[GRAPHIC OMITTED]
College Retirement Equities Fund
1999 Annual Report
- --------------------------------------------------------------------------------
Stock o Global Equities o Growth
<PAGE>
Contents
Page
Letter from the Chief Executive Officer 1
Letter from the Chief Investment Officer 2
Management/Status of the Accounts
Stock Account 4
Global Equities Account 6
Growth Account 8
Audited Statement of Investments
Stock Account 10
Global Equities Account 52
Growth Account 67
Audited Financial Statements
Report of Management Responsibility 84
Report of Independent Auditors 84
Statements of Assets and Liabilities 85
Statements of Operations 85
Statements of Changes in Net Assets 86
Notes to Financial Statements 86
Participant Voting Results 91
Trustees and Senior Management 92
For More Information... 93
<PAGE>
Dear Participant:
1999 was a challenging year for investors, but TIAA-CREF participants had much
to smile about at its end. This volume contains performance reports and other
information for three of the eight CREF accounts. A companion booklet contains
comparable information for the CREF Money Market, Inflation-Linked Bond, Bond
Market, Social Choice, and Equity Index Accounts - the other five accounts
available under CREF variable annuities. We grouped the accounts this way to
keep the cost of the reports low; this combination results in the fewest number
of booklets to serve all CREF participants. You might notice that we've enhanced
the content and presentation of this information. It's part of an ongoing effort
to provide information in as accessible a form as you want it.
Besides the eight CREF accounts, two other asset classes round out the
alternatives for TIAA-CREF retirement products - the TIAA Real Estate Account
and the TIAA Traditional Annuity. Both also performed well in 1999. For
information on historical and current rates for all of our products, visit our
Web Center or call our Automated Telephone Service (see the Inside Back Cover).
An annual report for the TIAA Real Estate Account is available; ask us for the
10-K report. The TIAA Real Estate Account is not available in California.
New Retirement Savings Opportunities. It has been only two years since we
expanded the opportunity for participants to consolidate IRA money they had
previously accumulated by rolling it over to a TIAA-CREF annuity, and little
more than one year since we offered Roth and contributory classic IRAs. In 1999,
we received nearly $1 billion in IRA premiums and rollovers. Now, in response to
participants' requests (as IRAs were), TIAA-CREF introduces annuities for use
with Keogh plan savings, beginning March 1, 2000. Keogh plans are similar to
IRAs but are for income that a person derives from self-employed activities
(such as publishing royalties).
The TIAA-CREF Web Center. In 1999, many organizations pursued, and achieved,
major productivity improvements and better customer service, driven, to some
extent, by the opportunities inherent in the computer/Internet revolution.
TIAA-CREF is a good example of this, with our new Web Center, introduced last
fall. The new Web Center offers a broader menu of TIAA-CREF financial
performance information, quote engines, interactive calculators, a reservation
system for meetings and personal counseling, downloadable and on-screen product
enrollment forms, and more.
[PHOTO OMITTED]
JOHN H. BIGGS, CHAIRMAN, PRESIDENT,
AND CHIEF EXECUTIVE OFFICER
Some of the Web Center's most impressive enhancements are in the Financial
Performance menu. For example, selecting "Retirement Investments" will take you
to an all-accounts view of unit values and total return data, including returns
for 1-, 3-, 5-, and 10-year periods and since inception. Each account entry
hyperlinks to profiles containing daily updated performance graphs over rolling
30-, 90-, and 180-day and 1-, 3-, and 5-year periods.
Annuity Income Increases. Each May 1, for most CREF participants receiving
lifetime annuity income, their CREF income changes to reflect the investment
performance of the account in which their money is invested during the
twelve-month period ending the prior March 31. (Recently we introduced the
alternative of monthly income changes, and some CREF participants chose to use
it.) In 1999, income from all eight of the CREF accounts increased again.
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... we are committed to continuing to deliver first-rate service... and
professional, disciplined investment performance.
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Our report on CREF's investment performance in 1999 begins with Marty Leibowitz'
letter on the next two pages. As for the future, we are committed to continuing
to deliver first-rate service - with a number of exciting projects in
development - low expenses, products that meet your retirement and long-term
investing needs, and professional, disciplined investment performance. We look
forward to reporting to you on our progress as the year unfolds.
/s/ John H. Biggs
John H. Biggs
Chairman, President, and Chief Executive Officer
<PAGE>
Dear Participant:
In 1999, the bond and stock markets surprised many of the experts. A Blue Chip
survey of Wall Street economists done early in 1999 found that the consensus
prediction was for the U.S. economy to grow 2.2 percent. Instead it grew about
4.0 percent. Similarly, the economists' prediction was for the 30-year Treasury
bond to drop to an average of 5.0 percent for the year compared to 5.6 percent
in 1998. Instead the rate rose to 5.9 percent. And the consensus prediction was
for the S&P 500 to rise less than 10 percent. In fact, it ended the year up over
20 percent. To be sure, the predictors came close on inflation: they expected
about 2.0 percent inflation in 1999 and it turned out to be 2.2 percent.
More broadly, the strong U.S. economy in 1999 overcame a number of trends that
may have affected expectations. These included:
o the sheer length of the 1990s economic boom, which has lasted longer than
any other since the Great Depression;
o substantial corporate spending to detect and eliminate Y2K bugs and
ultimately unrealized investor reactions to Y2K-related uncertainties;
o increased competition from reawakening overseas economies; and
o price increases in oil, some other commodities, and medical care.
[PHOTO OMITTED]
MARTIN L. LEIBOWITZ, VICE CHAIRMAN
AND CHIEF INVESTMENT OFFICER
Against this background, the CREF Stock, Global Equities, and Growth Accounts
posted continued strong performance. The CREF Growth Account received 5-star
ratings for most of the year from the Morningstar variable annuity rating
service, while the CREF Stock and Global Equities accounts enjoyed 4-star
Morningstar ratings. The accompanying table shows, for each of these CREF
Accounts, their 1999 total return (gains and losses plus investment income)
compared to the total return, for their benchmarks, and for the average fund
category that best matches their investment objectives (as measured by Lipper
Analytical Services, Inc.).
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... The CREF Stock, Global Equities, and Growth Accounts posted continued strong
performance.
- --------------------------------------------------------------------------------
The CREF Global Equities Account bested its benchmark by a remarkable 11.0
percent and its peer group by nearly 2.4 percent. The CREF Stock Account topped
its domestic benchmark but not its international benchmark. The CREF Growth
Account was within about 1.3 percent of its benchmark and 4.6 percent ahead of
its peer group.
2 o 1999 CREF Annual Report
<PAGE>
TOTAL RETURNS
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1999
================================================================================
CREF Stock Account 21.48%
================================================================================
Russell 3000 Index 20.90%
Morgan Stanley Capital International
EAFE + Canada Index 27.93%
================================================================================
CREF Global Equities Account 36.05%
================================================================================
Lipper Global Funds Index 33.68%
Morgan Stanley Capital
International World Index 24.93%
================================================================================
CREF Growth Account 32.52%
================================================================================
Lipper Growth Fund Index 27.96%
Russell 3000(R)Growth Index 33.82%
THE RUSSELL 3000 INDEX IS A TRADEMARK AND SERVICEMARK OF THE FRANK RUSSELL
COMPANY. NO CREF ACCOUNT IS PROMOTED, ENDORSED, SPONSORED, OR SOLD BY, OR
AFFILIATED WITH THE FRANK RUSSELL COMPANY.
Investment performance for other periods, plus details on the composition of the
accounts' portfolios and comments from the portfolio managers, are on the pages
that immediately follow this letter. A companion booklet contains comparable
performance reports and other comments for the CREF Money Market,
Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts -
the other five accounts available under CREF variable annuities.
The Accounts' Expenses
- -------------------------------------------------------------------------------
Year after year, the only sure thing in investing is the effect of low expenses
on total returns. Expenses are the one factor affecting return that can be
predicted in advance. In 1999, the CREF Accounts covered here had expenses, as a
percentage of net assets, that ranged from .33 to .39 percent. These
- --------------------------------------------------------------------------------
... the CREF Accounts' expenses, as a percent of average net assets, ranged from
0.33 to 0.39 percent. These are the lowest of all variable annuity funds with
comparable investment objectives...
- --------------------------------------------------------------------------------
are the lowest expenses for all variable annuity funds with comparable
investment objectives, according to Lipper Analytical Services, Inc. and they
compare very favorably to most mutual funds.
/s/ Martin L. Leibowitz
Martin L. Leibowitz
Vice Chairman and Chief Investment Officer
1999 CREF Annual Report o 3
<PAGE>
Stock Account
================================================================================
Investment Objective A favorable long-term rate of return through capital
appreciation and investment income by investing
primarily in a broadly diversified portfolio of common
stocks.
================================================================================
In 1999 the Stock Account's total return was 21.48 percent. The Account is
divided into three segments. One segment is designed to track U.S. equity
markets as a whole and invests in the Russell 3000(R) Index. The Account doesn't
invest in all 3,000 stocks in the Index. Rather, it uses a sampling approach to
ensure that this segment closely matches the overall investment characteristics
(for example, yield and industry weight) of the Index. This segment also uses
special valuation and trading techniques to attempt to slightly outperform the
Russell 3000.
Another segment contains U.S. stocks that are selected individually for their
investment potential.
The third segment invests in foreign stocks and other equity securities and it
tracks the Morgan Stanley Capital International Europe, Australasia, and Far
East plus Canada Index (commonly written as MSCI EAFE+Canada).
Despite steadily rising interest rates and concern over possible Y2K problems,
the U.S. equities market experienced a strong upsurge in the final quarter of
1999. Thus was
================================================================================
The Account's Benchmarks
- --------------------------------------------------------------------------------
We use two benchmarks for the CREF Stock Account, the Russell 3000(R) Index,
representing the U.S. stock market, and the Morgan Stanley Capital International
Europe, Australasia, and Far East (EAFE)+Canada Index, representing
international stock markets. For a comparison with the Account's performance,
you might combine these two, weighting them in the proportions that the Account
holds these investments. At year-end, these proportions were 78 percent for the
Russell 3000 and 22 percent for the MSCI EAFE + Canada.
We use the Russell 3000 to measure the U.S. stock market because it
includes 98 percent of the capitalization of all publicly traded U.S. stocks. In
contrast, the Standard & Poor's 500 Stock Index covers only about 75 percent.
================================================================================
$10,000 over Ten Years
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
Russell MSCI
Date Stock Account 3000(R)Index EAFE+Canada Index
- ---- ------------- ------------ -----------------
10000 10000 10000
December 1990 9445.76 9494.19 7696.2
December 1991 12287.8 12689.5 8625.83
December 1992 13061.2 13917.6 7575.83
December 1993 14876.5 15431 9995.04
December 1994 14859.3 15458.4 10730.3
December 1995 19453.2 21148 11959.9
December 1996 23231.3 25762.1 12781.2
December 1997 29355.7 33950.3 13071.7
December 1998 36088.6 42144.5 15524.5
December 1999 43838.6 50954.3 19859.8
The graph assumes a $10,000 investment in the CREF Stock Account, on December
31, 1989. It shows that, by the end of 1999, the investment would have grown to
$43,839. For comparison, the graph shows how $10,000 investments in the Stock
Account's benchmarks (see box at left) did over the same period.
achieved an unprecedented fifth consecutive year of 20 percent or greater
returns for U.S. Stocks.
In the actively managed domestic portion of the Account, returns achieved were
healthy but slightly less than the Russell 3000 benchmark. As the year
progressed (and dramatically in the closing months) a pronounced divergence
developed in the performance of so-called "old economy" stocks and shares of
technology companies deemed to be beneficiaries of the "new" world order, with
the Internet phenomenon at its center. The lion's share of gains in the broad
market indices accrued to these "growth" issues, while shares categorized as
"value" stocks lagged severely. Issues found "guilty of association" with the
"old" economy, even those with growth characteristics - such as health care -
largely failed to participate. While not devoid of many of the technology
leaders, this Account segment adopted a cautious approach toward chasing the
most stratospherically valued portions of the high-tech universe.
4 o 1999 CREF Annual Report
<PAGE>
Performance at a Glance as of 12/31/99
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<TABLE>
<CAPTION>
======================================================================================================
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year 5 years 10 years 1 year 5 years 10 years (in billions)
======================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Stock Account 21.48% 24.16% 15.93% 21.48% 195.03% 338.39% $135.7
Russell 3000 Index 20.90% 26.94% 17.68% 20.90% 229.62% 409.54%
MSCI EAFE + Canada Index 27.93% 13.10% 7.10% 27.93% 85.08% 98.60%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Stock Account. Future returns will fluctuate, as will
the value of investment principal. The shares you own may be worth more or
less than their original value upon redemption.
Returns in the international segment of the Account, by contrast, substantially
exceeded the benchmark for that segment. A timely rotation of funds into the
severely depressed Asian markets captured the benefit of the strong recovery in
this region. Stock selection in both European and Asia/Pacific markets focused
on growth sectors, such as technology and telecommunications, which proved to be
market leaders as was true in the United States. After several years of lagging
the returns of the U.S. market, overseas investments contributed a positive
increment to overall Stock Account performance in 1999.
It's worth remembering that the various stock market indexes aren't static
targets. They change, too - in most cases they change only once a year, but they
do change. Usually these changes are necessitated by firms that "disappear"
Ten Largest Holdings as of 12/31/99
- --------------------------------------------------------------------------------
================================================================================
Shares Market Value Percent of
Company (000,000) (000,000) Net Assets
================================================================================
General Electric Co 25.7 $3,979.6 2.93
Microsoft Corp 30.1 3,510.2 2.59
Cisco Systems, Inc 25.5 2,730.6 2.01
Exxon Mobil Corp 31.0 2,495.2 1.84
Intel Corp 26.1 2,149.1 1.58
Lucent Technologies, Inc 28.3 2,117.1 1.56
AT&T Corp 35.2 1,787.4 1.32
International Business
Machines Corp 16.4 1,766.7 1.30
SBC Communications, Inc 35.4 1,726.5 1.27
Wal-Mart Stores, Inc 21.5 1,486.5 1.10
Portfolio Composition
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Domestic Index Segment 60.4%
Domestic Active Segment 17.0%
International Segment 21.9%
Short-term Investments 0.7%
through merger; many of these are stocks whose prices had lagged the rest of the
market. In some cases the changes recognize stocks that have grown too large to
exclude from the index. In both cases the effect of the changes is to impart an
upward "bias" to the index, making it an even harder target to surpass.
In assessing the Account's performance compared to its benchmark, you should
keep two differences in mind. One is that the benchmark has no expenses deducted
from its performance, while the Stock Account deducts roughly 33 hundredths of
one percent per year for all of its costs. The other difference is that the
benchmark doesn't have funds in cash or equivalents for various investment
purposes, but CREF Stock does.
1999 CREF Annual Report o 5
<PAGE>
Global Equities Account
================================================================================
Investment Objective A favorable long-term rate of return through capital
appreciation and investment income from a broadly
diversified portfolio that consists of foreign and
domestic common stocks.
================================================================================
For 1999 the Account posted a return of 36.05 percent, which was 11.11
percentage points ahead of the benchmark Morgan Stanley Capital International
World Index and 2.37 percentage points ahead of the Account's peers, as measured
by the Lipper Global Funds Index.
Despite rising interest rates and Y2K concerns, the global stock markets posted
double-digit returns. The Account's largest gains came from the international
markets. Both in Europe and the Asia-Pacific region, stock selection was a key
contributor to our performance.
In Europe, we continued to focus on the growth in mobile telephones. In addition
to owning mobile carriers like Mannesmann and Vodafone, we benefited from owning
the fixed-line company Colt, as investors realized the importance of broadband
networks. In the second half of the year, we began to extend our investments to
companies that were indirect beneficiaries of the explosive global growth in
handsets. We also broadened our investments to companies that supply key
components to handset manufacturers - EPCOS and ST Microelectronics.
Our position in the British-based media company Pearson also paid off in the
fourth quarter as investors began to focus
================================================================================
The Account's Benchmark
- --------------------------------------------------------------------------------
The benchmark we use for the CREF Global Equities Account is the Morgan Stanley
Capital International (MSCI) World Index. This Index is an aggregate of 51
country indices - 23 developed markets and 28 emerging markets. MSCI calculates
indices by applying full market capitalization weights (price multiplied by the
number of shares outstanding) for the securities in the index. MSCI calculates
regional indices using GDP weightings for countries.
In construction of its country indices, MSCI defines the securities listed
(i.e., available for trading) in each country, sorts them into industry groups,
and selects the largest ones within each industry (by market capitalization)
until it has 60 percent of each industry represented. It deletes stocks without
sufficient liquidity and corrects for cross-ownership among stocks in the index,
then weights them all by market cap for each stock.
================================================================================
$10,000 since 5/1/92 Inception
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
Global
Equities MSCI World
Date Account Index
- ---- ------- ----------
10000 10000
December 1992 10254.6 10182
December 1993 13889.8 12473
December 1994 13825.6 13106
December 1995 16603.6 15822
December 1996 19588.2 17955
December 1997 23180.2 20785
December 1998 27486.7 25844
December 1999 37395 32288
The graph assumes a $10,000 investment in the CREF Global Equities Account, on
May 1, 1992. It shows that, by the end of 1999, the investment would have grown
to $37,395. For comparison, the graph shows how a $10,000 investment in the MSCI
World Index, the Global Equities Account's benchmark (see box at left), did over
the same period.
on the value of Pearson's content, especially its strengths in education,
television production, and financial news. Some European holdings were
disappointments. Investors' confidence in Railtrack suffered due to a tragic
rail accident in the United Kingdom as well as continued concern surrounding
regulatory issues, so we sold it.
The strong performance of the stock markets in the Asia-Pacific region, together
with positive stock selection in Japan (the largest country allocation in this
region), enabled us to outperform the benchmark by a wide margin. Our
overweights in the technology and telecom sectors proved successful. We focused
on Japanese companies such as Murata Manufacturing and Rohm, producers of key
components for mobile handsets for GSM and CDMA and consumer electronics. We
also benefited from our investments in companies positioned to gain from the
rapid growth in mobile Internet access and related technologies, such as NTT
DoCoMo, Hikari Tsushin, and CSK. During the year our underweight position in
Softbank detracted from our overall performance in this region. Our second
largest sector holdings in this region, in consumer cyclicals (Seven-Eleven
6 o 1999 CREF Annual Report
<PAGE>
Performance at a Glance as of 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
===================================================================================================================
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year 5 years since inception 1 year 5 years since inception (in billions)
===================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Global Equities Account 36.05% 22.02% 18.75% 36.05% 170.48% 273.95% $9.0
MSCI World Index 24.93% 19.76% 16.50% 24.93% 146.35% 222.89%
Lipper Global Funds Index 33.68% 18.40% 15.59% 33.68% 132.66% 203.82%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Global Equities Account. Future returns will fluctuate,
as will the value of investment principal. The shares you own may be worth
more or less than their original value upon redemption.
Japan, Konami, and Ito-En - beneficiaries of a recovery in the Japanese economy
and excellent management), also contributed to the Account's strong
performance.
The Account's holdings in the Americas also did well, primarily due to
investments in telecommunications (RCN, Viatel, Omnipoint) and
telecommunications equipment (Lucent and Cisco). We also had good performance
from selected technology names (BMC Software, LSI Logic, Oracle). But our
investments in Tyco International and Safeway, together with our underweight
positions in several telecom equipment companies, detracted from our
performance.
For 1999, the Global Equities Account benefited from its overweight (compared to
its benchmark) in technology and underweight in financial services. Currently,
the Account remains overweight in both Europe and the Asia-Pacific regions. We
will continue to seek out undervalued companies in every region of the world and
invest in these companies when the market presents us with the right
opportunity.
Ten Largest Holdings as of 12/31/99
- --------------------------------------------------------------------------------
=============================================================================
Shares Market Value Percent of
Company (000,000) (000,000) Net Assets Country
=============================================================================
Nokia OYJ 1.3 $232.6 2.59 Finland
Microsoft Corp 1.8 207.4 2.31 United States
General Electric Co 1.3 203.4 2.27 United States
Mannesmann AG. (REGD) 0.8 194.1 2.16 Germany
Colt Telecom Group PLC 3.3 167.8 1.87 United Kingdom
Ericsson Telefon (LM)
AB Series B 2.4 153.5 1.71 Sweden
SAP AG. 0.3 151.0 1.68 Germany
Pearson PLC 4.7 150.8 1.68 United Kingdom
ST Microelectronics NV 1.0 147.9 1.65 Netherlands
Cisco Systems, Inc 1.4 147.0 1.64 United States
Diversification Among World Markets
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
United States 39.8%
Japan 15.9%
United Kingdom 15.9%
Germany 7.0%
Netherlands 4.0%
Finland 2.8%
Sweden 2.6%
Spain 1.3%
Bermuda 1.3%
Australia 1.2%
19 Others 8.2%
1999 CREF Annual Report o 7
<PAGE>
Growth Account
================================================================================
Investment Objective A favorable long-term rate of return, mainly through
capital appreciation, primarily from a broadly
diversified portfolio of common stocks that present the
opportunity for exceptional growth.
================================================================================
In 1999 the Growth Account posted a return of 32.52 percent, which was 1.31
percentage points behind its benchmark, the Russell 3000 Growth Index, but 4.56
percentage points ahead of the other growth funds, as measured by the Lipper
Growth Fund Index.
The solid returns of the Growth Account were produced by overweights in
technology stocks - especially software stocks - and in entertainment and media
stocks. Other investments that contributed positive performance were wireless
communication stocks, including Omnipoint, Nokia, and Ericcson, as did positions
in communication semi-conductor stocks. Underweights in the large capitalization
consumer staple stocks like Coca-Cola and Philip Morris helped performance, as
did under owning the pharmaceutical stocks. On the negative side not having
positions in Sun Microsystems and Qualcomm Corp hurt performance as did
positions in the health care stocks, Mckesson HBOC and Cardinal Health. The most
damage to the Account's returns however, came from Tyco International. In a
volatile, momentum driven market, the stock fell due to concerns about
accounting irregularities.
================================================================================
The Account's Benchmark
- --------------------------------------------------------------------------------
The benchmark we use for the CREF Growth Account is the Russell 3000(R) Growth
Index, representing the growth sector of the U.S. stock market.
The Growth Index is a subset of the Russell 3000, which comprehensively
measures the U.S. stock market. The Growth Index consists of companies in the
Russell 3000 Index with higher price-to-book ratios and higher forecasted growth
rates.
================================================================================
$10,000 since 4/29/94 Inception
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
Russell 3000(R)
Date Growth Account Growth Index
---- -------------- ------------
10000 10000
December 1994 10466.9 10640.7
December 1995 14151.6 14531.8
December 1996 17760.1 17711.9
December 1997 22806.4 22802.2
December 1998 30306.5 30786.9
December 1999 40162 41200.5
The graph assumes a $10,000 investment in the CREF Growth Account, on April 29,
1994. It shows that, by the end of 1999, the investment would have grown to
$40,162. For comparison, the graph shows how a $10,000 investment in the Russell
3000 Growth Index, the Growth Account's benchmark (see box at left), did over
the same period.
The story of the year was investors' love affair with technology stocks. This
seemed to grow more intense as fears of a Y2K economic slowdown receded during
the fourth quarter. It also spread from simple "dot.com" stocks to Internet
infrastructure companies, then to business-to-business software companies and
finally to wireless telecommunications stocks. By the time the year was over the
Nasdaq Composite Index had recorded the largest one-year gain of any U.S. market
index in history. Clearly such gains are not sustainable, even if the economy is
in a new paradigm. How long it will take for the market's passion for the new
economy to wane is unclear.
8 o 1999 CREF Annual Report
<PAGE>
Performance at a Glance as of 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
==================================================================================================================================
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year 5 years since inception 1 year 5 years since inception (in billions)
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Growth Account 32.52% 30.86% 27.74% 32.52% 283.71% 301.62% $ 13.6
Russell 3000 Growth Index 33.82% 31.10% 28.40% 33.82% 287.20% 313.65%
Lipper Growth Fund Index 27.96% 26.27% 23.05% 27.96% 221.05% 224.77%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Growth Account. Future returns will fluctuate, as will
the value of investment principal. The shares you own may be worth more or
less than their original value upon redemption.
U.S. growth stocks had an extraordinarily strong year in 1999; the Russell
3000(R)Growth Index gained 33.8 percent. Most of the gains came in the fourth
quarter. At the beginning of the fourth quarter, the Index was up only 6.5
percent.
The graph at lower right shows that, although the CREF Growth Account slightly
underperformed the benchmark for the year as a whole, it outperformed the
benchmark in the four months of negative returns (that is, its results were
smaller drops) and also in June, one of the big "up" months. In only two months
- - March and October - did the Account substantially underperform the benchmark.
Ten Largest Holdings as of 12/31/99
- --------------------------------------------------------------------------------
================================================================================
Shares Market Value Percent of
Company (000,000) (000,000) Net Assets
================================================================================
Microsoft Corp 7.1 $833.7 6.14
General Electric Co 4.4 674.2 4.97
Cisco Systems, Inc 5.6 600.0 4.42
Intel Corp 6.3 516.9 3.81
Oracle Corp 4.3 476.6 3.51
Lucent Technologies, Inc 5.6 416.6 3.07
Tyco International LTD 10.6 410.8 3.03
EMC Corp 3.0 325.4 2.40
America Online, Inc 3.7 277.8 2.05
Merck & Co, Inc 3.7 248.4 1.83
Portfolio Composition
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS PRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Technology 47.4%
Consumer Products
and Services 31.2%
Manufacturing and
Materials 12.1%
Utilities 5.6%
Financial 2.4%
Other 1.3%
1999 Month-by-Month Returns (In Percent)
- --------------------------------------------------------------------------------
[BAR GRAPH OMITTED]
CREF Growth Russell
Month Account 3000 Growth Index
----- ------- -----------------
January 5.47% 5.77%
February -4.16% -4.9%
March 3.52% 5.15%
April 0.87% 0.73%
May -1.56% -2.83%
June 7.62% 6.87%
July -3.13% -3.17%
August 0.93% 1.24%
September -0.95% -1.83%
October 4.56% 7.2%
November 5.61% 5.74%
December 10.83% 10.89%
1999 CREF Annual Report o 9
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
VALUE %
------------ -----
BONDS
CORPORATE BONDS
AUTOMOTIVE DEALERS AND SERVICE STATIONS ..... $ 413 0.00%
DEPOSITORY INSTITUTIONS ..................... 27,854 0.02
ELECTRIC, GAS, AND SANITARY SERVICES ........ 4,101 0.00
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ..... 35,170 0.03
INSURANCE CARRIERS .......................... 2,314 0.00
MISCELLANEOUS MANUFACTURING INDUSTRIES ...... 274 0.00
REAL ESTATE ................................. 9 0.00
SECURITY AND COMMODITY BROKERS .............. 92,198 0.07
TRANSPORTATION EQUIPMENT .................... 1,073 0.00
TRUCKING AND WAREHOUSING .................... 12,304 0.01
------------ -----
TOTAL CORPORATE BONDS
(Cost $93,065) ................................ 175,710 0.13
------------ -----
GOVERNMENT BOND
GOVERNMENT BOND ............................... 344 0.00
------------ -----
TOTAL GOVERNMENT BOND
(Cost $381) ................................... 344 0.00
------------ -----
TOTAL BONDS
(Cost $93,446) ................................ 176,054 0.13
------------ -----
PREFERRED STOCK
APPAREL AND OTHER TEXTILE PRODUCTS .......... 471 0.00
BUSINESS SERVICES ........................... 74,584 0.06
CHEMICALS AND ALLIED PRODUCTS ............... 13,623 0.01
COMMUNICATIONS .............................. 74,354 0.06
DEPOSITORY INSTITUTIONS ..................... 3,905 0.00
ELECTRIC, GAS, AND SANITARY SERVICES ........ 4,397 0.00
FOOD AND KINDRED PRODUCTS ................... 1,238 0.00
FURNITURE AND FIXTURES ...................... 59 0.00
GENERAL BUILDING CONTRACTORS ................ 72 0.00
GENERAL MERCHANDISE STORES .................. 10,858 0.01
HEALTH SERVICES ............................. 13 0.00
HEAVY CONSTRUCTION, EXCEPT BUILDING ......... 199 0.00
HOLDING AND OTHER INVESTMENT OFFICES ........ 852 0.00
INSTRUMENTS AND RELATED PRODUCTS ............ 8 0.00
INSURANCE AGENTS, BROKERS AND SERVICE ....... 13,601 0.01
METAL MINING ................................ 2,437 0.00
NONDEPOSITORY INSTITUTIONS .................. 88 0.00
OIL AND GAS EXTRACTION ...................... 4,656 0.00
PAPER AND ALLIED PRODUCTS ................... 6 0.00
PETROLEUM AND COAL PRODUCTS ................. 128 0.00
PRIMARY METAL INDUSTRIES .................... 374 0.00
PRINTING AND PUBLISHING ..................... 34,495 0.03
REAL ESTATE ................................. 256 0.00
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 6,680 0.01
STONE, CLAY, AND GLASS PRODUCTS ............. 293 0.00
TRANSPORTATION EQUIPMENT .................... 6,268 0.00
------------ -----
TOTAL PREFERRED STOCK
(Cost $161,692) ............................... 253,915 0.19
------------ -----
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS ................. 933 0.00
AGRICULTURAL SERVICES ......................... 2,927 0.00
AMUSEMENT AND RECREATION SERVICES ............. 259,139 0.19
APPAREL AND ACCESSORY STORES .................. 606,663 0.45
APPAREL AND OTHER TEXTILE PRODUCTS ............ 158,453 0.12
AUTO REPAIR, SERVICES AND PARKING ............. 41,165 0.03
AUTOMOTIVE DEALERS AND SERVICE STATIONS ....... 69,957 0.05
BUILDING MATERIALS AND GARDEN SUPPLIES ........ 1,263,611 0.93
BUSINESS SERVICES ............................. 13,056,009 9.62
CHEMICALS AND ALLIED PRODUCTS ................. 13,159,291 9.69
COAL MINING ................................... 1,884 0.00
COMMUNICATIONS ................................ 18,613,877 13.71
DEPOSITORY INSTITUTIONS ....................... 9,625,891 7.09
EATING AND DRINKING PLACES .................... 625,742 0.46
EDUCATIONAL SERVICES .......................... 64,944 0.05
ELECTRIC, GAS, AND SANITARY SERVICES .......... 3,512,488 2.59
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ....... 15,308,389 11.28
ENGINEERING AND MANAGEMENT SERVICES ........... 162,066 0.12
FABRICATED METAL PRODUCTS ..................... 732,413 0.54
FOOD AND KINDRED PRODUCTS ..................... 3,733,342 2.75
FOOD STORES ................................... 995,941 0.73
FORESTRY ...................................... 21,710 0.02
FURNITURE AND FIXTURES ........................ 179,154 0.13
FURNITURE AND HOMEFURNISHINGS STORES .......... 322,859 0.24
GENERAL BUILDING CONTRACTORS .................. 119,571 0.09
GENERAL MERCHANDISE STORES .................... 2,666,609 1.96
HEALTH SERVICES ............................... 389,317 0.29
HEAVY CONSTRUCTION, EXCEPT BUILDING ........... 159,505 0.11
HOLDING AND OTHER INVESTMENT OFFICES .......... 888,261 0.65
HOTELS AND OTHER LODGING PLACES ............... 151,826 0.11
INDUSTRIAL MACHINERY AND EQUIPMENT ............ 10,417,653 7.68
INSTRUMENTS AND RELATED PRODUCTS .............. 2,367,732 1.74
INSURANCE AGENTS, BROKERS AND SERVICE ......... 249,899 0.18
INSURANCE CARRIERS ............................ 5,712,135 4.21
LEATHER AND LEATHER PRODUCTS .................. 16,861 0.01
LEGAL SERVICES ................................ 2,977 0.00
LOCAL AND INTERURBAN PASSENGER TRANSIT ........ 83,071 0.06
LUMBER AND WOOD PRODUCTS ...................... 211,854 0.16
METAL MINING .................................. 374,950 0.28
MISCELLANEOUS MANUFACTURING INDUSTRIES ........ 458,731 0.34
MISCELLANEOUS RETAIL .......................... 908,112 0.67
MOTION PICTURES ............................... 996,905 0.73
NONDEPOSITORY INSTITUTIONS .................... 2,042,842 1.51
NONMETALLIC MINERALS, EXCEPT FUELS ............ 51,306 0.04
OIL AND GAS EXTRACTION ........................ 1,429,503 1.05
PAPER AND ALLIED PRODUCTS ..................... 958,432 0.71
PERSONAL SERVICES ............................. 67,913 0.05
PETROLEUM AND COAL PRODUCTS ................... 4,754,129 3.50
PIPELINES, EXCEPT NATURAL GAS ................. 10,490 0.01
PRIMARY METAL INDUSTRIES ...................... 1,158,982 0.85
PRINTING AND PUBLISHING ....................... 1,042,377 0.77
RAILROAD TRANSPORTATION ....................... 382,629 0.28
REAL ESTATE ................................... 280,565 0.21
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ..... 403,369 0.30
SECURITY AND COMMODITY BROKERS ................ 1,570,687 1.16
SOCIAL SERVICES ............................... 4,521 0.00
SPECIAL TRADE CONTRACTORS ..................... 35,499 0.03
STONE, CLAY, AND GLASS PRODUCTS ............... 600,652 0.44
TEXTILE MILL PRODUCTS ......................... 63,164 0.05
TOBACCO PRODUCTS .............................. 611,760 0.45
TRANSPORTATION BY AIR ......................... 496,776 0.37
TRANSPORTATION EQUIPMENT ...................... 4,462,549 3.29
TRANSPORTATION SERVICES ....................... 65,484 0.05
TRUCKING AND WAREHOUSING ...................... 236,700 0.17
WATER TRANSPORTATION .......................... 257,334 0.19
WHOLESALE TRADE-DURABLE GOODS ................. 227,408 0.17
WHOLESALE TRADE-NON-DURABLE GOODS ............. 763,446 0.56
------------ -----
TOTAL COMMON STOCK
(Cost $69,858,228) ............................ 130,673,334 96.27
------------ -----
SHORT TERM INVESTMENTS
BANK NOTES .................................... 100,005 0.07
CERTIFICATES OF DEPOSIT ....................... 375,574 0.28
COMMERCIAL PAPER .............................. 3,667,666 2.70
MEDIUM TERM BOND .............................. 19,970 0.02
OTHER GOVERNMENT AND AGENCIES ................. 93,705 0.07
U.S. GOVERNMENT AND AGENCIES .................. 2,214,224 1.63
VARIABLE RATE NOTES ........................... 46,496 0.03
------------ -----
SEE NOTES TO FINANCIAL STATEMENTS
10 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)--(Continued)
VALUE %
------------ -----
TOTAL SHORT TERM INVESTMENTS
(Cost $6,517,287) ............................. $ 6,517,640 4.80%
------------ -----
TOTAL PORTFOLIO
(Cost $76,630,653) ............................ 137,620,943 101.39
OTHER ASSETS & LIABILITIES, NET ............... (1,887,602) (1.39)
------------ -----
NET ASSETS ....................................... $135,733,341 100.00%
============ ======
------------------------------
Summary by Country (Unaudited)
VALUE (000) %
------------ -----
DOMESTIC
UNITED STATES ........................... $102,168,331 74.24%
------------ -----
TOTAL DOMESTIC .......................... 102,168,331 74.24
------------ -----
FOREIGN
ARGENTINA ............................... 12,306 0.01
AUSTRALIA ............................... 633,443 0.46
AUSTRIA ................................. 39,510 0.03
BELGIUM ................................. 249,756 0.18
BRAZIL .................................. 26,601 0.02
CANADA .................................. 1,124,579 0.82
CHILE ................................... 61,077 0.04
DENMARK ................................. 174,759 0.13
FINLAND ................................. 912,989 0.66
FRANCE .................................. 2,654,844 1.93
GERMANY ................................. 2,675,812 1.94
HONG KONG ............................... 465,291 0.34
HUNGARY ................................. 5,786 0.00
INDIA ................................... 377,484 0.27
IRELAND ................................. 250,250 0.18
ISRAEL .................................. 22,720 0.02
ITALY ................................... 1,162,077 0.84
JAPAN ................................... 7,516,787 5.46
LUXEMBOURG .............................. 7,393 0.01
MALAYSIA ................................ 70,038 0.05
NETHERLANDS ............................. 1,758,170 1.28
NEW ZEALAND ............................. 53,610 0.04
NORWAY .................................. 83,353 0.06
PORTUGAL ................................ 132,701 0.10
SINGAPORE ............................... 338,217 0.25
SOUTH AFRICA ............................ 34,411 0.03
SPAIN ................................... 814,486 0.59
SWEDEN .................................. 910,354 0.66
SWITZERLAND ............................. 1,439,260 1.05
TAIWAN .................................. 6,413 0.01
UNITED KINGDOM .......................... 4,919,683 3.57
ZIMBABWE ................................ 812 0.00
------------ ------
TOTAL FOREIGN ........................... 28,934,972 21.03
SHORT TERM INVESTMENTS .................. 6,517,640 4.73
------------ ------
TOTAL PORTFOLIO ......................... $137,620,943 100.00%
============ ======
------------------------------
PRINCIPAL VALUE (000)
--------- -----------
BONDS--0.13%
CORPORATE BONDS--0.13%
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.00%
UGLY DUCKLING CORP (SUB DEB)
$ 413,400 12.000%, 10/23/03 .............. $ 413
--------
DEPOSITORY INSTITUTIONS--0.02%
BANCA INTESA S.P.A. (CV DEB)
210,884(1) 2.700%, 01/01/03 ............... $ 384
BANCA INTESA S.P.A. (CV DEB) (RISP)
16,220(1) 3.500%, 01/01/03 ............... 31
FUJI BANK
2,580,000,000(2) 0.250%, 02/01/02 ............... 20,730
MITSU TRUST & BANKING (CV DEB)
983,000,000(2) 0.500%, 10/01/07 ............... 6,709
--------
27,854
--------
ELECTRIC, GAS, AND SANITARY SERVICES--0.00%
WMX TECHNOLOGIES, INC (SUB CV NOTE)
$ 4,979,000 2.000%, 01/24/05 ............... 4,101
--------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--0.03%
SONY CORP
950,000,000(2) 1.400%, 03/31/05 ............... 35,170
--------
INSURANCE CARRIERS--0.00%
>AMP AUSTRALIA
37,957(3) 7.000%, 02/10/05 ............... 2,314
AMP REINSURANCE NOTE
1,380,277(3) 7.000%, 02/10/05 ............... 0
--------
2,314
--------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.00%
SEGA ENTERPRISES LTD
20,000,000(2) 0.000%, 03/31/03 ............... 274
--------
REAL ESTATE--0.00%
EXCEL LEGACY CORP NOTE
$ 6,000 9.000%, 01/01/04 .............. 6
3,000 10.000%, 01/01/04 .............. 3
--------
9
--------
SECURITY AND COMMODITY BROKERS--0.07%
MORGAN STANLEY DEAN WITTER
26,025,000 7.500%, 05/08/00 ............... 65,633
5,987,000 3.000%, 05/17/00 ............... 26,565
--------
92,198
--------
TRANSPORTATION EQUIPMENT--0.00%
BRITISH AEROSPACE PLC
674,799(4) 7.450%, 11/30/03 ............... 1,073
--------
TRUCKING AND WAREHOUSING--0.01%
YAMATO TRANSPORT (CV DEB)
340,000,000(2) 1.700%, 09/30/02 ............... 12,304
--------
TOTAL CORPORATE BONDS
(Cost $93,065) ................. 175,710
--------
GOVERNMENT BOND--0.00%
GOVERNMENT BOND--0.00%
U.S. TREASURY BOND
$ 325,000 11.750%, 02/15/01 .............. 344
--------
TOTAL GOVERNMENT BOND
(Cost $381) ................... 344
--------
TOTAL BONDS
(Cost $93,446) ................. 176,054
--------
- ----------
(1) Denominated in Italian Lira.
(2) Denominated in Japanese Yen.
(3) Denominated in Australian Dollar.
(4) Denominated in British Pound.
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 11
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ------ -----------
PREFERRED STOCK--0.19%
APPAREL AND OTHER TEXTILE PRODUCTS--0.00%
4,200 ESCADA AG....................................... $ 471
-----------
BUSINESS SERVICES--0.06%
123,800 >*SAP AG.......................................... 74,584
-----------
CHEMICALS AND ALLIED PRODUCTS--0.01%
941,176 #*ADVANCED MEDICINE SERIES C...................... 8,000
8,300,000 * BOMBRIL S.A..................................... 64
1,713 CIN-CORPARACAO INDUSTRIAL....................... 42
2,758,725 #*NETGENICS, INC CV SERIES D...................... 5,517
-----------
13,623
-----------
COMMUNICATIONS--0.06%
668,800 * COMCAST CORP.................................... 66,378
52,065,624 EMBRATEL PARTICIPACOES S.A...................... 1,340
66,267,124 * TELEBRAS S.A.................................... 1
73,544,371 TELECENTROESTE CELULAR PARTICIPACOES S.A........ 155
66,267,124 TELECENTRO-SUL PARTICIPACOES S.A................ 1,210
66,267,124 TELENORTE-LESTE PARTICIPACOES S.A............... 1,779
66,267,124 TELESP CELULAR S.A.............................. 1,174
66,267,124 TELESP PARTICIPACOES S.A........................ 1,607
66,267,124 TELESUDESTE CELULAR S.A......................... 490
66,267,124 TELESUL CELULAR PARTICIPACOES S.A............... 220
-----------
74,354
-----------
DEPOSITORY INSTITUTIONS--0.00%
22,520,000 BANCO ITAU S.A.................................. 1,932
7,100,000 BANESPA S.A..................................... 252
219,454,122 BRADESCO S.A.................................... 1,721
-----------
3,905
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--0.00%
38,848,207 CEMIG S.A....................................... 871
23,122,930 CENTRAIS GERADORAS BRASIL....................... 25
23,122,930 ELECTROBRAS S.A. SERIES B....................... 552
2,491,107 ELETROPAULO METROPOLITANA....................... 161
5,000 HOUSTON INDUSTRIES, INC ACES.................... 603
70,870 RHEIN-WESTFALEN ELECTRIC AG. (NON-VOTE)......... 2,185
-----------
4,397
-----------
FOOD AND KINDRED PRODUCTS--0.00%
1,516,000 BRAHMA S.A...................................... 1,108
143,000 * SADIA S.A....................................... 130
-----------
1,238
-----------
FURNITURE AND FIXTURES--0.00%
115,446 * OSULLIVAN INDUSTRIES HOLDINGS, INC.............. 59
-----------
GENERAL BUILDING CONTRACTORS--0.00%
2,300,000 * DURATEX S.A..................................... 72
-----------
GENERAL MERCHANDISE STORES--0.01%
210,200 HARCOURT GENERAL, INC SERIES A.................. 10,858
-----------
HEALTH SERVICES--0.00%
8,534 * MEDIQ, INC SERIES A............................. 13
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.00%
5,500 BAU HOLDING AG.................................. 199
-----------
HOLDING AND OTHER INVESTMENT OFFICES--0.00%
18,432 KIMCO REALTY CORP SERIES D...................... 393
11,020 PRIME RETAIL, INC............................... 130
9,807 SUPERIOR TRUST I SERIES A....................... 329
-----------
852
-----------
INSTRUMENTS AND RELATED PRODUCTS--0.00%
816,100 * FRESENIUS MEDICAL CARE (CLASS D)................ 8
-----------
INSURANCE AGENTS, BROKERS AND SERVICE--0.01%
45,000 MARSCHOLLER LAUT UND PARTNER.................... 13,601
-----------
METAL MINING--0.00%
88,032 VALE DO RIO DOCE NAVEGACAO S.A. SERIES A........ 2,437
-----------
NONDEPOSITORY INSTITUTIONS--0.00%
23,604 INTERNATIONALE NEDERLANDEN GROEP NV............. 88
-----------
OIL AND GAS EXTRACTION--0.00%
18,284,900 PETROBRAS S.A................................... 4,656
-----------
PAPER AND ALLIED PRODUCTS--0.00%
1,670 KONINKLIJKE NV.................................. 6
-----------
PETROLEUM AND COAL PRODUCTS--0.00%
12,000,000 * IPIRANGA S.A.................................... 128
-----------
PRIMARY METAL INDUSTRIES--0.00%
2,718,600 MET GERDAU S.A.................................. 131
44,800 USINAS SIDER MINAS GERAIS S.A................... 243
-----------
374
-----------
PRINTING AND PUBLISHING--0.03%
4,038,657 >NEWS CORP LTD (LTD-VOTE)........................ 34,495
-----------
REAL ESTATE--0.00%
18,300 PRICE ENTERPRISES, INC.......................... 256
-----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.01%
132,287 SEALED AIR CORP (CLASS A)....................... 6,680
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.00%
610,000 CIM ITAU S.A.................................... 85
6,790 DYCKERHOFF ZEMENTWERKE AG....................... 208
-----------
293
-----------
TRANSPORTATION EQUIPMENT--0.00%
12,100 MAN AG.......................................... 268
12,900 RHEINMETALL AG.................................. 136
183,000 VOLKSWAGEN AG................................... 5,864
-----------
6,268
-----------
TOTAL PREFERRED STOCK
(Cost $ 161,692) ................................................ 253,915
-----------
COMMON STOCK--96.27%
AGRICULTURAL PRODUCTION-CROPS--0.00%
13,809 DELTA & PINE LAND CO............................ 240
758,000 GOLDEN HOPE PLANTATIONS BERHAD.................. 682
1,300 * HINES HORTICULTURE, INC......................... 11
-----------
933
-----------
AGRICULTURAL SERVICES--0.00%
122,700 * CADIZ, INC...................................... 1,166
69,512 CRESUD SACIFYA.................................. 68
131,500 * VETERINARY CENTERS OF AMERICA, INC.............. 1,693
-----------
2,927
-----------
AMUSEMENT AND RECREATION SERVICES--0.19%
420,808 >*AMF BOWLING, INC................................ 1,315
92,900 * ANCHOR GAMING CO................................ 4,035
120,100 * ARGOSY GAMING CORP.............................. 1,869
147,529 >*BALLY TOTAL FITNESS HOLDINGS CORP............... 3,937
470,000 BERJAYA SPORTS TOTO BERHAD...................... 1,014
124,400 * BOCA RESORTS, INC (CLASS A)..................... 1,213
224,245 * BOYD GAMING CORP................................ 1,303
32,500 * CHAMPIONSHIP AUTO RACING TEAMS, INC............. 748
4,800 > CHURCHILL DOWNS, INC............................ 108
2,363,850 EMI GROUP PLC................................... 23,188
2,100 >*FAMILY GOLF CENTERS, INC........................ 3
5,060,040 GRANADA GROUP LTD (CLASS A)..................... 51,270
958,274 * HARRAH'S ENTERTAINMENT, INC..................... 25,334
157,600 * HOLLYWOOD PARK, INC............................. 3,536
22,200 INTERNATIONAL SPEEDWAY CORP (CLASS A)........... 1,118
50 * ISLE OF CAPRI CASINOS, INC...................... 1
52,000 * LAKES GAMING, INC............................... 413
1,324,950 MAGNUM CORP BERHAD.............................. 990
504,217 * MIRAGE RESORTS, INC............................. 7,721
735,000 * MULTI-PURPOSE HOLDINGS BERHAD................... 313
112,800 ORIENTAL LAND CO LTD............................ 9,687
60 * PENN NATIONAL GAMING, INC....................... 1
SEE NOTES TO FINANCIAL STATEMENTS
12 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
AMUSEMENT AND RECREATION SERVICES--(Continued)
13,000 * PLAYERS INTERNATIONAL, INC......................$ 107
2,951,828 * PREMIER PARKS, INC.............................. 85,234
57,934 * PRESIDENT CASINOS, INC.......................... 36
700 SANKYO CO LTD................................... 52
236,808 * SFX ENTERTAINMENT, INC (CLASS A)................ 8,569
13,600 * SPEEDWAY MOTORSPORTS, INC....................... 378
154,137 * STATION CASINOS, INC............................ 3,458
899,721 > TABCORP HOLDINGS LTD............................ 6,074
240,000 * TOKYO DOME CORP................................. 1,150
444,000 TOKYO TOKEIBA CO LTD............................ 608
188,900 * WESTWOOD ONE, INC............................... 14,356
-----------
259,139
-----------
APPAREL AND ACCESSORY STORES--0.45%
931,808 * ABERCROMBIE & FITCH CO (CLASS A)................ 24,868
173,150 * AMERICAN EAGLE OUTFITTERS, INC.................. 7,792
167,672 * ANN TAYLOR STORES CORP.......................... 5,774
18,900 >*BEBE STORES, INC................................ 510
48,950 >*BUCKLE, INC..................................... 725
101,524 BURLINGTON COAT FACTORY WAREHOUSE CORP.......... 1,409
268,100 CATO CORP (CLASS A)............................. 3,385
99,000 * CHARMING SHOPPES, INC........................... 656
40,500 * CHICO'S FAS, INC................................ 1,524
97,300 >*CHILDRENS PLACE RETAIL STORES................... 1,599
154,700 CLAIRES STORES, INC............................. 3,461
108,618 CLAIRES STORES, INC (CLASS A)................... 2,430
52,300 >*DAVIDS BRIDAL, INC.............................. 585
161,400 DEB SHOPS, INC.................................. 2,986
106,941 DOUGLAS HOLDINGS AG............................. 4,606
102,600 * DRESS BARN, INC................................. 1,706
7,469 EDGARS CONSOLIDATED STORES LTD.................. 95
4,184 x*EDISON BROTHERS STORES, INC WTS 09/26/05........ 0
108,500 * FINISH LINE, INC (CLASS A)...................... 590
188,669 * FOOTSTAR, INC................................... 5,754
3,918,182 GAP, INC........................................ 180,236
439,700 * GENESCO, INC.................................... 5,716
109,700 * GOODYS FAMILY CLOTHING, INC..................... 590
130,600 * GYMBOREE CORP................................... 735
1,910,380 HENNES & MAURITZ AB SERIES B.................... 64,061
141,317 INTIMATE BRANDS, INC (CLASS A).................. 6,094
47,450 x>* JUST FOR FEET, INC.............................. 0
3,677,792 LIMITED, INC.................................... 159,294
156,950 * MEN'S WEARHOUSE, INC............................ 4,610
272,239 NORDSTROM, INC.................................. 7,129
174,575 * PACIFIC SUNWEAR CALIFORNIA, INC................. 5,565
195,743 * PAYLESS SHOESOURCE, INC......................... 9,200
183,600 * PETRIE STORES CORP (LIQUIDATING TRUST).......... 448
1,247,860 ROSS STORES, INC................................ 22,383
19,080 SALAMANDER AG................................... 231
58,600 > SHIMAMAURA CO LTD............................... 9,285
11,200 * SHOE CARNIVAL, INC.............................. 113
171,600 * STEIN MART, INC................................. 976
2,366,266 TJX COS, INC.................................... 48,361
579,992 * TOO, INC........................................ 10,005
1,500 * UNITED RETAIL GROUP, INC........................ 12
14,000 * URBAN OUTFITTERS, INC........................... 408
61,700 * WET SEAL, INC (CLASS A)......................... 756
-----------
606,663
-----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.12%
160,600 AOYAMA TRADING CO LTD........................... 3,440
4,643,700 > BENETTON GROUP S.P.A............................ 10,667
50,000 CHRISTIAN DIOR S.A.............................. 12,392
54,400 * COLUMBIA SPORTSWEAR CO.......................... 1,170
113,400 * DONNA KARAN INTERNATIONAL, INC.................. 744
17 ESCADA AG. ..................................... 2
27,800 * GUESS ?, INC.................................... 605
817,000 GUNZE LTD....................................... $ 2,174
713,455 * JONES APPAREL GROUP, INC........................ 19,352
171,390 KELLWOOD CO..................................... 3,331
2,353,000 KURARAY CO LTD.................................. 23,820
480,600 LIZ CLAIBORNE, INC.............................. 18,083
212,300 * NAUTICA ENTERPRISES, INC........................ 2,402
268,000 ONWARD KASHIYMA CO LTD.......................... 3,670
119,300 OSHKOSH B'GOSH, INC (CLASS A)................... 2,513
95,500 OXFORD INDUSTRIES, INC.......................... 1,892
4,961,800 PACIFIC DUNLOP LTD.............................. 7,002
13,193 x*PARAGON TRADE BRANDS, INC....................... 3
277,533 PHILLIPS VAN HEUSEN CORP........................ 2,307
4,423 > PILLOWTEX CORP.................................. 27
342,200 * POLO RALPH LAUREN CORP.......................... 5,839
125,200 * QUIKSILVER, INC................................. 1,941
414,100 >*RENOWN, INC..................................... 1,013
345,000 TOKYO STYLE CO LTD.............................. 2,835
9,300 * TOMMY HILFIGER CORP............................. 217
2,000 * TROPICAL SPORTSWARE INTERNATIONAL CORP.......... 32
550,758 VF CORP......................................... 16,523
413,055 WACOAL CORP..................................... 3,632
331,399 WARNACO GROUP, INC (CLASS A).................... 4,080
54,300 WORLD CO LTD.................................... 6,745
-----------
158,453
-----------
AUTO REPAIR, SERVICES AND PARKING--0.03%
47,600 * AUTOWEB.COM, INC................................ 518
144,983 * AVIS RENT A CAR, INC............................ 3,706
165,401 * BUDGET GROUP, INC............................... 1,499
1,246,000 COMFORT GROUP LTD............................... 684
334,018 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC............ 7,996
130,895 HERTZ CORP (CLASS A)............................ 6,561
66,460 * IMPERIAL HOLDINGS LTD........................... 727
157,657 MIDAS, INC...................................... 3,449
61,770 * NATIONAL AUTO CREDIT, INC....................... 39
511,847 ROLLINS TRUCK LEASING CORP...................... 6,110
404,152 RYDER SYSTEM, INC............................... 9,876
-----------
41,165
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.05%
36,000 AUTOBACS SEVEN CO LTD........................... 1,180
1,608,349 * AUTONATION, INC................................. 14,877
771,500 * AUTOZONE, INC................................... 24,929
291,500 * BAJAJ AUTO LTD.................................. 2,218
148,300 CANADIAN TIRE, INC (CLASS A).................... 3,520
222,400 * COPART, INC..................................... 9,674
160,800 * CSK AUTO CORP................................... 2,814
67,498 * DISCOUNT AUTO PARTS, INC........................ 1,219
96,800 * GROUP 1 AUTOMOTIVE, INC......................... 1,349
402,024 LEX SERVICE GROUP LTD........................... 2,447
323,958 LONHRO AFRICA PLC............................... 162
96,200 * OREILLY AUTOMOTIVE, INC......................... 2,068
278,905 PEP BOYS MANNY, MOE, & JACK CO.................. 2,545
103,400 * UNITED AUTO GROUP, INC.......................... 924
3,700 * WEST MARINE, INC................................ 31
-----------
69,957
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES--0.93%
337,151 CRH PLC......................................... 7,269
119,300 FASTENAL CO..................................... 5,361
15,970,473 HOME DEPOT, INC................................. 1,094,976
46,920 * JUAN MINETTI S.A................................ 118
2,253,330 LOWES COS, INC.................................. 134,636
862,700 MEYER INTERNATIONAL PLC......................... 5,356
39,189 PORTLAND VALDERRIVAS S.A........................ 1,023
900 * TRACTOR SUPPLY CO............................... 14
1,938,202 WOLSELEY PLC.................................... 14,858
-----------
1,263,611
-----------
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 13
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
BUSINESS SERVICES--9.62%
98,800 * 24/7 MEDIA, INC................................. $ 5,558
110,400 AARON RENTS, INC................................ 1,960
4,700 ABM INDUSTRIES, INC............................. 96
34,800 * ABOUT.COM, INC.................................. 3,123
450,150 * ACCLAIM ENTERTAINMENT, INC...................... 2,307
26,354 ACKERLEY GROUP, INC............................. 478
437,311 * ACNEILSEN CORP.................................. 10,769
1,100 * ACT NETWORKS, INC............................... 10
8,200 * ACTIVISION, INC................................. 126
156,400 * ACTUATE CORP.................................... 6,706
332,160 * ACXIOM CORP..................................... 7,972
55,054 ADECCO S.A. (REGD).............................. 42,876
210,700 ADECCO S.A. ADR................................. 20,227
44,800 * ADFORCE, INC.................................... 3,198
8,400 * ADMINSTAFF, INC................................. 254
1,108,888 ADOBE SYSTEMS, INC.............................. 74,573
45,400 >*ADVANTAGE LEARNING SYSTEMS, INC................. 508
77,650 * ADVENT SOFTWARE, INC............................ 5,004
113,330 * ADVO, INC....................................... 2,692
211,900 * AFFILIATED COMPUTER SERVICES, INC(CLASS A)...... 9,747
7,400 * ALLAIRE CORP.................................... 1,083
12,000 * ALPHA SYSTEMS, INC.............................. 2,523
18,714 * AMDOCS LTD...................................... 646
15,618,822 * AMERICA ONLINE, INC............................. 1,178,245
579,645 * AMERICAN MANAGEMENT SYSTEMS, INC................ 18,186
132,400 ANALYSTS INTERNATIONAL CORP..................... 1,655
156,500 >*ANSWERTHINK CONSULTING GROUP.................... 5,360
37,400 * APPLIEDTHEORY CORP.............................. 1,038
46,000 APTECH LTD (NEW)................................ 1,864
89,000 * ARDENT SOFTWARE, INC............................ 3,471
143,600 * ASHTON TECHNOLOGY GROUP, INC.................... 924
95,000 * ASPECT DEVELOPMENT, INC......................... 6,508
30,200 * ASPEN TECHNOLOGY, INC........................... 798
58,900 >*AUTOBYTEL.COM, INC.............................. 895
333,000 AUTODESK, INC................................... 11,239
3,463,481 AUTOMATIC DATA PROCESSING, INC.................. 186,595
197,300 * AVANT CORP...................................... 2,960
74,100 * AVT CORP........................................ 3,483
22,200 * AWARE, INC...................................... 808
173,500 * AXENT TECHNOLOGIES, INC......................... 3,644
50 * AZTEC TECHNOLOGY PARTNERS, INC.................. 0
456,900 >*BAAN CO NV...................................... 6,458
40,700 * BANYAN SYSTEMS, INC............................. 814
8,500 * BARRA, INC...................................... 270
1,087,718 >*BEA SYSTEMS, INC................................ 76,072
44,000 * BEST SOFTWARE, INC.............................. 1,298
153,000 >*BEYOND.COM CORP................................. 1,195
36,289 * BFL SOFTWARE LTD................................ 913
90,500 * BILLING CONCEPTS CORP........................... 588
107,400 * BINDVIEW DEVELOPMENT CORP....................... 5,336
52,300 * BISYS GROUP, INC................................ 3,413
2,380,332 * BMC SOFTWARE, INC............................... 190,278
371,585 * BMCMEDIA.COM.................................... 705
44,500 * BOTTOMLINE TECHNOLOGIES, INC.................... 1,602
53,200 * BRIO TECHNOLOGY, INC............................ 2,234
362,900 * BROADVISION, INC................................ 61,716
59,500 >*BROCADE COMMUNICATIONS SYSTEMS, INC............. 10,532
138,628 * BUILDING ONE SERVICES CORP...................... 1,308
68,800 * BURNS INTERNATIONAL SERVICES.................... 744
80,000 * BUSINESS OBJECTS S.A. (SPONS ADR)............... 10,690
49,100 * CACI INTERNATIONAL, INC (CLASS A)............... 1,111
1,436,074 * CADENCE DESIGN SYSTEMS, INC..................... 34,466
40,700 * CAIS INTERNET, INC.............................. 1,445
157,900 * CAMBRIDGE TECHNOLOGY PARTNERS, INC.............. 4,145
159,459 > CAP GEMINI S.A.................................. 40,483
93,000 >*CAPCOM CO LTD................................... $ 4,957
1,239,400 CAPITA GROUP PLC................................ 22,614
19,200 * CAREERBUILDER, INC.............................. 124
124,562 * CATALINA MARKETING CORP......................... 14,418
57,000 * CBT GROUP PLC ADR............................... 1,910
14,800 * CCC INFORMATION SERVICES GROUP, INC............. 253
69,048 * CDI CORP........................................ 1,666
146,500 * CELL NETWORK AB................................. 4,085
1,990 * CELLULAR TECHNICAL SERVICES CO.................. 15
5,071,795 * CENDANT CORP.................................... 134,720
235,600 >*CENTURY BUSINESS SERVICES, INC.................. 1,988
2,923,877 * CERIDIAN CORP................................... 63,046
163,200 * CERNER CORP..................................... 3,213
196,250 * CHECKFREE HOLDINGS CORP......................... 20,508
266,058 * CHOICEPOINT, INC................................ 11,008
256,300 * CIBER, INC...................................... 7,048
462,270 * CITRIX SYSTEMS, INC............................. 56,859
108,400 * CLARIFY, INC.................................... 13,658
427,004 >*CMGI, INC....................................... 118,227
258,796 * CNET, INC....................................... 14,687
19,200 * COGNIZANT TECHNOLOGY SOLUTIONS.................. 2,099
341,874 COMDISCO, INC................................... 12,735
120,200 COMPAREX HOLDINGS LTD........................... 842
143,987 * COMPLETE BUSINESS SOLUTIONS, INC................ 3,618
2,930,705 COMPUTER ASSOCIATES INTERNATIONAL, INC.......... 204,966
189,600 * COMPUTER HORIZONS CORP.......................... 3,069
134,400 * COMPUTER NETWORK TECHNOLOGY CORP................ 3,083
1,149,894 * COMPUTER SCIENCES CORP.......................... 108,809
99,819 COMPUTER TASK GROUP, INC........................ 1,479
2,489,800 * COMPUWARE CORP.................................. 92,745
90,500 * CONCORD COMMUNICATIONS, INC..................... 4,016
62,200 >*CONCUR TECHNOLOGIES, INC........................ 1,804
481,779 * CONVERGYS CORP.................................. 14,815
102,300 * COREL CORP...................................... 1,546
161,800 * CORT BUSINESS SERVICES CORP..................... 2,821
27,500 * COSTAR GROUP.................................... 987
74,600 * COTELLIGENT, INC................................ 401
140,000 CREATIVE TECHNOLOGY LTD......................... 2,538
112,176 >*CRITICAL PATH, INC.............................. 10,587
766,900 * CSG SYSTEMS INTERNATIONAL, INC.................. 30,580
76,100 CSK CORP........................................ 12,356
38,600 * CTC COMMUNICATIONS GROUP........................ 1,506
91,000 * CYBERCASH, INC.................................. 842
4,894 >*CYBERGUARD CORP................................. 20
95,400 * CYBERPLEX, INC.................................. 1,201
301,100 DASSAULT SYSTEMS S.A............................ 19,626
61,038 * DATA BROADCASTING CORP.......................... 504
258,224 DATACRAFT ASIA LTD.............................. 2,143
128,790 * DATASTREAM SYSTEMS, INC......................... 3,163
60,885 * DBT ONLINE, INC................................. 1,484
1,100 >*DECISIONONE HOLDINGS CORP....................... 1
188,250 * DENDRITE INTERNATIONAL, INC..................... 6,377
106,500 * DIGITAL RIVER, INC.............................. 3,548
117,100 * DOCUMENTUM, INC................................. 7,011
160,498 >*DOUBLECLICK, INC................................ 40,616
18,600 * DSP GROUP, INC.................................. 1,730
219,532 * DST SYSTEMS, INC................................ 16,753
106,300 * EARTHLINK NETWORK, INC.......................... 4,518
37,400 * EARTHWEB, INC................................... 1,882
174,700 >*EBAY, INC....................................... 21,870
46,400 * ECHELON CORP.................................... 908
219,252 * ECLIPSYS CORP................................... 5,618
58,000 * EFFNET GROUP AB................................. 2,081
60,100 * EIDOS PLC....................................... 5,274
2,600 * ELECTRO RENT CORP............................... 30
279,200 * ELECTRONIC ARTS, INC............................ 23,453
SEE NOTES TO FINANCIAL STATEMENTS
14 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
BUSINESS SERVICES--(Continued)
2,521,845 ELECTRONIC DATA SYSTEMS CORP.................... $ 168,806
352,320 * ELECTRONICS FOR IMAGING, INC.................... 20,479
49,400 * EMPLOYEE SOLUTIONS, INC......................... 34
51,600 >*ENGINEERING ANIMATION, INC...................... 452
26,000 * ENIX CORP....................................... 2,823
119,900 * ENTRUST TECHNOLOGIES, INC....................... 7,187
235,329 * EPICOR SOFTWARE CORP............................ 1,191
55,000 * EQUANT N.V...................................... 6,245
1,127,698 EQUIFAX, INC.................................... 26,571
13,600 * EXCALIBUR TECHNOLOGIES CORP..................... 281
58,700 * EXCHANGE APPLICATIONS, INC...................... 3,280
696,457 * EXCITE AT HOME.................................. 29,861
57,550 FACTSET RESEARCH SYSTEMS, INC................... 4,582
102,742 FAIR ISSAC & CO, INC............................ 5,445
200,000 * FILENET CORP.................................... 5,100
2,994,400 FIRST DATA CORP................................. 147,661
437,393 * FISERV, INC..................................... 16,758
15,900 * FORRESTER RESEARCH, INC......................... 1,095
72,300 FUJI SOFT ABC, INC.............................. 5,657
251,538 * GARTNER GROUP, INC (CLASS B).................... 3,474
20 * GENERAL MAGIC, INC.............................. 0
50,600 * GENESYS TELECOMMUNICATIONS LABORATORIES, INC.... 2,732
195,495 GERBER SCIENTIFIC, INC.......................... 4,289
237,070 GETRONICS NV.................................... 18,916
94,900 * GETTY IMAGES, INC............................... 4,638
345,966 * GO.COM.......................................... 8,238
148,383 * GO2NET, INC..................................... 12,909
8,472 * GRANDE HOLDINGS WTS 10/15/00.................... 0
60,316 * GREAT PLAINS SOFTWARE, INC...................... 4,509
160,500 * GT INTERACTIVE SOFTWARE CORP.................... 266
495,879 * GTECH HOLDINGS CORP............................. 10,909
237,300 * HARBINGER CORP.................................. 7,549
5,200 * HAVAS ADVERTISING S.A........................... 2,216
322,000 HAW PAR CORP LTD................................ 588
2,094,763 * HAYS PLC........................................ 33,351
61,531 >*HEALTHEON/WEBMD CORP............................ 2,307
5,400 * HEIDRICK & STRUGGLES INTERNATIONAL, INC......... 228
164,700 * HNC SOFTWARE.................................... 17,417
104,800 * HYPERION SOLUTIONS CORP......................... 4,559
248,310 * I2 TECHNOLOGIES, INC............................ 48,420
105,000 * ICON MEDIALAB INTERNATIONAL AB.................. 3,657
81,200 * IDX SYSTEMS CORP................................ 2,538
407,082 * IMATION CORP.................................... 13,663
302,750 * IMRGLOBAL CORP.................................. 3,803
2,245,153 IMS HEALTH, INC................................. 61,040
238,841 * INACOM CORP..................................... 1,747
210,600 >*INFOCURE CORP................................... 6,568
32,400 * INFONET SERVICES CORP........................... 851
25,400 * INFORMATICA CORP................................ 2,702
25,200 * INFORMATION RESOURCES, INC...................... 233
1,407,150 >*INFORMIX CORP................................... 16,094
172,600 * INFOSPACE COM, INC.............................. 36,936
135,300 * INFOUSA, INC.................................... 1,886
361,296 * INKTOMI CORP.................................... 32,065
37 * INPRISE CORP.................................... 0
38,600 * INTEGRATED SYSTEMS, INC......................... 1,296
74,665 * INTERGRAPH CORP................................. 350
427,400 * INTERIM SERVICES, INC........................... 10,578
80 * INTERNET CAPITAL GROUP, INC..................... 14
208,300 * INTERNET GOLD................................... 4,635
56,000 * INTERNET INITIATIVE JAPAN, INC ADR.............. 5,443
61,900 INTERPOOL, INC.................................. 460
1,729,690 INTERPUBLIC GROUP OF COS, INC................... 99,781
12,500 * INTERSHOP COMMUNICATIONS AG..................... 3,526
65,000 * INTERVU, INC.................................... 6,825
974,517 * INTUIT, INC..................................... 58,410
146,200 * ISS GROUP, INC.................................. 10,398
51,100 * ISS INTERNATIONAL SERVICE SYSTEM AS SERIES B.... 3,439
111,000 >*IVILLAGE, INC................................... 2,248
205,400 * J.D. EDWARDS & CO............................... 6,136
35,000 JACK HENRY & ASSOCIATES, INC.................... 1,879
124,750 * JDA SOFTWARE GROUP, INC......................... 2,043
571,000 JIT HOLDINGS LTD................................ 1,988
41,967 >*JUNO ONLINE SERVICES, INC....................... 1,490
265,055 * KEANE, INC...................................... 8,415
224,815 KELLY SERVICES, INC (CLASS A)................... 5,648
691,000 * KEPPEL LAND LTD................................. 1,132
44,550 * KEPPEL LAND LTD WTS 12/12/00.................... 20
138,812 KONAMI CO LTD................................... 24,778
25,000 * KORN FERRY INTERNATIONAL........................ 909
113,000 * KYOWA EXEO CORP................................. 984
180,675 * LABOR READY, INC................................ 2,191
348,288 LAGARDERE S.C.A................................. 18,948
261,000 * LAMAR ADVERTISING CO (CLASS A).................. 15,807
165,100 >*LEARN2.COM, INC................................. 542
1,100 x*LEASING SOLUTIONS, INC.......................... 0
489,420 * LEGATO SYSTEMS, INC............................. 33,678
66,000 >*LERNOUT & HAUSPIE SPEECH PRODUCTS............... 3,053
154,700 >*LHS GROUP, INC.................................. 3,800
1,083,509 * LOGICA PLC...................................... 27,940
41,400 * LONDON BRIDGE SOFTWARE HOLDINGS PLC............. 2,824
360,442 * LYCOS, INC...................................... 28,678
72,224 * M-WEB HOLDINGS LTD.............................. 45
206,900 * MACROMEDIA, INC................................. 15,130
41,100 * MACROVISION CORP................................ 3,041
43,700 * MANHATTAN ASSOCIATES, INC....................... 322
618,800 MANPOWER, INC................................... 23,282
118,726 * MANUGISTICS GROUP, INC.......................... 3,836
120,500 * MAPICS, INC..................................... 1,521
17,100 >*MAPQUEST.COM, INC............................... 386
51,600 >*MARIMBA, INC.................................... 2,377
9,400 * MARKETWATCH.COM, INC............................ 343
208,570 * MASTECH CORP.................................... 5,162
21,600 MCGRATH RENTCORP................................ 378
9,900 * MEDIA METRIX, INC............................... 354
33,400 * MEDICONSULT.COM, INC............................ 209
233,000 * MEDQUIST, INC................................... 6,014
40,000 * MEGACHIPS CORP.................................. 2,559
5,100 MEITEC CORP..................................... 162
50,100 * MEMBERWORKS, INC................................ 1,663
663,900 * MENTOR GRAPHICS CORP............................ 8,755
30 * MERANT PLC ADR.................................. 1
171,900 * MERCURY INTERACTIVE CORP........................ 18,554
248,300 MERKANTILDATA ASA............................... 3,008
108,000 * MESSAGEMEDIA, INC............................... 1,519
163,050 * METAMOR WORLDWIDE, INC.......................... 4,749
103,700 >*METRO INFORMATION SERVICES, INC................. 2,489
70,000 * MICROMUSE, INC.................................. 11,900
30,066,237 * MICROSOFT CORP.................................. 3,510,233
213,438 >*MICROSTRATEGY, INC.............................. 44,822
82,078 * MIDWAY GAMES, INC............................... 1,965
208,700 * MINDSPRING ENTERPRISES, INC..................... 5,511
665,344 MISYS PLC....................................... 10,367
18,800 * MODEM MEDIA POPPE TYSON, INC.................... 1,323
597,700 * MODIS PROFESSIONAL SERVICES..................... 8,517
14 * MOMENTUM BUSINESS APPLICATIONS, INC............. 0
63,100 >*MPATH INTERACTIVE, INC.......................... 1,680
37,900 * MULTEX.COM, INC................................. 1,426
245,304 NAMCO LTD....................................... 15,883
195,300 NATIONAL COMPUTER SYSTEMS, INC.................. 7,348
235,655 NATIONAL DATA CORP.............................. 7,998
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 15
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
BUSINESS SERVICES--(Continued)
37,900 * NATIONAL EQUIPMENT SERVICES, INC................$ 237
108,700 * NATIONSRENT, INC................................ 611
53,100 * NAVISION SOFTWARE AS............................ 3,847
48,300 * NBC INTERNET, INC............................... 3,731
55,100 * NCO GROUP, INC.................................. 1,660
79,900 * NEFF CORP....................................... 509
38,700 * NEON SYSTEMS, INC............................... 1,519
53,300 * NET PERCEPTIONS, INC............................ 2,239
30 * NETMANAGE, INC.................................. 0
38,800 * NETOBJECTS, INC................................. 640
29,150 * NETOPIA, INC.................................... 1,583
970,500 * NETWORK APPLIANCE, INC.......................... 80,612
91,900 * NETWORK PERIPHERALS, INC........................ 4,342
59,700 * NETWORK SOLUTIONS, INC.......................... 12,988
924,380 * NETWORKS ASSOCIATES, INC........................ 24,669
98,000 * NEW ERA OF NETWORKS, INC........................ 4,667
178,900 * NEWBRIDGE NETWORKS CORP......................... 4,018
479,007 NIIT LTD........................................ 37,294
31,200 * NIPPON SYSTEM DEVELOPMENT CO LTD................ 4,547
357,300 * NOVA CORP (GEORGIA)............................. 11,277
1,880,486 * NOVELL, INC..................................... 75,102
300 * NTT DATA COMMUNICATIONS SYSTEM CORP............. 6,896
76,100 * OBJECTIVE SYSTEMS INTEGRATORS, INC.............. 504
430,394 OLSTEN CORP..................................... 4,869
25,100 * OMEGA RESEARCH, INC............................. 151
1,073,140 OMNICOM GROUP, INC.............................. 107,314
67,200 * ON ASSIGNMENT, INC.............................. 2,008
128,700 * ONEMAIN.COM, INC................................ 1,931
67,300 * ONHEALTH NETWORK CO............................. 601
38,700 * ONYX SOFTWARE CORP.............................. 1,432
131,900 * OPEN MARKET, INC................................ 5,952
11,438,761 * ORACLE CORP..................................... 1,281,856
1,082,346 * PARAMETRIC TECHNOLOGY CORP...................... 29,291
1,483,579 PAYCHEX, INC.................................... 59,343
16,500 * PCORDER.COM, INC................................ 842
67,700 * PEGASUS SYSTEMS, INC............................ 4,083
72,500 * PEGASYSTEMS, INC................................ 816
1,106,817 * PENTAFOUR SOFTWARE & EXPORT LTD................. 34,477
394,000 * PENTAFOUR SOFTWARE & EXPORT LTD (NEW)........... 12,258
347,235 * PEOPLESOFT, INC................................. 7,400
34,800 * PER SE TECHNOLOGIES, INC........................ 293
174,800 * PEREGRINE SYSTEMS, INC.......................... 14,716
11,000 * PERITUS SOFTWARE SERVICES, INC.................. 1
312,400 * PEROT SYSTEMS CORP (CLASS A).................... 5,936
195,848 * PERSONNEL GROUP OF AMERICA, INC................. 1,983
80,500 * PERVASIVE SOFTWARE, INC......................... 1,363
4,200 >*PHENOMEDIA AG................................... 98
37,500 * PHOENIX TECHNOLOGIES LTD........................ 593
111,200 #*PHYSICIAN COMPUTER NETWORK, INC................. 1
268,100 PITTSTON BRINKS GROUP CO........................ 5,898
372,269 * POLICY MANAGEMENT SYSTEMS CORP.................. 9,516
70,300 * PORTAL SOFTWARE, INC............................ 7,232
86,700 >*PREVIEW TRAVEL, INC............................. 4,519
203,982 >*PRICELINE.COM, INC.............................. 9,664
9,579 * PRIMARK CORP.................................... 266
1,300 * PRIVATE BUSINESS, INC........................... 6
74,900 #*PROCURENET, INC................................. 11
47,100 >*PRODIGY COMMUNICATIONS CORP..................... 913
11,700 * PROFESSIONAL DETAILING, INC..................... 350
251,800 * PROGRESS SOFTWARE CORP.......................... 14,290
75,400 * PROJECT SOFTWARE & DEVELOPMENT, INC............. 4,185
20,675 PROSEGUR COMPANIA DE SEGURIDAD S.A.............. 185
7,100 * PROTECTION ONE, INC............................. 14
89,500 * PROXICOM, INC................................... 11,126
18,500 * PROXYMED, INC................................... 180
391,211 * PSINET, INC..................................... 24,157
116,100 * PSION PLC....................................... 5,062
65,200 * QRS CORP........................................ 6,846
141,900 * QUADRAMED CORP.................................. 1,237
49,900 * RADIANT SYSTEMS, INC............................ 2,005
59,500 * RADISYS CORP.................................... 3,035
60 * RAMTRON INTERNATIONAL CORP...................... 0
224,060 * RARE MEDIUM GROUP, INC.......................... 6,792
593,843 * RATIONAL SOFTWARE CORP.......................... 29,173
55,100 >*RAZORFISH, INC.................................. 5,241
243,400 * READSOFT AB (CLASS B)........................... 4,439
232,437 * REALNETWORKS, INC............................... 27,965
200 * REDBACK NETWORKS, INC........................... 36
173,100 * REMEDY CORP..................................... 8,201
181,793 * RENT WAY, INC................................... 3,397
193,700 * RENT-A-CENTER, INC.............................. 3,838
7,000,110 RENTOKIL INITIAL PLC............................ 25,517
3,272,187 REUTERS GROUP PLC............................... 44,884
565,850 * ROBERT HALF INTERNATIONAL, INC.................. 16,162
304,714 ROLLINS, INC.................................... 4,571
323,499 * ROMAC INTERNATIONAL, INC........................ 4,347
124,600 * RSA SECURITY, INC............................... 9,657
65,635 * RWD TECHNOLOGIES, INC........................... 681
231,300 * SABRE HOLDINGS CORP............................. 11,854
317,633 * SAFETY-KLEEN CORP............................... 3,593
472,800 * SAGA SYSTEMS, INC............................... 9,426
2,339,890 * SAGE GROUP PLC.................................. 28,544
80,200 >*SAGENT TECHNOLOGY, INC.......................... 2,401
20,600 >*SALESLOGIX CORP................................. 846
66,000 >*SANCHEZ COMPUTER ASSOCIATES, INC................ 2,718
97,500 >*SANTA CRUZ OPERATION, INC....................... 2,962
149,957 SAP AG.......................................... 73,875
158,300 >*SAPIENT CORP.................................... 22,310
853,842 SATYAM COMPUTER SERVICES LTD.................... 43,556
1,250,000 * SATYAM COMPUTER SERVICES LTD (NEW).............. 63,721
40,950 * SATYAM INFOWAY LTD ADR.......................... 6,347
390,000 * SAUSAGE SOFTWARE LTD............................ 1,327
65,000 >*SCIENT CORP..................................... 5,618
656,400 SECOM CO LTD.................................... 72,227
375,000 * SECURENET LTD................................... 1,694
507,600 * SECURITAS AB SERIES B FREE...................... 9,198
162,812 SEI INVESTMENT CO............................... 19,377
760,184 * SEMA GROUP PLC.................................. 13,674
59,600 * SERENA SOFTWARE, INC............................ 1,844
160,500 SHARED MEDICAL SYSTEMS CORP..................... 8,175
756,330 * SIEBEL SYSTEMS, INC............................. 63,532
36,580 >*SILKNET SOFTWARE, INC........................... 6,063
552,000 * SILVERLINE INDUSTRIES LTD....................... 10,304
1,740,900 SIME DARBY BERHAD............................... 2,208
425,600 * SITEL CORP...................................... 2,979
292,200 >*SNYDER COMMUNICATIONS, INC...................... 5,625
181,278 * SOFTBANK CORP................................... 173,405
98,600 * SOFTNET SYSTEMS, INC............................ 2,477
25,900 SOTHEBYS HOLDINGS, INC (CLASS A)................ 777
31,000 >*SOURCE INFORMATION MANAGEMENT CO................ 519
71,500 >*SOURCE MEDIA, INC............................... 1,323
97,700 * SPORTSLINE.COM.................................. 4,897
400 * SPR, INC........................................ 2
81,500 * SPYGLASS, INC................................... 3,091
66,000 * SS&C TECHNOLOGIES, INC.......................... 429
221,000 * STAFFMARK, INC.................................. 1,671
77,000 >*STARMEDIA NETWORK, INC.......................... 3,085
43,100 * STARTEK, INC.................................... 1,562
513,577 * STERLING COMMERCE, INC.......................... 17,494
443,538 * STERLING SOFTWARE, INC.......................... 13,971
206,000 * STRUCTURAL DYNAMICS RESEARCH CORP............... 2,627
SEE NOTES TO FINANCIAL STATEMENTS
16 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
BUSINESS SERVICES--(Continued)
10,020,600 * SUN MICROSYSTEMS, INC...........................$ 775,970
681,965 * SUNGARD DATA SYSTEMS, INC....................... 16,197
24,500 * SUNQUEST INFORMATION SYSTEMS, INC............... 331
11,480 * SURVEILLANCE S.A. SOCIETE DE.................... 3,540
22,300 * SVI HOLDINGS, INC............................... 268
640,555 * SYBASE, INC..................................... 10,889
144,900 * SYKES ENTERPRISES, INC.......................... 6,357
441,600 * SYMANTEC CORP................................... 25,889
470,367 * SYNOPSYS, INC................................... 31,397
138,550 >*SYNTEL, INC..................................... 2,243
16 * SYSTEM SOFTWARE ASSOCIATES, INC................. 0
204,732 * SYSTEMS & COMPUTER TECHNOLOGY CORP.............. 3,327
54,400 x*SYSTEMSOFT CORP................................. 4
89,100 * TECHNOLOGY SOLUTIONS CO......................... 2,918
120,300 * TELETECH HOLDINGS, INC.......................... 4,054
16,500 * TENFOLD CORP.................................... 659
100,000 * THE DESCARTES SYSTEMS GROUP, INC................ 2,191
69,428 * THEGLOBE.COM, INC............................... 581
49,700 >*THESTREET.COM................................... 954
133,875 >*THQ, INC........................................ 3,104
161,091 * TICKETMASTER ONLINE-CITY SEARCH, INC............ 6,192
91,900 TIETOENATOR CORP................................ 5,740
183,100 * TMP WORLDWIDE, INC.............................. 26,000
2,479,000 TOKYU CORP...................................... 6,037
109,099 > TOTAL SYSTEM SERVICES, INC...................... 1,780
81,200 * TOWNE SERVICES, INC............................. 325
102,157 TOYO INFORMATION SYSTEMS CO LTD................. 7,194
73,600 * TRACK DATA CORP................................. 750
40,800 TRANS COSMOS.................................... 17,399
151,100 * TRANSACTION SYSTEM ARCHITECTURE................. 4,231
344,800 TRUE NORTH COMMUNICATIONS, INC.................. 15,408
50,800 * TSI INTERNATIONAL SOFTWARE LTD.................. 2,877
5,300 * TYLER TECHNOLOGIES, INC......................... 29
34,700 * UNIGRAPHICS SOLUTIONS, INC...................... 937
342,417 * UNITED RENTALS, INC............................. 5,864
45 * US INTERACTIVE, INC............................. 2
101,950 >*USINTERNETWORKING, INC.......................... 7,124
515,550 * USWEB CORP...................................... 22,910
614,910 * VALASSIS COMMUNICATIONS, INC.................... 25,980
430,900 * VERIO, INC...................................... 19,902
688,700 * VERISIGN, INC................................... 131,499
1,574,135 * VERITAS SOFTWARE CORP........................... 225,298
163,400 * VERITY, INC..................................... 6,955
176,176 * VERTICALNET, INC................................ 28,893
217,700 * VIASOFT, INC.................................... 1,238
47,800 # VIGLEN TECHNOLOGY (LITIGATION NOTE)............. 0
206,168 * VIGNETTE CORP................................... 33,605
152,800 * VISIO CORP...................................... 7,258
13,212 * VIZACOM, INC.................................... 44
1,600 * VOLT INFORMATION SCIENCES, INC.................. 38
100 WACKENHUT CORP SERIES A ........................ 1
276,602 WACKENHUT CORP SERIES B......................... 2,852
129,200 >*WAVE SYSTEMS CORP (CLASS A)..................... 1,542
25,200 * WEBTRENDS CORP.................................. 2,041
190,100 * WEST TELESERVICES CORP.......................... 4,646
400 * WESTAFF, INC.................................... 3
3,952,445 WHARF HOLDINGS LTD.............................. 9,178
85,050 * WIND RIVER SYSTEMS, INC......................... 3,115
171,300 WM-DATA AB SERIES B............................. 10,602
2,177,132 WPP GROUP PLC................................... 34,486
91,900 * XTRA CORP....................................... 3,917
786,507 * YAHOO, INC...................................... 340,312
234,708 YOUNG & RUBICAM, INC............................ 16,606
14 * ZAP.COM CORP.................................... 0
66,300 * ZIFF-DAVIS, INC-ZDNET........................... 1,392
-----------
13,056,009
-----------
CHEMICALS AND ALLIED PRODUCTS--9.69%
9,721,565 ABBOTT LABORATORIES CO.......................... 353,014
50,200 * ABGENIX, INC.................................... 6,652
4,400 >*ADVANCED TISSUE SCIENCE CO...................... 11
206,351 AGRIUM, INC..................................... 1,595
1,431,426 AIR PRODUCTS & CHEMICALS, INC................... 48,042
1,190,780 AKZO NOBEL NV................................... 59,743
6,000 * ALBANY MOLECULAR RESEARCH, INC.................. 183
153,106 ALBEMARLE CORP.................................. 2,938
22,700 ALBERTO CULVER CO (CLASS A)..................... 494
221,967 ALBERTO CULVER CO (CLASS B)..................... 5,730
52,900 * ALGOS PHARMACEUTICAL CORP....................... 582
150,400 * ALKERMES, INC................................... 7,388
6,872 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS A).. 87
865,944 ALLERGAN, INC................................... 43,081
22,900 * ALPHA BETA TECHNOLOGY, INC...................... 0
127,900 > ALPHARMA, INC (CLASS A)......................... 3,933
269,320 * ALZA CORP....................................... 9,325
10,209,767 AMERICAN HOME PRODUCTS CORP..................... 402,648
6,919,340 * AMGEN, INC...................................... 415,593
117,600 * ANDRX CORP...................................... 4,976
6,900 * ANESTA CORP..................................... 119
45,349 * AQUILA BIOPHARMACEUTICALS, INC.................. 108
207,445 ARCH CHEMICALS, INC............................. 4,343
12,418,000 ASAHI CHEMICAL INDUSTRY CO LTD.................. 63,766
2,126,524 ASTRAZENECA PLC................................. 90,075
75,000 ASTRAZENECA PLC (SPONS ADR)..................... 3,131
2,191,336 ASTRAZENECA PLC (UNITED KINGDOM)................ 90,865
1,581,472 * AVENTIS S.A..................................... 91,931
240,200 >*AVIRON, INC..................................... 3,798
1,775,388 AVON PRODUCTS, INC.............................. 58,588
59 * AXYS PHARMACEUTICALS, INC....................... 0
1,000,000 BANYU PHARMACEUTICAL CO LTD..................... 15,503
90,300 * BARR LABORATORIES, INC.......................... 2,833
1,970,975 BASF AG......................................... 101,269
845,671 BAYER AG........................................ 40,043
188,400 BEIERSDORF AG................................... 12,652
342,900 * BIO-TECHNOLOGY GENERAL CORP..................... 5,229
13,500 * BIOCHEM PHARMA, INC............................. 294
1,120,768 * BIOGEN, INC..................................... 94,705
161,500 >*BIOMARIN PHARMACEUTICAL, INC.................... 1,898
78,100 >*BIOMATRIX, INC.................................. 1,503
33,000 * BIOVAIL CORP INTERNATIONAL...................... 3,074
93,573 BLOCK DRUG, INC (CLASS A)....................... 2,901
2,508,181 BOC GROUP PLC................................... 53,864
32,550 * BOSTON LIFE SCIENCES, INC....................... 118
14,982,644 BRISTOL MYERS SQUIBB CO......................... 961,698
600,200 CABOT CORP...................................... 12,229
212,881 CALGON CARBON CORP.............................. 1,264
143,600 CAMBREX CORP.................................... 4,945
800 * CARBIDE/GRAPHITE GROUP, INC..................... 5
1,215,581 * CAREMARK RX, INC................................ 6,154
178,773 CARTER WALLACE, INC............................. 3,207
82,500 # CARTER WALLACE, INC (CLASS B)................... 1,480
32,300 >*CELL GENESYS, INC............................... 414
122,599 >*CELL PATHWAYS, INC.............................. 1,134
186,000 * CELLTECH CHIROSCIENCE PLC....................... 1,596
192,685 >*CEPHALON, INC................................... 6,660
58,700 * CHATTEM, INC.................................... 1,115
141,300 CHEMFIRST, INC.................................. 3,091
90,400 * CHIREX, INC..................................... 1,322
540,043 * CHIRON CORP..................................... 22,884
306,000 CHUGAI PHARMACEUTICAL CO LTD.................... 3,307
239,200 CHURCH & DWIGHT CO, INC......................... 6,384
4,000 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A.......... 98
928,634 CK WITCO CORP................................... 12,420
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 17
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
CHEMICALS AND AND ALLIED PRODUCTS--(Continued)
1,155,334 CLOROX CO....................................... $ 58,200
3,811,836 COLGATE PALMOLIVE CO............................ 247,769
87,000 * COLUMBIA LABORATORIES, INC...................... 653
146,100 * COR THERAPEUTICS, INC........................... 3,926
49,400 * CORIXA CORP..................................... 840
127,000 >*COULTER PHARMACEUTICALS, INC.................... 2,881
95 * CRESCENDO PHARMACEUTICALS CORP.................. 2
289,000 CSL LTD......................................... 4,142
148,400 >*CYGNUS, INC..................................... 2,708
457,557 * CYTEC INDUSTRIES, INC........................... 10,581
36 * CYTOGEN CORP.................................... 0
958,714 DAICEL CHEMICAL INDUSTRIES LTD.................. 2,672
715,286 DAIICHI PHARMACEUTICALS CO LTD.................. 9,298
895,000 DAINIPPON INK & CHEMICAL, INC................... 2,652
1,771,000 DENKI KAGKU KOGYO............................... 5,283
142,760 DEXTER CORP..................................... 5,675
69,716 DIAGNOSTIC PRODUCTS CORP........................ 1,708
609,707 DIAL CORP....................................... 14,824
1,414,483 DOW CHEMICAL CO................................. 189,010
900,600 DSM NV.......................................... 36,111
7,186,007 DU PONT (E.I.) DE NEMOURS & CO.................. 473,378
280,000 * DURA PHARMACEUTICALS, INC....................... 3,903
74,100 >*DURAMED PHARMACEUTICALS, INC.................... 528
27,900 DYNO ASA........................................ 697
169,000 * E-Z-EM, INC (CLASS A)........................... 1,310
231,367 * E-Z-EM, INC (CLASS B)........................... 1,764
361,998 EASTMAN CHEMICAL CO............................. 17,263
14,504 * ECOGEN, INC..................................... 18
689,350 ECOLAB, INC..................................... 26,971
449,036 EISAI CO LTD.................................... 8,630
2,397,100 >*ELAN CORP PLC ADR............................... 70,714
44,696 * ENZON, INC...................................... 1,939
63 * EPITOPE, INC.................................... 0
9,800 ETHYL CORP...................................... 39
3,606 FABRICA ESP DE PRODUCTO QUIMICO Y FARM.......... 35
7,400 * FANCL CORP...................................... 1,983
267,471 FERRO CORP...................................... 5,884
247,367 * FMC CORP........................................ 14,177
616,792 * FOREST LABORATORIES, INC........................ 37,894
72,833 FULLER (H.B.) CO................................ 4,074
44,200 GEHE AG. ....................................... 1,714
19,800 >*GELTEX PHARMACEUTICALS, INC..................... 254
615,020 * GENZYME CORP (GENERAL DIVISION)................. 27,676
8,577 * GENZYME CORP (TISSUE REPAIR DIVISION)........... 25
19 * GENZYME SURGICAL PRODUCTS....................... 0
52 * GENZYME-MOLECULAR ONCOLOGY...................... 0
143,120 GEON CO......................................... 4,651
195,981 GEORGIA GULF CORP............................... 5,965
184,393 * GILEAD SCIENCES, INC............................ 9,980
10,804,878 GLAXO WELLCOME PLC.............................. 305,316
412,700 * GRACE W.R. & CO................................. 5,726
311,800 GREAT LAKES CHEMICAL CORP....................... 11,907
287,800 GREENCORE GROUP PLC............................. 884
15,800 * GUILFORD PHARMACEUTICALS, INC................... 269
471,144 HANNA (M.A.) CO................................. 5,153
15,200 * HEMISPHERX BIOPHARMA, INC....................... 151
786,500 HERCULES, INC................................... 21,924
102,300 >*HUMAN GENOME SCIENCES, INC...................... 15,614
502,379 ICN PHARMACEUTICALS, INC........................ 12,716
210,450 * ICOS CORP....................................... 6,156
148,200 * IDEC PHARMACEUTICALS CORP....................... 14,561
135,900 * IDEXX LABORATORIES, INC......................... 2,191
13,200 >*IGEN INTERNATIONAL, INC......................... 393
597,642 IMC GLOBAL, INC................................. 9,786
54,157 * IMC GLOBAL, INC WTS 12/22/00.................... 5
149,900 * IMCLONE SYSTEMS, INC............................ 5,940
237,600 * IMMUCOR, INC.................................... 3,133
303,400 * IMMUNEX CORP.................................... 33,222
80,300 * IMMUNOMEDICS, INC............................... 984
1,169,860 IMPERIAL CHEMICAL INDUSTRY PLC.................. 12,382
23,300 >*INHALE THERAPEUTIC SYSTEMS...................... 992
222,700 * INTERNATIONAL SPECIALTY PRODUCTS, INC........... 2,046
676,947 INTERNATIONAL FLAVORS & FRAGRANCES, INC......... 25,555
16,200 * INVITROGEN CORP................................. 972
293,000 * ISHIHARA SANGYO KAISHA LTD...................... 387
177,500 >*ISIS PHARMACEUTICALS, INC....................... 1,109
579,159 * IVAX CORP....................................... 14,913
9,894,002 JOHNSON & JOHNSON CO............................ 921,379
343,600 JONES PHARMACEUTICAL, INC....................... 14,925
27,000 KAKEN PHARMACEUTICAL CO LTD..................... 150
1,447,000 KANEKA CORP..................................... 18,498
4,449,055 > KAO CORP........................................ 126,848
160,900 > KEMIRA OY....................................... 981
175,800 >*KING PHARMACEUTICALS, INC....................... 9,856
11,090 > KISSEI PHARMACEUTICALS CO LTD................... 161
38,900 KONISHI CO LTD.................................. 449
655,000 KUREHA CHEMICAL INDUSTRY CO LTD................. 1,608
33,600 * KV PHARMACEUTICAL CO (CLASS B).................. 720
672,000 KYOWA HAKKO KOGYO............................... 4,029
87,900 LABORATORIO CHILE ADR........................... 1,599
897 L'AIR LIQUIDE................................... 150
32,651 # L'AIR LIQUIDE S.A. (REGD)....................... 5,467
55,000 # L'AIR LIQUIDE S.A. (REGD) 2001.................. 9,209
566,746 LAUDER (ESTEE) CO (CLASS A)..................... 28,585
354,800 * LIGAND PHARMACEUTICALS CO (CLASS A)............. 4,568
6,963,805 LILLY (ELI) & CO................................ 463,093
239,214 LILLY INDUSTRIES, INC (CLASS A)................. 3,214
222,700 * LIPOSOME CO, INC................................ 2,718
5,583 * LONZA AG (REGD)................................. 3,394
165,127 LOREAL S.A...................................... 132,504
577,231 LUBRIZOL CORP................................... 17,822
264,611 LYONDELL CHEMICAL CO............................ 3,374
78,400 MACDERMID, INC.................................. 3,219
68,000 >*MACROCHEM CORP (DELAWARE)....................... 285
570,850 MALLINCKRODT, INC............................... 18,160
1,283,650 >+*MARTEK BIOSCIENCES CORP ........................ 15,404
30,866 * MCWHORTER TECHNOLOGIES, INC..................... 494
66,703 * MEDCO RESEARCH, INC............................. 2,005
208,502 * MEDICIS PHARMACEUTICAL CORP (CLASS A)........... 8,874
426,974 * MEDIMMUNE, INC.................................. 70,824
18,366,793 MERCK & CO, INC................................. 1,231,723
421,000 > MERCK & CO KGAA................................. 13,063
520,600 * METHANEX CORP................................... 1,419
411,624 MILLENNIUM CHEMICAL, INC........................ 8,130
116,609 * MILLENNIUM PHARMACEUTICALS, INC................. 14,226
84,000 MINERALS TECHNOLOGIES, INC...................... 3,365
161,777 MISSISSIPPI CHEMICAL CORP....................... 1,001
2,738,000 MITSUBISHI CHEMICAL CORP........................ 9,641
1,275,000 MITSUBISHI GAS CHEMICAL CO, INC................. 2,482
1,400 MITSUI CHEMICAL CORP............................ 11
5,852,347 MONSANTO CO..................................... 208,490
3,381,914 > MONTEDISON S.P.A................................ 5,537
696,034 MYLAN LABORATORIES, INC......................... 17,531
231,700 NATURES SUNSHINE PRODUCTS, INC.................. 1,854
307,530 * NBTY, INC....................................... 3,556
21,100 NCH CORP........................................ 940
15,400 * NEOPROBE CORP................................... 7
50,000 #*NETGENICS, INC STOCK OPTIONS 03/20/08........... 70
49,200 * NEUROGEN CORP................................... 812
244,000 NIPPON SHOKUBAI KAGAK KOGYO CO LTD.............. 1,129
140,000 NL INDUSTRIES, INC.............................. 2,109
SEE NOTES TO FINANCIAL STATEMENTS
18 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
CHEMICALS AND ALLIED PRODUCTS--(Continued)
458,545 NOVA CHEMICALS CORP.............................$ 8,856
158,636 NOVARTIS AG. (REGD)............................. 232,942
172,120 NOVO NORDISK AS (CLASS B)....................... 22,844
1,002,800 * NYCOMED AMERSHAM PLC............................ 6,242
8,375 * OCTEL CORP...................................... 87
220,290 OLIN CORP....................................... 4,364
12,200 OM GROUP, INC................................... 420
371,824 OMNOVA SOLUTIONS, INC........................... 2,882
241,900 >*ORGANOGENESIS, INC.............................. 2,102
217,532 > ORICA LTD....................................... 1,169
33,400 * PATHOGENESIS CORP............................... 716
56,250 * PENWEST PHARMACEUTICALS CO...................... 858
407,257 * PERRIGO CO...................................... 3,258
28,156,988 PFIZER, INC..................................... 913,342
33,042 * PHARMACEUTICAL RESOURCES, INC................... 163
2,835,458 PHARMACIA & UPJOHN, INC......................... 127,596
59,400 * PHARMACYCLICS, INC.............................. 2,450
1,064,300 PPG INDUSTRIES, INC............................. 66,585
1,099,780 PRAXAIR, INC.................................... 55,333
10,395,153 PROCTER & GAMBLE CO............................. 1,138,919
103,200 * PROTEIN DESIGN LABORATORIES, INC................ 7,224
177,600 * REGENERON PHARMACEUTICALS, INC.................. 2,264
147,100 * REPLIGEN CORP................................... 460
121,506 >*REVLON, INC (CLASS A)........................... 964
203,390 >*REXALL SUNDOWN, INC............................. 2,097
30,325 ROCHE HOLDINGS AG. (GENUSSCHEINE)............... 359,969
70,000 * ROGERS CORP..................................... 2,678
466,694 ROHM & HAAS CO.................................. 18,989
143,157 RPM, INC........................................ 1,458
500 >*SAFESCIENCE, INC................................ 6
56,500 * SANGSTAT MEDICAL CORP........................... 1,681
682,196 SANKYO CO LTD................................... 14,012
1,388,734 * SANOFI-SYNTHELABO S.A........................... 57,838
625,500 > SANTEN PHARMACEUTICAL CO LTD.................... 10,309
32,400 * SCHEIN PHARMACEUTICAL, INC...................... 393
152,670 SCHERING AG..................................... 18,457
11,394,162 SCHERING-PLOUGH CORP............................ 480,691
527,177 SCHULMAN (A.), INC.............................. 8,600
155,700 * SCOTTS CO (CLASS A)............................. 6,267
1,323,000 SEKISUI CHEMICAL CO LTD......................... 5,862
98,200 >*SEPRACOR, INC................................... 9,740
116,700 * SEROLOGICALS CORP............................... 700
1,095,800 SHERWIN-WILLIAMS CO............................. 23,012
1,865,745 SHIN-ETSU CHEMICAL CO LTD....................... 80,294
650,000 SHIONOGI & CO LTD............................... 7,890
392,553 * SHIRE PHARMACEUTICALS CORP...................... 11,433
1,481,340 > SHISEIDO & CO LTD............................... 21,588
1,063,378 * SHOWA DENKO K.K................................. 1,217
502,281 * SICOR, INC...................................... 3,893
633,714 SIGMA ALDRICH CORP.............................. 19,051
6,830 SIKA FINANZ AG. (BR)............................ 2,231
13,169,516 SMITHKLINE BEECHAM/BECKMAN LTD.................. 167,992
912,290 > SNIA S.P.A...................................... 982
72,000 SOCIEDAD QUIMICA Y MINERA DE CHILE ADR.......... 2,273
4,163 SOCIEDAD QUIMICA Y MINERA SERIES A ADR.......... 131
114,450 SOLVAY ET CIE S.A............................... 9,455
21,685 STEPAN CO....................................... 507
3,010,000 SUMITOMO CHEMICAL CO LTD........................ 14,131
92,800 >*SUPERGEN, INC................................... 2,726
615,000 TAISHO PHARMACEUTICAL CO LTD.................... 18,046
2,948,000 TAKEDA CHEMICAL INDUSTRIES LTD.................. 145,612
37,400 * TECHNE CORP..................................... 2,059
1,266,000 TEIJIN LTD...................................... 4,668
3,900 * TETRA TECHNOLOGIES, INC......................... 28
177,400 * THERAGENICS CORP................................ 1,608
2,303,000 TORAY INDUSTRIES, INC........................... 8,920
1,020,000 TOSOH CORP...................................... 3,891
46,600 >*TRANSKARYOTIC THERAPIES, INC.................... 1,794
184,500 * TRIANGLE PHARMACEUTICALS, INC................... 2,364
151,300 * TWINLAB CORP.................................... 1,201
48,800 * U.S.A. DETERGENTS, INC.......................... 134
1,796,000 UBE INDUSTRIES LTD.............................. 3,742
199,293 UCB S.A......................................... 8,643
442,338 UNION CARBIDE CORP.............................. 29,526
160,000 * UNITED THERAPEUTICS CORP........................ 7,360
621,520 USEC, INC....................................... 4,351
135,900 VALSPAR CORP.................................... 5,691
85,698 * VENTIV HEALTH, INC.............................. 787
33,400 * VERTEX PHARMACEUTICALS, INC..................... 1,169
99,800 * VICAL, INC...................................... 2,988
5,245,792 WARNER-LAMBERT CO............................... 429,827
564,105 * WATSON PHARMACEUTICALS, INC..................... 20,202
187,900 WELLMAN, INC.................................... 3,500
395,110 > WESFARMERS LTD.................................. 3,251
79,287 WEST PHARMACEUTICAL SERVICES.................... 2,453
3 * XOMA LTD........................................ 0
1,608,849 > YAMANOUCHI PHARMACEUTICAL CO LTD................ 56,177
30,700 >*ZILA, INC....................................... 90
10,092 ZODIAC S.A...................................... 2,134
-----------
13,159,291
-----------
COAL MINING--0.00%
160,366 ARCH COAL, INC.................................. 1,814
2,156 HULLAS DEL COTO CORTES S.A...................... 22
593,000 WANKIE COLLIERY CO LTD.......................... 48
-----------
1,884
-----------
COMMUNICATIONS--13.71%
889,800 * ADELPHIA BUSINESS SOLUTIONS, INC................ 42,710
370,951 * ADELPHIA COMMUNICATIONS CORP (CLASS A).......... 24,344
36,700 * ADVANCED COMMUNICATIONS GROUP................... 500
148,600 * ADVANCED RADIO TELECOM CORP..................... 3,566
113,400 * AERIAL COMMUNICATIONS, INC...................... 6,903
328,388 > ALCATEL......................................... 75,430
154,800 * ALLEGIANCE TELECOM, INC......................... 14,280
1,579,904 ALLTEL CORP..................................... 130,638
123,200 * AMERICAN MOBILE SATELLITE CORP.................. 2,595
3,216,753 * AMFM, INC....................................... 251,711
230 #*ANTENA 3 DE TELEVISION GDS...................... 5,777
104,744 * ARCH COMMUNICATIONS GROUP WTS 09/01/03.......... 56
107,000 ASATSU, INC..................................... 7,221
357,066 * ASCENT ENTERTAINMENT GROUP, INC................. 4,530
7,007 * ASSOCIATED GROUP, INC (CLASS A)................. 639
408,500 * ASSOCIATED GROUP, INC (CLASS B)................. 37,582
35,219,835 AT&T CORP....................................... 1,787,407
6,862,072 * AT&T CORP-LIBERTY MEDIA GROUP(CLASS A).......... 389,423
1,981,242 BCE, INC........................................ 179,311
307,802 BCT TELUS COMMUNICATIONS, INC................... 7,466
275,200 BCT TELUS COMMUNICATIONS, INC (NON-VOTE)........ 6,618
12,289,314 BELL ATLANTIC CORP.............................. 756,561
12,462,132 BELLSOUTH CORP.................................. 583,384
73,555 BHC COMMUNICATIONS, INC (CLASS A)............... 11,769
3,688,582 BRITISH SKY BROADCASTING GROUP PLC.............. 59,351
18,892,365 BRITISH TELECOMMUNICATIONS PLC.................. 461,548
873,289 BROADWING, INC.................................. 32,203
3,570,337 * CABLE & WIRELESS COMMUNICATIONS PLC............. 51,309
23,169,184 CABLE & WIRELESS HKT LTD........................ 66,913
1,423,265 CABLE & WIRELESS PLC............................ 24,108
971,200 * CABLEVISION SYSTEMS CORP (CLASS A).............. 73,326
269,674 CANAL PLUS S.A.................................. 39,258
22,300 * CAPROCK COMMUNICATIONS CORP..................... 723
820,612 CARLTON COMMUNICATIONS PLC...................... 7,990
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 19
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMMUNICATIONS--o (Continued)
10,686,044 * CBS CORP........................................ $ 683,239
785,710 CENTURYTEL, INC................................. 37,223
49,600 CFW COMMUNICATIONS CO........................... 1,724
28,000 * CHINA TELECOM LTD (HONG KONG) (SPONS ADR)....... 3,600
78,332 * CHRIS CRAFT INDUSTRIES, INC..................... 5,650
1,218,200 CIA DE TELECOMMUNICACIONES CHILE ADR............ 22,232
32,400 * CITADEL COMMUNICATIONS CORP..................... 2,102
450,000 * CITY TELECOM LTD (HONG KONG) ................... 437
3,171,745 * CLEAR CHANNEL COMMUNICATIONS, INC............... 283,078
214,700 * CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01.. 3,435
246,200 * COLT TELECOM GROUP PLC.......................... 12,598
113,300 * COM 21, INC..................................... 2,542
687,600 COMCAST CORP (CLASS A).......................... 32,919
3,999,750 COMCAST CORP (CLASS A) SPECIAL.................. 202,237
66,233 * COMMONWEALTH TELEPHONE ENTERPRISES.............. 3,502
291,700 * CONCENTRIC NETWORK CORP......................... 8,988
81,825 >*CORECOMM LTD.................................... 4,858
455,700 * COVAD COMMUNICATIONS GROUP...................... 25,491
1,036,309 * COX COMMUNICATIONS, INC (CLASS A)............... 53,370
57,700 * COX RADIO, INC (CLASS A)........................ 5,756
125,200 * CROWN CASTLE INTERNATIONAL CORP................. 4,022
102,300 * CUMULUS MEDIA, INC.............................. 5,192
5,709,738 > DEUTSCHE TELEKOM AG............................. 406,686
229,945 >*DIMENSION DATA HOLDINGS LTD..................... 1,442
275,600 * E.SPIRE COMMUNICATIONS, INC..................... 1,602
3,310,986 E IRCOM PLC..................................... 14,177
75,700 * ELECTRIC LIGHTWAVE, INC (CLASS A)............... 1,419
87,900 * EMMIS COMMUNICATIONS (CLASS A).................. 10,956
443,000 * ENERGIS PLC..................................... 21,273
140,000 * ENTERCOM COMMUNICATIONS CORP.................... 9,240
6,448,117 ERICSSON TELEFON (LM) AB SERIES B............... 415,004
50,000 * ESAT TELECOM GROUP ADR.......................... 4,575
993,836 >*EXODUS COMMUNICATIONS, INC...................... 88,265
48,800 >*FLASHNET........................................ 302
884,825 * FOX ENTERTAINMENT GROUP, INC.................... 22,065
2,294,936 FRANCE TELECOM S.A.............................. 303,570
1,100 * FUJI TELEVISION NETWORK, INC.................... 15,063
411,000 > FUJIKURA LTD.................................... 1,632
25,706 GAYLORD ENTERTAINMENT CO........................ 770
206,000 * GENERAL COMMUNICATIONS (CLASS A)................ 901
161,164 * GLOBAL CROSSING LTD............................. 8,058
2,682,284 * GLOBAL TELESYSTEMS GROUP, INC................... 92,874
1,500 GRAY COMMUNICATIONS SYSTEMS, INC................ 27
6,524,712 GTE CORP........................................ 460,400
264,463 * HEARST-ARGYLE TELEVISION, INC................... 7,041
15,500 * HIGHWAYMASTER COMMUNICATIONS, INC............... 35
235,800 * HISPANIC BROADCASTING CORP...................... 21,745
200,000 * I-CABLE COMMUNICATIONS LTD...................... 5,013
788,825 * ICG COMMUNICATIONS, INC......................... 14,790
111,700 * IDT CORP........................................ 2,108
1,660,607 >*INFINITY BROADCASTING CORP (CLASS A)............ 60,093
377,513 * INTERMEDIA COMMUNICATIONS, INC.................. 14,652
137,500 * INTERNATIONAL FIBERCOM, INC..................... 1,083
102,100 * INTRAWARE, INC.................................. 8,162
157,900 * ITC DELTACOM, INC............................... 4,362
200 * JAPAN TELECOM CO LTD............................ 8,020
111,500 * JONES INTERCABLE, INC (CLASS A)................. 7,728
1,761,380 KONINKLIJKE KPN NV.............................. 171,949
110,000 * KPN QWEST NV.................................... 7,325
19,100 * LATITUDE COMMUNICATIONS, INC.................... 499
63,000 * LAUNCH MEDIA, INC............................... 1,193
130,542 * LEAP WIRELESS INTERNATIONAL, INC................ 10,248
1,723,008 * LEVEL 3 COMMUNICATIONS, INC..................... 141,071
100,500 * LIBERTY DIGITAL, INC (CLASS A).................. 7,462
28,298,815 LUCENT TECHNOLOGIES, INC........................ 2,117,105
325,000 MAHANAGAR TELEPHONE NIGAM LTD GDR............... 3,656
4,984,420 MARCONI PLC..................................... 88,170
22,122,117 * MCI WORLDCOM, INC............................... 1,173,855
309,977 >*MCLEODUSA, INC (CLASS A)........................ 18,250
3,852,078 * MEDIA ONE GROUP, INC............................ 295,888
3,188,330 > MEDIASET S.P.A.................................. 49,595
564,771 >*METROMEDIA FIBER NETWORK (CLASS A).............. 27,074
104,300 * MGC COMMUNICATIONS, INC......................... 5,293
72,224 * MIH HOLDINGS LTD................................ 410
167,200 * MODERN TIMES GROUP (CLASS B).................... 8,302
274,200 * NETCOM AB SERIES B.............................. 19,293
65,200 * NETWORK EVENT THEATER, INC...................... 1,940
1,182,500 * NEXTEL COMMUNICATIONS, INC (CLASS A)............ 121,945
684,800 >*NEXTLINK COMMUNICATIONS, INC.................... 56,881
156,000 NIPPON COMSYS CORP.............................. 3,235
38,326 NIPPON TELEGRAPH & TELEPHONE CORP............... 656,010
87,320 NIPPON TELEVISION NETWORK CORP.................. 102,488
700 NORTH PITTSBURGH SYSTEMS, INC................... 10
39,800 * NORTHEAST OPTIC NETWORK, INC.................... 2,490
120,500 * NORTHPOINT COMMUNICATIONS GROUP, INC............ 2,892
775,486 >*NTL, INC........................................ 96,742
1,804 NTT MOBILE COMMUNICATIONS....................... 69,344
5,766,436 * OLIVETTI GROUP S.P.A............................ 16,702
765,836 * OMNIPOINT CORP.................................. 92,379
1,570,000 * ONE.TEL LTD..................................... 2,415
6,680 * PAC-WEST TELECOMM, INC.......................... 177
85,200 >*PACIFIC GATEWAY EXCHANGE, INC................... 1,454
1,694,800 * PAGING NETWORK, INC............................. 1,377
151,842 * PANAMSAT CORP................................... 9,016
475,000 * PARTNER COMMUNICATIONS CO LTD ADR............... 12,291
203,200 * PAXSON COMMUNICATIONS CORP...................... 2,426
23,400 * PEGASUS COMMUNICATIONS CORP..................... 2,287
1,554,785 PORTUGAL TELECOM S.A............................ 17,058
176,800 * POWERTEL, INC................................... 17,746
451,616 * PREMIERE TECHNOLOGIES, INC...................... 3,161
1,037,475 * PRICE COMMUNICATIONS CORP....................... 28,855
146,500 * PRIMUS TELECOMMUNICATIONS GROUP, INC............ 5,604
21,600 * PUBLICIS S.A.................................... 8,160
484,492 >*QWEST COMMUNICATIONS INTERNATIONAL, INC......... 20,833
6,100 * RADIO ONE, INC.................................. 561
836,400 * RCN CORP........................................ 40,565
14,600 * REGIONAL CABLESYSTEMS, INC...................... 144
431,901 >*RHYTHMS NETCONNECTIONS, INC..................... 13,389
179,600 * ROGERS COMMUNICATIONS, INC (CLASS B)............ 4,375
125,000 * RSL COMMUNICATIONS LTD (CLASS A)................ 2,141
1,625 * SAGA COMMUNICATIONS, INC (CLASS A).............. 33
35,414,629 SBC COMMUNICATIONS, INC......................... 1,726,463
23,800 * SINCLAIR BROADCASTING GROUP, INC (CLASS A)...... 290
10,634,513 SINGAPORE TELECOMMUNICATIONS LTD................ 21,958
159,786 >*SIRIUS SATELLITE RADIO, INC..................... 7,110
93,200 >*SMARTALK TELESERVICES, INC...................... 0
133,000 * SOCEGABLE S.A................................... 8,495
12,000 * SOCIETE TELEVISION FRANCAISE ................... 6,286
2,350,059 * SONERA OYJ...................................... 161,113
3,972,242 SPRINT CORP (FON GROUP)......................... 267,382
678,750 >*SPRINT CORP (PCS GROUP)......................... 69,572
219,715 * STAR TELECOMMUNICATIONS, INC.................... 1,737
167,056 SWISSCOM AG. (REGD)............................. 67,569
314,300 * TALK.COM, INC................................... 5,579
100 >*TALK.COM, INC RTS............................... 0
1,332,349 >*TCI SATELLITE ENTERTAINMENT (CLASS A)........... 21,318
594,000 TECHNOLOGY RESOURCES INDUSTRIES BERHAD.......... 367
416,300 TELE DANMARK AS................................. 30,953
5,230,000 * TELEBRAS S.A.................................... 0
5,230,000 * TELECENTRO-SUL PARTICIPACOES S.A................ 56
5,230,000 TELECENTROESTE CELULAR PART S.A................. 8
446,000 TELECOM ARGENTINA S.A. (CLASS B)................ 3,069
SEE NOTES TO FINANCIAL STATEMENTS
20 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMMUNICATIONS--(Continued)
6,433,160 > TELECOM CORP OF NEW ZEALAND.....................$ 30,240
7,904,481 TELECOM ITALIA.................................. 111,487
27,819,796 > TELECOM ITALIA MOBILE S.P.A..................... 290,291
1,725,386 TELECOM ITALIA RISP............................. 10,516
1,191,441 TELEFONICA DE ARGENTINA S.A. (CLASS B).......... 3,658
8,032,170 * TELEFONICA DE ESPANA S.A........................ 200,682
567,000 * TELEFONICA PUBLICIDAD E INFORMACION............. 27,562
127,827 TELEGLOBE, INC (U.S.A.)......................... 2,900
108,700 x*TELEGROUP, INC.................................. 0
2,536,500 TELEKOM MALAYSIA BERHAD......................... 9,812
5,230,000 TELENORTE-LESTE PARTICIPACOES S.A............... 94
249,979 TELEPHONE & DATA SYSTEMS, INC................... 31,497
5,230,000 TELESP CELULAR PARTICIPACOES S.A................ 50
5,230,000 TELESP PARTICIPACOES S.A........................ 72
5,230,000 TELESUDESTE CELULAR PARTICIPACOES S.A........... 21
5,230,000 TELESUL CELULAR PARTICIPACOES S.A............... 11
201,400 * TELESYSTEM INTERNATIONAL WIRELESS, INC.......... 7,380
861,700 TELEVISION BROADCASTS LTD....................... 5,875
84,100 * TELIGENT, INC................................... 5,193
9,285,606 TELSTRA CORP.................................... 50,321
150,000 * TERRA NETWORKS S.A.............................. 8,198
2,000,000 * THUS PLC........................................ 12,530
106,375 * TIME WARNER TELECOM, INC........................ 5,312
263,000 > TOKYO BROADCASTING SYSTEMS, INC................. 8,900
191,000 * TV GUIDE, INC................................... 8,213
102,921 * U.S. CELLULAR CORP.............................. 10,389
63,300 * U.S. LEC CORP (CLASS A)......................... 2,041
3,315,267 U.S. WEST, INC.................................. 238,699
378,067 * U.S.A. NETWORKS, INC............................ 20,888
206,600 UNITED TELEVISION, INC.......................... 28,446
522,400 * UNITEDGLOBALCOM, INC (CLASS A).................. 36,895
550,735 * UNIVISION COMMUNICATIONS, INC................... 56,278
64,500 x>*USN COMMUNICATIONS, INC ........................ 0
881,374 * VIACOM, INC (CLASS A)........................... 53,268
2,367,236 * VIACOM, INC (CLASS B)........................... 143,070
970,245 * VIATEL, INC..................................... 52,029
5,354,100 VIDESH SANCHAR NIGAM LTD (SPONS GDR)............ 131,711
28,383,755 VODAFONE AIRTOUCH PLC........................... 140,587
3,576,435 > VODAFONE AIRTOUCH PLC ADR....................... 177,034
532,800 >*VOICESTREAM WIRELESS CORP....................... 75,824
128,100 >*WAVO CORP....................................... 496
331,100 * WESTERN WIRELESS CORP (CLASS A)................. 22,101
420,200 >*WINSTAR COMMUNICATIONS, INC..................... 31,620
55,300 >*WORLDGATE COMMUNICATIONS, INC................... 2,630
2,000 * WORLDPORT COMMUNICATIONS, INC................... 4
57,500 * YOUNG BROADCASTING, INC (CLASS A)............... 2,933
261,000 * ZEE TELEFILMS LTD............................... 6,552
-----------
18,613,877
-----------
DEPOSITORY INSTITUTIONS--7.09%
3,366,095 ABBEY NATIONAL PLC.............................. 53,809
3,437,659 ABN-AMRO HOLDINGS NV............................ 85,889
197,116 ABSA GROUP LTD.................................. 884
5,500 ALABAMA NATIONAL BANCORP........................ 104
419,249 ALLIED IRISH BANK............................... 4,758
1,871,682 ALLIED IRISH BANK PLC........................... 21,345
153,100 AMCORE FINANCIAL, INC........................... 3,674
525,000 AMMB HOLDINGS BERHAD............................ 1,257
2,528,304 AMSOUTH BANCORP................................. 48,828
571,900 ANCHOR BANCORP WISCONSIN, INC................... 8,650
3,900 ANDOVER BANCORP, INC............................ 109
11,600 AREA BANCSHARES CORP............................ 284
2,321,600 ARGENTARIA, CAJA POSTAL Y BCO HIPOTECA.......... 54,566
6,037,486 > ASAHI BANK LTD.................................. 37,203
1,049,000 * ASHIKAGA BANK LTD............................... 2,093
1,040,092 ASSOCIATED BANC-CORP............................ 35,623
1,170,255 ASTORIA FINANCIAL CORP.......................... 35,620
1,653,808 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD...... 11,994
505,403 BANCA COMMERCIALE ITALIANA S.P.A................ 2,750
10,019,381 * BANCA DI ROMA................................... 12,880
8,917,620 > BANCA INTESA RISP S.P.A......................... 18,148
11,067,052 BANCA INTESA S.P.A.............................. 44,932
507,403 * BANCA INTESA S.P.A. PUT WTS 11/15/02............ 889
9,375,000 * BANCA NAZIONALE DEL LAVORO...................... 31,262
3,123,900 > BANCA POPOLARE DI MILANO........................ 24,328
14 BANCFIRST CORP.................................. 0
5,800 BANCFIRST OHIO CORP............................. 133
843,540 * BANCO AMBROSIANO VENETO WTS 05/31/02............ 720
64,880 * BANCO AMBROSIANO VENETO WTS 05/31/02 RISP....... 25
4,340,800 > BANCO BILBAO VIZCAYA S.A. (REGD)................ 61,836
2,346,360 BANCO COMERCIAL PORTUGUES S.A. (REGD)........... 13,025
28,941 * BANCO DE A. EDWARDS S.P.A. ADR.................. 481
5,922 BANCO DE GALICIA BUENOS AIRES ADR............... 117
292,330 BANCO DE GALICIA BUENOS AIRES S.A. SERIES A..... 1,453
985,787 BANCO ESPIRITO SANTO S.A........................ 27,708
99,561 BANCO FRANCES S.A............................... 787
30,700 BANCO PINTO & SOTTO MAYOR S.A................... 658
625,000 BANCO POPULAR ESPANOLA S.A. (REGD).............. 40,770
8,504,360 > BANCO SANTANDER CENTRAL HISPANO S.A............. 96,301
9,400 BANCO SANTANDER (PUERTO RICO SAN JUAN).......... 145
295,451 BANCORPSOUTH, INC............................... 4,820
578,344 BANCWEST CORP................................... 11,278
218,770 BANK AUSTRIA AG................................. 12,342
16,167,911 BANK OF AMERICA CORP............................ 811,427
2,465,537 BANK OF EAST ASIA LTD........................... 6,851
987,000 > BANK OF FUKUOKA LTD............................. 6,845
9,200 BANK OF GRANITE CORP............................ 198
350,000 * BANK OF IRELAND................................. 2,786
669,400 BANK OF MONTREAL................................ 22,774
4,374,874 BANK OF NEW YORK CO, INC........................ 174,995
1,194,544 BANK OF NOVA SCOTIA............................. 25,596
300,000 * BANK OF SCOTLAND................................ 3,483
11,097,087 > BANK OF TOKYO MITSUBISHI LTD.................... 154,560
2,030,656 BANK OF YOKOHAMA LTD............................ 9,355
7,993,138 BANK ONE CORP................................... 256,280
213,400 BANK UNITED CORP (CLASS A)...................... 5,815
87,500 BANKATLANTIC BANCORP, INC (CLASS B)............. 448
146,600 BANKNORTH GROUP, INC............................ 3,922
1,086,801 > BANQUE NATIONALE DE PARIS....................... 100,293
3,773,614 BARCLAYS PLC.................................... 108,582
989,469 + BAY VIEW CAPITAL CORP........................... 14,038
977,604 BAYERISCHE HYPO-UND VEREINSBANK AG.............. 66,775
1,840,364 BB&T CORP....................................... 50,380
22,915 * BOK FINANCIAL CORP.............................. 463
5,880,100 BPI-SGPS S.A. (REGD)............................ 25,058
14,250,055 * BRADESCO S.A. RTS............................... 4
47,058 BRENTON BANKS, INC.............................. 476
16,200 BSB BANCORP, INC................................ 312
4,830 BT FINANCIAL CORP............................... 106
73,900 * CALIFORNIA FEDERAL BANK......................... 55
72,820 * CALIFORNIA FEDERAL BANK GOODWILL CERT........... 100
996,457 CANADIAN IMPERIAL BANK OF COMMERCE.............. 23,724
19,900 CAPITOL FEDERAL FINANCIAL....................... 194
12,800 CAROLINA FIRST CORP............................. 234
8,100 CATHAY BANCORP, INC............................. 332
548,100 CCB FINANCIAL CORP.............................. 23,877
20,166 * CENTENNIAL BANCORP.............................. 217
148,100 CENTURA BANKS, INC.............................. 6,535
1,500 CENTURY SOUTH BANKS, INC........................ 34
5,098,655 CHARTER ONE FINANCIAL, INC...................... 97,512
7,861,687 CHASE MANHATTAN CORP............................ 610,755
4,700 CHEMICAL FINANCIAL CORP......................... 150
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 21
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
DEPOSITORY INSTITUTIONS--(Continued)
31,540 > CHIBA BANK LTD..................................$ 175
210,842 CHITTENDEN CORP................................. 6,246
1,311,900 CHRISTIANIA BANK OG KREDITKASSE................. 6,472
159,452 CITIZENS BANKING CORP (MICHIGAN)................ 3,568
6,666 CITY HOLDINGS CO................................ 93
260,500 CITY NATIONAL CORP.............................. 8,580
619,700 COLONIAL BANCGROUP, INC......................... 6,429
1,425,008 COMERICA, INC................................... 66,530
855,000 COMMERCE ASSET HOLDINGS BERHAD.................. 2,194
319,840 COMMERCE BANCORP, INC........................... 12,934
342,420 COMMERCE BANCSHARES, INC........................ 11,599
140,575 COMMERCIAL FEDERAL CORP......................... 2,504
1,000 COMMONWEALTH BANCORP, INC....................... 17
29,900 COMMUNITY BANK SYSTEM, INC...................... 691
300,700 COMMUNITY FIRST BANKSHARES, INC................. 4,736
53,810 COMMUNITY TRUST BANCORP, INC.................... 1,076
932,400 COMPASS BANCSHARES, INC......................... 20,804
1,310,982 * CONCORD EFS, INC................................ 33,758
31,300 CORUS BANKSHARES, INC........................... 751
642,498 CREDIT SUISSE GROUP (REGD)...................... 127,717
1 #*CRESTARAN INTERNATIONAL INVESTMENT BV........... 0
616,100 CULLEN FROST BANKERS, INC....................... 15,865
21,195 CVB FINANCIAL CORP.............................. 490
1,017,000 DAI-ICHI KANGO BANK LTD......................... 9,500
2,522,000 DAIWA BANK LTD.................................. 7,400
2,832,258 * DBS GROUP HOLDINGS LTD.......................... 46,411
135,400 DEN DANSKE BANK AF 1871 ........................ 14,853
2,879,000 DEN NORSKE BANK ASA............................. 11,830
1,278,551 * DEUTSCHE BANK AG. (REGD)........................ 108,005
687,700 DIME BANCORP, INC............................... 10,401
118,400 DIME COMMUNITY BANCORP, INC..................... 2,190
127,495 DOWNEY FINANCIAL CORP........................... 2,574
1,892,280 * DRESDNER BANK AG. (REGD)........................ 102,944
60,000 * ERSTE BANK DER OESTER SPARK AG.................. 2,660
16,065 F & M BANCORP, INC (MARYLAND)................... 325
120,122 F & M NATIONAL CORP............................. 3,311
38,339 F.N.B. CORP..................................... 853
3,000 FARMERS CAPITAL BANK CORP....................... 90
1,419,257 FIFTH THIRD BANCORP............................. 104,138
148,500 FIRST BANCORP (PUERTO RICO)..................... 3,081
11,500 FIRST CHARTER CORP.............................. 171
21,100 FIRST CITIZENS BANCSHARES, INC (CLASS A)........ 1,472
500 FIRST COMMERCE BANCSHARES, INC.................. 10
179,942 FIRST COMMONWEALTH FINANCIAL CORP............... 2,159
48,600 FIRST FEDERAL CAPITAL CORP...................... 711
91,338 FIRST FINANCIAL BANCORP......................... 1,952
920 FIRST FINANCIAL BANKSHARES, INC................. 28
2,800 FIRST FINANCIAL CORP (INDIANA).................. 116
18,500 FIRST FINANCIAL HOLDINGS, INC................... 296
29,100 FIRST INDIANA CORP.............................. 633
11,250 FIRST MERCHANTS CORP............................ 295
604,170 FIRST MIDWEST BANCORP, INC...................... 16,011
58,800 * FIRST REPUBLIC BANK............................. 1,382
1,201,978 FIRST SECURITY CORP............................. 30,688
1,700 FIRST SENTINEL BANCORP, INC..................... 13
11,770 FIRST SOURCE CORP............................... 294
750,347 FIRST TENNESSEE NATIONAL CORP................... 21,385
6,148,005 FIRST UNION CORP................................ 201,731
47,000 FIRST UNITED BANCSHARES, INC.................... 629
358,755 FIRST VIRGINIA BANKS, INC....................... 15,426
43,160 FIRST WASHINGTON BANCORP, INC................... 637
9,667,484 FIRSTAR CORP.................................... 204,226
314,800 * FIRSTFED FINANCIAL CORP......................... 4,427
443,420 FIRSTMERIT CORP................................. 10,199
57,300 FLAGSTAR BANCORP, INC........................... 988
10,712,706 FLEETBOSTON FINANCIAL CORP...................... 372,936
1,228,500 > FORENINGSSPARBANKEN AB.......................... 18,068
4,100 FRONTIER FINANCIAL CORP......................... 82
3,202,748 > FUJI BANK LTD................................... 31,106
285,475 FULTON FINANCIAL CORP........................... 5,139
100,000 GBC BANCORP..................................... 1,931
95,800 * GENTRA, INC..................................... 902
84,000 > GOLD ZACK AG.................................... 6,575
2,150,439 * GOLDEN STATE BANCORP, INC....................... 37,095
731,200 * GOLDEN STATE BANCORP, INC WTS 12/31/00.......... 640
1,077,900 GOLDEN WEST FINANCIAL CORP...................... 36,110
34,540 GRAND PREMIER FINANCIAL, INC.................... 512
100 GREAT SOUTHERN BANCORP.......................... 2
19,200 GREATER BAY BANCORP............................. 823
550,758 GREENPOINT FINANCIAL CORP....................... 13,115
977,000 > GUNMA BANK LTD.................................. 6,355
54,100 * HAMILTON BANCORP, INC........................... 960
26,000 HANCOCK HOLDINGS CO............................. 1,008
3,190,259 HANG SENG BANK LTD.............................. 36,423
7,309 HARBOR FLORIDA BANCSHARES, INC.................. 95
5,985 HARLEYSVILLE NATIONAL CORP...................... 195
3,800 HARRIS FINANCIAL, INC........................... 29
1,047,312 HIBERNIA CORP (CLASS A)......................... 11,128
1,692,000 HOKURIKU BANK LTD............................... 4,005
3,487,793 HSBC HOLDINGS PLC (HONG KONG)................... 48,906
10,082,467 HSBC HOLDINGS PLC (UNITED KINGDOM).............. 140,498
800 HUDSON RIVER BANCORP, INC....................... 8
549,300 HUDSON UNITED BANCORP........................... 14,041
1,306,985 HUNTINGTON BANCSHARES, INC...................... 31,204
1,405,357 * IMPERIAL BANCORP................................ 33,904
197,500 INDEPENDENCE COMMUNITY BANK CORP................ 2,469
46,759 INDEPENDENT BANK CORP........................... 584
6,238,852 INDUSTRIAL BANK OF JAPAN LTD.................... 60,106
47,350 INTERNATIONAL BANCSHARES CORP................... 2,095
30,950 INTERWEST BANCORP, INC.......................... 596
25,400 INVESTEC GROUP LTD.............................. 1,127
30,000 IRWIN FINANCIAL CORP............................ 534
1,625,305 JOYO BANK....................................... 7,472
31,446 JSB FINANCIAL, INC.............................. 1,631
742,670 KBC BANCASSURANCE HOLDINGS NV................... 40,029
2,711,440 KEYCORP......................................... 59,991
196,932 KEYSTONE FINANCIAL, INC......................... 4,148
12,740,055 LLOYDS TSB GROUP PLC............................ 159,325
100,830 * LOCAL FINANCIAL CORP............................ 1,046
41,088 M & T BANK CORP................................. 17,021
262,900 MAF BANCORP, INC................................ 5,504
2,098,200 MALAYAN BANKING BERHAD.......................... 7,454
592,058 MARSHALL & ILSLEY CORP.......................... 37,189
4,841,014 MBNA CORP....................................... 131,918
6,819,172 MELLON FINANCIAL CORP........................... 232,278
456,439 MERCANTILE BANKSHARES CORP...................... 14,578
5,800 MERCHANTS NEW YORK BANCORP, INC................. 99
2,033,665 > MERITA LTD...................................... 11,986
31,149 MID-AMERICA BANCORP............................. 888
11,600 MISSISSIPPI VALLEY BANCSHARES................... 313
2,148,889 MITSUBISHI TRUST & BANKING CORP................. 18,916
79,000 MITSUI TRUST & BANKING CO LTD................... 178
985,169 MORGAN (J.P.) & CO, INC......................... 124,747
3,636,852 > NATIONAL AUSTRALIA BANK LTD..................... 55,461
50,400 NATIONAL BANCORP OF ALASKA, INC................. 1,414
405,784 NATIONAL BANK OF CANADA......................... 5,180
29,851 NATIONAL CITY BANCSHARES, INC................... 750
4,125,102 NATIONAL CITY CORP.............................. 97,713
92,100 NATIONAL COMMERCE BANCORP....................... 2,090
395 NATIONAL PENN BANCSHARES, INC................... 10
87,490 * NATIONAL PROCESSING, INC........................ 776
SEE NOTES TO FINANCIAL STATEMENTS
22 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
DEPOSITORY INSTITUTIONS--(Continued)
1,080,000 * NATIONAL WESTMINSTER BANK PLC...................$ 23,194
29,309 NBT BANCORP, INC................................ 454
69,857 NEDCOR LTD...................................... 1,555
122,389 >*NETBANK, INC.................................... 2,264
3,800 NIAGARA BANCORP, INC............................ 39
1,325,090 NORTH FORK BANCORP, INC......................... 23,189
2,824,786 NORTHERN TRUST CORP............................. 149,714
24,900 NORTHWEST BANCORP, INC.......................... 173
75,200 OCEANFIRST FINANCIAL CORP....................... 1,302
135,038 * OCWEN FINANCIAL CORP............................ 844
643,262 OLD KENT FINANCIAL CORP......................... 22,755
191,251 OLD NATIONAL BANCORP............................ 6,204
3,200 OMEGA FINANCIAL CORP............................ 93
207,050 ONE VALLEY BANCORP, INC......................... 6,341
27,066 ORIENTAL FINANCIAL GROUP........................ 597
2,409,129 * OVERSEAS CHINESE BANKING CORP LTD............... 22,125
67,600 PACIFIC CAPITAL BANCORP......................... 2,079
1,040,600 PACIFIC CENTURY FINANCIAL CORP.................. 19,446
9,937 PARK NATIONAL CORP.............................. 954
39,750 PEOPLES BANK OF BRIDGEPORT CO................... 840
845,386 PEOPLES HERITAGE FINANCIAL GROUP, INC........... 12,734
8,400 PEOPLES HOLDINGS CO............................. 243
85,200 PFF BANCORP, INC................................ 1,651
2,303,689 PNC BANK CORP................................... 102,514
845,018 POPULAR, INC.................................... 23,608
5,800 PREMIER BANCSHARES, INC......................... 79
24,700 PREMIER NATIONAL BANCORP........................ 455
523,669 PROVIDENT BANKSHARES CORP....................... 9,066
156,500 PROVIDENT FINANCIAL GROUP....................... 5,614
1,149,848 PROVIDIAN FINANCIAL CORP........................ 104,708
1,971,424 PUBLIC BANK BERHAD (FR)......................... 2,044
972,532 PUBLIC BANK BERHAD (LR)......................... 850
34,600 QUEENS COUNTY BANCORP, INC...................... 939
1,369,890 REGIONS FINANCIAL CORP.......................... 34,418
7,200 RELIANCE BANCORP, INC........................... 248
805,912 REPUBLIC BANCORP, INC........................... 9,784
400 REPUBLIC BANCORP, INC (KENTUCKY)................ 3
2,000 * REPUBLIC BANCSHARES, INC........................ 25
840,750 REPUBLIC NEW YORK CORP.......................... 60,534
75,974 REPUBLIC SECURITY FINANCIAL CORP................ 544
1,517,000 RHB CAPITAL BERHAD.............................. 1,573
160,800 RICHMOND COUNTY FINANCIAL CORP.................. 2,904
120,300 RIGGS NATIONAL CORP............................. 1,586
485,990 ROSLYN BANCORP, INC............................. 8,991
732,205 ROYAL BANK OF CANADA............................ 32,085
1,715,039 ROYAL BANK OF SCOTLAND PLC...................... 30,407
75,700 S & T BANCORP, INC.............................. 1,755
183,858 * S1 CORP......................................... 14,364
6,700,244 SAKURA BANK LTD................................. 38,796
4,169,202 > SAN PAOLO-IMI S.P.A............................. 56,662
8,700 SANDY SPRING BANCORP, INC....................... 235
400,765 SANWA BANK LTD.................................. 4,872
18,100 SEACOAST FINANCIAL SERVICES CORP................ 184
654,000 > SEVENTY-SEVEN (77) BANK LTD..................... 6,851
1,520,000 SHIZUOKA BANK LTD............................... 15,581
5,125 SHORELINE FINANCIAL CORP........................ 95
225,700 * SILICON VALLEY BANCSHARES....................... 11,172
6,100 SIMMONS FIRST NATIONAL CORP (CLASS A)........... 153
1,788,244 > SKANDINAVISKA ENSKILDA BANKEN SERIES A.......... 18,095
248,623 SKY FINANCIAL GROUP, INC........................ 5,004
277,364 * SOCIETE GENERALE S.A............................ 64,548
1,581,015 SOUTHTRUST CORP................................. 59,782
43,600 * SOUTHWEST BANCORP OF TEXAS, INC................. 864
1,059,256 SOVEREIGN BANCORP, INC.......................... 7,895
280,700 ST. FRANCIS CAPITAL CORP........................ 5,228
50,000 * STANDARD CHARTERED PLC.......................... 776
993,200 STATE STREET CORP............................... 72,566
221,800 STATEN ISLAND BANCORP, INC...................... 3,992
29,600 STERLING BANCSHARES, INC........................ 331
7,951,818 > SUMITOMO BANK LTD............................... 108,809
1,120,376 SUMMIT BANCORP.................................. 34,312
363,307 SUNCORP-METWAY LTD.............................. 1,952
1,843,986 SUNTRUST BANKS, INC............................. 126,889
136,950 SUSQUEHANNA BANCSHARES, INC..................... 2,174
1,321,400 SVENSKA HANDELSBANKEN SERIES A.................. 16,636
362,500 SVENSKA HANDELSBANKEN SERIES B FREE............. 4,287
3,730 * SWISS BANK CORP WTS 06/30/00 (REGD)............. 51
892,894 SYNOVUS FINANCIAL CORP.......................... 17,746
825,550 TCF FINANCIAL CORP.............................. 20,536
203,300 * TELEBANC FINANCIAL CORP......................... 5,286
92,200 TEXAS REGIONAL BANCSHARES, INC (CLASS A)........ 2,674
5,384,609 > TOKAI BANK LTD.................................. 33,917
450,200 TORONTO DOMINION BANK........................... 12,039
908,000 * TOYO TRUST & BANKING CO LTD..................... 3,730
88,800 TRIANGLE BANCORP, INC........................... 1,721
45,500 TRUST CO OF NEW JERSEY ......................... 1,041
138,770 TRUSTCO BANK CORP............................... 1,839
149,402 TRUSTMARK CORP.................................. 3,228
4,658,718 U.S. BANCORP.................................... 110,936
115,669 U.S. TRUST CORP................................. 9,275
7,515 U.S.B. HOLDINGS CO, INC......................... 120
694,732 UBS AG. (REGD).................................. 187,624
53,201 UMB FINANCIAL CORP.............................. 2,008
216,400 UNI BANKDANMARK AS (CLASS A).................... 15,240
11,371,030 > UNICREDITO ITALIANO S.P.A....................... 55,904
1,491,502 UNION PLANTERS CORP............................. 58,821
381,547 UNIONBANCAL CORP................................ 15,047
61,900 UNITED BANKSHARES, INC.......................... 1,478
13,700 UNITED COMMUNITY FINANCIAL CORP (OHIO).......... 136
16,154 UNITED NATIONAL BANCORP......................... 358
9,197,195 * UNITED OVERSEAS BANK LTD........................ 81,152
60,500 USBANCORP, INC.................................. 711
1,331,959 UST CORP........................................ 42,290
385,026 VALLEY NATIONAL BANCORP......................... 10,781
63,700 W HOLDING CO, INC............................... 661
1,156,812 WACHOVIA CORP................................... 78,663
745,000 WASHINGTON FEDERAL, INC......................... 14,714
4,074,190 WASHINGTON MUTUAL, INC.......................... 105,929
310,484 WEBSTER FINANCIAL CORP.......................... 7,316
13,441,416 WELLS FARGO CO.................................. 543,537
32,300 WESBANCO, INC................................... 840
65,049 WEST COAST BANCORP (OREGON)..................... 878
174,300 WESTAMERICA BANCORP............................. 4,870
18,400 WESTCORP........................................ 267
6,885,742 > WESTPAC BANKING CORP............................ 47,352
163,050 WHITNEY HOLDINGS CORP........................... 6,043
197,900 WILMINGTON TRUST CORP........................... 9,549
239,000 * WING HANG BANK LTD.............................. 818
638,802 WING LUNG BANK LTD.............................. 2,589
311,600 ZIONS BANCORP................................... 18,443
-----------
9,625,891
-----------
EATING AND DRINKING PLACES--0.46%
27,500 * ADVANTICA RESTAURANT GROUP, INC................. 48
336,957 APPLEBEES INTERNATIONAL, INC.................... 9,940
303,900 * AUTOGRILL S.P.A................................. 3,827
255,600 > AVADO BRANDS, INC............................... 1,078
478,182 BOB EVANS FARMS, INC............................ 7,382
11,800 >x*BOSTON CHICKEN, INC ............................ 1
622,293 * BRINKER INTERNATIONAL, INC...................... 14,935
518,150 * BUFFETS, INC.................................... 5,182
141,625 CBRL GROUP, INC................................. 1,374
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 23
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
EATING AND DRINKING PLACES--(Continued)
420,350 * CEC ENTERTAINMENT, INC.......................... $ 11,927
270,064 CKE RESTAURANTS, INC............................ 1,587
1,645,858 COMPASS GROUP PLC............................... 22,589
35,536 * CONSOLIDATED PRODUCTS, INC...................... 360
1,458,925 DARDEN RESTAURANTS, INC......................... 26,443
36,350 * DAVE & BUSTERS, INC............................. 298
200,384 FRISCHS RESTAURANTS, INC........................ 1,766
1,257,689 HOST MARRIOTT CORP (NEW)........................ 10,376
124,100 * IHOP CORP (NEW)................................. 2,071
301,765 * JACK IN THE BOX, INC............................ 6,243
591,000 KENTUCKY FRIED CHICKEN BERHAD................... 778
158,700 * LANDRYS SEAFOOD RESTAURANTS, INC................ 1,379
229,119 * LONE STAR STEAKHOUSE & SALOON, INC.............. 2,044
147,991 LUBYS, INC...................................... 1,683
1,085,500 MARRIOTT, INTERNATIONAL (CLASS A)............... 34,261
8,194,107 MCDONALD'S CORP................................. 330,325
8,927 * MELCO INTERNATIONAL DEVELOPMENT LTD............. 3
330 MOEVENPICK HOLDINGS (BR)........................ 164
1,576 MORRISON MANAGEMENT SPECIALISTS, INC............ 34
97,900 * NPC INTERNATIONAL, INC.......................... 771
19,950 * O'CHARLEY'S, INC................................ 262
322,750 * OUTBACK STEAKHOUSE, INC......................... 8,371
160,000 OVERSEAS UNION ENTERPRISES LTD.................. 538
37,000 * P.F. CHANGS CHINA BISTRO, INC................... 920
129,590 * PAPA JOHNS INTERNATIONAL, INC................... 3,377
437,599 PICCADILLY CAFETERIAS, INC...................... 1,750
412,807 >x*PLANET HOLLYWOOD, INC (CLASS A)................. 30
50 * RAINFOREST CAFE, INC............................ 0
260,234 RUBY TUESDAY, INC............................... 4,733
241,950 * RYANS FAMILY STEAK HOUSES, INC.................. 2,057
5,600 * SHONEYS, INC.................................... 8
239,000 > SKYLARK CO LTD.................................. 5,622
87,801 SODEXHO ALLIANCE S.A............................ 15,542
14,851 SODEXHO MARRIOTT SERVICES, INC.................. 1,493
286,575 * SONIC CORP...................................... 8,167
111,300 >*TELEPIZZA S.A................................... 471
38,750 * THE CHEESECAKE FACTORY CO....................... 1,356
1,107,000 +*TPI ENTERPRISES, INC............................ 12
1,009,171 * TRICON GLOBAL RESTAURANTS, INC.................. 38,979
468,096 * U.S. FOODSERVICE, INC........................... 7,841
10,700 VALORA HOLDINGS AG. (REGD)...................... 2,863
514,000 VIAD CORP....................................... 14,328
143,203 * VICORP RESTAURANTS, INC......................... 2,309
283,369 WENDY'S INTERNATIONAL, INC...................... 5,844
-----------
625,742
-----------
EDUCATIONAL SERVICES--0.05%
101,362 * APOLLO GROUP, INC (CLASS A)..................... 2,034
190,800 BENESSE CORP.................................... 45,908
95,091 * BERLITZ INTERNATIONAL, INC...................... 1,634
19,200 * CAREER EDUCATION CORP........................... 737
50 * COMPUTER LEARNING CENTERS, INC.................. 0
400 * CORINTHIAN COLLEGES, INC........................ 10
350,529 * DEVRY, INC...................................... 6,529
123,400 * EDUCATION MANAGEMENT CORP....................... 1,728
48,200 * ITT EDUCATIONAL SERVICES, INC................... 744
70,500 * LEARNING TREE INTERNATIONAL, INC................ 1,974
280,425 * SYLVAN LEARNING SYSTEMS, INC.................... 3,646
-----------
64,944
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--2.59%
600,000 * ACEA S.P.A...................................... 8,342
1,100,000 * AEM S.P.A....................................... 4,411
562,650 * AES CORP........................................ 42,058
344,600 AGL RESOURCES, INC.............................. 5,858
372,913 AGUAS DE BARCELONA S.A.......................... 5,463
4,023 * AGUAS DE BARCELONA S.A. (NEW)................... 58
882,544 ALLEGHENY ENERGY, INC........................... 23,774
458,793 ALLIANT ENERGY CORP............................. 12,617
1,366,690 * ALLIED WASTE INDUSTRIES, INC.................... 12,044
842,181 AMEREN CORP..................................... 27,581
135,585 * AMERICAN ECOLOGY CORP........................... 229
1,068,956 AMERICAN ELECTRIC POWER CO, INC................. 34,340
3,000 AMERICAN STATES WATER CO........................ 108
244,490 AMERICAN WATER WORKS CO, INC.................... 5,195
344,260 ANGLIAN WATER PLC............................... 3,141
22,034 AQUARION CO..................................... 815
218,504 ATMOS ENERGY CORP............................... 4,466
1,079,304 > AUSTRALIA GAS LIGHT CO.......................... 6,315
228,300 > AVISTA CORP..................................... 3,524
163,000 * AZURIX CORP..................................... 1,457
1,800 BEWCKISER WASSER TECHNIK AG..................... 242
9,131,269 * BG GROUP PLC.................................... 58,977
145,469 BLACK HILLS CORP................................ 3,228
47,800 CALIFORNIA WATER SERVICE GROUP.................. 1,449
255,800 * CALPINE CORP.................................... 16,371
973,195 CAROLINA POWER & LIGHT CO....................... 29,622
58,800 CASCADE NATURAL GAS CORP........................ 948
61,200 * CASELLA WASTE SYSTEMS, INC (CLASS A)............ 1,155
105,677,660 * CENTRAIS GERADORAS DO SUL (BR).................. 107
1,606,100 CENTRAL & SOUTH WEST CORP....................... 32,122
7,205,972 CENTRICA PLC.................................... 20,420
104,400 CH ENERGY GROUP, INC............................ 3,445
165,000 CHILECTRA S.A. ADR.............................. 3,341
881,898 CINERGY CORP.................................... 21,276
290,844 * CITIZENS UTILITIES CO (CLASS B)................. 4,126
426,440 * CLEAN HARBORS, INC.............................. 533
141,364 CLECO CORP...................................... 4,532
2,550,420 CLP HOLDINGS LTD................................ 11,746
213,040 CMP GROUP, INC.................................. 5,872
748,480 CMS ENERGY CORP................................. 23,343
1,113,796 COASTAL CORP.................................... 39,470
815,361 COLUMBIA ENERGY GROUP........................... 51,572
892,345 > CONECTIV, INC................................... 15,003
62,012 CONECTIV, INC (CLASS A)......................... 1,837
28,100 CONNECTICUT ENERGY CORP......................... 1,092
1,142,400 CONSOLIDATED EDISON CO OF NEW YORK., INC........ 39,413
745,900 CONSOLIDATED NATURAL GAS CO..................... 48,437
1,344,971 CONSTELLATION ENERGY GROUP...................... 39,004
734,806 CONTACT ENERGY LTD.............................. 1,286
1,869 CTG RESOURCES, INC.............................. 65
160 DAISEKI CO LTD.................................. 4
1,197,100 DOMINION RESOURCES, INC......................... 46,986
1,047,475 DPL, INC........................................ 18,134
775,263 DQE, INC........................................ 26,843
1,084,571 DTE ENERGY CO................................... 34,028
2,316,486 DUKE ENERGY CORP................................ 116,114
238,598 DYNEGY, INC..................................... 5,801
138,038 EASTERN ENTERPRISES CO.......................... 7,929
125,757 EASTERN UTILITIES ASSOCIATION CO................ 3,812
2,415,352 EDISON INTERNATIONAL CO......................... 63,252
511,050 EDPERBRASCAN CORP (CLASS A)..................... 6,736
14,714 * EL PASO ELECTRIC CO............................. 144
944,010 EL PASO ENERGY CORP............................. 36,639
122,107 ELECTRABEL NV................................... 39,980
2,000 ELECTRABEL S.A. (STRIP VVPR).................... 0
1,572,985 ELECTRICIDADE DE PORTUGAL S.A................... 27,463
92,796,060 ELECTROBRAS S.A................................. 2,030
36,281 EMPIRE DISTRICT ELECTRIC CO..................... 821
411,626 > EMPRESA NACIONAL DE ELECTRIDAD S.A. ADR......... 5,840
2,148,560 ENDESA S.A...................................... 42,664
15,591,000 * ENEL S.P.A...................................... 65,342
SEE NOTES TO FINANCIAL STATEMENTS
24 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRIC, GAS, AND SANITARY SERVICES--(Continued)
295,500 ENERGEN CORP.................................... $ 5,337
1,155,721 ENERGY EAST CORP................................ 24,053
116,078 ENERSIS S.A. ADR................................ 2,728
1,414,645 ENTERGY CORP.................................... 36,427
227,501 EQUITABLE RESOURCES, INC........................ 7,593
5,437 ETOWN CORP...................................... 338
1,775,627 FIRSTENERGY CORP................................ 40,285
555,739 FLORIDA PROGRESS CORP........................... 23,515
1,198,448 FPL GROUP, INC.................................. 51,309
1,024,357 GAS NATURAL SDG S.A............................. 23,602
150,170 > GENER S.A. (SPONS ADR).......................... 2,328
707,310 GPU, INC........................................ 21,175
385 GROUPE BRUXELLES LAMBERT NPV (STRIP VVPR)....... 0
60,735 GROUPE BRUXELLES LAMBERT S.A.................... 12,237
70,510 HAFSLUND AS SERIES A............................ 426
46,402 HAFSLUND AS SERIES B............................ 179
200,193 > HAWAIIAN ELECTRIC INDUSTRIES, INC............... 5,781
6,652,712 HONG KONG & CHINA GAS CO LTD.................... 9,114
25 HONG KONG ELECTRIC CO LTD....................... 0
1,391,814 > IBERDROLA S.A................................... 19,294
280,200 IDACORP, INC.................................... 7,513
134,120 ILLINOVA CORP................................... 4,661
191,766 INDIANA ENERGY, INC............................. 3,404
174,434 IPALCO ENTERPRISES, INC......................... 2,976
1,604,240 > ITALGAS S.P.A................................... 6,077
2,820,610 KANSAI ELECTRIC POWER CO, INC................... 49,134
469,304 KANSAS CITY POWER & LIGHT CO.................... 10,354
827,590 KEYSPAN CORP.................................... 19,190
362,250 KINDER MORGAN, INC.............................. 7,313
187,000 KURITA WATER INDUSTRIES LTD..................... 2,970
119,800 LACLEDE GAS CO.................................. 2,591
788,537 LOUISVILLE GAS & ELECTRIC ENERGY CORP........... 13,750
37,100 MADISON GAS & ELECTRIC CO....................... 747
474,639 MCN ENERGY GROUP, INC........................... 11,273
169,679 MDU RESOURCES GROUP, INC........................ 3,394
272,100 * MIDAMERICAN ENERGY HOLDINGS CO.................. 9,166
120,210 MINNESOTA POWER, INC............................ 2,036
200,800 >x*MOLTEN METALTECHNOLOGY, INC..................... 3
461,212 MONTANA POWER CO................................ 16,632
825,536 NATIONAL FUEL GAS CO............................ 38,387
2,706,855 NATIONAL GRID GROUP PLC......................... 20,586
2,829,159 NATIONAL POWER PLC.............................. 16,377
662,760 NEW CENTURY ENERGIES, INC....................... 20,131
356,143 NEW ENGLAND ELECTRIC SYSTEMS CO................. 18,430
110,300 NEW JERSEY RESOURCES CORP....................... 4,309
40,900 * NEWPARK RESOURCES, INC.......................... 251
458,800 * NIAGARA MOHAWK HOLDINGS, INC.................... 6,395
393,240 NICOR, INC...................................... 12,780
514,658 NISOURCE, INC................................... 9,200
43,200 NORTHEAST UTILITIES CO.......................... 888
909,468 NORTHERN STATES POWER CO........................ 17,735
155,400 NORTHWEST NATURAL GAS CO........................ 3,409
129,292 NORTHWESTERN CORP............................... 2,844
386,568 NSTAR........................................... 15,656
132,700 NUI CORP........................................ 3,500
491,444 OGE ENERGY CORP................................. 9,337
214,833 ONEOK, INC...................................... 5,398
3,131,000 OSAKA GAS CO LTD................................ 7,534
37,700 * OESTERREICHISCHE ELEKTRIZITAETSWIRSC HAFTS AG... 5,298
19,600 OTTER TAIL POWER CO............................. 735
1,640,429 PECO ENERGY CO.................................. 57,005
381,699 PEOPLES ENERGY CORP............................. 12,787
496,000 PETRONAS GAS BERHAD............................. 1,162
2,350,513 PG&E CORP....................................... 48,186
103,041 PHILADELPHIA SUBURBAN CORP...................... 2,132
109,196 * PHILIP SERVICES CORP............................ 13
116,874 PIEDMONT NATURAL GAS CO, INC.................... 3,535
516,334 PINNACLE WEST CAPITAL CORP...................... 15,780
803,800 POTOMAC ELECTRIC POWER CO....................... 18,437
1,142,110 PP&L RESOURCES, INC............................. 26,126
231,624 PUBLIC SERVICE CO OF NEW MEXICO................. 3,764
118,502 PUBLIC SERVICE CO OF NORTH CAROLINA............. 3,829
1,641,228 PUBLIC SERVICE ENTERPRISE GROUP, INC............ 57,135
593,431 PUGET SOUND ENERGY, INC......................... 11,498
764,480 QUESTAR CORP.................................... 11,467
1,460,915 RELIANT ENERGY, INC............................. 33,418
3,189,716 * REPUBLIC SERVICES, INC (CLASS A)................ 45,852
353,497 RGS ENERGY GROUP, INC........................... 7,269
920,120 RHEIN-WESTFALEN ELECTRIC AG..................... 36,059
679,600 SCANA CORP...................................... 18,264
975,000 SCOTTISH & SOUTHERN ENERGY PLC.................. 7,781
6,669,255 SCOTTISH POWER PLC.............................. 50,506
2,617,461 SCOTTISH POWER PLC ADR.......................... 73,289
2,205 SEMCO ENERGY, INC............................... 26
1,480,705 SEMPRA ENERGY................................... 25,727
5,967,146 SHUN TAK ENTERPRISES CORP LTD................... 1,136
155,943 SIERRA PACIFIC RESOURCES (NEW).................. 2,700
146,282 SIG CORP, INC................................... 3,328
400 SJW CORP........................................ 48
50,300 SOUTH JERSEY INDUSTRIES, INC.................... 1,430
4,357,096 SOUTHERN CO..................................... 102,392
97,674 * SOUTHERN UNION CO............................... 1,868
600 SOUTHWEST GAS CORP.............................. 14
167,500 SOUTHWESTERN ENERGY CO.......................... 1,099
17,000 * STERICYCLE, INC................................. 320
175,257 SUEZ LYONNAISE DES EAUX......................... 28,232
404,133 SUEZ LYONNAISE DES EAUX S.A..................... 64,777
125,257 SUEZ LYONNAISE (STRIP VVPR)..................... 1
766,732 TECO ENERGY, INC................................ 14,232
2,365,000 TENAGA NASIONAL BERHAD.......................... 6,099
2,047,964 TEXAS UTILITIES CO.............................. 72,831
427,714 THAMES WATER PLC................................ 5,332
3,000 * THERMO ECOTEK CORP.............................. 16
76,500 TNP ENTERPRISES, INC............................ 3,156
809,800 TOHOKU ELECTRIC POWER CO, INC................... 12,039
2,036,078 > TOKYO ELECTRIC POWER CO, INC.................... 54,566
4,284,000 TOKYO GAS CO LTD................................ 10,433
938,871 TRANS CANADA PIPELINES LTD...................... 8,099
143,656 TRANS CANADA PIPELINES LTD (U.S.)............... 1,257
288,800 TRANSALTA CORP.................................. 2,820
568,500 TRANSPORTADORA DE GAS DEL SUR (CLASS B)......... 1,069
28,400 * U.S. LIQUIDS, INC............................... 238
197,224 UGI CORP........................................ 4,031
1,461,583 UNICOM CORP..................................... 48,963
1,321,700 UNION ELECTRICA FENOSA S.A...................... 23,089
202,120 * UNISOURCE ENERGY CORP HOLDINGS CO............... 2,261
68,300 UNITED ILLUMINATING CO.......................... 3,509
1,916,086 UNITED UTILITIES PLC............................ 19,909
113,900 UNITED WATER RESOURCES, INC..................... 3,894
569,853 UTILICORP UNITED, INC........................... 11,077
1,025,730 VEBA AG......................................... 49,860
1,477,296 VIAG AG......................................... 27,087
2,055,941 > VIVENDI S.A..................................... 185,688
48,973 >*VIVENDI S.A. WTS 05/02/01....................... 166
293,172 WASHINGTON GAS LIGHT CO......................... 8,062
39,400 * WASTE CONNECTIONS, INC.......................... 569
200 * WASTE INDUSTRIES, INC........................... 2
7,242,216 WASTE MANAGEMENT, INC........................... 124,476
700 * WASTEMASTERS, INC............................... 0
249,623 WESTCOAST ENERGY, INC........................... 3,988
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 25
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRIC, GAS, AND SANITARY SERVICES--(Continued)
96,400 WESTERN GAS RESOURCES, INC...................... $ 1,271
220,810 WESTERN RESOURCES, INC.......................... 3,754
138,598 WICOR, INC...................................... 4,045
2,269,974 WILLIAMS COS, INC............................... 69,376
699,281 WISCONSIN ENERGY CORP........................... 13,461
170,672 WPS RESOURCES CORP.............................. 4,288
416,000 YANKEE ENERGY SYSTEMS, INC...................... 18,278
87,535 * YORK RESEARCH CORP.............................. 328
-----------
3,512,488
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--11.28%
59,200 * AAVID THERMAL TECHNOLOGIES, INC................. 1,454
448,439 * ABB LTD......................................... 54,716
150,774 * ABB LTD (SWITZERLAND)........................... 18,442
131,300 * ACTEL CORP...................................... 3,151
188,100 * ACTV, INC....................................... 8,594
51,300 * ADAPTIVE BROADBAND CORP......................... 3,787
1,090,505 * ADC TELECOMMUNICATIONS, INC..................... 79,130
118,224 * ADTRAN, INC..................................... 6,081
9,250 * ADVA AG. OPTICAL NETWORKING..................... 1,752
62,400 * ADVANCED ENERGY INDUSTRIES, INC................. 3,073
604,700 * ADVANCED FIBRE COMMUNICATIONS................... 27,023
87,900 * ADVANCED LIGHTING TECHNOLOGIES, INC............. 505
500,750 * ADVANCED MICRO DEVICES, INC..................... 14,490
213,829 > ADVANTEST CORP.................................. 56,469
108,900 * AEROFLEX, INC................................... 1,130
120,000 > AIWA CO LTD..................................... 2,488
36,900 * ALLEN TELECOM, INC.............................. 427
122,000 * ALLIANCE SEMICONDUCTOR CORP..................... 2,036
93,100 * ALPHA INDUSTRIES, INC........................... 5,336
1,095,000 > ALPS ELECTRIC CO LTD............................ 16,697
1,449,000 ALSTOM.......................................... 48,319
4,930,540 * ALTERA CORP..................................... 244,370
1,432,060 * AMERICAN POWER CONVERSION CORP.................. 37,771
5,800 * AMERICAN SUPERCONDUCTOR CORP.................... 162
367,424 * AMERICAN TOWER SYSTEMS (CLASS A)................ 11,229
67,500 >*AMERICAN XTAL TECHNOLOGY, INC................... 1,177
244,300 AMETEK, INC..................................... 4,657
706,400 * AMKOR TECHNOLOGY, INC........................... 19,956
89,100 * AMPEX CORP (CLASS A)............................ 484
100,245 * AMPHENOL CORP (CLASS A)......................... 6,673
108,740 * ANADIGICS, INC.................................. 5,131
1,162,320 * ANALOG DEVICES, INC............................. 108,096
196,300 * ANCOR COMMUNICATIONS, INC....................... 13,324
709,808 * ANDREW CORP..................................... 13,442
75,500 * ANTEC CORP...................................... 2,756
2,369 * APPLIED MAGNETICS CORP.......................... 1
257,652 * APPLIED MICRO CIRCUITS CORP..................... 32,786
1,700 * ARGUSS HOLDINGS, INC............................ 22
216,181 * ARTESYN TECHNOLOGIES, INC....................... 4,540
293,124 * ASM LITHOGRAPHY HOLDINGS NV..................... 32,572
338,400 * ASPECT COMMUNICATIONS CORP...................... 13,240
760,230 * ATMEL CORP...................................... 22,474
2,200 * AUSTRIA MIKRO SYSTEM INTERNATIONAL AG........... 70
140,000 AVX CORP........................................ 6,991
26,333 BALDOR ELECTRIC CO.............................. 477
57,500 BANG & OLUFSEN HOLDINGS AS (CLASS B)............ 2,103
16,939 BARCO NV........................................ 2,372
92,300 * BENCHMARK ELECTRONICS, INC...................... 2,117
410,800 BMC INDUSTRIES, INC............................. 2,003
358,200 * BROADCOM CORP (CLASS A)......................... 97,565
70,300 * BROOKTROUT, INC................................. 1,305
742,385 BROTHERS INDUSTRIES LTD......................... 1,706
275,700 * BURR BROWN CORP................................. 9,960
179,400 C&D TECHNOLOGIES, INC........................... 7,625
49,600 * C-COR.NET CORP.................................. 3,801
75,700 >*CARRIER ACCESS CORP............................. 5,096
36,130 >*CATAPULT COMMUNICATIONS CORP.................... 359
780,000 * CCT TELECOM HOLDINGS LTD........................ 577
114,000 * CELESTICA, INC.................................. 6,356
824,700 >*CELLNET DATA SYSTEMS, INC....................... 928
218,200 * CGI GROUP, INC.................................. 9,298
445,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD....... 2,431
50,400 * CHECKPOINT SYSTEMS, INC......................... 513
1,717,880 * CIENA CORP...................................... 98,778
42,000 * CITIZENS ELECTRONICS CO LTD..................... 7,600
375,163 * COMMSCOPE, INC.................................. 15,124
429,220 * COMVERSE TECHNOLOGY, INC........................ 62,130
1,188,620 * CONEXANT SYSTEMS, INC........................... 78,895
1,850,645 COOPER INDUSTRIES, INC.......................... 74,835
143,640 >*COPPER MOUNTAIN NETWORKS, INC................... 7,002
112,900 * CREE RESEARCH, INC.............................. 9,639
324,684 CTS CORP........................................ 24,473
1,001,800 * CYPRESS SEMICONDUCTOR CORP...................... 32,433
192,185 DALLAS SEMICONDUCTOR CORP....................... 12,384
740 * DDI CORP........................................ 10,133
386,100 * DIGITAL MICROWAVE CORP.......................... 9,049
179,220 * DII GROUP, INC.................................. 12,719
154,400 * E-TEK DYNAMICS, INC............................. 20,786
318,100 * ECHOSTAR COMMUNICATIONS CORP (CLASS A).......... 31,015
1,021,000 ELEC & ELTEK INTERNATIONAL HOLDNGS LTD.......... 190
36,100 * ELECTRO SCIENTIFIC INDUSTRIES, INC.............. 2,635
319,360 ELECTROCOMPONENTS PLC........................... 3,535
879,970 ELECTROLUX AB SERIES B.......................... 22,157
350,000 * ELMOS SEMICONDUCTOR AG.......................... 14,457
612,334 > EMAIL LTD....................................... 970
40,400 * EMCORE CORP..................................... 1,374
2,533,470 EMERSON ELECTRIC CO............................. 145,358
10,378 EMPRESA FABRIL DE MAQUINAS ELECTRICAS........... 60
495,600 * EPCOS AG........................................ 37,197
8,900 * ESHARE TECHNOLOGIES, INC........................ 152
173,121 * ESS TECHNOLOGY, INC............................. 3,841
68,900 * EVANS & SUTHERLAND COMPUTER CORP................ 788
16,600 * EXAR CORP....................................... 977
101,600 * EXECUTONE INFORMATION SYSTEMS, INC.............. 552
149,500 > EXIDE CORP...................................... 1,243
34,600 * FIREARMS TRAINING SYSTEMS, INC.................. 17
637,017 FISHER & PAYKEL INDUSTRIES LTD.................. 2,429
50,000 * FLEXTRONICS INTERNATIONAL LTD................... 2,300
10,300 FRANKLIN ELECTRIC CO, INC....................... 723
98,000 FUJI MACHINE MANUFACTURING CO................... 7,898
5,991,524 FUJITSU LTD..................................... 273,088
1,883,000 FURUKAWA ELECTRIC CO LTD........................ 28,547
128,000 FUTABA CORP..................................... 5,634
57 * GENERAL DATACOMM INDUSTRIES, INC................ 0
25,716,193 GENERAL ELECTRIC CO............................. 3,979,581
707,400 * GENERAL INSTRUMENT CORP......................... 60,129
163,500 * GENERAL SEMICONDUCTOR, INC...................... 2,320
42,400 * GENLYTE GROUP, INC.............................. 906
883,000 x*GEOTEK COMMUNICATIONS, INC...................... 2
267,037 * GLENAYRE TECHNOLOGIES, INC...................... 3,021
69,600 * GLOBIX CORP..................................... 4,176
307 GROUPE SEB S.A.................................. 22
86,200 * HADCO CORP...................................... 4,396
98,780 HARMAN INTERNATIONAL INDUSTRIES, INC............ 5,544
77,100 HARMON INDUSTRIES, INC.......................... 935
214,716 * HARMONIC LIGHTWAVES, INC........................ 20,385
420,549 HARRIS CORP..................................... 11,223
147,200 HELIX TECHNOLOGY CORP........................... 6,596
55,900 * HI / FN, INC.................................... 2,166
114,000 HIROSE ELECTRIC CO LTD.......................... 25,545
8,228,230 HITACHI LTD..................................... 131,986
SEE NOTES TO FINANCIAL STATEMENTS
26 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued)
300 * HMT TECHNOLOGY CORP.............................$ 1
118,276 HUBBELL, INC (CLASS B).......................... 3,223
148,800 * HUTCHINSON TECHNOLOGY, INC...................... 3,162
29,000 * INET TECHNOLOGIES, INC.......................... 2,026
2,800 INNOVEX, INC.................................... 26
1,015,000 * INTEGRATED DEVICE TECHNOLOGY, INC............... 29,435
26,109,166 INTEL CORP...................................... 2,149,111
154,725 INTER-TEL, INC.................................. 3,868
295,200 * INTERDIGITAL COMMUNICATIONS CORP................ 22,140
298,300 * INTERNATIONAL RECTIFIER CORP.................... 7,756
179,300 * INTERVOICE-BRITE, INC........................... 4,169
10,300 * IPC COMMUNICATIONS, INC......................... 731
10,200 * ITI TECHNOLOGIES, INC........................... 306
311,984 * JABIL CIRCUIT, INC.............................. 22,775
1,993,254 >*JDS UNIPHASE CORP............................... 321,537
1,967,320 JOHNSON ELECTRIC HOLDINGS LTD................... 12,629
100 * JPM CO.......................................... 1
8,715 * JUNO LIGHTING, INC ............................. 90
268,703 * KEMET CORP...................................... 12,108
1,000 KINSEKI LTD..................................... 11
462,000 * KOITO MANUFACTURING CO LTD...................... 2,571
678,700 * KOMAG, INC...................................... 2,121
1,651,492 KONINKLIJKE PHILIPS ELECTRONICS NV.............. 224,612
33,600 * KOPIN CORP...................................... 1,411
350,000 KYOCERA CORP.................................... 90,718
205,000 * L-3 COMMUNICATIONS HOLDINGS, INC................ 8,533
74,800 * LASERSIGHT, INC................................. 748
345,000 * LATTICE SEMICONDUCTOR CORP...................... 16,258
2,695,200 LINEAR TECHNOLOGY CO............................ 192,875
124,000 * LITTLEFUSE, INC................................. 3,009
15,500 LSI INDUSTRIES, INC............................. 335
1,355,050 * LSI LOGIC CORP.................................. 91,466
241,800 MABUCHI MOTOR CO LTD............................ 42,168
1,774 * MAGNETEK, INC................................... 14
16,400 * MAKER COMMUNICATIONS, INC....................... 701
462,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD............. 2,979
4,808,467 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD........... 133,098
60,335 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ADR....... 16,833
3,019,720 * MAXIM INTEGRATED PRODUCTS....................... 142,493
300 * MAXWELL TECHNOLOGIES, INC....................... 3
669,403 MAYTAG CO....................................... 32,131
294,400 * MEMC ELECTRONIC MATERIALS, INC.................. 3,606
225,050 METHODE ELECTRONICS, INC (CLASS A).............. 7,230
172,200 * METRICOM, INC................................... 13,539
176,880 * MICREL, INC..................................... 10,071
387,875 * MICROCHIP TECHNOLOGY, INC....................... 26,545
1,470,599 * MICRON TECHNOLOGY, INC.......................... 114,339
3,189,000 MITSUBISHI ELECTRIC CORP........................ 20,586
314,220 * MMC NETWORKS, INC............................... 10,801
253,907 MOLEX, INC...................................... 14,393
167,252 MOLEX, INC (CLASS A)............................ 7,568
25,400 * MOOG, INC (CLASS A)............................. 686
4,143,833 MOTOROLA, INC................................... 610,179
79,630 >*MRV COMMUNICATIONS, INC......................... 5,007
495,375 MURATA MANUFACTURING CO LTD..................... 116,285
54,100 NATIONAL PRESTO INDUSTRIES, INC................. 1,921
1,577,099 * NATIONAL SEMICONDUCTOR CORP..................... 67,520
535,549 NATIONAL SERVICE INDUSTRIES, INC................ 15,799
5,000 * NATURAL MICROSYSTEMS CORP....................... 234
235,360 * NEOMAGIC CORP................................... 2,574
141,644 NGK SPARK PLUG CO LTD........................... 1,295
900 NIHON DEMPA KOGYO CO LTD........................ 26
3,097,296 NIPPON ELECTRIC CORP............................ 73,767
263,000 NITTO DENKO CORP................................ 13,145
3,736,288 * NOKIA OYJ....................................... 677,542
2,096,384 NORTEL NETWORKS CORP............................ 210,998
412,826 NORTEL NETWORKS CORP (U.S.)..................... 41,695
164,300 >*NVIDIA CORP..................................... 7,712
80,800 * OAK INDUSTRIES, INC............................. 8,575
134,705 * OAK TECHNOLOGY, INC............................. 1,271
500 * OIS OPTICAL IMAGING SYSTEMS, INC................ 0
86,000 * ORCKIT COMMUNICATIONS LTD....................... 2,951
399,000 >*P-COM, INC...................................... 3,529
373,300 * PAIRGAIN TECHNOLOGIES, INC...................... 5,296
60,100 PARK ELECTROCHEMICAL CORP....................... 1,596
46,500 >*PARKERVISION, INC............................... 1,430
121,100 * PHOTRONICS, INC................................. 3,466
246,801 * PICTURETEL CORP................................. 1,064
289,729 PIONEER CORP.................................... 7,651
125,400 PITTWAY CORP.................................... 5,651
181,736 PITTWAY CORP (CLASS A).......................... 8,144
105,875 * PLANTRONICS, INC................................ 7,577
158,100 * PLEXUS CORP..................................... 6,956
3,900 * PLIANT SYSTEMS, INC............................. 35
46,100 * PLX TECHNOLOGY, INC............................. 873
271,618 * PMC-SIERRA, INC................................. 43,544
155,063 * POLYCOM, INC.................................... 9,876
35,100 * POWER INTEGRATIONS, INC......................... 1,683
65,100 * POWER-ONE, INC.................................. 2,982
116,270 * POWERWAVE TECHNOLOGIES, INC..................... 6,787
233,264 * QLOGIC CORP..................................... 37,293
3,684,588 * QUALCOMM, INC................................... 648,948
616,457 * RACAL ELECTRONICS PLC........................... 5,524
15,900 >*RAMBUS, INC..................................... 1,072
169,400 * RAYOVAC CORP.................................... 3,197
1,027,250 * READ RITE CORP.................................. 4,879
110,000 * REMEC, INC...................................... 2,805
275,850 * RF MICRO DEVICES, INC........................... 18,878
465,976 ROHM CO......................................... 191,422
1,400 * ROYAL APPLIANCE MANUFACTURING CO, INC........... 7
322,640 * S3, INC......................................... 3,731
164,400 * SALIENT 3 COMMUNICATIONS (CLASS A).............. 1,151
64,200 >*SALTON, INC..................................... 2,147
286,839 * SANMINA CORP.................................... 28,648
2,112,000 SANYO ELECTRIC CO LTD........................... 8,573
427,500 * SAWTEK, INC..................................... 28,455
464,200 * SCI SYSTEMS, INC................................ 38,151
427,200 SCIENTIFIC-ATLANTA, INC......................... 23,763
78,100 >*SCM MICROSYSTEMS, INC........................... 4,994
148,834 * SDL, INC........................................ 32,446
227,900 * SEMTECH CORP.................................... 11,879
421,450 * SENSORMATIC ELECTRONICS CORP.................... 7,349
4,275 * SEZ HOLDINGS AG. (REGD)......................... 2,392
44,300 * SGL CARBON AG................................... 2,946
2,077,000 >*SHARP CORP...................................... 53,124
10,900 * SILICONIX, INC.................................. 1,433
447,657 * SILICONWARE PRECISION INDUSTRIES................ 6,413
68,200 * SIPEX CORP...................................... 1,675
283,220 > SIRTI S.P.A..................................... 1,013
92,950 * SLI, INC........................................ 1,261
1,303,688 * SOLECTRON CORP.................................. 124,013
1,285,411 SONY CORP....................................... 380,946
732,451 ST MICROELECTRONICS NV.......................... 112,752
330,400 STEWART & STEVENSON SERVICES, INC............... 3,913
3,044,500 SUMITOMO ELECTRIC INDUSTRIES CO................. 35,168
449,357 >*SUNBEAM CORP.................................... 1,882
286,000 SUWA INTERNATIONAL HOLDINGS LTD................. 18
201,100 * SYMMETRICOM, INC................................ 1,998
362,060 TAIYO YUDEN CO LTD.............................. 21,460
72,000 TDK CORP........................................ 9,937
76,438 TECHNITROL, INC................................. 3,401
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 27
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued)
190,900 * TEKELEC.........................................$ 4,295
2,452,150 * TELLABS, INC.................................... 157,397
146,650 >*TERAYON COMMUNICATION SYSTEMS, INC.............. 9,211
5,009,503 TEXAS INSTRUMENTS, INC.......................... 485,296
380 * THERMICEDGE CORP................................ 0
1,412,008 THOMAS & BETTS CORP............................. 45,008
144,477 THOMAS INDUSTRIES, INC.......................... 2,953
100,000 * THOMSON MULTIMEDIA.............................. 5,390
133,100 * TITAN CORP...................................... 6,272
346,850 TOKYO ELECTRON CO LTD........................... 47,495
7,775,000 TOSHIBA CORP.................................... 59,316
268,022 > TOWA CORP....................................... 10,067
23,500 >*TRANSCRYPT INTERNATIONAL, INC................... 71
143,200 * TRANSWITCH CORP................................. 10,391
43,047 * TRIQUINT SEMICONDUCTOR, INC..................... 4,789
61,800 >*TUT SYSTEMS, INC................................ 3,314
285,200 * UCAR INTERNATIONAL, INC......................... 5,080
336,000 UNISEM (M) BERHAD............................... 2,157
45,000 * UNITED PAN-EUROPE COMMUNICATIONS NV............. 5,758
174,028 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC.. 5,917
671,000 VARITRONIX INTERNATIONAL LTD.................... 1,545
2,194,000 VENTURE MANUFACTURING LTD (SINGAPORE)........... 25,153
47,300 * VICOR CORP...................................... 1,916
544,925 * VISHAY INTERTECHNOLOGY, INC..................... 17,233
755,060 * VITESSE SEMICONDUCTOR CORP...................... 39,593
56 * VTEL CORP....................................... 0
2,090 * WATER PIK TECHNOLOGIES, INC..................... 20
177,300 * WEBLINK WIRELESS, INC........................... 2,748
5,070,600 * WESTEL GROUP LTD................................ 2,721
106,600 >*WESTELL TECHNOLOGIES, INC (CLASS A)............. 1,146
581,242 WHIRLPOOL CORP.................................. 37,817
143,392 * WINDMERE-DURABLE HOLDINGS, INC.................. 2,438
289,200 WOODHEAD INDUSTRIES, INC........................ 3,362
16,900 WOODWARD GOVERNOR CO............................ 465
290,451 >*WORLD ACCESS, INC............................... 5,591
4,247,664 * XILINX, INC..................................... 193,136
574,984 YAMAHA CORP..................................... 3,734
472,622 * ZENITH ELECTRONICS CORP......................... 0
92,600 >*ZIXIT CORP...................................... 3,669
66,744 * ZOMAX, INC...................................... 3,020
-----------
15,308,389
-----------
ENGINEERING AND MANAGEMENT SERVICES--0.12%
72 * AGRITOPE, INC................................... 0
53,900 * AHL SERVICES, INC............................... 1,125
473,800 * CATALYTICA, INC................................. 6,426
73,400 * CELGENE CORP.................................... 5,138
2,400 * CHARLES RIVER ASSOCIATES........................ 80
80,800 >*CIRCLE.COM...................................... 995
29,400 * CORNELL CORRECTIONS, INC........................ 246
41,500 * CORPORATE EXECUTIVE BOARD CO.................... 2,319
409,816 * COVANCE, INC.................................... 4,431
5,200 >*DATA TRANSMISSION NETWORK CORP.................. 90
44,150 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A)...... 3,794
1,029,939 DUN & BRADSTREET CORP........................... 30,383
10,700 >*ENTREMED, INC................................... 274
74,900 * F.Y.I., INC..................................... 2,547
96,030 * FIRST CONSULTING GROUP, INC..................... 1,488
31,300 * FLYCAST COMMUNICATIONS CORP..................... 4,067
163,013 GARTNER GROUP, INC (CLASS A).................... 2,486
100 * GOODWILL GROUP, INC............................. 4,890
90,800 * INCYTE PHARMACEUTICALS, INC..................... 5,448
63,950 * INSPIRE INSURANCE SOLUTIONS, INC................ 294
30,000 #*INTERNATIONAL HYDRON (LIQUIDATING TRUST)........ 1
142,105 * IT GROUP, INC................................... 1,306
143,597 * JACOBS ENGINEERING GROUP, INC................... 4,667
100 * KENDLE INTERNATIONAL, INC....................... 1
41,098 LANDAUER, INC................................... 899
106,400 * LASON, INC...................................... 1,170
76,900 * MARKETING SERVICES GROUP........................ 1,288
69,265 * MAXIMUS, INC.................................... 2,351
283,400 * NAVIGANT CONSULTING CO.......................... 3,082
157,400 x*NEUROMEDICAL SYSTEMS, INC....................... 9
60,000 * NEXTERA ENTERPRISES, INC........................ 773
17,600 * NFO WORLDWIDE, INC.............................. 394
102,400 OYO CORP........................................ 1,367
44,400 * PAREXEL INTERNATIONAL CORP...................... 524
100,512 * PHARMACEUTICAL PRODUCT DEVELOPMENT.............. 1,194
3,400 * PROBUSINESS SERVICES, INC....................... 122
171,350 * PROFIT RECOVERY GROUP INTERNATIONAL............. 4,551
582,424 * QUINTILES TRANSNATIONAL CORP.................... 10,884
168,918 * RENAISSANCE WORLDWIDE, INC...................... 1,246
3,328,804 SEMBCORP INDUSTRIES LTD......................... 4,536
732,768 SERVICEMASTER CO................................ 9,022
6,180,000 SINGAPORE TECHNOLOGIES ENGINEERING LTD.......... 9,570
207,200 * STAFF LEASING, INC.............................. 1,968
58,919 STONE & WEBSTER, INC............................ 991
43,600 * SUPERIOR CONSULTANT HOLDINGS CORP............... 621
28,090 TEJON RANCH CO.................................. 667
96,503 * TELEDYNE TECHNOLOGIES, INC...................... 911
207,168 * TETRA TECH, INC................................. 3,185
78,700 * URS CORP........................................ 1,707
115,700 * VALENCE TECHNOLOGY, INC......................... 2,198
116,800 VEDIOR NV-CVA................................... 1,200
61,000 * WACKENHUT CORRECTIONS CORP...................... 713
221,400 * WESTON (ROY F.), INC (CLASS A).................. 457
180,100 * WHITTMAN HART, INC.............................. 9,658
55,700 * XCEED, INC...................................... 2,312
-----------
162,066
-----------
FABRICATED METAL PRODUCTS--0.54%
39,000 * ALLIANT TECHSYSTEMS, INC........................ 2,430
116,034 * ALLTRISTA CORP.................................. 2,567
201,524 BALL CORP....................................... 7,935
92,300 BARNES GROUP, INC............................... 1,506
20,800 BICC LTD........................................ 30
14,900 BOHLER-UDDEHOLM AG. (BR)........................ 688
36,700 BUTLER MANUFACTURING CO......................... 819
1,237,786 CARADON PLC..................................... 3,118
132,300 CCL INDUSTRIES, INC (CLASS B)................... 1,269
100,600 CHART INDUSTRIES, INC........................... 402
334,549 CRANE CO........................................ 6,649
872,875 CROWN CORK & SEAL CO, INC....................... 19,531
250,100 * FANSTEEL, INC................................... 969
3,428 FISCHER (GEORGE) LTD (REGD)..................... 1,184
7,956,732 GILLETTE CO..................................... 327,718
752,645 GKN PLC......................................... 11,849
88,162 * GRIFFON CORP.................................... 689
74,600 * GULF ISLAND FABRICATION, INC.................... 699
252,600 HARSCO CORP..................................... 8,020
116,100 INTERNATIONAL ALUMINUM CORP..................... 2,728
150,000 KIAN JOO CAN FACTORY BERHAD..................... 243
19,300 * LADISH CO, INC.................................. 123
363,725 MAGNETI MARELLI................................. 1,389
618,547 MARK IV INDUSTRIES, INC......................... 10,941
1,970,620 MASCO CORP...................................... 50,004
33,900 * METALS U.S.A., INC.............................. 288
106,800 * NCI BUILDING SYSTEMS, INC....................... 1,976
14,500 * NORTEK, INC..................................... 406
735,921 PARKER-HANNIFIN CORP............................ 37,762
112,160 PRIMEX TECHNOLOGIES, INC........................ 2,327
2,580,642 ROCKWELL INTERNATIONAL CORP..................... 123,548
6,104 * SANITEC OYJ..................................... 80
SEE NOTES TO FINANCIAL STATEMENTS
28 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
FABRICATED METAL PRODUCTS--(Continued)
46,550 >*SANKYO ALUMINIUM INDUSTRY CO LTD................$ 43
336,000 SANWA SHUTTER CORP.............................. 1,249
200 * SHAW GROUP, INC................................. 5
37,200 * SILGAN HOLDINGS, INC............................ 498
35,600 * SIMPSON MANUFACTURING CO, INC................... 1,558
219,100 SMC CORP........................................ 48,453
401,700 SNAP-ON, INC.................................... 10,670
64,629 * SPS TECHNOLOGIES, INC........................... 2,064
407,700 STANLEY WORKS CO................................ 12,282
120,800 STRUM, RUGER & CO, INC.......................... 1,072
359,000 TAKARA STANDARD CO.............................. 1,780
328,000 TOSTEM CORP..................................... 5,887
285,300 * TOWER AUTOMOTIVE, INC........................... 4,404
433,900 TOYO SEIKAN KAISHA LTD.......................... 6,281
57,977 * U.S. CAN CORP................................... 1,152
163,600 UNITED DOMINION INDUSTRIES LTD.................. 3,206
1,300 VALMONT INDUSTRIES.............................. 21
128,900 WATTS INDUSTRIES, INC (CLASS A)................. 1,901
-----------
732,413
-----------
FOOD AND KINDRED PRODUCTS--2.75%
45,140 >*AGRIBIOTECH, INC................................ 107
66,819 * AGRIBRANDS INTERNATIONAL, INC................... 3,074
1,325,600 AJINOMOTO CO LTD................................ 13,808
24,400 * AMERICAN ITALIAN PASTA CO (CLASS A)............. 750
3,306,818 ANHEUSER BUSCH COS, INC......................... 234,371
3,764,051 ARCHER DANIELS MIDLAND CO....................... 45,874
52,850 ARIAKE JAPAN CO LTD............................. 2,993
284,000 ASAHI BREWERIES LTD............................. 3,106
10,800 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02......... 3
24,500 * AURORA FOODS, INC............................... 228
107,989 AZUCARERA EBRO AGRICOLAS S.A.................... 1,575
1,957,451 BASS PLC........................................ 24,353
31,800 >*BERINGER WINE ESTATES HOLDINGS, INC (CLASS B)... 1,268
1,786,400 BESTFOODS, INC.................................. 93,898
43,505 * BOSTON BEER CO, INC (CLASS A)................... 313
10,869 * BRAU UND BRUNNEN AG............................. 515
303,247 BROWN FORMAN, INC (CLASS B)..................... 17,361
21,672 * BUSH BOAKE ALLEN, INC........................... 532
2,833,508 CADBURY SCHWEPPES LTD........................... 17,111
1,777,100 CAMPBELL SOUP CO................................ 68,752
102,405 * CANANDAIGUA BRANDS, INC (CLASS A)............... 5,223
77,409 CARLSBERG BREWERIES AS (CLASS A)................ 2,852
11,781 CARLSBERG BREWERIES AS (CLASS B)................ 447
327,000 CARLSBERG BREWERIES BERHAD (MALAYSIA)........... 1,007
158,600 CHIQUITA BRANDS INTERNATIONAL, INC.............. 753
974,159 > COCA COLA AMATIL LTD............................ 2,652
262,800 COCA COLA BOTTLING CO CONSOLIDATED.............. 12,450
14,035,892 COCA COLA CO.................................... 817,591
1,959,445 COCA COLA ENTERPRISES, INC...................... 39,434
185,800 COMPANIA CERVECERIAS UNIDAS S.A. ADR............ 5,957
3,237,588 CONAGRA, INC.................................... 73,048
162,117 COORS (ADOLPH) CO (CLASS B)..................... 8,511
385,325 CORN PRODUCTS INTERNATIONAL, INC................ 12,619
746,600 * COTT CORP....................................... 3,967
80,300 DANISCO AS...................................... 3,132
169,261 DANONE GROUP.................................... 39,902
156,000 DCC PLC......................................... 1,163
325,599 DEAN FOODS CO................................... 12,943
134,900 * DEL MONTE FOODS CO.............................. 1,661
847,107 DELTA CORP...................................... 301
7,017,093 DIAGEO PLC (CLASS A)............................ 56,426
295,457 DOLE FOOD, INC.................................. 4,801
100,944 DREYERS GRAND ICE CREAM, INC.................... 1,716
497,428 EARTHGRAINS CO.................................. 8,021
56,036 * EL AGUILA S.A................................... 457
200,000 EMBOTELLADORA ANDINA ADR (CLASS A).............. 3,563
40,700 EMBOTELLADORA ANDINA ADR (CLASS B).............. 595
9,353 > ERIDANIA BEGHIN-SAY S.A......................... 1,006
32,700 EZAKI GLICO CO LTD.............................. 152
562,825 FLOWERS INDUSTRIES, INC......................... 8,970
1,114,957 FORTUNE BRANDS, INC............................. 36,863
6,600,858 > FOSTERS BREWING GROUP LTD....................... 18,880
527,800 FRASER & NEAVE LTD.............................. 1,948
1,732,648 GENERAL MILLS, INC.............................. 61,942
124,479 GOLDEN ENTERPRISES, INC......................... 311
4,862,215 > GOODMAN FIELDER LTD............................. 4,328
12,900 * HAIN FOOD GROUP, INC............................ 289
736,531 HEINEKEN NV..................................... 35,929
2,129,734 HEINZ (H.J.) CO................................. 84,790
360,463 HERSHEY FOODS CORP.............................. 17,122
24,700 HOLSTEN BRAUEREI AG............................. 423
365,157 HORMEL FOODS CORP............................... 14,835
227,000 > HOUSE FOODS CORP................................ 3,441
624,900 IBP, INC........................................ 11,248
8,538 IMPERIAL SUGAR CO............................... 28
255,280 * INTERNATIONAL HOME FOODS, INC................... 4,435
251,611 INTERSTATE BAKERIES CORP........................ 4,560
3,539,000 IOI CORP........................................ 2,142
35,301 > ITOHAM FOODS, INC............................... 156
107,200 * J & J SNACK FOODS CORP.......................... 2,198
170,000 KATOKICHI CO LTD................................ 3,683
243,606 * KEEBLER FOODS CO................................ 6,851
1,333,500 KELLOGG CO...................................... 41,088
192,300 KERRY GROUP (CLASS A)........................... 2,305
65,000 KERRY GROUP PLC (CLASS A)....................... 774
231,000 KIKKOMAN CORP................................... 1,534
4,104,000 KIRIN BREWERY CO LTD............................ 43,151
438,129 LANCASTER COLONY CORP........................... 14,513
220,832 LANCE, INC...................................... 2,208
1,496,902 LION NATHAN LTD................................. 3,479
252,276 * LVMH MOET HENNESSY LOUIS VUITTON................ 113,023
623,400 MCCORMICK & CO, INC (NON-VOTE).................. 18,546
50,000 MEFOS LTD....................................... 690
306,000 MEIJI MILK PRODUCTS CO LTD...................... 931
487,708 MEIJI SEIKA KAISHA LTD.......................... 2,771
98,675 MICHAEL FOODS, INC.............................. 2,430
97,400 * MIDWEST GRAIN PRODUCTS, INC..................... 718
104,197 MOLSON, INC (CLASS A)........................... 1,923
1,000 MOLSON, INC (CLASS B)........................... 19
2,217,388 NABISCO GROUP HOLDINGS.......................... 23,560
2,254,080 NABISCO HOLDINGS CORP (CLASS A)................. 71,285
186,700 NESTLE MALAYSIA BERHAD.......................... 806
93,131 NESTLE S.A. (REGD).............................. 170,621
978,000 NICHIREI CORP................................... 2,535
345,000 NIPPON MEAT PACKERS, INC........................ 4,471
707,000 NIPPON OIL & FATS CO LTD........................ 1,673
975,000 NIPPON SUISAN KAISHA LTD........................ 1,497
272,000 NISSHIN FLOUR MILLING CO LTD.................... 1,876
430,909 NISSIN FOOD PRODUCTS CO LTD..................... 10,136
326,519 NUMICO NV....................................... 12,184
394,466 ORKLA ASA....................................... 6,799
11,000 OSTERREICHISCHE BRAU-AKTIENGESELLSCHAF.......... 443
72,800 OYJ HARTWALL ABP................................ 1,056
1,820,120 PARMALAT FINANZIARIA S.P.A...................... 2,329
12,300 * PASCUAL HERMANOS S.A............................ 6
66,300 PENFORD CORP.................................... 1,144
915,061 PEPSI BOTTLING GROUP, INC....................... 15,156
15,187,213 PEPSICO, INC.................................... 535,349
105,704 PERNOD-RICARD S.A............................... 6,049
77,300 PILGRIMS PRIDE CORP (CLASS B)................... 643
350,000 x*POWER PACIFIC LTD............................... 0
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 29
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
FOOD AND KINDRED PRODUCTS--(Continued)
20,681 Q.P. CORP.......................................$ 137
775,104 QUAKER OATS CO.................................. 50,866
703,800 RAISIO GROUP PLC................................ 2,787
178,643 * RALCORP HOLDINGS, INC........................... 3,562
5,822,373 RALSTON PURINA CO............................... 162,299
20,500 RIVIANA FOODS, INC.............................. 364
51,900 * ROBERT MONDAVI CORP (CLASS A)................... 1,804
12,000 SAKATA SEED CORP................................ 285
65,150 SAPPORO BREWERIES LTD........................... 210
5,778,900 SARA LEE CORP................................... 127,497
10 SEABOARD CORP................................... 2
519,000 SEAGRAMS CO LTD................................. 23,173
600 SEAGRAMS CO LTD (U.S.).......................... 27
282,800 * SMITHFIELD FOODS, INC........................... 6,787
45,908 SMUCKER, (J.M.) CO (CLASS A).................... 895
194,700 SMUCKER, (J.M.) CO (CLASS B).................... 3,164
494,000 SNOW BRAND MILK PRODUCTS CO..................... 1,991
210,738 > SOUTH AFRICAN BREWERIES LTD..................... 2,143
10,050 SOUTH AFRICAN BREWERIES LTD (SPONS ADR)......... 102
1,352,362 > SOUTHCORP LTD................................... 4,753
203,850 >*SUIZA FOODS CORP................................ 8,078
372,796 TAKARA SHUZO CO LTD............................. 5,874
1,767,020 TATE & LYLE PLC................................. 11,356
217,490 TCBY ENTERPRISES, INC........................... 829
48,900 TIGER OATS LTD.................................. 564
212,414 TOOTSIE ROLL INDUSTRIES, INC.................... 6,996
1,493,560 TYSON FOODS, INC................................ 24,270
26,400 UNICER-UNIAO CERVEIJEIRA S.A.................... 523
655,141 UNIGATE PLC..................................... 3,279
5,844,318 UNILEVER LTD.................................... 42,985
1,394,998 UNILEVER NV CERTIFICATE......................... 77,072
476,232 UNIVERSAL FOODS CORP............................ 9,703
58,200 VINA CONCHA Y TORO S.A. ADR..................... 2,204
182,800 * VLASIC FOODS INTERNATIONAL, INC................. 1,040
663,006 WHITMAN CORP.................................... 8,909
26,400 WRIGLEY (WM) JR CO.............................. 2,190
373,800 # WRIGLEY (WM) JR CO (CLASS B).................... 31,002
237,000 YAKULT HONSHA CO LTD............................ 2,063
380,000 YAMAZAKI BAKING CO LTD.......................... 4,122
-----------
3,733,342
-----------
FOOD STORES--0.73%
997,100 * 7-ELEVEN, INC................................... 1,776
3,026,543 ALBERTSONS, INC................................. 97,606
4,878 x*BRUNO'S SUPERMARKETS, INC....................... 1
937,675 CARREFOUR SUPERMARCHE S.A....................... 172,967
308,500 > CASINO GUICHARD-PERRACHON S.A................... 35,338
54,300 COLRUYT S.A..................................... 3,118
16,346,000 * COMPANHIA BRASILEIRA DISTRIBUICAO GROUP......... 552
64,183 DELHAIZE AMERICA, INC (CLASS A)................. 1,304
747,450 DELHAIZE AMERICA, INC (CLASS B)................. 15,603
86,550 DELHAIZE FRERES NV.............................. 6,522
225,400 DISTRIBUCION Y SERVICIO S.A. ADR................ 4,395
800,000 FAMILYMART CO LTD............................... 53,208
700 * GRAND UNION CO.................................. 7
140,200 GREAT ATLANTIC & PACIFIC TEA CO, INC............ 3,908
203,727 HANNAFORD BROTHERS, INC......................... 14,121
1,026,255 ITO-YOKADO CO LTD............................... 111,418
144,866 JERONIMO MARTINS SGPS S.A....................... 3,707
175,000 >*KAMPS AG........................................ 12,077
122,500 * KAMPS AG. (NEW)................................. 8,170
2,438,775 > KONINKLIJKE AHOLD NV............................ 72,210
5,824,256 * KROGER CO....................................... 109,933
359,175 > RINASCENTE S.P.A................................ 2,305
82,600 RUDDICK CORP.................................... 1,280
4,039,736 * SAFEWAY, INC.................................... 143,663
2,282,674 SAINSBURY (J) PLC............................... 12,873
29,880 > SEVEN-ELEVEN JAPAN CO LTD....................... 4,735
643,430 * STARBUCKS CORP.................................. 15,603
20,597,577 TESCO PLC....................................... 62,610
356,000 UNY CO LTD...................................... 3,479
102,531 WEIS MARKETS, INC............................... 4,460
35,400 * WHOLE FOODS MARKET, INC......................... 1,642
104,200 >*WILD OATS MARKETS, INC.......................... 2,312
100,732 WINN DIXIE STORES, INC.......................... 2,411
3,098,716 > WOOLWORTHS LTD.................................. 10,627
-----------
995,941
-----------
FORESTRY--0.02%
15,700 CORTICEIRA AMORIM S.A........................... 154
522,000 GEORGIA-PACIFIC CORP (TIMBER GROUP)............. 12,854
617,800 KUALA LUMPUR KEPONG BERHAD...................... 854
162,439 RAYONIER, INC................................... 7,848
-----------
21,710
-----------
FURNITURE AND FIXTURES--0.13%
26,362 BASSETT FURNITURE INDUSTRIES, INC............... 422
39,000 BUSH INDUSTRIES, INC (CLASS A).................. 670
259,900 ETHAN ALLEN INTERIORS, INC...................... 8,333
349,498 * FURNITURE BRANDS INTERNATIONAL, INC............. 7,689
379,800 HON INDUSTRIES, INC............................. 8,332
420,596 KIMBALL INTERNATIONAL, INC (CLASS B)............ 6,940
329,100 LA-Z-BOY, INC................................... 5,533
1,367 * LADD FURNITURE, INC............................. 27
474,388 * LEAR CORP....................................... 15,180
900,448 LEGGETT & PLATT, INC............................ 19,303
707,000 MILLER (HERMAN), INC............................ 16,261
2,550,289 NEWELL RUBBERMAID, INC.......................... 73,958
336,000 * PROFURN LTD..................................... 370
88,700 * SELECT COMFORT CORP............................. 360
213,806 STEELCASE, INC.................................. 2,566
932,779 U.S. INDUSTRIES, INC............................ 13,059
11,594 VIRCO MANUFACTURING............................. 151
-----------
179,154
-----------
FURNITURE AND HOMEFURNISHINGS STORES--0.24%
1,051,800 * BED BATH & BEYOND, INC.......................... 36,550
783,250 * BEST BUY, INC................................... 39,309
2,012 * BOMBAY, INC..................................... 9
542,215 * CDNOW, INC...................................... 5,354
2,821,900 CIRCUIT CITY STORES-CIRCUIT CITY GROUP.......... 127,162
594,486 * COMPUSA, INC.................................... 3,047
91,600 >*CYBERIAN OUTPOST, INC........................... 910
24,100 * ELECTRONICS BOUTIQUE HOLDINGS CORP.............. 434
70,000 * FIVE STAR PRODUCTS, INC......................... 13
70,000 * FIVE STAR PRODUCTS, INC WTS 08/05/00............ 2
130,400 * GUITAR CENTER, INC.............................. 1,312
153,100 HAVERTY FURNITURE COS, INC...................... 1,933
49,487 HEILIG MEYERS CO................................ 136
92,500 * INTERTAN, INC................................... 2,417
34,782 JD GROUP LTD.................................... 300
243,200 * LINENS 'N THINGS, INC........................... 7,205
30,400 * MEDION AG....................................... 2,726
778,982 * MUSICLAND STORES CORP........................... 6,573
662,179 PIER 1 IMPORTS, INC............................. 4,221
32,500 >*RESTORATION HARDWARE, INC....................... 221
61,800 SHIMACHU CO..................................... 852
207,800 x*SUN TELEVISION & APPLIANCES, INC................ 1
1,249,975 TANDY CORP...................................... 61,483
704,787 * TRANS WORLD ENTERTAINMENT CORP.................. 7,400
2,500 * TWEETER HOME ENTERTAINMENT GROUP, INC........... 89
286,950 * WILLIAMS-SONOMA, INC............................ 13,200
-----------
322,859
-----------
SEE NOTES TO FINANCIAL STATEMENTS
30 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
GENERAL BUILDING CONTRACTORS--0.09%
29,800 AMEC PLC........................................$ 119
722,100 BARRATT DEVELOPMENTS PLC........................ 3,288
256,695 BERKELEY GROUP PLC.............................. 2,964
55 * BLOUNT INTERNATIONAL, INC....................... 1
1,324,992 CARRILLION PLC.................................. 2,428
390,462 CENTEX CORP..................................... 9,640
83,500 * CROSSMANN COMMUNITIES, INC...................... 1,294
164,138 >*DAIKYO, INC..................................... 364
249,341 DAITO TRUST CONSTRUCTION CO LTD................. 2,780
2,112,000 DAIWA HOUSE INDUSTRY CO LTD..................... 15,700
1,376,600 FLETCHER CHALLENGE LTD (BUILDING DIVISION)...... 2,028
1,732,000 >*FUJITA CORP..................................... 932
1,000 * HASEKO CORP..................................... 0
1,000 * HAZAMA-GUMI LTD................................. 1
216,600 HILLENBRAND INDUSTRIES, INC..................... 6,864
285,966 HORTON (D.R.), INC.............................. 3,950
1,370,000 IJM CORP BERHAD................................. 1,110
291,159 KAUFMAN & BROAD HOME CORP....................... 7,042
16,000 * KOMATSU CONSTRUCTION CO LTD..................... 20
616,885 > LEIGHTON HOLDINGS LTD........................... 2,382
305,552 LENNAR CORP..................................... 4,965
257,000 MDC HOLDINGS, INC............................... 4,032
836 MISAWA HOMES CO LTD............................. 3
577,000 > NISHIMATSU CONSTRUCTION CO LTD.................. 2,314
78,693 * NVR, INC........................................ 3,758
1,028,000 OBAYASHI CORP................................... 4,856
208,661 PULTE CORP...................................... 4,695
97,600 RYLAND GROUP, INC............................... 2,251
605,000 > SHIMIZU CORP.................................... 2,000
136,660 SKANSKA AB SERIES B FREE........................ 5,097
25,996,000 SOUTH CHINA INDUSTRIES LTD...................... 1,639
184,651 STANDARD-PACIFIC CORP........................... 2,031
22,000 * SUZUNUI INDUSTRY CO LTD......................... 37
2,746,000 TAISEI CORP..................................... 5,211
879,090 TAYLOR WOODROW PLC.............................. 1,902
352,000 TODA CONSTRUCTION CO............................ 1,353
149,666 * TOLL BROTHERS, INC.............................. 2,788
38,400 * U.S. HOME CORP.................................. 982
76,000 WALTER INDUSTRIES, INC.......................... 822
93,125 * WEBB (DEL) CORP................................. 2,322
756,124 WIMPEY (GEORGE) LTD............................. 1,367
1,406,400 YTL CORP BERHAD................................. 2,239
-----------
119,571
-----------
GENERAL MERCHANDISE STORES--1.96%
2,600 * 99 CENTS ONLY STORES............................ 99
72,100 * AMES DEPARTMENT STORES, INC..................... 2,077
383,946 * BJS WHOLESALE CLUB, INC......................... 14,014
229,500 >x*CALDOR CORP .................................... 0
690,350 CASEYS GENERAL STORES, INC...................... 7,206
19,200 * CASINO ADPS..................................... 1,481
2,808,043 > COLES MYER LTD.................................. 14,460
209,906 * CONSOLIDATED STORES CORP........................ 3,411
72,511 CORTEFIEL S.A................................... 1,899
120,000 * COST PLUS, INC.................................. 4,275
1,207,686 * COSTCO WHOLESALE CORP........................... 110,201
384,000 >*DAIEI, INC...................................... 1,521
256,315 DAIMARU, INC.................................... 867
2,128,203 > DAVID JONES LTD................................. 1,922
4,038,480 DAYTON HUDSON CORP.............................. 296,576
583,700 DILLARDS, INC (CLASS A)......................... 11,783
881,386 * DIXONS GROUP PLC................................ 21,191
701,100 DOLLAR GENERAL CORP............................. 15,950
719,895 * DOLLAR TREE STORES, INC......................... 34,870
75,100 * FACTORY 2-U STORES, INC......................... 2,131
582,780 FAMILY DOLLAR STORES, INC....................... 9,507
1,648,162 * FEDERATED DEPARTMENT STORES, INC................ 83,335
95,854 FOSCHINI LTD.................................... 262
2,111,000 GIORDANO INTERNATIONAL LTD...................... 2,173
306,600 * GOTTSCHALKS, INC................................ 2,280
291,171 HAGEMEYER NV.................................... 6,744
176,000 HANKYU DEPARTMENT STORES, INC................... 930
80,981 HARCOURT GENERAL, INC........................... 3,259
54,850 >*HOMEBASE, INC................................... 168
238,200 HUDSONS BAY CO.................................. 2,827
31,000 ISETAN CO LTD................................... 227
3,450 * JACOBSON STORES, INC............................ 20
1,524 * JELMOLI HOLDINGS AG. (BR)....................... 1,819
295,000 JUSCO CO LTD.................................... 5,139
3,449,900 * K MART CORP..................................... 34,715
285,130 KARSTADT AG..................................... 11,433
116,800 KESCO OYJ....................................... 1,483
3,537,320 KINGFISHER PLC.................................. 39,239
950,778 * KOHLS CORP...................................... 68,634
190,490 x*LURIA (L.) & SON, INC........................... 1
3,787,018 MARKS & SPENCER PLC............................. 18,024
464,000 MARUI CO LTD.................................... 6,926
2,164,832 MAY DEPARTMENT STORES CO........................ 69,816
130,000 MEIKLES AFRICA LTD (ZIMBABWE)................... 128
650,213 METRO AG........................................ 34,980
984,000 >*MITSUKOSHI LTD.................................. 3,465
793,800 > MYCAL CORP...................................... 3,455
417,849 * NEIMAN MARCUS GROUP, INC (CLASS A).............. 11,674
30,748 * NEIMAN MARCUS GROUP, INC (CLASS B).............. 828
1,252,438 PENNEY, (J.C.) CO, INC.......................... 24,970
74,800 PEPKOR LTD...................................... 352
210,999 PICKN PAY STORES LTD............................ 360
305,003 PINAULT-PRINTEMPS-REDOUTE S.A................... 80,506
79,800 ROBINSON & CO LTD............................... 273
811,180 * SAKS, INC....................................... 12,624
2,199,560 SEARS ROEBUCK & CO.............................. 66,949
52,739 >*SEIYU LTD....................................... 181
169,600 * SHOPKO STORES, INC.............................. 3,901
150,200 SONAE SGPS S.A. ................................ 7,929
38,150 STOCKMANN AB OY SERIES A........................ 615
26,325 STOCKMANN B FREE................................ 379
524,000 TAKASHIMAYA CO LTD.............................. 3,608
597 TRUWORTHS INTERNATIONAL LTD..................... 1
19,800 * TUESDAY MORNING CORP............................ 365
72,600 * VALUE CITY DEPARTMENT STORES, INC............... 1,098
715,500 * VENATOR GROUP, INC.............................. 5,009
173,626 x*VENTURE STORES, INC............................. 1
21,504,208 WAL-MART STORES, INC............................ 1,486,478
1,221,079 WATERFORD WEDGWOOD PLC (UNITS).................. 1,242
111,224 WOOLTRU LTD..................................... 222
61,000 WOOLTRU LTD (CLASS N) (NON-VOTE)................ 121
-----------
2,666,609
-----------
HEALTH SERVICES--0.29%
17,000 * ACCREDO HEALTH, INC............................. 523
95,800 * ADVANCE PARADIGM, INC........................... 2,066
69,200 * ALTERRA HEALTHCARE CORP......................... 575
119,900 * AMERICAN HOMEPATIENT, INC....................... 65
21,378 * AMERICAN RETIREMENT CORP........................ 170
107,300 * AMERIPATH, INC.................................. 879
4,200 * APPLIED ANALYTICAL INDUSTRIES, INC.............. 38
321,053 * APRIA HEALTHCARE GROUP, INC..................... 5,759
761,861 * BEVERLY ENTERPRISES, INC........................ 3,333
162,008 * CAREMATRIX CORP................................. 405
37,100 * CENTENNIAL HEALTHCARE CORP...................... 111
3,945,599 COLUMBIA/HCA HEALTHCARE CORP.................... 115,655
32 * CORAM HEALTHCARE CORP........................... 0
182,500 * COVENTRY HEALTH CARE, INC....................... 1,232
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 31
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
HEALTH SERVICES--(Continued)
151,900 * CURATIVE HEALTH SERVICES, INC...................$ 1,177
94,182 * ENZO BIOCHEMICAL, INC........................... 4,244
197,000 * EXPRESS SCRIPTS, INC............................ 12,608
599,200 * EXTENDICARE, INC (CLASS A)...................... 1,799
328,200 >x*FPA MEDICAL MANAGEMENT, INC..................... 0
7,385,700 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 98,784
4,200 HEALTHPLAN SERVICES CORP........................ 15
3,348,391 * HEALTHSOUTH CORP................................ 17,998
114,800 HOOPER HOLMES, INC.............................. 2,956
8,700 * IMPATH, INC..................................... 221
92,400 * INNOVATIVE CLINICAL SOLUTION.................... 24
339,563 * INTEGRATED HEALTH SERVICES, INC................. 31
566,580 * LABORATORY CORP OF AMERICA HOLDINGS............. 2,089
75,098 * LABORATORY CORP OF AMERICA HOLDINGS WTS 04/28/00 0
187,000 >*LASER VISION CENTERS, INC....................... 1,975
149,383 * LCA-VISION, INC................................. 700
232,957 * LIFEPOINT HOSPITALS, INC........................ 2,752
437,800 * LINCARE HOLDINGS, INC........................... 15,186
360 * LTC HEALTHCARE, INC............................. 1
95,600 * MAGELLAN HEALTH SERVICES, INC................... 603
287,752 * MANOR CARE, INC................................. 4,604
914,924 * MARINER POST-ACUTE NETWORK, INC................. 64
121,500 * MATRIA HEALTHCARE, INC.......................... 501
99,400 MDS, INC (CLASS B).............................. 2,024
15,966 >*MEDICAL RESOURCES, INC.......................... 9
3,032 * NATIONAL HEALTHCARE CORP........................ 16
50 NICHII GAKKAN CO................................ 10
25 * NICHII GAKKAN CO (NEW).......................... 4
249,500 * ORTHODONTIC CENTERS OF AMERICA, INC............. 2,978
56 * PARACELSUS HEALTHCARE CORP...................... 0
93,300 >*PEDIATRIX MEDICAL GROUP, INC.................... 653
23,900 >x*PHP HEALTHCARE CORP ............................ 0
101,595 * PHYAMERICA PHYSICIAN GROUP ,INC................. 29
640,387 * PHYCOR, INC..................................... 1,201
5,794 * PHYSICIANS RESOURCE GROUP, INC.................. 2
97,100 * PROVINCE HEALTHCARE CO.......................... 1,845
179,308 * QUEST DIAGNOSTICS, INC.......................... 5,480
435,500 * QUORUM HEALTH GROUP, INC........................ 4,056
277,800 * RENAL CARE GROUP, INC........................... 6,494
80,684 * RESPONSE ONCOLOGY, INC.......................... 91
26,100 STANCORP FINANCIAL GROUP, INC................... 657
368,766 >x*SUN HEALTHCARE GROUP,INC ....................... 15
2,094,903 * TENET HEALTHCARE CORP........................... 49,230
420,400 * TOTAL RENAL CARE HOLDINGS, INC.................. 2,811
209,857 * TRIAD HOSPITALS, INC............................ 3,174
89,800 * UNITED PAYORS & UNITED PROVIDERS, INC........... 1,487
160,100 * UNIVERSAL HEALTH SERVICES, INC.................. 5,764
431,552 * US ONCOLOGY, INC................................ 2,131
147,888 x*VENCOR, INC..................................... 13
-----------
389,317
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.11%
93,155 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. 2,210
176,700 x*ATKINSON (G.F.) CO OF CALIFORNIA................ 0
337,051 AUTOPISTAS CONCESIONARIA ESPANOLA S.A........... 3,277
23,300 BILFINGER & BERGER AG........................... 507
48,854 BOUYGUES S.A.................................... 31,057
446,700 BRISA-AUTO ESTRADAS DE PORTUGAL S.A............. 3,429
168,000 >*CHIYODA CORP.................................... 245
25,000 * COLAS S.A....................................... 5,365
830,358 DRAGADOS Y CONSTRUCCIONES S.A................... 7,328
179,102 * DYCOM INDUSTRIES, INC........................... 7,892
53,952 * EIFFAGE......................................... 3,816
21,232 ENGIL-SGPS...................................... 201
518,150 FLUOR CORP...................................... 23,770
269,196 * FOMENTO CONSTRUCCIONES Y CONTRATAS S.A.......... 5,478
258,102 FOSTER WHEELER CORP............................. 2,291
116,249 GRANITE CONSTRUCTION, INC....................... 2,143
27,370 > GROUPE GTM...................................... 2,661
630,000 * GRUPO FERROVIAL................................. 9,140
117,300 HOCHTIEF AG..................................... 4,372
46,578 HOLLANDSCHE BETON GROEP NV (H.B.G.)............. 446
104,000 HONG KONG CONSTRUCTION HOLDINGS................. 38
1,021,210 IMPREGILO S.P.A................................. 630
243,000 * INSITUFORM TECHNOLOGIES, INC (CLASS A).......... 6,865
836,000 >*JGC CONSTRUCTION CORP........................... 2,028
1,158,000 > KAJIMA CORP..................................... 3,455
83,000 >*KUMAGAI GUMI CO LTD............................. 57
1,310,000 * LARSEN & TOUBRO LTD............................. 16,611
305,000 > MAEDA ROAD CONSTRUCTION CO LTD.................. 1,477
126,150 * MASTEC, INC..................................... 5,614
95,700 * MORRISON KNUDSEN CORP........................... 748
17,039 * MORRISON KNUDSEN CORP WTS 03/11/03.............. 39
627,000 OKUMURA CORP.................................... 2,116
329,000 * PENTA OCEAN CONSTRUCTION CO LTD................. 470
35,000 SHO-BOND CORP................................... 621
16,560 SOCIEDADE DE CONSTRUCOES SOARES DA COS.......... 51
539,000 TOA CORP........................................ 733
50,000 TOMOE ENGINEERING CO LTD........................ 331
1,241,000 UNITED INDUSTRIAL CORP.......................... 700
19,600 VA TECHNOLOGIE AG. (BR)......................... 1,293
-----------
159,505
-----------
HOLDING AND OTHER INVESTMENT OFFICES--0.65%
600 * ALEXANDERS, INC................................. 47
31,498 ALEXANDRIA REAL ESTATE EQUITIES, INC............ 1,002
3,279,398 ALLIED ZURICH PLC............................... 38,629
297,300 AMB PROPERTY CORP............................... 5,927
800 * AMERCO.......................................... 20
2,900 AMERICAN INDUSTRIAL PROPERTIES REIT............. 36
32,700 AMLI RESIDENTIAL PROPERTIES TRUST............... 660
416,283 APARTMENT INVESTMENT & MANAGEMENT CO............ 16,573
605,553 ARCHSTONE COMMUNITIES TRUST..................... 12,414
19,100 ASSOCIATED ESTATES REALTY CORP.................. 149
39,500 * ASTRA CIA ARGENTINA S.A......................... 84
408,641 AVALONBAY COMMUNITIES, INC...................... 14,021
38,717 > BARLOW LTD...................................... 279
11,627,736 #*BB BIOVENTURES L.P.............................. 14,108
139,600 BEDFORD PROPERTY INVESTORS, INC................. 2,382
698,000 > BOE LTD......................................... 680
343,200 BOSTON PROPERTIES, INC.......................... 10,682
107,327 BOYKIN LODGING CO............................... 1,174
167,910 BRADLEY REAL ESTATE, INC........................ 2,928
236,200 BRANDYWINE REALTY TRUST......................... 3,868
250,300 BRE PROPERTIES, INC (CLASS A)................... 5,679
4,162,277 * BRIERLEY INVESTMENTS LTD........................ 870
102,900 BURNHAM PACIFIC PROPERTIES, INC................. 965
291,672 CAMDEN PROPERTY TRUST........................... 7,985
146,000 * CANADIAN OIL SANDS TRUST UNITS.................. 2,594
432,800 * CANARY WHARF FINANCE PLC........................ 2,680
47,100 CAPITAL AUTOMOTIVE REIT......................... 574
423,877 CAPSTEAD MORTGAGE CORP.......................... 1,775
494,800 CARRAMERICA REALTY CORP......................... 10,453
167,044 CBL & ASSOCIATES PROPERTIES, INC................ 3,445
42,300 CENTER TRUST, INC............................... 410
193,200 CENTERPOINT PROPERTIES CORP..................... 6,931
2,500 CFS BANCORP, INC................................ 23
48,300 CHARLES E. SMITH RESIDENTIAL REALTY............. 1,709
108,800 CHATEAU PROPERTIES, INC......................... 2,822
SEE NOTES TO FINANCIAL STATEMENTS
32 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
HOLDING AND OTHER INVESTMENT OFFICES--(Continued)
97,800 CHELSEA GCA REALTY, INC.........................$ 2,910
2,075 * COMPAGNIE FINANCERE RICHEMONT UNITS (CLASS A)... 4,952
648,500 * COAST FEDERAL LITIGATION CONTINGENT RTS......... 973
161,200 COLONIAL PROPERTIES TRUST....................... 3,738
72,679 COMMERCIAL NET LEASE REALTY, INC................ 722
337,000 CORNERSTONE PROPERTIES, INC..................... 4,929
55,100 CORNERSTONE REALTY INCOME TRUST, INC............ 537
24,800 CORONATION HOLDINGS LTD (N SHS)................. 567
140,311 COUSINS PROPERTIES, INC......................... 4,762
725,700 CRESCENT REAL ESTATE EQUITIES CO................ 13,335
29,910 * CRESECENT OPERATING, INC........................ 82
2,689 x*CRIIMI MAE, INC................................. 4
220,094 CROWN AMERICAN REALTY TRUST..................... 1,211
386,400 DEVELOPERS DIVERSIFIED REALTY CORP.............. 4,975
438,560 DROTT AB SERIES B............................... 5,005
755,308 DUKE-WEEKS REALTY CORP.......................... 14,729
20,000 EAST WEST BANCORP, INC.......................... 229
101,300 EASTGROUP PROPERTIES, INC....................... 1,874
103,600 ENTERTAINMENT PROPERTIES TRUST.................. 1,366
108,600 EQUITY INNS, INC................................ 733
1,842,290 EQUITY OFFICE PROPERTIES TRUST.................. 45,366
785,051 EQUITY RESIDENTIAL PROPERTIES TRUST CO.......... 33,512
57,000 ESSEX PROPERTY TRUST, INC....................... 1,938
6,209 > EURAFRANCE S.A.................................. 3,741
217,300 FEDERAL REALTY INVESTMENT TRUST................. 4,088
379,715 FELCOR LODGING TRUST, INC....................... 6,645
2,800 * FIDELITY HOLDINGS, INC.......................... 53
3,620 * FIRST HUNGARY FUND LTD (CLASS A)................ 5,786
262,700 FIRST INDUSTRIAL REALTY TRUST, INC.............. 7,208
1,598,400 FIRST NIS REGIONAL FUND (FULLY PD).............. 7,393
248,893 * FIRST RUSSIAN FRONTIER PLC ORD.................. 1,808
49,778 * FIRST RUSSIAN FRONTIER SERIES A WTS 06/30/01.... 35
400 * FIRST WASHINGTON REALTY TRUST, INC.............. 7
323,204 FRANCHISE FINANCE CORP OF AMERICA............... 7,737
59,900 GABLES RESIDENTIAL TRUST........................ 1,438
255,900 GENERAL GROWTH PROPERTIES, INC.................. 7,165
342,238 GETTY REALTY HOLDINGS CORP...................... 3,829
136,600 GLENBOROUGH REALTY TRUST, INC................... 1,827
147,000 GLIMCHER REALTY TRUST........................... 1,893
1,500 * GOLF TRUST OF AMERICA, INC...................... 25
77,530 GREAT LAKES REIT, INC........................... 1,114
4,200 * GROUP POUR LE FINANCEMENT CONSTRUCTION.......... 474
283,014 HEALTH CARE PROPERTY INVESTORS, INC............. 6,757
109,066 HEALTH CARE REIT, INC........................... 1,650
164,100 HEALTHCARE REALTY TRUST, INC.................... 2,564
384,500 HIGHWOODS PROPERTIES, INC....................... 8,940
368,000 > HITACHI CREDIT CORP............................. 7,469
19,263 HOME PROPERTIES OF NEW YORK, INC................ 529
118 * HORIZON GROUP PROPERTIES, INC................... 0
295,700 HOSPITALITY PROPERTIES TRUST.................... 5,637
816,000 HRPT PROPERTIES TRUST........................... 7,344
7,491,899 HUTCHINSON WHAMPOA LTD.......................... 108,907
125,500 IMPERIAL CREDIT COMMERCIAL MORTGAGE
INVESTMENT CORP............................... 1,428
838,725 INDYMAC MORTGAGE HOLDINGS, INC.................. 10,694
182,200 INNKEEPERS U.S.A. TRUST......................... 1,492
205,800 IRT PROPERTY CO................................. 1,608
118,800 JDN REALTY CORP................................. 1,916
86,400 JP REALTY, INC.................................. 1,350
171,326 KILROY REALTY CORP.............................. 3,769
308,250 KIMCO REALTY CORP............................... 10,442
127,800 KOGER EQUITY, INC............................... 2,157
1,500 KONOVER PROPERTY TRUST, INC..................... 9
1,360,152 LAND SECURITIES PLC............................. 15,242
74,600 LASALLE HOTEL PROPERTIES........................ 872
1,284,738 LEND LEASE CORP LTD............................. 17,944
1,000 LEXINGTON CORPORATE PROPERTIES TRUST............ 9
311,200 LIBERTY PROPERTY TRUST CO....................... 7,547
18,800 LTC PROPERTIES, INC............................. 159
100,600 MACERICH CO..................................... 2,094
383,900 MACK-CALI REALTY CORP........................... 10,005
129,200 MANUFACTURED HOME COMMUNITIES, INC.............. 3,141
826,782 MEDITRUST CORP PAIRED........................... 4,547
309,081 MERISTAR HOSPITALITY CORP....................... 4,945
18,535 * MERRY LAND PROPERTIES, INC...................... 97
60,000 MGI PROPERTIES, INC............................. 315
6,525 MID-AMERICA APARTMENT COMMUNITIES, INC.......... 148
91,812 MILLS CORP...................................... 1,641
80,600 NATIONAL GOLF PROPERTIES, INC................... 1,592
127,400 NATIONAL HEALTH INVESTORS, INC.................. 1,895
190,400 NATIONWIDE HEALTH PROPERTIES, INC............... 2,618
538,053 NEW PLAN EXCEL REALTY TRUST..................... 8,508
120,424 OMEGA HEALTHCARE INVESTORS, INC................. 1,528
695,240 ORIENTAL HOLDINGS............................... 1,519
109,300 PACIFIC GULF PROPERTIES, INC.................... 2,213
58,900 PAN PACIFIC RETAIL PROPERTIES, INC.............. 961
56,046 PARKWAY PROPERTIES, INC......................... 1,615
25,400 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST....... 370
182,894 POST PROPERTIES, INC............................ 6,996
401,200 POWER CORP OF CANADA............................ 6,852
281,700 PRENTISS PROPERTIES TRUST....................... 5,916
75 * PRICESMART, INC................................. 3
47,200 PRIME GROUP REALTY TRUST........................ 717
92,293 PRIME RETAIL, INC............................... 519
436,687 PRISON REALTY TRUST, INC........................ 2,211
464,960 PROLOGIS TRUST.................................. 8,950
173,600 PROMISE CO LTD.................................. 8,829
45,448 PS BUSINESS PARKS, INC.......................... 1,034
666,580 PUBLIC STORAGE, INC............................. 15,123
141,800 REALTY INCOME CORP.............................. 2,925
359,111 RECKSON ASSOCIATES REALTY CORP.................. 7,711
9,883 REDWOOD TRUST, INC.............................. 124
87,200 REGENCY REALTY CORP............................. 1,744
156,700 REMBRANDT GROUP LTD............................. 1,492
172,900 RFS HOTEL INVESTORS, INC........................ 1,805
444,900 ROUSE CO........................................ 9,454
1,000 SAUL CENTERS, INC............................... 14
84,410 SENIOR HOUSING PROPERTIES TRUST................. 1,050
120,000 SHURGARD STORAGE CENTERS, INC................... 2,783
798,760 SIMON PROPERTY GROUP, INC....................... 18,322
114,200 SL GREEN REALTY CORP............................ 2,484
71,300 SOVRAN SELF STORAGE, INC........................ 1,350
369,900 SPIEKER PROPERTIES, INC......................... 13,478
1 * STANDARD BANK INVESTMENT CORP LTD............... 0
269,304 STARWOOD FINANCIAL TRUST........................ 4,561
172,400 STORAGE U.S.A., INC............................. 5,215
1,725,000 > SUMITOMO CORP................................... 16,720
111,527 SUMMIT PROPERTIES, INC.......................... 1,994
75,700 SUN COMMUNITIES, INC............................ 2,437
32,400 TANGER FACTORY OUTLET CENTERS, INC.............. 672
397,430 TAUBMAN CENTERS, INC............................ 4,272
39,300 >*TELESCAN, INC................................... 970
137,165 THORNBURG MORTGAGE ASSET CORP................... 1,132
94,300 TOWN & COUNTRY TRUST............................ 1,692
52,800 U.S. RESTAURANT PROPERTIES, INC................. 756
18,355,860 > UNIONE IMMOBILIARE S.P.A........................ 8,507
902,132 UNITED DOMINION REALTY TRUST, INC............... 8,909
62,800 URBAN SHOPPING CENTERS, INC..................... 1,703
405,556 VENTAS, INC..................................... 1,698
2,945 * VORNADO OPERATING CO............................ 18
434,200 VORNADO REALTY TRUST............................ 14,112
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 33
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
HOLDING AND OTHER INVESTMENT OFFICES--(Continued)
155,876 WALDEN RESIDENTIAL PROPERTIES, INC.............. $ 3,371
226,200 WASHINGTON REAL ESTATE INVESTMENT TRUST......... 3,393
284,132 WEINGARTEN REALTY INVESTORS, INC................ 11,063
60,798 * WELLSFORD REAL PROPERTIES, INC.................. 517
57,000 WESTERN PROPERTIES TRUST........................ 545
163,400 WESTFIELD AMERICA, INC.......................... 2,012
4,244,583 WESTFIELD TRUST (UNITS)......................... 8,306
88,155 * WESTFIELD TRUST (UNITS) (NEW)................... 170
1,240 WHITE MOUNTAINS INSURANCE....................... 149
100 WINSTON HOTELS, INC............................. 1
-----------
888,261
-----------
HOTELS AND OTHER LODGING PLACES--0.11%
443,580 ACCOR S.A....................................... 21,437
492,472 * AZTAR CORP...................................... 5,356
356,278 * CHOICE HOTELS INTERNATIONAL, INC................ 6,101
33,500 * CLUB MEDITERRANEE S.A........................... 3,874
195,260 * CRESTLINE CAPITAL CORP.......................... 4,027
954,080 * EXTENDED STAY AMERICA, INC...................... 7,275
509,500 GENTING BERHAD.................................. 1,810
2,000 HARBOUR CENTRE DEVELOPMENT LTD.................. 1
1,552,123 HILTON GROUP PLC................................ 4,969
1,007,900 HILTON HOTELS CORP.............................. 9,701
1,318,283 * HONG KONG & SHANGHAI HOTELS LTD................. 873
253,500 HOTEL PROPERTIES LTD............................ 228
470 * INTERSTATE HOTELS CORP.......................... 2
77,400 JURYS DOYLE HOTEL PLC........................... 573
900,000 LANDMARKS HOLDINGS BERHAD....................... 291
180,000 >*LODGIAN, INC.................................... 900
463,884 * MANDALAY RESORT GROUP........................... 9,336
74,415 MARCUS CORP..................................... 1,000
132,400 MEIKLES AFRICA LTD.............................. 106
111,908 * MGM GRAND, INC.................................. 5,630
1,744,500 MIRAMAR HOTEL & INVESTMENT CO LTD............... 1,874
1,517,127 * PARK PLACE ENTERTAINMENT CORP................... 18,964
318,271 * PRIME HOSPITALITY CORP.......................... 2,805
1,620,500 * REGAL HOTELS INTERNATIONAL LTD.................. 121
1,019,100 RESORTS WORLD BERHAD............................ 2,923
3,410,500 SHANGRI-LA ASIA LTD............................. 3,905
125,612 SHANGRI-LA ASIA LTD (SINGAPORE)................. 152
159,796 * SOL MELIA S.A................................... 1,811
1,330,217 STARWOOD HOTELS & RESORTS WORLDWIDE............. 31,260
197,993 * SUNTERRA CORP................................... 2,277
61,400 >*TRENDWEST RESORTS, INC.......................... 1,382
1,031 >*VAIL RESORTS, INC............................... 18
244,221 * WYNDHAM INTERNATIONAL, INC...................... 717
1,783,351 ZIMBABWE SUN LTD................................ 127
-----------
151,826
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--7.68%
2,331,454 * 3COM CORP....................................... 109,578
118,500 * 3DFX INTERACTIVE, INC........................... 1,163
300 * A.S.V., INC..................................... 4
2,999,940 * ADAPTEC, INC.................................... 149,622
111,700 * ADVANCED DIGITAL INFORMATION CORP............... 5,431
359,200 AGCO CORP....................................... 4,827
25,356 AGIV AG......................................... 459
777,000 AMADA CO LTD.................................... 4,248
247,000 AMANO CORP...................................... 1,474
689,100 * AMERICAN STANDARD COS, INC...................... 31,612
107,600 * APEX, INC....................................... 3,470
786,544 * APPLE COMPUTER, INC............................. 80,867
2,584,900 * APPLIED MATERIALS, INC.......................... 327,475
253,849 APPLIED POWER, INC (CLASS A).................... 9,329
89,000 * ASK PROXIMA ASA................................. 622
55,300 * ASTEC INDUSTRIES, INC........................... 1,040
69,500 * ASYST TECHNOLOGIES, INC......................... 4,557
103,428 > ATLAS COPCO AB SERIES A FREE.................... 3,061
148,879 ATLAS COPCO AB SERIES B FREE.................... 4,239
64,600 * ATMI, INC....................................... 2,136
165,200 * AUSPEX SYSTEMS, INC............................. 1,693
126,170 * AUTOTOTE CORP (CLASS A)......................... 410
1,802,431 BAKER HUGHES, INC............................... 37,964
96,900 * BELL & HOWELL CO................................ 3,083
609,690 BLACK & DECKER CORP............................. 31,856
49,800 * BLACK BOX CORP.................................. 3,337
26,000 * BROOKS AUTOMATION, INC.......................... 847
937,015 BRUNSWICK CORP.................................. 20,849
91,300 BUDERUS AG...................................... 1,545
292,600 * C-CUBE MICROSYSTEMS, INC........................ 18,214
1,112,800 * CABLETRON SYSTEMS, INC.......................... 28,933
1,989,300 CATERPILLAR, INC................................ 93,621
557,000 * CIRRUS LOGIC, INC............................... 7,415
25,490,270 * CISCO SYSTEMS, INC.............................. 2,730,645
39,100 COLUMBUS MCKINNON CORP.......................... 396
14,840,544 COMPAQ COMPUTER CORP............................ 401,622
269,200 * CONCURRENT COMPUTER CORP........................ 5,031
301,096 * COOPER CAMERON CORP............................. 14,735
37,500 >*COPYTELE, INC................................... 30
396,700 CUMMINS ENGINE CO, INC.......................... 19,166
10,250 * CUNO, INC....................................... 212
62,445 * CYBEX COMPUTER PRODUCTS CORP.................... 2,529
585,879 > DAI NIPPON SCREEN MANUFACTURING CO LTD.......... 3,496
133,000 DAIFUKU CO LTD.................................. 768
900,000 DAIKIN INDUSTRIES LTD........................... 12,236
1,272,573 DEERE & CO...................................... 55,198
15,233,799 * DELL COMPUTER CORP.............................. 776,924
114,200 DETROIT DIESEL CORP............................. 2,191
50,850 * DEUTZ AG........................................ 297
641,362 DIEBOLD, INC.................................... 15,072
5 * DIGI INTERNATIONAL, INC......................... 0
258,400 DONALDSON CO, INC............................... 6,218
1,396,372 DOVER CORP...................................... 63,360
267 * DREXLER TECHNOLOGY CORP......................... 3
36,600 * DRIL-QUIP, INC.................................. 1,112
459,000 > EBARA CORP...................................... 5,118
51,000 * EFAX.COM........................................ 368
91,700 * ELECTROGLAS, INC................................ 2,327
6,421,193 * EMC CORP........................................ 701,515
303,600 * EMULEX CORP..................................... 34,155
20,400 * EST ASIATIQUE................................... 213
107,220 * ESTERLINE CORP.................................. 1,240
69,543 * ETEC SYSTEMS, INC............................... 3,121
1,300 * EXABYTE CORP.................................... 10
244,400 * EXTREME NETWORKS, INC........................... 20,407
422,920 FANUC LTD....................................... 53,816
243,570 FEDDERS CORP.................................... 1,340
153,550 FEDDERS CORP (CLASS A).......................... 787
200,300 FINNING INTERNATIONAL, INC...................... 1,866
1,960,695 FKI PLC......................................... 7,598
547,910 FLOWSERVE CORP.................................. 9,314
64,200 FLS INDUSTRIES AS (CLASS B)..................... 1,617
17,000 * FSI INTERNATIONAL, INC.......................... 196
1,437,824 FUTURIS CORP LTD................................ 2,014
89,591 * GARDNER DENVER, INC............................. 1,495
761,276 * GATEWAY, INC.................................... 54,859
14,800 GENERAL BINDING CORP............................ 174
50,600 * GLOBAL IMAGING SYSTEMS, INC..................... 620
123,481 GRACO, INC...................................... 4,430
1,262 * GRADCO SYSTEMS, INC............................. 2
46,800 HARDINGE, INC................................... 611
273,600 x*HARNISCHFEGER INDUSTRIES, INC................... 111
SEE NOTES TO FINANCIAL STATEMENTS
34 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
INDUSTRIAL MACHINERY AND EQUIPMENT--(Continued)
5,906,822 HEWLETT-PACKARD CO.............................. $ 673,009
761,000 * HITACHI ZOSEN CORP.............................. 573
275,800 * HORIZON OFFSHORE, INC........................... 1,482
521,253 HUSSMANN INTERNATIONAL, INC..................... 7,851
74,300 * HYPERCOM CORP................................... 743
45,730 IDEX CORP....................................... 1,389
415,000 * IMAGINATION TECHNOLOGIES GROUP PLC.............. 2,721
157,700 * IN FOCUS SYSTEMS, INC........................... 3,657
59,530 INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG........... 1,253
920,687 INGERSOLL-RAND CO............................... 50,695
16,358,740 (0) INTERNATIONAL BUSINESS MACHINES CORP............ 1,766,744
1,500,451 >*IOMEGA CORP..................................... 5,064
1,500 * IONICS, INC..................................... 42
249,905 * IRI INTERNATIONAL CORP.......................... 1,000
1,318,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD..... 1,521
377,290 JLG INDUSTRIES, INC............................. 6,013
96,100 * JTS CORP........................................ 0
190,800 KAYDON CORP..................................... 5,116
175,384 KENNAMETAL, INC................................. 5,897
5,909,900 KEPPEL CORP LTD................................. 15,466
2,101,311 KOMATSU LTD..................................... 9,660
154,000 KOMORI CORP..................................... 2,936
148,500 KONE CORP SERIES B.............................. 7,316
277,000 > KOYO SEIKO CO LTD............................... 2,387
82,800 * KRONOS, INC..................................... 4,968
2,771,467 > KUBOTA CORP..................................... 10,599
154,375 * KULICHE & SOFFA INDUSTRIES, INC................. 6,571
211,959 * LAM RESEARCH CORP............................... 23,647
715,566 * LEXMARK INTERNATIONAL GROUP (CLASS A)........... 64,759
91,300 LINCOLN ELECTRIC HOLDINGS CO.................... 1,883
94,400 LINDE AG........................................ 5,164
19,850 LINDSAY MANUFACTURING CO........................ 362
139,000 MAKINO MILLING MACHINE CO LTD................... 905
337,000 MAKITA CORP..................................... 3,032
175,562 MANITOWOC, INC.................................. 5,969
388,400 * MAXTOR CORP..................................... 2,816
134,200 * MERCURY COMPUTER SYSTEMS, INC................... 4,697
65,600 METRA CO SERIES B............................... 1,223
152,112 * METSO OYJ....................................... 1,977
187,500 * MICRON ELECTRONICS, INC......................... 2,086
137,800 * MICROS SYSTEMS, INC............................. 10,197
230,052 MILACRON, INC................................... 3,537
467,000 MINEBEA CO LTD.................................. 8,007
51,300 * MIPS TECHNOLOGIES, INC.......................... 2,668
7,017,532 MITSUBISHI HEAVY INDUSTRIES LTD................. 23,405
324,000 MORI SEIKI CO LTD............................... 4,342
105,300 * MTI TECHNOLOGY CORP............................. 3,883
39,857 NACCO INDUSTRIES, INC (CLASS A)................. 2,215
68,945 * NATIONAL INSTRUMENTS CORP....................... 2,637
33,741 * NETWORK EQUIPMENT TECHNOLOGIES, INC............. 399
33,700 > NIDEC CORP...................................... 9,724
87,372 NORDSON CORP.................................... 4,216
353,334 * NOVELLUS SYSTEMS, INC........................... 43,294
849,000 NSK LTD......................................... 5,804
818,000 NTN TOYO BEARING CO LTD......................... 2,416
161,487 OKUMA CORP...................................... 505
423,000 > OMRON CORP...................................... 9,743
36,700 * ORBOTECH LTD.................................... 2,844
188,526 PALL CORP....................................... 4,065
276,400 PENTAIR, INC.................................... 10,641
1,679,491 PITNEY BOWES, INC............................... 81,140
2,000 * POKPHAND (C.P.) CO LTD.......................... 0
43,700 * PRESSTEK, INC................................... 606
33,200 * PRI AUTOMATION, INC............................. 2,229
32,000 * PROXIM, INC..................................... 3,520
55,364 * QMS, INC........................................ $ 163
1,066,900 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP........ 16,137
548,950 * QUANTUM CORP-HARD DISK DRIVE GROUP.............. 3,808
10,900 ROBBINS & MYERS, INC............................ 247
240,640 ROPER INDUSTRIES, INC........................... 9,099
72,100 * SANDISK CORP.................................... 6,940
226,000 SANDVIK AB SERIES A............................. 7,087
83,000 SANDVIK AB SERIES B FREE........................ 2,647
100,000 SANSO ELECTRIC CO LTD........................... 665
81,300 SAUER, INC...................................... 737
1,758 SCHINDLER HOLDINGS LTD (PT CERT)................ 2,816
2,053 SCHINDLER HOLDINGS LTD (REGD)................... 3,288
1,444,235 * SEAGATE TECHNOLOGY, INC......................... 67,247
217,604 SIDEL S.A....................................... 22,471
992,604 * SILICON GRAPHICS, INC........................... 9,740
185,700 * SILICON VALLEY GROUP, INC....................... 3,296
201,614 * SMITH INTERNATIONAL, INC........................ 10,018
111,100 * SPECIALTY EQUIPMENT COS, INC.................... 2,659
147,161 * SPEEDFAM-IPEC, INC.............................. 1,904
99,900 * SPLASH TECHNOLOGY HOLDINGS, INC................. 880
124,682 STANDEX INTERNATIONAL CORP...................... 2,611
28,035 STARRETT (L.S.) CO (CLASS A).................... 629
34,000 # STARRETT (L.S.) CO (CLASS B).................... 763
579,846 * STORAGE TECHNOLOGY CORP......................... 10,691
40,711 STORK NV........................................ 595
2,500 * SULZER WINTERTHUR AG. (REGD).................... 1,625
20,000 SVENSKA KULLAGERFABRIKEN AB SERIES A FREE....... 461
114,801 SVENSKA KULLAGERFABRIKEN AB SERIES B............ 2,796
545,700 SYMBOL TECHNOLOGIES, INC........................ 34,686
58,000 TAKUMA CO LTD................................... 414
114,700 TECUMSEH PRODUCTS CO (CLASS A).................. 5,412
31,300 TECUMSEH PRODUCTS CO (CLASS B).................. 1,307
188,100 TENNANT CO...................................... 6,160
211,369 * TENNECO AUTOMOTIVE, INC......................... 1,968
153,800 * TEREX CORP...................................... 4,268
1,500 * THERMO FIBERTEK, INC............................ 11
396,053 TIMKEN CO....................................... 8,094
214,500 TOMRA SYSTEMS AS................................ 3,644
71,450 TORO CO......................................... 2,666
5,900 > TOYODA AUTOMATIC LOOM WORKS LTD................. 123
156,000 * TRICORD SYSTEMS, INC............................ 761
161,000 TSUBAKIMOTO CHAIN CO............................ 591
25,768,472 TYCO INTERNATIONAL LTD.......................... 1,001,749
26,056 * ULTRATECH STEPPER, INC.......................... 420
3,626,800 * UNISYS CORP..................................... 115,831
235,188 * UNOVA, INC...................................... 3,057
419,179 * VARCO INTERNATIONAL, INC........................ 4,270
14,200 * VESTAS WIND SYSTEMS A/S......................... 2,519
115,700 * VISUAL NETWORKS, INC............................ 9,169
4,848,000 VTECH HOLDINGS LTD.............................. 15,779
6,000 WATKINS-JOHNSON CO.............................. 240
879,300 >*WESTERN DIGITAL CORP............................ 3,682
143,300 * XIRCOM, INC..................................... 10,748
255,600 YORK INTERNATIONAL CORP......................... 7,013
110,080 ZARDOYA OTIS S.A................................ 1,083
155,700 * ZEBRA TECHNOLOGY CORP........................... 9,108
1,440 #*ZEBRA TECHNOLOGY CORP (CLASS B)................. 84
-----------
10,417,653
-----------
INSTRUMENTS AND RELATED PRODUCTS--1.74%
134,200 * ACUSON CORP..................................... 1,686
69,875 * ADAC LABORATORIES, INC.......................... 751
144,300 * AFFYMETRIX, INC................................. 24,486
91,300 * ALARIS MEDICAL, INC............................. 171
2,100 * ANACOMP, INC.................................... 38
77,700 ANALOGIC CORP................................... 2,564
165,294 ARROW INTERNATIONAL, INC........................ 4,794
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 35
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
INSTRUMENTS AND RELATED PRODUCTS--(Continued)
143,000 * AVID TECHNOLOGIES, INC..........................$ 1,868
19,073 * BACOU U.S.A., INC............................... 287
264,625 BARD (C.R.), INC................................ 14,025
330,423 BAUSCH & LOMB, INC.............................. 22,613
1,898,563 BAXTER INTERNATIONAL, INC....................... 119,253
97,100 * BAXTER INTERNATIONAL, INC RTS................... 22
256,487 BECKMAN COULTER, INC............................ 13,049
1,573,624 BECTON DICKINSON & CO........................... 42,094
83,356 * BIO-RAD LABORATORIES, INC (CLASS A)............. 1,948
669,000 BIOMET, INC..................................... 26,760
38,324 * BOLLE, INC...................................... 194
1,555,850 * BOSTON SCIENTIFIC CORP.......................... 34,034
66,300 >*BRITESMILE, INC................................. 539
49,883 >*CALIPER TECHNOLOGIES CORP....................... 3,330
1,786,000 CANON, INC...................................... 70,923
1,122,000 CASIO COMPUTER CO LTD........................... 9,328
91,050 * CIRCOR INTERNATIONAL, INC....................... 939
412,000 CITIZEN WATCH CO LTD............................ 2,619
40,100 >*CLOSURE MEDICAL CORP............................ 516
144,600 * COGNEX CORP..................................... 5,639
116,480 * COHERENT, INC................................... 3,116
13,500 * COHESION TECHNOLOGIES, INC...................... 123
126,900 COHU, INC....................................... 3,934
193,300 * CONMED CORP..................................... 5,002
89,475 COOPER COS, INC................................. 2,695
8,200 x*CPX CORP........................................ 1
163,000 * CREDENCE SYSTEMS CORP........................... 14,100
93,980 CUBIC CORP...................................... 2,056
106,600 * CYBERONICS, INC................................. 1,699
184,496 * CYMER, INC...................................... 8,487
106,100 * CYTYC CORP...................................... 6,479
174,600 DATASCOPE CORP.................................. 6,984
348,800 DENTSPLY INTERNATIONAL, INC..................... 8,240
139,300 * DIONEX CORP..................................... 5,737
139,250 >*DYNATECH CORP................................... 940
1,893,866 EASTMAN KODAK CO................................ 125,469
53,800 * ECLIPSE SURGICAL TECHNOLOGY, INC................ 397
41,484 > ESSILOR INTERNATIONAL S.A. ..................... 12,872
140,175 * FOSSIL, INC..................................... 3,242
214,743 * FRESENIUS MEDICAL CARE AG....................... 18,368
1,672,500 > FUJI PHOTO FILM CO LTD.......................... 61,017
746,000 * GAMBRO AB (CLASS A)............................. 6,715
96,000 * GAMBRO AB (CLASS B)............................. 870
207,200 * GENRAD, INC..................................... 3,341
60,900 >*GLIATECH, INC................................... 1,012
2,290,819 * GUIDANT CORP.................................... 107,668
149,200 * HAEMONETICS CORP................................ 3,553
187,900 * HANGER ORTHOPEDIC GROUP, INC.................... 1,879
1,354,227 IMI PLC......................................... 5,860
277,274 * INPUT/OUTPUT, INC............................... 1,404
150,400 INVACARE CORP................................... 3,017
28,696,409 INVENSYS PLC.................................... 156,153
707,528 JOHNSON CONTROLS, INC........................... 40,241
73,430 KEYENCE CORP.................................... 29,806
611,783 * KLA-TENCOR CORP................................. 68,137
422,000 KONICA CORP..................................... 1,568
271,197 * LITTON INDUSTRIES, INC.......................... 13,526
222,100 * LTX CORP........................................ 4,969
98,000 LUXOTTICA GROUP S.P.A. ADR...................... 1,721
800 * MECHANICAL TECHNOLOGY, INC...................... 19
197,700 >*MEDICAL MANAGER CORP............................ 16,656
9,128,424 MEDTRONIC, INC.................................. 332,617
119,700 MENTOR CORP..................................... 3,090
334,000 * METTLER-TOLEDO INTERNATIONAL, INC............... 12,755
267,200 MILLIPORE CORP.................................. 10,321
96,000 MINE SAFETY APPLIANCE CO........................ 6,144
32,200 * MINIMED, INC.................................... 2,359
40,700 * MKS INSTRUMENTS INC............................. 1,470
200 * MOLECULAR DEVICES CORP.......................... 10
76,800 MOVADO GROUP, INC............................... 1,675
199,100 MTS SYSTEMS CORP................................ 1,543
105,600 NEWPORT CORP.................................... 4,831
1,127,000 NIKON CORP...................................... 33,069
88,800 >*NOVOSTE CORP.................................... 1,465
3,100 * OAKLEY, INC..................................... 17
105,603 OCE NV.......................................... 1,785
138,000 * OCULAR SCIENCES, INC............................ 2,605
1,498,000 OLYMPUS OPTICAL CO LTD.......................... 21,172
39,290 OPTICAL COATING LABORATORIES, INC............... 11,630
25,500 * OSTEOTECH, INC.................................. 341
86 * PANAVISION, INC (NEW)........................... 0
156,576 * PE CORP-CELERA GENOMICS GROUP................... 23,330
397,206 PE CORP-PE BIOSYSTEMS GROUP..................... 47,789
243,200 PERKINELMER, INC................................ 10,138
198,500 * PINNACLE SYSTEMS, INC........................... 8,076
284,908 POLAROID CORP................................... 5,360
76 * POSSIS MEDICAL, INC............................. 1
11,450 RADIOMETER AS (CLASS B)......................... 430
1,122,998 RAYTHEON CO (CLASS A)........................... 27,864
806,551 RAYTHEON CO (CLASS B)........................... 21,424
214,600 * RESMED, INC..................................... 8,960
196,878 * RESPIRONICS, INC................................ 1,569
712,923 > RICOH CO LTD.................................... 13,430
59,500 >*SABRATEK CORP................................... 5
38,690 >*SAGEM S.A. (NEW)................................ 26,895
98,400 * SCOTT TECHNOLOGIES, INC......................... 1,857
2,951,600 * SMITH & NEPHEW PLC.............................. 9,913
30,749 * SOLA INTERNATIONAL, INC......................... 427
6,656 * SONOSITE, INC................................... 210
60 * SPACELABS MEDICAL, INC.......................... 1
677,058 * ST. JUDE MEDICAL, INC........................... 20,777
415,244 * STERIS CORP..................................... 4,282
277,580 STRYKER CORP.................................... 19,327
299,000 * SUMMIT TECHNOLOGY, INC.......................... 3,495
42,500 * SUNRISE MEDICAL, INC............................ 263
146,800 >*SUNRISE TECHNOLOGY INTERNATIONAL, INC........... 1,734
614,020 * SYBRON INTERNATIONAL CORP....................... 15,159
23,235 * TECH-SYM CORP................................... 479
615,379 TEKTRONIX, INC.................................. 23,923
226,400 TELEFLEX, INC................................... 7,089
1,488,113 * TERADYNE, INC................................... 98,215
3,996 THE SWATCH GROUP AG. (BR)....................... 4,603
55,780 THE SWATCH GROUP AG. (REGD)..................... 12,997
59,650 * THERMEDICS, INC................................. 324
11,500 * THERMO BIOANALYSIS CORP......................... 211
4,900 * THERMO CARDIOSYSTEMS, INC....................... 32
971,522 * THERMO ELECTRON CORP............................ 14,573
1,785 * THERMO INSTRUMENT SYSTEMS, INC.................. 20
1,200 * THERMOQUEST CORP................................ 12
136 * TREX MEDICAL CORP............................... 0
57,300 * TRIMBLE NAVIGATION LTD.......................... 1,239
4,628 * VARIAN MEDICAL SYSTEMS, INC..................... 138
130,628 * VARIAN, INC..................................... 2,939
72,600 * VEECO INSTRUMENTS, INC.......................... 3,399
83,300 >*VENTANA MEDICAL SYSTEMS, INC.................... 2,072
557,600 * VISX, INC....................................... 28,856
86,500 VITAL SIGNS, INC................................ 1,979
378,200 >*VIVUS, INC...................................... 1,194
380,020 * WATERS CORP..................................... 20,141
136,518 * WESLEY JESSEN VISIONCARE, INC................... 5,171
19,200 * WILLIAM DEMANT AS............................... 1,820
SEE NOTES TO FINANCIAL STATEMENTS
36 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
INSTRUMENTS AND RELATED PRODUCTS--(Continued)
1,024,107 WILLIAMS PLC.................................... $ 4,659
45,900 X RITE, INC..................................... 287
10,674,380 XEROX CORP...................................... 242,175
571,000 YOKOGAWA ELECTRIC CORP.......................... 4,027
-----------
2,367,732
-----------
INSURANCE AGENTS, BROKERS AND SERVICE--0.18%
42,300 BLANCH (E.W.) HOLDINGS, INC..................... 2,591
44,392 BROWN & BROWN, INC.............................. 1,701
235,100 CRAWFORD & CO (CLASS A)......................... 2,674
162,000 CRAWFORD & CO (CLASS B)......................... 2,207
308,476 * FIRST HEALTH GROUP CORP......................... 8,290
1,788,383 FORTIS B........................................ 64,537
51,968 * FORTIS B CVG 07/20/01........................... 180
486,027 * FORTIS B NPV (STRIP VVPR)....................... 5
37,700 GALLAGHER (ARTHUR J.) & CO...................... 2,441
10,080 GENERALI HOLDING VIENNA......................... 1,690
37,262 HILB, ROGAL & HAMILTON CO....................... 1,053
51,262 * HOMEFED CORP.................................... 45
375,826 LABONE, INC..................................... 2,584
61,500 MARSCHOLLEK LAUT UND PARTNER.................... 16,171
1,490,769 MARSH & MCLENNAN COS, INC....................... 142,648
619,000 * NATIONAL MUTUAL HOLDINGS LTD.................... 1,082
-----------
249,899
-----------
INSURANCE CARRIERS--4.21%
63,400 20TH CENTURY INDUSTRIES......................... 1,224
1,800 * ACCEPTANCE INSURANCE COS, INC................... 10
228,020 ACE LTD......................................... 3,805
2,238,306 AEGON NV........................................ 216,253
37,304 AEGON NV ARS.................................... 3,563
1,519,660 AETNA, INC...................................... 84,816
1,726,801 AFLAC, INC...................................... 81,483
36,200 * AFRICAN LIFE ASSURANCE CO LTD................... 246
3,880 * AGF-ASSUR GEN DE FRANCE CVG..................... 0
112,200 ALFA CORP....................................... 1,830
100,854 * ALLEGHANY CORP (DELAWARE)....................... 18,708
581,744 ALLIANZ AG. (REGD).............................. 195,457
395,531 ALLMERICA FINANCIAL CORP........................ 22,001
10,188,406 ALLSTATE CORP................................... 244,522
541,000 AMBAC FINANCIAL GROUP, INC...................... 28,233
183,101 AMERICAN ANNUITY GROUP, INC..................... 3,296
232,508 AMERICAN FINANCIAL GROUP, INC................... 6,132
1,754,182 AMERICAN GENERAL CORP........................... 133,099
9,755,498 AMERICAN INTERNATIONAL GROUP, INC............... 1,054,813
228,700 AMERICAN NATIONAL INSURANCE CO.................. 14,580
94,830 AMERUS LIFE HOLDINGS, INC (CLASS A)............. 2,181
2,611,000 AMP LTD......................................... 28,761
1,186,925 AON CORP........................................ 47,477
237,252 ARGONAUT GROUP, INC............................. 4,715
146,700 ARM FINANCIAL GROUP, INC (CLASS A).............. 4
4,153,323 > ASSICURAZIONI GENERALI S.P.A.................... 137,244
875,763 AXA............................................. 122,109
1,284,900 AXA FINANCIAL, INC.............................. 43,526
108,650 BERKLEY (W.R.) CORP............................. 2,268
286 * BERKSHIRE HATHAWAY, INC (CLASS A)............... 16,045
15 * BERKSHIRE HATHAWAY, INC (CLASS B)............... 27
975,057 CGU PLC......................................... 15,705
204,072 CHICAGO TITLE CORP.............................. 9,438
950 CHIYODA FIRE & MARINE INSURANCE CO LTD.......... 3
909,891 CHUBB CORP...................................... 51,238
1,475,672 CIGNA CORP...................................... 118,884
937,285 CINCINNATI FINANCIAL CORP....................... 29,232
26,427,190 CITIGROUP, INC.................................. 1,468,361
106,500 * CNA FINANCIAL CORP.............................. 4,147
30,300 CNA SURETY CORP................................. 394
2,670,147 COLONIAL LTD.................................... 11,901
115,440 COMMERCE GROUP, INC............................. 3,016
24,900 COMPANHIA DE SEGUROS TRANQUILIDADE.............. 763
1,639,823 CONSECO, INC.................................... 29,312
35,931 CORPORACION MAPFRE S.A.......................... 591
52,627 * DELPHI FINANCIAL GROUP, INC..................... 1,579
167,300 ENHANCE FINANCIAL SERVICES GROUP, INC........... 2,719
96,800 ERIE INDEMNITY CO (CLASS A)..................... 3,134
220,766 EVEREST REINSURANCE HOLDINGS, INC............... 4,926
25,050 * FAIRFAX FINANCIAL HOLDINGS LTD.................. 4,244
209,029 FBL FINANCIAL GROUP, INC (CLASS A).............. 4,181
48,800 FEDSURE HOLDINGS LTD............................ 396
146,730 FIDELITY NATIONAL FINANCIAL, INC................ 2,109
189,521 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD....... 9,879
373,048 FIRST AMERICAN FINANCIAL CORP................... 4,640
682,000 FOREMOST CORP OF AMERICA........................ 19,352
609,875 * FOUNDATION HEALTH SYSTEMS (CLASS A)............. 6,061
34,100 * FPIC INSURANCE GROUP, INC....................... 569
359,360 FREMONT GENERAL CORP............................ 2,650
183,740 > FRONTIER INSURANCE GROUP, INC................... 632
3,000 # HAFNIA HOLDINGS AS (REGD) (CLASS A)............. 0
2,490 # HAFNIA HOLDINGS AS (REGD) (CLASS B)............. 0
162,300 HARLEYSVILLE GROUP, INC......................... 2,313
1,215,207 HARTFORD FINANCIAL SERVICES GROUP, INC.......... 57,570
158,787 HARTFORD LIFE, INC (CLASS A).................... 6,987
76,200 HCC INSURANCE HOLDINGS, INC..................... 1,005
3,057,362 > HIH INSURANCE LTD............................... 3,062
51,632 HORACE MANN EDUCATORS CORP...................... 1,013
28,200 HSB GROUP, INC.................................. 954
435,700 * HUMANA, INC..................................... 3,567
5,260,960 > INSTITUTO NAZIONALE DELLE ASSICURAZION.......... 13,939
606,996 JEFFERSON-PILOT CORP............................ 41,427
21,900 KANSAS CITY LIFE INSURANCE CO................... 739
88,740 LANDAMERICA FINANCIAL GROUP, INC................ 1,631
14,050,772 * LEGAL & GENERAL GROUP PLC....................... 38,229
53,014 LIBERTY CORP.................................... 2,237
12,500 LIBERTY FINANCIAL COS, INC...................... 287
6,100 * LIBERTY HOLDINGS LTD............................ 191
40,574 > LIBERTY INTERNATIONAL PLC....................... 305
50,625 > LIBERTY LIFE ASSOCIATION OF AFRICA LTD.......... 584
1,168,000 LINCOLN NATIONAL CORP........................... 46,720
454,175 LOEWS CORP...................................... 27,563
1,694,000 * MANULIFE FINANCIAL CORP......................... 21,568
16,000 >*MARKEL CORP..................................... 2,480
20 * MAXICARE HEALTH PLANS, INC...................... 0
619,287 MBIA, INC....................................... 32,706
95,651 * MEDICAL ASSURANCE, INC.......................... 2,027
1,300,000 MEDIOLANUM S.P.A................................ 17,026
73,400 MERCURY GENERAL CORP............................ 1,633
296,600 > METROPOLITAN LIFE LTD........................... 516
925,100 MGIC INVESTMENT CORP............................ 55,679
109,100 * MID ATLANTIC MEDICAL SERVICES, INC.............. 907
10,391 MIDLAND CO...................................... 216
1,307,050 > MITSUI TAISHO MARINE & FIRE CO LTD.............. 7,747
54,218 MMI COS, INC.................................... 468
230,000 MONY GROUP, INC................................. 6,713
413,395 MUENCHENER RUECKVER AG. (REGD).................. 104,868
200 * NATIONAL WESTERN LIFE INSURANCE CO.............. 14
172,300 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A).... 4,814
280,600 NISSAN FIRE & MARINE INSURANCE.................. 867
371,400 > OHIO CASUALTY CORP.............................. 5,966
765,350 OLD REPUBLIC INTERNATIONAL CORP................. 10,428
930,928 * OXFORD HEALTH PLANS, INC........................ 11,811
262,248 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A)........ 13,899
35,700 * PENN TREATY AMERICAN CORP....................... 562
19,800 * PHILADELPHIA CONSOLIDATED HOLDINGS CORP......... 287
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 37
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
INSURANCE CARRIERS--(Continued)
5,100 PMA CAPITAL CORP (CLASS A)......................$ 101
298,551 PMI GROUP, INC.................................. 14,573
48,500 POHJOLA INSURANCE CO LTD SERIES B............... 2,932
206,900 PRESIDENTIAL LIFE CORP.......................... 3,802
550 * PROFESSIONALS GROUP, INC........................ 13
220,250 PROGRESSIVE CORP................................ 16,106
252,700 PROTECTIVE LIFE CORP............................ 8,039
42,700 * PROVIDENT AMERICAN CORP......................... 1,503
2,386,791 PRUDENTIAL PLC.................................. 47,018
16,500 PXRE GROUP LTD.................................. 215
1,614,838 QBE INSURANCE GROUP LTD......................... 7,504
359,120 RADIAN GROUP, INC............................... 17,148
727,059 RAS S.P.A....................................... 7,295
756,448 REINSURANCE AUSTRALIA CORP LTD.................. 262
234,475 REINSURANCE GROUP OF AMERICA, INC............... 6,507
393,478 RELIANCE GROUP HOLDINGS, INC.................... 2,631
419,356 RELIASTAR FINANCIAL CORP........................ 16,434
58,700 * RISK CAPITAL HOLDINGS, INC...................... 741
10,600 RLI CORP........................................ 360
1,912,048 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC........ 14,557
488,600 SAFECO CORP..................................... 12,154
211,500 * SAFEGUARD HEALTH ENTERPRISES, INC............... 132
189,790 SAI S.P.A....................................... 2,124
147,400 SAMPO INSURANCE CO SERIES A..................... 5,153
845,000 SANLAM LTD...................................... 1,181
38,167 SCPIE HOLDINGS, INC............................. 1,226
739,500 SELECTIVE INSURANCE GROUP, INC.................. 12,710
168,550 * SIERRA HEALTH SERVICES, INC..................... 1,127
1,551,665 SKANDIA FORSAKRINGS AB.......................... 46,921
1,436,422 ST. PAUL COS, INC............................... 48,389
103,300 STEWART INFORMATION SERVICES CORP............... 1,375
458,650 * UNI-STOREBRAND AS SERIES A...................... 3,494
1,361,028 SUMITOMO MARINE & FIRE INSURANCE CO............. 8,387
100 * SUPERIOR NATIONAL INSURANCE GROUP, INC.......... 1
35,556 SWISS REINSURANCE............................... 73,046
4,263,000 > TOKIO MARINE & FIRE INSURANCE CO LTD............ 49,827
52,900 * TOPDANMARK AS................................... 1,046
1,706,300 TORCHMARK CORP.................................. 49,589
12,607 TRANSATLANTIC HOLDINGS, INC..................... 984
601,882 TRAVELERS PROPERTY CASUALTY CORP................ 20,614
44,700 TRENWICK GROUP, INC............................. 757
85,300 * TRIAD GUARANTY, INC............................. 1,941
137,500 * TRIGON HEALTHCARE, INC.......................... 4,056
71,000 * UICI............................................ 750
2,547,274 UNITED HEALTHCARE CORP.......................... 135,324
304,708 UNITRIN, INC.................................... 11,465
958,126 UNUMPROVIDENT CORP.............................. 30,720
497,403 * WELLPOINT HEALTH NETWORKS, INC.................. 32,798
5,740 WESCO FINANCIAL CORP............................ 1,406
824,085 XL CAPITAL LTD.................................. 42,749
39,642 ZENITH NATIONAL INSURANCE CORP.................. 818
105,423 ZURICH ALLIED AG................................ 60,121
-----------
5,712,135
-----------
LEATHER AND LEATHER PRODUCTS--0.01%
254,430 BROWN SHOE CO, INC.............................. 3,594
30,600 * GLOBAL SPORTS, INC.............................. 384
50,000 * GUCCI GROUP NV.................................. 5,768
107,000 JUSTIN INDUSTRIES, INC.......................... 1,592
135,708 * SAMSONITE CORP.................................. 789
287,900 STRIDE RITE CORP................................ 1,871
53,460 * TIMBERLAND CO................................... 2,827
3,287 WOLVERINE WORLD WIDE, INC....................... 36
-----------
16,861
-----------
LEGAL SERVICES--0.00%
124,038 * PREPAID LEGAL SERVICES, INC..................... 2,977
-----------
LOCAL AND INTERURBAN PASSENGER TRANSIT--0.06%
200 * CAREY INTERNATIONAL, INC........................ 5
2,434 CENTRAL JAPAN RAILWAY CO........................ 15,260
8,705 EAST JAPAN RAILWAY CO........................... 46,914
729,092 LAIDLAW, INC.................................... 3,799
58,400 LAIDLAW, INC (U.S.)............................. 307
842,000 SINGAPORE BUS SERVICES LTD...................... 1,117
6,084,180 STAGECOACH HOLDINGS PLC......................... 15,669
-----------
83,071
-----------
LUMBER AND WOOD PRODUCTS--0.16%
128,200 * AMERICAN HOMESTAR CORP.......................... 505
666 * AOKAM PERDANA BERHAD............................ 2
5,457,476 CARTER HOLT HARVEY LTD.......................... 7,126
254,703 * CHAMPION ENTERPRISES, INC....................... 2,181
786,214 CLAYTON HOMES, INC.............................. 7,223
38,908 DELTIC TIMBER CORP.............................. 851
1,821,646 * FLETCHER CHALLENGE LTD (FORESTS DIVISION)....... 733
1,333,298 GEORGIA-PACIFIC CORP (PACKING GROUP)............ 67,665
766,000 JAYA TIASA HOLDINGS BERHAD...................... 1,401
600,000 * LAND & GENERAL BERHAD........................... 265
699,405 LOUISIANA PACIFIC CORP.......................... 9,967
73,300 MASISA S.A. (SPONS ADR)......................... 944
69,400 OAKWOOD HOMES CORP.............................. 221
66,025 * PALM HARBOR HOMES, INC.......................... 1,188
1,592,150 > SEKISUI HOUSE LTD............................... 14,093
102,718 SKYLINE CORP.................................... 2,414
244,000 SUMITOMO FORESTRY CO LTD........................ 1,885
18,246 TJ INTERNATIONAL, INC........................... 766
84,700 UNIVERSAL FOREST PRODUCTS, INC.................. 1,249
74,000 WEST FRASER TIMBER CO LTD....................... 1,915
1,242,954 WEYERHAEUSER CO................................. 89,260
-----------
211,854
-----------
METAL MINING--0.28%
89,900 * ACINDAR S.A. (CLASS B).......................... 144
7,553 ALUSUISSE LONZA HOLDINGS AG. (REGD)............. 5,569
74,835 ANGLO AMERICAN PLATINUM CORP LTD................ 2,274
528 ANGLO AMERICAN PLC.............................. 34
29,687 > ANGLOGOLD LTD................................... 1,527
104,439 * ASTRUIANA DE ZINC S.A. MINES.................... 1,347
824,279 BARRICK GOLD CORP............................... 14,647
52,134 BARRICK GOLD CORP (U.S.)........................ 922
808,950 * BATTLE MOUNTAIN GOLD CO......................... 1,668
187,600 CAMBIOR, INC.................................... 236
154,500 CAMECO CORP..................................... 2,340
92,281 CLEVELAND CLIFFS, INC........................... 2,872
100 * COEUR DALENE MINES CORP......................... 0
290,900 COMINCO LTD..................................... 6,093
482,000 DELTA GOLD LTD.................................. 733
166,498 * ECHO BAY MINES LTD.............................. 201
223,100 ELKEM AS........................................ 5,155
85,200 ERAMET.......................................... 4,893
70,000 FALCONBRIDGE LTD................................ 1,246
87,718 * FRANCO-NEVADA MINING CORP LTD................... 1,341
591,428 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A). 10,978
1,283,564 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B). 27,115
51,435 GOLDFIELDS LTD.................................. 37
61,600 * HECLA MINING CO................................. 96
771,524 HOMESTAKE MINING CO............................. 6,028
523,291 ILUKA RESOURCES LTD............................. 1,384
27,600 > IMPALA PLATINUM HOLDINGS LTD.................... 1,117
418,600 * INCO LTD CO..................................... 9,749
SEE NOTES TO FINANCIAL STATEMENTS
38 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
METAL MINING--(Continued)
58,500 * INCO LTD CO (U.S.).............................. $ 1,375
6,589 JOHNNIES INDUSTRIAL CORP LTD.................... 77
157,676 JOHNSON MATTHEY PLC............................. 1,757
5,161,036 MIM HOLDINGS LTD................................ 5,303
1,908,000 * MITSUBISHI MATERIALS CORP....................... 4,665
526,000 MITSUI MINING & SMELTING CO LTD................. 2,485
488,284 * NEWCREST MINING LTD............................. 1,662
1,089,866 NEWMONT MINING CORP............................. 26,702
1,672,000 NIPPON LIGHT METAL CO LTD....................... 1,554
658,600 NORANDA, INC.................................... 8,817
3,222,038 NORMANDY MINING LTD............................. 2,278
5,114,106 > NORTH LTD....................................... 12,016
366,500 OUTOKUMPU OY SERIES A........................... 5,188
13,000 *#x PEGASUS GOLD, INC .............................. 0
305,501 PHELPS DODGE CORP............................... 20,507
818,700 PLACER DOME, INC................................ 8,701
24,448 PLACER DOME, INC (U.S.) ........................ 263
94,600 RIO ALGOM LTD................................... 1,436
840,169 > RIO TINTO LTD................................... 17,993
150,000 RIO TINTO PLC (BR).............................. 2,422
4,139,987 RIO TINTO PLC (REGD)............................ 99,938
374,434 SMITH (HOWARD) LTD.............................. 2,549
301,052 SONS OF GWALIA.................................. 1,005
109,500 SOUTHERN PERU COPPER CORP....................... 1,690
208,998 * STILLWATER MINING CO............................ 6,662
807,000 * SUMITOMO METAL MINING CO LTD.................... 1,800
6,800 * SUNSHINE MINING & REFINING CO................... 9
113,700 TECK CORP LTD (CLASS B)......................... 1,067
35,000 UNION MINIERE GROUP S.A......................... 1,361
4,351,172 > WMC LTD......................................... 23,922
-----------
374,950
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.34%
32,600 AMER GROUP LTD PLC SERIES A..................... 662
1,000 * ASICS CORP...................................... 1
108,800 BIC S.A......................................... 4,952
228,475 * BLYTH INDUSTRIES, INC........................... 5,612
361,100 BRADY CORP (CLASS A)............................ 12,255
1,225,800 BULGARI S.P.A................................... 11,016
471,100 CALLAWAY GOLF CO................................ 8,333
28,100 x*CML GROUP, INC.................................. 0
5,400 * DIRECT FOCUS, INC............................... 150
1,028,646 HASBRO, INC..................................... 19,609
186,530 * HEXCEL CORP..................................... 1,038
17,300 * IDENTIX, INC.................................... 157
604,088 INTERNATIONAL GAME TECHNOLOGY CO................ 12,271
78,350 * JAKKS PACIFIC, INC.............................. 1,464
415,100 JOSTENS, INC.................................... 10,092
50,205 K2, INC......................................... 383
103,500 * LYDALL, INC..................................... 686
50,866 * MARVEL ENTERPRISES.............................. 280
3,819 >*MARVEL ENTERPRISES (CLASS A)WTS 10/02/01........ 3
6,468 >*MARVEL ENTERPRISES (CLASS C)WTS 10/02/02....... 3
2,242,729 MATTEL, INC..................................... 29,436
2,721,118 MINNESOTA MINING & MANUFACTURING CO............. 266,329
355,400 NINTENDO CO LTD................................. 59,025
254,800 x*NU KOTE HOLDINGS, INC (CLASS A)................. 7
79,900 ONEIDA LTD...................................... 1,738
26,700 RHI AG.......................................... 769
67,750 RUSS BERRIE & CO, INC........................... 1,778
231,900 * SEGA ENTERPRISES LTD............................ 7,372
72,700 * STEINWAY MUSICAL INSTRUMENTS, INC............... 1,472
140,000 * WMS INDUSTRIES, INC............................. 1,838
-----------
458,731
-----------
MISCELLANEOUS RETAIL--0.67%
1,313,128 >*AMAZON.COM, INC................................. 99,962
355,740 * BARNES & NOBLE, INC............................. 7,337
171,500 >*BARNESANDNOBLE.COM, INC......................... 2,433
42,600 * BARNETT, INC.................................... 442
87,200 BLAIR CORP...................................... 1,221
2,526,878 BOOTS CO LTD.................................... 24,563
485,600 * BORDERS GROUP, INC.............................. 7,800
6,848 CASH AMERICA INTERNATIONAL, INC................. 67
340,390 * CDW COMPUTER CENTERS, INC....................... 26,763
141,900 * COLDWATER CREEK, INC............................ 2,909
6,168,801 CVS CORP........................................ 246,366
40,600 * DELIA* S, INC................................... 294
107,500 >*DUANE READE, INC................................ 2,963
246,011 * E4L, INC........................................ 615
138,974 >*EGGHEAD.COM, INC................................ 2,250
100,827 ENESCO GROUP, INC............................... 1,115
1,035 * ETOYS, INC...................................... 27
26,000 >*FATBRAIN.COM, INC............................... 652
29,200 x*GENESIS DIRECT, INC............................. 0
2,811,868 GREAT UNIVERSAL STORES PLC...................... 16,436
114,778 HANCOCK FABRICS, INC............................ 359
362,074 * HANOVER DIRECT, INC............................. 1,313
407,750 * INSIGHT ENTERPRISES, INC........................ 16,565
32,000 >*ITURF, INC...................................... 398
83,041 * JO-ANN STORES, INC (CLASS A).................... 934
237,100 * JO-ANN STORES, INC (CLASS B).................... 2,386
236,100 x*JUMBOSPORTS, INC................................ 1
69,864 * LANDS END, INC.................................. 2,428
21,498 LONGS DRUG STORES CORP.......................... 555
51,000 MATSUMOTOKIYOSHI CO LTD......................... 3,946
297,000 * MICHAELS STORES, INC............................ 8,465
221,300 * MICRO WAREHOUSE, INC............................ 4,094
48 >*NISSEN CO LTD................................... 0
4,628,947 * OFFICE DEPOT, INC............................... 50,629
306,800 * OFFICEMAX, INC.................................. 1,687
412,000 OMNICARE, INC................................... 4,944
59,400 * PARTY CITY CORP................................. 59
23,200 * PC CONNECTION, INC.............................. 800
170,000 * PETCO ANIMAL SUPPLIES, INC...................... 2,529
332,700 * PETSMART, INC................................... 1,913
96,000 PLAYMATES TOYS HOLDINGS LTD..................... 5
141,400 * QXL.COM PLC LTD................................. 3,322
1,409,753 RITE AID CORP................................... 15,772
149,300 * SCHEIN (HENRY), INC............................. 1,988
119,000 * SHOP AT HOME, INC............................... 1,183
65,100 * SPIEGEL, INC (CLASS A).......................... 458
2,850,168 * STAPLES, INC.................................... 59,141
330,195 * STELUX HOLDINGS INTERNATIONAL LTD............... 13
265,300 * SUNGLASS HUT INTERNATIONAL, INC................. 2,985
222,900 * SYSTEMAX, INC................................... 1,895
483,576 TIFFANY & CO.................................... 43,159
1,609,241 * TOYS R US, INC.................................. 23,032
122,089 * U.S. OFFICE PRODUCTS CO......................... 382
17,739 >*UBID, INC....................................... 470
22,900 >*VALUE AMERICA, INC.............................. 116
85,000 * VALUEVISION INTERNATIONAL, INC.................. 4,872
6,233,092 WALGREEN CO..................................... 182,318
43,600 * WHITEHALL JEWELLERS, INC........................ 1,608
354,997 * ZALE CORP....................................... 17,173
-----------
908,112
-----------
MOTION PICTURES--0.73%
115,650 * AMC ENTERTAINMENT, INC.......................... 997
75,000 * AOI ADVERTISING PROMOTION, INC.................. 1,342
48,400 * CARMIKE CINEMAS, INC (CLASS A).................. 378
14,152,936 DISNEY (WALT) CO................................ 413,973
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 39
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
MOTION PICTURES--(Continued)
199,250 EM.TV & MERCHANDISING AG........................ $ 12,847
24,431 * GC COS, INC..................................... 632
295,100 * HOLLYWOOD ENTERTAINMENT CORP.................... 4,279
13,800 * LOWES CINEPLEX ENTERTAINMENT CORP............... 81
100,197 >*METRO-GOLDWYN-MAYER, INC........................ 2,361
393,300 * METROMEDIA INTERNATIONAL GROUP, INC............. 1,868
11,500 * ON COMMAND CORP................................. 213
84,900 >*PIXAR, INC...................................... 3,003
2,128,392 * RANK GROUP PLC.................................. 6,736
317,000 SHAW BROTHER LTD (HONG KONG).................... 369
7,458,391 TIME WARNER, INC................................ 540,267
88,000 TOEI CO......................................... 487
48,240 TOHO CO LTD..................................... 7,049
3,300 * VALLEY MEDIA, INC............................... 23
-----------
996,905
-----------
NONDEPOSITORY INSTITUTIONS--1.51%
614,200 ACOM CO LTD..................................... 60,134
52,244 > ADVANTA CORP (CLASS A).......................... 953
103,397 ADVANTA CORP (CLASS B).......................... 1,454
155,200 * AFRICAN BANK INVESTMENTS LTD.................... 320
185,000 AIFUL CORP...................................... 22,618
45,340 ALLIED CAPITAL CORP............................. 830
2,845,917 AMERICAN EXPRESS CO............................. 473,134
455,220 * AMERICREDIT CORP................................ 8,422
99,700 * AMRESCO, INC.................................... 140
319,481 * ARCADIA FINANCIAL LTD........................... 1,418
7,166,654 ASSOCIATES FIRST CAPITAL CORP................... 196,635
1,321,863 CAPITAL ONE FINANCIAL CORP...................... 63,697
46,052 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE........... 541
233,400 CIT GROUP, INC (CLASS A)........................ 4,931
99,400 >x*CITYSCAPE FINANCIAL CORP ....................... 1
45,500 * COMPUCREDIT CORP................................ 1,752
67,100 >*CONTIFINANCIAL CORP............................. 16
449,887 CORPORACION FINANCIERE ALBA S.A................. 15,392
711,629 COUNTRYWIDE CREDIT INDUSTRIES, INC.............. 17,969
279,300 >*CREDIT ACCEPTANCE CORP.......................... 1,030
223,043 CREDIT SAISON CO LTD............................ 3,883
29,900 >*CREDITRUST CORP................................. 230
237,000 DORAL FINANCIAL CORP............................ 2,918
58,100 * DVI, INC........................................ 882
1,600 * FEDERAL AGRICULTURE MORTGAGE CORP............... 32
6,074,884 FEDERAL NATIONAL MORTGAGE ASSOCIATION........... 379,301
37,600 * FINANCIAL FEDERAL CORP.......................... 858
314,600 >*FINET.COM, INC.................................. 413
410,001 FINOVA GROUP, INC............................... 14,555
96,000 * FIRST SIERRA FINANCIAL, INC..................... 1,644
365,812 >*FIRSTPLUS FINANCIAL GROUP, INC.................. 26
1,640,650 FIRSTRAND LTD................................... 2,346
4,014,124 FREDDIE MAC..................................... 188,915
6,117,276 HALIFAX PLC..................................... 67,809
241,308 HELLER FINANCIAL, INC........................... 4,841
3,013,628 HOUSEHOLD INTERNATIONAL, INC.................... 112,258
26,400 * IMC MORTGAGE CO................................. 0
102,100 * IMPERIAL CREDIT INDUSTRIES, INC................. 638
2,241,493 ING GROEP NV.................................... 135,356
376,776 IRISH LIFE & PERMANENT PLC...................... 3,568
109,042 IRISH LIFE & PERMANENT PLC (UNITED KINGDOM)..... 1,048
62,000 JACCS CO........................................ 243
261,500 LEUCADIA NATIONAL CORP.......................... 6,047
5,900 MEDALLION FINANCIAL CORP........................ 106
1,406,150 MEDIOBANCA S.P.A................................ 14,350
7,056 MERCAPITAL S.A.................................. 36
596,516 METRIS COS, INC................................. 21,288
3,555 * MFN FINANCIAL CORP.............................. 23
4,123 * MFN FINANCIAL CORP WTS SERIES A 03/23/02........ 2
4,123 * MFN FINANCIAL CORP WTS SERIES B 03/23/03........ 1
4,123 * MFN FINANCIAL CORP WTS SERIES C 03/23/04........ 1
10,300 * NEW CENTURY FINANCIAL CORP...................... 162
62,400 >*NEXTCARD, INC................................... 1,802
43,000 NICHIEI CO LTD (KYOTO).......................... 934
464,000 NIPPON SHINPAN CO LTD........................... 1,080
65,501 * NORTHERN ROCK PLC............................... 418
2 * OMEGA WORLDWIDE, INC............................ 0
118,900 ORIX CORP....................................... 26,771
47 PACIFIC CREST CAPITAL, INC...................... 1
102,800 POWER FINANCIAL CORP............................ 1,703
700 * PRISM FINANCIAL CORP............................ 4
263,959 PROVIDENT FINANCIAL PLC......................... 2,984
148,100 RESOURCE AMERICA, INC (CLASS A)................. 1,166
25 RESOURCE BANCSHARES MORTGAGE GROUP, INC......... 0
781,754 SCHROEDERS LTD.................................. 15,728
165,732 SHOHKOH FUND & CO............................... 65,570
824,490 SLM HOLDINGS CORP............................... 34,835
132,800 >x*SOUTHERN PACIFIC FUNDING CORP................... 4
12,900 STUDENT LOAN CORP............................... 643
409,800 TAKEFUJI CORP................................... 51,265
593,700 * UNICAPITAL CORP................................. 2,189
7,800 >x*UNITED COS FINANCIAL CORP....................... 1
27,300 * WFS FINANCIAL, INC.............................. 577
-----------
2,042,842
-----------
NONMETALLIC MINERALS, EXCEPT FUELS--0.04%
179,650 AMCOL INTERNATIONAL CORP........................ 2,897
139,600 JOHNS MANVILLE CORP............................. 1,954
258,463 MARTIN MARIETTA MATERIALS, INC.................. 10,597
92,000 POTASH CORP OF SASKATCHEWAN, INC................ 4,381
208,000 POTASH CORP OF SASKATCHEWAN, INC (U.S.)......... 10,023
537,200 VULCAN MATERIALS CO............................. 21,454
-----------
51,306
-----------
OIL AND GAS EXTRACTION--1.05%
375,700 ALBERTA ENERGY LTD.............................. 11,667
989,728 ANADARKO PETROLEUM CORP......................... 33,774
236,544 * ANDERSON EXPLORATION LTD........................ 2,816
3,633,188 APACHE CORP..................................... 134,201
82,000 * ATWOOD OCEANICS, INC............................ 3,167
89,600 * BASIN EXPLORATION, INC.......................... 1,579
118,664 * BELCO OIL & GAS CORP............................ 653
91,224 BERRY PETROLEUM CO (CLASS A).................... 1,380
352,810 * BJ SERVICES CO.................................. 14,752
21,700 * BJ SERVICES CO WTS 04/13/00..................... 1,177
2,000,000 * BRITISH-BORNEO OIL & GAS PLC.................... 4,344
134,700 * BROWN (TOM), INC................................ 1,802
4,854,672 BURLINGTON RESOURCES, INC....................... 160,508
147,000 CABOT OIL & GAS CORP (CLASS A).................. 2,361
90,000 * CABRE EXPLORATION LTD........................... 745
74,200 * CAL DIVE INTERNATIONAL, INC..................... 2,458
131,175 * CANADIAN HUNTER EXPLORATION, INC................ 2,150
242,494 * CANADIAN NATURAL RESOURCES LTD.................. 5,899
265,430 CANADIAN OCCIDENTAL PETROLEUM LTD............... 5,220
319,700 >*CHESAPEAKE ENERGY CORP.......................... 759
123,000 * COFLEXIP S.A.................................... 8,941
77,900 x*COHO ENERGY, INC................................ 33
143,450 CONSOL ENERGY, INC.............................. 1,452
13,080 * CONTOUR ENERGY CO............................... 7
70,000 * CRESTAR ENERGY, INC............................. 959
314,750 CROSS TIMBERS OIL CO............................ 2,852
265,899 DEVON ENERGY CORP (NEW)......................... 8,741
417,800 DIAMOND OFFSHORE DRILLING, INC.................. 12,769
40 x*EAGLE GEOPHYSICAL, INC.......................... 0
278,161 * EEX CORP........................................ 817
1,312,485 ENSCO INTERNATIONAL, INC........................ 30,023
603,000 EOG RESOURCES, INC.............................. 10,590
SEE NOTES TO FINANCIAL STATEMENTS
40 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
OIL AND GAS EXTRACTION--(Continued)
304,280 * EQUITY OIL CO...................................$ 342
300 * EVERGREEN RESOURCES, INC........................ 6
1,295,523 FLETCHER CHALLENGE LTD (ENERGY DIVISION)........ 3,383
226,200 x*FORCENERGY GAS EXPLORATION, INC................. 115
210,634 * FOREST OIL CORP................................. 2,778
220,915 * FRIEDE GOLDMAN HALTER, INC...................... 1,533
436,600 * GLOBAL INDUSTRIES LTD........................... 3,766
875,640 * GLOBAL MARINE, INC.............................. 14,558
1,556,899 * GREY WOLF, INC.................................. 4,476
459,800 * GULF CANADA RESOURCES LTD....................... 1,507
2,419,192 HALLIBURTON CO.................................. 97,372
187,900 >*HANOVER COMPRESSOR CO........................... 7,093
137,397 >*HARKEN ENERGY CORP.............................. 103
456,749 HELMERICH & PAYNE, INC.......................... 9,963
53,937 * HOUSTON EXPLORATION CO.......................... 1,069
106,261 * HS RESOURCES, INC............................... 1,833
201,800 IHC CALAND NV................................... 7,370
953,664 IMPERIAL OIL LTD................................ 20,401
757,443 KERR-MCGEE CORP................................. 46,961
515,519 * KEY ENERGY SERVICES, INC........................ 2,674
1,371,899 LONDON & SCOTTISH MARINE OIL PLC................ 2,608
122,792 * LOUIS DREYFUS NATURAL GAS CORP.................. 2,226
351,800 * MARINE DRILLING CO, INC......................... 7,894
77,929 * MCMORAN EXPLORATION CO.......................... 1,646
46,400 * MERIDIAN RESOURCE CORP.......................... 142
21,211 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A).. 468
207,600 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS B).. 4,476
507,973 * NABORS INDUSTRIES, INC.......................... 15,715
240,000 * NEW HORIZONS WORLDWIDE, INC..................... 2,850
52,100 * NEWFIELD EXPLORATION CO......................... 1,394
353,700 NOBLE AFFILIATES, INC........................... 7,582
1,017,525 * NOBLE DRILLING CORP............................. 33,324
3,039,216 * NOVUS PETROLEUM LTD............................. 2,884
122,500 * NUEVO ENERGY CO................................. 2,297
1,648,747 OCCIDENTAL PETROLEUM CORP....................... 35,654
1,034,762 * OCEAN ENERGY, INC (NEW)......................... 8,019
294,400 * OCEANEERING INTERNATIONAL, INC.................. 4,398
500 * OCELOT ENERGY, INC (CLASS B).................... 1
33,000 OMV AKTIENGESELLS AG............................ 3,208
889,686 * PARKER DRILLING CO.............................. 2,836
219,900 * PATTERSON ENERGY, INC........................... 2,859
28,000 PENN VIRGINIA CORP.............................. 469
148,400 * PETROLEUM GEO-SERVICES AS....................... 2,650
962,400 * PIONEER NATURAL RESOURCES CO.................... 8,601
50,900 POGO PRODUCING CO............................... 1,043
215,100 * PRIDE INTERNATIONAL, INC........................ 3,146
928,878 * R & B FALCON CORP............................... 12,308
500 RANGE RESOURCES CORP............................ 2
228,500 * RANGER OIL LTD.................................. 710
242,950 * RENAISSANCE ENERGY LTD.......................... 2,431
484,068 * ROWAN COS, INC.................................. 10,498
598,944 RPC, INC........................................ 3,444
25,000 SANTA FE INTERNATIONAL CORP..................... 647
1,083,760 * SANTA FE SNYDER CORP............................ 8,670
721,600 SCHLUMBERGER LTD................................ 40,590
148,700 * SEITEL, INC..................................... 1,004
50 * SERVAL GROWTH FUND TRUST (UNITS)................ 0
6,529,633 SHELL TRANSPORT & TRADING CO PLC................ 54,246
43,500 SMEDVIG AS SERIES A............................. 543
108,200 ST. MARY LAND & EXPLORATION CO.................. 2,678
47,900 * STONE ENERGY CORP............................... 1,706
2,400 * SWIFT ENERGY CO................................. 28
88,076 * SYNTROLEUM CORP................................. 716
2,470,765 TOTAL FINA S.A.................................. 329,815
162,677 TOTAL FINA S.A. SERIES B........................ 21,879
163,377 * TOTAL FINA S.A. (STRIP VVPR).................... 2
2,025 * TOTAL FINA WTS 08/05/03......................... 58
154,654 * TRANSMONTAIGNE, INC............................. 1,083
770,301 * TRANSOCEAN SEDCO FOREX, INC..................... 25,950
6,623 x*TRANSTEXAS GAS CORP............................. 1
35 * TRITON ENERGY LTD............................... 1
62,700 * TUBOSCOPE, INC.................................. 995
375,363 * TULLOW OIL PLC.................................. 488
1,868,191 UNION PACIFIC RESOURCES GROUP, INC.............. 23,819
86,200 * UTI ENERGY CORP................................. 1,988
108,700 VASTAR RESOURCES, INC........................... 6,413
125,300 * VERITAS DGC, INC................................ 1,754
277,900 * VINTAGE PETROLEUM, INC.......................... 3,352
435,550 * WEATHERFORD INTERNATIONAL....................... 17,395
-----------
1,429,503
-----------
PAPER AND ALLIED PRODUCTS--0.71%
233,800 ABITIBI CONSOLIDATED, INC....................... 2,727
83,147 * ACX TECHNOLOGIES, INC........................... 889
1,452,383 > AMCOR LTD....................................... 6,781
14,309 * AMERICAN PAD & PAPER CO......................... 3
1,309,696 ARJO WIGGINS APPLETON PLC....................... 4,758
139,000 * ASSIDOMAN AB.................................... 2,265
539,231 AVERY DENNISON CORP............................. 39,296
187,600 BEMIS, INC...................................... 6,543
379,132 BOISE CASCADE CORP.............................. 15,355
129,996 BOWATER, INC.................................... 7,060
290,127 * BUCKEYE TECHNOLOGIES, INC....................... 4,316
110,980 BUHRMANN NV..................................... 1,672
1,167,120 BUNZL PLC....................................... 6,426
320,200 CARAUSTAR INDUSTRIES, INC....................... 7,685
164,970 CARTIERE BURGO S.P.A............................ 1,087
598,090 CHAMPION INTERNATIONAL CORP..................... 37,044
119,600 CHESAPEAKE CORP................................. 3,648
345,164 CONSOLIDATED PAPERS, INC........................ 10,981
3,305 * CROWN VANTAGE, INC.............................. 7
396,200 DOMTAR, INC..................................... 4,675
50 DONOHUE, INC (CLASS A).......................... 1
462,680 >*EARTHSHELL CORP................................. 1,909
42,917 EMPRESA NATIONAL DE CELULOSAS S.A............... 858
2,331,346 FLETCHER CHALLENGE LTD (PAPER DIVISION)......... 1,632
4,217,953 FORT JAMES CORP................................. 115,466
777,988 * GAYLORD CONTAINER CO............................ 5,300
291,648 GLATFELTER (P.H.) CO............................ 4,247
43,300 GREIF BROTHERS CORP (CLASS A)................... 1,288
2,207,188 INTERNATIONAL PAPER CO.......................... 124,568
40,500 INVESTIMENTOS PARTICIPACOES E GESTAO............ 332
162,400 * IVEX PACKAGING CORP............................. 1,624
7,230,215 JEFFERSON SMURFIT GROUP PLC..................... 21,852
3,481,649 KIMBERLY-CLARK CORP............................. 227,178
311,600 LONGVIEW FIBRE CO............................... 4,440
238,361 * MAIL-WELL, INC.................................. 3,218
14,800 MAYR-MELNHOF KARTON AG.......................... 686
550,032 MEAD CORP....................................... 23,892
954,000 MITSUBISHI PAPER MILLS LTD...................... 1,278
150,100 NAMPAK LTD...................................... 450
282,000 NEXFOR, INC..................................... 1,635
520,000 NGK INSULATORS LTD.............................. 3,860
1,344,000 NIPPON PAPER INDUSTRIES CO...................... 7,401
58,500 NORSKE SKOGINDUSTRIER SERIES A.................. 3,054
2,400 NORSKE SKOGINDUSTRIER SERIES B.................. 101
2,073,334 OJI PAPER CO LTD................................ 12,472
65,600 * PLAYTEX PRODUCTS, INC........................... 1,009
132,419 PORTUCEL INDUSTRIA EMPRESA...................... 911
4,959 POTLATCH CORP................................... 221
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 41
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
PAPER AND ALLIED PRODUCTS--(Continued)
203,004 RENO DE MEDICI S.P.A............................$ 552
7,000 * REPAP ENTERPRISES, INC.......................... 0
59,014 REPUBLIC GROUP, INC............................. 893
1,083,111 REXAM PLC....................................... 4,372
86,400 ROCK-TENN CO (CLASS A).......................... 1,274
63,529 SAPPI LTD....................................... 628
890,496 > SCA AB SERIES B................................. 26,404
108,556 SCHWEITZER-MAUDUIT INTERNATIONAL, INC........... 1,459
233,714 * SHOREWOOD PACKAGING CORP........................ 4,426
579,079 SMURFIT (JEFFERSON) GROUP PLC................... 1,720
3,020,054 * SMURFIT-STONE CONTAINER CORP.................... 73,991
631,561 SONOCO PRODUCTS CO.............................. 14,368
203,400 ST. JOE CO...................................... 4,945
357,290 TEMPLE-INLAND, INC.............................. 23,559
143,300 UNI CHARM CORP.................................. 8,255
316,000 > UPM-KYMMENE OY.................................. 12,734
401,432 WAUSAU-MOSINEE PAPER CORP....................... 4,692
511,221 WESTVACO CORP................................... 16,679
503,472 WILLAMETTE INDUSTRIES, INC...................... 23,380
-----------
958,432
-----------
PERSONAL SERVICES--0.05%
694,300 BLOCK (H&R), INC................................ 30,376
69,900 * CARRIAGE SERVICES, INC (CLASS A)................ 415
374,254 CINTAS CORP..................................... 19,882
44,400 * COINSTAR, INC................................... 622
85,987 CPI CORP........................................ 1,940
116,100 G & K SERVICES, INC (CLASS A)................... 3,759
174,600 REGIS CORP...................................... 3,296
927,815 SERVICE CORP INTERNATIONAL...................... 6,437
93,961 UNIFIRST CORP................................... 1,186
-----------
67,913
-----------
PETROLEUM AND COAL PRODUCTS--3.50%
556,286 AMERADA HESS CORP............................... 31,569
59,100 ARABIAN OIL CO LTD.............................. 1,017
404,087 ASHLAND, INC.................................... 13,310
5,575,492 ATLANTIC RICHFIELD CO........................... 482,280
21,872,572 BP AMOCO PLC.................................... 219,852
73,932 BP AMOCO PLC (SPONS ADR)........................ 4,385
4,434,136 > BROKEN HILL PROPRIETARY CO LTD.................. 58,046
83 BURMAH CASTROL PLC.............................. 2
4,266,582 CHEVRON CORP.................................... 369,593
4,585,252 CONOCO, INC (CLASS B)........................... 114,058
1,863,000 COSMO OIL CO LTD................................ 2,788
194,350 ELCOR CORP...................................... 5,855
9,522,780 > ENTE NAZIONALE IDROCARBURI S.P.A................ 52,382
30,972,200 EXXON MOBIL CORP................................ 2,495,198
1,200,000 FORTUM OYJ...................................... 5,440
62,000 JAPAN ENERGY CORP............................... 56
312,880 MURPHY OIL CORP................................. 17,951
2,914,925 NIPPON MITSUBISHI OIL CO........................ 12,830
462,182 NORSK HYDRO AS.................................. 19,396
481,451 PENNZOIL-QUAKER STATE CO........................ 4,905
12,700 PETRO-CANADA (NON-RESIDENT)..................... 179
683,100 PETRO-CANADA (VARIABLE-VOTE).................... 9,640
1,428,717 PHILLIPS PETROLEUM CO........................... 67,150
2,608,422 REPSOL S.A...................................... 60,493
5,396,545 ROYAL DUTCH PETROLEUM CO........................ 330,826
1,453,317 > SANTOS LTD...................................... 3,947
192,484 SASOL LTD....................................... 1,598
574,000 SHOWA SHELL SEKIYU K.K.......................... 2,532
264,700 SUNCOR ENERGY, INC.............................. 11,033
568,542 SUNOCO, INC..................................... 13,361
668,176 TEIKOKU OIL CO LTD.............................. 2,026
199,981 * TESORO PETROLEUM CORP........................... 2,312
3,136,766 TEXACO, INC..................................... 170,366
1,302,025 TOSCO CORP...................................... 35,399
1,067,599 ULTRAMAR DIAMOND SHAMROCK CORP.................. 24,221
1,338,190 UNOCAL CORP..................................... 44,913
2,122,289 USX-MARATHON GROUP, INC......................... 52,394
315,400 * VALERO ENERGY CORP.............................. 6,269
196,500 WD-40 CO........................................ 4,348
28,450 WOODSIDE PETROLEUM LTD.......................... 209
-----------
4,754,129
-----------
PIPELINES, EXCEPT NATURAL GAS--0.01%
368,660 ENBRIDGE, INC................................... 7,289
159,076 ENBRIDGE, INC (U.S.)............................ 3,201
-----------
10,490
-----------
PRIMARY METAL INDUSTRIES--0.85%
55,950 ACERINOX S.A.................................... 2,232
22,940 * ACME METALS, INC................................ 6
341,320 AK STEEL HOLDINGS CORP.......................... 6,442
588,200 ALCAN ALUMINUM CO LTD........................... 24,111
3,596,208 ALCOA, INC...................................... 298,485
373,407 ALLEGHENY TECHNOLOGIES, INC..................... 8,378
82,700 * ALPINE GROUP, INC............................... 1,065
30,720 BEKAERT S.A..................................... 1,705
154,500 BELDEN, INC..................................... 3,245
784,021 * BETHLEHEM STEEL CORP............................ 6,566
200 BILLITON PLC.................................... 1
163,000 BIRMINGHAM STEEL CORP........................... 866
3,712 * BOLIDEN LTD SDR................................. 11
45,500 BRUSH WELLMAN, INC.............................. 765
184,376 * CABLE DESIGN TECHNOLOGIES CO.................... 4,241
135,122 CARPENTER TECHNOLOGY CORP....................... 3,707
74,100 CO STEEL, INC................................... 869
14,875,000 COMPANIA SIDERURGICA NACIONAL S.A............... 576
5,575,776 * CORUS GROUP PLC................................. 14,495
51,000 CURTISS WRIGHT CORP............................. 1,881
78,500 DANIELI & CO.................................... 443
269,104 DOFASCO, INC.................................... 5,293
68,550 * ENCORE WIRE CORP................................ 523
527,755 ENGELHARD CORP.................................. 9,961
17,400 * FALCK AS........................................ 1,826
190,529 GENERAL CABLE CORP.............................. 1,441
90,270 GERDAU METALURGICA S.A.......................... 3
101,300 GIBRALTAR STEEL CORP............................ 2,368
44,000 GRANGES AB...................................... 919
93,560 IMCO RECYCLING, INC............................. 1,181
217,000 INTERMET CORP................................... 2,523
75,389 ISCOR LTD....................................... 285
1,000 * IVACO, INC (CLASS A)............................ 3
1,145,000 * JAPAN STEEL WORKS LTD........................... 1,254
152,800 * KAISER ALUMINUM CORP............................ 1,175
3,806,000 * KAWASAKI STEEL CORP............................. 6,812
14,859 * LONE STAR TECHNOLOGIES, INC..................... 414
818,900 LTV CORP........................................ 3,378
78,600 MADECO S.A. ADR................................. 874
2,014,221 * MANNESMANN AG. (REGD)........................... 486,000
61,300 MATTHEWS INTERNATIONAL CORP (CLASS A)........... 1,686
63,300 * MAVERICK TUBE CORP.............................. 1,563
46,062 * MAXXAM, INC..................................... 1,975
196,265 METAL MANUFACTURES LTD.......................... 289
340,300 * MUELLER INDUSTRIES, INC......................... 12,336
826,450 NATIONAL IRON & STEEL MILLS LTD................. 1,647
123,400 NATIONAL STEEL CORP (CLASS B)................... 918
1,000 NIPPON DENKO CO LTD............................. 1
10,693,000 NIPPON STEEL CORP............................... 24,996
226,200 >*NKK CORP........................................ 153
9,046 NKT HOLDINGS AS................................. 506
626,000 NUCOR CORP...................................... 34,313
SEE NOTES TO FINANCIAL STATEMENTS
42 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
PRIMARY METAL INDUSTRIES--(Continued)
20,000 >*OPTICAL CABLE CORP..............................$ 400
162,600 OREGON STEEL MILLS, INC......................... 1,291
133,459 PECHINEY S.A.................................... 9,539
144,050 PRECISION CAST PARTS CORP....................... 3,781
424,152 PREUSSAG AKTIEGESELLSCHAFT AG................... 23,630
35,000 #*PROMET BERHAD................................... 3
168,729 QUANEX CORP..................................... 4,303
575,200 RAUTARUUKKI SERIES K............................ 4,027
302,490 REYNOLDS METALS CO.............................. 23,178
73,383 > ROUGE INDUSTRIES, INC (CLASS A)................. 578
94,000 >*RTI INTERNATIONAL METALS........................ 705
84,137 RYERSON TULL, INC............................... 1,635
196,850 * SALZGITTER AG................................... 1,864
643,101 SIDERCA S.A. (CLASS A).......................... 1,351
30,520 #*SILVERSTONE BERHAD.............................. 0
400 * SPECIAL METALS CORP............................. 1
80,900 * STEEL DYNAMICS, INC............................. 1,289
371,700 STELCO, INC (CLASS A)........................... 2,770
844,000 >*SUMITOMO HEAVY INDUSTRIES LTD................... 2,311
7,927,000 * SUMITOMO METAL INDUSTRIES LTD................... 5,970
139,456 SUPERIOR TELECOM, INC........................... 2,153
98,050 SVENSKT STAL AB SERIES A (SSAB) ................ 1,523
40,350 SVENSKT STAL AB SERIES B........................ 593
139,771 TEXAS INDUSTRIES, INC........................... 5,949
1,275,350 * THYSSEN KRUPP AG................................ 38,867
1,958 TITAN INTERNATIONAL, INC........................ 13
105,800 > TITANIUM METALS CORP............................ 476
30,300 TOKYO STEEL MANUFACTURING CO LTD................ 107
141,580 TRELLEBORG AB SERIES B FREE..................... 1,274
158,940 USINOR.......................................... 2,986
483,714 USX-US STEEL GROUP, INC......................... 15,963
122,000 VOEST-ALPINE STAHL AG........................... 4,757
94,500 * WOLVERINE TUBE, INC............................. 1,335
462,112 WORTHINGTON INDUSTRIES, INC..................... 7,654
-----------
1,158,982
-----------
PRINTING AND PUBLISHING--0.77%
2,800 * AGEFI GROUPE S.A................................ 1,073
124,845 AMERICAN BUSINESS PRODUCTS, INC................. 1,459
387,100 AMERICAN GREETINGS CORP (CLASS A)............... 9,145
49,700 * APPLIED GRAPHICS TECHNOLOGIES, INC.............. 429
317,200 BANTA CORP...................................... 7,157
276,270 BELO (A.H.) CORP SERIES A....................... 5,266
351,800 #BELO (A.H.) CORP SERIES B....................... 6,706
234,440 BOWNE & CO, INC................................. 3,165
215,200 CENTRAL NEWSPAPERS, INC (CLASS A)............... 8,474
88,400 * CONSOLIDATED GRAPHICS, INC...................... 1,320
31,892 * CSS INDUSTRIES, INC............................. 682
1,539,662 > DAI NIPPON PRINTING CO LTD...................... 24,547
102,600 * DAY RUNNER, INC................................. 401
680,729 DELUXE CORP..................................... 18,678
600,508 DONNELLEY (R.R.) & SONS CO...................... 14,900
4,000 DOW JONES & CO, INC............................. 272
406,300 # DOW JONES & CO, INC (CLASS B)................... 27,628
1,808,568 ELSEVIER UTIGEVERSMIJ NV........................ 21,609
101,000 * EMAP PLC........................................ 2,087
125,825 * FRANKLIN COVEY CO............................... 944
1,000 * GAKKEN CO LTD................................... 2
1,959,446 GANNETT CO, INC................................. 159,817
169,600 * GIBSON GREETINGS, INC........................... 1,521
13,300 x*GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.......... 2
398,595 HARLAND (JOHN H.) CO............................ 7,299
275,600 HARTE-HANKS, INC................................ 5,994
18,800 > HOLLINGER INTERNATIONAL, INC.................... 243
72,800 HOUGHTON MIFFLIN CO............................. 3,071
2,500 * IDG BOOKS WORLDWIDE, INC........................ 29
387,889 INDEPENDENT NEWS & MEDIA PLC.................... 2,544
600 * INFORMATION HOLDINGS, INC....................... 17
70,938 * JOURNAL REGISTER CO............................. 1,095
15,000 * KADOKAWA SHOTEN PUBLISHING CO, LTD.............. 5,047
297,505 KNIGHT-RIDDER, INC.............................. 17,702
289,900 LEE ENTERPRISES, INC............................ 9,259
14,400 # LEE ENTERPRISES, INC (CLASS B).................. 460
37,135 MCCLATCHY CO (CLASS A).......................... 1,606
1,159,450 MCGRAW HILL COS, INC............................ 71,451
142,629 MEDIA GENERAL, INC (CLASS A).................... 7,417
41,400 MEREDITH CORP................................... 1,726
320,900 # MEREDITH CORP (CLASS B)......................... 13,378
399,700 MONDADORI (ARNOLDO) EDITORE S.P.A............... 12,684
89,308 MOORE CORP LTD.................................. 530
20,800 NASPERS LTD..................................... 189
79,300 NEW ENGLAND BUSINESS SERVICES, INC.............. 1,938
168,000 * NEW STRAITS TIMES PRESS BERHAD ................. 405
1,051,207 NEW YORK TIMES CO (CLASS A)..................... 51,641
6,339,048 NEWS CORP LTD................................... 61,362
51,000 * OAKHILL GROUP PLC............................... 17
21,000 ONE MEDIA CORP LTD.............................. 450
763,800 * ORIENTAL PRESS GROUP............................ 97
49,025 * PAXAR CORP...................................... 414
3,471,546 PEARSON PLC..................................... 112,334
131,319 PENTON MEDIA, INC............................... 3,152
834,100 * POLIGRFICI EDITORIALE S.P.A..................... 3,067
900,222 * PRIMEDIA, INC................................... 14,854
2,700 PULITZER, INC................................... 109
98,200 QUEBECOR PRINTING, INC.......................... 2,185
277,100 QUEBECOR, INC (CLASS B)......................... 7,362
47,527 * R.H. DONNELLEY CORP............................. 897
403,525 READER'S DIGEST ASSOCIATION, INC (CLASS A)
(NON-VOTE) 11,803
2,347,697 REED INTERNATIONAL PLC.......................... 17,570
437,800 REYNOLDS & REYNOLDS CO (CLASS A)................ 9,851
3,500 SCHAWK, INC (CLASS A)........................... 30
232,000 SCHIBSTED ASA................................... 4,317
423,950 * SCHOLASTIC CORP................................. 26,364
16,459 * SCIENTIFIC GAMES HOLDINGS CORP.................. 273
218,995 SCRIPPS (E.W.) CO (CLASS A)..................... 9,814
34,000 * SHOBUNSHA PUBLICATIONS, INC..................... 2,128
773,846 SINGAPORE PRESS HOLDINGS LTD.................... 16,768
3,938,000 SOUTH CHINA MORNING POST........................ 3,394
78,500 STANDARD REGISTER, INC.......................... 1,521
1,404,250 THOMSON CORP.................................... 36,824
68,810 TIMES MIRROR CO SERIES A........................ 4,610
242,859 # TIMES MIRROR CO SERIES C........................ 16,272
84,000 TOPPAN FORMS CO LTD............................. 2,259
880,000 TOPPAN PRINTING CO LTD.......................... 8,779
226,590 * TOPPS, INC...................................... 2,351
1,208,034 TRIBUNE CO...................................... 66,517
253,200 WALLACE COMPUTER SERVICES, INC.................. 4,209
52,824 WASHINGTON POST CO (CLASS B).................... 29,364
200,576 WILEY (JOHN) & SONS, INC (CLASS A).............. 3,360
650,572 >*WOLTERS KLUWER NV............................... 22,022
2,067 * WORKFLOW MANAGEMENT, INC........................ 59
165,000 * ZIFF-DAVIS, INC-ZDNET........................... 2,609
-----------
1,042,377
-----------
RAILROAD TRANSPORTATION--0.28%
598,326 BRAMBLES INDUSTRIES LTD......................... 16,496
3,234,969 BURLINGTON NORTHERN SANTA FE CORP............... 78,448
143,400 CANADIAN NATIONAL RAILWAY CO (CANADA)........... 3,780
732,300 CANADIAN PACIFIC LTD............................ 15,691
131,700 CANADIAN PACIFIC LTD (U.S.) (NEW)............... 2,840
1,275,572 CSX CORP........................................ 40,021
180,001 FLORIDA EAST COAST INDUSTRIES, INC.............. 7,515
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 43
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
RAILROAD TRANSPORTATION--(Continued)
40,639 > HANKYU CORP.....................................$ 145
757,910 KANSAS CITY SOUTHERN INDUSTRIES, INC............ 56,559
868,000 KEIHIN ELECTRIC EXPRESS RAILWAY................. 2,971
2,002,203 KINKI NIPPON RAILWAY CO LTD..................... 8,029
180,689 MAYNE NICKLESS LTD.............................. 465
51,875 NAGOYA RAILROAD CO LTD.......................... 152
1,418,000 > NIPPON EXPRESS CO LTD........................... 7,836
2,009,736 NORFOLK SOUTHERN CORP........................... 41,200
166,200 PROVIDENCE AND WORCESTER RAILROAD CO............ 1,330
1,431,488 RAILTRACK GROUP PLC............................. 24,039
1,243,000 TOBU RAILWAY CO LTD............................. 3,647
82,300 TRANZ RAIL HOLDINGS LTD......................... 153
1,533,521 UNION PACIFIC CORP.............................. 66,900
328,300 * WISCONSIN CENTRAL TRANSIT CORP.................. 4,412
-----------
382,629
-----------
REAL ESTATE--0.21%
1,945,180 AMP DIVERSIFIED PROPERTY TRUST.................. 2,992
402,200 ARDEN REALTY GROUP, INC......................... 8,069
69,200 * AVATAR HOLDINGS, INC............................ 1,254
1,614,900 BRITISH LAND PLC................................ 10,691
190,600 BROOKFIELD PROPERTIES CORP...................... 1,993
128,725 * CASTLE & COOKE, INC............................. 1,633
376,950 * CATELLUS DEVELOPMENT CORP....................... 4,830
123,000 * CB RICHARD ELLIS SERVICES GROUP, INC............ 1,522
4,344,890 CHEUNG KONG HOLDINGS LTD........................ 55,195
4,041,864 * CHINESE ESTATES LTD............................. 832
615,551 * CHINESE ESTATES LTD~HOLDINGS WTS 11/24/00....... 52
1,449,326 CITY DEVELOPMENT LTD............................ 8,482
465,000 > DAIWA KOSHO LEASE CO LTD........................ 1,496
2,674,000 DBS LAND LTD.................................... 5,265
88,900 DILIGENTIA AB................................... 732
157,909 * EVERGO CHINA HOLDINGS LTD....................... 3
1,400 * EXCEL LEGACY CORP............................... 5
272,400 * FAIRFIELD COMMUNITIES, INC...................... 2,928
958,000 FIRST CAPITAL CORP LTD.......................... 1,277
62,700 FOREST CITY ENTERPRISES, INC (CLASS A).......... 1,756
2,254,173 GENERAL PROPERTY TRUST.......................... 3,659
102,348 GREAT PORTLAND ESTATES PLC...................... 316
1,900 * GRUBB & ELLIS CO................................ 9
269,121 HAMMERSON PLC................................... 1,862
1,804,500 HANG LUNG DEVELOPMENT CO LTD.................... 2,043
240 HONG KONG LAND HOLDINGS LTD..................... 0
1,000,449 HOPEWELL HOLDINGS LTD........................... 595
2,355,384 HYSAN DEVELOPMENT CO LTD........................ 2,985
128,744 * INSIGNIA FINANCIAL GROUP, INC................... 1,118
103,579 IRSA S.A........................................ 336
163,900 * JONES LANG LA SALLE............................. 1,946
362,960 LNR PROPERTY CORP............................... 7,214
917,000 * MALAYSIAN RESOURCES CORP BERHAD................. 601
299,900 MEPC PLC........................................ 2,252
216,603 METROVACESA S.A................................. 3,753
1,813,000 > MITSUBISHI ESTATE CO LTD........................ 17,680
1,762,000 MITSUI FUDOSAN CO LTD........................... 11,926
3,629,936 NEW WORLD DEVELOPMENT CO LTD.................... 8,172
774,000 PARKWAY HOLDINGS LTD............................ 1,756
95,200 * PINNACLE HOLDINGS, INC.......................... 4,034
96,000 PRESTIGE PROPERTY HOLDINGS LTD.................. 5
5,596 * RECKSON SERVICES INDUSTRIES, INC................ 349
55,400 * SECURITY CAPITAL GROUP, INC (CLASS B)........... 693
17,797 SIMCO (REGD).................................... 1,441
7,156,311 SINO LAND CO LTD................................ 4,120
2,232,145 * SLOUGH ESTATES PLC.............................. 12,741
221,800 STEWART ENTERPRISES, INC (CLASS A).............. 1,054
1,853,768 STOCKLAND TRUST GROUP (UNITS)................... 3,883
79,058 * STOCKLAND TRUST GROUP (UNITS) (NEW)............. 155
242,000 STRAITS TRADING CO.............................. $ 298
4,476,217 SUN HUNG KAI PROPERTIES LTD..................... 46,642
2,300,394 TAI CHEUNG HOLDINGS LTD......................... 556
74,400 * TAK WING INVESTMENT HOLDINGS LTD................ 6
760,000 > TOKYO TATEMONO CO LTD........................... 1,353
150,680 * TRAMMELL CROW CO................................ 1,752
50,000 TRIZEC HAHN CORP................................ 837
30,460 UNIBAIL S.A..................................... 3,845
474,000 UNITED OVERSEAS LAND LTD........................ 444
219,442 * URBIS S.A....................................... 995
505,596 VALLEHERMOSO S.A................................ 3,555
324,250 * WCM BETEILIGUNGS & GRUNDBESITZ AG............... 12,577
-----------
280,565
-----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.30%
65,800 ADIDAS SALOMON AG............................... 4,939
4,700 * AEP INDUSTRIES, INC............................. 121
254,764 APTARGROUP, INC................................. 6,401
240,484 ARMSTRONG WORLD INDUSTRIES, INC................. 8,026
92,200 BANDAG, INC (CLASS A)........................... 1,959
1,551,895 BRIDGESTONE CORP................................ 34,153
187,500 CARLISLE COS, INC............................... 6,750
2,324,824 CONTINENTAL AG.................................. 46,492
401,020 COOPER TIRE & RUBBER CO......................... 6,241
114,500 * FOAMEX INTERNATIONAL, INC....................... 952
2,250 FORBO HOLDINGS AG. (REGD)....................... 1,060
867,469 GOODYEAR TIRE & RUBBER CO....................... 24,452
1,512,276 ILLINOIS TOOL WORKS, INC........................ 102,173
571,615 MICHELIN S.A. (CLASS B)......................... 22,459
750 > MIRAI INDUSTRY CO LTD........................... 8
124,833 MYERS INDUSTRIES, INC........................... 1,966
782,500 NIKE, INC (CLASS B)............................. 38,783
2,226,000 * OMNI INDUSTRIES LTD............................. 4,035
1,035,946 * PACTIV CORP..................................... 11,007
3,875,449 > PIRELLI S.P.A................................... 10,639
2,000,000 PIRELLI S.P.A. RISP............................. 3,627
153,410 * REEBOK INTERNATIONAL LTD........................ 1,256
705,864 * SAFESKIN CORP................................... 8,559
427,592 * SEALED AIR CORP................................. 22,155
689,180 SOLUTIA, INC.................................... 10,639
94,200 SPARTECH CORP................................... 3,038
163,869 TREDEGAR CORP................................... 3,390
6,000 * TREX CO, INC.................................... 161
1,006,290 TUPPERWARE CORP................................. 17,044
27,800 >*U.S. PLASTIC LUMBER CORP........................ 214
47,387 WYNNS INTERNATIONAL, INC........................ 669
550 > YOKOHAMA RUBBER CO LTD.......................... 1
-----------
403,369
-----------
SECURITY AND COMMODITY BROKERS--1.16%
521,068 3I GROUP PLC.................................... 9,297
47,475 ADVEST GROUP, INC............................... 872
242,185 * AFFILIATED MANAGERS GROUP, INC.................. 9,793
313,100 >*AMERITRADE HOLDINGS CORP (CLASS A).............. 6,790
624,400 * AMVESCAP PLC.................................... 7,259
978,572 BEAR STEARNS COS, INC........................... 41,834
36,900 CONNING CORP.................................... 304
36,350 * CONSORS DISCOUNT-BROKER AG...................... 3,040
21,300 DAIN RAUSCHER CORP.............................. 990
2,678,852 > DAIWA SECURITIES GROUP, INC..................... 41,896
81,200 * DLJ DIRECT...................................... 1,101
76,800 DONALDSON, LUFKIN & JENRETTE, INC............... 3,715
62,833 DUFF & PHELPS CREDIT RATING CO.................. 5,588
1,069,388 >*E TRADE GROUP, INC.............................. 27,938
189,200 EATON VANCE CORP................................ 7,190
1,119,792 EDWARDS (A.G.), INC............................. 35,903
406,400 FEDERATED INVESTORS, INC........................ 8,153
1,080,100 FRANKLIN RESOURCES, INC......................... 34,631
SEE NOTES TO FINANCIAL STATEMENTS
44 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
SECURITY AND COMMODITY BROKERS--(Continued)
176,000 FREEDOM SECURITIES CORP......................... $ 1,980
120,700 >*FRIEDMAN, BILLINGS, RAMSEY GROUP, INC........... 951
76,288 INVESTMENT TECHNOLOGY GROUP, INC................ 2,193
50,978 INVESTORS FINANCIAL SERVICES CORP............... 2,345
3,076,400 >*ITOCHU CORP..................................... 15,316
34,200 JEFFERIES GROUP, INC (NEW)...................... 752
32,674 JOHN NUVEEN CO (CLASS A)........................ 1,178
770,472 >*KNIGHT/TRIMARK GROUP, INC....................... 35,442
277,532 LEGG MASON, INC................................. 10,061
613,019 LEHMAN BROTHERS HOLDINGS, INC................... 51,915
1,966,900 MARUBENI CORP................................... 8,253
2,019,242 MERRILL LYNCH & CO, INC......................... 168,607
2,790,000 MITSUBISHI CORP................................. 21,531
2,790,000 > MITSUI & CO LTD................................. 19,511
555,800 MORGAN KEEGAN, INC.............................. 9,344
3,506,773 MORGAN STANLEY, DEAN WITTER, & CO............... 500,592
80,700 * NATIONAL DISCOUNT BROKERS GROUP, INC............ 2,128
1,775,000 * NEW JAPAN SECURITIES CO LTD..................... 4,427
420,000 * NIKKO SECURITIES CO LTD......................... 5,312
5,022,000 NOMURA SECURITIES CO LTD........................ 90,626
104,200 OM GRUPPEN AB................................... 2,268
1,253,802 PAINE WEBBER GROUP, INC......................... 48,663
517,000 x*PEREGRINE INVESTMENT HOLDINGS LTD............... 0
235,406 PHOENIX INVESTMENT PARTNERS LTD................. 1,913
12,718 * PIONEER GROUP, INC.............................. 200
700,400 PRICE (T. ROWE) ASSOCIATES, INC................. 25,871
624,456 RAYMOND JAMES FINANCIAL CORP.................... 11,670
4,682,893 SCHWAB (CHARLES) CORP........................... 179,706
76,429 SOUTHWEST SECURITIES GROUP, INC................. 2,092
602,500 * TD WATERHOUSE GROUP............................. 9,895
582,200 THE GOLDMAN SACHS GROUP, INC.................... 54,836
590,000 * TOKYO SECURITIES CO LTD......................... 2,308
236,800 > UNITED ASSET MANAGEMENT CORP.................... 4,396
270,200 VALUE LINE, INC................................. 9,727
415,050 WADDELL & REED FINANCIAL, INC (CLASS A)......... 11,258
102,793 WADDELL & REED FINANCIAL, INC (CLASS B)......... 2,583
1,700,000 >*WAKO SECURITIES CO LTD.......................... 4,506
1,901,000 x*YAMAICHI SECURITIES CO LTD...................... 37
-----------
1,570,687
-----------
SOCIAL SERVICES--0.00%
29,800 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC........... 559
64,100 * CAPITAL SENIOR LIVING CORP...................... 325
38,800 * PROVANT, INC.................................... 980
116,650 >*RES-CARE, INC................................... 1,487
85,070 >*SUNRISE ASSISTED LIVING, INC.................... 1,170
-----------
4,521
-----------
SPECIAL TRADE CONTRACTORS--0.03%
217,910 APOGEE ENTERPRISES, INC......................... 1,103
148,600 * COMFORT SYSTEMS U.S.A., INC..................... 1,096
45,400 * EMCOR GROUP, INC................................ 829
194,500 * GROUP MAINTENANCE AMERICA CORP.................. 2,079
86,200 * INTEGRATED ELECTRICAL SERVICES, INC............. 867
24,750 KANDENKO CO LTD................................. 130
515,000 KINDEN CORP..................................... 3,954
12,000 KYUNDENKO CO LTD................................ 42
29,500 * MATRIX SERVICE CO............................... 135
93,256 NIPPON KANZAI CO LTD............................ 2,964
3,095 >x*OMEGA ENVIRONMENTAL, INC ....................... 0
173,100 * QUANTA SERVICES, INC............................ 4,890
220,077 SCHNEIDER ELECTRIC S.A.......................... 17,283
21,900 * SERVICE EXPERTS, INC............................ 127
-----------
35,499
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.44%
3,573 AKER RGI ASA.................................... 46
105,580 AKER RGI ASA SERIES A........................... 1,424
1,655,000 ASAHI GLASS CO LTD.............................. 12,804
14,000 * ASANO SLATE CO LTD.............................. 11
1,840,385 BLUE CIRCLE INDUSTRIES PLC...................... 10,691
4,914,222 > BORAL LTD....................................... 7,591
800 CARBO CERAMICS, INC............................. 18
399,440 CEMENTIR S.P.A.................................. 511
53,600 CENTEX CONSTRUCTION PRODUCTS, INC............... 2,090
212,337 CIMENTOS DE PORTUGAL............................ 3,530
1,525,638 CORNING, INC.................................... 196,712
2,917,175 CRH PLC......................................... 62,401
95 CRISTALERIA ESPANOLA S.A........................ 4
1,012,663 > CSR LTD......................................... 2,452
159,800 * DAL-TILE INTERNATIONAL, INC..................... 1,618
104,013 * DEPARTMENT 56, INC.............................. 2,353
35,231 * DUPONT PHOTOMASKS, INC.......................... 1,700
4,060 DYCKERHOFF AG................................... 123
91,138 FLORIDA ROCK INDUSTRIES, INC.................... 3,139
11,088 > GLAVERBEL S.A................................... 957
58 GLAVERBEL S.A. NPV (STRIP VVPR)................. 0
7,003,505 HANSON PLC...................................... 58,691
23,132 * HEIDELBERGER ZEMENT AG. (BELGUIM)............... 1,725
88,781 > HEIDELBERGER ZEMENT AG. (GERMANY)............... 6,977
23,132 * HEIDELBERGER ZEMENT AG. (STRIP VVPR)............ 2
510,116 HEPWORTH PLC.................................... 1,569
14,955 HOLDERBANK FINANCIERE GLARUS AG. (BR)........... 20,476
1,352 HOLDERBANK FINANCIERE GLARUS AG. (REGD)......... 480
316,000 HOYA CORP....................................... 24,881
80,319 IMERYS S.A...................................... 11,976
619,245 INAX CORP....................................... 3,464
232,820 > ITALCEMENTI S.P.A............................... 2,815
40,000 ITALCEMENTI S.P.A. (S/S)........................ 174
844,616 > JAMES HARDIE INDUSTRIES LTD..................... 2,206
220,586 LAFARGE CORP.................................... 6,094
76,760 LAFARGE S.A. (BR)............................... 8,940
31,420 # LAFARGE S.A. (REGD)............................. 3,659
72,368 # LAFARGE S.A. (REGD) 2001 ....................... 8,428
115,465 LIBBEY, INC..................................... 3,320
672,500 MALAYAN CEMENT BERHAD........................... 196
1,700 MIKASA, INC..................................... 17
541,000 NIPPON SHEET GLASS CO LTD....................... 2,804
173,000 NORITAKE CO LTD................................. 611
606,558 OWENS CORNING CO................................ 11,714
1,014,081 * OWENS ILLINOIS, INC............................. 25,415
1,898,442 PILKINGTON PLC.................................. 2,590
1,211,787 > PIONEER INTERNATIONAL LTD....................... 3,640
334,569 PORTLAND HOLDINGS LTD........................... 101
199,141 SOUTHDOWN, INC.................................. 10,281
213,138 ST. GOBAIN S.A.................................. 40,089
1,370,687 SUMITOMO OSAKA CEMENT CO LTD.................... 1,810
432,000 * SUNWAY HOLDINGS, INC............................ 275
2,320,200 TAIHEIYO CEMENT CORP............................ 4,425
408,500 > TOTO LTD........................................ 2,469
327,120 USG CORP........................................ 15,416
131,800 VIDRALA S.A..................................... 896
85,120 WIENERBERGER BAUSTOFF AG........................ 1,851
-----------
600,652
-----------
TEXTILE MILL PRODUCTS--0.05%
235,070 * ALBANY INTERNATIONAL CORP (CLASS A) (NEW)....... 3,644
1,396,187 BBA GROUP PLC................................... 11,272
8,375 * BURLINGTON INDUSTRIES, INC...................... 34
3,700 CHARGEURS S.A................................... 208
1,643,098 COATS VIYELLA PLC............................... 1,101
261,249 COLLINS & AIKMAN CORP........................... 1,502
163,910 * DAN RIVER, INC (CLASS A)........................ 840
12,396 FAB INDUSTRIES, INC............................. 134
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 45
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
TEXTILE MILL PRODUCTS--(Continued)
100,735 GUILFORD MILLS, INC.............................$ 730
274,500 INTERFACE, INC (CLASS A)........................ 1,578
741,215 * KANEBO LTD...................................... 1,196
3,900 LENZING AG...................................... 212
87,000 MARZOTTO & FIGLI S.P.A.......................... 622
572,000 MITSUBISHI RAYON CO LTD......................... 1,387
281,131 * MOHAWK INDUSTRIES, INC.......................... 7,415
808,000 NISSHINBO INDUSTRY, INC......................... 3,651
544,000 * NITTO BOSEKI CO LTD............................. 708
161,800 POLYMER GROUP, INC.............................. 2,953
174,400 RUSSELL CORP.................................... 2,921
754,000 SHAW INDUSTRIES, INC............................ 11,640
66,273 SPRING INDUSTRIES, INC.......................... 2,647
286,000 TOYOBO CO LTD................................... 372
157,425 * UNIFI, INC...................................... 1,938
254,800 WESTPOINT STEVENS, INC.......................... 4,459
-----------
63,164
-----------
TOBACCO PRODUCTS--0.45%
311,961 * ALTADIS......................................... 4,438
3,936,300 > ALTADIS S.A..................................... 56,312
237,309 > BRITISH AMERICAN TOBACCO AUSTRALIA LTD.......... 2,174
327,300 BRITISH AMERICAN TOBACCO BERHAD................. 2,498
2,913,198 BRITISH AMERICAN TOBACCO PLC.................... 16,546
2,550,000 GALLAHER GROUP PLC.............................. 10,705
42,040 * GENERAL CIGAR HOLDINGS, INC (CLASS A)........... 349
1,036,700 IMASCO LTD...................................... 28,581
2,556 JAPAN TOBACCO, INC.............................. 19,550
24,928 NOBLEZA-PICCARDO S.A. (CLASS B)................. 53
18,613,039 PHILIP MORRIS COS, INC.......................... 431,590
689,649 RJR REYNOLDS TOBACCO HOLDINGS, INC.............. 12,155
5,000 SEITA S.A....................................... 227
63,878 SOUZA CRUZ S.A.................................. 472
1,036,617 UST, INC........................................ 26,110
-----------
611,760
-----------
TRANSPORTATION BY AIR--0.37%
457,046 AIR CANADA, INC................................. 3,438
172,400 AIR NEW ZEALAND LTD (CLASS B)................... 252
328,100 AIRBORNE FREIGHT CORP........................... 7,218
115,000 * AIRTRAN HOLDINGS, INC........................... 521
153,729 * ALASKA AIR GROUP, INC........................... 5,400
1,855,000 > ALITALIA S.P.A.................................. 4,420
1,170 >*ALL NIPPON AIRWAYS CO LTD....................... 3
201,880 * AMERICA WEST HOLDINGS CORP (CLASS B)............ 4,189
882,363 * AMR CORP........................................ 59,118
1,200 * AMTRAN, INC..................................... 23
4,100 * ATLANTIC COAST AIRLINES HOLDINGS................ 97
77,200 * ATLAS AIR, INC.................................. 2,118
44,469 AUSTRIAN AIRLINES/OEST LUFTV AG................. 842
108,488 * AVIALL, INC..................................... 888
2,367,572 BRITISH AIRPORT AUTHORITIES PLC................. 16,630
568,500 BRITISH AIRWAYS PLC............................. 3,709
200 * CANADIAN AIRLINES CORP.......................... 0
6,545,800 CATHAY PACIFIC AIRWAYS LTD...................... 11,663
532,300 * CONTINENTAL AIRLINES, INC (CLASS B)............. 23,621
1,129,886 DELTA AIRLINES, INC............................. 56,282
1,909,890 > DEUTSCHE LUFTHANSA AG. (REGD)................... 44,447
1,429,062 * FDX CORP........................................ 58,502
27,407 FLUGHAFEN WIEN AG............................... 953
42,300 * FRONTIER AIRLINES, INC.......................... 481
64,900 HONG KONG AIRCRAFT ENGINEERING CO LTD........... 108
3,153,400 > JAPAN AIRLINES CO LTD........................... 9,345
67,637 KLM (ROYAL DUTCH AIRLINES) NV................... 1,738
210,500 LINEA AEREA NACIONAL CHILE S.A. ADR............. 1,592
582,000 MALAYSIAN AIRLINE SYSTEM BERHAD................. 502
323,900 * MESA AIR GROUP, INC............................. 1,539
77,300 * MESABA HOLDINGS, INC............................ 884
86,759 * MIDWEST EXPRESS HOLDINGS, INC................... 2,765
139,000 * NORTHWEST AIRLINES CORP (CLASS A)............... 3,093
281,200 * OFFSHORE LOGISTICS, INC......................... 2,636
296,488 OGDEN CORP...................................... 3,539
238,005 PITTSTON BAX GROUP.............................. 2,529
245,900 * RYANAIR HOLDINGS PLC............................ 2,626
327,300 * RYANAIR HOLDINGS PLC ADR........................ 18,042
6,400 SAIRGROUP....................................... 1,288
65,388 > SAS DANMARK AS.................................. 682
53,000 SAS NORGE ASA SERIES B.......................... 576
4,485,000 SINGAPORE AIRLINES LTD (LR)..................... 50,880
93,300 SKYWEST, INC.................................... 2,612
2,831,332 SOUTHWEST AIRLINES CO........................... 45,832
3,040,200 SWIRE PACIFIC LTD (CLASS A)..................... 17,951
223,800 >*TRANS WORLD AIRLINES, INC....................... 629
284,200 * U.S. AIRWAYS GROUP, INC......................... 9,112
147,767 * UAL CORP........................................ 11,461
-----------
496,776
-----------
TRANSPORTATION EQUIPMENT--3.29%
53,600 * ABC RAIL PRODUCTS CORP.......................... 442
20,200 * AFTERMARKET TECHNOLOGY CORP..................... 241
16,500 * AMERICAN AXLE & MANUFACTURING HOLDINGS.......... 200
257,000 ARCTIC CAT, INC................................. 2,570
163,300 ARVIN INDUSTRIES, INC........................... 4,634
717,849 AUTOLIV, INC.................................... 20,997
146,998 * BE AEROSPACE, INC............................... 1,240
6,472,032 BOEING CO....................................... 268,994
24,000 BOMBARDIER, INC (CLASS A)....................... 506
2,031,404 BOMBARDIER, INC (CLASS B)....................... 41,565
156,450 BORG-WARNER AUTOMOTIVE, INC..................... 6,336
5,450,045 * BRITISH AEROSPACE PLC........................... 36,081
7,134 * BRITISH AEROSPACE PLC WTS 11/15/00.............. 124
210,200 CAE, INC........................................ 1,436
159,750 CLARCOR, INC.................................... 2,876
11,700 COACHMEN INDUSTRIES, INC........................ 177
152,550 COMMERCIAL INTERTECH CORP....................... 1,945
233,384 CORDANT TECHNOLOGIES, INC....................... 7,702
339,000 CYCLE & CARRIAGE LTD............................ 1,048
1,129,030 DAIMLERCHRYSLER AG.............................. 87,810
740,853 DAIMLERCHRYSLER (U.S.A.)........................ 57,972
1,370,611 DANA CORP....................................... 41,033
527,778 DANAHER CORP.................................... 25,465
108,922 * DELCO REMY INTERNATIONAL, INC (CLASS A)......... 899
3,283,234 DELPHI AUTOMOTIVE SYSTEMS CORP.................. 51,711
1,483,693 DENSO CORP...................................... 35,409
61,995 * DUCOMMUN, INC................................... 674
629,334 EATON CORP...................................... 45,705
73,900 EXEDY CORP...................................... 557
81,314 FEDERAL SIGNAL CORP............................. 1,306
1,531,823 FEDERAL MOGUL CORP.............................. 30,828
508,101 FIAT S.P.A...................................... 14,512
29,699 FIAT S.P.A. DI RISP............................. 437
36,666 FIAT S.P.A. (PRIV).............................. 530
210,700 FLEETWOOD ENTERPRISES, INC...................... 4,346
6,708,105 FORD MOTOR CO................................... 358,464
214,224 GENCORP, INC.................................... 2,115
1,886,274 GENERAL DYNAMICS CORP........................... 99,501
4,281,723 GENERAL MOTORS CORP............................. 311,228
2,085,294 * GENERAL MOTORS CORP (CLASS H)................... 200,188
2,800 GENTEK, INC..................................... 29
467,950 * GENTEX CORP..................................... 12,986
1,791,718 GOODRICH (B.F.) CO.............................. 49,272
2,095,300 HARLEY DAVIDSON, INC............................ 134,230
114,220 * HAYES LEMMERZ INTERNATIONAL, INC................ 1,992
SEE NOTES TO FINANCIAL STATEMENTS
46 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
TRANSPORTATION EQUIPMENT--(Continued)
1,973 HEICO CORP...................................... $ 43
50 HEICO CORP (CLASS A)............................ 1
3,067,000 > HONDA MOTOR CO LTD.............................. 113,992
12,526,004 HONEYWELL INTERNATIONAL, INC.................... 722,594
174,932 * HOWMET INTERNATIONAL, INC....................... 3,160
425,000 INCHAPE MOTORS.................................. 441
628,036 ITT INDUSTRIES, INC............................. 21,000
126,400 KAMAN CORP (CLASS A)............................ 1,627
1,408,000 KAWASAKI HEAVY INDUSTRIES LTD................... 1,873
71,900 * KELLSTROM INDUSTRIES, INC....................... 656
2,200 * KROLL-O'GARA CO................................. 36
91,669 * KVAERNER INDUSTRIER AS SERIES A................. 1,935
5,509 * KVAERNER INDUSTRIER AS SERIES B................. 97
37,400 LAIRD GROUP PLC................................. 148
1,739,762 LOCKHEED MARTIN CORP............................ 38,057
166,700 MAGNA INTERNATIONAL, INC........................ 7,075
394,900 MAN AG.......................................... 14,840
229,200 MASCOTECH, INC.................................. 2,908
2,594,403 MERITOR AUTOMOTIVE, INC......................... 50,267
6,450 * MILLER INDUSTRIES, INC.......................... 19
2,274,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD....... 1,557
118,570 MODINE MANUFACTURING CO......................... 2,964
226,725 * MONACO COACH CORP............................... 5,796
72,100 * NATIONAL R.V. HOLDINGS, INC..................... 1,388
423,135 * NAVISTAR INTERNATIONAL CORP..................... 20,046
45,903 NEWPORT NEWS SHIPBUILDING, INC.................. 1,262
94,000 NIPPON SHARYO LTD............................... 202
61,227,000 * NISSAN MOTOR CO LTD............................. 240,740
505,875 NORTHROP GRUMMAN CORP........................... 27,349
41,200 * OEA, INC........................................ 201
73,117 * ORBITAL SCIENCES CORP........................... 1,357
567,000 ORIENT CORP..................................... 1,642
24,100 OSHKOSH TRUCK CORP.............................. 706
591,900 PACCAR, INC..................................... 26,229
195,706 PEUGEOT S.A..................................... 44,441
262,093 POLARIS INDUSTRIES, INC......................... 9,501
170,100 REGAL-BELOIT CORP............................... 3,508
1,464,900 RENAULT S.A..................................... 70,632
18,900 RHEINMETALL AG.................................. 287
22,686 ROLLS ROYCE LTD................................. 78
150,000 SANDEN CORP..................................... 895
14,379 * SEQUA CORP (CLASS A)............................ 776
153,900 SHIMANO, INC.................................... 2,710
1,161,227 * SIEMENS AG. (REGD).............................. 147,756
269,775 SIMPSON INDUSTRIES, INC......................... 3,035
154,350 SMITH (A.O.) CORP............................... 3,376
5,900 SMITHS INDUSTRIES PLC........................... 88
98,200 * SPAR AEROSPACE LTD.............................. 542
139,950 SPARTAN MOTORS, INC............................. 612
196,367 * SPX CORP........................................ 15,869
50,763 STANDARD MOTOR PRODUCTS, INC (CLASS A).......... 819
108,485 * STONERIDGE, INC................................. 1,675
22,194 * STRATTEC SECURITY CORP.......................... 719
64,800 SUPERIOR INDUSTRIES INTERNATIONAL, INC.......... 1,737
266,000 SUZUKI MOTOR CORP............................... 3,879
696,497 TEXTRON, INC.................................... 53,413
412,122 THOMSON-CSF..................................... 13,614
25,756 THOR INDUSTRIES, INC............................ 784
1,581,824 TI GROUP PLC.................................... 12,132
6,863,620 > TOYOTA MOTOR CORP............................... 332,305
71,600 TRANSPRO, INC................................... 461
414,100 TRINITY INDUSTRIES, INC......................... 11,776
72,930 * TRIUMPH GROUP, INC.............................. 1,764
688,471 TRW, INC........................................ 35,757
522,000 UMW HOLDINGS BERHAD............................. 975
5,040,748 UNITED TECHNOLOGIES CORP........................ 327,649
238,370 VALEO S.A....................................... 18,395
698,361 VOLKSWAGEN AG................................... 39,364
51,680 VOLVO AB SERIES A............................... 1,307
472,070 VOLVO AB SERIES B FREE.......................... 12,220
74,550 WABASH NATIONAL CORP............................ 1,118
242,352 WESTINGHOUSE AIR BRAKE CO....................... 4,302
87,596 WINNEBAGO INDUSTRIES, INC....................... 1,757
-----------
4,462,549
-----------
TRANSPORTATION SERVICES--0.05%
5,493 AIR EXPRESS INTERNATIONAL CORP.................. 177
580,000 * AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A.......... 9,203
85,007 BIDVEST GROUP LTD............................... 830
97,600 C.H. ROBINSON WORLDWIDE, INC.................... 3,880
28,300 * CHEAP TICKETS, INC.............................. 387
75,550 CIRCLE INTERNATIONAL GROUP, INC................. 1,681
95,250 * EAGLE U.S.A. AIRFREIGHT, INC.................... 4,108
295,200 EXPEDITORS INTERNATIONAL OF WASHINGTON.......... 12,933
8,900 * FORWARD AIR CORP................................ 386
46,200 * FRITZ COS, INC.................................. 485
536,900 GALILEO INTERNATIONAL, INC...................... 16,073
424,000 GATX CORP....................................... 14,310
58 KUONI REISEN HOLDINGS (REGD) (CLASS B).......... 241
1,550 * NAVIGANT INTERNATIONAL, INC..................... 18
1,136 >*NEW WORLD INFRASTUCTURE LTD..................... 1
2,400 * TRAVEL SERVICES INTERNATIONAL, INC.............. 22
101,600 * U.S. EXPRESS ENTERPRISES, INC (CLASS A)......... 749
-----------
65,484
-----------
TRUCKING AND WAREHOUSING--0.17%
201,200 * AMERICAN FREIGHTWAYS CORP....................... 3,257
318,100 ARNOLD INDUSTRIES, INC.......................... 4,473
285,500 CNF TRANSPORTATION, INC......................... 9,850
179,650 * CONSOLIDATED FREIGHTWAYS CORP................... 1,426
151,379 CONTAINER CORP OF INDIA......................... 839
110,100 * COVENANT TRANSPORT, INC (CLASS A)............... 1,913
116,707 * HEARTLAND EXPRESS, INC.......................... 1,838
262,650 HUNT (J.B.) TRANSPORT SERVICES, INC............. 3,636
67,400 * IRON MOUNTAIN, INC.............................. 2,650
88,900 * KNIGHT TRANSPORTATION, INC...................... 1,522
61,091 * KONINKLIJKE VOPAK NV............................ 1,452
142,394 * LANDSTAR SYSTEM, INC............................ 6,096
159,100 * M.S. CARRIERS, INC.............................. 3,799
247,000 MITSUBISHI LOGISTICS CORP....................... 1,575
111,000 MITSUI SOKO CO LTD.............................. 229
52,710 * PIERCE LEAHY CORP............................... 2,280
273,950 ROADWAY EXPRESS, INC............................ 5,924
469,000 SEINO TRANSPORTATION CO LTD..................... 2,486
389,175 * SWIFT TRANSPORTATION CO, INC.................... 6,859
1,156,718 * TNT POST GROUP NV............................... 33,154
312,400 USFREIGHTWAYS CORP.............................. 14,956
196,577 WERNER ENTERPRISES, INC......................... 2,764
3,044,878 > YAMATO TRANSPORT CO LTD......................... 117,935
344,200 * YELLOW CORP..................................... 5,787
-----------
236,700
-----------
WATER TRANSPORTATION--0.19%
269,434 ALEXANDER & BALDWIN, INC........................ 6,146
17,900 * AMERICAN CLASSIC VOYAGES CO..................... 627
46,200 ASKO OYJ SERIES A............................... 819
72,400 BERGESEN AS SERIES A............................ 1,320
193,700 * BERGESEN D.Y. AS (CLASS B)...................... 3,314
2,011,700 CARNIVAL CORP (CLASS A)......................... 96,184
12,300 CMB CIE MARITIME BELGE S.A...................... 587
2,315 DAMPSKIBSSELSKABET AF 1912 (CLASS B)............ 27,276
2,228 DAMPSKIBSSELSKABET SVENDBORG (CLASS B).......... 37,114
26,800 FINNLINES OY.................................... 837
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 47
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
WATER TRANSPORTATION--(Continued)
48,000 IRISH CONTINENTAL GROUP PLC.....................$ 493
573,000 KAMIGUMI CO LTD................................. 2,410
481,025 KAWASAKI KISEN KAISHA LTD....................... 715
63,972 * KIRBY CORP...................................... 1,311
28,500 KONINKLIJKE NEDLLOYD GROEP NV................... 798
34,400 LEIF HOEGH & CO................................. 408
1,788,000 MALAYSIAN INTERNATIONAL SHIPPING CO (FR)........ 2,941
110,800 MALAYSIAN INTERNATIONAL SHIPPING CO (LR)........ 197
26,450 * MARINE TRANSPORT CORP........................... 69
78,526 MITSUI OSK LINES LTD............................ 132
391,168 >*NCL HOLDINGS AS................................. 1,690
2,370,237 * NEPTUNE ORIENT LINES LTD........................ 3,173
2,359,800 NIPPON YUSEN KABUSHIKI KAISHA................... 9,648
169,030 OCEAN GROUP PLC................................. 3,152
19,100 * OMI CORP (NEW).................................. 39
263,660 OVERSEAS SHIPHOLDING GROUP, INC................. 3,905
1,564,562 PENINSULAR & ORIENTAL STEAM NAVIGATION CO....... 26,097
21,100 * SEACOR SMIT, INC................................ 1,092
683,165 TIDEWATER, INC.................................. 24,594
28,140 TRANSPORT DEVELOPMENT GROUP PLC................. 93
20,400 UNITOR AS....................................... 153
-----------
257,334
-----------
WHOLESALE TRADE-DURABLE GOODS--0.17%
140,325 AAR CORP........................................ 2,517
90,800 >*ACTION PERFORMANCE COS, INC..................... 1,044
155,100 * ANICOM, INC..................................... 659
133,346 * ANIXTER INTERNATIONAL, INC...................... 2,750
220,411 APPLIED INDUSTRIAL TECHNOLOGIES, INC............ 3,664
155,700 x*APS HOLDINGS CORP............................... 2
437,100 * ARM HOLDINGS PLC................................ 29,481
569,264 * ARROW ELECTRONICS, INC.......................... 14,445
16,226 * AURA SYSTEMS, INC............................... 6
58,100 >*AVIATION SALES CO............................... 959
126,680 AVNET, INC...................................... 7,664
38,533 x*BEN FRANKLIN RETAIL STORES, INC................. 0
12,400 * BOYDS COLLECTION LTD............................ 86
155,191 BRIGGS & STRATTON CORP.......................... 8,322
398,750 * BRIGHTPOINT, INC................................ 5,234
1,175 CANON SALES CO, INC............................. 18
48,274 CASTLE (A.M.) & CO.............................. 567
223,600 * CELLSTAR CORP................................... 2,208
185,500 >*CHS ELECTRONICS, INC............................ 209
153,821 COMMERCIAL METALS CO............................ 5,220
7,100 * COMPUCOM SYSTEMS, INC........................... 29
4,800 COMPX INTERNATIONAL, INC........................ 88
51,000 * CREAN (JAMES) PLC (UNITS)....................... 18
122,430 DE BEERS CENTENARY AG. (UNITS).................. 3,561
269,000 DICKSON CONCEPTS INTERNATIONAL LTD.............. 339
7,600 DIETEREN S.A.................................... 3,115
68,693 * DURA AUTOMOTIVE SYSTEMS, INC.................... 1,198
211,000 EDARAN OTOMOBIL NASIONAL BERHAD................. 900
2,103 * FAIRCHILD CORP (CLASS A)........................ 19
75,600 * FISHER SCIENTIFIC INTERNATIONAL, INC............ 2,731
119,800 * FOSTER (LB) CO (CLASS A)........................ 584
1,050 FUJI DENKI REIKI CO LTD......................... 5
463,500 GENUINE PARTS CO................................ 11,501
11,300 * GRAHAM-FIELD HEALTH PRODUCTS, INC............... 1
249,800 GRAINGER (W.W.), INC............................ 11,944
67,950 * HA-LO INDUSTRIES, INC........................... 510
177,584 * HANDLEMAN CO.................................... 2,375
144,800 HUGHES SUPPLY, INC.............................. 3,122
74,344 * HUTTIG BUILDING PRODUCTS, INC................... 367
917,500 IKON OFFICE SOLUTIONS, INC...................... 6,250
15,700 * INFOSYS TECHNOLOGIES LTD........................ 5,162
383,750 * INGRAM MICRO, INC (CLASS A)..................... 5,037
28,190 INSTRUMENTARIUM GROUP SERIES B FREE............. 920
22,000 * JLK DIRECT DISTRIBUTION, INC (CLASS A).......... 227
181,100 * KENT ELECTRONICS CORP........................... 4,120
15,000 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC............. 88
577,849 * LANIER WORLDWIDE, INC........................... 2,239
96,600 LAWSON PRODUCTS, INC............................ 2,234
384,700 * MERISEL, INC.................................... 505
269,055 METRO CASH & CARRY LTD.......................... 306
6,762 * MIAMI COMPUTER SUPPLY CORP...................... 251
279,000 * MICROAGE, INC................................... 977
111,183 * MSC INDUSTRIAL DIRECT CO (CLASS A).............. 1,473
271,237 * NATIONAL-OILWELL, INC........................... 4,255
72,300 * NAVARRE CORP.................................... 416
243,814 OWENS & MINOR, INC.............................. 2,179
148,775 * PATTERSON DENTAL CO............................. 6,342
900 PIONEER-STANDARD ELECTRONICS, INC............... 13
151,956 * PSS WORLD MEDICAL, INC.......................... 1,434
121,550 RELIANCE STEEL & ALUMINUM CO.................... 2,849
67,397 REUNERT LTD..................................... 93
70,100 >*SAFEGUARD SCIENTIFICS, INC...................... 11,361
141,000 SANRIO CO LTD................................... 5,213
51,400 * SCP POOL CORP................................... 1,333
154,800 SSL INTERNATIONAL PLC........................... 1,958
141,000 TAN CHONG INTERNATIONAL LTD..................... 30
50 * TBC CORP........................................ 0
307,300 * TECH DATA CORP.................................. 8,336
839,000 TERUMO CORP..................................... 22,403
59,800 WATSCO, INC..................................... 691
141,000 * WESCO INTERNATIONAL, INC........................ 1,251
-----------
227,408
-----------
WHOLESALE TRADE-NONDURABLE GOODS--0.56%
397,500 * AIRGAS, INC..................................... 3,776
301,100 * AMERISOURCE HEALTH CORP (CLASS A)............... 4,573
27,000 AUSTRIA TABAKWERKE AG........................... 1,306
295,600 * AVATEX CORP (CLASS A)........................... 406
57,460 * BARNETT RESOURCES CORP.......................... 1,691
738,354 BERGEN BRUNSWIG CORP (CLASS A).................. 6,138
159,121 BINDLEY WESTERN INDUSTRIES, INC................. 2,397
105,900 * BOISE CASCADE OFFICE PRODUCTS CORP.............. 1,589
7,155,066 CARDINAL HEALTH, INC............................ 342,549
118,900 * CENTRAL GARDEN & PET CO......................... 1,234
32,300 CHEMED CORP..................................... 925
102,600 * DAISYTEK INTERNATIONAL CORP..................... 2,392
407,828 > DIMON, INC...................................... 1,325
3,960,066 ENRON CORP...................................... 175,728
27,476 * ERCROS S.A...................................... 13
47,300 ESSELTE AB SERIES B FREE........................ 359
403,909 F.H. FAULDING & CO LTD.......................... 2,644
475,141 FYFFES PLC...................................... 957
212,338 * GETTY PETROLEUM MARKETING, INC.................. 531
7,183 HERBALIFE INTERNATIONAL, INC (CLASS A).......... 103
66 HERBALIFE INTERNATIONAL, INC (CLASS B).......... 1
122,000 INTERNATIONAL MULTIFOODS CORP................... 1,617
513,000 IWATANI & CO LTD................................ 923
21,900 * KENNETH COLE PRODUCTIONS, INC................... 1,002
180,000 KOKUYO CO LTD................................... 2,394
1,700 LOBLAW COS LTD.................................. 41
1,640,062 MCKESSON HBOC, INC.............................. 37,004
88,000 >*NCS HEALTHCARE, INC (CLASS A)................... 212
288,262 * NU SKIN ENTERPRISES, INC (CLASS A).............. 2,612
74,800 * PERFORMANCE FOOD GROUP CO....................... 1,823
43,971 * PLAINS RESOURCES, INC........................... 550
96,207 * PRIORITY HEALTHCARE CORP (CLASS A).............. 2,784
11,700 * PRIORITY HEALTHCARE CORP (CLASS B).............. 339
115,573 * SCHOOL SPECIALTY, INC........................... 1,748
535,050 * SCIOS, INC...................................... 2,241
SEE NOTES TO FINANCIAL STATEMENTS
48 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
WHOLESALE TRADE-NONDURABLE GOODS--(Continued)
47,000 * SMART & FINAL, INC..............................$ 341
235,423 SOBEYS, INC..................................... 3,249
108,836 STANDARD COMMERCIAL CORP........................ 388
1,246,290 SUPERVALU, INC.................................. 24,926
3,097,361 SWEDISH MATCH CO................................ 10,824
60,200 * SYNCOR INTERNATIONAL CORP....................... 1,753
2,045,500 SYSCO CORP...................................... 80,932
64,753 TERRA INDUSTRIES, INC........................... 105
29,700 * UNITED NATURAL FOODS, INC....................... 356
315,696 * UNITED STATIONERS, INC.......................... 9,017
192,396 UNIVERSAL CORP.................................. 4,389
1,600 URALITA S.A..................................... 11
31,146 VALHI, INC...................................... 327
548,200 WESTON (GEORGE) LTD............................. 20,901
-----------
763,446
-----------
TOTAL COMMON STOCK
(Cost $69,858,228)................................ 130,673,334
-----------
PRINCIPAL
---------
SHORT TERM INVESTMENTS--4.80%
BANK NOTES--0.07%
BANK OF AMERICA
$50,000,000 (o) 5.920%, 02/11/00 50,004
50,000,000 (o) 5.900%, 02/16/00 50,001
------------
100,005
------------
CERTIFICATES OF DEPOSIT--0.28%
ABN AMRO BANK N.V.
55,000,000 5.990%, 03/20/00 54,997
BANK OF MONTREAL
50,000,000 (o) 5.890%, 01/14/00 50,011
BANK OF NOVA SCOTIA
25,000,000 6.010%, 03/02/00 25,004
BANQUE NATIONAL DE PARIS
50,000,000 6.070%, 02/23/00 50,016
50,000,000 (o) 5.995%, 03/01/00 50,000
CREDIT COMMUNAL DE BELGIUM (NEW YORK)
75,000,000 6.060%, 03/17/00 75,007
DEUTSCHE BANK
30,000,000 6.250%, 01/18/00 30,007
29,000,000 5.800%, 03/30/00 28,986
WESTDEUTSCHE LANDESBANK
11,545,000 5.990%, 03/01/00 11,546
------------
375,574
------------
COMMERCIAL PAPER--2.70%
ABBOTT LABORATORIES
27,000,000 6.150%, 01/18/00 26,924
73,000,000 5.250%, 01/20/00 72,772
ALLIED SIGNAL, INC
45,000,000 (o)~ 5.920%, 01/27/00 44,810
50,000,000 (o)~ 5.820%, 02/14/00 49,650
6,249,000 ~ 5.850%, 02/15/00 6,204
AMERICAN HOME PRODUCTS
26,800,000 ~ 5.000%, 01/07/00 26,780
AMERICAN TELEPHONE & TELEGRAPH CO
37,090,000 5.810%, 01/20/00 36,974
11,700,000 5.750%, 01/24/00 11,656
ANHEUSER-BUSCH CO
10,500,000 ~ 6.120%, 02/11/00 10,431
ASSET SECURITIZATION COOP CORP
62,000,000 (o)~ 5.920%, 01/31/00 61,701
38,758,000 ~ 5.850%, 02/08/00 38,523
BEAR STEARNS CO, INC
45,000,000 ~ 6.020%, 03/16/00 44,459
BELL ATLANTIC NETWORK FUNDING CORP
25,000,000 (o)~ 5.990%, 01/20/00 24,922
$25,000,000 ~ 5.950%, 01/24/00 24,906
40,000,000 ~ 5.870%, 02/16/00 39,707
BELLSOUTH CAPITAL FUNDING CORP
25,000,000 ~ 5.780%, 02/02/00 24,872
25,200,000 ~ 5.940%, 03/08/00 24,931
BELLSOUTH TELECOMMUNICATIONS, INC
25,000,000 ~ 5.900%, 02/24/00 24,785
25,300,000 ~ 6.010%, 02/25/00 25,079
CAMPBELL SOUP CO
22,580,000 ~ 6.000%, 02/04/00 22,457
68,000,000 (o)~ 5.920%, 03/03/00 67,326
CATERPILLAR FINANCIAL SERVICES CORP
16,500,000 5.900%, 01/25/00 16,436
CIESCO LP
47,419,000 (o)~ 5.850%, 01/20/00 47,271
32,438,000 ~ 5.850%, 01/25/00 32,311
21,000,000 ~ 5.930%, 02/18/00 20,839
CIT GROUP HOLDINGS, INC
50,000,000 (o) 5.810%, 02/11/00 49,673
10,500,000 5.850%, 03/16/00 10,374
COCA COLA CO
40,000,000 ~ 6.200%, 01/13/00 39,920
42,500,000 ~ 6.100%, 02/02/00 42,282
COCA COLA ENTERPRISES, INC
50,000,000 (o)~ 5.810%, 02/28/00 49,539
25,000,000 ~ 5.830%, 02/29/00 24,766
COLGATE-PALMOLIVE CO
16,100,000 (o)~ 5.850%, 01/19/00 16,052
COOPER INDUSTRIES, INC
25,386,000 ~ 6.300%, 02/08/00 25,229
30,000,000 ~ 6.300%, 02/17/00 29,770
CORPORATE ASSET FUNDING CORP, INC
25,000,000 ~ 5.900%, 01/28/00 24,891
13,625,000 ~ 5.850%, 02/02/00 13,555
18,500,000 ~ 5.850%, 02/08/00 18,388
25,000,000 (o)~ 5.850%, 02/09/00 24,844
18,722,000 ~ 5.970%, 02/09/00 18,606
DAYTON POWER & LIGHT CO
20,000,000 5.830%, 02/17/00 19,850
DELAWARE FUNDING CORP
37,077,000 ~ 5.930%, 01/13/00 37,002
25,000,000 ~ 5.880%, 01/18/00 24,930
38,576,000 ~ 5.930%, 01/18/00 38,468
DUKE ENERGY CORP
15,000,000 6.350%, 01/19/00 14,956
DUPONT (E.I.) DE NEMOURS & CO
25,000,000 5.740%, 01/24/00 24,906
25,000,000 5.740%, 01/27/00 24,895
50,000,000 (o) 5.810%, 02/09/00 49,689
ENTERPRISE FUNDING CORP
20,207,000 ~ 5.930%, 01/13/00 20,166
43,723,000 (o)~ 5.930%, 01/21/00 43,580
36,754,000 (o)~ 5.850%, 02/15/00 36,490
EQUILON ENTERPRISES LLC
5,800,000 6.250%, 01/10/00 5,791
10,000,000 (o) 5.770%, 01/12/00 9,981
40,000,000 (o) 5.730%, 02/07/00 39,764
25,000,000 5.860%, 03/03/00 24,752
20,000,000 5.860%, 03/13/00 19,770
FORD MOTOR CREDIT CORP
100,000,000 (o) 5.700%, 04/27/00 98,119
GENERAL ELECTRIC CAPITAL CORP
43,000,000 5.880%, 02/15/00 42,691
50,000,000 (o) 5.770%, 05/01/00 49,021
GENERAL MOTORS ACCEPTANCE CORP
37,500,000 6.300%, 01/21/00 37,377
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 49
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
PRINCIPAL
---------
COMMERCIAL PAPER--(Continued)
GENERAL MOTORS CORP
$50,000,000 (0) 5.820%, 02/11/00 $ 49,673
GILLETTE CO
100,000,000 (0)~ 6.050%, 02/03/00 99,471
GTE FUNDING, INC
24,000,000 6.000%, 02/15/00 23,828
HEINZ (H.J.) CO
10,900,000 ~ 5.870%, 02/07/00 10,836
J.P. MORGAN & CO
10,000,000 (0) 6.150%, 01/10/00 9,985
JOHNSON & JOHNSON CO
51,000,000 ~ 5.930%, 03/10/00 50,439
50,000,000 (0)~ 5.900%, 05/01/00 49,021
LUCENT TECHNOLOGIES, INC
20,000,000 6.000%, 03/02/00 19,805
50,000,000 (0) 5.970%, 04/14/00 49,163
MCCORMICK & CO, INC
10,000,000 6.350%, 01/25/00 9,961
MCGRAW-HILL COS, INC
9,000,000 5.200%, 02/01/00 8,955
MERCK & CO, INC
50,000,000 (0)~ 5.720%, 02/03/00 49,736
MERRILL LYNCH & CO, INC
50,000,000 (0) 5.870%, 03/15/00 49,410
MONSANTO CO
20,000,000 ~ 5.820%, 02/18/00 19,847
38,744,000 (0)~ 5.790%, 03/21/00 38,247
17,500,000 (0)~ 5.820%, 03/21/00 17,276
MORGAN STANLEY DEAN WITTER
45,000,000 (0) 6.000%, 01/14/00 44,903
MOTIVA ENTERPRISES LLC
10,000,000 5.000%, 01/11/00 9,983
20,000,000 5.810%, 01/13/00 19,960
15,000,000 6.280%, 01/28/00 14,934
20,000,000 5.740%, 02/07/00 19,882
MOTOROLA CREDIT CORP
28,970,000 5.800%, 02/11/00 28,781
NATIONAL RURAL UTILITIES COOP FINANCE
10,000,000 ~ 5.780%, 02/14/00 9,930
22,000,000 ~ 5.800%, 02/18/00 21,832
35,000,000 (0)~ 5.800%, 02/24/00 34,699
33,800,000 (0)~ 5.850%, 03/17/00 33,388
NEWELL RUBBERMAID, INC
40,000,000 ~ 5.920%, 01/26/00 39,838
40,000,000 (0)~ 5.830%, 01/28/00 39,825
NORDSTROM, INC
17,000,000 5.820%, 02/22/00 16,859
PACCAR FINANCIAL CORP
16,000,000 6.500%, 01/21/00 15,948
PARK AVENUE RECEIVABLES CORP
23,282,000 ~ 6.100%, 01/18/00 23,217
56,956,000 (0)~ 5.830%, 02/15/00 56,547
20,352,000 ~ 6.000%, 02/24/00 20,177
PFIZER, INC
80,000,000 ~ 5.820%, 02/10/00 79,490
20,700,000 ~ 5.940%, 03/15/00 20,456
PITNEY BOWES CREDIT CORP
8,000,000 6.550%, 01/12/00 7,985
PREFERRED RECEIVABLES FUNDING CORP
20,000,000 ~ 6.000%, 02/14/00 19,860
RECEIVABLES CAPITAL CORP
21,359,000 ~ 6.500%, 01/12/00 21,319
26,598,000 ~ 6.670%, 01/20/00 26,515
26,348,000 ~ 5.890%, 02/10/00 26,180
12,372,000 ~ 5.860%, 02/18/00 12,277
9,719,000 ~ 5.880%, 02/25/00 9,634
SAINT PAUL COS
$65,000,000 (0)~ 6.000%, 02/01/00 $ 64,676
15,800,000 (0)~ 6.000%, 02/08/00 15,704
20,000,000 ~ 5.910%, 02/11/00 19,869
SALOMON SMITH BARNEY HOLDINGS, INC
43,750,000 5.850%, 02/07/00 43,491
SBC COMMUNICATIONS, INC
30,000,000 (0)~ 5.800%, 01/27/00 29,874
70,270,000 (0)~ 5.820%, 02/07/00 69,855
TEXTRON, INC
40,000,000 6.750%, 01/11/00 39,932
40,255,000 5.900%, 01/14/00 40,167
UBS FINANCE, INC (DELAWARE)
40,000,000 6.000%, 02/23/00 39,663
VODAFONE AIRTOUCH PLC
12,000,000 ~ 7.000%, 01/06/00 11,992
50,000,000 (0)~ 7.000%, 01/07/00 49,963
38,000,000 ~ 5.900%, 02/02/00 37,805
WALT DISNEY CO
18,000,000 (0)~ 5.820%, 01/31/00 17,913
25,000,000 ~ 5.800%, 02/01/00 24,876
XEROX CAPITAL PLC (EUROPE)
5,287,000 ~ 5.250%, 01/06/00 5,284
15,000,000 ~ 5.780%, 01/24/00 14,944
35,000,000 (0)~ 5.760%, 02/10/00 34,773
------------
3,667,666
------------
MEDIUM TERM BOND--0.02%
BETA FINANCE, INC
20,000,000 5.100%, 02/22/00 19,970
------------
OTHER GOVERNMENT AND AGENCIES--0.07%
INTERNATIONAL BANK FOR RECONSTRUCTION
50,000,000 (0) 5.540%, 01/19/00 49,868
35,000,000 (0) 5.550%, 01/25/00 34,878
9,000,000 5.550%, 01/31/00 8,959
------------
93,705
------------
U.S. GOVERNMENT AND AGENCIES--1.63%
FEDERAL FARM CREDIT BANK (FFCB)
132,000,000 3.900%, 01/10/00 131,819
FEDERAL HOME LOAN BANK (FHLB)
20,200,000 5.530%, 01/26/00 20,127
16,700,000 5.530%, 01/31/00 16,623
29,000,000 5.540%, 02/01/00 28,862
8,000,000 5.520%, 02/03/00 7,960
30,000,000 (0) 4.750%, 02/04/00 29,844
50,000,000 (0) 5.450%, 02/07/00 49,718
50,000,000 (0) 5.510%, 02/08/00 49,711
23,484,000 5.530%, 02/18/00 23,310
28,770,000 5.520%, 02/22/00 28,539
62,000,000 (0) 5.520%, 02/23/00 61,493
55,000,000 (0) 5.520%, 02/25/00 54,534
42,369,000 (0) 5.530%, 02/28/00 41,991
75,000,000 (0) 5.530%, 02/29/00 74,319
100,000,000 (0) 5.575%, 04/14/00 98,346
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
25,000,000 5.520%, 01/03/00 24,990
13,589,000 5.500%, 01/10/00 13,570
50,000,000 (0) 5.450%, 01/11/00 49,924
50,000,000 (0) 5.530%, 01/12/00 49,918
7,000,000 5.570%, 01/13/00 6,987
54,500,000 (0) 5.530%, 01/14/00 54,395
50,000,000 (0) 5.150%, 01/19/00 49,868
70,000,000 (0) 5.520%, 01/28/00 69,728
21,000,000 5.050%, 01/31/00 20,903
50,000,000 5.560%, 02/02/00 49,755
50,000,000 (0) 5.460%, 02/03/00 49,748
SEE NOTES TO FINANCIAL STATEMENTS
50 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
PRINCIPAL VALUE
--------- --------
U.S. GOVERNMENT AND AGENCIES--(Continued)
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
$25,000,000 5.510%, 02/04/00 $ 24,870
27,850,000 5.560%, 02/04/00 27,705
19,000,000 5.530%, 02/17/00 18,862
50,000,000 (0) 5.456%, 02/24/00 49,584
98,775,000 5.750%, 02/24/00 97,953
27,621,000 5.520%, 02/25/00 27,387
10,000,000 (0) 5.560%, 03/30/00 9,860
50,000,000 (0) 5.510%, 04/03/00 49,260
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
16,000,000 5.530%, 01/18/00 15,960
13,700,000 5.560%, 01/18/00 13,666
27,204,000 (0) 5.550%, 01/20/00 27,128
31,094,000 (0) 5.560%, 01/20/00 31,008
26,000,000 (0) 5.530%, 01/21/00 25,924
36,000,000 (0) 5.560%, 01/21/00 35,895
50,000,000 (0) 5.520%, 01/24/00 49,833
30,300,000 (0) 5.540%, 01/25/00 30,195
25,000,000 (0) 5.530%, 01/26/00 24,910
37,900,000 (0) 5.550%, 01/26/00 37,763
50,000,000 (0) 5.530%, 01/28/00 49,806
20,000,000 (0) 4.820%, 02/04/00 19,896
50,000,000 (0) 5.500%, 02/09/00 49,703
75,000,000 (0) 5.530%, 02/14/00 74,499
30,000,000 (0) 5.430%, 02/24/00 29,750
100,000,000 (0) 5.470%, 03/06/00 98,973
14,000,000 4.980%, 03/24/00 13,978
50,000,000 (0) 5.470%, 04/10/00 49,205
25,000,000 5.572%, 04/17/00 24,575
50,000,000 (0) 5.550%, 04/24/00 49,094
------------
2,214,224
------------
VARIABLE RATE NOTES--0.03%
BETA FINANCE, INC
15,000,000 6.138%, 02/04/00 14,999
CATERPILLAR FINANCIAL SERVICES CORP
19,000,000 6.198%, 02/24/00 18,998
GENERAL MOTORS ACCEPTANCE CORP
12,500,000 (0) 5.040%, 02/03/00 12,499
------------
46,496
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $6,517,287) 6,517,640
------------
TOTAL PORTFOLIO
(Cost $76,630,653) $137,620,943
============
- ----------
* Non-income producing
+ Affiliated holding
x In bankruptcy
~ Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
(0) All or a portion of these securities have been segregated by the Custodian
to cover margin or other requirements on open futures contracts.
> All or a portion of these securities are out on loan.
# Restricted securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At
December 31, 1999, the value of these securities amounted to $158,023,696
or 0.12% of net assets.
Additional information on each restricted security is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
- ---------- ---------- -----------
ADVANCED MEDICINE SERIES C 01/25/99 $ 7,999,996
ANTENA 3 DE TELEVISION GDS 12/12/96 5,982,300
BB BIOVENTURES L.P. 05/08/97 12,999,351
BELO (A.H.) CORP SERIES B 05/23/88 1,900,588
CARTER WALLACE,INC(CLASSB) 10/29/87 1,075,932
CRESTARAN INTERNATIONAL INVESTMENT BV 09/30/94 0
DOW JONES &CO, INC (CLASSB) 07/31/86 12,068,995
HAFNIA HOLDINGS AS (REGD)(CLASS A) 08/30/91 136,697
HAFNIA HOLDINGS AS (REGD)(CLASS B) 07/29/88 159,638
INTERNATIONAL HYDRON LIQUIDATING TRUST 11/13/97 0
LAFARGE S.A. (REGD) 04/03/97 1,897,484
LAFARGE S.A. (REGD) 2001 01/05/99 5,947,744
LEE ENTERPRISES, INC (CLASS B) 03/31/86 60,768
L'AIR LIQUIDE S.A. (REGD) 10/29/96 4,377,677
L'AIR LIQUIDE S.A. (REGD) 2001 01/05/99 8,368,396
MEREDITH CORP (CLASS B) 12/30/86 1,893,160
NETGENICS, INC STOCK OPTION 03/20/08 06/08/98 0
NETGENICS, INC PFD CV SERIES D 03/20/98 5,517,450
PEGASUS GOLD, INC 11/30/90 148,513
PHYSICIAN COMPUTER NETWORK, INC 11/13/97 1,211,798
PROCURENET, INC 04/19/99 8,168
PROMET BERHAD 12/15/97 6,669
SILVERSTONE BERHAD 01/08/98 1,173
STARRETT (L.S.) CO (CLASS B) 10/07/88 798,235
TIMES MIRROR CO SERIES C 02/01/95 5,767,901
VIGLEN TECHNOLOGY (LITIGATION NOTE) 04/30/98 0
WRIGLEY (WM) JR CO (CLASS B) 04/30/86 2,007,603
ZEBRA TECHNOLOGY CORP (CLASS B) 10/29/98 43,233
-----------
$80,379,469
===========
Transactions with Affiliated Companies - January 1, 1999--December 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE AT REALIZED DIVIDEND
ISSUE DECEMBER 31, 1998 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME
<S> <C> <C> <C> <C> <C>
BAY VIEW CAPITAL CORP ** $ 1,115,972 -- -- $ 93,570
MARTEK BIOSCIENCES $10,269,200 -- -- -- --
OMNIPOINT CORP ** 19,824,109 $24,186,900 $(1,196,510) --
SOUTH CHINA INDUSTRIES LTD 2,082,565 -- 2,163,304 (2,352,446) 33,512
TPI Enterprises, INC 4,428 -- -- -- --
----------- ----------- ----------- ----------- -----------
$12,356,193 $20,940,081 $26,350,204 ($3,548,956) $ 127,082
=========== =========== =========== =========== ===========
<CAPTION>
SHARES AT VALUE AT
ISSUE DECEMBER 31, 1999 DECEMBER 31, 1999
<S> <C> <C>
BAY VIEW CAPITAL CORP 989,469 $14,038,091
MARTEK BIOSCIENCES 1,283,650 15,403,800
OMNIPOINT CORP * *
SOUTH CHINA INDUSTRIES LTD * *
TPI Enterprises, INC 1,107,000 12,177
-----------
$29,454,068
===========
</TABLE>
1999 CREF Annual Report o 51
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (Unaudited)
Value %
---------- ------
BONDS
CORPORATE BONDS
DEPOSITORY INSTITUTIONS .................... $ 283 0.00%
INSURANCE CARRIERS ......................... 44 0.00
TRANSPORTATION EQUIPMENT ................... 35 0.00
---------- ------
TOTAL CORPORATE BONDS
(Cost $285) ................................ 362 0.00
---------- ------
TOTAL BONDS
(Cost $285) ................................ 362 0.00
---------- ------
PREFERRED STOCK
APPAREL AND OTHER TEXTILE PRODUCTS ......... 123 0.00
BUSINESS SERVICES .......................... 150,979 1.69
CHEMICALS AND ALLIED PRODUCTS .............. 5 0.00
ELECTRIC, GAS, AND SANITARY SERVICES ....... 1,143 0.01
PRINTING AND PUBLISHING .................... 5,254 0.06
STONE, CLAY, AND GLASS PRODUCTS ............ 110 0.00
TRANSPORTATION EQUIPMENT ................... 1,065 0.01
---------- ------
TOTAL PREFERRED STOCK
(Cost $121,827) .............................. 158,679 1.77
---------- ------
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS .............. 46 0.00
AMUSEMENT AND RECREATION SERVICES .......... 6,126 0.07
APPAREL AND ACCESSORY STORES ............... 5,567 0.06
APPAREL AND OTHER TEXTILE PRODUCTS ......... 38,269 0.43
AUTO REPAIR, SERVICES AND PARKING .......... 2,656 0.03
AUTOMOTIVE DEALERS AND SERVICE STATIONS .... 151 0.00
BUILDING MATERIALS AND GARDEN SUPPLIES ..... 88,085 0.98
BUSINESS SERVICES .......................... 1,029,216 11.47
CHEMICALS AND ALLIED PRODUCTS .............. 568,515 6.33
COMMUNICATIONS ............................. 1,365,340 15.22
DEPOSITORY INSTITUTIONS .................... 340,645 3.80
EATING AND DRINKING PLACES ................. 69,976 0.78
EDUCATIONAL SERVICES ....................... 770 0.01
ELECTRIC, GAS, AND SANITARY SERVICES ....... 44,273 0.49
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT .... 1,309,478 14.59
ENGINEERING AND MANAGEMENT SERVICES ........ 8,914 0.10
FABRICATED METAL PRODUCTS .................. 112,226 1.25
FOOD AND KINDRED PRODUCTS .................. 121,766 1.36
FOOD STORES ................................ 61,387 0.68
FORESTRY ................................... 35 0.00
FURNITURE AND FIXTURES ..................... 30,334 0.34
FURNITURE AND HOMEFURNISHINGS STORES ....... 774 0.01
GENERAL BUILDING CONTRACTORS ............... 2,134 0.02
GENERAL MERCHANDISE STORES ................. 192,274 2.14
HEALTH SERVICES ............................ 52,114 0.58
HEAVY CONSTRUCTION, EXCEPT BUILDING ........ 13,695 0.15
HOLDING AND OTHER INVESTMENT OFFICES ....... 27,482 0.31
HOTELS AND OTHER LODGING PLACES ............ 2,372 0.03
INDUSTRIAL MACHINERY AND EQUIPMENT ......... 479,863 5.35
INSTRUMENTS AND RELATED PRODUCTS ........... 217,919 2.43
INSURANCE AGENTS, BROKERS AND SERVICE ...... 7,846 0.09
INSURANCE CARRIERS ......................... 228,230 2.54
LOCAL AND INTERURBAN PASSENGER TRANSIT ..... 44,800 0.50
LUMBER AND WOOD PRODUCTS ................... 2,886 0.03
METAL MINING ............................... 17,878 0.20
MISCELLANEOUS MANUFACTURING INDUSTRIES ..... 16,653 0.19
MISCELLANEOUS RETAIL ....................... 59,912 0.67
MOTION PICTURES ............................ 65,650 0.73
NONDEPOSITORY INSTITUTIONS ................. 70,571 0.79
NONMETALLIC MINERALS, EXCEPT FUELS ......... 142 0.00
OIL AND GAS EXTRACTION ..................... 84,942 0.95
PAPER AND ALLIED PRODUCTS .................. 30,756 0.34
PERSONAL SERVICES .......................... 294 0.00
PETROLEUM AND COAL PRODUCTS ................ 265,735 2.96
PIPELINES, EXCEPT NATURAL GAS .............. 367 0.00
PRIMARY METAL INDUSTRIES ................... 298,638 3.33
PRINTING AND PUBLISHING .................... 264,518 2.95
RAILROAD TRANSPORTATION .................... 9,311 0.10
REAL ESTATE ................................ 28,737 0.32
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS .. 9,773 0.11
SECURITY AND COMMODITY BROKERS ............. 66,304 0.74
SPECIAL TRADE CONTRACTORS .................. 1,076 0.01
STONE, CLAY, AND GLASS PRODUCTS ............ 66,763 0.74
TEXTILE MILL PRODUCTS ...................... 638 0.01
TOBACCO PRODUCTS ........................... 7,427 0.08
TRANSPORTATION BY AIR ...................... 32,266 0.36
TRANSPORTATION EQUIPMENT ................... 243,464 2.71
TRANSPORTATION SERVICES .................... 93,168 1.04
TRUCKING AND WAREHOUSING ................... 29,636 0.33
WATER TRANSPORTATION ....................... 6,162 0.07
WHOLESALE TRADE-DURABLE GOODS .............. 1,710 0.02
WHOLESALE TRADE-NONDURABLE GOODS ........... 40,077 0.45
---------- ------
TOTAL COMMON STOCK
(Cost $5,562,991) ............................ 8,288,732 92.37
---------- ------
SHORT TERM INVESTMENTS
COMMERCIAL PAPER ........................... 18,981 0.21
U.S. GOVERNMENT AND AGENCIES ............... 651,193 7.26
---------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $670,171) .............................. 670,174 7.47
---------- ------
TOTAL PORTFOLIO
(Cost $6,355,274) ............................ 9,117,947 101.61
OTHER ASSETS & LIABILITIES, NET ............ (144,508) (1.61)
---------- ------
NET ASSETS ..................................... $8,973,439 100.00%
========== ======
----------------------------
Summary by Country (Unaudited)
Value (000)%
---------- -------
DOMESTIC
UNITED STATES .................................. $3,401,635 37.31%
---------- -------
TOTAL DOMESTIC ................................. 3,401,635 37.31
---------- -------
FOREIGN
AUSTRALIA .................................. 104,793 1.15
AUSTRIA .................................... 1,314 0.01
BELGIUM .................................... 10,007 0.11
BERMUDA .................................... 107,186 1.17
CANADA ..................................... 66,800 0.73
DENMARK .................................... 6,382 0.07
FINLAND .................................... 238,021 2.61
FRANCE ..................................... 101,473 1.11
GERMANY .................................... 596,666 6.54
HONG KONG .................................. 96,982 1.06
INDIA ...................................... 3,540 0.04
IRELAND .................................... 25,859 0.28
ISRAEL ..................................... 11,670 0.13
ITALY ...................................... 92,221 1.01
JAPAN ...................................... 1,362,639 14.95
KOREA ...................................... 12,379 0.14
MALAYSIA ................................... 2,634 0.03
NETHERLANDS ................................ 345,464 3.79
NEW ZEALAND ................................ 5,345 0.06
NORWAY ..................................... 3,760 0.04
PORTUGAL ................................... 8,219 0.09
SINGAPORE .................................. 54,818 0.60
SOUTH AFRICA ............................... 7,390 0.08
SPAIN ...................................... 112,669 1.24
SWEDEN ..................................... 224,162 2.46
SEE NOTES TO FINANCIAL STATEMENTS
52 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Country -- (Continued) (Unaudited)
Value (000) %
---------- ------
SWITZERLAND ................................ $ 82,042 0.90%
THAILAND ................................... 868 0.01
UNITED KINGDOM ............................. 1,360,834 14.93
---------- ------
TOTAL FOREIGN .................................. 5,046,137 55.34
TOTAL SHORT TERM ............................... 670,174 7.35
---------- ------
--------------------
TOTAL PORTFOLIO ................................ $9,117,947 100.00%
========== ======
-------------------------
PRINCIPAL VALUE (000)
- ------------ -----------
BONDS--0.00%
CORPORATE BONDS--0.00%
DEPOSITORY INSTITUTIONS--0.00%
BANCA INTESA S.P.A. (CV DEB)
35,899(1) 2.700%, 01/01/03 ............................ $ 65
MITSU TRUST & BANKING (CV DEB)
32,000,000(2) 0.500%, 10/01/07 ............................ 218
---------
283
---------
INSURANCE CARRIERS--0.00%
AMP AUSTRALIA
714(3) 7.000%, 02/10/05 ............................ 44
AMP REINSURANCE NOTE
25,973(3) 7.000%, 02/10/05 ............................ 0
---------
44
---------
TRANSPORTATION EQUIPMENT--0.00%
BRITISH AEROSPACE PLC
21,776(4) 7.450%, 11/30/03 ............................ 35
---------
TOTAL CORPORATE BONDS
(Cost $285) ................................. 362
---------
TOTAL BONDS
(Cost $285) ................................. 362
---------
- ----------
(1) Denominated in Italian Lira.
(2) Denominated in Japanese Yen.
(3) Denominated in Australian Dollar.
(4) Denominated in British Pound.
Shares
------
PREFERRED STOCK--1.77%
APPAREL AND OTHER TEXTILE PRODUCTS--0.00%
1,100 ESCADA AG. .................................. 123
---------
BUSINESS SERVICES--1.69%
250,607 > SAP AG. ..................................... 150,979
---------
CHEMICALS AND ALLIED PRODUCTS--0.00%
213 CIN-CORPARACAO INDUSTRIAL ................... 5
---------
ELECTRIC, GAS, AND SANITARY SERVICES--0.01%
37,070 RHEIN-WESTFALEN ELECTRIC AG. (NON-VOTE) ..... 1,143
---------
PRINTING AND PUBLISHING--0.06%
615,169 > NEWS CORP LTD (LTD-VOTE) .................... 5,254
---------
STONE, CLAY, AND GLASS PRODUCTS--0.00%
3,600 * DYCKERHOFF ZEMENTWERKE AG. .................. 110
---------
TRANSPORTATION EQUIPMENT--0.01%
33,230 VOLKSWAGEN AG. .............................. 1,065
---------
TOTAL PREFERRED STOCK
(Cost $121,827) ............................. 158,679
---------
COMMON STOCK--92.37%
AGRICULTURAL PRODUCTION-CROPS--0.00%
51,000 GOLDEN HOPE PLANTATIONS BERHAD .............. $ 46
---------
AMUSEMENT AND RECREATION SERVICES--0.07%
25,945 EMI GROUP PLC ............................... 255
159,858 GRANADA GROUP LTD (CLASS A) ................. 1,620
13,000 * HARRAH'S ENTERTAINMENT, INC ................. 344
5,400 ORIENTAL LAND CO LTD ........................ 464
509,900 TABCORP HOLDINGS LTD ........................ 3,442
1,000 TOKYO TOKEIBA CO LTD ........................ 1
---------
6,126
---------
APPAREL AND ACCESSORY STORES--0.06%
4,530 DOUGLAS HOLDINGS AG. ........................ 195
58,255 GAP, INC .................................... 2,680
51,400 HENNES & MAURITZ AB SERIES B ................ 1,724
11,729 LIMITED, INC ................................ 508
2,900 >* SHIMAMAURA CO LTD ........................... 460
---------
5,567
---------
APPAREL AND OTHER TEXTILE PRODUCTS--0.43%
7,500 * AOYAMA TRADING CO LTD ....................... 161
117,700 BENETTON GROUP S.P.A. ....................... 270
90 * DOLLFUS-MIEG & CIE S.A. ..................... 1
1,874,000 ESPRIT HOLDINGS LTD ......................... 2,025
65,000 GUNZE LTD ................................... 173
632,700 * JONES APPAREL GROUP, INC .................... 17,162
973,000 KURARAY CO LTD .............................. 9,850
3,700 LIZ CLAIBORNE, INC .......................... 139
15,000 ONWARD KASHIYMA CO LTD ...................... 205
78,000 PACIFIC DUNLOP LTD .......................... 110
32,000 * RENOWN, INC ................................. 78
17,000 TOKYO STYLE CO LTD .......................... 140
18,945 WACOAL CORP ................................. 167
62,700 WORLD CO LTD ................................ 7,788
---------
38,269
---------
AUTO REPAIR, SERVICES AND PARKING--0.03%
2,000 * COMFORT GROUP LTD ........................... 1
242,784 * IMPERIAL HOLDINGS LTD ....................... 2,655
---------
2,656
---------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.00%
1,000 AUTOBACS SEVEN CO LTD ....................... 33
3,800 CANADIAN TIRE, INC (CLASS A) ................ 90
1,000 LEX SERVICE GROUP LTD ....................... 6
44,913 LONHRO AFRICA PLC ........................... 22
---------
151
---------
BUILDING MATERIALS AND GARDEN SUPPLIES--0.98%
33,090 CRH PLC ..................................... 713
923,643 HOME DEPOT, INC ............................. 63,327
384,350 LOWES COS, INC .............................. 22,965
68,747 MEYER INTERNATIONAL PLC ..................... 427
2,300 PORTLAND VALDERRIVAS S.A. ................... 60
77,406 WOLSELEY PLC ................................ 593
---------
88,085
---------
BUSINESS SERVICES--11.47%
1,270 ADECCO S.A. (REGD) .......................... 989
10,000 ADOBE SYSTEMS, INC .......................... 673
759,372 * AMERICA ONLINE, INC ......................... 57,285
33,232 AUTOMATIC DATA PROCESSING, INC .............. 1,790
12,500 * BAAN CO NV .................................. 177
332,575 * BMC SOFTWARE, INC ........................... 26,585
4,471 CAP GEMINI S.A. ............................. 1,135
2,000 * CAPITA GROUP PLC ............................ 36
53,779 * CENDANT CORP ................................ 1,429
1999 CREF Annual Report o 53
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
BUSINESS SERVICES--(Continued)
748,200 * CERIDIAN CORP ............................... $ 16,133
7,300 >* CMGI, INC ................................... 2,021
36,035 COMPUTER ASSOCIATES INTERNATIONAL, INC ...... 2,520
9,900 * COMPUTER SCIENCES CORP ...................... 937
368,000 COMPUTERSHARE LTD ........................... 1,806
3,400 * COREL CORP .................................. 51
6,000 CREATIVE TECHNOLOGY LTD ..................... 109
185,500 > CSK CORP .................................... 30,118
8,967 > DASSAULT SYSTEMS S.A. ....................... 584
925,000 DATA ADVANTAGE LTD .......................... 2,785
18,400 * DAUM COMMUNICATIONS CORP .................... 6,263
338 * DOLMEN COMPUTER APPLICATIONS NV ............. 10
7,800 >* EBAY, INC ................................... 976
800 * EIDOS PLC ................................... 70
2,500 * ELECTRONIC ARTS, INC ........................ 210
40,992 ELECTRONIC DATA SYSTEMS CORP ................ 2,744
23,000 EQUIFAX, INC ................................ 542
38,962 FIRST DATA CORP ............................. 1,921
7,530 * FREEMARKETS, INC ............................ 2,570
6,700 * FREENET.DE AG. .............................. 741
7,258,200 * FREESERVE PLC ............................... 69,147
3,200 FUJI SOFT ABC, INC .......................... 250
7,300 GETRONICS NV ................................ 582
3,200 * GO.COM ...................................... 76
132,028 * HAANSOFT, INC ............................... 6,116
2,000 HAW PAR CORP LTD ............................ 4
7,265,000 HAYS PLC .................................... 115,666
114,500 * HITACHI SOFTWARE ENGINEERING CO LTD ......... 16,687
25,500 IMS HEALTH, INC ............................. 693
394,162 * INFONET SERVICES CORP ....................... 10,347
50,000 * INTERNET INITIATIVE JAPAN, INC ADR .......... 4,859
19,600 INTERPUBLIC GROUP OF COS, INC ............... 1,131
3,100 * ISS INTERNATIONAL SERVICE SYSTEM AS SERIES B 209
130,638 KONAMI CO LTD ............................... 23,319
3,000 * KYOWA EXEO CORP ............................. 26
6,399 LAGARDERE S.C.A. ............................ 348
3,907,400 LOGICA PLC .................................. 100,759
100 * LONDON BRIDGE SOFTWARE HOLDINGS PLC ......... 7
9,300 MANPOWER, INC ............................... 350
1,000 MEITEC CORP ................................. 32
12,000 MERKANTILDATA ASA ........................... 145
1,776,840 * MICROSOFT CORP .............................. 207,446
15,100 MISYS PLC ................................... 235
6,096 NAMCO LTD ................................... 395
1,900 * NAVISION SOFTWARE AS ........................ 138
161,200 * NEWBRIDGE NETWORKS CORP ..................... 3,621
18,100 * NOVELL, INC ................................. 723
455 * NTT DATA COMMUNICATIONS SYSTEM CORP ......... 10,458
9,800 OMNICOM GROUP, INC .......................... 980
968,855 * ORACLE CORP ................................. 108,572
12,200 * PARAMETRIC TECHNOLOGY CORP .................. 330
18,900 PAYCHEX, INC ................................ 756
12,512 * PEOPLESOFT, INC ............................. 267
598,830 >* PSINET, INC ................................. 36,978
100 RATIN AS (CLASS B) .......................... 11
276,475 RENTOKIL INITIAL PLC ........................ 1,008
72,970 REUTERS GROUP PLC ........................... 1,001
4,900 * ROBERT HALF INTERNATIONAL, INC .............. 140
62,000 * SAGE GROUP PLC .............................. 756
29,993 SAP AG. ..................................... 14,776
14,600 SECOM CO LTD ................................ 1,607
3,357,700 * SECURICOR PLC ............................... 8,715
18,800 SECURITAS AB SERIES B FREE .................. 341
27,000 * SEMA GROUP PLC .............................. 486
88,200 SIME DARBY BERHAD ........................... 112
6,822 * SOFTBANK CORP ............................... 6,526
362,627 * SOLUTION 6 HOLDINGS LTD ..................... 3,940
100 SOPHUS BERENDSEN (CLASS B) (NEW) ............ 2
520 * SURVEILLANCE S.A. SOCIETE DE ................ 160
4,500 TIETOENATOR CORP ............................ 281
157,828 * TISCALI S.P.A. .............................. 64,079
81,000 TOKYU CORP .................................. 197
843 TOYO INFORMATION SYSTEMS CO LTD ............. 59
4,700 TRANS COSMOS ................................ 2,004
24,800 # VIGLEN TECHNOLOGY (LITIGATION NOTE) ......... 0
148,045 WHARF HOLDINGS LTD .......................... 344
4,000 WM-DATA AB SERIES B ......................... 248
81,600 * WPP GROUP PLC ............................... 1,293
83,820 * YAHOO, INC .................................. 36,268
---------
1,029,216
---------
CHEMICALS AND ALLIED PRODUCTS--6.33%
90,175 ABBOTT LABORATORIES CO ...................... 3,274
8,500 AGRIUM, INC ................................. 66
16,200 AIR PRODUCTS & CHEMICALS, INC ............... 544
18,100 AKZO NOBEL NV ............................... 908
909,768 AMERICAN HOME PRODUCTS CORP ................. 35,879
345,720 * AMGEN, INC .................................. 20,765
84,000 ASAHI CHEMICAL INDUSTRY CO LTD .............. 431
40,788 ASTRAZENECA PLC ............................. 1,691
81,492 ASTRAZENECA PLC (UNITED KINGDOM) ............ 3,452
47,150 AVENTIS S.A. ................................ 2,741
17,900 AVON PRODUCTS, INC .......................... 591
43,325 BASF AG. .................................... 2,226
45,469 BAYER AG. ................................... 2,153
6,700 BEIERSDORF AG. .............................. 450
32,003 BOC GROUP PLC ............................... 687
777,104 BRISTOL MYERS SQUIBB CO ..................... 49,880
4,000 CHUGAI PHARMACEUTICAL CO LTD ................ 43
500 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A ...... 12
13,300 CLOROX CO ................................... 670
560,000 COLGATE PALMOLIVE CO ........................ 36,400
7,000 CSL LTD ..................................... 100
15,286 DAICEL CHEMICAL INDUSTRIES LTD .............. 43
25,714 DAIICHI PHARMACEUTICAL CO LTD ............... 334
28,000 DAINIPPON INK & CHEMICAL, INC ............... 83
71,000 DENKI KAGKU KOGYO ........................... 212
251,449 DOW CHEMICAL CO ............................. 33,600
303,144 DU PONT (E.I.) DE NEMOURS & CO .............. 19,970
1,600 DYNO ASA .................................... 40
20,000 EISAI CO LTD ................................ 384
52,300 FANCL CORP .................................. 14,016
729,333 GLAXO WELLCOME PLC .......................... 20,609
26,400 GREENCORE GROUP PLC ......................... 81
70,782 IMPERIAL CHEMICAL INDUSTRY PLC .............. 749
8,000 INTERNATIONAL FLAVORS & FRAGRANCES, INC ..... 302
96,683 JOHNSON & JOHNSON CO ........................ 9,004
4,000 KAKEN PHARMACEUTICAL CO LTD ................. 22
23,000 KANEKA CORP ................................. 294
509,000 KAO CORP .................................... 14,512
7,380 > KEMIRA OY ................................... 45
44,000 KUREHA CHEMICAL INDUSTRY CO LTD ............. 108
5,000 KYOWA HAKKO KOGYO ........................... 30
2,332 # L'AIR LIQUIDE S.A. (REGD) ................... 390
4,877 # L'AIR LIQUIDE S.A. (REGD) 2001 .............. 817
341,191 LILLY (ELI) & CO ............................ 22,689
530 * LONZA AG. (REGD) ............................ 322
4,507 LOREAL S.A. ................................. 3,617
824,172 (0) MERCK & CO, INC ............................. 55,271
12,230 MERCK & CO KGAA ............................. 379
106,000 MITSUBISHI CHEMICAL CORP .................... 373
75,000 MITSUBISHI GAS CHEMICAL CO, INC ............. 146
1,000 MITSUI CHEMICAL CORP ........................ 8
SEE NOTES TO FINANCIAL STATEMENTS
54 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
CHEMICALS AND ALLIED PRODUCTS--(Continued)
37,199 MONSANTO CO ................................. $ 1,325
184,222 MONTEDISON S.P.A. ........................... 302
4,901 NOVARTIS AG. (REGD) ......................... 7,197
6,000 NOVO NORDISK AS (CLASS B) ................... 796
49,100 * NYCOMED AMERSHAM PLC ........................ 306
11,699 ORICA LTD ................................... 63
1,089,144 PFIZER, INC ................................. 35,329
12,743 PPG INDUSTRIES, INC ......................... 797
15,791 PRAXAIR, INC ................................ 794
646,584 PROCTER & GAMBLE CO ......................... 70,841
50 ROCHE HOLDINGS AG. (BR) ..................... 816
2,523 ROCHE HOLDINGS AG. (GENUSSCHEINE) ........... 29,949
13,150 ROHM & HAAS CO .............................. 535
22,100 SANKYO CO LTD ............................... 454
44,270 * SANOFI-SYNTHELABO S.A. ...................... 1,844
5,200 SCHERING AG. ................................ 629
414,026 SCHERING-PLOUGH CORP ........................ 17,467
71,000 SEKISUI CHEMICAL CO LTD ..................... 315
19,200 SHERWIN-WILLIAMS CO ......................... 403
23,255 SHIN-ETSU CHEMICAL CO LTD ................... 1,001
28,000 SHIONOGI & CO LTD ........................... 340
25,700 > SHISEIDO & CO LTD ........................... 375
45,622 * SHOWA DENKO K.K. ............................ 52
400 SIKA FINANZ AG. (BR) ........................ 131
379,347 SMITHKLINE BEECHAM/BECKMAN LTD .............. 4,839
71,100 SNIA S.P.A. ................................. 77
6,750 SOLVAY ET CIE S.A. .......................... 558
123,000 SUMITOMO CHEMICAL CO LTD .................... 577
22,000 TAISHO PHARMACEUTICAL CO LTD ................ 646
429,000 > TAKEDA CHEMICAL INDUSTRIES LTD .............. 21,190
66,000 TEIJIN LTD .................................. 243
90,000 TORAY INDUSTRIES, INC ....................... 349
33,000 * TOSOH CORP .................................. 126
80,000 UBE INDUSTRIES LTD .......................... 167
10,800 UCB S.A. .................................... 468
1,500 UNION CARBIDE CORP .......................... 100
22,359 > WESFARMERS LTD .............................. 184
151,964 YAMANOUCHI PHARMACEUTICAL CO LTD ............ 5,306
1,000 ZODIAC S.A. ................................. 211
---------
568,515
---------
COMMUNICATIONS--15.22%
12,367 ALCATEL ..................................... 2,841
13,100 * AMFM, INC ................................... 1,025
224,600 ASATSU, INC ................................. 15,158
1,695,230 AT & T CORP ................................. 86,033
77,128 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ... 4,377
40,800 BCE, INC .................................... 3,693
10,317 BCT TELUS COMMUNICATIONS, INC ............... 250
5,538 BCT TELUS COMMUNICATIONS, INC (NON-VOTE) .... 133
105,563 BELL ATLANTIC CORP .......................... 6,499
126,752 BELLSOUTH CORP .............................. 5,934
93,435 BRITISH SKY BROADCASTING GROUP PLC .......... 1,503
1,845,497 BRITISH TELECOMMUNICATIONS PLC .............. 45,086
3,466,433 CABLE & WIRELESS HKT LTD .................... 10,011
600,000 * CABLE & WIRELESS OPTUS LTD .................. 1,999
5,864,116 CABLE & WIRELESS PLC ........................ 99,328
7,082 CANAL PLUS S.A. ............................. 1,031
303,684 * CBS CORP .................................... 19,417
109,000 * CHINA TELECOM LTD (HONG KONG) (SPONS ADR) ... 14,013
248,293 >* CLEAR CHANNEL COMMUNICATIONS, INC ........... 22,160
3,279,000 * COLT TELECOM GROUP PLC ...................... 167,786
38,900 * COX COMMUNICATIONS, INC (CLASS A) ........... 2,003
201,010 DEUTSCHE TELEKOM AG. ........................ 14,317
409,414 >* DIMENSION DATA HOLDINGS LTD ................. 2,568
213,265 EIRCOM PLC .................................. 913
2,384,600 ERICSSON TELEFON (LM) AB SERIES B ........... 153,474
68,665 FRANCE TELECOM S.A. ......................... 9,083
14,000 FUJIKURA LTD ................................ 56
2,400 GN STORE NORD AS-GN GREAT NORDIC ............ 119
15,700 * HIKARI TSUSHIN, INC ......................... 31,480
31,232 KONINKLIJKE KPN NV .......................... 3,049
213,500 * KPN QWEST NV ................................ 14,217
1,040,069 LUCENT TECHNOLOGIES, INC .................... 77,810
941,733 * MACQUARIE CORP TELECOMMUNICATIONS
HOLDINGS LTD .............................. 1,529
174,799 MARCONI PLC ................................. 3,092
909,982 * MCI WORLDCOM, INC ........................... 48,286
70,900 > MEDIASET S.P.A. ............................. 1,103
6,100 * NETCOM AB SERIES B .......................... 429
344,000 NIPPON COMSYS CORP .......................... 7,133
5,007 NIPPON TELEGRAPH & TELEPHONE CORP ........... 85,703
690 NTT MOBILE COMMUNICATIONS ................... 26,523
301,968 * OLIVETTI GROUP S.P.A. ....................... 875
221,350 * OMNIPOINT CORP .............................. 26,700
451,000 * PARTNER COMMUNICATIONS CO LTD ADR ........... 11,670
99,070 PORTUGAL TELECOM S.A. ....................... 1,087
700 * PUBLICIS S.A. ............................... 264
43,900 >* QWEST COMMUNICATIONS INTERNATIONAL, INC ..... 1,888
294,875 * RCN CORP .................................... 14,301
11,600 * ROGERS COMMUNICATIONS, INC (CLASS B) ........ 283
1,398,357 SBC COMMUNICATIONS, INC ..................... 68,170
71,000 * SERVICOS TELECOMUNICACOE MULTIMEDIA S.A. .... 4,039
331,687 SINGAPORE TELECOMMUNICATIONS LTD ............ 685
43,341 SONERA GROUP OYJ ............................ 2,971
4,904 SWISSCOM AG. (REGD) ......................... 1,984
20 * TCI SATELLITE ENTERTAINMENT (CLASS A) ....... 0
16,900 TELE DANMARK AS ............................. 1,257
1,012,485 > TELECOM CORP OF NEW ZEALAND ................. 4,759
261,105 TELECOM ITALIA .............................. 3,683
470,299 > TELECOM ITALIA MOBILE S.P.A. ................ 5,248
1,000 * TELECOM ITALIA RISP ......................... 6
2,147,247 * TELEFONICA DE ESPANA S.A. ................... 53,648
115,000 TELEKOM MALAYSIA BERHAD ..................... 445
793,000 TELEVISION BROADCASTS LTD ................... 5,407
500,394 TELSTRA CORP ................................ 2,712
141,750 * TERRA NETWORKS S.A. ......................... 7,747
16,000 TOKYO BROADCASTING SYSTEMS, INC ............. 541
54,100 * VIACOM, INC (CLASS B) ....................... 3,270
701,920 * VIATEL, INC ................................. 37,640
22,458,860 VODAFONE AIRTOUCH PLC ....................... 111,241
33,425 > VODAFONE AIRTOUCH PLC ADR ................... 1,655
---------
1,365,340
---------
DEPOSITORY INSTITUTIONS--3.80%
61,931 ABBEY NATIONAL PLC .......................... 990
96,082 ABN-AMRO HOLDINGS NV ........................ 2,401
81,661 ALLIED IRISH BANK PLC ....................... 931
30,000 AMMB HOLDINGS BERHAD ........................ 72
34,800 ARGENTARIA, CAJA POSTAL Y BCO HIPOTECA ...... 818
584,514 ASAHI BANK LTD .............................. 3,602
6,000 * ASHIKAGA BANK LTD ........................... 12
431 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD .. 3
30,389 BANCA COMMERCIALE ITALIANA S.P.A. ........... 165
341,100 * BANCA DI ROMA ............................... 438
296,530 BANCA INTESA S.P.A. ......................... 1,204
28,389 * BANCA INTESA S.P.A. PUT WTS 11/15/02 ........ 50
60,600 BANCA INTESA S.P.A. RISP .................... 123
21,500 BANCA POPOLARE DI MILANO .................... 167
143,600 * BANCO AMBROSIANO VENETO WTS 05/31/02 ........ 123
142,200 BANCO BILBAO VIZCAYA S.A. (REGD) ............ 2,026
85,955 BANCO COMERCIAL PORTUGUES S.A. (REGD) ....... 477
9,395 BANCO ESPIRITO SANTO S.A. ................... 264
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 55
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
DEPOSITORY INSTITUTIONS--(Continued)
912 BANCO PINTO & SOTTO MAYOR S.A. .............. $ 20
252,670 BANCO SANTANDER CENTRAL HISPANO S.A. ........ 2,861
6,604 BANK AUSTRIA AG. ............................ 373
891,940 BANK OF AMERICA CORP ........................ 44,764
77,323 BANK OF EAST ASIA LTD ....................... 215
32,000 > BANK OF FUKUOKA LTD ......................... 222
18,000 BANK OF MONTREAL ............................ 612
31,532 BANK OF NEW YORK CO, INC .................... 1,261
33,992 BANK OF NOVA SCOTIA ......................... 728
1,999,490 BANK OF TOKYO MITSUBISHI LTD ................ 27,849
66,344 BANK OF YOKOHAMA LTD ........................ 306
97,007 BANK ONE CORP ............................... 3,110
31,064 BANQUE NATIONALE DE PARIS ................... 2,867
514,468 BARCLAYS PLC ................................ 14,803
25,850 BAYERISCHE HYPO-UND VEREINSBANK AG. ......... 1,766
55,460 BPI-SGPS S.A. (REGD) ........................ 236
22,160 CANADIAN IMPERIAL BANK OF COMMERCE .......... 528
299,800 CHASE MANHATTAN CORP ........................ 23,291
7,460 > CHIBA BANK LTD .............................. 41
61,000 CHRISTIANIA BANK OG KREDITKASSE ............. 301
30,000 * COMMERCE ASSET HOLDINGS BERHAD .............. 77
50 COMMERZBANK AG. ............................. 2
19,233 CREDIT SUISSE GROUP (REGD) .................. 3,823
2,000 DAI-ICHI KANGO BANK LTD ..................... 19
109,000 DAIWA BANK LTD .............................. 320
428,844 * DBS GROUP HOLDINGS LTD ...................... 7,027
4,200 DEN DANSKE BANK AF 1871 ..................... 461
61,000 DEN NORSKE BANK ASA ......................... 251
42,203 * DEUTSCHE BANK AG. (REGD) .................... 3,565
33,770 * DRESDNER BANK AG. (REGD) .................... 1,837
62,495 FIRST UNION CORP ............................ 2,051
804,000 FIRSTAR CORP ................................ 16,985
361,581 FLEETBOSTON FINANCIAL CORP .................. 12,588
30,600 > FORENINGSSPARBANKEN AB ...................... 450
1,469,586 > FUJI BANK LTD ............................... 14,273
28,000 GUNMA BANK LTD .............................. 182
110,200 HANG SENG BANK LTD .......................... 1,258
81,000 HOKURIKU BANK LTD ........................... 192
211,581 HSBC HOLDINGS PLC (HONG KONG) ............... 2,967
348,674 HSBC HOLDINGS PLC (UNITED KINGDOM) .......... 4,859
182,668 > INDUSTRIAL BANK OF JAPAN LTD ................ 1,760
66,415 JOYO BANK ................................... 305
21,200 KBC BANCASSURANCE HOLDINGS NV ............... 1,143
20,565 KEYCORP ..................................... 455
352,201 LLOYDS TSB GROUP PLC ........................ 4,405
95,800 MALAYAN BANKING BERHAD ...................... 340
61,134 MBNA CORP ................................... 1,666
476,000 MELLON FINANCIAL CORP ....................... 16,214
47,500 > MERITA LTD .................................. 280
77,111 MITSUBISHI TRUST & BANKING CORP ............. 679
1,000 MITSUI TRUST & BANKING CO LTD ............... 2
11,244 MORGAN (J.P.) & CO, INC ..................... 1,424
94,400 NATIONAL AUSTRALIA BANK LTD ................. 1,440
10,881 NATIONAL BANK OF CANADA ..................... 139
34,198 NATIONAL CITY CORP .......................... 810
64,925 * OVERSEAS CHINESE BANKING CORP LTD ........... 596
34,925 PNC BANK CORP ............................... 1,554
19,100 ROYAL BANK OF CANADA ........................ 837
81,377 ROYAL BANK OF SCOTLAND PLC .................. 1,443
3,290,756 SAKURA BANK LTD ............................. 19,054
84,209 SAN PAOLO-IMI S.P.A. ........................ 1,144
235 SANWA BANK LTD .............................. 3
35,000 > SEVENTY-SEVEN (77) BANK LTD ................. 367
47,000 SHIZUOKA BANK LTD ........................... 482
47,120 > SKANDINAVISKA ENSKILDA BANKEN SERIES A ...... 477
7,258 SOCIETE GENERALE S.A. ....................... 1,689
5,700 STATE STREET CORP ........................... 416
1,483,932 SUMITOMO BANK LTD ........................... 20,305
750,000 SUMITOMO TRUST & BANKING CO LTD ............. 5,062
13,926 SUNCORP-METWAY LTD .......................... 75
12,595 SUNTRUST BANKS, INC ......................... 867
40,700 SVENSKA HANDELSBANKEN SERIES A .............. 512
1,000 * SVENSKA HANDELSBANKEN SERIES B FREE ......... 12
5,025 * SWISS BANK CORP WTS 06/30/00 (REGD) ......... 69
159,000 TOKAI BANK LTD .............................. 1,002
61,686 U.S. BANCORP ................................ 1,469
91,719 UBS AG. (REGD) .............................. 24,770
319,300 > UNICREDITO ITALIANO S.P.A. .................. 1,570
5,350 UNI BANKDANMARK AS (CLASS A) ................ 377
56,744 * UNITED OVERSEAS BANK LTD .................... 501
9,200 WACHOVIA CORP ............................... 626
45,344 WASHINGTON MUTUAL, INC ...................... 1,179
111,673 WELLS FARGO CO .............................. 4,516
773,100 > WESTPAC BANKING CORP ........................ 5,316
21,200 WING LUNG BANK LTD .......................... 86
---------
340,645
---------
EATING AND DRINKING PLACES--0.78%
15,800 * AUTOGRILL S.P.A. ............................ 199
4,745,542 COMPASS GROUP PLC ........................... 65,132
21,000 KENTUCKY FRIED CHICKEN BERHAD ............... 28
15,400 MARRIOTT INTERNATIONAL (CLASS A) ............ 486
86,320 MCDONALD'S CORP ............................. 3,480
37,100 * MELCO INTERNATIONAL DEVELOPMENT LTD ......... 14
8,000 SKYLARK CO LTD .............................. 188
1,464 SODEXHO ALLIANCE S.A. ....................... 259
13,300 * TELEPIZZA S.A. .............................. 56
9 * TRICON GLOBAL RESTAURANTS, INC .............. 0
500 VALORA HOLDINGS AG. (REGD) .................. 134
---------
69,976
---------
EDUCATIONAL SERVICES--0.01%
3,200 BENESSE CORP ................................ 770
---------
ELECTRIC, GAS, AND SANITARY SERVICES--0.49%
10,400 * AES CORP .................................... 777
9,653 AGUAS DE BARCELONA S.A. ..................... 141
96 * AGUAS DE BARCELONA S.A. (NEW) ............... 1
16,400 * ALLIED WASTE INDUSTRIES, INC ................ 145
34,500 ANGLIAN WATER PLC ........................... 315
21,387 > AUSTRALIA GAS LIGHT CO ...................... 125
258,832 * BG GROUP PLC ................................ 1,672
4,300 CAROLINA POWER & LIGHT CO ................... 131
11,541 CENTRAL & SOUTH WEST CORP ................... 231
207,745 CENTRICA PLC ................................ 589
100 CHUBU ELECTRIC POWER CO, INC ................ 2
131,000 CLP HOLDINGS LTD ............................ 603
19,863 COASTAL CORP ................................ 704
5,676 COLUMBIA ENERGY GROUP ....................... 359
2,100 * CONSOLIDATED EDISON CO OF NEW YORK, INC ..... 72
7,864 CONSOLIDATED NATURAL GAS CO ................. 511
10,033 CONSTELLATION ENERGY GROUP .................. 291
3,000 * CONTACT ENERGY LTD .......................... 5
18,218 DOMINION RESOURCES, INC ..................... 715
18,076 DTE ENERGY CO ............................... 567
22,823 DUKE ENERGY CORP ............................ 1,144
20,500 EDISON INTERNATIONAL CO ..................... 537
15,200 EDPERBRASCAN CORP (CLASS A) ................. 200
5,400 EL PASO ENERGY CORP ......................... 210
4,300 ELECTRABEL NV ............................... 1,408
10,950 ELECTRABEL S.A. (STRIP VVPR) ................ 1
56,859 ELECTRICIDADE DE PORTUGAL S.A. .............. 993
71,208 ENDESA S.A. ................................. 1,414
SEE NOTES TO FINANCIAL STATEMENTS
56 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRIC, GAS, AND SANITARY SERVICES--(Continued)
466,400 * ENEL S.P.A. ................................. $ 1,955
6,400 ENTERGY CORP ................................ 165
43,461 FIRSTENERGY CORP ............................ 986
12,500 FPL GROUP, INC .............................. 535
28,500 GAS NATURAL SDG S.A. ........................ 657
63 GPU, INC .................................... 2
2,000 GROUPE BRUXELLES LAMBERT S.A. ............... 403
300 HAFSLUND AS SERIES A ........................ 2
286,190 HONG KONG & CHINA GAS CO LTD ................ 392
791 HYDER PLC ................................... 4
60,374 > IBERDROLA S.A. .............................. 837
44,700 > ITALGAS S.P.A. .............................. 169
66,190 KANSAI ELECTRIC POWER CO, INC ............... 1,153
7,000 KURITA WATER INDUSTRIES LTD ................. 111
85,899 NATIONAL GRID GROUP PLC ..................... 653
172,760 NATIONAL POWER PLC .......................... 1,000
110,000 OSAKA GAS CO LTD ............................ 265
1,900 * OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. .............. 267
24,700 PECO ENERGY CO .............................. 858
24,000 PG&E CORP ................................... 492
39,710 PP&L RESOURCES, INC ......................... 908
18,457 PUBLIC SERVICE ENTERPRISE GROUP, INC ........ 643
10,000 RELIANT ENERGY, INC ......................... 229
7,100 RHEIN-WESTFALEN ELECTRIC AG. ................ 278
50,399 SCOTTISH POWER PLC .......................... 382
42,400 SEMPRA ENERGY ............................... 737
310,000 SHUN TAK ENTERPRISES CORP LTD ............... 59
31,800 SOUTHERN CO ................................. 747
7,400 SUEZ LYONNAISE DES EAUX ..................... 1,192
5,872 > SUEZ LYONNAISE DES EAUX S.A. ................ 941
7,400 SUEZ LYONNAISE (STRIP VVPR) ................. 0
124,000 TENAGA NASIONAL BERHAD ...................... 320
37,693 TEXAS UTILITIES CO .......................... 1,340
22,441 THAMES WATER PLC ............................ 280
47,600 TOHOKU ELECTRIC POWER CO, INC ............... 708
90,383 TOKYO ELECTRIC POWER CO, INC ................ 2,422
110,000 TOKYO GAS CO LTD ............................ 268
26,961 TRANS CANADA PIPELINES LTD .................. 233
6,900 TRANSALTA CORP .............................. 67
12,505 UNICOM CORP ................................. 419
22,000 UNION ELECTRICA FENOSA S.A. ................. 384
7,405 UNITED UTILITIES PLC ........................ 77
29,450 VEBA AG. .................................... 1,432
49,874 VIAG AG. .................................... 914
36,448 VIVENDI S.A. ................................ 3,292
24,394 * VIVENDI S.A. WTS 05/02/01 ................... 83
39,169 WASTE MANAGEMENT, INC ....................... 673
6,448 WESTCOAST ENERGY, INC ....................... 103
12,200 WILLIAMS COS, INC ........................... 373
---------
44,273
---------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--14.59%
15,789 * ABB LTD ..................................... 1,926
4,273 * ABB LTD (SWITZERLAND) ....................... 523
6,610 ADVANTEST CORP .............................. 1,746
8,000 ALPS ELECTRIC CO LTD ........................ 122
17,700 * AMERICAN POWER CONVERSION CORP .............. 467
10,891 AMSTRAD PLC ................................. 42
9,000 * ASM LITHOGRAPHY HOLDINGS NV ................. 1,000
900 BANG & OLUFSEN HOLDINGS AS (CLASS B) ........ 33
1,000 BARCO NV .................................... 140
70,615 BROTHERS INDUSTRIES LTD ..................... 162
438,000 * CIENA CORP .................................. 25,185
2,099,000 * CLARION CO LTD .............................. 14,700
10,000 COOPER INDUSTRIES, INC ...................... 404
30,000 ELECTROCOMPONENTS PLC ....................... 332
21,350 > ELECTROLUX AB SERIES B ...................... 538
11,000 EMAIL LTD ................................... 17
24,000 EMERSON ELECTRIC CO ......................... 1,377
1,995 EMPRESA FABRIL DE MAQUINAS ELECTRICAS ....... 12
1,557,400 * EPCOS AG. ................................... 116,891
787,000 ERG LTD ..................................... 4,404
8,300 FISHER & PAYKEL INDUSTRIES LTD .............. 32
4,000 FUJI MACHINE MANUFACTURING CO. .............. 322
1,045,476 > FUJITSU LTD ................................. 47,652
49,000 FURUKAWA ELECTRIC CO LTD .................... 743
15,000 * GEMSTAR INTERNATIONAL GROUP, INC ............ 1,069
1,314,589 GENERAL ELECTRIC CO ......................... 203,433
96,900 HIROSE ELECTRIC CO LTD ...................... 21,713
2,377,000 HITACHI LTD ................................. 38,129
252,000 HITACHI MAXELL LTD .......................... 7,419
1,111,984 INTEL CORP .................................. 91,530
2,316,700 JOHNSON ELECTRIC HOLDINGS LTD ............... 14,871
22,128 KONINKLIJKE PHILIPS ELECTRONICS NV .......... 3,010
56,800 KYOCERA CORP ................................ 14,722
40,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD ......... 258
55,000 * MATSUSHITA COMMUNICATIONS INDUSTRIAL CO ..... 14,525
134,183 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ....... 3,714
3,800 MAYTAG CO ................................... 182
17,500 * MICRON TECHNOLOGY, INC ...................... 1,361
166,000 MITSUBISHI ELECTRIC CORP .................... 1,072
40,737 MOTOROLA, INC ............................... 5,999
285,625 MURATA MANUFACTURING CO LTD ................. 67,048
2,356 NGK SPARK PLUG CO LTD ....................... 22
109,704 NIPPON ELECTRIC CORP ........................ 2,613
13,000 NITTO DENKO CORP ............................ 650
1,282,712 * NOKIA OYJ ................................... 232,608
87,100 NORTEL NETWORKS CORP ........................ 8,766
140,000 NORTEL NETWORKS CORP (U.S.) ................. 14,140
3,056,000 * OKI ELECTRIC INDUSTRY CO LTD ................ 17,994
492,000 PIONEER CORP ................................ 12,993
40,400 * QUALCOMM, INC ............................... 7,115
45,256 RACAL ELECTRONICS PLC ....................... 406
102,424 ROHM CO ..................................... 42,076
146,000 SANYO ELECTRIC CO LTD ....................... 593
3,100 * SGL CARBON AG. .............................. 206
980,000 SHARP CORP .................................. 25,066
20,800 > SIRTI S.P.A. ................................ 74
16,100 * SOLECTRON CORP .............................. 1,532
143,558 > SONY CORP ................................... 42,545
961,000 ST MICROELECTRONICS NV ...................... 147,935
50,000 SUMITOMO ELECTRIC INDUSTRIES CO ............. 578
8,940 TAIYO YUDEN CO LTD .......................... 530
53,636 TEXAS INSTRUMENTS, INC ...................... 5,196
202,600 TOKYO ELECTRON CO LTD ....................... 27,743
195,000 TOSHIBA CORP ................................ 1,488
27,000 VARITRONIX INTERNATIONAL LTD ................ 62
618,000 VENTURE MANUFACTURING LTD (SINGAPORE) ....... 7,085
7,795 WHIRLPOOL CORP .............................. 507
20,016 YAMAHA CORP ................................. 130
---------
1,309,478
---------
ENGINEERING AND MANAGEMENT SERVICES--0.10%
17,928 DUN & BRADSTREET CORP 529
5,800 OYO CORP 77
81,000 SEMBCORP INDUSTRIES LTD 110
29,600 SERVICEMASTER CO 364
5,010,000 SINGAPORE TECHNOLOGIES ENGINEERING LTD 7,759
7,300 VEDIOR NV-CVA 75
---------
8,914
---------
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 57
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
FABRICATED METAL PRODUCTS--1.25%
1,408,500 AMERICAN NATIONAL CAN GROUP, INC ............ $ 18,311
4,003,880 > ASSA ABLOY AB SERIES B ...................... 56,296
12,261 BICC LTD .................................... 18
500 BOHLER-UDDEHOLM AG. (BR) .................... 23
48,835 CARADON PLC ................................. 123
18,900 CROWN CORK & SEAL CO, INC ................... 423
500 FISCHER (GEORGE) LTD (REGD) ................. 173
74,299 GILLETTE CO ................................. 3,060
34,826 GKN PLC ..................................... 548
26,810 MAGNETI MARELLI ............................. 102
28,300 MASCO CORP .................................. 718
5,500 PARKER-HANNIFIN CORP ........................ 282
9,600 ROCKWELL INTERNATIONAL CORP ................. 460
355 * SANITEC OYJ ................................. 5
38,000 * SANKYO ALUMINIUM INDUSTRY CO LTD ............ 35
9,000 SANWA SHUTTER CORP .......................... 33
135,000 SMC CORP .................................... 29,855
22,700 SNAP-ON, INC ................................ 603
9,500 STANLEY WORKS CO ............................ 286
46,000 * TAKARA STANDARD CO .......................... 228
16,000 TOSTEM CORP ................................. 287
18,600 TOYO SEIKAN KAISHA LTD ...................... 269
4,500 UNITED DOMINION INDUSTRIES LTD .............. 88
---------
112,226
---------
FOOD AND KINDRED PRODUCTS--1.36%
5 * AGRIBRANDS INTERNATIONAL, INC ............... 0
41,000 AJINOMOTO CO LTD ............................ 427
293,512 ANHEUSER BUSCH COS, INC ..................... 20,803
6,000 ARCHER DANIELS MIDLAND CO ................... 73
28,000 ASAHI BREWERIES LTD ......................... 306
10,900 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02 ..... 3
3,503 AZUCARERA EBRO AGRICOLAS S.A. ............... 51
61,108 BASS PLC .................................... 760
2,395 * BRAU UND BRUNNEN AG. ........................ 113
189,061 CADBURY SCHWEPPES LTD ....................... 1,142
32,554 CAMPBELL SOUP CO ............................ 1,259
5,200 CARLSBERG BREWERIES AS (CLASS A) ............ 192
60,214 COCA COLA AMATIL LTD ........................ 164
163,364 COCA COLA CO ................................ 9,516
53,544 CONAGRA, INC ................................ 1,208
10,586 * COTT CORP ................................... 56
4,900 DANISCO AS .................................. 191
5,357 DANONE GROUP ................................ 1,263
12,000 DCC PLC ..................................... 89
237,764 DIAGEO PLC (CLASS A) ........................ 1,912
2,250 * EL AGUILA S.A. .............................. 18
737 ERIDANIA BEGHIN-SAY S.A. .................... 79
500 > EZAKI GLICO CO LTD .......................... 2
1,995,300 > FOSTERS BREWING GROUP LTD ................... 5,707
15,000 FRASER & NEAVE LTD .......................... 55
9,012 GENERAL MILLS, INC .......................... 322
97,637 > GOODMAN FIELDER LTD ......................... 87
19,810 HEINEKEN NV ................................. 966
24,565 HEINZ (H.J.) CO ............................. 978
2,000 HOLSTEN BRAUEREI AG. ........................ 34
7,000 HOUSE FOODS CORP ............................ 106
78,000 IOI CORP .................................... 47
166,800 ITOEN LTD ................................... 23,313
699 ITOHAM FOODS, INC ........................... 3
574,000 KATOKICHI CO LTD ............................ 12,436
16,600 KERRY GROUP (CLASS A) ....................... 199
12,000 KIKKOMAN CORP ............................... 80
78,000 KIRIN BREWERY CO LTD ........................ 820
35,100 LION NATHAN LTD ............................. 82
6,768 LVMH MOET HENNESSY LOUIS VUITTON ............ 3,032
4,292 MEIJI SEIKA KAISHA LTD ...................... 24
5,503 MOLSON, INC (CLASS A) ....................... 102
13,000 NESTLE MALAYSIA BERHAD ...................... 56
2,782 NESTLE S.A. (REGD) .......................... 5,097
38,000 NICHIREI CORP ............................... 98
6,000 NIPPON MEAT PACKERS, INC .................... 78
60,000 NIPPON OIL & FATS CO LTD .................... 142
74,000 NIPPON SUISAN KAISHA LTD .................... 114
8,000 NISSHIN FLOUR MILLING CO LTD ................ 55
6,091 NISSIN FOOD PRODUCTS CO LTD ................. 143
23,142 ORKLA ASA ................................... 399
400 OSTERREICHISCHE BRAU-AKTIENGESELLSCHAF ...... 16
3,500 OYJ HARTWALL ABP ............................ 51
122,400 PARMALAT FINANZIARIA S.P.A. ................. 157
476,000 PEPSICO, INC ................................ 16,779
4,736 PERNOD-RICARD S.A. .......................... 271
41,100 * PULEVA S.A. ................................. 60
319 Q.P. CORP ................................... 2
10,773 QUAKER OATS CO .............................. 707
13,900 RAISIO GROUP PLC ............................ 55
23,000 RALSTON PURINA CO ........................... 641
850 SAPPORO BREWERIES LTD ....................... 3
57,098 SARA LEE CORP ............................... 1,260
27,000 SEAGRAMS CO LTD ............................. 1,206
500 SEAGRAMS CO LTD (U.S.) ...................... 22
44,000 SNOW BRAND MILK PRODUCTS CO ................. 177
538,560 > SOUTHCORP LTD ............................... 1,893
8,204 TAKARA SHUZO CO LTD ......................... 129
55,300 TATE & LYLE PLC ............................. 355
2,800 UNICER-UNIAO CERVEIJEIRA S.A. ............... 56
27,100 UNIGATE PLC ................................. 136
152,500 UNILEVER LTD ................................ 1,122
37,315 UNILEVER NV CERTIFICATE ..................... 2,062
4,180 VISCOFAN S.A. ............................... 33
19,000 YAKULT HONSHA CO LTD ........................ 165
19,000 YAMAZAKI BAKING CO LTD ...................... 206
---------
121,766
---------
FOOD STORES--0.68%
25,015 ALBERTSONS, INC ............................. 807
23,613 CARREFOUR SUPERMARCHE S.A. .................. 4,356
6,200 > CASINO GUICHARD-PERRACHON S.A. .............. 710
3,380 COLRUYT S.A. ................................ 194
743 DAIRY FARM INTERNATIONAL HOLDINGS LTD ....... 1
3,900 DELHAIZE FRERES NV .......................... 294
219,745 ITO-YOKADO CO LTD ........................... 23,857
8,466 JERONIMO MARTINS SGPS S.A. .................. 217
41,400 KONINKLIJKE AHOLD NV ........................ 1,226
66,042 * KROGER CO ................................... 1,247
23,420 > RINASCENTE S.P.A. ........................... 150
36,652 SAINSBURY (J) PLC ........................... 207
162,000 SEVEN-ELEVEN JAPAN CO LTD ................... 25,669
631,627 TESCO PLC ................................... 1,920
24,000 UNY CO LTD .................................. 235
86,716 > WOOLWORTHS LTD .............................. 297
---------
61,387
---------
FORESTRY--0.00%
2,100 CORTICEIRA AMORIM S.A. ...................... 21
10,000 KUALA LUMPUR KEPONG BERHAD .................. 14
---------
35
---------
FURNITURE AND FIXTURES--0.34%
1,046,000 NEWELL RUBBERMAID, INC ...................... 30,334
---------
FURNITURE AND HOMEFURNISHINGS STORES--0.01%
8,000 SHIMACHU CO ................................. 110
13,500 TANDY CORP .................................. 664
---------
774
---------
SEE NOTES TO FINANCIAL STATEMENTS
58 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
GENERAL BUILDING CONTRACTORS--0.02%
5,420 AMEC PLC .................................... $ 22
96,830 BARRATT DEVELOPMENTS PLC .................... 441
1,000 BERKELEY GROUP PLC .......................... 12
230 CARRILLION PLC .............................. 0
862 * DAIKYO, INC ................................. 2
13,759 DAITO TRUST CONSTRUCTION CO LTD ............. 153
29,000 DAIWA HOUSE INDUSTRY CO LTD ................. 216
35,000 FLETCHER CHALLENGE LTD (BUILDING DIVISON) ... 52
154,000 >* FUJITA CORP ................................. 83
21,700 > LEIGHTON HOLDINGS LTD ....................... 84
2,164 MISAWA HOMES CO LTD ......................... 7
32,000 NISHIMATSU CONSTRUCTION CO LTD .............. 128
43,000 OBAYASHI CORP ............................... 203
14,000 SHIMIZU CORP ................................ 46
6,900 SKANSKA AB SERIES B FREE .................... 257
120,000 TAISEI CORP ................................. 228
4,000 TAYLOR WOODROW PLC .......................... 9
11,000 TODA CONSTRUCTION CO ........................ 42
24,071 WILSON (CONNOLLY) HOLDINGS PLC .............. 61
7,400 WIMPEY (GEORGE) LTD ......................... 13
47,400 YTL CORP BERHAD ............................. 75
---------
2,134
---------
GENERAL MERCHANDISE STORES--2.14%
72,752 > COLES MYER LTD .............................. 375
4,816 CORTEFIEL S.A. .............................. 126
14,700 * COSTCO WHOLESALE CORP ....................... 1,341
15,000 * DAIEI, INC .................................. 59
33,685 DAIMARU, INC ................................ 114
81,000 > DAVID JONES LTD ............................. 73
543,284 DAYTON HUDSON CORP .......................... 39,897
30,600 * DIXONS GROUP PLC ............................ 736
2,840,000 GIORDANO INTERNATIONAL LTD .................. 2,923
5,700 HAGEMEYER NV ................................ 132
2,000 HANKYU DEPARTMENT STORES, INC ............... 11
1,200 HUDSONS BAY CO .............................. 14
1,000 ISETAN CO LTD ............................... 7
106 * JELMOLI HOLDINGS AG. (BR) ................... 126
15,000 JUSCO CO LTD ................................ 261
7,200 KARSTADT AG. ................................ 289
6,600 KESCO OYJ ................................... 84
111,627 KINGFISHER PLC .............................. 1,238
80,813 MARKS & SPENCER PLC ......................... 385
23,000 MARUI CO LTD ................................ 343
19,750 MAY DEPARTMENT STORES CO .................... 637
16,000 METRO AG. ................................... 861
54,000 >* MITSUKOSHI LTD .............................. 190
41,200 MYCAL CORP .................................. 179
10 PENNEY, (J.C.) CO, INC ...................... 0
8,185 PINAULT-PRINTEMPS-REDOUTE S.A. .............. 2,160
50,000 > RYOHIN KEIKAKU CO LTD ....................... 10,030
39,673 SEARS ROEBUCK & CO .......................... 1,208
261 * SEIYU LTD ................................... 1
954 SELFRIDGES PLC .............................. 4
3,800 SONAE SGPS S.A. ............................. 201
4,200 STOCKMANN B FREE ............................ 61
35,000 TAKASHIMAYA CO LTD .......................... 241
1,849,740 WAL-MART STORES, INC ........................ 127,863
102,639 WATERFORD WEDGWOOD PLC (UNITS) .............. 104
---------
192,274
-- ------
HEALTH SERVICES--0.58%
48,600 COLUMBIA/HCA HEALTHCARE CORP ................ 1,425
1,756,100 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) ........................... 23,488
27,851 * HEALTHSOUTH CORP ............................ 150
2,400 MDS, INC (CLASS B) .......................... 49
87 * QUEST DIAGNOSTICS, INC ...................... 3
1,148,900 * TENET HEALTHCARE CORP ....................... 26,999
---------
52,114
---------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.15%
4,265 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIO
S.A ....................................... 101
17,429 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. ...... 169
7,800 * BILFINGER & BERGER AG. ...................... 170
1,975 BOUYGUES S.A. ............................... 1,256
29,500 BRISA-AUTO ESTRADAS DE PORTUGAL S.A. ........ 226
14,600 DRAGADOS Y CONSTRUCCIONES S.A. .............. 129
2,328 ENGIL-SGPS .................................. 22
12,500 FLUOR CORP .................................. 573
6,300 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A ...... 128
32,000 * GAMUDA BERHAD ............................... 71
1,900 > GROUPE GTM .................................. 185
7,500 HOCHTIEF AG. ................................ 280
2,753 HOLLANDSCHE BETON GROEP NV (H.B.G.) ......... 26
14,000 HONG KONG CONSTRUCTION HOLDINGS ............. 5
84,000 IMPREGILO S.P.A. ............................ 52
42,000 >* JGC CONSTRUCTION CORP ....................... 102
19,000 KAJIMA CORP ................................. 57
12,000 MAEDA ROAD CONSTRUCTION CO LTD .............. 58
1,146 * MORRISON KNUDSEN CORP WTS 03/11/03 .......... 3
20,000 OKUMURA CORP ................................ 67
50,000 >* SATO KOGYO .................................. 32
1,000 SHO-BOND CORP ............................... 18
3,060 SOCIEDADE DE CONSTRUCOES SOARES DA COS ...... 9
209,400 * SOCIETE GENERALE DENTREPRISES S.A. .......... 9,810
2,000 * TOA CORP .................................... 3
124,000 UNITED INDUSTRIAL CORP ...................... 70
1,100 VA TECHNOLOGIE AG. (BR) ..................... 73
---------
13,695
---------
HOLDING AND OTHER INVESTMENT OFFICES--0.31%
113,856 ALLIED ZURICH PLC ........................... 1,341
83,909 * BENI STABILI S.P.A. ......................... 30
323,200 * BRIERLEY INVESTMENTS LTD .................... 68
50,200 * CANARY WHARF FINANCE PLC .................... 311
8,900 DROTT AB SERIES B ........................... 102
19,178 EQUITY OFFICE PROPERTIES TRUST .............. 472
8,300 EQUITY RESIDENTIAL PROPERTIES TRUST CO ...... 354
400 > EURAFRANCE S.A. ............................. 241
400 * GROUP POUR LE FINANCEMENT CONSTRUCTION ...... 45
1,330,501 HUTCHINSON WHAMPOA LTD ...................... 19,341
5,634 LAND SECURITIES PLC ......................... 63
247,000 LEND LEASE CORP LTD ......................... 3,450
36,600 ORIENTAL HOLDINGS ........................... 80
8,400 POWER CORP OF CANADA ........................ 143
5,900 PROMISE CO LTD .............................. 300
10,300 SIMON PROPERTY GROUP, INC ................... 236
57,000 > SUMITOMO CORP ............................... 552
346,300 UNIONE IMMOBILIARE S.P.A. ................... 160
93,395 WESTFIELD TRUST (UNITS) ..................... 183
5,190 * WESTFIELD TRUST (UNITS) (NEW) ............... 10
---------
27,482
---------
HOTELS AND OTHER LODGING PLACES--0.03%
8,385 ACCOR S.A. .................................. 405
100 * CLUB MEDITERRANEE S.A. ...................... 12
3,000 FUJITA KANKO, INC ........................... 18
22,000 GENTING BERHAD .............................. 78
117,962 HILTON GROUP PLC ............................ 378
12,300 HILTON HOTELS CORP .......................... 118
52,000 * HONG KONG & SHANGHAI HOTELS LTD ............. 34
48,000 HOTEL PROPERTIES LTD ........................ 43
8,000 JURYS DOYLE HOTEL PLC ....................... 59
125,000 MIRAMAR HOTEL & INVESTMENT CO LTD ........... 134
20,500 * PARK PLACE ENTERTAINMENT CORP ............... 256
74,000 * REGAL HOTELS INTERNATIONAL LTD .............. 6
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 59
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
HOTELS AND OTHER LODGING PLACES--(Continued)
69,000 RESORTS WORLD BERHAD ........................ $ 198
137,200 SHANGRI-LA ASIA LTD ......................... 157
26,338 SHANGRI-LA ASIA LTD (SINGAPORE) ............. 32
11,200 * SOL MELIA S.A. .............................. 127
13,500 STARWOOD HOTELS & RESORTS WORLDWIDE ......... 317
---------
2,372
---------
INDUSTRIAL MACHINERY AND EQUIPMENT--5.35%
1,500 AGIV AG. .................................... 27
33,000 AMADA CO LTD ................................ 180
8,000 * AMANO CORP .................................. 48
10,100 * APPLE COMPUTER, INC ......................... 1,038
27,000 * APPLIED MATERIALS, INC ...................... 3,421
12,371 ATLAS COPCO AB SERIES B FREE ................ 352
481,642 BAKER HUGHES, INC ........................... 10,145
7,142 BLACK & DECKER CORP ......................... 373
13,600 BRUNSWICK CORP .............................. 303
5,900 BUDERUS AG. ................................. 100
16,600 CATERPILLAR, INC ............................ 781
1,372,534 * CISCO SYSTEMS, INC .......................... 147,033
978,000 COMPAQ COMPUTER CORP ........................ 26,467
8,441 CUMMINS ENGINE CO, INC ...................... 408
28,121 > DAI NIPPON SCREEN MANUFACTURING CO LTD ...... 168
26,000 DAIKIN INDUSTRIES LTD ....................... 353
17,200 DEERE & CO .................................. 746
494,600 * DELL COMPUTER CORP .......................... 25,225
20,300 DOVER CORP .................................. 921
7,000 EBARA CORP .................................. 78
506,310 * EMC CORP .................................... 55,314
1,600 * EST ASIATIQUE ............................... 17
200,600 FANUC LTD ................................... 25,526
178,511 FKI PLC ..................................... 692
4,000 FLS INDUSTRIES AS (CLASS B) ................. 101
20,190 FUTURIS CORP LTD ............................ 28
63,864 HEWLETT-PACKARD CO .......................... 7,277
6,000 * HITACHI ZOSEN CORP .......................... 5
4,200 INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG. ...... 88
3,513 INGERSOLL-RAND CO ........................... 193
612,698 (0) INTERNATIONAL BUSINESS MACHINES CORP ........ 66,171
42,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD . 48
47,500 KEPPEL CORP LTD ............................. 124
76,689 KOMATSU LTD ................................. 353
1,365 KONE CORP SERIES B .......................... 67
124,533 KUBOTA CORP ................................. 476
4,766 LINDE AG. ................................... 261
7,000 MAKITA CORP ................................. 63
3,820 METRA CO SERIES B ........................... 71
8,503 * METSO OYJ ................................... 111
326,000 MINEBEA CO LTD .............................. 5,590
308,468 MITSUBISHI HEAVY INDUSTRIES LTD ............. 1,029
14,000 MORI SEIKI CO LTD ........................... 188
44,800 > NIDEC CORP .................................. 12,926
45,000 NSK LTD ..................................... 308
37,000 NTN TOYO BEARING CO LTD ..................... 109
32,513 OKUMA CORP .................................. 102
20,000 > OMRON CORP .................................. 461
11,000 SANDVIK AB SERIES A ......................... 345
5,100 SANDVIK AB SERIES B FREE .................... 163
142 SCHINDLER HOLDINGS LTD (REGD) ............... 227
18,962 * SEAGATE TECHNOLOGY, INC ..................... 883
900 SIDEL S.A. .................................. 93
2,674 STORK NV .................................... 39
200 * SULZER WINTERTHUR AG. (REGD) ................ 130
6,600 SVENKA KULLAGERFABRIKEN AB SERIES B ......... 161
293,000 > THK CO LTD .................................. 11,836
8,000 TOMRA SYSTEMS AS ............................ 136
100 TOYODA AUTOMATIC LOOM WORKS LTD ............. 2
5,000 * TSUGAMI CORP ................................ 13
1,794,860 TYCO INTERNATIONAL LTD ...................... 69,775
36,000 * VAN DER HORST LTD ........................... 12
700 * VESTAS WIND SYSTEMS A/S ..................... 124
5,892 ZARDOYA OTIS S.A. ........................... 58
---------
479,863
---------
INSTRUMENTS AND RELATED PRODUCTS--2.43%
6,000 ASAHI OPTICAL CO LTD ........................ 13
438,141 BAXTER INTERNATIONAL, INC ................... 27,521
20,400 BECTON DICKINSON & CO ....................... 546
466,000 > CANON, INC .................................. 18,505
7,000 CASIO COMPUTER CO LTD ....................... 58
16,000 CITIZEN WATCH CO LTD ........................ 102
115,000 COCHLEAR LTD ................................ 1,524
22,600 EASTMAN KODAK CO ............................ 1,497
412 ESSILOR INTERNATIONAL S.A. .................. 128
5,900 * FRESENIUS MEDICAL CARE AG. .................. 505
38,000 FUJI PHOTO FILM CO LTD ...................... 1,386
15,000 * GAMBRO AB (CLASS A) ......................... 135
5,000 * GAMBRO AB (CLASS B) ......................... 45
114,026 IMI PLC ..................................... 493
23,097,202 INVENSYS PLC ................................ 125,684
7,141 JOHNSON CONTROLS, INC ....................... 406
14,000 KONICA CORP ................................. 52
1,500 * LITTON INDUSTRIES, INC ...................... 75
77,600 MEDTRONIC, INC .............................. 2,828
636,000 NIKON CORP .................................. 18,662
185,000 > NORITSU KOKI CO LTD ......................... 7,057
6,310 OCE NV ...................................... 107
12,000 OLYMPUS OPTICAL CO LTD ...................... 170
7,430 OXFORD INSTRUMENTS GROUP PLC ................ 23
1,800 * PE CORP-CELERA GENOMICS GROUP ............... 268
5,300 PE CORP-PE BIOSYSTEMS GROUP ................. 638
1,000 RADIOMETER AS (CLASS B) ..................... 38
500 RAYTHEON CO (CLASS A) ....................... 12
9,400 RAYTHEON CO (CLASS B) ....................... 250
342,077 > RICOH CO LTD ................................ 6,444
465 * SAGEM S.A. (NEW) ............................ 323
39,000 * SMITH & NEPHEW PLC .......................... 131
4 * THE SWATCH GROUP AG. (BR) ................... 5
1,677 THE SWATCH GROUP AG. (REGD) ................. 391
1,100 * WILLIAM DEMANT AS ........................... 104
124,208 WILLIAMS PLC ................................ 565
49,474 XEROX CORP .................................. 1,122
15,000 YOKOGAWA ELECTRIC CORP ...................... 106
---------
217,919
---------
INSURANCE AGENTS, BROKERS AND SERVICE--0.09%
57,113 FORTIS B .................................... 2,061
4,662 * FORTIS B CVG 07/20/01 ....................... 16
49,446 * FORTIS B NPV (STRIP VVPR) ................... 0
626 GENERALI HOLDINGS VIENNA .................... 105
13,700 MARSH & MCLENNAN COS, INC ................... 1,311
1,600,000 * OLD MUTUAL PLC .............................. 4,353
---------
7,846
---------
INSURANCE CARRIERS--2.54%
1,235,000 ACE LTD ..................................... 20,609
185,977 AEGON NV .................................... 17,968
4,100 * AEGON NV ARS ................................ 392
10,231 AETNA, INC .................................. 571
22,247 AFLAC, INC .................................. 1,050
29 ALLEANZA ASSICURAZIONI (S/S) NON CV ......... 0
16,712 ALLIANZ AG. (REGD) .......................... 5,615
34,604 ALLSTATE CORP ............................... 830
100,482 AMERICAN INTERNATIONAL GROUP, INC ........... 10,865
497,000 AMP LTD ..................................... 5,475
SEE NOTES TO FINANCIAL STATEMENTS
60 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
INSURANCE CARRIERS--(Continued)
14,750 AON CORP .................................... $ 590
65,164 > ASSICURAZIONI GENERALI S.P.A. ............... 2,153
22,231 AXA ......................................... 3,100
84,689 CGU PLC ..................................... 1,364
14,400 CHUBB CORP .................................. 811
19,970 CIGNA CORP .................................. 1,609
1,691,185 CITIGROUP, INC .............................. 93,966
56,847 COLONIAL LTD ................................ 253
1,300 COMPANHIA DE SEGUROS TRANQUILIDADE .......... 40
2,600 CORPORACION MAPFRE S.A. ..................... 43
600 * FAIRFAX FINANCIAL HOLDINGS LTD .............. 102
13,547 HARTFORD FINANCIAL SERVICES GROUP, INC ...... 642
220,300 INSTITUTO NAZIONALE DELLE ASSICURAZION ...... 584
386,460 LEGAL & GENERAL GROUP PLC ................... 1,051
12,100 LINCOLN NATIONAL CORP ....................... 484
1,680,000 * MANULIFE FINANCIAL CORP ..................... 21,390
7,300 MBIA, INC ................................... 386
1,247,000 > METROPOLITAN LIFE LTD ....................... 2,168
64,000 > MITSUI TAISHO MARINE & FIRE CO LTD .......... 379
11,285 MUENCHENER RUECKVER AG. (REGD) .............. 2,863
900 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) .... 48
2,900 POHJOLA INSURANCE CO LTD SERIES B ........... 175
119,295 PRUDENTIAL PLC .............................. 2,350
450,829 QBE INSURANCE GROUP LTD ..................... 2,095
39,300 RAS S.P.A. .................................. 394
13,000 * SAFECO CORP ................................. 323
9,400 SAI S.P.A. .................................. 105
4,300 SAMPO INSURANCE CO SERIES A ................. 150
29,800 SKANDIA FORSAKRINGS AB ...................... 901
16,400 ST. PAUL COS, INC ........................... 552
29,450 * UNI-STOREBRAND AS SERIES A .................. 224
47,972 SUMITOMO MARINE & FIRE INSURANCE CO ......... 296
1,032 SWISS REINSURANCE ........................... 2,120
94,000 TOKIO MARINE & FIRE INSURANCE CO LTD ........ 1,099
2,900 * TOPDANMARK AS ............................... 57
17,400 UNITED HEALTHCARE CORP ...................... 924
8,300 UNUMPROVIDENT CORP .......................... 266
2,900 * WELLPOINT HEALTH NETWORKS, INC .............. 191
323,811 XL CAPITAL LTD .............................. 16,798
3,172 ZURICH ALLIED AG. ........................... 1,809
---------
228,230
---------
LOCAL AND INTERURBAN PASSENGER TRANSIT--0.50%
167 CENTRAL JAPAN RAILWAY CO .................... 1,047
2,197 EAST JAPAN RAILWAY CO ....................... 11,840
17,986 LAIDLAW, INC ................................ 94
12,354,582 STAGECOACH HOLDINGS PLC ..................... 31,819
---------
44,800
---------
LUMBER AND WOOD PRODUCTS--0.03%
110,814 CARTER HOLT HARVEY LTD ...................... 145
6,200 CLAYTON HOMES, INC .......................... 57
85,060 * FLETCHER CHALLENGE LTD (FORESTS DIVISION) ... 34
18,500 GEORGIA-PACIFIC CORP (PACKING GROUP) ........ 939
18,000 JAYA TIASA HOLDINGS BERHAD .................. 33
8,100 LOUISIANA PACIFIC CORP ...................... 115
73,900 SEKISUI HOUSE LTD ........................... 654
12,652 WEYERHAEUSER CO ............................. 909
---------
2,886
---------
METAL MINING--0.20%
270 ALUSUISSE LONZA HOLDINGS AG. (REGD) ......... 199
7,300 * ASTRUIANA DE ZINC S.A. MINES ................ 94
2,000 BARRICK GOLD CORP ........................... 36
19,500 BARRICK GOLD CORP (U.S.) .................... 345
23,500 * CAMBIOR, INC ................................ 30
2,500 CAMECO CORP ................................. 38
7,800 COMINCO LTD ................................. 163
2,000 * DELTA GOLD NL ............................... 3
31,000 * ECHO BAY MINES LTD .......................... 37
5,000 ELKEM AS .................................... 116
15,466 GOLDFIELDS LTD .............................. 11
22,700 HOMESTAKE MINING CO ......................... 177
1,000 * ILUKA RESOURCES LTD ......................... 3
9,681 * INCO LTD CO ................................. 225
3,000 * INCO LTD CO (U.S.) .......................... 71
13,400 JOHNSON MATTHEY PLC ......................... 149
4,619 LONMIN PLC .................................. 47
120,015 MIM HOLDINGS LTD ............................ 123
85,000 * MITSUBISHI MATERIALS CORP ................... 208
11,000 MITSUI MINING & SMELTING CO LTD ............. 52
31,000 * NEWCREST MINING LTD ......................... 106
16,900 NEWMONT MINING CORP ......................... 414
104,000 NIPPON LIGHT METAL CO LTD ................... 97
19,400 NORANDA, INC ................................ 260
113,247 NORMANDY MINING LTD ......................... 80
1,358,306 > NORTH LTD ................................... 3,192
8,900 OUTOKUMPU OY SERIES A ....................... 126
25,200 PLACER DOME, INC ............................ 268
59,608 RESOLUTE SAMANTHA LTD ....................... 15
10,400 RIO ALGOM LTD ............................... 158
242,900 > RIO TINTO LTD ............................... 5,202
36,050 RIO TINTO PLC (BR) .......................... 582
40,606 RIO TINTO PLC (REGD) ........................ 980
11,638 SMITH (HOWARD) LTD .......................... 79
21,000 * SUMITOMO METAL MINING CO LTD ................ 47
8,800 TECK CORP LTD (CLASS B) ..................... 83
2,400 UNION MINIERE GROUP S.A. .................... 93
722,000 > WMC LTD ..................................... 3,969
---------
17,878
---------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.19%
3,000 AMER GROUP LTD PLC SERIES A ................. 61
800 BIC S.A. .................................... 36
18,400 BULGARI S.P.A. .............................. 165
2,500 CALLAWAY GOLF CO ............................ 44
18,300 MATTEL, INC ................................. 240
33,952 MINNESOTA MINING & MANUFACTURING CO ......... 3,323
76,100 NINTENDO CO LTD ............................. 12,639
632 RHI AG. ..................................... 18
4,000 SEGA ENTERPRISES LTD ........................ 127
---------
16,653
---------
MISCELLANEOUS RETAIL--0.67%
192,300 >* AMAZON.COM, INC ............................. 14,639
112,481 BOOTS CO LTD ................................ 1,093
852,905 CVS CORP .................................... 34,063
41,158 GREAT UNIVERSAL STORES PLC .................. 241
293,900 * QXL.COM PLC LTD ............................. 6,905
11,100 RITE AID CORP ............................... 124
33,075 * STAPLES, INC ................................ 686
32,200 * TOYS R US, INC .............................. 461
58,124 WALGREEN CO ................................. 1,700
---------
59,912
---------
MOTION PICTURES--0.73%
148,962 DISNEY (WALT) CO ............................ 4,357
5,500 EM.TV & MERCHANDISING AG. ................... 355
27,573 RANK GROUP PLC .............................. 87
604,395 TIME WARNER, INC ............................ 43,781
3,033,000 TOEI CO ..................................... 16,791
1,910 TOHO CO LTD ................................. 279
---------
65,650
---------
NONDEPOSITORY INSTITUTIONS--0.79%
9,800 ACOM CO LTD ................................. 959
32,385 AMERICAN EXPRESS CO ......................... 5,384
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 61
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
NONDEPOSITORY INSTITUTIONS--(Continued)
409,212 ASSOCIATES FIRST CAPITAL CORP ............... $ 11,228
5,300 CORPORACION FINANCIERE ALBA S.A. ............ 181
842 COUNTRYWIDE CREDIT INDUSTRIES, INC .......... 21
9,162 CREDIT SAISON CO LTD ........................ 160
64,227 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....... 4,010
123,648 HALIFAX PLC ................................. 1,371
34,404 HOUSEHOLD INTERNATIONAL, INC ................ 1,282
255,100 * ICICI LTD (SPONS ADR) ....................... 3,540
61,993 ING GROEP NV ................................ 3,744
31,637 IRISH LIFE AND PERMANENT PLC ................ 300
34,500 MEDIOBANCA S.P.A. ........................... 352
5,000 NICHIEI CO LTD (KYOTO) ...................... 109
3,000 NIPPON SHINPAN CO LTD ....................... 7
135,200 > ORIX CORP ................................... 30,441
25,961 SCHROEDERS LTD .............................. 522
14,050 SHOHKOH FUND & CO ........................... 5,559
11,200 TAKEFUJI CORP ............................... 1,401
---------
70,571
---------
NONMETALLIC MINERALS, EXCEPT FUELS--0.00%
61,100 ASHTON MINING LTD ........................... 32
2,300 POTASH CORP OF SASKATCHEWAN, INC ............ 110
---------
142
---------
OIL AND GAS EXTRACTION--0.95%
6,300 ALBERTA ENERGY LTD .......................... 196
5,700 * ANDERSON EXPLORATION LTD .................... 68
596,000 APACHE CORP ................................. 22,015
2,375 BURLINGTON RESOURCES, INC ................... 79
3,700 * CANADIAN NATURAL RESOURCES LTD .............. 90
13,576 CANADIAN OCCIDENTAL PETROLEUM LTD ........... 267
2,100 * COFLEXIP S.A. ............................... 153
36,200 FLETCHER CHALLENGE LTD (ENERGY DIVISION) .... 95
37 * FRIEDE GOLDMAN HALTER, INC .................. 0
19,400 * GLOBAL MARINE, INC .......................... 323
9,547 GULF CANADA RESOURCES LTD ................... 31
21,769 HALLIBURTON CO .............................. 876
1,195,910 IHC CALAND NV ............................... 43,675
27,800 IMPERIAL OIL LTD ............................ 595
61,766 LONDON & SCOTTISH MARINE OIL PLC ............ 117
16,300 OCCIDENTAL PETROLEUM CORP ................... 352
1,700 OMV AKTIENGESELLS AG. ....................... 165
8,800 * PETROLEUM GEO-SERVICES AS ................... 157
7,000 * RANGER OIL LTD .............................. 22
5,300 * RENAISSANCE ENERGY LTD ...................... 53
35,700 SCHLUMBERGER LTD ............................ 2,008
3,000 SMEDVIG AS SERIES A ......................... 37
200 TECHNIP S.A. ................................ 21
86,685 TOTAL FINA S.A. ............................. 11,571
11,500 TOTAL FINA S.A. (CLASS B) ................... 1,547
10,800 * TOTAL FINA S.A. (STRIP VVPR) ................ 0
12,111 * TRANSOCEAN SEDCO FOREX, INC ................. 408
16,000 * TULLOW OIL PLC .............................. 21
---------
84,942
---------
PAPER AND ALLIED PRODUCTS--0.34%
8,300 ABITIBI CONSOLIDATED, INC ................... 97
36,000 AMCOR LTD ................................... 168
73,512 ARJO WIGGINS APPLETON PLC ................... 267
6,000 * ASSIDOMAN AB ................................ 98
6,700 AVERY DENNISON CORP ......................... 488
7,040 BUHRMANN NV ................................. 106
50,577 BUNZL PLC ................................... 278
10,800 CARTIERE BURGO S.P.A. ....................... 71
7,100 CHAMPION INTERNATIONAL CORP ................. 440
16,600 DOMTAR, INC ................................. 196
1,500 EMPRESA NATIONAL DE CELULOSAS S.A. .......... 30
106,900 FLETCHER CHALLENGE LTD (PAPER DIVISION) ..... 75
784,000 FORT JAMES CORP ............................. 21,462
25,729 INTERNATIONAL PAPER CO ...................... 1,452
4,500 INVESTIMENTOS PARTICIPACOES E GESTAO ........ 37
93,729 JEFFERSON SMURFIT GROUP PLC ................. 283
32,811 KIMBERLY-CLARK CORP ......................... 2,141
545 MAYR-MELNHOF KARTON AG. ..................... 25
1,700 * MEAD CORP ................................... 74
65,000 MITSUBISHI PAPER MILLS LTD .................. 87
4,000 NGK INSULATORS LTD .......................... 30
43,000 NIPPON PAPER INDUSTRIES CO .................. 237
3,400 NORSKE SKOGINDUSTRIER SERIES A .............. 178
88,666 OJI PAPER CO LTD ............................ 533
5,944 PORTUCEL INDUSTRIA EMPRESA .................. 41
14,120 RENO DE MEDICI S.P.A. ....................... 38
55,600 * REPAP ENTERPRISES, INC ...................... 3
29,669 REXAM PLC ................................... 120
13,550 > SCA AB SERIES B ............................. 402
5,400 TEMPLE-INLAND, INC .......................... 356
6,100 UNI CHARM CORP .............................. 351
14,700 > UPM-KYMMENE OY .............................. 592
---------
30,756
---------
PERSONAL SERVICES--0.00%
6,725 BLOCK (H&R), INC ............................ 294
400 x* LOEWEN GROUP, INC ........................... 0
---------
294
---------
PETROLEUM AND COAL PRODUCTS--2.96%
46,001 ATLANTIC RICHFIELD CO ....................... 3,979
5,426,854 BP AMOCO PLC ................................ 54,548
746 BP AMOCO PLC (SPONS ADR) .................... 44
993,790 > BROKEN HILL PROPRIETARY CO LTD .............. 13,009
2,500 * BURMAH CASTROL PLC .......................... 46
41,991 CHEVRON CORP ................................ 3,637
490,231 CONOCO, INC (CLASS B) ....................... 12,194
70,000 COSMO OIL CO LTD ............................ 105
513,100 > ENTE NAZIONALE IDROCARBURI S.P.A. ........... 2,822
1,597,256 EXXON MOBIL CORP ............................ 128,679
106,900 NIPPON MITSUBISHI OIL CO .................... 471
28,196 NORSK HYDRO AS .............................. 1,183
26,500 PETRO-CANADA (VARIABLE-VOTE) ................ 374
80,824 REPSOL S.A. ................................. 1,874
661,330 ROYAL DUTCH PETROLEUM CO .................... 40,542
45,775 > SANTOS LTD .................................. 124
20,000 SHOWA SHELL SEKIYU K.K. ..................... 88
5,500 SUNCOR ENERGY, INC .......................... 229
29,824 TEIKOKU OIL CO LTD .......................... 90
16,446 UNOCAL CORP ................................. 552
46,365 USX-MARATHON GROUP, INC ..................... 1,145
---------
265,735
------
PIPELINES, EXCEPT NATURAL GAS--0.00%
18,562 ENBRIDGE, INC ............................... 367
------
PRIMARY METAL INDUSTRIES--3.33%
4,000 ACERINOX S.A. ............................... 160
11,300 ALCAN ALUMINUM CO LTD ....................... 463
580,390 ALCOA, INC .................................. 48,172
8,950 ALLEGHENY TECHNOLOGIES, INC ................. 201
2,000 BEKAERT S.A. ................................ 111
5,600 * BETHLEHEM STEEL CORP ........................ 47
3,868 * BOLIDEN LTD SDR ............................. 12
1,100 CO STEEL, INC ............................... 13
7,000 * CORUS GROUP PLC ............................. 18
4,000 DANIELI & CO ................................ 23
2,696 DOFASCO, INC ................................ 53
900 * FALCK AS .................................... 94
300 FLACK S.P.A. ................................ 2
SEE NOTES TO FINANCIAL STATEMENTS
62 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
PRIMARY METAL INDUSTRIES--(Continued)
2,850 GRANGES AB .................................. $ 60
3,000 * JAPAN METALS & CHEMICALS CO ................. 5
58,000 * JAPAN STEEL WORKS LTD ....................... 64
150,000 * KAWASAKI STEEL CORP ......................... 268
804,390 * MANNESMANN AG. (REGD) ....................... 194,087
1,181,000 NATIONAL IRON & STEEL MILLS LTD ............. 2,353
390,000 NIPPON STEEL CORP ........................... 912
700 NKT HOLDINGS AS ............................. 39
7,719 NUCOR CORP .................................. 423
5,048,000 * PASMINCO LTD ................................ 5,518
6,765 PECHINEY S.A. ............................... 484
772,866 PREUSSAG AKTIEGESELLSCHAFT AG. .............. 43,058
8,000 RAUTARUUKKI SERIES K ........................ 56
800 REYNOLDS METALS CO .......................... 61
14,280 #* SILVERSTONE BERHAD .......................... 0
8,700 STELCO, INC (CLASS A) ....................... 65
21,000 * SUMITOMO HEAVY INDUSTRIES LTD ............... 58
433,000 * SUMITOMO METAL INDUSTRIES LTD ............... 326
6,625 SVENSKT STAL AB SERIES A (SAAB) ............. 103
2,450 SVENSKT STAL AB SERIES B .................... 36
30,640 * THYSSEN KRUPP AG. ........................... 934
9,900 TRELLEBORG AB SERIES B FREE ................. 89
6,700 USINOR ...................................... 126
2,900 USX-US STEEL GROUP, INC ..................... 96
2,900 WORTHINGTON INDUSTRIES, INC ................. 48
---------
298,638
---------
PRINTING AND PUBLISHING--2.95%
52,000 DAI NIPPON PRINTING CO LTD .................. 829
15,800 DONNELLEY (R.R.) & SONS CO .................. 392
6,356 DOW JONES & CO, INC ......................... 432
4,976,200 ELSEVIER UTIGEVERSMIJ NV .................... 59,457
26,849 GANNETT CO, INC ............................. 2,190
24,662 INDEPENDENT NEWS & MEDIA PLC ................ 162
500 * KADOKAWA SHOTEN PUBLISHING CO LTD ........... 168
6,500 MCGRAW HILL COS, INC ........................ 401
7,800 MONDADORI (ARNOLDO) EDITORE S.P.A. .......... 248
8,100 MOORE CORP LTD .............................. 48
9,800 NEW YORK TIMES CO (CLASS A) ................. 481
1,056,492 NEWS CORP LTD ............................... 10,227
190,000 * ORIENTAL PRESS GROUP ........................ 24
4,661,024 PEARSON PLC ................................. 150,824
6,200 QUEBECOR, INC (CLASS B) ..................... 165
93,689 REED INTERNATIONAL PLC ...................... 701
4,000 SCHIBSTED ASA ............................... 74
142,100 * SHOBUNSHA PUBLICATIONS, INC ................. 8,895
233,977 SINGAPORE PRESS HOLDINGS LTD ................ 5,070
126,000 SOUTH CHINA MORNING POST .................... 109
37,600 THOMSON CORP ................................ 986
1,600 TIMES MIRROR CO SERIES A .................... 107
39,000 TOPPAN PRINTING CO LTD ...................... 389
391,870 TRIBUNE CO .................................. 21,577
16,592 WOLTERS KLUWER NV ........................... 562
---------
264,518
---------
RAILROAD TRANSPORTATION--0.10%
173,600 BRAMBLES INDUSTRIES LTD ..................... 4,786
58,689 BURLINGTON NORTHERN SANTA FE CORP ........... 1,423
21,500 CANADIAN PACIFIC LTD ........................ 461
7,200 CSX CORP .................................... 226
111 HANKYU CORP ................................. 0
55,000 KEIHIN ELECTRIC EXPRESS RAILWAY ............. 188
27,797 KINKI NIPPON RAILWAY CO LTD ................. 111
20,842 MAYNE NICKLESS LTD .......................... 54
125 NAGOYA RAILROAD CO LTD ...................... 0
48,000 NIPPON EXPRESS CO LTD ....................... 265
52,896 RAILTRACK GROUP PLC ......................... 888
84,000 TOBU RAILWAY CO LTD ......................... 246
15,200 UNION PACIFIC CORP .......................... 663
---------
9,311
---------
REAL ESTATE--0.32%
48,000 AMP DIVERSIFIED PROPERTY TRUST .............. 74
8,577 BRITISH LAND PLC ............................ 57
637,618 CHEUNG KONG HOLDINGS LTD .................... 8,100
477,319 * CHINESE ESTATES LTD ......................... 98
39,319 * CHINESE ESTATES LTD HOLDINGS WTS 11/24/00 ... 3
870,225 CITY DEVELOPMENT LTD ........................ 5,093
31,000 DAIWA KOSHO LEASE CO LTD .................... 100
2,163,000 DBS LAND LTD ................................ 4,258
6,000 DILIGENTIA AB ............................... 49
91,626 * EVERGO CHINA HOLDINGS LTD ................... 2
2,000 * FIRST CAPITAL CORP LTD ...................... 3
118,005 GENERAL PROPERTY TRUST ...................... 192
36,800 * GREAT PORTLAND ESTATES PLC .................. 113
4,509 HAMMERSON PLC ............................... 31
84,000 HANG LUNG DEVELOPMENT CO LTD ................ 95
24,000 HOPEWELL HOLDINGS LTD ....................... 14
109,468 HYSAN DEVELOPMENT CO LTD .................... 139
17,300 MEPC PLC .................................... 130
6,180 METROVACESA S.A. ............................ 107
69,000 MITSUBISHI ESTATE CO LTD .................... 673
78,000 MITSUI FUDOSAN CO LTD ....................... 528
689,377 NEW WORLD DEVELOPMENT CO LTD ................ 1,552
36,000 PARKWAY HOLDINGS LTD ........................ 82
300 SIMCO (REGD) ................................ 24
284,197 SINO LAND CO LTD ............................ 164
115,700 SLOUGH ESTATES PLC .......................... 660
14,130 STOCKLAND TRUST GROUP (UNITS) ............... 30
2,178 * STOCKLAND TRUST GROUP (UNITS) (NEW) ......... 4
15,300 STRAITS TRADING CO .......................... 19
556,837 SUN HUNG KAI PROPERTIES LTD ................. 5,802
146,000 TAI CHEUNG HOLDINGS LTD ..................... 35
53,000 > TOKYO TATEMONO CO LTD ....................... 94
200 UNIBAIL S.A. ................................ 25
22,200 UNITED OVERSEAS LAND LTD .................... 21
13,800 * URBIS S.A. .................................. 63
6,100 VALLEHERMOSO S.A. ........................... 43
6,700 * WCM BETEILIGUNGS & GRUNDBESITZ AG. .......... 260
---------
28,737
---------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.11%
1,470 ADIDAS SALOMON AG. .......................... 110
1,700 ARMSTRONG WORLD INDUSTRIES, INC ............. 57
51,105 BRIDGESTONE CORP ............................ 1,125
13,220 CONTINENTAL AG. ............................. 264
12,200 GOODYEAR TIRE & RUBBER CO ................... 344
13,877 ILLINOIS TOOL WORKS, INC .................... 938
11,834 MICHELIN S.A. (CLASS B) ..................... 465
23,504 NIKE, INC (CLASS B) ......................... 1,165
2,520,000 * OMNI INDUSTRIES LTD ......................... 4,568
113,600 > PIRELLI S.P.A. .............................. 312
8,200 * SEALED AIR CORP ............................. 425
---------
9,773
---------
SECURITY AND COMMODITY BROKERS--0.74%
33,800 3I GROUP PLC ................................ 603
52,900 * AMVESCAP PLC ................................ 615
94,148 > DAIWA SECURITIES GROUP, INC ................. 1,472
116,000 >* ITOCHU CORP ................................. 578
66,000 MARUBENI CORP ............................... 277
19,014 MERRILL LYNCH & CO, INC ..................... 1,588
115,000 MITSUBISHI CORP ............................. 887
105,000 MITSUI & CO LTD ............................. 734
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 63
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
SECURITY AND COMMODITY BROKERS--(Continued)
222,100 MORGAN STANLEY, DEAN WITTER, & CO ........... $ 31,705
1,406,000 NOMURA SECURITIES CO LTD .................... 25,372
7,000 OM GRUPPEN AB ............................... 152
700 PAINE WEBBER GROUP, INC ..................... 27
59,648 SCHWAB (CHARLES) CORP ....................... 2,289
275,000 x* YAMAICHI SECURITIES CO LTD .................. 5
---------
66,304
---------
SPECIAL TRADE CONTRACTORS--0.01%
250 KANDENKO CO LTD ............................. 1
24,000 KINDEN CORP ................................. 184
11,346 SCHNEIDER ELECTRIC S.A. ..................... 891
---------
1,076
---------
STONE, CLAY, AND GLASS PRODUCTS--0.74%
7,220 AKER RGI ASA SERIES A ....................... 97
87,000 ASAHI GLASS CO LTD .......................... 673
6,900 BLUE CIRCLE INDUSTRIES PLC .................. 40
113,176 BORAL LTD ................................... 175
7,000 CEMENTIR S.P.A. ............................. 9
12,328 CIMENTOS DE PORTUGAL ........................ 205
16,900 CORNING, INC ................................ 2,179
1,012,000 CRH PLC ..................................... 21,648
51,200 CSR LTD ..................................... 124
1,250 DYCKERHOFF AG. .............................. 38
700 GLAVERBEL S.A. .............................. 60
4,190,925 HANSON PLC .................................. 35,121
1,200 * HEIDELBERGER ZEMENT AG. (BELGIUM) ........... 89
5,052 > HEIDELBERGER ZEMENT AG. (GERMANY) ........... 397
1,200 * HEIDELBERGER ZEMENT AG. (STRIP VVPR) ........ 0
20,700 HEPWORTH PLC ................................ 64
567 HOLDERBANK FINANCIERE GLARUS AG. (BR) ....... 776
8,000 HOYA CORP ................................... 630
1,200 IMERYS S.A. ................................. 179
26,755 INAX CORP ................................... 150
13,400 > ITALCEMENTI S.P.A. .......................... 162
19,954 JAMES HARDIE INDUSTRIES LTD ................. 52
8,021 # LAFARGE S.A. (REGD) 2001 .................... 934
1,000 NIPPON SHEET GLASS CO LTD ................... 5
3,000 NORITAKE CO LTD ............................. 11
10,363 OWENS CORNING CO ............................ 200
14,700 * OWENS ILLINOIS, INC ......................... 368
330,140 PILKINGTON PLC .............................. 450
66,300 PIONEER INTERNATIONAL LTD ................... 199
2,291 RMC GROUP PLC ............................... 31
6,460 ST. GOBAIN S.A. ............................. 1,215
101,313 SUMITOMO OSAKA CEMENT CO LTD ................ 134
115,200 TAIHEIYO CEMENT CORP ........................ 220
230 TARMAC PLC .................................. 2
3,700 TOTO LTD .................................... 22
4,800 WIENERBERGER BAUSTOFF AG. ................... 104
---------
66,763
---------
TEXTILE MILL PRODUCTS--0.01%
1,400 * CHARGEURS S.A. .............................. 79
21,453 COATS VIYELLA PLC ........................... 14
19,790 COURTAULDS TEXTILES PLC ..................... 21
20,785 * KANEBO LTD .................................. 34
7,000 MARZOTTO & FIGLI S.P.A. ..................... 50
1,000 MITSUBISHI RAYON CO LTD ..................... 2
36,000 NISSHINBO INDUSTRY, INC ..................... 163
98,000 * NITTO BOSEKI CO LTD ......................... 127
8,100 SHAW INDUSTRIES, INC ........................ 125
18,000 TOYOBO CO LTD ............................... 23
---------
638
---------
TOBACCO PRODUCTS--0.08%
18,316 * ALTADIS ..................................... 261
25,900 > ALTADIS S.A. ................................ 371
10,107 > BRITISH AMERICAN TOBACCO AUSTRALIA LTD ...... 93
17,000 BRITISH AMERICAN TOBACCO BERHAD ............. 130
155,577 BRITISH AMERICAN TOBACCO PLC ................ 884
25,500 IMASCO LTD .................................. 703
150 JAPAN TOBACCO, INC .......................... 1,147
162,846 PHILIP MORRIS COS, INC ...................... 3,776
50,000 R.J. REYNOLDS BERHAD ........................ 62
---------
7,427
---------
TRANSPORTATION BY AIR--0.36%
11,398 AIR CANADA, INC ............................. 86
89,800 > ALITALIA S.P.A. ............................. 214
6,580 * ALL NIPPON AIRWAYS CO LTD ................... 18
11,200 * AMR CORP .................................... 750
1,500 AUSTRIAN AIRLINES/OEST LUFTV AG. ............ 28
56,348 BRITISH AIRPORT AUTHORITIES PLC ............. 396
148 BRITISH AIRWAYS PLC ......................... 1
2,198,000 CATHAY PACIFIC AIRWAYS LTD .................. 3,916
157,000 * CONTINENTAL AIRLINES, INC (CLASS B) ......... 6,967
14,100 DELTA AIRLINES, INC ......................... 702
29,000 DEUTSCHE LUFTHANSA AG. (REGD) ............... 675
19,972 * FDX CORP .................................... 818
1,100 FLUGHAFEN WIEN AG. .......................... 38
3,200 HONG KONG AIRCRAFT ENGINEERING CO LTD ....... 5
119,600 > JAPAN AIRLINES CO LTD ....................... 354
4,200 KLM (ROYAL DUTCH AIRLINES) NV ............... 108
19,600 * RYANAIR HOLDINGS PLC ........................ 209
400 SAIRGROUP ................................... 81
4,200 > SAS DANMARK AS .............................. 44
3,000 > SAS NORGE ASA SERIES B ...................... 33
793,000 SINGAPORE AIRLINES LTD (LR) ................. 8,996
304,294 SOUTHWEST AIRLINES CO ....................... 4,926
476,400 SWIRE PACIFIC LTD (CLASS A) ................. 2,813
95 * U.S. AIRWAYS GROUP, INC ..................... 3
1,100 * UAL CORP .................................... 85
---------
32,266
---------
TRANSPORTATION EQUIPMENT--2.71%
67,077 BOEING CO ................................... 2,788
40,600 BOMBARDIER, INC (CLASS B) ................... 831
18,530 x* BREMER VULKAN AG. ........................... 19
147,107 BRITISH AEROSPACE PLC ....................... 974
5,868 * BRITISH AEROSPACE PLC WTS 11/15/00 .......... 102
1,500 COBHAM GROUP PLC ............................ 19
17,000 CYCLE & CARRIAGE LTD ........................ 53
58,488 DAIMLERCHRYSLER AG. ......................... 4,549
242,277 > DAIMLERCHRYSLER (U.S.A.) .................... 18,958
12,700 DANA CORP ................................... 380
38,298 DELPHI AUTOMOTIVE SYSTEMS CORP .............. 603
54,307 DENSO CORP .................................. 1,296
7,600 EATON CORP .................................. 552
27,139 FIAT S.P.A. ................................. 775
66,000 FORD MOTOR CO ............................... 3,527
12,553 GENERAL DYNAMICS CORP ....................... 662
48,099 GENERAL MOTORS CORP ......................... 3,496
271,100 * GENERAL MOTORS CORP (CLASS H) ............... 26,026
9,451 HARLEY DAVIDSON, INC ........................ 605
59,000 HONDA MOTOR CO LTD .......................... 2,193
349,200 HONEYWELL INTERNATIONAL, INC ................ 20,144
1,000 INCHAPE MOTORS .............................. 1
26,000 ITT INDUSTRIES, INC ......................... 869
37,000 KAWASAKI HEAVY INDUSTRIES LTD ............... 49
6,300 * KVAERNER INDUSTRIER AS SERIES A ............. 133
5,700 MAGNA INTERNATIONAL, INC .................... 242
10,300 MAN AG. ..................................... 387
10,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD ... 7
3,800 * NAVISTAR INTERNATIONAL CORP ................. 180
SEE NOTES TO FINANCIAL STATEMENTS
64 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
TRANSPORTATION EQUIPMENT--(Continued)
1,918,000 * NISSAN MOTOR CO LTD ......................... $ 7,541
31,000 ORIENT CORP ................................. 90
3,663 PEUGEOT S.A. ................................ 832
465,400 RENAULT S.A. ................................ 22,440
7,000 SHIMANO, INC ................................ 123
38,913 * SIEMENS AG. (REGD) .......................... 4,951
29,500 SMITHS INDUSTRIES PLC ....................... 441
10,700 * SPAR AEROSPACE LTD .......................... 59
8,263 TEXTRON, INC ................................ 634
6,758 THOMSON-CSF ................................. 223
28,300 TI GROUP PLC ................................ 217
1,768,260 TOYOTA MOTOR CORP ........................... 85,611
9,859 TRW, INC .................................... 512
433,523 UNITED TECHNOLOGIES CORP .................... 28,179
3,486 VALEO S.A. .................................. 269
4,280 VOLKSWAGEN AG. .............................. 241
26,300 VOLVO AB SERIES B FREE ...................... 681
---------
243,464
---------
TRANSPORTATION SERVICES--1.04%
8,968,200 AIRTOURS PLC ................................ 55,028
2,380,000 * AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A. ..... 37,764
11,100 GALILEO INTERNATIONAL, INC .................. 332
10 * KUONI REISEN HOLDINGS (REGD) (CLASS B) ...... 42
1,770 * NEW WORLD INFRASTUCTURE LTD ................. 2
---------
93,168
---------
TRUCKING AND WAREHOUSING--0.33%
2,500 CNF TRANSPORTATION, INC ..................... 86
2,875 * KONINKLIJKE VOPAK NV ........................ 68
2,000 MITSUBISHI LOGISTICS CORP ................... 13
44,000 SEINO TRANSPORTATION CO LTD ................. 233
30,657 TNT POST GROUP NV ........................... 879
732,122 > YAMATO TRANSPORT CO LTD ..................... 28,357
---------
29,636
---------
WATER TRANSPORTATION--0.07%
3,100 ASKO OYJ SERIES A ........................... 55
6,100 BERGESEN D.Y. AS (CLASS B) .................. 104
36,465 CARNIVAL CORP (CLASS A) ..................... 1,743
20,000 CHUAN HUP HOLDINGS LTD ...................... 5
700 CMB CIE MARITIME BELGE S.A. ................. 33
86 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ........ 1,013
58 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ...... 966
2,200 FINNLINES OY ................................ 69
43,200 * HAI SUN HUP WTS 05/10/02 .................... 9
4,500 IRISH CONTINENTAL GROUP PLC ................. 46
19,000 KAMIGUMI CO LTD ............................. 80
22,975 KAWASAKI KISEN KAISHA LTD ................... 34
1,900 KONINKLIJKE NEDLLOYD GROEP NV ............... 53
1,500 LEIF HOEGH & CO ............................. 18
56,000 MALAYSIAN INTERNATIONAL SHIPPING CO (FR) .... 92
474 MITSUI OSK LINES LTD ........................ 1
29,100 >* NCL HOLDINGS AS ............................. 126
77,124 * NEPTUNE ORIENT LINES LTD .................... 103
100,000 NIPPON YUSEN KABUSHIKI KAISHA ............... 409
2,300 OCEAN GROUP PLC ............................. 43
68,927 PENINSULAR & ORIENTAL STEAM NAVIGATION CO ... 1,150
228 TEEKAY SHIPPING CORP ........................ 4
800 UNITOR AS ................................... 6
---------
6,162
---------
WHOLESALE TRADE-DURABLE GOODS--0.02%
12,300 * ARM HOLDINGS PLC ............................ 830
448 DIETEREN S.A. ............................... 184
3,300 GENUINE PARTS CO ............................ 82
1,430 INSTRUMENTARIUM GROUP SERIES B FREE ......... 47
5,000 SANRIO CO LTD ............................... 185
4,000 SEIKO CORP .................................. 20
10,300 SSL INTERNATIONAL PLC ....................... 130
84,000 TAN CHONG INTERNATIONAL LTD ................. 18
8,000 TERUMO CORP ................................. 214
---------
1,710
---------
WHOLESALE TRADE-NONDURABLE GOODS--0.45%
1,600 AUSTRIA TABAKWERKE AG. ...................... 77
696,104 CARDINAL HEALTH, INC ........................ 33,326
35,612 ENRON CORP .................................. 1,580
3,000 ESSELTE AB SERIES B FREE .................... 23
15,849 F.H. FAULDING & CO LTD ...................... 104
49,500 FYFFES PLC .................................. 100
8,000 IWATANI & CO LTD ............................ 14
6,000 * KOKUYO CO LTD ............................... 80
836,000 LI & FUNG LTD ............................... 2,097
10,330 MCKESSON HBOC, INC .......................... 233
6,800 SOBEYS, INC ................................. 94
19,222 SUPERVALU, INC .............................. 384
33,770 SWEDISH MATCH CO ............................ 118
16,100 SYSCO CORP .................................. 637
228,000 THAI UNION FROZEN PRODUCTS (FR) ............. 868
3,700 URALITA S.A. ................................ 26
8,300 WESTON (GEORGE) LTD ......................... 316
---------
40,077
---------
TOTAL COMMON STOCK
(Cost $5,562,991) 8,288,732
=========
PRINCIPAL
---------
SHORT TERM INVESTMENTS--7.47%
COMMERCIAL PAPER--0.21%
CAMPBELL SOUP CO
$ 8,500,000 ~ 6.080%, 02/04/00 ............................ 8,454
NATIONAL FUEL GAS CO
4,575,000 6.200%, 02/22/00 ............................ 4,536
SBC COMMUNICATIONS, INC
6,000,000 ~ 6.300%, 01/10/00 ............................ 5,991
---------
18,981
---------
U.S. GOVERNMENT AND AGENCIES--7.26%
FEDERAL FARM CREDIT BANK (FFCB)
45,000,000 3.900%, 01/13/00 ............................ 44,920
FEDERAL HOME LOAN BANK (FHLB)
8,000,000 (0) 5.520%, 01/19/00 ............................ 7,979
10,000,000 5.620%, 02/02/00 ............................ 9,951
45,000,000 (0) 5.530%, 02/04/00 ............................ 44,766
28,000,000 (0) 5.470%, 02/11/00 ............................ 27,826
21,000,000 (0) 5.520%, 02/16/00 ............................ 20,851
32,000,000 (0) 5.520%, 02/22/00 ............................ 31,743
35,000,000 (0) 5.565%, 02/23/00 ............................ 34,714
30,000,000 (0) 5.750%, 02/25/00 ............................ 29,746
100,000 5.800%, 03/22/00 ............................ 99
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
5,341,000 5.480%, 01/13/00 ............................ 5,331
14,000,000 5.470%, 01/20/00 ............................ 13,961
20,000,000 5.050%, 01/31/00 ............................ 19,908
5,000,000 (0) 5.540%, 02/17/00 ............................ 4,964
10,000,000 (0) 5.540%, 02/24/00 ............................ 9,917
50,000,000 5.450%, 02/25/00 ............................ 49,576
7,300,000 (0) 5.470%, 03/23/00 ............................ 7,206
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
5,500,000 (0) 5.520%, 01/18/00 ............................ 5,486
8,000,000 (0) 5.530%, 01/18/00 ............................ 7,980
1,600,000 5.649%, 01/20/00 ............................ 1,596
2,000,000 (0) 5.560%, 01/21/00 ............................ 1,994
6,000,000 5.470%, 01/27/00 ............................ 5,978
33,000,000 (0) 5.520%, 02/03/00 ............................ 32,834
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 65
<PAGE>
STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
U.S. GOVERNMENT AND AGENCIES--(Continued)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
$ 4,000,000 4.820%, 02/04/00 .......................... $ 3,979
40,000,000 (0) 5.520%, 02/09/00 .......................... 39,763
28,000,000 (0) 5.470%, 02/10/00 .......................... 27,830
30,000,000 (0) 5.540%, 02/14/00 .......................... 29,800
35,800,000 (0) 5.600%, 02/17/00 .......................... 35,540
51,900,000 (0) 5.800%, 03/02/00 .......................... 51,399
30,000,000 (0) 5.820%, 03/02/00 .......................... 29,711
14,000,000 5.750%, 03/09/00 .......................... 13,845
----------
651,193
----------
TOTAL SHORT TERM INVESTMENTS
(Cost $670,171) 670,174
----------
TOTAL PORTFOLIO
(Cost $6,355,274) $9,117,947
==========
- ----------
* Non-income producing
x In bankruptcy
~ Commerical Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
(o) All or a portion of these securities have been segregated by the Custodian
to cover margin or other requirements on open futures contracts.
> All or a portion of these securities are out on loan.
# Restricted Securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At
December 31, 1999, the value of these securities amounted to $2,141,366 or
0.02% of net assets.
Additional information on each restricted security is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
- ---------- ----------- -----------
LAFARGE S.A. (REGD) 2001 01/05/99 $ 703,036
L'AIR LIQUIDE S.A. (REGD) 10/29/96 344,497
L'AIR LIQUIDE S.A. (REGD) 2001 01/05/99 741,186
SILVERSTONE BERHAD 01/08/98 804
VIGLEN TECHNOLOGY (LITIGATION NOTE) 04/30/98 0
----------
$1,789,523
----------
Transactions with Affiliated Companies - January 1, 1999--December 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE AT SHARES AT VALUE AT
DECEMBER 31, REALIZED DIVIDEND DECEMBER 31, DECEMBER 31,
ISSUE 1998 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME 1999 1999
----- ------------ ------------- -------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
IHC CALAND NV $ 97,814,831 -- $ 43,759,396 $ 18,231,173 $ 1,777,208 * *
CAPITAL RE CORP ** -- 26,538,203 (3,894,173) 76,000 * *
------------ ------------ ------------ ------------ ------------ --------- ---------
TOTAL AFFILIATED
TRANSACTION $ 97,814,831 $ 0 $ 70,297,599 $ 14,337,000 $ 1,853,208 $ 0
============ ============ ============ ============ ============ ========= =========
</TABLE>
- ----------
** Not an Affiliate as of December 31, 1998
* Not an Affiliate as of December 31, 1999
SEE NOTES TO FINANCIAL STATEMENTS
66 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
<TABLE>
<CAPTION>
Value %
----------- ------
<S> <C> <C>
BONDS
CORPORATE BONDS
AUTOMOTIVE DEALERS AND SERVICE STATIONS ........ $ 7 0.00%
----------- ------
TOTAL CORPORATE BONDS
(Cost $8) ........................................ 7 0.00
----------- ------
TOTAL BONDS
(Cost $8) ........................................ 7 0.00
----------- ------
PREFERRED STOCK
HOLDING AND OTHER INVESTMENT OFFICES ........... 9 0.00
INSTRUMENTS AND RELATED PRODUCTS ............... 0 0.00
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ...... 197 0.00
----------- ------
TOTAL PREFERRED STOCK
(Cost $186) ...................................... 206 0.00
----------- ------
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS .................. 276 0.00
AGRICULTURAL SERVICES .......................... 258 0.00
AMUSEMENT AND RECREATION SERVICES .............. 174,525 1.29
APPAREL AND ACCESSORY STORES ................... 30,712 0.23
APPAREL AND OTHER TEXTILE PRODUCTS ............. 2,221 0.02
AUTO REPAIR, SERVICES AND PARKING .............. 978 0.01
AUTOMOTIVE DEALERS AND SERVICE STATIONS ........ 3,001 0.02
BUILDING MATERIALS AND GARDEN SUPPLIES ......... 107,110 0.79
BUSINESS SERVICES .............................. 2,825,036 20.82
CHEMICALS AND ALLIED PRODUCTS .................. 1,407,698 10.37
COMMUNICATIONS ................................. 1,944,207 14.33
DEPOSITORY INSTITUTIONS ........................ 86,868 0.64
EATING AND DRINKING PLACES ..................... 26,841 0.20
EDUCATIONAL SERVICES ........................... 2,118 0.02
ELECTRIC, GAS, AND SANITARY SERVICES ........... 21,443 0.16
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ........ 2,254,991 16.62
ENGINEERING AND MANAGEMENT SERVICES ............ 12,227 0.09
FABRICATED METAL PRODUCTS ...................... 28,803 0.21
FOOD AND KINDRED PRODUCTS ...................... 185,471 1.37
FOOD STORES .................................... 92,351 0.68
FURNITURE AND FIXTURES ......................... 53,447 0.39
FURNITURE AND HOMEFURNISHINGS STORES ........... 98,457 0.72
GENERAL BUILDING CONTRACTORS ................... 1,378 0.01
GENERAL MERCHANDISE STORES ..................... 158,328 1.17
HEALTH SERVICES ................................ 7,576 0.06
HEAVY CONSTRUCTION, EXCEPT BUILDING ............ 2,173 0.02
HOLDING AND OTHER INVESTMENT OFFICES ........... 3,558 0.03
HOTELS AND OTHER LODGING PLACES ................ 3,566 0.03
INDUSTRIAL MACHINERY AND EQUIPMENT ............. 1,985,508 14.63
INSTRUMENTS AND RELATED PRODUCTS ............... 183,020 1.35
INSURANCE AGENTS, BROKERS AND SERVICE .......... 1,544 0.01
INSURANCE CARRIERS ............................. 103,028 0.76
LEATHER AND LEATHER PRODUCTS ................... 657 0.00
LEGAL SERVICES ................................. 170 0.00
LOCAL AND INTERURBAN PASSENGER TRANSIT ......... 32 0.00
LUMBER AND WOOD PRODUCTS ....................... 992 0.01
METAL MINING ................................... 3,109 0.02
MISCELLANEOUS MANUFACTURING INDUSTRIES ......... 4,141 0.03
MISCELLANEOUS RETAIL ........................... 99,185 0.73
MOTION PICTURES ................................ 58,940 0.43
NONDEPOSITORY INSTITUTIONS ..................... 100,105 0.74
NONMETALLIC MINERALS, EXCEPT FUELS ............. 95 0.00
OIL AND GAS EXTRACTION ......................... 19,167 0.14
PAPER AND ALLIED PRODUCTS ...................... 19,277 0.14
PERSONAL SERVICES .............................. 4,069 0.03
PETROLEUM AND COAL PRODUCTS .................... 1,796 0.01
PRIMARY METAL INDUSTRIES ....................... 1,665 0.01
PRINTING AND PUBLISHING ........................ 9,998 0.07
RAILROAD TRANSPORTATION ........................ 5,476 0.04
REAL ESTATE .................................... 1,146 0.01
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ...... 57,631 0.42
SECURITY AND COMMODITY BROKERS ................. 29,142 0.21
SOCIAL SERVICES ................................ 268 0.00
SPECIAL TRADE CONTRACTORS ...................... 942 0.01
STONE, CLAY, AND GLASS PRODUCTS ................ 21,237 0.16
TEXTILE MILL PRODUCTS .......................... 807 0.01
TOBACCO PRODUCTS ............................... 20,211 0.15
TRANSPORTATION BY AIR .......................... 667 0.00
TRANSPORTATION EQUIPMENT ....................... 352,940 2.60
TRANSPORTATION SERVICES ........................ 3,667 0.03
TRUCKING AND WAREHOUSING ....................... 1,796 0.01
WATER TRANSPORTATION ........................... 99,189 0.73
WHOLESALE TRADE-DURABLE GOODS .................. 4,700 0.03
WHOLESALE TRADE-NONDURABLE GOODS ............... 136,884 1.01
----------- ------
TOTAL COMMON STOCK
(Cost $8,951,661) ................................ 12,868,819 94.83
----------- ------
SHORT TERM INVESTMENTS
BANK NOTE .......................................... 25,755 0.19
CERTIFICATES OF DEPOSIT .......................... 13,457 0.10
COMMERCIAL PAPER ................................. 396,677 2.92
U.S. GOVERNMENT AND AGENCIES ..................... 188,537 1.39
----------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $624,359) .................................. 624,426 4.60
----------- ------
TOTAL PORTFOLIO
(Cost $9,576,214) ................................ 13,493,458 99.43
OTHER ASSETS & LIABILITIES, NET .................. 77,013 0.57
----------- ------
NET ASSETS ......................................... $13,570,471 100.00%
=========== ======
</TABLE>
----------
<TABLE>
<CAPTION>
PRINCIPAL VALUE (000)
--------- ----------
<S> <C> <C>
BONDS--0.00%
CORPORATE BONDS--0.00%
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.00%
UGLY DUCKLING CORP (SUB DEB)
$ 6,500 12.000%, 10/23/03 ............................... $ 7
-----------
TOTAL CORPORATE BONDS
(Cost $8) ....................................... 7
-----------
TOTAL BONDS
(Cost $8) ....................................... 7
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
PREFERRED STOCK--0.00%
HOLDING AND OTHER INVESTMENT OFFICES--0.00%
264 SUPERIOR TRUST SERIES A ......................... 9
-----------
INSTRUMENTS AND RELATED PRODUCTS--0.00%
32,800 * FRESENIUS MEDICAL CARE (CLASS D) ................ 0
-----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.00%
3,895 SEALED AIR CORP (CLASS A) ....................... 197
-----------
TOTAL PREFERRED STOCK
(Cost $186) ..................................... 206
-----------
COMMON STOCK--94.83%
AGRICULTURAL PRODUCTION-CROPS--0.00%
15,900 DELTA & PINE LAND CO ............................ 276
-----------
AGRICULTURAL SERVICES--0.00%
15,100 * CADIZ, INC ...................................... 143
8,900 * VETERINARY CENTERS OF AMERICA, INC .............. 115
-----------
258
-----------
AMUSEMENT AND RECREATION SERVICES--1.29%
2,895 * ANCHOR GAMING CO ................................ 126
9,500 * ARGOSY GAMING CORP .............................. 148
8,600 * BALLY TOTAL FITNESS HOLDINGS CORP ............... 230
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 67
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
AMUSEMENT AND RECREATION SERVICES--(Continued)
6,500 * CHAMPIONSHIP AUTO RACING TEAMS, INC ............. $ 150
3,400 CHURCHILL DOWNS, INC ............................ 77
3,400 DOVER DOWNS ENTERTAINMENT, INC .................. 64
4,200 * FAMILY GOLF CENTERS, INC ........................ 6
12,700 * HOLLYWOOD PARK, INC ............................. 285
10,600 INTERNATIONAL SPEEDWAY CORP (CLASS A) ........... 534
5,500 * MALIBU ENTERTAINMENT WORLDWIDE, INC ............. 1
100 * PENN NATIONAL GAMING, INC ....................... 1
3,295,914 * PREMIER PARKS, INC .............................. 95,170
2,078,875 * SFX ENTERTAINMENT, INC (CLASS A) ................ 75,229
1,700 * SPEEDWAY MOTORSPORTS, INC ....................... 47
27,700 * STATION CASINOS, INC ............................ 622
24,150 * WESTWOOD ONE, INC ............................... 1,835
-----------
174,525
-----------
APPAREL AND ACCESSORY STORES--0.23%
55,054 * ABERCROMBIE & FITCH CO (CLASS A) ................ 1,469
12,700 * AMERICAN EAGLE OUTFITTERS, INC .................. 572
7,700 * ANN TAYLOR STORES CORP .......................... 265
9,400 * BEBE STORES, INC ................................ 254
3,200 * BUCKLE, INC ..................................... 47
14,600 BURLINGTON COAT FACTORY WAREHOUSE CORP .......... 203
9,600 CATO CORP (CLASS A) ............................. 121
5,500 * CHICO'S FAS, INC ................................ 207
12,700 * CHILDRENS PLACE RETAIL STORES ................... 209
29,747 CLAIRES STORES, INC ............................. 666
3,400 DEB SHOPS, INC .................................. 63
3,200 * FINISH LINE, INC (CLASS A) ...................... 17
12,800 * FOOTSTAR, INC ................................... 390
405,232 GAP, INC ........................................ 18,641
29,500 * GENESCO, INC .................................... 384
1,400 * GYMBOREE CORP ................................... 8
19,475 INTIMATE BRANDS, INC (CLASS A) .................. 840
10,806 LIMITED, INC .................................... 468
50 x* JUST FOR FEET, INC .............................. 0
18,936 * MEN'S WEARHOUSE, INC ............................ 556
3,500 NORDSTROM, INC .................................. 92
12,587 * PACIFIC SUNWEAR CALIFORNIA, INC ................. 401
40,200 ROSS STORES, INC ................................ 721
9,000 * SHOE CARNIVAL, INC .............................. 91
5,500 * STEIN MART, INC ................................. 31
187,377 TJX COS, INC .................................... 3,830
2,086 * TOO, INC ........................................ 36
1,800 * URBAN OUTFITTERS, INC ........................... 52
6,400 * WET SEAL, INC (CLASS A) ......................... 78
-----------
30,712
-----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.02%
2,300 * DONNA KARAN INTERNATIONAL, INC .................. 15
57,238 * JONES APPAREL GROUP, INC ........................ 1,553
5,300 * NAUTICA ENTERPRISES, INC ........................ 60
5,700 OSHKOSH B'GOSH, INC (CLASS A) ................... 120
11,900 * POLO RALPH LAUREN CORP .......................... 203
4,819 * QUIKSILVER, INC ................................. 75
15,800 WARNACO GROUP, INC (CLASS A) .................... 195
-----------
2,221
-----------
AUTO REPAIR, SERVICES AND PARKING--0.01%
3,600 * AUTOWEB.COM, INC ................................ 39
6,881 * AVIS RENT A CAR, INC ............................ 176
700 CENTRAL PARKING CORP ............................ 13
10,000 HERTZ CORP (CLASS A) ............................ 501
11,366 MIDAS, INC ...................................... 249
-----------
978
-----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.02%
102,100 * AUTONATION, INC ................................. 944
34,242 * AUTOZONE, INC ................................... 1,106
6,000 * COPART, INC ..................................... 261
23,699 * CSK AUTO CORP ................................... 415
5,700 * GROUP 1 AUTOMOTIVE, INC ......................... 79
9,100 * OREILLY AUTOMOTIVE, INC ......................... 196
-----------
3,001
-----------
BUILDING MATERIALS AND GARDEN SUPPLIES--0.79%
11,870 FASTENAL CO ..................................... 533
1,369,605 HOME DEPOT, INC ................................. 93,904
211,125 LOWES COS, INC .................................. 12,615
3,600 * TRACTOR SUPPLY CO ............................... 58
-----------
107,110
-----------
BUSINESS SERVICES--20.82%
6,800 * 24/7 MEDIA, INC ................................. 383
8,100 AARON RENTS, INC ................................ 144
2,000 ABM INDUSTRIES, INC ............................. 41
3,300 * ABOUT.COM, INC .................................. 296
33,650 * ACCLAIM ENTERTAINMENT, INC ...................... 172
6,000 * ACKERLEY GROUP, INC ............................. 109
4,200 * ACNEILSEN CORP .................................. 103
4,000 * ACTIVISION, INC ................................. 61
14,400 * ACTUATE CORP .................................... 617
28,160 * ACXIOM CORP ..................................... 676
3,300 * ADFORCE, INC .................................... 236
2,400 * ADMINSTAFF, INC ................................. 73
79,160 ADOBE SYSTEMS, INC .............................. 5,324
4,400 * ADVANTAGE LEARNING SYSTEMS, INC ................. 49
11,000 * ADVENT SOFTWARE, INC ............................ 709
6,800 * ADVO, INC ....................................... 162
28,827 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) ..... 1,326
2,600 * ALLAIRE CORP .................................... 380
3,682,338 * AMERICA ONLINE, INC ............................. 277,786
38,675 * AMERICAN MANAGEMENT SYSTEMS, INC ................ 1,213
14,100 ANALYSTS INTERNATIONAL CORP ..................... 176
20,500 * ANSWERTHINK CONSULTING GROUP .................... 702
2,500 * APPLIEDTHEORY CORP .............................. 69
13,300 * ARDENT SOFTWARE, INC ............................ 519
3,100 * ASHTON TECHNOLOGY GROUP, INC .................... 20
12,600 * ASPECT DEVELOPMENT, INC ......................... 863
7,000 * ASPEN TECHNOLOGY, INC ........................... 185
8,300 * AUTOBYTEL.COM, INC .............................. 126
8,420 AUTODESK, INC ................................... 284
381,974 AUTOMATIC DATA PROCESSING, INC .................. 20,579
10,880 * AVANT CORP ...................................... 163
12,300 * AVT CORP ........................................ 578
13,200 * AWARE, INC ...................................... 480
12,600 * AXENT TECHNOLOGIES, INC ......................... 265
67 * AZTEC TECHNOLOGY PARTNERS, INC .................. 0
12,300 * BANYAN SYSTEMS, INC ............................. 246
7,600 * BARRA, INC ...................................... 241
95,600 * BEA SYSTEMS, INC ................................ 6,686
6,900 * BEST SOFTWARE, INC .............................. 204
11,800 * BEYOND.COM CORP ................................. 92
7,700 * BILLING CONCEPTS CORP ........................... 50
9,200 * BINDVIEW DEVELOPMENT CORP ....................... 457
10,050 * BISYS GROUP, INC ................................ 656
1,986,223 * BMC SOFTWARE, INC ............................... 158,774
2,700 * BOTTOMLINE TECHNOLOGIES, INC .................... 97
5,000 * BRIO TECHNOLOGY, INC ............................ 210
34,400 * BROADVISION, INC ................................ 5,850
2,600 * BROCADE COMMUNICATIONS SYSTEMS, INC ............. 460
2,600 * BUILDING ONE SERVICES CORP ...................... 25
12,500 * BURNS INTERNATIONAL SERVICES .................... 135
8,200 * CACI INTERNATIONAL, INC (CLASS A) ............... 186
89,100 * CADENCE DESIGN SYSTEMS, INC ..................... 2,138
700 * CAIS INTERNET, INC .............................. 25
19,300 * CAMBRIDGE TECHNOLOGY PARTNERS, INC .............. 507
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
68 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
BUSINESS SERVICES--(Continued)
11,100 * CATALINA MARKETING CORP ......................... $ 1,285
11,200 * CCC INFORMATION SERVICES GROUP, INC ............. 192
4,800 * CDI CORP ........................................ 116
229,797 * CENDANT CORP .................................... 6,104
48,300 * CENTURY BUSINESS SERVICES, INC .................. 408
1,634,400 * CERIDIAN CORP ................................... 35,242
8,500 * CERNER CORP ..................................... 167
22,560 * CHECKFREE HOLDINGS CORP ......................... 2,358
14,200 * CHOICEPOINT, INC ................................ 588
21,216 * CIBER, INC ...................................... 583
51,340 * CITRIX SYSTEMS, INC ............................. 6,315
12,300 * CLARIFY, INC .................................... 1,550
46,476 * CMGI, INC ....................................... 12,868
24,600 * CNET, INC ....................................... 1,396
3,500 * COGNIZANT TECHNOLOGY SOLUTIONS .................. 383
4,400 COMDISCO, INC ................................... 164
10,000 * COMPLETE BUSINESS SOLUTIONS, INC ................ 251
258,877 COMPUTER ASSOCIATES INTERNATIONAL, INC .......... 18,105
12,965 * COMPUTER HORIZONS CORP .......................... 210
11,900 * COMPUTER NETWORK TECHNOLOGY CORP ................ 273
78,718 * COMPUTER SCIENCES CORP .......................... 7,449
8,678 COMPUTER TASK GROUP, INC ........................ 129
196,140 * COMPUWARE CORP .................................. 7,306
45 * COMSHARE, INC ................................... 0
7,400 * CONCORD COMMUNICATIONS, INC ..................... 328
5,500 * CONCUR TECHNOLOGIES, INC ........................ 160
16,120 * CONVERGYS CORP .................................. 496
2,300 * CORT BUSINESS SERVICES CORP ..................... 40
7,200 * COSTAR GROUP .................................... 258
13,000 * COTELLIGENT, INC ................................ 70
8,500 * CRITICAL PATH, INC .............................. 802
47,400 * CSG SYSTEMS INTERNATIONAL, INC .................. 1,890
10,800 * CTC COMMUNICATIONS GROUP ........................ 421
3,700 * CYBERCASH, INC .................................. 34
11,000 * DATA BROADCASTING CORP .......................... 91
15,300 * DATASTREAM SYSTEMS, INC ......................... 376
10,100 * DBT ONLINE, INC ................................. 246
100 * DELTEK SYSTEMS, INC ............................. 1
21,000 * DENDRITE INTERNATIONAL, INC ..................... 711
7,600 * DIGITAL RIVER, INC .............................. 253
6,500 * DOCUMENTUM, INC ................................. 389
19,596 * DOUBLECLICK, INC ................................ 4,959
5,100 * DSP GROUP, INC .................................. 474
10,900 * DST SYSTEMS, INC ................................ 832
9,900 * EARTHLINK NETWORK, INC .......................... 421
5,900 * EARTHWEB, INC ................................... 297
66,600 * EBAY, INC ....................................... 8,337
8,700 * ECHELON CORP .................................... 170
23,800 * ECLIPSYS CORP ................................... 610
37,200 * ELECTRONIC ARTS, INC ............................ 3,125
1,560,400 ELECTRONIC DATA SYSTEMS CORP .................... 104,449
32,800 * ELECTRONICS FOR IMAGING, INC .................... 1,907
2,400 * ENGINEERING ANIMATION, INC ...................... 21
7,400 * ENTRUST TECHNOLOGIES, INC ....................... 444
13,200 * EPICOR SOFTWARE CORP ............................ 67
82,800 EQUIFAX, INC .................................... 1,951
12,150 * EXCALIBUR TECHNOLOGIES CORP ..................... 251
4,600 * EXCHANGE APPLICATIONS, INC ...................... 257
83,128 * EXCITE AT HOME .................................. 3,564
3,948 FACTSET RESEARCH SYSTEMS, INC ................... 314
10,685 FAIR ISSAC & CO, INC ............................ 566
13,897 * FILENET CORP .................................... 354
65,361 FIRST DATA CORP ................................. 3,223
66,912 * FISERV, INC ..................................... 2,564
900 * FORRESTER RESEARCH, INC ......................... 62
11,448 * FREEMARKETS, INC ................................ 3,907
11,334 * GARTNER GROUP, INC (CLASS B) .................... 157
9,100 * GENESYS TELECOMMUNICATIONS
LABORATORIESS, INC ............................. 491
10,800 GERBER SCIENTIFIC, INC .......................... 237
10,400 * GETTY IMAGES, INC ............................... 508
28,290 * GO.COM .......................................... 674
13,700 * GO2 NET, INC .................................... 1,192
8,600 * GREAT PLAINS SOFTWARE, INC ...................... 643
16,200 * GT INTERACTIVE SOFTWARE CORP .................... 27
21,900 * GTECH HOLDINGS CORP ............................. 482
26,500 * HARBINGER CORP .................................. 843
11,124 * HEALTHEON/WEBMD CORP ............................ 417
3,500 * HEIDRICK & STRUGGLES INTERNATIONAL, INC ......... 148
13,240 * HNC SOFTWARE .................................... 1,400
15,990 * HYPERION SOLUTIONS CORP ......................... 696
19,900 * I2 TECHNOLOGIES, INC ............................ 3,881
1,000 * IDX SYSTEMS CORP ................................ 31
10,200 * IMRGLOBAL CORP .................................. 128
190,912 IMS HEALTH, INC ................................. 5,190
1,800 * INACOM CORP ..................................... 13
100 * INDUSTRI-MATEMATIK INTERNATIONAL CORP ........... 1
19,700 * INFOCURE CORP ................................... 614
3,900 * INFORMATICA CORP ................................ 415
135,700 * INFORMIX CORP ................................... 1,552
15,200 * INFOSPACE.COM, INC .............................. 3,253
19,300 * INFOUSA, INC .................................... 269
43,200 * INKTOMI CORP .................................... 3,834
8,600 * INTEGRATED SYSTEMS, INC ......................... 289
20,700 * INTERIM SERVICES, INC ........................... 512
160 * INTERNET CAPITAL GROUP, INC ..................... 27
1,593,824 INTERPUBLIC GROUP OF COS, INC ................... 91,944
5,800 * INTERVU, INC .................................... 609
76,550 * INTUIT, INC ..................................... 4,588
12,700 * ISS GROUP, INC .................................. 903
15,900 * IVILLAGE, INC ................................... 322
12,800 * J.D. EDWARDS & CO ............................... 382
9,200 JACK HENRY & ASSOCIATES, INC .................... 494
7,650 * JDA SOFTWARE GROUP, INC ......................... 125
1,500 * JUNO ONLINE SERVICES, INC ....................... 53
28,000 * KEANE, INC ...................................... 889
80 KELLY SERVICES, INC (CLASS A) ................... 2
4,300 * KORN FERRY INTERNATIONAL ........................ 156
23,100 * LABOR READY, INC ................................ 280
24,300 * LAMAR ADVERTISING CO (CLASS A) .................. 1,472
18,900 * LEARN 2.COM, INC ................................ 62
204,960 * LEGATO SYSTEMS, INC ............................. 14,104
10,300 * LHS GROUP, INC .................................. 253
41,162 * LYCOS, INC ...................................... 3,275
21,200 * MACROMEDIA, INC ................................. 1,550
10,000 * MACROVISION CORP ................................ 740
8,200 * MANHATTAN ASSOCIATES, INC ....................... 60
15,401 MANPOWER, INC ................................... 579
8,400 * MANUGISTICS GROUP, INC .......................... 271
12,500 * MAPICS, INC ..................................... 158
4,300 * MARIMBA, INC .................................... 198
30,167 * MASTECH CORP .................................... 747
6,400 MCGRATH RENTCORP ................................ 112
1,800 * MEDIA METRIX, INC ............................... 64
8,000 * MEDICONSULT.COM, INC ............................ 50
9,900 * MEDQUIST, INC ................................... 772
5,000 * MEMBERWORKS, INC ................................ 166
32,300 * MENTOR GRAPHICS CORP ............................ 426
47 * MERANT PLC ADR .................................. 1
23,000 * MERCURY INTERACTIVE CORP ........................ 2,483
11,900 * MESSAGEMEDIA, INC ............................... 167
</TABLE>
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1999 CREF Annual Report o 69
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
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<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
BUSINESS SERVICES--(Continued)
19,100 * METAMOR WORLDWIDE, INC .......................... $ 556
10,000 * METRO INFORMATION SERVICES, INC ................. 240
5,700 * MICROMUSE, INC .................................. 969
7,140,714 * MICROSOFT CORP .................................. 833,678
24,400 * MICROSTRATEGY, INC .............................. 5,124
17,800 * MIDWAY GAMES, INC ............................... 426
19,100 * MINDSPRING ENTERPRISES, INC ..................... 504
1,500 * MODEM MEDIA POPPE TYSON, INC .................... 106
41,500 * MODIS PROFESSIONAL SERVICES ..................... 591
1 * MOMENTUM BUSINESS APPLICATIONS, INC ............. 0
4,700 * MPATH INTERACTIVE, INC .......................... 125
5,600 * MULTEX.COM, INC ................................. 211
13,200 NATIONAL COMPUTER SYSTEMS, INC .................. 497
20,400 NATIONAL DATA CORP .............................. 692
6,800 * NATIONAL EQUIPMENT SERVICES, INC ................ 43
9,800 * NATIONSRENT, INC ................................ 55
4,400 * NBC INTERNET, INC ............................... 340
14,600 * NCO GROUP, INC .................................. 440
5,500 * NEFF CORP ....................................... 35
3,900 * NEON SYSTEMS, INC ............................... 153
5,000 * NET PERCEPTIONS, INC ............................ 210
1,500 * NETOBJECTS, INC ................................. 25
3,200 * NETOPIA, INC .................................... 174
83,200 * NETWORK APPLIANCE, INC .......................... 6,911
7,600 * NETWORK PERIPHERALS, INC ........................ 359
8,500 * NETWORK SOLUTIONS, INC .......................... 1,849
52,994 * NETWORKS ASSOCIATES, INC ........................ 1,414
13,400 * NEW ERA OF NETWORKS, INC ........................ 638
37,700 * NOVA CORP (GEORGIA) ............................. 1,190
204,350 * NOVELL, INC ..................................... 8,161
11,100 * OMEGA RESEARCH, INC ............................. 67
979,689 OMNICOM GROUP, INC .............................. 97,969
3,300 * ON ASSIGNMENT, INC .............................. 99
4,000 * ONEMAIN.COM, INC ................................ 60
16,300 * ONHEALTH NETWORK CO ............................. 146
4,000 * ONYX SOFTWARE CORP .............................. 148
19,200 * OPEN MARKET, INC ................................ 866
47,138 * OPENTV CORP ..................................... 3,783
4,253,405 * ORACLE CORP ..................................... 476,647
163,434 * PARAMETRIC TECHNOLOGY CORP ...................... 4,423
129,555 PAYCHEX, INC .................................... 5,182
3,800 * PCORDER.COM, INC ................................ 194
6,100 * PEGASUS SYSTEMS, INC ............................ 368
1,000 * PEGASYSTEMS, INC ................................ 11
120,540 * PEOPLESOFT, INC ................................. 2,569
9,966 * PER SE TECHNOLOGIES, INC ........................ 84
17,900 * PEREGRINE SYSTEMS, INC .......................... 1,507
19,900 * PEROT SYSTEMS CORP (CLASS A) .................... 378
4,400 * PERSONNEL GROUP OF AMERICA, INC ................. 45
6,700 * PERVASIVE SOFTWARE, INC ......................... 113
600 * PHOENIX TECHNOLOGIES LTD ........................ 9
2,400 #* PHYSICIAN COMPUTER NETWORK, INC ................. 0
15,955 * POLICY MANAGEMENT SYSTEMS CORP .................. 408
5,200 * PORTAL SOFTWARE, INC ............................ 535
9,600 * PREVIEW TRAVEL, INC ............................. 500
20,000 * PRICELINE.COM, INC .............................. 948
31,572 #* PROCURENET, INC ................................. 5
12,900 * PRODIGY COMMUNICATIONS CORP ..................... 250
13,550 * PROGRESS SOFTWARE CORP .......................... 769
5,200 * PROJECT SOFTWARE & DEVELOPMENT, INC ............. 289
6,800 * PROTECTION ONE, INC ............................. 13
6,300 * PROXICOM, INC ................................... 783
14,400 * PROXYMED, INC ................................... 140
29,918 * PSINET, INC ..................................... 1,847
9,100 * QRS CORP ........................................ 956
15,300 * QUADRAMED CORP .................................. 133
4,500 * RADIANT SYSTEMS, INC ............................ 181
3,400 * RADISYS CORP .................................... 173
160 * RAMTRON INTERNATIONAL CORP ...................... 1
13,300 * RARE MEDIUM GROUP, INC .......................... 562
51,329 * RATIONAL SOFTWARE CORP .......................... 2,522
2,800 * RAZORFISH, INC .................................. 266
20,100 * REALNETWORKS, INC ............................... 2,418
1,800 * REDBACK NETWORKS, INC ........................... 320
12,980 * REMEDY CORP ..................................... 615
17,700 * RENT WAY, INC ................................... 331
21,100 * RENT-A-CENTER, INC .............................. 418
47,342 * ROBERT HALF INTERNATIONAL, INC .................. 1,352
13,542 ROLLINS, INC .................................... 203
22,586 * ROMAC INTERNATIONAL, INC ........................ 303
20,800 * RSA SECURITY, INC ............................... 1,612
3,800 * RWD TECHNOLOGIES, INC ........................... 39
16,484 * SABRE HOLDINGS CORP ............................. 845
14,700 * SAGA SYSTEMS, INC ............................... 293
12,300 * SAGENT TECHNOLOGY, INC .......................... 368
6,200 * SANCHEZ COMPUTER ASSOCIATES, INC ................ 255
14,600 * SANTA CRUZ OPERATION, INC ....................... 443
17,600 * SAPIENT CORP .................................... 2,481
5,800 * SCIENT CORP ..................................... 501
10,300 SEI INVESTMENT CO ............................... 1,226
8,200 * SERENA SOFTWARE, INC ............................ 254
18,707 SHARED MEDICAL SYSTEMS CORP ..................... 953
612,296 * SIEBEL SYSTEMS, INC ............................. 51,433
500 * SILKNET SOFTWARE, INC ........................... 83
40,053 * SITEL CORP ...................................... 280
37,300 * SNYDER COMMUNICATIONS, INC ...................... 718
6,900 * SOFTNET SYSTEMS, INC ............................ 173
15,400 SOTHEBYS HOLDINGS, INC (CLASS A) ................ 462
5,700 * SOURCE MEDIA, INC ............................... 105
8,000 * SPORTSLINE.COM .................................. 401
50 * SPR, INC ........................................ 0
2,500 * SPSS, INC ....................................... 63
7,600 * SPYGLASS, INC ................................... 288
9,500 * SS&C TECHNOLOGIES, INC .......................... 62
7,500 * STARMEDIA NETWORK, INC .......................... 300
2,200 * STARTEK, INC .................................... 80
45,800 * STERLING COMMERCE, INC .......................... 1,560
14,743 * STERLING SOFTWARE, INC .......................... 464
15,940 * STRUCTURAL DYNAMICS RESEARCH CORP ............... 203
1,471,420 * SUN MICROSYSTEMS, INC ........................... 113,943
79,000 * SUNGARD DATA SYSTEMS, INC ....................... 1,876
3,100 * SUNQUEST INFORMATION SYSTEMS, INC ............... 42
8,700 * SVI HOLDINGS, INC ............................... 104
21,000 * SYBASE, INC ..................................... 357
11,200 * SYKES ENTERPRISES, INC .......................... 491
28,743 * SYMANTEC CORP ................................... 1,685
40,102 * SYNOPSYS, INC ................................... 2,677
10,000 * SYNTEL, INC ..................................... 162
14,700 * SYSTEMS & COMPUTER TECHNOLOGY CORP .............. 239
200 * TCSI CORP ....................................... 1
11,900 * TECHNOLOGY SOLUTIONS CO ......................... 390
9,000 * TELETECH HOLDINGS, INC .......................... 303
15,700 * THEGLOBE.COM, INC ............................... 131
6,000 * THESTREET.COM ................................... 115
19,200 * THQ, INC ........................................ 445
5,800 * TICKETMASTER ONLINE-CITYSEARCH, INC ............. 223
14,700 * TMP WORLDWIDE, INC .............................. 2,087
20,300 TOTAL SYSTEM SERVICES, INC ...................... 331
13,100 * TOWNE SERVICES, INC ............................. 52
15,020 * TRANSACTION SYSTEM ARCHITECTURE ................. 421
24,904 TRUE NORTH COMMUNICATIONS, INC .................. 1,113
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
70 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
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<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
BUSINESS SERVICES--(Continued)
8,800 * TSI INTERNATIONAL SOFTWARE LTD .................. $ 498
9,100 * TYLER TECHNOLOGIES, INC ......................... 50
7,200 * UNIGRAPHICS SOLUTIONS, INC ...................... 194
26,659 * UNITED RENTALS, INC ............................. 457
90 * US INTERACTIVE, INC ............................. 4
6,600 * USINTERNETWORKING, INC .......................... 461
49,150 * USWEB CORP ...................................... 2,184
4,279 * VA LINUX SYSTEMS, INC ........................... 884
27,500 * VALASSIS COMMUNICATIONS, INC .................... 1,162
42,400 * VERIO, INC ...................................... 1,958
47,600 * VERISIGN, INC ................................... 9,089
679,000 * VERITAS SOFTWARE CORP ........................... 97,182
21,400 * VERITY, INC ..................................... 911
20,300 * VERTICALNET, INC ................................ 3,329
20 * VIASOFT, INC .................................... 0
14,200 * VIGNETTE CORP ................................... 2,315
17,700 * VISIO CORP ...................................... 841
5,100 * WACKENHUT CORP SERIES A ......................... 76
14,400 * WAVE SYSTEMS CORP (CLASS A) ..................... 172
3,900 * WEBTRENDS CORP .................................. 316
13,600 * WEST TELESERVICES CORP .......................... 332
200 * WESTAFF, INC .................................... 2
17,675 * WIND RIVER SYSTEMS, INC ......................... 647
197,549 * YAHOO, INC ...................................... 85,477
625,900 YOUNG & RUBICAM, INC ............................ 44,282
1,500 * ZIFF-DAVIS, INC-ZDNET ........................... 32
-----------
2,825,036
-----------
CHEMICALS AND ALLIED PRODUCTS--10.37%
1,229,942 ABBOTT LABORATORIES CO .......................... 44,662
5,100 * ABGENIX, INC .................................... 676
50 * ADVANCED TISSUE SCIENCE CO ...................... 0
600 * ALBANY MOLECULAR RESEARCH, INC .................. 18
4,400 * ALGOS PHARMACEUTICALS CORP ...................... 48
11,900 * ALKERMES, INC ................................... 585
80,900 ALLERGAN, INC ................................... 4,025
200 * ALLIANCE PHARMACEUTICALS CORP ................... 1
12,200 ALPHARMA, INC (CLASS A) ......................... 375
47,500 * ALZA CORP ....................................... 1,645
2,287,463 AMERICAN HOME PRODUCTS CORP ..................... 90,212
632,496 * AMGEN, INC ...................................... 37,989
50 * AMYLIN PHARMACEUTICALS, INC ..................... 0
14,700 * ANDRX CORP ...................................... 622
3,400 * ANESTA CORP ..................................... 58
7,900 * AVIRON, INC ..................................... 125
154,762 AVON PRODUCTS, INC .............................. 5,107
2,400 * BARR LABORATORIES, INC .......................... 75
22,000 * BIO-TECHNOLOGY GENERAL CORP ..................... 336
95,000 * BIOGEN, INC ..................................... 8,028
2,800 * BIOMATRIX, INC .................................. 54
10 * BIOVAIL CORP INTERNATIONAL ...................... 1
2,176,946 BRISTOL MYERS SQUIBB CO ......................... 139,733
8,000 CABOT CORP ...................................... 163
110,906 * CAREMARK RX, INC ................................ 561
9 * CELL GENESYS, INC ............................... 0
11,017 * CELL PATHWAYS, INC .............................. 102
17,400 * CEPHALON, INC ................................... 601
2,600 * CHATTEM, INC .................................... 49
17,200 * CHIREX, INC ..................................... 252
30,816 * CHIRON CORP ..................................... 1,306
15,200 CHURCH & DWIGHT CO, INC ......................... 406
48,052 CK WITCO CORP ................................... 643
141,610 CLOROX CO ....................................... 7,134
360,804 COLGATE PALMOLIVE CO ............................ 23,452
7,200 * COLUMBIA LABORATORIES, INC ...................... 54
19,700 * COR THERAPEUTICS, INC ........................... 529
12,400 * CORIXA CORP ..................................... 211
11,000 * COULTER PHARMACEUTICAL, INC ..................... 250
280 * CREATIVE BIOMOLECULES, INC ...................... 1
95 * CRESCENDO PHARMACEUTICALS CORP .................. 2
9,100 * CYGNUS, INC ..................................... 166
4,300 DIAGNOSTIC PRODUCTS CORP ........................ 105
52,900 DIAL CORP ....................................... 1,286
75,920 DU PONT (E.I.) DE NEMOURS & CO .................. 5,001
10,150 * DURA PHARMACEUTICALS, INC ....................... 141
6,500 * DURAMED PHARMACEUTICALS, INC .................... 46
52,801 ECOLAB, INC ..................................... 2,066
1,683,200 * ELAN CORP PLC ADR ............................... 49,654
19,500 * ENZON, INC ...................................... 846
200 * EPITOPE, INC .................................... 1
24,332 FERRO CORP ...................................... 535
47,700 * FOREST LABORATORIES, INC ........................ 2,931
100 * FRENCH FRAGRANCES, INC .......................... 1
5,416 FULLER (H.B.) CO ................................ 303
6,000 * GELTEX PHARMACEUTICALS, INC ..................... 77
21,900 * GENZYME CORP (GENERAL DIVISION) ................. 986
24 * GENZYME CORP (TISSUE REPAIR DIVISION) ........... 0
35 * GENZYME SURGICAL PRODUCTS ....................... 0
3,900 GEORGIA GULF CORP ............................... 119
25,083 * GILEAD SCIENCES, INC ............................ 1,358
44,000 * GRACE W.R. & CO ................................. 611
1,392,100 +* GUILFORD PHARMACEUTICALS, INC ................... 23,666
13,800 * HEMISPHERX BIOPHARMA, INC ....................... 137
13,400 * HUMAN GENOME SCIENCES, INC ...................... 2,045
42,203 ICN PHARMACEUTICALS, INC ........................ 1,068
30,600 * ICOS CORP ....................................... 895
24,000 * IDEC PHARMACEUTICALS CORP ....................... 2,358
16,300 * IDEXX LABORATORIES, INC ......................... 263
2,700 * IGEN INTERNATIONAL, INC ......................... 80
30 IMC GLOBAL, INC ................................. 0
2,233 * IMC GLOBAL, INC WTS 12/22/00 .................... 0
15,600 * IMCLONE SYSTEMS, INC ............................ 618
46,500 * IMMUNEX CORP .................................... 5,092
5,800 * INHALE THERAPEUTIC SYSTEMS ...................... 247
3,000 * INVITROGEN CORP ................................. 180
15,520 * ISIS PHARMACEUTICALS, INC ....................... 97
31,233 * IVAX CORP ....................................... 804
1,060,922 JOHNSON & JOHNSON CO ............................ 98,798
18,050 JONES PHARMACEUTICALS, INC ...................... 784
11,850 * KING PHARMACEUTICALS, INC ....................... 664
5,750 * KV PHARMACEUTICALS CO (CLASS B) ................. 123
58,954 LAUDER (ESTEE) CO (CLASS A) ..................... 2,973
20,340 * LIGAND PHARMACEUTICALS CO (CLASS A) ............. 262
1,554,362 LILLY (ELI) & CO ................................ 103,365
4,719 LILLY INDUSTRIES, INC (CLASS A) ................. 63
23,000 * LIPOSOME CO, INC ................................ 281
66 LYONDELL CHEMICAL CO ............................ 1
3,100 MACDERMID, INC .................................. 127
8,200 * MACROCHEM CORP (DELAWARE) ....................... 34
50 * MATRIX PHARMACEUTICALS, INC ..................... 0
8,100 * MEDCO RESEARCH, INC ............................. 244
14,800 * MEDICIS PHARMACEUTICALS CORP (CLASS A) .......... 630
32,075 * MEDIMMUNE, INC .................................. 5,320
3,703,715 (0) MERCK & CO, INC ................................. 248,380
21,500 * MILLENNIUM PHARMACEUTICALS, INC ................. 2,623
393,763 MONSANTO CO ..................................... 14,028
59,229 MYLAN LABORATORIES, INC ......................... 1,492
11,600 NATURES SUNSHINE PRODUCTS, INC .................. 93
800 NL INDUSTRIES, INC .............................. 12
80 * NOVEN PHARMACEUTICALS, INC ...................... 1
14,000 * ORGANOGENESIS, INC .............................. 122
5,700 * PATHOGENESIS CORP ............................... 122
</TABLE>
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1999 CREF Annual Report o 71
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
CHEMICALS AND ALLIED PRODUCTS--(Continued)
3,051,578 PFIZER, INC ..................................... $ 98,986
13,900 * PHARMACEUTICAL RESOURCES, INC ................... 69
6,400 * PHARMACYCLICS, INC .............................. 264
1,069,798 PROCTER & GAMBLE CO ............................. 117,210
6,100 * PROTEIN DESIGN LABORATORIES, INC ................ 427
100 * REGENERON PHARMACEUTICALS, INC .................. 1
13,400 * REVLON, INC (CLASS A) ........................... 106
17,300 * REXALL SUNDOWN, INC ............................. 178
30 ROHM & HAAS CO .................................. 1
62 RPM, INC ........................................ 1
8,000 * SAFESCIENCE, INC ................................ 93
6,300 * SANGSTAT MEDICAL CORP ........................... 187
7,000 * SCHEIN PHARMACEUTICAL, INC ...................... 85
3,246,832 SCHERING-PLOUGH CORP ............................ 136,976
16,800 * SCOTTS CO (CLASS A) ............................. 676
18,800 * SEPRACOR, INC ................................... 1,865
50 * SEROLOGICALS CORP ............................... 0
11,493 * SHIRE PHARMACEUTICALS CORP ...................... 335
3,078 * SICOR, INC ...................................... 24
15,200 * SUPERGEN, INC ................................... 447
9,700 * TECHNE CORP ..................................... 534
13,200 * THERAGENICS CORP ................................ 120
14,000 * TRANSKARYOTIC THERAPIES, INC .................... 539
23,100 * TRIANGLE PHARMACEUTICALS, INC ................... 296
11,800 VALSPAR CORP .................................... 494
19,766 * VENTIV HEALTH, INC .............................. 182
2,540 * VERTEX PHARMACEUTICALS, INC ..................... 89
9,400 * VICAL, INC ...................................... 281
1,110,624 WARNER-LAMBERT CO ............................... 91,002
50,400 * WATSON PHARMACEUTICALS, INC ..................... 1,805
300 WEST PHARMACEUTICAL SERVICES .................... 9
38 * ZILA, INC ....................................... 0
-----------
1,407,698
-----------
COMMUNICATIONS--14.33%
5,300 * ADELPHIA BUSINESS SOLUTIONS, INC ................ 254
28,100 * ADELPHIA COMMUNICATIONS CORP (CLASS A) .......... 1,844
700 * ADVANCED COMMUNICATIONS GROUP ................... 10
25,900 * ADVANCED RADIO TELECOM CORP ..................... 622
9,800 * AERIAL COMMUNICATIONS, INC ...................... 597
39,100 * ALLEGIANCE TELECOM, INC ......................... 3,607
60,595 ALLTEL CORP ..................................... 5,010
4,000 * AMERICAN MOBILE SATELLITE CORP .................. 84
2,312,400 * AMFM, INC ....................................... 180,945
66 * ARCH COMMUNICATIONS GROUP, INC .................. 0
345 * ARCH COMMUNICATIONS GROUP, INC WTS 09/01/03 ..... 0
50 * ASSOCIATED GROUP, INC (CLASS A) ................. 5
50 * ASSOCIATED GROUP, INC (CLASS B) ................. 5
1,657,252 AT & T CORP ..................................... 84,106
3,252,287 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ....... 184,567
93,749 BROADWING, INC .................................. 3,457
53,096 * CABLEVISION SYSTEMS CORP (CLASS A) .............. 4,009
14,200 * CAPROCK COMMUNICATIONS CORP ..................... 461
3,526,916 * CBS CORP ........................................ 225,502
4,500 CFW COMMUNICATIONS CO ........................... 156
9,600 * CITADEL COMMUNICATIONS CORP ..................... 623
1,632,224 * CLEAR CHANNEL COMMUNICATIONS, INC ............... 145,676
5,000 * CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01 .. 80
9,400 * COM 21, INC ..................................... 211
18,400 COMCAST CORP (CLASS A) .......................... 881
440,766 COMCAST CORP (CLASS A) SPECIAL .................. 22,286
1,500 * COMMNET CELLULAR, INC ........................... 48
8,433 * COMMONWEALTH TELEPHONE ENTERPRISES .............. 446
28,500 * CONCENTRIC NETWORK CORP ......................... 878
34,400 * COVAD COMMUNICATIONS GROUP ...................... 1,924
23,369 * COX COMMUNICATIONS, INC (CLASS A) ............... 1,204
7,600 * COX RADIO, INC (CLASS A) ........................ 758
5,400 * CUMULUS MEDIA, INC .............................. 274
20,200 * E.SPIRE COMMUNICATIONS, INC ..................... 117
3,900 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............... 73
7,400 * EMMIS COMMUNICATIONS (CLASS A) .................. 922
9,000 * ENTERCOM COMMUNICATIONS CORP .................... 594
1,619,000 ERICSSON TELEFON (LM) SERIES B ADR .............. 106,348
102,800 * EXODUS COMMUNICATIONS, INC ...................... 9,130
3,300 * FLASHNET ........................................ 20
62,600 * FOX ENTERTAINMENT GROUP, INC .................... 1,561
83 * GLOBAL CROSSING LTD ............................. 4
108,700 * GLOBAL TELESYSTEMS GROUP, INC ................... 3,764
14,000 * HEARST-ARGYLE TELEVISION, INC ................... 373
20,700 * HISPANIC BROADCASTING CORP ...................... 1,909
20,498 * ICG COMMUNICATIONS, INC ......................... 384
9,200 * IDT CORP ........................................ 174
188,225 * INFINITY BROADCASTING CORP (CLASS A) ............ 6,811
24,700 * INTERMEDIA COMMUNICATIONS, INC .................. 959
2,000 * INTERNATIONAL FIBERCOM, INC ..................... 16
10,600 * INTRAWARE, INC .................................. 847
21,800 * ITC DELTACOM, INC ............................... 602
8,800 * JONES INTERCABLE, INC (CLASS A) ................. 610
9,900 * LAUNCH MEDIA, INC ............................... 187
9,350 * LEAP WIRELESS INTERNATIONAL, INC ................ 734
165,300 * LEVEL 3 COMMUNICATIONS, INC ..................... 13,534
13,500 * LIBERTY DIGITAL, INC (CLASS A) .................. 1,002
5,569,086 LUCENT TECHNOLOGIES, INC ........................ 416,637
4,518,838 * MCI WORLDCOM, INC ............................... 239,781
61,900 * MCLEODUSA, INC (CLASS A) ........................ 3,644
78,364 * MEDIA ONE GROUP, INC ............................ 6,019
63,367 * METROMEDIA FIBER NETWORK (CLASS A) .............. 3,038
9,300 * MGC COMMUNICATIONS, INC ......................... 472
10,000 * NETWORK EVENT THEATER, INC ...................... 298
43,110 * NEXT LEVEL COMMUNICATIONS, INC .................. 3,228
98,800 * NEXTEL COMMUNICATIONS, INC (CLASS A) ............ 10,189
43,700 * NEXTLINK COMMUNICATIONS, INC .................... 3,630
5,700 NORTH PITTSBURGH SYSTEMS, INC ................... 84
3,500 * NORTHEAST OPTIC NETWORK, INC .................... 219
3,200 * NORTHPOINT COMMUNICATIONS GROUP, INC ............ 77
65,275 * NTL, INC ........................................ 8,143
437,040 * OMNIPOINT CORP .................................. 52,718
80 * PAC WEST TELECOMM, INC .......................... 2
8,500 * PACIFIC GATEWAY EXCHANGE, INC ................... 145
178,000 * PAGING NETWORK, INC ............................. 145
12,087 * PANAMSAT CORP ................................... 718
22,600 * PAXSON COMMUNICATIONS CORP ...................... 270
4,900 * PEGASUS COMMUNICATIONS CORP ..................... 479
16,100 * POWERTEL, INC ................................... 1,616
20,900 * PREMIERE TECHNOLOGIES, INC ...................... 146
14,600 * PRICE COMMUNICATIONS CORP ....................... 406
18,300 * PRIMUS TELECOMMUNICATIONS GROUP, INC ............ 700
78,536 * QWEST COMMUNICATIONS INTERNATIONAL, INC ......... 3,377
200 * RADIO ONE, INC .................................. 18
23,900 * RCN CORP ........................................ 1,159
38,200 * RHYTHMS NETCONNECTIONS, INC ..................... 1,184
2,375 * SAGA COMMUNICATIONS, INC (CLASS A) .............. 48
1,447,495 SBC COMMUNICATIONS, INC ......................... 70,565
1,500 * SINCLAIR BROADCASTING GROUP, INC (CLASS A ) ..... 18
8,700 * SIRIUS SATELLITE RADIO, INC ..................... 387
82 * SPECTRASITE HOLDINGS, INC ....................... 1
13,400 * SPRINT CORP (PCS GROUP) ......................... 1,374
16,300 * STAR TELECOMMUNICATIONS, INC .................... 129
33,300 * TALK.COM, INC ................................... 591
60 * TCI SATELLITE ENTERTAINMENT (CLASS A) ........... 1
11,600 * TELIGENT, INC ................................... 716
2,500 * TIME WARNER TELECOM, INC ........................ 125
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
72 o 1999 CREF Annual Report
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STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
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COMMUNICATIONS--(Continued)
24,800 * TV GUIDE, INC ................................... $ 1,066
6,400 * U.S. CELLULAR CORP .............................. 646
6,600 * U.S. LEC CORP (CLASS A) ......................... 213
143,300 U.S. WEST, INC .................................. 10,318
967 * U.S.A. NETWORKS, INC ............................ 53
4,500 UNITED TELEVISION, INC .......................... 620
30,900 * UNITEDGLOBALCOM, INC (CLASS A) .................. 2,182
50,100 * UNIVISION COMMUNICATIONS, INC ................... 5,120
24,392 * VIACOM, INC (CLASS A) ........................... 1,474
121,108 * VIACOM, INC (CLASS B) ........................... 7,319
847,690 * VIATEL, INC ..................................... 45,457
33,800 * VOICESTREAM WIRELESS CORP ....................... 4,810
24,495 * WAVO CORP ....................................... 95
33,000 * WESTERN WIRELESS CORP (CLASS A) ................. 2,203
236,250 * WILLIAMS COMMUNICATIONS GROUP, INC .............. 6,836
21,100 * WINSTAR COMMUNICATIONS, INC ..................... 1,588
3,000 * WORLDGATE COMMUNICATIONS, INC ................... 143
12,000 * WORLDPORT COMMUNICATIONS, INC ................... 25
6,600 * YOUNG BROADCASTING, INC (CLASS A) ............... 337
-----------
1,944,207
-----------
DEPOSITORY INSTITUTIONS--0.64%
6,100 ALABAMA NATIONAL BANCORP ........................ 115
6 BANCFIRST CORP .................................. 0
3,000 BANCFIRST OHIO CORP ............................. 69
3,700 BANK OF GRANITE CORP ............................ 80
515 * BOK FINANCIAL CORP .............................. 10
13,760 BRENTON BANKS, INC .............................. 139
315 BT FINANCIAL CORP ............................... 7
1,700 CATHAY BANCORP, INC ............................. 70
8,767 * CENTENNIAL BANCORP .............................. 94
1,400 CENTURY SOUTH BANKS, INC ........................ 31
19,237 CHITTENDEN CORP ................................. 570
7,634 CITIZENS BANKING CORP (MICHIGAN) ................ 171
5,666 CITY HOLDINGS CO ................................ 79
115 * COLUMBIA BANKING SYSTEM, INC .................... 2
200 * COMMERCE BANCORP, INC ........................... 8
22,000 COMMUNITY FIRST BANKSHARES, INC ................. 347
121,628 * CONCORD EFS, INC ................................ 3,132
4,585 CVB FINANCIAL CORP .............................. 106
3,551 F & M NATIONAL CORP ............................. 98
6,300 FARMERS CAPITAL BANK CORP ....................... 190
110,665 FIFTH THIRD BANCORP ............................. 8,120
14,117 FIRST BANCORP (PUERTO RICO) ..................... 293
13,970 FIRST FINANCIAL BANCORP ......................... 299
1,600 FIRST FINANCIAL HOLDINGS, INC ................... 26
2,000 FIRST SOURCE CORP ............................... 50
1,595,204 FIRSTAR CORP .................................... 33,699
3,500 FRONTIER FINANCIAL CORP ......................... 70
3,100 GREATER BAY BANCORP ............................. 133
7,900 * HAMILTON BANCORP, INC ........................... 140
5 HARLEYSVILLE NATIONAL CORP ...................... 0
2,100 HARRIS FINANCIAL, INC ........................... 16
46,935 HUDSON UNITED BANCORP ........................... 1,200
25,745 * IMPERIAL BANCORP ................................ 621
2,200 IRWIN FINANCIAL CORP ............................ 39
100 JEFFERSON SAVINGS BANCORP, INC .................. 1
445,470 MBNA CORP ....................................... 12,139
11,200 MERCHANTS NEW YORK BANCORP, INC ................. 192
2,400 MISSISSIPPI VALLEY BANCSHARES, INC .............. 65
1,500 NATIONAL BANCORP OF ALASKA, INC ................. 42
24,700 NATIONAL COMMERCE BANCORP ....................... 560
8,085 NATIONAL PENN BANCSHARES, INC ................... 203
11,700 * NETBANK, INC .................................... 216
27,800 NORTHERN TRUST CORP ............................. 1,473
5,100 NORTHWEST BANCORP, INC .......................... 35
4,100 ORIENTAL FINANCIAL GROUP ........................ 90
13,300 PACIFIC CAPITAL BANCORP ......................... 409
3,146 PARK NATIONAL CORP .............................. 302
9,400 PREMIER BANCSHARES, INC ......................... 128
4,200 PROVIDENT BANKSHARES CORP ....................... 73
90,102 PROVIDIAN FINANCIAL CORP ........................ 8,205
3,950 QUEENS COUNTY BANCORP, INC ...................... 107
40 ROSLYN BANCORP, INC ............................. 1
12,700 S & T BANCORP, INC .............................. 294
19,393 * S 1 CORP ........................................ 1,515
5,100 SANDY SPRING BANCORP, INC ....................... 138
38,615 SKY FINANCIAL GROUP, INC ........................ 777
14,600 * SOUTHWEST BANCORP OF TEXAS, INC ................. 289
20 SOVEREIGN BANCORP, INC .......................... 0
53,783 STATE STREET CORP ............................... 3,930
85 STATEN ISLAND BANCORP, INC ...................... 2
9,700 STERLING BANCSHARES, INC ........................ 109
1,250 STERLING FINANCIAL CORP ......................... 39
50,600 SYNOVUS FINANCIAL CORP .......................... 1,006
38 TCF FINANCIAL CORP .............................. 1
28,300 * TELEBANC FINANCIAL CORP ......................... 736
6,400 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ........ 186
10,300 TRIANGLE BANCORP, INC ........................... 200
12,600 TRUST CO OF NEW JERSEY .......................... 288
24,314 TRUSTCO BANK CORP ............................... 322
5,600 U.S. TRUST CORP ................................. 449
2,910 U.S.B. HOLDINGS CO, INC ......................... 46
16,902 UNITED BANKSHARES, INC .......................... 404
25,150 W HOLDING CO, INC ............................... 261
4,719 WEST COAST BANCORP (OREGON) ..................... 64
6,000 WESTAMERICA BANCORP ............................. 168
23,300 ZIONS BANCORP ................................... 1,379
-----------
86,868
-----------
EATING AND DRINKING PLACES--0.20%
23,440 APPLEBEES INTERNATIONAL, INC .................... 691
100 AVADO BRANDS, INC ............................... 0
50 x* BOSTON CHICKEN, INC ............................. 0
20 CBRL GROUP, INC ................................. 0
26,833 * CEC ENTERTAINMENT, INC .......................... 761
3,700 CKE RESTAURANTS, INC ............................ 22
11,838 * CONSOLIDATED PRODUCTS, INC ...................... 120
5,300 * DAVE & BUSTERS, INC ............................. 43
300 * EINSTEIN/NOAH BAGEL CORP ........................ 0
5,800 * FINE HOST CORP .................................. 2
6,500 * IHOP CORP (NEW) ................................. 108
42,504 * JACK IN THE BOX, INC ............................ 879
189 * LANDRYS SEAFOOD RESTAURANTS, INC ................ 2
50 * LONE STAR STEAKHOUSE & SALOON, INC .............. 0
68,600 MARRIOTT INTERNATIONAL (CLASS A) ................ 2,165
400,612 MCDONALD'S CORP ................................. 16,150
4,700 MORRISON MANAGEMENT SPECIALISTS, INC ............ 101
5,100 * NPC INTERNATIONAL, INC .......................... 40
1,500 * O CHARLEYS, INC ................................. 20
27,900 * OUTBACK STEAKHOUSE, INC ......................... 724
9,800 * P F CHANGS CHINA BISTRO, INC .................... 244
13,330 * PAPA JOHNS INTERNATIONAL, INC ................... 347
33,900 * RUBY TUESDAY, INC ............................... 617
1,669 SODEXHO MARRIOTT SERVICES, INC .................. 22
21,250 * SONIC CORP ...................................... 606
9,500 * THE CHEESECAKE FACTORY CO ....................... 333
51,415 * TRICON GLOBAL RESTAURANTS, INC .................. 1,986
6,600 * U.S. FOODSERVICE, INC ........................... 111
26,800 VIAD CORP ....................................... 747
-----------
26,841
-----------
EDUCATIONAL SERVICES--0.02%
36,638 * APOLLO GROUP, INC (CLASS A) ..................... 735
</TABLE>
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1999 CREF Annual Report o 73
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EDUCATIONAL SERVICES--(Continued)
2,400 * CAREER EDUCATION CORP ........................... $ 92
284 * COMPUTER LEARNING CENTERS, INC .................. 1
500 * CORINTHIAN COLLEGES, INC ........................ 12
22,452 * DEVRY, INC ...................................... 418
24,400 * EDUCATION MANAGEMENT CORP ....................... 342
300 * EDUTREK INTERNATIONAL, INC (CLASS A) ............ 0
2,700 * ITT EDUCATIONAL SERVICES, INC ................... 42
5,300 * LEARNING TREE INTERNATIONAL, INC ................ 148
2,700 STRAYER EDUCATION, INC .......................... 53
21,175 * SYLVAN LEARNING SYSTEMS, INC .................... 275
-----------
2,118
-----------
ELECTRIC, GAS, AND SANITARY SERVICES--0.16%
86,468 * AES CORP ........................................ 6,463
80,730 * ALLIED WASTE INDUSTRIES, INC .................... 711
8,300 BLACK HILLS CORP ................................ 184
23,200 * CALPINE CORP .................................... 1,485
5,400 * CASELLA WASTE SYSTEMS, INC (CLASS A) ............ 102
12,964 DYNEGY, INC ..................................... 315
7,200 x* MOLTEN METAL TECHNOLOGY, INC .................... 0
15,200 * NEWPARK RESOURCES, INC .......................... 93
800 OTTER TAIL POWER CO ............................. 30
8,900 * REPUBLIC SERVICES, INC (CLASS A) ................ 128
2,200 * SOUTHERN UNION CO ............................... 42
1,300 * STERICYCLE, INC ................................. 24
600 * WASTE CONNECTIONS, INC .......................... 9
2,200 * WASTE INDUSTRIES, INC ........................... 25
344,444 WASTE MANAGEMENT, INC ........................... 5,920
193,430 WILLIAMS COS, INC ............................... 5,912
-----------
21,443
-----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--16.62%
8,200 * AAVID THERMAL TECHNOLOGIES, INC ................. 201
6,020 * ACTEL CORP ...................................... 144
16,800 * ACTV, INC ....................................... 768
5,900 * ADAPTIVE BROADBAND CORP ......................... 435
86,160 * ADC TELECOMMUNICATIONS, INC ..................... 6,252
12,035 * ADTRAN, INC ..................................... 619
8,500 * ADVANCED ENERGY INDUSTRIES, INC ................. 419
41,850 * ADVANCED FIBRE COMMUNICATIONS ................... 1,870
200 * ADVANCED LIGHTING TECHNOLOGIES, INC ............. 1
12,000 * AEROFLEX, INC ................................... 125
12,700 * ALPHA INDUSTRIES, INC ........................... 728
113,500 * ALTERA CORP ..................................... 5,625
51,500 * AMERICAN POWER CONVERSION CORP .................. 1,358
6,200 * AMERICAN SUPERCONDUCTOR CORP .................... 174
2,598,374 * AMERICAN TOWER SYSTEMS (CLASS A) ................ 79,413
8,400 * AMERICAN XTAL TECHNOLOGY, INC ................... 146
24,900 AMETEK, INC ..................................... 475
72,000 * AMKOR TECHNOLOGY, INC ........................... 2,034
13,900 * AMPEX CORP (CLASS A) ............................ 76
12,400 * AMPHENOL CORP (CLASS A) ......................... 825
8,700 * ANADIGICS, INC .................................. 411
1,404,417 * ANALOG DEVICES, INC ............................. 130,611
16,600 * ANCOR COMMUNICATIONS, INC ....................... 1,127
21,675 * ANDREW CORP ..................................... 410
11,900 * ANTEC CORP ...................................... 434
299,200 * APPLIED MICRO CIRCUITS CORP ..................... 38,073
8,300 * ARGUSS HOLDINGS, INC ............................ 108
28,625 * ARTESYN TECHNOLOGIES, INC ....................... 601
100 * ARTISAN COMPONENTS, INC ......................... 2
16,600 * ASPECT COMMUNICATIONS CORP ...................... 649
877,900 * ATMEL CORP ...................................... 25,953
21 x* AXIOHM TRANSACTION SOLUTIONS, INC ............... 0
6,000 * BENCHMARK ELECTRONICS, INC ...................... 138
19,900 BMC INDUSTRIES, INC ............................. 97
33,200 * BROADCOM CORP (CLASS A) ......................... 9,043
6,200 * BROOKTROUT, INC ................................. 115
31,025 * BURR BROWN CORP ................................. 1,121
10,403 C&D TECHNOLOGIES, INC ........................... 442
7,300 * C-COR.NET CORP .................................. 559
5,000 * CARRIER ACCESS CORP ............................. 337
10,200 * CATAPULT COMMUNICATIONS CORP .................... 101
32,900 * CELLNET DATA SYSTEMS, INC ....................... 37
1,116,400 * CIENA CORP ...................................... 64,193
27,733 * COMMSCOPE, INC .................................. 1,118
41,411 * COMVERSE TECHNOLOGY, INC ........................ 5,994
99,500 * CONEXANT SYSTEMS, INC ........................... 6,604
1,000 * COPPER MOUNTAIN NETWORKS, INC ................... 49
13,200 * CREE RESEARCH, INC .............................. 1,127
17,200 CTS CORP ........................................ 1,296
32,700 * CYPRESS SEMICONDUCTOR CORP ...................... 1,059
17,500 DALLAS SEMICONDUCTOR CORP ....................... 1,128
29,900 * DIGITAL MICROWAVE CORP .......................... 701
21,300 * DII GROUP, INC .................................. 1,512
16,300 * E-TEK DYNAMICS, INC ............................. 2,194
25,000 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) .......... 2,438
300 * EIS INTERNATIONAL, INC .......................... 2
5,000 * ELECTRO SCIENTIFIC INDUSTRIES, INC .............. 365
3,900 * EMCORE CORP ..................................... 133
50 * ENERGY CONVERSION DEVICES, INC .................. 0
2,100 * ESHARE TECHNOLOGIES, INC ........................ 36
23,100 * EXECUTONE INFORMATION SYSTEMS, INC .............. 126
28,782 * FINISAR CORP .................................... 2,587
600 * FIREARMS TRAINING SYSTEMS, INC .................. 0
700 FRANKLIN ELECTRIC CO, INC ....................... 49
4,356,669 GENERAL ELECTRIC CO ............................. 674,195
73,744 * GENERAL INSTRUMENT CORP ......................... 6,268
1,400 * GENERAL SEMICONDUCTOR, INC ...................... 20
9,900 x* GEOTEK COMMUNICATIONS, INC ...................... 0
50 * GLENAYRE TECHNOLOGIES, INC ...................... 1
7,200 * GLOBIX CORP ..................................... 432
1,000 * HADCO CORP ...................................... 51
4,800 HARMON INDUSTRIES, INC .......................... 58
15,130 * HARMONIC LIGHTWAVES, INC ........................ 1,436
12,700 HELIX TECHNOLOGY CORP ........................... 569
1,100 * HI / FN, INC .................................... 43
400 * HMT TECHNOLOGY CORP ............................. 2
6,700 * HUTCHINSON TECHNOLOGY, INC ...................... 142
500 * INET TECHNOLOGIES, INC .......................... 35
3,000 INNOVEX, INC .................................... 28
6,279,461 INTEL CORP ...................................... 516,878
16,500 INTER-TEL, INC .................................. 413
29,186 * INTERDIGITAL COMMUNICATIONS CORP ................ 2,189
6,200 * INTERNATIONAL RECTIFIER CORP .................... 161
23,300 * INTERVOICE-BRITE, INC ........................... 542
4,100 * IPC COMMUNICATIONS, INC ......................... 291
1,800 * ITI TECHNOLOGIES, INC ........................... 54
27,732 * JABIL CIRCUIT, INC .............................. 2,024
138,720 * JDS UNIPHASE CORP ............................... 22,377
2,140 * KEMET CORP ...................................... 96
13,750 * KOMAG, INC ...................................... 43
19,200 * KOPIN CORP ...................................... 806
25,200 * L-3 COMMUNICATIONS HOLDINGS, INC ................ 1,049
8,600 * LASERSIGHT, INC ................................. 86
24,222 * LATTICE SEMICONDUCTOR CORP ...................... 1,141
164,000 LINEAR TECHNOLOGY CO ............................ 11,736
15,200 * LITTLEFUSE, INC ................................. 369
3,700 LSI INDUSTRIES, INC ............................. 80
906,300 * LSI LOGIC CORP .................................. 61,175
78 * MAGNETEK, INC ................................... 1
200 * MAKER COMMUNICATIONS, INC ....................... 9
166,600 * MAXIM INTEGRATED PRODUCTS ....................... 7,861
800 * MAXWELL TECHNOLOGIES, INC ....................... 8
42,800 MAYTAG CO ....................................... 2,054
19,800 METHODE ELECTRONICS, INC (CLASS A) .............. 636
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
74 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
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<TABLE>
<CAPTION>
SHARES VALUE (000)
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ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued)
7,600 * METRICOM, INC ................................... $ 598
21,100 * MICREL, INC ..................................... 1,201
100 * MICRO LINEAR CORP ............................... 1
34,670 * MICROCHIP TECHNOLOGY, INC ....................... 2,373
23,400 * MICRON TECHNOLOGY, INC .......................... 1,819
17,200 * MMC NETWORKS, INC ............................... 591
14,432 MOLEX, INC ...................................... 818
115,683 MOTOROLA, INC ................................... 17,034
31 * NATIONAL SEMICONDUCTOR CORP ..................... 1
7,940 * NEOMAGIC CORP ................................... 87
454,000 * NOKIA OYJ ADR ................................... 86,260
13,600 * NVIDIA CORP ..................................... 638
8,800 * OAK INDUSTRIES, INC ............................. 934
200 * OAK TECHNOLOGY, INC ............................. 2
2,475 * OIS OPTICAL IMAGING SYSTEMS, INC ................ 0
18,200 * P-COM, INC ...................................... 161
35,550 * PAIRGAIN TECHNOLOGIES, INC ...................... 504
4 PARK ELECTROCHEMICAL CORP ....................... 0
9,000 * PARKERVISION, INC ............................... 277
7,400 * PHOTRONICS, INC ................................. 212
17,100 PITTWAY CORP (CLASS A) .......................... 766
13,100 * PLANTRONICS, INC ................................ 937
14,500 * PLEXUS CORP ..................................... 638
12,900 * PLX TECHNOLOGY, INC ............................. 244
39,700 * PMC-SIERRA, INC ................................. 6,364
15,700 * POLYCOM, INC .................................... 1,000
16,200 * POWER INTEGRATIONS, INC ......................... 777
4,800 * POWER-ONE, INC .................................. 220
11,000 * POWERWAVE TECHNOLOGIES, INC ..................... 642
23,500 * QLOGIC CORP ..................................... 3,757
353,800 * QUALCOMM, INC ................................... 62,313
9,266 * RAMBUS, INC ..................................... 625
18,500 * RAYOVAC CORP .................................... 349
15,380 * READ RITE CORP .................................. 73
31 * RECOTON CORP .................................... 0
34,400 * RF MICRO DEVICES, INC ........................... 2,354
23,250 * S3, INC ......................................... 269
9,950 * SALTON, INC ..................................... 333
34,854 * SANMINA CORP .................................... 3,481
17,400 * SAWTEK, INC ..................................... 1,158
26,400 * SCI SYSTEMS, INC ................................ 2,170
40,000 SCIENTIFIC-ATLANTA, INC ......................... 2,225
5,600 * SCM MICROSYSTEMS, INC ........................... 358
13,800 * SDL, INC ........................................ 3,008
22,200 * SEMTECH CORP .................................... 1,157
9,700 * SENSORMATIC ELECTRONICS CORP .................... 169
1,600 * SILICONIX, INC .................................. 210
6,400 * SIPEX CORP ...................................... 157
9,400 * SLI, INC ........................................ 127
806,104 * SOLECTRON CORP .................................. 76,681
17,052 * SYCAMORE NETWORKS, INC .......................... 5,252
20 * SYMMETRICOM, INC ................................ 0
11,400 TECHNITROL, INC ................................. 507
17,000 * TEKELEC ......................................... 383
210,076 * TELLABS, INC .................................... 13,484
50 * TELTREND, INC ................................... 2
10,400 * TERAYON COMMUNICATION SYSTEMS, INC .............. 653
1,722,933 TEXAS INSTRUMENTS, INC .......................... 166,909
20,500 * TITAN CORP ...................................... 966
17,500 * TRANSWITCH CORP ................................. 1,270
7,400 * TRIQUINT SEMICONDUCTOR, INC ..................... 823
8,000 * TUT SYSTEMS, INC ................................ 429
7,700 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC .. 262
10,900 * VICOR CORP ...................................... 441
63 * VISHAY INTERTECHNOLOGY, INC ..................... 2
94,000 * VITESSE SEMICONDUCTOR CORP ...................... 4,929
20,300 * WEBLINK WIRELESS, INC ........................... 315
10,000 * WESTELL TECHNOLOGIES, INC (CLASS A) ............. 108
35,000 * WORLD ACCESS, INC ............................... 674
1,119,600 * XILINX, INC ..................................... 50,907
34,800 * ZENITH ELECTRONICS CORP ......................... 0
7,400 * ZIXIT CORP ...................................... 293
80 * ZOLTEK COS, INC ................................. 1
4,000 * ZOMAX, INC ...................................... 181
-----------
2,254,991
-----------
ENGINEERING AND MANAGEMENT SERVICES--0.09%
100 * AGRITOPE, INC ................................... 0
8,300 * AHL SERVICES, INC ............................... 173
700 * CADUS PHARMACEUTICAL CORP ....................... 0
26,800 * CATALYTICA, INC ................................. 363
9,300 * CELGENE CORP .................................... 651
3,100 * CHARLES RIVER ASSOCIATES ........................ 104
14,825 * CIRCLE.COM ...................................... 183
1,000 * CORPORATE EXECUTIVE BOARD CO .................... 56
29,763 * COVANCE, INC .................................... 322
1,600 * DATA TRANSMISSION NETWORK CORP .................. 28
5,850 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A) ...... 503
5,800 * ENTREMED, INC ................................... 149
15,100 * F.Y.I., INC ..................................... 513
12,700 * FIRST CONSULTING GROUP, INC ..................... 197
2,900 * FLYCAST COMMUNICATIONS CORP ..................... 377
51,315 GARTNER GROUP, INC (CLASS A) .................... 783
11,800 * INCYTE PHARMACEUTICALS, INC ..................... 708
3,200 * INSPIRE INSURANCE SOLUTIONS, INC ................ 15
2,400 * JACOBS ENGINEERING GROUP, INC ................... 78
5,800 LANDAUER, INC ................................... 127
6,700 * LASON, INC ...................................... 74
5,000 * MARKETING SERVICES GROUP ........................ 84
10,520 * MAXIMUS, INC .................................... 357
28,450 * NAVIGANT CONSULTING CO .......................... 309
3,000 * NEXTERA ENTERPRISES, INC ........................ 39
4,500 * NFO WORLDWIDE, INC .............................. 101
5,300 * PAREXEL INTERNATIONAL CORP ...................... 63
2,218 * PHARMACEUTICAL PRODUCT DEVELOPMENT .............. 26
3,100 * PROBUSINESS SERVICES, INC ....................... 112
13,850 * PROFIT RECOVERY GROUP INTERNATIONAL ............. 368
63,152 * QUINTILES TRANSNATIONAL CORP .................... 1,180
6,800 * RENAISSANCE WORLDWIDE, INC ...................... 50
150,666 SERVICEMASTER CO ................................ 1,855
23,200 * STAFF LEASING, INC .............................. 220
1,000 * SUPERIOR CONSULTANT HOLDINGS CORP ............... 14
5,400 TEJON RANCH CO .................................. 128
10,100 * TETRA TECH, INC ................................. 155
2,400 * URS CORP ........................................ 52
12,600 * VALENCE TECHNOLOGY, INC ......................... 239
9,700 * WACKENHUT CORRECTIONS CORP ...................... 113
20,600 * WHITTMAN HART, INC .............................. 1,105
6,100 * XCEED, INC ...................................... 253
-----------
12,227
-----------
FABRICATED METAL PRODUCTS--0.21%
14,073 CHART INDUSTRIES, INC ........................... 56
671,106 GILLETTE CO ..................................... 27,641
12,900 * METALS U.S.A., INC .............................. 110
4,520 * NCI BUILDING SYSTEMS, INC ....................... 84
18 * SHAW GROUP, INC ................................. 0
6,385 * SIMPSON MANUFACTURING CO, INC ................... 279
900 * SPS TECHNOLOGIES, INC ........................... 29
25,745 * TOWER AUTOMOTIVE, INC ........................... 397
9,300 * U.S. CAN CORP ................................... 185
1,400 VALMONT INDUSTRIES .............................. 22
-----------
28,803
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 75
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
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<TABLE>
<CAPTION>
SHARES VALUE (000)
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<S> <C> <C>
FOOD AND KINDRED PRODUCTS--1.37%
4,600 * AMERICAN ITALIAN PASTA CO (CLASS A) ............. $ 141
79,568 ANHEUSER BUSCH COS, INC ......................... 5,639
3,800 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS B) ... 152
94,545 BESTFOODS, INC .................................. 4,970
38 BROWN FORMAN, INC (CLASS B) ..................... 2
103,156 CAMPBELL SOUP CO ................................ 3,991
5,700 * CANANDAIGUA BRANDS, INC (CLASS A) ............... 291
1,781,108 COCA COLA CO .................................... 103,750
155,658 COCA COLA ENTERPRISES, INC ...................... 3,133
18,100 * DEL MONTE FOODS CO .............................. 223
5,000 DREYERS GRAND ICE CREAM, INC .................... 85
17,356 EARTHGRAINS CO .................................. 280
20,000 FLOWERS INDUSTRIES, INC ......................... 319
92,104 GENERAL MILLS, INC .............................. 3,293
3,900 * HAIN FOOD GROUP, INC ............................ 87
61,867 HEINZ (H.J.) CO ................................. 2,463
13,200 HERSHEY FOODS CORP .............................. 627
24,162 * INTERNATIONAL HOME FOODS, INC ................... 420
22,700 * KEEBLER FOODS CO ................................ 638
65,103 KELLOGG CO ...................................... 2,006
50 LANCASTER COLONY CORP ........................... 2
14,500 LANCE, INC ...................................... 145
50 NABISCO GROUP HOLDINGS .......................... 1
78,400 PEPSI BOTTLING GROUP, INC ....................... 1,299
901,454 PEPSICO, INC .................................... 31,776
7,300 PILGRIMS PRIDE CORP (CLASS B) ................... 61
43,541 QUAKER OATS CO .................................. 2,857
50,312 RALSTON PURINA CO ............................... 1,402
3,300 RIVIANA FOODS, INC .............................. 59
514,862 SARA LEE CORP ................................... 11,359
23,900 * SMITHFIELD FOODS, INC ........................... 574
12,477 TOOTSIE ROLL INDUSTRIES, INC .................... 411
2,800 * TRIARC COS, INC ................................. 51
18,700 UNIVERSAL FOODS CORP ............................ 381
6,810 * VLASIC FOODS INTERNATIONAL, INC ................. 39
14,700 WHITMAN CORP .................................... 198
28,285 WRIGLEY (WM) JR CO .............................. 2,346
-----------
185,471
-----------
FOOD STORES--0.68%
26,700 * 7-ELEVEN, INC ................................... 48
50,100 ALBERTSONS, INC ................................. 1,616
26 DELHAIZE AMERICA, INC (CLASS B) ................. 1
4,300 * GRAND UNION CO .................................. 44
16 HANNAFORD BROTHERS, INC ......................... 1
507,880 * KROGER CO ....................................... 9,586
2,180,238 * SAFEWAY, INC .................................... 77,535
106,700 * STARBUCKS CORP .................................. 2,587
11,500 * WHOLE FOODS MARKET, INC ......................... 533
18,050 * WILD OATS MARKETS, INC .......................... 400
-----------
92,351
-----------
FURNITURE AND FIXTURES--0.39%
22,300 ETHAN ALLEN INTERIORS, INC ...................... 715
39,790 * FURNITURE BRANDS INTERNATIONAL, INC ............. 875
17,500 HON INDUSTRIES, INC ............................. 384
10,200 LA-Z-BOY, INC ................................... 171
38,800 MILLER (HERMAN), INC ............................ 892
1,734,800 NEWELL RUBBERMAID, INC .......................... 50,309
14,000 * SELECT COMFORT CORP ............................. 57
3,410 VIRCO MANUFACTURING ............................. 44
-----------
53,447
-----------
FURNITURE AND HOMEFURNISHINGS STORES--0.72%
69,120 * BED BATH & BEYOND, INC .......................... 2,402
102,900 * BEST BUY, INC ................................... 5,164
9,177 * CDNOW, INC ...................................... 91
90,200 CIRCUIT CITY STORES-CIRCUIT CITY GROUP .......... 4,065
3,200 * COMPUSA, INC .................................... 16
4,100 * CREATIVE COMPUTERS, INC ......................... 30
5,700 * CYBERIAN OUTPOST, INC ........................... 57
3,000 * ELECTRONICS BOUTIQUE HOLDINGS CORP .............. 54
8,000 * GUITAR CENTER, INC .............................. 81
9,400 HAVERTY FURNITURE COS, INC ...................... 119
7,200 * INTERTAN, INC ................................... 188
19,100 * LINENS 'N THINGS, INC ........................... 566
36,317 * MUSICLAND STORES CORP ........................... 306
47,345 PIER 1 IMPORTS, INC ............................. 302
4,900 * RESTORATION HARDWARE, INC ....................... 33
1,698,016 TANDY CORP ...................................... 83,521
25,500 * TRANS WORLD ENTERTAINMENT CORP .................. 268
3,800 * TWEETER HOME ENTERTAINMENT GROUP, INC ........... 135
23,017 * WILLIAMS-SONOMA, INC ............................ 1,059
-----------
98,457
-----------
GENERAL BUILDING CONTRACTORS--0.01%
10,800 * BLOUNT INTERNATIONAL, INC ....................... 172
1,000 CENTEX CORP ..................................... 25
1,200 * CROSSMANN COMMUNITIES, INC ...................... 19
13,243 HORTON (D.R.), INC .............................. 183
53 LENNAR CORP ..................................... 1
8,818 * NVR, INC ........................................ 421
22,998 STANDARD-PACIFIC CORP ........................... 253
16,300 * TOLL BROTHERS, INC .............................. 304
-----------
1,378
-----------
GENERAL MERCHANDISE STORES--1.17%
10,600 * 99 CENTS ONLY STORES ............................ 405
8,700 * AMES DEPARTMENT STORES, INC ..................... 251
13,800 * BJ'S WHOLESALE CLUB, INC ........................ 504
37,741 CASEYS GENERAL STORES, INC ...................... 394
33,300 * CONSOLIDATED STORES CORP ........................ 541
18,000 * COST PLUS, INC .................................. 641
109,400 * COSTCO WHOLESALE CORP ........................... 9,983
228,155 DAYTON HUDSON CORP .............................. 16,755
94,225 DOLLAR GENERAL CORP ............................. 2,144
41,450 * DOLLAR TREE STORES, INC ......................... 2,008
7,200 * FACTORY 2-U STORES, INC ......................... 204
73,800 FAMILY DOLLAR STORES, INC ....................... 1,204
12 * FEDERATED DEPARTMENT STORES, INC ................ 1
30 HARCOURT GENERAL, INC ........................... 1
95,151 * KOHLS CORP ...................................... 6,869
7,532 * NEIMAN MARCUS GROUP, INC (CLASS A) .............. 210
9 * NEIMAN MARCUS GROUP, INC (CLASS B) .............. 0
22,157 * SAKS, INC ....................................... 345
2,600 * TUESDAY MORNING CORP ............................ 48
1,675,520 WAL-MART STORES, INC ............................ 115,820
-----------
158,328
-----------
HEALTH SERVICES--0.06%
1,800 * ACCREDO HEALTH, INC ............................. 55
7,300 * ADVANCE PARADIGM, INC ........................... 157
7,500 * ALTERRA HEALTHCARE CORP ......................... 62
57,720 * AMERICAN HOMEPATIENT, INC ....................... 31
1,100 * AMERICAN RETIREMENT CORP ........................ 9
700 * AMERIPATH, INC .................................. 6
1,000 * APPLIED ANALYTICAL INDUSTRIES, INC .............. 9
15,323 * CAREMATRIX CORP ................................. 38
3,800 * COVENTRY HEALTH CARE, INC ....................... 26
10,000 * ENZO BIOCHEMICAL, INC ........................... 451
17,100 * EXPRESS SCRIPTS, INC ............................ 1,094
2,475 x* FPA MEDICAL MANAGEMENT, INC ..................... 0
76 * GENESIS HEALTH VENTURES, INC .................... 0
123,000 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) ............................... 1,645
20,273 * HEALTHSOUTH CORP ................................ 109
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
76 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
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<TABLE>
<CAPTION>
SHARES VALUE (000)
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<S> <C> <C>
HEALTH SERVICES--(Continued)
18,400 HOOPER HOLMES, INC .............................. $ 474
2,500 * IMPATH, INC ..................................... 64
4 * LABORATORY CORP OF AMERICA HOLDINGS ............. 0
2,560 * LABORATORY CORP OF AMERICA HOLDINGS WTS 04/28/00 0
11,900 * LASER VISION CENTERS, INC ....................... 126
2,853 * LCA-VISION, INC ................................. 13
16,704 * LIFEPOINT HOSPITALS, INC ........................ 197
23,980 * LINCARE HOLDINGS, INC ........................... 832
7,500 * MANOR CARE, INC ................................. 120
14,100 * ORTHODONTIC CENTERS OF AMERICA, INC ............. 168
6,276 * PEDIATRIX MEDICAL GROUP, INC .................... 44
43,050 * PHYCOR, INC ..................................... 81
1,639 * PHYSICIANS RESOURCE GROUP, INC .................. 1
7,900 * PROVINCE HEALTHCARE CO .......................... 150
90 * QUORUM HEALTH GROUP, INC ........................ 1
21,950 * RENAL CARE GROUP, INC ........................... 513
100 x* SUN HEALTHCARE GROUP, INC ....................... 0
38,900 * TOTAL RENAL CARE HOLDINGS, INC .................. 260
17,904 * TRIAD HOSPITALS, INC ............................ 271
6,900 * UNITED PAYORS & UNITED PROVIDERS, INC ........... 114
11,100 * UNIVERSAL HEALTH SERVICES, INC .................. 400
11,236 * US ONCOLOGY, INC ................................ 55
242 x* VENCOR, INC ..................................... 0
-----------
7,576
-----------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.02%
19,600 * DYCOM INDUSTRIES, INC ........................... 864
11 FLUOR CORP ...................................... 1
900 GRANITE CONSTRUCTION, INC ....................... 17
18,200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) .......... 514
17,450 * MASTEC, INC ..................................... 777
-----------
2,173
-----------
HOLDING AND OTHER INVESTMENT OFFICES--0.03%
1,000 * ALEXANDERS, INC ................................. 79
500 ALEXANDRIA REAL ESTATE EQUITIES, INC ............ 16
25,200 BOSTON PROPERTIES, INC .......................... 784
7,200 CHARLES E. SMITH RESIDENTIAL REALTY ............. 255
1,900 CHATEAU PROPERTIES, INC ......................... 49
99 CORNERSTONE PROPERTIES, INC ..................... 1
11,828 COUSINS PROPERTIES, INC ......................... 401
2,600 EAST WEST BANCORP, INC .......................... 30
16 FEDERAL REALTY INVESTMENT TRUST ................. 0
2,100 GETTY REALTY HOLDINGS CORP ...................... 23
54 GREAT LAKES REIT, INC ........................... 1
6,000 IMPERIAL CREDIT COMMERCIAL MORTGAGE
INVESTMENT CORP ................................ 68
20,700 MEDITRUST CORP PAIRED ........................... 114
1,100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ....... 16
13 POST PROPERTIES, INC ............................ 0
78 RECKSON ASSOCIATES REALTY CORP .................. 2
2,800 SAUL CENTERS, INC ............................... 39
64 SIMON PROPERTY GROUP, INC ....................... 1
38,487 STARWOOD FINANCIAL TRUST ........................ 652
11,300 * TELESCAN, INC ................................... 279
14,600 TOWN & COUNTRY TRUST ............................ 262
1,900 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) ........... 9
6,427 WASHINGTON REAL ESTATE INVESTMENT TRUST ......... 96
9,797 WEINGARTEN REALTY INVESTORS, INC ................ 381
-----------
3,558
-----------
HOTELS AND OTHER LODGING PLACES--0.03%
27,178 * CHOICE HOTELS INTERNATIONAL, INC ................ 465
37,300 * EXTENDED STAY AMERICA, INC ...................... 284
102,559 HILTON HOTELS CORP .............................. 987
2 * INTERSTATE HOTELS CORP .......................... 0
7,931 * MGM GRAND, INC .................................. 399
54,300 STARWOOD HOTELS & RESORTS WORLDWIDE ............. 1,276
136 * SUNBURST HOSPITALITY CORP ....................... 1
8,500 * SUNTERRA CORP ................................... 98
2,500 * TRENDWEST RESORTS, INC .......................... 56
62 * WYNDHAM INTERNATIONAL, INC ...................... 0
-----------
3,566
-----------
INDUSTRIAL MACHINERY AND EQUIPMENT--14.63%
141,727 * 3COM CORP ....................................... 6,661
5,400 * 3DFX INTERACTIVE, INC ........................... 53
2,600 * A.S.V., INC ..................................... 35
45,200 * ADAPTEC, INC .................................... 2,254
11,000 * ADVANCED DIGITAL INFORMATION CORP ............... 535
1,530 ALLIED PRODUCTS CORP ............................ 5
9,200 * APEX, INC ....................................... 297
7,100 * APPLE COMPUTER, INC ............................. 730
232,500 * APPLIED MATERIALS, INC .......................... 29,455
13,200 APPLIED POWER, INC (CLASS A) .................... 485
900 * ASTEC INDUSTRIES, INC ........................... 17
3,000 * ASYST TECHNOLOGIES, INC ......................... 197
9,200 * ATMI, INC ....................................... 304
7,300 * AUSPEX SYSTEMS, INC ............................. 75
702 BAKER HUGHES, INC ............................... 15
14,764 * BELL & HOWELL CO ................................ 470
40,300 BLACK & DECKER CORP ............................. 2,106
7,840 * BLACK BOX CORP .................................. 525
22,400 * C-CUBE MICROSYSTEMS, INC ........................ 1,394
22,200 * CABLETRON SYSTEMS, INC .......................... 577
1,344 * CENTENNIAL TECHNOLOGIES, INC .................... 14
5,601,115 * CISCO SYSTEMS, INC .............................. 600,019
4,100 CMI CORP ........................................ 29
2,400 COLUMBUS MCKINNON CORP .......................... 24
602,396 COMPAQ COMPUTER CORP ............................ 16,302
23,300 * CONCURRENT COMPUTER CORP ........................ 435
10,315 * COOPER CAMERON CORP ............................. 505
4,500 * CUNO, INC ....................................... 93
4,400 * CYBEX COMPUTER PRODUCTS CORP .................... 178
4,312,312 * DELL COMPUTER CORP .............................. 219,928
27,657 DONALDSON CO, INC ............................... 665
1,000 * DRIL-QUIP, INC .................................. 30
9,500 * EFAX.COM ........................................ 69
300 * ELECTROGLAS, INC ................................ 8
2,978,606 * EMC CORP ........................................ 325,413
19,100 * EMULEX CORP ..................................... 2,149
9,600 * ETEC SYSTEMS, INC ............................... 431
14,700 * EXTREME NETWORKS, INC ........................... 1,227
5,800 FEDDERS CORP .................................... 32
100 FLOWSERVE CORP .................................. 2
23,032 * FOUNDRY NETWORKS, INC ........................... 6,948
3,000 * FSI INTERNATIONAL, INC .......................... 35
92,900 * GATEWAY, INC .................................... 6,695
700 GENERAL BINDING CORP ............................ 8
11,300 * GLOBAL IMAGING SYSTEMS, INC ..................... 138
14,073 GRACO, INC ...................................... 505
791,026 HEWLETT-PACKARD CO .............................. 90,128
3,500 IDEX CORP ....................................... 106
7,400 * IN FOCUS SYSTEMS, INC ........................... 172
1,117,100 INTERNATIONAL BUSINESS MACHINES CORP ............ 120,647
152,692 * IOMEGA CORP ..................................... 515
31,776 JLG INDUSTRIES, INC ............................. 506
5,800 KAYDON CORP ..................................... 156
52 KENNAMETAL, INC ................................. 2
11,100 * KRONOS, INC ..................................... 666
500 * KULICHE & SOFFA INDUSTRIES, INC ................. 21
17,000 * LAM RESEARCH CORP ............................... 1,897
80,402 * LEXMARK INTERNATIONAL GROUP (CLASS A) ........... 7,276
5,300 LINCOLN ELECTRIC HOLDINGS CO .................... 109
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 77
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
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<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
INDUSTRIAL MACHINERY AND EQUIPMENT--(Continued)
4,700 LINDSAY MANUFACTURING CO ........................ $ 86
23,272 MANITOWOC, INC .................................. 791
43,200 * MAXTOR CORP ..................................... 313
16,200 * MERCURY COMPUTER SYSTEMS, INC ................... 567
7,700 * MICRON ELECTRONICS, INC ......................... 86
11,300 * MICROS SYSTEMS, INC ............................. 836
7,300 * MIPS TECHNOLOGIES, INC .......................... 380
15,700 * MTI TECHNOLOGY CORP ............................. 579
21,050 * NATIONAL INSTRUMENTS CORP ....................... 805
1,600 * NETWORK EQUIPMENT TECHNOLOGIES, INC ............. 19
2,600 NORDSON CORP .................................... 125
752,154 * NOVELLUS SYSTEMS, INC ........................... 92,162
153,803 PITNEY BOWES, INC ............................... 7,431
7,600 * PRESSTEK, INC ................................... 105
9,700 * PRI AUTOMATION, INC ............................. 651
8,400 * PROXIM, INC ..................................... 924
24,800 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ........ 375
22,150 * QUANTUM CORP-HARD DISK DRIVE GROUP .............. 154
53 ROBBINS & MYERS, INC ............................ 1
24,345 ROPER INDUSTRIES, INC ........................... 921
11,800 * SANDISK CORP .................................... 1,136
11,900 SAUER, INC ...................................... 108
41,279 * SEAGATE TECHNOLOGY, INC ......................... 1,922
4,900 * SILICON VALLEY GROUP, INC ....................... 87
11,000 * SMITH INTERNATIONAL, INC ........................ 547
8,500 * SPECIALTY EQUIPMENT COS, INC .................... 203
3,600 * SPEEDFAM-IPEC, INC .............................. 47
4,400 STANDEX INTERNATIONAL CORP ...................... 92
51,298 SYMBOL TECHNOLOGIES, INC ........................ 3,261
9,800 TENNANT CO ...................................... 321
10,900 * TEREX CORP ...................................... 302
5,900 * THERMO FIBERTEK, INC ............................ 42
10,568,225 TYCO INTERNATIONAL LTD .......................... 410,840
9,000 * ULTRATECH STEPPER, INC .......................... 145
180,700 * UNISYS CORP ..................................... 5,771
11,600 * VISUAL NETWORKS, INC ............................ 919
2,000 WATKINS-JOHNSON CO .............................. 80
23,200 * WESTERN DIGITAL CORP ............................ 97
16,500 * XIRCOM, INC ..................................... 1,238
30 YORK INTERNATIONAL CORP ......................... 1
12,800 * ZEBRA TECHNOLOGY CORP ........................... 749
270 #* ZEBRA TECHNOLOGY CORP (CLASS B) ................. 16
-----------
1,985,508
-----------
INSTRUMENTS AND RELATED PRODUCTS--1.35%
3,500 * ACUSON CORP ..................................... 44
10,900 * AFFYMETRIX, INC ................................. 1,850
18,000 * ALARIS MEDICAL, INC ............................. 34
6,500 * ANACOMP, INC .................................... 118
4,340 ARROW INTERNATIONAL, INC ........................ 126
13,250 * AVID TECHNOLOGIES, INC .......................... 173
12,600 BAUSCH & LOMB, INC .............................. 862
44,324 BAXTER INTERNATIONAL, INC ....................... 2,784
200 * BAXTER INTERNATIONAL, INC RTS ................... 0
25,600 BECKMAN COULTER, INC ............................ 1,302
109,484 BECTON DICKINSON & CO ........................... 2,929
57,400 BIOMET, INC ..................................... 2,296
160,900 * BOSTON SCIENTIFIC CORP .......................... 3,520
5,600 * BRITESMILE, INC ................................. 46
400 * CHYRON CORP ..................................... 1
2,000 * CLOSURE MEDICAL CORP ............................ 26
20 * CNS, INC ........................................ 0
15,400 * COGNEX CORP ..................................... 601
2,400 COHU, INC ....................................... 74
10,800 * CONMED CORP ..................................... 279
7,500 COOPER COS, INC ................................. 226
297 x* CPX CORP ........................................ 0
12,600 * CREDENCE SYSTEMS CORP ........................... 1,090
10,100 * CYBERONICS, INC ................................. 161
14,800 * CYMER, INC ...................................... 681
10,300 * CYTYC CORP ...................................... 629
4,300 DATASCOPE CORP .................................. 172
19,000 DENTSPLY INTERNATIONAL, INC ..................... 449
9,200 * DIONEX CORP ..................................... 379
42 * DYNATECH CORP ................................... 0
8,000 * ECLIPSE SURGICAL TECHNOLOGY, INC ................ 59
10,325 * FOSSIL, INC ..................................... 239
10 FRESENIUS MEDICAL CARE AG. ADR .................. 0
11,522 * GENRAD, INC ..................................... 186
6,500 * GLIATECH, INC ................................... 108
488,618 * GUIDANT CORP .................................... 22,965
5,700 * HAEMONETICS CORP ................................ 136
4,800 * HANGER ORTHOPEDIC GROUP, INC .................... 48
1,000 INVACARE CORP ................................... 20
33,800 * KLA-TENCOR CORP ................................. 3,764
15,400 * LTX CORP ........................................ 345
6,500 * MECHANICAL TECHNOLOGY, INC ...................... 151
18,712 * MEDICAL MANAGER CORP ............................ 1,576
1,979,573 MEDTRONIC, INC .................................. 72,131
7,100 MENTOR CORP ..................................... 183
33,509 * METTLER-TOLEDO INTERNATIONAL, INC ............... 1,280
28,500 MILLIPORE CORP .................................. 1,101
9,900 * MINIMED, INC .................................... 725
3,600 * MKS INSTRUMENTS, INC ............................ 130
7,100 * MOLECULAR DEVICES CORP .......................... 369
5,000 MOVADO GROUP, INC ............................... 109
16,400 * NOVOSTE CORP .................................... 271
16,600 * OCULAR SCIENCES, INC ............................ 313
8,000 OPTICAL COATING LABORATORIES, INC ............... 2,368
2,700 * OSTEOTECH, INC .................................. 36
62,800 PE CORP-PE BIOSYSTEMS GROUP ..................... 7,556
1,700 * PERKINELMER, INC ................................ 71
15,200 * PINNACLE SYSTEMS, INC ........................... 618
14,500 * RESMED, INC ..................................... 605
8,400 * RESPIRONICS, INC ................................ 67
50 * ROBOTIC VISION SYSTEMS, INC ..................... 0
28,782 * RUDOLPH TECHNOLOGIES, INC ....................... 964
4,000 * SABRATEK CORP ................................... 0
11,300 * SCOTT TECHNOLOGIES, INC ......................... 213
83 * SONOSITE, INC ................................... 3
25,251 * ST. JUDE MEDICAL, INC ........................... 775
31,000 * STERIS CORP ..................................... 320
39,789 STRYKER CORP .................................... 2,770
20,500 SUMMIT TECHNOLOGY, INC .......................... 240
16,200 SUNRISE TECHNOLOGY INTERNATIONAL, INC ........... 191
54,200 SYBRON INTERNATIONAL CORP ....................... 1,338
33 TELEFLEX, INC ................................... 1
94,200 * TERADYNE, INC ................................... 6,217
4,400 * THERMO CARDIOSYSTEMS, INC ....................... 29
31,200 * THERMO ELECTRON CORP ............................ 468
10,800 * THERMO INSTRUMENT SYSTEMS, INC .................. 120
1,000 * THERMO OPTEK CORP ............................... 11
17,000 * TRIMBLE NAVIGATION LTD .......................... 368
300 * UROMED CORP ..................................... 0
7,600 * VARIAN, INC ..................................... 171
5,000 * VEECO INSTRUMENTS, INC .......................... 234
6,100 * VENTANA MEDICAL SYSTEMS, INC .................... 152
37,400 * VISX, INC ....................................... 1,935
2,700 VITAL SIGNS, INC ................................ 62
38,900 * WATERS CORP ..................................... 2,062
17,200 * WESLEY JESSEN VISIONCARE, INC ................... 651
1,117,038 XEROX CORP ...................................... 25,343
-----------
183,020
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 77
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
INSURANCE AGENTS, BROKERS AND SERVICE--0.01%
2,000 BLANCH (E.W.) HOLDINGS, INC ..................... $ 123
4,800 BROWN & BROWN, INC .............................. 184
23,804 CRAWFORD & CO (CLASS B) ......................... 324
14,204 * FIRST HEALTH GROUP CORP ......................... 382
5,500 GALLAGHER (ARTHUR J.) & CO ...................... 356
6,200 HILB, ROGAL & HAMILTON CO ....................... 175
-----------
1,544
-----------
INSURANCE CARRIERS--0.76%
36,674 AFLAC, INC ...................................... 1,731
101,216 AMERICAN INTERNATIONAL GROUP, INC ............... 10,944
1,551,975 CITIGROUP, INC .................................. 86,232
500 FOREMOST CORP OF AMERICA ........................ 14
1,500 * FPIC INSURANCE GROUP, INC ....................... 25
400 HARTFORD LIFE, INC (CLASS A) .................... 18
6,900 HSB GROUP, INC .................................. 233
3,400 * MID ATLANTIC MEDICAL SERVICES, INC .............. 28
49,030 * OXFORD HEALTH PLANS, INC ........................ 622
5,888 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ........ 312
11,100 PROGRESSIVE CORP ................................ 812
20 PROTECTIVE LIFE CORP ............................ 1
3,600 * PROVIDENT AMERICAN CORP ......................... 127
11,239 RADIAN GROUP, INC ............................... 537
3,668 REINSURANCE GROUP OF AMERICA, INC ............... 102
5,100 * TRIAD GUARANTY, INC ............................. 116
1,000 * UICI ............................................ 11
14,700 UNITED HEALTHCARE CORP .......................... 781
5,800 * WELLPOINT HEALTH NETWORKS, INC .................. 382
-----------
103,028
-----------
LEATHER AND LEATHER PRODUCTS--0.00%
100 * GLOBAL SPORTS, INC .............................. 1
8,585 * SAMSONITE CORP .................................. 50
6,500 STRIDE RITE CORP ................................ 42
10,100 * TIMBERLAND CO ................................... 534
2,700 WOLVERINE WORLD WIDE, INC ....................... 30
-----------
657
-----------
LEGAL SERVICES--0.00%
7,100 * PREPAID LEGAL SERVICES, INC ..................... 170
-----------
LOCAL AND INTERURBAN PASSENGER TRANSIT--0.00%
1,300 * CAREY INTERNATIONAL, INC ........................ 32
-----------
LUMBER AND WOOD PRODUCTS--0.01%
1,100 AMERICAN WOODMARK CORP .......................... 27
45,600 * CHAMPION ENTERPRISES, INC ....................... 390
45,760 CLAYTON HOMES, INC .............................. 420
8,600 * PALM HARBOR HOMES, INC .......................... 155
-----------
992
-----------
METAL MINING--0.02%
37,200 * BATTLE MOUNTAIN GOLD CO ......................... 77
53,104 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS A) ...................................... 986
70,950 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) ...................................... 1,499
90 NEWMONT MINING CORP ............................. 2
17,100 * STILLWATER MINING CO ............................ 545
-----------
3,109
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.03%
20,860 * BLYTH INDUSTRIES, INC ........................... 512
12,800 BRADY CORP (CLASS A) ............................ 434
7,000 CALLAWAY GOLF CO ................................ 124
4,700 * DIRECT FOCUS, INC ............................... 130
6,400 * IDENTIX, INC .................................... 58
18,800 INTERNATIONAL GAME TECHNOLOGY CO ................ 382
3,750 * JAKKS PACIFIC, INC .............................. 70
30,381 JOSTENS, INC .................................... 739
98 * LYDALL, INC ..................................... 1
368 * MARVEL ENTERPRISES WTS (CLASSA) 10/02/01 ........ 0
623 * MARVEL ENTERPRISES WTS (CLASS C) 10/02/02 ....... 0
103,273 MATTEL, INC ..................................... 1,355
5,500 ONEIDA LTD ...................................... 120
4,486 * STEINWAY MUSICAL INSTRUMENTS, INC ............... 91
9,556 * WMS INDUSTRIES, INC ............................. 125
-----------
4,141
-----------
MISCELLANEOUS RETAIL--0.73%
694,792 * AMAZON.COM, INC ................................. 52,891
19,000 * BARNES & NOBLE, INC ............................. 392
4,900 * BARNESANDNOBLE.COM, INC ......................... 70
200 * BARNETT, INC .................................... 2
19,900 * BORDERS GROUP, INC .............................. 320
13,060 * CDW COMPUTER CENTERS, INC ....................... 1,027
4,300 * COLDWATER CREEK, INC ............................ 88
239,039 CVS CORP ........................................ 9,547
2,500 * DELIA*S, INC .................................... 18
4,800 * DUANE READE, INC ................................ 132
17,000 * E 4 L, INC ...................................... 43
12,304 * EGGHEAD.COM, INC ................................ 199
6,600 ENESCO GROUP, INC ............................... 73
2,400 * ETOYS, INC ...................................... 63
1,600 * FATBRAIN.COM, INC ............................... 40
2,300 x* GENESIS DIRECT, INC ............................. 0
57,500 * HANOVER DIRECT, INC ............................. 208
16,709 * INSIGHT ENTERPRISES, INC ........................ 679
5,082 * ITURF, INC ...................................... 63
3,800 x* JUMBOSPORTS, INC ................................ 0
8,800 * LANDS END, INC .................................. 306
15,700 * MICHAELS STORES, INC ............................ 447
800 * MICRO WAREHOUSE, INC ............................ 15
192,281 * OFFICE DEPOT, INC ............................... 2,103
17,000 * OFFICEMAX, INC .................................. 94
11,800 OMNICARE, INC ................................... 142
5,000 * PC CONNECTION, INC .............................. 173
52,740 * PETSMART, INC ................................... 303
17,500 * SCHEIN (HENRY), INC ............................. 233
10,200 * SHOP AT HOME, INC ............................... 101
283,865 * STAPLES, INC .................................... 5,890
15,950 * SUNGLASS HUT INTERNATIONAL, INC ................. 179
11,085 * SYSTEMAX, INC ................................... 94
35,600 TIFFANY & CO .................................... 3,177
85 * TOYS R US, INC .................................. 1
158 * U.S. OFFICE PRODUCTS CO ......................... 0
4,000 * UBID, INC ....................................... 106
21,700 * VALUE AMERICA, INC .............................. 110
22,100 * VALUEVISION INTERNATIONAL, INC .................. 1,267
623,530 WALGREEN CO ..................................... 18,238
9,500 * WHITEHALL JEWELLERS, INC ........................ 350
30 * ZALE CORP ....................................... 1
-----------
99,185
-----------
MOTION PICTURES--0.43%
20,500 * AMC ENTERTAINMENT, INC .......................... 177
174,547 DISNEY (WALT) CO ................................ 5,105
16,400 * HOLLYWOOD ENTERTAINMENT CORP .................... 238
4,300 * ON COMMAND CORP ................................. 80
12,300 * PIXAR, INC ...................................... 435
729,352 TIME WARNER, INC ................................ 52,832
10,400 * VALLEY MEDIA, INC ............................... 73
-----------
58,940
-----------
NONDEPOSITORY INSTITUTIONS--0.74%
75 ADVANTA CORP (CLASS A) .......................... 1
160,246 AMERICAN EXPRESS CO ............................. 26,641
44,400 * AMERICREDIT CORP ................................ 821
200 * AMRESCO, INC .................................... 0
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 79
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
NONDEPOSITORY INSTITUTIONS--(Continued)
1,475,068 ASSOCIATES FIRST CAPITAL CORP ................... $ 40,472
119,308 CAPITAL ONE FINANCIAL CORP ...................... 5,749
100 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE ........... 1
11,400 x* CITYSCAPE FINANCIAL CORP ........................ 0
1,000 * COMPUCREDIT CORP ................................ 39
12 COUNTRYWIDE CREDIT INDUSTRIES, INC .............. 0
7,000 DORAL FINANCIAL CORP ............................ 86
1,500 * FEDERAL AGRICULTURE MORTGAGE CORP ............... 30
97,097 FEDERAL NATIONAL MORTGAGE ASSOCIATION ........... 6,062
3,400 * FINANCIAL FEDERAL CORP .......................... 78
35,600 * FINET.COM, INC .................................. 47
1,500 FINOVA GROUP, INC ............................... 53
6,000 * FIRST SIERRA FINANCIAL, INC ..................... 103
272,752 FREDDIE MAC ..................................... 12,836
47,886 HOUSEHOLD INTERNATIONAL, INC .................... 1,784
600 * IMC MORTGAGE CO ................................. 0
100 * IMPERIAL CREDIT INDUSTRIES, INC ................. 1
3,600 MEDALLION FINANCIAL CORP ........................ 65
28,900 METRIS COS, INC ................................. 1,031
11,200 * NEXTCARD, INC ................................... 323
91,884 SLM HOLDINGS CORP ............................... 3,882
1,881 x* SOUTHERN PACIFIC FUNDING CORP ................... 0
100 x* UNITED COS FINANCIAL CORP ....................... 0
-----------
100,105
-----------
NONMETALLIC MINERALS, EXCEPT FUELS--0.00%
5,900 AMCOL INTERNATIONAL CORP ........................ 95
-----------
OIL AND GAS EXTRACTION--0.14%
26,900 ANADARKO PETROLEUM CORP ......................... 918
38,779 APACHE CORP ..................................... 1,432
11,983 * ATWOOD OCEANICS, INC ............................ 463
2,800 * BASIN EXPLORATION, INC .......................... 49
22 * BELCO OIL & GAS CORP ............................ 0
6,600 BERRY PETROLEUM CO (CLASS A) .................... 100
1,100 * BJ SERVICES CO .................................. 46
14,600 * BROWN (TOM), INC ................................ 195
5,100 * CAL DIVE INTERNATIONAL, INC ..................... 169
38,400 * CHESAPEAKE ENERGY CORP .......................... 91
500 x* COHO ENERGY, INC ................................ 0
14,700 CONSOL ENERGY, INC .............................. 149
42,900 CROSS TIMBERS OIL CO ............................ 389
1,000 DEVON ENERGY CORP (NEW) ......................... 33
15,559 DIAMOND OFFSHORE DRILLING, INC .................. 476
33 * EEX CORP ........................................ 0
43,239 ENSCO INTERNATIONAL, INC ........................ 989
1,600 * EVERGREEN RESOURCES, INC ........................ 32
15,500 * FOREST OIL CORP ................................. 204
25,142 * FRIEDE GOLDMAN HALTER, INC ...................... 174
42,614 * GLOBAL INDUSTRIES LTD ........................... 368
45,500 * GLOBAL MARINE, INC .............................. 756
147,700 * GREY WOLF, INC .................................. 425
119,248 HALLIBURTON CO .................................. 4,800
8,100 * HANOVER COMPRESSOR CO ........................... 306
71 * MCMORAN EXPLORATION CO .......................... 1
11,100 * MERIDIAN RESOURCE CORP .......................... 34
11,400 * NABORS INDUSTRIES, INC .......................... 353
4,700 * NEWFIELD EXPLORATION CO ......................... 126
12,900 NOBLE AFFILIATES, INC ........................... 277
24,337 * NOBLE DRILLING CORP ............................. 797
43 * OCEAN ENERGY, INC (NEW) ......................... 0
7,600 * OCEANEERING INTERNATIONAL, INC .................. 114
42 * PIONEER NATURAL RESOURCES CO .................... 0
7,800 POGO PRODUCING CO ............................... 160
68,500 * R & B FALCON CORP ............................... 908
34 * ROWAN COS, INC .................................. 1
5,963 * STONE ENERGY CORP ............................... 212
9,800 * SYNTROLEUM CORP ................................. 80
9,171 * TRANSMONTAIGNE, INC ............................. 64
31,100 * TRANSOCEAN SEDCO FOREX, INC ..................... 1,048
12,235 x* TRANSTEXAS GAS CORP ............................. 2
23,594 VASTAR RESOURCES, INC ........................... 1,392
14,200 * VINTAGE PETROLEUM, INC .......................... 171
21,600 * WEATHERFORD INTERNATIONAL ....................... 863
-----------
19,167
-----------
PAPER AND ALLIED PRODUCTS--0.14%
388 * AMERICAN PAD & PAPER CO ......................... 0
49,200 AVERY DENNISON CORP ............................. 3,585
5,800 * BUCKEYE TECHNOLOGIES, INC ....................... 86
7,900 * EARTHSHELL CORP ................................. 33
109,433 FORT JAMES CORP ................................. 2,996
31,200 * GAYLORD CONTAINER CO ............................ 213
180,959 KIMBERLY-CLARK CORP ............................. 11,808
23,100 * MAIL-WELL, INC .................................. 312
56 * SMURFIT-STONE CONTAINER CORP .................... 1
20,810 WAUSAU-MOSINEE PAPER CORP ....................... 243
-----------
19,277
-----------
PERSONAL SERVICES--0.03%
23,947 BLOCK (H&R), INC ................................ 1,048
10,800 * CARRIAGE SERVICES, INC (CLASS A) ................ 64
46,400 CINTAS CORP ..................................... 2,465
13,000 * COINSTAR, INC ................................... 182
6,150 G & K SERVICES, INC (CLASS A) ................... 199
5,900 REGIS CORP ...................................... 111
-----------
4,069
-----------
PETROLEUM AND COAL PRODUCTS--0.01%
15,100 ELCOR CORP ...................................... 455
61 TOSCO CORP ...................................... 2
44,700 USX-MARATHON GROUP, INC ......................... 1,104
10,600 WD-40 CO ........................................ 235
-----------
1,796
-----------
PRIMARY METAL INDUSTRIES--0.01%
3,300 * ALPINE GROUP, INC ............................... 42
13,400 BELDEN, INC ..................................... 281
200 GIBRALTAR STEEL CORP ............................ 5
2,900 * LONE STAR TECHNOLOGIES, INC ..................... 81
6,500 MATTHEWS INTERNATIONAL CORP (CLASS A) ........... 179
7,600 * MUELLER INDUSTRIES, INC ......................... 276
100 * NS GROUP, INC ................................... 1
1,500 * OPTICAL CABLE CORP .............................. 30
6,600 QUANEX CORP ..................................... 168
11,700 * STEEL DYNAMICS, INC ............................. 186
9,242 SUPERIOR TELECOM, INC ........................... 143
6,400 TEXAS INDUSTRIES, INC ........................... 272
80 WORTHINGTON INDUSTRIES, INC ..................... 1
-----------
1,665
-----------
PRINTING AND PUBLISHING--0.07%
12,012 CENTRAL NEWSPAPERS, INC (CLASS A) ............... 473
4,720 * CONSOLIDATED GRAPHICS, INC ...................... 71
6 DELUXE CORP ..................................... 0
28,600 DOW JONES & CO, INC ............................. 1,945
440 HARLAND (JOHN H.) CO ............................ 8
7,400 HARTE-HANKS, INC ................................ 161
6,100 HOUGHTON MIFFLIN CO ............................. 257
14,100 * JOURNAL REGISTER CO ............................. 218
29,756 LEE ENTERPRISES, INC ............................ 950
15,600 MCGRAW HILL COS, INC ............................ 961
10,278 MEDIA GENERAL, INC (CLASS A) .................... 534
18,500 MEREDITH CORP ................................... 771
4,900 NEW ENGLAND BUSINESS SERVICES, INC .............. 120
25 * PAXAR CORP ...................................... 0
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 79
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
PRINTING AND PUBLISHING--(Continued)
3,600 PENTON MEDIA, INC ............................... $ 86
16,300 * PLAYBOY ENTERPRISES, INC (CLASS B) .............. 396
30,139 * PRIMEDIA, INC ................................... 497
5,600 * R.H. DONNELLEY CORP ............................. 106
14,056 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) ........................... 411
1,900 SCHAWK, INC (CLASS A) ........................... 16
21 STANDARD REGISTER, INC .......................... 0
100 THOMAS NELSON, INC .............................. 1
18,900 TIMES MIRROR CO SERIES A ........................ 1,266
26,400 * TOPPS, INC ...................................... 274
18 TRIBUNE CO ...................................... 1
68 WALLACE COMPUTER SERVICES, INC .................. 1
28,200 WILEY (JOHN) & SONS, INC (CLASS A) .............. 472
77 * WORKFLOW MANAGEMENT, INC ........................ 2
-----------
9,998
-----------
RAILROAD TRANSPORTATION--0.04%
71,982 KANSAS CITY SOUTHERN INDUSTRIES, INC ............ 5,372
7,750 * WISCONSIN CENTRAL TRANSIT CORP .................. 104
-----------
5,476
-----------
REAL ESTATE--0.01%
15,783 * CATELLUS DEVELOPMENT CORP ....................... 202
12,200 * CB RICHARD ELLIS SERVICES GROUP, INC ............ 151
18,100 * FAIRFIELD COMMUNITIES, INC ...................... 195
5,700 FOREST CITY ENTERPRISES, INC (CLASS A) .......... 160
1,400 * INSIGNIA FINANCIAL GROUP, INC ................... 12
15,796 * JONES LANG LA SALLE ............................. 188
1,500 * PINNACLE HOLDINGS, INC .......................... 64
30 * RECKSON SERVICES INDUSTRIES, INC ................ 2
6,100 STEWART ENTERPRISES, INC (CLASS A) .............. 29
12,300 * TRAMMELL CROW CO ................................ 143
-----------
1,146
-----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.42%
500 * AEP INDUSTRIES, INC ............................. 13
12,494 APTARGROUP, INC ................................. 314
106,325 ILLINOIS TOOL WORKS, INC ........................ 7,184
100 LIQUI-BOX CORP .................................. 5
4,108 MYERS INDUSTRIES, INC ........................... 65
922,500 NIKE, INC (CLASS B) ............................. 45,721
48 * REEBOK INTERNATIONAL LTD ........................ 0
26,204 * SAFESKIN CORP ................................... 318
50,995 * SEALED AIR CORP ................................. 2,642
55 SOLUTIA, INC .................................... 1
8,400 SPARTECH CORP ................................... 271
14,648 TREDEGAR CORP ................................... 303
36,017 TUPPERWARE CORP ................................. 610
6,300 * U.S. PLASTIC LUMBER CORP ........................ 48
9,600 WYNNS INTERNATIONAL, INC ........................ 136
-----------
57,631
-----------
SECURITY AND COMMODITY BROKERS--0.21%
17,164 * AFFILIATED MANAGERS GROUP, INC .................. 694
34,300 * AMERITRADE HOLDINGS CORP (CLASS A) .............. 744
12,600 CONNING CORP .................................... 104
1,000 DUFF & PHELPS CREDIT RATING CO .................. 89
98,908 * E TRADE GROUP, INC .............................. 2,584
17,924 EATON VANCE CORP ................................ 681
42,900 FEDERATED INVESTORS, INC ........................ 861
56,813 FRANKLIN RESOURCES, INC ......................... 1,822
67 FREEDOM SECURITIES CORP ......................... 1
5,800 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC ........... 46
3,300 INVESTMENT TECHNOLOGY GROUP, INC ................ 95
5,000 INVESTORS FINANCIAL SERVICES CORP ............... 230
7,609 JOHN NUVEEN CO (CLASS A) ........................ 274
38,600 * KNIGHT/TRIMARK GROUP, INC ....................... 1,776
9,800 MORGAN KEEGAN, INC .............................. 165
2,400 * NATIONAL DISCOUNT BROKERS GROUP, INC ............ 63
12,600 * PIONEER GROUP, INC .............................. 198
52,600 PRICE (T. ROWE) ASSOCIATES, INC ................. 1,943
16,400 RAYMOND JAMES FINANCIAL CORP .................... 306
391,502 SCHWAB (CHARLES) CORP ........................... 15,024
6,000 SOUTHWEST SECURITIES GROUP, INC ................. 164
700 THE GOLDMAN SACHS GROUP, INC .................... 66
19,200 UNITED ASSET MANAGEMENT CORP .................... 356
2,000 VALUE LINE, INC ................................. 72
28,900 WADDELL & REED FINANCIAL, INC (CLASS A) ......... 784
-----------
29,142
-----------
SOCIAL SERVICES--0.00%
7,300 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ........... 137
1,800 * PROVANT, INC .................................... 45
4,700 * RES-CARE, INC ................................... 60
1,900 * SUNRISE ASSISTED LIVING, INC .................... 26
-----------
268
-----------
SPECIAL TRADE CONTRACTORS--0.01%
6,600 x* AMRE, INC ....................................... 0
9,800 APOGEE ENTERPRISES, INC ......................... 50
6,000 * COMFORT SYSTEMS U.S.A., INC ..................... 44
9,500 * GROUP MAINTENANCE AMERICA CORP .................. 102
4,300 * INTEGRATED ELECTRICAL SERVICES, INC ............. 43
24,400 * QUANTA SERVICES, INC ............................ 689
2,400 * SERVICE EXPERTS, INC ............................ 14
-----------
942
-----------
STONE, CLAY, AND GLASS PRODUCTS--0.16%
1,300 CARBO CERAMICS, INC ............................. 28
10,601 CENTEX CONSTRUCTION PRODUCTS, INC ............... 413
152,099 CORNING, INC .................................... 19,611
20,300 * DAL-TILE INTERNATIONAL, INC ..................... 206
9,119 * DEPARTMENT 56, INC .............................. 206
6,900 * DUPONT PHOTOMASKS, INC .......................... 333
5,300 FLORIDA ROCK INDUSTRIES, INC .................... 183
8,900 LIBBEY, INC ..................................... 256
17 USG CORP ........................................ 1
-----------
21,237
-----------
TEXTILE MILL PRODUCTS--0.01%
12,693 * MOHAWK INDUSTRIES, INC .......................... 335
2,000 * PUBLICARD, INC .................................. 13
26,200 WESTPOINT STEVENS, INC .......................... 459
-----------
807
-----------
TOBACCO PRODUCTS--0.15%
1,365 BROOKE GROUP LTD ................................ 20
798,573 PHILIP MORRIS COS, INC .......................... 18,517
1,516 RJR REYNOLDS TOBACCO HOLDINGS, INC .............. 27
65,400 UST, INC ........................................ 1,647
-----------
20,211
-----------
TRANSPORTATION BY AIR--0.00%
9,700 * AIRTRAN HOLDINGS, INC ........................... 44
2,300 * ATLANTIC COAST AIRLINES HOLDINGS ................ 55
3,200 * ATLAS AIR, INC .................................. 88
3,700 * FRONTIER AIRLINES, INC .......................... 42
50 * MESA AIR GROUP, INC ............................. 0
7,600 * MESABA HOLDINGS, INC ............................ 87
7,155 * MIDWEST EXPRESS HOLDINGS, INC ................... 228
4,400 SKYWEST, INC .................................... 123
-----------
667
-----------
TRANSPORTATION EQUIPMENT--2.60%
1,900 * BE AEROSPACE, INC ............................... 16
75,530 BOEING CO ....................................... 3,139
11,533 CORDANT TECHNOLOGIES, INC ....................... 381
52,204 DANAHER CORP .................................... 2,519
4,700 * DELCO REMY INTERNATIONAL, INC (CLASS A) ......... 39
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 81
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE (000)
------ -----------
<S> <C> <C>
TRANSPORTATION EQUIPMENT--(Continued)
17,900 FEDERAL SIGNAL CORP ............................. $ 288
31,659 GENERAL DYNAMICS CORP ........................... 1,670
1,233,800 * GENERAL MOTORS CORP (CLASS H) ................... 118,445
1,000 GENTEK, INC ..................................... 10
29,600 * GENTEX CORP ..................................... 821
761,660 HARLEY DAVIDSON, INC ............................ 48,794
16,000 * HAYES LEMMERZ INTERNATIONAL, INC ................ 279
1,500 HEICO CORP ...................................... 33
1,253,386 HONEYWELL INTERNATIONAL, INC .................... 72,305
16,100 * HOWMET INTERNATIONAL, INC ....................... 291
1,400 * KELLSTROM INDUSTRIES, INC ....................... 13
1,900 * KROLL-O'GARA CO ................................. 31
16,474 MASCOTECH, INC .................................. 209
29,844 MERITOR AUTOMOTIVE, INC ......................... 578
500 MODINE MANUFACTURING CO ......................... 13
9,400 * MONACO COACH CORP ............................... 240
12,100 * NATIONAL R.V. HOLDINGS, INC ..................... 233
6,400 NEWPORT NEWS SHIPBUILDING, INC .................. 176
8,300 * ORBITAL SCIENCES CORP ........................... 154
900 OSHKOSH TRUCK CORP .............................. 26
23,655 POLARIS INDUSTRIES, INC ......................... 857
11,600 * SPX CORP ........................................ 937
3,324 THOR INDUSTRIES, INC ............................ 101
6,055 * TRIUMPH GROUP, INC .............................. 146
1,540,353 UNITED TECHNOLOGIES CORP ........................ 100,123
2,178 * WESTINGHOUSE AIR BRAKE CO ....................... 39
1,700 WINNEBAGO INDUSTRIES, INC ....................... 34
-----------
352,940
-----------
TRANSPORTATION SERVICES--0.03%
750 AIR EXPRESS INTERNATIONAL CORP .................. 24
100 * AMBASSADORS INTERNATIONAL, INC .................. 1
24,000 C.H. ROBINSON WORLDWIDE, INC .................... 954
100 * CHEAP TICKETS, INC .............................. 1
7,000 * EAGLE U.S.A. AIRFREIGHT, INC .................... 302
23,500 EXPEDITORS INTERNATIONAL OF WASHINGTON .......... 1,030
3,400 * FORWARD AIR CORP ................................ 147
40,316 GALILEO INTERNATIONAL, INC ...................... 1,207
83 * NAVIGANT INTERNATIONAL, INC ..................... 1
-----------
3,667
-----------
TRUCKING AND WAREHOUSING--0.01%
12,800 * AMERICAN FREIGHTWAYS CORP ....................... 207
2,000 * COVENANT TRANSPORT, INC (CLASS A) ............... 35
500 * DISPATCH MANAGEMENT SERVICES CORP ............... 1
2,000 * HEARTLAND EXPRESS, INC .......................... 32
12,900 * IRON MOUNTAIN, INC .............................. 507
3,000 * KNIGHT TRANSPORTATION, INC ...................... 51
3,800 * LANDSTAR SYSTEM, INC ............................ 163
2,900 * M.S. CARRIERS, INC .............................. 69
6,800 * PIERCE LEAHY CORP ............................... 294
24,775 * SWIFT TRANSPORTATION CO, INC .................... 437
-----------
1,796
-----------
WATER TRANSPORTATION--0.73%
6,800 * AMERICAN CLASSIC VOYAGES CO ..................... 238
2,065,876 CARNIVAL CORP (CLASS A) ......................... 98,775
8,600 * KIRBY CORP ...................................... 176
34 * TRICO MARINE SERVICES, INC ...................... 0
-----------
99,189
-----------
WHOLESALE TRADE-DURABLE GOODS--0.03%
4,900 * ACTION PERFORMANCE COS, INC ..................... 56
5,700 * ANICOM, INC ..................................... 24
56 * ANIXTER INTERNATIONAL, INC ...................... 1
25 * ANTHONY & SYLAN POOLS CORP ...................... 0
200 * AURA SYSTEMS, INC ............................... 0
1,300 * AVIATION SALES CO ............................... 21
11,000 * BOYDS COLLECTION LTD ............................ 76
22,989 * BRIGHTPOINT, INC ................................ 302
73 CASTLE (A.M.) & CO .............................. 1
19,456 * CELLSTAR CORP ................................... 192
500 * DURA AUTOMOTIVE SYSTEMS, INC .................... 9
21,272 * FISHER SCIENTIFIC INTERNATIONAL, INC ............ 768
300 * GRAHAM-FIELD HEALTH PRODUCTS, INC ............... 0
13,300 * HA-LO INDUSTRIES, INC ........................... 100
1,000 IKON OFFICE SOLUTIONS, INC ...................... 7
21,600 * INGRAM MICRO, INC (CLASS A) ..................... 284
1,900 * JLK DIRECT DISTRIBUTION, INC (CLASS A) .......... 20
3,800 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC ............. 22
6,800 * LANIER WORLDWIDE, INC ........................... 26
2,200 * MIAMI COMPUTER SUPPLY CORP ...................... 82
9,500 * MSC INDUSTRIAL DIRECT CO (CLASS A) .............. 126
17,700 * NAVARRE CORP .................................... 102
13,971 OWENS & MINOR, INC .............................. 125
16,400 * PATTERSON DENTAL CO ............................. 699
26,025 * PSS WORLD MEDICAL, INC .......................... 246
2,600 RELIANCE STEEL & ALUMINUM CO .................... 61
3,600 * SAFEGUARD SCIENTIFICS, INC ...................... 583
11,800 * SCP POOL CORP ................................... 306
11,871 * TECH DATA CORP .................................. 322
8,500 WATSCO, INC ..................................... 98
4,600 * WESCO INTERNATIONAL, INC ........................ 41
-----------
4,700
-----------
WHOLESALE TRADE-NONDURABLE GOODS--1.01%
9,100 * AIRGAS, INC ..................................... 86
27,100 * AMERISOURCE HEALTH CORP (CLASS A) ............... 412
7,800 * BARNETT RESOURCES CORP .......................... 230
48,411 BERGEN BRUNSWIG CORP (CLASS A) .................. 402
8,000 BINDLEY WESTERN INDUSTRIES, INC ................. 121
32 * BOISE CASCADE OFFICE PRODUCTS CORP .............. 0
2,603,072 CARDINAL HEALTH, INC ............................ 124,635
1,300 * CENTRAL GARDEN & PET CO ......................... 13
92 DIMON, INC ...................................... 0
17,866 ENRON CORP ...................................... 793
4,852 * KENNETH COLE PRODUCTIONS, INC ................... 222
91,594 MCKESSON HBOC, INC .............................. 2,067
3,400 * NCS HEALTHCARE, INC (CLASS A) ................... 8
22,000 * NU SKIN ENTERPRISES, INC (CLASS A) .............. 199
3,300 * PERFORMANCE FOOD GROUP CO ....................... 80
6,700 * PLAINS RESOURCES, INC ........................... 84
7,450 * PRIORITY HEALTHCARE CORP (CLASS B) .............. 216
21,648 * SCHOOL SPECIALTY, INC ........................... 327
2,800 * SYNCOR INTERNATIONAL CORP ....................... 82
173,978 SYSCO CORP ...................................... 6,883
2,300 VALHI, INC ...................................... 24
-----------
136,884
-----------
TOTAL COMMON STOCK
(Cost $8,951,661) ............................... 12,868,819
-----------
<CAPTION>
PRINCIPAL
---------
<S> <C> <C>
SHORT TERM INVESTMENTS--4.60%
BANK NOTE--0.19%
BANK OF AMERICA
$25,746,000 (0) 6.400%, 01/20/00 ............................. 25,755
-----------
CERTIFICATES OF DEPOSIT--0.10%
WESTDEUTSCHE LANDESBANK
13,455,000 (0) 5.990%, 03/01/00 ............................. 13,457
-----------
COMMERCIAL PAPER--2.92%
ALLIED SIGNAL, INC
27,445,000 (0)~ 5.810%, 02/11/00 ............................ 27,266
AMERICAN TELEPHONE & TELEGRAPH CO
10,185,000 (0) 5.950%, 01/24/00 ............................. 10,147
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
82 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE (000)
--------- -----------
<S> <C> <C>
COMMERCIAL PAPER--(Continued)
ASSET SECURITIZATION COOP CORP
$26,183,000 (0)~ 5.900%, 01/31/00 ............................ $ 26,057
BELLSOUTH TELECOMMUNICATIONS, INC
7,000,000 (0)~ 5.900%, 02/24/00 ............................ 6,940
COCA COLA ENTERPRISES, INC
19,880,000 (0)~ 5.920%, 01/28/00 ............................ 19,793
COLGATE-PALMOLIVE CO
14,000,000 (0)~ 5.850%, 02/01/00 ............................ 13,930
CORPORATE ASSET FUNDING CORP, INC
12,057,000 (0)~ 5.930%, 02/07/00 ............................ 11,986
6,765,000 (0)~ 6.020%, 02/16/00 ............................ 6,715
ENTERPRISE FUNDING CORP
13,510,000 (0)~ 5.880%, 01/18/00 ............................ 13,472
14,077,000 (0)~ 5.900%, 01/19/00 ............................ 14,035
GENERAL ELECTRIC CAPITAL CORP
10,165,000 (0) 5.880%, 02/17/00 ............................ 10,089
GILLETTE CO
13,440,000 (0)~ 5.950%, 01/13/00 ............................ 13,413
HEINZ (H.J.) CO
20,400,000 (0)~ 6.050%, 02/08/00 ............................ 20,276
IBM CREDIT CORP
22,900,000 (0) 6.000%, 03/15/00 ............................. 22,630
MCDONALD'S CORP
27,447,000 ~ 6.400%, 01/11/00 ............................... 27,400
MCGRAW-HILL COS, INC
27,400,000 (0) 6.150%, 02/14/00 ............................. 27,208
MONSANTO CO
1,256,000 (0)~ 5.790%, 03/21/00 ............................ 1,240
MORGAN STANLEY DEAN WITTER
11,520,000 (0) 6.000%, 01/14/00 ............................. 11,495
NATIONAL RURAL UTILITIES COOP FINANCE
6,700,000 (0)~ 5.850%, 03/10/00 ............................ 6,626
17,400,000 (0)~ 5.920%, 03/24/00 ............................ 17,169
RECEIVABLES CAPITAL CORP
23,045,000 ~ 5.880%, 02/10/00 .............................. 22,898
SALOMON SMITH BARNEY HOLDINGS, INC
27,446,000 (0) 5.970%, 02/02/00 ............................. 27,305
SOUTHERN CALIFORNIA EDISON CO
11,265,000 (0) 6.250%, 01/10/00 ............................. 11,248
VODAFONE AIRTOUCH PLC
27,446,000 (0)~ 6.600%, 01/25/00 ............................ 27,339
-----------
396,677
-----------
U.S. GOVERNMENT AND AGENCIES--1.39%
FEDERAL HOME LOAN BANK (FHLB)
19,640,000 (0) 5.510%, 02/09/00 ............................. 19,523
$20,000,000 (0) 5.530%, 02/22/00 ............................. 19,840
7,000,000 (0) 5.455%, 02/24/00 ............................. 6,942
14,000,000 (0) 5.750%, 03/17/00 ............................. 13,832
21,825,000 (0) 5.530%, 03/21/00 ............................. 21,550
3,000,000 (0) 5.440%, 03/24/00 ............................. 2,961
23,510,000 (0) 5.550%, 04/07/00 ............................. 23,147
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
9,000,000 (0) 5.520%, 01/28/00 ............................. 8,965
22,080,000 (0) 5.540%, 02/15/00 ............................. 21,926
685,000 (0) 5.520%, 02/25/00 ............................. 679
12,750,000 (0) 5.540%, 03/09/00 ............................. 12,613
1,600,000 5.550%, 03/16/00 ............................. 1,581
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
2,800,000 5.550%, 01/20/00 ............................. 2,792
980,000 (0) 5.580%, 01/20/00 ............................. 977
200,000 5.570%, 01/21/00 ............................. 199
1,165,000 (0) 5.470%, 01/24/00 ............................. 1,161
30,000,000 (0) 5.530%, 02/03/00 ............................. 29,849
-----------
188,537
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $624,359) ................................. 624,426
-----------
TOTAL PORTFOLIO
(Cost $9,576,214) ............................... $13,493,458
===========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing
+ Affiliated holding
x In bankruptcy
~ Commerical Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
(0) All or a portion of these securities have been segregated by the Custodian
to cover margin or other requirements on open futures contracts.
# Restricted Securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At
December 31, 1999, the value of these securities amounted to $20,555 or
0.00% of net assets.
Additional information on each restricted security is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
- ---------- ------------- -----------
PHYSICIAN COMPUTER NETWORK, INC ............. 12/27/95 $17,985
PROCURENET, INC ............................. 04/19/99 4,068
ZEBRA TECHNOLOGY CORP (CLASS B) ............. 10/29/98 8,133
-------
$30,186
=======
Transactions with Affiliated Companies - JANUARY 1, 1999--DECEMBER 31, 1999
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE AT SHARES AT VALUE AT
DECEMBER 31, REALIZED DIVIDEND DECEMBER 31, DECEMBER 31,
ISSUE 1998 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME 1999 1999
------ --------------- ------------- -------------- ----------- -------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
GUILFORD PHARMACEUTICALS,
INC $ 23,499,675 -- $ 2,634,458 $ (2,339,489) -- 1,392,100 $ 23,665,700
OCEAN ENERGY, INC (NEW) . 36,941,299 $ 26,763 24,170,475 (84,959,237) -- * *
PREMIER PARKS, INC ........ 162,391,075 33,477,155 114,863,289 37,267,478 -- * *
------------ ------------ ------------ ------------ -------- ------------
TOTAL AFFILIATED
TRANSACTION .............. $222,832,049 $ 33,503,918 $141,668,222 ($50,031,248) $ 0 $ 23,665,700
============ ============ ============ ============ ======== ============
</TABLE>
- ----------
* Not an Affiliate as of December 31, 1999
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 83
<PAGE>
Report of Management Responsibility
To the Participants of College Retirement Equities Fund:
The accompanying financial statements of the Stock, Global Equities and Growth
Accounts of College Retirement Equities Fund ("CREF") are the responsibility of
management. They have been prepared in accordance with accounting principles
generally accepted in the United States, and have been presented fairly and
objectively in accordance with such principles.
CREF has established and maintains a strong system of internal controls designed
to provide reasonable assurance that assets are properly safeguarded and
transactions are properly executed in accordance with management's
authorization, and to carry out the ongoing responsibilities of management for
reliable financial statements. In addition, CREF's internal audit personnel
provide a continuing review of the internal controls and operations of the CREF
Accounts, and the internal Auditor regularly reports to the Audit Committee of
the CREF Board of Trustees.
The accompanying financial statements have been audited by the independent
auditing firm of Ernst & Young LLP. The independent auditors' report, which
appears below, 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 audit 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 by the independent
auditing firm, the New York State Insurance Department, other state insurance
departments and the Securities and Exchange Commission perform periodic
examinations of the CREF Accounts' operations.
/s/ John H. Biggs /s/ Richard L. Gibbs
Chairman, President and Executive Vice President and
Chief Executive Officer Principal Accounting Officer
- --------------------------------------------------------------------------------
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 Stock, Global Equities and Growth Accounts
(three of the Accounts constituting the College Retirement Equities Fund
("CREF")) as of December 31, 1999, and the related statements of operations for
the year then ended and the statements of changes in net assets for each of the
two years in the period then ended. These financial statements are the
responsibility of CREF's management. Our responsibility is to express an opinion
on these financial statements based on our audits. The condensed financial
information for the year ended December 31, 1996 and the periods prior thereto
were audited by other auditors, whose report dated February 6, 1997 expressed an
unqualified opinion on such condensed financial information.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. 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 as of December 31, 1999 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 Stock, Global Equities and
Growth Accounts of CREF at December 31, 1999, and the results of their
operations for the year then ended and the changes in their net assets for each
of the two years in the period then ended, in conformity with accounting
principles generally accepted in the United States.
/s/ Ernst & Young LLP
New York, New York
February 4, 2000
84 o 1999 CREF Annual Report
<PAGE>
Statements of Assets and Liabilities
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
December 31, 1999 Stock Global Equities Growth
(amounts in thousands, except per accumulation unit amounts) Account Account Account
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Portfolio investments, at cost $ 76,630,653 $ 6,355,274 $ 9,576,214
Net unrealized appreciation of portfolio investments 60,990,290 2,762,673 3,917,244
------------ ------------ ------------
Portfolio investments, at value 137,620,943 9,117,947 13,493,458
Cash 18,357 35,489 2,074
Dividends and interest receivable 123,389 4,499 5,823
Receivable from securities transactions 184,069 21,272 71,356
Amounts due from TIAA -- 603 1,985
Other 117,638 1,189 1,611
------------ ------------ ------------
TOTAL ASSETS 138,064,396 9,180,999 13,576,307
------------ ------------ ------------
LIABILITIES
Deposits for securities loaned-Note 4 2,056,693 139,038 --
Payable for securities transactions 146,134 68,522 5,836
Amounts due to TIAA 128,228 -- --
------------ ------------ ------------
TOTAL LIABILITIES 2,331,055 207,560 5,836
------------ ------------ ------------
NET ASSETS
Accumulation Fund 112,038,798 8,658,424 13,191,923
Annuity Fund 23,694,543 315,015 378,548
------------ ------------ ------------
TOTAL NET ASSETS $135,733,341 $ 8,973,439 $ 13,570,471
============ ============ ============
THOUSANDS OF ACCUMULATION
UNITS OUTSTANDING--Notes 5 and 6 543,589 89,492 131,646
============ ============ ============
NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 206.11 $ 96.75 $ 100.21
============ ============ ============
</TABLE>
See Notes to Financial Statements
- --------------------------------------------------------------------------------
Statements of Operations
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Year ended December 31, 1999 Stock Global Equities Growth
(amounts in thousands) Account Account Account
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME:
Interest $ 113,875 $ 8,494 $ 22,586
Dividends 1,606,722 74,552 49,753
----------- ---------- ----------
TOTAL INCOME 1,720,597 83,046 72,339
----------- ---------- ----------
EXPENSES--NOTE 3:
Investment 117,350 10,060 10,524
Operating 289,410 15,898 23,399
----------- ---------- ----------
TOTAL EXPENSES 406,760 25,958 33,923
----------- ---------- ----------
INVESTMENT INCOME-NET 1,313,837 57,088 38,416
----------- ---------- ----------
REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS--NOTE 4
NET REALIZED GAIN (LOSS) ON:
Portfolio investments 13,361,943 651,212 838,480
Futures transactions 269,038 10,750 11,444
Foreign currency transactions (15,364) (3,378) --
----------- ---------- ----------
NET REALIZED GAIN 13,615,617 658,584 849,924
----------- ---------- ----------
NET CHANGE IN UNREALIZED APPRECIATION ON:
Portfolio investments 9,313,710 1,570,511 2,192,402
Futures transactions 72,674 16,034 15,393
Translation of assets (other than portfolio investments) and
liabilities denominated in foreign currencies (593) 174 --
----------- ---------- ----------
NET CHANGE IN UNREALIZED APPRECIATION 9,385,791 1,586,719 2,207,795
----------- ---------- ----------
NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 23,001,408 2,245,303 3,057,719
----------- ---------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $24,315,245 $2,302,391 $3,096,135
=========== ========== ==========
</TABLE>
See Notes to Financial Statements
1999 CREF Annual Report o 85
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Years ended December 31, 1999 and 1998 Stock Global Equities Growth
(amounts in thousands) Account Account Account
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------
1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Investment income-net $ 1,313,837 $ 1,312,795 $ 57,088 $ 55,086 $ 38,416 $ 21,823
Net realized gain on total investments 13,615,617 11,939,214 658,584 417,277 849,924 823,510
Net change in unrealized appreciation
on total investments 9,385,791 8,818,714 1,586,719 463,253 2,207,795 876,627
------------ ------------ ---------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 24,315,245 22,070,723 2,302,391 935,616 3,096,135 1,721,960
------------ ------------ ---------- ---------- ----------- ----------
FROM PARTICIPANT TRANSACTIONS
Premiums 2,923,099 2,762,905 588,294 559,900 1,218,001 874,916
------------ ------------ ---------- ---------- ----------- ----------
Disbursements and transfers:
Net transfers to (from) TIAA 824,793 1,261,329 (47,905) 54,623 (143,065) (53,572)
Net transfers to (from) other
CREF Accounts 2,880,467 3,236,208 (148,605) 524,020 (1,720,316) (445,194)
Annuity payments 2,038,160 1,701,354 28,055 23,089 32,772 17,186
Withdrawals and death benefits 2,132,893 1,812,829 136,630 109,525 235,247 108,446
------------ ------------ ---------- ---------- ----------- ----------
TOTAL DISBURSEMENTS AND
TRANSFERS, NET 7,876,313 8,011,720 (31,825) 711,257 (1,595,362) (373,134)
------------ ------------ ---------- ---------- ----------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
PARTICIPANT TRANSACTIONS (4,953,214) (5,248,815) 620,119 (151,357) 2,813,363 1,248,050
------------ ------------ ---------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS 19,362,031 16,821,908 2,922,510 784,259 5,909,498 2,970,010
NET ASSETS
Beginning of year 116,371,310 99,549,402 6,050,929 5,266,670 7,660,973 4,690,963
------------ ------------ ---------- ---------- ----------- ----------
End of year $135,733,341 $116,371,310 $8,973,439 $6,050,929 $13,570,471 $7,660,973
============ ============ ========== ========== =========== ==========
</TABLE>
See Notes to Financial Statements
- --------------------------------------------------------------------------------
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 Stock, Global Equities
and Growth Accounts. The five other investment portfolios of CREF, which
are not included in these financial statements, include the Money Market,
Bond Market, Inflation-Linked Bond, Social Choice and Equity Index
Accounts.
TIAA-CREF Investment Management, LLC ("Investment Management"), a
subsidiary of Teachers Insurance and Annuity Association of America
("TIAA"), a companion organization, is registered with the Commission as an
investment adviser and provides investment advisory services for the CREF
Accounts pursuant to an Investment Management Services Agreement with CREF.
TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a
subsidiary of TIAA, 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. TIAA provides
guarantees for the CREF Accounts for certain mortality and expense risks
pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.
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 accounting principles generally accepted in the Untied
States.
VALUATION OF INVESTMENTS
Securities listed or traded on any United States national securities
exchange are valued at the last sale 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 sale 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
86 o CREF Annual Report
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Note 2--Significant Accounting Policies (continued)
- --------------------------------------------------------------------------------
quoted yield of such bonds. Short-term money market instruments are stated
at market value. Foreign investments are valued at the closing price in the
principal market where they are traded; local currencies are converted into
U.S. dollars as described below under Foreign Currency Transactions and
Translation. Stock index futures and options which are traded on
commodities exchanges are valued at the last sale price as of the close of
such commodities exchanges. Portfolio securities for which market
quotations are not readily available are valued at fair value as determined
in good faith under the direction of the Finance Committee of the Board of
Trustees and in accordance with the responsibilities of the Board as a
whole.
ACCOUNTING FOR INVESTMENTS
Securities transactions are accounted for as of the date the securities are
purchased or sold (trade date). Interest income is recorded as earned and,
for short-term money market instruments, includes accrual of discount and
amortization of premium. Dividend income is recorded on the ex-dividend
date or, for certain foreign securities, as soon as the Accounts are
informed of the ex-dividend date. Realized gains and losses on securities
transactions are accounted for on the average cost basis.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
The records of the Accounts are maintained in U.S. dollars. Portfolio
investments and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollars at the exchange rates
prevailing at the end of the period. Purchases and sales of securities,
income receipts and expense payments made in foreign currencies are
translated into U.S. dollars at the exchange rates prevailing on the
respective dates of the transactions. The effects of changes in foreign
currency exchange rates on portfolio investments are included in the net
realized and unrealized gains and losses on investments. Net realized gains
and losses on foreign currency transactions include maturities of forward
foreign currency contracts, disposition of foreign currencies, and currency
gains and losses between the accrual and receipt dates of portfolio
investment income and between the trade and settlement dates of portfolio
investment transactions.
FORWARD FOREIGN CURRENCY CONTRACTS
The Accounts may use forward foreign currency contracts to facilitate
transactions in securities denominated in foreign currencies. Such
contracts are entered into directly with a counterparty and are
"marked-to-market" at the end of each day's trading. Daily changes in the
value of such contracts are reflected in net unrealized gains and losses.
Gains or losses are realized upon maturity or if the counterparties do not
perform in accordance with contractual provisions.
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. The Accounts
continue to receive income on the securities loaned and receive additional
income from the lending transaction. Additionally, any change in the market
value of the securities loaned is recognized by the Accounts. Although each
transaction is collateralized, the Accounts 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 may 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 the Account's obligation as a writer, and that in such
circumstances the net proceeds of the sale of the underlying securities
pursuant to the call option may be below the prevailing market value.
FUTURES CONTRACTS
The Accounts may use futures contracts to manage exposure to the stock
market or for cash management purposes to remain highly invested in the
equity markets while minimizing transaction costs. Buying futures contracts
tends to increase exposure to the underlying instrument, while selling
futures contracts tends to decrease exposure to the underlying instrument
or hedge other investments. Initial margin deposits are made upon entering
into a futures contract and variation margin payments are made or received
reflecting changes in the value of the futures contracts. The underlying
face amount at value of any open futures contracts at the end of the period
reflects exposure to the underlying instrument. Futures contracts are
valued at the settlement price established each day by the board of trade
or exchange on which they are traded. Daily changes in the value of such
contracts are reflected in net unrealized gains and losses. Gains or losses
are realized upon the expiration or closing of the futures contracts, or if
the counterparties do not perform in accordance with contractual
provisions.
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.
1999 CREF Annual Report o 87
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Note 2--Significant Accounting Policies (concluded)
- --------------------------------------------------------------------------------
FEDERAL INCOME TAXES
CREF is taxed as a life insurance company under Subchapter L of the
Internal Revenue Code ("Code"), not as a regulated investment company under
Subchapter M of the Code. CREF should incur no material federal income tax
liability. Under the rules of taxation applicable to life insurance
companies, CREF's Accumulation and Annuity Funds for participants will
generally be treated as life insurance reserves; therefore, any increase in
such reserves will be deductible.
Note 3--Management Agreements
- --------------------------------------------------------------------------------
Services necessary for the operation of the CREF Accounts are provided, at
cost, by Investment Management and Services. Such services are provided in
accordance with an Investment Management Agreement between CREF and
Investment Management, and in accordance with a Principal Underwriting and
Administrative Services Agreement between CREF and Services (see Note 1).
Investment Management and Services receive management fee payments from the
CREF Accounts on a daily basis according to formulas established each year
with the objective of keeping the management fees as close as possible to
each Account's actual expenses. Any differences between actual expenses and
the management fees are adjusted quarterly.
Note 4--Investments
- --------------------------------------------------------------------------------
At December 31, 1999, the market value of securities loaned and collateral
received in connection therewith was comprised as follow:
- --------------------------------------------------------------------------------
Stock Global Equities
Account Account
- --------------------------------------------------------------------------------
Market value of securities loaned $1,997,283,617 $132,584,556
Cash collateral 2,056,693,203 139,038,404
At December 31, 1999, net unrealized appreciation of portfolio investments,
consisting of gross unrealized appreciation and gross unrealized
depreciation, were as follows:
- --------------------------------------------------------------------------------
Gross Gross
Unrealized Unrealized Net Unrealized
Appreciation of Depreciation of Appreciation
Portfolio Portfolio of Portfolio
Investments Investments Investments
- --------------------------------------------------------------------------------
Stock Account $64,440,145,270 $3,449,855,443 $60,990,289,827
Global Equities Account 2,933,432,334 170,758,849 2,762,673,485
Growth Account 4,295,933,412 378,688,974 3,917,244,438
At December 31, 1999, the Stock, Global Equities and Growth Accounts held
8,979, 1,199 and 1,556 open futures contracts, respectively, in the
Standard & Poor's 500 Index, expiring in March 2000, with a value of
$3,331,657,950, $444,888,950 and $577,353,800, respectively and an
unrealized gain of $111,975,877, $16,033,966 and $21,092,988, respectively.
Companies in which the Accounts held 5% or more of the outstanding voting
shares are defined as "affiliated" in the Investment Company Act of 1940.
Information regarding transactions with affiliated companies is as follows:
- --------------------------------------------------------------------------------
Stock Global Equities Growth
Account Account Account
- --------------------------------------------------------------------------------
Value of affiliated companies
at December 31, 1999 $29,454,068 $ -- $23,665,700
For the year ended
December 31, 1999:
Dividend income 127,082 1,853,208 --
Realized gains (losses) (3,548,956) 14,337,000 (50,031,248)
Purchases and sales of portfolio securities, other than short-term money
market instruments, for the Stock, Global Equities, and Growth Accounts for
the year ended December 31, 1999, were as follows:
- --------------------------------------------------------------------------------
Stock Global Equities Growth
Account Account Account
- --------------------------------------------------------------------------------
Purchases:
Unaffliliated issuers $35,104,668,607 $5,602,391,140 $8,986,570,211
Affiliated issuers 20,940,081 -- 33,503,918
--------------- -------------- --------------
Total Purchases $35,125,608,688 $5,602,391,140 $9,020,074,129
=============== ============== ==============
Sales:
Unaffliliated issuers $41,469,152,353 $5,268,452,756 $6,478,213,108
Affiliated issuers 26,350,204 70,297,599 141,668,222
--------------- -------------- --------------
Total Sales $41,495,502,557 $5,338,750,355 $6,619,881,330
=============== ============== ==============
88 o 1999 CREF Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Note 5--Condensed Financial Information
- --------------------------------------------------------------------------------
Selected condensed financial information for an Accumulation Unit of each
Account is presented below.
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
STOCK ACCOUNT
Per Accumulation
Unit Data:
Investment income $2.567 $2.381 $2.317 $2.114 $1.885
Expenses .607 .521 .387 .304 .271
-------- -------- -------- -------- -------
Investment
income--net 1.960 1.860 1.930 1.810 1.614
Net realized and
unrealized gain
on total
investments 34.478 29.795 26.864 15.953 19.984
-------- -------- -------- -------- -------
Net increase in
Accumulation
Unit Value 36.438 31.655 28.794 17.763 21.598
Accumulation
Unit Value:
Beginning
of year 169.672 138.017 109.223 91.460 69.862
-------- -------- -------- -------- -------
End of year $206.110 $169.672 $138.017 $109.223 $91.460
======== ======== ======== ======== =======
Total return 21.48% 22.94% 26.36% 19.42% 30.92%
Ratios to Average
Net Assets:
Expenses 0.33% 0.34% 0.31% 0.31% 0.34%
Investment
income--net 1.07% 1.23% 1.55% 1.82% 2.00%
Portfolio
turnover rate 29.26% 34.63% 23.25% 19.57% 16.25%
Thousands of
Accumulation
Units outstanding
at end of year 543,589 565,999 597,531 620,498 632,803
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
GLOBAL EQUITIES ACCOUNT
Per Accumulation
Unit Data:
Investment income $ .959 $ .902 $ .848 $ .751 $ .727
Expenses .300 .268 .205 .167 .157
-------- -------- -------- -------- -------
Investment
income--net .659 .634 .643 .584 .570
Net realized and
unrealized gain
on total
investments 24.976 10.508 8.650 7.138 6.618
-------- -------- -------- -------- -------
Net increase in
Accumulation
Unit Value 25.635 11.142 9.293 7.722 7.188
Accumulation
Unit Value:
Beginning
of year 71.115 59.973 50.680 42.958 35.770
-------- -------- -------- -------- -------
End of year $96.750 $71.115 $59.973 $50.680 $42.958
======== ======== ======== ======== =======
Total return 36.05% 18.58% 18.34% 17.98% 20.09%
Ratios to Average
Net Assets:
Expenses 0.39% 0.41% 0.38% 0.37% 0.40%
Investment
income--net 0.85% 0.97% 1.19% 1.28% 1.47%
Portfolio
turnover rate 81.30% 103.31% 98.70% 88.84% 67.50%
Thousands of
Accumulation
Units outstanding
at end of year 89,492 81,825 84,645 80,016 70,163
1999 CREF Annual Report o 89
<PAGE>
Notes to Financial Statements (concluded)
- --------------------------------------------------------------------------------
Note 5--Condensed Financial Information (concluded)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
GROWTH ACCOUNT
Per Accumulation
Unit Data:
Investment income $ .592 $ .482 $ .527 $ .484 $ .417
Expenses .278 .244 .155 .119 .114
-------- -------- -------- -------- -------
Investment
income--net .314 .238 .372 .365 .303
Net realized and
unrealized gain
on total
investments 24.276 18.475 12.219 8.638 8.891
-------- -------- -------- -------- -------
Net increase in
Accumulation
Unit Value 24.590 18.713 12.591 9.003 9.194
Accumulation
Unit Value:
Beginning
of year 75.617 56.904 44.313 35.310 26.116
-------- -------- -------- -------- -------
End of year $100.207 $ 75.617 $ 56.904 $ 44.313 $35.310
======== ======== ======== ======== =======
Total return 32.52% 32.89% 28.41% 25.50% 35.20%
Ratios to Average
Net Assets:
Expenses 0.34% 0.38% 0.34% 0.35% 0.43%
Investment
income--net 0.38% 0.37% 0.82% 1.07% 1.13%
Portfolio
turnover rate 69.26% 97.57% 53.27% 38.51% 24.42%
Thousands of
Accumulation
Units outstanding
at end of year 131,646 98,862 80,370 53,201 32,375
Note 6--Accumulation Units
- --------------------------------------------------------------------------------
Changes in the number of Accumulation Units outstanding were as follows:
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998
- --------------------------------------------------------------------------------
STOCK ACCOUNT
Accumulation Units:
Credited for premiums 16,072,388 17,047,048
Cancelled for transfers, disbursements
and amounts applied to the Annuity Fund (38,482,574) (48,579,351)
Outstanding:
Beginning of year 565,998,901 597,531,204
------------ -----------
End of year 543,588,715 565,998,901
============ ===========
Global Equities Account
Accumulation Units:
Credited for premiums 7,627,214 7,906,965
Credited (cancelled) for transfers,
disbursements and amounts applied to
the Annuity Fund 39,926 (10,726,495)
Outstanding:
Beginning of year 81,825,334 84,644,864
------------ -----------
End of year 89,492,474 81,825,334
============ ===========
Growth Account
Accumulation Units:
Credited for premiums 14,715,714 11,782,117
Credited for transfers, disbursements
and amounts applied to the Annuity Fund 18,068,242 6,710,301
Outstanding:
Beginning of year 98,862,241 80,369,823
------------ -----------
End of year 131,646,197 98,862,241
============ ===========
Note 7--Line of Credit
- --------------------------------------------------------------------------------
The Stock, Global Equities, Growth, Inflation-Linked Bond, Social Choice
and Equity Index Accounts share in a $2.5 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. TIAA-CREF Mutual Funds and
TIAA-CREF Institutional Mutual Funds, both of which are managed by Teachers
Advisors, Inc., an affiliate of Investment Management, also participate in
this facility. An annual commitment fee for the credit facility is borne by
the participating Accounts and Funds. Interest associated with any
borrowing under the facility will be charged to the borrowing Accounts or
Funds at rates which are based on the Federal Funds Rate in effect during
the time of the borrowing. For the year ended December 31, 1999, there were
no borrowings under this credit facility.
90 o 1999 CREF Annual Report
<PAGE>
Participant Voting Results
CREF'S ANNUAL MEETING WAS HELD ON NOVEMBER 9, 1999. THE TRUSTEES ELECTED TO
FOUR-YEAR TERMS AT THE ANNUAL MEETING WERE:
Nancy L. Jacob, 25,199,951,742.29 (97.9 percent) votes were cast in favor,
and 531,984,375.18 (2.1 percent) votes were withheld. Martin L. Leibowitz,
25,225,549,559.38 (98.0 percent) votes were cast in favor, and
506,386,558.09 (2.0 percent) votes were withheld. Bevis Longstreth,
25,192,345,511.18 (97.9 percent) votes were cast in favor, and
539,590,606.29 (2.1 percent) votes were withheld. Eugene C. Sit,
25,235,466,541.76 (98.1 percent) votes were cast in favor, and
496,469,575.71 (1.9 percent) votes were withheld. The other trustees
currently in office are: Robert H. Atwell, Elizabeth E. Bailey, John H.
Biggs, Joyce A. Fecske, Edes P. Gilbert, Stuart Tse Kong Ho, Marjorie Fine
Knowles, Robert M. Lovell, Jr., Stephen A. Ross, Maceo K. Sloan, David K.
Storrs, and Robert W. Vishny.
CREF PARTICIPANTS ALSO RATIFIED THE ELECTION OF ERNST & YOUNG LLP AS THE
INDEPENDENT AUDITORS FOR CREF for the fiscal year ending December 31, 1999.
25,025,317,930.72 (97.3 percent) votes were cast in favor, 307,412,818.47
(1.2 percent) votes were withheld, and 399,205,368.28 (1.5 percent)
abstained.
CREF PARTICIPANTS VOTED ON FOUR SHAREHOLDER PROPOSALS. One proposal,
submitted to a vote of CREF participants in the CREF Stock and Global
Equities Accounts, advocated divesting shares of Freeport McMoRan Copper
and Gold.
FOR THE STOCK ACCOUNT, 3,475,022,210.65 (17.3 percent) votes were cast in
favor, 15,504,190,590.18 (77.2 percent) votes were withheld, and
1,116,140,560.46 (5.5 percent) abstained. The proposal was defeated.
FOR THE GLOBAL EQUITIES ACCOUNT, 205,326,876.23 (17.7 percent) votes were
cast in favor, 899,874,168.17 (77.7 percent) votes were withheld, and
53,061,737.84 (4.6 percent) abstained. The proposal was defeated.
ONE 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, 4,253,702,140.57 (21.2 percent) votes were cast in
favor, 14,939,142,791.65 (74.3 percent) votes were withheld, and
902,508,429.07 (4.5 percent) abstained. The proposal was defeated.
FOR THE GLOBAL EQUITIES ACCOUNT, 265,992,498.69 (23.0 percent) votes were
cast in favor, 849,159,947.74 (73.3 percent) votes were withheld, and
43,110,433.92 (3.7 percent) abstained. The proposal was defeated.
FOR THE GROWTH ACCOUNT, 411,685,311.96 (24.4 percent) votes were cast in
favor, 1,219,644,823.17 (72.3 percent) votes were withheld, and
55,231,433.92 (3.3 percent) abstained. The proposal was defeated.
FOR THE EQUITY INDEX ACCOUNT, 183,661,519.00 (25.2 percent) votes were cast
in favor, 522.319.032.49 (71.5 percent) votes were withheld, and
23,940,564.02 (3.3 percent) abstained. The proposal was defeated.
FOR THE BOND MARKET ACCOUNT, 113,876,713.73 (21.9 percent) votes were cast
in favor, 383,214,218.58 (73.8 percent) votes were withheld, and
22,395,788.72 (4.3 percent) abstained. The proposal was defeated.
FOR THE INFLATION-LINKED BOND ACCOUNT, 4,829,563.68 (19.3 percent) votes
were cast in favor, 19,365,063.10 (77.4 percent) votes were withheld, and
808,707.89 (3.3 percent) abstained. The proposal was defeated.
FOR THE MONEY MARKET ACCOUNT, 210,423,070.31 (21.6 percent) votes were cast
in favor, 729,310,824.53 (74.7 percent) votes were withheld, and
36,429,019.12 (3.7 percent) abstained. The proposal was defeated.
ONE PROPOSAL ADVOCATED ESTABLISHING AN EQUITY INDEX ACCOUNT based on the
Standard & Poor's 500(R) Stock Index. 3,361,749,954.65 (13.1 percent) votes
were cast in favor, 20,975,962,311.40 (81.5 percent) votes were withheld,
and 1,394,223,851.42 (5.4 percent) abstained. The proposal was defeated.
ONE PROPOSAL ADVOCATED ESTABLISHING A SOCIAL CHOICE ACCOUNT that invests
only in equities. 3,503,641,760.12 (13.6 percent) votes were cast in favor,
20,507,474,564.49 (79.7 percent) votes were withheld, and 1,720,819,792.86
(6.7 percent) abstained. The proposal was defeated.
1999 CREF Annual Report o 91
<PAGE>
2000 Trustees and Senior Management
2000 Boards of Overseers of TIAA and CREF
- --------------------------------------------------------------------------------
Lucius J. Barker
William Bennett Munro Professor of
Political Science, Stanford University
John H. Biggs
Chairman, President, and
Chief Executive Officer, TIAA and CREF
William G. Bowen
President, The Andrew W. Mellon Foundation
Stanley O. Ikenberry
President, American Council on Education
Gertrude G. Michelson
Retired Senior Vice President,
R.H. Macy & Co., Inc.
Clifton R. Wharton, Jr.
Former Chairman and Chief Executive Officer
TIAA and CREF
Paul A. Volcker
Former Chairman, Federal Reserve Board,
Frederick H. Schultz Professor of International
Economic Policy Emeritus, Princeton University,
and Henry Kaufman Visiting Professor,
Leonard N. Stern School of Business,
New York University
2000 Trustees of TIAA
- --------------------------------------------------------------------------------
David Alexander
President Emeritus, Pomona College
Marcus Alexis
Board of Trustees Professor of Economics and
Professor of Management and Strategy,
Northwestern University
John H. Biggs
Chairman, President, and
Chief Executive Officer, TIAA and CREF
Willard T. Carleton
Donald R. Diamond Professor of Finance,
College of Business and Public Administration,
University of Arizona
Robert C. Clark
Dean and Royall Professor of Law,
Harvard Law School, Harvard University
Estelle A. Fishbein
Vice President and General Counsel,
The Johns Hopkins University
Frederick R. Ford
Executive Vice President and
Treasurer Emeritus, Purdue University
Martin J. Gruber
Nomura Professor of Finance,
Leonard N. Stern School of Business,
New York University
Ruth Simms Hamilton
Professor of Sociology and Director of
African Diaspora Research Project,
Michigan State University
Martin L. Leibowitz
Vice Chairman and Chief Investment Officer, TIAA and CREF
Robert M. O'Neil
Director, The Thomas Jefferson Center
for the Protection of Free Expression,
University Professor and Professor of Law,
University of Virginia
Leonard S. Simon
Vice Chairman, Charter One Financial Inc.
Ronald L. Thompson
Chairman and Chief Executive Officer,
Midwest Stamping Co.
Paul R. Tregurtha
Chairman and Chief Executive Officer,
Mormac Marine Group, Inc.
and Moran Transportation Company,
Vice Chairman, Interlake Steamship Company
William H. Waltrip
Chairman, Technology Solutions Company
Rosalie J. Wolf
Treasurer and Chief Investment Officer,
The Rockefeller Foundation
2000 Trustees of CREF
- --------------------------------------------------------------------------------
Robert H. Atwell
President Emeritus, American Council on
Education and Senior Consultant,
A. T. Kearney, Inc.
Elizabeth E. Bailey
John C. Hower Professor of Public Policy and
Management, The Wharton School,
University of Pennsylvania
John H. Biggs
Chairman, President, and
Chief Executive Officer, CREF and TIAA
Joyce A. Fecske
Vice President Emerita, DePaul University
Edes P. Gilbert
Retired Head, The Spence School and
Consultant, Independent Education Services
Stuart Tse Kong Ho
Chairman and President,
Capital Investment of Hawaii, Inc. and
Chairman, Gannett Pacific Corporation
Nancy L. Jacob
President and Managing Principal,
Windermere Investment Associates
Marjorie Fine Knowles
Professor of Law, College of Law,
Georgia State University
Martin L. Leibowitz
Vice Chairman and Chief Investment Officer,
CREF and TIAA
Bevis Longstreth
Of Counsel, Debevoise & Plimpton
Robert M. Lovell, Jr.
Founding Partner, First Quadrant L.P.
Stephen A. Ross
Franco Modigliani Professor of Finance and
Economics, Sloan School of Management,
Massachusetts Institute of Technology
Eugene C. Sit
Chairman, Chief Executive Officer, and
Chief Investment Officer, Sit Investment
Associates, Inc. and Sit/Kim International
Investment Associates, Inc.
Maceo K. Sloan
Chairman and Chief Executive Officer,
NCM Capital Management Group, Inc. and
Sloan Financial Group, Inc.
David K. Storrs
President and Chief Executive Officer, Alternative
Investment Group, L.L.C.
Robert W. Vishny
Eric J. Gleacher Professor of Finance,
Graduate School of Business,
University of Chicago
2000 Senior Management
- -------------------------------------------------
John H. Biggs
Chairman, President, and Chief Executive Officer
Martin L. Leibowitz
Vice Chairman and Chief Investment Officer
John J. McCormack
President, TIAA-CREF Enterprises
Mary Ann Werner
President, Shared Services
James A. Wolf
President, Retirement Services
Executive Vice Presidents
- --------------------------------------------------------------------------------
C. Victoria Apter
Corporate Management
Information Systems
Scott C. Evans
CREF Investments
Martin E. Galt
TIAA-CREF Investment Products
Richard L. Gibbs
Finance and Planning
Don Harrell
External Affairs
Matina S. Horner
Human Resources
Frances Nolan
Retirement Administration
Deanne Shallcross
TIAA-CREF Marketing
David Shunk
Consulting Services
John A. Somers
TIAA Investments
Charles H. Stamm
Law and General Counsel
92 o 1999 CREF Annual Report
<PAGE>
For More Information...
Internet Access
- --------------------------------------------------------------------------------
www.tiaa-cref.org
24 hours a day, 7 days a week
Through our Inter/ACT system at TIAA-CREF's Web Center you can see the
latest value of your annuity accumulations and recent premium history,
review your premium allocation and/or change the allocation for future
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address. If you own TIAA-CREF Mutual Funds, you can also see your account
balance and transaction records, exchange shares between funds, and buy new
shares online.
Automated Telephone Service
- --------------------------------------------------------------------------------
800 842-2252
24 hours a day, 7 days a week
You can see TIAA's current rates of interest, the current performance of
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purchases or exchanges.
Personal Assistance
- --------------------------------------------------------------------------------
800 842-2776
8 a.m. to 11 p.m. ET Monday - Friday
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For answers to questions about retirement saving and planning, quarterly
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options, and tax reports.
800 223-1220
8 a.m. to 8 p.m. ET Monday - Friday
For answers to questions about TIAA-CREF Mutual Funds, TIAA-CREF Personal
Annuity Select, Teachers LongTerm Care Insurance, and TIAA life insurance.
888 842-9001
9 a.m. to 6 p.m. ET Monday - Friday
TIAA-CREF Trust Company, FSB. For answers to questions about the Trust
Company's investment advisory, estate planning, and related trust services.
800 842-2755
8 a.m. to 11 p.m. ET Monday - Friday
For hearing- or speech-impaired participants.
1999 CREF Annual Report o 93
<PAGE>
[LOGO] 730 Third Avenue ---------------------
New York, NY 10017-3206 PRESORTED
STANDARD
U.S. POSTAGE PAID
TIAA-CREF
---------------------
car-3fund-2/00 [logo] Printed on recycled paper
<PAGE>
College Retirement Equities Fund
1999 Annual Report [GRAPHIC]
Money Market o Inflation-Linked Bond o
Bond Market o Social Choice o Equity Index
<PAGE>
Contents
Page
Letter from the Chief Executive Officer 1
Letter from the Chief Investment Officer 2
Management/Status of the Accounts
Money Market Account 4
Inflation-Linked Bond Account 5
Bond Market Account 6
Social Choice Account 8
Equity Index Account 10
Audited Statement of Investments
Money Market Account 11
Inflation-Linked Bond Account 15
Bond Market Account 16
Social Choice Account 21
Equity Index Account 28
Audited Financial Statements
Report of Management Responsibility 54
Report of Independent Auditors 54
Statements of Assets and Liabilities 55
Statements of Operations 55
Statements of Changes in Net Assets 56
Notes to Financial Statements 56
Participant Voting Results 62
Trustees and Senior Management 63
For More Information... 65
<PAGE>
Dear Participant:
1999 was a challenging year for investors, but TIAA-CREF participants had much
to smile about at its end. This volume contains performance reports and other
information for five of the eight CREF accounts. A companion booklet contains
comparable information for the CREF Stock, Global Equities, and Growth Accounts
- - the other three accounts available under CREF variable annuities. We grouped
the accounts this way to keep the cost of the report low; this combination
results in the fewest number of booklets to serve all CREF participants. You
might notice that we've enhanced the content and presentation of this
information. It's part of an ongoing effort to provide information in as
accessible a form as you want it.
Besides the eight CREF accounts, two other asset classes round out the
alternatives for TIAA-CREF retirement products - the TIAA Real Estate Account
and the TIAA Traditional Annuity. Both also performed well in 1999. For
information on historical and current rates for all of our products, visit our
Web Center or call our Automated Telephone Service (see the Inside Back Cover).
An annual report for the TIAA Real Estate Account is available; ask us for the
10-K report. The TIAA Real Estate Account is not available in California.
New Retirement Savings Opportunities. It has been only two years since we
expanded the opportunity for participants to consolidate IRA money they had
previously accumulated by rolling it over to a TIAA-CREF annuity, and little
more than one year since we offered Roth and contributory classic IRAs. In 1999,
we received nearly $1 billion in IRA premiums and rollovers. Now, in response to
participants' requests (as IRAs were), TIAA-CREF introduces annuities for use
with Keogh plan savings, beginning March 1, 2000. Keogh plans are similar to
IRAs but are for income that a person derives from self-employed activities
(such as publishing royalties).
The TIAA-CREF Web Center. In 1999, many organizations still pursued, and
achieved, major productivity improvements and better customer service, driven,
to some extent, by the opportunities inherent in the computer/Internet
revolution. TIAA-CREF is a good example of this, with our new Web Center,
introduced last fall. The new Web Center (www.tiaa-cref.org) offers a broader
menu of TIAA-CREF financial performance information, quote engines, interactive
calculators, a reservation system for meetings and personal counseling,
downloadable and on-screen product enrollment forms, and more.
Some of the Web Center's most impressive enhancements are in the Financial
Performance menu. For example, selecting "Retirement Investments" will take you
to an all-accounts view of unit values and total return data, including returns
for 1-, 3-, 5-, and 10-year periods and since inception. Each account entry
hyperlinks to profiles containing daily updated performance graphs over rolling
30-, 90-, and 180-day and 1-, 3-, and 5-year periods.
[PHOTO]
JOHN H. BIGGS CHAIRMAN, PRESIDENT,
AND CHIEF EXECUTIVE OFFICER
Annuity Income Increases. Each May 1, for most CREF participants receiving
lifetime annuity income, their CREF income changes to reflect the investment
performance of the account in which their money is invested during the
twelve-month period ending the prior March 31. (Recently we introduced the
alternative of monthly income changes, and some CREF participants chose to use
it.) In 1999, income from all eight of the CREF accounts increased again.
================================================================================
...we are committed to continuing to deliver first-rate service...and
professional, disciplined investment performance.
================================================================================
Our report on CREF's investment performance in 1999 begins with Marty Leibowitz'
letter on the next two pages. As for the future, we are committed to continuing
to deliver first-rate service - with a number of exciting projects in
development - low expenses, products that meet your retirement and long-term
investing needs, and professional, disciplined investment performance. We look
forward to reporting to you on our progress as the year unfolds.
/s/ John H. Biggs
John H. Biggs
Chairman, President,
and Chief Executive Officer
<PAGE>
Dear Participant:
In 1999, the bond and stock markets surprised many of the experts. A Blue Chip
survey of Wall Street economists done early in 1999 found that the consensus
prediction was for the U.S. economy to grow 2.2 percent. Instead it grew about
4.0 percent. Similarly, the economists' prediction was for the 30-year Treasury
bond to drop to an average of 5.0 percent for the year compared to 5.6 percent
in 1998. Instead the rate rose to 5.9 percent. And the consensus prediction was
for the S&P 500 to rise less than 10 percent. In fact, it ended the year up over
20 percent. To be sure, the predictors came close on inflation: they expected
about 2.0 percent inflation in 1999 and it turned out to be 2.2 percent.
More broadly, the strong U.S. economy in 1999 overcame a number of trends that
may have affected expectations. These included:
o the sheer length of the 1990s economic boom, which has lasted longer than
any other since the Great Depression;
o substantial corporate spending to detect and eliminate Y2K bugs and
ultimately unrealized investor reactions to Y2K-related uncertainties;
o increased competition from reawakening overseas economies; and
o price increases in oil, some other commodities, and medical care.
<PAGE>
[PHOTO]
MARTIN L. LEIBOWITZ, VICE CHAIRMAN
AND CHIEF INVESTMENT OFFICER
Against this background, the CREF Money Market, Inflation-Linked Bond, Bond
Market, Social Choice, and Equity Index Accounts posted continuing strong
performance. The latter three accounts all received 5-star ratings for most of
the year from the Morningstar variable annuity rating service (Morningstar does
not rate money market and inflation bond accounts). The accompanying table
shows, for each of the CREF Accounts, the 1999 total return (gains and losses
plus investment income) compared to the total return for their benchmarks and
for the average fund category that best matches their investment objectives (as
measured by Lipper Analytical Services, Inc.).
================================================================================
...The CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and
Equity Index Accounts posted continued strong performance.
================================================================================
The CREF Money Market Account bested both its benchmark and its peer group,
while the Social Choice Account outperformed its Lipper peer group by nearly 2.0
percent. The other accounts came close to their respective performance
benchmarks.
2 o 1999 CREF Annual
<PAGE>
Total Returns
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1999
- --------------------------------------------------------------------------------
CREF Money Market Account 4.98%
- --------------------------------------------------------------------------------
Lipper Money Market Funds Average 4.49%
IBC Money Fund Report Averages - All Taxable 4.64%
- --------------------------------------------------------------------------------
CREF Inflation-Linked Bond Account 2.10%
- --------------------------------------------------------------------------------
Salomon Smith Barney
U.S. Inflation-Linked Bond Index 2.39%
- --------------------------------------------------------------------------------
CREF Bond Market Account -1.12%
- --------------------------------------------------------------------------------
Lipper Intermediate
Investment Grade Debt Index -0.98%
Lehman Brothers Aggregate Bond Index -0.82%
- --------------------------------------------------------------------------------
CREF Social Choice Account 10.80%
- --------------------------------------------------------------------------------
Lipper Balanced Fund Index 8.98%
Standard & Poor's 500 Stock Index 21.04%
Lehman Brothers Aggregate Bond Index -0.82%
- --------------------------------------------------------------------------------
CREF Equity Index Account 20.82%
- --------------------------------------------------------------------------------
Russell 3000(R)Index 20.90%
Investment performance for other periods, plus details on the composition of the
accounts' portfolios and comments from the portfolio managers, are on the pages
that immediately follow this letter. A companion booklet contains comparable
performance reports and other comments for the CREF Stock, Global Equities, and
Growth Accounts - the other three accounts available under CREF variable
annuities.
The Accounts' Expenses
- --------------------------------------------------------------------------------
Year after year, the only sure thing in investing is the effect of low expenses
on total returns. Expenses are the one factor affecting return that can be
predicted in advance. In 1999, the CREF Accounts covered here had expenses, as a
percentage of net assets, that ranged from .30 to .36 percent.
================================================================================
...the CREF Accounts' expenses, as a percent of average net assets, ranged from
0.30 to 0.36 percent. These are the lowest of all variable annuity funds with
comparable investment objectives...
================================================================================
These are the lowest expenses for all variable annuity funds with comparable
investment objectives, according to Lipper Analytical Services, Inc. and they
compare very favorably to most mutual funds.
/s/ Martin L. Leibowitz,
Martin L. Leibowitz,
Vice Chairman and Chief Investment Officer
1999 CREF Annual Report o 3
<PAGE>
Money Market Account
================================================================================
Investment Objective High current income consistent with maintaining
liquidity and preserving capital.
================================================================================
The Account's returns generally reflect prevailing short-term interest rates.
During the year, the Federal Reserve changed monetary policy during the second,
third and fourth quarters. Each time, the "Fed" raised short-term interest
rates. At year-end, the Federal Funds Rate and the Discount Rate were 5.50
percent and 5.00 percent respectively.
In the fourth quarter of 1999, the weighted-average maturity for the Account
varied from a low of 48 days to a high of 56 days as compared to a range of 51
days to 57 days for the IBC Money Fund Report Averages - All Taxable (the
Account's benchmark). Our goal for the first quarter of 2000 is for the Account
to have a weighted-average maturity that is similar to the benchmark's.
Throughout 1999 we made asset allocation changes among the different sectors of
money market securities whenever better relative value opportunities appeared.
For example, during the third quarter and the first few weeks of the fourth
quarter we slightly increased by about a percentage point each the portion of
the Account's holdings in commercial paper and U.S. Treasury and government
agency securities and decreased by about a percentage point each its holdings in
bank liabilities and in floating/variable rate securities.
In part the Account outperformed the benchmark and its peers in 1999 because it
held a greater proportion of high quality commercial paper and a smaller
proportion of U.S. Treasury and U.S. government agency securities than the
benchmark.
- --------------------------------------------------------------------------------
Net Annualized Yield for the
7 days ending 12/28/99
Current Yield Effective Yield
- --------------------------------------------------------------------------------
Money Market Account 5.65% 5.81%
IBC Money Fund Report
Average-- All Taxable 5.13% 5.26%
$10,000 over Ten Years
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
IBC Money
Fund Report
Money Market Averages -
Date Account All Taxable
---- ------- -----------
10,000 10,000
December 1990 10,825 10,781.68
December 1991 11,501.1 11,396.64
December 1992 11,928.1 11,783.16
December 1993 12,294.2 12,104.06
December 1994 12,794 12,559.55
December 1995 13,547 13,249.53
December 1996 14,262.5 13,903.84
December 1997 15,048.1 14,612.27
December 1998 15,868.4 15,349.16
December 1999 16,659.4 16,060.69
The graph assumes a $10,000 investment in the CREF Money Market Account on
December 31, 1989. It shows that, by the end of 1999, the investment would have
grown to $16,659. For comparison, the graph shows how a $10,000 investment in
IBC Money Fund Report Averages - All Taxable, the Money Market Account's
benchmark, did over the same period.
Portfolio Diversification
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Commercial Paper 73.0%
------------------------------------------
U.S. Government Agencies 12.5%
------------------------------------------
Bank CD's 4.8%
------------------------------------------
Bank Notes - U.S. Banks 3.0%
------------------------------------------
U.S. Treasury Notes 2.3%
------------------------------------------
Medium-term Notes 2.2%
------------------------------------------
Variable Rate Notes 2.2%
------------------------------------------
Performance at a Glance as of 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year 5 years 10 years 1 year 5 years 10 years (in billions)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Money Market Account 4.98% 5.42% 5.24% 4.98% 30.21% 66.59% $ 7.1
IBC Money Fund Report
Averages - All Taxable 4.64% 5.04% 4.86% 4.64% 27.87% 60.59%
Lipper Money Market Funds Average 4.95% 4.80% 4.49% 4.95% 27.33% 59.82%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Money Market Account. Future returns will fluctuate, as
will the value of investment principal. The shares you own may be worth
more or less than their original value upon redemption.
4 o 1999 CREF Annual Report
<PAGE>
Inflation-Linked Bond Account
================================================================================
Investment Objective A long-term rate of return that outpaces inflation,
primarily through investment in inflation-indexed bonds
-- fixed-income securities whose returns are designed
to track a specified inflation index over the life of
the bond.
================================================================================
Inflation continues to rise slightly. For 1999, inflation was 2.2 percent
as an annual average. The Account had a 1999 return of 2.10 percent, 0.29
percentage points behind the Salomon Smith Barney U.S. Inflation-Linked
Bond Index, its benchmark. The underperformance can be attributed to
expenses (the Account has investment and operations expenses deducted from
its net assets, but the Index does not).
During the first two months of the fourth quarter, the Account had a
positive rate of return, but its return in December was negative. There are
two reasons for this. One is that an unusually large quantity of
inflation-linked bonds were put up for sale by the primary dealers, who
were reducing all their positions in these securities for year-end, to
position themselves for the next inflation-linked auction. (On January 5,
2000, the U.S. Treasury announced it would be issuing $6 billion of new
10-year inflation-linked notes that mature on January 15, 2010.) The other
is that some investors sold their holdings of inflation-linked securities
anticipating that real (i.e., inflation-adjusted) interest rates might go
higher and that if so they would be able to buy these securities cheaper at
a later date.
- --------------------------------------------------------------------------------
How Do TIIS Work?
- --------------------------------------------------------------------------------
Like conventional bonds, U.S. Treasury Inflation-Indexed Securities (TIIS)
pay interest at fixed intervals and return the principal at maturity.
Unlike conventional bonds, the principal of a TIIS bond changes
periodically (usually every six months) to match inflation as measured by
the Consumer Price Index for All Urban Consumers (CPI-U). Interest is paid
twice a year. The interest rate is fixed, but the amount of each interest
payment varies because the rate is applied to a principal that is changing
to keep up with inflation.
Inflation-indexed bonds are designed to pay a "real" rate of interest -
that is, a return in addition to the inflation rate. The bonds are
generally issued at a fixed interest rate that is lower than conventional
bonds of comparable maturity and quality, but they are expected to retain
their value against inflation over time.
- --------------------------------------------------------------------------------
$10,000 since 5/1/97 Inception
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
Salomon Smith Barney
Inflation-Linked U.S. Inflation-Linked
Bond Account Bond Index
---------------- ---------------------
June 1997 10014.8 10021.1
December 1997 10258.3 10282.9
June 1998 10421.9 10454.1
December 1998 10615.5 10687.1
June 1999 10800 10887.2
December 1999 10838.9 10942.4
The graph assumes a $10,000 investment in the CREF Inflation-Linked Bond
Account, on May 1, 1997. It shows that, by the end of 1999, the investment would
have grown to $10,839. For comparison, the graph shows how a $10,000 investment
in the Salomon Smith Barney Inflation-Linked Bond Index, the Inflation-Linked
Bond Account's benchmark, did over the same period.
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Portfolio Composition
- ----------------------------------------
Intermediate-term Bonds 48.1%
- ----------------------------------------
Long-term Bonds 29.8%
- ----------------------------------------
Short-term Bonds 18.1%
- ----------------------------------------
Short-term investments 2.5%
- ----------------------------------------
Other Assets 1.5%
- ----------------------------------------
<TABLE>
Performance at a Glance as of 12/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year since inception 1 year since inception (in billions)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Inflation-Linked Bond Account 2.10% 3.06% 2.10% 8.39% $ 0.14
Salomon Smith Barney U.S. Inflation-Linked Bond Index 2.39% 3.43% 2.39% 9.42%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Inflation-Linked Bond Account. Future returns will
fluctuate, as will the value of investment principal. The shares you own
may be worth more or less than their original value upon redemption.
1999 CREF Annual Report o 5
<PAGE>
Bond Market Account
================================================================================
Investment Objective A favorable long-term rate of return, primarily through
high current income consistent with preserving capital.
================================================================================
For 1999 the Bond Market Account's total return was -1.12 percent, which
was 0.30 percentage points lower than the benchmark Lehman Brothers
Aggregate Bond Index. The difference is equal to the Account's expense
charge (the Index has no expense charge). The Account was 0.14 percentage
points lower than similar funds (as measured by the Lipper Intermediate
Investment Grade Debt Index). Both the benchmark and the Account had
negative returns in 1999, only the second year this has occurred since
their respective inception dates.
In the first quarter of 1999, the Account's return was reduced relative to
the benchmark and the Account's peers because of the performance of one of
our holdings, Loewen Group. That company experienced financial difficulties
related to its rapid expansion. But in the second half of the year the
Account outperformed its benchmark and its peers, offsetting almost all the
earlier underperformance.
---------------------------------------------------------------------------
The Account's Benchmark
The benchmark we use for the CREF Bond Market Account is the Lehman
Brothers Aggregate Bond Index, representing the entire U.S. bond market.
The Index includes more than 5,000 taxable government, investment grade,
and mortgage-backed securities.
---------------------------------------------------------------------------
This "comeback" was a result of a significant shift in the Account's
investment strategy in early August. We significantly increased the
percentage of the portfolio invested in mortgages, corporate bonds,
securities of U.S. government agencies, and asset-backed securities (the
"spread sectors") relative to the proportions in the benchmark and the peer
group. (Spread is the difference between the yield of a security and the
yield of a U.S. Treasury security of similar duration.) We did this after
witnessing a widening of spreads over the summer months. Spreads widened
for three reasons: investors were concerned about the market's ability to
absorb an increase in newly issued securities, the possibility that the
Federal Reserve Board would increase interest rates, and were nervous about
the market impact of Y2K. We believed that the widening would reverse, and
when it did, in the third and fourth quarters, the Account's total return
rose more than its benchmark and peer group.
$10,000 since 3/1/90 Inception
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
Lehman
Brothers
Bond Market Aggregate
Date Account Bond Index
- ---- ----------- ----------
10000 10000
December 1990 10850.8 10991.5
December 1991 12614 12750.5
December 1992 13511.5 13694.2
December 1993 15047.3 15029.3
December 1994 14447.9 14490.9
December 1995 17024.7 17286.6
December 1996 17548.4 17914.2
December 1997 19228.6 19643.7
December 1998 20883.2 21350.1
December 1999 20648.8 21174.6
The graph assumes a $10,000 investment in the CREF Bond Market Account, on March
1, 1990. It shows that, by the end of 1999, the investment would have grown to
$20,649. For comparison, the graph shows how a $10,000 investment in the Lehman
Brothers Aggregate Bond Index, the Bond Market Account's benchmark (see box at
left), did over the same period.
6 o 1999 CREF Annual Report
<PAGE>
<TABLE>
Performance at a Glance as of 12/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year 5 years since inception 1 year 5 years since inception (in billions)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Bond Market Account -1.12% 7.40% 7.68% -1.12% 42.92% 107.10% $2.9
Lehman Brothers Aggregate Bond Index -0.82% 7.73% 7.92% -0.82% 45.12% 111.75%
Lipper Intermediate
Investment Grade Debt Index -0.98% 7.08% 7.26% -0.98% 40.76% 99.34%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Bond Market Account. Future returns will fluctuate, as
will the value of investment principal. The shares you own may be worth
more or less than their original value upon redemption.
Why, since this strategy was successful, didn't the Account have positive
returns for the year? Because interest rates rose during the year, and when
interest rates rise, bond prices fall. Rates rose so much that the effect of the
rise more than offset the benefit from tighter spreads. Rates rose because,
citing signs of continued economic strength and hints of inflation, on June 30,
the Federal Reserve raised the discount rate by 0.25 percentage point to 5.00
percent, the first of three identical rate hikes in 1999. In 1999, 2-year U.S.
Treasury note yields rose from 4.54 percent to 6.24 percent, 5-years rose 1.81
percentage points to 6.36 percent, 10-years rose from 4.66 percent to 6.44
percent, and 30-years were up 1.38 percentage points to 6.48 percent.
Ten Largest Holdings as of 12/31/99
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Market Percent
Coupon Maturity Principal Value of Net
Issuer Rate Date (000) (000) Assets
- --------------------------------------------------------------------------------
FGLMC 6.500% 2/01/29 $177,040 $166,915 5.75
U.S. Treasury Bond 8.875 2/15/19 96,478 117,432 4.04
GNMA 7.000 1/25/30 103,500 99,942 3.44
FNMA 5.125 2/13/04 100,500 94,486 3.25
FGLMC 8.000 1/25/30 89,000 89,862 3.09
FGLMC 7.500 1/25/30 90,100 89,171 3.07
FGLMC 7.000 1/25/30 76,000 73,554 2.53
U.S. Treasury Bond 12.000 8/15/13 54,830 73,215 2.52
FNMA 7.000 1/25/30 75,500 72,999 2.51
FNMA 5.250 1/15/03 70,400 67,716 2.33
Portfolio Composition
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Mortgage-backed and Other
Asset-backed Securities 50.1%
-----------------------------------------
Corporate Bonds 25.2%
-----------------------------------------
U.S. Government and
Government Agency
Securities 20.4%
-----------------------------------------
Foreign Government and
Foreign Corporate Bonds
Denominated in U.S. dollars 3.6%
-----------------------------------------
Money Market 0.7%
-----------------------------------------
The bonds we buy are typically of high credit quality; the majority carry
ratings of A or higher from the major rating agencies. At year-end, the quality
ratings of the Account's long-term debt holdings were as follows:
- --------------------------------------------------------------------------------
Rating Percent
- --------------------------------------------------------------------------------
Investment Grade Aaa/AAA 51.2
Aa/AA 4.3
A/A 12.7
Baa/BBB 9.5
Below Investment Grade Ba/BB 1.0
B 0.2
U.S. Government obligations (not rated) 20.4
Money market instruments (not rated) 0.7
1999 CREF Annual Report o 7
<PAGE>
Social Choice Account
================================================================================
Investment Objective A favorable long-term rate of return that reflects the
investment performance of the financial markets while
giving special consideration to certain social
criteria.
================================================================================
Investment Strategy
- --------------------------------------------------------------------------------
This is a balanced account, with assets in stocks and other equity
securities, and bonds and other fixed-income securities, including money
market and other short-term debt investments. The Account invests only in
companies that are both suitable from a financial perspective and also
whose activities are consistent with the Account's social criteria screens.
When market conditions or transaction needs require, the equity portion can
reach either 70 percent or 50 percent, with corresponding changes in the
fixed-income portion. We can change these percentages even further if we
think it is appropriate.
The equities portion of the account attempts to track the Standard & Poor's
500(R) Stock (S&P 500) Index. The Account can also invest up to 15 percent
of its assets in foreign securities.
---------------------------------------------------------------------------
The Account's Benchmarks
The benchmarks we use for the Social Choice Account are the S&P 500,
representing the U.S. stock market, and the Lehman Brothers Aggregate Bond
Index, representing fixed-income investments.
---------------------------------------------------------------------------
The fixed-income portion of the Account attempts to track the Lehman
Brothers Aggregate Bond Index.
The social criteria that the Account uses are nonfundamental investment
policies. This means CREF can change the criteria without approval of the
Account's participants, though we will inform you if we do change them.
Currently, the Account won't invest in companies and debt issuers that:
$10,000 since 3/1/90 Inception
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
Lehman
Brothers
Social Choice S&P 500 Aggregate
Date Account Stock Index Bond Index
- ---- ------------- ----------- ----------
10000 10000 10000
December 1990 10338.6 10250.5 10991.5
December 1991 12942.9 13373.6 12750.5
December 1992 14380.4 14392.2 13694.2
December 1993 15735.3 15842.9 15029.3
December 1994 15529.5 16052.2 14490.9
December 1995 20109.9 22084.2 17286.6
December 1996 23233.8 27154.8 17914.2
December 1997 28954.8 36214.5 19643.7
December 1998 34343.6 46563.3 21350.1
December 1999 38054 56362.2 21174.6
The graph assumes a $10,000 investment in the CREF Social Choice Account, on
March 1, 1990. It shows that, by the end of 1999, the investment would have
grown to $38,054. For comparison, the graph shows how $10,000 investments in the
Social Choice Account's benchmarks (see box at left) did over the same period.
o Engage in activities that result or are likely to result in
significant damage to the environment;
o Have a significant portion of their business in weapons manufacturing;
o Produce and market alcoholic beverages or tobacco products;
o Produce nuclear energy; or
o Have operations in Northern Ireland and have not adopted the McBride
Principles (a fair employment code for U.S. firms operating in
Northern Ireland) or have not operated consistently with such
principles and in compliance with the Fair Employment Act of 1989
(Northern Ireland).
8 o 1999 CREF Annual Report
<PAGE>
<TABLE>
Performance at a Glance as of 12/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year 5 years since inception 1 year 5 years since inception (in billions)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Social Choice Account 10.80% 19.63% 14.64% 10.80% 145.04% 283.85% $4.1
S&P 500 Index 21.04% 28.56% 19.20% 21.04% 251.12% 463.62%
Lehman Brothers Aggregate Bond Index -0.82% 7.73% 7.92% -0.82% 45.12% 111.75%
Lipper Balanced Fund Index 8.98% 16.33% 12.90% 8.98% 113.02% 217.92%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Social Choice Account. Future returns will fluctuate, as
will the value of investment principal. The shares you own may be worth
more or less than their original value upon redemption.
The Account's total return in 1999 was 10.80 percent, 1.82 percentage points
above the Lipper Balanced Fund Index, which measures the results of mutual
funds with similar investment objectives (ignoring the social criteria). This
is an interesting outcome, since it might be expected that one effect of
applying the social criteria screens might be to constrain its results
relative to balanced funds that don't have these restrictions.
Ten Largest Holdings as of 12/31/99
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal/ Market Percent
Coupon Maturity Shares Value of Net
Company Rate Date (000) (000) Assets
- --------------------------------------------------------------------------------
FGLMC 6.500% 9/01/29 $145,519 $137,196 3.32
Microsoft Corp 1,110 129,639 3.14
U.S. Treasury
Bond 8.875 2/15/19 $ 77,320 94,113 2.28
FGLMC 7.000 1/25/30 $ 84,000 81,296 1.97
Cisco Systems, Inc 737 78,924 1.91
Wal-Mart
Stores, Inc 1,126 77,835 1.89
Intel Corp 804 66,196 1.60
Lucent
Technologies, Inc 736 55,069 1.33
American
International
Group, Inc 500 54,051 1.31
International
Business
Machines Corp 474 51,160 1.24
Portfolio Composition
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Stocks 61.9%
-----------------------------------------
Long-term Bonds 37.0%
-----------------------------------------
Short-term Investments 1.1%
-----------------------------------------
1999 CREF Annual Report o 9
<PAGE>
Equity Index Account
================================================================================
Investment Objective A favorable long-term rate of return from a diversified
portfolio selected to track the overall market for
common stocks publicly traded in the United States, as
represented by a broad stock market index.
================================================================================
---------------------------------------------------------------------------
What is the Russell 3000?
---------------------------------------------------------------------------
The Account uses the Russell 3000(R) Index as its benchmark. The Russell
3000 is an unmanaged index of stocks of the 3,000 larges (based on market
capitalization) publicly traded U.S. companies. Russell 3000 companies
represent about 98 percent of the total market capitalization of the
publicly traded U.S. stock market.
Frank Russell Company annually rebalances the Index. Each year on May
31, Russell ranks the 3,000 largest U.S. stocks by market capitalization.
The shares outstanding for each company are adjusted so the Index includes
only the segment in which investors can freely transact shares.
The 1999 "reconstitution" process resulted in 450 companies being
added to the Russell 3000 Index effective July 1, replacing 258 companies
that were deleted. The additions exceed deletions because companies that
fall out of the index due to mergers or bankruptcies during the previous 12
months are not replaced until the reconstitution process. The additions
came from 179 initial public offerings (IPOs), as well as smaller companies
that "moved up."
The Russell 3000 Index is a trademark and servicemark of the Frank
Russell Company. No CREF account is promoted, endorsed, sponsored, or sold
by, or affiliated with the Frank Russell Company.
---------------------------------------------------------------------------
Ten Largest Holdings as of 12/31/99
- --------------------------------------------------------------------------------
--------------------------------------------------------------
Shares Market Value Percent of
Company (000,000) (000,000) Net Assets
--------------------------------------------------------------
General Electric Co 1.2 $182.6 3.66
Microsoft Corp 1.3 157.4 3.16
Cisco Systems, Inc 1.2 124.6 2.50
Intel Corp 1.2 98.8 1.98
Exxon Mobil Corp 1.2 98.3 1.97
Lucent Technologies, Inc 1.1 84.1 1.69
International Business
Machines Corp 0.6 70.1 1.41
Citigroup, Inc 1.2 67.7 1.36
Wal-Mart Stores, Inc 1.0 67.5 1.36
America Online, Inc 0.8 61.2 1.23
$10,000 since 4/29/94 Inception
- --------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
Equity Index Russell
Date Account 3000(R)Index
---- ------------ ------------
10000 10000
December 1994 10333.6 10298.9
December 1995 14070.9 14089.5
December 1996 17107.5 17163.6
December 1997 22442.3 22618.8
December 1998 27854.9 28078.1
December 1999 33654.1 33947.5
The graph assumes a $10,000 investment in the CREF Equity Index Account, on
April 29, 1994. It shows that, by the end of 1999, the investment would have
grown to $33,654. For comparison, the graph shows how a $10,000 investment in
the Russell 3000, the Equity Index Account's benchmark (see box at left), did
over the same period.
Portfolio Composition
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Technology 28.4%
-----------------------------------------
Consumer Products
and Services 27.7%
-----------------------------------------
Financial 14.0%
-----------------------------------------
Manufacturing and Materials 12.6%
-----------------------------------------
Utilities 11.2%
-----------------------------------------
Energy 4.2%
-----------------------------------------
Transportation 0.9%
-----------------------------------------
Short-term Investments 1.0%
-----------------------------------------
<TABLE>
Performance at a Glance as of 12/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Average Annual Compound Cumulative Rates
Rates of Total Return(1) of Total Return(1) Net Assets
1 year 5 years since inception 1 year 5 years since inception (in billions)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equity Index Account 20.82% 26.64% 23.82% 20.82% 225.67% 236.54% $5.0
Russell 3000 Index 20.90% 26.94% 24.12% 20.90% 229.62% 241.17%
</TABLE>
(1) Past performance shouldn't be taken as a guarantee of the same future rates
of return from the Equity Index Account. Future returns will fluctuate, as
will the value of investment principal. The shares you own may be worth
more or less than their original value upon redemption.
10 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
VALUE %
---------- ------
SHORT TERM INVESTMENTS
BANK NOTES .................................. $ 208,266 2.95%
CERTIFICATES OF DEPOSIT ..................... 336,965 4.78
COMMERCIAL PAPER ............................ 5,135,034 72.82
CORPORATE BONDS ............................. 17,940 0.25
MEDIUM TERM BONDS ........................... 136,116 1.93
U.S. GOVERNMENT AND AGENCIES ................ 878,823 12.46
U.S. TREASURY SECURITIES .................... 162,363 2.30
VARIABLE RATE NOTES ......................... 157,960 2.24
---------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $7,034,820) ........................... 7,033,467 99.73
---------- ------
TOTAL PORTFOLIO
(Cost $7,034,820) ........................... 7,033,467 99.73
OTHER ASSETS & LIABILITIES, NET ............. 18,776 0.27
---------- ------
NET ASSETS ...................................... $7,052,243 100.00%
========== ======
----------
PRINCIPAL VALUE (000)
--------- -----------
SHORT TERM INVESTMENTS--99.73%
BANK NOTES--2.95%
AMERICAN EXPRESS CENTURION BANK
$20,000,000 5.418%, 04/17/00 .................... $ 19,996
BANK OF AMERICA
20,000,000 6.030%, 01/06/00 .................... 20,000
25,000,000 5.950%, 02/04/00 .................... 25,001
40,000,000 5.930%, 02/28/00 .................... 40,001
FCC NATIONAL BANK
25,000,000 5.240%, 03/02/00 .................... 24,961
FIRST NATIONAL BANK OF CHICAGO
25,000,000 5.180%, 03/15/00 .................... 24,951
HUNTINGTON NATIONAL BANK
10,000,000 5.660%, 07/06/00 .................... 9,970
KEY BANK
20,000,000 5.650%, 06/26/00 .................... 19,942
SOUTHTRUST BANK NA
23,500,000 5.160%, 03/27/00 .................... 23,444
----------
208,266
----------
CERTIFICATES OF DEPOSIT--4.78%
BANK OF MONTREAL
20,000,000 5.890%, 02/10/00 .................... 19,994
CANADIAN IMPERIAL BANK OF COMMERCE
20,000,000 5.000%, 01/27/00 .................... 19,980
COMMERZBANK AG.
25,000,000 5.090%, 04/12/00 .................... 24,917
DEUTSCHE BANK
15,000,000 5.710%, 07/06/00 .................... 14,949
DRESDNER BANK
40,000,000 6.280%, 01/04/00 .................... 40,000
9,000,000 5.870%, 03/09/00 .................... 8,999
FIRST TENNESSEE NATIONAL BANK
30,000,000 5.710%, 01/06/00 .................... 30,000
MELLON BANK NA
13,350,000 5.700%, 07/07/00 .................... 13,312
NATIONAL WESTMINSTER BANK (NEW YORK)
25,000,000 5.175%, 03/15/00 .................... 24,947
RABOBANK
10,000,000 5.290%, 05/19/00 .................... 9,966
REGIONS BANK (ALABAMA)
20,000,000 6.230%, 11/06/00 .................... 19,943
SOCIETE GENERALE
50,000,000 5.890%, 04/06/00 .................... 49,978
TORONTO DOMINION BANK
10,000,000 5.270%, 03/02/00 .................... 9,984
WESTDEUTSCHE LANDESBANK
20,000,000 6.050%, 02/14/00 .................... 19,997
30,000,000 5.980%, 03/01/00 .................... 29,999
----------
336,965
----------
COMMERCIAL PAPER--72.82%
ABBEY NATIONAL NORTH AMERICA CORP
20,000,000 6.010%, 01/24/00 .................... 19,924
22,600,000 5.900%, 03/07/00 .................... 22,362
ABBOTT LABORATORIES
2,652,000 5.670%, 01/06/00 .................... 2,650
17,793,000 6.150%, 01/12/00 .................... 17,760
ABN AMRO NORTH AMERICA FINANCE, INC
30,000,000 5.840%, 03/01/00 .................... 29,712
ALABAMA POWER CO
17,000,000 6.450%, 01/13/00 .................... 16,963
AMERICAN EXPRESS CREDIT CORP
19,600,000 6.450%, 01/26/00 .................... 19,512
AMERICAN TELEPHONE & TELEGRAPH CO
8,525,000 5.900%, 01/12/00 .................... 8,510
27,460,000 6.280%, 01/28/00 .................... 27,331
34,150,000 5.870%, 02/15/00 .................... 33,889
ANHEUSER-BUSCH CO
34,000,000 6.120%, 02/11/00 ..................... 33,763
ASSET SECURITIZATION COOP CORP
5,000,000 ~ 5.980%, 01/19/00 .................... 4,985
30,000,000 ~ 5.920%, 01/24/00 .................... 29,886
30,000,000 ~ 5.920%, 01/27/00 .................... 29,871
40,000,000 ~ 5.900%, 01/31/00 .................... 39,803
27,000,000 ~ 5.930%, 02/02/00 .................... 26,856
BEAR STEARNS CO, INC
40,000,000 ~ 5.910%, 02/16/00 .................... 39,687
BELL ATLANTIC FINANCIAL SERVICES, INC
9,500,000 ~ 5.820%, 01/20/00 .................... 9,471
45,000,000 ~ 5.900%, 01/25/00 .................... 44,823
BELL ATLANTIC NETWORK FUNDING CORP
40,000,000 ~ 5.820%, 01/12/00 .................... 39,929
20,000,000 ~ 6.020%, 02/11/00 .................... 19,863
20,000,000 ~ 6.000%, 02/16/00 .................... 19,844
BELLSOUTH CAPITAL FUNDING CORP
27,950,000 ~ 5.860%, 02/24/00 .................... 27,693
23,000,000 ~ 5.920%, 03/13/00 .................... 22,736
49,000,000 ~ 5.720%, 03/16/00 .................... 48,410
BELLSOUTH TELECOMMUNICATIONS, INC
22,700,000 ~ 5.880%, 02/07/00 .................... 22,560
17,000,000 ~ 5.770%, 02/25/00 .................... 16,840
BETA FINANCE, INC
20,000,000 ~ 5.900%, 02/28/00 .................... 19,811
10,000,000 ~ 5.890%, 04/12/00 .................... 9,836
CAMPBELL SOUP CO
15,000,000 ~ 4.840%, 01/31/00 .................... 14,926
50,000,000 ~ 5.950%, 03/02/00 .................... 49,513
CANADIAN WHEAT BOARD
40,000,000 5.880%, 02/22/00 .................... 39,645
10,000,000 5.750%, 04/05/00 .................... 9,847
CIESCO LP
10,000,000 ~ 5.930%, 02/01/00 .................... 9,949
19,000,000 ~ 5.840%, 02/02/00 .................... 18,899
12,000,000 ~ 6.070%, 02/04/00 .................... 11,931
25,000,000 ~ 5.930%, 02/07/00 .................... 24,845
20,000,000 ~ 5.850%, 02/08/00 .................... 19,873
45,000,000 ~ 5.950%, 02/09/00 .................... 44,706
CIT GROUP HOLDINGS, INC
10,000,000 5.830%, 01/06/00 .................... 9,992
30,000,000 5.820%, 01/07/00 .................... 29,971
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 11
<PAGE>
STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
COMMERCIAL PAPER--(Continued)
COCA COLA CO
$20,000,000 ~ 5.800%, 02/18/00 .................... $ 19,837
21,100,000 ~ 5.980%, 03/03/00 .................... 20,891
COCA COLA ENTERPRISES, INC
25,000,000 ~ 5.450%, 02/04/00 .................... 24,871
25,000,000 ~ 5.970%, 03/03/00 .................... 24,752
COLGATE-PALMOLIVE CO
16,000,000 ~ 5.850%, 02/01/00 .................... 15,918
30,200,000 ~ 5.850%, 02/03/00 .................... 30,034
CORPORATE ASSET FUNDING CORP, INC
20,000,000 ~ 5.780%, 01/25/00 .................... 19,921
25,000,000 ~ 6.020%, 01/25/00 .................... 24,901
50,000,000 ~ 5.900%, 01/27/00 .................... 49,785
10,000,000 ~ 6.000%, 02/01/00 .................... 9,949
25,000,000 ~ 5.850%, 02/08/00 .................... 24,841
20,000,000 ~ 5.950%, 03/01/00 .................... 19,808
CREDIT SUISSE FIRST BOSTON, INC
50,000,000 ~ 5.910%, 03/06/00 .................... 49,481
DAIMLERCHRYSLER NORTH AMERICA HOLDINGS
10,000,000 5.950%, 02/07/00 .................... 9,938
25,000,000 5.820%, 02/17/00 .................... 24,800
3,800,000 5.900%, 04/14/00 .................... 3,736
DAYTON POWER & LIGHT CO
25,565,000 5.810%, 03/02/00 .................... 25,316
2,450,000 5.850%, 03/02/00 .................... 2,426
11,760,000 5.950%, 03/07/00 .................... 11,636
DELAWARE FUNDING CORP
50,000,000 ~ 5.930%, 01/13/00 .................... 49,902
30,000,000 ~ 5.850%, 01/24/00 .................... 29,886
20,000,000 ~ 5.850%, 01/28/00 .................... 19,911
34,287,000 ~ 5.920%, 01/28/00 .................... 34,134
15,000,000 ~ 6.000%, 02/04/00 .................... 14,915
DEUTSCHE BANK FINANCIAL, INC
50,000,000 5.940%, 02/01/00 .................... 49,745
DUKE ENERGY CORP
20,000,000 5.800%, 01/05/00 .................... 19,987
DUPONT
10,000,000 5.079%, 04/03/00 .................... 9,971
DUPONT (E.I.) DE NEMOURS & CO
25,000,000 5.820%, 01/19/00 .................... 24,926
18,000,000 5.880%, 01/25/00 .................... 17,929
13,000,000 5.820%, 01/26/00 .................... 12,946
25,000,000 5.750%, 02/09/00 .................... 24,836
15,000,000 5.820%, 02/09/00 .................... 14,902
20,000,000 5.700%, 02/25/00 .................... 19,812
23,000,000 5.890%, 03/14/00 .................... 22,732
ENTERPRISE FUNDING CORP
5,000,000 ~ 6.100%, 01/24/00 .................... 4,981
9,000,000 ~ 5.950%, 01/26/00 .................... 8,963
10,147,000 ~ 5.980%, 02/01/00 .................... 10,095
15,759,000 ~ 5.870%, 02/04/00 .................... 15,670
9,000,000 ~ 6.420%, 02/11/00 .................... 8,934
10,000,000 ~ 5.850%, 02/15/00 .................... 9,924
432,000 ~ 6.020%, 03/10/00 .................... 427
EQUILON ENTERPRISES LLC
14,150,000 5.770%, 01/11/00 .................... 14,127
6,740,000 6.250%, 01/11/00 .................... 6,728
4,200,000 5.900%, 01/27/00 .................... 4,182
20,000,000 5.750%, 02/10/00 .................... 19,866
14,250,000 5.760%, 02/18/00 .................... 14,134
20,000,000 5.930%, 02/23/00 .................... 19,819
30,000,000 5.940%, 03/02/00 .................... 29,708
25,000,000 5.980%, 03/09/00 .................... 24,729
FLEET NATIONAL BANK
21,000,000 5.040%, 04/17/00 .................... 21,000
FORD MOTOR CREDIT CO
$20,000,000 5.800%, 01/04/00 .................... 19,990
30,000,000 5.680%, 01/26/00 .................... 29,876
90,000,000 5.500%, 02/22/00 .................... 89,285
FORTUNE BRANDS, INC
7,685,000 ~ 5.810%, 01/19/00 .................... 7,662
15,000,000 ~ 5.880%, 02/01/00 .................... 14,924
GENERAL ELECTRIC CAPITAL CORP
20,000,000 6.000%, 01/21/00 .................... 19,934
25,000,000 5.930%, 02/22/00 .................... 24,778
25,000,000 5.710%, 03/01/00 .................... 24,760
GENERAL ELECTRIC CO
42,075,000 6.280%, 02/08/00 .................... 41,796
GENERAL MOTORS ACCEPTANCE CORP
50,000,000 6.400%, 01/24/00 .................... 49,796
GEORGIA POWER CO
18,000,000 5.900%, 02/10/00 .................... 17,879
23,820,000 5.870%, 02/16/00 .................... 23,634
20,000,000 5.880%, 02/17/00 .................... 19,840
20,000,000 5.900%, 03/09/00 .................... 19,783
GILLETTE CO
32,075,000 ~ 6.250%, 01/12/00 .................... 32,014
GOLDMAN SACHS GROUP LP
15,025,000 5.930%, 03/02/00 .................... 14,879
50,000,000 5.920%, 03/10/00 .................... 49,450
20,000,000 6.000%, 04/03/00 .................... 19,700
GTE CORP
26,300,000 ~ 5.300%, 01/26/00 .................... 26,203
GTE FUNDING, INC
30,000,000 6.000%, 02/22/00 .................... 29,734
10,300,000 6.020%, 03/07/00 .................... 10,192
46,000,000 6.020%, 03/09/00 .................... 45,501
22,270,000 5.980%, 03/10/00 .................... 22,025
30,000,000 5.980%, 03/13/00 .................... 29,656
HERSHEY FOODS CORP
14,198,000 5.730%, 02/01/00 .................... 14,126
IBM CREDIT CORP
27,500,000 5.910%, 01/14/00 .................... 27,441
20,000,000 5.900%, 02/07/00 .................... 19,876
J.P. MORGAN & CO
15,000,000 6.040%, 02/02/00 .................... 14,919
14,000,000 5.940%, 02/04/00 .................... 13,921
30,000,000 5.960%, 03/20/00 .................... 29,620
JOHNSON & JOHNSON CO
5,081,000 ~ 5.880%, 03/13/00 .................... 5,023
44,425,000 ~ 5.750%, 05/26/00 .................... 43,376
9,575,000 ~ 5.700%, 06/30/00 .................... 9,294
25,000,000 ~ 5.800%, 07/06/00 .................... 24,243
7,000,000 ~ 5.700%, 07/24/00 .................... 6,768
KELLOGG CO
25,925,000 ~ 5.780%, 03/16/00 .................... 25,613
KIMBERLY-CLARK CORP
8,100,000 5.800%, 02/07/00 .................... 8,050
LUCENT TECHNOLOGIES, INC
8,240,000 ~ 5.800%, 01/11/00 .................... 8,226
25,000,000 ~ 5.750%, 02/07/00 .................... 24,845
21,255,000 ~ 5.840%, 02/17/00 .................... 21,085
47,000,000 ~ 5.700%, 03/03/00 .................... 46,534
25,000,000 ~ 5.860%, 03/24/00 .................... 24,668
20,000,000 ~ 5.840%, 04/04/00 .................... 19,697
1,000,000 ~ 5.900%, 04/12/00 .................... 984
MCCORMICK & CO, INC
10,000,000 5.900%, 01/06/00 .................... 9,992
MCDONALD'S CORP
20,100,000 ~ 6.420%, 01/19/00 .................... 20,035
SEE NOTES TO FINANCIAL STATEMENTS
12 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
COMMERCIAL PAPER--(Continued)
MCGRAW-HILL COS, INC
$18,500,000 6.050%, 02/23/00 .................... $ 18,333
33,500,000 6.000%, 03/02/00 .................... 33,173
MERCK & CO, INC
50,000,000 ~ 5.730%, 01/31/00 .................... 49,753
50,000,000 ~ 5.720%, 02/03/00 .................... 49,725
MERRILL LYNCH & CO, INC
40,000,000 5.920%, 01/21/00 .................... 39,868
49,000,000 5.970%, 02/14/00 .................... 48,636
MORGAN STANLEY DEAN WITTER
50,000,000 6.000%, 01/07/00 .................... 49,950
30,000,000 5.920%, 01/18/00 .................... 29,915
MOTIVA ENTERPRISES LLC
20,000,000 5.780%, 01/11/00 .................... 19,967
10,000,000 5.960%, 01/13/00 .................... 9,980
20,000,000 5.790%, 01/21/00 .................... 19,934
25,000,000 5.920%, 02/03/00 .................... 24,863
NATIONAL RURAL UTILITIES COOP FINANCE
17,500,000 ~ 5.780%, 02/16/00 .................... 17,363
40,015,000 ~ 5.800%, 02/22/00 .................... 39,660
50,000,000 ~ 5.800%, 02/24/00 .................... 49,539
25,000,000 ~ 5.800%, 02/25/00 .................... 24,765
18,000,000 ~ 5.850%, 03/07/00 .................... 17,810
NEWELL RUBBERMAID, INC
2,035,000 ~ 5.450%, 01/10/00 .................... 2,032
20,600,000 ~ 5.870%, 01/10/00 .................... 20,570
25,000,000 ~ 5.840%, 01/25/00 .................... 24,901
NORTHERN STATES POWER CO
20,000,000 5.860%, 02/10/00 .................... 19,866
38,000,000 5.820%, 03/08/00 .................... 37,594
30,000,000 5.850%, 03/08/00 .................... 29,679
PACCAR FINANCIAL CORP
15,000,000 5.900%, 01/11/00 .................... 14,975
10,000,000 5.950%, 01/19/00 .................... 9,970
12,500,000 5.980%, 01/19/00 .................... 12,463
6,410,000 5.950%, 01/25/00 .................... 6,385
16,025,000 5.770%, 02/10/00 .................... 15,917
25,375,000 5.800%, 02/10/00 .................... 25,205
20,000,000 5.800%, 02/17/00 .................... 19,840
10,000,000 5.980%, 03/23/00 .................... 9,869
PACIFIC GAS & ELECTRIC CO
24,629,000 6.000%, 02/14/00 .................... 24,446
PARK AVENUE RECEIVABLES CORP
43,211,000 ~ 6.150%, 01/11/00 .................... 43,137
10,000,000 ~ 6.100%, 01/18/00 .................... 9,972
7,000,000 ~ 6.250%, 01/19/00 .................... 6,978
7,000,000 ~ 5.950%, 01/24/00 .................... 6,973
13,000,000 ~ 6.000%, 02/02/00 .................... 12,931
26,376,000 ~ 5.900%, 02/15/00 .................... 26,175
43,000,000 ~ 6.150%, 02/16/00 .................... 42,664
PITNEY BOWES CREDIT CORP
92,000,000 6.550%, 01/12/00 .................... 91,816
PREFERRED RECEIVABLES FUNDING CORP
25,000,000 ~ 5.930%, 02/08/00 .................... 24,841
25,365,000 ~ 5.880%, 02/11/00 .................... 25,190
50,000,000 ~ 5.930%, 02/18/00 .................... 49,592
11,428,000 ~ 5.880%, 02/25/00 .................... 11,321
PROCTOR & GAMBLE CO
20,000,000 ~ 5.880%, 02/04/00 .................... 19,887
18,550,000 ~ 5.850%, 02/07/00 .................... 18,435
32,633,000 ~ 5.850%, 02/10/00 .................... 32,414
30,000,000 ~ 5.850%, 02/28/00 .................... 29,716
48,000,000 ~ 5.950%, 03/14/00 .................... 47,442
RECEIVABLES CAPITAL CORP
30,000,000 ~ 6.280%, 01/10/00 .................... 29,953
$12,000,000 ~ 6.020%, 01/25/00 .................... 11,953
40,000,000 ~ 5.940%, 01/26/00 .................... 39,835
27,300,000 ~ 6.170%, 01/27/00 .................... 27,178
8,194,000 ~ 6.050%, 01/28/00 .................... 8,158
14,000,000 ~ 5.910%, 02/09/00 .................... 13,908
15,000,000 ~ 5.880%, 02/15/00 .................... 14,885
SALOMON SMITH BARNEY HOLDINGS, INC
4,100,000 6.000%, 01/20/00 .................... 4,087
20,000,000 5.970%, 01/24/00 .................... 19,924
SARA LEE CORP
18,975,000 5.850%, 01/06/00 .................... 18,960
50,000,000 5.850%, 01/20/00 .................... 49,843
SBC COMMUNICATIONS, INC
20,000,000 5.800%, 01/14/00 .................... 19,957
40,000,000 5.850%, 01/24/00 .................... 39,851
48,050,000 5.730%, 03/17/00 .................... 47,464
SCHERING CORP
21,960,000 6.500%, 01/14/00 .................... 21,908
50,000,000 6.000%, 02/16/00 .................... 49,609
44,900,000 5.880%, 02/23/00 ..................... 44,494
THE STANLEY WORKS
10,000,000 ~ 5.800%, 02/17/00 .................... 9,920
TORONTO DOMINION HOLDINGS (U.S.)
25,000,000 5.870%, 02/02/00 .................... 24,867
40,000,000 5.920%, 03/30/00 .................... 39,430
UNITED TECHNOLOGIES CORP
25,000,000 ~ 5.950%, 02/09/00 .................... 24,836
VERMONT AMERICAN CORP
25,000,000 ~ 5.830%, 01/18/00 .................... 24,932
VIRGINIA ELECTRIC & POWER CO
40,000,000 6.030%, 03/08/00 .................... 39,572
30,000,000 6.010%, 03/13/00 .................... 29,656
WAL-MART STORES, INC
50,000,000 ~ 6.550%, 01/05/00 .................... 49,964
XEROX CAPITAL PLC (EUROPE)
30,000,000 5.900%, 02/11/00 .................... 29,794
----------
5,135,034
----------
CORPORATE BONDS--0.25%
CHRYSLER FINANCIAL CORP
6,000,000 6.375%, 01/28/00 .................... 6,000
COMMERICAL CREDIT CO
3,000,000 6.000%, 04/15/00 .................... 2,998
FLORIDA POWER & LIGHT CO
4,950,000 5.375%, 04/01/00 .................... 4,939
4,000,000 6.330%, 07/01/00 .................... 4,003
----------
17,940
----------
MEDIUM TERM BONDS--1.93%
ABBEY NATIONAL TREASURY SERVICES
20,000,000 5.050%, 04/17/00 .................... 19,932
BETA FINANCE, INC
10,000,000 5.130%, 01/11/00 .................... 9,997
10,000,000 5.400%, 06/01/00 .................... 9,980
CIT GROUP HOLDINGS, INC
4,850,000 6.800%, 04/17/00 .................... 4,859
CITIGROUP, INC
4,000,000 6.650%, 05/15/00 .................... 4,000
FORD MOTOR CREDIT CO
5,000,000 7.600%, 03/29/00 .................... 5,018
GENERAL MOTORS ACCEPTANCE CORP
5,500,000 6.700%, 04/17/00 .................... 5,509
IBM CREDIT CORP
10,000,000 5.860%, 09/01/00 .................... 9,970
PACCAR FINANCIAL CORP
17,000,000 5.540%, 06/15/00 .................... 16,958
5,000,000 6.390%, 06/15/00 .................... 5,006
PACIFICORP
5,000,000 7.110%, 01/20/00 .................... 5,000
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 13
<PAGE>
STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
MEDIUM TERM BONDS--(Continued)
PEPSICO, INC
$5,000,000 5.875%, 06/01/00 .................... $ 4,992
XEROX CREDIT CORP
25,000,000 5.113%, 03/21/00 .................... 24,913
10,000,000 5.320%, 03/31/00 .................... 9,982
----------
136,116
----------
U.S. GOVERNMENT AND AGENCIES--12.46%
FEDERAL FARM CREDIT BANK (FFCB)
200,000 4.700%, 01/28/00 .................... 199
FEDERAL HOME LOAN BANK (FHLB)
14,000,000 5.180%, 01/05/00 .................... 13,991
10,000,000 5.300%, 01/06/00 .................... 9,992
19,450,000 5.450%, 01/10/00 .................... 19,423
13,100,000 5.570%, 01/28/00 .................... 13,045
23,000,000 4.770%, 02/08/00 .................... 22,862
50,000,000 5.490%, 02/11/00 .................... 49,674
8,567,000 5.530%, 02/25/00 .................... 8,490
44,400,000 5.600%, 03/15/00 .................... 43,882
10,000,000 5.125%, 03/16/00 .................... 9,982
38,975,000 5.620%, 03/22/00 .................... 38,478
995,000 4.800%, 04/28/00 .................... 976
3,700,000 5.490%, 05/05/00 .................... 3,626
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
25,000,000 5.460%, 01/03/00 .................... 24,992
30,800,000 5.400%, 01/05/00 .................... 30,782
7,200,000 5.450%, 01/10/00 .................... 7,190
10,000,000 5.500%, 01/10/00 .................... 9,986
25,000,000 5.550%, 01/10/00 .................... 24,965
31,250,000 5.560%, 01/10/00 .................... 31,206
8,000,000 5.480%, 01/11/00 .................... 7,988
21,925,000 5.550%, 01/12/00 .................... 21,888
10,631,000 5.570%, 01/12/00 .................... 10,613
7,500,000 5.490%, 01/13/00 .................... 7,486
35,750,000 5.520%, 01/14/00 .................... 35,678
11,987,000 5.530%, 01/14/00 .................... 11,963
25,000,000 5.150%, 01/19/00 .................... 24,929
20,000,000 5.110%, 01/21/00 .................... 19,937
26,206,000 5.540%, 02/02/00 .................... 26,073
18,293,000 5.540%, 02/03/00 .................... 18,197
10,000,000 5.540%, 02/04/00 .................... 9,946
27,000,000 5.450%, 02/25/00 .................... 26,779
29,925,000 5.550%, 03/16/00 .................... 29,571
2,000,000 5.575%, 03/30/00 .................... 1,972
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
25,000,000 5.480%, 01/18/00 .................... 24,934
18,050,000 5.250%, 01/20/00 .................... 17,996
13,730,000 5.530%, 01/20/00 .................... 13,689
13,075,000 5.540%, 01/20/00 .................... 13,036
40,000,000 5.560%, 01/26/00 .................... 39,844
50,000,000 5.530%, 01/28/00 .................... 49,789
37,000,000 5.480%, 02/15/00 .................... 36,732
25,000,000 5.570%, 03/30/00 .................... 24,650
3,575,000 5.580%, 04/25/00 .................... 3,510
38,000,000 5.050%, 05/12/00 .................... 37,882
----------
878,823
----------
U.S. TREASURY SECURITIES--2.30%
U.S. TREASURY BILL
37,350,000 4.920%, 01/13/00 .................... 37,286
U.S. TREASURY NOTE
125,000,000 5.500%, 02/29/00 .................... 125,077
----------
162,363
----------
VARIABLE RATE NOTES--2.24%
AMERICAN EXPRESS CENTURION BANK
15,000,000 5.700%, 02/14/00 .................... 14,996
20,000,000 5.700%, 05/19/00 .................... 19,994
19,000,000 5.710%, 06/01/00 .................... 18,992
ASSET SECURITIZATION COOP CORP
15,000,000 6.090%, 03/10/00 .................... 14,997
BETA FINANCE, INC
20,000,000 5.090%, 04/17/00 .................... 20,000
25,000,000 5.710%, 05/25/00 .................... 24,990
CHASE MANHATTAN CORP
10,000,000 5.710%, 01/20/00 .................... 9,999
GENERAL MOTORS ACCEPTANCE CORP
14,000,000 6.452%, 03/02/00 .................... 13,997
KEY BANK
10,000,000 6.106%, 08/29/00 .................... 9,999
SOUTHTRUST
10,000,000 5.640%, 05/17/00 .................... 9,996
----------
157,960
----------
TOTAL SHORT TERM INVESTMENTS
(Cost $7,034,820) ................... 7,033,467
----------
TOTAL PORTFOLIO
(Cost $7,034,820) ................... $7,033,467
==========
- ----------
~ Commerical Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
SEE NOTES TO FINANCIAL STATEMENTS
14 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Inflation-Linked Bond Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
VALUE %
---------- ------
BONDS
GOVERNMENT BONDS
U.S. TREASURY SECURITIES .................... $ 135,462 96.02%
---------- ------
TOTAL GOVERNMENT BONDS
(Cost $140,839) ............................. 135,462 96.02
---------- ------
TOTAL BONDS
(Cost $140,839) ............................. 135,462 96.02
---------- ------
SHORT TERM INVESTMENT
COMMERCIAL PAPER ............................ 3,548 2.52
---------- ------
TOTAL SHORT TERM INVESTMENT
(Cost $3,548) ............................... 3,548 2.52
---------- ------
TOTAL PORTFOLIO
(Cost $144,387) ............................. 139,010 98.54
OTHER ASSETS & LIABILITIES, NET ............. 2,060 1.46
---------- ------
NET ASSETS .................................. $ 141,070 100.00%
========== ======
----------
PRINCIPAL VALUE (000)
--------- -----------
BONDS--96.02%
GOVERNMENT BONDS--96.02%
U.S. TREASURY SECURITIES--96.02%
U.S. TREASURY INFLATION INDEXED
$25,808,006 3.625%, 07/15/02 .................... $ 25,550
23,991,477 3.375%, 01/15/07 .................... 22,605
24,361,099 3.625%, 01/15/08 .................... 23,196
22,869,781 3.875%, 01/15/09 .................... 22,098
24,853,151 3.625%, 04/15/28 .................... 22,197
21,229,262 3.875%, 04/15/29 .................... 19,816
----------
135,462
----------
TOTAL GOVERNMENT BONDS
(Cost $140,839) ..................... 135,462
----------
TOTAL BONDS
(Cost $140,839) ..................... 135,462
----------
SHORT TERM INVESTMENT--2.52%
COMMERCIAL PAPER--2.52%
XEROX CAPITAL PLC (EUROPE)
3,550,000 5.250%, 01/04/00..................... 3,548
----------
TOTAL SHORT TERM INVESTMENT
(Cost $3,548) 3,548
----------
TOTAL PORTFOLIO
(Cost $144,387)...................... $ 139,010
==========
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 15
<PAGE>
STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
VALUE %
---------- ------
BONDS
CORPORATE BONDS
ASSET BACKED ................................ $ 181,718 6.25%
BUSINESS SERVICES ........................... 9,693 0.33
CHEMICALS AND ALLIED PRODUCTS ............... 43,207 1.49
COMMUNICATIONS .............................. 91,093 3.14
DEPOSITORY INSTITUTIONS ..................... 62,695 2.16
ELECTRIC, GAS, AND SANITARY SERVICES ........ 130,358 4.49
FOOD AND KINDRED PRODUCTS ................... 39,328 1.35
FOOD STORES ................................. 19,505 0.67
GENERAL MERCHANDISE STORES .................. 19,651 0.68
INDUSTRIAL MACHINERY AND EQUIPMENT .......... 6,404 0.22
INSTRUMENTS AND RELATED PRODUCTS ............ 19,278 0.66
INSURANCE CARRIERS .......................... 14,497 0.50
MOTION PICTURES ............................. 12,319 0.42
NONDEPOSITORY INSTITUTIONS .................. 121,913 4.20
OTHER MORTGAGE BACKED SECURITIES ............ 89,078 3.07
PETROLEUM AND COAL PRODUCTS ................. 41,301 1.42
PRINTING AND PUBLISHING ..................... 27,944 0.96
RAILROAD TRANSPORTATION ..................... 10,282 0.35
SECURITY AND COMMODITY BROKERS .............. 25,710 0.89
TOBACCO PRODUCTS ............................ 6,097 0.21
TRANSPORTATION BY AIR ....................... 18,144 0.62
TRANSPORTATION EQUIPMENT .................... 54,658 1.88
---------- ------
TOTAL CORPORATE BONDS
(Cost $1,074,326) ........................... 1,044,873 35.96
---------- ------
GOVERNMENT BONDS
AGENCY SECURITIES ........................... 286,983 9.88
FOREIGN GOVERNMENT BONDS .................... 69,606 2.40
MORTGAGE BACKED SECURITIES .................. 1,166,380 40.15
OTHER MORTGAGE BACKED SECURITIES ............ 1,915 0.06
U.S. TREASURY SECURITIES .................... 299,325 10.30
---------- ------
TOTAL GOVERNMENT BONDS
(Cost $1,866,854) ........................... 1,824,209 62.79
---------- ------
TOTAL BONDS
(Cost $2,941,180) ........................... 2,869,082 98.75
---------- ------
SHORT TERM INVESTMENTS
CERTIFICATES OF DEPOSIT ..................... 20,301 0.70
COMMERCIAL PAPER ............................ 558,538 19.22
---------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $578,800) ............................. 578,839 19.92
---------- ------
TOTAL PORTFOLIO
(Cost $3,519,980) ........................... 3,447,921 118.67
OTHER ASSETS & LIABILITIES, NET ............. (542,639) (18.67)
---------- ------
NET ASSETS ...................................... $2,905,282 100.00%
========== ======
----------
PRINCIPAL RATINGS+ VALUE (000)
--------- -------- -----------
BONDS--98.75%
CORPORATE BONDS--35.96%
ASSET BACKED--6.25%
ADVANTA MORTGAGE LOAN TRUST
SERIES 1998-1 (CLASS A3)
$13,000,000 6.270%, 12/25/17 .................... AAA $ 12,809
BLOCK MORTGAGE FINANCE, INC
SERIES 1997-1 (CLASS A-2)
90,974 6.850%, 10/25/11 .................... AAA 91
CHASE CREDIT CARD MASTER TRUST
SERIES 1997-2 (CLASS B)
10,000,000 6.450%, 04/15/03 .................... A2 9,999
CHASE FUNDING MORTGAGE LOAN
SERIES 1999-1 (CLASS IA2)
13,250,000 6.050%, 05/25/22 .................... AAA 12,720
COMED TRANSITIONAL FUNDING TRUST
SERIES 1998-1 (CLASS A5)
9,500,000 5.440%, 03/25/07 .................... AAA 8,899
FIRST ALLIANCE MORTGAGE LOAN TRUST
SERIES 1997-3 (CLASS A1)
1,927,665 6.935%, 12/20/28 .................... AAA 1,912
GE CAPITAL MORTGAGE SERVICES, INC
SERIES 1999-HE1 (CLASS A3)
20,300,000 6.035%, 06/25/20 .................... AAA 19,648
GREENPOINT MANUFACTURED HOUSING
SERIES 1999-5 (CLASS A2)
21,000,000 7.080%, 02/15/18 ................... AAA 20,833
GREEN TREE HOME EQUITY LOAN TRUST
SERIES 1999-A (CLASS A2)
9,000,000 5.780%, 02/15/14 .................... AAA 8,882
GREEN TREE HOME EQUITY LOAN TRUST
SERIES 1998-C (CLASS A3)
26,340,000 6.180%, 07/15/29 .................... AAA 26,118
MBNA MASTER CREDIT CARD TRUST
SERIES 1999-M (CLASS A)
7,250,000 6.600%, 04/16/07 .................... AAA 7,124
NEWCOURT EQUIPMENT TRUST SECURITIES
SERIES 1999-1 (CLASS A4)
23,500,000 7.180%, 10/20/05 .................... AAA 23,515
RESIDENTIAL ASSET SECURITIES CORP
SERIES 1999-KS3 (CLASS AI3)
12,000,000 7.180%, 01/25/25 .................... AAA 11,934
RESIDENTIAL ASSET SECURITIES CORP
SERIES 1999-KS4 (CLASS AI4)
10,000,000 7.220%, 11/01/06 .................... AAA 9,822
VANDERBILT MORTGAGE FINANCE
SERIES 1999-D (CLASS 1A2)
7,500,000 6.815%, 08/07/12 .................... AAA 7,412
----------
181,718
----------
BUSINESS SERVICES--0.33%
COMDISCO, INC (SR NOTE)
10,000,000 6.000%, 01/30/02 .................... BAA1 9,693
----------
CHEMICALS AND ALLIED PRODUCTS--1.49%
ABBOTT LABORATORIES NOTE
5,000,000 5.400%, 09/15/08 .................... AA1 4,443
DOW CHEMICAL CO DEB
5,000,000 7.375%, 11/01/29 .................... A1 4,781
DUPONT (E.I.) DE NEMOURS NOTE
9,500,000 6.750%, 10/15/04 .................... AA3 9,375
PPG INDUSTRIES, INC NOTE
10,000,000 7.050%, 08/15/09 .................... A1 9,735
PROCTER & GAMBLE CO (UNSUB NOTE)
10,000,000 6.600%, 12/15/04 .................... AA2 9,882
ROHM & HAAS CO DEB
5,000,000 7.850%, 07/15/29 .................... A3 4,991
----------
43,207
----------
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
16 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
--------- -------- -----------
COMMUNICATIONS--3.14%
BELLSOUTH TELECOMMUNICATIONS NOTE
$10,000,000 6.500%, 06/15/05 .................... AAA $ 9,704
ELECTRIC LIGHTWAVE, INC NOTE
10,000,000 ^ 6.050%, 05/15/04 .................. A2 9,521
GTE CORP DEB
10,000,000 6.940%, 04/15/28 .................... BAA1 9,060
JONES INTERCABLE, INC (SR NOTE)
12,500,000 9.625%, 03/15/02 .................... BAA3 12,991
LENFEST COMMUNICATIONS NOTE
6,000,000 8.375%, 11/01/05 .................... BA2 6,108
5,000,000 8.250%, 02/15/08 .................... B1 5,044
MCI WORLDCOM, INC (SR NOTE)
5,000,000 6.125%, 08/15/01 .................... A3 4,946
QWEST COMMUNICATIONS INTERNATIONAL,
INC (SR NOTE)
7,000,000 7.500%, 11/01/08 .................... BA1 6,805
SPRINT CAPITAL CORP (GUARANTEE NOTE)
2,000,000 6.375%, 05/01/09 .................... BAA1 1,840
8,500,000 6.875%, 11/15/28 .................... BAA1 7,554
U.S. WEST CAPITAL FUNDING, INC
(GUARANTEE NOTE)
10,000,000 6.875%, 08/15/01 .................... BAA1 9,909
7,800,000 6.125%, 07/15/02 .................... BAA1 7,611
----------
91,093
----------
DEPOSITORY INSTITUTIONS--2.16%
BARCLAYS BANK PLC (SUB NOTE)
7,000,000 7.400%, 12/15/09 .................... AA3 6,868
CHASE MANHATTAN CORP (SUB NOTE)
7,000,000 7.000%, 11/15/09 .................... A1 6,735
DIME BANCORP, INC NEW (SR NOTE)
11,000,000 6.375%, 01/30/01 .................... BA1 10,967
FIRST UNION CORP NOTE
8,000,000 6.950%, 11/01/04 .................... A1 7,849
FLEET BOSTON CORP (SUB NOTE)
10,000,000 7.375%, 12/01/09 .................... A3 9,775
PNC FUNDING CORP (GUARANTEE NOTE)
5,600,000 7.500%, 11/01/09 .................... A3 5,498
WACHOVIA CORP (SUB NOTE)
11,065,000 6.150%, 03/15/09 .................... A1 10,057
WASHINGTON MUTUAL
5,000,000 7.500%, 08/15/06 ..................... A3 4,946
----------
62,695
----------
ELECTRIC, GAS, AND SANITARY SERVICES--4.49%
ALABAMA POWER CO (SR NOTE)
5,000,000 7.125%, 08/15/04 .................... A2 4,998
CAITHNESS COSO FUND CORP NOTE
10,000,000 6.800%, 12/15/01 .................... BA1 9,788
CLEVELAND ELECTRIC ILLUMINATING
(SR NOTE)
6,000,000 7.430%, 11/01/09 .................... BA1 5,695
CLEVELAND ELECTRIC TOLEDO
5,000,000 EDISON NOTE
7.190%, 07/01/00 .................... BA1 4,994
CMS PANHANDLE HOLDINGS CO (SR NOTE)
10,000,000 ^ 6.125%, 03/15/04 .................... BAA3 9,411
COASTAL CORP (SR NOTE)
11,490,000 10.000%, 02/01/01 ................... BAA2 11,826
CONSUMERS ENERGY CO DEB
5,000,000 6.200%, 05/01/03 .................... BAA3 4,739
EL PASO ELECTRIC CO
5,000,000 (FIRST MORTGAGE BOND)
8.900%, 02/01/06 .................... BAA3 5,202
EL PASO ENERGY CORP (SR NOTE)
10,000,000 12.000%, 12/15/00 ................... BAA2 10,247
FPL GROUP CAPITAL, INC
(GUARANTEE NOTE)
5,000,000 7.375%, 06/01/09 .................... A2 4,912
GEORGIA POWER CO (SR NOTE)
10,000,000 5.500%, 12/01/05 .................... A2 9,154
KN ENERGY, INC (SR NOTE)
7,000,000 6.450%, 11/30/01 .................... BAA2 6,887
MIDAMERICAN ENERGY HOLDINGS DEB
5,000,000 8.480%, 09/15/28 .................... BAA3 5,156
MONONGAHELA POWER CO
(FIRST MORTGAGE BOND)
3,000,000 8.625%, 11/01/21 .................... A1 3,155
NATIONAL RURAL UTILITIES TRUST
5,000,000 5.000%, 10/01/02 .................... AA3 4,768
NIAGARA MOHAWK POWER CO
(SR NOTE)
7,560,978 7.125%, 07/01/01 .................... BAA3 7,553
NIAGARA MOHAWK POWER CO
(FIRST MORTGAGE BOND)
4,500,000 5.875%, 09/01/02 .................... BAA2 4,333
PUGET SOUND ENERGY, INC (SR NOTE)
5,000,000 7.020%, 12/01/27 .................... BAA1 4,433
TEXAS-NEW MEXICO POWER
(FIRST MORTGAGE BOND)
2,000,000 9.250%, 09/15/00 .................... BAA2 2,032
TEXAS-NEW MEXICO POWER (SR NOTE)
3,000,000 6.250%, 01/15/09 .................... BAA2 2,532
TXU EASTERN HOLDINGS NOTE
4,000,000 ^ 6.450%, 05/15/05 .................... NR 3,784
U.S.A. WASTE SERVICES, INC NOTE
5,000,000 6.125%, 07/15/01 .................... BA1 4,759
----------
130,358
----------
FOOD AND KINDRED PRODUCTS--1.35%
COCA COLA ENTERPRISES
(PUTABLE ASSET TRUST)
5,000,000 ^ 6.000%, 03/15/01 ................... A2 4,960
DIAGEO CAPITAL PLC NOTE
10,000,000 6.625%, 06/24/04 .................... A1 9,789
FORTUNE BRANDS, INC (SR NOTE)
15,000,000 ^ 7.125%, 11/01/04 ................... A2 14,756
SEAGRAM JOSEPH & SONS
(GUARANTEE NOTE)
10,000,000 5.790%, 04/15/01 .................... BAA3 9,823
----------
39,328
----------
FOOD STORES--0.67%
KROGER CO (GUARANTEE NOTE)
10,000,000 7.450%, 03/01/08 .................... BAA3 9,738
KROGER CO (SR NOTE)
5,000,000 8.000%, 09/15/29 .................... BAA3 4,865
SAFEWAY, INC NOTE
5,000,000 7.500%, 09/15/09 .................... BAA2 4,902
----------
19,505
----------
GENERAL MERCHANDISE STORES--0.68%
WAL-MART STORES, INC (SR NOTE)
10,000,000 6.150%, 08/10/01 .................... AA2 9,914
10,000,000 6.875%, 08/10/09 .................... AA2 9,737
----------
19,651
----------
INDUSTRIAL MACHINERY AND EQUIPMENT--0.22%
CATERPILLAR, INC DEB
6,150,000 9.750%, 06/01/19 .................... A2 6,404
----------
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
1999 CREF Annual Report o 17
<PAGE>
STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
--------- -------- -----------
INSTRUMENTS AND RELATED PRODUCTS--0.66%
EASTMAN KODAK CO
$13,000,000 6.500%, 08/15/01 .................... A2 $ 12,907
RAYTHEON CO NOTE
7,170,000 6.150%, 11/01/08 .................... BAA2 6,371
----------
19,278
----------
INSURANCE CARRIERS--0.50%
ALLSTATE CORP (SR NOTE)
5,000,000 7.200%, 12/01/09 .................... A1 4,861
AMERICAN GENERAL FINANCE (SR NOTE)
5,000,000 6.750%, 11/15/04 .................... A2 4,850
ASSOCIATED P&C HOLDINGS, INC
5,000,000 (SR NOTE)
6.750%, 07/15/03 .................... BAA1 4,786
----------
14,497
----------
MOTION PICTURES--0.42%
TIME WARNER ENTERTAINMENT DEB
10,515,000 10.150%, 05/01/12 ................... BAA2 12,319
----------
NONDEPOSITORY INSTITUTIONS--4.20%
ARISTAR, INC (SR NOTE)
10,000,000 6.000%, 05/15/02 .................... A3 9,692
9,000,000 7.250%, 06/15/06 .................... A3 8,806
DAIMLERCHRYSLER NA HOLDINGS
(MEDIUM TERM NOTE)
14,000,000 6.670%, 02/15/02 .................... A1 13,895
11,500,000 6.840%, 10/15/02 .................... A1 11,443
FINOVA CAPITAL CORP NOTE
8,000,000 7.250%, 07/12/06 .................... BAA1 7,772
GENERAL ELECTRIC CAPITAL CORP
(MEDIUM TERM NOTE)
10,000,000 6.650%, 09/03/02 .................... AAA 9,925
10,000,000 5.650%, 03/31/03 .................... AAA 9,585
GENERAL MOTORS ACCEPTANCE CORP
(MEDIUM TERM NOTE)
5,000,000 6.750%, 12/10/02 .................... A2 4,950
HOUSEHOLD FINANCE CORP NOTE
5,000,000 5.875%, 11/01/02 .................... A2 4,816
7,925,000 7.000%, 08/01/03 .................... A2 7,829
10,000,000 6.400%, 06/17/08 .................... A2 9,245
JOHN DEERE CAPITAL CORP NOTE
10,000,000 7.000%, 10/15/02 .................... A2 9,966
NEWCOURT CREDIT GROUP
(GUARANTEE NOTE)
9,345,000 ^ 6.875%, 02/16/05 ................... A1 9,098
NORWEST FINANCIAL, INC (SR NOTE)
5,000,000 6.700%, 09/22/04 .................... AA3 4,891
----------
121,913
----------
OTHER MORTGAGE BACKED SECURITIES--3.07%
BEAR STEARNS COMMERCIAL MORTGAGE
SECURITIES SERIES 1999-WF2 (CLASS A2)
19,000,000 7.080%, 06/15/09 .................... AAA 18,477
COMMERCIAL MORTGAGE ASSET TRUST
SERIES 1999-C1 (CLASS A3)
18,050,000 6.640%, 09/17/10 .................... AAA 16,953
CS FIRST BOSTON MORTGAGE SECURITIES
CORP SERIES 1999-C1 (CLASS A2)
15,500,000 7.290%, 09/15/09 .................... AAA 15,268
MORGAN STANLEY CAPITAL SERIES
1998-WF1 (CLASS A1)
19,505,317 6.250%, 07/15/07 .................... AAA 18,767
NATIONSLINK FUNDING CORP
SERIES 1999-2 (CLASS A1C)
19,899,675 7.030%, 01/20/08 .................... AAA 19,613
----------
89,078
----------
PETROLEUM AND COAL PRODUCTS--1.42%
AMERADA HESS CORP DEB
15,000,000 7.875%, 10/01/29 .................... BAA1 14,630
BAKER HUGHS, INC (SR NOTE)
5,000,000 6.250%, 01/15/09 .................... NR 4,528
NORSK HYDRO A/S DEB
10,000,000 7.150%, 01/15/29 .................... A2 9,052
PHILLIPS PETROLEUM CO NOTE
9,000,000 6.375%, 03/30/09 .................... A3 8,322
VALERO ENERGY CORP NOTE
5,000,000 7.375%, 03/15/06 .................... BAA3 4,769
----------
41,301
----------
PRINTING AND PUBLISHING--0.96%
NEWS AMERICA HOLDINGS DEB
7,500,000 8.250%, 08/10/18 .................... BAA3 7,503
TIME WARNER, INC DEB
10,000,000 ^ 6.100%, 12/30/01 .................... BAA3 9,802
5,000,000 7.250%, 10/15/17 .................... BAA3 4,667
TIMES MIRROR CO NOTE
6,000,000 6.650%, 10/15/01 .................... A2 5,972
----------
27,944
----------
RAILROAD TRANSPORTATION--0.35%
BURLINGTON NORTHERN SANTA FE DEB
5,000,000 6.700%, 08/01/28 .................... BAA2 4,291
UNION PACIFIC CORP DEB
4,400,000 7.600%, 05/01/05 .................... BAA3 4,412
1,532,000 8.500%, 01/15/17 .................... BAA3 1,579
----------
10,282
----------
SECURITY AND COMMODITY BROKERS--0.89%
GOLDMAN SACHS GROUP, INC
(MEDIUM TERM NOTE)
10,000,000 7.350%, 10/01/09 .................... A1 9,762
MERRILL LYNCH & CO NOTE
6,000,000 6.875%, 11/15/18 .................... AA3 5,456
MORGAN STANLEY DEAN WITTER
10,500,000 7.125%, 01/15/03 .................... AA3 10,492
----------
25,710
----------
TOBACCO PRODUCTS--0.21%
RJ REYNOLDS TOBACCO HOLDINGS
(GUARANTEE NOTE)
6,500,000 7.375%, 05/15/03 .................... BAA2 6,097
----------
TRANSPORTATION BY AIR--0.62%
CONTINENTAL AIRLINES (PASS THRU CERT)
9,375,979 6.545%, 02/02/19 .................... AA3 8,521
DELTA AIRLINES DEB
10,000,000 8.300%, 12/15/29 .................... BAA3 9,623
----------
18,144
----------
TRANSPORTATION EQUIPMENT--1.88%
BOEING CO DEB
10,000,000 8.100%, 11/15/06 .................... A1 10,333
BOMBADIER CAPITAL
5,000,000 ^ 7.300%, 12/15/02 .................... A3 4,977
FORD MOTOR CO NOTE
25,000,000 7.450%, 07/16/31 .................... A1 24,051
TRW, INC NOTE
6,240,000 6.625%, 06/01/04 .................... BAA1 6,013
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
18 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
--------- -------- -----------
TRANSPORTATION EQUIPMENT--(Continued)
UNITED TECHNOLOGIES CORP DEB
$ 9,500,000 7.500%, 09/15/29 .................... A2 $ 9,284
----------
54,658
----------
TOTAL CORPORATE BONDS
(Cost $1,074,326) ................... 1,044,873
----------
GOVERNMENT BONDS--62.79%
AGENCY SECURITIES--9.88%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
26,000,000 5.375%, 03/01/01 .................... AAA 25,687
18,400,000 5.500%, 05/15/02 .................... AAA 17,957
18,200,000 5.000%, 01/15/04 .................... AAA 17,045
1,500,000 6.250%, 07/15/04 .................... AAA 1,466
3,000,000 7.100%, 04/10/07 .................... AAA 3,001
13,100,000 6.750%, 09/15/29 .................... AAA 12,459
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
70,400,000 5.250%, 01/15/03 .................... AAA 67,716
100,500,000 5.125%, 02/13/04 .................... AAA 94,486
5,000,000 6.850%, 09/12/05 .................... AAA 4,855
47,540,000 6.250%, 05/15/29 .................... AAA 42,311
----------
286,983
----------
FOREIGN GOVERNMENT BONDS--2.40%
BRITISH COLUMBIA NOTE
13,000,000 5.375%, 10/29/08 .................... AA2 11,378
CANADA GOVERNMENT
5,500,000 6.750%, 08/28/06 .................... AA2 5,413
ONTARIO ELECTRICITY
5,000,000 6.100%, 01/30/08 .................... AA3 4,622
ONTARIO PROVINCE CANADA
10,000,000 5.500%, 10/01/08 .................... AA3 8,858
PROVINCE OF ONTARIO
10,000,000 7.375%, 01/27/03 .................... AA3 10,088
QUEBEC PROVINCE CANADA
15,000,000 7.000%, 01/30/07 .................... A2 14,672
5,000,000 7.500%, 07/15/23 .................... AAA 4,881
10,000,000 7.500%, 09/15/29 .................... A2 9,694
----------
69,606
----------
MORTGAGE BACKED SECURITIES--40.15%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
2,490,235 7.000%, 09/01/10 .................... 2,470
4,388,812 6.000%, 04/01/11 .................... 4,197
11,522,753 7.000%, 07/01/13 .................... 11,393
1,767,488 7.000%, 05/01/23 .................... 1,721
439,316 8.500%, 06/01/27 .................... 451
796,532 8.500%, 07/01/27 .................... 818
2,540,878 8.500%, 08/01/27 .................... 2,610
FEDERAL HOME LOAN MORTGAGE CORP GOLD
(FGLMC)
50,000,000 < 7.000%, 01/25/15 49,438
9,456,750 6.500%, 01/01/29 .................... 8,916
177,040,266 o 6.500%, 02/01/29 .................... 166,915
8,236,285 8.000%, 03/01/29 .................... 8,316
8,247,700 8.000%, 04/01/29 .................... 8,328
51,566,846 6.500%, 09/01/29 .................... 48,618
76,000,000 7.000%, 01/25/30 .................... 73,554
90,100,000 < 7.500%, 01/25/30 .................... 89,171
89,000,000 < 8.000%, 01/25/30 .................... 89,862
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA)
1,090,210 7.500%, 08/01/01 .................... 1,091
PRINCIPAL VALUE (000)
--------- -----------
$ 2,196,909 6.000%, 12/01/02 .................... $ 2,156
1,023,871 6.000%, 12/01/08 .................... 984
9,991,691 6.500%, 05/01/09 .................... 9,742
2,237,300 7.500%, 11/01/10 .................... 2,251
1,457,324 8.000%, 06/01/11 .................... 1,480
378,646 8.000%, 07/01/11 .................... 385
51,429,406 6.000%, 12/01/13 .................... 48,826
45,749,622 6.500%, 10/01/14 .................... 44,405
44,500,000 6.500%, 01/25/15 .................... 43,165
1,017,676 6.500%, 02/01/16 .................... 971
902,606 6.500%, 03/01/16 .................... 861
1,173,708 6.500%, 04/01/16 .................... 1,119
5,678,846 8.000%, 03/01/23 .................... 5,748
10,250,652 8.000%, 07/01/24 .................... 10,356
4,450,280 8.500%, 12/01/24 .................... 4,568
1,902,361 9.000%, 11/01/25 .................... 1,980
18,256,380 o 8.500%, 02/01/28 .................... 18,733
260,738 8.500%, 08/01/28 .................... 267
14,132,276 6.000%, 10/01/28 .................... 12,927
36,359,689 6.500%, 10/01/28 .................... 34,257
19,709,921 6.000%, 01/01/29 .................... 18,028
19,532,967 6.000%, 02/01/29 .................... 17,866
38,213,257 6.500%, 02/01/29 .................... 36,004
14,140,571 6.500%, 03/01/29 .................... 13,323
7,277,950 6.000%, 05/01/29 .................... 6,657
75,500,000 < 7.000%, 01/25/30 .................... 72,999
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA)
207,757 8.500%, 10/15/09 .................... 214
733,662 8.500%, 12/15/09 .................... 756
2,426,215 9.000%, 12/15/09 .................... 2,551
711,253 8.500%, 01/15/10 .................... 733
108,026 9.000%, 06/15/16 .................... 114
186,785 9.000%, 08/15/16 .................... 197
333,391 9.000%, 09/15/16 .................... 352
53,016 9.000%, 10/15/16 .................... 56
120,547 9.000%, 11/15/16 .................... 127
399,866 9.000%, 12/15/16 .................... 422
1,667,046 9.500%, 12/15/16 .................... 1,787
159,306 9.000%, 07/15/17 .................... 168
175,496 9.000%, 06/15/20 .................... 185
5,189,927 6.500%, 09/15/23 .................... 4,926
3,166,608 6.500%, 01/15/24 .................... 3,002
2,078,945 6.500%, 03/15/24 .................... 1,971
13,011,113 6.500%, 05/15/24 .................... 12,348
2,040,710 8.000%, 06/15/24 .................... 2,066
4,358,568 6.500%, 09/15/24 .................... 4,132
103,500,000 < 7.000%, 01/25/30 .................... 99,942
53,000,000 < 7.500%, 01/25/30 .................... 52,404
----------
1,166,380
----------
OTHER MORTGAGE BACKED SECURITIES--0.06%
FANNIE MAE WHOLE LOAN (FNW)
2,000,000 5.925%, 02/25/29 .................... 1,915
----------
U.S. TREASURY SECURITIES--10.30%
U.S. TREASURY BONDS
28,900,000 10.375%, 11/15/12 ................... 35,131
54,830,000 12.000%, 08/15/13 ................... 73,215
96,478,000 8.875%, 02/15/19 .................... 117,432
19,595,000 5.250%, 02/15/29 .................... 16,203
U.S. TREASURY NOTES
8,600,000 5.875%, 11/15/04 .................... 8,432
4,725,000 5.875%, 11/15/05 .................... 4,587
45,755,000 6.000%, 08/15/09 .................... 44,325
----------
299,325
----------
TOTAL GOVERNMENT BONDS
(Cost $1,866,854) ................... 1,824,209
----------
TOTAL BONDS
(Cost $2,941,180) ................... 2,869,082
----------
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
1999 CREF Annual Report o 19
<PAGE>
STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
SHORT TERM INVESTMENTS--19.92%
CERTIFICATES OF DEPOSIT--0.70%
BANK OF MONTREAL
$20,300,000 o 5.950%, 01/19/00 $ 20,301
----------
COMMERCIAL PAPER--19.22%
ALLIED SIGNAL, INC
30,000,000 o~ 5.790%, 01/19/00 29,911
14,500,000 o~ 5.820%, 01/19/00 14,457
AMERICAN TELEPHONE & TELEGRAPH CO
21,000,000 o 5.750%, 01/24/00 20,921
CIESCO LP
12,000,000 ~ 6.500%, 01/20/00 11,963
COCA COLA CO
815,000 ~ 5.780%, 01/19/00 813
CORPORATE ASSET FUNDING CORP, INC
50,000,000 o~ 5.920%, 01/25/00 49,805
DELAWARE FUNDING CORP
11,460,000 o~ 5.900%, 01/18/00 11,428
25,000,000 o~ 6.400%, 01/18/00 24,930
13,750,000 ^o~ 5.950%, 01/21/00 13,705
ENTERPRISE FUNDING CORP
37,950,000 o~ 6.500%, 01/19/00 37,837
GENERAL ELECTRIC CAPITAL CORP
50,000,000 o 5.840%, 01/19/00 49,852
GOLDMAN SACHS GROUP LP
50,000,000 o 6.500%, 01/25/00 49,805
GTE FUNDING, INC
20,000,000 o^ 5.870%, 01/18/00 19,944
19,645,000 o 5.870%, 01/19/00 19,587
MERRILL LYNCH & CO, INC
25,000,000 o 5.850%, 01/19/00 24,926
MOTIVA ENTERPRISES LLC
15,000,000 o 5.760%, 01/24/00 14,944
PARK AVENUE RECEIVABLES CORP
14,905,000 o~ 5.980%, 01/20/00 14,858
RECEIVABLES CAPITAL CORP
32,330,000 o~ 6.020%, 01/19/00 32,234
17,000,000 ~ 6.100%, 01/24/00 16,936
SOUTHERN CALIFORNIA EDISON CO
50,000,000 6.250%, 01/19/00 49,852
XEROX CAPITAL PLC (EUROPE)
30,000,000 o 5.780%, 01/19/00 29,905
20,000,000 o 5.810%, 01/24/00 19,925
----------
558,538
----------
TOTAL SHORT TERM INVESTMENTS
(Cost $578,800) 578,839
----------
TOTAL PORTFOLIO
(Cost $3,519,980) $3,447,921
==========
- ----------
~ Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
^ Security is exempt from registration under Rule 144A of the Securities Act
of 1933 and may be resold in transactions exempt from registration to
qualified institutional buyers. At December 31, 1999, the value of these
securities amounted to $99,958,565 or 3.44% of net assets.
o All or a portion of these securities have been segregated by the Custodian
to cover securities purchased on a delayed delivery basis.
< These securities were purchased on a delayed delivery basis.
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
20 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Summary by Industry (000)
VALUE %
---------- ------
BONDS
CORPORATE BONDS
ASSET BACKED ................................ $ 88,350 2.14%
BUSINESS SERVICES ........................... 15,111 0.37
CHEMICALS AND ALLIED PRODUCTS ............... 8,714 0.21
COMMUNICATIONS .............................. 80,686 1.96
DEPOSITORY INSTITUTIONS ..................... 28,738 0.70
EATING AND DRINKING PLACES .................. 22,691 0.55
ELECTRIC, GAS, AND SANITARY SERVICES ........ 24,361 0.59
FOOD AND KINDRED PRODUCTS ................... 14,805 0.36
FOOD STORES ................................. 30,940 0.75
GENERAL MERCHANDISE STORES .................. 40,181 0.97
INSURANCE CARRIERS .......................... 7,111 0.17
MOTION PICTURES ............................. 12,319 0.30
NONDEPOSITORY INSTITUTIONS .................. 58,547 1.42
OTHER MORTGAGE BACKED SECURITIES ............ 28,157 0.68
PRINTING AND PUBLISHING ..................... 15,429 0.37
RAILROAD TRANSPORTATION ..................... 14,081 0.34
SECURITY AND COMMODITY BROKERS .............. 19,032 0.46
TRANSPORTATION BY AIR ....................... 12,764 0.31
---------- ------
TOTAL CORPORATE BONDS
(Cost $546,009) ............................. 522,017 12.65
---------- ------
GOVERNMENT BONDS
AGENCY SECURITIES ........................... 177,798 4.31
FOREIGN GOVERNMENT BONDS .................... 35,316 0.85
MORTGAGE BACKED SECURITIES .................. 610,847 14.80
U.S. TREASURY SECURITIES .................... 181,051 4.39
---------- ------
TOTAL GOVERNMENT BONDS
(Cost $1,031,301) ........................... 1,005,012 24.35
---------- ------
TOTAL BONDS
(Cost $1,577,310) ........................... 1,527,029 37.00
---------- ------
COMMON STOCK
APPAREL AND ACCESSORY STORES ................ 8,651 0.21
APPAREL AND OTHER TEXTILE PRODUCTS .......... 1,062 0.03
AUTO REPAIR, SERVICES AND PARKING ........... 83 0.00
BUILDING MATERIALS AND GARDEN SUPPLIES ...... 43,244 1.05
BUSINESS SERVICES ........................... 282,345 6.84
CHEMICALS AND ALLIED PRODUCTS ............... 324,901 7.87
COMMUNICATIONS .............................. 315,259 7.64
DEPOSITORY INSTITUTIONS ..................... 149,000 3.61
EATING AND DRINKING PLACES .................. 20,952 0.51
ELECTRIC, GAS, AND SANITARY SERVICES ........ 91,841 2.23
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ..... 158,314 3.84
ENGINEERING AND MANAGEMENT SERVICES ......... 1,743 0.04
FABRICATED METAL PRODUCTS ................... 14,715 0.36
FOOD AND KINDRED PRODUCTS ................... 115,907 2.81
FOOD STORES ................................. 9,046 0.22
FURNITURE AND FIXTURES ...................... 4,793 0.12
FURNITURE AND HOMEFURNISHINGS STORES ........ 1,928 0.05
GENERAL BUILDING CONTRACTORS ................ 906 0.02
GENERAL MERCHANDISE STORES .................. 90,419 2.19
HEALTH SERVICES ............................. 10,144 0.25
HOLDING AND OTHER INVESTMENT OFFICES ........ 4,236 0.10
INDUSTRIAL MACHINERY AND EQUIPMENT .......... 274,382 6.65
INSTRUMENTS AND RELATED PRODUCTS ............ 36,880 0.89
INSURANCE AGENTS, BROKERS AND SERVICE ....... 13,015 0.31
INSURANCE CARRIERS .......................... 147,864 3.58
MISCELLANEOUS MANUFACTURING INDUSTRIES ...... 28,562 0.69
MISCELLANEOUS RETAIL ........................ 12,152 0.29
MOTION PICTURES ............................. 43,183 1.05
NONDEPOSITORY INSTITUTIONS .................. 87,196 2.11
OIL AND GAS EXTRACTION ...................... 68,497 1.66
PAPER AND ALLIED PRODUCTS ................... 18,448 0.44
PETROLEUM AND COAL PRODUCTS ................. 9,596 0.23
PRIMARY METAL INDUSTRIES .................... 10,219 0.25
PRINTING AND PUBLISHING ..................... 32,256 0.78
RAILROAD TRANSPORTATION ..................... 8,635 0.21
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 13,831 0.34
SECURITY AND COMMODITY BROKERS .............. 41,747 1.01
STONE, CLAY, AND GLASS PRODUCTS ............. 10,521 0.25
TRANSPORTATION BY AIR ....................... 13,240 0.32
TRANSPORTATION EQUIPMENT .................... 1,729 0.04
TRUCKING AND WAREHOUSING .................... 835 0.02
WHOLESALE TRADE-DURABLE GOODS ............... 9,748 0.24
WHOLESALE TRADE-NONDURABLE GOODS ............ 24,299 0.59
---------- ------
TOTAL COMMON STOCK
(Cost $1,263,727) ........................... 2,556,324 61.94
---------- ------
SHORT TERM INVESTMENTS
COMMERCIAL PAPER ............................ 314,299 7.61
U.S. GOVERNMENT AND AGENCIES ................ 19,249 0.47
---------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $333,548) ............................. 333,548 8.08
---------- ------
TOTAL PORTFOLIO
(Cost $3,174,585) ........................... 4,416,901 107.02
OTHER ASSETS & LIABILITIES, NET ............. (289,940) (7.02)
---------- ------
NET ASSETS ...................................... $4,126,961 100.00%
========== ======
PRINCIPAL RATINGS+ VALUE (000)
--------- -------- -----------
BONDS--37.00%
CORPORATE BONDS--12.65%
ASSET BACKED--2.14%
CHASE CREDIT CARD MASTER
TRUST SERIES 1999-3 (CLASS A)
$20,000,000 6.660%, 01/15/07 .................... AAA $ 19,695
CHASE CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS B)
8,000,000 6.450%, 04/15/03 .................... A2 7,999
CHASE FUNDING MORTGAGE LOAN
SERIES 1999-3 (CLASS IA3)
6,000,000 7.180%, 08/25/21 .................... AAA 5,955
CHASE FUNDING MORTGAGE LOAN
SERIES 1999-4 (CLASS IA3)
6,500,000 7.194%, 04/27/20 .................... AAA 6,461
CITIBANK CREDIT CARD MASTER
TRUST SERIES 1999-7 (CLASS A)
12,000,000 6.650%, 11/15/04 .................... AAA 11,752
CITIBANK CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS B)
3,000,000 6.700%, 02/15/04 .................... A1 2,966
FLEETWOOD CREDIT GRANTOR
TRUST SERIES 1993-B (CLASS A)
1,545,156 4.950%, 08/15/08 .................... AAA 1,465
MBNA MASTER CREDIT CARD
TRUST SERIES 1999-1 (CLASS A)
19,500,000 6.400%, 01/18/05 .................... AAA 19,262
MBNA MASTER CREDIT CARD
TRUST SERIES 1999-M (CLASS A)
2,500,000 6.600%, 04/16/07 .................... AAA 2,457
NATIONSCREDIT GRANTOR
TRUST SERIES 1993-2 (CLASS B)
7,000,000 6.250%, 12/15/05 .................... A2 6,738
NATIONSBANK CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS A1)
2,457,905 6.350%, 04/15/14 .................... AAA 2,400
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
1999 CREF Annual Report o 21
<PAGE>
STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
--------- -------- -----------
ASSET BACKED--(Continued)
UCFCM SERIES 1997-2 (CLASS B1)
(SUB DEB)
$ 6,000,000 7.370%, 02/15/18 .................... BA3 $ 1,200
----------
88,350
----------
BUSINESS SERVICES--0.37%
ELECTRONIC DATA SYSTEMS DEB
10,500,000 7.450%, 10/15/29 .................... A1 10,176
INTERNATIONAL LEASE FINANCE CORP NOTE
5,000,000 5.950%, 06/01/01 .................... A1 4,935
----------
15,111
----------
CHEMICALS AND ALLIED PRODUCTS--0.21%
JOHNSON & JOHNSON CO DEB
4,000,000 6.950%, 09/01/29 .................... AAA 3,773
PROCTER & GAMBLE CO (UNSUB NOTE)
5,000,000 6.600%, 12/15/04 .................... AA2 4,941
----------
8,714
----------
COMMUNICATIONS--1.96%
AMERITECH CAPITAL FUNDING CORP
(GUARANTEE NOTE)
7,000,000 5.650%, 01/15/01 .................... AA3 6,935
BELLSOUTH TELECOMMUNICATIONS NOTE
8,000,000 6.000%, 06/15/02 .................... AAA 7,840
COMCAST CORP (SR SUB DEB)
5,000,000 9.500%, 01/15/08 .................... BA2 5,158
LUCENT TECHNOLOGIES, INC DEB
5,000,000 6.450%, 03/15/29 .................... A2 4,352
MCI WORLDCOM, INC (SR NOTE)
4,000,000 6.125%, 08/15/01 .................... A3 3,957
NEW YORK TELEPHONE CO DEB
7,000,000 9.375%, 07/15/31 .................... A2 7,305
SPRINT CAPITAL CORP (GUARANTEE NOTE)
7,000,000 5.875%, 05/01/04 .................... BAA1 6,602
5,000,000 6.375%, 05/01/09 .................... BAA1 4,599
10,000,000 6.875%, 11/15/28 .................... BAA1 8,887
TELE-COMMUNICATIONS, INC DEB
5,000,000 7.875%, 08/01/13 .................... A2 5,077
U.S. WEST CAPITAL FUNDING, INC
(GUARANTEE NOTE)
10,000,000 6.875%, 08/15/01 .................... BAA1 9,909
VIACOM, INC (SR NOTE)
10,000,000 7.750%, 06/01/05 .................... BAA3 10,065
----------
80,686
----------
DEPOSITORY INSTITUTIONS--0.70%
BANK OF AMERICA (SUB NOTE)
10,000,000 6.875%, 02/15/05 .................... AA3 9,759
FIRST UNION CORP (SUB NOTE)
10,000,000 6.300%, 04/15/08 .................... A2 9,162
PNC FUNDING CORP (GUARANTEE NOTE)
10,000,000 7.500%, 11/01/09 .................... A3 9,817
----------
28,738
----------
EATING AND DRINKING PLACES--0.55%
MCDONALD'S CORP NOTE
13,000,000 5.900%, 05/11/01 .................... AA2 12,865
10,000,000 6.000%, 06/23/02 .................... AA2 9,826
----------
22,691
----------
ELECTRIC, GAS, AND SANITARY SERVICES--0.59%
CONSOLIDATED NATURAL GAS NOTE
5,000,000 7.250%, 10/01/04 .................... A2 4,961
EL PASO NATURAL GAS CO NOTE
5,000,000 6.750%, 11/15/03 .................... BAA1 4,879
PUGET SOUND POWER & LIGHT CO
(MEDIUM TERM NOTE)
5,000,000 8.060%, 06/19/06 .................... BAA1 5,124
SONAT, INC NOTE
5,000,000 6.750%, 10/01/07 .................... BAA2 4,592
WILLIAMS COS, INC NOTE
5,000,000 7.625%, 07/15/19 .................... BAA2 4,805
----------
24,361
----------
FOOD AND KINDRED PRODUCTS--0.36%
COCA COLA ENTERPRISES NOTE
5,000,000 7.125%, 09/30/09 .................... A2 4,885
COCA COLA ENTERPRISES NOTE
(PUTABLE ASSET TRUST)
10,000,000 ^ 6.000%, 03/15/01 .................... A2 9,920
----------
14,805
----------
FOOD STORES--0.75%
ALBERTSON'S, INC DEB
7,720,000 7.450%, 08/01/29 .................... A2 7,337
KROGER CO NOTE
10,000,000 6.000%, 07/01/00 .................... BAA3 9,935
SAFEWAY, INC NOTE
5,000,000 7.000%, 09/15/02 .................... BAA2 4,978
9,400,000 6.500%, 11/15/08 .................... BAA2 8,690
----------
30,940
----------
GENERAL MERCHANDISE STORES--0.97%
DILLARDS, INC NOTE
5,000,000 5.790%, 11/15/01 .................... BAA1 4,834
FEDERATED DEPARTMENT STORES NOTE
11,000,000 6.300%, 04/01/09 .................... BAA1 10,001
SEARS ROEBUCK ACCEPTANCE CORP
(MEDIUM TERM NOTE)
5,000,000 6.990%, 09/30/02 .................... A3 4,914
WAL-MART STORES, INC NOTE
5,500,000 8.625%, 04/01/01 .................... AA2 5,625
6,275,000 8.000%, 09/15/06 .................... AA2 6,531
8,500,000 6.875%, 08/10/09 .................... AA2 8,276
----------
40,181
----------
INSURANCE CARRIERS--0.17%
USF&G CORP (SR NOTE)
7,000,000 8.375%, 06/15/01 .................... A2 7,111
----------
MOTION PICTURES--0.30%
TIME WARNER ENTERTAINMENT DEB
6,500,000 10.150%, 05/01/12 ................... BAA2 7,615
WALT DISNEY CO NOTE
5,000,000 5.250%, 11/10/03 .................... A2 4,704
----------
12,319
----------
NONDEPOSITORY INSTITUTIONS--1.42%
AMERICAN GENERAL FINANCE (SR NOTE)
10,000,000 5.750%, 11/01/03 .................... A2 9,458
ARISTAR, INC (SR NOTE)
5,000,000 5.850%, 01/27/04 .................... A3 4,686
5,000,000 7.250%, 06/15/06 .................... A3 4,892
ASSOCIATES CORP NA (SR NOTE)
5,000,000 6.250%, 11/01/08 .................... AA3 4,612
CAPITAL ONE BANK (SR NOTE)
3,000,000 7.080%, 10/30/01 .................... BAA2 2,971
FINOVA CAPITAL CORP NOTE
4,500,000 6.125%, 03/15/04 .................... BAA1 4,260
10,000,000 6.375%, 05/15/05 .................... BAA1 9,413
HOUSEHOLD FINANCE CORP NOTE
9,000,000 7.000%, 08/01/03 .................... A2 8,891
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
22 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
--------- -------- -----------
NONDEPOSITORY INSTITUTIONS--(Continued)
XEROX CAPITAL PLC (EUROPE)
(GUARANTEE NOTE)
$10,000,000 5.875%, 05/15/04 .................... A2 $ 9,364
----------
58,547
----------
OTHER MORTGAGE BACKED SECURITIES--0.68%
BEAR STEARNS COMMERCIAL MORTGAGE
SECURITIES SERIES 1999-WF2 (CLASS A2)
7,500,000 7.080%, 06/15/09 .................... AAA 7,293
FIRST UNION COMMERCIAL MORTGAGE
TRUST SERIES 1999-C1 (CLASS A2)
12,750,000 6.070%, 10/15/08 .................... AAA 11,641
MORGAN STANLEY CAPITAL SERIES
1999-WF1 (CLASS A2)
10,000,000 6.210%, 09/15/08 .................... AAA 9,223
----------
28,157
----------
PRINTING AND PUBLISHING--0.37%
TIME WARNER, INC DEB
5,000,000 9.125%, 01/15/13 .................... BAA3 5,476
TIMES MIRROR CO NOTE
10,000,000 6.650%, 10/15/01 .................... A2 9,953
----------
15,429
----------
RAILROAD TRANSPORTATION--0.34%
NORFOLK SOUTHERN CORP (SR NOTE)
10,000,000 6.200%, 04/15/09 .................... BAA1 8,975
UNION PACIFIC RESOURCES NOTE
5,515,000 6.750%, 05/15/08 .................... BAA3 5,106
----------
14,081
----------
SECURITY AND COMMODITY BROKERS--0.46%
MERRILL LYNCH & CO NOTE
5,000,000 6.875%, 11/15/18 .................... AA3 4,547
MORGAN STANLEY DEAN WITTER, INC
10,000,000 (SR NOTE)
5.625%, 04/12/02 .................... AA3 9,682
SALOMON SMITH BARNEY HOLDINGS NOTE
5,000,000 6.375%, 10/01/04 .................... AA3 4,803
----------
19,032
----------
TRANSPORTATION BY AIR--0.31%
DELTA AIRLINES, INC DEB
4,805,890 8.950%, 01/12/12 .................... BAA1 5,071
DELTA AIRLINES, INC DEB SERIES 1992-B1
2,248,569 8.270%, 09/23/07 .................... BAA1 2,256
UNITED AIR LINES, INC DEB
4,975,000 9.750%, 08/15/21 .................... BAA3 5,437
----------
12,764
----------
TOTAL CORPORATE BONDS
(Cost $546,009) ..................... 522,017
----------
GOVERNMENT BONDS--24.35%
AGENCY SECURITIES--4.31%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
19,000,000 5.375%, 03/01/01 .................... AAA 18,771
47,000,000 5.500%, 05/15/02 .................... AAA 45,869
32,700,000 5.000%, 01/15/04 .................... AAA 30,626
6,000,000 6.250%, 07/15/04 .................... AAA 5,866
14,900,000 6.750%, 09/15/29 .................... AAA 14,171
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
1,000,000 8.250%, 12/18/00 .................... AAA 1,017
48,000,000 5.250%, 01/15/03 .................... AAA 46,170
17,200,000 6.250%, 05/15/29 .................... AAA 15,308
----------
177,798
----------
FOREIGN GOVERNMENT BONDS--0.85%
ALBERTA PROVINCE CANADA
10,000,000 4.875%, 10/29/03 .................... AA2 9,283
ONTARIO PROVINCE CANADA
5,000,000 7.625%, 06/22/04 .................... AA3 5,109
QUEBEC PROVINCE CANADA
5,500,000 7.000%, 01/30/07 .................... A2 5,380
5,000,000 7.500%, 07/15/23 .................... AAA 4,881
11,000,000 7.500%, 09/15/29 .................... A2 10,663
----------
35,316
----------
MORTGAGE BACKED SECURITIES--14.80%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
2,984,217 6.000%, 03/01/11 .................... 2,854
707,413 7.000%, 05/01/23 .................... 689
148,374 8.500%, 05/01/27 .................... 152
430,151 8.500%, 07/01/27 .................... 442
2,255,091 8.500%, 08/01/27 .................... 2,316
FEDERAL HOME LOAN MORTGAGE CORP
GOLD (FGLMC)
20,000,000 7.000%, 01/25/15 .................... 19,775
13,776,636 6.500%, 01/01/29 .................... 12,989
16,101,163 6.500%, 03/01/29 .................... 15,180
145,518,623 6.500%, 09/01/29 .................... 137,196
84,000,000 7.000%, 01/25/30 .................... 81,296
31,000,000 7.500%, 01/25/30 .................... 30,680
42,500,000 8.000%, 01/25/30 .................... 42,912
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
2,196,909 6.000%, 12/01/02 .................... 2,156
194,654 8.500%, 02/01/05 .................... 197
826,360 7.500%, 06/01/11 .................... 832
555,338 8.000%, 06/01/11 .................... 564
757,287 8.000%, 07/01/11 .................... 770
186,129 7.500%, 08/01/11 .................... 187
292,253 7.500%, 09/01/11 .................... 294
749,608 7.500%, 10/01/11 .................... 754
5,870,921 7.000%, 04/01/12 .................... 5,803
3,764,315 6.500%, 09/01/12 .................... 3,654
23,614,698 o 6.000%, 12/01/13 .................... 22,419
30,910,862 6.500%, 10/01/14 .................... 30,003
135,010 8.500%, 11/01/14 .................... 139
15,000,000 6.500%, 01/25/15 .................... 14,550
1,557,470 o 8.000%, 03/01/23 .................... 1,576
2,836,012 o 8.000%, 07/01/24 .................... 2,865
131,754 8.500%, 07/01/26 .................... 135
247,757 8.500%, 07/01/27 .................... 254
1,355,482 o 8.500%, 11/01/27 .................... 1,391
340,356 8.500%, 01/01/28 .................... 349
6,938,736 o 8.500%, 02/01/28 .................... 7,120
267,764 8.500%, 08/01/28 .................... 275
161,760 8.500%, 09/01/28 .................... 166
4,710,758 6.000%, 10/01/28 .................... 4,309
14,782,442 o 6.000%, 01/01/29 .................... 13,521
7,622,618 6.000%, 02/01/29 .................... 6,972
6,874,248 6.000%, 05/01/29 .................... 6,288
29,900,000 7.000%, 01/25/30 .................... 28,910
12,500,000 < 7.500%, 01/25/30 .................... 12,359
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA)
338,736 8.500%, 09/15/09 .................... 349
323,327 8.500%, 10/15/09 .................... 333
175,757 8.500%, 12/15/09 .................... 181
2,345,836 9.000%, 12/15/09 .................... 2,467
1,896,666 o 9.000%, 12/15/17 .................... 2,001
134,991 9.000%, 03/15/20 .................... 142
SEE NOTES TO FINANCIAL STATEMENTS
+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)
1999 CREF Annual Report o 23
<PAGE>
STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
MORTGAGE BACKED SECURITIES--(Continued)
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA)
$ 74,370 9.000%, 08/15/20 .................... $ 78
1,758,766 o 8.000%, 06/15/22 .................... 1,783
703,002 6.500%, 08/15/23 .................... 667
458,304 6.500%, 09/15/23 .................... 435
10,681,604 o 6.500%, 12/15/28 .................... 10,024
44,000,000 7.000%, 01/25/30 .................... 42,488
35,000,000 < 7.500%, 01/25/30 .................... 34,606
----------
610,847
----------
U.S. TREASURY SECURITIES--4.39%
U.S. TREASURY BONDS
19,450,000 10.375%, 11/15/12 ................... 23,644
15,000,000 12.000%, 08/15/13 ................... 20,030
18,000,000 o 8.750%, 05/15/17 .................... 21,499
77,320,000 o 8.875%, 02/15/19 .................... 94,113
10,000,000 8.125%, 08/15/19 .................... 11,395
525,000 5.250%, 02/15/29 .................... 434
U.S. TREASURY NOTE
10,000,000 5.875%, 11/30/01 .................... 9,936
----------
181,051
----------
TOTAL GOVERNMENT BONDS
(Cost $1,031,301) ................... 1,005,012
----------
TOTAL BONDS
(Cost $1,577,310) ................... 1,527,029
----------
SHARES
- -----------
COMMON STOCK--61.94%
APPAREL AND ACCESSORY STORES--0.21%
9,702 * ABERCROMBIE & FITCH CO (CLASS A) .... 259
182,430 GAP, INC ............................ 8,392
----------
8,651
----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.03%
15,800 LIZ CLAIBORNE, INC .................. 594
15,600 VF CORP ............................. 468
----------
1,062
----------
AUTO REPAIR, SERVICES AND PARKING--0.00%
3,400 RYDER SYSTEM, INC ................... 83
----------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.05%
585,150 HOME DEPOT, INC ..................... 40,119
52,300 LOWES COS, INC ...................... 3,125
----------
43,244
----------
BUSINESS SERVICES--6.84%
574,200 * AMERICA ONLINE, INC ................. 43,316
327,800 AUTOMATIC DATA PROCESSING, INC ...... 17,660
120,025 COMPUTER ASSOCIATES
INTERNATIONAL, INC ................ 8,394
95,900 ELECTRONIC DATA SYSTEMS CORP ........ 6,419
16,369 * GARTNER GROUP, INC (CLASS B) ........ 226
7,840 * IMATION CORP ........................ 263
148,000 IMS HEALTH, INC ..................... 4,024
1,110,400 * MICROSOFT CORP ...................... 129,639
82,200 * NOVELL, INC ......................... 3,283
322,293 * ORACLE CORP ......................... 36,117
426,200 * SUN MICROSYSTEMS, INC ............... 33,004
----------
282,345
----------
CHEMICALS AND ALLIED PRODUCTS--7.87%
189,200 AIR PRODUCTS & CHEMICALS, INC ....... 6,350
2,235 * ALLERGAN SPECIALTY
THERAPEUTICS, INC (CLASS A) ....... 28
64,000 ALLERGAN, INC ....................... 3,184
57,200 * ALZA CORP ........................... 1,981
326,200 * AMGEN, INC .......................... 19,592
130,400 AVON PRODUCTS, INC .................. 4,303
493,685 BRISTOL MYERS SQUIBB CO ............. 31,688
57,000 CABOT CORP .......................... 1,161
145,400 CLOROX CO ........................... 7,325
245,000 COLGATE PALMOLIVE CO ................ 15,925
905 * CRESCENDO PHARMACEUTICALS CORP ...... 17
36,200 * FOREST LABORATORIES, INC ............ 2,224
18,756 FULLER (H.B.) CO .................... 1,049
27,000 * GENZYME CORP (GENERAL DIVISION) ..... 1,215
3,588 * GENZYME CORP (TISSUE
REPAIR DIVISION) .................. 10
4,833 * GENZYME SURGICAL PRODUCTS ........... 28
54,976 * GENZYME-MOLECULAR ONCOLOGY .......... 385
89,150 HANNA (M.A.) CO ..................... 975
62,500 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ................... 2,359
23,400 * IVAX CORP ........................... 603
449,300 JOHNSON & JOHNSON CO ................ 41,841
184,700 LILLY (ELI) & CO .................... 12,283
54,500 MALLINCKRODT, INC ................... 1,734
686,800 MERCK & CO, INC ..................... 46,059
58,200 MYLAN LABORATORIES, INC ............. 1,466
9,100 NCH CORP ............................ 406
775,200 PFIZER, INC ......................... 25,146
32,255 PHARMACIA & UPJOHN, INC ............. 1,451
189,100 PPG INDUSTRIES, INC ................. 11,831
143,700 PRAXAIR, INC ........................ 7,230
454,000 PROCTER & GAMBLE CO ................. 49,741
497,300 SCHERING-PLOUGH CORP ................ 20,980
71,962 SCHULMAN (A.), INC .................. 1,174
105,000 SIGMA ALDRICH CORP ................... 3,157
----------
324,901
----------
COMMUNICATIONS--7.64%
1,700 ALLTEL CORP ......................... 141
781,298 AT & T CORP ......................... 39,651
199,848 * AT & T CORP-LIBERTY MEDIA GROUP
(CLASS A) ......................... 11,341
421,764 BELL ATLANTIC CORP .................. 25,965
538,500 BELLSOUTH CORP ...................... 25,209
6,300 COMCAST CORP (CLASS A) .............. 302
152,800 COMCAST CORP (CLASS A) SPECIAL ...... 7,726
94,890 * COX COMMUNICATIONS, INC (CLASS A) ... 4,887
736,100 LUCENT TECHNOLOGIES, INC ............ 55,069
570,513 * MCI WORLDCOM, INC ................... 30,273
161,144 * MEDIA ONE GROUP, INC ................ 12,378
953,104 SBC COMMUNICATIONS, INC ............. 46,464
191,000 SPRINT CORP (FON GROUP) ............. 12,857
56,250 * SPRINT CORP (PCS GROUP) ............. 5,766
166,444 U.S. WEST, INC ...................... 11,984
166,108 * VIACOM, INC (CLASS B) ............... 10,039
307,205 VODAFONE AIRTOUCH PLC ADR ........... 15,207
----------
315,259
----------
DEPOSITORY INSTITUTIONS--3.61%
544,448 BANK OF AMERICA CORP ................ 27,324
211,886 BANK OF NEW YORK CO, INC ............ 8,475
333,167 BANK ONE CORP ....................... 10,682
251,476 CHASE MANHATTAN CORP ................ 19,537
335,021 FIRST UNION CORP .................... 10,993
168,834 FLEETBOSTON FINANCIAL CORP .......... 5,878
37,700 KEYCORP ............................. 834
245,925 MBNA CORP ........................... 6,701
16,300 MELLON FINANCIAL CORP ............... 555
77,500 MORGAN (J.P.) & CO, INC ............. 9,813
171,953 NATIONAL CITY CORP .................. 4,073
104,600 PNC BANK CORP ....................... 4,655
12,000 * PROVIDIAN FINANCIAL CORP ............ 1,093
99,000 SUNTRUST BANKS, INC ................. 6,812
203,562 U.S. BANCORP ........................ 4,847
60,900 WACHOVIA CORP ....................... 4,141
135,516 WASHINGTON MUTUAL, INC .............. 3,523
471,440 WELLS FARGO CO ...................... 19,064
----------
149,000
----------
SEE NOTES TO FINANCIAL STATEMENTS
24 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
EATING AND DRINKING PLACES--0.51%
102,200 DARDEN RESTAURANTS, INC ............. $ 1,852
473,800 MCDONALD'S CORP ..................... 19,100
----------
20,952
----------
ELECTRIC, GAS, AND SANITARY SERVICES--2.23%
142,494 COLUMBIA ENERGY GROUP ............... 9,013
222,800 CONSOLIDATED NATURAL GAS CO ......... 14,468
347,300 EL PASO ENERGY CORP ................. 13,480
80,693 EQUITABLE RESOURCES, INC ............ 2,693
43,200 IDACORP, INC ........................ 1,158
236,657 KEYSPAN CORP ........................ 5,487
196,100 LOUISVILLE GAS & ELECTRIC
ENERGY CORP ....................... 3,419
88,133 MCN ENERGY GROUP, INC ............... 2,093
87,700 NICOR, INC .......................... 2,850
228,100 NISOURCE, INC ....................... 4,077
124,500 OGE ENERGY CORP ..................... 2,366
66,000 PEOPLES ENERGY CORP ................. 2,211
266,700 POTOMAC ELECTRIC POWER CO ........... 6,117
121,300 PUGET SOUND ENERGY, INC ............. 2,350
289,495 * SCOTTISH POWER PLC ADR .............. 8,106
176,500 TECO ENERGY, INC .................... 3,276
283,900 WILLIAMS COS, INC ................... 8,677
----------
91,841
----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--3.84%
132,800 * ADVANCED MICRO DEVICES, INC ......... 3,843
15,000 BALDOR ELECTRIC CO .................. 272
224,400 EMERSON ELECTRIC CO ................. 12,875
61,900 * GLENAYRE TECHNOLOGIES, INC .......... 700
804,200 INTEL CORP .......................... 66,196
78,896 * MICRON TECHNOLOGY, INC .............. 6,134
36,170 MOLEX, INC .......................... 2,050
68,700 * NATIONAL SEMICONDUCTOR CORP ......... 2,941
140,400 * QUALCOMM, INC ....................... 24,728
39,300 * SENSORMATIC ELECTRONICS CORP ........ 685
57,200 * SOLECTRON CORP ...................... 5,441
109,300 * TELLABS, INC ........................ 7,016
192,300 TEXAS INSTRUMENTS, INC .............. 18,629
21,300 THOMAS & BETTS CORP ................. 679
63,256 * VISHAY INTERTECHNOLOGY, INC ......... 2,000
63,400 WHIRLPOOL CORP ...................... 4,125
----------
158,314
----------
ENGINEERING AND MANAGEMENT SERVICES--0.04%
59,100 DUN & BRADSTREET CORP ................. 1,743
----------
FABRICATED METAL PRODUCTS--0.36%
133,000 CROWN CORK & SEAL CO, INC ........... 2,976
233,100 GILLETTE CO ......................... 9,601
4,410 MARK IV INDUSTRIES, INC ............. 78
81,200 MASCO CORP .......................... 2,060
----------
14,715
----------
FOOD AND KINDRED PRODUCTS--2.81%
154,300 BESTFOODS, INC ...................... 8,110
236,400 CAMPBELL SOUP CO .................... 9,146
693,400 COCA COLA CO ........................ 40,391
96,100 COCA COLA ENTERPRISES, INC .......... 1,934
212,600 GENERAL MILLS, INC .................. 7,600
214,150 HEINZ (H.J.) CO ..................... 8,526
89,200 HERSHEY FOODS CORP .................. 4,237
170,900 KELLOGG CO .......................... 5,266
5,800 MCCORMICK & CO, INC (NON-VOTE) ...... 173
418,400 PEPSICO, INC ........................ 14,749
105,600 QUAKER OATS CO ...................... 6,930
57,014 UNILEVER NV (NEW YORK SHS) .......... 3,104
21,790 * VLASIC FOODS INTERNATIONAL, INC ..... 124
72,300 WHITMAN CORP ........................ 972
56,000 WRIGLEY (WM) JR CO .................. 4,645
----------
115,907
----------
FOOD STORES--0.22%
136,058 ALBERTSONS, INC ..................... 4,388
143,000 * KROGER CO ........................... 2,699
55,100 * SAFEWAY, INC ........................ 1,959
----------
9,046
----------
FURNITURE AND FIXTURES--0.12%
165,283 NEWELL RUBBERMAID, INC .............. 4,793
----------
FURNITURE AND HOMEFURNISHINGS STORES--0.05%
39,194 TANDY CORP .......................... 1,928
----------
GENERAL BUILDING CONTRACTORS--0.02%
28,600 HILLENBRAND INDUSTRIES, INC ......... 906
----------
GENERAL MERCHANDISE STORES--2.19%
68,400 DAYTON HUDSON CORP .................. 5,023
1,000 * FEDERATED DEPARTMENT STORES, INC .... 51
148,600 * K MART CORP ......................... 1,495
50,400 MAY DEPARTMENT STORES CO ............ 1,625
60,200 PENNEY, (J.C.) CO, INC .............. 1,200
104,800 SEARS ROEBUCK & CO .................. 3,190
1,126,000 WAL-MART STORES, INC ................ 77,835
----------
90,419
----------
HEALTH SERVICES--0.25%
235,755 COLUMBIA/HCA HEALTHCARE CORP ........ 6,911
12,408 * LIFEPOINT HOSPITALS, INC ............ 147
123,300 * TENET HEALTHCARE CORP ............... 2,898
12,408 * TRIAD HOSPITALS, INC ................ 188
----------
10,144
----------
HOLDING AND OTHER INVESTMENT OFFICES--0.10%
1,000 * AMERCO .............................. 25
20,600 ROUSE CO ............................ 438
96,900 WEINGARTEN REALTY INVESTORS, INC .... 3,773
----------
4,236
----------
INDUSTRIAL MACHINERY AND EQUIPMENT--6.65%
48,300 * APPLE COMPUTER, INC ................. 4,966
114,400 * APPLIED MATERIALS, INC .............. 14,493
736,750 * CISCO SYSTEMS, INC .................. 78,924
467,510 COMPAQ COMPUTER CORP ................ 12,652
30,600 CUMMINS ENGINE CO, INC .............. 1,478
106,200 DEERE & CO .......................... 4,606
582,070 * DELL COMPUTER CORP .................. 29,686
10,462 DIEBOLD, INC ........................ 246
264,400 * EMC CORP ............................ 28,886
44,500 GRACO, INC .......................... 1,596
288,500 HEWLETT-PACKARD CO .................. 32,871
473,700 INTERNATIONAL BUSINESS MACHINES CORP 51,160
17,700 NORDSON CORP ........................ 854
137,200 PITNEY BOWES, INC ................... 6,628
70,200 * SMITH INTERNATIONAL, INC ............ 3,488
90,438 TIMKEN CO ........................... 1,848
----------
274,382
----------
INSTRUMENTS AND RELATED PRODUCTS--0.89%
30,800 BAUSCH & LOMB, INC .................. 2,108
10,000 BAXTER INTERNATIONAL, INC ........... 628
152,200 BECTON DICKINSON & CO ............... 4,071
53,500 BIOMET, INC ......................... 2,140
118,800 * BOSTON SCIENTIFIC CORP .............. 2,599
126,400 * GUIDANT CORP ........................ 5,941
368,600 MEDTRONIC, INC ...................... 13,431
9,898 * ST. JUDE MEDICAL, INC ............... 304
249,400 XEROX CORP .......................... 5,658
----------
36,880
----------
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 25
<PAGE>
STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
INSURANCE AGENTS, BROKERS AND SERVICE--0.31%
136,020 MARSH & MCLENNAN COS, INC ........... $ 13,015
----------
INSURANCE CARRIERS--3.58%
36,844 AEGON NV ARS ........................ 3,519
5,000 AETNA, INC .......................... 279
255,306 ALLSTATE CORP ....................... 6,127
152,800 AMERICAN GENERAL CORP ............... 11,594
499,896 AMERICAN INTERNATIONAL GROUP, INC ... 54,051
202 * BERKSHIRE HATHAWAY, INC (CLASS A) ... 11,332
22 * BERKSHIRE HATHAWAY, INC (CLASS B) ... 40
49,700 CHUBB CORP .......................... 2,799
69,200 CIGNA CORP .......................... 5,575
894,978 CITIGROUP, INC ...................... 49,727
10,500 * CNA FINANCIAL CORP .................. 409
56,053 CONSECO, INC ........................ 1,002
6,400 * HUMANA, INC ......................... 52
18,200 JEFFERSON-PILOT CORP ................ 1,242
1,400 SAFECO CORP ......................... 35
2,400 ST. PAUL COS, INC ................... 81
----------
147,864
----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.69%
90,150 HASBRO, INC ......................... 1,718
151,691 MATTEL, INC ......................... 1,991
253,922 MINNESOTA MINING & MANUFACTURING CO . 24,853
----------
28,562
----------
MISCELLANEOUS RETAIL--0.29%
84,176 CVS CORP ............................ 3,362
45,950 * TOYS R US, INC ...................... 658
278,000 WALGREEN CO ......................... 8,132
----------
12,152
----------
MOTION PICTURES--1.05%
591,225 DISNEY (WALT) CO .................... 17,293
357,413 TIME WARNER, INC .................... 25,890
----------
43,183
----------
NONDEPOSITORY INSTITUTIONS--2.11%
198,400 AMERICAN EXPRESS CO ................. 32,984
253,400 ASSOCIATES FIRST CAPITAL CORP ....... 6,953
393,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION 24,538
231,700 FREDDIE MAC ......................... 10,904
232,280 HOUSEHOLD INTERNATIONAL, INC ........ 8,652
74,900 SLM HOLDINGS CORP ................... 3,165
----------
87,196
----------
OIL AND GAS EXTRACTION--1.66%
220,300 ANADARKO PETROLEUM CORP ............. 7,518
232,600 APACHE CORP ......................... 8,592
93,800 * BJ SERVICES CO ...................... 3,922
182,700 BURLINGTON RESOURCES, INC ........... 6,041
146,800 HELMERICH & PAYNE, INC .............. 3,202
95,800 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS A) .................... 2,114
60,200 MITCHELL ENERGY & DEVELOPMENT
CORP (CLASS B) .................... 1,298
145,700 * NABORS INDUSTRIES, INC .............. 4,508
151,947 NOBLE AFFILIATES, INC ............... 3,257
151,166 * NOBLE DRILLING CORP ................. 4,951
155,900 * PARKER DRILLING CO .................. 497
142,600 * ROWAN COS, INC ...................... 3,093
369,200 * SANTA FE SNYDER CORP ................ 2,954
122,217 * TRANSOCEAN SEDCO FOREX, INC ......... 4,117
409,815 UNION PACIFIC RESOURCES GROUP, INC .. 5,225
59,300 VASTAR RESOURCES, INC ............... 3,499
92,875 * WEATHERFORD INTERNATIONAL ........... 3,709
----------
68,497
----------
PAPER AND ALLIED PRODUCTS--0.44%
151,900 AVERY DENNISON CORP ................. 11,070
133,200 CONSOLIDATED PAPERS, INC ............ 4,237
138,050 SONOCO PRODUCTS CO .................. 3,141
----------
18,448
----------
PETROLEUM AND COAL PRODUCTS--0.23%
151,600 MURPHY OIL CORP ..................... 8,698
40,600 WD-40 CO ............................ 898
----------
9,596
----------
PRIMARY METAL INDUSTRIES--0.25%
110,852 BIRMINGHAM STEEL CORP ............... 589
127,000 NUCOR CORP .......................... 6,961
161,150 WORTHINGTON INDUSTRIES, INC ......... 2,669
----------
10,219
----------
PRINTING AND PUBLISHING--0.78%
24,300 DELUXE CORP ......................... 667
41,000 DOW JONES & CO, INC ................. 2,788
155,400 GANNETT CO, INC ..................... 12,675
11,300 KNIGHT-RIDDER, INC .................. 672
148,200 MCGRAW HILL COS, INC ................ 9,133
42,200 NEW YORK TIMES CO (CLASS A) ......... 2,073
20,220 * R.H. DONNELLEY CORP ................. 382
57,700 TIMES MIRROR CO SERIES A ............ 3,866
----------
32,256
----------
RAILROAD TRANSPORTATION--0.21%
421,200 NORFOLK SOUTHERN CORP ............... 8,635
----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.34%
24,100 BANDAG, INC ......................... 603
127,800 ILLINOIS TOOL WORKS, INC ............ 8,634
92,700 NIKE, INC (CLASS B) ................. 4,594
----------
13,831
----------
SECURITY AND COMMODITY BROKERS--1.01%
125,600 MERRILL LYNCH & CO, INC ............. 10,488
167,848 MORGAN STANLEY, DEAN WITTER, & CO ... 23,960
190,200 SCHWAB (CHARLES) CORP ............... 7,299
----------
41,747
----------
STONE, CLAY, AND GLASS PRODUCTS--0.25%
81,600 CORNING, INC ........................ 10,521
----------
TRANSPORTATION BY AIR--0.32%
16,000 * ALASKA AIR GROUP, INC ............... 562
79,900 * AMR CORP ............................ 5,353
37,600 DELTA AIRLINES, INC ................. 1,873
65,400 * FDX CORP ............................ 2,677
149,343 SOUTHWEST AIRLINES CO ............... 2,417
5,618 * U.S. AIRWAYS GROUP, INC ............. 180
2,300 * UAL CORP ............................ 178
----------
13,240
----------
TRANSPORTATION EQUIPMENT--0.04%
49,600 FEDERAL-MOGUL CORP .................. 998
12,000 FLEETWOOD ENTERPRISES, INC .......... 248
19,300 MODINE MANUFACTURING CO ............. 483
----------
1,729
----------
TRUCKING AND WAREHOUSING--0.02%
59,400 ARNOLD INDUSTRIES, INC .............. 835
----------
WHOLESALE TRADE-DURABLE GOODS--0.24%
24,400 AVNET, INC .......................... 1,476
191,850 GENUINE PARTS CO .................... 4,760
66,200 GRAINGER (W.W.), INC ................ 3,165
50,900 IKON OFFICE SOLUTIONS, INC .......... 347
----------
9,748
----------
WHOLESALE TRADE-NONDURABLE GOODS--0.59%
61,180 BERGEN BRUNSWIG CORP (CLASS A) ...... 509
83,800 CARDINAL HEALTH, INC ................ 4,012
282,700 ENRON CORP .......................... 12,542
66,800 MCKESSON HBOC, INC .................. 1,507
144,800 SYSCO CORP .......................... 5,729
----------
24,299
----------
SEE NOTES TO FINANCIAL STATEMENTS
26 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
- ----------- -----------
TOTAL COMMON STOCK
(Cost $1,263,727) ................... $2,556,324
----------
SHORT TERM INVESTMENTS--8.08%
COMMERCIAL PAPER--7.61%
BELL ATLANTIC FINANCIAL SERVICES, INC
$14,400,000 o~ 5.800%, 01/20/00 .................... 14,355
BELLSOUTH CAPITAL FUNDING CORP
50,000,000 o~ 5.700%, 01/19/00 .................... 49,852
COCA COLA CO
4,765,000 ~ 5.780%, 01/19/00 .................... 4,751
COCA COLA ENTERPRISES, INC
30,000,000 ~ 6.330%, 01/19/00 .................... 29,911
CVS CORP
1,000,000 ~ 6.100%, 01/19/00 .................... 997
HEINZ (H.J.) CO
15,800,000 o~ 5.900%, 01/24/00 .................... 15,741
J.P. MORGAN & CO
43,000,000 6.250%, 01/18/00 .................... 42,879
MERRILL LYNCH & CO, INC
20,000,000 o 5.970%, 01/19/00 .................... 19,941
PFIZER, INC
45,540,000 o~ 5.800%, 01/19/00 .................... 45,405
SBC COMMUNICATIONS, INC
23,571,000 ^~ 5.770%, 01/18/00 .................... 23,505
WALT DISNEY CO
2,175,000 ~ 5.800%, 01/20/00 .................... 2,168
40,000,000 o~ 5.800%, 01/25/00 .................... 39,844
XEROX CAPITAL PLC (EUROPE)
25,000,000 6.200%, 01/13/00 .................... 24,950
----------
314,299
----------
U.S. GOVERNMENT AGENCY--0.47%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
19,300,000 5.100%, 01/19/00 .................... 19,249
----------
TOTAL SHORT TERM INVESTMENTS
(Cost $333,548) ..................... 333,548
----------
TOTAL PORTFOLIO
(Cost $3,174,585) ................... $4,416,901
==========
- ----------
* Non-income producing
~ Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
^ Security is exempt from registration under Rule 144(A) of the Securities
Act of 1933 and may be resold in transactions exempt from registration to
qualified institutional buyers. At December 31, 1999, the value of these
securities amounted to $33,425,065 or 0.81% of net assets.
o All or a portion of these securities have been segregated by the Custodian
to cover securities purchased on a delayed delivery basis.
< These securities were purchased on a delayed delivery basis.
- ----------
OTHER INFORMATION (Unaudited)
The composition of long-term debt holdings as a percentage of total value of
investment in debt securities, is as follows:
MOODY'S RATINGS
AAA, AA, A 37.61%
BAA 10.12%
BA 0.41%
U.S. Government obligations represent 51.86% of the long-term debt portfolio
value and are not reflected in the above ratings.
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 27
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
BONDS
CORPORATE BONDS
ELECTRIC, GAS, AND SANITARY SERVICES ........ $ 12 0.00%
TOTAL CORPORATE BONDS
(Cost $10) .................................. 12 0.00
---------- ------
TOTAL BONDS
(Cost $10) .................................. 12 0.00
---------- ------
PREFERRED STOCK
FURNITURE AND FIXTURES ...................... 3 0.00
INSTRUMENTS AND RELATED PRODUCTS ............ 0 0.00
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 446 0.01
WHOLESALE TRADE-DURABLE GOODS ............... 22 0.00
---------- ------
TOTAL PREFERRED STOCK
(Cost $454) ................................. 471 0.01
---------- ------
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS ............... 218 0.00
AGRICULTURAL SERVICES ....................... 280 0.01
AMUSEMENT AND RECREATION SERVICES ........... 5,987 0.12
APPAREL AND ACCESSORY STORES ................ 23,101 0.46
APPAREL AND OTHER TEXTILE PRODUCTS .......... 4,069 0.08
AUTO REPAIR, SERVICES AND PARKING ........... 2,217 0.04
AUTOMOTIVE DEALERS AND SERVICE STATIONS ..... 4,102 0.08
BUILDING MATERIALS AND GARDEN SUPPLIES ...... 62,741 1.26
BUSINESS SERVICES ........................... 587,425 11.79
CHEMICALS AND ALLIED PRODUCTS ............... 526,591 10.56
COAL MINING ................................. 55 0.00
COMMUNICATIONS .............................. 587,265 11.78
DEPOSITORY INSTITUTIONS ..................... 294,226 5.90
EATING AND DRINKING PLACES .................. 33,179 0.67
EDUCATIONAL SERVICES ........................ 1,453 0.03
ELECTRIC, GAS, AND SANITARY SERVICES ........ 127,351 2.56
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ..... 558,646 11.21
ENGINEERING AND MANAGEMENT SERVICES ......... 8,616 0.17
FABRICATED METAL PRODUCTS ................... 29,323 0.59
FISHING, HUNTING, AND TRAPPING .............. 18 0.00
FOOD AND KINDRED PRODUCTS ................... 141,240 2.83
FOOD STORES ................................. 22,103 0.44
FORESTRY .................................... 1,574 0.03
FURNITURE AND FIXTURES ...................... 8,741 0.18
FURNITURE AND HOMEFURNISHINGS STORES ........ 13,419 0.27
GENERAL BUILDING CONTRACTORS ................ 3,412 0.07
GENERAL MERCHANDISE STORES .................. 115,462 2.32
HEALTH SERVICES ............................. 17,416 0.35
HEAVY CONSTRUCTION, EXCEPT BUILDING ......... 2,394 0.05
HOLDING AND OTHER INVESTMENT OFFICES ........ 38,250 0.77
HOTELS AND OTHER LODGING PLACES ............. 5,432 0.11
INDUSTRIAL MACHINERY AND EQUIPMENT .......... 435,367 8.73
INSTRUMENTS AND RELATED PRODUCTS ............ 91,461 1.84
INSURANCE AGENTS, BROKERS AND SERVICE ....... 10,708 0.22
INSURANCE CARRIERS .......................... 208,619 4.19
LEATHER AND LEATHER PRODUCTS ................ 880 0.02
LEGAL SERVICES .............................. 310 0.01
LOCAL AND INTERURBAN PASSENGER TRANSIT ...... 24 0.00
LUMBER AND WOOD PRODUCTS .................... 10,226 0.21
METAL MINING ................................ 5,705 0.11
MISCELLANEOUS MANUFACTURING INDUSTRIES ...... 20,393 0.41
MISCELLANEOUS RETAIL ........................ 37,355 0.75
MOTION PICTURES ............................. 53,992 1.08
NONDEPOSITORY INSTITUTIONS .................. 86,994 1.75
NONMETALLIC MINERALS, EXCEPT FUELS .......... 2,024 0.04
OIL AND GAS EXTRACTION ...................... 35,523 0.71
PAPER AND ALLIED PRODUCTS ................... 42,160 0.85
PERSONAL SERVICES ........................... 4,128 0.08
PETROLEUM AND COAL PRODUCTS ................. 163,501 3.28
PRIMARY METAL INDUSTRIES .................... 21,915 0.44
PRINTING AND PUBLISHING ..................... 36,785 0.74
RAILROAD TRANSPORTATION ..................... 15,673 0.31
REAL ESTATE ................................. 3,199 0.06
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 14,559 0.29
SECURITY AND COMMODITY BROKERS .............. 72,496 1.45
SOCIAL SERVICES ............................. 260 0.00
SPECIAL TRADE CONTRACTORS ................... 586 0.01
STONE, CLAY, AND GLASS PRODUCTS ............. 15,938 0.32
TEXTILE MILL PRODUCTS ....................... 2,910 0.06
TOBACCO PRODUCTS ............................ 22,661 0.45
TRANSPORTATION BY AIR ....................... 18,766 0.38
TRANSPORTATION EQUIPMENT .................... 122,191 2.45
TRANSPORTATION SERVICES ..................... 3,859 0.08
TRUCKING AND WAREHOUSING .................... 3,553 0.07
WATER TRANSPORTATION ........................ 2,093 0.04
WHOLESALE TRADE-DURABLE GOODS ............... 13,137 0.26
WHOLESALE TRADE-NONDURABLE GOODS ............ 26,425 0.53
---------- ------
TOTAL COMMON STOCK
(Cost $3,148,942) ........................... 4,832,682 96.95
---------- ------
SHORT TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES ................ 134,557 2.70
---------- ------
TOTAL SHORT TERM INVESTMENTS
(Cost $134,540) ............................. 134,557 2.70
---------- ------
TOTAL PORTFOLIO
(Cost $3,283,946) ........................... 4,967,722 99.66
OTHER ASSETS & LIABILITIES, NET ............. 16,980 0.34
---------- ------
NET ASSETS ...................................... $4,984,702 100.00%
========== ======
----------
PRINCIPAL VALUE (000)
- ----------- -----------
BONDS--0.00%
CORPORATE BONDS--0.00%
ELECTRIC, GAS, AND SANITARY SERVICES--0.00%
WMX TECHNOLOGIES, INC (SUB CV NOTE)
$ 14,000 2.000%, 01/24/05 $ 12
----------
TOTAL CORPORATE BONDS
(Cost $10) 12
----------
TOTAL BONDS
(Cost $10) 12
----------
SHARES
- -----------
PREFERRED STOCK--0.01%
FURNITURE AND FIXTURES--0.00%
6,303 * OSULLIVAN INDUSTRIES HOLDINGS, INC .. 3
----------
INSTRUMENTS AND RELATED PRODUCTS--0.00%
11,200 * FRESENIUS MEDICAL CARE (CLASS D) .... 0
----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.01%
8,835 SEALED AIR CORP (CLASS A) ........... 446
----------
WHOLESALE TRADE-DURABLE GOODS--0.00%
1,122 PREMIER FARNELL PLC CV ADR .......... 22
----------
TOTAL PREFERRED STOCK
(Cost $454) ......................... 471
----------
SEE NOTES TO FINANCIAL STATEMENTS
28 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
COMMON STOCK--96.95%
AGRICULTURAL PRODUCTION-CROPS--0.00%
12,533 DELTA & PINE LAND CO ................ $ 218
----------
AGRICULTURAL SERVICES--0.01%
7,200 * CADIZ, INC .......................... 68
16,500 * VETERINARY CENTERS OF AMERICA, INC .. 212
----------
280
----------
AMUSEMENT AND RECREATION SERVICES--0.12%
2,000 * AMERICAN SKIING CO .................. 6
21,165 * AMF BOWLING, INC .................... 66
2,300 * ANCHOR GAMING CO .................... 100
17,800 * ARGOSY GAMING CORP .................. 277
8,014 * BALLY TOTAL FITNESS HOLDINGS CORP ... 214
6,700 * BOCA RESORTS, INC (CLASS A) ......... 65
12,800 * BOYD GAMING CORP .................... 74
1,800 * CHAMPIONSHIP AUTO RACING TEAMS, INC . 41
1,500 CHURCHILL DOWNS, INC ................ 34
2,500 DOVER DOWNS ENTERTAINMENT, INC ...... 47
23,000 * FAMILY GOLF CENTERS, INC ............ 32
42,508 * HARRAH'S ENTERTAINMENT, INC ......... 1,124
6,900 * HOLLYWOOD PARK, INC ................. 155
7,733 INTERNATIONAL SPEEDWAY CORP (CLASS A) 390
3,137 * LAKES GAMING, INC ................... 25
70,600 * MIRAGE RESORTS, INC ................. 1,081
9,750 * PLAYERS INTERNATIONAL, INC .......... 80
12,600 * PREMIER PARKS, INC .................. 364
14,800 * SFX ENTERTAINMENT, INC (CLASS A) .... 536
5,500 * SPEEDWAY MOTORSPORTS, INC ........... 153
6,700 * STATION CASINOS, INC ................ 150
12,800 * WESTWOOD ONE, INC ................... 973
----------
5,987
----------
APPAREL AND ACCESSORY STORES--0.46%
35,882 * ABERCROMBIE & FITCH CO (CLASS A) .... 958
8,800 * AMERICAN EAGLE OUTFITTERS, INC ...... 396
7,757 * ANN TAYLOR STORES CORP .............. 267
3,300 * BUCKLE, INC ......................... 49
6,120 BURLINGTON COAT FACTORY
WAREHOUSE CORP .................... 85
8,300 CATO CORP (CLASS A) ................. 105
36,100 * CHARMING SHOPPES, INC ............... 239
1,300 * CHICO'S FAS, INC .................... 49
7,700 * CHILDRENS PLACE RETAIL STORES ....... 127
14,800 CLAIRES STORES, INC ................. 331
600 * DAVIDS BRIDAL, INC .................. 7
8,100 * DRESS BARN, INC ..................... 135
13 x* EDISON BROTHERS STORES WTS 09/26/05 . 0
5,800 * FINISH LINE, INC (CLASS A) .......... 32
9,969 * FOOTSTAR, INC ....................... 304
3,800 * GADZOOKS, INC ....................... 37
235,591 GAP, INC ............................ 10,837
6,100 * GENESCO, INC ........................ 79
8,000 * GOODYS FAMILY CLOTHING, INC ......... 43
9,700 * GYMBOREE CORP ....................... 55
18,690 INTIMATE BRANDS, INC (CLASS A) ...... 806
57,314 LIMITED, INC ........................ 2,482
11,700 x* JUST FOR FEET, INC .................. 0
8,850 * MEN'S WEARHOUSE, INC ................ 260
37,600 NORDSTROM, INC ...................... 985
1,600 * NORTH FACE, INC ..................... 7
10,650 * PACIFIC SUNWEAR CALIFORNIA, INC ..... 339
11,396 * PAYLESS SHOESOURCE, INC ............. 536
2,900 * PETRIE STORES CORP
(LIQUIDATING TRUST) ............... 7
32,400 ROSS STORES, INC .................... 581
12,700 * STAGE STORES, INC ................... 29
12,800 * STEIN MART, INC ..................... 73
6,200 TALBOTS, INC ........................ 277
114,300 TJX COS, INC ........................ 2,336
7,859 * TOO, INC ............................ 136
2,300 * URBAN OUTFITTERS, INC ............... 67
3,700 * WET SEAL, INC (CLASS A) ............. 45
----------
23,101
----------
APPAREL AND OTHER TEXTILE PRODUCTS--0.08%
1,900 * COLUMBIA SPORTSWEAR CO .............. 41
1,000 * DONNA KARAN INTERNATIONAL, INC ...... 7
19,500 x* FRUIT OF THE LOOM LTD (CLASS A) ..... 28
2,200 * HARTMARX CORP ....................... 9
37,309 * JONES APPAREL GROUP, INC ............ 1,012
11,900 KELLWOOD CO ......................... 231
21,100 LIZ CLAIBORNE, INC .................. 794
13,500 * NAUTICA ENTERPRISES, INC ............ 153
800 OSHKOSH B'GOSH, INC (CLASS A) ....... 17
12,000 PHILLIPS VAN HEUSEN CORP ............ 100
5,745 PILLOWTEX CORP ...................... 36
19,800 * POLO RALPH LAUREN CORP .............. 338
6,600 * QUIKSILVER, INC ..................... 102
600 * TARRANT APPAREL GROUP ............... 6
31,900 VF CORP ............................. 957
19,300 WARNACO GROUP, INC (CLASS A) ........ 238
----------
4,069
----------
AUTO REPAIR, SERVICES AND PARKING--0.04%
8,200 * AVIS RENT A CAR, INC ................ 210
8,700 * BUDGET GROUP, INC ................... 79
7,050 CENTRAL PARKING CORP ................ 135
9,300 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC 223
11,000 HERTZ CORP (CLASS A) ................ 551
9,733 MIDAS, INC .......................... 213
5,460 * NATIONAL AUTO CREDIT, INC ........... 3
25,500 ROLLINS TRUCK LEASING CORP .......... 304
20,400 RYDER SYSTEM, INC ................... 499
----------
2,217
----------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.08%
142,516 * AUTONATION, INC ..................... 1,318
54,624 * AUTOZONE, INC ....................... 1,765
2,000 * COPART, INC ......................... 87
7,500 * CSK AUTO CORP ....................... 131
2,700 * DISCOUNT AUTO PARTS, INC ............ 49
1,700 * GROUP 1 AUTOMOTIVE, INC ............. 24
12,200 * INSURANCE AUTO AUCTIONS, INC ........ 192
14,600 * OREILLY AUTOMOTIVE, INC ............. 314
17,838 PEP BOYS MANNY, MOE, & JACK CO ...... 163
4,200 * UNITED AUTO GROUP, INC .............. 38
2,500 * WEST MARINE, INC .................... 21
----------
4,102
----------
BUILDING MATERIALS AND GARDEN SUPPLIES--1.26%
9,500 FASTENAL CO ......................... 427
799,350 HOME DEPOT, INC ..................... 54,805
125,216 LOWES COS, INC ...................... 7,482
1,700 * TRACTOR SUPPLY CO ................... 27
----------
62,741
----------
BUSINESS SERVICES--11.79%
2,900 * 24/7 MEDIA, INC ..................... 163
5,400 * 3DO CO .............................. 49
6,325 AARON RENTS, INC .................... 112
18,043 ABM INDUSTRIES, INC ................. 368
400 * ABOUT.COM, INC ...................... 36
16,100 * ACCLAIM ENTERTAINMENT, INC .......... 83
4,600 ACKERLEY GROUP, INC ................. 83
36,466 * ACNEILSEN CORP ...................... 898
5,900 * ACTIVISION, INC ..................... 90
11,000 * ACTUATE CORP ........................ 472
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 29
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
BUSINESS SERVICES--(Continued)
29,860 * ACXIOM CORP ......................... $ 717
1,824 * ADMINSTAFF, INC ..................... 55
44,544 ADOBE SYSTEMS, INC .................. 2,996
12,400 * ADVANTAGE LEARNING SYSTEMS, INC ..... 139
7,650 * ADVENT SOFTWARE, INC ................ 493
15,400 * ADVO, INC ........................... 366
22,040 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) ......................... 1,014
1,900 * ALLAIRE CORP ........................ 278
9,300 * ALTERNATIVE RESOURCES CORP .......... 51
2,081 * AMDOCS LTD .......................... 72
811,762 * AMERICA ONLINE, INC ................. 61,237
25,525 * AMERICAN MANAGEMENT SYSTEMS, INC .... 801
7,950 ANALYSTS INTERNATIONAL CORP ......... 99
9,100 * ANSWERTHINK CONSULTING GROUP ........ 312
6,000 * APAC CUSTOMER SERVICES, INC ......... 84
3,100 * APPLIEDTHEORY CORP .................. 86
4,100 * ARDENT SOFTWARE, INC ................ 160
2,000 * ARIS CORP ........................... 24
200 * ASHTON TECHNOLOGY GROUP, INC ........ 1
6,600 * ASPECT DEVELOPMENT, INC ............. 452
8,400 * ASPEN TECHNOLOGY, INC ............... 222
900 * AUTOBYTEL.COM, INC .................. 14
18,900 AUTODESK, INC ....................... 638
221,993 AUTOMATIC DATA PROCESSING, INC ...... 11,960
10,000 * AVANT CORP .......................... 150
10,100 * AVT CORP ............................ 475
6,800 * AWARE, INC .......................... 247
7,900 * AXENT TECHNOLOGIES, INC ............. 166
4,905 * AZTEC TECHNOLOGY PARTNERS, INC ...... 22
11,000 * BANYAN SYSTEMS, INC ................. 220
1,500 * BARRA, INC .......................... 48
55,600 * BEA SYSTEMS, INC .................... 3,889
1,700 * BEST SOFTWARE, INC .................. 50
6,300 * BEYOND.COM CORP ..................... 49
13,100 * BILLING CONCEPTS CORP ............... 85
3,900 * BINDVIEW DEVELOPMENT CORP ........... 194
11,200 * BISYS GROUP, INC .................... 731
85,407 * BMC SOFTWARE, INC ................... 6,827
2,800 * BORON, LEPORE & ASSOCIATES, INC ..... 18
2,400 * BOTTOMLINE TECHNOLOGIES, INC ........ 86
5,000 * BRIO TECHNOLOGY, INC ................ 210
21,700 * BROADVISION, INC .................... 3,690
1,800 * BROCADE COMMUNICATIONS SYSTEMS, INC . 319
4,094 * BUILDING ONE SERVICES CORP .......... 39
5,009 * BURNS INTERNATIONAL SERVICES ........ 54
7,710 * CACI INTERNATIONAL, INC (CLASS A) ... 174
86,365 * CADENCE DESIGN SYSTEMS, INC ......... 2,073
19,000 * CAMBRIDGE TECHNOLOGY PARTNERS, INC .. 499
8,900 * CARDIOTHORACIC SYSTEM, INC .......... 32
5,900 * CATALINA MARKETING CORP ............. 683
5,000 * CCC INFORMATION SERVICES GROUP, INC . 86
6,700 * CDI CORP ............................ 162
50 * CELLULAR TECHNICAL SERVICES CO ...... 0
265,264 * CENDANT CORP ........................ 7,046
20,500 * CENTURY BUSINESS SERVICES, INC ...... 173
45,420 * CERIDIAN CORP ....................... 979
8,700 * CERNER CORP ......................... 171
13,100 * CHECKFREE HOLDINGS CORP ............. 1,369
10,574 * CHOICEPOINT, INC .................... 437
15,100 * CIBER, INC .......................... 415
28,600 * CITRIX SYSTEMS, INC ................. 3,518
8,500 * CLARIFY, INC ........................ 1,071
27,200 * CMGI, INC ........................... 7,531
14,400 * CNET, INC ........................... 817
1,300 * COGNIZANT TECHNOLOGY SOLUTIONS ...... 142
39,741 COMDISCO, INC ....................... 1,480
7,508 * COMPLETE BUSINESS SOLUTIONS, INC .... 189
149,175 COMPUTER ASSOCIATES
INTERNATIONAL, INC ................ 10,433
12,250 * COMPUTER HORIZONS CORP .............. 198
8,700 * COMPUTER NETWORK TECHNOLOGY CORP .... 200
55,425 * COMPUTER SCIENCES CORP .............. 5,245
7,500 COMPUTER TASK GROUP, INC ............ 111
110,800 * COMPUWARE CORP ...................... 4,127
9,100 * CONCORD COMMUNICATIONS, INC ......... 404
3,400 * CONCUR TECHNOLOGIES, INC ............ 99
15,837 * CONVERGYS CORP ...................... 487
2,000 * CORT BUSINESS SERVICES CORP ......... 35
1,700 * COSTAR GROUP ........................ 61
5,000 * COTELLIGENT, INC .................... 27
4,100 * CRITICAL PATH, INC .................. 387
16,200 * CSG SYSTEMS INTERNATIONAL, INC ...... 646
7,400 * CYBERGUARD CORP ..................... 30
7,900 * DATA BROADCASTING CORP .............. 65
4,200 * DATA DIMENSIONS, INC ................ 11
4,300 * DATASTREAM SYSTEMS, INC ............. 106
2,000 * DBT ONLINE, INC ..................... 49
1,700 * DELTEK SYSTEMS, INC ................. 23
16,650 * DENDRITE INTERNATIONAL, INC ......... 564
5,900 * DIGITAL RIVER, INC .................. 197
4,500 * DOCUMENTUM, INC ..................... 269
12,519 * DOUBLECLICK, INC .................... 3,168
3,300 * DSP GROUP, INC ...................... 307
11,900 * DST SYSTEMS, INC .................... 908
5,800 * EARTHLINK NETWORK, INC .............. 247
9,700 * EBAY, INC ........................... 1,214
1,100 * ECHELON CORP ........................ 22
10,310 * ECLIPSYS CORP ....................... 264
1,800 * ELECTRO RENT CORP ................... 21
20,800 * ELECTRONIC ARTS, INC ................ 1,747
130,119 ELECTRONIC DATA SYSTEMS CORP ........ 8,710
17,700 * ELECTRONICS FOR IMAGING, INC ........ 1,029
15,900 * EMPLOYEE SOLUTIONS, INC ............. 11
3,000 * ENGINEERING ANIMATION, INC .......... 26
4,200 * ENTRUST TECHNOLOGIES, INC ........... 252
21,024 * EPICOR SOFTWARE CORP ................ 106
50,909 EQUIFAX, INC ........................ 1,200
6,500 * EXCALIBUR TECHNOLOGIES CORP ......... 134
2,000 * EXCHANGE APPLICATIONS, INC .......... 112
45,454 * EXCITE AT HOME ...................... 1,949
3,800 * EZENIA!, INC ........................ 30
2,750 FACTSET RESEARCH SYSTEMS, INC ....... 219
5,400 FAIR ISSAC & CO, INC ................ 286
11,200 * FILENET CORP ........................ 286
155,459 FIRST DATA CORP ..................... 7,666
41,975 * FISERV, INC ......................... 1,608
12,190 * GARTNER GROUP, INC (CLASS B) ........ 168
7,600 * GENERAL MAGIC, INC .................. 29
3,200 * GENESYS TELECOMMUNICATIONS
LABORATORIES, INC ................. 173
13,800 GERBER SCIENTIFIC, INC .............. 303
6,600 * GETTY IMAGES, INC ................... 323
18,285 * GO.COM .............................. 435
7,400 * GO 2NET, INC ........................ 644
5,800 * GREAT PLAINS SOFTWARE, INC .......... 434
100 GREY ADVERTISING, INC ............... 40
34,700 * GT INTERACTIVE SOFTWARE CORP ........ 57
14,700 * GTECH HOLDINGS CORP ................. 323
17,100 * HARBINGER CORP ...................... 544
3,500 * HEALTH MANAGEMENT SYSTEMS, INC ...... 22
10,247 * HEALTHEON/WEBMD CORP ................ 384
1,000 * HEIDRICK & STRUGGLES
INTERNATIONAL, INC ................ 42
9,500 * HNC SOFTWARE ........................ 1,005
11,490 * HYPERION SOLUTIONS CORP ............. 500
10,200 * I2 TECHNOLOGIES, INC ................ 1,989
SEE NOTES TO FINANCIAL STATEMENTS
30 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
BUSINESS SERVICES--(Continued)
3,800 * IDX SYSTEMS CORP .................... $ 119
15,200 * IKOS SYSTEMS, INC ................... 147
21,500 * IMATION CORP ........................ 722
4,850 * IMRGLOBAL CORP ...................... 61
112,956 IMS HEALTH, INC ..................... 3,071
15,780 * INACOM CORP ......................... 115
12,200 * INDUS INTERNATIONAL, INC ............ 149
6,600 * INDUSTRI-MATEMATIK INTERNATIONAL CORP 40
14,600 * INFOCURE CORP ....................... 455
2,300 * INFORMATICA CORP .................... 245
12,200 * INFORMATION RESOURCES, INC .......... 113
58,400 * INFORMIX CORP ....................... 668
6,100 * INFOSPACE.COM, INC .................. 1,305
13,900 * INFOUSA, INC ........................ 194
23,800 * INKTOMI CORP ........................ 2,112
13,200 * INPRISE CORP ........................ 146
3,000 * INSO CORP ........................... 97
11,800 * INTEGRATED SYSTEMS, INC ............. 396
3,400 * INTELLIGROUP, INC ................... 84
42,000 * INTERGRAPH CORP ..................... 197
17,800 * INTERIM SERVICES, INC ............... 441
1,900 * INTERNET CAPITAL GROUP, INC ......... 323
98,200 INTERPUBLIC GROUP OF COS, INC ....... 5,665
2,300 * INTERVU, INC ........................ 242
47,153 * INTUIT, INC ......................... 2,826
5,800 * ISS GROUP, INC ...................... 413
3,800 * IVILLAGE, INC ....................... 77
15,400 * J.D. EDWARDS & CO ................... 460
8,000 JACK HENRY & ASSOCIATES, INC ........ 430
6,500 * JDA SOFTWARE GROUP, INC ............. 106
800 * JUNO ONLINE SERVICES, INC ........... 28
19,800 * KEANE, INC .......................... 629
11,100 KELLY SERVICES, INC (CLASS A) ....... 279
5,100 * KORN FERRY INTERNATIONAL ............ 186
12,800 * LABOR READY, INC .................... 155
11,850 * LAMAR ADVERTISING CO (CLASS A) ...... 718
2,800 x* LEASING SOLUTIONS, INC .............. 0
28,014 * LEGATO SYSTEMS, INC ................. 1,928
5,900 * LHS GROUP, INC ...................... 145
27,900 * LYCOS, INC .......................... 2,220
11,400 * MACROMEDIA, INC ..................... 834
7,600 * MACROVISION CORP .................... 562
100 * MANHATTAN ASSOCIATES, INC ........... 1
23,100 MANPOWER, INC ....................... 869
5,400 * MANUGISTICS GROUP, INC .............. 174
2,300 * MAPICS, INC ......................... 29
4,400 * MARIMBA, INC ........................ 203
10,700 * MASTECH CORP ........................ 265
200 * MEDIA METRIX, INC ................... 7
11,200 * MEDQUIST, INC ....................... 289
2,300 * MEMBERWORKS, INC .................... 76
30,900 * MENTOR GRAPHICS CORP ................ 407
6,850 * MERANT PLC ADR ...................... 212
12,000 * MERCURY INTERACTIVE CORP ............ 1,295
9,600 * MESSAGEMEDIA, INC ................... 135
11,450 * METAMOR WORLDWIDE, INC .............. 333
600 * METRO INFORMATION SERVICES, INC ..... 14
3,700 * MICROMUSE, INC ...................... 629
1,348,130 * MICROSOFT CORP ...................... 157,394
13,100 * MICROSTRATEGY, INC .................. 2,751
13,859 * MIDWAY GAMES, INC ................... 332
13,600 * MINDSPRING ENTERPRISES, INC ......... 359
500 * MODEM MEDIA POPPE TYSON, INC ........ 35
33,777 * MODIS PROFESSIONAL SERVICES ......... 481
1,014 * MOMENTUM BUSINESS APPLICATIONS, INC . 8
1,300 * MPATH INTERACTIVE, INC .............. 35
2,800 * MULTEX.COM, INC ..................... 105
8,600 NATIONAL COMPUTER SYSTEMS, INC ...... 324
10,900 NATIONAL DATA CORP .................. 370
2,400 * NATIONAL EQUIPMENT SERVICES, INC .... 15
1,000 * NBC INTERNET, INC ................... 77
3,100 * NCO GROUP, INC ...................... 93
4,068 * NCR CORP ............................ 154
4,200 * NEFF CORP ........................... 27
2,300 * NEON SYSTEMS, INC ................... 90
3,600 * NET PERCEPTIONS, INC ................ 151
36,158 * NETMANAGE, INC ...................... 179
4,000 * NETOBJECTS, INC ..................... 66
2,500 * NETOPIA, INC ........................ 136
48,000 * NETWORK APPLIANCE, INC .............. 3,987
4,000 * NETWORK PERIPHERALS, INC ............ 189
5,800 * NETWORK SOLUTIONS, INC .............. 1,262
50,768 * NETWORKS ASSOCIATES, INC ............ 1,355
12,200 * NEW ERA OF NETWORKS, INC ............ 581
23,700 * NORSTAN, INC ........................ 151
21,795 * NOVA CORP (GEORGIA) ................. 688
115,800 * NOVELL, INC ......................... 4,625
3,900 * OBJECTIVE SYSTEMS INTEGRATORS, INC .. 26
5,600 * ODS NETWORKS, INC ................... 51
20,982 OLSTEN CORP ......................... 237
4,200 * OMEGA RESEARCH, INC ................. 25
62,500 OMNICOM GROUP, INC .................. 6,250
2,000 * ON ASSIGNMENT, INC .................. 60
6,600 * ONEMAIN.COM, INC .................... 99
2,600 * ONYX SOFTWARE CORP .................. 96
10,200 * OPEN MARKET, INC .................... 460
397,980 * ORACLE CORP ......................... 44,599
94,132 * PARAMETRIC TECHNOLOGY CORP .......... 2,547
76,977 PAYCHEX, INC ........................ 3,079
300 * PCORDER.COM, INC .................... 15
3,600 * PEGASUS SYSTEMS, INC ................ 217
2,600 * PEGASYSTEMS, INC .................... 29
73,622 * PEOPLESOFT, INC ..................... 1,569
6,833 * PER SE TECHNOLOGIES, INC ............ 57
9,800 * PEREGRINE SYSTEMS, INC .............. 825
14,300 * PEROT SYSTEMS CORP (CLASS A) ........ 272
18,122 * PERSONNEL GROUP OF AMERICA, INC ..... 183
8,700 * PERVASIVE SOFTWARE, INC ............. 147
10,700 * PHOENIX TECHNOLOGIES LTD ............ 169
12,200 #* PHYSICIAN COMPUTER NETWORK, INC ..... 0
14,900 PITTSTON BRINKS GROUP CO ............ 328
11,700 * POLICY MANAGEMENT SYSTEMS CORP ...... 299
700 * PORTAL SOFTWARE, INC ................ 72
3,400 * PREVIEW TRAVEL, INC ................. 177
9,900 * PRICELINE.COM, INC .................. 469
5,406 * PRIMARK CORP ........................ 150
10,100 #* PROCURENET, INC ..................... 2
9,800 * PROGRESS SOFTWARE CORP .............. 556
8,600 * PROJECT SOFTWARE & DEVELOPMENT, INC . 477
4,900 * PROTECTION ONE, INC ................. 9
2,800 * PROXICOM, INC ....................... 348
4,900 * PROXYMED, INC ....................... 48
17,968 * PSINET, INC ......................... 1,110
8,400 * QAD, INC ............................ 117
2,400 * QRS CORP ............................ 252
5,200 * QUADRAMED CORP ...................... 45
4,000 * RADIANT SYSTEMS, INC ................ 161
7,800 * RADISYS CORP ........................ 398
5,600 * RARE MEDIUM GROUP, INC .............. 191
31,992 * RATIONAL SOFTWARE CORP .............. 1,572
1,087 * RAZORFISH, INC ...................... 103
11,500 * REALNETWORKS, INC ................... 1,384
1,700 * REDBACK NETWORKS, INC ............... 302
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 31
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
BUSINESS SERVICES--(Continued)
8,400 * REMEDY CORP ......................... $ 398
600 * REMEDYTEMP, INC (CLASS A) ........... 11
5,657 * RENT WAY, INC ....................... 106
6,100 * RENT-A-CENTER, INC .................. 121
30,750 * ROBERT HALF INTERNATIONAL, INC ...... 878
7,900 ROLLINS, INC ........................ 119
10,900 * ROMAC INTERNATIONAL, INC ............ 146
11,750 * RSA SECURITY, INC ................... 911
11,700 * SABRE HOLDINGS CORP ................. 600
36,175 * SAFETY-KLEEN CORP ................... 409
9,800 * SAGA SYSTEMS, INC ................... 195
4,400 * SAGENT TECHNOLOGY, INC .............. 132
2,000 * SALESLOGIX CORP ..................... 82
6,200 * SANCHEZ COMPUTER ASSOCIATES, INC .... 255
14,100 * SANTA CRUZ OPERATION, INC ........... 428
7,600 * SAPIENT CORP ........................ 1,071
800 * SCIENT CORP ......................... 69
3,700 SEI INVESTMENT CO ................... 440
3,800 * SERENA SOFTWARE, INC ................ 118
9,200 SHARED MEDICAL SYSTEMS CORP ......... 469
45,816 * SIEBEL SYSTEMS, INC ................. 3,849
1,400 * SILKNET SOFTWARE, INC ............... 232
10,100 * SITEL CORP .......................... 71
18,900 * SNYDER COMMUNICATIONS, INC .......... 364
3,800 * SOFTNET SYSTEMS, INC ................ 95
6,600 * SOS STAFFING SERVICES, INC .......... 29
16,000 SOTHEBYS HOLDINGS, INC (CLASS A) .... 480
2,300 * SOURCE MEDIA, INC ................... 43
6,600 * SPORTSLINE.COM ...................... 331
400 * SPR, INC ............................ 2
2,500 * SPSS, INC ........................... 63
3,100 * SPYGLASS, INC ....................... 118
8,300 * SS&C TECHNOLOGIES, INC .............. 54
8,100 * STAFFMARK, INC ...................... 61
1,700 * STARMEDIA NETWORK, INC .............. 68
2,200 * STARTEK, INC ........................ 80
32,577 * STERLING COMMERCE, INC .............. 1,110
36,300 * STERLING SOFTWARE, INC .............. 1,143
12,300 * STRUCTURAL DYNAMICS RESEARCH CORP ... 157
561,660 * SUN MICROSYSTEMS, INC ............... 43,494
39,400 * SUNGARD DATA SYSTEMS, INC ........... 936
24,900 * SYBASE, INC ......................... 423
6,600 * SYKES ENTERPRISES, INC .............. 290
19,400 * SYMANTEC CORP ....................... 1,137
21,672 * SYNOPSYS, INC ....................... 1,447
7,000 * SYNTEL, INC ......................... 113
2,437 * SYSTEM SOFTWARE ASSOCIATES, INC ..... 5
11,700 * SYSTEMS & COMPUTER TECHNOLOGY CORP .. 190
48,400 x* SYSTEMSOFT CORP ..................... 4
12,200 * TCSI CORP ........................... 39
13,025 * TECHNOLOGY SOLUTIONS CO ............. 427
1,200 * TELESPECTRUM WORLDWIDE, INC ......... 9
6,400 * TELETECH HOLDINGS, INC .............. 216
1,000 * THESTREET.COM ....................... 19
5,850 * THQ, INC ............................ 136
4,800 * TICKETMASTER ONLINE-CITY SEARCH, INC 185
6,400 * TMP WORLDWIDE, INC .................. 909
9,400 TOTAL SYSTEM SERVICES, INC .......... 153
2,000 * TOWNE SERVICES, INC ................. 8
8,400 * TRACK DATA CORP ..................... 86
12,000 * TRANSACTION SYSTEM ARCHITECTURE ..... 336
13,200 TRUE NORTH COMMUNICATIONS, INC ...... 590
8,000 * TSI INTERNATIONAL SOFTWARE LTD ...... 453
5,300 * TYLER TECHNOLOGIES, INC ............. 29
2,200 * UNIGRAPHICS SOLUTIONS, INC .......... 59
8,211 * UNITED RENTALS, INC ................. 141
475 * US INTERACTIVE, INC ................. 20
4,050 * USINTERNETWORKING, INC .............. 283
26,450 * USWEB CORP .......................... 1,175
20,700 * VALASSIS COMMUNICATIONS, INC ........ 875
20,400 * VERIO, INC .......................... 942
26,800 * VERISIGN, INC ....................... 5,117
92,100 * VERITAS SOFTWARE CORP ............... 13,182
8,200 * VERITY, INC ......................... 349
10,400 * VERTICALNET, INC .................... 1,706
5,100 * VIASOFT, INC ........................ 29
7,200 * VIGNETTE CORP ....................... 1,174
8,200 * VISIO CORP .......................... 390
2,100 * VOLT INFORMATION SCIENCES, INC ...... 50
5,800 WACKENHUT CORP SERIES A ............. 87
10,800 * WAVE SYSTEMS CORP (CLASS A) ......... 129
1,800 * WEBTRENDS CORP ...................... 146
7,800 * WEST TELESERVICES CORP .............. 191
5,400 * WESTAFF, INC ........................ 45
11,400 * WIND RIVER SYSTEMS, INC ............. 418
4,800 * XTRA CORP ........................... 205
44,142 * YAHOO, INC .......................... 19,100
14,300 YOUNG & RUBICAM, INC ................ 1,012
78 * ZAP.COM CORP ........................ 0
3,000 * ZIFF-DAVIS, INC ZDNET ............... 63
----------
587,425
----------
CHEMICALS AND ALLIED PRODUCTS--10.56%
546,424 ABBOTT LABORATORIES CO .............. 19,842
700 * ABGENIX INC ......................... 93
8,000 * ADVANCED TISSUE SCIENCE CO .......... 20
81,211 AIR PRODUCTS & CHEMICALS, INC ....... 2,726
100 * ALBANY MOLECULAR RESEARCH, INC ...... 3
17,200 ALBEMARLE CORP ...................... 330
23,000 ALBERTO CULVER CO (CLASS B) ......... 594
1,600 * ALGOS PHARMACEUTICAL CORP ........... 18
6,500 * ALKERMES, INC ....................... 319
7,185 * ALLERGAN SPECIALTY
THERAPEUTICS, INC (CLASS A) ....... 91
54,814 ALLERGAN, INC ....................... 2,727
5,300 * ALLIANCE PHARMACEUTICAL CORP ........ 39
12,941 ALPHARMA, INC (CLASS A) ............. 398
31,104 * ALZA CORP ........................... 1,077
473,770 AMERICAN HOME PRODUCTS CORP ......... 18,684
372,500 * AMGEN, INC .......................... 22,373
11,400 * AMYLIN PHARMACEUTICALS, INC ......... 95
5,000 * ANDRX CORP .......................... 212
600 * APHTON CORP ......................... 9
5,250 ARCH CHEMICALS, INC ................. 110
2,100 * ARQULE, INC ......................... 22
2,700 * AVIRON, INC ......................... 43
91,196 AVON PRODUCTS, INC .................. 3,009
3,300 * AXYS PHARMACEUTICALS, INC ........... 13
3,700 * BARR LABORATORIES, INC .............. 116
14,600 * BIO-TECHNOLOGY GENERAL CORP ......... 223
54,300 * BIOGEN, INC ......................... 4,588
5,000 * BIOMATRIX, INC ...................... 96
160 * BIOVAIL CORP INTERNATIONAL .......... 15
1,462 BLOCK DRUG, INC (CLASS A) ........... 45
713,752 BRISTOL MYERS SQUIBB CO ............. 45,814
34,400 CABOT CORP .......................... 701
18,100 CALGON CARBON CORP .................. 107
9,982 CAMBREX CORP ........................ 344
1,300 * CARBIDE/GRAPHITE GROUP, INC ......... 8
77,019 * CAREMARK RX, INC .................... 390
4,700 CARTER WALLACE, INC ................. 84
3,600 * CELL GENESYS, INC ................... 46
4,000 * CELL PATHWAYS, INC .................. 37
SEE NOTES TO FINANCIAL STATEMENTS
32 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
CHEMICALS AND ALLIED PRODUCTS--(Continued)
7,000 * CEPHALON, INC ....................... $ 242
2,200 * CHATTEM, INC ........................ 42
15,700 CHEMFIRST, INC ...................... 343
2,900 * CHIREX, INC ......................... 42
35,828 * CHIRON CORP ......................... 1,518
14,600 CHURCH & DWIGHT CO, INC ............. 390
43,757 CK WITCO CORP ....................... 585
85,956 CLOROX CO ........................... 4,330
212,584 COLGATE PALMOLIVE CO ................ 13,818
9,100 * COLUMBIA LABORATORIES, INC .......... 68
6,400 * COR THERAPEUTICS, INC ............... 172
1,700 * CORIXA CORP ......................... 29
4,300 * COULTER PHARMACEUTICALS, INC ........ 98
8,455 * CRESCENDO PHARMACEUTICALS CORP ...... 155
8,700 * CYGNUS, INC ......................... 159
13,700 * CYTEC INDUSTRIES, INC ............... 317
12,800 DEXTER CORP ......................... 509
5,100 DIAGNOSTIC PRODUCTS CORP ............ 125
32,500 DIAL CORP ........................... 790
78,914 DOW CHEMICAL CO ..................... 10,545
359,190 DU PONT (E.I.) DE NEMOURS & CO ...... 23,662
14,200 * DURA PHARMACEUTICALS, INC ........... 198
3,900 * DURAMED PHARMACEUTICALS, INC ........ 28
24,400 EASTMAN CHEMICAL CO ................. 1,164
37,400 ECOLAB, INC ......................... 1,463
7,482 * ELAN CORP PLC ADR ................... 221
10,900 * ENZON, INC .......................... 473
29,400 ETHYL CORP .......................... 116
14,500 FERRO CORP .......................... 319
9,700 * FMC CORP ............................ 556
29,200 * FOREST LABORATORIES, INC ............ 1,794
4,051 FULLER (H.B.) CO .................... 227
3,100 * GELTEX PHARMACEUTICALS, INC ......... 40
3,361 GENERAL CHEMICAL GROUP, INC ......... 8
29,800 * GENZYME CORP (GENERAL DIVISION) ..... 1,341
495 * GENZYME CORP (TISSUE REPAIR DIVISION) 1
4,528 * GENZYME SURGICAL PRODUCTS ........... 26
2,193 * GENZYME-MOLECULAR ONCOLOGY .......... 15
7,500 GEON CO ............................. 244
10,900 GEORGIA GULF CORP ................... 332
15,447 * GILEAD SCIENCES, INC ................ 836
18,800 * GRACE W.R. & CO ..................... 261
18,100 GREAT LAKES CHEMICAL CORP ........... 691
15,375 HANNA (M.A.) CO ..................... 168
1,000 * HEMISPHERX BIOPHRMA, INC ............ 10
36,600 HERCULES, INC ....................... 1,020
2,600 * HESKA CORP .......................... 6
10,000 * HUMAN GENOME SCIENCES, INC .......... 1,526
26,766 ICN PHARMACEUTICALS, INC ............ 678
11,600 * ICOS CORP ........................... 339
14,000 * IDEC PHARMACEUTICALS CORP ........... 1,376
11,600 * IDEXX LABORATORIES, INC ............. 187
2,300 * IGEN INTERNATIONAL, INC ............. 68
36,524 IMC GLOBAL, INC ..................... 598
1,972 * IMC GLOBAL, INC WTS 12/22/00 ........ 0
7,400 * IMCLONE SYSTEMS, INC ................ 293
5,200 * IMMUNE RESPONSE CORP ................ 23
26,100 * IMMUNEX CORP ........................ 2,858
4,300 * INHALE THERAPEUTIC SYSTEMS .......... 183
5,700 * INTERNATIONAL SPECIALTY PRODUCTS, INC 52
7,800 * INTERNEURON PHARMACEUTICALS, INC .... 45
35,040 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ................... 1,323
800 * INVITROGEN CORP ..................... 48
9,500 * ISIS PHARMACEUTICALS, INC ........... 59
41,392 * IVAX CORP ........................... 1,066
498,427 JOHNSON & JOHNSON CO ................ 46,416
11,100 JONES PHARMACEUTICAL, INC ........... 482
4,950 * KING PHARMACEUTICALS, INC ........... 278
3,922 * KV PHARMACEUTICAL CO (CLASS B) ...... 84
30,520 LAUDER (ESTEE) CO (CLASS A) ......... 1,539
11,900 * LIGAND PHARMACEUTICALS CO(CLASS A) .. 153
332,600 LILLY (ELI) & CO .................... 22,118
6,100 LILLY INDUSTRIES, INC (CLASS A) ..... 82
11,800 * LIPOSOME CO, INC .................... 144
17,095 LUBRIZOL CORP ....................... 528
34,000 LYONDELL CHEMICAL CO ................ 434
5,300 MACDERMID, INC ...................... 218
4,000 * MACROCHEM CORP (DELAWARE) ........... 17
22,900 MALLINCKRODT, INC ................... 729
5,400 * MATRIX PHARMACEUTICALS, INC ......... 26
15,000 * MCWHORTER TECHNOLOGIES, INC ......... 240
1,400 * MEDCO RESEARCH, INC ................. 42
9,300 * MEDICIS PHARMACEUTICAL CORP
(CLASS A) ......................... 396
19,710 * MEDIMMUNE, INC ...................... 3,269
844,076 MERCK & CO, INC ..................... 56,606
23,100 MILLENNIUM CHEMICAL, INC ............ 456
12,000 * MILLENNIUM PHARMACEUTICALS, INC ..... 1,464
9,500 MINERALS TECHNOLOGIES, INC .......... 381
1,700 * MIRAVANT MEDICAL TECHNOLOGY ......... 16
7,168 MISSISSIPPI CHEMICAL CORP ........... 44
230,742 MONSANTO CO ......................... 8,220
46,350 MYLAN LABORATORIES, INC ............. 1,167
19,800 * NABI, INC ........................... 92
5,800 NATURES SUNSHINE PRODUCTS, INC ...... 46
22,670 * NBTY, INC ........................... 262
7,000 * NEUROGEN CORP ....................... 116
5,900 NL INDUSTRIES, INC .................. 89
3,600 * OCTEL CORP .......................... 37
12,300 OLIN CORP ........................... 244
6,750 OM GROUP, INC ....................... 232
9,800 OMNOVA SOLUTIONS, INC ............... 76
8,550 * ORGANOGENESIS, INC .................. 74
5,500 * PATHOGENESIS CORP ................... 118
26,000 * PERRIGO CO .......................... 208
1,398,356 PFIZER, INC ......................... 45,359
183,648 PHARMACIA & UPJOHN, INC ............. 8,264
2,600 * PHARMACYCLICS, INC .................. 107
60,100 PPG INDUSTRIES, INC ................. 3,760
56,650 PRAXAIR, INC ........................ 2,850
470,800 PROCTER & GAMBLE CO ................. 51,582
6,600 * PROTEIN DESIGN LABORATORIES,INC ..... 462
2,200 * REGENERON PHARMACEUTICALS, INC ...... 28
10,000 * REVLON, INC (CLASS A) ............... 79
13,000 * REXALL SUNDOWN, INC ................. 134
600 * ROGERS CORP ......................... 23
44,448 ROHM & HAAS CO ...................... 1,808
32,437 RPM, INC ............................ 330
2,500 * SAFESCIENCE, INC .................... 29
4,500 * SANGSTAT MEDICAL CORP ............... 134
530,660 SCHERING-PLOUGH CORP ................ 22,387
18,775 SCHULMAN (A.), INC .................. 306
10,100 * SCOTTS CO (CLASS A) ................. 407
11,600 * SEPRACOR, INC ....................... 1,151
8,550 * SEROLOGICALS CORP ................... 51
49,531 SHERWIN-WILLIAMS CO ................. 1,040
10,843 * SHIRE PHARMACEUTICALS CORP .......... 316
21,500 * SICOR, INC .......................... 167
32,480 SIGMA ALDRICH CORP .................. 976
3,300 * SUPERGEN, INC ....................... 97
4,900 * TECHNE CORP ......................... 270
10,600 * THERAGENICS CORP .................... 96
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 33
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
CHEMICALS AND ALLIED PRODUCTS--(Continued)
3,200 * THERMOLASE CORP ..................... $ 6
5,700 * TRANSKARYOTIC THERAPIES, INC ........ 219
4,800 * TRIANGLE PHARMACEUTICALS, INC ....... 62
10,600 * TWINLAB CORP ........................ 84
1,400 * U.S.A. DETERGENTS, INC .............. 4
43,200 UNION CARBIDE CORP .................. 2,884
21,300 USEC, INC ........................... 149
11,200 VALSPAR CORP ........................ 469
6,300 * VENTIV HEALTH, INC .................. 58
10,000 * VERTEX PHARMACEUTICALS, INC ......... 350
3,000 * VICAL, INC .......................... 90
2,600 * VIROPHARMA, INC ..................... 96
309,289 WARNER-LAMBERT CO ................... 25,342
35,076 * WATSON PHARMACEUTICALS, INC ......... 1,256
9,000 WELLMAN, INC ........................ 168
7,924 WEST PHARMACEUTICAL SERVICES ........ 245
13,700 * ZILA, INC ........................... 40
7,600 * ZONAGEN, INC ........................ 33
----------
526,591
----------
COAL MINING--0.00%
4,900 ARCH COAL, INC ...................... 55
----------
COMMUNICATIONS--11.78%
4,700 * ADELPHIA BUSINESS SOLUTIONS, INC .... 226
20,711 * ADELPHIA COMMUNICATIONS
CORP (CLASS A) .................... 1,359
1,400 * ADVANCED RADIO TELECOM CORP ......... 34
800 * AERIAL COMMUNICATIONS, INC .......... 49
22,700 * ALLEGIANCE TELECOM, INC ............. 2,094
118,537 ALLTEL CORP ......................... 9,802
7,900 * AMERICAN MOBILE SATELLITE CORP ...... 166
51,603 * AMFM, INC ........................... 4,038
8,987 * ARCH COMMUNICATIONS
GROUP, INC WTS 09/01/03 ........... 5
1,733 * ARCH COMMUNICATIONS GROUP, INC ...... 11
14,796 * ASCENT ENTERTAINMENT GROUP, INC ..... 188
11,200 * ASSOCIATED GROUP, INC (CLASS A) ..... 1,022
1,157,757 AT & T CORP ......................... 58,756
422,396 * AT & T CORP-LIBERTY MEDIA
GROUP (CLASS A) ................... 23,971
561,496 BELL ATLANTIC CORP .................. 34,567
680,058 BELLSOUTH CORP ...................... 31,835
200 * BHC COMMUNICATIONS, INC (CLASS A) ... 32
59,132 BROADWING, INC ...................... 2,180
38,954 * CABLEVISION SYSTEMS CORP (CLASS A) .. 2,941
9,600 * CAPROCK COMMUNICATIONS CORP ......... 311
271,743 * CBS CORP ............................ 17,375
43,425 CENTURYTEL, INC ..................... 2,057
3,100 CFW COMMUNICATIONS CO ............... 108
7,702 * CHRIS CRAFT INDUSTRIES, INC ......... 556
7,200 * CITADEL COMMUNICATIONS CORP ......... 467
95,961 * CLEAR CHANNEL COMMUNICATIONS, INC ... 8,565
4,300 * CLEAR CHANNEL COMMUNICATIONS,
INC WTS 09/18/01 .................. 69
5,600 * COM 21, INC ......................... 126
2,800 COMCAST CORP (CLASS A) .............. 134
265,556 COMCAST CORP (CLASS A) SPECIAL ...... 13,427
3,066 * COMMONWEALTH TELEPHONE ENTERPRISES .. 162
7,444 COMSAT CORP SERIES 1 ................ 148
16,100 * CONCENTRIC NETWORK CORP ............. 496
4,200 * CORECOMM LTD ........................ 249
24,400 * COVAD COMMUNICATIONS GROUP .......... 1,365
48,358 * COX COMMUNICATIONS, INC (CLASS A) ... 2,490
2,100 * COX RADIO, INC (CLASS A) ............ 209
12,200 * CROWN CASTLE INTERNATIONAL CORP ..... 392
800 CT COMMUNICATIONS, INC .............. 45
4,600 * CUMULUS MEDIA, INC .................. 233
17,100 * E.SPIRE COMMUNICATIONS, INC ......... 99
5,600 * EMMIS COMMUNICATIONS (CLASS A) ...... 698
6,900 * ENTERCOM COMMUNICATIONS CORP ........ 455
60,200 * EXODUS COMMUNICATIONS, INC .......... 5,347
2,400 * FLASHNET ............................ 15
45,700 * FOX ENTERTAINMENT GROUP, INC ........ 1,140
12,930 GAYLORD ENTERTAINMENT CO ............ 387
83 * GLOBAL CROSSING LTD ................. 4
62,400 * GLOBAL TELESYSTEMS GROUP, INC ....... 2,161
750 GRAY COMMUNICATIONS SYSTEMS, INC .... 13
352,283 GTE CORP ............................ 24,858
22,567 * HEARST-ARGYLE TELEVISION, INC ....... 601
2,900 HEARTLAND WIRELESS
COMMUNICATIONS, INC ............... 0
4,400 * HIGHWAYMASTER COMMUNICATIONS, INC ... 10
13,100 * HISPANIC BROADCASTING CORP .......... 1,208
16,049 * ICG COMMUNICATIONS, INC ............. 301
9,300 * IDT CORP ............................ 176
100,323 * INFINITY BROADCASTING CORP (CLASS A) 3,630
20,900 * INTERMEDIA COMMUNICATIONS, INC ...... 811
5,400 * INTERNATIONAL FIBERCOM, INC ......... 43
3,300 * INTRAWARE, INC ...................... 264
17,300 * ITC DELTACOM, INC ................... 478
3,900 * JONES INTERCABLE, INC (CLASS A) ..... 270
3,200 * LAUNCH MEDIA, INC ................... 61
7,000 * LCC INTERNATIONAL, INC (CLASS A) .... 140
4,050 * LEAP WIRELESS INTERNATIONAL, INC .... 318
99,400 * LEVEL 3 COMMUNICATIONS, INC ......... 8,138
9,500 * LIBERTY DIGITAL, INC (CLASS A) ...... 705
6,300 * LORAL SPACE & COMMUNICATIONS LTD .... 153
1,124,430 LUCENT TECHNOLOGIES, INC ............ 84,121
1,020,250 * MCI WORLDCOM, INC ................... 54,137
38,500 * MCLEODUSA, INC (CLASS A) ............ 2,267
209,200 * MEDIA ONE GROUP, INC ................ 16,069
39,272 * METROMEDIA FIBER NETWORK (CLASS A) .. 1,883
7,000 * MGC COMMUNICATIONS, INC ............. 355
4,400 * NETWORK EVENT THEATER, INC .......... 131
52,500 * NEXTEL COMMUNICATIONS, INC (CLASS A) 5,414
47,700 * NEXTLINK COMMUNICATIONS, INC ........ 3,962
3,400 NORTH PITTSBURGH SYSTEMS, INC ....... 50
700 * NORTHEAST OPTIC NETWORK, INC ........ 44
2,700 * NORTHPOINT COMMUNICATIONS GROUP, INC 65
35,632 * NTL, INC ............................ 4,445
10,100 * OMNIPOINT CORP ...................... 1,218
1,060 * PAC WEST TELECOMMUNICATIONS, INC .... 28
9,470 * PACIFIC GATEWAY EXCHANGE, INC ....... 162
31,900 * PAGING NETWORK, INC ................. 26
13,810 * PANAMSAT CORP ....................... 820
10,503 * PAXSON COMMUNICATIONS CORP .......... 125
4,000 * PEGASUS COMMUNICATIONS CORP ......... 391
3,900 * POWERTEL, INC ....................... 391
21,400 * PREMIERE TECHNOLOGIES, INC .......... 150
2,200 * PRICE COMMUNICATIONS CORP ........... 61
9,600 * PRIMUS TELECOMMUNICATIONS GROUP, INC 367
42,378 * QWEST COMMUNICATIONS
INTERNATIONAL , INC ............... 1,822
1,500 * RADIO ONE, INC ...................... 138
12,300 * RCN CORP ............................ 597
20,500 * RHYTHMS NETCONNECTIONS, INC ......... 636
1,233,145 SBC COMMUNICATIONS, INC ............. 60,116
14,400 * SINCLAIR BROADCASTING
GROUP, INC (CLASS A) .............. 176
6,800 * SIRIUS SATELLITE RADIO, INC ......... 303
1,000 * SMARTALK TELESERVICES, INC .......... 0
247,532 SPRINT CORP (FON GROUP) ............. 16,662
90,933 * SPRINT CORP (PCS GROUP) ............. 9,321
16,900 * STAR TELECOMMUNICATIONS, INC ........ 134
15,500 * TALK.COM, INC ....................... 275
485 * TALK.COM, INC RTS ................... 0
16,540 * TCI SATELLITE ENTERTAINMENT
(CLASS A) ......................... 265
9,718 TELEGLOBE, INC (U.S.) ............... 220
18,455 TELEPHONE & DATA SYSTEMS, INC ....... 2,325
SEE NOTES TO FINANCIAL STATEMENTS
34 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
COMMUNICATIONS--(Continued)
5,200 * TELIGENT, INC ....................... $ 321
5,500 * TIME WARNER TELECOM, INC ............ 275
24,600 * TV GUIDE, INC ....................... 1,058
5,900 * U.S. CELLULAR CORP .................. 596
4,000 * U.S. LEC CORP (CLASS A) ............. 129
187,961 U.S. WEST, INC ...................... 13,533
26,430 * U.S.A. NETWORKS, INC ................ 1,460
2,100 UNITED TELEVISION, INC .............. 289
33,400 * UNITEDGLOBALCOM, INC (CLASS A) ...... 2,359
26,700 * UNIVISION COMMUNICATIONS, INC ....... 2,728
12,920 * VIACOM, INC (CLASS A) ............... 781
166,986 * VIACOM, INC (CLASS B) ............... 10,092
4,846 * VIATEL, INC ......................... 260
20,500 VODAFONE AIRTOUCH PLC ADR ........... 1,015
31,200 * VOICESTREAM WIRELESS CORP ........... 4,440
3,600 * WAVO CORP ........................... 14
25,300 * WESTERN WIRELESS CORP (CLASS A) ..... 1,689
17,200 * WINSTAR COMMUNICATIONS, INC ......... 1,294
2,800 * WORLDGATE COMMUNICATIONS, INC ....... 133
7,500 * YOUNG BROADCASTING, INC (CLASS A) ... 383
----------
587,265
----------
DEPOSITORY INSTITUTIONS--5.90%
1,000 ALABAMA NATIONAL BANCORP ............ 19
27,900 ALLIED IRISH BANK PLC (SPONS ADR) ... 589
15,200 AMCORE FINANCIAL, INC ............... 365
161,701 AMSOUTH BANCORP ..................... 3,123
5,600 ANCHOR BANCORP WISCONSIN, INC ....... 85
1,900 ANDOVER BANCORP, INC ................ 53
1,200 AREA BANCSHARES CORP ................ 29
40,206 ASSOCIATED BANC-CORP ................ 1,377
30,945 ASTORIA FINANCIAL CORP .............. 942
6 BANCFIRST CORP ...................... 0
1,500 BANCFIRST OHIO CORP ................. 35
18,300 BANCORPSOUTH, INC ................... 299
30,800 BANCWEST CORP ....................... 601
619,698 BANK OF AMERICA CORP ................ 31,101
2,200 BANK OF GRANITE CORP ................ 47
272,620 BANK OF NEW YORK CO, INC ............ 10,905
415,802 BANK ONE CORP ....................... 13,332
3,000 * BANK PLUS CORP ...................... 9
13,900 BANK UNITED CORP (CLASS A) .......... 379
1,200 BANKATLANTIC BANCORP, INC (CLASS A) . 5
8,000 BANKATLANTIC BANCORP, INC (CLASS B) . 41
7,810 BANKNORTH GROUP, INC ................ 209
1,000 * BANKUNITED FINANCIAL CORP (CLASS A) . 8
5,500 BAY VIEW CAPITAL CORP ............... 78
114,048 BB&T CORP ........................... 3,122
4,031 * BOK FINANCIAL CORP .................. 81
1,540 BRENTON BANKS, INC .................. 16
700 BROOKLINE BANCORP, INC .............. 7
600 BSB BANCORP, INC .................... 12
1,155 BT FINANCIAL CORP ................... 25
470 * CALIFORNIA FEDERAL BANK
GOODWILL CERTIFICATE .............. 1
15,900 CAPITOL FEDERAL FINANCIAL ........... 155
4,600 CAROLINA FIRST CORP ................. 84
1,300 CATHAY BANCORP, INC ................. 53
14,400 CCB FINANCIAL CORP .................. 627
2,541 * CENTENNIAL BANCORP .................. 27
10,200 CENTURA BANKS, INC .................. 450
1,400 CENTURY SOUTH BANKS, INC ............ 31
81,578 CHARTER ONE FINANCIAL, INC .......... 1,560
302,538 CHASE MANHATTAN CORP ................ 23,503
1,875 CHEMICAL FINANCIAL CORP ............. 60
9,129 CHITTENDEN CORP ..................... 270
10,548 CITIZENS BANKING CORP (MICHIGAN) .... 236
2,777 CITY HOLDINGS CO .................... 39
14,200 CITY NATIONAL CORP .................. 468
38,900 COLONIAL BANCGROUP, INC ............. 404
1,260 * COLUMBIA BANKING SYSTEM, INC ........ 17
57,900 COMERICA, INC ....................... 2,703
9,359 COMMERCE BANCORP, INC ............... 378
21,177 COMMERCE BANCSHARES, INC ............ 717
24,200 COMMERCIAL FEDERAL CORP ............. 431
1,000 COMMONWEALTH BANCORP, INC ........... 17
1,200 COMMUNITY BANK SYSTEM, INC .......... 28
18,000 COMMUNITY FIRST BANKSHARES, INC ..... 284
1,760 COMMUNITY TRUST BANCORP, INC ........ 35
41,125 COMPASS BANCSHARES, INC ............. 918
73,043 * CONCORD EFS, INC .................... 1,881
1,200 CORUS BANKSHARES, INC ............... 29
1,200 CPB, INC ............................ 34
20,600 CULLEN FROST BANKERS, INC ........... 530
2,054 CVB FINANCIAL CORP .................. 47
46,100 DIME BANCORP, INC ................... 697
1,600 DIME COMMUNITY BANCORP, INC ......... 30
5,460 DOWNEY FINANCIAL CORP ............... 110
945 F & M BANCORP, INC (MARYLAND) ....... 19
9,167 F & M NATIONAL CORP ................. 253
7,530 F.N.B. CORP ......................... 168
1,200 FARMERS CAPITAL BANK CORP ........... 36
87,534 FIFTH THIRD BANCORP ................. 6,423
14,800 FIRST BANCORP (PUERTO RICO) ......... 307
1,600 FIRST CHARTER CORP .................. 24
2,900 FIRST CITIZENS
BANCSHARES, INC (CLASS A) ......... 202
1,200 FIRST COMMERCE BANCSHARES, INC ...... 24
21,922 FIRST COMMONWEALTH FINANCIAL CORP ... 263
1,100 FIRST FEDERAL CAPITAL CORP .......... 16
12,584 FIRST FINANCIAL BANCORP ............. 269
1,560 FIRST FINANCIAL BANKSHARES, INC ..... 48
700 FIRST FINANCIAL CORP (INDIANA) ...... 29
1,900 FIRST FINANCIAL HOLDINGS, INC ....... 30
1,000 FIRST INDIANA CORP .................. 22
1,500 FIRST MERCHANTS CORP ................ 39
12,900 FIRST MIDWEST BANCORP, INC .......... 342
1,900 * FIRST REPUBLIC BANK ................. 45
70,712 FIRST SECURITY CORP ................. 1,805
8,200 FIRST SENTINEL BANCORP, INC ......... 64
770 FIRST SOURCE CORP ................... 19
45,400 FIRST TENNESSEE NATIONAL CORP ....... 1,294
355,737 FIRST UNION CORP .................... 11,673
5,900 FIRST UNITED BANCSHARES, INC ........ 79
17,650 FIRST VIRGINIA BANKS, INC ........... 759
1,700 FIRST WASHINGTON BANCORP, INC ....... 25
360,635 FIRSTAR CORP ........................ 7,618
5,350 * FIRSTFED FINANCIAL CORP ............. 75
27,688 FIRSTMERIT CORP ..................... 637
336,300 FLEETBOSTON FINANCIAL CORP .......... 11,707
2,800 FRONTIER FINANCIAL CORP ............. 56
24,880 FULTON FINANCIAL CORP ............... 448
2,300 GBC BANCORP ......................... 44
2,400 GOLD BANC CORP, INC ................. 22
48,200 * GOLDEN STATE BANCORP, INC ........... 831
13,600 * GOLDEN STATE BANCORP, INC
WTS 12/31/00 ...................... 12
51,300 GOLDEN WEST FINANCIAL CORP .......... 1,719
1,650 GRAND PREMIER FINANCIAL, INC ........ 24
1,400 GREATER BAY BANCORP ................. 60
30,838 GREENPOINT FINANCIAL CORP ........... 734
1,400 * HAMILTON BANCORP, INC ............... 25
1,800 HANCOCK HOLDINGS CO ................. 70
735 HARLEYSVILLE NATIONAL CORP .......... 24
4,600 HARRIS FINANCIAL, INC ............... 35
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 35
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
DEPOSITORY INSTITUTIONS--(Continued)
64,846 HIBERNIA CORP (CLASS A) ............. $ 689
18,010 HUDSON UNITED BANCORP ............... 460
76,740 HUNTINGTON BANCSHARES, INC .......... 1,832
13,350 * IMPERIAL BANCORP .................... 322
25,800 INDEPENDENCE COMMUNITY BANK CORP .... 323
1,410 INDEPENDENT BANK CORP ............... 18
2,000 INTERNATIONAL BANCSHARES CORP ....... 89
3,100 INTERWEST BANCORP, INC .............. 60
2,600 IRWIN FINANCIAL CORP ................ 46
900 JEFFERSON SAVINGS BANCORP, INC ...... 10
300 JSB FINANCIAL, INC .................. 16
161,339 KEYCORP ............................. 3,570
17,350 KEYSTONE FINANCIAL, INC ............. 365
2,741 M & T BANK CORP ..................... 1,135
19,380 MAF BANCORP, INC .................... 406
34,356 MARSHALL & ILSLEY CORP .............. 2,158
250,705 MBNA CORP ........................... 6,832
185,904 MELLON FINANCIAL CORP ............... 6,332
21,705 MERCANTILE BANKSHARES CORP .......... 693
3,000 MERCHANTS NEW YORK BANCORP, INC ..... 51
735 MICHIGAN FINANCIAL CORP ............. 20
636 MID-AMERICA BANCORP ................. 18
1,100 MISSISSIPPI VALLEY BANCSHARES, INC .. 30
63,965 MORGAN (J.P.) & CO, INC ............. 8,100
4,400 NATIONAL BANCORP OF ALASKA, INC ..... 123
3,050 NATIONAL CITY BANCSHARES, INC ....... 77
229,077 NATIONAL CITY CORP .................. 5,426
33,000 NATIONAL COMMERCE BANCORP ........... 749
3,045 NATIONAL PENN BANCSHARES, INC ....... 77
2,315 NBT BANCORP, INC .................... 36
10,200 * NETBANK, INC ........................ 189
51,968 NORTH FORK BANCORP, INC ............. 909
73,720 NORTHERN TRUST CORP ................. 3,907
400 NORTHWEST BANCORP, INC .............. 3
10,200 * OCWEN FINANCIAL CORP ................ 64
34,214 OLD KENT FINANCIAL CORP ............. 1,210
16,277 OLD NATIONAL BANCORP ................ 528
1,500 OMEGA FINANCIAL CORP ................ 44
10,912 ONE VALLEY BANCORP, INC ............. 334
3,533 ORIENTAL FINANCIAL GROUP ............ 78
4,500 PACIFIC CAPITAL BANCORP ............. 138
26,700 PACIFIC CENTURY FINANCIAL CORP ...... 499
3,045 PARK NATIONAL CORP .................. 292
8,600 PEOPLES BANK OF BRIDGEPORT CO ....... 182
42,104 PEOPLES HERITAGE FINANCIAL GROUP, INC 634
2,100 PEOPLES HOLDINGS CO ................. 61
1,900 PFF BANCORP, INC .................... 37
108,739 PNC BANK CORP ....................... 4,839
45,501 POPULAR, INC ........................ 1,271
12,182 PREMIER BANCSHARES, INC ............. 166
9,989 PROVIDENT BANKSHARES CORP ........... 173
12,200 PROVIDENT FINANCIAL GROUP ........... 438
51,494 PROVIDIAN FINANCIAL CORP ............ 4,689
19,200 QUEENS COUNTY BANCORP, INC .......... 521
80,130 REGIONS FINANCIAL CORP .............. 2,013
700 RELIANCE BANCORP, INC ............... 24
3,740 REPUBLIC BANCORP, INC ............... 45
37,664 REPUBLIC NEW YORK CORP .............. 2,712
9,300 REPUBLIC SECURITY FINANCIAL CORP .... 67
5,200 RICHMOND COUNTY FINANCIAL CORP ...... 94
15,700 RIGGS NATIONAL CORP ................. 207
37,635 ROSLYN BANCORP, INC ................. 696
9,600 S & T BANCORP, INC .................. 223
8,990 * S1 CORP ............................. 702
2,000 SANDY SPRING BANCORP, INC ........... 54
1,125 SHORELINE FINANCIAL CORP ............ 21
11,500 * SILICON VALLEY BANCSHARES ........... 569
1,000 SIMMONS FIRST
NATIONAL CORP (CLASS A) ........... 25
25,056 SKY FINANCIAL GROUP, INC ............ 504
58,000 SOUTHTRUST CORP ..................... 2,193
6,600 * SOUTHWEST BANCORP OF TEXAS, INC ..... 131
67,360 SOVEREIGN BANCORP, INC .............. 502
58,800 STATE STREET CORP ................... 4,296
11,000 STATEN ISLAND BANCORP, INC .......... 198
3,465 STERLING BANCORP .................... 55
3,500 STERLING BANCSHARES, INC ............ 39
1,000 STERLING FINANCIAL CORP ............. 31
63,871 SUMMIT BANCORP ...................... 1,956
117,659 SUNTRUST BANKS, INC ................. 8,096
16,380 SUSQUEHANNA BANCSHARES, INC ......... 260
81,487 SYNOVUS FINANCIAL CORP .............. 1,620
28,900 TCF FINANCIAL CORP .................. 719
16,300 * TELEBANC FINANCIAL CORP ............. 424
2,300 TEXAS REGIONAL
BANCSHARES, INC (CLASS A) ......... 67
5,709 TRIANGLE BANCORP, INC ............... 111
2,700 TRUST CO OF NEW JERSEY .............. 62
20,470 TRUSTCO BANK CORP ................... 271
20,900 TRUSTMARK CORP ...................... 452
279,862 U.S. BANCORP ........................ 6,664
7,600 U.S. TRUST CORP ..................... 609
1,320 U.S.B. HOLDINGS CO, INC ............. 21
6,094 UMB FINANCIAL CORP .................. 230
60,043 UNION PLANTERS CORP ................. 2,368
9,550 UNIONBANCAL CORP .................... 377
14,900 UNITED BANKSHARES, INC .............. 356
1,900 UNITED COMMUNITY
FINANCIAL CORP (OHIO) ............. 19
1,749 UNITED NATIONAL BANCORP ............. 39
2,200 USBANCORP, INC ...................... 26
17,700 UST CORP ............................ 562
21,460 VALLEY NATIONAL BANCORP ............. 601
18,000 W HOLDING CO, INC ................... 187
73,906 WACHOVIA CORP ....................... 5,026
18,037 WASHINGTON FEDERAL, INC ............. 356
212,880 WASHINGTON MUTUAL, INC .............. 5,535
2,000 WASHINGTON TRUST BANCORP, INC ....... 36
14,800 WEBSTER FINANCIAL CORP .............. 349
602,818 WELLS FARGO CO ...................... 24,376
4,400 WESBANCO, INC ....................... 114
2,112 WEST COAST BANCORP (OREGON) ......... 29
13,000 WESTAMERICA BANCORP ................. 363
9,000 WHITNEY HOLDINGS CORP ............... 334
12,500 WILMINGTON TRUST CORP ............... 603
36,700 ZIONS BANCORP ....................... 2,172
----------
294,226
----------
EATING AND DRINKING PLACES--0.67%
7,000 * ADVANTICA RESTAURANT GROUP, INC ..... 12
22,900 APPLEBEES INTERNATIONAL, INC ........ 676
11,800 AVADO BRANDS, INC ................... 50
29,200 BOB EVANS FARMS, INC ................ 451
11,100 x* BOSTON CHICKEN, INC ................. 1
26,600 * BRINKER INTERNATIONAL, INC .......... 638
14,500 * BUFFETS, INC ........................ 145
19,600 CBRL GROUP, INC ..................... 190
8,550 * CEC ENTERTAINMENT, INC .............. 243
17,718 CKE RESTAURANTS, INC ................ 104
7,947 * CONSOLIDATED PRODUCTS, INC .......... 80
45,800 DARDEN RESTAURANTS, INC ............. 830
2,300 * DAVE & BUSTERS, INC ................. 19
49,023 HOST MARRIOTT CORP (NEW) ............ 404
6,600 * IHOP CORP (NEW) ..................... 110
13,600 * JACK IN THE BOX, INC ................ 281
8,700 * LANDRYS SEAFOOD RESTAURANTS, INC .... 76
10,600 * LONE STAR STEAKHOUSE & SALOON, INC .. 95
SEE NOTES TO FINANCIAL STATEMENTS
36 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
EATING AND DRINKING PLACES--(Continued)
19,700 LUBYS, INC .......................... $ 224
83,100 MARRIOTT INTERNATIONAL (CLASS A) .... 2,623
488,600 MCDONALD'S CORP ..................... 19,697
12,000 MORRISON MANAGEMENT SPECIALISTS, INC 259
22,700 * OUTBACK STEAKHOUSE, INC ............. 589
9,350 * PAPA JOHNS INTERNATIONAL, INC ....... 244
3,400 * PJ AMERICA, INC ..................... 53
7,100 x* PLANET HOLLYWOOD, INC (CLASS A) ..... 1
7,250 * RAINFOREST CAFE, INC ................ 29
20,700 RUBY TUESDAY, INC ................... 376
17,200 * RYANS FAMILY STEAK HOUSES, INC ...... 146
17,900 * SHONEYS, INC ........................ 25
10,800 SODEXHO MARRIOTT SERVICES, INC ...... 140
5,600 * SONIC CORP .......................... 160
4,500 * THE CHEESECAKE FACTORY CO ........... 158
52,190 * TRICON GLOBAL RESTAURANTS, INC ...... 2,016
30,380 * U.S. FOODSERVICE, INC ............... 509
28,600 VIAD CORP ........................... 797
35,300 WENDY'S INTERNATIONAL, INC .......... 728
----------
33,179
----------
EDUCATIONAL SERVICES--0.03%
24,187 * APOLLO GROUP, INC (CLASS A) ......... 485
1,400 * BERLITZ INTERNATIONAL, INC .......... 24
4,700 * COMPUTER LEARNING CENTERS, INC ...... 11
27,800 * DEVRY, INC .......................... 518
3,400 * EDUCATION MANAGEMENT CORP ........... 48
3,500 * ITT EDUCATIONAL SERVICES, INC ....... 54
2,800 * LEARNING TREE INTERNATIONAL, INC .... 78
1,900 STRAYER EDUCATION, INC .............. 38
15,150 * SYLVAN LEARNING SYSTEMS, INC ........ 197
----------
1,453
----------
ELECTRIC, GAS, AND SANITARY SERVICES--2.56%
48,700 * AES CORP ............................ 3,640
62,300 AGL RESOURCES, INC .................. 1,059
68,270 ALLEGHENY ENERGY, INC ............... 1,839
32,234 ALLIANT ENERGY CORP ................. 886
70,715 * ALLIED WASTE INDUSTRIES, INC ........ 623
64,313 AMEREN CORP ......................... 2,106
83,669 AMERICAN ELECTRIC POWER CO, INC ..... 2,688
32,696 AMERICAN WATER WORKS CO, INC ........ 695
4,195 AQUARION CO ......................... 155
9,035 ATMOS ENERGY CORP ................... 185
25,500 AVISTA CORP ......................... 394
4,728 BLACK HILLS CORP .................... 105
2,707 CALIFORNIA WATER SERVICE GROUP ...... 82
18,324 * CALPINE CORP ........................ 1,173
62,608 CAROLINA POWER & LIGHT CO ........... 1,906
1,000 CASCADE NATURAL GAS CORP ............ 16
5,000 * CASELLA WASTE SYSTEMS, INC (CLASS A) 94
73,856 CENTRAL & SOUTH WEST CORP ........... 1,477
8,800 CH ENERGY GROUP, INC ................ 290
52,023 CINERGY CORP ........................ 1,255
82,526 * CITIZENS UTILITIES CO (CLASS B) ..... 1,171
19,000 CLECO CORP .......................... 609
27,641 CMP GROUP, INC ...................... 762
30,400 CMS ENERGY CORP ..................... 948
58,700 COASTAL CORP ........................ 2,080
24,391 COLUMBIA ENERGY GROUP ............... 1,543
39,425 CONECTIV, INC ....................... 663
4,287 CONECTIV, INC (CLASS A) ............. 127
1,500 CONNECTICUT ENERGY CORP ............. 58
74,119 CONSOLIDATED EDISON CO OF
NEW YORK., INC .................... 2,557
28,300 CONSOLIDATED NATURAL GAS CO ......... 1,838
54,479 CONSTELLATION ENERGY GROUP .......... 1,580
1,230 CTG RESOURCES, INC .................. 43
57,688 DOMINION RESOURCES, INC ............. 2,264
50,100 DPL, INC ............................ 867
23,600 DQE, INC ............................ 817
47,693 DTE ENERGY CO ....................... 1,496
118,951 DUKE ENERGY CORP .................... 5,962
29,500 DYNEGY, INC ......................... 717
11,000 EASTERN ENTERPRISES CO .............. 632
20,300 EASTERN UTILITIES ASSOCIATION CO .... 615
115,100 EDISON INTERNATIONAL CO ............. 3,014
15,208 * EL PASO ELECTRIC CO ................. 149
68,322 EL PASO ENERGY CORP ................. 2,652
1,600 EMPIRE DISTRICT ELECTRIC CO ......... 36
6,286 ENERGEN CORP ........................ 114
32,200 ENERGY EAST CORP .................... 670
75,553 ENTERGY CORP ........................ 1,945
19,400 EQUITABLE RESOURCES, INC ............ 647
1,600 ETOWN CORP .......................... 100
78,636 FIRSTENERGY CORP .................... 1,784
35,200 FLORIDA PROGRESS CORP ............... 1,489
69,500 FPL GROUP, INC ...................... 2,975
43,221 GPU, INC ............................ 1,294
15,600 HAWAIIAN ELECTRIC INDUSTRIES, INC ... 450
20,900 IDACORP, INC ........................ 560
20,400 ILLINOVA CORP ....................... 709
10,400 INDIANA ENERGY, INC ................. 185
33,600 IPALCO ENTERPRISES, INC ............. 573
29,200 KANSAS CITY POWER & LIGHT CO ........ 644
48,204 KEYSPAN CORP ........................ 1,118
17,700 KINDER MORGAN, INC .................. 357
2,300 LACLEDE GAS CO ...................... 50
45,405 LOUISVILLE GAS & ELECTRIC ENERGY CORP 792
1,500 MADISON GAS & ELECTRIC CO ........... 30
23,100 MCN ENERGY GROUP, INC ............... 549
15,450 MDU RESOURCES GROUP, INC ............ 309
16,200 * MIDAMERICAN ENERGY HOLDINGS CO ...... 546
32,600 MINNESOTA POWER, INC ................ 552
3,800 x* MOLTEN METAL TECHNOLOGY, INC ........ 0
45,400 MONTANA POWER CO .................... 1,637
11,500 NATIONAL FUEL GAS CO ................ 535
38,785 NEW CENTURY ENERGIES, INC ........... 1,178
20,200 NEW ENGLAND ELECTRIC SYSTEMS CO ..... 1,045
7,300 NEW JERSEY RESOURCES CORP ........... 285
20,000 * NEWPARK RESOURCES, INC .............. 123
64,100 * NIAGARA MOHAWK HOLDINGS, INC ........ 893
14,200 NICOR, INC .......................... 462
33,500 NISOURCE, INC ....................... 599
51,400 NORTHEAST UTILITIES CO .............. 1,057
41,400 NORTHERN STATES POWER CO ............ 807
11,900 NORTHWEST NATURAL GAS CO ............ 261
6,000 NORTHWESTERN CORP ................... 132
31,489 NSTAR ............................... 1,275
1,100 NUI CORP ............................ 29
28,200 OGE ENERGY CORP ..................... 536
10,080 ONEOK, INC .......................... 253
500 OTTER TAIL POWER CO ................. 19
72,000 PECO ENERGY CO ...................... 2,502
10,100 PEOPLES ENERGY CORP ................. 338
118,965 PG&E CORP ........................... 2,439
7,077 PHILADELPHIA SUBURBAN CORP .......... 146
10,324 PIEDMONT NATURAL GAS CO, INC ........ 312
27,400 PINNACLE WEST CAPITAL CORP .......... 837
41,200 POTOMAC ELECTRIC POWER CO ........... 945
47,632 PP&L RESOURCES, INC ................. 1,090
31,500 PUBLIC SERVICE CO OF NEW MEXICO ..... 512
4,100 PUBLIC SERVICE CO OF NORTH CAROLINA . 132
67,223 PUBLIC SERVICE ENTERPRISE GROUP, INC 2,340
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 37
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
ELECTRIC, GAS, AND SANITARY SERVICES--(Continued)
42,840 PUGET SOUND ENERGY, INC ............. $ 830
28,600 QUESTAR CORP ........................ 429
78,549 RELIANT ENERGY, INC ................. 1,797
30,900 * REPUBLIC SERVICES, INC (CLASS A) .... 444
21,300 RGS ENERGY GROUP, INC ............... 438
28,200 SCANA CORP .......................... 758
35,936 * SCOTTISH POWER PLC ADR .............. 1,006
3,800 SEMCO ENERGY, INC ................... 45
70,829 SEMPRA ENERGY ....................... 1,231
21,229 SIERRA PACIFIC RESOURCES (NEW) ...... 368
6,300 SIG CORP, INC ....................... 143
600 SOUTH JERSEY INDUSTRIES, INC ........ 17
232,415 SOUTHERN CO ......................... 5,462
6,963 * SOUTHERN UNION CO ................... 133
8,000 SOUTHWEST GAS CORP .................. 184
24,900 SOUTHWESTERN ENERGY CO .............. 163
5,200 * STERICYCLE, INC ..................... 98
41,100 TECO ENERGY, INC .................... 763
90,882 TEXAS UTILITIES CO .................. 3,232
1,300 TNP ENTERPRISES, INC ................ 54
8,000 * U.S. LIQUIDS, INC ................... 67
7,610 UGI CORP ............................ 156
69,800 UNICOM CORP ......................... 2,338
15,240 * UNISOURCE ENERGY CORP HOLDINGS CO ... 170
11,500 UNITED ILLUMINATING CO .............. 591
8,200 UNITED WATER RESOURCES, INC ......... 280
29,738 UTILICORP UNITED, INC ............... 578
10,800 WASHINGTON GAS LIGHT CO ............. 297
5,000 * WASTE CONNECTIONS, INC .............. 72
231,091 WASTE MANAGEMENT, INC ............... 3,972
31,000 * WASTEMASTERS, INC ................... 5
3,300 WESTERN GAS RESOURCES, INC .......... 44
17,900 WESTERN RESOURCES, INC .............. 304
18,000 WICOR, INC .......................... 525
143,716 WILLIAMS COS, INC ................... 4,392
32,800 WISCONSIN ENERGY CORP ............... 631
9,500 WPS RESOURCES CORP .................. 239
1,500 YANKEE ENERGY SYSTEMS, INC .......... 66
----------
127,351
----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--11.21%
4,700 * AAVID THERMAL TECHNOLOGIES, INC ..... 115
9,400 * ACTEL CORP .......................... 226
9,200 * ACTV, INC ........................... 420
8,800 * ADAPTIVE BROADBAND CORP ............. 650
49,400 * ADC TELECOMMUNICATIONS, INC ......... 3,585
11,100 * ADTRAN, INC ......................... 571
2,700 * ADVANCED ENERGY INDUSTRIES, INC ..... 133
27,100 * ADVANCED FIBRE COMMUNICATIONS ....... 1,211
2,200 * ADVANCED LIGHTING TECHNOLOGIES, INC . 13
53,807 * ADVANCED MICRO DEVICES, INC ......... 1,557
3,900 * AEROFLEX, INC ....................... 40
8,085 * ALLEN TELECOM, INC .................. 93
10,900 * ALLIANCE SEMICONDUCTOR CORP ......... 182
4,600 * ALPHA INDUSTRIES, INC ............... 264
67,200 * ALTERA CORP ......................... 3,331
60,700 * AMERICAN POWER CONVERSION CORP ...... 1,601
3,600 * AMERICAN SUPERCONDUCTOR CORP ........ 101
46,680 * AMERICAN TOWER SYSTEMS (CLASS A) .... 1,427
4,500 * AMERICAN XTAL TECHNOLOGY, INC ....... 78
15,800 AMETEK, INC ......................... 301
30,700 * AMKOR TECHNOLOGY, INC ............... 867
15,720 * AMPEX CORP (CLASS A) ................ 85
7,900 * AMPHENOL CORP (CLASS A) ............. 526
4,200 * ANADIGICS, INC ...................... 198
62,556 * ANALOG DEVICES, INC ................. 5,818
9,500 * ANCOR COMMUNICATIONS, INC ........... 645
28,987 * ANDREW CORP ......................... 549
8,200 * ANTEC CORP .......................... 299
6,600 * APPLIED INNOVATION, INC ............. 55
5,400 * APPLIED MAGNETICS CORP .............. 2
15,800 * APPLIED MICRO CIRCUITS CORP ......... 2,011
11,500 * ARTESYN TECHNOLOGIES, INC ........... 242
2,500 * ARTISAN COMPONENTS, INC ............. 52
17,600 * ASPECT COMMUNICATIONS CORP .......... 689
74,200 * ATMEL CORP .......................... 2,194
12,500 AVX CORP ............................ 624
9,866 BALDOR ELECTRIC CO .................. 179
3,441 * BENCHMARK ELECTRONICS, INC .......... 79
8,900 BMC INDUSTRIES, INC ................. 43
17,500 * BROADCOM CORP (CLASS A) ............. 4,767
1,700 * BROOKTROUT, INC ..................... 32
17,325 * BURR BROWN CORP ..................... 626
2,572 C&D TECHNOLOGIES, INC ............... 109
2,200 * C-COR.NET CORP ...................... 169
3,000 * CARRIER ACCESS CORP ................. 202
1,500 * CATAPULT COMMUNICATIONS CORP ........ 15
8,800 * CELLNET DATA SYSTEMS, INC ........... 10
9,200 * CHECKPOINT SYSTEMS, INC ............. 94
14,800 * CIDCO, INC .......................... 80
48,900 * CIENA CORP .......................... 2,812
16,033 * COMMSCOPE, INC ...................... 646
23,010 * COMVERSE TECHNOLOGY, INC ............ 3,331
57,644 * CONEXANT SYSTEMS, INC ............... 3,826
30,373 COOPER INDUSTRIES, INC .............. 1,228
2,600 * COPPER MOUNTAIN NETWORKS, INC ....... 127
10,200 * CREE RESEARCH, INC .................. 871
11,012 CTS CORP ............................ 830
37,100 * CYPRESS SEMICONDUCTOR CORP .......... 1,201
11,500 DALLAS SEMICONDUCTOR CORP ........... 741
3,700 * DAVOX CORP .......................... 73
22,000 * DIGITAL MICROWAVE CORP .............. 516
10,280 * DII GROUP, INC ...................... 730
10,800 * E-TEK DYNAMICS, INC ................. 1,454
28,000 * ECHOSTAR COMMUNICATIONS
CORP (CLASS A) .................... 2,730
3,800 * ELECTRO SCIENTIFIC INDUSTRIES, INC .. 277
1,100 * EMCORE CORP ......................... 37
156,746 EMERSON ELECTRIC CO ................. 8,993
2,300 * ESHARE TECHNOLOGIES, INC ............ 39
8,300 * ESS TECHNOLOGY, INC ................. 184
900 * EVANS & SUTHERLAND COMPUTER CORP .... 10
1,800 * EXAR CORP ........................... 106
15,200 * EXECUTONE INFORMATION SYSTEMS, INC .. 83
4,600 EXIDE CORP .......................... 38
6,400 * GENERAL DATACOMM INDUSTRIES, INC .... 42
1,180,129 GENERAL ELECTRIC CO ................. 182,625
53,200 * GENERAL INSTRUMENT CORP ............. 4,522
11,700 * GENERAL SEMICONDUCTOR, INC .......... 166
1,100 * GENLYTE GROUP, INC .................. 24
9,900 x* GEOTEK COMMUNICATIONS, INC .......... 0
18,687 * GLENAYRE TECHNOLOGIES, INC .......... 211
5,000 * GLOBIX CORP ......................... 300
4,500 * HADCO CORP .......................... 230
8,350 HARMAN INTERNATIONAL INDUSTRIES, INC 469
4,900 HARMON INDUSTRIES, INC .............. 59
9,000 * HARMONIC LIGHTWAVES, INC ............ 854
29,200 HARRIS CORP ......................... 779
7,300 HELIX TECHNOLOGY CORP ............... 327
2,300 * HI / FN, INC ........................ 89
13,000 * HMT TECHNOLOGY CORP ................. 52
16,350 HUBBELL, INC (CLASS B) .............. 446
SEE NOTES TO FINANCIAL STATEMENTS
38 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued)
8,800 * HUTCHINSON TECHNOLOGY, INC .......... $ 187
1,100 * INET TECHNOLOGIES, INC .............. 77
2,400 INNOVEX, INC ........................ 23
30,900 * INTEGRATED DEVICE TECHNOLOGY, INC ... 896
2,300 * INTEGRATED SILICON SOLUTION, INC .... 38
1,200,536 INTEL CORP .......................... 98,819
6,800 INTER-TEL, INC ...................... 170
19,200 * INTERDIGITAL COMMUNICATIONS CORP .... 1,440
17,200 * INTERNATIONAL RECTIFIER CORP ........ 447
10,800 * INTERVOICE-BRITE, INC ............... 251
2,300 * IPC COMMUNICATIONS INC .............. 163
2,300 * ITI TECHNOLOGIES, INC ............... 69
6,500 * ITRON, INC .......................... 40
17,400 * JABIL CIRCUIT, INC .................. 1,270
79,400 * JDS UNIPHASE CORP ................... 12,808
739 * JUNO LIGHTING, INC .................. 8
16,400 * KEMET CORP .......................... 739
18,000 * KOMAG, INC .......................... 56
5,400 * KOPIN CORP .......................... 227
11,200 * L-3 COMMUNICATIONS HOLDINGS, INC .... 466
3,800 * LASERSIGHT, INC ..................... 38
16,000 * LATTICE SEMICONDUCTOR CORP .......... 754
55,700 LINEAR TECHNOLOGY CO ................ 3,986
9,800 * LITTLEFUSE, INC ..................... 238
2,400 * LO-JACK CORP ........................ 16
53,172 * LSI LOGIC CORP ...................... 3,589
13,000 * MAGNETEK, INC ....................... 100
99,200 * MAXIM INTEGRATED PRODUCTS ........... 4,681
1,100 * MAXWELL TECHNOLOGIES, INC ........... 11
31,300 MAYTAG CO ........................... 1,502
14,100 * MEMC ELECTRONIC MATERIALS, INC ...... 173
14,500 METHODE ELECTRONICS, INC (CLASS A) .. 466
2,420 * METRICOM, INC ....................... 190
9,600 * MICREL, INC ......................... 547
18,400 * MICROCHIP TECHNOLOGY, INC ........... 1,259
77,609 * MICRON TECHNOLOGY, INC .............. 6,034
11,600 * MMC NETWORKS, INC ................... 399
28,332 MOLEX, INC .......................... 1,606
1,400 * MOOG, INC (CLASS A) ................. 38
220,500 MOTOROLA, INC ....................... 32,469
7,300 * MRV COMMUNICATIONS, INC ............. 459
5,800 NATIONAL PRESTO INDUSTRIES, INC ..... 206
61,092 * NATIONAL SEMICONDUCTOR CORP ......... 2,616
16,200 NATIONAL SERVICE INDUSTRIES, INC .... 478
9,300 * NEOMAGIC CORP ....................... 102
2,714 NORTEL NETWORKS CORP (U.S.) ......... 274
5,100 * NVIDIA CORP ......................... 239
6,700 * OAK INDUSTRIES, INC ................. 711
6,800 * OAK TECHNOLOGY, INC ................. 64
49,100 * OIS OPTICAL IMAGING SYSTEMS, INC .... 0
16,300 * P-COM, INC .......................... 144
22,500 * PAIRGAIN TECHNOLOGIES, INC .......... 319
1,300 PARK ELECTROCHEMICAL CORP ........... 35
500 * PARKERVISION, INC ................... 15
8,200 * PHOTRONICS, INC ..................... 235
7,300 * PICTURETEL CORP ..................... 31
9,900 PITTWAY CORP (CLASS A) .............. 444
6,000 * PLANTRONICS, INC .................... 429
3,100 * PLEXUS CORP ......................... 136
5,300 * PLX TECHNOLOGY, INC ................. 100
21,900 * PMC-SIERRA, INC ..................... 3,511
7,600 * POLYCOM, INC ........................ 484
9,600 * POWER INTEGRATIONS, INC ............. 460
3,400 * POWER-ONE, INC ...................... 156
5,000 * POWERWAVE TECHNOLOGIES, INC ......... 292
13,200 * QLOGIC CORP ......................... 2,110
208,400 * QUALCOMM, INC ....................... 36,704
6,800 * RAMBUS, INC ......................... 459
9,600 * RAYOVAC CORP ........................ 181
17,900 * READ RITE CORP ...................... 85
6,300 * RECOTON CORP ........................ 57
11,700 * REMEC, INC .......................... 298
18,600 * RF MICRO DEVICES, INC ............... 1,273
17,900 * S3, INC ............................. 207
3,000 * SALTON, INC ......................... 100
20,790 * SANMINA CORP ........................ 2,076
7,800 * SAWTEK, INC ......................... 519
26,077 * SCI SYSTEMS, INC .................... 2,143
27,600 SCIENTIFIC-ATLANTA, INC ............. 1,535
4,200 * SCM MICROSYSTEMS, INC ............... 269
10,700 * SDL, INC ............................ 2,333
9,800 * SEMTECH CORP ........................ 511
28,200 * SENSORMATIC ELECTRONICS CORP ........ 492
1,100 * SILICONIX, INC ...................... 145
5,700 * SIPEX CORP .......................... 140
6,050 * SLI, INC ............................ 82
86,102 * SOLECTRON CORP ...................... 8,190
10,600 STEWART & STEVENSON SERVICES, INC ... 126
33,526 * SUNBEAM CORP ........................ 140
3,400 TECHNITROL, INC ..................... 151
15,500 * TEKELEC ............................. 349
122,488 * TELLABS, INC ........................ 7,862
4,700 * TERAYON COMMUNCIATION SYSTEMS, INC .. 295
286,560 TEXAS INSTRUMENTS, INC .............. 27,761
18,505 THOMAS & BETTS CORP ................. 590
2,000 THOMAS INDUSTRIES, INC .............. 41
15,800 * TITAN CORP .......................... 745
8,800 * TRANSWITCH CORP ..................... 639
4,500 * TRIQUINT SEMICONDUCTOR, INC ......... 501
3,300 * TUT SYSTEMS, INC .................... 177
15,400 * UCAR INTERNATIONAL, INC ............. 274
10,500 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC ................... 357
8,200 * VICOR CORP .......................... 332
24,071 * VISHAY INTERTECHNOLOGY, INC ......... 761
55,200 * VITESSE SEMICONDUCTOR CORP .......... 2,895
4,771 * WATER PIK TECHNOLOGIES, INC ......... 46
4,500 * WEBLINK WIRELESS, INC ............... 70
7,300 * WESTELL TECHNOLOGIES, INC (CLASS A) . 78
25,500 WHIRLPOOL CORP ...................... 1,659
9,633 * WINDMERE-DURABLE HOLDINGS, INC ...... 164
17,600 * WORLD ACCESS, INC ................... 339
4,400 * ZENITH ELECTRONICS CORP ............. 9
97,800 * XILINX, INC ......................... 4,449
4,400 * ZENITH ELECTRONICS CORP ............. 0
5,000 * ZIXIT CORP .......................... 198
5,300 * ZOLTEK COS, INC ..................... 46
5,000 * ZOMAX, INC .......................... 226
----------
558,646
----------
ENGINEERING AND MANAGEMENT SERVICES--0.17%
3,800 * AHL SERVICES, INC ................... 79
800 * CADUS PHARMACEUTICAL CORP ........... 0
16,800 * CATALYTICA, INC ..................... 228
3,500 * CELGENE CORP ........................ 245
4,725 * CIRCLE.COM .......................... 58
2,600 * CORNELL CORRECTIONS, INC ............ 22
1,400 * CORPORATE EXECUTIVE BOARD CO ........ 78
21,050 * COVANCE, INC ........................ 228
1,700 * DATA TRANSMISSION NETWORK CORP ...... 29
2,700 * DIAMOND TECHNOLOGY ..................
PARTNERS, INC (CLASS A) 232
55,948 DUN & BRADSTREET CORP ............... 1,650
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 39
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
ENGINEERING AND MANAGEMENT SERVICES--(Continued)
3,000 * ENTREMED, INC ....................... $ 77
2,200 * F.Y.I., INC ......................... 75
8,581 * FIRST CONSULTING GROUP, INC ......... 133
100 * FLYCAST COMMUNICATIONS CORP ......... 13
20,394 GARTNER GROUP, INC (CLASS A) ........ 311
3,100 * HAGLER BAILLY, INC .................. 16
7,200 * INCYTE PHARMACEUTICALS, INC ......... 432
2,200 * INSPIRE INSURANCE SOLUTIONS, INC .... 10
8,500 * IT GROUP, INC ....................... 78
6,200 * JACOBS ENGINEERING GROUP, INC ....... 202
1,200 * KENDLE INTERNATIONAL, INC ........... 12
4,400 * LASON, INC .......................... 48
6,500 * MARKETING SERVICES GROUP ............ 109
3,100 * MAXIMUS, INC ........................ 105
2,000 * META GROUP, INC ..................... 38
13,300 * NAVIGANT CONSULTING CO .............. 145
15,100 x* NEUROMEDICAL SYSTEMS, INC ........... 1
3,700 * NFO WORLDWIDE, INC .................. 83
9,800 * PAREXEL INTERNATIONAL CORP .......... 116
6,000 * PHARMACEUTICAL PRODUCT DEVELOPMENT .. 71
2,900 * PROBUSINESS SERVICES, INC ........... 104
8,850 * PROFIT RECOVERY GROUP INTERNATIONAL . 235
41,912 * QUINTILES TRANSNATIONAL CORP ........ 783
10,600 * RENAISSANCE WORLDWIDE, INC .......... 78
100,650 SERVICEMASTER CO .................... 1,239
6,500 * STAFF LEASING, INC .................. 62
1,900 * SUPERIOR CONSULTANT HOLDINGS CORP ... 27
1,200 TEJON RANCH CO ...................... 29
13,631 * TELEDYNE TECHNOLOGIES, INC .......... 129
10,312 * TETRA TECH, INC ..................... 159
2,500 * URS CORP ............................ 54
3,000 * WACKENHUT CORRECTIONS CORP .......... 35
11,800 * WHITTMAN HART, INC .................. 633
3,000 * XCEED, INC .......................... 125
----------
8,616
----------
FABRICATED METAL PRODUCTS--0.59%
5,700 * ALLIANT TECHSYSTEMS, INC ............ 355
1,676 * ALLTRISTA CORP ...................... 37
2,219 AMCAST INDUSTRIAL CORP .............. 36
12,417 BALL CORP ........................... 489
5,852 BARNES GROUP, INC ................... 95
1,200 BUTLER MANUFACTURING CO ............. 27
7,400 * COLEMAN CO, INC ..................... 69
19,925 CRANE CO ............................ 396
38,153 CROWN CORK & SEAL CO, INC ........... 854
391,622 GILLETTE CO ......................... 16,130
5,500 * GRIFFON CORP ........................ 43
1,400 * GULF ISLAND FABRICATION, INC ........ 13
12,600 HARSCO CORP ......................... 400
19,413 MARK IV INDUSTRIES, INC ............. 343
117,222 MASCO CORP .......................... 2,975
1,500 * MATERIAL SCIENCES CORP .............. 15
15,300 * METALS U.S.A., INC .................. 130
4,000 * NCI BUILDING SYSTEMS, INC ........... 74
2,600 * NORTEK, INC ......................... 73
36,675 PARKER-HANNIFIN CORP ................ 1,882
7,100 PRIMEX TECHNOLOGIES, INC ............ 147
51,644 ROCKWELL INTERNATIONAL CORP ......... 2,472
40,700 * ROHN INDUSTRIES, INC ................ 117
5,500 * SILGAN HOLDINGS, INC ................ 74
600 * SIMPSON MANUFACTURING CO, INC ....... 26
19,350 SNAP-ON, INC ........................ 514
4,800 * SPS TECHNOLOGIES, INC ............... 153
23,600 STANLEY WORKS CO .................... 711
16,900 STRUM, RUGER & CO, INC .............. 150
21,500 * TOWER AUTOMOTIVE, INC ............... 332
6,700 VALMONT INDUSTRIES .................. 108
5,600 WATTS INDUSTRIES, INC (CLASS A) ..... 83
----------
29,323
----------
FISHING, HUNTING, AND TRAPPING--0.00%
3,900 * ZAPATA CORP ......................... 18
----------
FOOD AND KINDRED PRODUCTS--2.83%
14,900 * AGRIBIOTECH, INC .................... 35
9,660 * AGRIBRANDS INTERNATIONAL, INC ....... 444
8,600 * AMERICAN ITALIAN PASTA CO (CLASS A) . 264
167,966 ANHEUSER-BUSCH COS, INC ............. 11,905
239,860 ARCHER DANIELS MIDLAND CO ........... 2,923
2,200 * AURORA FOODS, INC ................... 20
5,200 * BERINGER WINE ESTATES
HOLDINGS, INC (CLASS B) ........... 207
98,945 BESTFOODS, INC ...................... 5,201
7,305 * BOSTON BEER CO, INC (CLASS A) ....... 53
15,250 BROWN FORMAN, INC (CLASS B) ......... 873
4,000 * BUSH BOAKE ALLEN, INC ............... 98
118,351 CAMPBELL SOUP CO .................... 4,579
4,600 * CANANDAIGUA BRANDS, INC (CLASS A) ... 235
14,200 CHIQUITA BRANDS INTERNATIONAL, INC .. 67
1,100 COCA COLA BOTTLING CO CONSOLIDATED .. 52
818,294 COCA COLA CO ........................ 47,666
84,700 COCA COLA ENTERPRISES, INC .......... 1,705
172,273 CONAGRA, INC ........................ 3,887
10,000 COORS (ADOLPH) CO (CLASS B) ......... 525
12,675 CORN PRODUCTS INTERNATIONAL, INC .... 415
12,400 DEAN FOODS CO ....................... 493
16,500 * DEL MONTE FOODS CO .................. 203
17,200 DOLE FOOD, INC ...................... 280
9,500 DREYERS GRAND ICE CREAM, INC ........ 162
15,860 EARTHGRAINS CO ...................... 256
100 FARMER BROTHERS CO .................. 16
31,650 FLOWERS INDUSTRIES, INC ............. 504
55,100 FORTUNE BRANDS, INC ................. 1,822
113,722 GENERAL MILLS, INC .................. 4,066
3,300 * HAIN FOOD GROUP, INC ................ 74
128,709 HEINZ (H.J.) CO ..................... 5,124
34,337 HERSHEY FOODS CORP .................. 1,631
11,800 HORMEL FOODS CORP ................... 479
25,300 IBP, INC ............................ 455
9,800 * INTERNATIONAL HOME FOODS, INC ....... 170
12,100 INTERSTATE BAKERIES CORP ............ 219
5,900 * KEEBLER FOODS CO .................... 166
75,200 KELLOGG CO. ......................... 2,317
12,250 LANCASTER COLONY CORP ............... 406
15,600 LANCE, INC .......................... 156
22,000 MCCORMICK & CO, INC (NON-VOTE) ...... 655
7,200 MICHAEL FOODS, INC .................. 177
106,383 NABISCO GROUP HOLDINGS .............. 1,130
17,500 NABISCO HOLDINGS CORP (CLASS A) ..... 553
34,500 PEPSI BOTTLING GROUP, INC ........... 571
525,805 PEPSICO, INC ........................ 18,535
950 PILGRIMS PRIDE CORP (CLASS A) ....... 6
1,900 PILGRIMS PRIDE CORP (CLASS B) ....... 16
43,700 QUAKER OATS CO ...................... 2,868
10,500 * RALCORP HOLDINGS, INC ............... 209
118,400 RALSTON PURINA CO ................... 3,300
1,200 RIVIANA FOODS, INC .................. 21
2,600 * ROBERT MONDAVI CORP (CLASS A) ....... 90
329,000 SARA LEE CORP ....................... 7,259
15,000 * SMITHFIELD FOODS, INC ............... 360
6,800 SMUCKER, (J.M.) CO (CLASS A) ........ 133
13,700 * SUIZA FOODS CORP .................... 543
100 TCBY ENTERPRISES, INC ............... 0
9,287 TOOTSIE ROLL INDUSTRIES, INC ........ 306
1,700 * TRIARC COS, INC ..................... 31
SEE NOTES TO FINANCIAL STATEMENTS
40 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
FOOD AND KINDRED PRODUCTS--(Continued)
41,900 TYSON FOODS, INC .................... $ 681
21,400 UNIVERSAL FOODS CORP ................ 436
10,200 * VLASIC FOODS INTERNATIONAL, INC ..... 58
45,400 WHITMAN CORP ........................ 610
7,553 * WLR FOODS, INC ...................... 43
30,100 WRIGLEY (WM) JR CO .................. 2,496
----------
141,240
----------
FOOD STORES--0.44%
59,700 * 7-ELEVEN, INC ....................... 106
154,380 ALBERTSONS, INC ..................... 4,979
37,133 DELHAIZE AMERICA, INC (CLASS B) ..... 775
1,000 * GRAND UNION CO ...................... 10
8,000 GREAT ATLANTIC & PACIFIC TEA CO, INC 223
13,900 HANNAFORD BROTHERS, INC ............. 963
1,500 INGLES MARKETS, INC (CLASS A) ....... 17
301,854 * KROGER CO ........................... 5,697
15,100 RUDDICK CORP ........................ 234
171,022 * SAFEWAY, INC ........................ 6,082
63,200 * STARBUCKS CORP ...................... 1,533
3,400 WEIS MARKETS, INC ................... 148
9,000 * WHOLE FOODS MARKET, INC ............. 417
4,350 * WILD OATS MARKETS, INC .............. 97
34,336 WINN DIXIE STORES, INC .............. 822
----------
22,103
----------
FORESTRY--0.03%
38,600 GEORGIA-PACIFIC CORP (TIMBER GROUP) . 951
12,900 RAYONIER, INC ....................... 623
----------
1,574
----------
FURNITURE AND FIXTURES--0.18%
7,100 BASSETT FURNITURE INDUSTRIES, INC ... 114
3,561 BUSH INDUSTRIES, INC (CLASS A) ...... 61
18,000 ETHAN ALLEN INTERIORS, INC .......... 577
17,900 * FURNITURE BRANDS INTERNATIONAL, INC . 394
22,300 HON INDUSTRIES, INC ................. 489
11,900 KIMBALL INTERNATIONAL, INC (CLASS B) 196
22,600 LA-Z-BOY, INC ....................... 380
22,652 * LEAR CORP ........................... 725
67,320 LEGGETT & PLATT, INC ................ 1,443
32,300 MILLER (HERMAN), INC ................ 743
104,451 NEWELL RUBBERMAID, INC .............. 3,029
2,600 * SELECT COMFORT CORP ................. 11
15,800 STEELCASE, INC ...................... 190
27,800 U.S. INDUSTRIES, INC ................ 389
----------
8,741
----------
FURNITURE AND HOMEFURNISHINGS STORES--0.27%
40,900 * BED BATH & BEYOND, INC .............. 1,421
59,900 * BEST BUY, INC ....................... 3,006
13,500 * BOMBAY, INC ......................... 61
6,073 * CDNOW, INC .......................... 60
73,130 CIRCUIT CITY STORES-CIRCUIT
CITY GROUP ........................ 3,295
31,500 * COMPUSA, INC ........................ 161
5,100 * CYBERIAN OUTPOST, INC ............... 51
8,200 * GUITAR CENTER, INC .................. 83
4,000 HAVERTY FURNITURE COS, INC .......... 51
21,100 HEILIG MEYERS CO .................... 58
2,500 * INTERTAN, INC ....................... 65
18,200 * LINENS 'N THINGS, INC ............... 539
3,892 * MAXIM GROUP, INC .................... 21
11,278 * MUSICLAND STORES CORP ............... 95
38,155 PIER 1 IMPORTS, INC ................. 243
4,500 * RESTORATION HARDWARE, INC ........... 31
68,900 TANDY CORP .......................... 3,389
11,800 * TRANS WORLD ENTERTAINMENT CORP ...... 124
200 * TWEETER HOME ENTERTAINMENT GROUP, INC 7
14,300 * WILLIAMS-SONOMA, INC ................ 658
----------
13,419
----------
GENERAL BUILDING CONTRACTORS--0.07%
1,786 * BLOUNT INTERNATIONAL, INC ........... 28
20,978 CENTEX CORP ......................... 518
3,000 * CROSSMANN COMMUNITIES, INC .......... 47
15,837 HILLENBRAND INDUSTRIES, INC ......... 502
19,700 HORTON (D.R.), INC .................. 272
18,600 KAUFMAN & BROAD HOME CORP ........... 450
17,950 LENNAR CORP ......................... 292
2,900 MDC HOLDINGS, INC ................... 45
2,300 * NVR, INC ............................ 110
13,600 PULTE CORP .......................... 306
2,300 RYLAND GROUP, INC ................... 53
7,715 STANDARD-PACIFIC CORP ............... 85
15,800 * TOLL BROTHERS, INC .................. 294
5,413 * U.S. HOME CORP ...................... 138
12,900 WALTER INDUSTRIES, INC .............. 139
5,333 * WEBB (DEL) CORP ..................... 133
----------
3,412
----------
GENERAL MERCHANDISE STORES--2.32%
5,000 * 99 CENTS ONLY STORES ................ 191
9,800 * AME DEPARTMENT STORES, INC .......... 282
31,100 * BJ'S WHOLESALE CLUB, INC ............ 1,135
1,300 x* CALDOR CORP ......................... 0
24,000 CASEYS GENERAL STORES, INC .......... 251
39,703 * CONSOLIDATED STORES CORP ............ 645
5,000 * COST PLUS, INC ...................... 178
80,500 * COSTCO WHOLESALE CORP ............... 7,346
160,400 DAYTON HUDSON CORP .................. 11,779
36,700 DILLARDS, INC (CLASS A) ............. 741
57,632 DOLLAR GENERAL CORP ................. 1,311
23,225 * DOLLAR TREE STORES, INC ............. 1,125
9,100 * ELDER BEERMAN STORES CORP ........... 47
3,000 * FACTORY 2-U STORES, INC ............. 85
50,300 FAMILY DOLLAR STORES, INC ........... 821
76,513 * FEDERATED DEPARTMENT STORES, INC .... 3,869
2,000 FREDS, INC .......................... 32
23,900 HARCOURT GENERAL, INC ............... 962
11,700 * HOMEBASE, INC ....................... 36
176,598 * K MART CORP ......................... 1,777
53,200 * KOHLS CORP .......................... 3,840
119,700 MAY DEPARTMENT STORES CO ............ 3,860
13,700 * NEIMAN MARCUS GROUP, INC (CLASS A) .. 383
7,201 * NEIMAN MARCUS GROUP, INC (CLASS B) .. 194
82,898 PENNEY, (J.C.) CO, INC .............. 1,653
54,003 * SAKS, INC ........................... 840
123,970 SEARS ROEBUCK & CO .................. 3,773
32,100 x* SERVICE MERCHANDISE, INC ............ 3
13,400 * SHOPKO STORES, INC .................. 308
1,700 * TUESDAY MORNING CORP ................ 31
5,800 * VALUE CITY DEPARTMENT STORES, INC ... 88
47,300 * VENATOR GROUP, INC .................. 331
977,142 WAL-MART STORES, INC ................ 67,545
----------
115,462
----------
HEALTH SERVICES--0.35%
6,000 * ADVANCE PARADIGM, INC ............... 129
12,400 * ALTERRA HEALTHCARE CORP ............. 103
700 * AMERICAN HOMEPATIENT, INC ........... 0
10,500 * AMERICAN RETIREMENT CORP ............ 83
6,500 * AMERIPATH, INC ...................... 53
1,600 * APPLIED ANALYTICAL INDUSTRIES, INC .. 15
20,400 * APRIA HEALTHCARE GROUP, INC ......... 366
4,200 * ASSISTED LIVING CONCEPTS, INC ....... 9
28,272 * BEVERLY ENTERPRISES, INC ............ 124
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 41
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
HEALTH SERVICES--(Continued)
6,236 * CAREMATRIX CORP ..................... $ 16
1,700 * CENTENNIAL HEALTHCARE CORP .......... 5
9,400 * CLINTRIALS, INC ..................... 39
198,162 COLUMBIA/HCA HEALTHCARE CORP ........ 5,809
26,778 * CORAM HEALTHCARE CORP ............... 30
17,900 * COVENTRY HEALTH CARE, INC ........... 121
3,000 * CURATIVE HEALTH SERVICES, INC ....... 23
11,684 * ENZO BIOCHEMICAL, INC ............... 527
10,600 * EXPRESS SCRIPTS, INC ................ 678
5,400 x* FPA MEDICAL MANAGEMENT, INC ......... 0
12,600 * GENESIS HEALTH VENTURES, INC ........ 26
95,703 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) ................... 1,280
152,009 * HEALTHSOUTH CORP .................... 817
15,600 HOOPER HOLMES, INC .................. 402
3,000 * IMPATH, INC ......................... 76
8,300 * INNOVATIVE CLINICAL SOLUTION ........ 2
20,048 * INTEGRATED HEALTH SERVICES, INC ..... 2
28,180 * LABORATORY CORP OF AMERICA HOLDINGS . 104
244 * LABORATORY CORP OF AMERICA HOLDINGS
WTS 04/28/00 ...................... 0
12,000 * LASER VISION CENTERS, INC ........... 127
13,222 * LCA-VISION, INC ..................... 62
10,871 * LIFEPOINT HOSPITALS, INC ............ 128
14,600 * LINCARE HOLDINGS, INC ............... 506
190 * LTC HEALTHCARE, INC ................. 0
9,400 * MAGELLAN HEALTH SERVICES, INC ....... 59
28,850 * MANOR CARE, INC ..................... 462
33,899 * MARINER POST-ACUTE NETWORK, INC ..... 2
6,000 * MATRIA HEALTHCARE, INC .............. 25
100 * NATIONAL HEALTHCARE CORP ............ 1
16,900 * NOVACARE, INC ....................... 3
15,500 * ORTHODONTIC CENTERS OF AMERICA, INC . 185
6,100 * PEDIATRIX MEDICAL GROUP, INC ........ 43
35,700 * PHYAMERICA PHYSICIAN GROUP, INC ..... 10
26,525 * PHYCOR, INC ......................... 50
12,900 * PHYSICIANS RESOURCE GROUP, INC ...... 4
5,800 * PROVINCE HEALTHCARE CO .............. 110
19,875 * QUEST DIAGNOSTICS, INC .............. 607
23,950 * QUORUM HEALTH GROUP, INC ............ 223
15,900 * RENAL CARE GROUP, INC ............... 372
2,300 STANCORP FINANCIAL GROUP, INC ....... 58
19,700 x* SUN HEALTHCARE GROUP, INC ........... 1
112,073 * TENET HEALTHCARE CORP ............... 2,634
33,210 * TOTAL RENAL CARE HOLDINGS, INC ...... 222
10,871 * TRIAD HOSPITALS, INC ................ 164
2,800 * UNITED PAYORS & UNITED PROVIDERS, INC 46
10,200 * UNIVERSAL HEALTH SERVICES, INC ...... 367
21,166 * US ONCOLOGY, INC .................... 105
12,615 x* VENCOR, INC ......................... 1
----------
17,416
----------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.05%
10,950 * DYCOM INDUSTRIES, INC ............... 482
24,552 FLUOR CORP .......................... 1,126
12,600 FOSTER WHEELER CORP ................. 112
6,400 GRANITE CONSTRUCTION, INC ........... 118
7,200 * INSITUFORM
TECHNOLOGIES, INC (CLASS A) ....... 203
5,700 * MASTEC, INC ......................... 254
12,684 * MORRISON KNUDSEN CORP ............... 99
----------
2,394
----------
HOLDING AND OTHER INVESTMENT OFFICES--0.77%
700 * ALEXANDERS, INC ..................... 55
9,500 ALEXANDRIA REAL ESTATE EQUITIES, INC 302
42,400 AMB PROPERTY CORP ................... 845
2,500 * AMERCO .............................. 63
11,600 AMLI RESIDENTIAL PROPERTIES TRUST ... 234
2,900 ANTHRACITE CAPITAL, INC ............. 18
38,164 APARTMENT INVESTMENT & MANAGEMENT CO 1,519
63,279 ARCHSTONE COMMUNITIES TRUST ......... 1,297
11,600 ASSOCIATED ESTATES REALTY CORP ...... 91
26,522 AVALONBAY COMMUNITIES, INC .......... 910
9,900 BEDFORD PROPERTY INVESTORS, INC ..... 169
13,600 BOSTON PROPERTIES, INC .............. 423
7,000 BOYKIN LODGING CO ................... 77
12,046 BRADLEY REAL ESTATE, INC ............ 210
8,000 BRANDYWINE REALTY TRUST ............. 131
26,200 BRE PROPERTIES, INC (CLASS A) ....... 594
3,200 BURNHAM PACIFIC PROPERTIES, INC ..... 30
23,900 CAMDEN PROPERTY TRUST ............... 654
3,400 CAPITAL AUTOMOTIVE REIT ............. 41
42,272 CAPSTEAD MORTGAGE CORP .............. 177
17,600 CARRAMERICA REALTY CORP ............. 372
17,582 CBL & ASSOCIATES PROPERTIES, INC .... 363
1,000 CENTER TRUST, INC ................... 10
3,600 CENTERPOINT PROPERTIES CORP ......... 129
1,300 CHARLES E. SMITH RESIDENTIAL REALTY . 46
15,800 CHATEAU PROPERTIES, INC ............. 410
1,600 CHELSEA GCA REALTY, INC ............. 48
6,600 * COAST FEDERAL LITIGATION
CONTINGENT RTS .................... 10
9,500 COLONIAL PROPERTIES TRUST ........... 220
15,435 COMMERCIAL NET LEASE REALTY, INC .... 153
26,900 CORNERSTONE PROPERTIES, INC ......... 393
3,000 CORNERSTONE REALTY INCOME TRUST, INC 29
10,610 COUSINS PROPERTIES, INC ............. 360
36,100 CRESCENT REAL ESTATE EQUITIES CO .... 663
1,040 * CRESECENT OPERATING, INC ............ 3
20,201 x* CRIIMI MAE, INC ..................... 29
24,800 DEVELOPERS DIVERSIFIED REALTY CORP .. 319
45,897 DUKE-WEEKS REALTY CORP .............. 895
5,888 * DYNEX CAPITAL, INC .................. 38
1,000 * EAST WEST BANCORP, INC .............. 11
6,300 EASTGROUP PROPERTIES, INC ........... 117
2,000 ENTERTAINMENT PROPERTIES TRUST ...... 26
6,900 EQUITY INNS, INC .................... 47
83,409 EQUITY OFFICE PROPERTIES TRUST ...... 2,054
34,868 EQUITY RESIDENTIAL
PROPERTIES TRUST CO ............... 1,488
13,400 FEDERAL REALTY INVESTMENT TRUST ..... 252
29,604 FELCOR LODGING TRUST, INC ........... 518
17,300 FIRST INDUSTRIAL REALTY TRUST, INC .. 475
4,480 FIRST UNION REAL ESTATE INVESTMENTS . 21
1,300 FIRST WASHINGTON REALTY TRUST, INC .. 24
24,932 FRANCHISE FINANCE CORP OF AMERICA ... 597
2,900 GABLES RESIDENTIAL TRUST ............ 70
10,500 GENERAL GROWTH PROPERTIES, INC ...... 294
1,300 GETTY REALTY HOLDINGS CORP .......... 15
22,400 GLENBOROUGH REALTY TRUST, INC ....... 300
12,100 GLIMCHER REALTY TRUST ............... 156
500 GOLF TRUST OF AMERICA, INC .......... 8
4,500 GREAT LAKES REIT, INC ............... 65
23,616 HEALTH CARE PROPERTY INVESTORS, INC . 564
7,139 HEALTH CARE REIT, INC ............... 108
11,400 HEALTHCARE REALTY TRUST, INC ........ 178
26,000 HIGHWOODS PROPERTIES, INC ........... 605
2,497 HOME PROPERTIES OF NEW YORK, INC .... 69
15,600 HOSPITALITY PROPERTIES TRUST ........ 297
46,200 HRPT PROPERTIES TRUST ............... 416
1,800 IMPAC MORTGAGE HOLDINGS, INC ........ 7
6,700 IMPERIAL CREDIT COMMERCIAL
MORTGAGE INVESTMENT CORP .......... 76
48,655 INDYMAC MORTGAGE HOLDINGS, INC ...... 620
SEE NOTES TO FINANCIAL STATEMENTS
42 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
HOLDING AND OTHER INVESTMENT OFFICES--(Continued)
3,800 INNKEEPERS U.S.A. TRUST ............. $ 31
2,300 IRT PROPERTY CO ..................... 18
14,050 JDN REALTY CORP ..................... 227
5,700 JP REALTY, INC ...................... 89
11,200 KILROY REALTY CORP .................. 246
18,450 KIMCO REALTY CORP ................... 625
8,400 KOGER EQUITY, INC ................... 142
2,400 LEXINGTON CORPORATE PROPERTIES TRUST 22
29,200 LIBERTY PROPERTY TRUST CO ........... 708
3,300 LTC PROPERTIES, INC ................. 28
12,800 MACERICH CO ......................... 266
18,700 MACK-CALI REALTY CORP ............... 487
8,800 MANUFACTURED HOME COMMUNITIES, INC .. 214
36,163 MEDITRUST CORP PAIRED ............... 199
13,900 MERISTAR HOSPITALITY CORP ........... 222
676 * MERRY LAND PROPERTIES, INC .......... 4
4,100 MGI PROPERTIES, INC ................. 22
7,800 MID-AMERICA APARTMENT
COMMUNITIES, INC .................. 176
2,630 MILLS CORP .......................... 47
5,800 NATIONAL GOLF PROPERTIES, INC ....... 115
7,400 NATIONAL HEALTH INVESTORS, INC ...... 110
17,100 NATIONWIDE HEALTH PROPERTIES, INC ... 235
33,098 NEW PLAN EXCEL REALTY TRUST ......... 523
8,328 OMEGA HEALTHCARE INVESTORS, INC ..... 106
4,700 PACIFIC GULF PROPERTIES, INC ........ 95
7,100 PAN PACIFIC RETAIL PROPERTIES, INC .. 116
3,900 PARKWAY PROPERTIES, INC ............. 112
8,300 PENNSYLVANIA REAL ESTATE
INVESTMENT TRUST .................. 121
14,987 POST PROPERTIES, INC ................ 573
21,600 PRENTISS PROPERTIES TRUST ........... 454
3,100 PRIME RETAIL, INC ................... 17
40,600 PRISON REALTY TRUST, INC ............ 206
25,993 PROLOGIS TRUST ...................... 500
3,100 PS BUSINESS PARKS, INC .............. 71
36,252 PUBLIC STORAGE, INC ................. 822
28,600 REALTY INCOME CORP .................. 590
12,713 RECKSON ASSOCIATES REALTY CORP ...... 263
5,371 REDWOOD TRUST, INC .................. 67
11,700 RFS HOTEL INVESTORS, INC ............ 122
29,800 ROUSE CO ............................ 633
700 SAUL CENTERS, INC ................... 10
4,620 SENIOR HOUSING PROPERTIES TRUST ..... 57
13,500 SHURGARD STORAGE CENTERS, INC ....... 313
42,256 SIMON PROPERTY GROUP, INC ........... 969
3,800 SL GREEN REALTY CORP ................ 83
6,000 SOVRAN SELF STORAGE, INC ............ 114
26,000 SPIEKER PROPERTIES, INC ............. 947
24,825 STARWOOD FINANCIAL TRUST ............ 420
13,300 STORAGE U.S.A., INC ................. 402
4,193 SUMMIT PROPERTIES, INC .............. 75
2,700 SUN COMMUNITIES, INC ................ 87
3,000 TANGER FACTORY OUTLET CENTERS, INC .. 62
34,700 TAUBMAN CENTERS, INC ................ 373
2,757 THORNBURG MORTGAGE ASSET CORP ....... 23
3,500 TOWN & COUNTRY TRUST ................ 63
400 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) 2
9,600 U.S. RESTAURANT PROPERTIES, INC ..... 137
61,869 UNITED DOMINION REALTY TRUST, INC ... 611
6,800 URBAN SHOPPING CENTERS, INC ......... 184
17,315 VENTAS, INC ......................... 73
975 * VORNADO OPERATING CO ................ 6
19,500 VORNADO REALTY TRUST ................ 634
4,829 WALDEN RESIDENTIAL PROPERTIES, INC .. 104
21,400 WASHINGTON REAL ESTATE
INVESTMENT TRUST .................. 321
8,900 WEINGARTEN REALTY INVESTORS, INC .... 347
8,100 * WELLSFORD REAL PROPERTIES, INC ...... 69
2,800 WESTERN PROPERTIES TRUST ............ 27
13,000 WESTFIELD AMERICA, INC .............. 160
1,200 WHITE MOUNTAINS INSURANCE ........... 145
----------
38,250
----------
HOTELS AND OTHER LODGING PLACES--0.11%
9,300 * AZTAR CORP .......................... 101
4,675 * BRISTOL HOTELS & RESORTS, INC ....... 24
16,100 * CHOICE HOTELS INTERNATIONAL, INC .... 276
4,510 * CRESTLINE CAPITAL CORP .............. 93
17,800 * EXTENDED STAY AMERICA, INC .......... 136
96,018 HILTON HOTELS CORP .................. 924
9,046 * HOMESTEAD VILLAGE, INC .............. 19
1,369 * INTERSTATE HOTELS CORP .............. 4
7,000 * LODGIAN, INC ........................ 35
24,676 * MANDALAY RESORT GROUP ............... 497
1,500 MARCUS CORP ......................... 20
13,900 * MERISTAR HOTELS & RESORTS, INC ...... 50
2,633 * MGM GRAND, INC ...................... 132
86,352 * PARK PLACE ENTERTAINMENT CORP ....... 1,079
21,300 * PRIME HOSPITALITY CORP .............. 188
59,226 STARWOOD HOTELS & RESORTS WORLDWIDE . 1,392
500 * SUBURBAN LODGES OF AMERICA, INC ..... 3
7,833 * SUNBURST HOSPITALITY CORP ........... 44
12,100 * SUNTERRA CORP ....................... 139
5,100 * TRUMP HOTEL & CASINO RESORT, INC .... 17
7,700 * VAIL RESORTS, INC ................... 138
41,089 * WYNDHAM INTERNATIONAL, INC .......... 121
----------
5,432
----------
INDUSTRIAL MACHINERY AND EQUIPMENT--8.73%
126,140 * 3COM CORP ........................... 5,929
7,200 * 3DFX INTERACTIVE, INC ............... 71
36,050 * ADAPTEC, INC ........................ 1,798
8,200 * ADVANCED DIGITAL INFORMATION CORP ... 399
1,000 * AG-CHEM EQUIPMENT CO, INC ........... 10
21,000 AGCO CORP ........................... 282
2,376 ALAMO GROUP, INC .................... 24
2,200 ALLIED PRODUCTS CORP ................ 8
34,827 * AMERICAN STANDARD COS, INC .......... 1,598
6,000 * APEX, INC ........................... 194
57,700 * APPLE COMPUTER, INC ................. 5,932
136,360 * APPLIED MATERIALS, INC .............. 17,275
21,320 APPLIED POWER, INC (CLASS A) ........ 784
4,700 * ASTEC INDUSTRIES, INC ............... 88
4,400 * ASYST TECHNOLOGIES, INC ............. 288
5,700 * ATMI, INC ........................... 188
12,600 * AUSPEX SYSTEMS, INC ................. 129
10,100 * AUTOTOTE CORP (CLASS A) ............. 33
99,335 BAKER HUGHES, INC ................... 2,092
7,200 * BELL & HOWELL CO .................... 229
29,873 BLACK & DECKER CORP ................. 1,561
8,700 * BLACK BOX CORP ...................... 583
2,100 * BROOKS AUTOMATION, INC .............. 68
30,493 BRUNSWICK CORP ...................... 678
12,700 * C-CUBE MICROSYSTEMS, INC ............ 791
52,076 * CABLETRON SYSTEMS, INC .............. 1,354
2,238 CASCADE CORP ........................ 21
127,708 CATERPILLAR, INC .................... 6,010
22,100 * CIRRUS LOGIC, INC ................... 294
1,163,263 * CISCO SYSTEMS, INC .................. 124,615
2,700 COLUMBUS MCKINNON CORP .............. 27
617,610 COMPAQ COMPUTER CORP ................ 16,714
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 43
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
INDUSTRIAL MACHINERY AND EQUIPMENT--(Continued)
9,100 * CONCURRENT COMPUTER CORP ............ $ 170
17,414 * COOPER CAMERON CORP ................. 852
20,500 * COPYTELE, INC ....................... 17
13,100 CUMMINS ENGINE CO, INC .............. 633
2,200 * CUNO, INC ........................... 46
2,000 * CYBEX COMPUTER PRODUCTS CORP ........ 81
2,500 * CYLINK CORP ......................... 34
83,217 DEERE & CO .......................... 3,610
759,260 * DELL COMPUTER CORP .................. 38,722
5,100 DETROIT DIESEL CORP ................. 98
24,975 DIEBOLD, INC ........................ 587
3,000 * DIGI INTERNATIONAL, INC ............. 31
12,600 DONALDSON CO, INC ................... 303
73,100 DOVER CORP .......................... 3,317
1,900 * DRIL-QUIP, INC ...................... 58
2,600 DT INDUSTRIES, INC .................. 20
5,800 * EFAX.COM ............................ 42
8,500 * ELECTROGLAS, INC .................... 216
368,601 * EMC CORP ............................ 40,270
13,600 * EMULEX CORP ......................... 1,530
6,700 * ENCAD, INC .......................... 32
2,700 * ESTERLINE CORP ...................... 31
7,800 * ETEC SYSTEMS, INC ................... 350
17,300 * EXABYTE CORP ........................ 130
7,000 * EXTREME NETWORKS, INC ............... 585
4,600 FEDDERS CORP ........................ 25
13,705 FLOWSERVE CORP ...................... 233
11,000 * FSI INTERNATIONAL, INC .............. 127
800 * GARDNER DENVER, INC ................. 13
53,160 * GATEWAY, INC ........................ 3,831
300 GLEASON CORP ........................ 7
2,500 * GLOBAL IMAGING SYSTEMS, INC ......... 31
6,750 GRACO, INC .......................... 242
15,200 x* HARNISCHFEGER INDUSTRIES, INC ....... 6
315,067 HEWLETT-PACKARD CO .................. 35,898
3,000 * HORIZON OFFSHORE, INC ............... 16
18,800 HUSSMANN INTERNATIONAL, INC ......... 283
1,000 * HYPERCOM CORP ....................... 10
10,300 IDEX CORP ........................... 313
11,100 * IN FOCUS SYSTEMS, INC ............... 257
59,600 INGERSOLL-RAND CO ................... 3,282
649,456 o INTERNATIONAL BUSINESS MACHINES CORP 70,141
83,161 * IOMEGA CORP ......................... 281
6,200 * IONICS, INC ......................... 174
12,500 JLG INDUSTRIES, INC ................. 199
500 * JTS CORP ............................ 0
11,000 KAYDON CORP ......................... 295
10,293 KENNAMETAL, INC ..................... 346
7,050 * KRONOS, INC ......................... 423
8,200 * KULICHE & SOFFA INDUSTRIES, INC ..... 349
14,200 * LAM RESEARCH CORP ................... 1,584
45,700 * LEXMARK INTERNATIONAL GROUP (CLASS A) 4,136
8,800 LINCOLN ELECTRIC HOLDINGS CO ........ 182
1,600 LINDSAY MANUFACTURING CO ............ 29
7,950 MANITOWOC, INC ...................... 270
18,400 * MAXTOR CORP ......................... 133
11,400 * MERCURY COMPUTER SYSTEMS, INC ....... 399
11,500 * MICRON ELECTRONICS, INC ............. 128
8,500 * MICROS SYSTEMS, INC ................. 629
13,000 MILACRON, INC ....................... 200
5,900 * MIPS TECHNOLOGIES, INC .............. 307
8,100 * MTI TECHNOLOGY CORP ................. 299
2,600 NACCO INDUSTRIES, INC (CLASS A) ..... 144
23,800 * NATIONAL INSTRUMENTS CORP ........... 910
7,500 * NETWORK EQUIPMENT TECHNOLOGIES, INC . 89
4,400 NORDSON CORP ........................ 212
14,300 * NOVELLUS SYSTEMS, INC ............... 1,752
41,600 PALL CORP ........................... 897
14,200 PENTAIR, INC ........................ 547
100,000 PITNEY BOWES, INC ................... 4,831
10,600 * PRESSTEK, INC ....................... 147
6,800 * PRI AUTOMATION, INC ................. 456
4,100 * PROXIM, INC ......................... 451
61,635 * QUANTUM CORP-DLT &
STORAGE SYSTEMS GROUP ............. 932
33,067 * QUANTUM CORP-HARD DISK DRIVE GROUP .. 229
11,200 ROPER INDUSTRIES, INC ............... 424
7,100 * SANDISK CORP ........................ 683
1,000 SAUER, INC .......................... 9
79,017 * SEAGATE TECHNOLOGY, INC ............. 3,679
63,668 * SILICON GRAPHICS, INC ............... 625
10,500 * SILICON VALLEY GROUP, INC ........... 186
17,600 * SMITH INTERNATIONAL, INC ............ 875
1,400 * SPECIALTY EQUIPMENT COS, INC ........ 34
9,089 * SPEEDFAM-IPEC, INC .................. 118
7,300 * SPLASH TECHNOLOGY HOLDINGS, INC ..... 64
10,900 STANDEX INTERNATIONAL CORP .......... 228
35,300 * STORAGE TECHNOLOGY CORP ............. 651
29,125 SYMBOL TECHNOLOGIES, INC ............ 1,851
8,400 TECUMSEH PRODUCTS CO (CLASS A) ...... 396
6,800 TELXON CORP ......................... 109
2,000 TENNANT CO .......................... 66
11,306 * TENNECO AUTOMOTIVE, INC ............. 105
7,060 * TEREX CORP .......................... 196
3,700 * THERMO FIBERTEK, INC ................ 26
14,663 TIMKEN CO ........................... 300
4,500 TORO CO ............................. 168
3,878 TYCO INTERNATIONAL LTD .............. 151
3,700 * ULTRATECH STEPPER, INC .............. 60
99,974 * UNISYS CORP ......................... 3,193
19,300 * UNOVA, INC .......................... 251
21,800 * VARCO INTERNATIONAL, INC ............ 222
6,900 * VISUAL NETWORKS, INC ................ 547
30,500 * WESTERN DIGITAL CORP ................ 128
7,600 * XIRCOM, INC ......................... 570
14,400 YORK INTERNATIONAL CORP ............. 395
9,400 * ZEBRA TECHNOLOGY CORP ............... 550
----------
435,367
----------
INSTRUMENTS AND RELATED PRODUCTS--1.84%
9,736 * ACUSON CORP ......................... 122
7,500 * ADAC LABORATORIES, INC .............. 81
1,300 * ADE CORP ............................ 21
7,700 * AFFYMETRIX, INC ..................... 1,307
8,400 * ALARIS MEDICAL, INC ................. 16
700 * ANACOMP, INC ........................ 13
400 ANALOGIC CORP ....................... 13
6,700 ARROW INTERNATIONAL, INC ............ 194
10,200 * AVID TECHNOLOGIES, INC .............. 133
20,313 BARD (C.R.), INC .................... 1,077
18,600 BAUSCH & LOMB, INC .................. 1,273
105,113 BAXTER INTERNATIONAL, INC ........... 6,602
2,200 * BAXTER INTERNATIONAL, INC RTS ....... 1
12,800 BECKMAN COULTER, INC ................ 651
88,478 BECTON DICKINSON & CO ............... 2,367
633 * BIO-RAD LABORATORIES, INC (CLASS A) . 15
35,600 BIOMET, INC ......................... 1,424
98,042 * BOSTON SCIENTIFIC CORP .............. 2,145
800 * BRITESMILE, INC ..................... 7
24,166 * CHYRON CORP ......................... 36
2,800 * CIRCOR INTERNATIONAL, INC ........... 29
800 * CLOSURE MEDICAL CORP ................ 10
13,300 * CNS, INC ............................ 55
SEE NOTES TO FINANCIAL STATEMENTS
44 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
INSTRUMENTS AND RELATED PRODUCTS--(Continued)
10,700 * COGNEX CORP ......................... $ 417
5,600 * COHERENT, INC ....................... 150
4,200 COHU, INC ........................... 130
5,300 COLE NATIONAL CORP (CLASS A) ........ 27
4,400 * CONMED CORP ......................... 114
7,300 COOPER COS, INC ..................... 220
1,600 x* CPX CORP ............................ 0
6,700 * CREDENCE SYSTEMS CORP ............... 580
3,700 * CYBERONICS, INC ..................... 59
10,800 * CYMER, INC .......................... 497
5,000 * CYTYC CORP .......................... 305
9,300 DATASCOPE CORP ...................... 372
18,400 DENTSPLY INTERNATIONAL, INC ......... 435
9,000 * DIONEX CORP ......................... 371
4,900 * DYNATECH CORP ....................... 33
117,219 EASTMAN KODAK CO .................... 7,766
3,900 * ECLIPSE SURGICAL TECHNOLOGY, INC .... 29
4,350 * FOSSIL, INC ......................... 101
6,283 FRESENIUS MEDICAL CARE AG. ADR ...... 178
12,800 * GENRAD, INC ......................... 206
400 * GLIATECH, INC ....................... 7
109,664 * GUIDANT CORP ........................ 5,154
9,000 * HAEMONETICS CORP .................... 214
5,800 * HANGER ORTHOPEDIC GROUP, INC ........ 58
1,700 * HOLOGIC, INC ........................ 10
15,100 * INPUT/OUTPUT, INC ................... 76
10,800 INVACARE CORP ....................... 217
3,200 * ISOLYSER CO, INC .................... 10
29,000 JOHNSON CONTROLS, INC ............... 1,649
31,700 * KLA-TENCOR CORP ..................... 3,531
9,100 * LITTON INDUSTRIES, INC .............. 454
23,500 * LTX CORP ............................ 526
2,700 * MECHANICAL TECHNOLOGY, INC .......... 63
10,987 * MEDICAL MANAGER CORP ................ 926
425,957 MEDTRONIC, INC ...................... 15,521
7,700 MENTOR CORP ......................... 199
11,988 * METTLER-TOLEDO INTERNATIONAL, INC ... 458
16,100 MILLIPORE CORP ...................... 622
300 MINE SAFETY APPLIANCE CO ............ 19
6,500 * MINIMED, INC ........................ 476
1,800 * MOLECULAR DEVICES CORP .............. 94
1,300 MOVADO GROUP, INC ................... 28
4,000 MTS SYSTEMS CORP .................... 31
2,800 * NOVOSTE CORP ........................ 46
13,200 * OAKLEY, INC ......................... 73
6,100 * OCULAR SCIENCES, INC ................ 115
3,500 OPTICAL COATING LABORATORIES,INC .... 1,036
7,200 * OSTEOTECH, INC ...................... 96
8,100 * PE CORP-CELERA GENOMICS GROUP ....... 1,207
35,600 PE CORP-PE BIOSYSTEMS GROUP ......... 4,283
21,300 PERKINELMER, INC .................... 888
6,200 * PINNACLE SYSTEMS, INC ............... 252
15,000 POLAROID CORP ....................... 282
26,588 RAYTHEON CO (CLASS A) ............... 660
95,600 RAYTHEON CO (CLASS B) ............... 2,539
4,900 * RESMED, INC ......................... 205
10,000 * RESPIRONICS, INC .................... 80
2,000 * SABRATEK CORP ....................... 0
2,900 * SCOTT TECHNOLOGIES, INC ............. 55
9,900 * SOLA INTERNATIONAL, INC ............. 137
7,333 * SONOSITE, INC ....................... 232
29,412 * ST. JUDE MEDICAL, INC ............... 903
24,620 * STERIS CORP ......................... 254
25,100 STRYKER CORP ........................ 1,748
18,950 * SUMMIT TECHNOLOGY, INC .............. 221
12,700 * SUNRISE MEDICAL, INC ................ 79
14,300 * SUNRISE TECHNOLOGY INTERNATIONAL, INC 169
36,300 * SYBRON INTERNATIONAL CORP ........... 896
14,750 TEKTRONIX, INC ...................... 573
10,800 TELEFLEX, INC ....................... 338
61,900 * TERADYNE, INC ....................... 4,085
7,500 * THERMEDICS, INC ..................... 41
6,500 * THERMO CARDIOSYSTEMS, INC ........... 43
54,150 * THERMO ELECTRON CORP ................ 812
5,868 * THERMO INSTRUMENT SYSTEMS, INC ...... 65
2,300 * THERMO OPTEK CORP ................... 26
11,422 * THERMO VISION CORP .................. 79
4,100 * THERMOQUEST CORP .................... 42
2,600 * THERMOTREX CORP ..................... 20
9,400 * TRIMBLE NAVIGATION LTD .............. 203
10,500 * VARIAN MEDICAL SYSTEMS, INC ......... 313
10,500 * VARIAN, INC ......................... 236
3,600 * VEECO INSTRUMENTS, INC .............. 169
3,000 * VENTANA MEDICAL SYSTEMS, INC ........ 75
20,000 * VISX, INC ........................... 1,035
8,500 * VIVUS, INC .......................... 27
21,000 * WATERS CORP ......................... 1,113
6,400 * WESLEY JESSEN VISIONCARE, INC ....... 242
15,600 X RITE, INC ......................... 98
240,000 XEROX CORP .......................... 5,445
----------
91,461
----------
INSURANCE AGENTS, BROKERS AND SERVICE--0.22%
1,100 BALDWIN & LYONS, INC (CLASS B) ...... 24
5,572 BLANCH (E.W.) HOLDINGS, INC ......... 341
2,000 BROWN & BROWN, INC .................. 77
5,859 CRAWFORD & CO (CLASS B) ............. 80
22,900 * FIRST HEALTH GROUP CORP ............. 615
8,900 GALLAGHER (ARTHUR J.) & CO .......... 576
2,200 HILB, ROGAL & HAMILTON CO ........... 62
8,002 * HOMEFED CORP ........................ 7
93,280 MARSH & MCLENNAN COS, INC ........... 8,926
----------
10,708
----------
INSURANCE CARRIERS--4.19%
28,400 20TH CENTURY INDUSTRIES ............. 548
8,883 * ACCEPTANCE INSURANCE COS, INC ....... 52
4,550 ACE LTD ............................. 76
4,930 AEGON NV ARS ........................ 471
49,637 AETNA, INC .......................... 2,770
93,640 AFLAC, INC .......................... 4,419
6,100 ALFA CORP ........................... 100
1,528 * ALLEGHANY CORP (DELAWARE) ........... 283
26,356 ALLMERICA FINANCIAL CORP ............ 1,466
283,316 ALLSTATE CORP ....................... 6,800
25,763 AMBAC FINANCIAL GROUP, INC .......... 1,345
4,100 AMERICAN ANNUITY GROUP, INC ......... 74
21,200 AMERICAN FINANCIAL GROUP, INC ....... 559
89,332 AMERICAN GENERAL CORP ............... 6,778
469,718 AMERICAN INTERNATIONAL GROUP, INC ... 50,788
7,500 * AMERICAN MEDICAL SECURITY GROUP ..... 45
1,600 AMERICAN NATIONAL INSURANCE CO ...... 102
3,800 AMERUS LIFE HOLDINGS, INC (CLASS A) . 87
89,326 AON CORP ............................ 3,573
6,400 ARGONAUT GROUP, INC ................. 127
10,100 ARM FINANCIAL GROUP, INC (CLASS A) .. 0
63,500 AXA FINANCIAL, INC .................. 2,151
9,350 BERKLEY (W.R.) CORP ................. 195
22 * BERKSHIRE HATHAWAY, INC (CLASS B) ... 40
6,900 CHICAGO TITLE CORP .................. 319
60,893 CHUBB CORP .......................... 3,429
69,537 CIGNA CORP .......................... 5,602
47,709 CINCINNATI FINANCIAL CORP ........... 1,488
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 45
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
INSURANCE CARRIERS--(Continued)
1,217,656 CITIGROUP, INC ...................... $ 67,656
9,000 * CNA FINANCIAL CORP .................. 350
11,718 CNA SURETY CORP ..................... 152
9,800 COMMERCE GROUP, INC ................. 256
117,077 CONSECO, INC ........................ 2,093
8,442 * DELPHI FINANCIAL GROUP, INC ......... 253
11,000 ENHANCE FINANCIAL SERVICES GROUP, INC 179
19,000 ERIE INDEMNITY CO (CLASS A) ......... 615
14,500 EVEREST REINSURANCE HOLDINGS, INC ... 324
10,600 FBL FINANCIAL GROUP, INC (CLASS A) .. 212
10,790 FIDELITY NATIONAL FINANCIAL, INC .... 155
10,500 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD ...................... 547
20,900 FIRST AMERICAN FINANCIAL CORP ....... 260
10,200 FOREMOST CORP OF AMERICA ............ 289
36,071 * FOUNDATION HEALTH SYSTEMS (CLASS A) . 358
1,800 * FPIC INSURANCE GROUP, INC ........... 30
22,000 FREMONT GENERAL CORP ................ 162
11,470 FRONTIER INSURANCE GROUP, INC ....... 39
6,300 HARLEYSVILLE GROUP, INC ............. 90
77,800 HARTFORD FINANCIAL
SERVICES GROUP, INC ............... 3,686
10,900 HARTFORD LIFE, INC (CLASS A) ........ 480
16,300 HCC INSURANCE HOLDINGS, INC ......... 215
9,150 * HIGHLANDS INSURANCE GROUP, INC ...... 87
19,100 HORACE MANN EDUCATORS CORP .......... 375
16,550 HSB GROUP, INC ...................... 560
55,675 * HUMANA, INC ......................... 456
36,475 JEFFERSON-PILOT CORP ................ 2,489
200 KANSAS CITY LIFE INSURANCE CO ....... 7
7,900 LANDAMERICA FINANCIAL GROUP, INC .... 145
4,800 LIBERTY CORP ........................ 203
4,800 LIBERTY FINANCIAL COS, INC .......... 110
68,000 LINCOLN NATIONAL CORP ............... 2,720
21,466 LOEWS CORP .......................... 1,303
1,400 * MARKEL CORP ......................... 217
11,800 * MAXICARE HEALTH PLANS, INC .......... 34
33,294 MBIA, INC ........................... 1,758
8,669 * MEDICAL ASSURANCE, INC .............. 184
10,100 MERCURY GENERAL CORP ................ 225
38,300 MGIC INVESTMENT CORP ................ 2,305
14,500 * MID ATLANTIC MEDICAL SERVICES, INC .. 121
2,200 MMI COS, INC ........................ 19
11,900 MONY GROUP, INC ..................... 347
7,300 NATIONWIDE FINANCIAL
SERVICES, INC (CLASS A) ........... 204
17,200 OHIO CASUALTY CORP .................. 276
45,825 OLD REPUBLIC INTERNATIONAL CORP ..... 624
31,900 * OXFORD HEALTH PLANS, INC ............ 405
13,703 * PACIFICARE HEALTH
SYSTEMS, INC (CLASS A) ............ 726
700 * PENN TREATY AMERICAN CORP ........... 11
10,300 * PENNCORP FINANCIAL GROUP, INC ....... 4
1,000 PMA CAPITAL CORP (CLASS A) .......... 20
12,150 PMI GROUP, INC ...................... 593
12,800 PRESIDENTIAL LIFE CORP .............. 235
18,216 PROGRESSIVE CORP .................... 1,332
20,600 PROTECTIVE LIFE CORP ................ 655
1,200 * PROVIDENT AMERICAN CORP ............. 42
1,700 PXRE GROUP, LTD ..................... 22
14,586 RADIAN GROUP, INC ................... 696
13,300 REINSURANCE GROUP OF AMERICA, INC ... 369
31,100 RELIANCE GROUP HOLDINGS, INC ........ 208
30,776 RELIASTAR FINANCIAL CORP ............ 1,206
2,600 * RISK CAPITAL HOLDINGS, INC .......... 33
1,000 RLI CORP ............................ 34
41,600 SAFECO CORP ......................... 1,035
4,400 SCPIE HOLDINGS, INC ................. 141
11,200 SELECTIVE INSURANCE GROUP, INC ...... 193
9,500 * SIERRA HEALTH SERVICES, INC ......... 64
77,681 ST. PAUL COS, INC ................... 2,617
2,600 STATE AUTO FINANCIAL CORP ........... 24
3,000 STEWART INFORMATION SERVICES CORP ... 40
47,800 TORCHMARK CORP ...................... 1,389
5,550 TRANSATLANTIC HOLDINGS, INC ......... 433
16,000 TRAVELERS PROPERTY CASUALTY CORP .... 548
3,353 TRENWICK GROUP, INC ................. 57
3,000 * TRIAD GUARANTY, INC ................. 68
16,400 * TRIGON HEALTHCARE, INC .............. 484
10,300 * UICI ................................ 109
600 UNITED FIRE & CASULTY CO ............ 14
54,800 UNITED HEALTHCARE CORP .............. 2,911
5,500 UNITED WISCONSIN SERVICES, INC ...... 23
17,600 UNITRIN, INC ........................ 662
73,207 UNUMPROVIDENT CORP .................. 2,347
5,400 VESTA INSURANCE GROUP, INC .......... 21
22,934 * WELLPOINT HEALTH NETWORKS, INC ...... 1,512
270 WESCO FINANCIAL CORP ................ 66
7,960 XL CAPITAL LTD ...................... 413
----------
208,619
----------
LEATHER AND LEATHER PRODUCTS--0.02%
6,000 BROWN SHOE CO, INC .................. 85
1,900 * GLOBAL SPORTS, INC .................. 24
19,000 JUSTIN INDUSTRIES, INC .............. 283
1,200 K-SWISS, INC (CLASS A) .............. 22
2,134 * SAMSONITE CORP ...................... 12
14,600 STRIDE RITE CORP .................... 95
3,200 * TIMBERLAND CO ....................... 169
17,362 WOLVERINE WORLD WIDE, INC ........... 190
----------
880
----------
LEGAL SERVICES--0.01%
12,900 * PREPAID LEGAL SERVICES, INC ......... 310
----------
LOCAL AND INTERURBAN PASSENGER TRANSIT--0.00%
5,600 * RURAL/METRO CORP .................... 24
----------
LUMBER AND WOOD PRODUCTS--0.21%
1,700 * AMERICAN HOMESTAR CORP .............. 7
6,337 CAVALIER HOMES, INC ................. 25
16,100 * CHAMPION ENTERPRISES, INC ........... 138
37,720 CLAYTON HOMES, INC .................. 347
14,857 DELTIC TIMBER CORP .................. 325
62,700 GEORGIA-PACIFIC CORP (PACKING GROUP) 3,182
37,700 LOUISIANA PACIFIC CORP .............. 537
15,300 OAKWOOD HOMES CORP .................. 49
8,750 * PALM HARBOR HOMES, INC .............. 158
200 SKYLINE CORP ........................ 5
6,400 TJ INTERNATIONAL, INC ............... 269
2,400 UNIVERSAL FOREST PRODUCTS, INC ...... 35
71,697 WEYERHAEUSER CO ..................... 5,149
----------
10,226
----------
METAL MINING--0.11%
67,014 * BATTLE MOUNTAIN GOLD CO ............. 138
7,800 CLEVELAND CLIFFS, INC ............... 243
5,400 * COEUR DALENE MINES CORP ............. 19
17,692 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS A) ......................... 328
37,033 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) ......................... 782
21,400 * HECLA MINING CO ..................... 33
55,200 HOMESTAKE MINING CO ................. 431
39,187 * KINROSS GOLD CORP ................... 73
51,130 NEWMONT MINING CORP ................. 1,253
22,913 PHELPS DODGE CORP ................... 1,538
41,957 PLACER DOME, INC (U.S.) ............. 451
2,000 SOUTHERN PERU COPPER CORP ........... 31
SEE NOTES TO FINANCIAL STATEMENTS
46 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
METAL MINING--(Continued)
11,550 * STILLWATER MINING CO ................ $ 368
12,500 * SUNSHINE MINING & REFINING CO ....... 17
----------
5,705
----------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.41%
11,700 * BLYTH INDUSTRIES, INC ............... 287
6,600 BRADY CORP (CLASS A) ................ 224
27,294 CALLAWAY GOLF CO .................... 483
2,600 x* CML GROUP, INC ...................... 0
2,400 * DIRECT FOCUS, INC ................... 67
69,427 HASBRO, INC ......................... 1,323
8,200 * HEXCEL CORP ......................... 46
4,600 * IDENTIX, INC ........................ 42
35,377 INTERNATIONAL GAME TECHNOLOGY CO .... 719
3,600 * JAKKS PACIFIC, INC .................. 67
17,500 JOSTENS, INC ........................ 425
5,500 K 2, INC ............................ 42
1,071 * LYDALL, INC ......................... 7
165 * MARVEL ENTERPRISES
(CLASS A) WTS 10/02/01 ............ 0
280 * MARVEL ENTERPRISES
(CLASS C) WTS 10/02/02 ............ 0
155,692 MATTEL, INC ......................... 2,043
146,100 MINNESOTA MINING & MANUFACTURING CO . 14,300
3,500 x* NU KOTE HOLDINGS, INC (CLASS A) ..... 0
2,941 ONEIDA LTD .......................... 64
4,700 RUSS BERRIE & CO, INC ............... 123
700 * STEINWAY MUSICAL INSTRUMENTS, INC ... 14
8,900 * WMS INDUSTRIES, INC ................. 117
----------
20,393
----------
MISCELLANEOUS RETAIL--0.75%
66,200 * AMAZON.COM, INC ..................... 5,039
19,000 * BARNES & NOBLE, INC ................. 392
7,900 * BARNESANDNOBLE.COM, INC ............. 112
2,500 * BARNETT, INC ........................ 26
900 BLAIR CORP .......................... 13
26,267 * BORDERS GROUP, INC .................. 422
3,769 CASH AMERICA INTERNATIONAL, INC ..... 37
7,900 * CDW COMPUTER CENTERS, INC ........... 621
2,700 * COLDWATER CREEK, INC ................ 55
142,914 CVS CORP ............................ 5,708
1,600 * DELIA*S, INC ........................ 12
8,036 * DUANE READE, INC .................... 221
6,851 * EGGHEAD.COM, INC .................... 111
6,500 ENESCO GROUP, INC ................... 72
2,400 * ETOYS, INC .......................... 63
2,900 * FINLAY ENTERPRISES, INC ............. 42
3,000 FRIEDMANS, INC (CLASS A) ............ 23
2,300 x* GENESIS DIRECT, INC ................. 0
4,900 HANCOCK FABRICS, INC ................ 15
30,200 * HANOVER DIRECT, INC ................. 109
7,500 * INSIGHT ENTERPRISES, INC ............ 305
3,500 * JO-ANN STORES, INC (CLASS A) ........ 39
800 x* JUMBOSPORTS, INC .................... 0
5,400 * LANDS END, INC ...................... 188
14,300 LONGS DRUG STORES CORP .............. 369
10,100 * MICHAELS STORES, INC ................ 288
11,700 * MICRO WAREHOUSE, INC ................ 216
140,425 * OFFICE DEPOT, INC ................... 1,536
44,021 * OFFICEMAX, INC ...................... 242
33,800 OMNICARE, INC ....................... 406
1,300 * PARTY CITY CORP ..................... 1
400 * PC CONNECTION, INC .................. 14
6,900 * PETCO ANIMAL SUPPLIES, INC .......... 103
40,900 * PETSMART, INC ....................... 235
92,045 RITE AID CORP ....................... 1,030
8,200 * SCHEIN (HENRY), INC ................. 109
6,400 * SHOP AT HOME, INC ................... 64
9,600 * SPIEGEL, INC (CLASS A) .............. 68
168,762 * STAPLES, INC ........................ 3,502
14,700 * SUNGLASS HUT INTERNATIONAL, INC ..... 165
12,900 * SYSTEMAX, INC ....................... 110
9,250 * THE SPORTS AUTHORITY, INC ........... 19
21,412 TIFFANY & CO ........................ 1,911
86,801 * TOYS R US, INC ...................... 1,242
9,431 * U.S. OFFICE PRODUCTS CO ............. 29
1,600 * VALUE AMERICA, INC .................. 8
6,800 * VALUEVISION INTERNATIONAL, INC ...... 390
365,100 WALGREEN CO ......................... 10,679
2,300 * WHITEHALL JEWELLERS, INC ............ 85
18,800 * ZALE CORP ........................... 909
----------
37,355
----------
MOTION PICTURES--1.08%
4,000 * AMC ENTERTAINMENT, INC .............. 35
1,584 * CARMIKE CINEMAS, INC (CLASS A) ...... 12
758,878 DISNEY (WALT) CO .................... 22,197
10,700 * HOLLYWOOD ENTERTAINMENT CORP ........ 155
1,726 * METRO-GOLDWYN-MAYER, INC ............ 41
21,100 * METROMEDIA INTERNATIONAL GROUP, INC . 100
8,800 * MOVIE GALLERY, INC .................. 38
5,600 * PIXAR, INC .......................... 198
430,730 TIME WARNER, INC .................... 31,201
2,200 * VALLEY MEDIA, INC ................... 15
----------
53,992
----------
NONDEPOSITORY INSTITUTIONS--1.75%
6,100 * AAMES FINANCIAL CORP ................ 5
5,299 ADVANTA CORP (CLASS A) .............. 97
17,700 ALLIED CAPITAL CORP ................. 324
162,212 AMERICAN EXPRESS CO ................. 26,968
22,800 * AMERICREDIT CORP .................... 422
37,750 * AMRESCO, INC ........................ 53
14,700 * ARCADIA FINANCIAL LTD ............... 65
264,740 ASSOCIATES FIRST CAPITAL CORP ....... 7,264
72,476 CAPITAL ONE FINANCIAL CORP .......... 3,492
6,000 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE 71
14,000 CIT GROUP, INC (CLASS A) ............ 296
2,500 x* CITYSCAPE FINANCIAL CORP ............ 0
3,300 * COMPUCREDIT CORP .................... 127
9,500 * CONTIFINANCIAL CORP ................. 2
41,766 COUNTRYWIDE CREDIT INDUSTRIES, INC .. 1,055
4,800 * CREDIT ACCEPTANCE CORP .............. 18
13,953 DORAL FINANCIAL CORP ................ 172
700 * DVI, INC ............................ 11
1,200 * FEDERAL AGRICULTURE MORTGAGE CORP ... 24
373,895 FEDERAL NATIONAL MORTGAGE ASSOCIATION 23,345
1,000 * FINANCIAL FEDERAL CORP .............. 23
15,900 * FINET.COM, INC ...................... 21
21,909 FINOVA GROUP, INC ................... 778
4,800 * FIRST SIERRA FINANCIAL, INC ......... 82
6,300 * FIRSTPLUS FINANCIAL GROUP, INC ...... 0
253,141 FREDDIE MAC ......................... 11,913
17,309 HELLER FINANCIAL, INC ............... 347
172,637 HOUSEHOLD INTERNATIONAL, INC ........ 6,431
5,900 * IMC MORTGAGE CO ..................... 0
9,000 * IMPERIAL CREDIT INDUSTRIES, INC ..... 56
11,200 LEUCADIA NATIONAL CORP .............. 259
1,200 MEDALLION FINANCIAL CORP ............ 22
14,468 METRIS COS, INC ..................... 516
279 * MFN FINANCIAL CORP .................. 2
324 * MFN FINANCIAL CORP
SERIES A WTS 03/23/02 ............. 0
324 * MFN FINANCIAL CORP
SERIES B WTS 03/23/03 ............. 0
324 * MFN FINANCIAL CORP
SERIES C WTS 03/23/04 ............. 0
1,000 * NEXTCARD, INC ....................... 29
3,379 * OMEGA WORLDWIDE, INC ................ 16
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 47
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
NONDEPOSITORY INSTITUTIONS--(Continued)
6,300 RESOURCE AMERICA, INC (CLASS A) ..... $ 50
4,700 RESOURCE BANCSHARES
MORTGAGE GROUP, INC ............... 21
57,891 SLM HOLDINGS CORP ................... 2,446
2,000 STUDENT LOAN CORP ................... 100
18,940 * UNICAPITAL CORP ..................... 70
7,280 x* UNITED COS FINANCIAL CORP ........... 1
156 * WILSHIRE FINANCIAL
SERVICES GROUP, INC ............... 0
----------
86,994
----------
NONMETALLIC MINERALS, EXCEPT FUELS--0.04%
4,000 AMCOL INTERNATIONAL CORP ............ 65
7,900 JOHNS MANVILLE CORP ................. 111
15,068 MARTIN MARIETTA MATERIALS, INC ...... 618
1,913 POTASH CORP OF
SASKATCHEWAN, INC (U.S.) .......... 92
28,500 VULCAN MATERIALS CO ................. 1,138
----------
2,024
----------
OIL AND GAS EXTRACTION--0.71%
31,816 ANADARKO PETROLEUM CORP ............. 1,086
27,157 APACHE CORP ......................... 1,003
5,400 * ATWOOD OCEANICS, INC ................ 209
2,300 * BELCO OIL & GAS CORP ................ 13
11,400 * BENTON OIL & GAS CO ................. 22
5,171 BERRY PETROLEUM CO (CLASS A) ........ 78
22,868 * BJ SERVICES CO ...................... 956
160 * BJ SERVICES CO WTS 04/13/00 ......... 9
6,900 * BROWN (TOM), INC .................... 92
56,708 BURLINGTON RESOURCES, INC ........... 1,875
12,700 CABOT OIL & GAS CORP (CLASS A) ...... 204
100 * CAL DIVE INTERNATIONAL, INC ......... 3
11,000 * CHESAPEAKE ENERGY CORP .............. 26
8,000 * COMSTOCK RESOURCES, INC ............. 23
25,500 CONOCO, INC (CLASS A) ............... 631
4,500 CONSOL ENERGY, INC .................. 46
2,020 * CONTOUR ENERGY CO ................... 1
14,850 CROSS TIMBERS OIL CO ................ 135
13,344 DEVON ENERGY CORP (NEW) ............. 439
22,500 DIAMOND OFFSHORE DRILLING, INC ...... 688
283 x* EAGLE GEOPHYSICAL, INC .............. 0
17,014 * EEX CORP ............................ 50
47,350 ENSCO INTERNATIONAL, INC ............ 1,083
20,000 EOG RESOURCES, INC .................. 351
6,800 x* FORCENERGY GAS EXPLORATION, INC ..... 3
13,500 * FOREST OIL CORP ..................... 178
12,394 * FRIEDE GOLDMAN HALTER, INC .......... 86
19,200 * GLOBAL INDUSTRIES LTD ............... 166
56,800 * GLOBAL MARINE, INC .................. 944
76,900 * GREY WOLF, INC ...................... 221
153,857 HALLIBURTON CO ...................... 6,193
7,900 * HANOVER COMPRESSOR CO ............... 298
44,100 * HARKEN ENERGY CORP .................. 33
13,800 HELMERICH & PAYNE, INC .............. 301
2,500 * HS RESOURCES, INC ................... 43
6,800 x* KCS ENERGY, INC ..................... 6
26,072 KERR-MCGEE CORP ..................... 1,616
16,000 * KEY ENERGY SERVICES, INC ............ 83
6,100 * LOUIS DREYFUS NATURAL GAS CORP ...... 111
22,400 * MARINE DRILLING CO, INC ............. 503
12,921 * MCMORAN EXPLORATION CO .............. 273
6,900 * MERIDIAN RESOURCE CORP .............. 21
16,400 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A) ......................... 362
48,502 * NABORS INDUSTRIES, INC .............. 1,501
11,000 * NEWFIELD EXPLORATION CO ............. 294
16,300 NOBLE AFFILIATES, INC ............... 349
46,700 * NOBLE DRILLING CORP ................. 1,529
6,800 * NUEVO ENERGY CO ..................... 128
111,229 OCCIDENTAL PETROLEUM CORP ........... 2,405
42,306 * OCEAN ENERGY, INC (NEW) ............. 328
5,600 * OCEANEERING INTERNATIONAL, INC ...... 84
33,100 * PARKER DRILLING CO .................. 106
10,300 * PATTERSON ENERGY, INC ............... 134
1,300 PENN VIRGINIA CORP .................. 22
32,700 * PIONEER NATURAL RESOURCES CO 292
12,800 POGO PRODUCING CO ................... 262
22,200 * PRIDE INTERNATIONAL, INC ............ 325
71,086 * R & B FALCON CORP ................... 942
12,700 RANGE RESOURCES CORP ................ 40
24,400 * ROWAN COS, INC ...................... 529
900 ROYAL DUTCH PETROLEUM CO (NY REGD)ADR 54
53,265 * SANTA FE SNYDER CORP ................ 426
2,267 SCHLUMBERGER LTD .................... 128
4,400 * SEITEL, INC ......................... 30
1,900 ST. MARY LAND & EXPLORATION CO ...... 47
3,848 * STONE ENERGY CORP ................... 137
10,000 * SUPERIOR ENERGY SERVICES, INC ....... 68
4,950 * SWIFT ENERGY CO ..................... 57
3,300 * SYNTROLEUM CORP ..................... 27
8,900 * TITAN EXPLORATION, INC .............. 48
1,620 * TOTAL FINA WTS 08/05/03 ............. 46
4,100 * TRANSMONTAIGNE, INC ................. 29
36,538 * TRANSOCEAN SEDCO FOREX, INC ......... 1,231
6,600 x* TRANSTEXAS GAS CORP ................. 1
2,700 * TRITON ENERGY LTD ................... 56
20,300 * TUBOSCOPE, INC ...................... 322
81,692 UNION PACIFIC RESOURCES GROUP, INC .. 1,042
6,700 * UTI ENERGY CORP ..................... 155
4,900 VASTAR RESOURCES, INC ............... 289
8,200 * VERITAS DGC, INC .................... 115
10,900 * VINTAGE PETROLEUM, INC .............. 131
33,815 * WEATHERFORD INTERNATIONAL ........... 1,350
----------
35,523
----------
PAPER AND ALLIED PRODUCTS--0.85%
17,900 * ACX TECHNOLOGIES, INC ............... 191
8,166 * AMERICAN PAD & PAPER CO ............. 2
35,995 AVERY DENNISON CORP ................. 2,623
16,713 BEMIS, INC .......................... 583
16,600 BOISE CASCADE CORP .................. 672
18,869 BOWATER, INC ........................ 1,025
14,700 * BUCKEYE TECHNOLOGIES, INC ........... 219
14,000 CARAUSTAR INDUSTRIES, INC ........... 336
33,000 CHAMPION INTERNATIONAL CORP ......... 2,044
10,800 CHESAPEAKE CORP ..................... 329
20,000 CONSOLIDATED PAPERS, INC ............ 636
12,170 * CROWN VANTAGE, INC .................. 25
10,300 * EARTHSHELL CORP ..................... 42
80,575 FORT JAMES CORP ..................... 2,206
16,200 * GAYLORD CONTAINER CO ................ 110
17,800 GLATFELTER (P.H.) CO ................ 259
700 GREIF BROTHERS CORP (CLASS A) ....... 21
152,372 INTERNATIONAL PAPER CO .............. 8,599
6,800 * IVEX PACKAGING CORP ................. 68
197,335 KIMBERLY-CLARK CORP ................. 12,876
19,200 LONGVIEW FIBRE CO ................... 274
21,000 * MAIL-WELL, INC ...................... 284
34,844 MEAD CORP ........................... 1,514
15,600 * PLAYTEX PRODUCTS, INC ............... 240
9,800 POTLATCH CORP ....................... 437
6,500 ROCK-TENN CO (CLASS A) .............. 96
5,760 SCHWEITZER-MAUDUIT INTERNATIONAL, INC 77
20,550 * SHOREWOOD PACKAGING CORP ............ 389
40,427 * SMURFIT-STONE CONTAINER CORP ........ 990
SEE NOTES TO FINANCIAL STATEMENTS
48 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
PAPER AND ALLIED PRODUCTS--(Continued)
37,323 SONOCO PRODUCTS CO .................. $ 849
6,800 ST. JOE CO .......................... 165
18,634 TEMPLE-INLAND, INC .................. 1,229
20,025 WAUSAU-MOSINEE PAPER CORP ........... 234
26,450 WESTVACO CORP ....................... 863
35,600 WILLAMETTE INDUSTRIES, INC .......... 1,653
----------
42,160
----------
PERSONAL SERVICES--0.08%
34,121 BLOCK (H&R), INC .................... 1,493
3,700 * CARRIAGE SERVICES, INC (CLASS A) .... 22
25,600 CINTAS CORP ......................... 1,360
1,100 * COINMACH LAUNDRY CORP ............... 12
6,700 * COINSTAR, INC ....................... 94
1,028 CPI CORP ............................ 23
9,000 G & K SERVICES, INC (CLASS A) ....... 291
6,600 REGIS CORP .......................... 125
97,693 SERVICE CORP INTERNATIONAL .......... 678
2,400 UNIFIRST CORP ....................... 30
----------
4,128
----------
PETROLEUM AND COAL PRODUCTS--3.28%
23,200 AMERADA HESS CORP ................... 1,317
21,472 ASHLAND, INC ........................ 707
237,754 BP AMOCO PLC (SPONS ADR) ............ 14,102
219,305 CHEVRON CORP ........................ 18,997
331,041 CONOCO, INC (CLASS B) ............... 8,235
4,100 ELCOR CORP .......................... 124
1,220,091 EXXON MOBIL CORP .................... 98,294
2,500 * FRONTIER OIL CORP ................... 17
1,400 HOLLY CORP .......................... 19
11,600 MURPHY OIL CORP ..................... 666
24,244 PENNZOIL-QUAKER STATE CO ............ 247
66,022 PHILLIPS PETROLEUM CO ............... 3,103
25,600 SUNOCO, INC ......................... 602
9,600 * TESORO PETROLEUM CORP ............... 111
175,725 TEXACO, INC ......................... 9,544
47,147 TOSCO CORP .......................... 1,282
28,194 ULTRAMAR DIAMOND SHAMROCK CORP ...... 640
79,262 UNOCAL CORP ......................... 2,660
100,400 USX-MARATHON GROUP, INC ............. 2,479
13,200 * VALERO ENERGY CORP .................. 262
4,200 WD-40 CO ............................ 93
----------
163,501
----------
PRIMARY METAL INDUSTRIES--0.44%
52,339 AK STEEL HOLDINGS CORP .............. 988
130,094 ALCOA, INC .......................... 10,798
41,810 ALLEGHENY TECHNOLOGIES, INC ......... 938
4,939 * ALPINE GROUP, INC ................... 64
14,800 BELDEN, INC ......................... 311
43,786 * BETHLEHEM STEEL CORP ................ 367
9,200 BIRMINGHAM STEEL CORP ............... 49
12,700 BRUSH WELLMAN, INC .................. 214
9,800 * CABLE DESIGN TECHNOLOGIES CO ........ 225
4,800 CARPENTER TECHNOLOGY CORP ........... 132
1,700 CENTURY ALUMINUM CO ................. 26
1,504 * CHASE INDUSTRIES, INC ............... 12
300 CURTISS WRIGHT CORP ................. 11
3,200 * ENCORE WIRE CORP .................... 24
26,800 ENGELHARD CORP ...................... 506
20,450 GENERAL CABLE CORP .................. 155
2,300 INTERMET CORP ....................... 27
13,500 * KAISER ALUMINUM CORP ................ 104
7,500 * LONE STAR TECHNOLOGIES, INC ......... 209
43,900 LTV CORP ............................ 181
2,200 MATTHEWS INTERNATIONAL
CORP (CLASS A) .................... 61
3,300 * MAVERICK TUBE CORP .................. 81
1,200 * MAXXAM, INC ......................... 51
17,000 * MUELLER INDUSTRIES, INC ............. 616
13,566 NATIONAL STEEL CORP (CLASS B) ....... 101
1,900 * NS GROUP, INC ....................... 14
28,600 NUCOR CORP .......................... 1,568
8,800 OREGON STEEL MILLS, INC ............. 70
8,100 PRECISION CAST PARTS CORP ........... 213
1,400 QUANEX CORP ......................... 36
18,900 REYNOLDS METALS CO .................. 1,448
12,600 ROUGE INDUSTRIES, INC (CLASS A) ..... 99
2,400 * RTI INTERNATIONAL METALS ............ 18
8,990 RYERSON TULL, INC ................... 175
14,100 * STEEL DYNAMICS, INC ................. 225
3,225 SUPERIOR TELECOM, INC ............... 50
5,700 TEXAS INDUSTRIES, INC ............... 243
4,800 TITAN INTERNATIONAL, INC ............ 31
6,400 TITANIUM METALS CORP ................ 29
23,900 USX-US STEEL GROUP, INC ............. 789
7,200 * WHX CORP ............................ 65
4,600 * WOLVERINE TUBE, INC ................. 65
31,740 WORTHINGTON INDUSTRIES, INC ......... 526
----------
21,915
----------
PRINTING AND PUBLISHING--0.74%
4,100 AMERICAN BUSINESS PRODUCTS, INC ..... 48
18,700 AMERICAN GREETINGS CORP (CLASS A) ... 442
11,500 * APPLIED GRAPHICS TECHNOLOGIES, INC .. 99
12,500 BANTA CORP .......................... 282
47,700 BELO (A.H.) CORP SERIES A ........... 909
9,200 BOWNE & CO, INC ..................... 124
17,900 CENTRAL NEWSPAPERS, INC (CLASS A) ... 705
4,100 * CONSOLIDATED GRAPHICS, INC .......... 61
386 * CSS INDUSTRIES, INC ................. 8
25,800 DELUXE CORP ......................... 708
40,800 DONNELLEY (R.R.) & SONS CO .......... 1,012
14,500 DOW JONES & CO, INC ................. 986
12,000 * FRANKLIN COVEY CO ................... 90
97,047 GANNETT CO, INC ..................... 7,915
10,000 * GIBSON GREETINGS, INC ............... 90
12,800 HARLAND (JOHN H.) CO ................ 234
17,600 HARTE-HANKS, INC .................... 383
14,400 HOLLINGER INTERNATIONAL, INC ........ 186
16,200 HOUGHTON MIFFLIN CO ................. 683
15,700 * JOURNAL REGISTER CO ................. 242
24,200 KNIGHT-RIDDER, INC .................. 1,440
16,800 LEE ENTERPRISES, INC ................ 537
4,200 MCCLATCHY CO (CLASS A) .............. 182
65,898 MCGRAW HILL COS, INC ................ 4,061
4,000 * MEDIA ARTS GROUP, INC ............... 14
8,534 MEDIA GENERAL, INC (CLASS A) ........ 444
13,200 MEREDITH CORP ....................... 550
4,416 NEW ENGLAND BUSINESS SERVICES, INC .. 108
55,600 NEW YORK TIMES CO (CLASS A) ......... 2,731
13,987 NEWS CORP LTD ....................... 468
8,625 * PAXAR CORP .......................... 73
5,300 PENTON MEDIA, INC ................... 127
43,061 * PRIMEDIA, INC ....................... 711
4,800 PULITZER, INC ....................... 194
1,775 QUEBECOR PRINTING, INC. ............. 39
14,089 * R.H. DONNELLEY CORP ................. 266
27,810 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) .............. 813
25,000 REYNOLDS & REYNOLDS CO (CLASS A) .... 563
3,300 * SCHOLASTIC CORP ..................... 205
11,800 * SCIENTIFIC GAMES HOLDINGS CORP ...... 195
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 49
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
PRINTING AND PUBLISHING--(Continued)
9,700 SCRIPPS (E.W.) CO (CLASS A) ......... $ 435
2,900 STANDARD REGISTER, INC .............. 56
19,044 TIMES MIRROR CO SERIES A ............ 1,276
34,100 * TOPPS, INC .......................... 354
65,800 TRIBUNE CO .......................... 3,623
12,000 WALLACE COMPUTER SERVICES, INC ...... 200
2,700 WASHINGTON POST CO (CLASS B) ........ 1,501
12,800 WILEY (JOHN) & SONS, INC (CLASS A) .. 214
3,270 * WORKFLOW MANAGEMENT, INC ............ 94
6,600 * ZIFF-DAVIS, INC-ZDNET ............... 104
----------
36,785
----------
RAILROAD TRANSPORTATION--0.31%
160,725 BURLINGTON NORTHERN SANTA FE CORP ... 3,898
316 CANADIAN NATIONAL RAILWAY CO ........ 8
70,152 CSX CORP ............................ 2,201
6,500 FLORIDA EAST COAST INDUSTRIES, INC .. 271
38,900 KANSAS CITY SOUTHERN INDUSTRIES, INC 2,903
125,058 NORFOLK SOUTHERN CORP ............... 2,564
83,185 UNION PACIFIC CORP .................. 3,629
14,800 * WISCONSIN CENTRAL TRANSIT CORP ...... 199
----------
15,673
----------
REAL ESTATE--0.06%
33,900 ARDEN REALTY GROUP, INC ............. 680
500 * AVATAR HOLDINGS, INC ................ 9
8,400 * CASTLE & COOKE, INC ................. 107
33,900 * CATELLUS DEVELOPMENT CORP ........... 434
8,497 * CB RICHARD ELLIS SERVICES GROUP, INC 105
12,346 * ECHELON INTERNATIONAL CORP .......... 284
1,500 * EXCEL LEGACY CORP ................... 5
17,900 * FAIRFIELD COMMUNITIES, INC .......... 192
300 FOREST CITY ENTERPRISES, INC.
(CLASS A) ......................... 8
4,116 * GRUBB & ELLIS CO .................... 19
2,200 * INSIGNIA FINANCIAL GROUP, INC ....... 19
11,000 * JONES LANG LA SALLE ................. 131
10,450 LNR PROPERTY CORP ................... 208
6,800 * PINNACLE HOLDINGS, INC .............. 288
4,416 * RECKSON SERVICES INDUSTRIES, INC .... 275
11,200 * SECURITY CAPITAL GROUP, INC (CLASS B) 140
38,500 STEWART ENTERPRISES, INC (CLASS A) .. 183
9,600 * TRAMMELL CROW CO .................... 112
----------
3,199
----------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.29%
500 * AEP INDUSTRIES, INC ................. 13
16,400 APTARGROUP, INC ..................... 412
18,100 ARMSTRONG WORLD INDUSTRIES, INC ..... 604
6,200 BANDAG, INC ......................... 155
8,600 CARLISLE COS, INC ................... 310
19,800 COOPER TIRE & RUBBER CO ............. 308
7,700 * FOAMEX INTERNATIONAL, INC ........... 64
53,962 GOODYEAR TIRE & RUBBER CO ........... 1,521
89,685 ILLINOIS TOOL WORKS, INC ............ 6,059
2,745 MYERS INDUSTRIES, INC ............... 43
30,447 NIKE, INC (CLASS B) ................. 1,509
56,530 * PACTIV CORP ......................... 601
16,790 * REEBOK INTERNATIONAL LTD ............ 137
23,700 * SAFESKIN CORP ....................... 287
21,869 * SEALED AIR CORP ..................... 1,133
42,256 SOLUTIA, INC ........................ 652
2,400 SPARTECH CORP ....................... 77
7,800 TREDEGAR CORP ....................... 161
25,200 TUPPERWARE CORP ..................... 427
5,800 * U S PLASTIC LUMBER CORP ............. 45
2,886 WYNNS INTERNATIONAL, INC ............ 41
----------
14,559
----------
SECURITY AND COMMODITY BROKERS--1.45%
2,000 ADVEST GROUP, INC ................... 37
12,800 * AFFILIATED MANAGERS GROUP, INC ...... 518
24,900 * AMERITRADE HOLDINGS CORP (CLASS A) .. 540
43,152 BEAR STEARNS COS, INC ............... 1,845
2,700 CONNING CORP ........................ 22
4,100 DAIN RAUSCHER CORP .................. 191
4,900 * DLJ DIRECT .......................... 66
11,900 DONALDSON, LUFKIN & JENRETTE, INC ... 576
600 DUFF & PHELPS CREDIT RATING CO ...... 53
68,200 * E TRADE GROUP, INC .................. 1,782
10,800 EATON VANCE CORP .................... 410
31,450 EDWARDS (A.G.), INC ................. 1,008
18,600 FEDERATED INVESTORS, INC ............ 373
59,291 FRANKLIN RESOURCES, INC ............. 1,901
5,743 FREEDOM SECURITIES CORP ............. 65
9,701 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC 76
6,057 INVESTMENT TECHNOLOGY GROUP, INC .... 174
2,600 INVESTORS FINANCIAL SERVICES CORP ... 120
4,800 JEFFERIES GROUP, INC (NEW) .......... 106
1,500 JOHN NUVEEN CO (CLASS A) ............ 54
25,600 * KNIGHT/TRIMARK GROUP, INC ........... 1,178
22,132 LEGG MASON, INC ..................... 802
44,220 LEHMAN BROTHERS HOLDINGS, INC ....... 3,745
130,200 MERRILL LYNCH & CO, INC ............. 10,872
10,600 MORGAN KEEGAN, INC .................. 178
203,326 MORGAN STANLEY, DEAN WITTER, & CO ... 29,025
5,700 * NATIONAL DISCOUNT BROKERS GROUP, INC 150
51,900 PAINE WEBBER GROUP, INC ............. 2,014
8,394 PHOENIX INVESTMENT PARTNERS LTD ..... 68
10,000 * PIONEER GROUP, INC .................. 158
35,700 PRICE (T. ROWE) ASSOCIATES, INC ..... 1,319
17,700 RAYMOND JAMES FINANCIAL CORP ........ 331
239,424 SCHWAB (CHARLES) CORP ............... 9,188
1,000 SIEBERT FINANCIAL CORP .............. 15
4,510 SOUTHWEST SECURITIES GROUP, INC ..... 123
20,700 THE GOLDMAN SACHS GROUP, INC ........ 1,950
24,700 UNITED ASSET MANAGEMENT CORP ........ 458
28,058 WADDELL & REED FINANCIAL, INC
(CLASS A) ......................... 761
9,722 WADDELL & REED FINANCIAL, INC
(CLASS B) ......................... 244
----------
72,496
----------
SOCIAL SERVICES--0.00%
1,300 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 24
2,700 * BROOKDALE LIVING COMMUNITIES, INC ... 33
1,500 * CAPITAL SENIOR LIVING CORP .......... 8
8,100 * RES-CARE, INC ....................... 103
6,700 * SUNRISE ASSISTED LIVING, INC ........ 92
----------
260
----------
SPECIAL TRADE CONTRACTORS--0.01%
9,800 APOGEE ENTERPRISES, INC ............. 50
14,644 * COMFORT SYSTEMS U.S.A., INC ......... 108
4,800 * GROUP MAINTENANCE AMERICA CORP ...... 51
8,400 * INTEGRATED ELECTRICAL SERVICES, INC . 85
800 x* OMEGA ENVIRONMENTAL, INC ............ 0
9,100 * QUANTA SERVICES, INC ................ 257
6,017 * SERVICE EXPERTS, INC ................ 35
----------
586
----------
STONE, CLAY, AND GLASS PRODUCTS--0.32%
400 AMERON INTERNATIONAL CORP ........... 16
2,600 CENTEX CONSTRUCTION PRODUCTS, INC ... 101
87,211 CORNING, INC ........................ 11,245
14,600 * DAL-TILE INTERNATIONAL, INC ......... 148
7,500 * DEPARTMENT 56, INC .................. 170
2,100 * DUPONT PHOTOMASKS, INC .............. 101
5,000 FLORIDA ROCK INDUSTRIES, INC ........ 172
SEE NOTES TO FINANCIAL STATEMENTS
50 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
STONE, CLAY, AND GLASS PRODUCTS--(Continued)
11,415 LAFARGE CORP ........................ $ 315
10,100 LIBBEY, INC ......................... 290
20,600 OWENS CORNING CO .................... 398
54,100 * OWENS ILLINOIS, INC ................. 1,356
900 PUERTO RICAN CEMENT CO, INC ......... 31
14,192 SOUTHDOWN, INC ...................... 733
18,300 USG CORP ............................ 862
----------
15,938
----------
TEXTILE MILL PRODUCTS--0.06%
22,984 * ALBANY INTERNATIONAL
CORP (CLASS A) NEW ................ 356
29,800 * BURLINGTON INDUSTRIES, INC .......... 119
16,700 COLLINS & AIKMAN CORP ............... 96
26,800 * CONE MILLS CORP ..................... 121
2,800 GUILFORD MILLS, INC ................. 20
20,200 INTERFACE, INC (CLASS A) ............ 116
15,400 * MOHAWK INDUSTRIES, INC .............. 406
4,700 POLYMER GROUP, INC .................. 86
10,300 RUSSELL CORP ........................ 173
40,800 SHAW INDUSTRIES, INC ................ 630
6,200 SPRING INDUSTRIES, INC .............. 248
19,300 * UNIFI, INC .......................... 238
17,200 WESTPOINT STEVENS, INC .............. 301
----------
2,910
----------
TOBACCO PRODUCTS--0.45%
11,300 * GENERAL CIGAR HOLDINGS, INC (CLASS A) 94
835,304 PHILIP MORRIS COS, INC .............. 19,369
103,261 RJR REYNOLDS TOBACCO HOLDINGS, INC .. 1,820
54,700 UST, INC ............................ 1,378
----------
22,661
----------
TRANSPORTATION BY AIR--0.38%
29,100 AIRBORNE FREIGHT CORP ............... 640
200 * AIRNET SYSTEMS, INC ................. 1
19,000 * AIRTRAN HOLDINGS, INC ............... 86
12,100 * ALASKA AIR GROUP, INC ............... 425
15,600 * AMERICA WEST HOLDINGS CORP (CLASS B) 324
54,111 * AMR CORP ............................ 3,625
2,000 * AMTRAN, INC ......................... 39
5,100 * ATLANTIC COAST AIRLINES HOLDINGS .... 121
3,750 * ATLAS AIR, INC ...................... 103
3,047 * AVIALL, INC ......................... 25
19,300 * CONTINENTAL AIRLINES, INC (CLASS B) . 856
48,958 DELTA AIRLINES, INC ................. 2,439
104,400 * FDX CORP ............................ 4,274
3,100 * FRONTIER AIRLINES, INC .............. 35
5,600 * KITTY HAWK, INC ..................... 39
9,200 * MESA AIR GROUP, INC ................. 44
9,800 * MESABA HOLDINGS, INC ................ 112
8,121 * MIDWEST EXPRESS HOLDINGS, INC ....... 259
12,600 * NORTHWEST AIRLINES CORP (CLASS A) ... 280
10,700 * OFFSHORE LOGISTICS, INC ............. 100
24,500 OGDEN CORP .......................... 292
6,800 PITTSTON BAX GROUP .................. 72
6,400 SKYWEST, INC ........................ 179
173,589 SOUTHWEST AIRLINES CO ............... 2,810
13,600 * TRANS WORLD AIRLINES, INC ........... 38
28,614 * U.S. AIRWAYS GROUP, INC ............. 917
8,135 * UAL CORP ............................ 631
----------
18,766
----------
TRANSPORTATION EQUIPMENT--2.45%
2,900 * ABC RAIL PRODUCTS CORP .............. 24
4,100 * AFTERMARKET TECHNOLOGY CORP ......... 49
17,200 ARCTIC CAT, INC ..................... 172
16,700 ARVIN INDUSTRIES, INC ............... 474
28,399 AUTOLIV, INC ........................ 831
7,000 * BE AEROSPACE, INC ................... 59
344,652 BOEING CO ........................... 14,325
11,261 BORG-WARNER AUTOMOTIVE, INC ......... 456
5,900 x* BREED TECHNOLOGIES, INC ............. 1
5,400 CLARCOR, INC ........................ 97
9,400 COACHMEN INDUSTRIES, INC ............ 142
2,400 COMMERCIAL INTERTECH CORP ........... 31
12,400 CORDANT TECHNOLOGIES, INC ........... 409
56,318 DANA CORP ........................... 1,686
33,060 DANAHER CORP ........................ 1,595
4,000 * DELCO REMY INTERNATIONAL,
INC (CLASS A) ..................... 33
192,710 DELPHI AUTOMOTIVE SYSTEMS CORP ...... 3,035
1,300 * DUCOMMUN, INC ....................... 14
25,800 EATON CORP .......................... 1,874
22,900 FEDERAL SIGNAL CORP ................. 368
24,900 FEDERAL-MOGUL CORP .................. 501
11,200 FLEETWOOD ENTERPRISES, INC .......... 231
411,642 FORD MOTOR CO ....................... 21,997
9,800 GENCORP, INC ........................ 97
56,100 GENERAL DYNAMICS CORP ............... 2,959
231,800 GENERAL MOTORS CORP ................. 16,849
37,200 * GENERAL MOTORS CORP (CLASS H) ....... 3,571
3,361 GENTEK, INC ......................... 35
27,600 * GENTEX CORP ......................... 766
34,368 GOODRICH (B.F.) CO .................. 945
54,500 HARLEY DAVIDSON, INC ................ 3,491
9,260 * HAYES LEMMERZ INTERNATIONAL, INC .... 161
1,200 HEICO CORP .......................... 26
294,356 HONEYWELL INTERNATIONAL, INC ........ 16,981
8,720 * HOWMET INTERNATIONAL, INC ........... 158
32,200 ITT INDUSTRIES, INC ................. 1,077
3,500 KAMAN CORP (CLASS A) ................ 45
6,200 * KELLSTROM INDUSTRIES, INC ........... 57
700 * KROLL O GARA CO ..................... 12
116,570 LOCKHEED MARTIN CORP ................ 2,550
14,500 MASCOTECH, INC ...................... 184
33,233 MERITOR AUTOMOTIVE, INC ............. 644
7,400 * MILLER INDUSTRIES, INC .............. 21
7,500 MODINE MANUFACTURING CO ............. 188
10,800 * MONACO COACH CORP ................... 276
2,500 * NATIONAL R.V. HOLDINGS, INC ......... 48
21,200 * NAVISTAR INTERNATIONAL CORP ......... 1,004
11,406 NEWPORT NEWS SHIPBUILDING, INC ...... 314
22,740 NORTHROP GRUMMAN CORP ............... 1,229
7,700 * OEA, INC ............................ 38
12,000 * ORBITAL SCIENCES CORP ............... 223
500 OSHKOSH TRUCK CORP .................. 15
22,600 PACCAR, INC ......................... 1,001
9,900 POLARIS INDUSTRIES, INC ............. 359
10,600 REGAL-BELOIT CORP ................... 219
1,263 * SEQUA CORP (CLASS A) ................ 68
8,850 SMITH (A.O.) CORP ................... 194
10,287 * SPX CORP ............................ 831
500 STANDARD MOTOR PRODUCTS,
INC (CLASS A) ..................... 8
4,400 * STONERIDGE, INC ..................... 68
11,600 SUPERIOR INDUSTRIES
INTERNATIONAL, INC ................ 311
43,372 TEXTRON, INC ........................ 3,326
17,475 TRANSPRO, INC ....................... 112
11,900 TRINITY INDUSTRIES, INC ............. 338
3,187 * TRIUMPH GROUP, INC .................. 77
34,100 TRW, INC ............................ 1,771
166,674 UNITED TECHNOLOGIES CORP ............ 10,808
5,400 WABASH NATIONAL CORP ................ 81
11,554 WESTINGHOUSE AIR BRAKE CO ........... 205
2,300 WINNEBAGO INDUSTRIES, INC ........... 46
----------
122,191
----------
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 51
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE (000)
- ----------- -----------
TRANSPORTATION SERVICES--0.08%
26,050 AIR EXPRESS INTERNATIONAL CORP ...... $ 842
9,600 C.H. ROBINSON WORLDWIDE, INC ........ 382
300 * CHEAP TICKETS, INC .................. 4
3,800 CIRCLE INTERNATIONAL GROUP, INC ..... 85
4,350 * EAGLE U.S.A. AIRFREIGHT, INC ........ 188
18,600 EXPEDITORS INTERNATIONAL
OF WASHINGTON .................... 815
7,600 * FRITZ COS, INC ...................... 80
21,500 GALILEO INTERNATIONAL, INC .......... 644
23,000 GATX CORP ........................... 776
2,452 * NAVIGANT INTERNATIONAL, INC ......... 29
1,000 * TRAVEL SERVICES INTERNATIONAL, INC .. 9
700 * U.S. EXPRESS
ENTERPRISES, INC (CLASS A) ........ 5
----------
3,859
----------
TRUCKING AND WAREHOUSING--0.07%
13,300 * AMERICAN FREIGHTWAYS CORP ........... 215
6,500 ARNOLD INDUSTRIES, INC .............. 91
12,227 CNF TRANSPORTATION, INC ............. 422
10,950 * CONSOLIDATED FREIGHTWAYS CORP ....... 87
5,300 * COVENANT TRANSPORT, INC (CLASS A) ... 92
4,300 * HEARTLAND EXPRESS, INC .............. 68
6,200 HUNT (J.B.) TRANSPORT SERVICES, INC . 86
6,400 * IRON MOUNTAIN, INC .................. 252
10,000 * LANDSTAR SYSTEM, INC ................ 428
6,200 * M.S. CARRIERS, INC .................. 148
700 * PIERCE LEAHY CORP ................... 30
6,400 ROADWAY EXPRESS, INC ................ 138
21,375 * SWIFT TRANSPORTATION CO, INC ........ 377
12,300 USFREIGHTWAYS CORP .................. 589
16,875 WERNER ENTERPRISES, INC ............. 237
17,400 * YELLOW CORP ......................... 293
----------
3,553
----------
WATER TRANSPORTATION--0.04%
34,000 ALEXANDER & BALDWIN, INC ............ 776
3,400 * GULFMARK OFFSHORE, INC .............. 50
13,000 HVIDEMARINE, INC (CLASS A) .......... 0
8,800 * KIRBY CORP .......................... 180
2,270 * MARINE TRANSPORT CORP ............... 6
22,700 * OMI CORP (NEW) ...................... 47
6,700 OVERSEAS SHIPHOLDING GROUP, INC ..... 99
4,900 * SEACOR SMIT, INC .................... 254
17,127 TIDEWATER, INC ...................... 617
9,000 * TRICO MARINE SERVICES, INC .......... 64
----------
2,093
----------
WHOLESALE TRADE-DURABLE GOODS--0.26%
12,450 AAR CORP ............................ 223
5,300 * ACTION PERFORMANCE COS, INC ......... 61
2,800 * ANICOM, INC ......................... 12
9,300 * ANIXTER INTERNATIONAL, INC .......... 192
10,330 APPLIED INDUSTRIAL TECHNOLOGIES, INC 172
35,171 * ARROW ELECTRONICS, INC .............. 892
5,700 * AURA SYSTEMS, INC ................... 2
4,500 * AVIATION SALES CO ................... 74
16,908 AVNET, INC .......................... 1,023
19,500 * BOYDS COLLECTION LTD ................ 135
8,500 BRIGGS & STRATTON CORP .............. 456
24,000 * BRIGHTPOINT, INC .................... 315
17,800 * CELLSTAR CORP ....................... 176
11,100 * CHS ELECTRONICS, INC ................ 12
11,900 COMMERCIAL METALS CO ................ 404
18,600 * COMPUCOM SYSTEMS, INC ............... 77
2,800 * DURA AUTOMOTIVE SYSTEMS, INC ........ 49
5,400 * FAIRCHILD CORP (CLASS A) ............ 49
10,100 * FISHER SCIENTIFIC INTERNATIONAL, INC 365
58,996 GENUINE PARTS CO .................... 1,464
24,883 GRAINGER (W.W.), INC ................ 1,190
21,050 * HA-LO INDUSTRIES, INC ............... 158
9,400 * HANDLEMAN CO ........................ 126
7,100 HUGHES SUPPLY, INC .................. 153
4,427 * HUTTIG BUILDING PRODUCTS, INC ....... 22
49,400 IKON OFFICE SOLUTIONS, INC .......... 337
23,200 * INGRAM MICRO, INC (CLASS A) ......... 305
10,500 * KENT ELECTRONICS CORP ............... 239
2,500 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC . 15
29,200 * LANIER WORLDWIDE, INC ............... 113
23,700 * MERISEL, INC ........................ 31
7,300 * MICROAGE, INC ....................... 26
16,100 * MSC INDUSTRIAL DIRECT CO (CLASS A) .. 213
14,800 * NATIONAL-OILWELL, INC ............... 232
7,000 * NAVARRE CORP ........................ 40
11,100 OWENS & MINOR, INC .................. 99
11,050 * PATTERSON DENTAL CO ................. 471
13,650 PIONEER-STANDARD ELECTRONICS, INC ... 197
1,200 * POMEROY COMPUTER RESOURCES, INC ..... 16
1,392 PREMIER FARNELL PLC ADR ............. 19
24,725 * PSS WORLD MEDICAL, INC .............. 233
3,600 RELIANCE STEEL & ALUMINUM CO ........ 84
11,100 * SAFEGUARD SCIENTIFICS, INC .......... 1,799
3,200 * SCP POOL CORP ....................... 83
13,500 * TBC CORP ............................ 84
18,600 * TECH DATA CORP ...................... 505
4,738 WATSCO, INC ......................... 55
9,200 * WESCO INTERNATIONAL, INC ............ 82
3,300 * WILMAR INDUSTRIES, INC .............. 57
----------
13,137
----------
WHOLESALE TRADE-NONDURABLE GOODS--0.53%
20,300 * AIRGAS, INC ......................... 193
17,900 * AMERISOURCE HEALTH CORP (CLASS A) ... 272
34,000 * AVATEX CORP (CLASS A) ............... 47
13,700 * BARNETT RESOURCES CORP .............. 403
47,234 BERGEN BRUNSWIG CORP (CLASS A) ...... 393
5,528 BINDLEY WESTERN INDUSTRIES, INC ..... 83
3,216 * BOISE CASCADE OFFICE PRODUCTS CORP .. 48
99,961 CARDINAL HEALTH, INC ................ 4,786
9,939 * CENTRAL GARDEN & PET CO ............. 103
2,600 CHEMED CORP ......................... 74
2,900 * DAISYTEK INTERNATIONAL CORP ......... 68
41,700 DIMON, INC .......................... 136
233,440 ENRON CORP .......................... 10,359
4,100 HERBALIFE INTERNATIONAL, INC
(CLASS A) ......................... 59
2,000 HERBALIFE INTERNATIONAL, INC
(CLASS B) ......................... 27
3,000 INTERNATIONAL MULTIFOODS CORP ....... 40
103,157 MCKESSON HBOC, INC .................. 2,327
5,100 * NCS HEALTHCARE, INC (CLASS A) ....... 12
14,700 * NU SKIN ENTERPRISES, INC (CLASS A) .. 133
2,500 * PERFORMANCE FOOD GROUP CO ........... 61
4,700 * PLAINS RESOURCES, INC ............... 59
2,785 * PRIORITY HEALTHCARE CORP (CLASS A) .. 81
3,900 * PRIORITY HEALTHCARE CORP (CLASS B) .. 113
3,725 * SCHOOL SPECIALTY, INC ............... 56
10,600 * SCIOS, INC .......................... 44
2,200 * SMART & FINAL, INC .................. 16
51,483 SUPERVALU, INC ...................... 1,030
1,500 * SYNCOR INTERNATIONAL CORP ........... 44
115,876 SYSCO CORP .......................... 4,584
21,000 TERRA INDUSTRIES, INC ............... 34
1,800 * U.S.A. FLORAL PRODUCTS, INC ......... 4
15,100 * UNITED STATIONERS, INC .............. 431
11,200 UNIVERSAL CORP ...................... 256
4,600 VALHI, INC .......................... 48
400 WEIDER NUTRITION INTERNATIONAL, INC . 1
----------
26,425
----------
TOTAL COMMON STOCK
(Cost 3,148,942) 4,832,682
----------
SEE NOTES TO FINANCIAL STATEMENTS
52 o 1999 CREF Annual Report
<PAGE>
STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
- ----------- -----------
SHORT TERM INVESTMENTS--2.70%
U.S. GOVERNMENT AND AGENCIES--2.70%
FEDERAL HOME LOAN BANK (FHLB)
$16,875,000 5.750%, 01/12/00 .................... $ 16,847
19,474,000 o 5.740%, 01/21/00 .................... 19,417
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
15,750,000 o 5.600%, 01/11/00 .................... 15,726
20,000,000 o 5.590%, 01/13/00 .................... 19,964
10,792,000 o 5.600%, 01/20/00 .................... 10,762
30,750,000 o 5.730%, 01/31/00 .................... 30,609
19,300,000 o 5.630%, 02/18/00 .................... 9,157
2,100,000 5.550%, 03/16/00 .................... 2,075
----------
134,557
----------
TOTAL SHORT TERM INVESTMENTS
(Cost $134,540) 134,557
----------
TOTAL PORTFOLIO
(Cost $3,283,946) $4,967,722
==========
- ----------
* Non-income producing
x In bankruptcy
o All or a portion of these securities have been segregated by the Custodian
to cover margin or other requirements on open futures contracts.
# Restricted Securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded on foreign markets. At
December 31, 1999, the value of these securities amounted to $1,637 or
0.00% of net assets.
Additional information on each restricted security is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
- -------- ----------- -----------
PHYSICIAN COMPUTER NETWORK, INC 01/22/96 $ 75,341
PROCURENET, INC 04/19/99 973
---------
$ 76,314
=========
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 53
<PAGE>
Report of Management Responsibility
To the Participants of College Retirement Equities Fund:
The accompanying financial statements of the Money Market, Inflation-Linked
Bond, Bond Market, Social Choice and Equity Index Accounts of College
Retirement Equities Fund ("CREF") are the responsibility of management.
They have been prepared in accordance with accounting principles generally
accepted in the United States and have been presented fairly and
objectively in accordance with such principles.
CREF has established and maintains a strong system of internal controls
designed to provide reasonable assurance that assets are properly
safeguarded and transactions are properly executed in accordance with
management's authorization, and to carry out the ongoing responsibilities
of management for reliable financial statements. In addition, CREF's
internal audit personnel provide a continuing review of the internal
controls and operations of the Accounts, and the internal Auditor regularly
reports to the Audit Committee of the CREF Board of Trustees.
The accompanying financial statements have been audited by the independent
auditing firm of Ernst & Young LLP. The independent auditors' report, which
appears below, 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 audit 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 by the independent auditing firm, the New York State Insurance
Department, other state insurance departments and the Securities and
Exchange Commission perform periodic examinations of the CREF Accounts'
operations.
/s/ John H. Biggs /s/ Richard L. Gibbs
Chairman, President and Executive Vice President and
Chief Executive Officer Principal Accounting Officer
- --------------------------------------------------------------------------------
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,
Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts
(five of the Accounts constituting the College Retirement Equities Fund
("CREF")) as of December 31, 1999, and the related statements of operations
for the year then ended and the statements of changes in net assets for
each of the two years in the period then ended. These financial statements
are the responsibility of CREF's management. Our responsibility is to
express an opinion on these financial statements based on our audits. The
condensed financial information for the year ended December 31, 1996 and
the periods prior thereto were audited by other auditors, whose report
dated February 6, 1997 expressed an unqualified opinion on such condensed
financial information.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. 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 as of December 31, 1999 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,
Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts
of CREF at December 31, 1999, the results of their operations for the year
then ended, and the changes in their net assets for each of the two years
in the period then ended, in conformity with accounting principles
generally accepted in the United States.
/s/ Ernst & Young LLP
New York, New York
February 4, 2000
54 o 1999 CREF Annual Report
<PAGE>
Statements of Assets and Liabilities
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
December 31, 1999 Inflation-
(amounts in thousands, Money Market Linked Bond Market Social Choice Equity Index
except per accumulation unit amounts) Account Bond Account Account Account Account
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Portfolio investments, at cost $ 7,034,820 $ 144,387 $ 3,519,980 $ 3,174,585 $ 3,283,946
Net unrealized appreciation (depreciation)
of portfolio investments (1,353) (5,377) (72,059) 1,242,316 1,683,776
----------- ----------- ----------- ----------- -----------
Portfolio investments, at value 7,033,467 139,010 3,447,921 4,416,901 4,967,722
Cash 1,008 32 1,062 397 483
Dividends and interest receivable 19,031 1,991 35,240 20,320 4,601
Receivable from securities transactions -- -- 20,477 -- 10,157
Amounts due from TIAA -- -- -- 514 1,074
Other 1,118 47 292 763 677
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 7,054,624 141,080 3,504,992 4,438,895 4,984,714
----------- ----------- ----------- ----------- -----------
LIABILITIES
Payable for securities transactions -- -- 599,596 311,934 12
Amounts due to TIAA 2,381 10 114 -- --
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITES 2,381 10 599,710 311,934 12
----------- ----------- ----------- ----------- -----------
NET ASSETS
Accumulation Fund 6,834,473 131,283 2,843,426 3,968,471 4,823,999
Annuity Fund 217,770 9,787 61,856 158,490 160,703
----------- ----------- ----------- ----------- -----------
TOTAL NET ASSETS $ 7,052,243 $ 141,070 $ 2,905,282 $ 4,126,961 $ 4,984,702
=========== =========== =========== =========== ===========
THOUSANDS OF ACCUMULATION
UNITS OUTSTANDING--NOTES 5 AND 6 354,754 4,757 54,918 41,355 57,249
=========== =========== =========== =========== ===========
NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 19.27 $ 27.60 $ 51.78 $ 95.96 $ 84.26
=========== =========== =========== =========== ===========
See Notes to Financial Statements
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Statements of Operations
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Inflation-
December 31, 1999 Money Market Linked Bond Market Social Choice Equity Index
(amounts in thousands) Account Bond Account Account Account Account
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 333,723 $ 8,927 $ 192,985 $ 92,121 $ 3,094
Dividends -- -- 160 28,034 53,594
----------- ----------- ----------- ----------- -----------
TOTAL INCOME 333,723 8,927 193,145 120,155 56,688
----------- ----------- ----------- ----------- -----------
Expenses--Note 3:
Investment 4,111 173 2,559 3,287 2,748
Operating 15,171 338 7,188 8,847 9,853
----------- ----------- ----------- ----------- -----------
TOTAL EXPENSES 19,282 511 9,747 12,134 12,601
----------- ----------- ----------- ----------- -----------
INVESTMENT INCOME--NET 314,441 8,416 183,398 108,021 44,087
----------- ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
TOTAL INVESTMENTS--NOTE 4
Net realized gain (loss) on:
Portfolio investments (66) (1,115) (128,310) 48,121 75,975
Futures transactions -- -- -- -- 2,169
----------- ----------- ----------- ----------- -----------
NET REALIZED GAIN (LOSS) (66) (1,115) (128,310) 48,121 78,144
----------- ----------- ----------- ----------- -----------
Net change in unrealized appreciation (depreciation) on:
Portfolio investments (1,516) (4,303) (90,945) 232,654 694,517
Futures transactions -- -- -- -- 2,833
----------- ----------- ----------- ----------- -----------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) (1,516) (4,303) (90,945) 232,654 697,350
----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON TOTAL INVESTMENTS (1,582) (5,418) (219,255) 280,775 775,494
----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 312,859 $ 2,998 $ (35,857) $ 388,796 $ 819,581
=========== =========== =========== =========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
1999 CREF Annual Report o 55
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Years ended December 31 Money Market Inflation-Linked Bond Bond Market
(amounts in thousands) Account Account Account
- ----------------------------------------------------------------------------------------------------------------------------
1999 1998 1999 1998 1999 1998
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Investment income--net $ 314,441 $ 263,083 $ 8,416 $ 5,233 $ 183,398 $ 131,383
Net realized gain (loss) on
total investments (66) (67) (1,115) (82) (128,310) 45,281
Net change in unrealized
-appreciation (depreciation)
on total investments (1,516) 1,203 (4,303) (1,275) (90,945) (1,665)
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE)
-IN NET ASSETS
RESULTING FROM
OPERATIONS 312,859 264,219 2,998 3,876 (35,857) 174,999
----------- ----------- ----------- ----------- ----------- -----------
FROM PARTICIPANT
TRANSACTIONS
Premiums 543,321 433,743 18,319 10,543 244,985 217,168
----------- ----------- ----------- ----------- ----------- -----------
Disbursements and transfers:
Seed money withdrawn -- -- 54,990 -- -- --
Net transfers to
(from) TIAA 122,638 76,723 225 (549) 49,715 (27,940)
Net transfers to
(from) other
CREF Accounts (912,804) (1,466,151) (37,581) (33,075) 199,767 (1,165,693)
Annuity payments 40,863 29,286 786 313 12,322 7,318
Withdrawals
and death benefits 469,305 343,495 3,651 1,486 97,945 62,944
----------- ----------- ----------- ----------- ----------- -----------
TOTAL DISBURSEMENTS
AND TRANSFERS, NET (279,998) (1,016,647) 22,071 (31,825) 359,749 (1,123,371)
----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN
-NET ASSETS RESULTING
FROM PARTICIPANT TRANSACTIONS 823,319 1,450,390 (3,752) 42,368 (114,764) 1,340,539
----------- ----------- ----------- ----------- ----------- -----------
-NET INCREASE (DECREASE)
IN NET ASSETS 1,136,178 1,714,609 (754) 46,244 (150,621) 1,515,538
NET ASSETS
Beginning of year 5,916,065 4,201,456 141,824 95,580 3,055,903 1,540,365
----------- ----------- ----------- ----------- ----------- -----------
End of year $ 7,052,243 $ 5,916,065 $ 141,070 $ 141,824 $ 2,905,282 $ 3,055,903
=========== =========== =========== =========== =========== ===========
<CAPTION>
- ----------------------------------------------------------------------------------------------
Years ended December 31 Social Choice Equity Index
(amounts in thousands) Account Account
- ----------------------------------------------------------------------------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Investment income--net $ 108,021 $ 84,650 $ 44,087 $ 33,751
Net realized gain (loss) on
total investments 48,121 57,952 78,144 28,429
Net change in unrealized
-appreciation (depreciation)
on total investments 232,654 340,114 697,350 520,266
----------- ----------- ----------- -----------
NET INCREASE (DECREASE)
-IN NET ASSETS
RESULTING FROM
OPERATIONS 388,796 482,716 819,581 582,446
----------- ----------- ----------- -----------
FROM PARTICIPANT
TRANSACTIONS
Premiums 425,340 354,892 564,292 447,088
----------- ----------- ----------- -----------
Disbursements and transfers:
Seed money withdrawn -- -- -- --
Net transfers to
(from) TIAA (2,162) (222) (51,726) (36,240)
Net transfers to
(from) other
CREF Accounts (54,777) (245,594) (206,151) (404,520)
Annuity payments 15,279 10,469 15,675 9,740
Withdrawals
and death benefits 71,842 47,936 93,355 51,278
----------- ----------- ----------- -----------
TOTAL DISBURSEMENTS
AND TRANSFERS, NET 30,182 (187,411) (148,847) (379,742)
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN
-NET ASSETS RESULTING
FROM PARTICIPANT TRANSACTIONS 395,158 542,303 713,139 826,830
----------- ----------- ----------- -----------
-NET INCREASE (DECREASE)
IN NET ASSETS 783,954 1,025,019 1,532,720 1,409,276
NET ASSETS
Beginning of year 3,343,007 2,317,988 3,451,982 2,042,706
----------- ----------- ----------- -----------
End of year $ 4,126,961 $ 3,343,007 $ 4,984,702 $ 3,451,982
=========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements
- --------------------------------------------------------------------------------
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,
Inflation-Linked Bond, Bond Market, Social Choice and Equity Index
Accounts. The three other investment portfolios of CREF, which are not
included in these financial statements, include the Stock, Global Equities
and Growth Accounts.
CREF established the Inflation-Linked Bond Account on January 13, 1997 with
a $50,000,000 investment by Teachers Insurance and Annuity Association of
America ("TIAA"), a companion organization, and on May 1, 1997, began to
offer Accumulation Units to participants other than TIAA. TIAA's
Accumulation Units shared in the pro rata investment experience and were
subject to the same valuation procedures and expense deductions as all
other Accumulation Units in the Account. During 1999, all of TIAA's
Accumulation Units in the Inflation-Linked Bond Account were withdrawn at
prevailing net asset values.
TIAA-CREF Investment Management, LLC ("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.
TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a
subsidiary of TIAA, is registered with the Commission as a broker-dealer
and is a member of the National Association of
56 o 1999 CREF Annual Report
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Note 1--Organization (continued)
- --------------------------------------------------------------------------------
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. TIAA provides guarantees for the CREF Accounts for certain
mortality and expense risks pursuant to an Immediate Annuity Purchase Rate
Guarantee Agreement.
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 accounting principles generally accepted in the United
States.
VALUATION OF INVESTMENTS
Securities listed or traded on any United States national securities
exchange are valued at the last sale 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 sale 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.
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 securities
transactions are accounted for on the average cost basis.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
The records of the Accounts are maintained in U.S. dollars. Portfolio
investments and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollars at the exchange rates
prevailing at the end of the period. Purchases and sales of securities,
income receipts and expense payments made in foreign currencies are
translated into U.S. dollars at the exchange rates prevailing on the
respective dates of the transactions. The effects of changes in foreign
currency exchange rates on portfolio investments are included in the net
realized and unrealized gains and losses on investments. Net realized gains
and losses on foreign currency transactions include maturities of forward
foreign currency contracts, disposition of foreign currencies, and currency
gains and losses between the accrual and receipt dates of portfolio
investment income and between the trade and settlement dates of portfolio
investment transactions.
FORWARD FOREIGN CURRENCY CONTRACTS
The Accounts may use forward foreign currency contracts to facilitate
transactions in securities denominated in foreign currencies. Such
contracts are entered into directly with a counterparty and are
"marked-to-market" at the end of each day's trading. Daily changes in the
value of such contracts are reflected in net unrealized gains and losses.
Gains or losses are realized upon maturity or if the counterparties do not
perform in accordance with contractual provisions.
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. The Accounts
continue to receive income on the securities loaned and receive additional
income from the lending transaction. Additionally, any change in the market
value of the securities loaned is recognized by the Accounts. Although each
transaction is fully collateralized, the Accounts 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 may 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.
1999 CREF Annual Report o 57
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Note 1--Significant Accounting Policies (continued)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS
The Accounts may use futures contracts to manage exposure to the stock
market or for cash management purposes to remain highly invested in the
equity markets while minimizing transaction costs. Buying futures contracts
tends to increase exposure to the underlying instrument, while selling
futures contracts tends to decrease exposure to the underlying instrument
or hedge other investments. Initial margin deposits are made upon entering
into a futures contract and variation margin payments are made or received
reflecting changes in the value of the futures contracts. The underlying
face amount at value of any open futures contracts at the end of the period
reflects exposure to the underlying instrument. Futures contracts are
valued at the settlement price established each day by the board of trade
or exchange on which they are traded. Daily changes in the value of such
contracts are reflected in net unrealized gains and losses. Gains or losses
are realized upon the expiration or closing of the futures contracts, or if
the counterparties do not perform in accordance with contractual
provisions.
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 taxed as a life insurance company under Subchapter L of the
Internal Revenue Code ("Code"), not as a regulated investment company under
Subchapter M of the Code. CREF should incur no material federal income tax
liability. Under the rules of taxation applicable to life insurance
companies, CREF's Accumulation and Annuity Funds for participants will
generally be treated as life insurance reserves; therefore, any increase in
such reserves will be deductible.
Note 3--Management Agreements
- --------------------------------------------------------------------------------
Services necessary for the operation of the CREF Accounts are provided, at
cost, by Investment Management and Services. Such services are provided in
accordance with an Investment Management Services Agreement between CREF
and Investment Management, and in accordance with a Principal Underwriting
and Administrative Services Agreement between CREF and Services (see Note
1). Investment Management and Services receive management fee payments from
the CREF Accounts on a daily basis according to formulas established each
year with the objective of keeping the management fees as close as possible
to each Account's actual expenses. Any differences between actual expenses
and the management fees are adjusted quarterly.
Note 4--Investments
- --------------------------------------------------------------------------------
At December 31, 1999, net unrealized appreciation (depreciation) of
portfolio investments, consisting of gross unrealized appreciation and
gross unrealized depreciation, were as follows:
- --------------------------------------------------------------------------------
Gross Gross Net Unrealized
Unrealized Unrealized Appreciation
Appreciation of Depreciation of (Depreciation)
Portfolio Portfolio of Portfolio
Investments Investments Investments
- --------------------------------------------------------------------------------
Money Market Account $ 384,050 $ 1,736,824 $ (1,352,774)
Inflation-Linked
Bond Account 35 5,377,079 (5,377,044)
Bond Market Account 433,397 72,492,485 (72,059,088)
Social Choice Account 1,358,450,681 116,135,130 1,242,315,551
Equity Index Account 1,927,455,981 243,680,370 1,683,775,611
At December 31, 1999 the Equity Index Account held 260 open futures
contracts in the Standard & Poor's 500 Index, expiring in March 2000, with
a value of $96,473,000 and an unrealized gain of $3,507,290.
Purchases and sales of portfolio securities of unaffiliated issuers, other
than short-term money market instruments, for the Inflation-Linked Bond,
Bond Market, Social Choice, and the Equity Index Accounts for the year
ended December 31, 1999, were as follows:
- --------------------------------------------------------------------------------
Inflation-Linked Bond Market
Bond Account Account
- --------------------------------------------------------------------------------
Purchases $ 77,465,688 $19,406,207,923
Sales 73,422,033 19,295,926,720
- --------------------------------------------------------------------------------
Equity Index Social Choice
Account Account
- --------------------------------------------------------------------------------
Purchases $ 852,441,320 $8,103,772,175
Sales 201,088,181 7,613,825,797
58 o 1999 CREF Annual Report
<PAGE>
Note 5--Condensed Financial Information
- --------------------------------------------------------------------------------
Selected condensed financial information for an Accumulation Unit of each
Account is presented below.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MONEY MARKET ACCOUNT
Per Accumulation
Unit Data:
Investment income $.976 $.998 $.953 $.880 $.910
Expenses .057 .054 .046 .049 .048
------- ------- ------- ------- -------
Investment income--net .919 .944 .907 .831 .862
Net realized and
unrealized gain (loss)
on total investments (.005) .005 .001 (.003) .009
------- ------- ------- ------- -------
Net increase in
Accumulation Unit Value .914 .949 .908 .828 .871
Accumulation Unit Value:
Beginning of year 18.351 17.402 16.494 15.666 14.795
------- ------- ------- ------- -------
End of year $19.265 $18.351 $17.402 $16.494 $15.666
======= ======= ======= ======= =======
Total return 4.98% 5.45% 5.51% 5.28% 5.88%
Ratios to Average
Net Assets:
Expenses 0.30% 0.30% 0.27% 0.30% 0.32%
Investment income--net 4.90% 5.27% 5.35% 5.16% 5.64%
Portfolio turnover rate n/a n/a n/a n/a n/a
Thousands of Accumulation
Units outstanding
at end of year 354,754 312,358 233,116 218,292 193,181
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
January 13, 1997
For the Years Ended (date established) to
December 31, 1999 1998 December 31, 1997(1)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
INFLATION-LINKED BOND ACCOUNT
Per Accumulation
Unit Data:
Investment income $ 1.730 $ 1.256 $ 1.031
Expenses .099 .086 .067
------- ------- -------
Investment income--net 1.631 1.170 .964
Net realized and
unrealized gain (loss)
on total investments (1.062) (.260) .154
------- ------- -------
Net increase in
Accumulation Unit Value .569 .910 1.118
Accumulation Unit Value:
Beginning of period 27.028 26.118 25.000
------- ------- -------
End of period $27.597 $27.028 $26.118
======= ======= =======
Total return 2.10% 3.48% 4.47%
Ratios to Average
Net Assets:
Expenses 0.36% 0.33% 0.25%
Investment income--net 5.99% 4.50% 3.60%
Portfolio turnover rate 54.35% 40.98% 63.56%
Thousands of Accumulation
Units outstanding
at end of period 4,757 5,112 3,626
</TABLE>
(1) THE PERCENTAGES SHOWN FOR THIS PERIOR ARE NOT ANNUALIZED.
1999 CREF Annual Report o 59
<PAGE>
Notes to Financial Statements (concluded)
- --------------------------------------------------------------------------------
Note 5--Condensed Financial Information (continued)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
BOND MARKET ACCOUNT
Per Accumulation
Unit Data:
Investment income $ 3.289 $ 3.156 $ 3.081 $ 3.039 $ 2.863
Expenses .166 .158 .134 .126 .123
------- ------- ------- ------- -------
Investment
income--net 3.123 2.998 2.947 2.913 2.740
Net realized and
unrealized gain
(loss) on total
investments (3.711) 1.150 1.266 (1.600) 3.722
------- ------- ------- ------- -------
Net increase
(decrease) in
Accumulation
Unit Value (.588) 4.148 4.213 1.313 6.462
Accumulation
Unit Value:
Beginning
of year 52.363 48.215 44.002 42.689 36.227
------- ------- ------- ------- -------
End of year $51.775 $52.363 $48.215 $44.002 $42.689
======= ======= ======= ======= =======
Total return (1.12%) 8.60% 9.57% 3.08% 17.84%
Ratios to Average
Net Assets:
Expenses 0.32% 0.32% 0.29% 0.30% 0.31%
Investment
income--net 6.03% 5.98% 6.44% 6.86% 6.93%
Portfolio turnover
rate 656.58% 525.32% 398.77% 145.27% 185.11%
Thousands of
Accumulation
Units outstanding
at end of year 54,918 57,481 31,654 22,611 19,522
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
SOCIAL CHOICE ACCOUNT
Per Accumulation
Unit Data:
Investment income $ 2.898 $ 2.679 $ 2.396 $ 2.068 $ 1.832
Expenses .293 .249 .193 .158 .144
------- ------- ------- ------- -------
Investment
income--net 2.605 2.430 2.203 1.910 1.688
Net realized and
unrealized gain
on total
investments 6.752 11.159 12.223 5.968 9.863
------- ------- ------- ------- -------
Net increase in
Accumulation
Unit Value 9.357 13.589 14.426 7.878 11.551
Accumulation
Unit Value:
Beginning
of year 86.605 73.016 58.590 50.712 39.161
------- ------- ------- ------- -------
End of year $95.962 $86.605 $73.016 $58.590 $50.712
======= ======= ======= ======= =======
Total return 10.80% 18.61% 24.62% 15.53% 29.49%
Ratios to Average
Net Assets:
Expenses 0.32% 0.31% 0.30% 0.30% 0.32%
Investment
income--net 2.88% 3.07% 3.37% 3.58% 3.75%
Portfolio turnover
rate 206.44% 147.90% 91.87% 40.93% 52.65%
Thousands of
Accumulation
Units outstanding
at end of year 41,355 37,211 30,554 25,841 22,196
60 o 1999 CREF Annual Report
<PAGE>
Note 5--Condensed Financial Information (concluded)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
EQUITY INDEX ACCOUNT
Per Accumulation
Unit Data:
Investment income $ 1.012 $ .953 $ .826 $ .773 $ .755
Expenses .225 .190 .141 .106 .100
--------- -------- -------- -------- --------
Investment
income--net .787 .763 .685 .667 .655
Net realized and
unrealized gain
on total
investments 13.733 12.789 12.672 6.936 8.703
--------- -------- -------- -------- --------
Net increase in
Accumulation
Unit Value 14.520 13.552 13.357 7.603 9.358
Accumulation
Unit Value:
Beginning
of year 69.743 56.191 42.834 35.231 25.873
--------- -------- -------- -------- --------
End of year $ 84.263 $ 69.743 $ 56.191 $ 42.834 $ 35.231
========= ======== ======== ======== ========
Total return 20.82% 24.12% 31.18% 21.58% 36.17%
Ratios to Average
Net Assets:
Expenses 0.30% 0.31% 0.30% 0.30% 0.34%
Investment
income-net 1.05% 1.24% 1.47% 1.87% 2.22%
Portfolio turnover
rate 4.89% 3.98% 3.50% 7.85% 8.31%
Thousands of
Accumulation
Units outstanding
at end of year 57,249 47,997 35,368 20,725 10,911
Note 6--Accumulation Units
- --------------------------------------------------------------------------------
Changes in the number of Accumulation Units outstanding were as follows:
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998
- --------------------------------------------------------------------------------
MONEY MARKET ACCOUNT
Accumulation Units:
Credited for premiums 28,892,854 20,309,464
Credited for transfers, disbursements
and amounts applied to the Annuity Fund 13,502,586 58,933,328
Outstanding:
Beginning of year 312,358,316 233,115,524
----------- -----------
End of year 354,753,756 312,358,316
=========== ===========
- --------------------------------------------------------------------------------
For the Years Ended
December 31, 1999 1998
- --------------------------------------------------------------------------------
INFLATION-LINKED BOND ACCOUNT
Accumulation Units:
Credited for premiums 666,353 246,599
Credited (cancelled) for transfers, disbursements
and amounts applied to the Annuity Fund (1,020,975) 1,239,193
Outstanding:
Beginning of year 5,111,827 3,626,035
----------- -----------
End of year 4,757,205 5,111,827
=========== ===========
BOND MARKET ACCOUNT
Accumulation Units:
Credited for premiums 4,733,126 3,510,276
Credited (cancelled) for transfers, disbursements
and amounts applied to the Annuity Fund (7,295,377) 22,316,290
Outstanding:
Beginning of year 57,480,620 31,654,054
----------- -----------
End of year 54,918,369 57,480,620
=========== ===========
SOCIAL CHOICE ACCOUNT
Accumulation Units:
Credited for premiums 4,704,406 3,943,919
Credited (cancelled) for transfers, disbursements
and amounts applied to the Annuity Fund (561,018) 2,713,496
Outstanding:
Beginning of year 37,211,305 30,553,890
----------- -----------
End of year 41,354,693 37,211,305
=========== ===========
EQUITY INDEX ACCOUNT
Accumulation Units:
Credited for premiums 7,530,295 5,725,242
Credited for transfers, disbursements
and amounts applied to the Annuity Fund 1,722,141 6,903,285
Outstanding:
Beginning of year 47,996,880 35,368,353
----------- -----------
End of year 57,249,316 47,996,880
=========== ===========
Note 7--Line of Credit
- --------------------------------------------------------------------------------
The Inflation-Linked Bond, Social Choice, Equity Index, Stock, Global
Equities and Growth Accounts share in a $2.5 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. TIAA-CREF Mutual Funds and
TIAA-CREF Institutional Mutual Funds, both of which are managed by Teachers
Advisors, Inc., an affiliate of Investment Management, also participate in
this facility. An annual commitment fee for the credit facility is borne by
the participating Accounts and Funds. Interest associated with any
borrowing under the facility will be charged to the borrowing Accounts or
Funds at rates which are based on the Federal Funds Rate in effect during
the time of the borrowing. For the year ended December 31, 1999, there were
no borrowings under this credit facility.
1999 CREF Annual Report o 61
<PAGE>
Participant Voting Results
CREF'S ANNUAL MEETING WAS HELD ON NOVEMBER 9, 1999.
THE TRUSTEES ELECTED TO FOUR-YEAR TERMS AT THE ANNUAL MEETING WERE:
Nancy L. Jacob, 25,199,951,742.29 (97.9 percent) votes were cast in favor, and
531,984,375.18 (2.1 percent) votes were withheld. Martin L. Leibowitz,
25,225,549,559.38 (98.0 percent) votes were cast in favor, and 506,386,558.09
(2.0 percent) votes were withheld. Bevis Longstreth, 25,192,345,511.18 (97.9
percent) votes were cast in favor, and 539,590,606.29 (2.1 percent) votes were
withheld. Eugene C. Sit, 25,235,466,541.76 (98.1 percent) votes were cast in
favor, and 496,469,575.71 (1.9 percent) votes were withheld. The other trustees
currently in office are: Robert H. Atwell, Elizabeth E. Bailey, John H. Biggs,
Joyce A. Fecske, Edes P. Gilbert, Stuart Tse Kong Ho, Marjorie Fine Knowles,
Robert M. Lovell, Jr., Stephen A. Ross, Maceo K. Sloan, David K. Storrs, and
Robert W. Vishny.
CREF PARTICIPANTS ALSO RATIFIED THE ELECTION OF ERNST & YOUNG LLP AS THE
INDEPENDENT AUDITORS FOR CREF for the fiscal year ending December 31, 1999.
25,025,317,930.72 (97.3 percent) votes were cast in favor, 307,412,818.47 (1.2
percent) votes were withheld, and 399,205,368.28 (1.5 percent) abstained.
CREF PARTICIPANTS VOTED ON FOUR SHAREHOLDER PROPOSALS. One proposal, submitted
to a vote of CREF participants in the CREF Stock and Global Equities Accounts,
advocated divesting shares of Freeport McMoRan Copper and Gold.
FOR THE STOCK ACCOUNT, 3,475,022,210.65 (17.3 percent) votes were cast in favor,
15,504,190,590.18 (77.2 percent) votes were withheld, and 1,116,140,560.46 (5.5
percent) abstained. The proposal was defeated.
FOR THE GLOBAL EQUITIES ACCOUNT, 205,326,876.23 (17.7 percent) votes were cast
in favor, 899,874,168.17 (77.7 percent) votes were withheld, and 53,061,737.84
(4.6 percent) abstained. The proposal was defeated.
ONE 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, 4,253,702,140.57 (21.2 percent) votes were cast in favor,
14,939,142,791.65 (74.3 percent) votes were withheld, and 902,508,429.07 (4.5
percent) abstained. The proposal was defeated.
FOR THE GLOBAL EQUITIES ACCOUNT, 265,992,498.69 (23.0 percent) votes were cast
in favor, 849,159,947.74 (73.3 percent) votes were withheld, and 43,110,433.92
(3.7 percent) abstained. The proposal was defeated.
FOR THE GROWTH ACCOUNT, 411,685,311.96 (24.4 percent) votes were cast in favor,
1,219,644,823.17 (72.3 percent) votes were withheld, and 55,231,433.92 (3.3
percent) abstained. The proposal was defeated.
FOR THE EQUITY INDEX ACCOUNT, 183,661,519.00 (25.2 percent) votes were cast in
favor, 522.319.032.49 (71.5 percent) votes were withheld, and 23,940,564.02 (3.3
percent) abstained. The proposal was defeated.
FOR THE BOND MARKET ACCOUNT, 113,876,713.73 (21.9 percent) votes were cast in
favor, 383,214,218.58 (73.8 percent) votes were withheld, and 22,395,788.72 (4.3
percent) abstained. The proposal was defeated.
FOR THE INFLATION-LINKED BOND ACCOUNT, 4,829,563.68 (19.3 percent) votes were
cast in favor, 19,365,063.10 (77.4 percent) votes were withheld, and 808,707.89
(3.3 percent) abstained. The proposal was defeated.
FOR THE MONEY MARKET ACCOUNT, 210,423,070.31 (21.6 percent) votes were cast in
favor, 729,310,824.53 (74.7 percent) votes were withheld, and 36,429,019.12 (3.7
percent) abstained. The proposal was defeated.
ONE PROPOSAL ADVOCATED ESTABLISHING AN EQUITY INDEX ACCOUNT based on the
Standard & Poor's 500(R) Stock Index. 3,361,749,954.65 (13.1 percent) votes were
cast in favor, 20,975,962,311.40 (81.5 percent) votes were withheld, and
1,394,223,851.42 (5.4 percent) abstained. The proposal was defeated.
ONE PROPOSAL ADVOCATED ESTABLISHING A SOCIAL CHOICE ACCOUNT that invests only in
equities. 3,503,641,760.12 (13.6 percent) votes were cast in favor,
20,507,474,564.49 (79.7 percent) votes were withheld, and 1,720,819,792.86
(6.7 percent) abstained. The proposal was defeated.
62 o 1999 CREF Annual Report
<PAGE>
2000 Trustees and Senior Management
2000 Boards of Overseers of TIAA and CREF
- --------------------------------------------------------------------------------
Lucius J. Barker
William Bennett Munro Professor of
Political Science, Stanford University
John H. Biggs
Chairman, President, and
Chief Executive Officer, TIAA and CREF
William G. Bowen
President, The Andrew W. Mellon Foundation
Stanley O. Ikenberry
President, American Council on Education
Gertrude G. Michelson
Retired Senior Vice President,
R.H. Macy & Co., Inc.
Clifton R. Wharton, Jr.
Former Chairman and Chief Executive Officer
TIAA and CREF
Paul A. Volcker
Former Chairman, Federal Reserve Board,
Frederick H. Schultz Professor of International
Economic Policy Emeritus, Princeton University,
and Henry Kaufman Visiting Professor,
Leonard N. Stern School of Business,
New York University
2000 Trustees of TIAA
- --------------------------------------------------------------------------------
David Alexander
President Emeritus, Pomona College
Marcus Alexis
Board of Trustees Professor of Economics and
Professor of Management and Strategy,
Northwestern University
John H. Biggs
Chairman, President, and
Chief Executive Officer, TIAA and CREF
Willard T. Carleton
Donald R. Diamond Professor of Finance,
College of Business and Public Administration,
University of Arizona
Robert C. Clark
Dean and Royall Professor of Law,
Harvard Law School, Harvard University
Estelle A. Fishbein
Vice President and General Counsel,
The Johns Hopkins University
Frederick R. Ford
Executive Vice President and
Treasurer Emeritus, Purdue University
Martin J. Gruber
Nomura Professor of Finance,
Leonard N. Stern School of Business,
New York University
Ruth Simms Hamilton
Professor of Sociology and Director of
African Diaspora Research Project,
Michigan State University
Martin L. Leibowitz
Vice Chairman and Chief Investment Officer,
TIAA and CREF
Robert M. O'Neil
Director, The Thomas Jefferson Center
for the Protection of Free Expression,
University Professor and Professor of Law,
University of Virginia
Leonard S. Simon
Vice Chairman, Charter One Financial Inc.
Ronald L. Thompson
Chairman and Chief Executive Officer,
Midwest Stamping Co.
Paul R. Tregurtha
Chairman and Chief Executive Officer,
Mormac Marine Group, Inc.
and Moran Transportation Company,
Vice Chairman, Interlake Steamship Company
William H. Waltrip
Chairman, Technology Solutions Company
Rosalie J. Wolf
Treasurer and Chief Investment Officer,
The Rockefeller Foundation
2000 Trustees of CREF
- --------------------------------------------------------------------------------
Robert H. Atwell
President Emeritus, American Council on
Education and Senior Consultant,
A. T. Kearney, Inc.
Elizabeth E. Bailey
John C. Hower Professor of Public Policy and
Management, The Wharton School,
University of Pennsylvania
John H. Biggs
Chairman, President, and
Chief Executive Officer, CREF and TIAA
Joyce A. Fecske
Vice President Emerita, DePaul University
Edes P. Gilbert
Retired Head, The Spence School and
Consultant, Independent Education Services
Stuart Tse Kong Ho
Chairman and President,
Capital Investment of Hawaii, Inc. and
Chairman, Gannett Pacific Corporation
Nancy L. Jacob
President and Managing Principal,
Windermere Investment Associates
Marjorie Fine Knowles
Professor of Law, College of Law,
Georgia State University
Martin L. Leibowitz
Vice Chairman and Chief Investment Officer,
CREF and TIAA
Bevis Longstreth
Of Counsel, Debevoise & Plimpton
Robert M. Lovell, Jr.
Founding Partner, First Quadrant L.P.
Stephen A. Ross
Franco Modigliani Professor of Finance and
Economics, Sloan School of Management,
Massachusetts Institute of Technology
Eugene C. Sit
Chairman, Chief Executive Officer, and
Chief Investment Officer, Sit Investment
Associates, Inc. and Sit/Kim International
Investment Associates, Inc.
Maceo K. Sloan
Chairman and Chief Executive Officer,
NCM Capital Management Group, Inc. and
Sloan Financial Group, Inc.
David K. Storrs
President and Chief Executive Officer, Alternative
Investment Group, L.L.C.
Robert W. Vishny
Eric J. Gleacher Professor of Finance,
Graduate School of Business,
University of Chicago
2000 Senior Management
- ----------------------
John H. Biggs
Chairman, President, and Chief Executive Officer
Martin L. Leibowitz
Vice Chairman and Chief Investment Officer
John J. McCormack
President, TIAA-CREF Enterprises
Mary Ann Werner
President, Shared Services
James A. Wolf
President, Retirement Services
Executive Vice Presidents
- --------------------------------------------------------------------------------
C. Victoria Apter
Corporate Management
Information Systems
Scott C. Evans
CREF Investments
Martin E. Galt
TIAA-CREF Investment Products
Richard L. Gibbs
Finance and Planning
Don Harrell
External Affairs
Matina S. Horner
Human Resources
Frances Nolan
Retirement Administration
Deanne Shallcross
TIAA-CREF Marketing
David Shunk
Consulting Services
John A. Somers
TIAA Investments
Charles H. Stamm
Law and General Counsel
1999 CREF Annual Report o 63
<PAGE>
For More Information...
Internet Access
- --------------------------------------------------------------------------------
www.tiaa-cref.org
24 hours a day, 7 days a week
Through our Inter/ACT system at TIAA-CREF's Web Center you can see the
latest value of your annuity accumulations and recent premium history,
review your premium allocation and/or change the allocation for future
premiums, transfer accumulations among the accounts, and change your
address. If you own TIAA-CREF Mutual Funds, you can also see your account
balance and transaction records, exchange shares between funds, and buy
new shares online.
Automated Telephone Service
- --------------------------------------------------------------------------------
800 842-2252
24 hours a day, 7 days a week
You can see TIAA's current rates of interest, the current performance of
the variable annuity accounts, the latest accumulation unit values, and
the amount of your total accumulations. You also can allocate future
premiums and transfer accumulations. And TIAA-CREF Mutual Funds
shareholders can check fund performance, check their account balances, and
initiate purchases or exchanges.
Personal Assistance
- --------------------------------------------------------------------------------
800 842-2776
8 a.m. to 11 p.m. ET Monday - Friday
9 a.m. to 6 p.m. ET Saturday and Sunday
For answers to questions about retirement saving and planning, quarterly
and annual annuity benefits reports, receiving annuity payments, annuity
options, and tax reports.
800 223-1220
8 a.m. to 8 p.m. ET Monday - Friday
For answers to questions about TIAA-CREF Mutual Funds, TIAA-CREF Personal
Annuity Select, Teachers Long Term Care Insurance, and TIAA life insurance.
888 842-9001
9 a.m. to 6 p.m. ET Monday - Friday
TIAA-CREF Trust Company, FSB. For answers to questions about the Trust
Company's investment advisory, estate planning, and related trust services.
800 842-2755
8 a.m. to 11 p.m. ET Monday - Friday
For hearing- or speech-impaired participants.
1999 CREF Annual Report o 65
<PAGE>
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