948
-----------
PETROLEUM REFINING--2.82%
65,500 ATLANTIC RICHFIELD CO ................ 5,248
556,297 BG PLC ............................... 2,508
2,586,680 BRITISH PETROLEUM PLC ................ 34,070
208,141 BROKEN HILL PROPRIETARY CO LTD ....... 1,933
2,876 BURMAH CASTROL PLC ................... 50
74,600 CHEVRON CORP ......................... 5,744
185,000 CHUAN HUP HOLDINGS LTD ............... 56
298,000 COSMO OIL CO LTD ..................... 454
37,339 ELF AQUITANE S.A ..................... 4,345
1,430 oGEOPHYSIQUE
(COMPAGNIE GENERALE DE) ............. 183
122,766 LONDON & SCOTTISH MARINE OIL PLC ..... 546
209,000 MITSUBISHI OIL CO LTD ................ 310
3,300 MURPHY OIL CORP ...................... 179
33,000 NIPPON OIL & FATS CO LTD ............. 56
389,800 NIPPON OIL CO LTD .................... 1,010
58,108 REPSOL S.A ........................... 2,478
See notes to financial statements.
-53-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
PETROLEUM REFINING-(Continued)
897,000 ROYAL DUTCH PETROLEUM CO ............. $ 49,246
2,004,000 SAGA PETROLEUM AS SERIES A ........... 34,522
162,775 SANTOS LTD ........................... 670
23,500 SUN CO, INC .......................... 988
29,800 SUNCOR ENERGY, INC ................... 1,020
40,000 TEIKOKU OIL CO LTD ................... 105
76,996 UNOCAL CORP .......................... 2,988
-----------
148,709
-----------
PHOTOGRAPHIC EQUIPMENT
AND SUPPLIES--1.83%
84,200 EASTMAN KODAK CO ..................... 5,120
887,000 FUJI PHOTO FILM CO LTD ............... 34,110
771,300 XEROX CORP ........................... 56,932
-----------
96,162
-----------
PLASTICS MATERIALS AND
SYNTHETICS--0.24%
80,200 BASF AG .............................. 2,843
162,838 DU PONT (E.I.) DE NEMOURS & CO ....... 9,780
75 EASTMAN CHEMICAL CO .................. 4
5,200 oSOMMER-ALLIBERT ...................... 181
-----------
12,808
-----------
PLUMBING AND HEATING,
EXCEPT ELECTRIC--0.02%
21,200 MASCO CORP ........................... 1,079
-----------
POTTERY AND RELATED
PRODUCTS--0.00%
74,154 CARADON PLC .......................... 219
-----------
PRESERVED FRUITS AND
VEGETABLES--0.17%
172,000 AJINOMOTO CO LTD ..................... 1,680
30,500 CAMPBELL SOUP CO ..................... 1,773
60,150 HEINZ (H.J.) CO ...................... 3,056
14,000 KIKKOMAN CORP ........................ 71
210,000 NICHIREI CORP ........................ 452
72,000 Q.P. CORP ............................ 440
30,100 SARA LEE CORP ........................ 1,695
-----------
9,167
-----------
PRIMARY NONFERROUS METALS--0.11%
28,900 ALCAN ALUMINIUM CO LTD ............... 796
48,800 ALUMINUM CO OF AMERICA ............... 3,434
2,850 oGRANGES AB ........................... 45
5,381 INCO LTD ............................. 91
20,000 INCO LTD (U.S.) ...................... 340
10,600 PHELPS DODGE CORP .................... 660
4,900 REYNOLDS METALS CO ................... 294
-----------
5,660
-----------
PRODUCERS, ORCHESTRAS,
ENTERTAINERS--1.97%
51,184 EMI GROUP PLC ........................ 442
80,337 GRANADA GROUP LTD (CLASS A) .......... 1,239
20,000 KONICA CORP .......................... 92
307,572 LADBROKE GROUP PLC ................... 1,336
112,500 MAGNUM CORP BERHAD ................... 68
69 MOEVENPICK HOLDINGS (BR) ............. 28
7,000 SHIMANO, INC ......................... 129
9,970 SMH AG (REGD) ........................ 1,347
2,661,100 +oWESTWOOD ONE, INC .................... 98,793
-----------
103,474
-----------
PULP MILLS--0.02%
5,900 oEMPRESA NATIONAL DE CELULOSAS S.A .... 80
55,600 oREPAP ENTERPRISES, INC ............... 7
VALUE
SHARES (000)
------ ----------
16,800 SARRIO CIA PAPELERA DE LEIZA S.A ..... $ 61
36,400 UPM-KYMMENE OY ....................... 729
-----------
877
-----------
RADIO AND TELEVISION
BROADCASTING--0.10%
165,379 BRITISH SKY BROADCASTING GROUP PLC ... 1,235
90 CANAL PLUS S.A ....................... 17
177,900 MEDIASET S.P.A ....................... 875
2 PATHE S.A ............................ 0
217,120 REED INTERNATIONAL PLC ............... 2,117
79,000 TOKYO BROADCASTING SYSTEMS, INC ...... 1,003
60 oVIACOM, INC (CLASS B) ................ 2
1,534 oVIACOM, INC (CLASS B) WTS 07/07/99 ... 1
-----------
5,250
-----------
RADIO, TELEVISION, AND
COMPUTER STORES--0.01%
9,200 TANDY CORP ........................... 355
-----------
RAILROADS--3.17%
52,900 BRAMBLES INDUSTRIES LTD .............. 1,050
44,000 BURLINGTON NORTHERN SANTA FE CORP .... 4,089
2,158,300 CANADIAN PACIFIC LTD ................. 58,063
64,196 CSX CORP ............................. 3,467
364,111 HANKYU CORP .......................... 1,711
354,797 KINKI NIPPON RAILWAY CO LTD .......... 1,902
363,125 NAGOYA RAILROAD CO LTD ............... 1,251
176,000 NIPPON EXPRESS CO LTD ................ 880
300 NORFOLK SOUTHERN CORP ................ 9
69,000 ODAKYU ELECTRIC RAILWAY CO LTD ....... 299
5,775,236 RAILTRACK GROUP PLC .................. 92,270
101,000 SEINO TRANSPORTATION CO LTD .......... 506
139,000 TOBU RAILWAY CO LTD .................. 436
90,122 YAMATO TRANSPORT CO LTD .............. 1,213
-----------
167,146
-----------
REAL ESTATE AGENTS
AND MANAGERS--0.15%
148,904 BRITISH LAND PLC ..................... 1,629
61,084 oEVERGO CHINA HOLDINGS LTD ............ 2
96,400 GENERAL PROPERTY TRUST ............... 171
1,503,000 HOPEWELL HOLDINGS LTD ................ 374
70,792 LAND SECURITIES PLC .................. 1,142
302,000 MITSUBISHI ESTATE CO LTD ............. 3,298
5 NEW WORLD DEVELOPMENT CO LTD ......... 0
158 SAGEM S.A ............................ 70
11,000 TOKYO TATEMONO CO LTD ................ 14
88,000 TOSTEM CORP .......................... 948
-----------
7,648
-----------
REAL ESTATE OPERATORS
AND LESSORS--0.00%
100 ROUSE CO ............................. 3
-----------
RESEARCH AND TESTING SERVICES--0.43%
52,433 ASTRA AB SERIES A FREE ............... 909
220,532 ASTRA AB SERIES B FREE ............... 3,710
109,000 CHUGAI PHARMACEUTICAL CO LTD ......... 562
118,000 DAIICHI PHARMACEUTICAL CO LTD ........ 1,334
47,000 EISAI CO LTD ......................... 719
2,264 ESSILOR INTERNATIONAL ................ 677
95,000 KYOWA HAKKO KOGYO .................... 413
151,000 LION CORP ............................ 448
8,160 LOREAL S.A ........................... 3,194
120,000 SHIONOGI & CO LTD .................... 552
47,700 SHISEIDO & CO LTD .................... 653
81,000 TAISHO PHARMACEUTICAL CO LTD ......... 2,074
209,000 TAKEDA CHEMICAL INDUSTRIES LTD ....... 5,980
See notes to financial statements.
-54-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ----------
RESEARCH AND TESTING
SERVICES-(Continued)
7,900 UNI CHARM CORP ....................... $ 281
64,964 YAMANOUCHI PHARMACEUTICAL CO LTD ..... 1,399
-----------
22,905
-----------
RESIDENTIAL BUILDING
CONSTRUCTION--0.23%
148,000 oAOKI CONSTRUCTION CO LTD ............. 48
48,910 BARRATT DEVELOPMENTS LTD ............. 186
244,342 BLUE CIRCLE INDUSTRIES PLC ........... 1,430
11,200 BPB PLC .............................. 62
5,100 CLAYTON HOMES, INC ................... 92
121,000 DAIWA HOUSE INDUSTRY CO LTD .......... 642
91,000 oEKRAN BERHAD ......................... 64
102,470 ENGLISH CHINA CLAYS PLC .............. 454
17,300 FOMENTO CONSTRUCCIONES Y
CONTRATAS S.A ....................... 658
360,000 FUJITA CORP .......................... 130
64,000 oHASEKO CORP .......................... 33
220,000 HAZAMA-GUMI LTD ...................... 108
700 HOLLANDSCHE BETON GROEP NV (H.B.G.) .. 13
110,000 INAX CORP ............................ 321
276,000 KAJIMA CORP .......................... 698
148,000 NIHON CEMENT CO LTD .................. 306
110,000 NISHIMATSU CONSTRUCTION CO LTD ....... 347
116,000 OBAYASHI CORP ........................ 396
119,000 OKUMURA CORP ......................... 284
52,000 PENTA OCEAN CONSTRUCTION CO LTD ...... 73
247,990 PILKINGTON PLC ....................... 522
219,170 RUGBY GROUP PLC ...................... 492
8,207 ST. GOBAIN S.A ....................... 1,166
475,000 TAISEI CORP .......................... 782
341,855 TARMAC PLC ........................... 644
29,000 TOA CORP ............................. 38
84,700 TOTO LTD ............................. 543
60,000 #UNITED ENGINEERING BERHAD ............ 50
82,397 WILLIAMS PLC ......................... 468
32,973 WILSON (CONNOLLY) HOLDINGS PLC ....... 85
50,000 WIMPEY (GEORGE) LTD .................. 87
79,800 WOLSELEY PLC ......................... 634
224,500 YTL CORP BERHAD ...................... 303
-----------
12,159
-----------
SANITARY SERVICES--1.55%
21,300 BROWNING FERRIS INDUSTRIES, INC ...... 788
104,886 LAIDLAW, INC ......................... 1,429
105,074 THAMES WATER PLC ..................... 1,575
1,918,700 oU.S.A. WASTE SERVICES, INC ........... 75,309
95,052 WASTE MANAGEMENT, INC ................ 2,614
-----------
81,715
-----------
SAVINGS INSTITUTIONS--0.73%
15,200 GOLDEN WEST FINANCIAL CORP ........... 1,487
575,433 WASHINGTON MUTUAL, INC ............... 36,720
-----------
38,207
-----------
SAWMILLS AND PLANING MILLS--0.04%
18,000 BOISE CASCADE CORP ................... 545
10,500 oINTERNATIONAL FOREST PRODUCTS LTD .... 44
35,700 LOUISIANA PACIFIC CORP ............... 678
11,600 MACMILLAN BLOEDEL LTD ................ 120
3,100 TEMPLE-INLAND, INC ................... 162
9,600 WEYERHAEUSER CO ...................... 471
-----------
2,020
-----------
VALUE
SHARES (000)
------ ----------
SEARCH AND NAVIGATION
EQUIPMENT--0.01%
5,851 RAYTHEON CO (CLASS A) ................ $ 289
-----------
SECURITY AND COMMODITY
SERVICES--0.05%
26,125 MERCURY ASSETS MANAGEMENT
GROUP PLC ............................ 728
17,900 TRANSAMERICA CORP .................... 1,906
-----------
2,634
-----------
SECURITY BROKERS AND DEALERS--0.41%
155,911 ABBEY NATIONAL PLC ................... 2,691
555 COMPAGNIE BANCAIRE S.A ............... 90
540 CPR .................................. 44
3,185 CREDIT SAISON CO LTD ................. 79
344,000 DAIWA SECURITIES CO LTD .............. 1,191
5,995 FORTIS AG ............................ 1,251
71,000 JACCS CO ............................. 437
261,000 MBF CAPITAL BERHAD ................... 61
18,300 MERRILL LYNCH & CO, INC .............. 1,335
131,000 NIPPON SHINPAN CO LTD ................ 148
468,000 NOMURA SECURITIES CO LTD ............. 6,263
14,300 ORIX CORP ............................ 1,001
41,950 PAINE WEBBER GROUP, INC .............. 1,450
72,000 RASHID HUSSAIN BERHAD ................ 56
5,706 SCHROEDERS LTD ....................... 176
61,050 SCHWAB (CHARLES) CORP ................ 2,560
371,900 SUN HUNG KAI PROPERTIES LTD .......... 2,592
114,000 TA ENTERPRISE BERHAD ................. 23
32,982 WOODCHESTER INVESTMENTS PLC .......... 118
275,000 xYAMAICHI SECURITIES CO LTD ........... 2
-----------
21,568
-----------
SHIP AND BOAT BUILDING
AND REPAIRING--0.02%
18,530 xoBREMER VULKAN AG ..................... 16
10,100 GENERAL DYNAMICS CORP ................ 873
66 oHALTER MARINE GROUP, INC ............. 2
90,000 KAWASAKI HEAVY INDUSTRIES, LTD ....... 140
406,000 oMITSUI ENGINEERING & SHIP BUILDING
CO LTD .............................. 259
-----------
1,290
-----------
SHOE STORES--1.52%
608,570 ADIDAS AG ............................ 80,078
-----------
SOAP, CLEANERS, AND
TOILET GOODS--0.31%
35,100 AVON PRODUCTS, INC ................... 2,154
31,100 DIAL CORP ............................ 647
167,200 PROCTER & GAMBLE CO .................. 13,345
-----------
16,146
-----------
SPECIAL INDUSTRY MACHINERY--0.07%
114,700 oAPPLIED MATERIALS, INC ............... 3,455
1,013 oRAUMA OY ............................. 16
-----------
3,471
-----------
SUBDIVIDERS AND DEVELOPERS--1.98%
1,203,175 AXA UAP .............................. 93,138
32,900 oCATELLUS DEVELOPMENT CORP ............ 658
551,000 CHEUNG KONG HOLDINGS LTD ............. 3,609
639,197 CHINESE ESTATES LTD .................. 283
143,560 CITY DEVELOPMENT LTD ................. 665
13,665 oCITY DEVELOPMENT LTD WTS 07/18/98 .... 41
123,000 DAIKYO, INC .......................... 95
See notes to financial statements.
-55-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
SUBDIVIDERS AND
DEVELOPERS-(Continued)
11,726 HAMMERSON PLC ........................ $ 91
425,000 HANG LUNG DEVELOPMENT CO LTD ......... 598
234,000 oHONG LEONG PROPERTIES BERHAD ......... 43
127,000 HOTEL PROPERTIES LTD ................. 83
356,000 HYSAN DEVELOPMENT CO LTD ............. 710
165,000 oIGB CORP BERHAD ...................... 38
141,333 oMALAYSIAN RESOURCES CORP BERHAD ...... 33
175,000 oMETROPLEX BERHAD ..................... 45
22,164 MISAWA HOMES CO LTD .................. 62
232,000 MITSUI FUDOSAN CO LTD ................ 2,248
186,250 oMULPHA INTERNATIONAL BERHAD .......... 22
265 oSALOMON S.A .......................... 23
8,566 SCHRODERS PROPERTY FUND .............. 13
107,100 SLOUGH ESTATES PLC ................... 605
136,000 TAI CHEUNG HOLDINGS LTD .............. 54
194,200 UNITED OVERSEAS LAND LTD ............. 164
347,216 WESTFIELD TRUST (UNITS) .............. 663
13,799 #oWESTFIELD TRUST (UNITS) NEW .......... 25
-----------
104,009
-----------
SUGAR AND CONFECTIONERY
PRODUCTS--0.05%
6,600 DANISCO AS ........................... 366
30,500 EZAKI GLICO CO LTD ................... 198
143,000 MEIJI SEIKA KAISHA LTD ............... 477
820,450 MONTEDISON S.P.A ..................... 738
25,000 NIPPON BEET SUGAR MANUFACTURING
CO LTD .............................. 34
34,600 TATE & LYLE PLC ...................... 286
7,800 WESTON (GEORGE) LTD .................. 665
-----------
2,764
-----------
SURETY INSURANCE--0.88%
480,400 ACE LTD .............................. 46,359
-----------
TELEPHONE COMMUNICATIONS--7.54%
83 o360 COMMUNICATIONS CO ................ 2
73,820 oAIRTOUCH COMMUNICATIONS, INC ......... 3,068
1,308,719 AT & T CORP .......................... 80,159
108,612 BELL ATLANTIC CORP ................... 9,884
181,294 BELLSOUTH CORP ....................... 10,209
274,950 DEUTSCHE TELEKOM AG .................. 5,176
101,000 oFRANCE TELECOM S.A ................... 3,665
6,900 GN STORE NORD AS-GN GREAT NORDIC ..... 116
69,410 KONINKLIJKE PTT NEDERLAND NV ......... 2,897
103,175 LUCENT TECHNOLOGIES, INC ............. 8,241
3,890 NIPPON TELEGRAPH & TELEPHONE CORP .... 33,508
27,343 PORTUGAL TELECOM S.A ................. 1,270
160,826 SBC COMMUNICATIONS, INC .............. 11,781
992,000 SINGAPORE TELECOMMUNICATIONS LTD ..... 1,849
17,800 SIRTI S.P.A .......................... 108
4,500 SOUTHERN NEW ENGLAND
TELECOMMUNICATIONS CORP ............. 226
23,350 SPRINT CORP .......................... 1,369
626,805 TELECOM ITALIA ....................... 4,009
17,570,399 TELECOM ITALIA MOBILE S.P.A .......... 81,200
16,100 TELE DANMARK AS (CLASS B) ............ 999
129,003 TELEFONICA DE ESPANA S.A ............. 3,682
407,500 oTELEPORT COMMUNICATIONS GROUP, INC
(CLASS A) ........................... 22,362
689,394 oTELSTRA CORP LTD (P/P) ............... 1,455
9,000 TELUS CORP ........................... 199
3,626,730 oWORLDCOM, INC ........................ 109,709
-----------
397,143
-----------
VALUE
SHARES (000)
------ ----------
TIRES AND INNER TUBES--0.09%
50,200 GOODYEAR TIRE & RUBBER CO ............ $ 3,194
31,937 MICHELIN S.A. (CLASS B) .............. 1,609
-----------
4,803
-----------
TOYS AND SPORTING GOODS--0.01%
9,100 CALLAWAY GOLF CO ..................... 260
4,000 NAMCO LTD ............................ 117
-----------
377
-----------
VARIETY STORES--0.07%
10 COMPTOIRS MODERNES ................... 5
29,600 HENNES & MAURITZ AB SERIES B ......... 1,306
5,200 oINSTRUMENTARIUM GROUP
SERIES B FREE ....................... 181
111,382 oK MART CORP .......................... 1,288
32,000 METRO HOLDINGS LTD ................... 40
23,000 OKAMATO INDUSTRIES, INC .............. 41
108,500 oWATERFORD WEDGWOOD PLC (UNITS) ....... 147
43,500 oWOOLWORTH CORP ....................... 886
-----------
3,894
-----------
WATCHES, CLOCKS, WATCHCASES
AND PARTS--0.00%
4,000 SEIKO CORP ........................... 14
-----------
WATER SUPPLY--0.01%
14,700 oAGUAS DE BARCELONA S.A ............... 606
-----------
WATER TRANSPORTATION
SERVICES--0.02%
19,600 TIDEWATER, INC ....................... 1,080
-----------
WOMEN'S ACCESSORY AND
SPECIALTY STORES--0.03%
63,100 LIMITED, INC ......................... 1,609
-----------
WOMEN'S AND CHILDREN'S
UNDERGARMENTS--0.02%
166,000 GUNZE LTD ............................ 276
76,000 WACOAL CORP .......................... 760
-----------
1,036
-----------
WOMEN'S AND MISSES'
OUTERWEAR--0.03%
21,780 BENETTON GROUP S.P.A ................. 357
17,400 LIZ CLAIBORNE, INC ................... 728
205,000 oRENOWN, INC .......................... 87
46,000 TOKYO STYLE CO LTD ................... 417
-----------
1,589
-----------
WOMEN'S CLOTHING STORES--0.60%
1,317,500 INTIMATE BRANDS, INC (CLASS A) ....... 31,702
-----------
YARN AND THREAD MILLS--0.00%
3,200 UNIFI, INC ........................... 125
TOTAL COMMON STOCK
(Cost $4,419,937).................... 5,144,290
-----------
PRINCIPAL
- --------------
SHORT TERM INVESTMENTS--7.53%
COMMERCIAL PAPER--1.61%
BANKERS TRUST NEW YORK CORP
$20,000,000 5.570%, 05/06/98 ................ 19,600
~ DUPONT (E.I.) DE NEMOURS & CO
23,000,000 5.700%, 02/06/98 ................ 22,862
GTE CORP
7,500,000 6.050%, 02/23/98 ................ 7,434
See notes to financial statements.
-56-
<PAGE>
GLOBAL EQUITIES ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
COMMERCIAL
PAPER--(CONTINUED)
HOUSEHOLD FINANCE CORP
$12,000,000 5.500%, 01/20/98 .............. $ 11,961
SWEDISH EXPORT CREDIT CORP
23,000,000 5.520%, 01/07/98 .............. 22,975
-----------
84,832
-----------
OTHER AGENCIES--0.43%
INTERNATIONAL BANK
FOR RECONSTRUCTION
23,000,000 5.500%, 04/30/98 .............. 22,578
-----------
U.S. GOVERNMENT & AGENCIES--5.49%
FEDERAL HOME LOAN BANK
50,000,000 4.900%, 01/07/98 .............. 49,945
2,000,000 5.660%, 01/07/98 .............. 1,998
FEDERAL HOME LOAN MORTGAGE CORP
31,878,000 5.375%, 01/02/98 .............. 31,868
7,500,000 5.670%, 01/09/98 .............. 7,489
14,943,000 5.630%, 02/12/98 .............. 14,844
9,816,000 5.630%, 02/25/98 .............. 9,732
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
28,430,000 5.470%, 02/05/98 .............. 28,273
33,000,000 5.470%, 03/27/98 .............. 32,562
82,000,000 5.480%, 05/22/98 .............. 80,244
32,948,000 5.480%, 05/27/98 .............. 32,217
-----------
289,172
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $396,655)................... 396,582
-----------
TOTAL PORTFOLIO
(Cost $4,855,836)................. $ 5,584,811
===========
- --------
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 1933, as amended.
# Restricted securities-investment in securities not registered under the
Securities Act of 1933 or not publicly traded on foreign markets. Additional
information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
- -------- ---------- ----------
INCHCAPE MARKETING SERVICES ............... 12/26/97 $ 14,941
LAIR LIQUIDE (REGD) ....................... VARIOUS 215,354
PUBLIC BANK BERHAD (LR) RTS ............... 12/16/97 3,373
SODEXHO ALLIANCE S.A. ..................... 12/20/96 73,651
UNITED ENGINEERING BERHAD ................. 11/27/96 495,448
VIGLEN TECNOLOGY (CV LOAN STOCK) .......... 08/05/97 65,382
WESTFIELD TRUST (UNITS) NEW ............... 12/20/96 643,459
----------
$1,511,608
==========
See notes to financial statements.
-57-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES--GLOBAL EQUITIES
JANUARY 1, 1997--DECEMBER 31, 1997
<TABLE>
<CAPTION>
VALUE AT PURCHASE SALES REALIZED
ISSUE DECEMBER 31, 1996 COST PROCEEDS GAIN (LOSS)
----- ----------------- ----------- --------- -----------
<S> <C> <C> <C> <C>
ADAC LABORATORIES, INC $ 28,657,950 -- -- --
CHAMPION ENTERPRISES, INC ** $14,046,591 $23,459,637 $(7,483,303)
CORPORATE SERVICES GROUP, PLC ** 7,901,611 -- --
IHC CALAND NV 134,136,368 109,983 -- --
STORK NV ** 42,508,748 34,449,878 744,726
WESTWOOD ONE, INC 44,240,787 -- -- --
------------ ----------- ----------- -----------
TOTAL AFFILIATED TRANSACTIONS $207,035,105 $64,566,933 $57,909,515 ($6,738,577)
============ =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
DIVIDEND SHARES AT VALUE AT
ISSUE INCOME DECEMBER 31, 1997 DECEMBER 31, 1997
----- --------- ----------------- -----------------
<S> <C> <C> <C>
ADAC LABORATORIES, INC -- 1,200,333 $ 23,706,576
CHAMPION ENTERPRISES, INC -- * *
CORPORATE SERVICES GROUP, PLC $ 762,349 9,348,000 32,915,766
IHC CALAND NV 2,178,395 2,352,850 122,093,359
STORK NV 1,714,866 * *
WESTWOOD ONE, INC -- 2,661,100 98,793,337
---------- ------------
TOTAL AFFILIATED TRANSACTIONS $4,655,610 $277,509,038
========== ============
</TABLE>
** Not an Affiliate as of December 31, 1996
* Not an Affiliate as of December 31, 1997
See notes to financial statements.
-58-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--GROWTH ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY (Continued)
(000)
VALUE %
----- -----
PREFERRED STOCK
LIFE INSURANCE .................................. $ 260 0.01%
MEDICAL INSTRUMENTS AND SUPPLIES ................ 2 0.00
MEDICAL SERVICE AND HEALTH
INSURANCE ...................................... 5 0.00
----- ----
TOTAL PREFERRED STOCK
(Cost $246) ..................................... 267 0.01
----- ----
COMMON STOCK
ADVERTISING ..................................... 12,904 0.28
AGRICULTURAL CHEMICALS .......................... 480 0.01
AIR TRANSPORTATION, SCHEDULED ................... 2,969 0.06
AIRCRAFT AND PARTS .............................. 37,905 0.81
AIRPORTS, FLYING FIELDS, AND SERVICES ........... 29 0.00
APPAREL, PIECE GOODS, AND NOTIONS ............... 2,464 0.05
AUTO AND HOME SUPPLY STORES ..................... 855 0.02
AUTOMOTIVE RENTALS, NO DRIVERS .................. 404 0.01
AUTOMOTIVE SERVICES, EXCEPT REPAIR .............. 42 0.00
BAKERY PRODUCTS ................................. 2,875 0.06
BEAUTY SHOPS .................................... 296 0.01
BEVERAGES ....................................... 156,266 3.33
BITUMINOUS COAL AND LIGNITE MINING .............. 367 0.01
BLANKBOOKS AND BOOKBINDING ...................... 2,068 0.04
BLAST FURNACE AND BASIC STEEL
PRODUCTS ....................................... 2,737 0.06
BOOKS ........................................... 19,990 0.43
BROADWOVEN FABRIC MILLS, COTTON ................. 48,643 1.04
BROADWOVEN FABRIC MILLS,
MANMADE ........................................ 25 0.00
BUSINESS CREDIT INSTITUTIONS .................... 576 0.01
CABLE AND OTHER PAY TV SERVICES ................. 17,072 0.36
CARPETS AND RUGS ................................ 184 0.00
CASH GRAINS ..................................... 198 0.00
CEMENT, HYDRAULIC ............................... 900 0.02
CHEMICALS AND ALLIED PRODUCTS ................... 13 0.00
CHEWING AND SMOKING TOBACCO ..................... 4,229 0.09
CHILDREN'S AND INFANTS'
WEAR STORES .................................... 936 0.02
CIGARETTES ...................................... 101,600 2.17
CIGARS .......................................... 331 0.01
COMMERCIAL BANKS ................................ 85,024 1.81
COMMERCIAL PRINTING ............................. 1,430 0.03
COMMUNICATIONS EQUIPMENT ........................ 94,688 2.02
COMMUNICATIONS SERVICES, NEC .................... 263 0.01
COMPUTER AND DATA PROCESSING
SERVICES ....................................... 269,015 5.73
COMPUTER AND OFFICE EQUIPMENT ................... 282,425 6.02
CONCRETE, GYPSUM, AND PLASTER
PRODUCTS ....................................... 1,877 0.04
CONSTRUCTION AND RELATED
MACHINERY ...................................... 4,821 0.10
COPPER ORES ..................................... 64 0.00
CREDIT REPORTING AND COLLECTION ................. 6,952 0.15
CUTLERY, HANDTOOLS, AND HARDWARE ................ 37,152 0.79
DEEP SEA DOMESTIC TRANSPORTATION
OF FREIGHT ..................................... 118 0.00
VALUE %
----- -----
DEEP SEA FOREIGN TRANSPORTATION
OF FREIGHT ..................................... $ 514 0.01%
DEPARTMENT STORES ............................... 37,116 0.79
DRUG STORES AND PROPRIETARY
STORES ......................................... 12,586 0.27
DRUGS ........................................... 460,870 9.83
DRUGS, PROPRIETARIES, AND
SUNDRIES ....................................... 72,574 1.55
EATING AND DRINKING PLACES ...................... 29,075 0.62
ELECTRIC DISTRIBUTION EQUIPMENT ................. 86,363 1.84
ELECTRIC LIGHTING AND WIRING
EQUIPMENT ...................................... 837 0.02
ELECTRIC SERVICES ............................... 5,646 0.12
ELECTRICAL GOODS ................................ 19,970 0.43
ELECTRICAL INDUSTRIAL APPARATUS ................. 6,314 0.14
ELECTRICAL WORK ................................. 70 0.00
ELECTRONIC COMPONENTS AND
ACCESSORIES .................................... 322,000 6.87
ENGINEERING AND ARCHITECTURAL
SERVICES ....................................... 145 0.00
ENGINES AND TURBINES ............................ 803 0.02
FABRICATED RUBBER PRODUCTS, NEC ................. 418 0.01
FABRICATED STRUCTURAL METAL
PRODUCTS ....................................... 359 0.01
FAMILY CLOTHING STORES .......................... 5,256 0.11
FARM AND GARDEN MACHINERY ....................... 220 0.00
FARM-PRODUCT RAW MATERIALS ...................... 1,394 0.03
FEDERAL AND FEDERALLY-SPONSORED
CREDIT AGENCIES ................................ 54,860 1.17
FIRE, MARINE, AND CASUALTY
INSURANCE ...................................... 4,933 0.11
FLAT GLASS ...................................... 1,205 0.03
FOOTWEAR EXCEPT, RUBBER ......................... 1,029 0.02
FREIGHT TRANSPORTATION
ARRANGEMENT .................................... 555 0.01
FUNERAL SERVICE AND CREMATORIES ................. 6,802 0.15
FURNITURE AND HOMEFURNISHINGS
STORES ......................................... 3,947 0.08
GAS PRODUCTION AND DISTRIBUTION ................. 1,421 0.03
GENERAL INDUSTRIAL MACHINERY .................... 154,258 3.29
GLASS AND GLASSWARE, PRESSED OR
BLOWN .......................................... 8,734 0.18
GOLD AND SILVER ORES ............................ 16,290 0.35
GRAIN MILL PRODUCTS ............................. 22,768 0.49
GROCERIES AND RELATED PRODUCTS .................. 11,424 0.24
GROCERY STORES .................................. 20,699 0.44
GUIDED MISSILES, SPACE VEHICLES AND
PARTS .......................................... 372 0.01
HARDWARE, PLUMBING AND HEATING
EQUIPMENT ...................................... 615 0.01
HEALTH AND ALLIED SERVICES, NEC ................. 14,477 0.31
HEAVY CONSTRUCTION, EXCEPT
HIGHWAY ........................................ 1,346 0.03
HOLDING OFFICES ................................. 1,993 0.04
HOME HEALTH CARE SERVICES ....................... 384 0.01
HORTICULTURAL SPECIALTIES ....................... 1,898 0.04
See notes to financial statements.
-59-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--GROWTH ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY (Continued)
(000)
VALUE %
----- -----
HOSE, BELTING, GASKETS AND
PACKING ........................................ $ 102 0.00%
HOSPITALS ....................................... 18,205 0.39
HOTELS AND MOTELS ............................... 26,788 0.57
HOUSEHOLD APPLIANCE STORES ...................... 2,654 0.06
HOUSEHOLD APPLIANCES ............................ 226,787 4.84
HOUSEHOLD AUDIO AND VIDEO
EQUIPMENT ...................................... 327 0.01
HOUSEHOLD FURNITURE ............................. 1,560 0.03
INDUSTRIAL INORGANIC CHEMICALS .................. 42,158 0.90
INDUSTRIAL MACHINERY, NEC ....................... 99 0.00
INDUSTRIAL ORGANIC CHEMICALS .................... 658 0.01
INSURANCE AGENTS, BROKERS, AND
SERVICE ........................................ 3,657 0.08
INSURANCE CARRIERS, NEC ......................... 24 0.00
IRON AND STEEL FOUNDRIES ........................ 60 0.00
JEWELRY, SILVERWARE, AND
PLATED WARE .................................... 2,296 0.05
JOB TRAINING AND RELATED SERVICES ............... 9 0.00
KNITTING MILLS .................................. 578 0.01
LANDSCAPE AND HORTICULTURAL
SERVICES ....................................... 262 0.01
LAUNDRY, CLEANING, AND GARMENT
SERVICES ....................................... 1,561 0.03
LEATHER TANNING AND FINISHING ................... 838 0.02
LEGAL SERVICES .................................. 253 0.01
LIFE INSURANCE .................................. 30,311 0.65
LUGGAGE ......................................... 534 0.01
LUMBER AND CONSTRUCTION
MATERIALS ...................................... 14 0.00
LUMBER AND OTHER BUILDING
MATERIALS ...................................... 34,755 0.74
MACHINERY, EQUIPMENT, AND
SUPPLIES ....................................... 241 0.01
MAILING, REPRODUCTION AND
STENOGRAPHIC SERVICES .......................... 411 0.01
MANAGEMENT AND PUBLIC RELATIONS ................. 1,957 0.04
MANIFOLD BUSINESS FORMS ......................... 618 0.01
MEASURING AND CONTROLLING
DEVICES ........................................ 29,027 0.62
MEAT PRODUCTS ................................... 9,869 0.21
MEDICAL AND DENTAL LABORATORIES ................. 96 0.00
MEDICAL INSTRUMENTS AND SUPPLIES ................ 162,445 3.46
MEDICAL SERVICE AND HEALTH
INSURANCE ...................................... 16,691 0.36
MEN'S AND BOYS' CLOTHING STORES ................. 932 0.02
MEN'S AND BOYS' FURNISHINGS ..................... 2,133 0.05
METAL CANS AND SHIPPING
CONTAINERS ..................................... 1,166 0.02
METAL FORGINGS AND STAMPINGS .................... 1,096 0.02
METAL SERVICES, NEC ............................. 1 0.00
METALWORKING MACHINERY .......................... 23 0.00
MILLWORK, PLYWOOD AND STRUCTURAL
MEMBERS ........................................ 20 0.00
MISCELLANEOUS AMUSEMENT, RECREATION
SERVICES ....................................... 90,674 1.93
VALUE %
----- -----
MISCELLANEOUS APPAREL AND
ACCESSORY STORES ............................... $ 6,557 0.14%
MISCELLANEOUS APPAREL AND
ACCESSORIES .................................... 1,039 0.02
MISCELLANEOUS BUSINESS SERVICES ................. 9,767 0.21
MISCELLANEOUS CHEMICAL PRODUCTS ................. 7,951 0.17
MISCELLANEOUS CONVERTED PAPER
PRODUCTS ....................................... 21,727 0.46
MISCELLANEOUS DURABLE GOODS ..................... 3,454 0.07
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES ................................... 741 0.02
MISCELLANEOUS EQUIPMENT RENTAL
AND LEASING .................................... 730 0.02
MISCELLANEOUS FABRICATED METAL
PRODUCTS ....................................... 1,682 0.04
MISCELLANEOUS FOOD AND KINDRED
PRODUCTS ....................................... 406 0.01
MISCELLANEOUS FOOD STORES ....................... 1,295 0.03
MISCELLANEOUS GENERAL MERCHANDISE
STORES ......................................... 1,136 0.02
MISCELLANEOUS INVESTING ......................... 6,089 0.13
MISCELLANEOUS MANUFACTURES ...................... 1,897 0.04
MISCELLANEOUS METAL ORES ........................ 124 0.00
MISCELLANEOUS NONMETALLIC MINERAL
PRODUCTS ....................................... 7,968 0.17
MISCELLANEOUS NONMETALLIC MINERALS .............. 182 0.00
MISCELLANEOUS PERSONAL SERVICES ................. 1,566 0.03
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS ....................................... 449 0.01
MISCELLANEOUS PLASTICS PRODUCTS,
NEC ............................................ 29,529 0.63
MISCELLANEOUS PRIMARY METAL
PRODUCTS ....................................... 9 0.00
MISCELLANEOUS REPAIR SHOPS ...................... 74 0.00
MISCELLANEOUS SHOPPING GOOD STORES .............. 7,009 0.15
MISCELLANEOUS SPECIAL TRADE
CONTRACTORS .................................... 0 0.00
MISCELLANEOUS TEXTILE GOODS ..................... 81 0.00
MISCELLANEOUS TRANSPORTATION
EQUIPMENT ...................................... 52 0.00
MOBILE HOME DEALERS ............................. 1,882 0.04
MORTGAGE BANKERS AND BROKERS .................... 4,724 0.10
MOTION PICTURE PRODUCTION AND
SERVICES ....................................... 41,494 0.88
MOTION PICTURE THEATERS ......................... 837 0.02
MOTOR VEHICLES AND EQUIPMENT .................... 7,247 0.15
MOTORCYCLES, BICYCLES, AND PARTS ................ 21,347 0.46
NATURAL GAS LIQUIDS ............................. 490 0.01
NEW AND USED CAR DEALERS ........................ 4,069 0.09
NEWSPAPERS ...................................... 18,362 0.39
NONFERROUS FOUNDRIES (CASTINGS) ................. 409 0.01
NONFERROUS ROLLING AND DRAWING .................. 2,287 0.05
NONSTORE RETAILERS .............................. $11,429 0.24
NURSING AND PERSONAL CARE
FACILITIES ..................................... 1,578 0.03
OFFICE FURNITURE ................................ 1,915 0.04
See notes to financial statements.
-60
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--GROWTH ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY (Continued)
(000)
VALUE %
----- -----
OFFICES AND CLINICS OF MEDICAL
DOCTORS ........................................ $ 1,836 0.04%
OFFICES AND CLINICS OF DENTISTS ................. 178 0.00
OFFICES OF OTHER HEALTH
PRACTITIONERS .................................. 80 0.00
OIL AND GAS EXTRACTION .......................... 57,689 1.23
OIL AND GAS FIELD SERVICES ...................... 69,874 1.49
OPERATIVE BUILDERS .............................. 3,337 0.07
OPHTHALMIC GOODS ................................ 1,275 0.03
ORDNANCE AND ACCESSORIES, NEC ................... 736 0.02
PAINT, GLASS, AND WALLPAPER
STORES ......................................... 213 0.00
PAINTS AND ALLIED PRODUCTS ...................... 843 0.02
PAPER AND PAPER PRODUCTS ........................ 8,773 0.19
PAPER MILLS ..................................... 819 0.02
PAPERBOARD CONTAINERS AND BOXES ................. 162 0.00
PAPERBOARD MILLS ................................ 706 0.02
PASSENGER TRANSPORTATION
ARRANGEMENT .................................... 18,465 0.39
PERIODICALS ..................................... 9,129 0.19
PERSONAL CREDIT INSTITUTIONS .................... 10,045 0.21
PERSONNEL SUPPLY SERVICES ....................... 16,462 0.35
PETROLEUM AND PETROLEUM
PRODUCTS ....................................... 2,529 0.05
PETROLEUM REFINING .............................. 6,069 0.13
PHOTOGRAPHIC EQUIPMENT AND
SUPPLIES ....................................... 15,973 0.34
PLASTICS MATERIALS AND SYNTHETICS ............... 12,571 0.27
PLUMBING AND HEATING, EXCEPT
ELECTRIC ....................................... 1,126 0.03
PLUMBING, HEATING, AIR-CONDITIONING ............. 127 0.00
POULTRY AND EGGS ................................ 581 0.01
PRESERVED FRUITS AND VEGETABLES ................. 22,980 0.49
PRIMARY NONFERROUS METALS ....................... 2,295 0.05
PRODUCERS, ORCHESTRAS,
ENTERTAINERS ................................... 18,655 0.40
PRODUCTS OF PURCHASED GLASS ..................... 1,097 0.02
PROFESSIONAL AND COMMERCIAL
EQUIPMENT ...................................... 4,900 0.10
RADIO AND TELEVISION BROADCASTING ............... 33,187 0.71
RADIO, TELEVISION, AND COMPUTER
STORES ......................................... 4,904 0.10
RAILROADS ....................................... 1,723 0.04
REAL ESTATE AGENTS AND MANAGERS ................. 71 0.00
REAL ESTATE OPERATORS AND
LESSORS ........................................ 1,287 0.03
REFRIGERATION AND SERVICE
MACHINERY ...................................... 5,631 0.12
RESEARCH AND TESTING SERVICES ................... 6,054 0.13
RESIDENTIAL BUILDING CONSTRUCTION ............... 234 0.00
RETAIL NURSERIES AND GARDEN
STORES ......................................... 496 0.01
VALUE %
----- -----
RETAIL STORES, NEC .............................. $ 578 0.01%
SANITARY SERVICES ............................... 75,342 1.61
SAVINGS INSTITUTIONS ............................ 4,619 0.10
SCHOOLS AND EDUCATIONAL
SERVICES, NEC .................................. 1,526 0.03
SCREW MACHINE PRODUCTS,
BOLTS, ETC. .................................... 511 0.01
SEARCH AND NAVIGATION
EQUIPMENT ...................................... 342 0.01
SECURITY AND COMMODITY SERVICES ................. 8,968 0.19
SECURITY BROKERS AND DEALERS .................... 9,276 0.20
SHIP AND BOAT BUILDING AND REPAIRING ............ 79 0.00
SHOE STORES ..................................... 406 0.01
SOAP, CLEANERS, AND TOILET GOODS ................ 87,377 1.86
SOCIAL SERVICES, NEC ............................ 307 0.01
SPECIAL INDUSTRY MACHINERY ...................... 17,472 0.37
SUBDIVIDERS AND DEVELOPERS ...................... 1,050 0.02
SUGAR AND CONFECTIONERY PRODUCTS ................ 4,719 0.10
SURETY INSURANCE ................................ 38,331 0.82
TELEPHONE COMMUNICATIONS ........................ 316,942 6.76
TIRES AND INNER TUBES ........................... 672 0.01
TOYS AND SPORTING GOODS ......................... 50,122 1.07
TRUCKING AND COURIER SERVICES,
EXCEPT AIR ..................................... 469 0.01
VARIETY STORES .................................. 4,354 0.09
VETERINARY SERVICES ............................. 129 0.00
VIDEO TAPE RENTAL ............................... 109 0.00
VOCATIONAL SCHOOLS .............................. 309 0.01
WATER TRANSPORTATION OF
FREIGHT, NEC ................................... 52 0.00
WATER TRANSPORTATION SERVICES ................... 3,269 0.07
WATER WELL DRILLING ............................. 59 0.00
WOMEN'S ACCESSORY AND SPECIALTY
STORES ......................................... 1,431 0.03
WOMEN'S AND MISSES' OUTERWEAR ................... 2,128 0.05
WOMEN'S CLOTHING STORES ......................... 362 0.01
WOOD BUILDINGS AND MOBILE HOMES ................. 1,191 0.03
YARN AND THREAD MILLS ........................... 304 0.01
---------- ------
TOTAL COMMON STOCK
(Cost $ 3,656,645) .............................. 4,511,118 96.17
---------- ------
SHORT TERM INVESTMENTS
U.S. GOVERNMENT & AGENCIES ...................... 168,144 3.58
---------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $ 168,166) ................................ 168,144 3.58
---------- ------
TOTAL PORTFOLIO
(Cost $ 3,825,057) .............................. 4,679,529 99.76
========== =====
OTHER ASSETS & LIABILITIES, NET ............... 11,434 0.24
---------- ------
NET ASSETS ......................................... $4,690,963 100.00%
========== ======
See notes to financial statements.
-61-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--GROWTH ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY (Continued)
(000)
VALUE
SHARES (000)
------ -----
PREFERRED STOCK--0.01%
LIFE INSURANCE--0.01%
3,640 AETNA, INC 6.25% (CLASS C) ....... $ 260
-----------
MEDICAL INSTRUMENTS AND
SUPPLIES--0.00%
32,800 oFRESENIUS MEDICAL CARE (CLASS D) . 2
-----------
MEDICAL SERVICE AND
HEALTH INSURANCE--0.00%
240 PACIFICARE HEALTH SYSTEMS CV
SERIES A ........................ 5
-----------
TOTAL PREFERRED STOCK
(Cost $246)....................... 267
-----------
COMMON STOCK--96.17%
ADVERTISING--0.28%
16,800 ACKERLEY GROUP, INC .................. 285
8,900 oCATALINA MARKETING CORP .............. 412
128,550 INTERPUBLIC GROUP OF COS, INC ........ 6,403
127,000 OMNICOM GROUP, INC ................... 5,382
11,400 oVALASSIS COMMUNICATIONS, INC ......... 422
-----------
12,904
-----------
AGRICULTURAL CHEMICALS--0.01%
1,415 oFREEPORT MCMORAN SULPHUR, INC ........ 17
6,030 IMC GLOBAL, INC ...................... 197
2,233 oIMC GLOBAL, INC WTS 12/22/00 ......... 9
935 MISSISSIPPI CHEMICAL CORP ............ 17
12,800 oMYCOGEN CORP ......................... 240
-----------
480
-----------
AIR TRANSPORTATION,
SCHEDULED--0.06%
10,750 AIR EXPRESS INTERNATIONAL CORP ....... 328
400 ASA HOLDINGS, INC .................... 11
21,625 COMAIR HOLDINGS, INC ................. 522
7,800 oFEDERAL EXPRESS CORP ................. 476
2,800 oMIDWEST EXPRESS HOLDINGS, INC ........ 109
30,500 oNORTHWEST AIRLINES CORP (CLASS A) .... 1,460
2,550 SOUTHWEST AIRLINES CO ................ 63
-----------
2,969
-----------
AIRCRAFT AND PARTS--0.81%
14,400 oAIRTRAN HOLDINGS, INC ................ 58
231,100 ALLIED SIGNAL, INC ................... 8,998
21,100 oBE AEROSPACE, INC .................... 564
362,900 BOEING CO ............................ 17,759
7,100 oDUCOMMUN, INC ........................ 248
44,000 oGULFSTREAM AEROSPACE CORP ............ 1,287
8,400 OEA, INC ............................. 243
2,500 oTRIUMPH GROUP, INC ................... 83
119,000 UNITED TECHNOLOGIES CORP ............. 8,665
-----------
37,905
-----------
AIRPORTS, FLYING FIELDS, AND
SERVICES--0.00%
1,000 oEAGLE USA AIRFREIGHT, INC ............ 29
-----------
VALUE
SHARES (000)
------ -----
APPAREL, PIECE GOODS, AND
NOTIONS--0.05%
10,000 oDONNKENNY, INC ....................... $ 27
35,600 oGENESCO, INC ......................... 454
800 oKENNETH COLE PRODUCTIONS, INC ........ 13
28,900 NIKE, INC (CLASS B) .................. 1,134
29,000 oREEBOK INTERNATIONAL LTD ............. 836
-----------
2,464
-----------
AUTO AND HOME SUPPLY
STORES--0.02%
2,600 oDISCOUNT AUTO PARTS, INC ............. 50
33,700 PEP BOYS MANNY, MOE, & JACK CO ....... 805
-----------
855
-----------
AUTOMOTIVE RENTALS, NO
DRIVERS--0.01%
19,700 oRENTERS CHOICE, INC .................. 404
-----------
AUTOMOTIVE SERVICES,
EXCEPT REPAIR--0.00%
800 BORG-WARNER AUTOMOTIVE, INC .......... 42
-----------
BAKERY PRODUCTS--0.06%
48,900 INTERSTATE BAKERIES CORP ............. 1,828
15,300 LANCE, INC ........................... 403
13,300 NABISCO HOLDINGS CORP (CLASS A) ...... 644
-----------
2,875
-----------
BEAUTY SHOPS--0.01%
11,800 REGIS CORP ........................... 296
-----------
BEVERAGES--3.33%
118,150 ANHEUSER BUSCH COS, INC .............. 5,199
12,700 BROWN FORMAN, INC (CLASS B) .......... 702
1,397,700 COCA COLA CO ......................... 93,122
203,600 COCA COLA ENTERPRISES, INC ........... 7,241
1,368,250 PEPSICO, INC ......................... 49,856
3,000 oROBERT MONDAVI CORP (CLASS A) ........ 146
-----------
156,266
-----------
BITUMINOUS COAL AND
LIGNITE MINING--0.01%
22,500 ZEIGLER COAL HOLDINGS CO ............. 367
-----------
BLANKBOOKS AND
BOOKBINDING--0.04%
59,500 DELUXE CORP .......................... 2,053
700 oFRANKLIN COVEY CO .................... 15
-----------
2,068
-----------
BLAST FURNACE AND BASIC
STEEL PRODUCTS--0.06%
5,900 oARMCO, INC ........................... 29
27,000 oLONE STAR TECHNOLOGIES, INC .......... 766
10,000 oMAVERICK TUBE CORP ................... 253
17,700 NUCOR CORP ........................... 855
1,700 OREGON STEEL MILLS, INC .............. 36
9,800 QUANEX CORP .......................... 276
20,900 oSTEEL DYNAMICS, INC .................. 334
11,380 WORTHINGTON INDUSTRIES, INC .......... 188
-----------
2,737
-----------
See notes to financial statements.
-62-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ -----
BOOKS--0.43%
27,500 oGOLDEN BOOKS FAMILY
ENTERTAINMENT, INC ..................$ 284
1,700 HOUGHTON MIFFLIN CO .................. 65
4,100 MCGRAW HILL COS, INC ................. 303
500,700 oSCHOLASTIC CORP ...................... 18,776
1,600 THOMAS NELSON, INC ................... 19
10,000 WILEY (JOHN) & SONS, INC (CLASS A) ... 543
-----------
19,990
-----------
BROADWOVEN FABRIC MILLS,
COTTON--1.04%
3,100 oTRIARC COS, INC ...................... 84
1,027,700 oWESTPOINT STEVENS, INC ............... 48,559
-----------
48,643
-----------
BROADWOVEN FABRIC MILLS,
MANMADE--0.00%
2,900 oCOLLINS & AIKMAN CORP ................ 25
-----------
BUSINESS CREDIT
INSTITUTIONS--0.01%
4,200 oARCADIA FINANCIAL LTD ................ 31
7,500 CAPITAL ONE FINANCIAL CORP ........... 406
1,500 FINOVA GROUP, INC .................... 75
2,600 TOTAL SYSTEM SERVICES, INC ........... 64
-----------
576
-----------
CABLE AND OTHER PAY TV
SERVICES--0.36%
800 oBET HOLDINGS, INC (CLASS A) .......... 44
950 oCABLE MICHIGAN, INC .................. 22
5,800 oCABLEVISION SYSTEMS CORP (CLASS A) ... 555
25,600 oCAI WIRELESS SYSTEMS, INC ............ 29
20,400 oCENTURY COMMUNICATIONS CORP
(CLASS A) ........................... 199
18,400 COMCAST CORP (CLASS A) ............... 587
126,043 COMCAST CORP (CLASS A) SPECIAL ....... 3,978
5,850 oMASTEC, INC .......................... 134
33,787 oPANAMSAT CORP ........................ 1,457
13,100 TCA CABLE TV, INC .................... 603
13,060 oTCI SATELLITE ENTERTAINMENT
(CLASS A) ........................... 90
241,979 oTELE-COMMUNICATIONS, INC
(CLASS A) ........................... 6,760
89,771 oTELECOM-TCI VENTURES GROUP
(CLASS A) ........................... 2,542
2,500 oUNITED VIDEO SATELLITE GROUP, INC .... 72
-----------
17,072
-----------
CARPETS AND RUGS--0.00%
15,800 SHAW INDUSTRIES, INC ................. 184
-----------
CASH GRAINS--0.00%
1,900 DEKALB GENETICS CORP (CLASS B) ....... 75
4,044 DELTA & PINE LAND CO ................. 123
-----------
198
-----------
CEMENT, HYDRAULIC--0.02%
2,000 CENTEX CONSTRUCTION
PRODUCTS, INC ....................... 60
20,100 MEDUSA CORP .......................... 840
-----------
900
-----------
CHEMICALS AND ALLIED
PRODUCTS--0.00%
1,400 VALHI, INC ........................... 13
-----------
CHEWING AND SMOKING
TOBACCO--0.09%
114,500 UST, INC ............................ 4,229
-----------
VALUE
SHARES (000)
------ -----
CHILDREN'S AND INFANTS'
WEAR STORES--0.02%
34,200 oGYMBOREE CORP ....................... $ 936
-----------
CIGARETTES--2.17%
2,242,200 PHILIP MORRIS COS, INC ............... 101,600
-----------
CIGARS--0.01%
1,800 oCONSOLIDATED CIGAR HOLDINGS, INC ..... 50
13,200 oGENERAL CIGAR HOLDINGS, INC
(CLASS A) ........................... 281
-----------
331
-----------
COMMERCIAL BANKS--1.81%
1,648 BANC ONE CORP ........................ 90
1,900 CCB FINANCIAL CORP ................... 204
136,100 CITICORP CO .......................... 17,208
800 oCNB BANCSHARES, INC .................. 39
8,300 COMMERCE BANCORP, INC ................ 423
800 oCOMMUNITY FIRST BANKSHARES, INC ...... 43
84,850 FIFTH THIRD BANCORP .................. 6,936
3,575 HUBCO, INC ........................... 140
1,700 oIMPERIAL BANCORP ..................... 84
222,425 MBNA CORP ............................ 6,075
39,300 NORWEST CORP ......................... 1,518
15,181 OLD NATIONAL BANCORP ................. 734
300 PARK NATIONAL CORP ................... 26
1,500 oPROVIDENT FINANCIAL GROUP ............ 73
12,800 STATE STREET CORP .................... 745
149,350 SYNOVUS FINANCIAL CORP ............... 4,891
25,754 TRUSTCO BANK CORP .................... 702
6,000 U.S. BANCORP ......................... 672
28,300 U.S. TRUST CORP ...................... 1,772
400 oUNITED BANKSHARES, INC ............... 19
125,000 WELLS FARGO & CO ..................... 42,430
3,200 WILMINGTON TRUST CORP ................ 200
-----------
85,024
-----------
COMMERCIAL PRINTING--0.03%
900 AMERICAN BUSINESS PRODUCTS, INC ...... 19
8,300 oBIG FLOWER HOLDINGS, INC ............. 200
11,300 oCONSOLIDATED GRAPHICS, INC ........... 527
1,600 DONNELLEY (R.R.) & SONS CO ........... 60
19,100 HARLAND (JOHN H.) CO ................. 401
8,300 MERRILL CORP ......................... 193
13,600 oTOPPS, INC ........................... 30
-----------
1,430
-----------
COMMUNICATIONS EQUIPMENT--2.02%
175,761 o3COM CORP ............................ 6,141
74,560 oADC TELECOMMUNICATIONS, INC .......... 3,113
90,000 oADVANCED FIBRE COMMUNICATIONS ........ 2,621
26,900 ALIANT COMMUNICATIONS, INC ........... 844
40,475 oANDREW CORP .......................... 971
27,400 oASPECT TELECOMMUNICATIONS CORP ....... 572
19,350 oASSOCIATED GROUP, INC (CLASS A) ...... 573
1,150 oASSOCIATED GROUP, INC (CLASS B) ...... 33
5,300 oBILLING INFORMATION CONCEPTS CORP .... 254
29,900 oBOSTON TECHNOLOGY, INC ............... 751
5,800 oCHYRON CORP .......................... 26
800 oCIDCO, INC ........................... 16
84,900 oCIENA CORP ........................... 5,190
4,800 oCOHERENT COMMUNICATIONS
SYSTEMS CORP ........................ 134
8,400 oDAVOX CORP ........................... 274
32,600 oDIGITAL MICROWAVE CORP ............... 473
48,000 oDSC COMMUNICATIONS CORP .............. 1,152
30,100 oDSP COMMUNICATIONS, INC .............. 361
See notes to financial statements.
-63-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
COMMUNICATIONS EQUIPTMENT-(Continued)
1,500 oECHOSTAR COMMUNICATIONS CORP
(CLASS A) ........................... $ 25
4,600 oEIS INTERNATIONAL, INC ............... 25
464,400 oERICSSON TELEFON (LM) SERIES B ADR ... 17,328
8,191 oEXCEL COMMUNICATIONS, INC ............ 119
3,500 FEDERAL SIGNAL CORP .................. 76
8,400 oGENERAL DATACOMM INDUSTRIES, INC ..... 39
38,700 oGEOTEK COMMUNICATIONS, INC ........... 59
12,350 oGLENAYRE TECHNOLOGIES, INC ........... 122
521,400 oGLOBALSTAR TELECOMMUNICATIONS LTD .... 25,614
1,400 oHARMONIC LIGHTWAVES, INC ............. 15
23,400 oINTELIDATA TECHNOLOGIES CORP ......... 43
15,000 INTER-TEL, INC ....................... 291
27,000 oINTERDIGITAL COMMUNICATIONS CORP ..... 83
46,700 oITT CORP ............................. 3,870
18,400 oLO-JACK CORP ......................... 271
293,500 MOTOROLA, INC ........................ 16,748
6,500 oNATURAL MICROSYSTEMS CORP ............ 302
7,900 oNETWORK EQUIPMENT
TECHNOLOGIES, INC ................... 116
16,200 oNEXTLEVEL SYSTEMS, INC ............... 290
12,700 oP-COM, INC ........................... 219
36,850 oPAIRGAIN TECHNOLOGIES, INC ........... 714
10,200 oPICTURETEL CORP ...................... 66
11,800 PITTWAY CORP (CLASS A) ............... 822
15,000 oPLANTRONICS, INC ..................... 600
33,600 oPREMISYS COMMUNICATIONS, INC ......... 878
50 oPRICELLULAR CORP (CLASS A) ........... 1
69,500 SCIENTIFIC-ATLANTA, INC .............. 1,164
9,700 oSHIVA CORP ........................... 83
5,000 oSPECTRIAN CORP ....................... 96
7,800 oSTANFORD TELECOMMUNICATIONS, INC ..... 132
17,400 SYMBOL TECHNOLOGIES, INC ............. 657
15,620 oSYMMETRICOM, INC ..................... 182
5,700 oTCSI CORP ............................ 46
4,250 oTELTREND, INC ........................ 73
1,000 oYURIE SYSTEMS, INC ................... 20
-----------
94,688
-----------
COMMUNICATIONS SERVICES,
NEC--0.01%
5,800 oCOMMNET CELLULAR, INC ................ 206
2,500 oSMARTALK TELESERVICES, INC ........... 57
-----------
263
-----------
COMPUTER AND DATA PROCESSING
SERVICES--5.73%
18,000 oACCLAIM ENTERTAINMENT, INC ........... 65
25,520 oACXIOM CORP .......................... 491
52,580 ADOBE SYSTEMS, INC ................... 2,169
23,850 oAFFILIATED COMPUTER SERVICES, INC
(CLASS A) ........................... 628
30,600 oAMERICA ONLINE, INC .................. 2,729
8,575 oAMERICAN MANAGEMENT SYSTEMS, INC ..... 167
19,800 ANALYSTS INTERNATIONAL CORP .......... 683
5,000 oAPPLIX, INC .......................... 26
3,500 oASPECT DEVELOPMENT, INC .............. 182
6,500 oASPEN TECHNOLOGY, INC ................ 223
60,920 AUTODESK, INC ........................ 2,254
140,600 AUTOMATIC DATA PROCESSING, INC ....... 8,629
24,480 oAVANT CORP ........................... 410
2,300 oBA MERCHANT SERVICES, INC (CLASS A) .. 41
5,050 oBISYS GROUP, INC ..................... 168
66,700 oBMC SOFTWARE, INC .................... 4,377
800 oBOOLE & BABBAGE, INC ................. 24
VALUE
SHARES (000)
------ ----------
8,800 oBORLAND INTERNATIONAL, INC ........... $ 64
1,100 oBRODERBUND SOFTWARE, INC ............. 28
2,800 oCACI INTERNATIONAL, INC (CLASS A) .... 55
215,700 oCADENCE DESIGN SYSTEMS, INC .......... 5,285
15,700 oCAMBRIDGE TECHNOLOGY PARTNERS, INC ... 654
7,000 oCELLNET DATA SYSTEMS, INC ............ 54
13,800 oCELLULAR TECHNICAL SERVICES CO ....... 44
84,600 oCERIDIAN CORP ........................ 3,876
10,200 oCERNER CORP .......................... 215
200 oCHECKPOINT SYSTEMS, INC .............. 4
8,200 oCHOICEPOINT, INC ..................... 392
11,400 oCIRRUS LOGIC, INC .................... 121
32,350 oCITRIX SYSTEMS, INC .................. 2,459
1,627,587 COMPUTER ASSOCIATES
INTERNATIONAL, INC .................. 86,059
24,725 oCOMPUTER HORIZONS CORP ............... 1,125
15,600 oCOMPUTER NETWORK TECHNOLOGY CORP ..... 55
41,604 oCOMPUTER SCIENCES CORP ............... 3,474
14,100 COMPUTER TASK GROUP, INC ............. 501
36,000 oCOMPUTERVISION CORP .................. 137
122,620 oCOMPUWARE CORP ....................... 3,924
7,950 oCOMSHARE, INC ........................ 49
28,200 oCORESTAFF, INC ....................... 747
7,500 oCSG SYSTEMS INTERNATIONAL, INC ....... 300
8,000 oCYBERMEDIA, INC ...................... 121
18,100 oDATA TRANSMISSION NETWORK CORP ....... 507
200 oDELTEK SYSTEMS, INC .................. 3
2,700 oDIALOGIC CORP ........................ 118
5,900 oDIGI INTERNATIONAL, INC .............. 100
8,800 oDST SYSTEMS, INC ..................... 376
2,100 oE TRADE GROUP, INC ................... 48
10,900 oELECTRONIC ARTS, INC ................. 412
248,000 ELECTRONIC DATA SYSTEMS CORP ......... 10,897
28,520 oELECTRONICS FOR IMAGING, INC ......... 474
5,300 oENVOY CORP ........................... 154
7,450 oEXCALIBUR TECHNOLOGIES CORP .......... 64
8,700 oFILENET CORP ......................... 262
151,522 FIRST DATA CORP ...................... 4,432
63,050 oFISERV, INC .......................... 3,097
30,500 oFORE SYSTEMS, INC .................... 465
27,900 oGENERAL MAGIC, INC ................... 38
7,300 oGEOWORKS CORP ........................ 70
34,700 oGT INTERACTIVE SOFTWARE CORP ......... 221
50,000 oGTECH HOLDINGS CORP .................. 1,597
180,268 HBO & CO ............................. 8,653
2,500 oHCIA, INC ............................ 30
9,400 oHEALTH MANAGEMENT SYSTEMS, INC ....... 56
8,140 oHNC SOFTWARE ......................... 350
20,300 oHYPERION SOFTWARE CORP ............... 726
6,600 oIMNET SYSTEMS, INC ................... 107
5,500 oINSO CORP ............................ 64
7,300 oINTEGRATED SYSTEMS, INC .............. 100
24,540 oINTERSOLV, INC ....................... 497
9,900 oINTERVOICE, INC ...................... 74
2,350 oINTUIT, INC .......................... 97
2,500 oITRON, INC ........................... 45
11,300 JACK HENRY & ASSOCIATES, INC ......... 308
3,000 oJDA SOFTWARE GROUP, INC .............. 105
93,100 oKEANE, INC ........................... 3,782
22,014 oLEARNING CO, INC ..................... 354
3,300 oLEGATO SYSTEMS, INC .................. 145
4,700 oLHS GROUP, INC ....................... 281
2,500 oLYCOS, INC ........................... 103
8,500 oMACROMEDIA, INC ...................... 71
1,000 oMANUGISTICS GROUP, INC ............... 45
See notes to financial statements.
-64-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
COMPUTER AND DATA PROCESSING
SERVICES-(Continued)
1,700 oMAY & SEPH, INC ...................... $ 23
7,600 oMENTOR GRAPHICS CORP ................. 74
14,500 oMERCURY INTERACTIVE CORP ............. 388
20,150 oMICROPROSE, INC ...................... 44
431,500 oMICROSOFT CORP ....................... 55,771
2,600 oMIDWAY GAMES, INC .................... 47
35,100 NATIONAL DATA CORP ................... 1,268
2,200 oNETCOM ON-LINE COMMUNICATIONS
SERVICE, INC ........................ 53
20,400 oNETMANAGE, INC ....................... 57
6,099 oNETSCAPE COMMUNICATIONS CORP ......... 149
9,500 oNETWORK PERIPHERALS, INC ............. 69
71,576 oNETWORKS ASSOCIATES, INC ............. 3,785
67,450 oNOVELL, INC .......................... 506
2,800 oODS NETWORKS, INC .................... 18
1,000 oOPEN MARKET, INC ..................... 10
417,237 oORACLE CORP .......................... 9,310
97,300 oPARAMETRIC TECHNOLOGY CORP ........... 4,610
7,915 PAYCHEX, INC ......................... 401
96,800 oPEOPLESOFT, INC ...................... 3,775
14,800 oPHOENIX TECHNOLOGIES LTD ............. 179
14,100 oPHYSICIAN COMPUTER NETWORK, INC ...... 56
34,700 oPLATINUM TECHNOLOGY, INC ............. 980
5,900 oPOLICY MANAGEMENT SYSTEMS CORP ....... 410
9,700 oPROJECT SOFTWARE &
DEVELOPMENT, INC .................... 228
9,900 oPROTEIN DESIGN LABORATORIES, INC ..... 396
9,500 oPSINET, INC .......................... 49
18,600 oQUARTERDECK CORP ..................... 30
18,980 oREMEDY CORP .......................... 399
6,800 oSANTA CRUZ OPERATION, INC ............ 28
32,800 oSECURITY DYNAMICS TECHNOLOGIES, INC .. 1,173
35,300 SHARED MEDICAL SYSTEMS CORP.......... 2,330
1,274 oSIEBEL SYSTEMS, INC .................. 53
2,100 oSPYGLASS, INC ........................ 10
12,196 oSTERLING COMMERCE, INC ............... 469
20,800 oSTERLING SOFTWARE, INC ............... 853
12,140 oSTRUCTURAL DYNAMICS RESEARCH CORP .... 273
86,600 oSUNGARD DATA SYSTEMS, INC ............ 2,685
9,700 oSYBASE, INC .......................... 129
29,250 oSYMANTEC CORP ........................ 642
32,302 oSYNOPSYS, INC ........................ 1,155
19,100 oSYSTEM SOFTWARE ASSOCIATES, INC ...... 167
17,000 oSYSTEMS & COMPUTER
TECHNOLOGY CORP ..................... 844
7,700 oSYSTEMSOFT CORP ...................... 49
11,000 oTECHNOLOGY SOLUTIONS CO .............. 290
12,720 oTRANSACTION SYSTEM ARCHITECTURE ...... 483
8,100 oUSCS INTERNATIONAL, INC .............. 138
7,920 oVIASOFT, INC ......................... 335
13,150 oWIND RIVER SYSTEMS, INC .............. 522
13,900 oYAHOO, INC ........................... 963
100 oZILOG, INC ........................... 2
-----------
269,015
-----------
COMPUTER AND OFFICE EQUIPMENT--6.02%
16,450 oADTRAN, INC .......................... 452
2,500 oAPEX PC SOLUTIONS, INC ............... 55
42,180 oASCEND COMMUNICATIONS, INC ........... 1,033
17,500 oAUSPEX SYSTEMS, INC .................. 175
521 oAXIOHM TRANSACTION SOLUTIONS, INC .... 9
2,300 oBANCTEC, INC ......................... 62
163,955 oBAY NETWORKS, INC .................... 4,191
6,500 oBELL & HOWELL CO ..................... 157
VALUE
SHARES (000)
------ ----------
8,900 oBROADBAND TECHNOLOGIES, INC .......... $ 37
21,700 oCABLETRON SYSTEMS, INC ............... 326
8,900 oCENTENNIAL TECHNOLOGIES, INC ......... 9
1,165,675 oCISCO SYSTEMS, INC ................... 64,986
950,050 COMPAQ COMPUTER CORP ................. 53,618
34,150 oCOMVERSE TECHNOLOGY, INC ............. 1,332
29,935 oCONCORD EFS, INC ..................... 745
31,400 oCOPYTELE, INC ........................ 110
3,600 oDATA GENERAL CORP .................... 63
201,700 oDELL COMPUTER CORP ................... 16,943
5,500 oDIAMOND MULTIMEDIA SYSTEMS, INC ...... 49
3,450 DIEBOLD, INC ......................... 175
600 oDYNATECH CORP ........................ 28
376,400 oEMC CORP ............................. 10,327
18,200 oENCAD, INC ........................... 501
30,800 oGATEWAY 2000, INC .................... 1,005
524,000 HEWLETT-PACKARD CO ................... 32,750
4,700 oHMT TECHNOLOGY CORP .................. 61
1,700 HUNT CORP ............................ 40
15,400 oIDENTIX, INC ......................... 148
100 oIMATION CORP ......................... 2
5,500 oIN FOCUS SYSTEMS, INC ................ 167
425,000 INTERNATIONAL BUSINESS
MACHINES CORP ....................... 44,439
135,000 oIOMEGA CORP .......................... 1,679
49,000 oLEXMARK INTERNATIONAL
GROUP (CLASS A) .................... 1,862
33,370 oMICROCHIP TECHNOLOGY, INC ............ 1,001
9,400 oMICRON ELECTRONICS, INC .............. 86
9,300 oMICROS SYSTEMS, INC .................. 419
2,500 oMICROTOUCH SYSTEMS, INC .............. 39
5,260 oMYLEX CORP ........................... 47
700 NATIONAL COMPUTER SYSTEMS, INC ....... 25
4,537 oNCR CORP ............................. 126
8,000 oNEOMAGIC CORP ........................ 102
30,200 PITNEY BOWES, INC .................... 2,716
3,400 oPROXIM, INC .......................... 38
77,000 oQUANTUM CORP ......................... 1,545
13,429 oRATIONAL SOFTWARE CORP ............... 153
91,900 REYNOLDS & REYNOLDS CO (CLASS A) ..... 1,694
6,600 oSAFEGUARD SCIENTIFICS, INC ........... 207
879,900 oSEAGATE TECHNOLOGY, INC .............. 16,938
2,000 oSEQUENT COMPUTER SYSTEMS, INC ........ 40
132,100 oSILICON GRAPHICS, INC ................ 1,643
93,600 oSOLECTRON CORP ....................... 3,890
270,250 oSUN MICROSYSTEMS, INC ................ 10,776
8,700 oTSENG LABORATORIES, INC .............. 12
124,000 oUNISYS CORP .......................... 1,721
6,000 oVIDEOSERVER, INC ..................... 95
53,380 oWANG LABORATORIES, INC ............... 1,181
16,200 oWESTERN DIGITAL CORP ................. 260
13,400 oXIRCOM, INC .......................... 135
-----------
282,425
-----------
CONCRETE, GYPSUM, AND PLASTER
PRODUCTS--0.04%
38,300 oUSG CORP ............................. 1,877
-----------
CONSTRUCTION AND RELATED
MACHINERY--0.10%
34,600 BAKER HUGHES, INC .................... 1,509
10,700 DOVER CORP ........................... 387
35,800 oEVI, INC ............................. 1,853
6,600 HARNISCHFEGER INDUSTRIES, INC ........ 233
23,200 JLG INDUSTRIES, INC .................. 328
9,600 MANITOWOC, INC ....................... 312
10,000 OMNIQUIP INTERNATIONAL, INC .......... 199
-----------
4,821
-----------
See notes to financial statements.
-65-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
COPPER ORES--0.00%
4,800 oSOUTHERN PERU COPPER CORP ............ $ 64
-----------
CREDIT REPORTING AND
COLLECTION--0.15%
66 oACNEILSEN CORP ....................... 2
150,900 COGNIZANT CORP ....................... 6,724
2,000 DUN & BRADSTREET CORP ................ 62
11,800 oPMT SERVICES, INC .................... 164
-----------
6,952
-----------
CUTLERY, HANDTOOLS, AND
HARDWARE--0.79%
2,500 oAMERICAN SAFETY RAZOR CO ............. 50
365,586 GILLETTE CO .......................... 36,719
500 oSIMPSON MANUFACTURING CO, INC ........ 17
7,200 SNAP-ON, INC ......................... 314
1,100 STANLEY WORKS CO ..................... 52
-----------
37,152
-----------
DEEP SEA DOMESTIC TRANSPORTATION
OF FREIGHT--0.00%
4,600 oHVIDE MARINE, INC (CLASS A) .......... 118
-----------
DEEP SEA FOREIGN TRANSPORTATION
OF FREIGHT--0.01%
17,500 oTRICO MARINE SERVICES, INC ........... 514
-----------
DEPARTMENT STORES--0.79%
5,300 DAYTON HUDSON CORP ................... 358
88,568 oFEDERATED DEPARTMENT STORES, INC ..... 3,814
1,300 oFRED MEYER, INC ...................... 47
62,200 oKOHLS CORP ........................... 4,237
29,700 oNEIMAN-MARCUS GROUP, INC ............. 898
69 PENNEY, (J.C.) CO, INC ............... 4
33,600 oPROFFITTS, INC ....................... 956
69,500 ROSS STORES, INC ..................... 2,528
615,500 WAL-MART STORES, INC ................. 24,274
-----------
37,116
-----------
DRUG STORES AND PROPRIETARY
STORES--0.27%
12,225 ARBOR DRUGS, INC ..................... 226
59,920 CVS CORP ............................. 3,839
5,700 oRITE AID CORP ........................ 335
260,900 WALGREEN CO .......................... 8,186
-----------
12,586
-----------
DRUGS--9.83%
442,000 ABBOTT LABORATORIES CO ............... 28,979
20,000 oALKERMES, INC ........................ 398
200 ALLERGAN, INC ........................ 7
9,700 oALLIANCE PHARMACEUTICAL CORP ......... 70
430,000 AMERICAN HOME PRODUCTS CORP .......... 32,895
20,150 oAMYLIN PHARMACEUTICALS, INC .......... 110
144,100 BAXTER INTERNATIONAL, INC ............ 7,268
58,800 oBIO-TECHNOLOGY GENERAL CORP .......... 632
62,600 oBIOGEN, INC .......................... 2,277
370,600 BRISTOL MYERS SQUIBB CO .............. 35,068
400 CARTER WALLACE, INC .................. 7
11,800 oCENTOCOR, INC ........................ 392
583,616 oCHIRON CORP .......................... 9,921
58,700 oCOVANCE, INC ......................... 1,167
18,980 oCREATIVE BIOMOLECULES, INC ........... 140
3,395 oCRESCENDO PHARMACEUTICALS CORP ....... 39
31,050 oDURA PHARMACEUTICALS, INC ............ 1,424
9,100 oFOREST LABORATORIES, INC ............. 449
21,700 oGENSIA SICOR, INC .................... 126
52,900 oGENZYME CORP (GENERAL DIVISION) ...... 1,468
VALUE
SHARES (000)
------ ----------
38,424 oGENZYME CORP
(TISSUE REPAIR DIVISION) ............ $ 264
9,400 oGILEAD SCIENCES, INC ................. 360
685,400 oGUILFORD PHARMACEUTICALS, INC ........ 13,794
4,100 ICN PHARMACEUTICALS, INC ............. 200
18,000 oIDEXX LABORATORIES, INC .............. 287
11,700 oINTERNEURON PHARMACEUTICALS, INC ..... 111
8,900 oIVAX CORP ............................ 60
29,100 JONES MEDICAL INDUSTRIES, INC ........ 1,113
19,840 oLIGAND PHARMACEUTICALS CO (CLASS A) .. 255
519,868 LILLY (ELI) & CO ..................... 36,196
456,800 oMARTEK BIOSCIENCES CORP .............. 3,769
109,440 #MARTEK BIOSCIENCES CORP
WTS 05/18/98 ........................ 0
16,350 oMATRIX PHARMACEUTICALS, INC .......... 56
7,800 oMEDICIS PHARMACEUTICAL CORP
(CLASS A) ........................... 399
187,751 oMEDPARTNERS, INC ..................... 4,201
753,100 *MERCK & CO, INC ...................... 80,017
155,400 MYLAN LABORATORIES, INC .............. 3,254
23,300 oNABI, INC ............................ 79
9,200 oNEOPROBE CORP ........................ 55
9,200 oNEUROGEN CORP ........................ 124
7,780 oNOVEN PHARMACEUTICALS, INC ........... 54
14,450 oORGANOGENESIS, INC ................... 381
1,000 oPATHOGENESIS CORP .................... 37
1,600 oPERRIGO CO ........................... 21
1,887,200 PFIZER, INC .......................... 140,714
9,018 oPHARMACEUTICAL PRODUCT
DEVELOPMENT ........................ 139
2,900 PHARMACIA & UPJOHN, INC .............. 106
23,800 oQUINTILES TRANSNATIONAL CORP ......... 910
100 oROBERTS PHARMACEUTICAL CORP .......... 1
16,000 oSANGSTAT MEDICAL CORP ................ 648
423,200 SCHERING-PLOUGH CORP ................. 26,291
18,000 oSEPRACOR, INC ........................ 721
14,400 oSEQUUS PHARMACEUTICALS, INC .......... 107
13,400 oSOMATOGEN, INC ....................... 59
20,600 oTECHNE CORP .......................... 361
23,500 oTWINLAB CORP ......................... 582
12,340 oVERTEX PHARMACEUTICALS, INC .......... 407
12,100 oVICAL, INC ........................... 145
142,400 WARNER-LAMBERT CO .................... 17,658
126,300 oWATSON PHARMACEUTICALS, INC .......... 4,097
-----------
460,870
-----------
DRUGS, PROPRIETARIES, AND
SUNDRIES--1.55%
26,900 oAMERISOURCE HEALTH CORP (CLASS A) .... 1,567
165,500 oAMGEN, INC ........................... 8,958
34,500 BERGEN BRUNSWIG CORP (CLASS A) ....... 1,453
768,526 CARDINAL HEALTH, INC ................. 57,736
24,500 oIMMUNEX CORP ......................... 1,323
1,700 MCKESSON CORP ........................ 184
2,000 oNBTY, INC ............................ 67
42,600 oREXALL SUNDOWN, INC .................. 1,286
-----------
72,574
-----------
EATING AND DRINKING PLACES--0.62%
39,700 APPLE SOUTH, INC ..................... 521
36,840 APPLEBEES INTERNATIONAL, INC ......... 665
9,650 oBOSTON CHICKEN, INC .................. 62
7,700 oBUFFETS, INC ......................... 72
60,600 CKE RESTAURANTS, INC ................. 2,553
5,250 oCONSOLIDATED PRODUCTS, INC ........... 86
14,520 CRACKER BARREL OLD COUNTRY
STORE, INC .......................... 485
See notes to financial statements.
-66-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
EATING AND DRINKING PLACES--(Continued)
57,600 oFOODMAKER, INC ....................... $ 868
2,100 oIHOP CORP ............................ 68
10,000 oINTERNATIONAL DAIRY QUEEN, INC
(CLASS A) ........................... 268
14,500 oLANDRYS SEAFOOD RESTAURANTS, INC ..... 348
11,050 oLONE STAR STEAKHOUSE & SALOON, INC ... 193
331,450 MCDONALDS CORP ....................... 15,827
1,766 MORRISON HEALTH CARE, INC ............ 35
1,325 MORRISON RESTAURANTS, INC ............ 3
3,400 oNPC INTERNATIONAL, INC ............... 41
29,700 oOUTBACK STEAKHOUSE, INC .............. 854
24,230 oPAPA JOHNS INTERNATIONAL, INC ........ 845
3,400 oRAINFOREST CAFE, INC ................. 112
350 oRUBY TUESDAY, INC .................... 9
4,300 SBARRO, INC .......................... 113
18,500 oSHOWBIZ PIZZA TIME, INC .............. 426
3,800 oSONIC CORP ........................... 107
9,400 oTHE CHEESECAKE FACTORY CO ............ 287
92,615 oTRICON GLOBAL RESTAURANTS, INC ....... 2,692
63,800 WENDYS INTERNATIONAL, INC ............ 1,535
-----------
29,075
-----------
ELECTRIC DISTRIBUTION
EQUIPMENT--1.84%
2,906,471 CBS CORP ............................. 85,559
21,900 oMAGNETEK, INC ........................ 427
12,700 oOAK INDUSTRIES, INC .................. 377
-----------
86,363
-----------
ELECTRIC LIGHTING AND WIRING
EQUIPMENT--0.02%
10,000 oCHICAGO MINIATURE LAMP, INC .......... 338
2,000 oHOLOPHANE CORP ....................... 50
9,500 THOMAS & BETTS CORP .................. 449
-----------
837
-----------
ELECTRIC SERVICES--0.12%
106,000 oAES CORP ............................. 4,942
300 oCALENERGY, INC ....................... 9
4,000 OTTER TAIL POWER CO .................. 152
9,212 TEXAS UTILITIES CO ................... 383
8,800 oTUCSON ELECTRIC POWER CO ............. 160
-----------
5,646
-----------
ELECTRICAL GOODS--0.43%
2,500 oACT MANUFACTURING, INC ............... 35
539,500 oARROW ELECTRONICS, INC ............... 17,500
50 oAVID TECHNOLOGIES, INC ............... 1
4,500 AVNET, INC ........................... 297
12,600 oCALIFORNIA AMPLIFIER, INC ............ 27
9,700 oCELLSTAR CORP ........................ 193
2,700 oCREE RESEARCH, INC ................... 51
9,565 oHSN, INC ............................. 493
26,100 oKENT ELECTRONICS CORP ................ 656
10,600 oOAK TECHNOLOGY, INC .................. 69
3,700 PIONEER-STANDARD ELECTRONICS, INC .... 56
11,100 oQUALCOMM, INC ........................ 561
24,600 oTOP SOURCE TECHNOLOGIES, INC ......... 31
-----------
19,970
-----------
ELECTRICAL INDUSTRIAL
APPARATUS--0.14%
99,200 oAMERICAN POWER CONVERSION CORP ....... 2,344
35,600 AMETEK, INC .......................... 961
28,200 EMERSON ELECTRIC CO .................. 1,592
11,875 oTHERMO ELECTRON CORP ................. 528
2,700 oUCAR INTERNATIONAL, INC .............. 108
VALUE
SHARES (000)
------ ----------
17,000 oVICOR CORP ........................... $ 461
11,480 oZOLTEK COS, INC ...................... 320
-----------
6,314
-----------
ELECTRICAL WORK--0.00%
4,600 oMEMC ELECTRONIC MATERIALS, INC ....... 70
-----------
ELECTRONIC COMPONENTS AND
ACCESSORIES--6.87%
14,220 oACTEL CORP ........................... 180
656,700 oADAPTEC, INC ......................... 24,380
2,500 oADE CORP ............................. 44
2,500 oADVANCED ENERGY INDUSTRIES, INC ...... 37
800 oADVANCED MICRO DEVICES, INC .......... 14
7,100 oALLIANCE SEMICONDUCTOR CORP .......... 32
507,900 oALTERA CORP .......................... 16,824
8,050 oALTRON, INC .......................... 107
35,000 AMP, INC ............................. 1,470
29,166 oANALOG DEVICES, INC .................. 808
46,100 oATMEL CORP ........................... 856
5,000 oATMI, INC ............................ 121
32,000 AVX CORP ............................. 590
4,200 oBERG ELECTRICS CORP .................. 96
7,840 oBLACK BOX CORP ....................... 277
15,400 BMC INDUSTRIES, INC .................. 248
15,000 oCHIPS & TECHNOLOGIES, INC ............ 217
31,625 oCOMPUTER PRODUCTS, INC ............... 716
9,500 oCYPRESS SEMICONDUCTOR CORP ........... 81
30,200 DALLAS SEMICONDUCTOR CORP ............ 1,231
25,700 oDII GROUP, INC ....................... 700
7,500 oELTRON INTERNATIONAL, INC ............ 227
5,950 oENERGY CONVERSION DEVICES, INC ....... 72
1,500 oESS TECHNOLOGY ....................... 11
3,500 oFEI CO ............................... 44
18,100 oGENERAL SEMICONDUCTOR, INC ........... 209
9,600 oHADCO CORP ........................... 434
15,900 oIMP, INC ............................. 11
7,400 oINTEGRATED DEVICE TECHNOLOGY, INC .... 70
1,913,400 INTEL CORP ........................... 134,416
6,900 oJABIL CIRCUIT, INC ................... 274
54,040 oKEMET CORP ........................... 1,047
20,140 oLATTICE SEMICONDUCTOR CORP ........... 954
26,260 oLEVEL ONE COMMUNICATIONS, INC ........ 742
633,600 LINEAR TECHNOLOGY CO ................. 36,511
10,800 oLSI LOGIC CORP ....................... 213
129,900 oMAXIM INTEGRATED PRODUCTS ............ 4,482
32,200 METHODE ELECTRONICS, INC (CLASS A) ... 523
835,400 oMICRON TECHNOLOGY, INC ............... 21,720
32,332 MOLEX, INC ........................... 1,039
1,600 oMRV COMMUNICATIONS, INC .............. 38
24,931 oNATIONAL SEMICONDUCTOR CORP .......... 647
6,600 oOBJECTIVE SYSTEMS INTEGRATORS, INC ... 55
6,400 oPLEXUS CORP .......................... 95
4,000 oPMC-SIERRA, INC ...................... 124
5,000 oRADISYS CORP ......................... 186
4,300 oRAMBUS, INC .......................... 197
7,200 oREAD RITE CORP ....................... 113
12,050 oS3, INC .............................. 60
8,000 oSANDISK CORP ......................... 163
22,540 oSANMINA CORP ......................... 1,527
1,500 oSAWTEK, INC .......................... 40
63,520 oSCI SYSTEMS, INC ..................... 2,767
6,100 oSDL, INC ............................. 88
4,000 oSEMITOOL, INC ........................ 52
1,500 oSEMTECH CORP ......................... 59
8,900 oSILICON VALLEY GROUP, INC ............ 201
6,400 oSIPEX CORP ........................... 194
See notes to financial statements.
-67-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
ELECTRONIC COMPONENTS AND
ACCESSORIES-(Continued)
19,500 oSMART MODULAR TECHNOLOGIES, INC ...... $ 449
1,500 oSPEEDFAM INTERNATIONAL, INC .......... 40
5,500 oSUPERTEX, INC ........................ 60
6,400 TECHNITROL, INC ...................... 192
378,050 oTELLABS, INC ......................... 19,989
867,100 TEXAS INSTRUMENTS, INC ............... 39,020
5,400 oTRIDENT MICROSYSTEMS, INC ............ 49
35,100 oUNITRODE CORP ........................ 755
7,449 oVISHAY INTERTECHNOLOGY, INC .......... 176
10,000 oVISX, INC ............................ 221
24,175 oVITESSE SEMICONDUCTOR CORP ........... 913
22,900 oVLSI TECHNOLOGY, INC ................. 541
27,400 oXILINX, INC .......................... 961
-----------
322,000
-----------
ENGINEERING AND ARCHITECTURAL
SERVICES--0.00%
5,700 oJACOBS ENGINEERING GROUP, INC ........ 145
-----------
ENGINES AND TURBINES--0.02%
26,500 BRUNSWICK CORP ....................... 803
-----------
FABRICATED RUBBER PRODUCTS,
NEC--0.01%
3,100 CARLISLE COS, INC .................... 133
2,500 oFOAMEX INTERNATIONAL, INC ............ 27
10,300 GENCORP, INC ......................... 258
-----------
418
-----------
FABRICATED STRUCTURAL METAL
PRODUCTS--0.01%
4,900 oGRIFFON CORP ......................... 72
200 oMILLER INDUSTRIES, INC ............... 2
7,260 oNCI BUILDING SYSTEMS, INC ............ 258
600 TRINITY INDUSTRIES, INC .............. 27
-----------
359
-----------
FAMILY CLOTHING STORES--0.11%
1,200 oBUCKLE, INC .......................... 41
132,000 GAP, INC ............................. 4,678
300 NORDSTROM, INC ....................... 18
8,500 oSTAGE STORES, INC .................... 318
7,500 oSTEIN MART, INC ...................... 201
-----------
5,256
-----------
FARM AND GARDEN MACHINERY--0.00%
9,150 ALLIED PRODUCTS CORP ................. 220
-----------
FARM-PRODUCT RAW MATERIALS--0.03%
53,100 DIMON, INC ........................... 1,394
-----------
FEDERAL AND FEDERALLY-SPONSORED
CREDIT AGENCIES--1.17%
619,100 FEDERAL NATIONAL MORTGAGE
ASSOCIATION ......................... 35,327
351,300 FREDDIE MAC .......................... 14,733
34,500 SLM HOLDING CORP ..................... 4,800
-----------
54,860
-----------
FIRE, MARINE, AND CASUALTY
INSURANCE--0.11%
700 oFOREMOST CORP OF AMERICA ............. 49
23,330 FRONTIER INSURANCE GROUP, INC ........ 534
42,500 HCC INSURANCE HOLDINGS, INC .......... 903
400 HSB GROUP, INC ....................... 22
300 oMARKEL CORP .......................... 47
26,000 PROGRESSIVE CORP ..................... 3,117
4,400 VESTA INSURANCE GROUP, INC ........... 261
-----------
4,933
-----------
VALUE
SHARES (000)
------ ----------
FLAT GLASS--0.03%
21,100 PPG INDUSTRIES, INC .................. $ 1,205
-----------
FOOTWEAR EXCEPT, RUBBER--0.02%
15,400 oNINE WEST GROUP, INC ................. 399
51,100 STRIDE RITE CORP ..................... 613
300 oTIMBERLAND CO ........................ 17
-----------
1,029
-----------
FREIGHT TRANSPORTATION
ARRANGEMENT--0.01%
11,800 EXPEDITORS INTERNATIONAL OF
WASHINGTON .......................... 454
6,800 oFRITZ COS, INC ....................... 95
300 oKITTY HAWK, INC ...................... 6
-----------
555
-----------
FUNERAL SERVICE AND
CREMATORIES--0.15%
164,200 SERVICE CORP INTERNATIONAL ........... 6,065
15,800 STEWART ENTERPRISES, INC (CLASS A) ... 737
-----------
6,802
-----------
FURNITURE AND HOMEFURNISHINGS
STORES--0.08%
42,860 oBED BATH & BEYOND, INC ............... 1,650
6,500 oBOMBAY, INC .......................... 30
18,300 oGARDEN RIDGE CORP .................... 261
400 HEILIG MEYERS CO ..................... 5
3,000 oLINENS N THINGS, INC ................. 131
41,550 PIER 1 IMPORTS, INC .................. 940
22,200 oWILLIAMS-SONOMA, INC ................. 930
-----------
3,947
-----------
GAS PRODUCTION AND
DISTRIBUTION--0.03%
74,400 NGC CORP ............................. 1,302
2,600 SONAT, INC ........................... 119
-----------
1,421
-----------
GENERAL INDUSTRIAL MACHINERY--3.29%
69,700 oCOLTEC INDUSTRIES, INC ............... 1,616
5,000 DT INDUSTRIES, INC ................... 170
20,200 oFIGGIE INTERNATIONAL, INC (CLASS A) .. 265
10,517 FLOWSERVE CORP ....................... 294
10,100 GRACO, INC ........................... 377
15,800 HELIX TECHNOLOGY CORP ................ 308
20,550 IDEX CORP ............................ 717
47,200 KAYDON CORP .......................... 1,540
1,500 oNN BALL & ROLLER, INC ................ 13
10,200 NORDSON CORP ......................... 468
9,850 PALL CORP ............................ 204
12,300 ROPER INDUSTRIES, INC ................ 347
51,500 SUNDSTRAND CORP ...................... 2,594
3,225,416 TYCO INTERNATIONAL LTD ............... 145,345
-----------
154,258
-----------
GLASS AND GLASSWARE, PRESSED
OR BLOWN--0.18%
76,600 CORNING, INC ......................... 2,844
15,200 LANCASTER COLONY CORP ................ 857
15,600 LIBBEY, INC .......................... 591
29,500 OWENS CORNING CO ..................... 1,007
59,700 oOWENS ILLINOIS, INC .................. 2,265
36,000 oSOLA INTERNATIONAL, INC .............. 1,170
-----------
8,734
-----------
See notes to financial statements.
-68-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
GOLD AND SILVER ORES--0.35%
718,000 oEUOR-NEVADA MINING CORP .............. $ 9,708
53,104 FREEPORT MCMORAN COPPER &
GOLD, INC (CLASS A) ................. 813
114,177 FREEPORT MCMORAN COPPER &
GOLD, INC (CLASS B) ................. 1,798
1,100 oGETCHELL GOLD CORP ................... 26
500 HOMESTAKE MINING CO .................. 4
11,600 NEWMONT GOLD CO ...................... 346
116,346 NEWMONT MINING CORP .................. 3,418
177,400 oSUNSHINE MINING & REFINING CO ........ 177
-----------
16,290
-----------
GRAIN MILL PRODUCTS--0.49%
80,400 CPC INTERNATIONAL, INC ............... 8,683
97,662 GENERAL MILLS, INC ................... 6,995
46,800 KELLOGG CO ........................... 2,322
23,600 QUAKER OATS CO ....................... 1,245
10,200 oRALCORP HOLDINGS, INC ................ 173
36,050 RALSTON PURINA CO .................... 3,350
-----------
22,768
-----------
GROCERIES AND RELATED
PRODUCTS--0.24%
16,188 EARTHGRAINS CO ....................... 761
56,150 FLOWERS INDUSTRIES, INC .............. 1,155
99,400 oGENERAL NUTRITION COS, INC ........... 3,380
11,500 oJP FOODSERVICE, INC .................. 425
63,200 RICHFOOD HOLDINGS, INC ............... 1,785
100 SMART & FINAL, INC ................... 2
27,525 oSUIZA FOODS CORP ..................... 1,639
49,400 SYSCO CORP ........................... 2,251
1,000 oUNITED NATURAL FOODS, INC ............ 26
-----------
11,424
-----------
GROCERY STORES--0.44%
93,300 ALBERTSONS, INC ...................... 4,420
8,780 FOOD LION, INC (CLASS B) ............. 72
9,700 HANNAFORD BROTHERS, INC .............. 421
166,000 oKROGER CO ............................ 6,132
137,400 oSAFEWAY, INC ......................... 8,691
46,500 oSOUTHLAND CORP ....................... 99
16,300 oWHOLE FOODS MARKET, INC .............. 833
700 WINN DIXIE STORES, INC ............... 31
-----------
20,699
-----------
GUIDED MISSILES, SPACE
VEHICLES AND PARTS--0.01%
12,500 oORBITAL SCIENCES CORP ................ 372
-----------
HARDWARE, PLUMBING & HEATING
EQUIPMENT--0.01%
16,070 FASTENAL CO .......................... 615
-----------
HEALTH AND ALLIED SERVICES,
NEC--0.31%
5,850 oACCESS HEALTH, INC ................... 172
6,420 oAMERICAN HOMEPATIENT, INC ............ 151
15,750 oAMERICAN ONCOLOGY RESOURCES, INC ..... 252
900 oBUCKEYE TECHNOLOGIES, INC ............ 42
10,100 oEXPRESS SCRIPTS, INC ................. 606
193,140 oHEALTHSOUTH CORP ..................... 5,360
10,240 oLINCARE HOLDINGS, INC ................ 584
900 oMEDIQ, INC ........................... 10
6,700 oMID ATLANTIC MEDICAL SERVICES, INC ... 85
75,200 OMNICARE, INC ........................ 2,331
22,418 oPHARMERICA, INC ...................... 233
6,400 oPHP HEALTHCARE CORP .................. 96
6,900 oPRIME MEDICAL SERVICES, INC .......... 95
VALUE
SHARES (000)
------ ----------
33,100 oRENAL TREATMENT CENTERS, INC ......... $ 1,196
65,700 UNITED HEALTHCARE CORP ............... 3,264
-----------
14,477
-----------
HEAVY CONSTRUCTION,
EXCEPT HIGHWAY--0.03%
6,000 FLUOR CORP ........................... 224
66,020 oGLOBAL INDUSTRIES LTD ................ 1,122
-----------
1,346
-----------
HOLDING OFFICES--0.04%
18,800 EVEREST REINSURANCE HOLDINGS, INC .... 776
400 oSEACOR SMIT, INC ..................... 24
30,000 SIGMA ALDRICH CORP ................... 1,193
-----------
1,993
-----------
HOME HEALTH CARE SERVICES--0.01%
5,500 oAPRIA HEALTHCARE GROUP, INC .......... 74
36,500 oCORAM HEALTHCARE CORP ................ 123
14,000 oMATRIA HEALTHCARE, INC ............... 79
9,900 oMAXICARE HEALTH PLANS, INC ........... 108
-----------
384
-----------
HORTICULTURAL SPECIALTIES--0.04%
17,700 PIONEER-HI-BRED INTERNATIONAL, INC ... 1,898
-----------
HOSE, BELTING, GASKETS AND
PACKING--0.00%
3,200 WYNNS INTERNATIONAL, INC ............. 102
-----------
HOSPITALS--0.39%
277,730 COLUMBIA/HCA HEALTHCARE CORP ......... 8,228
76,268 oHEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) ........................... 1,926
83,700 oHUMANA, INC .......................... 1,737
12,300 oPEDIATRIX MEDICAL GROUP, INC ......... 526
119,235 oTENET HEALTHCARE CORP ................ 3,950
34,300 oUNIVERSAL HEALTH SERVICES, INC ....... 1,728
4,500 oVENCOR, INC .......................... 110
-----------
18,205
-----------
HOTELS AND MOTELS--0.57%
2,900 oCAPSTAR HOTEL CO ..................... 100
455,226 oCENDANT CORP ......................... 15,648
20,800 oCHOICE HOTELS INTERNATIONAL, INC ..... 333
200 oGRAND CASINOS, INC ................... 3
40,800 oHARRAHS ENTERTAINMENT, INC ........... 770
77,800 HILTON HOTELS CORP ................... 2,315
12,100 oHOST MARRIOTT CORP ................... 237
25,280 oHOST MARRIOTT SERVICES CORP .......... 376
65,600 LA QUINTA INNS, INC .................. 1,267
24,200 MARRIOTT INTERNATIONAL, INC .......... 1,676
14,800 oMGM GRAND, INC ....................... 534
6,600 oPRIMADONNA RESORTS, INC .............. 110
25,900 oPRIME HOSPITALITY CORP ............... 528
58,548 oPROMUS HOTEL CORP .................... 2,459
15,000 oSIGNATURE RESORTS, INC ............... 328
3,100 oSTATION CASINOS, INC ................. 32
6,933 oSUNBURST HOSPITALITY CORP ............ 68
300 oTRUMP HOTEL & CASINO RESORT, INC ..... 2
75 oWHG RESORTS & CASINO, INC ............ 2
-----------
26,788
-----------
HOUSEHOLD APPLIANCE STORES--0.06%
63,000 SUNBEAM CORP ......................... 2,654
-----------
HOUSEHOLD APPLIANCES--4.84%
3,090,800 GENERAL ELECTRIC CO .................. 226,787
-----------
See notes to financial statements.
-69-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
HOUSEHOLD AUDIO AND VIDEO
EQUIPMENT--0.01%
28,300 xoALLIANCE ENTERTAINMENT CORP .......... $ 1
12,400 oNIMBUS CD INTERNATIONAL, INC ......... 133
35,500 oZENITH ELECTRONICS CORP .............. 193
-----------
327
-----------
HOUSEHOLD FURNITURE--0.03%
29,700 oFURNITURE BRANDS INTERNATIONAL, INC .. 609
22,700 LEGGETT & PLATT, INC ................. 951
-----------
1,560
-----------
INDUSTRIAL INORGANIC CHEMICALS--0.90%
1,400 AIR PRODUCTS & CHEMICALS, INC ........ 115
16,900 oAIRGAS, INC .......................... 237
200 ALBEMARLE CORP ....................... 5
900 CALGON CARBON CORP ................... 10
108,550 ENGELHARD CORP ....................... 1,886
26,900 GEORGIA GULF CORP .................... 824
12,400 GRACE (W.R.) & CO .................... 997
1,200 MINERALS TECHNOLOGIES, INC ........... 55
2,600 oNL INDUSTRIES, INC ................... 35
844,300 PRAXAIR, INC ......................... 37,994
-----------
42,158
-----------
INDUSTRIAL MACHINERY, NEC--0.00%
2,200 ROBBINS & MYERS, INC ................. 87
700 oUNOVA, INC ........................... 12
-----------
99
-----------
INDUSTRIAL ORGANIC CHEMICALS--0.01%
4,300 oBIO-RAD LABORATORIES, INC (CLASS A) .. 112
3,400 CROMPTON & KNOWLES CORP .............. 90
59,300 ETHYL CORP ........................... 456
-----------
658
-----------
INSURANCE AGENTS, BROKERS, AND
SERVICE--0.08%
21,600 CRAWFORD & CO (CLASS B) .............. 441
12,400 GALLAGHER (ARTHUR J.) & CO ........... 427
37,400 MARSH & MCLENNAN COS, INC ............ 2,789
-----------
3,657
-----------
INSURANCE CARRIERS, NEC--0.00%
800 WESTERN NATIONAL CORP ................ 24
-----------
IRON AND STEEL FOUNDRIES--0.00%
3,400 INTERMET CORP ........................ 60
-----------
JEWELRY, SILVERWARE, AND
PLATED WARE--0.05%
35,000 JOSTENS, INC ......................... 807
41,300 TIFFANY & CO ......................... 1,489
-----------
2,296
-----------
JOB TRAINING AND RELATED
SERVICES--0.00%
1,800 oFIREARMS TRAINING SYSTEMS, INC ....... 9
-----------
KNITTING MILLS--0.01%
14,450 ST. JOHN KNITS, INC .................. 578
-----------
LANDSCAPE AND HORTICULTURAL
SERVICES--0.01%
12,900 ROLLINS, INC ......................... 262
-----------
LAUNDRY, CLEANING, AND GARMENT
SERVICES--0.03%
11,000 CINTAS CORP .......................... 429
14,050 G & K SERVICES, INC (CLASS A) ........ 590
19,300 UNIFIRST CORP ........................ 542
-----------
1,561
-----------
VALUE
SHARES (000)
------ ----------
LEATHER TANNING AND FINISHING--0.02%
37,050 WOLVERINE WORLD WIDE, INC ............ $ 838
-----------
LEGAL SERVICES--0.01%
7,400 oPREPAID LEGAL SERVICES, INC .......... 253
-----------
LIFE INSURANCE--0.65%
15,400 20TH CENTURY INDUSTRIES .............. 400
7,215 AETNA, INC ........................... 509
1,600 AMERICAN BANKERS INSURANCE
GROUP, INC .......................... 74
70,350 AMERICAN INTERNATIONAL
GROUP, INC .......................... 7,651
99,100 CONSECO, INC ......................... 4,503
2,800 HARTFORD LIFE, INC (CLASS A) ......... 127
9,150 oHIGHLANDS INSURANCE GROUP, INC ....... 260
500 PENNCORP FINANCIAL GROUP, INC ........ 18
4,600 PROTECTIVE LIFE CORP ................. 275
2,700 oPROVIDENT COS, INC ................... 104
7,100 REINSURANCE GROUP OF AMERICA, INC .... 302
4,000 RELIANCE GROUP HOLDINGS, INC ......... 57
107,550 SUNAMERICA, INC ...................... 4,598
210,700 TRAVELERS GROUP, INC ................. 11,351
1,500 UNUM CORP ............................ 82
-----------
30,311
-----------
LUGGAGE--0.01%
16,900 oSAMSONITE CORP ....................... 534
-----------
LUMBER AND CONSTRUCTION
MATERIALS--0.00%
1,000 oUNIVERSAL FOREST PRODUCTS, INC ....... 14
-----------
LUMBER AND OTHER BUILDING
MATERIALS--0.74%
17,100 oEAGLE HARDWARE & GARDEN, INC ......... 331
469,925 HOME DEPOT, INC ...................... 27,667
141,700 LOWES COS, INC ....................... 6,757
-----------
34,755
-----------
MACHINERY, EQUIPMENT, AND
SUPPLIES--0.01%
5,750 APPLIED INDUSTRIAL TECHNOLOGIES, INC . 154
400 oAVIATION SALES CO .................... 15
100 oFAIRCHILD CORP (CLASS A) ............. 2
3,200 oHIRSCH INTERNATIONAL CORP (CLASS A) .. 70
-----------
241
-----------
MAILING, REPRODUCTION AND
STENOGRAPHIC SERVICES--0.01%
21,100 oADVO, INC ............................ 411
-----------
MANAGEMENT AND PUBLIC
RELATIONS--0.04%
10,900 oABR INFORMATION SERVICES, INC ........ 260
9,300 BLOUNT INTERNATIONAL, INC ............ 248
8,400 oCORRECTIONS CORP OF AMERICA .......... 311
26,460 oGARTNER GROUP, INC (CLASS A) ......... 986
17,200 oMEDAPHIS CORP ........................ 112
1,000 oMETZLER GROUP, INC ................... 40
-----------
1,957
-----------
MANIFOLD BUSINESS FORMS--0.01%
1,700 oNEW ENGLAND BUSINESS SERVICES, INC ... 57
800 STANDARD REGISTER, INC ............... 28
13,700 WALLACE COMPUTER SERVICES, INC ....... 533
-----------
618
-----------
See notes to financial statements.
-70-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
MEASURING AND CONTROLLING
DEVICES--0.62%
15,900 oALLEN TELECOM, INC ................... $ 293
4,300 oBURR BROWN CORP ...................... 138
28,900 oC-CUBE MICROSYSTEMS, INC ............. 471
9,300 oCELLPRO, INC ......................... 22
44,900 oCOGNEX CORP .......................... 1,224
6,000 COHU, INC ............................ 184
19,800 oCREDENCE SYSTEMS CORP ................ 587
9,600 oCYMER, INC ........................... 144
12,100 oDIONEX CORP .......................... 602
13,700 oELECTROGLAS, INC ..................... 211
2,300 FISHER SCIENTIFIC INTERNATIONAL, INC . 110
7,500 oGENRAD, INC .......................... 226
200 oHAEMONETICS CORP ..................... 3
95,600 HONEYWELL, INC ....................... 6,549
27,900 oINPUT/OUTPUT, INC .................... 828
9,100 oINTEGRATED CIRCUIT SYSTEMS, INC ...... 259
315,000 oKLA-TENCOR CORP ...................... 12,167
5,000 oLECROY CORP .......................... 151
11,200 oLTX CORP ............................. 50
8,700 MILLIPORE CORP ....................... 295
1,900 oPERCEPTRON, INC ...................... 41
1,000 PERKIN-ELMER CORP .................... 71
12,250 oROBOTIC VISION SYSTEMS, INC .......... 141
6,100 TEKTRONIX, INC ....................... 242
106,600 oTERADYNE, INC ........................ 3,411
3,480 oUNIPHASE CORP ........................ 144
3,000 oVEECO INSTRUMENTS, INC ............... 66
6,600 oWATERS CORP .......................... 248
6,400 X RITE, INC .......................... 117
1,700 oZYGO CORP ............................ 32
-----------
29,027
-----------
MEAT PRODUCTS--0.21%
250,900 CONAGRA, INC ......................... 8,233
47,300 oSMITHFIELD FOODS, INC ................ 1,561
5,333 WORTHINGTON FOODS, INC ............... 75
-----------
9,869
-----------
MEDICAL AND DENTAL
LABORATORIES--0.00%
11,200 oEPITOPE, INC ......................... 56
2,350 oQUEST DIAGNOSTICS, INC ............... 40
-----------
96
-----------
MEDICAL INSTRUMENTS AND
SUPPLIES--3.46%
3,600 oACUSON CORP .......................... 60
18,300 oADAC LABORATORIES, INC ............... 361
72,500 oALZA CORP ............................ 2,306
12,540 ARROW INTERNATIONAL, INC ............. 464
39,000 oARTERIAL VASCULAR ENGINEERING, INC ... 2,535
11,650 oATL ULTRASOUND, INC .................. 536
27,200 BALLARD MEDICAL PRODUCTS CO .......... 660
100 BARD (C.R.), INC ..................... 3
115,700 BECTON DICKINSON & CO ................ 5,785
77,200 BIOMET, INC .......................... 1,978
32,115 oBOSTON SCIENTIFIC CORP ............... 1,473
524 oCARDIOVASULAR DYNAMICS, INC .......... 3
7,020 oCNS, INC ............................. 47
5,750 oCONMED CORP .......................... 151
15,200 oCYGNUS, INC .......................... 302
2,052,600 DENTSPLY INTERNATIONAL, INC .......... 62,604
4,500 DEPUY, INC ........................... 129
3,900 DIAGNOSTIC PRODUCTS CORP ............. 108
10,600 oENDOSONICS CORP ...................... 114
VALUE
SHARES (000)
------ ----------
710 oFRESENIUS MEDICAL CARE AG ADR ........ $ 15
61,462 GUIDANT CORP ......................... 3,826
1,000 oHEARTPORT, INC ....................... 20
7,300 oHOLOGIC, INC ......................... 151
11,800 oI-STAT CORP .......................... 187
44,400 oIMATRON, INC ......................... 103
12,600 INVACARE CORP ........................ 274
22,600 oISOLYSER CO, INC ..................... 53
828,676 JOHNSON & JOHNSON CO ................. 54,589
4,400 oLIFECORE BIOMEDICAL, INC ............. 96
2,500 oMARQUETTE MEDICAL SYSTEMS, INC
(CLASS A) ........................... 67
231,600 MEDTRONIC, INC ....................... 12,116
6,200 MENTOR CORP .......................... 226
1,000 oMILLENNIUM PHARMACEUTICALS, INC ...... 19
500 oMINIMED, INC ......................... 19
4,600 oNORTHFIELD LABORATORIES, INC ......... 42
700 oOEC MEDICAL SYSTEMS, INC ............. 14
8,500 oPHYSIO-CONTROL INTERNATIONAL CORP .... 135
11,300 oPOSSIS MEDICAL, INC .................. 124
27,600 oRESPIRONICS, INC ..................... 618
18,100 oSAFESKIN CORP ........................ 1,027
2,000 oSOFAMOR DANEK GROUP, INC ............. 130
60,375 oST. JUDE MEDICAL, INC ................ 1,841
33,800 oSTERIS CORP .......................... 1,631
8,100 STRYKER CORP ......................... 302
13,400 oSUMMIT TECHNOLOGY, INC ............... 61
3,300 oSUNRISE MEDICAL, INC ................. 51
30,900 oSYBRON INTERNATIONAL CORP ............ 1,450
15,400 oTHERMEDICS, INC ...................... 252
700 oTREX MEDICAL CORP .................... 10
42,100 U.S. SURGICAL CORP ................... 1,234
10,300 oUROMED CORP .......................... 36
32,900 VARIAN ASSOCIATES, INC ............... 1,664
41,700 oVIVUS, INC ........................... 443
-----------
162,445
-----------
MEDICAL SERVICE AND HEALTH
INSURANCE--0.36%
73,900 AFLAC, INC ........................... 3,778
9,100 oCOMPDENT CORP ........................ 185
2,500 oCONCENTRA MANAGED CARE, INC .......... 84
7,700 oCOVENTRY CORP ........................ 117
34,120 oFOUNDATION HEALTH SYSTEMS (CLASS A) .. 763
32,000 oFPA MEDICAL MANAGEMENT, INC .......... 596
20,800 oOXFORD HEALTH PLANS, INC ............. 324
4,065 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS A) .......................... 204
143,534 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS B) .......................... 7,518
12,500 oPHYMATRIX CORP ....................... 197
88,190 oQUORUM HEALTH GROUP, INC ............. 2,304
14,700 oWELLPOINT HEALTH NETWORKS, INC ....... 621
-----------
16,691
-----------
MEN'S AND BOYS' CLOTHING
STORES--0.02%
3,700 oABERCROMBIE & FITCH CO (CLASS A) ..... 116
8,200 oMENS WAREHOUSE, INC .................. 285
17,950 oPACIFIC SUNWEAR CALIFORNIA, INC ...... 531
-----------
932
-----------
MEN'S AND BOYS'
FURNISHINGS--0.05%
7,900 AUTHENTIC FITNESS CORP ............... 146
16,900 oFRUIT OF THE LOOM, INC (CLASS A) ..... 433
600 oGUESS ?, INC ......................... 4
See notes to financial statements.
-71-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
MEN'S AND BOYS'
FURNISHINGS-(Continued)
3,600 oQUIKSILVER, INC ...................... $ 103
700 oUNITOG CO ............................ 16
45,600 WARNACO GROUP, INC (CLASS A) ......... 1,431
-----------
2,133
-----------
METAL CANS AND SHIPPING
CONTAINERS--0.02%
1,700 CLARCOR, INC ......................... 50
21,950 CROWN CORK & SEAL CO, INC ............ 1,100
500 oSILGAN HOLDINGS, INC ................. 16
-----------
1,166
-----------
METAL FORGINGS AND
STAMPINGS--0.02%
9,500 oHEXCEL CORP .......................... 237
19,300 MASCOTECH, INC ....................... 355
25,700 oWYMAN-GORDON CO ...................... 504
-----------
1,096
-----------
METAL SERVICES, NEC--0.00%
100 oMATERIAL SCIENCES CORP ............... 1
-----------
METALWORKING
MACHINERY--0.00%
750 CINCINNATI MILACRON, INC ............. 19
52 KENNAMETAL, INC ...................... 3
7,200 xoMOLTEN METAL TECHNOLOGY, INC ......... 1
-----------
23
-----------
MILLWORK, PLYWOOD AND
STRUCTURAL MEMBERS--0.00%
600 oTRIANGLE PACIFIC CORP ................ 20
-----------
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES--1.93%
8,340 oANCHOR GAMING CO ..................... 465
8,400 oBOYD GAMING CORP ..................... 56
1,580,800 CARNIVAL CORP (CLASS A) .............. 87,537
69,100 oCIRCUS CIRCUS ENTERPRISES, INC ....... 1,417
44,900 oMIRAGE RESORT, INC ................... 1,021
8,800 oSCIENTIFIC GAMES HOLDINGS CORP ....... 178
-----------
90,674
-----------
MISCELLANEOUS APPAREL AND
ACCESSORY STORES--0.14%
14,300 oCML GROUP, INC ....................... 47
7,300 oNORTH FACE, INC ...................... 161
184,700 TJX COS, INC ......................... 6,349
-----------
6,557
-----------
MISCELLANEOUS APPAREL AND
ACCESSORIES--0.02%
44,700 oNAUTICA ENTERPRISES, INC ............. 1,039
-----------
MISCELLANEOUS BUSINESS SERVICES--0.21%
500 oAPAC TELESERVICES, INC ............... 7
1,100 oBORG-WARNER SECURITY CORP ............ 19
9,000 oCARIBINER INTERNATIONAL, INC ......... 401
30,160 oCHECKFREE CORP ....................... 814
60,100 EQUIFAX, INC ......................... 2,130
12,800 oEXECUTIVE TELECARD LTD ............... 30
6,500 FAIR ISSAC & CO, INC ................. 217
34,600 oHEALTHCARE COMPARE CO ................ 1,769
3,300 oINTERMEDIA COMMUNICATIONS, INC ....... 200
24,400 oMETROMEDIA INTERNATIONAL GROUP, INC .. 232
38,800 oPAGING NETWORK, INC .................. 417
33,300 PITTSTON BRINKS GROUP CO ............. 1,340
VALUE
SHARES (000)
------ ----------
20,000 oPLAYERS INTERNATIONAL, INC ........... $ 64
3,500 oSEATTLE FILMWORKS, INC ............... 39
61,300 SOTHEBYS HOLDINGS, INC (CLASS A) ..... 1,134
9,450 oSYLVAN LEARNING SYSTEMS, INC ......... 369
15,300 VIAD CORP ............................ 295
12,500 WACKENHUT CORP SERIES A .............. 290
-----------
9,767
-----------
MISCELLANEOUS CHEMICAL
PRODUCTS--0.17%
600 BETZDEARBORN, INC .................... 37
27,100 CABOT CORP ........................... 749
61,600 oCYTEC INDUSTRIES, INC ................ 2,891
35,000 MORTON INTERNATIONAL, INC ............ 1,203
25,300 oSCHERER (R.P.) CORP .................. 1,543
24,900 oSMITH INTERNATIONAL, INC ............. 1,528
-----------
7,951
-----------
MISCELLANEOUS CONVERTED PAPER
PRODUCTS--0.46%
1,200 oAMERICAN PAD & PAPER CO .............. 12
6,350 AVERY DENNISON CORP .................. 284
2,900 BEMIS, INC ........................... 128
14,600 FIRST BRANDS CORP .................... 393
81,356 FORT JAMES CORP ...................... 3,112
328,956 KIMBERLY-CLARK CORP .................. 16,222
9,200 oMAIL-WELL, INC ....................... 373
34,325 oPAXAR CORP ........................... 508
16,600 oSHOREWOOD PACKAGING CORP ............. 444
7,245 SONOCO PRODUCTS CO ................... 251
-----------
21,727
-----------
MISCELLANEOUS DURABLE GOODS--0.07%
77,400 oCOSTCO COS, INC ...................... 3,454
-----------
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES--0.02%
3,500 C&D TECHNOLOGIES, INC ................ 169
6,700 oELECTRO SCIENTIFIC INDUSTRIES, INC ... 255
100 EXIDE CORP ........................... 3
900 oHUTCHINSON TECHNOLOGY, INC ........... 20
19,750 oKOMAG, INC ........................... 294
-----------
741
-----------
MISCELLANEOUS EQUIPMENT RENTAL AND
LEASING--0.02%
22,600 oANIXTER INTERNATIONAL, INC ........... 373
1,200 oCORT BUSINESS SERVICES CORP .......... 48
10,100 oRENTAL SERVICE CORP .................. 248
2,600 oUS RENTALS, INC ...................... 61
-----------
730
-----------
MISCELLANEOUS FABRICATED METAL
PRODUCTS--0.04%
4,400 oBARNES GROUP, INC .................... 100
19,750 CRANE CO ............................. 857
23,200 POLARIS INDUSTRIES, INC .............. 709
700 oSHAW GROUP, INC ...................... 16
-----------
1,682
-----------
MISCELLANEOUS FOOD AND KINDRED
PRODUCTS--0.01%
14,500 MCCORMICK & CO, INC (NON-VOTE) ....... 406
-----------
MISCELLANEOUS FOOD STORES--0.03%
17,500 NATURES SUNSHINE PRODUCTS, INC ....... 455
21,900 oSTARBUCKS CORP ....................... 840
-----------
1,295
-----------
See notes to financial statements.
-72-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
MISCELLANEOUS GENERAL MERCHANDISE
STORES--0.02%
21,800 CASEYS GENERAL STORES, INC ........... $ 553
16,090 DOLLAR GENERAL CORP .................. 583
-----------
1,136
-----------
MISCELLANEOUS INVESTING--0.13%
2,000 ASSOCIATED ESTATES REALTY CORP ....... 47
4,200 CARRAMERICA REALTY CORP .............. 133
100 oCORNERSTONE PROPERTIES, INC .......... 2
2,200 COUSINS PROPERTIES, INC .............. 64
9,200 DEVELOPERS DIVERSIFIED REALTY CORP ... 352
2,500 FEDERAL REALTY INVESTMENT TRUST ...... 64
21,600 GENERAL GROWTH PROPERTIES, INC ....... 780
500 GREAT LAKES REIT, INC ................ 10
21,600 HEALTH CARE PROPERTY INVESTORS, INC .. 817
1,100 JP REALTY, INC ....................... 29
3,500 KIMCO REALTY CORP .................... 123
35,747 MILLS CORP ........................... 876
100 NATIONAL HEALTH INVESTORS, INC ....... 4
1,400 PENNSYLVANIA REAL ESTATE
INVESTMENT TRUST ................... 34
12,500 RECKSON ASSOCIATES REALTY CORP ....... 317
12,800 REDWOOD TRUST, INC ................... 261
5,764 SIMON DEBARTOLO GROUP, INC ........... 188
2,100 SPIEKER PROPERTIES, INC .............. 90
3,700 TOWN & COUNTRY TRUST ................. 65
31,800 VORNADO REALTY TRUST ................. 1,493
20,300 WASHINGTON REAL ESTATE
INVESTMENT TRUST ..................... 340
-----------
6,089
-----------
MISCELLANEOUS MANUFACTURES--0.04%
3,300 ARMSTRONG WORLD INDUSTRIES, INC ...... 247
30,050 oBLYTH INDUSTRIES, INC ................ 900
10,000 INTERNATIONAL GAME TECHNOLOGY CO ..... 253
16,800 oLYDALL, INC .......................... 328
8,000 oWMS INDUSTRIES, INC .................. 169
-----------
1,897
-----------
MISCELLANEOUS METAL ORES--0.00%
7,400 oSTILLWATER MINING CO ................. 124
-----------
MISCELLANEOUS NONMETALLIC MINERAL
PRODUCTS--0.17%
97,100 MINNESOTA MINING &
MANUFACTURING CO .................... 7,968
-----------
MISCELLANEOUS NONMETALLIC
MINERALS--0.00%
18,100 JOHNS MANVILLE CORP .................. 182
-----------
MISCELLANEOUS PERSONAL
SERVICES--0.03%
34,900 BLOCK (H&R), INC ..................... 1,564
200 oTHERMOLASE CORP ...................... 2
-----------
1,566
-----------
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS--0.01%
3,284 oTEXACO, INC .......................... 179
1,000 oWD-40 CO ............................. 29
5,900 WITCO CORP ........................... 241
-----------
449
-----------
MISCELLANEOUS PLASTICS PRODUCTS, NEC--0.63%
2,200 APTARGROUP, INC ...................... 122
9,600 oFURON CO ............................. 200
406,250 MONSANTO CO .......................... 17,063
115,700 RAYCHEM CORP ......................... 4,982
VALUE
SHARES (000)
------ ----------
54,800 RUBBERMAID, INC ...................... $ 1,370
2,325 SCHULMAN (A.), INC ................... 58
14,300 oSEALED AIR CORP ...................... 883
63,890 SOLUTIA, INC ......................... 1,705
8,600 SPARTECH CORP ........................ 130
20,500 oSYNETIC, INC ......................... 748
2,100 TREDEGAR INDUSTRIES, INC ............. 138
76,400 TUPPERWARE CORP ...................... 2,130
-----------
29,529
-----------
MISCELLANEOUS PRIMARY METAL
PRODUCTS--0.00%
500 oSPECIAL METALS CORP .................. 9
-----------
MISCELLANEOUS REPAIR SHOPS--0.00%
2,600 oSERVICE EXPERTS, INC ................. 74
-----------
MISCELLANEOUS SHOPPING GOOD
STORES--0.15%
5,400 oBARNES & NOBLE, INC .................. 180
56,000 oBORDERS GROUP, INC ................... 1,754
5,600 HANCOCK FABRICS, INC ................. 81
18,600 oJUMBOSPORTS, INC ..................... 28
138,750 oOFFICE DEPOT, INC .................... 3,321
86,000 oOFFICEMAX, INC ....................... 1,226
24,550 oTHE SPORTS AUTHORITY, INC ............ 362
185 oTOYS R US, INC ....................... 6
2,200 oZALE CORP ............................ 51
-----------
7,009
-----------
MISCELLANEOUS SPECIAL TRADE
CONTRACTORS--0.00%
6,600 xoAMRE, INC ............................ 0
-----------
MISCELLANEOUS TEXTILE GOODS--0.00%
8,500 oPOLYMER GROUP, INC ................... 81
-----------
MISCELLANEOUS TRANSPORTATION
EQUIPMENT--0.00%
5,400 ARCTIC CAT, INC ...................... 52
-----------
MOBILE HOME DEALERS--0.04%
56,700 OAKWOOD HOMES CORP ................... 1,882
-----------
MORTGAGE BANKERS AND
BROKERS--0.10%
7,600 AAMES FINANCIAL CORP ................. 98
2,400 oCONTIFINANCIAL CORP .................. 60
68 COUNTRYWIDE CREDIT INDUSTRIES, INC ... 3
1,300 oDELTA FINANCIAL CORP ................. 17
84 FIRST UNION CORP ..................... 4
139,200 GREEN TREE FINANCIAL CORP ............ 3,645
2,500 oIMC MORTGAGE CO ...................... 30
20,300 oIMPERIAL CREDIT INDUSTRIES, INC ...... 416
5,600 PMI GROUP, INC ....................... 405
2,400 oSOUTHERN PACIFIC FUNDING CORP ........ 32
900 UNITED COS FINANCIAL CORP ............ 14
-----------
4,724
-----------
MOTION PICTURE PRODUCTION AND
SERVICES--0.88%
43,400 oAMERICAN MEDIA, INC (CLASS A) ........ 336
394,070 DISNEY (WALT) CO ..................... 39,038
58,475 oLIBERTY MEDIA GROUP (CLASS A) ........ 2,120
-----------
41,494
-----------
MOTION PICTURE THEATERS--0.02%
7,150 HARCOURT GENERAL, INC ................ 391
400 oMOVIE GALLERY, INC ................... 1
15,950 oREGAL CINEMAS, INC ................... 445
-----------
837
-----------
See notes to financial statements.
-73-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
MOTOR VEHICLES AND EQUIPMENT--0.15%
19,948 AUTOLIV, INC ......................... $ 653
3,100 COACHMEN INDUSTRIES, INC ............. 67
19,400 DANAHER CORP ......................... 1,225
3,200 ECHLIN, INC .......................... 116
39,300 ILLINOIS TOOL WORKS, INC ............. 2,363
38,200 oLEAR CORP ............................ 1,815
4,200 MODINE MANUFACTURING CO .............. 143
9,200 REGAL-BELOIT CORP .................... 272
9,300 SUPERIOR INDUSTRIES
INTERNATIONAL, INC .................. 249
12,100 WABASH NATIONAL CORP ................. 344
-----------
7,247
-----------
MOTORCYCLES, BICYCLES, AND
PARTS--0.46%
779,800 HARLEY DAVIDSON, INC ................. 21,347
-----------
NATURAL GAS LIQUIDS--0.01%
8,000 oTEJAS GAS CORP ....................... 490
-----------
NEW AND USED CAR DEALERS--0.09%
140,000 oAUTOZONE, INC ........................ 4,060
1,000 oUGLY DUCKLING CORP ................... 9
-----------
4,069
-----------
NEWSPAPERS--0.39%
7,200 BELO (A.H.) CORP SERIES A ............ 404
1,100 CENTRAL NEWSPAPERS, INC (CLASS A) .... 81
136,000 GANNETT CO, INC ...................... 8,407
16,200 HARTE-HANKS COMMUNICATIONS, INC ...... 601
33,100 oJOURNAL REGISTER CO .................. 695
34,200 LEE ENTERPRISES, INC ................. 1,011
4,550 NEW YORK TIMES CO (CLASS A) .......... 301
34,313 NEWS CORP LTD ADR (LTD-VOTE) ......... 682
800 PULITZER PUBLISHING CO ............... 50
2,300 SCRIPPS (E.W.) CO (CLASS A) .......... 111
6,400 TIMES MIRROR CO SERIES A ............. 394
88,800 TRIBUNE CO ........................... 5,528
200 WASHINGTON POST CO (CLASS B) ......... 97
-----------
18,362
-----------
NONFERROUS FOUNDRIES
(CASTINGS)--0.01%
11,600 STANDEX INTERNATIONAL CORP ........... 409
-----------
NONFERROUS ROLLING AND
DRAWING--0.05%
3,125 oAFC CABLE SYSTEMS, INC ............... 93
6,400 BELDEN, INC .......................... 226
5,050 oCABLE DESIGN TECHNOLOGIES CO ......... 196
700 oCHASE INDUSTRIES, INC ................ 18
29,633 oCOMMSCOPE, INC ....................... 398
4,800 oENCORE WIRE CORP ..................... 147
8,800 oESSEX INTERNATIONAL, INC ............. 262
14,000 oGENERAL CABLE CORP ................... 507
200 oMUELLER INDUSTRIES, INC .............. 12
1,000 oOREGON METALLURICAL CORP ............. 33
16,800 oRMI TITANIUM CO ...................... 336
1,900 oWOLVERINE TUBE, INC .................. 59
-----------
2,287
-----------
NONSTORE RETAILERS--0.24%
7,400 oBRYLANE, INC ......................... 364
8,230 oCDW COMPUTER CENTERS, INC ............ 429
6,000 oCHRONIMED, INC ....................... 73
16,300 oGLOBAL DIRECTMAIL CORP ............... 282
13,400 oLANDS END, INC ....................... 470
10,300 oMICRO WAREHOUSE, INC ................. 144
VALUE
SHARES (000)
------ ---------
12,600 oNATIONAL MEDIA CORP .................. $ 41
199,100 SEARS ROEBUCK & CO ................... 9,009
28,300 oVIKING OFFICE PRODUCTS, INC .......... 617
-----------
11,429
-----------
NURSING AND PERSONAL CARE
FACILITIES--0.03%
16,300 oBEVERLY ENTERPRISES, INC ............. 212
6,950 oGENESIS HEALTH VENTURES, INC ......... 183
13,600 oHEALTH CARE & RETIREMENT CORP ........ 547
3,828 oLCA-VISION, INC ...................... 4
15,200 MANOR CARE, INC ...................... 532
600 oMARINER HEALTH GROUP, INC ............ 10
4,584 oPARAGON HEALTH NETWORK, INC .......... 90
-----------
1,578
-----------
OFFICE FURNITURE--0.04%
15,400 HON INDUSTRIES, INC .................. 909
7,800 oKNOLL, INC ........................... 251
25,050 U.S. INDUSTRIES, INC ................. 755
-----------
1,915
-----------
OFFICES AND CLINICS OF MEDICAL
DOCTORS--0.04%
4,300 oINTEGRATED SILICON SOLUTION, INC ..... 33
7,300 oMAGELLAN HEALTH SERVICES, INC ........ 157
7,200 oNATIONAL SURGERY CENTERS, INC ........ 189
23,450 oPHYCOR, INC .......................... 633
35,450 oPHYSICIAN SALES & SERVICE, INC ....... 762
3,400 oPHYSICIANS RESOURCE GROUP, INC ....... 15
1,400 oSIERRA HEALTH SERVICES, INC .......... 47
-----------
1,836
-----------
OFFICES AND CLINICS OF
DENTISTS--0.00%
10,700 oORTHODONTIC CENTERS OF AMERICA, INC .. 178
-----------
OFFICES OF OTHER HEALTH
PRACTITIONERS--0.00%
7,700 oPHYSICIAN RELIANCE NETWORK, INC ...... 80
-----------
OIL AND GAS EXTRACTION--1.23%
4,000 ANADARKO PETROLEUM CORP .............. 243
1,249,000 APACHE CORP .......................... 43,793
7,300 oBARNETT RESOURCES CORP ............... 221
900 BERRY PETROLEUM CO (CLASS A) ......... 16
27,072 BURLINGTON RESOURCES, INC ............ 1,213
20,100 CHESAPEAKE ENERGY CORP ............... 152
6,150 CROSS TIMBERS OIL CO ................. 153
16,300 DEVON ENERGY CORP .................... 628
645 oEEX CORP ............................. 6
42,000 ENRON OIL & GAS CO ................... 890
8,800 KCS ENERGY, INC ...................... 183
23,300 oNEWFIELD EXPLORATION CO .............. 543
7,400 NOBLE AFFILIATES, INC ................ 261
8,900 oNUEVO ENERGY CO ...................... 363
1,400 oPIONEER NATURAL RESOURCES CO ......... 41
1,900 POGO PRODUCING CO .................... 56
2,548 oSEAGULL ENERGY CORP .................. 53
12,500 ST MARY LAND & EXPLORATION CO ........ 438
7,100 oSTONE ENERGY CORP .................... 238
6,815 oSWIFT ENERGY CO ...................... 144
222,389 UNION PACIFIC RESOURCES GROUP, INC ... 5,393
55,200 UNION TEXAS PETROLEUM HOLDINGS, INC .. 1,149
22,800 oUNIT CORP ............................ 219
14,900 VASTAR RESOURCES, INC ................ 533
40,000 VINTAGE PETROLEUM, INC ............... 760
-----------
57,689
-----------
See notes to financial statements.
-74-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
OIL AND GAS FIELD SERVICES--1.49%
2,800 oBENTON OIL & GAS CO .................. $ 36
32,300 oBJ SERVICES CO ....................... 2,324
824,900 DIAMOND OFFSHORE DRILLING, INC ....... 39,698
163,900 ENSCO INTERNATIONAL, INC ............. 5,491
25,300 oFALCON DRILLING CO, INC .............. 887
96,600 oGLOBAL MARINE, INC ................... 2,367
104,802 HALLIBURTON CO ....................... 5,443
5,000 oKEY ENERGY GROUP, INC ................ 108
6,900 LOMAK PETROLEUM, INC ................. 112
50,040 oMARINE DRILLING CO, INC .............. 1,038
36,500 oNABORS INDUSTRIES, INC ............... 1,147
3,600 oNEWPARK RESOURCES, INC ............... 63
22,100 oNOBLE DRILLING CORP .................. 677
1,200 oOCEAN ENERGY, INC .................... 59
7,600 oOCEANEERING INTERNATIONAL, INC ....... 150
7,400 oPATTERSON ENERGY, INC ................ 286
30,200 oPRIDE INTERNATIONAL, INC ............. 763
7,300 oREADING & BATES CORP ................. 306
112,100 oROWAN COS, INC ....................... 3,419
51,700 TRANSOCEAN OFFSHORE, INC ............. 2,491
21,700 oTUBOSCOPE, INC ....................... 522
2,700 oUNITED MERIDIAN CORP ................. 76
22,600 oVERITAS DGC, INC ..................... 893
33,500 oWEATHERFORD ENTERRA, INC ............. 1,466
700 oWESTERN ATLAS, INC ................... 52
-----------
69,874
-----------
OPERATIVE BUILDERS--0.07%
18,600 oFAIRFIELD COMMUNITIES, INC ........... 823
48,200 HILLENBRAND INDUSTRIES, INC .......... 2,467
2,200 LENNAR CORP .......................... 47
-----------
3,337
-----------
OPHTHALMIC GOODS--0.03%
21,000 oCOLE NATIONAL CORP (CLASS A) ......... 629
15,800 oCOOPER COS, INC ...................... 646
-----------
1,275
-----------
ORDNANCE AND
ACCESSORIES, NEC--0.02%
4,000 oALLIANT TECHSYSTEMS, INC ............. 223
6,600 oCOLEMAN CO, INC ...................... 106
22,100 STRUM, RUGER & CO, INC ............... 407
-----------
736
-----------
PAINT, GLASS, AND WALLPAPER
STORES--0.00%
17,900 APOGEE ENTERPRISES, INC .............. 213
-----------
PAINTS AND ALLIED PRODUCTS--0.02%
1,600 FERRO CORP ........................... 39
4,200 LILLY INDUSTRIES, INC (CLASS A) ...... 87
17,762 RPM, INC ............................. 271
14,000 VALSPAR CORP ......................... 446
-----------
843
-----------
PAPER AND PAPER PRODUCTS--0.19%
11,000 oBOISE CASCADE OFFICE PRODUCTS CORP ... 164
51,970 oCORPORATE EXPRESS, INC ............... 669
93,600 IKON OFFICE SOLUTIONS, INC ........... 2,633
89,140 oSTAPLES, INC ......................... 2,474
118,350 oU.S. OFFICE PRODUCTS CO .............. 2,323
10,600 oUNITED STATIONERS, INC ............... 510
-----------
8,773
-----------
VALUE
SHARES (000)
------ ---------
PAPER MILLS--0.02%
16,760 SCHWEITZER-MAUDUIT
INTERNATIONAL, INC ................. $ 624
9,710 WAUSAU-MOSINEE PAPER CORP ............ 195
-----------
819
-----------
PAPERBOARD CONTAINERS AND
BOXES--0.00%
100 oACX TECHNOLOGIES, INC ................ 2
27,900 oGAYLORD CONTAINER CO ................. 160
-----------
162
-----------
PAPERBOARD MILLS--0.02%
17,600 CARAUSTAR INDUSTRIES, INC ............ 603
7,300 oJEFFERSON SMURFIT CORP ............... 103
-----------
706
-----------
PASSENGER TRANSPORTATION
ARRANGEMENT--0.39%
206,400 AMERICAN EXPRESS CO .................. 18,421
8,850 oMESA AIR GROUP, INC .................. 44
-----------
18,465
-----------
PERIODICALS--0.19%
13,100 xoMARVEL ENTERTAINMENT GROUP, INC....... 7
12,500 MEREDITH CORP ........................ 446
16,300 oPLAYBOY ENTERPRISES, INC (CLASS B) ... 256
76,900 oPRIMEDIA, INC ........................ 971
32,500 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) ............... 768
106,604 TIME WARNER, INC ..................... 6,609
2,700 oWORLD COLOR PRESS, INC ............... 72
-----------
9,129
-----------
PERSONAL CREDIT INSTITUTIONS--0.21%
22,600 ADVANTA CORP (CLASS A) ............... 593
43,300 oAMERICREDIT CORP ..................... 1,199
20,300 oCREDIT ACCEPTANCE CORP ............... 157
30,000 oFIRSTPLUS FINANCIAL GROUP, INC ....... 1,151
45,845 HOUSEHOLD INTERNATIONAL, INC ......... 5,848
79,650 oMERCURY FINANCE CO ................... 50
49,850 THE MONEY STORE, INC ................. 1,047
-----------
10,045
-----------
PERSONNEL SUPPLY SERVICES--0.35%
128,099 oACCUSTAFF, INC ....................... 2,946
11,600 oALTERNATIVE RESOURCES CORP ........... 268
900 oCDI CORP ............................. 41
13,500 oEMPLOYEE SOLUTIONS, INC .............. 58
12,600 oINTERIM SERVICES, INC ................ 326
3,680 KELLY SERVICES, INC (CLASS A) ........ 110
42,600 MANPOWER, INC ........................ 1,502
160,500 NEWELL COS, INC ...................... 6,821
18,900 NORRELL CORP ......................... 376
15,498 OLSTEN CORP .......................... 232
7,400 oREGISTRY, INC ........................ 339
75,150 oROBERT HALF INTERNATIONAL, INC ....... 3,006
5,000 oROMAC INTERNATIONAL,INC .............. 122
3,600 oSOURCE SERVICES CORP ................. 78
7,500 oSTAFFMARK, INC ....................... 237
-----------
16,462
-----------
PETROLEUM AND PETROLEUM
PRODUCTS--0.05%
52,500 ENRON CORP ........................... 2,182
3,300 LYONDELL PETROCHEMICAL CO ............ 87
7,600 oNATIONAL-OILWELL, INC ................ 260
-----------
2,529
-----------
See notes to financial statements.
-75-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ----------
PETROLEUM REFINING--0.13%
76,800 TOSCO CORP ........................... $ 2,904
78,311 UNOCAL CORP .......................... 3,039
4,000 VALERO ENERGY CORP ................... 126
-----------
6,069
-----------
PHOTOGRAPHIC EQUIPMENT AND
SUPPLIES--0.34%
79,800 EASTMAN KODAK CO ..................... 4,853
150,650 XEROX CORP ........................... 11,120
-----------
15,973
-----------
PLASTICS MATERIALS AND
SYNTHETICS--0.27%
4,000 oCARBIDE/GRAPHITE GROUP, INC .......... 135
106,200 DU PONT (E.I.) DE NEMOURS & CO ....... 6,379
116,900 HERCULES, INC ........................ 5,852
7,950 oMCWHORTER TECHNOLOGIES, INC .......... 205
-----------
12,571
-----------
PLUMBING AND HEATING, EXCEPT
ELECTRIC--0.03%
18,900 MASCO CORP ........................... 962
31,800 ROHN INDUSTRIES, INC ................. 164
-----------
1,126
-----------
PLUMBING, HEATING,
AIR-CONDITIONING--0.00%
8,100 oAMERICAN RESIDENTIAL SERVICES, INC ... 127
-----------
POULTRY AND EGGS--0.01%
28,350 TYSON FOODS, INC ..................... 581
-----------
PRESERVED FRUITS AND
VEGETABLES--0.49%
107,400 CAMPBELL SOUP CO ..................... 6,243
30,100 DOLE FOOD, INC ....................... 1,377
126,100 HEINZ (H.J.) CO ...................... 6,407
150 RJR NABISCO HOLDINGS CORP ............ 6
136,200 SARA LEE CORP ........................ 7,670
49,000 WHITMAN CORP ......................... 1,277
-----------
22,980
-----------
PRIMARY NONFERROUS
METALS--0.05%
29,000 PRECISION CAST PARTS CORP ............ 1,749
18,900 oTITANIUM METALS CORP ................. 546
-----------
2,295
-----------
PRODUCERS, ORCHESTRAS,
ENTERTAINERS--0.40%
502,500 oWESTWOOD ONE, INC .................... 18,655
-----------
PRODUCTS OF PURCHASED
GLASS--0.02%
40,800 oGENTEX CORP .......................... 1,097
-----------
PROFESSIONAL AND COMMERCIAL
EQUIPMENT--0.10%
38,000 oCHS ELECTRONICS, INC ................. 651
25,100 oGRAHAM-FIELD HEALTH PRODUCTS, INC .... 419
13,700 oGULF SOUTH MEDICAL SUPPLY, INC ....... 510
22,500 oINGRAM MICRO, INC (CLASS A) .......... 655
29,550 OWENS & MINOR, INC ................... 428
15,800 oPATTERSON DENTAL CO .................. 715
36,900 oTECH DATA CORP ....................... 1,434
6,200 oWONDERWARE CORP ...................... 88
-----------
4,900
-----------
VALUE
SHARES (000)
------ ---------
RADIO AND TELEVISION
BROADCASTING--0.71%
11,500 oCHANCELLOR MEDIA CORP (CLASS A) ...... $ 858
17,500 oCLEAR CHANNEL COMMUNICATIONS, INC .... 1,390
631,900 oCOX RADIO, INC (CLASS A) ............. 25,434
1,800 oEMMIS BROADCASTING CORP (CLASS A) .... 82
10,740 GAYLORD ENTERTAINMENT CO ............. 343
3,600 oJACOR COMMUNICATIONS, INC ............ 191
5,000 oJACOR COMMUNICATIONS, INC
WTS 09/18/01 ........................ 31
14,100 oLIN TELEVISION CORP .................. 768
5,900 UNITED TELEVISION, INC ............... 613
19,500 oVALUEVISION INTERNATIONAL, INC ....... 74
12,196 oVIACOM, INC (CLASS A) ................ 499
70,087 oVIACOM, INC (CLASS B) ................ 2,904
-----------
33,187
-----------
RADIO, TELEVISION, AND COMPUTER
STORES--0.10%
3,000 CIRCUIT CITY STORES-CIRCUIT
CITY GROUP .......................... 107
14,900 oCOMPUCOM SYSTEMS, INC ................ 123
129,800 oCOMPUSA, INC ......................... 4,024
2,500 oINACOM CORP .......................... 70
28,000 oINFORMIX CORP ........................ 133
1,000 oMICROAGE, INC ........................ 15
11,200 TANDY CORP ........................... 432
-----------
4,904
-----------
RAILROADS--0.04%
24,550 ILLINOIS CENTRAL CORP SERIES A ....... 836
8,700 KANSAS CITY SOUTHERN
INDUSTRIES, INC ..................... 276
4 UNION PACIFIC CORP ................... 0
26,150 oWISCONSIN CENTRAL TRANSIT CORP ....... 611
-----------
1,723
-----------
REAL ESTATE AGENTS AND
MANAGERS--0.00%
2,200 oCB COMMERCIAL REAL ESTATE SERVICES ... 71
-----------
REAL ESTATE OPERATORS AND
LESSORS--0.03%
39,300 ROUSE CO ............................. 1,287
-----------
REFRIGERATION AND SERVICE
MACHINERY--0.12%
100,600 oAMERICAN STANDARD COS, INC ........... 3,854
3,400 oCHART INDUSTRIES, INC ................ 78
8,370 oCULLIGAN WATER TECHNOLOGIES, INC ..... 421
6,450 oU.S. FILTER CORP ..................... 193
16,100 WATSCO, INC .......................... 397
17,400 YORK INTERNATIONAL CORP .............. 688
-----------
5,631
-----------
RESEARCH AND TESTING
SERVICES--0.13%
27,650 oADVANCED TISSUE SCIENCE CO ........... 342
23,600 oAGOURON PHARMACEUTICALS, INC ......... 693
29,800 oAURA SYSTEMS, INC .................... 98
4,500 oCEPHALON, INC ........................ 51
3,000 oCLINTRIALS, INC ...................... 24
12,100 oCOLUMBIA LABORATORIES, INC ........... 192
14,900 oCURATIVE HEALTH SERVICES, INC ........ 453
38,700 oCYTOGEN CORP ......................... 63
15,960 oENZO BIOCHEMICAL, INC ................ 233
13,300 oHUMAN GENOME SCIENCES, INC ........... 529
See notes to financial statements.
-76-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ---------
RESEARCH AND TESTING
SERVICES-(Continued)
43,600 oICOS CORP ............................ $ 798
10,300 oIDEC PHARMACEUTICALS CORP ............ 354
29,620 oISIS PHARMACEUTICALS, INC ............ 365
19,804 oLABORATORY CORP OF AMERICA
HOLDINGS ............................ 33
2,560 oLABORATORY CORP OF AMERICA
HOLDINGS WTS 04/28/00................ 0
14,900 oLIPOSOME CO, INC ..................... 69
3,000 oMYRIAD GENETICS, INC ................. 73
1,400 oNEOPATH, INC ......................... 18
14,180 oNEUREX CORP .......................... 197
15,900 oNEUROMEDICAL SYSTEMS, INC ............ 45
17,700 oNFO WORLDWIDE, INC ................... 371
14,600 oREGENERON PHARMACEUTICALS, INC ....... 125
8,500 oTHERMO CARDIOSYSTEMS, INC ............ 227
10,100 oTHERMOTREX CORP ...................... 223
12,500 oTRANSKARYOTIC THERAPIES, INC ......... 439
4,300 oU.S. BIOSCIENCE, INC ................. 39
-----------
6,054
-----------
RESIDENTIAL BUILDING
CONSTRUCTION--0.00%
7,500 oAMERICAN HOMESTAR CORP ............... 124
6,120 CLAYTON HOMES, INC ................... 110
-----------
234
-----------
RETAIL NURSERIES AND
GARDEN STORES--0.01%
18,900 oCENTRAL GARDEN & PET CO .............. 496
-----------
RETAIL STORES, NEC--0.01%
14,100 oPETCO ANIMAL SUPPLIES, INC ........... 338
13,240 oPETSMART, INC ........................ 96
22,750 oSUNGLASS HUT INTERNATIONAL, INC ...... 144
-----------
578
-----------
SANITARY SERVICES--1.61%
52,400 oALLIED WASTE INDUSTRIES, INC ......... 1,222
17,200 BROWNING FERRIS INDUSTRIES, INC ...... 636
500 oCENTURY BUSINESS SERVICES, INC ....... 9
267,960 oREPUBLIC INDUSTRIES, INC ............. 6,247
4,600 oTETRA TECHNOLOGIES, INC .............. 97
1,704,800 oU.S.A. WASTE SERVICES, INC ........... 66,913
7,924 WASTE MANAGEMENT, INC ................ 218
-----------
75,342
-----------
SAVINGS INSTITUTIONS--0.10%
4,500 CHEMFIRST, INC ....................... 127
1,900 oFIRSTFED FINANCIAL CORP .............. 74
1,600 NEW YORK BANCORP, INC ................ 64
32,200 oOCWEN FINANCIAL CORP ................. 819
3,900 SOVEREIGN BANCORP, INC ............... 81
23,200 TCF FINANCIAL CORP ................... 787
41,800 WASHINGTON MUTUAL, INC ............... 2,667
-----------
4,619
-----------
SCHOOLS AND EDUCATIONAL
SERVICES, NEC--0.03%
32,300 oAPOLLO GROUP, INC (CLASS A) .......... 1,526
-----------
SCREW MACHINE PRODUCTS,
BOLTS, ETC.--0.01%
5,340 HUBBELL, INC (CLASS B) ............... 263
7,200 TRIMAS CORP .......................... 248
-----------
511
-----------
VALUE
SHARES (000)
------ ---------
SEARCH AND NAVIGATION
EQUIPMENT--0.01%
100 SENSORMATIC ELECTRONICS CORP ......... $ 2
15,600 oTRIMBLE NAVIGATION LTD ............... 340
-----------
342
-----------
SECURITY AND COMMODITY
SERVICES--0.19%
25,000 oAMRESCO, INC ......................... 756
12,900 oDATA BROADCASTING CORP ............... 73
35,750 FRANKLIN RESOURCES, INC .............. 3,108
7,500 FULTON FINANCIAL CORP ................ 244
8,700 oINSIGNIA FINANCIAL GROUP, INC ........ 200
9,200 PIONEER GROUP, INC ................... 259
60,100 PRICE (T. ROWE) ASSOCIATES, INC ...... 3,779
10,700 SEI INVESTMENT CO .................... 449
4,100 UNITED ASSET MANAGEMENT CORP ......... 100
-----------
8,968
-----------
SECURITY BROKERS AND DEALERS--0.20%
4,600 oJEFFERIES GROUP, INC ................. 188
3,000 JOHN NUVEEN CO (CLASS A) ............. 105
700 oLEGG MASON, INC ...................... 39
9,500 LEHMAN BROTHERS HOLDINGS, INC ........ 485
400 MORGAN KEEGAN, INC ................... 10
36,000 MORGAN STANLEY, DEAN WITTER,
DISCOVER ............................ 2,129
17,200 QUICK & REILLY GROUP, INC ............ 740
15,500 RAYMOND JAMES FINANCIAL CORP ......... 615
118,400 SCHWAB (CHARLES) CORP ................ 4,965
-----------
9,276
-----------
SHIP AND BOAT BUILDING AND
REPAIRING--0.00%
2,742 oHALTER MARINE GROUP, INC ............. 79
-----------
SHOE STORES--0.01%
14,500 oFINISH LINE, INC (CLASS A) ........... 190
11,450 oJUST FOR FEET, INC ................... 150
980 oPAYLESS SHOESOURCE, INC .............. 66
-----------
406
-----------
SOAP, CLEANERS, AND TOILET
GOODS--1.86%
112,200 AVON PRODUCTS, INC ................... 6,886
700 CHURCH & DWIGHT CO, INC .............. 20
10,800 CLOROX CO ............................ 854
145,100 COLGATE PALMOLIVE CO ................. 10,665
123,900 DIAL CORP ............................ 2,579
17,200 ECOLAB, INC .......................... 954
44,500 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ...................... 2,292
790,100 PROCTER & GAMBLE CO .................. 63,060
1,900 oREVLON, INC (CLASS A) ................ 67
-----------
87,377
-----------
SOCIAL SERVICES, NEC--0.01%
9,777 INTEGRATED HEALTH SERVICES, INC ...... 305
100 oSUN HEALTHCARE GROUP, INC ............ 2
-----------
307
-----------
SPECIAL INDUSTRY MACHINERY--0.37%
304,200 oAPPLIED MATERIALS, INC ............... 9,164
6,500 oASYST TECHNOLOGIES, INC .............. 141
48,100 oCOOPER CAMERON CORP .................. 2,934
16,200 oETEC SYSTEMS, INC .................... 753
16,200 FOSTER WHEELER CORP .................. 438
4,300 oFSI INTERNATIONAL, INC ............... 51
2,400 oGASONICS INTERNATIONAL CORP .......... 24
See notes to financial statements.
-77-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ---------
SPECIAL INDUSTRY
MACHINERY-(Continued)
12,400 oINTEGRATED PROCESS EQUIPMENT CORP .... $ 195
6,300 oIONICS, INC .......................... 246
19,200 oKULICHE & SOFFA INDUSTRIES, INC ...... 358
5,800 oLAM RESEARCH CORP .................... 170
43,500 oNOVELLUS SYSTEMS, INC ................ 1,406
2,300 oOAKLEY, INC .......................... 21
15,000 oPHOTRONICS, INC ...................... 364
12,800 oPRESSTEK, INC ........................ 330
9,500 oPRI AUTOMATION, INC .................. 274
700 oULTRATECH STEPPER, INC ............... 14
19,800 oZEBRA TECHNOLOGY CORP ................ 589
-----------
17,472
-----------
SUBDIVIDERS AND DEVELOPERS--0.02%
52,500 oCATELLUS DEVELOPMENT CORP ............ 1,050
-----------
SUGAR AND CONFECTIONERY
PRODUCTS--0.10%
27,800 HERSHEY FOODS CORP ................... 1,722
13,206 TOOTSIE ROLL INDUSTRIES, INC ......... 825
27,300 WRIGLEY (WM) JR CO ................... 2,172
-----------
4,719
-----------
SURETY INSURANCE--0.82%
337,200 ACE LTD .............................. 32,540
2,000 oAMERIN CORP .......................... 56
1,700 CAPMAC HOLDINGS, INC ................. 59
19,900 CMAC INVESTMENT CORP ................. 1,201
67,200 MGIC INVESTMENT CORP ................. 4,469
200 oTRIAD GUARANTY, INC .................. 6
-----------
38,331
-----------
TELEPHONE COMMUNICATIONS--6.76%
9,300 o360 COMMUNICATIONS CO ................ 188
2,010 oACC CORP ............................. 102
353,900 oAIRTOUCH COMMUNICATIONS, INC ......... 14,709
400 ALLTEL CORP .......................... 16
32,600 AMERITECH CORP ....................... 2,624
10,400 oARCH COMMUNICATIONS GROUP, INC ....... 53
1,651,200 AT & T CORP .......................... 101,136
1,000 oBRIGHTPOINT, INC ..................... 14
10,800 oBROOKS FIBER PROPERTIES, INC ......... 594
8,000 oCELLULAR COMMUNICATIONS
INTERNATIONAL, INC .................. 374
13,100 CENTURY TELEPHONE ENTERPRISES, INC ... 653
155,700 CINCINNATI BELL, INC ................. 4,827
2,533 oCOMMONWEALTH TELEPHONE
ENTERPRISES ......................... 66
12,400 oCORECOMM, INC ........................ 126
3,200 FRONTIER CORP ........................ 77
147,200 GTE CORP ............................. 7,691
12,300 oHIGHWAYMASTER COMMUNICATIONS, INC .... 70
15,300 oLCI INTERNATIONAL, INC ............... 470
354,823 LUCENT TECHNOLOGIES, INC ............. 28,341
1,400 MCI COMMUNICATIONS CORP .............. 60
12,800 oMETROCALL, INC ....................... 63
6,400 oMOBILE TELECOMMUNICATIONS
TECHNOLOGIES CORP ................... 141
1,200 oNTL, INC ............................. 33
5,300 oPAGEMART WIRELESS, INC (CLASS A) ..... 42
3,800 oRCN CORP ............................. 130
115,828 SBC COMMUNICATIONS, INC .............. 8,484
1,397 TELEPHONE & DATA SYSTEMS, INC ........ 65
VALUE
SHARES (000)
------ ---------
535,500 oTELEPORT COMMUNICATIONS
GROUP, INC (CLASS A) ................ $ 29,386
8,100 oU.S. CELLULAR CORP ................... 251
4,200 oVANGUARD CELLULAR SYSTEMS, INC ....... 54
6,000 oWEST TELESERVICES CORP ............... 72
1,000 oWESTERN WIRELESS CORP (CLASS A) ...... 17
10,300 oWINSTAR COMMUNICATIONS, INC .......... 257
3,826,640 oWORLDCOM, INC ........................ 115,756
-----------
316,942
-----------
TIRES AND INNER TUBES--0.01%
200 COOPER TIRE & RUBBER CO .............. 5
16,100 GOODRICH (B.F.) CO ................... 667
-----------
672
-----------
TOYS AND SPORTING GOODS--1.07%
60,700 CALLAWAY GOLF CO ..................... 1,734
1,600 oGALOOB TOYS, INC ..................... 16
10,500 HASBRO, INC .......................... 331
12,900 K2, INC .............................. 293
1,281,818 MATTEL, INC .......................... 47,748
-----------
50,122
-----------
TRUCKING AND COURIER SERVICES,
EXCEPT AIR--0.01%
10,100 oAMERICAN FREIGHTWAYS CORP ............ 100
11,400 oSWIFT TRANSPORTATION CO, INC ......... 369
-----------
469
-----------
VARIETY STORES--0.09%
49,018 oCONSOLIDATED STORES CORP ............. 2,154
11,700 oDOLLAR TREE STORES, INC .............. 484
2,700 FAMILY DOLLAR STORES, INC ............ 79
29,100 oMAC FRUGALS BARGAINS CLOSE-OUTS,INC .. 1,197
21,600 oWOOLWORTH CORP ....................... 440
-----------
4,354
-----------
VETERINARY SERVICES--0.00%
9,600 oVETERINARY CENTERS OF AMERICA, INC ... 129
-----------
VIDEO TAPE RENTAL--0.00%
10,300 oHOLLYWOOD ENTERTAINMENT CORP ......... 109
-----------
VOCATIONAL SCHOOLS--0.01%
9,700 oDEVRY, INC ........................... 309
-----------
WATER TRANSPORTATION OF FREIGHT,
NEC--0.00%
2,700 oKIRBY CORP ........................... 52
-----------
WATER TRANSPORTATION
SERVICES--0.07%
59,300 TIDEWATER, INC ....................... 3,269
-----------
WATER WELL DRILLING--0.00%
4,500 oLAYNE CHRISTENSEN CO ................. 59
-----------
WOMEN'S ACCESSORY AND SPECIALTY
STORES--0.03%
52,300 CLAIRES STORES, INC .................. 1,017
5,000 oGOODYS FAMILY CLOTHING, INC .......... 136
10,890 LIMITED, INC ......................... 278
-----------
1,431
-----------
WOMEN'S AND MISSES'
OUTERWEAR--0.05%
45,800 oJONES APPAREL GROUP, INC ............. 1,969
3,800 LIZ CLAIBORNE, INC ................... 159
-----------
2,128
-----------
See notes to financial statements.
-78-
<PAGE>
GROWTH ACCOUNT (Continued)
VALUE
SHARES (000)
------ ---------
WOMEN'S CLOTHING STORES--0.01%
2,800 oANN TAYLOR STORES CORP ............... $ 37
12,500 oPAUL HARRIS STORES, INC .............. 126
1,200 TALBOTS, INC ......................... 22
8,900 oURBAN OUTFITTERS, INC ................ 162
500 oWET SEAL, INC (CLASS A) .............. 15
-----------
362
-----------
WOOD BUILDINGS AND MOBILE
HOMES--0.03%
57,920 oCHAMPION ENTERPRISES, INC ............ 1,191
-----------
YARN AND THREAD MILLS--0.01%
8,100 UNIFI, INC ........................... 304
-----------
TOTAL COMMON STOCK
(Cost $3,656,645)........... 4,511,118
-----------
PRINCIPAL
---------
SHORT TERM INVESTMENTS--3.58%
U.S. GOVERNMENT & AGENCIES--3.58%
FEDERAL HOME LOAN BANK (FHLB)
$10,000,000 4.750%, 01/02/98 9,997
33,000,000 * 5.680%, 01/05/98 32,974
2,010,000 5.660%, 01/07/98 2,008
20,000,000 5.610%, 02/03/98 19,896
10,000,000 * 5.610%, 02/03/98 9,948
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
37,160,000 5.400%, 01/06/98 37,125
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
56,240,000 * 5.670%, 01/05/98 56,196
-----------
168,144
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $168,166)............. 168,144
-----------
TOTAL PORTFOLIO
(Cost $3,825,057)............ $4,679,529
===========
- ----------
o Non-income producing
x In bankruptcy
* All or a portion of this secuirity has been segregated by the Custodian to
cover margin or other requirements on open futures contracts, covered call
options written and securities purchased on a delayed delivery basis.
# Restricted Securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At
12/31/97, the value of these securities amounted to $91,930 or 1.96% of net
assets. Additional information on each holdings is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
-------- ----------- -----------
MARTEK BIOSCIENCES CORP
WTS 05/18/98 05/22/95 91,930
See notes to financial statements.
-79-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--EQUITY INDEX ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
-------- -----
BONDS
CORPORATE BONDS
RADIO AND TELEVISION BROADCASTING ......... $ 8 0.00%
SANITARY SERVICES ......................... 12 0.00
-------- -----
TOTAL CORPORATE BONDS
(Cost $15) ................................. 20 0.00
-------- -----
TOTAL BONDS
(Cost $15) ................................. 20 0.00
-------- -----
PREFERRED STOCK
LIFE INSURANCE ............................. 91 0.00
MEDICAL INSTRUMENTS AND SUPPLIES ........... 1 0.00
MEDICAL SERVICE AND HEALTH INSURANCE ....... 4 0.00
MISCELLANEOUS ELECTRICAL
EQUIPMENT AND SUPPLIES ................... 22 0.00
-------- -----
TOTAL PREFERRED STOCK
(Cost $117) ................................ 118 0.00
-------- -----
COMMON STOCK
ADVERTISING ................................ 3,860 0.19
AGRICULTURAL CHEMICALS ..................... 1,648 0.08
AIR TRANSPORTATION, SCHEDULED .............. 11,564 0.57
AIRCRAFT AND PARTS ......................... 23,184 1.13
APPAREL, PIECE GOODS, AND NOTIONS .......... 1,556 0.08
AUTO AND HOME SUPPLY STORES ................ 287 0.01
AUTOMOBILE PARKING ......................... 143 0.01
AUTOMOTIVE RENTALS, NO DRIVERS ............. 1,791 0.09
AUTOMOTIVE SERVICES, EXCEPT REPAIR ......... 328 0.02
BAKERY PRODUCTS ............................ 1,550 0.08
BEAUTY SHOPS ............................... 88 0.00
BEVERAGES .................................. 55,343 2.71
BITUMINOUS COAL AND LIGNITE MINING ......... 75 0.00
BLANKBOOKS AND BOOKBINDING ................. 767 0.04
BLAST FURNACE AND
BASIC STEEL PRODUCTS ..................... 7,389 0.36
BOAT DEALERS ............................... 56 0.00
BOOKS ...................................... 2,244 0.11
BROADWOVEN FABRIC MILLS, COTTON ............ 814 0.04
BROADWOVEN FABRIC MILLS, MANMADE ........... 539 0.03
BUSINESS CREDIT INSTITUTIONS ............... 1,981 0.10
CABLE AND OTHER PAY TV SERVICES ............ 8,326 0.41
CARPENTRY AND FLOOR WORK ................... 175 0.01
CARPETS AND RUGS ........................... 298 0.01
CASH GRAINS ................................ 625 0.03
CEMENT, HYDRAULIC .......................... 632 0.03
CHEMICAL AND FERTILIZER MINERALS ........... 159 0.01
CHEMICALS AND ALLIED PRODUCTS .............. 43 0.00
CHEWING AND SMOKING TOBACCO ................ 1,396 0.07
CHILDREN'S AND INFANTS'
WEAR STORES .............................. 189 0.01
CIGARETTES ................................. 24,306 1.19
CIGARS ..................................... 190 0.01
COMBINATION UTILITY SERVICES ............... 25,182 1.23
COMMERCIAL BANKS ........................... 181,891 8.90
COMMERCIAL PRINTING ........................ 1,743 0.09
COMMERCIAL SPORTS .......................... 88 0.00
COMMUNICATIONS EQUIPMENT ................... 22,890 1.12
COMMUNICATIONS SERVICES, NEC ............... 1,142 0.06
VALUE %
-------- -----
COMPUTER AND DATA
PROCESSING SERVICES ......................... $ 74,494 3.65%
COMPUTER AND OFFICE EQUIPMENT ................. 89,076 4.36
CONCRETE, GYPSUM, AND
PLASTER PRODUCTS ............................ 973 0.05
CONSTRUCTION AND RELATED MACHINERY ............ 9,325 0.46
COPPER ORES ................................... 613 0.03
CREDIT REPORTING AND COLLECTION ............... 3,107 0.15
CRUSHED AND BROKEN STONE ...................... 1,110 0.05
CUTLERY, HANDTOOLS, AND HARDWARE .............. 14,278 0.70
DAIRY PRODUCTS ................................ 665 0.03
DEEP SEA FOREIGN TRANSPORTATION
OF FREIGHT .................................. 542 0.03
DEPARTMENT STORES ............................. 28,832 1.41
DRUG STORES AND PROPRIETARY STORES ............ 7,956 0.39
DRUGS ......................................... 148,749 7.28
DRUGS, PROPRIETARIES, AND SUNDRIES ............ 7,959 0.39
EATING AND DRINKING PLACES .................... 13,038 0.64
ELECTRIC DISTRIBUTION EQUIPMENT ............... 5,749 0.28
ELECTRIC LIGHTING AND
WIRING EQUIPMENT ............................ 822 0.04
ELECTRIC SERVICES ............................. 49,493 2.42
ELECTRICAL GOODS .............................. 4,167 0.20
ELECTRICAL INDUSTRIAL APPARATUS ............... 8,474 0.41
ELECTRICAL WORK ............................... 120 0.01
ELECTRONIC COMPONENTS
AND ACCESSORIES ............................. 49,445 2.42
ENGINEERING AND ARCHITECTURAL
SERVICES .................................... 155 0.01
ENGINES AND TURBINES .......................... 2,869 0.14
FABRICATED RUBBER PRODUCTS, NEC ............... 653 0.03
FABRICATED STRUCTURAL
METAL PRODUCTS .............................. 523 0.03
FAMILY CLOTHING STORES ........................ 3,636 0.18
FARM AND GARDEN MACHINERY ..................... 4,838 0.24
FARM-PRODUCT RAW MATERIALS .................... 721 0.04
FEDERAL AND FEDERALLY-SPONSORED
CREDIT AGENCIES ............................. 21,427 1.05
FIRE, MARINE, AND CASUALTY
INSURANCE ................................... 18,666 0.91
FLAT GLASS .................................... 2,125 0.10
FOOTWEAR EXCEPT, RUBBER ....................... 620 0.03
FREIGHT TRANSPORTATION ARRANGEMENT ............ 673 0.03
FUNERAL SERVICE AND CREMATORIES ............... 2,564 0.13
FURNITURE AND HOME FURNISHINGS
STORES ...................................... 1,780 0.09
GAS PRODUCTION AND DISTRIBUTION ............... 11,815 0.58
GENERAL INDUSTRIAL MACHINERY .................. 8,711 0.43
GLASS AND GLASSWARE,
PRESSED OR BLOWN ............................ 3,985 0.20
GOLD AND SILVER ORES .......................... 2,601 0.13
GRAIN MILL PRODUCTS ........................... 15,137 0.74
GREETING CARDS ................................ 563 0.03
GROCERIES AND RELATED PRODUCTS ................ 4,974 0.24
GROCERY STORES ................................ 12,399 0.61
GUIDED MISSILES, SPACE VEHICLES
AND PARTS ................................... 5,490 0.27
See notes to financial statements.
-80-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--EQUITY INDEX ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY (CONTINUED)
(000)
VALUE %
-------- -----
HARDWARE, PLUMBING AND
HEATING EQUIPMENT .................................. $ 226 0.01%
HEALTH AND ALLIED SERVICES, NEC ...................... 6,173 0.30
HEAVY CONSTRUCTION, EXCEPT HIGHWAY ................... 853 0.04
HOLDING OFFICES ...................................... 4,557 0.22
HOME HEALTH CARE SERVICES ............................ 242 0.01
HORTICULTURAL SPECIALTIES ............................ 1,759 0.09
HOSPITALS ............................................ 8,673 0.42
HOTELS AND MOTELS .................................... 14,144 0.69
HOUSEHOLD APPLIANCE STORES ........................... 628 0.03
HOUSEHOLD APPLIANCES ................................. 55,836 2.73
HOUSEHOLD AUDIO AND VIDEO EQUIPMENT .................. 24 0.00
HOUSEHOLD FURNITURE .................................. 1,267 0.06
INDUSTRIAL INORGANIC CHEMICALS ....................... 8,698 0.43
INDUSTRIAL MACHINERY, NEC ............................ 574 0.03
INDUSTRIAL ORGANIC CHEMICALS ......................... 2,413 0.12
INSURANCE AGENTS, BROKERS,
AND SERVICE ....................................... 5,449 0.27
INSURANCE CARRIERS, NEC .............................. 1,620 0.08
IRON ORES ............................................ 96 0.00
JEWELRY, SILVERWARE, AND PLATED WARE ................. 432 0.02
KNITTING MILLS ....................................... 276 0.01
LANDSCAPE AND HORTICULTURAL
SERVICES ........................................... 160 0.01
LAUNDRY, CLEANING, AND
GARMENT SERVICES ................................... 1,463 0.07
LEAD AND ZINC ORES ................................... 33 0.00
LEATHER TANNING AND FINISHING ........................ 348 0.02
LEGAL SERVICES ....................................... 246 0.01
LIFE INSURANCE ....................................... 65,473 3.21
LOGGING .............................................. 51 0.00
LUGGAGE .............................................. 139 0.01
LUMBER AND CONSTRUCTION MATERIALS .................... 1,468 0.07
LUMBER AND OTHER BUILDING MATERIALS .................. 11,398 0.56
MACHINERY, EQUIPMENT, AND SUPPLIES ................... 198 0.01
MAILING, REPRODUCTION, AND
STENOGRAPHIC SERVICES .............................. 241 0.01
MANAGEMENT AND PUBLIC RELATIONS ...................... 1,678 0.08
MANIFOLD BUSINESS FORMS .............................. 509 0.02
MEASURING AND CONTROLLING DEVICES .................... 10,682 0.52
MEAT PRODUCTS ........................................ 4,741 0.23
MEDICAL AND DENTAL LABORATORIES ...................... 64 0.00
MEDICAL INSTRUMENTS AND SUPPLIES ..................... 37,465 1.83
MEDICAL SERVICE AND HEALTH INSURANCE ................. 5,670 0.28
MEN'S AND BOYS' CLOTHING STORES ...................... 205 0.01
MEN'S AND BOYS' FURNISHINGS .......................... 2,692 0.13
MEN'S AND BOYS' SUITS AND COATS ...................... 234 0.01
METAL CANS AND SHIPPING CONTAINERS ................... 1,867 0.09
METAL FORGINGS AND STAMPINGS ......................... 2,612 0.13
METALS AND MINERALS,
EXCEPT PETROLEUM ................................... 166 0.01
METALWORKING MACHINERY ............................... 1,431 0.07
MILLWORK, PLYWOOD AND
STRUCTURAL MEMBERS ................................. 27 0.00
MISCELLANEOUS AMUSEMENT,
RECREATION SERVICES ................................ 1,802 0.09
MISCELLANEOUS APPAREL AND
ACCESSORY STORES ................................... 1,305 0.06
VALUE %
-------- -----
MISCELLANEOUS APPAREL AND
ACCESSORIES ........................................ $ 314 0.02%
MISCELLANEOUS BUSINESS SERVICES ...................... 4,388 0.21
MISCELLANEOUS CHEMICAL PRODUCTS ...................... 4,597 0.23
MISCELLANEOUS CONVERTED
PAPER PRODUCTS ..................................... 9,760 0.48
MISCELLANEOUS DURABLE GOODS .......................... 1,971 0.10
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES ....................................... 573 0.03
MISCELLANEOUS EQUIPMENT
RENTAL AND LEASING ................................. 247 0.01
MISCELLANEOUS FABRICATED
METAL PRODUCTS ..................................... 2,683 0.13
MISCELLANEOUS FOOD AND
KINDRED PRODUCTS ................................... 758 0.04
MISCELLANEOUS FOOD STORES ............................ 709 0.03
MISCELLANEOUS GENERAL MERCHANDISE
STORES ............................................. 1,067 0.05
MISCELLANEOUS INVESTING .............................. 28,428 1.39
MISCELLANEOUS MANUFACTURES ........................... 2,104 0.10
MISCELLANEOUS METAL ORES ............................. 75 0.00
MISCELLANEOUS NONDURABLE GOODS ....................... 462 0.02
MISCELLANEOUS NONMETALLIC
MINERAL PRODUCTS ................................... 7,640 0.37
MISCELLANEOUS NONMETALLIC MINERALS ................... 79 0.00
MISCELLANEOUS PERSONAL SERVICES ...................... 1,051 0.05
MISCELLANEOUS PETROLEUM AND
COAL PRODUCTS ...................................... 8,374 0.41
MISCELLANEOUS PLASTICS PRODUCTS, NEC ................. 15,355 0.75
MISCELLANEOUS SHOPPING GOOD STORES ................... 4,687 0.23
MISCELLANEOUS TRANSPORTATION
EQUIPMENT .......................................... 377 0.02
MOBILE HOME DEALERS .................................. 358 0.02
MORTGAGE BANKERS AND BROKERS ......................... 10,007 0.49
MOTION PICTURE PRODUCTION
AND SERVICES ....................................... 17,779 0.87
MOTION PICTURE THEATERS .............................. 864 0.04
MOTOR VEHICLES AND EQUIPMENT ......................... 40,287 1.97
MOTOR VEHICLES, PARTS, AND SUPPLIES .................. 1,268 0.06
MOTORCYCLES, BICYCLES, AND PARTS ..................... 846 0.04
NATURAL GAS LIQUIDS .................................. 1,369 0.07
NEW AND USED CAR DEALERS ............................. 893 0.04
NEWSPAPERS ........................................... 12,158 0.60
NONFERROUS FOUNDRIES (CASTINGS) ...................... 39 0.00
NONFERROUS ROLLING AND DRAWING ....................... 1,660 0.08
NONSTORE RETAILERS ................................... 5,177 0.25
NURSING AND PERSONAL CARE FACILITIES ................. 1,545 0.08
OFFICE FURNITURE ..................................... 1,699 0.08
OFFICES AND CLINICS OF
MEDICAL DOCTORS .................................... 1,246 0.06
OFFICES AND CLINICS OF DENTISTS ...................... 150 0.01
OFFICES OF OTHER HEALTH PRACTITIONERS ................ 51 0.00
OIL AND GAS EXTRACTION ............................... 76,277 3.73
OIL AND GAS FIELD SERVICES ........................... 14,863 0.73
OPERATIVE BUILDERS ................................... 1,411 0.07
OPHTHALMIC GOODS ..................................... 587 0.03
ORDNANCE AND ACCESSORIES, NEC ........................ 458 0.02
PAINT, GLASS, AND WALLPAPER STORES ................... 116 0.01
See notes to financial statements
-81-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--EQUITY INDEX ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY (CONTINUED)
(000)
VALUE %
----- -----
PAINTS AND ALLIED PRODUCTS ....................... $ 2,238 0.11%
PAPER AND PAPER PRODUCTS ......................... 2,946 0.14
PAPER MILLS ...................................... 5,010 0.25
PAPERBOARD CONTAINERS AND BOXES .................. 401 0.02
PAPERBOARD MILLS ................................. 3,405 0.17
PASSENGER TRANSPORTATION
ARRANGEMENT .................................... 9,350 0.46
PENS, PENCILS, OFFICE, AND
ART SUPPLIES ................................... 2 0.00
PENSION, HEALTH, AND WELFARE FUNDS ............... 90 0.00
PERIODICALS ...................................... 7,852 0.38
PERSONAL CREDIT INSTITUTIONS ..................... 4,815 0.24
PERSONNEL SUPPLY SERVICES ........................ 4,853 0.24
PETROLEUM AND PETROLEUM PRODUCTS ................. 3,884 0.19
PETROLEUM REFINING ............................... 24,091 1.18
PHOTOGRAPHIC EQUIPMENT AND SUPPLIES .............. 10,515 0.52
PIPELINES, EXCEPT NATURAL GAS .................... 685 0.03
PLASTICS MATERIALS AND SYNTHETICS ................ 18,078 0.89
PLUMBING AND HEATING, EXCEPT ELECTRIC ............ 1,703 0.08
POULTRY AND EGGS ................................. 670 0.03
PRESERVED FRUITS AND VEGETABLES .................. 17,845 0.87
PRIMARY NONFERROUS METALS ........................ 5,805 0.29
PRODUCERS, ORCHESTRAS, ENTERTAINERS .............. 319 0.02
PRODUCTS OF PURCHASED GLASS ...................... 575 0.03
PROFESSIONAL AND COMMERCIAL
EQUIPMENT ...................................... 1,713 0.08
RADIO AND TELEVISION BROADCASTING ................ 7,886 0.39
RADIO, TELEVISION, AND
COMPUTER STORES ................................ 2,681 0.13
RAILROADS ........................................ 12,861 0.63
REAL ESTATE OPERATORS AND LESSORS ................ 735 0.04
REFRIGERATION AND SERVICE MACHINERY .............. 2,880 0.14
RENTAL OF RAILROAD CARS .......................... 508 0.03
RESEARCH AND TESTING SERVICES .................... 1,902 0.09
RESIDENTIAL BUILDING CONSTRUCTION ................ 1,520 0.07
RETAIL STORES, NEC ............................... 326 0.02
ROOMING AND BOARDING HOUSES ...................... 2 0.00
SANITARY SERVICES ................................ 9,286 0.46
SAVINGS INSTITUTIONS ............................. 14,759 0.72
SAWMILLS AND PLANING MILLS ....................... 4,397 0.22
SCHOOLS AND EDUCATIONAL
SERVICES, NEC .................................. 393 0.02
VALUE %
-------- -----
SCREW MACHINE PRODUCTS, BOLTS, ETC ..... $ 961 0.05%
SEARCH AND NAVIGATION EQUIPMENT ........ 4,637 0.23
SECURITY AND COMMODITY SERVICES ........ 5,986 0.29
SECURITY BROKERS AND DEALERS ........... 19,925 0.98
SHIP AND BOAT BUILDING AND REPAIRING ... 1,518 0.08
SHOE STORES ............................ 653 0.03
SOAP, CLEANERS, AND TOILET GOODS ....... 36,447 1.78
SOCIAL SERVICES, NEC ................... 585 0.03
SPECIAL INDUSTRY MACHINERY ............. 4,822 0.23
STRUCTURAL CLAY PRODUCTS ............... 124 0.01
SUBDIVIDERS AND DEVELOPERS ............. 278 0.01
SUGAR AND CONFECTIONERY PRODUCTS ....... 3,419 0.17
SURETY INSURANCE ....................... 2,825 0.14
TELEPHONE COMMUNICATIONS ............... 141,362 6.92
TIRES AND INNER TUBES .................. 3,726 0.18
TITLE INSURANCE ........................ 416 0.02
TOYS AND SPORTING GOODS ................ 3,749 0.19
TRUCKING AND COURIER SERVICES,
EXCEPT AIR ........................... 1,865 0.09
VARIETY STORES ......................... 4,193 0.21
VIDEO TAPE RENTAL ...................... 55 0.00
VOCATIONAL SCHOOLS ..................... 374 0.02
WATER SUPPLY ........................... 605 0.03
WATER TRANSPORTATION OF FREIGHT, NEC ... 100 0.00
WATER TRANSPORTATION SERVICES .......... 634 0.03
WOMEN'S ACCESSORY AND
SPECIALTY STORES ..................... 1,452 0.07
WOMEN'S AND MISSES' OUTERWEAR .......... 1,089 0.05
WOMEN'S CLOTHING STORES ................ 719 0.04
WOOD BUILDINGS AND MOBILE HOMES ........ 249 0.01
YARN AND THREAD MILLS .................. 904 0.04
----------- ------
TOTAL COMMON STOCK
(Cost $1,546,437) ...................... 2,016,162 98.70
----------- ------
SHORT TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES ........... 37,085 1.82
----------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $37,090) ......................... 37,085 1.82
----------- ------
TOTAL PORTFOLIO
(Cost $1,583,659) ...................... 2,053,385 100.52
----------- ------
OTHER ASSETS AND LIABILITIES, NET .... (10,679) (0.52)
----------- ------
NET ASSETS ................................ $ 2,042,706 100.00%
=========== ======
See notes to financial statements
-82-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--EQUITY INDEX ACCOUNT
DECEMBER 31, 1997
VALUE
PRINCIPAL (000)
--------- -----
BONDS--0.00%
CORPORATE BONDS--0.00%
RADIO AND TELEVISION
BROADCASTING--0.00%
VIACOM INTERNATIONAL, INC
(SUBORDINATED DEB)
$ 8,000 8.000%, 07/07/06 ................$ 8
-----------
SANITARY SERVICES--0.00%
WMX TECHNOLOGIES CV, INC
(SUBORDINATED NOTE)
14,000 2.000%, 01/24/05 ................ 12
-----------
TOTAL CORPORATE BONDS
(Cost $15) ........................ 20
-----------
TOTAL BONDS
(Cost $15) ......................... 20
-----------
SHARES
------
PREFERRED STOCK--0.00%
LIFE INSURANCE--0.00%
1,273 AETNA, INC 6.25% (CLASS C) ........ 91
-----------
MEDICAL INSTRUMENTS
AND SUPPLIES--0.00%
11,200 oFRESENIUS MEDICAL CARE (CLASS D) ..... 1
-----------
MEDICAL SERVICE AND
HEALTH INSURANCE--0.00%
160 PACIFICARE HEALTH SYSTEMS CV
SERIES A ............................ 4
-----------
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES--0.00%
1,122 PREMIER FARNELL PLC CV ADR ........... 22
-----------
TOTAL PREFERRED STOCK
(Cost $117) .......................... 118
-----------
COMMON STOCK--98.70%
ADVERTISING--0.19%
5,500 oCATALINA MARKETING CORP .............. 254
25,950 INTERPUBLIC GROUP OF COS, INC ........ 1,293
32,200 OMNICOM GROUP, INC ................... 1,364
3,600 oOUTDOOR SYSTEMS, INC ................. 138
6,200 oSNYDER COMMUNICATIONS, INC ........... 226
7,700 TRUE NORTH COMMUNICATIONS, INC ....... 191
3,800 oUNIVERSAL OUTDOOR HOLDINGS, INC ...... 198
5,300 oVALASSIS COMMUNICATIONS, INC ......... 196
-----------
3,860
-----------
AGRICULTURAL CHEMICALS--0.08%
6,700 oFMC CORP ............................. 451
1,250 oFREEPORT-MCMORAN SULPHUR, INC ........ 15
24,624 IMC GLOBAL, INC ...................... 806
1,971 oIMC GLOBAL, INC WTS 12/22/00 ......... 8
7,168 MISSISSIPPI CHEMICAL CORP ............ 131
5,200 oMYCOGEN CORP ......................... 98
4,600 oSCOTTS CO (CLASS A) .................. 139
-----------
1,648
-----------
VALUE
SHARES (000)
------ ---------
AIR TRANSPORTATION,
SCHEDULED--0.57%
12,950 AIR EXPRESS INTERNATIONAL CORP ....... $ 395
15,600 oAMERICA WEST HOLDINGS CORP
(CLASS B) ........................... 291
18,200 oAMR CORP ............................. 2,339
7,300 ASA HOLDINGS, INC .................... 208
2,500 oATLAS AIR, INC ....................... 60
14,737 COMAIR HOLDINGS, INC ................. 356
10,400 oCONTINENTAL AIRLINES, INC (CLASS B) .. 501
15,000 DELTA AIRLINES, INC .................. 1,785
25,200 oFEDERAL EXPRESS CORP ................. 1,539
16,100 oNORTHWEST AIRLINES CORP (CLASS A) .... 771
6,800 PITTSTON BURLINGTON GROUP CO ......... 179
400 SKYWEST, INC ......................... 12
45,750 SOUTHWEST AIRLINES CO ................ 1,127
1,500 oTRANS WORLD AIRLINES, INC ............ 15
11,800 oUAL CORP ............................. 1,092
14,300 oUS AIRWAYS GROUP, INC ................ 894
-----------
11,564
-----------
AIRCRAFT AND PARTS--1.13%
4,600 oAIRTRAN HOLDINGS, INC ................ 18
112,800 ALLIED SIGNAL, INC ................... 4,392
6,300 oBE AEROSPACE, INC .................... 169
227,936 BOEING CO ............................ 11,155
2,600 BREED TECHNOLOGIES, INC .............. 47
16,500 oGULFSTREAM AEROSPACE CORP ............ 483
11,048 NORTHROP GRUMMAN CORP ................ 1,271
6,300 OEA, INC ............................. 182
28,400 TEXTRON, INC ......................... 1,775
50,700 UNITED TECHNOLOGIES CORP ............. 3,692
-----------
23,184
-----------
APPAREL, PIECE GOODS,
AND NOTIONS--0.08%
6,120 BURLINGTON COAT FACTORY
WAREHOUSE CORP ...................... 101
29,000 NIKE, INC (CLASS B) .................. 1,138
10,990 oREEBOK INTERNATIONAL LTD ............. 317
-----------
1,556
-----------
AUTO AND HOME SUPPLY STORES--0.01%
12,000 PEP BOYS MANNY, MOE, & JACK CO ....... 287
-----------
AUTOMOBILE PARKING--0.01%
3,150 CENTRAL PARKING CORP ................. 143
-----------
AUTOMOTIVE RENTALS,
NO DRIVERS--0.09%
7,200 oBUDGET GROUP, INC .................... 249
6,800 HERTZ CORP (CLASS A) ................. 274
2,860 oNATIONAL AUTO CREDIT, INC ............ 15
4,000 oRENTERS CHOICE, INC .................. 82
17,000 ROLLINS TRUCK LEASING CORP ........... 304
20,400 RYDER SYSTEM, INC .................... 668
3,400 XTRA CORP ............................ 199
-----------
1,791
-----------
AUTOMOTIVE SERVICES,
EXCEPT REPAIR--0.02%
6,300 BORG-WARNER AUTOMOTIVE, INC .......... 328
-----------
See notes to financial statements.
-83-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
BAKERY PRODUCTS--0.08%
10,200 INTERSTATE BAKERIES CORP ............. $ 381
6,300 LANCE, INC ........................... 166
20,700 NABISCO HOLDINGS CORP (CLASS A) ...... 1,003
-----------
1,550
-----------
BEAUTY SHOPS--0.00%
3,500 REGIS CORP ........................... 88
-----------
BEVERAGES--2.71%
92,900 ANHEUSER BUSCH COS, INC .............. 4,088
8,800 BROWN FORMAN, INC (CLASS B) .......... 486
600 oBUSH BOAKE ALLEN, INC ................ 16
3,500 oCANANDAIGUA BRANDS, INC (CLASS A) .... 194
518,900 COCA COLA CO ......................... 34,572
47,400 COCA COLA ENTERPRISES, INC ........... 1,686
9,700 COORS (ADOLPH) CO (CLASS B) .......... 323
35,700 FORTUNE BRANDS, INC .................. 1,323
347,300 PEPSICO, INC ......................... 12,655
-----------
55,343
-----------
BITUMINOUS COAL AND
LIGNITE MINING--0.00%
4,600 ZEIGLER COAL HOLDINGS CO ............. 75
-----------
BLANKBOOKS AND BOOKBINDING--0.04%
19,300 DELUXE CORP .......................... 666
4,600 oFRANKLIN COVEY CO .................... 101
-----------
767
-----------
BLAST FURNACE AND BASIC STEEL
PRODUCTS--0.36%
14,000 AK STEEL HOLDINGS CORP ............... 248
25,625 ALLEGHENY TELEDYNE, INC .............. 663
10,300 oARMCO, INC ........................... 51
37,600 oBETHLEHEM STEEL CORP ................. 324
9,200 BIRMINGHAM STEEL CORP ................ 145
4,200 CARPENTER TECHNOLOGY CORP ............ 202
24,900 INLAND STEEL INDUSTRIES, INC ......... 426
9,200 J & L SPECIALTY STEEL, INC ........... 93
4,100 oLONE STAR TECHNOLOGIES, INC .......... 116
43,900 LTV CORP ............................. 428
200 LUKENS, INC .......................... 6
17,200 NUCOR CORP ........................... 831
5,300 OREGON STEEL MILLS, INC .............. 113
300 ROUGE INDUSTRIES, INC (CLASS A) ...... 4
14,100 oSTEEL DYNAMICS, INC .................. 226
5,700 TEXAS INDUSTRIES, INC ................ 257
69,100 USX-MARATHON GROUP, INC .............. 2,332
18,400 USX-US STEEL GROUP, INC .............. 575
21,140 WORTHINGTON INDUSTRIES, INC .......... 349
-----------
7,389
-----------
BOAT DEALERS--0.00%
2,500 oWEST MARINE, INC ..................... 56
-----------
BOOKS--0.11%
11,500 BANTA CORP ........................... 311
7,800 HOUGHTON MIFFLIN CO .................. 299
20,400 MCGRAW HILL COS, INC ................. 1,510
3,300 oSCHOLASTIC CORP ...................... 124
-----------
2,244
-----------
BROADWOVEN FABRIC MILLS,
COTTON--0.04%
26,300 oBURLINGTON INDUSTRIES, INC ........... 363
1,600 oCONE MILLS CORP ...................... 12
3,800 oTRIARC COS, INC ...................... 104
7,100 oWESTPOINT STEVENS, INC ............... 335
-----------
814
-----------
VALUE
SHARES (000)
------ ---------
BROADWOVEN FABRIC MILLS,
MANMADE--0.03%
5,500 ALBANY INTERNATIONAL CORP (CLASS A) .. $ 127
15,800 oCOLLINS & AIKMAN CORP ................ 136
5,300 SPRING INDUSTRIES, INC ............... 276
-----------
539
-----------
BUSINESS CREDIT INSTITUTIONS--0.10%
6,100 oARCADIA FINANCIAL LTD ................ 45
15,200 ASSOCIATES FIRST CAPITAL CORP ........ 1,081
1,808 CAPITAL ONE FINANCIAL CORP ........... 98
13,200 FINOVA GROUP, INC .................... 656
4,100 TOTAL SYSTEM SERVICES, INC ........... 101
-----------
1,981
-----------
CABLE AND OTHER PAY TV
SERVICES--0.41%
4,496 oASCENT ENTERTAINMENT GROUP, INC ...... 47
1,150 oCABLE MICHIGAN, INC .................. 26
5,400 oCABLEVISION SYSTEMS CORP (CLASS A) ... 517
7,600 oCAI WIRELESS SYSTEMS, INC ............ 9
2,800 COMCAST CORP (CLASS A) ............... 89
78,228 COMCAST CORP (CLASS A) SPECIAL ....... 2,469
21,084 oCOX COMMUNICATIONS, INC (CLASS A) .... 845
2,700 oMASTEC, INC .......................... 62
5,810 oPANAMSAT CORP ........................ 251
3,800 TCA CABLE TV, INC .................... 175
14,040 oTCI SATELLITE ENTERTAINMENT (CLASS A) 97
86,187 oTELE-COMMUNICATIONS, INC (CLASS A) ... 2,408
47,013 oTELECOM-TCI VENTURES GROUP
(CLASS A) ........................... 1,331
-----------
8,326
-----------
CARPENTRY AND FLOOR WORK--0.01%
7,500 GEON CO .............................. 175
-----------
CARPETS AND RUGS--0.01%
25,600 SHAW INDUSTRIES, INC ................. 298
-----------
CASH GRAINS--0.03%
7,100 DEKALB GENETICS CORP (CLASS B) ....... 279
11,333 DELTA & PINE LAND CO ................. 346
-----------
625
-----------
CEMENT, HYDRAULIC--0.03%
2,600 CENTEX CONSTRUCTION PRODUCTS, INC .... 78
5,900 MEDUSA CORP .......................... 247
5,200 SOUTHDOWN, INC ....................... 307
-----------
632
-----------
CHEMICAL AND FERTILIZER
MINERALS--0.01%
1,913 POTASH CORP OF SASKATCHEWAN, INC ..... 159
-----------
CHEMICALS AND
ALLIED PRODUCTS--0.00%
4,600 VALHI, INC ........................... 43
-----------
CHEWING AND SMOKING TOBACCO--0.07%
37,800 UST, INC ............................. 1,396
-----------
CHILDREN'S AND INFANTS' WEAR
STORES--0.01%
6,900 oGYMBOREE CORP ........................ 189
-----------
CIGARETTES--1.19%
536,400 PHILIP MORRIS COS, INC ............... 24,306
-----------
CIGARS--0.01%
8,900 oGENERAL CIGAR HOLDINGS, INC
(CLASS A) .......................... 190
-----------
See notes to financial statements.
-84-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
COMBINATION UTILITY SERVICES--1.23%
33,800 BALTIMORE GAS & ELECTRIC CO .......... $ 1,151
5,300 CENTRAL HUDSON GAS & ELECTRIC CORP ... 233
8,788 CENTRAL MAINE POWER CO ............... 134
1,900 CILCORP, INC ......................... 93
7,100 CIPSCO, INC .......................... 314
62,918 oCITIZENS UTILITIES CO (CLASS B) ...... 606
49,000 CONSOLIDATED EDISON CO OF
NEW YORK, INC ........................ 2,009
20,400 DELMARVA POWER & LIGHT CO ............ 470
88,400 EDISON INTERNATIONAL CO .............. 2,403
24,600 ENOVA CORP ........................... 666
15,800 IPALCO ENTERPRISES, INC .............. 663
24,100 KANSAS CITY POWER & LIGHT CO ......... 712
26,400 LONG ISLAND LIGHTING CO .............. 795
25,100 MIDAMERICAN ENERGY HOLDINGS CO ....... 552
22,700 MONTANA POWER CO ..................... 722
21,385 NEW CENTURY ENERGIES, INC ............ 1,025
16,100 NEW YORK STATE ELECTRIC & GAS CORP ... 572
61,900 oNIAGARA MOHAWK POWER CORP ............ 650
12,700 NIPSCO INDUSTRIES, INC ............... 628
15,200 NORTHERN STATES POWER CO ............. 885
5,300 ORANGE & ROCKLAND UTILITY, INC ....... 247
62,500 PACIFICORP ........................... 1,707
45,900 PECO ENERGY CO ....................... 1,113
20,100 PUBLIC SERVICE CO OF NEW MEXICO ...... 476
51,200 PUBLIC SERVICE ENTERPRISE GROUP, INC . 1,622
21,400 ROCHESTER GAS & ELECTRIC CORP ........ 728
26,100 SCANA CORP ........................... 781
11,000 SIERRA PACIFIC RESOURCES ............. 413
20,900 UNION ELECTRIC CO .................... 904
20,499 UTILICORP UNITED, INC ................ 796
17,600 WASHINGTON WATER POWER CO ............ 428
15,900 WESTERN RESOURCES, INC ............... 684
-----------
25,182
-----------
COMMERCIAL BANKS--8.90%
3,700 ALLIED IRISH BANKS PLC
(SPONSORED ADR) ..................... 215
16,200 AMSOUTH BANCORP ...................... 880
14,005 ASSOCIATED BANC CORP ................. 772
132,428 BANC ONE CORP ........................ 7,192
1,700 BANCORPSOUTH, INC .................... 80
84,400 BANK OF NEW YORK CO, INC ............. 4,879
157,500 BANKAMERICA CORP ..................... 11,498
30,674 BANKBOSTON CORP ...................... 2,881
20,125 BANKERS TRUST NEW YORK CORP .......... 2,263
43,200 BARNETT BANKS, INC ................... 3,105
26,357 BB&T CORP ............................ 1,688
6,000 CCB FINANCIAL CORP ................... 645
8,200 CENTURA BANKS, INC ................... 566
97,158 CHASE MANHATTAN CORP ................. 10,639
106,621 CITICORP CO .......................... 13,481
5,700 CITIZENS BANKING CORP ................ 197
13,100 CITY NATIONAL CORP ................... 484
5,800 oCNB BANCSHARES, INC .................. 279
13,500 COLONIAL BANCGROUP, INC .............. 465
22,300 COMERICA, INC ........................ 2,013
4,900 COMMERCE BANCORP, INC ................ 250
10,519 COMMERCE BANCSHARES, INC ............. 713
6,800 oCOMMUNITY FIRST BANKSHARES, INC ...... 362
15,750 COMPASS BANCSHARES, INC .............. 689
44,509 CORESTATES FINANCIAL CORP ............ 3,564
23,352 CRESTAR FINANCIAL CORP ............... 1,331
9,500 CULLEN FROST BANKERS, INC ............ 577
12,500 DEPOSIT GUARANTY ..................... 711
VALUE
SHARES (000)
------ ---------
27,650 FIFTH THIRD BANCORP .................. $ 2,260
13,219 FIRST AMERICAN CORP .................. 658
71,155 FIRST CHICAGO NBD CORP ............... 5,941
1,000 FIRST CITIZENS BANCSHARES, INC
(CLASS A) ........................... 104
9,648 FIRST COMMERCE CORP .................. 649
7,944 FIRST COMMERCIAL CORP ................ 466
200 FIRST EMPIRE STATE CORP .............. 93
2,500 FIRST FINANCIAL BANCORP .............. 121
8,800 FIRST HAWAIIAN, INC .................. 350
3,300 FIRST MIDWEST BANCORP, INC ........... 144
19,401 FIRST OF AMERICA BANK CORP ........... 1,496
24,575 FIRST SECURITY CORP .................. 1,029
13,700 FIRST TENNESSEE NATIONAL CORP ........ 914
12,450 FIRST VIRGINIA BANKS, INC ............ 644
25,800 FIRSTAR CORP ......................... 1,095
17,400 FIRSTMERIT CORP ...................... 494
56,788 FLEET FINANCIAL GROUP, INC ........... 4,256
21,239 FRANCHISE FINANCE CORP OF AMERICA .... 573
8,800 GREENPOINT FINANCIAL CORP ............ 639
12,730 HUBCO, INC ........................... 498
41,441 HUNTINGTON BANCSHARES, INC ........... 1,492
7,500 oIMPERIAL BANCORP ..................... 370
49,400 KEYCORP .............................. 3,498
14,650 KEYSTONE FINANCIAL, INC .............. 590
15,600 MAGNA GROUP, INC ..................... 714
22,256 MARSHALL & ILSLEY CORP ............... 1,383
91,437 MBNA CORP ............................ 2,497
55,448 MELLON BANK CORP ..................... 3,362
27,972 MERCANTILE BANCORP, INC .............. 1,720
18,105 MERCANTILE BANKSHARES CORP ........... 708
41,400 MORGAN (J.P.) & CO, INC .............. 4,673
48,787 NATIONAL CITY CORP ................... 3,208
16,500 NATIONAL COMMERCE BANCORP ............ 582
166,224 NATIONSBANK CORP ..................... 10,108
18,600 NORTH FORK BANCORP, INC .............. 624
24,560 NORTHERN TRUST CORP .................. 1,713
169,296 NORWEST CORP ......................... 6,539
23,716 OLD KENT FINANCIAL CORP .............. 940
5,374 OLD NATIONAL BANCORP ................. 260
6,300 ONBANCORP, INC ....................... 444
8,312 ONE VALLEY BANCORP, INC .............. 322
23,100 PACIFIC CENTURY FINANCIAL CORP ....... 572
100 PARK NATIONAL CORP ................... 9
10,400 PEOPLES HERITAGE FINANCIAL
GROUP, INC .......................... 478
71,880 PNC BANK CORP ........................ 4,102
14,600 POPULAR, INC ......................... 723
8,100 oPROVIDENT FINANCIAL GROUP ............ 393
1,500 QUEENS COUNTY BANCORP, INC ........... 61
29,552 REGIONS FINANCIAL CORP ............... 1,247
11,500 REPUBLIC NEW YORK CORP ............... 1,313
14,100 RIGGS NATIONAL CORP .................. 379
21,800 SOUTHTRUST CORP ...................... 1,383
19,700 STAR BANC CORP ....................... 1,130
34,900 STATE STREET CORP .................... 2,031
37,921 SUMMIT BANCORP ....................... 2,019
49,800 SUNTRUST BANKS, INC .................. 3,554
10,920 SUSQUEHANNA BANCSHARES, INC .......... 418
33,025 SYNOVUS FINANCIAL CORP ............... 1,082
9,900 TRUSTMARK CORP ....................... 458
57,160 U.S. BANCORP ......................... 6,398
6,100 U.S. TRUST CORP ...................... 382
840 UMB FINANCIAL CORP ................... 46
14,774 UNION PLANTERS CORP .................. 1,004
See notes to financial statements.
-85-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
COMMERCIAL BANKS-(Continued)
1,900 UNIONBANCAL CORP ..................... $ 204
12,123 VALLEY NATIONAL BANCORP .............. 477
44,006 WACHOVIA CORP ........................ 3,570
17,768 WELLS FARGO & CO ..................... 6,031
4,200 WESTAMERICA BANCORP .................. 429
3,200 WHITNEY HOLDINGS CORP ................ 182
9,100 WILMINGTON TRUST CORP ................ 568
14,500 ZIONS BANCORP ........................ 658
-----------
181,891
-----------
COMMERCIAL PRINTING--0.09%
10,500 oAPPLIED GRAPHICS TECHNOLOGIES, INC ... 559
4,600 BOWNE & CO, INC ...................... 183
1,800 oCONSOLIDATED GRAPHICS, INC ........... 84
19,900 DONNELLEY (R.R.) & SONS CO ........... 741
8,300 HARLAND (JOHN H.) CO ................. 174
1,000 oTOPPS, INC ........................... 2
-----------
1,743
-----------
COMMERCIAL SPORTS--0.00%
3,800 oFLORIDA PANTHERS HOLDINGS, INC ....... 66
1,000 oHOLLYWOOD PARK, INC .................. 22
-----------
88
-----------
COMMUNICATIONS EQUIPMENT--1.12%
73,740 o3COM CORP ............................ 2,576
30,700 oADC TELECOMMUNICATIONS, INC .......... 1,282
14,500 oADVANCED FIBRE COMMUNICATIONS ........ 422
9,500 ALIANT COMMUNICATIONS, INC ........... 298
19,387 oANDREW CORP .......................... 465
6,000 oANTEC CORP ........................... 94
1,000 oAPPLIED INNOVATION, INC .............. 6
13,700 oASPECT TELECOMMUNICATIONS CORP ....... 286
5,500 oBILLING INFORMATION CONCEPTS CORP .... 264
5,600 oBOSTON TECHNOLOGY, INC ............... 141
1,500 oCALIFORNIA MICROWAVE, INC ............ 29
4,066 oCHYRON CORP .......................... 18
1,900 oCIDCO, INC ........................... 37
20,400 oCIENA CORP ........................... 1,247
8,700 oDIGITAL MICROWAVE CORP ............... 126
24,700 oDSC COMMUNICATIONS CORP .............. 593
9,800 oDSP COMMUNICATIONS, INC .............. 118
10,981 oEXCEL COMMUNICATIONS, INC ............ 159
25,100 FEDERAL SIGNAL CORP .................. 543
1,200 oFIRST ALERT, INC ..................... 3
1,600 oGENERAL DATACOMM INDUSTRIES, INC ..... 8
9,900 oGEOTEK COMMUNICATIONS, INC ........... 15
12,587 oGLENAYRE TECHNOLOGIES, INC ........... 124
19,500 HARRIS CORP ......................... 895
2,900 oHEARTLAND WIRELESS
COMMUNICATIONS, INC ................. 5
1,000 INTER-TEL, INC ....................... 19
1,100 oINTERDIGITAL COMMUNICATIONS CORP ..... 3
20,800 oITT CORP ............................. 1,724
27,100 ITT INDUSTRIES, INC .................. 850
2,300 oLORAL SPACE & COMMUNICATIONS LTD ..... 49
137,400 MOTOROLA, INC ........................ 7,840
3,400 oNETWORK EQUIPMENT
TECHNOLOGIES, INC ................... 50
26,500 oNEXTLEVEL SYSTEMS, INC ............... 474
9,700 oP-COM, INC ........................... 167
13,700 oPAIRGAIN TECHNOLOGIES, INC ........... 265
5,300 oPICTURETEL CORP ...................... 34
3,500 PITTWAY CORP (CLASS A) ............... 244
2,500 oPOWERWAVE TECHNOLOGIES, INC .......... 42
6,100 oPREMISYS COMMUNICATIONS, INC ......... 159
VALUE
SHARES (000)
------ ---------
19,700 SCIENTIFIC-ATLANTA, INC .............. $ 330
3,900 oSHIVA CORP ........................... 33
10,500 SYMBOL TECHNOLOGIES, INC ............. 396
2,200 oTCSI CORP ............................ 18
2,800 oTEKELEC .............................. 85
5,100 oTELE-COMMUNICATIONS INTERNATIONAL
(CLASS A) ........................... 92
3,400 oWESTELL TECHNOLOGIES, INC (CLASS A) .. 43
9,800 oXYLAN CORP ........................... 148
3,500 oYURIE SYSTEMS, INC ................... 71
-----------
22,890
-----------
COMMUNICATIONS SERVICES, NEC--0.06%
3,700 oAMERICAN MOBILE SATELLITE CORP ....... 26
16,500 COMSAT CORP SERIES 1 ................. 400
8,000 oMCLEODUSA, INC (CLASS A) ............. 256
13,900 WPL HOLDINGS, INC .................... 460
-----------
1,142
-----------
COMPUTER AND DATA PROCESSING
SERVICES--3.65%
400 o3DO CO ............................... 1
2,900 oACCLAIM ENTERTAINMENT, INC ........... 11
11,300 oACXIOM CORP .......................... 218
15,272 ADOBE SYSTEMS, INC ................... 630
8,800 oAFFILIATED COMPUTER SERVICES, INC
(CLASS A) ........................... 232
7,700 oAFFYMETRIX, INC ...................... 240
22,100 oAMERICA ONLINE, INC .................. 1,971
9,825 oAMERICAN MANAGEMENT SYSTEMS, INC ..... 192
5,250 ANALYSTS INTERNATIONAL CORP .......... 181
2,400 oARBOR SOFTWARE CORP .................. 97
6,100 oASPEN TECHNOLOGY, INC ................ 209
9,400 AUTODESK, INC ........................ 348
65,400 AUTOMATIC DATA PROCESSING, INC ....... 4,014
4,600 oAVANT CORP ........................... 77
400 oBANYAN SYSTEMS, INC .................. 1
4,800 oBEA SYSTEMS, INC ..................... 83
8,000 oBISYS GROUP, INC ..................... 266
21,000 oBMC SOFTWARE, INC .................... 1,378
2,200 oBORLAND INTERNATIONAL, INC ........... 16
6,600 oBRODERBUND SOFTWARE, INC ............. 169
42,450 oCADENCE DESIGN SYSTEMS, INC .......... 1,040
8,400 oCAMBRIDGE TECHNOLOGY
PARTNERS, INC ....................... 350
16,400 oCERIDIAN CORP ........................ 751
7,100 oCERNER CORP .......................... 150
6,300 oCHECKPOINT SYSTEMS, INC .............. 110
2,680 oCHOICEPOINT, INC ..................... 128
3,100 oCIBER, INC ........................... 180
12,300 oCIRRUS LOGIC, INC .................... 131
5,200 oCITRIX SYSTEMS, INC .................. 395
2,200 oCLARIFY, INC ......................... 26
11,775 COMDISCO, INC ........................ 394
9,700 oCOMPUSERVE CORP ...................... 118
92,475 COMPUTER ASSOCIATES
INTERNATIONAL, INC .................. 4,890
6,950 oCOMPUTER HORIZONS CORP ............... 316
15,260 oCOMPUTER SCIENCES CORP ............... 1,274
6,200 COMPUTER TASK GROUP, INC ............. 220
10,000 oCOMPUTERVISION CORP .................. 38
31,000 oCOMPUWARE CORP ....................... 992
9,950 oCORESTAFF, INC ....................... 264
6,700 oCSG SYSTEMS INTERNATIONAL, INC ....... 268
2,100 oDIALOGIC CORP ........................ 92
2,700 oDOCUMENTUM, INC ...................... 114
See notes to financial statements.
-86-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
COMPUTER AND DATA PROCESSING
SERVICES-(Continued)
7,300 oDST SYSTEMS, INC ..................... $ 312
8,250 oE TRADE GROUP, INC ................... 190
10,700 oELECTRONIC ARTS, INC ................. 405
74,200 ELECTRONIC DATA SYSTEMS CORP ......... 3,260
11,300 oELECTRONICS FOR IMAGING, INC ......... 188
3,500 oENVOY CORP ........................... 102
2,600 oFILENET CORP ......................... 78
84,548 FIRST DATA CORP ...................... 2,473
11,300 oFISERV, INC .......................... 555
17,000 oFORE SYSTEMS, INC .................... 259
5,600 oFORTE SOFTWARE, INC .................. 43
8,300 oGT INTERACTIVE SOFTWARE CORP ......... 53
11,100 oGTECH HOLDINGS CORP .................. 355
6,000 oHARBINGER CORP ....................... 169
41,000 HBO & CO ............................. 1,968
1,400 oHCIA, INC ............................ 17
3,500 oHEALTH MANAGEMENT SYSTEMS, INC ....... 21
4,200 oHNC SOFTWARE ......................... 181
4,200 oHYPERION SOFTWARE CORP ............... 150
1,000 oI2 TECHNOLOGIES, INC ................. 53
3,800 oIDX SYSTEMS CORP ..................... 141
1,600 oINFORMATION RESOURCES, INC ........... 21
3,000 oINSO CORP ............................ 35
267 oINTEGRATED SYSTEMS
CONSULTING GROUP .................... 3
3,800 oINTEGRATED SYSTEMS, INC .............. 52
6,000 oINTERNATIONAL NETWORK SERVICES ....... 139
2,100 oINTERVOICE, INC ...................... 16
7,800 oINTUIT, INC .......................... 322
2,000 oITRON, INC ........................... 36
500 oJTS CORP ............................. 0
14,000 oKEANE, INC ........................... 569
800 oLANDSTAR SYSTEM, INC ................. 21
9,300 oLEARNING CO, INC ..................... 149
3,400 oLEGATO SYSTEMS, INC .................. 150
1,300 oLHS GROUP, INC ....................... 78
3,800 oMACROMEDIA, INC ...................... 32
4,700 oMANUGISTICS GROUP, INC ............... 210
2,500 oMASTECH CORP ......................... 79
12,300 oMENTOR GRAPHICS CORP ................. 119
170,880 oMICROSOFT CORP ....................... 22,086
3,200 oMIDWAY GAMES, INC .................... 58
9,500 NATIONAL DATA CORP ................... 343
4,200 oNATIONAL INSTRUMENTS CORP ............ 122
1,100 oNETCOM ON-LINE COMMUNICATIONS
SERVICE, INC ........................ 26
4,200 oNETMANAGE, INC ....................... 12
10,020 oNETSCAPE COMMUNICATIONS CORP ......... 244
14,479 oNETWORKS ASSOCIATES, INC ............. 766
75,200 oNOVELL, INC .......................... 564
1,400 oODS NETWORKS, INC .................... 9
168,887 oORACLE CORP .......................... 3,768
26,000 oPARAMETRIC TECHNOLOGY CORP ........... 1,232
18,712 PAYCHEX, INC ......................... 947
2,600 oPEGASYSTEMS, INC ..................... 52
31,100 oPEOPLESOFT, INC ...................... 1,213
5,200 oPHYSICIAN COMPUTER NETWORK, INC ...... 21
14,700 oPLATINUM TECHNOLOGY, INC ............. 415
5,500 oPOLICY MANAGEMENT SYSTEMS CORP ....... 383
1,400 oPROGRESS SOFTWARE CORP ............... 30
5,400 oPROTEIN DESIGN LABORATORIES, INC ..... 216
4,500 oPSINET, INC .......................... 23
2,100 oQUARTERDECK CORP ..................... 3
VALUE
SHARES (000)
------ ---------
4,400 oREMEDY CORP .......................... $ 92
1,900 oSAPIENT CORP ......................... 116
4,000 oSCOPUS TECHNOLOGY, INC ............... 48
9,450 oSECURITY DYNAMICS TECHNOLOGIES, INC .. 338
5,300 SHARED MEDICAL SYSTEMS CORP .......... 350
5,048 oSIEBEL SYSTEMS, INC .................. 211
19,477 oSTERLING COMMERCE, INC ............... 749
11,700 oSTERLING SOFTWARE, INC ............... 480
6,000 oSTRUCTURAL DYNAMICS
RESEARCH CORP ....................... 135
16,900 oSUNGARD DATA SYSTEMS, INC ............ 524
18,900 oSYBASE, INC .......................... 252
4,100 oSYKES ENTERPRISES, INC ............... 80
12,400 oSYMANTEC CORP ........................ 272
9,572 oSYNOPSYS, INC ........................ 342
3,950 oSYSTEM SOFTWARE ASSOCIATES, INC ...... 35
3,000 oSYSTEMS & COMPUTER
TECHNOLOGY CORP ..................... 149
2,400 oSYSTEMSOFT CORP ...................... 15
6,150 oTECHNOLOGY SOLUTIONS CO .............. 162
7,600 oTRANSACTION SYSTEM ARCHITECTURE ...... 289
5,000 oUSCS INTERNATIONAL, INC .............. 85
9,800 oVANSTAR CORP ......................... 111
2,500 oVANTIVE CORP ......................... 63
6,000 oVERITAS SOFTWARE CORP ................ 306
4,100 oVIASOFT, INC ......................... 173
5,600 oVISIO CORP ........................... 215
6,600 oWIND RIVER SYSTEMS, INC .............. 262
6,300 oYAHOO, INC ........................... 436
4,800 oZILOG, INC ........................... 92
-----------
74,494
-----------
COMPUTER AND OFFICE EQUIPMENT--4.36%
6,500 oADTRAN, INC .......................... 179
32,700 oAPPLE COMPUTER, INC .................. 429
36,510 oASCEND COMMUNICATIONS, INC ........... 894
4,200 oAUSPEX SYSTEMS, INC .................. 42
6,100 oBANCTEC, INC ......................... 164
46,745 oBAY NETWORKS, INC .................... 1,195
3,900 oBELL & HOWELL CO ..................... 94
23,300 oCABLETRON SYSTEMS, INC ............... 350
231,970 oCISCO SYSTEMS, INC ................... 12,932
162,277 COMPAQ COMPUTER CORP ................. 9,159
7,100 oCOMVERSE TECHNOLOGY, INC ............. 277
13,175 oCONCORD EFS, INC ..................... 328
7,800 oCOPYTELE, INC ........................ 27
13,700 oDATA GENERAL CORP .................... 239
60,120 oDELL COMPUTER CORP ................... 5,050
5,700 oDIAMOND MULTIMEDIA SYSTEMS, INC ...... 51
18,275 DIEBOLD, INC ......................... 925
34,800 oDIGITAL EQUIPMENT CORP ............... 1,288
4,500 oDYNATECH CORP ........................ 211
110,700 oEMC CORP ............................. 3,037
1,700 oENCAD, INC ........................... 47
3,100 oEXABYTE CORP ......................... 20
12,500 oGATEWAY 2000, INC .................... 408
189,300 HEWLETT-PACKARD CO ................... 11,831
9,700 oHMT TECHNOLOGY CORP .................. 126
21,000 oIMATION CORP ......................... 336
1,700 oIN FOCUS SYSTEMS, INC ................ 52
8,400 oINTERGRAPH CORP ...................... 84
224,100 *INTERNATIONAL BUSINESS
MACHINES CORP ....................... 23,432
50,200 oIOMEGA CORP .......................... 624
See notes to financial statements.
-87-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
COMPUTER AND OFFICE
EQUIPTMENT-(Continued)
14,900 oLEXMARK INTERNATIONAL GROUP
(CLASS A) ........................... $ 566
7,900 oLITTON INDUSTRIES, INC ............... 454
11,100 oMICROCHIP TECHNOLOGY, INC ............ 333
9,700 oMICRON ELECTRONICS, INC .............. 89
1,000 oMYLEX CORP ........................... 9
17,368 oNCR CORP ............................. 483
4,800 oNEOMAGIC CORP ........................ 61
9,800 oNETWORK APPLIANCE, INC ............... 348
36,000 PITNEY BOWES, INC .................... 3,238
1,392 PREMIER FARNELL PLC ADR .............. 19
23,900 oQUANTUM CORP ......................... 479
15,492 oRATIONAL SOFTWARE CORP ............... 176
15,100 REYNOLDS & REYNOLDS CO (CLASS A) ..... 278
9,500 oSAFEGUARD SCIENTIFICS, INC ........... 298
53,300 oSEAGATE TECHNOLOGY, INC .............. 1,026
11,700 oSEQUENT COMPUTER SYSTEMS, INC ........ 234
39,868 oSILICON GRAPHICS, INC ................ 496
23,500 oSOLECTRON CORP ....................... 977
13,900 oSTORAGE TECHNOLOGY CORP .............. 861
8,200 oSTRATUS COMPUTER, INC ................ 310
82,800 oSUN MICROSYSTEMS, INC ................ 3,302
37,500 oUNISYS CORP .......................... 520
2,800 oVIDEOSERVER, INC ..................... 44
13,900 oWANG LABORATORIES, INC ............... 308
18,500 oWESTERN DIGITAL CORP ................. 297
3,900 oXIRCOM, INC .......................... 39
-----------
89,076
-----------
CONCRETE, GYPSUM AND
PLASTER PRODUCTS--0.05%
10,528 LAFARGE CORP ......................... 311
2,500 LONE STAR INDUSTRIES, INC ............ 133
10,800 oUSG CORP ............................. 529
-----------
973
-----------
CONSTRUCTION AND RELATED
MACHINERY--0.46%
36,000 BAKER HUGHES, INC .................... 1,571
10,020 CAMCO INTERNATIONAL, INC ............. 638
83,300 CATERPILLAR, INC ..................... 4,045
46,600 DOVER CORP ........................... 1,683
7,500 oEVI, INC ............................. 388
5,300 oGLOBAL INDUSTRIAL
TECHNOLOGIES, INC ................... 90
15,200 HARNISCHFEGER INDUSTRIES, INC ........ 537
7,900 JLG INDUSTRIES, INC .................. 112
3,800 MANITOWOC, INC ....................... 124
6,400 oVARCO INTERNATIONAL, INC ............. 137
-----------
9,325
-----------
COPPER ORES--0.03%
39,900 CYPRUS AMAX MINERALS CO .............. 613
-----------
CREDIT REPORTING AND
COLLECTION--0.15%
16,666 oACNEILSEN CORP ....................... 406
34,200 COGNIZANT CORP ....................... 1,524
34,900 DUN & BRADSTREET CORP ................ 1,080
7,000 oPMT SERVICES, INC .................... 97
-----------
3,107
-----------
CRUSHED AND BROKEN STONE--0.05%
11,368 MARTIN MARIETTA MATERIALS, INC ....... 416
6,800 VULCAN MATERIALS CO .................. 694
-----------
1,110
-----------
VALUE
SHARES (000)
------ ---------
CUTLERY, HANDTOOLS AND
HARDWARE--0.70%
129,111 GILLETTE CO .......................... $ 12,968
14,550 SNAP-ON, INC ......................... 635
14,300 STANLEY WORKS CO ..................... 675
-----------
14,278
-----------
DAIRY PRODUCTS--0.03%
10,600 DEAN FOODS CO ........................ 631
1,400 DREYERS GRAND ICE CREAM, INC ......... 34
-----------
665
-----------
DEEP SEA FOREIGN TRANSPORTATION
OF FREIGHT--0.03%
12,400 ALEXANDER & BALDWIN, INC ............. 339
6,200 oOMI, INC ............................. 57
6,700 OVERSEAS SHIPHOLDING GROUP, INC ...... 146
-----------
542
-----------
DEPARTMENT STORES--1.41%
1,300 xoCALDOR CORP .......................... 0
7,700 oCARSON PIRIE SCOTT & CO .............. 386
47,800 DAYTON HUDSON CORP ................... 3,227
24,400 DILLARDS, INC (CLASS A) .............. 860
47,913 oFEDERATED DEPARTMENT STORES, INC ..... 2,063
31,844 oFRED MEYER, INC ...................... 1,158
14,800 oKOHLS CORP ........................... 1,008
55,300 MAY DEPARTMENT STORES CO ............. 2,914
8,100 MERCANTILE STORES CO, INC ............ 493
5,700 oNEIMAN-MARCUS GROUP, INC ............. 172
51,305 PENNEY, (J.C.) CO, INC ............... 3,094
12,100 oPROFFITTS, INC ....................... 344
11,500 ROSS STORES, INC ..................... 418
321,900 WAL-MART STORES, INC ................. 12,695
-----------
28,832
-----------
DRUG STORES AND
PROPRIETARY STORES--0.39%
17,437 ARBOR DRUGS, INC ..................... 323
37,531 CVS CORP ............................. 2,404
8,700 LONGS DRUG STORES CORP ............... 279
25,915 oRITE AID CORP ........................ 1,521
2,066 oVITALINK PHARMACY SERVICES, INC ...... 50
107,700 WALGREEN CO .......................... 3,379
-----------
7,956
-----------
DRUGS--7.28%
179,500 ABBOTT LABORATORIES CO ............... 11,768
3,200 oALKERMES, INC ........................ 64
19,440 ALLEGIANCE CORP ...................... 689
15,700 ALLERGAN, INC ........................ 527
3,000 oALLIANCE PHARMACEUTICAL CORP ......... 22
149,500 AMERICAN HOME PRODUCTS CORP .......... 11,437
6,800 oAMYLIN PHARMACEUTICALS, INC .......... 37
3,100 oBARR LABORATORIES, INC ............... 106
61,400 BAXTER INTERNATIONAL, INC ............ 3,097
13,000 oBIO-TECHNOLOGY GENERAL CORP .......... 140
14,500 oBIOGEN, INC .......................... 527
979 BLOCK DRUG, INC (CLASS A) ............ 42
229,300 BRISTOL MYERS SQUIBB CO .............. 21,698
4,700 CARTER WALLACE, INC .................. 79
14,700 oCENTOCOR, INC ........................ 489
41,628 oCHIRON CORP .......................... 708
200 oCOPLEY PHARMACEUTICAL, INC ........... 1
1,100 oCOR THERAPEUTICS, INC ................ 25
17,550 oCOVANCE, INC ......................... 349
855 oCRESCENDO PHARMACEUTICALS CORP ....... 10
See notes to financial statements.
-88-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
DRUGS-(Continued)
10,800 oDURA PHARMACEUTICALS, INC ............ $ 495
2,364 oELAN CORP PLC ADR .................... 121
10,100 oFOREST LABORATORIES, INC ............. 498
600 oGENSIA SICOR, INC .................... 3
18,500 oGENZYME CORP (GENERAL DIVISION) ...... 513
495 oGENZYME CORP
(TISSUE REPAIR DIVISION) ............ 3
9,400 oGILEAD SCIENCES, INC ................. 360
10,444 ICN PHARMACEUTICALS, INC ............. 510
7,900 oIDEXX LABORATORIES, INC .............. 126
5,700 oINTERNATIONAL SPECIALTY
PRODUCTS, INC ....................... 85
7,800 oINTERNEURON PHARMACEUTICALS, INC ..... 74
41,392 oIVAX CORP ............................ 279
5,700 JONES MEDICAL INDUSTRIES, INC ........ 218
600 oLIGAND PHARMACEUTICALS CO
(CLASS A) ........................... 8
211,276 LILLY (ELI) & CO ..................... 14,710
18,600 MALLINCKRODT, INC .................... 707
15,713 MARK IV INDUSTRIES, INC .............. 344
2,400 oMATRIX PHARMACEUTICALS, INC .......... 8
3,400 oMEDICIS PHARMACEUTICAL CORP
(CLASS A) ........................... 174
30,419 oMEDPARTNERS, INC ..................... 681
276,200 MERCK & CO, INC ...................... 29,346
27,250 MYLAN LABORATORIES, INC .............. 571
6,300 oNABI, INC ............................ 21
1,200 oNEUROGEN CORP ........................ 16
4,700 oNEXSTAR PHARMACEUTICALS, INC ......... 53
5,200 oPAREXEL INTERNATIONAL CORP ........... 192
25,500 oPERRIGO CO ........................... 341
297,300 PFIZER, INC .......................... 22,167
3,500 oPHARMACEUTICAL PRODUCT
DEVELOPMENT ......................... 54
116,445 PHARMACIA & UPJOHN, INC .............. 4,265
9,800 oQUINTILES TRANSNATIONAL CORP ......... 375
1,900 oROBERTS PHARMACEUTICAL CORP .......... 18
167,900 SCHERING-PLOUGH CORP ................. 10,431
8,800 oSEPRACOR, INC ........................ 353
6,400 oSEQUUS PHARMACEUTICALS, INC .......... 48
2,200 oSOMATOGEN, INC ....................... 10
8,100 oTWINLAB CORP ......................... 200
9,900 oVERTEX PHARMACEUTICALS, INC .......... 327
61,500 WARNER-LAMBERT CO .................... 7,626
18,576 oWATSON PHARMACEUTICALS, INC .......... 603
-----------
148,749
-----------
DRUGS, PROPRIETARIES,
AND SUNDRIES--0.39%
7,400 oAMERISOURCE HEALTH CORP (CLASS A) .... 431
57,700 oAMGEN, INC ........................... 3,123
11,525 BERGEN BRUNSWIG CORP (CLASS A) ....... 485
25,371 CARDINAL HEALTH, INC ................. 1,906
1,000 oHERBALIFE INTERNATIONAL, INC
(CLASS A) ........................... 21
2,000 oHERBALIFE INTERNATIONAL, INC
(CLASS B) ........................... 43
5,200 oIMMUNEX CORP ......................... 281
9,500 MCKESSON CORP ........................ 1,028
3,890 oNBTY, INC ............................ 130
8,200 oREXALL SUNDOWN, INC .................. 248
7,500 oSCHEIN (HENRY), INC .................. 263
-----------
7,959
-----------
EATING AND DRINKING PLACES--0.64%
11,800 APPLE SOUTH, INC ..................... $ 155
6,800 APPLEBEES INTERNATIONAL, INC ......... 123
11,100 oBOSTON CHICKEN, INC .................. 71
23,700 oBRINKER INTERNATIONAL, INC ........... 379
5,600 oBUFFETS, INC ......................... 53
10,600 CKE RESTAURANTS, INC ................. 447
14,500 CRACKER BARREL OLD COUNTRY
STORE, INC ........................... 484
44,400 DARDEN RESTAURANTS, INC .............. 555
12,100 oFOODMAKER, INC ....................... 182
7,400 oLANDRYS SEAFOOD RESTAURANTS, INC ..... 178
8,200 oLONE STAR STEAKHOUSE & SALOON, INC ... 144
9,500 LUBYS CAFETERIA, INC ................. 167
162,200 MCDONALDS CORP ....................... 7,745
1,100 MORRISON HEALTH CARE, INC ............ 22
825 MORRISON RESTAURANTS, INC ............ 2
9,900 oOUTBACK STEAKHOUSE, INC .............. 285
7,850 oPAPA JOHNS INTERNATIONAL, INC ........ 274
7,100 oPLANET HOLLYWOOD, INC (CLASS A) ...... 94
2,100 oRAINFOREST CAFE, INC ................. 69
2,250 oRUBY TUESDAY, INC .................... 58
10,900 oRYANS FAMILY STEAK HOUSES, INC ....... 93
2,700 SBARRO, INC .......................... 71
5,600 oSHONEYS, INC ......................... 18
29,790 oTRICON GLOBAL RESTAURANTS, INC ....... 866
20,900 WENDYS INTERNATIONAL, INC ............ 503
-----------
13,038
-----------
ELECTRIC DISTRIBUTION
EQUIPMENT--0.28%
146,966 CBS CORP ............................. 4,326
22,030 COOPER INDUSTRIES, INC ............... 1,079
7,500 oLITTLEFUSE, INC ...................... 187
4,400 oMAGNETEK, INC ........................ 86
2,400 oOAK INDUSTRIES, INC .................. 71
-----------
5,749
-----------
ELECTRIC LIGHTING AND
WIRING EQUIPMENT--0.04%
1,500 oCHICAGO MINIATURE LAMP, INC .......... 51
1,700 JUNO LIGHTING, INC ................... 30
12,905 THOMAS & BETTS CORP .................. 610
6,700 VALMONT INDUSTRIES ................... 131
-----------
822
-----------
ELECTRIC SERVICES--2.42%
29,100 oAES CORP ............................. 1,357
26,000 ALLEGHENY ENERGY, INC ................ 845
42,600 AMERICAN ELECTRIC POWER CO, INC ...... 2,199
25,000 ATLANTIC ENERGY, INC ................. 530
14,300 BOSTON EDISON CO ..................... 542
11,500 oCALENERGY, INC ....................... 331
32,200 CAROLINA POWER & LIGHT CO ............ 1,366
44,300 CENTRAL & SOUTH WEST CORP ............ 1,199
9,700 CENTRAL LOUISIANA ELECTRIC, INC ...... 314
30,123 CINERGY CORP ......................... 1,154
19,900 CMS ENERGY CORP ...................... 877
5,700 COMMONWEALTH ENERGY SYSTEM CO ........ 190
42,300 DOMINION RESOURCES, INC .............. 1,800
21,600 DPL, INC ............................. 621
16,900 DQE, INC ............................. 594
30,000 DTE ENERGY CO ........................ 1,041
81,670 DUKE ENERGY CORP ..................... 4,522
3,300 EASTERN UTILITIES ASSOCIATION CO ..... 87
54,500 ENTERGY CORP ......................... 1,632
53,325 oFIRSTENERGY CORP ..................... 1,546
See notes to financial statements.
-89-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
ELECTRIC SERVICES-(Continued)
21,600 FLORIDA PROGRESS CORP ................ $ 848
36,100 FPL GROUP, INC ....................... 2,137
25,700 GPU, INC ............................. 1,083
6,400 HAWAIIAN ELECTRIC INDUSTRIES, INC .... 262
61,849 HOUSTON INDUSTRIES, INC .............. 1,651
11,800 IDAHO POWER CO ....................... 444
20,400 ILLINOVA CORP ........................ 550
8,500 KU ENERGY CORP ....................... 334
17,200 LOUISVILLE GAS & ELECTRIC
ENERGY CORP ......................... 426
12,200 MINNESOTA POWER & LIGHT CO ........... 531
15,800 NEVADA POWER CO ...................... 420
17,600 NEW ENGLAND ELECTRIC SYSTEMS CO ...... 752
59,100 NORTHEAST UTILITIES CO ............... 698
13,300 OGE ENERGY CORP ...................... 727
95,565 PG&E CORP ............................ 2,909
17,800 PINNACLE WEST CAPITAL CORP ........... 754
29,400 POTOMAC ELECTRIC POWER CO ............ 759
34,600 PP&L RESOURCES, INC .................. 828
21,940 PUGET SOUND ENERGY, INC .............. 662
156,600 SOUTHERN CO .......................... 4,052
30,300 TECO ENERGY, INC ..................... 852
51,582 TEXAS UTILITIES CO ................... 2,144
4,940 oTUCSON ELECTRIC POWER CO ............. 90
7,610 UGI CORP ............................. 223
45,500 UNICOM CORP .......................... 1,399
1,500 UNITED ILLUMINATING CO ............... 69
28,900 WISCONSIN ENERGY CORP ................ 831
9,200 WPS RESOURCES CORP ................... 311
-----------
49,493
-----------
ELECTRICAL GOODS--0.20%
21,674 oARROW ELECTRONICS, INC ............... 703
8,200 oAVID TECHNOLOGIES, INC ............... 219
9,300 AVNET, INC ........................... 614
2,950 oCELLSTAR CORP ........................ 59
9,200 GRAINGER (W.W.), INC ................. 894
10,565 oHSN, INC ............................. 544
7,900 oKENT ELECTRONICS CORP ................ 198
6,200 oMARSHALL INDUSTRIES, INC ............. 186
5,800 oOAK TECHNOLOGY, INC .................. 38
1,950 PIONEER-STANDARD ELECTRONICS, INC .... 30
13,500 oQUALCOMM, INC ........................ 682
-----------
4,167
-----------
ELECTRICAL INDUSTRIAL APPARATUS--0.41%
17,200 oAMERICAN POWER CONVERSION CORP ....... 406
7,400 AMETEK, INC .......................... 200
9,866 BALDOR ELECTRIC CO ................... 214
92,600 EMERSON ELECTRIC CO .................. 5,226
10,600 STEWART & STEVENSON SERVICES, INC .... 270
35,150 oTHERMO ELECTRON CORP ................. 1,564
8,600 oUCAR INTERNATIONAL, INC .............. 343
6,800 oVICOR CORP ........................... 184
2,400 oZOLTEK COS, INC ...................... 67
-----------
8,474
-----------
ELECTRICAL WORK--0.01%
7,900 oMEMC ELECTRONIC MATERIALS, INC ....... 120
-----------
ELECTRONIC COMPONENTS
AND ACCESSORIES--2.42%
3,600 oACTEL CORP ........................... 45
24,950 oADAPTEC, INC ......................... 926
1,900 oADVANCED ENERGY INDUSTRIES, INC ...... 28
VALUE
SHARES (000)
------ ---------
28,500 oADVANCED MICRO DEVICES, INC .......... $ 511
1,500 oALLIANCE SEMICONDUCTOR CORP .......... 7
17,600 oALTERA CORP .......................... 583
45,800 AMP, INC ............................. 1,924
3,000 oANADIGICS, INC ....................... 90
32,833 oANALOG DEVICES, INC .................. 909
20,400 oATMEL CORP ........................... 379
8,500 AVX CORP ............................. 157
9,200 oBERG ELECTRICS CORP .................. 209
5,900 oBLACK BOX CORP ....................... 209
7,600 BMC INDUSTRIES, INC .................. 123
4,100 oCHIPS & TECHNOLOGIES, INC ............ 59
2,800 oCOHERENT, INC ........................ 98
6,300 oCOMPUTER PRODUCTS, INC ............... 143
19,300 oCYPRESS SEMICONDUCTOR CORP ........... 164
8,000 DALLAS SEMICONDUCTOR CORP ............ 326
7,680 oDII GROUP, INC ....................... 209
3,900 oESS TECHNOLOGY ....................... 30
6,800 oGENERAL SEMICONDUCTOR, INC ........... 79
2,900 oHADCO CORP ........................... 131
7,150 HARMAN INTERNATIONAL
INDUSTRIES, INC ..................... 303
22,700 oINTEGRATED DEVICE TECHNOLOGY, INC .... 214
372,670 INTEL CORP ........................... 26,180
13,100 oINTERNATIONAL RECTIFIER CORP ......... 155
2,800 oJABIL CIRCUIT, INC ................... 111
12,100 oKEMET CORP ........................... 234
5,100 oLATTICE SEMICONDUCTOR CORP ........... 242
4,800 oLEVEL ONE COMMUNICATIONS, INC ........ 136
14,800 LINEAR TECHNOLOGY CO ................. 853
27,900 oLSI LOGIC CORP ....................... 551
25,600 oMAXIM INTEGRATED PRODUCTS ............ 883
8,200 METHODE ELECTRONICS, INC (CLASS A) ... 133
3,200 oMICREL, INC .......................... 90
34,700 oMICRON TECHNOLOGY, INC ............... 902
21,132 MOLEX, INC ........................... 679
5,600 oMRV COMMUNICATIONS, INC .............. 134
31,892 oNATIONAL SEMICONDUCTOR CORP .......... 827
3,900 oOBJECTIVE SYSTEMS INTEGRATORS, INC ... 33
6,300 oPMC-SIERRA, INC ...................... 195
1,100 oRADISYS CORP ......................... 41
5,000 oRAMBUS, INC .......................... 229
12,100 oREAD RITE CORP ....................... 191
11,200 oS3, INC .............................. 56
4,100 oSANDISK CORP ......................... 83
5,000 oSANMINA CORP ......................... 339
3,100 oSAWTEK, INC .......................... 82
12,200 oSCI SYSTEMS, INC ..................... 531
8,800 oSILICON VALLEY GROUP, INC ............ 199
5,800 oSMART MODULAR TECHNOLOGIES, INC ...... 133
1,400 oSPEEDFAM INTERNATIONAL, INC .......... 37
36,060 oTELLABS, INC ......................... 1,907
85,300 TEXAS INSTRUMENTS, INC ............... 3,839
5,200 oUNITRODE CORP ........................ 112
18,036 oVISHAY INTERTECHNOLOGY, INC .......... 426
1,500 oVISX, INC ............................ 33
8,400 oVITESSE SEMICONDUCTOR CORP ........... 317
8,100 oVLSI TECHNOLOGY, INC ................. 191
14,400 oXILINX, INC .......................... 505
-----------
49,445
-----------
ENGINEERING AND ARCHITECTURAL
SERVICES--0.01%
6,100 oJACOBS ENGINEERING GROUP, INC ........ 155
-----------
See notes to financial statements.
-90-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
ENGINES AND TURBINES--0.14%
22,600 BRUNSWICK CORP ....................... $ 685
9,000 CUMMINS ENGINE CO, INC ............... 532
5,100 oDETROIT DIESEL CORP .................. 121
36,500 DRESSER INDUSTRIES, INC .............. 1,531
-----------
2,869
-----------
FABRICATED RUBBER PRODUCTS,
NEC--0.03%
8,500 CARLISLE COS, INC .................... 363
4,500 oFOAMEX INTERNATIONAL, INC ............ 49
7,800 GENCORP, INC ......................... 195
500 STANDARD PRODUCTS CO ................. 13
1,100 WEST CO, INC ......................... 33
-----------
653
-----------
FABRICATED STRUCTURAL
METAL PRODUCTS--0.03%
7,400 oMILLER INDUSTRIES, INC ............... 80
675 TRANSPRO, INC ........................ 6
9,800 TRINITY INDUSTRIES, INC .............. 437
-----------
523
-----------
FAMILY CLOTHING STORES--0.18%
67,050 GAP, INC ............................. 2,376
9,100 NORDSTROM, INC ....................... 549
15,400 oSAKS HOLDINGS, INC ................... 319
7,500 oSTAGE STORES, INC .................... 280
4,200 oSTEIN MART, INC ...................... 112
-----------
3,636
-----------
FARM AND GARDEN MACHINERY--0.24%
13,700 AGCO CORP ............................ 401
17,500 CASE CORP ............................ 1,058
56,200 DEERE & CO ........................... 3,277
2,400 TORO CO .............................. 102
-----------
4,838
-----------
FARM-PRODUCT RAW MATERIALS--0.04%
12,900 DIMON, INC ........................... 339
9,300 UNIVERSAL CORP ....................... 382
-----------
721
-----------
FEDERAL AND FEDERALLY-SPONSORED
CREDIT AGENCIES--1.05%
235,800 FEDERAL NATIONAL MORTGAGE
ASSOCIATION ......................... 13,455
151,900 FREDDIE MAC .......................... 6,370
10,800 SLM HOLDING CORP ..................... 1,503
2,000 STUDENT LOAN CORP .................... 99
-----------
21,427
-----------
FIRE, MARINE AND CASUALTY
INSURANCE--0.91%
12,150 ALLIED GROUP, INC .................... 348
87,228 ALLSTATE CORP ........................ 7,927
7,800 AMERICAN FINANCIAL GROUP, INC ........ 314
6,400 ARGONAUT GROUP, INC .................. 217
4,500 CITIZENS CORP ........................ 129
7,900 COMMERCE GROUP, INC .................. 258
3,800 ERIE INDEMNITY CO (CLASS A) .......... 112
8,700 FRONTIER INSURANCE GROUP, INC ........ 199
3,000 HARLEYSVILLE GROUP, INC .............. 72
22,600 HARTFORD FINANCIAL SERVICES
GROUP, INC .......................... 2,115
10,700 HCC INSURANCE HOLDINGS, INC .......... 227
9,000 HORACE MANN EDUCATORS CORP ........... 256
5,000 HSB GROUP, INC ....................... 276
300 oMARKEL CORP .......................... 47
VALUE
SHARES (000)
------ ----------
4,800 MERCURY GENERAL CORP ................. $ 265
8,700 NAC RE CORP .......................... 425
10,500 PROGRESSIVE CORP ..................... 1,259
28,600 SAFECO CORP .......................... 1,394
16,700 ST. PAUL COS, INC .................... 1,370
12,900 TIG HOLDINGS, INC .................... 428
2,850 TRANSATLANTIC HOLDINGS, INC .......... 204
22,800 USF&G CORP ........................... 503
5,400 VESTA INSURANCE GROUP, INC ........... 321
-----------
18,666
-----------
FLAT GLASS--0.10%
37,200 PPG INDUSTRIES, INC .................. 2,125
-----------
FOOTWEAR EXCEPT, RUBBER--0.03%
9,969 oFOOTSTAR, INC ........................ 268
600 JUSTIN INDUSTRIES, INC ............... 8
8,400 oNINE WEST GROUP, INC ................. 218
10,500 STRIDE RITE CORP ..................... 126
-----------
620
-----------
FREIGHT TRANSPORTATION
ARRANGEMENT--0.03%
5,000 AIRBORNE FREIGHT CORP ................ 311
8,300 EXPEDITORS INTERNATIONAL
OF WASHINGTON ....................... 320
3,000 oFRITZ COS, INC ....................... 42
-----------
673
-----------
FUNERAL SERVICE AND
CREMATORIES--0.13%
3,700 oEQUITY CORP INTERNATIONAL ............ 86
51,300 SERVICE CORP INTERNATIONAL ........... 1,895
12,500 STEWART ENTERPRISES, INC (CLASS A) ... 583
-----------
2,564
-----------
FURNITURE AND HOME FURNISHINGS
STORES--0.09%
9,300 oBED BATH & BEYOND, INC ............... 358
1,200 oBOMBAY, INC .......................... 6
7,800 ETHAN ALLEN INTERIORS, INC ........... 301
21,100 HEILIG MEYERS CO ..................... 253
5,400 oLINENS N THINGS, INC ................. 236
19,370 PIER 1 IMPORTS, INC .................. 438
4,500 oWILLIAMS-SONOMA, INC ................. 188
-----------
1,780
-----------
GAS PRODUCTION AND
DISTRIBUTION--0.58%
16,800 AGL RESOURCES, INC ................... 343
8,282 ATMOS ENERGY CORP .................... 251
22,900 COASTAL CORP ......................... 1,418
15,248 EL PASO NATURAL GAS CO ............... 1,014
8,200 EQUITABLE RESOURCES, INC ............. 290
7,500 INDIANA ENERGY, INC .................. 247
13,100 KEYSPAN ENERGY CORP .................. 482
5,000 KN ENERGY, INC ....................... 270
16,900 MCN ENERGY GROUP, INC ................ 682
6,500 MDU RESOURCES GROUP, INC ............. 206
11,500 NATIONAL FUEL GAS CO ................. 560
30,200 NGC CORP ............................. 529
11,400 NICOR, INC ........................... 481
11,900 NORTHWEST NATURAL GAS CO ............. 369
7,236 ONEOK, INC ........................... 292
6,300 PEOPLES ENERGY CORP .................. 248
9,489 PIEDMONT NATURAL GAS CO, INC ......... 341
8,200 oPRIMARK CORP ......................... 334
20,700 SONAT, INC ........................... 947
See notes to financial statements.
-91-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
GAS PRODUCTION AND
DISTRIBUTION-(Continued)
5,800 SOUTHWEST GAS CORP ................... $ 108
10,800 WASHINGTON GAS LIGHT CO .............. 334
3,300 WESTERN GAS RESOURCES, INC ........... 73
70,334 WILLIAMS COS, INC .................... 1,996
-----------
11,815
-----------
GENERAL INDUSTRIAL MACHINERY--0.43%
12,300 oCOLTEC INDUSTRIES, INC ............... 285
5,000 DONALDSON CO, INC .................... 225
11,800 FEDERAL-MOGUL CORP ................... 478
13,705 FLOWSERVE CORP ....................... 383
11,100 GENERAL SIGNAL CORP .................. 468
3,700 GRACO, INC ........................... 138
2,200 HELIX TECHNOLOGY CORP ................ 43
7,900 IDEX CORP ............................ 276
34,400 INGERSOLL-RAND CO .................... 1,393
9,800 KAYDON CORP .......................... 320
3,300 NORDSON CORP ......................... 151
28,700 PALL CORP ............................ 594
8,500 ROPER INDUSTRIES, INC ................ 240
13,100 SUNDSTRAND CORP ...................... 660
11,863 TIMKEN CO ............................ 408
58,790 TYCO INTERNATIONAL LTD ............... 2,649
-----------
8,711
-----------
GLASS AND GLASSWARE,
PRESSED OR BLOWN--0.20%
52,100 CORNING, INC ......................... 1,934
2,100 oDUPONT PHOTOMASKS, INC ............... 73
4,900 LANCASTER COLONY CORP ................ 276
3,700 LIBBEY, INC .......................... 140
10,000 OWENS CORNING CO ..................... 341
24,900 oOWENS ILLINOIS, INC .................. 945
8,500 oSOLA INTERNATIONAL, INC .............. 276
-----------
3,985
-----------
GOLD AND SILVER ORES--0.13%
18,600 oAMAX GOLD, INC ....................... 43
49,800 BATTLE MOUNTAIN GOLD CO .............. 293
4,500 oCOEUR DALENE MINES CORP .............. 41
17,692 FREEPORT MCMORAN COPPER & GOLD,
INC (CLASS A) ....................... 271
17,333 FREEPORT-MCMORAN COPPER & GOLD,
INC (CLASS B) ....................... 273
7,891 oGETCHELL GOLD CORP ................... 189
50,600 HOMESTAKE MINING CO .................. 449
3,800 NEWMONT GOLD CO ...................... 113
31,335 NEWMONT MINING CORP .................. 920
9,000 oSUNSHINE MINING & REFINING CO ........ 9
-----------
2,601
-----------
GRAIN MILL PRODUCTS--0.74%
122,575 ARCHER DANIELS MIDLAND CO ............ 2,658
32,700 CPC INTERNATIONAL, INC ............... 3,532
35,011 GENERAL MILLS, INC ................... 2,508
50,300 KELLOGG CO ........................... 2,496
30,500 QUAKER OATS CO ....................... 1,609
10,500 oRALCORP HOLDINGS, INC ................ 178
23,200 RALSTON PURINA CO .................... 2,156
-----------
15,137
-----------
GREETING CARDS--0.03%
14,000 AMERICAN GREETINGS CORP (CLASS A) .... 548
700 oGIBSON GREETINGS, INC ................ 15
-----------
563
-----------
VALUE
SHARES (000)
------ ---------
GROCERIES AND RELATED
PRODUCTS--0.24%
9,580 EARTHGRAINS CO ....................... $ 450
12,181 FLEMING COS, INC ..................... 164
21,850 FLOWERS INDUSTRIES, INC .............. 449
16,600 oGENERAL NUTRITION COS, INC ........... 564
10,790 oJP FOODSERVICE, INC .................. 399
12,050 RICHFOOD HOLDINGS, INC ............... 340
4,500 oSUIZA FOODS CORP ..................... 268
14,100 SUPERVALU, INC ....................... 590
38,400 SYSCO CORP ........................... 1,750
-----------
4,974
-----------
GROCERY STORES--0.61%
50,300 ALBERTSONS, INC ...................... 2,383
48,200 AMERICAN STORES CO ................... 991
83,500 FOOD LION, INC (CLASS B) ............. 689
19,400 GIANT FOOD, INC (CLASS A) ............ 654
8,000 GREAT ATLANTIC & PACIFIC TEA CO, INC . 238
12,600 HANNAFORD BROTHERS, INC .............. 547
48,200 oKROGER CO ............................ 1,780
4,212 oQUALITY FOOD CENTERS, INC ............ 282
54,242 oSAFEWAY, INC ......................... 3,431
21,700 oSOUTHLAND CORP ....................... 46
3,400 WEIS MARKETS, INC .................... 119
6,200 oWHOLE FOODS MARKET, INC .............. 317
21,100 WINN DIXIE STORES, INC ............... 922
-----------
12,399
-----------
GUIDED MISSILES, SPACE VEHICLES
AND PARTS--0.27%
37,576 LOCKHEED MARTIN CORP ................. 3,701
10,800 oORBITAL SCIENCES CORP ................ 321
27,500 TRW, INC ............................. 1,468
-----------
5,490
-----------
HARDWARE, PLUMBING AND HEATING
EQUIPMENT--0.01%
5,900 FASTENAL CO .......................... 226
-----------
HEALTH AND ALLIED SERVICES,
NEC--0.30%
2,900 oACCESS HEALTH, INC ................... 85
6,000 oBUCKEYE TECHNOLOGIES, INC ............ 278
1,800 oCOASTAL PHYSICIAN GROUP, INC ......... 1
80,244 oHEALTHSOUTH CORP ..................... 2,227
7,300 oLINCARE HOLDINGS, INC ................ 416
8,300 oMID ATLANTIC MEDICAL SERVICES, INC ... 106
14,500 oNOVACARE, INC ........................ 189
17,200 OMNICARE, INC ........................ 533
10,285 oPHARMERICA, INC ...................... 107
4,900 oRENAL CARE GROUP, INC ................ 157
6,400 oRENAL TREATMENT CENTERS, INC ......... 231
37,100 UNITED HEALTHCARE CORP ............... 1,843
-----------
6,173
-----------
HEAVY CONSTRUCTION,
EXCEPT HIGHWAY--0.04%
15,600 FLUOR CORP ........................... 583
15,900 oGLOBAL INDUSTRIES LTD ................ 270
-----------
853
-----------
HOLDING OFFICES--0.22%
14,100 AMBAC FINANCIAL GROUP, INC ........... 649
10,900 EVEREST REINSURANCE HOLDINGS, INC .... 450
28,504 HIBERNIA CORP (CLASS A) .............. 536
4,300 oSEACOR SMIT, INC ..................... 259
See notes to financial statements.
-92-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
HOLDING OFFICES-(Continued)
20,680 SIGMA ALDRICH CORP ................... $ 822
39,530 TENNECO, INC ......................... 1,561
10,100 UST CORP ............................. 280
-----------
4,557
-----------
HOME HEALTH CARE SERVICES--0.01%
14,200 oAPRIA HEALTHCARE GROUP, INC .......... 191
5,178 oCORAM HEALTHCARE CORP ................ 17
3,100 oMAXICARE HEALTH PLANS, INC ........... 34
-----------
242
-----------
HORTICULTURAL SPECIALTIES--0.09%
16,400 PIONEER-HI-BRED INTERNATIONAL, INC ... 1,759
-----------
HOSPITALS--0.42%
141,155 COLUMBIA/HCA HEALTHCARE CORP ......... 4,182
30,643 oHEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) ........................... 774
34,000 oHUMANA, INC .......................... 706
2,500 oPEDIATRIX MEDICAL GROUP, INC ......... 107
62,850 oTENET HEALTHCARE CORP ................ 2,082
10,200 oUNIVERSAL HEALTH SERVICES, INC ....... 514
12,615 oVENCOR, INC .......................... 308
-----------
8,673
-----------
HOTELS AND MOTELS--0.69%
2,600 oAVATEX CORP .......................... 5
9,300 oAZTAR CORP ........................... 58
7,350 oBRISTOL HOTEL CO ..................... 214
8,800 oCAPSTAR HOTEL CO ..................... 302
500 oCASINO MAGIC CORP .................... 1
177,030 oCENDANT CORP ......................... 6,085
11,500 oCHOICE HOTELS INTERNATIONAL, INC ..... 184
17,800 oEXTENDED STAY AMERICA, INC ........... 221
6,450 oGRAND CASINOS, INC ................... 88
21,600 oHARRAHS ENTERTAINMENT, INC ........... 408
38,800 HILTON HOTELS CORP ................... 1,154
41,600 oHOST MARRIOTT CORP ................... 816
1,940 oHOST MARRIOTT SERVICES CORP .......... 29
6,700 oINTERSTATE HOTELS CO ................. 235
14,650 LA QUINTA INNS, INC .................. 283
23,000 MARRIOTT INTERNATIONAL, INC .......... 1,593
7,100 oMGM GRAND, INC ....................... 256
3,600 oPRIMADONNA RESORTS, INC .............. 60
21,300 oPRIME HOSPITALITY CORP ............... 434
20,887 oPROMUS HOTEL CORP .................... 877
3,100 oRED ROOF INNS, INC ................... 47
800 oRIO HOTEL & CASINO, INC .............. 17
3,100 SHOWBOAT, INC ........................ 91
8,600 oSIGNATURE RESORTS, INC ............... 188
6,700 oSTATION CASINOS, INC ................. 68
3,833 oSUNBURST HOSPITALITY CORP ............ 38
5,100 oTRUMP HOTEL & CASINO RESORT, INC ..... 34
7,600 oVAIL RESORTS, INC .................... 197
1,450 oWHG RESORTS & CASINO, INC ............ 32
3,200 oWYNDHAM HOTEL CORP ................... 129
-----------
14,144
-----------
HOUSEHOLD APPLIANCE STORES--0.03%
14,900 SUNBEAM CORP ......................... 628
-----------
HOUSEHOLD APPLIANCES--2.73%
740,000 GENERAL ELECTRIC CO .................. 54,298
21,900 MAYTAG CO ............................ 817
13,100 WHIRLPOOL CORP ....................... 721
-----------
55,836
-----------
VALUE
SHARES (000)
------ ---------
HOUSEHOLD AUDIO AND
VIDEO EQUIPMENT--0.00%
4,400 oZENITH ELECTRONICS CORP .............. $ 24
-----------
HOUSEHOLD FURNITURE--0.06%
800 BASSETT FURNITURE INDUSTRIES, INC .... 24
14,600 oFURNITURE BRANDS
INTERNATIONAL, INC .................. 299
1,500 LA-Z-BOY, INC ........................ 65
21,000 LEGGETT & PLATT, INC ................. 879
-----------
1,267
-----------
INDUSTRIAL INORGANIC
CHEMICALS--0.43%
21,200 AIR PRODUCTS & CHEMICALS, INC ........ 1,744
15,100 oAIRGAS, INC .......................... 211
7,200 ALBEMARLE CORP ....................... 172
9,300 CALGON CARBON CORP ................... 100
20,900 ENGELHARD CORP ....................... 363
9,400 GEORGIA GULF CORP .................... 288
14,800 GRACE (W.R.) & CO .................... 1,190
12,600 GREAT LAKES CHEMICAL CORP ............ 565
13,500 oKAISER ALUMINUN CORP ................. 119
21,500 MILLENNIUM CHEMICAL, INC ............. 507
9,400 MINERALS TECHNOLOGIES, INC ........... 427
4,900 oNL INDUSTRIES, INC ................... 67
10,500 OLIN CORP ............................ 492
31,700 PRAXAIR, INC ......................... 1,427
23,900 UNION CARBIDE CORP ................... 1,026
-----------
8,698
-----------
INDUSTRIAL MACHINERY, NEC--0.03%
6,400 APPLIED POWER, INC (CLASS A) ......... 442
8,000 oUNOVA, INC ........................... 132
-----------
574
-----------
INDUSTRIAL ORGANIC CHEMICALS--0.12%
4,600 ARCO CHEMICAL CO ..................... 215
16,600 CROMPTON & KNOWLES CORP .............. 440
29,400 ETHYL CORP ........................... 226
12,600 LUBRIZOL CORP ........................ 465
1,700 oMIRAVANT MEDICAL TECHNOLOGY .......... 68
5,850 OM GROUP, INC ........................ 214
8,200 ROHM & HAAS CO ....................... 785
-----------
2,413
-----------
INSURANCE AGENTS, BROKERS,
AND SERVICE--0.27%
15,256 ALLMERICA FINANCIAL CORP ............. 762
29,150 AON CORP ............................. 1,709
9,350 BERKLEY (W.R.) CORP .................. 410
4,600 GALLAGHER (ARTHUR J.) & CO ........... 158
29,000 MARSH & MCLENNAN COS, INC ............ 2,162
9,200 SELECTIVE INSURANCE GROUP, INC ....... 248
-----------
5,449
-----------
INSURANCE CARRIERS, NEC--0.08%
17,200 MBIA, INC ............................ 1,149
15,900 WESTERN NATIONAL CORP ................ 471
-----------
1,620
-----------
IRON ORES--0.00%
2,100 CLEVELAND CLIFFS, INC ................ 96
-----------
JEWELRY, SILVERWARE AND
PLATED WARE--0.02%
8,400 JOSTENS, INC ......................... 194
6,600 TIFFANY & CO ......................... 238
-----------
432
-----------
See notes to financial statements.
-93-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
KNITTING MILLS--0.01%
6,900 ST. JOHN KNITS, INC .................. $ 276
-----------
LANDSCAPE AND HORTICULTURAL
SERVICES--0.01%
7,900 ROLLINS, INC ......................... 160
-----------
LAUNDRY, CLEANING AND
GARMENT SERVICES--0.07%
15,200 CINTAS CORP .......................... 593
6,900 G & K SERVICES, INC (CLASS A) ........ 290
11,700 NATIONAL SERVICE INDUSTRIES, INC ..... 580
-----------
1,463
-----------
LEAD AND ZINC ORES--0.00%
6,700 oHECLA MINING CO ...................... 33
-----------
LEATHER TANNING AND FINISHING--0.02%
15,362 WOLVERINE WORLD WIDE, INC ............ 348
-----------
LEGAL SERVICES--0.01%
7,200 oPREPAID LEGAL SERVICES, INC .......... 246
-----------
LIFE INSURANCE--3.21%
9,400 20TH CENTURY INDUSTRIES .............. 244
4,463 AEGON N.V. ARS ....................... 400
31,218 AETNA, INC ........................... 2,203
12,600 AMERICAN BANKERS INSURANCE
GROUP, INC ........................... 579
51,101 AMERICAN GENERAL CORP ................ 2,763
135,975 AMERICAN INTERNATIONAL GROUP, INC .... 14,787
500 AMERICAN NATIONAL INSURANCE CO ....... 47
3,800 AMERUS LIFE HOLDINGS, INC (CLASS A) .. 140
35,000 CHUBB CORP ........................... 2,647
15,800 CIGNA CORP ........................... 2,734
12,903 CINCINNATI FINANCIAL CORP ............ 1,816
39,184 CONSECO, INC ......................... 1,780
2,300 oDELPHI FINANCIAL GROUP, INC .......... 104
18,500 EQUITABLE COS, INC ................... 920
6,800 FREMONT GENERAL CORP ................. 372
18,200 GENERAL REINSURANCE CORP ............. 3,858
10,900 HARTFORD LIFE, INC (CLASS A) ......... 494
850 oHIGHLANDS INSURANCE GROUP, INC ....... 24
15,250 JEFFERSON-PILOT CORP ................. 1,188
5,700 JOHN ALDEN FINANCIAL CORP ............ 137
4,300 LIBERTY CORP ......................... 201
4,800 LIBERTY FINANCIAL COS, INC ........... 181
4,100 LIFE RE CORP ......................... 267
21,100 LINCOLN NATIONAL CORP ................ 1,648
15,600 LOEWS CORP ........................... 1,656
7,300 NATIONWIDE FINANCIAL SERVICES, INC
(CLASS A) ........................... 264
7,200 OHIO CASUALTY CORP ................... 321
17,850 OLD REPUBLIC INTERNATIONAL CORP ...... 664
8,800 ORION CAPITAL CORP ................... 409
10,300 PENNCORP FINANCIAL GROUP, INC ........ 368
7,800 PRESIDENTIAL LIFE CORP ............... 158
8,100 PROTECTIVE LIFE CORP ................. 484
14,108 oPROVIDENT COS, INC ................... 545
19,100 PROVIDIAN FINANCIAL CORP ............. 863
8,800 REINSURANCE GROUP OF AMERICA, INC .... 375
14,000 RELIANCE GROUP HOLDINGS, INC ......... 198
19,706 RELIASTAR FINANCIAL CORP ............. 812
41,600 SUNAMERICA, INC ...................... 1,778
28,300 TORCHMARK CORP ....................... 1,190
258,846 TRAVELERS GROUP, INC ................. 13,945
10,300 oUICI ................................. 359
28,500 UNUM CORP ............................ 1,550
-----------
65,473
-----------
VALUE
SHARES (000)
------ ---------
LOGGING--0.00%
1,857 DELTIC TIMBER CORP ................... $ 51
-----------
LUGGAGE--0.01%
4,400 oSAMSONITE CORP ....................... 139
-----------
LUMBER AND CONSTRUCTION
MATERIALS--0.07%
17,600 GEORGIA PACIFIC CORP
(PACKAGING GROUP) ................... 1,069
17,600 oGEORGIA PACIFIC CORP (TIMBER GROUP) .. 399
-----------
1,468
-----------
LUMBER AND OTHER BUILDING
MATERIALS--0.56%
5,700 oEAGLE HARDWARE & GARDEN, INC ......... 110
167,100 HOME DEPOT, INC ...................... 9,838
30,400 LOWES COS, INC ....................... 1,450
-----------
11,398
-----------
MACHINERY, EQUIPMENT,
AND SUPPLIES--0.01%
5,100 AAR CORP ............................. 198
-----------
MAILING, REPRODUCTION AND
STENOGRAPHIC SERVICES--0.01%
7,700 oADVO, INC ............................ 150
4,400 oAMERICAN BUSINESS INFORMATION, INC
(CLASS A) ........................... 46
4,400 oAMERICAN BUSINESS INFORMATION, INC
(CLASS B) ........................... 45
-----------
241
-----------
MANAGEMENT AND
PUBLIC RELATIONS--0.08%
5,400 oABR INFORMATION SERVICES, INC ........ 129
17,100 oCORRECTIONS CORP OF AMERICA .......... 634
9,800 oGARTNER GROUP, INC (CLASS A) ......... 365
12,100 oMEDAPHIS CORP ........................ 79
2,900 oWACKENHUT CORRECTIONS CORP ........... 78
19,100 WHEELABRATOR TECHNOLOGIES, INC ....... 307
2,500 oWHITTMAN HART, INC ................... 86
-----------
1,678
-----------
MANIFOLD BUSINESS FORMS--0.02%
2,900 STANDARD REGISTER, INC ............... 101
10,500 WALLACE COMPUTER SERVICES, INC ....... 408
-----------
509
-----------
MEASURING AND CONTROLLING
DEVICES--0.52%
5,600 oALLEN TELECOM, INC ................... 103
11,500 BECKMAN INSTRUMENTS, INC ............. 460
6,600 oBURR BROWN CORP ...................... 212
6,900 oC-CUBE MICROSYSTEMS, INC ............. 113
600 oCELLPRO, INC ......................... 1
10,100 oCOGNEX CORP .......................... 275
4,300 oCREDENCE SYSTEMS CORP ................ 127
7,600 oCYMER, INC ........................... 114
3,300 oDIONEX CORP .......................... 164
20,500 EG & G, INC .......................... 427
4,100 oELECTROGLAS, INC ..................... 63
10,200 FISHER SCIENTIFIC INTERNATIONAL, INC . 487
12,800 oGENRAD, INC .......................... 386
5,300 oHAEMONETICS CORP ..................... 74
29,800 HONEYWELL, INC ....................... 2,041
10,400 oINPUT/OUTPUT, INC .................... 309
22,000 JOHNSON CONTROLS, INC ................ 1,051
17,600 oKLA-TENCOR CORP ...................... 680
2,000 LIFE TECHNOLOGIES, INC ............... 67
See notes to financial statements.
-94-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
MEASURING AND CONTROLLING
DEVICES-(Continued)
2,600 oLTX CORP ............................. $ 12
16,100 MILLIPORE CORP ....................... 546
800 xoOMEGA ENVIRONMENTAL, INC ............. 0
11,900 PERKIN-ELMER CORP .................... 846
14,750 TEKTRONIX, INC ....................... 585
17,500 oTERADYNE, INC ........................ 560
3,968 oTHERMO INSTRUMENT SYSTEMS, INC ....... 137
2,300 oTHERMO OPTEK CORP .................... 35
322 oTHERMO VISION CORP ................... 3
4,100 oTHERMOQUEST CORP ..................... 74
8,800 oUNIPHASE CORP ........................ 364
8,800 oWATERS CORP .......................... 331
1,900 X RITE, INC .......................... 35
-----------
10,682
-----------
MEAT PRODUCTS--0.23%
14,300 BOB EVANS FARMS, INC ................. 316
14,200 CHIQUITA BRANDS INTERNATIONAL, INC ... 232
105,400 CONAGRA, INC ......................... 3,458
21,100 IBP, INC ............................. 442
8,800 oSMITHFIELD FOODS, INC ................ 290
353 WLR FOODS, INC ....................... 3
-----------
4,741
-----------
MEDICAL AND DENTAL
LABORATORIES--0.00%
3,775 oQUEST DIAGNOSTICS, INC ............... 64
-----------
MEDICAL INSTRUMENTS
AND SUPPLIES--1.83%
4,200 oACUSON CORP .......................... 70
20,200 oALZA CORP ............................ 643
4,400 ARROW INTERNATIONAL, INC ............. 163
7,100 oARTERIAL VASCULAR ENGINEERING, INC ... 462
3,100 oATL ULTRASOUND, INC .................. 143
6,300 BALLARD MEDICAL PRODUCTS CO .......... 153
12,400 BARD (C.R.), INC ..................... 388
24,400 BECTON DICKINSON & CO ................ 1,220
21,300 BIOMET, INC .......................... 546
25,552 oBOSTON SCIENTIFIC CORP ............... 1,172
1,300 oCNS, INC ............................. 9
2,200 oCYGNUS, INC .......................... 44
1,000 oCYTYC CORP ........................... 25
1,200 oDATASCOPE CORP ....................... 31
12,000 DENTSPLY INTERNATIONAL, INC .......... 366
3,300 DEPUY, INC ........................... 95
400 DIAGNOSTIC PRODUCTS CORP ............. 11
6,283 oFRESENIUS MEDICAL CARE AG ADR ........ 137
31,242 GUIDANT CORP ......................... 1,945
8,800 INVACARE CORP ........................ 191
3,200 oISOLYSER CO, INC ..................... 8
306,110 JOHNSON & JOHNSON CO ................. 20,165
104,700 MEDTRONIC, INC ....................... 5,477
7,700 MENTOR CORP .......................... 281
5,500 oSAFESKIN CORP ........................ 312
4,700 oSOFAMOR DANEK GROUP, INC ............. 306
18,600 oST. JUDE MEDICAL, INC ................ 567
8,710 oSTERIS CORP .......................... 420
15,300 STRYKER CORP ......................... 570
4,250 oSUMMIT TECHNOLOGY, INC ............... 19
2,200 oSUNRISE MEDICAL, INC ................. 34
11,400 oSYBRON INTERNATIONAL CORP ............ 535
7,500 oTHERMEDICS, INC ...................... 123
14,700 U.S. SURGICAL CORP ................... 431
VALUE
SHARES (000)
------ ---------
6,500 VARIAN ASSOCIATES, INC ............... $ 329
7,000 oVIVUS, INC ........................... 74
-----------
37,465
-----------
MEDICAL SERVICE AND
HEALTH INSURANCE--0.28%
26,750 AFLAC, INC ........................... 1,368
2,500 oCNA FINANCIAL CORP ................... 319
19,800 oCONCENTRA MANAGED CARE, INC .......... 668
7,600 oCOVENTRY CORP ........................ 116
26,670 oFOUNDATION HEALTH SYSTEMS (CLASS A) .. 597
5,400 oFPA MEDICAL MANAGEMENT, INC .......... 101
15,400 oOXFORD HEALTH PLANS, INC ............. 240
824 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS A) ........................... 41
9,420 oPACIFICARE HEALTH SYSTEMS, INC
(CLASS B) ........................... 493
3,600 oPHYMATRIX CORP ....................... 57
16,050 oQUORUM HEALTH GROUP, INC ............. 419
15,200 TRAVELERS PROPERTY CASUALTY CORP ..... 669
12,400 oTRIGON HEALTHCARE, INC ............... 324
1,600 UNITED WISCONSIN SERVICES, INC ....... 41
5,134 oWELLPOINT HEALTH NETWORKS, INC ....... 217
-----------
5,670
-----------
MEN'S AND BOYS' CLOTHING STORES--0.01%
5,900 oMENS WAREHOUSE, INC .................. 205
-----------
MEN'S AND BOYS' FURNISHINGS--0.13%
4,700 AUTHENTIC FITNESS CORP ............... 87
19,500 oFRUIT OF THE LOOM, INC (CLASS A) ..... 500
1,300 PHILLIPS VAN HEUSEN CORP ............. 19
7,800 RUSSELL CORP ......................... 207
29,300 VF CORP .............................. 1,346
17,000 WARNACO GROUP, INC (CLASS A) ......... 533
-----------
2,692
-----------
MEN'S AND BOYS' SUITS
AND COATS--0.01%
7,800 KELLWOOD CO .......................... 234
-----------
METAL CANS AND
SHIPPING CONTAINERS--0.09%
12,026 BALL CORP ............................ 425
25,200 CROWN CORK & SEAL CO, INC ............ 1,263
5,500 oSILGAN HOLDINGS, INC ................. 179
-----------
1,867
-----------
METAL FORGINGS AND STAMPINGS--0.13%
8,200 oHEXCEL CORP .......................... 204
11,800 MASCOTECH, INC ....................... 217
33,500 ROCKWELL INTERNATIONAL CORP .......... 1,750
6,900 oTOWER AUTOMOTIVE, INC ................ 290
7,700 oWYMAN-GORDON CO ...................... 151
-----------
2,612
-----------
METALS AND MINERALS,
EXCEPT PETROLEUM--0.01%
2,800 COMMERCIAL METALS CO ................. 88
260 WESCO FINANCIAL CORP ................. 78
-----------
166
-----------
METALWORKING MACHINERY--0.07%
18,300 BLACK & DECKER CORP .................. 715
8,400 CINCINNATI MILACRON, INC ............. 218
6,180 KENNAMETAL, INC ...................... 320
8,100 oMOHAWK INDUSTRIES, INC ............... 178
3,800 xoMOLTEN METAL TECHNOLOGY, INC ......... 0
-----------
1,431
-----------
See notes to financial statements.
-95-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
MILLWORK, PLYWOOD &
STRUCTURAL MEMBERS--0.00%
1,100 TJ INTERNATIONAL, INC ................ $ 27
-----------
MISCELLANEOUS AMUSEMENT, RECREATION
SERVICES--0.09%
2,300 oANCHOR GAMING CO ..................... 128
600 oARGOSY GAMING CORP ................... 2
850 oBALLY TOTAL FITNESS HOLDINGS CORP .... 19
12,800 oBOYD GAMING CORP ..................... 85
22,600 oCIRCUS CIRCUS ENTERPRISES, INC ....... 463
35,900 oMIRAGE RESORT, INC ................... 817
2,600 oPREMIER PARKS, INC ................... 105
2,300 oSCIENTIFIC GAMES HOLDINGS CORP ....... 47
5,500 oSPEEDWAY MOTORSPORTS, INC ............ 136
-----------
1,802
-----------
MISCELLANEOUS APPAREL AND
ACCESSORY STORES--0.06%
2,600 oCML GROUP, INC ....................... 9
37,700 TJX COS, INC ......................... 1,296
-----------
1,305
-----------
MISCELLANEOUS APPAREL
AND ACCESSORIES--0.02%
13,500 oNAUTICA ENTERPRISES, INC ............. 314
-----------
MISCELLANEOUS BUSINESS
SERVICES--0.21%
3,400 oAPAC TELESERVICES, INC ............... 46
4,100 oCARIBINER INTERNATIONAL, INC ......... 182
10,000 oCHECKFREE CORP ....................... 270
32,100 EQUIFAX, INC ......................... 1,138
1,500 FAIR ISSAC & CO, INC ................. 50
6,600 oHEALTHCARE COMPARE CO ................ 337
6,300 oINTERMEDIA COMMUNICATIONS, INC ....... 383
13,000 oMETROMEDIA INTERNATIONAL
GROUP, INC .......................... 124
4,900 oNOVA CORP ............................ 123
26,800 oPAGING NETWORK, INC .................. 288
4,500 oPAYMENTECH, INC ...................... 66
9,000 PITTSTON BRINKS GROUP CO ............. 362
3,250 oPLAYERS INTERNATIONAL, INC ........... 10
5,600 oSITEL CORP ........................... 51
13,500 SOTHEBYS HOLDINGS, INC (CLASS A) ..... 250
3,000 oSPS TRANSACTION SERVICES, INC ........ 68
5,200 oSYLVAN LEARNING SYSTEMS, INC ......... 203
5,600 oTELETECH HOLDINGS, INC ............... 64
19,300 VIAD CORP ............................ 373
-----------
4,388
-----------
MISCELLANEOUS CHEMICAL
PRODUCTS--0.23%
8,000 BETZDEARBORN, INC .................... 489
16,300 CABOT CORP ........................... 450
10,900 oCYTEC INDUSTRIES, INC ................ 512
2,942 FULLER (H.B.) CO ..................... 146
29,200 MORTON INTERNATIONAL, INC ............ 1,004
15,100 NALCO CHEMICAL CORP .................. 597
8,300 oSCHERER (R.P.) CORP .................. 506
8,200 oSMITH INTERNATIONAL, INC ............. 503
4,800 THIOKOL CORP ......................... 390
-----------
4,597
-----------
MISCELLANEOUS CONVERTED PAPER
PRODUCTS--0.48%
7,700 oAMERICAN PAD & PAPER CO .............. 74
18,400 AVERY DENNISON CORP .................. 823
12,600 BEMIS, INC ........................... 555
270 oCROWN VANTAGE, INC ................... 2
VALUE
SHARES (000)
------ ---------
10,700 FIRST BRANDS CORP .................... $ 288
25,675 FORT JAMES CORP ...................... 982
118,308 KIMBERLY-CLARK CORP .................. 5,834
5,900 oMAIL-WELL, INC ....................... 239
8,625 oPAXAR CORP ........................... 128
8,700 oPLAYTEX PRODUCTS, INC ................ 89
1,900 oSHOREWOOD PACKAGING CORP ............. 51
20,030 SONOCO PRODUCTS CO ................... 695
-----------
9,760
-----------
MISCELLANEOUS DURABLE GOODS--0.10%
43,900 oCOSTCO COS, INC ...................... 1,959
1,800 oHANDLEMAN CO ......................... 12
-----------
1,971
-----------
MISCELLANEOUS ELECTRICAL EQUIPMENT
AND SUPPLIES--0.03%
5,400 oAPPLIED MAGNETICS CORP ............... 60
4,600 EXIDE CORP ........................... 119
3,700 oHUTCHINSON TECHNOLOGY, INC ........... 81
13,200 oKOMAG, INC ........................... 196
3,000 KUHLMAN CORP ......................... 117
-----------
573
-----------
MISCELLANEOUS EQUIPMENT RENTAL
AND LEASING--0.01%
9,300 oANIXTER INTERNATIONAL, INC ........... 153
4,000 oUS RENTALS, INC ...................... 94
-----------
247
-----------
MISCELLANEOUS FABRICATED METAL
PRODUCTS--0.13%
5,700 AEROQUIP-VICKERS, INC ................ 280
10,150 CRANE CO ............................. 440
12,200 HARSCO CORP .......................... 526
24,475 PARKER-HANNIFIN CORP ................. 1,123
8,600 POLARIS INDUSTRIES, INC .............. 263
1,800 WATTS INDUSTRIES, INC (CLASS A) ...... 51
-----------
2,683
-----------
MISCELLANEOUS FOOD AND KINDRED
PRODUCTS--0.04%
16,200 MCCORMICK & CO, INC (NON-VOTE) ....... 454
7,200 UNIVERSAL FOODS CORP ................. 304
-----------
758
-----------
MISCELLANEOUS FOOD STORES--0.03%
3,200 NATURES SUNSHINE PRODUCTS, INC ....... 83
16,300 oSTARBUCKS CORP ....................... 626
-----------
709
-----------
MISCELLANEOUS GENERAL MERCHANDISE
STORES--0.05%
11,500 CASEYS GENERAL STORES, INC ........... 292
21,393 DOLLAR GENERAL CORP .................. 775
-----------
1,067
-----------
MISCELLANEOUS INVESTING--1.39%
3,600 AMERICAN HEALTH PROPERTIES, INC ...... 99
16,200 APARTMENT INVESTMENT &
MANAGEMENT CO ....................... 595
16,500 ARDEN REALTY GROUP, INC .............. 507
6,900 AVALON PROPERTIES, INC ............... 213
14,600 BAY APARTMENT COMMUNITIES, INC ....... 569
6,400 BRE PROPERTIES, INC (CLASS A) ........ 180
17,100 CAMDEN PROPERTY TRUST ................ 530
36,096 CAPSTEAD MORTGAGE CORP ............... 720
9,000 CARRAMERICA REALTY CORP .............. 285
1,300 CBL & ASSOCIATES PROPERTIES, INC ..... 32
13,900 CHATEAU PROPERTIES, INC .............. 438
See notes to financial statements.
-96-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
MISCELLANEOUS INVESTING-(Continued)
14,200 oCORNERSTONE PROPERTIES, INC .......... $ 272
3,900 COUSINS PROPERTIES, INC .............. 114
36,100 CRESCENT REAL ESTATE EQUITIES, INC ... 1,421
1,040 oCRESECENT OPERATING, INC ............. 25
8,500 DEVELOPERS DIVERSIFIED REALTY CORP ... 325
30,163 DUKE REALTY INVESTMENTS, INC ......... 731
20,805 DYNEX CAPITAL, INC ................... 277
846 oECHELON INTERNATIONAL CORP ........... 19
29,909 oEQUITY OFFICE PROPERTIES TRUST ....... 944
24,000 EQUITY RESIDENTIAL PROPERTIES
TRUST CO ............................ 1,214
6,800 FEDERAL REALTY INVESTMENT TRUST ...... 175
37,900 FELCOR SUITE HOTELS, INC ............. 1,345
14,500 FIRST INDUSTRIAL REALTY TRUST, INC ... 524
7,000 GENERAL GROWTH PROPERTIES, INC ....... 253
4,700 oGLENBOROUGH REALTY TRUST, INC ........ 139
2,800 GLIMCHER REALTY TRUST ................ 63
43,900 HEALTH AND RETIREMENT
PROPERTY TRUST ...................... 878
5,900 HEALTH CARE PROPERTY INVESTORS, INC .. 223
26,000 HIGHWOODS PROPERTIES, INC ............ 967
2,246 oHOMESTEAD VILLAGE, INC ............... 34
14,400 HOSPITALITY PROPERTIES TRUST ......... 473
42,538 INMC MORTGAGE HOLDINGS, INC .......... 997
13,450 KIMCO REALTY CORP .................... 474
26,100 LIBERTY PROPERTY TRUST CO ............ 745
10,350 LNR PROPERTY CORP .................... 245
1,700 MACERICH CO .......................... 48
18,700 MACK-CALI REALTY CORP ................ 767
2,300 MANUFACTURED HOME
COMMUNITIES, INC .................... 62
16,461 oMEDITRUST CORP PAIRED ................ 603
9,603 MERRY LAND & INVESTMENT CO, INC ...... 220
3,900 NATIONAL HEALTH INVESTORS, INC ....... 163
10,100 NATIONWIDE HEALTH PROPERTIES, INC .... 258
17,007 NEW PLAN REALTY TRUST ................ 434
2,200 OMEGA HEALTHCARE INVESTORS, INC ...... 85
3,999 PATRIOT AMERICAN HOSPITALITY, INC .... 115
800 oPEC ISRAEL ECONOMIC CORP ............. 17
6,000 POST PROPERTIES, INC ................. 244
18,200 PRENTISS PROPERTIES TRUST ............ 508
22,300 PUBLIC STORAGE, INC .................. 655
20,700 REALTY INCOME CORP ................... 527
11,200 RECKSON ASSOCIATES REALTY CORP ....... 284
5,300 REDWOOD TRUST, INC ................... 108
4,200 RFS HOTEL INVESTORS, INC ............. 84
12,037 SECURITY CAPITAL ATLANTIC, INC ....... 254
1,763 oSECURITY CAPITAL GROUP, INC
WTS 09/18/98 ........................ 9
21,263 SECURITY CAPITAL INDUSTRIAL TRUST .... 529
25,942 SECURITY CAPITAL PACIFIC TRUST ....... 629
4,900 SHURGARD STORAGE CENTERS, INC ........ 142
39,556 SIMON DEBARTOLO GROUP, INC ........... 1,293
22,500 SPIEKER PROPERTIES, INC .............. 965
11,400 STORAGE USA, INC ..................... 455
12,500 TAUBMAN CENTERS, INC ................. 163
43,559 UNITED DOMINION REALTY TRUST, INC .... 607
17,200 VORNADO REALTY TRUST ................. 807
6,800 WASHINGTON REAL ESTATE
INVESTMENT TRUST .................... 114
800 oWELLSFORD REAL PROPERTIES, INC ....... 13
13,000 WESTFIELD AMERICA, INC ............... 221
-----------
28,428
-----------
VALUE
SHARES (000)
------ ---------
MISCELLANEOUS MANUFACTURES--0.10%
9,300 ARMSTRONG WORLD INDUSTRIES, INC ...... $ 695
1,500 oAUTOTOTE CORP (CLASS A) .............. 4
8,600 oBLYTH INDUSTRIES, INC ................ 257
5,400 BRADY (W.H.) CO (CLASS A) ............ 167
22,400 INTERNATIONAL GAME TECHNOLOGY CO ..... 566
2,600 NACCO INDUSTRIES, INC (CLASS A) ...... 279
2,000 oSODAK GAMING, INC .................... 13
5,800 oWMS INDUSTRIES, INC .................. 123
-----------
2,104
-----------
MISCELLANEOUS METAL ORES--0.00%
4,500 oSTILLWATER MINING CO ................. 75
-----------
MISCELLANEOUS NONDURABLE GOODS--0.02%
3,600 oDEPARTMENT 56, INC ................... 104
3,700 RUSS BERRIE & CO, INC ................ 97
20,000 TERRA INDUSTRIES, INC ................ 261
-----------
462
-----------
MISCELLANEOUS NONMETALLIC MINERAL
PRODUCTS--0.37%
93,100 MINNESOTA MINING &
MANUFACTURING CO .................... 7,640
-----------
MISCELLANEOUS NONMETALLIC MINERALS--0.00%
7,900 JOHNS MANVILLE CORP .................. 79
-----------
MISCELLANEOUS PERSONAL SERVICES--0.05%
22,700 BLOCK (H&R), INC ..................... 1,017
3,200 oTHERMOLASE CORP ...................... 34
-----------
1,051
-----------
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS--0.41%
22,400 AMERADA HESS CORP .................... 1,229
118,706 oTEXACO, INC .......................... 6,455
16,900 WITCO CORP ........................... 690
-----------
8,374
-----------
MISCELLANEOUS PLASTICS PRODUCTS, NEC--0.75%
4,500 APTARGROUP, INC ...................... 250
51,500 DOW CHEMICAL CO ...................... 5,227
134,900 MONSANTO CO .......................... 5,666
14,600 PREMARK INTERNATIONAL, INC ........... 423
18,400 RAYCHEM CORP ......................... 792
33,100 RUBBERMAID, INC ...................... 828
16,775 SCHULMAN (A.), INC ................... 421
9,000 oSEALED AIR CORP ...................... 556
22,080 SOLUTIA, INC ......................... 589
3,300 oSYNETIC, INC ......................... 120
2,600 TREDEGAR INDUSTRIES, INC ............. 171
11,200 TUPPERWARE CORP ...................... 312
-----------
15,355
-----------
MISCELLANEOUS SHOPPING
GOOD STORES--0.23%
2,700 oAMAZON.COM, INC ...................... 163
10,800 oBARNES & NOBLE, INC .................. 360
17,200 oBORDERS GROUP, INC ................... 539
800 oJUMBOSPORTS, INC ..................... 1
6,500 oMICHAELS STORES, INC ................. 190
32,650 oOFFICE DEPOT, INC .................... 782
25,600 oOFFICEMAX, INC ....................... 365
9,050 oTHE SPORTS AUTHORITY, INC ............ 133
59,801 oTOYS R US, INC ....................... 1,880
11,900 oZALE CORP ............................ 274
-----------
4,687
-----------
See notes to financial statements.
-97-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
MISCELLANEOUS TRANSPORTATION
EQUIPMENT--0.02%
2,600 ARCTIC CAT, INC ...................... $ 25
8,300 FLEETWOOD ENTERPRISES, INC ........... 352
-----------
377
-----------
MOBILE HOME DEALERS--0.02%
10,800 OAKWOOD HOMES CORP ................... 358
-----------
MORTGAGE BANKERS
AND BROKERS--0.49%
6,100 AAMES FINANCIAL CORP ................. 79
2,500 oCITYSCAPE FINANCIAL CORP ............. 1
2,800 oCONTIFINANCIAL CORP .................. 71
20,705 COUNTRYWIDE CREDIT INDUSTRIES, INC ... 888
129,635 FIRST UNION CORP ..................... 6,644
28,300 GREEN TREE FINANCIAL CORP ............ 741
8,400 oHOMESIDE, INC ........................ 232
6,700 oIMPERIAL CREDIT INDUSTRIES, INC ...... 137
3,800 PMI GROUP, INC ....................... 275
8,200 PULTE CORP ........................... 343
600 SIRROM CAPITAL CORP .................. 31
7,280 UNITED COS FINANCIAL CORP ............ 113
7,000 UNITRIN, INC ......................... 452
-----------
10,007
-----------
MOTION PICTURE PRODUCTION
AND SERVICES--0.87%
155,926 DISNEY (WALT) CO ..................... 15,446
8,300 KING WORLD PRODUCTIONS, INC .......... 479
45,882 oLIBERTY MEDIA GROUP (CLASS A) ........ 1,663
5,600 oPIXAR, INC ........................... 121
10,000 oSPELLING ENTERTAINMENT GROUP, INC .... 70
-----------
17,779
-----------
MOTION PICTURE THEATERS--0.04%
11,000 HARCOURT GENERAL, INC ................ 602
1,000 oMOVIE GALLERY, INC ................... 3
9,300 oREGAL CINEMAS, INC ................... 259
-----------
864
-----------
MOTOR VEHICLES
AND EQUIPMENT--1.97%
11,400 ARVIN INDUSTRIES, INC ................ 380
22,799 AUTOLIV, INC ......................... 747
132,162 CHRYSLER CORP ........................ 4,650
2,600 COACHMEN INDUSTRIES, INC ............. 56
22,400 DANA CORP ............................ 1,064
7,800 DANAHER CORP ......................... 492
20,600 EATON CORP ........................... 1,839
19,800 ECHLIN, INC .......................... 717
257,400 FORD MOTOR CO ........................ 12,532
163,500 GENERAL MOTORS CORP .................. 9,912
29,000 GENERAL MOTORS CORP (CLASS H) ........ 1,071
9,260 oHAYES LEMMERZ INTERNATIONAL, INC ..... 259
42,400 ILLINOIS TOOL WORKS, INC ............. 2,549
15,100 oLEAR CORP ............................ 717
6,348 LUCASVARITY PLC ADR .................. 221
15,633 MERITOR AUTOMOTIVE, INC .............. 329
5,100 MODINE MANUFACTURING CO .............. 174
18,900 oNAVISTAR INTERNATIONAL CORP .......... 469
14,600 PACCAR, INC .......................... 767
5,700 REGAL-BELOIT CORP .................... 169
5,900 SMITH (A.O.) CORP .................... 249
5,700 SPX CORP ............................. 393
6,200 SUPERIOR INDUSTRIES
INTERNATIONAL, INC .................. 166
VALUE
SHARES (000)
------ ---------
7,700 TELEFLEX, INC ........................ $ 291
2,600 WABASH NATIONAL CORP ................. 74
-----------
40,287
-----------
MOTOR VEHICLES, PARTS,
AND SUPPLIES--0.06%
36,600 GENUINE PARTS CO ..................... 1,242
800 oINSURANCE AUTO AUCTIONS, INC ......... 9
1,800 oTBC CORP ............................. 17
-----------
1,268
-----------
MOTORCYCLES, BICYCLES,
AND PARTS--0.04%
30,900 HARLEY DAVIDSON, INC ................. 846
-----------
NATURAL GAS LIQUIDS--0.07%
10,800 COLUMBIA GAS SYSTEMS, INC ............ 848
4,400 NEW JERSEY RESOURCES CORP ............ 176
5,625 oTEJAS GAS CORP ....................... 345
-----------
1,369
-----------
NEW AND USED CAR DEALERS--0.04%
30,800 oAUTOZONE, INC ........................ 893
-----------
NEWSPAPERS--0.60%
7,700 BELO (A.H.) CORP SERIES A ............ 432
3,200 CENTRAL NEWSPAPERS, INC (CLASS A) .... 237
11,000 DOW JONES & CO, INC .................. 591
58,500 GANNETT CO, INC ...................... 3,616
8,800 HARTE-HANKS COMMUNICATIONS, INC ...... 327
14,400 HOLLINGER INTERNATIONAL, INC ......... 202
11,100 oJOURNAL REGISTER CO .................. 233
18,300 KNIGHT-RIDDER, INC ................... 952
9,400 LEE ENTERPRISES, INC ................. 278
3,100 MEDIA GENERAL, INC (CLASS A) ......... 130
17,300 NEW YORK TIMES CO (CLASS A) .......... 1,144
27,387 NEWS CORP LTD ADR (LTD-VOTE) ......... 544
9,700 SCRIPPS (E.W.) CO (CLASS A) .......... 470
16,100 TIMES MIRROR CO SERIES A ............. 990
20,600 TRIBUNE CO ........................... 1,282
1,500 WASHINGTON POST CO (CLASS B) ......... 730
-----------
12,158
-----------
NONFERROUS FOUNDRIES
(CASTINGS)--0.00%
1,100 STANDEX INTERNATIONAL CORP ........... 39
-----------
NONFERROUS ROLLING
AND DRAWING--0.08%
11,100 BELDEN, INC .......................... 391
4,200 oCABLE DESIGN TECHNOLOGIES CO ......... 163
7,733 oCOMMSCOPE, INC ....................... 104
4,700 oESSEX INTERNATIONAL, INC ............. 140
8,500 oGENERAL CABLE CORP ................... 308
5,300 oMUELLER INDUSTRIES, INC .............. 313
1,500 oOREGON METALLURICAL CORP ............. 50
2,400 oRMI TITANIUM CO ...................... 48
4,600 oWOLVERINE TUBE, INC .................. 143
-----------
1,660
-----------
NONSTORE RETAILERS--0.25%
2,800 oBRYLANE, INC ......................... 138
1,750 oCDW COMPUTER CENTERS, INC ............ 91
14,400 FINGERHUT COS, INC ................... 308
2,900 oGLOBAL DIRECTMAIL CORP ............... 50
4,800 oLANDS END, INC ....................... 168
6,600 oMICRO WAREHOUSE, INC ................. 92
4,600 oMSC INDUSTRIAL DIRECT CO (CLASS A) ... 193
80,300 SEARS ROEBUCK & CO ................... 3,634
17,200 oSERVICE MERCHANDISE, INC ............. 37
See notes to financial statements.
-98-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
NONSTORE RETAILERS-(Continued)
600 oSPIEGEL, INC (CLASS A) ............... $ 3
4,500 STANHOME, INC ........................ 116
15,900 oVIKING OFFICE PRODUCTS, INC .......... 347
-----------
5,177
-----------
NURSING AND PERSONAL CARE
FACILITIES--0.08%
22,600 oBEVERLY ENTERPRISES, INC ............. 294
10,600 oGENESIS HEALTH VENTURES, INC ......... 280
9,050 oHEALTH CARE & RETIREMENT CORP ........ 364
1,214 oLCA-VISION, INC ...................... 1
9,800 MANOR CARE, INC ...................... 343
5,000 oMARINER HEALTH GROUP, INC ............ 81
3,099 oPARAGON HEALTH NETWORK, INC .......... 61
2,800 oSUNRISE ASSISTED LIVING, INC ......... 121
-----------
1,545
-----------
OFFICE FURNITURE--0.08%
5,000 HON INDUSTRIES, INC .................. 295
10,000 KIMBALL INTERNATIONAL, INC (CLASS B) . 184
3,300 oKNOLL, INC ........................... 106
10,100 MILLER (HERMAN), INC ................. 551
18,700 U.S. INDUSTRIES, INC ................. 563
-----------
1,699
-----------
OFFICES & CLINICS OF
MEDICAL DOCTORS--0.06%
2,300 oINTEGRATED SILICON SOLUTION, INC ..... 18
7,100 oMAGELLAN HEALTH SERVICES, INC ........ 153
13,025 oPHYCOR, INC .......................... 352
11,400 oPHYSICIAN SALES & SERVICE, INC ....... 245
5,400 oPHYSICIANS RESOURCE GROUP, INC ....... 24
4,800 oSIERRA HEALTH SERVICES, INC .......... 161
10,666 oTOTAL RENAL CARE HOLDINGS, INC ....... 293
-----------
1,246
-----------
OFFICES AND CLINICS OF
DENTISTS--0.01%
9,000 oORTHODONTIC CENTERS OF AMERICA, INC .. 150
-----------
OFFICES OF OTHER HEALTH
PRACTITIONERS--0.00%
4,900 oPHYSICIAN RELIANCE NETWORK, INC ...... 51
-----------
OIL AND GAS EXTRACTION--3.73%
112,800 AMOCO CORP ........................... 9,602
11,800 ANADARKO PETROLEUM CORP .............. 716
18,100 APACHE CORP .......................... 635
13,800 ASHLAND, INC ......................... 741
11,700 oBARNETT RESOURCES CORP ............... 354
2,300 oBELCO OIL & GAS CORP ................. 43
6,900 oBROWN (TOM), INC ..................... 133
36,765 BURLINGTON RESOURCES, INC ............ 1,648
1,400 CABOT OIL & GAS CORP (CLASS A) ....... 27
11,000 CHESAPEAKE ENERGY CORP ............... 83
20,300 CONSOLIDATED NATURAL GAS CO .......... 1,228
9,900 CROSS TIMBERS OIL CO ................. 247
6,900 DEVON ENERGY CORP .................... 266
45,243 oEEX CORP ............................. 410
12,900 ENRON OIL & GAS CO ................... 273
567,300 EXXON CORP ........................... 34,712
6,800 oFORCENERGY GAS EXPLORATION, INC ...... 178
3,800 oFOREST OIL CORP ...................... 63
23,100 oGREY WOLF, INC ....................... 124
6,900 HELMERICH & PAYNE, INC ............... 468
6,800 KCS ENERGY, INC ...................... 141
9,500 KERR-MCGEE CORP ...................... 601
VALUE
SHARES (000)
------ ---------
575 oMCMORAN OIL & GAS CO ................. $ 2
2,200 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS A) ...................... 65
180,600 MOBIL CORP ........................... 13,037
11,000 oNEWFIELD EXPLORATION CO .............. 256
10,900 NOBLE AFFILIATES, INC ................ 384
6,800 oNUEVO ENERGY CO ...................... 277
71,300 OCCIDENTAL PETROLEUM CORP ............ 2,090
24,500 oORYX ENERGY CO ....................... 625
44,500 PHILLIPS PETROLEUM CO ................ 2,164
16,000 oPIONEER NATURAL RESOURCES CO ......... 463
7,400 POGO PRODUCING CO .................... 218
14,300 QUESTAR CORP ......................... 638
1,000 oRUTHERFORD-MORAN OIL CORP ............ 18
27,500 oSANTA FE ENERGY RESOURCES, INC ....... 309
12,792 oSEAGULL ENERGY CORP .................. 264
8,800 SNYDER OIL CORP ...................... 161
1,300 SOUTHWESTERN ENERGY CO ............... 17
3,850 oSWIFT ENERGY CO ...................... 81
1,000 oTRANSTEXAS GAS CORP .................. 15
2,700 oTRITON ENERGY LTD .................... 79
54,792 UNION PACIFIC RESOURCES GROUP, INC ... 1,329
16,700 UNION TEXAS PETROLEUM
HOLDINGS, INC ....................... 348
3,700 VASTAR RESOURCES, INC ................ 132
10,200 VINTAGE PETROLEUM, INC ............... 194
9,000 WICOR, INC ........................... 418
-----------
76,277
-----------
OIL AND GAS FIELD SERVICES--0.73%
2,600 oATWOOD OCEANICS, INC ................. 123
6,100 oBENTON OIL & GAS CO .................. 79
7,650 oBJ SERVICES CO ....................... 550
160 oBJ SERVICES CO WTS 04/13/00 .......... 7
3,800 oCLIFFS DRILLING CO ................... 190
15,500 DIAMOND OFFSHORE DRILLING, INC ....... 746
30,450 ENSCO INTERNATIONAL, INC ............. 1,020
17,400 oFALCON DRILLING CO, INC .............. 610
29,900 oGLOBAL MARINE, INC ................... 733
57,072 HALLIBURTON CO ....................... 2,964
13,900 oMARINE DRILLING CO, INC .............. 288
21,500 oNABORS INDUSTRIES, INC ............... 676
20,000 oNEWPARK RESOURCES, INC ............... 350
25,700 oNOBLE DRILLING CORP .................. 787
3,600 oOCEAN ENERGY, INC .................... 178
16,700 PACIFIC ENTERPRISES, INC ............. 628
25,000 oPARKER DRILLING CO ................... 305
2,800 oPATTERSON ENERGY, INC ................ 108
9,900 oPRIDE INTERNATIONAL, INC ............. 250
14,200 oREADING & BATES CORP ................. 595
16,300 oROWAN COS, INC ....................... 497
22,000 TRANSOCEAN OFFSHORE, INC ............. 1,060
14,700 oTUBOSCOPE, INC ....................... 354
9,500 oUNITED MERIDIAN CORP ................. 267
6,000 oVERITAS DGC, INC ..................... 237
11,400 oWEATHERFORD ENTERRA, INC ............. 499
10,300 oWESTERN ATLAS, INC ................... 762
-----------
14,863
-----------
OPERATIVE BUILDERS--0.07%
6,500 CENTEX CORP .......................... 409
4,700 oFAIRFIELD COMMUNITIES, INC ........... 208
10,400 HILLENBRAND INDUSTRIES, INC .......... 532
12,150 LENNAR CORP .......................... 262
-----------
1,411
-----------
See notes to financial statements.
-99-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
OPHTHALMIC GOODS--0.03%
12,000 BAUSCH & LOMB, INC ................... $ 476
3,700 oCOLE NATIONAL CORP (CLASS A) ......... 111
-----------
587
-----------
ORDNANCE AND ACCESSORIES, NEC--0.02%
4,700 oALLIANT TECHSYSTEMS, INC ............. 262
7,400 oCOLEMAN CO, INC ...................... 119
4,200 STRUM, RUGER & CO, INC ............... 77
-----------
458
-----------
PAINT, GLASS AND WALLPAPER
STORES--0.01%
9,800 APOGEE ENTERPRISES, INC .............. 116
-----------
PAINTS AND ALLIED PRODUCTS--0.11%
10,000 DEXTER CORP .......................... 432
10,000 FERRO CORP ........................... 243
28,437 RPM, INC ............................. 434
31,600 SHERWIN-WILLIAMS CO .................. 877
7,900 VALSPAR CORP ......................... 252
-----------
2,238
-----------
PAPER AND PAPER PRODUCTS--0.14%
2,200 oBOISE CASCADE OFFICE PRODUCTS CORP ... 33
26,790 oCORPORATE EXPRESS, INC ............... 345
30,400 IKON OFFICE SOLUTIONS, INC ........... 855
34,050 oSTAPLES, INC ......................... 945
25,350 oU.S. OFFICE PRODUCTS CO .............. 497
19,050 UNISOURCE WORLDWIDE, INC ............. 271
-----------
2,946
-----------
PAPER MILLS--0.25%
8,400 BOWATER, INC ......................... 373
19,500 CHAMPION INTERNATIONAL CORP .......... 884
6,300 CONSOLIDATED PAPERS, INC ............. 336
9,100 GLATFELTER (P.H.) CO ................. 169
14,100 LONGVIEW FIBRE CO .................... 214
21,200 MEAD CORP ............................ 594
10,800 PENTAIR, INC ......................... 388
7,000 POTLATCH CORP ........................ 301
5,760 SCHWEITZER-MAUDUIT
INTERNATIONAL, INC ................... 215
14,500 UNION CAMP CORP ...................... 778
7,325 WAUSAU-MOSINEE PAPER CORP ............ 147
19,450 WESTVACO CORP ........................ 611
-----------
5,010
-----------
PAPERBOARD CONTAINERS
AND BOXES--0.02%
5,500 oACX TECHNOLOGIES, INC ................ 134
6,500 oGAYLORD CONTAINER CO ................. 37
22,000 oSTONE CONTAINER CORP ................. 230
-----------
401
-----------
PAPERBOARD MILLS--0.17%
7,300 CARAUSTAR INDUSTRIES, INC ............ 250
6,400 CHESAPEAKE CORP ...................... 220
62,548 INTERNATIONAL PAPER CO ............... 2,697
5,300 oJEFFERSON SMURFIT CORP ............... 75
1,800 ST. JOE CORP ......................... 163
-----------
3,405
-----------
PASSENGER TRANSPORTATION
ARRANGEMENT--0.46%
102,700 AMERICAN EXPRESS CO .................. 9,166
1,000 oMESA AIR GROUP, INC .................. 5
6,200 oSABRE GROUP HOLDINGS, INC ............ 179
-----------
9,350
-----------
VALUE
SHARES (000)
------ ----------
PENS, PENCILS, OFFICE AND
ART SUPPLIES--0.00%
3,500 oNU KOTE HOLDING, INC (CLASS A) ....... $ 2
-----------
PENSION, HEALTH AND
WELFARE FUNDS--0.00%
4,100 AMERICAN ANNUITY GROUP, INC .......... 90
-----------
PERIODICALS--0.38%
5,300 xoMARVEL ENTERTAINMENT GROUP, INC ...... 3
9,400 MEREDITH CORP ........................ 335
33,000 oPRIMEDIA, INC ........................ 417
17,700 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) ................ 418
103,994 TIME WARNER, INC ..................... 6,448
8,700 oWORLD COLOR PRESS, INC ............... 231
-----------
7,852
-----------
PERSONAL CREDIT INSTITUTIONS--0.24%
9,600 ADVANTA CORP (CLASS A) ............... 252
8,200 oAMERICREDIT CORP ..................... 227
9,900 BENEFICIAL CORP ...................... 823
4,800 oCREDIT ACCEPTANCE CORP ............... 37
5,300 oFIRSTPLUS FINANCIAL GROUP, INC ....... 203
21,326 HOUSEHOLD INTERNATIONAL, INC ......... 2,720
7,900 LEUCADIA NATIONAL CORP ............... 273
20,850 oMERCURY FINANCE CO ................... 13
2,800 METRIS COS, INC ...................... 96
8,150 THE MONEY STORE, INC ................. 171
-----------
4,815
-----------
PERSONNEL SUPPLY SERVICES--0.24%
17,144 oACCUSTAFF, INC ....................... 394
4,500 oALTERNATIVE RESOURCES CORP ........... 104
4,800 oCDI CORP ............................. 220
3,700 oEMPLOYEE SOLUTIONS, INC .............. 16
12,400 oINTERIM SERVICES, INC ................ 321
9,000 KELLY SERVICES, INC (CLASS A) ........ 270
16,800 MANPOWER, INC ........................ 592
32,900 NEWELL COS, INC ...................... 1,398
5,100 NORRELL CORP ......................... 101
20,982 OLSTEN CORP .......................... 315
3,300 oREGISTRY, INC ........................ 151
21,450 oROBERT HALF INTERNATIONAL, INC ....... 858
2,100 oVOLT INFORMATION SCIENCES, INC ....... 113
-----------
4,853
-----------
PETROLEUM AND
PETROLEUM PRODUCTS--0.19%
70,670 ENRON CORP ........................... 2,937
25,000 oHARKEN ENERGY CORP ................... 175
9,400 LYONDELL PETROCHEMICAL CO ............ 249
10,300 oNATIONAL-OILWELL, INC ................ 352
12,000 QUAKER STATE OIL REFINING CORP ....... 171
-----------
3,884
-----------
PETROLEUM REFINING--1.18%
74,000 ATLANTIC RICHFIELD CO ................ 5,929
150,300 CHEVRON CORP ......................... 11,573
2,000 FINA, INC (CLASS A) .................. 128
11,000 MURPHY OIL CORP ...................... 596
9,700 PENNZOIL CO .......................... 648
18,100 SUN CO, INC .......................... 761
34,347 TOSCO CORP ........................... 1,299
24,794 ULTRAMAR DIAMOND SHAMROCK CORP ....... 790
54,757 UNOCAL CORP .......................... 2,125
7,700 VALERO ENERGY CORP ................... 242
-----------
24,091
-----------
See notes to financial statements.
-100-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
PHOTOGRAPHIC EQUIPMENT
AND SUPPLIES--0.52%
73,300 EASTMAN KODAK CO ..................... $ 4,458
10,100 POLAROID CORP ........................ 492
75,400 XEROX CORP ........................... 5,565
-----------
10,515
-----------
PIPELINES, EXCEPT NATURAL GAS--0.03%
14,800 MAPCO, INC ........................... 685
-----------
PLASTICS MATERIALS
AND SYNTHETICS--0.89%
258,600 DU PONT (E.I.) DE NEMOURS & CO ....... 15,532
16,400 EASTMAN CHEMICAL CO .................. 977
11,675 HANNA (M.A.) CO ...................... 295
20,500 HERCULES, INC ........................ 1,026
10,100 LAWTER INTERNATIONAL, INC ............ 110
200 oMCWHORTER TECHNOLOGIES, INC .......... 5
6,800 WELLMAN, INC ......................... 133
-----------
18,078
-----------
PLUMBING AND HEATING,
EXCEPT ELECTRIC--0.08%
31,700 MASCO CORP ........................... 1,613
17,400 ROHN INDUSTRIES, INC ................. 90
-----------
1,703
-----------
POULTRY AND EGGS--0.03%
32,700 TYSON FOODS, INC ..................... 670
-----------
PRESERVED FRUITS AND
VEGETABLES--0.87%
58,900 CAMPBELL SOUP CO ..................... 3,424
1,200 oCASTLE & COOKE, INC .................. 20
9,500 DOLE FOOD, INC ....................... 435
83,150 HEINZ (H.J.) CO ...................... 4,225
10,800 HORMEL FOODS CORP .................... 354
67,983 RJR NABISCO HOLDINGS CORP ............ 2,549
110,500 SARA LEE CORP ........................ 6,223
23,600 WHITMAN CORP ......................... 615
-----------
17,845
-----------
PRIMARY NONFERROUS METALS--0.29%
11,200 oALUMAX, INC .......................... 381
35,600 ALUMINUM CO OF AMERICA ............... 2,505
20,100 ASARCO, INC .......................... 451
1,200 BRUSH WELLMAN, INC ................... 29
12,800 PHELPS DODGE CORP .................... 797
7,300 PRECISION CAST PARTS CORP ............ 440
17,200 REYNOLDS METALS CO ................... 1,032
5,900 oTITANIUM METALS CORP ................. 170
-----------
5,805
-----------
PRODUCERS, ORCHESTRAS,
ENTERTAINERS--0.02%
8,600 oWESTWOOD ONE, INC .................... 319
-----------
PRODUCTS OF PURCHASED GLASS--0.03%
11,500 oGENTEX CORP .......................... 309
6,200 oMEDIMMUNE, INC ....................... 266
-----------
575
-----------
PROFESSIONAL AND COMMERCIAL
EQUIPMENT--0.08%
7,900 oCHS ELECTRONICS, INC ................. 135
1,600 oFTP SOFTWARE, INC .................... 4
2,900 oGULF SOUTH MEDICAL SUPPLY, INC ....... 108
14,800 oINGRAM MICRO, INC (CLASS A) .......... 431
900 oINTELLIGENT ELECTRONICS, INC ......... 5
VALUE
SHARES (000)
------ ----------
900 oMERISEL, INC ......................... $ 4
10,500 OWENS & MINOR, INC ................... 152
8,300 oPATTERSON DENTAL CO .................. 376
2,500 oSPINE-TECH, INC ...................... 129
9,300 oTECH DATA CORP ....................... 362
500 oWONDERWARE CORP ...................... 7
-----------
1,713
-----------
RADIO AND TELEVISION
BROADCASTING--0.39%
9,800 oAMERICAN RADIO SYSTEMS CORP .......... 522
13,450 oCHANCELLOR MEDIA CORP (CLASS A) ...... 1,004
7,261 oCHRIS CRAFT INDUSTRIES, INC .......... 380
14,700 oCLEAR CHANNEL COMMUNICATIONS, INC .... 1,168
11,730 GAYLORD ENTERTAINMENT CO ............. 375
7,400 oHEFTEL BROADCASTING CORP (CLASS A) ... 346
11,200 oJACOR COMMUNICATIONS, INC ............ 595
4,300 oJACOR COMMUNICATIONS, INC
WTS 09/18/01 ........................ 26
4,850 oLIN TELEVISION CORP .................. 264
400 UNITED TELEVISION, INC ............... 42
6,460 oVIACOM, INC (CLASS A) ................ 264
69,993 oVIACOM, INC (CLASS B) ................ 2,900
150 oVIACOM, INC (CLASS B) WTS 07/07/99 ... 0
-----------
7,886
-----------
RADIO, TELEVISION AND
COMPUTER STORES--0.13%
6,900 oBEST BUY, INC ........................ 254
19,700 CIRCUIT CITY STORES-
CIRCUIT CITY GROUP .................. 701
8,200 oCOMPUCOM SYSTEMS, INC ................ 68
18,400 oCOMPUSA, INC ......................... 570
41,900 oINFORMIX CORP ........................ 199
600 oMICROAGE, INC ........................ 9
1,700 oMUSICLAND STORES CORP ................ 12
22,500 TANDY CORP ........................... 868
-----------
2,681
-----------
RAILROADS--0.63%
32,745 BURLINGTON NORTHERN SANTA FE CORP .... 3,043
45,800 CSX CORP ............................. 2,473
1,000 FLORIDA EAST COAST INDUSTRIES, INC ... 96
8,100 IES INDUSTRIES, INC .................. 298
14,400 ILLINOIS CENTRAL CORP SERIES A ....... 491
22,800 KANSAS CITY SOUTHERN
INDUSTRIES, INC ..................... 724
78,700 NORFOLK SOUTHERN CORP ................ 2,425
48,185 UNION PACIFIC CORP ................... 3,009
12,900 oWISCONSIN CENTRAL TRANSIT CORP ....... 302
-----------
12,861
-----------
REAL ESTATE OPERATORS
AND LESSORS--0.04%
14,500 ROUSE CO ............................. 475
5,800 WEINGARTEN REALTY INVESTORS, INC ..... 260
-----------
735
-----------
REFRIGERATION AND SERVICE
MACHINERY--0.14%
15,200 oAMERICAN STANDARD COS, INC ........... 582
8,477 oCULLIGAN WATER TECHNOLOGIES, INC ..... 426
13,200 EASTERN ENTERPRISES CO ............... 594
8,400 TECUMSEH PRODUCTS CO (CLASS A) ....... 410
16,450 oU.S. FILTER CORP ..................... 492
9,500 YORK INTERNATIONAL CORP .............. 376
-----------
2,880
-----------
See notes to financial statements.
-101-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
RENTAL OF RAILROAD CARS--0.03%
7,000 GATX CORP ............................ $ 508
-----------
RESEARCH AND TESTING SERVICES--0.09%
8,000 oADVANCED TISSUE SCIENCE CO ........... 99
7,000 oAGOURON PHARMACEUTICALS, INC ......... 206
4,500 oCEPHALON, INC ........................ 51
3,200 oCLINTRIALS, INC ...................... 25
6,800 oCOLUMBIA LABORATORIES, INC ........... 108
1,890 oENZO BIOCHEMICAL, INC ................ 28
8,300 oHUMAN GENOME SCIENCES, INC ........... 330
4,800 oIDEC PHARMACEUTICALS CORP ............ 165
6,800 oINCYTE PHARMACEUTICALS, INC .......... 306
6,300 oISIS PHARMACEUTICALS, INC ............ 78
20,080 oLABORATORY CORP OF AMERICA
HOLDINGS ............................ 34
244 oLABORATORY CORP OF AMERICA
HOLDINGS WTS 04/28/00 ............... 0
6,200 oLIPOSOME CO, INC ..................... 29
7,000 oNEUROMEDICAL SYSTEMS, INC ............ 20
7,800 oOIS OPTICAL IMAGING SYSTEMS, INC ..... 10
5,800 oTHERMO CARDIOSYSTEMS, INC ............ 155
2,600 oTHERMOTREX CORP ...................... 58
5,200 oTRANSKARYOTIC THERAPIES, INC ......... 183
1,900 oU.S. BIOSCIENCE, INC ................. 17
-----------
1,902
-----------
RESIDENTIAL BUILDING
CONSTRUCTION--0.07%
20,216 CLAYTON HOMES, INC ................... 364
9,200 HORTON (D.R.), INC ................... 160
13,700 KAUFMAN & BROAD HOME CORP ............ 307
15,800 oTOLL BROTHERS, INC ................... 423
12,900 oWALTER INDUSTRIES, INC ............... 266
-----------
1,520
-----------
RETAIL STORES, NEC--0.02%
4,400 oPETCO ANIMAL SUPPLIES, INC ........... 106
24,600 oPETSMART, INC ........................ 178
6,600 oSUNGLASS HUT INTERNATIONAL, INC ...... 42
-----------
326
-----------
ROOMING AND BOARDING HOUSES--0.00%
100 oCHARTWELL LEISURE, INC ............... 2
-----------
SANITARY SERVICES--0.46%
24,800 oALLIED WASTE INDUSTRIES, INC ......... 578
50,600 BROWNING FERRIS INDUSTRIES, INC ...... 1,872
12,000 oLAIDLAW ENVIRONMENTAL SERVICES, INC .. 59
24,500 OGDEN CORP ........................... 691
68,600 oREPUBLIC INDUSTRIES, INC ............. 1,599
43,265 oU.S.A. WASTE SERVICES, INC ........... 1,698
101,401 WASTE MANAGEMENT, INC ................ 2,789
-----------
9,286
-----------
SAVINGS INSTITUTIONS--0.72%
3,900 ALBANK FINANCIAL CORP ................ 201
12,700 ASTORIA FINANCIAL CORP ............... 708
9,400 BANK UNITED CORP (CLASS A) ........... 460
470 oCALIFORNIA FEDERAL BANK
(GOODWILL CERT) ..................... 11
15,910 CHARTER ONE FINANCIAL, INC ........... 1,004
5,100 CHEMFIRST, INC ....................... 144
6,600 oCOAST SAVINGS FINANCIAL, INC ......... 453
11,100 COMMERCIAL FEDERAL CORP .............. 395
20,200 DIME BANCORP, INC .................... 611
13,600 oGOLDEN STATE BANCORP, INC ............ 508
9,000 GOLDEN WEST FINANCIAL CORP ........... 880
3,700 GREAT FINANCIAL CORP ................. 189
VALUE
SHARES (000)
------ ----------
19,100 H.F. AHMANSON & CO ................... $ 1,279
10,300 LONG ISLAND BANCORP, INC ............. 511
11,920 MAF BANCORP, INC ..................... 422
2,700 NEW YORK BANCORP, INC ................ 107
10,200 oOCWEN FINANCIAL CORP ................. 259
8,600 PEOPLES BANK OF BRIDGEPORT CO ........ 327
14,700 ROSLYN BANCORP, INC .................. 342
29,534 SOVEREIGN BANCORP, INC ............... 613
20,825 ST. PAUL BANCORP, INC ................ 547
21,000 TCF FINANCIAL CORP ................... 713
11,395 WASHINGTON FEDERAL, INC .............. 358
50,536 WASHINGTON MUTUAL, INC ............... 3,225
7,400 WEBSTER FINANCIAL CORP ............... 492
-----------
14,759
-----------
SAWMILLS AND PLANING MILLS--0.22%
11,400 BOISE CASCADE CORP ................... 345
24,800 LOUISIANA PACIFIC CORP ............... 471
8,400 RAYONIER, INC ........................ 358
12,000 TEMPLE-INLAND, INC ................... 628
39,000 WEYERHAEUSER CO ...................... 1,913
21,200 WILLAMETTE INDUSTRIES, INC ........... 682
-----------
4,397
-----------
SCHOOLS AND EDUCATIONAL SERVICES,
NEC--0.02%
8,325 oAPOLLO GROUP, INC (CLASS A) .......... 393
-----------
SCREW MACHINE PRODUCTS, BOLTS,
ETC.--0.05%
16,350 HUBBELL, INC (CLASS B) ............... 806
4,500 TRIMAS CORP .......................... 155
-----------
961
-----------
SEARCH AND NAVIGATION
EQUIPMENT--0.23%
750 PRIMEX TECHNOLOGIES, INC ............. 25
26,634 RAYTHEON CO (CLASS A) ................ 1,313
49,200 RAYTHEON CO (CLASS B) ................ 2,485
28,200 SENSORMATIC ELECTRONICS CORP ......... 464
9,100 oTRACOR, INC .......................... 276
3,400 oTRIMBLE NAVIGATION LTD ............... 74
-----------
4,637
-----------
SECURITY AND COMMODITY
SERVICES--0.29%
10,350 oAMRESCO, INC ......................... 313
10,200 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD ........................ 492
19,750 FRANKLIN RESOURCES, INC .............. 1,717
11,200 FULTON FINANCIAL CORP ................ 364
10,000 PIONEER GROUP, INC ................... 281
12,000 PRICE (T. ROWE) ASSOCIATES, INC ...... 755
2,000 SEI INVESTMENT CO .................... 84
12,300 TRANSAMERICA CORP .................... 1,310
27,400 UNITED ASSET MANAGEMENT CORP ......... 670
-----------
5,986
-----------
SECURITY BROKERS AND DEALERS--0.98%
33,301 BEAR STEARNS COS, INC ................ 1,582
4,100 DONALDSON, LUFKIN, & JENRETTE, INC ... 326
22,550 EDWARDS (A.G.), INC .................. 896
5,700 oHAMBRECHT & QUIST GROUP .............. 208
2,400 oINTERRA FINANCIAL, INC ............... 166
11,066 oLEGG MASON, INC ...................... 619
27,420 LEHMAN BROTHERS HOLDINGS, INC ........ 1,398
75,000 MERRILL LYNCH & CO, INC .............. 5,470
101,000 MORGAN STANLEY, DEAN WITTER,
DISCOVER ............................ 5,972
23,500 PAINE WEBBER GROUP, INC .............. 812
See notes to financial statements.
-102-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
6,225 QUICK & REILLY GROUP, INC ............ $ 268
11,800 RAYMOND JAMES FINANCIAL, CORP ........ 468
41,500 SCHWAB (CHARLES) CORP ................ 1,740
-----------
19,925
-----------
SHIP AND BOAT BUILDING
AND REPAIRING--0.08%
12,500 GENERAL DYNAMICS CORP ................ 1,080
5,115 oHALTER MARINE GROUP, INC ............. 148
11,406 NEWPORT NEWS SHIPBUILDING, INC ....... 290
-----------
1,518
-----------
SHOE STORES--0.03%
2,200 BROWN GROUP, INC ..................... 29
13 oEDISON BROTHERS STORES
WTS 09/26/05 ........................ 0
3,600 oJUST FOR FEET, INC ................... 47
8,596 oPAYLESS SHOESOURCE, INC .............. 577
-----------
653
-----------
SOAP, CLEANERS AND
TOILET GOODS--1.78%
9,000 ALBERTO CULVER CO (CLASS B) .......... 289
26,300 AVON PRODUCTS, INC ................... 1,614
4,100 CHURCH & DWIGHT CO, INC .............. 115
14,700 CLOROX CO ............................ 1,162
66,200 COLGATE PALMOLIVE CO ................. 4,866
28,100 DIAL CORP ............................ 585
12,100 ECOLAB, INC .......................... 671
23,200 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ..................... 1,195
8,700 LAUDER (ESTEE) CO (CLASS A) .......... 448
311,200 PROCTER & GAMBLE CO .................. 24,838
4,500 oREVLON, INC (CLASS A) ................ 159
18,000 SAFETY-KLEEN CORP .................... 494
1,400 oUSA DETERGENTS, INC .................. 11
-----------
36,447
-----------
SOCIAL SERVICES, NEC--0.03%
11,248 INTEGRATED HEALTH SERVICES, INC ...... 351
12,100 oSUN HEALTHCARE GROUP, INC ............ 234
-----------
585
-----------
SPECIAL INDUSTRY MACHINERY--0.23%
75,360 oAPPLIED MATERIALS, INC ............... 2,270
12,114 oCOOPER CAMERON CORP .................. 739
4,800 oETEC SYSTEMS, INC .................... 223
9,200 FOSTER WHEELER CORP .................. 249
1,500 oFSI INTERNATIONAL, INC ............... 18
900 oINTEGRATED PROCESS EQUIPMENT CORP .... 14
4,800 oIONICS, INC .......................... 188
4,400 oKULICHE & SOFFA INDUSTRIES, INC ...... 82
5,700 oLAM RESEARCH CORP .................... 167
7,000 oNOVELLUS SYSTEMS, INC ................ 226
6,900 oOAKLEY, INC .......................... 63
5,600 oPHOTRONICS, INC ...................... 136
5,200 oPRESSTEK, INC ........................ 134
2,900 oPRI AUTOMATION, INC .................. 84
3,700 oTHERMO FIBERTEK, INC ................. 45
3,700 oULTRATECH STEPPER, INC ............... 74
3,700 oZEBRA TECHNOLOGY CORP ................ 110
-----------
4,822
-----------
STRUCTURAL CLAY PRODUCTS--0.01%
10,100 oDAL-TILE INTERNATIONAL, INC .......... 124
-----------
SUBDIVIDERS AND DEVELOPERS--0.01%
13,900 oCATELLUS DEVELOPMENT CORP ............ 278
-----------
VALUE
SHARES (000)
------ ----------
SUGAR AND CONFECTIONERY PRODUCTS--0.17%
21,500 HERSHEY FOODS CORP ................... $ 1,332
3,851 TOOTSIE ROLL INDUSTRIES, INC ......... 241
23,200 WRIGLEY (WM) JR CO ................... 1,846
-----------
3,419
-----------
SURETY INSURANCE--0.14%
8,100 oAMERIN CORP .......................... 227
3,000 CAPITAL RE CORP ...................... 186
1,700 CAPMAC HOLDINGS, INC ................. 59
6,900 CMAC INVESTMENT CORP ................. 417
5,500 ENHANCE FINANCIAL SERVICES
GROUP, INC .......................... 327
24,200 MGIC INVESTMENT CORP ................. 1,609
-----------
2,825
-----------
TELEPHONE COMMUNICATIONS--6.92%
28,500 o360 COMMUNICATIONS CO ................ 575
3,600 oACC CORP ............................. 182
112,500 oAIRTOUCH COMMUNICATIONS, INC ......... 4,676
39,800 ALLTEL CORP .......................... 1,634
124,900 AMERITECH CORP ....................... 10,054
5,200 oARCH COMMUNICATIONS GROUP, INC ....... 27
367,900 AT & T CORP .......................... 22,534
176,293 BELL ATLANTIC CORP ................... 16,043
225,700 BELLSOUTH CORP ....................... 12,710
9,800 oBRIGHTPOINT, INC ..................... 136
12,100 oBROOKS FIBER PROPERTIES, INC ......... 666
400 oCELLULAR COMMUNICATIONS
INTERNATIONAL, INC .................. 19
13,300 CENTURY TELEPHONE ENTERPRISES, INC ... 663
30,500 CINCINNATI BELL, INC ................. 946
3,066 oCOMMONWEALTH TELEPHONE
ENTERPRISES ......................... 79
37,300 FRONTIER CORP ........................ 898
214,600 GTE CORP ............................. 11,213
4,400 oHIGHWAYMASTER COMMUNICATIONS, INC .... 25
7,000 oIXC COMMUNICATIONS, INC .............. 220
19,975 oLCI INTERNATIONAL, INC ............... 614
150,762 LUCENT TECHNOLOGIES, INC ............. 12,042
125,380 MCI COMMUNICATIONS CORP .............. 5,368
16,600 oMOBILE TELECOMMUNICATIONS
TECHNOLOGIES CORP ................... 365
51,500 oNEXTEL COMMUNICATIONS, INC (CLASS A) . 1,339
8,466 oNTL, INC ............................. 236
10,100 oOMNIPOINT CORP ....................... 235
4,900 oPACIFIC GATEWAY EXCHANGE, INC ........ 264
3,900 oPOWERTEL, INC ........................ 65
5,300 oPREMIERE TECHNOLOGIES, INC ........... 146
4,600 oRCN CORP ............................. 158
207,813 SBC COMMUNICATIONS, INC .............. 15,222
17,100 SOUTHERN NEW ENGLAND
TELECOMMUNICATIONS CORP ............. 860
96,000 SPRINT CORP .......................... 5,628
8,200 oTEL-SAVE HOLDINGS, INC ............... 163
18,134 TELEPHONE & DATA SYSTEMS, INC ........ 844
7,200 oTELEPORT COMMUNICATIONS GROUP,
INC (CLASS A) ....................... 395
5,900 oU.S. CELLULAR CORP ................... 183
105,300 U.S. WEST COMMUNICATIONS GROUP, INC .. 4,752
142,700 oU.S. WEST MEDIA GROUP, INC ........... 4,120
7,600 oVANGUARD CELLULAR SYSTEMS, INC ....... 97
7,800 oWEST TELESERVICES CORP ............... 94
8,500 oWINSTAR COMMUNICATIONS, INC .......... 212
154,061 oWORLDCOM, INC ........................ 4,660
-----------
141,362
-----------
See notes to financial statements.
-103-
<PAGE>
EQUITY INDEX ACCOUNT (CONTINUED)
VALUE
SHARES (000)
------ ---------
TIRES AND INNER TUBES--0.18%
4,600 BANDAG, INC .......................... $ 246
19,800 COOPER TIRE & RUBBER CO .............. 483
19,360 GOODRICH (B.F.) CO ................... 802
34,500 GOODYEAR TIRE & RUBBER CO ............ 2,195
-----------
3,726
-----------
TITLE INSURANCE--0.02%
1,200 oALLEGHANY CORP (DELAWARE) ............ 342
1,000 FIRST AMERICAN FINANCIAL CORP ........ 74
-----------
416
-----------
TOYS AND SPORTING GOODS--0.19%
15,400 CALLAWAY GOLF CO ..................... 440
2,800 oGALOOB TOYS, INC ..................... 29
25,000 HASBRO, INC .......................... 788
5,500 K2, INC .............................. 125
63,556 MATTEL, INC .......................... 2,367
-----------
3,749
-----------
TRUCKING & COURIER SERVICES,
EXCEPT AIR--0.09%
5,200 oAMERICAN FREIGHTWAYS CORP ............ 51
3,000 ARNOLD INDUSTRIES, INC ............... 52
5,500 CALIBER SYSTEM, INC .................. 268
10,200 CNF TRANSPORTATION, INC .............. 391
3,450 oCONSOLIDATED FREIGHTWAYS CORP ........ 47
3,300 oHEARTLAND EXPRESS, INC ............... 89
6,200 HUNT (J.B.) TRANSPORT SERVICES, INC .. 116
200 oM.S. CARRIERS, INC ................... 5
700 ROADWAY EXPRESS, INC ................. 15
7,500 oSWIFT TRANSPORTATION CO, INC ......... 243
8,400 USFREIGHTWAYS CORP ................... 273
8,900 WERNER ENTERPRISES, INC .............. 182
5,300 oYELLOW CORP .......................... 133
-----------
1,865
-----------
VARIETY STORES--0.21%
11,000 oBJS WHOLESALE CLUB, INC .............. 345
17,537 oCONSOLIDATED STORES CORP ............. 771
6,450 oDOLLAR TREE STORES, INC .............. 267
13,800 FAMILY DOLLAR STORES, INC ............ 405
6,300 oHOMEBASE, INC ........................ 50
110,300 oK MART CORP .......................... 1,275
6,900 oMAC FRUGALS BARGAINS
CLOSE-OUTS, INC ..................... 284
13,400 oSHOPKO STORES, INC ................... 291
24,800 oWOOLWORTH CORP ....................... 505
-----------
4,193
-----------
VIDEO TAPE RENTAL--0.00%
5,200 oHOLLYWOOD ENTERTAINMENT CORP ......... 55
-----------
VOCATIONAL SCHOOLS--0.02%
9,200 oDEVRY, INC ........................... 293
2,800 oLEARNING TREE INTERNATIONAL, INC ..... 81
-----------
374
-----------
WATER SUPPLY--0.03%
16,300 AMERICAN WATER WORKS CO, INC ......... 445
8,200 UNITED WATER RESOURCES, INC .......... 160
-----------
605
-----------
WATER TRANSPORTATION OF FREIGHT,
NEC--0.00%
5,200 oKIRBY CORP ........................... 100
-----------
VALUE
SHARES (000)
------ ----------
WATER TRANSPORTATION
SERVICES--0.03%
11,500 TIDEWATER, INC ....................... $ 634
-----------
WOMEN'S ACCESSORY AND
SPECIALTY STORES--0.07%
13,100 CLAIRES STORES, INC .................. 255
2,200 oGOODYS FAMILY CLOTHING, INC .......... 60
44,592 LIMITED, INC ......................... 1,137
-----------
1,452
-----------
WOMEN'S AND MISSES'
OUTERWEAR--0.05%
8,700 oJONES APPAREL GROUP, INC ............. 374
17,100 LIZ CLAIBORNE, INC ................... 715
-----------
1,089
-----------
WOMEN'S CLOTHING STORES--0.04%
3,700 oANN TAYLOR STORES CORP ............... 49
600 CATO CORP (CLASS A) .................. 5
24,800 oCHARMING SHOPPES, INC ................ 116
17,800 INTIMATE BRANDS, INC (CLASS A) ....... 428
2,900 oPETRIE STORES CORP
(LIQUIDATING TRUST) ................. 9
6,200 TALBOTS, INC ......................... 112
-----------
719
-----------
WOOD BUILDINGS AND
MOBILE HOMES--0.01%
12,100 oCHAMPION ENTERPRISES, INC ............ 249
-----------
YARN AND THREAD MILLS--0.04%
10,200 RUDDICK CORP ......................... 178
18,700 UNIFI, INC ........................... 726
-----------
904
-----------
TOTAL COMMON STOCK
(Cost $1,546,437) ................... 2,016,162
-----------
PRINCIPAL
---------
SHORT TERM INVESTMENTS--1.82%
U.S. GOVERNMENT & AGENCIES--1.82%
FEDERAL FARM CREDIT BANK
$10,110,000 5.720%, 01/22/98 ................ 10,075
FEDERAL HOME LOAN BANK (FHLB)
14,100,000 4.750%, 01/02/98 ................ 14,096
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
2,570,000 5.670%, 01/05/98 ................ 2,568
4,250,000 * 5.670%, 01/08/98 ................ 4,245
6,110,000 * 5.640%, 01/09/98 ................ 6,101
-----------
37,085
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $37,090) ..................... 37,085
-----------
TOTAL PORTFOLIO
(Cost $1,583,659) ...................$ 2,053,385
===========
- ----------
o Non-income producing
x In bankruptcy
* All or a portion of this security has been segregated by the custodian to
cover margin of other requirements on open futures contracts, covered call
options written and securities purchased on a delayed delivery basis.
See notes to financial statements.
-104-
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS--INFLATION LINKED BOND ACCOUNT
DECEMBER 31, 1997
SUMMARY BY INDUSTRY
(000)
VALUE %
------- ------
BONDS
CORPORATE BONDS
COMMERCIAL BANKS ................. $ 2,343 2.45%
------- ------
TOTAL CORPORATE BONDS
(Cost $2,446) .................... 2,343 2.45
------- ------
GOVERNMENT BONDS
U.S. TREASURY SECURITIES ......... 91,382 95.61
------- ------
TOTAL GOVERNMENT BONDS
(Cost $91,078) ................... 91,382 95.61
------- ------
TOTAL BONDS
(Cost $93,524) .................... 93,725 98.06
------- ------
TOTAL PORTFOLIO
(Cost $93,524) .................... 93,725 98.06
------- ------
OTHER ASSETS AND LIABILITIES, NET 1,855 1.94
------- ------
NET ASSETS .......................... $95,580 100.00%
======= ======
MOODY'S VALUE
PRINCIPAL RATINGS (000)
--------- ------- -----
BONDS--98.06%
CORPORATE BONDS--2.45%
COMMERCIAL BANKS--2.45%
J.P. MORGAN INFLATION INDEXED
$ 2,500,000 6.358%, 02/15/12 .......... AA3 $ 2,343
------------
TOTAL CORPORATE BONDS
(Cost $2,446) ......................... 2,343
------------
GOVERNMENT BONDS--95.61%
U.S. TREASURY SECURITIES--95.61%
U.S. TREASURY INFLATION
INDEXED
47,924,794 3.625%, 07/15/02 .......... 47,685
44,875,252 3.375%, 01/15/07 .......... 43,697
-----------
91,382
-----------
TOTAL GOVERNMENT BONDS
(Cost $91,078)........................... 91,382
----------
TOTAL BONDS
(Cost $93,524)........................... 93,725
----------
TOTAL PORTFOLIO
(Cost $93,524)........................... $93,725
==========
- ----------
The composition of long-term debt holdings as a percentage of total value of
investment in securities, is as follows:
MOODY'S RATINGS
AA 2.50%
U.S. Government obligations represent 97.50% of the long-term debt portfolio
value. Moody's rating is provided by Moody's Investors Services (Unaudited).
See notes to financial statements.
-105-
<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.
-106-
<PAGE>
| College Retirement Equities Fund
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| New York, NY 10017-3206
| 212/490-9000
CAR--02M-2/98
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